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—
^
& Ouotation
Bank
INCLUDING ^b^
^
Railway
Section
Railway Earnings Section
&
Railway Section
State and City Section
Industrial Section
Electric
Bankers' Convention Section
SATURDAY, JULY
VOL. 105
NO. 2716
14 1917
Clearings at
Week ending 9uly
—
7.
Inc. OT
PUBLISHED WEEKLY.
Terms
of Subscription
1917.
— Payable ia Advance
0W One Year
$10 00
6 00
13 00
Months
fforSix
European Subscription (Including postage)
European Subscription six months (including postage)
7 60
14s.
11a.
o
£2
£1
A.nnual Subscription in London (including postage)
Six Months SuVsoription in London (including postage)
Canadian Subscription (including postage)
$11 60
Suhscriptlon includes folloioing Supplements—
a»„^^i^„ Business rco^/io
Standing i7„o,„^,, Cards
Three Months (13 times)
29 00
50 00
87 ®®
g.^^ Months
(26 times)
Twelve Months (52 times)
-
(.
454,332,756
39,041,847
79,597,222
49,016,978
23,324,349
13,050,942
10,152,000
9,052,809
5,300,000
4,537,506
4,406,481
3,249,845
2,043,408
1,735,859
5,968,000
1,425,750
565,015
4,289,199
3,126,604
1,381,046
1,490,875
750,000
979,939
1,080,183
817,056
990,000
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
gANK AND Quotation (monthly) RAILWAY AND INDUSTRIAL (3 times yearly)
ELECTRIC RAILWAY (3 times yearly)
Railway Earvi.\(ts (monthly)
3TATE AND CITY (semi-anuually) Baakees' CoMVENTioH (yearly)
Terms of Advertising Per Inch Space
Transient matter per inch space (14 agate lines)
H 2®
(.s times)
„ -JS WM
C Two Months
'
Chicago
Chicago Office— 39 South La Saile Street, Telephone Majestic 7396.
Grand Rapids..
Dayton
Evansville
Springfield,
Fort
Rockford
Lexington
Youngstown
Canton
South Bend
Springfield,
lONDOM OFFICE—Edwards & Smith, 1 Drapers' Gardens, E^ C
"WII^IilAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster St8.< Neiv Yorbs
III.,
Wayne
Akron
O..
Mansfield
Quincy
Bloomington
Decatur
DANA
Jackson
Danville
Published every Saturday morning by WILLIAM B.
COMPANY.
Jacob Selbert Jr., President and Treas.; George 3. Dana and Arnold G. Dana,
Vice-Presidents: Arnold G. Dana, See.
Addresses of all, Ottlce of the Company.
Lima
Owensboro
CLEARING HOUSE RETUNS.
....
Ann Arbor
the corresponding
Clearings
week
82,438,645,577
329,482,522
210,538,625
232,018,867
73,197,205
85,947,762
58,331,885
58,488,380
37,670,138
39,306,005
20,131,051
-F20.0
+ 30.5
+ 24 3
+ 0.03
+ 63.8
+ 35.1
+ 43.6
84,355,031,632
623,479,823
.43,583,758,017
524,769,418
+ 21.5
+ 13.1
84,978,511,455
1,000,402,718
Philadelphia
-
Louis
San Francisco
54,108,527,435
787.056,375
+ 21.2
+ 27.1
Minneapolis
85,978,914,173
.84,895,583,810
+ 22.1
Denver
Pittsburgh
Detroit
Baltimore
New Orleans
64,4.53.839
45,925,844
38,461,009
36,379.735
Eleven cities, five days
Other cities, five days
Total
all cities, five
Portland
1916.
82,926,421,556
429,985,838
261,598,621
232,078,276
119,905,904
116,074,262
83,746,748
Chicago
days
day.-
All cities, 1
Per
Cent
Seattle
1917.
.
New York
.
Adrian
Tot. Mid. West,
San Francisco
Los Angeles
— Returns by Telegraph.
Boston
Kansas City
.
Lake City..
Spokane
Salt
Tacoma
Oakland
Sacramento
San Diego
Pasadena
Stockton
Fresno
San Jose
+ 10.2
+ 22.9
North Yakima..
+ 80.7
Reno
Long Beach
—2.1
Total Pacific. .
Kansas City
Omaha
St.
Total
all cities for
week
1
St.
The
full details for the week covered by the above will be given next Saturday.
cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
,
Detailed figures for week ending Saturday noon, July 7, for tour years follow:
We
Clearings at
Week ending July
—
Dec.
1916.
1915.
Paul
Joseph
Des Moines
Duluth
Sioux City
Wichita
Lincoln
Topeka
Davenport
Cedar Rapids...
7.
Inc. or
1917.
111.
1914.
Colorado Springs
Fargo
Pueblo
Fremont
New York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Washington
Albany...
Rochester
Scranton
Syracuse
Wilmington
Reading
Wilkes-Barre
Wheeling
Trenton
York ...
Erie
Lancaster
Chester
BInghamton
.8
8
3,515,031,636 2,625,363,692
312,031,352
237,906,692
71,587,603
61,561,736
52,000,897
47,046,973
19,171,266
18,004,158
12,304,289
8,967,072
5,692,805
5,468,010
8,934,.306
8,005,877
4,233,456
3,611,976
4,596,367
4,383,851
3,620,6.30
2,874,423
2,821,776
2,480,635
2,069,835
1,973,6.54
4,453,147
3,006,220
2,644,173
2,381,714
1,149,041
1,054,426
1.799,909
1,484,873
1,737,556
1,979,382
1,490,778
1,280,741
1,034,400
1,077,900
675,000
640,828
825,000
816,713
533,703
406,268
1
Note.
8
8
%
Waterloo
+ 33.9 1,646,414,139 1,842,250,909 Helena
+ 31.2 130,789,237 167,248,085 Aberdeen
+ 16.3 42,701,327 53.249,:^09 Hastings
+ 10.5 33,054,685 37,467,799 Billings
12,228,680
+ 6.5
12,098,546
Tot. oth. West
7,561,412
+ 37.2
8,575,873
5,325,653
+ 4.1
6,936,803
St. Louis
4,284,799
+ 10.4
5,639,220
New Orleans
2,928,118
3,925,875
+ 17.2
Louisville
3,085,522
+ 4.9
3,991,206
Houston
1,920,273
+ 26.0
2,224,212
Galveston
1,688,542
+ 13.7
2,050,000
Richmond
1,814,682
+ 4.9
1,524,570
Fort Worth
+ 48.1
1,794,665
2,286,479
Memphis
1,831,333
+ 11.0
1,915,057
Atlanta
818,029
+ 9.0
1,036,032
Nashville
+ 21.2
1,006,828
1,093,343
Savannah
+ 13.9
1,221,058
1,633,685
Norfolk
+ 16.4
554,418
751,838
Birmingham
—4.0
707,800
698,000
Mobile
+ 5.5
442,594
650,918
Jacksonville
+ 1.0
400,000
296,273
Knoxville
430.564
+ 31.3
522,896
+ 32.5 1,903,004,358 2,158,066,928 Chattanooga
Little Rock
+ 23.9 131,985,313 159,778,963 Charleston
+ 22.6
6,982,300
Oklahoma
8,133,600
+ 16.2
6,064,129
Augu.sta
7,384,516
+ 7.9
3,859,419
Macon
4,751,681
+ 12.9
2,664,294
Austin
3,.300,000
,
Altoona
Greensburg
Montclalr
Total Middle. 4,030,680,751 3,041,535,988
Boston
262,212,751
203,598,050
Pro\'ldence
12,532,300
10,219,900
Hartford
8,5.50,007
9,940,038
New Haven
5,299,609
4,912,657
Springfield
3,8.53,782
4,451,287
Ponland
2,400,000
2,000,000
Worcester
3,536,095
3,900,918
Fall River
1,935,228
1,276,053
New Bedford...
1,519,932
1,104,202
Lowell
1 028 387
.
1,083,271
Holyoke
810,000
900,000:
Bangor
901,503
929,8091
Tot. New Eng.
306,622,014
242,273,765
—
+ 20.0
—9.3
+ 51.6
+ 37.6
—10.0
— 3.0
+26.6
8.50,000
852,128
520,204
1,100,000
391,121
435,564
86,948
725,941,634
week and 84,895,583,810
last year.
Week ending July 14
St
last
Lansing
Jacksonville,
The following table, made up by telegraph, &c., indicates that the total banl<
clearings of all the clearing houses of the United States for the week ending to-day
have been 85.978,914,173, against 85,836,919,492
i
1,866,028
2, 377, .570
1,057,870
877,332
805,044
744,987
430,345
159,714,631
2,201,262
2,858,951
1,426,627
1,308,668
923,490
857,877
590,448
193,516,083
—For Canadian clearings see "Commercial and Miscellaneous News.'
Vicksburg
Jackson
Tulsa
Muskogee
J
Dallas
Total Southern
Total
all
1916.
Dec.
1915.
1914.
8
%
362,313,075 + 25.4
33,707,400 + 15.8
50,318,121 + 58.2
33,909,997 + 44.6
19,452,557 + 19.9
11,493,767 + 13.5
9,292,100
+ 9.2
8,541,831
+6.0
3,400,000 + 55.9
3,746,428 + 21.1
3,925,170 + 12.3
1,845,680 + 76.1
1,586,291 + 28.8
1,511,146 + 14.8
3,716,000 + 60.6
1,076,429 + 32.4
700,002 —15.3
3,761,515 + 14.0
+ 2.2
3,058,662
880,517 + 56.9
1,014,068 + 46.9
633,871 + 18.3
871,401 + 12.4
882,774 + 22.4
722,709 + 13.1
900,000 + 10.0
813,215
+ 4.5
757,184 + 12.5
353,526 + 47.2
1,032,692
+ 6.5
358,319
+ 9.2
402,653
+ 7.7
64,235 + 35.4
567,047,335 + 28.0
269,098,650
25,476,750
31,439,791
25,180,303
14,487,658
9,514,704
6,303,100
6,319,092
2,687,815
2,797,609
2,781.214
1,463,571
1,125,246
1,505.744
2,133,000
938,963
697,980
1,842,164
1,824,538
724,627
677,294
614,218
674,557
646,590
451,278
939,222
426,096
574,870
322,320
605,193
236,204
215,502
35,419
414,761.282
471,573.250
321.822,054
27,679,200
23,875,212
24,830,930
21.517,056
10,128.099
7,363,700
6,092,836
3,660,649
3,595,745
2,344,188
1.750.105
1.056,040
1.499.314
1.681.000
781,741
891,765
2.033.493
1,600,141
585,511
1,059,626
493,632
802.991
741,928
546.837
540,000
486,762
576,780
384,307
560,739
278,660
251,978
60,213
102,061,159
28,671,000
20,906,140
12,000,000
13,566,744
5,000,000
2,797,612
5,690,935
2,748,616
2,136,022
1,143,735
1,548,816
1,300,000
979,725
613,017
601,997
778,579
64,233,516
22,834,550
14,088,837
10,812,790
8,828,170
4,555,348
2,335,506
4,247,376
1,832,557
2,039,317
826,491
1,320,894
1,012,063
837,931
361,488
347,755
664,299
+ 58.9
+ 25.6
+ 48.4
+ 11.0
+ 53.7
+ 9.8
+ 19.8
+ 34.0
+ 50.0
+ 4.7
+ 38.4
+ 17.3
+ 28.5
+ 16.9
+ 69.9
+ 73.0
+ 17.2
47,405,876
17,925,357
11,088,660
8,674,429
5,621,470
3,309,000
1,746,251
3,261,094
2,057,031
1,830,897
760,609
876,669
785,585
688,210
320,000
262,806
525,219
56,975.450
24,321,871
13,602,685
11,835,661
6,411,672
4,377,470
2,231,090
3,831,500
1,993.941
2.153,782
968,109
903,158
880,107
826,591
400,000
297,720
685,177
202,544,097
141,178,978
+43.5
107,139,163
132,695,994
119,173,064
26,968,356
28,205,824
14,211,662
14,646,028
12,095,778
7,693,661
3,923,736
5,100,000
5,355,758
3,872,613
2,280,253
2,624,193
2,534,917
813,964
1,392,202
611,830
2,254,000
1,900,000
768,520
461,146
1.136,422
72,594,900
26,187,666
19,091,380
14,442,031
11,490,413
8,157,145
7,354,121
4,510,191
3,700,000
3,996,596
2,737,604
1,577,640
1,965,414
1,863,016
686,439
1,605,042
480,517
416,004
1,965,000
1,486,395
787,187
296,919
744,252
58,655,076
15,379,626
16,889,241
11,744,119
7,779,772
7,515,324
5,488,482
2,403,118
3,043,352
3,203,179
2,391,606
1,660,321
1,436,713
1,891,893
623,941
1,105,390
484,294
417,151
1,490,057
1,011,198
636,464
217,598
453,791
51,212,641
23,599,577
15,931,164
12,104,852
8,505,324
5,597,471
6,345,794
3,117,237
3,602,305
2,756,298
2,329,224
1,527,632
1,795,254
2,047,337
835,814
1,043,942
677,063
355,621
1,438,720
1,476,110
378,750
179,836
339,549
258,543,490
188,135,872
+ 64.2
+ 3.0
+ 47.7
—1.6
+ 27.5
+ 48.3
+ 4.6^
— I9.7I
+ 37.8
+ 34.0
+ 41.5
+ 44.6
+ 33.5
+ 36.0
+ 18.5
—13.3
+ 27.3
+ 27.4
+ 14.7
+ 27.9
—2.4
+ .55.3
+ 52.7
+ 37.4
+ 31.6
+ 56.9
+ 3.4
+ 10.3
+ 66.1
+ .')0.4
+ 17.0
+ 55.3
+ 72.1
+ 13.7
+ 7.3
+ 26.4
+ 53.6
+ 39.3
+ 12.2
+ 6.3
+ 21.9
+ 39.2
+ 29.8
+ 32.8
+ 26.9
47.5
+ 19.0
+ 0.1
—51.2
+ 96.7
+ 48.2
+ 75.5
+ 34.9
145,921,706
147,197,715
65,439,646
14,831,056
13,332,771
6,830,606
3,371,288
8,362,288
7,856,629
4,259,153
11,604,794
2,226,980
1,747,855
221,055
371,020
1,639,097
673,104
77,795,072
17,610,411
13,716,724
7,855,965
3,422,264
9,750,675
7,235,839
6,696,447
13,425,949
6,666,855
3,735,238
4,008,493
2,950,127
1,447,897
3,466,292
2,110,772
2,444,751
2,484,520
1,789,420
1,898,937
1,377,468
2,767,058
1,635,130
309.466
338,112
1,779,783
937.699
171.214,870
199,657,364
519,.563
115,917,001
33,986,760
17,276,429
8,200,000
4,800,000
23,000,000
9,092,647
9.596,463
22,467,149
7,066,794
5,364,274
5,637,586
3,934,553
1,311,189
3,541,433
2,413,236
3,370,761
3,018,260
3,043,000
5,583,000
88,102 256
21,661 885
16,707 128
7,431 159
2,'889 266
15,623 606
7,773 171
6,180 ,143
13,051 ,985
6,213 353
4,997 933
4,460 728
2,562 020
941 672l
3,157 ,4731
2,270 982!
2,764 ,828
2,167 0831
2,345 ,473!
4,204 333
1,.597, .557
1,257 ,185
2,268 299,
1,211,000
1,784,514
252,504
325,000
5,898,730
1,365,396
11,0.32,270
312,587, .506
1,.500 ,000
252 277i
667 ,7961
2,998 298
921 ,729
6,278 ,800
231,6,50,861
5,836,919492 4,412,422,799
Outside N. Y. 2,321,887,856 1,786,459,107
—
5,094,875'
3,118,087
4,175,683
1,941,462
981,532
2,651,949
1,514,257
2.105,101
1,900,211
1,660,137
2,201,500
1,102,7.34
+32.3 2 ^901,756,010 3j02 J07,324
+30.0 17255,341,881 1,400,456,415
THE CHRONICLE
103
[Vol. 105.
excess reserve instead of being $278,452,990, would
INDEX TO CHRONICLE VOLUME.
have been only $156,860,410. It should be under"Chronicle" we send to ou'^ stood that the reserve requirements are not taken at
subscribers an index covering the numbers of the 13% for all the Clearing House institutions, as might
paper that have appeared in the three months be inferred from newspaper comment, but only in
ending with June 30 1917. With the issue of the case of the member banks of the Federal Reserve
April 14 we furnished in like manner an index to the system.
For the State banks not members of the
numbers covering the three months ending with Federal Reserve system the reserve requirements
March 31, the two together comprising the whole have been continued at 18%, as required by the
of the half-year from January to June, inclusive.
State law, and for the trust companies not members
In thus issuing quarterly indexes, we are inaugurat- of the Reserve system at 15%, also as required by
Previously it has been the cus- State law. But, of course, in point of magnitude of
ing a new practice.
tom to furnish an index only at the end of each six business and operations the member banks of the
With
this issue of the
months. Owing to the increase in the size of the
paper, however, it is no longer feasible to bind the
numbers for a six-months period in a single volume,
Acsince the book becomes too bulky to handle.
cordingly, we now bind the volume in two parts,
and an index goes with each part. The index issued
to-day covers Part II of the volume Volume 104.
The first three months to March 31 constitute Part I
of the same volume.
To insure greater durability we now also bind the
volumes in buckram instead of in leather, the style
and appearance, however, corresponding very closely
with the old volumes.
—
Reserve system far out-rank the others. We notice
what looks like an oversight in one particular in
making up the figures. All the member banks of the
Reserve system are treated as if thej^ were national
banks, and the reserve requirements taken at 13%.
As it happens, there is one large State bank, namely
the Corn Exchange Bank, which is a member of the
system, and also one trust company, namely the
Broadway Trust Co. These two institutions, being
still subject to State law, the reserve requirements in
their case should have been figured on the basis of
18 and
15%,
respectively, of the
The State law
demand
deposits.
allows the State institutions to join
the Federal Reserve system, but provides that "if
THE FINANCIAL SITUATION.
any bank
As expected, the weekly return of the New York
Clearing House banks was issued last Saturday
with the surplus reserves computed on the basis
of the lower reserve requirements fixed under the
amendments to the Federal Reserve law.
These reserve requirements are now only 13% of
the demand deposits, as against 18%, and but
recent
3%
of the time deposits against the previous
5%.
new percentages must be kept
with the Federal Reserve Bank of New York,
The whole
of the
whereas previously considerable portions could
be held in vault. As a consequence of this lowering of the reserve requirements the surplus reserves
of the Clearing House institutions took a tremendous leap upward, jumping from $104,814,320
June 30, to $278,452,990 July 7, an increase for
week
$173,638,670. Incidentally
illustrating the perfunctory and routine
the
of
and as
way
in
which these returns are issued, it deserves to be
noted that not a word of explanation appears in
the official statement to indicate this striking
change in the method of computing the reserves.
Were
it
not for the comment of the newspapers,
and the anticipatory discussions of the subject by
the same, the public might be totally in ignorance
of the fact that the reserves had been calculated on
an entirely different basis from that previously in
vogue, and that the bulk of the tremendous increase in the surplus, or excess, reserves, was due
to that circumstance.
Not even a footnote is
appended to the figures to convey a hint of the
transformation
We
that
possibilities
wrought.
have made calculations
two
have become a
member of a Federal Reserve bank it may maintain
as reserves on deposit with such Federal Reserve
bank, such portion oj its total reserves as shall be
required of members of such Federal Reserve bank."
The total reserves stand the same as before, even after
a State institution joins the Reserve system.
As we stated in our issue of last Saturday, we deem
it unfortunate that the Clearing House should have
adopted the 13% reserve requirement as the full
limit of reserves to be kept.
It is true that 13%
(all with the Federal Reserve bank) is all that is
legally required of the national banks, but it was
never contemplated by any one in Congress that this
was the only reserve that the banks should keep.
It was recognized that the banks would have to keep
certain vault reserve in addition, and the purpose
was to leave this at the discretion of the banks
themselves. Such vault reserves will necessarily vary
in different sections of the countrj^, but should everywhere be in accord with safe and sound banking
methods, and it was incumbent upon the Clearing
House, it seems to us, to determine a minimum
percentage, below which vault reserve should not be
allowed to drop in the interest of the welfare of all
the banking institutions of the centre combined, and
so as to maintain their integrity unimpaired, besides
setting a high banking standard for institutions in
other parts of the country to follow. This minimum
should not have been less than 5% in any event as
Congress assumed it would be, and might well have
been fixed higher as a counterpoise to the inflation
(or trust
of our
own, and find
thirds of the $173,638,670 increase in the
company)
shall
contained in the amendments to the
Federal Reserve law.
respect the Clearing
In evading
its
House not only
duty
in that
treats lightly
due to the reduced important banking functions, but sets a bad precedent
reserve requirements.
In other words, except for and undoubtedly lays the foundation for much
the*new method of computing the reserves, the in- mischief in the future.
As it is, the excess reserve being figured on the
crease, instead of being $173,638,670, would have
excess reserve for the
been only J $52, 046, 090.
week
It
is
follows that th
total
13%
reserve alone, gives a wholly fictitious idea of
July
THE CHRONICLE
14 1917.]
the strength of the banks. There is reason to fear
that the banks will gradually accustom themselves
How much
103
gold in vault did the
tions then hold?
New York
institu-
Take the member banks
of the
Federal Reserve system, as distinct from the State
banks and trust companies belonging to the Clearing
excess and can be trenched upon without serious
danger. With huge excess reserves shown week after House, but outside the Federal Reserve system.
week, the public will demand accommodations ac- The member banks reported $2,404,596,000 of net
cordingly, and it is the general experience that under demand deposits, and $68,139,000 of net time
persistent demands of that kind, the excess becomes deposits, making together $2,472,735,000 of deused up all too soon. When reserve requirements posits. Against this huge total of deposits how
were reduced from 25% to 18% and huge excess much gold did they have in their own vaults? No
reserves shown as a consequence, it seemed as if the more than $51,718,000, or only a trifle over 2%.
banks had been placed on a basis where a heavy In addition, they held $26,095,000 of silver and
to thinking that this swollen excess reserve
excess
is
real
always be depended upon, but it
take very long for the reserve to melt
could
not
away.
did
There
$22,452,000 of legal tenders, bringing the total
of all kinds
of
cash in vault up to $100,265,000,
is
additional reason for regret over the
fail-
over
but
leaving
it
even then only
slightly
4%.
Contrast with this the position of the trust comdefense of adequate cash reserves in the fact that the panies in the Clearing House but outside of the
country is engaged in a gigantic war demanding Federal Reserve system. With $964,680,000 of
financing upon a huge scale, and prudence dictates demand deposits and $124,095,000 of time deposits,
that none of the ordinary precautions against unsafe these trust companies had no less than $94,940,000
banking should be omitted. In other words, there of gold, besides $4,237,000 of silver, and $7,136,000
should be ample vault reserves to supplement the of legal tenders. In other words, they had nearly
reserves kept on deposit with the Federal Reserve 10% of gold alone against their demajid deposits.
banks. Vault reserves, as we have previously pointed The State banks outside the Reserve system occupy
out, have this advantage over balances with the an equal position of strength, having only $219,052,Reserve banks, that vault cash is definite and tan- 000 of demand deposits, and yet holding$19,750,000
gible, where reserves with the Reserve banks are of gold (9%) in addition to $7,085,000 of legal tensubject to special uses, the Reserve banks being ders, and $5,750,000 of silver.
permitted to make the gold thus held the basis for
Altogether the three classes of Clearing House inReserve note issues and to use it in other ways in stitutions last Saturday reported aggregate gold
purchasing commercial paper, or making invest- holdings of no more than $166,408,000, and of this
ments, for instance. Against member bank reserves $114,690,000 belonged to the State banks and trust
the Federal Reserve banks are obliged to hold a gold companies.
Obviously, the member banks of the
reserve of only 35%, and against Federal Reserve Federal Reserve system retain so little gold in their
note issues, the gold reserve need not be in excess own possession and so little cash generally because
of 40%.
they have transferred so much of it to the Reserve
ure of the Clearing
House
to take a firm stand in
—
The New York "Times"
in its issue of last Satur-
banks, but in this process there
is
menace
as
weU
as
day published a letter from A. Barton Hepburn in
which that eminent authority on banking and financial matters warns against the dangers of inflation, saying that "the greatest danger that confronts
advantage, since this furnishes the basis for an
extraordinary measure of inflation. On the other
hand, the gold held by the State banks and trust
companies is real, definite and tangible, and not
us as a nation in the iqimediate future is currency subject to attenuation through special uses.
It may
inflation.'" He expresses the fear, too, that as part of well be, therefore, that at a time when everything is
the process of inflation the effort will be to make making for currency and credit inflation, the State
Federal Reserve notes lawful reserve for
member banks and
trust companies will prove a real element
Our situation then would certainly be de- of strength in the situation. What a contrast, howThe danger of such a step in the process ever, between the position of the trust companies
of inflation upon which the country has been launched to-day and that held by them ten years ago, at the
is more real than imaginary, and Mr. Hepburn might
time of the panic of 1907. At this earlier period
have emphasized his warning by noting that Gov- they were so little fortified with cash that they were
ernor Whitman in May approved an Act of the a drag and burden upon the banks.
To-day such is
New York Legislature under which the prohibition the abundance of their cash that they hold a position
banks.
plorable.
Reserve notes to be
counted as reserves for State banking institutions
has been removed.
against
permitting
A.nother point
Federal
made by Mr. Hepburn
in his letter,
which we reproduce on another page (seepage 126),
is that though there is manifest advantage in trans-
not merely of absolute independence but superior to
that of the banks.
The food-crop
situation in the United States on
according to the report of the Department
of Agriculture, issued on Monday last, was on the
whole much more encouraging than a month earlier,
and, consequently, is quite in accord with deductions
July
1,
from the banks to the
Federal Reserve system, thereby making such resources more potent for good under centralized drawn from the weekly weather bulletins issued since
control than when in the hands of so many scattered the date of the last report.
Spring wheat, it is
institutions, yet "member banks should not be true, shows a decline in condition due to frosts and
reUeved from the lesponsibility of helping to main- drought in North Dakota, but a rather appreciable
tain a gold reserve."
Examine last Saturday's improvement in winter wheat is to be noted, so that
Clearing House return in the light of this statement. the outlook for the two varieties combined is someferring part of the resources
THE CHRONICLE
104
better than on June 1, or at the same time a
year ago, but much less satisfactory than in 1915.
Corn, on the other hand, although a little below the
average of recent years in condition, has been much
more freely planted than ever before, so that a crop
equal to the record production of 1912 is now in
prospect.
Oats registered some improvement during
June, and condition at this time is above the average;
the current estimate of the Department is for a yield
appreciably'greater than in 1916 and only about 100
million bushels below the high-water total of the
preceding year. A record crop of rye is now anticipated as well as a barley production closely approachFurthermore, the potato crop,
ing that of 1915.
which last year turned out so poorly, promises this
year to be by some 40 million bushels the largest
raised.
Of apples, also, a good crop is looked for.
Summarizing the situation, the Department of Agriculture announces the composite condition of all
crops in the United States on July 1 as only about
2.1% below|their ten-year average on that date, as
compared with 5.8% under average on June 1, or a
very satisfactory improvement.
Corn area is given as 121,045,000 acres, which is
an addition of 14.2% this spring. Increases are reported in every State and in some important localities
they are decidedly heavy. In fact, the augmentation in area|this year in Kansas is 32%, in Nebraska
30%, in Iowa and Missouri each 11% and at the
South ranges from 2% in Oklahoma to 25% in Alabama. Much of the increase, it is explained officially, isfon land not formerly cultivated, and the
bulk of the remainder on abandoned wheat territory
and acreage heretofore devoted to hay. The crop
suffered from drought in some localities
Texas, for
instance, where condition was low on July 1
but on
the whole there was no deficiency in moisture.
Low
temperature, however, was a drawback until late in
June, and growth in consequence is stated to be
several weeks late.
The general condition of the
crop on July 1 at 81.1, compares with 82 last year
and a ten-year average of 83.5. The Department,
basing its deductions upon average data, interprets
the promise July 1 to be for an ultimate yield of 25.8
bushels per acre, which would give a total production
on the acreage above mentioned of about 3,123,772,000 bushels, or 541 million bushels more than in
1916 and approximately the same as the record outturn of 1912.
Spring wheat, due to frost and drought, depreciated in condition some 8 points during June, and
at 83.6 the present status of the crop contrasts with
89 last year and a ten-year average of 84.2. The
indicated yield per acre at this time is given as 14.5
bushels, which, upon the increased area under cultivation, foreshadows a production of 275,970,000
bushels, against 158 million bushels in 1916 and the
record harvest of 352 million bushels in 1915.
Winter
wheat showed during the month a very satisfactory
advance in condition, which extended to almost
every State, but the general average for July 1 at
75.9 compares with 75.7 a year ago, and a ten-year
mean of 80.9. Allowing for the improvement during
June, the Department has raised its estimate of
average product per acre to 14.6 bushels, giving an
aggregate yield of 402,378,000 bushels, or a total
79J^ million bushels below 1916. Combining spring
and winter wheat, the promise, as officially announced, is now for 678,348,000 bushels, this comparing with 640 million bushels in 1916 and the
what
I
—
'
—
[Vol. 105
record yield of 1,026 million bushels in 1915.
In
connection with this report on wheat it is of interest
to observe how greatly the stocks of the grain re-
maining on farms have been depleted as a result of
the short crops of last year and the urgent demand
Those stocks are stated to have
at high prices.
been on July 1 only 15,720,000 bushels, or 2.5%
of the 1916 crop, whereas, a year earlier, the hold-
were 74,731,000 bushels, while the average
amount remaining on July 1 for the five years 1911
to 1915, inclusive, was 30,934,000 bushels.
ings
A
improvement in the condition of oats
during June is indicated by the July 1 report. Conslight
moreover, is 3.1 points higher than last year,
and 5.8 above the ten-year average. Officially, the
outlook at this time is announced to be for a yield
dition,
of 33.7 bushels per acre, equivalent to 1,453 million
bushels for the area to be harvested, this exceeding
last year by 202 million bushels, but falling 106
bumper crop
million bushels behind the
of 1915.
The white potato harvest from an area 22.5% in
excess of that of 1916, is put down now for a product
of 452 million bushels, or 167 million bushels more
year and 32 million greater than the 1912
record, and of sweet potatoes, a gain of 11 million
bushels over last year is expected.
than
last
The commercial
and
for the
quieting
failures
statement for June 1917
half-year discloses nothing of a dis-
nature;
on
the
coincides with the exhibit
foreign trade statistics,
the
showing
made by bank
clearings,
contrary,
railroad earnings,
&c., in
indicating a very satisfactory state of trade.
It is
number of mercanJune was smaller than in either 1916
or 1915, the total of indebtedness was greater than
for the period a year ago, but that is a matter of no
to be admitted that, although the
tile
defaults in
especial consequence,
more
particularly so
when
it is
pointed out that, notwithstanding the constant increase in the number of firms entering into business
year by year, the total of confessed or adjudged
insolvents for the half-year last past was less than in
any corresponding period since 1911, while for a
lower volume of liabilities we are obliged to go back
Moreover, it is to be noted that insolvencies
to 1909.
for large amounts were an inconspicuous feature of
In other words,
the six months endedfJune 30 1917.
corporations or firms sufficient!}' capitalized to
swing the business coming to them in this era of
extreme prosperity in the United States, far from
being embarrassed, have been able to declare "Red
Cross" dividends, in addition to making better
returns to stockholders.
It is an unfortunate fact that, probably to a much
greater extent than in any other country, the United
States harbors far too manj^ of those who believe
they are more fitted to lead than to follow be the
head of a business rather than an integral and very
useful part of it.
These are prone, too, to start
business ventures on insufficient capital and this,
with the lack of any qualification for the task, soon
forces them to the wall.
The mercantile disasters in all lines in June 1917
are reported by R. G. Dun & Co., whose statistics
furnish the basis for our deductions, are 1,186, covering liabilities of $18,055,153, against 1,227 and
$11,929,341 last year, 1,754 and $18,313,418 in
1915 and 1,160 and $57,881,664 in 1914. The showing as regards volume of indebtedness is somewhat
unfavorable in the manufacturing section, due to one
—
j
—
-
JuxY
THE CHRONICLE
14 1917.]
large fa ilure in Connecticut, but
is
iii||tlie^.trading|division, liabilities
particularly good
having been con-
siderably less than those of 1916 and the smallest
June in a decade.
For the half-year the defaults and the resultant
liabilities
have reached 7,488 and $94,721,356,
for
respectively, constrasting with 9,495 and $111,241,421 in 1916 and no less than 12,740 and $188,587,535
in 1915
these latter totals exceeding those for any
—
preceding similar period. It is also well to note that
all earlier years back to 1911 the number of
disasters was also greater than in 1917, and the
current volume of indebtedness is the smallest since
in
1909.
Manufacturing disasters
for the six
months number
1,888, against 2,247 a year ago, with the liabilities
$40,440,908 and $38,897,742, respectively, but in
1915 the total was $70,243,928 in consequence of
the collapse of the M. Rumely Co; 5,239 succumbed
in the trading division and $37,604,559 was involved,
as against 6,747 and $56,093,870 last year and 9,337
and $97,368,432 two years ago, and 361 brokers,
agents, &c., confessed debts of $17,275,889, against
501 and $16,249,809 and 539 and $20,975,175.
Geographical analyses of the failures
statistics dis-
closes the fact that in all the eight divisions into
which the returns are segregated, insolvencies were
less numerous in the six months of 1917 than in the
like period of 1916, with the best exhibits made by
the Middle Atlantic, South Atlantic and Central
South groups. As regards the amounts involved,
also, decreases are to be found in all the divisions
except the New England and Pacific, these following
diminution in 1916 from 1915.
In the Dominion of Canada, also, a distinctly
large diminution in number of failures is reported
for the first half of 1917 and the volume of indebtedness shows a marked contraction.
Specifically, there
were only 618 disasters involving $10,336,703, this
contrasting with 1,031 and $15,868,941 the previous
year and
In the
1,450 for $23,421,615 in 1915.
manufacturing division the aggregate of liabilities
was $3,707,934, against $5,508,305 in 1916; traders
confessed debts of $4,696,772, against $7,876,164,
and brokers, agents, &c., ^1,931,997, against $2,484,
No banking failures have occurred in Canada
472.
thus far in 1917 and the
same was true
of 1916.
view of the incomplete reports
that have been permitted to pass the German censor,
to obtain a satisfying idea of the week's developments
in Berlin.
The long-awaited peace speech of the
German Chancellor, Dr. von Bethmann-Hollweg,
was, it appears, delivered at a secret session of the
Reichstag presumably on Monday. At any rate,
dispatches by way of Berne, Switzerland, of Tuesday's date, quote the Chancellor as having said that
"the formula of peace without annexation is unacceptable to us.
We cannot declare our terms of
peace.
We must fight and conquer." The summary of the speech published in the"Lokal Anzeiger"
It is difficult, in
Berlin quotes the Chancellor further:
continue the war with our whole energy.
of
"We must
do not
deny that we have great difficulties to overcome,
but so have our enemies. We shall see whether their
difficulties or ours are greater.
I am sure we can
win if we hold out. Nothing was further from my
intention than to cling to my post, but now it is a
question of protecting the Fatherland from injury,
and for this reason I consider it necessary to retain
I
my
post."
105
The Chancellor made a strong attack
upon Mathias Erzberger, leader of the Catholic
centre, who assailed the Pan-Germans in his address
before the Main Committee last week and who advocated peace without annexation or indemnity. The
Chancellor declared Erzberger's attitude to be unpatriotic.
Later reports contain the suggestion
that the Chancellor's speech was largely for effect,
his resignation already being in the hands of the
Kaiser.
Advices by way of Amsterdam declare
that the entire German Government will resign with
the Chancellor, the Main Committee of the Reichstag having refused to vote a war credit unless the
Government declares its policy regarding peace and
reform.
An Inter-party Committee of the Reichstag has been considering the text of a joint resolution on the question of peace "which is to be moved
at an early date.
A conference of the German
Crown Council began on Thursday in the presence
of the Crown Prince, who arrived in Berlin on a special train from the front.
An official communication declares that Emperor William expressed the
opinion that the political and constitutional reforms
demanded by the Reichstag are such that they concern not merely himself but his successor, inasmuch
as they are to be permanent.
On Friday the Kaiser
directed the following decree to the President of
the State Ministry:
report of my State Ministry, made to
me
my decree of April 7 of the current
year, I herewith decide to order a supplement to
the same, that the draft of the bill dealing with the
alteration of the electoral law for the House of Deputies, which is to be submitted to the Diet of the Monarchy for decision, is to be drawn up on the basis
of equal franchise.
The bill is to be submitted in
any case early enough that the next elections may
take place according to the new franchise. I charge
you to make all necessary arrangements for this
"Upon the
in obedience to
purpose."
This communication seems to set at rest earlyweek reports that reforms are to be pressed as an
immediate measure. The Kaiser, it is understood,
has not yet accepted the Chancellor's resignation
Advices by way of
if, indeed, it has been offered.
Copenhagen assert that the Chancellor will accept the
resolution of war aims of the majority parties in the
Reichstag. This resolution is to be presented today (Saturday) and is based upon the formula of
Mathias Erzberger referred to above. It will cite
the Chancellor's announcement at the beginning of'
the war that Germany was fighting a defensive war,
and will declare that the majority of the Reichstag
now favors peace on a common understanding and
The resolulasting reconciliation of the nations.
tion will say that as long as the enemy Governments
refuse this, the German people are united in a deter-
mination to fight on until the rights of Germany and
her
allies
are assured.
