Full text of Commercial and Financial Chronicle : January 12, 1918, Vol. 106, No. 2742

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financial

w

om ercifl
m
IN C L U D IN G

SA T U R D A Y , JAN U AR Y 12 1918

VOL. 106

<pje (falivonitit.
PUBLISHED WEEKLY,

1918.

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S tan d ing B u s in e ss C a rd s - s l x M onths
(20 tim e s )............... .'.............. 5 0 00
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W IL L IA M

It. D A N A C O M P A N Y , P u b lis h e r s ,

F r o n t , r in e a n d D c p e y s to r S t s ., N o w Y o r k .
Published every Saturday morning by W I L L I A N 13. D A N A C O M P A N Y .
Jacob Seibert J r., President and Treas.; George S. D ana and Arnold G . D an a,
Vice-Presidents; Arnold G . D ana, Sec. Addresses of a ll, Offico of the Com pany.
C LE AR IN G H O U SE RETU RN S.
Tlio'follow lng table, made up by telegraph, A c., Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been S5,891,110,446, against 56,067,121,777 last week and S5,900,859,986
the corresponding week last year.______________________________________________
Clearings — Kclurns by Telegraph.
Week ending. Jan. 12 .

Per
Cent.

1918.

19 17.

Now Y o r k __________________________

S2,667,482,466
218,910,448
287,364,473
36,398,021
395,837,010
128,384,359
*48,000,000
80,053,051
60,155,439
39,783,833
163,380,810

$2,952,917,758
203,178,405
252,982,209
35,974,204
405,215,824
110,625,549
36,197,223
69,544,227
60,832,303
43,890,810
122,647,505

— 9.7
+ 7.7
+ 13.6
+ 1.2
— 2.3
+ 16.0
+ 32.6
+ 15 .1
— 1.1
— 9.4
+ 33.2

Eleven cities, 5 d ays-----------------------------

54,125,750,405
782,948,703

54,294,006,077
670,002,941

— 3.9
+ 16.9

To tal a ll cities, 5 days........................... S4,908,699,168
982,417,278
A ll cities, 1 d a y ............................................

S4,964,009,018
986,840,968

— 1.1
—0 .5

To ta l all cities for week......................... S5,891,116,446

55,950,849,086

— 1.0

Th e full details for the week covered by the above w ill be given next Saturday.
W c cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence In the above the last day of the week has to be in
a ll cases estimated, as we go to press F rid a y night.
Figures for week ending Jan. 5 are as follows:
Week ending January 5."
Clearings at—
1918.

New Y o rk ...........
P h ila d e lp h ia ___
Pittsburgh...........

Washington.........
R ochester............

M o n t c la ir_____
T o ta l M id d le ..

Springfield............

1917.

Inc. or
D ec.

1910.

1915.

$
5
S
3
%
3,500.805,550 3,448,764,031
+ u y 3,781.513,790 1,859,472,251
305,758,097 318,008,952
— 3.8 320,011,903
178,530,729
75,058,310
75,633,466
— 0.0
71,000,253
52,313,918
42,476,461
42,819,127
+ 0 .8
55,882,139
40,285,970
23,005,305
20,957,011
— 8.9
16,568,172
14,138,869
4,313,010 + 21.7
5,249,768
7,203,005
7,073,742
9,964,270
+ 9.1
10.869,317
9,446,822
10,527,170
9,478,056
8,978,922
— 5.3
6,018,713
8,701,682
4,819,013 — 23.7
3,076,020
3,944,674
3,351,083
5,708,871
+ 2.9
4.143,609
5,875,508
6,415,824
3,021,984
— 4.6
2,883,791
2 585,716
2,066,127
3,677,621 — 10.1
1,921,241
3,306,950
3,075,916
2.107,100
1,785,531
— 9.0
2,192,190
1,917,217
3,446,500
+ 8.0
3,725,000
3,130,375
2,063,850
.2,154,409
+ 8 .0
1,834,383
2,310,701
2,291,250
1,135,133
970,660
1,148,343
+ 1 1
1 1 to .o so
1,778,041
1,009,554
+ 2.4
1,821,684
1,698,215
1,106,700
— 2.0
,933,400
1,084,400
988,500
1,294,758 — 15.3
1,096,682
668,408
1,225,101
968,807:
925,214
+ 4 .7
625,000
1,128,313
2,052,684 + 17.1
1,452,541
2,185,184
2,403,596
580,373 — 12.0
607.338
500,988
539,502
+ 1.0 4,302,220,700 2,191,533,193
4,003,253,043 3,965,352.594
266,693,402 238,054,535
13,019,500
14,88S.90C
10.320.90S • 10,382,701
4.700,000
5,288,412
4,683,813
3,993,466
4,962,036
4,299,781
2,600,000
3,265,350
1,974,884
1,8P9,51S
1,576,484
1,599,548
1,075,620
1,073,877
735,639
1,071,95?
600,000
050,000
303,459,085 286,521,240

+ 7.0
+ 14.3
— 0.0
— 11.1
— 14.7
— 13.4
— 20.4
+ 5.0
— 1.4
+ 0.2
— 31.3
— 7.7
+ 5.9

220,916,385
12,732,600
12,259,286
5,540,902
4,106,677
4,055,220
3,277.039
1,458,863
1,140,168
980,707
1,009,934
547.058
268,025,039

153,750,459
10,360,300
7,214,051
4,190,220
3,001,432
2,553,192
2,289,771
1,282,042
1,0.50,197
822,145
920,681
527,703
187,968,193

F a ll R iv e r .___ _
New B e d fo rd __
L o w e ll.................
Holyoke......... ......
Bangor..................
To ta l New Eng
N ote. — For Canadian clearings sec "Com m ercial and Miscellaneous News.”
* Banks In Clearing House depleted.




Chicago________
C in cin n a ti............
C le v e la n d ...........
Detroit..................
M ilw a u k e e ____
In d ia n a p o lis___
C o lu m b u s______
Toledo_________
P e o ria _________
Grand R apid s_
_
Dayton . . . ____
E v a n sv ille ______
Springfield, 1 1 1 ..
Lexin g ton ______
Fort W ayne___
Youngstow n___
Akron__________
Rockford..............
Bloomington___
Q u in cy _________
Canton_________
D e catur________
South Bend____
Springfield, Ohio.
M a n sfie ld ______
D an ville ......... —
Jacksonville, 111.
L im a __________
Atm Arbor______
Ow ensboro____
A d r ia n . . . ______
L a n sin g ________
To t.M id .W est.

NO. 2742
Week ending January 5.

Clearings at—

Terms of Subscription— Payable in Advance

„

Electric Railway Section
State and City Section

Railway & Industrial Section
Bankers’ Convention Section

Bank & Quotation Section
Railway Earnings Section

5
474,074,534
33,437,983
75,581,375
50,838,080
26,309,967
13,581,000
9,146,500
8,417,737
5,196,861
5,080,742
4,264,301
3,569,433
1,889,278
938,964
1,440,408
3,240,119
4,413,000
1,429.856
1,12 1,5 9 7
1,264,859
2,900,000
850,730
1,034.189
1,605,500
720,833
520,000
536.901
721,000
4 26,101
1,110 ,0 59
75,000
900,000
736,036,973

19 17.
5
456.840,321
36,072,527
71,688,587
46,404,190
22,897,240
14,435,104
9,391,900
9,496,103
4.600,000
5 123 897
4,236,123
2,966,726
1,757,882
1,109,647
1,766,554
4,626,546
4,908,000
1,100.810
1,057,604
1,154 ,58 1
2,835,958
801,437
1,246,255
1,593,547
783,214
598,316
401,720
700,000
413,627
1.176,483
78,424
1,107,490
713,485,813

264,430,271

Inc. or
D ec.

1910.

19 15 .

+ 3.8
— 7.3
+ 5,4
+ 9.6
+ 14.9
— 5.9
— 2.0
— 11.4
+ 13.0
—0.8
+ 0.7
+ 20.3
+ 7.5
— 15.0
— 18.4
— 30.0
— 10 .1
+ 2 3 .2
+ 6.0
+ 9.6
+2 3
+ 6.2
— 17.0
+ 0 .8
— 8.0
— 13 .1
+ 16.2
+ 30
+ 30
— 5.6
— 4.4
— 18.7
+ 3.2

S
402,920,768
35,754,550
43,276,880
37,684,94S
20,S44,718
12 ,2 13 ,5 16
9,094,100
6,298 4 11
4,500,000
5 098,966
3,297,008
2,538,807
1,494,274
1,19 5,8 10
1,483,076
2,090,393
2,368 000
897,036
934.S48
1,055,545
2,400,000
722,718
1,043,800
1,19 1,7 6 5
617,283
672,662
364,241
600,000
391,853
619,500
54,052
880,843
601,600,401

$
338,202,910
28,968,800
30,399,356
24,599,909
19,152.554
10,245,206
6,555,900
5 501 561
4,158,707
3,697,249
2,487,468
1,568,765
1,19 9 ,17 5
1,292,393
1,567,268
1,5 6 3 ,4 11
1.498,000
696,045
1,030,087
950,335
1,828,582
586,755
835 14 1
953,166
490,619
5 19 ,174
32 1,9 12
600,000
340,747
554,215
49,841
652,325
493,027 576

+ 29.0

237,770,887

199,469,938

%

San F ra n cisco ..
Los Angeles___
Seattle________
P o rtla n d ______
Salt Lake C it y . .
Spokane......... ......
Tacom a________
O akland________
Sacramento__ _
San Diego______
F re sn o _________
Stockton _______
San Jose________
Pasadena_______
N orth Y a k im a ..
R e n o ......... ..........
Long Beach____
To tal Pacific_
Kansas C it y ___
M in n eap o lis___
Om aha_________
St. P a u l________
Denver ............. ..
St. Joseph
D u lu th ..................
Des M oines___
Sioux C it y ............
W ic h ita ________
L in c o ln ........... ..
Topeka ................
Davenport______
Cedar R apid s_
_
Fargo____ _____
Colorado Springs
Pueblo..................
F re m o n t..............
Waterloo..............
H elena..................
B illin g s -...............
H a stin g s..............
Aberdeen.........
To ta l oth.West

343,405,233.

94,419,362
+ 8.9 122.169 ,19 5
159,749,864 140,571,898
21,727,357
27 ,17 3,219
54,479,520:
35,259,769 + 54.5
11,225,38 9
21,909,023
20.494,679
23,085,870 — 11.2
9,825,125
9,637,852
1 2 ,000 ,00 0 + 33.3
16,000,000.
4,892,213
3,729,288
7,200,000!
5,371,268 + 34.11
10,274,000
16,835,897
32,385,736;
21,931,365 + 47.7;
Richm ond............
16,492,777
22,119 ,0 25
25,772,718 + 7 1 .4 '
44,17.5,786
A t la n t a ................
9,584,671
9 ,143,237
13,337,185 + 14.4!
Memphis ______ • 15,259,922;
9.036,132
6,710,476
13,318,2091
9,204,110 + 4 l.7 j
5,697,116
5,652,801
5,050,044 + 61.4.
8,152,339;
7,530,863
9,443,065
9,413,779 + 34 5
12,665,606
N ashville..............
4,239,800
4,671,698
+.7.3
6,099,756
6.544,922
N o rfo lk ________
5,197,036
6,624,678
4,998,991
+ 4.9,
5,242,754
B irm in g h am ___
2,010,725
2,223,475
2,230 ,151 + 66.4
3,710,485'
3,300,000
3,500,000
*2,204,434 + 109.3
4.42S.S44
2,205,391
2,326,360
2,197,774 + 23.11
2,705,534'
2.521.4 S2
3,231,492
3,007,134 + 39.7,
4,200,000
2,293,224
2,448,675
2,597,704
+ 5.0
2,728,462
Charleston...........
2,635,765
2,691,080
3,384,635 + 26.9.
4 ,2 9 3 ,7 lL
Chattanooga------1,377,609
1,300,000
+ 3.4
1,762,747
1,704,805
2,576,475
2,259,616
5,314,046 + 81.2
9,627,365
3,294,276
3,496,042
1,357,856 + 99.7
2,700,000
3,642,622
5,188,815
2,700,000
3.000.00C — 10.0
407,186
427,185
583,505
345,952 ; + 6 8 .8 ;
V ic k s b u rg _____
550,108
538,029
697,101 — 29.0
491.2S4
842,899
1,059,086
1.376.66C ; + 83.3 i
2,523,517
1,226,000
2,032,408
5,139 ,8 17 , + 3 4 .2
6,890,790
7,800,482
14,507,503 + 37.9
2 0 ,000 ,00 0
D a lla s ................
T o ta l Southern 465,015,587, 307,161,943 + 27.3i 307,469,808 241,978.044
To ta l a ll----------- 6,067,121.777 5,774,785,453 ; + 5 . 1 5,877,216.001 3,446.318.585
Outside N . Y . '2. 566,316,221 1,326,021,422 + 10.3 2,0 95,703.111 1,586,846,334

.........

108

THE CHRONICLE

[Vol. 106.

what Government may deem proper, it is certain
that labor counts upon what is smoothly called “ some
With this issue of the “ Chronicle” we send to our moderate increase;” labor is not to be deceived into
subscribers an index covering the numbers of the interpreting last week's action except as making its
paper that have appeared in the three months own next move the easier. Because neither executive
ending with Dec. 31 1917. With the issue of order nor the most positive of statutes can alter or
Oct. 20 we furnished in like manner an index to the placate the grimness of arithmetic, it is certain that
numbers covering the three months ending with there must be increases in rates, after all the long
Sept. 30, the two together comprising the whole obstructiveness of the treatment of that subject.
of the half-year from July to December, inclusive.
No, nothing has been made smoother in the difficult
way; an arresting stoppage has been loosed for the
THE FINANCIAL SITUATION.
present. This is all we yet know.
The reports from Washington that the President
Accepting this as an emergency situation (for so
“ is anxious to have hastened the bill through which it must be accepted) and viewing it as such, it seems
we take possession of the railroads” are probably clear that the final section of the pending bill should
correct. It is undoubtedly true that his assumption authorize the Federal control of transportation only
of control did rally the financial markets at first; “ for and during the period of the war” and not also
did bring a passing sense of relief at achieving what “ until Congress shall thereafter order otherwise.”
was taken as a short way out of trouble; and did Inasmuch as no statute can either increase or limit
commend itself, at the time, as bringing order and the powers of a subsequent Congress or session (when
promise out of chaos. A degree of aid in breaking the obligation of contracts is not involved) these
congestion, especially in respect to fuel, was obtained; latter words are surplusage. At least, some definite
give the utmost reasonable weight to all this, yet date should be named now. If it is, it will remain
before further hasty action is taken it will be well subject to statutory action (or, possibly, to some new
for the country to pause and do some serious thinking. executive order) hereafter, and it is unhappily prob­
Before rushing with perhaps increased speed on this able that before the war ends there will be ample
untried and dangerous path of diversion from all time to get the aid of experience on this path of
our past, let us note what the “ Chronicle” pointed hazards and of unknowable pitfalls upon which the
out last week: that the situation, soberly studied, country is rushing. Then we shall know better
warns against far more than it justifies and commends what to do.
further expansion of Governmental control. We
The difference between enacting substantially
have certain benefits already, let us concede, benefits that this assumption of private property shall end
which may or may not last long; yet this is analogous with the emergency of war and enacting now that
to the exhilaration of liquor, producing such a sense it shall continue during the pleasure of Congress,
of delight as to make a call for additional draughts notwithstanding that the powers of Congress may
of the same. Question ourselves firmly, and we must be deemed equal in respect to both courses, is more
see that Government has accomplished nothing, so than one of verbal form. What has been done
far, except to slash through a knot of its own tying. already is unconstitutional in being, not in violation
The railway system of the country was inadequate of but outside of and beyond the Constitution; that
to its work four years ago; war has carried the document is a modus, a formal declaration of lines
demands upon it far beyond its capacity; officialism of conduct and bases of principle, made by the people
has tangled it up by priority orders; and now a and subject to change by their will. When an emer­
“ general” director has stepped out before a number gency will not await such a change, the people have
who claimed a power which none was able to enforce. the reserved right, it seems to be thought, to suspend
By starving the roads, Government has ignorantly this bunch of previously-made resolutions and so
been preparing for years for this very situation, aided conduct themselves as to maintain their right to the
by a people who would not see beyond the present “ life, liberty, and the pursuit of happiness” which is
hour. Again and again in the last five years or naturally inalienable. We may better confess that in
more, and especially during the summer of 1916, and a war situation which brooks neither delay nor
then during the struggle which ended in surrender casuistry we have practically put the Constitution
by exhausted railway executives, the “ Chronicle” in suspense, along with a variety of statutes and
(not wholly alone among American journals) renewed commissions that had proved obstacles..
protest against the folly of refusing rate advances
But the “ difference” mentioned in the preceding
while permitting all outgoes by carriers steadily to paragraph is important/ being the difference between
rise in cost. M ost emphatically, this protest was accepting a dangerous side-path as a temporary
directed against the periodical demands by the rail­ course of emergency and viewing it as a permanent
way brotherhoods. Probably a score of times in highway of travel. Already there are calls for taking
the last five years, we have pointed out that this over mines, oil fields, water powers, and other public
evasive and cowardly course was only deferring the utilities, among which there may be renewed atevil day and making it worse; and now that a con­ tempts'to include the press; price-fixing for all articles
gestion which must be dealt with somehow has been is talked of, and we are liable to be swept along to
reached, the congestion is broken for the time by one what no human being can foresee, even to the com­
executive order. But nothing has been changed. plete undermining of our political foundations, if we
The substance and the seeds of every phase of the do not brace ourselves and strive to keep our heads
trouble remain. What Governmental bungling at clear and cool. The difference between reluctantly
professed regulation which was really starvation had permitting such unprecedented measures as would
wrought has now been partly and temporarily not have been dreamed of by any sane person ten
undone by one desperate slash.
years ago, and taking them blithely and even hurry­
Labor is still to be dealt with, and although it ing to duplicate them and apply them to everything,
shrewdly puts up a pretense of patriotic assent to is one of mental attitude. If we accept these steps

IN D EX TO CHRONICLE VOLUME.




j a n . 12 1 9 1 8 .]

THE CHRONICLE

as war measures only and to be retraced when the war
ends, not when Congress shall so determine, we shall
not have restricted the power of Congress to deal
with circumstances as the future may develop them,
but we shall keep ourselves in condition to deal with
our problems more sanely and justly and shall avoid
the dangers of confessedly and cheerfully committing
ourselves to abandonment of all the known land­
marks.
For the week ending Jan. G, according to the
British Admiralty’s report, 18 British merchantmen
of 1 ,G00 tons or over were sunk by enemy submarines
or mines. There were 3 smaller merchantmen also
destroyed and 4 fishing vessels. Singularly enough,
the figures duplicate exactly the returns for the week
ending Dec. 30. The British explanation is that
the Germans have instituted an intensive campaign
for the purpose of influencing the peace negotiations
with the Russian Bolsheviki. The weekly average
sinkings for December was 14.6 ships over 1,600
tons and 3 under that size. In September, October
and November the weekly average was 11.7 and 5 .7,
respectively. In June, July and August 18 and 4 .2 ,
and in March, April and M ay 20.4 and 9 .4 . For
the year 1917 3G7 Norwegian vessels of 566,000 ton­
nage were sunk and 215 Danish ships with a total
tonnage of 224,000.
The outstanding events since our issue of last
week have been the definitive statements of war aims
by the British Premier, David Lloyd George (on
Saturday) and by President Wilson (on Tuesday).
In large measure the expressions are identical, al­
though those of our own country are perhaps rather
more specific. W e refer at length to these state­
ments elsewhere in this issue. The British Premier’s
speech was delivered to the Trade Union Conference
at London, and its impressiveness may be judged
by Lloyd George’s remark that “ W e have arrived
at the most critical hour in this terrible conflict.”
It was, he said, not “ merely to alter or destroy” the
military and autocratic constitution of Germany
which is a “ dangerous anachronism in the twentieth
century,” but to establish securely government by the
people or with the consent of the governed. The
speaker had consulted many leaders, including M r.
Asquith and Viscount Grey, and he was glad to say as
a result of all these discussions that, although the
Government was alone responsible for the actual lan­
guage he proposed using, there was a national
agreement as to the character and purpose of war
aims and peace conditions, and “ in what I say to
you to-day and through you to the world I can ven­
ture to claim that I am speaking not merely the
mind of the Government but of the nation and of
the Empire as a whole.” Britain was not fighting
a war of aggression against the German people.
“ M ost reluctantly and indeed quite unprepared
for the dreadful ordeal, we were forced to join in
this war in self-defense of the violated public law
of Europe and in vindication of the most solemn
treaty obligation on which the public system of
Europe rested and on which Germany had ruthlessly
trampled in her invasion of Belgium. W e had to
join in the struggle or stand aside and see Europe
go under, and brute force triumph over public
right and international justice.” The first require­
ment for the British Government and their allies
has been the complete restoration, political, terri­




109

torial and economic, of independence of Belgium,
and such reparation as can be made for the devas­
tation of its towns and provinces. Next was the
restoration of Serbia, Montenegro and the occupied
parts of France, Italy and Rumania. The complete
withdrawal of the Teutonic armies and the repara­
tion for injustice done was, Lloyd George said, a
fundamental condition of permanent peace. “ W e
mean to stand by the French democracy to the death
in the demand they make for a reconsideration of
the great wrong of 1871 when, without any regard
to the wishes of the population two French provinces
were torn from the side of France and incorporated
in the German Empire. This sore has poisoned
the peace of Europe for half a century, and until it
is cured healthy conditions will not have been re­
stored.” As to Russia, the speaker said that he
was indulging in no reproaches. The present rulers
of Russia are now engaged without any reference
to the countries whom Russia brought into the
war, in separate negotiations with their common
enemy. “ No one who knows Prussia and her de­
signs upon Russia can for a moment doubt her ulti­
mate intention. Whatever phrases she may use
to delude Russia she does not mean to surrender
one of the fair provinces or cities of Russia now occu­
pied by her forces. Russia can only be saved by
her own people.” The British Government be­
lieves in an independent Poland and agrees with
President Wilson that a break up of Austria-Hungary
is no part of the war aims. Referring to Turkey,
the Premier said that while the maintenance of the
Turkish Empire in the homelands of the Turkish
race with its capital at Constantinople was not
challenged (the passage between the Mediterranean
and the Black Sea being internationalized and neu­
tralized), Arabia, Armenia, Mesopotamia, Syria
and Palestine are entitled to a recognition of their
separate national conditions. In conclusion, Lloyd
George summarized as follows:
If, then, we are asked what we are fighting for, we reply,
as we have often replied, W e are fighting for a just and a
lasting peace, and we believe that before permanent peace
can be hoped for three conditions must be fulfilled: First,
tho sanctity of treaties must be re-established; secondly, a
territorial settlement must bo secured, based on the right
of self-determination or the consent of the governed; and,
lastly, we must seek, by the creation of some international
organization, to limit the burden of armaments and diminish
tho probability of war. On these conditions its peoples
aro prepared to make even greater sacrifices than those they
have yet endured.

President W ilson’s address does not merely ask
the “ reconsideration” suggested by Lloyd George
in the matter of Alsace-Lorraine, but declares that
“ the wrong done to France by Prussia in 1871 in
the matter of Alsace-Lorraine which has unsettled
the peace of the world for nearly fifty years, should
be righted in order that peace may once more be made
secure in the interest of all.” In brief summary,
the requirements of the United States for peace are
contained in the fourteen demands as follows, which
we comment upon in a subsequent article:
" T . Open covenants, openly arrived at, with no ensuing
secret treaties.
2. Freedom of the seas in peace and war, except as closed
by international action for enforcement of international
covenants.
3. Trade equality among nations consenting to the peace.
4. Reduction of armaments.
5. Impartial adjustment of colonial claims, with regard
for tho wishes of the inhabitants.

110

THE CHRONICLE

6. Evacuation by Germany of all Russian territory and
assurances of unhampered opportunity for Russia’s political
and economic development.
7. Evacuation and restoration of Belgium.
8. Evacuation of occupied French territory and righting
of the wrong done to France by Prussia in 1871.
9. Readjustment of the Italian frontier along clearly
recognized lines of nationality.
10. Autonomous development for the peoples of AustriaHungary.
11. Evacuation and restoration of Rumania, Serbia and
Montenegro, with access to the sea for Serbia.
12. Turkish sovereignty for the Turkish portions of the
Ottoman Empire, with autonomy for other nationalities now
under Turkish rule, and permanent freedom of the Dar­
danelles.
13. A n independent Poland with access to the sea.
14. A league of nations to enforce specific covenants.

The military operations have continued on a
minor scale. There still appears some expectation
of a supreme German drive on the Western front
though nothing of a practical nature appears to have
transpired to suggest that this will be a development
of the near future. The season is certainly not one
for major operations of this character. On all the
fighting fronts the infantry is doing very little,
confining its operations to small raiding affairs,'
but artillery duels are being kept up. In Northern
Italy snow has fallen to a depth of from three to
five feet, bringing operations to a full halt. The
movement of supplies to the Austrian armies in
the mountainous country has been greatly impeded
and fighting of great intensity would not be possible
for some time.
As to peace negotiations there seems reason to
credit recent reports that a separate peace has been
signed by Russia and Bulgaria. The Bulgarian
correspondent of the “ Bund” newspaper published
at Berne, Switzerland, quotes the text of a dispatch
read by Bulgarian Premier Radoslavoff in the B u l­
garian Parliament as follows:
“ W ar between Russia and Bulgaria ceases. Diplo­
matic and economic relations between Russia and
Bulgaria are resumed. Russia recognizes Bulgaria’s
right to nominate a delegate to an international
Danube commission. The first peace is thus con­
cluded, with the consent of Bulgaria’s allies.”
This announcement of peace has some elements
of surprise in it since it has been understood that
the Central Powers were to act as a whole on the
peace question. Of course it is more than likely
that Bulgaria’s allies would favor separate action,
since it does not take that country out of the war,
but permits the transfer of the Bulgarian strength
from a military standpoint to the Western front.
As was to be expected, negotiations between the
Bolsheviki and Teutonic representatives have been
resumed. Trotzky, the Bolshevik Foreign Minis­
ter, is either on his way to the conference at BrestLitovsk or has already arrived. He is said to have
threatened the delegates of the Central Powers
that if they do not accede to a transfer of the pour­
parlers to Sweden the voice of their own people
and the strong arm of the Russian democracy will
be felt by them. Trotzky on Thursday asked the
suspension of the peace conference until the Bolshe­
vik and Ukrainian delegates could formulate replies
to the proposals of the Central Powers. The Bolshe­
viki and Ukrainians recently decided on joint action.
The German delegates formally announced yesterday
that all plans for a general peace meeting were con­




[V o'l . 1 0 6 .

sidered by the Central Powers as definitely aban­
doned because of the failure of the Entente Powers
to respond within ten days to the invitation to par­
ticipate. Count Czernin, the Austro-Hungarian
Foreign Minister, announced that henceforth the
Central Powers were willing to negotiate only a
separate peace with Russia. The German delegation
have requested Sweden, it is reported, to act as inter­
mediary for negotiations with the Allies. Fighting
continues in central and southwestern Russia be­
tween the Bolshevik forces and the Cossacks of
Generals Kaledines and Dutoff. The latest ac­
counts of these operations suggest that the Bol­
sheviki for the time being are meeting with suc­
cess.
.
Quotations on the London stock market have been
maintained throughout the week. President Wilson’s
address, setting forth the American war aims, follow­
ing a very similar announcement by Lloyd George
on Saturday, was well received in English financial
circles, and may be said to have added to the feeling
of confidence already prevailing at the British centre.
However, the activity was very moderate and the
general market for securities presented few features.
Payment of coupons on Russian Government bonds
by the Rothschilds was another satisfying feature as,
too, was the reduction of deposit rates by the English
banks announced last week. The payment of Russian
coupons was reassuring, in view of the reports from
Petrograd that the Bolshevik Government intended
to publish a decree within a few days canceling the
Russian national debt, repudiating all loans and
treasury bonds held by foreign subjects abroad or
in Russia, also repudiating loans and Treasury bonds
held by Russian subjects possessing more than 10,000
rubles in capital. French and Belgian bonds towards
the close of the week showed signs of strength, though
at the extreme close Russian obligations were sub­
jected to selling pressure. Armament stocks were
particularly firm and Cunard securities were strong as
a result of rumors of an impending reorganization of
its capital and also on talk of an upward revision of
blue book shipping rates. Merger reports, more or
less vague, also tire heard. Sales of national war
bonds by the English banks last week touched a new
record at £23,882,000. The post office sales for
Christmas week were £519,000. The aggregate of
bonds sold £222,818,000. One-year French Treas­
ury bills up to £8,000,000 were offered early in the
week in London at 5 % % , replacing £7,978,000
maturing Jan. 15. The latter, however, had been
issued at 6 % , thus indicating a much easier money
position. It is stated that the Plantation Rubber
Companies controlled in London are arranging by
agreement to reduce their 1918 output to 8 0 % of their
best previous year.
The London
“ Economist’s”
end of December index number, as received by cable,
is 5845, creating a new high record, 77 points higher
than the former high water mark 5768 at the close
of November and 937 points higher than the index
number of the corresponding month of the year pre­
ceding.
The British Treasury’s weekly statement issued on
Wednesday covered a period of five days only. It
indicated an expansion in the amount of Treasury
bills outstanding from £1,058,175,000 on Dec. 31 to
£1,073,899,000 on Jan. 6, suggesting that the reduc­
tion in the interest rates by London banks has not

J a n . 12 1 9 1 8 .]

stopped the demand for bills. The national expendi­
ture for the first five days of the year was announced
at £44,614,000, with a total outflow of £121,785,000,
including £67,094,000 repaid Treasury bills and
£10,000,000 in advances repaid. The country’s
revenue for the five day period was £15,991,000,
with a total inflow of £122,575,000, including
£82,949,000 Treasury bills, £20,235,000 in war
bonds, £1,300,000 in war loans certificates and
£20,000,000 in temporary advances from the Bank
of England. The Treasury balance at the close of
the year stood at £16,383,000 and the outstanding
Treasury bills aggregated about £1,073,899,000.
The annual reports of the London banks nearly all
show increased profits with dividends maintained.
The London City & Midland, for instance, reported
a profit of £1,968,000, against £1,637,000 a year
ago. It is announced that negotiations have about
been concluded between Great Britain and Argen­
tina for a loan to the latter of £40,000,000, the trans­
action only awaiting action by the Argentine Con­
gress and British Treasury. The object of the loan
is to provide funds to facilitate the purchase of Ar­
gentine wheat and meat for the Allies. Considerable
difficulties have been encountered heretofore in
selling Argentina’s large credits. It is expected that
the new loan will greatly relieve the Argentine-London exchange situation.
There has been no change in official bank rates
at leading European centres from 5 % in London,
Paris, Berlin, Vienna and Copenhagen; 5J ^ % in
Italy and Portugal; 6 % in Petrograd and Norway;
4 Y i% in Switzerland, Holland and Spain, and 7 % in
Sweden. In London the private bank rate continues
to be quoted at 3 1 3 -3 2 % for sixty days and 4 1 -3 2 %
for ninety days. Call money in London has remained
at 3}<£%- N o reports have been received by cable
of open market rates at other European centres, as
far as we have been able to ascertain. A cable
dispatch from London, dated Jan. 9, announces that
the rate of discount of the Bank of Bengal has been
fixed at 6 % .
The Bank of England in its weekly statement
reported a loss in its gold item of £120,174. This
compares with the substantial gain of a week ago.
The total reserve, however, was increased £768,000,
there having been a decrease of £887,000 in note
circulation, while the proportion of reserve to liabil­
ities registered an advance to 1 9 .7 1 % , as against
1 6 .3 % the week previous and 1 9 .4 0 % a year ago.
Public deposits increased £5,824,000. Other depos­
its were heavily reduced, v iz., £34,878,000, while
Government securities declined £13,966,000. The re­
duction in loans (other securities) totaled £15,819,000.
The Bank’s stock of gold aggregated £59,078,666.
In 1916 the amount was £55,464,562 and £51,301,834
the year before. Reserves total £31,825,000, against
£34,898,022 a year ago and £35,413,339 in 1915.
Loans amount to £90,661,000, which compares with
£42,584,303 and £107,360,566 one and two years
ago, respectively. The English Bank reports, as of
January 5, the amount of currency notes outstanding
as £190,400,950, comparing with £190,332,295 last
week. The amount of gold held for the redemption
of such notes is still given at £28,500,000. Our
special correspondent is no longer able to give details
by cable of the gold movement into and out of the
Bank for the Bank week, inasmuch as the Bank has




111

THE CHRONICLE
discontinued such reports.
statement of comparisons:
BANK

OF

E N G L A N D ’S
1918.
Jan. 9.

W e append a tabular

C O M P A R A T IV E

1917.
Jan. 10.

1916.
Jan. 12.

STATEM EN T.
1914.
Jan. 14.

1915.
Jan^ 13.

£

£

2 8 ,4 7 1 ,3 2 0
3 9 ,0 1 6 ,5 4 0
3 4 ,3 3 S ,4 9 5
3 5 ,1 7 4 ,6 2 5
C i r c u la t io n ................... 4 5 ,7 0 3 ,0 0 0
7 ,4 6 7 ,9 1 3
_
_
4 9 ,5 2 9 ,4 9 0
5 3 ,5 5 3 ,0 3 3
4 4 ,8 3 2 ,8 9 5
P u b l i c d e p o s i t_ ------- 3 7 ,8 9 8 ,0 0 0
s
4 6 ,0 6 5 ,8 7 3
O t h e r d e p o s i t s ______ 1 2 3 ,5 3 3 ,0 0 0 1 3 0 ,2 4 .8 ,0 0 9 1 0 4 ,0 7 6 ,2 5 6 1 1 6 ,0 5 5 ,0 9 7
1 2 ,1 4 8 ,9 7 4
G o v ’ t s e c u r i t ie s _____ 5 6 ,8 6 8 ,0 0 0 1 2 0 ,2 7 3 ,5 6 0 3 2 ,8 3 9 ,3 7 7
1 8 ,0 6 8 ,4 6 0
2 9 ,7 2 3 ,6 2 2
O t h e r s e c u r i t ie s _____ 9 0 ,6 6 1 ,0 0 0
4 2 ,5 8 4 ,3 0 3 1 0 7 ,3 6 0 ,5 6 6 1 0 8 ,2 2 0 ,5 4 5
2 9 ,8 6 9 ,8 4 7
3 4 ,8 9 8 ,0 2 2
3 5 ,4 1 3 ,3 3 9
5 2 ,6 3 6 ,2 6 9
R e s e r v e , n o t e s & c o l n 3 1 ,8 2 5 ,0 0 0
3 9 ,8 9 0 ,8 6 7
5 5 ,4 6 4 ,5 6 2
5 1 ,3 0 1 ,8 3 4
6 9 ,3 6 0 ,8 9 4
C o i n a n d b u l l i o n . . . 5 9 ,0 7 8 ,6 6 6
P r o p o r ’ n o f reserv e
5 5 .6 3 %
3 2 .7 5 % '
2 2 .5 0 %
1 9 .4 0 %
t o li a b i li t ie s ............
1 9 .7 1 %
4M %
5%
5%
6%
B a n k r a t e ____________
5%

The Bank of France this week announced another
gain of 1,999,307 francs in its stock of gold on hand,
thus carrying the Bank’s total gold holdings to 5 .­
357,506,500 francs, of which amount 3,320,398,016
francs are held in vault and 2,037,108,484 francs
abroad, comparing with 5,099,018,387 francs last
year, when 3 ,405,929,387 francs were held in vault,
and 1,693,088,532 francs abroad, and 4,997,738,672
francs the preceding year, all of which was held in
vault. During the week silver holdings decreased
719.000 francs. Note circulation expanded 193,­
669,000 francs. Bills discounted declined 90,032,000
francs. Treasury deposits showed a loss of 180,090,­
000 francs. General deposits were diminished 8 0 ,­
741,000 francs and the Bank’s advances decreased
447.000 francs. Notes in circulation are now 2 2 ,­
982,792,240 francs. A t this time last year the total
was 17,105,088,970 francs,, and in 1916 13,634,720,­
440 francs. In 1915 no statement was issued until
Jan. 28. On Dec. 24 1914 the amount outstanding
was 10,042,000,000 francs. Comparisons of the
various items with the statement of last week and
the corresponding dates in 1917 and 1916 are as
follows:
B A N K O F F R A N C E ’S C O M P A R A T IV E S T A T E M E N
C h a n g e s --------------------------------- S ta tu s a s o f fo r W eek .
J a n . 10 1 9 1 8 .
J a n . 11 1 9 1 7 .
G old H o ld in g s —
F ra n cs.
F ra n cs.
F ra n cs.
In F ran co
...I n c .
1 ,9 9 9 ,3 0 7
3 ,3 2 0 ,3 9 8 ,0 1 6
3 ,4 0 5 ,9 2 9 ,3 8 7
A broad
N o ch a n g e.
2 ,0 3 7 ,1 0 8 ,4 8 4
1 ,6 9 3 ,0 8 8 ,5 3 2

T.
J a n . 13 1 9 1 6 .
4 ,9 9 7 ,7 3 8 ,6 7 2
.............................

4 ,9 9 7 ,7 3 8 ,6 7 2
5 ,0 9 9 ,0 1 8 ,3 8 7
5 ,3 5 7 ,5 0 6 ,5 0 0
T o t a l ................ . . . I n c .
1 ,9 9 9 ,3 0 7
3 5 2 ,1 4 6 ,6 2 0
2 8 7 ,3 9 7 ,0 8 8
2 4 6 ,1 0 9 ,1 8 0
7 1 9 ,0 0 0
S t iv e r ............................... D e c .
3 9 3 ,7 8 4 ,0 9 6
6 9 5 ,7 4 9 ,0 7 2
9 5 8 ,2 1 1 ,8 4 6
B i ll s d i s c o u n t e d ____ D e c . 9 0 ,0 3 2 ,0 0 0
1 ,1 4 2 ,2 0 5 ,5 0 6
1 ,3 0 8 ,0 3 2 ,2 4 4
1 ,2 3 3 ,0 5 4 ,8 1 7
A d v a n c e s ____________ D e c .
4 4 7 ,0 0 0
N o t e c i r c u l a t i o n ___ I n c . 1 9 3 ,6 6 9 ,0 0 0 2 2 ,9 8 2 ,7 9 2 ,2 4 0 1 7 ,1 0 5 ,0 8 8 ,9 7 0 1 3 ,6 3 4 ,7 2 0 ,4 4 0
1 2 1 ,2 5 9 ,3 4 1
3 4 ,2 9 8 ,0 4 4
1 5 6 ,5 1 2 ,7 1 2
T re a su ry d e p o s it s ..D e c l8 0 ,0 9 0 ,000
2 ,0 5 5 ,1 3 1 ,5 8 1
2 ,2 1 8 ,1 7 0 ,5 2 8
2 ,6 9 6 ,9 8 0 ,0 1 5
G e n e r a l d e p o s i t s ____D e c . 8 0 ,7 4 1 ,0 0 0

The Imperial Bank of Germany in its statement
as of D ec. 31 shows the following changes: Total coin
and bullion increased 18,563,000 marks; gold in­
creased 594,000 marks; Treasury notes registered the
substantial expansion of 147,979,000 marks; notes
of other banks declined 3,630,000 marks; bills dis­
counted showed the spectacular advance of 1,9 7 7 ,­
950,000 marks; advances were reduced 1,160,000
marks; investments decreased 2,026,000 marks; other
securities were contracted 125,865,000 marks; notes
in circulation were heavily increased, viz., 441,712,­
000 marks, while deposits recorded the enormous
expansion of 1,415,239,000 marks. Other liabilities
gained 154,860,000 marks. Comparisons of note
circulation, loans and discounts, & c., are not avail­
able, no other statement having been received since
D ec. 7. The Bank’s gold holdings total 2,4 0 5 ,5 9 0 ,­
000 marks, which compares with 2,520,480,000 marks
a year ago and 2,444,180,000 marks in 1915.
Last week’s statement of New York associated
banks and trust companies, issued on Saturday,
recorded a fairly heavy loss in reserves, which may
be attributed mainly to operations of the banks
coincident with the year-end settlements. Loans
were reduced 81,342,000. N et demand deposits
showed a further substantial advance of $66,276,­
000 to $3,646,444,000 (Government deposits of

THE CHRONICLE




%,

%

%

%@ %,

%@ %
%%
%

%.

%%.

%@ %,

%%

--------------- S p o t D e liv e r y ---------------N in ety
S ix ty
T h ir ty
D ays.
D ays.
D ays.
E l ig ib l e b ills o f m e m b e r b a n k s —
4©3A
E l ig ib l e b il ls o f n o n - m e m b . b a n k s . 4 M @ 4 >6 4
I n e li g ib le b il ls ..........................................
5 @4 A

D e li v e r y
w ith in
30 D ays.
b id 4
o ffe r e d
b id 4 A o ffe r e d
b id 5
o ffe r e d

4 @ 3 A ZA © Z A 4 A
A @4 A 4A@4
4A
5@4 A 5
@4 A 0

The Federal Reserve Bank of Boston this week in­
creased its rate on trade acceptances from 4 to 4 % % .
N o other changes in rates, so far as our knowledge
goes, have been made by the Federal Reserve banks.
Prevailing rates for various classes of paper at the
different Reserve batiks are shown in the following:

M e m b e r B a n k s , C o ll. L o a n s .
1 t o 1 5 d a y s ’ m a t u r i t y ...........
D is c o u n t s —
1 t o 1 5 d a y s ’ m a t u r i t y ...........
16 t o 3 0
’*
’’
...........
31 t o 6 0
’’
“
...........
61 t o 9 0
’’
’’
...........
A g r ic u lt u r a l a n d
L iv e-S to c k P a p e r —
91 d a y s t o 6 m o n t h s m a t u r it y
T r a d e A c c e p ta n c e s —
1 t o 3 0 d a y s ' m a t u r i t y ...........
31 t o 6 0
’’
“
...........
61 t o 9 0
“
"
...........

BAN KS.

K a n sa s C ity .

s'
P
i,

1

ZA

4

4

4

4

4

4

4

4

4

4

4
5
5
5

3 'A
4A
4 'A
4A

4
4A
4A
4A

4
4 'A
4A
4A

4
4A
4A
4A

4
4A
4A
4A

4
4A
4A
5

4
4A
4A
4A

4
4A
4A
5

4
4A
4A
4A

4
4A
4A
4A

4
4A
4A
4A

5

5

5

5

4A

5

5A

5A

5A

5

4A
4A
4A

4
4
4

4
4
4

4
4
4

4
4
4

4
4
4

3A
3A
4

4
4
4

3A 4
3A' 4
4
i 4

e

D a l la s .

S t. L o u i s .

4

£

’

A t la n t a .

f

C h ic a g o .

CLASSES
OF
D IS C O U N T S A N D L O A N S

OF FEDERAL RESERVE

M in n e a p o lis .

RATES

R ic h m o n d .

D IS C O U N T

j C lev ela n d .

Still further ease has been shown in the general
money position. Call rates have ruled at 2 % @ 4 %
and fixed maturities show concessions by lenders of
about % % . There is very little interest being taken
in the final installment of the Liberty Loan due next
Tuesday. A feature was the freer offerings of
funds on all industrial security, some transactions
of moment having been made at 5 % % against 6 %
last week. There appears to be some doubt as to
the rate to be paid by the Government on its new
Liberty Loan which may be expected early in the
spring. W ith the old 4 % s selling at 9 6 @ 9 7 there
seems slight if any encouragement to believe that
Secretary McAdoo will risk another 4 % issue.
Nevertheless opinion is not altogether unanimous
that a higher rate will be decided on. In some
usually well informed circles there are intimations
that the Treasury will provide some form of pressure
in order to force a new distribution at 4 % and may
possibly add some inducement in the matter of tax
exemption. Of course 4 % s exempt from surtaxes
just as the 3 % % s already are would cause a wider
transfer of the former than has yet taken place.
It is difficult to obtain any information that appears
authoritative. Nevertheless the predictions that
the rate will not exceed 4 % certainly is interesting.
Funds are now returning to the banks from the
January payments. There is of course no probability
of new financing in a large way during the remainder
of the war period. The American Tel. & Tel. Co.
sold a one year note issue of $10,000,000 on a basis
of 7 % , the notes having been taken so freely that the
subscription books were closed promptly after they
opened, the full amount having been subscribed at
the outset. The First National Bank of New York
has bought from the American Can Company
$12,000,000 of the company’s serial notes, to be
dated Jan. 21, and which will mature in equal install­
ments in seven, eight, nine, and ten months. The
notes will be offered on a 7 % discount basis. The
banks are subscribing freely to the second offering
of the U . S. certificates of indebtedness issued in
anticipation of Federal war taxes due next June.
M any business and industrial organizations as well
as the banks are co-operating with the Federal
Bank of New York in this second offering.
New York exchange in Montreal is commanding
a sensationally high premium, which suggests a

gold movement of some importance unless there
should be some effective means found of counteracting
the demand. Thursday’s rate was $10.3125 per
$1,000 premium, but a reduction to $ 9 .6 8 % yester­
day took place. It will be recalled that some weeks
ago when a less acute situation arose a plan was
drawn up as a result of a conference between mem­
bers of the Canadian Bankers Ass’n and our Treasury
Department. It was agreed to permit the embargo
on the precious metal to be relaxed. This, however,
was quite sufficient, as the fact that gold was thus
made available was apparently an adequate reason
for not wanting it. It is considered probable there­
fore that a limited amount of gold will be shipped
in the near future.
Dealing with specific rates for money, call loans
this week covered a range of 2
4
compared
with 2
6
last week. M onday the high was
4
with 2
low and 3 % the ruling rate. On
Tuesday 4
was still the maximum; the minimum
and renewal basis was 3
On Wednesday the
range was 3
4
while renewals were advanced
to 4
Thursday 3 % was the lowest for the day;
4 was again the high, with 3 % % the basis for re­
newals. Friday’s range was not changed from 3 @
4 and 3
the ruling figure. Time money early
in the week ruled a shade firmer, at least in the case of
shorter maturities, large lenders being unwilling to
enter into commitments involving long periods.
Later an easier condition developed. Sixty days
closed at 5 % % , against 5 @ 5 % % last week. Ninety
days, however, also closed at 5 % % against 5 % @
5 % % and four, five and six months at 5 % @ 5 % % ,
with most of the business being done at 6 % . These
maturities a week ago were quoted at 5 % @ 6 % .
Commercial paper has shown a fair degree of activ­
ity , several large institutions having entered the mar­
ket as buyers. Transactions, however, were n ot
large, owing to inadequate supplies of offerings.
Sixty and ninety days’ endorsed bills receivable and
six months’ names of choice character continue to be
quoted at 5 % @ 5 % % , with names less well known
at 5 % @ 6 % .
Banks’ and Bankers’ acceptances have been in
somewhat better demand, with quotations at slightly
lower levels for both eligible and ineligible bills.
Detailed rates follow:

N ew Y ork .

$241,469,000 deducted). Net time deposits, how­
ever, declined $7,331,000. Cash in own vaults
(members of the Federal Reserve Bank) decreased
$663,000 to $113,243,000. Reserves in the Federal
Reserve Bank of member banks were reduced
$43,221,000 to $518,218,000. Reserves in own
vaults (State banks and trust companies) declined
$560,000 to $19,856,000, while reserves in other
depositories (State banks and trust companies)
showed a gain of $1,158,000. Circulation was re­
duced $88,000. The aggregate reserve declined
$42,623,000, to $547,411,000. Reserve require­
ments were increased $8,483,310; hence the loss
in surplus reserve totaled $51,106,310, which brought
the amount of excess reserves down to $61,270,520,
on the basis of only 1 3 % reserves for member banks
of the Federal Reserve system (but not counting
$113,243,000 cash in vaults held by these banks).
A year ago surplus reserves were $140,441,440 on
the basis of reserve requirements of 1 8 % , including
cash in vault.

[V o l . 1 0 6 .

B o s to n .

1 1 2

1
I

5

5A

3H
ZA
4

4
4
4

R a t e o f 3 t o 4 ) 4 % f o r 1 - d a y d i s c o u n t s in c o n n e c t i o n w it h t h e lo a n o p e r a t i o n s
o f th e G o v e r n m e n t.
N o t e .— R a t e f o r a c c e p t a n c e s p u r c h a s e d In o p e n m a r k e t , 3 t o 4 A % , e x c e p t f o r
B o s to n , C h ic a g o n n d M in n e a p o lis , w h o s e ra te s ra n g e fr o m 3 t o 5 % .
I n c a s e t h e 6 0 - d a y t r a d e a c c e p t a n c e r a t e Is h ig h e r th a n t h e 1 5 - d a y d i s c o u n t r a t e ,
t r a d e a c c e p t a n c e s m a t u r in g w it h i n 15 d a y s w ill b o t a k e n a t t h e lo w e r r a t e .
R a t e s f o r c o m m o d i t y p a p e r h a v e b e e n m e r g e d w it h t h o s e f o r c o m m e r c i a l p a p e r
o f c o r r e s p o n d i n g m a t u r it i e s .

Ja n . 12 1 9 1 8 .]

THE CHRONICLE

Peace talk has been effective in producing an appre­
ciably better tone in the foreign exchanges. There ap­
pears a tendency, which is growing, to place some de­
gree of credence in these reports. President Wilson’s
address to Congress on Tuesday has been well re­
ceived, adding to the favorable impression produced
by the British Premier’s speech, which was published
on Sunday. It is argued that there is still a long win­
ter ahead in which there will be ample time for nego­
tiations and- slight opportunity for military opera­
tions on a large scale; hence it is possible that before
the spring campaigns begin there may be a much more
satisfactory basis for negotiations than at present
exists. The firmness in Anglo-French bonds was a
corresponding evidence of this more credulous atti­
tude regarding the peace outlook.
A transaction that will be of interest in sterling
exchange circles is contained in the announcement
that negotiations are in progress between the Argen­
tine Government and Great Britain for a loan to the
former of $40,000,000. This will of course relieve
the London-Argentine exchange situation and un­
doubtedly has indirect connection with the an­
nouncement made by our Treasury Department that
it had this week concluded, through the State D e­
partment, an arrangement with the Argentine Gov­
ernment to establish between the two countries a
plan of financial co-operation to check the depre­
ciation of the American dollar on the Argentine
market. Under the new arrangement the Argen­
tine Government revised their law, which was
passed immediately after the outbreak of the
European war, under which American business
men owing money to Argentine merchants may
deposit such amounts with the Argentine Am bas­
sador, who in turn will deposit these amounts in
current account with the Federal Reserve Bank of
New Y ork. The Argentine Government on its part
agrees that the balance of this account will not be
shipped in gold until after the ratification of the
treaty of peace ending the present war. The Amer­
ican Government agrees that no obstacles shall at
that time be interposed to the shipment of the said
balance of gold. Payments to the Argentine A m ­
bassador are to be on the basis of the relative gold
value of the two currencies, plus a charge of 3 % to
cover transportation, insurance and other charges.
The arrangement with the Argentine Government
permits such deposits up to $40,000,000 with the
Argentine Ambassador, but it is expected that if
this amount proves inadequate arrangements for
increasing the limit will be made without difficulty
with the Argentine Government. Advices from
Santiago, Chile, quote a newspaper there as stating
that the United States has agreed to permit the ex­
portation of gold to that country, so that a solution
of Chile’s monetary problems may be facilitated.
Referring to the day-to-day rates, sterling ex­
change on Saturday, in comparison with Friday of
a week ago, was quiet but steady, with demand
a shade firmer at 4 75 3 -1 6 @ 4 7534; cable trans­
fers, however, were not changed from 4 76 7-16
and sixty days at 4 7 1 3 4 @ 4 72. On M onday
demand opened a shade higher, though subsequently
the quotation reacted to Saturday’s level; the day’s
range was 4 7534 @ 4 75 5-16, with sixty day bills
and cable transfers still pegged at 4 7 1 3 4 @ 4 72 and
4 76 7-16, respectively. Only slight changes were
recorded in sterling on Tuesday; demand bills ruled
at 4 7534, against 4 7 5 3 4 @ 4 75 5-16 the previous



113

day; cable transfers and sixty days were unchanged.
W ednesday’s market was not active and the volume
of transactions was light; quotations remained at
4 7534 for demand, 4 76 7-16 for cable transfers
and 4 7 1 3 4 ® 4 72 for sixty days. Dulness prevailed
throughout Thursday’s dealings, though the tone
was firm and demand advanced fractionally to
4 7 5 3 4 @ 4 7530; the quotation for cable transfers
remained at 4 76 7-16 and sixty days at 4 7 1 3 4 ®
4 72. On Friday the market ruled firmer with com­
mercial and grain bills a shade firmer. Closing quo­
tations were 4 76 7-16 for cable transfers, 4 7 5 3 4 ®
4 7530 for demand and 4 7 1 3 4 @ 4 72 for sixty days.
Commercial sight finished at 4 7 5 @ 4 7534, sixty
days at 4 7 1 @ 4 7134, ninety days at 4 6 9 3 4 @ 4 6934,
documents for payment (sixty days) 4 7 1 @ 4 7134,
and seven-day grain bills at 4 7 3 3 4 @ 4 74. Cotton
and grain for payment closed at 4 7 3 J 4 @ 4 7434Operations in the continental exchanges this week
were devoid of noteworthy features. The volume
of trading was still exceptionally light, and the
trend, during the earlier days of the week, was
toward a lower level. Lire opened weak, moved
irregularly, but on Wednesday rallied as a result of
support by a large institution, which had turned
buyer, and the close was firm. Francs were fairly
well maintained, and advanced fractionally on
the improved tone of news from the Western war
front. As to Russian exchange, very little change
has been recorded. They are firmly held, though
only slight importance is attached to rates cur­
rent, as these are wholly nominal, trading at this
centre being at a complete standstill. Rumors
that the Bolshevik leaders had reopened peace
parleys with the Teutonic Powers attracted only
passing attention. President Wilson’s statement
before Congress on Tuesday of America’s war
aims exercised a sentimentally favorable influ­
ence upon the various exchanges. N o 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 fin­
ished at 27.18, compared with 27.2134 last week.
In New York sight bills on the French centre closed
at 5 72?4, against 5 7334; cables at 5 7034, against
5 7134; commercial sight at 5 7334, against 5 7434,
and commercial sixty days at 5 7934, against 5 8034
on Friday of a week ago. Lire finished at 8 37 for
bankers’ sight bills and 8 36 for cables. This com­
pares with 8 42 and 8 41 the week preceding. Rubles
closed at 1334 for sight and 1334 for cables, as against
12.25 and 13.00, the previous close. Greek exchange
has not been changed from 5 1334 for checks and
5 1234 for cables.
In the neutral exchanges some irregularity has
been evident, although very little business is passing
and movements pro and con were without special
significance. Scandinavian rates were easier, as
were also guilders and Swiss francs. Spanish pesetas
ruled firm. Bankers’ sight on Amsterdam closed at
4234, against 4334; cables at 4334, against 44; com­
mercial sight at 42 11-16, against 43 7-16, and com­
mercial sixty days at 42 9-16, against 43 5-16 a
week ago. Swiss exchange finished at 4 49 for bank­
ers’ sight bills and 4 47 for cables. Last week the
close was 4 41 and 4 39. Copenhagen checks fin­
ished at 30 and cables at 3034, against 3034 and 31.
Checks on Sweden closed at 3234 and cables at 3234,
as compared with 33.25 and 33.50, while checks on

114

THE CHRONICLE

Norway finished at 31.25 and cables at 31.75, against
32.75 and 33.25 on Friday of a week ago. Spanish
pesetas closed at' 24.30 for checks and 24.40 for
cables, as contrasted with 24.40 and 24.45 the pre­
vious week.
As to South American quotations, the check rate
on Argentina finished at 45.87 and cables at 4 5 .9 3 ,
against 45.60 and 45 .7 0 . For Brazil the check rate is
26.93 and cables at 27.03. This compares with
27.00 and 27.10, the previous close.
Far Eastern check rates are as follows: Hong
Kong, 7 4 3 ^ @ 7 4 % , against 7 3 3 ^ @ 7 3 % ; Shanghai,
1 1 0 ® 111 (unchanged); Yokohama, 5 1 % @ 5 2 , against
5 1 / /s @ 52; Manila, 5 0 @ 5 0 y $ (unchanged); Singapore,
56% @ 57
(unchanged); and Bom bay, 3 5 @ 3 5 }^
(unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $7,519,000 net in cash as a result of the cur­
rency movements for the week ending Jan. 11.
Their receipts from the interior have aggregated
$10,683,000, while the shipments have reached
$ 3 ,164,000. Adding the Sub-Treasury and Federal
Reserve operations, which together occasioned a loss
of $62,565,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to have been a loss of $55,046,000, as
follows:
Week ending Jan. 11.

Sub-Treasury and Federal Reserve

Into'
Banks.

Out o f
Banks.

310,683,000
52,748,000

T o t a l______ ________

Net Change in
Bank Holdings.

33,164,000 Gain S7,519,000
115,313,000 Ross

62,565,000

863,431,000 3118,477,000 Loss 355,016,000

The following table indicates the amount of bullion
in the principal European banks:
Jan. 10 1918.

Banks of
Gold.
England
Franco a .
Germany .
Russia * . .
Aus-Hun c
S p a in ____
I ta ly .........
N et’n erl’ds
N at.B el .h
Sw ltz’ land
Sweden ._
D enm ark.
N o r w a y ..

Silver.

Jan. 11 1917.
Total.

Gold.

£
£
£
£
59,078,666
59,078,606 55,464,562
132,816,320 9.840.000 142,656,320 136,237,194
120,279,500 7,894,050 128,173,550 126,045,050
129.650,000 12.375.000 142.025.000 147,149,000
51.578.000 12.140.000 63.718.000 51.578.000
78.670.000 28.539.000 107.259.000 50.036.000
33.364.000 3.265.000 30.629.000 35.973.000
58.200.000
530.000 58.780.000 48.907.000
15.380.000
600.000 15.980.000 15.380.000
14.306.000
14.306.000 13,799,900
12.577.000
12.577.000 10.146.000
147,000 10.069.000 8.076.000
9.922.000
6.296.000
6,296.000
6.840.000

Silver.

Total.

£

£
55,464,562
147,733,074
126.871.000
158.400.000
63.718.000
79.678.000
38.876.000
49,549,100
15.980.000
................ 13,799,900
10.140.000
107,000
8.183.000
6.840.000

11.495,880
825,950
11.251.000
12.140.000
29.642.000
2,903,000
582.100
600,000

T o t .week. 722,117,436 75,430,050 797,547,536 705,691,706 69,546,930 775,238.630
Prev .week 721,834,733 74,253,300 796,093.033 703,817,136 09,783,940 773,001.076
a G old holdings of tho Bank of France this year are exclusive o f £81,484,340
held abroad.
* The gold holdings o f the Bank o f Russia for both years In tho above statement
havo been revised by eliminating the so-called gold balance held abroad. On the
latest reported date the am ount so held was £230,860,000.
c July 30 1914 In both years, h A ug. 6 1914 in both years.

[V o l . 1 0 6 .

In such a declaration there were obviously three
considerations to be specially kept in mind— the
peace proposals already made by the present de
facto Russian Government, the outline of peace
terms by Count Czernin and the German emissaries
at Brest-Litovsk, and the attitude of the German
people, so far as they are represented by the party
in opposition to the declared German policy at that
conference. The immediate purposes to be served
by a declaration from Entente statesman were the
preventing of a separate Bolshevik peace with
Germany; the depriving the Teutonic statesmen of
the advantage of position, derived by them from
their pretense of conceding reasonable terms which
the Entente should not publicly accept, and the
strengthening of the hands of the popular party in
Germany and in the countries allied to Germany,
against the militarist group.
Just how to accomplish all this was a somewhat
delicate problem. It was so, not only because of the
anomalous attitude of the Bolshevik clique toward
Russia’s former allies, but because certain past
declarations of purpose by European Entente
statesmen— such as the dismemberment of the
Austrian and Turkish Empires, and the economic
war on Germany after peace— would apparently have
to be modified or abandoned, in view of their effect
on Teutonic opinion. There also remained, as
troublesome issues to deal with under existing cir­
cumstances, the questions of the future sovereignty
of Alsace-Lorraine and of the German colonies
captured by England and France.
Lloyd George dwelt particularly on the fact that
the Allies were not fighting a war of aggression or de­
struction against the Teutonic Powers. In particular,
they had “ never aimed at breaking up the German
peoples or the disintegration of their State.” But
neither were they “ fighting to destroy AustriaHungary or to deprive Turkey of its capital or rich
lands in Asia Minor or Thrace which are predomi­
nantly Turkish.” The Allies were resolved, however,
“ to stand by the French democracy to the death
in the demand the French make for a reconsideration
of the great wrong’ of 1871, when Alsace-Lorraine
was torn away from them .” As to Belgium, not
only was restoration and evacuation insisted on by
Lloyd George, but he added that “ unless international
right is recognized by insistance on payment for
injury done in defiance of its canons, it can never be
a reality.”

As to Russia, the English Premier was evidently
not so clear in mind. “ W e should be proud to fight
The discussion of possible terms of peace has side by side with the new Russian Democracy.”
But
assumed, during the past week, a shape different “ if the present rulers of Russia act independently,
in many essential respects from that which the we have no means to arrest the catastrophe.”
controversy has presented at any previous time. W hat he meant by this, he further showed by his
The immediate occasion, both for the speech of declaration that, “ whatever phrases Prussia uses
Lloyd George to the British Trades Unions last to delude Russia, she intends that in one way or
Saturday and for President Wilson’s address to another the Russian provinces now occupied by
Congress on Tuesday, was undoubtedly the turn in Teutonic armies will henceforth be part of the
the negotiations between Germany and Russia. Prussian dominions ruled by the Prussian sword,
The blunder of the German negotiators in attempting, and the rest of the Russians will be enticed or
while professing the formula of no annexations or bullied into complete economic and ultimate political
indemnities, to reserve the power of controlling enslavement.”
Russian territory occupied by their army, followed
The cables seemed to indicate that Lloyd George’s
by the temporary breaking-off of negotiations by speech was not in all respects well received, either
Russia, indicated a tactical advantage which the by the Russian Government or by the German
Entente Powers might gain through re-stating plainly Opposition. President Wilson’s subsequent state­
and honestly their own purposes— both to Russia ment of terms was comprised in fourteen separate
and to the world at large.
stipulations. Stated in the briefest form they were:
M R . W IL S O N A N D T H E TER IS OF P E A C E .




J a n . 12 1 9 1 8 .]

THE CHRONICLE

(1) Open peace agreements, without private inter­
national understandings; (2) Freedom of the seas
in peace and war, except when closed by international
action; (3) Removal of all trade and economic
barriers between the nations agreeing to peace;
(4) Reduction of armaments, duly guaranteed, to
the lowest point consistent with domestic safety;
(5) Adjustment of colonial claims, on the principle
that the interests of the populations should have
equal weight with Governmental claims; (6) Un­
conditional evacuation of Russian territory; (7) Un­
conditional evacuation and restoration of Belgium;
(8) Evacuation and restoration of conquered French
territory and “ righting of the wrong done to France
by Prussia in 1871 in the matter of Alsace-Lorraine;”
(9) Readjustment of the Italian frontiers “ along
clearly recognizable lines of nationality;” (lO)Autonomous development of the peoples of AustriaHungary; (11) Evacuation of Rumania, Serbia and
Montenegro, with access to the sea for Serbia and
guarantee of political independence for the Balkan
States; (12) Turkey to retain the Turkish portions
of the Ottoman Empire, but other nationalities now
under Turkish rule to be allowed autonomous de­
velopment; (13) Freedom of the Dardanelles to be
internationally guaranteed, and an independent
Poland to have free access to the sea; (14)
Guarantee of all these things by a League of
Nations.
This is a pretty large program. M any of its
proposals would seem to warrant the comment of
the London “ Times” that they “ almost appear to
assume that a reign of righteousness on earth is
already within reach of realization.” There arc a
few of the proposals which go rather far into details,
in advance of the establishment of the principles on
which .those details must depend. Some of them
would seem to depend for their practicability on
subsequent conditions or circumstances, which might
themselves so develop as to create new and unforeseen
problems.
For instance, “ freedom of the seas” in the larger
sense would itself assume international relations
such as should render it safe for a country like
England to relinquish permanently both the offensive
and defensive power of her navy. “ Removal of all
trade and economic barriers” would on its face mean
much more than abandonment of the plan of an
economic war against Germany; it would seem to
imply free trade between all contracting States.
This might conceivably be desirable in the higher
economic sense; but it would throw a very farreaching controversy into the negotiations, and
possibly divert them from the issues which are
immediately at stake.
On the other hand, M r. Wilson does not insist in
terms on financial reparation by Germany for what
she has done in Belgium. This may have been
because of the Russian proposal of an “ international
fund” for that purpose, and because .the President
wished to avoid a controversy on that point at the
present time. The tactical skilfulness of M r.
Wilson’s address— and this has been quite unani­
mously conceded— lies largely in his manner of handling
the Russian proposals. He goes to considerable
length in recognizing the force of those proposals.
The Russian people’s “ conviction of what is right,
of what it is humane and honorable for them to
accept, has been stated with a frankness, a largeness
of view, a generosity of spirit, and a universal



115

human sympathy which must challenge the admira­
tion of every friend of mankind, and they have refused
to compound their ideals or desert others that they
themselves may be safe.”
Indeed, this program of the American Govern­
ment, while reasserting the main contentions and
conditions of the Allies, states them almost in the
form which was taken by the terms addressed to
Germany by the Russian delegates. M r. Wilson’s
statement does not, it is true, adopt the unqualified
Bolshevik stipulation that Germany shall get back
her colonies, or the suggestion that the Government of
Alsace-Lorraine should be settled by a plebiscite of
citizens, or the plain intimation that Belgium and
Serbia should be restored through an international
fund rather than through an exclusively German
indemnity. But otherwise the two sets of proposals
run on fairly parallel lines.
Even as regards these three considerations, there
is nothing vitally incompatible between the proposals
at Brest-Litovsk and at Washington. It is the work­
ing-out of details which will count. It has at times
appeared possible that the reticence of England and
her allies, regarding the German colonies, fore­
shadowed the offering of alternative terms when
negotiations should actually begin. It is not in the
least inconceivable that when that time arrives, return
of the German colonies might be conditioned on
relinquishment of Alsace-Lorraine by Germany, or
that agreement of the Allies to participate in an
international fund for restoration of Belgium and
Serbia should be made an offset to the return of
these Rhine provinces to France.
W h at the actual effect of these outlines of policy
by the Allied statesmen is to be, it remains for
events to show. Perhaps their reception by the de
facto Russian Government depends on how far that
Government is honest in its public purposes, and
how far it is either secretly inclined to favor Germany
or resolved to subject all other considerations to its
own peculiar ideas of Government. W hat the effect
will be in Germany also depends on other considera­
tions than the merits of the proposals. The military
clique and the Imperial Court could scarcely be
expected to accept any program on the lines set
forth either by Lloyd George or President Wilson.
Still, we have at least an outline of terms, submitted
by the Allies as it has not been submitted by Ger­
many. Furthermore, behind the sinister political
and military influences which now seem to control
Germany, there remain the German Opposition, the
precarious political and economic conditions in all
the countries of the Quadruple Alliance, and the
restlessness of Germany’s allies over her policy in
preventing practical peace negotiations. In these
directions, there is yet the possibility of startling
and unexpected developments in the news.

T H E R U S S IA N S I T U A T I O N — T H E M I L L S
OF T H E GODS.

“ O ne g ets in to th e w a y in R ussia o f sa yin g th a t th in gs are goin g to be
sp len d id b ecau se th e y are so b ad — and really th ere th e y do want th in g s to
bo b etter. A nd often I do th in k th a t th ere's goin g to b e, o n e d a y , a n ew
w orld . A nd m an y p eop le n ow th in k a b o u t it and h op e for it— p erhaps
th e y alw ays d id .” — Hugh Walpole.
W ith the most generous sympathies one cannot
fail to see that the Russian situation has developed
along lines that were disclosed at the outset. From
Finland, where government promptly went to pieces,
and where as yet nothing is settled, to Turkestan,
where Government troops were early reported to

116

THE CHRONICLE

have massacred tens of thousands of the natives
and driven still greater numbers into the desert
because of their refusal of military service, anc
Siberia, the Caucasus and the Ukraine, which are
setting up governments of their own, there is a gen­
eral debacle.
Anarchy is rampant, and famine is
imminent.
Some four years ago Professor Simpson of Edin­
burg, after two prolonged and extensive visits to
Russia, wrote his book full of enthusiastic prospect
of Russia’s awakening and development in the new
era which was opening. In the early months of
the war Prince Troubetskoy said that if one would
understand Russian sentiment he must inquire not
in Petrograd but of the peasant soldiery at the
front. He would find them filled with the thought
that the time had come for the re-establishment of
the religion of their fathers and the regaining of
its true capitol in Constantinople, and in consequence
with an absolute loyalty, throwing themselves into
the war with a fierce and eager devotion. M ean­
while something has been done of late in the way
of compulsory public education; and the vast
illiteracy of Russia, it is claimed, has been greatly
reduced.
In the face of all this we have the present situation;
the whole land in utter confusion; not simply the
people, but the army as well, split into fragments
and carried hither and thither by any wild rumor,
or the talk of the last tonguey speaker, breaking
away from all restraint, throwing overboard all
convictions, rushing into the wildest excesses, think­
ing at any hour to inaugurate a reign of universal
well-being. The most unfortunate and perplexing
feature of the situation is that the “ Intellectuals,”
the men who should be their leaders, are proving so
incompetent. The conditions under which they
have lived in the past have so embittered and
narrowed them, or they are such wild theorists,
that they are fiercely impatient of one another and
are regardless of any confusion or destruction their
leadership or their teachings may produce. It is
not strange that many outsiders and well-wishers
in other lands fear that Russia, now advanced to
parleying and something of intimacy with the Ger­
mans, will not only break away from the Allies, but
will inaugurate by this upheaval an outbreak of
socialism which will convulse Europe, if it does not
overthrow our civilization.
It is worth while to remind ourselves that there
are two elements in the situation which may be
counted upon to arrest the destructive forces.
The first is the fact that the Russians have no
political sense. They approach a political or social
condition with a hard and fast theory, with little
regard to history or experience. Free institutions
as they now exist are the result of more than a
thousand years of Anglo-Saxon development. They
have been built up, apart at a time, upon the founda­
tion of victories won by struggles carried on often
through long periods and many a personal sacrifice.
The method is characteristic of the Anglo-Saxon
and makes England the mother of free institutions
and the teacher and inspirer of would-be free peoples.
America, her daughter, driven to separation by a
German king on the English throne, broadened the
foundations and amplified the institutions of her
inheritance, and has become the accepted interpreter
of them to the world now fast coming under their
influence. This history the Russian leaders repu­




[V o l . 1 0 6 .

diate or ignore. They will have all or nothing.
Liberty for Russia must descend upon her like
Athene for the Greeks, armed and panoplied, as
complete for dominion and permanence as she is
ideally beautiful in form and thought.
Some years ago, at a time when all eyes were
turned to Russia because of the signs of her political
and social awakening, William T . Stead, the editor
of the English “ Review of Reviews” and a pro­
nounced Russophile, went to Russia for a year’s
study of the situation. He was then at the height
of his own influential career as a guide of English
and American thought and he had the heartiest
welcome and access to men of every class. He came
home at the end of the year utterly disheartened.
He found the same doctrinaire impatience among all
who might be looked to as leaders in the new day.
It culminated for him in a conversation with the
owner of a great manufactory in the neighborhood
of St. Petersburg, a man of much influence because
of his wealth, his character and his progressive
opinions. W hen, after drawing from him a full
account of the Russian situation and his views as
to the future and the needful changes to insure it,
his visitor replied, pointing out that England had
won her liberties by being always willing to accept a
half-loaf when the whole was not attainable, and
then to move forward step by step, the slow but sure
process through a thousand years, the Russian
exclaimed, “ A half loaf for Russia? Never! Do
you suppose we can wait a thousand years? W e
mean to have the whole loaf now !”
This was the
method of the French Revolution of 1793. It
wrought wild confusion.
It plunged all Europe
into war. It gave place to a military dictator, and
only after more than a hundred years }resulted for
France, even since this war began, in a genuine
representative Republic.
History is not likely to
reverse herself.
The second important consideration is this: The
Russian leaders having proceeded at once to make
approaches to Germany, have staked their all on that
move. They have engaged in a contest in which
their adversary has both overmastering power and
skill. And they cannot turn back. They hoped for
immediate fellowship and support from the Socialists
in that country. But no Government has such reason
to fear socialism among its own people, or who maintainssuchstrong’measures to control them, as the Ger­
man. If, therefore, Germany secures the defection of
Russia from the Allies, having already secured an
armistice, it will inevitably result in the encircling of
Russia with a wall, and planting in Russia an effective
influence that will quickly arrest further socialistic
development or, if need be, utterly crush it, at least
for the time being. In either case it will put a stop
to its having power to inspire the socialistic move­
ment elsewhere.
W e may be unable to forecast the future. Much
is certainly “ on the knees of the gods.”
W e hold
fast the faith that God is in His heaven, and, in
His time and way, we shall see that it is well with
the world, despite the price that is to be paid.
But in the present emergency we may comfort our­
selves with the thought that headlong and even
ileadless revolution in Russia does not mean anarchy
and the upheaval of human society in the rest of the
world. The world-wide response to President W il­
son’s address to Congress and the temper of the
armies bear witness to this.

Ja n . 12 1918.]

THE CHRONICLE

T H E WORLD T H IN K S ON PEACE A N D F IG H TS
IN WAR.
It is a significant fact, that, notwithstanding a
ban is placed upon ultra-pacifist discussion of war’s
end, a wide consideration of the elements of the
permanent peace to come is going on all the time.
The President’s message of this week and the re­
statement of the terms of peace by the Allies are a
demonstration of this truth, for nothing can be clearer
than that the terms of immediate peace wait upon
conditions favorable to an ultimate peace. The
leaders of thought in the war against Germany hold
that these conditions compel a present continuance
of the conflict. But the chief significance of all
expression, at the present time, as we behold it,
is that the stupendous problem of lasting peace is
taking hold of the mind of the world. For it is a
problem of enormous magnitude, involving
or
comprising, questions not only of international
agreements but of forms of Government’ and the
physical agencies of war itself.
Albert Bushnell Hart, Professor of Government,
Harvard University, writing under the title “ Rocky
Road to Permanent Peace,” in the New York
“ Times M agazine,” Jan. 6 1918, says:
“ The stumbling block, recognized by all who
consider the question, is how to compel nations to
accept facts and definitions of international law
and principles which they think unfavorable to
themselves; and still more how to prevent an am­
bitious and heavily-armed nation from taking the
law into its own hands. The idea of international
enforcement is to be found in most of the plans for
general peace put forward during the last three
centuries; but the present war has accented the
difficulty of dealing with a determined and desperate
nation.”

117

expanding nations, or between great nations once
a state of complete disarmament were established?
It is not conceivable that the bow and arrow, the
sling shot, and battering ram, would come into a sort
o f spontaneous use. They could hardly make
headway against the cities of to-day. And standing
armies would be useless without arms. Democracy,
we know, means that the boundaries of all future
States and federations depend upon the consent of
the governed— a consent now prevented by military
rule. And disarmament would seem to compel
arbitration, since there would be no other way. In
fact, if the imagination could conceive of such a
state, the world would be born anew.
It seems idle to dwell upon these considerations—
and yet it must be remembered that the Gordian
knot was never untied, the threads were cut. W h at
would follow if on a day set in 1918, this war could
be ended by an agreement to disband all armies and
destroy all armaments? W ould other wars follow?
Or would the “ voices of humanity” bring concord
and harmony to all the earth, and governments take
on the form, extent and principles which the peoples
wish them to have? All over the world the senti­
ment grows into law that the manufacture, sale and
use of intoxicants shall cease. Could not the manu­
facture of explosives, of dynamite as a type term,
be prohibited by law, after peace comes by dis­
armament, as well as alcohol? Has not the personal
duel been done away with by law? Is it more
respectable to kill by millions than by single persons ?
Suppose that this one condition precedent to per­
manent peace, disarmament, were by agreement and
act made a fact, now in this year? In ending future
wars it would certainly end this one! Suppose, in
simple words, all nations on a given day were to
scrap heap all the hideous engineries and quit, just
destroy their arms and go home— what would be the
result? Certainly the example of the mockery of
war as Lloyd George suggests cannot be made more
impressive by continuance. One thing seems reason­
able, once such a state of war-impotency were in
existence, if the nations could not then be trusted
to “ get together,” to settle individually with kings
and emperors, and military classes, to make out of
a new sense of justice reparation and restitution, then
they still need education; and despite their assevera­
tions, all, that they fight for lasting peace they can­
not be absolved of war spirit for war’s sake. W h y
not put it up squarely to Germany, will you enter
now into an agreement to, on a given day set, com­
pletely disarm, and this as a precedent to all future
“ agreements?”
In that beautiful poem “ The Arsenal at Spring­
field,” Longfellow wrote:

It will be recalled that President Wilson in .one of
his addresses said, in substance, that the whole
matter centred largely around the question of dis­
armament. In other words, if the nations can be
brought to a condition when they no longer have
the power to make war, then the future of the world
may be rested upon the triumph of a continuance
of peace by agreements. And the physical facts
of modern warfare indicate the futility of any nation
attempting through the long years necessary, and
the tremendous cost, of re-arming itself, in the face
of an overwhelming sentiment for world peace. The
writer declares that all nations avow they are fighting
for a permanent peace. And he does not except
Germany. The phrase expressing a chief difficulty
“ how to prevent an ambitious and heavily-armed
nation from taking the law into its own hands,” be­
comes pointless if we could behold complete dis­
W ere h a lf th e pow er th a t fills th e w orld w ith terror,'
armament once in existence. And the President’s
W ere h a lf th e w ealth b estow ed on cam p s an d cou rts,
G iven to redeem th e h um an m in d from error.
thought seems to set this condition before every other.
T here w ere n o n eed o f arsen als an d forts.
The leagues to enforce peace, the projected interna­
Y et such is the condition of the world to-day that
tional police, would not be necessary if the instru­
the words of Shakespeare, in Richard I I I , stand out
mentalities of Force were no longer in existence.
It is often pointed out that half a dozen of the as a command to some of the greatest minds of the
great nations hold the destinies of the world in their several States:
C heerly o n , cou rageous friends 1
own hands; that the cost and engineries of modern
T o reap th e h arv est o f perp etu al peace
B y th is one b loo d y trial o f sharp w ar.
war forever place small States at their mercy, tend­
Ex-President T aft sees the human mind in error
ing to compel them to enter federations and groups
for their own protection. And yet as this writer in Germany, and a certain voluntary organization
points out, “ All the schemes of world peace so far offers a prize of a thousand dollars for the best
lack flexibility, adaptation to the irregular growth method of getting the aims and sentiments of Presi­
of the world.” But what would there be to fear dent Wilson before the common people of Germany.
from unarmed savages, or weak and small though And so we recur to our original thought that while



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[Vol. 106.

an ultra pacifism, if we may so term it, is adjudged would be very hard to show that in this any one
of no use to any nation at this time, felt to be even class of our young men who have gone forth at the
harmful, the larger question of the ultimate end of a behest of the Government did so more willingly than
triumph at arms does constantly engage the best another. Surely as a people we must now make no
minds everywhere. And in any event the fact is invidious distinctions. They are all “ our boys” —
hopeful. For surely the future should not stand dedicated to the cause, noble in their devotion, splen­
above the g ave of this awful war and ask, as in did in their sacrifice, whether they come from farm
Southey’s poem, “ Battle of Blenheim” :
or factory, from school or shop or store. And in
“ B u t w h a t good cam o o f it a t la s t? ”
their magnificent abnegation to the needs of the
Q u o th little P eterk in .
“ W liy th a t, I can n ot te ll," said he;
Government that has drafted them, it may well be
“ B u t t ’w as a fam ou s v ic to r y .”
they are the teachers rather than the taught.
The underlying idea of the interview that the
T H E M E A S U R E OF S AC R IFICE I N
college bred man is of more relative value in the
H U M A N SERVICE.
As the rushing waters of human thought flow real forces that move the world forward, than the
toward the great unknown which awaits mankind, worker, the man of business, the man of means,
some strange ideas come to the surface. M any, “ bent upon getting ‘it’ ” is, of course, subject to
we are convinced, will suffer the fate of Burns’s debate. But just as the question of the value of a
“ snowflake on the river— a moment white, then gone college education to a man in business has never
forever.” But whether they live or die, the ideas been definitely settled as against the self-made, selfof this perturbed time are a part of our life as a taught, man, so a college education can never be
people; and are interwoven with our owwdestiny, and said to measure, or especially to induce, “ unselfish­
all destiny. Forgotten, perchance, to-morrow, the ness.” There is bred in the atmosphere of a uni­
thought of to-day is intense, earnest, absorbing. versity an enthusiasm for ideals, a desire for a career
W e are finding ourselves, though often we know it in science, letters and art, perhaps a warmth of
not. W e are appraising our resources— of the flesh emulation for heroic deeds and accomplishments, but
and of the spirit. W e are measuring our energies, these are too often selfish rather than the opposite. And
for conflict and for calm. W e are testing our ideas born of hard knocks are often of more value
Government, by its intent as well as content. And than roseate ideals. The boy who tills the farm
the fleeting observations of our influential citizens while his brother uses up all the patrimony going
away “ to school” can hardly fail to appreciate true
become important objects of our consideration.
The Editor of the “ Y outh’s Companion,” that sacrifice, though the other m ay. Millions of men
household treasure of so many generations, in an in toil and trade give their all to their families.
interview given in Washington the other day, is Thousands of young women grow old in the home
reported to have made the following interesting caring for aged parents while the brothers seek ad­
venture on land or sea, become soldiers of fortune,
declarations. He said:
“ The greatest task we have in the United States is even seek the armies and navies of the world for fame
to teach the growing generation the necessity of and glory. When the editor of this famous New
unselfishness. College men possess this virtue more England journal undertakes to find in educational
than any other class of our people. It is unfortunate pursuits the teaching-essence of true “ unselfish­
that the young men in business and the industries ness” he should recall the famous Brook Farm ex­
who have not been fortunate enough to have a periment, wherein Emerson, Hawthorne, Margaret
college training are for the most part bent upon
Fuller .and other intellectuals, of an earlier day,
‘getting it .’ In other words, they are selfish and
undertook to demonstrate that the duty of every man
have no other thought than accumulating worldly
goods. It is largely different with college men. and woman to our common kind is to do his share of
The latter will put away their own fortunes in the the dull drudgery of the world— that he must, in a
greater call of patriotism without a murmur. If we sense, produce cabbages as well as ideas, give up a
are to survive as a nation we must learn to be un­ part of the pleasure of pure thought to the pain of
selfish.”
physical labor.
In justice to this eminent teacher of the youth of
But the chief fault in the philosophy set forth in
our land, for his paper has a peculiar and prominent this interview is not in these comparative estimates.
place among our boys’ journals, we must wish that It is in an apparent failure to appreciate the servicethis statement could have been amplified, for, as it value of commercial pursuits and that business men
stands, it seems to contain a distinction which could and men of wealth do now feel their responsibilities
hardly have been intended. When one of our con­ to industrial progress, employees’ rights, and the
scripts goes into the ranks he gives his all without public welfare, more than* ever before, and are not
reference to his previous training or future prospects. merely “ getting ‘it’ ” in selfishness and greed. No
And no one can give more than another when he less a current investigator and writer than Ida Targives life itself. And we do not mean that under bell has shown in a recent book that “ safety first” in
ordinary conditions one life is not of more worth industrial enterprise was accepted first by the em­
to the community, to mankind, than another. ployer, and in some instances tardily, even hostiley,
The genius is worth more than the dullard. The received by the employee. The very issues of this
ambitious man has greater potential value than the fateful day show that the business man becomes a
slothful one. And it may even be said that in the Durden bearer with a full realization of the call of
uneven fortunes which sorround us, into which we patriotism. No one should discountenance the
are born, the man who has wealth of intellect or of value of an education. But “ unselfishness” is born of
worldly goods has more power for good, than another the heart rather than the head. And it was never
has who is without them. But unselfish giving at more wrong than now to echo this old and pernicious
“ the greater call of patriotism” , is not measured by error that there is something markedly selfish in
these conditions, but by the inner spirit of the in­ “ business.”
W e are indebted to our school-men.
dividual who makes the sacrifice, and we feel it But the long list of illustrious names who have



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119

a government on a bridge made of iridescent theories
is like running a ten ton truck upon a rainbow.
The annual calendar is useful because it compels
us to look backward as well as forward. It measures
conservation by affording us an opportunity to ascer­
tain what has been conserved. And it was never
more helpful than now. As we attempt to sum up
sacrifice.
the year’s accomplishments, we discover that one of
“L abor, all labor. Is noblo and h o ly .”
our chief assets in all departments of life and effort is
change. We, find ourselves in the midst of a varied
T H E CONSERVATION OF ID E A S : C IT IZ E N
and complicated experimentalism. W e have made
A N D S TA TE .
Correspondents writing of conditions in Russia, “ conservation” a shibboleth and an inspiration, and
under the present revolutionary upheaval, tell of yet we appear to be conserving everything but the
certain operations in industry and certain function­ old way of doing things. W ith epicurean appetite
ings in government that go on automatically in the we gormandize upon theories and ideals, apparently
absence of authority and security. It is much like disdaining the common meat and wine of a citizen­
a machine running on its own momentum. Life ship it has taken us a hundred and fifty years to
must go on; social relations cannot be escaped; produce and perfect. W e have grown so thrifty in
exchange, by some means, cannot be avoided. The saving the new ideas that we are scattering the old
underlying truth is that so-called civilization pos­ ones like drunken sailors throwing good money into
sesses certain assets in modes of living which are so a dust heap.
“ Nothing is the same; nothing will be the same”
valuable that they cannot be discarded even in
— we say it over and over, with all the complacency
revolution. Interrupted, disordered, impeded, they
tend to restore themselves at the first opportunity, of a M a y morning. Billions on billions, on the theory
because they are necessary, and because they are that “ we never miss the water till the well runs dry.”
the result of long growth. They so fit into the W h at does our national balance sheet say, not in
scheme of things that nothing can take their place. money, but in ideas? W e have a great work to do
Economics, politics, government, cannot annul next year, and the next, who knows? It is a
them. They are natural and fundamental. Thus, government undertaking. Its proportions are un­
in an exigency, the complicated machinery of modern exampled; its possible good is immeasurable. W h at,
exchange may reduce to simple barter— it is still or who, is to perform this work, the old republic or
exchange; toil for toil, goods for goods. Human a new, the old man or a new? W h at are its instru­
relations m ay, therefore, change, but certain prin­ ments and agencies, the old institutions, ideas, meth­
ciples and ideas, certain ways of doing things, certain ods, laws, economies, resources, and powers, or new
processes and possessions in thought, continue to ones— the eagle’s wings or the fledgeling’s? “ Busi­
exist. Evolution in progress that reaches to a full ness” is the tool of trade. Is it to be wielded by old
development can never be lost, no matter what hands or new, by hands skilled in practice, or hands
happens. In the marvellous accomplishments of stuffed with theory? Are we trying, in all the
man in the world there are few really lost arts, and endeavor of the time, to conserve anything as it is
it is probable that these would be found to be super­ or as it was? And can we live in the old house
seded if they were rediscovered. The chief aim of while we are building the new on the same site?
mankind should be to preserve the even momentum Just what is there left that is sacred? These are
not idle questions— far from it. The year witnesses
of advancement.
And this is why ideas often possess a greater value the largest crop of ideals raised in the history of the
than ideals. The old common sense advice to “ let nation. N o doubt many new inventions have been
well enough alone” expresses the thought. Once made. N o doubt science, literature, art, have
an idea becomes a fact, condition, or principle, it is brought forth good fruits. N o doubt there have been
a foundation to build upon. The ideal gleams in ministries of toil and marvels of production. But in
the distance, it allures and leads, but we live upon the exaltation of spirit in a cause of splendid shining,
what we have. W e shall not stand still. There is are we treasuring these up at their worth? Are we
an inner urge that moves us on. But in every ad­ holding fast to the old treasures of our civics and
venture into the unknown we should still know the civilization while we crusade for the new? Are we
way back. To cut off our lines of communica­ taking stock of our staying qualities, are we con­
tion is to invite defeat and disorder. W e shall never serving our essential strength, are we husbanding
become lost if we bark the trees on our way out. And our inherent resources, that we fail not, however
if we sacrifice our ideas for our ideals we are under­ arduous the task, however long the way? Are we
mining our own salvation. W e do “ rise on stepping forgetting what is, in our zeal for what is to be?
There is something greater than conservation; it is
stones of our dead selves to nobler things,” but
preservation. One is for to-day, the other is for to­
growth is an orderly progression, it is seldom a sudden
transformation. To leave the “ outworn shell” morrow. The governmental idea embodied in our
before we are ready for the new life, is death. To Republic we believe to be the most valuable posses­
adopt an untried theory, is a leap in the dark. To sion in the world of to-day. The citizen of the
a man floundering in' the sea, in danger of death, United States is the greatest figure in the history of
any floating wreckage is welcome, but a wise man nations. Heretofore the two have reacted upon each
does not set sail in a coccle shell. A business man other to the good of the whole human race. Hith­
who buys every new thing on the market, and never erto they have existed in the most perfect equilibrium
“ takes stock,” is an enemy to himself and a danger ever known among men. Are they so to-day ? As
to the community.
A rebellion that succeeds is a representatives of freedom they are perfected ideas
revolution because it is an evolution. A statesman and hence are themselves ideals. W ithout chauvin­
who deals in expediency, is selling short. T o risk ism, we all believe so, at any rate. W e would not

crystallized thought into enduring form in inventions
and commercial agencies that minister to our daily
needs and advancement are benefactors. And we
should honor them. And above all we should set
our young men on the right road by teaching them
the value that lies in service, which is indeed true




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exchange with man or nation anywhere. And there
is no power can undo us in these things but our own.
Are we preserving this man and this government
as we move forward in the world undertaking?
Shall we not benefit ourselves by thinking deeply at
this day on these things? In the perilous times
afloat, ought we not to take stock often?— not of
what we are doing alone, but of what we are. This
free citizen, as he stood erect in the free airs of en­
deavor, this political sculptor as he carved out his
government in the image of himself, is he not the
proper object of our first and highest solicitude, is
he not an asset of pure gold, is he not the conserva­
tion of everything in his own preservation ? Think—
in the rapid swirling changes of the year, is he the
same? Does he plant his feet firmly upon the foot­
stool of his Government and sit in the throne of his
inalienable rights and liberties, in the “ seat of the
mighty” ? Does he? And if he does, will not all
the rest follow?
T H E MOTOR CAR A S A R A I L W A Y A I D .
This has been the annual “ Show” week in the
automobile trade, and as folks always like to be
where folks are and public entertainments seem
never to lose their drawing pow'er in this great city,
the attendance was fairly large, although any user
or expectant purchaser could find the same mer­
chandise, without an admission fee, by visiting the
stores in the motor section. This is true of the socalled pleasure car, which to most persons is all that
is suggested by the word “ automobile;” the com­
mercial or goods car, on the contrary, is not pushed
before the eyes of the general public, being relegated
to the basement or similar unattractive places when
included in exhibitions, and not much housed in
stores with large windows and in costly localities.
The pleasure car is advertised, for the benefit of
competing dealers and makers; the utility car is
not largely advertised, yet is the one which for the
general benefit most needs pushing. It offers now
a larger potential assurance of service than ever
before, and the value of that assurance was never so
great as now.
Nearly two months ago, the head of the Highways
Transportation Committee of the Council of National
Defense outlined a plan to supplement the present
means of carrying by utilizing motor trucks. A
truck train was to start soon from the Middle W est
to the Eastern Coast. It was to be made up of 27
cargo trucks, 2 gasolene tank trucks, 1 baggage and
ration truck, 1 rolling kitchen, 1 light repair truck,
1 officers’ car, and 2 motorcycles, under the direction
of 1 lieutenant and 76 men, to represent the standard
army truck train at the front, with each truck carry­
ing three tons of cargo. Such a train of 30 war
trucks and some subordinates did leave Detroit
about the middle of December and reached Baltimore
on the 28th, completing a 600-mile journey at an
average of 50 miles a day for the actual running­
time. It experienced temperatures as low as minus
8, with driving rains and snowdrifts almost as high
as the loaded trucks, but had no considerable mis­
hap except that a collision with a railroad train near
Detroit wrecked one truck and killed one man.
The trucks themselves were on their way to actual
service, and had to be taken in some manner to the
coast. A 40-ton freight car could receive only two
of them, so that in the reported contemplation, by
the Quartermaster’ s Department, of sending under




[Vol. 106.

their own power 30,000 war trucks it was figured that
this plan of having them transport themselves across
the country would release 17,250 freight cars for
other service and relieve the railroads of the equiva­
lent of 600,000 tons of haul, incidentally, also, taking
along to the coast 60,000 tons of Government material
and, as further incidental, giving opportunity for
practical training of drivers and other helpers. W e
need not too captiously figure upon these expecta­
tions. Even if they are somewhat discounted, it is
evident that the horse could not be so much as seri­
ously thought of in connection with such a journey
as this caravan of trucks has actually made, and that
no horse could cover 50 miles a day continuously
with any proportionate load and in good weather.
In norm a!tim es, in favorable seasons and weather,
and over surfaces better than the average, the faith­
ful horse is utterly distanced by the motor vehicle
as a carrier. The latter occupies less space, does not
block the way by falling down, does not weary,
may be worked almost continuously without involv­
ing cruelty, has a speed capacity far surpassing the
horse, and can haul loads easily which the animal
could hardly start. When the loads are considerable
and the service required is heavy, the draught
animal is utterly outclassed, under favorable condi­
tions; and when winter comes, not necessarily such
an unprecedented winter as we have had thus far
in this season, but a fairly moderate winter, the
difference is emphasized. In bitter cold and with
surfaces iced over, the motor truck may gasp more
than usual but it is not stalled; it goes on, and stolidly
performs its job. Test this by the work of delivering
coal, for instance, when coal can be had in such
conditions as have prevailed here for the past fort­
night.
One motor company caps an advertisement in this
“ Show” time by declaring that its particular valvegear is chiefly or largely responsible for the service
of the “ tank” at the western army front. Whether
this overstates does not greatly matter now; what
great and strange work that war monster wrought we
know, and the monster is a product of the gasolene
car, being an adaptation of the tractor which per­
formed tasks in agriculture in our Western country
before the war.
Another motor concern claims that in the last
13 months one of its cars has made a daily average
of 237 miles, carrying heavy loads of newspapers
between two cities in California, and never once
missing its daily stunt. Another concern proudly
exhibits a small truck which is claimed to have taken
a ton of canned goods from New York to Atlanta,
exchanging that there for a ton of other merchandise;
to have taken that ton to Jacksonville, Florida,
exchanging it there for a ton of rosin which it has
now brought back to New York, having made the
round journey of 2,500 miles within a month and
without mishap or interruption. So many records
of successful hauls by motor, and covering service
uninterrupted through so many years, are available,
that there seems no reason for doubting these recent
claims.
Let us turn aside a moment for another view, in
the line of visions, if we so consider it. A writer
in the December issue of “ The Railroad M a n ’s
Magazine” announces what he calls “ the engagement
of Miss Motor-truck to M r. Railroad;” the bride, he
says, “ is a daughter of the gasoline engine, and the
groom has a long line of ancestors with superheated

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121

steam coursing through every vein and artery.” more than begun its work. It has demonstrated
Dropping metaphors, the notion is that motor trucks ability, not yet measured it. And if we exercise our
capable of running on ordinary highways apd rail­ business imaginations a little we can take encourage­
road tracks interchangeably are in the near future ment in this time of great trouble, for necessity will
to be put on the market. The farmer, says this continue parent of inventions, asking of us only
article, “will mount his load of hay and motor to the faith and energy.
nearest span of tracks; he will mount the rails and
ride to town on his load.” An accompanying pic­
F A I L U R E S I N 1917.
ture shows him doing so, while a train is moving
The record of mercantile failures for 1917 is a
behind him on the same line of rails. Motor-driven
cars for inspection service are no novelty on railroads, notably favorable one, as would be expected in a
and the proposition is to have a wheel with a flanged year of such activity and high prices. As indicating
rim to fit the rail and another face of a larger di­ the satisfactory character of the monthly exhibits all
ameter to run on the highway. Such a truck could through 1917, it should be sufficient to point out
easily do 20 miles an hour or more on the rails; and that in every instance the number of insolvents was
while there might be some problems in arranging for smaller than for the corresponding periods of either
readily passing from road to rail and back again, of the three preceding years. The same statement,
there is no insurmountable mechanical difficulty nor furthermore, applies quite generally to the comparison
would the making of a time schedule so as to avoid with 1913 and 1912 and in several cases the number
interference be impossible. This writer speaks con­ is even less than in 1911. The volume of liabilities,
fidently, declaring that the problem will surely also, although in one or two periods rising above the
come forward and be solved, also that “already some totals of a year ago, was as a rule well below 1916,
of the railroad officials are dreaming about the mat­ and in the grand aggregate quite a little smaller.
ter. . . a few laws may have to be changed and Moreoever, contrast with 1915, 1914 and 1913 is
a few inventions made, but legislators can make the most favorable to the current exhibit, and in only
laws and inventors will find a way to make the one year of the preceding decade (1909) did both the
number of disasters and the total of debts strike a
inventions.”
This is only a reversion, for one of the first notions .ower level than is recorded by this latest annual
about a railroad was that it was to be just an im­ statement. Another encouraging feature of the 1917
proved highway, upon which each citizen was to exhibit has been the tendency toward contraction in
drive his own vehicle. Of course, that was a con­ number of insolvencies as the year advanced, the
ception at whose feebleness we might now smile. first quarter furnishing the heaviest total and the last
Upon such a plan, the greatest of inventions ever the lightest.
Large failures (those for $100,000 or more) while
contributory to human progress could have developed
little country and would have never passed beyond running ahead of 1916 in most months, were in no
triviality; yet a rail line merely adds a less-resistant important sense a controlling feature of the year.
surface to a road which has been artificially leveled These totaled 250, covering indebtedness of $81,­
and straightened, and even if we refuse to admit the 861,018 against 216 and $66,507,589 a year earlier,
feasibility of running the same vehicle on the im­ 331 and $122,739,907 in 1915 and 409 and $210,715,­
proved highway and what we still call the common 947 in 1914. Of the large failures of the year 147
one, the latter may feed and supplement ’ he rail as it for $43,435,232 were in the manufacturing section
t
against 116 for $29,257,548 in 1916 and 163 for $58,­
has not yet done.
The railroad transports; it does not itself produce. 700,533 in 1915. In the trading division the number
It carries, but its load must be brought to it. The in each of the last two years was almost identical—53
lake is its feeder; so is the navigable river; so is the comparing with 54—yet the 1917 liabilities, at
electric line in some degree ; but the common high­ $13,678,534, were not only smaller than those for
way must remain its principal servitor. The recent 1916 but well below the average and actually the
sending of coal through the under-river tubes con­ lightest for the twelve months’ period since 1907.
structed with no thought of anything but easy and On the other hand, however, there were, among
quick passenger travel was an object-lesson, feasible brokers, transporters, &c., a number of defaults of
because those lines reach from surface to surface; but unusual size in Illinois, Washington and New York
there are other and longer lines on the surface not in the first quarter, and in the last named State in
yet utilized for freight, namely, the electric lines. July and August, serving to swell liabilities much
They could be so utilized, without doubt, and a above normal; and in consequence the result in this
news dispatch, some seven weeks ago, reported group for the full year at 50 and $24,747,252 is
that a meeting had been held in Chicago by repre­ less favorable than in 1916, and as regards amount
sentatives of a score of electric suburban lines at of indebtedness is found to be only a little more
which a decision was reached, “to form through favorable than in 1915. Of notably large failures—
lines to relieve, the freight congestion in the Chicago those for $1,000,000 or over—very few have been
district and enter into competition with the steam reported, and the largest of these is a manufacturing
roads;” through cars were to be put on for the first concern in Connecticut. Segregating the failures for
time, the account said, and fast freight service in $100,000 or over into classes we have the following
carload and less was to be established between exhibit for 1917 and 1916:
L A R G E F A IL U R E S I N 1917 A N D 1916.
Chicago and several other cities as far off as Indian­
apolis.
Brokers, <fcc.
Trading.
Manufacturing.
Not to pursue the subject further at this time, it is
1 Liabilities. No. Liabilities No. Liabilities.
Vo.
already certain that the motor truck or commercial,
5 52,908 ,78 2
6 S I ,965,663
13 $2 ,598,940
4,0
6
10
3,5 70,2 57
car (a construction readily variable to suit many M arch_______________________________ 12 4,521,341 4 1,168,685 8 2 ,7 86,7 33
58,6 67
4
620,645
different purposes) is capable of an expanding
35 $10,690,541 14 S3,754,993 19 $9,754 ,18 2
4,866,604 16
3,8 57,0 11
do
19 16............... .............. 33 l i , 050,739 20
influence upon transportation. It has really not



122

THE CHRONICLE
M a n u fa ctu rin g
No

A p ril.....................................
M a y ________________
J u n 6 ......................

16
10
11

T rad ing.

L ia bilities. N o

Brokers,

L ia b ilities. N o

&c

L a lb llllies.

$3,974,623
1,625,869
6,524,910

4
6
2

$841,865
960,432
274,504

2

$630,472

"6

2,2 81,0 54

Second quarter 1917_________
do
1916.........................

37 $12,125,402
24 $5,051,752

12
11

$2,076,801
$4,611,425

8
11

$2,911,528
$6,933,956

First half-year 1917.........................
do
1916............... ..

72 $22,815,943
57 16,102,491

26
31

$5,831,794
9 ,4 78,0 29

27 $12,665,701
27 10,790,926

July............... .........
A u g u st............... .......

12
8
10

$2,372,457
4,3 57,0 29
2,8 74,5 17

6
4
4

$1 ,940 ,28 7
1,051,537
1,161,266

3
7
4

$4 ,381,286
4,0 26,8 79
901,352

30
32

$9,604,003
8,499,099

14
12

$4 ,153,090
3,069,462

14
8

$9,309 ,51 7
3,0 22,5 24

15
14
16

$3,287,435
4,2 64,4 63
3,4 63,3 88

5
6
2

$940,000
1,649,000
1,104,650

5
2
2

$1,034,912
384,656
1,352,459

Fourth quarter 1917.........................
do
1916.........................

45 $1 1,015,286
27
4,655,958

13
11

$3 ,693,650
1,920,109

9
11

$2 ,772 ,02 7
8,968,991

Second half-year 1917______
do
1916....................

75 $20,619,289
59 13,155,057

27
23

$7 ,846 ,74 0
4,989,571

23 $12,081,544
19 11,991,515

T otal year 1917___________
do
1916..............................

147 $4 3,435,232
116 29 ,257,548

53 $13,678,534
54 14 ,467 ,60 0

50 $24,747,252
46 22,782,441

Third quarter 1917.........................
do
1916...........................
O c to b e r ......................
N o v e m b e r .............
D ecem b er...................

The very favorable situation indicated above is
found by analysis of the detailed returns to have been
more or less of a feature in almost all sections of the
country. In practically every group into which
the returns are segregated the number of commercial
casualties in the year were much less than in 1916,
the only exception being the Western division—
Montana, Idaho, Colorado, &c.—where 423 concerns
succumbed in each year. Incidentally, it is to be
noted that decreases were particularly heavy in the
Middle Atlantic, South Atlantic and South Central
groups of States. In the matter of liabilities, more­
over, the South Central section stands out most
prominently in the extent of improvement in 1917.
That division, made up of the States of Tennessee,
Alabama, Kentucky, Mississippi, Arkansas, Okla­
homa, Louisiana and Texas, showed a decline from
2 8 % million dollars in 1916 to 1 3 % millions in the
late year; in the decrease of 15 millions every State
but Kentucky shared, though the two first named in
greatest degree. The feature of the returns from
New England is a marked increase in liabilities in
Connecticut, the outcome of the failure of the manu­
facturing corporation already referred to. An aug­
mentation of 5 % millions in the indebtedness of the
Middle Atlantic finds explanation in the result in
New York. The showing among traders here is
especially good. The South Atlantic division ex­
hibits a moderate drop in the aggregate of liabilities,
shared in by most of the States, and the same is
true of the Central East and Central West. On
the Pacific Coast, on the other hand, due to an
unusually heavy volume of debts among brokers, &c.,
in Washington and Oregon, the liabilities are some
3 % millions greater than in 1916.
The Western
division shows a marked contraction in debts, the
total dropping from 8 % million dollars to 2 % mill­
ions, with 43^ millions of the decrease in Colorado,
the most important State, commercially, in the
group.
Messrs. R. G. Dun & Co.’s compilation makes
the number of failures in 1917 in the United States
13,855 with indebtedness of $182,441,371, this
contrasting with 16,993 and $196,212,256 in the
preceding year, 22,156 and $302,286,148 two years
earlier, 18,280 and $357,908,859 in 1914 and 16,037
and $272,672,288 in 1913. Beside being the most
favorable as regards number of defaults since 1911,
the current exhibit is the best since 1909 in the matter
of indebtedness covered, and on numerous occasions
prior thereto the 1917 total was exceeded. The
failures situation, quarter by quarter, the last two
years is indicated in the following compilation:




First q u arter..
Second quarter.
Third quarter.
Fourth quarter.

[Vol. 106.
F A IL U R E S B Y Q U A R T E R S .
----------------------Average
N o.
L ia b ilities. L ia bility.
N o.
3,937 $52,307,099 $13,287
5,387
3,551
42,414,257
11,944
4,108
3,249
47 ,228 ,68 2
14,536
3,755
3,118
40,491 ,33 3
12,986
3,743

Total year---------------- 13,855 $1 82,441,371 $13,168

-------1916-------------------A v erage
L ia b ilities. L ia b ility.
S61.492.746 S11.415
4 9 ,748 ,67 5 12,110
43,345 ,28 6 11,543
41 ,625 ,54 9 11,120

16,993 $1 96,212,256 S11.547

The foregoing indicates clearly that as the year
advanced the situation, as far as number is concerned,
steadily improved, and that the liabilities in the
final quarter of the year, at 40^ million dollars,
were not only much below the average for such a
period, but the smallest recorded for any threemonth period since July-Sept. 1911. The total
for the second half of the year, moreover, was 7
million dollars less than for the first six months.
Nor are other facts lacking to accentuate the favor­
able nature of the 1917 exhibit. In a rapidly grow­
ing country like the United States, there is a steady
increase in the number of firms in business, con­
sequently the relation the mercantile casualties bear
to the total of going concerns is a somewhat important
element in the situation. The fact, therefore, that
the ratio of failures to number in business in 1917
was represented by only 0.80%—a percentage
lower than in a long period of years, except only
1906, comparing with 0.99% the previous year,
1.32% in 1915 and an average of 0.95% for the 20
years, 1897 to 1916 inclusive—simply goes to confirm
what has already been said.
Passing to a review of the failures statement, as
classified by branches of trade, we would draw
attention to the especially good showing made in
the closing month of the year. Not only was the
number of commercial defaults in December the
smallest for that month in over a decade, but the
same remark applies with equal force to the sum of
the liabilities, and it is interesting to note that the
exhibit made in trading lines was distinctly satis­
factory. For the full year, also, the trading division
furnishes clear evidence that extremely high prices,
which under other conditions might have spelled
disaster, have caused no weakening of our sound
economic condition. Scarcity of some commodities,
such as coal, oil and sugar, however, have in sections
been the cause of suffering and hardship. Every
branch of business but one included in the trading
group shows fewer insolvencies in 1917 than in the
previous year and diminished liabilities were quite
the rule. The aggregate trading liabilities of the
year, at $70,116,669, were 2034 millions under
those of 1916; compared with 1915 they record a
diminution of 80 million dollars.
In the manufacturing section the number of
insolvencies was appreciably under 1916 and the
smallest since 1911, but, due to an augmentation in
the debts in such lines as lumber, machinery and
tools and miscellaneous, aggregate indebtedness for
the twelve months at $79,543,507 was over 634
minion dollars greater than in the previous year.
With that exception, the exhibit is the best since'
1909. Brokerage, &c., failures were also much below
the preceding year, as regard number, but liabilities
showed a slight expansion, explainable by the un­
usual size of a few disasters in Washington and
Oregon. Banking insolvencies, too, were fewer than
in 1916, but liabilities were considerably greater.
It is to be noted, however, that the closing of financial
institutions in Florida, Illinois and Washington
accounted for $14,908,000 of indebtedness or barely
334 millions less than the total reported for the
whole country. Failures totals for the last three

Jan. 12 1918.]

123

THE CHRONICLE

years as segregated by Messrs. R. G. Dun & Co. indicate by the extent of their gain that activity in
industrial progress continues unabated, and is the
follow:
T O T A L FA IL U R E S .
_______________________
controlling factor in affecting the course of earnings
Liabilities.
in all but a limited number of cases.
Number.
1915.
1910.
1917.
Our table, as a whole, records a gain over the
1917. 1916. 1915.
corresponding month last year of $2,980,483, or
3,091 4,190 5,110 §79,543,507 §72,999,580 §112,020,484
91,373,828 150,233,047
70,110,609
9,430 11,923 10,030
31,838,848
40,020,017
32,781,195
874 1,010
4.13%. Comparison is, of course, with pretty good
734
O th e r ............. ..............
22,150 $182,441,371 §196,212,250 §302,280,148
figures the previous year. In December 1916 the
T o ta l-_____________ 13,855 16,993
37,223,235
10,396,779
18,451,964
133
50
42
B a n k i n g .....................
increase was not large or striking, amounting to only
22,289 S200.893.335 §200,009,035 §339,509,383
17,013
Total all....... ............
$3,091,289, or 4.11%; though at that time the
The compilation of failures in the Dominion of
amount was somewhat reduced by the circumstance
Canada for 1917 testifies indubitably to the excellent
that December 1916 had five Sundays (the same as
mercantile situation of our northern neighbor. In
December 1917) but in December 1915 the improve­
no year since 1903 has there been so favorable a
ment was of large proportions, the aggregate increase
showing as regards number of defaults, while the total
on the roads then reporting reaching $20,778,954,
of liabilities fell very materially under the totals for
or 32.81%. Naturally, after such a splendid show­
either of the three preceding years. The insolvencies
ing for 1915 the further improvement in 1916 and
numbered but 1,097 with indebtedness of only $18,­
1917 was of only moderate extent. On the other
241,405, this comparing with 1,085 and $25,009,534
hand the large increase in 1915 followed a heavy
in the previous year and 2,001 and $41,102,321 in
reduction in 1914, and also a small decrease in 1913.
1915. Failures were less numerous in all the
In December 1914 our early table showed $14,­
provinces except Newfoundland. As regards liabil­
638,740 decrease, or 17.51%, and the statement for
ities the most favorable showing by contrast with a
1913 registered $3,022,036 decrease, or 3.86%.
year ago was in Ontario, iVTamtoba and Alberta.
Prior to 1913 the record was one of continuous im­
The improvement in 1917, furthermore, extended to
provement, excepting only 1907, when the panic of
each of the three groups into which the failures are
that year intervened and caused a setback as will
segregated.
Manufacturing reverses contributed
only $7,455,094 against $8,790,040 in 1910 and appear from the following:
$13,877,414 in 1915, with lumber interests, cottons
and glass especially well situated. Trading insol­
vencies accounted for only $8,417,239 against $12,­
290,308 and $21,090,890 respectively in the two
preceding years, foodstuffs lines and hotels and
restaurants reflecting the greatest measure of im­
provement. Agents, brokers, &c., defaults covered
debts of but $2,309,132 against $3,982,520 and $5,­
588,017. Not since 1910 have there been any
banking insolvencies worthy of mention and in
1917 as in 1910 there was complete freedom there­
from.
___________________
R A IL R O A D

GROSS E A R N I N G S FOR D E C E M B E R .

From our preliminary tabulation to-day for De­
cember, it is evident that the exhibit of railroac
earnings for the closing month of 1917 is going to
reveal much the same characteristics as have the
other months of the year. The ratio of improve­
ment, however, in gross receipts (it is too early yet
to have any figures of expenses or net earnings) it
seems, will be smaller ,anda number of roads will be
distinguished for losses. The vast majority of the
roads continue to make gains, even though of
diminished amount, but there are some instances—
not very numerous—where the reverse is true. These
exceptions arc to be ascribed in the main to the
smaller grain movement and the shrinkage in the
cotton movement. The falling off in these items of
traffic has left its mark in reduced gross earnings in
the case of such roads as move a preponderating
amount of such traffic and have been unable to offset
these losses in their entirety by gains in merchandise
and miscellaneous traffic; general trade and business
continuing good and active. Thus, the Great
Northern falls behind in amount of $412,716 and the
Chicago Great Western in amount of $119,163; while
the Canadian Northern reports a decrease? of $212,200
and the Mobile & Ohio a decrease of $105,264. It is
fair to presume that the first three of these suffered
from a dimunition in the grain traffic and the latter
from a contraction in the cotton movement. On
the other hand, such roads as the Southern Railway




Gross Ea rn ings.

M ilea g e.
Y ear
G iven.
Y ea r.
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1 9 1 0 ____
1 9 1 7 ____

Roads M ile s .

M ile s .

93,075
130
______________ 92,282
133
99,418
______________ 98,122
129
96,285
______________ 95,191
113
98,508
______________ 96,637
90,447
101
______________ 93.002
99 103,490 100,094
______________
SO 100,638 98,801
______________
89,278
71
______________ 87,067
84,143
07
______________ 82,607
81,238
57
______________ 79,804
95,930
65
______________ 93,553
88,234
61
______________ 87,046
74,744
49
______________ 73,180
86,137
50
______________ 84,391
88,359
49
______________ 85,852
90,576
52
______________ 89,193
87,174
44
______________ 84,845
90,022
44
______________ 88,941
93,950
______________ 92,479
49
91,878
40
______________ 90,037
85,392 83,543
43
85,618 80,252
35

Y ear
Precedin g.

Y ear
Given.

I ti­
Y ear
Preced. er' se.

$

$

%
0.86
1.32
1.15
1.93
3.70
2.78
1.86
2.54
1.86
1 76
2.55
1.27
2.14
1.90
2.90
1.57
2.62
1.88
1.00
2.04
2.21
0.47

40,895,711
50,020,193
49,630,312
55,557,813
59,606,431
64,922,983
70,769,049
61,868,261
59,429,656
62,469,679
83,790,332
69,070,466
52,154,203
67,096,709
68,140,996
71,109,323
70,094,747
76,376,380
68,980,422
84,094,552
78,334,012
75 ,144,823

Increa se ( + )
D ec ease ( S

— 895,540
41,791,251
44,542,149 + 5,478,044
46,474,701 + 3,155,611
51,661,909 + 3,8 95,9 04
54,271,094 + 5.3 35,3 37
62,104,946 + 2,8 18,0 37
64,416,412 + 6,3 52,0 37
59 ,114,002 + 2,7 54,2 59
55 ,069,547 + 4,360,109
57 ,027,847 + 5,441,832
79,327,117 + 4,4 09,2 15
72,163,205 — 3,092.739
49,474,321 + 2 ,6 7 9 ,8 8 2
03,209,729 + 3,8 86,9 80
62,782,122 + 5,364,874
69,326,828 + 1,782,495
69,003,277 + 7,6 91,4 70
79,398,416 — 3,0 22,0 36
83,625,102 — 14,638,740
63,315,598 + 20,778,954
75,242,723 + 3,091,289
72,104,340 1 + 2 ,9 8 0 ,4 8 3

%
2.1 4
2.2 9
6.7 8
7.54
9.8 3
4.53
9 .8 5
4 .6 6
7.91
9.5 4
5.6 4
4 .2 8
5.42
6.1 5
8.5 5
2.57
11.15
3.8 6
17.51
32.81
4.11
4 .1 3

Note — Neither the earnings o f the M exican roads nor the mining operations
of the anthracite coal roads are Included In this table.

With reference to the falling off in the Western
grain movement the receipt of wheat for the four
weeks ending December 29^1917 at the primary
markets reached only 15,757,000 bushels, as against
24.952.000 bushels in [the corre ponding four weeks
of 1916, and as aga nst receipts of over three times
that amount in 1915, thus indicating apparently
that wheat is being held back on a large scale. The
receipts of corn for the four weeks were 15,440,000
bushels in 1917, against 21,906,000 bushels in 1916,
but the receipts of oats were 20,032,000 bushels,
against 15,581,000 bushels and of barley 7,735,000
bushels, against 7,553,000 bushels. Adding rye,
aggregate receipts for the five cereals for the four
weeks in 1917 were only 61,019,000 bushels, against
96.884.000 bushels in the four weeks of 1916_.__In
the following we show the details of the Western
grain movement in our usual form:
W E S T E R N FL O U R A N D G R A IN R E C E IP T S .
Barley.
Oats.
Corn.
Wheal.
(bush.)
(bush.
(bush.)
(bush.)

Rye.
(bush.)

Flour.
F ou r wks.
e n d .D e c .29. (bbls.)
Chicago—
772.000
191 7..
681.000
1916..
Milwaukee—
1 9 1 7 ..
97,000
1910-.
98,000
St. Louis—
256.000
191 7 ..
305.000
191 6..
Toledo—
191 7..
1 9 1 6 ..

916,000
3,218,000

5.804.000
9.446.000

8,028,000
7,593,000

2.041.000
2.629.000

325.000
665.000

367.000
836.000

938,000
1,540,000

1.915.000
1.945.000

1.613.000
1.592.000

348.000
327.000

977,000
2,230,000

1.431.000
1.705.000

1,682,000
1,320,000

54,000
125,000

56.000
60.000

139',000

144.000
471.000

343,000
137,000

23,000

124

THE CHRONICLE

F ou r w ks.
F lour.
e n d D e c .2 9 .
(bbls:
D etroit—
1 9 1 7 ..
39 ,000
1 9 1 6 ..
24 .000
Cleveland—
1 9 1 7 ..
75,000
1 9 1 6 ..
97.000
P eoria—
1 9 1 7 ..
184,000
1 9 1 6 ..
155,000
D uhith—
1 9 1 7 ..

W heat.
(.bush.)

C orn.
(bush..

Oats.
(bush. )

B arley.
(bush.)

Rye.
(bush.

2 8 2,00 0
23,000

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

----------

95.000
74.000

165.000
271.000

388.000
276.000

9.000
7.000

6,000
78,000

387.000
116.000

2.2 36.0 00
3.4 96.0 00

1,191,000
862,000

155.000
332.000

30.000
31.000

2 .8 53.0 00
3.4 05.0 00

20,000

33,000
727,000

257.000
698.000

78 ,000
339.00 0

7.2 38.0 00
9.5 93.0 00

880,000
1,468,000

2,611,000
1,497,000

3.6 06.0 00
2.1 70.0 00

1,1 89,0 00
643.000

..
..

1.453.000
3.9 16.0 00

1,660,000

1,209,000

..
..

1 9 1 6 ..

189.000
413.000

990,000
1,331,000

1.993.000

2,3 50,0 00
830,000

..

M in n ea p o lis—

1 9 1 7 ..
1 9 1 6 ..

..
..

K a n sa s City—

1 9 1 7 ..
1 9 1 6 ..
Omaha—

1 9 1 7 ..
1 9 1 6 ..

T otal o f A ll—
1 9 1 7 .. 1,423,000
1 9 1 6 .. 1,3 60,0 00

15.757.000
24.950 .00 0

1.688.000
15.440.000
21.906 .00 0

20 .032 .00 0
15.581.000

1916.

1915.

G alveston ..........bales
Texas C ity, A c ______
N ew Orleans.
M o b ile ________________
Pensacola. A c ...............
Savannah .......................
Brunswick________ " "
Charleston____________
Georgetown...............
W ilm ington...............
N orfolk ............................
Newport New s, A c ___

165,862
16,509
230,243
6,201
11.270
95,353
10,000
27,090

306,476
58,826
160,004
13,997
16,004
93,168
16,500
19,578

7,119
41,595
873

5,855
69,850

358,571
72,373
229,255
19,217
10,728
103,041
14,500
28,765
582
14,691
87,166
23 ,717

T o t a l............................

612,115

760,258

7.7 35.0 00
7 .5 53.0 00

S ou th ern R y . S y s t e m . . .
C a n a d ia n P acific....................
HI nois C en tral -----------------M is s o u r i K a n & T e x a s . . .
G r a n d T r u n k (4 r o a d s ) ..
L o u isv ille A N a s h v i l l e . . .
S t L ou is S o u t h w e s t e r n ...
T e x a s & P a c ific .......................
D e n v e r & R io G r a n d o ___
M in n St P A S S M ______
B u ffa lo R o ch A P itt s b ___
Y a z o o A M is s V a lle y ______
M in n e a p A S t L o u is ---------W e ste rn M a r y la n d ________

IN

FOR

1914.

1913.

1912.

631,815
88,944
303,729
31,067
9,480
356,159
39 ,000
87,211

335,951
103,220
385,632
86 ,776
28,084
215,587
29,700
53,065

597,189
160.989
268,229
27,610
23 ,425
154,402
16,300
33 ,156

39,152
93,954
36,591

52*243
109,726
19,477

6 1 , 943
77,046
29,551

DECEM BER

In crea ses.
r.
, ..
,
D ecrea ses.
$ 7 3 9 ,8 9 9 G r e a t N o r th e r n ____________
$ 4 1 2 716
'6 3 8 ,0 0 0
C a n a d ia n N o r th e r n ________
212 200
4 1 6 ,3 2 8
C h ic a g o G ro a t W e s t e r n ..
1 1 9 ,1 6 3
.383 9 1 6 M o b ile A O h io .........................
1 0 5 264
3 7 4 ,3 1 3
0 2 3 0 ,6 1 0
1 8 8 ,0 0 0
1 5 8 .2 8 4
14 9 2 0 0

135,622

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

GROUP.

1913.

1912.

S
1,008,525
626,250

8
731,897
474,032

8
842,038
558,599

$
816,563
592,913

5,2 80,2 45

4,8 19,1 24

4,0 87,9 67

4,7 61,3 52

4 ,8 4 2 ,9 6 5

6,703,348
105,484
492,773
1,023,563

6,076,823
105,631
515,498
952,747

5,2 55,4 72
88,976
344,46.3
640,838

5,840,761
104,985
408,350
676,249

5 ,7 0 0 ,9 8 0
119,759
378,696
594,82 7

E A R N IN G S O F S O U T H E R N G R O U P .
1916.

1915.

1914.

1913.

s

S

S

$

S

S

135,740
119,036
4,1 36,9 22
878,750
5,2 84,2 48
384,304
754,248
295,920
47,426
1,164,459

176,376
171,451
5,101,270
1,150,967
6,603,193
509,707
973,428
362,582
57,570
1,489,633

173,881
160,857
5 ,0 54,3 05
1,031,047
6 ,2 23,3 85
470,792
956,181
316,06 3
51 ,045
1,146,456

Ala N O A T P
A la A V ic k s ..
208,326
Vicks Sh A Pa
223,157
Lou A N ashv b c 6 ,154,450 !
M obile A Ohio 1,010,556
Southern R y . |
A la Grt S ou . |
C ln N O A T P ) 10,006,695
N O A N E. I
North’ ll A la '
Yazoo A M V . 1,759,111

R e p resen tin g 4
road s
in ou r c o m p ila t io n .. [ $ 8 4 9 ,3 4 3

186,743
200,383
5,957,034
1 ,115,S20

160,909
158,264
5,1 54.7 37
1,011,468
(6,2S7,114
1 514,301
9,266,798 ( 986,955
j 1 343,695
!1
61,518
1,697,264 j 1,368,842

1912.

T o t a l_______ 19 ,362 ,29 5’ 18,424,040
16,047,803113,201,053 1 6 ,656 ,ISO 15,584,012
®T !1
1
/!?,1 /,103 thP Louisville A Atlantic and the Frankfort A Cincinnati.
c Fourth week not yet reported; taken same as last year.
E A R N IN G S O F S O U T H W E S T E R N G R O U P .
D ecem ber.

1917.

1916.

1915.

Colorado A So
Denv A Rio Gr
M o Kan A T a
St Louis 8 W . .
Texas A Pacific

$
1 ,6 66,S64
2,3 39,2 00
4,107,505
1,657.000
2,350,891

S
1,644,554
2.190.000
3.7 23,5 89
1.469.000
2,1 92,6 07

$
1,549,064
2,0 09,4 77
2,9S6,9S6
1,141,028
1,943,971

8
|
8
1,344,374!
953,852
1,631,485: 1,865,909
2 ,9 31,0 64 ' 2,661,401
883.387, 1,182,663
1,654,739: 1,913,430

T o t a l............. 12,121,460 11,219,750

9,6 30,5 26

8 ,4 45,0 49

1914.

|

1913.

1912.
8
1,412,901
2,031,002
2,971,492
1,281,092
1,846,993

8,5 77,2 55 9 ,5 4 4 ,0 8 0
--- ------------------

« inciuues Texas central A W ichita Falls line.

We now add our detailed statement for the month
comprising all the roads that have thus far sub­
mitted figures for December.
G R O SS E A R N IN G S A N D M IL E A G E IN D E C E M B E R .
G ro s s E a r n in g s .

N a m e o f R oad.
1917.
A la N O A T e x P a c A la A V ic k sb u rg ___
V ic k s S h rev A P a c .
A n n A r b o r _____________
A tla n t a B irm A A t l . .
B u f f R o ch A P itt s _____
C an a d ia n N o r t h e r n ..
C a n a d ia n P a c ific _____
C h ic a g o G r e a t W e s t . .
C h ic In d A L o u ts v ___
C o lo ra d o A S o u th e r n .
D e n v e r A R io G ran d e
D e tr o it A M a c k i n a c ..
D u lu th S o Sli A A t l .
G e o rg ia S ou A F l a . .
G ra n d T r u n k o f C an
G ra n d T r u n k W e s t
D o t G r II A M i l w .
C anad a A t l a n t ic ..,
G r e a t N o r th e r n ________
Illinois C e n tr a l_______
Lou isville A N a s h v ___
M in e r a l R a n g e ________
M in n A S t L o u is _____T
Io w a C e n tr a l______
M in n S t P A S S M .
M isso u ri K a n A T e x a
M o b ile A O h io _________
N o v a d a -C a l-O r e g o n . .
R io G ran d o S o u th e r n .
S t L ou is S o u t h w e s t ..
S outhern R y S y s t e m .
T e n n A la A G eorgia .
T e x a s A P a c ific _____
T o le d o S t L A W e s t . .
W e ste rn M a r y la n d ___
Y a z o o A M is s V a lle y .
T o t a l (3 5 r o a d s )___
N e t increase ( 4 . 1 3 % ) .

T h e s e figu res are fo r th ree w eeks o n ly .

S
1,172,148
705,315

W ESTERN
1914.

1917.

962,606 1.717,102 1,419,461 1.439,840

G RO SS E A R N IN G S IN

R e p resen tin g 17 road s
____m ou r c o m p i l a t i o n ..$ 3 ,7 2 6 ,8 3 9

1915.

T o t a l_______ 16,457,217 15,482,876 14,104,598
11,623,645 13,192 ,33 4!13,0 46,7 03

2 ,0 5 5 ,0 0
2 ,1 4 3 ,0 0

Live stock receipts at the 'West appear also to have
been smaller than in the previous year. At Kansas
City it is true 11,795 carloads came in, against 9,521
carloads, but at Omaha only 9,174 cars were re­
ceived, against 10,169 cars and at Chicago 26,522
cars, against 28,212 cars.
As far as the separate roads are concerned the
Southern Railway System leads all others for amount
of gain with an increase of 8739,899. In the follow­
ing we show all changes for the separate roads for
amounts in excess of 830,000, whether increases or
decreases:
CHANGES

1916.

$
Buff Roch A P 1,299,396
Chic In<l A Lou
706,732
Grand Trunk!
Grand T r W ) 5,654,558
D e tG H A M i
Canada Atl J
Illinois Cent c
7,1 19,6 76
Tol Peor A W .
«105,484
Tol St L A W .
489,204
Western M d ._ 1,082,167

D ecem ber.

D ecem ber.
1917.

P R IN C IP A L

1917.

____________

R E C E IP T S O F C O T T O N A T S O U T H E R N P O R T S I N D E C E M B E R
S I X Y E A R S , 1912 T O 1917, IN C L U S IV E .

P orts.

D ecem ber.

i
us last year,
c Includes earnings of Indianapolis Southern.

In the case of the cotton movement in the South
the falling off has been of even more striking dimen­
sions, the receipts at the Southern outports for the
even month having been only 612,115 bales, against
760,258 bales in 1916, 962,606 bales in 1915, and
1,717,102 bales in 1914, Shipments overland were
401,246 bales in December 1917, against 358,104
bales in December 1916, 289,120 bales in December
1915, 284,915 bales in 1914 and 332,438 bales in
1913.

a

E A R N IN G S O F M I D D L E A N D M I D D L E

160,000
92 ,000

......

[V o l . 106.

1916.

M il e a g e .

In c . ( + ) or
D e c . (— )

1917.

1916.

2 0 8 ,3 2 6
2 2 3 ,1 5 7
2 3 4 ,1 6 2
1/249,142
1 ,2 9 9 ,3 9 6
3 .2 7 3 .2 0 0
1 2 ,9 2 7 ,0 0 0
1 ,3 3 7 ,8 3 4
7 0 6 ,7 3 2
1 ,6 6 6 ,8 6 4
2 .3 3 9 .2 0 0
1 0 0 ,7 9 5
3 0 9 ,5 0 5
3 1 0 ,6 5 7

1 8 6 ,7 4 3
2 0 0 ,3 8 3
2 2 0 ,6 7 3
1/253,191
1 ,1 7 2 ,1 4 8
3 ,4 8 5 ,4 0 0
1 2 ,2 8 9 ,0 0 0
1 ,4 5 6 ,9 9 7
7 0 5 ,3 1 5
1 ,6 4 4 ,5 5 4
2 .1 9 0 .0 0 0
9 3 ,7 9 8
3 0 1 ,7 8 1
2 9 9 ,4 4 7

5 ,6 5 4 ,5 5 8

5 ,2 8 0 ,2 4 5

+ 3 7 4 ,3 1 3

4 ,5 4 6

4,533

6 ,5 8 7 ,5 7 6
7 ,1 1 9 ,6 7 6
1 /4 ,4 2 4 ,7 4 0
9 0 .4 1 9
9 8 4 ,6 1 8

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

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

8 .2 6 0
4 ,7 6 6
5 ,0 7 0

8 ,1 7 0
4 ,7 6 7
5 ,0 7 1

2 ,5 3 9 ,4 4 0
4 ,1 0 7 ,5 0 5
1 ,0 1 0 .5 5 6
2 6 ,8 5 1
6 2 ,3 4 5
1 ,6 5 7 ,0 0 0
1 0 ,0 0 6 ,6 9 5
1/5,501
2 ,3 5 0 ,8 9 1
4 8 9 ,2 0 4
1 .0 8 2 ,1 6 7
1 ,7 5 9 ,1 1 1

2 ,4 0 3 ,8 1 8
3 ,7 2 3 ,5 8 9
1 ,1 1 5 ,8 2 0
2 5 ,5 9 3
5 3 ,0 6 4
1 .4 6 9 .0 0 0
9 ,2 6 6 ,7 9 6
1/7,500
2 ,1 9 2 ,6 0 7
4 9 2 ,7 7 3
1 ,0 2 3 ,5 6 3
1 .6 9 7 ,2 6 4

+ 1 3 5 ,6 2 2
+ 3 8 3 ,9 1 6
— 10 5 ,261

7 5 ,1 4 4 ,8 2 3

7 2 ,1 6 4 ,3 4 0

+ 2 1 ,5 8 3
142
142
+ 2 2 ,7 7 4
171
171
+ 1 3 ,4 8 9
293
293
— 4 ,0 4 9
640
640
+ 1 2 7 ,2 4 8
586
586
— 212,200 9 ,4 2 5 9 ,2 9 6
+ 6 3 8 , 0 0 0 1 2 ,9 8 9 1 2 ,9 2 1
— 1 1 9 ,1 6 3 1 ,4 9 6 1 ,4 9 6
+ 1 ,4 1 7
654
622
+ 2 2 ,3 1 0 1 .8 4 0 1 ,8 4 2
+ 1 4 9 ,2 0 0 2 ,5 8 8 2 ,5 7 7
+ 6 .9 9 7
384
384
+ 7 ,7 2 4
601
601
+ 11,210
402
402

+ 1,258

+ 9 ,281
+ 18 8 ,000
+ 7 3 9 ,8 9 9
— 1,9 9 9
+ 15 8 .2 8 4
,5 6 9
+ 5 8 ,60 4
6 1 ,847

+

,

+ 2 ,9 8 0 ,4 8 3

120
1 ,6 4 6
,2 2 7

,809
,1 6 0

275

180
,7 5 3
,9 4 6
98

,940
455
70 8
,38 2

120
1 ,6 4 6
4 ,2 2 8
3 ,8 6 5 ­
1 ,1 6 0
275
180
1 .7 5 3
7 ,9 4 6
95
1 ,9 4 4
455
689
1 ,3 8 2

80,618 80,252

a In clu d es T e x a s C en tral in b o th y e a rs.
V T h e se figu res are for three w eeks o n ly .

R E T R O S P E C T O F 1917.
(F I R S T A R T I C L E .)
To complete our analysis we furnish the following
The year 1917 marked the advent of the United
six-year comparison of the earnings of leading roads
arranged in groups:
States into the great world war—against its will.
From this there followed a train of events and cir­
E A R N IN G S O F N O R T H W E S T E R N A N D N O R T H P A C IF IC G R O U P .
cumstances which will ever make the period epochal
D ecem ber.
1917.
1916.
1915.
1914.
1913.
1912.
in the history of the country and of the world.
3
$
8
S
8
8
Canadian P ac. 12,927 000 12,289,000 12,705,673
In any accurate and comprehensive review of the
7,443,962 11,814,325 12,219,279
Chic Gt, W est * 1,337,834 1,456,997 1,320,884
1,182,153 1,187,366 1,192,315
D ul S S A A tl.
309,505
301,781
278,834
twelve months, it is necessary to recall that when the
199,540
257,470
246,779
GreatNorthern 6.587,576 7,000,292 7,444,094
4,595,680 5,677,958 6,5 48,4 54
M inn A St L a .
984,618
925,650
973,952
872,771
year opened President Wilson was still engaged in
806,533
840,282
M StP A S S M 2 ,5 39,4 40 2,403,818 2,924,271
1,982,256 2,195,828 2,6 50,2 10
endeavors intended to bring about peace. But on the
T o t a l ............. 24 ,685 ,97 3 24,377,538 25,653,708
16,276,362 21,939.480 23,703.319
last day of January Germany gave formal notice of
a In cljdes Iowa Central.
its decision to engage in unrestricted submarine
. u a o u u V y lty OC




Jan . 12 1918.]

THE CHRONICLE

warfare. This changed the whole aspect of things
and every vision of peace then faded away. The
reply of the Entente Powers to the German peace
overtures of Dec. 12 1916 had come at the very close
of the old year and had embodied what was tanta­
mount to 'a complete rejection by Great Britain and
her allies of the German proposals looking to the
opening of peace negotiations. It remained, how­
ever, for the joint reply of the Entente Powers
to the note of President Wilson of Dec. 18 1916 (sug­
gesting an exchange of views with regard to peace
terms) to show how utterly hopeless were the chances
of bringing the two sides together. The Entente
countries displayed no hesitancy about stating the
terms upon which they would be willing to consider
peace negotiations, but they were impossible terms,
being in effect a consolidation of the separate desires
and objects of each of the Entente belligerents. In
fact, it looked as if they had been purposely com­
bined to make them more effective as an indication
that the Allied Powers were not ready to conclude
peace upon any terms that the Central Powers would
be willing to accept. The reply of the Entente was
amplified in a note addressed by Arthur J. Balfour,
the British Foreign Minister, to the British A m ­
bassador to the United States, Cecil Spring-Rice,
dated Jan. 13 and delivered to our State Department
on Jan. 17.
President Wilson was persistent and would not
relax his efforts on behalf of peace. On Jan. 22
1917 he appeared before the U . S. Senate and de­
livered a message in person in which he indicated
conditions upon which he would urge the United
States to enter a world federation to guarantee
future peace. “ I am proposing, as it w e r e /’ said the
President, “ that the nations should with one accord
adopt the doctrine of President Monroe as the doc­
trine of the world— that no nation should seek to
extend its policy over any other nation or people,
but that every people should be left free to determine
its own policy, its own way of development un­
hindered, unthreatened, unafraid, the little along
with the great and powerful.”
In indicating the
nature of the future peace that the people of America
could join in guaranteeing, the President said it must
first of all be a peace without victory. It is well to
recall that declaration here, inasmuch as at the end
of the year when the United States was a participant
in the European conflict, the President seemed to
change his position in that respect and to insist that
the paramount object of the war was to beat the
Germans on the field of battle. Thus in his annual
message to Congress on Dec. 4 he declared that “ our
present and immediate task is to win the war, and
nothing shall turn us aside from it until it is accom­
plished.” “ Those who desire to bring about peace
before that purpose is achieved,” he added, “ I
counsel to carry their advice elsewhere.”
The “ peace without victory” message of January
was not received with unqualified approval nor was
there unanimity of opinion as to the wisdom of
having the United States participate in an inter­
national league for the enforcement of peace. All
these matters, however, dropped out of sight when
notice was given on Jan. 31 to Secretary Lansing
in Washington by Count von Bernstorff, the German
Ambassador, and to U . S. Ambassador Gerard in
Berlin by the German Foreign Office of a complete
change in Germany’s submarine policy. In his
letter to Secretary Lansing, Count von Bernstorff
made the President’s message of Jan. 22 the basis



1 25

for the seemingly adroit assertion that it was “ highly
gratifying to the Imperial Government to ascertain
that the main tendencies of this important statement
correspond largely to the desires and principles
professed by Germany.
These principles,” the
Count went on to say, “ especially include self­
government and equality of rights for all nations:
Germany would be sincerely glad if in recognition of
this principle countries like Ireland and India, which
do not enjoy the benefits of political independence,
should now obtain their freedom.” But the gist of
the letter was that Germany, having failed in her
peace overtures, the German Government was now
forced to make new decisions. Accordingly it
purposed abandoning the rules of cruiser warfare
in the use of submarines— these rules requiring that
merchant ships shall not be sunk without warning
and without assuring the safety of passengers and
crew— and would now enter upon a course of un­
restricted warfare.
The President acted promptly in response to this
challenge. On Feb. 3 he appeared before Congress
in joint session and announced that he had directed
Secretary of State Lansing to make known to the
German Ambassador that in view of Germany’s
action diplomatic relations between the two coun­
tries would be immediately terminated. The Presi­
dent, however, could not get himself to relinquish
the hope that Germany would not go to the lengths
threatened, but would reconsider her action. This
hope found expression in the closing paragraphs of
his address, one of which read as follows:
“ Notwithstanding this unexpected action of the
German Government, this sudden and deeply de­
plorable renunciation of its assurances, given this
Government at one of the most critical moments of
tension in the relations of the two Governments, I
refuse to believe that it is the intention of the German
authorities to do in fact what they have warned us
they will feel at liberty to do. I cannot bring myself
to believe that they will indeed pay no regard to the
ancient friendship between their people and our own,
or to the solemn obligations which have been ex­
changed between them, and destroy American ships
and take the lives of American citizens in the wilfull
prosecution of the ruthless naval program they have
announced their intention to adopt. Only actual
overt acts on their part can make me believe it
even now.”
But the President was again disappointed. The
rest of the month Germany carried on ceaseless
war against merchant ships, sinking one vessel after
another and the question anxiously considered was
whether any of these constituted such an “ overt”
act as would make it necessary for the President
again to appear before Congress. Finally on Feb.
26 he did again address Congress, this time asking
it for authority to use the forces of the United States
to protect American ships and lives against attack
by German submarines. Two American vessels had
been sunk. Even then the President continued to
hope against hope, and hesitated about putting
the worst construction upon the German acts.
W ith respect to the sinking of one of the American
ships he said the case “ disclosed a ruthlesSness
of method which deserves great condemnation, but
was accompanied by no circumstances which might
not have been expected at any time in connection
with the use of the submarine against merchant­
men as the German Government has used it.”
Therefore he thought it could be asserted that the
overt act, which he had ventured to hope the Ger-

126

THE CHRONICLE

[Vol. 106.

man Government would in fact avoid, had not the extension to those Governments of the most lib­
occurred. Still he felt that he could not be un­ eral financial credits.
mindful of the fact that the expiration of the term
Congress was not slow to act upon the suggestion
of the existing Congress was immediately at hand of the President. In the Senate the resolution de­
by constitutional limitation and that it would in claring that a state of war existed was passed on
all likelihood require an unusual length of time April 4 and in the House it was adopted in the early
to assemble and organize the Congress which was morning hours of the 6th (Good Friday). The Presi­
to succeed it. Accordingly he asked from Con­ dent gave it his approval at 1 p. m . of the latter day.
gress full and immediate assurance of the authority Measures to finance the war quickly followed. On
which he might need at any moment to exercise. April 11, the House W ays and Means Committee
Since it had unhappily proved impossible to safe­ favorably reported a bill embodying the Adminis­
guard the country’s neutral rights by diplomatic tration’s plans to that end. It provided for the
means, there might be no recourse but to “ armed issuance of $5,000,000,000 of long-term bonds of the
neutrality which we shall know how to maintain United States besides $2,000,000 of certificates of
and for which there is abundant American prece­ indebtedness, both bearing not to exceed 3 ^ %
dent.” An incident which created a very unfavor­ interest. N ot a solitary vote was cast in either
able impression came at the end of this month in house against the bill. It became a law on April 24.
a revelation by the Associated Press that Germany In anticipation of the passage of the bill, $200,000,000
in planning unrestricted submarine warfare had, certificates of indebtedness were informally offered
the previous month, when relations with the United on April 21, and on April 24, when the bill became a
States were still friendly, proposed an alliance law, they had been so heavily oversubscribed that
with Mexico and Japan to make war upon the United the Secretary of the Treasury decided to raise the
States in the event that the latter should not main­ offering to $250,000,000. This early issue of cer­
tain its policy of neutrality should Germany prac­ tificates bore 3 % interest, and in M a y another issue
tice unrestricted submarine warfare.
was put out at the same rate, but after that there
The President’s policy of “ armed neutrality” in was an advance to 3 3 ^ % and later to 4 % . In
dealing with Germany’s altered method of submarine March a $50,000,000 issue of certificates made under
warfare did not prove successful. Because of the another law was put out at 2 % . Having the pro­
obstructive tactics of a small minority in the Senate, ceeds of the $250,000,000 issue of certificates, the
the President did not get from the old Congress the Secretary immediately began making loans to the
authority which he had asked, though he undertook Allies, Great Britain getting $200,000,000 April 25.
to arm outgoing American merchant ships neverthe­ From this time on the operation of extending credits
less, relying for sanction upon a very old statute to the Allies proceeded apace.
which had been forgotten until it was resurrected.
The Administration recognized that in engaging
He now deemed it best to give notice of the convening in war with Germany (formal declaration of war
of the new Congress, and on March 9 issued his pro­ against Austria did not come until the following
clamation calling an extra session for April 16. But December) the country had entered upon no light
developments came so fast, owing to Germany’s task. Accordingly, plans for the vigorous prosecu­
operations, in the destruction of American and other tion of the war were devised on a comprehensive
ships and the loss of American lives, that on March 21 scale. It was recognized on the one hand that in
the President felt it incumbent to issue a second view of the destruction of ships by the German
proclamation setting forward by two weeks the date submarines provision would have to be made for
originally named for the convening of the new Con­ turning out huge numbers of ships in this country
gress— that is, calling it together now on April 2nd.
with the utmost expedition, so as to create an Ameri­
In his address at the extra session the President can merchant fleet of tremendous size. Such a
declared that Germany, in its new submarine policy, ship-building policy was necessary in order that
had swept every restriction aside; “ the present Ger­ needed supplies of foodstuffs, munitions and other
man submarine warfare against commerce,” he as­ things could be carried to the Allies and also for the
serted, “ is a warfare against mankind. It is war eventual transport across the ocean of our own troops.
against all nations.”
“ Neutrality,” he said, “ is no These merchant ships were apart from the additional
longer feasible or desirable where the peace of the vessels that had to be constructed for the navy. It
world is involved, and the freedom of its peoples, and was also recognized that a very large army would
the menace to that peace and freedom lies in the ex­ have to be created in the United States to prepare
istence of autocratic governments, backed by organ­ against eventualities even though the troops might
ized force, which is controlled wholly by their will, not all be necessary at the outset.
not by the will of the people.” The world, the Presi­
As an indication of the scale on which things have
dent said, must be made safe for democracy. “ Its been planned we may note that Congress, (which
peace must be planted upon the tested foundations of adjourned Oct. 6, after having been in session since
political liberty.
. .
. Right is more precious the previous April 2 ), authorized appropriations
than peace, and we shall fight for the things which we aggregating $18,879,177,015 in addition to contract
have always carried nearest our hearts— -for democ­ authorizations of $2,511,553,925, making a grand
racy, for the right of those who submit to authority total of appropriations and authorizations of $21,390,­
to have a voice in their own governments, for the 730,940. Among the measures passed were the W ar
rights and liberties of small nations, for a universal Revenue Bill, estimated to raise $2,524,870,000 and
dominion of right by such a concert of free peoples as including a drastic scheme of war excess profits
shall bring peace and safety to all nations and make taxes and an equally drastic schedule of surtaxes.
the world itself at last free.” The entry of the Another important measure passed was the $11,­
United States into the war, the President pointed 538,945,460 W ar Bond and Certificate Bill. This
out, would involve practical co-operation with the bill became a law on Sept. 24. The bill authorizes
Governments now at war with Germany, including I the issuance of $7,538,945,400 convertible 4 %




Jan . 12 1918.]

THE CHRONICLE

bonds to replace the $3,000,000 non-taxable 3 ^ %
issue authorized the previous April to cover loans to
the Allies (and of which $2,000,000,000 were sold
in June) and to provide for new Allied credits of
$4,000,000,000. The law also provides for the
issuance of $2,000,000,000 each of 1-year Treasury
certificates of indebtedness and 5-year W ar Savings
certificates. Legislation for the creation of a large
army, to be sent abroad, also constituted an ex­
tremely important part of the work of Congress.
Registration took place as early as June 5 under the
provisions of the new Selective Arm y law.
lh e law
applied to men between the ages of 21 and 31 and
the final returns showed a total registration of
9,586,508 men. Military camps were established
ail over the country for the training of these men,
and the first call which came in September sent
687,000 of these men to the camps.
On the battlefields of Europe the developments
were highly important. The whole aspect of things
was changed by a revolutionary uprising in Russia,
which came in March, and which involved the de­
thronement of the Czar. Complete disorganization
of the Russian army resulted, though at first the event
was hailed as likely to bring closer co-operation
with the Allies, since the Czar’s Government had
been thought only lukewarm, and fears had existed
that it might be inclined to make peace with Germany,
a fear for which there was apparently very little sub­
stantial basis. But the revolutionists, who were So­
cialists, permeated with wierd theories, became so in­
toxicated with their new power that they would recog­
nize no government authority whatever. While
Alexander Kerensky remained in control, there was
very close harmony with the western Allies, but his
Government, because of the opposition of the ex­
treme Socialists, did not prove enduring, and in
November Kerensky was overthrown and the Bolsheviki and Maximalists under Nicolai Lenine and
Leon Trotzky succeeded in establishing themselves
in control. As a result of this counter-revolution,
immediate peace negotiations with Germany were
begun. Worst of all, civil war broke out all over
Russia; much blood was shed and many excesses were
committed. As a matter of fact, the country drifted
into anarchy. In the peace negotiations, however,
with Germany, it developed (after the close of the
year) that Germany was not to have its own way
after all, and that these Bolsheviki were not yet pre­
pared to accept any terms that the Germans might

121

autumn the Germans followed up their advantages
by occupying Riga and taking possession of important
islands in the Gulf of Riga. In October, also, the
Germans in conjunction with the Austrians began an
invasion of northern Italy. The Italians suffered
an overwhelming defeat, the Teutonic forces taking
275,000 Italian prisoners. British and French troops
were then rushed into northern Italy to assist tn®
Italians, and the latter, having in the meantime re­
covered from their demoralization, the German-Aus­
trian army was prevented from taking Venice, which
seemed to have been the immediate object of the cam­

paign.
Thus the larger military successes rested with the
Central Powers. But in remoter areas the British
achieved important military successes. They cap­
tured Bagdad in March and took Jerusalem in De­
cember. In Flanders and in France they gained
important successes. In November the British
achieved on the Western war front one of the most
brilliant successes of the war. W ithout preliminary
bombardment or artillery prelude an offensive against
the famous Hindenburg defense line, which had been
deemed impregnable, was begun, and the Germans
being taken completely by surprise, the move
yielded important results. In the region of Cambrai
the wedge was driven in more than 6 Y i miles,
numerous towns and villages falling into the hands
of the British. Sir Julian Byng was in command
of the British troops and seems to have been more
venturesome than circumstances warranted, with the
result that later he had to yield up again a part of
the conquered area. A statement issued by the
W ar Office at London after the close of 1917 demon­
strates very clearly that the British military opera­
tions of the year were attended by no small measure
of success. The London statement reports the cap­
tures on all fronts as numbering 114,544 prisoners
and 781 guns. The British losses numbered 28,879
prisoners and 166 guns. In the Western theatre
73,131 prisoners and 531 guns were captured and
27,200 prisoners and 166 guns lost. In Palestine
17,646 prisoners and 108 guns were captured,,in
Mesopotamia 15,940 prisoners and 124 guns.
There was much talk of impending peace moves all
through the year and in August the Pope of Rome
undertook to initiate a movement of that kind. But
while the Central Powers showed; eagerness to em­
brace the Pope’s peace propositions the tender met
with rather a frigid reception on the part of the
Entente Powers and the United States. President
deign to offer.
In June the Russians, then under the domination W ilson’s answer was cabled on Aug. 27 and was an
of Kerensky, were induced to begin an offensive emphatic refusal to accept the proposition, the
a g a i n s t the Austro-German armies.
The Russians at President saying:
that time still occupied considerable sections of Galicia
and Bukowina, thus holding much enemy territory.
In now moving against the enemy they appeared to
have abundance of munitions and arms and other
supplies gathered during the Czar’s regime in prepa­
ration for such a forward move. The complete dis­
organization of the army, however, became quickly
apparent, and after a few initial successes (the Aus­
trians and Germans being evidently taken by sur­
prise, not having expected the new Russian Govern­
ment to engage in active military operations), they
were quickly thrown back. In July the Russian
campaign came to an inglorious end, the German and
Austrian armies having had little difficulty in driving
them completely out of the occupied sections, thus
freeing Austrian territoryjof the Russians. In the




To deal with such a power by way of peace upon
the plan proposed by His Holiness the Pope would,
so far as we can see, involve a recuperation of its
strength and a renewal of its policy; would make it
necessary to create a permanent hostile combination
of nations against the German people, who are its
instruments; and would result in abandoning the new­
born Russia to the intrigue, the manifold subtle inter­
ference, and the certain counter-revolution which
would be attempted by all the malign influences to
which the German Government has of late accus­
tomed the world.
W e cannot take the word of the present rulers of
Germany as a guarantee of anything that is to endure
unless explicitly supported by such conclusive evi­
dence of the will and purpose of the German people
themselves as the other peoples of the world would be
justified in accepting. Without such guarantees,

138

THE CHRONICLE

[Vol. 106.

treaties of settlement, agreements forjclisarmament,
covenants to set up arbitration in the "place of force,
territorial adjustments, reconstitutions of small
nations, if made with the German Government, no P A Y M E N T O F I N T E R E S T O N R U S S I A N G O V E R N M E N T
man, no nation, could now depend on.
C R E D IT .
W e must await some new evidence of the purposes
The National City Bank announced on Jan. 9 that it
of the great peoples of the Central Powers. God had been directed by the representatives of the Imperial
grant it may be given soon and in a way to restore Russian Government in Washington, to pay the semi­
the confidence of all peoples everywhere in the faith annual interest due Jan. 10 on the $50,000,000 three-year
of nations and the possibility of a covenanted peace. 6 ^2 % credit dated June 18 1916. The amount paid was
$1,625,000.
'
Trade and business continued active , and good
The above credit, extended reference to which was made in
throughout the year, though the inability to obtain these columns on Juno 17 1916, was arranged for in this
adequate supplies of fuel and sufficient labor, to­ country during June 1916 by a group of bankers consisting
gether with the freight congestion on the railroads, of J. P. Morgan & Co., the National City Bank, the Guar­
anty Trust Co., Lee, Higginson & Co., and Kidder, Peabody
which grew increasingly serious towards the end of
& Co.
the year, operated to prevent production to full
capacity in many industries— the production of
PROTEST B Y Q U EB EC A G A IN S T C A N A D I A N RE STRIC ­
iron, for instance, not quite equaling that for 1916.
T IO N S A G A IN S T S E C U R IT Y IS S U E S .
After the entrance of the United States into the
Protest against the action taken by the Canadian Govern­
war, prices manifested a runaway tendency, par­ ment in passing on Dec. 2 2 an Order-in-Council prohibiting
ticularly in the case of iron and steel. It was then the salo of security issues— provincial, municipal or private—
that the Government stepped in with its price­ unless approved by the Minister of Munitions, has been
fixing policy and arbitrarily intervened to reduce made by the Province of Quebec in an Ordor-in-Council
passed by the Executive Council of the Province. The
prices. In the cases where this was done prices Quebec Order-in-Council informs the Government of Canada
at the close of the year were considerably down that it is the intention of the Quebec Govornmont to con­
from the extreme high figures, but were neverthe­ sider the regulations as illegal, unconstitutional and in no­
less away above the normal and higher than at wise binding upon the Province of Quebec. The Quobec
Order-in-Council, which was passed at the instance of Sir
the beginning of the year.
Lomer Gouin, the Attorney-General, says in part:
The country’s foreign trade after“~the huge in­
T h a t in th e opin ion o f th e Ilon orab lo, th e A tto rn ey -G en eral, thoso regu­
creases of the two previous years assumed still la tio n s are b eyon d th e p ow ers o f th o Federal P arliam en t, w hich could
n eith er ad op t th em d irectly nor d clegato tho pow ers to en a ct th em to tho
larger dimensions, notwithstanding the embargoes G overn m en t o f C an ad a.
T h a t tho e ffe ct o f tho said regu lation s is to rostrict th o righ ts, pow ers
placed upon both exports and imports. The fur­ and p rerogatives o f P rovincial G overn m en ts an d , in p articu lar, o f tho
G overn m en t o f th is P rovin ce in so far as regards tho m a tters w hich th e
ther expansion, however, in all probability was
con stitu tio n govern in g u s con fers e xclu siv ely upon th em , and th a t n oth in g
due more to the further rise in prices than to added in tho B ritish N orth A m erica A c t, 1867, p erm its su ch an oncroachm ont;
th a t th o O rder-in-C ouncil in q u estion w as passed w ith o u t tho G overn m en t
growth in volume. The exports for the twelve o f th is P rovin ce h avin g b een in form ed tlioreof, and th a t th o k n ow led ge
months ending N o v . 30 1917 aggregated $6,162,­ it acquired o f it w as so acquired th rou gh th o press; th a t it is o f im ­
p ortan ce to stron gly p ro test a ga in st th is m anner o f in terpretin g our c o n sti­
063,491, against $5,318,713,683 in the same period tu tio n b y tho cen tral G overn m en t and a ga in st th is a tte m p t to do aw ay
a righ t e
to
of 1916, $3,440,997,043 for 1915 and no more than w ith Ilon orab loxcluosiv ely belon gin geral tho P rovince; for tho abovo reasons,
th o
th A ttorn ey-G en
recom m ends:
1. T h a t th o G overn m en t o f C anada bo inform ed th a t it is tho in ten tio n
$2,101,187,120 in 1914. The imports were $ 2,­
o f th e G overn m en t o f th is P rovin ce to con sid er thoso regu lation s as illeg a l,
929,401,671 in the twelve months ending N o v . 30 u n co n stitu tio n al and in now iso b in d in g up on th is P rovince;
2 . T h a t a n otice bo p u b lish ed in th o Q uebec “ O fficial G az e tto ” inform ing
1917, $2,358,633,652 in 1916, $1,721,420,735 in
th o p u b lic th a t, in tho opin ion o f th is G overn m en t, tho said O rdor-in-C ouncil
1915 and $1,858,645,027 in 1914.
d ated tho 22d D ecem b er 1917, concerning th o issu e o f b onds and d eb en tu res
in C an ad a, is illegal and u n co n stitu tio n al as far as th is P rovin co is con cern ed .
The country’s agricultural harvests were bounte­
The Dominion’s Order-in-Council restricting security issues
ous, except in the case of wheat, but it was here that
was published in the “ Chroniclo” of Dec. 29, pago 2494.
an abundant yield was especially desired on account
of the great need of wheat by the Entente Powers.
The wheat crop of the United States proved only P R O C L A M A T I O N C A L L I N G F O R R E T U R N S O F B R I T I S H
PROPERTY I N H O ST IL E O C C U PA TIO N .
very little larger than the short yield of 1916, the
Tho text of a proclamation issued by tho British Govorn­
comparison being 650,828,000 bushels with 636,­
318,000 bushels; the 1915 wheat crop was 1,025,801,­ mont requiring returns to bo mado of British proporty in
territory in hostilo occupation and claims by British subjects
000 bushels. The corn crop of 1917, however,
against persons, firms, companies and corporations rosiding
turned out to be the largest on record, reaching or carrying on business in such territory was published as
3.159.494.000 bushels, against 2,566,927,000 bushels follows in tho London Stock Exchango “ Weekly Official
in 1916, and the oats crop also exceeded all previous Intelligence” of Dec. 15:

(Current

figures, reaching 1,587,286,000 bushels, against
1.251.837.000 bushels in 1916. Farmers were able
to get extremely high prices for their products, raising
them to a plane of great prosperity. Wage-earners,
too, were able to command high figures for their
services, Government construction work having
greatly increased the demand for both skilled and
unskilled labor, while the drafting of so many young
men for the army further increased the demand for
labor, while curtailing the supply. Thus, it hap­
pened that the two main classes of the population,
the wage-earners and the farmers, were able to de­
rive important advantages from the war, notwith­
standing the high cost of living. The buying power
of these two classes was correspondingly enhanced,
giving sustained strength to trade and business.

[T he rem ainder o f th is article w ill bo g iven n ext w eek .]




anti gisatssiotxs

Whereas, b y our p roclam ation d ated tho 7th d a y o f Sep tem b er 1916,
w o stric tly com m an d ed and enjoined our su b jects w ith in tho U n ited K in g ­
d om , tho C hannel Islan d s and th e Isle o f M a n , or w ith in a n y cou n try or
placo outsid o our d om in ion s and p ro tecto ra tes, w ho w ero en titled to p rop ­
erty o f a n y d escrip tion w h atsoever in en em y territo ry, or to a n y in terest
in su ch p rop erty, or had claim s a gain st en em y p ersons, to m ak e returns
o f th eir said p roporty or claim s to tho p u blic tru stee , K in g sw a y , L on ­
d on , W . C . 2:
A n d whereas, in tho Interests o f our realm , It Is o f great im p ortan ce
th a t full inform ation sh all bo ob tain ed w ith regard to p rop erty b elon gin g
to our su b jects w hich is situ a te in territory in h ostilo o ccu p atio n , and also
w ith regard to claim s o f our su b jects a ga in st persons, firm s, com p an ies
and corporations resid ing or carrying on b u sin ess in su ch territory.
Note, therefore, w o str ic tly com m and and enjoin our su b jects
w ith in
tho U n ited K in gd om , tho C han n el Islan d s and th o Islo o f M a n , or w ith in
a n y cou n try or placo ou tsid o our d om in ion s and p ro tecto ra tes, w ho are
en titled to p rop erty o f a n y d escrip tion w h atsoever w hich is situ a te in terri­
tory in h ostile o ccu p atio n , or to a n y in terest in such p rop erty, or h ave
claim s again st p ersons, firm s, com p an ies and corp oration s residing or
carrying on busin ess in su ch territory, forth w ith to m ako returns o f their
said p rop erty or claim s to tho P u b lic T ru steo, K in g sw a y , L on d on , W . O . 2 ,
in su ch form and w ith su ch p articu lars as ho m a y requiro, provided th at it
sh all n ot bo necessary to m ako su ch retu rns resp ectin g p rop erty or claim s
w h ereof returns h a v e , boforo tho d a te o f th is p roclam ation , b een already
m ado to tho P u b lic T ru steo.
T h o expression “ territory in h ostilo o ccu p atio n ” m ean s a n y territory
form ing p art o f our territory or o f th a t o f an a llied or neu tral S ta te w hich is
or m a y bo In tho effcctiv o m ilitary occu p ation o f a S ta te a t w ar w ith u s.

E N G L A N D ’S P R O C L A M A T IO N
OF

SE C U R ITIE S

FO R B ID D IN G

OR E X P O R T S

IM PO R TS

OF C A P I T A L .

Information relative to the edicts of the British Govern­
ment prohibiting the importation of securities or the export­
ing of capital by any resident of the United Kingdom with­
out permission from the Treasury (referred to in these col­
umns Dec. 29) is contained in a cablegram received at
Washington from the American Consul-General at London
under dato of Dec. 22, and printed as follows in Commerce
Reports of Dec. 28:
A proclamation, dated Dec. 21, prohibits tho importation o f all bonds,
debentures, stock or share certificates, scrip, and other documents of title
rolating to any stocks, shares, or other securities with the exception^ of
matured bonds redeemable in tho United Kingdom, and coupons falling
duo for payment In tho United Kingdom; provided always, and it is hereby
declared, that this prohibition shall not apply to any such goods which
are imported under a licenso given by or on behalf of tho Treasury and
subject to tho provisions and conditions of such licenso. This proclama­
tion maybe cited as the Prohibition o f Import Proclamation, No. 21,1917.”
A further proclamation, dated Nov. 27 and promulgated Dec. 21, amends
Defense o f tho Realm regulations by providing as follows: “ A person
resident in tho United Kingdom, shall not, without permission from the
Treasury, directly or indirectly, either on his own behalf or on behalf
of any other rosidont in tho United Kindom, send any remittance out of
tho United Kingdom for tho purposo of (a) making or subscribing to any
loan or subscribing to any Issuo of capital outside of the United Kingdom;
or (6) purchasing any stock shares or other securities or any property other
than merchandise if securities or properties are not in tho United King­
dom; or (c) purchasing any foreign currency to bo held with a view to ap­
preciation in valuo or as an investment; or take part hi or agree or offer
to tako part in any of tho abovo-montioned transactions if such transac­
tion involves tho sending o f any remittance out o f tho United Kingdom.
Any banker or person acting in any similar capacity shall, as a condition
o f sending out of tho United Kingdom any remittance on behalf of any
person residont in tho United Kingdom, roquiro tho person resident in the
United Kingdom to make a declaration in writing as to tho purpose for
which tho remittance is proposed to be sent.”
PROPOSED N E W

L O A N OF C I T Y OF P A R IS .

The following regarding a proposed new Paris loan, re­
ceived from Commercial Attache C. W . A. Veditz, at Paris,
France, under dato of Nov. 24, appeared in Commerce Re­
ports, published by tho Bureau of Foreign and Domestic
Commerce, on Dec. 28:
The Budget Committee of tho Paris Municipal Council has presented
to tho Council a bill relating to tho consolidation of tho floating debt of
tho city of Paris, through tho omission of a loan of 810,000,000 francs,
which may bo increased to 850,000,000, to bo contracted in 1918, with
lottery features. This loan, guaranteed by tho general resources of the
budget, will bo applied to the amortization o f tho floating debt, of quin­
quennial bonds, and of municipal bonds for one year or for six months.
Tho Budget Committee points out tho necessity, on tho other hand, for
new revenues from industrial sources, or increases in tho transportation
rates o f common carriers, and particularly for increased charges for gas
______________________________
and electricity.
M O RE B R IT IS H

TREASURY

J. P.

MORGAN

B IL LS
&

ARRANGEMENTS

BETWEEN

A R G E N T IN A

U N IT E D

STATES

AND

TO S T A B I L I Z E E X C H A N G E .

Secretary McAdoo has concluded through the State Department an
arrangement with tho Argentine Government to stabilize oxchango be­
tween tho two countries and to check tho depreciation o f tho American
dollar on the Argentine market, which has threatened to become a serious
obstaclo to trade between tho two countries.
Under tho arrangement tho Argentine Government rovives a law which
was passed immediately after the outbreak o f tho European war, under
which American business men owing money to Argentine merchants may
deposit such amounts with tho Argontino Ambassador, who in turn de­
posits these amounts in current account with tho Federal Reservo Bank of
Now York. Tho Argontino Government agrees that tho balanco of this
account will not be shipped in gold until after tho ratification o f the treaty
of peace ending the present war, and tho American Government agrees
that no obstacles will at that timo bo interposed to tho shipment of the
said balanco in gold.
Payments to tho Argontino Ambassador are to be on the basis of the
relativo gold valuo of tho two currencies plus a chargo o f 3% to cover
transportation, insurance and other charges.
Tho arrangement with tho Argentine Government permits such deposits
up to $40,000,000 with the Argentine Ambassador, but it is confidently
expected that if this amount proves inadequate arrangements for increasing
the limit can bo mado with tho Argentine Government.

BY

FOR

LOAN

TO

C H IN A

JAPAN.

The signing of tho agreement by Japanese financiers, in
the name of the international group of bankers, whereby a
gold loan of 10,000,000 yen will bo extended to China, was




C A N C E LL A TIO N

OF

JAPANESE

BONDS.

The New York agency of the Yokohama Specie Bank,
Ltd., was advised this week by its London office that Im­
perial Japanese Government 4 Y i % sterling loan bonds
amounting to £338,000 of the first series and £162,000 of
the second series had been purchased on account of the Im­
perial Japanese Government for cancellation, and that the
bonds are now cancelled. The numbers of the bonds can­
celled were printed in London, it is said, on the 8th inst.
REPORTS OF P E N D IN G
BY

C R E D IT

TO A R G E N T I N A

GREAT B R IT AIN .

With regard to reported, negotiations for a British credit
of 8200,000,000 to Argentina the New York “ Tribune” of
the 8th inst. said:
Negotiations for the extention o f a £40,000,000 ($200,000,000) credit
to Great Britain by the Government of Argentina have reached a stage
where only the approval of the Argentine Congress and the British Treasury
is needed to close the transaction.
Cable advices which New York bankers received yesterday from Buenos
Ayres were to the effect that the prospects of tho loan being successfully
consummated were favorable. It is known that the financial authorities
of Great Britain and Argentina have been negotiating for some time.
Information received here so far regarding the character of the loan Is
very meaguro, and nothing is known as to the maturity of the credit arrange­
ment and the rate of interest. It is believed in banking circles that Great
Britain is obtaining the credit to draw against in paying for wheat and
meat bought in large quantities in the South American republic.
Within the last fortnight arrangements were concluded between the Allies
and Argentina for the release of 2,500,000 tons of wheat. Much of this
wheat will be broughtlto the United States to be milled, and will then be
transported to’.France and England in British vessels.
Establishment of a £40,000,000 credit in Argentina in the name of Great
Britain will, it is asserted, help to stabilize exchange, which has been run­
ning strongly against all of the Allies and tho United States, as a result of
their heavy purchases in Argentina.

In another item we make mention of arrangements for the
sale by Argentina of wheat to the Allies.
C O N S O L ID A T IO N OF G E R M A N

An arrangement intended to stabilize exchange between
the United States and Argentina has been concluded be­
tween Secretary of tho Treasurer McAdoo and tho Argentine
Government. The Treasury Department on tho 7th inst.
mado tho following statement concerning tho arrangement:

CONCLUDED

announced in Peking dispatches of Jan. 8. It is stated that
the terms of the loan are that it shall run one year with
interest at 7 % and a banking commission of 1% . The
security given is the surplus of the salt revenue. The pro­
ceeds of the loan will be used to increase the value of the
notes of the Bank of China. We referred last week to the
Peking dispatch of Dec. 31 stating that Japan was nego­
tiating an advance to China of £10,000,000 for improving
the status of the Bank of China. The negotiations, the
dispatch said, were being carried out with the knowledge of
the American, British, French and Russian groups formed
before the war’ to finance China.

SOLD B Y

CO.

An additional offering of 815,000,000 of ninety-day British
Treasury bills was placed upon tho market during the past
week by J. P. Morgan & Co. The notes, which were sol don
a discount basis of 6% , were, it is understood, fully taken up.
Tho total of the bills outstanding continues at approximately
____________ _____________
8100,000,000.

N EG O T IAT IO N S

129

THE CHRONICLE

Jan . 12 1918.]

BANKS.

The following advices concerning the tendency of German
banks to combine, received from Commercial Attache
Erwin W . Thompson, at Copenhagen, Denmark, under
date of Nov. 16, appears in “ Commerce Reports” for Dec.
31:
In common with other German organizations, the banks, especially
the large ones, are tending to combine. In tho early part of this year
the Deutsche Bank absorbed tho Schlesischo Bank Verein and the Norddeutsche-Gosellschaft, thus increaing its capital from 250 to 275 million
marks; the Dresdner Bank recently absorbed the Rheinisch-Westfalische
Disconto Gesellschaft, increaing its capital from 200 to 260 million marks,
andi.latterly the Disconto-Gesollschaft has absorbed the Magdeburger
Bank Verein and four other provincial banks, increasing its capital from
300 to 310 million marks.
German newspapers uniformly report great prosperity among the banks.
They appear to think the bank business has been considerably simplified
by consolidation of transactions which are mostly with the Government or
Government committees. Notwithstanding larger actual profits tho banks
appear to keep their dividends about the same as before the war, the
Deutsche Bank paying 12H % . the Disconto-Gesellschaft 10%, and the
Dresdner Bank 8 H % .
G E R M A N Y ’ S R E Q U I R E M E N T S FOR R E G I S T R A T I O N
PROPERTY H E L D B Y A M E R IC A N S I N

OF

E M P IR E .

Through Associated Press dispatches from Berlin on
Nov. 21 via London, it is learned that announcement is made
by the official “ Raichs Anzeiger” that the ordinances dated
Oct. 7 1915, governing compulsory notification to the au­
thorities of foreign property in Germany, have been extended,
togetner with the penalties in cases of non-compliance, to
property owned by citizens of tho United States as from
Nov. 20. The press dispatches further state:
The term property Includes shares in German enterprises within the
Empire and legal claims upon persons domiciled within the Empire. Trans­
fers of such property or claims is permissible only by the Chancellor’s
express sanction.
The ordinance has a retroactive force if it can be 6hown that the transfer
was made earlier with the purpose of evading tho new regulation. It does
not apply to property owned by citizens of the United States residing in
the Empire.
(
The immediate purpose of the compulsory registration is to prevent the
illegal transfer or liquidation of American property held within theUiniits

130

THE CHRONICLE

of tho Gorman Empire for tho purpose o f removing the same from official
control and conveying its proceeds abroad. Such transfer or liquidation
is allowed only when specific permission is granted.
These restrictions do not apply to such disposition as Americans may de­
sire to make of their property within Germany. They, however, are not
per mltted to sell their holdings to a resident member o f a firm in this coun­
try without specific permission. American manufacturing plants aro not
molested and Americans resident in Germany may also continuo freely to
dispose o f their private means within the confines of the country.
Tho official announcement states that tho compulsory liquidation or the
administration of the property of American firms is not contemplated, as
it is presumed the provisions of the “ Trading with the Enemy A ct” do not
purpose tho sequestration or confiscation by the American Govemmen
o f Gorman property hold in the United States.

Press dispatches from Copenhagen in the matter state:
The provisions o f the German regulation requiring a report on all prop­
erties in Germany belonging to enemy citizens has now been extended to
American citizens. Tho reports aro o f such nature that they can bo used
as a basis for financial reprisals.

Under tho present arrangement, corporations and business concerns
which havo to mako large tax payments within sLx months, may do so at
any time by buying the certificates of indebtedness. No loss of income
can result, as tho certificates draw interest at tho rate of 4% , consequently
tho taxpayer is enabled to regard his purchase of tho certificates in advance
of the date of tax payment as a satisfactory temporary investment.
NEW

IN T E N T IO N

DEBTS

BY

TO

R E P U D IA T E

B O LS H EVIK

R U SSIAN

GOVERNMENT.

Announcement that the Bolshevik Government intended
to publish a decree within a few days cancelling the Russian
national debt was roported in tho London cables of Jan. 10
which credited tho information to telegraphic advices from
the Petrograd correspondent of the “Manchester Guardian.”
The cables said:
The correspondent understands tho decree will contain these provisions:
First. All loans and Treasury bonds held by foreign subjects abroad or
in Russia aro repudiated.
Second. Loans and Treasury bonds held by Russian subjects possessing
moro than 10,000 rubles in capital aro repudiated.
Third. Loans and Treasury bonds held by Russian subjects possessing
capital in loan scrip or deposits not exceeding 1,000 rubles aro to receive
5% interest on the nominal value o f tho loan, and thoso possessing 10,000
rubles are to receive 3% .
Fourth. Workmen and peasants holding 100 rubles worth o f loans or
bonds may sell their holding to tho State at 75% of its nominal value.
Those holding 600 rubles worth may sell it at 70% o f its nominal value.

Concerning tho suspension of dividends an Associated
Press cable from London Jan. 10 said:
A Reuter dispatch says that tho Bolshevist Government has issued a
decree suspending all payments o f dividends by privato companies. The
Government also has forbidden transactions in stocks pending tho issuance
of ordinances relating to tho further nationalization o f production and
determining tho amount o f interest payablo by privato companies.
STOCK

EXCHANGE
SIM P LIFY

GOVERNORS T A K E

STOCK

STEPS

T R A N SAC TIO N S.

Tho Governors of tho New York Stock Exchange, in order
to simplify Stock Exchange transactions for the purposes
of taxation and to prevent confusion by the intervention of
another party after the closing of the contract for tho sale
or purchase of stock, on Jan. 9 adopted the following resolu­
tion:
The reopening o f contracts in securities by a momber o f the Exchange or
by his firm for the purpose o f allowing others to intervene in such trans­
actions, is an act detrimental to the interest or welfare o f the Exchange.

YORK B A N K S A ID

IN

S A L E OF W A R

S A V IN G S

C E R T IF IC A T E S.

Assistant Cashier Joseph D. Higgins of tho Fedoral Reserve
Bank of New York, is authority for the statement that all
the national banks, State banks, savings banks and trust
companies of New York City have on sale War Savings
certificates and stamps, and also Thrift stamps.
FEDERAL FAR M

LO AN BOARD E X P L A IN S IN C R EASE

R A T E TO F A R M E R S TO 5 ^ % .
The Federal Farm Loan Board has taken occasion to issue
a statement in explanation of tho recent increase made by
it in the interest rate on farm mortgages from 5 to 5 K % .
The advance in the rate was referred to in our issuo of Dec. 15.
It is not possible, say tho Board, to establish or maintain a
rate in defiance of conditions existing in all tho markets of
the world. It is hoped, it adds, that it may soon bo possible
to lower the loaning rate to 5 % , but whether or not this can
be done depends upon conditions which aro beyond the con­
trol of tho banks or of tho Farm Loan Board. As to the rea­
sons prompting its action, the Board says, “ tho situation
will be plain to every farmer who remembers first that the
banks must borrow the money before thoy can loan it to
the farmers; second, that money in the hands of investors
has become so scarce that liighor rates have to bo paid than
formerly. The banks cannot yot borrow at a rate quite as
low as that paid by the Government. After the system
has been established for a while and investors become familiar
with our bonds we hopo that tho rates on farm loan bonds
will sink to a point almost as low as that paid on Government
bonds.” Tho Board’s statement, as given in tho “ Official
Bulletin” of Jan. 5 follows:
IN

REPORTS OF

[Vol. 106

IN T E R E S T

The Federal land banks on Dec. 7 advanced the interest rato on farm
mortgages from 5% to 5>3%. All farmers understand that tho banks aro
not loaning Govomment money, but aro obliged to get money for tho
farmers by selling Fedoral Farm Loan bonds. Tho Government did ad­
vance to tho banks, without interest, $9,000,000 of tho capital of tho banks,
which tho farmers now havo tho uso o f at 5% interest. But this $9,000,000
was loaned to tho farmers long ago, and now the only way in which money
can be provided for loans to tho farmors is by selling bonds to investors.
Tho law gives to the banks the right to charge 6% interest, but tho Federal
Farm Loan Board, after looking tho country over, decided that Federal
Farm Loan bonds could bo sold to investors at 4J4%. By charging tho
farmers 5% tho banks would havo one-half of 1% to pay their expenses.
Up to Nov. 1 these 4 H % bonds wero bought readily by investors at a
small premium, and as a mattor of fact about 5,000 investors did buy
them and aro now holding them. Tho amount of money raised by the sale
of these bonds at 4H % interest is nearly $30,000,000. The small premium
which tho banks wero ablo to make on these bonds helped to some extent
to pay tho expenses o f tho banks.
E f f e c t o f th e W a r .

BANKERS AN D
IN

U.

S.

B U SIN E SS M E N

TREASURY

URGE IN V E S T M E N T

C E R T IF IC A T E S

OFFERIN G.

Investment in tho Secretary of tho Treasury’s latest offer­
ing of 4 % Treasury certificates of indebtedness as a means
of avoiding a financial strain when tax payments are duo next
June, is being urged by many prominent bankers and business
men. Martin Vogel, Assistant Treasurer of the United
States at New York, and a member of tho local Liberty
Loan Committee, on Deo. 29 pointed out some of the advan­
tages which purchasers of the certificates will obtain. He
said: j
Tho offering of United States certificates is, in my opinion, a happy
solution for avoiding the financial strain which would otherwise bo caused
by tho required payment within a short period o f tho huge sum of money
for taxes that would bo due and payablo Juno 15 1918, estimated to be in
excess o f $2,000,000,000. I call It happy becauso it is of benefit to tho
Government, as it may in this manner borrow money in advance of tho
tax day for needed war expenditures, and at tho same time it avoids tho
strain on the financial world, and therefore on industries of all kinds, both
largo and small, and furthermore gives the taxpayer a safo and secure
medium in which he can temporarily invest the funds which he is accumu­
lating for payment of taxes, bearing interest meanwhile at 4% per annum.
In addition to these benefits, any investment in thoso certificates made by
a corporation or partnership out of capital, surplus or undivided profits
can bo counted in as invested capital in figuring the deduction and rate of
taxation under the excess profits tax law (not earned during tho taxable
year). Thus the certificates o f Indebtedness carry substantial Inducement
to business men in addition to tho 4% interest which thoy earn. These
certificates aro exempt from taxation to the same extent as bonds of the
Second Liberty Loan.

Frederick D. Underwood, President of the Erie Railroad,
on Deo. 28, in advocating the purchase of the certificates,
had the following to say:
The new issue of certificates of'indebtedness by tho United States Treas­
ury meets a pressing need at an opportune moment. There havo been
frequent warnings against financial stops, which might result in congestion
of funds, and the Treasury's announcement of tho proposed salo is a very
important move to avert an undesirablo financial situation noxt June.




About N ov. 1 tho Federal Farm Loan Board and tho banks were unable
to sell tho 4>$ % bonds any longer at any considerable premium. The war
emergency has called for such enormous investments of money that Interest
rates havo risen to borrowors cverywhero.
Federal Farm Loan bonds aro exempt from taxation of ail sorts, but oven
tax-exempt bonds now havo to bo sold at a higher rato of interest than the
market called for threo or four months ago. Tho increaso in this intorost
rato has been from ono-haif of 1% on tho choicest State and municipal
bonds to rates exceeding 7 and 8% for largo industrial and transportation
corporations. Tho farmers of tho United States are now borrowing money
at a lower rate of interest through tho Fedoral Farm Loan System than
any other class o f borrowers in tho country. This Is tho first tlmo in our
history that tho farmers as a class havo boon able to do this, but it is no
longer posslblo for them to obtain quite as low rates as havo recently
obtained.
T im e B e lie v e d O p p o r tu n e .

Tho Farm Loan Board and tho land banks boliovo that it is infinitely
better to advance the interest rato to tho farmors now than to fail to moot tho
needs of the farmers by sticking to an interest rate so low that while it mot
the conditions o f six months ago, it does not meet the conditions of to-day.
Through the Federal Farm Loan System tho farmers, as borrowers, aro in
the market for largo sums o f money on a long-timo bond, permanent invest­
ment basis, and they must become used to tho rise and fail of money rates
according to tho fluctuations o f tho market. It has been, is now, and
always will bo the desiro of tho Farm Loan Board and tho officers of tho
Federal land banks to get monoy to tho farmors o f tho country at tho lowest
possible rate, and no effort will bo spared to bring that condition about at
all times. It is not posslblo, however, to establish or maintain a rato in
defianco of conditions existing in all the markets of tho world. It Is
hoped that it may soon bo possible to lower tho loaning rate to 6 % , but
whether or not this can be dono depends upon conditions which are beyond
tho control of the banks or of tho Farm Loan Board.
E n a b le s E q u ita b le A d ju s t m e n t.

By establishing a difference o f 1% between tho rato paid on tho bonds
and the rate charged by tho banks a situation is created which will enable
tho banks to adjust tho price o f their bonds to the prevailing money rates.
The situation will bo plain to every farmer who remembers, firot, that tho
banks must borrow tho money before thoy can loan It to tho farmors;
second, that monoy In tho hands of Investors has become so scarce that
higher rates have to be paid than formerly. Tho banks can not yet borrow
money at a rato quite as low as that paid by tho Government. After the
system has boon established for a whilo and investors becomo familiar with

131

THE CHRONICLE

Jan . 12 1918.]

our bonds wo hope that the rates on Farm Loan bonds wdl sink to a point
almost as low as that paid on Government bonds. This has been the ex­
perience in other countries. W o may. however, congratulate ourselves on
the fact that the Federal Farm Loan System has reduced interest rates to
farmers very materially and will always stand between the farmer and the
excessive charges which ho has had to pay in the past as compared with
rates given to other borrowers.

the Federal Reserve Bank of San Francisco for a three-year
term, beginning Jan. 1 1918. A. B. C. Dohrmann has been
re-elected for three years as Class B director.
NET

E A R N IN G S

OF

NEW
SIX F E D E R A L RESERVE B A N K S M A K E
GOVERNM ENT AFTER

M EET IN G

PAYMENT

TO

D IVID E N D S.

The accumulation of a surplus by six Federal Reserve banks
was make known by the Federal Reserve Board on the 4th
inst. As a result a franchise tax of $1,134,234 has been paid
into the Treasury of the United States as follows:
Boston
. . . $75,100 0 0 1
Atlanta . . ................. ....... $40,000 00
New York
.............649,363 571
Richmond........................... 116.471 73
Minneapolis
................. 37,500 00
Chicago_________ _______ 215,799 181

The banks have established on their books a surplus fund
in amounts equal to the sums paid the Government.
As noted last week, when we referred to the payment made
to the Government by the Chicago Federal Reserve Bank
the return to the U. S. Treasury is in accordance with the
provisions of the Federal Reserve Act, which stipulates that
after the payment of cumulative dividends at the rate of 6%
per annum, all net earnings of the Reserve banks shall be
paid to the United States Government as a franchise tax,
excepting that one-half of such net earnings shall be paid
into a surplus fund until it shall amount to 40% of the paidin capital of the bank. The money paid to tho Government
from earnings of the Federal Reserve banks may, in the dis*
crotion of the Secretary of the Treasury, bo applied either
to tho reduction of the outstanding bonded indebtedness
of the United States, or be used to supplement the gold
reserve held against outstanding United States notes. All
of the six banks named above have paid all necessary ex­
penses and dividends to stockholders.
CHECKS ON N E W
A V A ILA B L E

YORK B A N K S N OT I M M E D IA T E L Y

BY

R IC H M O N D

RESERVE

BANK

MEMBERS.

FEDERAL

RESERVE

BANK

OF

Y O R K FOR H A L F - Y E A R .

Estimated net earnings of $2,980,000 from July 1 1917
to Dec. 1 1917 are reported by the Federal Reserve Bank of
New York. With its profit and loss account of $340,000
and a profit of $11,000 realized through the sale of rupees,
the Bank had an aggregate of $3,332,000 out of which to
meet disbursements. After the various deductions totaling
$994,000 it had available for distribution $2,338,000. The
dividend declared on Dec. 27 at the rate of 6 % for the twoyear period from Jan. 1 1916 to Dec. 31 1917 absorbed
$1,460,000, leaving an excess over requirements of $878,000.
The six months’ profits just reported compare with a profit
and loss account for tho year to Jan. 1 1917 of $163,063 and
a deficit on Jan. 1 1916 of $111 22. The following is the
statement made public by the Bank on Jan. 4:
E s t i m a t e d N e t E a r n i n g s t o D e c e m b e r 31 1917.
Gross earnings from July 1 1917 to close Dec. 10 1917----------------$3,000,000
Average daily gross earnings estimated— 21 days at $35,000--735,000

________ $3,735,000

Total gross earnings------------------------- - - - D ed u ct—

.$564,000
. 125,000
. 65,000
-------------

Current expense to close Dec. 10 1917------Estimated expense Dec. 11 to Doc. 31 1917
Net loss on transit operation for year---------

754,000

Estimated net earnings to Dec. 31 1917...................... ............. $2,981,000
Add—

Profit and loss account______________________________ $340,000
Our share o f profit on sale rupees, 40% o f $27,580------ 11,000

on

nnn

$3,332,000
Reserve for cost o f destruction Federal Reserve notes..
Reserve for depreciation o f bonds— 16% on 3% Vnited
States bonds--------------------------------------------------------Reserve for liability to purchase U. S. 1-year notes-----Reserve for lease cancellation------------------------------------Reserve for cost o f unissued Federal Reserve notes-----Reserve for contingent losses------------------------ 1-----------

$15,000
208,000
7
5,000
666,000
100,000

Members of the Federal Reserve Bank of Richmond were
994.000
recently advised by the Bank that beginning Jan. 2 checks
and drafts on New York City banks received for accounts
Available for distribution........................................................ ' " , 2 '3?5 ,S22
of member banks would not become available as reservo Dividend requirements to Jan. 1 1918------------------------------------- 1,460,000
until one day aftor receipt, and hence must not be included
Excess over requirements---------------------------------------------------- $878,000
among cash items immediately available. The following is
the circular issued by the Bank:
FEDERAL RESERVE BAN K OF R IC H M O N D , FIFTH D IST R IC T .
D e c e m b e r 20 1917.

R E AP PO IN TM E N TS IN

FED ERAL RESERVE B A N K

C H IC A G O — N E W

OF

D IRE CTO R.

R e v is io n o f T im e S c h e d u le .

William A. Heath has been redesignated as Chairman of
the board and Federal Reserve Agent for the year 1918,
and James B. Forgan, Chairman of the board of the First
n o t b ec o m e a v a ila b le a s r e s e r v e u n ti l o n e d a y a fte r r e c e ip t.
Please take notlco that such checks mailed to reach us on and after National Bank of Chicago, has been reappointed a member
Jan. 2 must not be Included among your cash items for immediate avail
of the Federal Advisory Council, an honor he has held since
ability.
~
From the beginning o f operation o f the now collection system, which the bank’s organization in 1914. The Federal Reserve
was put into effect on July 15 1916, wo havo received from all member Board has announced the appointment of James Simpson
banks o u t s i d e o f t h e c i t y o f R i c h m o n d checks and drafts on Now York City of Marshall Field & Co. of Chicago as a Class C director
banks for immediate availability at par. This exception to the general
rule o f deferred avllability applied to all items in process of collection was for a term of three years of the Chicago Federal Reserve
mado for tho purpose o f enabling such member banks to use to tho fullest Bank. Mr. Simpson succeeds W . F. McLallen, who re­
advantage their balances with Now York correspondents, which then mains as Secretary and Assistant Federal Reserve Agent.
T o th e M e m b e r s o f th e F e d e r a l R e s e r v e D a n k o f R ic h m o n d :

This is to advise you that on and after Jan. 2 1918 chocks and drafts
on New York City banks received for tho accounts of member banks w i l l

counted as reserve,

p e n d in g th e tr a n s f e r o f a l l le g a l r e q u ir e d r e s e r v e s to th e

This having been long since accomplished, checks
and drafts on New York City banks will be received on and after Jan. 2
1918 as other out-of-town chocks and drafts are received, and will bo avail­
able as reserve only after the lapse of the time required to roach their des­
tination when forwarded by this Bank.
With this exception, tho time schedule heretofore in effect will remain
in operation until further notice.
Respectfully,
GEORGE J. SEAY, G o v e r n o r .

F ed era l R eserve D ank.

STAMP

TAX

ON

DRAFTS.

Attention to tho following statement of the Richmond
Collector of Internal Rovenuo with reference to the stamp
tax on drafts is called by the Federal Reserve Bank of Rich­
mond under dato of Dec. 26:
In regard to your Inquiry arising under tho Act o f Oct. 3 1917 relative
to the Stamp Tax on drafts, you aro advised that a draft dated prior to
Dec. 1 1917.
accepted on or after that date is subject to tax under
Schedule A, Act of Oct. 3 1917, if acceptance is necessary to complete tho
issue o f such draft. Drafts drawn payable on “ arrival o f shipment" are
^D rafts^ raw n at sight, or on demand, with instructions on bill o f lading
or other lmstrument attached to the draft to hold until “ arrival of ship­
ment” aro not taxable.

R

P.

SHERER

V IC E -D IR E C T O R

M IN N E S O T A

WAR

SA V IN G S C O M M IT T E E .

R. P. Sherer, Vice-President of the Northwestern Trust
Co. of St. Paul has resigned to accept the position of Vice­
Director Minnesota War Savings Committee. He has
volunteered his services to assist in the organization of the
State for War Savings.
LEVI

L.

RUE

R E -E L E C T E D

MEMBER

OF

THE

AD­

V IS O R Y C O U N C IL jO F F E D E R A L R E S E R V E B O A R D .

Levi L. Rue, President of the Philadelphia (Pa.) National
Bank, has been re-elected a member of the Federal Ad­
visory Council of the Federal Reserve Board to represent
the Federal Reserve Bank of Philadelphia.
NEW

ASSISTA N T
BANK

C ASH IER
OF

OF

FEDERAL

RESERVE

P H IL A D E L P H IA .

W . J. Davis has been appointed an Assistant Cashier of
the Federal Reserve Bank of Philadelphia, Pa. Mr. Davis,
whose appointment has been made because of the rapid
S A N F R A N C IS C O F E D E R A L R E S E R V E B A N K .
J. E. Fishburn, President of the Merchants National Bank growth in the bank’s business, has been connected with the
of Los Angeles, Cal., has boon elected a Class A director of Philadelphia Reserve Bank’s Liberty Loan Department.
J. E . F I S H B U R N E L E C T E D A S C L A S S A




D IR E C T O R OF

132
O H IO

THE CHRONICLE

BANK

HEAD

REQUESTS

C O N SID E R E N T R A N C E
AT

ANNUAL

STATE

BANKS

TO

TO R E S E R V E S Y S T E M

STATE OF OHIO.
Department of Banks and Banking.
Columbus, Jan. 2 1918.
To the Bank Addressed:
The question of membership in the Federal Reserve system is again
directed to your attention; and it is requested that this subject be brought
up for consideration at the annual meeting.
State banks entering tho system have all the rights and privileges they
now enjoy under the State laws in addition to the right and power to do
everything required o f or granted by Federal Reserve Act to member
banks which are organized under State laws. Compliance with the reservo
requirements o f tho Federal Reserve Act is accepted in lieu o f the require­
ments o f the State laws. Examinations mado by the State Banking De­
partment are accepted by the Federal Reserve authorities. State banks
effecting memberships do not surrender their statutory rights.
The financial resources o f the country must be mobilized and conserved
in order that tho monetary system may be adequate to meet all the re
quirements o f tho Government in conducting the war and be responsiv
to all conditions that may arise from time to time during tho war and in
the period o f readjustment which will follow. This necessary condition
can bo best accomplished through membership of State banks in tho Fed
oral Reserve system, and the resultant pooling o f tho greater part of tho
gold holdings o f the country in the Federal Reserve banks.
We strongly urge all eligible banks to becomo members o f the Federa
Reserve system. Such membership will strengthen the financial position!
of your Institution and at tho same time aid in perfecting tho financial
system of tho country.
Respectfully,
PH ILIP C. BERG, Superintendent of Banks

OF

N A T IO N A L

PASSED

ALL

BANKS

NOV

20

SUR­

P R E V IO U S RECORDS.

In making known that the national banks under the call
of Nov. 20 had surpassed all previous records with resources
of eighteen and a half billion dollars, Comptroller of the Cur­
rency John Skelton Williams issued the following statement
on Jan. 9:
Tho resources o f tho national banks o f the United States have risen to
now high levels and have again broken all previous records.
The reports o f the 7,556 national banks as o f N ov. 20 1917, the com­
pilation o f which has just been completed, show total resources o f 18 553
million dollars.
This is an increase over tho figures o f Nov. 17 1916 o f 3,033 million dol­
lars, and an increase over Sept. 11 1917— the greatest which had been re­
ported up to that time— o f 2,009 million dollars.
Thcso resources exceed by more than 500 million dollars the total re­
sources o f all State banks (doing a commercial business), all private banks
and all trust companies in the United States as o f June 20 1917__the
latest dato for which State bank returns have been compiled— including
also tho total resources at that time o f the twelve Federal Reservo banks. °
Total deposits on N ov. 20 1917 amounted to 14,798 million dollars
This was an increase over Nov. 17 1916 of 2,309 million dollars and an
increase as compared with Sept. 11 1917 o f 1,564 million dollars.
Of the 1,564 millions increaso in deposits since Sept. 11 1917, 641 mil­
lions was with the national banks o f tho Central Reserve cities; 446 mil­
lions with the national banks in other Reserve cities, and 477 millions with
the country banks.
Tho only States whose banks showed no increaso between the Septem­
ber and November calls were Maine, Illinois, Michigan, Iowa and Ne­
braska.
The State in which the banks outside tho Reservo cities showed the
largest increaso was Texas, whose increaso was 83 million dollars The
next largest increase was in Oklahoma o f 45 million dollars. Tho country
banks in New York State Increased 40'imillion dollars. Tho next largest
increases were in New Jersey and North Carolina o f 22 millions each
followed by Arkansas with 19 millions; South Carolina and California with
18 millions each, and Massachusetts and Pennsylvania with 17 millions
each. These figures indicate that the growth in deposits in our national
banks is wide and general, and not confined to any particular section or
locality.
Loans and discounts on N ov. 20 1917, amounted to 9,535 million dolJars.
This was an increaso o f 1,189 million dollars as compared with Nov.
17, the previous year, and an increaso as compared with Sept. 11 1917 of
480 million dollars.




Tho proportion o f loans and discounts to total deposits on Nov. 20 1917,
was only 64.43%, as against tho proportion o f loans and discounts to dor ; - o n N ov. 17 1916 of 66.83%, and as compared with 68.42% on Sept.

M EET IN G .

The Ohio State banking institutions are again urged by
the State Superintendent of Banks, Philip C. Berg, to be­
come members of the Federal Reserve system; in his latest
communication (dated Jan. 2) to the banks under his super­
vision, in which he sought to impress upon them the de­
sirability of entering the Federal Reserve system, Mr. Berg
requested that the subject be brought up at their annual
meetings. In his previous circular, issued under date of
Oct. 19, Superintendent Berg called attention to President
Wilson’s desire that all banks eligible should affiliate them­
selves with the Federal Reserve system, and pointed out
that under the provisions of the Ohio law, a bank or trust
company becoming a member of the Reserve system “can
comply with the provisions of the Federal Reserve Act,
and the maintenance of the reserve required under the Fed­
eral Reserve Act by such member banks is accepted in lieu
of the State requirements.” Mr. Berg furthermore stated
that “ the Federal Reserve Board has ruled that the exami­
nations made by the State Banking Department of Ohio will
be accepted by the Federal Reserve Bank in lieu of examina­
tions made by direction of the Federal authorities. His
circular of Jan. 2 follows:

RESOURCES

[V o l . 106.

Cash in vaults and duo from Federal Resorvo banks, including items in
process o f collection, on Nov. 20 1917 amounted to 1,759 million dollars
™ith 1-r 7 million dollars on Nov. 17 1916 and as compared’
M
with 1,666 millions on Sept. 11 1917.
United States bonds and certificates o f indebtedness, including Liberty
Bonds held by national banks N ov. 20 1917, amounted to 2,345 million
dollars, an increase as compared with Sept. 11 1917 of 1,195 million dol­
lars. The increaso was very largely represented by Government short
term certificates of indebtedness— a largo proportion o f which havo been
paid off since N ov. 20 1917.
Bills payable and rediscounts Nov. 20 1917, amounted to 600 million
dollars, an increaso over Nov. 17 1916 o f 526 million dollars, and an increase
over Sept. 11 1917 of 314 million dollars. This increase is mainly explained
by temporary loans mad9 with Federal Reserve banks in connection with
the Second Liberty Loan, which since Nov. 20 havo been largely paid.
Bonds, securities, &c., other than Government bonds amounted Nov.
20 1917 to 1,906 million dollars, an increaso since Nov. 17 1916 o f 196
million dollars and an increaso over Sept. 11 1917 o f 43 million dollars,
o £ « , , ! : sl,D)' us and undivided profits on Nov. 20 1917 amounted to
2,236 million dollars, an increase over Nov. 17 1916 o f 93 million dollars.
D E T A IL S R E L A T IN G

TO D E P O S I T S C A R R I E D

BY

R A I L R O A D S C A L L E D FOR U N D E R N A T I O N A L
B A N K C A L L O F D E C . 31.
Under the call issued this week by Comptroller of the
Curroney Williams for figures of condition from tho National
banks under date of Dee. 31, itemized reports on deposits
carried by railroads, street or electric railways and steam­
boat companies are required. These items, included in the
report form for the first time, are intended, it is said, to
furnish valuable information to the Government Railroad
Administration and to Treasury officials in determining the
financial needs of the national in preparation for tho next
Liberty Loan. Another new feature of the roports will be
figures on amount of Liberty bonds held by tho banks,
loans made on security of the bonds and interest rates on
theso loans. This, also, will assist officials in arranging for
the next loan. In calling attention to the changes in the
report Comptroller Williams has addressed the following
circular to the banks. Schedule 31 above calls for the follow­
ing details respecting Deposit Balances of Railroad and
Street Railway Companies:

Comptroller of tho Currency.
TREASURY DEPARTM ENT.
,
Washington, Jan. 3 1918.
1 loro aro enclosed threo blank reports of condition and two publishers
certificates to bo used at the time of tho next call for a statement of tho
condition of your bank.
Your attention is called to tho following changes in tills report, and you
aro requested to uso special care to seo that the items mentioned aro properly
reported.
* 1 *
ON FACE OF REPORT.
Liabilities.
« e“ N °- d^b. United States Deposits, War Savings Certificate and
thrift Stamp Deposit Account.” In this item should bo ontored the
proceeds of salo of War Savings certificate stamps and Thrift stamps,
held for accoimt of tho Federal Reserve Bank of tho District in which tho
reporting bank is located.
SCHEDULES.
Nos. 10 and 12 aro optional with the bank on this call.
No. 28. Special attention is directed to this schedulo. Ploaso ontor
under tho various headings in the schedulo all borrowings to which roforonco
is mado.
No. 30. This schedule is self-explanatory.
No. 31. “ Deposit Balances of Railroad and Street Railway Comapnios "
I loaso read this schedule carefully and furnish the information, as called
for therein, accurately. Item C calls for balances of steamship and steam­
boat companies, although the heading speaks only of railroad and stroot
railway companies.
Respectfully,
JNO. SKELTON W ILLIAMS, Comptroller

Schedulo 31 above calls for the following details respect­
ing deposit balances of Railroad and Street Railway Com­
panies:
(а) Deposit balances carried with this bank by railroad companies
(steam) on tho date for which this report is mado.
(б) Deposit balances carried with this bank by streot or electric railway
companies (including balances carried by public utility conrporations which
control or operate street railways) on tho dato for which this report is made
(c)
Deposit balances carried with this bank by stoamship and steam­
boat companies, and transportation companies other than those covorcd
a and “ b” on tho date for which this report is mado (exclusive, howovor,
of taxicab and local parcel delivery and drayago concerns).

Schedule 30 deals with Liberty Loan bonds and calls for
the following information:
(а) Net amount of 3>£% Liberty bonds owned by this bank onTthis
date.
(б) Net amount of 4% Liberty bonds owned by this bank on this date.
(c) Amont o f 33-4 % an d 4 % L ib e r t y b o n d s h old b y this b a n k as co lla te ra l

fo r loan s.

(d) Amount of money loaned by this bank on tho security of 3 U % and
4% Liberty bonds.
(e) What is tho highest rate of interest this bank is charging,’ either as
discount or interest, on any loan secured by 3>S % or 4% Liberty bonds.
(/) What approximately is tho average rate of interest or discount this
bank is charging on such loans?

Schedule 28 concerns obligations representing money
borrowed by the bank and the points on whioh information
is asked are:

Ja n . 12 1918.]

1. Kills payable, to whom Issued.
2. A m ount.
3. A m ount o f certificates o f deposit issued for m oney borrowed.
4. A m ount borrow ed b y officer or directors o f banks on their personal
obligations secured b y assets o f this bank, or upon which loans this bank
pays interest.
5. A m ount o f bills receivable rediscounted for bank’s benefit without
recourso on bank but w ith indorsement or othor guarantee o f officer or
director o f bank.
6. A m ount o f notes or securities pledged, or sold with agreement to re ­
purchase.
7. R ato o f interest.

Schedule N o . 10 calls for the number of loans and discounts
since the last statement and Schedule 12 deals with paper
eligible for rediscount with Federal Reserve banks. A
notice at the foot of the blank reads as follows with regard to
reporting item N o . 21 in tho return (interest earned but not
collected— approximate— on notes and bills receivable not
past due) and item N o . 26 (interest and discount collected
or credited in advance of maturity and not earned approxi­
mate):
A s it has been the custom o f m any national banks to credit discounts as
collected directly to profits, and to credit profits with accruing interest
only after actual collection, it has been thought proper to give tho banks a
reasonable time to make tho adjustments which will be required in order to
report accurately. Items 21 and 26. Therefore, national banks m ay excerise
their discretion" on this call as to including these items in this report of
condition. Banks will, however, be required to report these items correctly
later on when they shall liavo had a reasonable opportunity to adjust their
books to show these items accurately, and shall receive m ore explicit
directions to this end.”

CHANGES IN

NATIONAL B AN K RETURN
CALL OF NOVEMBER 20.

UNDER

W e referred in our issue of D ec. 1 to the permission
given by Comptroller of the Currency John Skelton Williams
to omit certain items in the making of returns by national
banks under the call of N ov . 20. The items (numbered 21
and 26 in the blank form on which the banks roport) were
the same items which it is left optional with the banks to
report under the call of Dec. 31, namely: “ interest earned
but not collected— approximate” and “ interest and discount
collected but not earned— approximate.” W ith the issu­
ance of tho N o v . 20 call tho Comptroller sent tho following
letter to the banks calling attention to tho changes in the
form of that report:
Com ptroller o f tho Currency.
TREASURY DEPARTM ENT
W ashington
Nqtcmber 18 1917.
To the Cashier:
T here are enclosed threo blank reports o f condition and tw o publisher's
certificates to be used at tho tim e o f tho noxt call for a statement o f tho
condition o f your bank.
Y ou r attention is called to the follow ing changes in this report, and you
are requested to use special caro to see that the items mentioned are
properly reported.
O N F A C E OF R E P O R T .
.
Resources.
.
Item N o. 6. L iberty Loan bonds o f tho 314 % and 4 % issues are com ­
bined, those pledged to socuro. U nited States and other deposits and those
unpledged being shown in separate item s. In filling in this item paym ents
m ade on account o f tho ban k’s subscription to bonds o f tho Second Liberty
Loan should bo included.
Item N o . 21. “ Interest earned b u t not collected— approxim ate.” In
this item should bo shown tho approxim ate am ount o f interest accrued
upon loans up to the date for w hich report is rendered, but not yet collected
b y tho bank.
Liabilities.
Item N o. 26. “ Interest and discount collected b u t not earned— approxi­
m ate.” In this item should be shown tho approxim ate am ount o f interest
or discount which has been collected b y tho bank upon loans and credited
to profit accou nt, but which had not actually accrued upon such loans and
investments at tho tim e o f tho report.
Item N o. 45. Under U nited States deposits tho “ W ar Loan D eposit
A cco u n t" has been separated from other G overnm ent deposits, only the
total o f tho tw o, how ever, being extondod. T ho W ar Loan Deposit A ccoun t
represents deposits mado through tho Federal Iteservo banks, as fiscal
agents o f the United States, o f tho proceeds o f bonds o f tho Second L iberty
Loan and o f Certificates o f Indebtedness o f the U nited States issued under
tho A ct o f Congress approved Septem ber 24 1917.
SCH EDU LES.
N o . 9. T o this schedule has been added an item calling for tho amount
o f m onoy loaned on tho security o f warehouse and terminal receipts for
wheat and other grains.
N os. 10 and 12. T ho filling in o f which has been optional on several
previous reports aro obligatory in the caso o f this report..
N o . 22. Relating to foreign business, is solf-oxplanatory.
N o . 30. “ Subscription to bonds o f tho Second Liberty L oa n ,” is self­
explanatory, as is, also,
j l o . 31. “ Loans mado on security o f Liberty Loan B on d s.” It should
bolnoted that in this schedule a distinction is m ado between tho amount
o f m onoy loaned on tho security o f L iberty bonds and tho faco valuo o f tho
bonds upon the security o f which tho loans are m ado.
Schedules N os. 30 and 31 should bo read with particular caro and tho
inform ation called for prepared accurately.
R espectfully,
J N O . S K E L T O N W IL L IA M S , Comptroller.

Tho items 10 and 12 referred to in tho above under
“ Schedules” related respectively to the “ number of loans and
discounts mado since last statement,” and “ eligible paperloans eligible for rediscount with Federal Reserve Bank—




133

THE CHRONICLE

approximate.” Under N o . 22 , concerning “ Foreign Busi­
ness,” information was called for on the questions (o) Does
your bank maintain and operate a foreign department” ?
and (6) “ In what foreign countries, if any, have you direct
banking connections upon whom you draw drafts or bills
of exchange or who draw upon you” ? Under items N os.
30 and 31, dealing with “ Subscriptions to Bonds of the
Second Liberty Loan,” and “ Loans M ade on Security of
Liberty Loan Bonds,” the banks were required to furnish
information as follows:
(30) S U B S C R IP T IO N S T O B O N D S OF T H E S E C O N D L I B E R T Y
LOAN.
Number
o f Sub­
scribers.

Am ount.

a Liberty 4 % B ond subscriptions received
b y or through this bank (including this
bank’s own subscription), which sub­
scriptions were all forw arded b y this
bank to the Federal Reserve bank o f this
S.
t> A m ount allotted b y the Treasury to sub­
scribers referred to in above item “ A ” ._
c L iberty 4 % B ond subscriptions which
were received b y or through this ban k ,
but which were not sent b y this bank
directly to tho Federal Reserve bank, but
were forwarded through some other bank

.

g ____

s ..........
d A m ount allotted b y the Treasury to sub­
scribers referred to in above item “ C ” _ .
e Subscriptions for Liberty 4 % Bonds
which were received b y or through this
bank and which were not forw arded b y
this bank, but were kept for tho purpose
o f reducing the subscript ion m ade b y this
bank in its own name, or for the purpose
o f reducing other subscriptions sent for-

s _ ___

f Subscription to L iberty 4 % Bonds made
b y tliis bank fo r its own account after de­
ducting from the am ount o f subscription
m ade in this bank’s name tho amount o f
subscriptions received b y this bank from
its customers or the public, which were
not forwarded, but were kept b y this
bank for the purpose o f reducing its lia­
bility on the bank’s own subscription—
g N et am ount o f allotted L iberty 4 %
Bonds retained b y this bank for its own
account over and above all bonds which
it m ay have disposed o f or mado agree­
ments to dispose o f on partial paym ent

$

$ ..........
h Resources o f this bank on date o f this
call, as shown on face o f this rep ort-----i Percentage to total resources o f all sub­
scriptions received and forw arded b y this
bank for itself, its custom ers, and the
public (Items “ A ” and “ C ” ) ___________

s

(31) LO A N S M A D E O N S E C U R IT Y OF L I B E R T Y L O A N B O N D S .
a W hat am ount o f 3 14% L iberty Bonds is this bank
s _____
b W hat am ount o f m oney is this bank now lending
S

- -

c W hat is the am ount, approxim ately, o f 4 % L iberty
Bonds upon which this bank has agreed to lend add W hat am ount o f m oney, approxim ately, has this
bank agreed to lend on tho security o f 4 % L iberty
s _____
e W hat is the highest rato o f interest this bank is charging,
either as discount or interest, on any loan secured b y 3 ) 4 %
or 4 % Liberty B o n d s?________________________________________
______ %
f "What is the average rate o f interest or discount this bank is
charging on such lo a n s?______________________________________. -------- - - %

ROBERT R. FORGAN TO ASSIST WAR CREDITS BOARD.
Robert R . Forgan, Vice-President of the National C ity
Bank of Chicago, 111., is another of the many prominent
bankers of the country who have entered the service of the
Government. M r . Forgan has been granted a leave of
absence from the National City Bank, to go to Washington,
where he will assist in the work of the W ar Credits Board.

ILLINOIS “ BLUE S K Y ” L A W RULING.
Louis L . Emmerson, Secretary of State of Illinois, approved
on D ec. 10 all securities listed or dealt in upon organized
stock exchanges in Boston, N ew York and Chicago and the
organized curbs in connection with these exchanges. This
action was made necessary under the “ blue sky” law enacted
in 1917 by the Illinois Legislature, and which became ef­
fective on Jan. 1, intended to prevent fraudulent dealings
in securities by requiring the seller of securities, whether he
be dealer or issuer, to procure a license and furnish the in­
formation concerning the issuer which is usually required
in such laws. This ruling of the Secretary of State has the

13 4

THE CHRONICLE

effect of exempting from tho. operation of the Act all persons
dealing exclusively in securities listed or dealt in upon the
exchanges mentioned above. The ruling follows:

[V ol . 106.

appointed by the Secretary o f tho Treasury and instructing tho Com m is­
sioner o f Internal Revenuo to enforce tho interpretation given b y tho board
as against the law passed b y Congress. In this 1 am not finding fault with
the wisdom o f the advisory board's conclusions, but I call attention to this
B y virtue o f the pow er invested in m e b y Paragraph (d) o f Section 3 o f new form o f legislation, which I consider a very unwise procedure. W hat
" A n A ct to prevent fraud in tho sale and disposition o f stocks, bonds, or tho courts will have to say regarding this administrative legislation I have
other securities, sold or offered for sale within tho State o f Illinois, b y any no d ou b t, but I d o know that there will follow endless litigation for tho
dealer, firm , com pany, association or corporation, foreign or dom estic, b y
Governm ent and the people.
reejuiring an inspection o f such stocks, bonds, or other securities and an
T he amendment makes no cliango in tho normal rato o f 2 % upon all
inspection o f tho business o f such persons, firm s, com panies, associations net incomes o f individuals, but it consolidates tho surtax ratos Imposed by
o r corporations, including dealers and agents, and such regulation and
tho A cts o f Sept. 8 1916 and O ct. 3 1917. It does away with the two
supervision o f the business o f said persons, firm s, com panies, associations, different amounts o f exemptions on individual net incom es, as provided
or corporations, including dealers and agents, as m ay bo necessary to under existing laws, and allows tho sum o f 81,000 exemption plus 81,000
prevent fraud in the sale within the State, o f any stocks, bonds, or other additional if tho person making tho return bo tho head o f a fam ily or a
securities, and providing penalties for tho violation th ereof,” (filed Juno 29 married man with a wife living witii him , or plus the sum o f 81,000 a d d i­
1917), I have this day approved the Chicago Stock Exchange, the N ew tional if tho person making tho return be a married woman with a husband
Y o rk Stock E xchange, tho B oston Stock E xchange, and the organized
living with her, and also provides that if tho porson making tho return is
Curbs in connection with each o f said exchanges.
tho head o f a family thero shall bo an additional exem ption o f 8200 for each
Given under m y hand this 10th day o f D ecem ber, A . D ., 1917.
child dependent upon such person if under 18 years o f age or if incapable o f
LO U IS L . E M M E R S O N ,
self-support because m entally or physically defective, but this provision
Secretary o f State.
shall operato only in the case o f one parent in the samo fam ily. It also
In these columns on D ec. 8 last wo published an article adds a provision allowing a deduction for amounts paid to individual part­
ners as reasonable salaries or com pensation for personal servicos actually
by Lester H . Washburn of Reed, M cC ook & H oyt, attorneys, rendered during the taxable year, but in no case shall such salaries or com ­
pensation be in excess o f the salaries or com pensation custom arily paid for
of New York, commenting upon Illinois’s new law.
similar services under like responsibilities by corporations engaged in like
or similar trades or businesses. It does not provido a higher rato o f taxa­
tion upon unearned incomes than upon earned incomes, as I d o not think
it wise to inject this question in to the legislation at this time, as the amend­
SMOOT BILL REVISING WAR REVENUE ACT.
ment ought to be passed at as early a date as possible and could bo passed
before the end o f this m onth if the administration would approve it. I
A bill materially amending the existing W ar Revenue
principle o f taxing unearned incomes at a higher rato than
A ct and intended to make clearer the incomo tax require­ believe in tho es.
earned incom
ments was introduced in the Senate by Senator Reed Smoot
Instead o f the different normal taxes imposed under existing revenuo
(Republican and member of tho Senate Committee on A cts amounting to 6% upon tho total net Incomo o f all corporations, the
amendment levies a straight tax o f 8 % upon tho net Incomo of all corpora­
Finance) on Jan. 5 . The confusion created by the taxing tions except those whoso net incom e is less than 32,000. This 8 % tax is
system carried in the Act of Sept. 8 1916, that of March 7 not imposed upon individuals or partnerships, thus equalizing tho incom o
1917 and Oct. 3 1917 prompted the drafting of the proposed tax required to bo paid by an individual or an individual partner engaged in
business as com pared with the incom e tax Imposed upon tho stockholders
legislation by Senator Smoot; the new bill would repeal o f a corporation. This 8 % rate on corporations will raise 8180,000,000
Title I of the Act of Sept. 8 1916, the income tax; Title III ovei and above tho amount that tho 6% rato under existing laws will yield;
of the same A ct, munition manufacturers’ tax; Title II of or, in other words, the amendment will provido a revenuo to tho G overn­
m ent o f 8715,000,000 on corporaticn Incomes in i>laco o f 8535,000,000
the A ct of March 3 1917, tho excess profits tax; Title I under existing laws.
T he greater changes provided for in tho amendment to the existing laws
of the Act of Oct. 3 1917, tho war income tax; Title II of
the same A ct, tho war excess profits tax; Title X I I of the will be found in T itle 2, designated in tho A ct o f O ct. 3 1917, as. "w ar
excess p rofits tax” and in m y amendment as “ war profits t a x .” Under
same A ct, the income tax amendments, and sections 1101 this title the amendment only taxes tho war profits and at graduated rates
that I will hereafter naino. Under this title the pre-war period means
to 1106, inclusive, of tho same A ct, tho provisions creating
a zone system and increasing postal rates on second class the three years o f tho calendar years 1909, 1910, 1911, 1912 and 1913 re­
maining after the exclusion o f the tw o calendar years in which the not
mail matter. The bill apparently imposes only one normal incom e o f the trade or business was, respectively, the greatest and tho least.
tax of 2 % on individuals instead of the present two separate These five years taken as tho pre-war period will result in a m uch fairer
normal incom e o f all classes o f business than the three years— 1911, 1912
normal taxes of 2 % each. It consolidates, however, tho and 1913— provided in existing laws. Taking tho five years as provided
surtaxes imposed under the Acts of Sept. 8 1916 and Oct. in the amendment will eliminate practically all, if n ot all, claims o f d is ­
3 1917. Instead of the different normal taxes imposed crim ination against subnormal businesses, and it certainly will prevent a
just claim o f discrimination being m ade that the incom e from any ono
under the existing Acts amounting to 6 % upon the total not class o f business (luring tho five years was subnormal as proved to bo the
Income of all corporations, the Smoot billl evies a straight case in a few classes o f business taking tho normal earnings o f the threo
Hetax of 8 % upon the net incomo of all corporations except years periods provided in tho A ct o f O ct. 3 1917.
Again, if a corporation or partnership was not in existence or an indi­
those whose net income is less than $2,000. “ This tax ,” vidual was not engaged in trade or business during tho whole o f each o f
says Senator Smoot, “ is not imposed upon individuals or such five calendar years, but was in existence or engaged in trade or busi­
partnerships, thus equalizing the income tax required to be ness during the whole o f four o f such calendar years, tho term means tho
two o f such four years remaining after a like exclusion; and if a corporation
paid by an individual or an individual partner engaged in or partnership was not in existence or an Individual was not engaged in
trade or business during the wliolo o f each o f four o f such calendar years,
business as compared with the incomo tax imposed upon tho
stockholder of tho corporation.” The greatest change in tho term means as many o f such calendar years during tho wliolo o f which
the corporation or partnership was in existence or tho individual was
the proposed legislation relates to the war excess profits tax engaged in trade or business.
T he war profits tax as provided in tho amendment dooq not apply to
provisions carried in tho Act of Oct. 3 1917. M r . Smoot
corporations which are exempt from incom e taxes. These are------would levy graduated taxes calculated on a five-year pre-war
First. Labor, agricultural, or horticultural organizations;
period instead of the three-year pre-war period provided for
Second. M utual savings bank not having a capital stock represented b y
shares;
in existing law, and would have graded rates of taxes based
Third. Fraternal beneficiary society, order, or association, operating
upon the excess profits themselves instead of graded accord­ under tho lodge system or for tho exclusive benefit o f tho members o f a
ing to the rate of return upon tho capital invested. Senator fraternity itself operating under tho lodgo system , and providing for the
Smoot’s statement explaining tho provisions of his bill paym ent o f life, sick, accident, or other benefits to tho members o f such
society, order, or association or their dependents;
follows:
Fourth. D om estic building and loan association and co-operative banks
I have yet to discuss tho Revenue A ct o f O ct. 3 1917, with a person who without capital stock organized and operated for mutual purposes and
understands just what the A ct means, and taken in connection with tho without p rofit;
A ct o f Sept. 8 1916 and tho A ct o f M arch 3 1917, it is useless to think that
Fifth. C em etery com pany owned and operated exclusively for tho
a uniform tax return by individuals, partnerships or corporations can be benefit o f its m embers;
m ade. 1 have yet to find any tw o persons, professionally or otherwise,
Sixth. Corporation or association organized and operated cxclusirly
who interpret the revenuo A cts alike. A am positive there are but few for religious, charitablo, scientific, or educational purposes, no part o f tho
w ho will not freely adm it that tho A ct o f O ct. 3 1917 should be amended. net incom e o f which inures to the benefit o f any private stockholder or indi­
N o t o n ly is it unworkable but the taxos imposed are unscientific and vidual ;
discrim inatory.
Seventh. Business leaguo, cham ber o f com m erco, or board o f trade, not
M y proposed amendment repeals T itle 1 o f tho A ct o f Sept. 8 1916, tho organized for profit and no part o f tho net incom o o f which inures to the
incom o tax; T itle 3 o f the same A ct, m unition manufacturers’ tax; T itle 2 benefit o f any private stockholder or individual;
o f the A ct o f M arch 3 1917, the excess profits tax; Title 1 o f tho A ct o f
Eighth. C ivic league or organization not organized for p rofit but oper­
O ct. 3 1917 tho war Income tax; T itle 2 o f tho same A ct, tho war excess ated exclusively for tho proniotioh o f social welfare;
profits tax; T itle 12 o f tho same A ct, the incom e tax amendments; and
N inth. Club organized and operated exclusively for pleasure, recreation,
Sections 1101 to 1106, inclusive, o f tho sarno A ct, the jirovisions creating and other nou-profitable purposes, no part o f the net income o f whicli
a zone system and increasing postal rates on second class mail m atter.
inures to tho benefit o f any private stockholder or m ember;
The amendment provides a taxing system that any ordinary business
T enth. Farmers’ or other mutual hail, cyclono, or fire insurance com ­
man or individual can understand and will have no trouble in making out pany, mutual ditch or irrigation com pany, mutual or co-operative tele­
a tax return. E very individual, whether In business as sucli or as a mem­ phone com pany, or like organization o f a purely local character, tho incomo*
ber o f a partnership, is treated alike. E very corporation is taxed upon the o f which consists solely o f assessments, dues and fees collected from m em ­
samo basis, and tho questions o f capital invested, watered stock, and bers for tho sole purpose o f m eeting its expenses;
bonded indebtedness do not enter into the question o f tho amount o f tax
E leventh. Farm ers’ , fruit growers’ , or like association, organized and
to bo imposed. Subnormal business during the pre-war period are treated operated as a sales agent for tho purposo o f marketing the products o f its
on tho same basis as normal businesses o f like and similar character.
members and turning back to them tho proceeds o f sales less the necessary
I f tho amendment becom es a law there will bo no need o f an advisory selling expenses, on the basis o f the quantity o f produco furnished by them;
board to prepare Treasury decisions, such as is the case to-day in the
T w elfth. C orporation or association organized for the exclusive purposo
Treasury D epartm ent, nine o f such decisions having already been rednered o f holding title to p roperty, collecting incom o therefrom , and turning over
and approved by the Secretary o f the Treasury. Treasury Decision 2602 the entire am ount thereof, less expenses, to an organization whicli itself is
shows tho treatm ent under Section 201 o f the A ct o f O ct. 3 1917 o f tho exempt from tho tax imposed by tills title; or
Thirteenth. Federal land banks and national farm loan associations as
deductions authorized by Sections 203, 20-1, 205 or 210. Such a decision is
nothing m ore or less than legislating by interpretation by an advisory board provided in Section 26 o f the A ct approved July 17 1916, entitled “ An A ct




Jan . 12 1918.1

THE CHRONICLE

13 5

to provide capital for agricultural developm ent, to create standard forms GOVERNMENT’S
DEPARTMENTS
COUNSELED TO
o f investment based upon farm m ortgage, to equalize rates o f interest upon
E L IM I N A T E RED TAPE.
farm loans, to furnish a market for United States bonds, to create G overn­
m ent depositaries and financial agents for the United States, and fo r other
Copies of a letter containing an injunction to “ eliminate
purposes.”
Fourteenth. Joint stock land banks as to incom o derived from bonds or red tape,” addressed by Secretary of Commerce Redfield to
debentures o f other join t-stock banks land or any Federal land bank his Bureau chiefs, have, according to the daily papers, been
belonging to such join t-stock land bank.
sent to all executive departments by President W ilson in
(b)
There shall not bo taxed under this title any incom o derived from
The letter said:
any public utility or from the exercise o f any essential governm ental fun c­ furtherance of effecting war time efficiency.
tion accruing to any Stato, Territory or'th e D istrict o f C olum bia, or any
"F orget how things were done before the war eliminate red tape. W e
political subdivision o f a State or Territory, nor any incom o accruing to must learn with the Germans that ‘the war w on ’t w a it.’ D elay Is the
the governm ent o f the Philippine Islands or Porto R ico, or o f any political
Kaiser’s a lly .”
subdivision o f the Philippine Islands or Porto R ico: Provided, T h a t when­
Secretary Redfield is said to have instructed all his bureaus
ever any State. Territory or the D istrict o f Colum bia, or any political
subdivision o f a State or Territory, has, prior to the passage o f this title,
to install machines for stamping on papers the day and hour
entered in good faith into a contract with any person or corporation, the
of receipt so that delay in action may be traced to personal
o b je ct and purpose o f which is to acquire, construct, operate, or maintain
He is refusing to sign documents not so
a public u tility, no tax shall be levied under the prov sions o f this title responsibility.
upon the incom e derived from the operation o f such public utility so far as stamped.
________ ____________________
the paym ent thereof will impose a loss or burden upon such State, Terri­
tory or the D istrict o f Colum bia, or a political subdivision o f a State or
LABOR CALLED UPON BY SAM UEL GOMPERS TO
T erritory; b u t this provision is not intended to confer upon such person
or corporation any financial gain or exem ption or to relievo such person or
CELEBRATE LINCOLN W E E K AS “ LABOR
corporation from the paym ent.of a tax as provided for in this title upon the
LOYALTY W E E K ”
part or portion o f the said incomo to which such person or corporation
shall bo entitled under such contract.
,
.
.
A call to labor to celebrate the week beginning Feb. 10
Fifteenth. C o rp o ra tio n s , partn ersh ips, or individuals the not incom e o f
(the week during which the anniversary of Abraham Lincoln
whose tr a d o o r business fo r th e ta x a b le ; e ,r is less than $2,000.

occurs) as “ Labor Loyalty W eek” was issued by Samuel

N or does it apply to------Gompers as President of the American Alliance for Labor
(1) An office or em ploym ent.
and Democracy on Jan. 4. M r . Gompers requests that the
(2) Agriculture.
(1) A trado or business substantially all tho net incom e o f which is week be devoted to mass meetings and demonstrations for
derived from personal services and in which capital is not a material incom ethe purpose of demonstrating labor’s intense loyalty to Amer­
producing factor.
ica and increasing and intensifying that loyalty. Air.
(4)
The business o f life, health and accident insurance com bined in one
p olicy issued on the weekly premium paym ent plan.
Gompers’s call was made in the following:
.
January 4 1918.
Section 202 o f the amendment provides an additional tax to the taxation
under existing law and under this A ct to bo paid for each taxable year upon To the Members and Local Branches o f the American Alliance fo r Labor and
tho incom e o f every corporation, partnership or individual engaged in
Democracy and to the American Trade Union Movement:
trade or business equal to tho following percentages o f the war p rofits o f
It is fitting that upon every proper occasion the loya lty o f Americans
such trado or business:
.
to our country and our Governm ent should be m ade m anifest, not as a
10% o f the amount o f such war p rofits not in excces o f 10% o f tho pro­ matter o f em pty show, but as a recurring dem onstration o f the solidarity
war profits o f such trade or business (determined as hereinafter p rovid ed ); o f the people o f our nation in this great war.
12M % o f the amount b y which such war profits exceed 10% o f such
T ho anniversary o f tho birth o f Abraham L incoln, tho Great Em anci­
pre-war p rofits and do not exceed 2 0% thereof;
pator, will be m ade the occasion o f nationwide dem onstrations o f patriotic
1 5 % o f tho amount b y which such war profits exceed 2 0% o f such pre­
unity and earnestness. This is fitting.
war profits and d o not exceed 3 0 % thereof;
Because the American Alliance for L abor and D em ocracy was brought
20% o f tho amount b y which such war profits exceed 3 0% o f such pre­ into being to com pletely unite tho workers o f our country in our cou ntry’s
war profits and d o not exceed 4 0% thoreof;
cause and whose patriotic work was indorsed b y the American Federation
25% o f tho amount b y which such war p rofits exceed 4 0 % o f such pre­ o f Labor, it is proper that all join heartily in partaking o f the national
war p rofits and d o n ot exceed 5 0% thereof;
spirit and enthusiasm o f that da y.
.
3 0% o f the am ount by which such war profits oxcced 5 0% o f such pre­
T hat we m ay the m ore thoroughly and effectively demonstrate our
war profits ad d o not exceed 00% thereof;
solidarity and our unity in behalf o f our R epublic, the executive council
40% o f the amount by which such war profits exceed 60% o f such pro­ o f tho American Alliance for Labor and D em ocracy has directed that the
war p rofits and d o not exceed 70% thereof;
week o f L incoln’s birthday be observed as a L oyalty W eek and it is in
5 0% o f the am ount by which such war profits exceed 7 0% o f such pre­ pursuance o f this wise decision that I hereby call upon the working people
o f Am erica to participate in the observance o f the week beginning Sunday,
war protits and do not exceed 80% thereof;
00% o f the amount b y which such war p rofits exceed 8 0% o f such pre­ F eb. 10, as L abor L oyalty W eek, for the purpose o f dem onstrating labor s
intense loyalty to Am erica, for the purpose o f increasing and intensifying
war profits and do not exceed 9 0% thereof;
70% o f the amount by which such war p rofits exceed 90% o f such pre­ that loyalty.
,
.
,
.
.
, .
war profits and do not exceed 100% thoreof; and
It is requested that all local branches o f the American Alliance for Labor
80% o f the amount b y which such war p rofits exceed 100% o f such and D em ocracy in co-operation with all local bodies o f organized labor,
arrange and hold mass meetings and dem onstrations on L incoln’s B irth­
pre-war profits.
W ar profits are ascertained b y deducting tho pre-war profits from the day, Tuesday, Feb. 12 1918, and that th ey distribute patriotic literature
net incom o o f the trado or business for the taxable year and pre-war profits a n d ’ make use o f every opportunity to spread the inspiring message o f
aro tho average annual amount o f the net incom e o f the trado or business A m erica’s aims and ideals am ong their fellow workers and other fellow
during tho pre-war period, plus 8 % o f the amount o f new capital and minus citizens.
'
,
8 % o f the am ount o f capital withdrawn.
Organized workers in com m unities where there is no local branch o f the
T ho estimated rovenue to be derived from this tax will am ount to SI ,­ American Alliance for Labor and D em ocracy should take upon themselves
3 5 1 ,0 5 0 ,0 0 0 , based upon a war p rofit o f S3,300,000,000 for tho year '1917. tho duty o f arranging mass meetings and dem onstrations for L oyalty W eek,
The amount raised under each bracket is estim ated as follow s;
and particularly on L incoln’s B irthday, to the end that tho workers in
First bracket, 1 0 % ----------------------------------------------------------------$59,500,000 such com m unities m ay not be deprived o f tho inspiration o f such dem on
strations, and to the further end that branches o f the Alliance m ay b*
Second bracket, 1 2 H % .............................................
56,250,000
organized for the permanent work o f com batting tho insidious forces o®
Third bracket, 1 5 % ..............- ....................... - ..................... ..........
33,000.000
pro-German and anti-American propaganda.
f
Fourth bracket, 2 0 % ............................... - ....................... ...............
42,000,000
Let us on tho anniversary o f the birth o f this great and noble American—
Fifth bracket, 2 5 % ........................................- ............ — ............
47,500,000
tho Great Liberator, Lincoln— rally the forces o f freedom that they m ay
Sixth bracket, 3 0 % ..........
Seventh bracket, 4 0 % ----------------------------------------------------------55,200,000 do their full part for the trium phant world struggle o f to-d ay, so that
justico, freedom and dem ocracy shall- survive and becom o worldw ide as
Eighth bracket, 5 0 % ........................................................................
62,500.000
guiding rules o f all peoples and all nations as well as in international rela­
N inth bracket, 6 0 % ........................ - ...............................................
tions. A nd thus m aking for a permanent peace and for universal brother­
Tenth bracket, 7 0 % - - ................................................ ...................hood.
Eleventh bracket, 8 0 % .................
837,600,000

4 0 2
r,’0 2’2 2

6 ,0 2
0 22’2 2
5 ,5 2
2 22’2 2

T otal............................... .......... ....................................................... $1,351,050,000
This is an increase o f revenuo over tho excess profits tax as provided in
the A ct o f O ct. 3 1917 o f $125,050,000.
New capital is designated as the amount o f cash actually paid into tho
trado or business since D ec. 31 1913, if em ployed In the trado or business
during the taxable year; tho amount o f tho surplus and undivided profits
accumulated since D ec. 31 1913, if em ployed in tho trade or business during
tho taxable year; and tangible property paid into the trade or business
since D ec. 31 1913, valued as o f tho tim e o f such paym ent, if em ployed in
the trado or business during the taxable year.

W ith regard to the chances for the enactment of the Smoot
bill the New York “ Evening Post” of Jan. 7 said:
A leading banker, who has taken an active Interest in tax legislation does
n ot think that the Sm oot bill has.any chanco o f enactm ent in the present
session. T h e session is short. Senator Sm oot is a R epublican. E ven f
Congress intended or could bo persuaded eventually to alter its tax bill,
the banker docs not think that tho D em ocrats w ould allow a Republican
to get tho credit for it. Tho banker approves tho principle o f the bill.
Its corporation tax is a tax on actual excess p rofits arising out o f tho war,
not a tax on earnings on “ invested ca p ita l," a mere additional incom o tax.
Tho base o f normal profits is five years, m uch broader than tho three-year
base in tho old Senate bill. Tho Sm oot bill Is understandable, and would
not requiro thousands of lawyers to interpret. The tax rate extends from
10 to 8 0 % , but the banker does not think it too high. Y et ho thinks that
tho D em ocrats botched tho present tax law; know thoy havo botched it;
do not want to adm it it; aro sick o f tax legislation; consider it out o f the way
and if thoy m ade any changes, they w ould be m erely changes o f detail.




JUDGE GARY ON AM ERIC A’ S PART IN WAR A N D
LABOR SHORTAGE PROBLEM.
“ Business Problems Before and After the W a r” were dis­
cussed by Elbert H . Gary, Chairman of the Board of tho
United States Steel Corporation, before the Commercial
Club of Chicago on Jan. 5. W ith reference to the present
conditions confronting us Judge Gary stated that “ our
country as a whole, including the several branches of G ov­
ernment, does not yet appear to appreciate that in order to
win in this war it is necessary to appropriate every ounce of
energy, every dollar of wealth, and every atom of skill
within reach, to be drawn against when needed; and to offer
every sacrifice, even of personal opinion or pride or desire
for advancement of the interests of individuals or political
parties.” The weakest spot in our situation, said Air.
Gary, is lack of sufficient production of the things that are
vital to the life and strength of the armies, which might be
obtained except for the scarcity of labor. To the extent
that workmen are lacking in number, he continued, to a
corresponding degree ar$ wealth and raw materials without
value.

He also said:

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THE CHRONICLE

N ow it is m anifest that in order to render the assistance that is asked o f
us and which seems to be im perative, we m ust havo m ore and m ore m on,
fo r soldiers and workm en, skilled and unskilled. W e cannot produce the
quantities or amounts dem anded unless the num ber o f men is m aterially
increased, nor unless all w ho are willing to w ork are perm itted to d o so
to the extent o f their reasonable capability and desire. There is a shortage
o f labor in this country at the present tim e on the farm s, the railroads,
the ships, in the shops, the factories, the mines, the offices. P roduction
even up to the present capacity cannot be secured unless m ore workm en
are em ployed. And for the building o f increased p roductive capacity
and for the operation o f the same, additional men must be procured.
T o the extent needed for the purposes nam ed, the United States should
im m ediately, under proper conditions and reasonable restrictions, draw
from the islands o f the sea and from oriental countries, enough m en in­
cluding soldiers and sailors to m eet every em ergency. There w ould be
no difficu lty in obtaining within a short period large numbers o f strong,
healthy, intelligent, loyal men for civil or even m ilitary d u ty, and the
num ber could be increased from tim e to tim e as required. All w ho are
acquainted with the facts know that wo need m ore men and that we can
get them if w e are so disposed. I f legislation is requisite, Congress should
act w ithout delay.
There m ay b e, there already have been, objections to the admission o f
certain nationalities, even tem porarily and under carefully considered re­
strictions. These havo been persistent, especially b y foreigners w ho here­
tofore have settled in this country.
B ut the thing to d o first is to win the war; to stop the spilling o f b lood ,
the destruction o f the lives and health o f our noble and loyal men and the
unjustified depletion o f our resources. W o can discuss and properly de­
cide other questions later. I f w e now delay we m ay not have the op p or­
tunity to consider the other m atters.
A nd still, if objections are raised and discussed, they can be fairly m e
and with good reasons, in addition to the one o f w ar’s necessity, w hich it
undebatable. A t any rate they are not fundamental nor o f m uch consos
qucnco b y com parison.
.

Declaring that “ Germany is more virile, more efficient,
more determined and aggressive than she was at the begin­
ning of tho w ar,” he also said: “ A war policy which recog­
nizes no God, except by pretense, no law, no justice, no
mercy— nothing but the right which brute force commands—
has a decided advantage, physically, over those whose
principles are humane, honorable, Christian.”
“ Against
our desire,” he said, “ we were finally forced to become a
party to the war, and now we shall be compelled to carry a
very large part of the war burden.” That this country has
enough money or its equivalent, to cover all requirements,”
he set out, “ there is no question. The approximate figures
have often been published. W e have one-half of the gold
and two-fifths of the wealth of all the nations. Our pro­
ductive capacity is far in the lead of all others. Our credit
is unlimited and always will be if we triumph in this war
and if we make the most of our opportunities. Plonty of
money can be secured by taxation and by the sale of G ov­
ernment securities at reasonable rates, if good and dis­
criminating judgment is used after consulting competent
bankers and other business m en.” The following is also
taken from Judge Gary’s remarks:
Conservation and proper application o f our resources, with discrimina­
tio n and w isdom , are o f imm ediate concern. F or instance, it would b o a
grav e error t o deprive our citizens o f enough fuel to keep them alive, or
o u r m anufactories from raw or semi-finished materials indispensable for
t h e full production o f the things required for war purposes, while, at the
sa m e tim e, perm itting public places such as theatres and other buildings
d evoted to amusement and even churches and schools, to rem ain open b y
th e use o f these things which produce heat and light. There are hun­
dreds o f cases where this argument w ould be pertinent.
I f we conclude that the means o f v ictory within a com paratively short
tim e are within reach, then there is no ground for pessimism as to the long
future. I f w e prepare, even ovor-prepare, for a long and desperate war,
w e shall only havo done what ordinary prudence requires. It is to be sin­
cerely hoped that the war will end suddenly, as it m ay for reasons wo d o
n o t see, and that hundreds o f m illions will eventually p rove to have been
unnecessarily expended; that in acting on the safe side we havo gone fu r­
ther than we would if the future had been known.
W e believe the war will end victoriously for tho A llied forces within tw o
or three years; wo hope in a m uch shorter tim e. I t could n ot term inate in
fa vor o f the other side within a decade, for, w ith all the means at our com ­
m and we would fight for that period or longer before w e w ould subm it to
th e despotic rule o f an autocratic tyrant.
I believe all things requisite will be dem anded b y the people o f the
U nited States for its and their p rotection and advancem ent, during and
after the war, and that the demand will be crystallized into a Governm ental
p o licy ; that it is generally realized we have reached a crisis in our history;
that disaster threatens; that it m ay be averted i f we d o n ot hesitate or
quibble over non-essentials; that Am erica for Americans will also be our
national w atchw ord; that laws will be passed, or repealed, whenever neces­
sary to aid in securing peace and to give every Interest, big or little, and
every individual, full opportunity to live, to progress and to prosper.
T herefore I am an optim ist, even in these tim es. There is, as always,
a silver lining t o the clouds which now obscure our vision. W e need n ot
despair. W e have reason to be hopeful. There is sunlight beyond.
R ig h t will prevail over m ight; and reason will overcom e madness. W e
shall be victors in the m ortal com bat that rages, and afterwards our cou n­
tr y will make longer and faster strides in tho struggle to maintain a d e­
served and satisfactory position in the ranks o f nations. T he business
men o f the United States, in the management o f their affairs, have reached
a high level o f efficiency and moral excellence. T h ey are at present o f
incalculable assistance to the Governm ent and they m ay be depended
upon to d o their part in restoring the w orld’s equilibrium after peace shall
b o proclaim ed. W e are proud o f our cou ntry. L et us continue to give
ou r country reason to be proud o f us.

CHICAGO BOARD OF TRADE DECIDES TO RETAIN
M A X I M U M OF $1 28 ON CORN FUTURES.
The directors of the Chicago Board of Trade, at a meeting
on Jan. 5, unanimously decided to make no change in trading




[Vol . 106

conditions in corn for future delivery; therefore, trading in
futures is to be under the same restrictions as of late. The
present legal maximum price of corn fo r ’future delivery is
SI 28 a bushel. Farmers are said to have protested that
present conditions discriminate against them in favor of
consumers and exporters. The action of the Board of Trade
directors in deciding not to disturb the maximum price on
corn futures at the present time is said to have been taken
at the suggestion of the United States Food Administration.

ARRANGEMENTS FOR SALE OF W H E A T TO ALLIES
BY ARGENTINA.
A Buenos Aires dispatch of D ec. 31 stated that announce­
ment had been made by the Argentine Government that
arrangements had been nearly completed for selling 2,500,000
tons of wheat to the Allies. The dispatch said:
Dissatisfaction is being expressed in the Uruguayan newspapers on the
ground that Uruguay, having broken relations ‘ with Germ any, should
receive preference over Argentina in tho selling o f crops, bocause no action
against Germ ay has been takon b y Argentina. Theso newspapers say
no attem pt has been m ade to solve U ruguay’s shipping problem s, although
Argentina’s are being settled.

Concerning the Argentine wheat shipments to the Allies
a Washington dispatch printed in the N ew York “ Tribune”
of the 5th inst. said:
M u ch o f the 2,500,000 tons o f wheat to bo released b y Aigpntina to the
Allies will be transported b y w ay o f the United States for milling here. It
will bo brought up in neutral ships and aftor milling will be taken across in
British vessels. This will keep the noutral ships out o f tho danger zono,
will keep American mills busy and will give to the United Statos the bran for
cattle feed.
Officials here have been expecting an announcem ent o f com pletion o f ar­
rangements between Argentina and the Allies for sale o f the grain. Dotails
o f tho negotiations havo n ot been m ade public, but it is considered likely
that England in exchange for tho grain will porm lt the shipment to Argen­
tina o f large quantities o f coal. N o secret is m ade o f tho fact that one
reason tho Allies have been particularly anxious to got this grain, aside
from their urgent need o f it, is that they feared it m ight go to tho northern
European neutral countries and thence find its way to Germ any.

SECRETARY OF AGRICULTURE HOUSTON AS KS FOR
86,000,000 TO BU Y AN D SELL SEED.
An appropriation of 86,000,000 to enable the Depart­
ment of Agriculture to buy and sell seeds to farmers for cash
at a reasonable price has been asked for by Secretary of
Agricultutre D . F . Houston. In a letter to the Secretary
of the Treasury pointing out the necessity for the appropria­
tion Secretary Houston says in part:
It is suggested that the following language will accom plish the purposes
which the Departm ent has in mind:
“ T o enable the Secretary o f Agriculture to m eet the emergency caused
b y the need for food and feed crops by purchasing, or contracting with per­
sons to grow , seeds suitable for the production o f fo o d or feed crops, and
to store, transport, and furnish such seeds to farmers for cash at a reason­
able price, 86,000,000; and this fund m ay bo used as a revolving fund until
the Secretary o f Agriculture determines that no such emergency exists;
and the Secretary o f Agriculture is authorized to p ay all such expenses,
including rent, and to em ploy such persons and means, in tho D istrict o f
Colum bia and elsewhere, and to co-operate with such Stato authorities,
local organizations, or individuals as he m ay deom necessary to accom ­
plish such purpose.”
T he seed situation has presented, and continues to present, m any d iffi­
culties. Under the provision o f the food-production a ct, which m ade
available $2,500,000 for the purchase and sale or seed to farmers in restricted
areas for cash, at cost, it has been possible for tho D epartm ent to furnish
some relief.
I t is clear, how ever, that the funds now at the com m and o f the Depart­
ment are w holly insufficient to enable it to meet the situation properly.
I f production is to be maintained or increased next year, it is essential that
prom pt and adequate action bo taken to safeguard the seed supplies o f
the nation. There is urgent and immediate need for at least 86,000,000
and It is probable that an additional sum will bo required in the near future.
It Is the purpose o f tho D epartm ent, if the sum suggested is m ade avail­
able, to tako imm ediate steps to secure, tost, and storo at least a portion
Of the supply o f theso seeds that will bo needed for next season. In this
connection, it should be botne in m ind that, under the language o f the
item , the seed will be sold to farmers only for cash at a reasonable price,
and it is provided that the fund m ay be used as a revolving fund until the
Secretary o f Agriculture determines that the em ergency contem plated by
the appropriation no longer exists. In the circum stances, it is believed
that it will bo possible to return to the Treasury the entire am ount appro­
priated, or at least the greater portion o f it.

NITRATE SODA PURCHASED I N CHILE BY U. S. FOR
FARMERS.
W ith regard to the completion of arrangements for the
purchase by the W ar Industries Board of 100,000 tons of
nitrate soda in Chile, which is to be sold to farmers at cost
for fertilizer use, under the provisions of the Food Control
A ct Secretary of Agriculture D . F . Houston has made the
following announcement:
I have been giving a great deal o f thought and attention to tho nitrate
question. I have boen in dally touch with tho W ar Industries B oard,
which was to purchaso and deliver the material at tho seaboard, and also
w ith the Shipping B oard.
Arrangements were com pleted soveral weeks ago, through tho W ar In ­
dustries Board under the imm ediate supervision o f M r . Baruch, to pur­
chaso approxim ately 100,000 tofts o f nitrato o f soda In Chile in accordance
with tho authorization for such purposo in tho food control a ct. Because
o f disturbed shipping conditions it has been impossible until recently
definitely to sccuro facilities for transporting the nitrate In wholo or in
part. W ithin tho last few days preparations havo been com pleted for the

Jan . 12 1918.]

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137

fifteen hundred farm tractors to France, and has actually
shipped one hundred of the machines. B y increasing the
amount of food produced in France, the tractors, it is ex­
pected, will thus release much tonnage to the Allies which
would be needed to carry food from America to France.
It is estimated that the American tractors will reduce by
1,950,000 tons the amount of foodstuffs which it was thought
the United States would have to ship to France during
the fall and winter of 1918. The plan for sending the
American tractors to France was conceived by former A m ­
bassador to Turkey, Henry Morgenthau, and his son,
Henry Morgenthau, Jr. Tho younger Morgenthau will
go to France, to supervise the delivery of the tractors and
CONFECTIONERS TO RECEIVE LARGER ALLOWANCE to establish schools to train the French farm workers to use
them. The tractors will be distributed by the French
OF SUGAR.
Minister of Agriculture. They have been accepted on
Refiners and distributors of sugar, tho XJ. S. hood A d­
behalf of the French Government by Andre Tardieu, Frehch
ministration lias announced, have been instructed that they
High Commissioner to the United States.
may furnish to confectioners and manufacturers of non­
Tho following regarding the plan is taken from the “ Offi­
essential food products containing sugar, 8 0 % of their
cial Bulletin” of Washington for Jan. 2:
normal requirements. Since lact October, when tho sugar
T o increase Franco’s crops and to lighten the burden o f toil on her old
shortage became acute, tho confectioners and other manu­ men, w om en, and children, tho United States F ood Administration will
facturers havo at tho request of tho Food Administration ship 1,500 farm tractors to that cou ntry. T ho first hundred are already
been supplied with only 5 0 % of their normal requirements. on the w ay, and tho whole number will bo in France b y M arch, in tim e for
the spring plowing. T hey are expected not only to be o f immense service
Tho “ Official Bullotin” of Washington for Jan. 5 regarding to France, but to release added tonnage for tho Allies and American troops
tho prospect for a larger sugar supply to confectioners said: b y increasing the am ount o f food produced there, thus decreasing the

delivery at the seaboard during January o f 18,000 tons, and every reason­
able assurance uas been given that supplies, up to the 100,000 tons, for
the ensuing m onths will bo delivered. E very possible effort will be made
to m ake certain theso deliveries, but it should bo understood that, on ac­
count o f oxisiting situations, circum stances over which there is no control
m ight intervene.
.
I cannot state to-day exactly what tlio price will bo, but it will bo approx­
im ately $75 on board cars at the seaboard. Farmers will havo to pay
freight charges to their local stations, the State fertilizer tag fee, which
varies in different States but will probably not averago m ore than 25 cents
a ton, and any other local charges.
T he nitrate secured under the appropiiation will be sold only to farmers
for their own use during the com ing season, and generally n ot in excess o f
the amounts used b y them heretofore. T he D epartm ent is now arranging
machinery for the distribution o f the material and will give full publicity
concerning tho details o f the m atter.

Confectioners and manufacturers o f non-essential food p roducts con ­
taining sugar can look forward to tho prospect o f an increase in their al­
lotm ent according to an announcem ent from tho United States F ood A d ­
m inistration.
In October, when tho sugar shortago was m ost acute, the United States
F ood Administration requested the sugar refiners to limit sales to con ­
fectioners to 50% o f normal requirem ents, and they com plied with fine
spirit.
N ow tho Food Adm inistration has telegraphed to tho refiners and dis­
tributors proposing to increase the allowance to 80% as soon as tho normal
supply o f sugar is assured, and it is not likely that this will bo long deferred.
B ut tho continuance o f this ratio after supplies are available will depend
upon tho efforts o f manufacturers and others to reduce tho sugar content
o f confectionery and soft drinks and tho substitution o f othei sweetering
materials.
A ccording to tho officials in W ashinbton, tho 50% lim it has worked but
little hardship on the manufacturers o f confectionery and sweet drinks,
as they had on hand supplies sufficient to keep their plants working at al­
m ost normal capacity for several m ontns. It did, how ever, benefit tho
sugar supply in general by preventing tho possible accum ulation o f larger
quantities than were necessary for Im mediate uso.

GREATER USE OF POTATOES TO BE URGED BY FOOD
ADMIN ISTRATIO N.
Tho United States Food Administration, according to the
Washington “ Official Bullotin” of Jan. 4, is planning a con­
sistent campaign to increase the use of Irish potatoes. Gro­
cers will be urged to inaugurate a “ potato day” each week,
selecting whatever day is slack in deliveries and making a
special price for potatoes delivered on that day. House­
w i v e s will be asked to buy potatoes, a week’s supply, on each
potato day. Tho Administration wishes to placo the Irish
potato, every day in tho year, on overy tablo in America.

am ount o f food that must bo shipped from America.
The idea originated with form er American Ambassador to Turkey Henry
M orgenthau and his son, H enry M orgenthau, Jr. T he F ood A dm in­
istrator approved the idea. D eck space was provided for the first ship­
ment o f tractors aboard a naval transport through the efforts o f Assistant
Secretary o f tho N a vy Franklin K ooscvelt and Paymaster-General M c ­
Gowan. T he F ood Adm inistrator designated H enry M orgenthau, J r.,
to follow the machines to France and put them in operation. H e will
organize schools o f instruction for French operators and will assist the
French M inister o f Agriculture in distributing the tractors and operating
them econom ically.
French High Comm issioner M . Tardieu approved the idea on behalf
o f the French Governm ent and a com m ittee o f the National Im plem ent
and Vehicle Association assured M r. M orgenthau that the tractors can be
furnished and that with the shipment m ade now , the manufacturers will
not be embarrassed in taking care o f the American farm er, since they will
have tim e to m anufacture an additional number to meet the hom e dem and
when it com es. The need for these tractors is shown b y this com parison
o f the present and prewar aercago o f crops in France:
Tho acreage sown to crops in the uninvaded portion o f France in 1917
was 30,742,157 acres, com pared with 40,657,293 acres in 1913. This is
a decrease o f 9,915,136 acres, or 2 4 .4 % .
T he total crop production in Franco in 1917 is officially given as 22,­
200,000 m etric tons (24,581,290 short tons), com pared with 35,800,000
m etric tons (29,462,340 short tons) on 1913, a decrease o f 13,600.000
m etric tons (14,881,050 short ton s), or 6 1 .8 % , or a decrease o f 3 8 .7 % .
T he follow ing figures give an idea o f w h y it is good tactics to send trac­
tors to France now , as tractors can plough 500,000 acres this spring and
another million acres for plancing fall wheat. H alf a million acres in
potatoes would produce 1,500,000 tons o f potatoes. One million acres in
fall wheat would produce 450,000 tons o f wheat. This increased produc­
tion in France would greatly relievo tho food situation in that co u n try , lea\ng, m oreover, 1,950,000 tons o f shipping in 1918 available for other pur­
poses.

SHIPMENTS OF FERTILIZER TO CAN ADA
LICENSE.

UNDER

The shipment of fertilizers, not containing sulphate of
EXPORTATION OF FOOD A N D OTHER ARTICLES TO
ammonia, to Canada is permitted under special license,
EN EMIE S OF UNITED STATES FOR­
according to an announcement on Jan. 4 by tho Committee
BIDDEN BY H A IT I.
Tho President of tho Haitian Government has recently
issued a decree placing a ban on tho exportation of foods
from Haiti to countries at war against tho United States,
and its allies. The decree also prohibits tho reexportation
to tho onomies of tho Entente of all other articles imported
from tho United States, except in instances where tho goods
will not reach tho Central Powers. Tho Washington
“ Official Bulletin” in announcing tho recoipt of advices re­
garding Haiti’s action, said:
A telegram from the Am erican M inister at F ort au Prince states that
tho official publication o f the Haitian Governm ent on D ec. 26 published
a presidential decree prohibiting tho exportation o f foodstuffs to countries
at war with tho United States and countries associated in the war and tho
reexportation o f foodstuffs im ported from the United States except to tho
U nited States.
Tho dccrco states that tho exportation or reexportation o f articles other
than foodstuffs Is also prohibited, with tho exception o f instances where
the destination is such that enemies o f the U nited States can not be bene­
fited thereby.
Articles com prising metal* and coal when im ported from the United
States m ay not be reexported. Only ships clearing for ports under tho
jurisdiction o f the United States will be supplied witli coal, gasoline, and
oil fuel.
Sailing vessels will not be cleared for M editerranean or European ports.

U. S. TO SEND 1,500 AM ERICA’S FARM TRACTORS
TO FRANCE TO INCREASE CROP PRODUCTION.
In order to increase the French food crops and to ligliton
as much as possible the task of farm labor now imposed on
tho old men and womon and children of that Republic, tho
United States Food Administration has arranged to send




on Fertilizers of the Chemical Alliance at Washington,
which is arranging for exportations under a form of general
license. The Committee’s announcement said:
Fertilizers can bo shipped to Canada under individual licenses as hereto­
fore, provided such fertilizers d o n ot contain sulphate o f amm onia. W e
are endeavoring, how ever, and have reason to believe that in the very
near future we will obtain a ruling from tho W ar T rade Board which will
permit exportations- under a form o f general license and d o away with the
necessity for individual licensess. W e are also inclined to believe that we
will be perm itted to issue, under certain qualifications, such fertilizer as
has already been made up which contains sulphate o f amm onia.
Individual license applications (Form A -2) can be obtained from the W ar
T rade Board, Bureau o f E xports, 1435 K Street N . W ., W ashington,
D . C ., upon application.

WAR

TRADE BOARD ALTERS RULE PROHIBITING
E N E M Y TRADING.

Tho W ar Trade Board at Washington on Jan. 4 announced
a modification of the regulations prohibiting American
business concerns from trading with the enemy. Under
the new ruling branch houses of American concerns in
neutral countries may do business with the enemy when a
refusal to do so would constitute a violation of a law or of a
commercial obligation enforceable in the country in which
tho branch is located. Each transaction must be reported
to tho W ar Trade. N o house, however, taking advantage of
tho ruling will be permitted to enter into new transactions
with tho enemy.
Tho following is the announcement of the W ar Trade
Board in the matter:

138

THE CHRONICLE

[Vol. 106,

Tho W ar Trade B oard has authorized branches o f Am erican corporations
and other Am erican houses established and engaged In business in neutral
countries and in countries associated with tho United States in tho war
to accept and pay drafts, to deliver goods, warehoused or otherwise stored,
and to perform other similar acts, notwithstanding such acts m ay Involve
trading w ith “ enemies” or “ allies o f enemies” when such acts are necessary
to prevent a breach or violation o f a law or com m ercial obligation enforciblo in the courts o f the country in which such branch is established, pro­
vided, how ever, (1) T hat nothing herein contained shall be held or con­
strued to authorize said corporations, houses orth eir branches, to hereafter
undertake or enter into contracts or businesss or com m ercial transactions
which will involve trading with “ enemies” or “ enem y allies” in order to
carry out or perform tho same; and (2) T hat every case involving transac­
tions o f trading with the “ en em y" or “ enem y allies” be reported to the
W ar Trade Board within 30 days after the occurrence thereof, upon a form
to be furnished b y tho W ar Trade B oard.

N o license holder shall sell to any othor license holder o f a like class or
division except on a split profit or split com m ission, and only one such
sale o f the samo goods m ay be m ado.
.
N o holder o f a broker’s license shall chargo any brokerage or commission
on goods shipped to him for sale, if such goods are transferred b y him to
any wholesale merchant to be sold on com m ission.
N o holder o f a com m ission packer’s or o f a wholesale com m ission mer­
chant’s license shall sell to him self any goods rocoivod b y him to bo sold
on com m ission.
E very license holder shall keop such books, invoices, vouchers, and other
papers and records as will enable tho F ood Controller or any person b y
him thereto authorized to verify any report or statement that such license
holder is required to m ake to the F ood Controller.

SUSPENSION BY WAR TRADE BOARD OF REQUIRE­
M EN TS FOR LICENSES FOR EXPORT COTTON.

The regulations which were used to carry into effect
on Jan. 1, the Order-in-Council, signed on Oct. 19, re­
stricting the sale of cereals and othor food products in
Canada were issued by W . J. Hanna, Canadian Food Con­
troller on D ec. 14, and were published in tho official “ Canada
Gazette” on D ec. 22. The Order-in-Council was originally
to have gone into effect on N o v . 1 as effecting manufacturers
and wholesalers and on Dec. 1 as effecting retailors, but its
operation was postponed by the Food Controller so that
now the regulations governing wholesalers and manufac­
turers become effective on Jan. 1, and as regards retailers
on Jan. 31. The regulations follow:

The suspension by the W ar Trade Board of the regulation
requiring individual licenses for the exportation of raw cotton
so far as it relates to shipments destined for the United King­
dom, France, Italy and Japan, or their colonies, was an­
nounced on Jan. 8. An exception was made in the case of
Egyptian and Sea Island cotton, for the exportation of which
to these countries licenses will be required as in the past.
The following is the Board’s announcement:
On Jan. 8 and thereafter, until further action is taken b y the B oard, no
individual licenses shall bo required for the exportation o f raw cotton to tho
United K ingdom , France, Italy or Japan, or their colonics, possessions or
protectorates, with the exception o f E gyptian and Sea Island co tto n , tho
exportation o f which to any country o f tho world will, on and after that
dato, Jan. 8, require an individual licenso. It is necessary, therefore, that
shippers’ declarations, covering shipments o f raw cotton destined to either
Great Britain, France, Italy or Japan, state clearly thereon tho exact typo
o f raw cotton to be shipped.

RULES RESTRICTING SALE OF CEREALS A N D OTHER
FOOD PRODUCTS I N CAN AD A.

O F F IC E OF T IIE FO O D C O N T R O L L E R , O T T A W A .
Whereas b y Order-In-Council dated the 19th d a y o f O ctober, 1917, it
was among other things provided that tho Food Controller shall have the
power to grant licenses in such form and upon such terms and conditions
as ho m ay prescribe, for the sale o f any foods known as breakfast foods
or cereals In original packages o f such lesser weight or slzo than twenty
pounds as he m ay deem expedient, and m ay by written order exempt from
the provisions o f this ordinance any particular class or classes o f persons,
N E W REGULATIONS GOVERNING WOOL IMPORTS. communities or places during such period or periods as m ay bo described
On Jan. 10 the W ar Trade Board issued new regulations in such order, and m ay from timo to time rovoko or change any such order;
And whereas it is advisablo in tho public interests to make the following
affecting tho importation of wool and dealings in foreign order;—
and domestic wools. It is stated that these regulations
Therefore, I d o hereby order:—
1. That on and after the first day o f January, 1918, no manufacturer
will supersede those issued on D ec. 14, which were given
o f breakfast foods or cereals shall manufacture for salo in tho Dom inion o f
in these columns D ec. 22. The new rules provide:
Canada, such breakfast foods or cereals in original packages o f less than
First.— A il im porters?of w ool will sign before the delivery or release twenty pounds without first obtaining a licenso from tho Food Controller
o f any im ported w ool to them , an agreement or guaranteo containing, for each kind o f breakfast food or cereal manufactured.
am ong other things, provisions in substantially tho following form :
2. T hat there shall bo printed or marked on each package, in such clear
T hat tho United States Governm ent shall liavo, and is hereby granted, and legible manner that It m ay bo easily read b y tho consumer, tho namo o f
an option to purchase at the prico and on the terms hereinafter sot forth tho article, tho namo and address o f tho manufacturer, tho net weight
all or any part o f tho w ool covered b y tills guaranteo for ten days after o f tho contents o f such package (such weight being given in pounds and
custom houso entry thereof; and thereafter to purchaso such portion ounces avoirdupois), and the number o f tho licenso held b y tho m anufac­
thereof as shall bo at any time unsold b y tho importer until tho wholo turer.
amount thereof has been sold. In the ovent o f the oxerclse o f such o p tio n .
3. That no coupons, premiums , prizes, presents or other similar induce­
tho basis o f prico to bo paid for tho w ool shall bo equivalent to 5 % less than ments to purchaso shall bo enclosed, given away or sold with any such break­
tho basis o f prico o f July 30 1917, for similar wool as established b y the fast food or cereal.
valuation com m ittee o f the B oston W ool Trade Association, tho actual
4. That the prices at which breakfast foods or cereals aro sold to the p ub­
prico o f each lot to bo determined b y a com m ittee appointed join tly b y tho lic in packages shall not exceed such an amount as will pay for tho cost o f
w ool trade and tho United States Governm ent. This option shall not the containers and allow a reasonable porift on the contents o f tho package.
a pply to any w ool purchased abroad ^cforo D ec. 15 1917.
T he containers shall In all cases bo inexpensive.
That tho importer will not sell to any person or persons in the United
5. T hat all licenses issued under theso regulations for tho manufeature
States any merchandise in Class A o f dom estic or foreign origin as herein­ o f any breakfast food or coreal which is com posed In wholo or in part o f
after described without first obtaining tho purchasers’ agreement, in form wheat flour or any product o f wheat shall bo subject to cancellation b y
satisfactory to tho W ar Trade B oard, and tho consont thereon o f tho W ar tho F ood Controller upon one m onth’s notice, if in the opinion o f tho F ood
Trade B oard, which consont is to be applied for through tho Textile A l­ Controller it is desirablo to conserve the wheat or product o f wheat so used,
liance, Inc.
and the F ood Controller m ay, if ho considers it in tho public interest,
That the im porter will not sell or deliver to any person or persons in tho permit such manufacturer ot substitute any other flour or material in tho
United States any merchandise in Class B o f dom estic or foroign origin as manufacture o f such breakfast food or cereal in placo o f such wheat flour
hereinafter described, without rendering to tho purchaser at or prior to or product o f wheat.
tho time o f merchandise Is shipped or delivered, a written Invoico there­
6. That In every application for a licenso undor theso regulations the
o f containing the following conditions to bo fulfilled buy such purchaser. applicant shall state the cost per pound or per packago to tho manufacturer,
That tho purchaser will neither export such merchandise nor transfer o f the container, and o f advertising and selling such breakfast food or coreal,
ownership or control thereof to or for tho benefit o f any person or persons and if in the opinion o f the F ood Controller such cost is oxccssivo, ho m ay
outside tho United States without first obtaining an export licenso from , refuso to issue a license.
or tho consent o f, tho W ar Trade B oard.
7. T ho wholesale dealers and retail dealers shall not requlro a license to
That tho purchaser will roport through tho Toxtlle Alliance, In c., to the sell any breakfast food or coreal In original packages o f less than twenty
W ar Trade Board at tho end o f each m onth all sales o f such merchandise.
pounds when such breakfast food or coreal has been manufactured under a
That the purchaser will not resell such merchandise to purchasers in the license Issued b y the F ood Controller.
United States, excepting under the samo conditions.
8. That the following shall be tho fees chargeable for a license to manu­
facture a breakfast food or cereal:—
W hen tho valuo sold does not exceed .$100,000 per annum, $10 00.
LICENSES FOR FRUIT A N D VEGETABLE DEALERS IN
When tho valuo sold does not oxceed $200,000 per annum, $20 00.
CANADA REQUIRED BEGINNING FEB. 1.
W hen tho valuo sold does not exceod $300,000 per annum, $30 00.
W hen the valuo sold does not exceed 3100,000 per annum, $40 00.
Tho following requirements for tho licensing under or­
When tho valuo sold does not exceed $500,000 por annum, $50 00.
ders of the Food Controller of Canada of fruit and vegetable and when tho valuo so sold exceeds $500,000 per annum, then tho license fee
dealers, beginning Feb. 1, are published in the Canada shall be $50 00 and in addition $5 00 for each $100,000 or fraction thereof
sold in excess o f $500,000. Such valuo shall In oach caso bo the valuo o f
“ Gazette:”
the previous yoar’s business for goods m anufactured or sold in Canada.
T hat on and after Feb. 1 1918 no person shall deal wholesale in fresh
I f the cereal has not been previously m anufactured or sold for a year before
fruits or fresh vegetables without having first obtained a licenso from the
the application is mado for a licenso, tho feo for tho licenso shall bo $10 00.
F ood Controller. T hat all licenses shall oxpiro on D ec. 31 in each year.
A sworn statement o f tho facts upon which tho amount o f tho licenso feo
That tho classes o f licenses for wholesale handling or dealing in fresh fruits
depends shall bo attached to tho application.
and fresh vegetables shall be the following:
9. That applications for licenses shall bo mado In form A o f tho Schedule
Class 1. Growers organizations, whoso chief business is m arketing, on a
hereto.
co-operative basis, members crops only. Comihission packers, packing
D ated at Ottawa, this 14th day o f Decem ber, A . D . 1917.
and selling for growers account on a commission basis only. B uying pack­
W . J. IIA N N A . Food Controller.
ers, buying from growers, packing and soiling on their own account.
Class 2. W holesale jobbers, selling to wholesale dealers, and through
wholesale com m ission merchants, doing chiefly an interprovincial and in­
COPPER PRICE TO CONTINUE A T 2 3 V2 CENTS.
ternational business. Wholesale dealers, soiling to retailers and whole­
sale pedlers. Wholesale commission merchants, selling to retailors and
Tho decision to continue the price of copper for tho next
wholesale pedlers on commission only. Wholesale pedlers, selling and four months at 23
cents a pound was reached at the
delivering to retailers from wagon, truck, or other vehicle. Brokers,
Government conference with coppor producers yestorday.
selling on brokerage basis only. Auctioneers, soiling at auction only.
That all licenses shall bo issued subject to tho following rules and regu­ An agreement fixing tho price at tho figure named was
lations:
approved by President Wilson on Sept. 20 last; it was
N o licenso holder shall charge m oro than a reasonable profit or com m is­
sion, or make any contract for futuro delivery orstoro in order to acquire stated at that time that tho price w'as subject to rovision
speculative profits from a rising market
after four months.




Jan . 12 1918.]

THE CHRONICLE

THE COAL SITUATION— N E W YORK CIT Y SUFFER­
ING FROM CONTINUED SCARCITY.

139

A force o f 300 city em ployees, who have volunteered their services after
5 o ’clock, has been organized b y James E . M acB ride, President o f the C ivil
Service Comm ission. These men will be assigned to inspection districts,
and will report buildings in which light and heat are being used unneces­
sarily in violation o f the Federal order. T h e reports o f this inspection force
will be transmitted the following m orning to Commissioner o f Plant and
Structures Delaney, Avho is Chairman o f the executive com m ittee o f the
M a y o r’s Conference o f Commissioners. Commissioner Delaney’s com ­
m ittee will im m ediately issue a warning to all violators o f the Federal or­
der. T he same buildings will be inspected on the following evening, and
if the offense is repeated, after receipt o f the warning from the M a y o r’s
Conference o f Commissioners, the Fuel Adm inistrator will issue an order
summarily cutting o ff light and coal from the offenders.
T he M a y o r’s Commissioners are in daily conference Avith the Federal
authorities. T he city and Federal Governm ents are working in com plete
harm ony. The Federal Administrators told us that while they had the
authority, they had not the m achinery with which to enforce their orders
and bring relief to tho city. W e have agreed to furnish the m achinery.

The severe shortage of coal in New York City, despite the
milder weather now prevailing, which has considerably les­
sened the suffering among the many who find themselves
without fuel, continues unabated. An incident in the efforts
of the State and city officials to relieve the city’s shortage
was the refusal on Jan. 9 of United States Fuel Administrator
Garfield to grant the appeal of M ayor Hylan and State Fuel
Administrator Wiggin that priority orders be issued assuring
New York City 1,500 cars of coal each day, and that ho
rescind the priority order giving Boston 500 carloads of coal
a day (referred to in another item), which, it is
State Fuel Administrator Wiggin in his appeal for the revo­
alleged, is being filled at New Y ork’s expense. The
reason assigned for
the decision of
D r. Garfield to cation of the New England priority order said:
Situation continues serious. M a n y sections o f the State are suffering
continue the extra shipments to the N ew England district
acutely. M any com plaints liavo been receiA-ed regarding the priority
was that so large a part of the country’s war industrial order given to New England, which interferes Avith contracts and deliver­
plants is located there. Grave doubts have been expressed, ies in this section. Situation in Greater N ew Y ork continues m ost desper­
ate. Searles gives mo the following figures on bituminous: One hunderd
however, by the local Fuel Administrator, as to the ability and fifty cars less received than has been dum ped in last 24 hours: t o t a l.
of New York to maintain its local manufactories Avith the dum ped yesterday, 32,000 tons. This is about one-half the needs o f this
present available daily supply of coal. D r. Garfield, while port. Anthracite figures show from Jan. 3 to Jan. 8, inclusive, 727 cars
per day dum ped. One-fourth o f this is for N ew England ports. This is
refusing to abolish the priority order, appointed J. W . giving Greater NeAv Y ork only 21,000 tons a da y, less than one-half its re­
Searles, Deputy Commissioner of the Tidewater Coal Ex­ quirements.
. .
A n illustration of the effect of the Netv England priority
change', his representative in New York, with authority to
investigate and to divert coal to New York from N ew Eng­ order on shipments of coal destined for New York was given
land if in his (M r. Searles’s) opinion N ew Y ork’s need is the on Jan. 9 by Reeve Schley, Fuel Administrator for New
York County, who reported that eight cars of soft coal con­
M ayor D ylan’s appeal to D r. Garfield was made on Jan. 9 signed to Burns Brothers, coal dealers of this city, had been
in the form of a telegram, which said that the coal bunkers of seized at W est Morrisville, P a ., by the United States Fuel
the city departments held little fuel and that the municipal Administration and reconsigned to the TideAvater Coal E x­
and industrial life, as well as the social life, of the city faced change, to the account of J. J. StorroAV, the N ew England
grave danger unless there was a better fuel supply. He Fuel Administrator. M r . Schely Avas also quoted as having
asked that New York be protected against the conditions said that he had further reports showing that 1,200 carloads
that would threaten with another spell of bad weather. of coal had been seized in Pennsylvania in the same way.
The following is the M ayor’s appeal:
The police of this city have been making a house-to-house
T ho continued crisis in coal shortage com pols mo to m ako this urgent ap­ canvas, soliciting coal from householders who Avere fortunate
peal for additional relief for tho C ity o f N ow Yorlc. The bunkers o f tho
Fire Departm ent, hospitals, schools, correctional Institutions and public enough to have their Avinter supply of coal delivered before
buildings are practically em pty, bosides which m any factories and apart­ the coal shortage developed.
Several hundred tons of coal
ment houses have but a few hours’ supply o f coal on hand.
Avere collected by the policemen in this way and the coal was
A t to -d a y ’s meeting o f tho com m ittee com posed o f department heads ap­
pointed b y m e, who aro working in co-operation with your administrators. later distributed Avhere the greatest scarcity preAmiled.
It developed that from six to eight cars out o f every ten which reach New The coal supply in the N ew York schools, which is growing
Y ork aro diverted elsewhere under priority orders, y et no priority can be more serious each day, Avas given attention at a conference
obtained for tho institutions above enumerated. In tho event o f another
A de­
snowstorm, which is not unlikely, the C ity o f N ow Y ork would be entirely of Greater NeAV York Fuel Administrators on Jan. 9.
cut o ff, causing untold suffering and financial disaster.
tailed report on the heating problem in the schools, especially
W ill you not provide against such a contingency b y issuing priority orders
in Brooklyn, where all of the schools are threatened, was made
for at least 1,500 cars o f anthracite and bituminous coal?
After sending his appeal to Washington on the 9th inst., to F . E . Gunnison, Brooklyn Fuel Administrator, by Arthur
J. Somers, President of the Board of Education. In his re­
M ayor Hylan issued a statement in which he said:
First— I liavo sent a telegram t o tho Fuel Administrator at AVashington port M r . Somers said:
setting forth tho gravity o f tho situation in N ow Y ork and urging that a
special allotm ent o f coal be given to this city. D ock Comniissioner IIulbert is Chairman o f the sub-com m ittee conferring with the Federal Adm in­
istrators on additional supply o f coal.
Second— The Fuel Adm inistrator agreed to mako special provision for
unusual cases that aro to bo reported daily b y tho police to the M a y o r’s
Com m ittoo o f Commissioners. Arrangements liavo boon m ado to receive
these com plaints at every police station and to forward them to tho execu­
tive com m ittee o f the M a y or’s Com m ittee o f Commissioners.
Third— Arrangements were m ado for tho organization o f a forco o f city
Inspectors to provido tho m achinery for tho enforcement o f tho Fuel A d ­
m inistrator’s orders against tho unnecessary uso o f light and steam.
Tho question o f conservation o f fuel is tho m ost im portant that confronts
tho pcoplo o f this city. Thero is no relief in sight except through conserva­
tion. On the other hand, if tho people will not uso light and heat unneces­
sarily, coal enough can bo supplied for all tho needs o f the city. Tho big
offico buildings, hotels and apartment houses aro tho worst offenders
against tho improper Use o f light. The m yriad o f lights left burning after
7 o ’clock in tho downtow n section alono means thousands o f tons o f coal
daily. It is coal that is uselessy consumed and should bo saved. Tho
com pany that supplies city lights is also a grievous offendor. It has been
reported that lights aro turned on in some parts o f tho city long before dark
and aro often left burning at 8 o ’clock in tho morning. Tho ordinary man
has no conception o f what electric light costs in coal. I had not until
Commissioner Hayes o f tho Departm ent o f AVater Supply, Gas and E lec­
tricity to-d a y reported tho following figures:
E very 100-ivatt lamp burning one hour consumes one-fifth o f a pound o f
coal.
>al.
E very 60-w att lamp burning one hour consumes one-eighth o f a poun
OI c o a i .

E very 25-watt lamp burning one hour consumes one-sixteenth o f a
pound o f coal.
Tho Federal Fuel Administrator has already Issued an order against the
improper uso o f light. I repeat tho terms o f that order now, bccauso tho
city inspection forco Avilf start out at 8 o c ’lock to-m orrow night to procure
evidence o f violations all over tho city and these violations will bo dealt
with sovorely. The order provides:
First— T hat on all nights except Saturday, all signs o f overy kind, in­
cluding merchants’ signs, signs for theatres and all other placos o f enter­
tainment, display signs, lighting on buildings and elsewhere, hotels and
advertising signs aro ordered discontinued.
Second— Stores and offices and commercial buildings not open for busi­
ness shall not uso inside lights m ore than absolutely necessary for safety.
Cluster lights and illumination generally must bo reduced to only so much
lighting as is necessary for safety. N o m ore outdoor lighting shall be used
than is absolutely necessary for safety o f streets, passagos, dangerous
placos and protection o f tho public.
These aro tho essontial orders o f tho United States Fuol Adm inistra­
tion which tho conference o f tho M a y or’s Commissioners has undertaken
to enforce. Tho following plan has been wroked out:




I have refrained from ivriting you regarding tho schools in the B orough o f
Brooklyn in the hope that conditions m ight im prove. A roport was m ade to
me yesterday showing that forty schools in the Borough o f B rooklyn Avere
closed for the lack o f coal. I requested the Superintendent o f School Sup­
plies to prepare data showing the exact condition, and from the figures I
have before mo indications aro that practically all the schools, Avith the ex­
ception o f about tw enty, in tho B orough o f B rooklyn will close in the very
near future because o f lack o f fuel. A n estimate on hand shoivs that fifty tAvo schools have no coal at the present tim e, seventy-five schools have less
than one d a y’s coal, and approxim ately 120 schools haAre less than tw o days’
supply.
,
I think it will only be necessary to bring this condition to you r personal no­
tice in order to have prom pt steps taken to furnish the schools with all
necessary coal at once. O f course you realize that furnishing coal to schools
will conserve coal in the hom e; the health o f the pupils will be benefited be­
cause o f tho surroundings in schools. Their education will not be neglected
and it will save hundreds o f thousands o f dollars in repairs.
The indications are that unless the schools are properly supplied with
coal before the expiration o f the present week bettveen 200,000 and 300,000
children will bo on the streets o f B rooklyn next M on da y, if not before.

I Avould feel obliged if you Avould let me knotv at your earliest convenience
Avhat quantity of coal you have released to each of the coal men handling
coal for the Department of Education, so that we may take such steps as
may be necessary to see that all tho coal released by you is put into our
schools.

Albert II. Wiggin, State Fuel Administrator, on Jan. 10
made knotvn that he had curtailment plans under considera­
tion Avhich Avould result in the elimination of all consumers
in this district whose business was non-essential. M r .
Wiggin intimated, it is said, that the first to feel the pressure
of the drastic steps to be taken in an effort to relieve the
coal situation would be cabarets and all-night restaurants.
It is his plan, it is stated, to close all restaurants at 9 p. m .
and not to let them open until 6 in the morning. M r. W ig gin on Jan. 10 dispatched another telegram to Fuel Adminis­
trator Garfield at Washington appealing for the withdraAval
of the priority order granting the delivery of 500 carloads
of coal each day to Boston. M r . W iggin’s telegram of the
10th inst. read:
Situation continues just as serious. Searles gives m e the following figures
on bituminous. T w enty-one cars less received than have been dum ped
during the last tw enty hours; total dum ped yesterday, 30,000 tons. This
is about one-half o f the needs o f this p ort. Anthracite figures for the last

140

THE CHRONICLE

tw enty-fou r hours show 35,000 tons dum ped. One-quarter o f this is for
N ew England ports. This gave N ew Y ork only 26,000 tons. Its require­
m ents are 45,000 tons per day. “
We are reliably informed shipments o f
anthracite to Canada are continuing in amounts equivalent to last year’s
tonnage, with percentage for incraescd production. W e are not informed
that the situation in Canada is as desperate as it is hero. W hile we have
great sym pathy w ith our Canadian neighbors, wo d o not think N ew Y ork
should be discriminated against. I f shipments to Canada could be cur­
tailed it would greatly lelieve the situation here.

State Fuel Administrator Wiggin yesterday (Friday) gave
further intimation that he m ay order the closing of restau­
rants and cabarets at 9 p . m . as a fuel conservation measure,
M r . Wiggin also has in view the closing of all theatres at
10 p. m ., the same as has been ordered (as noted below)
throughout the State of Massachusetts. Regarding the
closing of both theatres and restaurants he was quoted in
last night’s “ Sun” as having said:
W e are seriously considering closing such places. I f necessary it ’s got
to be done. In fa ct, action m ay be taken to-d ay. I realize that the people
need to bo cheered in war tim es, but we must look at this situation from
a business and com m ercial standpoint and with a view to tho c ity ’s needs.

James J. Storrow, Fuel Administrator for New England,
on Jan. 9 issued an order placing drastic restrictions on the use
of light and fuel. The order is to take effect on M onday,
Jan. 14, and is applicable throughout the whole of M assa­
chusetts. The restrictions include the opening of business
houses at 9 a. m . and the closing at 5 p. m ., and the closing
of theatres, bars, and all places of amusement at 10 p. m.
A storm of protest has arisen throughout Massachusetts
against the enforcement of the order, many business men
claiming that their business will be ruined if the order is
carried into effect. The regulations provide:
1. O fflco, banking and other business buildings shall not be heated on
Sundays and holidays or on Saturdays after 12 noon , or on other days after
5 p . m ., except sufficiently to prevent freezing. N o elevator service shall
be given on Sundays, holidays, or between 6 p . m . and 7 a. m . on other
days.
2. A ll wholesale, rotail and other business houses and stores shall open at
9 a. m . and close at 5 p. m . for doing business with the public, with tho fol­
lowing exceptions: (a) D ry goods, departm ent, clothing and variety stores,
whoso regular practico has been to remain open after 7 p. m ., one or more
evenings a week, m ay remain open until 10 p. m . on W ednesdays and Satur­
days. Other rotail businesses whose regular practico has been to remain
open evenings after 7 p . m . shall closo not later than 1 0 p .m . (6) Pharma­
cies m ay remain open after 10 p. m ., but shall not use electric light exceed­
ing a total o f 100 watts after 10 p .m . (c) M arkets and grocery stores may
remain open until 10 p. m . on Satudays, and until 6 p . in. on other days.
3. Theatres, m oving-picture houses, bars, bowling alloys, billiard halls,
public and private dance halls, and all places o f amusoment shall close at
10 p. m . Theatres and dance halls m ay opon earlier than usual.
3. E very night except Saturday shall be a “ lightless night” as defined
b y the United States Fuel A dm inistrator’s order o f D ec. 15.
These orders shall not apply to Governm ent work, and further exceptions
to them m ay be granted in cases o f public necessity. It is also recommended
that:
1. T ho business for the day end at 5 p. m .
2. Evening activities end at 10 p. m .
3. M a n y public institutions desirable under ordinary conditions should
be closed and others curtailed.
4. Schools should be put on a one-session basis as far as practicable.
5. Churches, forums, night schools, clubs and other religious, educational,
and social organizations consolidate their activities.
6. A ll insido and outside lighting and all heating not covered b y specific
orders bo reduced to the m inim um , so that m ore drastic orders m ay not bo
necessary.
7. Factories should arrange their hours to save daylight and to relieve
peak load.
8. Salaries and wages should not be reduced on account o f these orders
and recomm endations.

FUEL ADMINISTRATOR ORDERS EASTERN B IT U M I ­
NOUS M IN E S TO SHIP 500 ADD ITIO NAL CARS
OF COAL D A I L Y TO N E W ENGLAND.

[Vol. 106.

furnish 50 cars a day. On the Pittsburgh Shawmut & North­
ern R R . are only three mines that will furnish 10 cars; the
Buffalo Rochester & Pittsburgh R R . serves 25 mines that
will furnish 130 cars a day. On the Pennsylvania are 28
mines that will be required to furnish 150 cars a day, and 2
mines on the Buffalo & Susquehanna will furnish 28 cars
a day. Thus, from a total of 102 mines will come, by the
order, 500 cars a day.
The following is the text of the Fuel Administrator’s order:
U N IT E D ST A T E S F U E L A D M IN IS T R A T IO N .
Washington, D . C., Jan. 3 1918.
Order R elative to an Em ergency Supply o f Bituminous C oal fo r Use in
in the New England States.
It appearing to tho United States Fuel Adm inistrator that the am ount o f
free or spot bitum inous coal presently available in N ew England for the
use o f various consumers engaged in tho production o f munitions and other
supplies for tho United States Governm ent, or conducting activities,
especially public utilities, tho uninterrupted operation o f which is essential
to tho necessary efficiency o f various industrial plants engaged in such pro­
duction for tho United States Governm ent, and that there is danger o f
interruption or curtailm ent in the operations o f such industrial plants and
public utilities unless an additional supply o f bituminous coal can be imm e­
diately furnished for N ow England use, and that for the efficient prosecu­
tion o f tho war it is necessary at this tim e to regulate tho production, sale,
shipment, distribution, and apportionment o f coal in tho m ethod and man­
ner and to tho extent hereinafter indicated:
T he United States Fuel Administrator, acting under authority o f an
Executive order o f tho President o f tho United States, dated A ug. 23 1917,
appointing said Adm inistrator, and in furtherance o f the purpose o f said
Executive order and o f the A ct o f Congress therein referred to and approved
A ug. 10 1917:
H ereby orders and directs that until further, or other, order o f the
United States Fuel Adm inistrator, and subject to m odification hereafter
b y him :
Prompt Loading Demanded.
(1) E very operator o f a bituminous coal m ine and every producer o f
bituminous coal named in tho schedule hereto annexod and marked Exhibit
A , shall on each work d a y , to tho oxtont that cars are placed at this mine
or operation, prom ptly load and fill tho number o f cars indicated against
such operator’s or producer’s name in said schedule, with bituminous coal
o f the usual quality produced at such mine and to tho full capacity o f such
cars, and consign the samo to James J. Storrow, Fuel Adm inistrator for
N ew England, or to his order, leaving tho routing o f such cars to tho dotermination o f the Director-General ofR ailroads or to the carrier upon whose
lines such mine is located, acting under authority and direction o f the
Director-General. Such coal shall bo supplied, billed, and shipped at the
price in force on tho date o f shipment as fixed therefor b y or under authority
o f the President o f the United States, and all such shipments shall bo ir­
respective o f and in addition to and shall not affect any existing contract
obligation o f such producer or operator to supply, ship, or deliver coal to
any consumer, except in so far as com pliance with this order m ay reduce
tho am ount o f coal produced b y such operator or shipped available for
shipment to such other contract consumers or customers.
(2) Said N ew England Fuel Adm inistrator is hereby authorized to di­
rect the resale and distribution o f all coal consigned to and received b y him
under tho provisions o f this order to and am ong such consumers and users
o f bituminous coal in tho N ew England States as, in his judgm ent, m ay from
time to time be in need thereof, and occupied in tho conduct o f such indus­
trial activities or o f such public utilities as are essential to the national se­
curity and defense, for tho successful prosecution o f tho war, and for tho
maintenance o f the efficiency o f tho people in any o f such New England
States or any part thereof, in perform ing their part in the conduct o f the
war. In connection with such distribution said New England Fuel A d ­
ministrator is authorized to use and em ploy tho services o f such persons and
agents as ho m ay, from time to tim e, select and to make or authorize to
bo made in the resale and distribution o f such coal a charge o f 15 cents per
ton for the com pensation and expenses o f the persons and agents so selected
b y him .
(3) This order shall becom o effective Jan. 8 1918.
(Signed) II. A . G A R F IE L D ,
_______________ United Slates Fuel Administrator.

N E W COAL PRICES FIXE D FOR FOUR COUNTIES IN
TEXAS.

D r. Harry Garfield, United States Fuel Administrator,
at the recommendation of tho State Fuel Administrator for
Texas, on Jan. 4 announced new prices for coal mined in the
Steps to relieve the fuel shortage in New England were north Texas field., i. e., the counties of Young, Erath, Palo
taken by Fuel Administrator Garfield on Jan. 5, when he Pinto and Wise. The new prices for coal mined in Young
issued an order directing 102 mines in the Eastern bitunimous Erath and Palo Pinto counties are: Run of mine, 83 60; pre­
fields to furnish 500 additional carloads of coal to be shipped pared sizes, $4 40, and slack or screenings, 82 25. For Wise
under consignment to J. J. Storrow, Fuel Administrator for County the new prices are: Run of mine, 84 25; propared
New England, every day until further notice. The 500 car­ sizes, 85 05, and slack or screenings, 82 25. To the now
loads will be in addition to the usual output of these mines, prices may be added 45 cents by all operators who comply
and the Fuel Administration, it is stated, expects that the with the President’s order of Oct. 27 regarding the wages to
order will result in an increased production of 500 cars, or be paid mine workers. Tho new prices are to be effective
25,000 tons, of bituminous coal each day while tho order is as of N ov . 16 last, and apply only to coal shipped to points
in force. The Director-General of the Railways, in co-oper­ within tho State of Texas.
ation with the Fuel Administration, has undertaken to sup­
ply the necessary transportation facilities for making the
FOOD AD MIN ISTRATIO N TO SELL CARGOES OF
Fuel Administrator’s order effective. The Fuel Adminis­
DUTCH SHIPS HELD I N AM ERIC AN PORTS.
tration, it is said, finds that the present volume of shipment
Food Administrator Hoover on Jan. 1 announced that the
to N ew England by all-rail routes is not adequate, and that United States Food Administration at the request of the
the further supply is absolutely necessary for purposes con­ Dutch consignees would immediately sell in this country
nected with the war emergency. In the schedule attached 50,000 tons of linseed cake, which will be unloaded from the
to the Fuel Administrator’s order, four mines on the Cambria Dutch grain ships now tied up in American harbors, pending
& Indiana R R . are designated to furnish 26 cars of coal a the conclusion of negotiations now being conducted betweon
day. On the New York Central are 23 mines, which will the United States and the Netherlands Government for their
have to furnish 74 cars daily. On the Western Maryland release. The linseed cakes tho exportation of which is,
R R . there are three mines whose contribution must be 20 prohibited, will be sold through the Food Administration for
cars a day. On the Baltimore & Ohio are I I mines that will distribution in New York, Pennsylvania and New England.




Jan . 12 1918.]

The Washington “ Official Bulletin” of Jan. 3 said regard­
ing the Pood Administration’s action:
T he Food Administration will liandlo for the Holland concern bids from
grinding mills or dairy and feed concerns, either for the consignment as a
wholo or for specified parts. Officials in W ashington arc anxious to have
it absorbed b y concerns in the Northeastern States, in order that it m ay not
long requiro the uso o f transportation facilities and m ay be readily dis­
tributed. N ow Y ork , N ew England and near-by States normally afford
aflarge market for concentrated stock and dairy feeds.
fej&If this amount o f linseed cake is utilized near its present point o f storago
it will supply a largo portion o f the concentrated feeds needed this winter
and spring in that part o f tho country, releasing the roiling stock and m otive
power which is norm ally required to transport tho cottonseed meal and other
concentrates used in that section.
MARK

14 1

THE CHRONICLE

L. R E Q U A M A D E H E A D OF O IL D I V I S I O N OF
FUEL A D M IN ISTR A T IO N .

important that as long as it is impossible to ship m ore gasoline than is now
being forwarded to E urope, the broadest possible market can be afforded for
gasoline which is available for use in this country. U nfortunately, gasoline
cannot be stored in largo quantities for lack o f storage facilities, which can­
not now be built. It is, how ever, im portant, as the Chairman o f the P e­
troleum Com m ittee some tim e ago emphasized, that there be no wasteful
use o f gasoline. In wartim e it is unnecessary to point out the advantages
that accruo to any nation from husbanding all o f her resources. Conserva­
tion o f food , fuel and all other like products is essential to the successful
prosecution o f the war.
Gasoline is the only derivative o f petroleum which is not to-d ay utilized
so as to reduce waste to tho m inimum. T he oil lamp— the light o f the rural
and farm ing com m unities— is a necessity, not a luxury. T he m anufac­
turer who burns fuel oil and uses lubricating oil to run his m achinery
naturally strives to econom ize and use the minimum quantity required to
produce the desired results. But with gasolino the situation is different.
Gasoline is a product which, while essential to the waging o f the war, has
been used not merely as a necessity, but in part, at least, as a medium o f
convenience or pleasure. This refers particularly to the consum ption o f
gasoline in pleasure cars. I f there should be a material decline in the p ro­
duction o f crudo, or if the increased dem and for fuel oil because o f the war
should make it necessary to divert to fuel oil that part o f the crude which
to-d ay is being “ cracked” into gasoline, then and only then w ould it be
necessary to curtail the deliveries o f gasoline.

Mark L. Requa of San Francisco has been named as head
of the Oil Division created by Dr. Harry A. Garfield of the
Fuel Administration on Jan. 10. Mr. Requa has been an
assistant to Herbert C. Hoover, Food Administrator. He
is a consulting engineer at the Bureau of J lines on I etroleum, W O R K O N P U B L I C B U I L D I N G S O R D E R E D C U R T A I L E D
\
is Vice-President of the American Institute of Mining En­
B Y SECRETARY M cADOO.
gineers, and a member of the Council of the Mining and
Under an order issued by Secretary of the Treasury McMetallurgical Socioty of America. He was formerly con­
Adoo to the Supervising Architect at Washington, no new
nected with the Independent Oil Producing Agency and also
public buildings are to be constructed during the war unless
formerly President of tho Nevada Petroleum Co. of Cali­
urgently needed; only those buildings and extensions now
fornia. In announcing the appointment, Dr. Garfield said:
under construction may be completed. It is stated that ap­
T ho first act o f tho new Oil D ivision will bo to undertake an investigation
o f tho entire petroleum situation and to recom m end to tho Fuel Adminis­ proximately 154 public buildings have been authorized by
tration such action as m ay bo necessary to handle potroleum matters.
Congress but not contracted for, and it is estimated that some
It is stated that the new Oil Administrator will have the $15,000,000 will bo saved by tho curtailment of construction.
The appropriations made for tho work will be carried along,
active co-operation of the Federal Trade Commission.
but no money will be spent unless it is shown that the build­
ings aro actually needed. Mr. McAdoo’s order to the Super­
P E T R O L E U M W A R SE R V IC E C O M M I T T E E REPORTS NO
vising Architect sets out:
SH O R TAG E OF G A S O L IN E — URGES N O R E L A X ­
A T I O N OF P R O D U C T IO N OF F U E L O IL.

In stating that thoro is no shortage of gasoline for use in
this country, and that “ the potroleum industry in America
can and will supply all tho increased demand for oil products
for tho war,” A. C. Bedford, Chairman of tho Petroloum War
Service Committee, in a statement issuod on tho 3d inst.,
pointed out that “ the need of immediate importance is that
there bo no relaxation in the production of fuel oil.” Mr.
Bedford states that it is estimated that in 1917 not over 25%
of tho gasoline produced in this country was oxported. His
statement in full follows:
It is important that tho American peoplo understand fully the factors
governing tho supply o f petroleum products in this country. Tho Chair­
man o f tho Potroleum C om m ittee o f tho Council o f N ational Defense some
m onths ago pointed out the importance o f conservation o f gasoline. The
situation at present m ay Do summarized as follows:
There is no shortage o f gasoline for uso in this cou n try. As a m atter o f
fa ct, as a result o f the light dom estic domand incident to tho winter w eather,
tho stocks o f gasoline are increasing and will further' increase before tho
heavy summer demand is encountered.
W hile thero is an increasing dem and abroad for gasolino for uso b y our
own army and navy, as well as b y our allies, tho limiting factor thero is
shipping tonnage. All tho gasolirio is now being forwarded for which ships
aro available. Experience and inquiry make it clear that the petroleum
industry in America can and will supply all tho increased domand for oil
products for tho war, provided sufficient tank steamers can lie obtained.
It is estimated that in 1917 not over 25% o f the gasolino produced in this
country was exported. T hat fact should bo reassuring to any one who
doubts this cou ntry’s ability to supply the war requirements o f our own
and our allied Governm ents for this important product.
T he need o f immediate importance is^ that thero bo no relaxation in tho
production o f fuel oil. This material, ' liquid fu el," as it is often called, is
used by tho oil-burning vessels o f tho navies, b y practically every industrial
plant engaged in the manufacture o f m unitions, shipyards, gas plants,
and even b y some o f tho railroads. The consum ption o f fuel oil is much
greater than tho consumx>tion o f any other o f the various products obtained
from crude petroleum .
Crudo oil, as it com es from tho ground, is a mixture o f light and heavy
hydrocarbons, which in the still vaporize at different degrees o f heat. The
light hydrocarbons (those which distill at com paratively low temperatures)
aro known as gasolino. Tho heavier hydrocarbons (which remain after the
distillation o f tho lighter fractions) can all bo utilized for fuel purposes.
M ost o f the crudo oils produced in the United States aro not satisfactory
for fuel purposes until after tho lighter fractions have been rem oved.
Thero are two reasons for this: (1) Crude oil has no flash that is, one
cannot specify tho definite point at which it will always ignite; it is danger­
ous to handle or burn in its natural state owing to tho lighter hydro­
carbons evaporating as gas at ordinary temperatures. This is why L loyd s
and other authorities insist that fuel oil must havo a flash test o f 150 de­
grees Fahrenheit, which means that at temperatures below 150 degrees
'F ahrenheit no'gas will bo given o ff and the fluid will not ignito. (2) 1*uel
oil o f 150 Fahrenheit flash test has a greater value than crudo oil in its natuural state, owing to tho presence in tho crudo o f tho lighter hydro-carbons.
From tho foregoing it must be ovidont that the war requirements domain
that tho refining o f crudo must bo based upon the principle o f obtaining
tho necessary quantity o f fuel oil. Fuel oil is, therefore, the starting point.
T ho fuel oil requirements must be first supplied and it naturally follow s that,
under ordinary circumstances, in rushing increased quantities o f crude to
meet tho growing demand for fuel oil, increased quantities o f gasolino will
bo produced. B y means o f tho "cracking process,” or tho breaking up o f
tho heavier hydrocarbons into lighter hydrocarbons, fuel oil can bo further
refined to yield additional gasolino.
It is indeed most fortunate for tho petroleum industry in this country that
thero is a ready market for both products, for if tho dem and for otio was out
o f proportion to tho demand for tho other, such a condition would materially
reduce tho total quantity o f crudo which would bo refined. It is, likowiso.




A ll extensions o f buildings tho urgency o f which is established to the satis­
faction o f the Assistant Secretary o f the Treasury in charge o f public build­
ings, are to be placed on the market for bids at as early a date as practica­
ble and carried to com pletion.
A ll buildings and extensions o f buildings now under construction are to
be com pleted.
N o additional sites are to be selected or purchased.
M arine hospitals, quarantine and im m igration stations, being convertible
into arm y and navy hospitals or other war uses, construction work and im ­
provements thereon or in contem plation in connection therewith are to be
carried on as rapidly as possible.
In all other cases, where sites have been acquired or contracted for the
work o f the supervising architect’s office in preparing designs, plans, speci­
fications, & c., is to bo carried out to tho point o f readiness to advertise for
bids for construction. In these cases, how ever, no bids are to be solicited
w ithout orders.

In a letter to a Member of Congress indicating his opposi­
tion to expenditures for new Federal buildings, Secretary of
the Treasury McAdoo is quoted in the “ Herald as saying:
N o new buildings are to be placed under contract unless their urgency is
established to the satisfaction o f the Assistant Secretary o f the Treasury.
Because o f tho unprecedented demands which the war is m aking upon the
national resources, tho policy should bo observed o f curtailing expenditures
for other purposes as far as possible without detriment to the public in­
terest.
.
B R IT IS H L E A D ST O C K S T A K E N OVER B Y M U N I T I O N S
M IN IS T R Y .

A cablegram from the Consul General at London announc­
ing the taking over on Sept. 1 of lead stocks by Great Britain’s
Ministry of Munitions was published as follows in the Official
Bulletin (the United States Government’s daily paper) of
Sept. 13:
M inistry o f M unitions from Sept. 1 takes possession o f all pig lead, virgin
rem elted, old scrap, and residues in United K ingdom except such lead as
m ay be in possession o f manufacturer fo r use in his ow n works or specially
excepted under written authority.
.
Lead o f which possession taken will be paid for on delivery at following
maximum prices: Virgin pig, £29 per ton c. i. f ., £30 ex store; sheet lead,
£39 10s. delivered United K ingdom , less 2 ^ % m onthly account; lead pipe,
£•10 per ten delivered United K ingdom , less 2 }^ % m onthly account; dry
white lead, £46 per ton, less 5 % m onthly account; white lead in oil, £53 per
ton, less 5 % m onthly account; in packages o f 5 hundredweights and over,
£55’ per ton for lots o f less than 5 hundredweight.
These prices for white lead in oil are based on price o f £50 per ton as spot
price for raw linseed oil in barrels, if average daily spot raw linseed oil during
preceding month rises or falls b y multiples o f £6 then above maximum price
o f white lead in oil shall riso or fall b y 10s. per ton for every £6 change in
price o f linseed oil. R ed lead and litharge, £42 per ton , less 2 )4 % m onthly
account in 5 hundredweight casks.
L IC E N S E

R E Q U IR ED

ROPE,

WHETHER

FOR

SH IP M E N T S

G A L V A N IZ E D

OF

W IR E

OR N O T .

In cautioning exporters against the shipment of wire rope
by calling it galvanized wire, without an export license, the
Bureau of Exports at Washington on Jan. 3 made the fol­
lowing statement:
,
T he attention o f the Bureau o f Exports has been called to the fa ct that at
tempts have been m ade to export wire rope, classified as galvanized wire,
without an export license. T he attention o f shippers is called to the fact
that export licenses are required for all shipments o f Iron and steel wire rope,
cable, and strands consisting o f six or m ore wires, whether or not the wires

142

TH E CHRONICLE

are painted, galvanized, or coated in any w ay, and that It is necessary to
obtain an oxport license for every shipment o f this material. It should also
be noted that tho act o f im properly classifying material in order that it
m ay be exported without a license subjects the exported to the penalty o f
the law.

[V o l .

106.

IM P O R T A T IO N , M A N U ­
<
fee., O F A M M O N I A .
Licenses for the importation, manufacture, storage and
distribution of ammonia, ammonical liquors and ammonium
F O R M A T I O N O F I T A L I A N A S S O C I A T I O N FOR P U R ­
sulphate are required boginning Jan. 21 under a proclamation
C H A S E OF FO R E IG N R A W H ID E S .
issued by President Wilson on Jan. 3. Applications for
Information regarding the formation in Italy of an as­ licenses must be made to the law department, license divi­
sociation for tho purchase of foreign raw hides has been sion, of the United States Food Administration, Washing­
conveyed to the State Department by Vice-Consul Roberts ton, D. C., upon forms prepared for that purpose. Mention
at Genoa, Italy, as follows:
was made in these columns last week of the taldng over by
II Solo, published at M ilan, contains an article on the form ation o f an the Government of all the ammonia in sight and the concern
association for the purchase o f foreign raw hides. T h e directing com m ittee
We give below
it states, m et at R om e and nom inated as President C om m endatore Gen- felt by the trade with regard to the supply.
naro M affetono, o f N aples. T he seat o f the association in R om e was fixed
tho President’s proclamation calling for licenses for ammonia
at tho H otel Splendid, where the w ool association is installed. It has been imports, manufacture, &c., as published in the “ Official Bul­
possible to enable the office to begin without delay the admission o f as­
letin” for Jan. 4:
sociates, and tho organization o f purchases, finances, insurance, freights, &c.
Details o f the work as givon-by II Sole are:
A bou t 100 o f tho principal national tanneries and other m inor ones al­
ready belong to the association, and new applications for membership arrlvo daily. Sinco Sept. 1 tho firms that are members havo been invited
to sond in their ordors, and tho directing com m ittee has at once proceeded
to mako the purchases. On Sept. 18 theso firms were inform ed o f the
respective assignments o f hides from China and M on tev ideo. Orders
havo thus been covered for about 60,000 hides from China for soles and
uppers, and for about 22,000 hides from M on tevideo, principally for soles.
On Sept. 22 the assignments were announced o f 25,000 m oro hides from
M on tev ideo, all for soles. W ithin a few days will bo announced the as­
signments o f 30,000 additional hides from China, 20,000 from M on tevideo,
and 50,000 from India.
T h e orders received b y tho association during this first m onth o f activity
am ount to m ore than 250,000 hides, pour-fifths o f them already havo
been covered b y the purchase and assignment o f about 210,000 hides, as
here show n.
Given tho continual incroaso in tho number o f members, it is to be fore
seen that the orders will reach greater amounts in tho successive m onths,
but it Is probable that tho purchases will be delayed, tho season com ing on
In which tho chartering o f vessels becomes always m oro difficult, as tho
greater part o f the tonnage is absorbed b y the transportation o f grain and
cereals from South Am erica and Australia.

CONTROL

OF

B IN D E R

T W IN E

OUTPUT

BY

GOVERNMENT.

Announcement that the Federal Food Administration had
arranged to control the binder twine output of tho country
during 1918 was made on the 7th inst. Control, it is an­
nounced, will bo effected through voluntary agreements
made by the binder twine makers with the Food Adminis­
tration, which will centralize buying and eliminate compe­
tition. The statement made by the Food Administration
in the matter says that as a consequence of war activities,
high freights and similar causes the price will not be as low
as in past years, but will bo a reasonable price based on the
cost of raw material. Henry Wolfer, formerly Warden of
the Minnesota Penitentiary, where, it is stated, he built
up tho third largest binder twine plant in the world, has been
placed in charge of the binder twine section of the Food Ad­
ministration. The following is the latter’s announcement:
T he United States Food Administration has arranged to control tho
binder twine output o f this country during the 1918 season. Voluntary
agreements have been entered into between tho binder twine manufacturers
and tho F ood Administration centralizing tho buying and eliminating
com petition.
This Industry com es under the food bill because binder twine is necessary
equipm'ent in the ptoduction o f food . A s a consequence o f war activities,
high freights and similar causes, tho price will not bo as low as in past
years, but will be a reasonable price based upon the cost o f tho raw material,
over which tho United States Food Administration has no con trol, plus
reasonable differentials for manufacturing.
It is unquestionably a fact that tho price o f binder twino would havo
been m uch higher than it will bo but for this control. Dealing as a G ov­
ernment departm ent for the entire binder twino industry with tho com ­
pany supplying sisal, tho Pood Adm inistration has m ado advantageous
arrangements tending to stabilize prices, prevent unduo advances and
eliminate speculation, waste and hoarding; giving the product to tho ulti­
m ate consumer at lowest possible price, all things considered. Henry W ol­
fer, form erly W arden o f the M innesota Penitentiary, whore he built up
tho third largest binder twino plant in tho w orld. Is in chargo o f tho binder
twine section o f the Food Administration.

Concerning the action taken by the Government for the
regulation of the binder twino industry, the “Journal of
Commerce” on Jan. 8 in a Washington dispatch said:
T he Food Adm inistration failed to mako it clear to-day in what manner
it hopes to cope with the M exican sisal com bination. It is believed, how­
ever, that negotiations in this regard will be conducted through tho State
Departm ent and, being o f a diplom atic nature, will be kept secret. Some
tim e ago the question o f sugar prices was negotiated in a similar manner with
C uba. Ambassador Fletcher, who recently returned from M exico C ity,
it is now understood, was instrumental in effecting tho agreement with the
Yucatan sisal producers. As a m atter o f fact, the m atter was treated as
negotiations between the United States and the Governm ent o f M exico.
The United States agreed to lift tho embargo on gold to M exico. The
oil com panies there needed gold to pay their em ployees and asked for per­
mission to export $5,000,000 o f gold. T he United States lifted this em ­
bargo to the extent o f $10,000,000, it was learned to-day. In addition tho
United States agreed to sell about 4,000,000 bushels o f corn to M exico,
which is considered sufficient to tide that country ovor until their noxt
harvest. C orn, it was said to-d ay, is going into M oxico at tho rate o f
twenty cars per day.
In return for these concessions, it is believed, tho M exicans havo con­
sented to the regulation o f tho binder twino industry in tho United States,
which undoubtedly has in mind the practical fixing o f the price o f sisal.




L IC E N S E S

RE Q U IR ED

FOR

FAC TU R E , STORAGE,

B Y T H E P R E S ID E N T OP T H E U N IT E D S T A T E S OP A M E R I C A .
A P R O C L A M A T IO N .
W hereas, undor and b y virtue o f an A ct o f Congress entitled "A n A c t to
provide further for the national security and defense b y encouraging the
production, conserving tho supply, and controlling tho distribution o f
food products and fu e l," approved b y tho President on tho 10tli day o f
A ugust, 1917, it is provided, am ong other things, as follows:
That by reason o f the existence o f a state o f war, it is essential to tho na­
tional security and defense, for the successful prosecution o f tho war and
for tho support and maintenance o f tho A rm y and N a vy, to assure an ade­
quate supply and equitable distribution, and to facilitate tho m ovem ent o f
foods, feeds, fuol (including fuel oil and natural gas), and fertilizer and fer­
tilizer ingredients, tools, utensils, implements, machinery, and equipment
required for the actual production o f foods, feeds, and fuel, hereafter In this
A ct called necessaries: to prevent, locally or generally, scarcity, m onopoliza­
tion, hoarding, injurious speculation, manipulations, and private controls
affecting such supply, distribution, and m ovem ent; and to establish and
maintain Governm ental control o f such necessaries during tho war. P or
m u l ira u o m is <iui,norizeu to m a K O
such regulations and to issue such orders as are esesntial effectively to carry
out the provisions o f this A ct.
A nd, whereas, it is further provldod in said A ct as follows:
That, from tim e to tim e, whenever tno President shall find it essential to
licenso tho im portation, manufacture, storage, mining or distribution o f any
necessaries, in order to carry into effect any o f tho purposes o f this A ct. and
shall, after a date fixed in tho announcem ent, ongago in or carry on any such
business specified in tho announcem ent o f Im portation, m anufacture stor­
age, mining, or distribution o f any necessaries as set forth In such an­
nouncem ent, unless he shall sccuro and hold a licenso issued pursuant to
this section. T he President is authorized to issue such licenses and to pre­
scribe regulations for tho issuance o f licenso sand requirements for systems
o f accounts and auditing o f accounts to be kept b y licensees, submission o f
reports b y them, with or without oath or affirm ation, and tho entry and
Inspection b y the President’s duly authorized agents o f tho placos o f busi­
ness o f licensees.
And whereas it is essential in order to carry into effect tne provisions o f
the said A ct, and in order to secure an adoquato supply and equitable dis­
tribution, and to facilitate tho m ovem ent o f certain necessaries hereafter
in this proclam atidn specified, that tho licenso powers conferred upon the
President b y said A ct bo at this tim e exorcised to tho extent hereinafter
set forth:
N ow , therefore, I, W oodrow W ilson, President o f the United States o f
A m erica, b y virtue o f the p ow ois conferred on m o b y said A ct o f Congress,
hereby find and determ ine and b y this proclam ation do announco that it
is essential, in order to carry into effect tho purposes o f said A ct, to licenso
tho im portation, m anufacture, storago, anil distribution o f tho following
necessaries: A m m onia, amm oniacal liquors, and ammonium sulphate,
from whatever source produced.
All persons, firm s, corporations, and associations (except these specifi­
cally exempted b y said A ct o f C o n fe s s ) engaged in tho business o f im port­
ing, manufacturing, storing or distributing ammonia, ammoniacal liquors,
or ammonium sulphate from whatovet soureo produced are hereby required
to securo a licenso on or beforo Jan. 21 1918, which will bo issued under such
rules and regulations governing the con du ct o f tho business aS m ay bo pre­
scribed.
Tho Secretary o f Agriculture shall supervise, direct, and carry into offect
tho provisions o f said A ct and tho powers and authority thereby given to
the President as far as the same appl.v to amm onia, ammoniacal liquors,
and amm onium sulphate from w hatever source p rod uced , and to any and
all practices, procedure, and regulations applicable thereto, authorized or
required under the provisions o f said A ct, and in this behalf ho shall do and
porform such acts and things as m ay bo authorized or reuqlred o f him from
timo to tim e b y direction o f the President, and under such rules and regu­
lations as m ay be prescribed b y tho President from timo to tim e. All d e­
partments and agencies o f tho Governm ent aro hereby directed to co-oper­
ate with tho Secretary o f Agriculture in the perform ance o f tho duties here­
inbefore set forth.
Applications for licenses must be m ade to the law departm ent, license di­
vision, United States P ood Adm inistration, W ashington, D . C ., upon
form s propared for that purpose.
A ny person, firm , corporation, or association, other than those herein­
before excepted, who shall ongage in tho business o f im porting, m anufactur­
ing, storing, or distributing amm onia, ammoniacal liquors, or amm onium
sulphate from whatever soureo produced after tho date aforesaid, without
first securing such licenso, will bo liablo to tho penalties proscribed b y said
A ct o f Congress.
In witness w hereof, I havo hereunto set m y hand and caused the seal o f
the United States to bo affixed.
D ono in tho D istrict o f Colum bia, this 3d d ay o f January, In tho year o f
our Lord 1918, and o f tho independence o f the United States o f America
the one hundred and forty-second.
W O O D R O W W IL S O N . •
B y the President:
R O B E R T L A N S IN G , Secretary o f Stale.

According to a statement issued by the Department of Ag­
riculture, the enforcement of tho regulations will be in charge
of an inter-departmont committee, including representatives
of the Council of National Defense, U. S. Food Administra­
tion, the Department of Agriculture and tho War, Navy and
Interior departments. This committee consists of:
U. S. P ood Adm inistration, Charles W . M orrill.
Departm ent o f Agriculture, M . L . W ilkinson and Carl L . Alsberg.
War Departm ent, M a jor Backus, Ordnance Division.
W ar D epartm ent, Colonel W . H . W alker, C hlof o f Chomlcals Service
Section.

W ar D epartm ent, M a jor M . J. W hitson, Cantonm ent D ivision, Quarter­
m aster-General’s O ffice.
N avy D epartm ent, Admiral Ralph Earl.
Interior Departm ent, M a jor J. T . Crabbs.
Council o f National D efense, L . L . Summers.
R E O R G A N IZ A T IO N OF O R D N A N C E B U R E A U OF A R M Y
— SAMUEL

McROBERTS

HEAD

OF

NEW

PRO CU REM EN T D IVISIO N .

Secretary of war Baker on Jan. 2 announced a complete
reorganization of the Ordnance Bureau of the War Depart­
ment. Under the new plan four divisions, with civilians
at their head, will be charged with the principal functions of
the Bureau. These departments will be known as the divi­
sions of procurement, production, inspection and supply.
Heretofore the work of these departments has been handled
by five more or less independent units in the Bureau. Colo­
nel Samuel McRoberts, formerly Executive Manager of the
National City Bank of New York, has been placed in charge
of the new procurement division. No announcement of
the names of the business men to be put in charge of the other
three new divisions has to our knowledge as yet been made.
Secretary Baker in announcing the reorganization of the
Ordnance Bureau of the Army defined the duties of the four
newly-created divisions as follows:
(A) Tho Procurement Division will negotiate all orders and contracts for
artillery small arms, ammunition, and other articles heretofore purchased
b y tho various divisions o f tho Ordnance Departm ent.
(j j) Tho production Division will have general charge o f production. It
will follow up, supervise, and stimulate the production o f all articles con­
tracted for b y tho Procurem ent Division.
(C ) Tho Inspection Division will inspect and accept or reject all muni­
tions o f war contracted for b y the Procurem ent D ivision.
(D ) Tho Supply Division will receive and distribute all ordnance and
ordnance stores, operato all storehouses, and have charge o f matters per­
taining to transportation.

ARM Y

ORDNANCE BASE LOCATED
N.

143

THE CHRONICLE

Jan . 12 1918.]

AT

M E T U C IIE N ,

J.— S O L D I E R S S E N T A S T R A Y
T H R O U G H ERROR.

Through an error by an official in the Ordnance Bureau of
tho War Department at Washington, fourteen soldiers
drafted for military service in the Army arrived at Raritan,
N. J., on Dec. 27, expecting to find there an ordnance base.
Inhabitants of the town having no knowledge of such a base
were nonplussed at the arrival of the soldiers, who were an
advance guard of hundreds of others who had been assigned
for service at the Raritan base. Realizing that a mistake
had been make, Raritan people gladly accomodated the men
in their homes until tho authorities at Washington could
arrange for the transfer of the men. Mayor Gallagher of
Raritan on Dec. 29 telegraphed to Ordnance Bureau at
Washington calling its attention to the mistake. The
Mayor received a reply from General Crowder, who advised
that the soldiers would be sent to Camp Upton, Yaphank,
L. I., but, added that there “ must” bo an ordnance'base
in Raritan, as the War Department had received a report
that it had been established. An investigation into the
matter was later made by tho War Department and it was
discovered, says the New York “ Times,” that tho true
destination of the men was the Raritan Ordnance Depot, a
supply base at Metuchen, N . J., in process of construction.
Tho depot is situated on the Raritan River, and, it is stated>
will accommodate several thousand men when completed.
In explanation of tho error in sending tho soldiers to Raritan,
N . J., General Crozier on Dec. 31, according to the “ Times, ’
declared that tho mistake had been mado by “ one of 700 of
tho younger ordnance officers,” who did not distinguish
between “Metuchen” on the Raritan River, where the base
is located, and the town of Raritan itself. Secretary of War
Baker on Dec. 31, according to tho “ Times,” authorized
the following statement explaining the circumstances which
led to the mistake:
B y arrangements m ado with the Provost Marshal General, men volunl
teering for service in tho Ordnanco Supply Servlco, or selected for thaservico out o f tho drafted men, were to report at Raritan where additlonat
facilities for their accom m odation wero under contract and in process o f
construction. These additional facilities were rendered necessary b y
tho largo number o f volunteersTor this service, which outran the anticipated
number.
T ho Ordnanco Departm ent in W ashington, relying upon th<5 reports from
tho contractor for barracks at Raritan, assumed that they would be ready
for tho reception o f the m en. Tho cold weather delayed tho work, and tho
barracks wero not ready. W hen tho first tw o men men reported at Raritan
tho Ordnance Departm ent was notified, and sent an officer there to tako
chargo o f tho tw o who had already reported, and furnish accom m odations
to them and transportation to Cam p U pton, where they and othors sub­
sequently reporting have been provided for.
The barracks at Raritan will bo com pleted as soon as possible. In the
m cantlm o, tho men who liavo reported, and those who subsequently report,
will bo provided for at Cam p U pton. Instructions wero issued som o days
ago to all district boards suspending the dispatch o f further mon.




T ho proposed barracks are near Raritan, but, not having been form ally
opened, the Postm aster and people o f that place had not had their attention
called to them so as to be able to advise the men who cam e o f their exact
location.
_ _
N AVY

DEPARTMENT
PR O VID E

RE Q U IR ES

MEANS

PLANTS

FOR

CONTRACTORS

TO

S A F E G U A R D IN G

A G A IN S T

ENEM Y

.
Having found that manufacturers holding contracts with
the Navy Department have not been taking proper pre­
cautions to guard their plants against danger from espionage,
acts of war and enemy sympathizers, Secretary of the Navy
Daniels has ordered that there be inserted in all contracts
already made and in contracts to be made in the future
provisions requiring contractors to furnuish adequate pro­
tection for their plant and work, and when required by the
Secretary of the Navy to furnish to the Navy Department
a list showing the citizenship, country of birth, or alien
status of any and all of their employees. Contractors must
also discharge and refuse employment to any person or per­
sons whom the Secretary of the Navy has cause to believe
undesirable for work on contracts for the Navy Depart­
ment.
All persons or firms holding Navy Department contracts
have, according to the “ Official Bulletin,” been sent the fol­
lowing circular letter from the Bureau of Supplies and Aeounts of the Navy Department:
SYM P ATH IZE R S.

T h e following letter has been received in this office:
NAVY DEPARTM ENT.
Washington, D . C ., Oct. 16 1917.
From Secretary o f the Navy:
To Chief o f Bureau o f Supplies and Accounts.
Subject: Adequate guarding o f plants and surveillance o f em ployees o f
plants having contracts with the N a v y Deaprtm ent during the war.
1. In view o f tho fact that the conditions in regard to the guarding o f the
plants and tho surveillance o f tho em ployees o f a number o f com panies hav­
ing m anufacturing«contracts with the various bureaus o f the N a vy D e ­
partment have been found to be m ost unsatisfactory, it is directed that you
address a letter to all com panies having contracts with your bureau, re­
quiring them to insert the following provisions in all contracts already
m ado and to have inserted the following provisions in all contracts to be
m ade b y your bureau for the duration o f tho war.
2. T he following is a co p y o f the provisions above referred to:
‘ ‘ In addition to the ordinary precautions heretofore adopted b y the con­
tractor for the guarding and protection o f its plants and work, the con­
tractor shall provide such additional watchm en and devices fo r protection
o f its plant and property and the work in process for the N a vy Depart­
m ent against espionage, acts o f war, and o f enem y aliens as m ay be re-,
quired b y tho Secretary o f the N a vy. The contractor shall, when re­
quired, report to tho Secretary o f tho NavJ' the citizenship, cou ntry o f
birth, or alien status o f any and all o f his em ployees. W hen required b y
the Secretary o f the N avy he shall refuse to em ploy, or, if already em ployed,
forthw ith discharge from em ploym ent and exclude from his works any per­
son or persons designated b y tho Secretary o f the N a vy for cause as un­
desirable for em ploym ent on work for the N a vy D epartm ent.”
(Signed)
JOSEPH U S D A N IE L S .
In case tho N a vy Departm ent directs the contractor to provide additional
watchmen and dovices for tho protection o f his plant and property, special
arrangements will bo made in each case to make a suitable m odification in
exisiting contracts so as to provide for such expense. In each such case,
contractors will be consulted with b y the D irector o f N aval Intelligence
and m utual satisfactory arrangements perfected.
A ll contracts, bureau orders, and N a v y orders issued to you b y Supplies
and A ccounts are, therefore, m odified in accordance with the provisions
stated above. A co p y o f this letter is m ade a part o f the record pertaining
to each contract, bureau order, and N a v y order on file in this office.
Very respectfully,
S A M U E L M cG ow an,
Paymaster-General o f the Navy.
PR ESID E N T

W IL S O N

OPPOSED

TO R E L A X A T I O N

OF

C H IL D LABOR L A W S A S W A R T I M E N E C E S S IT Y .

Commendation of the efforts of the National Child Labor
Committee to prevent the relaxation of child labor laws on
the plea of war time necessity is given by President Wilson
in a letter to Dr. McKelway of the committee in which he
says:
M y Dear D r. M cKelway.
A s tho labor situation b y tho war develops, I am m ore interested than
ever, if that were possible, in throwing all the safeguards possible around
tho labor o f women and children in order that no intolerable or injurious
burden m ay bo placed upon them . I am , therefore, very glad, indeed,
that tho National Child Labor C om m ittee is dllligently continuing its la­
bors and extending its vigilance in this im portant m atter. B y doing so
it is contributing to efficiency and econom y o f production, as well as to
the preservation o f life and health. Cordially and sincerely yours,
W O O D R O W W IL S O N .

With regard to President Wilson’s letter Owen R. Lovejoy of the National Child Labor Committee was quoted to
tho following effect in the New York “ Times” of Dec. 31:
D r. A . J. M cKelway, National Child Labor Committee.
W o expect that President W ilson's letter will be one o f the greatest fac­
tors in preventing further relaxation o f child labor laws. Last spring,
before tho Administration had tim e to stato its position on the question
o f labor standards a number o f States authorized the suspension o f their
laws. Since then there has been constant pressure In other States on o f­
ficials charged with the enforcement o f labor laws to permit violations
o f tho labor laws oh the ground o f war necessity. But tho President’s
letter, and a similar one received b y the National Child Labor C om m ittee
from Secretary o f W ar Baker, shows clearly what the attitude o f these
officials and the public at large should be toward any proposals that would
“ place Intolerable or injurious burdens" upon the women and children.

144

• TH E CHRONICLE

G E N E R A L SIBER T R E L IE V E D FR O M D U T Y I N F R A N C E
— OTHER

CHANGES IN

ARM Y

DEPARTMENTS.

A reassignment of several of the officers commanding
the various branches of the United States Army at homo
and abroad was announced by Secretary of War Baker on
Jan. 2. Perhaps the most important of the transfers was
that of Major-General William L. Siber't of the regular
army who has been relieved as commanding officer of the
First Division of American troops in Franco under General
Pershing, and assigned to the command of the Department
of tho Southeast. General Sibert has been succeeded as
Commander of the First Division in France by MajorGeneral Robert L. Bullard. Major-Generals William A.
Mann and R. M . Blatchford have also been relieved from
active duty in France, and they, together with, General
Sibert, have returned, to this country. Major-General
Mann, who commanded tho Rainbow Division of the Nati­
onal Guard in France, has been designated to head the East­
ern Department of the army, with headquarters at Governors’
Island, to relieve Major-General Eli D. Hoyle, a retired
officer, who has been at the head of the Eastern Department
since Major-General Franklin J. Bell was assigned for other
work. General Mann has, it is stated, been succeeded by
Major-General Charles T. Meachem, as commanding officer
of tho Rainbow Division in Franco. General Mann, it is
said, was found physically unable to stand the strain of
campaigning after the arrival in Franco, and was ordered
home on that account. The recall from France of General
Sibert, however, is not explained, however. Washington
dispatches suggest it may have been due to a recommenda­
tion by General Pershing, with whom, it is said, General
Silbert had not been wholly in accord on important military
questions. The statement lacks confirmation. MajorGeneral Sibert is said to be seven years short of the retire­
ment age of 64. ________________________
I N Q U IR Y IN T O G O V E R N M E N T SH IP B U IL D IN G S IT U ­
A T IO N B Y SEN ATE COM M ERCE CO M M IT T EE .

[V o l . 106.

T he contracts o f tho E m ergency Fleot Corporation have been let to 110
shipyards, o f which 36 existed Jan. 1 and 74 liavo been created since. In
addition, the Em ergency Fleot C orporation has requisitioned tho vessels
which are building in 22 yards in addition to the abov e, so that tho Fleet
C orporation is at present controlling w ork in 132 yards, o f which 58 arc old
and 74 are new.
T ho great and constant increase in new yards to be constructed and ton ­
nage awarded has required a constant expansion o f our organization, and
has com pelled us to m ake changes which tho proper carrying out o f this
vastly expanded program has m ade im perative.
T he organization has been expanded not only with the idoa o f checking up
and safeguarding the expenditure o f tho vast sum intrusted to our care, but
with tho idea o f infusing both into the shipbuidlers and the workmen en­
gaged in tho art that degree o f enthusiasm for tho work and interest in it
that is absolutely essential.
,
W o have recognized that it was necessary not only vastly to increase tho
number o f m en, and therefore to ovolvo a m ethod o f getting an adequate
supply o f labor and training it, if necessary, but wo also have been convinced
o f the necessity that wo m ust spend m oro tim e training the executive and
technical organization in those plants which have undertaken contracts
for which their experience did not particularly fit them . T ho big problem
is to secure an adequato supply o f experienced labor and com petent ship­
yard organizations to direct it.
T he first contract was let on April 27. During that and successive
m onths, contracts were let as follows: A pril, 1 contract for 12 vessels, to ­
taling 42,000 tons; M a y , 9 contracts for 76 vessels, totaling 854,000 tons;
June, 20 contracts for 137 vessels, totaling 646,000 tons; July. 24 contracts
138 ships, 591,800 tons; A ugust, 25 contracts, 110 vessels, 424,000 tons;
Septem ber, 12 contracts, 185 vessels, 1,142,500 tons; O ctober, 6 contracts,
114 vessels, 934,200 tons; N ovem ber, 46 contracts, 192 vessels, 1,054,400
tons; D ecem ber, 4 contracts, 35 vessels, 326,800 tons. T otal, 146 con ­
tracts, for 996 vessels, totaling 5,517,100 tons.
T he plan developed b y our predecessors to standardize ship design and
to build these standard ships in large numbers in specially equipped yards,
in which tho assembly o f material fabricated in structural steel and maehino
shops could be carried on, is sound, and will give a trem endously increased
ship production at relatively small expense for new construction, and w ith­
out carrying with it excessive labor congestion at tho j^erds.
A considerable portion o f tho effort thus far has been toward com pletion
o f these fabricated and other nowly organized plants, tho sum expended
for this purpose up to D ec. 1 being 89,651,000. I am happy to say tho first
threo keels in those plants will bo laid this m onth, and progress o f yard con­
struction is such that we can promise fairly full operation during tho spring
o f 1918. T ho fact that hulls liavo actually been com pleted within sixtyfour days on the P acific Coast gives bright promiso o f tho largo capacity
which these fabricated yards arc bound to turn out.
I am mentioning this largely to indicate that tho work thus far has in
many cases been preparatory, and has carried tho usual am ount o f annoy­
ances and disappointments, but this period o f preparation is getting rapidly
behind us, and the period o f actual ship construction in full accordance with
our plans is im m ediately beforo us.
A s an indication o f the progress being m ade in explaining tho shipbuild­
ing capacity o f tho cou ntry, perm it m o to say that reports from various
shipbuilding concerns for nine weeks beginning O ct. 6 show that out o f 109
plants reporting, the total number o f employees for tho week ending
O ct. 13 was 102,769; for tho wcolc ended D ec. 8 149,270, an Increase o f
45.2 % during the nino weeks.
It must be borne in m ind that all shipbuilding effort is not confined to
shipyards, but that a largo portion o f propelling m achinery, winches, steer­
ing gears and other accessories are built in manufacturing establishments,
and these contribute thousands o f operatives to the very respectable totals
above. This increase in labor indicates tho success we are having in adding
a second and even a third shift to existing shipyards form erly running on a
single turn.
Tim e is necessary in the case o f any organization for gathering the neces­
sary experience and developm ent o f team spirit, so essential to successful
operation, and it is hardly fair, therefore, to say that tho newly created
facilities shall from the day they are put in operation produce ships at tho
maximum capacity. A ccording to tho figures o f the construction depart­
ment o f tho M eet Corporation, 1,427 ships o f 8,573,108 deadweight tons
are under construction or con tract. O f these, 431 ships o f 3,056,000 tons
wero already under construction or order b y privato or foreign owners
when tne com m andeering order went into effect A ug. 3. T he new tonnage
o f steel ships ordered is represented b y 559 ships o f 3,965,200 deadweight
tons. T he wooden ships contracted for represent 379 bottom s o f 1,344,900
deadweight tons, and thcro are in addition 58 com posite ships o f 207 dead­
weight tons. T ho output o f various yards will increase progressively as
experience grows and man power is increased.
As a record o f accom plishm ent, let mo add that since tho commandeering
order went into effect, 49 vessels o f a total o f 300,865 deadweight tons liavo
been com pleted and put into service.

The investigation by the Senate Committeo on Commerce
into tho delay in the Government’s shipbuilding program,
the workings of the Federal Shipping Board and its Emer­
gency Fleet Corporation, as ordered in tho resolution (given
in these columns on Dec. 29), unanimously adopted by the
Senate on Dec. 18, was begun on Dec. 21, with Edward N.
Hurley, Chairman of the Shipping Board, as the first wit­
ness. The investigation is being made by the full Committee
on Commerce, of which Senator Duncan U. Fletcher, of
Florida, is Chairman. The Committeo met on Dec. 20
and made its plans for conducting the investigation. The
committee adopted resolutions calling on the Shipping Board
to furnish it with a complete list of all contracts for ship
construction let up to that time, the name and address of
each individual contractor and other similar information.
Tho purpose of this report was to disclose at a glance just
what had been accomplished by the Shipping Board in the
war emergency, and to roveal what could bo expected of
America in the line of ship production during 1918. In
compliance with the committee’s request, Chairman Hurley
on Dec. 21 submitted a great mass of data relating to con­
tracts and construction and the other information desired.
Chairman Hurley, in his testimony beforo tho Committee,
The contents of these documents Chairman Hurley summed
up in a statement which he read before beginning his testi­ declared that despite tho numerous obstacles hampering it
from -without and tho dissensions within tho Fleet Corpora­
mony. Chairman Hurley’s statement said in part:
tion, which, it is believed, are now at an end, America’s
A t the outset o f this inquiry I would like to say that the Shipping B oard,
appreciating the fact that tho Senate’s desire is to he o f national service, mammoth shipbuilding program is being smoothly and
welcomes a thorough investigation o f its activities and accom plishm ents.
rapidly brought to a successful completion. Some of tho
I am especially glad o f tho opportunity which this investigation affords to
reasons for tho delay in the building of the ships, Mr. Hurley
discloso the actual facts in the situation.
W hen Admiral Capps and I joined tho Em ergency Fleet C orporation on said, wero labor strikes, the fact that bidders had bid against
July 27 1917, there were under contract 810,900 tons o f wooden ships,
207.000 tons o f com posite ships and 587,000 tons o f steel ships. Since each other and had purchased labor from each other, trans­
then additional contracts amounting to 3,378,200 tons o f steel ships and portation difficulties and delays in getting material delivered.
501.000 tons o f wooden ships have been placed.
Chairman Hurley acknowledged that some contracts had not
In addition, the Fleet Corporation lias rendered financial aid to and is
directing the w ork o f extension and developm ent in forty-tw o yards. proven satisfactory to the Government, and that several
From
T he remaining new yards are being constructed by private capital. A por­ contracts with private individuals wero “dead ones.”
tion o f the contracts placed since July 27 were prepared and practically Mr. Hurley and John A. Donald, a membor of the Shipping
closed by our predecessors.
It must b e borne in mind that this vast program o f construction under­ Board, who also took tho witness stand on Dec. 21, tho Com­
taken in the last nino m onths was superimposed on a navy program which mittee drew a long story of tho troubles of the Shipping
was the equivalent in dollars, and therefore in shipbuilding effort, o f tho Board and tho Fleet Corporation, starting with tho row at
construction o f 2,500,000 tons o f merchant shippnig. The navy program
tho outset between William Denman, first Chairman of tho
absorbed practically 70% o f the eighteen prom inent yards in existence at
the beginning o f tho war with Germ any, the remaining 30% o f these yards Shipping Board, and Major-General Goethals, first General
being taken up with construction o f merchant shipping for both foreign
Manager of tho Fleot Corporation. Mr. Donald described
and American account, which was requisitioned under the order o f A ug. 3.
This tonnage is now being com pleted under tho supervision and control o f the reorganization of tho Fleot Corporation, which stripped
tho Em ergency Fleet Corporation.
Rear Admiral Capps, General Goothals’s successor, of much
W hen we com pare the total tonnage under construction for both the N avy
of his authority, and led to tho former’s resignation. Tho
and tho Shipping Board witli the greatest annual output o f Am erican yards
prior to the war, which H om er Ferguson in a recent article puts at 615,000 recent resignation of Roar Admiral Harris, who succeeded
tons, some conception o f the magnitude o f our undertaking will be had.
Rear Admiral Capps, was duo. Mr. Donald said, to




Ja n . 12 1918.]

THE CHRONICLE

H a r r is ’s t a k in g m e a s u r e s w i t h o u t f ir s t c o n s u lt in g t h e S h ip ­
p in g B o a r d .
A d m ir a l H a r r is h a s b e e n s u c c e e d e d b y C h a r le s
P i e z , w h o s o o ff ic e a s V ic e - P r e s id e n t o f th e C o r p o r a t io n in
c h a r g e o f p r o d u c t io n h a s b e e n c o m b in e d w it h t h a t o f G e n e r a l
M an ager.
T h o t r o u b le b e t w e e n M r . D e n m a n a n d G e n e r a l
G o e t h a ls , M r . D o n a ld s a id , a p p e a r e d to b o a d iffe r e n c e in
t e m p e r a m e n t a n d t h e q u e s tio n a s t o w h o w a s in s u p r e m e
c h a r g e o f th o s h ip b u ild in g p r o g r a m .
T h o c o n t r o v e r s y , ho
s t a t e d , h a d d e la y e d th e s h ip b u ild in g p r o g r a m a n d p e r m it t e d
m o r e t h a n a d o z e n s h ip s t o g e t a w a y fr o m th o U n it e d S t a t e s
w h ic h m ig h t h a v e b e e n r e t a in e d if th o B o a r d ’ s c o m m a n ­
d e e r in g o r d e r h a d b e e n is s u e d e a r lie r .
M r . H u r l e y in h is t e s t im o n y g a v e a n e x p la n a t io n fo r
p u t t i n g th o b a n o n p r iv a t e c o n t r a c t s b y s h ip b u ild e r s .
Ho
s a id t h is a c t i o n w a s t a k e n b e c a u s e o f th e la b o r s h o r t a g e , l a c k
o f m a t e r ia ls , a n d t h e f a c t t h a t th o S h ip p in g B o a r d a n d th o
E m e r g e n c y F l e e t C o r p o r a t io n d id n o t w a n t fo r e ig n b u y e r s
b id d in g a g a in s t th e U n it e d S t a t e s , p a y in g a p r e m iu m fo r
m a t e r ia l a n d la b o r , a n d o t h e r w is e p r e v e n t i n g A m e r ic a n
y a r d s fr o m b u ild in g A m e r ic a n s h ip s . T h e t e s t im o n y o ffe r e d
o n D e c . 2 2 d is c lo s e d t h a t th o b e g in n in g o f th o c o n s t r u c t io n
o f f a b r ic a t e d s t e e l s h ip s w a s d e la y e d t w o m o n t h s b y th e
r e f u s a l o f R e a r A d m ir a l C a p p s , fo r m e r G e n e r a l M a n a g e r o f
th o F l e e t C o r p o r a t io n , t o c lo s e c o n t r a c t s n e g o t ia t e d b y h is
p r e d e c e s s o r , M a j o r - G e n e r a l G o e t h a ls , u n t i l m a n y a lt e r a t io n s
in th orn w o re m a d e .
C h a ir m a n H u r l e y , in t e s t i f y i n g o n
t h is p o in t , a c c o r d in g t o th o N o w Y o r k “ T i m e s , ” s a id :
“ General Goethals laid upon m y desk contracts calling for tonnage o f
about 100,000,” said M r. Hurley. " I asked Admiral C apps to review the
samo boforo I actually awarded them . I thought that they should have his
approval as well as that o f General Goethals. Ho delayed sovcral weeks In
approving somo o f tho contracts, and thero was a delay from tho last week
o f July until lato in September In getting the approval o f tho larger part o f
tho con tracts.”
“ Did ho make any changes in tho specifications?”
“ Yes. IIo reduced tho number and changed tho manner o f m aking pay­
ments to tho fabrication plants,” replied M r. Hurloy.

G e n e r a l M a n a g e r P ie z , in h is t e s t im o n y o n D e c . 2 2 , d e ­
c la r e d t h a t t h e w o o d e n s h ip b u ild in g p r o g r a m w a s h e ld b a c k
la r g e ly b y th o i n a b i l i t y o f S o u t h e r n p in e p r o d u c e r s t o d e liv e r
t im b e r .
I t w a s t e s t ifie d t h a t t h e c h a n g e d s p e c if ic a t io n s
r e q u ir e d h e a v ie r t im b e r s a n d t h a t th e s e tim b e r s h a d b e e n
p r o m is e d t h e s h ip b u ild e r s b y th o S o u t h e r n P in e A s s o c ia ­
t io n .
T h i s o r g a n iz a t io n , M r . P i e z t e s t if ie d , h a d d e la y e d
d e liv e r ie s , a n d , in c o n s e q u e n c e , c o n s t r u c t io n h a d b o o n
r o t a r d e d in y a r d s d e p e n d in g o n th o t im b e r fr o m th o S o u t h .
M a n y c o n t r a c t s a lr e a d y lo t fo r w o o d e n s h ip s in t h e E a s t
w ill h a v e t o b e t r a n s fe r r e d t o t h e W e s t , M r . P ie z a d d e d ,
b e c a u s e o f t h is s t a t e o f a f f a ir s , in o r d e r t o g e t t h e v e s s e ls
c o m p le t e d .
T h e p a r t w h ic h la b o r tr o u b le s h a v e p la y e d in th o d e l a y in
th o s h ip b u ild in g p r o g r a m w a s d is c u s s e d a t le n g t h b y R . B .
S t o v e n s , V ic e - C h a ir m a n o f t h e S h ip p in g B o a r d , a n d it s
r e p r e s e n t a t iv e in a ll la b o r p r o b le m s , in h is t e s t im o n y b e fo r e
th o in v e s t ig a t in g c o m m it t e e o n D e c . 2 6 .
S in c e th o U n it e d
S t a t e s w o n t t o w a r , M r . S t e v e n s s a id , s h ip y a r d s h a v e lo s t a
t o t a l o f 5 3 6 ,9 9 2 w o r k in g d a y s b y s t r ik e s a n d o t h e r d is p u t e s .
T h is , h e f ig u r e d , r e p r e s e n t s th e w o r k o f 2 0 ,0 0 0 m o n f o r a
m o n th .
H a p p i l y , s a id M r . S t e v e n s , th o s it u a t io n is im ­
p r o v in g b y r e a s o n o f m e a s u r e s t a k e n b y t h e S h ip p in g B o a r d
t o a d j u s t d iffe r e n c e s w h e r e v e r t h e y a r is e .
M r . S te v e n s
e s t im a t e d t h a t p r o b a b ly 15 0 ,0 0 0 m e n a r e n o w e n g a g e d o n
s h ip s f o r t h e G o v e r n m e n t , b u t t h a t a t le a s t 3 0 0 ,0 0 0 , a n d
p e r h a p s 40 0 ,0 0 0 , w ill b e n e e d e d b e fo r o th o s h ip s a ro a ll in
s e r v ic e .
M r . S t o v e n s a ls o d e c la r e d t h a t , in o r d e r t o k e e p
m e n w o r k in g o n th o G o v e r n m e n t ’ s f le e t o f m e r c h a n t v e s s e ls ,
th o S h ip p in g B o a r d h a d a d o p t e d a p la n g r a n t in g a 1 0 %
w a g e b o n u s fo r a s ix - d a y w e e k .
T h is b o n u s w ill b e c o m e
p a r t o f th o r e g u la r w a g o sc a lo o n F o b . 1 .
S e n a t o r H a r d in g
o f t h e i n v e s t ig a t in g c o m m it t e o a s k e d w h y i t w a s n e c e s s a r y
t o g iv e t h is b o n u s t o g e t m e n t o w o r k a f u ll s ix - d a y w e e k ,
a n d M r . S to v o n s s a id t h a t a g r o a t m a n y m e n o b t a in e d s u ff i­
c ie n t m o n o y f o r th e ir n e e d s b y w o r k in g f o u r d a y s a w e e k
a n d r e fu s e d t o w o r k t h e o t h e r t w o w i t h o u t e x t r a c o m p e n s a ­
t io n .
M r . S t o v e n s , u p o n b e in g q u e s t io n e d , e s t im a t e d t h a t
th o 1 0 % b o n u s s y s t e m w o u ld c o s t th o G o v e r n m e n t a b o u t
$ 6 5 ,0 0 0 ,0 0 0 .
R e a r A d m ir a l F . T . B o w le s , w h o h a s c h a r g o o f s t e e l c o n ­
s t r u c t io n fo r th e F le e t C o r p o r a t io n , t e s t ifie d b e fo r e th o in ­
v e s t i g a t i n g c o m m it t e e o n D e c . 2 7 .
H e d e c la r e d t h a t th o
m a x im u m c a p a c i t y o f th e U n it e d S t a t e s f o r t h e b u ild in g o f
s t e e l m e r c h a n t s h ip s d u r in g 1 9 1 8 is 7 ,1 0 0 ,0 0 0 t o n s d e a d ­
w e ig h t , m a k in g a llo w a n c e s f o r th o r e q u ir e m e n t s o f th e n a v y ,
b u t d iv e r t in g a ll a v a ila b le s t e e l p la t e s fr o m o t h e r u s e s , s u c h
a s b u ild in g a n d c a r c o n s t r u c t io n , t o th o s h ip y a r d s .
A d m ir a l
B o w lo s b a s e d h is e s t im a t e o n t h e g r o u n d s t h a t th o t o t a l
c a p a c i t y o f s t e e l p la t e s w o u ld n o t e x c e e d 2 ,8 6 4 ,0 0 0 t o n s in




145

1 9 1 8 , a n d t h a t o f t h is a m o u n t n o t m o r e t h a n 1 ,7 9 0 ,0 0 0 to n s
w o u ld b e a v a ila b le f o r n a v a l a n d m e r c h a n t s h ip b u ild in g .
H e t e s t ifie d t h a t th e r e h a d b e e n s o m e s lig h t d e l a y s in s te e l
s h ip b u ild in g b e c a u s e o f a l a c k o f m a t e r ia ls , b u t a t t r ib u t e d
t h is t o d e l a y in t r a n s p o r t a t i o n .
A d m ir a l B o w le s in h is
t e s t im o n y , a c c o r d in g t o W a s h in g t o n n e w s a d v ic e s , f r a n k l y
a d m it t e d t h e fa ilu r e o f t h e w o o d e n s h ip p la n s , s t a t i n g t h a t
h e w o u ld d is c o u r a g e w o o d e n s h ip b u ild in g w h e r e v e r th e r e
w a s a p o s s ib ilit y f o r f u r t h e r d e v e lo p m e n t o f s t e e l s h ip c o n ­
s t r u c t io n .
A d m ir a l B o w le s d is c la im e d r e s p o n s ib i lit y f o r th e
p la c in g o f c o n t r a c t s f o r w o o d e n v e s s e ls , b u t t o o k t h e b la m e
f o r p a r t o f t h e d e l a y in t h e ir c o n s t r u c t io n .
H e e x p la in e d
t h a t h e h a d b e e n d is s a tis fie d w it h t h e o r ig in a l s p e c if ic a t io n s
f o r t h e s h ip s , a n d h a d c h a n g e d t h e m b e c a u s e t h e y d id n o t
p r o v id e s u f f ic ie n t ly a g a in s t h a r d u s a g e a n d w e r e o t h e r w is e
poor.
R e a r A d m ir a l B o w le s w a s a g a in b e fo r e t h e i n v e s t i­
g a t i n g c o m m it t e e o n D e c . 2 8 , a n d a s k e d t h a t C o n g r e s s
e x e m p t s h ip b u ild in g c o n c e r n s fr o m t h e o p e r a t io n s o f t h e
e x c e s s p r o fit s t a x in th o w a r r e v e n u e b ill in o r d e r t h a t s h ip s
c a n b e b u i lt f o r t h e w a r e m e r g e n c y .
“ W e a r e f in d in g i t
im p o s s ib le t o p la c e n e w c o n t r a c t s b e c a u s e o f t h e f e a r a m o n g
s h ip b u ild e r s o f t h e e x c e s s p r o fit s t a x , ” h e s a id .
“ S everal
s h ip b u ild e r s h a v e a p p e a le d t o m e f o r p r o t e c t io n , p o in t in g
o u t t h a t w it h o n ly 1 0 % p r o f it t h e y w o u ld h a v e li t t l e l e f t
a fte r p a y in g th e t a x .”
H e s a id t h e f e a r o f t h is t a x w a s n o t
in c id e n t t o a n y p a r t ic u la r l o c a l i t y , b u t w a s g e n e r a l a m o n g
s h ip b u ild e r s t h r o u g h o u t t h e c o u n t r y .
T o illu s t r a t e w h a t h e
m e a n t , A d m ir a l B o w le s , a c c o r d in g t o t h e N e w Y o r k “ S u n , ”
c it e d t h e p r o f it o f t h e A m e r ic a n I n t e r n a t io n a l C o r p o r a t io n ,
w h ic h , h e s a id , a p p a r e n t l y w o u ld b e in th o v i c i n i t y o f
$ 6 ,0 0 0 ,0 0 0 , b u t w h ic h th o p r o fit s t a x w o u ld c u t d o w n to
$ 2 ,4 0 0 ,0 0 0 , a n d w h ic h o t h e r t a x e s a n d c h a r g e s w o u ld
r e d u c e t o le s s t h a n $ 70 0 ,0 0 0 . A d m ir a l B o w le s m a d e th e
fo llo w in g r e q u e s t s f o r le g is la t io n o f C o n g r e s s t o a id in b u ild ­
in g t h e w a r - t im e m e r c h a n t fle e t :
1. T h a t the Fleet Corporation be empowered to com m andeer houses
for tho benefit o f shipyard workers. (H e mentioned a building in the
vicin ity o f a shipyard capablo o f housing 6,000 workers, presum ably a sum­
mer resort hotel.)
2. That tho C orporation be empowered to requisition street car lines and
ferry boats to provide special transportation for the workers.
3. T hat tho Fleet C orporation be em powered to declare a war zone
around shipyards.
4. That shipbuilders bo exem pted through special legislation b y Congress
from the excess profits provisions o f the W ar Revenue Law.
5. T h a t Congress grant special appropriations to the C orporation for the
pusposo o f providing housing facilities at the shipyards.

A c c o r d in g t o a n e s t im a t e s u b m it t e d o n D e c . 30 b y C h a ir ­
m a n H u r lo y o f t h e S h ip p in g B o a r d t o C h a ir m a n F le t c h e r
o f th o S e n a t e C o m m e r c e C o m m it t e o , a p p r o x i m a t e ly $ 3 5 ,­
0 0 0 , 0 0 0 w ill b e n e e d e d t o p r o v id e h o u s in g f a c ilit ie s f o r s h ip ­
y a r d w o r k e r s , in a d d it io n t o s u c h a m o u n t s a s w ill b o r e q u ir e d
fo r a r m y a n d n a v y u s e .
P la n s h a v e b e e n m a d e f o r th e
e r e c t io n o f, a t fe w e s t , 40 ,0 0 0 h o u s e s b y th o G o v e r n m e n t ,
a n d a s s o o n a s C o n g r e s s p r o v id e s t h o m o n e y , h o m e s f o r t h e
s h ip y a r d w o r k e r s w ill b o c o n s t r u c t e d a s r a p i d ly a s w e r e th e
a rm y ca n to n m e n ts.
A s s o o n a s s u f f ic ie n t h o m e s a r e e r e c t e d
w o r k w ill b o p u s h e d a t t h e m a x im u m s p e e d .
M r . H u r le y ’s
l e t t e r t o S e n a t o r F le t c h e r fo llo w s :
One o f tho m ost perplexing problems o f tho war to tho United States
Shipping B oard, the A rm y and the N a vy has been the lack o f housing fa­
cilities fo r tho enorm ously Increased arm y o f labor. T he W ar Industries
B oard appointed a com m ittee on housing, with M r. O tto M . Eidletz of
N ow Y ork as Chairman, to investigate and advise on this situation. This
com m ittee has investigated and advised on tho imm ediate necessity o f
increased housing facilities, but owing to the fact that this problem had not
yet reached a critical stage at the tim o Congress adjourned at its last ses­
sion, and that no request had been made to Congress for an appropriation
to p rovide necessary housing, M r. E idletz was unable to d o m ore than sug­
gest. T he Shipping Board also had appointed an advisory com m ittee
which thoroughly investigated housing conditions at tho shipyards and re­
com m ended somo action toward relieving tho situation, but all com m ittees
were m ore or less handicapped b y no special financial provisions for taking
Caro o f this unlooked-for situation.
In N ovem ber I appointed M r. J. R ogers Flannery to sco what could be
done to help the housing troubles a t the shipyards. T ho demand for im­
m ediate action becam e so apparent when tho situation was thoroughly in­
vestigated that the Shipping Board decided to start construction at once
at tho m ost critical points, n o g Island will be the largest operation, and
510,000,000 has been set aside for the erection o f thousands o f houses to be
erected in the vicin ity o f H og Island shipyard. B ristol, P a ., has also been
assisted, and a large com m unity site is being constructed.
Sparrows P oint, M d ., has been in need o f housing facilities, and tho Ship­
ping Board is helping the Bethlehem Shipbuilding Corporation, L td .,
to purchase abou t four hundred 5 and 6 room brick houses to care for the
shipyard em ployees. Baltim ore, which is about 10 miles from the ship­
yards, is co-operating with the United States Shipping Board to tho fullest
extent and is giving invaluable assistance in helping to place the shipyard
em ployees in hom es, room s and apartm ents.
Chester, P a ., W ilm ington, D el., N ew port N ews, V a ., N ewburgh, N . Y .,
and m any other shipbuilding points aro being investigated and plans are
under consideration for alleviating the housing situation.
W e arc treating the housing proposition from a very broad view point, and
in all cases where com m unity sites are being planned aro providing all tho
social, m oral, and artistic features that will add to the social, moral and
physical well-being o f the shipbuilding em ployees who will live in these
com m unities. W hile protecting the investment o f tho G overnm ent, we

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THE CHRONICLE

are also adjusting the rents, purchase term s, & c., on such a basis that they
will be w ithin normal reach o f the men w ho will occupy the houses.
T he shipping B oard has Invited the com m ittee on housing to act as its
advisory com m ittee, has provided quarters for and is paying all salaries and
clerical expenses o f this com m ittee and is attem pting to w ork out this
housing problem along the very broad lines that it deserves, hoping that
eventually Congress will realize the necessity o f providing fotho necessary
appropriation with which to take care o f the housing necessities o f all
branches o f the Governm ent. T h e Shipping Board is building up this
housing organization In conjunction w ith the com m ittee on housing so that
no tim e m ay b o lost, and when Congress decides to appoint an independent
housing com m ission with the necessary appropriation to take hold and con­
struct the necessary housing for all branches o f the G overnm ent, standard
town plans will have been laid out and standard types o f houses that will
perm it o f standard dimension parts and standard materials will havo been
decided upon. Everything will be ready. All preliminary foundation
work will havo been com pleted. Im m ediate fiction can be assured.
A bou t $35,000,000 will be required to carry out the contem plated housing
program o f the United States Shipping B oard. A very considerable amount
will also be required b y the A rm y and the N a v y . A bill is being prepared
b y the housing com m ittee o f the Council o f National D efense, and I hope
that It will be favorably acted upon b y Congress, providing finances for
the necessary housing. Housing facilities must be obtained for the large
arm y o f labor that m ust live where the G overnm ent’s operatiqns are being
con du cted upon such an enormous scale, and should be co-ordinated and
standardized in one com m ission for all branches o f the G overnm ent.

A d m ir a l B o w le s , h e a d o f t h e c o n s t r u c t io n d iv is io n o f t h e
E m e r g e n c y F l e e t C o r p o r a t io n , c o n t in u e d h is t e s t im o n y
b e fo r e t h e S e n a t e C o m m it t e e o n J a n . 2 , a n d fu r n is h e d s o m e
in t e r e s t in g in fo r m a t io n r e g a r d in g c o n t r a c t s f o r s h ip c o n ­
s t r u c t io n .
T h e A d m ir a l c it e d t h e S lo a n S h ip b u ild i n g C o r ­
p o r a t io n , o f S e a t t l e , W a s h ., a s a n in s t a n c e w h e r e t h e G o v ­
e r n m e n t h a d t a k e n c o m p le t e c o n t r o l o f a f f a ir s .
H is t e s t i­
m o n y o n t h e S lo a n c o n t r a c t s w a s a s f o llo w s , a c c o r d in g t o a
d is p a t c h t o t h e N e w Y o r k “ T i m e s ” :
This con tract, the Admiral said, was let M a y 18. It called for sixteen
wooden ships, costing $7,840,000, under a lump sum basis for each ship, and
was negotiated b y M ajor-G en. Goothals and his counsel, J. P . C otton.
Adm iral Bowles stated that, although $1,724,000 had been advanced to tho
com pany within sixty days after the contract was let, none o f tho ships was
m oro than 3 % com pleted at tho present time.
H ow investigation o f “ disquieting rumors” about the Sloan corporation
had led to an investigation o f that concern was explained b y Admiral
Bowles. In August last, ho said, tho Fleot Corporation ordered an audit
o f the Sloan C om pany’s books, although in so doing it really exceeded its
legal authority. It was discovered, according to the witnoss, that o f tho
$1,724,000 advanced in two 11% paym ents under contractural stipulations,
tho Sloan C om pany actually had spent $539,000 on its ship w ork, $237,000
indirectly on this w ork, and $509,000 for private purposes.
O f tho $509,000, tho Admiral continued, $400,000 was paid to the Clinchfield N avigation C o ., N ew York, for brokerage fees in landing tho shipping
con tract. Parts o f tho $237,000, he said, wont to tho Capital C ity Iron
W orks and tho Anacortes Steel C o ., both owned b y tho Sloan C om pany,
and to tho W isconsin Lum ber C o ., which was to furnish material for the
ships at a figure under tho market price, ho asserted.
“ W hat did you d o when you found that o u t ? ” Admiral Bowles was asked.
“ W e took over com plete control o f the Sloan C om pany, shut o ff tho
Clinchfiold C om pany from collecting any m oro m onoy, took a $750,000
m ortgage o f tho Sloan plant, and took over bonds o f tho two subsidiary
con cerns,” he said. “ President Sloan o f tho corporation was drawing
$25,000 a year salary. W e cut him down to $10,000.”
Asked what M r. Sloan did to earn that am ount, the Adm iral roplied:
“ H o gots that for keeping quiot and helping us keep things m oving. I ad­
m it that it looks like a good bit o f m oney, but wo did tho best wo could un­
der the circum stances.”

G e o r g e S . R a d f o r d , M a n a g e r o f t h e c o n t r a c t d iv is io n o f
t h e E m e r g e n c y F l e e t C o r p o r a t io n , t o o k t h e w it n e s s s t a n d o n
J a n . 2 a n d in h is t e s t im o n y a d v is e d t h e c o n s t r u c t io n o f
s t e e l in p r e fe r e n c e t o w o o d e n s h ip s .
H e t o ld t h e C o m m it t e e
t h e c o s t o f t h e w o o d e n s h ip s in t h e F l e e t C o r p o r a t io n ’ s p r o ­
g r a m a p p r o x im a t e s $ 1 4 0 a t o n , a n d o f s t e e l s h ip s $ 1 6 0 a
t o n o r h ig h e r o n t h e E a s t c o a s t a n d $ 1 7 0 o n t h e W e s t c o a s t .
H e s a id t h e F l e e t C o r p o r a t io n w a s p la n n in g t o p la c e c o n t r a c t s
f o r a f e w w o o d e n v e s s e ls o n t h e P a c i f i c C o a s t , u t iliz in g o n ly
e x i s t in g s h ip y a r d s , a n d w o u ld n o t e n c o u r a g e t h e c r e a t io n o f
a d d it io n a l y a r d s f o r t h a t p u r p o s e .
M r . R a d f o r d s a id t h e
F l e e t C o r p o r a t io n w o u ld n o t b e w a r r a n t e d in b u ild in g m a n y
m o r e w o o d e n s h ip s o n t h e A t l a n t i c C o a s t b e c a u s e o f t r a n s ­
p o r t a t io n a n d la b o r p r o b le m s .
M e y e r B lo o m f ie ld , in c h a r g e o f t h e in d u s t r ia l s e r v ic e
d e p a r t m e n t o f t h e F l e e t C o r p o r a t io n , a ls o g a v e t e s t im o n y
on Jan . 2.
H e t o ld o f h is d e p a r t m e n t ’s w o r k in r e c r u it in g
m e n f o r t h e s h ip y a r d s .
H e s a id la b o r h a d a s s u m e d it s
s h a r e o f r e s p o n s ib i lit y a n d h o t h o u g h t th e r e h a d b e e n n o
o r g a n iz e d e ffo r t s o f la b o r t o p r o f it e e r .
R e p ly in g to q u es­
t io n s , M r . B lo o m f ie ld s t a t e d t h a t h e h a d s e e n n o e v id o n c e
o f e n e m y a c t i v i t y in t h e r a n k s o f la b o r .
M r . B lo o m fie ld
c o n t in u e d h is t e s t im o n y o n J a n . 3 .
T h is r e la t e d t o t h e
h o u s in g a n d t r a n s p o r t a t i o n s it u a t io n s a t s h ip b u ild in g p la n t s .
M r . B lo o m f ie ld d e c la r e d t h a t r e a l e s t a t e p r o fit e e r s w e r e
k e e p in g w o r k in g m e n a w a y fr o m t h e s h ip b u ild in g c e n t r e s b y
c h a r g in g e x t o r t io n a t e r e n t s .
H e u rg e d th a t a u th o r ity b e
g i v e n t h e S h ip p in g B o a r d t o c o m m a n d e e r h o u s e s t o s h e lt e r
s h ip y a r d w o r k e r s a n d t h e ir fa m ilie s a n d t o e n fo r c e b e t t e r
t r o ll e y a n d t r a in s e r v ic e in c o n n e c tio n w it h s h ip b u ild in g
p la n t s .
T h e o d o r e E . F e r r is , c h ie f c o n s t r u c t o r f o r t h e E m e r g e n c y
F l e e t C o r p o r a t io n , w a s a w it n e s s b e fo r e t h e S e n a t e C o m ­
m it t e e o n J a n . 3 , a n d t o ld t h e C o m m it t e e t h a t a s lo w s t a r t




[V o l . 106.

in c o n s t r u c t io n o f t h e f a b r ic a t io n s t e e l s h ip y a r d a t H o g
I s la n d , P a . , o w n e d b y t h e A m e r ic a n I n t e r n a t io n a l C o r p o r a ­
t io n , w ill m a k e i t im p o s s ib le f o r t h a t y a r d t o d e l iv e r o n t im e
it s fir s t t w e n t y - f i v e , a n d p r o b a b ly it s f i r s t f i f t y s h ip s , a l­
t h o u g h h e e x p e c t e d t h a t s u b s e q u e n t ly i t w o u ld c a t c h u p ,
so t h a t t h e e n t ir e n u m b e r , 1 2 0 , c a lle d f o r b y t h e c o n t r a c t ,
w o u ld b e d e liv e r e d a lm o s t o n t im e .
H e e s t im a t e d S e p t . 1
n e x t a s t h e e a r lie s t p o s s ib le d a t e f o r t h a t y a r d t o d e l iv e r a
c o m p le t e d v e s s e l, a n d s a id t h a t t h e s it u a t io n a t H o g I s la n d
w o u ld b e e v e n w o r s e i f e it h e r la b o r o r m a t e r ia ls s h o u ld n o t
b e a v a ila b le in t h e r e q u ir e d a m o u n t s .
T h e S u b m a r in e B o a t
C o r p o r a t io n w ill, in h is o p in io n , b e a b le t o t u r n o u t s o m e
s h ip s t h is y e a r , h a v i n g m a d e t h e g r e a t e s t p r o g r e s s o f t h e
t h r e e f a b r ic a t e d p la n t s .
H e r a n k e d t h e s e p la n t s a c c o r d in g
t o t h e ir p r e p a r e d n e s s t o b u ild s h ip s a s fo llo w s : S u b m a r in e
B o a t C o r p o r a t io n , M e r c h a n t s ’ S h ip b u ild i n g C o . a n d A m e r i­
c a n I n t e r n a t io n a l C o r p o r a t io n .
Q u e s tio n in g o f C h i e f C o n ­
s t r u c t o r F e r r is c o n t in u e d o n J a n . 4 , a n d F . A . B r o w n ,
g e n e r a l p u r c h a s in g o ff ic e r o f t h e F l e e t C o r p o r a t io n , a ls o
to o k th e sta n d o n th a t d a y .
H e o u t lin e d s o m e o f t h o c o n d i­
tio n s a f f e c t in g t h e c o n s t r u c t io n o f w o o d e n s h ip s .
T h e S e n a t e C o m m e r c e C o m m it t e e , w h ic h , a s h e r e to fo r e
s t a t e d , is c o n d u c t in g t h e i n v e s t ig a t io n , s h o r t ly b e fo r e a d ­
jo u r n m e n t o n J a n . 4 , a d o p t e d a r e s o lu t io n a u t h o r iz in g t h e
S h ip p in g B o a r d t o c o m m a n d e e r s u c h f e r r y b o a t s a n d t r o lle y
lin e s a s m a y b e n e c e s s a r y t o c o n v e y w o r k m e n in s h ip b u ild in g
p la n t s in t h e N e w Y o r k d is t r ic t if o t h e r m e a n s a r e n o t
s u f f ic ie n t .
T h e c o m m it t e e ’s a c t i o n fo llo w e d t e s t im o n y
s h o w in g t h e d iffic u lt ie s c o n f r o n t in g t h e y a r d s o n S t a t e n I s la n d
a n d t h e e x o r b it a n t c h a r g e s f o r f e r r y s e r v ic e a s k e d b y o w n e r s
o f b o a ts.
C h a ir m a n F le t c h e r o f t h e S e n a t e C o m m e r c e C o m m it t e e
o n J a n . 5 in t r o d u c e d s e v e r a l b ills in t h e S e n a t e w h ic h a r e
e x p e c t e d , if p a s s e d , t o s p e e d u p s h ip c o n s t r u c t io n .
One
m e a s u r e a p p r o p r ia t e s $50 ,0 0 0 ,0 0 0 f o r t h e c o m m a n d e e r in g ,
le a s in g , o r c o n s t r u c t io n o f h o u s e s t o s h e lt e r s h ip y a r d w o r k e r s
a n d t h e ir fa m ilie s , a n d a n o t h e r e m p o w e r s t h e S h ip p in g B o a r d
t o r e q u is it io n fe r r ie s o r t r o ll e y lin e s o r o t h e r m e a n s o f t r a n s ­
p o r t a t io n t o c a r r y w o r k m e n t o a n d fr o m t h e ir w o r k in t h e
s h ip b u ild in g y a r d s .
A n o t h e r p r o v is io n , in t e n d e d t o p r o t e c t
s h ip b u ild in g y a r d s fr o m d a n g e r o f s p ie s , c r e a t e s a m ilit a r y
z o n e a r o u n d a ll y a r d s w h e r e G o v e r n m e n t s h ip s a r e b e in g
b u ilt .
H o m er L . F e rg u so n , fo r se v en te e n y e a r s a n a v a l c o n stru c­
t o r , a n d n o w P r e s id e n t a n d G e n e r a l M a n a g e r o f t h e N e w p o r t
N e w s ( V a .) S h ip b u ild in g C o . , t e s t ifie d a t t h e h e a r in g s o n
Jan . 8.
H e d e c la r e d t h a t t h e p r o b a b le o u t p u t o f m e r c h a n t
s h ip s in t h e U n it e d S t a t e s d u r in g 1 9 1 8 w o u ld b e o n ly a b o u t
3 ,0 0 0 ,0 0 0 t o n s .
E s t im a t e s f r e q u e n t l y m a d e o f fr o m 5 ,0 0 0 ,­
0 0 0 t o 8 ,b 0 0 ,000, h e d e c la r e d , w e r e m is le a d in g t o th e p u b lic
a n d s h o u ld n o t b e p e r m it t e d t o g o u n c h a lle n g e d .
The
g r e a t e s t o b s t a c le n o w in t h e w a y o f r a p id c o n s t r u c t io n ,
M r . F e r g u s o n s a id , w a s p o o r h o u s in g f a c ilit ie s f o r s h ip y a r d
w o rk ers.
H is r e c it a l o f h o u s in g c o n d it io n s a t N e w p o r t
N e w s m a d e a d e e p im p r e s s io n o n t h e in v e s t ig a t in g c o m m it t e e ,
a n d a t t h e e n d o f t h e d a y ’s h e a r in g s , o n m o tio n o f S e n a t o r
M a r t i n , o f V ir g in ia , C h a ir m a n F le t c h e r d e s ig n a t e d h im s e lf
a n d S e n a t o r H a r d in g , o f O h io , a s a c o m m it t e e t o w a i t o n
t h e p r o p e r o ff ic ia ls o f th o e x e c u t iv e b r a n c h o f th e G o v e r n ­
m e n t w it h a v ie w t o o b t a in in g im m e d ia t e r e lie f t h e r e a n d
e ls e w h e r e a n d t o a s c e r t a in t h e s p e c if ic le g is la t io n n e e d e d to
m e e t e x is t in g d e lin q u e n c ie s .
M r . F e r g u s o n , r e g a r d in g
h o u s in g c o n d it io n s a t N e w p o r t N e w s , w a s q u o t e d in W a s h ­
in g t o n d is p a t c h e s a s h a v in g s a id :
The housing problem is one o f tho m ost vital facing tho Governm ent in
tho conduct o f tho war. Y o u cannot get tho ships unless houses aro pro­
vided for workmen. W e want to add 5,000 men to our force and thoro is
nowhere in N ewport News for them to live. I understand that conditions
elsewhere are equally as bad.
There is no limit to tho am ount o f ships this country can build if it really
sots itself to tho task. Tho shipyards already built and thoso building can
turn out 5,000,000 tons o f ships annually under proper conditions, and the
country cou ld, if put to it, add still other yards and produce 10,000,000
tons a year. But it cannot bo dono without m an power and man power can­
not be obtained unless housing.is provided.
It is just as necessary for tho Governm ent to build houses for shipyard
workers as it is for soldiers. It must do it if it gets ships. I f I had the
power I would com m andeer houses and I think the Governm ent should do
this. There is talk o f working mon two and three shifts. In our yard wo
havo not enough men to work ono shift, and in one houso I know o f elghtcon
persons are living in five room s. W e havo not tho m oney to build houses
and it Is the duty o f tho Governm ent to put them up. W e aro roaily to
furnish the land.

M r . F e r g u s o n , q u e s t io n e d a s t o t h e c a u s e f o r t h e d e l a y in
t h e G o v e r n m e n t ’ s p r o v id in g h o u s in g f a c ilit ie s f o r s h ip ­
y a r d s , s ta te d t h a t h e th o u g h t it w a s d u e to a la c k o f co ­
o r d in a t io n b y t h e W a r a n d N a v y D e p a r t m e n t s , t h e S h ip p in g
B o a r d a n d t h e C o u n c il o f N a t i o n a l D e f e n s e .
In N ew p o rt
N e w s , h e s a id , t h e g r o w t h o f t h e m i li t a r y e s t a b lis h m e n t h a d

Ja n . 12 1918.]

147

THE CHRONICLE

H e cast
a b s o r b e d a ll a v a ila b le h o u s in g . M r . F e r g u s o n c r it ic is e d t h e a r m in a s lin g , a p p e a r e d f o r t h e f ir s t t im e t o o .
h is v o t e a g a in s t t h e a m e n d m e n t .
R e p r e s e n t a t iv e S im s o f
c o n c e n t r a t io n o f s h ip y a r d s in t h e P h ila d e p l h ia d is t r ic t a s
T e n n e s s e e , w it h a b r o k e n s h o u ld e r , r e m a in e d a t t h e H o u s e
l i k e l y t o in c r e a s e h o u s in g d iffic u lt ie s a n d t o a d d t o r a ilr o a d
R e p r e s e n t a t iv e B a r n ­
c o n g e s t io n .
T h e i n d u s t r y , h e s a id , s h o u ld h a v e b e e n u n t i l h e v o t e d in t h e a f f i r m a t i v e .
h a r t o f I n d ia n a w a s b r o u g h t fr o m h is b e d in a lo c a l h o s p it a l
s c a t t e r e d m o r e a lo n g t h e c o a s t s .
A c c o r d in g t o M r . l e r g u H e v o t e d fo r th e a m e n d m e n t.
s o n , t h e F le e t C o r p o r a t io n ’ s c o m m a n d e e r in g o r d e r , h a m p e r e d t o v o t e .
E f f o r t s w e r e m a d e t o a m e n d t h e r e s o lu t io n , b u t f a ile d .
in s t e a d o f e x p e d it in g s h ip b u ild in g in e s t a b lis h e d y a r e s .
R e p r e s e n t a t iv e M o o r e o f I n d ia n a o ff e r e d a n a m e n d m e n t p r o ­
U n t i l D e c e m b e r , h e d e c la r e d , t h e F l e e t C o r p o r a t io n w a s
u n w i llin g t o p a y a d d it io n a l c o s t s fo r s p e e d in g u p b u ild in g v id in g t h a t t h e p e o p le o f t h e S t a t e s m u s t r a t i f y t h e s u ff r a g e
o p e r a t io n s , a lt h o u g h th o p r iv a t e o w n e r s o l s h ip s u n d e r c o n ­ a m e n d m e n t t o t h e C o n s t i t u t i o n in s t e a d o f t h e L e g is la t u r e s .
s t r u c t io n a lw a y s w o ro r e a d y to p a y fo r s p e e d .
M r . 1' e r g u s o n T h e r o ll- c a ll o n t h is v o t e s h o w e d 1 3 1 “ f o r ” t o 2 7 2 “ a g a i n s t .”
A n o t h e r a t t e m p t t o a m e n d th o r e s o lu t io n p r o p o s e d t o lim it
v o ic e d t h e o p in io n t h a t th o d o la y in w o o d o n c o n s L u c t i o n
t h e t im e f o r a c t i o n b y t h e S t a t e s t o s e v e n y e a r s .
T h is w as
w a s d u o t o th o f a c t t h a t th o F le e t C o r p o r a t io n a t t e m p t e d
T h i s a m e n d m e n t w a s o ff e r e d b y
t o o a m b it io u s a p r o g r a m a t t h e s t a r t .
C h a n g e s in s p e c if i­ d e f e a t e d , 1 5 9 t o 2 4 6 .
R e p r e s e n t a t iv e G a r d o f O h io , w h o u r g e d t h a t t h e s a m e r e ­
c a t i o n s c a u s e d d e l a y s , h e s a id , w h e n , if t h e c o r p o r a t io n h a d
s t a r t e d w i t h a fe w sh ip s a n d d e v e lo p e d th o t y p o i t w a n t e d , s t r ic t io n s h o u ld b e p la c e d o n t h is r e s o lu t io n a s h a d b e e n
f e w v e s s e ls w o u ld h a v o h a d t o bo c h a n g e d .
C h a ir m a n c a r r ie d b y t h e p r o h ib it io n a m e n d m e n t .
T h e r e s o lu t io n , w h ic h w e p u b lis h in fu ll b e lo w , n o w g o e s
F l e t c h e r a n d S e n a t o r H a r d in g , o f O h io , w h o , a s s t a t e d a b o v e ,
w o ro a p p o in t e d a s a s p e c ia l s u b - c o m m itt e o o f t h e C o m m e r c e t o t h e S e n a t e , w h e r e e a r ly a c t i o n is lo o k e d fo r :
Resolved, B y the Senate and House o f Representatives o f the U nited
C o m m it t e e t o c o n fe r w it h th o o ff ic ia ls o f th o F le e t C o r p o r a ­ States o f America, in Congress assembled (two thirds o f each house co n ­
t io n f o r th o p u r p o s e o f o b t a in in g im m e d ia t e r e lie f f o r t h e curring therein), that tho follow ing article be proposed to the Legislatures
s h ip b u ild e r s , o n J a n . 9 c a lle d o n th o o x o c u tiv e s o f t h e F le e t o f the several States as an amendment to the Constitution o f tho United
States, which, when ratified b y three-fourths o f said Legislatures, shall be
C o r p o r a t i o n ’ to e x t e n d a ll t h e a id t h e y p o s s ib ly c o u ld in th e valid as part o f said C onstitution, nam ely:
w a y o f p r o v id in g fo r in c r e a s e d t r a n s p o r t a t i o n f a c ilit ie s a n d
“ Article — .
“ Section 1. T he right o f citizens o f the United States to vote shall not
h o t t e r h o u s in g c o n d it io n s .
T h e r e s u lt s o f th o s u b - c o m m it be denied or abridged b y tho United States or b y any State on account o f
to o ’s a c t i o n w e ro s t a t e d in a s p e c ia l d is p a t c h t o t h e N o w
Y o rk

“ S u n ,”

a s fo llo w s :

Tlio result was immediate authorization o f an advance to tho Newport
News Shipbuilding & D rydock C o. for oxpondituro in tho construction o f
500 dwellings for operatives on tho com p any’s own property at tho m outh o f
tho James River.
liom or Ferguson, President o f tho Shipbuilding C om pany, whose testi­
m ony beroro tho com m ittee yesterday caused this action, remained in Wash­
ington to watch for results, l ie left for hom o to-night assured that tho
$1 200,000 apportioned to him for tho work would bo at his disposal at
°"A n oth er result was tho immediate taking up o f tho question o f Federal
aid to tho Now Y ork Shipbuilding C o. o f Cam den, N . J ., and Philadelphia
in tho m atter o f both transportation and housing.