It
is
reported that Count
von Bernstorff, formerly German Ambassador to
being considered as the successor of Bethmann-Hollweg, but all accounts are
vague and indefinite on this and other points. The
opinion in official circles at Washington is that too
the United States,
is
being placed upon internal politiGermany in their bearing upon
cal affairs of
The resignation of the
the duration of the war.
military leaders such as von Hindenburg would, it is
great importance
is
argued, be a much more important development.
The Finnish Diet on Thursday passed the second
reading of a bill virtually establishing the]|inde-
THE CHRONICLE
lOG
pcndence of Finland. The introduction of the bill
seems to have created a serious crisis in Petrograd,
and the Chairman of the Council of Workmen's and
Soldiers' Delegates has gone to Helsingfors in an
effort to settle the difficulties.
A
further gratifying decrease
is
registered in the
weekly report of the British Admiralty giving the
losses of British
merchantmen.
The
report for last
week shows
arrivals of 2,898 vessels at United Kingports and sailings of 2,798.
Of this number
there were 14 ships of over 1,600 tons sunk, including
[Vol. 105.
On Friday
made a
German
night of last week 84 French airplanes
series of raids in
Germany
in reprisal for
on open French towns. Sixtyseven thousand pounds of bombs were dropped at
many points of military importance. Only two
machines failed to return. One went as far as Essen
and shelled the Krupp factory. The official report
of casualties resulting from the German air raid
over London, to which we referred last week, showed
37 persons killed and 141 injured.
attacks
dom
The attempt
monarchy in China
one that had not been previously reported; under seems to have ended. The Republican army began
1,600 tons there were 3 vessels destroyed.
Seven- its attack upon the Imperial army outside Peking
teen British merchant ships were unsuccessfully on Thursday, and yesterday the Monarchist troops
attacked and there jvere 7 British fishing vessels surrendered after a two hours' fight. General Chang
sunk. The record for large ships is the smallest since Hsun has taken refuge in the Dutch legation.
the week ending March 11, when only 13 were destroyed.
These returns seem to suggest increasing
The steady advance of the Russian troops in
the measures against submarines
which are being carried out by British, French and
American warships. Norway has lost during the
six months ended June 30 through the operations
of the German submarine campaign 297 vessels of a
total tonnage of about 4,490,000.
Indiscriminate
U-boat attacks have compelled the Swedish fishing
fleet on the west cOast of Norway, outside the German danger zone, to suspend fishing and return home
after very heavy losses.
effectiveness
of
In the week's military operations those of the Rusmost important. In an advance
upon Lemberg they have crossed the River Lomnica
and captured Kalusz, which is important since it is
the base of the Austro-German armies and contained
sians continue the
and ammunition. The advance is
continuing beyond the Lomnica, south of Dniester
and west of Halicz. When the Russians occupied
Kalusz they had advanced 20 miles northwestward
from Stanislau in five days. In the same time the
Eighth Russian army took Heliez and crossed the
Dniester and began an advance between Stanislau
and Bohorodczany. A great wedge has been torn
in the Austro-German line south of the Dniester.
The taking of Halicz on Tuesday was a threat
against the Austro-German line northward through
Brzezany along the Zlota Lipa and the crossing of the
Lomnica and an advance beyond threatens the security of the line protecting Lemberg.
Should the
Russian advance west of Stanislau continue unchecked, and should large Russian forces be thrown
large
supplies
to restore the
Galicia has resulted in a continued cheerful though
quiet attitude on the financial markets in London.
The
British railways have responded to dividend
announcements, the previous distributions having in
all
declarations thus far made been repeated.
Chinese bonds have sagged somewhat under the
unsettled conditions in the Far Eastern Republic.
Russian funds, on the other hand, have ruled firmer.
Silver at the British centre has touched 41d. per
ounce, which is the highest quotation since 1892.
The half-yearly reports of the London banks are
showing up well. The London City & Midland,
for instance, indicates a deposit account of £180,417,000, against £157,539,000 a year ago and £174,000,000 on Jan. 1. These comparisons are said to
be symptomatic of general British banking experience.
No provision has had to be made for further
depreciation of stock investments of these institutions and dividends have been maintained throughout.
Speculative interest in the explosives companies is increasing, Nobels being particularly strong.
The oil stocks also have been in demand. Talk of
a new British war loan is again heard but is not
credited in usually well-informed circles.
Last
week's revenues declined £530,000 to £12,151,000.
The total of all receipts was £111,033,000, which
included £72,999,000 in Treasury bills. This suggests improvement in sales due to the higher interest rate.
Sales of Exchequer bonds of £4,929,000
The week's exwere £54,873,000. Including re-payments, of which £43,340,000 were Treasury notes,
are also included in the receipts.
penditures
the total of expenditures was £103,224,000. The
which was not broken by the Russian on- Treasury balance increased £7,808,000 to £24,114,slaught early in the month, would be turned, making 000.
Treasury notes outstanding at the close of
a general retirement of the Austro-German armies last week amounted to £681,762,000.
across the Dniester in the region of Halicz, the Zlota
Lipa
line,
inevitable.
On
the Western front the
Germans struck a heavy
blow on Tuesday evening against the British line
north of Nieuport on the Belgian coast, breaking
through the British positions on a front of nearly a
mile and driving the defenders back on the Yser
River.
The extreme depth of the advance was
600 yards. The firing was so intense that it was
heard plainly in London. The effect of this great
concentration of fire was to level all the British defenses in the Dunes sector and to destroy their bridges
The
Paris Bourse
displaying restricted activity,
but, as in London, the Russian military successes
are responsible for an undertone of firmness. On
Saturday last the French Minister of Finance apis
pointed a committee to exercise control over foreign
exchange operations. M. Thierry immediately promulgated an order forbidding importations of merchandise not permitted by the decree of March 22,
explaining that the excess of imports over exports
had increased to such an extent as to affect exchange
From now on any goods arriving at
across the Yser, thus cutting off the defenders. seriously.
Berlin reports that 1,250 men were captured in this French ports before permission is issued must be rebtittle.
Further south in the region of Lombaertzyde exported at the expense of the exporter. At a recent
meeting of Bourse employees the cost of hving and
a German success was shortlived.
—
—
July
THE CHRONICLE
14 1917.]
the presence of undesirable aliens at Bourse sessions
was discussed. The cables, however, do not indicate that any conclusions of a definite character
amount
107
gold held for the redemption of such
notes remains at £28,500,000. Our special correspondent is no longer able to give details by cable
of the gold movement into and out of the Bank
of
were reached. The shares of the Banque National
Credit have been in demand recently on its decision for the Bank week, inasmuch as the Bank has disto increase the capital.
Receipts of the French continued such reports. We append a tabular
Government from indirect taxes in June were 129,- statement of comparisons;
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
000,000 francs ($25,800,000) more than those in
the preceding months and 91,000,000 francs more
than the receipts for the same month of a normal
year.
Deducting 70,000,000 francs receipts from
war duties on imports, which include war material,
the difference in favor of June this year over that
month in normal years still is 21,000,000 francs.
The first six months of 1917 show receipts of 640,000,000 francs more than the total for the same period
last year and 387,000,000 francs more than for six
months in a normal year.
1917.
July 11.
£
Circulation
39,930,000
Public deposits
42,087,000
Other deposits
126 103 ,000
Govern't securities, 45,465,000
Other securities
108,600,000
Reserve notes & coin 31,952,000
Coin and bullion... 53,432,111
Proportion ol reserve
to liabilities
19%
,
Bank
1916.
Jvlu 12.
35,988,015
54,920,429
92,499,538
42,187,661
81,225,158
41,858,753
59,397,368
1915.
July 14.
£
34,494,590
52 ,986, .503
157,983,549
51,747,910
140,020,855
37,081,909
53,126,499
28.39%
6%
£
5%
rate
The Bank
of
France
1913.
July 16.
£
£
29,315,255
13,318,714
42,485,605
11,005,126
33,623,288
29,189,309
40,0,54,654
29,391,355
10,400,168
40,708,936
12,756,539
29,122,032
27,287,850
38,229,205
17.58%
52.28%
53.35%
5%
3%
4M%
.
this
1914.
July 15.
week reports an additional
its gold holdings of 2,617,000 francs.
This brings the total (including.2, 034,774, 675 francs
A bill providing for a new war credit of 15,000,abroad) to 5,293,406,000 francs, comparing
000,000 marks has had its first reading in the German held
Reichstag, but the Ministerial crisis of the week with 4,775,543,023 francs (of which 271,055,668
francs were held abroad) in the corresponding week
seems to have prevented further
enact-
increase in
steps toward
ment.
Count von Rodern, Secretary
of
the Im-
Treasury, in introducing the bill explained
that the monthly expenditure from February until
May averaged 3,000,000,000 marks, a substantial
increase, which was due to expenditures for arms
and munitions and for relief and the payment of
interest.
The recent loan, the Secretary said,
totaled 13,120,000,000 marks, which "far exceeded
our expectation." Such an achievement was possible, continued von Rodern, owing to the greater
perial
possibilities for
June 21
paid
96%
making profits and to saving. By
of the amount subscribed had been
in.
There has been no change in official rates at leading
European centres from 5% in London, Paris, Berlin,
Vienna and Copenhagen; 5}/2% in Italy, Portugal
and Norway; 6% in Petrograd, and 43^% in Switzerland, Holland and Spain.
In London the private
bank rate is still quoted at
for sixty and
4 13-16% for ninety-day bills. No reports have
been received by cable" of open market rates at other
European centres, so far as we have been able to
ascertain.
Call money in London has remained at
4%%
33^@4%.
The Bank
'
_
last
and 3,986,473,679
year,
(all
in
vault)
in 1915.
480,000 francs. Note circulation expanded 84,430,000 francs.
General deposits
were reduced 66,505,000 francs, as also were bills
declined
discounted, which
163,260,000 francs.
Treasury deposits recorded an expansion of 27,332,000 francs, and the Bank's advances of 20, 801,000
francs.
Note circulation now totals 20,196,484,000
francs, which compares with 16,113,174,865 francs
in 1916, 12,448,444,060 in 1915 and 6,044,673,050
Comparisons of the various items
francs in 1914.
with the statement of last week and the corresponding dates in 1916 and 1915 follow;
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Silver
decreased
Gold Holdings
In France
Changes
Week.
for
—
Inc.
Abroad
Francs.
2,617,000
No
change
July 12 1917.
Francs.
3,258,631,325
2,034,774,675
Status as of—
July 13 1916.
Francs.
4,504,487,354
271,055,668
—
—
July 15 1915.
Francs.
3,986,473,659
Total
.Inc.
2,617,000 5,293,406,000 4,775,543,023 3,986,473,659
.Dec.
480,000
262,359,000
341,613,621
367,529,199
524,038,000
429,450,090
267,881,978
Bills discounted. .Dec. 163,260,000
.Inc.
614,802,681
Advances
20.801.000
1,158,559,000. 1,202,723,168
Note circulation. .Inc. 84,430.000 20,196,484,000 16,113,174,865 12,448,444,060
Treasury deposits .Inc. 27,332,000
70,043,000
64,110,926
96,660,245
General deposits. .Dec. 66,505.000 2,461,515,000 2,224,406,020 2,390,023,78
Silver
The weekly statement of the Imperial Bank of
Germany, showing conditions as of July 7, indicated
_
of
England
in its
weekly
statement
registered a further loss in its gold item of £1,810,166,
while total reserves were decreased £1,537,000,
there having been a decline in note circulation of
£273,000.
In connection with these changes the
proportion of reserve to
liabilities
suffered an ad-
that an increase in the item of coin and bullion of
6,040,000 marks; gold alone increased 164,000
marks; Treasury notes decreased 6,400,000 marks;
notes of other banks increased 1,177,000 marks;
bills discounted decreased 465,142,000 marks; advances increased 1,369,000 marks; investments increased 12,485,000 marks; other securities decreased
5,950,000 marks; notes in circulation increased
18,358,000 marks; deposits decreased 355,567,000
dechne to 19.00%, as compared with 19.40%
week and 28.39% at this date a year ago. Public deposits expanded £415,000, although other deposits showed a reduction of £4,475,000. Government marks; other
ditional
last
securities
francs
registered
a
nominal
decrease,
namely,
Loans (other securities) were reduced this
week £2,480,000. Threadneedle Street's holdings of
£35,000.
gold aggregate £53,432,111, as against £59,397,368 a
year ago and £53,126,499 in 1915. Reserves total
decreased 119,221,000 marks.
The total gold holdings are 2,457,463 marks, which
compares with 2,464,600,000 marks one year ago,
2,390,931,000 marks in 1915" and 1,311,094,000 in
Note circulation now
the pre-war period of 1914.
marks, against 7,088,aggregates 9,017,104,000
608,000 one year ago, 5,603,615,000 two years ago
and 2,192,302,000 at the corresponding date in 1914.
liabilities
£31,952,000, comparing with £41,858,753 in 1916,
and £37,081,909 the year before. Loans now stand
at £108,600,000.
This compares with £81,225,- Discounts aggregate 10,023,152,000 marks, which
158 and £140,020,855 one and two years ago, re- compares with 6,326,792,000 marks one year ago,
spectively.
The bank reports as of July 7, the 5,603,615,000 marks in 1915 and 973,583,000 in
amount
761,964,
of
currency notes outstanding as £147,£145,453,676 last week. The
against
the pre-war period of 1914.
THE CHRONICLE
108
The weekly statement of the New York banks
and trust companies on Saturday last reflected
changes incidental to the new reserve requirements
provided by the amendments to the Reserve Act.
The New York Clearing House, as noted further
above, changed its own reserve requirements to
accord with those of the revised law which reduces
the requirements for demand deposits in the case
of member banks of the Federal Reserve system to
13% (all to be in Federal Bank) against 18% in
Federal Bank and bank vaults under the old system and to 3% for time deposits against the former
Thus the surplus reserve showed the reincrease of $173,638,670.
The actual
amount of the reduction in reserve requirements
compared with the previous week was $89,270,670.
5%.
markable
This, however, does not represent the
full
measure
of the release of reserves, as the expansion of sub-
stantially
$190,000,000 in
demand and time
de-
posits necessitated a corresponding reserve increase.
As stated by us at the beginning
own computations
of this article our
establish that the lowering of the
amount of reserve
by $121,592,580 and added a corresponding
the surplus reserve. The reserves in "own
reserve requirements reduced the
required
sum
to
vaults" were reduced $8,906,000, to $244,579,000,
of which $202,496,000 is specie, against $385,855,000 a year ago, including $335,992,000 in specie.
Reserves in Federal reserve vaults registered the
large expansion of $87,930,000, thus bringing the
$472,235,000, and comparing with $155,075,000 in 1916. Reserves in other depositories
gained $5,344,000, to $60,412,000, as against $56,127,000 a year ago. Circulation is now $29,669,-
total to
an increase of $151,000. Aggregate reserve
held was increased by $84,368,000 thereby carrying
the total to $777,226,000, which compares with
$597,057,000 the year preceding. Reserve requirements were reduced $89,270,670. As has been
noted above, the increase in surplus reserves was
$173,638,670, and the amount of excess reserves
000,
now
held is $278,452,990. At the corresponding
period in 1916 the surplus reserve on the old basis of
reserve
loan
requirements
item
while net
showed a
only $53,546,060. The
contraction of $30,278,000,
was
demand
deposits registered the large expansion of $181,313,000.
The bank statement in
fuller detail is given in a subsequent section of this
issue.
In local
money
[Vol. 105
be none the less compulsory because it is unUnder old conditions, while the reserve requirement was 18%, this included vault reserves as
well as those in the Federal banks.
Secretary
McAdoo has published this week a specific denial
will
official.
had yet been reached by the
Treasury Department as to the date and the amount
that any
decision
next installment of the Liberty Loan. In
banking circles here it is believed that the Treasury
will be in such a position as to require a new offering
about Sept. 15. The last installment of the current
loan is payable at the end of August; hence it seems
reasonable to believe that there is to be no new
offering before that date, although the large proportion of subscriptions that were paid in full clothed
all the installment periods with much less importance
than they had at first been accorded. Presumably
the entire proceeds of the $2,000,000,000 loan of
June 15 have been or are to be paid over to our allies.
Advance payment to the amount of $1,200,000,000
are officially reported to have been made, the advance funds having been secured through the sale
of short-term certificates of indebtedness which will
be repaid when the loan transaction has been completed.
Technically, this completion will be in the
form of payments by our Treasury for the bonds of
the Allies identical in interest rate and in date of
maturity with the Liberty bond that had been sold.
Under the War Loan Act an additional $1,000,000,000 in bonds is still to be sold for account of our
European friends. Presumably when the June
transaction has finally been completed the Treasury
will resume making advance payments on behalf of
this additional $1,000,000,000, obtaining the funds
by continuing to sell short-term certificates of -indebtedness.
One of the most significant indices of actual conditions in money circles is the result of the sale of the
stocks of the City of
$55,000,000 corporate
New York. The offering consisted of $47,500,000 of
50-year bonds and $7,500,000 of bonds maturing
of the
4^%
The entire amount was
syndicate headed by J. P. Morgan & Co. at
from one to
sold to a
100.6507.
fifteen years.
Allowing for certain tax-exempt features
is rather a signifi-
of the securities in question, this
cant indication of the returns that large investors
are demanding for their funds at the present moment.
Corresponding New York City bonds early in the
year sold above 110. Lenders have not advanced
their views for loans with fixed maturities this week.
No additional gold importations have come forward,
an advance to 5J^% for deloans on Friday followed the withdrawal of a the necessity of using means for relieving the money
part of the Liberty Loan fund by Washington from strain having temporarily at least subsided.
As the
the banks.
The first installment, it is estimated, British Treasury has such a distinct incentive to
amounted to $50,000,000 from New York, $20,000,- prevent money pressure on our side of the Atlantic,
000 from Boston and corresponding amounts from it is not unreasonable to expect that further imporother centres, making altogether about $150,000,000. tations may be brought in the event of additional
The banks in turn felt impelled to call in Stock strain arising.
Exchange loans. So long as there are to be constant
Dealing specifically with rates for money, loans on
demands for funds by the Government, it hardly is call covered a range of 23^@53^%, as compared with
reasonable to expect continued ease in rates. The 2i^@4j^% last week.
On Monday the high was
release of funds by the reduction in reserve require- 3%, the low 2}4 and 2}4% for renewals,
Tuesday
ments of 5% provided by the amendments to the 2/^% was the maximum and ruling quotation, with
Reserve Act is of importance only so far as the banks 2/€% still the minimum. Wednesday's rang ewas
conclude to hold vault reserves of less than 5%. 2li@2%% and 2i^%, the renewal basis. On ThursUnder new conditions the entire amount of the day the high advanced to 4%, while 2 34% was the
reserve must be on deposit with the Federal Reserve low, and also the ruling figure.
Friday the high
Bank. Obviously, if the banks are conservative^ was advanced to 53^%, while 3% was the lowest
managed, this will force them to keep a secondary for the day and renewals were at 5%. Time money,
or vault reserve for their day-to-day operations which as was not unnatural in view of Saturday's unprece-
mand
circles
July
THE CHRONICLE
14 1917.)
dentedly strong bank statement, showed distinct
ease, although actual rates did not go below last
week's quotations, except for the longer maturities.
Sixty days closed at 4^%, ninety days at 43^@
4K% and four, five and six months at 4^%, against
4J^@43^%
last
week.
A
year ago
all
maturities
were quoted at 43/2@4M%Commercial paper rates were easier, and sixty and
ninety daj^s' endorsed bills receivable and six months
names of choice character are now quoted at 43^2®
4^@5%,
4:%%, against
and names
known
less well
the previous week. A
fair amount of business is being transacted with
out-of-town institutions, although the market is not
5@53^%,
at
active, being
against
still
53^%
by a
restricted
scarcity of
bills.
Banks and bankers' acceptances were fairly active,
with brokers looking for a broader market in the near
future.
Quotations were practically unchanged.
Detailed rates were as follows:
/
EUgible
bills of
Eligible bills of
Sixty
IneUgible
Thirty
within
Days.
Days.
30 Days.
3%
4M
5H
3H@3
@3K 3H®3
i@3}4
4K@4
member banks.
3'Xi@3H
3^,@3M
non-member banks
3H ®3H
3'A
4H@4
bills
bid
bid
bid
No
changes in rates were announced this week by
any of the Federal Reserve banks, as far as our
knowledge goes. Prevailing rates for various classes
of paper at the different Reserve banks are shown in
the following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
«
a
s
CLASSES
OF
DISCOUNTS AND LOANS
a
B
C
S
4!
o
1
1
1
S
Member Banks,
1
1
3H
3H
•3
3h
3
4
4
4
3
4
4
4
6
6
4
3H 3H 3H 3H 3^ 3H
3H 3H 3H 3H 3H 3'A
3H 3ii 4 3H 3>^ 3H
-__ 3H 4
3M 3H
1
o
I
Coll. Loans.
1 to 15 days' maturity
Discounts:
1 to 15 days' maturity
•
'
16 to 30
'•
••
31 to 60
••
•
61 to 90
Agricultural and
Live-stock Paper
4
3H 3H 3 3H
3H 3H 3H 3H 3H
4
4
—
—
Commodity Paper
I to 90 days' maturity.
4
4
4
3
3
3H 3H
4
4
4H
3H 3H
4
4
3
4
4^^ 4
4
6H
4
4
4
4
4
4
4
4
4H
4
4H 4H
4
m 4H 4« 4H
4H
6
iH
6
S
6
4
4
—
91 days to 6 months maturity
Trade Acceptances
1 to 30 days' maturity.
81 to 60
61 to 90
—
»
i
1
6
4
5
6
3H 3H
3H 3H
3H 4
4
4
4
3H 3H
3H 3H
3H 3H
3H
4
3H 3H
4
2H%
iVo«e.
Rate for bankers' acceptances.
to 4%. For notes, drafts and bills
of exchange issued or drawn tor the purpose of buying or carrying bonds, notes or
certificates of indebtedness of the U. S., and secured thereby, having a maturity
at time of discount of not more than 90 days,
3H %
•
• Rate of 2% to 4% on member banks' 1-day collateral notes In connection with
the loan operations of the Government.
Sterling exchange has continued in its entirelycontrolled position.
Rates are fractionally above
those of a
cant.
No
week ago, but the changes are not signifiadditional importations of gold have been
reported, the relaxation in the
money
markets on the turn
and demand moved,
up to 4 75 9-16@4 7560 and sixty days to 4 72i^@
4 723^, although cable transfers were still pegged
On Wednesday the tone was firm and
at 4 76 7-16.
sixty-day bills advanced to 4 723^; demand was not
changed from 4 75 9-16(aj4 7560 and cable transfers
from 4 76 7-16. Firmness was the feature of
Thursday's dealings, but trading was quiet and
featureless, with quotations at 4 7560@^4 7570 for
demand, 4 76 7-16@4 763^ for cable transfers and
4 7234 for sixty days. On Friday the market was
Closing quotatipns were 4 723^ for
a shade easier.
for sixty days, 4 7560 @4 7565 for demand and
4 763/2 for cable transfers. Commercial sight finished at 4 753/^, sixty days at 4 71^, ninety days
at 4 69^, documents for payment (sixty days) at
4 71^ and seven-day grain bills at 4 74^. Cotton
and grain for payment closed at 4 753/2rise
which took place
in other
for the better in Russian affairs,
Delivery
Spot Delivery-
Ninety
Days.
109
situation on
our side of the Atlantic having rendered a further
movement unnecessary. Gold exports have amounted
to S2,881,000, including $1,800,000 to Japan, $450,000 to Spain, $600,000 to South America and $31,000
Dealings in the continental exchanges this week
have been characterized by a firmer and more confident tone.
Rubles again furnished most of the
week's interest and activity, ^ttractijig widespread
attention by a sharp rebound to as high as 23.90
for checks
an advance of about 230 points from
low level as a result of further imporlast week's
tant Russian victories on the Galician front, but a reaction to 23.40 took place at the close.
Practically
all of the other Allied exchanges moved in syrripathy
and francs and lire also recorded noteworthy advances
in quotations.
All dealings in German and Austrian
exchange continue of necessity to be suspended and
quotations are still unobtainable, although cable reports from Geneva, Switzerland, indicate that the
recent strength in the exchange rate of the German
mark at that centre consequent upon the sending of
80,000,000 marks in gold to Switzerland, proved only
temporary, and the mark has suffered a further decline of 65 centimes, bringing the quotation down
marks. The
to 64 francs 20 centimes for 100
sterling check rate on Paris finished at 27.18, unchanged. In New York sight bills on the French
—
—
centre closed at 5 753/2, against 5 763^; cables at
5 743/^, against 5 75^; commercial sight at
5 76,
against 5 76^, and commercial sixty days at 5 81.,
against 5 823^ the week preceding.
Reichsmarka,
no quotations. Kronen, no quotations. Lire finished at 7 233^ for bankers' sight and 7 223/2 for cables
This compares with 7 263^ and 7 253^ last week.
Rubles closed at 23.40, as against 22.10 on Friday
of last week.
In the neutral exchanges, the tendency was
towards firmer levels, although trading was not
A further advance to 4 68 was
especially active.
recorded for Swiss exchange. Scandinavian rates
were strong and higher, while Spanish pesetas were
Cuba. The fact that the President's proclamation
an embargo on exports failed to exert an apprecia- slightly easier. Guilders, however, were well mainble influence shows how completely arbitrary the tained.
Bankers' sight on Amsterdam closed at
market really is.
4l3<t, against 413/8) 'cables at 41^, against 413^;
Referring to quotations in detail, sterling exchange commercial sight at 40 J^, against 40^; commercial
on Saturday, as contrasted with Friday of a week ago, sixty days at 403^, against 40 7-16 last week. Swiss
was steady and a shade firmer, with demand quoted exchange finished at 4 68 for bankers' sight and 4 66
at 4 753^2, cable transfers at 4 76 7-16 and sixty days for cables, as contrasted with 4 76 and 4 74, the final
at 4 723/8Monday's market, while not active, was figures of the week previous. Greek exchange confirm and fractionally higher for demand, which tinues to be quoted at 5 03^.
Copenhagen checks
ranged at 4 753/^@4 75 9-16; cable transfers, how- closed at 29.00, against 28.95. Checks on Sweden
ever, and sixty days continued to rule at 4 7-6 7-16 finished at 31.00, in comparison with 30.45, and
and 4 723/8, respectively. Increased firmness de- checks on Norway closed at 29.40, as against 29.35
veloped on Tuesday, mainly in sympathy with the on Friday of a week- ago. Spanish pesetas finished
to
of
_
.
—
.
THE CHRONICLE
110
at 23.00.
.
This compares with 28.15, the previous
[Vol. 105.
have rejected them altogether.
"The formula
of
peace without annexations is unacceptable to us;"
"We cannot declare our terms of peace" these were
The New York Clearing House banks, in their oper- his answers to the Reichstag Committee. But the
ations with interior banking institutions, have gained other demands and criticisms were met by the
$4,543,000 net in cash as a result of the currency resignation or removal of Zimmermann, the Foreign
movements for the week ending July 13. Their re- Secretary, and Helfferich, Secretary for Home
ceipts from the interior have aggregated $11,931,000, Affairs.
This action was itself virtual confes.sion of
while the shipments have reached $7,388,000.
Add- failure in those two very different departments of
ing the Sub-Treasury and Federal Reserve operations administration.
It is intimated that the vacant
and the gold exports, which together occasioned a loss portfolios may be granted to members of the Reichof $102,095,000, the combined result of the flow of stag, who shall be responsible to that bod}-.
That
money into and out of the New York banks for the some more or less radical change in the Prussian
week appears to have been a loss of $98,152,000, as constitution will be undertaken, with a view to such
follows.
It should be understood, however, that a wider distribution of
the suffrage as should weaken
good part of this loss represents transfers to the Federal the present autocratic hold of the Junker party, has
Reserve Bank and therefore will not count as a loss in been similarly though somewhat vaguely reported.
reserves.
The questions which the outside world now asks are,
whether these concessions will end the controversj',
Week ending July 13.
Into
Out of
Net Change in
Banks.
Banks
Bank Holdings
whether acquiescence in the Government's silence
Banks' interior movement ._
$11,931,000
57,388,000 Gain $4 543 000
regarding terms of peace will have been purchased by
Sub-Trcas. and Fed. Reserve operations and gold exports
38,997,000
141,692,000 Loss 102,695,000
the political rearrangement, or whether the episode
Total
$50,928,000 $149,080,000 Loss 898,152 ,65
as a whole is merely a prelude to more sweeping and
The following table indicates the amount of bullion fundamental changes.
in the principal European banks:
It is always easy to over-rate the significance of
what is commonly known as a "crisis" in the GovernJuly 12 1917.
July 13 1916.
Banks of
ment of a nation at war. Such outbursts of political
Silver.
Total.
Gold.
Gold.
Silver.
Total.
dissatisfaction have in other countries than Germany
£
£
£
England-. 53 432,113
53 ,432,113 59,397,368,
59 ,397,368
repeatedly forced the resignation of one or more
France a. 130 345,253 10,490, 000 140 ,835,253 180,179,500, 13,664 ^520193 ,844,020
Germany 122 ,87U,150 3,483 550 126 ,356,700 123,286,50(1 1,492 ,850124 ,779,350
powerful ministers, as with Delcasse in France after
Russia *.- 148 ,270,000 12,459. 000 100 ,729,000 154,029,000, 7.470 ,000,161 ,499,000
Aus-Hun.c 51 578,000 12,140, 000 63 ,718,000 51,578,000, 12,140 ,000, 63 ,718,000
the Balkan fiasco; or, as in the retirement of Asquith
61 ,683,000 30,280 000 91 ,903,000 41,555,000 30,679 ,000, 72 ,234.000
Spain
Italy.
33 ,335,000
2,636 000 35 ,971,000 39,657,000, 3,946 ,000, 43 ,603,000
746 ,500 48 ,515,500
Netherl 'ds 52 227,000
621, 200 52 ,848,200 47,769,000,
and his colleagues, have involved the downfall of an
600 ,000 15 ,980,000
Nat.Bel.h 15 380,000
600, 000 15 ,980,000 16,380,000,
13 ,619,000 10,190,200,
.... 10 ,190,200
Switz'land 13 ,019,000
entire Cabinet; yet these changes did not alter in
9, ,233,000
11 ,267,000
Sweden _. 11 ,267,000
9,233,000,
,.-.l
229,000 8 ,242,000
Denmark. 9 ,996,000
136,000 10 ,132,000
8,013,000,
the slightest degree the Government's general
6 ,547,000
7 ,159,000
Norway . 7 ,159,000
6,547,000,
policies.
Regarded from this jaoint of view, the
Tot. week. 711,164,516 72,845,750 784,010,266 746,814,568 70,967,870,817,782,438
Prev.week 709,444,802 71,964,450 781,409,252 756,260,107 70,925,660827,185,760
past week's political crisis in the German Reichstag
a Gold holdings ol the Bank of France this year are exclusive of £81,390,987
might be interpreted merel}^ as a demand by the
held abroad.
close.
—
.
.
* The gold holdings of the Bank of Russia for both years in the above statement
On
have been revised by eliminating the so-called gold balance held abroad
the latest reported date, the amount so held. £211,908.000.
c July 30 1914 in Voth years, h Aug. 6 1914 in both years.
THE POLITICAL
The
CRISIS
IN GERMANY.
fact that political discontent in
Germany
by methods of rigorous
Governmental repression or soothed by vague assurances of future reforms was now reasserting itself
in a shape which might soon grow dangerous, became
evident a week ago. The outside world has not been
clearly informed regarding Germany's internal politics,
and to what it learned of actual developments it was
hitherto alternately defied
German
people, or
by
their legislators in behalf of
them, for a change in some or
had blundered.
all of
the leaders
who
Even if that was all that it signified, however,
German episode would still be a much more
the
serious matter than the war-time "Cabinet reconstruc-
France and England. The burden of
which rests on the Bethmann-Hollweg
Ministry for disastrous policies and mistaken predictions is heavier than that which any other European
Ministry has had to bear. The ruthless submarine
campaign was to "bring England to her knees"
meaning, be- within three months. More than five months have
apt to give erroneous or exaggerated
cause it argued from the very different political elapsed; there is not the least indication, present or
conditions in France or England. But last week's prospective, of England's weakening; barely oneattack on the Government's home and foreign third as many British merchantmen are now being
policies, not by a Socialist deputy like Liebknecht or sunk as were destroyed by the submarines two months
a journalistic free-lance like Harden, but by one of ago. When our Government declared war, the newsthe Ministry's stanchest supporters in the hitherto paper organs of the Ministry declared the United
obedient Clerical party, evidently marked a change States to be a wholly negligible antagonist. Its
Followed as this action could have no effect whatever on the fortunes
in the nature of the controversy.
first by the cautious approval of the of the war; the general position was precisely what it
incident was,
influential newspapers and then by the calling, for had been when we were neutrals, except that now the
the first time since August 1914, of a Crown Council American east-bound cargoes, both of war material
headed by the Emperor, the Crown Prince, and the and food, might be sunk with entire impunity. But
Chief of the General Staff, the Government's own now, within three months, the United States has
recognition of the gravity of the situation could not raised $2,000,000,000 on an over-subscribed war
loan; has advanced more than a thousand milUon
be misunderstood.
The legislative assailants of the Ministry had to its allies; has sent substantial reinforcements to
demanded statements of Germany's official peace Europe from its fleet and regular army; is preparing
terms, abandonment of annexation policies, and to organize, train and send over very much larger
immediate inauguration of internal political reforms. forces in the autumn; has not only seized the interned
As to the first demands, the Chancellor is stated to German ships, but has directed its whole industrial
—
tions"
of
responsibilit}''
July
THE CHRONICLE
14 1917.]
energy to the building of new ships and the increased
construction of war material, and, finally, is about
to impose the strictest supervision with a view to
sending adequate food supplies to its allies and preventing all trans-shipment of American foodstuffs
into
Germany.
These results were a grave enough indictment of
any war ministry. On top of them came the recent
telegram of the Kaiser (for whose public actions the
Ministry is responsible) declaring the British offensive
in the West to be exhausted; this being followed
immediately by the British army's triumphant
capture of Messines Ridge, after fighting on the
The Berlin Ministry's policy towards
largest scale.
Russia, since the revolution of March, had been based
on the two presumptions, first that a separate peace
could probably be arranged, but second that, in any
case, the Russian army's military efficiency had been
paralyzed.
Within a fortnight has come to both
assurances, first in the absolute collapse of the peace
party in Russia; then in the formidable Russian
advance on the Eastern front, the partial rout of the
Austro-German army and the capture of more than
24,000 prisoners.
No ministry of any other European State could
have survived one-half of this series of humiliations
and reverses. But the Imperial German Ministry
is politically responsible, not to the Reichstag, but to
the Kaiser.
There have been no changes in it during
war-time, except such as the Kaiser chose to make,
and they had no reference whatever to popular demands. If, then, the present disturbance in German
politics means simply that the Reichstag, unable to
upset a ministry or remove a minister by its own vote
of want of confidence, is merely a demonstration to
force that action by the Kaiser, there would surely
be no difficulty in explaining it. But is this the
whole of the explanation? That question is being
asked with increasingly keen interest, both in our
own country and in Europe. The complaint was
insistent, even before the war, that the ministry
which rules the Empire is not chosen by the Reichstag
and does not hold itself responsible to the Reichstag;
that the Reichstag can initiate, amend or discuss
legislative measures, but is virtually powerless to
insist on them; that in point of actual fact, legislation
is controlled by the Bundesrath, whose members are
practically all directly appointed by the rulers of the
constituent States of the Empire, the large Prussian
representation making the German Emperor, as
King of Prussia, the dominating influence.
These sweeping restrictions on popular rule were
placed by Bismarck in the Imperial constitution
with the deliberate purpose of giving the people
nothing but a nominal voice in legislation, and of
keeping Prussia in control. The German people
acquiesced in them, and the opposition nearly all
numbered in the so-called Socialist party has been
That was undoubtedly
powerless against them.
because the history of Germany since 1871 has been an
uninterrupted chapter of political prestige and
success, sharply contrasting with the weakness and
disorganization which had repeatedly marked the
previous relations of the German States with the
outside world.
The system was reasonably sure
hold its own, so long as Germany continued to
to
achieve military successes, or so long as the German
people could be persuaded that it was achieving
them. But would the contented popular acquies-
—
—
cence
in
it
survive
military
reverses,
shattered
Imperial
111
prestige,
prolonged
economic
hardship?
whether the fact that German
armies still occupy enemy territory in Belgium,
France, Poland, Rumania and Serbia, can still offset
the disastrous break-down of Imperial diplomacy, the
coalition of practically all the outside world against
the Teutonic allies, the German retreat in the West,
the wreck of Germany's foreign trade, the failure
thus far of the submarine campaign, the shortage of
food at home, and the depreciation of the currency.
This week's events very strongly indicate that Germany's past successes are no longer counterbalancing,
The
vital question
is,
in the public's view, those formidable facts.
But the German Chancellor, whatever his personal
wishes or opinions may be, is in no happy situation.
The "Junker"
which provoked and is conducting the war, has threatened him if he should
yield to popular demands; the Reichstag opposition
faction,
has threatened him if he did not yield. He does not
venture even to concede the increasing political
demand that he state Germany's terms of peace or
disavow purposes of annexation. In holding these
positions, he is not only confronted with trouble at
home, but is unquestionably embarrassed by the
attitude of Austria, whose Government is almost
certainly prepared to make such concessions; whose
Emperor, in his recent speech, publicly declared that
whoever wished for peace "will find our side ready in
a conciliatory spirit."
What
the influence on the war would be and on its
continuance, if the German Government were
eventually forced into really far-reaching concessions
to popular government, it is not easy to say.