C h a ir m a n H u r le y o f t h e S h ip p in g B o a r d o n J a n . 10
is s u e d a n o r d e r t o s h ip b u ild e r s t o im m e d ia t e ly .fo r m u la t e
p la n s f o r p u t t in g a ll s h ip y a r d s o n a t h r e e - s h ift b a s is .
A t th e
s a m e t im e M r . H u r le y a r r a n g e d w i t h S e c r e t a r y M c A d o o
f o r t h e a p p o in t m e n t o f a s p e c ia l t r a n s p o r t a t i o n r e p r e s e n ­
t a t i v e o f t h e r a ilr o a d a d m in is t r a t io n t o b o a s s ig n e d t o c o ­
o p e r a t e w it h th o S h ip p in g B o a r d in e x p e d it in g th o m o v e m o n t
o f s h ip m a t e r ia ls to th o y a r d s .
M r . H u r le y o n J a n . 10 a ls o
t o o k o c c a t io n to a n s w e r th o a s s e r t io n o f H o m o r L . F e r g u s o n ,
o f th o N e w p o r t N e w s S h ip b u ild in g C o . , b e fo r e th o S e n a t e
C o m m e r c e C o m m it t e e , to th o e f f e c t t h a t A m e r ic a n y a r d s
w o u ld t u r n o u t o n ly 3 ,0 0 0 ,0 0 0 to n s o f s h ip p in g in 1 9 1 8 .
M r . H u r le y s t a t e d t h a t t h is e s t im a t e w a s f a r b e lo w th o fig u r e s
s u p p lie d b y L l o y d s , fo llo w in g a n i n v e s t ig a t io n o f th o p r o g r e s s
o f c o n s t r u c t io n in A m e r ic a n y a r d s .
L l o y d s e s t im a t e s ,
a c c o r d in g t o M r . H u r le y , w e ro a p r o d u c t io n o f fr o m 4 ,5 0 0 ,0 0 0
t o 5,0 0 0 ,0 0 0 t o n s , in c lu d in g b o t h s t e e l a n d w o o d .
T h ese
e s t im a t e s , i t w a s s t a t e d , m o r e o v e r , w e r o c o n s e r v a t iv e , t a k in g
in t o c o n s id e r a t io n n o n o o f t h e s p e e d in g - u p p la n s n o w w e ll
under w ay.
HOUSE

OF

REPRESENTATIVES ADOPTS
SUFFRAG E RESOLUTION.

N ATIO N AL

“ Section 2. Congress shall havo power, b y appropriate legislation, to
enforce the provisions o f this a rticle.”

M ISSISSIPPI LEGISLATURE RATIFIES N A T IO N A L
PROHIBITION A M E N D M E N T .
T h e M is s is s ip p i L e g is la t u r e is t h e f ir s t , i t is s a id , t o a c t
u p o n t h e p r o p o s e d n a t io n a l p r o h ib it io n a m e n d m e n t .
W ith in
f if t e e n m in u t e s a f t e r t b e s u b je c t w a s p r e s e n t e d t o t h e S t a t e
L e g is la t u r e o n J a n . 8 in G o v e r n o r B i l b o ’ s m e s s a g e , b o t h
b r a n c h e s r a t if ie d t h e p r o p o s e d a m e n d m e n t .
T h e v o t e in
t h e lo w e r H o u s e is r e p o r t e d a s 9 3 t o 3 a n d in t h e S e n a t e ,
32 to 5 .
THE

________________________

NATIO N AL
PROHIBITION
AMENDMENT
F E D E R A L C O N S T I T U T I O N — CORRECTIO N.

TO

T h e fo llo w in g l e t t e r is s e lf e x p la n a t o r y :
S T A T E T A X C O M M IS S IO N O F M A R Y L A N D .
Baltimore, D ec. 31, 1917.
William B. Dana Company. New York:
Gentlemen: T he statement in your issue o f D ec. 22d (page 2421) that
the Prohibition Amendment was passed b y the House b y “ 25 m ore than
required,” is incorrect. T he vote you properly state as 282 for, and 128
against, the resolution. T h e total number voting was 410; the total
qualified membership o f the House on that day was 434. T he affirmative
vote was therefore only 8 m ore than the required tw o-thirds o f those voting
(a quorum being present).
Incidentally I m ay add that 8 less than two-thirds o f the full m ember­
ship voted affirm atively. M y reason for referring to this fact that the
vote was 8 less than two-thirds o f the full m embership, is to correct the
prevailing impression that it requires the assent o f two-thirds o f the full
membership o f each House to propose a Constitutional amendment. It re­
quires in fact only two-thirds o f those votin g , a quorum being present.
The amendment in its final form was passed by the Senate b y a vote o f
47 to 8, that is to say, it received the approval o f less than a bare m a ­
jority o f the full membership. L et us keep the record straight.
T ru ly yours,
OSCAR LE SE R .

C O N S T I T U T I O N A L I T Y OF
U P H E L D B Y U . S.

SELECTIVE DRAFT
SU P R E M E COURT.

LAW

T h e c o n s t it u t io n a lit y o f th e S e le c t iv e D r a f t L a w w a s
u p h e ld o n J a n . 7 b y th e U n it e d S t a t e s S u p r e m e C o u r t .
The
C o u r t s u s ta in e d th e G o v e r n m e n t ’ s c o n t e n t io n s t h a t th e p o w e r
g iv e n to C o n g r e s s to d e c la r e w a r in c lu d e s p o w e r to c o m p e l
c it iz e n s to r e n d e r m i li t a r y s e r v ic e b o t h a t h o m e a n d a b r o a d .
T h e o p in io n o f t h e C o u r t w a s u n a n im o u s ; i t w a s d e liv e r e d
b y C h ie f J u s t ic e W h i t e , w h o in a b r ie f s t a te m e n t d e c la r e d
t h a t a ft e r ~ c o n s id e r in g th e v a r io u s c o n t e n t io n s th e c o n c lu ­
sio n h a d b e e n r e a c h e d t h a t m o s t o f t h e m w e r e im a g in a r y
r a t h e r th a n r e a l.
T h e C o u r t g a v e n o r u lin g in t h e s e v e r a l
p e n d in g c a s e s in v o lv in g c h a r g e s o f c o n s p ir a c y to p r e v e n t
t h e c a r r y in g o u t th e p u r p o s e o f t h e la w .
I t is u n d e r s to o d
t h a t th e s e c a s e s , w h ic h in c lu d e t h e a p p e a ls o f A le x a n d e r
in t o o n e - t h ir d o r a n y f r a c t io n .
A n a ly z e d o n p o l it ic a l lin e s th o v o t e o n th o r e s o lu t io n w a s B e r k m a n a n d E m m a G o l d m a n , c o n v i c t e d in N e w Y o r k ,
The
a s fo llo w s : fo r — D e m o c r a t s , 10 4; R e p u b lic a n s , 1 6 5 ; I n d e ­ m a y la t e r b e m a d e t h e s u b je c t o f a s e p a r a te o p in io n .
p e n d e n t s , 2 ; S o c ia lis t , 1; P r o h ib it io n is t , 1 , a n d P r o g r e s s iv e , tw o n a m e d w e r e fo u n d g u i lt y o n J u l y 9 l a s t o f c o n s p ir in g to
1 ; t o t a l , 2 7 4 . A g a i n s t — D e m o c r a t s , 10 2 ; R e p u b lic a n s , 3 3 , o b s t r u c t th e o p e r a t io n o f th e l a w , a n d s e n te n c e d to a te r m
o f tw o y e a r s im p r is o n m e n t a n d t o p a y a fin e o f 8 10 ,0 0 0 e a c h .
a n d P r o g r e s s iv e s , 1; t o t a l , 1 3 6 .
A n in d ic a t io n , i t is s a id , o f h o w c lo s e ly t h e lin e s w e r e T h e S u p r e m e C o u r t ’ s d e c is io n r e s u lte d fr o m th e a p p e a ls o f
13 c a s e s g r o w in g o u t o f c o n v i c ti o n s u n d e r t h e S e le c t iv e S e r v ic e
d r a w n w a s a ffo r d e d w h o n f o u r m e n r e a lly t o ill t o t a k e a n y
p a r t in th o s u ffr a g o f i g h t p u t in a p p e a r a n c e s o n th o flo o r A c t , f i v e c o m in g fr o m N e w Y o r k , th r e e fr o m O h io , f o u r fr o m
T h e G e o r g ia d e c is io n
an d v o te d .
R e p r e s e n t a t iv e M a n n o f I llin o is , th o R e p u b li­ M in n e s o t a a n d o n e fr o m G e o r g ia .
C o n s t i t u t i o n a li t y
c a n lc a d o r , lo f t t h e J o h n s H o p k in s H o s p i t a l in B a lt im o r e t o w a s r e fe r r e d t o in o u r is s u e o f A u g . 2 5 .
C h ie f
c o m o t o W a s h in g t o n a n d c a s t h is v o t o f o r w o m a n s u f f r a g e . o f th e A c t w a s m a d e t h e b a s is fo r a ll o f th e a p p e a ls .
R e p r e s e n t a t iv e T i n k h a m o f M a s s a c h u s e t t s , w it h h is r ig h t J u s t ic e W h i t e , in t h e S u p r e m e C o u r U o p in io n , s a id :

F o llo w in g P r e s id e n t W ils o n ’ s a c t i o n in c o m in g o u t in
s u p p o r t o f t h o n a t io n a l s u ff r a g e a m e n d m e n t , t h e H o u s e o f
R e p r e s e n t a t iv e s o n J a n . 10 b y a v o t e o f 2 7 4 t o 1 3 6 a d o p t e d
th o s o - c a lle d S u s a n B . A n t h o n y r e s o lu t io n to s u b m it th o
w o m a n s u ff r a g e a m e n d m e n t t o th o F e d e r a l C o n s t it u t io n ,
t o t h e S t a t e L e g is la t u r e s fo r r a t if ic a t io n .
Speaker C h am p
C l a r k , a lt h o u g h f a v o r a b le to t h e r e s o lu t io n , d id n o t v o t e .
T h e r e s o lu t io n , c o n t e n d e d fo r b y t h e a d v o c a t e s o f s u f­
fr a g e fo r s e v e n t y y e a r s , r e q u ir e d t w o - t h ir d s o f a ll t h e m e m ­
b e r s o f th o H o u s e p r o s e n t a n d v o t i n g , to c a r r y .
I t r e q u ir e d ,
t h e r e f o r e , 2 7 3 1-3 v o t e s t o p a s s th o a m e n d m e n t , b u t t h e
H o u s e p a r lia m e n t a r ia n r u le d t h a t y o u “ c a n n o t s p lit a m a n ”




148

THE CHRONICLE

T he law, as its titlo declares, was intended to supply tem porarily tlfe
increased m ilitary forco which was required b y the existing em ergency
the war, then and now flagrant.
T he possession o f authority to enact tho statute must bo found in the
found in tho Constitution giving Congress power to declaro war; * * * to
raise and support armies, but no appropriation o f m oney to that use shall
bo for a longer term than two years; * * * to make rules for tho Govern­
ment and regulation o f the land and naval forces.
As tho mind cannot conceive o f an arm y without tho moil to com pose it,
on the face o f tho Constitution the objection that it does not give power to
provide for such men w ould seem to be too frivolous for further notice.
It is said, however, that since, under tho Constitution as originally fram ed.
State citizenship was prim ary, and United States citizenship but derivative
and dependent thereon, therefore tho power conferred upon Congress to
raise armies was only coterm inous with United States citizenship and could
not be exerted so as to causo that citizenship to lose its dependent character
and dom inate State citizenship.
B ut the proposition sim ply denies to Congress the power to raiso armies
which tho Constitution gives. That power b y tho very terms o f tho C on­
stitution, being delegated, is supreme. In truth, the contention simply
assails tho wisdom o f tho framers o f tho Constitution in conferring authority
on Congress and in not retaining it as it was under tho confederation in
tho several States. Further, it is said, tho right to provido is not denied
b y calling for volunteer enlistments, but it does not and cannot include tho
power to oxact enforced m ilitary d uty b y tho citizen. T his, how over,
but challenges tho existence o f all power, for a Governm ental power which
has no sanction to it and which therefore can only bo exercised provided
tho citizen consents to its exertion, is in no substantial sense a power.
It is argued, however, that although this is abstractly true, it is not
concretely so, because as com pelled m ilitary service is ropugnant to a freo
G overnm ent and in con flict with all tho great guarantees o f tho C onstitu­
tion as to individual liberty, it m ust bo assumed that tho authority to raise
armies was intended to be limited to tho right to call an arm y into existence
counting alono upon tho willingness o f tho citizon to d o his duty in timo o f
public need, that is, in tim o o f war. But tho premise o f this proposition
is so devoid o f foundation that it leaves not even a shadow o f ground upon
which to baso tho conclusion. * * *
It remains only to consider contention which, whilo not disputing power,
challenges tho A ct because o f the repugnancy to tho Constitution supposed
to result from soino o f its provisions.
.
First, wo aro o f opinion that the contention that tho A ct is void as a
delegation o f Federal power to stato officials, because o f some o f its ad­
m inistrative features, is too wanting in merit to requiro further notice.
Second, wo think that tho contention that tho Statuto is void because
vesting administrative officers with legislative discretion has been so
com pletely adversely settled as to requiro reference only to somo o f tho
decided cases. A like conclusion also adversely disposes o f similar claim
concerning tho conferring o f judicial power. And we pass without anything
but statement tho proposition that an establishment o f a religion or an
interference with the free exercise thereof repugnant to the first amendment
resulted from tho exemption clauses o f the A ct to which wo at tho outset
referred, because wo think its unsoundness too apparent to requiro us to do
m oro.
F inally, as wo aro unable to conceive upon what theory tho exaction by
Governm ent from the citizon o f tho perform ance o f his supremo and noble
duty o f contributing to tho defense o f tho rights and honor o f tho nation
as tho result o f a war declared by the great’ representative b od y o f tho
People can bo said to bo tho imposition o f involuntary servitude in violation
o f tho prohibitions o f the Thirteenth Am endm ent, wo are constrained to
tho conclusion that the contention to that effect is refuted b y its mere
statem ent.

RESULT

OF

C H R I S T M A S C A M P A I G N FOR
N E W R E D CROSS M E M B E R S .

10 ,0 0 0 ,0 0 0

T h o C h r is t m a s c a m p a ig n fo r 10 ,0 0 0 ,0 0 0 n e w m e m b e r s o f
t h e A m e r ic a n R e d C r o s s r e s u lt e d in a n e n r o llm e n t o f 1 6 ,0 0 0 ,­
0 0 0 n e w n a m e s , b r in g in g t h e t o t a l m e m b e r s h ip u p to 2 2 ,0 0 0 ,­
000.
A n n o u n c e m e n t o f th is w a s m a d e b y H . P . D a v i s o n ,
C h a ir m a n o f th e W a r C o u n c il o f th e A m e r ic a n R e d C r o s s ,
in t h e f o llo w in g N e w Y e a r ’s m e s s a g e t o th e d iv is io n m a n a g e r s
th ro u g h o u t th e c o u n try :
T ho latest reports available indicato that the Christinas drive for 10,000,
000 new members for the Am erican R ed Cross has resulted in the addition
o f fully 16.000,000 names to its rolls. This num ber added to tho m ore
than 6,000,000 members before th o Christmas cam paign makes tho total
present enrollment fully 22,000,000. This is a m agnficcnt fact— an expres­
sion not alone o f the patriotism , but o f tho fino sym pathy and idealism o f
tho whole American peoplo.
T he R ed Cross W ar Council congratulates and welcom es overy now
member o f the American R ed Cross; likewise It congratulates tho officers
and old members o f the organization who have given unstintedly o f their
tim e and effort to m ake tho membership cam paign a success.
B ut the wonderful achiovoment o f enrolling one-fifth o f tho ontiro
population o f tho U nited States as members o f tho American R ed Cross is
less a triumph than it is a call to greater servico. The R ed Cross is not
merely a humanitarian organization separato and distinct from others,
but it is the m obilized heart and spirit o f tho whole American peoplo. The
American R ed Cross is carrying a messago o f love and sym pathy to A m er­
ican soldiers and sailors and to the troops and civilian population o f our
allies in all parts o f the w orld. It is seeking to shorten tho war and it is
seeking to lay a foundation for a m ore enduring peace when the war is over.
A s we stand on the threshold o f a now year in this hour o f the w orld’s tragedy
thero can be but one thought in tho minds o f tho 22,000,000 members o f
tho American R ed C ross, and that is to serve and sacrifice as never before.

R E S I G N A T I O N OF G R A Y S O N M . P. M U R P H Y A S H E A D
OF RED CROSS M I S S I O N I N EU R O PE .
A P a r i s d is p a t c h o f J a n . 5 a n n o u n c e d t h e r e s ig n a t io n o f
M a j o r G r a y s o n M . P . M u r p h y o f N e w Y o r k a s h e a d o f th e
A m e r ic a n R e d C r o s s m is s io n t o E u r o p e .
I t is s a id t h a t
M a j o r M u r p h y , a f t e r a v i s i t t o t h e U n it e d S t a t e s t o c o n fe r
w i t h M r . D a v i s o n , w ill r e t u r n t o s e r v ic e in th e A m e r ic a n
arm y.
E l l i o t t W a d s w o r t h , V ic e - C h a ir m a n o f t h e R e d
C r o s s C e n t r a l C o m m it t e e a t W a s h in g t o n o n t h e 5 t h in s t .
s ta te d th a t it h a d b een a g reed w h en M a jo r M u r p h y to o k u p
t h e c o m m is s io n ’s w o r k in F r a n c e t h a t h o w o u ld b o r e lie v e d




[V o l . 106 .

a t h is p le a s u r e t o jo in th e A m e r ic a n a r m y .
H e is a g r a d u a t e
o f W e s t P o i n t , a n d h a s s e r v e d in t h e a r m y .
M a jo r J am es H .
P e r k in s , V ic e - P r e s id e n t o f th e N a t i o n a l C i t y B a n k o f N e w
Y o r k a n d n o w in F r a n c o w i t h th o A m e r ic a n R e d C r o s s
C o m m is s io n , w ill t a k e u p t h e d ir e c t io n o f th o w o r k .
M a jo r
P e r k in s w e n t t o E u r o p o w i t h t h e c o m m is s io n la s t J u n o , a n d
h a s a c t i v e l y a s s is t e d M a j o r M u r p h y .
S U R E T Y B O N D S O F $50 0 ,00 0 O B T A I N E D
R E D CROSS T R E A S U R E R S .
A

FOR

f i d e l i t y b o n d , c o v e r in g th o T r e a s u r e r s o f 3 ,3 0 0 R e d

C r o s s C h a p t e r s f o r a n a m o u n t a p p r o x im a t e ly $ 4 ,5 0 0 ,0 0 0 h a s
b e e n o b t a in e d b y th o A m e r ic a n R e d C r o s s t h r o u g h th e N a t i ­
on al S u re ty C o m p a n y .
T h e R e d C r o s s m a k e s th o f o llo w in g
a n n o u n c e m e n t in t h e m a t t e r :
Tho American R ed Cross has obtained, through tho generosity o f tho
National Surety C o ., a fidelity bond covering tho respective treasurers o f
3,300 chapters throughout Am erica. T he bond is said to bo one o f tho
iargost ever issued to a benevolent organization.
llio total am ount specified in tho schcdulo is approxim ately' $4,500,000,
and tho bond runs in favor o f tho Am erican R ed Cross and o f tho chapters!
I f tho Federal anti-rebate law perm its tho N ational Surety C o. has agreed
to contribute to tho R ed Cross the am ount o f the prem ium , so that tho bond
will eventually cost tho R ed Cross nothing. T ho bond is issued for an
indefinite period, and is w ithout regard as to what individuals m ay be
holding tho position o f treasurer at tho present tim o.
T he surety com pany does not require tho Red Cross to notify it o f any
change o f treasurers, and no investigation by tho com p a n y’s agents has
been or will bo m ade with respect to the local treasurers.
T w o other large schedule fidelity bonds, under tho samo conditions,
have also been issued b y tho National Surety C o. to tho American lie d
Cross, as follows:
One, for S I ,500,000, protects the Am erican R ed Cross with respect to
m oney-handling officials and em ployees in tho main office at Washington
and also at the divisional headquarters in various States.
The other, for §141,000, p rotects tho R ed Cross with respect to R ed
Cross officials in Europe.

J O H N D . R O C K E F E L L E R ' S G I F T O F $ 5 ,5 0 0 ,0 0 0
TO R O C K E F E L L E R F O U N D A T I O N .
A g i f t o f $ 5 ,5 0 0 ,0 0 0 t o th o R o c k e f o ile r F o u n d a t io n b y
J o h n D . R o c k e f e lle r w a s a n n o u n c e d o n J a n . 7 .
A s a r e s u lt ,
it is h o p e d , a c c o r d in g t o G e o r g e R . V i n c e n t , P r e s id e n t o f
th e F o u n d a t io n , t h a t n o f u r t h e r c a ll u p o n th o p r in c ip a l o f
th e F o u n d a t i o n ’s fu n d s w i l l b o m a d o .
L a s t y e a r , in a d d it io n
t o t h e e x p e n d it u r e o f th e in c o m e , $ 5 ,0 0 0 ,0 0 0 o f t h e p r in c i p a l ,
w a s u s e d in w a r r e lie f w o r k .
T h o T r u s t e e s a ls o a u t h o r iz e d
th e u s e o f $ 5 ,0 0 0 ,0 0 0 m o r e o f t h e p r in c i p a l if r e q u ir e d .
In
m a k in g h is g i f t , M r . R o c k e f e lle r s a id :
D ec. 29 1917.
The Rockefeller Foundation:
Gentlemen— In view o f tho increasing dem ands upon tho funds o f tho
Foundation arising in connection with tho war, and having in mind particu­
larly tho largo contributions m ado to tho American Red Cross war fund
and tho war w ork o f the Y oung M e n ’s Christian A ssociation, I inclose
herewith m y check for §5,500,000, to bo used as tho foundation may seo fit
for furthering its corporato purposes. V ery truly yours,
JO H N D . R O C K E F E L L E R .

PRESIDENT
W IL SO N ’S
RESTATEMENT
OF
WAR
A I M S A N D PE A C E CONDITIONS.
W it h o u t a n y p r e v io u s h e r a ld in g o f h is in t e n t io n s , P r e s id e n t
W ils o n , o n T u e s d a y l a s t , t h e 8 th i n s t ., d e liv e r e d b e fo r e
C o n g r e s s a n a d d r e s s r e s t a t in g th o a im s o f t h e U n it e d S t a t e s
in t h e w a r a n d o u t lin in g th o c o n d it io n s g o in g t o m a k o u p
t h e w o r ld ’s p e a c e p r o g r a m .
E v e n C o n g re ss, u n til a n h o u r
o r t w o b e fo r e th o p r e s e n t a t io n to i t o f th o P r e s id e n t ’s s p e e c h ,
w a s u n a w a r e o f h is p la n s to p r e s e n t a n o w th o d e m a n d s o f t h e
U n it e d S t a t e s f o r e ff e c t in g a n e n d u r in g p e a c e .
T h o a d v ic e s
t o C o n g r e s s o f t h e P r e s id e n t ’s p u r p o s e t o a p p e a r b e fo r e it
w e r e m a d o k n o w n b y th o P r e s id e n t ’s S e c r e t a r y , J . P .
T u m u l t y , in th o fo llo w in g s t a t e m e n t is s u e d s h o r t ly a f t e r
11 a . m .:
The President will address Congress at 12:30 o ’clock to-day on the
subject o f our international relations.

T h e w a r d e c la r a t io n s o f D a v i d L l o y d G e o r g e , G r o a t
B r i t a i n ’ s P r im e M in i s t e r , la s t S a t u r d a y ( g iv e n e ls e w h e r e in
t o - d a y ’s is s u e o f o u r p a p o r ) , c o u p le d w it h th o p e a c e p r o ­
p o s a ls o f G e r m a n y a n d R u s s ia , d o u b t le s s h a d a b e a r in g o n
t h e P r e s i d e n t ’ s a c t i o n in g iv i n g u t t e r a n c o a t t h is tim o t o
A m e r ic a ’s w a r a im s , a n d tlio ro is s e e n in t h e t w o a d d r e s s e s
m o ro o r le ss s im ila r it y a s t o w h a t m u s t c o n s t it u t e a b a s is fo r
peace.
I n h is a d d r e s s th o P r e s id e n t s t a t e s t h a t “ w o h a v o
n o je a l o u s y o f G e r m a n g r e a t n e s s a n d th e r o is n o t h in g in
th is p r o g r a m t h a t im p a ir s i t . ”
“ W o w is h h e r o n ly t o
a c c e p t , ” h o s a y s , “ a p la c o o f o q u a lit y a m o n g th o p e o p le s
o f th o w o r ld in w h ic h w o n o w liv e , in s t e a d o f a p la c e o f
m a s t e r y .”
T h o P r e s id e n t o n u n c ia t e s fo u r to o n c o n d it io n s o n
w h ic h a w o r ld p e a c e m a y b o e s t a b lis h e d , th o so in b r io f
c a llin g fo r :
1. Open covenants o f peaco w ithout private international understandings.
2. A bsolute freedon o f tho seas in peaco or war, excopt as they may
be closed b y international action.

Jan . 12 1918.]

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3. R em oval as far as possiblo o f all econom ic barriers and establishment
o f equality o f trade conditions among nations consenting to peace and
associating themselves for its maintenance.
4. Guarantees for the reduction o f national armaments to the lowest
p oin t consistent w ith dom estic safety.
5 . Im partial adjustm ent o f all colonial claims based upon the principle
that the peoples concerned must have equal weight w ith the claims o f the
G overnm ent.
6. E vacuation o f all Russian territory and opportunity for R ussia's
political developm ent.
7. E vacuation o f Belgium without any attem pt to limit her sovereignty.
8. All French territory to be freed and restored, and reparation for the
talcing b y Prussia in 1871 o f Alsace-Lorraine.
9. R eadjustm ent o f Ita ly ’s frontiers along clearly recognizable lines
o f nationality.
10. Freest opportunity for autonom ous developm ent o f the peoples o f
A ustria-II ungary.
11. E vacuation o f Rum ania, Serbia and M ontenegro, with free access
to the sea for Serbia, and international guarantees o f political and econom ic
independence and territorial integrity o f tho Balkan States.
12. Secure sovereignty for T urkey’s portions o f the Ottom an Em pire,
with assurances to other nationalities under Turkish rule o f security o f life
and opportunity for autonom ous developm ent, and the Dardanelles being
perm anently opened to all nations under international guarantees.
13. Establishment o f an independent Polish State, including territories
inhabited by indisputably Polish populations, assured o f freo access to
the sea and political and econom ic independence and territorial integrity
guaranteed b y international covenant.
14 General association o f nations form ed under specific covenants for
purpose o f mutual guarantees o f political independence and territorial in­
tegrity to largo and small States alike.

“An ovidont principle,” says tho President, “ runs through
tho wholo program I have outlined. It is the principle of
justice to all peoples and nationalities, and their right
to live on equal terms of liberty and safety with one another,
whether they bo strong or weak. Unless this principle be
made its foundation no part of tho structure of international
justice can stand. Tho peoplo of the United States could
act upon no other principle, and to tho vindication of this
principle they aro ready to dovote their lives, their honor,
and everything that tlioy possess.” In full tho President’s
message to Congress was as follows:
Gentlemen o f the Congress:
Onco m oro, as repeatedly beforo, the spokesmen o f tho Central Empires
have indicated their desire to discuss tho ob jects o f the war and the possible
bases o f a general peace. Parleys have been in progress at B rest-Litovsk
between Russian representatives and representatives o f tho Central Powers,
to which tho attention o f all tho belligerents has been invited, for the pur­
pose o f ascertaining whether it m ay bo possiblo to extend these parleys into
a general conference with regard to terms o f peace and settlement. The
Russian representatives presented not only a perfectly definito statement
o f the principles upon which they would bo willing to concludo peace, but
also an equally definite program o f tho concrcto application o f those
principles. The representatives o f thq Central Powers, on their part,
presented an outline o f settlement w hich, if m uch less definito, seemed
susceptible o f liberal interpretation until their specific program o f practical
terms was added. That program proposed no concessions at all, either to
the sovereignty o f Russia or to tho preferences o f the populations with
whoso fortunes it dealt, but m eant, in a w ord, that tho Central Empires
were to keep every foot o f territory their armed forces had occupied— every
provin ce, every city, every j)oint o f vantage— as a perm anent addition to
their territories and their power. I t is a reasonable conjecturo that tho
general principles o f settlement which they at first suggested originated
with tho m ore liberal statesmen o f Germany and Austria, tho men who have
begun to feel the force o f their own peoples’ thought and purpose, while
tho concrete terms o f actual settlement cam e from tho m ilitary leaders who
have no thought but to keep what they have g ot. T he negotiations have
been broken o ff. Tho Russian representatives were sincere and in earnest.
T hey cannot entertain such proposals o f conquest and dom ination.
T he whole incident is full o f significance. It is also full o f perplexity.
W ith whom aro the Russian representatives dealing? For whom aro the
rcprcsenlatives o f tho Central Empires speaking? Aro they speaking for
the m ajorities o f their respective Parliaments or for the m inority parties,
that m ilitary and imperialistic m inority which lias so far dom inated their
whole policy and controlled tho affairs o f Turkey and o f tho Balkan States
which have felt obliged to becom o their associates in this w ar? The
Russian representatives have insisted, very ju stly, very wisely, and in tho
true spirit o f m odern dem ocracy, that tho conferences they have been holding
with the T eutonic and Turkish statesmen should bo held with open not
closed doors, and all tho world has been audience, as was desired. T o
whom have wo been listening, then? T o those who speak the spirit and
intention o f the resolutions o f tho German Reichstag o f the 9th o f July last,
tho spirit and intention o f tho liberal leaders and parties o f Germany or to
those who resist and defy that spirit and intention and insist upon con­
quest and subjugation? Or are wo listening, in fact, to both , unreconciled
and in open and hopeless contradiction? These aro very serious and
pregnant questions. U pon tho answer to them depends the peace o f the
w orld.
B ut whatever the results o f the parleys at B rest-Litovsk, whatever the
confusions o f counsel and o f purpose in tho utterances o f tho spokesmen
o f tho Central Em pires, they have again attem pted to acquaint the world
with their objects in tho war and have again challenged their adversaries
to say what their objects are and what sort o f settlement they would deem
just and satisfactory. There is no good reason why that challenge should
not bo responded to, and responded to with tho utm ost candor. W o did
n ot wait for it. N ot once, but again and again, we have laid our whole
thought and purpose beforo the w orld, not in goneral terms only, but each
tim e with sufficient definition to make it clear what sort o f definitive terms
o f settlement must necessarily spring out o f them . W ithin tho last week
M r. L loyd Georgo has spoken with admlrablo candor and in admirablo
spirit for tho people and Governm ent o f Great Britain. There is no
confusion o f counsel among the adversaries o f tho Central Powers, no un­
certainty o f principle, no vagueness o f detail. T he only secrecy o f counsel,
tho only lack o f fearless frankness, the only failure to make definito state­
m ents o f the objects o f the war, lies with Germany and her allies. T ho
issues o f life and death hang upon theso definitions. N o statesman who
has the least conception o f his responsibility ought for a m oment to perm it
him self to continue this tragical and appalling outpouring o f blood and
treasure unless ho is sure boyond a peradventuro that tho objects o f tho




149

vital sacrifice are part and parcel o f the very life o f society and that the
people for whom he speaks think them right and im perative as he does.
There is, m oreover, a v oice calling for these definitions o f principle and
o f purpose which is, it seems to m e, m ore thrilling and m oro com pelling
than any o f the m any m oving voices with which the troubled air o f the
world is filled. It is the voice o f the Russian people. T hey are prostrate
and all but helpless, it would seem , before the grim pow er o f Germany,
which has hitherto known no relenting and no p ity . Their power appar­
ently is shattered. A nd y e t their soul is not subservient. T hey will not
yield either in principle or in action. T heir conception o f what is right, o f
what it is humane and honorable for them to accep t, has been stated with a
frankness, a largeness o f view , a generosity o f spirit, and a universal human
sym pathy which m ust challenge the admiration o f every friend o f man­
kind; and they have refused to com pound their ideals or desert others that
they them selves m ay be safe. T hey call to us to say what it is that we
desire, in w hat, if in anything, our purpose and our spirit differ from
theirs; and I believe that the people o f the U nited States would wish me
to respond with utter sim plicity and frankness. W hether their present
leaders believe it or n o t, it is our heart-felt desire and hope that som e way
m ay be opened whereby we m ay be privileged to assist the people o f Russia
to attain their utm ost hope o f liberty and ordered peace.
It will be our wish and purpose that the processes o f peace, when they
are begun, shall be absolutely open, and that they shall involve and permit
henceforth no secret understandings o f any kind. T ho day o f conquest
and aggrandizement is gone b y ; so is also the day o f secret covenants
entered into in the interest o f particular Governm ents and likely at some
unlooked-for m om en t to upset the p eace o f the w orld. It is this happy
fact, now clear to the view o f every public m an whose thoughts d o not
still linger in an age that is dead and gone, which makes it possible for
every nation whose purposes are consistent with justice and the peace
o f the w orld to avow now or at any other tim e the ob jects it has in view.
W o entered this war because violations o f right had occurred which
touched us to the quick and made the life o f our own people im possible
unless they were corrected and the world secured once for all against their
recurrence. W hat wo dem and in this war, therefore, is nothing peculiar
to ourselves. It is that the world be m ade fit and safe to live in; and
particularly that it be m ade safe for every peace-loving nation which, like
our ow n, wishes to livo its own life, determine its own institutions, be
assured o f justice and fair dealings b y the other peoples o f the world, as
against force and selfish aggression. All the peoples o f the world are in
effect partners in this interest and for our own part we see very clearly
that unless justice be done to others it will not be done to us.
T he program o f the w orld ’s peace, therefore, is our program , and that
program , the only possible program , as we see it, is this:
I. Open covenants o f peace, openly arrived a t, after which there shall be
no private international understandings o f any kind, b u t diplom acy shall
proceed always frankly and in tho public view .
I I . A bsolute freedom o f navigation upon the seas, outside territorial
waters, alike in peace and in war, except as the seas m ay be closed in whol
or in part b y international action for the enforcem ent o f international
covenants.
I I I . T ho rem oval, so far as possible, o f all econom ic barriers and thl
establishment o f an equality o f trade conditions among all the nations
consenting to the peaco and associating them selves for its m aintenance.
XV. A dequate guarantees given and taken that national armaments wile
b e reduced to the lowest point consistent w ith dom estic safety.
V.
A free,open-m inded and absolutely impartial adjustm ent o f all
colonial claims, based upon a s tiict observance o f the principle that in
determining all such questions o f sovereignty the interests o f the populations
concerned must have equal weight with the equitable claims o f the G o v e m nent whose title is to be determ ined.
Y I . T he evacuation o f all Russian territory and such a settlement o f
ill questions affecting Russia as will secure the best and freest co-operation
>f the other nations o f the w orld in obtaining for her an unhampered and
inembarrassed opportunity for the independent determ ination o f her own
jolitical developm ent and national p olicy, and assure her o f a sincere
welcome into the society o f free nations under institutions o f her own
•hoosing; and, m ore than a w elcom e, assistance also o f every kind that
b e m ay’ need and m ay herself desire. T ho treatm ent accorded Russia
>y her sister nations in the m onths to com e will be the acid test o f their
rood w ill, o f their com prehension o f her needs as distinguished from their
>wn interests, and o f their intelligent and unselfish sym pathy.
V II Belgium , the whole w orld will agree, must be evacuated and
•estored, w ithout any attem pt to limit the sovereignty which she enjoys in
:ommon w ith all other freo nations. N o other single act will serve as this
vill serve to restore confidence among the nations in the laws which they
lave themselves set and determ ined for the governm ent o f their relations
vith one another. W ithout this healing act the whole structure and
validity o f international law is forever impaired.
V I I I . All French territory should be freed and the invaded portions
•estored, and the wrong done to France b y Prussia in 1871 in the m atter
>f Alsace-Lorraine, which has unsettled the peace o f the w orld for nearly
’ifty years, should be righted, in order that peace m ay once m ore be made
secure in the interest o f all.
I X . A readjustment o f the frontiers o f Italy should be effected along
dearly recognizable lines o f nationality.
X . T he peoples o f Austria-H ungary, whose place among the nations we
vish to see safeguarded and assured, should be accorded the freest oppor;unity o f autonom ous developm ent.
X I R um ania, Serbia and M ontenegro should be evacuated; occupied
territories restored; Serbia accorded free and secure access to the sea; and
the relations o f the several Balkan States to one another determined b y
’riendly counsel along historically established lines o f allegiance ana
lationality; and international guarantees o f the political and econom ic
ndcpendenco and territorial integrity o f the several Balkan States should
pe entered in to.
_
_
.
,
,
X I I T he Turkish portions o f the present Ottom an E m pire should bo
issurod a secure sovereignty, but tho other nationalities which are now under
rurkish rule should be assured an undoubted security o f life and an abso­
lutely unmolested opportunity o f autonom ous developm ent, and the
Dardanelles should be perm anently opened as a free passage to the ships
ind com m erce o f all nations under international guarantees.
X I I I . An independent Polish State should be erected which should in­
clude the territories inhabited b y indisputably Polish populations, which
should be assured a free and secure access to the sea, and whose political
ind econom ic Independence and territorial integrity should be guaranteed
py international covenant.
.
„
,
,
...
X I V . A general association o f nations must be form ed under specific
covenants for the purpose o f affording mutual guarantees o f political inde­
pendence and territorial integrity to great and small States alike.
In regard to these essential rectifications o f wrong and assertions o f right,
ve feel ourselves to be intimate partners o f all the Governm ents and
peoples associated together against the imperialists. W e cannot be

15 0

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separated in interest or divided in purpose. W e stand together until the
end.
For such arrangements and covenants we are willing to fight and to
continue to fight until they are achieved; but only becauso wo wish the
right to prevail and desiro a just and stable peace, such as can be secured
only b y rem oving tho ch ief provocations to war, which this program does
rem ove. W o have no jealousy o f Gorman greatness, and there is nothing
in this program that impairs it. W e grudge her no achievement or dis­
tinction o f learning or o f pacific enterprise such as havo made her record
very bright and very onviable. W o do not wish to injuro her or to block
in any way her legitimate influence or power. W o d o not wish to fight
her either with arms or with hostile arrangements o f trade, if she is willing
to associate herself with us and the other peace-loving nations o f the world
in covenants o f justice and law and fair dealing. W e wish her only to
accept a placo o f equality among the peoples o f tho world— tho now world
in which wo now live— instead o f a placo o f m astery.
N either d o wo presumo to suggest to her any alteration or m odification
o f her institutions. But it is necessary, wo must frankly say, and necessary
as a preliminary to any intelligent dealings with her on our part, that wo
should know whom her spokesmen speak for when they speak to us,w hether
for tho Reichstag m ajority or for the m ilitary party and tho men whose
creed is imperial dom ination.
W e havo spoken now, surely in terms too concroto to admit o f any
further doubt or question. A n evident principle runs through tho whole
program I have outlined. It is tho principle o f justice to all peoples and
nationalities, and their right to live on equal terms o f liberty and safoty
with one another, whether they bo strong or weak. Unless this principle
bo made its foundation, no part o f the structure o f international justice
can stand. Tho people o f tho United States could act upon no other
principle, and to tho vindication o f this principle they are ready to dovote
their lives, their honor and everything that they possess. Tho moral
clim ax o f this, tho culm inating and final war fo r human liberty, has com o,
and they are ready to put their own strength, their own highest purpose,
their own integrity and dovotion to tho test.

W HAT

[Vol . 106.

P R ESID E N T

W IL S O N ’S

PEACE

TERMS

'

RE Q U IR E.
Frank II. Simonds In N ew Y o rk Tribune Jan, 9, 1918.
T he President’s peace terms requiro three stupendous concessions on
the part o f Germany. T hey demand that sho shall consent to tho de­
struction o f her great scheme o f M itteleuropa; that sho and her allies shall
surrender 210,000 square miles o f conquered territory, inhabited b y 40,­
000,000, an area greater than that o f Germany before tho war and a popu­
lation in excess o f that o f France in 1911, and, finally, that Germ any,
Austria and Turkey shall codo territory in tlioir possession when tho war
broke ou t. A ctually tho President asks greater sacrifices o f Germany
than victorious Europe asked and France had to m ako after W atorloo and
at the Congress o f Vienna.
Looked at tho point o f view o f the M itteleuropa scheme, tho President’s
terms cuts this grandiose creation by restoring Rumania and Serbia and
bestowing upon the latter a seacoast, obviously in Albania. It was to
break dow n such a barrier that Austria, at G erm any’s direction, assailed
Serbia in July, 1914, and produced tho W orld W ar. W hen Sorbia and
Rum ania havo been restored Bulgaria and T urkey will bo cut o ff from
Austria and Germany.
But tho amputation at tho waist, if ono m ay use this figure, is accom ­
panied b y similar operations on all four limbs. O f tho tw o arms o f M ittoleuropa, that extending westward through Belgium to the coast is elimi­
nated b y tho restoration o f Belgium , that which extends eastward to Riga
is cut o ff b y tho creation o f a free Poland, having Danzig as a seaport, and
by tho restoration to Russia o f tho remainder o f Russian lands conquered
b y tho Germans and tho Austrians. In tho same way, b y depriving the
Turk o f his M esopotam ian and Syrian lands, as well as his Armenian
provinces. President W ilson takes o ff both logs.
But tho President does not stop thero. l i e not only insists upon the
restitution by Germany and Austria o f all tho lands takon in tho present
war; ho demands that Germany shall codo Alaco-Loraino to Franco and tho
Polish districts o f Prussia to tho new P oland. B y thoso tw o cessions Ger­
m any would loso moro than 12,000 square miles and botwoon 5,000,000
6,000,000 o f peoplo which woro hors before tho present war. Austria
would, in the same fashion, havo to glvo up Trieste and tho Trentlno with
nearly a million peoplo and four or five thouasnd square milos, as well as
Polish half o f Silesia, containing 6,000,00 0 peoplo.
Finally, Turkey under tho President’s proposal would loso A rabia, Ar­
menia, Syria, Palestine and M esotpotam ia. T hat is about ono-half o f
the Turkish Empire and no less than 7,000,000 peoplo— a full third o f tho
population o f tho empire. T he Turk would bo restricted to tho Antolian
district, in which the Osmanll element predominates, and ho w ould lose
his hold upon tho holy cities o f M ecca , M edina and Jerusalem.
President W ilson has gono far boyond L loyd Goorgo in tho m atter o f
Poland, Russia and Austria-IIungary. H ollas re-echoed tho British I’rimo
M inister’s terms in tho Balkans, in Asiatic Turkoy, in Belgium and in the
m atter o f Alcase-Lorraino and tho Italian Irredenta.

The President’s message to Congress this week was dis­
tributed to every nows centre in tho civilized world through
essentially the same publicity machinery which was utilized
in sending broadcast the President’s address at the opening
of Congress Dec. 4. The Committee on Public Information
and the various governmental and commercial news agencies
operating in North and South America, Europe, Africa,
Australia and the Far East co-operated in publishing tho
address. One hour and forty-five minutes after ho began
speaking, word was received at tho press censor’s office in
New York that the entire address had beon delivered to all
news centres in South America. Similar advices were re­
ceived at intervals of a few minutes after this hour telling
of receipt of tho address in other foreign capitals and news A B A N K E R ' S V I E W O F P R E S I D E N T W I L S O N ’ S S T A T E ­
M E N T OF W A R A I M S .
centres. Walter S. Rogers, Director of the Division of
The following in which a loading banker was shown to
Foreign Press Service of the Committee on Public Informa­
tion, estimated that the achievement would cost the Govern­ be opposed to tho President’s proposal for the absolute free­
ment approximately $7,000.
dom of the seas and the removal of trade barriers was printed
in the New York “ Times” of the 9th inst.:
C O N G R E S S M E N ’S V I E W S O N P R E S I D E N T ’S M E S S A G E .

Tho comment made by Congress leaders on President
Wilson’s message on the nation’s war aims has beon almost
without exception unqualified approval, which finds perhaps
best expression in the views of Senator Chamberlain of Ore­
gon, who was quoted in tho New York “ Times” as saying;
I t is one o f the greatest Stato papers that tho President has ever deliv­
ered. It states tho reasons w hy wo are at war and tho purposes o f the
Am erican Governm ent in language that cannot be mistaken. Our own
people as well as the people o f the world will understand this statement
o f the terms and conditions o f peace.

Senator France of Maryland thought Mr. Wilson had gone
a trifle too far, saying:
In principle tho President’s message to Congress was inspiring, but I
fear that he has covered a little too m uch ground. I fear, for instanco,
that ho has included a little too m uch detail in his program , and that it
m ay embarrass us when the final issues are settled. H ow ever, that is not
the im portant thing. Tho principles enunciated aro tho outstanding phases
o f the message, and I indorse them all.

In so far as the third paragraph in tho President’s message,
calling for the removal of economic barriors and tho estab­
lishment of trade conditions among nations consenting to
peace, is concerned, tho “ Times” notes that more than one
Senator suggested that if this moant that the United States
intended lowering the tariff bars so as to admit German and
other products in profuse quantities after the war it would
be opposed as detrimental to American interests. Others
assumed that tho President merely meant to suggest the open­
ing of trade among all nations, with no hint of free trade.
The following are somo of the Senators quoted on that point:
Senator Sm oot o f Utah— W hat else can It mean than an elimination
o f all tariffs? I f that is what tho President moans, this country will never
be com m itted to such a p olicy in any treaty o f peace.
Senator Curtis o f Kansas— Tho United States will not havo econom ic
free trade fastened upon it at any peace conference. I f tho President
means b y rem oval o f econom ic barriers the establishment o f world free
trade, I cannot agreo with him . I f tho President had talked about the
rem oval o f political barriers or diplom atic discriminations, that would
have been a different thing.
Representative Gillott, R epublican A cting Floor Leader— I am in lioarty
accord with tho President’s address, unless he m eant universal free trade
b y his allusion to econom ic freedom , and I do not believe that could have
been nis intention. I question the wisdom o f specifying so exactly tho
territorial limitations which tho war should effect.
R epresentative M cLem oro o f Texas— It carried m oro significance than
any speech the President over delivered. I regret he faded to m ent.on
Ireland am ong those countries to be given liberty and autonom y.




Although discussions regarding the intent and probablo effect o f tho
President’s statement o f war aims wore eagerly joined in b y bankers and
brokers, following the receipt o f tho first extracts yesterday afternoon,
there was a general -refusal on tho part o f prom inent mon downtown to ex­
press their views o f the message for publication.
A banker whoso name is so familiar to ovory ono as to bo a household
word expressed privately opinions which were fairly representative o f tho
attitude taken by a number o f financial loaders. After giving his warm
approval to several o f tho fourteen articles in tho President’s program , and
particularly those calling for the restoration o f Alsace-Lorraine and B el­
gium , he voiced vigorous opposition to tho proposal that absolute freedom
o f the seas and removal o f trado barriers should bo guaranteed to tho Cen­
tral Powers.
“ In tho first p lace,” he said, “ wo must rcalizo that Germany has beon
working five months to secure just such a state o f mind in this country
toward peace as now seems to bo shaping. It is hard to keop your heart
in the work o f preparing for war when you aro carrying in the back o f your
mind tho thought that peace m ay bo a m atter o f tho noxt few weeks.
"T h e world cannot afford to end now a strugglo which has proved so
costly in precious b lood , unless it is made certain that the peace obtained
is not a peace which will last ten or tw enty years, but one which will last
forever. Is Germany to be allowed to resume her preparations for another
great attem pt against her neighbors as sho prepared for generations before
launching this w ar? D ocs freedom o f tho seas mean that sho can secretly
accumulate vast stores o f foods, copper, cotton , and steel? I f it means
that, then wo should continue fighting until wo can force a poaco that will
need no w ritten guarantee.
“ T o m y m ind wo should not think o f making a settlement until we are
in a position to say to the Gorman authorities: ‘ Y ou can trade in tho
w orld’s markets so long as you honestly believe in tho preservation o f peaco.
but just as soon as you begin to build up your reserves for the contingen­
cies o f war you shall bo shut o ff from supplies that aro essontial to a repe­
tition o f the attack on the peaco o f Europe launched in 1914.”
B R IT IS H

L A B O R 'S

M AN IFEST O

E N D O R SIN G

PR ESI­

D E N T W IL S O N ’S W A R A IM S .

A manifesto endorsing tho war aims of President Wilson
was issued on the 9th inst. by representatives of British labor.
It was adopted at a joint meeting of tho Parliamentary Com­
mittee of the Trades Union Congress and tho National Ex­
ecutive Committee of tho Labor Party. It was signed by
C. W . Bowerman, Arthur Henderson and Henry J. May,
respectively representing the Parliamentary Committee of
the Trade Union Congress, the National Executive Commit­
tee of the Labor Party and tho Co-oporativo Parliamentary
Representation Committeo. Tho manifesto declaros that
“ President Wilson’s program is in essential respects so
similar to that which British labor has put forward that we
need not discuss any point of differonco in detail.” Tho

manifesto was given as follows in the Now York “ Times” of
the 10th inst.:
W o warm ly weicom o President W ilson’s autlioritativo declaration o f
Allied war aims. W ithin the last fow days the whole international situa­
tion has been transform ed, first b y the speech o f the Prim e M inister to
the conference o f labor delegates, and second b y the great pronouncem ent
o f President W ilson. T he moral energy and breadth o f vision exhibited
In the latter’s address to Congress is particularly evident in his declaration
that tho pcaco negotiations when they begin must bo absolutely open and
that they shall involve or sanction no secret understandings. This is the
o n ly kind o f diplom acy that tho dem ocracies o f tho world can tolerate.
H um anity has had to pay dearly for secret covenants entered into b y gov­
ernm ents, and we rejoice that M r. W ilson has so decisively proclaim ed
tho dem ocratic doctrine o f open diplom acy.
Tho leaders o f revolutionary Russia, as M r. W ilson recognizes, have
initiated a now m ethod o f diplom acy, tho results o f which are apparent
n ot only in tho knowledge we have o f the negotiations at B rest-Lttovsk.
b u t in M r W ilson’s frank approval o f the claim that tho Russian representa­
tives have acted justly and wisely in insisting on the conference being held
w ith open doors and with tho whole world as an audience.
British labor will also welcom e very heartily M r. W ilson s expressions o f
sym pathy with Russia’s agonized efforts to achieve full freedom . H o has
responded as we believed ho would, to Russia’s appeal for countenance and
support by an earnest affirm ation o f tho heartfelt desire and hopo that some
w av m ay be opened b y which wo m ay be privileged to assist tho people o f
Russia to obtain their utm ost hopo o f liberty and ordered peace.
Let us take caro that this message reaches tho oars o f Russia. T ho B rit­
ish dem ocracy desires nothing m ore earnestly than that tho Russian dem oc­
racy shall be convinced that tho whole o f tho Allies are with them in their
struggle for peace and freedom and in tlicir effort to preserve the beneficent
fruits o f tho revolution.
In our judgm ent these tw o declarations o f President W ilson in favor o f
open diplom acy and in support o f revolutionary Russia will make his Con­
gress speech one o f the classic utterances o f Allied statesmanship d u.in g the
Iii the detailed program o f world peace outlined by M r. W ilson wo find
no p oint upon which there is likoly to bo any disagreement among tho Allied
dem ocracies. His reference to “ freedom o f the seas” is to bo welcom ed on
the ground o f its lucidity and breadth o f definition. It em bodies the doctrino o f freedom o f navigation both in peace and war, except in so far as it
m ay bo necessary to close the seas in whole or in part b y international
action for tho purpose o f enforcing international obligations violated b y any
n a tio n .

W ith that interpretation o f the doctrine o f the freedom o f tho seas to
which the Central Powers attach such im portance wo are all freo to agree,
and tho Central Powers cannot challenge it, if indeed they are sincere in
their repudiation o f aggressive intentions.
N o other formula that w o have seen m eets so fully tho stipulations that
an island Power like Great b rita in Is bound to malco to insure it.-, own safety
and that o f the Em pire in tim e o f war. It seems to be a matural corollary
o f a League o f N ations that freedom o f navigation m ust bo denied to any
nation that violates international covenants for tho maintenance o f peaco.
W o w elcom e President W ilson’s assertion o f the moral issues involved in
tho claim that Belgium must bo evacuated and restored. N o other single
act, as ho justly said, will do m ore to restore confidence am ong tho nations
in tho integrity and sanctity o f treaties and the obligations resting upon ail
nations, individually and severally, to maintain inviolate tho principles o f
international law.
M r. W ilson’s pronouncem ent in favor o f equality o f trade conditions
am ong all nations consenting to peace is a step in tho direction o f univetsal
freo trade, which, ad C obden insisted, is a necessary condition to un'versal
peace.
R ussia, in tho m idst o f the negotiations which at the m om ent seem to
m enaco her natural patrim ony, will be strengthened b y M r. W ilson’s de­
mands that Russian territory must be evacuated and that all questions af­
fecting her must bo settled in a manner that will assure her an unhampered
and unembarrassed opportunity to determ ine her own political dovelopm ont and a sincero w olcom e into tho society o f freo nations.
This is a test o f the faith o f peoples and governm ents in dem ocratic prin­
ciples, that they will be willing to agree to recognize fact and effect o f
R ussia’s revolution, and bo ready to give her every kind o f help sho needs
to consolidate the revolution and to establish truo dem ocratic self-govern­
m ent in accordance w ith her own peculiar genius for freedom .
Finally, w c m ay say in a sentence, President W ilson’s program is in essen­
tial respects so similar to that which British labor has put forward that wo
need not discuss any point o f difference in detail. T he spirit o f this his­
toric utterance is the spirit to which dem ocracy all over tho world can re­
spond, and if it reaches tho people o f tho Central Powers, w c believe it will
reinvigorato the popular m ovem ents toward peace in tlioso countries, now
under tho yoke o f the Prussian militarist autocracy, and give their demand
fo r peace a weight and authority that cannot bo denied.
In fa ct, wo m ay say that pcaco negotiations have been begun and that
the world awaits p roof that tho Central Powers aro sincere in their desire to
carry them to a conclusion which will bo acceptable to the peoples o f tho
___________
w orld.
V I E W S OF B R I T I S H P A P E R S O N P R E S I D E N T ' S
MESSAGE.

Tho British papers in commenting on President Wilson’s
address endorse almost without exception tho principles
onunciated, but, according to a cable to the Now York
“ Times” on tho 10th inst., reservations hero and there aro
mado respecting such points as “ freedom of navigation
aliko in peace and in war,” and “removal so far as possible
of all economic barriers.” Evon in these instances, however,
the “ Times” says, it is recognized that tho President’s pro­
gram of world peaco is a structure based on tho formation of
a league of nations. It also says:
M isgivings regarding tho limitation o f arm am ents, in so far as that im ­
plies roduction o f the British fleet, aro corrected b y tho assurance that Presi­
dent W ilson docs not contem plate adm ittance to tho leaguo o f nations o f a
Germ any still controlled b y that m ilitary and imperialistic m inority which
has so far dom inated G erm any’s wholo policy and which rendered nugatory
B ritain’s overtures to Germ any for tho restriction o f naval armaments.
In such a world as W ilson foresees, tho reduction o f armaments will not
bo m erely a possibility, but a necessity which the dem ocracies o f the world
will insist upon. On this p oint tho “ W estminster G azette” says:
"U n til w e know whether at tho end o f this struggle wo shall bo living in a
world dedicated to war and warlike preparations or in a w orld which is




151

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Ja n . 12 1918.]

honestly seeking peace and civilized progress, wo shall not reach perm anent
or acceptable settlement o f tho tangle o f territorial questions which now
confronts us. One kind o f settlement belongs to an assumed peaceful world
and quite another to a world preparing for the next war.
“ Here is our fundamental difference with Prussian militarism . W e have
no reason as yet to believe that the ruling class in Germ any aro at all dis­
posed to abandon tho system which has made war tho ch ief o f their national
industries, and until we have such reason we are bound in any settlement
to regard insurance against their designs as vital to our safety.
“ W e can test this in the concrete case o f President W ilson’s own demand
for absolute freedom o f navigation alike in peace and in war, except as the
seas m ay be closed in w hole or in part b y international action for the en­
forcem ent o f international covenants. In the wot Id to which the Presi­
dent looks forward, com bined in an association o f nations affording guraantees o f political and territorial independence o f all States, a world
governed b y open covenants, disarmed b y mutual consent and freed as far
as possible from econom ic barrieis, this aspiration could have no terrors for
us; but in the fighting world o f to-d ay it would mean the disarming o f sea
power w ithout any corresponding dim inution o f m ilitary power on land,
to the great advantage o f the m ilitarist land Powers and the great disadvan­
tage o f all others, Am erica included.
“ Let us be careful to understand, and to m ake the enem y understand,
that W ilson’s proposal depends on an association o f nations, which alone
gives us a guarantee o f peaco, and that it would involve tho abolition o f the
submarine, as o f all other form s o f attack on com m erce.”
J.

PEASE

NORTON

PERMANENT

ON

SOME

P O S S IB ILIT IE S

IN TE R N A TIO N A L

OF

A

PO LIT IC A L

O R G AN IZATIO N .

In an address on “ Some Possibilities of a Permanent Inter­
national Political Organization,” J. Pease Norton, Pk.D.,
proposes a “constructive solution of war.” He regards
tho solution as feasible during the progress of the
war without waiting for the eventual peace negotiations.
Mr. Norton, who is Assistant Professor on Railroads
at Yale University, submitted his ideas before the Economic
Section of the American Association for the Advancement
of Science at Pittsburgh on Dec. 28. An abstract of the
paper follows:
All nations apparently desire reductions o f armament under a plan.
A league o f nations as a federation o f the world is deemed b y the writer
less practicable than a new organization, called for conveneince the Inter­
national M aritim e and Aerial U nion, which should have absolute juris­
diction over the seas outside tho three-mile limit and over tho air above
a one-mile limit. T o this governm ent, all nations would cede all juris­
diction claimed and receive divided control o f the new governm ent through
appointing senators and electing delegates to tho tw o houses o f parliament.
The site for tho capital is tho Hawaiian Islands, to be sold to this govern­
m ent b y the United States. Tho international governm ent m ight also
bo granted permanent or tem porary jurisdiction over the Panama and
Suez canal zones and the so-called “ free ports” ; all navies and m unition
plants might be pooled under tho international governm ent and inter­
national corporations developed.

Among other things Mr. Norton suggests that the Inter­
national Maritime and Aerial Union become the clearing
house of the world in all matters international. He says:
N ow fifty-seven varieties o f nations treat one with another; very con ­
siderable savings would result if each nation dealt sim ply with the clearing
house. All international trade cou ld be conducted in tho international
system o f weights and measures, in an international m onetary system ,
using international uniform bills o f lading and exchange, in accordance
with international law, then enforceable, and under the protection o f
international courts.
L L O Y D GEORGE R E S T A T E S A N E W
WAR

G R E A T B R I T A I N ’S

A IM S.

Great Britain’s war aims were set forth more specifically
and at greater length than ever before in a speech delivered
at London by David Lloyd George, England’s Prime Min­
ister, on Jan. 5, before tho Trade Union Conference. Again
asserting that the Allies were not engaged in a war of ag­
gression ggainst Germany or the German people, or were
seeking to alter or destroy the Imperial constitution of Ger­
many, he referred to the futility of a permanent peace
founded on the proposals of the Central Powers. He re­
iterated that the first requirement always put forward by
the British Government and its allies has been the complete
restoration of Belgium and reparation for the devastation of
its towns and provinces. Next, ho says, in his speech of the
5th, comes the restoration of Serbia, Montenegro and the
occupied parts of France, Italy and Rumania. As to the
demands of France for the return of Alsace-Lorraine, he de­
clared that “ we mean to stand by the French democracy
to the death.” Referring to Russia, he stated that Great
Britain as well as America, France and Italy would have
been proud to have stood side by side by the new democracy
of Russia, but he added “if the present rulers of Russia take
action which is independent of their allies, we have no means
of intervening to arrest tho catastrophe which is assuredly
befalling their country. Russia can only be saved by her
own people.” As to Poland, he set out that “ we believe that
an independent Poland, comprising all those genuinely
Polish elements who desire to form a part of it, is an urgent
necessity for the stability of Western Europe.” He also
declared that “ we regard as vital the satisfaction of the
legitimate claims of the Italians,” and “ we also mean to

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press that justice be done to the men of Rumanian blood and
speech.” Concerning Turkey, he said:
Outside o f E urope wo believe that the same principles should be applied.
W hile wo do not challenge the maintenance o f the Turkish Em pire in tho
hom elands o f tho Turkish race, with its capital at Constantinople, tho pas­
sage between tho M editerranean and tho B lack Sea being internationalized
and neutralized, Arabia, Arm enia, M esopotam ia, Syria and Palestine are,
in our judgm ent, entitled to a recognition o f their separate national co n ­
ditions.

The Premier expressed himself in agreement with Presi­
dent Wilson that “a break-up of Austria is no part of our war
aims, ’ but he said, “ we feel that unless genuine self-govern­
ment on true democratic principles is granted to those Aus­
tro-Hungarian nationalities who have so long desired it, it
is impossible to hope for a removal of those causes of unrest
in that part of Europe which have so long threatened the
general peace.” With regard to the German colonies, he
said: “ I have repeatedly declared that they are held at the
disposal of a conference whose decision must have primary
regard to the wishes and interests of the native inhabitants
of such colonies.” In conclusion, the Premier declared
“we are fighting for a just and lasting peace, and we believe
that before permanent peace can be hoped for three condi­
tions must be fulfilled, first, the sanctity of treaties must be
re-established; secondly, a territorial settlement must be
secured based on the right of self-determination or the con­
sent of tho governed, and lastly, the creation of some inter­
national organization to limit tho burden of armaments and
diminish the probability of war.”
The following is the full text of the speech as furnished
in a special cable to the “ New York Times” published in its
issue of Jan. 6:
W hen the Governm ent invito organized labor in this country to assist
them to maintain tho m ight o f their armies in tho fiold, its representatives
are entitled to ask that any misgivings and doubts which any o f them m ay
have about tho purpose to which this precious strength is to bo applied
should bo definitely cleared. A nd what is truo o f organized labor is equally
true o f all citizens in this country, without regard to grado or avocation.
W hen men b y tho million aro being called upon to suffer and die, and vast
populations aro being subjected to sufferings and privations o f war on a
scale unprecedented in tho history o f tho world, they aro entitled to know
for what cause or causes thoy aro making tho sacrifice.
It is only the clearest, greatest and justest o f causes that can justify tho
continuanco, oven for one day, o f this unspeakable agony o f tho nation, and
we ought to bo able to stato clearly and definitely not only tho principles
for which we are fighting, but also their definite and concrete application
to tho war m ap o f the world.
W o have arrived at tho m ost critical hour in this terriblo con flict, and
before any Governm ent takes a fateful decision as to tho conditions under
which it ought either to terminato or to continue tho struggle, it ought to
be satisfied that tho conscience o f tho nation is behind these conditions, for
nothing else can sustain the effort which is necessary to achieve a right­
eous end to this war.
Consulted M any Leaders.
1 have, thereforo, during tho last few days, taken special pains to ascer­
tain the view and attitudo o f representativo men o f all sections o f thought
and opinion in tho country.
Last week I had tho privilege not merely o f perusing the declared war
aims o f tho Labor Party, but also o f discussing in detail with labor leaders
the meaning and intention o f that declaration.
I havo also had opportunity o f discussing this same m omentous ques­
tion with M r. Asquith and Viscount G rey. H ad it not been that tho N a­
tionalist leaders aro in Ireland, engaged in endeavoring to solve tho tan­
gled problem o f Irish self-government, I should havo been happy to cxcliango
views with them, but M r. Redm ond, speaking on their behalf, has, with his
usual lucidity and forco, in m any o f his speeches m ade clear what his ideas
are as to tho object and purpose o f tho war. I have also had an opportun­
ity o f consulting certain representatives o f tho great dom inions overseas.
I am glad to bo able to say, as a result o f all these discussions, that, al­
though tho Governm ent aro alono responsible for tho actual language I
purposo using, there is a national agreement as to tho character and pur­
pose o f our war aims and peace conditions, and in what I say to you to­
day, and through you to the w orld, I can venture to claim that I am speak­
ing not m erely tho m ind o f tho Governm ent, but o f tho nation, and o f tho
empire as a whole.
Entered War in Self-Defense.
W o m ay begin b y clearing away somo misunderstandings and stating
what wo aro not fighting for.
W o aro not fighting a war o f aggression against tho German people.
Their leaders havo persuaded them that thoy aro fighting a war o f selfdefonso against a league o f rival nations, bent on tho destruction o f Ger­
m any. That is not so. Tho destruction or disruption o f Germany or the
German people has never been a war aim with us from tho first day o f this
war to this day.
M ost reluctantly, and, indeed, quito unprepared for tho dreadful or­
deal, wo were forced to join in this war in self-defense o f tho violated
public law o f Europe and in vindication o f tho m ost solemn treaty obliga­
tions on which the public system o f E uropo rested and on which Germany
had ruthlessly trampled in her invasion o f Belgium .
W e had to join in tho struggle or stand asido and seo Europo go under
and brute force trium ph over public right and international justice.
A a to Democracy in Germany.
It was only the realization o f that dreadful alternative that forced tho
British peoplo into tho war, and from that original attitudo they havo never
swerved. T hey havo never aimed at a break-up o f tho German peoplo or
the disintegration o f their State or country. Germ any has occupied a
great position in tho world. It is not our wish or Intention to question or
destroy that position for tho future, but rather to turn her asido from hopes
and schemes o f m ilitary dom ination.
N or did wo enter this war merely to alter or destroy tho imperial con­
stitution o f Germ any, m uch as wo consider that m ilitary and autocratic
constitution a dangerous anachronism in the twentieth century. Our point
o f view is that tho adoption o f a really dem ocratic constitution b y Germany
would bo tho m ost convincing evidence that her old spirit o f m ilitary dom i­




[Vol . 106.

nation has, indeed, died in this war and would m ake it m uch easier for us to
conclude a broad, dem ocratic peace with her. B ut, after all, that is a ques­
tion for tho Gorman peoplo to decide.
Wo are not fighting to destroy Austria-H ungary or to deprive T ur­
key o f its capital or the rich lands o f Asia M inor and Thrace which aro
predom inantly Turkish.
It is now m ore than a year since tho President o f tho U nited States,
then neutral, addressed to tho belligerents a suggestion that each sido
should state clearly the aims for which thoy were fighting.
W o and our allies responded b y tho note o f Jan. 10 1917. T o tho Presi­
d en t’s appeal tho Central Empires made no reply, and in spite o f m any
adjurations, both from their opponents and from neutrals, they havo main­
tained com pleto silence as to tho objects for which they aro fighting.
Even on so crucial a m atter as their intention with regard to Belgium they
havo uniformly declined to give any trustworthy indication.
Teuton Terms Vague.
On D ec. 25 last, how over, Count Czernin, speaking on behalf o f Aus­
tria-Hungary and her allies, did make a pronouncem ent o f a kind. It is,
indeed, deplorably vague.
W o are told that it is not tho intention o f tho Central Powers to ap­
propriate forcibly any occupied territories or to rob o f its independence any
nation which lias lost its political independence during tho war.
It is obvious that almost any scliomo o f conquest and annexation could
bo perpetrated within tho literal interpretation o f such a pledge. Does
it mean that Belgium, Serbia, M ontenegro and Rum ania will bo as inde­
pendent and as free to direct their own destinies as Germany or any other
nation? Or does it mean that all manner o f interferences and restrictions,
political and econom ical, incom patible with the status and dignity o f free
and self-respecting peoplo, are to be im posed? I f this is tho intention, then
there will bo one kind o f indopondonco for tho great nation and an inferior
kind o f independence for the small nation.
W e must know what is meant, for equality o f right among tho nations,
small as well as great, is ono o f tho fundamental issues this country and
her allies are fighting to establish in this war.
Reparation for tho wanton dam age Inflicted on Belgian towns and vil­
lages and their inhabitants is em phatically repudiated. T ho rest o f tho socalled offer of the Central Powers is almost entirely a refusal o f all conces­
sions. All suggestions about tho autonom y o f subject nationalities aro
ruled out o f tho peace terms altogether. The question whether any
form o f self-government is to bo given to tho Arabs, Armenians or Syrians is
declared to be entirely a m atter for tho Sublime Porte. A pious wish for tho
protection o f minorities, “ in so far as it is practically realizable," is tho near­
est approach to liberty which tho Central statesmen venture to rnako.
On one point only aro they perfectly clear and dofinito. Under no
circumstances will tho German demand for tho restoration o f the whole
o f Germ any’s colonies bo departed from . All principles o f self-deter­
m ination, or, as our earlier phrase goes, governm ent by tho consont o f
governed, hero vanish into thin air.
Not a Foundation fo r Peace.
It is impossible to believe that any cdifico o f permanent peaco could bo
erected on such a foundation as this. M ere lip-sorvico to tho form ula o f no
annexations and no indemnities or tho right o f self-determ ination is useless.
Before any negotiations can oven bo begun, tho Central Powers must realize
the essential facts o f tho situation.
The days o f tho treaty o f Vienna aro long past. W o can no longer sub­
m it tho future o f European civilization to tho arbitrary decisions o f a
few negotiators, trying to secure b y chicanery or persuasion tho interests
o f this or that dynasty or nation.
T ho settlement o f tho now E urope m ust be based on such grounds o f
reason and justice as will givo some prom ise o f stability. Thereforo it is
that wo feel that governm ent with tho consont o f tho governed must bo
the basis o f any territorial settlement in this war. For that reason, also,
unless treaties be upheld, unless every nation is prepared, at whatever sac­
rifices, to honor tho national signature, it is obvious that no treaty o f peace
can be worth the paper on which it is written.
Belgian Restoration First.
Tho fi.s t requirem ent, thereforo, always put forward by tho British
Governm ent and their allies, has been tho com plete restoration, political,
territorial and econom ic, o f independence o f Belgium and such reparation
as can be made for tho devastation o f its towns and provinces.
This is no demand for a war indem nity, such as that imposed on France
b y Germany in 1871. It is not an attem pt to shift tho cost o f warlike
operations from one belligerent to anothor. which m ay oi m ay not bo de­
fensible. It is no m ore and no less than an insistence that before there
can be any hope for stable poace, this great breach o f tho public law o f
Europo must bo repudiated and so far as possiblo repaired.
Reparation means recognition. Unless international right is recognized
b y insistence on paym ont for injury done in dofianco o f its canons, it can
never be a reality.
N ext com es tho restoration o f Sorbin, M ontenegro and tho occupied
parts o f France, Italy and Rum ania. T ho com plete withdrawal o f the
allied (Toutonlc) armies, and tho reparation for injustice done is a fundamen­
tal condition o f permanent peace.

M ust Reconsider Wrong o f '71.
W o mean to stand b y tho French dem ocracy to tho death in tho domand
they make for a reconsideration o f tho great wrong o f 1871, when, without
any regard to tho wishes o f tho population, two French provinces wero torn
from the sido o f Franco and incorporated in tho Gorman E m piro.
This sore has poisoned the peaco o f Europo for half a century, and, until
it is cured, healthy conditions will not have been restored. There can bo no
better illustration o f tho folly and wickedness o f using a transient m ili­
tary success to violato national right.
I will not attem pt to deal with tho question o f tho Russian territories,
now in German occupation. T ho Russian p olicy since tho revoluation has
passed so rapidly through so m any phases that it is difficult to speak
without som e suspension o f judgm ent as to what tho situation will be when
tho final terms o f European peace com o to bo discussed.
Russia accepted war with all its horrors because, truo to her tradi­
tional guardianship o f tho weaker com m unities o f her race, she stepped
in to p rotect Serbia from a plot against her independence. It is this
honorablo sacrifice which not m erely brought Russia into tho war, but
Franco as well.
Franco, true to tho conditions o f her treaty with Russia, stood b y her
ally in a quarrel which was not her ow n. H er chivalrous respect for her
treaty led to tho wanton invasion o f Belgium , and tho treaty obligations o f
Great Britain to that little land brought us into tho war.
T ho present rulers o f Russia aro now engaged, without any reference
to the countries whom Russia brought into tho war, in separate negotiations
with their com m on enem y. I am indulging in no reproaches. I am merely
stating tho facts with a viow to making it clear why Great Britain cannot
be held accountable for decisions, taken in her absence, and concerning
which she has not been consulted or hor aid invoked.
ui

Ja n . 12 1918.]

THE CHRONICLE

Prussian Designs upon Russia.
N o one who knows Prussia and her designs upon Russia can for a m o­
m ent doubt her ultim ate intention. W hatever phrases she m ay use to
deludo Russia, sho does not mean to surrender one o f tho fair provinces
or cities o f Russia now occupied b y her forces. Under one name or an­
other (and the name hardly m atters), those Russian provinces will hence­
forth bo in reality a part o f the dom inions o f Prussia. T hey will be ruled
b y the Prussian sword in the interests o f tho Prussian autocracy, and the
rest o f tho people o f Russia will be partly enticed b y specious phrases and
partly bullied b y the threat o f continued war against an im potent arm y into
a condition o f com plete econom ic and ultim ato political enslavement to
G erm any.
W e all deplore tho prospeco. Tho dem ocracy o f this country means to
stand to tho last b y tho dem ocracies o f France and Italy and all our otner
allies. W e shall bo proud to stand side b y side b y tho new dem ocracy o f
Russia. So will America and so will France and Italy. Hut if the present
rulers o f Russia take action which is independent o f their allies, we ha\c
no means o f intervening to arrest the catastrophe w hich is assuredly be­
falling their cou ntry. Russia can only be saved b y her own peoplo.
W o believe, how ever, that an independent Poland, com prising all
those genuinely Polish elements who desiro to form a part o f it, is an
urgent necessity for the stability o f W estern Europe.
Similarly, though we agree with President W ilson that a break-up o f
Austria-Hungary is no part o f our war aims, we feel that unless genuine
self-government on truo dem ocratic principles is granted to those AustroHungarian nationalities who have long desired it, it is impossible to hope
for a removal o f those causes o f unrest in tiiat part o f E uropo whi'-h have
so long threatened tho general peace.
Turks M ay K eep Constantinople.

153

thinking individual must bo ashamed. For these and other similar reasons,
wo are confident that a great attem pt must be made to establish, b y some
international organization, an alternative to war as a means o f settling in­
ternational disputes.
A fter all, war is a relic o f barbarism , and, just as law has succeeded
violence as a means o f settling disputes between individuals, so we be­
lieve that it is destined ultim ately to take tho place o f war in the settlement
o f controversies between nations.
If, then, wo aro asked what we are fighting for, we reply, as we have
often replied; W o are fighting for a just and a lasting peace, and we be­
lieve that before permanent peace can be hoped for, three conditions must be
fulfilled: First, the sanctity o f treaties must be re-established; secondly, a
territorial settlement must be secured, based on the right o f self-determina­
tion or the consent o f the governed, and, lastly, wro must seek, b y the crea­
tion o f some international organization, to limit the burden o f armaments
and diminish the probability o f war. On these conditions its peoples are
prepared to m ake even greater sacrifices .than those they have yet en­
dured.
_____________
___________ ___

GERMAN PAPERS D ENUNCIATIO N OF LLOYD
GEORGE'S TERMS.
A denunciation of the peace terms of England’s Premier,
David Lloyd George, was contained in the press com­
ments made by tho newspapers of Germany. Some of
these comments, as reported in Amsterdam dispatches of
tho 7th, 8th and 9th inst., follow;

T he Berliner “ T agoblatt” : E verybody will have expected in the speech
a definite reply to the question whether the present Britisli intentions will
bring us nearer to peace. W o are unable to find a single word in this long
statement o f very calm tone and, for the speaker, very m oderate and per­
tinent character, which justifies an affirm ative reply. L loyd George ad­
m itted that the ideals and aims which have been placed in the foreground
up to the present are not for the Entente p olicy the main thing, but terri­
torial questions are.
In brief, ho says clearly that all alterations o f tho m ap b y the war in
favor o f the Central Powers shall bo annulled and that all in favor o f Great
Britain and her allies and also those which arc still mere demands shall be
maintained.
The ‘ ‘M orgen P o st.” — T ho sense o f L loyd George’s statement m ay bo
summarized in the short form ula that Great Britain wants to retain what­
ever it attaches value to in tho interest o f its world position. On the other
hand, the Quadruple Alliance must not only roundly renounce all their
victorious arms have brought them but voluntarily surrender portions
o f their territory or suffer interference in their internal political affairs.
L loyd George’s terms therefore aro such as only a victor dare offer the
vanquished. W e must show Great Britain b y deeds that we are the v ic ­
tors, not the vanquished.
Tho “ Rheinisclie W estfaelische Zcitung” o f Essen says;
W hen L loyd George and Britisli labor dem and Alsace for France and
the German colonies, Arabia, Syriaand Palestine for England and speak o f
the war indem nity we will have to pay, the answer, in view o f the actual
war situation, is, “ It is to o m uch .”
T ho newspaper thinks, how ever, that tho calmer tone in which L loyd
George spoke is worth noting, and adds:
W ell, L loyd George, to o , will one d ay becom e reasonable. U ntil then,
the U -boats and Hindenburg’s sword will help.
T ho Bcrlino “ Vossiscliozeitung” : T his, the first tangible British peace
offer, is a fresh indication o f our strength and a p ro o f o f England’s weak­
ness. Peace conditions at the expense o f our allies are inacceptable to
us; likewise, peace terms offering the return o f our colonies in exchange for
reinforcem ent o f the British position in A sia. L loyd George has made it
clear to our allies that the German armies are fighting in the W est at least
as m uch for them as for Germ any.
T he “ Volkszeitung” : L loyd George’s declarations show a tone in re­
gard to us which is indeed changed, but the old imperialistic aims are
wholly maintained. T he British Premier belies his first declaration that
he does not desiro tho destruction o f Germany b y his subsequent state­
ment that he wishes to detach Alsace-Lorraine and give to Poland portions
o f Prussian territory in the east. D espite assurances to the contrary, he
also wishes to rob Austria-H ungary and Turkey.
The “ Lokalanzeiger” : Under a flow o f phrase is apparent the old de­
sire to smash Germ any’s power forever, and safeguard England's power
forever. T he answer to this will be spoken b y our armies in the west and
b y our U -boats.
The “ Frankfurter Zeitung” says: Only a defeated Germ any could
think o f negotiating on tho terms laid down b y L loyd George. It is a new
war speech and a w ay to terminate the war will only be open when the
m ovem ent which has begun in England and other Entente countries is
strong enough to replace L loyd George, Clemenceau and Baron Sonnis b y
men who recognize the impossible nature o f such speeches and draw conse­
quences from such recognition.
H ow far we are from that tim e, it is hard to say.
T he “ N achrichten o f Dusseldorf says: T he main point o f the speech is
that L loyd George binds Great Britain to fight to the last breath for A l­
sace-Lorraine. W e d o not believe, how ever, that the British people will
fight to the last breath for this war aim.
There is no Alsace-Lorraine question for us, and the speech cannot,
therefore, aim at prom oting peace with us. It wr
as intended to throw
suspicion on the negotiations at B rost-Litovsk. T he sword alone can con ­
M ust Have Permanent Settlement.
vince this enem y and make him ready for peace.
T he “ Boersen-Courier” o f Berlin regards L loyd George's speech as an
One omission wo notice in the proposal o f tho Central Powers which
seems to us especially regrettable. It is desirablo and essential that tho attem pt to isolate Germany b y intimidating her allies.
T he “ Boersen-Zeitung” says that an important point in connection
settlement after this war shall bo one which does not in itself bear the seed
o f future war. But that is not enough. However wisely and well we with the speech is that there is a material difference between the present
British war aims and thoso known to have been held recently. This news­
m ay make territorial and other arrangements, thoro will still bo m any
paper believes the reason m ay be found in England s present position,
subjects o f international controversy. Some, indeed, aro inevitable.
.
E conom ic conditions at tho end o f tho war will bo in tho highest degree wdiich it describes as difficult.
The “ Tages-Zeitung” makes tho statement that a peace assuring to the
difficult, ow ing to tho diversion o f human effort to warlike pursuits. There
peopo o f the German Empire a safe and free future can be attained only b y
must follow a world shortago o f raw materials, which will increase the
l onger the war lasts, and it is inovitablo that thoso countries which have victory over England.
T he “ K rcuz-Zeitung” declares that L loyd George's program can be car­
control o f raw materials will desire to help themselves and their friends
>
t
first. Apart from this, whatever settlement is made will be suitable only ried through only after the com plete defeat o f Germany.
T he Austrian press com m ents in similar vein. The “ Neue Freie Presse
to tho circumstances under wldch it is m ade, and as those circumstances
o f Vienna says: L loyd George’s peaco terms aro nothing else than the ruth­
change, changes in the settlement will bo called for.
So long as tho possibility o f a dispute between nations continues— that less idea, clad in m any words, that force shall decide, that the war shall
is to say, so long as men and women aro dom inated b y impassioned ambi­ continue until it has been established unquestionably who is the strongest
tion and war is tho only means o f settling a disputo— all nations must live L loyd George announces freedom for all peoples, with the exception o f
.
under a burden, not only o f having from time to tiino to engage in it, but those under his own yoke.
The “ Noues W iener T agblatt” o f Vienna: L loyd George recognizes the
o f being com pelled to prepare for its possible outbreak.
principle o f self-determination and o f the rights o f peoples only where he
Tho crushing weight o f m odern armaments, tho increasing evils o f com ­
pulsory m ilitary service, tho vast waste o f wealth and effort involved in believes this principle could be put into effect in favor o f the Entente.
warliko preparation— these aro blots on our civilization, o f which every He preaches econom ic war and renounces only with the greatest precau-

On the same grounds we regard as vital tho satisfaction o f the legiti­
m ate claims o f tho Italians for union with those o f their own raco and
tongu e. Wo also moan to press that justico bo done to tho men o f R u ­
manian blood and speech in their legitimate aspirations. I f these con ­
ditions are fulfilled, Austria-Hungary would bocom o a Power whoso strength
would conduce to tho permanent peaco and freedom o f Europo, instead o f
boing merely an instrument to tho pernicious m ilitary autocracy o f Prus­
sia, that uses tho resources o f its allies for tho furtherance o f its own sinister
purposes.
Outside o f Europo wo bclievo that tho same principles should be applied.
W hile wo d o not challenge tho maintenance o f tho Turkish Empire in the
homelands o f tho Turkish raco, with its capital at Constantinople, tho pas­
sage between tho Mediterranean and tho Black Sea being internationalized,
and neutralized, Arabia, Arm enia, M esopotam ia, Syria and Palestine are,
in our judgm ent, entitled to a recognition o f their separate national con­
ditions.
W hat tho exact form o f that recognition in each particular case should
bo need not hero bo discussed beyond stating that it would bo impossible
to restore to their form er sovereignty tho territories to which I have al­
ready referred.
M uch has been said about tho arrangements wo liavo entered into with
our allies on this and on other subjects. I can only say that as the now
circum stances, like tho Russian collapso and tho separate negotiations,
have changed tho conditions under which those arrangements were m ade,
w o arc, and always have been, perfectly ready to discuss them with our
allies.
Colonies to Settle Own Future.
W ith regard to tho German colonics, I have ropoatedly declared that
th ey aro held at tho disposal o f a conference whoso decision must have
prim ary regard to the wishes and interests o f tho native inhabitants o f
such colonics. N one o f those territories aro inhabited b y Europeans.
T h o governing consideration, thoreforo, must bo that the inhabitants should
bo placed under tho control o f an administration acceptable to themselves,
one o f whoso main purposes will be to prevent their exploitation for the
benefit o f European capitalists or Governm ents.
The natives live in their various tribal organizations under chiefs and
councils who are com petent to consult and speak for their tribes and mem­
bers and thus to represent their wishes and interests in regard to their dis­
posal. Tho general principle o f national self-determination is, therefore,
as applicable in tlicir cases as in thoso o f tho occupied European territories.
Tho German declaration that tho natives o f tho German colonies have
through their m ilitary fidelity in war shown their attachm ent and resolve
under all circumstances to remain with Germany is applicable, not to the
German colonies generally, but only to one o f them, and in that case, Ger­
m an East Africa, tho German authorities secured tlio attachm ent, not o f
th o native population as a whole, which is and remains profoundly anti­
Germ an, but only o f a small warliko class, from whom their askaris, or sol­
diers, wero selected. These they attached to themselves b y conferring
o n them a highly privileged position, as against tlio bulk o f the native popuation, which enabled thoso askaris to assume a lordly and oppressive su­
periority over tho rest o f the natives.
B y this and other means they secured tho attachm ent o f a very small
and insignificant m inority, whose interests wero directly opposed to thoso
o f tho rest o f tho population and for whom they have no right to speak.
T h o German treatment o f tho native populations in their colonies lias been
such as am ply to justify tlicir fear o f submitting tho futuro o f those colo­
nies to tlio wishes o f the natives themselves.
Finally, there must be reparation for tho injuries dono in violation of
nternationai law. T he peaco conference must not forget our seamen and
th e services they have rendered to and tho outrages they have suffered
fo r the com m on cause o f freedom .
.




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tlons, E ngland’s newly established militarism. Thus in the samo breath
ho promises and refuses a lasting peaco.
K ing Ludw ig o f Bavaria is quoted in a M unich dispatch as having said
yesterday, at a reception on his birthday, that the terms o f G erm any’s
enemies wcro exorbitant.
“ N o t an inch o f German territory will bo given u p ,” ho declared. “ W o
must try to safeguard our frontiers.”
Asserting that the Bavarians, liko tho other Germans, wero victorious
everywhere, the K ing added: “ M a y wo succeed also in defeating our
latest enemies, tho A m ericans.”
Tho "N orddeutscho Allgemeino Zcitun g,” tho semi-official German
organ, says:
Even if D avid L loyd George now , for obvious reasons, renounces tho
talk about all kinds o f crushing aims with whicii lie form erly was wont to
make an impression on tho masses o f his own peoplo and tho Allies, and if
those points in which Russia had tho greatest interest wero erased from
tho general program o f tho Entente, there nevertheless has been virtually no
chango in England’s own war a'ims. T hey are, as before, the result o f the
will for unrestricted world power.
M r. L loyd George knows to-d ay, as when ho mado his first war speech,
that tho territorial integrity o f tho Austro-Hungarian m onarchy, as well
as that o f the other allies o f Germ any, must form tho cornerstono in tho
building o f a now peace. Nevertheless, ho adheres to his imperialistic war
aims with their unmeasured demands, and only b y a change in tono tries
to give the impression that ho takes into account tho alteration o f tho mili­
tary and political situation. It is characteristic o f him and his allies.
Vorwarts,” the principal organ o f tho Socialists, in com m enting on tho
war aims speech o f Premier Lloyd George declares tho Premier masqueraded,
in a carefully selected disguise. It says tho speech was fram ed in some
parts so as to m eet tho apjjroval o f the German workingmen.
T he newspaper adds that tho Premier's abandonment o f tho attem pt
to interfero in Germ any’s internal affairs is gratifying, and that his demand
that tho States which have been overrun in tho courso o f tho war bo re­
stored to com plete independence will not call forth contradiction.
Referring to Alsaco-Lorraino, tho newspaper says tho inhabitants o f
these districts aro not foreign or alien peoples within tho German Stato.
“ If tho natives o f tho German colonies aro to bo protected from exploi­
tation b y European capitalists, why not also tlioso o f the British colon ies?”
it asks. “ It would bo underestimating tho good sonso o f tho British work­
ingmen if ono assumed that theso contradictions escaped their discern­
m ent.”

Tho following is from the Now York “ Times” of tho
9th inst. in copyrighted advices from George Renwick:
T ho Pan-German “ D eutscho-Zeitung" believes that L loyd Georgo is
endeavoring to drivo a wedge between Germany and her allies by making
a peaco offer to tho latter. Only victory over England can bring real peaco,
it adds.
T ho C ologno “ V olkszeitung" wonders if a now L loyd Georgo is com ing
on tho scene and it says that it will await with interest and see if ho really
intends to im prove his manners and follow in Lansdowno’s footsteps. It
lays no real im portance, it says, on his statement regarding reconsidera­
tion o f tho great crime o f 1871, with referonco to Alsaco-Lorraino, for the
m atter is ono in which tho main consideration is what France desires.
On that point Germany harbors no illusions.

TEXT OF BILL PROVIDING FOR COMPENSATION TO
RAILROADS DURING FEDERAL CONTROL.
W o made mention last weok of the Administration bill
introduced in Congress on tho 4th inst. aimed to carry out
the recommendations mado by President Wilson in his mes­
sage of that date with regard to tho compensation to bo paid
to the railroads during Federal control. In tho House the
measure was introduced by Chairman Sims of tho House
Committeo on Inter-State and Foreign Commerce and in
the Senate by Acting Chairman E . D . Smith of tho Sonato
Committee on Inter-State Commerce. It is said to bo under­
stood that the legislation was drafted by Georgo W . Anderson
of tho Inter-State Commerco Commission. As wo roported
last week, in giving some of tho essential featuros of tho bill,
the proposed legislation calls for an appropriation of $500,­
000,000, which, together with any funds available from any
excess of earnings of tho roads, is to bo used as a “ revolving
fund” for tho purpose of paying tho expenses of Federal
control. The bill, as also noted in theso columns last weok,
proposes that tho Government shall pay compensation
at an annual rate as near as possible to the net operating
income for the three years ended Juno 30 1917. Tho
following is tho complete text of tho bill as introduced on tho
4th inst.
A B IL L
T o provklo for the operation o f transportation systems while under Federal
con trol, for the just com pensation o f their owners, and for other purposes.
Be it enacted bg the Senate and House o f Representatives o f the United
States o f Am erica in Congress assembled, That tho President, having in a
tim e o f war taken over the possession, use, and control (called herein
Federal control) o f certain systems o f transportation (called herein carriers)
is hereby authorized to agree with and to guarantee to any such carrier
that during the period o f such Federal control it shall receivo as its just
com pensation an incom e at an annual rate equivalent as nearly as m ay bo
to its average net railway operating incom e for tho three years ending
Juno thirtieth, nineteen hundred and seventeen (called herein standard
retu rn ): said net railway operating incom o for tho pur-poses o f this A ct
shall, as to carriers making returns to tho Inter-State Comm erce Comm is­
sion, be com puted from such returns, excluding, however, debits and credits
arising from tho accounts called in the m onthly returns leased road rents
and miscellaneous rents: Provided, however. That no Federal taxes in excess
o f taxes assessed during tho year ending June thirtieth, nineteen hundred
and seventeen, shall bo charged against revenue in com puting such standard
return. A ny net railway operating incom o in excess o f such standard
return shall bo tho property o f tho United States. The amount o f such
standard return as accruing during said period o f three years shall bo de­
term ined b y the Inter-State Com m erco Comm ission, and tho certificate
o f said com m ission as to tho amount o f said net railway operating incomo




[V ol . 106.

shall, fo r the purposo o f such agreement and guaranty, bo taken as fina*
and conclusive.
D uring tho period o f such Federal control adequate depreciation and
maintenance o f tho properties o f the carriers shall bo included as a part o f
the operating expenses or provided through a reserve fund, in accordance
with such principles and rules as shall bo determined b y tho President.
Sec. 2. T hat if no such agreement is m ado, tho President m ay novortheess pay or causo to bo paid to any carrier while under Federal control an
am ount not exceeding ninety per centum o f such standard return, rem itting
such carrier to its legal rights in the C ourt o f Claims for any balance claim ed;
and any am ount thereafter found duo abovo the amount paid shall bear
ntcrest at the rate o f six per centum por annum; and any oxcoss am ount
paid hereunder shall be recoverable by tho U nited States, with interest at
the rate o f six por centum por annum.
Sec. 3. That any claim for just com pensation not adjusted as providod
in section ono shall bo subm itted to a board o f three auditors appointed by
the Inter-State Com m erce C om m ission, members o f which and o f tho official
force thereof being eligible for servico as such auditors,' but without additi­
onal com pensation therefor. Said auditors shall give a full hearing to
such carrier and to the United States, and shall report to the President tho
amount duo such carrier as just com pensation; a sum not exceeding tho
amount so reported m ay bo agreed upon b y tho President and such carrier.
Failing such an agreement, either tho United States or such carrier may file
a petition in tho C ourt o f Claims for tho purposo o f final ascertainment
o f tho amount o f such just com pensation, and in tho proceedings in said
court tho report o f said auditors shall bo prima facie evidence o f tho facts
therein stated. T h e just com pensation o f any carrier under Federal
control not making returns to tho Inter-State Com m erce Commission shall
bo determ ined in accordance with the provisions o f this section.
Sec. 4. That the return o f any carrier shall be increased b y an am ount
reckoned at a rate per centum to bo fixed by tho President upon tho cost
o f any additions and im provem ents mado whilo under Federal control
with the approval o f tho President to the property o f any carrier and paid
for b y such carrier from its own capital or surplus; and by an amount equal
to tho rate accruing to the United States upon any advances m ado to such
carrier for tho cost o f such additions and im provem ents as provided in
section six hereof.
Sec. 5. That no carrier while under Federal control shall, without tho
prior a p p ro v a l'o f tho President, declaro or pay any dividend in excess o f
its regular rate o f dividends during tho three years ending Juno thirtieth,
ninotecn hundred and seventeen: Provided, however, T hat such carriers as
have paid no regular dividends or no dividends during said period, m ay,
with tho prior approval o f tho President, pay dividends at such rate as tho
President m ay determine.
Sec. 6. That tho sum o f 3500,000,000 is hereby appropriated out o f the
public treasury from any funds not otherwise appropriated, which, togother
with any funds available from any excess earnings o f said carriers, m ay bo
used b y tho President as a revolving fund for the purpose o f paying tho
expenses o f tho Federal con trol, and any deficit o f any carrier below such
standard or ascertained return, and to provide terminals, im provem ents,
engines, rolling stock, and othor necossary equipm ent, such terminals,
Improvements, and equipment to bo used and accounted for as tho President
m ay direct, and to bo disposed o f as Congress m ay hereafter b y law provido.
Tho President m ay also, on or in connection with tho property o f any
carrier, make or order any carrier to make any additions and improvem ents
necessary or desirable for war purposos or in tho public intorost. IIo may
from said revolving fund advanco to such carrier all or any part o f the ex­
pense o f such additions and improvem ents so ordered and constructed by
such carrier or b y tho President, such advances to bo charged against such
carrier and to bear interest at such rato and bo payablo on such terms as
m ay bo determined by the President, to tho end that the United States
m ay bo fully reimbursed for any sums so advancod.
A ny loss claimed to accruo to any carrier by reason o f any such additions
or improvements so ordered and constructed may bo determined by agree­
ment between tho President and such carrier; failing such agreement tho
amount o f such loss shall bo ascertained as provided in section threo hereof.
From said revolving fund tho President m ay expond such an amount as
ho m ay deem necessary or desirable for tho purchase, construction or utiliza­
tion, and operation o f boats, barges, tugs, and other transportation facilities
on tho inland and coastwiso waterways, and m ay in tho acquisition, opera­
tion, and use o f such facilities create or em ploy such agoncies and entor
into such contracts and agreements as ho shall doom in tho public interest.
Sec. 7. That for tho purposo o f providing funds requisite for maturing
obligations or for othor legal and proper expenditures, or for reorganizing
railroads in receivership, carriers m ay, during tho poriod o f Federal control,
issue such bonds, notes, equipment trust certificates, stock and othor forms
o f securities, secured or unsecured b y m ortgage, as tho President m ay ap­
prove as consistent with tho public interest. T ho President m ay purchaso
for tho United States all or any part o f such securities at prices not exceed­
ing par. and m ay sell such securities whenovor in his Judgment it is desirable
at prices not less than tho cost thoroof; any sums available from tno revolv­
ing fund provided in section six m ay bo used for such purchases.
Sec. 8. That tho President m ay cxecuto any o f tho powers herein and
heretofore granted him with relation to Federal control through such
agencies as ho m ay determ ine, and m ay fix tho reasonable compensation
for the perform ance o f services in connection therewith; and m ay utilizo
tho personnel and facilities o f tho Inter-Stato Com m erco Commission
and call upon members o f such com m ission, or any o f its em ployees, or
employees o f any department o f tho Governm ent for such services as ho
m ay deem expedient. N o such Federal official or om ployeo shall receivo
any additional com pensation for such services.
Sec. 9. That tho President is hereby authorized whilo carriers aro under
Federal control, to direct that tho Federal workm en's com pensation A ct
o f Soptomber, ninotecn hundred and sixteen, shall bo extended so as to
apply to carrier employees, on such terms and conditions as will givo duo
consideration to romodios available under Stato com pensation laws or
otherwise.
Sec. 10. T hat nothing heroin contained shall bo construed as m odifying
or restricting tho powers heretofore conferred upon tho President to tako
possession and assume control o f any or all systoms o f transportation; and
tho President, in addition to tho powers conferred by this A ct, shall have,
and is hereby given, such othor and further powers necessary or appropriate
to givo effect to tho powers herein and heretofore conferred.
Sec. 11. That carriers whilo under Federal control shall, in so far as i3
not inconsistent therewith, or with tho provisions o f this A ct, or any other A ct
applicable to such Federal control, or with any order o f tho President, bo
subject to all laws and liabilities as com m on carriers; and suits m ay bo
brought by and against such carriers and judgm ents rendered as now pro­
vided by law: Provided, however. T h a t except with tho written assent o f
tho President no attachm ent shall bo lovied by mesne process or on execution
on or against any o f tho property used b y any such carrier in tho per­
form ance o f its duties as a com m on carrier.
Sec. 12. That every person or corporation whother carrier or shipper,
or any receiver, trustoo, lessee, agent, or person acting for or em ployed

Ja n . 12 1918.]

THE CHRONICLE

b y a carrier or shipper, or other person, who shall knowingly violate or
fall to observe any o f tlio provisions o f this A ct, or shall knowingly inter­
fere with or impede tho possession, use, operation, or control o f any railroad
property, railroad, or transportation system hitherto or hereafter taken
over b y tho President, or shall violato any o f tho provisions o f any order or
regulation mado in pursuance o f this A ct, or o f any other A ct concerning
such possession, uso, operation or con trol, shall bo guilty o f a misdemeanor,
and shall, upon conviction, bo punished b y a fino o f not m ore than S5.000,
or, if a person, b y imprisonment for not more than two years, or both.
E ach independent transaction constituting a violation o f, or a failure to
observe, any o f tho provisions o f tills A ct, or any order entered in pursuance
hereof, shall constitute a soparato offonso. For tho taking or conversion
to his own uso or tho om bezzlcm ont o f m o n e y or property derived from or
used in connection with tho possession, uso, or operation o f said railroads
or transportation systems, tho criminal statutes o f the United States, as
well as tho criminal statutes o f tho various States where applicable, shall
apply to all officers, agonts, and em ployees engaged in said railroad and
transportation scrvico while tho same is under Federal control, to the same
extent as to persons em ployed in tho regular service o f tho United States.
Prosecutions for violations o f this A ct or o f any order entered hereunder,
shall bo in the District Courts o f tho United States, under tho direction
o f tho A ttorney General, in accordance with tho procedure for the collection
and imposing o f fines and penalties now existing in said courts.
Sec. 13. That tho Federal control o f transportation systems herein and
heretofore provided for shall continuo for and during the period o f the war
and until Congress shall thereafter order otherwise.

FIN AN C IA L STATEMENTS REQUIRED OF RAILROADS
BY INTER-STATE COMMERCE COMMISSION.
As a preliminary step looking toward tho financing of the
railroads by the Government, the Presidents of tho com­
panies were asked this week by Intcr-Stato Commerce Com­
missioner Daniels, at tho instanco of Director-General of
Railroads M cAdoo, to furnish by Jan. 9 a statement of thenfinancial obligations for bond payment and road improve­
ments. Tho call for this information was issued as follows
by Commissioner Daniels on Jan. 7:
Dear Sir: B y direction o f tho Director-General o f Railroads, you will
lot mo havo b y not later than Jan. 9, and b y wiro if necessary, tho following
inform ation:
First. A statement showing tho am ount o f capital your com pany will
requiro to raise during tho calendar year 1918, and also separately for the
first six m onths o f that calendar year,
1. T o moot ail maturing bonds and noto i&sucs whicli havo not already
boon provided for, or which aro not to be paid out o f the cash resources
o f your com pany, showing dates o f such maturities;
2. T o pay for im provem ent, botterm ont and construction work already
contracted for and partially finished (this statement should show what
portion, if any, o f such work can bo stopped now without detrim ent);
3. A n approxim ate estimate o f tho capital which m ay bo imperatively
Important to provido for other construction w ork. Improvements and
bottcrinonts, including additional terminals and now equipment (showing
equipment separately);
4. A n approxim ate estiniato o f tho capital w hich, in tho judgm ent o f tho
management o f your com pany, it is desirable to provido for tho above
purposes, but for which tho dem and is not absolutely necessary for tho
protection o f tho property or for tho maintenance o f its earnings.
Second. A statement as to tho character o f stocks, bonds or notes
witli which your com pany oxpects to bo ablo to raiso tho capital so required.
Tho above information is to bo im m ediately transmitted and m ay be
supplemented later with such additions as becom o only later available.
Very truly, yours,
W . M . D A N IE L S , Commissioner.

Similarly at tko request of M r. M cA doo, tho Inter-State
Commerce Commission on Jan. 5 issued an order asking
the railroads to furnish to it by Jan. 25 details concerning
their operating revenues, expenses, income account, profit
and loss account, general balance sheet and trackage as of
dato June 30 1917. Tho Commission’s order in this case
was as follows:

15 5

affairs o f the above-nam ed respondent in relation to the matters and things
therein set forth.
__________________ (Signature o f affiant.)
Subscribed and sworn to before m e, a _________in and for the State and
cou nty above nam ed, t h i s _________d ay o f __________, 1918.
M y com m ission e x p ir e s __________
B y tho Comm ission:
[Seal.]
G E O R G E B . M c G I N T Y , Secretary.

MEASURES ADOPTED BY DIRECTOR-GENERAL OF
RAILROADS McADOO TO REMEDY FREIGHT
CONGESTION.
Some of the measures taken during the past Aveek by
Director-General of Railroads W . G . M cAdoo to overcome
the badly congested freight situation, are referred to elseAvhere in to-day’s issue of our paper. These steps include
the increased demurrage rates which are to go into effect
Jan. 21 and which are established in M r . M cA d oo’s General
Order N o . 3. His two previous orders were given in our
issue of Saturday last. Another measure designed to facili­
tate freight transportation, put into force this Aveek, consists
in a material reduction in passenger train service. In his
further efforts to remedy the situation, Director-General
M cAdoo has designated the coming week as “ Freight Moving
W eek,” during Avliich he calls upon the Avhole nation to
“ unite in a supreme effort to clear up the congestion at ter­
minals before the demurrage order goes into effect, and to
keep it cleared up thereafter.” The following is his appeal:
T he m ovem ent o f fuel, food and other vital necessities is being seriously
hampered b y the congestion o f loaded freight cars at im portant cities and
terminals throughout the cou ntry. T ho congestion is particularly serious
in the raihoad terminals at the P ort o f N ew Y o rk . Unless freight is
prom ptly rem oved b y consignees from cars at terminals and from railroad
stations it will be impossible to relieve tho present situation.
Railroad cars cannot be used for warehouse purposes without grave
injury to tho Am erican people. Railroad cars m ust be kept m oving,
and they must bo utilized to their m aximum capacity if tho demands o f
tho people for the necessaries o f lifo and o f the arm y and navy for essential
m unitions and supplies aro to bo m et. It is an im perative duty o f tho hour
for every citizen to d o his utm ost to m ove freight from cars and from rail­
road stations im m ediately upon its arrival.
Under the new demurrage order just issued, heavy charges for detention
o f freight cars will go into effect on and after Jan. 21. T ho whole nation
should unite in a supreme effort to clear up the congestion at terminals
beforo the demurrage order goes into effect and to keep it cleared up
thereafter.
I wish to appoal to the people o f the U nited States to observe the week
beginning Jan. 14 and ending Jan. 21 as “ Freight M ov in g AVeek,” and I
earnestly request tho Governors o f the various States, the PubiiCjUtilities
Commissioners, tho M ayors o f cities and towns, the State C ouncils o f
National Defense, the Federal and State F ood and Fuel Adm inistrators,*
the Chambers o f Com m erco and other business organizations, business men
and shippers generally, trucking com panies and all railroad em ployees
concerned, to organize locally and to m ako a supreme effort during this
week to unload freight cars, to rem ove freight from railroad stations, and
to clear tho decks for a m ore efficient operation o f the railroads o f the
country.
An earnest and united pull all along the line will achieve wonders in
this direction. AVe can help ourselvos and relieve an immense am ount o f
suffering if wo attack tho problem vigorously and in the true spirit o f co ­
operation.
AV. G . M cA D O O , Director-General o f Railroads.

In a report of the 6th inst., made to Director-General
M cAdoo, Alfred II. Smith, Assistant in the Eastern Terri­
tory to M r. M cAdoo, announced increased accumulation
as follows:

Accum ulation is increasing at points east o f Pittsburgh and B uffalo, but
this is due to the extremo cold weather. Trainm en and enginemen have
It is ordered, That all com m on carriers b y steam railroad subject to the reported sick in large numbers, wliich has necessitated curtailm ent o f train
provisions o f tho A ct to Regulate Com m erce, as amended, and tho owners service. T he passenger service is being reduced wherever possible, b ut as
o f all railroads engaged In inter-Stato com m erce as therein defined, bo and a great m any people aro returning hom o after tho holidays considerable
thoy are hereby, severally required to submit to tho Inter-Stato Comm erce service is required. A shortage o f labor at engine-house terminals is pre­
Comm ission tho statements specified hereunder, propared b y primary and
venting engines from being turned out prom p tly and getting back into
general accounts or other indicated detail for tho designated year only, in service.
accordance with tho item ization and form s o f statements o f liko character
T he tonnage rating o f trains has been reduced on account o f cold, to
included in tho form s respectively prescribed for tho annual reports o f steam expedite transportation o f coal and foodstuffs. Embargoes and diversions
railway com panies to tho said Commission for tho year ending Juno 30 are being em ployed wherever necessary and possible. A heavy fog through
1916, suitably m odified as to dates:
the Pittsburgh district, accom panied b y a low temperature, is greatly in­
(1) A statement o f operating revenues for tho year ending Juno 30 1917. terfering with switching operations and train m ovem ents, which, with tho
(2) A statement o f operating expenses for tho year ending Juno 30 1917. shortage o f labor, causes loss o f ground there. T ho labor situation in the
(3) A statement o f incom o account for tho year ending Juno 30 1917.
Pittsburgh district is acute.
(4) A statement o f profit and loss account for tho year ending Juno 301917.
There is plenty o f coal at H am pton R oads, but ships are slow in unloading,
(5) A statement o f general balance sheot as o f Juno 30 1917.
due to the severe weather and the frozen condition o f the coal. Shortage
(6) A statement o f tho following items o f railway mileago (single track): o f water at Jersey C ity is affecting the operation o f railroads in that dis­
(a) N um ber o f miles o f road owned on Juno 30 1917.
trict. Tem perature in the coal region is five below zero, resulting in water
(b N um ber o f miles *f road operated on Juno 30 1917.
mains Deezing and hampering operations. In Indiana and M ichigan
(c)
Averago number o f miles o f road operated during year endingthere is no serious difficulty. There is a heavy accum ulation o f freight
Juno 30 1917.
at tidewater ports. Ships are available, but labor for loading them is
It is further ordered, That if tho entries appearing upon tho books o f a very scarce, as also is labor for coaling.
respondent do not fully show tho transactions for tho period o f tho report
Under date of the 7th inst. a census of all freight cars was
herein req;dred, appropriate explanation shall bo mado in said report.
It is further ordered, That tho aforesaid report shall bo mailed in duplicate called for by tho Inter-State Commerce Commission, Bureau
to tho Bureau o f Statistics, Inter-Stato Com m erco Comm ission, AVashing- of Car Service, in the following order:
ton, D . C ., b y Jan. 25 1918, and shall bo attested under oath after the
Washington, January 5 1918.
follow ing form :
To A ll Railroads and Private Car Lines:
OATH.
T he Comm ission desires to determ ine accurately what freight-loading
Stato o f --------------- C ounty o f __________ ss.:
----------------------------- makes oath and says that ho i s __________o f ___________ equipment is actually available for service throughout the cou ntry; also
and that ho has carefully examined tho annexed report, and to tho best o f that not available for service. T o this end you are directed to fill in the
his knowledgo and boliof tho ontrics contained in tho said roport have, so far inform ation called for b y blank spaco below as o f D ec. 31 1917, a n d .to
as thoy relato to matters o f account, boon accurately taken from tho said return this report to the Inter-Stato Com m erco Com m ission, B u rea u lof
books o f accounts and aro in exact accordance t h e r e w i t h ; that ho believes Car Service, on or before Jan. 25 1918.
Private car lines which have leased cars to other carriers which operate
that all other statements o f fact contained in tho said report aro true; and
that tho said roport is a correct and com pleto statement o f tho business and same should show such cars separately, as to individual lessees, as “ cars




156

THE CHRONICLE

leased b y reporting carrier,” reducing b y such number o f cars tlio total
number in operation.
Threo copies o f this blank are inclosed, one to bo returned not later than
date m entioned.
B y the C om m ission:
*
G E O R G E B . M c G I N T Y , Secretary.
T he form , which applies to com m on box and furniture, ventilated, re­
frigerator, stock, single and double d eck, flat, drop -bottom gondola,
autom obilo, solid-bottom gondola, hopper-bottom , tank and all other
freigh t equipm ent cars is to bo filled out as follows:
N am e o f carrier_____________________________________________________________
_________
N um ber ow n ed __________________________________ ____________
N um ber leased to reporting carrier-----------------------------------------------------T otal num ber in operation___________________
N um ber in actual servico---------------------------------N um ber in bad order, divided—
(a) N o t to bo repaired_______________________
(b) H eavy repair cars which will not bo re­
paired within 30 days-------------------------------(c) H eavy repair cars which will be repaired
and in servico within 30 d ays--------------------(d) Light repair cars_________________________
T otal number bad-order cars-----------------------------T otal num ber in operation--------------------------------------------------------------D efino carefully the basis which determines whether bad-order cars are
classified as heavy or light repair cars.

A report concerning congestion on various railroad lines
was made on tho 5th inst. by Inter-State Commerce Commis­
sioner M cChord, in charge of inspectors. It is said to have
shown a serious condition on the Now Haven lines, which
had made necessary the elimination on the Waterbury &
Hartford division of no less than 82 passenger trains. Con­
ditions west of Pittsburgh were generally favorable, tho main
trouble of the lines of the W est being centred in inability
to got cars moved Eastward. Elsewhere we refer to the
financial statements called for from the railroads by the
Inter-State Commerce Commission. W ith regard to the
confusion existing as to priority orders, the Fuel Adminis­
tration has issued the following:
D espito tho fact that formal announcem ent was made that all priority
orders in connection with freight shipments were suspended at midnight/,
D e c. 31, considerable confusion apparently exists in m any quarters as
evidenced b y m any telegrams to tho United States Fuel Adm inistration,
inquiring as to the status concerning priorities.
T ho following typical answer is being sent out b y tho Fuel Administration:
" B y direction o f Director-General M cA d oo, all priority orders heretofore
issued with respect to transportation have been suspended and no further
priorities m ay be claimed thereunder. Future orders for priorities will
bo issued in emergencies under M r . M cA d oo's direction as occasion m ay
require.”

In stating on the 6th inst. that greater use of inland water­
ways for hauling heavy freight would begin as soon as
possible, especially with respect to tho Erie Canal and the
Mississippi River, M r. M cAdoo said:
1 am very m uch pleased that provision is made in tho pending railroad
bill for the use o f tho inland waterways o f the United States in connection
with tho railroad system s now under Governm ent con trol. Tho proper
use o f these waterways will largely increase tho transportation facilities
o f tho country, and if the pending bill is passed, giving authority to the
President to expend m oney for tho developm ent o f transportation facilities
on the inland waterways, overy effort will bo made to utilize them to tho
full extent o f their capacity.

M r . Smith, Assistant to the Director-General of Rail­
roads, sent a telegram on tho 7th inst. to the heads of all
railroads in the Eastern district urging that every available
box car be sent to the lines west of Chicago and St. Louis to
move grain to the primary elevators. The telegram said:
Im perative that im m ediate steps be taken to deliver box cars to lines
west o f Chicago and St. Louis to m ove grain from country to primary
elevators to meet an international necessity which, taken with congestion
o f eastbound freight on various lines adjacent to A tlantic seaboard, justified
adoption o f a drastic order restricting further loading o f box car equipment
East for present except such loading as is absolutely necessary to take care
o f foodstuffs for human consum ption, export shipments perm itted b y Geo.
D.
Ogden, Chairman E xport D ivision, and Governm ent freight covered
b y Section 3 o f Priority Order N o. 5. Please issue instructions that east­
' bound b ox car loading is to bo rogulatod accordingly until such tim e as
present congestion in East is cleared, rushing every available box car to
W estern lines.

M r . Smith reported that the recent order for the reduction
in passenger servico for the release of trackage and equip­
ment for freight traffic had been complied with by every
railroad in the district.
On the 10th inst. press dispatches from Washington stated
that freight conditions throughout tho East were reported
slightly improved, although serious congestion and lack of
locomotives was apparent at a number of centres. The
“ Evening Sun” of last night had the following to say con­
cerning the situation:
M ore than 40,000 carloads o f freight are tied up at the six terminals ot
N ow Y ork , Philadelphia, B altim ore, B oston, N owport Nows and N orfolk.
O f this am ount 30,000 carloads are for tho Allied Governm ents, while the
remainder is for com m ercial purposes. T ho amount o f freight is sufficient
to load 240 ships o f an average capacity o f 5,000 tons. M unitions form a
great part o f the congested freight.
O f tho freight congested at the six important Eastern ports, 3,369 cars
are for the United States, 4,683 for tho British, 13,615 for Franco, 4,823
for Russia and 4,093 for Italy. Com m ercial freight amounts to 10,519
carloads.




[Vol . 106

DIRECTOR-GENERAL McADOO REFERS TRAINMEN'S
D EM AN D S TO COMMITTEE.
As indicated in our issuo of Saturday last, tho decision to
appoint a committee to roport their conslusions with regard
to tho wage domands of tho trainmen was reached by Direc­
tor-General M cAdoo on Jan. 4, following a conference with
representatives of tho Brotherhoods. The statement issued
by M r . M cAdoo announcing this said:
I have had a gratifyiug conference with W illiam G . Leo, President, and
W . N . D oak, Vice-President, Brotherhood o f Railroad Trainm en: A . B . Garrotson, President, and W . II. Clark, Vice-President, Order o f R ailw ay C on­
ductors; W . S. Carter, President, and P . J. M cN am ara, V ico-Prcsidont,
N ational Brotherhood o f L ocom otive Firomon, and II. E. W ells, Assistant
Grand C hief, Brotherhood o f L ocom otivo Engineers, as to tho relations
o f tho em ployees to tho railroads while under Governm ent control and tho
demands which have heretofore been presented b y some o f tho brother­
hoods to tho railroad com panies. I have been impressed with tho spirit
o f co-operation and fairness shown b y tho brotherhood chiefs in their dis­
cussions with me and feel confident that an adjustment fair to tho men as
well as to tho country will bo reached.
As a result o f tho discussion, I havo determined to appoint a com m itteo o f
four representative men, whoso reputations will bo a guaranty o f fair deal­
ing to all, to make a full investigation o f tho whole matter and report their
findings and conclusions to mo at tho earliest possible m om ent. T he names
o f the mombers o f this com m itteo will bo announced in a few days.
As soon as tho com m itteo makes a report tho Director-General will ren­
der a decision which will be effective as to wages from J a n .l 1918. E very
em ployeo affected b y this inquiry m ay, therefore, dovoto himself unre­
servedly and patriotically to his work with the assuranco that his rights and
interests will bo justly dcfjlt with.
This is a time o f great stress, and tho attitudo o f every em ployeo should bo
determined b y tho supremo need o f tho hour— duty to his country first o f
all. I can not state too strongly tho necessity for dovoted and loyal servico
b y every man in tills em ergency. E very railroad em ployeo is now in effect
a Governm ent em ployeo, and as much in duty bound to givo his best servico
to his country as if ho wore tho uniform o f tho United States A rm y and
occupied tho tronclies at tho front. E very unnecessary delay in a train
m ovom ont vitally affects our soldiers and sailors and seriously impairs
our ability to defend our rights and our liberties. E very man whoso
neglect or indifferenco causes such delays m ay bo responsible for tho loss
o f tho son o f some noble Am erican mother or father. It is as serious to
tho country for an em ployee to bo a slacker in his work as for a man to bo a
slacker in tho arm y.
T ho present serious congestion and actual suffering for tho want o f coal
and other supplies will bo greatly im proved and m ay bo entirely remedied
if overy em ployeo will d o his utm ost in his individual task. In tho name o f
patriotism , therefore, for tho protection o f our sons abroad, and for tho
safety o f tho nation, I hope that every m an, wherover placed, will do his
level best. Lot us who stay at hom o bo ashamed not to bo willing to mako
sacrifices as great as thoso our gallant sons aro already making for us on
tho b loody fields o f France.

M r. M cAdoo is said to havo oxplained that although no
general provision can bo made under tho law for exempting
railroad employees from tho draft, ho will not hesitate to
appeal to local exemption boards to defer tho calling of thoso
workers if tho boards of their own volition do not display
a tendency to regard tho railroads as an essential industry,
from which employees should not bo takon for military
service. On the 5th inst. M r. M cAdoo took further stops
to prevent friction in tho Government’s dealings with railroad
labor by arranging with William II. Johnson, President of
the International Association of Machinists, to call off several
minor strikes of machinists until the railroad administration
can formulate a definite wago and labor policy.

JUDGE LOVETT DECLARES “ TAG” SYSTEM AS
RESPONSIBLE FOR FREIGHT CONGESTION.
In a statement issued on Jan. 4, Judge Robert S. Lovett,
Director of Priority, took exception to tho impression which
has gained ground that tho congestion of tho railroads had
been duo to priority ordors issued by him. Judge Lovott
places tho blamo for conditions on tho “ tag” system adopted
by tho Railroads’ W ar Board last July. His statomont
follows:
It is being reiterated before com m ittees and in various reports, and re­
peated from day to day in newspapers, that tho presont congestion in rail­
road transportation 4s duo in largo measuro to numerous and unwise
“ priority orders,” and it Is well known and is generally published that I
am in chargo o f priorities. Tho obvious Inference, therefore, is tiiat such
ill-advised priority orders were issued by me. N othing could bo further
from tho truth.
N o otio knows better than I havo known all along that reckless and in­
discriminate issuo o f priority orders would add enormously to tho trans­
portation difficulties, and that tho greatest caution should bo observed
in issuing such ordors. Tho result is that since m y appointm ent b y the
President, in August last, I have issued but five orders awarding priority
in transportation, to wit: Order N o. 1, issued A ug. 20, directing tho m ovo­
mont o f coal to tho Northwestern States via tho Lakes; Order N o. 2, issued
O ct. 27, restricting tho uso o f opon-top cars; Order N o. 3, issued N ov. 2,
giving preference to certain coal shipments from Utah and W yom ing mines;
Order N o. 4, issued N ov. 29, according priority in tho shipment o f certain
cattle foodstuffs to the drought-stricken sections o f Texas and N ew M oxico;
and Order N o . 5, issued Dec. 7, according priority to perishable freight,
foodstuffs and certain military supplies, and to coal, coke and certain war
materials.
N o railroad man or other person with knowlcdgo o f tho facts has claimed
or will claim that any o f thoso orders has caused congestion or seriously
hampered transportation.
T ho fact Is that tho so-called priority orders, which aro more or less re­
sponsible for traffic congestion and o f which com plaint is mado, aro tho
result o f an arrangement m ado by tho railroads themselves and tho supply
departments o f tho A rm y, N avy and Shipping B oard, with which I had
nothing whatever to d o. T hat arrangement was em bodied in Bullotin

N o. 22, Issued b y tho so-called "R ailroad W ar Hoard” In July last, and is
com m only referred to as tho “ tag” system . It prescribed a form o f placard
or tag which when tacked on a car entitled that car without further orders
or instructions to preferred m ovem ent to destination. Largo quantities
o f these placards were printed and distributed throughout the United States
in tho hands o f quartermasters, agents .contractors and others getting
material for tho Governm ent, and naturally one was tacked to every ship­
ment m ade, whether urgent or not.
Consequently, everything bought was rushed to destination, with the
inevitable result that terminals were crowded with materials boforo thoy
wero needed or could bo unloaded. N o com plaint o f this system was
mado or reported to mo until late in N ovem ber, and priority Order N o. 5
issued b y mo D ec. 7, mado provision for restricting and regulating tho ovil.
However indifferent one m ay bo personally to misrepresentations, yet,
whoro tho perform ance o f public duty is involved, tho facts as they are
ought to bo stated. O f course, I know tho misrepresentation was not
intentional, and tho unusual circumstances wero such as to m ake it almost
unavoidable, but because o f the public interest concerned I think it should
bo corrected.

F

A

V A N D E R L I P D E C L A R E S B R E A K D O W N OF T R A N S ­

PO RTATIO N

DUE

TO U N F A I R
R A ILR O AD S .

TREATMENT

OF

In stating boforo tho Rubber Association, Inc., on Jan. 7
that tho breakdown of transportation is not to bo regarded
as an indictment of private ownership of railroads, but has
been due to the unfair treatment of tho roads, F. A. Vanderlip, President of tho National City Bank, and Chairman
of the National War Savings Committee, said:
This breakdown o f transportation has been in largo part a result o f our
very prosperity, in largo part the result o f the enormous am ount o f ship­
m ents that havo been made possible, mado necessary, b y tho prosperity
o f tho country and the demand that people havo mado for things o f unusual
com fort and luxury. I d o not regard tho breakdown o f the railroads as an
Indictment o f privato ownership o f railroads. Rather than that, it is an
indictm ent o f G overnm ent control o f railroads in tho form that we havo had
it. Tho breakdown did not com e on tho 28th o f D ecem ber; it started
far back o f that, in tho unfair treatm ent that railroads havo had.
It lies in tho impossible situation in which tho railroads wero placed,
with increasing costs o f operation, rapidly increasing wages, higher cost o f
living in every particular, without any adequato increase in tlioir incom e.
I t looks as if th 2 railroads havo passed perm anently from privato control in
tho form that wo havo known it. W hether or not that is a good thing must
now remain to be seen. The great thing that has been accom plished up to
this m om ent is to wipe out tho prohibitions that havo been laid upon tho
railroads. These prohibitions, com pelling com p etition, preventing co ­
operation, m ado them less efficient than they otherwise would have been,
probably very much less efficient. W e shall sco how much m ore efficient
they are with those prohibitions rem oved. I f they wero such that tho
railroads could not properly perform their duty to tho p ublic, that is not
an indictm ent o f tho railroads, rather it is an indictm ent o f tho way tho
prohibitions were laid upon them . W o have com e into a new w orld, abso­
lutely a new w orld, in which wo have cu t loose from experience, from all
lessons o f precedents. W o are seeing tho developm ent o f a typ o o f Stato
Socialism the world over. W e sec now n ot only our railroad con trol, but
price-fixing, and fuel administration, the hand o f tho G overnm ent reaching
into business in innumerable noval ways, the outcom e o f which no man can
tell. But certainly this new w orld, these now conditions, im pose upon us
now responsibilities, new responsibilities for creating sound public opinion
on these matters.

Mr. Vanderlip’s address was dolivered beforo the eighteenth
annual banquot of tho Rubber Association at tho Waldorf.
Ilis remarks wero chiefly concerned with tho promulgation
of tho Administration’s war savings propaganda, on which
point ho had tho following to say in part:
•
W e are only just com ing to understand what an enormous task we have
entered on . W o havo seen it measured in dollars; wo havo seen appro­
priations aggregating nearly tw enty billions, appropriations that are
expected to bo spent, or wero expected to bo spent when they were mado.
W e havo seen contracts m ado for theso huge amounts; and we are begin­
ning to discover that appropriations, that treasury credits will not success­
fully fight a war. W e are waking up to the character o f this war— that it is
a war o f equipm ent, a war o f the workshops, a war in which men aro, o f
course, essential— soldiers o f valor; but w ithout tho equipm ent, without
tho enormous am ount o f things that aro needed, theso soldiers cannot face
Piusslan m ilitarism . A nd we aro just beginning to recognizo how vast a
task tho workshops, tho m an-power o f the cou ntry, is facing.
It is possible to mako contracts, It is possible to provide the funds to
pa y, but wo have so far found it impossible to provide the things with the
rapidity with which wo need them , with the rapidity with which tho world
needs us to have them , and there is disappointm ent.
N ow , what is tho m atter? T h e trouble is that as we com e to see how
great tho task is, wo havo not yet seen our individual relation to it. W e
aro only just beginning to wako up to the fact that the man power and
tho shop capacity o f this country is not equal to this task, if there is to
bo laid on it also tho task o f providing us w ith all tho tilings o f com fort
and luxury that wo have been used to having. W o aro com ing to see that
wo havo got to measuro our Individual con du ct, our individual expendi­
tures, in an entirely now light; that it is no longer a question o f what a
man can afford to buy, it has com e to bo a question o f what tho nation
can afford to have us buy.
T ho G overnm ent expected to expend a billion dollars in O ctober, one
billion one hundred million in N ovem ber, and as m uch or m ore than
that in D ecem ber. *As a m attor o f fact, in those three m onths they have
averaged to spend only half that am ount, not because they have not let
tho con tracts, not becauso they did n ot have tho m oney to pay for it, but
bccauso tho man pow er in the shops o f tho cou ntry could not produce
things at tho rate that was anticipated, and kept on producing tho things
that you and I havo dem anded.
N ow , there are men who are afraid that wo aro going to disorganize busi­
ness if wo preach econ om y. T h o tragedy o f it is going to be that wo aro
not going to disorganize certain kinds o f business enough. In a period
o f such tremendous prosperity, in a tim e when the wago fund is so great,
when tho profits o f agriculture aro so trem endous, it is going to bo impossi­
ble to take this lesson o f econm oy with one hundred per cent efficien cy to
ono hundred million people. W hat I fear is, that we will havo tho greatest
business in luxuries wo havo over know n, that people will unconsciously
exorciso their com m and over labor, over m aterial, over slioproom and
transportation, and will interfere with outfitting tilts arm y.
u_,




157

THE CHRONICLE

Jan . 12 1918.]

Y ou no longer can devote yourselves properly solely to you r business.
There is beforo you a larger d u ty, a duty to think clearly on these great
national questions, novel in character, that aro crowding upon us. N othing
but a sound public opinion is going to guide this country through these
novel and dangerous courses that it must travel; and never before was
there such need o f men thinking broadly, giving their minds n ot only to
their business, but to these subjects o f governm ent, o f govem m entrelation
to business, and helping to form a sound public opinion that will guide the
handling o f affairs in these times into which wo can look w ith so little
_________________________________
certainty.
READJUSTMENT

OF
BY

R E C O N SIG N M E N T

CHARGES

RA ILR O AD S.

A general readjustment of reconsignment and diversion
charges by railroads, involving a number of increases,
decided by the Inter-State Commerce Commission on Dec.
24 was announced on Jan. 10. The rulings are summarized
by the Commission as follows:
U pon consideration o f increased o f increased charges and changes in
regulations affecting the diversion or reconsignm ent o f carload shipments,
proposed b y practically all o f the carriers o f the country; held:
1. Proposed charges o f $2 and 35 per car for exchange in name o f consignor
justified to the extent that they d o not exceed $1 per car.
2. Rule providing that if request is mado for the diversion or reconsign­
ment o f freight in carloads tho carrier will make diligent effort to locate the
shipment and effect the desired service, but will not be responsible for
failure to d o so unless such failuro is duo to negligence o f its employees
justified as a continuation o f the rule now in effect.
3. Proposed charge o f 82 per car for diversion or reconsignment in transit
prior to arrival o f shipment at original dsetination or terminal yard serving
that destination justified.
4. Proposed charge o f S2 per car for diversion or reconsignment when
order for that service is place at billed destination in time to permit instruc­
tions to bo given to tho yard employees prior to tho arrival o f the car
justified.
5. Proposed charge o f 82 per car for stopping car prior to arrival at billed
destination to be held for orders justified.
G. Proposed charge o f 85 per car for diversion or reconsignment at original
destination to a point outsido tho switching limits, on orders received b y
tho carrier after arrival, or too late to permit instructions to be given to
yard em ployees beforo arrival, justified; but held that the same charged
proposed for reforwarding for a similar point cars which havo been placed
for unloading but havo not been unloaded has been justified only in so
far as such charge will be lawful under tho fourth section when considered
in connection with charges approved in rule 7.
7. Proposed charge o f local tariff rates for reforwarding to a point within
tho switching limits cars which havo been placed for unloading but have
not been unloaded found justified.
8. Proposed rule found justified providing that:
(A) A single change in the name o f tho consignee at first destination,
and (or) a single change in the destination o f his place o f delivery at first
destination, will be allowed without charge if order is received in time
to permit instructions to bo given to yard em ployees prior to arrival o f
car at first destination or at the terminal yard serving such destination.
(B ) I f such orders are received in time to perm it instructions to be given
to yard employees within 24 hours after arrival o f car at terminal yard
a charge o f 82 per car will be m ade.
(O) I f such orders are received subsequent to 24 hours after arrival of
car at terminal yard a charge o f 85 per car will be m ade.
9. Proposed application o f charges for reconsignment regardless o f the
m ethod o f freight rate construction justified.
10. Proposed regulation prohibiting reconsignment to an embargoed
joint justified in part.
W ith respect to certain provisions not included in the general rules, held:
Increased charges for diversion and reconsignm ent proposed b y certain
N ew England carriers not justified.
Charges proposed b y some respondents for transferring the contents
o f certain reconsigned cars not justified
Charges proposed for diversion or reconsignment o f grain and certain
other com m odities at Pittsburg, Pa. and other points not found to be
unreasonable in so far as they do not exceed the charges proposed in the
general rules herein approved, but not approved bo
se unjust discrimi­
nation w ould result from their application.
H EA R IN G S ON

A D M IN ISTR A T IO N

B IL L

PRO VID IN G

F O R C O M P E N S A T I O N TO R A I L R O A D S D U R I N G
F E D E R A L CONTROL.

Hearings on the Administration bill to cany out Govern­
ment operation of the railroads have been held this week by
both the Senate and House Committees on Inter-State
Commerce. The text of the bill is given elsewhere in to-day’s
issue of the “ Chronicle.” In the Senate on the 7th inst.
resolutions were introduced seeking to amend the section
calling for indefinite continuance of Government control
by providing for automatic return of the roads to private
control after the war. Senator Gallinger,' of New Hamp­
shire, and Senator Watson, of Indiana, representing the
conservative Republicans, introduced the amendments.
One would end the control immediately after the cessation
of hostilities, while the other would end the control six months
thereafter. The basis of compensation on the earnings of
the three j’ears ending June 30 last was criticised in a hearing
before the Senate Inter-State Commerce Committee on the
7th inst. by Julius Kruttschnitt, Chairman of the Executive
Committee of the Southern Pacific, who suggested instead
the two and a half year period between July 1 1915 and
Dec. 31 1917, arguing that earnings for 1915 were below
normal.
His testimony as set out in the New York “ Times” follows:
“ T h e year 1915 was the worst the railroads have had in’ten years. T o be
fair, the Governm ent ought to take the year— or the tw o years— imme­
diately preceding the war^as the basis o f com pensation. The railroads

158

THE CHRONICLE

m erely want to p rotect their huge investment, and to obtain an adequate
return on it. W e have no desire to oppose tho Governm ent’s schem e o f
co n trol.”
Senator Cum mins brought out that tho average net operating incom e o f
the railroads from 1915 to 1917, inclusive, was approxim ately §960,000,000,
and asked M r . K ruttschnitt if he did not consider that ample.
“ It is not when the losses to the railroads in incom e in 1915 are taken into
accou n t,” was the reply. M r . K ruttschnitt spoke o f capital put into tho
railroads in 1917, and rom arkcd that no allowance had been m ade in tho bill
for any return on th a t.
"T h a t is one o f the ch ief objections we havo to tho bill as dra w n ," ho said.
“ D id n ’t you talk with the President on G overnm ent control beforo ho
issued his p roclam ation?” asked Senator Cum mins.
“ I did , but tho talk was general and the three-year basis o f com pensation
was n ot m ention ed,” replied the witness. “ Tho upperm ost thought in
the President’s mind was the necessity o f reassuring the holders o f railroad
securities to prevent any uneasiness on their part.
“ T he railroad men regard as quito fair the basic principle o f Governm ent
control as enunciated b y the President. But when it com es to details,
we find that tho roads are not to be treated fairly. I am speaking o f tak­
ing the three-year period o f average profit as a basis.”

A. P. Thom, General Counsel for the Railroads’ Executive
Council, also appeared before the Senate Committee on the
7th inst. and urged that whatever action was taken should be
taken quickly. In urging that care should be taken in
determining the compensation, the “ Times” quotes him as
saying:
I f tho Governm ent operates the railroads under a wise p olicy, tho stock­
holders will not suffer. It' the Governm ent makes a mistake in com puting
the basis o f com pensation, the stockholders will suffer greatly.

In expressing doubt that Congress had authority to fix
compensation to the railroads, Mr. Thom said:
Congress lias the right to appoint a tribunal to fix tho com pensation, but
when it com es to fixing tho com pensation itself, I believo Congress is over­
stepping its power. B ut the railroads d o not com e in a fault-finding spirit.
T hey m erely want to bo sure that their property is not injured.
T he m atter could be settled b y litigation if tho railroads wore not satis­
fied with the com pensation given b y Congress, but that would take a long
tim e, and wo aro not disposed to cause delay. W e would prefer that C on­
gress act, and at once. Litigation would involve chaos in the handling o f
the railroad situation, and that we want to avoid.

On tho 8th inst. Mr. Kruttschnitt praised the work of the
Railroads War Board, now dissolved, in eliminating much
competition and pooling railroad facilities to a great extent
under privato control. He said the rosults, and the necessity
of Government control, showed emphatically that anti-trust
and anti-pooling laws will havo to be repealed. Indiscrim­
inate issuance of preferential and priority orders he blamed
largely for the failure of roads to prevent congestion under
private management. Another difficulty was tho shortage
of labor. In many cases, ho said, one-eighth of a railroad’s
employees were taken by tho draft or by industries paying
higher wages. Senator Cummins asked Mr. Kruttschnitt
about the advisability of basing tho railroads’ compensation
on the market value of the stocks, which opened a lengthy
discussion of the value of securities. Mr. Kruttschnitt
said the value of tho stock of the Southern Pacific had fallen
55 points in the last ten years and in that period tho company
put $400,000,000 into the proporty, showing that the market
quotations have little or nothing to do with the intrinsic
value of the property. Grain men of the country, Mr.
Kruttschnitt says, were the slowest to comply with the War
Board’s recommendations providing for the heavier loading
of cars. It was only after Food Administrator Hoover, who
had the power wdien tho railroads did not, issued an order
providing that no cars of grain be handled unless fully loaded,
he added, that a change was brought about.
Mr. Kruttschnitt on the 9th inst. endorsed President
Wilson action in taking over tho railroads and asserted tho
railroads wero going to be “good soldiers” and continue to
work loyally. He is also quotod as saying:
W e consider that what has been dono has been done because it was the
opinion o f the Com m andcr-ln-Chief, tho President, as necessary, and wo are
going to work as loyally as in the past. W o think tho President must
have had good reasons for his action and wo aro going to support his p oli­
cies to tho best o f our ability.
I think tho railroads could havo done m oro b y voluntary agreement with
their own organization if thero had been greater Governm ent support in
m any directions. There is certain assistance, how ever, that probably
could not have been given under privato ownership. All the railroads, how­
ever, havo accepted the situation, and wo have no criticism to make.

Testifying before the Senate Committee on tho 9th inst.
George M . Shriver, Vice-President of the Baltimore & Ohio,
suggested that compensation should be based on property
investments as of Dec. 31 1917, rather than Juno 30 1917,
as proposed in the bill. The averago return on investment
of the thirty-eight principal Eastern systems for the threeyear average suggested by tho President was 5.54%, he
said. He argued that the Eastern railroads had added
$110,000,000 to their property investment in the last half
of 1917.
Consequently if provisions of the bill aro carried
out, ho said, the Eastern roads’ return on property invest­
ment really would bo 5.33%.
Frank Trumbull, Chairman of tho Railway Executives’
Advisory Committee, testifying boforo tho Senate Com­



[Vol. 106.

mittee on the 10th, urged that tho railway bill bo so amended
as to limit definitely the duration of Government control.
Mr. Trumbull maintained that not only was tho future
credit of tho railroads at stako, but Government finance
as well, and that whatovor computation is made should be
on the basis of proporty taken over at tho time it was taken.
He said the railroads of the country had invested $934,­
000,000 in their properties from Juno 30 1915 to Dec. 31
1917 and should be compensated for that expenditure.
George W . Anderson, a member of the Inter-State Com­
merce Commission, and who is said to have drafted the
pending legislation, was heard by tho House Committee on
Inter-State Commerce on the opening of hearings before
that body Jan. 8. Mr. Anderson explained that it is not
intended that there shall be any interference with State taxa­
tion of railroad property by Government operation. The
Government compensation to all roads on the basis of the
standard return proposed, he said, would be $935,000,000 a
year, the average net railway operating income for tho three
years ending last Juno 30. This compensation basis is
permissivo, not mandatory, and any railroad may enter
suit for a higher rate if it chooses. Opposition to the threeyear period suggested as the basis for compensation de­
veloped among the members, who demanded to know why
this period had been selected. Mr. Anderson informed them
that other bases for compensation had been considered, but
the one in the bill, the average annual net income of tho last
three years, seemed to be the fairest to all concerned.
In reply to a question by Representative Esch as to why
these years had been selected, tho “ Times” reports Mr.
Anderson as saying:
Because, on tho whole, that period scorned tho m ost practical o f appli­
cation, though I will adm it that it was not settled upon without first consid­
ering other bases. T ho financial situation has to bo considered as a part
o f the railroad problem , and financial conditions must bo sound if tho war
program is to be pursued m o -t satisfactorily.
I considered whether we could arrive at a. basis b y considering the ques­
tion o f the value o f railroad securities and other property. I found that led
into a blind alley and dropped it. I finally decided that the averago o f tho
years 1915, 1910 and 1917 would bo fair both to tho Governm ent and the
railroad owners.

On the 9th inst. Commissioner Anderson reiterated that
it seemed impracticable to change tho bill to provido for
termination of Government control at a specific time after
tho war. This would create chaos in railroad affairs, he said,
and the proper procedure should bo to leave tho question of
return of the roads to private control to future, determination
by Congress. Mr. Anderson on the 9th inst., according to
tho “ Times,” declared firmly that tho section of the bill
which provides that the railroads shall not revert to their
owners until Congress shall so provido must not be amended.
Commissioner Anderson appeared as a witness before the
House Inter-State Commerce Committee. Wo also tako the
following from the “ Times” :
Representative M ontague o f Virginia, objecting to tho provision o f indefi­
nite control after tho war, asked if it wero not an implied promise to the
pcopio that G overnm ent operation or ownership would continue indefi­
nitely. M r. Anderson adm itted this m ight bo truck B u t, ho declared,
to create a situation where a bill must pass, say a year after tho war closed,
returning the roads to their owners or failing to return them , would open
an unheard-of opportunity for stock market manipulators and speculators’
“ W o have taken o v e r ,” said M r. Anderson, “ tho largest business ever
assumed b y any G overnm ent. W o havo taken a larger property than when
annexed tho Philippines. W o aro operating the roads with an entire direegard for privato com petitive rights. I f wo were to turn back t h » roads after
tho war is finished, with traffic conditions and habits confused and disar­
ranged, it would mean injustice to many roads and destruction to som e.
It w ould mean chaos to the holders o f securities.”
“ This is a war measure; what is tho difficulty o f setting a definite date for
its autom atic repeal?” asked Representative M ontague.
" I n tho first p laco,” answered M r. Anderson, "th is Congress cannot bind
tho course o f future Congresses. A dm itted that wo need som o legislation,
we cannot fix tho date when any Congress shall dosiro to effect that legis­
lation. Then, in m y opinion, tho Congress will not want to have a stop ­
watch held on it while it deliberates such great questions.”
Governm ent ownership members o f the com m ittee asked questions which
plainly showed their intention o f using Governm ent operation as an argu­
ment for further control. Although denying that ho was an ownership ad­
vocate, M r. Anderson mado those tw o answers to separato questions
“ Oh, o f courso, tho fact that tho G overnm ent was forced to tako railroads
over in tho stress o f war will be used as an argument, and a rightful argu­
m ent, by those who favor national control perm anently.
"C ertainly the old status ought nover to bo ro-o.stablished."
H e was referring in his last answer to tho control o f proporty b y what ho
called irresponsible d.rectoratos. It was such as they, ho said, who had
wrecked tho Now H aven. N ever again, ho in cd ictcd , would investors put
their m oney into railroad enterprises in a large way unless the Governm ent
in somo way protected them against such boards.

Mr. Anderson is reported to havo submitted an amend­
ment to tho Administration bill to determine depreciation
and maintenance “ by tho respective average rates charged
on such classes of proporty during tho three years ended
June 30 1917.”
Representative Moore of Pennsylvania on the 9tli inst.
asked the committee to amend tho bill to provido specifi-

cally for Government control of canal transportation fa­
cilities. Members of the United States Employees’ Compen­
sation Commission advocated that railroad men should be
regarded as Government employees.
The proposal to pay a compensation based on net railway
operating incomes the past three years would mean about
$950,000,000 annually. It was stated yesterday that Sena­
tor Cummins, ranking Republican of tlio Senate Inter-State
Commerce Committee, believes this to be too much by
$200,000,000. He is quoted as saying:
I am opposed to the people guaranteeing the railroads any surplus which
shall bo added to the property, and the people forced fo pay incom e on it.

Senator Cummins, it is said, proposes that the Govern­
ment guarantee the railroads tho interest on their bonded
debt and the dividends according to the three-year average.
He is unwilling to leave ontiroly in tho Director-General s
hands the right to fix passenger and freight rates and would
have a provision inserted whereby the rate-fixing power
would remain in tho Inter-State Commorce Commission.
Officials in closo touch with tho railroad situation in its
now aspects were credited with stating on the 9tli inst.
that many rate revisions would bocomo necossary now that
Government operation has removed competition on which
rates heretofore have been largely based. The Inter-State
Commorce Commission is expected to undertake within
a fow weeks a special study of rate readjustments for presen­
tation to tho Director-General.

IN C R E A S E D

DEMURRAGE
FREIG H T

CHARGES

TO

OVERCOME

C O N G ESTIO N .

Drastic measures to bring about tho prompt loading and
unloading of freight cars were takon on Jan. G when at
,
tho instance of Director-General of Railroads W . G. McAdoo,
tho Inter-State Commorce Commission issued orders estab­
lishing increased demurrage charges for domestic traffic
beginning Jan. 21. Tho now demurrage rates continuo the
present two days’ free time, but provide for increases ranging
from 50 to 100% in charges thereafter. Under tho order
just issued, a charge of $3 a day is mado for the first day
after tho two froe days, $4 for tho second day and $1 additi­
onal for each succeeding day until tho charge reaches $10
a day. This maximum will bo charged for every day or
fraction thereafter. Existing demurrage rates in most
sections of tho country aro $1 for tho first day after tho two
days’ froe timo, $2 for tho second day, $3 for the third day,
$5 for tho fourth day and for each day thereafter. These
rates wore promulgated in Nov. 1916 to relieve tho freight
car shortage; previously a flat rate of $1 a day prevailed.
Much higher rates, it is stated, aro charged qn the Pacific
Coast and in several other districts. Announcement of
tho increased charges was mado as follows by DirectorGeneral McAdoo:
An imperativo necessity exists for releasing freight cars for further servico and for relieving terminals Which aro now badly congested. These
unfavorable conditions aro injuriously affecting in vital ways tho G overn­
m ent’s conduct o f tho war, its aid to tho Allies and tho supplying o f fuel,
food and necessaries to our own peoplo.
On thoso accounts I have felt com pelled to issue an order which will
take effect throughout t he United States on tho 21st o f January, 1918, pro­
viding for heavy Increase in demurrage charges unless cars aro loaded and
unloaded with promptness. In making this order I havo fully considered
tho embarrassments o f shippers and consignees on account o f tho scarcity
o f labor, tho inevitable weather, tho irregularity o f transportation and
tho consequent frequent bunching o f cars. Nevertheless, I am convinced
that tho total inconvonienco and hardship on thoso accounts will bo far
smaller than tho inconvonienco and hardship which our peoplo as a whole
aro suffering on account o f tho undue tying up o f railroad equipm ent, and
will bo very small indeed com pared with tho m onaco which tho widespread
tying up o f equipment causes to tho health and com fort o f tho peoplo and
tho successful conduct o f our war operations.
I therefore appeal to every citizen to accept in a spirit o f hearty co-opcration tho increased charges which will bo im posed, and I especially appeal to
rvory shipper or consignee as a patriotic duty to em ploy overy possible
effort and expedient (oven though it involves unusual and special arrange­
ments and additional cost) to load and unload freight cars with tho least
possible delay, in order that tho existing congestion m ay bo cleared up boi'oro tho now demurrage rulo goes into effect.

The following is tho text of Director-General McAdoo’s
ordor establishing the increased charges:
All carriers by railroad, subject to tho jurisdiction o f tho undersigned, aro
hereby ordered and directed forthwith to publish and file, and to continuo
in effect until further ordor, tariffs effoctivo Jan. 21 1918, wherein demur­
rage rules, regulations and charges shall bo changed so as to provide:
‘ ‘A . (1) Forty-eight hours’ (tw o days) freo tim o for loading or unloading
on all com m odities.
“ (2) Tw enty-four hours’ (ono day) free time on cars held for any other
purposo perm itted by tariff.
“ 11. Demurrago charges per car per day or fraction o f a day until car is
released, as follows: $3 for tho first day, $1 for tho second day, and for each
succeeding additional day tho chargo to bo increased $1 in oxcess o f that
for tho preceding day until a maximum o f $10 per car per day shall bo reached
on tho eighth day o f detention boyond freo tim o, tho chargo thereafter
to bo $10 per car per day or fraction thereof. Thoso charges will super­
sede all thoso named in existing tariffs applicable to dom estic freight.




159

THE CHRONICLE

Jan . 12 1918.]

and specifically contem plate tho cancellation o f all average agreement
provisions o f existing tariffs.
“ N o change is authorized hereby to be made in demurrage rules, regula­
tions and charges applying to foreign export freight awaiting ships at
export points.
“ Upon m y request tho Inter-State Com m erce Comm ission has issued 15th
Section Order N o. 225, authorizing tho filing o f tariffs to accord with this
order, to becom e effective Jan. 21 1918, on ono d a y's notice. Carriers shall
im m ediately file said tariffs with appropriate State commissions or other
State authorities.”

Tho Inter-State Commerce Commission’s order (designated
Fifteenth Section, Order No. 225), signed by Commissioners
Clark, Daniels and Woolley, quotes the above order and
continues:
It is ordered, That the rules, regulations, and charges hereinabove set
forth be, and they are hereby, approved for filing, w ithout form al hearing,
which approval shall not affect any subsequent proceeding relative thereto:
It is further ordered, That said tariffs m ay be filed, effective Jan. 21
1918, upon not less than one (1) d a y ’s notice to the Comm ission and to the
general public in the manner prescribed in Section G o f the A ct to Regulate
Com m erce.
And it is further ordered, That tho tariffs filed under authority o f this
order shall bear on title pages thereof the follow ing notation:
Increased demurrago rules, regulations, and charges in this tariff are
filed on one d ay’s notice under authority o f tho Inter-State Com m erce C om ­
m ission’s 15th Section Order N o. 225 o f Jan. 5 1918, without form al hear­
ing, which approval shall not affect any subsequent proceeding relative
thereto.
B y the Comm ission, D ivision 2.
G E O R G E B . M c G I N T Y . Secretary.

C U T I N P A S S E N G E R S E R V I C E TO F A C I L I T A T E
FR EIG H T

T R A N S P O R T A T IO N .

With a view to freeing locomotives and crews to facili­
tate freight transportation a reduction in through passenger
trains on Eastern railroads (said to amount to 20%) was put
into effect on the Gtli inst. with tho approval of DirectorGeneral McAdoo. At tho same timo tho running schedule
of other trains was reduced to lower speed to facilitate the
movement of trains. It was furthermore stated that this
policy would be gradually extended to affect train service
throughout the country. Individual railroads will take the
initiative in suggesting curtailments, but these will be ap­
proved by the Director-General in most cases. In approv­
ing the new passenger schedules of tho Pennsylvania and
Baltimore & Ohio, which went into effect on the 6th, and
of tho New Haven, which becomes effective to-day, Jan. 12,
Mr. McAdoo ordered a number of modifications resulting
in retention of more parlor cars than the railroads had
planned. An appeal to the public to refrain from all un­
necessary travel at this time was made by Mr. McAdoo in
the following statement issued on the 5th inst.:
A n important change in the passenger train service on the Eastern roads
went into effect Sunday, Jan. 6. I have consented to this change because
it is imperatively necessary that passenger travel shall be reduced as m uch
as possible during the present serious em ergency which confronts the peo­
ple in the eastern section o f the country.
B y elmination o f unnecessary passenger train service, m uch m otive power,
skilled labor, track and terminal facilities are released for the handling o f
coal and food and other supplies essential to tho lifo o f tho people as well
as to the successful prosecution o f the war. E very patriotic citizen can
directly help the Governm ent in clearing up the present unnsatisfactory
situation on the railroads b y refraining from all unnecessary travel at
this time.
T he breakdown in passenger service o f tho various railroads in the East
has not made a pleasant impression on the public, but it must be borne
in mind that tho railroad com panies in the East are still seriously con ­
gested with an unusual am ount o f freight traffic the m ovem ent o f which
is m ore vital to the cou ntry than the m ovem ent o f passengers, and that
tho weather conditions for tho past two weeks have seriously impeded^ rail­
road operations. j|J
• -y*'
^
r V ^
'

In still another statement on the same date DirectorGeneral McAdoo sought to dispel tho impression said to
have been created in California that any radical changes
in passenger travel to tho coast had been contemplated.
This statement follows:
A wholly erroneous impression seems to have boon created in some parts
o f tho United States, especially in California, as to the p olicy o f the D i­
rector-General concerning passenger train servico to tho P acific coast.
Com paratively few reductions havo been m ade or are in contem plation
in passenger train service in California or in the W est. N o changes have
been made or will be made unless they aro necessary to enable the G o v ­
ernment to deal m ore effectively with war needs and war problem s, which
are, o f course, o f paramount im portance. Such inconveniences as m ay
result from changes imperatively needed for the prosecution o f the war
to a swift and victorious conclusion must and will be, I am sure, cheer­
fully endured b y the patriotic people o f Am erica. Local interests and
individual interests must not be perm itted to stand in the w ay o f the
supreme need o f the nation, and tho supreme need o f tho nation is to use
all the facilities and resources o f the country to win the war.
D IR E C T O R -G E N E R A L
ROAD M E N

M c A D O O 'S

TO K E E P

APPEAL

TO

R A IL­

T R A IN S M O VIN G .

An appeal to all railroad officers and employees to apply
themselves with new devotion and energy to their work “ to
keep trains moving on schedule time, and to meet the de­
mands upon the transportation lines so that our soldiers and
sailors may want for nothing which will enable them to fight
the enemy to a standstill and win a gloriousjvictory for

160

THE CHRONICLE

United America,’’ was made by Director-General of Railroads
McAdoo on the 8th inst. In his statement Mr. McAdoo
took occasion to say “ I am giving careful consideration to the
problems of railroad employees, and every effort will be made
to deal with these problems justly and fairly and at the
earliest possible moment.” His statement in full follows:
D IR E C T O R -G E N E R A L OF R A IL R O A D S .
Inter-State Com m erce Comm ission Building.
Washington, January 8 1918.
To A ll Railroad Officers and Employees:
T he Governm ent o f tho United States having assumed possession and
control o f the railroads for the period o f tho present war with Germany,
it becom es m ore than ever obligatory upon every officer and em ployee o f
tho railroads to apply him self with unreserved energy and unquestioned
loya lty to his work.
The supremo interests o f the nation have com pelled the drafting o f a
great arm y o f our best young men and sending them to the bloody fields
o f Franco to fight for tho lives and liberties o f thoso who stay at homo.
T he sacrifices wo aro exacting o f these noble American boys call to us who
stay at hom o w ith an irresistible appeal to support them with our m ost
unselfish labor and effort in the work wo must d o at hom o, if our armies
aro to save Am erica from the serious dangers that confront her. Upon
tho railroads rests a grave responsibility for the success o f tho war. Tho
railroads cannot be efficiently operated with out .tho whole-hearted and
loyal support o f overy one in the service from the highest to tho lowest.
I earnestly appeal to you to apply yourselves with new devotion and
energy to your work, to keep trains m oving on schedule tim e, and to meet
tho demands upon the transportation lines, so that our soldiers and sailors
m ay want for nothing which will enable them to fight the enemy to a stand­
still and win a glorious victory for United Am erica.
E very railroad officer and em ployee is now in effect, in tho service o f
tho United States, and every officer and em ployeo is just as important a
factor in winning tho war as the men in uniform , who are fighting In tho
trenches.
I am giving careful consideration to tho problems o f railroad employees,
and every effort will bo m ade to deal with these probloms justly and fairly
and at tho earliest possible m om ent. There should bo a new incentive to
every one in railroad service while under Governm ent direction to acquit'
him self with honor and credit to him self and to the country.
W . G . M cA D O O ,
Director-General o f Railroads.
N . D.— Tho Director-General o f Railroads requests that tho above state­
m ent bo posted b y all railroads.
STEEL

IN D U ST R IE S

ASKED

PO R TATIO N

TO

IN D IC A T E

TRANS­

NEEDS.

A request that the the steel industries take up the ques­
tion of organizing a committee to report on their needs
so far as railroad transportation is concerned was made on
the 9th inst. to J. A. Farrell, President of the United States
Steel Corporation by A. H. Smith, assistant to DirectorGeneral of Railroads McAdoo. Mr. Smith’s request was
embodied in the following letter:
Office o f Assistant to the Director-General o f Railroads, Room 3627 Grand
Central Terminal.
Neio York, Jan. 9 1918.
J. A . Farrell, President United States Steel Corporation, N ew York, N . Y.
W ill you take up with the steel industries tho organizing o f such com ­
m ittee or com m ittees as will gather inform ation and furnish mo with re­
liable statistics from day to day or two or threo times a week as to what the
situation is as concreto as possible at all mills and furnaces on all districts
o f the eatern territory so that we can con voy it to tho railroads for co-or­
dinated effort to servo what, in their opinion, is m ost essential? I f tho
inform ation to be furnished us can be put in order as to what is m ost crucial
it would be helpful, assuming that the last on the list is tho least essential.
Please answer.
A . II. S M IT H .

[Vol. 106.

findings grew out of the proceedings brought by Henry R.
Towne, of Yale & Towne, lock manufacturers, to recover
820,208 paid as income tax on stock received by him as a
result or readjustment of capitalization of a corporation.
The lower court denied contentions that stock dividends
are not incomes, but a mere readjustment of the form of
capital obligation already owned. The decision of the
Supremo Court reversing the opinion of the District Court
of New York was read by Justice Holmes; it said:
T he defendant com pelled the p lain tiff to pay an incom e tax upon his
stock as equivalent to $417,450 incom o in cash. The D istrict C ourt held
that the stock was incom e within the meaning o f the incom e capital tax
act o f O ct. 3 1915, Section 11; (a ) , subdivisions 1 and 2; and (b) 38 Statute
114, 166, 167. It also held that the A ct so constructed was constitutional,
whereas the declaration set up that so far as the A ct purported to confer
power to m ake this levy it was unconstitutional and void .
T ho G overnm ent, in tho first place, m oved to dismiss the case for want
o f jurisdiction, on the ground that tho only question hero is the construc­
tion o f tho statute, not its constitutionality. It argues that if such a stock
dividend is not incom e within tho meaning o f tho C onstitution it is not In­
com e within the intent o f the statute, and hence that the meaning o f the
Sixteenth Am endm ent is n ot an im m ediate issue, and is Im portant only as
throw ing light on the construction o f the A ct.
B ut it is not necessarily true that incom e means the same thing in the
C onstitution and the A ct. A word is n ot a crystal, transparent and un­
changed, it is the skin o f a living thought and m ay vary greatly in color
and content according to the circum stances and tho tim o in which it is
used. W hatever the meaning o f the C onstitution, the Governm ent has
applied its force to the plaintiff, on the assertion that tho statute authroized
it to do so, before the suit was brought, and the court below has sanctioned
its course.
T ho p lain tiff says that the statuto as it is construed and administered
is unconstitutional. H o is not to be defeated b y tho reply that tho G ov­
ernment does not adiiero to the construction b y virtue o f which alone it
has taken and keeps tho p lain tiff’s m oney, if this court should think that
the construction would make tho A ct unconstitutional. While it keeps
the m onoy it opens the question whether the A ct construed as it has con­
strued it can bo m aintained. Tho m otion to dismiss is overruled.
The case being properly here, how ever, the construction o f tho A ct is
open, as well as its constitutionality if construed as tho Governm ent has
construed it b y its con du ct. Notwithstanding the thoughtful discussion
that tho case received below wo cannot doubt that the dividend was capital
as well for the purposes o f the incom e tax law as for tho distribution De­
tween tenant for life and remainderman. W hat was said b y this court
upon the latter question is equally true for the form er. “ A stock dividend
really takes nothing from tho p roperty o f tho corporation, and adds noth­
ing to the interest o f the shareholders. Its property is n ot diminished
and their interests aro not increased. * * * T ho proportional in­
terest o f each shareholder remains the same. Tho only change is in the
evidence which represents that interest, the new shares and tho original
shares together representing the same proportional interest that the original
shares before the issue o f tho new on es.”
In short, tho corporation is no poorer and tho stockholder is no richer
than they were before. I f the p lain tiff gained any small advantage b y tho
change, it certainly was not an advantage c f $417,450, tho sum upon
which he was taxed. It is alleged and adm itted that ho received no m ore
in the w ay o f dividends, and that his old and now certificates together are
w oith only what tho old ones were w orth before. I f the sum had been
carried from surplus to capital account w ithout a corresponding issue
o f nature o f things to prevent, wo d o not suppose that anyone would
contend that the p lain tiff had received an accession to his Incomo. Pre­
sum ably his certificate would havo the same value as before. Again, i f
certificates for $1,000 par wero split up in ten certificates each for $100,
we presume that no one would call the now certificates incom e. W hat lias
happened is that tho p lain tiff’s old certificates havo been split up in effect
and have diminished in value to tho extent o f tho value o f tho now.

In announcing on the 10th inst. that in the absence of a
specific ruling the Supreme Court decision would not be
At the same time Mr. Smith advised Mr. McAdoo of his held as applying to Acts of Sept. 18 1916 and Oct. 3 1917
action in the following communication:
Daniel C. Roper, Commissioner of Internal Revenue, said:

W . G. M cA doo, Director-General o f Railroads, Washington, D . C.:
I have asked tho steel industries to join in an organization that will
designate one m an who will speak to us for all o f them and who will gather
reliablo inform ation as to tho steel manufacturing situation throughout
the Eastern territory and to give us in a concrete form from day to day,
or periodically, what tho situation is and their recomm endation as to what
is least required so that tho railroads can d o the m ost possiblo for them in
the interests o f what is required.
A . II. S M IT H .

15%

IN C R E A S E

IN

C O M M O D ITY

R A IL -A N D -W A T E R

R A T E S SOU GH T B Y E A S T E R N ROADS.

M isapprehension exists as to tho effect o f tho decision o f tho Suprome
C ourt in the case o f Tow ne vs. Eisner, handed down Jan. 7 1918. In this
opinion it was held that under tho A ct o f O ct. 3 1913 a stock dividend
declared b y a corporation Jan. 2 1914, was not properly regalded as in­
com a. I t does not necessarily follow , however, that no stock dividends
are to bo held taxable under the provisions o f tho acts o f Sept. 18 1916
and O ct. 3 1917.
T he A ct o f O ct. 3 1913, which was the only A ct beforo the court in the
case, contained no provision expressly providing for treating stock divi­
dends as incom o, and the decision o f tho court was to the effect that the
A ct was not to be construed as taxing such dividends. Tho court did not
decide that such dividends cannot bo incom e within tho meaning o f tho
Sixteenth A m endm ent, but expressly recognized that the word “ incom e”
m ay have a different moaning in tho statuto from tho meaning in tho Con­
stitution.
T he A ct o f Sept. 8 1916, contains an express provision taxing stock divi­
dends declared and paid out o f earnings accrued since M arch 1 1913. In
tho absence o f a decision as to tho legal effect o f tho express provisions con­
tained in tho later acts, tho Bureau o f Internal Revenue naturally will
continue to bo governed b y tho express provisions o f the later acts in
reference to stock dividends.

An. increase of approximately 15% in commodity apply­
ing via rail-and-water, rail-water-and-rail, and all rail
between Boston, Mass., and related points, and via all
water, rail and water, rail, water-and-rail, and all rail be­
tween New York City, Philadelphia, Baltimore and related
points and Washington, D. C., Richmond, Norfolk, New­
port News, Old Point Comfort, Portsmouth, Pinner’s
Point, Suffolk, Petersburg and other Southern points and
With regard fo Commissioner Roper’s statement the
points on rail lines south of these gateways, were applied
for by Eastern railroads to the Inter-State Commerce Com­ “Wall Street Journal” of yesterday printed the following:
Com m enting on tho announcement o f Daniel C . R oper, Com m issioner
mission on the 9th inst.
SU P R E M E COURT D E C ISIO N REVERSES LO W ER COURT
AS

TO

T A X A B IL IT Y

OF ST O C K

D IV ID E N D S

1913 I N C O M E T A X L A W .
The United States Supreme Court in a decision handed
down on Jan. 7 set aside Federal decrees sustaining the stock
taxing powers of the 1913 income tax law and holding that
stock dividends on profits earned prior to the enactment
of the constitutional amendment permitting direct taxation
of incomes are incomes and as such taxable. This week’s
UNDER




o f Internal R evenue, that tho Governm ent will continue to tax dividends
paid out o f earnings accrued since M arch 1 1913, a lawyer says;
“ W hat the United States Supremo C ourt decided in tho stock dividend
case was strictly that stock dividends wero not incom o within the mean­
ing o f the incom o tax A ct o f O ct. 3 1913, which A ct did not specifically
enumerate stock dividends as incom o subject to the tax.
"T h o A ct o f Sept. 181916 for the first tim e contained a clause expressly
taxing such dividends. T he Suprome C ourt did not expressly dccido that
Congress had no power to tax stock dividends, but did intim ate very
strongly that such action would bo unconstitutional.
" I f the Comm issioner o f Internal Itevonuo adheres to his announced
intention o f continuing to tax stock dividends tho question cannot be
settled until a new suit is carried to tho Suprome C ourt b y som e one who
pays such a tax levy this year. ”

Jan . 12 1918.]

THE CHRONICLE

INCOME T A X — CORPORATIONS SHOULD NOTIFY
STOCKHOLDERS REGARDING DIVIDENDS.
On account of many requests coming from banking houses,
Collector Edwards makes public tho following statement:
S u b d ivision B , S ection 3 1 , o f tho In c o m o T a x L a w , a s a m e n d ed u nd er
d a to o f O c t. 3 1 9 1 7 , p rovid e s th a t d istrib u tion s m a d o to sh areholders or
m om b e rs o f a corporation sh all c on stitu te a p a rt o f th e an n u al in com o o f th e
d istrib u te e fo r th e y e a r in w hich recoived, an d sh ou ld bo taxed t o tho d is­
trib u te e a t th o rates prescribed b y law for tho ye ars in w h ich su ch p rofits
o r su rp lu s w ere a c cu m u la te d b y tho corp oration .
T h is p rovision m a k e s it
n ecessary fo r tho d ifferen t ban k in g h ouses t o ascertain fr o m th e variou s
c o m p a n ie s w h ich d iv id en d s wero declared fro m earn ings prior to th e year
1 9 1 7 b efore it is p ossib le for th e m to a n alyzo in com o for th e purposo o f
m a k in g in com e t a x return s for either th e m selv es or their c lien ts.
Un­
d o u b te d ly all d iv id en d s p a y a b lo J an . 1 aro fr o m earnings o f th e p rovious
y e a r , b u t o n ly th e corporation s p a y in g tho d iv id en d s can tell e x a c tly w h a t
d istrib u tio n w as m a d o fro m p rofits accru ed p rior to 1 9 1 7 .
I f e v er y sto c k ­
h old er h a d t o c o m m u n ic a te w ith each corp o ra tio n , it w ou ld m a k e an im ­
m e n se a m o u n t o f u nn ecessary w ork a n d causo a great d ea l o f d e la y .

SCHOOL OF INSTRUCTION ON INCOME T A X .
A class in income tax instruction is held daily by William
II. Edwards, Collector of Internal Revenue for tho Second
District of New York, in the Custom House, Room 638,
from 2 to 4 o’clock. Collector Edwards announces that
he would bo glad to have presidents of corporations, com­
panies, trade associations, commercial clubs, labor unions,
farmers’ associations, granges, co-operative societies, & c.,
attend tho school in order that they m ay take advantage
of the opportunity of learning how to make out proper in­
como tax returns. Those who tako advantage of this oppor­
tunity must do so on condition that they will not use the
school for personal financial gain. B y Feb. 15 all officers
working on the income tax returns will be placed in various
banks, postal stations and other points of easy contact
with tho public.
____

BRITISH CAPTURES A N D LOSSES DURING 1917.
Tho following summary of British captures and losses in
tho war during 1917 was issued by the W ar Office at London
according to tho cables of Jan. 7:
T h o captu res o n all fron ts n u m b ered 1 1 4 ,5 4 4 prisoners an d 7 8 1 g u n s.
T h o losses n u m b ered 2 8 ,3 7 9 prisoners an d 160 g u n s.
T o t a ls b y areas are:
W e ste rn T h ea tre— 7 3 ,1 3 1 p rison ers, 5 3 1 gu n s c a p tu r e d , a n d 2 7 ,2 0 0
p risoners and ICC gu ns lo s t.
P alestin e— 1 7 ,0 4 6 prisoners an d 10 8 gu n s c a p tu r e d .
M e s o p o t a m ia — 1 5 ,9 4 0 prisoners an d 1 2 4 gu n s c a p tu r e d .

BANKING AND FINANCIAL NEWS.
Forty-two shares of National Bank of Commerce stock
were sold at tho Stock Exchange this week at prices advancing
from 170K to 179. The last sale was at 178, as against 165
>
last week. N o other bank stocks wero sold at the Exchange
nor wero any bank or trust company stocks sokl.at auction.
S h a r es . B A N K S — N e w Y o r k .
L o w . H ig h . C lo s e .
4 2 N a tio n a l B a n k o f C o m m e r c e .. 1 7 0 H 17 9
17 8

L a st P r e v io u s S a le .
J a n . 1 9 1 8 — 165

Tlrreo New York Stock Exchange meborships wore re­
ported sold this week, two for 855,000 each and the other
for 850,000.
The suspension from business of the Stock Exchange firm
of Kerr & C o. of 71 Broadway, this city, was announced
from the rostrum of tho Exchango on Jan. 9. Tho firm was
organized in December 1893, and consists of Robert B . Kerr
and Louis S. Kerr, tho latter being tho Exchange mombor.
Thomas G . Smith, of 71 Broadway, was mado assignee, and
tho lawyers for tho creditors aro Whitridgo, Butler & Rico.
A n involuntary petition in bankruptcy was filod in tho
U . S. District Court in this city, on Jan. 10, against Robert
B . Kerr, and Louis S. Kerr, individually, and as co-partners.
The petitioners in tho bankruptcy proceedings wero Ralph
E . Woodward, Charles W . Yates and Johnathan Moore,
Judge M anton, in tho U . S. District Court yesterday (Jan. 11)
appointed Senator James A . Foley as receiver for the firm,
under bond of 860,000.

16 1

inaugurated an annual meeting for those connected with the
New Business Department. This affords an opportunity
for the out-of-town men to meet yearly at the home office.
During the dinner, President Clarke reminded those present
that six years had passed since the great fire which destroyed
the Equitable Building and which made it necessary for the
bank to reconstruct its offices.
“ Opportunities for foreign banking were never so great
as they are to-day for Americans,” said Albert Breton, Vice­
President of the Guaranty Trust C o. of New York, in the
course of an address before the Trust Company Forum of
the New York Chapter of tho American Institute of Banking
at N o . 138 East 35th Street, on the evening of January 9 .
M r. Breton continued:
“ T h e se op p o rtu n ities h a v e arisen o u t o f th e w a r .
I t is o n ly sin ce this
c o u n try h as a c cu m u la te d su cli a v a s t sto re o f w e a lth an d h as sp read its
a c tivities in to foreign coun tries th a t these o p p o rtu n ities for financial
expan sion h a v e b ec o m e p r a ctic a lly u n lim ite d .
T h e y w ill b e oven greater
after tho w a r .
T h e U n ite d S ta tes is b ec o m in g th e lead in g n a tio n o f th e
w orld , n o t o n ly c o m m e r cia lly , b u t fin a n c ia lly .
T h is c o u n tr y h a s g ive n
a strik in g ev iden ce o f its m o n e ta r y stre n g th an d o f its fin a n c ia l a b ilit y in
th e fin a n cin g o f a ll its A llie s, w ith o u t ex ce p tion .
“ T w o th in g s are a b so lu te ly essential in foreign b a n k in g — c a p ita l an d
tra in ed m e n .
W e h a v e p le n ty o f c a p ita l, b u t w e are sh ort o f experienced
m en.
O n e o f th e p rincipal n eeds o f th e m o m e n t is t h a t m e n sh all b e
trained an d prepared for tho tre m e n d o u s expan sion in A m e ric a n foreign
b an k in g w h ich is n ow ta k in g p la c e an d w ill co n tin u e.
“ T h e se m en c a n b est bo tra in ed b y a c tu a l b a n k in g ex perience, an d b y
b ecom in g m ore fa m ilia r w ith co m m e rcia l g e ograp h y an d w ith th e fu n d a ­
m e n tal principles o f c om m e rcial law o f th e foreign coun tries w ith w hich
th e y in tend to d e a l.
K n o w le d g e o f lan guages is n o less e sse n tial. E n g lish ,
o f course, is th e great co m m e rcia l lan gu ag e o f th e w o r ld , b u t S pan ish ,
French an d P ortu gu ese w ill bo m ore th a n ev er d esirab le to th o se en gaged
in foreign tra d e a n d foreign b a n k in g .
F in a lly , th ese m e n sh ou ld sp en d
so m e tim e in foreign coun tries in order t o a b sorb th e m e n ta lity o f th e
p eop le as w ell as their lan gu ag e a n d busin ess c u s t o m s .”

In addition to the
New York banking
columns to-day, the
changes made at the

changes in the executive staffs of the
institutions noted elsewhere in these
following are among the local board
annual meetings this week:

A t l a n t i c N a t io n a l B a n k .— B e r t Forsdilce an d F . E . A n d r e w s , C ashier
o f th e b a n k , elected to th e b o a r d .
B a n k o f th e U n ite d S ta te s .— H e n r y AV. P o llo c k an d B ern ard K . M a r c u s
elected ad d itio n a l d irec to rs.
C o a l & I r o n N a t io n a l B a n k .— B e n ja m in D . R ie g a l ad d ed t o th e b o a r d .
F i f th A v e n u e B a n k .— F ra n cis L . H in o , P resid en t o f th o F ir st N a tio n a l
B a n k o f N e w Y o r k , electe d t o th e b o a r d .
G a r fie ld N a t io n a l B a n k .— S a m u el A d a m s retired a s a d irec to r.
J la r r im a n N a t io n a l B a n k .— AH th e retirin g d irectors w ere r e -ele cted .
I la n o v e r N a t io n a l B a n k .— J ohn P . S te v e n s, o f J . P . S te v e n s & C o . , w as
electe d a n ew d irec tor.
I r v in g N a t io n a l B a n k .— S . F . T a y lo r an d AV. I I . B a rn a rd retired fr o m the
b oard an d A r th u r AV. M ilb u r n , P resid en t o f B o r d e n s C o n d e n se d M ilk
C o ., w as elected a n ew d irec to r.
L ib e r ty N a t io n a l B a n k .— H e n r y J . F u lle r, V ic e -P r e sid e n t o f F a ir b a n k s,
M o r s e C o . , ad d ed to th e b o a r d .
M a r k e t & F u lto n N a t io n a l B a n k .— G . M . O lc o t t , A ld e n S . S w an and
Frederick B . F isk e w ere retired as d irectors.
N a t io n a l B u tch ers & D r o v e r s B a n k .— AV. I I . C h a se , C a sh ie r o f th e b a n k ,
h as b een elected to th e b o a r d .
N a t io n a l P a r k B a n k .— J ohn C . V a n C le a f an d S y lv e ste r A
\r. L a b r o t , A'iceP resid en ts o f th e b a n k , ad d ed to th e b o a r d .
N e w Y o r k C o u n ty N a t io n a l B a n k .— O n ly th ree m e m b ers o f th e old b oard
w ere reta in ed , n a m e ly : J am e s C . B r o w e r , W . H . N o y e s an d L e w is L . P ierce.
T h o n ew d irectors elected are O scar C o o p e r , r ec en tly chosen P resid en t;
G u y C a r y , O w en B . H u n ts m a n , R o b e r t M o r r iso n J r ., R ich ard C . S to r e y ,
an d G e orge R . AValker.
T h e retirin g d irectors are F . R . L e la n d , O . G .
S m ith , G . L . S hearer, Jesse I . S tr a u ss, a n d C . F . T ie tje n .
P u b lic N a t io n a l B a n k .— J aco b S perber elected a d irector a n d m e m b e r o f
th e E x e c u tiv e C o m m itte e .
S ea b o a rd N a t io n a l B a n k .— D . I I . E . Jones o f J . AV. E lw e ll & C o . , w as
elected a d irector to su cceed S tu a r t G . N e ls o n , retired .

A number of important changos in and additions to the
executive staff of tho National C ity Bank, of this city,
wero made at the annual meeting on the 8th inst. James A .
Stillman, son of James Stillman, Chairman of the Board,
was designated General Executive Manager, succeeding
William A . Simonson. M r . Stillman, in the absence of the
President, Frank A . Vanderlip, who is serving as Chairman
of the National W ar Savings Committee, Avill act as chief
executive officer of the bank. * John A . Fulton, a Vice­
President, was appointed an additional Executive Manager,
and Thomas A . Reynolds, heretofore Cashier, James H .
The 142d annual meeting of the Bankers’ Club of Chicago Carter, formerly Assistant Cashier, and Joseph T . Cosby,
will bo held at the Congress Hotel to-day (Jan. 12). Otto Manager of the Foreign Department, were elected new
H . Kahn will be the guest of honor and only speaker of the Vice-Presidents. Stephen E . Albeck, heretofore Assistant
evening. A number of prominent bankers of New York Cashier, and Harry E . Pollard, formerly Vice-President of
and the Middle W est are expected to be in attendance.
the Manufacturers National Bank, of Troy, N . Y . , were
elected to the newly created offices of Assistant Vice-Presi­
President Lowis L . Clarko of the Amorican Exchange dents. W alter H . Tappan, lately Assistant Cashier, has
National Bank, gavo a dinner on Jan. 8 at tho Metropolitan been chosen Cashier, succeeding M r . Reynolds. The fol­
Club to tho staff of the N ew Business Department of the lowing new Assistant Cashiers were also appointed on the
bank. Tho officers of tho bank wero present in a body, and 8th inst.: Leo J. Burnes, John C . Emison, George A .
following the dinner there was a gonoral discussion of plans Kurz, Robert Forgan, formerly President of the W est
for tho future. Tho American Exchange National Bank has Town State Bank of Chicago, Frank C . Mortimer, of San




1G2

THE CHRONICLE

Francisco, E . E . Ling, Ambrose V . Edwards, James C .
Martine and John A . M yers. James Addison was appointed
Comptroller, and B . A . Duis was chosen Manager of For­
eign Exchange. It was further announced on the 8th inst.
that William S. Kies, a Vice-President, had resigned in
order to give his entire time to the affairs of the International
Banking Corporation and the American International
Corporation.
Horace C . Sylvester, Jr., has been elected Vice-Presi­
dent of the National City Company of this city. He will
continue in charge of the purchase and sale of State and
municipal bonds for the company. M r . Sylvester was for
sixteen years associated with N . W . Halsey & C o ., and
when that concern was taken over by the National City Com ­
pany in September 1916 he was placed at tho head of the
State and municipal department.
Edmund D . Fisher. Deputy Comptroller of tho City of
New York from 1909 to 1917, has been elected Vice-Presi­
dent and Executive Officer of the Highland Park Stato
Bank of Detroit, M ich. Ho assumed his new duties on
Jan. 5- M r . Fisher, previous to becoming Deputy Comp­
troller of N ew York City, was Secretary and Executive
Officer of the Flatbush Trust Co. of Brooklyn, N . Y . , which
position he had held since tho bank’s organization. Ho
was also for ton years connected with the Brooklyn Trust
Com pany.
Charles D . Norton has resigned as Vice-President of tho
First National Bank of this city to accept tho Presidency
of tho First Security Company, an affiliated institution.
M r . Norton succeeds as President of the First Security
Company, Georgo F . Baker, who becomes Chairman of
tho Board. M r . Norton remains as a director of the First
National.
Edwin B . D ay, heretofore Cashier of tho Battory Park
National Bank of this city, has been elected a Vice-Prosidont of the institution. M r. D ay has been succeeded as
Cashier by Arthur H . Merry, formerly Assistant Cashier.
Welding Ring has been elected a director of tho Battery Park
National to succeed Arthur W . Hildebrand, resigned.
William F . Fitzsimmons, for tho past three years As­
sistant Cashier of the Atlantic National Bank of this city
has been elected a Vice-President. M r. Fitzsimmons,
who went into tho banking business from tho textile trade,
was for a number of years connected with tho Irving N a ­
tional Bank, and tho old Broadway Trust C o. (now the
Irving) of this city.
Announcement has been made by tho Columbia Trust
C o. of this city of the appointment of Carroll Ragan as
publicity manager. M r . Ragan is a former newspaper
man, and until Jan. 1 wr
as manager of tho publicity de­
partment of the United States Mortgage & Trust Co. of
this city.
Kelly Graham has been appointed an Assistant Cashier
of the Irving National Bank of this city. M r . Graham, w ho
r
has been with the Irving during the past year, was formerly
with tho Citizens National Bank of Louisvillo, Kentucky,
and has a wide acquaintance throughout the Southern States.
Frank L . Hilton, heretofore Assistant Cashier of tho
Merchants National Bank of this city, has been elected a
Vice-President.
The directorate of the Chase National Bank of this city
has been enlarged by the election of Andrew Fletcher,
President of the American Locomotive C o., and Carl J.
Schmidlapp and Gerhard M . Dahl, Vice-Presidonts of tho
Bank. Leon H . Johnson has been appointed an Assistant
Cashier.
Samuel M . Schafer, senior member of tho Stock Exchange
firm of Schafer Bros., and Treasurer of Tcmplo Em anu-El,
died on tho 10th inst. at his homo in W est 46th Street, this
city, where he had lived for fifty yoars. M r. Schafer was
one of tho original members of tho “ Coal Holers,” so called
because they traded many yoars ago in a basement at 23
William Street. He was also one of the oldest members of
tho New York Stock Exchange, to which ho and his brother,
tho late Simon Schafer, were admitted after thoy had formed




[Vol. 106.

the firm in 1860. M r Schafer was born in this city in 1840.
He entered a brokerage house as a young man. Following
the Civil W ar he became prominent as a gold broker. A t
tho time of his death he was Vice-President and a diroctor
of the German-American Bank. He had been re-olected
to both these offices at the annual meoting on Wednesday.
Tho German Exchange Bank of this city announces that
it will shortly change its namo to the Commercial Exchange
Bank. The change in titlo will be made, it is oxpocted,
on or about Jan. 21. Tho German Exchange Bank began
business in 1872, and is a strictly American institution,
but on account of the feeling engendered by' tho war, it
has been thought best to change its name to the Com­
mercial Exchange Bank.
Josoph M . Adrian, heretofore President of tho Gorman
Exchange Bank, has been elected to the office of Chairman
of the Board. He has been succeeded in tho Presidency by
Louis A . Fahs, previously Vice-President. Georgo Kern,
Cashier of the bank, has been elected a member of the board.
The Public National Bank of this city, of which E . S.
Rothschild is President, has announced that in April it will
open another branch in tho Bronx at 3718 Third Avonuo.
Tho bank already has a branch in tho Bronx, located at
Claremont Parkway and Bathgato Avonuo.
Gilbert Motier Plympton, a member of tho banking firm
of Plympton, Gardiner & C o., of 26 Exchange Place, this
city, died on Jan. 10 at his home in Garden City, L. I ., in
his eighty-third year. M r. Plympton was born in Now York
City and graduated from tho New York University Law
School in 1863. Ho founded tho firm of Redmond, Kerr &
C o., and later the firm with which he was associated at the
time of his death.
Henry C . Bohack has been elected Vice-President of tho
Peoples National Bank of Brooklyn, to succeed tho late
Adolphus Gload.
The Franklin Trust Co. of Brooklyn announces that
Clinton W . Ludlum, who has beon connected with the com­
pany for over twenty-seven years, resigned as Secrotary on
January 1st, and that tho trustees, at a meeting on Jan. 10,
elected William J. Montgomery, heretofore Treasurer, a
Vice-President, and Clarence M . Fincke, formerly Assistant
Secretary, Vice-President and Secretary. Charles A . Dana,
President of the Spicer Manufacturing C o ., Archibald Doug­
las, Treasurer of the United Verdo Extension Mining C o.,
and Franklin D . Asche, Vice-President of tho Standard Oil
Co. of New Jersey, wero elected trustees of tho Franklin to
fill vacancies in the board caused by enlistments in tho
military service.
The following wero among other Brooklyn changos:
Bank o f C o n ey I s la n d , B r o o k ly n .— G eorgo I I . M a ile y , C ash ier o f tho b a n k ,
w as elected a d irector to su cceed K ich a rd D a r in , resign ed .
H a m ilt o n T r u s t C o m p a n y o f B r o o k ly n .— L . AV. L a fr o n tz , P resid en t o f tho
A m e rican S u rety C o ., w as elected a trustoo to fill a v a c a n c y , for a term o f
three y e a rs.
N a t io n a l C ity B a n k o f B r o o k ly n .— P h ilip II. G ill J r ., w as elected to tho
b oard to fill tho v a c a n c y cau sed b y tho d eath o f W illia m B erri an d Charlos
T . Y o u n g w as elected to su cceed E . B . J ord a n .
P e o p le s N a t io n a l B a n k o f B r o o k ly n .— F . L . M ills w a s o lo c t e d a diroctor to
su cc ee d th e la te A d o lp h u s G lo a d .

The amalgamation of the National Newark Banking Co.
and tho Essex County National Bank of Newark, N . J.,
was effected on Jan. 2, whon tho onlargod institution,
the National Newark & Essox Banking C o., oponod for
business in the banking rooms of tho old National Newark
Banking Co. at 750 Broad Street. Tho new banking
institution has a capital of $2,000,000, surplus and undivided
profits of $2,000,000, and deposits of $30,000,000. Total
assets aggregate $36,000,000. C . L . Farrell. President of
Essex County National, is President of tho now National
Newark & Essex Banking C o., while David II. Merritt,
President of the old National Newark Banking C o ., is a
Vice-President of tho continuing institution. Other Vice-'
Presidents aro: Albert H . Baldwin, Frank B . Adams,
Geo. F . Reeso, Benjamin Atha and A . F . R . M artin. Sponcer S. Marsh is Cashier, and the following aro Assistant
Cashiers: Courtland G . Hemingway, James W . Pittinger
and Frederick L. Cobb. Tho directorate of the enlarged
bank is composed of tho boards of tho consolidating banks.

Jan . 12 1918.]

THE CHRONICLE

163

A now banking institution, the Parksido Trust Company,
opens for business in Camden, N . J. to-day, Jan. 12th The
new company has a capital of $100,000 and surplus of $50,­
000. It is located at Haddon and Kaighn avenues. Alfred
Sayers is President. Other officers are: W illiam C . Coles
and Leon A . G off, Vice-Presidents, and J. Hartley Bowen,
Secretary and Treasurer.

A t the annual meeting of the stockholders of the First
National Bank of Chicago held Jan. 8 , the following directors
were re-elected:

A t tho annual meeting of the Exchange Trust Co. of
Boston, M a ss., on Jan. 8, a number of changes were made
in tho executive staff of tho institution. Robert E . Fay,
heretofore Treasurer, and G . Wallace Tibbetts, Secretary,
were elected Vice-Presidents and directors of the company.
Johnson L. Walker, a director, was also elected a Vice-Presi­
dent. Francis II. Benson, formerly Assistant Secretary,
was promoted to the offico of Secretary to succeed M r.
Tibbotts, and Frederick T . Monroe, heretofore Assistant
Treasurer, was elected Treasurer. John E . Gilcreast, M a n ­
ager of tho Bond Department, was chosen Assistant Secre­
tary and Trust Officer. Other appointments made on the
8th inst. were: Myron W . Tewksbury and Fred. J. Ilallenbrook, Assistant Secretaries; Rudolph T . Wennstroem, Orin
E . Wilkins and Walter E . Burbank, Assistat Treasurers;
Henry V . Kieth. Auditor; C . Frederick M acGill and William
H . Powers Jr., Assistant Trust Officers; George H . Cum­
mings, Commercial Cashier, and Jeromo T . Crowley and
Charles L. Turrill, Savings Cashiers.

A t tho meeting of the board of directors immediately fol­
lowing, R . F . Newhall was elected Cashier, succeeding H . A .
Howland, who retires. M r. Newhall retains his connection
with Division “ F ” which handles tho accounts of banks and
bankers. A . N . Cordell was elected Assistant Cashier to
fill the vacancy in Division “ C ” created by M r. Howland’s
retirement. F . F . Danks was elected Manager of the
Discount and Collateral Department, succeeding Charles
M . Walworth, retired.

B e n ja m in A lle n , A . O . B a r tle t t, E m ile K . B o is o t , W illia m L . B r o w n ,
A u g u stu s A . C a r p e n ter , D . M a r k C u m m in g s , J am es B . F o r g a n , I I . H .
H itc h c o c k , E . T . J e ffe r y , R o b e r t P . L a m o n t , W illia m J . L ou d erb aclc,
H a ro ld F . M c C o r m ic k , N e lso n M o r r is , C h arle s I I . M o r s e , Joseph D . O liv er.
H e n r y H . P o rte r, C liv e R u n n e lls, J ohn A . S p o o r, Silas H . S tra w n , B ern ard
E.
S u n n y , W m . J . W a t s o n , F r a n k O . W e t m o r e , T h o m a s E . W ils o n , C la r­
ence M . W o o lle y , W illia m W r ig ie y Jr.

Tom Randolph, Chairman of the board of the National
Bank of Commerce, in St. Louis, M o ., and one of the most
widely known bankers and philanthropists of the Middle
and Southwest, died on M onday, Jan. 7, as the result of a
stroko of apoplexy suffered the provious day. M r . Ran­
dolph was born in Rome, Tenn., on N o v . 13 1854, and had
had a spectacular career as a banker and financier. A t tho
time of his death he had amassed a large fortune and was
affiliated with a number of banking institutions and other
business organizations. M r. Randolph from 1859 to 1903
Edward Brinton Smith, head of tho firm of Edward B . made his home in Sherman, Texas, and it was there that
Smith & C o., bankers and brokers, of New York and Phila­ he started on his financial career. H e began as a messenger
delphia, and a member of the Philadelphia Stock Excliango for the Merchants & Planters National Bank of Sherman,
since 1888, died at his home in Philadelphia on Jan. 7. and at the age of eighteen was made its Cashier. In 1886,
His death was due to pneumonia, which developed from a when 32 years old, ho was elected to the Presidency of the
cold contracted shortly before Christmas. M r . Smith, one bank, which position ho continued to hold at the time of his
of Philadelphia’s most prominent financiers, was born in death. He became connected with banking affairs in St.
that city on Sept. 23 1861. He was educated at tho William Louis in 1903, when he was elected President of the Common­
Penn Charter School and the University of Pennsylvania, wealth Trust Co. of that city. W hen the National Bank
graduating from the latter in 1882. Ho began his business of Commerce took over the Commonwealth Trust in 1909,
career as a clerk in the banking liouso of Wiliam G . Hopper M r. Randloph was chosen Vice-President of the bank. In
& Co. W ith two years’ experience he went to Baltimore April 1913, after tho resignation of B . F . Edwards, as Presi­
and formed tho banking firm of Smith & Hopkins. In 1886 dent, M r. Randolph was unanimously elected to succeed
M r. Smith returned to Philadelphia to becomo a member him. Two years later, in 1915, with the election of John G .
of the banking houso of Koons, Tunis & C o ., which suc- Lonsdale to the Presidency of the National Bank of Com­
two years later became Tunis & Smith. W ith the dissolu­ merce, M r . Randolph became Chairman of the board, the
tion of the firm in 1892, M r. Smith organized tho firm of position which ho had sinco retained. M r . Randolph at the
Edward B . Smith & Co. M r. Smith had been connected time of his death was a director of the Equitable Life Assur­
with many large business organizations. He was a director ance Society and the Cotton Belt Railroad. For several
of tho Franklin National Bank of Philadelphia, the Girard years ho was a member of the Executive Committee of the
Fire & Marine Insurance C o., the Lehigh Valloy Railroad American Bankers’ Association.
C o., tho Lehigh Valley Transit C o ., the Philadelphia &
Westorn Railroad C o ., tho Buffalo & Susquehanna Railroad
The directors of the Citizens National Bank of Louisville,
Corporation, the Girard W ater Co. and tho GiJnt Portland K y ., have declared a special dividend of $2 a share out of
Comcnt Co. M r. Smith was also a member of tho Phila­ tho earnings of the past year, this being in addition to the
delphia Board of City Trusts.
rogular quarterly dividend of $3 a sharo, and making alto­
Vincent R . Tildon, who has boon connected with the
Philadelphia Trust Co. of Philadelphia, P a., for a number
of years in various capacities, has l’ecently been elected an
Assistant Secretary of tho institution.

gether $14 a share for the year 1917. Just before the holi­
days the bank presented its employees with a month’s salary
as a bonus for the year. Tho Citizens National Bank, of
which S. B . Lynd is President, lias a capital of $500,000,
surplus and undivided profits of $525,000 and deposits of
$7,500,000.

Tho stock of tho Eighth National Bank of Philadelphia,
P a ., has been placed on a 2 0 % per annum basis, tho direc­
tors of the institution at a meeting on Jan. 3 having declared
a somi-annual dividend of 1 0 % , payablo on demand, as a
regular disbursement. Tho bank has for somo time paid
8 % regular and 2 % extra at each semi-annual period. The
Eighth National Bank has a capital of $275,000, and surplus
and undivided profits of $1,500,000.

Thomas J. Harper, for the past two years Cashier of
the W est Town State Bank, of Chicago, 111., has been
elected to the Presidency of tho institution to succeed
Robert Forgan, who, as heretofore stated in these columns,
has resigned to become an Assistant Cashier of the National
City Bank of New York.

L . A . Bassett has been elected President of tho Carbondalo (Pa.) Miners & Mechanics Savings Bank to fill tho
vacancy caused by the death of Alfred Pascoo, and James
II. Paul, heretofore Assistant Cashier of tho bank, has been
elected Vice-President, Cashier and director, to succeed
C . E . Spencer, who has retired. George II. Paul has been
appointed an Assistant Cashier of the institution.
Oliver C . White has been appointed an Assistant Cashier
of tho Drovers & Mechanics Bank, of Baltimore, M d .
M r.
W hite, who has been in tho bank’s employ for a number of
years, has heretofore been manager of its transit depart­
ment.




Alexander C . Long has resigned as Trust Officer of the
Union Trust Company, of Detroit, M ich ., and has been
succeeded by Joel H . Prescott, heretofore Assistant Trust
Officer. J. Monroe Roney has been appointed an As­
sistant Trust Officer.
Tho First Trust & Savings Co. of Cleveland announces
that during tho two years closing D ec. 31 1917, it has opened
new savings accounts at the rate of one each five minutes of
tho banking day. The total number of new accounts opened
in 1917 was 22,213— all of these new accounts having been
opened in one banking room. The rapid growth of this
institution and the affiliated First National Bank has
carried the combined resources to more than $107,000,000.

164

THE CHRONICLE

Lenard B . Koiffer and F . Dietze Jr., have been elected
directors of the Canal Bank & Trust C o. of Now Orleans,
La. M r . Keiffer is Vice-President of the Maison Blanche
C o. of Now Orleans, while M r . Diotzo is Vice-President of
the Canal Bank & Trust Co.
As indicated in these columns last week, John B . Gannon,
President of the Hibernia Bank & Trust C o. of New Orleans,
L a ., has been elected a director of the Mercantile Bank of
the Americas, Inc., of New York. The Hibernia Bank &
Trust has become actively associated with the Mercantile
Bank, and will be the latters’ official representative in the
Southern part of the United States.
The statement of the Commercial Bank of Scotland, Ltd.
(head office Edinburgh) for the year ending O ct. 31 1917,
reveals gratifying results, the bank having earned £282,536,
after providing for rebate of discount and interest and for
all bad and doubtful debts. The profits for the year, to­
gether with £41,972, the balance brought forward from 1916,
made available for distribution, £324,509. Out of this
sum dividends of 1 6 % were paid and these less the deduc­
tion of £40,000 under the Income T ax, amounted to £ 1 20 ,­
000; £60,000 was set aside to meet depreciation in the bank’s
investments; £90,000 was credited to the fund for con­
tingencies, and £10,000 was applied in reduction of the cost
of bank premises, leaving £44,509 to be carried forward as a
new balance of profit and loss. Deposits have increased
from £22,873,081 in 1916 to £26,659,324 on Oct. 31 1917.
Aggregate assets on the latter date stood at £32,223,405.
The Commercial Bank of Scotland has a subscribed capital
£5,000 ,00 0, paid-up £1 ,000,000, and a reserve fund of 8700,­
000. It has an office in London at 62 Lombard S t., E . C .,
and 174 branches throughout Scotland. The Marquis of
Breadalbano is Governor of the institution and Alexander
Robb is General Manager.

ENGLISH FIN AN C IA L MARKETS— PER CABLE.
Tho daily closing quotations for securities, & c., at London,
as reported by cable, havo been as follows the past week:
London,

Jan. 5.

Jan. 7.

Week ending Jan. 1 1 .
Sat.
M on .
Silver, per oz........................ d_ 4 5 %
45%
Consols, 2 % per cents.............H oliday 5 5 %
B ritish , 5 percents................... H oliday 0 3 %
B ritish , 4 % p ercents-............. H oliday 9 9 %
French Rentes (in Paris) f r . 58.50
58.50
French W ar Loan (in
P a r is ) ...............................f r . . .
88.40

Jan. 8.
Tues.

45%
55%
93%
99%
58.25
88.40

Jan. 9.
Wed.

45%
55%
03%
99%
5S.25
88.45

Jan. 10. Jan. 1 1 .
Thurs. Frt.

45%
55%
03%
99%
58.25
88.45

45%
55%
93%
99%
____
____

IN T E R E S T -B E A R I N G D E B T .
(Payable on or after specified future dates.)
------------- Outdlandtng Non. 30 19 17------------' '
’ Amount
Payable
Issued.
Registered.
Coupon.
Total.
Title o f Loan—
§
s
3
5
2s, Consols of 1 9 3 0 ..Q .-J . 0646,250,150 597,500,900
2,223,150
599,724,050
3s, Loan of 1908-18.-C1.-1' 6198,792,660 48,464,440
15,481,020
63,945,560
4s, Loan of 19 25___ Q .-F . Cl62.315.400 101,789,150
10,700,450
118,489,900
Panama C anal I.oan:
2s, Series 1906___ Q .-F . <154,631,980 48,944,040
10,140
48,954,180
2s, Series 1903___ Q .-F .
*30 ,000,000 25,796,520
25,947,400
150,8S0
3s, Series 1 9 1 1 . . .Q .-M .
50,000,000 4 1,8 13,10 0
8,180,900
50,000,000
3s, Conversion bonds.Q.-J.
28,894,500
5,990,000
28,894,500
22,898,500
3s, 1 -y r . treas. notes.Q .-J.
41,601,000
20,000
27,362,000
27,342,000
3 % s , C tfs. of ind ebt.M a t. 850,000,000 ....................
249,770,000
249,770,000
4s, C tfs. of ln d e b t-.-M a t. 2,292,115,000 __________ 1,629,234,000 1,029,234,000
3 % s , 1st L ib . L . T 7 .J & D ./l,9 7 6 ,6 5 0 ,5 l0 _____________ __________ 1,970,650,540
4s, 2d L ib . L . ’ 1 7 — M & N ./2,813,479,064 ____ _____ ____________ 2,813,479,064
Postal Savings Bonds:
2 % s , ls tto 12 th s e r.J .-J .
10,039,760 9,241,780
797,980
10,039,760
2 % s T 7 - ’3 7 (13 th se r)J.-J.
718,800
688,5S0
30,220
718)800
Aggreg. of Int.bear. debt.9,155,488,855 880,254,810 1,972,825,240 7,643,209,655
a Of this amount $24,648,100 have been converted Into conversion bonds and
$21,878,000 Into one-year Treasury notes.
6 Of this original amount issued S 1 3 2 ,149,900 have been refunded Into the 2 %
consols of 1930, and $2,396,800 have been purchased for tlve sinking fund and
canceled and $500 have otherwise been purchased and canceled.
c Of this original amount Issued $43,825,500 have been purchased for tho sinking
fund and canceled.
d Of this original amount Issued 32,238,800 have been converted Into conversion
bonds and $3,439,000 Into one-year Treasury notes.
e Of this original amount Issued $2,007,600 have been converted Into conversion
bonds and $2,045,000 into one-year Treasu ry notes.
/T h e s e amounts represent receipts of the Treasurer of the United States on
account of principal of L ib erty Loan bonds to N o v . 30.
R E C A P IT U L A T IO N .
GROSS D E B T .
N ET DEBT.
Debt bearing no ln t
$239,130,028 02 Gross debt (opposite).$7,898,334,423 59
Debt on which in t. has
D educt-Balance a v ail­
15,994,740 26
ceased........................
able to pay maturing
Interest-bearing d e b t.. 7,643,209,655 31
obligations.................. 2,282,488,505 40
Gross debt........... ...37 ,8 9 8 ,33 4 ,4 23 59
* Net d e b t.................$5,615,845,918 19
*|The amount of S3,164,129,750 has been expended to above date in this and the
preceding fiscal year from the proceeds of sales of bonds authorized by law for
purchase of the obligations of Foreign Governments. When payments are received
from Foreign Governments on account of the principal of their obligations, they
must be applied to the reduction of the Interest-bearing debt of tho United States.

TREASURY CASH A N D CURRENT LIABILITIES.
The cash holdings of tho Government as tho itoms stood
D ec. 31 are set out in the following. The figures aro taken
entirely from the daily statement of the U n . S. Treasury for
Dec. 30.
C U R R E N T A SSETS A N D L IA B IL IT IE S .
GO LD.
q
Liabilities—
$
Gold c o in ....’ .".".".".'.'.'.".' 678,030,831 30 Gold certfs. outstand’g . 1,343,168 ,074
Gold bullion.....................1,085,606,027 25 Gold settlement fund.
Fed. Reserve B o a rd .. 808,247,787
Gold reserve----------- -------- 152,979,025
A v a il, gold In geu’l fund
59,251,972
A ??<>/?--

90%

90%

90%

90%

To tal
Assets—

90%

FIN AN C IA L STATEMENT OF U. S. NOV. 30 1917.
(Formerly Issued as “ Statement of the Public Debt.” )
■The following statements of the public debt and Treasury
cash holdings of tho United States are as officially issued
as of N o v . 30 1917.
This is the first issue of the Statement
since that of June 30 1917.
C A S H A V A I L A B L E T O P A Y M A T U R IN G O B L IG A T IO N S .
Balance held by the
Settlement warrants,
Treasurer of tho U n i­
coupons and checks
ted States as per
outstanding:
d ally Treasury state­
Treasury w arrants..
510,971,338
ment for N ov. 30 '17.51,837,419,886 78
M atured coupons_
_
006,711
Add— N et excess of re­
Interest checks.........
379,484
ceipts over payments
Disbursing officers’
In November reports
checks __________
72,203,164
subsequently rec’d . .
529,229,317 49 B a la n ce _____________ 2,282,488,505
Revised balance........... 52,360,649,204 27

51
89
33
14
40

S2,366,049,204 27

P U B L IC D E B T B E A R I N G N O I N T E R E S T .
(Payable on presentation.)
Obligations required to be reissued when redeemed:
United States notes.....................................................................................5340,681,016 00
Less gold reserve..................................................................................... 152,979,025 Q3
Excess of notes over reserve_____________________________ 3193,701,990
Obligations that w ill be retired on presentation:
Old demand notes____ ___________ ___________________________
53,0 17
N ational bank notes and Federal Reserve bank notes assumed by
the U . S. on deposit of lawful money for their retirement_____ 38,529,027
Fractional currency__________________________________________
6,845,993

37
50
00
15

T o t a l......................................................................................................5239,130,028 02
D E B T O N W H IC H

IN T E R E S T n A S C E A S E D S IN C E M A T U R IT Y .
(Payable on presentation.)
Funded Loan of 189 1, continued at 2 % , called for redemption
M a y 18 1900: interest ceased Aug. 18 1900_____
54,000 00
Funded Loan of 1891, matured Sept. 2 18 9 1......
20,950 00
Loan of 1904, matured Feb. 2 1904.........................................................
13,050 00
Funded Loan of 1907, matured J u ly 2 1907_____________________
496,650 00
Refunding certificates, matured J u ly 1 1907........
11,450 00
Old debt matured at various dates prior to Ja n . 1 1861, and other
Items of debt matured at various dates subsequent to Jan. 1 1861
900,640 26
Certificates of Indebtedness, at 3 % , 3 % % , 3 % % and 4 % , matured 14,548,000 00
T o t a l.......................................................................................................... 515,994,740 26




00
50
63
12

T o ta l............................. 2,363,636,859 25
T o ta l............................. 2,303,030,859 25
Mote.— Reserved against S340,6S1,016 of U . S. notes and $1,908,003 of Treasury
notes of 1890 outstanding. Treasu ry notes aro also secured by silver dollars in the
Treasu ry.
S IL V E R D O LLA R S.
Assets—$
Liabilities—
§
Silver dollars__________ 490,400,160 00 Sliver certfs. outstand’g 472,19 1,570 00
Treasury notes of 1890
1,908,003 00
outstanding-----------------Available silver dollars
In general fund............
10,300,521 00

The price of silver in New York on tho samo days has been:
S ilver in N . Y ., per oz., cts. 9 0 %

[Vol. 106

490,400,160 00
Total.
G EN ER A L FU ND .
$

490,400,100 00

Liabilities—

$

A v a il, gold (see above).
59,251,972 12 Treasurer’s checks out­
A v a il, silver dollars (sec
standing........... .............
7,090,895 90
ab ove).................... ......
16,300,521 00 Deposits of Government
8,781,228 00
United States notes___
officers:
Federal Reserve n otes..
23,577,065 00
Post Office D ept.........
17,410,354 46
Fed. Res. bank notes_
_
69,240 00
Board of Trustees,
N ational-bank notes__
14 ,292,155 53
Postal Savings Sys­
C ert, checks on b a n k s..
2 5 ,15 1 66
tem ( 5 % reserve)..
5,716,950 44
Subsidiary silver coin_
_
1,791,849 58
Comptroller of the
M inor coin___________
Currency, agent for
625,037 04
Silver bullion a v ail, for
creditors of Insol­
subsidiary coinage). .
vent banks_______
7,17 4 ,17 0 60
982,892 81
Unclassified
(unsorted
Postmasters, clerks of
currency, & c .)______
1,202,999 25
of courts, & c_____
26,169,884 02
Deposits In F ed ’l Land
Deposits for:
banks........................ ..
2 ,ISO,000 00
Redemption of Fed­
Deposits In F e d . Reserve
eral Reservo notes
banks............................. 103,467,670 90
( 5 % fund)________
61,063,622 44
Deposits In special de­
Redemption of F cd ’l
positaries:
Resorvo bank notes
A cct, of sales of certfs.
( 5 % fund)................
536,700 00
of Indebtedness___ 251,09 1,0 14 99
Redemption of na­
L ib erty Loan deposits 438,420,909 59
tional bank notes
Deposits In nat. banks:
( 5 % fund)________
28,094,683 67
T o credit Treas. U . S .
37,745,705 70
Retirement of addi­
T o credit other Go v­
tional
circulating
ernment officers__
8,268,831 82
notes, A ct M a y 30
Deposits In Philippine
1908________ _____
1,566,395 00
treasury:
Exchanges for curren­
T o credit Treas. U . S .
1,496,630 92
cy, coin, & c_______
11,291,96 5 38
T o credit other Go v­
ernment officers_
_
2,223,544 71
159,924,344 12
tNotbalanco.
823,061,969 34
To tal
982,986,313 46
To tal
982,986,313 46
* AH reports from Treasury offices received boforo 1 1 a . m. aro proved on the
same d ay. A ll reports from depositary banks aro proved on tho day of receipt or
the day following.
t Tho amount to tho credit of disbursing officers to-day was $577,868,498 80.
T h is Is a book credit and represents the maximum amount for which disbursing
officers are authorized to draw on tho Treasurer of the United States to pay Govern­
ment obligations ns they become duo. Tho net balance stated is tho amount a v ail­
able to pay Treasury warrants, disbursing officers’ checks, and matured public debt
obligations.
Under the Acts of J u ly 14 1890 and Dec. 23 19 13, deposits of lawful money for
the retirement of outstanding national bank and Federal Rcservo bank notes aro
paid Into the Treasury as miscellaneous receipts, and these obligations are mado
under the Acts mentioned as part of tho public debt. Th e amount of such obliga­
tions to-day was S37.810.039 50.

IMPORTS A N D EXPORTS FOR NOVEMBER.
The Bureau of Statistics at Washington has issued tho
statement of tho country’s foroign trade for Novomber and
from it and provious statements we have prepared the fol­
lowing interesting summaries:

In the following we give the comparisons with the previous
months:

F O R E IG N T R A D E M O V E M E N T O F T H E U N I T E D S T A T E S .
(In tUe following tables three ciphers (000) are In all cases omitted.)
M E R C H A N D I S E .______________________________
I m p o r ts .

E xp orts.
1 9 1 7 ._ |
_
January----------February--------M a r c h ...............
A p r i l ..................
M a y ___________
Juno.............—
J u l y ....................
A ugust.......... ..
September____
O cto ber_______
N ovem ber------D e ce m b er____

$267,879
299,806
296,612
294,746
274,218
268,547
268,469
260,610
300,655
336,152
327,670
359,306

$241,794
199,480
270,257
253,936
280,727
306,623
225,926
267,855
236,197
221,239
220,534

$5,482,641 $3,554,670

T o t a l .............

1916.

1917.

1915.

1916.
$330,036
401,784
410,742
398,569
474,804
464,686
444,714
510.167
514,924
492,814
516.167
523,234

$613,325
467,648
553,986
529,927
550,064
573,653
372,758
489.997
455.997
543,232
488,241

1915.

$184,351
193,935
213,590
218,236
229,189
245,795
182,723
199,316
164,039
178,659
176,968
204,834

8122,148
125,123
157,982
160,576
142,285
157,695
143,245
141,804
151,236
149,173
155,497
171,833

$2,391 ,63 5 $1 ,778 ,59 7

—

GOLD.
I m p o r ts .

E xp orts.
1917.

1915.

1917.

1916.

$20,720
22,068
17,920
16,965
57,697
67,164
69,052
46,049
31,332
11,154
7,223

$10,213
13,685
10,774
11,503
11,919
8,312
9,395
11,780
6,849
7,054
26,335
27,974

1916.

$58,926
103,766
139,499
32,372
52,262
91,339
27,304
18,692
4,172
4,1 50
2,906

$15,008
6,016
9,776
6,122
27,322
122,735
62,108
41 ,239
92 ,562
97,509
46 ,973
158,620

$6,896
12,727
25 ,620
16,203
31 ,136
62,342
17,263
61,641
42 ,062
79,669
60,982
45,413

$685,990

$451,954

$692
1,054
924
814
1,277
2,822
2,192
1,128
2,034
2,939
3,661
11,889

$155,793

January.............
February______
M a r c h ________
A p r i l ..................
M a y ....................
Juno...........^ ___
J u l y ....................
A u g u st..............
September____
O cto ber.............
N ovem ber____
D ece m b er____

$31,426

T o t a l _______

1915.

S IL V E R .
E xp orts.

Im p o rts.
1915.

1916.

1917.

1917.

1916.

$5,887
7,694
5,556
4,353
6,272
8,965
5,538
7,503
10,465
6,983
4,789

$4,636
4,947
5,748
4,856
6,212
4,644
4,3 36
5,815
6,530
6,016
7,847
9,008

$5,188
3,425
3,156
4,371
4,741
3,969
3,965
3,378
3,366
5,237
5,971
6,831

$3,346
2,478
2,977
2,375
4,741
2,235
3,420
5,681
5,796
5,049
9,086

.......

$70,595

$53,599

..... .

January.............
Fobniary...........
M a r c h ...............
April....................
M a y ....................
June....................
J u l y ....................
A ugust-----------September____
O cto ber---------Novem ber------D ecem b er____
T o t a l .............

1915.

$1,852
2,596
2,8 80
2,176
2,725
3,183
2,426
2,517
2,880
2,892
2,583
3,553

$2,287
2,400
2,477
2.603
2,352
3,623
3,003
3,804
2,737
3,219
3,376
2.603

$32,263

$34,484

E X C E S S O F E X P O R T S O R IM P O R T S .
M erch a n d ise.

1916.

19 17.
Jan ____
F eb ____
M arch .
April . .
M ay—
June—
July . . .
Aug . . .
S ep t. . .
O c t-----N o v ___
Deo . . .
Total

$
+ 145,685
+ 207,849
+ 187,152
+ 180,333
+ 245,615
+ 218,891
+ 261,991
+ 3 10 ,8 5 1
+ 350,885
+ 314,155
+ 339,199
+ 318,400

$
+ 3 7 1 ,5 3 1
+ 268,16 8
+ 2 8 3 ,72C
+ 275,991
+ 269,337
+ 267,030
+ 146,832
+ 222,142
+ 219,804
+ 321,993
+ 267.707

.........-

.......

Cold.

10 15.

19 17.

Silver.

1916.

$
$
$
+ 145,731 — 38,206 — 4,795
+ 174,683 — 81,698
+ 7,669
+ 138,630 — 121,579
+ 998
+ 134,170 + 15,407
+ 5,381
+ 131,933
+ 5,435 — 15,403
+ 110,852 — 24,175 — 114,423
+ 125,224 + 41,749 — 52,713
+ 118 ,8 0 5 + 27,357 — 29,459
+ 149,419 + 27,160 — 85,71.'i
+ 186,979
+ 7,001 — 90,455
+ 172,173 + 4,317 — 20,638
+ 188,473
— 130,646

+ 3,091,006 + 1,777,072

1916.

19 17 .

s

S
+ 2,541
+ 5,216
+ 2,579
+ 1,978
+ 2 ,4 8 1
+ 6,729
+ 2 .118
+ 1,822
+ 4,669
+ 1,934
—4,297

....... — 530,197 ___

+ 2,784
+ 2,351
+ 2,8 6 8
+ 2,680
+ 3,487
+ 1,461
+ 1,910
+ 3,298
+ 3,650
+ 3,124
+ 5,264
+ 5,455

+ 38,332

Totals for merchandise, gold and silver for eleven months:
11
M os.
(000s
om it­
ted .)
1917.
1916.
1915.
1914.
1913.
1912.

M erch a n d ise.
Im ­
ports.

E x­
p orts.
$
5,6 38,8 30
4,959,407
3,195,364
1,867,991
2,250,823
2,148,902

s

2 ,7 2 4 ,56S
2,186,801
1,606,761
1,674,019
1,608,571
1,003,977

Excess
of
E xp orts.

G old.
E x­
ports.

$
$
2,914,262 367,346
2,772,606 127,819
1,588,600 19,537
193,372j222,485
642,252 81,226
484,9251 46,768

Im ­
p orts.

Silver.
Excess
E x­
of
E xports ports .

$
$
535,389 /16S043
527,369 (399550
406,542 (387005
53,279 169,206
58,631 22,595
55,152 /8 ,3 8 4

$
74,005
61,587
46,768
46,291
58,319
04,354

Im ­
p orts.

Excess
of Exports

$
$
47,186 26,819
28,711 32,876
31,881 14,887
23,220 23,071
33,057 25,262
44,403 19,951

/ Excess of Imports.

Similar totals for the five months since July 1 for six years
make the following exhibit:
5
HI O .
S
(000s
om it­
ted )
1917.
1910.
1915.
1914.
1913.
1912.

M erch a n d ise.
E x­
p orts.

Im ­
ports.

165

THE CHRONICLE

Jan . 12 1918.]

Excess
of
Exports.

Gold.
E x­
ports.

Im ­
ports.

Silver.
Excess
E x­
„ of
Exports p orts.

Im ­
p orts.

$
S
3
$
$
S
$
$
2,350,226 1,171,751 1,178,475 164,811 57,223 107,588 35,278 29,033
2,478,787 901,705 1,577,082 61,413 340,390 (278977 30 ,545 13,298
1,493,556 740,954 752,602 11,954 261,617 (249663 21,919 10,139
127,445 138,511 22,538 115,976 20,781 10,630
821,148 693,703
1,084,540 728,984 355,552 17,491 30,722 /1 3 ,2 3 1 24,997 14,926
1,049,286 779,326 269,960 13,371 29,887 /1 6 .5 1 6 30,684 19,138

Excess
of
Exports
S
6,245
17,247
5,780
10,151
10,071
11,546

D e c.
N ov.
O ct.
Sept.
A u g.
July
June
M ay
April
M ar.
Feb.
Jan.
Deo.
N ov.
Oct.
Sept.
A ug.
July
June
M ay
April
M ar.
Feb.
Jan.
Deo.
Nov.
O ct.
Sept.
A ug.
July

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

T on s.
1 9 1 7 .. 9,3 81,7 18
1 9 1 7 .. 8,8 97,1 06
1 9 1 7 .. 9 ,0 09,6 75
1 9 1 7 .. 9,8 33,4 77
1 9 1 7 .-1 0 ,4 0 7 ,0 4 9
1 9 1 7 ..1 0 ,8 4 4 ,1 6 4
1 9 1 7 ..1 1 .3 8 3 .2 8 7
1 9 1 7 .-1 1 ,8 8 6 ,5 9 1
1 9 1 7 ..1 2 ,1 8 3 ,0 8 3
1917— 11,711,644
1917— 11,576,697
1 9 1 7 -1 1 ,4 7 4 ,0 5 4
1 9 1 6 -1 1 ,5 4 7 ,2 8 6
1916— 11.058,542
1916— 10,015,260
1 9 1 6 — .9 ,5 2 2 ,5 8 4
1 9 1 6 ...9 ,6 6 0 ,3 5 7
1 9 1 6 .- 9 ,5 9 3 ,5 9 2
1 9 1 6 .- 9 ,6 4 0 ,4 5 8
1 9 1 6 .- 9 ,9 3 7 ,7 9 8
1 9 1 6 .- 9 ,8 2 9 ,5 5 1
1 9 1 6 .- 9 ,3 3 1 ,0 0 1
1 9 1 6 .- 8 ,5 6 8 ,9 6 6
1916— .7 .9 2 2 ,7 6 7
1915— 7,8 06,2 20
1915— 7,189,489
1 9 1 5 ...6 ,1 6 5 ,4 5 2
1 9 1 5 .- 5 ,3 1 7 ,6 1 8
1915— .4 ,9 0 8 ,4 5 5
1 9 1 5 .- 4 ,9 2 8 ,5 4 0

June
M ay
April
M ar.
Feb.
Jan.
D eo.
N ov.
O ct.
Sept.
A u g.
July
June
M ay
April
M ar.
Feb.
Jan.
D eo.
N ov.
O ct.
Sept.
A ug.
July
June
M ay
April
M ar.
Feb.
Jan.

30
31
30
31
28
31
31
30
31
30
31
31
30
31
30
31
28
31
31
30
31
30
31
31
30
31
30
31
28
31

T on s.
1915— 4,678,196
1915— .4 ,2 6 4 ,5 9 8
1915— .4 ,1 6 2 ,2 4 4
1 9 1 5 ...4 ,2 5 5 ,7 4 9
1 9 1 5 .- 4 ,3 4 5 ,3 7 1
1 9 1 5 ...4 ,2 4 8 ,5 7 1
1 9 1 4 ...3 ,8 3 6 ,6 4 3
1 9 1 4 .- 3 ,3 2 4 ,5 9 2
1 9 1 4 .- 3 ,4 6 1 ,0 9 7
1 9 1 4 .- 3 ,7 8 7 ,6 6 7
1914— .4 ,2 1 3 ,3 3 1
1914— 4,1 58,5 89
1 9 1 4 .- 4 ,0 3 2 ,8 5 7
1 9 1 4 .- 3 ,9 9 8 ,1 6 0
1 9 1 4 .- 4 ,2 7 7 ,0 6 8
1 9 1 4 .- 4 ,6 5 3 ,8 2 5
1 9 1 4 .- 5 ,0 2 6 ,4 4 0
1 9 1 4 .- 4 ,6 1 3 ,6 8 0
1913— 4,2 82,1 08
1 9 1 3 .- 4 ,3 9 6 ,3 4 7
1 9 1 3 .- 4 ,5 1 3 ,7 6 7
1 9 1 3 .- 5 ,0 0 3 ,7 8 5
1 9 1 3 .- 5 ,2 2 3 ,4 6 8
1 9 1 3 ...5 ,3 9 9 ,3 5 6
1 9 1 3 .- 5 ,8 0 7 ,3 1 7
1913— .6 ,3 2 4 ,3 2 2
1 9 1 3 ...6 ,9 7 8 ,7 6 2
1913— .7 ,4 6 8 ,9 5 6
1 9 1 3 ...7 ,6 5 6 ,7 1 4
1913— .7 .8 2 7 ,3 6 8

Deo.
N ov.
Oct.
Sept.
A ug.
July
June
M ay
April
M ar.
Feb.
Jan.
Deo.
Nov.
Oct.
Sept.
A ug.
July
June
M ay
April
M ar.
Feb.
Jan.
Deo.
N ov.
Oct.
Sept.
A ug.
July

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

T on s.
1912— 7 .9 32.1 64
1 9 1 2 ...7 ,8 5 2 ,8 8 3
1912— 7,594,381
1 9 1 2 .- 6 ,5 5 1 ,5 0 7
1 9 1 2 .- 6 ,1 6 3 ,3 7 6
1 9 1 2 ...5 ,9 5 7 ,0 7 3
1 9 1 2 .-.5 ,8 0 7 ,3 4 9
1 9 1 2 .- 5 ,7 5 0 ,9 8 6
1 9 1 2 .- 5 ,6 6 4 ,8 8 5
1 9 1 2 ...5 ,3 0 4 ,8 4 1
1 9 1 2 ...5 ,4 5 4 ,2 0 1
1912— .5 ,3 7 9 ,7 2 1
1 9 1 1 ...5 ,0 8 4 ,7 6 5
1 9 1 1 .- 4 ,1 4 1 ,9 5 8
1 9 1 1 .- 3 ,6 9 4 ,3 2 7
1 9 1 1 ...3 ,6 1 1 ,3 1 5
1911 — .3 ,6 9 5 ,9 8 5
1911 — .3 ,5 8 4 ,0 8 8
1911 — .3 ,3 6 1 ,0 8 7
1 9 1 1 .- 3 ,1 1 3 ,1 5 4
1911— 3 ,2 18,7 00
1 9 1 1 .- 3 ,4 4 7 ,3 0 1
1911— 3 ,4 00.5 43
1 9 1 1 ...3 ,1 1 0 ,9 1 9
1910— .2 .6 7 4 ,7 5 0
1910— .2 .7 6 0 .4 1 3
1910— .2 ,8 7 1 ,9 4 9
1910___ 3 ,1 58,1 06
1 9 1 0 ...3 ,5 3 7 ,1 2 8
1910___ 3 .9 70.9 31

The figures prior to July 31 1910 were issued quarterly
only. These, extending back to 1901, were given in the
“ Chronicle” of March 13 1915, page 876.
LAKE SUPERIOR IRON ORE SHIPMENTS— The
shipments of iron ore from the Lake Superior docks during
the season recently closed aggregated 62,498,901 tons, a
decrease of 2,235,297 tons, as compared with the record year
1916. The showing for 1917, however, says the “ Iron Trade
Review,” “in many ways afforded a better index to the ca­
pacity of the Lake fleet than did the heavier movement of
1916. The unusual severity of ice conditions in the early
spring cut off practically one month of the season of navi­
gation, it being early in June before the full fleet began to
approximate its greatest efficiency.”
The all-rail movement is estimated to have run well over
2,000,000 tons, making a total movement for the season of
over 64,500,000 tons. The shipments for the month of
December 1917 totaled 911,475 tons, against 1,085,900 tons
in 1916, 57,236 tons in 1915 and 1,411 tons in 1914.
Below we compare the shipments from the various ports
for the last five seasons:
----------------------------------;— En tire Season-------------------------------------1917.
1916.
1915.
1914.
1913.
Port—
T on s.
T on s.
T on s.
T on s.
T on s.
E sca n a b a ................................ 7,1 56,8 54 7,4 57,4 44 5 ,6 49,2 89 3,664,451 5,399,444
M arq u ette............................... 3,2 0 7 ,1 4 5 3,8 58,0 92 3,0 99,5 89 1,7 55,7 26 3 ,1 37,6 17
Ashland _________
7,597,841
8,057,814 5,1 46,7 72 3.3 63,4 19 4,3 3 8 ,2 3 0
Superior..................
13,978,741 21 ,837,949 8,3 42,7 93 11,309,748 13,788,343
D u lu th ............................. — .2 0 ,5 6 7 ,4 1 9 10,735,853 15,437,419 6,318,291 12,331,126
Tw o Harbors......................... 9,990,901 12,787,046 8,6 42,9 42 5,6 10,2 62 10,075,718
Total.....................................62,498,901 64,734,198 46 ,318 ,80 4 32 ,021 ,89 7 49 ,070 ,47 8
All rail........................... (cst.) 2 ,0 00,0 00 1,924,268
953,947
707,826
876,638
Grand total_______(est.)64,498,901 66 ,658,466 47,272,751 32 ,729 ,72 3 49,947 ,11 6

Com m ercial au&IH tsceUaticmts iXrixrs
STOCK OF MONEY IN THE COUNTRY.— The follow­
ing table shows the general stock of money in the country, as
well as the holdings by the Treasury and the amount in cir­
culation on the dates given.
-S tock o f M o n e y D ec . 1 *17---------M o n e y in Circulation-----I n U . S.
a l l eld in T reas. D ec. 1 1 9 1 7 . D ec. 1 1916.

s

s

s

s

Gold coin and bullion........... 3 ,0 4 0 ,4 7 2 ,0 4 0 192,279,247 1,0 65,1 70 ,8 19
669,368,308
Gold certificates.b ...........................................
.................. 1,154,9 11 ,9 89 1,5 73,376,719
Standard silver dollars____ 56 8,26 9,5 13
15,074,742
76,815 ,30 7
71,147,543
Silver certificates b . . .......................................
..................
47 4,46 7,4 05
47 8,29 0,2 89
Subsidiary s liv e r ................. 21 4 ,4 6 5 ,3 0 0
1,9 62,9 47
212,50 2,3 53
18 5,980,443
Treasury notes of 1890........
........ .........................................
1,9 12,0 59
2,0 4 3 ,0 2 4
United States notes________ 34 6,68 1,0 16
6,8 28,8 91
33 9,85 2,1 25
340,20 8,3 39
Federal Reserve notes_____ 1,1 26,3 44 ,6 10 c 17 ,560 ,00 5 1,0 44,3 04 ,1 81
2 6 4 ,62 0.6 85
Federal Reserve bank notes
12 ,843 ,36 5
8 6 ,480
12 ,756,885
11 ,833,110
National bank notes_______ 717,05 2,0 65
14.374.S36
702,677,229
707,126,774
T o ta l...................................6 ,0 2 6 ,1 2 7 ,9 0 9 248,16 7,1 48 5,0 85,3 70 ,3 52 4,3 03,9 95 ,2 34
Population of Continental United States estimated a t 1 0 4,86 3,0 00. Circulation
per capita, $48 50.
n This statement of money held in the Treasury as assets of the Government does
not Include deposits of public money In Federal Reserve banks, and In national
banks and special depositaries to the credit of the Treasurer of the United States,
amounting to $ 1 ,866 ,24 0,25 5 71.
b For redemption of outstanding certificates and Treasury notes of 1890 an exaet
equivalent in amount of the appropriate kinds of money Is held in the 'Treasury,
and Is not Included In the account of money held as assets of the Government.
c Includes $3 87 ,1 95 ,110 Federal Reserve Gold Settlement Fund deposited with
Treasurer United States.
d Includes own Federal Reserve notes held b y Federal Reserve banks.
N o te .— On D ec. 1 1917 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $3 89 ,2 10 ,005 gold coin and bullion and $2 38 ,8 99 ,980
gold certificates, a total of $ 6 9 2 ,5 90 ,409 , against $2 43,254,628 on D ec. 1 1916.

/ Excess of Imports.

Auction Sales.—Among other securities, the followinj
TRADE AND TRAFFIC MOVEMENT.
not usually dealt in at the Stock E xcha nge, were recently soli
UNFILLED ORDERS OF STEEL CORPORATION.— at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
The United States Steel Corporation on Thursday, Jan. 10,
P er'cen t.
Shares. Stocks.
P er cen t. Shares. Slocks.
issued its regular monthly statement showing unfilled orders
100 Finance & Trading C orp.,
90 Scrlpps-Booth C orpo ra tion .. 10
common_______________$8 per sh.
5 Chevrolet M o to r..........................1 1 2 H
on the books of the subsidiary corporations as of Deo. 31
50 W estP en n .T rac .& W .P .,c om . 8
30 Aetna Explosives, c o m m o n .. 7 H
44 Internat. M otor Truck C orp .,
50 W est Penn Trac. & W . P „ pf. 46
last, amounting to 9,381,718 tons, an increase of 484,612
240 United Coal Corp. 5 % pref.,
com m on..................................... 15 H
tons over the amount on hand at the end of the previous
17 Internat. M otor Truck C orp.,
stock trust certificates____
5
720 United Coal Corp. common,
1st preferred...........................Z 7 H
month, but 2,801,365 tons short of the maximum of unfilled
10 Internat. M otor Truck C orp.,
stock trust certificates____
5
2d preferred---------------------16M
200 C o n so l.G a so fP ltts.6 % pref.,
orders reached on April 30 last, when the amount on hand 1 ,600 Katliodlan Bronie W orks,
$50 each........................... $10 per sh.
In c ., preferred............ 20c. per sh.
Bonds.
P er cen t.
aggregated 12,183,083 tons. The current figures are the
100 Flemlsh-Lynn Phonograph,
$ 5 ,800 Merchants Coal C orp. s. f.
first to show an upward trend since last April.
common.........................10c. per sh.
5s, 1937.................................. 10




166

THE CHRONICLE

By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
S per s h .
1 First National Bank, Boston____ dOOX
1 National Shawmut Bank________ 192
1 Lym an M ills............... .................... — 131H
2 Lowell Bleachery_________ _______ 125
1 Hamilton M anufacturing............... 90

Shares. Stocks.
$ per sh.
6 Massachusetts Cotton M ills______ 134
1 Boston Atheneum, $300 par........... 381
5 Essex Com pany, $50 each..............185
2 Plymouth Cordage.............................. 185

By Messrs. Millett, Roe & Hagen, Boston:
Shares. Stocks.
S per sh. Shares. Stocks.
$ prt sh
19 Hill Manufacturing......................... 77
20 W est Point M f g ........................... .20034
6 M ass. Cotton M ills........ ..............1 3 4
50 Flskdale Finishing, pref______ 1
8 Union Cotton M f g ......................... 203
300 Fiskdale Finishing, com ., tr.}$ 4 ,0 0 0
8 Somerset Hotel Trust___________ 45
c t f s ............................
J lot

By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ p er sh. Shares. Stocks.
5 p er sh.
76,800 Canadian Gasoline C orp.,
6 Fire Assoc, of P hlla., $50
$1 each__________________ $50 lot
e a c h _____ ______
..3 0 7
25 P itts-O h io C oal, 51 each___ 50c.
10 Independence F . I . Secur­
4 Provident Life & Trust____425
ity, $25 each.........................22
20 C o m Exch. N a t. Bank____397
1 P a. A cad, o f Fine A rts_______ 25
10 Farmers & M e ch . N a t. B k .l4 4 J 4
25 C h e ste r * M edia Elec. R y . . 6034 Bonds.
P er cent.
2 Fourth Street N a t . B a n k .. .2 9 2
$3 ,000 Montgom ery Transit 1st &
10 Pliila. N a t . Bank....................460
ref. 5s, 1946___________ 74-80
6 Union N a t . Bank__________ 210
2,5 00 Hanover Gas 1st 5s, 1 9 3 1 .. 89
6 Camden S . D . & Trust,
2.0 0 0 T rl-C lty R y . & L t. 1st ref.
$25 e a c h .._____ _______ 105
5s, 1 9 3 0 .. ............................ 8634
41 2-3 rights to subscribe to Ger­
3.0 0 0 N . Y . & Richmond Gas 1st
mantown Trust C o . @
5s, 1921__________________9 3
5100.................................. 120-125
1.000 Chester C o . P ub. Service
1 Girard Trust C o ____________800
1st 5s, 1941_______________ 93M
15 M arket S t. Title & Trust,
2.0 0 0 Berwyn W ater 1st 6s, 1 9 2 0 . 9134
$50 each........ ................ ......... 11134
2.0 0 0 N o . Springfield W ater 1st
30 W e st End Tru st___________ 157 34
5s, 1928________
9334

BANK NOTES— CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &o.— We give below tables which
show all the monthly changes in national bank notes and in

[Vol. 106

National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
C H A R T E R S ISS U E D .
Original organizations:
T he Farmers’ National Bank o f L iberty, P a. C apital.................. $25,000
CHARTERS E XTE N D E D .
T he First National Bank o f Leonard, Texas. Charter extended until
close o f business Jan. 2 1938.
IN C R E A S E S O F C A P IT A L A P P R O V E D .
T he N ational Newark Banking C o ., N ewark, N . J. Capital
increased from $1,000,000 to $2,000,000. In cre a se ................. $1,000,000
CH AN GES OF T IT L E .
T he National Banking C o ., N ewark, N . J ., to “ T he N ational N ewark &
Essex Banking C o. o f N ew ark.”
V O L U N T A R Y L IQ U ID A T IO N S .
Consolidations with other national banks:
T h e Essex C ounty National Bank o f N ewark, N . J . C a p ita l..$ 1 ,0 0 0,00 0
Liquidating com m ittee: C . L . Farrell, F . B . Adam s and John
l i . H ardin, N ewark. Consolidated with the National
N ewark Banking C o ., which has changed its title to “ The
N ational Newark & Essex Banking C o . o f N ew ark.”
T he American N ational Bank o f San D iego, Cal. C apital____
200,000
Liquidating agent: C . L . W illiams, San D iego. Business
taken over b y the First National Bank o f San D iego.
T otal capital ----------------- ------------------ ------------------------------------ .$1,200,000
Other liquidations:
T ho First N ational Bank o f B ryant, So. D a k . C apital................
$25,000
Liquidating agent: II. G . T em te, B ryant. T o be succeeded
b y the M erchants’ State Bank o f B ryant.

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
D ivid en d s annou nced this week are printed i n ita lics.

Bonds and Legal Tenders
on D ep osit fo r —

C irculation A flo a t Under—

1916-17.
Legal
Tend ers.

Bonds.
D e c. 31
N o v .30
O ct. 31
Bept.29
A u g. 31
July 31
June 30
M a y 31
A p r. 30
M ar. 31
Fcb. 28
Jan. 31
D e c. 30

1 9 1 7 ..
19171 9 1 7 ..
1 9 1 7 ..
1 9 1 7 ..
1 9 1 7 ..
19171 9 1 7 ..
1917—
19171 9 1 7 ..
19171 9 1 6 ..

$
683,58 1,2 60
68 1,565.810
67 9,440,210
678.134.370
677,81 8,4 30
67 3,12 1,7 30
671,333,060
06 9,392,710
66 7,587,120
66 4.526.370
674,992,080
67 5.415.840
677.31 5.8 40

Legal
Tend ers.

Bonds.

$
37 ,397 ,64 9
38 ,103 ,28 7
39,573,272
41,396,305
43 ,223,059
45,416,747
47,749,577
50,241,202
53,245,374
56,191,132
47,118,057
50,540,476
52,165,627

$
37,397,649
38,103,287
39,573,272
41,396,305
43,223,059
45,416,747
47 ,749 ,57 7
50,241,202
53,245,374
56,191,132
47,118,057
50 ,540,476
52,166,627

$
681,814,981
678,948,778
67 6,703,103
67 5.182,077
674,514,056
670,367,175
667,670,433
60 6.344.773
064,245,448
661,371,468
671,001,858
670,717,615
67 4,659,613

N a m e o f C om pany.
Total.
S
719,212,630
717,05 2,0 65
716,270,375
716,578.382
71 7,737.715
71 5,783,922
71 5,420,010
710,585,975
71 7,490.822
717,562,000
718,119,915
721,258,091
726.82 5.8 40

U . S. Bonds H eld D ec . 31 to Secure—
Bonds on D ep osit
D e c . 31 1917.

2%
3%
4%
2%
2%

U.
U.
U.
U.
U.

S.
S.
S.
S.
S.

On deposit to On deposit to
secure Federal
secure
Reserve Bank N a tion a l Bank
N otes.
N otes.

Consols o f 1930— Loan of 19 0 8 -1 9 1 8 .
Loan of 19 25.......... ..
Panama of 1 9 3 6 .. .
Panama of 1938___

T o t a l .................................................................

$
9,6 05,9 00

Total
H eld .

825.000
146,500
155.000

$
557,171,900
18.292.820
36,699,900
46 .550.820
24 .859.820

$
566,777,800
18.292.820
37 ,524 ,90 0
46 ,703 ,32 0
25 .014 .82 0

10 ,732,400

683,581,260

694,313,660

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Dec. 1 and
Jan. 1 and their ino. or dec. during the month of December:
N ationa l Bank N otes— Total A floa t—
Am ount afloat D e c. 1 1917......................................................................................... $7 17 ,0 52 ,065
N e t amount Issued during December...................... ........... .................................
2 ,1 60,5 65
Amount of bank notes afloat Jan. 1 1918.................... ......... ..........................S 719.212.630
P Legal Tender N otes—
A m ount on deposit to redeem national bank notes D ec. 1 1917............. $3 8,103,287
N e t amount of bank notes retired In December............. ................ ................
705,63 8
Amount on deposit to redeem national bank notes Jan. 1 1918____ $37,39 7,6 49

Canadian Bank Clearings.— The clearings for the week
ending Jan. 3 at Canadian cities, in comparison with the
same week in 1917, show an increase in the aggregate of 1.3%.
W eek ending Jan. 3.
r^

Clearings at—

w xm

Canada—
M ontreal...............................
Toronto__________________
W in n ip e g ________________
V an cou ver...........................
O tta w a __________________
Q u e b e c ..................................
H a ltfa v ...................................
Hamilton ________________
S t. John_________________
Victoria__________________
L on d on __________________
Calgary..................................
E d m o n to n _______________
Regina____________________
B rand on _________________
Lethbridge_______________
Saskatoon________________
Brantford .............................
M oose Jaw_______________
Fort W illiam ......................
N ew Westminster_______
Medicine H a t_____ ______
Peterborough____________
Sherbrooke___ ___________
Kitchener........ ........... .........
T otal Canada..................




1918.

19 17.

.1rtu, ur
D ec

S
S
%
74,896,575 80,175,680 — 6.6
58.8S0.596 60,019.892 — 1.9
43 675.204 38,634,043 + 13.0
8 142 373
6 986 810 + 10.5
5,334,224
5,307,818
+ 0.5
4,117,636
4,033,436
+ 2 .1
3,345,543 — 9.8
3,016,430
4,703,430 4,816,751
— 2.2
2,272,708 — 12 5
1,938.250
1,675,000
1,334,330 + 2 5 .8
2,357,053
2,643.301 — 10.8
6,653,609 5,009,927 + 32.8
2,542,414 + 2 5 .2
3,182,840
3,697,521
3,465,759
+ 6.7
805,662
681.276 + 18.2
788,137 + 26 .9
1,000,000
1.698,009
1,629,398
+ 4.2
976,168
795,888 + 22.7
1,495,541
1,351,097 + 10.7
774,259
689,192 + 3 1 .4
358,329
249,901 + 4 3 .6
491,238
495,676 —0.9
700,000
590,992 + 18.4
678,090
539,398 + 2 5 .8
576,754
647,324
+ 5.4
231,879,791 228,846.689

+

1916.

19 15.

8
S
63,888,321 41,670,530
53,554,882 40,198,295
44,004,131 25,066,915
5 753,540 6,053,576
5,120,968
3,980,655
2,569,929
24,57,335
4,413,395
2,537,973
4.277,000 2,98 9,115
1,704,920
1,545,730
1,433,423
2,713,0 19
2,427,979
2,941,915
, 4,330.626 2,920,035
2,5 17.277
2 ,19 7 ,119
2,726,871
2,003,138
893,658
556.867
531,863
341,427
1,350,940
878,230
719.473
620,459
1,262,033
802,667
490,494
4 17,791
239,861
308,166
201,591
385,035
644,355
534,607
..................

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

1.3 205,298,974 143,999,205

W h en
Payable ■

Books C losed.
D a ys In clu siv e.

R a ilr o a d s (S te a m ).

Alabama Great Southern, preferred.
Preferred ( e x t r a ) .._____ __________
Canada Southern.
Six per cent preferred................
C lev.C ln . C hic. & S t. Louis, pref
Delaware & Hudson C o. (q uar.).
Detroit River Tunnel___
Georgia Railroad & Banl
Great Northern (quar.).

$12,60 5,1 65 Federal Reserve bank notes outstanding Jan. 1, of which $10,732,400
covered by bonds and $ 1 ,872 ,76 5 by lawful money.

The following show the amount of each class of U. S.
bonds held against national bank circulation and to secure
public moneys held in national bank depositaries on Dec. 31

Per
Cent.

Louisville 4 Nashville_________
Mahoning Coal R R ., com m on.
Michigan Central...................... ..
N ashville Chattanooga & St. L o u ts___
New York Central R R . (q uar.)..........
New York Ontario & Western_______
Norfolk & W estern, pref. (quar.)____
Northern Central.......................................
Northern Pacific (quar.)_____________
Pere M arquette, prior pref. (q uar.).
Rutland R R ., preferred. . .
W abash, pref. A (q uar.).

. $1.50 Feb. 21[ Holders of reo. Jan.
.
25o . Feb. 21l Holders of reo. Jan.
Feb. 1 Holders of reo. D eo.
l
)
2X
l
l 'A M ar. 1 Holders of rcc. Jan.
Feb. 1 Holders of rec. Deo.
.
IX
3 X Jan. 14\ Holders of reo. Jan.
Jan. 141 Holders of reo. Jan.
.
3
Jan. 21. Holders of reo. Deo.
IX
M ar. 2Cl Holders of rec. Feb.
2X
) $2.50 Jan. 21. Holders of roe. Jan.
Jan. IEi Holders of reo. Jan.
3
Jan. IEiJ a n .
1
to
Jan.
.
3
Feb. 1 Holders of reo. Jan.
.
IX
M ar. 1 Holders of reo. Feb.
.
IX
Jan. IE> Holders of rec. D eo.
.
1
. $1.25 Jan. 12! Holders of reo. D eo.
. $1.25 Jan. IEi D ec. 15
to
Jan.
Fob. 11 Holders of reo. Jan.
3X
Feb. 1 Holdors of rec. Jan.
. $5
Jan. 2!Ji Holders of rcc. D eo.
2
. S I .25 Jan. 15. Dec. 22
to
Jan.
Feb. 1 Holders of reo. Jan.
3X
Feb. 1 Jan. 4
to
Jan.
.
ix
Jan. 14 Holders of reo. D eo.
2
Feb. 19 Holders of reo. Jan.
1
S2
Jan. 15 Holders of reo. D eo.
Fob. 1 Holders of reo. Jan.
.
IX
Feb. 1 Holders of reo. Jan.
.
IX
Jan. 25 Holders of reo. Jan.
.
2X
Feb. 14 Holders of rec. Jan.
. SI
Jan. 23 Holders of rec. Jan.
2
Jan. 31 Holders of reo. Jan.
1

21a
21a
31a
31
31a
4a
4a
31a
26a
5a
7a
14
4a
la
31a
29a
15
21a
8a
31a
14
21
23
31a
31a
31a
4a
15a
15a
25a
11
11a

S treet & E lectric R a ilw a y s.
to
Jan. 15
Brooklyn C ity R R . (quar.)______________
25c. Jan. 15 Jnn. 4
Feb. 1 Holders of reo. Jan. 15a
Carolina Power & Light, common (quar.)1
X
Jan. 15 Holders of reo. D ec. 31a
Central Illinois Public Serv., pref. (quar.)1
IX
1
to
Jan. 15
Jan. 15 Jan.
C in. New p. & C ov. L . & T r ., com . (qu.)i
IX
1
to
Jan. 15
Jan. 15 Jan.
Preferred (q uar.).......... ......................... ........
IX
Feb. 1 Holders of reo. Jan. 15a
Cities Service, com. & pref. (m o n th ly )...
X
Fob. 1 Holders of reo. Jan. 15a
Common (payable In common s t o c k ).. r x
Common and preferred (m o n th ly )____
X M ar. 1 Holders of reo. Feb. 15a
Common (payable In common stock) _ . f X M ar. 1 Holders of reo. Feb. 15a
Fob. 15 Holders of rec. Feb. 1
Connecticut Ry. & L tg ., com . & p ref. (q u .).
IX
1
to
Jan. 15
2
Jan. 15 Jan.
Consolidated Traction of New Jersey___
Dec. 31 Holders of reo. Deo. 24a
D ayton & T roy E lec. R y., com . * p f. (q u .).
IX
1
Feb. 1 Holders of rcc. Jan.
Duquesne Light, prof, (quar.) (N o . 1 2 ) . .
IX
Jan. 14 Holders of reo. D eo. 24a
3
El Paso E lec. C o ., pref. (N o. 3 1 )...............
Jan. 20 Holders of rcc. Jan. 10a
Georgia R y . & Power, 1st pref. (q u a r .)..
IX
Jan. 20 Holdors of rec. Jan. 10a
1st pref. extra (acct, accumulated dlvs.) h i
Kentucky Securities C orp., pref. (q uar.).
I X Jan. 15 Holders of reo. Jan. 2a
2a
2
Jan. 15 Holders of rec. Jnn.
Manchester T rao., Light & Power (quar.)
M ilw aukee E lec. R y. & Light, p ref. ( q u . ) . .
I X Jan. 31 Holders of reo. Jan. 21a
Monongahela Valley T ra c ., com. (q u ar.). 3 1 M c . Jan. 15 Holders of rcc. D eo. 31a
Montreal Tramways (quar.)______
2 X Fob. 1 Holders of reo. Jan. 14
Jan.
9
N ew Orleans City R R ., com m on_____
1
Jan. 10 Jan. 2 ; to
P r e fe r r e d ............................................................
2 X Jan. 10 Jan. 2 to Jan. 9
N ew p. News & H am p t. R y ., G . & E ., p ..
3 X Jan. 1 Holders of reo. D ec. 20a
Ottumwa R y . & Light, pref. (q uar.)_____
I X Jan. 15 Holders of reo. D eo. 31
2a
Philadelphia C o ., com. (quar.) (N o. 145)
75o. Jan. 31 Holders of rec. Jan.
P hiladelp h ia* Western, pref. (quar.)___ 6 2 !* c . Jan. 15 Holdors of reo. D e c. 31
Jan. 15 Holders of reo. D eo. 31
Republic R y . & Light, com. (qu.) (N o . 5)
1
Preferred (quar.) (N o . 2 6 ).........................
I X Jnn. 15 Holders of rcc. D eo. 31
5a
United R y s. & E lec., B a lt., com. (q u ar.). 50c. Jan. 15 Holders of reo. Jan.
Jan. 21 Holders of reo. D eo. 31a
3
Virginia R y . & Power, preferred..................
W ash. Balt. & Annapolis Electric, c o m .. $1.50 Jnn. 15 Holders of rec. D e c. 31a
W est Penn Power, pref. (quar.) (N o . 8 ) . _
I X Feb. 1 Jan. 20 to Feb. 22
62>*o. Jan. 31 Holders of reo. Jan. 21a
Y ork Railways, pref. ( q u a r .) ..____
H anks.
F irst N a tion a l, Brooklyn (q u a r.)____
2 X Jnn. 10 Holders of rec. Jan. 4
2
Jan. 10 Holders of rec. Jan. 4
E x t r a .................................................. ..
Holdors of reo. Deo. 31
7
P h ilip p in e N a tion a l (M a n ila )............
Fire In su ra n c e.
6
Jan. 15 Holders of reo. Jan.
3
A m erica n A llia n ce In su ra n ce______
15
Jan. 15 Holders of reo. Jan. 3
Great A m erica n In su ra n ce__________
’7 '7I 1 H
M isc ellan e ou s.
Air Reduction, common (quar.) (N o . 3 ) . .
■Preferred (quar.) (N o. 3 ) ...........................
Alliance Realty (quar.)....................................
Allis Chalmers M f g ., pref. (q uar.)_______
Preferred (nccount accum. dividends).
Am er. Agrlo. Chera., com. (qu.) (N o .(25)
Preferred (quar.) (N o . 5 0 ).........................
Am er. Beet Sugar, common (q uar.)..........
A m er. District Telegraph of Now Y o r k ..
Amer. G a s * E lec., pref. (quar.) (N o . 44)
American G lue, preferred..............................
American Ice, pref. (q uar.)...........................
Amer. Laundry Machinery, prof, (quar.)
A m er. Light & Traction, com . (q u a r .)..
. Common (payable In common s t o c k ).Preferred (q uar.)............................................
American Locomotive, prof, (q u ar.)..........

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
2
.Jan.
1
,Jan.
75c. Fob.
4
Feb.
I X .Jan.
Jan.
IX ■
2X
:Fob.
Feb.
I2 X
I X !Fob.
fan.
IX ■
$1

IX
IX
IX
hX
IX
IX

15
15
16
15
15
15
15
31
15
1
1
25
15
1
1
1
21

Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
1
Jan.
6
■
.Tan. 11
.Tan. 11
.Tan. 11
1
Holders

of
of
of
of
of
of
of
of
of
of
of
of

reo.
rcc.
reo.
reo.
reo.
reo.
rec.
reo.
rec.
reo.
reo.
reo.
to
to
to
to
of rec.

Jan.
Jan.
Jan.
D eo.
D eo.
D eo.
D eo.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

2
2
10
31a
31a
24a
24a
12
2a
18
20
15
15
27
27
27
5a

N am e

o f C om pa ny.

Per
Cent.

M iscellan eou s (C in tln u ed ).
154
A m er. M alting, 1st & 2d pref. (q uar.)—
/5
Aincr. Rolling M ill, common.................... —
1
Am er. Seeding Machine, com . (quar.) —
154
Preferred (quar.)............... ............................
A m erica n Sewer P ip e (q u a r .)______________
154
American Shipbuilding, com . (q u ar.)-----254
Common (extra).................... .......................
ol54
Preferred (quar.).......... _ _ ..................... —
2
Amer. Telephono & Telegraph (quar.) —
1
American T yp e Founders, com . (q u a r .)..
154
Preferred (quar.)................................ ...........
A m e r. W in d ow Class M a c h ., p r e f-------------- r l4 54
154
American Woolen, common (quar.)...........
154
Preferred (q uar.)............... ...........................
Anaconda Copper Mining ( q u a r .) ............. 32
Anglo American Oil, L td . (Interim)--------- MIS
154
Associated OH (quar.)-------- ----------- ----------5
A tl. Gulf & W . I . S. S. Lines, com ...............
154
A tla s Pow d er, p r ef. (q u a r.).............................
Barnhart Bros. & Splndler—
154
First and second preferred (quar.)-----154
Preferred (quar.)...........................................
2
Bell Telephone of Canada (quar.)------ - - ­
154
Bell Telephone of Pennsylvania (q u a r .)..
1
11rill (J . G .) C o ., preferred (quar. ) - - - - - - 6
B ritish-A m er lean Tobacco, ordinary (final)
6
Ordinary (In terim ).......... ................ .
154
Brown Shoe, preferred (quar.) — 154
Burns B ros., com m on (quar.) (N o . 1 8 ) - - - Com . (quar) (payable In com m on stock ). n
154
P referred (quar.) (N o . 2 0 )----------254
Bush Terminal, common------------ Common (payable In common stock)- - /2 5 4
3
Pref erred_________________ ______-■
154
Canada Cement, common (quar.)
1
Canadian Converters, Ltd. (q u a r .)..
3
C anadlan Fairbanks-M orse, p r ef-----z4
Carbon Steel, first preferred.............
0
Second preferred— -------- ---------154
Central Coal & Coke, common------154
Preferred (quar.)---------- - — - - 2
154
Ordinary preferred ( q u a r . ) - - - - .............
154
Central Leather, common (quar.).............
154
Central Sugar, p ref. (q u a r .)-.........................
254c
Cerro Gordo Mines (q uar.).........................
254c
E x tr a ....................- - - - ....................... ............
•
1
C ertaln-tccd Products C orp ., com m on-----3
Chevrolet M otor (q u a r.). . . . ........ ..................
1
Chicago Pneumatic T ool (q uar.)-----------$6.25
C ln. & Sub. Bell Telcp . (extra).......... ..
2
Cleveland Eleotrlo Ilium ., com . (q u ar.).
154
Preferred (quar.)......................... ........... - 154
54
2
Colorado Fu el A Iron , p ref. (q u a r .)...........
54
Colorado Power, common (quar.).............
2
Commonwealth Edison (q u ar.)------ — 31.50
Commonwealth G as& E l.C os., pf. (qu.)
2
2
Second preferred .
/3 5
154
10c.
154
Corn Products R efg., pref. (q u ar.).
3
Cramp (W m .) & Sons S . & E . BUlg.
2
C rocker-W heeler C o., com . ( q u a r . ) . . .
154
Prcferred (p e a r .)---------------------------354
Curtiss Aeroplane & M otor, p r e f.. 254
D om in ion

Coal,

L td .,

pref.

Domlnlon Textile, preferred (q u a r .) ..
du Pont <E. I.) do Nemours & C o .—
Debenture stock (q u ar.).................... -

354
354
154
154

W hen
°ayable.

Books Closed.
D a ys In clu sive.

Feb. 1
Feb. 1
an. 15
ran. 15

Ioldcrs
lolders
lolders
lolders

•
’eb.
•'eb.
i
’eb.
an.
an.
an.
an.
an.
an.
Feb.
fan.
fan.
Feb.
Feb.

lolders
lolders
lolders
Ioldcrs
lolders
lolders
lolders
Jec. 14
)ec. 14
lolders
lolders
lolders
lolders
Ian. 20

1
1
1
15
15
15
19
15
15
25
15
15
1
1

of
of
of
of

rec. Jan. 16a
rec. Jan.
1
rec. Deo. 31a
rec. D e c. 31a
__________
of rec. Jan. 15
of rec. Jan. 15
of rec. Jan. 15
of rec. D ec. 31a
of rec. Jan. 10a
of rec. Jan. 10a
of rec. Jan. 11
to
D ec. 27
to
D e c. 27
of rec. Jan. 19a
of coup. N o . 14
of rec. D ec. 31a
of rec. D eo. 28a
to
Jan. 31

Feb. 1 Ioldcrs of reo. Jan. 26a
2a
fan. 15 lolders of reo. Jan.
lan. 15 lolders of rec. D ec. 31
fan. 15 lolders of rec. Jan.
5a
•'eb. 1 fan. 25
to
Jan. 31
ran. 31 3ee note z.
fan. 31 3ec note z.
.-'eb. 1 lolders of rec. Jan. 19a
Feb. 15 lolders of rec. F eb. 1
Feb. 15 lolders of rec. Feb.
1
Feb. 1 lolders of rec. Jan. 20
fan. 15 Ioldcrs of rec. Jan.
7a
ran. 15 lolders of rec. Jan.
7a
ran. 15 lolders of rec. Jan.
7a
fan.lOd Ian
1
to
Jan. 10
Feb. 15 Holders of rec. Jan. 31
ran. 15 Ioldcrs of rec. D ec. 31
March
10_________________ _______
July . .
Jan. 15 Holders of rec. D e c. 31a
Jan. 15 Holders of rec. D e c. 31a
Jan. 15 Holders of rec. D ec. 31a
Jan. 15 [lolders of rec. D eo. 31a
Feb.
1 Holders of rec. Jan. 10a
Feb.
1 Holders of rec. Jan. 15
Jan. 15 Holders of rec. D ec. 31
Jan. 15 Holders of rec. D ec. 31
Jan. 28 Holders of roc. Jan. 17
Feb.
1 Holders of rec. Jan. 18
Jan. 25 Jan. 10
to
Jan. 25
Jan. 15 Holders of rec. D e c. 24
Jan. 15 Holders of rec. Jan.
la
Feb.
1 Holders of rec. Jan. 25a
Feb. 1 Holders of rec. Jail. 21
Jan. 25 Holders of ieo. Jan. 10a
Jan. 25 Holders of rec. Jan. 15a
Jan. 15 Holders of rec. D e c. 31a
F eb. 1 Holders of rec. Jan. 15
Jan. 15 Holders of rec. Jan.
2a
Jan. 21 Holders of rec. D ec. 31
Jan. 21 Holders of rec. D ec. 31
Feb. 21 Feb. 9
to
Feb. 20
Jan. 15 Jan.
4
to
Jan. 16
Jan. 15 Holders of rec. D ec. 31a
Jan. 15 Holders of rec. Jan.
7a
Feb.
l Jan. 16
to
Feb. 1
Jan. 15 Holders of rec. Jan.
5
Jan. 15 Holders Of rec. Jan.
5
Jan. 15 Holders of rec. Jan.
2d
Jan. 15 Holders of rec. D ec. 31a
Jan. 18 Holders of rec. Jan.
2a
Feb.
1 Holders of reo. Jan. 12
Jan. 15 Dec. 20
to
Jan.
1
Feb.
1 Holders of rec. Jan. 15
Jan. 15 Holders of reo. D e c. 31

Jan. 25 Holders of rec. Jan. 10
Feb.
1 Holders of rec. Jan. 21
Feb.
1 Holders of rec. Jan. 21a
Jan. 15 Holders of rec. Jan.
2
Feb.
1 Holders of rec. Jan. 15
Feb. 1 Holders of rec. Jan. 15
)
Feb. 15 Holders of rec. Feb. 1
Feb.
1 Holders of rec. Jan. 24a
I l i l WUl nut w o t v u i i wv AJ ~
' Jan. 15 Holders of rec. Jan.
Electrical Utilities C orp., pref. (quar.) 5
Electric Bond A Share, com . (qu.) ( '
Jan. 15 Holders of rec. Jan. 14
Feb.
1 Holders of rec. Jan. 16
Preferred (quar.) (N o . 5 1 )---------Feb.
1 Holders of rec. /a n . 24
E lgin N ational W atch (q u a r.).......... .
_ 1254c Feb.
1 Holders of rec. Jan. 15
E lk Basin Petroleum (q u a r.)-----------Feb.
l Holders of rec. Jan. 15
Eureka Pipe Line (q u ar.)............... .
Feb.
1 Holders of rec. Jan. 19
Fajardo Sugar (q u a r.)............... - - - - 3
Feb. 1 Holders of rec. Jan. 15a
.
10
Federal Steel Foundry, com m on—
Jan. If Jan.
1
to
Jan. 15
.
6
Jan. 15 Jan.
Preferred__________________________
1
to
Jan. 15
Federal Sugar R efg., p ref. (q u a r.).
154 Feb.
1 Holders of rec. Jan. 21
.
15c Feb. 25 Holders of rec. Feb. 5
First N ationa l C op per---------------------- $3
Foundation C o ., common (e x tr a )..
Jan. 15 Holders of rec. Dec. 1
254 Feb.
1 Holders of rec. D ec. 31a
Common (payablo In common sto c k )..- / 5
Feb.
I Holders of rec. D ec. 31a
.
2
Gcnoral Electric (quar.)......................
Jan. 15 Dec. 8
to
Jan.
3
_ 62
Special (payablo In stock ).......... ..
Jan. 15 Dec. 8
to
Jan. 3
.
3
Feb.
l Holders of rec. Jan. 18
G eneral M otors C orp ., com . (quar.).
Feb.
1 Holders of rec. Jan. 18
Preferred (q u a r.)__________________
G lobc-W ernlcko, preferred (quar.).
154 Jan. 15 Holders of rec. D e c. 31
.
1
Feb. 15 Holders of rec. Feb. 5a
Granby Cons. M in ., L . & P . (q u ar.).
Feb.
Holders of reo. Jan. 18a
.
2
Great Lakes Steamship (q u ar.)..........
.
2
E x tra .........................- ..................... - —
154 Jan. 1C Holders of rec. Jan.
9a
154 Jan. 15 Holders of rec. D ec. 31
Hlllcrcst Collieries, pref. (quar.).
154 Feb. : Holders of rec. Jan. 15
.
50c Jan. 2 Holders of rec. Jan. 19a
Jan. 15 Jan.
3
to
Jail. 15
Illinois Brick (quar.)...........................
. S2
Fob. If Holders pf rec. Jan. 25
Indiana Pipe Lino-------------------------. 83
F eb. If Holders of rec. Jan. 25
E x tra ------------------------------------ - - - ­
.
2
Jan. 2S Holders of rec. Jan. 11a
Inspiration Cons. Copper (q u ar.).
Jan. If Holders of rec. Jan.
)
1
2
)
154 Jan. If Holders of rec. Deo. 24a
.
3
Feb. : Holders of reo. Jan. 16a
1 3^ F e b . : Holders of rec. Jan. 15
Intern ational N ickel, p ref. (q u a r.)------- 154 Jan. If Holders of rec. Jan. 4a
Intcrnat. Paper, pref. (q u ar.).................. .
60c Jan. 3 Jan. 28
to
Jan. 31
Intornat. Petroleum, com . (N o . 1 )------50c Jan. 3 Jan. 28
to
Jan. 31
Preferred______________________________ .
50c Jan. ll Holders of reo. D eo. 31
Jones Bros. T e a, Ino________________ - - - .
Feb. l. Holders of rec. Jan. 31
2
K am ln tsllqu la r o w er, Ltd. (quat ) ------ .
154 Feb.
Holders of rec. Jan. 21a
Feb.
Holders of rec. Jan. 15a
1
.
154 Feb.
Holders of rec. Jan. 21
K elsey W h eel, p ref. (quar.) (N o . 0 ) ___
.
25c . M ar. 1 Holders of rec. M a r . la
. ft.31.2 > Fob.
Holders of rec. Jan. 21
K eyston e Telephone, p r e f____ ________
Jan. 1
. $2
Lehigh Valley Coal Sales (quar.)____
Feb. 2 Holders of rec. Feb.
5
1
L indsay Light, com . (q u a r.)_________
Feb. 2 Holders of rec. Feb. 1
E x t r a .............................................. ...........
1
Preferred (q u a r.)___________________
.
154 Feb. 2 Holders of rec. Feb.
Lukons Steel, 1st A 2d pref. (quar.).
154 Jan. 1 Holders of rec. Deo. 31
Jan. 1 D ec. 29
to
Jan. 15
.) $1
.)
254 Jan. 1 Holders of reo. Deo. 31a
Common (e x tr a )..
..
154 Jan. 1 Holders of rec. Dec. 31a
Preferred (quar.).
..
154 Jan. 1
3
..
254 Jan. 1 Holders of rec. Jan.
Preferred (q u ar.).
3
..
154 Jan. 1 3 Holders of rec. Jan.
Preferred (quar.)-------------------Eastern Steel, common (q u ar.).




167

THE CHRONICLE

Jan. 12 1918.]

154
154
154
254
3
2
1
154
154
2
154

N a m e o f Com pany.

Per
Cent.

W h en
° ay able.

Books Closed.
D ays In clu sive.

M isc ella n e o u s (Concluded) .
Massachusetts Gas C o s., com. (quar.) —
J
Massachusetts Lighting C os.,com .(quar.)
J
Preferred (q u ar.)________________________
Mexican Telegraph (quar.)______________
5
M
1 ia m i Copoer (quar.) ( N o . 2 2 ) -------------Michigan Limestone & C h em ., pf. (q u .)J
M id vale Steel & Ordnance (qu.) (N o. 5 ) .
T
Mldwest OH, preferred (q u ar.)-----------------J
Midwest Refining (quar.) (N o . 1 3 ) ............
J
Mohawk M in ing------------------ --------------------r
Montreal Telegraph (quar.)---------------------1
Mountain S tatesT elep. & Teleg. (q u a r .).
T
N ash M otors, com m on (N o . 1 )-------P r e fe r r e d __________________________
N a t. Biscuit, com. (qu.) (N o . 7 8 )------------I
National Cloak & S u it,co m .(q u .)(N o . 4 ) .
Natlonal Fuel Gas (q u ar.)_________
National Licorice, common (N o . 3 1 )------Common ( e x t r a ) ............................. .
National Paper & T y p e , com. (q u ar.)------Preferred (quar.)------------------------New England C o ., 2nd pref________
!
New Jersey Zinc (q u ar.)___________
New York D ock , preferred-------------.
New York Transit (quar.)-------------E xtra______________________________
Niagara Falls Power (quar.)-----------Nlplsslng M ines (q uar.)----------------E xtra----- --------------- -----------------------North B utte Mining (quar.) (N o . 4 5 ) -------

1 H Feb. 1 H
25c. an. 15 1:
an. 15 E
S I .50
an. 15 I:
2M
S I -50 ?eb. 15 H
43J4C. an. 15 I
19a
S I .50 -'eb. 1 H
2a
2c. an. 20 1
•'eb. 1 I
SI
Jan.
9
S6
-’eb . 1 I
Jan. 15
2
an. 15 J
an . 15 I
154
S6
-'eb. 1 I
•
’eb. 1 I
1 54
lan. 15 I
154
ran. 15 I
154
lan. 15 I
254
lan. 15 1
254
fan. 15 I
1
ran. 15 1
2
ran. 15 I
154
1
2
Tan. 15 I30
4
Feb. 9 I
5a
3
Feb. 15 I
4
lan . 15 I
2
ran. 15 I
2
Jan. 15 I
to
Jan. 17
Jan. 2 1 J
5
to
Jan. 17
Jan. 21 J
5
25c. Jan. 28 I
3
Jan. 15 1
154 Jan. 20 I
154 Jan. 15 1
Preferred (q uar.)_________________
254 Jan. 15 1
N ova Scotia Steel & C oal, com m on.
2
Jan. 15 I
Preferred (q u ar.)............... ................
Feb. 1 I
/5
SI .25 Feb. 1 I
Ohio Cities G as, com . (q u a r.)-----6254C. Jan. 15 I
Ohio Fuel Supply (q u ar.)_______
Jan. 21 I
2
Oklahoma Natural Gas (q uar.).
154 Jan. 15
Otis E levator, common (q uar.).
154 Jan. 15
Preferred (quar.)_____________
Feb. 1
1
P a cific Coast C o ., com . (q u a r .)..
First Preferred (q u a r.)________
154 Feb. 1
Feb.
1
1
Second preferred (q u a r.)______
Jan. 15
154 Jan. 15
F eb. 5
1
Feb. 15 !
Penmans, Lim ited, common (q u ar.)____
Feb. 5
Feb. 15
1
Common (extra)________________________
154 Feb. 1
Preferred (q uar.)---------------------------------154 Jan. 15
Pennsylvania Lighting, pref. (quar.) —
S I .75 Jan. 15
754c. Feb. 1
Penn T r a ffic ---------------- -----------------------------254c. Feb. 1
E x t r a ............................. ..................... ..............
Jan. 10a
154 Jan. 25
Pittsburgh Coal (P en n .), pref. ( q u a r .) ..
, Jan. 10
Plttsburgh Coal (N . J . ) , pref. (quar.) —
154 Jan. 25
Jan. 15
Jan. 25 .
1
Pittsburgh OH & Gas (extra)------------------Jan.
5
Poole Engineering & Machinery (q u a r.).
154 Jan. 12
Jan. 31
3
Pralrle Oil & Gas (quar.)-----------------------Jan. 31
2
E xtra____________________________________
Jan. 31
5
Prairie Pipe Line (q uar.)________________
Jan. 31
5
E xtra____________________________________
31a
Jan. 15
2
Procter & G am ble, pref. (q u ar.)------------15a
154 Feb. 1
15a
154 Feb. 1
Preferred (quar.)_______________________
31a
3
Jan. 15
Quaker Oats, common (q u ar.)---------------la
154 F eb. 28
Preferred (quar.)______________________
5
Jan. 15
3
Realty Associates (N o . 3 0 )_______________
2
Jan. 15
3
Reece Buttonhole M ach , (qu.) (N o . 127)
2
Jan. 15
.
1
)
154 Feb. 1
15c.
Royal D utch C o ____________________________
16 to
Feb. 1
30c. Feb. 1
Sapulpa R efinin g (q u a r.)..................- ........... .
254 Jan. 15
Securities C o ______________________________ 154 Jan. 15
Securities C orp. General, pref. (q u a r .).
50c. Jan. 19
Shattuck Arizona Copper C o. (quar.) — .
154 Feb. 1
Sierra P a cific E l. C o ., p r. (qu. (N o . 3 4 ) . _
154 Jan. 15
Southern Calif. Edison, first pref. (quar. )
154 Jan. 15
Southern N . E . Telephone (quar.)
8
to
F eb. 6
Feb. 7
_
$2
Standard M o to r Construction (extra)
254 M a r . 15
Standard Oil (C aliforn ia) (q u a r .)..
154 Feb. 1
154 Feb. 1
Preferred (quar.) (N o . 2 6 )-------------s of rec. Jan.
1
Jan. 12
. 15
Stetson (John B .) C o .,c o m m o n .............
1
Jan. 12 Holders of rec. Jan.
.
4
Preferred_____________________________
154 F eb. 1 Holders of rec. Jan. 15a
Superior Steel, common (q uar.)---------1
to
Jan.
7
754c. Jan. 21
Tonopah Mining of Nevada (q u a r .)..
154 Jan. 15 Holders of rec. D e c. 31
Tuckett Tobacco, pref. (q uar.).............
Jan. 25 Holders of rec. Jan. 15
. s2
U nion Bag A P aper C orp. (extra )..........
1
to
Jan. 15
. S I.25 Jan. 15 Jan.
Union Natural Gas Corp. (q u ar.)-----to
Feb. 26
M ar. 15 Feb. 16
. elO
Union Oil of Calif, (payable in stock ).
154 Jan. 19 Holders of rec. Jan. 10
Union O ilo f CaUfornla (quar.)...............
Jan. 19 Holders of rec. Jan. 10
_
l
E x tra _____________________ ___________
Jan. 21 Holders of rec. Jan. 10a
. SI
United Alloy Steel (quar.)-----------------to
Jan. 24
.
154 Jan. 25 Jan. 15
United C oal C orp ., pref. (quar.)..........
. 8754c Feb. 1 Holders of rec. Jan. 15a
154 M a r. 1 Holders of rec. Feb. 15»
2nd preferred (quar.) (N o . 8 ) ------U54 Apr. 1 Holders of rec. M a r . 15a
U nited D yevcood'Corp., pref. (q u a r .).
Holders of rec. D ec. 20a
.
2
United Fruit (quar.) (N o . 7 4 )--------.
254 Jan. 15 Holders of rec. D ec. 31
Jan. 15 Holders of rec. D e c. 31a
. Si
United Gas Improvement (q uar.).
154 Jan. 15 Holders of rec. D e c. 31a
.
50c Feb. 1 Holders of rec. Jan. 3
.
25c Feb. 1 Holders of rec. Jan. 3
) S I .50 Feb. 1 Holders of rec. Jan. 3
U . S . Cast Iron P ip e * F d y ., pref. (q u .). - ol54 M ar. 15 Holders of rec. M a r . la
1
Jan. 25 Holders of rec. Jan. 15
United States Glass (q u ar.)......................... .
.
154 Jan. 15 Holders of rec. D e c. 31a
Jan. 31 Holders of rec. Jan. 15a
_
2
. S1.25 Jan. 15 Holders of rec. Jan. 4a
4a
- 8754 Jan. 15 Holders of rec. Jan.
Preferred (q u ar.).
Jan. 15 Holders of rec. D e c. 31
.
5
lctor Talking M a c !
154 Jan. 15 Holders of rec. D e c. 31
Preferred (q u ar.).
)
75c Feb. 1 Holders of rec. Jan. 15a
5a
.
2
Jan. 15 Holders of rec. Jan.
Preferred (quar.) (N o . 8 9 ).
Jan. 21 Holders of rec. D e c. 31a
n
1
First and second preferred (q u ar.).
154 Jan. 24 Holders of rec. D e c. 31a
154 Jan. 21 Holders of rec. D e c. 31a
W ells Fargo & C o . (q uar.)---------------. S I.20 Jan. 15 Holders of rec. D e c. 31
Western Power C o ____________________
Jan. 15 Holders of rec. D e c. 31
.
1
Western Power C orp ., pref. (q u ar.).
.)
154 Jan. 15 Holders of rec. D e c. 31
154 Jan. 15 Holders of rec. D ec. 20a
Jan. 15 Holders of rec. D e c. 20a
.
1
E xtra-----------------------------------------. dS1.7. Jan. 21 Holders of rec. D e c. 31a
Westlnghouse Air Brake (q uar.).
. 8754c Jan. 31 Holders to rec. D e c. 31a
. 8754c Jan. 15 Holders of rec. D e c. 31a
Preferred (q u ar.)---------------------M a r . 1 Holders of rec. F eb. 9
2
W oolw orth (F . IF .) C o ., com m on (q u a r .). .
„ ..
_____ ____ ______ _______________________
_________
ncom etax. d C o r r e c tlo n T % "’Pa'yaMe~in stock .’ /'P a y a b le in common stock, g Payable In scrip.
h On account of accumuiated dividends. 4 Payable In Liberty Loan bonds, x Pay­
able In 4 % Liberty Loan bonds at par, with all coupons attached. J Payable in
Victory Loan (Canadian G ovt.) bonds, m Less 5 cents per share war Income tax.
o Declared 5 % , payable in quarterly Installments beginning with M arch 15 1918.
p Declared 2 % payable In quarterly Instalments, r Being on account of accumu­
lated dividends and In full of all such accumulations. s Payable in U . S . Government
Second Liberty Loan 4 % bonds, t Declared 7 % on pref. payable In quarterly
instalments as follows: 1 ? 4 % as above; 15 4% July 1 to holders of rec. June 14; 15 4%
Oct. 1 to holders of rec. Sept. H a n d 15 4 % payable Jan. 2 1919 to holders of rec. D e c.
14 1918
u Equal to 7154 cts. per share, v Declared dividends on pref. payable
15 4% as above, 15 4 % on M a y 1 1918 to holders of rec. April 15 1918, 1 5 4 % on
Aug. 1 1918 to holders of rec. July 15. x Declared 8 % payable 4 % in M arch 1918
and 4 % to Sept. 1918. z Transfers received In order In London up to Jan. 14 will be
In time to be passed for payment of dividends to transferees.

168

THE CHRONICLE

[Vol. 106.

Member Banks of the Federal Reserve System.— Following is the third of a new series of weekly
Re^eral Reserve .®oard giving the principal items of the resources and liabilities of

Ba^ks and dated Dec. 28. Definitions of the different items contained in the statement were given in the
weekly statement issued under date of Dec. 14 1917 and which was published in the “ Chronicle” of Dec. 29 1917, page 2523
S T A T E M E N T S H O W IN G
.

P r IN C IP A L R E S O U R G E a n D L IA B IL IT Y IT E M S O F M E M B E R B A N K S L O C A T E D IN C E N T R A L
.,
O T H E R S E L E C T E D C I T IE S A S A T C L O S E O F B U S IN E S S D E C E M B E R 2 8 . 1 9 1 7 .

d ecli?eT fn
romh 28S ^ 0 n T i d d^ H f
^ f
1 2 6 .f to 1 3 8 9 2ndm 0M 144-5
U

f

RESERVE. RESERVE

AND

i . “ e mbe r bankp collateral notes secured b y U . S. obligations discounted with the Federal Reserve banks
s’
' while the amounfc o f custom ers paper simUarly secured on hand at the Federal Reserve banks Increased f r o S

S jg g M iW r e S S H S lB B H B
1.

M em b er Banks.
Number of reporting banks___
U.
S . securities owned_______
Loans see. by U . S. bonds & ctf.
All other loans & Investments
Reserve with Fed. Res. B a n k ..
Cash In vault................. ................
N et demand deposits on which
reserve Is computed_________
Tim e deposits..................................
Government deposits_____ _____

Boston.

N ew Y ork.

30

D a ta

P h ila.

96

fo r

a ll r e p o r t in g

banks

Cleveland. Richmond A tlan ta.

In

each

Chicago.

d is tr ic t.

St. L ou is. M in n ea p . K an.C U y.

D allas.

San Fran.

Total.

44

73
64
35
85
31
18
68
38
42
630
S
S
S
S
S
S
$
I
$
S
S
$
8
28 .426 .0
4 3 5.21 4.0 28 ,0 2 1 ,0 113.479.0 3 8 .408 .0 3 2 .877 .0
64.321 .0 33 .272 .0 10.148 .0 30 .1 2 3 .0 28 .9 6 6 .0 48 .3 7 1 .0
8 9 1 .6 2 6 .0
44 .1 4 2 .0
227.96 2.0 25 .2 2 6 .0 21 .125 .0 10.152.0
2,2 7 1 ,0
34.673 .0
8 .8 9 7 .0
1.305.0
3.7 8 9 .0
3.3 40.0
5,3 8 0 ,0
3 8 8 .2 6 8 .0
659.419.0 4.1 7 9 .1 0 7 .0 552.97 4.0 902.768.0 292.39 6.0 268.85 4.0 1,5 09,6 87 ,0 150.671.0 21 6.87 0.0
432.39 4.0 181,262,0 4 4 7.64 5.0 9 .5 7 4 .0 4 7 .0
56.722 .0
631.69 4.0 58 .6 1 6 .0 82 .478 .0 26 .613 .0 2 3 .363 .0
132.996.0 32 .8 8 5 .0 17 .927.0 41 .2 6 2 .0 19.207.0 38 .060 .0 1.1 6 1 .8 2 3 .0
2 5 .080 .0
137.069.0 23 .7 4 9 .0 44 .738 .0 18.861.0 14.990 .0
68 .524 .0 14.886 .0
8.5 8 8 .0 20 .6 2 7 .0 13.083.0 22 .5 4 4 .0
41 2 .7 3 9 .0
528.147.0 4.1 7 2 .4 3 9 .0 4 9 6.66 5.0 684.47 6.0 240.44 0.0 206.12 0.0
947.72 7.0 153.202.0 155.583.0 3 6 4.44 9.0 179,595,0 3 4 1.38 0.0 8 .4 7 0 .2 8 3 .0
76 .885 .0
309.16 0.0 2 3 .7 9 3 .0 206.16 2.0 46 .8 4 7 .0 67 .814 .0
3 1 4.01 8.0 76 .6 8 0 .0 39 .8 5 2 .0 4 9 .8 2 5 .0 29 .9 0 4 .0 8 1 .0 0 4 .0 1.3 2 1 .9 4 4 .0
3 9 .474 .0
3 3 0.82 4.0 29 .5 2 9 .0 56 .957 .0 12.615 .0
869,0
64 .844 .0
7.1 0 2 .0 14.242.0
8.6 3 3 .0
6.0 5 3 .0 19.830.0
5 9 1 ,5 7 8 ,
2 . D a ta f o r b a n k s In e a c h C e n t r a l R e s e r v e c i t y , b a n k s In a ll o t h e r R e s e r v e c it ie s a n d o t h e r r e p o r t in g b a n k s .

N ew Y ork.

C hicago. St. L ou is. Total Central R es. Cities.

Tw o ciphers om itted.
D ec . 28 .
Num ber of reporting banks____

D ec . 21.

56
$
3 9 0,47 9,0

D ec . 28.

54

D ec . 28.

36
8
25 ,534 ,0

U . S. securities owned_________
4 1 1,62 8,0
Loans secured by U . S. bonds
and certificates............
203.82 1.0
2 0 7.79 9.0 20 .4 6 6 .0
All other loans & Investments
3,7 8 1 ,1 4 7 ,0 3,7 2 0 ,9 2 9 ,0 825,94 8,0
Reserve with Fed R es. B a n k ..
592.84 0.0
56 3.19 4.0 93 .8 0 4 .0
Cash in vault____________________
118.057.0
112.574.0 42 .3 1 6 .0
N e t demand deposits on which
reserve Is computed_____
3 ,7 92,6 64 ,0 3,6 6 1 ,1 0 2 ,0 657.591.0
Tim e deposits.......... ............. ...........
272.71 6.0
2 5 2.65 1.0 131.334.0
Government d ep osits____
310.19 6.0
4 1 8.97 7.0 4 8 ,578 ,0
t Amended figures.

D ec . 28.

D ec . 21 .

Other Reserve C ities.
D e c . 28 .

Country Banks.

D ec. 21.

D e c . 28.

D ec. 21 .

T ota l.
D ec . 28 .

D ec . 2 1 .

15

107

105

377

366

146

143

20 ,270 ,0

436,28 3,0

459,52 0,0

3 5 9,53 8,0

$
360,07 8,0

$
95 ,805 ,0

630

S
96 ,4 4 9 ,0

S
89 1 ,6 2 6 ,0

614
S
9 1 6 ,0 4 7 ,0

231.93 4.0
242.00 3.0
13 1.52 9.0
133.440.0 24 .8 0 5 .0 25 .733 .0
3 8 8.26 8.0
40 1 .1 8 2 .0
4 3 .654 .0 4 ,6 50,7 49 ,0 4,7 9 9 ,4 8 7 ,0 4 ,1 69,5 19 ,0 4,0 9 2 ,0 4 6 ,0 75 3,77 9,0 759,854,0
9 .5 7 4 .0 4 7 .0 9 .8 5 1 .3 8 7 .0
2 5 .473 .0
712.117.0
653.77 9.0
3 9 9.94 2.0
3 8 1.20 4.0 4 9 .764 .0 54.064 .0 1.1 61.8 23 .0 1.0 8 9 .1 2 7 .0
9,6 0 0 ,0
169.979.0
147.463.0
20 1 .7 8 5 .0
178.049.0 4 0 .975 .0 38.744 .0
41 2 .7 3 9 .0
36 4 .2 5 6 .0
89 .280 .0 4 ,5 39,5 35 ,0 4 ,3 09,5 78 ,0 3,3 5 3 ,9 5 0 ,0 3,2 9 3 ,7 1 8 ,0 57 0.79 8.0 59 0.75 6.0
8 .4 7 0 .2 8 3 .0 8 .1 9 4 .0 5 2 .0
62 .652 .0
4 6 6.70 2.0
442.86 0.0
6 7 8.57 6.0
625.06 5.0 17 6.666.0 163.230.0 1 .3 21.9 44 .0 1.2 3 1 .1 5 5 .0
5,9 7 8 ,0
364.65 2.0
4 6 4.18 2.0
20 0 .8 9 7 .0
196.517.0 2 6 ,029 ,0 25.007 .0
5 9 1.67 8.0
686.70S O
......
......... ....................................................

T£® Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on Jan 5
i Q .Rrlle. fe d e ra l Reserve Board m ade public to-d a y its weekly bank statement shewing condition o f the Reserve banks as at close o f hminnss on Ton 4
called to certain changes in the iorni o f the statement. Item “ M unicipal W arrants” has been replaced b v “ All Oth^r Farnimr Accn+a
m erl^°'inclu^ed n a m o n ^ ‘ ‘ A ^ o T h o r ^
w ife
fb h i?a? on? O t h e r A sse ts

b ' K
n t s ’T? ,S0
o f th e b a n k s.
Ite m

°,f J ln g d raftl ’ ” r e p o r t e V b T t h e S o E r n ^ n d w S t e i ^ W ^ S t a f
?.d
S u rp lu s
ap pears for th e fir st tim e , th e to ta l S I , 13 4 0 0 0 rep resenting 50 % o f

as a franchise
R lch m on d ' A tIanta- ChJcago and M inneapolis, the other 50% g oing to the (fovernm ent
P
*crm er Practice o f calculating reserve percentages separately against net deposits and against F . R . notes in circulation has been dfopnntlnnnH

a n to<arease o f 16.8 millions in gold reserves. Large gains o f gold are reported b y the Cleveland and Chicago* banks the
8“ J
*
n
beil}g ? ue ™am ly to the collection through the G old Settlement Fund o f outstanding balances in account w ith o th e r Federal
?
Lthe gain in gold reserve reported by the C hicago bank is due primarily to liquidation o f discounted paper. N ew Y ork reports
«in M oeaSo n ^ h ^ m i l l i o n s in total reserves, accom panied b y an increase o f 19.4 millions in total earning assets largely Treasury certificates o f ine?ebtS fc S fi, T ?n
9
whole, j the week witnessed considerable liquidation o f discounted paper, m ainly m e m b e A S i I t a n t a
ekeeirt
^ ^ and Dallas reporting substantial reductions in tho amounts o f discounted paper on hand. Over 4 5% o f the total discounts he?d
Is represented b y paper seem ed b y Liberty bonds and Treasury certificates o f indebtedness. During the past few weeks tho I m
t n f m
S K '
collateral notes thus secured has declined som ew hat, tho present holdings Deing 140.7 millions as against 165 5 t S u io n s t S D w ^ l O n t^S S ther hand
customers paper secured b y Governm ent obligations show a slight increase to 145 millions from 142.6 millions on D ec 21
N et linulflaY o r k ^ a n k ^ w b ’ ibf^ntai0^ ^ ?
is „Kl!own, foJ the Cleveland and San Francisco banks, as against an increase in holdings o f 4.3 millions fo r the N ew
*
while total acceptances on hand show an increase for the week o f a cou t 4 millions* Governm ent securities increased about *17 mill tone

C ombined R esources

and

L ia b ilitie s

of the

F ederal R eserve B anks

at the

C lose

of

B usiness D ecember 28 1917.

J an . 4 1918. D ec . 28 1917. D ec. 21 1917. D ec. 14 1917. D ec . 7 1917. N ov. 30 1017. Nov. 23 1917.
Nov. 10 1917.

J a n . 5 1917.

RESO U RCES.
Gold coin and certificates In vault____
Gold settlement fund— F . R . B o a r d .. .
Gold with foreign agenolea. . _

$
48 0.07 2.0 00
338.68 7.0 00
52 ,500 ,00 0

S
49 9.91 7.0 00
317.520.000
52,500,000

S
524.350.000
30 4.604.000
52,500,000

$
502.840.000
393.810.000
52,500,000

5
500.650.000
376.77 8.0 00
52,500 ,00 0

$
49 9.88 7.0 00
395.23 6.0 00
52 ,500 ,00 0

$
530.046.000
386.662.000
52,500,000

$
52 6.792.000
363.710.000
52.500,000

267.169.000
192.001.000

T otal gold held by b a n k s .. .
Gold with Federal Reserve Agont______
Gold redemption fu n d ..

87 1.25 9.0 00
797.19 1.0 00
19,270,000

869.937.000
781.851.000
19,345,000

881.454.000
746.307.000
17,782,000

949.150.000
683.378.000
17,710,000

92 9.934.000
68 3.039.000
17,485,000

947.62 3.0 00
661.821.000
12,278,000

96 9.207.000
62 3.948.000
11,549,000

94 3.002.000
62 9.906.000
11,420,000

459.170.000
281.292.000
1,600,000

T otal gold reserves_______ .
1,687,7 20 ,0 00 1,671,1 33 ,0 00 1,6 45,543,000 1,6 50,238,000 1,6 31,3 58 ,0 00 1,621,7 25 ,0 00 1,004,704,000 1,584,328,000
Legal tender notes, silver, &o..................
45 ,310,000
49 ,635,000
48,127,000
50,140,000
51 ,949 ,00 0
54,486 ,00 0
54,058,000
52,525,000
T otal reserves______________________ 1,733,0 30 ,0 00 1,720,768,000 1,693,670,000
1,700,384,000 1,683,3 07 ,0 00 1,6 70,211,000 1,658,762,000 1,6 36,853,000
Bills discounted— members
625.813.000
68 0.706.000
693.509.000
713.431.000
686.90 2.0 00
75 6.45 7.0 00
056.002.000
487.850.000
Bills bought In open market____________
27 1.33 8.0 00
27 5.366.000
277.94 3.0 00
254.428.000
190.682.000
20 5.45 4.0 00
20 9.905.000
193.869.000
T otal bills on hand________
U . 8 . Government long-term securities.
U. 8 . Government short-term securities
A ll other earning asse ts..
T otal earning assets_________ __
Due from other F . R . banks— net
Unoolleoted Items.......... ..
T otal deduo’ns from gross deposits.
6 % redem p.fund a g s t .F .R .b a n k notes
All other resources_________
T otal resources..........




89 7,15 1,0 00
51.167 .00 0
9 2 .058 .00 0
5,1 67,0 00

950,07 2,0 00
48.350.000
58.883.000
x 4 ,990,000

971,452,000
50.438.000
58.130.000
1,102,000

967,859,000
53.774.000
48.046.000
994,000

877,58 4,0 00
49 .198 .00 0
50 .424 .00 0
914,000

S

742,062,000
16,180,000
758.242.000
26,217,000
121.807.000

96 1,91 1,0 00
4 7 .304 .00 0
4 1 .792 .00 0
1,429,000

865,907,000
53.962.000
57.850.000
1,422,000

681.719.000
54,002.000
187.904.000
1,273,000

148,024,000
41.052.000
14.857.000
9,034,000

978.120.000 1,0 52,4 30 ,0 00
a 7 ,091,000
20 ,332 ,00 0
310.572.000
373,10 0,0 00

979.141.000
11,872,000
302.525.000

924.898.000
17,838,000
428.544.000

212.967.000
6 ,666,000
142.629.000

330,90 4,0 00
537,000
2,9 68,0 00

314,397,000
537,000
3,293,000

446,382,000
637,000
3.736,000

149,295,000

3,1 26,8 98 ,0 00 X3102 689,000 3.1 42,9 50 ,0 00 3 .1 2 5 ,5 5 4 ,00 01 01,8 30 ,0 00 3,1 04,8 43 ,0 00 2,956,1 30 ,0 00
3,0
3,012,4 06 ,0 00

1,129,358,000

1,045,5 43 ,0 00 x l0 6 8 295,000 1,081,122,000 1,070,673,000
45,244 ,00 0
x l 1,976,000
41,375 ,00 0
31 ,494,000
302,007,000 x301.689.000
323,574,000
319,656,000
347,25 1,0 00
537.000
537.000

313,04 3,0 00
537,000
2,8 13,0 00

364,949,000
537,000
2,6 78,0 00

35 1,150,000
537,000
2,810,000

380,25 1,0 00
537,000
2 ,4 99,0 00

400,000

8,454,000

Jan . 12 1918.]

169

THE CHRONICLE
Jan. 4 1 9 1 8 . Dec. 2 8 1 9 1 7 . Dec. 2 1 1 9 1 7 . Dec. 14 1 9 1 7 . Dec. 7 1 9 1 7 . Nov. 3 0 1 9 1 7 . Nov. 2 3 1 9 1 7 . Nov. 16 1 9 1 7 .

s

S

L IA B IL IT IE S .

S

7 0 ,4 4 2 ,0 0 0

$

6 9 ,8 5 2 ,0 0 0

$

S

S

J a n . 5 1917.

S

6 9 ,4 4 0 ,0 0 0

S

7 0 ,8 2 5 ,0 0 0
6 9 ,0 4 8 ,0 0 0
6 8 ,5 0 0 ,0 0 0
6 7 ,1 3 6 ,0 0 0
6 6 ,0 9 1 ,0 0 0
1 ,1 3 4 ,0 0 0
1 0 8 ,2 1 3 ,0 0 0
1 2 9 ,2 8 5 ,0 0 0
2 2 1 ,7 6 1 ,0 0 0
1 0 8 ,5 6 8 ,0 0 0
2 2 0 ,9 6 2 ,0 0 0
1 3 1 ,0 0 0 ,0 0 0
1 9 6 ,4 1 1 ,0 0 0
G o v e r n m e n t d e p o s i t s . ......................................
2 1 8 ,8 8 7 ,0 0 0
D u o t o m e m b e r s — r e s e r v e a c c o u n t ........... 1 ,4 4 9 ,2 3 0 ,0 0 0 1 ,4 5 3 ,1 0 0 ,0 0 0 1 ,3 8 9 ,4 3 4 ,0 0 0 1 ,5 4 9 ,0 3 0 ,0 0 0 1 ,4 3 7 ,1 7 4 ,0 0 0 1 ,4 8 9 ,4 2 9 ,0 0 0 1 ,4 2 0 ,0 4 8 ,0 0 0 1 ,4 8 0 ,4 9 8 ,0 0 0
1 7 ,5 4 9 ,0 0 0
2 2 ,2 9 1 ,0 0 0
D u e t o n o n - m e m b e r s — c le a r in g a c c o u n t
2 0 .9 2 5 ,0 0 0
C a p i t a l p a i d In ......................................... ............

1 9 2 ,0 4 9 ,6 6 6
2 0 ,5 9 4 ,0 0 0

1 1 9 1 ,6 8 9 ,0 0 0
t l7 ,9 0 9 ,0 0 0

2 0 5 ,8 1 9 ,0 0 0
1 4 ,2 5 8 ,0 0 0

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

1 8 9 ,8 6 1 ,0 0 0
t l 5 , 5 8 6 ,0 0 0

2 3 1 ,7 7 6 ,0 0 0

2 5 ,5 6 6 ,0 0 0
6 5 6 ,4 2 2 ,0 0 0

2 4 0 ,4 3 7 ,0 0 0

1 1 8 ,5 5 9 ,0 0 0

T o t a l g r o s s d e p o s i t s ______ ____________ 1 .7 9 3 .4 7 9 .0 0 0 1 .7 7 1 .0 3 7 .0 0 0 1 .8 3 1 .2 7 2 .0 0 0 1 .8 8 9 .3 0 4 .0 0 0 (T 8 11 1 89 0 0 0 a 1 9 6 6 8 0 7 ,0 0 0 1 .8 6 0 .5 1 9 .0 0 0 1 ,9 6 0 ,7 4 7 ,0 0 0
F . R . n o t e s In a c t u a l c i r c u l a t i o n ................ 1 .2 5 1 .2 0 5 .0 0 0 1 .2 4 0 .4 8 8 .0 0 0 1 .2 2 7 .6 4 2 .0 0 0 1 .1 5 3 .3 8 5 .0 0 0 1 ,1 1 0 ,5 3 7 ,0 0 0 1 ,0 5 6 ,9 8 3 ,0 0 0 1 .0 1 5 .8 9 2 .0 0 0
9 7 2 ,5 8 5 ,0 0 0
8 ,0 0 0 ,0 0 0
8 ,0 0 0 ,0 0 0
8 ,0 0 0 ,0 0 0
8 ,0 0 0 ,0 0 0
8 ,0 0 0 ,0 0 0
8 ,0 0 0 ,0 0 0
8 ,0 0 0 ,0 0 0
8,000,000
F . R . b a n k n o t e s In c i r c u la t io n , n e t l l a b .
f 0 , 7 2 2 ,0 0 0
5 ,3 6 5 ,0 0 0
t 3 , 0 0 2 ,0 0 0
0 ,1 9 0 ,0 0 0
2 ,2 5 5 ,0 0 0
6 1 ,5 5 3 ,0 0 0
6 4 .5 8 3 ,0 0 0
6 4 ,3 8 3 ,0 0 0
A l l o t h e r li a b i li t ie s __________________________

8 0 0 .7 9 0 .0 0 0
2 7 2 .8 7 3 .0 0 0

T o t a l li a b i li t ie s ________________________ 3 ,1 2 0 ,8 9 8 ,0 0 0 t 3 1 0 2 0 8 9 ,0 0 0 3 ,1 4 2 ,9 5 0 ,0 0 0 3 .1 2 5 ,5 5 4 ,0 0 0 3 ,0 0 1 ,8 3 6 ,0 0 0 3 ,1 0 4 ,8 4 3 ,0 0 0 2 ,9 5 6 ,1 3 0 ,0 0 0 3 ,0 1 2 ,4 0 0 ,0 0 0
5 9 .7 %
00.1%
0 3 .1 %
0 1 .7 %
6 2 .6 %
5 9 .4 %
00 .2 %
6 2 .2 %
G o l d r e s e r v o a g a in s t n e t d e p o s i t ll a b ___
0 4 .3 %
02 . 2 %
00 .8 %
6 3 .2 %
6 2 .6 %
6 5 .9 %
6 3 .8 %
0 5 .3 %
G o l d r e s . a g s t . F . R . n o t e s In a c t . c l r c ’ n .
R a t io o f g o ld reserv es t o n e t d e p o s it a n d
6 1 .8 %
0 4 .2 %
F e d . R e s . n o t e lia b ilit ie s c o m b i n e d ___
6 1 .1 %
6 1 .3 %
6 3 .1 %
6 2 .6 %
6 1 .5 %
6 3 .6 %
R a t io o f to ta l rese rv e s to n e t d e p o s it an d
0 2 .9 %
0 3 .6 %
6 3 .2 %
6 5 .1 %
0 2 .5 %
6 3 .6 %
0 4 .7 %
6 5 .8 %
F e d . R e s . n o t e lia b ilit ie s c o m b in e d —

1,129,358,000

C o l l e c t i o n I t e m s ............................. ....... ...............
O t h e r d e p o s i t s , in o l. f o r . G o v ’ t c r e d l t s . .

2 1 5 ,1 6 9 ,0 0 0

5 5 ,6 9 5 ,0 0 0

" ” 243,666
7 0 .5 %

103.4%
80.3%
82.0%

Jan. 4 1918. Dec. 28 1917. D ec. 21 1917. D ec. 14 1917. D ec. 7 1917. Nov. 30 1917. Nov. 23 1917. Nov. 16 1917. Ja n . 5 1917.
«
S
S
S
S
S
$
Distribution by Maturities—
S
S
387.017.000 395.697.000 403.671.000 471.689.000 463.644.000 581.763.000 526.620.000 373.281.000
1-15 days bills discounted and bought.
116,000
10,000
213.000
69,000
8,000
517.000
518.000
8,000
1-15 days municipal warrants________
118.545.000
96,322,000
121.060.000
84,359,000
82,098,000
91,556,000
10-30 days bills discounted and bought.
66,295,000
68.475.000
141.000
10,000
10,000
142.000
125.000
15,000
5,000
10-30 days municipal warrants________
509.000
289.444.000 280.130.000 273.339.000
191.620.000
143.070.000
140.417.000
146.900.000
31-60 days bills discounted and bought.
156,760,000
113.067.000
034.000
052.000
652.000
151.000
150.000
125.000
135.000
81-00 days municipal warrants________
98,000
152.708.000
114.629.000
104.729.000 213.195.000
182.232.000
141.927.000
120.481.000
61-00 days bills discounted and bought.
121.757.000
123.000
123.000
032.000
631.000
652.000
651.000
147.000
61-90 days municipal w arra n ts........... 9,739,000
8,980,000
8,593,000
6,990,000
Over 90 days bills discounted and bought
6,540,000
6,248,000
5,611,000
5,139,000
104.000
335,000
104.000
113.000
120.000
511.000
Over 90 days municipal warrants--------Federal Reserve Notes—
Issued to the banks____________________ 1,360,335,000 1,341,752,000 1,295,069,000 1,229,007,000 1,184,667,000 1,126,345,000 1,102,287,000 1,038,620,000 300.280,000
115,130,000
95,264,000
67,427,000
75,622,000
27,407,000
Held by banks_____ ___________________
74,130,000
69,362,000
86,395,000
66,035,000
In circulation_____________________ 1,251,205,000 1,240,488,000 1,227,042,000 1,153,385,000 1,110,537,000 1,056,983,000 1,015,892,000 972,585,000
Fed. Res. Notes ( Agents Accounts) —
Received from the Com ptroller------------- 1,825,700,000 1,790,340,000 1,747,700,000 1,693,820,000 1,640,000,000 1,590,340,000 1,540,720,000 1,145,700,000
Returned to the Com ptroller----------------- 248,065,000 247,103,000 239,571,000 242,953,000 236,633,000 234,185,000 229,293,000
1,484,600

462,380,000
95,796,000

Am ount chargeable to Agent--------- 1,577,035,000 1,549,177,000 1,508,189,000 1,450,867,000 1,403,967,000 1,356,155,000 1,311,427,000 1,257,095,000
211,300,000 207,425,000 213,120,000 221,800,000 219,300,000 229,810,000 209,140,000 218,475,000

366,584,000
66,304,000

Issued to Federal Reserve b a n k s .. 1,306,335,000 1,341,752,000 1,295,009,000 1,229,007,000 1,184,667,000 1,126,345,000 1,102,287,000 1,038,620,000
How Secured—
209,951,000 250,423,000 227,302,000 239,833,000 240,351,000 242,985,000 243,111,000 243,030.000

300,280,000

In hm da o f Agent.......................................

By gold coin and certificates----------------By lawful m oney______________________
By eligible p ap er______________________

509.144,000
41,158,000
486,082

545.629.000
39,471,000
404.074.000

500.728.000
35,773,000
407.815.000

464.521.000
33,714,000
385.125.000

478.339.000
32,524,000
348.313.000

166,827,000

408.714.000
31,843,000
355.033.000

18.988.000
14.855.000
99.610.000

1,300,335,000 1,341,752,000 1,295,069,000 1,229,007,000 1,184,667,000 1,126,345,000 1,102,287,000 1,038,620,000

300,280,000

G old redemption fund--------------------------With Federal Reserve Board___________
T o t a l ..........................................

559.901.000
41,479,000
489.949.000

272,873,000

011.136.000

600,705,000

548,962,666
41,281,000
477,524,000

602.074.000

602.967.000

a N et amount due to other Federal Reserve banks, §7,091,000, Included in gross deposits.

536,473,000

490.932.000

532.411.000

b This Item Includes foreign G ov’ t credits.

431.182.000

20.272,00o

t Revised figures.

W E E K L Y STATE M EN T o f RE SO U R CE S an d L IA B IL IT IE S o f EACH o f t h e 12 FE D E RA L RE SE RVE BA N KS at CLOSE o f BUSINESS JA N . 4 1918.
Two ciphers (00) omitted.

Boston.

Atlanta.

Chicago. St. Louis. M inneap. Kan. City

RESOURCES.
G old coin and certfs. In vault___
G old settlement fu n d ....................
G old with foreign agencies............

S
19.427.0
10.506.0
3,675,0

%
305,660,0
21,082,0
18,112,0

S
18.187.0
29.687.0
3,675,0

g
26.658.0
50.030.0
4,725,0

$
6,181,0
25,171,0
1,837,0

S
6,102,0
21,295,0
1,575,0

$
37.957.0
58.177.0
7,350,0

Total gold hold by banks.........
Gold with Federal Res. Agents.

33.608.0
41.071.0
2,000,0

344.854.0
250.595.0
10,000,0

51.549.0
63.884.0
1,500,0

81.413.0
57.794.0
28,0

33.189.0
26.546.0
433,0

Total gold reserves....................
Legal-tonder notes, silver, & o_
_

76,679,0
3,729,0

605,449,0 116,933,0 139,235,0
35,000,0
1,789,0
274,0

60,168,0
235,0

Total reserves_______________
Bills:
D isco.— M ember & F .R /ban k s
Bought In open market_______

80,408,0

640,449,0 118,722,0 139,509,0

60,403,0

57,321,0
9,633,0

242.618.0
152.377.0

32.963.0
18.364.0

41.012.0
18.968.0

27.086.0
13.829.0

U . 8. short-term securities______

66,954,0
610,0
2,194,0

394,995,0
5,167,0
32,113,0
511,0

51,327,0
6.566.0
2.548.0

59.980.0
8,268,0
35.271.0

.Total earning assets__________
D ue from other F . R . banks— Net
Uncollected Items_____ _________

69.758.0
8,336,0
22.136.0

432,786,0

Total deduc’ ns from gross dep. 30,472,0
5 % redemption fund against Fed­
eral Reserve bank notes...........
All other resources.......................

New York.

PMladel. Cleveland. Richm'd.

Total.

Dallas.

San Fran.

$
14.832.0
17.409.0
2,100,0

8
1.456.0
38,461,0
2.625.0

S
11,618,0
23,407,0
1,838,0

$
25.621.0
22.148.0
2,888,0

S
480.072.0
338.687.0
52,500,0

28.972.0 103.484.0
47.701.0 131.403.0
1,110,0
614,0

29.787.0 34.341.0
31.241.0 32.910.0
930,a
878,0

42.542.0
42.025.0
507,0

36.863.0
25.037.0
1,236,0

50.657.0
46.984.0
34,0

871.259.0
797.191.0
19,270,0

77,783,0 235,501,0
434,0
1,301,0

61,958,0
889,0

68,129,0
457,0

85,074,0
46,0

63,136,0
787,0

97,675,0 1,687,720,0
45,310,0
369,0

78,217,0 236,802,0

62,847,0

68.5S6.0

85,120,0

63,923,0

98,044,0 1,733,030,0

14,687,0
6,373,0

94,112,0
8,370,0

34,299,0
7,416,0

12,764,0
6,425,0

35,484,0
544,0

8,997,0
13,623,0

24.470.0
15.416.0

625.813.0
271.338.0

40,915,0
1.231.0
1.969.0
30,0

21,060,0 102,482,0
2.397.0
7.007.0
1.491.0
3.378.0
854,0
768,0

41,715,0
2.233.0
1.444.0
773,0

19,189,0
1,888,0
1,936,0
960,0

36,028,0
8.849.0
5.784.0

22,620,0
4.496.0
2.430.0
1.267.0

39,886,0
2.455.0
1.500.0
4,0

897,151,0
51.167.0
92.058.0
5,167,0

60.441.0 103,519,0 44,145,0
11.942.0
32.189.0 20,717",6 12,931,6

25.802.0 113,635,0
12.163.0
17.384.0 38.174.0

46.165.0
8,836,0
19.198.0

23.973.0
2,218,0
10.468.0

50.661.0
2,426,0
19.967.0

30.813.0

77,477,6

18.668.0

43.845.0 1,045,543,0
10.847.0 a45,244,0
12.698.0 302,007,0

77,477,0

44,131,0

17,384,0

28.034,0

12.6S6.0

22,393,0

18,668,0

23,545,0

347,251,0

400,0

137,0
178,0

537.0
537.0

20,717,0

12,931,0
239,0

117,0

50,337,0

S
6.373.0
21,314,0
2.100.0

3,0

Total resources______ ________ 180,638,0 1,150,712,0 223,294,0 263,745,0 117,718,0 121,520,0 400,777,0 137,046,0 105,245,0 158,574,0 113,541,0 165,612,0 3,126,898,0
L IA B IL IT IE S .
5,859,0
18.696.0
3,397,0
9.114.0
3,475,0
2,620,0
4,206,0
70,825,0
6,142,0
2.819.0
2,795,0
8,038,0
3.664.0
Surplus..............................................
75,0
649,0
40,0
216,0
38,0
1,134,0
116,0
6,637,0
21.764.0 10.354.0 25.212.0
4.779.0
9.891.0
9.780.0 11.556.0 10.657.0 13.356.0
131.006.0
4,199,0
2.821.0
Duo to members— Reserve a cct. 77.666.0 043,590 io 88.936.0 111,237,0 44.265.0 38.598.0 170,793,0 55.546.0 39,389,0 69.199.0 43.891.0 66.120.0 1,449,230,0
15.960.0
43,071,0 24.428.0 13.912.0 11.022.0 10.631.0 24,952,0 14.101.0
3.829.0 10.507.0
9,582,0 10,604,0
192.649.0
D uo to oth. F. R . banks— Net
6,340,0
1,382,0
760,0
28,0
4,014,0
O th. deposits lncl. for G ov’ t cred.
13,440,0
409,0
31,0
25,0
4,013,0
4,0
69,0
2,603,0
20,594,0
............

.......

Total gross deposits......... .......... 100,263,0
F . R . notes In actual circulation. 74,246,0
F . R . bank notes In clrc’n— Net
All other liabilities_______
195,0

727.205.0 123,718,0 154.444.0
402.900.0 93.229,0 101.225.0
1,262,0

205,0

54.822.0 209.649.0
63.839.0 181.798.0

38,0

74.255.0
59.146.0

53.029.0
49.543.0

170,0

59.490.0
64.448.0

15,0

91.287.0
55.585.0
8,000,0
305,0

64.158.0
46.523.0
65,0

92.683.0 1.793.479.0
68.723.0 1.251.205.0
8,000,0
2,255,0

Total liabilities______
180,638,0 1,150,712,0 223,294,0 263,745,0 117,718,0 121,520,0 400,777,0 137,046,0 105,245,0 158,574,0 113,541,0 165,612,0 3,126,898,0
a Difference between net amounts due from and net amounts due to other Federal Reserve banks.
STATEM EN T O F FE DE RA L R E SE RVE A G E N TS
Two ciphers (00) omitted.

Boston.

New York.

A C C O U N T S A T CLOSE O F BUSINESS JA N U A R Y 4 1918.

Phlladel. Cleveland. Richmond Atlanta.

Chicago. St. Louis. M inneap. Kan. City

Federal Reserve notes—
S
Received from C om p troller... 104,180,0
Returned to Com ptroller_____ 19,669,0

$
S
690,280,0 125,480,0 128,520,0
119,144,0 18.056,0
8,980,0

$
78,100,0
15,546,0

$
89,620,0 237,100,0
10,883,0
6,692,0

Chargeable to F. It. A gent.
In hands of F. It. Agent________

84,511,0
7,040,0

571,136,0 107,424,0 119,534,0
96,600,0 10,160,0 13,940,0

62,554,0
3,420,0

Issued to F. R . Bank
Held by F. R . Agent—
Gold coin and certificates____
G old redemption f u n d ...
G old Sett. Fd., F. R . B o a rd ..
KllglbK/Jpaper, m in. reg’d ____

77,471,0

474,536,0

97,264,0 105,594,0

35,730,0
3,341,0
2,000,0
36,400,0

180,417,0
10,178,0
60,000,0
223,941,0

4,220,0
4,905,0
54,759,0
33,380.0

17,410,0
5,384,0
35,000,0
47,800,0

77,471,0

474,536,0

97,264,0 105,594,0

T o ta l_____
Am ount of eligible paper 'dellv,, ered to F. it. Agent

S

Dallas.

San Fran.

Total.

73,660.0
8,427,0

S
67,980,0
9,884,0

S
78,740,0
12,057,0

S
68,500,0
12,269,0

S
5
83,540,0 1,825,700,0
6,452,0 248,065,0

78,737,0 230,408.0
12,220,0 3S,420,0

65,233,0
4,495,0

58,096,0
7,090,0

66,683,0
8,800,0

56,231,0
9,115,0

77,088,0 1,577,635,0
211,300,0
............

59,134,0

60,517,0 191,988,0

60,738,0

51,006,0

57,883,0

47,116,0

77,088,0 1,366,335,0

1,546,0
25,000,0
32,588,0

3,603,0
293,0
3,428,0
40,670,0 131,110,0
18,816,0 60,585,0

1,389,0
2,449,0
27,403,0
29,497,0

13,102,0
1,308,0
18,500,0
18,096,0

2,165,0
39,860,0
15,858,0

14,080,0
2,483,0
8,474.0
22,079,0

3,678,0
43,306,0
30,104,0

59,134,0

66,517,0 191,988,0

60,738,0

51,006,0

57,883,0

47,116,0

77,088,0 1,366,335,0

S

S

269,951,0
41,158,0
486,082,0
569,144,0

36,682,0

229,811,0

42,234,0

50,815,0

10,945,0

19,810,0

01,473,0

35,080,0

18,449,0

16,208,0

22,620,0

37,009,0

77,471,0
3,225,0

474,536,0
71,636,0

97,204,0 105,594,0
4,369,0
4,035,0

59,134,0
4,686,0

06,517,0 191,988,0
2,678,0 10,190,0

60,738,0
1,592,0

51,006,0
1,463,0

57,883,0
2,298,0

47,116,0
593,0

77,088,0 1,366,335,0
8,365,0
115,130,0

F. It. notes In actual clrciHat’ n 74,246,0

402,900,0

93,229,0 101,225,0

54,448,0

03,839,0 181,798.0

59,146,0

49,543,0

55,585,0

46,523,0

68,723,0 1.251,205,0

r<,

F. R . notes outstanding
F . It. notes held by banks______




611,136,0

170

THE CHRONICLE

[Vol . 106

Statement of New York City Clearing House Banks and Trust Companies.— The following detailed statement
shows the condition of the New York City Clearing House members for the week ending Jan. 5. The figures for the
separate banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURN.
C L E A R IN G HOUSE
MEM BERS. ,

Net
Profits.

Capital.
W eek E n d in g
J a n . 5 1918.

/N a t. Banks N o v . 201
(State Banks N o v. 14/

M em bers o f Federal
R eserve B ank.
$
Bank of N Y . N B A .
2,000,000
Bank of M anhat C o .
2,050,000
M erchants' N ational.
2,000,000
M ech & M etals N a t.
6,000,000
Bank of Am erica____
1,500,000
National C ity _______ 25,000.000
Chemical N a tion a l..
3,000,000
Atlantic N ational___
1,000,000
N at Butch A D rovers’
300.00C
American Exch N a t.
5,000,000
N at Bank of C om m . 25,000,00t
Pacific Bank________
500.00C
Chat & Phenlx N a t ..
3,500,000
H anover N ational___
3,000,000
Citizens’ N ational_
_
2,550,000
M arket & Fulton Nat
1,000,00c
M etropolitan B a n k. .
2.000.00C
Corn Exchange Bank
3,500,00C
Im p orters *T ra d Nat
1,500,000
National Park Bank.
5,000,000
East River N ational.
250,000
Second N ational____
1,000,000
First N a t io n a l......... 10,000,000
Irving N ational_____
4,500,000
N Y County National
500,000
German- A merlcan___
750,000
Chase N ational_____ 10,000,000
Germania Bank_____
400.000
Lincoln N ational____
1,000,000
Garfield N ational_
_
1,000,000
Fifth National______
250,000
Seaboard N a tion a l..
1,000,000
3,000,000
Liberty N ational____
Coal & Iron National
1.000.000
Union Exch National
1,000,000
Brooklyn Trust C o . .
1,500,000
Bankers Trust C o . . . 11,250,000
U S M tge * Tr C o . .
2,000,000
Guaranty Trust C o . . 25,000.000
1.000,000
Fidelity Trust C o _
_
Colum bia Trust C o . .
5.000,000
Peoples Trust C o ____
1,000.000
New York Trust Co
3,000,000
Franklin Trust C o . .
1,000,000
M etropolitan T r C o .
2,000,000
Nassau N at, B k ly n ..
1,000,000
Irving Trust C o .........
1,500,000

Loans,
Discounts,
Investments,
&c.

Cold.

Average.
$
43,974,000
38,013,000
21.567.00C
157,502,000
32,521,00C
560,372,001
60,620,000
15,507,O C
O
2,235,001
99,220,00C
318,992,001
10,517,000
70,833,000
139,527,00C
34,283,001
10.231.00C
20,256,000
109,589,000
33,542,000
183,187,000
2,884,001)
19,137,000
249,562,000
84,652,000
8,766,000
6,057,000
306,355,000
6,148,000
15,898,000
10,630,000
7,082,000
49,014,000
76,394,000
12,436,000
12,430,000
30,815,000
270,628,000
60,937,000
452,397,000
10,932,000
79,774,000
22,272,000
79,940,000
18,406,000
53,245,000
12,762,000
26,617,000

$
5,407,000
5,221,200
2,509,200
10,257,800
6,572,500
c47.731.60C
8,562,800
835,80C
75.90C
5.275.20C
20.889.40C
1.002.90C
2,173,200
16,560,600
2.761,700
2.102.50C
2 ,128.60C
7,510.20C
7,673.401]
17,063,900
84,400
3.75S.OOO
28,321,000
5,304,900
350.200
885,900
13,126,500
816,400
2,003,300
1,292,200
437,600
3,424,000
4,256,800
888,100
1,188,300
2,155,400
12,980,400
4,691,500
26,125,400
1,213,200
6,210,700
1,331,800
11,032,700
1,168,700
4,070,900
1,121,200
1,082,200

Legal
Tenders.

National
Bank
and
Federal
Reserve
Notes.

Silver.

Average.
Average.
Average.
5
5
S
229,000
146,000
208,000
1,549,000
289,000
388,000
153,00C
140,000
567,000
8,675,O C
O
380,000 2,412,O C
O
401.00C
361,000
453,O C
O
8.091.00C 3,088,000 1,718,O C
O
179,000
237,000
652,000
47,001
177.00C
376,O C
O
26,001
47,000
44,O C
O
768,000
322,000
644,000
249,001 1,898,O C 1,020,000
O
54,000
445,000
545,000
1,546,000
634,000 1,615,000
7,264,001
431,000 2,133,000
136,001
38,000
870,O C
O
196,O C
O
62,000
385,O C
O
623,O C
O
277,000
571,000
913,O C
O
323,000 2,207,000
70,000
873,000
39,000
77,000
847,000
525,000
8,000
18,000
208,000
46,000
70,000
431,000
58,000
644,000 1,122,000
2,144,000
417,000 3,236,000
151,000
71,000
136,000
74,000
20,000
22,000
3,341,000 2,627,000 1,201,000
69,000
40,000
273,000
203,000
356,000
89,000
67,000
50,000
243,000
61,000
99,000
235,000
351,000
314,000
634,000
37,000
111,000
209,000
15,000
58,000
87,000
14,000
90,000
257,000
109,000
29,000
230,000
598,000
84,000
198,000
319,000
175,000
83,000
2,928,000
89,000
583,000
97,000
47,000
74,000
149,000
300,000
496,000
80,000
87,000
316,000
68,000
10,000
13,000
79,000
188,000
238,000
159,000
31,000
101,000
39,000
77,000
226,000
44,000
85,000
503,000

Addltlona
Deposits
with
Legal
Deposi­
taries.

Reserve
with
Legal
Deposi­
taries.

Average.
5
222,000
561,000
84,000
564,O C
O
233,O C
O
2,115,000
597,000
142,O C
O
7,O C
O
729,000
607,O C
O
208,000
1,886,000
829,000
88,000
453,O C
O
405,000
3,417,000
424,000
1,371,000
17,000
468,000
71,000
309,000
351,000
59,000
409,000
50,000
688,000
169,000
46,000
275,000
530,000
374,000
172,000
3.31,000
578,000
294,000
788,000
150,000
615,000
422,000
22,000
158,000
257,000
86,000
816,000

Average.
S
5,091,000
10,767,000
2,187,000
29,362,000
5,258,000
7,151,000
1,938,000
320,000
13,100,000
35,708,000
1,360,000
9,726,000
22,667,000
4,461,000
2,618,000
2,750,000
19,217,000
4,253,000
21,705,000
578,000
2,289,000
14.183,000
15,354,000
1,241,000
1,037,000
33,027,000
831,000
3,483,000
1,430,000
885,000
7,558,000
13,057,000
1,609,000
1,722,000
3,781,000
27,479,000
7,822,000
50,617,000
1,502,000
10,595,000
2,059,000
11,747,000
2,261,000
6,381,000
1,215,000
2,847,000

Average.
$

actual
actual
actual
actual

condltt
condttl
condltl
condltl

Jan. 5 _______
3,935,735,000
D ec. 29
3,937,918,000
D ec. 22 ___________ 3,972,362.000
D ec. 15 .................... 4,384,663,000
Not Mem bers o f Fed eral Reserve
500,000
1,372,700
14,037,000
200,000
503,400
3,043,000
250,000
812,900
4,274,000
100,000
2,300,200
16,700,000
200,000
868,300
5,688,000
1,000.000
2,353,600
14,708,000
326.600
54,000
3,912,000
1,000,000
1,014,100
17,544,000
1,500,000
054,100
24,948,000

on
on
on
on

S ta te Banks.
G reen w ich __________
People’s ________
B ow ery _________
Fifth Avenue_______
Gorman Exchange___
Bk o f tho M etropolis.
West S I d o .................
N Y Produce E x c h ..
S ta te _________ _____
Totals, avgo for wk
Totals,
Totals,
T otals,
Totals,

actual
actual
actual
actual

condltl
condltl
condltl
condltl

5,076,600

condltl
condlrl
condltl
condltl

29,146,000
29,565,000
27,402,000
26,788,000

Bank
1,020,000
44,000
284,000
1,169,000
364,000
57,3,000
226,000
765,000
2,389,000

200,000
34,000
17,000
116,000
8S.000
292,000
112,000
660,000
367,000

565,000
104,000
38,000
1,095,000
154,000
348,000
88,000
560,000
550,000

445,000
197,000
181,000
691,000
282,000
472,000
38,000
361,000
367,000

704,000
212,000
232,000
669,000
348,000
812,000
231,000
1,175,000
1,457,000

23,902,000 518,218,000
24,344,000
21,525,000 513,398,000
19,759,000 626,393,000

Average.
s
790,000

1,422,000
2,000,000
684,000
20,120,000

1,833,000
3,782,000

2 [902,000
640,000

414,000
150,000
47,000
4,977,000

7,373,000
4,648,000
183,000
0,974,000

1,877,000
290,000
1,023,000
90,000

254,000

300,000
3,692,000

51,000
4,105,000
50,000
932,000

433 [000
9,361,000
5,405,000

199 [000
18,432,000

1,300,000

1,000
120,000
321,000

896,000
400,000

49,853,000
2,787,000
60,330,000
10,893,000
431,000
450,000
12,366,000
25,558,000
4,897,000
219,227,000 32,290,000
7,069,000
54,334,000
368,520,000 37,583,000
8,346,000
1,066,000
71,420,000 10,736,000
20,876,000
1,459,000
6,324,000
62,959,000
1,038,000
15,864,000
1,826,000
42,929,000
501,000
9,352,000
1,252,000
22,131,000

70,000
500,000
412,000
398,000

6,213,000
16,337,000
9,399,000

..........

50.000

3,441,612,000 189,304,000 34,050,000
3,486,326,000 187,717,000 34,016,000

..........~

.-

8,329,5133)00 182’,961 [000 34,065,000
3,475,672,000 188,061,000 33.883,000

14[000

539,000
186,000
2,323,000
195,000
505,000

17,678,000
5,799,000
13,538,000
3,845,000
19,079,000
27,280,000

32,000

104,854,000

6,834,000

1,886,000

3,502,000

3,034,000

5,840,000

4,442,000

108.45S,000

61,000

Jan. 5 ...........
Deo. 29
D e c. 22
D eo. 15 ........................

104,879,000
101,178,000
103,303,000
104,140,000

6,839,000
7,051,000
6,794,000
6,803,000

1,854,000
1,998,000
1.929,000
1,854,000

3,522,000
3.617,000
3,595.000
3,776,000

3,009,000
3,032,000
2,899,000
2,763,000

6,352,000
5,153,000
5,862,000
6,004,000

6,272,000
3,300,000
2,547,000
3,965.000

108,963,000
107,803,000
107,104,000
106,772,000
-

63,000
61,000
61,000
60,000

Not Mem bers o f Fed eral Reserve
Bank.
5.000,000 11.706,300
39,038,000 1,614,000
4,000,000
5,184,000
23,542,000
591,000
1,000,000
568,200
13,845,000
574,000

Totals, avge for wk
actual
actual
actual
actual

17,719,000
16,925,000
15.143,000
15,478,000

Average.

9,933,300

171,000
190,000
136,000

233,000
35,000
342,000

409,000
134,000
261,000

1,153,000
1.235,000
650,000

1,728,000
145,000
355,000

23,062,000
15,080,000
12,992,000

1,378,000
563,000
1,459,000

on
on
on
on

T r u s t C om p a n ies.
Title Guar & T r u s t..
Lawyers T itle & T r . .
Lincoln T rust_______

T otals,
Totals,
Totals,
Totals,

42,470,000
13,072,000
42,881,000
45,539,000

Average.
5
34,300,000
43,624,000
16,924,000
143,820,000
30,086,000

National
Bank
Circula­
tion.

Net
Time
Deposits.

49,745,000
13,491,000
2,079,000
87,880,000
266,349,000
10,347,000
68,076,000
144,901,000
29,507,000
12,392,000
20,608,000
113,942,000
27,481,000
153,245,000
3,309,000
17,076,000

Average for w eek. k 186.300,000 311,637,700 3,948,658,000 42,805,000 16,957,000 29,119,000 23,450,000 523,084,000
Totals,
Totals,
T otals,
Totals,

Net
Demand
Deposits.

______
______

10,000,000
on
on
on
on

'

17,458,500

76,425,000

2,779,000

497,000

610,000

804,000

3,038,000

2,228,000

51,134,000

3,400,000

Jan. 5
Dec. 29
D ec. 22 ___________
Deo 15

76,819,000
76,679,000
76,796,000
75,850,000

2,655,000
2,876,000
2,660,000
2,756,000

509,000
501,000
570,000
551,000

655,000
620,000
669,000
600,000

813,000
718,000
712,000
670,000

2,985,000
3,026,000
3,386,000
2,993,000

3,626,000
831,000
585,000
1,241,000

51,155,000
5ftt440 non
50,857,000
50,788,000

--------------- 1

3,381,000

________

2 [896,000
3,117,000

Grand aggregate,avge 201,376,600 339,029,500 1,129,937,000 52,418,000 19,340,000 33,231,000 27,288,000 531,962,000 6,670,000 a3,601,204,000 192,825,000 34,050,000
Comparison prev w k.
+ 1,206,000 — 296,000 + 586,000 + 933,000 + 1631000 — 752,000 + 2654000
+ 88,917,000
+ 87,000
+ 22,000
Grand ag’gato, actual condition
Comparison prev w k.

Jan.

Grand
Grand
Grand
Grand

Deo. 2 9 . . .
D ec. 2 2 ___
D oc. 1 5 . . .
D ec. 8 ___

ag’gato,
ag’gate,
ag’gate,
ag’gate,

actual
actual
actual
actual

condition
condition
condition
condition

5 _ 1,117,433,000 51,970,000 20,082,000 33,323,000 27,724,000 527,555,000 9,898,000 b3,646,444,000 191,161,000 34,010,000
_
— 1,342,000 -1,029,000 + 656,000| — 479,000 — 370,000 -42,063,000 + 5767000
+ 00,276,000 — 7,331,000 — 88,000
4,118,775,000
1,152,461,000
4,564,653,000
4,770,718.000

52,999,000
52,335,000
55,098,000
57,010,000

19,427,000*33,802.000 28,094,000
17,642.000 31,660,000 25,136,000
17,883,000 31,164,000' 23.192,000
18.608.000 30,487,000 23.823,000

569,618,000 4,131,000 b3,580,168,000 198,492,000 3 4 , 1 0 4 , 0 0 0
522,646,000 3,132,000 l>3,487,474,000 185,918,000 1 4 ,0 0 5 ,0 0 0
335,390,000 5,206,000 1>3,033.232,000 191,238.000 33.883,000
553,192,000 6,242,000 b3,553,037,000 191,916,000 13,480,000

a U . S . d e p o s i t s d e d u c t e d , 5 2 8 3 ,2 8 9 ,0 0 0 .
b U . S . d e p o s i t s d e d u c t e d , $ 2 1 1 ,4 6 9 ,0 0 0 .
c I n c l u d e s c a p i t a l s e t a s id e f o r fo r e ig n b r a n c h e s , 5 6 ,0 0 0 ,0 0 0 .
N o t e .— T h e r e h a s b e e n n o c h a n g e In t h e f o r m a t i o n o f t h is s t a t e m e n t f o r t h e p a s t th r e e w e e k s , b u t o n D e c . 15 th e a g g r e g a t e s o f t h o G e r m a u -A m e r lo a n B a n k w h ic h w e r e
f o r m e r ly I n c lu d e d in t h o S t a t o B a n k g r o u p , w e r o t r a n s fe r r e d t o t h e g r o u p c o m p o s e d o f m e m b e r s o f t h e F e d e r a l R c s e r v o B a n k .

STATEM EN TS OF RESERVE

P O S IT IO N .

A verages.
C a sh
R e s e r ce
in V a u lt.
M e m b e rs F ederal
R eserve B a n k .
S t a t e b a n k s ...........
T r u s tC o m p a n lc s *
T ota l
T ota l
T ota l
T ota l

Jan.
5.
D eo. 2 9 .
D eo. 22.
D ec. 15.

5
c

A c tu a l F igu res.
a

R e serv e
in
D e p o s ita r ie s

T o ta l
R e ser v e.

R e ser ce
R e q u ired .

S

5

5

C a sh
R eserv e
in V a u lt.

5
d

b

R e ser ce
in
D e p o s it a r ie s

T o ta l
R e ser v e.

R eserv e
R e q u ired .

5

5

<jg

S u r p lu s
R e ser v e.

In c. or D ec.
fr o m
P r ev lo u s lV e e k

$
$
6 9 ,9 9 3 ,5 2 0 — 1 2 ,5 9 8 ,8 0 0
1 ,5 7 3 ,5 6 0
— 5 5 ,2 0 0
5 7 ,9 0 0
+ 4 4 ,1 5 0

1 5 ,2 2 4 ,0 0 0
4 ,6 3 2 ,0 0 0

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

5
$
5 9 ,3 0 4 ,1 1 0 — 5 1 , 3 8 8 , 2 6 0
1 ,9 6 2 ,6 6 0
+ 5 1 6 ,2 0 0
d e f .5 0 ,2 5 0
— 2 3 4 ,2 5 0

4 8 0 ,2 8 3 ,0 2 0 7 1 ,6 2 4 ,9 8 0 — 1 2 ,6 0 9 ,8 5 0
4 6 8 ,6 7 0 ,1 7 0 8 4 ,2 3 4 ,8 3 0
+ 1 ,3 0 2 ,6 9 0
4 6 8 ,5 2 7 ,8 6 0 8 2 ,9 3 2 ,1 1 0 — 4 3 ,1 6 8 ,8 5 0
4 7 7 ,1 6 9 ,0 1 0 1 2 6 ,1 0 0 .9 9 0
+ 1 .4 1 9 ,7 7 0

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

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

5 4 7 .4 1 1 .0 0 0
5 9 0 .0 3 4 .0 0 0
5 4 2 .4 7 4 .0 0 0
0 5 5 .1 6 3 .0 0 0

—
+
—
+

1 5 ,2 5 6 ,0 0 0
4 ,6 9 0 ,0 0 0

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

1 9 .9 4 6 .0 0 0
2 0 . 1 9 1 .0 0 0
1 9 .8 9 8 .0 0 0
1 9 .2 8 6 .0 0 0

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

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

S u r p lu s
R e ser v e.

I n c . or D ec.
fr o m
P rev lo u slV ee k

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

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

* N o t m em bers o f F ederal R eserve B a n k .
a T h i s Is t h e r e s e r v e r e q u ir e d o n n e t d e m a n d d e p o s i t s In t h e c a s e o f S t a t e b a n k s a n d t r u s t c o m p a n i e s , b u t In t h o c a s e o f m o m b e r s o f t h o F e d e r a l R e s e r v e B a n k
a ls o a m o u n t o f r e s e r v e r e q u ir e d o n n e t t im e d e p o s i t s , w h ic h w a s a s f o l lo w s : J a n . 5 , S 5 ,6 8 0 ,9 2 0 : D e c . 2 9 , $ 5 ,6 7 6 ,0 6 0 ; D e c . 2 2 , S 5 ,5 5 0 ,9 0 0 : D e c . 1 5 , $ 6 ,6 1 9 ,0 9 0
b T h i s Is t h o r e s e r v e r e q u ir e d o n n e t d e m a n d d e p o s i t s In t h e c a s o o f S t a t e b a n k s a n d t r u s t c o m p a n i e s , b u t In t h o c a s o o r m e m b e r s o f t h e F e d e r a l R e s e r v e Bank
a ls o a m o u n t o f r e s e r v o r e q u ir e d o n n e t t im e d e p o s i t s , w h ic h w a s n s f o l lo w s : J a n . 5 , $ 5 ,6 3 1 ,5 1 0 : D e c . 2 9 , 5 5 . 8 3 6 , 3 8 0 ; D e c . 2 2 , $ 5 ,4 8 8 ,8 3 0 : D e o . 1 5 , $ 5 ,6 4 1 ,8 3 0 .
c A m o u n t o f c a s h In v a u l t , w h ic h Is n o lo n g e r c o u n t e d a s r e s e r v e f o r m e m b e r s o f t h o F e d e r a l R e s e r v e B a n k , w a s a s f o l lo w s :
J a n . 5 , 5 1 1 2 ,3 3 1 ,0 0 0 : D e c . 2 9 , 5 1 0 9 ,2 3 2 ,0 0 0 : D e c . 2 2 , $ 1 0 8 ,5 7 8 ,0 0 0 : D e c . 1 5 , 5 1 1 0 ,4 8 6 ,0 0 0 ; D e c . 8 , 5 1 1 0 ,0 2 7 ,0 0 0 .
d A m o u n t o f c a s h In v a u l t s , w h ic h Is n o lo n g e r c o u n t e d a s r e s e r v e f o r m e m b e r s o f th e F e d e r a l R e s e r v e B a n k , w a s a s f o l lo w s :
J a n . 5 , 5 1 1 3 ,2 4 3 ,0 0 0 ; D e c . $ 2 9 , 5 1 1 3 ,9 0 6 ,0 0 0 ; D e c . 2 2 , 5 1 0 6 ,9 5 1 ,0 0 0 ; D e c . 1 5 , 5 1 0 7 ,5 6 4 ,0 0 0 ; D e c . 8 , $ 1 0 9 ,9 4 9 ,0 0 0 .




Includes
lnoludei

The State Banking Department reports weekly figures
•bowing the condition of State banks and trust companies
In New York City not in the Clearing H o u s e , and these are
shown in the following table:
SU M M ARY o f s t a t e b a n k s a n d t r u s t c o m p a n i e s i n g r e a t e r
N EW Y O R K , NOT IN C L U D E D IN C L E A R IN G HOUSE S T A T E M E N T .
(.Figures Furnished by State Banking Department.) Differences from
previous week.
Jan. 5.
D e c. SS,394,500
Loans and Investments...............................................— 815,453,800
D e c.
903,700
Specie . . . . ____________________ ___________________ 18,357,500
334,800
D e c.
Currency and bank notes__________________________ 12,862,400
Inc. 1,013,100
Deposits with the F. R . Bank of New Y o r k ______ 64,280,800
Inc. 8,948,900
Total deposits...........................
960,491,000
Deposits, eliminating amounts due from reserve de­
positaries and from other hanks and trust com Inc. 2,689,400
pastes In N . Y . C ity, exchanges and U .S. deposlts842,565,400
Inc. 9,340,000
Reserve on deposits________________________________ 181,337,o00
Percentage of reserve, 2 4 .3 % .
RESERVE.
„
,
-------Slate Banks------- ---------- Trust Companies----Cash In vaults.....................
S12.883.500 11-34%
§82,617,200 13.11%
Deposits In banks and trust co s ____ 14,600,400 12.91 /o
7 1 ,1.0,400 11-2.1 ,o
T o t a l ................................................... $27,543,900 24.25%

In addition to the returns of “ State banks and trust com­
panies in New YorkCity not in the C learing H o u s e ," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
in the whole State. The figures are compiled sons to distin­
guish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following;
For definitions and rules under which the various items
are made up, see “ Chronicle,” V. 98, p. 1661.
The provisions of the law governing the reserve require­
ments of State banking institutions as amended May 22 1917
were published in the “ Chroniole” May 19 1917 (V. 104, p .
1975). The regulations relating to calculating the amount
of deposits and what deductions are permitted In the com­
putation of the reserves were given in the “ Chronicle” April 4
1914 (V. 98, p. 1045).
ST A T E B A N K S A N D T R U S T C O M P A N IE S .

S153.793.600 24.40%

The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater Now York City outside of the
Clearing House, compare as follows for a series of weeks past:
C O M B IN E D

Week
Kndea—

171

THE CHRONICLE

Jan. 12 1918.]

RE SU LTS OF 13ANI£T £ 1^H 1I[rr? U ST C O M P A N IE S IN
fC
G REA TE R N EW YO RK .
W e omit two ciphers in all these figures._______________________
Total
Reserve in
t
Loans
Legal
Cash in
D eposi­
Demand
and
Tenders.
Specie.
Vault.
taries.
Deposits.
Investments

$
$
$
$
$
$
636,841.0
4.827,878.5 4,440,267,1 ISO .862,3 44,885,7 225.748,0
643.019,0
4,918.137.4 4,524,374,4 178,409,4 47,878,0 226,347.4
593,873.3
5,032,907,2 4,405,739,9 163,532,8 71,363,1 224.895,9
27
588,667,7
5,428.240.7 4,473,000,0 142,132,9 76,739,1 218,872,0
625.012.3
5,491,980,2 4,473,207,0 138.026,2 85,904,7 224.530.9
10
623,903.6
17 - - 5,557,891,9 4,477,113,2 137.330.8 84,303,2 221,094,0
611,381,8
24 . . 5,019,230,7 4,252,102,1 124,803,8 83,834,2 208,638,0
050.784,0
_ 5,559.742,1 4,297,010,1 113,749,3 90,122,9 209,872,2
1_
682,360,1
8 - . - 5,827,002,0 4,353,272,1 112,093,5 90,747,7 208,841,2
671,117,1
Deo. 1 5 .- - 5,575,072,8 4,417,314,1 110,725,3 90,692,9 207,418,2
602,178,4
5,011,186,0 4,357,133,8 108,504,8 95,878,3 204,383,1
D ec. 9.‘*
608,984,8
29_
_ 4,052,579,3 4,352,103,0 104,273,2 98,864,9 203,138,1
617,798,8
5 — 5,945,390,8 4,443,709,4 101,006,5 100,321,2 204,327,7
Jan.
with "Legal Tondors" aro national bank notes and Fed. Reserve notes
t Included
nel l by State banks and trust cos. but not those hold by Fed. Reserve members
13

Week ended Jan. 5 .

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

Capital as of Sept. 8 ...........

$ 1 9 ,7 7 5 ,0 0 0

$ S 8 ,9 5 0 ,0 0 0

$ 1 6 ,5 7 3 ,0 0 0

Surplus as of Sept. 8 ______

3 8 ,5 0 6 ,7 2 2

1 6 2 ,9 0 1 ,4 0 0

1 6 ,9 3 7 ,0 0 0

2 5 ,7 4 8 ,0 4 0

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

1 9 4 ,9 2 0 ,3 0 0
— 3 5 5 ,8 0 0

3 2 4 ,3 0 0 ,2 0 0
— 4 ,0 5 8 ,0 0 0

Loans anti Investm ents..
Change from last week.
Change from last week.

1 8 ,6 5 2 ,4 0 0
— 1 8 3 ,4 0 0

2 0 ,7 7 1 ,2 0 0
— 1 ,0 6 4 ,3 0 0

Currency and bank notes.
Change from last week.

2 3 ,9 6 1 ,3 0 0
— 7 7 3 ,4 0 0

1 4 ,8 8 0 ,3 0 0
— 3 3 1 ,9 0 0

Deposits with the F . R.
Bank of New Y o rk ____
Change from last week.

3 9 ,5 2 0 ,8 0 0
+ 2 ,3 6 6 ,6 0 0

1 9 2 ,1 9 3 ,9 0 0
+ 9 ,1 3 2 ,7 0 0

$ 2 5 ,9 3 8 ,7 0 0

Reserve on deposits_____
Change from last week.

—

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

Change from last w eek.

______
2 0 3 ,7 3 7 ,9 0 0
+ 1 ,1 1 6 ,9 0 0

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

3 3 3 ,8 5 3 ,4 0 0
+ 1 8 ,2 3 1 ,2 0 0

3 0 ,4 6 4 ,2 0 0
+ 1 ,5 3 2 ,6 0 0

3 9 ,1 2 6 ,1 0 0
+ 3 ,1 2 6 ,3 0 0

2 0 .6 %
2 0 .6 %

1 8 .3 %
1 7 .4 %

1 6 .0 %
1 5 .4 %

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

P. C. reserve to deposits.
Percentage last w e e k ..

2 5 .3 %
2 4 .0 %

+ Increase over last week.

— Decrease from last week.

Non-Member Banks and Trust Companies.— Following is the report made to the Clearing House by olearing
ton-member institutions which aro not included in the "Clearing House return” on the preceding page:
_____
RETURN OF NON-M EMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
C L E A R IN G
N O N -M E M B E R S

A'ef
Capital. | Profits.

Loans,
Discounts,
Investments.
W eek E n d in g J a n . 5 1918. (N at.ban k s N o v. 201
A c.
\Stato banks N ov. 14/

Legal
Tenders.

Gold.

2.537.000
8.805.000
10.500.000
4.523.000
8.896.000
4.006.000
6,842 000
21.688.000
3.960.000

102,000
595.000
641.000
176.000
473.000
195.000
453.000
628.000
143,000

3,000
181,000
15.000
75.000
141.000
81.000
340.000
55,000

66,000
417.000
363.000
99,000
205.000
232.000
281.000
882,000
156,000

66,000
132.000
373.000
210.000
117.000
70,000
146.000
472.000
236.000

125.000
574.000
682.000
274.000
364.000
214.000
451.000
1,311,000
223.000

72.000
466.000
201.000
225.000
144.000
22.000
35,000
1,668,000
815.000

2,088,000
9.574.000
11.364.000
4.337.000
8.094.000
4.448.000
7.519.000
21.855.000
3.639.000

4,749,700

71,823,000

3,406,000

891,000

2,701,000

1,822,000

4,218,000

3,648,000

72.91S.000

500.000
200.000

1,002,900
338,500

8.689.000
7.743.000

431,000
24,000

59.000
30.000

23.000
67.000

91.000
76.000

348.000
529.000

658.000
29.000

6|979,000
4|810,000

700,000

1,341,400

10,432,000

455,000

89,000

90,000

167,000

877,000

907,000

11,789,000

6,895,000 11,610,700 132,937,000
— 217.000
$545,050
6..895.000 11,616,700 133.154.000
6,81(5,000 11,241,200 132.719.000
6.795.000 11.375.300 136.279.000
6.795.000 11.376.300 139.068.000
6.705.000 11.375.300 140.663.000

4,289,000
+ 6,000

1,622,000 3.336,000
+ 20,000 — 214,000

2,887,000
+ 4,000

4.283.000
4.363.000
4.476.000
4.618.000
4.815.000

1,602,000 3.550.000 2.883.000 8,610,000 11,682J)00 all7,107,000
1.468.000 3.383.000 2.687.000 8.658.000 10.291.000 a 115,738,000
1.412.000 3.467.000 2.716.000 9.242.000 8.827.000 a l l 7,474,000
1.520.000 3.488.000 2.629.000 9.137.000 9.021.000 a l 17,350,000
1.473.000 3.361.000 2.306.000 9.555.000 11.573.000 a 116.521,000

100,000
500.000
300.000
500.000
200.000
200.000
100,000
1,600,000
200,000

467,000
970.800
748.900
142.800
4 9 1,500
201,100
687.900
829,100
210,600

T o t a l _____________________

2 9 -----22-----15 . .
8 -----1 ------

1,520,000

33,277,000

44,6S2,000

Grand aggregate D ec.
Grand aggregate D ec.
Grand aggregate D eo.
Grand aggregate Deo.
Grand aggregate Deo.

8,046,000

4,368,000 10,538,000

5,525,600

Average.
s
196.000

"458,666
3.438.000
2.349.000

898,000

2,495,000

Average.

296.000
120.000
392.000
199.000
218.000
99,000

545,000

T o t a l .....................................

17.000

Naliona
Bunk
Circula­
tion.

556.000
770.000
6.472.000
1.001.000
787.000
700.000

642,000

Average.
i
11 000
1,000
22,000
29.000
218,000
93.000
19.000
35.000

* Net
Time
Deposits.

Average.
S
5.662.000
1.601.000
4.908.000
5.161.000
0,594,000
3.944.000
2.589.000
2.518.000

Average.
$
222,000

428,000

Average.
$
5.705.000
2.963.000
0,422,000
6.028.000
6.499.000
4.578.000
6.829.000
5.658.000

Total ......................................

Average.
J
828,000
376.000
507.000
540.000
1,015,000
498.000
321.000
253.000

151,000
99.000
85.000
83.000
64.000
63.000

*
494,700
599,500
677,900
618,600
1,334,700
791.100
701,000
308.100

Grand aggregate-------------------Comparison previous w e e k ...

Average.
S

Net
Demand
Deposits.

13.000
36.000
518,000
8,000
4,000
46.000

3
400.000
500.000
300.000
300.000
400.000
250.000
220.000
125,000

T r u s t C om pa n ies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust C o., Brooklyn
Mechanics’ T r. C o ., Bayonne

Average.

Additional
Deposits
with Legal
Deposi­
taries.

Average.
S
201,000
3,000
99.000
62.000
141.000
153.000
190.000
49,000

M em bers o f
F ederal R eserve Bank
Buttery Park N at. B ank-------W R. Grace A C o .’s Bank___
First N at. Bank, Brooklyn___
N at. City Bank, B r o o k ly n ...
First N at. Bank, Jersey C ity .
Hudson C o. N at., Jersey City
First N at. Bank, H oboken___
•lecond N at. Bank, H oboken.

S tate B anks.
Not Members of the
Federal Reserve Bank.
Bank of Washington Heights.
Colonial B ank--------- -------- —
Columbia B a n k .......... ............
International Bank--------------M utual Bank............................
New Netlierland Bank...........
Yorhvllle Bank---------------------M echanics’ Bank, B rooklyn ..
North Side Bank, B rook lyn ..

Stiver.

Reserve
with
Legal
Deposi­
taries.

National
Bank
dt Federal
Reserve.
Notes.

66,000
750.000
606.000
379,000

......... 320.000
193.000
176.000
23,000
127.000
400.000
1,239,000

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

855,000j ________
2,973,0001 ------------3,828,000

9,463,000 15.093.000 nll7,984,000 13,113,000
+ 96,000
+ 877,000
+ 853,000 + 3411000

1,520,000

13.017.000
13.039.000
12.978.000
13.092.000
13.917.000

1.520.000
1.518.000
1.519.000
1.525.000
1.521.000

U. S, deposits deducted, $3,708,000

Boston Clearing House Banks.— We give below a
summary showing the totals for all the Items in tho Boston
Clearing House weekly statement for a sories of weeks:
BOSTON C L E A R IN G HOUSE M E M B E R S
Jan. 5
1918.

Change from
previous week.

C ircu la tio n ........... - ................ $5,453,000 D e c.
Loans, dlso’ts & investments. 484.802.000 D ec.
Individual deposits. lnol.U.S. 388.647.000 Inc.
132.933.000 Inc.
Time deposits.......................... 22.708.000 D e c.
Exchanges for Clear. H ouse. 21.548.000 Inc.
95.211.000 Inc.
Cash In bank A in F. R . Bank 59.841.000 Inc.
Reserve excess In bank and
Federal Reserve Bank____ 19.291.000 Inc.

D ec. 29
1917.

D ec. 22
1917.

$107,000 $5,560,000 $5,463,000
5,790,000 490.592.000 488.988.000
10.893,000 377.754.000 387,2 IS,000
10,090,000 122.837.000 122.336.000
834,000 23.542.000 23.254.000
5,922,000 15.026.000 10.813.000
15,707,000 79.444.000 91.404.000
1,744,000 58.097.000 55.709.000
1,815,000

17.476.000

14.807.000

Philadelphia Banks.— Tho Philadelphia Clearing House
s ta te m e n t fo r th e w eek en d in g N o v . 10 presen ted th e w e ek ly returns u nd er
a new cla ssifica tion o f th o m e m b e rs.
B o th th e G ira rd an d P h ila d e lp h ia
T r u s t C o m p a n ie s , w h ich h a v e been a d m itte d in to th e Federal R eserve
s y s te m , are n ow Inclu ded w ith th o n a tio n a l ban ks u n d er th o h ead in g “ M e m ­
bers o f th o F ederal R esorv o S y s t e m ."
T h o rem ain in g tru st c o m p a n y m e m ­
bers o f th e C learin g H ou se A s s o cia tio n are g r o u p e d u nd er tn e c a p tio n
“ T r u s t C o m p a n ie s n o t M e m b e r s o f t h e F e d e ra l R e s e rv e S y s t e m .'!




R eserve requ irem en ts fo r m em bers o f th e F ed eral R eserve sy s te m are 10 %
on d e m a n d d e p o sits an d 3 % on tim e d e p o s its , all t o be k e p t w ith th o Federal
R eserve B a n k . “ C a sh in v a u lt s " is not a part o r legal reserve. F o r tru st
co m p an ies n o t m em bers o f th e F ederal R eserve s y s te m th e reserve requ ired
is 15 % on d e m a n d dep osits a n d Includes “ R e s e rv e w ith legal d e p o s ita rie s ”
an d “ C a sh in v a u lts .’ *
______________________________________________________ _
Week ending Jan. 5 1918.
D ec. 22
D ec. 29
Two ciphers (00) omitted.
1917.
1917.
Trust
M em . of
Total.
Cos.
F. R. Syst.
C a p it a l__________________
Surplus and profits______
Loans, dlsc’ ts A invest’ ts.
Exchanges for Clear .House
Individual deposits______
Time deposits-----------------Total deposits..... ............
U.8.deposlts(not Included)
Rc8’ ve with Fed. Res. B k .
Res’ve with legal depos’les
Total reserve < cash held.
fc
Excess res. & cash In vault

$25,075,0
06.115.0
535.851.0
30.925.0
142.648.0
174,827,0
448.455.0
3,695,0
626.977.0
52.439.0

20,851,6
73.290.0
45.080.0
28,210,0

531.475.0
80.071.0
581.303.0
31.966.0
142.844.0
175.S27.0
481.853.0
3,695,0
34,398,6 661.375.0
30,689,0
52.439.0
5,123,0
"5,123,6
22.644.0
1,793,0
80,206,0
6.916.0
50,054,0
4.974.0
30,152,0
1,942,0
$5,500,0
13.956.0
45.452.0
1,041,0
196,0
1,000,0
33,398,0

531.475.0
80,010,0
578.275.0
23,846,0
135.390.0
170.239,0
468,000.0
3,559,0
641,798,0
22,220,0
51.136.0
6,689,0
22.713.0
80.538.0
51.086.0
29,452,0

• Cash In vault Is not counted as reserve for F . R . Bank members.

$31,475,0
80.025.0
577.825.0
22.264.0
131.275.0
162,684,0
461.010.0
3,841.0
627.535.0
22,289,0
47.600.0
6,486,0
22.578.0
76.664.0
50.218.0
26.446,0

112

[Vol. 106.

THE CHRONICLE

^m illets' ©alette
W a ll Street, F rid a y N ig h t, J a n . 11 1918.
The Money Market and Financial Situation.— The
impetus given to business in Wall Street by Government
control of the railways continued in force at the opening of
this week, and perhaps had been added to by the interna­
tional situation abroad. It received a “ cold douche” , how­
ever, on Tuesday, when the President’s message to Congress
was delivered, setting forth in clear, concise terms the
grounds upon which this country will discuss terms of peace.
The speech has been characterized by those best qualified to
judge as the ablest state paper which this war has inspired,
but no one saw in it a reason for hoping that the end of the
war is near. That such a hope had been more or less gener­
ally indulged in, however, and had been a factor in Stock
Exchange operations for some time previous to this week,
is a well-known fact. Indeed, this hope still exists, but its
life depends chiefly upon the internal conditions of the Cen­
tral Powers, about which very little is known.
Practically all domestic affairs are adversely affected
by the shortage of coal for all purposes and by the generally
demoralized conditions of transportation facilities. Ships
in United States ports have been held weeks waiting a supply
of coal, and the congestion of freight at seaboard terminals
and elsewhere is unprecedented. The U. S. Steel Corpora­
tion, for the first time since last spring, reports an increase of
unfilled orders on its books, a fact which may bo due in part
at least, to the shortage of fuel and of shipping facilities. It
is a well known fact, also, that tho output of pig iron has been
restricted by lack of coal, and it is reported that the finished
production of the steel industry is for tho same reason only
from 50 to 75 per cent of capacity.

Foreign F*xchango.— Sterling exchango was reported firm.
Lire and francs have been firm. Rubles, dospite the Russian
uncertainties, closed firm. Noutral exchanges wero some­
what weaker.
•
T o - d a y ’s (F r id a y ’s) a ctu a l rates fo r ste rlin g e x ch a n g o w ero 4 71 % @ 4 72
fo r s ix ty d a y s , 4 7 5 % @ 4 7530 fo r ch e ck s an d 4 70 7-16 fo r ca b le s . C o m ­
m ercia l o n b a n k s, s ig h t, 4 7 5 @ 4 75>6; s ix ty d a y s , 4 7 1 @ 4 7 1 % ; n in e ty
d a y s , 4 6 9 % @ 4 6 9 % , a n d d o c u m e n ts fo r p a y m e n t (s ix ty d a y s ), 4 7 1 @
4 71% .
C o t t o n fo r p a y m e n t, 4 7 5 @ 4 7 5 % a n d grain fo r p a y m e n t , 4 75
@ 4 75% .
T o - d a y ’s (F r id a y ’s) a ctu a l rates fo r P a ris b a n k e rs ’ fra n cs w ero 5 7 9 % @
5 7 9 % fo r lo n g a n d 5 73 % © 5 7 3 % fo r s h o r t.
G e rm a n y b a n k e rs ’ m arks
w ere n o t q u o t e d fo r s ig h t, n om in al fo r lo n g an d n om in al fo r s h o r t. A m ­
s terd a m ba n k ers’ gu ilders w ero 42 9-16 fo r lo n g a n d 42 11-16 fo r s h o rt.
E x ch a n g e a t P aris o n L o n d o n , 2 7 .1 8 f r .; w e e k ’s ra n g o , 2 7 .1 8 fr . high
a n d 2 7 .2 2 fr . lo w .
E x ch a n g e a t B erlin o n L o n d o n , n o t q u o ta b le .
T h o ra te fo r foreign e x ch an g e fo r th o w eek fo llo w s :

Sterling Actual —

Sixty Days

H ig h fo r th e w e e k ___
L o w fo r th e w e e k ___

4 72
4 71%

Paris Bankers' Francs—
H ig h fo r th o w e e k ___
L o w fo r th o w e e k ___

5 70%
5 80%

Germany Bankers' Marks —
H ig h fo r th e w e e k ___
L o w fo r th o w e e k ___

Checks.

Cables.

4 7530
4 75 3-16

4 76 7-16
4 76 7-16

5 72%
5 73%

5 70%
5 71%

_______
_______

Amsterdam Bankers’ Guilders—
H ig h fo r th e w e e k ___
L o w fo r th e w e e k ___

43 5-16
43%
44
42 9-16
43%
42%
Domestic Exciiange.— C h ic a g o , n o m a rk e t. B o s t o n , p a r. S t. L o u is ,
1 0 c. p er 8 1 ,0 0 0 d is c o u n t b id an d p ar a sk e d . San F r a n cis c o , p a r . M o n ­
tr e a l, 89 6 8 % p er 8 1 ,0 0 0 p re m iu m . M in n e a p o lis , 10c. p e r $ 1 ,0 0 0 pre m iu m .
C in c in n a ti, p a r.

State and Railroad Bonds.— Sales of State bonds at tho
Board are limited to $3,000 Now York 4>£s at 104^, 81,000
New York 4j^s reg. at 104 and $4,000 N. Y . Canal 4 ^ s at
105.
The market for railway and industrial bonds has been dull
and price fluctuations narrow. Of a list of 12 prominent is­
sues, 5 havo advanced and G declined. Balt. & Ohio, Ches.
& Ohio and B. R. T ’s are among tho relatively strong issues,
and Rock Island, Mo. Pac., So. Ry. and St. L. San Fran­
ciscos have declined a point or more.
United States Bonds.— In addition to liberal transac­
tions in L. L. 3Ks at 98.60 to 98.88, L. L. 1st conv. 4s at
97.40 to 98.10 and L. L. 2d 4s at 96.26 to 96.94, sales at the
Board are limited to $4,000 4s coup, at 104. F or to -d a y’ s
prices f o r all the d ifferent issu es and f o r week’ s ra n g e, see third
p a ge fo llo w in g .

Railroad and Miscellaneous Stocks.— Under more or
less conflicting influences and the absence of outside interest,
the stock market has been dull and irregular throughout the
week. On Monday a fair degree of strength was displayed
with industrial stocks leading. On Tuesday, after a strong
opening, trading practically ceased, while tho President’s
message was coming over the wires— after which there was
a reactionary tendency and prices declined moderately on
the theory that tho message did not presage an early end
of the war. Since Tuesday tho tone of the market has re­
mained practically unchanged and fluctuations have gen­
erally been narrow.
Nearly all tho active railway stocks are lower. Delaware
& Hudson, New York Central, New Haven, Union Pacific
and Nor. Pac. are down between 2 and 3 points, and Atch­
ison, Balt. & Ohio, Lehigh Valloy, Reading and Southern




Pacific aro between 1 and 2 points lower. * On the pother
hand, Canadian Pacific has advanced nearly 2 points and
Pennsylvania is fractionally higher.
Some of the industrials have been erratic. Am. Tobacco
has covered a range of 24% points and closes with a net gain
of 16. Am. Tel. & Tel., Inter. Mer. Marine pref. and Mex.
Pet. are about 3 points higher than last week, while Beth.
Steel B shares aro over three points lower. U. S. Steel,
which sold at 97% on Tuesday, closes at 93%, and other
stocks in this group are an average of 2 points lower.
F or daily volum e o f b u sin ess see page 181.
The following sales havo occurred this week of shares not
represented in our detailed list on the pages which follow:
STO C K S.
Week ending Jan. 11.
Par
Adams Express. ____ 10(
American I5ank N ote.St
Am Brake S & F , pf.lO t
Am Sumatra T ob , pf.l0 (
Am Teleg & Cable. 100
Associated O il........... 1()(
Barrett, pref_______ lot
Batopllas M ining____2(
Brown Shoe, In c____lot
Brunswick Term inal, lot
Buff n o ch * P, pref . 101
Calif Packing____no par
Case (J I ), pref......... lOf
Central Foundry____100
Preferred________ lo t
Chic & E Ills prof tr ctfs
Cluett, Peabody, pf.101
Com puting-Tab-Rec 101
C onsG ,E L& P (Balt) lot
Cons Interstate C a ll.. It
Continental Insur____25
Elk Horn C o a l.......... 5(
Federal M in & Smelt, lot
Preferred_____ . . . 10C
General Chemical _ lot)
P referred........... .. „ 100
General Electric rights..
Ilask & Bark C o -no par
Homestako M in in g .. 100
Int Harvester Corp.lOO
Int Harv N J, p r e f.. 100
Iowa Central____
100
Kelsey W heel, p r e f.. 100
Kings Co El I, & P ..1 0 0
Laclede G as................100
Liggett & M yers.......100
P referred................100
Loose-Wiles Biscuit. 100
First preferred. . 100
Manhattan (El) Ity.100
_
M ay D ept Stores_ 100
National A cm e______ 50
Nat Cloak & Suit, pf.100
N O Tex & M ex v t c . 100
New York D o ck ____100
P referred_____
. 100
Ohio Fuel Supply____25
Owens Bottle M a ch . .25
Pan-Am Pet & T , p f. 100
Peoria & Eastern. . . 100
Pettlbone-Mulllken .100
Pierce-Arr M o to r.n o par
P referred............... 100
Plttsb Steel, pref____100
St L-S F pref A ____100
Savage Arms Corp .lOO
Sears-Roebuek, pref . 100
So Porto R ico Sugar. 100
Standard Milling . ..1 0 0
Stutz M otor Car.no par
United D ru g_______ 100
Wells, Fargo Express 100
V estern Pacific_____ loo
Preferred...........
loo

Sales
for
Week

Range

fo r

Lowest.

Week.

Range for Year 1917.

Highest.

Lowest.

Highest.

Shares S per share. $ per share. S per share S per share.
101 80
Jan 1 80
Jan 11 70
Jan
Nov 140
101 32
Jan 8 32
Jan 8 29
Dec 4.3% Jan
101 175
Jan
175
Jan 5 150
Dot 200
June
87
Jan < 88
401
.fun 8 80
Dec 98
June
2.31 53% Jan It 53% Jan 10 57% Oct 00
M ar
Jan 5 59 % Jan 8 52% Nov 78% Jan
40C 57
.301 100
Jan 7 100
Jan 1 1 98% Dec 117
1
Feb
101
1
Jan 7 1
Jan 7
2% Sept
% June
10C 62% Jan 7 02% Jan 7 01
Feb 73% Juno
101
6% Jan
5
0% Jan 7
Nov 14% Juno
Jan c lit)
1 110
1
Jan E 115
Apr 115
Apr
Jan
20( 38
39
Jan 9 33% Nov 42% Aug
Jan 1 75
801 73
Jan 1C 75
Dec 88
Jan
Jan
301 34
35
Jan 7 24% Nov 30% Aug
Jan ! 40
401 45
Jan 7 35
Dec 53% Aug
5
Jan 11
5
101
Jan H
4
Oct 12% Jan
Jan
101 95
95
Jan 5 89% Nov 115% Feb
Jan 11 30
101 30
Jan i i 24
Jan
Dec 40
Jan It 98
10( 98
Jan 10 80% Dec 120% Jan
Jan 5 8
8
lot
Jan 5
7
Jan
Dec 21
Jan 1 45
10C 45
C
Jan 10 38
Dec 59% Jan
Jan 7 24% Jan 8 18
1,70C 22
Dec 38% Juno
200 9% Jan 1C 12% Jan 5
8% Dec 20% Aug
Jan 1C 34% Jan 5 28
900 27
Dec 54% July
220 175
Jan 9 175
Jan 9 153
Jan
Dec 250
35 103% Jan 8 104
Jan 5 100
Apr
N ov 113
3,300
2% Jan 7 2%
7
Jan 5 35 % Jan 8 27% N ov 40
2,800 34
June
100 89
Jan 8 89
Jan 8 zS9
Dec 131% Jan
200 65
Jan 11 65
Jan 11 50
Jan
Dec 88
200 100% Jan 7 100% Jan 7 110
Jan
Oct 121
200
2% Jan 5 4
3
Jan 7
Mar
0% Jan
100 81
Jan 5 SI
Jan 5 70
Dec 81
Aug
5 95
Jan 5 95
Jan 5 95
N ov 124
Jan
100 85
Jan a 85
Jan i p 80
Oct 103% Jan
100 185
Jan a 185
Jan i i 151
Dec 281
Jan
100 103
Jan 8 103
Jan 8 97% D ec 125% Jan
400 17% Jan 8 19% Jan 10 12% N ov 27% Jan
200 83
Jan 5 83
Jan 5 80%
93
M ar
320 97
Jan 8 97
Jan S 93% Dec 129%
100 47% Jan 7 47% Jan 7 43% Dec 00% M ar
1,500 20% Jan 9 20% Jan 5 25% Dec 35% July
Jan 10 100
250 100
Jan 10 98
112%
300 20
Jan 7 21
Jan
15% June 36% Aug
700 18% Jan 9 19% Jan 5 12% M ar 21
Aug
14 38
Jan 11 38
Jan 11 34
40
June
5,800 42% Jan 9 44 % Jan 11 42%
54
400 57
Jan 8 00
Jan 10 51%
100
600 80
Jan 8 88
Jan 10 87
N ov 98
Jan
100 0
Jan 10 0
Jan 10
4% Oct 12
100 32
Jan 10 32 I Jan 10 20
35
Deo
100 34% Jan 1 34 % Jan 11 25
1
Dec 41% June
300 94
Jan 7 92
Jan 5 88
N ov 98% Aug
200 94%r'Jan 7 98
Jan 10 1 87
Dec 102
Jan
100 28
Jan 7 28
Jan 7 24
42
090 53% ?Jan 7 50
Jan 9 49%
108
June
20 117
Jan 0 117
Jan 10 115
Dec 127% Jan
270 58
Jan 0 02
Jan 10 .35
M ay
Dec 209
100 84
Jan 9 84
Jan 9 77% Dec 100% Jan
ooo 39% Jan 9 '10% Jan 9 31% June 53% Jan
300 69% Jan 7 70
Jan 10 64
N ov SO
Feb
500 75
Jan 9 81
Jan 1 70% Dec .44
1
Jan
1,500 13 % Jan 8 15
Jan 5 10% Dec 18% M ay
500 47% Jan
Jan 8 35% Dec 48
60
July

5

5

Outside Market.— Trading on tho “curb” tliis week was
on tho whole fairly active but decidedly irregular. Strength
and weakness followed each other throughout, though the
close shows prices somewhat higher. There was a broader
market for motor shares, with marked price changes in somo
instances. United Motors from 21 ran up to 25% and down
to 21%, with the closo to-day at 22%. Chevrolet Motor
opened tho week at 115, fluctuated irregularly, touching 120
and going down to 110. Tho close was at 113. Chalmers
Motor was fairly activo and advanced from 4% to 4% , re­
acting finally to 4 % . National Motors gained 7 points to
14 but sank to 10%, with transactions to-day at 12. Stand­
ard Motor Construction, on announcement of an extra divi­
dend of 20%, advanced from 9% to 11%, sold to 8% , ex-div.
and up again to 10, with a final reaction to 9% . Cities
Service com. sqld up from 213 to >219% and back to 213,
with the final figure 215. Tho preferred after early weak­
ness from 71% to 70% , recovered to 74. Submarine Boat
weakened at first from 13% to 11%, advanced to 14 and ends
tho week at 13%. Wright-Martin Aircraft improved ovor
1% points to 7% and finished to-day at 7% . Among oil
shares, Houston Oil com. was again prominent, advancing
somo 4 points to 45, and closed to-day at 44%. Merritt Oil
eased off from 23% to 22% , recovered to 24%, with tho final
figure to-day 23. Midwest Refining dropped from 110 to
105. advanced to 115, but reacted finally to 109. Some
sharp advances took place in Standard Oil issues. Stand­
ard Oil of N. Y. moved up 32 points to 284, with final trans­
actions at 260. Standard Oil of N. J. from 540 fell to 520,
moved up to 562, and down finally to 545. Mining stocks
without special featuro. In bonds, the new Am. Tel. &
Tel. 1-yr. 6% notes wero traded in down from 99% to 99%,
and up finally to 99%. Heavy losses occurred in Russian
Gov’t bonds to-day. The 6%s after an advanco of 12 points
to 58 during the week, broke to 48 to-day, closing at 50.
The 5%s advanced 7 points to 52 and to-day dropped to 43.
A comploto record of “ curb” market transactions for tho
week will bo found on pago 181.

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly

173

O C C U P Y IN G T W O PAG ES.

9nt H o a r d o f

d u rin g

the

« » k

of

atocka

u a u a llr

In activ e,

aaa

procadlng

paga.

PER SHARE
H IG H A N D LOW SALE PRICES— PER SHARE, NOT PER CENT.
Satui
Jan . 5.

J a n . 7.

Thur sday
Jan 1 0 .

isday
Jan. 9.

Jan . 8 .

Erl lay
Jan. 1 1 .

S per share S ver share S v er share S ver share $ per share S per share
85
85
85% 85%
84% 85%
85% 8 6 %
85% 8 6 %
8512 8 6 %
82
81
81%
*81
81
81% 82
81% 81%
81
8112 81%
90% *90
90
91
9078
91% 92
91
89% 90
90
91%
52
52%
52% 53
52
52% 53%
531.1
53% 54%
G3's 54%
57
57%
57
57
57% 57% *56% 57% * 5 6 ‘2 57%
57
57
41% 42% *41% 43
*44% 45%
44
44
41% 43
42% 43%
135% 136% 135% 138% 137% 139% 138% 139% 138% 139% 137% 139
52
52%
52*8 53
52% 54
52% 54
52%
52% 54
*7%
8
7
7
8
8
*7%
7%
8
*7%
8%
23
23
* 2 2 % 23%
24%
24
* 2 2 % 23%
23% 23% *23
24
45% 45%
45% 46
45%
45
45% 46%
40
45% 4612
78% 78%
78% 78%
78% 79
78% 791.
78% 78%
785a 78%
93% 93%
93% 93%
94
94% 95
94
94
94%

*

30

30
76

*45
50
108
109%
*172% 180
*5
9
8%
9%
16
16%
26% 271
20
20%
89% 901.
26% 20%
93% 95
8%
8%
44% 44'?.
*16
18
45
45
10
10
*20
30
57% 58
112% 112%
*9% 101.
*85
90

*

*20

29
76
22

*

*20

29
76

*

28%
80

28%

50
*42
50
|
*45
*48
50
108% 108*2 108% 109 *107% 111%
178
*172
180
170
17212 *170
6
*3
*3%
6%
*3 %
7
9%
9
8%
8%
8%
8%
15% 16%
15% 157S
15% 16%
26% 26%
26% 27
26% 27
20%
20% *19
20
*19
20
89% 90%
89% 90%
88% 89%
26% 27%
26% 27%
26% 26%
95
*91
95
92
93 >4 *92
8%
8%
9
*8
9
8%
47
44% 44% *44
*45
47
17
17
18% 18%
16% 16%
49
48% *46
47
*45
48
9%
9%
9%
*9%
*9% 10
30
*20
*22
30
23
*20
*56% 57%
57% 57%
57% 58
114.2 114%
*111% 114
111% 112
*9% 10%
9%
9%
10
10
87% 88%
88%
86% 86% *85

197s
59
49%

20*4
60
50

_
*20
*48
*40
*107%
____
____
9
15%
26%
*19
897S
27
*92
8
45%
*16
*46
9%
*20
57
*112
*9 %
*85

6012

22
50
50
110
____
____
9
15%
261,i
20%
90
27
96
8
45%
17
48
9%
25
57
115
10%
88

5%
4%
4%
5%
9%
8%
9%
8%
22% 22%
22% 23
42% 431a
42% 44
70% 7H;.
70% 71%
29% 30%
30% 31
20% 20%
20% 21
103% 101% *103% 104%
86
85
*75
*75
83% 84%
84% 86
45% 46%
45% 45%
13% 13%

*4%
5%
*8% 10
22% 23%
44
44
70% 71%
30% 30%
*19% 20%
105
105%
85
*76
84% 85%
46%
46

4%
4%
9%
*8%
22% 23
*42% 45
70*8 71%
30%
30
19% 19%
104%
104
86
*75
84% 85%
46
46%

4%
4%
9%
9%
2 2 % 22%
*42U 441.1
70% 71%
2 912 30
19% 1 0 %
104
1041;.
*77
85
84% 85%
46% 46%

*22
24
*60
63
74%
73
*36
40
42
*35
*12
13
23
23
*35
40%
7%
7<
8
*17% 18%
82% 83%
23% 23%
58 2 58%
18
*15
*18
20
65
65
113% 115%
69% 70
6
*5
14
*13
8%
8%
42%
42
21% 21%
13% 13%
*22
30
9%
9%
20% 21%
40
*38

22% 23%
62
*60
73% 76
40
*36
*34% 40
13
*12
25
*20
40%
*35
8
8
18
18
84%
83
23% 24
*58% 59
16
16
17% 17%
*62
67
113% 116%
*69
70
6
*•
>
12
12
8%
8V|
42% 4 3 %
22
22
13% 13%
*22
30
9%
9%
20% 2078
87
37

23% 23%
62
*60
74% 7 5 %
36
36
*34% 40
12
12
*20
25
*35
401
*2
8
8
1773 18
83*8 84
23*s 24
*58% 5 9
T7
17
17*8 17%
*62
67
: 1 | 115%
69% 69%>
5
5 j8
*12
13
*8
42
42%
*2 11$ 22%
13*3 13*a
*22
30
5978
97S
*20
21%
*37
39

36
23%
61
7378
*35
*3 4 %
u
*20
*35
*7%
17%
83%
23%
58%
*15
*16
*62
114%
69
*4
*12
*8
41%
*21%
*13%
*20
*9%
*20
*37

22% 23
63
*60
73% 75%
40
*35
40
*36
13%
*12
*23
27
____
*35
8
*7
18%
18
84%
83
23% 23%
58% 59
*15% 17%
—
____
66
*63
113% 115%
70
70
7
*6
13
13
8%
8%
42%
42
21% 22
13% 13%
*22
30
9% 10%
21% 21%
38
38

11
27

'!
27

l"3
26%
1*4
2%
20%
76%
80
92
73
92
39%
91
70%

19
75%
*78
*88
73^2
'
38
90
687
8

1%
1%
2%
2%
19%
18%
l1
76
80
*77
92
*85
74
*71
92
*83
3 9 14
37%
90
90
71
69
—
—
* 106
27
*26
27
82
*70
*70
12
*n %
12
*50
50% 51
11% 1112 ♦lO^
41
41
41
55
27%
27% 28'
691.1
*68
70
55%
55% 56%

1%
2%
19%
76
81
95
75
83
38%
90%
70%
27%
80
13
54
12
41
55
28
70
56%

27%
*70
*n %
53
* 10%
*39
55%
27%
*68
55%

2773
80
13
5312
12
41%
56
28%
71
57

9%
*52%
*87

9%
58
94%

10%
*52%
*87

10%
58
94%

1212
28

*1%
2%
18%
73%
80
*87%
70%
*83
37%
90
69

10
56
89%

912
*52%
*87

*93
*93
96
*93
97
76% 78%
77% 78%
77%
104
101% 101
lo t
101%
61% 01% *60
63
59
99% 99%
99% [00
99
*109% 12 *107% 112 *107%
00% 61%
61% 61%
61%
100% 101% 101
103% 102%
140% 41
142
[46% ■147
*93
100
951.1 95% *95
45
46
45
45%
46
*90
95
92
92
92%
23
23
*20
2 Ui
26
14% 15%
14% 15
14%
47
*40
*10
*44
50
60% 62
60% 61%
61%
97% 9 9 %
98
99%
98
58
69
*57
60
*58
57% 59%
57% 591*
57%
*83

87%

*85

87%

*85

*1*3

27
*70
12
52
12
41
55
27%
70
56
'.n;
*9
*52%
*87

*10% 11%
11
*25% 27% *25%
49
■!!)
17S
1%
1%
1%
2%
2%
2%
2%
19%
18% 19
19
75 % ____
*72
80
80
80%
81
92
*88
92
*88
74*s
74% 75% z73%
94
*80
88
*80
39
37% 38%
36%
90
*88
91% *90
697S
69
70%
69
109
109
*106
27
27% 27% *26
80
*71
80
*71
12
1178 11%
12%
53% *51
54
52
12
*101*>
41*8
§40
56%
55% 57
287S
28% 29%
29%
70%
71
71%
71%
56%
55% 57
55%
96
—
____
§95%
n%
*9
56
5512 5512 *52%
94% —
____
*87

*92% 95%
96
78% 80
80%
104% *103% 104%
61
61%
62
101
101% 100
*107% 11
[11
64%
62
63%
10578
101% 103
155% 165
[59
*95% 00
00
457S 457S
40%
92% 92%
92%
26
21% *22
14% 14%
15
44%
51
44
63%
61% 62
01%
98% 01%
60
*58
60%
60%
58% 59%
87%

*84

87%

* Bid and asked prices; no sales on this d ay.