That
•
would depend on the mood
of the people and the
nature of the concessions. The political concessions
indicated in this week's dispatches are only compromises, and not very extensive compromises at that.
The Opposition party may 'accept them, temporarily
at least, as an earnest of something more; it is not
yet at all clear what the hitherto all-powerful Junker
party will have to say.
Should that faction break up even the compromise
now apparently proposed, there can be no doubt that
political unrest in Germany could rapidly increase,
and, under given circumstances, might become
dangerous to the Imperial regime. The idea of a
"German revolution" has no doubt been encouraged
by events in Russia; Opposition members in the
Reichstag have publicly predicted a German republic.
Yet that is not at all an easy consummation to foreQuite apart from the people's generally apasee.
thetic attitude in the matter, there remains the fact
that the Empire is a federation whose constituent
States are ruled by Kings, Princes, Grand Dukes,
A
made up of such members would be
repubhcan State
a curious anomaly.
But, on the other hand, if all the German sovereigns,
great and small, are imagined as deposed by a
popular uprising, we should have to picture reconstruction of German society, far more complete than
the reconstruction which has occurred in Russia.
Taken altogether, the outlook is exceedingly obscure
not less so, certainly, in view of the formidable
fact that political changes, greater than any which
the world had previously imagined, and different
from all previous conjecture, have in the past almost
invariably followed a prolonged and disastrous war,
and that this, even more than the older confhcts, is
a war which may turn out to have shaken the founda-
—
tions of
European society
itself.
THE CHRONICLE
113
OUR CONSCRIPTS— A LEGION OF HONOR.
The
call
to
citizenship for self-sacrifice of indi-
vidual action and opinion was never as great as now.
One of the tense conditions of a state of war is the
feeling of uncertainty
and suspense
young men awaiting the
in
ten million
result of the draft.
Yet
it
borne with superb courage and magnificent loyalty.
their fate to be in the "lap of the gods,"
they pursue their civil occupations, and indulge in no
is
Knowing
murmerings of opposition and discontent. Whatever their thoughts and beliefs prior to the Act of
Conscription, these have been put aside. The wheel
of chance
may become
million of
them the "wheel of life," but the
looked upon with equanimity and
table"
is
to nearly three-quarters of a
"inevi-
heroic
resolve.
lute impartiality of the
And
if,
moral standards, the evolution of laxity and disgust
with the slow processes of civil life, the production of
an apathy toward the finer things of the spirit.
The great fact is that life can never be resumed at
the
in
any
"machinery"
particular,
it
of the selection.
shall fail to rightfully
point of leaving
off.
economics and commerce,
States,
societies,
life's
be resumed under
new auspices. Our more thoughtful conscripts sense
these changes, though vaguely.
That they go forth
and forward without resistance, solemnly and silently,
exhibits high fortitude and patriotism.
To those upon whom no immediate call is made, it
is given to look, as wisely as they may, upon these
profound changes in our national life. They may
give honor where honor is due.
Their lives are for
the most part behind them.
They have followed
civilian dream to failure or success.
the
They know
severity and
will
Better than these young
men they know the difficulties along the way. This
fatal interruption they can measure.
And as they
watch the panorama now unfolding, from the
depths of their hearts they can only pour their benedictions of well-wishing upon these conscripts
the
nation's legions of honor.
its
may
be remarked incidentally that many of
them, indeed all save those anxious to go to the front,
are resting upon the promises involved in the selective processes to be employed.
And upon local
and appeal boards falls a responsibility so burdensome and so grave as to awaken commiseration of all
who think deeply upon the tragic duties of these
Our young men rely upon the absoeventful days.
It
fVoL. 105{
its lure.
—
A HOUSE IN ORDER: LAW AND ORDER IN A
DEMOCRACY.
The
horrible occurrences in East St. Louis should,
no doubt will, receive the strictest investigation
who can better "serve" humanity by and
home, better aid by caring for dependents at the hands of the authorities, both military and
staying at
and by "producing" behind the lines, then only the civil. Without discussing the causes, acts or blame
condemnation of history must fall upon the dere- at this time, the sinister event stands out with
liction of officials who have not lived up to the spirit appalling distinctness as a blot upon civihzation, as
of the law and to the splendid resignation of the a fearful and portentous evil which must cause a
flower of the land who place their future in loyalty thrill of apprehension in the stoutest heart.
Race
wars are not only ferocious but vindictive; and there
and justice.
to law
Casting aside all reasonings, all feelings and are ten millions of blacks in the United States.
Whatever the cause, the shooting and burning
opinions, the nation may look with pride upon the
submission of these young men to "things of innocent black women and children and the aged
generous
They enter military service at a time and inoffensive of both sexes, is so cruelly wrong, so
as they are."
when all their life-ambitions and plans are glowing fiendish, as to awaken universal condemnation
with the roseate colors of energy and imagination. throughout the country, regardless of local associaThis ruthless march of events, we cannot doubt, has tions or traditional social and political feelings. And
shattered many a dream. True, though the young in connection with this disregard of the law, there
man may not wish to be called to the colors, there is comes to mind a recent riot in a negro quarter of
the consciousness that, right or wrong, his country this city, where, not without bloodshed, the forces
now calls to him, depends upon him, and he would be of law and order prevailed. It may be recalled that
worthy of the trust. He may not love war, he may a police officer in the discharge of his duty was
condemn and contemn its awful methods and results, overcome and thrown to the ground by a burly
he may even hate it within his soul, but all this is black. Pinioned thus, and only able to move his
Not to him was given the decision of either head from side to side to escape a razor in the hands
past.
the war or his participation, and that responsibility of his captor, his life was saved in an instant's time
eternal justice will lay on those who made it.
by a fatal shot from the revolver of a fellow-officer.
But his life-work as he had planned it is shattered. There was no hesitation here, and deliberate as was
He may come back or he may not, but from the the saving act, it was a process of law and order.
struggle, whether it be short or long, he will emerge Clubs were used when necessary, but discretion was
another man. To give the years when the founda- employed as well as decision, and a very desperate
tions are laid for fortune, fame and good works to situation was righted.
We compare the two occurthis besom of destructive waste must weigh him rences, not with reference to causes, extent or intendown despite the gleam of the glory of liberty and sity of feeling, but to show that law and order,
democracy which he will help to accomplish.
through its proper forces, triumphed without failure
So, throughout the land, sons and fathers sub- or barbarities, and without any after-consequences
mit in silence. When at last the war is over, the with appalling possibilities.
threads of the old career, laid out so gladly and
And in this lies the deeper significance of which
espoused so hardily, will be taken up, so far as may we have spoken. These negroes are citizens, and
be.
But there will be a new earth and a new man. made so by the deliberate constitutional amendment
None can doubt that the years of discipline, the which clothes them with the ballot. It is believed
scenes of danger, the fearful resolves lived up to in by many that they are, racially, a thousand years
the face of stern necessity, will work a new fibre behind the civilization and culture of the people
There is scarce a doubt
in character.
Alas, that with some weaker natures, among whom they live.
there must be a breaking down of the ethical and that a resident of Northern States who takes up his
relieve those
.
July
14 1917.]
THE CHRONICLE
113
Southern localities where they prechanges his traditional and inherited GOVERNMENT PUBLICITY OF NEWS
dominate
PRESS CENSORSHIP.
A theoretical
beliefs and feelings concerning them.
The story of an attack in mid-ocean upon our
and sentimental demand for a so-called, but undeIn transports bearing troops to France has a value in
fined, "equality" is soon dissipated or forgotten.
many cases a form of political submergence of the indicating what should and what should not be the
race is condoned if it is not adjudged a necessary mode of treating the facts and the knowledge of war
movements. As it appeared on the morning of the
evil, by those who have a new and closer vision.
But men of the old North and the new South are 4th, the story was entirely credible, aside from its
becoming more and more united in the conviction being officially given out, for such an attack would
that through the agencies of education and under the have had very fair prospects of success, and success
law and order of the land, every energy of the in it would have been particularly valuable to the
The tale was dramatically told;
superior race must be exerted to lift the black race Germans just now.
up, and recognizing them for what they are, assist its statements were as general as would be expected;
them to be what they may become. Liberty, it aroused an interest both thrilling and natural; and
equality and fraternity demand that the black man it was "of disturbing significance."
There was no
have the right and opportunity to make the most apparent reason why even a hardened and suspicious
journalist should doubt it.
of his abilities and his life.
But on the second day following a report came
come now to note that this sporadic race war
We
occurs within the United States when the nation is from Washington that this was ''an inaccurate acengaged in war for the liberation of all peoples from count," the report being said to have been caused
If we think clearly we should be able by a press report from England giving "the private
oppression.
This dispatch,
to see how fierce race antagonism may grow, and it attitude" of official circles- there.
should temper our judgment of all the peoples en- said to have been afterwards recalled, said: "There
gaged in the world war, for nowhere is there such was no submarine attack whatever, no torpedoes
difference between them as between whites and were seen, and there was no gunfire at submarines
blacks on our own soil.
In the main, considering from the destroyers." On the next day came a long
their representative classes, these peoples are highly circumstantial story, purporting to be from an eyecivilized and near to equality in ability and enter- witness on one of the ships, describing what might
prise, though widely sundered in sympathies by lan- have|been a chance encounter with one or possibly
guage and political and commercial interests. Yet two submarines instead of an organized and massed
the war in its instrumentalities is the most ruthless attack.
So all the public knows with certainty is
of all wars.
that the ships bore their precious burdens safely to port
But it is admitted that the statement, given out
But how shall we bring liberty and democracy to
the world, until we can maintain them in our own as official by Secretary Daniels or in his name, was
This migration of negroes to the North truth very highly varnished, being elaborated out of
borders.
and West, under the lure of high wages, is a lawful a few general statements which did come from ah
procedure; no one can or will deny this. We stop official eye-witness and presumably were reasonable
with this statement, for it is not our purpose to justification for the other account printed a few days
discuss in detail this lamentable occurrence.
If we later. The head of the "Committee on Public Inforlook about us, there are other disturbances, which, mation" is understood to say that he "wrote up" the
though freed from bloodshed and riot, may grow into storj^, with the knowledge and approval of the Secreviolence, and against which the military forces of tary, as appropriate to the morning of the Fourth.
government are being invoked, as witnessed in the It was appropriate, and the work was cleverly done,
mine strikes of Arizona. They denote a resort to a but there is a duty remaining to investigate this
species of force and compulsion which ill comports bureau which was ostensibly established to supply to
with the country's ideals of liberty and fraternity. the public correct, authentic and safe news concernThey are at least interferences with lawful processes ing the progress of the war. Let it be well underof business, for though a man may work for whom stood that no misinformation is wanted.
No garhe pleases he should respect the right of contract, nishing of. plain facts into spicy fiction, however
RTitten or implied, respect the right of others freely thrillingly done, will be tolerated.
to contract.
Add to these conditions of social and
This gives occasion to point out once more how
commercial turmoil the centralizing tendencies inci- thoroughly the newspapers have justified at once
dent to war, and we must ask whether, despite the their enterprise, their discretion, and their trustworThere is
generous loj^alty of our citizenry, we yet appreciate thiness in gathering and publishing news.
the personal live-and-let-live duties of democracy.
Northcliffe,
no better witness upon this than Lord
Certain it is that we have enough to do as a who is not only well aware of England's attempts and
people to submit ourselves to the requirements of a mistakes in censorship, but is himself an experienced
state of war without any domestic strifes.
And the newspaper man, and in his recent talk at length
time cannot come too soon for our good when we about the spy system he said he had been a close
resolve, not to gain advantage of position for either reader of our journals in the "past month and had
theory or condition, but to uphold by whatever only twice seen anything likely to be of service to
sacrifice, for the time, the domestic agencies of law the enemy.
He said "likely," but that may be a
and order, that the' hoped-for larger good may come too strong word, for when the transports lately in
to all the world and to us as part of it.
And the exposure left port hundreds of persons knew it as
man or class, the business or the economic society, well as did the newspapers (which never printed a
which seeks advantage while conditions of war obtain, word), and if they had printed the fact prominently
as well as under them, must be regarded as seeking they could not have aided its serviceable transmission
to destroy that democracy, in essence, which the abroad, for electricity is the only swift agency, and
nation, hoping, fights to estabUsh.
therefore the one to be censored.
residence
in
AND
—
THE CHRONICLE
114
[Vol. 105.
The first Napoleon is reported to have said that
he wanted the bad news immediately, since good
news could wait. The American people want both,
which do not oppress or drain the sellers, but, on the
contrary, enable industry and business to live and
thrive, the application is as broad as the language.
and are entitled to both, subject, of course, to a sane
and discriminating censorship. A few months ago,
for example, we had been assured that while the unrestricted submarine campaign announced at the
beginning of February was very bad, it had not
accomplished what it avowedly undertook, and that,
indeed, the situation was very well in hand; later, we
were told that the whole truth had not been admitted
and that the situation was really critical. What are
we to believe, and when are we to feel sure that we
have the truth in its vital substance? We want
The statement may
neither
the
extreme
of
assurance
extreme of alarm, and neither
is
nor
the
good policy.
other
The
people, not the officers or the governmental adminis-
on the war;
the people alone can carry it on; and it can be
carried on upon no other basis than that of knowing
tration, in each country, are carrying
the truth. Forecasts, expectations, prophecies
these are to be taken as what they are; but why
should we not be heartened prompt^ with good
news, and why should we not be stirred to deeper
and resolve and have our manhood
challenged by knowing reverses when they occur,
since both victory and reverse will surely be known
forthwith to the enemy?
seriousness
well be taken very soberly to
heart in Congress.
But there
an application of it which we wish to
point out.
Are not railroads as essential to the
nation's life and to "the great task we have in hand"
as any other form of industry?
Can they possibly
be excepted from the need affirmed and the assurance
given that just prices must be paid and from the
is
definition of such prices?
How,
then, shall
we make
with the recent action of the Inter-State
creature and servant of
Government, in denying to the carriers those "just"
prices which will keep efficiency high and make
possible the expansions properly declared to be
necessary for the maintenance and the development
that are essential to the country, and especially for
the country's great task?
That Mr. Wilson was not thinking of railroads
does not affect the point when he utters what is in
the same vein with the dissenting opinion of Commissioner Harlan and might have been said by the
this
fit
Commerce Commission, a
latter.
of
it
If his plea for a just price
and
his definition
be accepted, can he consistently object to this
application
?
THE PRESIDENT'S PLEA FOR JUST PRICES IN THE GOVERNMENT'S ATTEMPT TO FIX THE
PRICE OF NEWSPRINT PAPER
INDUSTRY AND THE RAILROAD CASE.
From
the President's latest public appeal, declaring
that fair prices must prevail and urging unselfishness
upon business as an essential part of patriotic duty,
we take one passage which is both timely and ex-
The Federal Trade Commission has filed a reply to
an inquiry by the Senate why the usual course has not
been taken in the case of the makers of newsprint
paper.
Under the Act creating it, this body "is empowered and directed to prevent" everybody not
cellent.
After saying that, of course, a just price
subject to regulation under other laws "from using
must be paid for everj^thing required by Government,
unfair methods of competition in commerce."
It is
he explains his idea of what constitutes such a price:
a sort of referee with a power of initiative; it may
"By a just price I mean a price which will sustain investigate at pleasure, and may order the offender
the industries concerned in a high state of efficiency,
to desist from the unfairness; if he disobeys the order,
provide a living for those who conduct them, enable
them to pay good wages, and make possible the it may ask the Federal courts to enforce it.
Having looked into the subject and having disexpansion of their enterprises which will from time
covered (what seems to be admitted by all parties)
to time become necessary as the stupendous undertakings of this great war develop.
We could not that the makers of this paper are a monopoly in the
wisely or reasonably do less than pay such prices. statutory sense, and having also concluded that prices
They are necessary for the maintenance and develop- are extortionate and unjustifiable, preparations
were
ment of industry, and the maintenance and developmade for a criminal prosecution, but in February
ment of industry are necessary for the great task we
some of the leading culprits sought to avoid this by
have in hand."
offering a compromise whereby the Commission was
The reason given for this appeal is the fact that
to ascertain the probable production cost and a fair
"the Government is about to attempt to determine
selling price during the next half-year.
It was
the prices at which it will ask" henceforth for the
assumed, as a sort of blended interpretation of the
various supplies needed; but presently he adds that
several laws against trusts, that an excessive price is
the public is now as much part of the Government as
"an unfair method," and the arrangement was
are the army and navy themselves, and therefore
actually made, binding only on those who entered into
this follows inevitably:
it.
such circumstances impossible justly to
distinguish between industrial purchases made by
the Government and industrial purchases made by
the managers of individual industries; and it is just
as much our duty to sustain the industries of the
country, all the industries that contribute to its life,
as it is to sustain our forces in the field and on the
sea.
We must make the prices to the public the same
as the prices to the Government."
"It
is
in
The Commission reported
this to the President,
disclaiming any intention "to act as an agenc}^ of
Government
same document
them and would "revise"
to fix prices," yet in the
reporting that it had fixed
them if the conditions had changed at the end of the
first half of the six-months period. Indictments were,
however, found against some of the paper-makers,
who had entered into this agreement;
this at once brought a prospect of mutual embarrassThe appeal is leveled at several specific industries, ment between these inconsistent proceedings, as the
but inasmuch as it declares that there is no possible parties who had made the price agreement naturally
distinction between Governmental and private pur- took it as practically a bar against any action against
yhases and that both must be "the same" in being themselves; afterwards, some of the signers gave
on the basis of just prices, meaning thereby prices notice of withdrawal.
including four
JULY
Last month, after the Commission had tired of
its problem and had held up its hands by asking the
Senate for a bill putting all the paper-making plants
under Government control and operation during the
war, it made a further confession of helplessness and
weariness in what was called "a final report" to
Congress, recommending that the same recourse be
adopted as to coal, coke and transportation. The
recommendation regarding paper is now cited to the
Senate, in this reply to its inquiry, and an attempt
is made to justify the failure of the Commission to
take any action except to try to pass the subject
along to Congress.
Having once regarded excessive
form of the unfairness which the Commission was created to discover and suppress, the
members now try to introduce some distinctions
prices as one
which they say Congress seems to misunderstand.
"There are disparities in prices," they say, "which
So
are not discriminations of an illegal character."
almost anybody might suppose; but they proceed to
ascribe the trouble to the fact that publishers were
buying of many different parties, and that some
bought largely on long-term contracts, while others
bought as they could in open market and at a disadvantage. They then pass on to the seriousness of
the situation and the paramount importance of assuring to the great body of newspapers a paper supply
at a price which will enable them to continue in
business and to serve the public efficiently.
With
this, the answer renews the recommendation lately
made and leaves the matter, confessing inability to
do anything more.
It is unnecessary to argue what should be selfevident, the immorality of prosecuting some violators
of anti-trust laws and entering into a composition
arrangement with others. Now some of the publishers, under the pressure which all in that line of
business have to share, are joining in the cry to the
Government to relieve them by controlling the paper
mills.
There is one special objection to this particular form of control which these suffering publishers
seem to overlook or to underrate: what is asked is
a protectorate in one important direction, and a
protectorate
r
THE CHRONICLE
14 1917.1
naturally
implies
some obligation
in
I'
immediate needs at least
must be met from within the Dominion's borders.
The Canadian banks have undertaken to hand
forces the conclusion that
over to the Government $25,000,000 a month for the
next three months. Canada's army at home and
overseas of itself heaps up a bill greater than that
loan, for one million dollars a day is required for pay
and equipment and another daily million for mainThe latter is being assumed for the
tenance.
greater part by the British authorities and charged
against Canada, offsetting the sums advanced by
Canada to the British Goveriiment as credits in the
purchase of munitions. Up to now, the Dominion
has raised $325,000,000, and an additional $100,000,000 has been loaned from the Canadian banks as
Imperial credits. This system has proved a great
convenience, saving the costs of transmitted money
and reducing the problems of exchange.
Loans, however, are Canada's obvious recourse
and until borrowing proves imppssible, the likelihood of drastic taxing devices is not serious. The
political atmosphere throbs with vague slogans, as
"conscription of wealth," but the Minister of Finance
again and again has explained that accumulations of
wealth in this country are sligjat and. that future
generations must pay the long end of the war bill.
Although meeting the developing exigencies of the
war with steady courage and no fear of innovations,
the Minister had insisted upon judging all tax proposals in the light of probable cash results. The
income tax, already endorsed and ready for application, will not overtake more than a small portion
of the day-to-day war expenditure.
Some changes probably will be made in the method
of issuing the next war loan.
The brokerage houses,
having enjoyed the speculative profits of a point or
two on the two earlier loans, invested heavily of their
own funds in the third loan. With the mass of
investors pretty well supplied and inclined a little
to unload, the brokers now find themselves in some
instances with a portion of the last loan still undisposed of. Consequently the third 5% loan, at
96, maturing 1937, is now selling on the market at
around 93% to 93^. It might, have seemed to
outsiders that Canada's credit stood lower than a
year ago but the cause is in th.e misjudgment of
speculating middlemen. For the next loan an effort
will be made to trade more directly with the small
Government- is to undertake the role of
Big Brother for defending the publishers against
the makers of paper (in the public interest, of course)
it may be suggested, as a corollary, that the Big
Brother should have some control over what they subscriber.
say to the public from time to time.
Thus there is
return.
If
a squint or a leaning in the direction of the censorship
determinedly sought and abandoned only when
much. It would be a mistake to take
any action which might suggest a renewal of the
attempt hereafter.
so
refused, as too
IMPROVEMENT OF AMERICAN RELATIONS
WITH JAPAN— JAPANESE DEVELOPMENT.
At present the more important changes in the Far
East and the developments which are destined to influence powerfully our trade relations in the future
with that portion of the world, are of the political and
social order rather
FINANCING OF ITS WAR
REQUIREMENTS.
QA1SIAT)A'?>
financial.
China are
Ottawa, Canada, July 12.
than the
strictly
The two great nations
commercial and
of Russia and
in such a condition of disorder as respects
The
York
governments, and their fundamental form even
now is so uncertain in its shaping, that no human
reckoning can predict what amount of economic
prosperity or disaster may eventuate before the
present violent struggle for control has been terminated. The one bright spot in our prospective dealings of every kind with the Far East is, however,
our improved relations with Japan. That these relations have undergone decided improvement within
the last six: months, there can be no doubt. The rea-
market, well occupied with United States war loans,
sons for this improvement are partly negative, partly
What measures
Canada have
adopt to
finance her war requirements for the remainder of
the conflict?
No other question, not even the conscription issue, is engaging more earnest attention
by the Federal Cabinet and their committee of
financial advisers.
Canada will require perhaps
$500,000,000 of new money to keep her military effort
thriving until
will
to
the day of the peace treaty.
present unpropitious circumstances of the New
their
THE CHRONICLE
116
The
increasingly
both countries
in the great
positive.
absorbing
interest
of
European war has
di-
verted attention from the relatively insignificant
character of the causes of friction between the United
States and Japan.
And the fact that both the United
and Japan are now actively pledged to the
States
support of the Entente Powers, and so in some sort
brought into an offensive and defensive alliance with
each other, is necessarily serving as a positive bond
of union between them.
A recent practical proof of what has just been said
is given by the formation of the Japanese-American
Association at the Bankers' Club at Tokyo on the
11th of last May. A club composed of American
and Japanese men and women was formed in Tokyo
in the fall of 1906; and an American professor then
lecturing in Japan was chosen to give the inaugural
address.
But this club was of a literary and social
character.
The club just inaugurated is of quite a
different character.
It "means business" in a very
definite way.
To quote from a Japanese paper:
"The
Association was promoted by the late Mr.
Guthrie, American Ambassador in Tokyo, and a few
other Japanese and American gentlemen, and aims
at promoting good relations between the two nations.
Since the American rupture with Germany, the desire for strengthening the good relations between the
two countries has become stronger
we can confidently add, in Japan
America" [and,
also],
"while the
advocating
opinion
capital
in
in
the investment of American
China jointly with Japan has gained
ground."
At this inaugural meeting, after toasts had been
drunk to the Emperor of Japan and the President of
the United States, Count Terauchi, the Premier,
gave an address. In substance this address affirmed
that Japan owed much to America; that respect for
humanity and love of peace were ideas belonging to
both peoples; and that all of those present should put
forth increased efforts to strengthen the friendship
two countries, so that the real object of the
society might be thoroughly attained.
After Terauchi's address, speeches were made by Viscount
Motono, Foreign Minister; Mr. Scidmore, American
Consul-General; Marquis Okuma, and several other
gentlemen. As many as 300 prominent Americans
and Japanese were present at this meeting. Before
its close a toast was drunk in silence to the memory
of the late Ambassador Guthrie.
A most significant item in evidence of the attention
which Japan is to give to its own economic development, and to its foreign trade, in the near future, is
afforded by the constitution of the Diet at the present time. Of the 381 newly elected members, the
of the
occupations are classified as follows: Lawyers, 55;
journalists, 43; those connected with commercial
and industrial concerns, 85; agricultural, 33; landowners, 31; mine owners, 14; bankers and moneylenders, 15; professors and educationists, 9; fishery, 6;
shipping, 3; public offices, 6; sundries, 4; without
occupation, 64. Now, if we deduct the 64 who are
registered as "without occupation," and are probably either of the lower nobility or professional politicians, 156 of the remaining 317 are especially interested in the economic development and foreign
note as a not insignificant
trade of the country.
We
example
for ourselves the relatively small
number
of
lawyers as compared with business men.
In one important respect Japan has greatly the
advantage of us in the part it is playing in the present
(Vol.
H5
While its foreign trade has been greatly increased, especially on the side of exports, instead of
getting greatly into debt through the part it is at
war.
present playing in the conduct of the war, its balance sheet of receipts and expenditures shows an ex-
way. The executive budget submitted
by the Cabinet Council for the fiscal year of 1917,
toward the end of March, stood as below:
cess the other
REVENUE.
Yen 539.341,000
Ordinary
Extraordinary
69,288,000
Yen 608,629,000
EXPENDITURE.
Ordinary
Extraordinary
...Yen 394,767,000
156,338,000
Yen 551,105,000
The
excess of revenue,
amounting to 57,524,000
yen, will be used as a reserve fund for extraordinary
incidents, as well as a source for supplementary estimates.
Up to the end of April, the foreign trade of Japan
continued greatly to increase; and the excess of exports over imports for the last year, which amounted
to 162,700,000 yen, brought the excess since the
outbreak of the European war up to a total of 763,200,000 yen. But the men of business insight are
not expecting that the remaining eight months of
the current year will be as prosperous as the last four
months have been. The restitution of an import
tax by some of the countries of Europe, the hindrances
to transportation and the prohibition of imports into
Russia, the revolution and general upsetting of
business affairs in that country, and some other minor
causes dependent upon our entrance into the war, will
probably tend to check this large percentage of exports over imports.
Nevertheless, the Japanese,
like ourselves, are hopeful about the business prospects for the next year or two, at the very least.
In Korea, the tide of foreign trade has been somewhat similar, though not the same as that flowing in
Japan. There has been an increase of imports of
cotton fabrics, calicoes and cloths, mostly of Japanese
manufacture, and of machinery, chiefly for mining
use.
But the four principal mines of Korea are now
all in foreign hands.
In view of the slackness of the money market in
Japan, the Government of Korea has entered into
negotiations with the financial authorities of the
Home Government for a loan of 2,000,000 yen at a
low rate of interest, to encourage agricultural enterAnother interesting matprise in this dependency.
ter in which the Japanese, as well as ourselves, are
trying to meet the extraordinary demands of the
times, besides the increase hj Government aid of
the prospective food supply, is a revival of the building of wooden ships. Re this matter, we quote from
a Japanese paper: "The Japanese shipyards, as is
well known, are busily engaged turning out steel
cargo ships, not only for Japanese owners, but also
for foreigners; but the demand for tonnage is so keen,
and the difficulty of obtaining steel is so great, that
Japanese owners are disposed to turn their attention
Japan herself lacks the necessary
to wooden vessels.
lumber resources to develop a wooden shipbuilding
industry on her own coasts; and those desiring vessels of this class have had to send abroad for them.
The Pacific Coast revival could not have escaped the
notice of owners in Japan; and if the shipping community of that country is going to become a competitor for the output of the American West Coast
yards, the plants there engaged in wooden ship con-
J
.
July
14 1917.
.
TIIK
.
CHRONICLE
struction will receive an impetus that will materially
117
this large gain the previous year, the mileage repre"
add to their prosperity." Surely we ought to be as sented in the 1917 tabulation being somewhat smaller
wise, and as little swayed by unseemly rivalries in than that included in the 1916 comparison, but the
this important matter, as are our friends in the Far bulk of the roads being, nevertheless, substantially
the same.
East.
We have already indicated that the 1916 increase
The undertaking of wholly new enterprises in
Chosen is of late not so large as it was at one time; came after losses in the year preceding (1915). The
and, very wisely, the Government is declining to truth is, there was a decrease also (speaking of
sanction the applications for permission to organize the roads collectively) in 1914.
In June 1915 our
early statement showed a loss of $5,866,524, or
of a considerable proportion of them.
Of the 26
"undertakings" recently applied for, only 19 have 8.91%, and in June 1914 on substantially the same
been "sanctioned," and 61 others were at last ac- roads there was a decrease of $4,739,136, or 7.15%.
counts "projected," but still held in abeyance.
Of Prior to 1914, however, our early June statement of
those likely to be most successfully established is earnings on the whole showed satisfactory results.
the plan for building a cotton mill in Chosen with a For instance, for June 1913 the comparison regiscapital of 5,000,000 yen.
This is undertaken by tered a gain in the aggregate of $5,074,935, or 7.44%,
very wealthy men in Tokyo. For, although 100,- In June 1912, too, there was a fair amount of im000,000 kin of cotton (one kin equals 1 1-3 lbs.) is provement, our early statement at that time having
the annual output in the peninsula, and 12,000,000 shown an increase of $4,152,922, or 6.38%.
In
yen worth of cloths is annually imported from June 1911 the increase amounted 'to only $357,396,
Japan into Chosen, there has been as yet not a single and more than the whole of this was contributed by
spinning mill established there.
the Canadian lines.
In 1910 we had a strikingly
We close our account of this class of enterprises large increase, namely $8,356,824, or 15.14%, and
with one of its most curious instances. A meeting this followed $4,737,537 gain in 1909, or 10.45%.
for establishing a South Sea Sugar Company, Ltd., Of course, in 1908 (the year affer the 1907 panic)
was recently held in Tokyo. The company is to there was a very heavy loss— $12,284,972, or 20.89%.
buy a Dutch sugar factory in Java and to cultivate In the following we show the June comparisons as
sugar cane on 8,000 acres of land leased for 75 years disclosed by our early compilations for each year
from the Dutch Government. The capital is to back to 1897, the Canadian roads being included in
be 6,000,000 yen. And some of the wealthiest men
Tokyo, including the President of the Mitsui Bank,
the years:
all
in
are interested in
Year
the gross earnings of United States railroads continue
We give
to-day our preliminary compilation for the month of
June, comprising the roads which make it a practice
to furnish early estimates of their gross revenues
their uninterrupted course of expansion.
soon after the close of the month, and the figures
show further substantial improvement in 1917, following very noteworthy improvement in 1916. This
result has
been achieved, too, notwithstanding that
the roads represented in this early tabulation embrace mainly Western grain-carrying and Southern
cotton-carrying roads, and neither the Western grain
movement nor the Southern cotton movement,
treated as a whole, ran materially heavier than last
year, it following that the improvement in revenues
Including the three large Canadian systems which
always form part of our early compilations, namely
the Canadian Pacific, the Canadian Northern and
the Grand Trunk Railway of Canada, the total mileage of road represented in June this year is 83,103
miles,
and on
this mileage the gross earnings for the
1917 were S81, 766,467, as against only
$70,110,791 in June last year, the gain, therefore,
month
in
being no less than $11,655,676, or 16.62%.
This
gain would be noteworthy if it stood all by itself.
It
assumes additional significance when it is remembered that it follows an even larger gain in 1910 over
1915, though, on the other hand, this latter represented in part a recovery of antecedent losses.
Yt .pre- Inceding. cr'se.
Roads Miles. Miles.
115
90,703 90,139
125
97,221 96.213
117
98,375 92,266
107
95,337 93,004
97
97,010 94,048
81
85,554 83,996
71
95,013 93,013
69
86,085 83,568
58
81,192 79,345
67
92,655 90,469
66
93,854 92,803
51
78,614 77,214
77,478 76,232
50
53
87,924 85,487
49
88,198 86,262
49
89,764 88,193
44
90,012 87,715
45
84.518 83,210
41
88,034 86,468
46
92,587 90,638
38
83,103 81,651
Year.
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
%
0.62
1.05
6.60
2.51
3.15
1.85
2.15
3.01
2.32
2.41
1.13
1.81
Year
Year
Given
S
.S
36,558,554
42,217,558
46,170,085
50,104,955
51,573,897
50,238,273
61,930,417
54.682,684
54,139,005
72,708,902
82,467,706
46,515.462
1.63 50,0,36,163
2.85 63,572,503
2.25 64,144,486
1.79 .68,820,679
2.62 73,194,701
1.57 62,286,987
1.81
2.15
1.78
Decrease
(
—
).
Preceding
59,955,244
77,907,360
81,766,467
36,251,840
%
S
+ 306,714
39,6,35,817 + 2,581,741
40,480,015 + 5,690,070
46,051,607 + 4,053,348
47,975,122 + 3..598,775
46,882,292 + 3,355,981
54,315,982 + 7,614,435
—510,983
55,193,667
50,961,464 + 3,177,541
64,205,232 + 8.503,670
72,923,683 + 9,544,023
58,800,434 —12,284,972
45,298,626 + 4,737,537
55,215,679 + 8,356,824
63,787,090
+ 357,396
64,667,757 + 4,152.922
68,119,766 + 5,074,935
67,026,123 —4,739,136
65.821,768 —5,866,524
61,872,441 + 16,034,919
70,110,791 + 11,655.676
0.84
7.51
14.05
8.80
7.50
7.18
14.02
0.92
6.23
13.24
13.08
20.89
10.45
15.14
0.56
6.38
7.44
7.15
8.91
25.91
16.62
—
Neither the earnings of the Mexican roads nor the mining operations of
Note.
the anthracite coal roads are included in this tabie.
Another noteworthy feature
is
.that practically all
the roads contribute to the present year's improvement, there being, indeed, only two minor hnes
which form an exception to the rule and record a
trifling decrease; and that showing itself duplicates
must be ascribed to the continued growth in merchandise and general freight and in the passenger the experience
traffic
Increase {+)
June
Given.
RAILROAD GROSS EARNINGS FOR JUNE.
Whatever may be the case as to the net earnings,
Gross Earnings.
Mileage.
it.
of 1916,
when merely a
single road
reported a falling off (among the roads included in
our early statement) and a trifling one at that, all
the rest registering increases, some of them of noteworthy proportions. As indicating how widely distiibuted this year's gains are and how all the different
sections of the country share in them, we may note
that the Canadian Pacific heads the list with $1,663,-
000 gain, that the Southern Railway System comes
next with $1,578,511 gain, then "the Great Northern
(in a totally different part of the country) with
$1,264,924; then the Illinois Central (in the Middle
West) with $1,124,665, and that among other roads
distinguished for large gains are the Louisville
Nashville with $1,028,206; the Missouri Kansas
&
&
Texas with $439,630; the St. Louis Southwestern
by our with $348,000; the Texas & Pacific with $301,908;
early statement was §16,034,919, or 25.91%, and the the Chesapeake & Ohio with $272,903; the Denver &
present year's gain of $11,655,676 is additional to Rio Grande with $249,900, &c., &c.
In the following
Stated in brief, the gain in June last year
—
THE CHRONICLE
118
we show all changes for the separate roads for
amounts in excess of $30,000. The changes all conany amount,
of
as
already stated.
SI, 663, 000 Colorado
Canadian Pacific
Southern Ry System
Great Northern..
1,578,511
1,264,924
1,124,665
1,118,086
1,028,206
Central
Grand Trunk (4 roads)..
Louisville & Nashville..
Canadian Northern
671,400
439,630
348,000
301,908
272,903
249.900
237,247
Missouri Kan & Texas.
St Louis .Southwestern.
Texas & Pacific
Chesapeake & Ohio
Denver & Kio Grande..
Buffalo Roch & Pittsb.
Minn St P & S
SM
208,8.52
194,418
&
•
Southern...
$188,9.54
Chicago Great We.steru.
Minneapolis & St LoWLs.
Duluth So Sh & Atl
Toledo St Louis & West.
Atlanta Birm & Atl
Ann Arbor
Chicago Ind & Louisv..
Western Maryland
Alabama & Vicksburg...
141,766
130,536
80,585
71,673
64,059
66,304
43,413
37,805
34,324
30,963
Yazoo & Miss Valley
Representing 29 roads
in our compilation. $11, 582 ,032
a These figures are for three weeks only.
The
grain
markets
movement
The corn
to
the
Western primary
receipts,
it
is
true, ran
bushels, against 23,016,000 bushels; of oats 18,781,000 bushels against 19,712,000 bushels; of barley
4,008,000 bushels against 7,185,000 bushels, and of
rye 683,000 bushels against 1,062,000 bushels. Altogether the receipts for the five cereals combined
aggregated only 63,682,000 bushels in the five weeks
of this year against 64,653,000 bushels in the corresponding period last year. The details of the
Western grain movement in our usual form are set
out in the table which we now present.
RECEIPTS AT WESTERN PRIMARY MARKETS.
Wheat,
Flour.
Corn,
Oats,
Barley,
1917.
1916.
Galveston
93,681
856
70,235
7,000
80,292
9,035
73,046
16,581
9,006
33,465
9,700
1,445
54,357
4,019
35,705
846,706
61,529
486,633
29,915
24,333
164,674
65,670
975,0.582 ,013,802
176,173
396,449
567,515 ,164,757
88,341
76,117
85,5.50
48,075
912,561
359,386
80,400
154,700
182.330
63,617
101
1,857
78,116
164,300
314,496
371,079
49,419
81,671
&c
Savannah
Brunswick
.50,246
21,000
5,443
Charleston
Gc^orgelown
'"404
Wilmington
22,923
639
Norfolk
Newport News, &c.
Total
9,009
177,657
3.738
994
272,427 268,567il36.768 1,909.205 2,800,697 5,605,173
To complete our
we
analysis
furnish the following
six-year comparisons of the earnings of leading roads
arranged in groups. It is needless to say that the
1917 figures are the best of the six-year period.
EARNINGS OF SOUTHERN GROUP.
June.
Ala
1917.
1916.
1915.
1914.
1913.
S
S
§
S
S
166,788
152,868
4,494,727
6,105,120
1,215,428
135,825
127,572
4.221,824
5.076.914
1,021,010
125,261
120,031
3,636,151
4,175,583
882,449
[4,743,560
392,280
9,201,393
7,662,882
142,597
110,994
3,227,083
4,457,781
1,082,345
5,232,400
431,321
873,183
319,613
41,889
850,422
NO&TP—
Ala&Vicksb.
Vicks Shr & P
& Ohio.c
Ches
Lou&Nashv-ft
Mobile & Ohio.
Southern Ry.
Ala Grt Sou.
1
CNO&TP}
1
I
N O & No E
1
North Ala..)
Yazoo & MissV
[
1,276,651
1,134,885
7.37,248
296.948
43,003
910.241
1912.
$
144,869
124,386
3,060,497
4,608,023
1,070,683
5,147,098
426,793
835,368
340,393
41,427
818,350
124,866
106.992
2,911,278
4,328,964
942,140
4,888.598
377,987
819,897
311,240
34,092
746,362
22.612,975ll9,380,912 16,062 ,755! 16,769,628 16,677,887 15,592,416
Total
b Includes the Louisville
c
<
1
Includes Chesapeake
&
&
&
Atlantic and The Frankfort
of Indiana.
Cincinnati.
Ohio
EARNINGS OF SOUTHWESTERN GROUP.
1917.
June.
Colo
&
Total
1912.
S
1.104,945
1,873,090
2,351,588
861,287
1,280,813
960,049
1,203,513
S
938,959
1,928,103
2,097,923
949,187
1,097,906
7,387.697; 7.288,472
8,271,531
all
1913.
7.493,185
7,012,078
'
1,188,8.50
a Includes Texas Central in
1914.
s
s
1,008,211
986,108
1,865,7741 1,824,803
2,379,131 2,335,461
2,019,800
2,644,047
960,000
1,458,834
9,799,923
SW__
& Pacific
St Louis
1915.
S
S
1,377,804
2,269,700
3,083,677
1,308,000
1,760,742
South.
Denv & Rio Gr
Mo Kan & T_a
Texas
1916.
813,662
i
1,320,919;
the years and Wichita Falls line from Nov.
1
1912
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
June.
1917.
1916.
S
S
1914.
1915.
1912.
1913.
•S
S
$
7,512,034 10,0.54.421 11,674,430 11,311,397
1,182,131 1,165,829 1,224,843 1,082,139
342,642
294,792
277,650
297,199
5,193,623 6,072,085 6.797,700 5,830.534
815,624
701.842
786,906
770,024
2,091,217 2,192,415 2,342,655 2,119,725
,s
(bush.)
(.bush.)
(.bush.)
(bush.)
2,947,000
2,772,000
9.775,000
4,604,000
9,951,000
9,588,000
1,701,000
1,710,000
300,000
323,000
Canadian Pac- 13,006,000 11,343,000
ChicGt West.* 1,392,195 1,261,659
Dul So Sh&Atl
405.750
334,077
Great North'n. 8,398.002 7,133,078
146,000
208,000
1,714,000
447,000
1,750,000
493,000
2,276,000
2,872,000
747,000
1,209,000
67,000
187,000
Minn & St L_a
M St P & SS M
286,000
384,000
1,897,000
1,973,000
1,759,000
2,070,000
2,369,000
1,289,000
55,000
17,000
2.000
27,000
107,000
426,000
253,000
232,000
103,000
179,000
24,000
29,000
193,000
70,000
156,000
378,000
231 ,000
279,000
85,000
67,000
26,000
55,000
111,000
208,000
401,000
290,000
1,000
115,000
198,000
287,000
216,000
3,713,000
2,528,000
1,142,000
872,000
167,000
266,000
Toledo—
1917
1916
—
39,.341
3,367
9,848
8,5041
26,939
554
(.bush.)
—
1,052
7,836
16,333
700
2,557
1915.
I
Rye.
Milwaukee
1917
1916
St. Louis
1917
1916
Since Jan. 1.
1915.
825,000
655,000
—
1915.
1916.
(bbls.)
—
Chicago
1917
1916
AND
June.
much
heavier than in 1916, but, on the other hand, there
was a contraction in the receipts of all the other
cereals as also some falling off in the receipts of flour.
For the five weeks ending June 30 the corn receipts
in 1917 were
22,977,000 bushels, against only
13,678,000 bushels in the corresponding five weeks of
1910, but the receipts of wheat were only 17,233,000
Five weeks
end. June 30.
30 1917, 1916
1917.
in the aggregate did not quite equal that of
last year.
TO JUNE
Ports.
Pensacola,
Xtict cases
iTtCTBCLSCS •
& Ohio
1
Mobile
PRINCIPAL CHANGES IN GROSS EARNINGS IN JUNE.
Mobile
JANUARY
To.Kas City, &c
New Orlean.s
amount and only two decreases
Illinois
U5
Vol.
I
RECEIPTS OK COTTON AT SOUTHERN PORTS IN JUNE AND FROM
there being no decrease for that
of increases,
sist
.
Total
913,342
3,021,009
832,757
2,812,157
27,136,298 23,716,728 17,089,421 20,549,306 23,152,294 21,342,836
Includes Mason City & Fort
a Includes Iowa Central.
*
Dodge and the Wisconsin Minnesota &
Pacific.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
3,000
Detroit
1917
1916
—
Cleveland
1917
1916
Peoria—
1917
1916
Duluth—
1917
1916
Minneapolis
1917
1916
279,000
1,727,000
2,781,000
—
June.
141,000
844,000
1,196,000
3,139,000
61 ,000
5,781,000
9,191,000
511,000
292,000
803,000
2,863.000
1917
1916
1,596,000
3,432,000
1,008,000
1,411,000
958,000
1,653,000
3,941,000
1,462,000
22,977,000
13,678,000
18,781,000
19,712,000
20.000
178,000
229.000
281,000
995,000
870,000
17,233,000
23,016,000
57,000
47,000
449,000
331,000
1917
1916
8,000
16,000
Kansas
City
—
Omaha —
Total of
1,481.000
1,541,000
1913.
1914.
1915.
1912.
S
1,392,620
707,415
S
1,155,373
669,610
865,746
553,408
811,170
571.614
S
1,015,458
562,638
904,938
535,987
Grand Trunk.
Grd Trk W.
6,227,119
5,109,033
4,403,613
4,543,686
5,048,541
4,653.475
7,030,179
5,905,514
1,781,363
102,362
496,576
993,162
4,881,398
1,453,976
93,142
403,640
844,482
5,281,493
1,284,992
104,059
396,220
711,148
5,3.50,214
5.263.768
1,347,978
107,055
293,967
612.814
DGH&M
Canada
}
S
1
I
PereMarquette al,781,363
Tol Peor & W.
119,794
Tol St L & W.
560,6.35
West'n Mary'd 1,027,486
c
S
•S
1
Atl.
Illinois Cent.c.
a
683,000
4,008,000
7,185.000 1,062,000
1916.
Buff Roch & P
Chic Ind & Lou
Total
All—
1917
1916
1917.
1,309,768
131,209
369,976
718,044
18,846,611 16,212,993 13,499,405 13,704,382 14.505.848 13.719.982
Month not yet reported; taken same as last year,
Includes earnings of Indianapolis Souttiern.
We now
add our detailed statement
of June, comprising
the roads for
all
for the
which
month
it
has
The Western live stock movement for June 1917 been possible to procure returns for that period up to
In a second table we furnish a
also made only an indifferent comparison with June the present time.
last year.
Thus, at Chicago the
live stock receipts
aggregated only 17,894 cars against 18,214 cars in
June 1916; at Kansas City 10,007 cars against 9,338,
and at Omaha 7,875 cars against 7,309.
The cotton movement of the South is never large
at this period of the year, it being the tail end of the
old crop season.
For June 1917 the cotton shipments overland reached 159,468 bales against 149,066
bales in June 1916 and 99,121 bales in June 1915,
while the receipts at the Southern outports aggregated 272,427 bales against 268,567 bales last year
and 136,768 bales the year before, as will be seen
by the
following:
comparison for the same roads for the six months
ending June 30 of this year and last.
GROSS EARNINGS AND MILEAGE IN JUNE.
Name
Gross Earnings.
Mileage.
of Road.
(+)
Inc.
1917.
NO&
Ala
Ala
Tex Pac
& Vicksburg
Vicks Shreve & Pac
Ann Arbor
Atlanta Birm & Atl..
Bellefonte Central...
Buffalo Roch & Pitts.
Canadian Northern..
Canadian Pacific
Chesapeake & Ohio..
Chicago Great West..
Chicago Ind c& Louisv
Colorado
&
Southern.
1916.
$
$
166,788
152,868
285,267
293,919
6,099
1,392,620
4,048,600
13,006,000
4,494,727
1,392,195
707,415
1,377,804
135,825
127,572
241,854
237,615
6,843
1,155,373
3,377,200
11,343,000
4,221,824
1,261,659
669,610
1,188,850
or
(—).
Dec.
1917.
1916.
$
+ 30,963
+25,296
+43,413
+ 56,304
—744
+237,247
+ 671,400
+ 1,663,000
+272,903
+ 130,536
+37,805
+ 188,954
142
171
293
640
26
586
142
171
293
640
26
586
8,270
9,296
12,993 12,921
2,380 2.385
1,496 1,427
622
622
1,842
1,842
.
JULY
—
.
.
THE CHRONICLE
14 1917.]
Mileage.
Gross Earnings.
Name
of Road.
Inc.
1917.
& Rio Grande
& Mackinac.
Duluth So Sh & Atl__
Georgia South & Fla. .
2,269,700
106,242
405,750
213,271
2,019,800
100,619
334,077
195,735
Grand Tmnli of Can]
Grand Trunk West
Det Gr Hav & Mill
Canada Atlantic-.]
6,227,119
Denver
Georgia..
Texas & Pacific
Toledo Peoria & West
Toledo St L & West.
Western Maryland..
Yazoo & Miss Valley
Total (38 roads)...
increase (16.62%)
+249,900 2,577 2,566
382
605
402
5,109,033
+ 1,118.086
4,533
4,533
8,398,002
7,030,179
6,105,120
100,891
913,342
7,133,078
5,905,514
5,076,914
92,643
832,757
+ 1,264,924
+ 1,124,665
+ 1,028,206
+ 8,248
8,197
4.766
5,070
120
1,646
8,102
4,767
5,038
119
1,646
3,021,009
a3, 083, 677
1,215,428
35,768
51,763
1,308,000
9,201,393
10.203
1,760.742
119.794
560.635
1,027,486
1,276.651
2,812,157
2,644,047
1,021,010
42,888
47,133
960,000
7,622,882
7,460
1,458,834
102.362
496,576
993,162
1,134,885
Louisville
&
1916.
382
600
402
Great Northern
Illinois Central
Tenn Ala
1917.
+ 5,623
+ 17,536
\
Nevada-Cal-Oregon.
Rio Grande Southern.
St Louis Southwestern
Southern Ry System.
or
(—).
+71,673
Detroit
& Nashville
Mineral Range
Minneap & St Louis
Iowa Central
Minneap St P & S S M
Missouri Kan & Texas
Mobile & Ohio
(+)
Dec.
1916.
+80,585
+208,852 4,227 4,227
+439,630 3,865 3,865
+ 194,418
1,160
1,122
—7,120
275
+4,630
+348,000
180
272
180
1,753
7,949
1,753
7,935
+ 1,578,511
+2,743
95
+301,908 1,946 1,944
+ 17,432
247
455
786
247
455
689
1,382
1,382
+64,059
+34,324
+ 141,766
70,110,791+11.655.676 83403 81^51
81.766,467
Net
Ala
of Road.
1917.
Vicks Slireve
Ann Arbor
&
Pacific.
Atlanta Birm & Atlantic
Bellefonte Central
.
.
.
Buffalo Rochester & Pitts.
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Ind & Louisville. _
& Southern
& Rio Grande
Detroit & Mackinac
Duluth South Shore & Atl.
Georgia Southern & Florida
Colorado
Denver
Grand Trunk of Canada.
Grand Trunk Western .
Detroit Gr Hav & Milw
Canada Atlantic. ...
Great Northern
Illinois Central
Louisville
&
Nashville
Mineral Range
.
Minneap & St Louis
Iowa Central.
.j
Minneap St Paul & S S M..
& Tex.o..
Mobile & Ohio
Nevada-California-Oregon.
Rio Grande Southern
St Louis Southwestern
Southern Railway
Missouri Kansas
Tenn Ala & Georgia
Texas & Pacific
Toledo Peoria & Western.
Toledo St Louis & Western
Western Maryland
Yazoo &Miss Valley
Total (38 roads)
Net increase (13.41%)
1
TO JUNE
30.
973.744
992,209
1,445,416
1,891,238
41,639
6,830,823
19,613,200
70,805,797
25,902, .530
7,798,630
4.386.619
8,488,994
13,407,915
632,855
2,061.345
1,361,393
1916.
Increase.
Decreaes.
$
$
N O & Texas Pacific
Alabama & Vicksburg..
$
$
863,297
110,447
814,368
177.841
1,345,993
99.423
1.478,665
412.573
40,477
1,162
6,092.016
738,807
16,073,400 3,539.800
62,462,112 8,343,685
24,602,721 1,299,809
7,483,292
315.338
3.869,921
516.698
7,403,755 1,085,239
11,335,229 2,072,686
601,994
30,861
1,727,084
334,261
1,232,560
128,833
30,591,564
27.361,847
39,889,459
41,470,164
35,717,995
595.378
5.115,762
35,874.994
34.760.982
4,014,465
6,709,182
4,665,244
73.365
15.718.983
16,335,603
15.728.591
6,012,062
140,943
256,657
5,944,341
47,217,590
6,623,194
154,777
287,446
7,962,973
53,036.542
31,0.52,751
522,013
5,197,385
60, .395
9,070,684
625.008
3.264,299
6,244,857
8,035,096
Q16M0
3.528,807
611,132
13,834
30,789
2,018,632
5,818,952
1,043
1,472,797
48,248
415,568
719,825
1,535,406
.59,352
10,543,481
2,848,731
5,525,032
6,499,690
.576,760
698,243
451,829,118 398,412,892 .54,114,469
53.416.226
down to the end of the third week only.
a Includes the Texas Central in both years.
BANK
OF FRANCE FOR THE YEAR
1916.
We present below a translation of the ann,ual report of the
Bank of France, covering the calendar year 1916:
The General Assembly of the stockholders of the Bank of Prance was
M
held on Jan 25
After declaring the meeting open
G Pallain Governor
of the Bank, presented, in the name of the General Council, the following
report of the operations of the Bank during the year 1916:
At the outset of this meeting, our first thought must be one of honor and
gratitude to our heroic soldiers, a thought of complete confidence in the
persevering effort of our country to apply its energy to the exigencies of the
war period and to the methodical preparation of the works of peace which
must crown victory.
In spite of the great disturbance in our general economic conditions, we
are happy to be able to record, this year as last, encouraging signs, and to
bear witness to a continued improvement which permits us to face and
carry to completion the necessary work of restoration
In most productions an intense activity is manifested.
By increased toil, by sharing their efforts and in certain cases by making
use of improved processes of cultivation, our valiant rural populations have
succeeded in preventing, in spite of the scarcity of manual labor, a further
decline in ovir agricultural output.
If. for 1916 the harvest of wheat is
slightly less than that of 1915. already reduced for lack of the supply from
the invaded districts, notable progress has been established as far as the
other cereals are concerned.
The production of wine has almost doubled
and is now very close to normal.
In the mining industry, the increasing demand for coal and steel has led
not only to intensified exploitation of existing ihines, but also to a search
for means of putting into operation new mines, particularly in the districts
of the west, so rich in iron ore.
In Savoy, in Dauphiny. in the PjTenees and the Plateau Central, numerous factories are being built with a view to the utilization of hydraulic
force in metallurgy and in the manufacture of chemical products.
The
execution of army orders furnishes opportunity to these two kinds of
establishments for remunerative exploitation. At the same time it involves a considerable development of their productive capacity which will
be of service in the period of economic revival.
All this progress is manifested in the continued increase inthe commercial
gross receipts of the railroad systems and in the rerovery of transactions
.
.
based on credit.
—
—
difficulties.
,
.
.
comparison of the rates of exchange in the Paris market on Dec. 31
1915 and on Dec. 30 1916 shows, in the main, changes of only slight importance. The pound sterling and the dollar, et a year's interval, remain
at almost the same level; exchange on Holland is declining perceptibly;
exchange rates on Scandinavian countries are the same with the exception
The premium on the
of the Swedish, which shows a rise of less than 5%.
Swiss franc is likewise slightly higher; that of exchange on Spain alone has
assumed an importance during these las.t months which contrasts with the
Perhaps the country could keep its foreign commerce debt from reaching
such proportions by reducing, in a larger measure, importation which is
not absolutely necessary and by exercising further economy in the use of
merchandise which our insufficient national production compels us to seek
abroad.
In the present circumstances, it is the patriotic duty of every citizen
to reduce his expenses, especially as regards articles or products which
must be purchased from other countries.
It is with a feeling of the heavy responsibilities which weigh upon the
bank as manager of the monetary reserves of the nation and our anxiety
.
81,623
V These figures are
REPORT OF THE
.
But, against exportations amounting in valqe for the year to almost
6 billions according to the corrected figures of the Administration of
Customs there stands importation to the amount of from 19 to 20 billions,
that is to say considerably more than double that for last year. This increase, it is true, is due in part to the general rise in prices of most merchandise in the course of the year 1916.
It is none the less an addition to our
economic balance the effects of which we can lessen only at the cost of
relative stability of the other rates.
These results can be appreciated if one considers the huge deficit which it
has been necessary to settle. However, tt>is settlement has called for
great sacrifices.
While in 1915 a sum of about 800 millions given over by
the Bank, to the public market as well as to our direct clients, had been
sufficient to cover the needed amount not made up for in other ways, our
sales of exchange for the year 1916 amount to more than 314 billion francs,
the greater part of which has been obtained by credit.
3.229.717
19,2.57,398
advanced 40%
A
GROSS EARNINGS FROM JANUARY
Name
It comes about thus that the stamp duty on commercial paper during
the year 1916 yielded about 80% more than during the year 1915.
The impression received from these figures is confirmed by the development of discount presentations. Our commercial paper not matured which,
at the end of 1915, amoimted to 394,000.000 reached 594.000,000 at the
end of 1916; from one year to the other, the average passed from 264,000-,
000 to 447,000,000.
The increase in regular discount operations was accompanied by a further decrease of nearly half a billion in the commercial paper taking advantage of the moratorium. That is a further indication of the gradual
recovery of the circulation of capital.
The financial market has likewise had a share In this Improvement.
Although the Bourse is still closed to operations at term, the market prices
of most securities have profited by a recovery which, under favorable circumstances, has permitted the settlement of engagements entered upon
before the war.
Finally, in the realm of international commerce, there has been a considerable increase in our exportations. Without taking accoimit of the
higher values of 1916, statistics of our commerce show an increase of more
than 22% over the year 1915. It is interesting to notice that the increase
bears principally upon the exportation of manufactured articles which have
numerous
a Includes Texas Central in both years.
y These figures are for thi-ee weeks only.
119
.
to protect these reserves as far as the exigencies of the national defense
permit, that we join our appeal to that of the Minister of Finance, recommending to our fellow-countrymen this method of economy and labor
calculated in the future to lighten the burden of our foreign settlements.
Our constant aim has been to reduce, as far as possible, exportation of
With this thought, we have labored to promote the mobilization
gold.
of French holdings of foreign securities and to facilitate the negotiation
of credits in the principal countries to which France is debtor.
Since the month of February (1916). an agreement concluded with the
British Government and the Bank of England, through our intermediary
and under certain conditions designed to give every guarantee to our allies,
has authorized the conversion into money on the London Stock Exchange
of securities belonging to our countrymen. A special service was immediately organized at Paris to receive directly the orders of sale, to centralize
those which were transmitted from the Provinces, and to superintend their
A little later, the activity of this new service was extended to
execution.
negotiations on most of the neutral markets of America and Europe.
Thanks to the co-operation of numerous intermediaries, who assisted in our
plan and often received important ca-ders from their patrons, we have been
able to discharge in this way part of our foreign debts.
With the same idea, the bank has lent its aid to the Treasury for the
repurchase of a certain number of securities of neutral countries, and has
opened its windows to loans of obligations to the State, co-operating thus
indirectly in the credits opened in America, in Spain, and in the Scandinavian countries, on deposit of these securities.
Finally, in the interest of French commerce, your Council authorized
exchange engagements amounting to not less than 500 million francs (on
the occasion of credit transactions or renewals negotiated in England,
America. Switzerland, Denmark and Norway), which have been given the
guarantee of th^ Bank of France.
In announcing to you last year the conclusion of a credit of 20 million
dollars, opened under our auspices by a group of banks and trust companies
in New York for a group of French firms, we expressed the hope thdt the
way thus marked out would be much used in the future.
This hope has been realized. Not only has the firm of Brown Brothers
offered to extend and increase this fu-st credit of acceptance, but several
other transactions, very often similar in form, have been negotiated by our
special delegate at New York for the account of French companies and concerns obliged to buy their raw materials or their workiog tools in America.
At this very moment we have just concluded, in the most friendly spirit,
with the National City Bank which has as its President the eminent Mr.
Vanderlip— an agreement designed to procure for French commerce other
facilities of exchange on the United States.
prepared the
It was likewise with the help of our delegate that there was
loan of the City of Paris in the United States, which met with brilliant sucThe
Marseilles.
cess, as well as that of the cities of Bordeaux. Lyons and
sending back of the proceeds, which are to be used for public works and improvements in the communities, has helped to relieve the difficulties of our
—
payments in America.
However, all these means of exchange taken together would not have
been sufficient to make up for the huge debt resulting, on the one hand,
from the excess of our purchases over our sales, abroad, and. on the other
hand, from the amount of the arrears to be paid off to foreign holders of our
The remainder could be covered only by credloans at long or short term.
England and
its obtained by the Minister of Finance both from the Bank of
from the British Governmfent.
As in 1915, the Bank has given Its assistance in these operations. But,
as we had to make certain of having on hand, for the days following the war.
a stock of
money capable
of supporting our paper currency,
we
altered the
THE CHRONICLE
120
form of this assistance. The loan has been substituted for the final sale
of the Kold transmitted. Our remittances to London in fulfillment of the
last agreements constitute deposits returnable In the period that shall follow the conclusion of peace.
A large part of the exchange thus established has been put at the disposition of the market through the medium of the Bank of France.
It Is well to add that this assistance, which we have rendered to the
Treasury in the interest of national defense and of French commerce Is entirely gratuitous; the profits resulting from these credits have been paid to
the State in full to lessen its expenses in this connection.
In spite of exports of cash amounting since the outbreak of the war to
1 billion 57 millions, our gold reserve, at the end of the year, was 5 billions
82 millions 3,489 millions in our coffers and 1,593 millions on deposit
—
abroad.
This result is duo to the country itself, which has responded generously
to the appeals of public powers and committees of plans for the payment of
gold
It is getting a clearer idea every day of the advantage of centralizing
our stock of money in order to give every strength ,in the eyes of foreigners,
to this element of our financial power; therefore it continues to bring its
metallic reserves to the support of the national credit.
It would be desirable for our countrymen to understand also the advantage of reducing, in a substantial way, the hoarding of notes. This
advantage is twofold: it would improve circulation and it would make unproductive savings participate in the great movement of capital.
With this purpose in mind, we have endeavored, on the one hand, to
develop the use of bank accounts, extending the facilities which we were
already furnishing for payments by clearings and by cheques, and, on the
Other hand, to promote subscriptions to Treasury securities, multiplying
the facilities given to lenders of the State.
The amount of bonds and obligations of national defense, subscribed
at our windows in 1916, reached the sum of 3,705 millions, bringing to
5,942 millions the total of obligations of these two kinds disposed of through
our efforts smce the outbreak of the war.
But the success of our labors was manifested more particularly at the
time of the second loan, issued from Oct. 5 to Oct. 29 last. The face value
of the subscriptions which we transmitted to the Treasury was not far
from 4 billions (exactly 3 ,948 millions) or more than one-third of the total
proceeds of the loan and 1 billion more than for the loan of 1915, although
this time the 3% rente was not accepted for conversion.
We must, on this occasion, thank the banks which, by using the Bank
of France as a medium for the payment of the sums collected have given
evidence of their good-will toward our institution, which is, as ever, their
strongest support.
Thanks to the importance of the resources voluntarily furnished by the
public, the advances to the State have not exceeded, during 1916, 4,600
millions, of which 2,200 millions have been repaid out of the proceeds of
the loan.
At the end of the year, the indebtedness of the Treasury to the Bank
amounted to 7,400 millions, against 5 billions at the end of 1915.
Independent of this direct assistance to the national Treasury we have cooperated in the conversion into money of advances made to allied Governments. On Dec. 23 the total amount of these discounts, since the outbreak
of the war, amounted to 1,730 millions.
We could not conclude this general review without making a brief
allusion to the investigation called for by the Minister of Finance and opened
under the auspices of the Minister of Commerce and Industry, in the course
of this year, on the question of the renewal of the privilege of issue.
France, commercial, industrial and agricultural, made known its feelings
in the matter by way of the Chamber of Commerce and numerous syndicates.
153 groups sent in petitions. All asked that we might continue
to exercise this power; most of them stated expressly that it was expedient
to extend it for as long a period as possible, thus enabling the Bank not
only to repair the damages to credit resulting from present conditions but
also to assist freely in the organization of economic revival in the days
following the war. That is why they have requested that no new obligations
be imposed upon us to paralyze the steady development of our activitj' in
favor of commerce, industry, and agriculture.
Permit us to record these evidences of gratitude for the services which
our institution has been able to render the nation. Let us take note of the
respect shown for the wisdom of your Councils, for the persistent activity
of a staff whose devotion to the public welfare has never been questioned
and whose untiring energy has been proved in critical times.
Let us mark with satisfaction, likewise, the wish clearly expressed
In this investigation that the fundamental principles of otu: constitutional
It is in the superiority of its organizacharter should be stoutly maintained.
tion that the secret of the power of the Bank of France rests; it is in its
statutes, which have always given it freedom to take part in new obligations arising from economic and social changes in the country, that there is
found the strength of its life and evolution. That is the explanation of its
power of resistance which has enabled it to rise above every crisis, and, in
the present confusion to support with unshaken credit the assistance which
.
,
,
9**********
,
it is
giving to national defense.
Svm
of Transactions.
The sum of our normal productive transactions in the course of the year
1916 amoimted to 14 billions 500 millions, against 20 billions in 1915.
The decrease shown by a comparison of these two figures is, owing to
—
the fact that clearings and checks displaced free from
since the month of January have not been included in
—
all
oiu'
commission
productive
transactions for 1916.
Had the figiu-e for the year 1916 been determined on the same basis as
that for 1915, the comparison of these two years would be as follows:
Year 1915
Year 1916
Fr.20,000.000,000
31,700,000,000
or an increase of
Fr.l 1,700, 000,000
These figures do not Include deposits of collateral, transfers of accounts,
transactions carried on for the account of the Public Treasury, or discounts
of French Treasury bonds for advances of the State to foreign Governments.
The
Transactions for the Account of the Treasury.
total of operations transacted for the account of the National
Treasury were:
To
To
the credit
the debit
Total
In 1915 the total reached
Fr. 61,949,500,000
62,239,200,000
Fr. 124, 188, 700, 000
Fr. 85,483.100.000
These figures include deposits and withdrawals on the Treasury accounts,
clearings of funds effected by the Bank in Paris and in the departments
for the Treasury accounts, remittances of bills for collection, collections of
orders, issues of Treasury bills and payments of coupons of Treasury bills
at our windows, and pajTnents by clearings of orders for the use of creditors
of the State and the departments having accoimts open at the bank.
(Vol. 105.
All these transactions of funds have been carried on by the Bank gratuitously.
5% Loan of National Defense.
The Bank, as in previous years, has co-operated without remimeration
or commission of any sort in the issue of Trea.sury bills.
The results obtained exceed very considerably those which we recorded
last year with genuine satisfaction.
These large results bear witness to
the effectiveness of our efforts.
As we have pointed out above, more than one-third of the total proceeds
of the second Loan of National Defense, whose success showed once again
the financial power of the country, was collected through the medium of
the Bank of France. The number of subscriptions received at our windows,
which in 1915 was 300,798, reached 828,652 in 1916. The face value of the
sub.scriptions amoimted to 3,948.566,020 francs, against 2,963,568,580
francs for the first Loan. The increase thus reaches a figure very close to
—
—
1
billion.
The amount brought
in in cash, including payments to be effected on
rentes not immediately paid off, reached 1,672,528,152.98 francs in 1916,
or 48% of the .sum total at the price of Issue; that in Bonds of National
Defense 1,451,151,449.19. or 42% that in Obligations of National Defense
redeemable rentes 333,706.331.58, or 10%
and in
As in 1915, the General Council adopted measures designed to facilitate
the payment of obligations and promising important advantages to subscribers; the raising, in the case of withdrawals made in view of the Loan,
of the quota of loans on collateral and of the maximum of advances allowed
to a single borrower; the deduction of interest only from the date of the
closing of the issue on withdrawals used in payment of subscriptions; the
keeping on deposit of the obligations of the Loan free; the acceptance, since
the close of the issue, as security for advances, up to 80% of their value, of
provisional certificates of the 5% 1916 rente entirely paid off, etc.
It had been decided, further, to receive as cash, in payment of subscriptions, coupons falling due up to Jan. 31 1917 and relating to securities
accepted for advances or to obligations of the Russian foreign public debt
for which the Bank hands over certificates of deposit.
By energetic planning and by advertising which we took pains to extend
even to the rural districts, we brought these various measures, along with
the terms of the loan, to the knowledge of our patrons and of the public.
All arrangements had been made, on the other hand, to increase the
number of our windows and facilitate the receiving of subscription orders.
had opened numerous windows at Paris, both at the Banque Centrale
and the Annexe Ventadour and also in our bureaus of receipt and in places
rented specially by the Bank in view of the loan.
Likewise, in the departments, windows had been opened temporarily
or periodically in the cities with which we have connections and in a few
other places of importance. Valuable assistance had been assured to us
by important groups of banks, by bankers in Paris and in the departments,
and by notaries, who transmitted to our windows subscriptions received
through their medium.
express to them all our thanks.
In addition to our Paris offices, eight of our branch banks received subscriptions amoimting in face value to more than 45 millions each:
;
3K%
.
We
We
Number
of
Subscriptions.
Face Value.
320,735
Paris
...Fr.l, 502,076, 180
24,381
Lyons
186,004,620
22,635
Marseilles
133,367,900
15,973
Bordeaux
94,225.420
10,704
Havre
77,389,620
13,087
Saint Etienne
64,131,540
10,107
Nancy
60,485,040
11,291
Nantes
57,263,660
10,834
Grenoble
46,864,700
The classification by departments of the results in our various offices
puts at the head: the Seine, the Rhone, the Bouches-du-Rhone, the SeineInferieure, the Gironde, the Herault, the Loire and the Meurthe-et-Moselle.
Is is interesting to notice in our balance sheets the movements of capital
by this great financial operation.
Between Oct. 5 and Nov. 9 there was turned into our
called forth
There was previously deducted
coffers
Fr. 168.953,000
in gold
in
advances on obligations at
Paris
In the branch banks
The balance of accoimts current and deposit accounts was
reduced
That
of bills in circulation
60,632,000
128,506,000
454,345,000
1.038,602,000
It must be considered that this figure is considerably less
than the amount of actual receipts in bills arising from payments of subscriptions, a part of these bills having been put
into circulation again during the period of the loan by reason
of Treasury withdrawals and the needs of the end of the month.
Conforming to the provisions of Article 3 of the agreement
of Sept. 21 1914, whereby the State promised to repay the
advances made by the Bank in the shortest time possible,
either by means of the ordinary budget resources or by other
special resources which it should be able to avail of, the
.2,200,000,000
Treasury repaid to us
and the balance of its accoimt showed on Nov 9 an increase of 62 ,944 ,000
Bonds and Obligations of National Defense.
In the course of the year 1916 the subscriptions and renewals of Bonds
of National Defense reached:
Fr.l, 704,740, 500
At Paris
Fr. 1,870,303,900
In the branch banks
.
Or a
total of
.
Fr.3,575,044,400
against 1,901.196,500 francs in 1915, or an increase of 1,673,847,900 francs.
This considerable increase shows how much the public appreciates the
advantages of the Bonds of National Defense which, as is well known, are
received for discoimt when they have not more than three months to rim
and on which, whatever their date of maturity, the Bank allows advances
up to 80% of their value.
The issue of Obligations of National Defense was suspended for six
months. The amount of obligations subscribed in 1916 through the
medium of the Bank reached 129,500,300 francs, against 560,324,900
francs in 1915.
Loans of Obligations to the State.
With a view to Increasing the means of payment abroad put at the disposition of the French Treasury, the Minister of Finance, through a notice
published in the "Journal Officiel" on May 5 last, made known to the holders
of obligations to bearer of neutral countries conditions on which these
obligations could be lent to the State.
^t
The Bank gave its assistance to the Treasury free of charge for this
operation.
The obligations to be lent to the State were received in all our branch
banks and auxiliary bureaus, and in Paris, at the Bureau annex, specially
.
July
THE CHRONICLE
14 1917.]
opened at No. 11, rue Monsigny. The obligations were received either
directly from the lenders or from banking houses that effected these loans
througrh our agency.
On Dec. 24 last, we had received, both in Paris and in the provinces,
748,364 obligations for a face value of 587,182,023 francs.
Negotiations of Obligations Abroad.
Following an agreement entered into in February last at our request the
British Government consented to remove, in favor of French holders, the
restrictions against the sale in London of obligations which had not been
kept in England since Sept. 30 1914. These negotiations were made
dependent on the condition that the orders shall be transmitted to the Bank
of England through the medium of the Bank of France which must testify
to the fact that the obligations have been French property since Aug. 1 1914.
Since concluding this agreement, we have arranged for its execution.
To this purpose, a special service was organized. No. 25 rue Radzivill, for
receiving, centralizing and transmitting orders of sale.
"We have neglected nothing in order to develop these operations designed
to furnish to the country means of settling its purchases in the United Kingdom. Thus we have assumed the postage and insurance on obligations;
the sellers have paid no commission to us and have stood only the expenses
collected in London; they profit, consequently, almost in full from the
premium of exchange. By a stated allowance, we likewise make good the
expenses of the intermediaries who receive and transmit orders of sale to us.
Independent of its transactions on the London naarket, the service of
negotiations receives orders of sale on the neutral markets of Basel, Berne,
Geneva, Lausanne, Zurich, Amsterdam, Copenhagen, Stockholm, Madrid,
New York and Buenos
At the end
Aires.
December
last, the number of orders received amounted to
10,894 for a value of about 125 million francs.
The national interest which attaches at the present moment by reason
of the difficulties of exchange which the country must face to the mobilization of foreign securities held in Prance, warrants our addressing a fresh
appeal to all holders.
Metallic Reserves.
As a whole, the amount of our metallic reserves does not show much
change:
On Dec. 24 1915 the total metallic reserve amoimted to
Fr. 5, 431 ,400,000
On Dec. 23 1916 it was
5,379,000,000
of
Or a decrease
of..
Fr. 52,400,000
The gold reserve rose from
Fr. 5, 079, 700, 000
to.
5,082,300,000
Or a net decrease of
Fr.2,600,000
While the silver reserve fell from
Fr.351 ,700,000
296,700,000
to
Or a net decrease of
Fr.55,000,000
The figures which we have just set forth give only an imperfect idea of
the movement of our metallic reserves in the course of the year 1916,
particularly as regards the gold reserve.
The aggregate inflow, in fact,
reached 483,672.000 francs, as against an outflow of 481,072,000 francs.
As last year, it is almost entirely to the deposits of the public that we owe
the recorded increases in our gold reserve in the course of the year. These
deposits continue.
They would have carried this reserve to 6,138,517,000
francs, if the necessities of our payments abroad had not forced us to send
out, in reality, since the outbreak of the war. 1,057,483,000 francs.
The largest part of our sales of gold nearly 900 millions in all for the
period of the war have been made to the Bank of England upon the occasion of agreements arranged between the French Government and the
British Government.
France has received in exchange credits at London
for an amount considerably higher than that of the gold shipped.
As we already indicated last year, these shipments enabled our allies to
prevent a too marked weakening in their exchange. They also contributed,
in return, to the .stability of our own, and strengthened the support of the
foreign Treasury of the Entente Powers.
Our assistance to the British market and to the common Treasury was
shown also in 1916 by our loans of gold both to the Bank of England and to
the British Government in consjderation of credits opened to the French
Treasury, part of which has been put, thi-ough our medium, at the disposal
of commerce.