____
781.4
104%
60%
100
*107%
64
104%
161
*96
*45
*92%
____
13%
*42%
61%

*92%
79%
78%
104% 105
61%
60
[01
*99
111 *10712
64*4
65
106
103%
164% 159%
100
*96
46
45
93
93
____
*22
14%
13%
50
*42%
62%
61%
1 0 0 % 102i.il
99%
*58% 60 > 60
58% 60%| 58%
07
07
*84
87%l 86

t Ex-rlghts.

3,700
1,275
2,40C
10.50C
80C
3.00C
23.30C
12.60C
40C
90C
6.42C
4.45C
1 , 10(

2 0 U 15,100
60%
6'900
50
5,400
28
400 Clev Cln Chic A St L o u is.. 100
51
Do
pref_____ __________ 100
15(
2012
50
50
Do 2d pref____________100
108%
3 ,50C Delaware A Hudson_______100
179%
40C Delaware Lack A W este rn ..,50
6
Denver A Rio Grande____ 100
9
2,600
Do
pref................. ......... : 100
15% 16,100 Erie.......... ................................ 1 0 0
26
4,200
Do 1st pref_____ ______ 100
20
500
D o 2d prof......................100
90
3,900 Great. Northern pref______ 100
27%
7,000
Iron Ore p roperties..N o par
94
1,100 Illinois Central............... ..
100
9
1,000 Interhor Con Oorp. vto N o par
46%
40C
Do
pref........................... 100
17
1,00C Kansas C ity Southern____ 100
47%
40C
Do
pref...................... . . . 1 0 0
9%
60C Lake Erie A Western..........100
25
Do
pref________________100
56%
2.70C Lehigh V alley____ __________ 50
114%
80C Louisville A Nashville____ 100
9%
30C Mlnneap A St L ( n e w ) ...1 0 0
89
50C Minn St Paul A 8 8 M ____ 100

It
27%
2%
3%
19%
77t!
82
92
741a
88
37%
91
69%
27%
82
12%
52
1:ii»
40
56
30%
71%
55%
95%
10%
57
94%
95%
79%
105%
601 a
102
110
65%
105
162
99
45%
93
25
14
50
62%
01%
60
60
r86

600
300

Advance Rum rlv.
100
Do
pref. .........................10O

5,750 Alaska Gold Mines
16
21,300 Alaska Juneau Gold M ln ’g . 10
5,100 Allls-Chalmers M fg v t 0
100
900
Do preferred v t 0 ____ 10U
700 Amer Agricultural C hem __100
Do
p r e f .......................... 100
100
3,900 American Beel Sugar
100
Do
prof_______________ !O0
25,100 American C a n .......... ............. 100
400
Do
pref......
................. 100
10,250 American Car A Foundry 100
100
Do
p r e f . . . . . . ..........100
800 American Cotton Oil_____ 100
300 American Hide A Leather. 100
1,000
Do
pref.......... .................. 100
475
596
7,500
23,600 American Linseed............ . . 100
2,500
Do
p r e f .......................... 100
10,100 American Locomotive____ 100
130
Do
pref. ............ ........... 100
400
Do
pref
. . . _____ 190
100
American Shipbuilding.. .100
32,000
1,100
2,900
2,300
15,300
11,915
26,000
100
2,100
400
200
1,400
100
51,500
14,400
■100
30,800
100
100

Do pref Snr A stamped.
Amer Smelting A Refining. 100
Do
pref..................... .......ICO
American Steel F ou n d ry.. 100
American Sugar Refining. .1 0 0
Amor Telephone A T e le g .. 100
American Tobarco________ 100
Do pref (new).......... .......100
Am Woolen of M ass.............100
Do
p ref.. ...................... 100
Am Writing Paper p r e f.. . 1 0 0
Am /In c r^tad A 8 _________ 25
Do
pref............... ................ 25
Anaconda Copper__________ 50
A tlO ulf A W I S3 Line ctfs 100
Do pref certfs_________ 100
Baldwin Locomotive_____ 100
Barrett Co (The).............. . 1 0 0

§ Less than 100 shares,

a E x-d lv. and rights,

PER SHARE
Range for Previous
Year 1916

|

Range f o r Y ea r 1917.

On basis o f 100-shart lots
Low est

R ailroads
Par
Aten T o p e k a * Santa F e --1 0 0
Do
pref............................. 100
Atlantic Coast Line R R . . .1 0 0
Baltimore .V Ohio_________ 100
Do
prof............................. 100
Brooklyn Rapid Transit. .1 0 0
Canadian Pacific__________ 100
Chesapeake & Ohio..............1 0 0
Chicago Great W e s te r n ... 100
Do
p r e f . . . ......................100
Chicago M llw A St P a u l.. 100
Do
pref...................... .......100
Chicago A Northw estern.. 100
Do
pref________________100

*4%
5%
800 Missouri Kansas A Texas. 100
*9%
9%
Do
pref..............................100
40C
22% 22%
9,600 Missouri Pacific tr ctfs____ 100
42% 42%
D o pref tr ctfs............... 100
1,300
70
70% 14,300 New York Central________ inn
29% 29%
4,3 00 N Y N H A Hartford____ 100
19
19%
1,350 N Y Ontario A W e ste rn .- . 1 0 0
102% 1 0 1 %
2,800 Norfolk A W estern_______ 100
*76
85
Do adjustment pref___ 100
84% 85
5,015 Northern Pacific___________100
46% 46% 10,010 Pennsylvania........................... 60
12% 1212
500
65
37
37
350
24
24%
7,500 PIttsh A W Va Interim etts 100
63%
1,600
Preferred luterim ctfs
100
73% 74% 113,620 R ead ing................. ................ . 5 0
*35
37
101]
Do
1st pref................. .. 50
*34%
10
56
Do 2d pref...............
11% 11%
1,600 St Louls-3an Fran tr otfs 100
*20
25
100 8 t Louis Southwestern___100
*35
40%
Do
p r e f ...........................1 0 0
*7%
8
900 Seaboard Air Line................. 100
17
17%
Do
pref.............................JOO
1,200
83
83%
9,000 Southern Pacific C o .......... 100
23% 23% 14,800 Southern Railway.......... ..
100
§58
58
650
*15% 16%
100
500 Texas A Pacific____
*15
17
300 Third \ venue (New York) 100
*62
67
100 Twin C ity Rapid T r a n sit.. 100
113% 114% 35,500 Union Pacific.............
100
69% 96%
Do
pref .......................... 100
1,000
*4
5
200 United Railways I n v e s t ... 100
*12
14
Do
p r e f ............ ............. 100
300
*8
8%
600 Wabash ...................................1 0 O
41%
z41
Do pref A ........................ 100
5,500
21% 21%
Do pref B ____ _________100
1,950
! 1
*13
1,400
*20
30
9%
9%
1,050 Wheeling A Lake E R y . . 1 0 0
22
*20
Do preferred . .
100
400
*37
40
500 Wisconsin C entral________IO0

11
ri
*25 % , 26%

*10
26%
1
1*1
*2%
19*2
75%
*78%
*88
73
*83
37%
*85
69%

*11%
*27

36
25
63%
75
37
40
12
25
40%
8%
17%
84
24
58%
10%
18
67
115
69%
6
13
8%
42%
22
14
30
9%
21
40

1934
60 "
49
28
51
*19
*48
*40
107
179
*3
8%
15%
25%
*19
*89%
26%
93
*8
46%
*16
47%
9%
*20
56%
114
9%
*85

STOCKS
N E W Y O R K STO CK
EXCHANGE

Salcs/o
the
W eek
Shares

$

ver share

75 Deo 2(
75 Dec 2C
z79% D ec 2(
38U D ec 26
48% D ec 26
36 Deo 26
126 Deo 12
42
Nov 1
6 Deo 20
17% Dec 20
35 N ovl<
64 D ec 2‘
85 D ec 2C
137% D ec 22
16 D ec IS
44 Dec 1 J
<
35% Dec 2C
24
N ov 3
61% Oct 31
18 N o v 7
44?s NovlO
41 Sept25
87 N ovlO
167% Dec 2C
5 D ec 26
97 Dec 2C
8
13% D ec 20
18% D ec 2C
15% Dec 21
79% Dec 2C
22% N ov 5
85% Dec 21
5% Dec IS
39% Dec 12
13% Nov 5
40
N ov i
8% N o v 7
23 Oct If
50% D ec 2(
103 Dec 2(
6% Dec 21
75% D ec 2(
114 Aug 2
3% Dec 19
7 N ov 7
1978 N ov 7
37% Dec IS
62% Dec 20
21% S e p tll
17 N ov 3
92% Dec 20
71 Dec 28
75 D ec 20
40% Deo 19
12 D ec 18
45
Novi 5
37 Oct 4
18% Dec 20
53% Apr 17
60% N ov 5
34
N ov 8
33% Dec 20
12 Dec 17
22 Dec 11
34 Dec 10
7% Dec 31
167 Dec 20
8
75% Dec 20
21% Deo 12
51% M ay 15
11% N ov 7
14 Dec 19
62 Dec 17
101% Dec 20
69% Dec 31
4% Dec 13
11% Dec 19
7 N ov 8
36% Dec 14
18 Dec 20
12 Dec 13
20 D ec 17
7% Dec 20
16% N ov 5
33 D ec 12
7% N o v l4
19 Oct 29
45% Dec 13
1 ' Dec 20
1% Dec 19
15 D ec 17
65 D ec 13
72 Dec 12
91 Deo 4
63 D ec 13
78% Dec 29
29% N ov 8
87 Dec 21
57 Feb 3
100 N ov 16
21 Dec 20
80 Dec 3
10 Feb 2
43% Dec 20
8% July 9
35 Dec 17
46 Oct 11
15% Feb 3
48 Feb 3
40% Dec 20
93 Dec 27
8% Dec 14
50 Dec 17
88 N o v 5
90% M ay25
90% Dec 17
67% Dec 12
x99% N o v l4
50% Deo 13
89% N ov 8
106 I)eo 5
30 M a y 26
95% Dec 18
123 Dec 20
89 Dec 12
37% Feb 3
87 N o v ie
17 N ov 15
10% Dec 26
39% Dec 28
51% Nov 8
87% Sept 13
54 Feb 8
43 Feb 3
03 Deo 21
82 Dec 26

z Ex-dlvldend.

Lowest

Highest
% per share

$

|

H igh est

ver share 11 per share

107% Jan 8
100%
100% Feb 1 z98%
119 Jan 4
1061s
85 Jan 18
81%
76% Jan 17
72%
82 Jan 4
81
167% M a r2 3 xl6 2 %
6584 Jan 3
58
14% Jan 10
11%
4 1 % Jan 2
33
92 Jan 4
89
125% Jan 2S
123
124% Jan IS
123
1 7 2 % Feb If §165

Apr
Dec
Apr
Dec
Aug
Dec
Mar
Apr
Apr
Apr
Dec
Dec
Dec
Apt

108% O ct
102
Feb
126 N ov
96
Jon
80
Jan
8 8 % June
183% Jan
71
Oct
16% D ee
47% O ct
102% Jan
136% Jan
1347* Jan
176
Deo

38
70

Apt
Feb

40 M a r ) 7
15 1 % Jan 19
238 M a r2 4
17 Jan 6
41 Jan 2
34% Jan 3
49% Jan 2
39% Jan 3
118% Jan 4
38% M a r 4
1 0 6 % Jan 2
17% Jan 2
72% Jan 2
25% Jan 2
6 8 % Jan 30
25% Jan 3
5 3 % Jan 3
7 9 % Jan 2
1 3 3 % Jan 4
3 2 % Jan 29
119 Jan 3

40
148%
216
8%
15
32
40
40
115
32
98%
15%
09
23%
56%
10
32
741s
121%
26
116

M ar
Dec
M ar
M ar
M ar
Apt
Dec
Dec
Dec
Dec
Apr
Dec
Dec
Apr
Dee
M aj
Apr
Jan
Mar
Oct
Dec

11 Jan 2
20% Jan 4
34 Jan 2
61 Jan 3
103»3 Jan 1
5278 J&n 2
29% Jan 2
13858 Jan 24
89% Feb 3
1 1 0 % Jan 3
5 7 % Jan 25

3% Sep
10
Apr
22% Sep
47% Sep
100% Apr
49% Dec
26 M a y
114
M ar
84% Feb
108
Dec
55
Sep
36*4 Dec

02% Oct
86 June
37
Oct
621* Oct
57% June
156
Oot
242 N ov
23% Oct
52% Oct
46% Jan
69% Jan
54% Jan
127% Jan
50% Jan
109% Oct
21% Jau
77% Jan
32% Jan
64% Jan
30
Dec
55% Nov
87% Oct
140
Oct
30
Oct
130
Oct
137
Jau
13% Dee
24% Dee
38% Doc
047g Dec
114% Oct
77% Jan
34% Dec
147% Oct
89% M ay
1187g Jan
60
Oct

71
51
80
30

Apr 14
Jan 10
Jan 29
Jan 4

73% Dec
35*4 June 1
10 4 % Jan 3
45 Jan 29
45% Jan 16
20% Jan 2
32 Juuc26
53 Jan 4
18 Jan 3
39% Jan 3
98% M ar24
33% Jan 3
70% Jan 30
19*4 Jan 4
48*4 Jan 2
05 Jan 20
149% Jau 2
85 Jan 24
11 % Jan 2
23% Jan 2
1 5 % Jan 5
58 Jan 2
3 0 % Jan 2
23 Apr 3
41 M a r2 7
22% Jan 2
50% Jan 2
54% Jan 2

75% Jan
41% Feb
41U Feb
16 M ay
37% Sep
14
Apr
34% Apr
94% Apr
18
Apr
56
Apr
6% Feb
48 N ov
94 M ar
129% Apr
x80
Sep
7% M ay
17
Sep
13% Sep
41% M ar
25
Apr

115% Sep
46
Feb
52 M ay
30% Dec
32% Dec
57
Dec
19% Dec
42% Oct
104% Jar
36% Deo
73% Deo
21% Dec
0 8 % June
99 June
153*8 Oct
84% Sep
21% Jan
39% Jan
17
Jan
60% Dec
327S Dee

Dec
Deo
Apr

27% Dee
58% Dec
56% July

9
6

14
Aug
30% Oct

21% Dec
43
Apr

11% Jan 4
8% M a r2 6
32% M ay31
86% M arlO
9 5 % M ay 2
103% Jan 24
102% Feb 15
98 Jan 24
53 M ay 28
lll % J u n e 6
80% June20
118% M a y 2;'
50% Jan 6
1 0 1 % Jan 9
17% M a r2 9
75 Jan 4

10% Dec
6% Oct
19 July
70% July
63
Apr
90
M ar
61% Feb
93
Apr
44
Dee
107% Dec
52 July
115% Aug
48% Dec
98
Jan
8% June
45
M ar

18% Jan
3718 Jan

21
46
33

26%
10%
38
92
102
103%
108%
102
68%
115%
78%
119%
58%
102
20%
847,

Jao
Jan
N ov
N ov
Nov
Dee
Nov
June
Sep
Sep
Dec
M ar
Oct
M ar
Oct
Dee

N ov
Nov
Nov
Nov

17
38%
58
99%

Dec
M ar
July
July

277*
62%
98%
109

841f
102% M arlO
91%
112% Juue 2
88%
117% Jan 19
109%
75 June 7
44
104
126*8 June 9
121% Jan 25
115%
6 2 1 -Dec 31
12 8% Jau 24 r l2 3 %
220 M a r l2
188
10 9% Jan is
105%
58*4 June 9
37
92
100 June 9
11
54% M a r 10
29%
4 1 % Jan 26
72% Jan 26
59%
77
87 M ay 26
121% Jan 22
56
66 Jan 4
60%
76% July 2 j 62
1021* Jan 16
9878
<1127%
136 Jan 2 1

Julv
July
Apr
Apr
Apr
Dec
M ay

. _ _______
9 7 14 Nov
102 ’ Nov
122% Nov
118% Ool
73
Dec
12.5% Oot
123% Oct

29% Aug 7
75
N ov22
82% Jan 4
106% Jan 20
19% M a r3 0
71% July2S
93
N ov28

Dec rl3 4% Sep
Feb 229% Nov
8ep
Apr 113
687* Nov
Dec
Mar
Jan 102
76% Nov
Jan
97% Apr
July
87
N ov
July
Apr 105% Nov
July 147% Deo
73% Nov
Dec
Dec 118% JaD
Dec 110 M a f
Her 167% D e c

6 Before payment of first Installment.

174

New York Stock Record—Concluded—Page 2
For record o f sal09 d u r in g tho w eek o f sto ck s u su a lly In active , see secon d page p reced in g.

f lic W

A N D L O W S A L S PRICE S— PER S H A RE, N O T P i R C E N T .

Satui
Jan 5

Jan 7

S ver share
77%

S ver share
79%
78% 80%

Jan 8
S v er share
80% 82%

sday
Jan 9
5 per 3hnre
81
81
78% 80%

Thursday
Jan 10
S v er share
79
79%
773g 79

005g
98% 99
*11034 113
113% 113% *110% 113% * n o % 1 1 2 %
*111
113
20
20
20
20%
20
20%
19% 19%
18-34 19%
13
13% 13%
13%
12%
12% 13%
12
13
13
37
37
37
38
*35
37
36
*35
36
37
65% 66% z64% 66
633a 64%
63
64*2 67
103?s 1037g *102% 105
103
103 * 1023a 104
*102-% 104
303; 803;
30
31
72
74
*73
74
72%
71% 72%
6944 6934 *68
16% 16%
16
16
16
16%
16% 16%
16-%
16
4234 43%
42% 42%
4 134 42%
42
42%
41% 43%
3534
36
36% §35-% 35% a;35*4 36
3512 36%
32% 33%
32% 32%
32*2 32%
32
32% *31% 33
*85
88
*85
*82
88
84% 85
88
84
86
*80
90
87
87
853, 86
86
87
8478 85
110
*97
*97
31% 33
31% 32%
31% 32%
3 U 2 32%
31% 32
90% 91
91
92
91
92
91
x90% 90% §91
54
54
52% 54-%
53% 56%
55
5212 55%
5534
*85
*83
92
*82
*80
00
87*2
29% 31
29-% 31
29% 303.i
30
31%
29% 30%
79% 80%
*78
80
80
80
78% *79
80%
80
34% 38%
33% 35%
33
34
35% 36%
335* 34%
9%
93i
*9
9
9%
8-%
9%
9
9
9%
34% 34%
34
34
34% 35
34
34
34%
3134
132
135% 133
131
132% 1273, 131
129% 133
136
115
119
115
118
112-3.1 11512 113% 116% 114% 120
82% 821.,
82
82% 82%
82% 82%
82
82
*80
39% 39%
39% 41%
*37
39%
39% 39%
39
39
*93
*93
94
96
96
*94
*93
96
97
96
76
76% *76
77
77
76
77
77
77
77%
39% 39% *39
39%
39
39
39
39
39% 39%
*90
95
95
*90
91
92% 92% *91
95
91
* ___
«
*
*
102
102
102
102
102
102
45% 47%
46
47%
46% 47
46% 47%
12
13%
*10
11
13
10
11% 11%
383.,
41%
40% 44%
38
40
39% 39%
*112
118
*110
116
*110
120
119
*110
22% 23%
213, 22%
21% 23
21% 2 2 %
833, 85%
85% 871.,
84% 86%
83% 85%
27% 28%
28% 29
27% 29
28% 29%
27% 28%
26
27
26% 28%
27*2 29
*60
64
65
*00
43% 43%
43% 43%
44
43
43
43
31% 32
31% 32
31% 32%
31% 32%
75% 78%
76% 77%
76% 76%
7434 78
14% 14%
*14
16
*14
15
*70
75%
75% *70
75% *70
75% *70
59
59
*57
*57
59
*57
59
*57
263.1
25% 26
26
25% 2534
25% 26%
57
57
57%
58
58%
57
57%
57
*21
21
21
22
21
22
21
20
813.,
82*4
82
79
80% 84
84%
79
89
89
29% 30
2934 30%
31% 31%
30% 31%
47%
4534 47ll
46
46% 4778
46U 48
69% 71
*65% 70
*68% 71%
69% 70
*
100%
*98% 99%
100%
*90
*90
100
98
16%
38
*94
43%
*98%
18%
118
44%
37
*4%
* 22%
42
27%
*44
*79
59
§96
*99
106%
47
*90
22%
76
94%
73
9
139%
16*4
29%
*40
48%
*91
37%
*93
12%
137%
49
*87
*63
37%
89
101%
117l2
* 11%
*43
114
*89
51%
98
45
*44
92%
108%
79%
12%
34%
*97
50
87%
39
*55
38
18%
*7512
46
115
*113%
*33
87%
*57%

16%
15-%
38
37%
100
*93
45
43%
105
*98%
18%
18%
119
118
45% *44
38%
37
5
*4%
24
*23
42
41*4
27%
27
46
*41
81
*79
60
60
96
*94
109
*99
109
100%
47%
45%
98
*90
23%
22%
78
76%
94%
94%
73%
73%
9
8%
141
13934
163,
17%
30%
29%
42
40
50*4
4834
95
*91
3734
37
98% *93
13% *1234
1423, 138%
49%
49%
*80
90
108
*88
67% *60
37%
3734
90%
90%
101% *101
117% 117%
13% *11
4734 *40
116% 115
95
*89
513,
53
98
97%
45
*44%
46
*43
94
92%
1091., 108%
80%
78%
12%
12
34% *34
107
*97
55
*50
87%
87%
41%
39%
65
*55
3.8
*37%
19%
17%
75%
40
*4-1
115
114
*113
35% *33
87l-> *84
61
*57%

__

15%
37%
100
431.,
105
18%
119%
46%
37%
5U
25%
42
27%
45
80
60
96
109
105
463.,
98
23%
78
94%
74*8
8%
140%
16*4
30%
40
40*4
94
37%
98%,
13*4
140
50%
90
108
67%
37%
91
110
118
13
47%
118
95
51%
98
46
44%
95
109
80%
12%
35%
107
55
88
41
65
39
19
76%
48
114%

16%
38%
*93
44%
*98%
18%
120
*44
37%
*4i2
*23
42
*27%
45
*78%
60
*94
*99
101%
45%
*89
23%
77
94%
74
7*1
144
*16%
30%
40
50%
*92%
37%
*93
13
141%
49%
*80
*87
*631.,
39
90
* 101%
117%
12
*40
117
*90
53
98
45*2
44
93%
108%
79%
* 11%
*34
*97
53
*87
39%
*55
38%
17
78
46
114
*113%
35% *33%
88 * __
61
*58

16
16%
16%
39%
39% 413,
*94
100
100
44% 44%
44%
105
105 §105
18% 18%
18%
*117
121
120
46% *44
46
37% 38%
39%
*4%
5
5%
24
25%
24
42
42
42%
*26% 28
30
*44
45
46
80
79%
80
*59% 61
60
*94
96
96
*99
109
109
105% 108
106
47
48%
46%
*90
98
99
2 2 % 23%
23%
77% 78%
79%
94%
95
95
74% 74%
76%
9
9
8
148
147% *146
*16% 17
17
301, 31
30%
41
41
40%
52%
53
51
98
*92>2 98
37% 38
38%
9S% *93
98%
13% 13%
13%
145
146% 143
50% 52
52%
*84
90
90
108
*88
100
67% *63
67%
39
38% 38%
92
91
91
* 101% 110
no
118
118
120
12
11% 11-%
47%
4 7 % *40
121
11842 119%
*90
95
95
53
53%
53%
*97% 98%
98
45% 46
45%
*44
44%
44
95%
94
97%
109% 109%
109
82%
80% 81%
* 12% 13%
13
*34% 363.,
36
*97
107
107
53
*51
55
88 . 88
88 2
41%
40% 41%
*55
65
38% 39
38%
17% 18-%
18%
.
78
*76%
46
46
47%
115
11-4
115
*113%
*33% 35
35
88 * ___
88
62
*58
61

* Bid and asked prices; no sales on this day,
cates of deposit, x Ex-dlvIdend




.

Friday
Jan 11

Salesfor
the
W eek
Shares

$ per share
8,700
78
77
75% 77% 255,500
700
4,900
983s 987
s
200
1 1 2 " 112
3,700
19%
18
2,000
13% 13%
1,025
37% 37%
63% 65% 31,700
200
*102% 105
1,100
*29*2 31
1,700
7 2 % 72%
5,400
16
16%
5,800
42
42%
2,220
35% 36
32
1,400
33%
1,000
88% 88%
1,300
*81
87
*97
110
31% 32% 29,400
850
90% 9012
37,000
53
54
*82
87
30
30% 21,200
1,500
80
80
38,200
34% 36
1,700
9%
9%
1,900
35
35
132% 134
24,750
114% 116
40,460
82% 82%
1,000
5,100
42
40
200
97
97
1,200
*76
77
1,100
*39
39%
300
*90
95
100

46-% 47% z41%
12%
*11
13%
44%
43% 45%
*111
116
118
221,
22% 23%
86%
86% 88%
28%
28
29%
28
28% *27%
*60
64
*60
44
45
45%
32%
31% 32%
76
76
771,
*14
*14
15
*73
7 5 % *72-1,
*57
*57
59
*25
26
25%
58%
*57
•57%
21
*21
22
82% 86%
83%
87*2 88
31
31%
31%
4GU
463s 47
*67
70% *67
1 00%
*90
*109
16%
15% 15%
41% 42%
40%
*94
100
*95
*44
44
44
104
*99
105
181,
18% 18%
121
121
*117
*44% 46
44%
38
39%
38%
*4%
*412
5%
*24
25
*23%
42
42%
42%
271, 27% *26%
46
*44%
*74
81
*76%
60
61%
61
96
*94
*94
109
*99
*99
107
108% 107
48l,i 50%
50
*90
98
*89
22% 23%
22%
77% 781,
77%
§94% 94%
94%
74 lg
74
75%
8%
7%
7%
147
150
150
16% *16
16
31
30% 33%
40% 41%
51%
501,
50
94
*75
94
36%
37
37%
*93
98% *95
13% 13%
13%
142
140%
145
52
51% 52%
90
*80
103
*87
*90
*63
67%
67%
38% *37
i3 8
92%
90% 94
111) * 101%
*101
119% 119
119
12% 12% * 113.,
*40
47% *40
120
118
*117
*92
95
95
547g
53
53%
98% 98%
98
44% 45
44%
44% 44% *44
93% 96
93%
109
109% 109
80% 81%
80
12% 12% *12
36
37%
37%
*97
107
*97
53% 53%
88
89
89
39%
40% 41%
65
59
39%
17% 17%
17%
78
78
♦77%
47% 50
49%
114
114 * 112%
*110
*113%
115
*331,, 35% *33l.i
*
88 * _
61
*58
*58

__

§ Less than 100 shares

PER SH A R E
Range fo r Y ear 1917.
On basis o f 100-share lots

STOCKS
N E W YO R K STOCK
EXCHANGE

Low est
ln d u « tr la l& M lic .(C o n .) Par
Bethlehem Steel_________ .10 0
D o class B c om m on .. .1 0 0
D o p r e f_____ ________ in n
D o cum pref aub recta
Burns Bros........ ..................... .1 0 0
Butte & Superior C opper. . . 1 0
California Petroleum v t c .1 0 0
Do
pref........................... .1 0 0
Central Leather................. .1 0 0
Do
pref........................... 100
Chandler M otor Car_____
Chile Copper............... .........
Chino Copper.......... ...........
Colorado Fuel A Iron____
Columbia G aa& E Iec____
Consolidated Gas (N Y ) .
Continental C a t ) ...............

.1 0 0
...2 5
.. 6
.1 0 0
100
.1 0 0
.1 0 0

too
Corn Products R efinin g.. .1 0 0
Do
pref__________ . . . .1 0 0
Crucible Steel of America .10 0
inn
Cuba Cano Sugar. , No p a r
Do
pref_____________
100
Distillers’ Securities Corp .100
Dome Mines, Ltd . . .
.1 0
Gaston W & W I n o ^ .N o par
General Electric_______
too
General Motors tem ctfa 100
Do pref tem ctfa_____ 100
Goodrich Co (B F ) __
100
Do
pref.......... ................ 100
Granby Cons M 8 A P . . . 100
Grecno Cananea Copper. 100
Gulf States Steel tr ctfa . 100
D o 1st pref tr c t f a ... 100
.100
Inspiration Cons Copper. .2 0
Internat Agrlcul C orp. . .1 0 0
Do
pref...............
.1 0 0
Intern Harvester of N J 100
Int Mercantile Marino.
.1 0 0
Do
p r e i ........................
Intern Nickel (The) v f. 0 .2 5
International P ap er..
100

I

S per share
66% Deo 2C
84 Oct 5
93 Dec 20
89 Jan 3
12% Deo 2C
10% Deo 2C
29% N ov 5
55 Deo 2C
97 Dec It
25 Dec 2C
56 N ov 5
11% N ov 5
35% N ov £
29% N ov f
257g N ov 5
76% Dec 17
76
Nov f97 N ov 5
18 Feb 2
8812 N ov 7
45% Deo 17
86 Dec 21
24% N ov 7
74% Dec 17
11% M ay 1C
6% N ov 17
28 Fob 3
118 Deo 13
74% N ovlO
72% Deo 20
32% Deo 20
z91% Deo 22
65
N ov 5
34 N o v l6
77
N ov 7
101% NovlO
117 Feb 10
38 N ov 8
7% N ov 8
26% N ov 8
100% N o v l5
17% Deo 13
62% Feb 8
24% Deo 13
18% N ov 8
501.1 N ov 7
30% Deo 20
26 N ov 5
68
N ov 5
10% NovlO
70 NovlO

H ighest

S v er share
515

Jan

Lowest
4

a K i-d lv

and rights.

SPar |10 per share

H ighest

f per share $ per share
415
Jan 700 Nov
120

101% Oct 22
125% Apr 19
52% Jau 26
30% Jan 25
6 2 % Jan 25
101% Juue 11
11 5 % Jan 25
41 Feb 2))
101% M ar20
27% M n r l2
63% M ar 7
68 Juno 7
47% Apr 4
134% Jan 18
103% June30
112% Feb 7
37% J u ly ll
112% Jan 2
91% July 2
11 7 % Jan 3
4
9 1 % Jan 3
44% Oct
1
2 4 % Jan 9
41% Aug 25
17 1 % Jan 26
140% Jan 4
93 Jan 4
61% Jan 19
112 Jan 4
9 2 % Jan 17
47 Jan 20
137 Jan 3
110 Junol3
117% Feb 2
_66% Junel 1
21% M a y 22
00% July23
123 Jan 2
30% M ar23
106% Oct 29
47% M ar21
49% Jan 4

45-% 19,100
12%
1,900
453,
4,400
116
200
23% 25,200
89% 166,600
8,900
28%
8,300
28%
64
47%
2,300 Kelly-Sprlngfleld Tiro.
64% Jan 4
32% 16,700 Kennecott Copper____ N o par
50% M a y 26
8,700 Lackawanna Steel. _ .
77
103% JunelS
100
100 Lee Rubber & T ir o ... 1 0 par
V
30 Jan 2
15
76
Mackay Companies_____ 100
89% Feb 17
59
0 1 % Jan 17
2,0 0 0 Maxwell M otor Inc tr etfs 100
19% Nov 5
25%
74% Jan 18
1,900
Do
lot prof atk tr ctfa 100
57%
49 Dec 12
21
1,000
Do 2d pref atk tr ctfa 100
13 N ov 3
40 Jan 20
86% 70,200 Mexican Petroleum_____ 100
67 Deo 17 10612 Jan 10
300
100
84% Nov 15
3,800 Miami Copper___
31%
25 N ov 5
43% Apr 30
471 • 42,400
>
39% Dec 20
69%
600 M ontana Power_______
z58% Deo 14 109% Jan 25
100
100%
95'2 D ej 18
79% NovlO
98
100
130
104 Deo 17
2,500 N a t Conduit A
V o nor
16%
13% Dec 26
42% 19,000 N at Enam’g * Stain p'g
24 Feb 3
40% Oct 2
100
100
600 National Load___
45
37% Dec 20
63% M ar23
100
104
125
Do
pref.................
09 Dec 5 114 Jan 6
100
3,000 Nevada Conaol Copper_ - . 5
_
18%
26% Junel 1
10 N ov 6
1,100 New York Air Brake.......... 100
120
98
N ov 1 150 M ar21
44%
700 North American C o .
72% M ar21
39 Deo 27
100
30,000 Ohio Cities Gaa ( T h e ) ..
39
31% Oct 10 143% Apr 19
25
5%
Ontario Sliver Mining
3% N ov 8
7% Sept21
100
100 Pacific M a li____
25
18 Feb 3
30% June27
3,400 People’s G L A C (C h ic ).. 100
44%
35 Deo 20 100% Jan 18
1,000 Philadelphia Co (P lttsb ). . 5 0
42 Jan 4
24% Dec 12
1,100 Pittsburgh Coal of P a
46
37% Deo 20
6412 S8ept26
Do pref............... .........
81
100
74 Dee 12
100
2,2 0 0 Pressed Steel C a r ..
61%
49 Deo 14
83% Jan 20
mo
25
96
Do
pref...............
too x90 N ov 5 x l0 7 Jan 31
109
Public Serv Corp of N J
99 Deo 22 131 Jan 6
100
110
8,3 50 Pullman Company
106% Deo 20 167t2 Jan 20
100
50% 10,870 Railway Steel S p r in g ...
30% Nov 5
58 J u n el1
100
06
Do
pref..........
88% Dec 20 101 Jail 22
100
23%
9,500 Ray Consolidated Copper .1 0
32% Apr 3
19% Nov 7
77% 26,000 Republic Iron A S t e e l ...
60 Feb l
94% Juno 7
100
94%
870
Do
pref ............
89 Deo 20 105% M ay25
100
741,
5,500 Royal Dutch Co ctfa rlnn
73% N ov20
8%
1,500 Saxon M otor Car C o r p .. 100
4% N ov 7
68 Jan 4
3,910 Sears, Roebuck A C o .
151%
123% Deo 20 2 3 8 % Jan 22
100
17
1,200 Shattuck Aria Copper.
15 Deo 20
29% M a r 9
.1 0
32% 10,100
25% Deo 20
69% M ar29
1,400 Sloss-Shofflcld Steel A iron 160
33% N ov 7
74% M ar30
51% 62,400 Studebaker Corp (The)
33% N ov 8 110% Jan 17
100
300
96
Do
pref....................
85 N ov22 108% Jan 20
100
4,100 Superior Steel Corp’n ____ 100
37%
30% N ov S
Do 1st pref.
inn
98%
96 Deo 18 102*2 July25
1,700 Tenn Copp A C tr c tfs.N o par
13%
11
N ov 9
19% Juno20
16,975 Texas Company (The)
143
114% Deo 20 243 Jan 10
100
53% 25,500 Tobacco Products Corp___ 100
42% Deo 13
80% Aug 21
90
Dec 17 105 M a r l2
100 z86
103
Underwood T y p e w r ite r ... too
z83 Deo 14 107 Aug 20
100 Union Bag A Papor(new). 100
67%
59% Deo 27 112 Jan 22
700 United Alloy Steel_____ N o oar
38
31% Dee 20
95% 14,300 United Cigar Stores_______ 100
81 % Nov 5 127% Aug 14
110
100
Do
pref________ ______ 100
98% Dec 1 1 120% M a r l4
120%
2,660 United Fruit_________
100 z l0 5 Dec 20 164% Jan 22
13
300 U S Cast l Pipe A F d y____ 100
24% June20
10 Nov 5
47%
63 Jan 20
42 Dec 20
100
119
12,200 U 8 Industrial Alcohol____ 100
98% N o v l5 17 1 % Junel3
100
97
Do
pref........................
88
N ov 9 106 Juncl-l
100
53%
3,600 United States Rubber____ 100
67 Aug 14
45 Dec 12
98
2,0 0 0
Do 1st preferred............ 100
91 Deo 20 114% Jan 3
44%
1,100 U S Smelting Ref A M ____ .50
07% Jan 4
40 Deo 20
200
45%
52% Jau 3
Do
pref........................ ..
43% N ov 9
94% 1099000 Unltod Statos Steel_______ 100
79% Deo 20 130% M ay31
109%
3,800
Do
pref............................. 100
102% Dec 20 12 1% Jan 19
81% 22,2 00 Utah Copper........................... -1 0
70% Deo 17 118% M ay25
14
500 Utah Securities v t c ______ 100
2 4 % Jan 22
9% Deo 20
38%
3,300 Vlrglnla-Carollna Chem___ 100
20 N ov 8
46 M ay31
107
97 1>eo 24 112% Jail 26
100
700 Virginia Iron C A C ............. 100
46 Feb 3
77 M a r3 0
80%
1,200 Western Union Telegraph. 100
z70 Deo 20
99% Jan 19
40% 14,635 Westlnghouse Elec A M fg . .5 0
33% Deo 17
66 M ay 28
59
52% Dec 24
70% Jan 4
820 White M otor______________
39%
5 2 % Jan 18
33% Nov 2
145,400 Wlllys-Ovcrland (T h e ). . . .2 5
15 Nov 8
18
38%Jan 18
500
69 NovlO 100 M a r io
Do prof sub recta lull pd 100
2,700
42
N ov 8
50
8414 M ar30
SOO Wool worth (F W ) _________ 100
99% Deo 12 151 Jan 22
120
113 Dee 18 126% Jan 17
100
23% Fob 9
37% June 10
35
Worthington P A M v t 0 . 100
100
97% Junolt
88
88 Nov27
Do pro! A v t 0 ............. 100
63 JunolS
60 M a y 9
60%
Do prof B v t 0 ............. 100
tEx-rlgbta

PER S H A R E
Range fo r P retiou s
Year 1916

July

186

Nov

66
41%
15
40
49
108%

Aug
Dec
Juno
Juue
Apr
Jau

91%
105%
42%
80%
123
117%

Deo
Mur
Jan
Jan
Nov
N ov

88% Apr 131 June
39% Nov
19% July
74 Nov
46% July
38% Apr
63 ig Sep
30% Sep
63% Dec
129% Dec 144% Jan
Sop
75% Jau z l l l
106
Feb 114 Nov
29% Deo
13% Aug
85 Juno 113% Deo
99% Mar
50% Dec
108U Jan 124% Deo
70-% Oot
43
Dec
91% Dee 100% Oct
64% Apr
24
Dec
29% Feb
18
Dec
51% Oct
35
Dec
159
Apr 187% Oct
120
Dec 135
Deo
93
Deo
88% Deo
80
Apr
49% Dee
110% Dec 116% Mar
80 July 120 Nov
66% N ov
34 Juue
Nov
71 M ay 193
87 M ay 115 N o*
72 M ay 190 Nov
74% Nov
42% Apr
29% Jav
11 Aug
74
Jan
37
Dec
108% Jan 126% Non
ol3% Feb c50% Sep
«61% Mur ol25% Hep
38% Dec 5 6 % Jan
75% Nov
9% Mar
66
40
64
25%
78

Dec
Dec
M ay
Dec
Apr

41
65
32
88%

Dec
Dec
Dee
June

33

Aug

85% Sep
04% N ov
107 Nov
56 '* June
91
Feb
68% June
99
Sop
03
Jan
0 0 % June
129% Jau
105% Jan
49% Nov

68% M ar
109
Jan
118
Sop
124 Juno

114%
117%
131%
129%

19% Apr
90*a Doc
57
Doc
111% Dee
15
Jan
118 July
6512 Apr
75
Oct
5% N ov
11% Jan
100% M ay
38 Juue

74%
117%
34%
180
75%
124%
11%
31
118
48

Sep
Oct
N ov
Nov
Dec
Deo
Jan
Aug
Oot
Deo

42%
97
114
159%
32
05U
20
42
101

88%
108
137
177
61%
103%
37
93
117

N ov
Nov
Sep
Sep
Nov
N ov
N ov
Nov
N ov

July
July
Jan
M ay
Apr
M ar
Juno
June
Dec

Deo
Nov
Oot
M ay

36% Deo

63% Dec
168% Mar
22
Dee

84% 8ep
233 N ov
40% Feb

37 July
100% Doc
108% Sep

93% N ov
167
Jan
14 M ar

15% Dec
177% June
48% Sep

10t2 Deo
24 1'2 Nov
59% Deo

87%

Oct

69
Feb
611% Feb
48*2 Feb
94% Dec
99% July
47% Mar
106% Feb
67
Dec
50 June
x79% M ar
116 M ay
7-1% July
16% June
36
Apr
41
87
61',t
70
45
34
91

July
M ar
Dec
Apr
Doc
Dec
Doe

110
129

Oct
N ov

105% Aug
120
Aug
169% June
28% Nov
67% N ov
170% Apr
114
Jan
70% Deo
115% Deo
81% N ov
53% June
129% N ov
123 N ov
130 N ov
27% Deo
51
Jan
114% Deo
72% N ov
105% Oct
71% M ar
79 M ar
59% Oot
it326 June
117 June

118

Jan

25
95
52

July
July
July

141% Oct
126 N ov
36% Sep
100
Sep
66% Sep

n Far $100 per share,

v Certifi­

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

175

Bid
O
U
O
0
0
0
0
0
0
0
0
0
0

U . S . G overn m en t.
8 3H a Liberty L o a n ____ 1947
S 4a converted from 1st Lib­
erty Loan______________ 1932-47
H 4s 2d Liberty Loan_____1942
8 2s consol registered___ <11930
8 2s consol coupon______<11930
8 3s registered___________ *1918
8 3s coupod_____________ *1918
8 4s registered____________ 1925
8 4s coupon_______________ 1925
8 Pan Canal 10-30-yr 2a.*1930
8 Pan Canal 10-30-yr 2s reg ’38
8 Panama Canal 3s g ____ 1961
8 Philippine Island 4 s . 1 9 14-34

Foreign G overnm en t
Amer Foreign 8ecur 5s_____ 1919
Anglo-French 5-yr 5s Ester loan.
Argentine— Internal 5s ol 1 0 0 9 ..
Bordeaux (City ol) 3-yr 6 s . 1919
Chinese (Hukunng R y)— 5 so l ' l l
Cuba— External debt 5s ol 1904.
Exter dt 5s of ’ 14 ser A . . .1 9 4 9
External loan 4 )$ s ________ 1949
Dominion of Canada g 5s— 1921
Do
do
1928
Do
do
1931
French Repub 5M a secured loan.
Japanese G ovt— £ loan 4 )$ s - 1925
Second series 4 H e ____ _— 1925
D o do "G erm an stamp” .
Sterllng loan 4s___________ 1931
Lyons (City of) 3-yr 6s______ 1919
Marseilles (City of) 3-yr 6 s . .19 19
Mexico— Exter loan £ 5s of 1899
Gold debt 4s of 1904........... 1954
iFarla, City of, 5-year 6s------ 1921
"Tokyo City— 5s loan of 1912------0 K of G t Brit & I 2-yr 5 s . -1 918
8-year 5 ) 4 % notes..............1919
6-year 5 4 4 % notes..............1921
Convertible 5 ) 4 % notes. 1918
Convertible 5 ) 4 % notes. 1919
IT bese are prices on the baste o f
S tato and C ity Securities.

4 ) 4 % Corporate stock___1957
3 ) 4 % Corporate s t o c k ... 1954
N Y State— 4s........................... 1981
Canal Improvement 4 s . . . 1961
Canal Improvement 4 s . ..1 9 6 2
Canal Improvement 4 s . . . 1960

II ■ lU t luiiueu vju « u n ... xo
K
u
o

J -D

W eek's
Range or
Last Sale

As* Low

98.72 Sale

98 Sale 97.40
M - N 96.60 Salo 96.26
Q- J
9612 «7>2 9034
Q- J
96i2 -------- 9634
Q -F
99
9934 99
99
9934 99
Q -F
104
10438 105
Q- F
104
Q - F 104U 105
96 _____ 9734
Q -F
96 -------- 9734
Q -N
80
------- 84
Q -M
100

N o . Low

H igh

98.60

98.10
96.94
N o v ’ 17
N o v ’ 17
N o v ’ 17
N o v ’ 17
Deo ’ 17
Dec T 7
Oct ’ 17
Oct ’ 17
D e o ’ 17
Feb ’ 16

89
90
88%
95
95
80%
86%
80%
85%
95
95
75%
101
94
99
100*4
94
_____ 100
100%
105 Salo 105
--------101% 103
104
104% 104%
------- 101% 103%
------- 79% 74
89%
89%
89%
95%
95%
86%
86
86
85%
95%
95%
77

H igh

98.88 3142 98.08 100.30
462 90.80 97.46
8013 96.70 100.02
96% 9934
____
9634 99%
____
98% 99%
____
98% 10178
104 111)
104
111%
____
9734 98
9734 97*4
___
84
10234

95%
96
245
96 Sale
F - A
8833
89% 1413
89*8 Salo
A -O
80
80
8234 78
1
M- 8
84%
80
356
85'2 Salo
M -N
6712 65 Oct T 7 ___
J - D t 60
90%
91
9
90% 93
M- 8
92%
92%
1
90
95
F- A
7214 87's 86 Oct T 7 ____
F - A
94%
95%
15
9538 Sale
A -O
95
95
95 Sale
1
A -O
89%
9134
3
92
94
A -O
94%
96% 725
96% Salo
90%
90%
26
F - A t 90'2 Sale
90
90%
23
J - J t 90% Sale
78
80%
80 Salo
01
J - J t 73% 74% 73 Deo T 7
84%
86% 179
85% Sale
M- N
8534 Salo
84%
86% 208
M -N
42%
4238
45
1
Q - J J 40
33% Doo ’ 17 . . . .
J -D
82%
85% 207
85% Salo
A -O
71
09%
69%
1
M - S t 70
973.1
98 ^
M- S
97% Sale
883
95%
96
95% Sale
M -N
70
9134
93% 245
93% Salo
M -N
9958
100
F - A 9 9 % Sale
220
99 Sale
F- A
98%
99% 518
S5fo£
M- 8
M- 8
A -O
J -D
M- 8
M -N
M -N
M -N
M -N
M -N
M -N
M -N
M- 8
J - J
J - J
J - J
J - J
J - J
M- S
M- 8
J - J

Range
Y ea r
1917.

8934
100
8934
96%
99
Salo
8734
90
Sale
Salo
96
83%

Jan ’ 18
Deo ’ 17
88%
95%
95%
86%
80%
86%
85%
95%
95%
Deo ’ 17
July’ 17
July’ 17
N o v ’ 17
Sept’ 17
105
Sopt’ 17
104%
Oct ’ 17
Deo ’ 17

90%
81%
80%
74
65
91%
92%
80
90
89
87%
91%
81
80%
7414
73
74
74
40%
33%
73%
70
95%
93%
84%
98
95%

95
95
93
96%
72%
100
97
86%
100%
100
100%
101
90%
90%
82
70%
97%
97
50
39%
97
80%
98%
98%
98%
100%
101%

82
90
97%
9334
94%
8634
89
87
98
95%
97
75%
101
100*4
____ 100
__
99%
4 104
__
103
3 104%
___
103%
____
74

104%
105*4
106
111
110*4
102%
102%
102%
102
110%
110%
91%
105
106%
102%
106%
117%
103
117%
110
87%

____
1
34
15
1
3
1
1
73
12
____

Registered
20-year convertible 4

W eek's
Range or
Last Sale

3 s

Bid
A sk Low
H igh N o .
Chesapeake * Ohio (Con)—
9634 Feb ’ 16
Craig Valley 1st g 5s_____ 1940 J - J
8434 Jan ’ 13
Potts Creek Br 1st 4s____ 1948 J - J _____ 70
73
N o v ’ 17
R & A D lv 1st con g 4s___ 1989 J - J
65% 82
2d consol gold 4s_______ 19a9 J - J
62*2 82% 71 Oot ’ 17 —
Greenbrier R y 1st gu g 4 s . 1940 M - N
8 8 % Sept’ 16
W arm Springs V 1st g 5 s . . 1941 M - S -------- 96% 113% Fob ’ 15
Chic & Alton R R ref g 3s___ 1949 A - O ------54*8 58% Oot ’ 17
4134 45
21
Railway 1st lien 3 )4 8 ______ 1950 J - J 42
47%
Chic B & Q Denver D lv 4 s . . 1922 F - A
98% 101
99% D ec ’ 17
74
76
Illinois Dlv 3 )4 8 ....................1949 J - J
73% Jan ’ 18
84 Sale
Illinois Dlv 4s........................ 1949 J - J
84
84
3
9 9 % _____ 99% Jan ’ 18
Iowa Dlv sinking fund 58.1919 A - O
9 5 * 8 _____ 98% Sept’ 17 —
Sinking fund 4s_________1919 A - O
Joint bonds. See Great North
91
93
9034 D ec ’ 17 . . . .
Nobraska Extension 4s___ 1927 M -N
98
July’ 16
Registered______________1927 M - N
83% Salo
82%
83%
8
General 4s_________________ 1958 M - S
22% 33
1
30
30
Chic & E 111 ref & Imp 4s g . . l 9 5 5 J - J
23
30
29% N o v ’ 17
0 S M tg * T r Co ctfs of d e p ..
__
98
101
98% Deo ’ 17 _ _ _
1st consol gold 6s.......... .......1934 A - O
__
70
78
87 Juno’ 17 _ _ _
General consol 1st 5s_____ 1937 M - N
_____ 74
75
8ept’ 17
0 3 M tg & T r Co ctfs of dep
_____ 90
76
July’ 17 —
Guar T r Co ctfs of dep
ol
___ _ 9734 Fob ’ 13
A
Purch money 1st coal 5 s . . 1942
8
25
32
M a r ’ 17
J
Chic A Ind C Ry 1st 5s___ 1936
58%
60
31
58% Sale
Chicago Great West 1st 4 s. .1 9 5 9 M - S
95% 102
95 D ec ’ 17 ____
Ohio Ind A Loulsv— Ref 6 s . 1947 J - J
__
Refunding gold 5s_________1947 J - J -------- 99% 100% Apr 17 _ _ _
75
_____ 84% Apr ’ 17 _____
Refunding 4s Series C ____ 1947 J - J
70
N o v ’ 16
Ind A Loulsv 1st gu 4 s . . . 1956 J - J _____ 72
96% Jan ’ 17 . . . .
J _____ 85
Chic Ind A Sou 50-yr 4s____ 1956
97% D ec ’ 16
Chic L S A East 1st 4 )4 s___19 69 J - D
Chicago Milwaukee A St Paul—
1
79
Gon'l gold 4s Series A . .. e l 9 8 9 J - J _____ 77% 79
92% Feb ’ 16
Registered______________el989 Q - J
77% Sale
12
77%
78
Permanent 4s______________1925 J - D
44
06*2 Salo
06%
67%
Gen A ref Ser A 4 H s ____ o2014 A - O
80 Sale
24
78%
80
Gen ref conv Ser B 6s___ a2014 F - A
80 Sale
72% Aug ’ 17 ____
Gon’ l gold 3 ) 4 s S e r B ____ el989 J - J
82
84% 84%
84%
3
General 4 )4 s Series C ._ _ e l9 8 9 J - J
74 Deo ’ 17 ____
25-year debenture 4s_____ 1934 J - J _____ 78
74% Sale
36
74%
75
Convertible 4 )4 s .................. 1932 J - D
94% 98
9934 Oct ’ 17 ____
Chic A L Sup D lv g 5 s . ..1 9 2 1 J - J
81% 94
94
N o v ’ 17 ____
Chic A M o Rlv D lv 5 s . . .1 9 2 6 J - J
97 Sale
19
97
98
Chlo A P W 1st g 5s_____ 1921 J - J
_____ 85
79 Deo T 7 ____
C M A Puget Sd 1st gu 4 s . 1949 J - J
97% 106% 100 Oct T 7 ____
Dubuque Dlv 1st e f 6s___ 1920 J - J
97% 108
104% Sept’ 17 ____
Fargo A Sou assum g 6 s . .1 9 2 4 J - J
96% 10034 100% July’ 17 ____
La Crosse A D 1st 5s.......... 1919 J - J
93% 101
100% Sept’ 17 ____
W ls A Minn D lv g 5s____ 1921 J - J
9 7 % _____ 107 Dec ’ 16
W ls Valley D lv 1st 6s____ 1920 J - J
85 _____ 81
Dec ’ 17 ____
M llw A N o 1st ext 4 ) 4 s ..l 9 3 4 J - D
81% 8 8
88
Deo ’ 17 ____
Cons extended 4 )4 s _____1934 J - D
__
8 8 % _____ 8 6
N o v ’ 17 _ _ _
Ohio A Nor W est Ex 4s 1886-1926 F - A
8 5 % _____ 80% Oct ’ 17 _____
Registered................ 1886-1926 F - A
1
7134 78% 71*4
71*4
General gold 3 )4 s ................ 1987 M - N
81% Oct ’ 16
Registered........................p l08 7 Q - F
82% Sale
3
82%
82%
General 4s_________________ 1987 M - N
__
81
90
86
Sept’ 17 _ _ _
Stamped 4s......................... 1987 M - N
99% 102% 101 Jan ’ 18
General 6s stamped.............1987 M - N
__
99
104 104% Deo ’ 17 _ _ _
Sinking fund 6s...........1879-1929 A - O
109% Apr ’ 16
R egistered..............1879-1929 A - O
92% 101
104
Sept’ 17 ____
Sinking fund 5s.......... 1879-1929 A - O
9 2 % _____ 103% Apr ’ 16
Registered________ 1879-1929 A - O
95 101
95
N o v ’ 17
Debenture 5s......................... 1921 A - O
_____101)
10
100
100
Registered...... .............
1921 A - O
93% 9734 94% N o v ’ 17
Sinking fund deb 5s.............1933 M- N
90
97% 104% Juno’ 16
1933 M- N
R e g iste r e d ..................
76
_____ 101% Oot ’ 16
Des PlalneeVal 1st gu 4 )4 sl94 7 M - 8
99
_____ 110*4 N o v ’ 17
From Elk A M o V 1st 6 s . . 1933 A - O
52
8 8 % 8 8 Jan ’ 17 —
M a n G B A N W 1st 3)48,1941 J - J
M llw A 8 L 1st gu 3 H s . . . 1941 J - J
M il L 8 A W est 1st g 6 s . . 1921 M- 8 1 0 0 % -------- 102 Oct ’ 17
__
E xt A Imp s f gold 5s_. . 1929 F - A * 9 7 % -------- 97% Dec ’ 17 _ _ _
9 9 % _____ 111% Dec ’ 15
Ashland D lv 1st g 6 s . . . 1925 M- 8
9 9 % _____ 111% N o v ’ 16
Mich D lv 1st gold 6 s . . 1924 J - J
70% 85
8 6 % Sept’ 17
MU Spar A N W 1st gu 4 s . 1947 M- 8
93 103% 98 Oot ’ 17 —
S t L P e o A N W 1st gu 5 s . 1948 J - J
Chicago Rock Isl A Pao—
7434
10
Railway general gold 4s___ 1988 J - J 74% Sale 7438
87 M a r ’ 17
Registered______________ 1988 J - J _____ 73
65*8 Sale
74
05
65%
Refunding gold 4s................ 1934 A - O
01
71
71
Sept’ 17
20-year debenture 5s______1932 J - J
96%
9734 Oot ’ 17
Coll trust Series P 4s.......... 1918 M- N
58 Deo ’ 17
R I Ark A Louis 1st 4 H s . . 1934 M - 8 _____ 64
Burl C It A N — 1st g 5 s . . 1934 A • O _____ 96% 98)2 8ept’ 17
96% 98
97% June’ 17 —
C l t l F A N W 1st gu 5S ..1921
------- 99*4 Oot ’ 16
90
Choo Okla A G gen g 5 s. .01919 J - J
97% July’ 15
M -N
Consol gold 5s...................1952
55 Oct ’ 17
Keok A Dee Moines 1st 5s. 1923 A - O _____ 60
59 Jan ’ 18
8 t Paul A K C 8h L 1st 4 H s ’41 F - A _____ 59
104% 112
102 Dec ’ 17
Chlo 8 t P M A O cons 6s___1930 J - D
7 8 % _____ 8 6 % N o v ’ 17
Cons 6s reduced to 3 )4 8 .-1 9 3 0 J - D
85
90
9534 Oct ’ 17
Debenture 5s__________
1930 M- 8
Ch St P A Minn 1st g 6 s . . 1918 M- N 1 0 0 % _____ 111 June’ 17 ____
N o v ’ 16
North Wisconsin 1st 6 s . . . 1930 J - J 1 0 0 % _____ 118
99% 103
100 Dec ’ 17
St P A 8 City let g 6s____ 1919 A - O
8 4 % _____ 105% N o v ’ 16
Superior Short L 1st 6s g.«19 30 M - 8
_____ 80
82 Jan ’ 17
Chlo T H A So-Kast 1st 6 s . . 1960 J - D
103% 104 104 Deo ’ 17
Chlo A W est Ind gen g 6 s . . d 9 3 2 Q - M
66
Salo
65
66
11
Consol 60-year 4s................ 1952 J - J
90 M a y ’ 17
Cln H A D 2d gold 4 )4 s _____1937 J - J
1st A refunding 4s_________1959 J - J
90 M a y ’ 17
1st guaranteed 4 s . . ..............1959 J - J
25 July’ 15
Cln D A I 1st gu g 5s____ 1941 M- N
88
M a r’ l l
C Find A Ft W 1st gu 4s g .1923 M - N
96 Jan T 7
D ay A M ich 1st cons 4)48. 1931 J - J
63% Sale
14
63
63%
Clev Cln Ch A St L gen 4 s . 1993 J - D
70% Salo
70%
70%
30
20-year dob 4 )4 s __________ 1931 J - J
70
SO 101
Feb ’ 17
Genoral 5s Series B _______1993 J - D
68
81% 83% M a r ’ 17
Cairo Dlv 1st gold 4s____ 1939 J - J
51
64
79 Feb ’ 17
Cln W A M D lv 1st g 4 s . . 1991 J - J
69
70
74% July’ 17
M -N
St L Dlv 1st coll tr g 4 s . . 1990
66 -------- 73% Juno’ 17 —
Spr A Col D lv lstg 4s___1940 M - S
N o v ’ 16
6 2 % ------- 84
W W Val D lv 1st g 4s____ 1940 J - J
O 1 S t L A C consol 6s____ 1920 M- N 100% 105% 102% Oct ’ 17
_____ 87% 87 Dec ’ 17 —
1st gold 4s_____________ *1936 Q - F
88% M a y ’ 15
Registered__________ *1936 Q - F
8 2 % ------- 102% Jan ’ 17 - v
Cln 8 A Cl cons 1st g 5 s . . 1923 J - J
107% Aug ’ 17
C C C A I gen cons g 6 s . . 1934 J - J
60
------- 94
July’08
Ind B A W 1st pref 4s____ 1940 A - O
O Ind A W 1st pref 5s___ <11938 Q - J
45
55
15
51
51%
Peoria A East 1st cons 4 s . 1940 A - O
12% 20
12% Dec ’ 17
Income 4 s_______________ 1990 Apr
90 Sale
2
90
90
Cleve Short L 1st gu 4 )4a___ 1961 A - O
6%
8
2
0
0
Col Midland 1st gold 4s____ 1947 J
5%
7%
6 Deo ’ 17
Trust Co certlf8 of deposit
84
87% 84
84
2
Colorado A Sou 1st g 4s____ 1929 F A
69 Salo
69
71
401
Refund A Ext 4 )4 8 _______ 1935 M -N
95
93
1
96
96
Ft W A Den C 1st g 6s___1921 J - D
84 _____
Conn A Pas Rlvs 1st g 4 s . . . 1943 A - O
94 Feb ’ 16
Cuba R R 1st 50-year 6s g . . l 9 5 2 J - J _____ 86
Del Lack A Western—
73% 75
78 Dec ’ 17
Morris A Ess 1st gu 3 )4 s .2 0 0 0 J - D
102% 101% Deo ’ 17
N Y Lack A W 1st 6S____ 1921 J - J 102
98
N o v ’ 17
95% 99
Construction 6s________ 1923 F - A
93*4
8734 93*4 9334
1
Term A Improve 4s____ 1923 M -N
Warren 1st ref gu g 3 ) 4 s .-2 0 0 0 F - A _____ 82% 102% Feb ’03

__
__

__

0s doferred Brown Bros ctfs-

Oblo River R R 1st g 6 s . .

P rice
Friday
Jan . 11.

BONDS
N . Y . STOCK EXC H A N G E
W eek ending Jan. 11.

Q- J
A -O
A - O
N ov
Nov
M -N
J -D
J -D
M- 8
J - J
J - J
M- 8
M- S
M- 8
J -D
M- N
J - J
J - J
M -N
A -O
A - O
J - J
J - J
Q- J
A -O
Q- J
.. ..
J -D
J - J
M -N
M -N
J - J
M- S
A -O
F- A
J -D
A -O
A -O
M- S
M -N
A- O
J - J
F- A
J -D
A -O
J -D
M- N
J -D
J - J
J - J
J - J
M -N
J - J
Q- J
J - J
J - J
M- S
Q- F
J - J
M -N
M -N
M- 8
M- 8
F- A
A -O
J -D
J -D

56
58
83% Salo
82% . .
72
73%

56
82%
83
73%
85%
702
86%
84
91%
78
80
82*4
99*4
81%
82
99*4
85
129%
71%
115
105
99*s
883.1
90%
77
92*4
77
81%

50
84
Bopt’ 17
Deo ’ 17
N o v ’ ll:
74%
Deo T 7
80
Oct ’ 17
Aug ’ 17
80%
823.|
July’ 17
843.1
82
Oct ’ 17
Sept’ 17
Aug ’ 15
71%
July’ 17
July’ 15
Deo ’ 10
8912
Sept’ 17
78
M a r ’ 17
78
82*4

88
74
85
100
9938
101%
99%
88%
107
100%
99%

Oct ’ 17
Deo ’ 17
85
Apr ’ 17
Juno’ 17
N o v ’ 16
Oct ’ 17
Deo ’ 17
Feb ’ 17
N ov’ i;
Oct ’ 17

103%
99% 103
106%
09% 107
104
81
87% 97
_____ 84
84
95
_____
897 Salo
8
89
_____ 79
78
87% 90
103
_____ 101%
97%
83% 84
104%
84% 95% 90
103% 10634 101%
102
105
100
9834 100
98%
94 % 100
100
92
_____ 100%
65
70
55
91
77
86
99
981.1 100
104%
72%
73 Sale
_____ 86*4
6834
69Vi Salo
77%
77% Salo
84
65
78
64 _____ 85 %

Fob ’ ll
Doo ’ 10
N o v ’ 17
Oct ’ 17
Deo ’ 17

73
75
83
86
83
86
83% . . .
68
84
79
80%
8234 85
8834 100
82
83%
------- 8134
9 3 % _____
74% 87%
100
_____
70% 71%
101 _____
92
_____
96% 99
86% 89
-------- 86
78 Salo
77% Sale
82% Sale
83%
-------_____
88

89%
74%
84%
_____

9 1 % _____
79
80
1 0 0 % _____
89% 100%
77% 93%

90
Aug ’ 17
M a r 'll
Juno’ 17
Apr ’ 17
A u g ’ 17
Deo ’ 17
Doo ’ 17
Deo ’ 17
Juno’ l?
Jan ’ 13
N o v ’ 17
A u g ’ 17
99
Jan ’ 17
74%
M a r ’ 17
70
78%
Apr ’ 17
N o v ’ 16

1
126
____
____

51
80%
83
72

73%
97
93
88%

4
____
7

72%
84
79
91
78
80%
91
99*4
791»
8034
9934
85

89
1061,
107
99
80
93*4
100
104%
96*8
95%
107%
93*4

__
7
10
19
3
____

2 63
____ 115

--

8
61
75
58

89
118%

84
903s
90% 95%
71% 94*8
91
92%
69% 97%
73% 101%

_ _ _ _ 79 *94%
___ _ 71% 90
1 84
94%
__
100 100
993, 993a

_

__ _

____

99%
88%
107
100%
99

107%
90
107
111%
102%

o

__
__

__
__

_

__

103% 109*4
97 105%
84
92
22
___ „
____
____
____
____

83%
78
103
97%
104*8
90
100
100
96%

103
78
103
97%
104%
97%
120%
118
104%

55
79*4
90
96%
94% 108
___
104% 104%
21 70
94
____
86*4 92
103 65% 86%
247 7138 94*4
____
84
87
___

3

__

Range
Y ear
1917.
Low

H igh

73
71

88%
81*4

58% 62*4
53%
35
99
100
76
89
83
97*4
96% 102%
98
99%
90*4

99

81
97%
30% 35
27% 35
97
107%
8034 90
75
90
76
90
32
41
52
73%
94% 115%
1 0 0 % 100*4
84% 85%
90

96%

77

96

74
62
70%
72%
84
74
65%
99*4
94
96%
77%
100
104%
100%
100

96%
98%
107%
82%
105%
94%
102*4
103*4
106%
104%
95%
105
104%
101%
104%

81
101%
88
88
86
98%
8 6 % 97%
70% 8 6 %
79% 98%
95%
86
1 0 1 % 118
104% 111
97% 105%
93% 102%
94% 103%
110*4 118%
88
88
102
107%
97% 104*4
84
98

94*4
108*8

90
73
85% 87
59% 78%
84
70
97*4 98%
74%
58
96% 102%
97% 97%
62
55
75
59
102
118*4
8 6 % 91%
9534 103
118%
111
100

104

82
104

82
108
77
96*4

<OOi
o*0^

Price
Friday
Jan . 11.

Bonds
Sold

BONDS
Y . STOCK E X C H A N G E
W eek ending Jan. 11.

Interest
Period

In Jan. 1909 the Exchange method of quoting bonds was changed and prices are now— "and interest”— except for interest and defaulted bonds.

70

90

96
96
81%
56
87
83
1 0 0 % 101
83% 87
79
81
74% 83%
73% 73%
100% 102%
88
84
102% 102%
1061, 1161*
75
45
30%
10
83% 102*4
2% 1734
2
11*4
96
81
68% 87*4
105%
95

77% 88%
101% 107%
102%
98
99%
93

• N o pric e F rid a y ; la test t h ll w eek , a D u e J a n , d D u e A p ril, « D u e M a y . 0 D u e Ju n o, ft D u e J u ly . * D u e A u g . o D u e O o t . v D u e N o v . q D u e D eo. s O p tio n sale.




P rice
Friday
Jan . 11.
Bid

W eek's
Range or
Last Sate

Ask Low

High

Delaware A Hudson—■
93
955.
- j
! M -N
86
88
A - O
90 Sale
i A -0
74 Sale
M -N l o o t s _____
6334 64
1J - J
65
73
i J - J
J - D
7512 77
5 F -A
51 Sale
lsb oc ramiiiiing os_______ IVOO j ~n
p
Rio Gr Juno 1st gu g as___ 1939 J -- D _____ 95
J 0
)J - J
J - J
J " J
65*2 97
A - O
52 Sale
M - N ------- - - - J -D
J -D
76
81
M -N
J - J
9 2 '2 ___ _
80% 101
A - 0
txogistureu____________
l y j / A - 'J
•O
j
j
81
85
Dul Sou 3hore A A tl g 5s___1937 J -- J
85
102
M -N
1 M - S ll)2
103
M -N
71t2 98t2
95 _ _ - M- S
1 S 1 -S
92
93%
A O
94 ------s -n
S Y L E A W 1st g M 7s.
T
M- S
98 t s ____
Srle 1st cons g 4s p rior..
67i2 69
J - J
j

J - j
F - A
Penn coll trust gold 4 s.
A- O
50-year conv 4s Series;
do
Series B ___ __
A O
Gen conv 4s Series D
M
O
I
Ohio * Erie 1st gold 5 s . . .1982 V - N
J
J
Clev A Mahon Vail g 5s
‘
1 - J
Erie * Jersoy 1st a f 6s
J
J
A O
71 N
J - J
71- N
N Y * Green L gu g 5s.
J - J
F - A
General gold 5 s " I " ” l940 F - A
71 - N
A -O
.1 - D
) - J
Evansv 4 T H 1st cons 6 s . . 19 2 1 J - J
1st general gold 5s_____ __ 1942 A - O
A -O
M t Vornon 1st gold 6 s. "
Sull Co Branch 1st g 5a.
A -O
Florida E Coast 1st 4 Ms
____ J - D
Jsrt S t U D Co 1st g 4 M s " 1911 J - I
Pt Worth A W o Or 1st g 4s 1928 J - J
3 » l v Hous * Hon 1st 5s
1933 A 0
.1
Great Nor O B & q coll 4s 1921 J
Registered________
a 1921 Q • J
1st * ref 4 Ms Series A . . . 196! 1 J
Registered__________
1961 J
J
J
J
J - J
J
J
J
J
J
J
Mont ext 1st gold 4s"
1 D
3 -D
R egistered _____
.1 - j
A O
s UO.. . . . Itf-ib f - J
M ont C 1st gu g 6s_______193: 1 - 3
J
Registered............... t«3. J
1st guar gold 5 s . . . .193: J - 3
w ill A S F 1st gold 5s 193> 1 D
Greeu R a y A W d eb o t fC ’ A” ____ Fob
Debentureetfs “ B” ____
. . . Feb
G ilf A S 1 1st rof A t g 5 a "1 31951 J - J
J - 3
J - J
A O
Col A T ol 1st ext 4 a ..
1955 F A
a mston Belt A Term 1st 6 s 1937 J - J
Illlnola Central lat gold 4a .1951 J - J
Registered ________ _
1951 J - J
1st gold 3 Ms.......... I . I I I I I 1951 J - J
Registered___________
1951
Extended 1st gold 3 M a '" ' 1951 A O
Registered .............
1951 A O
tat gold 3a sterling____
1951 M - 8
Registered ..................
1951 .Vi- a
Collateral trust gold la ..1 9 5 2 A O
Registered_________
1952 A O
M -N
Purchased lines S M s..........1952 J
J
L N O A Texas gold 4 s . . 1953 M -N
R egistered ______________19.53 M - N
Cairo Bridge gold l a ..
*1950 J D
Litchfield Div 1st gold 3a 19.51 J ~ J
Loul.sv D lv A Term g 3 Ms 1953 J * J
Registered ____________ 1953 J - J
Middle lJIv rog 5s_____ . 1921 F - A
Omaha Dlv 1st gold 3's _ " 1951 F A
4t Louis Dlv A Term g 3« 1951 J
i
Oolrt 3 M e......................
1951 j - 1
Registered____ __
1951 ./ - j
Sprlngf Dlv 1st g 3 Ha . 1951 j
j
Western lines 1st g 4 s . .
195! F - A
Registered_________
(9.51 F - A
Bellev A Car 1st fis______ 1923 J D
Carb A Shaw 1st. gold 4 s 1932 "H- H
Chic .St L A V O gold 5 h *1951 j - n
R egistered_________
19,51 J D
Gold 3 Ms............. . . H U 1951 J D
Registered .............
19.5! J D
Joint 1st, ref 5s Se-U a A 1963 J - D
Memph Dlv 1st g 4s . .1951 / - D
Registered __________ 1951 J O
-St Louis Sou 1st vu g 4s
1931 M - S
ind III A Iowa 1st g 4a...........1950 J - J
Int A Greot Nor tst g 63 . . .1 9 1 9 M - N
fames Frank A C e s r 1st w 19.59 i
n
Kansas City Sou lat gold 3a. 1950 A O
R oistered _______________ 1950 A O
Ref A Itnot 5s________ Apr" 1950 .1 - j
Kansas City Term lat 4s . . I 9 6 0 j
j
Lake Erie A West 1st g 5 s . . 1937 3 - J
2 d gold 5 s_______________ 1941 J - J
North Ohio lat gear g 5a. 1 194.5 A O
Let* Val N Y 1st gu g 4 M * - - 1910 J - J
R egistered________________ i o »0 J
•
Lanlgh Val fPs) cons g 48— 2003, M - V
...
General o>ns 4 Ms________ 2003 M • N

52 Sale
_____ 73
_____ 8 2 1
2
4.5 Sale
41% Sale
51% Sale
91
95
_ ____.
_
_____ 103
- - - 103*>8
102
109
_____ 103
_____ 95
72
93
. -- -___ _ 65
80 -------74
94
62
6.5
-- -_____ 97
- -------- -----. . . _________
85*2 95*2

79ti
_____
72
70

79%
74%
77%
80

55
--- _____ 71
95%
60
00
_____
------- .
_____
79

—
-------69%
83%
. ..
79%
. . ..

_____ 107%
----- -- . . . .
. ... ....
. . . . . .
.
....
91%
68% 90
7 0 's 80
71% 98
89% 94%
77
90
53
50
.. .
. .
75 Salo
76% 80
77% 80%
_____ 76
_____ 9 Us
89
94
78% 93
_____ 90
_____ 9 7 %

• No price F rid a y ; la test b id a n d ask ed this w eek ,




22
4
13

A -O
A -O
J - J
J - J
J - J
M S
M S
Q- J
Q - J
J -D

62%
67
72%
47%

80
91
90
63

Unified gold 4 a . . . ............... 1949
Debenture gold 5a............... 1934
20-yoar p in deb 5a______1937
Guar refunding gold 4 a ...1 9 4 9

J -D
H- s
I
J -D
M -N
M •S
rv - s
i

Apr ' l l
July ’ 17
67*2
52
M ar ’ 17
Dec ’ 1C
July’ 16
Aug ’ 17
Dec '17
N o v ’ 17

94
104
99%
93%
98%
93*2
99%
91%
10713
67%
81
.51%

Jan ’ 17
Jan ’ 17
Dec ’ 17
M a r ’ 17
Oct T 7
95
July’ 17
N o v ’ l.j
Deo ’ 10
08%
Doc ’ It
51%

____
—
____
—
—

65

87%

St Louis Dlv 1st gold OsII 1921 M - 8

103

47%

73%

A tl Knox A Cln D lv I s . . . 1955 M - N

88%
45
44
50
90
106%
101
103%
110%
100
102%
85
71
100%
71
108
108
60
28%
97
85%

Sept’ 17
47%
47*2
5134
90
Jan ’ 17
J u iy i7
Aug ’ 17
N o v ’ 17
Juno’ 17
July’ 17
Jan ’ 18
Dec ’ 17
Dec ’ 00
N ov’ 17
Jan 17
Jan ’ 17
Oct 17
Jan ’ 17
N o v ’ 17
Juno’ 17

____
79
59
44
2

—
—
—
....

83
37
37*2
41%
85
1067s
103
103
110%
100
102%
101
74

90
68%
68%
84
109
106%
109
10.3%
112%
100
103%
102%
109%

—
—
—
....
—
— -

105% 108
107
108
60
81
23% 2S%
07
192
8 6 s 85%

95
85
92
56 %

80
81

3
18
4

Leh V Term Ry 1st gu g 5 a .. 19 4
Registered..............................1941
Leh Val Coal Co lat gu g 5 a .1933
R egistered ________ _______ 193!
lat Int reduced to 4 s .......... 1933
Lch A N Y lat guar g 4 s ____ 194.5
R egistered _____________ ..1 9 4 5
Long Isld lat cons gold 5 a ..51931
lat consol gold la________ A1931
General gold 4a....................1933

H igh

95% 101%
85
99%
89% 107
69
89%

01%
38
67*2
52
98%
82
75%
84
9934
90

74
95%
79%
85%
74
84
89
74
70's
83
192
72%
0.5
77%
80

—
3
4
....

38
67%
49
98%

____
—
—

84
93
99% 105%
90 101

---8

—
....

June’ 12 ___
Dec ’ 17 —
Aug ’ 10
Oct ’ 17 ____

___________
70
87
93% Salo
93%
94
93t.i
92 > 2 -------- 93%
86^2 3 7 14 87% Dec ’ 17
90 Juno’ 16
83 >8 971,1 87
Deo ’ 17
lit
Aug '17
99% 113
991,s ------- 118 Apr ’ 17
94
98% 98% 94
102% M a y ’ 16
8.5% 99
82
D e c ’ 17
80 % 89
80% 89
85% N ov’ 15
80% Doc ’ 17
9 9 % -------- 108% Jan ’ 17
99 % -------- 113 Juuc’ l?
. . . . . . . . 136% M a y ’ 06
9 U s ------- 9 9 12 Oct ’ 17
9 U s _____ 109% Aug ’ 16
_____ 79% 69% Dec ’ 16
8% Deo ’ 17
7%
9 'a
83 Salo
83
83
75 % Salo
75%
77%
- - - - 98i2 Jan >14
_____ 87*2 82% Aug ’ 17
6 7 % -------- 67% Jan ’ IS
90's Apr ' 17
- 95
97
Sept’ 17
87
95
_____ 93
92
Sept’ 17
76
90
78% Dec '17
84
N o v ’ 15
5 8 % ------- 80 Juno'17

75

H o. Low

95% Oct 17
88
88
89%
90
71
74%
112% Dec ’ ll
6334
65
68
71
76 Jan ’ 13
49%
51

BONDS
N . Y . STOCK E X C H A N G E
W eek ending Jan. 11.

Range
Y ea r
1917.

Interest
Period

BONDS
N . Y . STOCK E X C H A N G E
W eek ending Jan. >11.

Bonds
Sold

New York Bond Record—Continued—Page 2
2^3

131
5
---- --

94
104
99%
98%
98%
97%
99%

38
81%
74%
98%

94
104
109%
99%
99
100%
102%

Oold 5a...................... ............. 1937
Unified gold 4a...................... 1940
R egistered_____
1940
Collateral trust gold 5a.
1931
E II A Naah lat g 6 a . ____ 1919
L Cm A Lex gold 4 M s . . . 1931
N O A M 1st gold 6s_____ 1930

Hender Bdgo 1st a f g 6a . 1931
Kentucky Central gold 4 s . 1987
Lex A East 1st 50-yr 5s gu 1965
L A N A M A M 1st g 4 Ms 1945
L A N-Soutb M Joint l a .. 1952
R egistered_______
519.52
N Fla A B lat gu g 5a_____ 1937
N A C Bdge gen gu g 4 Ms.. 19 45
Pensao tfe Atl 1st jju « 6 a .. 19‘Jl
B A N Ala cons gu g '5 a .... 1936
Gen cons gu 50-ycar 5a. 1963
L A Jeff Bdge Co gu g 4 a .. . 194.5
Manila lift— Sou lines 4a_
19311

M- 5
J - J
A -O
M- S
J - 1
Q - J
F - A
J - J
F- A
F - A
A O
M- S
M -N
M- S
M- S
Midland Term— lat s f g .5s 1925 j - 0
Minneapolis A St Louis—
1st gold 7a....................
1927 J - D
Pacific Ext 1st gold 6 a . .
1921 A - O
1st consol gold 6a____
1934 M -N
1st A refunding gold 4s . . 1949 M - S

96

56%

69%

91% 99%
91% 90
87% 101%
9!)
121
118
105%

79% Oct '17
11712 M a y ’ 10
90 Jan ’ 17
98% No V I 7
114 Feb ’ l l
00 Oct ’09
_____
_____
9012
90%
7018 N ov’ 17
65
N o v ’ 17
81 June’ 17
89 Apr ’ 17
95
N o v ’ 17
82% Juti**' 17
59
59
63 Oct ’ 00
74%
75%
77
77%
81% Dec '17
80% Feb ’ 17
89% Mar ’ 17
95
Dec ’ 17
89 Oct ’ 17
80 Oct ’ 17
90
D e o ’ 17
a D ue Jan.

P rice
Friday
J an . 11.

Bid
Ask Low
101% 112
_____ 101

_____
_____
_____
_____

78
97
75
83

--------104%
90
93 %
86% 88

...

lat A refunding 5s
lat A refunding 5a .
General la . .
Missouri Pac lat cons g 6s
40-year gold loan la____
1st A ref conv 5a____
3d 7s extended at 4 %
Boonv St L A S lat 5a gu
Cent Hr U P 1st g 4s .
Pac 11 of M o (at oxtg 4a
2d extended gold 5s .

1923
1926
1920
1945
1959
1938
1951
1948
1938
1938

M -N
M- 8
M- S
M- N
F - A
1 -D
F - A
J - J

1931 A - O

....
...
....
....
....
---...
___

94%

76% 83
...
...
__. . . . .
72% 72%
65
71
69 - 86%
.... ....
79%

81%

____ . . . . . . . .
____ 90
90
—
93% 100
___
4
____
___
...
—
8
. .
22
10
____
____
....
____
....

—

........

.

91
102%
70% 83
6.5
6.5
81
95%
89
94%
94% 100
82% 03
59% 71%
747s
77
81%
80%
89%
92
88
80
90

91
90%
101
83
90
102
101%
91%
102

ft D u e F e b .

9938 106
75
91 *8
108% 10834
101
105%
74
85'a
3 92
10334
94
94
80*? 813*
98

Non-cum Income 5s A
Conv deb 6 a................. ..
Consol 4a S**rlea A . . .
Ref A Imp 4 Ms ■ A " . . .
‘

"

193,5 A

Beech Creek 1st. gu g ts. 1936
R egistered ....... ................ 1936
3d guar gold 5«______ 1936
Registered ................ 19.36
Beech Cr Ext 1st g 3M S-51951
Cart A Ad 1st gu g 4 s ____ 1981
Oouv A Oawe tst gu g 5s. 1942
Mob A M ai lat gu g 4 a . . . 1991
N J June R guar lat 4 a . . . 1986
N Y A Harlem g 3 M a ____ 2000
N Y A Northern 1st g 5s. 1923
A D u e J u ly .

O

1935 M -N
1998 F - A
2013 A - O

Registered...................... 1997
Debenture gold 4a...............1934
R egistered________ __
1931
Lake Shore coll g 3 Ms
1998
R e g iste r e d -................
1998
Mich Cent coll gold 3 Ms 1998
Registered . .......... . . .1 9 9 8

a D u e J u n e.

J - J
A -O
J - J
J - J
A - O
1 - J
A O
1 - J
J - J

86
90%
56%
99%
60
00%
_____ 83
82
UK)
60
_____ 97%
78
82
80
_____ 98
100%
90%
89%
5018
90%

N o v ’ 17
o ct •10
N o v ’ 17
44U

106
2

Feb ’ 15
Duo ’ 17

■ a
0
•1
- J
■ J
i

A- O
J D
l -D
M- S
F - A
M -N
A- O

0 D u e O a t.

74
39
45

108
9 U2
64 "
61%

79

95

83
92
85*8

Dec '17
N o v '17
Dec ’ 17
3 4
N o v ’ 10
Apr ’ 17

97
92
9834

30

80
90%
58
99%
July’ 17
Apr '17
Apr ’ 17
Feb ’ 13
Dec ’ 13
Jan '18
Apr '17

5414

1

25

45

1

40
521o
50 "

79
85
80

45*4

49

89%
85%

99*4
98%

1
1
409
1

Salo
75

J u ly ’ l4
"

'
2

102

Sept’ 15
—

109
68
93

Salo

94 Salo
_____ 74
81% Sale

78
83

77
65
61

_____
_____
_____

86
84

93

93 ’
9134

30

30

93
40

99*4

10

40%

8

93
94
74% Jan '18
80%.
82

212

7211
741
8
74
8ep t’ 17
781.1
79
92 Dec '10
60 D e c '17
67*4 Sept’ 17
69
Sopt’ 17
75
M a r’ 17

35

89

94
89%
80
...................... 101

» O p tio n sale.

71

77

39

87
113*&
76*i 8834
771** 9834
74
77

f 85%
" 94* i

60
65
69
75

81
80
89*2
80

96%

11

95% 96ls Apr ’ 17
9534 N o v ’ 10
_____ 104 , M a y ’ 16

6 ,8 % _____

78
SO
100% 101%
90
10334

101% 114%

Feb ’ 16
J u ly ’ 17
July’ 17

70% 85
77 D e o ’ 17
100
102
97 D e c ’ 17
07% 102% 110% M a r ’ 17
_____ 25
30 M a y ’ 17
35
Aug ’ 16
26 _____ 96% Feb '13
30 Oct ’ 10
59
Deo '10
62% Sale
62%
63
40

61
82

64

72
78

9858 106%
60 ”
80

80% Oct ’ 17

92
74

74 Salo
J - J * _____ 70%
79 Sale
M -N
M -N
02
64%
F A
F A -------- 05%
60
68
F - A

r
J
j
j
J
J

100

103% 103%
'* * , 98% 109 ~
3 95 ' 103%
79
81*2

40% N o v ’ 17
55% Dec ’ 17
56^8
51
D e c ’ 16
40 Jan '18

80
92
89%
Salo
Salo

lat ext gold rts.............
51927 q - J . . . . 106
General gold l a . .
1938 M - s
55
------Montgomery Dlv 1st g 5a 1947 F - A * _____108
8t L A Cairo guar g 4 s . . .1931
Naahv Chatt A St L 1st 5s 1928
Jasper Branch lat g 6a
1923
Nat Rya of Mex pr lion 4 Ms 1957
Guaranteed general 4s
1977
Nat of Mex prior [leu 4 Ms
1926
lat consol 4a.................
1051
N O Mob A Chlo 1st ref 5s
I960
New Orleans Term lat la.
1953

1067*
10312
103 "
114*8
104%

«-/a,

Verdi V I A VV l st g 5 s '"* 1 9 2 6 iv i -s
’

89

Dec '17

30%
3258
45%
34
■40
09%

71

95
85%
89%

1 100**>
1033a
94
106
10 4%

Jan ’ 18

38
41%
45
34%
33

Gen con stamp gu g 5a

77%
8.5%
72

83
94%
106U 113*4
102'>8 107
2 84 * 9734
a

85% N o v ’ 17
95 Dec '16

J * J

____
-. 23

79

85*2 89
957a 9.812
773.1 81
79% 90%
1UO 11M*4
96% 103

85% Deo ’ 17

91%
91

44

92

1
3

96% Aug ’ 17

84%
_____

____

74

89 M a y ’ 17
97
97
73
75
79% Oct ’ 17

M S S M A A lat g 4s Int g u .’ 26 J - J
Mltwlaslppl Central 1st 5a
1949 J - J
Missouri Kanaas A Texas—

62
100%
74

____

89
90

83% Jan ’ 18

35
59
51

80

85
90

84%

A -O
M -N
M- S
J - D
M- S

80

85% Feb ’ 17

83%

M o K A E 1st gu g 5s__
1942
M K A Okla lat guar 5 s . .1 9 4 2
M K A T of T 1st gu g .58.1942
Shor Sh A Ho lat gu g 5 a ..1 9 4 2
Texas A Okla lat gu g ,5a 19 43
Missouri Panltlo (reorg Co)

____

90
106

_____ 106
103%
74
80
44% 44%
48
60
78% S4% 79

.... . . . .
—
80% 98
. . . . 108% 108%
- - .- 113
124%
-. . .
.. . . ..
90% 110%
. _____ __
6
15%
72% 86%
75% 93%
—
. . . . ___ —
82% 88%
. . . _____ __
....
90
90%
. . ..
96% 99%
—
92
92
—
78
85%

87

00
39%
46

98%

n
5j

100*2

? 100

10 4

35
_____
42
25
_____

—

102

Apr ’ 17

9 9 % ------- 105% Aug ’ 17
70's 77% 74 Oct ’ 17
92% Salo
9 D4
92%
76% 90
94
Aug ’ 17
_____ 07% 81% M a y ’ 17
95
Fob ’05
95
97% 9634 Jan '18
8 1 % ------9 9 % -------- 103% Oct '17
9.5 100
99 Oct ’ 17
93% Salo
93%
93%
5 7 % -------- 79
Apr’ 17

F - A
M -N
M- 8
J - J
A -O
M- N

82

Range
Y ear
1917.

941.

94%

1 0 0 % _____ 100
82

106.

100*8 114

_____ 99
93%
93%
9 9 % _____ 103% July’ 17
82
98% 98
Sopt’ 17
99
112
106 A u g ’ 17
9 1 * 2 _____ 101% Feb ’ 17

71%

.

No

9 2 % ------- 102% M a y ’ 17
85
85% 86%
86%

2d gold 4a............................. 01990
lat ext gold 5 a .. .
1944
lat A refunding ta
2004
Gen sinking fund 4 M s.
1930
St Louis Dlv lat ref g 4 a ..2 0 0 1
Dali A Waco lat gu g 5a. 1 9 10

—

High

100% Jan ’ IS
105 Oct '13
87

88
105
75 _____
*75 _____
_____ 98%

o l

W eek 's
Range or
Last Sale

1938 J - J

M S t P A S S M cong4alu tgu

July’00
Deo ’ 17
Seu ’ 12
Jan ’ 13
Jan ’ 17
74%
M ay’ ll
Apr ’ 17
Fob '14
M a y ’ 17
A u g ’ 12
Juno’ 16
Jan ’ 17
Sept’ 17
Aug 17
June’ 16

M -N
J - J
J - J
M- N
J -D
M -N
J - J

Dea M A Ft D 1st gu 4s 1 193.5 i * J
Iowa Central lat gold 5 a .. 1938 J - D

85

____
87
■
Ill
. . . . 113
5 90

N Y A R B lat gold 5a____ 1927 M - S
Nor Sb B lat con g gu 5a .ol932 Q - J
Louisiana A Ark lat g 5s ..1 9 2 7 M - S

[V

Bonds
Sold

176

97

N o v ’ 10
M a r’ 16
Feb ’ 10
M a y ’ 17
June’ 17

....

SO
101

81%
102%

Bid
N Y C e n t 4 H R R R (C o b . ) —
77
N V A P u 1st cona eu g 4a 1993 A - O
Pine Creek reg guar Os____ 1932

B f f A O con lat ext 5a. .A 1922 A - O
H W A O T R lat gug 5 a .. 1918 M - N
Rutland lat con g 4 H S . . . 1 9 4 1

93
95%
67 >8

J - J
70

J -D
M- S

73%
70
84%

H igh
A sk Low
76% Aug '17
113 M a y ’ 15
97 Deo '17
_____ 98% N o v ’ 17
80% Aug '17
70% Apr '17
70% 92 June’09
101 N o v ‘ 16
103 N o v '16
07
97% J u ly'16
73%
73%
Salo
78
July' 17
84
85% 84
84%
81%
83i2 N o v '17

J - J

S V C Lines oq tr 5s.
N Y Connect lat gu 4 Ha A .
N Y N H < Hartford—
fc

Wash Cent lat gold 4a___
Nor Pao Term Co lat g Os.

Alleg Val gen guar g 4a.

85
75

M -N
A - O
A - O
A -O
M -N
J
J
J - J
M- N
j - j
F - A

C0>8
___ _
___ _
01%
80
74%
87

M- S
M- 9
A -O
J - J
M -N
J - J
84 ig
J - J
F -A
J - J
J - J
A -O
J - J
67
M -N
G8
F - A
J - J —
M- S
M -N
M -N
A -O
46%
J - J
M -N
A -O
J - J
J - J
—
M -N
J - J
68
M- 8
80
J - J
64
M- S
M- 8
_____
J -D
55
F -A
88
M -N
M - A 102
F - A 100%
A - O 102%
( A -O
80
A O
78
j - j
J -D
M - S 103
M - S 105*4
83%
J -D
J - J
97%
M -N
78%
84 %
Q- J
Ml - J
Q- F
60
52%
Q- F
1 J -D
69%
F - A 102
IQ - A
F - F
92%
J -D
63%
i Q -M
61
1 J - J 105%
J - J
71
J -D
J - J ___ _
M -N
90
M- S
96%
1 M -N
89
89
M -N
F - A
98%
J -D
91%
M- 8
85%
F -A
75
M -N
82%
J - J
J - J
M- S
81

____
____
___ _

11
3
17

Dec '15
M a y '17
Jan '09
M a r ’ 12

_____ 99%
92
105
76% 80
87
90
75
79%
80% 81
_____ 82
85
63
61%
Sale
80
78
78
100%
98%
Salo
87

Aug '17
Jilly’ lO
N o v ’ 17
Feb ’ 14
Juue’08
July’ 17
N o v '17
82
N o v '17
63%
80
Dec '17
Jan '17
J u ly '17
87

___ _
____

58
50
52%
54
o0%
46
85
50
91%
79%

Sept’ 17
Oct ’ 17
N o v ’ 17
S e p t'17
N o v ’ 17
Dec '17
85
Oct '17
Jan '12
Apr '16

—
____
____
____

99^8
99 ~

55
54%
86%

—
—
74%

49

60

70
07
99%
83%
64

60
70
93

79
61

107%
122
107%
83
94%
80% 82
123%
_____ 117%
_____ 105
35
83%
_____

Sale

Guar 3 Ha trust ctfa D . _

M -N

M- N
M -N
J - J
A -O
A -O
M -N
F - A
J - J
J - J
J - J
M- S
M -N
J - J
J - J
M- S
A -O
A -O
M N
M- N
F -A
J -D

Prior Hen aer B 58________ 1950

99%

99%

General gold 5 3 . " _____ 1931

80

84%

Southw DIv 1st g 5 a ...1 9 4 7

79%
80%
82
84%
60
79
75
100*9.
____
98-%
3 90%

ii
____

86
9D4
95%
89
82%
94
93%
100*|>
10034
99%

56
50
50
50
52*2 52*2
54
88
50*2 751*
46 " 64
80
110%
50
79

K C * M R * B lat gu 5a. 1929
St I. S W 1st g 4s bond ctfs. . 1989
2d g 4s Income bond c tfs.p l9 8 9
Consol gold 4 s . . . ................1932
1st terml * unlf 5s............... 1952
S A A A Pass 1st gu g 4j_ _ . _ 1943
Seaboard Air Lino g 4 s . . . .1 9 5 0
Gold 4a stamped_________ 1950
Adjustment 5a___________ol919
Refunding 4 s ................ . . . 1 9 5 9
A tl Birin 30-yr 1st g 4 a ..e l9 3 3
Car Cent 1st con g ’ a____ 1949
4
Fla Cent A Pen ls t g 5 a ...1 9 1 8

J " J
J - J
A -O
Oct
J - J
j - j
j - j
A - O
M -N
A - O
A - O
M N
J - J
J -D
J - J
J - D
j - j
J - J
A -O
A -O
F - A
A O
M- S
J
J
J - J

J - J
Ga A Ala R y lat con 5 a ..o l9 4 5 J - J
Ga Car A No 1st gu g 5 s. .1 9 2 9 J - J
Southern Pacific Co—

S ep t'17
Apr '16 ____
Dec '13
Feb '14

77%
79%
74

92
88%
78%

J - D
J - D
20-year conv 4s_________ jl9 2 9 M - S
20-year conv 5s___________1934 J - D
Cent Pac 1st ref gu g 4a___ 1949 F - A
F - A

107
79% 88%
36%
76
109% 110%
73%
73
95
90
99% 100%
99%
101%
88
903, 88%
98%
Sale
91%
Salo
89% 89%

37%

70
57

H A T C lat g 5s lnt gu___1937
Gen gold 4s lnt guar___ 1921

64%

83

Morgan’s La A T let 7aII 1918

i

77
74

80
82%

N o of Cal guar g 5a.............1938
Ore A Cal 1st guar g 5a___1927

M a r '17
61

Dec '17 ____
N ov'10
Oct '17
85
8
Deo '10
N o v ’ 17
M ay'17 ____
M ay'17 ____
D e c '17 ____
1
83%

107% 122
80 ”

97%

78*? 931$
118s4 134
117%' 136-%
105
135
84
04

_

79
92%
80
993.1
S3
92*2
5 » 57
69%
61
67*4
M a y ’ 17 ____
91% 917g
D e c '17 ____ 102
110%
103% 103%
Oct '10
M a r '17
88% 88%
Deo '1C
Oct '17
109% 110%
73%
1
Apr '17
93% 99%
Feb '17 - ___
99% 101
July '17
J u ly '17 ____ 101% 102%
Jan '18
89
18 88
101 “
99
25 9 5 % 10734
92
158 80
104%
_ _ _ _ 80% 97%
N o v '17
6(5

Aug '17 ____
Jan '93

92

92

Dec '17 ____

92

97
N o v '17
Feb '17
Aug '17
July'17
Dec '16
A u g '17
Dec '17
Oct '17
M a y ’ 17
Dec '17
Dec '15
Feb '12
Oct '12
Feb '17
A p r '17
J uly'12
M ar'17
M a y 'l l
M a y ’ 10
Apr '17
Deo '17
S ep t'17
N ov’ 17
Deo '17
June’ 17
Oct '16
Oct '17
M a y ’ 17

2d exten 5s guar.......... 111931 j -

70
57

92
102

97
97 Salo
94% _____ 94%
70% _____ 87
81
80
69
81%
68%
87%
68% 88
82% 89% 89
80
84
87% 86
91% _____ 96%
92%
9 2 .2
104
92%
96%
90%
80%
88%
80%
88
72% - - - 90%
72
96% 99
89
93
93
90%
9S%
75% 98
92
75% 92
82
88%
92
92*2
92%
92
92% 99
99
95%
88
89%
85% 95
88 —
95%

75%

4

64

79
N o v '17
83%
84%
83 Oct '17
59%
60%

89% 91%
101% 102

45

Pennsylvania Co—
J - J
J - J
M- S
F -A
J - D
J - D
A -O

87%
87
97%
96%
83%

100
99%

So Pao Coast lat gu 4s 3 . 1937
So Pac R R 1st ref 4 s _____ 1955
Develop A gen 4s Ser A ___ 1956
M ob A Ohio coll tr g 4a___1938
Mem DIv 1st g 4 H » - 6 s . . . 1996
St Louts dlv lat 8 4a_____ 1951
J Ala G t Sou 1st cons A 5 s . . 1943
A tl A Char A L 1st A 4 H * 1944
A tl A Danv lat g 4s_______1948
2d 4a
1948
A tl A Yad 1st g guar 4a___ 1949
E T Va A Ga DIv g 6 s . . . 1930
Ga Midland lat 3a...............1946
Ga Pac Ry lat g 6 s ............ 1922
Knox A Ohio lat g 6 a .. . . 1925
Mortgage gold 4s.......... 11945
Rich A Dan deb 5 sa tm p d .l92 7
So Car A Ga lat g 5 s ..~ I I l 9 1 9

General 5s______________ 1930
V a A S o ’ w’n latgu 5 a .. 2003
W O A W 1st cy gu 4s____ 1924
lat con gold 5s.............1894-1944
Gen refund 8 f g 4s............... 1953
St L M Bridge Ter gu g 5s 1930
Tex A Pac 1st gold 5s_______2000
2d gold Inc 6a...................... *2000
La Dlv B L 1st g 5s_____ 1931
W Min W A N W 1st gu 6sl930

2
____
____
____
____

953j 102%
9 134 102%
87
87
80
80>4
81% 81%

____
____
____

89
97
80
93
84% 91
90% 100%
9234 102

Kan A M 1st gu g 4s_____ 1990
2d 20-year 6s....................1927
T ol P A W 1st gold 4 s ............ 1917

____
____

88%
88

89%
88

Tor Ham A Buff 1st g 4 s ..41 940
Ulster A Del 1st con g 6s___ 1928

99

99

Union Pacific 1st g 4s_______1947

____

9834 983.1
92
99%
88% 88%
92
108%
91% 101%
99
99%

—

89%
95%

____
....

no
95%

W eek's
Range or
Last Sale

[ Bondi
\ Sold

P rice
Fridav
Jan . 11.

Range
Y ear
1917.

P C C 4 3 t L (Con.)
H igh N o. Low
Bid
Ask Low
Series G 4s guar________ 1957 M -N
91
N o v '17
88
91
90%
F A
C St L & P 1st cons g o s. _ 1932 A - O
101% Dec '17
100%
Peoria & Pekin Un 1st 6 s g ._1 9 2 1 Q - F
100
100 June’ 17
2d gold 4 H a .........................&1921 M - N
87 M ar ’ 16
21
Pere Marquette 1st Ser A 5a 1956
813.1 Sale
77%
81
82
65
65*•> N o v ’ 17
J - j
42
98
Pitta Sli 4 I. E lat g 5a
1940 A - O
9 1 % _____ 93 Dec ’ 17
J - J
97*4
97*4 Dec *17
Reading Co gen gold 4a____ 1997 j - j
83% 84% 83 ‘
84
22
80%
Registered.......... . ........... 1997 j - j
88*2 Oct ’ 17
88%
Jersey Central coll g 4a___ 1951 A - O
83% 8 6
8 6 " Jan '18
SO
J - J
St Jos & Gr Isl lat g 4a __
1947 J - J
60
60
65% 60 D ec ’ 17

103%

____
____
1
____
7
3
____

49
Aug '09

Sale

79
Salo

73%
78
82
8214
83%

BONDS
N . Y . STOCK E X C H A N G E
W eek ending Jan. 11.

July'14

48
107

97
104%
98*2 1 0 0 %
80% 90
70% 70%

103

77% Aug '17 ____
79% Doc '17 ____
74 Apr '17 ____
87

Range
Y ear
1917.

N o . Low H igh
___ 76^2 94

104%
103
130%
123%

Mahon C 'l U R lat 6 a ..

M- S

W eek's
Range or
Last Sale

Interest
Period

P rice
Friday
J an . 11.

Bends
Sola

Interest
Period

BONDS
N . Y . STOCK E X C H A N G E
W eek ending Jan. 11.

177

New York Bond Record—Continued—Page 3

Jan. 12 1918.

Western Dlv 1st g 6s____ 1935

1st A ref 4s................. ......... g2008
Ore R R A N av con g 4 s ..1 9 4 6
Ore Short Line 1st g 6 s . . . 1922
Guar refund 4s________ 1929
Utah A Norgold 6s____ 1926
Vandalla cona g 4s Her A ____ 1955
Consols 4 Series B _______1957

j

M -N
M -N
j - j
A -O
M -N
J - J
J - J
A -O
J “ J
A -O
J - J
M- N
j - j
A -O
J - J
j - j
J - J
J - i
A - O
M- S
.1 - J
J - J
J
J - D
J - J
J - J
J - J
J - J
A -O
J - J
M -N
M S
A -O
J - J
J - J
J - j
J - J
A- O
M- N
M -N

57
59
68%
72%
62 Sale
61
63
48
49
48 i2 Sale
102 ~ 116
101*2 N o v ’ 17
_____ 98% 9 5 %
95%
___ ______
100
102*4
80
90
67
69
50
64
58
63
57% Sale
59

60%

_____ 70%
_____ 70
54 Sale
55
55%
_____ 75
_____ 83
97
9934
9 2 % _____
88 100%
8 0 % ------90% 96

90

5

M a y '1 7

68?8
69
88 " July'17
67%
67%
67
July'17
64 Jan '18
5734
57%
59
100%
78
70%
53
54%
87
77
99%
101
10334
97
97
95

283
161
184
30

53*4
63%
SO

96
7734
42 ’
109
97*4
96%
95
97
82
71*8
8834
7G
*»6

96% 104
90

90

88
643i
57
58
54

90
80
65
72
71%

20
i
14

Dec '17 ____
64%
59
1001a 1001a
Feb '17
82%
M a y '1 7
78
70% 82%
Dec '17 ____
58 42% 68
54
55%
0 5312 70%
M a r '1 7
86% 87
77
5 SO
88
June’ 17
99% 99%
Dec ’ 15
Dec '16
Aug '17
102
97
Sept’ 17
102%
97
Oct ’ 17
95
100*2

72%
73%
16
90 Feb '14 . . . .
221
Sale
75%
77
87%
89% 176
Sale
78%
79
Sale
9
8719 Scot* 16
87
88
88 Oct ’ 17l____
757$ 70 Dec ’ 1 7 ____
101
100 Oct ’ 17
95 Aug '17 ____
_____ 9 7
05
76
95
99*2 Apr '17
_____ 95
100 ' Oct '16
103% Aug '17 ____
90
104
91% Oct '17 ____
85
95
109% N ov'16
1 0 0 .?
96*8 105*8 100*4 Oct ’ 17
100% 10434 100% Dec '17 ____
. . . 105% 105 Jan '10
9 2 % _____ 102% Oct '17 ____
90% 96% 90% Dec '17 ____
98
_____ 107% B ep flO
8 8 % _____ 93% Aug '17 ____
79
79
70
80
73% Salo

66

88

7634
87%
79
86
70

73
85
78

8834
104%
93%

80 Sale
92% Sale
59 Sale
69
_____
81
91
68% 69%
94% 104
_____
92%
70
_____

89
95
80
80

96
99%
_____ 100
51
100
102

_____
106
102%
95
63
72
_____ 103
96

98

78%
91%
100%
59
6S
85
07%
102%
98%
90
91
83%
81%
75
96%
92%
99
63
103
103%
106
70
100
73
97
1021?
103%
104%
97%
105
72%
93%
9534
93%'
94%
82
95%
83
50
89
106%
93
100
90
70
9134
52

M- H
M- H
87
94
M -N
J - J
92
100
70
78
A -O
F -A
7 8 % _____
J - J _____ 95
A -O
_____ 99*2
F - A
92
95
82 Sale
J - J
_____ 9334
A -O
J -D
80
85
M ar
40
70
J - J _____ 93
F -A
J - J
90
97
_____ 96%
A -O
J -D
65% 75
A -O
J - J _____ 93
35
60
J - J
J ~ J _____ 80
45
48
53
A -O
18%
F -A
80
_____ 87
J -D
90
_____ 95
J -D
58
A - O _____ 63
88%
88% Sale
j - j
91
J - J _____ 86
84
843.1 84
J •J
77
77 Sale
M- 8
81
87^2 SO
J -D
104
F - A 100% 104
J - J _____ 97% 96
83
84% 82%
J -D
98
86% 98
J - J
92
100
J - J
81%
80
81
F -A
81%
80
92
M -N

80
93
Aug '16
60
Jan '18
D ec '17
69%
S ep t'16
Apr '17
July'17
92
Jan '17
M a r '16
Feb '17
Dee '17
Dec '17
July'17
Jan '18
D e c '17
June'17
Sept'16
S ep t'17
M a y ’ 17
Sep '12
Deo '17
J u n e'll
Aug '16
Dec '16
N o v ’ 17
M a r ’ 17
Jan '18
M a r’ 17
M ar'17
Sept’ 17
Oct '17
82
July’ 17
Deo '17
Deo '17
Apr '17
N o v ’04
93
Jan '17
Feb '17
N o v '17
Dec '17
Aug '17

39
46

8434 91*2
70
87*2
100 102
98%
95
991o 102%
103
106%
91% 96%
1Ofllx 1O0U
100 100%
102% 102%
90% 101%
93%
79%
77
89

96
8954
95
1023J

207
---____
4

5634 77
78%
58
101%
85
84
66

____
____
16
____

98% 98%
90
96%
10334
89
83% 84

____
—

____
—

75
95
92
99
64
101%
102

75
105
108
101%
65
107
109*4

___ _ 70
—
100

74
1043i

____

101%

97

____
___ -

97%
105
90%
____
93%
95
93%
____
94%
1 82%
____
95%
____
80
____
50
____
89
___ _ _____
3 90
____ 100
87
____
70
____
91*4
____
52
7734
42
D ec '17
M a r'0 6
Apr '17 ___ _ 80
90
N o v ’ 17 ____
5S
Sopt'17
40 85
89
June'17
90
25 81%
85%
7734
77 76%
6 79%
80%
Jan '18 ____ 100%
Dec '17
9534
99 80%
84%
97%
Dec '17 ____
Deo '17 ____
June’ 17 —

81%
81%

• N o prloe F rid a y : latest b id and a sk ed , a D u e J a n . 6 D u o F e b . c M a y . o D u o J u n o. A D u e J u ly . A D u e A u g . o D u e O o t . p D u e N o r . t D u e D e e . * O p t io n sale.




H igh
97
1033s
103%
100

108
106%
91%
93%
96
101%
102
88%
100
102
64
89%
___ _
104%
100
90
84
9734
62
83%
60
87%
100%
58
100
98%
95%
95%
95
108%
108%
94%
98
92
92

178

1918.

30 J 19 J 36 M -N

Bid
A s k Loto
H ig h N o . Low High
__________ . 35
Sept’ l 7 ____
35
35
93 Sale
36 87 100%
91*4
93
94
_____ 95 2 93*2
9 93 1067
8
85 Jan ’ 13 ____
85
89
81
101
-------- 90
105 Oot ’ 15 -----98
. . . . 99
Sopt’ l 7 ____
99 100*8
__________
7.3 M a y ' 17 ____
78
80
__________ ■ 99*2 Sept’ l 7 ____
99% IO0 I2
80 " A ug ’ 1 2 ____
--------80
_____ 74* 4 75 Apr ’ 1 7 —
73
77
84*4 Jan ’ 1 7 ____
_____ 80
84% 8 4 14
65*2 75*2 76 D ec ’ 1 7 ____
. 534 8 6 I4
75
85
85
85
85 Deo ’ 1 7 ____
60*4 627 59*4
15 56
75*4
60*
--------100*
99 105*4
100*4 Deo T 7 ____
_____ 83
88
M a r’ l ’ ____
85>4 8 6
40
..
36 Oct ’ 1 ’ ------83 Salo
87%
82*a
84
33 78
100*4 Apr '1 ____ 100i2 103
-------- 98
--------98*
100 Feb ’ 1 ____ 100 100
--------98*
99*8 M a r ’ l —
99*8 99*8
56
75
77
77
--------75
76
82
76
July’ l ' ____
_____ 80
60*8 85*
85 M a y ’ l ' ____
85
8 8 I2
70
74*! 72
72
88%
38 71
-------- 75
83*4 July’ l ' ____
83*4 91

15 A - 0
)2 J - .
8 J - .
4 J - .
:1 M -h
1 J •.
>0 F - A
>0 F - A
9 F - t
9 F - /
)1 J - .
n F - A
>1 J - J
>1 J - J
12 J -J
oM-e
7 F - A
7 -------2 F -A
8 A -C
b J - J
0 A -C
0 A -O

--------81*
8134
813
58
03
67 Oot ’ 19434
97*.
97 Sale
--------94
94 Oct ’ 17
-------- 78
80 M a y ’ U
-------- 99* 101 M a y ’ i;
85 Salo
85
86
85
89
89 Deo ’ 17
-------- 75
73
Sopt’ l;
_____ 771
78
July’ 17
70 Aug ’ 17
------- 09
82
82
8134 87
80*8 03*2 10038 Fob ’ 17
100*8 A pr ’ 17
71
72
70*2 72
___________
84 Jan ’ 14
50*2
52
5 0 ‘2 Salo
14*4 Salo
1434
16*s
100 Fob ’ 17
--------98
55*2 Sale
55*8
56
81 Salo
81
82*4
N o v ’ 17
77*8 80*2 83
77*8 81*4 81 Deo ’ 17

34 J - 1
6 2 M -r 4
39 M - f 4
39 F -J l
39 J - 1
21 r<d- 3
54 J - f
41 J - 1
39 J 41 A -< *
11 M 15 F - 2
45 F - l .
52 A - l 1
17 J - 1
13 A - C>
13 Nov
46 M 26 A - i *
28 J - l
30 F - 2
36 M 19 M -

S treet Hallway

omuiyvu ta.\-«3ierupr,___
Metropolitan Street Ry—

.3 J - D
76*4 85
76*4
76*4
3 M - S -------- 82i2 95 M a y ’ 17
3 M - S --------85
80
Sept’ 17
8 F - A
30
M a r’ 14
6 F- A
100*2 Juno’ 17
1 J - J
93 N o v ’ 16
9834 Aug ’ 17
9 J - J
t J - J --------87 l2
97*2 July’ 17
79 A u g ’ 17
5 J - J ------- 80
6 J - J
99 M a y ’ 17
2 J - J
50 Salo
50
50*2
2 A -O
19
20
18*s
19%
2 M -N _____ 74
77*8 A u g ’ 17
0 M -N
8 8 i2 N o v ’ 16
2 F - A ------- 6 8
72% July’ 17
0 J - J
9012 Feb ’ 17
7 M -N
------- 1 0 0
95
July’ 17
102*7 M a r ’ 17
7 J - J
3J - J
55
59
57 D ec ’ 17
0 A -O
34
36
34 Sale
95 Jan T 8
7 J - 1
86
104
3 A -O
92 D e o ’ 17
90*8 94
75
80
82 Sept’ 17
3 J - J
68
04*4 60 Jan ’ 18
8 -------9 A -O
84 Oot ’08
6 M -N
60 Jan ’ 18
58
69
58 O ct ’ 17
1 J - J _____ 60
4 A -O
_____ 0912 50 June’ 17
—
*vv'*
vau j-» o i t o
l
lift 7 A - O _____ 30
37
8opt’ 17
Va R y 4 Pow 1st A ref 5 s ._ lo : l J - J
80 Sale
80
80%
Qau an d

2
__
227

81*2
67
90
94
80
8312
89
73
77*3
70
82

....
____
11

1015s
77*4
101*8
101%
80

_____ 97
-------- 99*2
75*2 Salo
101 Sale
------- 100
-------- 95*4
91
95%
--------95
--------100*2
_____ 96
_____ 8312
8 5 * 8 _____
_____ 100
73 -------97*4 Sale
-------- 95
_____ 8 8
87
71*4

92
79

9212
72

Sale
79*4

------- 90
98 100
96 _____
-------- 89
-------- 91
-------- 93
--------89
, 94
_____ 927
8
84
87
------- 99*4
8 1 * 2 _____
-------- 90
95
_____
_____ 9278
___________
_____ 99
_____ 83i2
......................1
_____ 9938
-------- 94

103
96

47%
11

:oo

92
79*8

92
80

do

full paid.

Niagara Falls Power 1st 5s.

Ontario Powor N F 1st 5 s.

—
2

09*4
25*2
100*2

76*4 100
95 100
80
99*4

— ____

100*2 103
98*4
89i2
79
99
47*2
15*8
75

2
IS
....

98*4
97*2
79*4
99*4
71*4
47*8
87*4

727 7812
8
90*2 90*2
95 100
____ 1
80*4
73*2

46

90
63*8

53
42
93*2

2

90

107*2

____
1
46 <
____ 1
—

____
____

3

£
c
£
1(
£

____
....
____
4
. . . . 1C
____
S
1
23

9
1<
£
8

105*4
116*2
110
89*4
! 102*8
I 102*3
93*4
I 104%
; 105*4
! 88
: 10512
! 108

9
7

95 Jan ’ 17 ____
00
July’ 17 . . . .
98*2 D ec T 7 ____
89% Oot ’ 17 . . . .
99
Sept’03
98
Sopt’ 17 . . .
00 A p r ’ 17 . . .
89 M a r ’ 17 . . .
91
July’ 17 . . .
99*4 N o v ’ 15
87
N o v ’ 17 . . .
93 Deo T 7 . . .
97*2 M a y ’ 17 . . .
84
July’ 17 . . .
98*8 O ct T 7 . . .
92*4 8ept’ 17 . . .
01*8 N o v ’ 16
1
97*2
97*2
83
83
3
01
June’ 17 —
90 A ug ’ 17 . . .
05 M a r ’ 1 7 . . . . 1

95

9
8
10
9
10

A s k Low

Range
Y ear
1918.

H

H ig h N o . Loto

H igh

_____ 663 s 04% Deo ’ 17 ____
04*2 84i2
1934 24
20*2
201 2
85
2 14
24 Sale
84%
19*4
24
6 14
84% Sale
84%
8431
81
947
8
4
31
_____ 89
94
Apr ’ 17 ____
92
94
91
92
89%
92
08
17 81
77
82
83 Jan ’ 18 ____
75
89
_____ 847ji 84%
84* 2
1 86*4 93%
75 Sale
75
75
3 75
90*4
104% 105
100 Jan ’ lls ____ j 100*2 118
--------91
92*2 N o v ’ i: 7 ____
92 101*4
103
1037ji 103
104
2 0 96 132
75
76
70
77*;2
7 5 70
88*4
--------82
87 Oot ’ ll 7 ____
87 101
..................... . 83
Sept’ l ; 7 ____
83
87*2
90
96
97
97
1 94% 199*2
88*8 95
95 Jan ’ 1!5 ____
96*2 109*4
..................... . 91*2 Oct ’ 1;r ____
9U2 1027
8
92% Sale
91%
93
133 87
96*4
89 Sale
88
89
20 86 100*4
-------- 87
90
July’ l ; ’
90
937
8
__
83 Apr ’ 14
_____
94 June’ If ;
_____ 72
73 Deo ’ 17
73
75*2
91
95
96% N o v ’ 17
967 103
8
--------100
105*2 Oot ’ 16i m i _
_____ 93*4 89% Oot ’ 17
89*2 94*2
80 Sale
86
87*2!
99
13 87
-------- 90*4 91
A u g ’ 17
90
94%
-------- 95
84 June’ 17
84
84
75
77% 74
75*2: '* 1 8
697 92
8
88*4 Sale
88
88%
5 87*2 94*4
88
_____ 103% Jan ’ 14
95*4 Salo
9434
95%
19 92 103%
93
93%
91% Salo”
--------80
98% 101
8734 Salo
96*8 97*4
113 _____
71
77*2
80*2 81
100
105i2
75
85
95% Salo
--------81
95*2 97*8
95*2 98
99% 100%
75*4 Sale
--------09%
75 ____
-------- 77%
96 Sale
67*4 71
99*8 99%
9734 9 9
114 Sale
88% 92
111 Salo
8 8 Sale
102 105
101 105
94
98
9 1 * 4 _____
90
90*4
99*2 9934
90

99*2

92%
92*2
1
91
91%
14 '
88 Doc ’ 17
98%
98*2
3 !
87
87%
38 1
<
95 Deo ’ 17 ____
119 Deo ’ 17 ____ 1 19
83*2 Apr ’ 17
79*2
79
" 'l l
’
1
99*2 Jan ’ 18 ____
85 Aug ’ 17 ” 11 i
9434
95%
18 i
81
M a r ’ 17
97*8 N o v ’ 17 ____
1
97% Jan ’ 18 ____
1
99%
100
3 1(
75
75%
86 f
104 M a y ’ 17 . . . . If
85% M a r ’ 16
78*2 Aug ’ 17
94*4
97
19 £
100 . Oot '13
68*2 Jan ’ 18 ____
f
99*4 Jan ’ 18 ____
£
98
98
10 £
114
114
3 11
87%
88
12 8
111
113*8
6 1C
87*2
88
41 8
104 Deo ’ 17 ------ 10
103 Deo T 7 ____ 10
0
99*2 June’ 17 ____
91%
91%
1 0
94*2
94%
3 9
99*4
100
4 9
104% D ec ’ 17 ____ 10
96 D e o ’ 17 ____
9

88% Salo
80
88%
85
87
84%
84%
88
93% 88
88
100 101
98
101%
-------- 89% 82*4 A ug ’ 17
--------90
88% M a y ’ 17
-------- 49
50
N o v ’ 17
100 Salo 100
100
78 Salo
7734
78%
04*2 Salo
94*2
95%
92*4
93
93 Sale
95 Salo
95
95
97 Salo
97
97*2
100 J u ly ’ 17

70 7
1 7
1 8
23 9
____
8
-----8
____
4
2 0
229 7
5 9
14 9
3 9
10 9
------ 10

98*8 98*4
88*4 Sale
81*8 Sale
--------98
78
85

32
9
19
____
.------

9
8
7i
9
9

. ___
_
6
.____
.____
.____

8
9*
9*
81
81
8*
9:
71
91
9:
9i

6

81

81
99
99*2
76*j
81*2
1 79*2
1 102
1 100*2
129
104*8
! 128
103
111
110*2
102
92
103
106
997
8

8
7!
8*
91
91

4
4
10
16
47
.-----13
.____
3
175
.____

10412
105
97*4
104**
92%.
99*2
119%
85
92

102
99
101
106*8
1 9312
I 90*8
64
! 104*8
92*4
, 109
100*4
103
102*4
101*8

1J - J
1M - N
1J - J
1J -D
1M - S
1 J -D
Col F A I Co geo a f 6a_______1 9 4 3 1 F - A
F- A
1J -D
1J - D
1M - N

.4v io*. i
,

8 -0

III Steel dob 4J4a____________ 1 940i A - O
Indiana Steel lat 5s__________ 1952 M -N
Lackaw Steel 1st g 6s..............1923 A - O
M- S
M idvale Steel A O conv a f 5sl938 M - S
Pocah Con Collier lat a f 5 s . 1957 J - J
Repub I A S 10-30-yr 6s a 1.1940 A - O
St L Rook M t A P 5a atm pd.1955 J - J
Tenn Coal 1 A R R gen 5a ._1 95 l J - J
U 8 Steel Corp— to ou p .__iii90 3 M -N
8 F tO-OO-yr O efreg------ d l983 M - N
Victor Fuel lat a 16a............... 1953 J - J
Vo Iron CoalACoke lat g 59.1949 M - S

98
9834
88
90
80
81*8
95 July ’ 17
91 Apr ’ 17
101 Doo ’ 14
82
_____ 81*8 Deo ’ 17
73% 7334 73*2
73%
8 U 2 83
85 Deo ’ 17
98*2 Sept’ 17
9812 Aug ’ 17
_____ 94
04% M a r ’ 10
82% Sale
81%
82%
88
96*2 96*2
96%
94% Sale
94%
95%
89% Sale
89%
90*2
8 D4 Sale
81*2
8212
8 4 % _____ 8412 Deo ’ 17
92*8 94
93
9334
79
87
78% Deo ’ 17
9 4 % _____ 95
95
99 Sale
98*2
99%
94 Deo ’ 17
-------- 75
80 Deo ’ 16
83
86
84
84

96*8
93*8

94
103*2

101*4
80
103*8

90

Telegraph A Telephono

9
If
f
9
8
C
9
S
9
9

'' ‘
A U C J IV U
O V L fJ
Railway Steel Spring—
Latrobo Plant lat af 5 s .
1J - J
InterocoanP lat a f 6 s . .
l A -O
Slnolalr Oil A Refining—
1st a f 7a 1920 warr’ nta attob
....
1 ------) M -N
l J - J
) J - J
) J - J
l J - J
l J - D
’ J - J
~
aa iaju t
t
v
1F - A
V -C ar Chom lat 15-yr 6a.
ij - n
l A -O
1J - J
A -O

W eek ’ s
R ange or
Last Sale

Coal Iron & Stool

____

____
____ 11
____ 1

M- 1
3
M - i3
M - i3
J -I )
A -C3
F -/1
A -C )
J - .r
A -C )
M -f .1
J - .1
M -N r
A - ()
A -C )
1
11 J - J
28 M -N 1
28 M -N r
10 M - N1
11 A - O >
13 J - J1
19 J - J1
16 A - O 1
12 J - J1
il F - A ,
12 J - J
12 A - C i
i4 M -N
U A -O |
13 F - A,
15 M -N
19 A - O
15 M - N
19 J - J
;i a - 0
il
18 A - O
!4 F - A
1 M -N
1
9 M- S
: 7 -------9 J - J
4 A- O
.1 F - A
9 J - J
0 M -N
il F - A
5 A -O
4 F -A
1 M -N
4 M -N
8 A -O
7 A - O
6 J -D
6 J -D
2 F- A
2 M- 5
5 J - J
2 M -N
8 F -A
5 J - J
4 A - O
1 F -A
4 A -O
1F - A
1 A -O
1 A - O
) J -D
3J - J
2 M -N
1 M -N

50
73*2
76*4 99*8
81*8 94
81
94*2

S ep t’ 15
O ct '17 ____

97U Sept’ 17
75*2
75*i
97 Feb ’ 15
100*2
10134
102 A ug ’ 17
97 Oot '17
101*2 O ct ’ 10
92 Doo ’ 17
92*4 Deo T7
100*2 M a y ’ l 5
100 Feb T3
92% N o v ’ 17
96*8 Deo ’ 17
90% D eo ’ 16
90 Deo T 7
105 Juno’ 17
110 June’ 17
70
N o v ’ 17
9734
98
94% Deo ’ 17
90 Juno’ 17
10-1*2 Apr ’ 17
98 O ct ’ 17
72
73
105*2 Juno’ 17
96*2 A u g ’ 17

« W-WU» *WOA f
C
do

48
25
20
39
26
31
52
55
60
25
33
23
Xl

[Vol. 106.

P rice
Friday
Jan . 11.
Bid

1
____
____ |
2 07*2 86*4
43
82
____
16
248

!
1
■

M lic a lla n s o u i

Adams Ex coll t r g 4 s . . .
Alaska Gold M deb 6s A .

101*4
IOU4
86*4
87
74*j
9734

Electric Light

J -D
M -N
'A -O
i A-O
i - J
J - J
) Q- F
M- N
J - J
F - A
J - J
M- S
M- 8
J -D
F- A
M -N
J A -O
A -O
A -O
M- S
J - J
Q- F
A -O
M -N
J -D
N YQELHAPgSa!
J -D
F - A
J - J
j xnu w u k W AV.
.
.-J
F -A
Paclflo Q A El Co— Cal O A E
Corp unifying A ref 5 s . . . 1 9 : M -N
Paclflo Q A E gon A ref 58. .1 9
J - J
Pao Pow A Lt 1st A ref 20-yr
58 International S e r ie s ... 10; F - A
Pat A Paasalo Q A El 5s____ 1949 M - 8
Peop Gas A C lat cons g 6 s. .1 9 4 3 A - O
M- S
M- S
Ch O -L A Coke 1st gu g 5s 1937 J - J
Con O Co of Ch lat gu g 581936 J - D
Ind N at Gas A Oil 30-yr 5al938 M -N
M u Fuel Goa 1st gu g 5 s . . 1947 M -N
Philadelphia Co conv 6s____1919 F - A
Conv deben gold 5a______ 1922 M -N
Stand Gas A El conv a f 8 s . . 1926 J -D
Syracuse Lighting lat g 5 8 . . 1951 i - D
Syraouse Light A Power 5 8 .. 1954
- j
Trenton G A E l 1st g 5s____ 1949 M - 8
Union Elec Lt A P lat g 5 s .. 1932 M - S
Refunding A extension 58.1933 M -N
United Fuel Gas 1st a f 6 s . . . 1938 J - J
Utah Power A Lt 1st 5a____ 1944 F - A
Utica Eleo L A P 1st g 5 B ...1 9 5 0 J - J
Utica G as A Elec ref 6s_____ 1957 J - J
W eatcheater Ltg gold 5a____ 1950 J - O

BONDS
Y . STO CK EXCHANC
W eek ending Jan. 11.

“

Range
Year

Interest
Perind

W e ek ’s
Range or
Last Sale

1

P rice
Friday
J an . 11.

Bonds
Sold

BONOS
T . STO CK EXCHANC
W eekending Jan. 11.

1 Interest
\ Period

New York Bond Record—Concluded—Page 4

94*4
87*4

96*2

A m Telep A Tel coll tr 4 a . . . 1029
Convertible 4a.......................1936
20-yr convertible 4 H a____ 1933
30-yr temp coll tr 5a_____ 1046
Cent Dlat T el lat 30-yr 5 a .. 1943
Commercial Cable lat g 4 a . . 2397
R egistered_____ ______ . . . 2 3 0 7
C u m b T A T lat A gon 6 a ...1 9 3 7
Keystone Telephone let 5 a .. 1935
Motropol Tel A Tol lat a 16a 1918
Mich State Teleph lat 6a___ 1024
N Y A N J Telephone 5a g . . 1920
N Y Telep lat A gon a f 4 H a . 1039
Pao Tel A Tol lat 6a................ 1037
8outh Bell Tel A T 1st a 1 6a 1941
Wost Union coll tr cur 5 a ...1 9 3 8
Fd and real eat g 4 H s ____ 1950
M u t Un Tol gu ext 6a____ 1941
Northwest Tel gu 4 H a g . . 1931

J - J
M- 8
M- 8
J -D
J -D

Q- J
Q- J

1 - j
j - J
M -N
F -A
M -N
M -N
J - J
J - J
J - J
M -N
M -N
J - J

82% Sale
--------98
85
91
91 Salo
96% 98*2

82
81»i
87*2
90*2
97%
73
68%
92_
95
90
-------- 97
08
99*8 99*4 99*8
86% 91
80
97
_____ 98
80*8 Salo
86*8
01
91*2 90*4
91 Salo
91
92
94
92*4
87% Salo
87*2
-------101*2 1 01%
94

8234
44 8(
Jan ’ 18 .____ 8<
87*2
1 8(
91
140 8!
Deo ’ 17 .. . . .
9;
N o v ’ 17
Jan ’ 18 .. . . .
6£
90
2 9(
Apr ’ 16
Deo ’ 17 .____ 9£
D e o ’ 1 7 . ------ 8(
Oct ’ 17 .____ 91
87
79 81
91
8 9f
91
4 91
93
12 91
88
3 9f
Sept’ 17 . ----- 101
N o v ’ 16 .

69

99*4

• N o p rice F rid a y ; la test Did a n d aak ed. a D u e J a n . 4 D u e A p ril. « D u e M a y . 0 D u o J u n o. 5 D u e J u ly . It D u o A u g . o D u e O o t. p D u o N o v . ( D u e D e o . l O p t l o n a a l o .




BOSTON STOCK EXCHANGE—Stock Record

Jan. 12 1918.]
SH AR K
Saturday
Jan . 5.

P R IC K S — N O T

M on d a y
Jan . 7.

PKR

Tuesday
J an . 8 .

128
129
128
*128
128
128
38
37% 40
38%
38
39%
95
95
*85
*92
95
*88
24
23
23
24
231.1 23%
____
*100
*160
------- *160
*2
*2
5
5
*2
5
* 1 0 % 30
* 1 0 % 30
*10% 30

CENTUM

W ednesday
Jan. 9.
127
127
37i2 38
*85
95
*23
24
■160
____
*2
5
1012 1012

150%
15012 *148
15012 *148
150% *148
*148
*84
84
*84
84
84
84
H5
115 *105
104
118
105
117
*115
59
59
60
59
*58
*58
60
59
116*4 116%
*115.78 117
1157 117
8
* 1157s 117
83%
•8112 8312 *8012 83l2 *8012 8312 *80
82% 85
85
85
*80
85
85
85
*2
2%
2%
*2
2%
2%
*2
2%
11%
12
10'2 1012 *11
*11
1112
30% 30*
30U
31
30
31
30"
3012
*88
*88
*88
*88
97"
95
97
95 " * 9 5
95 "
95
95
*23% 25
25
23
22
23
*20
*20
85
85
85
*80
86
*81
86
*82
40
3812 *39
38
*3712 383,
*3712 39
50'2 *48% 51
*48
53
50
50
*50
*79
*897
8
*%
*8
*9912
109
10012
*44
*91
*6012
*75
*12
98
*58
12
4%
14212
*13012
512
*1212
*9212
81
*67
*120
*1
*88

80
91
1
10
100
109
1 0 H.1
46
93
63
77
1 2 78
981*
60
12
4's
14212
131’ j
512
14
...
81
70
125
2 l2

98

981;

68

68

89

32
*31
113.1
*11
12412 125
1171"
42 "
2 512
023*
1083.
51.1

30
89
1
*8 “ 10
991.1 100
110
110
10U2 103
46
*45
92
91
61
61
761*
76
80
89

*99*
*58
*1118
4
110
1291*
*41*
♦12U
*9212
791*
67l2
120
**,
*88

*9 *
*9
60
1112
4
140
13112
512
14

98

9012
*%
*8
9978
109
103

4512
92

*6012
*76
1212
99’ 2

80l.i *79
90%
9012
*%
1
*8
10
1 0 1 U *100
110%
109
104l2 103
4 512 *45%
92
92
*60%
63
*76
77
13
13%
98%
101
60
60
*11%
12
*4
4%
138%
140
13112 130%
*5%
512
*12
13
*92%
*80
81
60% *66%
123
12
*1
2%
*88
89

80
90%
1
10
101
110%
105%
46%
92
63
77
13
101%
60
12
4%
13S%
134
7
13

99

60
*11
*4
140
13112

«4i3
*12l2
*921*

81
SO
6612
6712
120 *123
* ’4
•
21*
89 * *88

69
*66
106
102
32
*30
* 101i 12
124% 126
49
4912

*62
70
105%
105
32
*30
11% 111
129
126
*49% 51

28
119% 120
117% 118
119
41% 42%
42l.i 43
42%
25%
253S 25%
25
25%
92% 91%
93% 97
94%
109% *10S% 109% *108% 109
5%
5'%
5
5*4
5%

1%
*1
1%
*1
79
79
82
*80
2
1%
1%
♦1%
.25
.25
*.25
*51
51%
52
*50
14% 14%
*14%
*41
45
*42
45
11
11% *11% 12
.45
.45
.50
*.30
*19% 21
*1812 20
64%
64
64
65
450 450
455
460
12%
12
14
*16
*41% 42% *41% 42%
47
46
47
46
2
*17S
Da
17
3
5%
5%
5%
5%
8% 10-s8
10%
10
*4io
5
*4%
*75
SO
SO
40
*38
40
*38
9-%
*9i.i
9%
*9%
1
1
*%
*%
54% 54% *52% 55
*81% S3
*80% 83
24% 25
25
25
5%
*5
*5
51.1
1%
*1
. 1%
1%
7
7
7
*6
2%
2%
2%
*2%
5%
6
*5
63|
6%
*01.1
*6%
llo
Lb
*1*8
1%
178
17.3
1%
63% 66
62% 64%
183.J
18;11 *18
2
*17,
* 1%
17»
14
13% *13
*13
*17
21
20
*73
75
75
75
8%
8%
♦8
8%
14% 15
14% 14%
*1.,
*%
%
h
*3.1
iio
11.
43
43
43 ■
43
60
60%
61
61
18% 18%
183.1 18%
72
73
72
73
23%
*23
*22% 23
*52
51
54
54
*.65
.68
.80
.80
5%
5%
5%
*16
1712
*16
* ll1
*11.4
*.12
.14
.14
.14
*5
3
31.1
3%
3%
*4
41.
1 'A* I K .
*1
V/,
45
45
45% 4578
44
44io
43% 44
2%
2%
*2
2$ t
X
*11
113,
11
111*79
79% *80
23.1
2%
2%
23,
____
3
3
2
*1
*1
2
35
*34
35
35
*.50
.90
*.60
.90
• Bid

80

*1
1»8
813, 813,
2
*1%
*.30
•so
51
51
11% 15
45
*41
12
12
.30
.30
*19% 21
63% 65 b
455 455
*12
14
42% 42%
46
473i
*1%
2
5%
5%
10
10%
4%
4%
*74
79
*38% 40
9%
9%
1
*3,
*54
55
82% 82%
*24
24%
5%
5b
1'S
1%
7
7
*238
23,
6
*61.,
7
1%
1%
*1% i%>
64
65%
*183, 19
178
13,
* ___
13%
*19
75
75
838
8-%
14% 143,
*12
3,
*3,
1%
43
43
62
*61
18% 18%
74
75
233,
*23
54
54
.68
*.6 5
5%
*5%
*16
171.
*m
.20
t l8
*473
512
3
3
378
1
1
4 4 % 46
43
44
2*A. 2%
11
11
2%
2%
*138
*34
*.60

23,
2%
2
34%
.90

*62
105
*31
11
127
50

8*1
68
123
2%
89

70
108
131%
50

118
119
41% 42%
2538 2 63«
913s 9578
109% 1093,
*5'.i
5%
138
1
3.S
81
81
13,
13,
*.30
.50
*51
52
15
15
427, 43
12
123,
.31
.31
*19% 21
63% 64
*440
450
*12
14
*42% 43
46% 471,
*13,
2
5%
5b
10
10
4%
43,
*75
80
39
39
9%
9%
*3,
1
54
54
*80% 83
*24
25
5%
5b
1
1%
*6
7
*238
235%
*6%
6-%
llo
*1%
*1%
1%
597,
*58
*18% 19
13,
1%
*12
13%
*19
21
75% 79
*8
8%
14b 15
.40
.40
1%
*3.1
43
43%
62
65
*18% 19
73
74
*22% 23
52
54
.80
.80
6%
5%
*16
17%
2
*1%
.18
.17
5%
3%
3%
378
33,
*1
1%
45% 46
44%
44
*2»/« 2%
10% 11
81>.
*81
23,
238
2%
2%
13s
1%
*34
35
*.60
.90

Friday
J an . 11.

Range fo r Y ea r 1917.

1
1
1
1
813, 817,
81% 82
*l-%
2
2
2%
* 30
*.30
.50
.50
*51% 52
51%
51
14% 14%
14
14
*42
45
123, 13%
12% 13%
*.30
*.30
.45
.50
Last Sale 17% Jan’ 18
04
63% 04
04
450
450 450
450
*12
*12
14
14
*423, 43
*42% 43
46% 47
40% 47
2
*178
178
178
51.1
51,
5%
5%
10
978 10
10%
*41.>
*419
5
77
DpfV 17
*39
40
*39
40
*8%
9%
*8%
9%
1
1
1
*3,
*53
*53
54%
55
*80% 83
*80% 83
*24
*24
25
25%
5%
*5%
51.1
*1
*1
1%
1%
*6
*6%
7
7
*2%
23,
23,
*2%
*01,,
*113
1%
583,

13,
59%

59

*1%
133,

2
13%

*112
13%

77
*8%
*143,
*.40

77
8%
15
.65

77
77
8*Xe 8 %
15
15
* .3 7
.63

43
04
18
74
Last
54
*.70
5%
*.15
3%
*3%
*1
447g
44%
2%
11%

63,

" 61,

61.,
l 7.
2
13%

43
43
43%
0 2 % 05
65
19
*18
18
74
74
74
Sale 233, Jan’ 18
*52
54
54
.75
*.70
.75
5%
5%
6%
101* N o v '17
. 1 8 ! ------338
4
1 ‘A e
45
44%
21,
11-%

3%
31.
*1
443,
441.1
•2.X.
ID s

33,
33,
1%
45
44%
2X.
113,

2%
2%
2%
2%
2%
2%
2%
2%
1
2
1
*1%
*34
35
35
35
Jan’ 18
Last Sale 3,

1 Assessment paid.

•

Adventure Con____________
Abmeck____________________
Alaska G old ________________
Algomah M ining_________
Allouez_____________________
Amer 2tnc, Lead A Hm- ItDo
pref.......... ..................
Ar izona Commercial.............
Butte-Balaklava C op p e r..
Butte A Sup Cop (L td )___
Calumet & Arizona...............
Calumet A Hecla_________
Centennial........ ................ .......
Chino Copper_____________
Copper Range C o ________
D a ly -W est_________________
Davls-D aly Copper_______
East Butte Copper M i n . . .
Franklin....................................

25
25
10
25
25
25
25
5
10
10
432
10
25
36
25
70
5
50
25
1,206
20
110
10
1,610
10
707
25
185
100
4 Greene Cananea__________ 100
30 Hancock Consolidated____ 25
100 Indiana Mining____________ 25
1
' 55 Island Creek Coal_________
Do
pref.............................
1
100
45 Isle Itoyalo Copper________ 25
160 Kerr Lake_________________
5
310 Keweenaw Copper............... 25
30 Lake Copper C o___________ 25
25 La Salle Copper____________ 25
6
50 M ass Consol______________ 25
35
100
470 M ichigan __________________ 25
1,087 Mohaw k........ ........................... 25
5
100 Now Arcadian Copper____ 25
5
•10 Now Idrla Quicksilver____
100
390
Do
pref_______________ 100
241 Nlplsslng M ines__________
5
1,350 North B utte______________ 15
40 North Lako________________ 25
25
560 Old Dominion C o .......... ....... 25
286 Osceola..................................... 25
385 Pond Creek C oal.................... 10
220 Q u incy_____________________ 25
Ray Consolidated Copper. 10
90 St M ary’s Mineral L a n d .. 25
155 Santa Fo Gold A C o p p e r.. 10
910 Shannon___________________ 10
10
25
5
900 South Utah M & S ________
25
765 Superior 4 Boston Copper. 10
505 Trinity........ ............................ .. 25
1
800 Tuolumne Copper..................
1,295 U S Smelt Refln * M i n . . . 50
614
Do
pref............ ................ 50
5
320 Utah-Apex Mining________
5
580 Utah Consolidated________
10
1
560 Utah M etal A Tunnel_____
305 V ictoria____________________ 25
90 W in o n a ____________________ 25
175 W olverin e........ ....................... 25
W yandott . . . . ............ ....... 25

370
114
2,240
400
30
765
48
4,565
425

Range fo r P recious
Y ear 1916
H ighest

H ig h est

Railroad*
58 Boston A Albany__________ 100
125
125
125% 125
1,140 Boston Elevated___________ 100
38
38
37% 39
Boston A I-owell___________ 100
Jan. 18
Last Sale 99
Boston A M aine___________ 100
22% 23
23
23
Boston A Providence______ 100
Last Sale 150 D e c'17
Boston Suburban E le o .-f,0 par
S ep t'17
Last Sale 2
Do
p r e f____________ no par
* 1 0 1 1 30
Boston & Wore Elec . . n o par
Last Sale 4% N o v ’ 16
I>o p r e f ____________ no par
A uk ’ 17
Last Sale 30
Chic June B y & U S Y ____ 100
Last Sale 148 N o v ’ 17
Do
pref________________ 100
*84
Connecticut Rlvor________ 100
Last Sale 125" Nov" 17
91 Fitchburg pref______________100
59
59
59
59
■1147, 117
*11478 117
100 Georgia B y A Elec stampdlOO
Do
pref________________ 100
Last Sale 83% N o v ’ 17
101 Maine Central______________100
85
85
85
85
*2
2%
200 Mass Electric C os.................. 100
2
2
D o pref stamped_________100
120
10
10
10
10%
426 N Y N n & Hartford_____ 100
29% 291
29% 30
3 Northern New Hampshire. 100
90
90
121 Old Colony________________ 100
*97
98
275 Rutland, pref______________100
24
11 Vermont A M assachusetts. 100
85
78 West End Street____________ 50
40%
Do
pref_________________ 50
38
49
M iscellaneous
80% 81
118 Amer Agrlcul Chemical___ 100
Do
pref________________ 100
90
90%
39
90% *90
Amer Pneumatic S ervice.. 25
Last Sale 1
D cc’ 17
Do
pref_________________ 50
Doc’ 17
Last Sale 8
100
100
100
101
107 Amer Sugar Refining______ 100
Do
pref________________ 100
108
109
109
66
103
1057g
101
104% 100
3,012 Amer Telep A Teleg_______ 100
*44% 46
*45
47
50 American Woolen of M a ss.100
9234 9234
92% 93
Do
pref________________ 100
138
61
62
94 Amoskeag Manufacturing___
77
77
Do
pref__________________
77
77
120
*12
13
410 Art M etal Construe In c___ 10
100% 102%
9934101%
820 A tl Gulf A W I S S L in es.. 100
*59
Do
pref________________ 100
*59
60
(iO
40
12% 12%
13
13
320 Cuban Port Cement_______ 10
*4
4%
295 East Boston Land___________ 10
141
145
151 Edison Electric Ilium_____ 100
147% 147%
___
134% 135%
170 General Eleetrlo___________ 100
*51i
7
270 Internal Port Cem ent____ 10
Last Sale 13
Do
pref_________________ 50
Jau’ 18
Last Sale. 92% Jan’ 13
McElwaln (W II) 1st pref. 100
80
81
80% 81
246 Massachusetts Gas C os___100
6834
68
Do
pref________________ 100
67% 6734
47
123
123
115
115
74 Mergenthalor Linotype___100
Lai t Sale l
Mexican Telephone_______ 10
Sept’ 17
88
89
New Eng Cotton Yarn____ 100
Last Sale 92% A ug’ 17
Do
pref..................
100
98
98
98
98
56 New England T elep h o n e.. 100
Last Sale 115 N o v ’ 17
Nipe Bay C om pany_______100
*65
...
70
15 Nova Scotia Steel & C ____ 100
...............
91 Pullman Com pany_________100
32
32
32
32
135 Punta Allegre Sugar_______ 50
11% 11%
11% 111;
40 Reece B utton-H ole__________10
1293i 131% 130% 132
1,777 Swift A C o .................................100
49
50
1 18 Torrlngton___________________25
Las Sale 28
Do
pref........................... .. 25
D ec 17
110
119
110
120%
610 United Fruit______________ 100
41% 42%
41% 42%
1,175 United Shoo Mach C o rp ._ 25
25% 25%
282
Do
pref________
____ 25
25% 25%
933, 96
93% 947, 17,605 U S Steel Corporation____ 100
*109% 1093, 109
Do
pref________________ 100
40
109%
5
5-%
534
J 3,815 Ventura Consol Oil Fields.
5
5%

and asked prloee. « Hx-dlvldend and rights.




c y n p 14 c
BOSTON STO CK
EXCHANGE

Sales
o f the
W eek
Shares

PR IC E S .

Thursday
Jan. 10.

179

See N ext P age

Ex-rlghts.

• Ex-dlvldend

m

172 Dec
65% Apr
119 Dec
34 Aug
200 Aug
4% Feb
3
D ec
4 M ar
42 Feb
150 Oct
102% Apr
123 Sept
69% Sept
122 Jan
x86 Jan
98 Sept
4% Dec
26 Dec
5 0 D ec
97 Jan
134% Dec
20 M a y
100% Aug
x 5 5 Sept
69 J uly

198 Feb
88% Jan
145 Feb
5 2 Feb
235% M ay
5 Jan
40% Feb
5% Jan
45% July
154 July
110 July
162 Feb
87 Feb
131% Dec
94 Dec
102 Jan
8*4 Aug
44 Aug
77*4 Jan
107 Sept
157 Feb
35% Dee
125 M ar
67% Jan
86 Feb

73 D ec 12
94% M a y 2
88 D ec 28 103% Jan 27
1 Deo 5
2% Jan 9
7% Dec 22
14 M a r 8
90 N o v 8 1 2 6 % Juno 9
105 D ec 19 1 2 1 % Jan 24
96 Dec 18 1 2 8 % Jan 25
3S78 N ov 8
58 Juno 8
*87% D ec 13 100% June 9
60 Deo 17
75 J u lyl7
75 D ec 29
97% Jan 5
6 Dec 27
1434 D ec 29
88 S ep tl3 121% Jan 22
55% Fob 9
66 Jan 4
9 Deo 5
20% June22
3 7 Deo 3
s
10 Jan 22
133% Dec 22 226 Jan 4
1183i Dec 20 1 7 0 % Jan 16
18% Jan 4
4 D ec 20
3 3 % Jan 2
10 D ec 21
92% Dec 22 102 Jsn 18
71 D ec 20 1001o M or23
63 Dec 12
81 ” M ar30
110 D ec 21 169 Jan 31
1 M a r l6
D 4 J u ly l6
35 Jan 9
95 M nr26
60 Jan 10
92% Aug 7
93 D ec 22 124% M arlO
110 N o v l2 147 Jan 19
Z59
N ov2 0 112 Jan 11
107 D ec 18 166% Jan 25
29 Dec 14
46 Jan 3
10 Dec 10
16 M ar29
116 N o v 8 1627, Apr 16
40 N o v 2
68 Juno 7
2 / Deo 11
35 M a y 2 8
1105 Dec 20 1 5 5 % Jan 22
37% D ec 18
58% .Ian 3
25 Oct 29
30% M a r 8
79% Dec 20 135 M ay2 8
10334 Dec 17 121 Jan 27
4% D ec 20
87, Jan 26

64 Apr
95% M a r
34 Dec
7 D ec
106 Apr
114% M a r
123 Dec
42 Aug
92 Jan
66 Jan
98 July

102 N ov
105 Dec
3% Apr
16 M ay
125% Oct
124 Oct
134% Sep
66*4 N ov
101% M ar
79 N o v
101% Feb

27 Jan
42 Jan
w 8% Apr
8% Dec
225 Dec
159% Apr
16% Dec
30 Dec
95 June
79 Sept
78 Sept
15 1 M ay
% N ov
23% July
50 Jan
120% Dec
102% Jan
102 Dec
158% Apr
35% Dec
15 Feb
125 Feb
35 Jan
2 s ja u
13 6b Jan
60 June
28% Jan
79*4 M ar
115% Feb
6% Sept

147% Dec
72% N ov
257, Jul7
13% Jan
250 M a r
186 Oct
23 Dec
35*4 Deo
102% Sept
100% N o v
89 Feb
181 N o v
2% JaD
42 Dee
68 Dec
140 M a r
165 N o v
155% N o v
175 Oct
59 Oct
16% M ay
177 Oct
70 N o v
64 M ar
168*4 Aug
63% M ay
31 Sept
129% N o v
12234 N o v
13 Jan

4% Jan 2
Oct 26
Dec 22 108 Jan 2
1 1 % Jan 2
Dec 20
% Septl2
l% J a n 2
45 Dec 19
70 M a r 6
11 D ec 27
4 1 % Jan 26
40
Nov 5
73 Jan 3
8% N ov 5
153, June 11
.25 Dec 24
2% Jan 26
12% Dec 20
52 Jan 26
55 Dec 19
85% Jan 26
411 Deo 20 690 Feb 20
11 Dec 13
2 7 % Jan 16
36% Dec 19
63 M a r 7
39% D ec 13
68 Jan 17
l% A p r 23
3 Jan 12
3% N o v 5
7% Jan 16
8% Dec 12
16 Jan 3
4 Deo 24
9 M ar 6
66 Dec 21
92 Jan 17
35 N o v 7
46% Jan 3
7 D ec 20
20% Jan 19
s4 Deo 18
4 M ar22
52 N o v 7
76% Junel8
80 N ovlO
94 Anr 28
20 D ec 13
38 Jan 18
6 A ug 22
4% Apr 9
4*4 Jan 27
l% J u n e 8
5 Oct 31
18 Jan 2
5 Jan 16
1% Dec 26
8% Aug 2
4% N ov 9
5 N ov 1
15% Jan 17
1 N ov 7
3 M ay2 3
1% Aug 20
5% M nr24
57 D ec 4
98 Jan 3
16 N o v 9
26% M a r 7
l% D e c 14
6 Jan 2
10 N o v 7
17*2 Apr 3
22 Jan 25
30 M ar20
65 Deo 20
92% M nr20
634 July 2
9% Sept26
113, Oct 18
24% M ar28
.30 N ov20
23, Jan 3
.98 Dec 27
33 N o v 7
6734 M ar 12
53% D ec 20
95
M a r l2
16 N o v 1
283, Junel8
60 N o v 7
94% Feb 21
20 N o v 5
32% A pr 3
48 Dec 11
89*4 M a r 6
.58 D ec 28
2 Jan 2
5% Oct 18
10 Jan 6
19 Oct 31
30% M arlO
.89 Dec 28
.31 Jan 26
.10 Dec 17
3% Dec 17
23, Dec 12
8% Jan 6
3 N o v l9
8% J u ly ll
1 M a y l2
2 % Jan 9
40% D ec 20
6734 Jan 4
43% N o v l2
52% Jan 4
17, M ar28
37, Sept27
21% Feb 20
9% Dec 14
71 Dec 17 1183, M ay26
2% Dec 29
6% Jan 18
2 Oct 22
6 Jan 2
2 Oct 8
5% Jan 25
31 Dec 18
53% M a r 3
,15 Aug 231
2% Jan 3

H4 Feb
91 Aug
10 Dec
a M ay
4
56 Dec
29% July
60 July
7% July
1% A ug
42 Dec
66 June
510 Dec
14 July
46 July
54% July
2 July
4*4 Dec
11% July
6 June
79 July
3434 June
10% June
2 July
42 Sept
88 Jan
25 July
3% M a r
2»., Feb
9% July
3% July
1% Aug
10 July

57, Dec
125% N o v
26% Jan
2% N o v
83b N ov
97% Apr
86% N o v
18 N o v
5% Feb
105% M ar
101 N o v
640 N o v
27 N o v
73% N o v
8734 N o v
37, M a r
7% Dec
20 N o v
13% N o v
120 N o v
55% N o v
23% N o v
6% N ov
73*4 Deo
93% Dec
43 N o v
5% M ay
8 Apr
19% Feb
6% N o v

1% Jan
77% July

434 N o v
108 N o v
33% N o v
10% Jan
24*4 Jan
31s, N o v
93% N o v
9% N o v
32% N o v
4% Jan

120
27
70%
15
150
2
9

Deo 19
Dec 26
Deo 26
Deo 19
Dec 12
July 3
June28

30 A ug 31
148 N ov30
83% D ec 17
102% N o v l2
44 D ec 13
116 D ec 28
S3 June 2
78 Deo 27
1 D ec 21
6 D ec 19
21% S e p tll
90% Oct 30
85 D ec 27
16% D ee 18
83 Deo 20
34 D ec 27
*4 5 Deo 20

Hail-paid

1
70
1

175
79
133
45
213
3
30

Jan 11
Jan 19
M ar22
M a r ie
Jan 30
July 3
July 2

38 Feb 5
150 Jan 6
108 Jan 27
140 M ar28
78% M ar22
133 Jan 17
92% Jan 9
100% M a r 7
6% June26
31% July 3
52% Jan 2
105 Apr 3
135 Jan 6
84% Feb 13
110 Jan 15
5812 M a r l7
74 Jan 6

4*4 July
9 July
77
6
20
.50

Dec
M ar
July
June

59 Dec
70 July
11% M a r
81 July
20s4 June
61% Jan
1% July
7 July
243, July
4 Aug
.19 July
12% July
1% Jan
4% July
.15 Jan
54% Jan
49 Feb
27, Dec
12% Jan
75 June
5% Dec
2*4 Jan
3*4 M a r
45
Oct
1% Aug

19% N o v

83 'N o v
105 N o v
23*4 Dec
109% NOV
36*4 N o v
110 N o v
37, Jan
12% Feb
40% Feb
.59 Dec
8*4 Oct
2% Dec
81% N ov
53*4 Apr
5% Apr
30% N o v
1275, N o v
11% M a r
8% N o v
8% N o v
671* Feb
2*4 Feb

180

Outside Stock Exchanges
Boston Bond Record.— Transactions in bonds at Bos­
ton Stock Exchange Jan. 5 to Jan. 11, both inclusive:
Friday
Last W eek's Range Sales
o f P rices,
j for
Sale
H ig h .1 W eek .
P rice. L ow .

B on d s—

U S Lib Loan 3 54 s . 1932-47
1st Lib Loan 4s. 1932-47
2(1 Lib Loan 4s . -1 92 7-4 2
A m Agrie Chem 5s___1928
A m Tel & Tel coll 4 s . .1 9 2 9
A tl G & W I SS L 5 s . . 1959
M ass Gas 45 4s_______ 1929
4 5 4 s ..............
1931
M iss River Power 5 s . 1951
N E Telephone 5s____ 1932
N ew River 5s_________1934
Punta Alegre Sugar 6s 1931
Swift & Co 1st 5 s ____ 1944
W estern Tel & Tel 5 s . 1932

L ow .

9 8 .80 114,900
98 .00 71,450
97.08 175,150
3.000
92 54
82 54
76 54 49.000
88
89
2.000
84
84
1,000
3.000
67 54 6754
90
6 .000
90 Vs
79
79 1 2 1 .000
8014 80 Hi 2,000
93 54 93 54! 8,000
8854 89 I 3,000

98 .20
98.00
97.00

98 .20
9 6 .4 0
96 .20
92
8254
75)4

75)4

90

97 .90 Dec
95.80*D ee
Deo
96
91
N ov
Dec
81
Dec
75
Dee
87
8254 Dec
N ov
67
8754 Dec
7854 N ov
7954 N ov
9254 iN ov
88
Dec

10,000

Friday
Sales
Last W eek’s Range
fo r
Sale
o f P rices.
W eek.
P a r. P rice. Low .
High Shares

S tock s—

American R adiator____ 100
American Shipbuilding .10C
Preferred____________ 10C
Booth Fisheries, common
new.........................(no par)
P referred_____ ______ 10C
Clilc C ityA C R y pt sh prel
Cldc Pneumatic Tool . 10C
Chic Rys part ctf " 3 ” ..........
Chicago Title & T ru st. 100
Commonwealth-Edlsou 100
Cudahy Pack Co c o m .. 10C
Diamond M atch _______100
Hartman Corp_________ 100
H art, ShaffAM arx com 10C
Haskell A Barker Car Co
100
Illinois Brick________
Lindsay Light_________ 10
M id W est Util pref____ 100
National Carbon pref new
Peoples Gas L t & Coke. 100
Pub S e r v o fN o 111 com . 100
Preferred .................... 100
Quaker Oats C o _______100
P referred........ ............ lo o
Sears-Roebuck common 100
Shaw W W c o m m o n .. 100
Stewart-Warner Sp comlOO
Swift A C o _____________ 100
Union Carbide & Carbon 10
United Paper Bd com . 100
W ard , M o n tg , A Co pref
Wilson & Co c om m on .. 100
P referred_______
100
B ond s—
Armour A Co 4 5 4 s . . . 1939
Chicago C ity R y 5 s . . 1927
Cldc C ity A Con R ys 5s ’27
< Ihlcago Rys 5 s ____ . 1927
Chic Rys 4s series “ B ” . _
Chicago Telephone 5 s . 1923
Commonw-Edison 5s. 1943
Cudahy Pack 1st M 5sl946
Liberty Loan 3 54 s .1 9 3 2 -4 7
Liberty Loan 4 s ___19 32 -47
Liberty Loan 2d 4s 1927-42
M e t W Side E l 1st 4 s . 1938
Peop G L A C ref g 5 s. 1947
Pub Serv Co 1st ref g 5s ’ 56
South Side Elev 4 5 4s. 1924
Swift A Co 1st g 5 s . . . 1944

255
S654
20
8354
5054

107
109
44
61
56
25
114
4454
75
90
251
149
49
12954
50 '4
4954
96

9254
98
97.40
96.40
58
80
80

255
250
89 54 89 54
8654 87
1854
83
16
49
9A
2
165
101
111)
102
43
57
3554
56
25
1l
57
114
41
7454
90
251
95 H
139
5354
48
124
4854
1654
106
46
95

2054
85
17
5154
10
2
165
107
112
109
44
61
36
58
28
1L
5754
115
4554
75
90
251
97
151
5334
50
133
52
1654
107
50
9654

H ig h .
10054
97 .20
100
10134
9254
8554
9854
9454
78
100)4
82
96
102)4
10054

Sept
Dec
Oct
Jan
Jan
Jan
Jan
Feb
M ar
M ar
M ar
Jan
Jan
Jan

8454 84 54 S7.000
2,000
8454 84 54
1,000
5354 53 54
82
83
9,000
3,000
5054 5054
2,000
9654 9654
9154 9254 19,000
91
91
4,000
98
98.62 30,700
97.20 97.50
5,200
11,400
96.30 97
58
58
1,000
6,000
7954 SO
80
10,000
80
6,000
7854 80
1,000
9354 9354

6 E x-5 0 stock dlv.

R ange fo r Y ear 1917.
L ow .

30 5250
40
39
35
8654
1,91C
35C
216
365
17
100
10
395
221
591
150
105
220
45
1,842
100
60
116
563
120
25
10
51
4,830
2
425
6,104
7,825
65
93
409
133

H ig h .
Dec
Fob
Dec

445

Feb
Aug
Jan

98

17
8034
12
3954
8A
1A
164
100
108
92
33
45

N ov
Dee
N ov
Dec

July
25
94
Apr
3554 Jan
78
Juno

I)cc
Dec
Dec
Feb
Dec
Doc
Dec

3
Feb
220 54 Feb
14254 Jan
129 '4 Apr
13234 M ar
7854 Jan
Jan
90

55
1634
10
57
114
3554
70
85
225
941$
C12354
50
43
11554
4054
14
105
43
9354

Dec
Feb
N ov
Dee
Dec
Dee
Dec
N ov

8854 Jan
35
June
12
78
M ar
Aug
130
Jan
106
114
Jan
10254 Jan
Jan
340

Dec
Feb
Dec
N ov
N ov
Dec
Dec
N ov
Dec

239
74
101
16554
58
3454
11754
84 54
10734

82
8454
55
80 A
55
9554
9054
90
98
97
9 6 .SO
58
78 54

Dec
Dec
Dec
Dec
Doc
N ov
N ov
N ov
Dec
Dec
Dec
N ov
Dec
so
Dec
7954 Dec
92
Nov

c E x -2 5 % stock dlv.

Jan
July
Jan
M ay
Oct
Jan
Jan
M ay
M ay

9454 Jan
9934 M a r
Jan
SO
97 H
7054 Jan
10254 Feb
10354 Jan
100 51 Jan
lOO.lOJune
97 .10 Dec
100
N ov
7054 Jan
102
Jan
9654 Jan
8954 Jan
Jan
102

S tock s—
Amer Sewer P lpe.

___

1534 1534
41
44 54
90
96 54
100
100
3254 3354
55
55
134
134
96
95
96
5154 52 54
1534
1554 1534
44
4154 45
25
25
254
254
1.3
13
5c
5c
50
51c
40c
51c
31c
24c
34c
534
554
534
117
117
117
2350 2350
134
134
8c
8c
13c
lie
lie
95
95
95 54
4054
3954 4154
43
9654

Indep Brewing c o m ..
Ohio Fuel O i l . . .................... 1

Pitts Cons M M & T ____ 1
Plttsb Jerome Copper___ 1
Pitts A M t Shasta C op ___1
Pitts Oil A G a s ________ 100
Pitts Plate Glass com . .1 0 0
Pitts Stk Exch membersh.
River Side East Oil com ___
Ross Mining A M illing___1
San T o y M in ing............._ _ i
W ’house Air Brake.......... 50
W ’house E l A M fg c o m .50
B on d s—

Tndep Brewing 6s____ 1955
Plttsb Brewing 6s____ 1949

..... .
.......
___
___

___

40
5054

40
5054

45
1.45C
902
25
65
16
200
95
235
345
7,545
390
65
27
5,000
10,600
9,900
240
30
|
50
600
6,000
780
970
S I,000
3,000

Alabama C o . . __________ 100 _______
3
52
52
Arundel Sand A Gravel 100 _______
)
32
32
Atlantic Petroleum.
334
334
334
B alt Elec pref.......... ......... 50)
38
38
38
Baltimore T u b e________ 100)
SO
80
80
Commercial Credit_____ 25
40
40
10
Consol Gas E L & P ..1 0 0) 100
94
100
Consolidation C oal____ 100 102
9354 96
Cosden A C o ......................... 5
8
754
734
Cosden G as, pref__________5
4
3)4
334
Davison C hem lcal.no par
36
3054 38 54
Elkhorn Coal Corp_____ 50
25
23
2554
Houston Oil trutt c t f s .,1 0 0i 4654
4254 47
Preferred trust ctfs.-lO O i
69)4
6654 70
Merch A Miners Trans 100i 69
56
70
M onon Vail T rac.............25
1654
1534 1654
Preferred______________25
22 54 22 54
15
10
M t V -W ’db’y M ills v t rlOO1 16
Preferred v t r_______100 i _______
70
73 54
Northern Central.............50 i
72
72
72 54
Pennsyl W a t A Pow ___100 i
03
01
03 54
United R y A Elec.............50 i 2354
2354 23 54
W ash B & Annap c o m .50
20
27)4
28 54
Preferred........ ............ . . 5 0 i _______
40
4114
W ayland Oil A G as.............5
354
354
334
B o n d s—
Charles A W Car 1st 5s ’46 _______
90
90
83
83
Chicago R y 1st 5s____ 1927
C ity & Suburban 1st 5s ’22
99
99
Coal & Iron 1st 5s____ 1920
96
96
90
Consolidated Gas 5 S ..1 9 3 9 .............
9834 9834
Consol Gas E L & P —
Notes 6 % ___________
96
9654
Notes 5 % .................... .
92
95
81
81
4 5 4 s ------------------------- 1935
Consol Cocl rcfdg 5 s . .1 9 5 0
8134 83
Convertible 6s.......... 1983
10154 103J4
80
80
Cosden A Co ser A 6s
82
Series B 6s_________
81
94
94
Refunding 6s.............1926
Elkhorn Coal Corp 6 s . 1925
98
98)4
Elkhorn Fuel 5s.............1918
100
100
Florida South 1st 4 s . . 1945
7754 80
92
92
Georgia A Ala cons 5 s. 1945
Georgia Pacific 1st 6 s . 1922
101
10154
1
1
G -B -S Brewing 2d Inc 5s’ 51
Houston Oil dlv ctfs ’2 3 -’25
93
89
94)4
Kirby Lumb Contr 6s 1923
96)4 96)4
9654
M d Electric 1st 5s____ 1931
8754 8754
95
95
Minn St A St P C Jt 5s 1928
N O G t North 5s____ 1955
5254 5254
91
91
Seattle Elec 1st 5 s ____ 1930
United E L A P 45 4s__ 1929
8534 8554
United R y A El 4 s ____ 1949
7354 75
Income 4 s ___________ 1949
58 54
57
5854
Funding 5s sm all___ 1935
80
80
W ash B A A 5s_______1941
81
82

Low .

H ig h .

Dec
N ov
Dec
N ov
N ov
Dec
Dec
Jan
N ov
'N o v
N ov
N ov
June
Dec
Dec
Dec
Dec
Dec
Apr

19J4 Jan
62
Jan
124 54 Jan
110
Jan
4734 Apr
9054 July
354 Jan
100
Sept
73 34 Apr
22
Jna
56
Jan
30
Aug
554 Oct
21
July
16c July
1.55 Jan
1 .2 0 } Jan
1734 M ar
135
M ay

134 Oct
5o
Dec
10c
Oct
94 54 N ov
3334 Dec

2
Sept
28c
Jan
21c M a y
15754 Feb
5854 M a y

1534
10
90
100
27
49
1)4
9054
51
1554
41
25
154
9
5c
38c
20c
434
118

36
45

Apr
Apr

5054
68

Jan
Jan

100
2C
6C
5
9C
5
892
1 ,377
4,000
3,907
4,200
890
2,059
606
2,219
515
2
39
34
210
205
252
2,077
68
1,125

Range fo r Y ea r 1917.
L ow .
44
31
234
38
79
46
87
8854
6
354
22
21)4
12
55
55
1454
23
13
0054
72
58
2154
15
3754
254

H ig h .

Oct
N ov
Dec
Dec
N ov
June
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Oct
July
N ov
Dec
M ar
M ar
Dec
Dec
Dec
June
Dec
Nov

67
39)4
954
46
12354
47
127
114
1854
554
44)4
3854
4454
6754
91
16
23
19
73
89
84
35)4
24
4254
5

Juno
Jan
M ar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
Dec
Jan
Aug
Oct
Dec
Jan
July
Jan
Jan
Jan
Dec
June
Jan

$1,000
4,000
13,000
1,000
1,000

101
Feb
8154 Dec
98)4 N ov
95
Dec
99
Dec

101
97
10254
100
106

Feb
Jan
Jan
Jan
Apr

3.000
15.000
2.0 00
15.000
19,500
3.000
18.000

96
88
75
80 54
99
71
72
87 54
9054
99
80
8954
101
54
8354
95
8954
9454
5854
100

98)4 Aug
10754 Jan
9354 Jan
9554 M ar
110
M ar

1.000
3.000

2.000
3.000

1.000
3.000

1.000
77.000
9.000

1.000
1,000
3.000

2.000
2,000

20.000
8,000
300

12,000

88
72
52
78
80

Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Dec
Dec
Apr
M ay
N ov
Dec
N ov
Aug
M ay
June
Dec
Dec
Dec
N ov

95

Aug

9754 Aug
91
Dec
10154 Jan
10754 Jan
94
Juno
10354 Jan
10654 Jan
1 54 Jan
9054 Jan
100
Jan
100
Jan
10254 Jan
6454 Jan
102
Feb
9554 Jan
8454 Jan
67 54 Jan
90
Jan
88
Jan

Philadelphia Stock Exchange.— Tho complete record
of transactions at tho Philadelphia Stock Exchange from
Jan. 5 to Jan. 11, both inclusive, compiled from tho official
sales lists, is given below. Prices for stocks aro all dollars
per share, not per cent. For bonds the quotations aro per
cent of par value.

S to c k s-

Cambria Iron..........
Consol Trac of N J .

Pref ctfs of dcp.

Midvale Steel & Ord.
Mtnchtll & 8 H _______
Northern CeDtral____

---------< “
S
Friday
Sales
Last W eek's Range
fo r
Sale
o f P rices.
W eek .
H igh Shares.
. P rice. Low .

.......
86)4
___
___
49
___
___

19)4
8634
58)4
40 1s
6454
49
50
17
17
25
2434
57
1254
62
57
57
46
.............
5034
70
82
82
4654
4554
27
27
32
2534
2554
2934
2854
73)4
36
354 3 1-16
:V A
42
71
71
9334
9254
8
.............

___
___
.......
.......
___

___

Range f o r Y ear 1917.

Baltimore Stock Exchange.— Complete record of tho
transactions at the Baltimore Stock Exchange from Jan. 5




S tock s—

Friday
Sales
Last W eek’ s Range
fo r
Sale
o f P rices.
W eek .
P a r.. P rice. L ow .
H igh . Shares

d E x-d iv., l ' A % .

Pittsburgh Stock Exchange.— The complete record of
transactions at the Pittsburgh Stock Exchange from Jan. 5
to Jan. 11, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Friday
Sales
Last W eek 's Range
forr
Sale
o f P r ic es .
W eek.
P rice. Low .
H ig h . Shares.

to Jan. 11, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks aro all dollars per
share, not per cent. For bonds tho quotations are per cent
of par value.

Range fo r Y ear 1917.

Chicago Stock Exchange.— The complete record of
transactions at tho Chicago Stock Exchange from Jan. 5
to Jan. 11, 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.

i Ex-dividend.

[Vol. 106

THE CHRONICLE

2d preferred______
Tono-Belmont D c v c l____ 1
Tonopah M ining_________ 1
United Gas Im p t.............50
U S Steel C orp__________100
Warwick Iron * S te e l.. 10
B ond s—
U S Liberty Loan 354 s
4s converted from 3 5 4 s ..
2d Liberty Loan 4s........
Amer Gas A Elec 5 s . .2 0 0 7
do
sm all.......... 2007
Baldwin Locom 1st 5s 1940
Bethlehem Steel p ni 5s '36
Elec & Peoples tr ctfs 4s ’45
do
small.......... 1945
Lake Superior Corp 5s 1924
Lehigh Coal & N a v —
Consol 4 54s________ 1954
Lehigh Valley—
Gen consol 4 s_______2003
Gen consol 45 4 s____ 2003
Lehigh Val Coal 1st 5s 1933
Pennsylvania R R —
b General 4 54s..............1965
‘XConsol 4 ) 4 s ................ 1960
f7’Consol 4 s . ............
1948
Pa * M d Steel con3 6s 1925
Phtla Elec 1st 5s (new) 1966
do
small.......... 1966
Reading gen 4s.............1997
Spanish Am Iron 6 s . . 1927
United R ys Invest 5 s . 1926

__
___

98.50
96.30
82

74
95

98.20
97.00
96.20
8154
81
100
8054
72
74
48
95

1954
89
58)4
42
6454
50
51
17
17
2554
57)4
13 55
63
58
4754
50)4
70
82
46 54
27
3234
26
2954
70
30
354
4
42 54
72 54
97
854

65
602
6(
27
7
145
21
51
396
159
3C
2,455
577
122
575
124
40
35
1,998
15
187
1,078
6,795
549
50
2,424
271
218
555
33,269
360

98.76 529,250
97.60
6,400
97.20 50,150
82
4,000
82
700
100
1 ,000
80)4
2,000
72
2,000
74
300
48
4,000
95

Range fo r Year 1917.
L ow .
19
N ov
78
Dec
49
Feb
42
60
N ov
44 54 Dec
49 54 Dec
23)4
64
10)4
5554
50)4
40
51
72
77
4034
25
28
2254
2254
6014
36)4
2)4
3 'A
3754
6254
79 34
*734

H ig h .
22
121
76

Apr
Feb
July

74
6754
7054

Jan
Jan
Jan

Dec
Oct
N ov
N ov
Dec
N ov
N ov
Dec
Dec
Dec
N ov
Dec
Dec
Oct
N ov
Oct
Dee

2734
68)4
24
85
7954
67)4
58 'A
89.
100
57)4
4154
43
3434
34)4
103)4
45
5

Feb
M ar
M ar
Jan
Jan
June
M ay
Jan
Juno
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Aug

Dec
Dec
Dec
N ov

47)4 Jan
9154 M ar
134)4 M a y
934 Jan

98.00 N ov
96.80 Dec
96.88 Dec
80
Dec
79 34 Dec
9854 Dec
7754 Dec
71
Dec
70
Aug
43
Aug

110.5
97.60
100
9754
9754
10454
82
84
86
5854

Juno
Dec
Oct
Jan
M ar
Jan
N ov
Jan
Jan
M ar

1,000

95

N ov

103

Jan

80

80
80
89)4 8934
10054 10054

3,000
2,000
1,000

80
89
100

N ov
Dec
Dec

0154
102
10654

Jan
Jan
Jan

9154

91J498)4
8854
101
94)4
9554
8.354
100
60

92
9834
8854
101
90
95 54
83)4
10054
60

80,000
7,000
4,000
4,000
15,000
600
83,000
12,000
1,000

90
8334
100

8954 Dec
97
Dec
91
N ov
100
Dec
91
Dec
93
Dec
8234 Dec
99
N ov
60
D ec

104)4 Jan
107)4 Jan
Feb
100
108
Jan
Apr
102
10254 M a y
9634 Jan
10254 M ar
74
Jan

Volume of Business at Stock Exchanges
T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K E X C H A N G E
D A IL Y , W E E K L Y A N D Y E A R L Y .
Week ending
Jan. 1 1 19 18.

Satu rd ay..................

F r id a y ---------------------To tal .

.

-------

Par Value.

Shares.

514,810 347,977 ,500
48.652.500
519,200
71.404.000
761,500
43.383.000
454,100
51.353.500
537,900
465,010 . 43,034,000
3,252,520 S305,S04,500

S7,789,00.)

$933,000
3.368.000
2.356.000
1.897.000
2.455.000
2,204,500

3213.000
713,000
1.067.000
1.012.000
1,092,000
1,090,500

3995.000
1.296.000
1.314.000
1.201.000
1.358.000
1.625.000

35,217,500 S13.243.500

19 17.

1918.

19 17.

1918.

United
States
Bonds.

State, M un.
& Foreign
Bonds.

Railroad,
& c..
Bonds.

Slocks.

New York Stoifc
Exchange.

4,054,826
3,252,520
Stocks— N o . shares__
P a r value.................. 3305,804,500 S367,S02,000
3500
34,200
B an k shares, p ar.........
Bonds.
82,500
Government b o nd s.. . S13,243,500
12.166.500
5,217,500
State, m un.,&c.,bonds
7,789,000 21.417.500
R R . and m isc. b onds..
T o ta l bonds_______ $20,250,000 S33,586,500

6,608,810
3616,889,000
S5.300

8,555,191
S77S,407,300
S900

319,027,000
7,310,500
13,378,500

$5,000
21.969.000
34.060.000

339,716,000

$56,034,000

D A I L Y T R A N S A C T IO N S A T T I I E B O S T O N , P H I L A D E L P H I A
B A L T IM O R E S T O C K E X C H A N G E S .
Philadelphia.

Boston.
Week ending
Jan. 1 1 19 18 .-

Shares.

Bond Sales.

Shares.

AND

Baltimore.

Bond Sales.

Shares.

Bond Sales.

Saturday................
M onday..................
Tuesday..................
W ednesday............
Th ursd ay................
F rid a y ....................

9,081
9,428
15,341
9,780
12,574
10,474

331,850
119,450
118,550
65.350
61.350
72,750

9,149
10,286
15,104
6,404
9,203
5,165

315,900
23.600
46,150
42.600
125,700
79,200

1,601
3,917
6,810
5,238
6,673
4,165

$39,000
18,500
71.000
50.000
42,400
75.000

T o t a l..................

66,678

$169,300

55,371

*333,150

28,404

$295,900

New York “ Curb” Market.—Below wo give a record of
the transactions in the outside socurity market from Jan. 5
to Jan. 11, both inclusive. It covers the week ending
Friday afternoon:
It should bo understood that no such reliability attaches
to transactions on the “ Curb” as to those on tlie regularly
organized stock exchanges.
On the Now York Stock Exchange, for instance, only mem­
bers of the Exchange can engage in business, and thoy are
permitted to deal only in securities rogularly listod— that is,
securities where the companies responsible for them have
oompliod with certain stringent requirements boforo 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 aro no restrictions
whatever. Any security may bo dealt in and any one can
meet there and make prices and have them included in the
lists of thoso who make it a business to furnish daily records of
tho transactions. The possibility that fictitious transactions
may creep in, or even that dealings in spurious securities
may bo included, should, hence, always bo kept in mind,
particularly as regards mining sharos. In the ciroumstances,
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 bo worth.
Friday
Sales
Last Week's Range
for
Sale.
o f Prices.
Par . Price. Low.
High. Shares.

Week ending Jan . 1 1 .
S tock s —■

181

THE CHRONICLE

Ja n . 12 1918.]

Aotna Explosives r (no par)
6%
6U
Preferred r .................1 0 0 ------------41
A ir Reduction C o . r(no par) i 75
*73
Blum cntlial (I1-) & Co—
I
Common r -------------------100 \ 100
65
Preferred r ..................100:.............
80
B rit-A m Tob ord bearer £ 1 ............
17
Carbon Steel c o m .r ...10 0 1...........
80
C a r Ltg & Pow er.r......... 2 5 |............
2%
Carwen Steel T o o l--------- 1 0 -----------8%
Chalm ers Motor Corp r<t) I —.......
4%
Charcoal Iron of Am com 10
7%
7%
Chovrolet Motor----------- 100 113
no
C itie s Servlco co m .r— 1 0 0 ------------ 2 13
Preferred r _________ 100
TOA
Cuprite Sulphur, r ......... - - 1
1%
20
Curtiss Acropl & M com(t)
5 -1 6
Electric G u n r ____ _____ 1
4%
Emerson Phonograph___ 5
3%
21
Everett, Heaney & Co r 2 0 ...........
4%
H a ll Switch & Signal r.lO O j............
13
Preferred r _________ 1001 15
10
Intercontinental R u b b . 100 10
2%
Intor-Lubo Chem ical r __ 5
2%
In Manganese Chem r 1 . . 5 ;- - r - - 7'A
13 A
K c y st Tiro
Rub com . 10
70
Krcsgo (S S) com r ___ 100,............
3
Lako Torpedo B ’t com r 10
3A
A
M anhattan T ra n sit r
2 0 ......... 3%
Marconi W lrel T e l of Am 5
3%
M axim Munitions r ___ 10 13 -16 1 3 -1 6
80
N ash Motors r ................100 - - -




7%

47
76%

19,800
350
754

Range for Year 19 17.
Low.

Apr
2
1 4 % June
Dec
45

High.

10% Nov
5 1 % Nov
9 9 % Aug

288
140
Jan
600
1 5 % Oct 21
50 72
Jan
Oct 109
1,700
5 % July
2%
1% Dec
465
14
M ar
8 % Dec
9
4,400
2
Dec
11
M ay
4%
200
9
June
6 % Apr
7%
21,000 50
Jan
Nov 146
120
1,070 181
Nov 225
Oct
219 %
980 0 5 % Dec 85
Aug
74
1,850
1
300
Fob
6 2 % Ju ly
10
26%
2,275
Vs
% Dec 13 -1 6 M a y
1,085
3
Dec
1 3 % Jan
4%
200 20
25
Aug
Nov
21
1,000
8 June
5
2 % Dec
300
10
15
July
1 9 % M ar
3,250
13
Sept
Jan
11
8
2
800
Dec
3 % Oct
2%
550
Dec
9
9
Dec
8%
18
11
N ov
M ay
13 %
300
160
M ay
72
60
Nov 105
1,000
10% Feb
2% Dec
• Vs
3
2,000 7 -16 Nov
1
M ar
%
8,700
2 % June
3 % Juno
3%
5,000
4 % Fob
% '1 Oct
A
200 75 (Nov
77
N ov
85
100

90
17 %
80

S tock s IConcl.)—

Friday
Last Week's Range
o f Prices.
Sale.
High.
Price. Low.

10%
12
N a t M ot C a r & Veh r .( t )
16 %
N Y Transportation___ 10
17 A
2%
North Am Pulp & Papertt)
.
14
Peerless T ru ck & Motor 50
3 Vs
Pocahontas-Logan C o a l r 5
6
6
Prudential Pictures r ___ 5
86
Smith (A O) Corp p f.r.10 0
Smith Motor T ru ck r __ 10 1 3-16 1 1 -1 6 1
Standard M ot Constr r .1 0
SA
13%
Submarine B o a t..(n o par)
11 %
Triangle F ilm Corp v t 0.5 1 5 -1 6 1 5 -1 6
22%
21
United M o t o rs .r.. (no par)
U S Light & Heat p re f.,10
1%
1%
4%
U S Steam ship.................10
5%
World F ilm Corp v t c __ 5
%
6%
W rlght-M artln A lr c .r ..( t )
7%

14
18
3%
16
3A

6%
86

5-16
11%
14
1

25%
1%

5A

Sales
for
Week.

Range for Year 19 17.

2.400
2,600
1,800
1,500
700
7,650
18
36,100
7,900
5,700
5.400
71,000

23
Apr
1 2 % Oct
2
N ov
10
Oct
3
Dec
4
M ay
87
Dec
% Nov
5 % Jan
1 0 % Dec
1 1 -1 6 Oct
1 4 % Nov
2
Apr
3 H N ov
A Apr
4 A M ay

100

8,850
200

7%

28,500

High.

Low.