These loans of gold which the borrowers have promised to return to us
In the period following the cessation of hostilities, still figure in our accounts
under the head of "gold abroad," together with free deposits which we have
particularly in Russia and in the United States.
On Dec. 23 our gold reserves were divided as follows:
—
—
,
Gold in our coffers
Gold abroad
Fr.3,489,598 ,388.88
1,592,680,318.18
Fr.5,082 ,278,707.06
The holders
of gold do not cease to bring forward their reserve with the
most laudable patriotism. Little by little, thanks to the important
assistance which has never failed us, thanks to the active planning of the
committees of gold, which radiate, to the number of nearly 150, throughout
the whole country, persons who did not know or did not realize the interest
which France has in the centralization of gold at the Bank, understand the
hnportance of the duty explained to them and fulfill it with remarkable
continuity
Since the outbreak of the war, these voluntary contributions have,
amounted to nearly 2 billions.
During this year, the payments, which exceeded the sum of 70 millions
in the course of the week from Oct. 26 to Nov. 2, reached a weekly average
of 9^2 millions.
Our silver reserve shows an important decrease of 55 millions, this being
in our crowns and small coin.
have put into circulation, along with
the new issues, the silver coin which was still distributed in the coffers
of our various offices.
Our silver reserve has thus been considerably reduced.
The crowns paid out have, for the largest part, been turned over to the
mints for the coining of small pieces of money.
The demands for these coins are still exceptionally high. In certain
districts, these demands can be explained by the increase in cash transactions; in many others, inconsiderate hoarding aggravates a crisis which the
Chambers of Commerce have been able to meet, in a certain measure, thanks
to issues of small notes for localized circulation.
In the course of the year, the movements of our reserve, both in France
and abroad, have been as follows:
Gold
We
—
Maximum
— Dec.
23 1916
1916
Mmimum—May 5
Average
Fr.5,082 ,300 ,000
4,709,600,000
..Fr. 4, 936 ,200, 000
131
—
Silver
Maximum — March 18 1916
Minimum— Dec. 23 1916
Average
Total Reserve
Fr..363, 100,000
296,700,000
Fr..345,200,000
—
Maximum— Dec. 27 1915
Minimum—May 5 1916
Fr. 5,428,600,000
5,065,600,000
Average
Fr. 5,280 ,400,000
Rates of Discounts
and Aadvanccs.
The rates of our discounts and our advances have remained
and 6%, respectively.
fixed at
5%
[The remainder of this report will appear another week. Ed.]
A.
C. MILLER OF RESERVE BOARD ON WAR FINANCE
AND INFLATION AND THE RESERVE BANKS.
In an address dealing with "War Finance and the Federal
Reserve Banks," A. C. Miller of the Federal Reserve Board,
alluding to the present great wealth of the country, said that
"of far more importance even than realizable wealth as an
index of a nation's financial or eontributive capacity is current income or the current product of industry, especially
for a country which has to be taken by itself and do all its
financing from within, and without external assistance.
Averring that the expenditures in contemplation for the war
($10,000,000,000) will absorb about one-fourth of our gross
national income, and call for a considerable addition to the
annual savings of the nation, Mr. Miller pointed out that
"our present actual savings fund is almost certainly less by
one-half than the amount which it is proposed to raise for
the purposes of the war," we thus being confronted with the
problem of converting $5,000,000,060 of the. gross income of
the American people into savings to be turned over for the
use of the Government." Adding that savings on an unprecedented scale will hence be imperative, the question as
to whether loans or taxation should be our chief reliance was
discussed by him, the dangers lying in the former proposal
and the inexpediency of the latter being pointed out. An
increase in the productive power of the nation so as' to increase our savings and thereby provide a quarter of this
productive power for the use of the Government was urged
by Mr. Miller, whose observations in large part are set out
below.
(Mr. Miller's remarks were made before the Joint
Conference of the Western Economic Society and the City
Club at the Hotel La Salle, Chicago, on June 22).
When the amendments which have just passed Congress, providing for a
greater concentration of the gold holdings of the country in the Federall
Reserve banks, become effective, the twelve Federal Reserve banks wilf
have a normal credit-lending and note-issuing power in the aggregate os
about $2,000,000,000. Thus far, less than one-fourth of this power ha
been utilized in extending accommodation to the money markets of the
country, whether through the member banks of the Federal Reserve system,
or other^vise through open-market operations. The system possesses,
therefore, an untouched margin of lending power of some .$1,500,000,000.
AVhen it is recalled that a dollar of reserve credit extended to a member bank
by a Federal Reserve bank may multiply itself by five fold or more in the
lending power of the member bank, it is at once apparent that the banks
composing the Federal Reserve system member banks and Federal
Reserve banks together^ have a potential credit capacity for the borrowing
community of some S7, 500, 000,000. This is an enormous potential credit
power. But is is important that we should recognize that such power has
its dangers and temptations as well as its protective strength and reassurTo the expansionist it opens alluring vistas of inflation. By its
ance.
wise use, however, it is capable of becoming at critical times a factor of
decisive importance in the credit operations which will have to be undertaken during the period of the war a bedrock of strong and wise finance.
WTiat the Federal Reserve banks can do usefully to help the financing of
the country in its present crisis is one thing; what they may find it necessary
to do against their best judgment and to the prejudice of the system's
healthy development, is another.
How much the Federal Reserve system can be the maker of its own
destiny during the period of the war is at best uncertain. The Federal
Reserve banks are, after all, but one part, however, important a part, of
our national machinery of finance, and that machinery will work to poor
purpose if any important part of it does not mesh in with other essential
The making of a national financial policy for the conduct of the war
parts.
The system occupies,
is not in the hands of the Federal Reserve system.
it is true, by reason of its control of money rates, a position of strategic
strength in the general credit affairs of the country. But the extent to
which the Federal Reserve systfem will feel justified in using its powers of
control to affect the direction or alter the com-se of the nation's financial
policy will almost of necessity depend upon the extent to which its advice
is sought in the shaping of our national financial policies, and the degree
It
of support accorded its judgment and action by the country at large.
may well be that our experience in this respect will repeat that of the leading
European belligerents, and that the banking policy of the Federal Reserve
system, like that of the English, French and German banking systems,
will be what the general financial policy of the Government and nation
make it. If our general policy of finance is courageous, sound and strong,
our banking policy can be sound and strong. But if our general financial
policies are weak or vacillating, our general banking policy, and that of the
Federal Reserve system in particular, is likely of necessity to be weak.
As yet the general plan of finance for conducting the war has not been
determined. There is still much discussion in and out of Congress as to
the relative parts of the burden of war outlay to bo assumed by taxation
and by loans, and the more discussion proceeds, the more apparent it is
also becoming that no plan for mobilizing the financial resources of the
nation on the scale of magnitude in contemplation will be adequate, which
is not buttressed at every critical point by an effective mobilization of the
country's economic resources. Of necessity, the first steps in providing
for Government outlays and the immediate advances needed by our allies,
The first of these, the Liberty Loan, is
will have to be furnished by loans.
—
—
—
—
THE CHRONICLE
133
now being
carried to completion, and in its negotiation the Federal Keserve
banks have had then- necessary and important part to play. A loan of
$2,000,000,000, even in a country as rich as ours and as prosperous in a
pecuniary sense as ours has been during the past two years, is probably to be
regarded as in excess of the current funds of the country immediately
available for investment.
Kxtensive banking accommodation was therefore to be presumed to be necessary, at least in the first steps of its placement.
How much of the S2, 000 ,000, 000 loan is being taken by the
ultimate investor, and how much by the banks and other intermediate
agencies, is not yet known.
It may be assumed, however, that a considerable part of it will be some time in finding lodgment in the hands of the
permanent investor, and that this amount, together with much that has
nominally been taken by investors, will have required the extension of some
temporary banking assistance. In these circumstances, it has been the
policy of the Federal Reserve banks to give to their members and to the
banks of the country generally, and through them to their customers, who
were subscribing to the Liberty Loan, credit facilities on liberal terms.
The Federal Reserve banks have been authorized to make preferential rates
of 3% upon 15-day paper of member banks, and 3}^% (the rate carried by
Liberty Loan bonds) to the banks member, non-member, and savings
and to their customers, who are borrowing on their 90-day notes for the
purpose of effecting payment of their bond subscription. The Federal
Reserve Board has also authorized a special one-day rate, as low as 2% in
order to enable the banks in the country's greatest financial centres to
prevent undesirable disturbances in the market for call money. For under
conditions like the present, the state of the call money market has a very
—
definite influence
upon the general
financial situation.
The marked effect which these policies have had in promoting a spirit
of confidence among the banks of the country and the people generally in
taking hold of the Liberty Loan, cannot be doubted, in view of the unprecedented success of this whole vast operation. Whether these liberal
pohcies will beget a false sense of security and excessive reliance upon banking credit, and especially upon the resources of the Federal Reserve system,
to finance the war loans of the Government, it is too early to say. Banks
can, perhaps, safely xmdertake the financing of wars of ordinary financial
magnitude, but a war calling for expenditures and advances estimated, as
they are by the Secretary of the Treasury, at $10,000,000,000 for the first
year, clearly calls for more fvmdamental financial provision than can be
provided by the banks of this or any other country. Indeed, rich and
powerful both in a financial and an economic sense as the United States is,
it cannot but awaken earnest solicitude how we should best proceed in
undertaking to finance a war that is to cost $10,000,000,000 a year.
The wealth of the United States was estimated before the war at about
$180,000,000,000. It is now estimated as high as $225,000,000,000, and
some even venture to place it as high as $250,000,000,000. If we take the
last named figure, it is three times the estimated wealth of Great Britain
or Germany, and the inference has been hastily drawn by some that we,
therefore, as a people possess three times the contributive capacity of
Great Britain or Germany, which have been the heaviest spenders among
the European belligerents. Such comparisons, however, are apt to be
misleading. It is not so much the assessed wealth of a country, but its
realizable wealth that counts in war time as an index of financing capacity,
and there are great dil'ferences between countries with regard to the proportion of their total wealth on which they can realize for the purposes of
war financing England, among the present belligerents, being manifestly
But of far more
far the most fortunately circumstanced in this respect.
importance even than realizable wealth as an index of a nation's financial
or contributive capacity, is current income or the current product of industry, especially for a country which has to be taken by itself arid do all its
for such is the
financing, from within, and without external assistance
position of the United States. We shall have to pay as we go, out of our
own unaided resources; that is, out of current income or the current product
How much of our current income and product is to be
of industry.
regarded as effective income that is, as made up of things available for
Government use is the question that must be answered in attempting
to estimate the financial and contributive capacity of the nation for war
—
—
—
—
By effective income is meant that portion of the total gross
income of the nation which is in excess of a reasonable and proper provision
piu-poses.
It is that excess which, in war
time, is to be regarded as the nation's available or spare income that is,
the income that can be spared or withheld from Individual consumption
and tm-ned over for the use of the Government. Obviously, the wider this
margin of surplus or disposable income, the greater the effective financial
strength of a coimtry.
What, then, is our effective income?
Our gross annual income was estimated before the war at $30,000,000,000.
The growth of our industrial and productive power and the rise of prices
which have gone on apace during the past two years are estimated to have
carried our gross national income up to from $35,000,000,000 to $40,000,000,000. If the latter figure may be taken as approximately correct, it is
clear that the expenditures in contemplation for the war ($10,000,000,000)
will absorb about one-fourth of our gross national income, and call for a
considerable addition to the annual savings of the nation. How much this
amount is in excess of the present annual savings or investment fund of the
American people that is, the proportion of its income annually set aside
and withheld from consumption can only be conjectured; but our present
actual savings fund is almost certainly less by one-half than the amount
which it is proposed to raise for the pvirposes of the war. It was competently estimated that the annual savings fund of Great Britain before the
war amounted to $2,000,000,000. It is doubtful whether ours amounts to
more than twice as much as Great Britain's, but even if we take an
optimistic view of the situation and allow that ours may amount to as
much as $5,000,000,000. it is clear that the financing of the war confronts
us with the problem of converting an additional $5,000,000,000 of the
gross income of the American people into savings to be turned over for the
use of the Government.
The undertaking may well seem stupendous and to involve for many
classes of the consuming public very drastic revisions of their customary
mode of living. The more the situation is pondered, however, the clearer it
becomes that we cannot successfully undertake the financing of the war
except by putting it on a foundation of economic concrete by the practice
of thrift on a scale which has not been our national habit for many decades.
There are no mysteries in sound finance; no short cut and easy methods
shall be dealing in
by which we can make something out of nothing.
self-deception, therefore, if we attempt to avoid facing the fact that the
war, on the scale which is projected, will call for a diversion of about
one-fourth of the annual income or let it be stated more fundamentally,
one-fourth of the productive power of the nation from individual use to
Government use. Thus stated, it is clear that saving on a scale of unprecedented intensity will be an essential preliminary under any effective scheme
of national finance we may adopt, and the question, which is much discussed, as to whether taxation or loans should be our chief reliance, or the
proportions in which the two should be combined, gets its chief meaning
from the effect that the one or the other, or any given combination of the
for the living requirements of the people.
—
—
—
We
—
—
(Vol. 105
may
be expected to have either in stimulating or in forcing nationa
and the growth of our annual savings.
The danger of the loan policy is that by deluding itself with a notion
that it is putting the burden on to the future, it will, through resort to
fatuous and easy expedients, put the burden both on the present and on
the future. This will happen if the loan policy, failing to induce a commentwo,
thrift
surate increase in the savings fund of the nation, degenerates, through the
abuse of banking credit, into inflation raising prices against the great
body of consumers as well as against the Government, thus needlessly
augmenting the public debt, and increasing the cost of living just as taxes
would. The policy of financing war by loans, therefore, will be but a
fragile and deceptive and costly support unless every dollar obtained by the
Government is matched by a dollar of spending power relinquished by the
community; in other words, will fail and develop into inflation unless the
dollars which are subscribed to the bonds of the Government are real
The danger
dollars, the result of real savings and of real retrenchment.
to be feared in undertaking to finance our war by credit is that sophistry
and financial legerdemain may lead us to attempt to carry the operation
through as an operation in banking finance instead of as an operation in
saving and investment. The doctrine is already current in the country,
with the .sanction of some leading bankers, that our war carmot be financed
except by credit expansion running to the limits of inflation. Being dealers
in banking credit, they naturally take the view that the expansion of credit
in question will properly have to be an inflation of banking credit; for this is
the new and most recent form of inflation which the gigantic war in Europe
has been bringing to the front as a device in war finance.
—
Inflation as an expedient of public finance has long been practiced, although it has never had the sanction and approval of those whose business
it has been to lay down canons of finance rather than to engage in the pracThe record of our own great wars and the records of the
tice of finance.
great wars of other nations in modern times show pretty uniformly that
timidity in facing the serious realities of war finance has usually developed
a situation from which escape was finally sought through the desperate
and costly expedient of Government currency inflation. Such was our
disastrous experience in the Civil War, when resort was taken to the greenback currency, which was nothing but a de-\ice of inflationism, and some
$500,000,000 thereby added to the cost of the war which might have been
avoided had the Government's financial operation been maintained on a
strong and healthy basis to say nothing of the demoralization wrought
—
and the hardships and iniquities inflicted upon the great body
Clear and specific as the
of defenseless workingmen and consumers.
teachings of that experience are to those who can learn from history, it
will remain for this war to demonstrate whether or not the lesson has been
in business
taken to heart. Inflation is full of seductive potentialities to the
pundits of paper finance. Even if we do not avowedly repeat the costly
mistakes of our Civil War by ventures in the field of Governmentc urrency inflation we may yet reach a similar result and land the community in a similar
plight through the more subtle and less vulgar process of banking inflation
The average business man, and even the majority of bankers, have been,
very slow to appreciate the fact that in such a country as ours, with a
highly organized system of mobile banking credits, banking credit is the
most common form of purchasing medium used by the business community.
When an ordinary commercial bank opens a credit on behalf of any of its
customers, for $10,000 it creates by a stroke of the pen an addition to the
supply of the purchasing media of the country of $10,000 less discount, just
as unmistakably as if it had issued $10,000 in bank notes or had paid out
any of the other forms of conventionally recognized currency or money.
Banking credits which originate in connection with actual operations
in industry or commerce, and which are protected against over-extension
by effective reserve requirements, are of course a highly desirable substitute for currency in a community which is habituated to modern banking
practices.
The superior convenience of the check as against the bank note
as a form of remittance and payment is altogether obvious, and explains
the well-established preference of the American business community for it.
Nor is it liable to the abuse of inflation as long as the banking credit which
is circulated by means of the check is bottomed upon genuine, that is to
say productive, operations in industry and trade, resulting in an increased
supply of goods. Inflation takes place whenever the supply of the purchasing media is increased more rapidly than is the supply of goods produced and to be exchanged. Prices then rise. Their rise is inevitable
under the operation of the general law of demand and supply, to which
the value of money is no exception but rather the most exact case. The
power to purchase and pay is the power to bid. and when the supply of
the means of purchase and payment no matter what their forms, whether
gold certificates, bank notes. Federal Reserve notes or bank deposit-credits
outruns the increase in the supply of goods
circulated by means of checks
available for purchase, there wUl be increased bidding for the goods, with
The evidence and the measure
the inevitable resultant of increased prices.
of a state of inflation proceeding from inflation of money, currency or
When, therefore, banking credits are opened
credit, is the rise of prices.
for any other purpose than to facilitate transactions which result in an
increase in the production and supply of goods, banking credit is being
used to lay the foundation of inflation.
We have had a marked advance of retail prices in this country since the
We have
beginning of the European war. The rise is estimated at 45%
also had in the same time an increase in the supply of the country's purchasing media, consisting of money, currency, and most of all, banking credits,
of some $5,500,000,000, or 45%
An examination of the resources of the
banks of the country so far as that is possible, indicates moreover, that a
very considerable volume (45% ) of the banking credits created since the
beginning of the European war in 1914 is offset by securities of an investment, not a commercial, character consisting largely of Government
obligations.
That is to say, a large part of the new banking credit which
has been created in -the past two and a half years has not been used to
finance the increased production of goods, but to finance the transfer of
ownership and use of a part of the exist ing production to the hands of borrowing governments.
The conclusion is irresistible that inflation has been in
progress to a marked degree in this country during the past two years and
a half, and that the steady forward march of prices which has cramped>nd
pinched the average consumer has been caused, for the most part, by the
rapid expansion of banking credit and currency without a commensurate
expansion of productive industry.
The same process, only In a vastly intensified degree, has been going on
in the belligerent countries of Europe and has given rise repeatedly to the
gravest expressions of solicitude by those who are engaged in looking
through the tissues of paper finance to the inexorable economic facts. i All
of the belligerent countries of Europe, in one degree or another, have undertaken to finance the war by borromng, with inflation results that, for the
most of them, make a tragic record of hardship, for the masses and needless
augmentations of the nations' debts, and will leave behind, at the closeiOf
the war, and for the next generation a heritage of unspeakable financial
confusion.
Inflationism may not be the ultimate term in weak or bad finance, and
situations and conditions may from time to time present themselves to us
fully
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THE CHRONICLE
.14 1917.]
133
much emphasized, in the discussion of plans for the mobilization of
the financial resources of the country, that, much as the Government will
need buying power, it will need something far more potent and fundamental than buying power. It will need arm jjower, tool power, nature power;
and brain power and will power to organize and vitalize and direct these.
Nature power we have in unlimited abundance. Our present problem is
to combine with it the undeveloped potentialities of our arm power, our
brain power, our saving power, and our will power; the power to do, and
the power to do without the power to do, that means producing more,
and the power to do without, that means saving more.
Can we, then, reorganize our life during the period of the war so as to
of compulsion or financial draft. That may mean either (1) taxation
increase the productive power of the nation and so to increase our savings
carried to the limit, that is, conscriptive taxation, as some already propose;
as to provide a quarter of this productive power for the use of the Governa less drastic form of financial draft as the
or (2) conscriptive borrowing
ment? We can if we will, but only by an heroic exercise of our national
only acceptable alternatives to inflation.
will to enforce the necessary economic sacrifices and savings.
To make
For let it not for a moment be overlooked that inflation, in its effects,
amoimts to conscriptive taxation of the masses. It is, indeed, one of the our saving effective, we must find and impose upon ourselves a substitute
for the English blockade of Germany and the German submarine blockade
worst and the most unequal forms of taxation, because it taxes men not
upon what they have or earn, but upon what the need or consume. The of England in forcing economy and saving. I have been told upon trustworthy authority that when the policy of the submarine warfare against
only difference for the masses between this kind of disguised and concealed
England was under discussion in Berlm, one of the most eminent of Gertaxation and taxes which are levied and collected openly, is that in the case
many's economic strategists argued vigorously against it, not on the ground
of the latter the Government gets the revenue, while in the former case it
borrows it, and those to whom it is eventually repaid are not those, for the of its violation of the established rules of international practice, but on the
most part, who have been mulcted for it. Inflation, therefore, produces ground that it would help England more than it v^ould hurt her. "Keep
a situation akin to double taxation in that the great mass of the consuming the submarine away from England's shores and England will eat herself
into banliruptcy quicker than the submarine can bring her to starvation."
public is hard-hit by the rise of prices induced by the degenerated borrowing
So I believe it is coming to be recognized by those who appreciate that
policy, and later has to be taxed in order to produce the revenue requisite
this war is an economic endurance contest, that England's blockade of
to sustain the interest charge on the debt contracted and to repay the principal.
The active business and speculative classes can usually take care Germany has been one of Germany's greatest aids in the financing of her
war. It has forced the most;, rigid sort of economy, and through bringing
of themselves in the midst of the confusion produced by inflation, and
Indeed inflation frequently the whole nation appreciably near the pomt of starvation, has led them to
recoup themselves for their increasing outlays
That is why war accept the most drastic control of living that the world has ever seen, and
makes for an artificial condition of business prosperity
times are frequently spoken of in terms of enthusiams by the class of busi- so has measurably offset for the great mass of the people the terrible and
But it is a prosperity that is dear-bought and at the iniquitous injuries that would otherwise have beea inflicted upon them by
ness adventurers.
the financial policy of inflation which Germany has followed in this war
expense of the great body of plain-living people. It would be a monstrous
wrong if, in financing our present war, we should pursue methods that Those who are puzzled because of the scanty use that has been made in
would land us in a sea of inflation in which the great body of the American Germany of war taxation to finance the war her whole reliance being
placed substantially upon loans have here, I believe, the explanation of
people, who are called upon to contribute the blood of their sons to the war,
this strange phenomenon.
It shows that. inflation can only be absorbed
were made the victims of a careless or iniquitious financial policy.
on an empty stomach and where "rationing" is established as a suppleIn warning thus emphatically against the dangers to our whole economy
that will follow the financing of our war by an inflation of banking credit
mentary process of public finance.
I would not for a moment wish to be understood as implying that the war
We must of our own choice impose a blockade ^pon oursqfves against the
could be financed without the extensive co-operation of banking instituseductions of luxuries and the temptations to waste. That means we must
tions and our system of banking credit.
Loans in such amounts as the save, save, save. More than this, we must study how to make our saving
Government will place cannot be raised to any important extent out of past most effective.
savings, for those have already been crystallized into fixed forms of investEffective saving in war time means much more than simply cutting down
ment. Nor can they come entirely out of immediately present savings.
the number of dollars which we spend and turning them over to the GovernThey must in some degree anticipate future savings. We have just com- ment as taxes or lendings for its use. Savings of dollars is good as far as it
Much,*m
pleted the negotiation of our first war loan of $2,000,000,000. Our ordigoes, but it is a mere beginning and does not go far enough.
nary savings may be at the rate of $400,000,000 a month, and if this has many instances very much, depends upon what I economize in the process
already been increased by one-half (it will have to be doubled in order propSome economies are much more effective than
of making my savings.
erly to ifnance the war) it will have yielded in the months during which the
others, and the test of effective saving must be whether that which I
negotiation of the Liberty Loan is being carried to completion bearly
refrain from consuming, in the process of saving dollars, results in leaving
enough to effect the payment of the loan
In those circumstances it was unused an equivalent value of the kinds of commodities which the Governclearly necessary that the great financial institutions of the coimtry should
ment needs. Suppose my income is $10,000 a year, and that my family
make advances, either to their customers in aid of the payment of their and myself have been in the habit of spending all of it. We now decide
subscriptions to Liberty bonds, or directly to the Government in payment
to economize to the extent of $1,000 in order to subscribe to the bonds of
of their own subscriptions, in the expectation that they could subsequently
the Government. How can we make that saving most effective; that is
place the bonds so acquired with the investing public.
most effective when tested by what it enables the Government to get in
How long a time might reasonably be allowed Liberty Loan subscribers the way of needed articles and service? If my family cuts down its conwho have sought accommodation from their banks
order to complete
sumption of plain food beef, bacon, beans, potatoes, etc.; plain clothing,
their subscriptions, to take up these loans, or how long a time should be algasolene, fuel, transportation, domestic service, etc., all of these, things
lowed the banks which have made dii'ect subscriptions in order to work off that the Government needs for the war my family's savings is very much
their bonds on the saving and investing public, in other words, how far we
more effective than if it simply cut down the purchase of expensive dress, a
might safely go in anticipating future savings, is a question upon which box at the opera, an annuity to an aged relative, a contribution to a school
opinions may well differ. Competent opinion in England, where a similar
In either case, I am putting the Government in possession
or club, etc.
problem has had to be faced in connection with their great $5,000,000,000 of the buying power of a thousand dollars which I had previously been
war loan has assumed that a year is the normal limit beyond which bank- accustomed to spend. But in the former, in addition to handing over to
mg accommodation should not be extended in carrying buyers of Govern- the Government one thousand of dollars, I am leaving on the shelves of
ment loans. Our situation and circumstances are probably more favorable shopkeepers, etc., one thousand dollars worth of goods and services of the
to a shortening of this process.
England's whole trade and industry have kind which the Government wants and needs and which it can buy with the
been seriously dislocated by the war. Her producing power has been much
saving has been effective because
$1,000 I have turned over to it.
impaired, and therefore the source on which her saving power has to operate
I have gone without the use of goods and services which it is important
has been much diminished. Ovirs is a contrary situation. We have, as
for the Government to have, and turned over to the Government $1,000
a nation, never come so near realizing our full productive capacity; our powith which it can buy them, in the second case, where my family econotential savings fund, therefore, never been so large; and the circumstances
mizes on costly dress, fancy foods, and other products of the luxury trades
seldom so favorable for the rapid conversion of potential savings into actual which get their value not so much from the quantity of labor it takes to
savings.
Moreover, the stream of wealth out of which savmgs are to be produce them as from the rarity of skill, my saving of a thousand dollars
made is a pretty continuous flow in this country. A much shorter period is not nearly so effective as in the former case in burning over to the Governof time than what has been thought necessary in England in order to assist
ment a commensurate value of the kind of commodities or the kind of labor
the anticipation of future savings would, therefore, seem to be necessary
it reqviu-es.
in this country, and it seems doubtful to me whether, as a statement of the
Saving luxuries doubtless accomplishes something, but much less than is
normal situation, more than six months should, on the average, be allowed frequently supposed. If I am in the habit of spending $100 a year for a
In which to take up credit extended to individuals in order to enable them to
suit of evening clothes and decide, in view of the war, to forego that exbuy Government bonds, and they should be pressed hard to complete their penditure and turn over the $100 to the Government in payment of a subprepayments of borrowed funds in four months, if we are to avoid the dan- scription for a bond, what have I turned over in the way of effective indusger of inflation.
The banks ought to be put under pressure to work off trial pov.er? The $100 which the suit of evening clothes costs represents,
their own bonds, that they do not as a matter of banking policy mean to
after all, a comparatively moderate amount of labor and a comparatively
hold as a part of their permanent investments within a period of not more
moderate amount of material. The high cost of the suit to me is mainly
than from four to six months. Otherwise they will not be in a position
Perhaps I pay a
for the skill, the taste and workmanship of the designer.
satisfactorily to assume their obligations in connection with the subsequent
good deal for the fashionable label that goes under the collar or the magloans which will be placed by the Government under a program of providnificent rooms into which I am ushered in the process of relieving me of
hig SIO. 000, 000, 000 a year, or over $800,000,000 a month.
$100 for a suit of clothes.' In brief, the price which I pay is made up
But when all is said, and every reasonable and proper provision for the largely of what the econonusts call "prestige value;" that is to say, in the
legitimate use of the banking and credit machinery of the country is made,
instance chosen, I am paying the extravagant price for dress rather than
in order to mobilize the nation's money savings, let us not make the mistake
for clothing, paying the high price not to get comfortable protection for
of supposing that the saving which is called for in the present exigency
my body in the cold winter evenings, but to get something which gives me
is
merely a saving of dollars. It is a saving of the productive a feeling of correctness style, fit, fashion, etc.
power of the community from the service of private consumption
If these illustrations are suggestive, they point to the conclusion that we
for the service of public needs which is called for and the saving of money
must put intelligence and discrunmation into our economies if they are to be
Is of consequence only so far as it results both in a transfer and
in an inmade effective savings.
crease of the effective industrial power of the nation for Government use.
It is no part of rhy present purpose to disciiss the economic value, in war
Taxation, and even loans which are bottomed upon real money savings
tune, of the doctrine of "Business as usual," but I believe certain inferences
can at best only provide the Government with buying power. But the
are clear from the preceding analysis. Much business will be speeded up
Government will need more than buying power in order properly to finance during the war and its condition will be one of unusual activity. Other
the war. As the war goes on, it will become clearer that this is a war of
business cannot bo as usual, if we are to pursue a program of effective
economic strength and resources, and that victory will lie with the nations national thrift, and public opinion should not permit it to be so. As we go
which are best able to diminish the processes of economic waste and best along, and the necessities of the war become more exacting, we shall learn
able to resist the processes of economic exhaustion. More than buying
how to reorganize the industrial and consumptive economy of the whole
power will, therefore, be needed for the effective prosecution of the war nation and every class in the nation, so as to make it constribute most to
and its successful issue, no matter how orthodox and carefully guarded in a the efficiency of the nation as a nation that is organized for the business
financial sense, the methods of providing the Government with the
needed of conducting the war. The health and working efficiency of the nation
buying power are. Napoleon summed up his experience as the greatest
must not be allowed to suffer impairment; but when a reasonable allowance
soldier of his age in the statement "An army marches on
its belly."
The is made for these ends, the nation's needs must take the right of way as
experience of the present war is every day reinforcing the doctrine that a.
against the desires and wants of its individual members, even though some
successful army is carried on the back of mdustry.
It cannot therefore
business languishes here and there, and is not "as usual." In brief,. economake a degree of temporary inflation unavoidable. But inno nearly always bad, and so nearly always avoidable if there
be but will and courage enough on the part of the community and its
governors that it is pretty nearly an ultimate test of the character and
workings of a country's credit and financial system. I repeat, therefore,
that if ovir loan policy through an undue reliance upon banking credit,
degenerates into inflationism, it means that the loan policy is failing, and
therefore that the system of undertaking to induce the people to save for
the use of the Government in brief, the voluntary system of finance
must give way to some other more rigorous method or system the system
which
will
flation
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THE CHRONICLE
mic and Industrial principles rather than "business" or "money-making"
principles must be our guide In reshaping our economic organization for the
business of war. No plan of finance, therefore, which is conceived simply
In terms of dollars, however real the dollars be, unless also conceived In
terms of the goods and productive power thereby set free for public use, can
hope to succeed in the fact of the present national exigency. How much
more serious, therefore, will be our national self-deception if, by a process
of credit-mongcring, the dollars which are turned over to the Government
are not real dollars, the results of acts of saving, but more or less fictitious
dollars, created by acts of Inflation.
N. Y.
LAW IMPOSING 3% TAX ON INCOMES
OF
PRIVATE CORPORATIONS.
The
passed by the' 1917 Legislature providing for the
imposition of a 3
annual franchise tax on the net incomes of
manufacturing and mercantile corporations, commented upon
in our editorial columns on April 28, was signed by Governor
Whitman on June 4. The term "manufacturing corporation" is defined to mean "a corporation principally engaged
in the business of manufacturing tangible personal property
for itself or for others."
The term "mercantile corporation"
is defined to mean "a corporation principally engaged in the
business of buying or selling tangible personal property for
bill
%
or for others."
bill provides that two-thirds of the revenue received
from the tax is to go to the State and the remaining onethird to the localities where the corporations are situated.
Every corporation taxable under the new law must transmit
to the Tax Commission on or before July 1 each year a report
in the form prescribed by the Tax Commission
[The present
year apparently the report must be filed within the current
month of July .] This report besides showing the amount of
the net income for the preceding fiscal or calendar year, must
report "the average monthly value for the fiscal or calendar
year of its real property and tangible personal property in each
city, village or portion of a town outside of a village within the
State, and the average monthly value of all its real property
and tangible personal property wherever located." The law
also requires that such reports shall show "the average monthly value for the fiscal or calendar year of bills and accounts receivable for (a) tangible personal property sold from its stores
or stocks within the State, (b) tangible personal property
manufactured or shipped from within the State and (c) services performed within the State, and the average monthly
total value for the fiscal or calendar year of bills and accounts
receivable for (a) tangible personal property sold from its
stores or stocks within and without the State, (b) tangible
personal property manufactured or shipped from within the
State and other States and countries, and (c) services performed both within and without the State." Corporations
must also state the average total value for the fiscal or
calendar year of the stock of other corporations owned by the
corporation and the proportion of the average value of the
stock of such other corporations within the State of New
York, as allocated pursuant to the requirement of the law.
corporation may obtain exemption from furnishing these
details "by incorporating in its report a consent to be taxed
itself
The
.
,
A
upon
its entire net income."
Corporations subject to this tax are not to be assessed on
"tangible personal property, such as machinery, tools,
implements, goods, wares and merchandise." On the other
hand, according to Section 208 of the new law, "tangible
personal property" is not to be taken to mean "money,
deposits in banks, shares of stock, bonds, notes, credits or
evidences of an interest in property and evidences of debt."
Corporations subject to the new law are not to be assessed
for taxes upon their capital stock under Section 12 of Chapter
60 of the Consolidated Laws, nor are they to be required to
pay the annual franchise tax. Any tax on personal property
or capital stock assessed in 1917 and paid by the corporation
may be credited on the amount of tax first assessed against
It under this new law (Section 219-j).
The new law, the
fuU text of which we publish below, takes effect immediately:
AN ACT
To amend
the tax law, in relation to a franchise tax on manufacturing and
mercantile corporations, and making appropriations for administra-
tion expenses.
the State of New York, represented in Senate and Assembly,
do enact as follows:
tS Section 1. Chapter 62 of the Laws of 1909, entitled "An Act in relation
to^taxation, constituting Chapter 60 of the Consolidated Laws," is hereby
amended by inserting therein a new article, to be Article 9a, to read as
The People of
follows:
ARTICLE 9-A.
Franchise Tax on Manufacturing and Mercantile Corporations.
Section 208. Definitions.
209. Franchise tax on corporations based on net Income.
210. Corporations exempt from article.
211. Reports of corporations to tax comcmlssion.
212. Reports by corporation on basis of fiscal year.
213. Reports to be sworn to forms.
[Vol. 105.
214. Computation of tax.
215. Rate of tax.
216. Penalty for failure to report.
217. Powers of tax commission.
218. Revision and readjustment of accounts by tax commission,
219. Review or determination of tax commission by certiorari.
219-a. Audit and statement of tax.
219-b. Notice of tax.
219-c. When tax payable.
219-d. Corrections and changes.
2I9-e. Warrant for the collection of taxes.
219-f. Action for recovery of taxes; forfeiture of charter by delinquent corporations.
219-g. Deposit of revenues collected.
219-h. Disposition of revenues collected.
219-i. Secrecy required of officials; pfenalty for violation.
219-j. Manufacturing and mercantile corporations exempt from
personal property tax and from the provisions of Sections 12, 27, 182 and 192 of the tax law.
219-k. Limitation of time.
As used in this article. 1. The term "corporaSec. 208. Definitions.
tion" includes a joint-stock company or association;
2. The words "tangible personal property" shall be taken to mean
corporeal personal property, such as machinery, tools, implements, goods,
wares and merchandise, and shall not be taken to mean money, deposits In
bank, shares of stoclis, bonds, notes, credits or evidences of an interest In
property and evidences of debt;
3. The term "manufacturing corporation" means a corporation principally engaged in the business of manufacturing tangible personal property
for itself or for others;
4. The term "mercantile corporation" means a corporation principally
engaged in the business of buying or selling tangible personal property for
itself or for others.
For
Sec. 209. Franchise tax on corporations based on net income.
the privilege of exercising its franchises In this State in a corporate or organized capacity every domestic manufacturing and every domestic mercantile corporation, and for the privilege of doing business in this State, every
foreign manufactiu-ing and every foreign mercantile corporation, except
corporations specified in the next section, shall annually pay in advance for
the year beginning November first next preceding an annual franchise tax,
to be computed by the tax commission upon the basis of its net income for
its fiscal or the calendar year next preceding, as hereinafter provided, upon
which income such corporation is required to pay a tax to the United States.
Corporations liable to a
Sec. 210. Corporations exempt from article.
tax under Section 184 of this chapter, corporations owning or operating
elevated railroads or surface railroads not operated by steam, or formed for
supplying water or gas or for electric or steam heating, lighting or power
purposes and liable to a tax under Sections 185 and 186 of this chapter,
shall be exempt from the payment of the taxes prescribed by this article.
Every corporaSec. 211. Reports of corporations to tax commission.
tion taxable under this article, as well as foreign corporations having officers,
agents or representatives within the State, shall annually on or before
July first transmit to the tax commission a report in the form prescribed
by the tax commission specifying: 1. The name and location of the principal place of business of such corporation the State under the laws of which
organized, and the date thereof; the kind of business transacted.