Jan
30
20% N ov
9 % Jan
Feb
17
Sept
6
Oct
8
Jan
97
Jan
9
Apr
15
M ay
35
3 % Jan
Jan
49
Apr
2
6% M ar
Jan
1
J u ly
17

Form er S ta n d a rd OH
S u b s id ia rie s
Anglo-Am cr O il________ £1
R ig h t s .................... ..........
Buckeye Pipe L in e ____ 50
Ohio O il............................. 25
Prairie O il & G a s______100
South Penn O il_______ 100 290
Standard O il of N J ___ 100
Standard OH of N Y . . . 1 0 0 26o"
O th e r O il Stocks
A llen O i l . r . ......................... 1
20c
American O il r _________ 1
9c
Amer Ventura O il . r ____ 1
Barnett O il & G a s .r ____ 1 1 1-16
24c
Boston-Wyomlng O i l . r . . 1
Cosden & Co, c o m .r___ 5
TVs
Preferred r ___________ 5
1 3-16
Crown Oil
Cumberland Prod & Ref r 1
1%
E lk Basin Petroleum _ r .. 5
6%
Elklan d Oil & G as r ..........1
Esmeralda O il Corp r ___ 1 " 3 -1 6
2%
Federal O il r ___________ 5
3%
Glenrock OH r _________ 10
7
Hanover O il & Ref r ____ 5
.100 4 4 %
Humble Goose C r O & R r 1
13 %
Iuternat Petroleum r __ £1
2%
Island O il & Tran s r _ . .10
5 -32
Kenova O il____________ 1

17 %
3
95
280
520

17 %
3
95
365
425
290
562

A
*
17c
20c
7c
10c
1 1 3-16
24c 28e
TVs

3%
15 -1G

3A

1A
6A

1A

%
A

2A

3A

. 5
41
4%
13 %
1%
3 -3 2
6
22%
23
M erritt OH Corp r ......... 10
7 -1 6
Metropolitan Petroleum 25
%
1.10
1.00
Midwest O il, com r _____1
Preferredjr__________ 1 1 5-16 1 3-16
105
Midwest Refining r ___ 50 109
1V
x
1%
9 -16
N Y-O klahom a O H r ___ 1
A
59c
60c
Northwestern OH r _____ 1
4c
4%C
Oklahoma Oil com r ......... 1
14c
6%
7%
Oklahoma Prod & R ef__ 5
32c
36c
Omar O il & Gas c o m ___ 1
16c
18c
40
Pan-Am er Petrol com r.5 0
5
Penn-Rentucky O il r ___ 5
5%
%
Red Rock O il & G as r ___ 1 1 5 -1 6
3 -16
7 -3 2
Rice O l l r ............................ 1
9%
9%
Sapulpa Refining r _____ 5
Sequoyah O il & R e f____ 1 1 1 -1 6
%
16
Sinclair G u lf Corp r . . ( f )
United Western O il r ___ 1
%
%
4
3%
Victoria OH r _________10
61c
M in in g Stocks
A laska-B rit C o l M e ta ls .. 1
Atlanta M ines__________1
lllg Ledge Copper..............5

9 -16
9%c
1%
50c
1%
7%
%
1 1 -1 6
55c
1 3-16
2%
4%
59c
2%

Boston & Montana D e v . .5
Bradshaw Copper r ____ 1
Butte Cop & Zinc v t 0 .. . 5
Butte-Detrolt Cop & Z . . 1
Butte & N Y Copper___ 1
Caledonia M in in g_______1
Calum et & Jerome Cop r 1
Canada Copper Co L t d ..5
Cash B o y ______________ 1
Ccrbat Silver M & M r . . l
Cerro Gordo M ines_____ 1
Coco R ive r M ining r ___ 1
Consol Arizona Sm elt___ 5
Consol Copper M ines___ 5
Consol-Homestead r ___ 1
Copper Valley M ining r . . l
Cresson Con Gold M & M 1
Em m a Copper r ________1
F irst National Copper__ 5
Fortuna Cons r .................. 1
Gibson Cons C o p p e r .r ..l
Globc-Dom lnlon Copper. 1
Goldfield Consolidated.10
Goldfield Merger r _____ 1
Gold H ill M ining
5
Great Bend r ________ . 1
Great Verde Ex t Cop r 25c
Green MonsterMlnlng r.SC
Hecla M in in g _______ 25c
International Mines r . .1
Iron Blossom r _______10c
Jerome-Prescott Cop r . . . 1
Jerome Verde C op___ __ 1
Jim Butler r ____________1
Josevlg-Kennecott C o p ..l
Jumbo Extension______ 1

c 9 -16
4 13-16
10c
15 -3 2
2%
%
85c
%
18c

Kewanus r ........... .............. 1
K lr k l Porphyry G M . r . . l
La Rose Consolidation__ 5

7c
50
5 -16

Magma C h ie f.r ......... ......1

7 -16

Marsh M ining r ............... 1
Mason V a lle y........... ........ E
M c K ln le y -D a rra g h -S a v .. 1
Mogul M ining r ________ 1
Monster Chief r .................1
Mother L o d e r....... ............. 1
National Leasing r ______l
National Zinc & Lead r . . l
Nevada O p liir r ______10c
New Cornelia r ...................5
N Y A Hond R o s a rio ... 10
N lcklas M in in g ...................1
Nipisslng M in e s............... 5
Nixon Nevada M in in g __ 1
Ohio Copper r ....... ........... 1
Pole Star Copper r ............1
Portland Cons Copper_ 1
_

5%c
5%

2
6
26c
1%
5%
%
39c
2 3-16
13 -1 6
7 -1 6
3c

3 -3 2
26c
5c
24c
16 %
13 %
40c
8%
1

23c
34c

1%
6%

As

3 -16
2%

5
7
46%
4%
13%
2%
5 -32
6M
24%
%
1.13
1%
115

IV*
H

66c
5c
15c
7%
38c
18c
42
5%
1
%
10
1 1 -1 6
17
5 -16
4
62c

A 9 -16
8c
9%c
i
1%
3 % C 4c
48c
54c
1%
1%
9
7%
3 -1 6
%
1 1 -1 6 1 1 -1 6
46c
56c
1 3-16
1%
l 15 -16 2 %
4
4%
42c
59c
1%
1%
2%
2%
2%
1%
6%
5%
26C
28c
1
1%
4%
5
*%
%
2
2%
35c
40c
2 3-16
1 1 -1 6
%
7 -1 6 7 -16
3o
3c
3c
4c
5c
5%c
1
%
9 -16 1 1 -1 6
4 % *4%
9c
14c
1 1 -3 2
%
2%
3%
1 1 -1 6 13 -1 6
78c
90c
3 -1 6
%
16c
20c
5
5%
6c
7c
50
50
% 5 -16
1
%
%
%
7 -1 6 7 -16
37
40
6c
5c
5%
5
60c
60c
35c
33c
1 -1 6 3-32
27c
260
6c
4c
28c
24c
20c
20c
15 % 16 %
12 % 1 3 %
40c
28c
8%
%

1 5 -1 6
20c
31c

100

600
15
100

40
50
635
932
3,660
13.000
52,800
10,200

84.000
22,500
1,100

74.300
22.300
4,300
15,200
3.100
7,800
9.100
7,900
12,4t0
2,100
3,200
11,500
32,200
1,000
9,200
11,600
50,000
6,500
7,450
7,400
ejooo
13,200
35,000
3,500
14,600
21,500
5,200
500
3,100
28,000
31,300
3,300
4,400
3,500
18,500
2,480
3,000

Feb
Oct
N ov
Dec
Dec
N ov
Oct
Oct

June
21
3 % N ov
Jan
122
Jan
435
Jan
640
Jan
610
Jan
800
J ?n
345

Vs Dec
20c Dec
12c Ju ly
1
Dec
13c Dec
5 A Dec
3 A Dec
% Nov
A Ju ly
5 % Dec

1% Aug
45c June
Feb
31c
4 A Apr
52c Sept
1 3 % June
5 A Jan
1 A Apr
2 % i Deo
14 A M a r
% Ju ly
3
Feb
5
Feb
1 9 % Sept
9
Deo
4 4 % Deo
5 % Dec
15*% M ar
N ov
10
% Jan

16
2
83
278
380
245
480
222

A

Sept

A

Dec
Dec
Dec
N ov
Sept
Oct
Nov
Dec
Dec

11%
55c
86c
90

Jan
Dec
Jan
Jan
Dec

%
47c
3c
11c
5%
16c

Oct
1% M a r
July 1 5-32 Sept
Jan
Dec
16C
Jan
1
N ov
1 4 % Jan
Dec
Jan
75c
N ov

35
*5
52c
3-32
8%
%
10
%
3
60c

Dec
Nov
Sept
N ov
Dec
Oct
Dec
Nov
N ov
Dec

2A
4
1
15
2%
10
1%
3 -3 2

42%
4%
1.80
1%
188

Aug
Jan
Ju ly
Sept
Aug

54
Aug
6 % Aug
1% . N ov
1 1 -1 6 Feb
12% M ar
2 % Jan
4 0 % Apr
1% Jan
11% Apr
62c Dec

5,170
5 -1 6 Sept
A M ar
Jan
19,600
7o
Oct
20c
15,500
6 % Jan
1% Dec
1,700
3c N ov
Jan
12c
24,400
37o Dec
82o Ju ly
4,400
2 % Oct
H M ay
8,500
1 4 % June
5 % N ov
23,500
Jan
2
*%« N ov
500
2 % M ar
% N ov
21,000
36o Nov
78o Sept
15,700
2 % Jan
% Dec
9,600
3
June
1 % Feb
6,000
3c Dec
16C M ar
65,000
34c N ov
44c N o v
GOO
2 % M ar
1% Nov
800
6 % Oct
% Aug
19,800 1 1-16 Sept
2 % Aug
3
Feb
10,700
12% Aug
15c Nov
7,300
% M ar
5,220
% Dec
1% Deo
2
5,400
Dec
7 % Jan
21,885
2 % Jan
* % N ov
4,080
3 % Jan
1% Dec
8,500
12c Aug
44c
Oct
8,800
2
Nov
2%
Deo
23,300
3 -1 6 N ov
1% N ov
2,100
31o
Jan
Oct •77c
4,000
3c Dec
10c
Feb
3c
4,000
12c
4c Dec 1 3 % c
3,400
Aug
25o Dec
3,150
2% N ov
8,800
7 -1 6 Dec
2 % Jan
4,405
3 % N ov
9 % Ju ly
6c
15,600
Oct
17c Dec
7,45C 1 1 -3 2 N ov
1»% Jan
7,900
1
Oct
4 % N ov
19,500
3
M ar
% Dec
690 M ar
Aug
20,000
1
12,000
9 -16 Aug
A Sept
12c Dec
49c M ar
5,350
800
3 % Ju ly
6%
4c Dec
25c
5,500
Feb
50
Oct
8,600
50
Oct
1,300
% Dec
% Oct
2,000
% Dec
1% Deo
1,300
% Nov
% N ov
2,400 43c June
A Jan
31
1,000
59%
5c
11,500
Dec
23o
Apr
900
3 % Nov
8 % Aug
600 46c
Apr
75c Sept
15c Dec
4,200
88c M ar
1 -1 6 Oct
% Jan
8,300
Jan
25 % c J u ly
46c
9.800
30o Aug
5c Dec
38.500
22o N ov
76e June
18.500
15c
Dec 25c Dec
5,400
14
1 5 % Nov
2,980
Dec
12
1 6 % Jan
700
Oct
2
M ay
9,900
% Sept
6 % Ju ly
8%
9 % Sept
2,850
1
25c Ju ly
3,000
1 % Deo
1
1.800
%
Dec 1 13-16June
23c
11,7 7 5
20c Dec
22o Dec
34c
22c N ov
23.600
1 % Apr

I

182

THE CHRONICLE
Friday
Last W eek's Range
Sale.
o f P rices.
P rice. Low .
H igh .

M in in g — (C oncl.)
Provincial Mining
Rawley . r _________
Ray Hercules M i n i n g .r .. 5
Rex Consolidated...............I
Rochester M in es
.......... l
St Nicholas Zinc r_________
San T o y M ining___________
Silver King ol Arizona . . . 1
Sliver King Cons ol Utah r 1
Silver Pick Cons r ................ 1
Standard Silver-Lead____ 1
S te w a rt._____ _____________ l
Success Mining ................__i
Superior Cop (prosp’t) (t)
Tonopah Extension M l n .l
Trl-Bulllon S & D ________ 5
Troy-Arlzofia r .............. . . 1
United E a s t e r n .................. l
United Verde E xtcn .r.SO c
Unity Gold M in e s _______5
Utica Mines r____________ 1
W est E ndC onsolldated-_5
W h ite Caps E xtension. 10c
W hite Caps M ining___ 10c
W ilbert M in in g ........... _ _ . i

3%
10c
29c

3%
7 -1 6
%
8% c
2X
1X
X
13c
3%
4
11c
68c

43c
51c
2%
2%
3%
3%
9 % c 10 % c
29c
30c
6c
7c
12c
13c
5 -1 6 7 -1 6
3
3%
5c
5c
7 -1 6 7 -1 6
7 -3 2
X
8c
9% c
2
2%
1 5-16 1 11-16
3 -1 6
13c
16c
4
3%
36% 36%
4
3%
10c
11c
68c
69c
10c
10c
1 5 -3 2 * 9 -1 6
15c
17c

Sales

R ange f o r Y ea r 1917.

fo r

W eek .

Low .
35o
1%
3%
8c
280
5c
lie
%
2%
5c
%
7-32
8c
1
%
%
14c
3%
31%
2%
Sc
60o
5c
34o
14c

N ov
Dec
M ay
N ov
Dec
Dec
Oct
M ay
D ec
Dec
Sept
Dec
Dec
M ay
Dec
Oct
N ov
Oct
Nov
N ov
Dec
Oct
Deo
Jan
July

47o
1%
5
56c
72c
5 -1 6
20c
13-16
4%
2Gc
%
11-16
60c
2%
4%
%
62o
5%
41%
4
30o
840
33c
2%
35c

Deo
Dec
Jan
Jan
M ay
Jan
M ay
Jan
Feb
Jan
Jan
July
Jan
Dec
Feb
Jan
Mar
Jan
June
July
June
Apr
Sept
M ar
Sept

$
9 9 % 267.000
9 7 % 39.000
9 5 % 297.000
9 9 % 40.000
9 9 % 62.000
13-16
3,000
97 %
52.000
58
167.000
52
34.000

95%
93
98
98%
1%
97
45
36

Dec
Dec
Dec
N ov
Dec
Sept
Dec
D ec

9S %
97%
09%
99%
4
98%
08%
94%

Feb
Aug
N ov
N ov
Nov
Aug
Jan
Jan

B ond s
A m T elA T el 1-yr 6 % notes
Beth Steel 5 % n o te s..1 9 1 9
Canada (Dom of) 5 s . . 1919
General Elec 6 % notes ’20
6 % notes (two-year) 1919
l R ights.................................
Great N or R y 5 % notes '20
Russian Govt 0 % 8 r .1 9 1 9
5 % s r .......................... 1921
* Odd lots,

99%
97 %
95 %
99%
99%
50
43

t N o par value,

99%
96%
95%
99%
99%
2% 2
97
46
43

i Listed as a prospeot.

I Listed on the Stock E x ­

change this week, where additional transactions will be found,
listed.
rlghts.

u Ex-cash and stock dividends,
z Ex-stock dividend.

CURRENT

w W hen Issued,

o Now stock,

r Un­

x Ex-divldend.

v Ex-

NOTICE

— William Morris Imbrie & Co. announce that Charles A . Dana has been
elected to general partnership. M r. Dana is President of the Spicer Manuacturing Corporation. Plainfield. N . J., makers of automobilo parts, and
Vice-President of New York & New Jersey Water C o ., New Jersey Sub­
urban Water Co. and Essex Pumping Co. He is a graduato of Columbia
University Law School and for three years was a member of New York
Assembly.
— On the advertising page opposite our weekly statement of clearings
to-day, the bond department of the Equitable Trust Co. of this city has
outlined a new method of distributing securities and asks bond dealers
and banks Interested to write for booklet “ A .” The plan, it is said, pro­
vides for the elimination of a great deal of the local machinery now necessary
in the distribution of securities. It will furnish service to local dealers and
banks through a central organization. Many dealers and banks through­
out the country have already become participants in the plan, which is de­
igned to meet the necessity for “ shortening sail” due to war conditions
and the lack of trained bond men.
— John Muir, 61 Broadway, Now York, has favored us with advance
proofs of “ The Spread of American Thrift,” This study, which is based
on reports from about 400 corporations with regard to the participation
of their employees in the Second Liberty Loan, will be generally released
on Jan. 14.
— All tho notes having been sold, Bonbrlght & Company, Inc., are adver­
tising S I,500,000 United Light & Railways Co. 6 % bond secured notes,
Series “ A ,” duo M ay 1 1920, as a matter of record only, in this issue of
the "Chronicle.” Price 96% and interest yielding 7 % % .
— Hayden, Stone & Co. have Issued a circular regarding the American
Cotton Oil Co.

New York City Banks and Trust Companies
B a n k s - N .Y .
Am erica*___
Am er’ E xch .
A tlantic____
Battery Park
Bowery * ___
Bronx Boro*
Bronx N a t . .
BryantPark*
Butch A D r .
C hase_______
C hat A Phcn
Chelsea E x *
C h e m ic a l...
C itizens____
C i t y ...............
Coal A Iron .
Colonial * ___
C o lu m b ia *..
C o m m e rce ..
C om E x c h *.
Cosmopol’n*
East R iver. .
Fifth A v e * „
Fifth...............
First________
Oarfleld------Germ-Amer*
German Ex*
Germania* .
G oth a m ____
Greenwich*.
Hanover____
H a r r lm a n ...
Im p A T ra d .
Irving.............
T.Ihnrty
Lincoln_____

Bid
A sk
490
510
210
220
170
180
____
180
____
400
150
200
____
150
140
150
90
100
310
325
205
210
100
110
370
380
205
210
385
400
205
215
1400
315
330
t l7 0 % t l7 9
300
85
95
60
65
3500 4500
215
230
875
900
170
180
135
145
____
395
180
195
200
335
350
630
650
240
250
470
490
215
210
375
395
280
300

B a n k *.
M anhattan *
Mark A Fult
M ccb A M et
M e rch an ts..
M etropolis*.
M etropol’n *
M u tu a l* ___
New N e th * .
N ew Y ork C o
New Y o r k ..
Pacific * ____
Park...............
People’s * . . .
Prod E x c h *.
Public............
Seaboard___
Second_____
Sherman . . .
S tate*............
23d W a r d *.
Union E xch.
Unit States*
Wash U ’ta *.
Westch Avo*
W est Side*.
Y o r k v llle * ..
Brooklyn.
Coney isl’d*
First...............
Flatbush . . .
Greenpolnt .
Hillside * . . _
Homestead *
Mechanics’ *
M o n ta u k * ..
Nassau.
Nation’ICIty
N orthS ld o*.
People’s ____

Bid
305
245
285
250
275
165
375
200

T r u s t C o ’ s.
N ew Y ork
Bankers T r .
ContralTrust
C o lu m b ia !..
Commercial.
Empire_____
Equitable T r
2 2 0 " Farm L A T r
145
Fidelity____
405”
F u lton ______
270
Guaranty T r
485
500
H u d so n ____
200
220
Irving Trust
200
Law T it A T r
230
24 0 ‘ Lincoln T r . .
430
Mercantile
400
425“
Tr A D op .
120
130
Metropolitan
100
no
M u t'l (W est­
110
125
chester) . .
145
155
N Y Life Ins
500
A T r u s t ..
350
N Y T r u s t ..
175
200
Sound Inavl'n
190
200
T lt le O u A T r
540
565
Transatlan 'c
Union Trust
125
135
U S M tg A T r
255
270
UnltedStates
140
150
Westchester.
150
105
110
120
Brooklyn.
_ m 115
Brooklyn T r
110
120
FraDkhn____
____
95
Hamilton___
TCInirfl On . _
195
IVlUftO UU.
205
275
265
Manufaot’rs.
175
200
People’s ____
130
140
Queens C o . .

• Banks marked with a (•) are State banks,
ohange this week. I New stook, v Ex-rights.




A sk
315
255
305
300
285
175

New York City Realty and Surety Companies

H ig h .

14,700
4,100
2.500
10,000
4.550
6,000
2,8 00
42,850
2,5 55
3.000
3,800
2,900
9,700
2.000
4.550
19,500
8.500
1,250
200
800
5.500
5.500
2,0 00
4,7 5 0
6.500

Bid

A sk

365
695
245
100
290
320
390
195
250
325
135
165
88

385
715
255
300 ’
330
410
205
205
335
142
95 "
100

190
330

345 ”

115

125

900
585
260
270
175
350
395
900
130

950
595
275
280

550
265""
uzo
140
265
70

365 "
405
925
140
585
215
275
650
275 "
85

t Sale at auction or at Stock E xk Last sale.

[V o l . 106.

Alliance R ’ty
Amer Surety
Boad & M G
Ca malty Co
City Invest’*
Preferred. .

Bid
65
105
165
....

13
60

Ask
75
no
175
100
16
60

Lawyers M tg
M tge Bond
Nat Surety
N Y Tltls *
M tgs

Bid
85
82
172

A s*
95
92
175

45

00

Bid
Realty assoc
(Brooklyn) ■ 70
U 8 Casualty 190
U S T ltle G A I
55
Wes A Bronx
Title A M G 160

80
205
65
175

Quotations for Sundry Securities
A ll b o n d price* a r e “ a n d In te rea r” ex ce p t w here m ark ed “ 1
S ta n d a r d O il S to c k * Pe
Par
Anglo-Amerloan Oil new . £1
Atlantic Refining_________100
Borne-Scrymser C o _____ 100
Buckeye Pipe Lino C o . . . 60
Chesebrougb M fg n e w ._ .1 0 0
Colonial Oil................
100
Continental Oil..................... 100
Creeceut Pipe Line C o . . . 50
Cumberland Pipe L in o .. 100
Eureka Pipe Line C o ____ 100
Galena-Signal Oil com ___ 100
Preferred............................ 100
Illinois Pipe Line_________100
Indiana Pipe Line C o ______ 60
International Petroleum. £1
National Transit C o ___12.50
New York Transit C o ___ 100
Northern Pipe Line C o . .1 0 0
Ohio Oil C o .............................. 25
Penn-Mex Fuel C o _______25
Pierce Oil Corporation___ 25
Prairie Oil & G as................ 100
Prairie Pipe Line_________100
Solar Refining____________ 100
Southern Pipe Line C o . . 100
South Penn Oil___________ 100
Southwest Pa Pipe Lines. 100
Standard Oil (California) 100
Standard Oil (Iudlana)-.IO O
Standard Oil (K a n s a s )... 100
Standard Oil (Kentucky) 100
Standard Oil (Nebraska) 10(
Standard Oil of New J er.100
Standard Oil of New Y ’k 101
Standard OH (Ohio)...........100
loo
S w an * Fir e h ..................
Union Tank Line C o ____ 100
Vacuum O il..................
100
..1 0
Washington Oil_____

re
. A sk .
18
910
1 475
07
350
1 40
500
37
130
205
130 138
120 130
180 190
*97 100
U 1334
% 13%
1 190
1 100
*325 335
43
48
3.1 1014
445
241 2 5 5
290 310
170 180
280 290
95 105
223 228
620 640
460 490
310 325
485 515
530 535
255 260
415 440
100 105
83
86
31
365
*27
30

H R . E q u ip m e n ts— PerCl , Basis
Bid. A s k .
Baltimore A Ohio 4 % s . _
6 10 5.70
Buff Rooh A Pittsburgh 4% i 9 5.70 5.30
Equipment 4s_________
5.70 6.30
Canadian Paoifio 4 % s .......... .
6.5 0 5.75
Caro Clinchfiold A Ohio 5 s . ..
6.90 6.00
Central of Georgia 5a________
6.75 6.00
Equipment 4 % s __________
6.75 6.00
Chloago A Alton 4s________
7.00 6.00
Chicago A Eastern 111 5 % s . .
7.50 6.00
Equipment 4 % s __________
7.50 6.00
Ohio Iud A I.oulsv 4 % s _____ . 7.0 0 6.09
Ohio St Louis A N O 6 S_____ . 6 .0 0 5.00
Chicago A N W 4 % s ...............
5.75 5.00
Chicago R 1 A Pao 4 % s _____
6.75 5.75
Colorado A Southern 5s____
7.00 6.00
Erie 5 s _________ ______________
6.75 5.75
Equipment 4 % s ........ ...........
6.75 5.75
Equipment 4s_____________
6.75 5.75
Hocking Valley 4s__________
6.5 0 5.7 5
Equipment 6 s _____________
6.50 5.7 5
Illinois Central 5s____________
6.80 5.2 0
Equipment 4 % s __________
5.80 5.2 0
Kanawha A Michigan 4 % s ._
6.75 5.7 5
Louisville A Nashville 5s____
5.80 5.00
Michigan Central 6 a ...............
6.0 0 5.50
Minn St P A 8 8 M 4 % s ____
6.00 6.00
Missouri Kansas A Texas 5a.
7.0 0
Mlasouri Pacific 6a__________
7.00
Mobile A Ohio 5s___________
6.40 5.80
Equipment 4 % a ....................
6.40 5 .SO
New York Central Lines 6a ..
6.25 5.7 5
Equipment 4 % a____ ______
0.25 5.75
N Y Ontario A W est 4 % a . . .
6.60 6.0 0
Norfolk A Western 4 % s ____
5.70 5.0 0
Equipment 4 s _____________
5.70 5.0 0
Pennsylvania R R 4 % a _____
5.75 6.00
Equipment 4 s _____ ______ _
6.75 6.0 0
St Louis Iron M t A Sou 5 a ..
7.00 6.0 0
St Louis A San Francisco 6s.
7.00 0.00
Seaboard Air Lino 5 s ...............
7.00 6.00
B o n d s.
Per
Equipment 4 % 8 .......... .........
7.0 0 0.00
Pierce Oil Corp oonv 68.1924
74
70 '
Southern Pacific C o 4 % a . . .
6.0 0 5.0 0
Southern Railway 4 % a . ........
6.35 5.7 5
O r d n a n c e S toc k s— Per
hare
Toledo A Ohio Central 4 s . . .
6.60 6.0 0
Aetna. Explosives pref___ 100
45
48
T o b a c c o S to c k s— Per Sha re.
American & British M f g . 100
4
7
Par Bid.
Preferred............................ 100
20
30
American Cigar com m on. 100
85
Atlas Powder common___100 153 160
Preferred............................100
85
911 96 Amer Maohlne A F d ry.-lO O 70
l2
Preferred...... ................... 1 0 0
Babcock A W ilcox_______100 107 n o
Brltlsh-Amer Tobao o r d ..£ l *15
Bliss (E W ) Co com m on. 50 •320 400
Ordinary, bearer_______£1 *16
Preferred...... ............
60 *65
75
Conley Foil...........................100 200 2
Canada Fdys A Forgings. 100 125 150
Johnson Tin Foil A M e t-1 0 0 100 1
Carbon Steel c om m on ... 1 0 0
77
83
MaoAndrews A F o r b e s.. 100 170 1
1st preferred___________ 100
86
91
Preferred............................100
93
98
2d preferred____________ 100
51
57
Reynolds (R J) T ob acco. 100 375 4
C olt's Patent Fire Arras
Preferred............................100
99 1
M f g .........................................25 *56
58
Young (J S) C o............ . . 1 0 0
125 1
duPont (E I) do Nemours
Preferred_____________ 100
100 l
. A Co common__________ 100 237 245
S h ort-T e rm N otes— Per Cent.
94
Debenturo stook_______100
98
Amer Tel&Tel 08 1919.............
99ia 99*8
89
Eastern S tool....................... 100
92
Balto A Ohio 6s 1018 ..J A J
99% 9934
Empire Steel & Iron com . 100
30
35
63 1919 ............................. j a j
971- 9734
Preferred_______________ 100
70 —
Beth Steel 6a 1 9 1 9 .. FA A 16
0G78 971,1
Hercules Powder c o m . . . 100 240 243
Canadian Pao 6s 1 9 2 4 .MAS 2
96% 97%
Preferred....... .................... 100 112 115
Chic A W est Ind 6s’ 1 8 .M A S
973j 9814
NHes-Bement-Pond com.lOOi 114 117
D el. A Hudson 6a 1920 FA A
97
97%
Preferred............. .............. 100
97 102
Erie R R 5s 1910________ A - 0
94
95
Penn Seaboard Steel (no par) *40
45
General Rubbor 6a 1918.JA I)
97%
Phelps-Dodge Corp.......... 100 270 290
Gen Eleo 6s 1 9 2 0 ............. JAJ
99% 0938
Scovlll M a n u fa c tu rin g ... 100 430 460
6 % notes (2-yr) ’ 1 9 . JAD
0 0 b 9912
Thomas Iron_______________50 *25
35
Great Nor 5s 1920____ M A S
97
9714
Winchester Repeat A rm s. 100 550 700
Hocking Valley 6s 1918 M A N
9 8 1£ 99%
Woodward Iron.......... . . . 1 0 0
35
55
Int Ilarv 5s Feb 16 ’ 1 8 .F -A
097 a
K C R ys 5 % a 1918.......... JAJ
98
9912
P u b lic U tilities
K C Term Ry 4 % s ’ 1 8 .M A N
Obi*
07
Amer Gas A Eleo c o m . . . 60 *88
90
4 % s 1921.........................JAJ
98
Preferred________________ 50 *40
41
Laclede Gas L 6s 1 9 1 9 .. F& A *96 ’
Amer Lt A Trao com ____ 100 210 214
Mloh Cent 5s 1 9 1 8 .................
99«4
Preferred_______________ 100
90
92
M organAW rlght 6s Deo 1 '18
08 .
Amer Power A L t c o m . . . 100
52
47
N Y Central 4 % s l9 1 8 .M A N
99U
Preferred.............................100
71
75
5s 1919...................... ..
96% 1
22
Amer Publlo Utilities comlOO
25
N Y N I I A H 6 s . Apr 15 1918
9134 1
Preferred_______________ 100
54
58
Penn Co 4 % s 1 9 2 1 .. JA D 15
951" !
Cities Service Co com ___ 100 213 215
Pub Ser Corp N J 6a ’ 19.M A 3
95% 1
Preferred_______________ 100
74
75
Rem Arms U .M .C .5 s ’ 19FAA
91
1
C om ’ w’ lth Pow R y A L .1 0 0
32
34
Southern R y Oa 1 9 1 9 ..M -S 2
90’4 !
Preferred_______________ 100
64 65 United Fruit 6a 1 9 1 8 ... M - N 9934 ll
Elec Boud A Share p r e f.. 100
88
01
Utah Seo Corp 6a '2 2 .M -S 15
83
1
4
Federal Light A Traction. 100
8
Wlnohe9 RcpArmH5s’ 18.M AS
97
1
Preferred.............................100
22
32
In d u str ia l
Great W est Pow 5s 1946.JAJ
74
70
an d M iscellan eou s
Mississippi Rlv Pow com . 100
9
12
American Brass_________ 100 223 21
Preferred........ ............
100
34
38
American Chlolo oom____ 100
34
1
First M tgo 6s 1 9 5 1 . . . JAJ
67
70
Preferred............... ........... 100
63
1
N orth’n States Pow com . 100
61
65
Am Graphophono oom___ 100
66
1
Preferred_______________ 100
88
88
Preferred............... ........... loo
69
1
North Texas Eleo Co com 100
47
62
American Hardware_____ 100 _____ ll
Preferred............................ 100
70
75
Amer Typefounders com . 100
32
:
Pacific Gas A Eleo com . .1 0 0
32
34
Preferred_____________ too
84 . 1
1st preferred.....................100
83
81
Bordon’s Cond M ilk com . 100
90
!
Puget Sd T r L A P co m . 100
0
12
Preferred_______________100
90
<
Preferred.............................100
40
45
Celluloid C om pany_____ 100 145 ll
Republlo R y A Light____ 100
22
23
Havana Tobacco C o ____ 100
1*2
h
Preferred_______________ 100
54
57 •
Preferred........................... loo
2
5
South Calif Edison c o m . .1 0 0
80
82
1st g 6s June 1 1 9 2 2 ..J -D /4 5
4
Preferred................
100
93
97
Intorconttuen Rubb oom . 100
9% 1
Standard Gas A E l (D e l). 60
*6
8
Internat Banking C o ____ 100 160 . .
Preferred...............................50 *22
24
International S alt...............100
5112 (
Tennessee R y L A P oom 100
2
3
1st gold 5a 1951.............A -O
66
;
Preferred____________ -.1 0 0
13
10
International Silver pref. 100 _____(
United Gas A ElCo C orp.100
5
10
Iron S te a m b o a t................... 1 0
•2%
1st preferred........ ............ 100
45
50
1st 5s 1932....................A A O
90 1(
2d preferred........ ............ 100
7
10
Genl 4s 1932 ............... A A O
25
4
United L t A R y s oom____ 100
27
31
Lehigh Valley Coal Sales. 60 *70
’>
1st preferred.....................100
61
63
Otis Elevator com m on. . .1 0 0
36
S
Western Power oom m on.100
10
12
Proforred.................... .......100
65
7
Preferred___________
inn
42
45
Remington Typewriter—
C om m on............................100
in 2 1
1st preferred.............. . . 1 0 0
58
(
2d preferred.................... loo
38
4
Royal Baking Pow oom __loo 120 V
Preferred........................... loo
83
i
•Per share, 8 Basis.
4 Purchaser also pays accrued dividend
« New stook.
/ F l a t price, n N o m in a l. x Ex-dlvldend. v Ex-rights.

183

THE CHRONICLE

Ja n . 12 1918.]

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Tlio following table shows tlio gross earnings of various STEAM roads from which regular weekly or monthly returns
can bo obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns tho earnings for the period from Jan. 1 to and including the latest week or month. We add a supplementary state­
ment to show fiscal year totals of those roads whose fiscal year does not begin with January, but covers some other period.
It should be noted that our running totals (or year-to-date figures) are now all made to begin with the first of
January instead of with the 1st of July. This is because the Inter-State Commerce Commission, which previously
required returns for the 12 months ending June 30, now requires reports for the calendar year. In accordance
with this new order of the Commission, practically all the leading steam roads have changed their fiscal year to
correspond with the calendar year. Our own totals have accordingly also been altered to conform to the new
practice. The returns o f the electric ra ilw ays are brought together separately oh a subsequent p a ge.
L a te s t G ro s s E a r n in g s .

L a te s t G r o s s E a r n in g s
HOADS.

C u rren t
Y ear.

J a n . 1 to L a te s t D a te .

P r e c io u s
Y ear.

P r e v io u s
Y ear.

A la N O & T o x P a c N e w O rl G re a t N o r .
A la & V ic k s b u r g .
N O T e x & M e x Linas
V ic k s Shrev & P _
j N e w Y o r k C en tral
A n n A r b o r __________
B o sto n & A lb a n y
A tc h T o p e k a & S F e
_________ 7 , 4 9 9 ,9 1 0 6 ,7 8 6 ,3 2 1
n L a k e E rie & W .
A tla n t a B ir m & A tl
4 , 0 7 4 ,3 0 2 4 3 ,1 5 2 ,0 4 0 4 2 ,2 6 5 ,0 0 5
M ic h ig a n C en tral
A tla n t a & W e s t P t .
“
4 8 ,4 0 6 ,4 9 2 4 2 ,7 2 0 ,0 8 2
C le v e C O & S t L
A tla n tic C o a st L in e
2 ,2 6 3 ,8 4 0 1 ,7 5 3 ,5 1 5
C in c in n a ti N o r t h .
C h a rie st & W C a r
2 3 ,6 8 1 ,3 3 6 2 2 ,1 5 7 ,7 5 8
P itts & L a k e E rie
L o u H en d & S t L
7 ,5 0 4 ,9 8 4 5 ,6 8 0 ,7 1 3
T o l & O h io C en t
a B a ltim o r e & O h io .
3 ,3 0 6 ,4 4 2 3 .2 6 4 ,2 9 3
K a n a w h a & M ic h
B & O C h Ter R R
360555 980 329835 842
T o t all lines a b o v e
B a n g o r & A r o o sto o k
1 5 ,6 0 7 ,4 1 5 1 4 ,1 2 8 ,3 5 3
N Y C h ic & S t Louis
B esse m er & L E r ie .
7 8 ,8 2 3 ,2 7 6 7 3 ,6 3 9 ,9 8 5
N Y N H & P a r t f..
B ir m in g h a m S o u t h .
8 ,4 7 6 ,6 3 0 8 ,1 7 2 ,7 9 0
N Y O n t & W e ste rn
B o sto n & M a i n e —
3 ,8 5 6 ,9 5 8 3 ,6 4 9 ,7 9 9
N Y S u sq & W e s t . .
B u f f R o eh & P i t t s . .
4 ,8 8 3 .6 5 2 4 ,5 0 6 ,3 9 8
N o r fo lk S o u t h e r n ..
B u ffa lo & Susq R R .
4 .9 3 1 .7 7 1 6 0 ,5 5 5 ,4 7 7 5 4 ,6 5 0 ,3 8 9
N o r fo lk & W e ste rn
C a n a d ia n N o r S y s t .
7 ,6 8 4 ,3 1 5 8 0 ,8 5 6 ,9 7 6 7 3 ,2 5 5 ,7 2 7
N o r th e r n P a c ific ___
C an ad ian P a c i f i c ._
3 4 2 ,6 6 5 4 ,4 6 5 ,3 7 9 4 ,1 8 5 ,8 7 8
N o r t h w c s t ’ n P acific
C a r o C iin c h f & Ohio
6 1 5 .6 8 0 4 ,0 7 4 ,3 5 8 6 ,2 4 6 ,1 9 5
P a c ific C o a s t C o ___
C en tra l o f G e o r g ia .
19323 057 2 3 5 9 5 7 6 1 6 2 1 1 5 5 3 0 2 1
p P e n n sy lv a n ia H R .
C e n t o f N o w Jersey
1 0 2 ,3 8 9 1 ,2 0 0 ,3 6 6 1 ,1 5 1 ,5 9 1
B a lt C h e s & A t l .. ! N o v e m b e r
C e n t N e w E n g la n d 3 2 6 ,4 2 9 : 4 ,4 6 0 ,1 5 2 3 ,3 7 7 ,3 4 5
C u m b e r la n d V a llN o v e m b e r
C e n tr a l V e r m o n t ..
1 ,1 2 7 ,9 3 3 '1 5 ,9 5 9 ,6 5 6 1 3 ,8 5 1 ,2 9 4
L o n g Is la n d ______ 'N o v e m b e r
C h e s & O h io Lines
8 3 ,8 3 7 ,
7 5 ,7 9 6
9 3 5 ,2 9 1 !
8 5 2 ,4 1 3
M a r y 'd D e l & Y a N o v e m b e r
C h ic a g o & A l t o n . .
5 0 0 ,4 9 3
4 3 7 ,9 6 8 5 ,0 8 5 ,3 4 2 4 ,8 0 0 ,8 3 8
N Y P hil & N o r f .jN o v e m b e r
C h ic B url & Q u in cy
P h il B a lt & W a s h N o v e m b e r 3 ,1 3 4 .5 1 7 2 ,2 ,3 6 ,6 7 5 3 0 ,0 3 9 ,6 5 5 2 3 ,2 8 9 ,0 8 6
b C h ic a g o & E a s t 111
5 4 8 ,5 3 2
53 0,84 91 8 ,0 0 8 ,4 7 0 7 ,3 3 3 ,4 0 5
W J ersey & S eash N o v e in b e r
c C h ic G re a t W e s t . . 4 th wit D ec
C h ic In d & L o u is v . 4 th w k D e c
W e s t ’ n N Y & P a N o v e m b e r 1 ,1 6 2 ,8 7 1 1 .1 7 5 ,5 4 2 11 3 ,6 4 3 ,0 3 6 1 2 ,6 3 1 ,1 1 0
6 ,8 2 0 ,3 7 9 ,6 ,2 6 3 ,8 2 5 7 2 ,8 4 6 ,1 4 6 6 9 ,8 5 2 ,1 4 0
C h ic a g o June l i l t . . N o v e m b e r
P en n sy lv a n ia C o ___ N o v e m b e r
5 0 0 ,6 7 9 ! 4 9 7 ,2 9 2 5 ,9 8 6 ,9 8 1 5 ,4 1 7 ,6 7 8
C h ic M ilw & S t P _ _ N o v e m b e r
G ra n d R a p & In d N o v e m b e r
d C h ic & N o r th W e s t N o v e m b e r .
/P itt s O C & S t L _ N o v e m b e r 6 ,3 1 6 ,5 2 4 5 ,5 6 2 ,0 0 4 .6 7 ,6 6 7 ,4 0 3 5 8 ,5 6 7 ,8 6 2
C h ic P eoria & S t L . N o v e m b e r
T o t a l lines—
C h ic R o ck Isl & Pac N o v e m b e r
E a s t P itts & E rie N o v e m b e r 2 7 2 9 3 4 3 2 2 4 4 9 0 13 6 3 0 5 2 3 3 8S 2 2 6 9 9 2 6 2 6 0
Clth: li I & G u l f . - . N o v e m b e r
W e s t P itts & E rie N o v e m b e r 13 83 1 12 6 1 2 4 7 4 9 4 4 1 4 8 4 7 2 837i 1 3 5 5 0 3 0 4 8
d C ld c S t P M & O m N o v e m b e r
A ll E a s t & W e s t . N o v e m b e r 4 1 1 2 4 5 5 8 3 6 9 6 5 0 8 0 4 5 3 7 0 6 7 1 8 !4 0 5 4 2 9 3 0 7
1 ,9 7 9 ,0 1 8 2 ,0 1 7 ,7 4 1 1 2 1 .5 2 8 ,7 0 0 2 0 ,6 1 7 ,0 2 3
C in e In d & W e ste rn N o v e m b e r
P ere M a r q u e t t e ___ N o v e m b e r
1 1 4 ,6 4 4 1 ,0 3 3 ,0 3 0 1 1 ,8 2 9 .5 3 8
1 0 7 ,9 6 4
“
C in e T e rre II & S E N o v e m b e r
P itts S haw & N o r . . O c to b e r ----C olo ra d o M i d la n d . IN o v e m b e r .
R e ad in g C o —
e C olo ra d o & S o u t h , :4th w k D e e
P hila & R e a d in g . N o v e m b e r 5 ,9 3 4 ,0 6 3 5 ,5 2 1 ,5 6 8 6 2 4 7 4 ,3 9 7 5 6 ,1 9 4 ,0 1 1
C u b a R a ilr o a d _____(N ove m b er
C o a l & Iron C o . . N o v e m b e r 4 ,5 7 7 ,8 1 2 4 ,8 7 7 ,0 1 9 4 5 ,2 9 1 ,3 5 8 3 8 ,5 6 1 ,8 8 3
D e la w a re & H u d so n N o v e m b e r .
1 0 5 1 1 8 7 5 1 0 3 9 8 5 8 7 1 0 7 7 6 5 7 5 5 9 4 ,7 5 5 ,8 7 4
T o t a l b o th c o s ___ N o v e m b e r
2 9 9 ,6 0 9 4 ,4 5 1 ,5 8 0 3 ,3 8 0 ,8 8 1
D el Lack & W e s t .. N ovem ber
4 4 3 ,0 0 9
R ic h Fred & Potoru; N o v e m b e r
5 8 5 .4 S 3
6 3 1 ,5 4 4
1 5 ,9 3 3
1 8 ,8 8 5
D e n v & Rio G ra n d e ' 1st w k Jan
R io G r a n d e S o u th ’n 4 th w k D e c
3 2 8 .9 3 3 3 ,9 9 9 ,7 7 3 3 ,6 9 1 ,3 3 6
D e n v e r & S alt L a k e N o v e m b e r
3 5 0 ,6 8 5
R u t la n d ______________ N o v e m b e r
1 ,9 4 7 ,0 2 7
1 9 8 ,4 2 2
1 9 6 ,6 9 6 2 ,1 4 6 .1 2 1
•Detroit & M a c k in a c 4 th w k D ec
S t J os & G r a n d I s l . N o v e m b e r
3 9 9 ,1 9 8 3 .5 2 5 .5 8 3 3 ,5 1 5 .0 5 4
3 2 0 ,8 0 2
D e tr o it T o l & Ir o n tjN o v e m b c r
S t L B r o w n sv & M . N o v e m b e r
D o t & T o l Shore L . O c t o b e r ...
S t L o u is-S a n F r a n . N o v e m b e r 5 ,2 8 0 ,7 1 2 4 ,8 5 5 .3 9 4 5 4 ,4 9 0 ,3 6 2 4 8 ,3 5 1 ,8 3 1
4 6 8 ,0 0 0 1 7 ,2 6 3 ,4 8 8 1 3 ,8 5 0 ,4 8 1
5 9 2 ,0 0 0
D ili & Iron R a n g e ..I N o v e m b e r
S t L ou is S o u th w e s t. 4 th w k D e c
D u l M is s a b e & N o r N o v e m b e r
S eab oard A ir L i n e . . N o v e m b e r 2 ,7 2 7 ,5 5 8 2 .4 7 7 ,3 1 5 2 7 ,5 0 7 ,6 5 2 2 3 ,5 1 3 ,1 7 4
16733516 15134505 176642996 148030594
D u l S ou Shore & A tl 4 th w k D e c
S ou th e rn P a c ific ___ N o v e m b e r
D u lu th W in n & Pac N o v e m b e r
k S ou th ern R y S y s t . 1th w k D e c 3 ,4 0 5 ,2 0 5 2 ,8 8 7 .0 7 4 1 1 5 4 3 0 3 1 1 9 8 ,9 0 3 ,1 1 6
5 2 9 ,1 7 6 6 ,4 7 4 ,1 4 8 5 ,4 2 3 ,9 9 8
6 4 8 ,1 4 6
E lg in J oliet & E a s t . N o v e m b e r
A la G r e a t S o u t h . N o v e m b e r
E l P aso & So W e s t .
C in N O & T e x P . N o v e m b e r 1 ,0 8 8 ,9 3 7 1 ,0 9 5 ,6 0 5 1 2 ,0 1 7 ,8 6 5 1 0 ,8 9 6 ,2 6 2
3 8 3 .9 3 4 4 ,4 5 7 ,3 5 7 3 ,6 0 9 .5 1 7
4 7 2 .4 9 8
N e w O rl & N o r E N o v e m b e r
E r i e .................................
3 3 3 ,5 1 4 1 3 ,5 6 7 ,7 1 0 1 2 ,2 2 9 6 4 3
3 2 6 ,5 0 6
Flo rid a E a s t C o a s t .
M o b ile & O h i o . . . 4 t h w k D e c
9 4 ,1 1 8 2 .9 6 5 ,2 7 6 2 ,6 6 9 .8 0 9
105,361
F o n d a J ohn s & G lo v
G eorgia So & F la . 4 th w k D e c
5 1 2 ,4 4 8 5 ,6 3 7 ,5 4 7 4 ,3 0 8 .7 8 9
6 2 2 ,3 6 6
G eorgia R a ilr o a d .S p o k P o r t & S e a ttle O c t o b e r . . .
1 1 7 ,4 2 0
1 1 8 ,3 6 4
1 .8 5 2
2 ,2 9 3
G ran d T ru nk P a c _ .
T e n n A la & G eorgia 3d w k D e c
T en n essee C e n tr a l-j N o v e m b e r
1 5 0 ,3 0 1 1 ,6 5 5 ,3 6 0 1 ,5 5 9 ,1 5 4
1 6 2 ,9 9 7
G raiu l T r u n k S y s t . 4 t h w k D e c
G ran d T r u n k R y 1st w k D e c
2 9 4 224
3 0 7 ,7 1 5 3 ,4 6 2 ,2 3 7 3 ,2 8 1 ,8 9 9
T e r m R R A s s n .S t L N o v e m b e r
G r a n d T r k W e s t . 1st w k D e c
2 3 5 ,7 8 7 2 ,9 1 7 ,5 5 1 2 ,3 1 7 ,5 4 1
2 8 8 ,4 6 6
S t L M B T e r m ..I N o v e m b e r
6 6 4 ,5 0 9 2 2 ,6 2 1 ,3 5 3 2 0 ,8 5 8 ,6 5 7
D e t G H & M i l w . ; 1st w k D e c
7 6 6 ,5 0 5
T e x a s & P a c ific ____ 4 t h w k D e c
G r e a t N o r th S y ste m D e ce m b er
1 0 7 ,5 0 8
1 0 1 ,0 2 9 1 ,1 8 1 ,9 5 0 1 ,1 1 2 ,2 1 1
T o le d o P eor & W est N o v e m b e r
1 1 5 ,8 8 9 7 .0 1 4 ,7 5 6 5 ,9 5 8 ,9 8 6
G u lf M o b ilo & N o r .I N o v e m b e r
1 1 7 .6 0 6
T o le d o St I , & W e s t 4 th w k D e c
7 9 6 ,1 8 2
G u lf & Ship Is la n d ..O c t o b e r —
8 3 4 ,4 2 8
1 4 1 ,0 4 8
1 2 8 ,2 4 3
T r in & B r a zo s V a l l . O c to b e r ___
H o c k in g V a llo y ------- N o v e m b e r J
U n io n P acific S y s t . N o v e m b e r 1 2 2 8 6 8 6 1 1 0 7 5 0 6 8 1 1 1 8 3 0 0 3 4 0 1 0 4 4 3 8 9 2 4
Illin ois C e n tr a l_____j D ecem b er
8 0 9 ,6 6 8 1 0 .0 7 9 ,1 7 9 8 ,1 4 3 ,0 0 5
9 3 4 ,4 3 9
V ir g in ia n ____________ N o v e m b e r
In te r n e t & G r t N o r N o v e m b e r
W a b a s h _____________ N o v e m b e r 3 ,6 3 7 ,9 7 1 3 ,4 3 8 ,3 4 6 3 7 ,1 8 9 ,6 6 6 3 4 ,4 0 7 ,3 3 2
K a n sa s C i t y S o u t h . "
'
2 9 3 .6 3 0 1 3 ,4 4 3 ,7 3 4 1 1 ,9 6 7 ,9 8 2
3 4 3 .4 9 8
W e ste r n M a r y la n d - 4 th w k D e c
8 2 3 ,3 2 3 9 ,0 1 9 ,6 4 6 7 ,5 5 4 ,2 9 2
L e h ig h & H u d I i i v .
7 9 7 .1 5 7
W e ste rn P a c ific _____ N o v e m b e r
L eh igh & N « w E n g .
1 3 5 ,8 7 5 1 ,3 7 6 .1 8 0 1 ,1 0 1 ,9 8 4
1 7 5 ,9 7 1
W e s te r n R y o f A l a . O c t o b e r ...
7 8 5 ,6 8 8 tO ,2 8 5 ,1 2 4 9 ,3 3 0 ,7 3 9
L eh igh V a lle y ---------W h e e l & L a k e E r ie . N o v e m b e r 1 ,0 1 0 ,1 7 0
L o s A n ge le s & S L . . , v ^ ^ v « ^ ^ . . . .
Y a z o o & M is s V a l l . D e ce m b er 1 ,7 5 9 ,1 1 1 1 ,6 9 7 ,2 6 4 1 8 ,1 0 1 .1 8 1 1 5 ,1 3 5 ,1 2 4
L ou isian a & A r k a n . N o v e m b e r
P r e v io u s
C u rren t
L o u isia n a U y & N a v O c to b e r —
Y ear.
P erio d .
Y ear.
/L o u is v illo & N a s h v 3 d w k D e c
V a rio u s F isca l Y e a r s .
M a in e C e n tr a l----------1'~ "
,6 3 1 ,5 0 0
M a r y la n d & P e n n . .
C a n a d ia n N o r th e r n ________________ July 1 t o D e c 31 2 1 ,8 5 6 .800
4 4 7 ,9 4 4
4 0 7 ,7 7 5
,0 1 0 ,0 2 1
D u lu th Sou th Shore & A t l a n t i c . J u ly 1 t o D e c 31 2 ,2 4 1 ,528
M id la n d V a lle y ------2 ,6 7 0 ,1 2 5 1 ,9 1 8 ,0 4 0
5 7 8 ,1 7 9
M in e r a l R a n g e ____ 4 th w k D e c
f-01 ,040
M in e r a l R a n g e ........................................J u ly 1 t o D e c 31
1 ,1 8 7 ,8 7 5 1 .1 0 0 ,7 4 6
.8 8 1 ,4 7 2
1 ,9 7 4 ,101
M in n e a p & S t L ou is 1st w k Jan
P a c ific C o a s t ...... .....................
J u ly 1 to O c t 31
2 0 6 ,9 7 5
2 0 8 .3 2 9
„ _____ ,
9 8 7 .3 8 1
M in n S t P & S S M 4 th w k D e c
S t L o u is-S a n F ra n cisc o ...... .............J u ly 1 t o N o v 3 0 2 6 ,8 5 8 ,542
5 9 6 ,4 9 0 3 4 ,4 9 9 ,8 4 6 I 4 ,4 2 9 ,4 4 5
3
6 8 5 ,5 2 6
M ississip p i C e n tr a l. N o v e m b e r
S outhern R a ilw a y S y s te m ----------J u ly 1 to D e c 31 6 2 ,3 9 3 ,769
, 57 7 1 3
8 6 2 ,4 9 3
7 6 2 ,3 5 6
,4 9 3 ,2 3 1
3 ,1 9 3 ,285
A la b a m a G r e a t S o u th e r n ------- J u ly 1 t o N o v 3 0
n M o K a n & T e x a s . 4 t h w k D e c 1 ,4 2 4 ,0 2 3 1 .1 8 1 ,1 8 6 4 3 , 2 3 2 , 8 9 1 1
030 239
C in e N e w Orleans & T e x P ac J u ly 1 t o N o v 3 0 5 7 0 4 ,378
M o O k la & G u l f . . . N o v e m b e r .
1 9 2 .4 5 2
1 5 7 ,1 5 0 1 ,7 6 1 ,6 8 9
1 ,4 3 9 ,9 5 4
,7 0 6 ,8 2 1
N o w Orleans & N o r t h E astern J u ly 1 t o N o v 30 2 ,1 6 2 ,483
7<'M issouri P a c i f i c .. N o v e m b e r 6 ,8 5 1 ,4 4 9 6 ,6 9 6 ,4 8 1 7 1 ,5 3 9 ,9 9 9 6 3 ,4 7 5 ,0 6 4
,2 1 7 ,5 8 1
N a s h v C h a t & S t L . N o v e m b e r 1 ,4 2 9 ,9 9 0 1 ,2 5 0 ,4 4 9 1 3 ,8 4 0 ,8 6 3 1 2 ,3 3 5 ,6 7 7
M o b ilo & O h io ___ _______________ J u ly 1 t o D e c 31 6 ,9 2 5 ,42 5
,4 3 7 ,2 4 8
G eorgia Sou th ern & F l o r i d a .. J u ly 1 t o D e c 31 1 ,6 0 4 ,962
N e v a d a -C a l-O r e g o n 4 th w k D e c
7,2531
1 0 ,1 5 6 ;
3 8 0 ,3 8 4
3 9 1 ,7 2 6

1

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
< W e e k ly S u m m a r ie s .
*

C u rren t
Y ear.

P r e v io u s
Y ear.

In crea se or
D ecrease.

%

* M o n t h l y S u m m a r ie s

C u rren t
Y ear.

P r e v io u s
Y ear.

in crea se or
D ecrease.

$
$
M ile a g e .C u r. Y r . P r e v . Y r .
S
+ 1 .5 3 7 ,6 4 2 1 0 .2 3
M a r c h .............. 2 4 8 ,1 8 5 2 4 7 ,3 1 7 3 2 1 ,3 1 7 ,5 6 0 2 9 4 ,0 6 8 .3 4 5 + 2 7 , 2 4 9 . 2 1 5 9 .2 7
1 4 ,9 4 8 ,6 0 9
A p r i l .................. 2 4 8 ,7 2 3 2 4 8 ,1 2 0 3 2 6 ,5 6 0 .2 8 7 2 8 8 .7 4 0 .6 5 3 + 3 7 . 8 1 9 , 6 3 4 1 3 .1 0
+ 2 , 9 5 8 , 9 8 5 1 5 .0 7
1 9 ,6 2 7 ,3 6 3
+ 4 5 , 6 9 2 , 0 6 3 1 4 .8 2
M a y ................... 2 4 8 ,3 1 2 2 4 7 ,8 4 2 3 5 3 ,8 2 5 .0 3 2 3 0 8 ,1 3 2 ,9 6 9
+ 5 4 6 , 7 8 3 3 .9 7
1 3 .7 6 4 ,1 9 7
J u n e ....................2 4 2 .1 1 1 2 4 1 .5 5 0 3 5 1 ,0 0 1 ,0 4 5 3 0 1 .3 0 4 .8 0 3 + 4 9 . 6 9 0 , 2 4 2 1 6 .4 9
+ 1 ,6 4 5 ,3 1 0 1 1 .9 1
1 3 ,8 2 1 ,6 8 5
J u ly .................2 4 5 ,6 9 9
2 4 4 ,9 2 1 3 5 3 ,2 1 9 ,9 8 2 3 0 6 ,8 9 1 ,9 5 7 + 4 6 , 3 2 8 , 0 2 5 1 5 .0 9
+ 1 ,8 4 2 .5 5 5 1 3 .9 6
1 3 ,2 7 0 ,1 1 5
A u g u s t .............. 2 4 7 ,0 9 9 2 4 6 ,1 9 0 3 7 3 ,3 2 6 ,7 1 1 3 3 3 ,5 5 5 .1 3 6 + 3 9 . 7 7 1 , 5 7 5 1 1 .9 2
+ 2 , 0 2 9 , 0 4 6 1 1 .3 2
1 7 ,9 2 7 ,4 2 9
S e p t e m b e r ..2 4 5 ,1 4 8
2 4 3 ,0 2 7 3 6 4 .8 8 0 .0 8 6 3 3 0 ,9 7 8 ,4 4 8 + 3 3 , 9 0 1 , 6 3 8 1 0 .2 4
+ 7 0 8 . 0 1 6 5 .1 6
1 3 ,7 3 1 ,8 8 9
O c t o b e r ______ 2 4 7 ,0 4 8 2 4 5 ,9 6 7 3 8 9 ,0 1 7 ,3 0 9 3 4 5 ,0 7 9 ,9 7 7 + 4 3 , 9 3 7 , 3 3 2 1 2 .7 3
— 5 6 1 ,5 3 6 4 .0 5
1 3 ,8 9 7 ,4 5 7
+ 7 ,0 0 3 ,1 6 1
9 .1 0
7 6 ,9 3 6 ,6 3 0
N o v e m b e r . . 8 0 ,8 9 1
8 0 ,5 2 5 8 3 ,9 3 9 ,7 9 1
+ 5 9 3 , 6 8 6 4 .6 2
1 2 .9 5 2 ,0 3 3
+ 2 , 9 8 0 , 4 8 3 4 .1 3
D e ce m b er . . 8 0 ,6 1 8
8 0 ,2 5 2 7 5 ,1 4 4 ,8 2 3 7 2 ,1 6 4 .3 4 0
+ 2 , 1 9 1 , 5 2 3 1 5 .0 1
1 4 ,9 7 3 ,9 0 5
a In c lu d es C lev e la n d Lorain & W h e e lin g R y . an d C in c in n a ti H a m ilto n & D a y t o n ,
b In c lu d es E v a n s v ille & T e r re H a u te ,
c In c lu d es M a s o n C i t y &
F o r t D o d g e and tho W isc o n sin M in n e so ta & P a c ific ,
d In c lu d es n ot o n ly o p eratin g rev e n u e , b u t also all oth er r ec eip ts,
e D o e s n o t in clu de earnings o f
C o lo r a d o S prin gs & C r ip p le C reek D istr ic t R y . / In clu d es L o u isv ille & A tla n t ic an d th e F ra n k fo rt & C in c in n a ti,
g In clu d es th e T e x a s C en tra l an d th e
W ic h ita F a lls lin es,
h In cludes tho S t . L ou is Iron M o u n t a in & S o u th e rn , j In c lu d es th e L a k e Shore & M ic h ig a n Sou th ern R y ., C h ic a g o In d ia n a &
S outhern I t R
and D u n k irk A lle g h e n y V a lle y & P ittsb u r g h R R .
k In clu d es tho A la b a m a G r e a t S ou th e rn , C in c in n a ti N o w O rlean s & T e x a s P a c ific .
N ow O rleans & N o r th e a ste r n an d tho N o r th e r n A la b a m a .
I In c lu d es V a n d a lia R R .
n In c lu d es N o r th e r n O h io I i R .
p In c lu d es N o r th e r n C e n tr a l.
♦ W o no loiuacer in clu de M o x ic a n road s In an y o f our to ta ls .

3 d w eek
4 th w eek
ls t 'jw e e k
2 d w eek
3 d w eek
4 th w eek
1st w eek
2 d week
3 d w eek
4 th w eek

O ct
O ct
N ov
N ov
N ov
NOv
D ec
D ec
D ec
D ec

(2 9
(2 5
(2 7
(2 5
(2 5
(3 0
(2 7
(29
(2 6
(27

r o a d s )_____
r o a d s )_____
r o a d s )_____
r o a d s)____,
r o a d s )_____
r o a d s )_____
r o a d s)_____
r o a d s)_____
r o a d s )_____
r o a d s )_____




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

184

THE CHRONICLE

Latest Gross Earnings by Weeks.— In the table which
llows we sum up separately the earnings for the fourth week
December. The table covers 27 roads and shows 15.01%
4 -^

F o u r th w e e k o f D e c e m b e r .

—

ii ._

1917.

A n n A r b o r _________________________
B u ffa lo R o ch ester & P ittsb u rg h
C a n a d ia n N o r th e r n ......................
C a n a d ia n P a c i f i c ._____________
C h ic a g o G re a t W e s te r n ______
C h ic a g o In d & L o u isv ille _____
C o lo r a d o & S o u th e rn ____________
D e n v e r & R io G r a n d e ____________
D e tr o it & M a c k in a c ________
D u lu th S ou th Shore & A t l a n t ic .
G e o r g ia S outhern & F lo r id a . _
G r a n d T r u n k o f C a n a d a ............
G r a n d T r u n k W e s te r n ............
D e tr o it G r H a v & M i l w _____
C a n a d a A tla n t ic _____________
M in e r a l R a n g e __________________
M in n e a p o lis & S t L o u is ___ I I I
Io w a C e n tr a l_____________
M in n e a p S t P au l .S S S M _ _ _
c
M is s o u r i K a n s a s & T e x a s _____
M o b ile & O h io
N e v a d a -C a lifo r n ia -O r c g o n .
R io G r a n d e S o u th e r n .
S t L o u is S o u th w e ste rn ______
S outhern R a ilw a y S y s t e m ..
T e x a s & P a c ific _______________
T o le d o S t L o u is & W e s te r n .
W e s te r n M a r y la n d __________

_ _ ...........

1916.

i

'u

In crea se. D ecrea se.

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

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

2 ,0 4 0 ,9 6 6

1 ,7 6 0 ,1 0 9

2 8 0 ,8 5 7

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

2 8 ,8 5 5
2 0 4 ,8 7 2

4 1 ,5 0 8

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

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

?

s
1 ,5 8 3

6 6 ,3 3 6
4 ,1 0 0

---------

....... ._ i

i

6 1 4 ,one
3 ,9 7 7
9 ,6 6 7
3 2 ,2 1 1
8 0 ,1 0 0
565
1 0 ,3 5 7
1 1 ,2 4 9

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

6 5 .6 6 2

C h ic B u rl f t Q u in c y b - N o v 1 0 .3 8 0 ,6 4 1
9 ,8 8 6 ,6 6 1
2 ,8 9 0 ,4 9 3
4 ,0 7 0 61 8
J an 1 t o N o v 3 0 .............. 1 1 1 ,9 5 4 ,3 0 4 9 9 ,4 4 1 ,7 .8 9 3 8 .6 5 1 ,5 8 5 3 9 ,5 3 4 ,4 1 8
C h ic a g o ft E a s t 1 1 1 .b — N o v
1 ,8 6 4 ,4 1 4 1 ,5 1 4 4 6 7
3 7 5 ,5 4 8
3 7 0 ,7 1 2
Jan 1 t o N o v 3 0 .............. 1 9 ,3 2 9 ,8 4 2 1 5 ,2 8 9 ,6 5 1
4 ,3 3 3 ,3 7 7
3 ,4 1 0 ,5 2 2
C h ic In d & L o u l s v _ b _ _ _ N o v
8 0 0 ,0 3 8
7 1 1 ,7 5 8
1 7 9 ,6 0 2
2 4 6 ,6 6 9
Jan 1 t o N o v 3 0 -------------- 8 ,4 1 1 ,6 6 3 7 ,4 9 6 ,9 6 0
2 ,5 4 9 ,5 8 9
2 ,6 1 5 ,7 9 2
C h ic R o c k Isl ft G u l f . b . N o v
3 8 3 ,8 5 1
321 5 4 6
1 6 1 ,8 4 9
1 2 3 ,5 3 8
J an 1 t o N o v 3 0 ------------ 3 ,5 0 0 ,9 7 9
3 ,0 6 2 ,4 3 3
1 ,2 1 5 ,4 3 7
9 6 5 ,4 8 6
G r e a t N o r th e r n b
..N o v
8 ,0 5 4 .6 2 4
8 , 2 1 7 ,5 1 8
2 ,0 4 0 .2 9 5
,2
4 ,0 7 7 ,8 9 3
,6
4 ,0 7 7 .8 9 3
Jan 1 t o N o v 3 0 .............. 8 1 ,6 4 9 ,3 2 0 7 6 ,1 5 1 ,7 2 5 2 7 ,3 4 3 ,4 3 7 3 1 .6 2 8 ,1 9 6
In tc r n a t ft G r t N o r . b - N o v
1 ,2 4 9 ,4 7 6 1 ,1 2 1 ,9 5 4
4 3 8 ,1 1 7
433 415
J a n ] t o N o v 3 0 ------------ 1 1 ,3 2 7 ,3 5 9
9 ,7 1 2 ,9 3 3
3 ,5 1 l!l6 2
2 ,6 9 8 0 1 2
K a n sa s C i t y S o u t h .b _ _ N o v
1 ,2 8 0 .9 8 9 1 ,0 7 4 ,2 5 1
532 569
467 215
J an 1 to N o v 3 0 ------------ 1 2 ,3 6 0 ,2 5 3 1 0 ,2 3 5 ,4 4 6
4 , 9 1 9 ,2 5 4
4 ,1 2 4 l 2 3 4
Lou isville; & N a . s h v . b _ . N o v 7 ,2 8 7 ,1 6 5
5 , 0 3 3 ,2 9 6
2 ,5 0 9 ,8 3 6
2 2 7 6 591
* , J an 1 to N o v JO.............. 7 0 ,0 1 0 ,8 0 2 5 8 ,9 7 1 ,0 8 6 2 1 ,9 3 5 ,1 6 4 2 0 ,0 1 2 7 7 7
!•
S t L o u ls-S a n F ra n a - . N o v
5 ,2 8 0 ,7 1 2
4 ,8 5 5 ,3 9 4
1 ,3 0 4 2 4 8
1 6 5 7 40 1
J u ly 1 to N o v 3 0 ------------ 2 6 ,8 5 8 ,5 4 2 2 3 ,9 8 7 ,3 8 1
8 , 5 0 8 ,7 0 0
7 ,4 7 5 2 4 9
S ea b o a r d A ir L l n e .a
N o v 2 ,7 2 7 ,5 5 8
2 ,4 7 7 ,3 1 5
5 9 4 ,5 8 7
8 5 6 ,3 7 5
J a n 1 t o N o v 3 0 - . . . . . 2 7 , 5 0 7 , 6 5 2 2 3 ,5 1 3 ,1 7 4
6 ,7 0 7 .7 4 7
6 .6 6 5 ,5 9 2
T o l S t L o u is ft W e s t . a . N o v
6 4 2 ,9 4 0
Jan 1 to N o v 3 0 ________ 6 ,5 2 5 ,5 5 0
9 3 4 .4 3 9
V ir g in ia n .a ......... ................N o v
8 0 9 ,6 6 8
3 2 9 ,4 5 1
3 7 1 ,2 2 6
J an 1 t o N o r 3 0 ............... 1 0 ,0 7 9 ,1 7 9
8 ,1 4 3 ,0 0 5
4 ,3 7 9 ,2 6 6
3 ,9 2 6 ,6 9 4
W e s te r n r a c i f i c . b .......... N o v
7 9 7 157
2 1 7 ,8 8 1
4 2 8 ,4 8 2
J an 1 t o N o v 3 0 ________ 9 ,0 1 9 ,6 4 6
3 ,3 8 4 ,7 2 6
3 ,0 2 9 ,0 5 7
W h e e lin g ft I , E r l e . b - . N o v
1 ,0 4 0 ,1 7 0
7 8 5 .6 8 8
3 5 9 ,2 4 0
2 4 9 ,1 7 0
Jan 1 t o N o v 3 0 .............. 1 0 ,2 8 5 12 4
9 ,3 3 0 ,7 3 9
3 ,4 3 6 ,8 7 6
3 ,5 7 5 ,0 5 3

535,260 S125.790 S1
43.595
5,466,214 si ,685,433 sl,742,563

823,323
7,554,292

a N e t earn ings here given aro a fte r d e d u c tin g ta x e s,
b N e t earn ings here g iv e n are b efo re d ed u c tin g ta x e s.
.. s
for m iscellan e ou s ch arges to in com e for th e m o n th o f
N o v . 1 9 1 7 , to ta l n et earn ings w ere 8 8 7 ,7 9 4 , a gain st $ 1 0 5 ,1 5 6 last ye ar,
1 t0 N
G ro s s
R eceip ts.
R e a d in g C o m p a n y S
P h ilad elp h ia &
N o v '1 7 5 ,9 3 4 ,0 6 3
7 — , ---------„
E a s in g
16 5 ,5 2 1 ,5 6 8
11 m o s '1 7 6 2 ,4 7 4 ,3 9 7
’ 16 5 6 ,1 9 4 ,0 1 1
Coal &
N o v ’ 17 4 ,5 7 7 .8 1 2
Ir o n C o
’ 16 4 ,8 7 7 ,0 1 9
11 m o s ’ 17 4 5 ,2 9 1 ,3 5 8
T 6 3 8 .5 6 1 ,8 6 3
T o t a l b o th
N o v T 7 1 0 ,5 1 1 ,8 7 5
com p an ies
’ 16 1 0 ,3 9 8 ,5 8 7
11 m o s M
1 0 7 ,7 6 5 ,7 5 5
16 9 4 ,7 5 5 ,8 7 5
R e a d in g
N o v '1 7
Com pany
’ 16
11 m o s ’ 17
'1 6
T o t a l all
N o v *17
com p anies
'1 6
11 m o s ’ 17
-----------'1 6
------------

C h ic a g o G re at
W e ste r n

N o v ’ 17
16
11 m o s ’ 17
’ 16

Gross
E a rn in g s.
S

Cuba R R —
N ov '1 7
616,826
’ 16
501,175
5 mos ’ 17 3,6 0 8 ,4 3 0
’ 16 2,6 57,7 74
D enver & Rio Grande—
N o v *17 2,6 24,9 39
’ 16 2,4 1 1 ,8 4 6
11 mos ’ 17 26,038,789
'1 6 23 ,254 ,52 8
N Y Chic & St Louis—
N o v ’ 17 1,403,156
’ 16 1,300,267
11 mos ’ 17 15,607,415
’ 16 14,128,353
S t Louis Southwestern—
N o v ’ 17 1,641,676
'1 6 1,426,930
11 mos ’ 17 15,606,188
’ 16 12,381,481




° V ' 3 0 WPro s l ’2 3 5 ’ 8 1 s th is year
P r o fit i n
R en t, I n t . ,
B a la n c e ,
O p e r a tin g .
T a xes, & c.
S u r p lu s .
$
§
$
1 ,0 6 4 ,2 1 3
8 7 2 ,5 0 0
1 9 1 ,7 1 3
2 , 2 6 3 ,4 1 5
7 9 9 ,5 0 0
1 ,4 6 3 .9 1 5
1 4 ,8 7 6 ,7 1 3
9 ,3 5 7 ,5 0 0
______
5 ,5 1 9 ,2 1 3
2 1 ,5 0 3 ,0 3 8
8 , 8 7 5 ,4 6 0 1 2 ,6 2 7 ,5 7 8
6 6 1 ,4 8 1
2 0 0 ,0 0 0
4 6 1 ,4 8 1
6 6 6 .6 0 0
9 ,0 0 0
6 5 7 ,6 0 0
6 ,1 9 4 ,2 4 6
9 2 5 ,0 0 0
5 ,2 6 9 ,2 4 6
2 ,5 4 6 ,7 8 9
9 6 ,1 7 5
2 ,4 5 0 ,6 1 4
1 ,7 2 5 ,6 9 4
1 ,0 7 2 ,5 0 0
6 5 3 ,1 9 4
2 ,9 3 0 ,0 1 5
8 0 8 ,5 0 0
2 ,1 2 1 ,5 1 5
2 1 ,0 7 0 ,9 5 9 1 0 .2 8 2 ,5 0 0 1 0 ,7 8 8 ,4 5 9
2 4 ,0 4 9 ,8 2 8
8 ,9 7 1 ,6 3 5 1 5 ,0 7 8 ,1 9 3
5 7 7 ,0 3 3
8 4 ,0 3 3
4 9 3 ,0 0 0
5 7 1 ,2 0 7
4 5 6 ,8 0 9
1 1 4 ,3 9 7
9 ,8 0 6 .0 0 1
5 ,4 2 3 ,0 0 0
4 ,3 8 3 ,0 0 1
9 ,5 9 3 ,1 4 0
4 .9 9 5 ,7 1 9
4 ,5 9 7 ,4 2 1
2 ,3 0 2 ,7 2 7
1 ,5 6 5 ,5 0 0
7 3 7 ,2 2 7
3 ,5 0 1 ,2 2 2
1 ,2 6 5 ,3 0 9
2 ,2 3 5 ,9 1 2
3 0 ,8 7 6 ,9 6 0 1 5 ,7 0 5 ,5 0 0 1 5 ,1 7 1 ,4 6 0
3 3 ,6 4 2 ,9 6 8 1 3 ,9 6 7 ,3 5 4 1 9 ,6 7 5 ,6 1 4

T o ta l O p e r . T o ta l O p e r . N e t R ev .
R ev en u e.
E xp en ses,
f r o m O n e r.
8
8
8
1 ,3 9 9 ,2 7 2
1 ,1 0 5 ,1 0 3
2 9 4 16 9
1 ,4 3 5 ,2 7 0
9 8 1 ,7 0 5
4 5 3 ,5 6 5
1 4 ,9 9 1 ,8 9 7 1 1 ,5 0 4 ,3 1 9
3 ,4 8 7 ,5 7 8
1 4 ,6 7 4 ,6 9 5 1 0 ,1 9 2 ,1 8 8
4 ,4 8 2 ,5 0 7

N et a fter
T a xes.
S
102,282
79,558
773,557
930,956
572,032
992,082
7,152,093
8,6 91,0 65

Other
I n co m e.
S
1,448
673
6,617
4,153

Gross
I n co m e.
5

Fixed
Charges.
$

32,563
28,249
374,262
298,042

N0V!!I
1 2
1 4,28 ,0 5 1-55,78
6 . 9 5 157,64
, 0 4
H m 1 499 2 5 1 ,9 2 9
os 7 , 0 ,8 0 4 8 ,4 0
’ 16 45 ,683 ,79 3 15,800,849
°

D uluth So Sh & Atlantic—
N ov
’ 17
345,978
’ 16
300,410
5 m o s ’ 17
1,932,023
’ 16
1,7 08,2 40
Mineral Range—
N ov ’ 17
9 9 ,778
’ 16
93,461
5 mos ’ 17
510,621
’ 16
482,321
Toledo Peoria & Western—
N o v ’ 17
107,508
’ 16
101,029
11 m o s ’ 17
1,181,950
’ 16
1,112,211
.

— — G ro ss E a r n in g s ------------------ N e t E a r n in g s -------C u rren t
P r e c io u s
C u rren t
P r e c io u s
Y ear.
Y ear.
Y ear.
Y ear.

a g a ln s t ft t * 3 7 § ^ 7 5 i* f r ° m J a “ '

Total
In com e.
S

Charges
& T a xes.
S

147,101
172,727
1,728,561
1,711,600

B a la n ce,
S u rp lu s.
S

101,258
116,360
1,246,391
1,293,088

45,843
56,367
482,170
418,512

653,276 2,6 10,4 03
663,676
504,161
7 ,2 90,3 35 7,0 93,5 36
•16 31 ,539 ,19 0 11,141,102 — 287,854 11,153,218 5,5 25,6 34 5,6 27,6 14
o .o .o .o s t
o .m i o n
i i ? s ludea dlv.! dcntl3 o ? Lehigh ft Wilkes-Barre Coal C o . stock accrued previous
r n a m o u n t i n g to 5 2 ,257 ,78 4, which, though received In this year, should for
purposes of comparison be included In the non-operating Income o f previous years
Chesapeake & Ohio—

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

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:
R oad s.

Other
In com e.
S

8 3 1 *2,3 9 6 3,2 2 7
7 ,5 8 9 ,1 1 7 ,6 9
1,0 1 2 1 6 0 11 7 3
3 ,8 8 3 ,0 9 , 6 ,8 7
1 mos’1 34,3 3 8 1 ,5 1 3 *3,8 7 3 1 ,3 9 7
1
7 2 ,2 6 0 8 ,9 5 0 ,9 5 4 8 .8 0

7 ,5 0 0

2 ,2 5 7 ,1 8 5
2 ,1 9 1 .5 2 3

N e t increase ( 1 5 . 0 1 % ) _____

G ross
N et
E a rn ing s. Earn ings.
S
$
Bangor & Aroostook—
N o v ’ 17
345,390
114,538
'16
368,415
144,478
11 m o s ’ 17 4,0 45,1 82 1,354,299
’ 1G 3,6 75,1 94 1,413,558
Central of New Jersey—
N o v T 7 3,2 54,5 39
T 6 2 ,9 22,9 54

1,421,318
1,900,588

N et In c.
a f t e r C h g s.
S
9 7 ,7 2 2
2 2 8 ,2 7 5
1 .1 2 9 ,4 2 1
2 , 1 3 4 ,2 2 0
Balance,
Surplus.
S

103,730
80,231
780,174
935,109

93,483
95,216
469,267
443,840

10,247
d ef!4,98 5
310,907
491,269

151,698
723,730
124,224
1,1 16,3 06
2,5 02,1 92 0,6 5 4 ,2 8 5
1,921,150 10,612,215

699,293
607,742
7,3 92,0 24
6,5 41,3 13

24 ,437
508,564
2,262,261
4,0 70,9 02

184,059
68,462
2,8 87,6 65
3,098,631

13,673
11,118
324,394
183,394

197,732
79.580
3,2 12,0 59
3,2 8 2 ,0 2 5

193,521
179,323
2,2 29,9 48
1,716,313

4,211
dcf99,743
982,111
1,565.712

530,990
468,952
4,7 1 9 ,8 9 3
3,3 97,9 15

133,440
136,395
1,676,278
1,412,118

664,430
605,347
6,396,171
4 ,8 10,0 33

274,820
270,086
2,9 91,5 02
2,9 48,1 70

389,610
335,262
3,404,661
1,861,869

1 0 9 1,6 7 2 1,9 040
1 ,6 2 , 3 ,0 6 2 ,42
1 9 0 17 1 7 1 3 24
8 ,3 2 3 ,3 0 2
2,5 7 5 1 ,5 0 5 1 ,0 3 3 4
1 ,5 9 7 0 ,0 5 1 3 * 2
1,4 9 6 1 ,2 0 1 1 ,14,96
3 ,4 1 7 4 ,3 0 0 8* 3

69,402
79,136
441,153
527,717

4 ,1 9 0
5,342
21 ,065
25,241

73,592
84,478
402,218
552,958

1,642
1,702
5,307
3,313

16,629
20,615
75,436
116,496

12,714
13,227
63,402
68,183

1,446
8,748
106,863
155,174

17,345
11,790
201,396
130,930

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EXPRESS COMPANIES.
— Month of September---- -Jan. 1 to Sept. 301916.
1916.
1917.
1917.
S
S
8
Great Northern Express Co.—
S
359,228 2,863,643 2,593,158
Total from transportation
361,424
220,168 1,738,194 1,583,555
Express privileges— D r_____
219,919
Rovenue from transport’n.
Opcr’ns other than transp’n.

141,505
6,085

139,059
6,240

1,125,448
53,792

1,009,603
44,989

Total operating revenues .

147,590
104,878

145,300
98,275

1,179,240
918,406

1,054,593
834,069

Not operating revenue_
_
Uncollectible rev. from trans.
Express taxes------------

42,712
40
5,732

47,025
14
4,240

260,834
147
46,960

220,523
94
46,210

174,219
213,726
36,939
42,770
—Month of October— — July 1 to Oct. 31—
1916.
1917.
1917.
1916.
S
$
Northern Express Co.—
304,085
280,236 3,063,701 2,665,451
Total from transportation.
165,330
152,557 1,665,299 1,447,789
Operating income.

Rovenue from transport’n
Operating expenses---------Net operating rovenue—
Uncollectible rovenue fro
transportation_________
Express taxes____________

185

THE CHRONICLE

Jan . 12 1918.]

138,755
5,158

127,679
5,223

1,398,402
44,099

1,217,662
40,559

143,913
119,756

132,903
98,861

1,442,501
1,103,935

1,258,222
936,033

24,157

34,041

338,565

322,189

74
6,000

75
5,500

437
60,000

330
54,430

28,466
278,128
267,428
18,082
Month of September------- Jan. 1 to Sept. 30—
----1916.
1917.
1916.
1917.
S
S
8
Southern Express Co.—
S
Total from transportation.. 1,408,094 1,415,944 13,902,648 12,660,054
718,462 7,169,449 6,541,902
Operating income------------

Rovenue from transport’n
Oper. other than transport n

683,947
28,969

697,482
36,604

6,733,198
287,859

6,118,151
270,433

Total operating rovonues.

712,917
630,625

734,086
577,840

7,021,058
5,820,424

6,388,585
5,090,827

Not operating revenuo . . .
Uncollectible rovenue from
transportation-------

82,291

156,246

1,200,634

1,297,758

Latest Gross Earnings.
Name of Road
or Company.

Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to Latest Dat
Current
Year.

Previous
Year.

8
S
S
$
Pacific Gas & Elec__ November 1791,396 1655.903 18,535,280 17,343.277
282,678
275,379
25,696 26,100
pPaducah Tr & Lt Co November
253,256
315,376
32,130 21,152
Pensacola Electric Co November
Phila Rapid Transit. November 2512,229 2361,936 27,104,496 24,792,226
332,631
368,651
50,444 44,524
Phila & Western R y . August —
Port(Ore)Ry,L&PCo. November 525,811 479,367 5,429,490 4,970,515
g Puget Sd Tr, L & P . October . . 867,095 715.833 7,583,827 6,586,860
(/Republic Ry & Light November 464,296 344,942 4,387,002 3,614.203
Rhode Island C o___ November 466,604 450 652 5,502,349 5,330,358
310,159
350,705
37,818 36,873
Richmond Lt & R R . September
St Jos Ry, L, II & P . November. 132,033 125,091 1,373,630 1,235,944
495,775
527,135
53,300 47,315
Santiago El Lt & T r. November
745,997
875,560
88,104 74,794
Savannah Electric Co November
626,565
652,828
80,737 43,956
Second Avenue (Rec) September
148,166
167,032
6,553
18,557
Southern Boulevard . September
533,589 674.833 6,809,950 7,466,887
Southern Cal Edison. November
258,329
282,152
31,277 32,527
Staten Isl’d Mldland. September
875,642
913,360
Tampa Electric C o. November
78,088 80,780
167.852 3,099,638 2,839,764
Third Avenue_____ September 331,568
Twin City Rap T ran. November 807,840 848,497 9,345,633 9,290 401
Union Ry Co of NYC September 249,346 106,109 2,235,569 2,018,249
Virginia Ry & Power. November 607,654 481,768 6,013,084 5,310,556
677,495
934,843
Wash Balt & Annap. September 179,669 88,718
374,106
423,400
48,752
17,416
Westchester Electric. September
210,971
228,459
14,063
Westchester St R R .. November
18,669
November 365,238 297,012 3,576.572 2,706,802
g West Penn Power
a West Penn Rys C o. November 672,612 568,381 6,984,869 5,705.741
509,490
619,493
76,868 20,782
Yonkers Railroad.. September
800,008
865,499
89,351
94,101
York Railways......... October__
307,515
323,934
30,870 27,650
Youngstown & Ohio. November
b Represents Income from all sources, c These figures are for consoli­
dated company. / Earnings now given in mijreis. g Includes constituent
companies.
E lectric Railw ay and Other P ublic U tility Net Earn­
in gs.— The following table gives the returns of ELECTRIC
railway and other public utility gross and not earnings with
charges and surplus reported this week:
Companies.

Gross Earnings—
Previous
Current
Year.
Year.

8

------ Net Earn ings-----Current
Previous
Year.
Year.

8

•
$

__
American Power & Lt (Sub455,913
sidiary Cos only)_____Nov 1,071,606
958,896
435,832
Jan 1 to Nov 30______ 9,621,934 8,714,100 4,066,234 4.004,517
7,865
141,391
776,556 1,161,745 Brazilian Tract L t& P ..N o v c 7 ,695,000 c7,160,000 c3,492,000 £3.762,000
Operating incom e............Jan 1 to Nov 30_____ a84,131,000c77,573,000c43,376,000c42,655,000
--------- September---------- — Jan. 1 to Sept. 30—
54,221
34,906
232,044
Cleveland Tel C o______N ov
262,385
1916.
1917.
1917.
1916.
619,875
434,729
Jan 1 to N ov 30--------- 2,841,774 2,369,406
S
8
8
S
Western Express Co.—
484,979
389,723
143,653
142,643 1,281,852 1,129,355 Chicago Telephone______Nov 1,805,985 1,702,022
Total from transportation...
Jan 1 to Nov 30______19,718,153 17,932,010 4,558,142 5,134,688
68.360
69,596
555,424
621,160
Express privileges— Dr------122,121
207,018
668,729
643,294
75,292
73,046
660,692
573,930 Michigan State T el______N ov
Revenuo from transporta.
877.480 1,453,273
Jan 1 to Nov 30______ 7,321,555 6,715,254
4,143
3,948
34,591
32.523
Oper. other than transporta.
254,101
304,080
774,192
79,436
76,995
695,284
606,454 Mountain State Tel------- Nov 853,810 7,792,974 3,037,601 2,599,314
Total operating rovenue. .
Jan 1 to Nov 30______ 9,113,997
67,710
59,758
595,857
523,266
Operating expenses..............
&L
__ __
11,725
17,237
99,426 . 83,187 Southwestern P Cos.t— Nov
Net operating revenue—
206,185
191,342
402,564
(Subsidiary
only.)
453,824
4
5
117
66
Uncollec. rov. from trans.. .
Jan 1 to Nov 30_______ 4,213,848 3,780.466 1,882,759 1,834,658
1,968
10,621
17,359
1,169
Express taxes-----------132.686
104,920
399,990
Wisconsin Telphono____ Nov 423,169
9.752
16.061
81.949
72,499
Operating income—
Jan 1 to N ov 30______ 4,640,117 4,284,927 1,341.712 1,471.285
c Milreis
Balance,
Fixed
Gross Net after
ELECTRIC RAILW AY AND PUBLIC U T IL IT Y COS.
Surplus.
Charges.
Taxes.
Earnings.
S
8 „
S
S
$
10,522
4,725
15.247
40,244
Latest Gross Earnings.
Jan. 1 to Latest Dale. Ashville Pow & L t-.N o v ’ 17
9,614
4,324
13,938
39,221
'16
Name of Road
162,103
55,207
217,310
497,545
12 mos. '17
Week or
Current Previous Current
Previous
or Company.
134.687
50,255
184,942
453.275
’ 16
Month.
Year.
Year.
Year.
Year.
10,270
35.619
45,889
181,128
Aurora Elgin & Chic. Oct '17
22,284
35,819
58,103
173,987
'16
8
8
$
$
7,056
35,612
42,668
175,788
Nov ’ 17
Adlrond El Pow Corp September 137,693 124,725 1,185,666 1,102,134
11,865
35,741
47,606
168,132
219,305
329,280
11,713 22,842
Atlantic Shore Ry — November
168,584
392,891
561,475
1,995,777
11 mos.
eAur Elgin & Chic Ry November 175,788 168,132 1,995,777 1,879,790
224,096
398,055
622,151
1,879,790
.802,329
756,246
76,081
73,298
Bangor Ry & Electric November
17,586
210,378
191,487 Bangor R y & E lec.N ov '17
20,518
19,657
18,680
37,243
Baton Rougo Elec Co November
76.0S1
13,560
513,100
547,027
53,508 29,405
18,408
31,968
Belt LRyCorp(NYC) September
73,298
'16
136.846
912,408
999,813
80,856 80,136
208,771
345,617
802,329
Berkshire Street R y. November
11 mos. '17
140,916
196,259
337,175
756,246
Brazilian Trac.L & P November/ 7695,000 /7 160000 /84131,000 /77573.000
’ 16
115,403
113,825
8,511
8,507
16,780
Brock & Plym St R y . November
12,133
28,913
129,882
’ 17
Bklyn Rap Tran Syst September 2512,U>4 2471,878 23,168,136 21,998,158 Caddo Oil & Ref Co.Nov ’ 17 1,994,623
400,754
135,963
536,717
11 mos.
417,961
42,613
353,381
34,901
Capo Breton Elec Co November
12,886
13,245
26,131
86,077
242,717 Carolina Pow & L t.N ov ’ 17
25,966
254,673
25,438
Cent Miss V El Prop. October—
6,597
14,126
20,723
72.694
’ 16
Chattanooga Ry & Lt November U 1,216 103,536 1,229,558 1,124,864
Z286.301
169,897
327,380
907,505
12 mos '17
Cities Service C o ----- November 732,412 1328,389 17,539,807 8,539,523
*187,810
168.619
279,879
775,370
’ 16
44,939 38,571
454,347
390,147
Clovo l’ainesv & East October . .
30,866 def32,169
def 1,303
111,216
g Columbia Gas & El. November 1022.230 824,324 9,737.278 8,045,686 Chattanooga Ry & Nov '17
_
def65
29,735
29,670
103,536
885,8751
16
7119,949
Columbus (Ga) El Co October__ 104,130 84,786
33D882 def109,383
November 359,990 316,468 3,638,911 3,200,443
222,499
11 mos ’ 17 1,229,558
Colum (O) Ry, P & L
326,163
64,124
390,287
’ 16 1,124,864
Com'w’th P Ry & L t. November 1822.283 1510,666 17,727,448 15,229,328
Connecticut C o------- November 788,828 759,717 9,185,515 8,758,237 Colorado Power C o.N ov ’ 17
64,617
108,211
Consum Pow (M ich). November 546,399 456,322 5,201,926 4,247,916
44,931
91,497
'16
1357,243
312,849
664,562
Cumb Co (Me) P S L November 213,036 229,986 2,832,318 2,621,091
c
12 mos '17 1,166,756
187,664 159,344 1,673,943 1,443,817
*285,712
315,039
Dayton Pow & Light November
559.959
’ 16 1,000,627
g Detroit Edison----- November 1156,068 993,087 10,983,740 8,954,353 Consumers Power Nov '17
145,175
91,403
236,578
546,339
Detroit United Lines September 1515.231 1462,388 13.418,589 12,107,552
150,156
75,810
225,966
456,322
(Mich) ---------------------’ 16
338,116
342,224
38,580 20,989
D D E B & Batt(Rec) September
852,844 1,360,567
11 mos 17 5,201,926 2,213,411
Duluth-Superior Trac November 138,967 123,667 1,458,087 1.268.342
825.700 1,460,271
4,247,916 2,285,971
16
East St Louis & Sub­ November 329 267 278,467 3,334,485 2,731,122
27,244
45,919
73,163
359,990
750,841 Columbus (O) R y Nov '17
75,990 73,859
852,597
Eastern Texas E lec.. November
89,019
42,862
131,881
316,468
Pow & Light-----16
993,375
108,206 99,883 1,175,324
El Paso Electric C o .. November
476,906
509,054
985.960
11 mos 17 3,638,914
September 148,081
77,855 1,339,960 I, 345,393
42d St M & St N Ave
823,025
472,809
’ 16 3,200,443 1,295,834
(/Federal Lt & Trac... November 268,643 209.936 2,559.445 2,271,968
2,795
69.843
72,638
196,273 170,145 1,878,533 1.768.343 Cumberland Co
243,036
N o v '17
Galv-IIous Elec Co_. November
6,397
69,058
75,455
229,986
(Me) Pow & L —
16
Grand Rapids Ry Co November 100,702 102,921 1.186.624 I , 178,402
209,164
748,250
958,414
11 mos 17 2,832,318
Great West Pow Syst October— 336,667 320.252 3,276,452 3,052,059
266,141
743,132
834,198
98,922 86,312
977,251
’ 16 2,621,091 1,009,273
Harrisburg Railways October..
38,467
66,944
105,411
Havana El Ry, L & P November 613,403 517,627 6,315,811 5,457,438 East St Louis & Sud.N ov '17
329,267
483,517
62,793
47,038
527,494
63,410
58,620
110,448
Honolulu It T & Land September
278,467
'16
296,621
381,099
25,987 26,090
311,940
715,500
Houghton Co TracCo Novomber
11 mos '17 3,334,485 1,096,599
404,181
691,019
I) Hudson & Manhat. November 538,573 512,904 5,706,818 5,358,223
’ 16 2,731,122 1.095,200
33,691
Illlnois T raction----- November 1243,066 1104,912 12.275,726 II, 063,284 Fort Worth Power Nov ’ 17
10.843
44,534
96,345
35,208
Intcrboro Rap Tran. November 3454,687 3451,757 36,771,208 34.447,269
9,889
45,097
72,298
& Light_________
’ 16
564,891
628,532
60,940 48,375
422,222
Jacksonville Trac Co November
121,438
543,660
980,763
12 mos 17
218,726
225,592
21,650
19,996
377,721
Keokuk Electric C o. N ovember
116,721
494,442
841,238
’ 16
104,662
13,641
132,020
November
11,103
Koy West Eloctric Co
31,840
50,267
82,107
268,643
N ov '17
142,840 136,113 1.475.625 1.343.126 Federal Light S
c
Lake Shore Elec R y. October .
29,578
49,018
78,596
209,936
’ 16
Traction_____ . . .
Leliigh Valley Transit September 209,787 234,155 2,148,439 1,860,553
217,750
543.485
761,235
11 mos ’ 17 2,559,445
740,390
836,042
71,307
61,871
Lew 1st Aug & Watcrv November
231,210
536,251.
767,461
’ 16 2,271,968
192,340
23,479 2 4,568
200.910
Long Island Electric. September
18,044
32.444
2,557,994
50,488
109,472
Loulsvillo Railway.. O ctob er... 310,524 260,559 2,700,396 6,287,876 Georgia Light Pow Nov ’ 17
8,791
33,147
41,938
91,326
& R y s ...............16
Milw El Ry & lit C o. November 737,569 614.072 7,180,220
143,615
364,142
507,757
1,681,719
988,438
11 mos 17
Milw Lt, lit & Tr Co November 193,061 160,800 2,024,402 2.166.127
78,493
363,505
441,998
864,445
199,981 2,235,205
November 212,26
’ 16
Nashville Ry & Light
868,077
4,682
18,619
23,301
100,702
Newp N & It RyG&E October . . . 142,310 87,252 1,081,411
491,496 Grand Rapids R y .-N o v '17
559,546
17,893
61.905 24,028
17,322
35,215
102,921
N V City Interboro.. September
16
313,327
165,435
350,058
58,22'
198,272
41,043
363,707
N Y S Long Island-- September
c
11 mos '17 1,186,624
121,367
243,070
128,745
17,897
169,177
14.947
412.247
N Y & North Shoro.. September
’ 16 1,178,402
84,268 103,809
874,656 1,070,800
1260,732
N Y & Queous C o_ September
_
108,140
358,911
643,403
Havana Elec R y Nov ’ 17
216,136
*206,385
133,817
Now York Railways. Novomber 998,423 837,383 11,487,873 I I ,
323,526
517,627
Light & Power—
’ 16
332,520
369,882
24,889 22,651
N Y & Stamford R y. November
11 mos ’ 17 6,315,811 3,564,165 1,347,066 *2,345,419
515,499
509.570
44,345 52,415
N Y Westchos & Bost November
'16 5,457,438 3,373,506 1,421,018 *2,080,108
181,953
197,940
17.701
15,734
Northampton T ra c.. November
14,592
16,215
30,807
65,448
North Ohio Elec Corp November 538,799 464,327 5,884,383 4,748,336 Huntington Devel Nov ’ 17
5,212
14,756
19,968
43,079
2,287,906 1,747,963
(fc Gas__________
’ 16
North Texas Electric. Novcmbor 270,510 163,929
163,094
189,796
352,890
603,641
133.790
12 mos '17
137.512
17,302
19.207
Ocean Electric (L I ). September




176
74,249

53
14,801

1,902
422,175

964
134,047

186

THE CHRONICLE

Gross
Earnings.
•
S
Keystones Teleph___Dec 17
143,628
16
132,001
12 m ’ 17 1,587,216
o3
16 1,470,143
Lewiston Augusta Nov 17
71,307
& Waterv St R y .
16
61,871
11 mos ’ 17
836,042
T6
740,300
Milw Elect R y & N ov ’ 17
737,560
Light___________
'16
614,072
11 mos ’ 17 7,180,220
'16 6,287,876
Milw Light Heat N ov ’ 17
193,061
& Traction______
16
160,800
11 mos ’ 17 2,024,402
’ 16 1,681,719
Nashville R y & L t.N o v ’ 17
212,264
16
199,981
11 mos ’ 17 2,235,205
’ 16 2,166,127
Now York R ys____Nov ’ 17
998,423
’16
837,383
5 mos '17 5,387,330
16 4,447,489
Portland (Ore) R y N ov 17
525,811
’ 16
479,367
11 mos ’ 17 5,429,490
’ 16 4,970,515
Tennessee Pow Co N ov ’ 17
186,650
16
159,386
11 mos ’ 17 1.748,941
’ 16 1,516,068
Texas Pow & L t._N ov ’ 17
274,952
16- 220,848
12 mos ’ 17 2,553,558
'16 2,220,860
Utah Power & Lt Nov ’ 17
482,004
(IncI West’n Colo
16
403,197
Power Co)
12 mos ’ 17 5,108,601
TO 4,247,302
West Penn P ow er..N ov T7
365,238
T6
297,012
11 mos T7 3,576,572
T6 2,706,802
West Penn Rys___ Nov T7
672,612
16
568,381
11 mos T7 6,984,869
16 5,705,741
___________
Western Union Tel (Dec 1917 partly estimated)—
3 mos Dec 31 17 78.400,187 15,098,800 1.331.850 13,766,950
’ 10 63,621,000 13,727,255 1.331.850 12,395,405
Yadkin River
N ov ’ 17
45,408
31,471
14,311
17,160
Power Co
16
41.672
32,762
15,466
17,296
12 mos 17
476,674
340,925
166,007
174,858
16
417,793 306,677
186,887
119,790
x After allowing for other income received.
T he General Gas & E lectric Company.
Estimated Gross Revenue for December.
Company__
1917.
1916.
Increase.
Rutland System_________
- $43,205
$38,240
84,965
Northwestern Ohio System 111111II11
. 25,000
24,436
564
. 59,511
44,818
14,693
- 34,620
30,574
4,046
- 16,190
10,033
6,157
. 20,169
18,296
1,873
Interurban Gas System!
■
850
817
33
$167,214

$32,331

Estimated Gross Revenues for December. ,
Company—
- 1017
1916.
Reading System. ........................................ aooo 579 $242,453
Pennsylvania Utilities System________ II I 130 000
96,172
West Virginia S y s te m ...........
........... 99 145
95,310
29:.52l
Claremont System___________ . . . H I H I I I ________
27,042

Increase.
$40,119
33,828
3,845
2.479

v i S ^ - s y s ^ : : : : : : : : : : : : : : : : : ; : : : : ^ 5^

2400,977

$80,271

A N N U A L REPORTS.
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during tho preceding month will bo given
on the last Saturday of each month. This index will not
include reports in the issue of tho “ Chronicle” in which it is
published, the Latest index will bo found in tho issuo of
JJec. 29. The next will appear in that of Jail. 2G.
Swift & Co., Packers, Chicago.
30 1917.)
V.-Pres. Edward Swift at tho annual meeting said in subst.:
{Report f o r F iscal Y ea r en din g Sep t.

L I h?,?;.car 19A7 ha? l,eeu a ycar of abnormally high prices in general
hA! Va! A 0 u£b tho prices of livestock and meats havo not risen as much as
> b
in t h T l M o c k S S nt commodities, record prices have been tho
^hp,bighest prices paid for livestock in Chicago, togother with tho dates
fnr'hnLC l S n y were pa,d>w.ure; For cattle, $17 90 per cwt. on Sept. 19 1917­
1m 7 0aA’riS*9nPco cw t’ ° ‘ l ArUg’i 21 A917! fo1’ sheep, $16 per cwt. on M ay 12
1917, and *20 00 per cwt. for lambs on M ay 17 1917. These prices h o w ­
ever, were for choice lots that topped tho market on tho rospecti™ dates.
Company's Average Payments for Livestock per Cwt. at All Plants During Year.

^

} 9} 7 ...................................- 3 8 66

$12 89

^ pA L am bs. '

1915 I I I I I I I I I I I I I I I I I I I i : 7 10
7 09
7 85
a result ot these high prices of 1917, wo paid over 8455,000 000 to
livestock raisers during tho year, an increaso of $141,000,000 over 1910.
Average Prices in December 1917 and 1916 Paid by Swift < Co.
S
\ rP fcem^cr
Cattle.
Ilogs.
Sheep.
Average
7— ........................... - * | 8 1
$16 67
$15
$1170
Increaso I I I I I I I I I I I I I H 2 4 .I %
70.3%
30T^
34.8%
1 ho price of meat was also high, but did not advance as rapidlv as the
priSf ®E‘ iv^A°ck -,bocausu 07 tbo hi8bcr values realized for by-products.
. Pbt;.
I J marked by record receipts of cattle, which were tho
largest in tho history ot tho country. When tho 1916 marketings of cattle
thatVthls‘ wn .al i ncr? S over Previous years, it was commonly believed
Jhat; this was done at tho expense o f tho number o f cattle remaining on
, but the Secretary of Agriculture stated in his annual report that
tho number ot live cattlo on farms in Jan. 1917 had increased in spite of the
greater slaughterings of tho previous year.
\ e learn from tho recently issued annual report o f tho Secretary of Agri­
\
culture that the record-breaking marketings o f 1917 havo again been
Jan°ni 9 18 firnl^nfom DvfnYl in tll° m,mbcr ° f cattlo on farms, and that
jan. tui8 xinds more than thero wero a year ago.




[Vol . 106.

The number of hogs received at the contral markets showed a slichfc
™nSA S C IJ>Pared with 1910. The need for hog products on the part
’m O
of M,r A °r \ b no doubt act as a stimulant for greater hog production
l
.
v

£

,< S ° m bor of5l,cop
,m

Pas.® year examining our books. Wo have given these accountants overv
faculty’ and believe that the investigation will be o f vafue in K m C to
of ,tho unfounded statements that aro commonly made to
the effect that packers’ profits are unreasonably high.
*f°inSllr? that tho result of tho Federal Trade Commission investlgation will substantiate the statements previously made by Swift & Co
^ t ,tl].Mr profits are very reasonable, and, while tho profit is very small
1
per dollar of sales, on tho largo volume of business transacted it has yielded
a satisfactory return to tho stockholders on their investment
y
t J Covernmcnt has deemed it advisable to control by license tho op­
10
eration of all food distributing activities and in its control over tho packing
industry tho I'ood Administration has limited our profits on slaughtering

si?

s p

Tbb

i m

t

™

,or

vo n f/nHivPrw l ^ a tl3
Ji0 ,eon paid f° r fuel. supplies and labor. Wo have
timee Vimes ^Ineo W^bthio u ? g ew >f eniPloyees twice during tho year and
ttnee times since kob. 1916. Wo are now paying common labor wages
in onr0nMne«li Acfo on™ years, ag° • rbo average pay of women employed
w S12 20 P?r week with a guaranteed minimum of 89 per week.
40% in tho lasTtwSayears°Ur PlWlt employees havo bcen increased over
OPERATIONS FISCAL YEARS END. ON OR ABOUT SEPT. 25 A N D 30.
1916-17.
1915-16.
1914-15.
1913-14.
Business done cxceeded.875,000,000 575,000,000 500,000,000 425,000 000
Net earnings---------------- 42.318,381 20,405:000 14:087.500
9 450 000
Dividends......................(10)9,500,000 (8)0,000,000(7)1)5437500 (7)5,250:000
n n S ’ !S « ; i - 32.818.381 14.465,000 ~8.650.000
4 200.000
rlenri
ri'
< 9 ! 9 tb<jre was paid to shareholders of record a cash diviL
ings V 10i"'V 'Jl if('><
r ^Cr t0 dlst,rlbuto $25,000,000 of accumulated carnBALANCE SHEET, SEPT. 26
. ,
1917.
1916.
Assets—•
$
$
Real estato, improvo’ts,
Including bran ch es... 55,170,507 50,692,781
Stocks and bonds........... 39,716,467 37,644.283
Cash--------------------------8,292,056
6,963,254
Accounts receivable___ 82,265,715 60,564,607
Live cattlo, sheep, hogs,
dressed beef, &c., on
hand..............................120.935,778 74,888,318
Total assets________ .306,380,523 230,753,243
Liabilities—
Capital stock paid in .. -100,000,000 75,000,000
Bonds............................. - 31,593,500 31.311,000
Acer, bond int. & divs. - 4,394,919
1,891,387
Bills payable_________ - 70.211,560 38,873,500
Accounts payable_____ - 2A-?§I’29?
17.072,194
Reserves____________ 6,290,162
Surplus......................... - 59.96o.000 60,315,000

TO 30.
1915.

$

1914.

$

50,539,539
38,355,803
8,946,755
61,622,455

50,434,307
35,462,091
8,479,190
47,329,777

47,901,889

45,899.008

207,366,440 187,604,373
75,000,000
24,500,000
1,806,250
32,933,550
21,375,756
5,900,884
45,850,000

75,000,000
10,000,000
1,437,500
39,538,850
18,619,001
5,809,022
37,200,000

— V? m s ^ p . ^ l f b ' 2605308,380,523 230’753’243 207,306,440 187^604^73

(The) Texas Company, Houston, Tex.
(,/ inancial Statem ent oj J a n . 3 1918— lea rn in gs , tfcc., f o r F ive
M o n th s to N o v . 30 1917.)
Tho official statement submitted to tho Now York Stock
Exchange as of Jan. 3 regarding tho listing of 813,875,000
additional capital stock (seo a subsequent pago) says in subst.
1 ^bo proceeds of tho sale of said 138,750 shares will bo applied to the purchaso of crudo supplies and increasing tho manufacturing and distributing
iacilitles or tho company.
Since March 20 1917 this company has amended its charter and mado
ne
Jta‘i iiChangeA ‘ n Is corporate organization and in tho form of somo of
n
its holdings. I nor to Juno 19 1917, such corporations, though empowered
to buy, store, pipe, transport, refine and market petroleum, and to own and
operato equipment and plants for theso purposes, had no direct charter
power to engage in the producing business, and under the laws of Texas
the power to prospect for and produco oil and to hold lands and leases for
these purpose could not bo conferred upon corporations of this kind,
according to the opinion of counsel. .But on tho date last mentioned, thero
becamo effective an Act of tho Texas Legislature, approved Feb. 20 1917
shareholders ^une0^ I917haS acc‘ uired th0 lack,n« powers, as voted by tho
At the meeting on June 22 1917 tho stockholders of tho company also
authorized a conveyance of Its oil pipe lino system, tho lines in Texas and
Louisiana to a lexas pipe line corporation, and tho lines in Oklahoma to an
Oklahoma pipe lino corporation, in exchange for tho stock of theso now
X S w m iT
Y l"ch Y provided for in the Act of the Legislature.
)as
9un®26 1917 tho Texas Pipe Line Co., with capital stock of $14,000,000,
io i
104? oach. wasr incorporated under tho laws of Texas, and on Juno 27
in iL Jo'in o<zas ! pe Ul} e Co' 0klg h°ma, with capital slock of $6,000,000,
shares $100 cacti, was incorporated under the laws of Oklahoma. Tho oil
pipe lines in loxas and Louisiana wore conveyed to tho former, and thoso in
^m^}v^YnW iC0IV P tl to tl10 latt?r> ,tbo Parent company taking tho
hr^
v?
$20,000,000 stock of tho now companies in payment for ttiese properties. i
which stood on its books at $18,517,749 41. And on Juno 27 1917 tho
^ lar,tcrT , be loxas Co. was formally amended, as authorized bv tho Act
L
or l
miAL? p,0Kislaturn ’ and in accordance with a vote of tho stockholders.
Ihesei now pipe lino companies began business on July 1 1917 and they
operate^ solely as carriers.
' 1 11 buuy
1 11
The 'l’exas Co. has sinco acquired the producing properties formerly
owned by Producers Oil Co., which company has been dissolved, so that tho
business of this company now, in short, is that of producing inlying
storing refining, shipping and marketing petroleum. Us producing
properties aro located in tho States o f Texas, Oklahoma, Louisiana, Kansas
and Wyoming and in the Ropubiic of Mexico, and their daily production is
upwards of 40,000 bids., of wlUcli about three-fourths is in Texas and Okiahoma. I ho approximate acreage held is as follows: Keo ownership in
lexas, 36,000 acres; in Oklahoma, 3,000 acres; and in Louisiana, 11 000
acres. Under lease: in Texas 1,100,000 acres, in Oklahoma 21 1,000 acres,
m Louisiana 262,000 acres, in Kansas 27,000 acres, in Wyoming 19 000
S V J m
othor« t I?‘ ory 45’909 acres. Its steel tankage, located prin­
,T
cipally in loxas, Oklahoma and Louisiana, amounts to 28,000,000 bbls.
and its emergency storage to 3,000,000 bbls.
The refineries of the Texas Co., located at Port Arthur, Port Neches,
i , lV An bockport, have a combined daily still capacity of 70,000
isa .(l
bbls. Its tlect, including vessels reQuisitionecl or in the Government service
on account or tho war, and including regular cargo boats as well as tankers
has a carrying capacity of 122.800 tons deadweight, tho ocean-going vessels
being of 102,o00 tons and other vessels of 20,300 tons capacity; also 35
tugs, towboats, launches and delivery boats; and material has boon
ordered for approximately 80,000 tons additional, somo of which is under
construction and at least half should bo completed during tho calendar year
but it Is all subject to the general requisition order of tho Government!
Its tank cars owned and leased number 2,970. It owns 14 ocean terminals
and has 679 sales stations, exclusive of gasolino filling stations, in tho U S
And it owns or controls terminals, stations and marketing equipniont in
yprA s 7ore f?n countries. Tho Texas Co. and its subsidiaries employ over
?ilA
16,000 persons.
1 y
The lexas Pipe Line Co owns and operates 829 miles of 8-inch, 536 miles
of 6-Inch, and o0 miles of less than 6-inch pipo lines, making a total of 1 451
miles; and 1 he Texas Pipe Line Co. of Oklahoma owns and operates 270 miles

THE CHRONICLE

Jan . 12 1918.]

of 8-Inch, 141 miles of 6-inch, and 84 miles of less than 6-inch pipe lines,
making a total of 495 miles. Included in each instance are the necossary
pumping stations -with their tankage and equipment. The companies also
own and operate connecting branches and gathering systems in the various
fields. The receiving points on the lines are: (a) i n T e x a s include Burkburnett, Electra, Goose Creek, Humble, Markham. Moran, Petrol 1a and
Sour Lake. (6) In O k la h om a include Artesian, Avant, Bald Hill, Bartles­
ville, Bird Creek, Bixby, Boynton, Collinsville, Copan, Cushing, Dewey,
Flat Rock, Glenn, Grayson, Hamilton, Healdton, Henryetta, Hogshooter,
Hominy, Lost City, Morris, Okmulgee, Owasso, Red Fork, Stone Bluff
and Turley, (c) In L o u is i a n a include Crichton, Evangeline, Naborton,
Oil City, and Vinton. Port Arthur, Tex., is the ultimate terminal of all
the lines. From initial terminals thoy merge at the junctions of West
Tulsa, Sherman, Dallas, Humble, Logansport and Garrison, and reach the
Gulf at Port Arthur.
,t .
. ....
.
The company has issued new stock at par prorat ably to stocknoiaers to
the amount of tho following percentages on their holdings: In 1915 \/o\
in 1916, two uwuc 45%; in 1917, 25%. And since tho date of its last
issues,
1U 1U1U,
"
*
application tho company has paid quarterly dividends regularly at tho rate
cor
o t 2 A % . or ~~~ per annum.
10%
I N C O M E A C C O U N T O F T E X A S CO.
5 M o s . to ----------- Y e a r s e n d in g J u n e
I
1916-17.
1915-16.
N o v . 30 '17.

30
1914-15.
~ x.uKxa.iiaii *_____ __ $26,391,745
Gross earnings............*$30,848,982 $54,339,050 $37,708,382 _________
21,961,649 18,367,053
Oper. exp., taxes, &c___ 14,488,060 31,431,126 91 0R “ Q is a«7 nsa
1
Net earnings_ $16,360,922
_
$22,907,924 $15,746,733
Deduct—
Sink, fund & deproc’n ..
$678,571 $2,047,217 $1,647,315
200,557
136,180
Prov.for bad,&c..acc’ts. -----------1,000,000
Provision for taxes_____ 4,143,127
3,350.000
4,532,500
Dividends_______ 1,387.500
(10%)
(l6%)
Per cent of dividends.
( 2 'A Vo)

$8,024,692
$1,338,900
292,465
3,000,000

(10%)

Total deductions----- $10,151,724 $15,192,026 $10,548,862 $3,393,o27
Balance to surplus____ SS’?9?,7of afZ’ iQo’nifi «fo ’ 548’862 |s’3Qq’327
* Includes $5,113,694 earnings of the Producers Oil Co., of which
$2,389,362 were earned prior to March 1 1913.
R E S U L T S O F ' P I P E L I N E S F O R F I V E M O N T H S E N D I N G N O V . 30.
(S h o w in g r e s u lts o f T e x a s P i p e L i n e C o . ( o f T e x .) a n d o f T e x a s P i p e L i n e
v
C o . o f O k la h o m a .)
Co. o f
C o. o f Tex. Co .o f Okta. I
C o. of Tex. Co.ofOkla

Gross earnings $2 ,592-,062 $1,423,447 Deprec’n reserve.. $418,920
Net^at^.taxea^&c:Sl,553,6 2 5 $337.2041Hal. tor divs., Ao.St.130,705
THE

TEXAS

CO.

BALANCE

3179,540
SG57.664

SH EET.

Nov. 30 T7. June 30 T7.
Assets—
S
Plant account*. 6 5 ,472,(W 37,865,537
o
1,740,843
Other lnvestm'ts 2,406,879
1,702,657
Storehouse supp 0,291,790
Stocks of oil,
■ crued.ref.,Ac. x15,316,019 40,178,773
225,020
XJnexpired lnsut.
259,419
Sub. co,s stocks yl8,517,749 19,056,389
540,000
Liberty 4s........
Other bonds and
292.657 2,696,65';
mortgages. - Bills & accounts
11,018,394
receivable__
Adv.tosub.cos. 9,669,184 22,084,944
"
758,048
Contract advan. 1,293,728
6,057,389
Cash on hand.. 8,447,841

Nov. 30 T7. June 30 T7.
LisbitUies—
S
S
Capital stock... 55,500,000 55.500.000
0% debentures. 10,058,000 16.386.000
Stock subscrlp'n
new issue___ 11,929,710
_____
Ace’ts payable. 4,538,3551 14,590,070
1 1 1 payable-_. 4,485,341/
31a
Prov. for doubt­
ful aco’ts rec.
300.000
304,445
Insur. res’ve f’d
500.000
500,000
Prov. for taxes, 5,500,000
1,350,873
do int.ondebs
491,580
401,450
Res. for sk. fund
and depreo’n. 24,626,412 15,189,940
Surplus........... 50,421,913 40,270,189

Total........... 174,265,627 144,584,652

M o n r o e v il l e O rc h a rd .— This property is making splendid growth, notwith­
standing the late frost last spring. While the damage to the trees was
mostly temporary, it is estimated that about half of the peach crop was
killed and considerable harm was done to the prunes, pears and figs. The
estimated returns, using the prevailing prices, are: For peaches, pears,
prunes, figs, corn, alfalfa and beans, S9.264. During the spring we
planted 1,156 additional olive trees/and 940 other trees, making a total of
43,228 now planted, viz.: Olive, 2,414; peach, 8,284; prune, 14,115; pear,
9,315, and fig, 8,458; almond, 248; walnut, 360; miscellaneous, 34.
A p p r a i s a l o f L a n d s .— The Jacinto Irrigation District has been formed
and considerable progress has been made in carrying forward the plans or
the Princeton-Codora-Gienn Irrigation District, for watering the lands trib­
utary to the present River Branch Canal. These districts have yet to vote
their bond issues and do the physical work necessary to place them in a
position to operate with an independent water supply. While little proggress has been made in the forming of a mutual company to take over the
Canal Company, the management believes that the water situation is suf­
ficiently clarified to permit of the company’s lands being accurately ap­
praised, and recently arranged with independent appraisers to prepare
reports covering all of tho unsold lands as a guide for future sales.
S a cr a m e n to V a lle y W e s t S id e C a n a l C o .— The operations of this Canal Com­
pany were conducted by tho receiver with very satisfactory results, with
regard to the acreage irrigated, which increased from 18,227 acres in 1916
to 29,313 acres during the season just ended. Tho acreage devoted to the
cultivation of rice increased from 8,805 to 16,556 acres, and that used for the
raising of general crops from 9,422 to 12,757 acres.
During July the Sacramento River reached the lowest stage in many
years, and this fact, combined with the unprecedented hot spell during the
same month, creating unusual demands for water from the rice growers,
found the Canal Co. facing a serious water shortage, due also in part to im­
proper methods of irrigation on the part of certain water users . An addi­
tional pump and motor relieved the situation, and it is expected that betore
the season of 1918 all steps will have been taken to avoid the possibility or
any further water shortage.
.
.
Tho gross earnings for 1917 of the Canal Co. will show an increase over
1916 of probably over $60,000. A large part of the increase has been ab­
sorbed by additional operating and maintenance expenses, due in part to
the increased cost of labor and material and supplies. It is estimated,
however, that the Canal Co. should have surplus earnings of about $25,000
over and above the cost of operation and maintenance, the cost of improving
and enlargement of the canal system and somo additional pumping equip­
ment purchased last summer, but without taking into consideration any
interest on outstanding receiver's certificates, and also without provision
for attorney’s fees and expenses of receivership.
„ „
.
,
From Nov. 1 to the opening of the irrigating season in 1918, it is proposed
to expend between $30,000 and $40,000 to bring the canal capacity up
to 650 second feet, or approximately 150 second feet greater than the ca­
pacity during the past season, which will make it possible to irrigate ap­
proximately 4,000 additional acres of rice. It is estimated that the income
for 1918, after the improvements contemplated are made, should be about
$165,000. Provision has been made for the issuance under order of the
U. S. Court of $40,000 receiver's certificates in addition to the $25,000 al­
ready outstanding.— V. 103, p. 417.

Total--------- 174,265,627 144,584,652

* Investments in real estato, leases, oil wells, tankage, refineries, ships,
cars terminals, distributing stations, natural gas wells and equipment.
x Stocks of oil and refinod and in process of manufacture (at June 30
1917 inventories, subsequent purchases at cost, subsequent production at
market pricos current at dato of production, total substantially less than
nresent market valuo.).
1 v includes as of Nov. 30 1917 $13,073,402 stocks of tho Texas Pipe Line
Co. (of Texas) and $5,444,347 stock of the Texas Pipo Lino Co. or Okla.
B A L A N C E S H E E T S N O V . 30 1917 O F P I P E L I N E C O M P A N I E S .
( T e x a s P i p e L i n e C o . ( o f T e x a s ) a n d th e T e x a s P i p e L i n e C o . o f O k la h o m a .)

Assets—
Co. of Tex. Co.of Okla."
plant account__ 313,674,274 $5,858,633
Storehouse supp.
515,229
279,452
rjogu .................
58,457
31,953
Accounts rocclv. 1,411,293 1,045,309
Unexplred Insur.
1,210
1,624

............
Liabilities—
Co. of Tex. Co .of Okla.
Capital stock__ $14,000,000 $6 ,000,000
Accounts pay’Ie.
77,601
364,S02
Prov. for taxes..
24,236 • 14,971
'Deprec’n reserve.
418,920
179,540
Surplus_______ 1,139,705
657,664

Total
...$15,660,463 $7,216,976
— V. 105.' P. 1004, 1715.

Total...........$15,660,463 $7,216,976

Superior California Farm Lands Co., Detroit.
10 M o n th s en d ed Oct. 31 1917.)
Pres. Merle B. Moon, Detroit, Nov. 15, wrote in subst.:
( In terim Report Covering

R e s u lt s .— The company has made considerable progress as to its compli­
cated problems, and tho outlook in this respect is moro encouraging than
at any timo since organization. Wo aro hopeful of having the title situa­
tion in excellent form within the next few months.
While tlie Sacramento Valley West Sido Canal Co. has not yet been able
to supply water sufficient to irrigate ail of the lands within tho old Central
Irrigation District, tho receiver was able to operato the Canal at somo
profit, and ho proposes to mako extensions and improvements which will
enable it to supply considerably moro water next season. To the north
tho Jacinto Irrigation District and on tho oast tho Princeton-Codora-Gienn
Irrigation District will, when wholly organized, relievo tho canal system
of considerable o f its burden.
Tho farming operations liavo been unusually prosperous this year, and
wo have boon able to dispose of somo of our lowest grado lands, mostly
for rico, outside of tho present irrigation systom, tho purchasers dovolopng their own water systom.
From estimates at hand wo aro hopeful that the farm operations for the
year 1917 will pay operating oxponses, taxes, & c . Inasmuch as the rico
is not all harvested or sold, these estimates will be more or less affected
bv general market conditions.
Tho President is now devoting his timo entirely to tho affairs of the com­
pany [under contract attached to the report].
F i n a n c i a l .— The company has receivod and canceled to Nov. 1 1917
$4‘>l 403 Adjustment Mortgage bonds in part payment for lands purchased
from’this company, or from its predecessor, including $14,229 canceled prior
to Jan. 1 1917. This reduces the bonded debt to 86,779,797.
From Jan. 1 to Nov. 1 1917. tho cash receipts on account of land sales,
contracts notes, &e., and land paid for in full, amounted to $292,751
nrincioal and $20,657 interest, or a total of $313,408. Cash on hand or In
banks increased from $53,034 on Jan. 1 1917 to $327,727 on Nov. 1 1917.
Owing to the cancelation of a large number of contracts of tho predecessor
company placing tho lands covered thereby back on saio and owing to
payments on land purchases in cash and bonds, the accounts receivable from
kind sales accounts has been materially reduced, amounting on Nov. 1
1917 to about $647,000 (complete figures not being available).
L a n d S a le s .— Tho demand for lands has considerably improved.
Sales
closed since .Tan. 1 1917 total $485,787, comprising 15,767 acres, the prices
varying from 813 per aero to $150 per acre, with the average price of betweon *30 and S31 per aero. In most instances water supply will eventually
bo furnished from sources independent of the present canal system, and at
the expense of the purchaser.
Thero remains unsold lands approximating 64,800 acres.
.
F a r m in g O p e r a ti o n s .— The unsold lands were leased for tho cultivation of
rico, barley, whoat, hay, alfalfa, &c., or for pasturage, on a crop share
basis or at a fixed rental, the labor situation militating against our exten­
sively farming except at the Monroeville orchard. I lie acreage leased
tills year amounts to 66,663 acres, including certain acroago sinco sold,
comparing with 50,892 acres leased in 1916. Tho estimated returns for
1917, based on prevailing prices, aggregated $214,307, principally. Rico,
8100,000; barley, $67,348; wheat, $18,620, and corn, $21,274. Very largo
crops have boon secured, and our share lias been larger than last year, witn
better prices.




187

Firestone Tire & Rubber Co. and Proprietary Com­
panies, Akron, Ohio.
(Report f o r Fisca l Y ea r en d in g O ct. 31 1917.)
President H. S. Firestone says in substance:
Rales for tho year ending Oct. 31 1917 were $61,587,219, compared with
previous year, $36,001,770, an increase of 825,585,449 or 71%. Profits
leaving a surplus or additional capital of $3,316,395.
To provide additional working capital the stockholders last year author­
ized an issue of $10,000,000 6% cumulative preferred stock, of which
amount $8,500,000 was sold during the year at par and above. At the
annual meeting a year ago, 50,000 shares of the common capital stock
was authorized to be sold to employe's: 90% or 11.300 out of approximately
13,000 employees subscribed for their fuil allotment.
, ,
.
The company found it necessary to build houses to relieve the housing
situation in Akron and organized the Coventry I.and & Improvement
Co. with a capital stock of $500,000. This entire capital stock is owned
by the Firestone Tire & Rubber Co., and it was necessary fo- the company
to make further advances during tho past year to carry out the allotment
of some 400 acres of land and to construct approximately 600 houses.
The land company has since financed itself and is not indebted to the
__
Firestone Tire & Rubber Co.
O u tlo o k .— It is mv opinion that in these troublesome times your company
has never been so well organized as it is to-day, and we anticipate for the
coming year, if not hampered by transportation or unforeseen difficulties,
operating our factory steadily and at full production.
I N C O M E A C C O U N T F O R Y E A R E N D I N G O C T . 31.
1915- 16.
1916- 17.
Sales for years ending Oct. 31------------------------- .$36,001,770 $61,587,219
Net profits for 1916-17 after liberal allowances for deprecia­
tion, losses account of bad debts and a reseive for F e d e r a l
in c o m e a n d w a r e x c e s s p r o f i t s t a x e s .............
.................
Dividends paid during the year ended Oct. 31 1917---------------- 1,735,403
Surplus or additional capital for year ended Oct. 31 1917— - $3,316,395
C O N S O L I D A T E D B A L A N C E S H E E T O C T . 31.
1916.
1917.
1916.
1917.
S
Liabilities—
$
S
Assets—
S
6% cum. pref. stk.
Land, bldgs., ma­
(auth. S10.000,chinery & equip.16,597,362 10.687,903
000)...... .......... S,500,000 5.000,000
Investments:
Com. stk. (auth.
u. s. “Liberty
S5,000,000)...,. 3,500,000 3,000,000
Loan” bonds. 500,000
-------Misc.stlts.&bds. 1,200,648
647,923 Notes pay. for bor­
rowed money__ 9,715,000 5,245,844
y Inventories(cost) 14,034,626 9,715,950
838,667]
Cash.................... 2,452,840
325,490 Acc’ts payable__
! 1,658.157
Not03 A acc’ts rec. 11,817,422 6,829,632 Accrued salaries,
taxes, &c_____
314,281]
xDuc from empl’si
Subscrip, to U. S.
acc't com. stock!
I
“Lib.L’n” bds. 490,000
purchases and [4,835,135 <1,107,083
Reserves for;
sundry advances |
I
Welfare work &
(5,008,775
Stock subscripts. ]
pensions____ 1,100,000 1,000,000
Expend, appllc. to
150,418
Insurance losses 284,996
38,032
future opera’ns. . 195,665
Fed. income and
•
war excess
profits taxes. 767,928
— ...
Surplus...............26,122,825 18,306,429
Total...... ........ 51,633.697 34.360,848

Total............... 51,633,697 34,360,848

x In accordance with a resolution adopted on Nov. 2 1916. 50.900 shares
of common capital stock was offered to employees; subscription books
closed on March 8 1917, 90% or 11,300 out of approximately 13,000
employees having become stockholders. The capita! stock purchases are
secured by deposit of stock as collateral, y Includes goods finished and
in process, and materials and supplies Inventoried at cost.
S
fiJ
Note— The company had a contingent liability with a corresponding
asset as endorser on $187,496 of notes receivable discounted.
Directors (and officers).— H . S. Firestone (Pres.), R. J. Firestone (VlcePrcs.) A. C Miller (Vice-Pres.). J. W . Thomas, J. G. Robertson (Treas.),
S. G. Carkhuff (Sec.) and L. E. $isler.— V. 105, p. 2459.

Na ia gan sett E lectric L ighting Co., Providence, R. I.
{Report f o r F isca l Y ea r en d in g D e c . 31 1916.)
Presidont Edwin A. Barrows says in substance:
Results.— The gross earnings for 1916 amounted to $1,986,695, an.in­
crease of $215,094, or 12.14%. Tho total sales o f current amounted to
61,893,000 k. w. li., an increase o f 36.39% over 1915.
.
Debentures Converted, &c.— On July 1 1916 tho outstanding issue of
$1,000,000 convertible debentures was converted into stick; and on Nov. 25
1916 an addition to capital stock of $1,000,000 was authorized to be issued
Jan. 2 1917. [V. 103, p. 1892. As to increase in auth. capital stock, new
securities proposed in July 1917, see V . 105, p. 393.]
..

188

THE CHRONICLE

[Vol. 106.

New Station Completed, &c.— Tho North End substation on Admiral
St. was put in servico in March 1916. This station was built for tho distri
GENERAL INVESTMENT NEWS.
button o f power from tho northerly part of tho city and also for tho oxchango o f current botwoen tho Rhode Island Power Transmission Co. and
this company.
Tho now high tonsion transmission line botwoon Warren and Bristol was
RAILROADS, INCLUDING ELECTRIC ROADS.
complqtod and put in service Fob. 15 1916.
Additions.—^During the year foundations and preparations have been
Government Operation of Railroads. — Control B ill, & c .
made for tho installation o f a now 45,000 k. w. turbine, which will cost
See general nows on a preceding page.— V. 105, p. 2542.
whon comploted and installed, about 3450,000.
_ , ° n March 16 1916 tho company began exchanging current with tho
,
Auburn & Syracuse Elec. RR .— N o te s C alled .—
Rhode Island I owor Transmission C o., tho latter company supplying cur­
^
rent for largo power customers in Providence, as provided for in our con­ »nSl?r A 40'000) 5-year 6% gold notes dated Fob. 1 1916 (outstanding
$<177,000) have been called for payment Feb. 1 at par and int. at tho
tract with tho city. (V. 101, p. 776.)
Trust Deposit Co. of Onondaga, Syracuse, N. Y .— V. 105, p. 1308, 605.
The total additions to property and plant cost $595,654.
.. A 5.'additional 2,500 k. w. rotary converter was installed, in Decombor, in
Bay State Street Ry .— T im e L im ite d .—
the Dyer St. substation, at a cost o f $33,900. This is used for converting
The committee of holders of Lynn & Boston 1st Mtge. 5s has limited to
alternating to direct current and brings tho total capacity of this sub
Feb. 1 1918 the time within which bonds of said issuo m aybe deposited with
station up to 10,000 k. w.
Contract has recently been made with tho Providcnco Gas Co. to supply the First Nat. Bank of Boston as depositary. Chester B. Uumnhroy,
Vice-President of the Old Colony Trust C o., Boston, has been added to
gas for uso by our customers in the towns o f Bristol and Warron.
Nno Contract.— Contract has boon entered into with tho Rhodo Island the committee. Compare V. 106, p. 85.— V. 105, p. 2455.
Co. tor a supply o f power at Harmony, R. I., and a high tonsion transmis­
In terest P a ym en ts D ela yed by D isa g reem en t Regarding Re­
sion lino is boing built to supply this current.
Acquisitions.— Tho Westerly Light & Power Co. and tho M ystic Power ceiver's Certifica tes .—
Co. were purchased in July through an acquisition of tho stock of these
The payment of interest duo Jan. 1 on the $8,075,000 Boston & Northern
companies. A transmission lino is planned to servo this district and will and tho $6,667,000 Old Colony Streot R y. refunding issues is delayed by
be constructed in tho near futuro (V. 102, p. 2171).
tho difference of opinion between tho bondholders’ committee representing
Rates, etc.— On July 1 we reduced our retail lighting rato from 10c. to 9c. these bonds and the Attorney-General. Receiver Donham had arranged
and discontinued free renewals of carbon lamps, making an estimated with tho bankers to sell receiver’s certificates for tho purpose of paying tho
saving to customers o f about $33,000. Rates were also reduced in Narra- semi-annual interest and the taxes duo tho State, but the consummation of
gansett Pier, Wickford, Westerly and Mystic, to 12c., tho above reductions tho salo was blocked by tho aforesaid disagreement. Seo V. 106, p. 85.
making an estimated Saving to customers in theso districts of about $10,400.
In accordance with our contract with tho city o f Providcnco, an adjust­
Beech Grove (Ind.) Traction Co.— Receiver .—
ment o f prices for street lighting was agreed upon, which became effective
Tho
receiver for this
July 1 1916. Tills adjustment resulted in a substantial reduction of prices 4-milo Circuit Court at Indianapolis recently appointed a Ind. Two suits
line extending from
Indianapolis,
fo r ™^oet lighting and a saving to tho city of about 315,000 per year. (V. 101, were filed, it is stated, one Beech Grove to Trust Co., Indianapolis, repre­
by tho Marion
senting holders of $100,000 of bonds upon winch interest is in default since
Oct. 1 1916, tliosocond by Christian F. Schmidt of Beech Grovo, previously
INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
Secretary and now spoken of as President of tho railway co., on an overdue
„
,
„
,
1916.
1915.
1914.
1913.
note of $1,000. The assets, it is said, about equal the bonds outstanding
Gross earnings (from salo
o f electricity and gas).31,986,695 $1,771,601 $1,670,654 31,494,554 and the current obligations. No dividends havo ever been paid on tho
of
and $50,000 of
$937,770
S954.775
Operating oxponsos------- $1,110,550
$882,281 $100,000andcommon stockall 6.3 miles of pref. stock. Tho road was built
in 1911
embraces in
track operated with power pur­
Reserv. for renewals and
chased from Indianapolis Lt. & Ht. Co.
conting., sink, fds., &c.
270,072
199,692
166,266
159,987
Int. on dobs, and bonds of
Boston Elevated Ry .— Progress in S u b w a y .—
subsidiary company_
_
26,000
40,000
55,456
52,500
In its number of Dec. 29 1917 tho “ Railway Roview” publishes a com­
Not earnings.. ______ $580,073
$594,138
$494,157
$399,785 prehensive illustrated articlo describing tho progress of the construction
Other income (net)______
44,056
debl2,661
6,134
dob2,883 of the Boston subway.— V. 105, p. 2542.
Boston & Providence RR.— R e fu n d in g .—
Not incomo________
$624,129
$581,478
$500,291
$396,902
Dividends_________
560,000
486,667
480,000
360,000 or Tho shareholders will vote Jan. 23 on issuing $2,170,000 debonturo notes
bonds for tho purpose of extending or refunding tho $2,170,000 4%
bonds, duo July 1
of the Icaso
$64,129
$94,811
Balanco, surplus______
$20,291
536,902 of tho property to 1918, in accordance with tho. 11th paragraph R . system).
the Old Colony R R . (N. Y N. H. & II. R
BALANCE SHEET DECEMBER 31.
— V. 95, p. 1039, 817.
’
1916.

Assets—

§

P rop. & plant, less
depreciation . . . 8,008,898
Material & s u p p ..
394,929
Securities ow n e d .. 1,046,003
D epos. In banks «fe
cash In office___
226,139
D ue from sub. cos.
42,407
N otes receivable..
S7.250
A co’ ts receiva ble..
344,888
Prepaid taxes, lnt.
& c........................
63,293
T o t a l ..................10,213,807

1915.

$

7,621,866
253,755
378,730
170,855
50.SOO
9,667
225,725
75,353
8,768,749

1916.

Liabilities—

$

1915.

$

Capital s t o c k ------ 7,500,000 6,500,000
Debenture c e r tlf..
______
1,000,000
Notes payable------*1,335,0001
431,886
Accounts payable.
123,459/
D ue to sub. c o s . . .
263,333
263,333
Stock subscrip.duo
Jan. 2 1917 paid
In advance_____
322,400
............
Acer, taxes & ln t.
24,029
24,498
DIv. pay .Jan. 2T 7
150,000
126,667
M lsc. reserves____
88,636
79,545
S u rp lu s...............
406,950
342,821
T o t a l ..................10,213,807

8,768,749

, * Of this amount, $1,000,000 was retired by an issue of stock as of Jan. 2
1917.— V. 105, p. 393, 503.

Consum ers’ Gas Co. of T oron to.
(69th A n n u a l Report— F iscal Y ea r en din g S ep t.

30 1917.)

President A. W . Austin says in substance:
There lias boen an unprecedented demand for gas during tho year, and
notwithstanding tho many difficulties which have arisen because of labor
shortage, transportation complications, the high cost of raw materials
increased taxation, and other unusual conditions, tho extraordinary del
mand for gas has been fully met, and this without any largo capital expen­
ditures having been undertaken.
The increase from tho sale of gas was $519,750, and operating expenses
show a very closely corresponding increase; tho cost of coal, oil, and other
raw materials, and labor, having been very much higher than in tho pre­
ceding year.
A gratifying feature of tho yoar’s operations, has been the development
o f tho salo of gas, in largo quantities, for industrial purposes. Tho higher
prices of coal and oil have resulted in the very general adoption of gas as
tuel, by industrial concerns, and there is good prospect of this branch of
tho company s business being still further extended.
The company has also been called upon to supply very largo quantities
o f gas to tho military hospitals, camps and depots, and tho servico which
tho company has been able to render, has proved most satisfactory to tho
military authorities.
On M ay 21 9,573 shares o f now capital stock, having a par valuo of
$478,700 were allotted and accepted at a promium of 50% , tho amount
realized amounting to $718,050. Up to Sept. 30 8466,035 had been paid
in. The balance outstanding $252,015 will fall duo for payment at in­
tervals during tho current financial year (V. 104, p. 2555, 2120).
For tho yoar ending Sept. 30 1917 there were 108,719 meters, an increaso
o f 4,178 meters over 1916; gas sales for 1917 aggregated $3,007,424, an
Increase of $519,750.
OPERATIONS AN D FISCAL RESULTS FOR YEARS ENDING SEPT.
iw i .
io-1
1915-16.
1914-15.
1913-14.
Meters, N o___________
108,719
104,541
102,548
99,648
Receipts from gas sales. $3,007,424 $2,487,674 $2,423,921 $2,453,418
Residuals, coko, tar, &c.
897,498
851,119
737,500
818,516
Merch. sold, piping and
burner, rentals, & c_
_
391,427
299,013
278,587
306,048
Total income________ S4,296,349
Oper. expenses & taxes. 3,343,042
Net earnings-----------Deduct—
Interest_______________
Dividends (1 0% )...........
Renowal fund.................
Received for damage of
Bathurst St. property

1917.

•
8

Brooklyn Rapid Transit Co.—

N e w O perations — G u a r'ty.

See Rapid Transit in N. Y. below.
Seo Brooklyn Heights R R . above.— V. 106, p. 85.

Canadian Northern Ry.— P a ym en t o f N o te s . — The .$1,­
250,000 6% Secured Gold notes issued by Wm, A. Read
& Co. a year ago were paid at maturity, Jan. 10, at Central
Trust Co., N. Y ., on presentation.
Including equipment trusts redeemed, this payment, it is stated, makes
a total reduction in the outstanding obligations within tho last 12 months
of over $6,000,000. Practically all outstanding stock is now owned by
Dominion of Canada.— V. 105, p. 2364.

Chesapeake

&

Ohio Ry .—

L in e Purchased— N e w

V -P re s.

See New River Co. under “ Industrials” below.
G. B. Wall has been appointed a Vice-President.— V. 105, p. 2183, 1998.

Chesapeake & Ohio Ry. of Indiana.— B o n d s .—

The Ohio P. U. Commission has sanctioned the issuo of $401,000 addi­
tional First Mtge. 5% 20-year gold bonds, on account of improvements
already made.— V. 97, p. 49.

Chicago City & Connecting Rys.— E a r n in g s .—

With a request for proxies for use at tho annual meeting of certificate
holders a letter issued by Harrison B. Ililoy, Chairman, says: “ Last year
the gross earnings of the Chicago surface lines showed an increase of about
10% over the previous year. This year the gross receipts of the surfaco
lines show an increase of about 2% over last year. Operating material
and supplies have shown an average advance in cost of 4 0 % , while our faro
remains the same. The Inevitable result is a decrease in net.” (Chicago
"Herald,” Jan. 5.)— V. 105, p. 2455.

Cities Service Co.— Sub.

C o. B onds O ffered .—

See Toledo Traction, Light & Power Co. below.— V. 105, p. 2455.

Copper Range RR .—

L in e

Taken O ver .—

On Dee. 15 1917 the Mohawk R lt., formeriv operated by the Mineral
Range RR. Co. under lease expiring on that day. was taken over and is
now operated by tho Copper Range C o., thereby extending this line from
Calumet to Gay, Mich., 20 mi'es. The Mohawk RR. is owned by tho
Mohawk Mining Co. and it extends from Mohawk Mine to Gay. 15.84 m.,
with branches to Traverse Bay dock, &c., 1.66 m.— V. 78, p. 228.

Dayton Toledo & Chicago Ry .—

N civ Control O p era ting.

The new management of this road (formerly the Delphos Division of tho
Cincinnati Hamilton & Dayton RR.) began the operation of the line on
.Tan 4 the formal transfer having been effected at Cincinnati Jan. 3 by
IV. J. Bohan, General Manager. Further particulars regarding the in­
corporation of the new company wero given hi V. 105, p. 2272.

$3,440,008
2,574,619

$3,577,982
2,633,033

$953,307

$919,577

$865,389

$944,949

Denver & Rio Grande RR .— N o Im m ed ia te A p p lic a tio n
f o r Receiver N ec e ss a r y . — Following a conference in YVashing-

846,271
495,741
436,295

$50,998
488,200
478,170

$47,380
488,200
480,065

$32,079
483,337
429,533

ton on Jan. 8 with representatives of this company and tho
Westorn Pacific and Missouri Pacific railroads, Horaco
Payne, counsel for tho Director-General of Railroads, said:

02 5,00 0

1916.

S

Liabilities—

1917.

s

Plant, & c............. .10,132,847 10,013,915 S t o c k . . ......... ........ 5,360,700
Other Investments
205,950
205,950 Reserve fund_____
6.34,956
Materials, & c___ .
632,825
416,960 Renewal fund____ 1,608,313
( 'ash...................... 135,991
128,335 Sundry a cco u n ts..
243,389
A ccts. receivable
310,383
236,630 Res. of dlvs______
129,591
Unpaid cap. stock
Spec. bk. advances
767,682
subscrip tion... .
252,015
Stock prem. (1904) 2,840,877
M iscellaneous___
2,273
Accrued liabilities.
36,775

T o ta l............ 11,672,283 11,001,790
—V. 105, p. 1800




To G uarantee B o n d s .—

$3,637,806
2,718,229

Balance, sur. or d e f . .
None.
d e f .$97,792 d e f .$15 0 ,2 5 6
BALANCE SHEET SEPTE IBER 3 0 .
Assets—

Brooklyn Heights RR.— N o tice—

Brooklyn Union Elevated 4-5% bonds and Kings County Elovatcd 4%
bonds will bo guaranteed on two days of each month in 1918 by Brooklyn
Heights RR. at 85 Clinton St., Brooklyn, N . Y ., between 9 a. m. and
12 m ., viz:
Jan. 15 and
30
I
April
15
and30|
July 15 and30
Feb. 15 and
28M ay
15
and31|
Aug. 15 and30 | ov. 15 an
N
Mar. 15 and
29June
14
and28|
Sept. 16 and30 |
Dec. 16 an
— V. 104, p. 162.

T o ta l ............... 11,672,283

Nono
1916.

$

4,882,000
684,956
1,486,180
161,038
122,050
1,025,242
2,601,527
38,797
11.001,790

The Equitable Trust Co. had obtained a judgment in New York and
another in Denver based on that in New York, for about $38,000,000
against the roads. Attachments had been levied on approximately $2,000,­
000 of cash in New York and Chicago. It was feared that an interrup­
tion in the operation of tho roads would result because of a failure to meet
pay-rolls and other pressing obligations. Counsel representing tlieso
interests had been here and I invited them all to come hero together to­
day for this conference.
Counsel representing tho Equitable Trust Co. indicated they wero
willing to release enough of the funds levied upon them to give tho roads
a sufficient working capital, but wanted a lien upon about $3,000,000 of freo
assets in tho treasury of the company in Denver, consisting of Liberty
bonds and other assets, and also expressed the desire that the Interest
maturing Jan. 1, partly paid, be fully paid, and that the interest on bonds
and interest maturing Feb. 1 should be paid. They insisted that monies
advanced for improvements, or, indeed, any substantial sums of money
if not secured by tho free assets should bo secured by receivers’ certificates
or other arrangements ahead of tho bonds except tho underlying issuo.

Ja n .

12

I t w as p lain tlia t th is c ould b o d one o n ly b y a receivership . A fte r m u ch
discu ssion th e p artie s in d icated a w illingness to co m e togeth er on so m e
arra n g em e n t, t h e e ffe ct o f w hich w ou ld p rob a b ly bo to m a k e » n ^ m e c U a t e
ap plication for a receiver u nn ecessary, o u t J a d in g in thisi, a receivesm p
w ou ld be arranged for an d ap plication m a d e t o th e D n c c to r ( .tn e i u i >r
Ins consent to th e a p p o in tm e n t o f a receiver
g l <lp
n ro v a l o f th e person to b e n a m ed as receiver.
C o m p a re V . IU6, p . p a .

Decision— Judgment a Lien on Property Inferior to Lien of
Mortgage Bonds.— The opinion of the Circuit Court of Appeals

by Hon. Charles M . Hough, Circuit Judge, in the guaranty
case in which Murray, Prentice & Howland acted as Solicitors
for the complainant-appellee, forms a 27-pago pamphlot.
A much condensed abstract of the conclusions reached in
the opinion, prepared by the “ Chronicle, follows:
( l ) F o r .th e s e reason s w e regard co n tra ct B as P l a i n l y . ; , , V v er c o m circu itou s a n d in v o lv e d m e th o d , im p osin g a’ direct d u t y o n D o v<
.
p a n ics to p a y to or th ro u g h th e tru ste e , w h a te ver p a r t o f each s u m an nu al
In torost in sta llm en t P acific C o . d id n o t t im e iy p ro td d e. tm d cn arge suen
p a y m e n t or p a y m e n ts t o a so rt o f n o te ac eou n t t h e y w ere to k ccp w itn
said c o m p a n y .
T h is is our in terp retation o f th e w ords o f th e c o n tr a c t,
w ith o u t a n y reference to th e occurrences p reced ing th is su t .
. ,

ssS S ’

r"

realized b y sa le , b u t th e fa c t th a t there w as a sa le , w hich is ron e a on to
terC

189

THE CHRONICLE

1 9 1 8 .]

n u p o n t h o U o l e sch e m e o f

a n t U h a t ^ “ n c ^ S o w h lr e is it X f i n i t c l y an d c learly said t h a t D e n v e r c o m w Ap o / a W n m m r tied to a financial corpse; sin ce th e y n ow here
agreed t o d o m o re th an help a fellow corporation b y loan in g it m o n e y for
agreed t o a o m o re tiiaii
,
n rom ised to see to th o a p p lication o f
certain p u rp oses
oven it t n e y j ■ h pan o b lig a tio n and lia b ility m u s t te r sald m o n e y to thD M p u rp ose ,
. ^ is to a p in te n ts an d p u rp oses dead
“n rth eW
condlUonsP ^ s u m e d a s th e basis o f an d reason s for th e ob lig o rs’
llaT h 'fi^ n n te n tio rf at^once su ggests one r e to r t, or r e p ly , w h ich w ill bo c o n s i d i 4 d when tre aU n g o f d a m a g e s, n a m e ly w as th e p ecu n iary d e a th o f
P a c ific C o caused b y a n y o f th e acts co m p la in e d o f , or w as d e fe n d a n t
itSButt h s t ilf 0c o m W o r ?n g So n ly t h e la n g u a g e o f c o n tr a c t, w o aro o f op inion
D « v c t c o m p a n i g , ^ e e d to
™ t, ° 1 N , , h . f n tlu > singular p rovision th a t th e o b ligation s o f th o co n tra ct
tra te s th is th an h e s ;!^| i m i c oven an ts run nin g w ith la n d .
B tW n /h e r r f b r o conch de th a t n one o f th e acts or fa c ts in q u e stion op erated
W e t l ® £ r h n t from w h a te v er m easure o f lia b ility c o n tra ct B im p o se s.
f 3 e8 1 n c e t h o 0 1 d D e n v e r d id n o t “ c o n n e c t” w ith th e P a c ific , th ere w as
nn sta tu to r y p ow er to g u aran tee tho la tte r s b o n d s, either as to principal
nr in te re st/ b u t th e [R io G ran d el W e ste r n d id so c o n n e c t, an d th o p resen t
HafMulant is as m u ch an d as fu lly tho su ccessor in in terost a n d o b ligation
W e ste r n as o f th e O ld D e n v e r ; tho c o v e n a n ts o f c o n tr a ct B aro
sev eral as w ell as jo in t on tho p art o f th e tw o c orp oration s n ow m erged
np u n ited in th is d e fe n d a n t.
T h erefore it w ou ld bo o f n o a vail to urge
t h a t t h e c o n tr a ct is an illegal gu aran tee; for th e N o w D e n v e r as th o in K „ .
„ f th o W e ste rn w ou ld be lia b lo , an d d ocs p h y sic a lly c o n n ect
Srtfh th e P a c ific b y virtu e o f th e W e s te r n 's co n n ec tio n .
Y V n havo a lre ad y fou n d in th e lan gu ag e o f tho p a rtie s, p lain an d d efin ite
sta te m e n ts o f purp ose to d o tho ve ry th in gs n ow said to bo again st tho
s t a tu te p ro p e rly c o n stru e d , an d w o th in k it q u ite as p lain th a t su ch p u r­
p o se w as to g iv e a sec u rity t h a t w as ju s t as g o o d as a g u a r a n ty .
T h e resu lt
a Imoil at, is sh ow n b v n um erous m in u tes o f d irectors an d sh areholders
m oot in i s an d is also p roven b y th e direct g u aran tee en d orsed b y tho N o w
D e n v e r on all b on d s offered as soon as s t a tu to r y a u th o r ity w as conferred.
T h a t act p erfec tly expressed original desire.
1 An agreem ent va lid w hen m a d e is u n a ffe c te d b y tho su b se q u e n t in solv o n o v o f ono p a r ty , an d th a t there w as a p p a re n t a d v a n ta g e an d legal
“ v a lu e ” In th e consid eration o f c on tract B n eeds no m ore th a n m e n tio n .
I t follow s th a t wo d o n ot regard the lia b ility im p ose d on d e fe n d a n t as for-

k i^ i^ llv ^ t h e 'f o r e g o in g d iscu ssio n it is show n th a t we t h in k c o n tra ct B an
o b lig a tio n to b u y a t p a r enough P a c ific notes to p a y in te re st on a ce rta in
e in te re st on the 1 s t M tg o . bonds of 19 0 3— E d .] u n t il th a t debt
•mould be ’d isch arg ed ; also a n o b lig a tio n w ith in sta tu to ry a u th o r ity , m ade
on v a lu a b le co n sid eratio n and enforceable b y the truste e u n d e r tho pledge
o r th n m ortg age b u t w h o lly independent o f sa id m ortg age, a n d unaffected
b v n n v act dono p u rs u a n t to tho term s o f m ortgage.
'Phis action is to recover d am age s tor breach o f su ch a c o n tr a c t. * * *
Tf . ‘ Vo
..inin th a t d efen d a n t c o m m itte d broach o f c o n tr a ct b y (p u rsu an t
f o th reat o f S en t 1914) refu sin g “ to c on tin u e fin a n cial su p p o r t” o f P acific
n o n n M a r c h l 1915I f thereafter th a t c o m p a n y fin a n c ia lly d ie d , d e­
fe n d a n t in flicted the b low p ro x im a tely cau sin g decease; h ow ever m o rib u n d
P a c ific C o m a y then h a v e b e e n .
p
1 T im reasons ‘ for su ch action aro illu m in atin g as to th o in ton dod ex te n t
n f breach
B v 1 9 15 P acific ow ed D e n v e r o v e r $ 5 0 ,0 0 0 ,0 0 0 , p r actic ally
u nsecu red ' an d w as d o in g a business p oor an d a p p a re n tly g e ttin g w orse
ii nrlor t h e ’ riv a lry o f tho P a n a m a C a n a l.
D e n v e r C o . c ou ld bo n o w orse
e f f b v m e etin g its fa te a t o n ce , than b y being bled for d ec a d es.
T h erefore
if refu sed longer to ob serve Its c o n tr a c t, an d in v ite d su it to ascertain tho
n a tu re o f its agree m e n t an d ex te n t o f lia b ility .
i t Is n ow held th a t its agrem on t w as to p a y all th e sem i-a n n u a l m o rtg a g e
in terest (if necessary) u n til so m o one p aid th e p rin c ip a l.
*
*
*
The
n reseiit v a lu e o f an a greem en t to secure th e p a y m e n t o f 5 % a ye ar on a
tdven su m for n early 3 0 years is greater th a n tho su m itse lf, b u t sin ce th e
o b lig a tio n w as term in a b le b y p a y in g th e d e b t (th o P ac ific b on d s could h ave
hcen called lon g before m a tu r ity ) th e p rincipal d e b t w as th e lim it o f lia b fd t v an d t h a t w as d im ish ed b y w h a t p la in t if f s b on d h old ers g o t in fore­
closure in am elv $ 3 5 4 5 5 on each $ 1 ,0 0 0 b o n d — E d .l .
T h o d a m a g e s b elow
9 7 0 3 4 3 17 w ith in terest a t 6 % fr o m d a te or original decree— E d .]
w ere assessed s u b sta n tia lly on this p rin ciple, an d as w o fin d correctly
on reason anil a u th o r ity .
,
,
° P la in tiff’s p lead in g
*
*
*
asserted a lien u p on th o d efen d a n t s
n rn n i'rfv or a p rio rity am o u n tin g to a lien o v e r certain o b lig a tio n s created
? !v ° d e fe n d a n t. ^ N o su ch lien or p riority w as fou n d b y tho trial cou rt b e­
cau se none w as p r o v e n , an d it is plain to us rrom th e record t h a t n on e e x W c ii nr exists
*
*
*
P la in tiff has a m o n e y ju d g m e n t for breach o f
c o n tr a ct and th a t is a ll.
I t is en titled to no fu rth e r or greater p riority
th a n a n y o th er ow n er o f a ju d g m e n t on c o n tr a ct o f th o d a te o f tho en try
° f f?iv?pred"CaT h a t^ th ls'"cause b e rem an d ed , w ith d irection s to th e D istr ict
P o u r t to tra n sfer th e sa m e to th e law side o f th e C o u r t , an d as so trans­
fer red , t h a t 1 t1ie ju d g m e n t entered herein on Juno 14 1 9 17 b e a ffirm e d
W lrrhS»t decision m a k e s it clear th a t th e ju d g m e n t so en tered rank s in lien
su bsci ncnt to th e 7 % A d ju s tm e n t an d oth er m o r tg a g e b on d s, an d m e rely
?an k s ah ead o f tho sto ck as w ou ld an y ju d g m e n t resu ltin g fr o m thei en force­
m e n t o f o rd in ary unsecured d e b t.
H erein lies th e basis for tho b elie f
t h a t tlio p la in tiffs w ou ld be w illing to decep t a se ttle m e n t rath er th an force
th o D . & R . G . in to b a n k r u p tc y .— E d .] — V . 1 0 6 . p . 8 5 .

Denver & Salt Lako RR.— Estate of Promoter.—
R e p o rts from D e n v e r sta te th a t th e esta te o f D a v id I I . M o f f a t , th e origi­
nal p rom oter o f this road , w h o died six y e a r s a g o w as fo u n d t o in clu d e
aaaatq o f 8 7 147 H C as a gain st liabilities o f $ 8 ,9 9 9 ,0 3 4 .
O)
i h o a m o u n t or
securities o f th e presen t c o m p a n y , th e D e n v e r & S a lt L a k e R U . (seo N o r t h ­
w estern T e rm in a l R y . in V . 1 0 6 , p . 86 ) held b y tho deceased b uilder is
n o t m a d e p u b lic .— V . 1 0 6 , p . 8 5 .

Duluth South Shore & Atlantic R R — Fare Decision.—
J u d ge C laren ce Sessions In th e U n ite d S ta tes C o u r t a t G r a n d R a p id s,
M ic h . , lias h an d ed d o w n a decision in fa v o r o f th e c o m p a n y in th e su it
b etw een it an d tho S ta te o f M ic h ig a n testing tho v a lid ity o f th e 2 -c c n t
p assen ger faro law en acted In 1 9 1 1 .
T h e c o m p a n y so u g h t a 2 Mi-cent rate
b u t tho C o u r t did n ot rule on this p o in t.
T h e d ecision, it is s t a te d , m ean s
a gain o f $ 7 5 0 ,0 0 0 per year to tho c o m p a n y .— V . 1 0 5 , p . 1 3 0 5 .

Durham & South Carolina RR.— Rumored Sale.
A n u n con firm ed press d ispatch states th a t the p roperty o f th is c o m p a n y
In s been sold to interests affiliated w ith tho A m e rica n T o b a c c o C o .
— V .I 8 1 , P. 8 4 0 .




Empire State RR. Corp — Fare Increase.— '

,

T h is c o m p a n y , su ccessor t o the E m p ir e U n ite d R y s . ( V . 1 0 5 , P- 1 8 0 1 ) ,
h a s a n n ou n ced a new fa re schedu le b etw een S yracu se a n d O sw ego b y w hich
th e rou n d trip fa re is a d v a n c e d fr o m $1 2 5 to $1 3 8 .
O th er fare ch an ges
aro also a n n o u n c e d .— V . 1 0 5 , P - 1 8 0 1 .

Fort Wayne & Northern Indiana Traction Co.— Sale
of Collateral Securing Note Issue— Deposits.—
S pecial M a s t e r G e orge C . H o lt will sell a t p u b lic au ctio n in N . Y . C it y
on J a n . 2 8 , in o n e lo t , $ 1 ,9 4 1 ,0 0 0 o f th e c o m p a n y s F ir st & R e fu n d in g M t g e .
5 % go ld b o n d s d a te d S e p t. 1 1 9 1 2 , p led ged as se c u rity fo r th e i® u e o f
S I , 1 4 6 ,0 0 0 6 % 5 -y e a r c ollateral go ld n otes o f 1 9 1 4 , C e n tr a l T r . C o ., tru ste e .
“ T h e p r o p e r ty sh all n ot b e sold fo r less th an an a m o u n t su ffic ien t to sa tisfy
th o p rincipa l o f all o f 1 ,1 6 4 go ld n ote s , $ 1 , 1 6 4 , 0 0 0 , w ith accru ed in te re st.
a fte r p a y m e n t o f all c o sts an d e x p e n se s.”
T h e reorgan ization c o m m itte e is still receivin g d ep o sits o f sto c k an d b on d s
u n d er th e ag ree m e n t, su b je c t to term in a tio n a t a n y t im e .
T h e p lan is
n o t y e t r e a d y .— V . 1 0 5 , p . 2 2 7 2 , 1 9 9 8 .

Fredericksburg & Northern Ry.— Successor Company.—
T h is c o m p a n y w as in corp orated in T e x a s D e c . 2 8 1 9 1 7 w ith n o m in a l
c a p ita l sto ck o f 8 2 5 ,0 0 0 as successor to San A n to n io F rederick sb u rg &
N o r th e r n R R . , sold u nd er foreclosu re la st M a y ( V . 1 0 4 p . 1 1 4 6 ) .
The
line op erated extend s fr o m Frederick sb urg to F r e d e n o ta b u r g J u n ctio n ,
2 3 .9 m iles.
A m o n g th e in corp orators are: R . R . . u ssell, J . L . B r o w n e ,
R
I .. H . B ro w n e , W . W . C o l i e r , C y r u s B . L u cas an d J . W . D o b ie .

Gulf Florida & Alabama R y .— New Receiver.—
J ohn T . S teele h as b een ap p o in te d receiver su ccee d in g F . E . D e w e y ,
resign ed .
J . H . Fraser is G e n e ral M a n a g e r .
T h e reo rg a n iz a tio n p la n o f
t h is°c o m p a n y w as g ive n in V . 1 0 5 , p . 2 0 9 4 .

Illinois Central RR .— New Equipment Trust.—
T h e e q u ip m e n t tru st a g ree m e n t d a te d N o v . 1 1 9 1 7 is m a d e t o th e C o m ­
m e rcia l T r u st C o . o f P h ila d e lp h ia , an d calls for th e leasing to th e railroad
o f th e fo llo w in g , w hich h as or is to c o st th e ve n d ors (H a r r y E . R igh ter an d
A . 8 . H a n n u m ) a b o u t $ 7 ,5 0 0 ,0 0 0 , v i z ., 2 0 sw itch in g lo c o m o tiv e s, 5 0 0 a u to ­
fu rn itu re cars; 5 0 0 refrigerator cars; 1 ,0 0 0 g o n d ola cars (all th e aforesaid
cars to h a v e steel u n d e r fr a m e s); 10 6 cars for p assen ger service an d 10
p o sta l sto ra g e c a rs.
T h o ren tal fo r th o u se o f th is eq u ip m en t is t o cover
th o c o st o f m a in ta in in g th e s a m e an d p a y t h e m a tu r in g in sta llm e n ts or
p rincipa l an d in te re st on an issue o f $ 5 ,5 0 0 ,0 0 0 5 % . $ 1 .0 0 0 go ld e q u ip m e n t
tr u sts, d uo $ 2 7 5 ,0 0 0 se m i-a n n u a lly fr o m M a y 1 1 9 1 8 to N o v . 1 1 9 2 / , b o th
in clu siv e .
In te rest M . & N . in N . Y . , w ith o u t d ed u c tion for a n y ta x
(ex c ep t F ederal in com e t a x ) .
P rin cip al su b je c t t o call on or a fte r N o v .. 1
1 9 2 2 a t 102 'A % and d iv .
T h e railroad gu arantees b y en d orsem e n t t h e
u n c o n d itio n a l p a y m e n t o f th e p rincipal o f th e c ertificates an d th e d iv id en d s
th e re o n .— V . 1 0 6 , p . 8 5 .

Illinois Traction Co.— Rates Increased —
T h e Illin ois P . S . C o m m issio n h a s p erm itte d Illin o is tra ctio n c om p an ie s
t o ch arge 2 cen ts a m ile for p assen ger service in ste ad o f th e fix ed rates
w ith in zones as h e reto fo re.— V . 1 0 6 , p . 8 6 .
.

Indianapolis Traction & Terminal Co.— Fare Decision.
J ud ge L ou is B . E w b a n k o f th e M a r io n C o u n ty ( I n d .) C ircu it C o u r t on
J a n . 2 h an d ed d ow n an op inion h old in g th a t th e franch ise c o n tra ct b etw een
th o C it y o f In d ian ap olis and th e c o m p a n y is b in d in g an d therefore th e
In d ia n a P . S . C o m m issio n h a s n o jurisdiction to increase or otherw ise
m o d ify th e rates o f street car faro for the d uration o f th e c o n tr a ct.
E w b a n k su stain ed th e d em u rrer o f th e C o m m issio n to th e p etition o f th e
c o m p a n y to com p el th e C o m m issio n to in v estig a te th e m e rits o f its req u est
for an increase o f street car fares to 5 cen ts stra igh t,
v . 1 0 5 , p . ^ Z iZ .

Inter-State Railways Co., Phila.— Dividend Omitted —
T h o d irectors h a v e d eferred p a y m e n t o f tho u su al se m i-a n n u a l d iv id en d
o f 3 % on th o $ 1 ,0 0 0 ,0 0 0 6 % c u m u la tiv e p rof, sto c k d u e a t th is t im e .
i t is ex plain ed th a t th is a ction w as tho resu lt o f failu re o f certain o f th e
leased p roperties t o p a y their ren ta ls, su ch failu re b ein g d u e t o Increased
o p eratin g ex pen ses.
T h o leased c om p an ie s are g ive n till A p r . 1 to m a k e u p
th o ren tal before a ction is to b e ta k e n resp ecting th e leases.
A n offic er o f
th e c o m p a n y is q u o te d as sa y in g th a t there ls^every ex p e cta tio n t h a t th e
F e b . 1 c ou p on o f th e C o lla tera l T r u s t 4 s , $ 1 0 , / 7 6 ,6 0 0 o u tsta n d in g , w ill bo
p aid w hen d u e .
T h e c o m p a n y ’s properties are leased as follow s [com p are
V . 91 p . 1 5 12 : (a ) T h o W ilk e s -B a r r e p roperties t o th e W ilk e s-B a r r e R y s .
C o . for 8 0 0 ye ars fr o m J a n . 1 1 9 1 0 a t an an nu al reiital n ow a m o u n tin g to
$ 4 0 0 ,0 0 0 per a im .
(6) T h e R ea d in g p roperties in A p ril 1 9 1 0 t o th e R e a d ­
in g T r a c tio n & L t . C o . (a su b sid ia ry o f th e E a stern P ow er & L t . C o r p .)
■
a t an an n u al ren tal n ow a m o u n tin g to $ 3 0 0 ,0 0 0 per a n n .
(c) T h e I r e n t o n
p roperties t o T r e n to n & M e rc e r C o u n ty I r a c tio n G o r p . o n O c t . 1 5 K H 0
fo r 9 9 0 years a t a ren tal n ow $ 1 1 1 ,0 4 1 per a n n .
(d) I h e U ilm in g to n A
C h es te r T r a c tio n C o . lines to W ilm in g to n an d C h e ste r T raction in terests fr o m
J u ly 1 1 9 10 a t su m s n ow aggre gatin g $ 1 9 2 ,5 0 0 p er a n n .
A ls o see E le ctr ic
R a ilw a y S o c tlo n ,” p age 9 4 .— V . 1 0 6 , p . 8 6 .

Lake Superior & Ishpeming Ry.— New Officers.—
' c
D . M ason
M a n n succeeds
been elected to
ea stern R y . — V .

h as been elected S ecretary to succeed J . H . H o y t .
R. G.
W m . G . P ollock as T reasu rer.
T h e se o f! leers h a v e a lso
sim ilar position s w ith th e M u n isin g M a r q u e tt e & S o u th ­
96, p. 790.

Lehigh & Hudson River Ry.— N e w

S ecreta ry-T rea su rer.

W illia m II. S ayer h as been elected S e c .-T r e a s ., w ith offic e a t "W arw ick ,
N . Y . , su cceedin g John S ayer, resign ed .— V . 1 0 5 , p . 1 7 0 8 . 7 1 6 .

Little Schuylkill Nav., RR. & Coal Co .—

P
res,

th
e

N e w D irec to r.

W P G e st
of
F id elity T r u st Co. of P h ila ., h as been elected a
d irec to r, su cceedin g C . E . In gersoll, resign ed .— V . 9 8 , p . 1 8 4 5 .

Los Angeles & Salt Lake RR.— A c q u isitio n . —
T h e salo a n d tra n sfer o f th e p ro p e rty o f th e R iversid e R ia lto & P a c ific
R R . to th e L os A n geles c o m p a n y h as been san ction ed b y th e C aliforn ia
R R . C o m m issio n .
C om p are V . 105, p . 2 4 56 , 9 9 7 .

Lynn & Boston RR.— T im e

L im ite d . —

See B a y S ta te S treet R y . a b o v e .— V . 5 9 , p . 1 0 0 7 .

Michigan East & West RR.— Receiver.—

E u g e n e F ord lias b een a p p o in ted receiver for th e p r o p e r ty o f this c o m p a n v w hich extend s 72 m iles fr o m M a n iste e to M a r io n , M ic h .
\ . lO o,
p. 2272.
.

Mineral Range RR.— L ea se

o f Branch E x p ir e s . —

Seo C o p p o r R a n g e R R . a b o v e .— V . 9 7 , p . 1 7 6 .

Missouri Pacific RR.— A p p lic a tio n

to A cq u ire D ela . C o .—

T h is c o m p a n y , a M isso u r i corp o ra tio n , h as filed a p etitio n w ith th e
Illin ois P . U . C o m m issio n ask in g for a u th o r ity to p urchase th e line o f th e
M isso u r i Pacific R R . , a D e la . co rp o ra tio n , an d h as ask ed for a c ertificate
o f c on ve n ie n ce an d n ecessity to ojierate th e road in Iih n ois an d for p erm is­
sion to ex ten d a lien o f F irst R e fu n d in g M o r tg a g o b on d s o f th e M isso u r i
P acific l i l t . C o ., a M isso u r i c orp oration ove r th e D e la w a r e c o rp o ra tio n .
— V . 104, p. 23 66 , 1802.

Munising Marquette & Southeast’n Ry

— N e w O fficers.

See L a k o Superior & Ish p em in g R y . a b o v e .— V . 9 3 , p . 1 6 4 .

Nevada Central RR.— In terest on 5 % I n c o m e s . — The
directors on Dec. 27 declared a distribution of 4 % on the
$750,000 1st M tge. 5 % non-cumulative income bonds, con­
trasting as follows:
........... .
, , . r n .„ ,, m
F u ll R ec o r d . J u ly ’0 6 . J a n .'O 8 .
In t. p a i d ..
4%
2J4%
— V . 106, p . 8 6 .

F e b . 0 9 . J u ly 1 1 . A u g . 1 4 . M a r . 1G. D e c ., 1 7 .
1H %
IV * .%
3JU %
1 /o
4 /a

New Mexico Central Ry.— N e w

C o m p a n y .—

T h is c o m p a n y w as in corp . J a n . 3 1 9 1 8 in D e la w a r e w ith c a p ita l sto c k
o f S5()0 0 0 0 to b p e r a to railroad s o u tsid e o f D e la w a r e , an d Is p r e su m a b ly
su ccessor to N e w M e x ic o C e n tr a l I i R . , r ecen tly so ld to th e F e d e ra l E x p o r t
C orp. o f N . Y .
C om pare Y . 10 5, p . 1708.

New York New Haven & Hartford RR._— S ta tu s.—
President Pearson on Jan. 6, speaking of the situation on
tho road at that time, said:

19 0

THE CHRONICLE

T\r^??rSe ^ r?„ ^ ei th cr o f f?10.Iasfc ten d a y s h a s o p erated ra p id ly a gain st the
. J
n r Z i t Z o r t?
grT a tly in.creased th e d ifficu ltie s o f op era tio n .
cr
A t the
t im e th e N e w H a v e n is sh ort o f em p lo y ee s in Its en gin e term in als,
Hnn
c n g m e an d y a r d serv ic e.
S n o rta g e o f w a ter tra n sp o rta n ecessary to h au l an Increased ton n age o f coal b y all-rail
an 'r h lU,si.to p erform rou g h ly fro m 5 0 % to 1 0 0 % m o r e tra n sp ortation service,
th
,,?UpP < o f fu ?J o b ta in ed b y th e ro a d d u rin g th e su m m e r fo r
y
th e p u rp ose o f in suring con tin u ed op eration in c ase o f em ergencies is b ein g
m o w n ra p id ly b y reason o f sm a ll deliveries u n d er th e c o . ’s c o n tra cts.
3 0 % eCle ssee m c ie n t eX trem e C° ld w c a tb er froJS b t en gin es are fr o m 2 0 %

to

- T h e s e several cau ses, to g eth e r w ith th e n ec essity o f g iv in g preference
f ^ H rg=tMrrd erv
C
,alK S 0 f ( reig b t - p a rtic u la rly fu e l. G o v e r n m e n t sh ip m en ts
a “ d v ° ? n » tuffsu’» h as required th e ta k in g o f f o f passen ger tra in s.
Com ­
p are v . lU b, p . o o .

Norfolk & Western Ry. — O rders.—
. , J b o r a ilw a y h a s p laced orders w ith th e A m e ric a n L o c o m o t iv e C o . an d
th «
L °hI S lo tin 0 } VorkR fo r 4 0 e n g in e s, ea ch b u ilder t o ta k e h a lf
°
ffj® c o n tr a c t, w hich calls for an ex pen d itu re o f a b o u t $ 2 ,0 0 0 ,0 0 0 .
T h is is
v
i
° L a n y slz e gIv en fo r d o m e stic road s sin ce N o v e m b e r .—
v • lUOt p . z 5 4 o , 7 o .

Northern Pacific Ry .—

T erm in a ls C om p leted.—

W e s t m im t e r - B - O *

Jan

1

1 9 1 8 .- V

Oakland Antioch & Eastern Ry.— P la n .—'The “ San
Francisco Chronicle” of Dec. 30 says:
A f t e r m a n y m o n th s o f d elib era tion on th e p a r t o f th e b on d h o ld ers’
n T t h & i S
th£ P erm a n e n t fin a n c in g o f th e O a k la n d & A n tio c h
l i y ■• tko O a k la n d A n tio c h & E astern R y . an d th e S an R a m o n V a lle y R R

t e a r !

«“ *•»»*>

+ih 0 J ?lan P roposes to extin guish all o f th e o ld au th orized b o n d issues
*b e fc ree c om p an ie s an d to c u t d ow n tho fu n d e d d e b t o f th e three r o a d s!
h
op era tin g as o n e , m o re th a n 5 0 % .
A n ew c o m p a n y w ill b e organ ized
t o ta k e ove r th e p roperties.
F o r th o t im e b ein g th e n a m e S a n F r a n c is c o
O a k la n d & S a cr a m e n to Rtj. h as been te n ta tiv e ly a d o p te d .
7 h ! '? n o n C m Po n y wlI1J ?e au th orized to issue th e fo llo w in g secu rities:
n
1 . $ 3 ,0 0 0 ,0 0 0 2 0 -y e a r F irst M t g e . 5 H % g o ld b o n d s:
<z(
°.r s(;t asido for c arrying o u t th e r c o r g ., n o t o v e r _ $ l ,9 5 0 ,0 0 0
T o rem ain in tre asu ry fo r issu ance o n ly u n d er strin ge n t re­
o i nr.n nnn
str ic tio n s ---------------------- ----------2 . $ 1 ,5 0 0 ,0 0 0 6 % p r e fe r r e d sto ck , in shares7 o F s T o h ea ch , n o n ­
a sse ssable an d callab le a t a n y t im e a t 1 1 0 . T o bo issued for reorg a n lz a tlo n p u rp oses, n o t o v e r ___________________
i qoa non
T h o b alan ce , to rem ain in th e t re a su r y ____________
S 17 0*6 66
’
’

8i

all^to^be°issimd^ ta^the^mj^imJzation.sbares o f 5100 cach- ion-assessable.
are to b ? d istrib u te d a m o n g th e b on d h old ers o f the c o m por? ons h oldin g b on d s in p le d g e , so t h a t th e y w ill receive
w t w ? , 0I a RvF y a , e ? cPial t o tho p ar v a lu e o f tho securities n o w held
u
6 0 % h cm m n o n sto ck 0 0 ' ' " " b asls: 2 0 % b o n d s, 2 0 % preferred sto c k an d
» , j l eci lre? i , crcd it0 i s aro to bo tre ated in accord an ce w ith th e securities
r
h e ld b y them an d c o m m o n sto c k rem ain in g in tho treasury a fter d istr ia m o n g u n s e c ^ c r e d i t o m ! h ° lderS ° f b ° ndS to p lc d e < 3 is t 0 b e d ly ld ed
J^oorganizution c o n im itte e : a . B a c h m a n , F r e d . H . B e a v e r , A . C hristo­
s'?11.' v . O sgood H o o k e r , J ohn L a w so n , Jesse W . L ilie n th a l. P aul A S in sheim or an d S y d n ey M . V a n W y c k Jr.
1
1
ou
o1 o bi ° l lcU f s l,0s. a ffScte<;l ai',e O a k la n d A n tio c h & E astern R y ., a b ou t
n
l o 'n v a n n n
, t 5 0 - b o n d s o f w hich $ 2 ,5 0 0 ,0 0 0 are o u tstan d in g an d som e
M
f ? ; ° 7 A ’ 0 0 0 up le^ goa a,s collateral; O ak lan d & A n tio c h R y . C o . , $ 2 ,0 0 0 ,0 0 0
b o n d s .— V b 1 o f / ' p ” 1 105° | a g R a m o n V a lle y R R . C o ., $ 1 0 0 ,0 0 0 1st M t g e .

Ogden Logan & Idaho Ry.— N e w

t K t o h - R h a h o Cen8
tratb R R ° - P n I o 2 mpM 2 1 6 7 ? eratCd UndCr t b ° P am e ° f
v

Pacific Gas & Electric Co., San Francisco.— R ea sons
f o r O m issio n o f D ivid en d on C om m on Stock. — “ In the present

circumstances of decreased net earnings and the necessity

of conserving the company’s cash resources,” the board of
directors, at a meeting held D ec. 31 1917, “ decided to omit
the payment of any dividend on the common stock for the
last quarter of tho year 1917.”
c -w t h e r S t a t e m e n t b y P r e s . D r u m in C ir c u la r d a t e d a t S a n F r ., J a n . 3 .
D u r in g tho p a s t year ou r business h as grow n r a p id ly .
P erh ans th e best
m e a su re o f th is is th e n e t a d d ition o f 2 0 ,0 9 9 c u stom ers to our lines in th e
?ief u ? f 7 l0J t Vs t o N o v - ? ° l ? 1 , as c om p ared w ith a n et a d d ition o f 1 0 ,1 4 7
l
,7
fif £ fc e.loven. m o n th s o f tho p receding y e a r.
E v e r y n ew c u stom er rep ­
resents th e in v estm en t o f a certain a m o u n t o f n ew c a p ita l.
T h o avera ge
n ew in v e stm e n t per c u stom er h a s been s te a d ily increasing sin ce 1 9 1 4 , an d
. ever has b e e n , ow in g to h igher la b o r c o sts an d th e
p ractical d ou b lin g o f tho c o st o f m aterials.
P u b lic u tilities aro u n d er certain obligation s to serv e th e p u b lic , an d this
fa c t p a r tia lly lim its th e discretion w hich th e y m ig h t otherw ise exercise in
th e expend itu re o f n ew c a p ita l.
W a r c ond itions w h ic h , on th e on e h and
£ ^ ® & unu,atlcd om ‘ grow th an d increased th e n ec essity for new capital
2
" dj ' r® h a v e on th e oth er h a n d , m a d e it p r a ctic a lly im p ossib le for
0oU\oratIon.s gen erally t o securo n ew m o n e y ex ce p t a t p roh ib itive rates,
an d under these circu m stances it seem ed w ise to y o u r b oard to conservo th e
cash resources o f th e c o m p a n y and to d o ev e r y th in g p ossib le to av o id enter­
in g th e m o n e y m ark et for now fu n d s a t this tim e.
eleven m o n th s t o N o v . 3 0 .1 9 1 7 , c om p ared w ith th e sa m e period
o f tho p receding y e a r, gross op eratin g revenu es in c r e a s e d S I 0 9 6 6 1 7 - ex P 6mho ™C e a fed f 1 v
rc
661.'i ii3 , au d n ct op eratin g revenu os decreased $ 5 0 5 ,’l 9 6 .
/liI t h k ,S S t
iv?s 1a n t ' a • y e v ery th in g en tering in to th e m a n u fa c tu re an d
1
c o m p a n y s p rod u cts h a s a d v a n c ed tre m e n d o u sly .
In
th e sin gle ite m o f oil alon e a d van cin g prices ad ded S I , 1 7 1 ,2 5 2 t o our
?P®r a t ,n g ex pen ses.
T a x e s increased $ 2 6 2 ,6 8 7 .
T h e rem aind er o f th e
exPens5 R- am o u n tin g to $ 2 2 7 ,8 7 4 , represents ad d ed costs in
™ aIJ.y oth er direction s, in clu d ing th e expense o f d o in g m ore th an $ 1 ,0 0 0 ,0 0 0
w o rth o f ad dition al business, an d w ou ld h a v e been c on sid erab ly greater
ex ce p t fo r. th e econ om ies in trod u ced w herever p ossib le,
n * ? ‘ h 0 2 t “ on,th s covcrecl b y th e foregoing com p arison 4 3 ,9 4 9 ad dition al
s o a e« ? c? m ie c tc il t 0 whc c o u ip a n y ’s lin es.
D u r in g th e sam e
p eriod $ 8 ,2 6 7 ,8 9 3 o f ad dition al cash h as been in v e ste d , su b sta n tia lly all in
inc' u din " n ew h y d ro -ele ctric in sta lla tio n s.
That
this large ad dition al in v e stm e n t, th e increased n u m b e r o f cu stom ers th e
oarlVjnSS' an d tho econ om ies effe cted in th o co n d u c t o f th e
n0fc f}c dcf *9 0 lir n e t in com e b u t h avo served m e rely to di­
m in ish th e loss is d u e to th e fa c t th a t n otw itlista n d in g tho extraord in ary
p e a s e s in th e c ost o f our p rod u cts th o selling prices o f these p rod u cts

"K t o * uonw. “ d ” » ,,m “ “ '“ ■«<*»-

I t is our c on fid en t expectatio n th a t such relief fro m th is con d ition as cir­
cu m sta n ce s m a y w arran t w ill b e ob ta in ed in th e n ear fu tu r e .— V .1 0 6 ,p .8 6 .

Peekskill Lighting & RR.— Fares

In c r e a s e d .—-

T h e N e w Y o r k P . 8 . C o m m issio n has gran te d c o n d ition al fa re increases
0 s 0v en cel. ts to tho c o m p a n y an d tho P u tn a m & W e stc h e ste r
l
T raction C o .
The increases w ere g ran ted su b je c t to tho abrogation o f a
r i v
,betw een th e t w o com p an ies w hich p rovid e s tho issuance o f tra n scom parUes — v r 8 5 ° p °r 1 (J n tln ucs rides over tho en tire sy ste m s o f th e tw o
c )
3

Pennsylvania RR.—

O fficial N otice D a ted J a n .

1 1918.—

i
*,c r5ilroA d lin0S h eretofore op erated b y th e P en n sy lv a n ia C o ., e m b ra c ­
in g th e N o r th w e st and C en tra l S y ste m s o f th e P en n sy lv a n ia L in es w est o f
P ittsb u r g h , h a v in g been taken o v e r th is d a y b y T h o P en n sylvan ia R R . C o .,
w iil lie op erated u nder th e title o f “ T h e P en n sylvan ia R R . C o .. W e ste rn
L in e s.
C om p are V . 10 6, p . 8 6 .




Pittsburgh Rys.—

F a re D e c is io n .—

The company has issued the following statement in substance in regard
to the decision of the Pennsylvania Supreme Court h an d ed down in Philaaeipnia on Jan* 7‘
W e u n d erstan d th e rep ort is correct th a t tho Suprem o C o u r t o f P e n n S r ™ ? i< h a s J’enclSFed 1 decision a gain st th e 1 0 -c e n t n ig h t faro in tho C it y
\
,ts
? L 11n tsbu Jg 9 •^ / l h e decision w as n o t based upon th e reason ab leness o f
S f J S l S en t«?M h t / a rek}?u t wa,s p red icated en tirely on th e tech n ical q u e stion
*lulrfiSle2 t P ublic n otic e o f tho increase h a d been g iv e n u nd er the
P; T a
N o tic u b a s been issu ed to a ll c o n d u ctors
V S } ? T a s .o f
v
f
?ornier 5 -c c n t faro on all n ig h t cars op erated
T.nH o o W '
T h is w ill c o n tin u e u n til th e n ew ta r iff g oe s in to e ffe c t,
Ja.n. 2 2 1 9 1 8 , a fte r w hich th e n ig h t fare w ill b e 10 c en ts.
T h o n ig h t faro
m in e borough s and tow nsh ips w ill c o n tin u e to bo 10 c e n ts, th o rate o f fare
w hich h as been in effe ct fo r m a n y years.
R e g a r d in g r u m o rs t h a t a receiver w ou ld b e ask ed fo r a t an ea rly d a te ,
n « ? V R 99d ’ P resid en t o f tho P h ila d e lp h ia C o . , on J a n . 10 s a id :
“ T h e r e is
n o in te n tion o f a p p ly in g fo r a receiver fo r th o P ittsb u r g h R a ilw a y s C o . in
tho im m e d ia te fu tu r e .
A t p resen t w e are m e rely w aitin g fo r th o a ction o f
th e P u b lic S ervic e C o m m is s io n .”
C om p are V . 10 6, p . 8 7 .

P etition D e n ie d .— C ity C ou n cil R eso lu tio n .—
T b 0 P cu u sy iv a n ia S u p rem e C o u r t h a s d en ied th e p etitio n s fo r in ju n ctio n s
ag a in st c o m p a n y s in crease in faro sch edu le b ro u g h t b y th e b orou gh s o f
B el|ovue unci M illv a lo an d tho c ity o f M c K e e s p o r t .
„ T b ® I ittsb u rg h C i t y C ou n cil on J a n . 9 p assed a resolu tion a sk in g th e
bo h eard 6 * a p p o ln t a receiver w ith o u t g iv in g th e c ity a n o p p o r tu n ity to

R ecom m en d a tion s o f C o m m is s io n .—
„ T h e P en n sy lv a n ia P . S . C o m m issio n on J a n . 9 issued fiv e orders an d five
rec o m m en d a tio n s for im p r o v e m e n t o f street railw ay service in P ittsb u r g h
U n used track s on certain streets are t o bo rem o v ed u n til repairs aro c o m ­
p le t e d , certain stre ets used for on e w a y tra ffic , m a k in g o f n ew loop s and
! s recom m en d ed th a t th e c ity enforce regu lation s as to
p a ik in g o f vehicles a n d extension o f su ch rules to eig h t ad d itio n a l stre e ts,
i t is recom m en ded th a t in teru rb an lines c arrying freigh t u n its in one
sta tio n in stead o f each m a in ta in in g on e an d th a t a cen tral sta tio n bo estab ­
lish ed .
r ile C o m m issio n h as a d o p te d a stan d ard for h e a tin g , v e n tila tin g ’
ligh tin g an d clean in g c a rs.— V . 1 0 6 , p . 8 7 .
B

Pittsburgh Shawmut & Northern RR .—

L itig a tio n .—

c cK n o o o tlyp Khn r a c if ic lm p r o v e m e n t C o . (o f C a lifo r n ia ), w hich ow n s
$ 6 5 0 ,0 0 0 o f th e b ond s o f th e old C en tra l N o w Y o r k & W e s te r n R R . C o .,
laid c laim to th e p r io r ity o f th o lien o f said b o n d s, or o f th o m o r t g a g e s ^
curin g tho s a m e , or o f th o ju d g m e n t or d ecree o f foreclosu re o f tho latter
m i S i lillff ft'e c ertificates o f in d ebted n ess o f tn e receiver issued an d
O^ean adid gW a y da n d d e r t0 ° k t 0 forcclose on th e 7 6 m iles o f road betw eon
J u stice T a y lo r in Special T e r m o f th o S up rem o C o u r t a t B u ffa lo on J a n . 8
tho Im p r o v e m e n t C o . fr o m p rosecu tin g th o foreclosu re a c tio n ,
non f
T he rai,r° a d c o . (or its receiver) giv e b ond s for $ 4 0 0 ,­
t
0 0 0 to p ro te ct th o Im p r o v e m e n t C o . a gain st loss th rou gh th o p o stp o n e m e n t
of
*v,C O i’ ani
SO
a ;so l! a,y
in to c ou rt to c o v er th e c o st
tn * o k n n
o
n
b on d issue in q uestion origin ally a m o u n ted
to $ 9 5 0 ,0 0 0 , b u t $ 2 1 7 ,0 0 0 o f th e b on d s w ere b o u g h t in (and it is u nd erstood
c a n T O ii^ ) an d $ 8 3 ,0 0 0 are h eld b y R e c eiver F r a n k S ullivan S m ith p erson ­
a lly .
T h e b on d h old ers o f tho P ittsb u r g h S h a w m u t & N o r th e r n h avo
inj? ag a in st th e p roposal o f th e receiver to issue receiver’s c ertific a te sgt o retire th e d e b t t o th o Im p r o v e m e n t C o .
C om p are V . 10 5 ,

J
£.orJ^an(^

N a m e .—

® t?ci,A % d ? f ed afc O g d o n ' U t a h , D e c . 2 0 1 9 1 7 , an nou nced t h a t ,

te A rf u

A cq u isitio n s .—
A t J 10 a n n u al m eet g on M a r c h 12 1 9 1 8 , sh areholders o f th e c o m p a n y
^ th e an n u a l m e e tin
y ° ; o ° n a P rop osition (a) fo r th o acqu isition o f th e fr an ch ises, p r o p e r ty ,
& TVe?wiev°T?Rr o Va11 &
R R ’ an^
^ho S u so u eh a n n a B lo o m s b u rg
— v f l 0 6 k p ^ e 0 0 ' an d (b ) an ln crcas0 o f tho in d e b ted n ess o f th is c o m p a n y !

R eceivership R u m or D e n ie d — A c t io n o f C o m m issio n A w a ite d .

T h e freig h t an d p assen ger term in als o f th e c o m p a n y a t V a n c o u v e r ,
B . C . , h a v in g been c o m p le te d , th e road w as to begin ru n n in g its ow n
1 0 5 ? p . 2 3 6 6 an2 273VUr an<l N e W
C

[Vol. 106.

Light & Power Co. —

Fare In c r e a s e .—

I n c O regon P . 8 . C o m m issio n h as gran ted th is c o m p a n y ’s ap nlication
for an increase o f fares fr o m 6 t o 6 c en ts, effe ctiv e J a n .l 5
TicftetA W lll
b e sold a t th e ra te o f fiv e for 3 0 cen ts an d 5 0 for $ 2 .7 5 .— V . 1 0 5 , p . 1 7 0 9 .

Public Service Corporation of N. J. —

Coal Shortaqe.—

T h e P ub lic S ervice E le ctric C o ., a su b sid iary, ow in g to tho sh ortage o f
cu rtailed th e u se o f electric p ow er for industrial p u rp oses in th e
m n lln
m{,I dSi°n ’ J aRsaic- U n ion an d S om erset to three d a y s a w eek—
■ b ^ U ^ y an d S a t u r ^ y .
T
E sse x an d Bergen c ou n tie s w ill h a v e
* 5 ° p 9,w er on •'be oth er d a y s .
Preference is bein g given to ttie operation
o f su rface cars.
T h e c o m p a n y an n ou n ced on J a n . 9 th a t th o su p p ly o f
coal on h and w a s o n ly 8 ,4 0 0 tons in tho entire S ta te an d t h a t th e n orm al
requ irem ents w ere 3 .0 0 0 ton s d a i l y — V . 1 0 6 , p . 8 7 .

Puget Sound Traction, Light & Power Co., Seattle,
Wash .— N o D iv id en d D ecla red , H ea v y W a r B u sin ess N e c c ss itatinq Large Capita l E x p e n d itu r es. — At a meeting of the direc­
tors held on Jan. 3 no dividend was declared on the 814,793,­
667 6 % cumulative pref. stock normally payable Jan. 15.
In a circular dated at Boston, Jan. 4, Chairman Frederick
S. Pratt says:
. Bi ’, lP°^R conditions on Puget Sound are extremely active, duo largely
s
to shipbuilding and the cantonment outside of Tacoma. Tills has affected
every department of tho company’s business resulting in the largest gross
earnings In its history and suostantial increases in net earnings. Tho
twelve months iigurcs show an increase in gross earnings of $1,254,418.
ih o city lines in Seattle and Tacoma are doing a third more business than
L ye,ar .^ .^ d ^ t b r o u g h passenger business between Seattle and lacom a
R e d o u b le d . Power demands havo also shown large increases, the peak
p«vk loadTwn yearsPagoX Ulat nK ab0Ut 30-000 horsepower In excess o f tho
T h e se large In creases' in b usin ess lm v c called for su b sta n tia l capital
expend itu res ror p ow er facilities an d rollin g s to c k .
T h e se d em a n d s h a v e
U ir L m
sa t sfle d as sh ip b u ild in g In tho P u g e t S ou n d d istric t d ep en d s
largely u p on tho c o m p a n y lo r pow er an d for tho tra n sp ortation o f Its large
forces o f a b o r .
T h e c a n to n m e n t a t A m e rica n L a k o , w ith Its 4 0 ,0 0 0 tro op s
requare?nonts!aSed th ° d ° m a ,‘ d s o f th o c o m p a n y .
B o th are d istin c tly w ar

wi,nnd?f u,cf 0wIrS
.un.lstanc9?’, Increases In p la n t h a v o been m a d e a t a tim e
^ b e n it h a s been im p o ssib le , ow in g to p r evailin g In v estm e n t m a r k et
con d ition s, to finaneo th e m p er m a n e n tly on a reason ab le b a s is.
Tho
resu lt is a flo a tin g d eb t n ow am o u n tin g t o $ 1 ,6 0 5 ,0 0 0 .
T h e d irectors, a n tic ip a tin g further expend itu res for increases in p la n t
w hich ca n n o t bo r efu sed , beliovo th a t tho w isest course a t th e presen t tim e
w h h «f»BP.mAe m ! H t ln g (d 0 b t ? f Urn c o m p a n y w ithin reason able lim its a n d ,
w ith this end In v io w , to m a k e n o d istrib u tion to stock holders
1 he preferred sto c k is c u m u la tiv e a n d , therefore, a n y deferred p a y m e n ts
m u st he m a d e u p b efore a n y d ivid en d s aro p aid on th e c o m m o n sto ck
D IV ID E N D
R ECO R D S T O C K C O M P IL E D
D Y ” C H R O N IC L E ”
™ *
A p r ■'\2 to J u l y ' l \ D e c ' 1 4 ’ 15 .
’ 10 . '1 7 . J a n . A p r J u ' y O ct. J a n ’ 18
P r o f---------- 6 % per a n n u m l ' A %
3% 3% %
H
Vi
A (s e e te x t)

— Vlni05" p/0^f85annUm—^ ° nC pa P ° n comm ou stock slnco July 1914—

Putnam & Westchester Traction Co.— Fare

A d v a n c ed .

S ee P eekskill L ig h tin g & R R . a b o v o .

Railroad Construction, &c.-—N e w M ile a g e , & c ., in 1917 .
The “ Railway Age” of New York reports in substance:
*9 1 9 1 7 9 7 9 m iles o f n ew con stru ction was rep orted in tho U n ite d S ta te s,
1 ',99 ? K-ioPS
UJ, 6 aI'd 9 3 3 m iles in 1 9 1 5 (th e low est fig u re since
1
186-1), an d 1 ,5 3 2 m iles in 1 9 1 4 .
In 1917 C aliforn ia lead s w ith 1 0 8 .8 9
niiles and M o n ta n a follow s w ith 9 4 .4 0 m ile s, U ta h w ith 6 7 .2 0 m iles
Texas w ith 6 3 .6 0 m iles an d P en n sy lv a n ia w ith 6 1 .8 9 m iles.
T h o lon gest
contin u ou s lin e b u ilt in 19 17 w as from llo t e h H e tc liy J un ction to H e tc h
H e t c h y D a in s it o (in M o n t a n a ) , 5 2 m iles; an d tho n e x t lon gest is th e D e e p
C reek R R . (in U t a h ) , fr o m W e n d o v c r to G o ld H ill, 4 4 m iles
1
In C a n a d a there wore 2 0 6 .9 5 m iles o f first tra ck c om p leted in 1 9 1 7 as
com p ared w ith 2 9 0 .0 1 m iles in 1 9 1 6 an d 7 1 8 .3 7 m iles in 1 9 1 5 .

In A la s k a th e IT. S . G o v e r n m e n t R y . in 1 9 1 7 c o m p leted 10 8 m iles o f r e a d
a n d h a s u nd er c on stru ction 2 6 1 m iles p rin cip a lly 191 m iles fr o m M o n ­
ta n a C ree k to C lea r C r e e k .
N e w C o n s tr u c tio n o f F ir s t T r a c k i n U n ite d S tates b y C a le n d a r Y e a r s { M i l e s ) .
1 9 1 7 -..
979
1 9 1 3 ----- 3 ,0 7 1 1 9 0 9 - - - 3 . 7 4 8 1 9 0 5 - - - 4 . 3 8 8 1 9 0 1 - - - 6 . 3 6 8
1 9 1 6 ____ 1 ,0 9 8
1 9 1 2 -----2 ,9 9 7 1 9 0 8 - - - 3 . 2 1 4 1 9 0 4 - - - 3 . 8 3 2 1 9 0 0 - - - 4 . 8 9 4
1 9 1 5 - - - 933
1 9 1 1 -----3 ,0 6 6 1 9 0 7 - - - 5 . 2 1 2 1 9 0 3 - - - 5 , 6 o 2 1 8 9 9 . - . 4 , 5 6 9
1 9 1 4 ____ 1 ,5 3 2
1 9 1 0 ___ 4 ,1 2 2 1 9 0 6 _____ 5 .6 2 3 1 9 0 2 -------- b ,0 2 6 1 8 9 8 -------- 3 ,2 6 5
T h e n u m b e r o f lo c o m o tiv e s ordered in 19 17 w as th e large st for^th e la st
17
u se,
a n ? f w fo r e ig n * coun tries " i .8 8 1 7 ▼ t a T f 'S J f lV t o r 'R u s s ia (including orders
fo r 1 ,5 0 0 lo c o m o tiv e s now h eld in a b ey a n c e, 2 7 5 fo r E n g la n d , 2 7 0 for oth er
foreign n a tio n s an d 14 0 for F ra n ce .
T h e o u tp u t o f lo c o m o tiv e s, as dis­
tin gu ish e d fr o m orders p lac ed , d u rin g th e sam e p erio d , n a m e ly 5 ,4 4 6 , w as
n o t sim ilarly a record o u tp u t , b u t it represented a p rod u ction t h a t h as been
exceed ed b u t th ree tim e s sin ce 1 8 9 9 — in 1 9 0 5 , in 1 9 0 6 an d in 1 9 0 7 .
T h e p assen ger cars ordered to ta l 1 ,1 6 7 , in clu d ing 1 ,1 2 4 fo r d o m e stic
u ses, th is fig u re b ein g one o f th e sm allest since th e
R a ilw a y A g e
began
1b O f0S h t c a « V d e r 1
1
ed th is y e a r a b o u t 4 3 % are for foreign d eh v er y
eith er fo r th e U . S . G o v e r n m e n t or for its allies.
I h e orders for 7 9 ,3 6 7
cars ordered b y th e r ailw ays in this c o u n try for d o m estic u se is th e sm a llest
n u m b e r ordered since those records w ere first k ep t w ith th e ex cep tion o f
1 9 0 8 a t w hich t im e 6 2 6 6 9 cars w ere ordered.
O f th is 7 9 ,3 6 7 , th ere w ere
a b o u t 2 1 ,0 0 0 , or 2 7 % , ordered to b e b u ilt b y th e r a ilw a y s.
O f th o n e a r ly
8 0 ,0 0 0 cars ordered o n ly a b o u t 5 ,0 0 0 , or 6 . 2 % , w ere a ll-w o o d cars.
_____ D o m e s tic
O rd ers--------- B u ilt fo r D o rn . X -F o r . U s e .
E q u ip m e n t1917.
1910.
1915.
1917.
1916.
1915.
1 5 1 ,4 0 1
1 3 5 ,0 0 1
7 1 ,1 1 2
1 7 0 ,0 5 4
1 0 9 ,7 9 -,
F re ig h t c a r s------------- 7 9 ,3 6 7
2 ,0 0 0
1 ,8 3 9
1 ,9 4 9
P assen ger c a r s --------- 1 ,1 6 7
2 ,5 4 4
3 ,1 0 1
5 ,4 4 6
4 ,0 7 5
2 ,0 8 5
T npnmoH vps
2 704
2 ,9 1 9
1 lO lJ
.
.
,
1 E q u ip m e n t b u ilt "in railroad sh ops an d in C a n a d a in clu d e d .
T h e freigh t car situ ation d uring the ye a r h as n o t been e x a c tly fa v o r a b le
eith er w ith th e railw ays or th e builders
T h e prices h a v e been so h ig h t h a t
th e rail w a v s h a v e n ot dared to c om e In to th e m a r k e ts.
A s a re su lt th e
b uilders h a v e been op erating in so m e cases a t as low as 5 0 or even 2 5 % o f
c a p a c ity an d as one m an u factu rer lias p u t it . “ vVhen there w ere ord ers
thpro w as a sh ortage o f labor an d m a teria l, or w hen th ere w as m a te r ia l, a
sh ortage o f la b o r .”
T h e U . S . G o v e r n m e n t orders for th e forces in F ran ce
h a v e h elp ed th e situation c on sid erab ly.
T o ta l N u m b e r o f C a rs O rd ered i n 1 9 1 7 , 1 6 4 ,0 5 8 F r e ig h t a n d 1 ,1 6 7 P a s s . C a r s .
C a r O rd ers—
F r e ig h t. P a s s .
C a r O rd ers—
F r e ig h t. P a s s .
Foreign coun tries—
2 1 ,7 0 0 1
F r a n c o - - - ................. .
D F r o m ^ b u ild e r s ----------- 5 8 .4 4 3 1 ,0 0 5
R u s s ia ...............................* 4 2 ,5 0 0 j37
F r o m c o . sh o p s----------- 2 0 ,9 2 4
119
O th e r foreign cou n ­
tr ie s ..............................
1,467.1
T o t a l d o m e s t ic --------- 7 9 ,3 6 7 1 ,1 2 4

U . S . G o v t .— F o r—
S e rv ice o verse as ------- 1 8 ,8 4 4 1
U s e in U . H------- _ 180J

6

T o t a l a ll o r d e r s .. . * 1 6 4 , 0 5 8

1 ,1 6 7

* in clu d in g th o 3 0 ,5 0 0 R u ssian cars, orders fo r w hich are h eld in ab ey a n c e.
T h e fo llo w in g ta b le s are c om p iled b y th e "C h r o n ic le ” fr o m d etailed
st in “ R a ilw a y A g e ” o f J a n . 4 1 9 1 8 .

1 9 17 w ith L e a d in g C o m p a n ie s .
B a ld w in
A m er.
L im a
C a n a d ia n
L o c o m o tiv e s { N o . ) O rd ers f r o m —
L o co . C o. L oco. C o. L oco. C o. L o co . C o.
856
706
U . S . an d C a n a d ia n com p an ies
228
80
1 ,8 3 4
U . S . W a r D e p a r tm e n t fo r F r a n c e .15 0
E u ro p ea n r ailw ays—
1 ,1 3 9
1 ,0 6 8
R u s s ia --------------------------------------------------91
F r a n c e --------------------------- ----------------------90
278
G r e a t B r ita in -------------------------------------2
J a p a n ......... ..................................... ...............
3
O th e r c o u n t r ie s .....................•
_________
10 4
155
F reig h t C a r O rd ers P la c e d d u r in g 1917 w ith L e a d in g C o m p a n ie s .
U . S . & U .S .G o v t .
-O th e r C o u n t r ie s F r e ig h t C a r { N o . )
C a n a d ia n _ f o r
O th er.
F ra n ce.
F ra n ce.
R u s s ia .
C os.
O rd ers w ith —
10 0
P u llm a n C o __________________
2 ,8 9 9
1 ,8 5 0
1 ,8 5 0
1 6 ,5 0 0
75
A m e r. C ar & F ou nd ry C o .
1 1 ,6 8 8
4 ,0 1 8
10 0
5 ,1 2 4
420
P ressed Steel C a r C o ______
7 ,5 0 0
2 ,9 0 0
1 ,0 0 0
N a tio n a l Steel C a r C o ., L t d .
H a sk ell & B a rk e r C a r C o ­ . 2 ,9 0 0
M 00
1 0 ,6 6 6
1 ,3 6 5
1 3 ,5 0 0
400
2 ,9 3 1
S ta n d a r d S teel C a r C o ___ j
850
8 ,0 0 8
C a n . C a r & F d y ., C o ., L t d .
1 ,0 0 0
E a stern C a r C o . , L t d _____
P a s s e n g e r C a r O rd ers P la c e d D u r i n g 19 1 7 w ith L e a d in g C o m p a n ie s .
P u llm a n C o
______________________ 6 5 7 1P ressed S teel C a r C o ....................... ..
35
A m e rica n C a r & F o u n d r y C o -------1 8 6 [S ta n d a rd S teel C a r C o -------------------- 3 6
“ W h ile 1 9 17 m a y n o t h a v e been exceed ingly b righ t from th e s ta n d p o in t
o f freigh t car orders, th e situation as to th e i m m e d ia to fu tu re is e x a c tly
th e o p p o site .
T h e oppo rtu n ities for th e railw ays to o b ta in cars w ere n ever
b e tte r th a n a t p resen t.
W it h th e m aterial situ a tio n m u ch b etter than
it w as la st y e a r a t this tim e an d w ith a sm aller n u m b e r o f orders
on their b o o k s, th e car builders aro in a p osition to g iv e from three t o fou r
m o n th s ’ d eliv e ry , w hich is th e con d ition in n orm al tlm a s.
W it h a p lant
c a p a c ity o f a b o u t 2 5 ,0 0 0 cars per m o n th an d w ith curren t orders to a b so r b
th is c a p a c ity for tho n ext threo m o n th s, on e-fou rth o f w hich is fo r foreign
d eliv e ry , th e car com p an ies c o u ld , if su fficien t orders w ere p la c ed , organ ize
th eir forces for m a x im u m fu ll p rodu ction an d p ro v id e over 1 0 0 ,0 0 0 cars
w ithin tho n ex t six m o n th s .
T h is w ou ld assist m a te r ia lly in relievin g th e
car sh ortage.
T h e y h a v e been h an d ica p p ed th ro u g h o u t tho year b y th e
sc a rcity o f la b o r an d th e d elaye d receip t o f m a t e r ia l.” — V .1 0 4 . p . 7 3 .
L o c o m o tiv e O rd ers P la c e d i n

__

__

Rapid Transit in New York.— N e w

—

—

Su bw a y O p e n . —

O n J a n . 5 1 9 1 8 th e B r o a d w a y s u b w a y in M a n h a t ta n w as op en ed for
op eration b y th o N e w Y o r k M u n ic ip a l R y .
T h o new op eration c o n sists
o f local service b etw een R e c to r S t. on th e sou th an d 42 d S t . or T im e s S qu are
on th e n o rth .
For so m e tim e p ast tho B r o a d w a y su b w a y h as been in op er­
a tio n b etw een C a n a l an d 14 th S ts . in c on n ec tion w ith tra ins fr o m th e Sea
B e a c h lino in B r o o k ly n , tho tra ins p assing o v e r tho M a n h a t ta n B r id g e an d
th o C a n a l S t . su b w a y to th e B r o a d w a y lin e.
T h e now service ex te n d s tho
5 -c e n t zon e for B r o o k ly n travelers n orth w a rd fr o m 1 4 th S t . , th e re fo re, to
T im e s S q u a r e, b u t for a w hile it w ill bo n ecessary t o ch an ge cars a t 1 4 th S t.
E v e n tu a lly b o th local an d express tra ins w ill tra verse th e w ho le le n g th
o f th e lino.
W h e n th e lino is p laced in op eration in its e n tire ty it w ill run fr o m th e
B a tt e r y n o rth erly th rou gh C h u rch S t . , B r o a d w a y an d S ev e n th A v e . to
5 9 th S t ., th e n c e ea sterly u nder 5 9 th S t . an d th e E a s t R iv e r to a c o n n ection
w ith tho now rap id tra n sit lines in Q ueens B o r o u g h .
O n th e sou th ern end
th e re w ill bo a tu n n e l to B r o o k ly n con n ectin g w ith th e F o u rth A v e . su b ­
w a y , an d c on n ec tion is also m a d e w ith t h a t line th rou gh C a n a l S t. a n d over
th o M a n h a t ta n B r id g e .
C o m p a r e V . 1 0 6 , P- 8 7 .

Richmond & Chesapeake Bay Ry.— Operations

C ea se. —

T lio V irginia C orp o ra tion C o m m issio n on D e c . 21 g ran ted th is c o m p a n y
perm ission to d isso lv e , an d op eration s on th o lin o, R ic h m o n d ,
v a ., to
A sh la n d , ceased fo r th w ith .
P res. G e orge I I . T a y lo r Is q u o ted in su b stan c e as fo llo w s:
I h o ch arter
o f tlio c o m p a n y w as o b ta in ed in 1 9 0 5 , an d im m e d ia te ly thereafter c o n str u c ­
tio n w ork w as c o m m e n c e d .
T h o to ta l c ost o f acqu isition o f p ro p e r ty and
th o c on stru ction o f tho road an d eq u ip m en t w as a p p r o x im a tely $ 9 9 4 ,0 0 0 .
T h o w ork w as com p leted in 1 9 0 7 , since w hich t im e service h as b ee n c o n ­
tin u ed fr o m R ich m o n d to A sh la n d u p on s u b sta n tia lly h o u rly sch e d u les.
D u r in g th e ten years o f o p eration , h o w ev er, th o m o n e y in vested h as r e ­
ceived n o retu rn , b u t th e a c cu m u la te d in terest charges h a v e a m o u n te d
t 0 T h eO o ra p ‘a n y a t organ ization m a d e a m o r tg a g e fo r $ 1 ,0 0 0 ,0 0 0 , b u t no
In terest, it is said , w as over p aid on th o b o n d s.
It s officers are: G e o rg e
H . T a y lo r , P res., N . Y . ; A rth u r W . K e lly , V .-P r c s ., N . Y . ; an d G . B .
W illia m s o f R ic h m o n d , S ec. & T r e a s .— V . 8 0 , p . 7 1 3 .

Richmond (Va.) & Rappahannock River (Elec.) Ry.—
Shareholders o f this c o m p a n y , w hoso 16 m ilos betw een R ic h m o n d an d
P a m u n k e y is op erated b y receiver T . B . L o v e , w ill v o to in tho noar fu ­
tu re on tho d issolu tion o f tho c o m p a n y .
T h o m a tte r w as to b e h eard b y
th e (M a r y la n d ) C orp o ra tion C o m m issio n D e c . 2 8 .
O f th e aforesaid line road an electric road fr o m R ich m o n d t o S even P in e s,
a b o u t 15 m ile s, is op erated an d a stea m line to P a m u n k o y .
S u b seq u en t to
th o receivership o f tlio c o m p a n y , Joseph E . W illa rd p u rch ased fo r $ 1 5 0 ,0 0 0




191

THE CHRONICLE

Jan . 12 1918.]

th e S even P in es lin e, an d on D e c . 7 a charter w a s gran ted th e R ic h m o n d &
Seven P in e s R y . , w h ic h w ill o p erate sep a ra tely th e electric section o f th e
lin e, b u t th e d isp osition o f th e rem ain in g p a rt is n o t y e t m a d e c lear.
A ll th e o u tsta n d in g b o n d s o f th e R ich m o n d & R a p p a h a n n o ck R iv e r R y .,
aggregatin g $ 4 9 0 ,0 0 0 , are ow n ed b y M r . W illa r d , w h o also c on trols 2 ,7 0 0
o f th e 3 ,0 0 0 sh ares o f p ref. sto ck a n d 1 ,9 5 5 sh ares o f th e 2 ,0 0 0 o f c o m .
s to c k .— V . 1 0 5 , p . 1 8 0 2 .

Richmond (Va.) & Seven Pines Ry.— Charter

G ra nted .—

S e e “ R ic h m o n d & R a p p a h a n n o ck R iv e r R y . ” a b o v e .

Riverside Rialto & Pacific RR.— S old .—
See L o s A n ge le s & S alt L a k e R R . a b o v e .— V . 1 0 5 , p . 9 9 8 .

Rutland RR.— Preferred

D iv id e n d .—-

A d iv id en d o f 2 % h a s b ee n d eclared on th e $ 9 ,0 5 7 ,6 0 0 7 % c u m u la tiv e
p r e f. s to c k , p a y a b le J a n . 2 3 t o h olders o f record J a n . 1 1 .
A lik e a m o u n t
w a s p a id in A p ril la s t .
D iv id e n d record (since 1 8 9 8 ) :
'9 8 . ’ 9 9 . '0 0 . '0 1 . '0 2 . '0 3 . '0 4 . '0 5 .
1 9 0 6 -0 S .
1 9 0 9 -1 5 .
1917.
1918.
2
2
3
4
3
1
0
0
1 )4
(July)
0
A p r ., 2 J a n ., 2
A c c u m u la te d p r e f. d lv s . said t o aggre gate a b o u t 2 3 9 % . — V . 1 0 5 , p . 2 4 5 7 .

St. Joseph Valley Ry.— Receiver.—
H e r b e rt E . B u c k le n , p re v io u sly C h ie f E x e c u tiv e O ffic er , w as on D e c . 19
ap p o in ted receiver, w ith offic es a t E lk h a r t a n d L a G r a n g e , I n d .
W . H.
O gb orn h as been ap p o in ted G e n e ral M a n a g e r fo r th e receiver, w ith o ffic e
a t L aG range.
T h e c o m p a n y w as in co rp . in I n d . in J u ly 1 9 0 5 w ith a u th . c ap ital sto ck
o f $ 4 0 0 ,0 0 0 (par $ 1 0 0 1 , o u tsta n d in g $ 7 4 ,4 5 0 .
N o b on d e d d e b t.
T h e lin e
ex ten d s fr o m E lk h o m t o C o lu m b ia , 6 9 .5 m ile s .— V . 6 4 , p . 1 0 4 2 .

St. Louis Kennett & Southeastern RR.— N e w

O fficer.

R . R . P a n k e y h as been elected S e c .-T r e a s ., w ith o ffic e a t K e n n e t t , M o . ,
t o succeed G u s L a ssw e ll, resign ed .— V . 6 2 , p . 1 1 7 9 .

San Antonio Fredericksburg & Northern RR.—
See F rederick sb urg & N o r th e r n R y . a b o v e .— V . 1 0 4 , p . 1 1 4 6 .

San Antonio (Tex.) Public Service Co.—
T h e c ap ital sto ck b o th
( $ 2 ,2 0 0 ,0 0 0 ) an d th e S an
been redu ced to $ 3 0 0 , all
tra n sferre d . S e p t. 1 1 9 1 7 ,

o f th e S an A n to n io ( T e x .) G a s & E le ctric C o .
A n to n io (T e x .) T r a c tio n C o . ( $ 2 ,5 0 0 ,0 0 0 ) h as
th e a sse ts o f th e se tw o c om p an ie s h a v in g b een
t o th e S an A n to n io (T e x .) P u b lic Service C o .

San Joaquin Light & Pow. Corp., Fresno, Cal.— E a r n s .
G ross ea rn in g s....................
N e t ea rn in g s......... ................
O th e r in c o m e ____________

— M o n t h o f N o v e m b e r ------ 12 M o s . e n d in g M o o . 3 0 .
1917.
1916.
1917.
1916.
$ 1 7 7 ,0 9 9
$ 1 4 8 ,5 9 3 $ 1 ,8 6 7 ,4 1 4 $ 1 ,6 6 2 ,7 8 8
$ 9 2 ,3 1 5
$ 8 1 ,5 7 9
$ 1 ,0 5 2 ,7 7 0
5 9 9 7 ,8 1 7
4 ,5 8 4
1 ,7 4 3
5 3 ,2 8 9
2 6 ,7 3 1

G ross in com e .
B o n d in t e r e s t --

$ 9 6 ,S 9 9
5 1 ,4 2 3

$ 8 3 ,3 2 2
4 3 ,4 0 9

$ 1 ,1 0 6 ,0 5 9
5 1 6 ,5 2 9

$ 1 ,0 1 8 ,5 4 8
4 6 0 ,7 8 3

B a la n ce , su rp lu s.
— V . 106. p . 87.

$ 4 5 ,4 7 6

$ 3 9 ,9 1 2

$ 5 8 9 ,5 3 0

$ 5 5 7 ,7 6 5

Texas State RR.— Sale

P o stp o n ed .—

Sale o f th is c o m p a n y ’s p ro p e rty e x te n d in g fr o m R u sk t o P a le stin e, T e x . ,
3 2 X m ile s, h a s been p o stp o n e d u n til F e b . 1 .— V . 1 0 5 , p . 2 3 6 7 .
A

Toledo Traction, Light & Power Co.— O fferin g o f N e w
F irst L ien T w o -Y e a r B on d s I s s u e d f o r R e fu n d in g a n d Part
cost o f N e w P ow er S ta tion . — Harris, Forbes & Co. and the
National City Co. are offering at 98M and int., yielding
7.82%, §10,500,000 First Lion 7 % Two-Year gold bonds,
dated Jan. 1 1918, due Jan. 1 1920, but callable on four
weeks’ notice at 101 and interest prior to Jan. 1 1919 and
thereafter at 1 0 0 and int. Int. J. & J. in N . Y .
D c n o m . $ 1 ,0 0 0 c * .
T r u ste e , th e N e w Y o r k T r u s t C o .
T h e com pany
agrees to p a y a n y n orm al Federal In com e ta x w h ich it m a y la w fu lly p a y
a t th e source to an a m o u n t n o t exceeding 4 % .
T h e c o m p a n y also agrees
to r efu n d , throu gh tho P en n sy lv a n ia C o . for In su ran ces on L iv e s & G r a n t­
in g A n n u itie s, P h ila ., th e P e n n sy lv a n ia fo u r m ills t a x t o P e n n a . h old e rs.—
___________
V , 105, p . 181.

United Light & Rys. Co.— A n n o u n c e m e n t o f Sale o f
N o t e s . — Bonbright & C o . , announce, by
advertisement on another page, the sale of the issue of
$1,500,000 6 % Bond-Secured gold notes, Series “A ,” dated
Nov. 1 1917, due May 1 1920. The subscription price at
which the notes were offered was 9 6 ^ and int., yielding
7 Y i % . See offering, &c., V. 105, p. 2185, 2095.
B ond -Secured

United RE.’s of San Francisco.— E x te n s io n .—
T h is c o m p a n y is p lann in g to op era te su rfa c e cars on O cean A v e . t o th e
beach In c o n ju n c tio n w ith th e M u n ic ip a l R a ilw a y s w hich w ill b egin new
service on J a n . 15 th rou gh th e T w in P eak s tu n n e l, th e cars ru n n in g to S lo a t
a n d J un ip ers B o u le v a r d s.— V . 1 0 5 , p . 2 5 4 4 , 2 1 8 6 .

United Rys. St. Louis.— A p p lic a tio n

f o r Receiver.

A p p lic a tio n w as m a d e J a n . 7 in th e U n ite d S ta te s D istr ic t C o u r t a t S t .
L ou is for th e ap p o in tm en t o f a receiver on b e h a lf o f J ohn W . S ea m a n o f
N . Y . as a sh areholder.
T h e p etition a sk s th e ap p o in tm e n t o f an In te r­
lo c u to r y receiver to forestall th e ap p lication fo r a “ frien d ly receivership
in th e in terest o f th e p resen t m a n a g e m e n t.
„ . .
T h e p etition ask s t h a t th e c o m p a n y an d its d irectors b e c o m p elled to
m a k e restitu tion # f large su m s alleged to h a v e been sq uan d ered in c o n tra cts
for pow er fr o m th e K e o k u k d a m an d in resistan ce to th e m u n icip al m ill t a x .
H ea rin gs in th e case w ere in d e fin itely p o stp o n e d , ow in g t o th e illn ess o f
U n ite d S ta tes J ud ge D y e r o f S t. L ou is.
P res. Jam es D . M o r tim e r o f th e N o r t h A m e rica n C o . h a s issu ed th e
follow in g in th e a b o v e regard:
„
T
„“ Judge O v e r o f th e U . S . D istrict C o u r t (a t S t . L ou is) J a n . 10 refu sed
t o issue a te’m p o ra ry order a p p o in tin g a receiver for th e U n ited R a ilw a y s
C o . o f S t. L ou is a n d m a d e su bp oenas retu rn ab le in ten d a y s; a t t h a t t im e
th e r ailw ays c o m p a n y c a n eith er file an an sw er or a m o tio n to d ism iss
'" I ^ r o n f a readin g o f tho c o m p la in t, it d oes n o t ap p ear to disclose a cause
o f a c tio n .
T h e m a tte r s c om p lain e d o f b y M r . C a p la n (a tto r n ey for th e
petition er) are w ell k n ow n to th e S t . L o u is p u b lic an d h a v e been explained
a t consid erable le n g th , so t h a t th e y n ow k n o w all th e essential fa c ts , b u t
M r . C a p la n ev id e n tly rem ain s u n con vin ced t h a t tho c o n tracts under w hich
th e r ailw ays c o m p a n y is purchasin g electric p ow er for th e op eration o f a
p ortion o f its sy ste m are a d v a n ta g e o u s to t h a t c o m p a n y .
W it h o u t th e
pow er so purchased th e railw ays c o m p a n y c o u ld op erate o n ly o n e-th ird
o f th e cars it now run s regu larly d urin g rush h ou rs; an d it cou ld n o t en gage
a new p ow er su p p ly a t rates so low a s th ose n o w p a id .
T h e a c com p lish ­
m e n t o f M r . C a p la n 's purp ose w ou ld b e m o st d isa d v a n ta g eo u s t o th o c o m ­
p a n y an d th e p u b lic it se r v e s.” — V . 1 0 5 , p .1 8 9 9 , 1 8 0 3 .

Utah-Idaho Central RR.— N e w

N a m e .—

S ee O g d e n L o g a n & Id a h o R y . a b o v e .

Virginia Railway & Power Co.— N o te

I s s u e .—

T h e stock h o lders h a v e ap p ro v ed th e p rop osed issue o f $ 9 5 0 ,0 0 0 6 %
collateral tru st n o te s.
N o further d etails are a v a ila b le a t p resen t.— V . 1 0 5 ,
p. 2273, 2186.

Virginian Ry.—

L in e

P u rch a sed .—

See N e w R iv er C o . u nd er “ In d u strials” b e lo w .— V . 1 0 5 , p . 2 1 8 6 .

Wages.—

P ro p o sed Board to Settle W a g e s o f T ra in m e n .—

S ee p age 3 8 in la st w ee k 's issu e.— V . 1 0 5 , p . 2 4 5 6 .

War Regulations.— G overnm ent O p era tions o f R oa d s —
D em u rra ge R ates.— Railroad C ontrol B ill i n C on g ress .—
See p reviou s pages in this Issu e.— V . 1 0 5 , p . 2 4 5 7 .

192

THE CHRONICLE

Western Pacific RR.—

In itia l D ivid en d o f O p erating C o .—

I t is learned o ffic ia lly t h a t th e d irectors o f th e W e s te r n P ac ific R a ilroad
V.0 -. , ° f C a lif, (th e o p eratin g c o m p a n y ) la te la st m o n th d eclared an initial
d lv id o n d o f 1 H % on th e 3 2 7 ,5 0 0 ,0 0 0 p rof, sto c k o f th e o p eratin g c o m p a n y ,
p a y a b io fo r th e q u a rter en d in g D e c . 1 9 1 6 , an d fou r a d d ition al d ivid en d s
of
each on th e preferred p a y a b io d u rin g tho y e a r 1 9 1 7 in q u arterly
in sta llm e n ts, a m o u n tin g to 6 % fo r th a t y e a r , th u s m a k in g a to ta l o f 7 1 4 % .

While these payments to the holding corporation, owner
of the aforesaid stock, are generally supposed to foreshadow
similar payments by the latter company on its own $27,­
500,000 6 % con-cum. preferred stock, no definite action,
we understand, has as yet been taken authorizing such further
distribution.
D e c is io n
Regarding
B on d s — N eg o tia tio n s .—

G u aranty

of

P redecessor

C om pany

S ee D e n v e r & R io G r a n d e R R . a b o v e .— V . 1 0 6 , p . 8 8 .

INDUSTRIAL AND MISCELLANEOUS.
American Can Co., N. Y .— Sale o f N o te s . — The company
has sold to the First National Bank of New York $12,000,000
serial notes, to be dated Jan. 21, and which will mature in
equal installments in seven, eight, nine, and ten months.
The notes were offered on a 7 % discount basis, and have all
been disposed of. An approved statement says:
T h o p roceed s w ill b e u se d c h ie fly t o p a y for tin p la to w hich w ill bo c o n ­
v e rte d in to fin ish ed p ro d u c ts t o m e e t th o r eq u irem e n ts o f tho c o m p a n y ’s
c u sto m ers for tho c o m in g se a so n , an d h ence th o n ote s w ill bo se lf-liq u id a tin g
in c h a ra c te r.
T h e s e ob lig a tio n s are esp e cially a t tr a c tiv e b y reason o f tho
f a c t th a t th e y aro eligib le for r ed iscou n t a t th o Federal R e serv e b an k s w hen
t h e y m a tu r o in n o t m ore th a n n in e ty d a y s .
T h e o n ly req u irem en t is
t h a t tho c o m p a n y ’s fin a n cial sta te m e n t m u st sh ow a reason ab le excess of
q u ic k assets o v e r liab ilities, a c o n d ition w hich th e A m e rica n C a n C o . can
r e a d ily c o m p ly w it h .
I t is ex p e cted t h a t b an k s in v e stin g in th e n ote s will
k ee p th e m in their p ortfolio s u n til tho d u e d a te is w ith in n in e ty d a y s , when
th e y w ill o ffer th e m for red iscou n t in th e o v e n t th a t th e y h a v e occasion
t o resort to red isc ou n tin g.
o ,T ^ n
coW J 5 , is c a p ita lized a t $ 8 8 ,0 0 0 ,0 0 0 , an d it h as o u tsta n d in g $ 1 1 ,­
r
8 7 2 ,5 0 0 o f 5 % b o n d s.
L a st m o n th tho c o m p a n y w ip ed o u t tho a c cu m u ­
la te d d iv id en d s on its 7 % preferred s to c k .
I t is sta te d th a t th e C a n c o m ­
p a n y esta b lish ed n ew record s in 1 9 1 7 b o th for v o lu m o lo f b u sin ess an d p r o fits.
L e t t e r f r o m P r e s id e n t F . S . W h e e l e r , N e w Y o r k , J a i l. 9 1 9 1 8 .
R e ferrin g t o th o issue b y th is c o m p a n y o f $ 1 2 ,0 0 0 ,0 0 0 serial n o te s, tho
p roceed s w ill bo u sed for tho p urchaso o f tin p la to an d oth or m a teria ls w hich
w ill bo c o n v e rte d in to tho c o m p a n y ’s p r o d u c ts, w hich In tu r n , w ill go in to
c o n su m p tio n d u rin g th o p a ck in g se a so n , so th a t tho n otes w ill bo se lf
liq u id a tin g .
T h o curron t asse ts an d liab ilities o f tho c o m p a n y as o f N o v . 3 0 1 9 1 7
w ere as fo llo w s:
'
A s s e t s — C a s h ..................................- ...............................................$ 4 ,3 3 2 ,7 8 5
In v e n to r y --------------------------- - - --------------------------- ------------- 2 4 ,1 3 8 ,3 2 8
A c c o u n ts an d bills r e c e iv a b le _______________ ________ 1 1 ,8 5 8 ,6 6 1
L i a b i l i t i e s . — A c c o u n ts an d b ills p a y a b io ____________________________ ^ $ 8 !4 9 6 !7 0 5
E x c e ss o f assets o v e r lia b ilitie s_____________________________________$ 3 1 ,8 3 3 ,0 0 9
B a se d u p on retu rn s for eleven m o n th s o f 1 9 1 7 a n d e stim a te d returns’ for
D e c e m b e r , tho c o m p a n y ’s p ro fits for tho fiscal y e a r , a fte r d e d u c tin g all
ch arge s, ex ce p t d ep rec ia tio n , an d se ttin g asido an a m o u n t ca lc u la ted to
m e e t th e excess p ro fits t a x , w ill exceed tho p ro fits for th o calen d ar y e a r 1 9 1 6 ,
w h ich w ere $ 1 0 ,4 6 2 ,9 8 2 .
[T h e c o m p a n y on J a n . 2 p u t in to effe ct a now sch ed u le o f prices fo r its
p r o d u c ts w hich press rep orts s a y aro fr o m 1 1 % to 1 5 % h igher th a n those
an n o u n c ed a y e a r a g o an d 7 4 % t o 1 0 0 % higher th a n prices J a n . 2 1 9 1 6 .—
Lid*]— v . 1 0 6 , p . 8 8 .

American Car & Foundry Co.— Orders

See

in

1917.—

"R a ilr o a d C o n str u c tio n ” u nd er R R ’s a b o v o .— -V. 1 0 5 , p . 2 3 6 7 .

American Gas Co.— New;

I s s u e o f B o n d s. —

B io rcn & C o ., B o n b rig h t & C o . an d E d w a rd B . S m ith & C o ., as ban k ers
f ^ rJ i5 0 c o m p a n y , h ave issued a circu lar regard in g th e c o m p a n y ’s now issuo
o f 7 % 1 0 -y e a r c o n v e rtib le gold b o n d s, th o p articu lars o f w hich w ore g ive n
in ou r issuo o f last w ee k .
Seo V . 1 0 6 , p . 8 8 .

[Vol. 106.

h an d ica p in tho m o re su ccessfu l c o n d u c t o f tho affairs o f th is c o m p a n y h as
been in a b ility to ob ta in su ffic ien t coal fo r full op eration o f ou r p la n ts an d
sh ortage o f cars fo r sh ip m e n t o f ou r p r o d u c ts .— V . 1 0 4 , p . 2 5 8 .

American Sugar Refining Co.— Litigation.—
T h e action a gain st th is c o m p a n y b y th o C u n n in g h a m S ugar C o ., a p r e d o cessor o f th e Im p e rial S u gar C o . o f S u garla n d s, T e x ., begu n in D e c . 1 9 13
in th e U n ite d S ta tes D istr ic t C o u r t for th o E a stern D istr ic t o f L o u isia n a ,
i a i j f m mottled.
T h e p la in tiff c o m p a n y , it is sa id , d em a n d ed d am a g e s
or 8 6 ,0 0 0 ,0 0 0 .

Com pany's Explanation o f the Sugar Shortage.—
T h e c o m p a n y h as issued an 8 0 -p a g o p a m p iilc t e n title d “ co n d itio n s in tho
S u gar M a r k e t J a n u a r y -O cto b e r 1 9 1 7 .”
T h o su b je c ts d iscu ssed aro:
(1)
The w o r ld ’s su gar s u p p ly ,” o u tp u t e stim a te d a t o n ly 1 6 ,5 3 5 ,7 7 8 lo n g
t o n s f p r th e ye ar 1 9 1 6 -1 7 , a gain st 1 8 ,7 3 8 ,3 2 6 to n s for tho ye ar 1 9 1 3 -1 4 .
(2)
u ! ° effe ct o f th e w a r ” (a) red u cin g th e b eet su gar o u tp u t from 8 , 8 4 6 , ­
2 6 9 ton s in tho y e a r 1 9 1 3 -1 4 to 5 ,3 0 2 ,4 8 4 ton s in 1 9 1 6 -1 7 , an d (6) causin g
th e U n ite d K in g d o m an d c o n tin e n ta l E u ro p e t o b u y 7 3 0 ,9 9 3 to n s o f su gar
fro m C u b a in tho ye ar 1 9 1 5 -1 6 , as ag a in st o n ly 3 0 4 ,5 6 5 tons in 1 9 1 3 -1 4 ,
w hen G e rm a n b ee t su gar w as a v a ila b le .
, (3) ‘ ‘ C o n d itio n s a ffe c tin g tho m a r k e t tho first h a lf o f tho y e a r 1 9 1 7 ”
(a) S trikes in E a stern refinories; (b) “ su gar fa m ln o ” stories; (c) U . S . beet
su gar su p p ly ; (d) C u b a n in su rrectio n , w hich red u ced C u b a ’s o u tp u t fo r
9 1 6 -1 7 fr o m tho origin al estim a to o f 3 .4 0 0 .0 0 0 tons to a little o v e r
3 ,0 0 0 ,0 0 0 to n s.
(4) “ E f f o r t s o f th e c o m p a n y t o m e e t th o s it u a t io n .”
(5) “ In creased c o n su m p tio n in tho U n ite d S t a t e s .”
(6) “ A c tio n o f th e S en a te F in a n c e C o m m it t e e in r ec o m m en d in g th e
repeal o f th o d r a w b a c k .”
(7) “ T h e p assage o f tho F o o d C o n tr o l bill an d th o p la n s o f th e F o o d A d ­
m in istra tio n fo r su p e rvision o f th o su gar in d u s tr y .” — V . 1 0 5 , p . 2 5 4 4 , 2 4 5 7 .

American Telephone & Telegraph Co.— Oversubscrip­
$40,000,000 O ne-Year 6% N otes.— The of­
fering at 99.05 and int., to yield about 7 % , of tho issue of
$40,000,000 One-Year (j% notes of associated companies,
endorsed by the American Telephone & Telegraph Co.,
made last Monday, was promptly oversubscribed. The
subscription books were oponed at 10 a. m. and closed at
10:15, the applications haying exceeded tho amount offered.
The bankers associated in tho offering wero J. P. Morgan
& Co., Kuhn, Loeb & Co., Kidder, Peabody & Co., First
National Bank, Now York, National City Company, New
York, Harris, Forbes & Co. and Lee, Higginson & Co.
The notes are dated Fob. 1 1918, due Feb. 1 1919. Inter­
est payable Aug. 1 and Feb. 1. Coupon notes in denomina­
tions of $1,000.
tion of Offering of

Data from Letters of U.N. Bethel I, S enior Vice President of Com pany.
T h o c o m p a n y will need fo r tho p a y m e n t o f su ch o f its n ote s an d tho n otes
or associated com p an ies (endorsed b y it) d u o on F o b . 1 1918 as h a v e n o t
a lre ad y been a n ticip ate d a p p r o x im a te ly $ 1 8 ,5 0 0 ,0 0 0 .
T h o c o m p a n y an d
its associated c om p an ie s h a v e expon ded to m oot w ar req u irem en ts ap p rox i­
m a te ly $ 2 5 ,0 0 0 ,0 0 0 . an d in order t o p rovid o needed fu n d s th o c o m p a n y
p lan s to sell $ 4 0 ,0 0 0 ,0 0 0 O n e -Y e a r 6 % n ote s o f associated c o m p a n ie s, en ­
d orsed b y it , a p p r o x im a te ly as fo llo w s:
C u m b e r la n d T . & T . C o . . $ 6 , 0 0 0 , 0 0 0 1N o r . W e s t . T e l. E x . C o . $ 1 0 ,0 0 0 0 0 0
Io w a T e lep h o n e C o ------------ 4 ,0 0 0 ,0 0 0 S o u . W e s t . B oll T e l. C o . 1 5 ,0 0 0 0 0 0
N e b ra sk a T e lep h o n o C o . . 5 ,0 0 0 ,0 0 0 1
S ta tistic s S h o w in g G row th o f B e ll T e le p h o n e S y s te m i n U . S . S in c e 1 9 0 8 .
A t en d o f
B ell
B e ll O w n ed &
T o ta l
- A m e r . T . & T . C o .—
Y ear—
O w n ed
C o n n e c te d
G ro s s
N et
In terest
S ta tio n s .
S ta tio n s .
R ev e n u es .
E a r n in g s .
C h a r g e s.
1 9 0 8 ............3 ,1 7 6 ,3 9 4
4 ,3 6 4 ,6 2 9
$ 1 3 8 ,1 4 4 ,3 0 0
$ 2 5 ,8 9 5 ,0 1 4
$ 7 ,7 7 3 ,3 0 7
1917 * ...7 , 0 3 5 , 0 0 0
1 0 ,4 8 4 .0 0 0
3 0 2 ,0 0 0 ,0 0 0
4 8 ,7 3 3 ,0 0 0
9 ,2 8 1 ,0 0 0
* P a r tly e stim a te d .
N e t E a r n s . A I n t . C h a r g e s o f P a r e n t C o .— N e t E a r n s . T im e s I n t . C h a r g e s .
„ „
1908.
1912.
1914.
1916.
1917 *
N e t e a rn s.$ 2 5 , 8 9 5 , 0 1 4 $ 3 7 ,9 0 7 ,6 4 4 $ 4 0 ,5 5 7 ,9 7 7 $ 4 4 ,7 4 3 ,3 7 6 $ 4 8 ,7 3 3 ,0 0 0
I n t . charges $ 7 ,7 7 3 ,3 0 7
$ 5 ,8 4 4 ,0 9 9
$ 8 ,2 2 3 ,1 6 3
$ 6 ,7 3 0 ,0 9 9 a $ 9 28 1 0 0 0
N e t ea rn s.
*
tim es in t.
3 .3 3
6 .4 9
4 .9 3
6 .6 5
5 .2 5
1 m o n th e stim a te d , a D o e s n o t in clu d e $ 1 ,1 8 8 ,0 0 0 p aid as in terest
on o b ligation s for w hich capital sto c k h as sin ce been issued.
Sinco D e c . 31 1 9 0 8 th e c o m p a n y ’s fu n d ed d e b t h as d ecreased, th e a m o u n t
ol^ t ™ (,h; nS
<
160 Present tim e b ein g a b o u t $ 1 9 1 ,0 0 0 ,0 0 0 , as com p ared
w ith $ 2 1 1 ,0 0 0 ,0 0 0 a t tho end o f 1 9 0 8 .
In tho sam o p eriod tho c o m p a n y ’s
capital sto ck ou tsta n d in g h as risen fr o m a b o u t $ 1 5 8 ,5 0 0 ,0 0 0 to sfig h tlv
ove r $ 4 3 5 ,5 0 0 ,0 0 0 , an increaso o f a b o u t 1 7 5 % .
In other w o rd s, th e c o m ­
p a n y s fu n d ed d e b t, w hich a t th o en d o f 1 9 0 8 represented ove r o n e -h a lf o f
th e c o m p a n y ’s c a p ita liz a tio n , t o -d a y rep resents less th an on e-th ird o f its
c a p ita liz a tio n .— v . 1 0 6 , p . 8 9 .

American Gas & Electric Co.— O ffering o f N o t e s .—
William A. Read & Co. are offering on a basis to yield about
?3dj% $3,000,000 Two and Three Year G% gold notes, dated
Jan. 1 1918, due Jan. 1 1920 and 1921, but callable in lots
American Tobacco Co — Payment o f Dividends on Com­
of $500,000 at 1003^ and int. on 00 days’ notice. Int. J. & J. mon Stock, 20% in 1918, in “ B " Common Shares— $25,000,000
Denom. $1,000 e*. Of the total, issue $2,500,000 are duo Borrowed— Large Increase in B usiness.— The shareholders
1920 and the balance of $500,000 duo 1921.
voted on Jan. 7 to give tho directors authority to issuo, if,
T h e n ote s are secu red b y $ 5 ,0 6 3 ,0 0 0 F irst & R e fu n d in g M t g o . bon d s
when and as required, $50,000,000 of the authorized but
3il0 p e n tr a l lo w e r C o ., th e entiro c o m m o n sto ck o f w hich is ow n ed
unissued common stock as non-voting class “B” common
b y th e A m e rica n c o m p a n y .
N e t in com e o v e r all chargas in 1 9 17 w as e q u iv ­
a le n t to 4>4 tim es th o an n u al in terest on tho n o te s .— V . 1 0 5 , p . 2 3 6 7 .
shares. None of this class “ B” stock will, it is stated, be
American-Hawaiian SS. Co. (of N. J.), N. Y .— D i v s . — sold at present. The official statement says in subst:
T h e tab lo p u b lish ed last w eok pu rp ortin g to sh ow tho c o m p a n y ’s d iv i­
d en d record fo r each m o n th o f tho years 1 9 1 7 a n d 19 16 in clu ded as sta te d

American Locomotive Co.—

Orders i n

1917.—

S ee “ R a ilro a d C o n str u c tio n ” u nder R R ’s a b o v e .— V . 1 0 5 , p . 2 5 4 4 .

American Milling Co., Philadelphia— D iv id e n d .—
A d ivid en d o f 1 2 % h a s been declared on th e sto c k , p a y a b le J a n . 15 to
h olders o f record D e c . 3 1 .
D iv id e n d s h a v e been paid sc m l-a n n u a llv as
f o l l o w s ^ % (Pach in J a n . an d J u ly 1 9 1 6 : 7 % in J a n . 1 9 17 an d 5 % in J u ly

American Pipe Mfg. Co., Phila

— C o m m it t e e .-

T h e fo llo w in g c o m m itte e o f h olders o f C ollateral T r u st c e r tific a te s,
Series B , d u e F e b . 1 1 9 2 9 , secured Dy tru st a greem en t d a te d F e b . t 1 9 0 9 ,
in v ite s th e holders o f said certificates to d ep osit th e m on or bet'oro F e b . 15
J9 .18. w ith th e L a n d r itle & T r u s t C o ., B r o a d and C h e s tn u t stre ets, P h ila ­
d elp h ia. P a .
l h o righ t o f d ep osit w ill expire on F e b . 15 1918 unless e x ­
ten d ed as p rovid e d in th e agree m e n t.
C o m m it t e e : W illia m H . H a in e s , Lin coln K . P a ssm o re , R . M . S tin so n ,
S am u el J . S teelo an d C la u d e A . S im p ler (C h a ir m a n ), w ith P richard S au l
B a y a r d & E v a n s as c o u n se l.— V . 1 0 5 , p . 1 8 0 3 .
’

American Sewer Pipe Co., Akron, O.—

E a r n in g s .—

P erio d
G ro ss N e t , a ft e r B o n d
D e p r e - D iv i d e n d s
B a la n ce
C o v ered —
E a r n in g s . T a x e s . I n t e r e s t , c ia ti o n .
P a id .
S u r p lu s
Y e a r en d in g
$
$
$
$
$
g
D e c. 1 1917
8 2 8 ,2 2 9 6 1 8 ,8 7 8
7 4 ,4 9 7 1 8 3 ,4 8 6 ( 1 ^ ) 1 0 5 : 0 0 0 2 5 5 8 9 4
C a l. y e a r 1 9 1 6 - . . 5 3 4 , 4 6 6 2 8 1 .5 8 7
7 4 ,6 0 3
-----------( 1 % ) 7 0 , 0 0 0 1 3 6 ,9 8 4
I ’ residon t G eorgo R . H ill is q u o te d as sa y in g : "D u r i n g tho ye ar d ivid en d s
h a v e been p aid q u a r te r ly an d it is ou r in te n tion to con tin u e tho d isb ursed iv id en d s unless unforeseen c on d ition s ariso.
F o r tho b ette r d is­
trib u tio n o f ou r p ro d u c t w o h a v e estab lish ed bran ch offices an d su p p iv
B o s to n , P itts b u r g h . P h ila d e lp h ia , C o lu m b u s , J ack son ( M f c k )
N o w Y o r k C i t y , C le v e la n d an d D e tr o it , an d wo ex p e ct to op en b ranches in
o th e r c itie s.
Tho v o lu m e o f busin ess is v e ry sa tisfa c to r y , an d ou r on ly




. J y ? „ c° ™ p a !?y n ow h as ou tsta n d in g $ 5 2 ,6 9 9 ,7 0 0 o f 6 % p ro f, sto c k an d
$ 4 0 ,2 4 2 ,4 0 0 ot c o m m o n sto c k .
A n ad d ition al $ 5 9 ,7 5 7 ,6 0 0 o f c o m m o n
sto ck w as lon g sinco a u th orized b u t h as nover been issued
I h e p roposition boforo this m e etin g w as th a t $ 5 0 ,0 0 0 ,0 0 0 o f this unissued
c o m m o n sto ck bo m a d e c o m m o n sto c k “ B ” en titled to tho sam o d ivid en d s
an d w ith all th e other rights as tho issued c o m m o n sto ck ex cep t th a t o f
v o tin g this elim ination o f v o tin g righ ts b ein g in order n ot to d istu rb tho
p resen t p rop ortion ate v o tin g p ow er as betw een tho p rof. & c o m m o n s to c k s.
l ho en orm ou s increaso in c o st o f m a teria ls, p articu larly le a f to b a c c o ,
an d great increase In v o lu m e o f business w hich am o u n ted in 1 9 17 to m oro
th an _ i % or m ore than s 1 9 ,0 0 0 ,0 0 0 , ove r tho busin ess o f 1 9 1 6 , h a v e m a d e
necessary th e em p lo y m e n t o f m u ch greater w ork in g capital an d to m eet
this need tho c o m p a n y has borrow ed $ 2 5 ,0 0 0 ,0 0 0 .
In order to p rovid e fo r this ob ligation tho directors p roposed to u tilize
cash w hich w ou ld otherw ise be p aid o u t in d ivid en d s on th e com m o n s to c k ,
lh e y behovo th a t tho present earnings o f th e c o m p a n y fully ju stifie d th e
p resen t rate o f 2 0 % d ivid en d s on tho c o m m o n sto c k .
1 h ey p ropose th a t begin n in g w ith tho d ivid en d o f 1 9 1 8 tho d ivid en d u pon
th e c o m m o n sto ck sh ould b e paid In scrip , bearing interest a t rate o f 6 %
per a n n u m , interest p a y a b io se m i-a n n u a lly an d m a tu rin g in 3 y e a r s fro m
M a rc h 1 1918 an d red eem ab le a t m a tu r ity a t op tion o f the h old e r, either
in cash or c o m m o n sto ck “ B ” a t p ar.
. . H a v i n g f u lly considered tho s itu a tio n , the d irectors aro o f tho op inion
th a t this policy w ill result in m e etin g th e financial req u irem ents o f th e c o m ­
p a n y ; th a t it will conserve tho in terests o f tho stock h o ld er; th a t it is p ru d en t
an d c o n se rv a tiv e , and u n h esitatin gly fa v o red its ad o p tio n .
I t m a y b e ad d ed th a t tho su ggestion t h a t th o a m o u n t o f tho c o m m o n
sto ck to bo chan ged to c o m m o n sto ck ' B ” b e fix ed a t $ 5 0 ,0 0 0 ,0 0 0 d oes n o t
m e an th a t a n y th in g ap p roa ch in g th a t a m o u n t is to lie in a n y w a y issued
ni conn ection w ith the presen t or c o n te m p la te d fin a n cin g o r 'o th e r w iso .
1 lie a m o u n t is fixed a t $ 5 0 ,0 0 0 ,0 0 0 in order th a t tho w hole a m o u n t o f
au th orized c o m m o n sto c k , to w it, $ 1 0 0 ,0 0 0 ,0 0 0 , bo d ivid ed e q u a lly in to
tw o classes, c o m m o n sto ck w ith v o tin g righ ts an d c o m m o n sto c k “ B ” w ith ­
o u t v o tin g rig h ts, o f $ 5 0 ,0 0 0 ,0 0 0 ea ch . See also V . 1 0 5 , p . 2 5 4 4 , 2 3 6 7 .

American Window Glass Machine Co.— A c c u m .D ivs.—
A d ivid en d o f 1 4 ^ % h as been declared on tho $ 6 ,9 9 8 ,6 4 4 7 % c u m . p r e f.
sto ck (par $ 1 0 0 ) , p a y a b le J a n . 19 to holders o f record J an . 11 .
T h e com ­
p a n y in 1 9 1 7 p aid 2 2 % on a c cu m u la te d d iv id e n d s, and w ith th is p a y ­
m e n t all arrears w ill h a v e b een p aid u p .— V . 1 0 5 , p . 1 7 0 5 , 1 6 1 9 .

American Woolen Co.— W ar Orders.—
A n exch ange jo u rn a l h as com p iled tho fo llo w in g d a ta regard in g th e w ar
orders p laced b y tho U n ite d S ta tes fro m th o e x am in ation b y tho S onato

military committee o f Charles Eisonman, Vice-Chairman o f Contracting
Committee o f tho Council o f National Defense.
Total Allotted.
To Company.
$338,692,000
American Woolon C o---------------------------------- $92,755,000
101.372.000
Wellington, Soars & C o------- ----------------------- 5,675,000
74.827.000
William Isclin & C o..................
q’9 qR’RRR
101.372.000
J. Spencer Turner--------------8,437,000
102.370.000
Turner, Halsey C o -------------------------------------- 5,239,000
28.879.000
U. S. Rubber C p --_ -------9,762,000
99.556.000
6,330,000
W . II. McElwain C o .--------------90.319.000
U. S. Bunting C o . . . --------------------------------- i ’RiR’RRR
149.338.000
Cleveland Worsted C o--------------------------------- 4,057,000
— V . 105, P- 2457.

Anaconda Copper Mining Co .— Price for Copper —

Yesterday at the Government conference with the leading copper pro­
ducers Conner nriccs for the next four months wero fixed at 23He., being
the same price as established last September (V. 105, p. 1165, 1311).
Compare general news on a preceding pago.— V. 106, p. 89.

Arizona Copper Co.— Redemption.—

The company gives notice that under its option to redeem the 5%
Terminal debentures, tho principal o f these bonds will bo repaid on March 25
1918 at 102%. Holders who desire to realize prior to that date can obtain
renavment at 102%. Tho debentures should be forwarded to the company
to London, duly discharged, not later than March 1 1918.— V. 105, p.
1804, 2000.

Armour & Co., Chicago.— New Secretary, cfee.—

G M Willetts has been elected Secretary to succeed C. W . Comes,
resigned.’ L. II. Armour has resigned as Vice-President and director to
become a lieutenant in the U. S. Army.

2 0 % Interest in Chicago Stock Yards Co.—
See that company below.

193

THE CHRONICLE

Jan . 12 1918.]

V. 105, p. 2458, 2186.

Atlas Powder Co.— Sub. Co. Bonds Called.—

All the outstanding ($17,500) 6% bonds of the Celluloid Zapon Co. (see
V in 1 n 2545) dated Jan. I 1900, wero called for payment Jan. 1 at par
?
add int at Bloomfield (N. J.) Nat. Bank. Tho Atlas Powder Co. owns
the entire capital stock of said company. See “ R y. & Indus. Section,
page 148.— V. 105, p. 2368, 2096.
Baldwin Locomotive Works.— Orders in 1 9 1 7 . —
See “ Railroad Construction” under R R ’s above.— V. 106, p. 89.

for the period in 1917 was $145,758. The Bush Terminal Co. (1) owns the
entire $1,000,000 common stock and $1,144,800 of the total Issue of $2,500,­
000 7% pref. stock of the Building Company, and (2) includes in its own
other income” $79,643 as accrued dividends. V. 106, p. 89.

Burns Bros., N. Y .— Stock Dividend, & c .—
A dividend of 1% has been declared on the $7,073,300 common
shares in stock (or common stock scrip), along with the regular quarterly
1H % , both payable Feb. 15 to holders of record Feb. 1. The regular quar.
u i % on tho $1,688,400 preferred stock will be paid Feb. 1 to holders of
record Jan. 20.— V . 105, p. 2186, l805.
Canadian Car & Foundry, Ltd.— Orders in 1917.—
See “ Railroad Construction” under R R ’s above.— V. 106, p. 89.
Canadian Locomotive Co., Ltd., Kingston, Ont.—
Orders in 1917» 1~

See “ Railroad Construction” under R R ’s above.— V. 105, p. 1311.

Cerro de Pasco Copper Corp.— Output {in Pounds ).—
Copper output (in pounds)--------------------------------•V. 105. p. 2368, 2001.

Dec. 1917. 12 Mos. ’ 17.
6,308,000 72,650,000

Certain-teed Products Corp.— Initial Dividend.—
An initial dividend of $4 has been declared on the 60,000 shares of com­
mon stock, payable Jan. 28 to holders of record Jan. 17.— V . 105, p. 718.
Chicago Stock Yards Co.— A rm ou r Interest.— J. Ogden
Armour, President Armour & C o ., on D ec. 22 issued a state­
ment denying that any effort had been made to “ cover up’
information sought by the Federal Trade Commission in
their pending investigation of the packing business, and
detailing his part in the purchase of the common stock of tho
Chicago Junction Railways & Union Stock Yards companies
and the formation of the Chicago Stock Yards C o. The
statement follows:

Agents and examiners of tho Federal Trade Commission have been given
full access, and have been diligently at work for the last two months going
over tho books and records of Armour & C o., in addition to which we fur­
nished, some six weeks ago. answers to questions prepared by the Com­
All the outstanding ($44,000) Duquesne Plant First Mtge. 5% sinking mission setting forth in detail full information of our corporate organiza­
fund gold bonds, dated Aug. 1 1911 (Nos. 101, 105 and 109 to 150 inch), tion and business and our interests in subsidiary and auxiliary corporations,
have been called for payment Feb. 1 at 102H and int. at Peoples Savings including the Chicago Stock Yards Co.
, .,
.
& Trust Co. of Pittsburgh. The Duquesne plant was sold in Jan. 1915
Mr. F. H. Prince o f Boston, who for many years had been the controlling
to the Bradcnvilie Coal < Coko Co.— V. 105, p. 2274.
fc
force in the Chicago stock yards, visited Chicago in 1910 and asked me
join him in a
of capitalists, in which was to
Bishop-Babcock-Beckor Co., Cleveland.— Acquisition. if I wouldinterest, which syndicateacquire by purchase theI commonhave a
one-fifth
was to
stock
This company has acquired control o f tho Consolidated Engineering Co., of the Chicago Junction Railway & Union Stock Yards ccampanies.
manufacturer of heating specialties and industrial fans, with plants in
I agreed to take and pay for such an interest, and did so in my individual
Chicago, 111., and Watertown, Mass. It is stated that the acquisition will capacity, in tho same manner as I have taken other interests in banking
malco the company tho largest manufacturer of heating specialties in the and investment syndicates during tho last 25 years, and as any investor
world.— V. 105, p. 2545.
in the country would do, having belief in Chicago as a livestock centre
value that would accrue with its devlop(E. W.) Bliss Co., Brooklyn, N. Y .— Plans for New Plant and the Inational increment in with no other packer.
ment.
acted in conjunction
. . .
This company has filed plans for the erection of a large factory building
This syndicate, under Mr. Prince’s direction, subsequently resulted in
to be constructed by this company at 57th St., near First Ave., Brooklyn. the formation of the Chicago Stock Yards C o., in which I acquired a oneTho structure will be seven stories in height, 380 ft. in length and 200 ft. fifth stock interest, and promptly transferred the same to Armour & Co.
in width. It is stated that the building will cost $1,300,000.— V. 105,p.2545. No other packer ever acquired, or had, or now has, any stock m the Chi­
should be judged from the relative size of that
Borden’3 Condensed Milk Co.— Federal Milk Commission cago Stock Yards Co. As & Co. have not and cannot, control the com­
one-fifth interest. Armour
pany. have had no voice in its management, nor have been consulted in
Allows Increase in Milk Prices for January.—
See general nows in last week’s issuo, pago 24.
d lForTho7nformaUon o f tho public, let me add that a stock yards company
is not engaged in the purchase or slaughter of livestock, but simply in op­
Acquisition of Rushmore Company.—
erating a public market place where buyer and seller may meet and transact
Tho Borden’s Farm Products C o., subsidiary of tho Borden’s Condensed
and renders a distinct service
nominal charge
Milk Co., has taken over tho routes and purchased tho entiro equipment of business, matter of bonus paid or to befor which a connection with is made.
In the
paid us in
the con­
tho (Isaac W .) Rushmore Co. o f Brooklyn.
struction of our packing plant at St. Paul, last ye&r we were waited on by
Indictment of Members"of Dairymen's League.—
a citizens’ committee, urging us to build a plant there and volunteering
judgo Mulqueen in General Sessions on Jan. 7 returned indictments to raise a bonus to induce us to do so. We accepted tho proposition made,
against seven members and officers of the Dairymen’s League, an organi­ purchased the necessary real estate for location, and tho buildings are now
zation of milk producers who supply New York City, charging violation under way. The suggestion that wo divided, or agreed to pay any part
of the Donnelly Anti-Trust Law. It is alleged that tho accused conspired to any other packing concern or any ono else is absolutely untrue.— V. 94,
to fix prices.— V. 105, p. 2000.
p. 210.
Braden Copper Mines Co.— Production {in lbs.).—
Columbia Sugar Co., Bay City, Mich.— Extra D iv.—
An extra dividend of 1% has been declared in addition to the regular
See Kennccott Copper Corp. below.— V. 105, p. 1900, 1524.
quarterly dividend of 2% both payable Jan. 2 to holders of record Dec. 20.—
Bradenville Coal & Coke Co.— Sub. Co. Bonds Called.— V. 104, p. 1804.
See Bessemer Coke Co. abovo.

Bessemer Coke Co.— Duquesne Plant— Bonds Called.—-

British-American Tobacco Co., Ltd., London.— Divs

Tho company has declared a final quarterly dividend o f 6% freo of
British tax for 1917 on tho outstanding £6,254,320 ordinary stock, and
will also pay simultaneously on Jan. 31 1918 an interim dividend of 6%
for tho current year 1918 on the ordinary shares, free o f British tax.
An advertisement says: “ Net profits for tho year [19171 after deducting
all charges and expenses for management. &c., and providing for [English]
incoino tax for tho year and excess profits duty for year ended Sept. 30 1916
aro £3,105,002, as against £2,733,361 for tho provious year. After pay­
ing final dividend of 6% and transferring £275,228 to special reserve,
carry forward will bo £2,526,699 subject to excess profits duty for tho year.’ — V. 105, p. 2458, 1804.

Brompton Pulp & Paper Co., Ltd., East Angus, Que.
Earnings for Year ending Oct. 3 1 1 9 1 7 . —
Net earnings, after deducting business profits taxes.......................$1,073,562
Deduct— Depreciation, $176,670: bond int., $87,066; total______ $263,736
Dividends— Preferred (7 % ), $140,000; common (5 % ), $350,000-490,000
Balance, surplus, for yoar ondlng Oct. 31 1917...........................
— V. 105, p. 2545.

$319,826

B u s h T e r m in a l C o ., N e w Y o r k .— Stock Listed.—
Tho N. Y . Stock Exchango has authorized that on and after Jan. 15 1918
000 common stock bo added to tho list on official notico of issuance
I , , stock dividend (2 'A % payable Jan. 15 1918), making tho total amount
authorized to bo listed $5,657,000. Compare V. 106, p. 89.

Earnings of the Bush Terminal Co. {proper) for 10 Months
to Oct. 31 1917.

-Full Calendar Ycars10 mos. to
1916.
1914.
Oct. 31 1.917.
1915.
Gross earn, from storago,
&c., and net income
from railroad dept— $1,770,036 $1,955,237 $1,632,107 $1,350,161
341,397
436,540
453,729
286,929

Taxes_______
Sinking fund.

$1,333,496
106,377

$1,501,508
183,294

$1,345,177
198,958

$1,008,764
196,673

$1,439,874
Deduct-

S I,684,802

$1,644,135

$1,205,437

$376,610
251,372
25,055

$453,097
292,081
30,412

$454,437
257,287
30,690

$455,823
234,413
31,035

$484,166
$909,212
$801,721
E^Surplus
$786,838
Tho Bush Terminal Buildings Co. for tho ten months ending Oct. 31 1917
show gross rentals, $1,041,084, against $1,230,931 for tho entire calendar
yoar 1916. Tho surplus after deducting interest, taxes and sinking fund




Consolidation Coal Co.— Extra Dividend.—
An extra dividend of 3% has been declared on the $35,121,303 stock,
payable Feb. 11 to holders of record Feb. 1 . .................
The regular quarterly dividend of 1H % will be paid Jan. 31 to holders
of record Jan. 22.
.
„
. , ,,
. ..
.
..
Directors will vote on tho question of a stock div. at the next meeting.
Coal Situation.—

See general news on a previous page.— V. 105,

2545, 2001.

Crocker-Wheeler Co., Ampere, N. J.- -Sub. Co. Div.—

Seo Canadian Crocker-Wheeler C o., Ltd., in V. 105. p. 2458.— V. 104,
p. 2555.

Crucible Steel Co. of America.— Bonds Paid.—

The Crucible Steel Co. of America has called and paid off on Jan. 1 1918
all the outstanding bonds of the Crucible Coal Co. All the Crucible Fuel
Co bonds and Halcomb Steel Co. First Mortgage Bonds were paid off
out of profits in 1917. [Official.]— V. 105. p. 2545.

Detroit Twist Drill Co.— Extra Dividend.—

B r o w n S h o o C o .— Status of Orders.—

A pross dispatch from St. Louis states that because o f unsettled condi­
tions in Russia, contracts for 1,950,000 pairs o f shoes, valued at moro than
Vice-President
36 000 000, have been held up for an indefinite period. V*“ n—
McCarthy, however, is quoted as saying that tho company has no contracts with the Russian Government.— V. 105, p. 2361.

Othor income

Computing-Tabulating-Recording Co., N. Y .—

See International Business Machines Co., Ltd., below.— V. 105, p. 1805.

The directors are reported to have declared a dividend of 17% and 2%
extra, making 50% paid in 1917.

Dodge Bros. Realty Co., Detroit.— Incorporated.—

A company having the abovo title has filed articles of incorporation
under the laws of Mich, with $2,500,000 authorized capital stock, par $100;
stock paid in cash, $250,000. Shareholders are named as follows: John F
Dodgo, Horace F. Dodge, Alfred L. McMeans.

Eastern Car Co., Ltd.— Orders in 1917.—

See “ Railroad Construction” under R R ’s above.— V. 102, p. 611.

Easton (Md.) Light & Fuel Co.— Sold.—

This property, owned by Philadelphia capitalists and recently m the
hands or W. Mason Shehan and G. Elbert Marshall, as receivers, was sold
Jan. 4 to New York parties for $8,800. Annual sale at last reports, about
6,000.000 cubic feet.

Empire Gas & Electric Co., Geneva, N. Y .— Extension.—
Stockholders of this company will vote Jan. 15 on altering the certificate
of incorporation so that it will cover the company’s operations in territory
not included in the original certificate. The new territory comprises
Palmyra Arcadia, Newark, Lyons, Galen, Clyde, in Wayne County,
Manchester, Shortsville, Clifton Springs, Phelps, Seneca, in Ontario
County; Owcgo, Tioga, and the counties of Cayuga, Seneca, Wayne,
Ontario and Tioga, State of New York.

Joint Petition to Issue Bonds.—

The Empire Gas & Electric Co. and the Empire Coke Co. have filed a
joint petition with the New York P. S. Commission for authority to issue
$100,000 in Joint First & Refunding Mtge. bonds.— V. 103, p. 940.

Empire Oil & Gas Co. (N. Y .).— Stock Increase.—

This company has increased its stock from $3,000,000 to $10,000,000.

194
T

THE CHRONICLE

T ? u j S le ¥ fe A ssu ran ce S o ciety.— Hearing on Plan —
E

il!l ps! Superintendent o f Insurance, will hold a public hearing
^ o f mutualization which has been approved by tho direcr>Kn 1e°wm h?>Crs anFfP°.lllcy ho*
ders- If the Superintendent approves tho
plan, it will become effective. Comparo V. 105, p. 2546, 1901, O il, 349.

Fellsm ere Farm s C o., F lo rid a.— N ew Plan Effective.—
lh e Reorganization Committee, George T . Ordway. Chairman has
JanP2 1918. ^ c S n ^ r e T W p . m ’ ^ 4 therefore became operative
F irst N a tio n a l Copper C o.— Dividend Reduced.—
or fiG Ci
i
n
15 conts a share has boon declared on tho stock, payable
Fob. 2o to holders of record le b . 5. On Aug. 15 last a dividend of 40 cents
was paid, and in Aug. 1916 25 cents was paid.— V. 105, p. 183.

G en eral Electric Co. N ew Y o r k .— L istin g.—
afiTr 0 ^ 0'T ^ m ^ S„
T
tock E??Ji?nge, has authorized tho listing on and
? ! 15 1918.0f an additional $2,030,300 capital stock on official
notice o f issuance, in payment of tho stock dividend of 2 % , payable Jan 15
V°.1f 05™pk 2"187h° t0tal authorized to bo listed, $103,542,800. Compare
Earnings.

For 6 mos. to June 30 1917 and cal. years:

[Vol . 106.

K a m in istiq u ia Power C o ., L td .— Dividend Increased.—

A quarterly dividend of 2% on the capital stock has been declared,
payable fe b . 15 to holders of record Jan. 31. This action, it is said, indicates
an increase in the dividend rate to 8% .
Tho rate has been 7% per ann.
from July 1916, prior to which dividends wero paid at a ratoshowing a
l/p auvanco oyer each preceding year (except 1915), dating from 1911
being 3% for that year, ln 1910, 2 H % was paid.— V. 104, p. 1493. J

K a n sas C ity Breweries C o.— Bondholders' Committee.—

. Receivers haying been appointed for tho Kansas City Breweries Co. and
default having been made in the payment of interest on Jan. 1 1918. tho
have agreed to act as a bondholders’ committee to protect tho
the holders of the First Mtge. 6% bonds. Holders aro asked to
deposit their bonds with the Cleveland Trust Co. of Cleveland, as de­
positary, on or before Jan. 25 191.8.
’
Bondholders’ committee: George W . York, of Otis & Co.; Henry G.
Oppmann E . M. Ba.cer and Edward E. Newman, all of Cleveland, and
—V
dmi06d V 0? ? ’ Kansas C lty> M o” with Richard fnglis, Esq., as counsel.

K e n n e c o tt Copper C orp., N. Y . — Production (in lbs.).—
P

r

o

d

d

t

H

o

Kennecot Copper Corp.—
T
„
6
----------Years e n d in g Dec. 31---------------■
a { nc0uln t
J u n e 30 17.
1916.
1915.
1914
B r a to C o p p cr C ’ o
7 ’086’000
S ate billed.....................$99,596,7693134.242,290 $85,522,070 $90,467 692
So. American property. 5,836,000
Cost of sales.-------------- 82,220,915 118,948,199 76,898.183 81,496,729
Profit from sales-------- $17,375,854 $15,294,091
Interest and discount &
sundry profits------------ 2,686,442 2,022,237
Income from securities. ________
1,844,645

,623,887

$8,970,963

2,129,265
1,554,843

1,570,431
1,313,989

Deduct— ...................... $20,062,296 $19,160,973 $12,307,995 $11,855,383
Interest on debentures..
$285,822
$571,445
$570,086
$567 556
Balance, surplus.........$14,701,062 $10,467,882 $3,607,992 $3,145,059
CONSOLIDATED BALANCE SHEET.
June 30 '17. Dec. 31 '16.
June 30 '17. Dec. 31 '16.
Assets—
s
§
§
Liabilities—
§
Pat’ts,fran.,&c.
59,566
1 Common stock.101,512,500 101,512,500
Land, bldgs. &
3K% coup, deb 2,047,000
2,047,000
machinery... 35,609,159 29,904,764 5% cou.deb. '07
.............
500
Real estate, &c.
5% cou. deb. '12 10,000,000 10,000,000
oth.tlian mfg.
Accrued interest
196,519
196,519
817,145
863,189 Acc’ts payable. 11,684,526
P la n ts ..........
7,874,873
Stocks & bonds. 33,789,650 33,773,678 Accrued taxes.. 1,387,062
1,149,256
Cash................... 10,850,857 12,167,707 Adv. payments
NotesAaccts.rec 29,351,937 26,816,298
on contracts. 2,984,061
4,650,559
Work In progress 4,547,445 4,190,020 Dlvs. pay. Jan. ____
2,030,154
Due from affil’d
Surplus........... 48,861,816 34,160,753
companies__ 6,448,850 4,739,819
Inventories (at
cost or less).. 57,198,874 51,160,639
Total - .

178,673,484 163,622,115

Total______ 178,673,484 163 622 t l 5

1 0 5 '? 2187°' ,h °

" "

1917

Gillette Safety Razor Co.— New Plant.—
Vice-President Frank J. Fahey announces that a seven-story building is
to be constructed adjoining tho present Gillette plant in South Boston at
$800,000. The additional floor spaco to be obtained
ia COiiU,ncreas<;.ln tbo output and 1,000 moro employees are to
r
be taken in. l h e executives expect that tho building will bo ready for
occupancy late in the fall. The addition will allow the installation of
nenmt0 bri” r. tJ)e daily output up to 15,000 razors. 1,200,000
r S
blad' n There will be approximately 2,400 workers in the two
factories.— Boston Financial Nows.” — V. 105, p. 2369.

Haskell & Barker Car Co., Inc.— Orders in 1 9 1 7 __

See “ Railroad Construction" under RRs. abovo.— V. 104, p. 2644.

J

‘ t i i g 1-

86,310,000 111,536,000
63,346,000 44,638,000

K e o k u k (la .) G as L ig h t & Coke Co .— Bonds.—

rhe_ $150,000 1st Mtgo. 5% bonds, duo Jan. 15 1918, will ho paid at
maturity at the Mechanics & Metals National Bank, N. Y. In connection
with this payment the company will issuo $150,000 5-yoar 6% 1st M tgo.
bonds maturing Jan. 15 1923.— V. 78, p. 290.
0
b

Internat. Business Machines Co., Ltd.— Further Data __

This company was incorp. Nov. 29 1917 in Ottawa, Canada, with an
auth. capital stock o f $2,000,000 (par $100), consisting of $1,250 000 com­
mon and . 750,000 7% prof.. of which $1,000,000 common and about $500^$
000 pref. has been issued. Tho pref. is subject to call at 105 upon confir­
mation by supplementary letters patent, but is non-convertible
Both
classes of stock vote equally.
I)ulu
The company has been formed as a consolidation o f tho International
Time Recording Co. of Canada, Ltd., tho Computing Scale Co. of Canada
Ltd., and the Canadian Tabulating Machine Co., Ltd. The nronertv
consists o f factory premises at Toronto owned in fee. A largo percentage
0 fA m St0Ckn ° wnnm by T
fS
th&r Computing-Tahulatlng-Recordlng C o? 8
Officers: Pres., Ih os. ic nIca Qon np f lir. i t Frankt E. iMutton, and Sec.,*
(whr J. Watson; Treas., r t
\
v
i_■ . •
*
_
% s
(-?'lryp(wh0 Is als0o S e c.'°f tho O'omputing-Tabufati!ig-I?ccording Co), Office of company, 270 Dundas St., Toronto. Comparo V. 106,
p. 90.

International Nickel Co., N. Y .— Divs., When Earned.—

This company is advised by counsel and by its acconntants, Prico Water­
house & Co., that tho pref. stock dividond paid Feb. 1 1917 and the
common stock dividend paid Mar. 1 1917, wero paid from net rirnfte
accumulated in the calendar year 1916 (which w ore'the m o s T r S u y
accumulated undivided protits and surplus); and that all other dividends
f f i ^ f a 5 hM f aL r i o n . P
I90d2 ^ 1 3 net Proms accumuIat*

f

t

International Paper Co.— Demurrer Withdrawn —

Rudolph Pagenstecher, a director, has withdrawn his demurrer to the
amendeef complaint in the action of Frederick E. Hastings against tho
company and the directors of the company, in which he is a defendant
Tho demurrer alleged that the facts as stated in tho complaint did not set
V.rt105!U 2 4 W .- V U
pn
?06. pn 9 ^ ° h t0 baso an action.P See complaint!

Ironton Solvay Coke Co., Syracuse, N. Y .__
Subscriptions for tho remaining $400,000 capital stock offered to share­
holders at par aro payable 50% Jan. 15 and 50% Feb. 15.— V 106 p 91

Island Oil & Transport Co .— Sale of Collateral Notes.
~ A - ^ A L e ,a c h & C o - h a v 0 s o ld a t 9 9 a n d i n t . , y ie ld in g
o v e r 7 % , th o u n s o ld p o r tio n o f $ 3 ,0 0 0 ,0 0 0 F i r s t L i e n C o l ­
la t e r a l 7 % g o ld n o t e s d a t e d S e p t . 1 1 9 1 7 , d u e S e p t . 1 19 2 0
b u t c a lla b le a s a w h o le o r a n y p a r t o n s i x t y d a y s ’ p u b lis h e d
n o t ic e , a t 10 5 a n d a c c r u e d in t e r e s t .
A u t h . is s u e , $3 000 000
thon eTVm k&
N
Trus? C o " Y° rk' D° n° m' S1'° 00 and *500 c *’ Trustee?
The corporation, incorporated under tho laws o f Virginia was formed
, be RU
t
I'P°®° of Producing and transporting oil rrom tho fields bordering
on the Caribbean Sea and in Mexico. Through stock ownership it owns
pnd142°4 1313 arge acreages ln M exico* Colombia and Cuba — V. 105?

Jewel Tea Co., Inc — Sales for 4

&

A special dividend of $1.25 has been declared on account of accumulated
dividends on the $1,936,850 6% preferred stock, payablo Fob. 1 to holders
2£LeCi Jan,- 3V „0 ? ,Au? ' 1 *ast a like amount was paid. There is still
50% duo on back dividends.— V. 105, p. 285, 184.

K n it G oods M erger.— Plans Indefinite.—
An exchange journal says in brief: "Renewed talk of a merger of tho
knitting mills of the East in a largo corporation brought forth from an
officer of one of the leading mills to-day tho remark that tho ‘thing can't bo
put over now and probably not for four or five years after tho war ’ Tho
general impression in tho knit goods trade, this man asserted, was that the
promoters of tho plan could not make good on their proposition. Ho cxp^^rnud ®
erj°us doubts of tho plan’s going through oven after tho war
.T n o merger proposal has neon put boforo practically overy knitting
mill in the East, and a great number throughout the entiro country, in the
last 12 months. Tho plan talked of was for a corporation with a capitali­
zation of about $30,000,000, and tho demands such financing would make
on tho money market aro considered sufficient obstacle to its ultimate
success so long as tho war lasts. Louis Steinfcld is ono of tho promoters of
tho scheme.
Comparo V. 106, p. 91.

Kerr Lake M in in g C o.— Silver Production (in Oz. ) .—
Increase. I 1917— 12 Mos.— 1916
13.240(2,599,345
2,535,724

Increase
63,621

(S. S.) Kresge C o.— Sales for Dec. and 1.2 Months.—
1917— Dec.— 1916
- V i o l f p . 2369?58,02.3
1

Increase. I 1917— 12 M os.— 1910
Increase
$467,5021
$30,090,700 $26,390,542 SS^GOUSS

(S. H .) Kress & C o .— Sales for Dec. and 12 Months.—
191’/ — Dec.— 1916
- V M O A p . 2309i3i9021

Increase.] 1917— 12 M os.— 1916
Increase
5359.515($17,611,349 $15,115,179 $2.496?17(j

L a n sin g (M ich.) F u el & G as C o.— Gas Rate Unchanged—

This company has notifed tho Lansiug City Council that tho docreaso
•a the gas rato called for in tho franchiso hold by tho company to become
effectiyo Jan. 1 will not bo granted. Tho standing rato of $1 per 1,000 cu.
ft. will remain.— V. 105, p. 2188.
’

Lim a (O .) Locom otive W orks, I n c .— 1917 Orders —

Humble Oil & Refining Co. (Texas).— Dividend.—
non oonC0mP y :
.a?
U announced, will pay a dividend of 6% on the $4 000,000 capital stock, payable Jan. 21 to holders of record Jan. 15 Pav~ V 6 105 bp *1902 one_half 11 Llborty bonds' at par, and ono-half in calsh.
1




“ '

— V°105?bp .% 7 7 S 2002"” 12’922'000 TC522.000 lT9.656.000 15oTl74,000

1917— Dec.— 1916.
— V,4105, p. 2188?2098.

«“

Jast an additional $10,000,000 6% 2-ycar notes. As to offering of $ 10 000,000 capital stock, see abovo.— V. 106, p. 90.
g 0

1917— 4 Weeks— 1916.
- V . 9 lb7
5,8p. 2466! 20982

~

K ey ston e T elep h o n e C o.— Special Dividend.—

R ecl Cr? dl v? pci ?A ug ."’ 17(1 )1 ?01°5J25

th lp r ffid o o t 'iS v

*

6'806-000
4,716,000

52 Weeks end Dec 29

Increase. I 1917— 52 Weeks— 1016 ' rl/ m H '
$37'246IS15.309.408
$2?868,087

See “ Railroad Construction” under RRs. abovo.— V. 105, p. 1714.

L in dsay L ig h t C o.— Extra Dividend.—
An extra dividend of 15% has been declared on tho common stock in
addition to the regular quarterly 5% on the common stock, and 1M % on
tho preferred stock, all payable Feb. 28 to holders of record Feb. 1. An
extra of 17% was paid in Nov. and Aug. last.— V. 105, p. 2460.

L u ken s Steel C o.— Redemption of Preferred Stock.—

TW? company has called for payment at any time between Jan. 15 and
|l!no°S (pa£ $ 100) of 7% cum. first pref. stock (outstanding
$2,000,000), at $103 per share and div., thus rotiring $1,750,600. Payment
will be made at Commercial Trust C o., Phlla.— V. 105, p. 2369, 2277.

M agn olia P etroleum C o.— Stock Increase— Output.—

_Shareholders will vote Jan. 14 on Increasing tho auth. capital stock from
$30,000,000 to $60,000,000 (par $100), and on determining how tho stock
now in the treasury ($8,000,000 of the present 830,000,000 capital lias not
been issued) and that authorized by tho Increase shall be disposed of.
The stock was increased from $20,000,000 to $30,090,000 a year ago.
Compare V. 104, p. 76. Tho company s production of light crude oil is
statol to exceed 30,000 bbls daily aud Its refining capacity is in excess
oi « ) ( . ) , DDls. daily.
Crude oil runs for'tho month of October by tho Magnolia Potroloum Co.
£mao7li 1,177,861.19 bbls., divided as follows: From Healdton, Okla.,
SOl.OM.O-lbb s.; from Cushing, Okla., 160.528.58 bbls.; from Yalo, Okla.
90,410.90 bbls.; from Electra, Tex., 384,501.39 bbls.: from Henrietta
(Petrolia), Tex., 8,540.71 bbls.; from Corsicana, 15,980.61 bbls of heaw
and 15,867.08 bbls o f light oil. The daily average for O c^ber w m 37,99^
bbls., compared with 37,625 bbls. in September. (“ Oil Trade," Doc. 1917 )
Compare V. 105, p. 2369, 1807.
'

M arconi W ireless Telegraph Co. o f A m erica.— Earn­

ings— Increased Business— New Facilities.—
Earnings for Calendar Years (December 1917 Estimated).
Calendar Years—
1917.
1916.
1915.
1914.
Gross earnings.......................$1,328,526
$862,502
$748,238
$756,573
Other income.
.............
97.443
98,108
104.933 150 272
Total Income____ --.$1,425,969
$960,6)0
$853,171
$906,845
Net income after taxes, & c_. $849,931 $336,041
$218,995 $271,889
Depreciation, & c._.'_
240,500
76,152
111,678
122.011
Balance, surplus..... $609,431
$259,889 $177,317
$149878
Tho company wo learn, has recently received from tho U. S. Govemment additional orders for wireless equipment, aggrogating about $1 500,000
lh e prufits on those Government orders, although, comparatively speaking
small. In accordance with agreements made with tho U. 8. Government
and tho Navy Department, will, wo are informed, together with tho largo
amounts received for rentals of apparatus installed on nearly 600 vessels
and the rentals paid by the Government for tho use and occupancy of land
stations during the war, far moro than make up for any loss which may
have occurred by reason of decrease in the company’s message business.
bales of wireless equipment for the calendar year 1917 amounted to be­
tween fivo and six million dollars.
, 'fho following from a broker's circular has been confirmed for tho
Chronicle :
In order to tako caro of its increasing manufacturing busi­
ness tho company recently completed a new factory at Akleno N J.
which has a capacity four times as great as tho old factory. Tho now plant
covers 39,000 sq. it., compared with 10.000 sq. ft. occupied by the old
building, l h e general design and construction of tho new building aro
modern in overy dotaU.
8

Ja n . 12 1918.]

"When diplomatic relations between the X . S. and Germany were sev­
T
ered on Feb. 3 1917 the company offered its entiro organization and per­
sonnel to the XJ. S. Government.
,
‘ ‘ Owing to the increase in messages expected after tho war, when there
will bo no censorship, and the increased profits from the nows service tinder
company operation as well as extension in service which will be carried
out, Marconi may be regarded as a peace stock. Nevertheless, increased
earnings aro accruing to tho company on its largo war contracts. Every
ship that is now being built by the U. S. Government must be equipped
with a wireless apparatus on which the Marconi company has a monopoly.
In addition, every airplane used on the battle fronts Is supplied with a
wireless apparatus."

Pan-American Wireless Tel. & Tel. Co.— New Sub. Co.—
See that company below.
, ,, ,
.,
, ^
The question o f a dividend on tho stock will probably bo considered at
the directors’ meeting in April.— V. 105, p- 70.

M a ssach u setts G as C om p an ies.— Earnings, &c.~
— 5 Mos. to Nov. 30-November
1916.
1917.
1917.
1916.
$543,460
$503,226
Boston Consol. Gas C o________ $117,345 S131.538
23,045
3,379
21,693
East Boston Gas C o___________
1,709
22,795
28,915
3,033
Citizons’ Co. of Quincy________
4,687
37,468
37,684
8,729
Newton & Watertown G. L _____
9,611
305,466
91,333
New Eng. Gas & Coke Co______
“ x"
88,195
318,455
90*875
New England Coal & Coke_____ 20,164
50,506
109,410
Federal Coal & Coko__________
“ ’x’
13,687
def.129
Boston Tow Boat______________ “ x”
1,611,143
“ x”
Now Eng. Fuel & Transport. C o . 254,977
Total...........................................$408,494 $376,582 $2,293,537 $1,373,788
Increase in Gas O u tp u t-------7;32%
7 .32%
Boston Consol. Gas Co............... 5.87%
9.80%
8.77%
11.42%
East Boston Gas Co----------------.
16.15%
19.06%
Citizens’ Co. o f Quincy________ 15.77% . 19.24%
12.05%
15.23%
Newton & W atertown.------------ 9.38% 13.67%
x On June 30 1917 tho New England Fuel & Transportation Co. (of
M ass.), whoso capital stock is all owned by the ^Massachusetts Gas Cos.,
acquired all tho property of the New England Gas & Coke C o., Boston
Tow Boat Co and Federal Coal & Coke Co.; and tho capital stock and all
the property of Now England Coal & Coke Co. (except business of purchas­
ing and selling coal); also tho 2,000 shares of J. X . B. Coal Co. stock.
>
Tlio merged companies had reported their earnings separately in former
y °nfindenilsl— Tho'following quarterly dividends of the subsidiary compan­
ies have been declared payable Dec. 31 to holders of record Dec. 28 1917:
Cnmnanics
-------- Capital Stock--------- -------- Dividends Paid-----Controlled__
Outstanding.
Owned.
Dec. 31 T7. Sept. 30 T7.
Boston Consol. Gas C o .$15,124,600 $15,112,600
1K %
2~
. 2%
New Eng Gas & C o k e .. 17,500,000 17,o00,000
2%
Newtown * Wat. O. L
560,000
660.000
2 'A %
243%
Citizens* G. L. Co.o f Q.
743,000
743,000
1 'A%
1H%
N . E ?Fuei& Transport. 25,000.000 25,000,000
2%
2%
None
East Boston Gas C o ..
575,000
574,950
2H%
Tho Massachusetts Gas Companies has declared tho regular quarterly
dividend of 194 % on the $25,000,000 common stock, payable Feb. 1 to
holders of record Jan. 15 1918.— V. 105. p. 2277, 2188.

M etropolitan Edison C o .— Supplement to Rate Schedule.—

Further supplements to tho schcduio of rates recently filed with tho Penn.
P. S. Commission, went into effect Jan. 1, and provide for an increase of
15% in all classos of service except houso lighting. On Dec. 16 tho com­
pany put into effect other schedules, providing for an increase to power
customers only, to bo regulated by the prevailing prices o f coal. This will
advanco the price of current automatically with Increases in tho cost of
coal over $3 50 per ton delivered.— V. 105, p. 2460.

Mount Vernon-Woodberry Cotton Mills.— Syndicate.

The syndicate formed by tho Mercantile Trust & Deposit Co. to under­
write the one-year 6% notes has been dissolved. These notes were brought
out only a few weeks ago, tho holders ot the maturing notes being given the
privilege of exchanging into the new notes at 99, which was the price they
were offered to tho public. Many of the holders o f the first notes made the
exchange, though not more than half o f the new issue, it is said, was ab­
sorbed in this way. The remainder were readily placed with investors,
indicating some improvement in the investment demand. Since tho dis­
solution of the syndicate the price of tho notes has been advanced to 99bS •
—
Baltimore “ Sun,” Jan. 6.— V. 105, p. 2548.

Narragansett Electric Lighting Co.— Rates— Report.—

The Rhode Island 1’ . X . Commission has authorized the company to
T
put into effect as of Jan. 1 its new rates for electricity to continue for the
duration of tho war. The new schedule will involve an increase in tho
price to householders of about 7% , a raise o f about 12% to larger users of
current for lighting purposes, and a 13Ts% increase in the price of power.

Increased Facilities.—
Tho Narragansctt company is increasing its capacity by tho installation
of a 45,000 k.w. steam turbine. (Seo New England Power Co. below.)
Arthur B. Lisle, General Manager ot the Narragansett Company,
informs tho “ Electrical World that every possible effort is being mado to
get this machine into service, but that railroad embargoes aro delaying
shipment of piping which is essential to operation. Arrangements aro
being mado to transport sections of piping from New Jersey to Providence
by motor truck if necessary to withdraw the equipment from the rails.
It is expected that at least two weeks wdl bo required to prepare the unit
for full-load operation after iittings are installed. The Narrangansett
Company has a fair supply o f coal on hand at tho moment, but, like other
New England utilities, is much worried over the prospect or securing fuel
for coining demands.— V, 105, p. 503.

N ash Motors Co.— Initial Common Dividend.—
An initial dividend of $6 has been declared on tho 50 000 shares of
common stock, together with regular quarterly dividend of $1 75 on tho
preferred, both payable Feb. 1 to holders of recoro Jan. 19.— v . 103, p. 1511.

National Steel Car Co., Ltd., Montreal.— Orders in 1917

Seo "Railroad Construction” under ItRs. abovo.— V. 104, p. 2347

Naumkeag Steam Cotton Co.—-Stock Increase.—

Shareholders will vote Jan. 16 on Increasing the capital stock from
$2,250,000 (auth. and outstanding) to $3,000,000.— V. 105, p. 2460.

Nevada-California Electric Corp.— Offering of Secured
Gold Notes.— Boettcher, Porter & C o ., Donver, C olo., aro
offering at 9 7 Yv and int., yielding about 7 J £ % , a new issue
of $1,000 ,00 0 Tw o-Year 6 % Secured gold notes, collaterally
secured by doposit of $1,250,000 6 % First Lion gold bonds,
Series A . Tho notes are dated Jan. 1 1918, duo Jan. 1 1920,
but callable in whole or in part on 30 days’ notice on any int.
date at par and interest. Authorized, $2,000,000; presently
to bo outstanding, $1,000,000. A circular shows:
Interest J. & J. at Bankers Trust Co., N. Y ., or at International Trust
C o., Denver. Denom. $500 and $1,000 c. Trustee, tho International
Trust C o., Denver.
Security.— A direct obligation o f tho corporation, and further secured by
deposit with the trustee of 6% First Lien gold bonds. Series " A ,” of a par
value equal to 125% o f tho face amount of theso notes outstanding. Addi­
tional notes (up to the total of $2,000,000 auth.) may be Issued from time
to time only when secured by First Lien bonds in the foregoing ratio.
Tho 6% First Lion gold bonds, series “ A ,” which constitute the collateral
for this no toi issue are secured by first mortgages on tho properties, amount­
ing to $4,860,000, and by first and refunding mortgages amounting to
$3,612,000, which latter aro subject only to tho lien of tho underlying bonds
shown below (V. 102, p. 2171).
Purpose.— Proceeds o f this issue will bo sufficient to compiote tho con­
struction work now in progress and to pay all floating debt. This construc­
tion and floating debt represent Improvements and enlargements of hydro­
electric and other properties which have been and are essential in the pro­
duction of food, cotton, minerals, potash and soda, which aro vital factors
in the prosecution of tho war by tho United States and its allies.




195

THE CHRONICLE

Capitalization Outstanding in Hands of Public.
Nevada-Cal. Power Co. First (closed) Mtgo. 6 % ---------------------- $2,023,000
Southern Sierras Power Co. First (closed) M tge. 6 % ----------------2,012,500
Nevada-Cal. Elec. Corp. 6% First Lien gold bonds, series “ A ”
(authorized, $15,000,000)___________________________________ 5,071,500
Nevada-Cal. Elec. Corp. 2-Year 6% Secured gold notes (author­
ized, $2,000,000), presently to be outstanding_______________ 1,000,000
Total secured debt_______________________________________ $10,107,000
Nov.-Cal. Elec. Corp. Convertible Debentures 6% (closed)____$1,290,800
Cumulative pref. stock (authorized $10,000,000)_____________$6,067,900
Common stock (authorized $20,000,000)---------- .______________ 8,531,900
Plant— Territory.— The company’s system, with a present generating
capacity of 58,287 h. p., of which 47,000 h. p. is hydro-electric, serves the
rich agricultural and industrial sections of southern and eastern California,
and also the great mining districts of central western and southwestern
Nevada. All of this territory except a small portion of San Bernardino,
Riverside and Inyo counties in southern California is served exclusively.
Tho Nevada territory includes the mining districts of Tonopah, Goldfield,
Millers, Manhattan, Round Mountain, Wonder, Fairview, Rawhide, &c.
A transmission line extending from Bishop Creek in Inyo County to the
city of San Bernardino, in southern California, has tributary to its lines
in tho north tho fertilo Owens River Valley, the Kern and Applo valleys,
and the Keeler and Randsburg mining districts, the large soda and potash
deposits at Owens and Searles lakes, the cement plants in Victorville dis­
trict, tho towns of Big Pine, Randsburg, Johannesburg, Oro Grande,
Victorville and Barstow, and in southern California the rich agricultural
districts of San Bernardino and Riverside counties, which include the cities
of San Bernardino, Riverside, Redlands, Corona and the towns of Perris,
San Jacinto, Hemet, Elsinore and Banning.
The system also distributes current for light and power purposes in the
Coachella Valley and wholesales power to the Holton Power C o., which
distributes its current for the same purposes throughout the great Imperial
Valley, which is said to bo tho largest and most productive body of irri­
tated land under one system in the world. A transmission line extends
roin El Centro to the Arizona Stato line, where current is wholesaled to
a local company for distribution in Yuma, Ariz., and to Hanlon’s Heading,
whero power is supplied to the Imperial Valley irrigation District for oper­
ating its dredges. The system has in all 1,299 miles of high-tension trans­
mission lines and 395 miles of secondary distriubtion lines.
Also includes profitable public telephone and telegraph service paral­
leling 600 miles of its transmission lines, ice plants at Brawlcy and Coachella,
Calif., store houses and refrigerating stations at Holtvillo, Calexico, Im­
perial and Brawley, Calif., and leases an ice plant at El Centro, Calif.
Earnings for the 12 Months Ending Oct. 31 1917.
Total operating earnings.$1,950,3051
Miscellaneous income____ $115,097
Net after taxes__________ $1,086.6611Total net income— --------$1,201,758
Interest on (a) $4,035,500 underlying bonds; (6) on $5,071,500
6% First Lien bonds, and (c) $1,000,000 2-yr. 6% secured notes 606,420
Balance, after present annual int. charges, incl. theso notes___ $595,338
The earnings have shown a consistent growth since the organization of
the system. Net earnings available for interest charges for 12 months
ended Oct. 31 1917 show an increase of more than $220,000 over the cal.
year 1916.
During the past ten months contracts have been closed with new large
consumers which alone will, when all connected, add 3,327 h. p. of new
m otors, affording an estimated annual revenue of $130,000. Increased
operations planned by present largo consumers, concerning which the cor­
poration has been notified to date, will add over 2,220 h. p. of connected
load and an annual revenue in excess of $100,000.
Value of Properties.— As of Dec. 31 1914 an independent appraisal re­
ported the then present value of the properties as $17,001,803, to which
should be added the cash cost of additions, &c., made during 1915, 1916 and
nino months to Sept. 30 1917, amounting to $1,911,163, making the total
value as of Sopt.30 1917 (without allowance for depreciation) $18,912,966.
A further description of this company’s properties and business may
be found in V. 102, p. 2171. See also statement with map, page 179
in “ Railway and Industrial” Section.— V. 105, p. 1424, 1314, 1202.

New England Power Co.— Power Curtailment Due to
Extraordinary

Water

and

Coal

Conditions.— “ Electrical

W orld” on Dec. 29 said in part:
Curtailment of service to industrial power customers has been forced
upon ttio New England Power by the coal shortgage combined with un­
favorable water supplv conditions. All such customers are required to
discontinue their input of energy from tho company lines for motor service
by the equivalent of 24 hours a week.
S.
O. M oore. General Manager of the company, informed a represen­
tative of the “ Electrical W orld" in talking of conditions, that dry weather
during September, followed by an unsatisfactory run-off in October and
early "freezing of small streams on the Deerfield and Connecticut River
watersheds, has been a serious handicap to the system plants. The coal
shortage, which has hit many industrial plants in the territory with which
reciprocal power contracts are held, has greatly curtailed the energy avail­
able by purchase.
. . .
_
. .
So far no lighting customers have been asked to curtail and service is
being furnished to electric railways on the usual basis. Central stations,
however have been asked to investigate the use of power on their systems
whero such companies purchase energy from the New’ England organiza­
tions, so that accurate information can be compiled at headquarters in
Worcester relative to the essential or non-essential character of tho demand.
The company wrote to industrial power customers, pointing out the ab­
normal demand for energy growing out of the war and stating that a con­
siderable portion of its output Is generated now by steam. Present indica­
tions, the letter stated, are that during this whiter shipments of coal into
New England wil> be limited, for a time at least, to industries essential to
prosecution of war.
.
. . .
The New England Power Co. operates under agreements with central
stations of its territory whereby power is interchanged as economic con­
ditions require. Tho largest plant with which the system is thus connected
is that of tho Narragansett Electric lighting C o.. Providence R. I. Mr.
Moore stated that as soon as a new 45.000-kw. steam turbine now installed
in this station can be placed in service the situation will be temporarily
improved in central New England, as tho New England company's trans­
mission lines between its operating centre at Millbury, Mass., and Provi­
dence can then be called upon to furnish considerably more energy to the
rest of the system.
.
,
.
.
(An officer of the company states that there is no criticism to be mado
on this article, and adds: “ Of course conditions are changing from time to
time and will probably change very rapidly in event we get any water
on either the Deerfield or Connecticut Rivers.” ]— V. 106, p. 92.

New River Co.— Railroads Sold for $ 7 50 ,0 0 0 Cash.—
The New River Co., after protracted negotiations, has sold its railroad
properties, the Piney River & Paint Creek (11 miles of road, including
branches and spurs) going to the Chesapeake & Ohio and the White Oak
(10.34 miles of main line and branches) to the Virginian R y. The two
roads are small properties primarily serving the New River Co., Piney’ River
tapping five and White Oak six of the 15 mines. For both roads N.ew
River receives approximately S750.000 cash. No decision has been made
with respect to the disposition of this money, but as the roads were part of
the mortgage security of the 5% bonds, the supposition is that part of the
bond issue will be retired. At tho current market price of 80, the original
offering price, by the way’ , it w
’ould take but a small addition of cash from
tho treasury to wipe out $1,000,000 of this Issue, bringing the outstanding
bonds down to $1,500,000.— “ Boston News Bureau.” — V. 105, p. 286.
^Niagara Falls Power Co.—

‘ Congressman Waldow, N . Y . State, on Jan. 10 introduced a bill in the
Houso of Representatives at Washington authorizing the President and
tho Secretary o f War to take over the hydro-electric plants along the Niagara
River for the war period, and in this connection appropriating $20,000,000
to meet necessary expenses.— V. 106, p. 92.

North American Co.— Subsidiary Co. Receiver Sought. —

See United Rys. of St. Louis under " R R ’s” above.— V. 105, p. 1807, 1109.

Northwestern Electric Corp.— New Power Plant.—

Wilber E. Coman, Vice-Pres. & Gen. M gr., has announced that a new
plant is under construction in Portland, Ore., which will increase the comany’s capacity for supplying electrical power 50% . The new plant will
ave a capacity of 10,000 k.w., which is equal to 13,600 h.p., and will cost,
it is stated, $1,500,000.

E

196

THE CHRONICLE

M r. Coman Js quoted as saying in substance: “ Development of the
demand for electrical power in Portland vicinity, duo to shipbuilding ac­
tivities and the requirements o f other local industries, have mado it neces­
sary for us immediately to increase the capacity o f our power service.
In deciding to construct this additional plant, we have planned not only
to take care of present demands, but are also providing for the needs of
the future. The plan is being designed so that eventually, as occasion
requires, its capacity can bo increased to 30,000 k.w ., or approximately
40.000 h .p .” — V. 105, p. 1314.

Pacific P o rtla n d C em en t C o.— Extra Dividend.—
This company, which has been paying regular monthly dividends o f 25
cents per share, has declared an extra dividend of SI 50 per share, payable
immediately. The company paid an extra of SI per share some months
ago, so that the special bonus just declared brings the total for this year
up to $5 50 per share. Edward Pollitz & C o., San Francisco, are interested.

[V ol . 106.

Savage Arm s C orp.— Orders for Lewis Guns.—

“ The present contracts of tho company, including tlioso for the Lewis
machine guns, will keop tho plants busy all this year,” President Borie
said, “ and wo are confident that Government will order more o f the Lewis
type machine guns from time to time.”
Relative to tho contract recently lot to tho New England Westinghouso
Co. for 15,000 Browning machine guns, M r. Borie stated that it demon­
strated that there is plenty of business for all concerns of tho country
capable of manufacturing rapid-fire weapons.
The earnings statement of tho Savage Arms Corporation will be issued
on Jan. 28 and President Borie stated that ho thought tho operating results
of 1917 would make a very satisfactory showing in comparison with tho
preceding year.— “ Daily Financial America.” — V. 105, p. 1808, 1715.

Saxon M otor Car C o rp o ra tio n .— New President.— •

P an -A m erican D eb en tu re C orp.— New Officers.—

Benjamin Gotfredson has been elected President, succeeding Harry W .
Ford, who recently resigned— V . 105. p. 2461, 2099.

P an -A m erican W ireless T elegraph & T elep h o n e C o .—

The directors have declared tho regular quarterly dividend of 2% and
an extra dividend of 5% on tho 81,500,000 capital stock (par $10), both
payable on or before Jan. 2 1918 to holders of record Dec. 31 1917. Incorp.
in Mich, in 1901. Manufactures tobacco and snuff in Detroit. Has no
bonded debt.— V. 104, p. 77.

Wallace L. Durant has been elected Sec.-Treas. to succeed G. Kennedy
Imbrie, who is engaged in Red Cross servico in France. Roswell C.
Tripp, of W m. Morris imbrie & C o., has been elected a director, succeeding
Captain James Imbrie of the same firm, now in the military service.
— V. 103, p. 2435, 2347.
Announcement is made by the Marconi Wireless Telegraph Co. of
America o f the formation o f the Pan-American Wireless Telegraph & Tele­
phone C o., a subsidiary, for the purpose o f extending the activities of the
parent organization and for the special purpose o f connecting the so-called
Pan-American countries with the U. S. by wireless communication. The
new company has been incorporated in Delaware witii a capital stock of
50.000 shares o f no par value.
Officers are: John W. Griggs, Chairman o f the board: Edward J. Nally,
President: Washington Dodge and David Sarnoff, Vice-Presidents; C. J.
Ross, Secretary, and John Bottomley, Treasurer. Directors- Messrs.
Griggs, Nally, Dodge, Sarnoff, James R. Sheffield, Edward W . Harden,
Frank N. Waterman, Nathan Vidaver and George Pope.
This company was fully organized for business at a meeting of the direc­
tors held on the 8th inst., and work o f selecting now sites for stations will
bo started immediately. It is understood that the new company has
acquired the right to use the Paulsen patents and improvements, ir such are
deemed desirable.

P enn T raffic C o., P h ila d e lp h ia.— Extra Dividend.—
An extra dividend o f 1% has been declared, in addition to the semi­
annual dividend of 3% , both payable Feb. 1 to holders of record Jau. 15.—
V . 103, p. 243.

Pierce-Fordyce Oil A sso c ia tio n .— Provosed Dissolution.

See Pierce Oil Corporation below.— V. 105, p. 2278.

Pierce Oil C orp o ration .— Acquistion— Decision.—

This company, which was incorp. in 1913 in Va., has been granted a
permit to operate in Texas, and will make its headquarters at Dallas.
Tho company applied for the abovo permit in order to acquiro the prop­
erties, business, &c., o f the Pierce-Fordyce Oil Association, an allied or­
ganization. This acquisition has not yet been completed, but eventually,
following tho consummation o f the merger, the Pierce-Fordyce organiza­
tion will probably bo wound up. It is believed tho consolidated corpora­
tion will double the capacity o f its refinery at Fort Worth and will mako
additions to the- plant at Texas City. A new refinery will probably be
constructed at Houston.
Judge Graves of tho 26th District Court in Toxas recently rendered
a decision affirming that tne corporation is not connected with any trust
or monopoly and is independently owned and operated and that it should
therefore be allowed to operate in Texas.
Tho last annual report o f both companies was given In V. 104, p. 2114.
— V . 105, p. 2461. 2278.

P o in t R ich m o n d (C al.) C anal & L a n d C o.— Foreclosure.

The Anglo California Trust Co. of San Francisco, Cal., has filed fore­
closure suits against this company, a realty enterprise. Tho San Francisco
“ News Bureau” says: “ Tho company controls soveral tracts of land in and
around Richmond which were mortgaged, tho trust company taking $400,000 worth o f tho bonds. Tho suit was instituted to collect cho oonds when
the concern failed to meet interest payment.”

Portage R u b ber C o., B arb erton , O h io .— Earnings.—
Nov. 30 Years. 1916-17.
1915-1B.
1914-15.
1913-14.
Total salt's------ $3,361,613 S I,867,854 S I,067,858
$661,849
$129,000 $88,102
Net profits........xS540,933 $232,286
x Before deducting estimated Federal taxes.— V. 105, p. 2190,

1912-13.
S4S2,355
$61,023
1808.

S c o tten -D illo n (T obacco) C o ., D etro it.— Dividends.—

S h a n n o n C opper C o .— Out-put {in Pounds).—
1917—Dec.— 1916.
Decrease. I 1917— 12 M os.— 1916.
Decrease.
650.000
977,000
327.00016,231,000
9,659,500
3 428,500
From July 1 to Oct 31 1917 tho company’s mine was shut down on ac­
count of labor troubles.— V. 105, p. 1808.

Sh effield Farm s C o., In c .— Acquisition.—

This company has taken over control of tho Diamond Dairy C o., pay
ment being made on tho basis of 30 shares of stock of the purchasing com­
pany for 100 shares of the Diamond company.— V. 105. p. 2461.

Sm ith W h e el C o., In c ., Syracuse, N. Y . — Stock Inc.—

This company, a manufacturer of automobile wheols, has, it is stated,
increased Its auth. capital stock from.8100,000 to $3,000,000.

Sperry F lou r C o. of C alifo rn ia.— Mortgage.—

A trust deed to tho Anglo-California Trust C o.. 8an Francisco, as trustee,
for $1,500,000 covering all the company’s holdings in Fresno, San Jose
and Vallejo has been filed for record.— V. 105, p. 1004.

Sp rin gfield (M ass.) Gas L ig h t Co .— Offering of 6 %
Notes.— Harris, Forbes & C o., N . Y ., Harris, Forbes & C o.,
In c., Boston, and the Harris Trust & Savings Bank, Chicago,
are offering, at 98 and in t., yielding about GJ^%, $500,000
6 % gold coupon notes, dated D ec. 1 1917, due D ec. 1 1922,
but callable at 101 and int. on or after D ec. 1 1918 on six
months' notice. Interest J. & D . in Boston. Denom.
$1,000. A circular shows:
Company.— Incorp. in Mass, in 1847. Supplies tho cities o f Springfield
and Chicopee and tho towns of West Springfield, Longmeadow, Agawam,
East Longmeadow, Ludlow and South Hadley Falls, with gas for lighting,
heating and cooking purposes, serving an estimated population of 171,600.
Owns 300 miles of mains and m e output for tho year 1916 was 1,018,501,000
cu. ft. of gas. Present canitalization, Including this issue:
Capital stock___________ $1,777,200 5-yoar6% notes (this issue).$500,000
Premium on capital stock. 1,277,200 Floating debt__________ ___ 465,000
Total cash paid in ou ca p .$3,054,400
Earnings for Year ended Oct. 31 1917.
Grass (incl. non-op. rev.) .$1.047,9801Int. on notes & float, d e b t.-$54,000
Net, after taxes_________ $253,8671Balanco__________________ $199,867
Notes.— The authorized amount of tho 6% gold notes is $1,000,000, of
which $500,000 are now issued. No mortgage or other prior lien may bo
placed without either retiring those notes or giving them equal privileges
therewith. The floating debt, including tho portion now funded by these
notes, has been incurred in connection with new construction and extensions
Annual Earnings— 1908.
1910.
1912.
1914.
1916.
Gross earnings---------$471,450 $546,835 $575,966 $747,991 S858.604
Dividends— Dividends paid on capital stock: 1902 and 1903, 10%; 1905,
1906 and 1907, 10% yearly; 1908 to 1916, inci., 12% yearly.— V. 104, p.769.

Standard Motor Construction Co.— Extra Dividend.—

Providence Gas Co.— Notes— Toluol Plant.—

Tho shareholders on Jan. 3 authorized tho issue o f $2,100,000 Five-Year
7% Convertible Gold Notes, described in V. 105, p. 2548.
An exchango journal understands that the Government proposes to
build a toluol plant on the company’s land at a cost or $200,000, and that
after tho war tho Providence Gas Co. will have tho privilege of buying it
at a price fixed by appraisal.— V. 105, p. 2548.

Pressed Steel Oaf Co.— Orders in 1917.—

See “ Railroad Construction” under RR s. above.— V . 105, p. 1903.

An extra dividend of 20% has been declared on the $1,800,000 stock out
of 1917 earnings, payable Fob. 7 1918. An extra of 10% was paid Dec, 22
last out of 1916 earnings. Compare V. 105, p. 2280.

Standard Oil Co. of Nebraska.-— New Treasurer.—

R . C. McIntosh succeeds Geo. M . Smith as Treasurer.
Vice-President— V. 105, p. 2371, 1S6.

M r. Smith is

Standard Oil Co. (of N. J.).— Oil Administrator Chosen.—

Public Service Electric Co.— Curtailment of Power.—

See general news on a previous page.— V. 105, p. 2462.

Pullman Company.— Orders in 1917.—

See “ Railroad Construction” under RRs. above.— V. 105, p. 2280.

See Public Service Corp. under “ Railroads” above.— V. 105, p. 1314.
See “ Railroad Construction” under RRs. above.— V. 105, p. 2461.

Rates.— Eastern Roads with Water Connections Apply
for Increase.—
Fifteen per cent increase in commodity rates was sought in an application
filed with tho I.-S. C. Commission Jan. 8 by Eastern trunk lino railroads
operating in connection with steamship companies from Boston, N . Y .,
Phila., and Balt, to Washington. Richmond, Norfolk, Nowport News and
other Virginia points, and points south of these gateways.— V. 105, p. 2543.

Remington Arms-TJnion Metallic

Cartridge

Co.—

Lay-Off— Russian Contract Situation.— Regarding tho laying
off of the night shift of 2,500 men, tho company announces:
The conditions in Russia are such that payment on contracts in process
o f execution in the U. S. are seriously curtailed. This is true with the con­
tracts between this company and tho former Russian Government, and the
situation has become so acute that a large reduction o f daily output of
Russian rifles has become imperative.
It is necessary at once to discontinue the night shift heretofore working
upon Russian rifles and to dismiss such o f the employees o f this night shift
as cannot bo given employment on the day shift.
The company anticipates in the early spring using an oven larger number
o f employees than are engaged at present, after tho completion o f the special
tool equipment necessary to the manufacture o f supplies for the United
States— V. 105, p. 2370.

Standard Steel Car Co.— Orders in 1917.—

(John B.) Stetson Co., Philadelphia.— New Director.—

Thomas S. Gates, Pres, of the Phila. Trust Co., has been elected a direc­
tor to succeed Albert T . Freeman, deceased.—-V. 105, p. 2548.

Texas Company.— Stock Listing— Financial Data.—•

The N . Y . Stock Exchango has authorized the listing of $13,875,000
new capital stock on official notico of issuance in exchango for outstanding
full-paid subscription receipts, making the total amount authorized to
be listed $69,375,000. This new stock was offered at par to shareholders
of record, subscriptions payable 30% Aug. 15, 30% Oct. 15 1917 and 40%
Jan. 5 1918, the now shares participating in dividends from Jan. 1 1918For financial statement. with earnings, &c., see “ Reports” above.—
V . 105, p. 1904.

Troy (N. Y.) Gas Co. — New Stock.—

Application has been made to the New York P. S. Commission for
authority to issue $700,000 common stock, tho proceeds to reimburse the
treasury for moneys spent in the past five years.— V. 105, p. 1809, 1626-

Union Bag & Paper Corp.— Extra Dividend.—

An extra dividend of 2% has been declared,4n Second Liberty Loan 4%
bonds, payable Jan. 25 to holders of record Jan. 15.
Amounts less than
S50 will bo paid in cash.— V. 105, p . 2100.

Union Electric Light & Power Co., St. Louis, Mo.—
Proposed Bond and Stock Issue.—

Republic Distilling Co., N. Y .— Dissolution.—

An application has been filed with tho Missouri P. S. Commission for
authority to issue $1,500,000 In bonds and $1,000,000 additional pre­
ferred stock.— V. 105, p. 1315, 1110.

(W . A .) Rogers C o ., L td ., T o ro n to .— Stock Increase.—

U n io n Oil Co. o f C alifo rn ia.— Earnings— Approximated
in 1917 and Actual in Other Years.—

See U. S. Industrial Alcohol Co. below.— V. 105, p. 613, 77.
BWThis company proposes to increase its authorized capital stock from
$2,400,000 to $3,000,000 by tho issuance o f 6,000 shares, par $100, of 7%
cum. pref. stock. Of tho proceeds o f tho now stock, $222,800 will be used
to acquiro the business o f Simeon and George II. Rogers Co., of Hartford,
Conn., tno bal. o f the new stock not being issued at present.— V. 105, p. 77.

St. Lawrence F lou r Mills C o ., L td .—•
Extra Dividend.—
W An extra dividend of 1% has been declared on tho $1,200,000 common
srock in addition to tho regular quarterly dividend of 1 % , both payable
Feb. 1 to holders of record Jan. 20. An initial dividend ot l H % was paid
on the common stock in N ov. last.— V. 105, p. 1622.

Sacram ento V alley Irrig ation C o .— Status of Successor.

See South. Calif. Farm Lands Co. under ‘'Reports” above.— V.103.P.412.




Calendar Years—
1917 (Est.l. 1910 (Act.). 1915 (A c!.). 1914 (Act.).
Gross sales..................... 833,851),000 827,745,000 819.248,143 820,090,059
Total profits...... ............$12,000,000 $11,206,203 *0,321,648 86,085,252
Int., taxes, deprec., &c_ $4,610,000 $3,823,541 $3,502,619 $3,349,728
Empl. share In profit--------------158,158
----------------------Dividends.................. (9%)3.187,793 (6)2,045,632
......... .................. ..........
Ilalanco. surplus.........$4,462,207 $5,179,032 $2,819,129 $2,735,624
— V. 106, p. 93.
The production of crude oil by the company and controlled companies
In 1917 approximated 7,150,000 not bbls., an increase o f 475,000 bbls.
over 1916.— V. 105, p. 2372, 2190.

197

THE CHRONICLE

Jan . 12 1918.]
Union Tank Line Co.— Transfer Agent —-

3Pxje

T h o E q u ita b le T r u s t C o . o f N o w Y o r k h as b een a p p o in ted tra n sfer ag e n t
or th is c o m p a n y .— V . 1 0 5 , p . 6 1 3 , 5 0 3 .

(E o m m x x tia l

T u n es,

U. S. Industrial Alcohol Co.— Acquisition.—
W e aro o ffic ially ad vised th a t th is c o m p a n y ab sorb ed on J a n . 1 a ll o f its
distlllory co m p a n ie s, as fo llo w s:
,
,,
,T
R e p u b lic D istillin g C o . , N o w Y o r k . I In te rn ation al D istillin g C o . , N e w
P u r ity D istillin g C o ., B o s to n .
O rlean s.
C o lu m b u s D istillin g C o ., B r o o k ly n . (L ou isian a D istillin g C o . , Now ' O rl.
T h o p aren t c o m p a n y h a s, th rou gh th e d e a l, p a r tly lost its id e n tity as a
h oldin g c o m p a n y an d b ecom es tho op erating c o m p a n y o f all Its ch em ica l
p la n ts.
T h oro h as been n o ch an ge in tho c a p ita liz a tio n .—
,__
T h e a cq u isition o f th e C la rk e B r o s, d istillery is included in th o a b o v e .
— V . 100. p . 93.

United Shoe Machinery Co.— Gov't Suit.—
See U n ite d S ta to s Steel C o rp o ra tio n b elo w .— V . 1 0 6 , p . 9 3 .

United States Rubber Co.— Dividends When Earned
Within Meaning of Income Tax Law.—
T reasu rer W . O . P arson an nou nces as o f D e c . 31 d iv s . p a id on th e p r e f.
stock s J a n . 31 1 9 1 7 , w ere declared ou t o f earnings for tho q uarter ended
D e c . 31 1916 and are taxab lo to stock h o lders o f this c o m p a n y u nder tho
Federal In c o m e T a x L aw a t th e rates prescribed b y the A c t o f S e p t. 8 19 1 6 ,
b u t n o t a t tho rates prescribed b y tno A c t o f O c t. 4 1J 1 7.
S u b seq u en t
d iv id en d s paid in 1 9 17 on such p ref. stock s w ere declared o u t o f earn ings
sin ce J a n . 1 1 9 1 7 , an d are so ta x a b le to stock h o lders a t th e rates prescribed
b y tho A c t o f S e p t. 8 1 9 1 6 , an d in ad d ition th e re to , a t th o rates prescribed
b y th e A c t o f O c t. 4 * 9 1 7 .— V . 1 0 6 , p . 9 3 .

United States Steel Corporation.— Unfilled Orders.—
Seo "T r a d e an d T r a f f ic M o v e m e n ts ’

on a p receding p a g e.

(J l c Goes Ovct
cs

T h e m o tio n o f tho G o v e rn m en t to con tin u e u ntil th e n e x t term in O c­
to b e r th e case o f tho S teel C orpo ra tion w as gran ted b y tho U n ite d S ta te s
S up rem o C o u r t .
A sim ilar m o tio n in tho U n ite d S h oe JVIachinary case
w as d en ied .
T h e ^ 'E m d n eerh ig N e w s -R e c o r d ’ ’ in its issue o f J a n . 3 d e v o te d fiv e p ages
t o a description o f th e constru ction in six m o n th s o f a 1 1 0 -in ch p la te mill
fo r th is c o m p a n y ’s su b sid ia ry , th e C arn e gie S teel C o . , a t its H o m e ste a d
w o rk s.

Judge Gary Favors Importing
W (IT %

Labor

to Help Win the

"

See general nows on a preceding page.■ V . 106 p. 93.

Utah-Idaho Sugar Co.— Extra Dividend.—
A nross roport state s th a t an ex tra d ivid en d or 1 % h a s been d eclared
on tho sto ck alon g w ith the regular q u arterly 2 % , p a y a b lo J a n . 1 to h olders
o f record D e c . 1 8 .
C o m p a re V . 1 0 5 , p . 2 5 4 9 .

War Regulations.— Iron , Steel, Coke and Ore Prices to
Be Continued until March 31.
See p ago 2 5 in last w ee k ’s issu e .— V . 1 0 5 , p . 2 5 4 9 .

Western Union Telegraph Co.— Earnings.—
For Years ending D e c . 31 ( D e c . 1 9 1 7 E s l . ) —

1917.

1916.

Total revenues_____________ _______ ____________$78,400,187 $63,621,600
M a in te n a n c e , repairs, d ep reciatio n , & c _ _ -------------- 1 0 ,6 4 0 ,4 4 9
O th e r op er. e x p ., Inch ren t o f leased lines & t a x e s . . 5 2 ,6 6 0 ,9 3 8

8 ,6 5 1 ,5 0 5
4 1 ,2 4 2 ,8 4 0

B a la n c o ........................................................................................... $ 1 5 ,0 9 8 ,8 0 0 $ 1 3 ,7 2 7 ,2 5 5
D e d u c t — In te rest on b on d e d d e b t ------------------------------1 ,3 3 1 ,8 5 0
1 ,3 3 1 ,8 5 0
N o t I n c o m e - ........................................................- ..................... $ 1 3 ,7 6 6 ,9 5 0 $ 1 2 ,3 9 5 ,4 0 5
— V . 105. p . 2 3 7 2 .

Wharton Steel Co.— Notes Offered— Stock.—
C h an d ler & C o . aro offerin g, it is u n d e r sto o d , $ 2 0 0 ,0 0 0 T w o -y e a r 6 %
n otes a t 9 4 an d in t ., th e n otes b ein g p art o f an issue o f $ 1 ,2 0 0 , 0 0 0 created
for th e purposo o f c o n solid atin g its flo a tin g d e b t also th o m tg o . for $ 7 5 0 ,0 0 0 .
In respect o f tho incroaso in th e au th orized c a p ita l sto c k fro m $ 3 ,0 0 0 ,0 0 0
to $ 1 0 0 0 0 ,0 0 0 , wo are in form ed th a t tho d irectors h a v e n ot as y e t a u th o r ­
ized tho issuo o f a n y o f tho a d d ition al s t o c k .— V . 1 0 5 , p . 2 1 9 1 .

Wichita (Kan.) Union Stock Yards Co.— Bonds Called.
T h is c o m p a n y h as called for p a y m e n t F e b . 1 a t 102
an d in t. a t Illinois
T r u s t & S avin gs B a n k . C h ic a g o , tho follow in g F irst M t g e . 6 % gold b o n d s,
d a te d A u g . 1 19 14 : N o s . 6 1 , 6 7 , 8 0 , 9 3 a t $ 1 0 0 each ; N o . 3 1 3 a t $ 5 0 0 , an d
N o 4 0 2 at) $ 1 ,0 0 0 .
T h e a b o v e issue o f b o n d s ( $ 2 0 0 ,0 0 0 ) w as placed b y
th e I I . 1’ . W r ig h t In v e stm e n t C o . o f K a n sa s C i t y .
A t la st acco u n ts
$ 1 8 8 ,4 0 0 w as o u tsta n d in g .
C o m p a re V . 9 9 , p . 1 8 3 8 , 1 9 1 6 .

Wire Wheel Corp. of America.— New Directors.—
Reports state that Frank A . Storer and Joseph Musgrovo have been
elected directors.— V. 105, p. 1216.

(F. W.) Woolworth Co.— Financial Data— Sales.— The
figures appearing in tho following statement havo been con­
firmed for the “ Chronicle” :
T h e sales for tho calen dar y e a r 1917 w ero $98,091,999, th o c o m p a n y ’ s
record for a sin gle 12 m on th s and a gain o f SI 1,010,190, or 12.64%, o v e r
1916. O f this to ta l tho old stores, th oso op erated a full y e a r, gain ed
$6,255,010, or 56.86%T h e sales for D e ce m b er 1 9 17 created a n ew high record an d sh ow a gain o f
8 9 5 5 .7 8 9 , or 7 . 0 1 % ove r D e ce m b er 19 1 6 . th e old stores co n trib u tin g a b o u t
on e-third o f th e to ta l in crease.
T h o resu lt a tta in e d in D e ce m b er w as u n ­
ex p e cted , since in the first tw o w eeks th e h e a v y sto rm s h am p ered busin ess,
causin g a loss in sales as com p ared w ith 1 9 1 6 .
T h o h e a v y C h ristm a s
busin ess, h ow ever, o ve rcam e th e poor sh ow in g m a d e earlier in th e m o n th .
I n th e seven d a y s before C h ristm a s th e sales to ta le d $ 7 ,2 5 9 ,4 0 0 , or an
avorago o f over $ 1 ,0 0 0 , 0 0 0 a d a y .
,
T h o year 1 9 17 also establish ed a new high record in tho n u m b e r o f s to r os
n ow op eratin g.
O n D e c . 31 1 9 1 / tho c o m p a n y h ad 9 9 8 sto res o p e n , an
increaso o f 7 8 over J a n . 1 1 9 1 7 .

Sales for Month of December and 12 Months ending Dec. 31.
Increase. \ 1 9 1 7 — 12 mos.— 1 9 16
Increase.

i q i 7 — Dec.— 1 9 1 6 .
$ 1 4 ,5 9 0 ,9 2 4
$ 1 3 ,6 3 5 ,1 3 5

$ 9 5 5 ,7 8 9 1 $ 9 8 ,0 9 1 ,9 9 9 $ 8 7 ,0 8 1 ,8 0 9 $ 1 1 ,0 1 0 ,1 9 0

Sales, Net Earnings and Number of Stores Operated for Calendar Years.
S a les.
N e t E a r n s . S tores
. „ „ ns 5-l e s N e t E a r n s . S tores
1 9 1 7 . $ 9 8 ,0 9 1 ,9 9 9 * S 9 .2 6 2 .5 0 0
9 9 8 1 9 1 4 . $ 6 9 ,6 1 9 ,6 6 9
$ 6 ,4 2 9 ,8 9 6
733
6 ,4 6 1 ,1 1 8
687
1 9 1 6 . 8 7 ,0 8 1 .8 0 9
8 ,7 1 3 ,4 4 5
9 2 0 1 9 1 3 . 6 6 ,2 2 8 ,0 7 2
5 ,4 1 4 ,7 9 8
63 1
1 9 1 5 . 7 5 ,9 9 5 ,7 7 4
7 ,5 4 8 ,2 1 0
8 0 5 1 9 1 2 . 6 0 ,5 5 7 ,7 6 7
* E stim a te d before allow ing for w ar taxes
T h o follow in g is p art o f an
ap p rov ed sta te m e n t: “ W a r taxes w hich tho c o m p a n y will h avo to p a y
c a n n o t bo determ in ed until a full in ven tory has been m a d e .
A fte r p a y in g
ta x e s, tho n et will bo c on sid erab ly low er than tho a b o v e e stim a te .
T h en ,
t o o , tho c o m p a n y ’s p rofits on each d ollar o f sales will u n d o u b te d ly bo sm aller
than in 1916 w hen th e y wero tho best on record , 1 0 cen ts on tho d ollar,
duo to higher c ost o f m erch andise and la b o r.
O n th e w h o le, it w ould n o t
b e surprising if tho final n et earnings for 1 9 1 7 will bo loss th an in 1 9 1 6 .” —
V . 106, p. 93.

World Film Corp.— Additional Certificates Listed.—
P ress rep orts sta to th a t an a d d ition al a m o u n t o f 5 5 1 ,3 7 5 shares o f v o tin g
tru st certificates h as boon listed on tho N e w Y o r k ‘ C u r b ,’ ’ m a k in g tho to ta l
Issued an d o u tsta n d in g 1 ,1 5 1 .3 7 5 sh are s.

COMMERCIAL EPITOME.
Friday Night, Jan. 11 1918.
Trade is brisk at the West and South, but at the East
it is hampered by the scarcity of coal and of raw materials,
as well as car congestion. In fact, scarcity of raw
materials
militates
against
business
in
particular
lines over much of the country. The lack of coal
is also interfering with the export trade; so is cold
weather. But rumors of peace moves have caused an
advance in cotton. Stocks held by retailers are small and
trade in many articles is good. Spring goods are wanted
from both wholesalers and jobbers. With cotton up to
31 and 32 cents, collections at the South are especially good,
but they arejnore prompt than usual at the West and else­
where. The demand for textiles for spring delivery is good,
despite the high cost of such goods. There is nothing to take
their place. One regrettable fact is the large congestion of
freight at Atlantic ports, especially at New York. Here a
great many ships have been detained for weeks, unable to
get a sufficient supply of coal. The single item of fuel is
a most important one in summing up the business situation in
this country, for almost everywhere it is scarce. The iron
and steel trades are hampered by lack of coke. Industries
without number are injured by the scarcity of coal. It is a
fact, too, of course, that the cost of living is still very high.
In not a few items, so far from being mitigated, it grows
worso. It is not surprising to note that in some non-essen­
tial lines production will be reduced. Everywhere tho Gov­
ernment is increasing its hold on business. Supervision of
the oil trade is expected to become more strict. The express
companies will also, it is said, be regulated from Washington.
An ovent of capital importance was the announcement early
in tho week that next week will be what Director-General
McAdoo designates as “Freight Clearance Week,” by which
is meant a country-wido campaign to have shippers and con­
signees unload freight cars as promptly as possible in order
to relievo railroad congestion. To this end an appeal will
be made to Governors of States, State Railroad Commissions,
city officials and others. It is said that demurrage charges
are to be doubled with a view of clearing off the wharves at
New York and other points. It has been a week of very se­
vere storms. On the 7th inst. the Middle West was struck
by the heaviest snowfall on record, reaching 1 2 to 16 inches
in Illinois, Wisconsin, Michigan and northern Indiana, the
storm extending eastward from Missouri into Ohio, after
centring on tho 5 th inst. over tho lower Mississippi Valley.
Chicago reported a practical suspension of business. In
Milwaukee the schools had to close for the first time in
many years. Here, a storm of sleet and rain, freezing as it
fell, occurred, at the same time delaying all local traffic,
crippling wire service and imperilling life and limb by glazed
and well-nigh impassable thoroughfares, either for pedes­
trians or horses and trucks, with a long list of persons in­
jured by falls, and some deaths. On tho 10th inst. the South­
west was visited by one of the severest blizzards seen for
years past, sweeping over Missouri, Kansas, Oklahoma and
Arkansas, with temperatures 12 degrees above zero to 18
below, tho latter at Concordia, Kans. Now it is announced
that Now York is to have a heavy snowstorm within 24
hours. Tho coal scarcity is still so great that the State Fuel
Administrator, it is understood, may close up theatres, res­
taurants and cabarets at 9 or 10 o’clock in the evening for
tho purpose of conserving the supply. And there is talk of
a temporary restoration of something like the curfew in
parts of New England, owing to the lack of coal. Some Fall
Rivor mills have had to close owing to fuel scarcity. A Wash­
ington dispatch, however, is reassuring, taking tho ground
that tho traffic situation has sufficiently improved to guar­
antee that thero will be no further coal famine anywhere this
winter, though thero may be local shortages. Tho winter
wheat crop prospects have been greatly improved by heavy
snows. Taking the country as a whole, trade is in no bad
shapo, though it could be greatly helped by improvement in
tho matter of fuel and transportation.
LARD higher; prime Western 24.90 @25c.; refined to the
Continent 27c.; South America 27.25c.; Brazil 28.25c.
Futures declined for a time with receipts of hogs larger than
expected. Besides, packers hold large stocks of meats, &c.,
and exports are curtailed by the scarcity of ocean tonnage,
something which offset the rather bullish statement of lard
stocks recently given out being about half what they were
a year ago. Leading packers have been sellers of provisions.
In Liverpool prices are generally firm with arrivals increas­
ing. Later on prices in this country advanced on peace
talk, despite continued heavy receipts of hogs. There was
a fair cash demand. Shorts have covered freely. To-day
prices advanced a little and then reacted on continued large
hog receipts and a slowing down of the cash demand. Car
scarcity, too, restricted shipments eastward from Chicago.
Prices aro higher for the week, however.

Yale & Towne M fg. Co.— Supreme Court Decision in
Stock Dividend Case.—
U.S. Authority Claims Decision Applies only to Act of 1913—•
Soo goncral n ew s on a p reviou s p a g o .— V . 1 0 5 , p . 2 5 4 9 .




D A IL Y C L O S IN G P R IC E S
S a t.
J an u ary d e l i v e r y - . c t s . 2 3 . 8 0
M a y d o llv o ry .......................2 4 .2 0

OF LAR D
FUTURES
M on.
T u es.
W ed.
2 4 .0 0
2 3 .9 0
2 4 .1 2
2 4 .3 7
2 4 .2 5
2 4 .5 0

I N CHICAGO
T h u rs.
F ri
2 4 .3 5
2 4 .3 0
2 4 .7 5
2 4 .7 7

198

THE CHRONICLE

► PORK firm; mess, $50@$51; clear, $50@$56. Beef
products steady; mess, $31 @$32; extra India moss, $52©
$54. Cut meats firm; pickled hams, 10 to 20 lbs., 25c.;
pickled bellies, 31@33c. In Liverpool, the general tone has
been very firm, with spot offerings light and foreign arrivals
moderate. Consumption is necessarily increased by the
recent coldness. The American market is firm with holders
reserved. Argentine clearances are fair, and other export
clearances moderate. There is a small allocation of all
grades and an urgent retail trade for bacon. To-day pork
advanced. Prices are higher for the week. Butter, cream­
ery, 52 @ 5 2 ^ c. Cheese, State, 2 4 % ©25c. Eggs, fresh,
67c.
COFFEE higher; No. 7 Rio 8 ^ c .; No. 4 Santos 1 0 ^ ©
fair to good Cucuta ll> | @ 1 2 ^ c . Futures after
recent sharp advance reacted on an idea that, after all,
peace is not near at hand. Heavy liquidation occurred.
Brazil did not respond to the recent advance here. Yet,
on the other hand, there has been more or less outside buying
of distant months on the chance that peace may come some
time this year or, at any rate, be clearly foreshadowed.
This buying has caused rallies at times. Ocean freights,
moreover, at Brazilian ports still seem to be scarce. To-day
prices closed 4 to 25 points lower, with sales stated at 3,260
bags. Rio spot prices dropped 75 reis for the third day in
succession. Prices are lower for the week. Prices follow:
1 0 %c.;

J an u ary _ c t s _ 7 .7 0 © 7 . 8 0
Febru ary . . . 7 . 9 0 © 7 . 9 3
M a r c h _______ 8 .1 2 (4 )8 .1 3
A p r i l .................8 . 2 0 @ 8 . 2 1

M a y --------c t s _ 8 .2 8 @ 8 . 2 9
J u n e ---------------8 .3 8 < § 8 .3 9
J u ly -----------------8 . 4 7 @ 8 . 4 9
A u g u s t ______ 8 . 5 7 © 8 . 5 S

[Vol. 106.

West delays shipments. Trading is mostly between dealers.
Tin is very scarce and no relief from London is in sight, as
all shipments from there are temporarily suspended. Lon­
don advanced equal to 2 l-3c. The situation is regarded
as acute. Spelter firm on tho spot at 7 % @ 8 K c . Lately
the tone has become stronger. Supplies are ample. The
price is down, it is said, near the cost of production.
PIG IRON has been scarce. Furnaces are oversold. A
scarcity of coke is still a great drawback and producers are
far behind on their contracts. Foundries need iron badly,
but as already intimated it is hard to obtain.
STEEL is still in sharp demand. American mills are work­
ing at full capacity. Rolling mills are needed to make ship
plates. Owing to the scarcity here, Canada will be obliged
to establish rolling mills in connection with plans to stimu­
late shipbuilding by the Canadian Government. Shipbuild­
ing there will consume much raw material. That is clear.
Plants to build ships in tho United States and Canada have
been enlarged to the utmost possible limit. Lord Northcliffe’s frequent statements in regard to tho crying need of
ships is believed to be haying effect in Canada, to say noth­
ing of this country, especially as the U-boat menace seems to
have by no means disappeared.
------------- imnrxim----------------

COTTON.

S ep te m b er c t s 8 .6 7 @ 8 .6 S
O c to b e r ______ 8 . 7 4 © 8 . 7 5
N ovo m b er _ _ S .8 l © 8 .8 2
D e c e m b e r ___ 8 . 8 7 @ 8 . 8 9

F rid a y N ig h t, J a n . 11 1918.
THE MOVEMENT OF THE CROP, as indicated by our
SUGAR, centrifugal, 96-degrees test, 6.005c.; granulated,
7.45c. Stocks of raw sugar are increasing in Cuba. Exports, telegrams from the South to-night, is given below. For the
moreover, are also increasing, No doubt thev would be week ending this evoning tho total receipts havo reached
larger, but for the scarcity of steamer coal. In other words, 153,526 bales, against 139,274 bales last weok and 124,475
the question of tonnage for bringing sugar to this country bales tho previous week, making tho total receipts since
from Cuban ports is a vital matter. At present the im­
portations ai’e only moderate. Under the circumstances, Aug. 1 1917 3,719,870 bales, against 4,889,793 bales for the
trade is necessarily restricted. On Thursday, however, same period of 1916-17, showing a decrease since Aug. 1 1917
300,000 bags of new crop Cuban sugar sold for prompt and of 1,169,923 balos.
January shipment at 4.985c. The Cuban crop is estimated
Sat.
Mon.
Tiles.
at 3,500,000 tons, but it is intimated that this estimate may
Wed. Thurs.
Fri.
Total.
havo to be modified unless prompt measures are taken G a lv e s t o n _____ __ 1 3 ,8 1 2 9 ,4 7 2 1 5 ,8 3 5 1 0 ,0 6 4 5 ,4 4 9
6 ,1 5 7 6 0 ,7 8 9
T e x a s C i t y _____
greatly to increase the supply of coal in Cuba. Moreover,
6 ,5 2 5
6 ,5 2 5
P ort
h r
economic conditions are said to leave much to bo desired. A r a n . APratss,u &. .c ._.
l",9 8 7
1 ,9 8 7
American bankers may finance the Cuban crop. Wool N e w O rle an s_____ 4 ,5 6 7 4 ,7 8 2 1 1 ,8 6 9 6 ,2 3 8 6 , 0 0 1 6 ,7 7 4 4 0 ,2 3 1
155
189
785
338
quiet, but firm. The next Colonial wool auctions at Boston P en sacola ______
310
486
2 ,2 6 3
will occur on January 24th and 25th.
J a c k s o n v ille _____
2 ',2 0 0

OILS.— Linseed steady; city, raw American seed, $ 1 3 0 ©
$1 31; Calcutta, $1 40. Lard, prime, $2 20@$2 25. Cocoanut, Cochin, 21@22c.; Ceylon, 17K@18c. Soya bean,
18@18J4c.; Palm, Lagos, 30@31c. Spirits of turpentine,
48@483^c. Strained rosin, common to good, $7. Cotton­
seed oil closed lower on the spot at 19.70c. Prime crude
Southeast, 17.50 nominal. Closing prices for refined for
future delivery are as follows:
J a n u a ry . . 1 9 . 7 5 © 2 0 . 0 0 | M a r c h ------- 1 9 . 9 5 © ______| M a y .................. 1 9 . 9 0 ©
F e b r u a r y ..1 9 . 9 0 © _____ | A p r il............. 1 9 . 9 0 © ______|

'

PETROLEUM firm; refined in barrels, $12 50@$13 50;
bulk, $6 50 ©$7 50; cases, $16 50@$17 50. Naphtha, 73 to
76.degrees, in 100-gallon drums and over, 54%c. Gasoline
firm; motor gasoline, in steel barrels, to garages, 24c.; to
consumers, 26c.; gasoline gas machine, steel, 41c.; 72 to 76
degrees, 38c. Requirements here for tho first time in many
years exceed production of refineries. Objection is made to
the revocation by Director-General McAdoo of the priority
railroad freight order, putting petroleum and its products in
fifth classification of commodities to receive preference in
cars and in movement. Protests have been made based on
the necessity of protecting many industrial plants depend­
ent upon petroleum for fuel, as well as assuring a regular and
adequate supply of refined products for war purposes.
Oklahoma’s production in 1917 dropped to 92,044,190 bbls.,
against 106,396,834 bbls. in 1916, a decrease for the first
time in 10 years. But that of Kansas was 35,017,540 bbls.,
against 13,961,803 bbls. in 1916. And the Mid-Continent’s
production in 1917 was 127,061,730 bbls., against 120,358,037
bbls. in 1916 an increase of 7,703,100 bbls. On the 10th
instant Mark L. Requa of California was appointed head of
the newly created oil department of the Fuel Administration.
P en n sy lv a n ia d ark $ 3
C a b e ll_______________ 2
M e rc e r b la c k ______ 2
C r ic h to n ____________ 1
C o r n i n g ______________2
W o o s t e r ______________2
T h r a ll............................... 2
S t r a w n _______________ 2
D o S o to ______________ 1

75
72
23
50
80
38
00
00
90

N o r th L im a _______ $ 2 0 8
Sou th L im a _______ 2 08
I n d i a n a ______________ 1 93
P r in c e to n ____________ 2 12
S o m er se t, 3 2 d o g . . 2 5 5
R a g la n d ______________ 1 2 0
E le c t r a _______________ 2 0 0
M o r a n _______________ 2 0 0
P ly m o u t h ____________ 2 03

Illin o is, a b o v e 3 0
d e g r e e s___________ $ 2
K a n sa s an d O k la ­
h o m a ______________2
C a d d o , L a ., lig h t . 2
C a d d o , L a ., h e a v y . 1
C a n a d a _______________ 2
H e a ld t o n ____________ 1
H e n r ie t ta ____________ 2

12
00
00
00
45
20
00

TOBACCO has been quiet but firm. Trade is usually
quiet at this time, but holders show no inclination whatever
to modify prices. Certainly there is no pressure to sell.
The Ohio crop of 1917 is estimated at 130,000 to 135,000
cases, of which it seems some 60,000 cases remain in the hands
of farmers. Foreign tobacco, like American, is quiet, but
prices remain very steady.

S avan n ah _______
B ru n sw ick ______
C h a r le s t o n ______
W i l m i n g t o n _____

3 ,3 2 3

3 ,0 5 2

4 ,7 8 4

2 ,9 9 1

1 ,9 5 8

455
67
110

835
34
718

576
200
1 ,2 0 2

55 7
36
645

329
148
478

50

272
183

1 .3 9 8
624

66
39 1

131
769

1 9 .5 3 7

3 7 ,2 7 3

2 1 ,3 2 6

1 5 ,5 7 3

N ’p ort N e w s , &c.
N e w Y o r k _______
B o sto n
_________
B a ltim o r e ________
P h ila d e lp h ia _____

66

T o ta ls this w e e k .

2 2 ,6 0 5

2~,2 0 0
1 9 ,9 5 8
4 ,5 0 0
4 ,4 9 0
648
4 ,8 4 3
194
2 ,0 0 7
2 ,3 2 7
498
66

3 ,8 5 0
4 ,5 0 0
1 ,7 3 8
163
1 ,6 9 0
19 4
90
360
498

3 7 ,2 1 2 1 5 3 ,5 2 6

The following shows the week’s total receipts, the total
since Aug. 1 1917 and tho stocks to-night, compared with
last year:
1 9 1 7 -1 8 .

Receipts to
Jan. 1 1 .
G a lv e sto n ________
T e x a s C i t y _______
P ort A r th u r ______
A r a n . P a ss, & c ..
N e w O rle a n s____
M o b i l e ___________
P en sa c o la _________
J a ck so n v ille______
S a v a n n a h _________
B r u n s w ic k _______
C h a r le sto n _______
W ilm in g t o n ______
N o r f o l k __________
N ’p ort N e w s , &c_
N o w Y o r k _______
B o s t o n ____________
B a ltim o r e _________
P h ila d e lp h ia ____
T o t a ls __________

6 0 ,7 8 9
6 ,5 2 5
l ”,9 8 7
4 0 ,2 3 1
2 ,2 6 3
2", 2 0 0
1 9 ,9 5 8
4 ,5 0 0
4 ,4 9 0
648
4 ,8 4 3
194
2 ,0 0 7
2 ,3 2 7
498
66

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

Stock.

1 9 1 6 -1 7 .

This Since Aug This Since Aug
Week.
1 1917
Week, l 19 1 6 .
6 8 ,4 6 9 1 ,8 7 5 ,2 3 4
2 ,3 5 6
2 2 4 ,6 4 1
2 9 .8 5 0
4 ,2 0 9
4 2 ,5 1 2
2 2 ,1 8 8 1 ,0 6 9 ,1 4 3
1 ,3 5 7
7 7 ,5 3 7
3 0 .8 5 1
319
4 1 ,6 7 5
7 .0 8 2
7 1 3 ,9 9 3
2 ,5 0 0
8 1 ,0 0 0
835
1 3 4 ,9 4 6
501
7 8 ,8 3 8
7 ,2 8 5
3 6 7 .5 8 1
436
1 0 ,0 9 0
2 ,4 5 7
2 7 ,7 0 1
2 ,7 1 2
5 5 ,0 8 0
3 ,1 4 2
2 7 ,6 5 7
1 ,4 0 0

1918.

1917.

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

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

In order that comparison may bo made with other years,
we give below the totals at leading ports for six seasons:
Receipts at—

1918.

1917.

1916.

1915.

1914.

S a v a n n a h ___
B r u n sw ic k ___
C h a rle sto n ,& c
W i l m i n g t o n ..
N o r f o l k ______
N ’p ort N .,& c .
A llo t h o r s _____

6 0 ,7 8 9
8 ,5 1 2
4 0 ,2 3 1
2 ,2 6 3
1 9 ,9 5 8
4 ,5 0 0
4 ,4 9 0
648
4 ,8 4 3
194
7 ,0 9 8

6 8 ,4 6 9
6 ,5 6 5
2 2 ,1 8 8
1 ,3 5 7
7 ,0 8 2
2 ,5 0 0
835
501
7 .2 8 5
436
8 ,6 3 0

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

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

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

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

T o t a l this w k .

1 5 3 ,5 2 6

1 2 5 ,8 4 8

1 7 3 ,6 4 7

4 8 6 ,8 7 5

2 7 2 ,1 5 7

1 5 4 ,3 4 0

G a l v e s t o n ___
T e x a s C ity ,& c .
N e w O r le a n s.

1913.

Sinco A u g . 1 . 3 ,7 1 9 ,8 7 0 4 ,8 8 9 ,7 9 3 4 ,3 7 6 ,3 7 3 5 ,4 3 9 ,6 4 3 7 ,6 7 8 ,4 4 2
7 ,6 3 2 0 4 4

COPPER is steady at 23Kc. Government purchases
have been heavy, but supplies are ample. The Government
The exports for tho weok onding this ovoning reach a total
requirements for January are not fully known. Meanwhile
thore is some hesitancy in releasing private copper. Lead of 96,480 balos, of which 69,640 wero to Great Britain,
higher on the spot at 6}^@7c. Stocks are not heavy, but 3,505 to France and 23,335 to other destinations. Exports
sufficient for consuming needs. Traffic congestion at the for the weok and sinco Aug. 1 1917 are as follows:




199

THE CHRONICLE

Jan . 12 1918.]

The terms laid down by the President in his address to Con­
gress, which has been so widely hailed as a new Magna
Exports
Charta of the world, it is believed will be bitterly opposed by
Great
Great
from —
Total.
the military party of Germany. Very many beliove that
Other.
Britain. France . Other. Total. Britain. France.
there is nothing for it but a prolongation of hostilities untd
130,742 558,235
33,255
Galveston.
24,553 394,238
24,553
an unmistakable decision is reached. Latterly, moreover,
5,492
5(492
Port Arthur
2,117
"2 ", 117
Laredo, & c .
there have been signs of rain in Texas. A low barometer has
32,850 358,286
77,146
NewOrleans
7,693 248", 290
7 ,593
been noticeable for some days in that State. And very many
47,166
1,000
46,166
Mobilel___
6,499
6,499
are disinclined to buy cotton at the present high price. A
P en sacola..
112.945 325,647
79,843
Savannah.
9 ,0 25 132,859
9,025
scarcity of coal has caused the closing of some Fall River
88,298
88,298
Brunswick
9,851
9,851
44,842
’ 9",450
28,218
7,174
mills. On the 10th inst. publications in the newspapers
W ilm ington
67,022
21,000
46,022
N orfolk.
here gave rise to some new fears of price-fixing by the Gov­
162,479 507,877
81,762
N ew Y o rk . 18,CIS
3,505 10,082 32,205 263,636
87,230
1,987
17,756
ernment, though there has been nothing in the news from
67,487
B o s to n ____
68,649
1,952
1,367
65,330
B altim ore. .
Washington to indicate that such a step is contemplated.
8,420
8,420
Phlladel’a . .
45,126
45,126
But there certainly is more or less persistent argument to
San Fran.
152,183
152,183
W ashington
13,153 13,153
the effect that raw and manufactured cotton should take its
1,623
1,623
D etroit____
turn with iron, steel, &c., in coming under the Governmental
2,374,712
340,347 652,831
T otal____ 69,610
supervision. And exports have been small. In parts of
3,505 23,335 96,480 1,381,534
the South, according to some reports, farmers are more dis­
T o t. ’ lG-’ D 67,020
6,425 62,205 135,650 1,732,654 466,197 1 ,1 93,8 60 3,39 2,71 1
posed to sell at present high prices. To-day prices were ir­
T o t. ’ 15-’ 1G 97,129
9,312 52,252 158,993 1,125,820 404,465 1,026,236 2,556,521
In addition to above exports, our telegrams to-night also regular, advancing early and then reacting on heavy liquida­
by Southern bull interests and also by Wall Street and
give us the following amounts of cotton on shipboard, not tion West. And the South of late has shown more disposi­
the
cleared, at the ports named. We add similar figures for tion to sell the actual cotton. Certainly its sales have been
New York.
. And a good many do not like the scarcity of coal in
England. Unless the reports are greatly exaggerated,
O n S h ip b o a r d , N o t C lea red f o r —
Week ending Jan. 11 1918.
Exported to —

J a n . 11 at—

O rcat
B r ita in . F r a n c e .

G er­
m any,

2 1 .7 3 4
5 ,0 0 0

5",566
4 ,0 0 0

7",000
6 ,0 0 0

T o ta l 1 9 1 8 ..
T o t a l 1 0 17 —
T o ta l 1 9 1 6 --

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

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

O ther
C o n t't.
9 ,9 6 3
5 ,0 0 0

6 ,1 0 0
2 0 .0 0 0

G a l v e s t o n _____
N e w O r le a n s * .
S a v a n n a h _____
C h a r le sto n _____
M o b i lo .................
N o r f o l k ________
N e w Y o r k ------O th e r p o r ts —

From Aug. 1 1917 to Jan. 11 1918.
Exported to—

C oa st­
w is e ,
9 .0 0 0
4",200
1 .0 0 0
100
200

4",503

* E s tim a te d .

4" ,6 6 6

"1 6 6

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

T o ta l.
4 6 ,7 9 7
3 0 .0 0 0
4 ,2 0 0
1 ,0 0 0
4 ,6 0 3
200
1 6 .0 0 0
1 0 ,0 0 0

L e a v in g
S tock .
2 2 3 ,2 7 6
3 5 1 ,5 1 6
2 2 2 ,1 8 1
5 8 .9 4 9
6 ,1 7 2
8 6 ,9 9 9
1 2 5 ,3 0 1
1 5 3 ,9 1 4

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

UiUCLo 1 1
U

UIUU ullv/ jin no y*v *****

~

>it that they get all the coal that they need. But for the
me being it is a disturbing factor here. Prices, however,
id higher for the week. Middling uplands closed at 32.60c.,
i advance of 25 points for the week.
The official quotation for middling upland cotton in the
J a n . 5 to J a n . 11—
lid d lin g u p l a n d s _____

Sat

Mon
3 2 .5 5

T ues
3 3 .0 5

W ed T h urs
3 3 .3 0
3 3 .2 5

Fri
3 2 .6 0

NEW YORK QUOTATIONS FOR 32 YEARS,
Speculation in cotton for future delivery has increased
The quotations for middling upland at New York on
somewhat and prices have moved up to new high levels,
the highest since 1869. The stimulus has come from two Jan. 11 for each of the past 32 years have been as follows:
8 .2
sources, namely, a persistent and large demand from Liver­ 1 9 1 8 .C _______3 2 .6 0 1 9 1 0 - C - . . . . 1 5 . 3 0 1 9 0 2 . c _____ .. 1 0 .1 5 1
2
0
pool and American trade interests, and the firmness of spot 1 9 1 7 __________1 8 .1 5 1 9 0 9 ------- .- -. ..1 19..5 5 1 9 0 1 ________ . 6 .0 6
1 9 0 0 _______
5
1 9 1 6 .................. 1 2 .5 0 1 9 0 8 ------cotton. Back of this is the general belief that the supply 1 9 1 5 ...............- 8 .0 5 1 9 0 7 ------- . . . 1 0 . 8 0 1 8 9 9 ............... . 6 .0 6 1 8 9 1 ___________ 9 .3 8
0 .5 0
8 9 8 ..............
.
will bo short. Japanese interests, moreover, have been buy­ 1 9 1 4 .................. 1 2 .6 0 1 9 0 6 _____ .. ... 1 1 7 S 0 1 8 9 7 ________ .. 5 .9 4 1 8 9 0 __________1 9 .8 8
7 .2 5 1 8 8 9 ___________
.
.1 5 1
1 9 1 3 __________1 3 .1 0 1 9 0 5 ------ing, and the South, with prices here at a discount, has natur­ 1 9 1 2 ___________ 9 .6 5 1 9 0 4 _____ . . . 1 3 . 9 5 1 8 9 6 ________ . S .31 1 8 8 8 .................. 1 0 .4 4
ally not been hedging much. Therefore at times there has 1 9 1 1 ................. 1 4 .8 0 1 9 0 3 _____ . . . 8 .9 0 1 8 9 5 ________ . 5 .7 5 1 8 8 7 -------------- 9 .5 0
been tho old trouble of scarcity of contracts. Bears have been
MARKET AND SALES AT NEW YORK.
worsted so often that thoy aro timid. They cover on tho
slightest alarm. Early in tho week they were frightened
SALES.
F u tu r e s .
M arket
Spot M a rk et
by peace talk.
Premier Lloyd George’s speech had some
S p o t. C on tra ct T o ta l
C lo s e d .
C lo s e d .
effect. Then came tho peace speech of President Wilson.
Some suspected that both tho British Prime Minister and S a tu r d a y ___ Q u iet 5 p ts a d v ___ Irregular
S
15 p t s
tho President of the United States had information of some M o n d a y ___ Q u iet 5 0 p t s .. a d v .. F te a d y ___
i r m ____
Q u iet
adv
sort, perhaps pointing to more favorable prospects for T u e s dea y ___. Q u iet 2 5 p ts . a d v . S tro n g . .
W edn sd ay
100
100
peace, which was not open to tho general public on either side T h u r sd a y . . Q u iet 5 p t s . d ec . . E taes y ____.
S
a d y -.
of the Atlantic. A declino in the stock market seemed to F r id a y ______ Q u iet 6 5 p t s . d e c .
100
100
T o ta l.
lend a certain color to this view. But at other times the
strength in the stock market has helped the prices of cotton.
FUTURES.— The highest, lowest and closing prices at
It has caused more or less buying for both sides of the ac­
count by Wall Street and tho West. Some largo operators Now York for the past week have been as follows:
in Wall Street aro said to have covered. Tho other day a
Saturday, M on d a y, Tuesday, W ed 'd ay, Thursd'y, F riday,
report, was circulated that France was in the Southern mar­
W eek .
J a n . 9 . J a n . 10. J a n . 11.
Jan. 7.
Jan . 8.
J an . 5.
kets for 200,000 bales of actual cotton, and this had a cer­
tain effect on prices. Yet it is hardly to be supposed that
R ange_____ 3 1 .40-.59 .31.39-.66 3 1 .66-.10 31.93-.44 3 2 .0 0 -.4 0 31 .5 4 -.0 5 31.39-/44
—
if French buyers have entered the market they would tell
Closing____ 31 .42-.43 3 1 .65-.66 3 2 .0 7 -.1 0 32.38-.42 31 .8 4 -.8 7 31.77 —
how much thoy wanted. That would be a rather naive way February—
Range--------of going about it. As regards tho ginning report of the 9th
—
Closing____ 30.99 — 31.21 — 31.64 — 3 1 .96 — 31.45 — 31.49 —
inst., though it showed a larger total ginned up to Dec. 31 M a rch —
R ange_____ 3 0 .93-.15 3 0 .90-.20 31.18-.69 3 1 .40-.97 3 1 .40-.95 3 1 .18-.73 30.90-197
than had been foreshadowed in previous estimates, it
Closing____ 3 0 .94-.96 3 1 .16-.17 31.59-.62 3 1 .9 1 -.9 4 3 1 .40-.45 3 1 .44-.45
caused only momentary selling. Previous estimates had A p ril—
R ange_____
been anywhere from 10,394,000 to 10,420,000 bales, and
—
Closing____ 30.68 — 30 .84 — 3 1 .2 5 — 3 1 .6 0 — 31.12 — 31.14 —
tho actual figures of tho Census Bureau proved to be 10,­
30 .56-.78 3 0 .57-.84 3 0 .7 9 -.3 0 3 1 .04-.58 3 1 .0 6 -.5 9 3 0 .78-.45 30.56-159
450,401 bales, against 11,039,491 in 1916 and 10,636,778 in
Closing____ 30 .62-.66 3 0 .7 8 -.8 0 3 1 .19-.22 3 1 .5 4 -.5 5 3 1 .0 6 -.0 9 ,3 1 .0 9 -.1 2
1915. Another bullish factor was the announcement by June—
tho War Trade Board at Washington that on and after Jan. 8
R a n g e .____
—
Closing____ 30.39 — 30.58 — 30 .96 — 31.31 — 31.84 — 30.87 —
no individual licenses would be required for the export of
30 .67-.25 3 0 .7 5 -.3 0 3 0 .51-.10 30.23.125
raw cotton from this country to the United Kingdom,
R ange_____ 3 0 .23-.48 30 .32-.53 3 0 .4 8 -.9 5
—
3
France, Italy, Japan and their colonies, possessions or pro­ A uClosing____ 3 0 .30-.34 3 0 .49-.50 30.87-.92 3 1 .22-.25 3 0 .75-.87 1 0 .82-.83
gu st—
30.09 —
tectorates, though such licenses would bo required in the
R a n ge_____ 30.09 —
—
C losing____ 30.10 — 30.29 — 3 0 .67 — 31.02 — 30.59 — :30.57 —
cases of Egyptian and Sea Island cotton. This, to be sure
does not increase tho supply of tonnage available, but it
29 .2 5 -.5 0 29 .41-.62 2 9 .5 8 -.9 5 2 9 .75-.10 2 9 .60-.09 2 9 .3 0 -.9 5 2 9 .25-.16
C losing____ 29.29 — 29 .59-.61 2 9 .8 6 -.8 7 3 0 .14-.15 2 9 .6 0 -.7 0 2 9 .5 2 -.5 5
had a certain moro or loss moral effect. Latterly, too, ware­
house space hero has becomo scarcor than ever. It is sup D ecem ber—
--- ---- ---- —
29 .70 — 29 .55 — 2 9 .8 5 - .0 0 --------------- 29 .5 5 -.0 0
2 9 .9 5 — 2 9 .4 0 -.4 7 2 9 .3 0 — —
Closing____
posed that cotton storod at tho Bush Terminal warehouses
recently taken over by tho United States Government, will
/ 3 2 c . < 31c.
havo to bo removed within a reasonable time. Finally,
NEW ORLEANS CONTRACT M ARKET.— The closing
there was the continued dry weather in Texas and tho men­
ace of the pink boll weevil in that State. Winter rains in quotations for leading contracts in the New Orleans cotton
Texas havo been far below tho normal. That is not disputed
Neither is it disputed that tho pink boll weevil has not ap
S a tu rd a y , M o n d a y , T u e s d a y , W e d ’ d a y , T h u r s d 'y , F r i d a y .1
peared in tho moro productive counties of Texas. But
J a n . 10. J a n . 11.
Jan. 9.
Jan. 8 .
Jan. 7.
Jan. 5.
thero nevertheless is a growing fear that this post may spread
3 1 .1 8 - .2 2 4 0 .8 3 - .8 6 3 0 .7 7 —
westward through important cotton sections of tho Stato. J a n u a r y _________ 3 2 .2 2 — 3 0 .4 3 - .4 5
3 0 .3 5 - .4 0
7 8 3 0 .4 4
9 .8 2 .8 8 2
It came from Mexico. So did the boll weevil. The boll M a r c h ___________ 2 9 .5 4 -- .5 8 2 9 .9 4 --.0 0 H O L I ­ 3 0 .7 4 -- .4 5 3 0 .1 4 - .4 9 3 0 .0 5 - .0 7
3 0 .4 3
- .1 6
9 .6 8
.7 0
M a y ______________ 2
weovil at one timo attracted little attention, but now it has J u l y --------------------- 2 9 .4 1 - .4 3 2 9 .5 3 - .5 6 D A Y . 3 0 .2 2 - .2 5 2 9 .9 3 - .9 5 2 9 .8 5 - .8 8
2 9 .2 4 - .2 6 2 8 .7 5 - .7 7 2 8 .5 6 - .5 7
8 .6 8
r
.5 0
overspread something like 75% of the cotton bolt. Hence O c t o b eb _________ 2 8 .3 3 - .5 6 2 8 .5 1 - — .6 9
2 9 . 0 0 - . 10 2 8 .5 0 — 2 8 .3 8 —
D e c e m e r ______ 2 8
— 2
tho fear of the pink boll worm. On tho other hand, tho fact T o n e —
S te a d y
F ir m
1 S te a d y
F ir m
S te a d y
S p o t __________
that tho ginning was larger than expected caused a certain
B ’ly s f y
V e r y s t’y
W eak
O p t i o n s ---------- S te a d y
S te a d y
amount of selling, and of late thero has been loss peace talk




200

THE CHRONICLE

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
Biit to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
J a n . 11—
S tock a t L iv e r p o o l ................. b a le s .
S tock a t L o o d o n _______________
S to c k a t M a n c h e s te r ______ ________

1918.
4 7 1 ,0 0 0
2 2 ,0 0 0
3 7 ,0 0 0

1917.
8 5 9 .0 0 0
2 9 ,0 0 0
1 1 5 .0 0 0

T o t a l G re at B r i t a i n .......................
S tock a t H a m b u r g __________ _
_
S tock a t B r e m e n ...................................
S tock a t H a v r e
---------------- ---------- -S tock a t M a r s e ille s ............................
S tock a t B arce lon a ..............................
S tock a t G e n o a ------------------------------S tock a t T r ie s t e _____________________

5 3 0 ,0 0 0
I "
1 4 4 ,0 0 0
5 ,0 0 0
5 0 ,0 0 0
3 1 ,0 0 0
________

1 ,0 0 3 ,0 0 0
* i ono
*1000
268|000
5 ,0 0 0
8 3 ,0 0 0
2 0 7 ,0 0 0
* 1 ,0 0 0

T o t a l C o n tin e n ta l s t o c k s ...............

2 3 0 ,0 0 0

5 6 6 ,0 0 0

1916.
8 2 9 .0 0 0
6 5 ,0 0 0
1 0 1 .0 0 0

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1 .— We give below a statement showing the
overland movement for the week and since Aug. 1 , as made
up from telegraphic repwts Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:

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

1 9 1 6 -1 7 S in c c
A u g . 1.
1 4 ,6 9 5 a 6 5 4 , l 7 7
4 ,4 6 8
1 8 0 ,4 4 0
370
5 ,0 3 5
3 ,1 2 4
7 4 ,2 2 6
1 ,8 2 3
6 0 ,9 3 8
8 ,0 2 1
7 6 ,0 8 0
3 5 ,9 4 7
4 9 7 ,3 3 2

..5 8 ,1 8 2

1 ,4 8 2 ,7 7 3

6 8 ,4 4 8 1 ,5 4 8 ,2 2 8

. . 4 ,8 9 8
. . 2 ,3 9 9
..1 0 ,4 8 2

2 3 8 ,3 6 3
5 2 ,5 1 5
3 9 9 ,2 9 1

Jan . 11.

1 9 1 7 18

S h ip p e d —
w eek .
.................................... 3 3 ,9 9 4
V ia S t . L ou is
V ia M o u n d s , & o __________________
2 ,6 4 2
V ia R o c k Is la n d __________
_
273
V ia L o u i s v i lle _____________________
1 ,3 7 5
V ia C in c in n a ti____________
“ * 3 ,0 7 8
V ia V irgin ia p o in t s ___ I I I I I I I I " " 2|874
1 3 ,9 4 6
V ia oth er r o u tes, & c .........................

1915.
9 3 2 ,0 0 0
2 6 ,0 0 0
7 6 ,0 0 0

9 9 5 .0 0 0 1 ,0 3 4 ,0 0 0
* 1 ,0 0 0
* 6 ,0 0 0
* 1 ,0 0 0
1 7 7 , )00
2 9 0 .0 0 0
1 9 7 .0 0 0
4 ,0 0 0
2 ,0 0 0
8 6 ,0 0 0
2 7 ,0 0 0
2 2 8 .0 0 0
1 1 6 .0 0 0
* 1 ,0 0 0
* 4 ,0 0 0
6 1 1 ,0 0 0

[Vol. 106.

- V .*1
,L

u

D e d u c t S h ip m e n ts
O v e rla n d to N .

Aug

l.

W eek .

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

4 2 9 ,0 0 0

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

..1 7 ,7 7 9

T o t a l visib le s u p p ly ......................... 4 ,6 4 0 ,5 8 2 5 ,7 1 6 ,8 1 3 6 , 2 1 2 ,7 5 4
O f th e a b o v e , to ta ls o f A m e rican an d oh er d escription s are
A m erica n
Liverpool stock.................... bales. 307,000
6 9 7 ,0 0 0
5 4 7 ,0 0 0
Manchester stock.............
26,000
8 3 ,0 0 0
7 8 ,0 0 0
*198,000 * 4 7 0 ,0 0 0 * 5 1 7 ,0 0 0
Continental stock.............
American afloat for Europe_____ 210,000
4 8 4 ,2 7 8
3 7 8 ,4 2 3
U. S. port stocks............................1,341,108 1,488,137 1,744 ,4 2 3
TJ. S. interior stocks------------------ 1,297,927 1,302,513 1,485 5 8 2
U. S. exports to-day______ _____
20,547
9,885
14 3 2 6
E a st I n d i a n , B r a z il, A c . —

L on d on s t o c k _______________

_

Manchester stock.............
Contlne
stock.................
India afloat for Europe.................
E g y p t , B r a zil, & c ., a flo a t ..............

Stock in Alexandria, Egypt.........

164,000
22 000

11000
*32,000
42,000
1 6 0 ,0 0 0

319.000

Stock in Bombay, In d ia ................*490,000

1 6 2 ,0 0 0
2 9 .0 0 0
3 2 .0 0 0
* 9 6 ,0 0 0
7 6 .0 0 0
7 7 .0 0 0
2 0 0 ,0 0 0
5 1 0 ,0 0 0

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

.2 7 4 ,9 2 9
. a 6 ,1 9 3

3 2 .6 0 c .
3 2 .5 5 d .
3 4 .0 0 d .
2 2 .2 5 d .
2 2 .4 3 d .

iq.1 5« .
1 8 ikc

10 .5 oc .
1 2 K<
0t

o. i 0 ci.
8 1

2 1 .7 0 d .
1 8 .0 0 d .
1 0 .6 5 d .
1 0 .7 7 d .

1 1 .5 0 d .
1 1 .4 0 d .
7 .7 5 d .
7 .8 7 d .

7 .0 0 d .
8 .7 5 d .
4 .4 5 d .
4 .3 6 d .

* E s tim a te d .

Continental imports for past week have been 40,000 bales.
The above figures for 1918 show an increase over last week
of 16,017 bales, a loss of 1,076,231 bales from 1917, a decrease
of 1,572,172 bales from 1916 and a decline of 1,678,694
bales from 1915.
AT THE INTERIOR TOWNS the movement— that is,
the receipts and for the week since Aug. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period of the previous year— is set out in
detail below.
M ovem en t to J an . 11 1918.
T ow n s.

R eceipts.
W eek .

Ship■ 7716fltS.
Season.
W eek .

Stocks.
Jan.
11.

M ovem en t to Ji
R eceipts.
W eek .

Season.

Ship­
m ents.
W eek .

Stocks
J an .
12.

A la ., E u fa u la ..
3,84{
152!
2,452!
44!
9,294
9,200
M on tgom ery.
44,8711
207r
"561 14,271:
620
37,005
693 31,794
S elm a ________
267'
32,8921
373
2,394l
47’
20.441
17 7,017
A rk ., H e le n a ..
987'
31,544l
852 20,2931 1,724,
50,647
1,638 20 ,359
Little R o c k ..
6,940i 155,702! 5,760 53,4051 3,783
187,012
8,4 00 44 ,530
Pine B l u f f . . .
103,604; 2,246 58,000
2,000
1,000
115,256
1,600 41 ,500
G a ., A lbany___
95
12,0651
140
2,128
1 18,910
502, 2.2 2 5
Athens _______
1,359
94,137
2,935 37,829
*315 ;
91.601
2,7 0 0 3 4 ,329
A tlanta_______
8,000 211,005
5,506 55,000
4,741 j 237,000
4,3 6 5 80.614
A u g u sta ...........
6,989 371,689
6,586 163,586
2,647 1 316,695
6 .2 4 4 1 4 5 ,7 1 3
C o lu m b u s___
625
28,210
2,750 11,000
1,060
55,607
1,234; 19,503
M a c o n _______
124,417
4,898
3,063 25,593
1,291
124,952
2 ,3 6 8 ( 20,984
R o m e ________
43,454
1,729
1,820 15,281
324
49,811
355
9,995
L a ., Shreveport
6,508 167,925
8,144 48,990
715 132,988
1,933 24,182
Miss.,Columbus
33
8,560
665
3,097
45
5.077
2
2.254
Clarksdalc* . .
96,494
1,000
1,201 54,000
300
53,511
800 24,000
Greenwood . .
1,500
99,915
2,457 38,000
853|
97,232
3,060 28 ,793
M e rid ia n ____
1,053
24,749
821 11,680
202:
16,276
292
9,0 87
N a tc h e z ______
43,384
74
200
1,078 10,000
33,756
565 13,299
V ic k sb u rg ___
400
15,825
5,612
88
400
14,051
577
5,4 97
Yazoo C i t y ..
150
31,455
176
350 14,365
19,289
98
8,0 78
M o .,S t. L o u is .. 34,544 619,415 33,994 16,169 14,435 672,203 14,695 30,153
N .C .,G r ’snboro
400
20,902
619,
500
4,101
50,522
1,141
7,909
Raleigh.............
643
5,800
354
450
118
8.592
275
183
O ., Cincinnati.
5,546
76,101
4,104 31,366
1,969| 140,552
2,7 55 22 ,309
____
Okla.,Ardmore.
32,750
57
2,000
7,000
50,553
891
6,904
C h lck ash a___
400
36,286
2,909!
726
7,000
63,412
3,466
7,338
H u g o ...............
296
1,599
25,663
6,897
29
24,489
95
3,4 4 0
O k la h o m a ___
600
22,676
7,422
994
1,200
31,071
1,848
3,042
S.C .,G reenville
2,800
65,318
2,500 18,393
1,790,
97,549
2,854 42 ,373
Greenwood . .
935
11,641
5,751
16,027
— 8,496
Tenn.,Memphis 32,716 723,573 31,729 279,481 27,429! 907,659 :
N ash vlllo____
1,217
969
20
20
319
T e x ., A b ilen e..
23,394
100
"1 6 6
1,500
55,466
936
2,803
Brenhara____
100
18,760
300 • 1,008
TS
23,622
15
2,3 05
Clarksville___
2,267
2,241
43,989
9,202
3991
40.829
378
3,672
D allas...............
4,320
100,510
5,112 17,953
3,344
87.386
4,9 20 10,208
Honey G rove.
1,692
48,073
2,810
89
7,760
38.868
332
1,772
H ouston______ 51,032 1,475,064 48,824 115,603 38 .809 2 .0 30.0 60 (
30,7312
Paris..................
2,833
67,775
6,543 11,512
8631 109.467
9281 4,0 5 9
San A n to n io ..
400
25,228
466
1,500
337|
40,343
706
1,870

1 1 . ............I ”

a D ecrease d urin g w ee k ,
a v a ila b le .

6 .4 9 0 ,4 7 4
9 4 2 ,9 8 5

.2 6 8 ,7 3 6
..................

7 ,4 3 3 ,4 5 9

. 7 5 ,7 7 0

T o t a l in sig h t Jan

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

1 ,3 1 1 ,4 8 9

1 9 1 6 -1 7 -

1 2 5 ,8 4 8
5 1 ,6 5 5
8 1 ,0 0 0

S in c e
A u g . 1.
4 ,8 8 9 ,7 9 3
1 ,1 8 0 ,4 2 5
1 ,8 7 1 ,0 0 0

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

7 ,9 4 1 ,2 1 8
9 4 8 ,7 7 9

W eek .

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

1 ,6 9 1 ,6 1 0

* T h e se figuros are c o n su m p tio n : tak in gs n o t

Movement into sight in previous years:
Jne
/a
t
I S IS — J a n .
J‘ n a
1914— Jan.

------- — -------------------------------------I

m
TiiHiiinr lr tin si
v r c V n

a R e v ise d .

1 9 1 7 -1 8 I n S ight a n d S p in n e r s '
S in c e
T a k in g s .
W eek .
A u g . 1.
R oceipts a t p orts to J an . 1 1 _______ 1 5 3 ,5 2 6
3 ,7 1 9 ,8 7 0
N e t o v e r l a n d t o J a n . i l ______
4 0 ,4 0 3
7 9 2 ,6 0 4
S o u th ’n c o n su m p tio n to J a n . 1 1 * . 8 1 ,0 0 0
1 ,9 7 8 ,0 0 0

T o t a l E a s t In d ia , & c ................ . . . 1 , 2 4 0 , 0 0 0 1 ,1 8 2 ,0 0 0 1 ,4 4 8 ,0 0 0 1 ,2 7 1 ,0 0 0
T o t a l A m e ric a n .................................3 ,4 0 0 ,5 8 2 4 ,5 3 4 ,8 1 3 4 ,7 6 4 ,7 5 4 5 ,0 4 8 ,2 7 6

M id d lin g U p la n d , N e w Y o r k _____
E g y p t , G o o d B row n , L i v e r p o o l..
P eru vian , R o u g h G o o d , L iverpoo l
B r o a ch , F in e , L iv e r p o o l__________
T in n e v e lly , G o o d , L iv e r p o o l_____

5 1 ,6 5 5 1 .1 8 0 ,4 2 5

The foregoing shows the week’s net overland movement
has been 40,403 bales, against 51,655 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits a decrease from a year ago of 387,821 bales.

6 ,3 1 9 ,2 7 6
as f o llo w s

2 8 2 ,0 0 0
6 5 .0 0 0
2 3 .0 0 0
* 9 4 ,0 0 0
5 6 .0 0 0
4 3 .0 0 0
2 3 2 .0 0 0
6 5 3 .0 0 0

1 6 ,7 9 3

7 9 2 ,6 0 4

* In clu d in g m o v e m e n t b y rail to C a n a d a ,

Total American........................... 3,400,582 4 ,5 3 4 ,8 1 3 4 ,7 6 4 ,7 5 4 5 ,0 4 8 ,2 7 6

Liverpool stock..............................