2. The amoimt of its net income for its preceding fiscal or the preceding
calendar year as shown in the last return of annual net income made by it
to the United States Treasury Department.
3. The average monthly value for the fiscal or calendar year of its real
property and tangible personal property in each city, village or portion of a
town outside of a village within the State, and the average monthly value
of all its real property and tangible personal property wherever located.
4. The average monthly value for the fiscal or calendar year of bUls and
accounts receivable for (a) tangible personal property sold from its stores
or stocks within the State, Cb) tangible personal property manufactured or
shipped from within the State and (c) services performed within the State,
and the average monthly total value for the fiscal or calendar year of bills
and accounts receivable for (a) tangible personal property sold from its
stores or stocks within and without the State, (b) tangible personal property
manufactured or shipped from within the State and other States and countries, and (c) services performed both within and without the State.
5. The average total value for the fiscal or calendar year of the stock of
other corporations owned by the corporation, and the proportion of the
average value of the stock of such other corporations within the State of
New York, as allocated pursuant to Section 214 of this chapter.
6. If the corporation has no real or tangible personal property within the
State, the city, village or portion of a town outside of a village in the State
in which is located the office in which Its principal financial concerns within
the State are transacted.
7. Such other facts as the tax commission may require for the purpose of
making the computation required by this article.
8. Any corporation taxable hereunder may omit from its report the statements required by subdivisions 3 to 7, both inclusive, by incorporating in
its report a consent to be taxed upon its entire net Income.
corporation
Sec. 212. Reports by corporation on basis of fiscal year.
which reports to the United States Treasury Department on the basis of
its fiscal year, may report to the tax commission upon the same basis.
Sec. 213. Reports to be sworn to; forms.
Every report required by this
article shall have annexed thereto the affidavit of the president, vice-president, secretary or treasiu-er of the corporation to the effect that the statements contained therein are true. Blank forms of report shall be fiu-nished
by the tax commission, on application, but failure to secure such a blank
shall not release any corporation from the obligation of making a report
herein required.
The commission may require a further or supplemental
report under this article to contain further information and data necessary
for the computation of the tax herein provided.
Sec. 214. Computation of tax.
If the entire business of the corporation
be transacted within the State, the tax unposod by this article shall be based
upon the entire net income of such corporation as returned to the United
States Treasury Department for such fiscal or calendar year.
If the entire business of such corporation be not transacted within the
State, the tax Imposed by this article shall be based upon a proportion of the
net Income, to be determined In accordance with the following rules:
The proportion of the net income of the corporation upon which the tax
under this article shall be based, shall be such portion of the entire net income as the aggregate of
The average monthly value of the real property and tangible personal
1
property within the State,
2. The average monthly value of bills and accounts receivable for (a)
tangible personal property sold from its stores or stocks within the State,
(b) tangible personal property manufactured or shipped from within the
State, and (c) services performed within the State,
3. The proportion of the average value of the stocks of other corporations
ownedby the corporation, allocated to the State as provided by this section
,
A
I
July
14 1917.)
THE CHRONICLE
Bears to the aggregate of
4. The average monthly value of all the real property and tangible personal property of the corporation, wherever located,
5. The average total value of bills and accounts receivable for (a) tangible
personal property sold from its stores or stocks within and without the
State, (b) tangible personal property manufactured or shipped from within
this and other States and countries, and (c) services performed both within
and without this State.
6. The average total value of the stocks of other corporations owned by
the corporation.
Eoal property and tangible personal property shall be taken at its actual
value where located. The value of share stock of another corporation
owned by a corporation liable hereimder shall for purposes of allocation of
assets be apportioned in and out of the State in accordance with the value
of the physical property in and out of the State representing such share
stock.
The tax imposed by this article shall be at the
Sec. 215. Rate of tax.
rate of three per centum of the net income of the corporation or portion
thereof taxable within the State, determined as provided by this article.
Any corporation which fails
Sec. 216. Penalty for failure to report.
to make any report required by this article shall be liable to a penalty
of not more than five thousand dollars to be paid to the State, to be collected
in a civU action, at the instance of the tax commission; and any officer of
any such corporation who makes a fraudulent return or statement with
Intent to defeat or evade the payment of the taxes prescribed by this article
shall be liable to a penalty of not more than one thousand dollars, to be
All moneys recovered as penalties, for a failure
collected in like manner.
to report or for making fraudulent reports shaU be paid to the State Comptroller.
The tax commission may for good
Sec. 217. Powers of tax commission.
cause shown extend the time within which any corporation is required to
If any report required by this article be not made as
report by this article.
herein required, the tax commission is authorized to make an estimate
of the net income of such corporation and of the amount of tax due under
this article, from any information in its possession, and to order and state
an account according to such estimate for the taxes, penalties and interest
due the State from such corporation. If the tax imposed upon any corporation under this article is based upon an estimate as provided In this
section, the tax commission shall notify such corporation at a time and
place at which opportunity will be given to the corporation to be heard in
Such notice shall be mailed to the post office address of
respect thereof.
the corporation. All the authority and powers conferred on the tax commission by the provisions of Section 195 of the tax law shall have full force
and effect in resepct of corporations which may be liable hereunder.
Sec. 218. Revision and readjustment of accounts by tax commission.
If an application for revision be filed with the commission by a corporation
against which an account is audited and stated within one year from the
time any such account shall have been audited and stated, the commission
shall grant a hearing thereon and if it shall be made to appear upon any such
hearing by evidence submitted to it or otherwise, that any such account
Included taxes or other charges which could not have been lawfully demanded, or that payment has been illegally made or exacted of any such
account, the commission shall resettle the same according to law and the
facts, and adjust the account for taxes accordingly, and shall send notice
of its determination thereon to the corporation and State Comptroller
forthwith.
Sec. 219. Review of determination of tax commission by certiorari.
The determination of the commission upon any application made to it by
any corporation for revision and resettlement of any account, as prescribed
Jn this article, may be reviewed in the manner prescribed by and subject
to the provisions of Sections 199 and 200 of this chapter.
Sec. 219-a. Audit and statement of tax.
On or before the first day of
November in each year the tax commission shall audit and state the accotmt
of each corporation known to be liable to a tax under this article, for its
preceding fiscal or the preceding calendar year, and shall compute the tax
thereon and forthwith notice the same to the State Comptroller for collection.
The tax commission shall determine the portion of such tax to be distributed to the several counties and the amounts to be credited to the several cities or towns thereof, when the same is collected, and shall Indicate
such determination in noticing such tax to the State Comptroller. If the
corporation has real property or tangible personal property located in a
village, or if it has no real or tangible personal property in the State but the
office in which its principal financial concerns within the State are transacted is located in a village, the tax commission shall indicate such facts
to the State Comptroller, with the name of the village in which such office
or property is located.
Sec. 219-b. Notice of tax.
Every report reqidred by" Section 211 of
this chapter shall contain the post office address of the corporation and
lines or spaces upon which the corporation shall enter the portion of its
net income which it believes to be the basis upon which the tax shall be imposed under this article, and the amount of such tax. Notice of tax assessment shall be sent by mall to the post office address given in the report,
and the record that such notice has been sent shall be presumptive evidence
of the giving of the notice and such record shall be perserved by the tax
commission.
Sec. 219-c. When tax payable.
The tax hereby imposed shall be paid
to the State Comptroller on or before the first day of January of each year.
If such tax be not paid on or before January first, or in the case of additional
taxes, within thirty days after the bill for such additional tax has been rendered, the corporation liable to such tax shall pay to the State Comptroller,
In addition to the amount of such tax, ten per centum of such amount, plus
one per centum for each month the tax remains unpaid. Each such tax
shall be a lien upon and binding upon the real and personal property of the
corporation liable to pay the same from the time when it is payable until
the same is paid in full.
Sec. 219-d. Corrections and changes.
If the amount of the annual
net income of any corporation taxable under this article as returned to the
United States Treasury Department is changed or corrected by the Commissioner of Internal Revenue or other officer of the United States or other
competent authority, such corporation, within ten days after receipt of
notice of such change or correction, shall make return under oath or affirmation to the tax commission of such changed or corrected net income.
The tax commission shall compute the taxes which, in view of such change
or correction, would be due from such corporation for the fiscal or calendeir
year for which such change or correction is made. If from such computation it appear that such corporation shall have paid under this article an
excess of tax for the year for which such computation is made, the tax commission shall return a statement of the amount of such excess to the Comptroller, who shall credit such corporation with such amount.
Such credit
may be assigned by the corporation in whose favor it is allowed to a corporation liable to pay taxes under this article, and the assignee of the whole or
any part of such credit on filing iwth the commission such assignment
shall thereupon be entitled to credit upon the books of the Comptroller
for the amount thereof on the current account for taxes of such assignee
135
same way and with the same effect as though the credit had originally
been allowed In favor of such assignee. If from such computation it appear
that an additional tax is due from such corporation for such fiscal or calendar year, such corporation shall, within thirty days after notice has been
given as provided in Section 219-b of this chapter by the tax commission,
pay such additional tax.
Sec. 219-e. Warrant for the collection of taxes.
If the tax imposed by
this article be not paid within thirty days after the same becomes due, unless an appeal or other proceeding shall have been taken to review the same,
the Comptroller may issue a warrant imder his hand and official seal directed to the sheriff of any county of the State, commanding him to levy
upon and sell the real and personal property of the corporation owning the
same, found within his county, for the payment of the amount thereof,
with the added penalties, interest and the cost of executing the warrant,
and to return such warrant to the Comptroller and pay to him the money
collected by virtue thereof by a time to be therein specified, not less than
sixty days from the date of the warrant.
Such warrant shall be a lien upon
and shall bind the real and personal property of the corporation against
whom it is issued from the time an actual levy shall be made by virtue
thereof.
The sheriff to whom any such warrant shall be directed shall proceed upon the same in all respects, with like effect, and in the same manner
as prescribed by law in respect to executions issueQ against property upon
judgments of a court of record, and shall be entitled to the same fees for
his services in executing the warrant, to be collected in the same manner.
Sec. 219-f. Action for recovery of taxes; forfeiture of charter by deUnquent corporations. Action may be brought at any time by the AttorneyGeneral at the instance of the Comptroller, in the name of the State, to
recover the amount of any taxes penalties and interest due under this article.
If such taxes be not paid within one year after the same be due,
and the Comptroller is satisfied that the failure to pay the same is intentional, he shall so report to the Attorney-General, who shall immediately
bring an action in the name of the people of the State, for the forfeiture of
the charter or franchise of any corporation failing to make such payment,
and if it be found that such failure was intentional, judgment shall be rendered in each action for the forfeiture of such charter and for its dissolution
if a domestic corporation and if a foreign corporation for the annulment of
its franchise to do business in this State. '
Sec. 219-g. Deposit of revenues collected.
The State Comptroller shall
deposit all taxes, interest and penalties collected under this article in responsible banks, banking houses or trust companies
the StatS which shall pay
the highest rate of interest to the State for such deposit, to the credit of the
State Comptroller on account of the franchise tax. And every such bank,
banking house or trust company shall execute and file in his office an undertaking to the State, in the sum, and with such sureties, as are required and
approved by the Comptroller, for the safe keeping and prompt paymen*
on legal demand therefor of all such moneys held by or on deposit in such
bank, banking house or trust company, with interest thereon on daily balances at such rate as the Comptroller may fix. Every such undertaking
shall have endorsed thereon, or annexed thereto, the approval of the Attorney-General as to its form. The State Comptroller shall on the first day of
each month make a verified return to the State Treasurer of all revenues
received by him under this article diu"ing the preceding month, stating by
whom and when paid, and shall credit himself with all payments made to
county treasurers since his last previous return pursuant to Section 219-b
in the
,
,
m
of this chapter.
Sec. 219-h. Disposition of revenues collected.
The State Comptroller
shall on or before the tenth day of each month pay into the State treasury
to the credit of the general fund two-thirds of all taxes, interest and penalties received by him under this article during the preceding month, as appears from the return made by him to the State Treasurer. The balance
of all taxes, interest and penalties collected and received by him under this
article from any corporation, as appears from the return made by him to the
State Treasurer, shall, on or before the tenth day of April, July, October and
January, for the quarter ending with the last day of the preceding month,
be distributed and paid by him to the treasurers of the several coimties of
the State and disposed of by such treasurers in accordance with the following rules:
1. If the corporation has no real property or tangible personal property
within the State, such payment shall be made to the county treasurer of the
county in which is located the office at which its principal financial concerns
within the State are transacted;
2. If the corporation has real property or tangible personal property, aa
shown by its report pm-suant to Section 211, in but one city or town of the
State, such payment shall be made to the county treasurer of the county in
which such city or town is located;
3 If the corporation has real property or tangible personal property in
more than one city or town of the State, as shown by its report pursuant to
Section 211, such payment shall be made to the county treasurers of the
counties in which such cities or towns are located in the proportion that the
average monthly value of the real property and tangible personal property
of such corporation in the cities and towns of such county bears to the average monthly value of all its real property and tangible personal property
within the State;
4. In making such payment to a county treasurer, the State Comptroller
shall indicate the portion thereof to be credited to any city or town within
the county on account of the location therein of its principal financial office
or property as determined by the preceding subdivisions, and if such principal financial office or property Is located in a village shall Indicate the village in which it is located; if such principal financial office or property ia
located in a city or
a town outside of a village, the whole or such portion
shall be paid to such city or town as hereinafter provided; if such principal
financial office or property is located in a village, there shall be paid to such
village as hereinafter provided so much of such portion credited to the town
as the assessed valuation of the real and personal property In such village
or portion thereof in such town as appears by the last preceding town assessment-roll bears to twice the total assessed valuation of the real and
personal property
such town as appears by such assessment-roll;
5. As to any county wholly included within a city such payment shall bo
made to the chamberlain or other chief fiscal officer of such city and be paid
Into the general fund for city purposes;
6. As to any county not wholly included within a city the county treasurer shall within ten days after the receipt thereof pay to the chief fiscal
officer of a city or to the chief fiscal officer of a village or to the supervisor
of a town the portion of money received by him from the State Comptroller
to which such city, village or town is entitled, which shall be credited by
such officer to general city, village or town purposes.
1. ExSec. 219-i. Secrecy required of officials; penalty for violation.
cept in accordance with proper judicial order or as otherwise provided by
law, it shall be unlawful for any tax commissioner, agent, clerk or other
officer or employee to divulge or make known in any manner the amount)
of income or any particulars set forth or disclosed in any report under this
article.
Nothing herein shall be construed to prohibit the publication of
statistics so cla.ssified as to prevent the identification of particular reports
and the items thereof, or the publication of delinquent lists showing the
.
m
m
THE CHRONICLE
126
names of taxpayers who have failed to pay their taxes at the time and in
manner provided by Section 219-c, together with any relevant informa-
the
tion which in the opinion of the Comptroiler may assist in llie collection of
such delinquent taxes, or the inspection by the Attorney-General or other
legal reproscntativos of the State of the report of any corporation which
shall bring action to set aside or review the tax based thereon, or against
an action or proceeding has been instituted In accordance with the
provisions of Sections 210 or 219-f of tliis article.
Reports shalUjo preserved for three years, and thereafter until the State
whom
tax commission orders them to be destroyed.
2. Any offense against the foregoing provision shall be punished by a fine
not exceeding one thousand dollars or by imprisonment not exceeding one
year, or both, at the discretion of the court, and if the offender be an
officer or employee of the State ho shall Ijc dismissed from office and be incapable of liolding any pulilic office in this State for a period of five years
thereafter.
Sec. 219-j. Manufacturing and mercantile corporations exempt from personal property tax and from the p^visions of Sections 12, 27, 182 and 192
of the tax law.
After this article l^akcs effect manufacturing and mercantile corporations shall not be assessed on any personal property which,
for the purpose of this exemption, shall include such machinery and equipment affixed to the building as would not pass between grantor and grantee
as a part of tlie premises if not specifically mentioned or referred to in the
deed, or as would, if the building were vacated or sold, or the nature of the
worl£ carried on therein changed, be moved, except boilers, ventilating
apparatus, elevators, gas, electric and water power generating apparatus
and shafting. After this article takes effect, manufacturing and mercantile corporations shall not be assessed or taxed upon their capital stock as
provided for in Section 12 of (^is chapter, not shall they be required to pay
the franchise tax imposed by Section 182 of this chapter, nor to make the
reports called for in Sections 27 and 192 of this chapter. Nothing herein
shall be construed to impair the obligation to pay franchise taxes due on or
before the 15th day of January, 1917, or taxes on personal property or capital stock assessed in the year 1916 or in the year 1917 before this article
takes effect, whether payable in that year or not. But if any manufacturing or mercantile corporation shall pay taxes on personal property or
capital stock assessed in any tax district in the year 1917, such corporation
shall be entitled to credit for the amount of such taxes so paid on its account
for taxes first assessed against it under this article by the tax commission,
not exceeding, however, the amount of such first assessment.
8ec. 219-k. Limitation of time.
The provisions of the code of civil procedure relative to the limitation of time of enforcing a civil remedy shall not
apply to any proceeding or action taken to levy, appraise, assess, determine
or enforce the collection of any tax or penalty prescribed by this article.
Sec. 2. The sum of forty thousand dollars (840,000) or so much thereof
as may be needed is hereby appropriated to the State Comptroller for the
expenses to be incurred by him in administering the provisions of this Act
and the sum of seventy- five thousand dollars ($75,000) or so much thereof
as may be needed is hereby appropriated to the State Tax Department for
the expenses to be incurred by such department in administering the provisions of this Act.
Sec. 3. This Act shall take effect immediately.
NEW YORK INVESTMENT TAX LAW PAYMENTS.
State Comptroller Eugene M. Travis ruled on July 12
that payments under the new investment tax law signed by
Governor Whitman on June 1 (Chapter 700, Laws of 1917)
and which supplanted the old secured debt tax law, may
be made in the cities in which the investors reside Instead of
at Albany.
The full text of the new law was published
umns on May 5, pages 1761 and 1762.
in these col-
HOW THE CHANGES IN THE FEDERAL
LAW ARE VIEWED IN CANADA.
RESERVE
Saturday "The Evening Post" of this
from its Montreal correspondent discussing the question of the reduced reserve requirements for member banks of the Federal Reserve system
and the change in the method of issuing Federal Reserve
The letter seems to indicate that the amendments
notes.
just made in the Federal Reserve Banking Law are attracting more attention in Canada than they have been attracting in the United States and certainly their importance and
In
city
its
issue of last
had an
interesting letter
far reaching possibilities are, judging
clearly recognized in the
full
as follows:
Dominion.
by
We
this letter,
more
print the letter in
—
Montral, Julxj 4. Inasmuch as they carry a large portion of their external reserves in the form of bank balances and call loans in New Yorli, the
Canadian bankers necessarily have been closely following the various
amendments of the Federal Reserve Act. With reference to some of these
changes, they do not find it easy to reach definite conclusions. The
Federal Reserve system is much more complicated than the Canadian system of banking, and many observers in tliis country prefer to watch its
operations for a while before venturing their opinions.
With reference to the tendency of the legislation relating to banking,
financiers here have been somewhat dubious regarding the effects of the
steady lowering of the reserve requirements applying to the country banks.
In case of the banks in central reserve cities, the legal ratio, on the passage
of the Reserve Act, dropped from 25 to 18%, and now it is to be further
reduced to 13%. Banks in the reserve cities, which prior to 1914 were
and hereafter 1
required to carry 18%, had that figure cut down to 1 5
will comply with the law; and, similarly, the compulsory ratio of the country banks has come down, first from 15 to 12%, and now it is to fall further to 7%. Of course, we observe that the percentages fLxed l)y the
amendment on the present occasion represent the reserve that must be
carried in the Federal Reserve bank, and that each member bank will be
obliged to carry in its tUl, over and above the legal ratio just mentioned.
an amount of cash sufficient to meet day-to-day requirements. We have
no doubt that the more experienced l^ankers will continue to carry a safe
percentage, regardless of the ratio fixed by law; but others may get in the
habit of considerinrj the 7% named by the act as quite sufficient in all circumstances, and if they proceed to expand their liabilities indefinitely on that
basis a dangerous situation might easily develop.
%
,
%
iVoL.
l('5
How the altered requirements for securing the reserve notes will affect
the reserve banks themselves, is another matter. As we understand the
amended act, it is now possiijlo for the collateral behind the circulating
notes to consist of 60% commercial paper and 40% gold, without additional gold cover; also, the reserve banks are required to carry 35% in gold
as reserve against their deposits.
Assuming that the reserve banks are
well and carefully handled, the minima above mentioned do not strike us
as being dangerously low.
Prudent management would see to it that the
gold ordinarily held amounted to more than required by law, and an occasional dip down to the minimum need not, we think, cause anxiety.
Furthermore, we do not think the currency system would be seriously
weakened if the national banknotes. Treasury notes, gold and silver certificates now in circulation were largely displaced by Federal Reserve
notes covered in actual practice i)y HO to 70% gold.
Canadian bankers always express themselves strongly on the advisability of providing for prompt redemption and cancellation of credit notes
of this dascription when not required for trade purposes; and for that rea.son the suggestions at one time urged to the effect that the reserve banks' notes
should count as legal reserve for national banks did not find much favor here.
Some of us are not altogether sure that the machinery now provided will
suffice to drive in the notes when the trade or business situation calls for
contraction of the currency.
Hero we have fifteen or sixteen large banks
competing in every section of the country, and each one sees to it that all
notes of its competitors falling into the hands of its branches are forthwith
presented for redemption in legal tender.
In your case, the reserve banks stand alone In their respective districts,
and the situation is such as to permit a considerable degree of inflation
unless the Reserve Board strictly insists on keeping up the gold reserves.
Apparently, while the vast activity created by the war endures, there will
be a rising demand for the circulating medium; and the test of the currency
system will come when the balance of payments turns decidedly against
the United States.
If the foreign exchanges turn against you, it seems
quite within the possibilities, as mentioned by some of your authorities, that
the vast amounts of Federal Reserve notes in circulation could be used, like
the "greenbacks" of the nineties, as an endless chain to draw gold for export
from the banks or the Treasury.
Thinks Check Collection Should be Charged For.
Our bankers have never been able to see eye-to-eye with those parties in
the United States who claim that checks on local banks should go at par
everywhere in the Union. When a bank takes from a customer a check
on a more or less distant point, gives him credit for it at once, sends it away,
collects it, and transfers the funds home, it performs a service similar to
those performed by the post office, the express companies, and the railway
companies, for which they receive remuneration. The bank Is put to
expense, and there is no more reason why it should use its machinery or
facilities without remuneration than that the other parties should do so.
Of course one can see that the general public would derive considerable
benefit from a general or universal scheme of par collections; but even under the plan which the Reserve banks seek to enforce, the collections are
not really free. The Reserve banks force the member banks to cover their
"float" through carrying a balance which may not be utilized; and the
member banks in turn force their customers depositing many remittances
to carry a free current account sufficiently large to cover the expense.
So
the privilege is paid for in the long run in one way or another.
.4.
BARTON HEPBURN ON DANGERS OF CURRENCY
INFLATION.
The danger
with the
operations of the Federal Reserve banks is the subject of a
communication addressed to the editor of the New York
"Times" by A. Barton Hepbm-n, Chairman of the Board
of the Chase National Bank of this city.
Mr. Hepburn
declares that "the greatest danger that confronts us as a
nation in the immediate future is currency inflation and
the consequent unsettling of values."
"Should we embark
upon a period of inflation," he adds, "I imagine the first
step would be to make Federal Reserve Bank notes lawful
reserve for member banks.
Then by liberal discounting
member banks could resolve their assets into reserve without the obligation on then* part to carry any gold reserve."
Noting that "it has already been proposed to make Federal
Reserve Bank notes reserve for member banks," Mr. Hepbm-n states that "it is certainly useful to draw attention to
possible dangers of the future."
"The resources transferred
from the banks to the Federal Reserve system should be
and are," he says, "more potent for good under their centralized control than when in the hands of so many scattered institutions. But the statutory powers of the Federal Reserve banks are limited, and the member banks should
not he relieved from the responsibility of helping to maintain
"It would be calamitous," Mr. Hepburn
a gold reserve."
points out, "if the standard of values should be distm-bed
this country; and affairs should be administered with that
While Mr. Hepburn's communicapossibility in view."
tion bears date of June 30, it was not published in the
"Times" until July 7; we reprint it below:
of currency inflation in connection
m
To
the Editor of
The JVew York "Times":
We may
well rejoice over the splendid success of the Liberty Loan and
Oiu- Government, in each and
also we may ask ourselves as to the future.
every department is engaged in an earnest and whole-souled effort to carry
on the war in the best and most efficient way. They are entitled to the
commendation of all good people, and I am sure will secure the most cordial
support.
Friendly and sympathetic criticism, or rather caution, may be
The greatest danger
helpful and may be heeded when given in that spuit.
that confronts us as a nation, in the immediate future, is currency inflation
and the consequent unsettling of values.
There is a limit to the amount of bonds that can be sold and money
Each bond issue must be succeeded
raised within a given length of time.
by a sufficient lapse of time to permit the money invested in bonds to find
its place again in the normal circulation of the country, to permit the temporary congestion that naturally attends large financial transactions to be
It folrelieved and the condition of the money market to become normal.
lows thatlthere is a limit to the amount that can prudently be loaned to
,
.
July
THE CHRONICLE
14 1917.]
our Allies witliin a given time. To loan our Allies to the extent of their net
piu-chases in this country is easily feasible and to loan them to the extent
of our ability is most desirable; it is a most effective contribution to the
common cause, the cause of right. Our people can only invest their savWhen we go beyond that point we embark upon a
ings and their income.
Since August 1914 the debts owing
course that calls for extreme caution.
abroad which we have paid and the investments abroad which we have
made have taken us out of the class of debtor nations and made us a creditor
Our net foreign indebtedness at the beginning of the war, estination.
mated at from five to six billions, has disappeared. The international
trade balance in our favor has been phenomenal in amount. This amount
has been offset by large amounts of gold sent us, by the large amount of
ovu- securities held abroad which we have repurchased, by the large amount
of debts abroad paid, and by the large amounts of loans we have made to
other countries.
The future promises a change in. our trade balances. It has been officially stated in Parliament recently that the cost of the war to Great Britain
was 838,000,000 per day. When we have a large armed force to mainWere we to spend .110,000,tain in Europe, what will it cost us per day?
000 per day in Europe our favorable trade balance would be greatly jeoparSuch a contingency would have an impordized and might disappear.
tant effect upon our continued ability to loan Europe, upon our ability to
float large loans.
Let us see what Germany did. Coincident with her action in beginning
the war she established banks to loan upon non-perishable personal property, war relief banks to loan people whose resources were tied up or compromised by the war. Her commercial banking system was most complete and most efficient; the same may be said of her land and mortgage
banks. Every one who had anything was given a credit and a borrowing
standing.
The redemption of Government notes, as well as bank notes,
All fornas of paper money were either actually
in gold, was suspended.
The exportation of gold and
or by convertibility made legal tender.
quoting gold at a premium were made crimes.
The first German loan had over 1,172,235 subscribers. Every one was
urged to subscribe, and the index finger was pointed at those who did not.
The fact that they had no money was no excuse; they were given the faciliWhen the second loan
ties to do so and were urged to borrow and invest.
came along every one who had invested in the first was told that his present
holding of Government bonds could be made collateral for a loan to enable
him to invest in the second; again the index finger sufficed to insure general
compliance. This process continued; the Government printed money
which went out of one window only to come in at another in payment for
securing loans. This was inflation of a most dangerous kind. Blockaded,
cut off from the rest of the world, neither her exchange nor her bonds were
tested by comparison with the standard of other countries, especially
Her exports and imports were so
neutral countries, upon a gold basis.
small that it was not difficult for her to maintain her exchange fairly well
Please remember that the bonds of the United States at one
for a time.
time, during the Civil War, sold as low as -10 cents on the dollar in gold or
exchange upon countries that maintained the gold basis. If the bonds of
this country, with Its small debt and great undeveloped resources, sold so
low, what low would German exchange touch, and at what price would
German Government bonds sell, were they sub.1ected to the test of everyday purchase and sale in the markets of the world ?
Germany is irretrievably on a paper basis, and I think her Government
are more afraid of her own people, when they are confronted by and realize their own condition, after the war, than they are of the enemy armies
confronting them at the present time. The method of floating the German
loans above referred to tied up the people to the Government, in a financial
way, and explains largely the solidification of the German people behind
the Government in this war.
It would be calamitous if the standard of values should be disturbed In
this country, and affairs should be administered with that possibility in
view. Should we embai-k upon a period of inflation, I imagine the first
step would be to make Federal Reserve Bank notes lawful reserve for member banks. Then, by liberal discounting, member banks could resolve
their assets into reserve without the obligation on their part to carry any
gold reserve. The responsibility of maintaining the gold reserve of the
nation would be devolved wholly upon the Federal Reserve system. We
should bear in mind that the resources of the Federal Reserve banks consist of capital supplied by member banks, deposits from member banks,
Government deposits that formerly were with the member banks, all supplied from the banks, and, in .addition. Federal Reserve notes which they
can issue against assets. This latter is most important. It is the greatest
element of strength these banks possess. It may also become their weakThe resources transferred from the
ness.
It is the doorway to inflation.
banks to the Federal Reserve system should be and are more potent for
good under their centralized control than when in t4ie hands of so many
scattered and competing institutions. But the statutory powers of the
Federal Reserve banks are limited, and the member banks should not be
relieved from the responsibility of helping to maintain a gold reserve.
The
centralized influence and control which the Federal Reserve system can
exercise, together with its power to prevent a currency famine by issuing
bank notes against conmiercial assets, are the two pillars of strength upon
which the system rests.
Of course, this will be avoided by our Government. But it has already
been proposed to make Federal Reserve Bank notes reserve for member
banks, and it is certainly useful to draw attention to possible dangers of
the future.
The United States is the one first class nation of the earth
whose credit is unquestioned. Credits come to us freely from all countries in the confident belief that they can at any time withdraw the same
in any form which the creditor may desire.
This proud pre-eminence
should be maintained if we would guard the welfare of our people. Surely
every one must wish to save our finances from the welter of uncertainty
that hangs like a pall over Europe.
A.
HEPBURN.
June 30 1917.
BARTON
THE CHANGED METHOD OF -COMPUTING SURPLUS
RESERVES IN THE NEW YORK CLEARING HOUSE
WEEKLY RETURN.
In the New York Clearing House bank statement for the
week ending July 7, the surplus reserve is calculated on the
basis of the lower reserve requrrement provided in the amendments to the Federal Reserve Law which received the approval of the P esident on June 21. As mentioned in the
"Chronicle" of June 30, on page 2597, the Clearing House
Association on June 28 amended its constitution to conform
to the new requirements. Under the new regulations, the
fuU legal reserve required of members of the Federal Reserve
Bank is reduced to 13% on demand deposits (formerly 18%
121
was required) and 3% (formerly 5%) on time deposits. The
percentages of reserve to deposits for State banks and trust
companies not members of the Federal Reserve Bank are
calculated on the same basis as before, namely 18% on de-.
mand deposits in the case of State banks and 15% on demand
deposits in the case of trust companies these being regulated
by State law, and the State law remaining unaltered in that
particular.
The State law does not require the holding of
any reserve against time deposits.
Owing to the lowering of the reserve requirements for the
national banks, surplus reserves have been enormously increased.
That is, the excess reserves of all the Clearing
House members, accoirding to the statements of actual condition as of July 7, were reported at no less than $278,452,990, exceeding the surplus reserves of June 30 in the large
sum of $173,638,670. The difference between the amount
of required reserve under the old and, new regulations represents a decrease (or an increase in corresponding amount of
surplus) of $121,592,580.
In other words, the surplus reserve for July 7, if computed on the same basis as for June
30, would have shown an increase of only $52,046,090, and
stand at but $156,860,410, against the $278,452,990 now reported.
,
TAXABILITY AS INCOME OF LIBERTY BONDS
RECEIVED AS DIVIDENDS.
A ruling on the question as to the taxability as income of
Liberty Loan Bonds when received as a dividend has been
received from the Treasury officials by the Fidelitj- Trust
Company of Baltimore and is priikted as follows in the Baltimore "Sun" of the 13th inst:
In accordance with theAttorney-General's opinion, it is held that under
the Income Tax Act of Sept. 8 1916, Liberty Loan Bonds purchased from
the earnings of profits of a corporation, which have accrued since March 1
1913 will constitute income to the stockholders to the amount of the earnings or profits invested by the corporation in the bonds.
If the bonds
were purchased from earnings or profits accrued prior to March 1 1913,
they would not, of course, represent taxable income; and if the surplus
from which they were purchased accrued in part before and in part after
March 1 1913 they would represent taxable income, under the provision
of law applicable to dividends, to the amount of the surplus accrued since
that date.
You probably are aware of the present provisions of law that dividends
are subject to supertax only in the hands of individuals, and that an individual is not liable for the supertax until his net income exceeds $20,000.
The income derived by an Individual from the interest paid on Liberty
Loan bonds does not constitute taxable income, whether the bonds have
been received as a dividend or otherwise.
CONFERENCE ON DOLLAR EXCHANGE
DEPRECIATION.
A conference held in Washington on the
10th inst. between
foreign exchange bankers and representatives of the Treasury
Department and the Department of Commerce to consider
the causes for the depreciation of dollar exchange in neutral
markets has resulted in the decision of the Treasury Department to appoint a committee of three bankers to study the
subject and suggest possible remedies. The conference is
said to have grown out of a Suggestion of the Pontein Oil Co.
of Baltimore, dealers in olive oil, who were concerned over
the high price they had to pay for Spanish drafts used in
payment for their importations. The company called the
matter to the attention of the Government and asked several
foreign exchange experts of New York to join in a conference
It is stated that while the depreciation of the dollar in the
markets of Norway, Sweden, Denmark, Holland, Switzerland and Spain was discussed it was chiefly for the purpose
of considering Spanish exchange that the conference was
called.
Spanish pesetas, worth 19.3 cents in our currency,
cents, reprewere quoted in New York on the 10th at 23
senting a premium of 21%, or a proportionate discount on
the dollar in the Spanish markets.
Those in attendance at the conference on behalf of the
Government were Oscar T. Crosby, Assistant Secretary of
the Treasury; W. P. G. Harding, Governor of the Federal
Reserve Board, and Dr. E. E. Pratt, Chief of the Bureau
Among the exchange
of Foreign and Domes'tic Commerce.
experts present were James E. Gardin, Vice-President of
the National City Bank of New York; Max May, Vice,
,
M
'
President of the Guaranty Trust Co., and D. H. G. Penny,
Vice-President of the Irving National Bank; North McLean,
Manager of the foreign department of the Mechanics &
Metals Bank; George L. Le Blanc, Assistant Treasurer of the
Equitable Trust Co., and Mr. Dawkins of the Anglo-South
American Bank. The conference is said to have developed
considerable differences of opinion among the bankers.
One suggestion made was that a maximum price of 20 cents
be fixed for pesetas, but it is said to have been pointed out
THE CHRONICLE
138
that, at that price, those having credits in Spain would merely
refuse to sell drafts against those credits.
Some of the bankers
maintain that the natural remedy would be to send gold
meet American obligations, but this is made
to Spain to
by the fact that the Bank of Spain, already possesmore gold than it wants, refuses to accept any more
except at a discount of from 6 to 7%. Our own exchange
difficult
sing
problem, it is said, might not be difficult to handle, but it is
complicated by the fact that the AlUes, being indebted to
Spain on account of goods bought, find their exchanges
depreciated at Madrid, and that depreciation has helped to
depress the value of the dollar, through "arbitrage" or
"three-cornered" operations in the market. A suggestion
made in Washington, and which is reported to have met with
considerable favor in New York foreign exchange circles,
calls for the establishment of credits on behalf of the United
States or its allies in Spain. These credits, it is argued,
might be raised by means of a collateral loan floated in Spain,
the proceeds to be placed to American credit and availed of
in payment of obligations.
Such a loan, it is suggested,
might be made jointly by the United States, England and
France. It was pointed out that England and France
already have in this country a great volume of European
and South American securities, pledged as security for the
loans which they have raised on this market. Should our
Treasury Department, for instance, consent to take up these
loans, this collateral might be released and become available
Payments made through such
to secure a loan in Spain.
means might, it is contended, be expected to relieve the foreign exchange market of the present demand for Spanish
bills, with a resulting decline in the Spanish rate.
"CONSCRIPTION OF WEALTH" IN CANADA NOT TO
AFFECT SAVINGS.
To
any uneasiness that "the conscription of wealth"
proposed in Canada presaged any action of a detrimental
allay
nature with respect to savings. Sir Thomas
Canadian Minister of Finance, in the House of
the 10th inst. made the following statement:
White,
the
Commons on
It has been officially drawn to the attention of the Government that the
use of the expression of "conscription of wealth" in the debates in Parliament
and by public and other bodies outside Parliament and by the press in its
news reports has caused a certain uneasiness among those whose savings
constitute a vital factor in the business and industrial life of the Dominion
and are so essential to the credit and prosperity upon which our efforts in
I desire to say on
the continued prosecution of the war must largely depend
behalf of the Government that there need exist no apprehension on the part
of the public that any action of a detrimental character will at any time
be taken with respect to the savings of the Canadian public. On the contrary, it will be the policy of the Government in the future, as in the past,
to encourage in every way possible the exercise of the thi'ift and economy
resulting in national savings which have enabled Canada to maintain her
credit and improve her economic position during the war.
Any taxation to which it may be necessary for the Government to resort
from time to time will be in accordance with legitimate and established
forms of taxation sanctioned by the tradition and experience of British
self-governing communities. This statement, therefore, must not be
understood as precluding legislation providing for income taxation upon
those whose incomes are such as to make it just and equitable that they
should contribute a share of the war expenditure of the Dominion.
(Vol. 105.
AMENDMENTS
TO CONSTITUTION OF STOCK
EXCHANGE BECAUSE OF WAR.
Under an amendment to the Constitution of the Stock
Exchange, adopted by the Governing Committee on the
12th inst. partners of absent members who under an amendment which went into effect in May, are i)ermitted to transact business on the floor of the Exchange, for those active
in the military or naval service of the United States, are also
allowed to act for those "exclusively occupied in any public
service gro^\'ing out of the war."
A similar provision has been inserted in the section which
suspends the Commission law until the termination of the
,
to the extent of permitting a member who is alone in
business and who is in the active military or naval service
of the United States "or is exclusively occupied in any public service growing out of the war" to have transactions
made in his behalf by another member at a charge of one-half
the former commission at a commission of SI per 100
shares instead of $2 per 100 shares. The proposed changes
were announced as follows yesterday by Secretary Ely:
war
—
New
To Members of
the
York, July 13 1917.
Exchange:
The following amendments to the Constitution were adopted by the
Governing Committee on July 12 1917, and are submitted to the Exchange
in accordance with the provisions of Article XXXVIII of the Constitution
and will become law on July 20 1917, if not disapproved prior to that date
by a majority vote of the entire membership.
That Section 6, Article XIII of the Constitution be amended by inserting after the words "United States," in fifth line, the following:
"or is exclusively occupied in any public service growing out of the war."
Said Section to read as amended as follows:
Section 6. On and after May 9 1917 the Committee on Admissions may
during the present war by a two-thirds vote of the entire Conmiittee, on
the request of a member who is in the active military or naval service of
the United States or is exclusively occupied in any public service growing
out of the war, authorize a partner of such member to exercise the privilege
of transacting business upon the floor of the Exchange for the account of
the firm, subject to the revocation of such privilege by said Committee.
XXXIV
of the Constitution be amended by inThat Section 7, Article
serting after the words "United States," in sixth line, the following:
"or is exclusively occupied in any public service growing out of the war."
Said Section to read as amended as follows:
Section 7. The Commission Law as contained in this Article is suspended
from May 9 1917, until the termination of the war as between a member
of this Exchange who is alone in business and who is in the active military
or naval service of the United States, or is exclusively occupied in any public service growing out of the war, and any other member, to the extent
that the latter may transact business in the Exchange for the account of
the former, when a principal is given up, for not less than one-half of the
minimum rate of commission stated in sub-division (6) of Section 2 of this
Article.
W. ELY,
Secretary.
____________^^^^^_^__^_^
GEOREGE
.
C. Watters, President of the Trades and Labor Congress
Canada, in advocating "conscription of material wealth"
by the refusal of every workingman in Canada to toil "for
gain of the private profiteer" if conscription of man power
becomes a law, was quoted as follows on the 3d inst.:
I am strongly of the opinion that the greatest and most patriotic service
J.
of
we can render
to our country, our motherland, and our allies in the struggle
to preserve our Uberties and our democracy is, on the day conscription of
man power is put into effect, to force the Government to conscript material
wealth through every worker in the Dominion refusing to work for gain of
the private profiteer and offering his service to the nation, and the nation
alone.
In other words, not a wheel of industry would turn, save for the nation
in its hoiu: of need.
Not a mine, railway, mill, or factory necessary to be
operated for the successful prosecution of the war would be operated for the
profit of the owners of such, but solely in conjunction with man-power, for
military piu-poses, to protect the nation.
If our liberties and our democracy are at stake the Government will gladly
and courageously conscript the material wealth of the nation to permit of
work being executed for the nation by eliminating the last vestige of profit.
If such is not done then we have either been deceived as the existence of the
State is not in danger, or betrayed, as the whole power of the nation is not
being consecrated to the task of winning the war. If the latter, it becomes
the duty of labor to bring pressure to bear on the Government to do their
whole duty, their loyal and patriotic duty, by refusing to work until that
RESULTS OF GERMAN WAR LOAN.
The total amount realized in the latest German war loan
was reported in the Reichstag on July 6 by Count von
Rodern, Secretary of the Imperial Treasury, as 13,120,000,000 marks, which he said "far exceeded our expectations."
He was further quoted as saying:
Such an achievement was
making profits and to savings.
had been paid in. The gold
possible owing
to greater possibilities for
21 96% of the amount subscribed
resei*ve in the Reichsbank on June 15 had
risen to 2,533,000,000 marks, despite the export of metal, but since then it
has decreased 76,000,000 marks.
Gold in the form of jewelry and coins must be handed to the Reichsbank.
By Jime
On the 6th inst. discussion in the Reichstag of the first
reading of a bill providing for a credit of 15,000,000,000
marks was also reported in a Berlin telegram to Amsterdam.
RUSSIA'S FINANCIAL PROBLEMS.
The following dispatch concerning Russia's financial problems, received from Petrogrod under date of July 12, was
pubhshed in the evening papers last night:
The serious financial problems confronting the Russian Government
were referred to in a report read at a private meeting of the
day
(the 11th)
Duma
yester-
by Deputy Bublikoff, who said the nation's gold reserve of
1,711,000,000 rubles covered 13.6% of the paper money of the State now in
The debt, which at the end of 1913 was 8,800,000,000 rubles,
at the beginning of 1917 was 33,600,000,000. If the paper money issued
during the war were added, he said, the total debt would be brought up to
the great deterioration in the purchasing value of the ruble, and he said that
to cover this deficit by the issuance of more paper would mean a further
circulation.
Is
serious increase in prices.
The financial problems, the Deputy said, in his opinion, could not be
solved by the imposition of fresh taxation, which would remove the stimulus for productive labor.
Another unfavorable feature of the general situation is a decrease of
30% in the production of coal in Southern Russia. M. Bublikoff also referred to the circumstances that 40% of the country's locomotives and cars
are in the shop awaiting repairs.
in response to an
from the British Columbia Federation of Labor as
inquiry
to the attitude labor should assume toward conscription.
$30,000,000 WAR LOAN.
has been passed by the Cuban Congress providing
for the Treasury bond issue of $30,000,000, referred to in
these columns on June 16, to provide funds for carrying on
Cuba's part in the European war. The bonds, it is said, will
be offered in Havana and New York.
,
,
duty is done.
Let labor demonstrate
their loyalty and patriotLsm on the day man-power
conscripted by seeing that the work of their brains and every ounce of
their physical energy is utilized for the support of the men at the front and
In defense of the nation, to provide ample remuneration and adequate pensions for the men in khaki and a full measure of protection to the dependents
of such men, and to relieve the nation from the biu-den of debt, which the
productive work of labor alone can meet even If a general strike is necessary to bring it about.
—
Mr. Watters' s views were presented
REPUBLIC OF CUBA
A
bill
—
THE CHRONICLE
Jttly 14 1917.]
Provisional figures have been issued by the Russian Department of Customs of the foreign commerce of Russia in
1916 was as follows, comparison being made with figures for
the three preceding years as follows:
IMPORTS AND EXPORTS.
—
Imports
*Rublcs.
By European frontiers.. 1,220 ,000 .000
154,000,000
By Asiatic Irontiers
Total
—
1915.
939,000,000
159,000,000
1916.
*KubIes.
1914.
*Rublcs.
*Rubles.
092,000,000 1,800,000,000
950,000,000
461,000,000
1,374,000,000 1,098,000,000 1,153,000,000 2,750,000,000
Exports
By European frontiers. .1,421, 000,000
99,000,000
By Asiatic frontiers
Total
*
1,520,000,000
The normal exchange value
half the
866,000.000
89,000,000
314,000,000
88,000,000
470,000,000
105,000,000
955,000,000
402,000,000
575,000,000
of tlfe ruble
is
.5146c.; the present rate
is
abou
t
normal value.
VAST WAR APPROPRIATIONS OF
U.
Government bonds and finances now possessed by the people of the
country will make the placing of the next issue of bonds less difficultThose subscribers of the first issue who were not allotted their full subscription will give the new issue a start more than $1,000,000,000, since it may
be regarded as certain that they will not lose the opportunity to obtain the
amount of Government bonds desired.
ing
RUSSIAN FOREIGN COMMERCE.
1913.
129
S.
An
idea of the vast appropriations by the Government
incidental to war preparations was conveyed by Secretary
of War Newton D. Baker at the July 4 celebration at the
City College Stadium. In part, Secretary Baker said:
And now let me take your time just for a moment to tell you something
of our preparation. As you know, the Congress of the United States has
ordained that we shall undertake extensive military preparation. It is
provided that the Army of the United States shall consist of the regular
army, the National Guard and the National Army.
The regular army and National Guard recruited to war strength, and to
them ought to be added 500,000 young men between the ages of twenty-one
and thirty, drawn from the body of our country by selective processes
which will recognize the needs of industry, the needs of dependents and
those relations in life which ought not to be sacrificed if our national strength
is to be preserved to its maximum efficiency.
This Is truly a great undertaking worthy of a great people for modern
war is no longer a conflict of a selected few who represent the nation, but
it is really the era of nation against nation.
Take, for instance, the subject of aeronautics. In 1915 the Congress appropriated something less than a half million dollars for the building of airIn 1917 the appropriation was $47,000,000, and now
craft in the Army.
Congress is considering a bill which appropriates the great sum of $639,000,000 for the building of aeroplanes.
And the program is that American skill and Ingenuity, American scientific knowledge and the skill of handicraftsman, of inexhaustible resources
of supplies, shall be drawn upon, and we shall contribute to those with
whom we are associated in this war abroad the unquestionable supremacy
of the air.
But, further to Illustrate this comparison, under normal circumstances
the appropriation made by Congress for our Army's regular supplies is
about $10,000,000, and this year for war the first appropriation is $110,000,000. In the Item of transportation for the Army, instead of the peace
time appropriation of some .$13,000,000 or $14,000,000, Congress has already appropriated .$222,000,000; for clothing and such items, instead of
the ordinary appropriation of $6,500,000, Congress has appropriated more
than $200,000,000.
And now let me give you the detail of only one item: Take the item
of supplies. -We must buy now for the armies that we are training and
sending abroad 5,000,000 blankets, 37,000,000 yards of boblnettes, 45,000,000 yards of cotton cloth, 21,000,000 yards of unbleached drilling
nay. we have to go to every factory and workshop in this country and start
its wheels spinning in order that these unprecedented quantities of our
supplies may be available for our armies.
And then we must build in the United States sixteen cities within the
incredibly short space of time of three months. They are to be built of
wood, and each of these sixteen cities is to house 40,000 men, not only with
places of shelter, but with places for their cooking, hospitals and all of the
buildings that ordinarily go with a city.
And I tell you these things, not to magnify the size of the task, but to illustrate to you the way in which our progress is being made, for I can tell
you that, although all these things are unprecedented in size and quantity,
American industry is so rapidly responding that they are being furnished
and will be supplied on time.
NEW LOAN CONTEMPLATED, GRATIFYING RESULTS
OF LIBERTY LOAN.
With reference to the plans for the issuance of a second
loan within the next few months, and the large oversubscription to the Liberty Loan which presages similar gratifying results in the new bond campaign, the Washington
Official Bulletin of July 7 had the following to say:
The Liberty Loan of 1917 was a great success in whatever aspect it is
considered.
The Government called for $2,000,000,000 and over $3,000,000,000 was subscribed for by more than 4,000,000 people. This large
subscription and this great number of subscribers were obtained, after a
short campaign, from a nation that as a people were not accustomed to
purchasing Government bonds. It should be remembered, too, that the
bond issues of other nations were sold when the foe was either on their territory or at their very gates.
Otu- bonds were sold when danger was far
from us. There was no duress, no hysteria. The bonds were bought
in the calm exercise of patriotism and sound business judgment after a
campaign of education and information.
Richmond, Va., the old capital of the Confederacy, bought a Liberty
Bond for every five Inhabitants. Montana, in the far West, largely exceeded Its quota of bonds. Little villages all over the country exceeded
their quotas as the metropolis of the country greatly exceeded its.
There
was hardly a State, city, or community that did not do the same. Poof
crop conditions, a recent great fire and other local causes resulted in two
districts falling a little below their allotments, but the large oversubscription everywhere else more than made up for this unavoidable defiency.
Cities with large foreign-born populations subscribed as liberally as others.
The united spirit of the American people, the soUdarity of the nation,
made up as it is of people from all nations, have been demonstrated.
t'> A second loan Is contemplated within the next few months.
The same
things that made the initial loan of $2,000,000,000 a success will operate
to make the new one equally successful. In fact, the information rfegard.
Concerning reports that Sept. 15 had been determined
upon as the date when the next offering of Liberty Bonds
would be made, Secretary of the Treasury McAdoo issued
the following statement on the 10th inst. denying that that
date had been fixed or that $3,000,000,000 had been decided
upon, as reported, as the amount of the forthcoming offerHis statement follows:
ing.
My
attention has just been called to a report circulated in New York
City that the next offering of the Liberty Loan would be made on the 15th
of Sept. next and that the amount would be $3,000,000,000.
This report is
wholly unauthorized. I have not yet determined when the next offering
shall be made nor what the amount shall be.
I desire to warn the public against recurrent, unreliable reports of this
character.
When the amount and date of fhe offering have been determined, official announcement will be made by the Treasury Department.
The
reports that the rate of interest on the proposed
would remain at 3H% as fixed in the act authorizing
the bonds is believed to have been responsible in a measure
for the fact that the bonds have again gone below par on
the Exchange.
Many investors, it is said, had hoped that
new legislation would be enacted so ^,s to provide for a higher
rate on the forthcoming issue.
The bonds went below par
on June 15, the day the subscriptions closed; the second
happening of this nature occurred on Wednesday of this
week, the 11th; after opening. at par on that day the bonds
went as low as 99 46-50, and closed at 99 49-50. On
Thursday the range was from 99 4^-50 to 1.00 and on Friday
from 99 30-50 to 100.
issue
The campaign for the second Liberty Loan in the New
York Federal Reserve District is apparently already under
of the Federal Reserve Bank of
has decided (according to reports) to open a
publicity office in a few daj^s.
The new office to be located
probably in the Equitable Building, 120 Broadway, and be
connected with some of the existing offices now occupied
by the Federal Reserve Bank and the Liberty Loan committees.
The official publicity committee appointed by
the Liberty Loan Committee to act dm-ing the last campaign
has been dissolved and no new committee will be appointedat this time. For the present, officials of the Federal Reserve Bank have requested Guy Emerson, Vice-President
of the National Bank of Commerce in New York, who was
Secretary of the former Liberty Loan Publicity Com-
way.
Governor Strong
New York
mittee, to supervise the details of the work of the new campaign. Concerning the preparations for the floating of the
expected new issue Mr. Emerson had the following to say
on Wednesday:
We have
been given to understand that the second Liberty Loan of 1917
be offered to the public some time in the early autumn. The amount
of the loan has not been officially stated but It will certainly be large and
will require the very best efforts of all of us to distribute it as thoroughly
as the last $2,000,000,000 was distributed. No official publicity committee
has as yet been appointed, but there are many preparations for the next
loan which ought to be started Immediately in order to avoid the rush and
strain which attended the last campaign.
A great many people who are
Influential with large organizations, haite offered their services on condition that they be given plenty of time to prepare their machinery before
the loan is actually offered to the public. Many men who worked very
effectively in the last loan have stated that unless they are now enlisted
in the Liberty Loan work they will feel under obligation to attend officers'
camps which will open in the near future. We feel that the raising of the
money for the war is one of the most important things to be done and that
it should be done efficiently and liberally and that an organization should
gradually take shape which will be more or less permanent in character
throughout the war.
I believe that this is the idea that Governor Strong of the Federal Beserve Bank has in mind in deciding to open publicity headquarters at
this time.
If there are any persons who have suggestions with regard to
the next loan, I should be very glad if they would commimicate with me
in writing and I will undertake to see that their suggestions are conveyed
to the proper authorities.
will
,
It was announced at the Federal Reserve Bank of New
York on July 12 that the bank had up to Wednesday even-
ing sent out about $185,500,000 of interim certificates for the
Liberty Loan bonds subscribed for in this district. Of this
total about $175,000,000 of certificates have been issued for
bonds fully paid and $10,500,000 for bonds on which installments amounting to 20% have been received. In this
district there have been allotted bonds to the amount of
$621,218,600, and the certificates are being issued and sent
to the banks as fast as the clerks complete the work.
FORMS FOR HANDLING LIBERTY LOAN
SUBSCRIPTIONS.
Haas, Vice-President of the First National Bank
of Philadelphia, is the originator of a certificate plan for the
handling of subscriptions and the caring for future payments
H.
J.
.
THE CHROVirLE
on Liberty Bond applications which has been found quite
In view of tlie fact that no definite plan has
satisfactory.
been outlined by the Government or the Federal Reserve
banks, and inasmuch as other issues will be forthcoming the
plan of Mr. Haas ought to prove interesting to those whose
systems have been found inadequate. The plan is based
on past experience in handling installments or full-paid
subscriptions to stock, making the records complete, minimizing the^labor and dividing it so that any number may cooperate. Four forms have been prepared for the purposi,'.
It is not easy to furnish facsimiles of them in print, but
we presume that information concerning the same, and
copies of them, may be had ui^on request to Mr. Haas.
BRITISH FINANCIAL REPRESENTATIVE RETURNS
TO UNITED STATES.
was annoimced yesterday that
It
who was
a
member
of the
Basil P. Blackett, C. B.,
Anglo-French Loan Mission which
visited this country two years ago, has just returned to the
United States. It is understood that he is to remain here
for some time and assist Sir Samuel Hardman Lever, the
Financial Secretary of the British Treasury, who
representing the British Government in this country.
is
now
(Vol. 105.
Board to any Federal Reserve bank or Federal R('serve agent at the Treasury or at the Sul>-Troasurj' of the United States nearest the place of business of such Federal Reserve bank or such Federal Reserve agent: Provided
howner. That any expense incurred in shipping gold to or from the Treasury
or .Sub-Troa.surics in order to make such payments, or as a re.sult of making
such payments, shall be paid by the Federal Reserve Board and as.sessed
^galnst the Federal Reserve banks.
The order used bv the Federal Reserve
Board in making such payments shall be signed bv the Governor or ViceOovernor, or such other officers or members as the Board may by regulation prescribe.
The form of such order shall bo approved by the Secretary
of thc! Treasury.
The expenses nece.ssarily incurred in carrying out these provisions, includ-
mg
the cost of the certificates or receipts issued for deposits received, and
(expenses incident to th<^ handling of such deposits, shall be paid by the
Federal Reserve Board and included in its ass&ssments against the several
Federal Reserve banks.
all
(2) The following form of receipt has been prescribed to be i.ssued by the
Treasurer and Assistant Treasurers when deposits are made by the Federal
Reserve banks or P'ederal Reserve agents with the Trea.surer or Assistant
Treasurers for credit to the account of such bank or agent with the Federal
Reserve Board:
TREASURY OF THE UNITED STATES,
Received from the Federal Reserve Bank of
in gold coin or gold certificates
%
.
1927
111111.1"" "the sum
for credit to
Fund" account with the Federal Reserve Board.
This receipt is issued under authority of Section 8 of the Act approved
Jun(! 21 1917, amending the Federal Reserve Act, and the deposit made is
held subject to the order of the Federal Reserve Board in accordance with
the provisions of said Act.
Assistant Treasurer of the United States.
The
following form of order for use by the Federal Reserve Board in
transmitting funds to Federal Reserve banks or Federal Reserve agents has
(3)
been approved:
TREASURER OF THE UNITED STATES.
Washington,
CHANGE IN OPERATION
OF-
ot
"Gold Settlement
GOLD SETTLEMENT
FUND.
Pay
dollars
), in gold coin or gold certificate's out of deposits made
($
with the Treasurer of the United States under authority of the Act approved
,
June 21 1917.
In pointing out important changes in the operation of the
Gold Settlement Fund of the Federal Reserve systtm, incident to the amendments to the Reserve Act last month,
the Reserve "Bulletin" for July says:
Important changes in the operation of the Gold Settlement Fund were
made possible by the approval on June 21 1917 of the amendments to the
Section 16 of the amendments was recommended
Federal Reserve Act.
to Congi'ess for the purpose of simplifying the operation of the fund, which
has grown to such proportions as to make the handling of the gold certificates evidencing the deposits of Federal Reserve banks and Federal Reserve
agents a heavy responsibility. The fund has grown from about S20,000,000, when its operation began in May, 191.5, to $523,410,000.
Some idea of the magnitude of the fund may be formed from the fact
that a truck load of gold certificates was transferred from the Federal ReIt took three men over
serve Board to the Treasury of the United States.
two days to place a stamped indorsement upon the certificates. Had the
amount represented been in the form of gold coin, it would have weighed
963 short tons.
Under the old system of handling the Gold Settlement Fund if a deposit
of S5 ,000,000 was made by the Federal Reserve Bank of Chicago with the
Assistant Treasurer at Chicago, a telegram would have been sent from the
Sub-Treasury at Chicago to the Treasurer of the United States at Washington, who would issue gold certificates of the series of 1900 in the SI 0,000 denomination, payable to the order of the Federal Reserve Board. Custody
of these certificates was assumed by the Board with credit upon the books
Payments from the fund were made by reversing the operaof the fund.
tion, the certificates being taken from the vault, indorsed, and presented to
the Treasurer of the United States, with the request that he cause payment
to be made through the Assistant Treasurer in the city where the payment
was desired. Transfers between banks and between banks and agents were,
and still will be, made upon the books of the fund.
Under the new plan, the Treasurer of the United States has opened an
account with the Federal Reserve Board, giving credit to the Board for the
sum of the deposits of the Federal Reserve banks and Federal Reserve
agents.
Individual accounts are, as heretofore, kept by the Federal Reserve Board.
When a bank or a Federal Reserve agent desires to make a
deposit for credit in the Gold Settlement Fund, the gold is delivered at the
The Assistant Treasurer gives a receipt form of
nearest Sub-Treasury.
which is prescribed, and advises the Treasurer of the United States by wire.
The Treasurer then issues a duplicate receipt to the Federal Reserve Board
and credit is given upon the books of the Gold Settlement Fund. Payment
out of the fund will be directed by the Federal Reserve Board with a form
of check drawn upon the Treasurer of the Uhited States.
The Treasurer of the United .States, who has heretofore received the gold
and issued gold certificates against it, will receive and retain the gold as
heretofore, but instead of issuing certificates in large numbers, will give one
receipt for the lump sum.
Balances of Federal Reserve banks and agents
will be separately kept upon the books of the Gold Settlement Fund and
book transfers made as before.
In making the transfer the office of the Treasurer of the United States
was represented by George Fort, Assistant Treasurer, and C. S. Pearce,
Cashier, of the United States.
The Federal Reserve Board was represented
by .Sherman Allen, Assistant Secretary, and fiscal agent, who had charge
Below
of the Gold Settlement Fund since it was opened in May, 191,5.
is given the circular issued by the Treasury Department, which also contains Section 16, under which the account with the Treasurer of the United
,
,
was opened:
Department Circular No. 86. Treasurer's Office].
[1917.
Instructions Relative to Deposits of Gold Coin and Gold Certificates for
Credit in Gold Settlement Fund Account and Payments Therefrom
States
under Act of June 21 1917.
TREASURY DEPARTMENT.
191..
,
to
FEDERAL, RESERVE BOARD,
By
Assistant Secretary.
Countersigned,
Governor
(or other
duly authorized officer or member')
The Federal Reserve Board should
file with the Treasurer of the
United States a copy of any by-laws or regulations prescribed by it authorizing any of its officers or members other than the Governor or Vice-Governor of the Board to execute such orders, and facsimile signatures should
be filed with the Treasurer or any officers or members who are to sign such
(4)
orders.
(5) The Treasurer should open and maintain a separate account of all
expenses incurred in shipping gold to or from the Treasury or Sub-Treasuries in order to make payments or as a result of making payments under
authority of this section and of any other expenses incident thereto. An
account should be rendered at the end ot each quarterly period to the Federal Reserve Board for reimbursement of such expenses.
OSC.\R T. CROSBY,
Acting Secretary of the Treasury.
TRANSACTIONS DURING MONTH.
Transactions through the Gold Settlement Fund continue to increase in
volume, the settlement of June 21 showing total clearings of well over half
a billion dollars. On the date named the obligations settled, covering transactions between the banks during the preceding week, amounted to S613,The transfers within the fund ordered by banks during the same
620,000.
week were very large, amounting to $219,983,000.
Thus far in 1917, from Jan. 1 through the settlement of Juna21 not quite
one-half the year, the total of obligations liquidated through the fund, including both weekly settlements and transfers, is $8,975,910,500, exceeding
by $2,289,295,500 the total of like transactions during the years 1915 and
1916 combined. The total for these two years was .$6,686,615,000.
,
RESERVE BANKS' GOLD DEPOSITS ABROAD.
With regard
to the deposits of gold with "foreign agencies"
which we referred in our
June 30 (the deposits, $52,600,000, were shown for
the first time in the weekly statement of the Reserve banks
on June 23), the Federal Reserve "Bulletin" for July says:
of the Federal Reserve banks, to
issue of
One feature of the month's changes in reserve requirements and reserves
has grown not out of the legislation referred to, but out of the conditions of
the war.
Obligations amounting to about $50,000,000 in favor of American
holders, which matured at London joint-stock banks, were paid at the
Bank of England. The resulting obligation to holders of the paper was assumed by the Federal Reserve Bank of New York and by it distributed
among the Federal Reserve banks pro rata, with the understanding that the
proceeds of the obligation when paid should be deposited witli the Bank of
England and held there as "ear-marked" gold, subject to the orders of the
Reserve system. Pernussion to carry out this transaction was given by the
Federal Reserve Board on June 7, thus adding to the consolidated weekly
statement a new item "Gold held with foreign agencies"-which appeared
for the first time on June 23.
This step is in line with the practice of foreign banks.
It has the advantage of avoiding the necessity of shipping
gold over-sea under dangerous conditions, while at the same time the use
made of the money as reserve is identical with that to which it would have
been put had the metal been actually and physically present in the vaults
of the Reserve banks themselves.
The Board in granting the permission
specified, however, that for the future such holdings of ear-marked gold in
foreign countries should not exceed a moderate percentage of the total gold
holdings of participating banks. An inspection of the statement of the
banks for the week ending June 23 shows that the amount so held was
—
$52,600,000.
Office of the Secretary.
To
Washington, D. C, June26 1917.
and Assistant Treasurers of the United States:
The Act approved June 21 1917, amending the Federal Reserve Act,
the Treasurer
(1)
contains the following provisions:
That the Secretary of the Treasury is hereby authorized and directed to
receive deposits of gold coin or of gold certificates with the Treasurer or any
Assistant Treasurer of the United States when tendered by any Federal
Reserve bank or Federal Reserve agent for credit to its or his account with
the Federal Reserve Board. The Secretary shall prescribe by regulation
the form of receipt to be issued by the Treasurer or Assistant Treasurer to
the Federal Reserve bank or Federal Reserve agent making the deposit,
and a duplicate of such receipt shall be delivered to the Federal Reserve
Board by the Treasurer at W'ashington upon proper advices from any AsDeposits so made shall
sistant Treasurer that such deposit has been made.
be held subject to the orders of the Federal Reserve Board and shall be payable in gold coin or gold certificates on the order of the Federal Reserve
ASSESSMENT BY FEDERAL RESERVE BOARD.
Announcement
of an assessment upon the capital of the
Federal Reserve banks to cover the estimated general expense of the Board from July 1 1917 to Dec. 31 1917, is made
as follows in the Federal Reserve "Bulletin" for July:
Acting under the provisions of the Federal Reserve Act, the Federal
Reserve Board on June 19 voted an assessment of $0.0011 upon the capitalization of Federal Reserve Banks to cover the estimated general expense
The assessment is based upon
of the Board from July 1 to Dec. 31 1917.
a capital of $114,342,000 as of June 15 1917. The rate of assessment will
The resolution of the Board and the figures on which
yield .$125, 776 20.
the assessment is based follow:
.
,
:
JrLY
THE CHRONICLE
14 1917.]
Whereas, under Section 10 of the Act approved Doc. 23 1913 and known
as the Federal Reserve Act, the Federal Reserve Board is empowered to
levy semi-annually upon tlie Federal Reserve banks in proportion to their
capital stock and surplus an assessment sufficient to pay its estimated
expenses, including the salaries of its members, assistants, attorneys,
experts and employees, for the half-year succeeding the levying of such assessment, together with any deficit carried forward from the preceding
half-year; and
it appears from the estimates submitted and considered that
necessary that a fund equal to eleven hundredths of 1 per cent (0.0011)
of the capital stock of the Federal Reserve Banks be created for the purposes
hereinbefore described, exclusive of the cost of engraving and printing of
Federal Reserve notes: Now, therefore, be it
Resolved, That, pursuant to the authority vested in it by law, the Federal
Reserve Board hereby levies an assessment upon the several Federal Reserve banks of an amount equal to eleven hundredths of 1 per cent (0.0011)
of the total capital stock of such banks, and the fiscal agent of the Board is
hereby authorized to collect from said banks such assessment and execute,
in the name of this Board, a receipt for payment made.
Such assessment
will be collected in two installments of one-half each, the first installment to
be paid on July 1 1917 and the second half on Sept. 1 1917.
Esti male for July, 1917, Assessment.
Average monthly encumbrance for period Jan. 1 1917 to
June 30 1917
$19,782 67
Estimated monthly requirements, July to December, inclusive, 1917
21,005 97
Whereas,
it is
Estimated monthly increase
SI. 223 30
Estimated requirements, June to December, inclusive, 1917
Estimated unencumbered balance July 1 1917
S126,035 82
8,315 19
«117,720 63
Total capitalization of Federal Reserve banks June 15 1917-S!114,342,000 00
Rateof assessment to produce $117,772 26
0.00103
Rate of assessment to produce S125 ,776 20
0.0011
In view of all conditions, I have the honor to recommend that an assessment of eleven hundredths of 1 per cent be levied.
ALLEN, Fiscal Agent.
Approved for 0.0011
SHERMAN
P. A.
A. C.
C. S.
DELANO,
MILLER,
HAMLIN,
Committee on Organisation, Expenditures and
Staff.
MINNEAPOLIS RESERVE BANK ON RESERVE
REQUIREMENTS.
The Minneapolis Federal Reserve Bank in calling attention
new reserve requirements in a circular letter to mem-
to the
ber banks under date of July 5 points that out "under the
Act as it now stands, 7io member bank is required to carry any
or quality of cash in vault as reserve.
The
only legal reserve is that maintained in the Federal Reserve
specified
amount
The
Bank.
circular
adds:
Currency of any description will, therefore, now serve the ordinary purposes
of all member banks, and only such amounts need be carried in vaults or
tills as experience has proved to be necessary for daily operation.
As no cash reserve is now required to be carried in your own vaults, it is
suggested that you build up your reserve balance so far as practicable by
the remittance of funds. This will result in less financial disturbance
than drawmg upon your correspondents. Because of the heavy payments being made in connection with the Liberty Loan, it is, of course,
desirable that heavy withdrawals from correspondents be avoided at this
time if it can conveniently be done.
In order that the Federal Reserve banks may be in a position to render
the best possible service in rediscounting for member banks for the purpose
of assisting them in financing the Liberty Loan, for the approaching crop
movement and for other purposes, it is essential that as large an amount
of gold be held as reserve by the Federal Reserve banks as possible, and
as the Federal Reserve notes and other forms of currency will serve your purpose
for local needs just as loell as gold, it is urged that as far as possible you make
your shipments to this bank in gold coin or gold certificates. When this is
done this bank will defray the expense of transportation on the gold certificates or gold coin received by this bank up to and including July 15, but
only when the shipment is made for the express purpose of building up your
reserve
So far as possible the gold certificates should be sent by registered mail
and a memorandum sent us of the postage and insurance that we
maygive credit therefor. Gold coin may be sent by express collect.
insured
,
—
GOVERNOR STRONG OF
NEW YORK
RESERVE BANK
AGAIN GOES WEST.
of the Federal Reserve Bank of
enjoying another respite in the West in the
interest of his health.
Since his return to his desk on June 1
after a year's leave of absence, the Governor had been active
in the Liberty Loan financing and his arduous work has
made a further rest desirable. He plans to return in about
a month. During his absence Robert H. Treman will again
serve as acting Deputy Governor, in charge of the bank's
Governor Benjamin Strong
New York
is
affairs.
OF PHILADELPHIA, ASSISTANT
FEDERAL RESERVE AGENT.
A. E. POST,
Arthur E. Post, Assistant to R. L. Austin, Federal Reserve
Agent of the Philadelphia Federal Reserve Bank since the organization of the latter, has been made Assistant Federal
Reserve Agent. Provision for the creation of the office was
made in the recently enacted amendments to the Federal
Reserve Act. The position of Deputy Federal Reserve Agent
has been abolished under the amendments. Henry B.
Thompson, as Class "C" director, formerly held this position.
He retains the title of Deputy Chairman of the Board,
131
OPERA TIONS OF FEDERAL LAND BANK OF HO USTON.
Regarding the operations of the Houston Federal Land
Bank
the Federal
Farm Loan Board makes
the following
announcment:
The Farm Land Bureau has received reports from all of the land banks
showing the volume of business on June 15. According to these reports
the Houston Federal Land Bank has granted charters to fifteen farm loan
associations, these associations asking for loans amounting to $817,461 50.
In addition to these fifteen associations chartered, appraisers' reports have
been received on thirty- four associations, and these associations are about
ready to be chartered.
Individual loan applications have been received from ninety-three associations whose organizations have been completed.
Tlie total of loans
asked for by these ninety-three associations is $5,043,205.
The total number of farm loan associations in the process of organization in Texas is 287.
If all of these associations ask for the average asked
for by the ninety-three whose individual applications have been tabulated, the grand total of loans already asked for in Texas is $15,500,000.
The fhst actual loan granted in Texas was secured by W. S. Smith, of
Van Alstyne, and was for the full limit of S 1.0, 000 allowed under the act.
During May the Houston Federal Land Bank approved loans amounting to .5331,114, and during the first half of June the loans approved
amounted
to $486,347 50.
Considering the fact that the Texas homestead law curtails the operations of the Houston Federal Land Bank, members of the Federal Farm
Loan Board regard the showing of the Houston bank as excellent.
SPRINGFIELD (MASS.) FEDERAL LAND
URGES GREATER ACTIVITY.
BANK
the bankers in New
England. New York and New Jersey, the Federal Land Bank
of Springfield, Mass., struck the keynote of a campaign it
has inaugurated for enlisting- all the forces within the district
Associin the service to which the Land Bank is dedicated.
ations, it is said, have been fonned in every State in the
district, six hundred applications for loans aggregating nearly
two million dollars are on file. President Robinson puts;
these questions to the bankers: "Are j'ou quite sure that the
farmers in your vicinity have all the money they reasonably
need to place their farms upon a paying basis? Are you
sure that they get their money on terms which make it
possible for them to build and plan ahead? And are you
quite sui'e that the present favorable financial conditions are
likely to remain so indefinitely, and that these farmers will
In an appeal issued on July 11 to
all
not sooner or later be crowded by their mortgagees?"
Calling upon the country banker to encourage the farmers of his community to avail themselves of the facilities
offered by the Land Bank, to help organize a local National
Farm Loan Association, to see that the men who wiU be
officers and directors are men of high calibre and responsibility and even to take a personal interest in the Association
and act as its Secretary-Treasurer, President Robinson points
out that such service will not be wholly altruistic, and that
the flowine in of thousands of dollars of outside money wiU
add to the prosperity of the district. He closes with this
personal appeal:
is dependent on the prosperity of the community which
you aid in this movement you will share in that prosperity.
You will reap the additional advantage of having in your bank the deposits
of such associations as you encourage. You will gain the good will of the
farmers ui your district. You will gain new depositors and increased
Yoiu* prosperity
you serve.
If
You have, therefore, a rare oppprtunity before you. In lending
deposits.
a hand to this movement you cannot well escape deriving a benefit to your
bank, while at the same time you can render a signal service to the public.
In the present grave crisis in oiu- national life much will depend upon the
American farmer's ability to "do his bit." Will you help him?
CHICAGO BOARD OF TRADE TAKES FURTHER STEPS
TO CONTROL GRAIN SPECULATION.
In furtherance of their efforts to prevent speculation in
grain, the directors of the Chicago Board of Trade at a
special meeting, behind closed doors, on July 11 fixed a
maximum price of $1 28 a bushel for December and May
deliveries of corn, as well as for all future deliveries of corn
during 1918. The maximum price of SI 65 already in
effect for September and other old crop futures was not
disturbed. The resolutions adopted by the directors read
as follows:
Resolved, That on and after Thursday, July 12 1917, until further notice,
members of this board in making contracts for the purchase, or for the
sale, by grade alone, of corh to be delivered in store during December 1917,
or during any month in the year 1918 shall not m entering into such conThis action modifies the resotracts exceed the price of $1 28 per bushel.
lution of this body of June 4 1917, relative to contracts for deUvery in December 1917, and deliveries during 1918. Be it further
Resolved, That any member trading in\iolation of the foregoing shall be
deemed to have committed a grave offense against the good name of the
as.sociation.
Resolved, That the action taken by the directors will not be rescinded or
modified without twenty-four hours' notice, by announcement from the
gallery and posting on the bulletin board.