6 9 0 ,1 6 9

4
L e a v in g to ta l n et o v e r la n d * ______.4 0 ,4 0 3
3

T„I<0taI , F ur0J^ arl 5t0C,Iis - .............. 7 6 0 ,0 0 0 1 ,5 6 9 ,0 0 0 1 ,6 0 6 ,0 0 0 1 ,4 6 3 ,0 0 0
In d ia c o tto n a flo a t for E u r o p e . . .
4 2 ,0 0 0
7 6 ,0 0 0
5 6 ,0 0 0
1 2 2 ,0 0 0
c£ t t 0 ?, ^ n o a t tor. £ u™ P 0 - 2 1 0 ,0 0 0
4 8 4 ,2 7 8
3 7 8 ,4 2 3
7 9 8 ,8 7 4
E g y Dt, B r a z il,& c .,a fl°a t tor E u ’p o
1 6 0 ,0 0 0
7 7 ,0 0 0
4 3 ,0 0 0
5 8 ,0 0 0
S tock in A ie x a n d n a
.............
3 1 9 ,0 0 0
2 0 0 ,0 0 0
2 3 2 ,0 0 > * 2 9 0 0 0 0
S to c k n B o m b a y , L i d i a . . ................ * 4 9 0 ,0 0 0
5 1 0 ,0 0 0
6 5 3 ,0 0 0
4 1 2 ,0 0 0
« ^ . n T V 'a --P? rt? --------- ----------- - - 1 , 3 4 1 , 1 0 8
S
1 ,4 8 8 ,1 3 7 1 ,7 4 4 ,4 2 3 1 ,8 1 8 ,0 3 2
S tock in U . S . interior to w n s................1 ,2 9 7 ,9 2 7 1 ,3 0 2 ,5 1 3 1 ,4 8 5 ,5 8 2 1 ,3 1 4 ,8 6 4
TJ. S . exports t o -d a y ------------------------2 0 ,5 4 7
9 ,8 8 5
1 4 ,3 2 6
44 ,5 0 6 -'

10
B a le s .] S i n c e A u g . I —
B a les
7 766 222
1 3 ................................2 8 6 ,9 0 5 1 9 1 5 -1 6 — J a n . 1 3 ................
-------- 8 6 8 4 3 1 3
1 5 ---------------------------5 8 8 ,7 3 7 1 9 1 4 -1 5 — J a n . 1 5 l
1 6 ...........................- 3 5 4 , 8 9 8 ( 1 9 1 3 - 1 4 — J a n . 1 6 - I
10 7 9 6 6 6 0

QUOTATIONS FOR MIDDLING COTTON AT OTHER
T

‘A 0 o ^ m g . q u o t a t i o n s o f m r n L g

cotton at boutneni and other principal cotton markets for
each day of the week.
W e e k e n d in g
J a n . 11.
G a l v e s t o n _____
N ew O r le a n s M o b ile ................. .
S a van n ah ______
C h a rle sto n _____
W ilm in g t o n ____
N o r fo lk — ______
B a lt i m o r e ______
P hiladelp hia . . .
A u g u s t a ________
M e m p h is _______
D a l l a s __________
H o u sto n _________
L ittlo R o c k ____

C lo s in g Q u o ta tio n s f o r M id d li n g C otton o n —
S a tu rd a y , M o n d a y
3 1 .0 0
3 0 .8 8
3 1 .7 5
30^

31 %
3 2 .6 5
3 1 .0 0
3 0 .5 0
3 LOO
3 0 .7 5

3 1 .1 0
3 0 .8 8
3 0 .7 5
30^
30 4
30 ^
3 0 .6 3
31%
3 2 .8 0
3 1 .0 0
3 0 .7 5
3 0 .9 0
3 1 .1 5
3 0 .7 5

T u es d a y . W e d ’ d a y . T h u r s d ’y .
3 1 .5 0
H.
3 1 .2 5
31
31
30%
3 0 .7 5
3 3 .3 0
3 1 .2 5
3 1 .0 0
3 1 .3 0
3 1 .5 0
3 1 .2 5

3 1 .7 5
3 1 .1 3
3 1 .3 8
31%
31
31
3 1 .0 0
31%
3 3 .5 5
3 1 .5 0
3 1 .2 5
3 1 .6 0
3 2 .0 0
3 1 .2 5

3 1 .6 5
3 1 .5 0
3 1 .5 0
31 %
31 %
31%
3 1 .2 5
31%
3 3 .5 0
3 1 .5 0
3 1 .2 5
3 1 .1 5
3 1 .6 0
131.25

F r id a y .
3 1 .6 5
3 1 .7 5 1
3 1 .5 0
31 %
30% @ 31
30%
3 1 .1 3
3 1 .5 0
3 2 .8 5
3 1 .5 0
3 1 .2 5
3 1 .2 0
3 1 .7 5
3 1 .2 5

WEATHER REPORTS BY TELEGRAPH.— Telegraphic
advices to us this evening from the South indicate that the
temperaturo has been lower. Where rain has fallen the
rainfall has been light as a rule. Texas reports a cold wave
extending over the entire State with snow, sleet and rain
falling in many places.
G alveston, T ex .— A cold wave of severe intensity has
swept over the entire State with snow, sleet and rain falling
at many places. Much benefit is expected to result to the
wheat and other gram crops. There has been rain hero
one day of the week, the rainfall boing two hundredths of
an inch. Average thermometer 42, highest 66 and lowest

A b ile n e , T e x .— It has been dry all the week.
The ther­
mometer has averaged 41, the highest boing 74 and the
lowest 8 .
B row n sville, T ex .— There has been no rain during the week
The thermometer has averaged 53, ranging from 26 to 83. *
D a lla s, T e x .— We have had good ram on one day of the
week, the rainfall being seventy-eight hundredths of an
Rich. The thermometer has ranged from 6 to 64, averaging
u5.
Fort W o r th , T ex .— Rain has fallen on one day during the
week, the rainfall reaching twenty-two hundredths of an
inch. Average thermometer 34, highest 62, lowest 6 .
P a lestin e, T ex .— It has rained on one day during the
week, to the extent of fifty-two' hundredths of an inch.
The thermometer has averaged 40, the highest being 70,
and the lowest 1 0 .
San A n t o n i o , T ex .— There has been no rain during the
week. The thermometer has averaged 48, ranging from
2 2 to 74.
T a ylor, T e x .— We have had rain on one day of the week,
T o ta l, 41 towns 186,72215,180,880 192,915'l297927!ll5,014 6 ,1 7 5 ,1 0 l'l(
the rainfall being thirty-six hundredths of an inch. Mini­
* L a st y e a r's figu res are fo r G r e e n v ille .
mum thermometer 1 0 .
The above totals show that the interior stocks have d e­
Shreveport, L a .— There has been no rain during the week,
creased during the week 6,193 bales and are to-night 4,586 Tho thermometer has ranged from 24 to 70.
bales less than at the same time last year. The receipts at
Vicksburg, M i s s .— We havo had rain during the week, tho
all towns have been 71,708 bales more than the same week rainfall boing one inch and ninety-five hundredths. Tho
last year.
thermometer has ranged from 28 to 6 8 , averaging 42.




M o b ile , A l a .— There has been rain on two days of the week,
the rainfall being eighty-three hundredths of an inch. Aver­
age thormomoter 48, highest 62, and lowest 40.
Selm a , A l a .— There has been rain on three days during
the week, the precipitation being one inch and eightyone hundredths. The thermometer has averaged 6 7 . o ,
ranging from 20 to 52.
.
,
,
„
Savannah, G a — There has been rain on two days of the
week, the rainfall being thirty hundredths of £>n men.
Average thermometer 42, highest 58 and lowest 2 6 .
Charleston, S. C .— W e have had ram on two days of the
week, the rainfall being fifteen hundredths of an inch.
The thermomoter has ranged from 28 to 68, averaging 44.
Charlotte, N . C .— 1 here has been ram on one day of the
T
week, the rainfall being twenty hundredths of an inch.
Average thermometer 35, highest 48, and lowest 2 6 .
M e m p h i s , V e n n — There has been rain on three days dur­
ing the week, to the extent of seventy-six hundredths of an
inch and snow is now falling. The thermometer has aveiaged 35, ranging from 18 to 62.

The prices are given in pence and lOOt/is.

1916-17.

1917-18.

C otton Takings
Week and Season

Week.

Week.

Season.

Season.

5,770,123
4,624,565
Visible supply Jan. 4.
2,814,776
3,198,251
Vlslble supply Aug. 1- — 268,736 7,433,459 208,732 8,SS9,997
American 1 1 sight to Jan. 11
JVIllCl lbtW in olbuv
l 1
t
500.000
912.000
67,000
Ilombay r e c e i p t s to Jan. 1 0 ---- 675.000
46.000
62,000
6,000 136.000
Other India s h i p ts to Jan. 1 0 ..
612.000
660.000
525.000
9.000
Alexandria receipts to Jan. «
66.000
66,000
64,000
2.000
Other supply to Jan. 9
5,036,301 11,472,235 6,062,855 13,725,248
Total supply.............
,

,,

4,640,582 4,640,582 5,716,813 5,716,813

Visible supply Jan. 11.

395.719 6.831.653 346.042 8.008.435
Total takings to Jan. l l . a .
288.719 5.552.653 305.042 6.443.435
Of which American........
41,000 1,565.000
107,000 1,279,000
Of which otlier♦Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
n This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,978,000 bales in 1917-18 and 1,871.000 bales in 1916-17—
takinirs not being available— and the aggregate amounts taken by Northern
and foreign spinners, 4,853,653 bales in 1917-18 and 6,137,435 bales in
1916-17. of which 3,574,653 bales and 4,572,435 bales American.
b Estimated.

MANCHESTER MARKET.— Our cable from Man­
chester this evening states that the market is unchanged
with the tone quiet but strong. Trade with the East poor
but there has been .some buying of cloth for the army.
We give prices for to-day below and leave those for previous

Nov
23
30
Deo
7

d.
3444
3644
37

14 37J4

2 38
1

28 3844
Jan
4 39
1 39
1

844 lbs. Shin- Cot'n
ings, common Mid.
to finest.
Up's.

32s Cop
Tioist.

d.
d.
22.16 18
22.47 18

®
@

®
@
®
@

22.10
22.31
22.31
22.68

1844
1744
1644
16J4

®
®
®
®

a. d. d.
d. 8. d.
19 4 9 6 @111044 11.90
4
1944 0 6 @111044 12.21
1994 9 6 @12 144 12.05
1844 9 6 @12 144 11.00
17 4 9 444@111044 10.09
4
1744 9 444@H1044 10.63

®
®

4044 18 444@25 9
4044 18 444@25 9

23.10 1644
23.53 1744

®
@

1744 9 544@111044 10.96
1844 9 444 @111044 11.11

LIVERPOOL.— By cable from Liverpool wo have the fol­
lowing statement of the week’s sales
Sales of tho week_______________
Of which speculators took_____
Of which exporters took______
Sales, American________________
Actual export.............................. ..
Forwarded_____________
Total stock____________________
Of which American__________
Total imports of the week_______
Of which American__________
Amount afloat_________________
Of which American__________

Dec. 20.
11,000
______
______
7,000
...........
45,000
430,000
285,000
74,000
55,000
238,000
156.000

Dec. 27.
4,000

Jan. 4.
13,000

Jan. 11.
14,000

3,000

7.000

8,000

57.000
440.000
281.000
75.000
26.000
249.000
155.000

62,000
454.000
299.000
66,000
66,000
265.000
146.000

78.000
471.000
307.000
95.000
62.000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton havo been as follows:
Wednesday. Thursday.

Friday.

M onday.

Tuesday.

12:15 1
r . M. {

Quiet.

Quiet.

Quiet.

Quiet.

Quiet.

Mid .Upl'da

23.16

23.22

23.31

23.49

23.53

Uplands.

23.69

23.75

23.84

24.02

24.06

3,000

3,000

3,000

3,000

Spot.

Salca........
Futures.

Market \
opened.\
I
Market, |
4
1
P. M. |
l

Saturday.

IIOLIDAY

3,000
Steady, Barely sty..
Steady,
Steady,
Quiet,
3@9 pts. 10@12 pt3. 11 @14 pts. 14© 10 pts. unch.to
advance. advance. advance. advance. 8 pta. dec.
Steady, Barely sty., Steady, 3@
Steady,
Steady,
8@15 pts. 5@8 pts. 6@9 pts. 4pta.adv.to 24 pts. adv.
adv.on Opts.dec .on on new, 34
adv. on
dec. on
new, 6 pts. new, 9 pts. new, 2 pts. pts. on old.
adv. on old.ladv. on old. adv.on old. dec. on old.

Tho pricos of futuros at Liverpool for each day are given
below




Mon

Tues

Wed

| T hurs

Fri

12 44 4 11244 4 124i 4
p.m. p.m p.m . p.m . p.m. p.m.
d.
50
42
24
15
00
16
06
88
72
64

d. | a.
40 50
32 42
17 24
08 15
93
00
16 34
06 24
88 06
72 90
64 82

d.
44
36
13
04
87
14
04
86
70
62

F rid a y N ig h t, J a n . 11 1918.
Flour has been quiet, owing to the smallness of receipts
and also the smallness of the stocks on hand. Mills are not
offering at all freely. Traffic conditions show little or no
improvement. This is all the more regrettable because
there is a large quantity of flour in transit from the mills
to New York and other leading markets. It has been on
the way now for some time past, even for eight or ten weeks.
It is supposed that the movement qf this flour will have to
wait upon measures taken to relieve the coal situation.
When that is accomplished possibly determined efforts will
bo made to relieve the acute situation in the flour business.
Some think that the Government is absorbing considerable
of the output. This might count in a measure for the small­
ness of mill offerings. In any case the dislocation of the
flour trade continues. It is said that mills have been limited
in their production to 10% over their throe-year average
run and that some of the mills have already approached their
limit. It all makes for economy in the use of flour. This
is supposed to be the Government’s object. In any case,
during the next six months it is believed that there will be
no very great increase in the offerings, or certainly nothing
like what might be expected in normal times. In Liverpool
prices have been firm with a continued demand for imported
flour and native offerings are only moderate. The fact
that the weather has been cold there causes an increased
consumption. At the same time foreign arrivals are good.
Both Canada and the United States are offering to Liver­
pool. A Washington dispatch says that to supply the needs
of the Army and Navy and the nations associated with the
United States in the war the Food Administration will
purchase from every flour mill in the country not to exceed
30% of its output. Out of the flour purchased, it was ex­
plained, the Food Administration will retain at all times a
reserve stock and will ship flour to any point where the
local supply may be short.
Wheat has been firm with small supplies. Last week the

844 lbs. Shirt- Cot’n
ings, common Mid.
to finest.
Up's.

a. d.
d. a. d.
3614 17 0 @22 6
3844 17 3 @23 0
39 17 6 @24 0
39 17 0 @24 3
39 J 17 9 @24 0
4
3944 171044 @24 9

®
®

Sat

BR EADSTUFFS.

1916-17.

1917-18.
32* Cop
Twist

Jan. 5
to
J a n .11.

Thus: 23 38 means 23 38-100(1.

4 12 44 4
124* 1244 12H
p.m. p.m. p. m. p.m. p.m. p.m.
d.
d.
d.
d.
d.
New Contr’t d.
23 38 28 38 33
January_
_
23 29 20 30 25
February..
12 08
23 11 02
M arch____
A p ril_____ HOLI- 23 03 94 04 00
M ay______ DA Y . 22 88 79 91 87
Old Contract
22 01 01 07 07
January—
97 97
21 91 91
Jan.-Feb . .
21 73 73 79 79
Mar .-Apr _
21 57 57 63 63
May-June.
21 49 49 55 55
Juno-July _

WORLD’S SUPPLY AND TAKINGS OF COTTON.—
The following brief but comprehensive statements indicates
at a glance the world’s supply ofocotton lor the week and
since Auer. 1 for the last two seasons, frorn all souicos frorn.
which statistics are obtainable; also the takings, or amounts
gono out of sight, for the like period.

D ed uct —

201

THE CHRONICLE

Jan . 12 1918.]

'ainst a decrease m mu sauiu w n.
uu
w
els. The total is now 71,820,000 bushels, against 163,­
300 bushels a year ago and 1/8,616,000 bushels at this
time in 1916. In Liverpool Avheat has been firm, with a good
demand. The arrivals there have been only moderate.
Argentine offerings, however, have been liberal. Australian
crop advices have been very favorable and new wheat is
moving there. In Argentina the weather has been bad.
Rains have been general ^nd in some parts heavy. This,
as a rule, retards the movement of wheat and oats. At
Rosario, however, the arrivals have been large. The trouble
is that shipping is slow, owing to a scarcity of tonnage.
Naturally, freight rates are strong. At Buenos Aires wheat
prices have been firm, with only moderate arrivals. In
Russia the weather continues very cold and the movement
of all grain is light. Railroad traffic is still slow. In­
ternal conditions are adverse to business and prices in
the interior remain high.
At
the ports ^ stocks are
small. There are rumors that the Bolsheviki have been
offering Russian wheat to Norway, also that they will repu­
diate Russia’s debts. In Italy the weather has been cold
with snow in some parts, especially in the mountainous
districts. The agricultural outlook is bad. The native
movement of wheat is small and foreign arrivals are ingufficiQnt. Stocks of both native and foreign wheat are
small. On the other hand, consumption has been greatly
reduced. It had to be. In France the weather has been
wet and cool. In some parts there have been heavy snows.
The agricultural outlook is fair on a reduced acreage. Of
course France needs to import heavily. Its native move­
ment is slow, but foreign arrivals are increasing. Large
purchases have been made for France in Argentina and it is
expected that these will come forward during the present
month. In the United Kingdom seeding is finished and
there is an important increase in the acreage. There
is a fair supply as foreign arrivals continue. The float­
ing quantity moreoever is maintained. Arrivals from Ar­
gentina are increasing and they are expected to be even
larger before long. In Spain the seeding prospects are
good and the acreage will show a considerable increase.
Spain has made fair purchases in Argentina and native wheat
is in good supply. The wheat arriving at Winnipeg is of
high quality and of fair volume. From India shipments
are moderate, as most of the tonnage is utilized for linseed,
but crop accounts continue favorable. In the Scandinavian
neninsula the weather has been unfavorable, being cold

202

THE CHRONICLE

with some scarcity of snow. The crop outlook in the main
is bad. supplies are scanty but foreign arrivals from Can­
ada and the United States are increasing. In this country
the winter wheat belt has had heavy snows. A Chicago
dispatch on tho lOtli inst. said that a heavy snow storm
centred over Texas and was due in the Central West and
would save millions of dollars worth of winter wheat
lhe heavy snow not only will protect the wheat from
freezing, but is providing needed moisture to many
sections of Kansas and Nebraska, where there was re­
ported a seven-inch snowfall. Grain experts following tho
Government report showing the greatest winter wheat
acreage— and the poorest condition— in history, declared
that heavy snowfalls probably would give the country a hhdi
record winter-wheat crop. But ship losses and crop failures
abroad have brought about such a serious food situation in
the Allied countries that tho United States is planning to
release for export an additional 90,000,000 bushels of wheat
although the country s export surplus had been shipped by
^ d i A C m-b®
i
e
r: .Tho American people will be asked by tho
Tood Administrator to cut their consumption to make up
the amount to be exported. Unless they do, the nation is
threatened with a flour shortage in May before the new wheat
is harvested in June. The Italian Government pro­
hibits tho making and sale of cake, pastry and confectionery
under whatever shape or form, in a decree just promulgated,
lo-clay, prices were firm, with primary receipts only 412 000
bushels, against 889,000 bushels last year; the seaboard re­
ceived only 231,000 bushels, against 610,000 bushels a y<5ar
ago. Drought in the wheat area of the Southwest is re­
ported ended, by heavy snows.
D A IL Y CLOSING PRICES OF
No 2 rprl
*
^ o . z re d .---------------------------- cts.226
No 1 spring— j............................2 2 9

W HEAT IN NEW YORK.
A U W Tues. Wed. Thurs. Fri.
•
226
226
226
r>o6
92R
229
229
229
229
229

Corn has continued to fluctuate within narrow limits.
Ihero has been an absence of any vory strildng features.
Trading has been light. Peace talk has had more or less
adverse effect on prices. Tho President’s speech was con­
sidered tor a time as pointing to peace. Tho Chicago
Board of Trade has refused to chango trading conditions in
corn and tho maximum price remains at 81.28. Early in
the week Chicago had the worst blizzard on record and this
crippled wire service, making the trading duller than ever,
in tho main, the car situation is said to be improving
however. Certainly at times the receipts at primary
points have shown a suggestive increase. One thing that
acts as a damper on trading is tho wide difference in the
prices of cash and future corn. Country shippers how­
ever, have been more disposed to soli cash corn. With
better weather the crop movement is expected to increase
materially. Stocks are gradually increasing though there
is no gamsaying the fact that thus far this season the
crop movement —
has been *** "uu mam disappointing.
in tho
‘
*
- — -—
—

[Vol. 106.

American supply last week fell off 489,000 bushels, as against
an increase in tho same week last year of 975,000 bushels.
^ e. total supply available is still only
*^T^io’o^o AnA i* S ftgamst 79,508,000 bushels a year ago
e i
^nd 42,278,000 bushels at this time two years ago. Premiums
in the sample markets of late have been somewhat higher.
Receipts have been far from large. That may bo inferred
from the decrease in the visible supply of practically half a
million bushels in striking contrast with an increase in the
same week last year of nearly a million bushels. In general
there has been a reduction in stocks at Atlantic ports which
has more than offset any accumulation at Western centres.
Country offerings to arrive have latterly been small. Less
tendency, moreover, to sell tho market, has been noticeable
and in the middle of tho week there was some renewal of
export buying, estimated at about 200,000 bushels. Not a
few think that the railroads in moving grain will give the
preference to corn. Tho weather has been against a large
movement of the oats crop. Big snowstorms have tied up
transportation. In Liverpool prices havo been firm, though
irregular as between controlled and non-controlled lots. In
some cases this has amounted to a difference of I shilling a
bushel Argentine offerings are increasing and English oats
are rather moro freely offored. The point is, however, that
there is a good demand and that spot oats in Liverpool are
in in. A lot of 100 tons of Chilean tawny delivery was re­
ported sold at 8s. 83^d. per 45 pounds. Also in Liverpool
barley and rye havo been in good demand, with fair shipments
*rom America. The Argentine crop outlook is good and
Indian supplies are fair. To-day prices advanced on a fair
export and domestic domand, small receipts and bad weather.
Rut tor tho week there is a moderate not decline.
D A IL Y CLOSING PRICES OF OATS IN NEW YORK.
a.
, .
Sat. Mon. Tues. Wed.Thurs ’ Fri
S tand ards..... ............................cts. 9 4 $ 94>3
04% 9.5
06% 97*
rl a't7
K o W U ......................... 94E
t
94^ 94 $
95
9G^ 97B
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
January delivery inelevator, .c ts . 79% ^80%
M ay ddlvery inelevator..
. . . 77% 77%

lhe following are closing quotations:

^
78% 79’%
7< T 76%

17Stl* 79 %
76% 76%

FLOUR.
Spring, low grades_____
Kansas straights, sacks.
..
I
Kansas clears, sacks...1 0 6 0 @ U 00
City patonts_______
11 50
Rye flour
..........— — 10 00@10 25
__
Buckwheat flour______
Graham flour. _
”
GRAIN .
Wheat— per bushel—f. o. b.—
Corn, per bushel—
N. Spring, No. 1, now
*2
No. 3 mixed_ f.o .b .
_
$1 73
N Spring, No. 2____
No. 2 yellow kiln dried
2 05
Rod winter. No. 2, now
2 26
N o. 3 yellow________
1 78
Hard winter, No. 2 —
2 25
Argentina_________
2 05
Oats, per bushel, now—
cts.
Rye, per bushel— "
Standard_______________ 97
New York___ c. 1. f.
No. 2, white___________
97U
W estorn_____ c. 1. f.
SI , 92
No. 3, white___________
97
Barley, malting........... l 40@ 1 55
N o. 4. white___________
96
Barloy, feeding_______ I 30@ 1 40
Winter, low grades____
Winter patents______
Winter straights_____I
Winter clears_______
Spring patents_____
Spring straights_______
Spring clears_________

_

The statements of the movomont of breadstuffs to market
Last we°k> howovor, the visible supply increased 271,000
bushels,
lh e trouble, however, is that tho total is still indicated below aro prepared by us from figures collected by
very small. It is only 4,087,000 bushels, against 8,317 - the Now York Produco Exchango. The receipts at Western
000 a year ago and 12,822,000 gat this time 1916
In lake and river ports for tho week ending last Saturday and
Liverpool prices havo been steady, but not quite so firm since Aug. 1 for each of tho last three years havo been:
as recently. A t the samo time the weathor continued very
Receipts atWheat.
Corn.
Oats.
Barley.
Rye.
cold in England and feeding grain is scarce, though Argentine
arrivals are increasing. American clearances, too aro larger, Chicago . . . . bbls.lMlbs bush. 60 lbs. bush. 56 lbs bush. 32 lbs bush.48lbs bush.HGlbs.
182,000
136.000 1,282,000 1.940.000
555.000
62,000
it is believed that they will continue to increase. They Minneapolis
1,591,000
278.000
815.000
101.000 238.000
202.000
1,000
have a report there that the United States Government is Duluth........ .
10,000 37,000
2,000
M ilwaukee
20,000
122,000
151.000 1.723.000
605,000
154.000
assisting in the shipment of corn from this country. Spot Toledo
39.000
39.000
141.000
7.000
5,000
29.000
corn in Liverpool is firmly held. In Argentina tho weather Detroit
54.000
41.000
3,000
3.000
Cleveland . . .
22,000
32.000
25.000
63.000
nas been favorable, except where there have been excessive St. L o u is___
55.000
242.000
378.000
392,000|
22,000
17.000
44.000
rains. 1 ort arrivals aro increasing there and exporters aro P e o ria ...........
53.000
734.000
2S ,000j
0
1,000
15.000
Kansas C it y
234.000
550.000
282,000|
bidding, though trading is not largo; far from it. But tho Om aha_____ .
423.000
933.000
668.000
quality of tho arrivals is bettor. It is also said that tho out­
To tal wk. ’IS
328.000 3.103.000 4.428.000 6.355.000 2,254,000
look is more favorablo for ocean tonnage at Argentine Same wk. ’17
498.000
337.000 4.475.000
1,348,000
Ports. Keleasements of now bottoms are increasing. Samo w k. ’16 466.000 12,506,000 5.623.000 2.621.000 2,820,000 296.000
6.839.000 0,272,000
470.000
On the other hand, early in tho week sample prices at Chicago Since Aug. 1—
were 5 to 10 cents lower, owing to an increased crop move­
19 17-18 . . . | 7.601.000 124.697.000 03.722.000
108.959.000 52,468,000
19 16 -17 . .
8.557.000 223.440.000 92.871.000 153.471.000 57,216,000 15.725.000
ment and a lessened demand. Last M onday, it is true,
19 15 -16 . . . I 9,653,0001.324,589,000 00.335,0001143,827,000107,2 10,000 15.672.000
L5,S00!000
1
abroad traffic in Illinois, Indiana and Ohio was demoralized
Total receipts of flour and grain at tho seaboard ports for
>y a big storm. Omaha receipts, however, have been large
On a singk) day it received 305,000 bush, as against 231,000 tho week ended Jan. 5 1918 follow:
at Ohicago. Cars aro being furnished moro freely by the C
Receipts at—
Flour. | Wheat.
Corn.
Oats.
Barley.
R ye.
li . & Q. and the Union Pacific roads. A t Minneapolis
Barrels. 1 Bushels.
Bushels.
Bushels.
Bushels. Bushels.
tnere was a notable increase in consignment notices. To-dav New Y o r k __
124,000!
371,000
1,000
136.000
48,000
62,000
prices ended slightly^ higher after an early decline. The Philadelphia .
23,000.
128,000
28,000
124.000
1,000
6,000
B a ltim
89.000
131,000
83,000
raHy was due to a blizzard at tho W est retarding tho crop Newp’to re __
176.000
1,000
59,000
News
51.000
............
475.000
movement. Prices are a shade higher for the week.
New Orleans*
97,000
32,000
52,666
Mon. Tues.

Wed. Thurs. Fri.

No. 3 yellow.............................. cts.187
187>3 184
184
179
178
D A IL Y CLOSING PRICES OF CORN FUTURES IN CHICAGO.

January delivery in elevator—cts. 127% 1 2 7 % 1 2 7 %
M ay delivery in elevator..........— 125$ 125$ 125

1 2 7 % 'w V '4 1 2 7 k
1 2 5 % 1 2 4 % 125$

16,000

8,000

27.000
95.000

678,000
678,000
3,230,000
3,230,000

172.000
172.000
1.360.000
1.360.000

1.033.000
1.033.000
2.280.000
2,280,000

38,000j

D A IL Y CLOSING PRICES OF CORN IN NEW YOR K
Nn

To tal wk. ’ 18
SlnceJan.l ’ is
Week 1 9 1 7 . ..
Sin ceJan .i ’ 17

422.000
422.000
303.000
303.000

* through b U ls'o f1 Hdlng

11,000

50.000
138.000
50.000
138.000
225.000
251.000
225.000
251.000
passlns ttlrouSh New Orleans for foreign port

Oats advanced slightly and then declined, after which they
Tho exports from tho sovoral soaboard ports for tho week
rallied again. In other words, it has been an irregular
ending Jan. 5 are shown in the annexed statement:
market, within a moderate scope of fluctuations. Inter­
ruption to wire servico curtailed business early in the week.
Wheat.
Corn.
Flour.
Oats.
Rye. Farley. Peas,
bushels. bushels. barrels. bushels. bushels. bushels. bushels.
Export business has been lacking. A period of peace talk
rmf r n iei- f (lv®rsely affected oats with other grain markets. New Y o rk ................ 402,569
50,172 242,855 213,245 249,642
300
1 ne I resident s speech caused selling. Premiums in the Boston___________ 112,700
245,000 60,193
503,853 159,942
169 ,113
sample market have at times declined. A fair number of Newport New s___
51,000 475,000
consignment notices has been reported from Chicago. Kansas
To ta l week____ 1,0 19 ,122 159,942 10 1,17 2 962,855
300
Oity dispatches have reported that a larger number of cars Week 19 16 .............. 5,494,897 713,224 151,849 1,363,167 442,551 249,642
113,4 10 318,501
3,261
will be furmshod to the roads west of tho Mississippi for the
purpose of moving grain. On the other hand, the North July 1 1917 is as below:




THE CHRONICLE

Ja n . 12 1918.]
Flour.
Exports for Week,
Since
Week
and Since
Jan. 5
July 1
July 1 to—

20 3

THE DRY GOODS TRADE.

N e w Y o r k , F rid a y N ig h t, J a n . 11 1918.
Considerable activity developed in markets for drygoods
1918.
19 17.
1918.
during the past week as there has been a large influx of
Bushels.
Bushels.
Bushels.
Bushels.
Barrels. Barrels.
3,821,849
buyers anxious to secure supplies. They are not only seeking
212 ,15 3 20 ,155,413
United K ingdom . 22 ,110 1,0 15,148
806,969 21,418,0 51 159,942 3,696,692 deliveries on old contracts which have been greatly delayed,
C ontinent.............. 79,062 1,592,560
326,224
19,284
216,492
So. & Cent. Amer.
29,466 but aro placing additional orders wherever possible.
4,234
289,271
The
West In d ies____
5,250
B r it .No. A m .C ols.
' " l " , 981 present congested transportation conditions have created a
32,190
54,129
Other C o un trie s.. ______
159,942 7,879,212 general disruption of business as it has interfered with both
T o ta l.................. 10 1,17 2 3,172,850 1,0 19 ,122 41,629,202
22,409,689
To ta l 19 16 -17 ------- 151,849 7,835,091 5,491,897 153,962,590 713,244
old and now business. As a result of the slow deliveries from
the mills, stocks in commission houses are in keen demand
TUG worm s suipmeuws
w jo u
j. «
------ and are becoming more valuable. Buyers in most cases
ending Jan. 5 1918 and since July 1 1917 and 191G are appear willing to pay whatever price is asked for goods that
shown in the following:
________________ can be shipped promptly. The congested transportation
situation, in addition to affecting the distribution of goods,
Corn.
Wheat.
is causing great difficulty to manufacturers owing to their
a l9 16 -17 .
19 17-18 .
0 19 16 -17.
19 17-18 .
Exports.
inability to secure sufficient fuel and raw material to keep
Since
Since
Week
their machinery going. According to recent advices from
Since
Since
Week
July 1.
July 1 .
Jan. 5.
July 1.
July 1.
New England, mills in that section are facing a shortage of
Jan. 5.
Bushels.
both raw cotton and coal with the situation growing worse
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
472,000 14,197,000 21,724,000 and further curtailment of production threatened.
Mills
N ortliA m e r* 4,017,000 155,667,000 191,848,000
*
6.352.000
R u s s ia .........
are unable to maintain full productive capacity despite the
D a n u b e ___
As supplies in
A rg e n tin a... ’ 520,000 8'.420,666 35,570,666 ' 726,000 11,302", 666 74,592",666 fact that labor conditions are improving.
720.000 25,856,000 22.584.000
A ustra lia_
_
all localities are small, the decreased production is being more
220.000 9.926.000 21.662.000
84,000 2,050,000 4,006,000 severely felt.
A number of Southern mills have also been
79.000 1.317.000 2.452.000
O tli.cou n tr’s
compelled to reduce operations and in some instances com­
T o t a l___ 5,553,000 201,186,000 280,474,000 1,282,000 27,549,000 100,322,000
pletely shut down as electrical companies who supply
* North America —Tho Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days. T h sl Is effective them with power have been unable to obtain fuel and water.
In addition to the fuel and transportation difficulties, the
during the continuance of the war. a Revised.
rpke quantity of wheat and corn afloat for Europe on dates drygoods trade has had other matters to contend with and
consider. The persistent peace talk has caused many to
mentioned was as follows:_________________________________ look ahead and endeavor to determine what effect a sudden
ending of hostilities would have on the trade in general.
Corn.
Wheat.
It is not likely, however, that there would be any reduction
United
United
of Government contracts which at present are taxing many
Total.
Kingdom. Continent.
Total.
Kingdom. Continent.
mills to the utmost to fill. A more optimistic feeling has
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
developed in export circles, and while business at present is
Jan . 5 1 9 1 S -- N ot avail able.
quiet, more activity is looked forward to. Merchants are
Dec. 29 1 9 1 7 -- N ot avail able.
having less difficulty with the licensing system, and ship­
Jan . 6 1 9 1 7 .. N ot avail able.
16,329,000
38,296,000
Jan . 8 1 9 1 6 ..
ments aro being made on a fairly liberal scale and would be
Tho visible supply of grain, comprising tho stocks in larger if freight room were available.
granary at principal points of accumulation at lake and
An improved demand is notwl for all lines of staple cottons,
seaboard ports Jan. 5 1918 was as follows:
for both immediate and deferred delivery. Buyers are
operating more freely, and show readiness to purchase what­
G R A IN S T O C K S .
Rye.
Barley.
Oats.
Wheat.
Corn.
ever mills have to offer. With manufacturing conditions
bush.
bush.
bush.
bush.
bush.
U n ite d Sta te s—
373,000 and distribution checked by the adverse transportation
.896,000 236,000
586,000
1,000
New Y o rk ................
21,000
339,000
conditions and fuel shortage, buyers realize that the small
60,000
11,000
Boston......... .....
781,000
34,000
16,000
24,000
417,000
P
hiladelphia........
140,000
308.000
12,000 supply of goods now available will be readily absorbed.
495,000
382,000
B ltim
a ore---------Prices continue to advance in sympathy with the strength
528.000
Newport New s------42,000
838,000 of raw material and are expected to remain high during the
642,000 1,123,000
9,000
New Orleans...........
40,000
54,000
33,000
38,000
G
alveston
---------168,000
569.000
604,000 remainder of the season. Mills are still reluctant about
9,000
9,799,000
Buffalo......................
433.000
"
afloat.........
selling goods for forward shipment owing to the many un­
158,000
5,000
45,000
640,000
T o le d o ___________
certainties surrounding the raw material situation and operat­
144,000
37,000
20,000
100,000
D e tro it......................
270,000
506,000 ing conditions.
681,000 6,101,000
Heavy cottons continue in active demand,
1,083,000
C h ic a g o ....................
649,000
142,000
80,000
267,000
868,000
M ilw aukee................
18,000
49,000
171,000 especially from bagging interests, and prices are firmly held.
932,000
D u lu th .......................
78,000 1,192,000
592,000
714,000 The markets for gray goods continuo firm as a result of active
500,000
M inneapolis.............
78,000
600,000
134,000
1,000 inquiry for sheetings and other unfinished cloths, but business
153,000
S t. Louis — ............
440,000 1,121,0 0 0
135,000
1,328,000
Kansas C it y _______
__ • _
_
is held in check by the scarcity of supplies. Demand for
93,000
646,000
15,000
P e o ria .____ ______
167,000
534,000
42,000
18,000
Indianapolis......... ..
dress ginghams has been active and new lines for next
258,000
739,000
34,000
25,000
619,000
O m ah a ......................
fall are expected to be placed on sale during ^he coming
To tal Ian 5 1918
.17 ,5 7 1,0 0 0 3,155,000 16,873,000 2,097,000 3,581,000 week. While bleached goods are showing an upward ten­
To tal Dec 29 1917
...18 ,9 36 ,0 0 0 3,097,000 17,657,000 2,450,000 3,554,000
To ta l Jan.' 6 1 9 1 7 ............ 56,885,000 0,759,000 48,797,000 2,511,000 4.504,000 dency many branded goods are said to be below a parity
Print cloths rule firm with demand
Vote__Bonded grain not Included above: Oats, 24,000 New Y o rk , 304,000 Buffalo with goods in the gray.
1 720 000 Buffalo afloat, 7,000 D u lu th ; total, 2,061,000 bushels, against 2,179,000 broadening for all deliveries.
Gray goods, 38^-inch
in lo io ; and barley, 284,000 In New Y o rk , 3,000 D u lu th , 132,000 Buffalo: total,
standard aro quoted at 12%c. to 12%c.
419,000, against 1,133,000 In 1916.
WOOLEN GOODS.— An improved inquiry is noted for
Montreal a.n. .......................... 4,288,000
12,000
528,000
19,000
69,000
F t W illiam & P t. A rt h u r.. 5,953,000
------------ 3,639,000
......... ..
............ woolens and worsteds, but business is not active, as mills
•
• afloat
_______ 2,126,000
............
80,000
................................ aro so busily occupied with Government contracts that they
Other C a n a d ia n .................... 7,088,000
............ 2,182,000
.......................— aro only able to accept limited orders for civilian account.
_. 10,455,000
12.000 6,429,000
19,000
69,000 The only now feature in the market has been the organization
To ta l Jan. 5 19 18..18,928,000
11.000 5,920,000
19,000
78,000
To tal Doc. 29 19 17.
..32,830,000
13.000 25,340,000
7,000 130,000 of a War Service Committeo to co-operate with Government
T o ta l Jan. 6 19 17officials. In the men’s wear division, some improvement
Su m m ary—
..17 ,5 7 1,0 0 0 3,155,000 16,873,000 2.097,000 3,581,000 is expected in tho situation and it is thought that there will
Am erican.................. ..
__ 19,455,000
12.000 0,429,000
19,000
69,000
C an ad ian----------------------be a more plentiful supply of medium and light weight
T to a lJ a n . 5 19 18 ..............37,026,000 3,167,000 23,302,000 2,110,000 3,050,000 suitings. Manufacturers of women’s clothing have been
To tal Dec. 29 19 17 ______ 37,864,000 3,108,000 23,577,000 2,469,000 3,032,000 taking men’s overcoatings as they fear a shortage of heavy
Total Jan. 6 19 17 ______ 89,715,000 0,772,000 74,137,000 2,518,000 4,640,000
weight goods next season. There has also been a good
* Including Canadian wheat, now duty-free.
inquiry for additional goods for Spring wear. Dress goods
WEATHER AND CROL^HJLLETIN FOR DECEM­ buyers have likewise been active buyers. Openings for next
BER.— Tho weather bulletin for December, issuod by the fall aro expected within tho next few weeks, and it is be­
Agricultural Department Jan. 7, refers to winter wheat lieved that there will be fewer lines offered and that only
as follows:
small allotments will be made.
Tho weather conditions during the month o f December were generally
FOREIGN DRY GOODS.— No improvement is noted
favorable for winter wheat from tho lower Mississippi Valley northward
over tho Ohio Valley and Lake region. In tho central and northern in tho linen market, where supplies continue light and prices
portions of this area tho snow afforded ample covering during some of the high. Moderate arrivals have been reported but as the
cold periods, although it was bare in places during the cold weather of tho
first part of tho last decade. The weather conditions were also favorable goods have passed rapidly into consumption, there has been
for winter wheat In tho far Northwest, where it was unusually mild with no increase in stocks. Furthermore, advices from abroad
abundant moisture, and wheat is now up to a good stand and looking well
In Oregon; tho early sown is heavily stooled. lh o lato sown germinated aro not very favorable regarding the outlook for increased
well in Washington and was in an excellent condition at tho closo of the shipments within the near future. As a result of the recent
month; tho early sown had a poor stand at the beginning o f the month but developments in Russia, the flax situation is not very bright,
improved. Tills crop is in an excellent condition in Montana also. Lrom
Texas northward to Nebraska, however, the weather during December and difficulties in securing raw material are increasing.
was unfavorable for wheat. Dry weather prevailed, there was little snow Many houses have sent their salesmen out on the road, but
covering, and damago was dono by low temperatures. In Kansas moisture
was badly needed and tho crop deteriorated despite the snow early In the the majority have only limited samples of pure linens and are
month. The usual growth was not made, and tho plants did not stool aro showing cottons and other substitutes instead. Accord­
properly. Tho condition in Kansas at the closo of tho month was from
poor to fair. Tho crop mado no progress in Oklahoma and was damaged ing to reports tho latter are selling well. Burlaps have been
by sovero weather and insufficient moisture. In tho extreme eastern part moro active during tho week with prices steady and un­
of tho United States tho conditions aro variable. In somo sections there
has been sufficient snow covering, while in others damago has resulted. changed. Light weights are quoted at 16.50c. and heavy
Tho conditions have been unfavorable in those sections of California where weights at 20c.
dry weather has been persistent.




Week
Jan. 5

Since
July 1

19 17.

Week
Jan. 5

19 18.

Since
July 1

19 17.

204

S tate a w

the

C it y

c h r o n ic l e

D epartm ent

the" f f i a S

[V o l . 106

g

MayT l° i9 i8 e P' an may' be adopted ia connection with

Minnesota (State of).—

NEW S ITEMS.
M ° n t --M r c u it
Court o f A p p e a ls
D ecid es
A g a in s t B on d I s s u e .— The Circuit Court of Appeals on

Dec. 2 rendered an opinion in the case of Sweet, Causey
R o ster* Co. of Denver, against the city of Bozeman
According to the Helena “Independent,” this was an action
to compel the city of Bozeman to return to Sweet, Causey,
Tos^r & Co. certified checks deposited upon the purchase
in 1916 of water-works bonds of the city of Bozeman issued
in excess of the 3% limit of indebtedness fixed by the consti­
tution of the State of Montana. The purchasers refused to
accept the bonds because the notice of election submitting
•on to tbe taxPayers did not contain a statement
that the issuance of the bonds would incur an indebtedness
on the part of the city in excess of the 3% limit as fixed by
the constitution. The city, the “ Independent” says, refused
to return the certified checks and an action was commenced
in tne United States court for the District of Montana, which

State S u p rem e Court R u lin g A ffe c t­
in g Iss u a n c e o f School B o n d s.— The State Supreme Court on

iJec. 28 ruled, according to local papers, that bond issues
creetl0n °£ new school buildings must be initiated
with the passage of resolutions by boards of education under
Minnesota laws, otherwise a vote of a school district to that
1 lnep 1 X ^ . Il aPPears that in a a project for the
8
fiec?
issuance of 815,000 in bonds for a new school at Silver Creek,
Wright County, mandamus proceedings were brought by
George Sullivan and other voters of tho district to compel
the school board to sell bonds voted without its sanction.
I he Wright County District Court, it is said, denied the
application and is upheld by the Supreme Court.
M inot, N o. Dak. Court A u th o r iz e Iss u a n c e o f
See item on subsequent page of this department.

B o n d s .—

,i
- N o w a ‘ ‘ D o m in io n ” — I t is reported
that Newfoundland, the oldest British overseas possession in
reward for gallantry displayed by its units contributed to
bee6
nAffirmedetUm ° f ^ cbecks’ and tllis judgment has the army and navy during the war, has been officially styled
and will hereafter be called the “ Dominion of Newfoundland.”
Judge Hunt, writing the opinion for the Circuit Court of
Appeals, and construing Montana Revised Codes, 1917, . Russia.— P a ym en t o f In terest on C redit.— W e refer to this
oection 3259, Subdivision 64, says;
in our editorial columns in this week’s issue of our paper.
Texas.— Cond^ion o f State F u n d s .— On Sept. 1 1917 the
. a t e Fermanent School Fund of Texas contained §491,592 67
paragraph is really but a substantial reiteration o f the in cash and §20,964,038 46 of various investments. In the
M iL n L
hv !!1 up on th e amount of debt which may be contracted! following table we give tho details of the investments held
1
i by cbe constitutional clause heretofore quoted.
The third paragraph restricts the powers o f the Council as to borrow­ Sept. 1 1917 and of land notes and land owned for the period
ing money on bonds for construction, by foroidding any m o n e y T
ending Sept. 1 1916, this latter being the
b.n:.wea » g
j b,°?ds forg specified purpo!^ Sntil the “ pral i ; a report of these notes has been made: latest date for which
g
g
S il g t
tion” W ^
h
4he j i a
s s s js r a s j s f ns,< a v t,“ u*"-

M
, b^ » b^ .n~sllbl? ii
t-t£cL to^a^ vote o f taxpayers. The submission o f the Cash on hand_________________________
posed City bonds____________
$491,592 67
i i ,iVc
for^ocurfnL4 waiter
^
“ °",cy afc aI1 ° " bonds as proposed to be ssued
istrict bondsIIIIZIZI' 5 042 0fi3 (19
water suppiy or plant or system or sewer system? It is this Independent School D
County Common School District bonds......... 4 494 938 62
scheme which, if carried out, will affect tne taxpayers and it is
srhflmo^f
whether they wish the city to proceed to inaugurate the County bonds..................................................... 5,1041299 00
f& S S F K E ? imProvcroont by issuing obligations to carryTt out.
-$15,997,128 79
Sinn one nn"
debth shouldh such action be necessary * execute othe Dronosod qrhnmp State Penitentiary Ry. bonds................
s?.ch
out to to matter f incurring additional Stato of Texas bonds______
lho
2 779 000 oo
ucdd snouia
usuaiw prcscrlbecl yrkfe14 J? taxation,understand h o w .^ u n ^ t n ^ I t a it H a ft «.1wcsfc h^ Urates o f
cr°ir
a city ordinarily cannot nroenre f
I « 8
construct sowerago plants; hence in order thatPsuch imvidodTi^if3i f r^K^°v,br? ugbt wlt;blu reach, not only may the usually proH ollS o 00
subiect ^mviwrb bt> C T
tfn ,in iO ^i; b2 *dditicnal obligations are authorized, T . 4 N . O. Uy. bonds.....................“ I ” ” : ; ;
,4
f,hL Qualification: that in the event o f the debt being
incurred, the city shall own or control the supply to be acauired and devote
Total cash and bonds owned Sept. 1 1017...........................$20,964,038 40
f n r t ^ UU0 40 accru?
such system to tfie paym entTf the debt-and
T ,
, ,
.
Land Account (Sent. 1 19161.
nahlbi ? ? h i r’iB i r sba n the '‘I11016 3ebt’ additional and that which is un- Land notes bearing 3% interest______________ $46,704,60464
htV
Sf o
i de.bt Primarily contracted, exceed 10% over and above the 3%
“
83148516
The ^ t Vn a ™ n r ' i i ltted^ Y 4b°
paragraph o f theltatu!e %
1,922,973 14
Dower o f a4 ritv S
^
directly to do with restriction o f the
83,000 06
sarv tn° h i
f ur tbe amount o f tho debt contemplated as neces3,379 69
in 7 c l? c u m l'r ih « f ’ i w aS T have K S b that has already been grantwl
-$47,797,442 69
1I m lit in M o
■ But. it does prohibit any extension beyond tho 3%
Unsold land, 1,598,812 acres © $1 per acro.
1,598,812 15
llfihk
i,6 does prohibit the incurring o f the additional 10% involved
Total cash and securities Sept. 1 1916-.............. ................. $69,791,759 77
su bm itte^ti a vote o f ?h f Zo™lmi4, unl?,ss “ tho question” shall haveNow
°
been
to a
the taxpayers and carried as provided for.
Y kP
consider that the whole o f this last paragraph relates soleiv to tho
In addition to the Permanent School Fund, which is the
reasonable tS ^o W ba, it ls for the assurance o f those vitally Interested, the largest and most important fund carried by the State of
posslble
tkio-iiori S 2 T th ft*??
4
e x t e n s ^ ofh thwithy ‘l**?,1 04 l?6 Put under the obligation attending such Texus, there are a number of other funds. The condition
iih
1*
extend too
* 4 fl^st havblf? been advised that it is proposed to of these funds (exclusive of land and land leases) on Sept 1
1
f t o or d ^ f K ^ h o planXa
aDd Wl4h° Ut beblg aa° a whet^er 4bey a4- 1917 were as follows:
Cash.
Bonds.
After reviewing the above, the Judge continues:
_ ,
. .
,
Permanent University Fund.
n rh m irn ^ ith ii^ ^ 8 f4bo discussion any further, our Judgment is that the Cash and bonds...........................................................$4,31145 $625,600 00
Permanent Blind Asylum Fund.
e x c ^ s n f thoco whVoh8 autborjzing municipalities to incur obligations ta r , , .
J6,201 78
137.40000
sfrictlv /o n s tn fJ ^nu fnT ?u< ,'“;;rily Permitted to be incurred Ihouid be Cash and bonds. ...........
U
fon
and 4ba’ 4 e ‘ ufent o f tho statutes referred to in this opln£
, Per™anent Deaf & Dumb Asylum Fund.
ion was that the taxpayers should bo advised that cho proposed debt would Cash and b o n d s .....................
...$17,351 11
111,79000
°f
3 % limj4- ,ancl, that sucu advice i n t h o X m ofaquo^tion
.
, .
,
Permanent Lunatic Asylum Fund.
meTt^of
n ?1
fd ?arIy stated. Failure to pursue the require­ Cash and bonds..
............................................... $6,979 44
128,30000
ments o f the statute constraints a ruling against tho validity of the bonds
r.ooH
$
.......
Permanent State Orphan Asylum Fund.
Canada (Dominion of) . — Security I s s u e s to Be Perm itted Cash and b o n d s ..............................................
$6i920 33
39i55000
O n ly m t h A p p r o v a l o f M in is te r o f F in a n c e. — In our issue of n , .
.
Agricultural & Mechanics Fund.
$8,440 30
209,00000
Dec. 29 (pages 2494 and 2495), we published in full an Order- Cash and bonds . . . . . . .
,, .
. .
University Endowment Fund Medical Branch.
in-Council, passed on Dec. 22 under authority of the Cana- OMtoaad.lKmtta......................
$851 87
5,00000

dlau War Measures Act, making it unlawful to issue, or to
sell, offer or advertise for sale evidences of indebtedness
hereafter issued, such as bonds, debentures or other securi­
ties of ■any provincial, colonial or foreign Government
municipality, commission, local government, institution'
corporation or incorporated company, without the approval
or the Minister of Finance by his certificate in writing.
Los Angeles County (P. O. Los Angeles), Calif. — State
S u p rem e Court D eclares F ood Control B on d s V alid.— T h e State
Supreme Court on Dec. 31 declared valid the §4,450,000
flood control bonds authorized by the voters on Feb. 20
last.— v. 104, p. 2153.

Tho figures for the fiscal year to Sept. 1 1916 were pub­
lished in these columns on Nov. 25 1916, page 2005.
n
The National Prohibition Amendment to
the federal Constitution— Correction.— See reference in our

editorial columns this week.

National Suffrage Amendment Passed by House— Refer­
ence to this is made in our editorial columns this week.
rma y S 6 ,C ° u n t y (p v ,° - G r e e n v ille ), M o.-B on d s Upheld.

— The State Supreme Court on Dec. 22, it is stated, uphold
the validity of the road bonds authorized some time aero,
a -6 Auditor George E. Ilackmann to register
Maisonneuve, Q n e . — City to I s s u e N e w B on ds in Exchange §200,000 of the issue which had been presented to him for
f o r M a tu r in g N o t e s .— “ The Financial Times” of Montreal registration.
published the following in its issue of Jan. 5 relative to the
plan proposed by the City of Maisonneuve to issue new
BOND CALLS AND REDEMPTIONS.
bonds m exchange for maturing notes:
B ir m in g h a m , A la . — Bond Call.— The following bonds
debentures o f tho City o f Maisonneuve issued Jan. 1 1915
for a term o f three years, became due the first o f the p re s e t month After were called for redemption during the month of December:
situati?n, tho city decided it woula not be wise, under
lty. ? llb^ Improvement bonds, No. 12, of Series 651:
a nfiw^ksnn C ZiUF)ud condition o f the financial market, to attempt to sell ?T
™
horni<i nfU
9°<va? d bas. rosolved to offer tho present holders of tae securities a No. 12, of Series 706; No. 2, of Series 707; No. 2, of Series
boSd rnLuf^ng ji n i ni920 cu4s4andlng debentures for a new two-year cm : 5 0S* i 2
i 5 1 1 1•of Senes 447; Nos. 1 and 2, of Sories
4(5
J b^ b®"uwIf,Zn
™
!)f , j lleresl i? ,riDution, making tho new
issuo vield -i ntitn „ 4bf?Am
. it an,interest contribution,, making tho new 801; Nos. 7 and 8, of Series 831, at the Dec. 11917 int. period

7%. 40 tho Spiders, as the bonds will pay 6% interest
in semi annual installments, payablo Jan. 1 and July 1 o f each year
Tho
^
b^,n ° b ?,et! t0. ask thf Legislature for authority to pay the bonus
K
S L iT °{J*“ d a ,bi fl Z? that effect has been introduced and will without
doubt be passed by the Legislature within a few days. In the meantimo
thThonda dTTTast c? 4 40 fc exchange is being sought.
b0i
il?
meantime,
antiinrUv h a f
6 a^ wi ll? sburso tho bonus payments as soon as legal
e o n e f ^ t br „ r n 4 hJ sh?d T Cm’ together with the interest. A . P. Fri!!
tb,
tho citv” tor the purpose of effectingnils bccn -appointed financial agent of
? Lr g
f?n tne proposed exchange.
tne ojty fkrCtho
nIel n-ltItvt 0 tr 4b?„c!ty Prevents adepreclation in tlie securiti s of tbe mu­
nicipality. Had the bonds been offered for sale under present unfavorable




H a v a n a , C u b a . — Bond Call.— Lawrence Turnure & Co
will pay at their office, 64 WaU St., New York City, the
following bonds:

3914i to ^

m

s S f m

i

’t o 39620740101'

205

THE CHRONICLE

Jan . 12 1918.]

4 4 2 0 0 - 4 5 7 9 1 t o 4 5 8 0 0 ; 4 6 2 1 1 to 4 6 2 2 0 ; 4 6 3 8 1 t o 4 6 3 9 0 ; 4 7 4 1 1 t o 4 7 4 2 0 *
4 7 9 7 l ' t o 4 7 9 8 0 ; 5 7 01 1 to 5 7 0 2 0 ; 5 7 3 5 1 to 5 7 3 6 0 ; 6 1 2 4 1 to 6 1 2 5 0 6 5 7 7 6 to
6 5 7 8 0 ; 6 7 2 5 6 to 6 7 2 6 0 ; 6 7 6 1 1 t o 6 7 6 1 5 ; 6 8 5 3 1 to 6 8 5 3 5 .
_

B R A Z O R I A C O U N T Y (P . O . A n g e l t o n ) , T e x .— B O N D S N O T SO LD .
— N o sale w as m a d e o f th e $ 1 0 0 ,0 0 0 5 H % E o a d D is t . N o . 2 3 ro a d -c o n ­
stru ction b on d s offered on N o v . 12— V . 1 0 5 , p . 1 9 1 3 .
D u e $ 5 ,0 0 0 y e a rly
O c t . 10 fr o m 1 9 1 8 to 1 9 3 7 . in clu sive.

Coupons must bo numerically arranged and loft for exami­
nation one clear day prior to payment boing made.

B R ID G E P O R T
IR R IG A T IO N
D IS T R IC T
(P .
O .
B r id g e p o r t),
M o r r i l l C o u n t y , N e b . — B O N D S V O T E D .— A p roposition t o issue $ 7 5 BOO

BOND PROPOSALS

AND

NEGOTIATIONS

this week have been as follows:

B R ID G E T O W N

A D E L , D a l la s C o u n t y , I o w a .— E L E C T I O N N O T T O R E H E L D •
W c are a d vised b y th e C i t y C lerk th a t n o election w ill bo hold to v o t e on
th e q uestion o f issuing th e o p era-h ou se b o n d s m e n tion e d in v . W o , p . o
A I T K I N C O U N T Y ( P . O . A i t k i n ) , M i n n .— B O N D ' S A L E . — A n _Issu e
o f 8 6 5 .0 0 0 6 % S ta te R u r a l H ig h w a y N o . 7 0 bondsi d a te d Sept.. 1 U 1 7 ' and.
d u e serially h as b een aw ard ed to Sch ank e & C o . o f M a s o n C it y .
$ 1 ,0 0 0 .
In te r e st M . & S .
A L C O R N C O U N T Y ( P . O . C o r i n t h ) , M U s .— n n ^ n n c o u r t - h S u s e
J ohn N u v c e n & C o . o f C h ic a g o wore aw arded 8 1 0 0 0 0 0 5Hi % c o u rt h ouse

«

. f & !>
or 10ia

aw irdV S a s Dm ° d e ’ o
N o v . 2 0 .— V . 1 0 5 . p . 1 9 1 2 .
A M H E R S T V IL L A G E . S C H O O L ^ m S T R I C T

„
^
,
.
,
(P . ^ A m h e r s ^

5 % sch ool assess, b o n d s.
D en om s.
^ f orin!i!,.p c t_ t
_
Jan
1 1918.
P rin cip al an d sem i-an n u al)

& j — m v a b lo at
J . fr p a y ^
^

1 9 2 7 ^ c i ra a n d r 5 0 J a n ° l '1 9 2 8 ! C ertified chock for- 2 % o f th e a m o u n t
^
i P b o n d s b id for3 p a y a b le t o th e a b o v e C lerk o f B o a r d o f E d u c a tio n , re­
q u ir e d .
B id s m u st bo u n c o n d itio n a l.
a p i

T R IC T

6 % cou p on irrigation b o n d s carried a t an election h eld D e c . 2 8 b3 a v o te
or 2 0 t o 9 .
D enom . $250.
P r in . an d s e m i-a n n . in t .— J . & J .— p a y a b le
a t office o f C o u n ty T re a su rer.
T h e b o n d s are d u e as fo llo w s:
#
$ 3 ,7 5 0 in 11 years | $ 6 .0 0 0 ’' n 14 y e a rs $ 8 ,2 5 0 in 17 ye ars $ 1 1 ,2 5 0 in 19 y e a rs
4 5 0 0 in 12 ye ars
6 ,7 5 0 in 15 years
9 .7 5 0 In 18 years| 1 2 ,0 0 0 m 2 0 y ears
5 ,2 5 0 in 13 y e a rs! 7 ,5 0 0 in 16 y e a rs!

C O N S O L ID A T E D
IN D E P E N D E N T
SC H O O L
D IS ­
A M i n ^ t o ^ B u t l e r C o u n t y , I o w a .— B O N D O F F E R IN G .

i n c t o n

I m d s ^ U l * b o \ ^ e i v c g u n til 2 p . m t ^ d a y (J a n . 1211 b y H e n r y B u sses.
d
S ecrotary o f B oard o f E d u c a tio n , f o r : 8 1 0 ,0 0 0 o /„ 2 0 ^ e a r sch ool b ond s.
T h e so b on d s w ere v o te d a t th e eloction held J a n . 5 .
v . iu o , p . 2 1 / 2 .
A Iin ilR O N
A u d u b o n C o u n ty , Iow a.
ROAD
S A L E .- S ch ank e &
C o ^ ? M a ° o n ’ c ? t y h a v e p urchased $ W 0 0 6 % . f a d i n g b o n d s
D < m om s.
$ 3 0 0 and $ 5 0 0 .
D a te D e c. 1 19 17 .
I n t . M . Ac JN.
D u e M a y l lJ o 7 .
A iin iS T A
B u t le r C o u n t y , K a n s . — B O N D S A L K ,
T h e $ 1 5 ,0 0 0
hall erection
$ 1 0 ,0 0 0 w a te r -w o r k s-e x t. an d $ 1 0 ,0 0 0 c le c tr ic -llg h tw s t e m - e i ^ m s l o n ’ b o n d s v o te d S e p t. 6 1 9 1 6 - V . 1 0 3 , p . 2 4 4 5 - h a v e all
b een d isposed o f to local In vestors.
R A I T I M O R E , M d .— B O N D S A N D N O T E S S O L D D U R I N G 1 9 1 7 .—
T h e fo llo w in g 4 % b o n d s, aggregatin g f 1 ,4 9 4 ,0 0 0 . w ero p u rch ased b y the
v ariou s S ink ing F u n d s o f Hie c ity d urin g th e calen d ar y e a r en d in g D e c | io (i9 oni) A n n e x lo a n .
D u e serially fr o m 1 9 1 8 to 1 9 4 7 in clu siv e.
4 8 0 0 0 0 C o n d u it lo a n .
D u o serially fr o m 1 9 1 8 to 1 9 4 2 in clu sive.
6 8 5 0 0 0 P a v in g n o te s.
D u e fr o m 1 9 2 0 to 1 9 2 2 in clu siv e.
S E V E N T H I S S U E O F “ G E N E R A L F U N D ” B O N D S .— P u r su a n t to tho
Act o f ho 10 w hich em pow ers tho C om m issio n ers o f F in an c o t o issuo
s o 0 0 0 0 0 0 “ general f u n d " bon d s a t th e rato o f $ 3 0 0 ,0 0 0 y e a rly for 10
vrs
a b lock o f $ 3 0 0 ,0 0 0 o f these secu rities m a tu r in g M a r . 1 1 9 5 5 was
iRsued to tho S ink ing F u n d d urin g 1 9 1 7 an d th e su m o f $ 3 0 0 ,0 0 0 transferred
fr o m th a t fu n d to tho general treasu ry
T h e p u rp ose o f th e b o n d s is to
relievo tho sin kin g fu n d s, m a n y o f w h ich , it is s a id , are fa r ah ead o f the
a m o u n t required for red em p tion p u rp o ses.
T h is is th e se v e n th issuo o f
“ gonoral f u n d " b on d s b y th is c it y , $ 3 0 0 ,0 0 0 h a v in g b een p u t o u t in A p ril
1 0 1 1 an d $ 3 0 0 ,0 0 0 in M a r c h o f 1 9 1 2 , 1 9 1 3 , 1 9 1 4 an d 1 9 1 5 , $ 3 0 0 ,0 0 0 in
O c to b e r 1 9 1 6 an d $ 3 0 0 ,0 0 0 in 1 9 1 7 .
B A T A V I A , G e n e s e e C o u n t y , N . Y . — B O N D S A L E . — O n D e c . 1 tho
8 5 0 0 0 0 4V4 % 1 -1 0 -y e a r serial p ark bon d s— V . 1 0 5 , p . 1 3 3 0 — w ore aw arded
t o J am es B risba ne o f B a ta v ia .
D e n o m . $ 1 ,0 0 0 .
D a t e D e c . 1 19 1 7 .
In te rest J . & D .
B A Y P O I N T S C H O O L D I S T R I C T , C o n t r a C o s t a C o u n t y , C a l i f .—
B O N D S V O T E D .— B y a v o te o f 7 to 1 tho q uestion o f issuing $ 1 5 ,0 0 0
sc h o o l-b u ild in g b on d s carried, it is sta te d , a t a recen t election .
BEDFORD
SCH O OL
D IS T R IC T
(P . O .
B e d fo r d ),
L aw rence
C o u n t y , I n d . — B O N D S A L E .— A n issue o f $ 4 ,7 8 0 4 M % 5 H -y e a r average
school b o n d s w as aw arded d urin g D e c e m b e r , it is sta te d , to M c K e e A n d e r­
son a t p a r .
D enom . $239.
B E F .V I L L E , B e e C o u n t y , T e x .— W A R R A N T S A L E . — A n issue o f
« 1 5 5 0 0 6 % 1- 3 5 -y e a r serial c lectric-llgh t e q u ip , an d con stru ction w arrants
r ecen tly purchased b y J . L . A r litt o f A u s tin .

w m

B E R E S F O R D , U n i o n C o u n t y , S o . D a k .— B O N D E L E C T I O N . — A
nrrm nsition to issuo $ 2 5 ,0 0 0 5 % w ater b o n d s will bo su b m itte d to tho
v o te r s on J a n . 15 .
D u o $ 5 ,0 0 0 in 5 y ears an d $ 1 ,0 0 0 y e a rly thereafter.
B E T H A N Y T O W N S H I P (P . O . B e t h a n y ) , H a r r i s o n C o u n t y , M o .—
B O N D E L E C T I O N . — A n election w ill bo h eld J a n . 15 to v o te on th o q ues­
tio n o f issuing tho $ 7 5 ,0 0 0 h a rd -su rface b o n d s— V . 1 0 5 , p . 2 5 6 1 .
B E T H E S D A , B e lm o n t C o u n t y , O h i o . — N O A C T I O N Y E T T A K E N .
_ O A V an c u rre n , V illage C le r k , ad visos u s th a t n o a c tion h as y e t been
_
tak e n look in g tow ard s tho ro-offorin g o f tho tw o issues o f 5 % a sse ssm en t
b o n d s aggregatin g $ 2 7 ,5 8 3 9 9 , offered w ith o u t su ccess on D e c . 11 ( V . 1 0 5 ,
p . 2 3 8 1 ).
B I G C R E E K D R A I N A G E D I S T R I C T N O . 15 (P . O . J o n e s b o r o ),
C r a ig h e a d C o u n t y , A r k . — B O N D S A L E . — O n D e c . 14 th e $ 2 5 0 ,0 0 0 5 H %
5 -2 5 -y e a r serial drainage b on d s— V . 1 0 5 , p . 2 2 8 9 — w ero aw arded to the
A m e rican T r u s t C o . o f J on esb oro.
D e n o m . $ 1 ,0 0 0 .
D a t o J a n . 2 19 1 8 .
In te rest F . & A .
I
Co
.
A ttu ra s w as aw aruou $ 1 0 ,v w w o x
v
j
^
$ 1 ,0 0 0 .
D a to J a n . 1 1 9 1 8 .
In terost a n n u a lly in J an u ary.
B IN G H A M L A K E S C H O O L D I S T R I C T (P . O . B in g h a m L a k e )
C o t t o n w o o d C o u n t y , M i n n .— B O N D S A L E . — T h o $ 3 8 ,0 0 0
buildin g
b o n d s recen tly v o te d — V . 1 0 5 , p . 1 8 19— h a v e been p urchased b y th e S ta te
‘. M in n e s o t a .
B I R D I S L A N D , R e n v i lle C o u n t y , M in n .— B O N D S A L E .— T h e $ 7 ,0 0 0
4 % fun d ing b on d s v o ted A u g . 13 last— V . 1 0 5 , p . 8 3 4 — w ill bo taken b y
th e S ta te o f M in n e s o ta .
I n t . a n n . in J u ly .
D u o serially u n til Ju ly 1 9 3 2 .

R U R A L

SC H O O L

D IS T R IC T ,

H a m ilt o n

C ou n ty ,

O h i o . — B O N D S A L E . — A n issue o f $ 5 ,0 0 0 5 % sch ool b o n d s w as aw ard ed
on M a r . 9 last to S eason good & M a y e r o f C in c in n a ti a t 1 0 3 .0 2 .
D enom .
$250.
D a te M a r . 9 1917.
In t. A . & O .
D u o $ 2 5 0 y r ly . on A p r . 1 fr o m
1 9 1 8 to 1 9 3 7 in cl.
B R I G H A M , B o x e l d e r C o u n t y , U t a h . — B O N D S A L E . — -T h e S ta te I n ­
d ustrial C o m m issio n o f U ta h h as p urchased as 5 H s th e $ 8 0 ,0 0 0 1 0 -2 0 -y e a r
(o p t ) cou p on w a ter-w ork s e x t. b o n d s a u th orize d a t an election h eld U c t . 1 8
la s t.
V . 105, p. 2021.
B R IL L IA N T

V IL L A G E

SC H O O L

D IS T R IC T

(P .

O .

B r illia n t ),

J e ffe r s o n
C ou n ty ,
O h io .— BO N D
O F F E R I N G .— S ealed b id s w ill b e
received u n til 7 p . m . J a n . 19 b y J . E . S ca m eh o rn , Clerkr, B d . o f E d ., for
$ 9 0 0 0 6 % c ou p on sch ool b o n d s.
A u t h . S ec s. 7 6 2 5 a n d 7 6 2 6 G e n . C o d e .
D enom . $500.
D a te Jan. 1 1918.
I n t . M . & S a t t h e P eop le s N a t .
Bank
S te u b e n v ille .
D u e $ 5 0 0 ea ch six m o n th s fr o m M a r . 1 1 9 1 9 t o
S ep t ’ l 1 9 17 in cl.
A g o o d and su fficien t b o n d or certifie d c h e ck for $ 1 0 0
p a y a b le to th e a b o v e C ler k B d . o f E d u c a tio n r eq u ired .
P u rch ase r t o
p a y accru ed in t.
B R O C K T O N ,
P ly m o u t h
C ou n ty ,
M ass.
BONDS A N D
NOTES
I S S U E D I N 1 9 1 7 .— In ad d itio n t o th e b o n d s a lre a d y rep orted in th ese
c o lu m n s as h a v in g b een sold b y th is c ity d urin g 1 9 1 7 , w e learn t h a t t h e
follow in g fiv e issues o f b o n d s, a g g re gatin g $ 1 6 8 ,0 0 0 , w ere also B o a te d ,
m a k in g a to ta l o f $ 3 4 1 ,5 0 0 sold d urin g th o c alen d ar y e a r en d in g D e c . 31
1917.
T h e follow in g b o n d s w ere a ll sold t o C u r tis & S anger o f B o s to n a t

$25B 00’
1 5 .0 0 0
4 5 .0 0 0
3 3 .0 0 0
5 0 ,OOd

4 % sew erage b o n d s.
D u e $ 1 ,0 0 0 y r ly . fr o m 1 9 1 8 t o 1 9 4 2 in cl.
4 H % d rain age b o n d s.
D u o p a rt y r ly . fr o m 1 9 1 8 t o 1 9 27 in c l.
4
% stre et b o n d s .
D u e $ 9 ,0 0 0 y r ly .
J nc14 H % stre et b o n d s.
D u e part y r ly . f r o m 1 9 1 8 t o 1 9 2 7 1ncl.
41 $ % sch ool b o n d s.
D u e p a rt y r ly . fr o m 1 9 1 8 t o 1 9 3 7 in c l.
D a te

T h e te m p o r a r y borrow ing d u rin g 1 9 1 7 a m o u n te d to $ 1 ,6 0 0 ,0 0 0 o f w hich
$ 9 0 0 0 0 0 were rep orted in th e se co lu m n s a t th e tim e th e loan s w ere n e g o ti­
a ted .’ T h e rem ain d er, aggregatin g $ 7 0 0 ,0 0 0 , w as n eg o tia te d as fo llo w s.
A m o u n t.
W it h W h o m N e g o ti a t e d .
D is c o u n t.
$ 1 0 0 ,0 0 0 — B la k e B r o s . & C o ., B o s to n ............................
3
%
J u ly 1 8 , 1 9 1 7
4 0 0 .0 0 0 — E sta b r o o k & C o ., B o s to n ........................
3 .6 0 %
N o v . 7 1917
2 0 0 .0 0 0 — R . L . D a y & C o . , B o s to n ...........................
4 .8 0 7o
*eD . io
R R O O K L IN E .
N o r fo lk
C ou n ty ,
M a s s .— L O A N O F F E R I N G .
The
C it y T reasurer w ill receive b id s, it is sta te d , u ntil 12 m . J a n . IT f ° r a
o f $ 1 2 0 ,0 0 0 issued in an tic ip a tio n o f a b o n d issue an d m a tu r m g J u ly l o 1 9 1 8 .
B R O W N S T O W N , J a c k s o n C o u n t y , I n d . — B O N D S A L E . -O n J a n . 5
an issuo o f $ 2 ,2 5 9 4 2 5 % cou p on s t r e e t-im p t. b o n d s w as aw a rd ed t o t h e
F irst N a t . B a n k o f B row n stow n a t p ar an d in t.
D e n o m s . 10 for $ 2 0 0 an d
1 for $ 2 5 9 4 2 .
D a te Jan. 1 1918.
In t. J . & D .
BU CK

C R E E K

SC H O O L

T O W N S H IP ,

H an cock

C ou n ty ,

I n d .—

B O N D S A L E . — T h e $ 2 ,0 2 0 (u n sold p ortion o f an issue o f $ 9 ,7 0 0 ) 4 A / q
school b on d s w ere aw ard ed on D e c . 2 9 to W illia m A . H o u g h o f G reen field
a t p ar an d in t.
V . 106, p . 102.
B U F F A L O . N . Y . — B O N D S A L E S . — T h e follow in g 4 % b o n d s, aggre­
ga tin g $ 2 5 8 3 2 2 8 4 , wero purchased a t p ar b y th e C it y C om p tr o lle r for th e
ac co im t o f th e variou s sin g in g fu n d s d urin g th e m o n th o f D e ce m b e r :
$ 2 0 0 0 0 0 0 L a w D e p t , b o n d s.
D a te D e c. 1 19 17 .
D u e J u ly 1 1 9 1 8 .
“ 5|000 0 0 W a t e r D e p t , b o n d s.
D a te D e c. 1 1917.
D uo D e c. 1 1912.
2 ,5 0 0 0 0 W a t e r D e p t , b o n d s.
D a t e D e c . 15 i 9 1 7 .
Duej D e c ., 1 5 . 1 9 4 2 .
7 1 9 5 0 0 L aw D e p t , b o n d s.
D a te D ec. 1 1917.
D u o J u ly l l y i o .
182* 15 0 0 0 S ch ool b o n d s.
D a to D e c . 1 1 9 i7 .
D u e J u ly J 1 9 1 8 . $ _
8 0 i0 0 0 0 0 R e al esta te b o n d s.
D a t e D e c . 15 1 9 1 7 .
D u e J u ly 1 1 9 1 8 .
1 1 ,5 8 4 8 4 P u b lic w orks b o n d s.
D a t e D e c . 15 1 9 1 / .

r A AN AN T O W N S H IP

R U R A L

SC H O O L

D IS T R IC T

(P .

O .

L on ­

d o n ),
M a d is o n
C ou n ty ,
O h io .— BO N D
S A L E . — -T he $ 4 .5 0 0 ^
%
c ou p on sch ool b o n d s offered on Ju n e 15 l a s ^ r -V - 1 0 4 . p . 2 1 5 4
w ere
aw arded on O c t. 10 to S eason good & M a y e r o f C in c in n a ti a t 1 0 5 .
D enom .
$500.
D a t e O c t. 10 1 9 1 7 .
In t. M . & S.
D u e $ 5 0 0 y r ly . on M a r . 1
fr o m 1 9 3 7 to 1 9 4 5 in cl.
f A I H O U N C O U N T Y ( P . O . R o c k w e l l C i t y ) , I o w a . — B O N D S A L E .—
S ch ank e & C o . o f M a s o n C it y h a v e purchased $ 3 6 ,6 5 0 5 ' A % d rainage
b on d s
D e n o m s $ 3 3 0 a n d $ 1 ,0 0 0 .
r fa te J a n . 1 1 9 1 8 .
In t. M . & N .
D u o serially.
C A I D W E L L C O U N T Y ( P . O . L o c k h a r t ) , T e r . — B O N D S V O T E D .—
B y a v o te o f 164 to 3S th e q uestion o f issu ing $ 1 5 ,0 0 0 h ig h w a y -im p t . b o n d s
carried, it is sta te d , a t th e election h eld D e c . 1 5 .— V . lO o . p . 2 3 8 1 .
CAI W O O D

AN D

W IL L IA M S B U R G

S P E C IA L

R O A D

D IS T R IC T

(P O
F u l t o n ) , C a l l o w a y C o u n t y , M o . — B O N D O F F E R I N G .— P rop osals
w ill b e received u n til J a n . 15 a t th e office o f J . R . B a k e r , H o m o B a n k
B u ld in g , F u lt o n , for th e S 2 5 .0 0 0 6 % ro a d -c o n stru c tio n b o n d s g e n t l y
v o te d b y th is d istric t— V . 10 5, p . 2 o 6 1 .
In te rest se m i-a n n u a l.
Denom .
t o su it n u rch aser.
C ertified check fo r $ 5 0 0 req u ired .
Purchaser m u st
c o st a n d expense o f p rin tin g b o n d s.
B o n d e d d e b t, th is issu e o n ly w
A sse sse d v a lu e o f real esta te, $ 3 4 1 ,9 7 0 . an d o f p erson al p r o p e r ty , $ 1 6 2 ,5 6 6 .
A c tu a l v a lu e (real an d p erso n a l), e s t ., $ 2 ,2 0 0 ,0 0 0 .
C A M A S , C la r k e C o u n t y , W a s h .— BO N DS O FFERED B Y B A N K E R S .
_ T h 0 L u m b erm e n ’s T r u st C o . o f P o r tla n d , O r e ., a n d elsew here, are o ffe r _
i n " to in vestors $ 7 ,5 0 3 7 5 7 % L o c a l I m p t . DLst. N o . 0 6 b o n d s .
D enom .
« m n o r r e n t o n e b o n d fo r $ 1 0 3 7 5 .
D a te N o v . 3 1 9 1 7 .
P r in . a n d a n n .
h it. ( N o v . 3 ) p a y a b le a t office o f C it y T r e a s .
D u o N o v . 3 1 9 2 9 , s u b je c t
to call on a n y in t. d a to .
F i n a n c i a l S ta tem en t L o c a l I m p r o v e m e n t D is t r ic t N o . 5 6 .

A c t u a l v a lu e (estim ated ) |

o s U t o . {g. - - - - - - - - - - - » | § ;0 0 0 _

A ssessed v a lu a tio n , 1 9 1 6 , lan d o n ly .............................................. ............
t ’ koq v s
Im p r o v e m e n t b o n d s --------------------------------------------------- -------------------------' ,JU
F i n a n c i a l S ta te m en t, C ity o f C a m a s .
A c tu a l v a lu e , e stim a te d ...................... - .............................................................? 2 ’ 8 n 3 2 6 5 0 0
A ssessed va lu a tio n 1 9 1 6 ....................................................- .......................... ..
8 0 ^N o n e
B T n c o r p 1Ci 9 1 0 7 ' P o p u la tio n "(C en su s')' 1 9 1 0 " ' l .6 0 0 ; "p re's'en't'est., 2 ,5 0 0 .

C A N B Y C O N S O L ID A T E D S C H O O L D IS T R IC T ' N O . J O
(P . O .
C a n b v ) . Y e l l o w M e d ic in e C o u n t y , M i n n .— B O N D S A L K .
Lno S ta te
o f M in n e so ta h as p urchased tho $ 3 0 ,0 0 0 4 % b ld g , b on d s v o te d D e c . 1J
1916.
V . 104, p . 179.
.
C A P E M A Y C O U N T Y ( P . O . C a p e M a y ) , N . J*- B O N D S A L E .— O n
Tan 3 th e $ 5 6 0 0 0 5 % ta x -free r o a d -im p t. b on d s ( V . 1 0 5 , p . 2 4 7 2 ) w ere
aw arded to^ th e F irrt f c a t . B a n k o f O cean C it y a t 1 0 0 .6 2 5 .
T h e O cean
B O N F S T E E L , G r e g o r y C o u n t y , S o . D a k .— B O N D S N O T Y E T S O L D .
C it y T it le & T r u st C o . b id $ 5 6 , i 4 0 .
— T h o $ 1 5 ,0 0 0 w ater-w ork s an d $ 1 4 ,0 0 0 elcctric-lig h t 5 % 2 0 -y e a r coupon
/ - . a d i j u n c t i o n J a s p e r C o u n t y , M o .— ■ O N D S A L E . — A s a m a tte r
B
b o n d s offered on J u ly 2 3 la st— V . 1 0 5 . P- 4 1 1 — h avo n o t y o t b een so ld .
o f record w e are rep orting the sale t o th e C itiz e n s’ B a n k o f C a rl J un ction
D e n o m . $ 1 ,0 0 0 .
I n t . s e m i-a n n ., p a y a b le m B o n o steo l.
B o n d ed d e b t,
on D e c . 6 1 9 1 0 o f th e o f th e $ 5 ,0 0 0 5 % 5 -2 0 -y e a r o p t. sew er b o n d s m e n ­
ex clu d in g theso b o n d s, J u ly 16 1 9 1 7 , 8 1 5 ,5 0 0 .
N o flo a tin g d e b t.
Sinking
tion e d in V . 1 0 3 , p . 2 0 9 2 .
D enom . $500.
D a te N o v . 1 9 1 6 .
In t. ann.
fu n d , $ 1 ,0 0 0 .
A ssessed v a l ., $ 3 1 8 ,7 0 0 . . C . F . J ew ell, C it y A u d ito r .
In N o v e m b e r .
B O N N E R C O U N T Y IP . O . S a n d p o i n t ) , I d a h o . — B O N D S A L E . —
p a s s
C O U N T Y ( P . O . W a l k e r ) , M i n n . — B O N D S A L E . — O n O cc. 1
R . M . G r a n t & C o . o f C h icago were aw ard ed th e $ 1 0 0 ,0 0 0
“ In ­
last tho $ 1 0 5 ,0 0 0 d itc h -co n stru c tio n b on d s m e n tio n e d In V • 1 0 5 . J V ,,! 1
road and bridge b o n d s offered on D e c . 2 0 a t 1 0 0 .7 8 0 for 5 ^ s .
D enom ,
were aw arded to th e C a p ita l T r u s t & S a v . B a n k o f S t P au l for S 1 0 5 ,7 3 0
$ 1 ,0 0 0 .
D a te Jan. 1 1918.
In t. J . & J.
D u o $ 1 0 ,0 0 0 y e a rly fr o m 1928
n o n 6 9 5 ) for 6 s .
D e n o m . $ 1 ,0 0 0 .
D u e on e-fiftee n th y e a rly , begin n in g
to 1 9 3 7 . in clu sive, su b je c t t o call J a n . 1 1 9 2 8 .
5 years fro m d a te o f issue.
B o n d ed d e b t, ex clu d in g this issu e. S e p t. 4
1 9 17
$ 6 9 4 ,4 0 0 .
N o flo a tin g d e b t.
S ink ing fun d $ 5 3 ,7 0 1 1 9 .
A sse ss ,
B R A T E N A I I L , C u y a h o g a C o u n t y , O h i o — B O N D O T T E R I N G .—
O . A . N e f f , V il. C le r k , w ill receive bids u ntil 12 m . J a n . 2 9 for $ 2 0 ,0 0 0 6 % v a l. 1 9 1 6 . $ 6 ,1 0 8 ,5 1 1
2 0 -y o a r to w n -h a ll h n p t. b o n d s.
A u t h . S ec. 3 9 3 9 , G o n . C o d o .
D enon *C E N T E R S C H O O L T O W N S H I P (P . O . M u n c ie ), D e la w a r e C o u n t y ,
$ 1 ,0 0 0 .
D a to D e c . 24 1 9 1 7 .
I n t . se m i-a n n .
C e r t , check on s o m e so l­
i n ti _ B O N D O F F E R I N G .— B id s will be received u n til 3 p . m . J a n . 2 5 b y
_
v e n t ban k in C lev e la n d for 2 % o f tho a m o u n t o f b on d s b id for
W illia m D . C a r te r , T w p . T r u s te e , fo r $ 3 0 ,0 0 0 s c h o o l-im p t. an d $ 2 6 ,0 0 0
B o n d s to bo delivered an d p aid for w ith in 10 d a y s fr o m tim o o f aw ard .
fu n d in g 4 4 i % 15 -y e a r c ou p on b o n d s.
D enom . $500.
D a t o d a y o f sa le .
P urchaser to p a y accru ed in te re st.
A sim ilar issuo o f b o n d s w as offered
In t. J. & J .
P urchaser to p a y accru ed in t.
on D e c . 5 .— V . 1 0 5 , p . 2 0 2 1 .

B I R M I N G H A M V I L L A G E S C H O O L D I S T R I C T ( P . O . B ir m in g h a m )
O a k l a n d C o u n t y , M i c h .— B O N D O F F E R I N G .— B id s w ill bo received
unHi 8 n m
Tan. 15 b v C . H . C a r te r , S e c y . B o a r d o f E d u c a tio n , for
$ 3 0 ,0 0 0 5 % 1 0 -y e a r school b o n d s.
D e n o m . $ 1 ,0 0 0 .
D a te Jan. 20 1918.
In te rost se m i-a n n u a l.
C ertified check for $ 5 0 0 required




206

THE CHRONICLE

C H A R D O N , D a w e s C o u n t y , N e b .— B O N D S A L E . — T h e $ 2 5 ,0 0 0 c it y h all b o n d s v o ted in A p ril la st— V . 1 0 4 . p . 2 5 7 0 — h a v e b een sold t o th e
L in co ln T r u s t C o .
„ p S ™ ^ R ? 9 N ’ G e a u g a C o u n t y , O h i o . — B O N D S V O T E D .— B y a v o te
or 2 2 9 to o th e q u estion o f Issuing $ 2 5 ,0 0 0 ele c tr ic -lig h t-p la n t b o n d s carried,
it Is s t a te d , a t th e election h eld J a n . 2 . — V . 1 0 5 , p . 2 1 1 1 .
+ 9 G U N T Y , (P* O * B o y n e C i t y ) , M i c h .— B O N D S
V O T E D .— I h o q u estion o f issu ing $ 3 5 0 ,0 0 0 5 % road b on d s carried a t an
election h eld D e c . 1 1 .
D u e F eb. 1 1933.
D a t e o f sale n o t y e t determ in ed
C H A R T E R O A K , C r a w f o r d C o u n t y , I o w a .— B O N D S A L E — A n
issue o f $ 1 9 ,0 0 0 0 % fu n d in g b on d s h as been aw ard ed to Sch anko & C o . o f
M a s o n C it y .
D enom . $500.
D a te D ec. 1 1917.
In t. M . & N .
Due
serially.
H a m ilt o n C o u n t y , T e n n .— B O N D S A L E .— T h e
I fw i™
P £?t0 p l.fe I n s ' G o \ o f C h a tta n o o g a w as aw ard ed on D e c . 21
r w i o? P Z °<-Pa v ln g assess, b o n d s.
D enom . $910 68.
I n t . an nu al on
D e c . 1 a t C h a tta n o o g a S a v . B a n k .
D u o in 1 , 2 , 3 & 4 ye a rs.

COUNTY

***

“vor- r“ a

C L E A R L A K E S C H O O L D I S T R I C T N O . 1 (P . O . C le a r L a k e )
?vn m i B
B
E ‘" T T 110 S i 0 ,0 0 0 4 % b ld g , b on d s v o te d A p ril 2 4 last
( V . 1 0 4 , p . 2 0 3 4 ) h a v e been purchased b y th e S ta to of M in n e s o ta .
C L E V E L A N D , O h i o .— B O N D O F F E R I N G .— Sealed b id s w ill bo rem w in 'i ’dnt
12 m - J a n . 31 b y C . J . N e a l, D ir e cto r o f F in a n c e, for th e fo lor rp S \ stercd (p u rch aser’s op tion ) b on d s:
* 2 0 0 ^ 0 4 « % B . r k i b » S . 9 D . . e O 0 « .iilc i I W 7 .
D u . 8 4 .0 0 0
o.
3 5 0 .0 0 0
snn n n n
5 0 0 .0 0 0
- nfl . . .
5 0 0 .0 0 0

5 % electric ligh t b o n d s.
D a to N o v . 1 1 9 1 7 .
D u e $10 000
yearly on N o v . 1 fro m 1 9 2 2 to 1 9 5 0 in cl.
’
o % w ater w ork s b o n d s.
D a to D o c. 1 1 9 1 7 .
D u o $ 1 0 ,0 0 0 ye arly
r „ on D e c . 1 fr o m 1 9 1 8 to 1 9 6 7 in cl.
o % c ity s p ortion s t r e e t-im p t. b o n d s.
D a to D e c. 1 1917.
Duo
o , fJ R ’0 0 ? y e a rly on D e c . 1 fro m 1 9 1 8 to 1 9 0 7 in cl.
D e n o m . o 1 ,0 0 0 .
In t. s e m i-a n n . a t th e A m e rica n E x c h a n g o N a t . B a n k ,
N ow York.
C e r t, or cashier’s check on so m e s o lv e n t b a n k o th e r th an th e
o n e m a k in g th e b id , for 3 % o f tho a m o u n t o f b on d s bid fo r, p ay a b lo to tlio
C it y T r e a s ., req u ired .
B id s to b e m a d e on b lan k fo r m s furn ished b y th e
a b o v o D ir e c to r o f F in a n c e.
P urchaser to p a v accruod in t
C L E V E L A N D C IT Y S C H O O L D IS T R IC T , C u y a h o g a C o u n ty ,
G h i o . — B O N D O F F E R I N G .— F u rth er d etails are a t h an d rela tiv e to tho
° n u <aU’
th ? $ 1 ,5 0 0 ,0 0 0 5 % c ou p on b u ild in g b o n d s ( V . 1 0 5 ,
p . 2 5 0 1 ).
I roposais fo r th ese b on d s w in bo received u n til 3 p . m . on th a t
^ y by S arah E . H y r e , C lerk B o a r d o f E d u c a tio n .
A u t h ., S ec s. 7 6 2 5 to
7 6 2 8 , in clu siv e, G e n . C o d e .
D e n o m . $ 1 ,0 0 0 .
D a t o , d a y o f sa le .
P r in a jid so m i-a n n u a l in terest p a y a b le a t th e A m e rica n E x c iia n g e N a t . B a n k ,
2 V ue * 7 5 ,0 0 0 y e a rly on J a n . 14 fr o m 1 9 19 to 1 9 3 8 , in clu siv e.
C e r ti­
fie d check on a s o lv e n t b a n k or tru st c o m p a n y fo r 5 % o f tho a m o u n t o f
f? r ’ p a y a b Ie to th e T re asu rer o f tho B o a r d o f E d u c a tio n , req u ired .
P u rch aser to p a y accru ed in te re st.
„
,
„ S ta tistic s J a n . 14 1 9 1 8 .
P o p u la tio n C lev e la n d S ch ool D is tr ic t (e s t im a t e d )_________

870 000

.........................
B o n d s o f th is issuo p urchased b y tho B o a r d o f C om m issio n ers o f
’
’
th e S in k in g F u n d ________________ ______________________
None
B o n d s o f th is issue p urchased b y tho In d u stria l C o m m , o f O h i o l I
None
B u ild in g b on d s (serial) herein a d v e r tise d ___________________
1 500 000
PaT T
\ VaKU0
? oard, o f E d u c a tio n S in k in g F u n d S e p t. 1 19 17 1” 'lZ5 6 3 ,3 4 9 3 5
.
m i l t b n!ld s ,h a v e been issued sin ce A u g . 6 1 9 1 7 .
T o t a l ta x le v y , 5 .6 3 8 5
m ilLj , , J a x , eJ,y f ? 1 b o n d s, in te re st an d sin kin g fu n d , .6 5 0 0 m ills.
s
'
T
^ » n? l K
dI.lS 5 t ai?tlua, le v y p led ged t o th e p a y m e n t o f in te re st an d
p rin cipa l o f bu ildin g b o n d s (serial) sold J a n . 14 1 9 1 8 .
C E G V I S , C u r r y C o u n t y , N . M e x .— B O N D O F F E R I N G .— C it y C lerk
in
w ill receive sealed bids u ntil J a n . 14 for $ 7 5 ,0 0 0 5 %
10 3 0 -y e a r (o p t.) school b o n d s.
In te rost s e m i-a n n u a l.
C O C H I S E C O U N T Y (P . O . T o m b s t o n e ) , A r i z .— B O N D O F F E R I N G
— B id s w ill bo received, it is sta te d , until 2 p . m . F e b . 1 b y A . C ICarger
G lerk B o a r d 0 f S up ervisors, for $ 1 ,0 0 0 ,0 0 0 1 -2 0 -y e a r serial h ig h w a y bond s
5 A 7 ° (.1,. terf’1 t - • .interest se m i-a n n u a l.
l
s
C ertified check
tor 5 /o o f th e am o u n t o f bon d s b id for requ ired .
D „ 9 0 ‘9 iU« ? B V t ’ P I a t t ,e b o u n t y , N e b .— B O N D S A U T H O R I Z E D . — O n
S
i
f
‘ ?/ d C lt y C o u n cil p assed an ord inan ce a u th o rizin g tho
?
Issuance o f S iO ’OOO 5 % cou p on s tre e t-p a v in g in tersection b o n d s. D e n o m .
G a t e D e c . 31 1 9 1 7 .
P r in . aiid s e m i-a n n . in t. (J . & D . ) p a y a b lo
caU D e c t 3tie i9 2 2 aSUrerS ° fflCe in L in c o ln ’

D u e D c c ’ 3 1 1 9 3 7 , su b je c t to

C H R I S T I , N u e c e s C o u n t y , T e x .— B O N D O F F E R I N G .—
B id s w ill bo received a t on ce for th o $ 0 0 0 ,0 0 0 5 % 1 5 -y e a r se a -w a ll-co n stru c ­
tion b on d s au th orized a t tho election h eld J a n . 2 . — V . 1 0 5 u 2 5 6 2
In t
se m i-a n n u a l.
1
^ C 9 R , A L I r I S , B e n t o n C o u n t y , O r e .— B I D S R E J E C T E D .— AW b id s
V
received on D e c . 17 for $ 3 ,0 3 6 7 5 5 % refu nd ing bon d s offere d on t h a t
d a y , w ere rejected.
C R A N E , S t o n e C o u n t y , M o .— B O N D S D E F E A T E D . _ A n ron ositlon
_
to issue $ 7 ,5 0 0 c ity -h a ll b o n d s rec en tly su b m itte d t o tho vo ters w as d efea te d
CRAW FORD
C O U N T Y ( P . O . D e n i s o n ) , I o w a .— B O N D O F F E R I N G .
— L ou ie E v e r s, C o u n ty T re a su rer, w ill receive p r o y o sa ls u n til 2 p . in .
J a n . 16 for $ 2 6 0 ,0 0 0 fu n d in g b o n d s a t n o t exceeding 5 % in t.
D enom .
$ 1 ,0 0 0 .
D a te F e b. 1 1 9 18 .
In t. A . & O .
D u o in 2 0 y e a rs, o p tion al a n y
tim e after 12 y e a rs.
P urchaser to furn ish all b lan k s for p rin tin g o f bon d s
an d to p a y all legal c o sts in rolation th e re to .
C ertified ch eck for $ 4 ,0 0 0 .
p a y a b le to tho a b o v e T re asu rer, req u ired .
T h e o f f i c i a l n o tic e o f th is b o n d o f fe r i n g w ill be f o u n d a m o n g th e a d v e r tis e ­
m e n ts els e w h e r e in th is D e p a r tm e n t .
C R O W W I N G C O U N T Y S C H O O L D I S T R I C T N O . 4 5 (P . O . R i v e r t t O N I ) S A L E .-— -T he $ 1 1 5 ,0 0 0 high an d grad e-sch ool b u ild ­
in g and eq u ipm en t b o n d s v oted a t tho election h eld Jun e 16 la st ( V . 105
p . 93 ) w ere purchased b y tho S ta te o f M in n e so ta .
-B

o !v o

7VO C
m

) ° L fkiI f 7 R I ‘ iT f i P ‘ ° ; C u r r y )> Q u a y C o u n t y , N . M e x .
9

iz e d ^ h e ^ is s u a im e ^ fT ig h -s c h o o b b u B d ln g ^ o n d s ? 001^
111118 t 0 rep ° rtS* aU th ° l"
C U Y A H O G A F A L L S , S u m m it C o u n t y , O h i o . — B O N D S N O T S O L D .
b on d s offered on J a m T - V M 0*5,° p . 2 4 °73 °0

5%

S° Wer a n d S0Wage- ' vork

D E L P H O S , A l l e n C o u n t y , O h i o . — B O N D O F F E R I N G .— B id s w ill bo
received u n til J a n . 2 2 b y W . H . S h a ffe r, C it y A u d ito r , fo r $ 3 ,0 0 0 5 %
c ou p on sow er im p r o v e m e n t b o n d s.
D enom .
$ 1 ,0 0 0 .
B onded debt
(exclu din g th is issue) J a n . 1 1 9 1 8 , $ 1 3 3 ,9 4 5 .
S in k in g fu n d , $ 9 6 5 5 .
A ssesse d v a lu a tio n 1 9 1 7 , $ 5 ,4 0 0 ,0 0 0 .
T a x r a te p er $ 1 ,0 0 0 , $ 1 3 5 0 .
1
r lO -y ^

C o u n t y > N - Y . — B O N D S A L E . — O n J a n . 7 tho $ 2 9 ,6 0 0
sarlaJ coup on or registered (p urchaser’s op tion ) im p t . b o n d s—

a t p ar°for 5 s ° 6 2 - W e r ° aw ard ed to G e o ’ B - G ib b o n s Sc C o . o f N e w Y o r k
B f.c k e f‘ C o u n t y , M i n n .— B O N D S V O T E D .— 'T h e Issuanco
b y a1 v o to °o f 3 0 to 2 5 b on d s w as a u th orizcd a t an election h eld on D e c . 18

D u e serially fr o m

1 9 1 9 to

1 0 1 7 1 5 4 7 ndiC d 277Cbfc

issu° ) • $ 1 4 7 ,5 0 0 .

A ssessed

(inc1’

tflis

° . A b ile n e ), K a n . — B O N D S O F F E R E D
J ho P id ollty T r u st C o . o f JCanasas C it v T
VTo is nffprimy

$1 000eSt°D ate1 4 ran0 0 M | f RtaXpfr, o f e fy ndI° » b o n d s.
e
l^eiiomsZ $ 5 0 0 an d
$1,UUU.
D a te Jan. 1 1918.
P rincipal an d s e m i-a n n . i n t .— J . & j . _
_




in cl.

v a lu a tio n

D I X O N C O U N T Y S C H O O L D I S T R I C T N O . 7 0 (P . O . A l l e n ) . N e b .
^
S O L D .— T h o $ 5 0 ,0 0 0 5 % site-pujrchase b u ild in g an d
eq u ip m en t b o n d s, bids fo r w nicn were rejected on O c t. 3 ( V . 1 0 5 p . 1 5 47 )
P ' P ' G a u ° b ran is D ir e c to r o f B oard o f E d u c a -

^ r P 0 V G L A S C O U N T Y ( P . O . O m a h a ) , N e b .— B O N D S T A K E N C A R E
O b .— In an sw er to ou r in q u ir y as to w hoth er or n o t tho $ 1 0 0 ,0 0 0 4 1 4 %
2 ?,:yoar cou p on T r a n s-M d ssissip p i E x p o sitio n refu n d in g b on d s w hich w ere
!^!S!Ze<lv.b u t no,® s ol(L o n ^ o v : ^
.
1 0 5 , P- 1 9 1 3 ) , w ou ld bo again p laced
u pon tho m a r k e t, th e C o u n ty A u d ito r replies sta tin g th a t “ th is m a tte r
h as been ta k e n caro o f.
n G B A K E , M c H e n r y C o u n t y , N o . D a k .— B O N D S N O T S O L D — N E W
1110 8 7 ,7 0 0 sow er an d $ 1 0 ,0 0 0 w ater b o n d s w hich w ere
offered for sa le on J uno IS last— V . 1 0 4 , p . 2 4 7 3 — h a v o n o t b een so ld .
In s te a d , tho c ity is o fferin g $ 3 0 ,0 0 0 refu n d in g b o n d s, w hich w ill tak o caro
o f in debted n ess caused b y th o in sta lla tio n o f sow er an d w ater s y s te m s .
I ho salo w ill bo p r iv a te or op en an d th o b o n d s w ill bo d a te d J a n . 1 1 9 1 8
an d bear in terost a t tlio r a te o f 6 % , p a y a b lo se m i-a n n u a lly a t a place
o p tio n a l w ith th o p u rch aser.
T h e r e w ill bo n o p rio rity o f p a y m e n t , ail
b o n d s m a tu rin g on J a n . 1 1 9 3 8 .
E A S T C H E S T E R , W e s tc h e s te r C o u n t y , N . Y . — B O N D S A L E .— A n
issue o f $ 2 5 ,0 0 0 5 % sew er bon d s w as r ec en tly aw ard ed to O c o . B . G ib b o n s
? G o - o f N . Y a t 1 0 0 .0 5 an d i n t .
D e n o m . $ 1 ,0 0 0 .
D a to J a n . 1 1 9 1 8 .
In t. J. & J.
D u e 3 1 ,0 0 0 y e a rly on J a n . 1 fro m 1 9 1 9 to 1 9 4 3 in cl.
E A T O N R A P I D S , E a t o n C o u n t y , M i c h .— B O N D S D E F E A T E D . —
b e q u estion o f issu ing $ 3 0 ,0 0 0 w ater b ond s failed to ca rry a t an election
P u i r?oc ’ 3 ,’
U sin g n ew sp aper rep orts wo p u b lish ed in V . 1 0 5 , p . 2 3 8 2 .
th a t these bon d s h ad been v o t e d .
E D G E W A T E H , B e r g e n C o u n t y , N . .1 . — N O T E S A L E . — T h o $ 2 6 0 ,0 0 0
tn ree -m o n th s ta x reven u e n otes offered w ith o u t success on D e c . 2 9 ( V . 10 6
p . 103) h a v e been sold to local in vestors.
E L K H O R N S C H O O L D I S T R I C T (P . O . E lk H o r n ), S h e lb y C o u n t y ,
Iow a.
B O N D S A L E . — I ho $ 4 4 ,0 0 0 5 % site-p u rc h a se an d b u ild in g bon d s
au th orized b y th e v o ters oni J u ly 2 7 last ( V . 1 0 5 , p . 7 2 3 ) , w ere aw ard ed
2?
3 0 ™ ? f t„ a t m o n th t o t ho F a r m e r s’ B a n k o f E lk H o r n .
h
D enom .
$ 1 ,0 0 0 .
D a to A u g . 1 1 9 1 7 .
In t. F . & A .
E G Y R IA , L o r a in
C ou n ty ,
O h i o . — D E S C R I P T I O N O F B O N D S .—
t h o $ 5 ,0 0 0 5 % p ark b o n d s p urchased on D o c . 7 b y th o S in k in g F u n d
Trustees a t p ar an d in terest aro in d en o m in a tio n o f $ 1 , 0 0 0 an d d a te d
D e c. 1 1917.
In t. J . & D .
D u o $ 1 ,0 0 0 y e a rly fr o m 1 9 2 0 to 1 9 2 4 , in cl.
E R I E , E r i e C o u n t y , P a . — B O N D S A L E . — O n J a n . 3 th e $ 5 3 0 ,0 0 0 4 %
A i n Ild;V n c , aw al'd od t o R u d o lp h K lo y b o lto & C o . o f C in c in n a ti for
™
$ 5 3 0 ,0 1 0 — lOO-OOi— an d in t .
D e n o m . $ 1 ,0 0 0 .
D a to M a y 1 1 9 1 7 .
In t.
A I. & N .
p u o seria lly fr o m 1 9 2 8 to 1 9 4 6 , in c l.
T h is issuo w as th e u nsold
p ortion o f tho $ 8 0 0 ,0 0 0 I m p t . b on d s offered on A p ril 2 4 . — V . 1 0 4 , p . 2 5 7 1 .
FALL
R I V E R , B r is t o l C o u n t y , M a s s .— T E M P O R A R Y
LO AN _ A
_
tem p o ra ry loan o f $ 2 0 0 ,0 0 0 , d ate d J a n . 9 an d m atu rin g N o v . 7 1 9 18 ' h as

$ I “ itai s a
stated t 0 U l° N a t lo n a l C lt y C o ’ o f N e w Y o r k a t 5 %

d isco u n t p lus

E L E C T I O N ._
_
ic' n m Vrn nnr! 1 bo h e l d J a n . 1 5 , it is s t a te d , to v o t e o n tho q u e stio n o f
Issuing $ 6 0 ,0 0 0 ele c tr ic -lig h t-p la n t b o n d s.
FA LLS

C IT Y ,

R ic h a r d s o n

C ou n ty ,

N e b .— B O N D

F I L E R , T w in F a l l s C o u n t y , I d a h o . — B O N D S A L E .— T w e n ty th o u ­
san d 6 -y e a r gold w ater b o n d s were recen tly p urchased b y th e A m e ric a n
B ank & T ru st C o . o f D en ver.
D e n o m . $ 1 ,0 0 0 .
D a te N o v . 1 19 1 7 .

v a lu a tio n o f t o w n ! M flS o O O .
J
F LA T B A Y O U

d 0 b t f° XC' ' W a te r )’ 3 5 ’0 0 0 -

D R A IN A G E D IS T R IC T

A s s c " scd

(P . O . P in e B l u f f ) , J e f f e r s o n

C o u n t y ,, A r k . — B O N D S A L E . — R e p o rts sta to th a t an issuo o f $ 9 0 ,0 0 0
•>44% 1 -1 5 -y e a r serial d rain age b on d s w as p urchased b y the F irst N a t .
B a n k o f A r k a n sa s.
to^ 9 , 9 G w O O D ,
S t.
L o u is
C ou n ty ,
M in n .— BO N D S
NOT
YET
I S S U E D . — l h e $ 2 ,0 0 0 v illa g e-h a ll b o n d s v o ted M a r c h 14 1 9 1 7 ( V . 10 4
p . 2 6 6 o , h a v e n o t y e t been issu ed .
E . B . R o b in so n is V illa g e R e c o rd e r. ’

F O R T W O R T H , T a r r a n t C o u n t y , T e x . — B O N D O F F E R I N G . — B id s
will b e received u n til 8 p . m . .Tan. 18 b y .T. C . G r iffith , P residen t o f Sch ool
B o a r d , for $ 4 0 0 ,0 0 0 5 % 4 0 -y e a r school b o n d s.
D e n o m . 8 1 ,0 0 0 .
In t
s e m i-a n n . a t tlio H a n o v e r N a t . B a n k , N . Y .
C e r t, check for $ 2 ,5 0 0 re­
q u ired.
F R A M IN G H A M ,
M id d le s e x
C o u n ty ,
M a s s . — N O T E O F F E R I N G . ___
R ep orts sta te th a t th e T o w n T reasurer w ill reccivo bond s u ntil 1 2 m .
J an. 31 for $ 2 i ,8 0 0 4 H % tow n n o te s.
D a te F e b. 1 1918.
D u e $2 000
in -& fro m 1 9 1 9 t 0 1 9 2 6 lncl 8 1 .0 0 0 y r ly . fr o m [1927 to 1937 in cl. an d $ 8 0 0
19oo.
F R E M O N T , D o d g e C o u n t y , N e b .— B O N D S
NOT
YET
S O L D . ___
The $ 2 5 0 ,0 0 0 4 % 5 -2 0 -y o a r (o p t.) refu n d in g b on d s offered w ith ou t success
on I«eb. 2 1 last ( V . 1 0 4 , p . 3 0 7 ) h avo n ot y e t boon so ld .
P rincipal an d sem i­
an nu al in terest p a y a b le a t th e S ta to T r e a su rer’s offlc o .
B o n d e d d e b t,

c ! ‘i f D*e L a V a t y r is$ C1
r
ity00OlerkA8SeSSed

v a lu a tlo n

1916’

S‘E ™ A 7 o .

O F F E R I N G .— F . C .
K le g in , C ity A u d ito r , w ill receive bids u ntil 2 p . m . J a n . 2 8 for SI 8 0 0 544 %
<
ioil ’
7
T^+t y ;s p ortion st r e e t -im p t . b o n d s.
D enom . $100.
D a to O c t . !
U U 7.
In t. A . & O .
D u e $ 1 0 0 ye a rly on A pril 1 fr o m 1919 to 1 9 3 6 , in cl.
C e itifie d check on som o so lv e n t b a n k for $ 2 0 0 , p a y a b lo to th e C it y T r e a s­
urer, requ ired.
B o n d s to bo delivered an d p a id for w ithin 10 d a y s fr o m
tim e o f aw a rd .
P urchaser to p a y accrued In terest.
FREM O N T.

S an du sk y

C ou n ty ,

O h io .— BON D

G A L E N A S C H O O L D I S T R I C T (P . O . G a l e n a ) , C h e r o k e e C o u n t y ,
K a n . — B O N D S V O T E D .— F lw q u e stio n o f Issuing $ 2 5 ,0 0 0 sch ool bond s
carried , it is s t a te d , a t a recen t elec tion .
G A R F IE L D

$ 3 50

In t

J

C O U N T Y ( P . O . P o m e r o y ) , W a s h . — B O N D S A L E .— O n
& D k lso n so h n w a s aw ard ed $ 1 ,7 0 0 5 % b o n d s.
D enom .

G A R R E T T S V IL L E ,
P o rta g e
C ou n ty ,
O h io .— BO N D
S A L E . ___O n
J a n . 2 tho $ 2 ,0 0 0 5 % w a to r -w o r k s-sy ste m b on d s ( V . 1 0 5 , p . 2 1 9 9 ) w ere
aw ard ed to th o F irst N a t io n a l B a n k o f G a r r o ttsv ille a t p a r an d in tero st.
G A R V I N C O U N T Y (P . O . P a u ls V a lle y ), O k la .— N O B O N D E L E C T I 0 .N. T 0 . B E H E L D . — T h o C o u n ty C lerk ad vises us th a t there w ill bo n o
road bond election in G a r v in C o u n ty , as h as been rep orted .
G IL B E R T

C O N S O L ID A T E D

SC H O O L

D IS T R IC T

(P . O . G ilb e r t ),

S t o r y C o u n t y , I o w a .— N O B O N D S TO B E IS S U E D T H IS Y E A R _ The
_
S ecretary o f th e B oard o f E d u c a tio n ad vises us th a t th e $ 3 0 ,0 0 0 school
bon d s aw arded som o tim o ago to tho V V olls-Dickey C o . o f M in n e a p o lis,
w hich sale w as nover c o n su m m a te d because o f irregularities in th e c o n ­
solid ation p roceed ings, w ill n o t bo issued this y e a r .

* G R A N D F O R K S , G r a n d F o r k s C o u n t y , N o . D a k .— B I D S . — T h e
follow in g bids were received for tho $ 3 0 ,0 0 0 5 - 2 0 -y r . (o p t.) w ater w orks
refu nding b ond s oftered on J a n . 7 . — V . 1 0 5 , p . 2 5 6 2 :
M in n e so ta L oan * T r u st C o . , M in n e ap olis.
544% .
B id p a r, accrued
interest; to furnish bon d s for sign atu re.
Hid p rem iu m o f S 5 0 .
O H e r e d ^ r e m h tm 1^ 8 $ 9 3 . ^ ’ Chlcaf?° ’

B Y I iA N K F R 'V
IjA ±\I\£ jK S .

1948,

. . D IC K IN S O N
(T O W N )
S C H O O L D IS T R IC T , B room e C o u n ty
N* Y
B O N D O F F E R I N G .— B id s w ill bo received u n til 8 p . m . J a n . 19
b y A ifred W<a y n e ( P . O . 7 1 6 C h o n a n g o S t ., P o rt D ic k in s o n ), fo r $ 8 ,0 0 0
5 % school b o n d s.
D e n o m . $ 1 ,0 0 0 .
D a to Jan. 1 1 9 18 .
In t. J. & J.
D u e $ 1 ,0 0 0 y e a rly on J u ly 1 fro m 1 9 1 8 t o 1 9 2 3 , in clu sive, an d $ 2 ,0 0 0 1 9 2 4 .
C ertified ch eck or d r a ft for 2 % o f tho a m o u n t o f b on d s b id for req u ired .
P urchaser to p a y accru ed in te re st.
T h is issuo is p art o f tho $ 5 4 ,0 0 0 bon d s
carried at tho election h eld D e c . 2 2 b y a v o to o f 3 1 9 to 1 0 4 ( V . 1 0 5 , p . 2 4 7 3 ) .

tio n ° n 0 t 35 y 6 t beeU S° ld ‘

( P . O . J e f f e r s o n ) , I n d . — B O N D S N O T S O L D .—

r , , 9 L A , ^ I?:S D A 1 tE > C o a h o m a C o u n t y , M i s s .— B O N D O F F E R I N G —
r w k f L b «or| C
nnne<i i ln t, , 7:30. P- m . J a n . 2 2 b y R . E . S tr a tto n J r ., C it y
n
C le r k , for $ 9 5 ,0 0 0 school bon d s n ot to exceed 0 % in t .
I n t . se m i-a n n u a l.
C ertified check fo r $ 2 ,5 0 0 requ ired.

p a y a b lo a t tho S ta te T r e a su r y .

, D O D G E C O U N T Y IN D E P E N D E N T S C H O O L D I S T R IC T N O . 30
( P . O . K a s s o n ) , M in n .— B O N D S A L E .— T h e S tato o f M in n e s o ta on O c t.
■ J. p urchased th e $ 7 4 ,3 0 0 4 % grad ed a n d h ig h -sc h o o l bu ildin g b on d s
“
v V • luOf p . ooO) •

C H I S A G O C O U N T Y S C H O O L D I S T R I C T N O . 19 ( P . O . S h a f e r ) ,
BO JSD S A L E . — ' h e $ 2 ,0 0 0 5 % 3 -1 7 -y e a r (serial) b u ild in g bond s
T
on A u g . 18 la st— V . lO o , p . 7 3 2 — w ere aw ard ed on t h a t d a y to
local In vestors a t p a r.
CLARK

[Vol. 106.

S te a m B r o s. &
an d asked a
S eason good &
an d offered a

B id p a r . accrued in terest;

C o . , K a n sas C it y , M o .
5 44% .
B id p a r , accru ed Interest;
com m ission an d expense allow ance o f $ 6 5 9 .
M a y e r , C in c in n a ti, O .
6 %.
B id p ar, accrued in terest;
p rem iu m o f $ 1 5 2 5 0 on op tio n a l b asis.
n>

THE CHRONICLE

Ja n . 12 1918.]

207

^pasontrood & M a y e r C in c in n a ti, O .
I f bon d s m a tu re in 2 0 years and
1 2 0 th p aid o f f each y e a r , th e y offered p ar. accrued in terest, p rem iu m

L A U D E R D A L E C O U N T Y ( P . O . M e r i d i a n ) , M i s s .— B O N D S P R O ­
P O S E D .— T h o issu ance o f a b o u t S 3 5 .0 0 0 h o sp ita l b o n d s is b ein g con sid ere d ,
it is s t a te d .

A . SJ.l5H o o d * C o ., D e tr o it. M ic h .
5% .
B id p ar ^ o r u e d in terest; an d
ask ed a com m ission and expenso allow ance “ * 2 * 6 3 ° .
b id 5 H %
p ar and accrued interest and ask ed a com m isslon an d e x p e n s e a i l o ^ n ^
of $739.
A ls o bid 0 % p a r an d accrued iin crcst o f f e r i ^
o f SOI an d also furn ish p rinted b o n d s for signature.
( N o certitled cncuc

L E M M O N , P e r k in s C o u n t y , S o . D a k .— B O N D E L E C T I O N P R O P O S E D .
— L o c a l p ap e rs sta te t h a t b o n d s for a n ew sch ool h ou se a n d fo r th e in stalla­
tio n o f a sew erage sy s te m are b ein g a d v o c a te d an d p r o b a b ly w ill oe s u d m it te d to v o te r s a t a special election .

T h e c i t y f A u d ito r w rites u s that, th e a b o v e bid s
®
m e etin g o f th e C it y C o u n cil on J a n . 7 an d R o w i n g discuission w ere on
m otion referred t o th e W a y s & M e a n s C °m m lt t e o an d C y 't(
in vestigate an d rep ort r ec om m en d ation s thereon b a ck to a spec^al m e etin g
o f th e C it y C ou n cil to bo called b y th e M a y o r
l i e also s t a t e .. A m

L I B E R T Y S E P A R A T E S C H O O L D I S T R I C T , D e la w a r e C o u n t y ,
O h i o . — B O N D S A L E . — O n J a n . 2 $ 2 ,8 0 0 5 H % sc h o o l b o n d s w ere aw ard ed
t o T illo ts o n & W o lc o t t C o . o f C le v e la n d a t p a r.

im a b le to ad vise th a t an y o f th e a b o v e ,b l^
hid o f W k l n n M O t o
in case a b id is a c ce p ted , it is v e r y p rob a b le th a t th e b id o f th e M in n e so ta
L o a n & T r u s t C o . w ill b e acce p ted , an d th a t a ction w ill be ta k e n tnereon
w ithin ten d a y s fro m d a te h e r e o f.”
.
G R A N D R A P I D S S C H O O L D I S T R I C T (P . O . G r a n d J R a ^ i d s L
b on d s a b id ' for w hich
1 0 5 , p . 2 4 7 4 - S 1 0 0 . 0 0 0 o f th e 4 J * % issue

w as7 l-ejected on D c c .S 1 7 - V .
lias been s o ld , it is sta te d .
„ „ T I,D Ir
,
n
o k l a _ N O A C T I O N Y E T T A K E N .—
_
N (P a c tio n * h a s 5 ° Sb M n S °!te n ^ lo o k in g tow ards th (^ h o ld in g irf an olecticm
^

L I N C O L N C O U N T Y IN D E P E N D E N T S C H O O L D I S T R IC T N O . 1
( P . O . L a k e B e n t o n ) , M i n n .— B O N D O F F E R I N G .— P rop osals w i l l b e
received u n til 8 p . m . J a n . 2 2 b y O . W . S tite s, S e c y . B d . o f E d for S 3 0 ;00 0 s c h o o l b o n d s n o t t o e x c e e d 5 }4 % in t.
D e n o m . $ 1 ,0 0 0 .
D a te l e o .
1
1918.
In t. F . & A .
D u e F eb . 1 1928
C e r t , ch eck for 4 % o f t h e a m o u n t
_
_
o f b on d s b id fo r , p a y a b le to tho D i s t . T r e a s . req u ired .
» & !
L I N N G R O V E , B u e n a V i s t a , I o w a .— B O N D S A L E . — R e c e n tly th is
p la c e aw ard ed S 3 ,0 0 0 6 % w a ter -w o r k s extension b o n d s to S ch ank e & C o .
o f M ason C ity .
D enom . $500.
D a te Jan. 1 1918.
I n t . J . & J>
Due
Jan. 1 1938.
L I T T L E F A L L S , H e r k im e r C o u n t y , N . Y . — B O N D S A L E . — O n
J a n . 8 $ 2 5 ,0 0 0 5 % cou p on or registered (p urchasers o p tio n ) c it y h all b o n d s
w ere aw arded t o H . A . K a h le r & C o . o f N e w Y o r k a t 1 0 0 .9 6 1 an d m t .
D a t e J a n . 1 1 9 1 8 .' I n t . J . & D .
D u e Ju n e 1 1 9 2 6 .

a t fro m S 2 0 0 0 0 0 t o $ 3 0 0 .0 0 0 .— V . lO o . P - 2 5 6 2
On
w ore
„
n c n ta l & C o m m e r cia l
C in c in n a ti, an d t t o l i f t h

L O N G B E A C H . L o s A n g e le s C o u n t y , C a l i f . — B O N D S A L E . — O n
D e c . 2 8 an issue o f $ 2 5 ,0 0 0 5 % 2 1 -3 ye ar a v e r , h a r b o r -im p t. b o n d s w ere
aw ard ed t o J . F . C r a ig .
In t. J . & J.

B ank & T ru st C o

C l l i ^ n M C a 't i0 0 .G 1 9
o f C in c in n a ti b id p a r ,

accru ed i n l a n d ’ s i .1 0 0 P rem ium for ^ t £ s m 0 0 0
iSSU0 ^
N a t . B a n k o f C in c in n ati b id p ar an d m l . lo i $ol),UUU.
U A unTM

C O U N TY

(P .

O .

E liz a b e th to w n ),

K y . — A TO

^

B O N D S TO

B E IS S U E D — W e are ad vised b y tho C o u n ty C lerk th a t th ere is n o tru th
in’ rep orts t h a t $ 1 5 o!oOO ra ilro a d -a id b o n d s h a v e b een a u th orize d .
U A R D i s n i M r O I J N T Y ( P . O . C o r y d o n ) , I n d . — B O N D S A L E .— On
Jan 7 an issue o f S 9 ,8 0 0 4 ' A % g ra v e l-r o a d b o n d s w as aw ard ed to th e
C o r y d o n N a tio n a l B a n k a t p ar an d in te re st.
m a i / p i C iC K
L a n c a s t e r C o u n t y , N e b . — B O N D S A L E . — T h e AboJ
O on etriieH m i C o w as aw ard ed on J a n . 1 a t p a r tho 8 1 0 ,0 0 0 5 % serial
S t o r e d i n s e r t i o n P avin g b on d s offered on S e p t. 1 la st— V . 1 0 5 , p . 8 3 6 .
D ^ t e S t ! 1 1917
I n t . a im . on S e p t. 1 a t H a v e lo c k .
1411 I S B O R O U G H

C O U N T Y

(P .

O .

T a m p a ),

F la .—

BO N D OFFER-

ramj _ T A d ditiona l in fo rm ation is a t hand r elative to th e o fferin g on J a n . 29
Of t h '^ 8 7 5 0 0 0 5 % c o u p . road b on d s— V . 1 0 5 , p . 10 3 .
1’ rop osais for these
h o ,m s w ill'lie received on th a t d a y b y J a s. G . Y e a t s , C h a ir m a n o f B d . o f C o .
^
mYssk'ners.
D e n o in . Si ,0 0 0 .
D a te J an . 1 1918.
P rin cip al an d s e m im m u a l in t — L & J .— p a y a b le in N e w Y o r k C i t y .
D u e $ 5 ,0 0 0 on J a n . 1
? o ? Q a r i d $ 3 0 0 0 0 ye a rly on J a n . 1 fr o m 1 9 20 t o 1 9 4 9 , in c l.
C e r tifie d
cheek on an in corp orated b a n k for 2 % o f th e a m o u n t o f b on d s b id for
rermired
B on d s w ill b e en graved an d certified as t o genu inen ess an d tho
n on rovin '" opinion o f C ald w ell & M a sslic h o f N . Y . w ill b o fu rn ish ed p u r­
s e r
B o n d ed d e b t (ex c l. th is issue) $ 1 ,2 0 1 ,0 0 0 .
S in k in g f u n d , $ 2 0 3 , ­
2 1 7 . A s s e s s , v a l . , $ 2 6 ,2 0 3 ,3 3 7 .
H O B O K E N , N . J . — B O N D O F F E R IN G . — B id s w ill b o re c e iv e d , it is
sta te d u n til 10 a . m . J a n . 2 3 b y D a n ie l A . H a g g e r ty , C i t y C le r k . f(Y
Sror. poo 2 0 2 -3 ye ar a v e r ., $ 1 2 5 ,0 0 0 17 5 -6 y e a r a v e r , an d $ 3 6 ,0 0 1 1 -3 6 y e a 1
serial 5 % sch ool b o n d s.
I n t . s e m i-a n n .
C ertified c h e ck fo r 2 % o f th e
a m o u n t o f b on d s b id for req u ired .
1

H O W E L L A N D M A R IO N F R A C T IO N A L S C H O O L D IS T R IC T N O
(P
O . H o w e l l ) , M i c h . — B O N D S TO B E R E -O F F E R E D .— ' h e $ 1 0 0 ,0 0 0
T

4 V 4 % school b o n d s offered w ith o u t su ccess on J un e 6 last— V .
2 5 6 2 —-w ill be r e -o ffe r e d n e x t su m m e r.
H U G H SO N

SC H O O L

D IS T R IC T ,

S t a n is la u s

C ou n ty ,

105, p.
C a lif.—

B O N D E L E C T I O N P R O P O S E D . — T h e issu an ce o f $ 5 0 ,0 0 0 school b on d s
w ill bo su b m itte d to tho vo ters d u rin g th e la tte r p a r t o f th is m o n th , it is
H U RO N ,

B e a d le

C o u n ty ,

So.

D a k .—

BONDS N O T

YET

S O L D .— -

N o sale has y e t been m a d e o f th e $ 8 0 ,0 0 0 5 % m u n icip al b uildin g-erection
b o n d s bid s for w hicli w ere rejected on A p ril 2 3 last— V . 1 0 4 , p . 1 7 2 4 .
D a te M a y 1 1917.
In t. se m i-a n n u a l.
D u o M a y 1 1 9 3 7 , su b je c t to call
$ 2 0 ,0 0 0 In 10 ye ars, an d $ 2 0 ,0 0 0 in 15 y e a rs.
S . S . O v ia t t is C it y A u d ito r .
~ I N D I A N O L A , R e d W i l l o w , N e b . — B O N D S A L E . — T h e F irst T r u s t
C o o f Lin coln w as aw arded a b o u t N o v . 15 la s t , th e $ 1 1 ,4 0 0 5 % 5 - 2 0 -y r .
root 1 electric-ligh t b on d s offered w ith o u t su ccess on Juno 2 8 — V . 105
P 1 0 1 6 — for $ 1 1 ,4 2 5 , eq u al to 1 0 0 .2 1 9 .
’

. .*

.. I __ o n n

Itif.

I n d .—

BOND

O F F E R IN G .— B id s

w ill b e received
u n til 2 p m . J a n . 16 b y R . I I . S u lliv a n , C i t y C o n tro lle r for $ 7 ,0 0 0 5 %
coupon street retain ing w all b o n d s.
D e n o m . $ 1 ,0 0 0 .
D a te Jan. 1 1 9 1 8 ­
IN D IA N A P O L IS ,

.T

Ar .T ^

TVIVa l\ln o f

th n

fT n ln n ^ V n c t . f i n .

N fiV

T r o a s ., req u ireu.
D e liv e r y ui u enu s iu uo m a a o w ith in g 3 0 d a y s u u m .,<m.
16
C ertified c o p y o f tho ord inan ce an d legal op ib n ion o f S m ith , K o m ste r,
H a m b r o o k & S m ith on th e v a lid ity o f theso b o n d s w ill bo fu rn ish ed p u r­
chaser.
I O W A C I T Y , J o h n s o n C o u n t y , I o w a .— B O N D S A U T H O R I Z E D . —
R e p o r ts s t a te th a t th o C i t y C o u n cil h as a u th orize d th o issu ance o f $ 8 ,0 0 0
sow or b o n d s.
J U N E A U C O U N T Y (P . O . M a u s t o n ) , W i s . — B O N D O F F E R I N G .—
S . E . P hillips. C o u n ty C le r k , w ill receive bids u n til 10 a . m . J a n . 2 2 for
S 2 6 5 9 2 50 5 % bridge b o n d s.
D c n o m s. 5 2 for $ 5 0 0 and 1 for $ 5 9 2 5 0 .
I n t .’ A . & O .
D u e p art each ye ar fr o m 1921 to 1 9 3 0 , in clu sivo.
K A L I D A V I L L A G E S C H O O L D I S T R I C T ( P . O . IC a lid a ), P u t n a m
C o u n t y , O h io .-— B O N D S A L E . — R e p o r ts st a te t h a t tho F irst N a tio n a l
B a n k o f B a rn e sv ilie p urchased in D e c e m b e r $ 3 ,0 0 0 6 % 1 7 -y e a r avera ge
sch ool bon d s a t 1 0 0 .7 0 .
D enom . $500.
K A N S A S C I T Y , M o .— B O N D S A L E — Janies L . M a r t in & C o . w ore
aw arded a t p ar on O c t . 15 tho $ 1 5 0 ,0 0 0 4 M % loveo an d d rainago b on d s
offered on S o p t. 2 9 , to g eth e r w ith threo oth er issu es, aggregatin g
$ 5 0 0 0 0 0 -— V . 10 5, p . 1 5 4 7 .
Denom .
$ 1 ,0 0 0 .
D a te M arch 1 1913.
I n t . M . & 8 . D u o M a r . 1, 1 9 3 3 .
K A S S O N S C H O O L D I S T R I C T (P . O . K a s s o n ) , D o d g e C o u n t y ,
M i n n . — B O N D S V O T E D .— I t is rep orted th a t th is d istric t Has v o te d to
issue $ 6 0 ,0 0 0 sch ool b o n d s.
K F N D A L L C O U N T Y ( P . O . B o c r n e ) . T e x .— B O N D S A W A R D E D I N
P A R T . ___D u r i n g D e c e m b e r $ 2 9 , 0 0 0 o f t h e $ 8 0 , 0 0 0 5 % 2 0 - 4 0 y e a r o p t .
coun on R o ad D is t . N o . 3 r o a d -im p t . b on d s w hich this c o u n ty h as been
offerin'* for sale— V . 1 0 5 , p . 2 2 9 1 — were aw ard ed to local in vestors a t p ar
an d in t.
J . W . L aw h orn i;> C o u n ty J ud ge.
L A C O U I P A R L E C O U N T Y ( P . O . M a d i s o n ) , M i n n .— B O V D S A L E .
— On D e c . 11 th e M in n e a p o lis T r u s t C o . o f M in n e a p o lis w as aw a rd ed
827 500 r
>
6 -2 0 -y e a r serial cou p on d rainage b o n d s.
D e n o m . on e for
$ 5 0 0 , b alan ce for $ 1 ,0 0 0 .
D a t e J an . 1 1 9 1 8 .

L A F O U R C H E B A S I N L E V E E D I S T R I C T (P . O . D o n a l d s o n v i l l e ) ,
L a . — B O N D S N O T Y E T S O L D .— N o sale h as y e t been m a d e o f tho $ 1 5 0 ,­
0 0 0 5 % 5 -1 0 -y r . serial gold b o n d s offered on F o b . 2 7 la s t .— V . 1 0 4 , p . 3 8 0 .
O . O . W e b e r is Secretary o f B o a r d o f C o m m issio n ers.
L A K E C O U N T Y (P . O . P a i n e s v i l l e ) , O h i o . — B O N D O F F E R I N G .—
S caled bid s w ill bo received u n til 12 m . J a n . 14 b y W . A lb e r t D a v is , C o u n ty
A u d it o r , fo r $ 1 8 ,0 0 0 5 % c ou p on r o a d -im p r o v e m e n t b o n d s .
A u t h ., S ecs.
6932 to 6944
G en. C ode.
D enom . $500.
D a t e S e p t. 1 1 9 1 7 .
In t.
M . & S ., p a y a b le a t th e C o u n ty T r e a s u r y .
D u o $ 1 ,0 0 0 ea ch six m o n th s
fr o m M a r c h 1 1 9 1 8 to S e p t. 1 1 9 2 6 , in clu siv e.
C e r tifie d ch eck on a so lv e n t
b a n k in L a k o C o u n ty fo r $500. req u ired .
B o n d s to bo d elive red an d paid
for w ith in fifte en d a y s fro m tim e o f a w a r d .
O ffic ia l circu lar sta te s th a t
t h e m is no litigation p en din g or th r e a te n e d .
T otal b o n d e d d e b t (in clu d in g
th is issue) J a n . 14 1 9 1 8 , $ 1 ,0 2 6 ,3 0 0 .
A ssessed v a lu a tio n 1 9 1 7 ,1 6 5 ,5 0 1 ,8 6 0 .
T o t a l a sse ssed v a lu a tio n
( e s t .) , $ 1 0 0 ,0 0 0 ,0 0 0 .
a3ocww§\1>or ^ 4 .0 0 0 ,
$2 9 4 .
P o p u la tio n in 1 9 1 0 , 2 2 ,9 2 7 .
E s tim a te d n ow 2 8 ,0 0 0 .




M A D I S O N , J e f f e r s o n C o u n t y , I n d . — D E S C R I P T I O N O F B O N D S .—
T h e $ 3 ,0 0 0 \ V i % 5 -y r . refu n d in g b o n d s aw ard ed on N o v . 1 t o local in ­
v e sto r s a t p ar— V . 1 0 5 , p . 2 4 7 5 — are in tho d en o m ih a tio n o f $ 5 0 0 an d
d a te d N o v . 1 1 9 1 7 .
In t. M . & N .
M A G N E T IC S P R IN G S , U n io n C o u n ty , O h i o .— B O N D S N O T S O L D .
— N o aw ard w a s m a d e o f th e $ 1 ,0 0 0 6 % street im p t. b on d s o ffere d on D e c .
1 5 .— V . 1 0 5 , p . 2 1 9 9 .
M A L D E N , M id d le s e x C o u n t y , M a s s . — B O N D O F F E R I N G .— R e p o r t s
s t a te th a t th e C it y T r e a s . w ill receive bid s u n til 8 p . m . J a n . 14 fo r th e f o lS2 2 !oO O 'bon ds°nCiD a t e M a y 1 1 9 1 7 .
D u e S 3 .0 0 0 y r ly . fr o m 1 9 1 8 t o 1 9 2 2
in c l., $ 2 ,0 0 0 in 1 9 2 3 an d 1 9 2 4 an d $ 1 ,0 0 0 y r ly . fr o m 1 9 2 5 t o
2 9 0 0 0 b o n d slnCD a t e S e p t. 1 1 9 1 7 .
D u o $ 5 ,0 0 0 1 9 1 8 an d 1 9 1 9 . $ 4 ,0 0 0
“ ’
y r ly . fro m 1 9 2 0 t o 1 9 2 2 in c h , $ 2 ,0 0 0 1 9 2 3 an d 1 9 2 4 a n d $ 1 ,0 0 0
3 4 0 0 0 ijon d sfr °D a te * N 'o tv . i 'T o I t I'^ D uc $ 4 ,0 0 0 y r ly . fr o m 1 9 1 8 t o 19 21
'
in c l., $ 3 ,0 0 0 1 9 2 2 , $ 2 ,0 0 0 y r ly . fr o m 1 9 2 3 t o 1 9 2 7 in c l. a n d 8 1 ,0 0 0
y r ly . fr o m 1 9 1 8 to 1 9 32 in cl.
M A N A S Q U A N , M o n m o u t h C o u n t y , N . J .— B O N D S A L E — A n issue
o f $ 1 0 ,0 0 0 5 % b o n d s w as aw ard ed on N o v . 2 7 t o th e F irst N a tio n a l B a n k
o f Spring L a k o a t 1 0 0 .1 2 5 .
D onom . $500.
D a te Iso v . 1 1 9 1 /.
In t.
M . & N.
D u e $ 1 ,0 0 0 y e a rly .
M A R T I N E Z , C o n t r a C o s ta C o u n t y , C a lif.— B O N D E L E C T I O N .
T h e v o ters w ill h a v e su b m itte d to th e m on F e b . 5 , it is s t a te d , p rop osition s
to issue $ 3 0 ,0 0 0 sew er an d $3 7 0 ,0 0 0 w a te r -sy ste m b o n d s.
M A R S H A L L , L o g a n C o u n t y , O k l a . — B O N D S N O T Y E T O F F E R E D .—
T h o C it y C lerk w rites us th a t th e $ 5 ,0 0 0 6 % 2 0 -y r . w ater su p p ly b o n d s
recen tly au th orized are n ot in sh ap e to sell an d th a t h e can n o t s a y ju s t
w hen th e y w ill b e.
M A R S H A L L C O U N T Y ( P . O . M a r s h a l l t o w n ) , Io w a . — B O N D S A U ­
T H O R I Z E D .— O n J a n . 3 th e B o a rd o f S up ervisors a u th orize d th e issu ance
o f $ 7 8 ,0 0 0 5 % 1 0 -y r . refu nd ing b o n d s, it is sta te d .
M A S S E N A , C a s s C o u n t y , I o w a .— B O N D S N O T
I S S U E D .— T h e
$ 1 7 ,0 0 0 w ater-w ork s b o n d s v o te d A p ril 10 last— V . lO o , p . 9 o
h ave not
y e t b een issu ed .
M A T A G O R D A C O U N T Y (P . O . B a y C i t y ) , T e x . — B O N D E L E C T I O N .
R e p o r ts sta te th a t a t a recent m e etin g o f th e C o m m issio n ers C o u r t or
M a t a g o r d a C o u n ty , a p etition d u ly sign ed accord in g to law w as presen ted
and th e c ou rt ordered an election t o v o t e on a p r op osition t o issue $ 2 5 ,0 0 0
c o u n ty -h o sp ita l b o n d s.
____
__
M E D F O R D , J a c k s o n C o u n t y , O r e .— B O N D S N O T S O L D — N E W
O F F F R I N C _ N o b id s w ere received for th e $ 2 5 ,0 0 0 5 % c ou p on refu n d in g
_
b o n d s offered on D e c . 2 1 — V . 1 0 5 , p . 2 3 8 3 .
P roposals are n ow b ein g
a sk ed for these b o n d s, it is s t a te d , u n til J a n . 2 0 .
M E D F O R D , M id d le s e x C o u n t y , M a s s .— T E M P O R A R Y L O A N . — O n
Tan 3 1 a te m p o r a r y loan o f $ 1 0 0 ,0 0 0 issu ed in an ticip ation o f revenu e
d u e '$ 5 0 0 0 0 N o v . 8 an d S 5 0 .0 0 0 N o v . 19 w as aw a rd ed , it is s t a te d , to
R . L*. D a y & C o . o f B o sto n a t 5 . 1 9 % d isco u n t.
M I D V A L E , S a l t L a k e C o u n t y , U t a h . — B O N D S A L E . — T h e $ 3 5 ,0 0 0
w a te r -w o r k s-sy ste m b o n d s v o te d a t th e election held N o v . 15 1 9 1 6 — V .
im
r> 2 0 9 4 -— w ere aw ard ed to th e L u m b e r m a n s T r u s t C o . o f 1 ortjtand.
L e n o m . S 1 .0 0 0
D a te D e c. 1 1916.
In t. J . & D .
D u o D e c. 1 19136.
M I L F O R D , C le r m o n t C o u n t y , O h i o . — R O N D O F F E R I N G .
S ealed
bid s w ill b e received u ntil 12 m . J a n . 15 b y H . L . S ch roed er. ' ^ l a g e C le r k ,
for $ 2 ,0 0 0 5 Vi % cou p on d eficien cy b o n d s.
D enom . $500.
D a te D e c. 1
1917.
In t. J . & D . a t th e M ilfo r d N a t . B a n k .
D u e $ 5 0 0 ye a rly on D e c . 1
fr o m 1 9 1 8 t o 1 9 2 1 , in cl.
C e r tifie d check for $ 5 0 . p a y a b le to th e \ d la g e
T re asu rer, req u ired .
B o n d s to b e delivered an d p aid for w ith in 10 d a y s
fr o m t im e o f a w a r d .
P urchaser t o p a y accrued n t .
B o n d ed d e b t J a n . 7
19 1S , $ 3 0 ,4 3 5 .
F lo a tin g d e b t, $ 2 ,0 0 0 .
T otal d e b t, $ 3 2 ,1 3 5 .
M I L F O R D , D i c k i n s o n C o u n t y , I o w a .— B O N D S A L E . — T h e follow ­
in g b o n d s, aggregatin g S 1 6 .2 5 0 , h a v e b een purchased b y S ch ank e & C o .
< 1^500 514
s*i
sow er-ou tlet an d p u rify in g p la n t b o n d s.
D enom . 500.
7 1 1 ,0
in t. M . & N .
D u e seria lly .
„„
,
4 7 5 0 6 % fu n d in g b o n d s.
D e n o m s . $ 2 5 0 an d $ 5 0 0 .
I n t . s e m i-a n n .
’
D u e Jan. 1 1938.
M I N O T , W a r d C o u n t y , N o . D a k .— C O U R T S A U T H O R I Z E I S S U ­
A N C E O f* B O N D S .— A . D . lia g e n s tc in . C it y A u d ito r , w rites us u nder
d a te o f J an. 5 th a t th e c ity h as ju s t received a decision fr ® 'n
n °u r ts
a u tlio rlz'n g thp issuance o f th e fiv e issues o f b o n d s, aggregatin g $ 1 8 6 ,0 0 0 ,
v o ted on Jun e 2 5 l a s t - V . 1 0 5 , P . 3 0 4 .
T h e bon d s are d escribed as fo llo w s:
$ 8 5 ,0 0 0 reservoir-con stru ctio n b o n d s.
T h e v o te w as 297 ^ 1 5 5 .
2 0 .0 0 0 w a tc r -w o r k s -p la n t-im p t. an d eq u ip m en t b o n d s.
T h e v o te w as
2 5 .0 0 0 fire-depV ?-'e'quipm ent-purchase b o n d s.
T h e v o te w m 28 9 to 16 0.
6 .0 0 0 str e e t-d e p t.-e q u ip m e n t b o n d s.
T h e v o te w as 2 8 6 t o 1 6 2 .
5 0 0 0 0 site-p u rch ase an d c ity -h a ll b o n d s.
T h e v o te w as 2 5 3 t o 1 9 6 .
In t
a n n u a lly .
B o n d ed d e b t, in clu d ing th is issu e, $ 3 6 0 ,0 0 0 .
S pecial
assessm en t d e b t _ (a d d itio n a l), e s t ., $ 6 5 0 ,0 0 0
S ink ing fu n d , $i 1 ,2 0 0 .
A ssessed v a l. 1 9 1 7 , $ 2 ,9 0 3 ,7 3 8 ; e st. v a l. all p r o p e r ty , $ 1 1 ,6 1 2 ,9 ..>2.
M O B E R L Y , R a n d o l p h C o u n t y , M o .— B O N D
S A L E . — O n ,4 a n . ‘
$3.5 0 0 0 5 % 2 0 -y r . w ater e x t. b on d s w ere aw ard ed to th e M e ch a n ic s S a v .
B a n k o f M o b e r ly a t p a r.
D enom . $500.
D a te Jan. 1 1 9 18 .
In t. J .
& J.
M O N T P E L I E R S P E C I A L S C H O O L D I S T R I C T (P . O . M o n tp e lie r ),
W i l l i a m s C o u n t y , O h i o . — B O N D S N O T S O L D .— N o b id s w ere received
for th e $ 7 ,5 0 0 5 3 S % 5 -1 5 -y r . serial fu n d in g b o n d s offered on D o c . 2 0 .—
V . 105, p . 2 2 00 .
** *
M OORFHEAD
SCHOOL
D IS T R IC T
(P .
O.
M o o r h e a d ) , C la y
C o u n t y , M i n n .— .VO B O N D S T O B E I S S U E D A T P R E S E N T .— J . B .
E r ic k so n , C lerk o f B oard o f E d u c a tio n w rites u s th a t action look in g tow ards
th e issuance o f th e $ 1 5 0 ,0 0 0 h ig h sch o o l b o n d s h as b w n t e m p o r a r ily .d e ferre d , aw aiting m ore fa v o r a b le c o n d itio n s.— V . 1 0 5 , p ■_6 - 6 :
<
m M O S C O W . L a t a h C o u n t y ,* I d a h o . — B O N D ' S A L E . — O f “ a n T ls s u e lo
$ 1 4 6 7 0 6 % p a v in g d istrict b o n d s, $ 1 0 ,0 0 0 aro b ein g offered to in v e sto r s
b v th e A m e rican B a n k & T r u s t O o . o f D e n v e r .
D e n o m s . $ 2 0 0 an d $ 3 0
D a te Jan. 1 1917.
I n t . a n n . on J a n . 1.
D u e in 1 9 2 7 .
N e t d e b t $ 1 8 ,0 0 0 A ssessed valu ation o f im p ro v em en t d istric t, S 2 , 1 5 6 ,8 0 0 .

208

* THE

C H R O N IC L E

[V

.

o l

106.

low s: $ 1 ,5 0 0 , 1 9 3 0 - $ 4 ,0 0 0 , 1 9 3 2 : $ 4 ,5 0 0 , 1 9 3 3 : $ 4 ,5 0 0 , 1 9 3 4 , an d $ 1 ,0 0 0 ,

.B oston .

D U0 $ 1 5 .OOO y r ly

B onded d e b t / ? / / / “
Serial n ote s

a nfnni .
,
. . .
F i n a n c i a l S ta tem en t.
A c t u a l v a lu a tio n o f all p r o p e r ty , estim a ted
©, o r a non
A ssesse d v a lu a tio n o f all p rop e rty in d is tr ic t.
............................$ 1 ’ i o o ’? 2 n
T o t a l assessed b en efits for th is issu e______
o i o nan
...................... .....................
oH on n
T o t a l b o n d s o u ts t a n d in g ..........................
P o p u la tio n o f d istric t, e s tim a te d ______ I I I I I I I I " " " " ------------5 000

on J a n . 1 fromi 1 0 1 9 t o 1 9 3 8 In ciuslvo.
. “ S °f

3*

D ecem b er
*
*

1917.
-

$ 8 3 0 ,5 0 0 0 0

S in k in g f u n d . ..........................................................................................................

3 8 4 5 ,5 0 0 0 0

N e t d e b t ..............................

,

...

no

A sse sse d v a lu a tio n A p r il 1 l O l T Z I Z I Z Z Z I I I I I I I Z I I I I I H I I ^ e . B f l ! 0 8 8 0 0
NEBRASKA

C IT Y

SCH OOL

D IS T R IC T

(P .

O.

N eb ra sk a

w n C i t y , is circu latin g a p e titio n , it is s t a te d , to c all an elec­
tion t o v o te on a p rop osition to issue $ 1 ,5 0 0 s c h o o l-b ld g , b o n d s.

C ity )

,TR

E N V IL L E

COUNTY

(P .

O.

O liv ia ),

M in n _ BO N D
_

Q .ir g

__
_a

.

C o u " ‘ y ’ J n d .— B O N D S A U T H O R I Z E D .— T h e
i',n ynS >U^SfL0? D f ° - 2 7 , accord in g to rep orts, au th orized th e issu an ce o f
S r i . £ 0 )d ^ \ ib o ^ d s / < P ayin g ex tra expenses caused b y th e u nn su al con ­
j
?
d itio n s b rou gh t a b o u t b y th e c yclon e la st M arch'.
P R O P O S f’/ ) G ° A n ? w t - T Y

( m ,0 - N.e w a y g 0 ) , M i c h .— B O N D E L E C T I O N

q u e s U o n ^ ^ 'i s s ^ n g l2 1 .^ 0 (^ c o ii^ ty -li^ iim a r y * b o n d ^ s .State<^’ 4° VOt° ° n th e

m a r k e t-b u i 1dltag I f o n d s ^ S t a r c h ^ 9 * 4 ^ / * ° ^ ^

r>g^lTS^O0 0 ° I K %

Jem/^^^8^t^^e^n^n^’r^^
«
$ 5 2 ,8 0 0 N o r t h

" s

P rosp ect st r e e t -im p t . c it y ’s p ortion b o n d s.

£ ° ’ ’ 18 Y h , v n ° ^ J ' ,ll b ° d raw n w ith in terest an d w ill b e dolivOTablo on
.
’ ( * } 1^ S umiVs^ st a te rate o f Interest an d d esign ate to w h o m (n o t
bearer) n otes sh all b e m a d e p a y a b le an d d e n o m s. d esired
(

! S
D enom s

52
w a r ^ o m fr m n c v 'i m ? ^ i s '/ n n n / A b ° S 1 0 0 ’? 0 0 sc h o o l c o n str u c tio n , $ 5 0 ,0 0 0

o n I S . T r r o m ? o i ° l 0 io m

o f n S S ’ 1' 1 2 9 2 0 ”

d S 5 '0 0 0 * ' » •

& C o. o f T Y .
4 .l ^ ! « l ^ V
$T3Um e & W er0 aW ard ° d t 0 H‘ N ‘ B o n d
O th e r b id d e rs, all o f N e w Y o r k C i t y , w ere:
B id d e r -—
A m o u n t.
In terest.
P r e m iu m .
- $ 1 5 0 ,0 0 0
4 .9 0 %
$ 1 .0 0
\ 4 8 0 ,0 0 0
1 9 2 8 I n c l u s i v e / 1 1 9 1 8 a ° d 3 5 0 0 y r ly ’ on SePt ’ 1 from 1 9 1 9 to
4 .9 5 %
5 .0 0
- 6 3 0 ,0 0 0
5 .0 0 %
1 5 .0 0
1 5 ,0 0 0
L e a g u e S treet assess, b o n d s.
D enom . $500.
D u e $1 5 0 0 v r lv
1 0 0 ,0 0 0
5 .0 0 %
7 .0 0
. onn ? n S e p t. 1 fro m 1919 to 1 9 2 8 in clu sive.
^ y
A . B . L e a ch & C o .
5 0 ,0 0 0
5 .0 0 %
3 .0 0
4 ,2 0 0 ^
w o o ( l A v e . assess, b on d s
D e n o m s . 8 for $ 5 0 0 an d 1 for $ 2 0 0 .
4 8 0 ,0 0 0
5 .3 0 %
3 2 .0 0
5 0 ,0 0 0
1 9 2 6 In clusive.6 ' 1 1 9 1 8 aiU 3 5 0 0 y r ly ‘ on S o p t’ 1 from 1 9 1 9 to
4 .9 0 %
2 .0 0
W h it e , W e ld & C o .
4 8 0 ,0 0 0
5 .1 0 %
7 .0 0
3 ,6 0 0
M ila n A v e . assess, b o n d s.
D e n o m s 6 fo r $ 5 0 0 an d 1 for <
5f,nn
1 0 0 ,0 0 0
4 .9 0 %
7 .0 0
. 6 3 0 ,0 0 0
1 9 2 6 In c lu s iv e ? ' 1 1 9 2 ° an d 3 5 0 0 y r ly 0n * * * . “
5 .2 4 %
S a lo m o n B r o s. & I lu t z le r l
/
5 0 ,0 0 0
4 .9 9 %
* S ec. 3 9 3 9 , G e n . C o d e .
D a t e S e p t. 1 1 9 1 7 .
P rin . an d som i-an n
1 4 8 0 ,0 0 0
4 .9 2 %
in t. ( M . & S .) p a y a b le a t th e office o f tho C ity A u d .
C e r t , check on som e
/ 1 0 0 ,0 0 0
5 .0 0 %
1 1 .0 0
nM 1/ / ' 01" tl’ an th e one m a k in g tlio bid for 1 0 % o f tho a m o u n t o f bond s
l
5 0 ,0 0 0
5 .1 0 %
2 .0 0
in te re st. p a y a b l° t 0 th e c i t y T r e a s ., req u ired .
P urchaser to p a y accru ed
S ',!! | w -5
tb ° ? f e i J S S S . * 8 0 0 - D u ° , 5 0 ° ^
o
“
5 ,3 0 0 E lm S treet assess, b o n d s.
D e n o m s . 10 fo r .$500 an d 1 for $ 3 0 0 .

do-

P R O P O S F /^ -T t^ H ^ T T
? * S a r t a . A n a ) , C a lif .— B O N D E L E C T I O N
F lt O l O S L O .
It is sta te d th a t an election w ill p r o b a b ly bo held in A o r ii
t o v o t e on th e q u e stio n o f issu ing $ 5 0 0 ,0 0 0 N e w p o r t h arb or b o n d s. A P
. O U A C H IT A

COUNTY

(P . O . M o n r o e ) . L a — iiDATr)

P C T r e v __

0 0 0 5 % f f e ! 1c ^ h o J e e b o id s t ° VOt° ° n th e p r op osition to i « u e $ 1 2 5 ,.
h e K ? v S 20C
to7 vnTfiP«nS I f '

- T h e election w hich w as to h a v e been

w
P P O P n ?s’ n L T ? ’

S a n ta

B arbara

C o u n ty ,

w

a a s

C a lif.— B O N D

o f h a v in g th e

£

T I ^ ^ r Z ^ D 5 CT ? U N t T y H ^ h 9 v ? h ^.y e n U ) ’ ° k , a -— B O N D E L E C e
i/Tiu
, , s t a te d t h a t th o G o o d R o a d s A sso c ia tio n o f Rnt?or
A in^iA n 0fJ n *?v.b as P etitio n ed th e C om m issio n ers o f t h a t c o u n ty to c a ll-i n
>
elec tion fo r tho p urp oso o f v o tin g $ 7 5 ,0 0 0 r o a d an d b rid ge b o n d s .

E L E C T IO N

I n t .J .& D .

D u o in 1 9 2 7 .

D n ela ln J a n in g C o . o f C h ic a g o ad vise u s th a t th e a m o u n t o f 6 % bon d s o f th is Histrir>t
recen tly purchased b y it w as a p p r o x im a t e ly $ 5 0 0 ,0 0 0 an d th e n d c o / a i d
Fhn ? !I d accru ed in t.
U sin g n ew spaper a c cou n ts o f tho sale we rep orted
D a t e tKnhIlti
1 0 5 , p . 2 5 6 3 as $ 6 2 5 ,0 0 0 .
D e n o m . $ 5 0 0 an d S i , 0 0 0 .
D a te l^ b * 1 1 9 1 8 .
I n t . an nu al on F e b . 1.
D u e n art v e a rlv on TiVh i
fr o m 1 9 20 t o 1 9 2 9 , in cl.
B o n d e d d e b t, th is issue o n ly
R eal valu e o f

O t t a w a C o u n t y , M i c h .— B O N D

“ S f e r a K

S a ™

N o t d e b t $ 2 6 ,0 0 0 .

,1
"

S A N G A M O N C O U N T Y ( P . O . S p r i n g f i e l d ) , I I I.— B O N D S V O T F D —
V h 1 0 l f U n i 8 2 ‘’ 3 d 0 0 ,0 0 ° road bo,K ls carried a t tho election hold N o v . 6___
p
O f7 < 7 7,T v r 'B A ^ p ?A R
(P . O . S a n t a B a b a r a ) , C a l i f .— B O N D
^
ro P °sa ls will b e received b y W . B . M e tc a R , C o u n tv 'r r o a s nrer. im .il 10 a . m . t o -d a y (J an . 12) for tho $ 1 7 ,4 2 8 6 % gold cou p on M e s a
perm an en t road division bon d s v o te d D e c . 8 — V 10 5 n 2 4 7 ft P p / ™
ono b on d for * 4 2 8 . b alan ce $ 5 0 0 . D a t e D e c . 3 1 9 17
I n t . ann on D e c /
a t C o u n ty T reasu rer's o ffic e.
D u e S I . 0 0 0 ye a rly on D e c 3 from u n o t A
^

‘ 10 * ’ p ‘ l7d

„ P E N N I N G T O N C O U N T Y ( P . O . T h i e f R iv e r F a l l s ) , M in n — B O N D

ih T 6
iH €

v - 1 0 5 , p . 9 6 — h a v e been sold to th e S ta te o f M in n .

_ The
_
( P * 0 . O p e lo u s a s ), L a .— B O N D S N O T S O L D .
on Dec® 3 — V 1 o 5 4 ~ 2^ ’, s c d a l Soc° nd R o a d D is tr ic t road b on d s offered
n
P olice j u r y / ' 1 0 5 ' P ' 2 1 1 3 ~ w o r e n o t s o ld .
J . J . H e a lo y is C ler k o f tho

°"

h a v e been p urch ased b y th e S ta te o f M in n e s o ta .

2 e Da
,5
<S i v V a t? ' 5 1 S S ? cw

T

4 R /b t i v r ™ r .W M

r 7 M ? , n v C ( ^ - N T Y , ( P ' , ° ’ R a p id

C it y ) , S o . D a k .-J V O A C -

M

i

or “ “

“

™ »*

to tHo F t e t S f i ' *
B a n k o f ^ n t a ^ fo r ^ 7 , 4 0 0 ^ . 8 5 7 ) ^ d i n ^ WaB o s w o r t h e( ^ a n u t e a &
respw tivedye ° r B r ° S' ’ b ° th ° f ^ e n v o r - offored $ 2 6 ,8 0 4 an d $ 2 4 ,5 7 4 5 0 ,
.e
,Cr°,u " ‘ y ’

a ^ fo lio v ^ :at^ 400^ C 9 2 3 J $ 5 0 0 ,1 9 2 4 ^ 1 9 2 9 niiw lT an d $ 5 0 o !ei^ 3 1 a n d °1 93 7Pr ic /
l
r 70E
v

A ssesse d v al , $ 4 5 2 6 1 5

^ ^ p ^ e r ^ n t ^ t

i^ o- D a k .-— B O N D S N O T S O L D — O T H E R

.Phm^rb’inS’M S ' A S ' ’r.aS
g 0 la st

w ere n o t sold an d t h a t th o c ity m a d e o th e r a rran g em en ts

issu ance o f th e $ 2 3 0 !0 0 0 fu n d in g boncls^voted o n ^ N o v ^ ^ l M ^ l O s !

sS

S fe s H S S S !*

a

“

e

m

W

&

«

«

s

a ^ M a r » S i J2& ?■&

J e f f ^ r s /n ^ C J u n J * * 1W

M

B ^ c h tc "*

c / " / '

J ra = v rs55 * r ® s .

n m CKf a1 s t a r c h ^5, in o n le r to p rovid o fu n d s w ith w hich to clear un all
1
dlstrbc t dS r B a H a r d ! t SblIsboI°
11, f
q ?G

P O L K C O U N T Y (P . O . B a ls a m L a k e ) , W i s e . — B O N D S D E F E A T F D
carry £at6 t l ^ election ^ M ^ V p ^ d l6 4 ^ a s t / ^ 1 ! ^ ! , ^ /• lS ^ * .9 b ° ndS fa il° d tP
.0*
P O N T O T O C C O U N T Y (P . O . A d a ) , O k l a . — B O N D E L E C T I O N _ An
_

A v e ’ I ,n P t- D is t r ic t , em b rac in g th e m ill

aZ

D . ^ ^ ’C T / o i v P R O P O S E D .— A n ord inan ce a d o p tin g a now p lan for
.
% \ h o %d to
c o n stru c te d a lo n g W h a tc o m A v o . an d S nok an o
an d p ro v id in g lo r su b m ission to tho v o ters o f a bon d issue for
nnn
to c o y er th o c o st o f c o n d em n a tio n an d construction,^ w tJ tn trod u ce d 6 0 } ? 0^
s t a te d , an d referred t o th o F in a n c e an d C it y U tilitie s c o m m itte e s .
’
S H E L B Y V I L L E S C H O O L D I S T R I C T ( P . O . S h e lb v v i lle )
S h e lh v
P ° M P t y » I n d . — B O N D S A L E . — P ap ers sta to th a t $(),00f>y 5 % 6 -y e a r r<>
to

° h “ ' P ' S l m l l i n t .o r ^ s L T b y v E

road* b o n tte .bCCn Ca ,Cd f ° r J a P ' 1 5 , 1 ; is s t a t e d - to v o te on tho issu ance o f
<
S H E R I D A N C O U N T Y S C H O O L D I S T R I C T N O 3 5 IP O
s o n ) , M ° n t . — B O N D O F F E R I N C .— M r s . C h a s . C . M a y C l e r k o f T r u ste e s'
w ill, it is s t a te d , receivo p roposa ls u n til J a n . 15 for $ 3 J )0 0 sc h o o l b o n d s. ’
w ^n B? i? y
c e iv G l h 8A thol , S 1 5 ’ 00S0Ci5 c/0 7 ,?U n t y ’
R
C

O h i o . — B I D .— T h e

w
s z £ i T ™* » ?«
S

f

r

f

"

®

w

o n ly

b id

i

a e

a
(R o a d I m p t / l ) ist'^ N o .’ 4A$ f e o O ° a / f b e ^ S f 7 r ? d f

a t the M ississip p i V a lle y T r u s t c S f i f S t . ^ u i s ^ m e * dn A u g ! } 1^




ro-

01!

( p - D* H e n d e r s o n ) , M i n n .— B O N D S A L E _ T h o
_

D it c h ^ N o T l * M ^ P i t e h N S , T K W » , !ar lr? N o v e m b e r $ 1 0 0 ,0 0 0
D
D a t e Jan 1 1 9 18
D u o as fo llo w s:
8 5 H % bon ds’
D o n o m - S I .0 0 0 .
$ 1 0 0 ,0 0 0 D itc h N o . 1 1 b on d s y o a r ly on J a n . 1 as fo llo w s: $ 5 ,0 0 0 1 9 22 to
9 n nnn I / a / nta ’
,0 0 0 , 1 9 2 7 to 1931 in ch , an d $ 8 ,0 0 0 , 1 9 3 2 to 1 9 3 6 incl
2 0 ,0 0 0 D itc h N o . 8 b o n d s.
$ 2 ,0 0 0 y r ly . on J a n . 1 fr o m 1 9 2 0 to 1 9 2 9 incl*

5S S

s t r e o w m /t . b o n *

thn ^>Annn
D e ,n w o r « C o u n t y , P a . — B O N D S A L E . — O n D o c . 2 0
n M n S : ^ 1 15 -yoar c ou p on ta x free fire-a p p a ra tu s bon d s— V 10 5
p . 2 2 0 0 — w ere aw ard ed to W arron A . T y s o n o f P h ila d e lp h ia ?
' IU

T E X A S .—

DONDS REGISTERED— T h e follow in g

bonds have been

registered b y th e S ta t e C o m p tr o lle r :

Date Reg.
Due.
Amount.
Place and Purpose of Issue. Rate.
5-10 yrs. 'opt.'. Nov. 26
$6,000 Roaring Springs Ind. S c h .D lst. 6
N ov. 26
10-20 yrs. opt.
1.500 Lavaca County O. S. D . N o .5 - - 5
10-20 yrs. ’opt.: Nov. 26
1.500 Lavaca County O . S. D . N o .10 5
N ov. 26
5-10 yrs. :opt.
800 Angelina County C . S. D . No.34 5
10-20 yrs. opt.: N ov. 26
3.000 L a m a r County C . S. D . N o. 15- 5
N 9v. 26
10-20 yrs. opt.
1,200 L a m a r County C . S. D . N o. 26- 5
N ov. 26
10-20 yrs. opt.
1.400 Lamar County C . S. D . N o. 37- 5
5-20 yrs. [opt.] N ov. 26
1.400 Archer Coimty C . S. D . N o. 14- 5
Nov. 26
10-20 yrs. ;opt.
500 Eastland Co. C . S D . N o. 3 1 -- o
N ov. 26
5-20 yrs. opt.
500 Brown County O. S. D . N o. 42 - 5
10-40 yrs. opt.: N ov. 26
25.000 Granbury School House— - - - - 5
10-20 yrs. .opt.: N ov. 26
2.000 Stonewall Co. O. S. D . No. 1 5 -- 5
N ov. 26
10-30 yrs. opt.
20.000 City of Paris Street Improv t_ — 5
N ov. 26
10-20 yrs. opt.
2.000 Brisco County C . S . D . No. 9 - - 5
5-20 yrs. opt.] Nov. 26
1.500 Fannin County C .S .D .N o . 100- 5
5-20 yrs. .opt.] Nov. 26
2,500 Grayson County C.S.D.NO. 4 .- o/o
Nov. 26
4,400 Wharton County C .S .D .N o . 2 - 5 % $100 yearly
N ov. 26
20 years
2.000 Wise County C . S. D . N o. 52-----5%
N ov. 26
15 years
1,300 Wise County C . S. D . N o. 4 2 - - - 5%
N ov. 27
20 years
3.000 Navaro County C . S. D . N o. 20. 5%
N ov. 27
2,506 Navaro County O. S. D . N o. 75. o% 20 Mbelow)
Nov. 27
500.000 City o f D^ i “ 2? ^ w ? m 8 - ^ | 13 . U N o ^ lf llO alternately.

T A T E C O U N T Y ( P . O . S e n a to b ia ), M i s s . — BOND SALE.— On
Jan. 7 the $20,000 6% 5-25-yr. (opt.) school bonds— V.•105, p. 2477—
were awarded to McColgan Bros, at 104. Denom. $500. Date Jan. 1
1918. Int. ann. in January.
T A U N T O N , B ris to l C o u n t y , M a s s. —L O A N O F F E R I N G . Sealed
bids will be received until 6 p. m. Jan. 15 by the City Treas., it is stated,
for a loan of $100,000 issued in anticipation o f revenue and maturing Apr. 16
1918.

300.000 City of Dallas S t o r m ^ w e r ...- a| | S8^ 0 M ay 1919 alternately
5-20 yrs. (opt.
600 Henderson C oT c. S. D. No. 52- 5
10-20 yrs. (opt.
1.200 Red River Co. C. S. D . N o. 1 -- 5
10-20 yrs. (opt.
1.200 Red River Co. C. S. D . N o. 42- 5
10-20 yrs. (opt.
2.200 Red River Co. C. S. D . N o. 69- 5
10-20 yrs.
20.000 Anderson Co. C. S. D . N o. 2 - - - 5
5-10 yrs.
2.000 San Jacinto Co. C. S. D. N o. 16 o
,
5-40 yrs.
15.000 San Jacinto Co. Road D. N o. 2 - 5
20 years
2.000 Carthage Indep. School D i s t ... 5
2-20 yrs.
—
-­
L200 Upshur Co. C. S. D. N o. 44------5
20 yrs.($800 yly)Dec. 11
8.000 Croyell Indep. School Dist, — 5 / o
20 years
Dec. 11
2.000 Freestone Co. O. S. D . No. 6 - - - 5
Dec. 11
10-40 yrs.
7 .0 0 0 B o sq u e & H a m ton C . S . D . N o .6 5
Dec. 11
10-20 yrs.
2.000 B osque & H a m ilto n O.S.D.N o.9 5
Doc. 11
10-20 yrs.
1 500 Parker Co. C. S. D .N o .4 0 - — 5
Dec. 11
10-10 yrs.
1.000 R u sk County C .S .D . N o. 1 4 -. 5
Dec. 11
10-20 yrs.
1.000 Rusk County C. S. D . N o. 2 0 -- 5
Dec. 11
10-30 yrs.
6 0 .0 0 0 K e n t C o u n t y R o a d D . N o . 2 _ — 5
Dec. 11
10-30 yrs.
50.000 K e n t C o u n ty R o a d D .N o . 7 - — 5
1.500 Freestono County C . S . D . 5 - - - 5 3010-25-yoars per yr. Dec. 24
yrs. $7,000
Dec. 24
200,000 Navaro C o u n ty Rd. D t e t .l - - — 5
20 years
Dec. 24
1.500 McLennan County C. S. D. 8 - - 5
$750 per year
Dec. 24
30.000 Morris County Rd. D st. 4 .........5
Dec. 24
$256 per year
9 ,2 5 0 M o m s C o u n t y R d D is t . 5 - —
5
Dec. 24
Dec. 31
20-40 yrs.
5-20 yrs.
Dec. 31
Dec. 31
$500 per yr.
2 0 , 0 0 0 Abernathy Ind. Sch. Dist. - - - 5 ,
Dec. 31
2 0 years
1,500 Ochiltreo Co- O. S. D . No. 1 1 -- 5
Jan. 2 1918
1 0 -2 0 yrs.
1 500 Hood Co. C . S. D . No. 4 - ..........o .
Jan. 2 1918
5-40 yrs.
a non Flovd Co. C . S. D . N o. 32-------- o .
Jan. 2 1918
5-20 yrs.
*600 Chappel Hill Ind. Sch. Dist------ 5
Jan. 2 1918
1 -2 0 yrs.
4 800 Titus Co. C. S. D . No. 2 3 - - - —
Jan. 2 1918
5-40 yrs.
1 2 000 Real Co. Court House & Jail—
5,
Jan. 2 1918
1 0 -2 0 yrs.
l|000 Jack Co. C . S. D . N o. 2 9 - - ------ 5
Jan. 2 1918
20-40 yrs.
4 ,0 0 0 Coryell Co. C. S. D . No. 67------ 5^
Jan. 3 1918
5-20 yrs.
1 000 Hill Co. O. S. D . No. 90......... — 5%
Jan. 4 1918
5 years
1 900 Caldwell Co. Court-House repair 5%
Jan. 4 1918
1 0 -2 0 yrs.
■ O City Cooper School House-------- 5%
(’O O
Jan. 5 1918
1 0 -2 0 yrs.
l ’SO Kilgore Ind. Sch. District-------- 5%
O
Jan. 5 1918
5-20 yrs.
*780 Leon Co. C . S. D . N o. 21------------ 5%

f

N E W

$ 2
C r a w f o r d

309

THE CHRONICLE

Jan . 12 1918.]

, 0

ROAD

D IS T R IC T

N O . 1, F re e s to n e C o u n t y , T e x .—

a vote of 676 to 46 the question of issuing $150,000
road bonds carried, it is stated, at an election held Dec. 31.
T O D D C O U N T Y (P . O . L o n g P ra irie ), M in n .— B O N D S A U T H O R ­

I Z E D . — Tho County Commissioners, it is stated, have authorized the
issuance of $30,000 funding bonds.

T O M A H A W K , L in c o ln C o u n t y , W ise .— B O N D S N O T Y E T I S S U E D ’

— The $10,000 6% coupon water-works ext. bonds authorized m Oct. last
(V. 105, p. 1549) have not yet been issued and wdl not be until spring.
T O N G A N O X IE ,

L e a v e n w o rth

C ou n ty ,

K an s .— B O N D

S A L E .—

J. R. Sutherlin & Co. of Kansas City, M o., were recently awarded $40,000
4 % % water-works bonds. Denom. SI,000. Date July 1 1917. Int.
J. & J. Due serially from 1925 to 1937 incl.
T R IP P C O U N T Y (P . O . W in n e r ), S o . D a k .— B O N D S A L E . — Elston
& Co. of Chicago were awarded at par and int. on June 20 last the $200,000
5% 20-year coupon funding bonds offered on tho 8th of that month. V .
104, p .2158. Denom. $1,000. Date July 1 1917. Int. J. & J. at N . Y .
or Chicago. Tho county has no indebtedness. Assess, val. $13,635,210.
State and county tax rate (per $1,000), $6 75.
T R O Y , N . Y . — N O T E S A L E . — On Dec. 31 an Issue o f $100,000 5%
revenue notes was awarded to the Manufacturers’ Nat. Bank of Troy at
100 01. Denom. $25,000. Date Jan. 2 1918. Due April 18 1918.
White, Weld & Co. o f N . Y . bid 100.007.
B O N D S A L E — A n issue of $14,250 improvement bonds was awarded
at private sale on Dec. 13 to the Manufacturers Bank of Troy.
T U N IC A C O U N T Y (P . O . T u n ic a ) , M iss.— B O N D S A L E . — The
$70,000 Dist. N o. 1, $90,000 Dist. No. 2 and $66,000 Dist. N o. 3 roadimpt. bonds offered on July 2 last— V. 104, p. 2575— were awarded to the
Bank of Commerce & Trust Co. of Memphis, Term., at par. Duo $5,000
annually.
T W IN

F A L L S , T w in

F a lls C o u n t y ,

I d a .— B O N D

E L E C T I O N .—

An election will be held Jan. 30 to vote on the question of issuing $375,000
10-26- jt . (opt.) water works impt. bonds at not exceedmg 6% int.
U N IO N , U n io n C o u n t y , N . J . — B O N D S A L E . — On Jan. 7 the three
issues of 5H % bonds aggregating $123,000— V. 106. p. 105—were awarded
to the Weehawken Trust Co. at 100.50 and int. Other bidders were:
Harris, Forbes & Co. New York................................. ..................*{23,370 23
R . M . Grant & Co. New York-------------------------------------------- 123,332 1U
V A N B U R E N C O U N T Y (P . O . K e o s a u q u a ), Io w a .— B O N D S D E ­

F E A T E D . — The

proposition to issuo the $40,060 county-home bonds
submitted to the voters on Oct. 15 was defeated, we are advised, and not
voted as was first reported.— V. 105, p . 1731.
VAN Z A N D T C O U N T Y ( P . O . C a n t o n ), T e x . — B O N D S V O T E D .—

Papers state that on Dec. 30 an issue of $300,000 Road District N o. 1 bonds
were voted.
V IC T O R S C H O O L D I S T R I C T , S an B e r d a r d in o C o u n t y , C a lif.—

B O N D E L E C T I O N . — An election will be held Jan. 15 to vote on the ques­
tion o f issuing $3,600 6% 2-8-yr. serial school site purchase bonds.— V.
105, p, 2293.

V O L U S IA C O U N T Y S P E C IA L T A X S C H O O L D I S T R I C T N O . 23,

F la .— B O N D E L E C T I O N P R O P O S E D .— The voters of this district have
asked for an election to vote on the issuance of $25,000 bonds. O. R. M .
Sheppard is Supt. of Board of Public Instruction. P. O. De Land.
F IN A N C IA L

F IN A N C IA L

LO A N S

6 0

TEAGUE

B O N D S V O T E D . — By

0 0

C o u n t y ,

Y o u r

I o w a ,

Funding Bonds.
Notice is hereby given that the- imderslgned
County Treasurer of Crawford County, Iowa, will
seU at open sale at the office of the County
Treasurer of said County,
Denison, frwa.
commencing at T W O (2 ) O CLOCK 1 . M.,
Funding'ilonds^f said County of tho^enomination of One Thousand Dollars (81.006 60) each,
and the aggregate Two Hundred Sixty Thousand
Drilars ($200?000 00). Said Bonds to be dated
February 1st, 1918, bearing interest at the rate
thov whf sell for on said date, not to exceed Five
(5 ) yper cent per annum, payable semi-annually
on the 15th day of April and October of each
^O ptional payments will be paid at any time after
Twelvo (12) years from the issuance of said
honds payment to bo completed on said bonds
at the’ end of Twenty (20) years.
The purchaser Is to furnish all blanks for
printing of bonds and to pay all legal costs in
relation thereto and deposit with the said County
Treasurer his certified chock for Four Thousand
nniiirs ($4,000 6 0 ). payable to tho order of the
said County Treasurer of said Crawford County,
in the event of failure of such purchaser to take
SUL>ated at Denison, Iowa, this 9th day of
January, 1918£ o m E jjVERS,
County Treasurer of Crawford
Coimty, Iowa.

F o r e ig n

B u s in e s s

A

In your banking business— foreign
as well as domestic— you need the
services of a progressive and strong
banking institution. Our Foreign
Department is equipped to finance
your imports along modern, effi
cient and economic lines and pro­
vide you with any other medium of
foreign exchange.
Please command us.

STON E&W EBSTER
F IN A N C E p u b lic u t ilit y d e v e lo p m e n ts .
B U Y A N D S E L L s e c u r it ie s .
D E S IG N B te a m p o w e r s t a t io n s , h y d r o ­
e le c t r ic d e v e lo p m e n t s , tr a n s m is s io n
l i n e s , c i t y a n d i n t e r u r b a n r a ilw a y s ,
g a s p la n ts , in d u s t r ia l p la n ts a n d
b u ild in g s .
C O N S T R U C T e ith e r fr o m o u r o w n d e ­
s ig n s o r f r o m d e s ig n s o f o t h e r e n g i­

Member of the
New York Clearing House
Association.

n eers o r a r c h ite c ts .
R E P O R T o n p u b l i c u t i l i t y p r o p e r t ie s ,
p r o p o s e d e x te n s io n s o r n e w p r o je c ts .

Member of the
Federal Reserve Bank
of New York.

M A N A G E r a ilw a y , lig h t , p ow er a n d g a s
c o m p a n ie s.

Ir v in g T r u s t C o m p a n y
F IN A N C IA L

P u b li c
g r o w
t i e s

N EW YORK

U t i l i t i e s

i n g

c o m

m

Woolworth Building
New York

in

o p e r a t e d

T h e i r

C H IC A G O

u n i ­
a n d
A c t a aa
E x e c u to r,

f i n a n c e d .
*1

. B O S T O N

G i r a r d

T r u s t

T tru stee,

s e c u r i t i e s
t o

i n v e s t o r s .

p a n y

P H IL A D E L P H IA

A d m in la tr a to r ,
o f f e r e d

C o m

G u a r d ia n ,

C h a rtere d

1836

R e c o iv o r ,
M
U

i d

d

l e

t i l i t i e s
S u ite N o .

72

W est

W

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1500

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T r a n sfe r
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S t.

C H IC A G O , I L L I N O I S




R e g la tr a r

on

an d
A g e n t.
a llo w e d

d e p o a lta .

C A P I T A L a n d S U R P L U S , $ 1 0 ,0 0 0 ,0 0 0
E .

B .

M o r r is ,

P r e s id e n t.

210

THE CHRONICLE

—. V O L U S I A C O U N T Y S P C E I A L T A X S C H O O I

m o

[V o l . 106.

ai

Issued fo r th e co n stru c tio n o f h ig h w a y s.

y

t n e s o c er th ic a tc s are

8 1 9 ,4 3 4 9 4 D r a in a g ^ D is t r ic t N o . 21 b o n d s .'

D e n o m s . $ 2 7 6 4 2 an d $ 5 0 0 .

a n T ^ .w w W ^ i c / & I d& e , e x C o u n t y» M o s s .— B O N D S A L K . — O n J a n . 11
'f.suo ° f 9 1 2 ,7 0 5 5 % cou p on or registered (p urchaser’s op tion ) t a x free
sta te d P to th e
an d sch ool b o n d s w as aw a rd ed , it is
s t a te d , t o th e O ld C o lo n y T r u s t C o . o f B o sto n a t 1 0 0 .7 3 5 .
D a t e Jan 1
& °oT r as fi ci C P B o s t o n ^ HD u o “o n 1 J an . J i & J V T.a t tho SO 2 0 ^ 1 0 1 0 D e p o s it
s
o
o n o on 1? _
_
id o
-u oston.
1 as follows* U oston S a fe
onn
9 2 0 a n d 1 9 2 1 . $ 7 0 0 0 .1 9 2 2 8 6 ,5 0 0 1 9 2 3 , 8 2 JJOOl 9 2 4 . 8 1 , 0 0 0 19 25 and
H e h l'
v * ! in debted n ess (in cl. those issu e s), 8 4 3 0 ,5 2 7 .
N et
d e b t , 8 3 3 0 ,0 2 4 .
N e t v a lu a tio n 1 9 1 7 , 8 3 1 ,2 9 6 ,3 1 5 .

1 3 ,8 0 5 0 0 D ra in a g e D istr ic t N o .
3 .5 9 6 0 0 D r a t a ^ D i s t r i c t

S C H O O L T O W N S H I P , M ia m i C o u n t y , I n d .— B O N D
-P ro p o sa ls w ill bo received u n til 10 a . m F e b 2 b v A rth u r

O FFER
O F F E R IN G .

D ^ t i f Feb' VI2 191 SSte<T n t°r ^ l J ’ a° °
F
to

«e p t. 1 1|1 7 :a n d m a tu r in g
K 9
S

tP

\

w

S e p t. 1 1 9 2 7 .

C 9 H ,N T Y * T '

°*

D o n o m . 8 1 ,0 0 0 .

4 ,7 8 8 0 0 D r a m a g e 'D is t r ic t
In te rest M . & N .

In t. M . & S.

M o .— B O N D S

NOT

D en om s. $4 3 5

24

N o.

b o n d s.
b o n d s.

D e n o m s . $ 5 0 0 an d $ 5 9 6 .

4 ,6 3 8 9 7 ^ ^ ^ ^ . D i s t r i c ^ t N o . 2 5 b o n d s.

S 8 P1 b o n d s D o n o m . 8 1 ,0 0 0 .
f " > “ >w »

G r e e n v ille ),

22

B id ^ U

b

o u

K

N o.

26

an d $ 5 0 0 .

D e n o m s . $ 1 6 2 71 an d $ 5 0 0 .

b o n d s.

D en om s.

$184

an d $ 5 0 0 .

D u o serially.
u n til V 'p .T n . ^ a ' r l l b y R o y l ^ C o l ? g ™

* ™

V

B a s u f & s t s s r d fe A H .« § .H S s ™ i7 r i-

YET

?‘cs r r,,,° °»- t ,'oos- D™
CANADA,

its

J s ;.v a
i

Provinces

and

M u n icip alities.

$ 2 ,8 0 0 5 % cou p on b id # . b o n d s.
A u t h . S ec s. 5 6 5 6 an d 7 6 2 5 t o 7 6 2 7 iiicl
G en . C ode
D onom . 8280.
D a te Jan. 1 19 18 .
In t M & S
D u e s ls n

D a te^ o D t

l I 9 1 7 ed

a£ p a r ’

dob.°

D onom . $500.

s

s

s

-

i

n

e a

ts

f t s a j s a ^ w o T - °f<lco- BomM

W H IT E

BEAR

SCH OOL

D IS T R IC T

CP

O

St

P -,,,11

i^

t, ? ° *br» ®t a t 0
M in n e s o ta .
D o n o m s . $ 2 ,0 0 0 to $ 4 ,0 0 0
in J u ly .
D u o p art each ye ar fr o m 1 9 2 2 to 1 9 3 7 incl

tures h a s been p u r c h a im d fjb * !? s ta te d .^ b y 'iv ir s . A d a H ? F it z g e r a ld ° d e b e n _

r>

In t

aim
ann‘

W IL L IA M S P O R T
SCH OOL
D IS T R IC T
(P .
O.
W illia m s p o r t)
L y c o m i n g C o u n t y , P a .— N O A C T I O N Y E T T A K E N . — N o a c tio n h as v e t
onBN o v ke6^— V

l $ 5 ° p ° 2 1 1 4 “ Issuanc0 o f th o 3 3 0 0 ,0 0 0 school bond's v o ted

£

t

h e ^ ^ a m^ —

t t b

«

lo c a l' in v e sto r s?9 ?

b r i ^ ? ^ o n d s Jcarri edt at ^ he*ejection

th ^ ld

« ° M i e « -h p m e b on d s were a u -

THE

A T L A N T IC M U T U A L IN S U R A N C E C O M P A N Y
"*

* * * «

,

»

,m .m u

« ,»

th e c tr n r g m o g g g . »

Premiums on s u X r ls k s from the* U t January^ 19 io ° t o ' t h a
Premiums on Policies not marked o ff lsTJanuary. 1 9 1 0 . . .

J-G -W H ITE COM PAN IES
«

, th e t e S

tnsuT ance•
December, 1010...................... $ 8 ,087 ,17 4.02

A

V

A

Y

l I t h

,

P u rch asers
C o n tra c to r*
M an ager*

.5 7 .8 5 5 ,0 9 2 .2 5
of

109,638.08 $

an d

In d u s tr ia l

P r o p e r tie s

during the year.

_ ,_____
Re-insurance Premiums and Returns of Premiums

P u b lic U t ilit y

650,385.62

REPORTS— VALUATIONS— ESTIMATES

L e s s " * | a i v 'a g e s : I V . V . V . V . V 3 2 2 T 3 8 : 5 7 § 3 -3 6 0 ' 1 5 0 -8 7
Re-insurances................................ 5 8 6,83 2.5 3 $ 908,97 1.1 0

^ ^ m

S

O p e ra to rs

.5 8 ,9 9 0 ,8 7 7 .6 8

tOBBta paid

J

E n g in e e r s

T otal Premiums............ . . . . . . . . ........... ..
Premiums marked o ff from 1st January. 1 9 1 0 . to 3 l3 t December. 19 1 6 .

h

Financiera

43 E X C H A N G E

P L A C E , N E W Y O R K

LONDON

52,451,185.77
.
“ ___

i s ^ C
enmn|tcCOmpen3atloa of o fflc o r3 and" clerks^"taxesT"stationery" S 1 ,3 8 ° ’2 9 8 ’7 3
............................................................................ - .............................................S 74 0 ,8 9 9 .72

C H IC A G O

A le x . O . H u m p h rey *

A lte n 8 . M l ’lct

H U M P H R E Y S & M I L L E R , Inc
<>»^£ffvaiaB&zR5apgi*54ii

m

Interest

thereon will cease
Th e certlflcates to im
elJfuary. next> fr°m which date all
A dividend of F orty p w cent. Is d e e fa r^ on the
nJi,n?mot ^??i,o f , ? ayment and canceled.
81st December. 1916, which arc entitled to partidpatehl dtvfiwKl U w hfil? nnJ?nP? nyiforMh3 year endln*
fr>r
will 00 issued on and after T u e sd a y tho first of M ay next end‘ f wlllctl* upon application, certificate;
B y ord er o f th e B oard ,
_ 6 . S T A N T O N F L O Y D -J O N E S . S ecretary.

E D M U N D L . B A Y L IE S ,
JO H N N . B E A C H ,
N IC H O L A S B ID D L E .
JAM ES B R O W N ,
IO H N C L A F L I N .
GEORGE C. CLARK.
CLEVELAND H. DODGE,
C O R N E L IU S E L D E R T ,
R f Q D A R D H . E W A R T ,’
P H I?IA NJ C r^ ? M R r E a
p
I?
N

H E RB E RT L . 0111003

ANSON W . HARD,
’
ANTON A. RAVEN.
SAM UEL T . HUBBARD,
J O H N J. H IK E R .
L E W IS CA SS L E D Y A U D ,
W IL L IA M H . L E F F E R T ^.
? u ° s ^ K
^ 0N C H A R L E S D . L E V E IU C H .
GEORGE H . M A C Y ,
SLOAN,
N IC H O L A S F . P A L M E R ,
W IL L IA M S L O A N E
W A L T E R W O O D PAR SO N S,
L O U IS S T E R N ,
C H A R L E S A ~ P E A B O IV V *
W IL L IA M A . S T R E E T
JAM ES H POST,
’
G E O R G E E . T U R N U R fe .
CHARLES M . P RATT,
G E O R G E C . V A N T U Y lL J ».
D A L L A S B .P R A T . ,• . t, .
T
R ic h a r d ii. w il l ia m ?
A . A . R A V E N , C hairm an o f the Board
C O R N E L IU S E L D E R T , President

s &

.
A SSETS.
Waited States and State of N ew York
a n # 'W a r r e n t a '5 f *th'e* C ity of*
6 7 0 -0 0 0 -00
N ew York and Stocks o f Trust
1.773 5 5 0 Oft
Companies and B ank s_____ _______
O t o e t e u r m ^ ! . 0/ Ra,lr0a(,3.............
Special Deposits in Banks* ami*Trust

3 ,36 7 '1 8 5 '0 0
' ° ‘uu

E N G IN E E R S

P ow er— L ig h t— G a s
18# BROADW AY

G en eral

s s - i a * ,5 f e

- s s h S™
»S lt^ ,.,y „“ pald - w

w

t

iJ S no BaOS.................................................
1" a n 8 ................................................................

L ig h t,

P ow er,

Ice

S tre e t

R a ilw a y

Thus leaving a balance o f ................

^ &

n
s?rf;8is: a s s & J w ^ * *

R e p o rts

« K T « a , V i H

0 0 * * » te e * o f these Increased valuations th e balance would be........... .............

an d

G en eral

MINING ENGINEERS
H .

M U

C H A N C E

&

C O .

M i n i n g E n g in e e r s a n d G e o l o g i s t s
M IN E R A L P R O P E R T IE S

E x a m in e d ,

^ 1 3 ,546,488.6$

G a *.

P r o p e r tie s ,

E n g in e e r in g .

C O A L A N D

'

W a ter,

W e are p rep a red a t tim es to
offer E n tire Issues o f P u b ­
lic
U tility
F irst
M o r tg a g e
B on d s a n d P referred S to c k s,

M an aged ,

D re a el B ld g .

* i5-r a-03
\




an d

V a lu a tio n s ,

2 ,8 08,7 85 .7 7
135,000.00

E n g in e e r s

E le c tr ic

a

„ 2 0 6 .3 1 1 .9 8

an d

of

. - .......... . - - 17 4.943.90
Re-lnsuranco Premiums on Terml*
nated Risks...............
ral
E ^ ^ t a t r ^rr. W s li
wiUlkin 2 -ot,0-0 0 0 *°9
37 3 .6 6 9 .0 f
Claims not Settled, including* Com­
pensation,
__________
t m ooq n .
•
S
t
f K
a - < w a
Certificates of Profits Ordered‘ r IC.
15d'3 0 9 ,M
under provisions of Chapter 4 8 1 .
deemed, Withheld for Unpaid Pre­
Laws o f 1 8 8 7 ) . . . . . . . . ___
7 5 0 0 0 no
m ium s_________
S r t g N o r e s ..................................................... 8 6 6 :0 3 5 :0 6 Incomo Tax Withheld *a*t*t*h*o* Source* *
22 ,557 .84
. Hecelvablcr.
1 ofik iu 7 7 1 Suspense A ccou nt_____
1,210.2b
Cash in hands of European Bank'crs
*
*
"
____ 5,8 99.7 5
Certificates o f Profits O utstanding^^ 7 ,6 68.8 50 .0 0
to p ay losses under policies payable
C M h t o i S . k 0 U n tr le 8 ...................................

&

141 BROADW AY .NEW YO R K .
E x p ert O p era to rs

^ T f t y * i s t e 8 '^ j s x r * ‘ -

s a M

E n g in e e r in g

M a n a g e m e n t C o r p o r a tio n

_
. .
l ia b il it ie s .
Estimated Losses and Losses Unset­
tled In process of A djustm ent.......... $ 3 632 239 Co

tS

NEW Y O K B

. 51.988.969.00

A p p r a is e d
P H IL A D E L P H IA

M . C h adbou rne &
In v e s tm e n t

C o.

S e c u r itie s

.5 6 ,2 8 5 ,8 6 4 .0 9
766

B road

S t.

N ew ark,

N . J .