Dispatches from Chicago regarding the action of the
directors of the
Board
of
Trade
said:
lasted three hours behind closed doors preceded the action
After adjournment a formal notice was given out telling
of the directors.
of the course adopted, but no explanation was offered. According to an
A meeting that
5
THE CHRONICLE
133
the Board, the establishment of a new maximum price for the
December delivery and for all later options was needed to bring trading
conditions into harmony with the Government war policy of preventing
undue speculation and unwarranted high cost to consumers.
In taking such a measure the directors were said to feel that more drastic
steps were averted, including the possible closing of the Board of Trade.
It was said that owing to the smallness of stocks of corn at present and the
unlikelihood that any largo accumulations would bo available for a long
time to come, the trade in future options had much less substantial basis
official of
than under normal conditions, so that danger of sudden wild inflations of
values liad to be taken into account.
Only the options of the new 1917 crop were dealt with in to-day's action
of the Chicago Board of Trade directors.
A maximum price of $1 05
for the September delivery here and for all other old crop futures was already
in effect, and was not disturbed, as the value of old corn for imnjediate
delivery was now much in excess of that limit, and had to-day touched the
highest figures ever known for Chicago, $1 91 M a bushel for ordinary No. 2
white.
As noted in these columns last week, the directors of the
Board at a meeting on July 6 adopted a resolution prohibiting further dealing in the July option for corn, and fixed as a
settling price $1 65 a bushel, which was the same as the
maximum price made on June 4 ana referred to in our issue
of June 9.
Directors of the St. Louis (Mo.) Board of Trade, we
learn from the Chicago "Herald," on July 11 ordered trading
in September corn discontinued except to closing of trades.
Selling is permitted, however, where it is shown that the
grain is in hand to be delivered at a price not to exceed
$1 67. July corn contracts are to be closed at $1 70 or
five cents more than the previous maximum.
Directors of the Kansas City (Mo.) Board of Trade on
July 11 adopted a resolution discontinuing trading in September corn, except to close existing contracts. The directors, however, made no change in the maximum price of
$1 62 a bushel for September corn, previously established.
[Vol. It
hours in advance so your baker will not bake beyond his needs. Cut the
loaf on the table and only as required.
Use stale bread for cooking, toast,
&c. Eat less cake and pastry.
Save the Meat. Beef, mutton, or pork not more than once dally. Use
freely vegetables and fish.
At the meat meal serve smaller portions, and
stow instead of steaks. Make made-dLshes of all left-overs. Do this and
there will be meat enough for every one at a reasonable price.
The children must have milk. Use every drop. Use
Save the Milk.
buttermilk and sour milk for cooking and making cottage cheese. Use
less cream.
Save the Fats. We are the world's greatest fat wasters. Fat Is food.
Butter is essential for the growth and health of children. Use butter on
the table as usual, but not in cooking. Other fats are as good.
Reduce
use of fried foods. Soap contains fats. Do not waste it. Make your own
washing soap at home out of the saved fats.
Save the Sugar. Sugar is scarcer. AVe use to-day three times as much
per person as our allies.
So there may be enough for all at reasonable
price use less candy and sweet drinks.
Do not stint sugar in putting up
fruit and jams.
They will save butter.
Save the Fuel. Coal comes from a distance and our railways are overburdened hauling war material. Help relieve them by burning fewer fires.
Use wood when you can get it.
Use the Perishable Foods. Fruits and vegetables we have in abundance.
As a nation we eat too little green stuffs. Double their use and improve
your health. Store potatoes and other roots properly and they will keep.
Begin now to can or dry all surplus garden products.
Use Local Supplies. Patronize your local producer. Distance means
money. Buy perishable food from the neighborhood nearest j'ou and thus
save transportation.
General Rules.
Buy less, serve smaller portions.
Preach the "Gospel of the Clean Plate."
Don't eat a fourth meal.
Don't limit the plain food of growing children.
Watch out for the wastes in the community.
Full garbage pails in America mean empty dinner pails in America and
—
—
—
—
—
—
—
Europe.
If the more fortunate of our people will avoid waste and eat no more than
they need, the high cost of living problem of the less fortunate will be
solved.
FOODSTUFFS EXPORTS DURING JULY 1 1916 TO
APRIL 1 1917 SUFFICIENT TO FEED MILLIONS.
According to export figures worked out on a ration's basis
by an expert Government statistician, from 17,686,000 to
Dispatches from EvansviUe, Ind., on June 11 stated that
at a meeting of grain dealers of Southern Indiana, south- 34,783,000 people could have been scientifically fed for one
eastern Illinois and western Kentucky held there on that day, year on the total amount of foodstuffs exported from the
a price of $2 03 per bushel delivered at mills in tri-State United States in the period from July 1 1916 to April 1 1917.
region was established. A resolution was also passed en- These figures were public on July 6. It is stated that on a
dorsing the purchase of wheat in all transactions, whether basis of 118 grams of protein, 500 grams of carbohydrate,
from farmer or broker, on Federal grade standards. For and 56 grams of fat per day (Volt's standard), the exports
No. 2 soft winter $2 03 was set. No. 1 grade wUl, the dis- of foodstuffs of domestic origin from the United States from
patches stated, command a premium above the price of July 1916 to March 1917, inclusive, would supply a balanced ration for 17,686,000 people for one year, besides
No. 2 and grade No. 3 will be marketed at a discount.
WHEAT
PRICES OF VARIOUS COUNTRIES.
The Allied Wheat Commission has furnished a report to
the Food Administration upon the prices of wheat now ruling
'
various countries. The Government price in Great
Britain is $1 80 per bushel. The Government price in
Australia is $1 14 per bushel and in India $1 35. The
Government price in France is $1 80 for home-grown wheat,
including various bounties. The Government maximum in
Italy has been fixed at SI 69 per bushel for soft wheat and
$1 94 for hard wheat. The Belgian fixed price is to be $1 60
per bushel and the German price about $1 80 per bushel.
Information furnished to the Food Administration also shows
that the Allies are requiring the mixture of 20% corn, rye
or barley in the flour. It has proved impossible to introduce
straight corn bread because of the lack of corn mills in
Europe and the lack of durability in corn meal does not
permit its extensive shipment. Furthermore, households
in England and France are not equipped to bake bread, all
baking for decades having been done in public bakeries, and
the baking and distribution of corn bread, inasmuch as it
must be served absolutely fresh, has proved infeasible from
bakeries, as it has likewise so proved in the United States.
Furthermore, in order to suppress the consumption of all
sorts of fresh bread, rolls, &c., bakeries are required to hold
their bakings for at least 12 hours before delivery, and therefore our aUies are all living on what is regarded in America
as stale bread. The consumption of flour in England and
France is being reduced to between three and four pounds
per person per week, or about 3-5 of the American consumption, despite the fact that Europeans are ordinarily
in
larger bread eaters than Americans.
FOOD ADMINISTRATOR'S ECONOMY RULES.
Rules for the guidance of the people of the country in the
campaign to conserve the country's food supply were
promulgated on July 7 by Herbert C. Hoover, the United
States Food Administrator. They set forth:
Win the War by Giving Your Own Daily Service.
—
Save the Wheat. One wheatless meal a day.
or barley bread and non-wheat breakfast foods.
Use corn, oatmeal, rye,
Order bread twenty-four
leaving a surplus of 2,284,000,000 pounds of carbohydrate
and 429,000,000 pounds of fat. On a basis of 60 grams of
protein, 500 grams of carbohydrate, and 56 grams of fat
per day (Chittenden's standard), the exports for the same
period would supply the protein requirement of 34,783,000
people for one year, but would need to be supplemented
with 4,596,000,000 pounds of carbohydrate and 314,000,000
pounds of fat from other sources. On the basis of 3,055
calories per day, the exports would supply the energy requirement of 20,388,000 people for one year, leaving neither
surplus nor deficiency.
COMPARISON OF FLOUR PRICES IN
ENGLAND.
According to information from an
U.
official
S.
AND
Government
source a comparison of the wholesale prices of flour in the
United States and England during the past three years
shows that while the English wholesale price was somewhat higher in 1916, the American price was markedly
higher than the English in 1917 and slightly higher in 1915.
The comparisons were made between Minneapolis wholesale prices on the one hand, and average EngUsh wholesale
prices on the other.
All prices are of June of the indicated
years. The EngUsh prices are reduced to dollars per barrel
of 196 pounds.
The average Minneapolis wholesale price
between August 1912 and July 1914, inclusive, is taken
as the base of comparison. The figures given from an
official
source are as follows:
June
1915
$8 44
Minneapolis ...1.
English Average...
8 32
June
1916
$5 92
7 49
June
1917
$14 75
10 32
EXTENT OF CORN CONSUMPTION BY ANIMALS AS
COMPARED WITH HUMAN CONSUMPTION.
Figures, obtained from an official source on July 6, show
an immense amount of corn fed to animals which, in a considerable way, could be diverted to human consumption.
Based upon the estimates of the United States Department
of Agriculture for an average corn crop of about 2,700,000,000 bushels, it is found that 86.3% is fed to animals,
while only
3.6%
is
used for
human consumption.
The
—
July
14 1917.]
THE CHRONICLE
remainder of the average annual corn crop is distributed
as follows: Exports, 1.7%; starch and glucose, 1.5%;
seed, .8%; distilled liquor, .8%; malt liquor, .5%; miscellaneous, 4.8%. In years of larger production than the
average estimated, the excess is largely fed to stock, parUnder such conditions, it is pointed out,
ticularly swine.
the percentage fed to animals is materially increased. Based
on these figures the weekly consumption of corn is approximately as follows: Fed to animals and for human food,
46,300,000 bushels; manufactures, including malt and distilled liquors, 1,442,000 bushels; exports, 865,000 bushels.
PRESIDENT'S WARNING AGAINST HIGH PRICES.
An appeal to the business interests of the country to put
aside every selfish consideration and extend their aid to the
nation as freely as those who offer their lives was made by
President Wilson on July 11. The President's appeal was
embodied in a statement addressed to coal operators and
manufacturers in which he gave assurances that just prices
will be paid by the Government for everything it buys
during the war. The President insisted that "we must
make the prices to the public the same as the prices to the
Government," and he declared that "those who do not
respond _* * * in the spirit of those who have gone
*
*
*
to give their lives for us
may safely be left to
be dealt with by opinion and the law." "Prices," said the
President, "mean the same thing everywhere now.
They
mean the efficiency or the inefficiency of the nation, whether
it is the Government that pays them or not.
They mean
victory or defeat. They mean that America will win her
place once for all among the foremost free nations of the
world, or that she will sink to defeat and become a second
rate power alike in thought and action."
In conclusion
the President said: "I shall expect every man who is not a
slacker to be at my side throughout this great enterprise."
The following is the text of the appeal in full:
My
Fellow Countrymen:
The Government
is about to attempt to determine the prices at which
ask you henceforth to furnish various supplies which are necessary
for the prosecution of the war and various materials which will be needed
in the industries by which the war must be sustained.
We shall, of course,
try to determine them justly and to the best advantage of the nation as a
whole, but justice is easier to speak of than to arrive at and there are some
considerations which I hope we shall Iceep steadily in mind while this particular problem of justice is being worked out.
I, therefore, take the
liberty of stating very candidly my own view of the situation and of the
principles which should guide both the Government and the mine owners
and manufacturers of the country in this difficult matter.
A just price must, of course, be paid for everything the Government
buys. By a just price I mean a price which will sustain the industries
concerned in a high state of efficiency, provide a living for those who conduct them, enable them to pay good wages, and make possible the expansions of their enterprises which will from time to time become necessary
as the stupendous undertakings of this great war develop.
We could not
wisely or reasonably do less than pay such prices. They are necessary
for the maintenance and development of industry, and the maintenance
and development of industry are necessary for the great task we have in
hand.
But I trust that we shall not surround the matter with a mist of sentiment. Facts are our masters now. We ought not to put the acceptance
Patriotism has nothing to do
of such prices on the ground of patriotism.
with profits in a case like this. Patriotism and profits ought never in the
present circumstances be mentioned together. It is perfectly proper to
discuss profits as a matter of business, with a vi^ to maintaining the integrity of capital and the efficiency of labor in these tragical months when
the liberty of free men everyywhere and of industry itself trembles in the
balance, but it would be absurd to discuss them as a motive for helping
to serve and save our country.
Patriotism leaves profits out of the question. In these days of oiusupreme trial, when we are sending hundreds of thousands of our young
men across the seas to serve a great cause, no true man who stays behind
to work for them and sustain them by his labor will ask himself what he is
personally going to make out of that labor. No true patriot will permit
himself to take toll of their heroism in money or seek to grow rich by the
sheddingof their blood. He wUl give as freely and with as unstinted selfsacrifice as they.
Ehen they are giving their lives will he not give at least
it
will
his
money ?
here it insisted that more than a just price, more than a price that will
sustain our industries, must be paid; that it is necessary to pay very liberal
and unusual profits in order to "stimulate"; that nothing but pecuniary re*
wards will do rewards paid in money, not in the mere liberation of the
world.
I take it for granted that those who argue thus do not stop to think what
that means. Do they mean that you must be paid, must be bribed, to make
your contribution, a contribution that costs you neither a drop of blood nor a
tear, when the whole world is in travail and men everywhere depend upon
and call to you to bring them out of bondage and make the world a fit place
to live in again amidst peace and justice?
Do they mean that you will
exact a price, drive a bargain with the men who are enduring the agony
of this war on the battlefield, in the trenches, amidst the lurking dangers
of the sea, or with the b.ereaved women amd pitiful children, before you
will come forward to do your duty and give some part of your life, in easy
peaceful fashion, for the things we are fighting for, the tilings we have
pledged our fortunes, our lives, our sacred honor, to vindicate and defend
liberty and justice and fair dealing and the peace of nations?
Of course you will not. It is inconceivable. Your patriotism is of the
same self-denying stuff as the patriotism of the men dead or maimed on
the fields of France, or else it is no patriotism at all.
Let us never speak,
then, of profits and of patriotism In the same sentence, but face facts and
meet them. Let us do sound business, but not in the midst of a mist.
Many a grievous burden of txaation will be laid on this nation, in this genI
—
:
133
eration and In the next, to pay for this war.
Let us see to it that for every
dollar that is taken from the people's pockets it shall be possible to obtain
a dollar's worth of the sound stuffs they need.
Let me turn for a moment to the ship owners of the United States and the
other ocean carriers whose example they have followed and ask them If they
realize what obstacles, what almost insuperable obstacles, they have been
putting in the way of the successful prosecution of this war by the ocean
freight rates they have been exacting.
They are doing everything that
high freight charges can do to make the war a failure, to make it impossible.
I do not say that they realize this or intend it.
The thing has happened naturally enough, because the commercial processes which we are
content to see operate in ordinary tinmes have, without sufficient thought,
been continued into a period where they have no proper place. I am not
questioning motives. I am merely stating a fact, and stating it in order
that attention may be fixed upon it.
The fact is that those who have fixed war freight rates have taken the
most effective means in their power to defeat the armies engaged against
Germany. When they realize this, we may I take it for granted count
upon them to reconsider the whole matter. It is high time. Their extra
hazards are covered by war risk insurance.
I know, and you know, what response to this great challenge of duty and
of opportunity the nation will expect of ^ou; and I know what response
you will make. Those who do not respond, who do not respond in the
spirit of those who have gone to give their lives for us on bloody fields far
away, may safely be left to be dealt with by opinion and the law for the
law must, of course, command these things. I am dealing with the matter thus publicly and frankly, not because I have any doubt or fear as to the
result, but only in order that in all our thinking and in all our dealings with
one another we may move in a perfectly clear air of mutual understanding.
And there is something more that we must add to our thinking. The
public is now as much part of the Government as are the Army and Navy
themselves; the whole people in all theii" activities are now mobilized and
in service for the accomplishment of the nation's task in this war; it is in
such circumstances impossible justly to distinguish between industrial
purchases made by the Government and industries, and it is just as much
our duty to sustain the Industries of the country, all the industries that
contribute to its life, as it is to sustain our forces in the field and on the sea.
must make the prices to the public the same as the prices to the Gov-
—
—
—
We
ernment.
Prices mean the same thing evers^whiere now. Jhey mean the efficiency
or the inefficiency of the nation, whether it is the Government that pays
them or not. They mean victory or defeat. They mean that America
will win her place once for all among the foremost free nations of the world;
or that she will' sink to defeat and become a second-rate Power alike in
thought and in action. This is a day of her reckoning and every man
amongit us must personally face that reckoning along with her.
The case needs no arguing. I assume that I am only expressing your
own thoughts—what must be in the mind of every true man when he faces
the tragedy and the solemn glory of the present war for the .emancipation
of mankind. I summon you to a great duty, a great privilege, a shining
dignity and distinction.
I shall expect every man who is not a slacker to
be at my side throughout this great enterprise. In it no man can win
honor who thinks of himself.
,
GOVERNMENT LOWERS PRICE FOR 60,000,000 POUNDS
OF COPPER.
The "Boston News Bureau" announced yesterday that
Secretary of the Navy Daniels had agreed to pay 75% of
25 cents a pound for the Government's order of 60,000,000
pounds of copper, leaving 25% per pound for adjustment
when the cost of production shall have been determined by
the Federal Trade Commission. As indicated in our issue
of June 30, a tentative price of 25 cents a pound for the
copper was announced on June 27. The "News Bureau"
of yesterday said:
At this writing it is not known whether the copper producers wUl accept^
—
without further parleys the offer of Secretary Daniels to purchase 60,000,000 pounds of copper at what is equivalent of 18H cents (75% of 25
cents) with adjustment later on. the 6 H cents (25% of 25 cents) which is the
balance of the 25-cent figure named by the producers.
Any price less than 25 cents would Involve serious labor controversies
and just now labor is demanding more.than it had already agreed to accept
on the sliding scale basis and has tied up the copper producing industry
of Arizona, the biggest producing section of the country in order to force its
—
demands.
The "Wall Street Journal" of yesterday in referring to the
lowering of prices by small copper sellers said
Small copper sellers have lowered prices for all deliveries. They are
quoting July at 29J^ cents a pound; August. 29; September, 28H; OctoberNovember-December, 27 K. This represents a reduction of one-half to
,
However,
is being transacted.
Inquiries
inclination to quote September
and last quarter deliveries until the strike situation clears.
Washington's action in naming what appears to be a tentative price
one cent a pound.
little
are light and leading producers
business
show
little
cents a podnd, covering the 60,000,000-pound lot which was booked
week, leaving the remaining 6M cents a pound subject to adjustment
by the Federal Trade Commission, has not helped the copper sltuaton.
It is pointed out that the miners are being paid on the basis of 30-cent
copper, and that the average wage scale in June was $5 85. In view of
unsettled labor conditions, prevailing high costs, and the predicted falling
off both in mine and refinery output producers contend that they should
at least receive a flat price of 25 cents a pound.
Big sellers insist there is no valid reason for the price reduction by independents, adding that lack of demand has forced some metal on the market, and when this is absorbed prices will undoubtedly harden.
of
18M
last
,
STEEL INTERESTS AGREE TO DETERMINATION OF
PRICE BY GOVERNMENT.
Announcement was made at Washington on the 12th
an agreement had been reached with representatives of the steel industry and Government officials whereby
the entire product .of the steel men would be made available
for the Government at prices to be determined after the
Federal Trade Commission has completed its inquiry into
the cost of production. The understanding is that the price
inst. that
THE CHRONICLE
134
will insure "reasonable profits"
and
made with refindustry. The Gov-
will
be
erence to the expanding needs of the
ernment, it is stated, also assured the steel men that its war
orders would be distributed over the entire iron and stecilproducing capacity of the country, leaving no single producer or group of producers to carry an unfair share of the
war burden. The following statement in the matter Vas
issued by Secretary of War Baker on the 12th inst.:
At tho confcrerifc this morning between the Committee of the American
Iron and Steel Institute and the Secretary of War, tho Secretary of tho
Navy, tho Cliairman of the Shippinf? Board and Mr. J5aruch, further discussion was liad of the prospective demand vipon the steel industry of the
country for supplies of various steel products for carrying on the war.
Tho steel men rtipeatcd their assurance that their entire product would
be available for the need, and that they were doing everything possible
to stimulate and increase production and spewed deliveries.
The price to
be paid for the iron and steel products furnished was left to bo determined
after the inquiry by the Federal Trade Commission is completed, with the
understanding that the price, when fixed, would insure reasonable profits
and be made with refrence to the expanding needs of this vital and fundaraental industry.
The representatives of the Government assured the Committee of the
Steel Institute that it was the intention of the Government to distribute
the war requirements over the entire iron and steel producing capacity of
the country.
The
conference, which opened on the 11th was called by
Secretary Baker, the American Iron & Steel Institutes appointing the following committee to discuss the matter with
Mr. Baker: E. H. Gary, Chairman of the United States
Steel Corporation; James A. Farrell, President of the United
States Steel Corporation; J. A. Burden, President of the
Burden Iron & Steel Co.; E. A. S. Clarke, President of the
Lackawanna Steel Co.; H. G. Dalton, President of Pickands,
Mather & Co., Cleveland; A. C. Dinkey, Vice-President of
the Midvale Steel & Ordnance Co.; E. G. Grace, President
of the Bethlehem Steel Corporation; W. L. King, VicePresident of the Jones &, Laughlin Steel Co., Pittsburg, and
J. A. Topping, President of the Republic Iron & Steel Co.
At the conclusion of the first day's conference Secretary
Baker made the following announcement:
The conferences which have been held to-day between a Committee of
the American Iron and Steel Institute and the Secretary of War, the Secretary of the Navy, the Chairman of the Shipping Board and Mr. Baruch
of the Advisory Commission of the Council of National Defense were for
the purpose of discussing the total steel production of the country and its
Pending the inquiries of the Federal
Trade Commission no consideration was given to the subject of price.
The needs for the immediate future were estimated and assurances of
hearty co-operation on the part of the producers were given. The discussion took a wide range, involving statistics and estimates of possible
production. Further estimates will be submitted by the manufacturers
availability for the purposes of war.
in the
morning, when the conference will be continued.
[Vol
1('5.
Whenever during the present war the President shall find that the
public safety shall so require, and shall make proclamation thereof, it shall
be unlawful to export from or .ship from or take out of tlie United States
to any <:ountry named in such j)roclamation any article or artiojcs mention(!d in such i)roclamalion, excei)t at .such time or times and under such
regulations and orders and subject to such limitations and exceptions
as the President shall prescribe!, until otherwise odcred by the President
Provided, however, that no preference shall be given
or by (Congress:
to the ports of one State over those of another.
Any person who shall export, ship, oi take out, or deliver or attempt
to deliver for export, shipment, or taking out, any article in violation
of this title, or of any regulation or order made hereunder, shall be fined
not more than SIO.OOO, or, if a natural person, imprisoned for not more
than two years, or both; and any article so delivered or exported, sliipped,
or taken out. or so attempted to be delivered or exjjorted, shipped, or
taken out, shall be seizcxl and forfeited to the United States; and any
officiM', Director, or agent of a corporati(m who jjartlcipates in any such
violation shall be liable to like fine or imjjrisonmeiit, or both.
Whenever there is a reasonable cause to believe that any ves.sel, domestic or for(;ign, is about to carry out of the United States any article or
articles in violation of the provisions of this tit'e, the Collector of Customs
for the district in which such vessel is located is hereby authorized and
emi)Owercd, subject to review by the Secretary of Commerce, to refuse
clearance to any such vessel, domestic or foreign, for which clearance is
required by law, and by formal notice served upon the owners, master, or
person or persons in command or charge of any domestic vessel for which
cloaiance is not required by law, to forbid the departure of such vessel
from the port, and it shall thereupon be unlawful for such vessel to depart.
Whoever, in violation of any of the provisions of this section, shall take,
or att( mpt to take, or authorize the taking, of any such vessel out of port
or from Ihe jurisdiction of the United States shall l)e fined not more than
$10,000 or imprisoned not more than two years, or both: and, in addition,
such vessel, her tackle, apparel, furniture, equipment, and her forbidden
cargo shall be forfeited to the IJnited States.
And, Whereas, The public safety requires that succor shall be prevented
from reaching the enemy;
Now, Therefore, I, Woodrow Wilson, President of the United States of
America, do hereby proclaim to all whom it may concern that, except at
such time or times and under such regulations, and orders and subject to
such limitations and exceptions as the President shall prescribe, until
otherwise ordered by the President or by Congress, the following articles
namely: Coal, coke, fuel oils, kerosene, and gasoline, including bunkers,
food grains, flour and meal therefrom, fodder and feeds, meat and fats;
pig iron, steel billets, ship plates and structural shapes, scrap iron and
scrap steel; ferro-manganese, fertilizers, arms, ammunitions and explosives, shall not, on or after the fifteenth day of July 1917 be carried out of
or exported from the United States or its territorial possessions to Abyssinia, Afghanistan, Albania, Argentina, Austria-Hungary, Belgium, her
colonies, possessions or p.'otectorates, Bolivia, Brazil, Bulgaria, China,
Chile, Colombia, Costa Rica, Cuba, Denmark, her colonies, possessions
or protectorates, Domican Republic, Ecuador, Egypt, France, her colonies,
possessions or protectorates, Germany, her colonies, possessions or protectorates. Great Britain, her colonies, possessions or protectorates, Greece,
Guatemala, Haiti, Hondtiras, Italy, her colonies, posse.ssions or protec-
Japan, Liberia, Leichtenstein, Luxemburg, Mexico, Monaco,
Mentenegro, Morocco, Nepal, Nicaragua, The Netherlands, her colonies,
possessions or protectorates, Norway, Oman, Panama, Paraguay, Persia,
Peru, Portugal, her colonies, possessions or protectorates, Rumania, Russia, Salvador, San Marino, Serbia, Siam, Spain, her colonies, possessions
or protectorates, Sweden, Switzerland, Uruguay, Venezuela, or Turkey.
The orders and regulations from time to time prescribed will be administered by and under the authority of the Secretary of Commerce, from
whom licenses, in conformity with the said orders and regulations, will
torates,
issue.
In Witness WThereof, I have hereunto set my hand and caused the seal
Done at the City of Washington, this
of the United States to be affixed.
9th day of July, in the year of our Lort One Thousand Nine Hundred and
Seventeen, and of the independence of the United States of America the
WILSON,
One Hundred and Forty-first.
By the President:
L. POLK,
WOODROW
PRESIDENT WILSON'S PROCLAMATION EMBARGOING
EXPORTS OF FOODSTUFFS, COAL, &C.
A proclamation placing an embargo on U. S. shipments
coal and other important
export commodities, was issued by President Wilson on
July 9. The embargo, which goes into effect to-morrow
(July 15) was proclaimed under the Espionage Act, approved by the President on June 15. Under the proclamation exports of the commodities affected will be permitted
only tlirough licenses granted by the newly created Export
Embai'go Council which is to administer the export embargo
provisions of the Espionage law. The proclamation forbids
the exportation, except by license of coal, coke, fuel oils,
kerosine and gasoline, including bunkers; food grains, flour
and meal therefrom, fodder and feeds, meat and fats, pig
iron, steel billets, ship plates and structural shapes, scrap
iron and scrap steel, ferro-manganese, fertilizers, arms,
ammunition and explosives. In a statement accompanying
the proclamation the President declared the Government's
policy will be, first, to give consideration to American needs;
next, to meet as far as possible the requirements of the
Allies, and lastly, to supply the neutral countries wherever
practicable.
It is made clear that every effort will be made
to see that no supplies reach the Central Powers. The inclusion of foodstuffs in the proclamation lends color, it is
thought, to reports that the Administration is considering
the advisability of a complete embargo for sixty days on all
food shipments to give the country time to ascertain the
amount of its supplies and to give Allied and neutral countries an opportunity to present a full program of their requirements. The President in his statement said the
Government was trying first to ameliorate present food
conditions and conditions that are expected to arise between
now and the next harvest. The President's proclamation
follows:
to all countries of foodstuffs,
A PROCLAMATION BY THE PRESIDENT OF THE UNITED
STATES.
Mansion, Washinalon, D. C, July 9 1917.
Whereas, Congress has enacted, and the President has on the fifteenth
day of June 1917, approved, a law which contains the following provisions;
Executive
FRANK
Acting Secretary of State.
Following the issuance of the embargo proclamation,
President Wilson made the following statement:
In controlling by license the export of certain indispensable commodities
from the United States, the Government has first and chiefly in view the
amelioration of the food conditions which have arisen or are likely to arise
our own country before bew crops are harvested. Not only is the conservation of our prime food and fodder supplies a matter which vitally
concerns our own people, but the retention of an adequate supply of raw
materials is essential to our program of military and naval construction
and the continuance of our necessary domestic acti^•ities. W^e shall therefore similarly safeguard all our fundamental supplies.
It is obviously the duty of the United States in liberating any surplus
products over and above our own domestic needs, to consider first the
necessities of all the nations engaged in war against the Central Empires.
As to neutral nations, however, we also recognize our duty. The Government does not wish to hamper them. On the contrary, it wishes and
intends, by all fair and equitable means, to co-operate with them in their
difficult task of adding from our available surpluses to their own domestic
supply and of meeting their pressing necessities or deficits. In considering the deficits of food supplies the Government means only to fulfill its
obvious obligation to assure itself that neutrals are husbaning their own
resources and that our supplies w^ill not become available, either directly
WILSON.
or indirectly, to feed the enemy.
in
WOODROW
The following statement was also
of Commerce Redfield on July 9:
issued
by Secretary
Applications for license to export commodities specified by the President
as not to be exported from the United States, except under license, will be
made by shippers to the Division of Export Licenses Bureau of Foreign
and Domestic Commerce, Washington, D.
and licenses will be issued
or refused by that division.
The Division of Export Licenses is a strictly
wartime organization, formed by the Department of Commerce to carry
out the policies of the Exports Council and to handle all applications for
C
export licenses.
The organization of the Division of Export Licenses has been under way
for some weeks, and it is now equipped to handle all applications under
the President's current proclamation and to issue licenses promptly.
Applications will be passed upon first as regards the quantity which the
Exports Council has decided may be permitted to leave the country:
Second. As regards the amount which it is deemed wise by the Council
to permit to go to the country specified in the application.
If the amount of the commodity applied for and the country are satisfactory, the division of export licenses will then pass upon the character
of the consignee, satisfying itself that the consignee is not likely to permit
the goods to fall into the hands of, or otherwise to benefit, the enemy.
Application forms which exporters are to use in applying for licenses
may be obtained by writing to the Division of Export Licenses Bureau
of Foreign and Domestic Commerce, W^ashington, D. C, or to any of the
districts or co-operative branches of the Bureau of Foreign and Domestic
July
14 1917.)
THE CHRONICLE
Commerce. The application forms have been drawn up so as to give tlie
Division of Export Licenses all the essential information which will guide
them in passing upon the application.
The work of the Division of Export Licenses will largely be in the hands
of practical and experienced business men who have volunteered their exclusive time and services to the Government for war work and have been
assigned to this division.
The policy of the Division of Export Licenses
will be to perform a function of high military importance with as little interference with legitimate trade as is possible.
Applications in person for licenses cannot be received and all applications will be decided purely on their merits based on the written information given or filed with the application.
The patriotism of American exporters has been manifested in so many
ways recently that the Department of Commerce feels that it. can count
upon the loyal co-operation of manufacturers and merchants with the
Division of Export Licenses.
The attention of applicants is drawn to the
fact that the issuing of a license does not relieve the shipper of his responsibility, both moral and legal, to use the utmost precaution to ascertain
the character and purpose of the consignee.
Exporters are warned particularly to investigate new customers in neutral European markets, before applying for licenses and the Division of Export Licenses should be
promptly notified of inciuiries for merchandise whicli appear suspicious.
The method of procedure in obtaining licenses
was outlined by Secretary Redfield as follows:
for export
First.
Applications for licenses may be made at the Bureau of Foreign
and Domestic Commerce, Division of Export Licenses, 143.5 K Street,
Washington, D. C, or to any of the branches of the Bureau of Foreign
and Domestic Commerce, New York, Boston, Chicago, St. Louis, New
Orleans, San Francisco and Seattle.
Second.
In applying for a license to expo.-t any of the commodities
covered by the President's proclamation, applicants should give the fol-
lowing information in tripicate form:
(a) Quality; {b) description of goods; (c) name and address of consignee;
(d) name and address of consignor.
Third. The license will be good for only sixty days, and at the expiration of that time must be renewed, and if not shipped within that time
a new application must be made.
Fourth. The various branch offices of the Bureau of Foreign and Domestic Commerce have been given full instructions as to the disposition
of
applications for licenses.
the desire of the Bureau of Foreign and Domestic Commerce to
minimize the exporters' difficulties as much as possible and therefore
wherever practicable the district offices will be authorized to issue the licenses.
It is thought, however, that many of the applications may have
to be forwarded to Washington for decision.
In case exporters desire they may telegraph their applications direct to
the Bureau of Foreign and Domestic Commerce, Division of Export Licenses, 1435
Street, Washington, D. C.
all
It is
K
The appointment
of C. A. Richards as Chief of the Division of Export Licenses was announced by Secretary of Com-
merce Redfield on June 6. Mr. Richards is a member of
Bowring & Co., steamship agents and brokers at 17 Battery
Place, New York.
An Advisory Board of the Export
Council was created at a meeting on July 9. The Board
which will relieve the Council of many administrative details consists of Edward N. Hurley, former Chairman of
the Federal Trade Commission, representing the Departm.ent of Commerce; Vance C. McCormick, Chairman of the
Democratic National Committee, representing the State
Department; Dr. Alonzo E. Taylor, of the University of
Pennsylvania, representing the Department of Agriculture;
John B. White, representing the food administration, and
Dr. E. E. Pratt, Chief of the Bureau of Foreign and Domestic Commerce, as Secretary. A division of War Intelligence in the Bureau of Export Licenses has also been created
with Paul Fuller, Jr., as its head.
The Division of Licenses is said to have ruled that applications for licenses must be made by the Ainerican principal
participating in the foreign transaction, and that the bona
fide exporter must apply for the permit to ship.
Applications may not be made by forwarding agents or shipping
companies. It was stated on the 9th inst. that more than
100 applications for export licenses had
been received at Washington following the issuance of the
President's proclamation.
One of these was from the
Government of Denmark, which, it is stated, sought application for permission to export ten shiploads of oil cake and
other cattle fodder. While the shipment is consigned to Denmark, it is reported that quantities of fat had been obtained
by Germany from cattle fed by American products. Evidence that Germany was securing vast quantities of food
from neutral countries was reported in advices from Washington on the 1st inst. as having been presented to the
United States by Great Britain. This report said:
From Scandinavia and Holland, the British information sets forth,
fat is going into Germany to supply 7,700,000 soldiers, virtually
the entire army of effectives in the empire. German imports from these
enough
it is declared, reduced to calories, will equal the total ration of
2,500.000 troops, the size of the German Army in the west.
Germa,n purchases of foodstuffs abroad are made through the Government Department of the Interior, which has organized a special divLsion
to buy from the neutrals.
In the early days of the war, the German Government stimulated importation of food by excluding imports from operation of maxim\im price laws, but this drew such a vigorous protest from
German producers the practice was stopped. Now the German authorities
are said to be using coercion, exchanging for foodstuffs bought in the neutral
countries, coal and other commodities necessary for maintenance of the
neutral countries.
To .some extent these coercions have been recognized
by the British in operation of their blockade, but with the entry of America
into the war, the British believe an arrangement can bo made for supplying
coimtries,
135
the neutrals with most^of their necessary requirements from the Allied
countries.
All of the northern European neutrals have made regulations limiting
more or less food exports to Germany, but producers and merchants, the
British claim, are violating the laws because of the high prices they are
obtaining.
Some merchants, they declare, have made millions out of this
illegal trade.
Fat, it is claimed, is the only food seriously lacking now in
the diet of the German people.
Imports of this food, the British declare,
furnish one-fourth of the daily German fat ration.
American oil cake exports to the neutrals, the British brief says, find their
way into Germany through the sale by neutrals of dairy products. The
United States, it is declared, now holds in its hands the power to prevent
all exports of butter and cheese from neutral countries into Germany by
refusing to license foodstuff shipments.
On
the 8th inst. announcement was made of the presentaUnited States Government of an official report
showing the extent to which Sweden is furnishing supplies
to Germany, and revealing that the Central Powers are receiving enormous quantities of materials that go directly
into the manufacture of munitions.
In exporting iron ore to Germany, Sweden, it is shown,
has supplanted shipments with imports from the United
States.
The statement then goes on to say:
Iron ore shipments from Sweden to Germany, the report made to this
Government declares, have reached a total of 9,000,000 tons in the last
two years, all of it of the high grade required in production of fine steel
This, it is declared, represents an amount equal to Sweden's entire pre-war
export.
In the first quarter of the present year, it is set forth, Sweden
tion to the
imported from the United States 16.000 tons of pig iron, while selling a
great quantity of her own product to Germany.
Her pig iron sales to Germany in two years, it is declared, have amounted to 250,000 tors. .In
addition to this, it is asserted, she has shipped to Germany 15,000 tons of
ferro silicon and ferro manganese for hardenmg shells, together with large
quantities of copper, zinc, manganese, sulphur and other ores.
Germany, the report declares, has obtained from Sweden in two years
fully 200,000 tons of wood pulp for use as a basis for cellulose, used instead
of cotton for the manufacture of high explosives.
It is claimed Germany
also has obtained from Sweden large quantities of ball bearings for use in
the manufacture of war vehicles and submarines. The value of these
shipments, the report declares, is at least .$75,000,000.
Another charge against Sweden made in the report is that she has discriminated against the Allies in the use of her railroads. Overland trade
through Sweden, between Norway and Germany, has been encouraged, it
is declared, while the Allies have been subjected to every Inconvenience and
have been charged exorbitant rail rates. Agricultural machinery destined
for Russia, the report declares, has been held up for months, Sweden exacting from Russia extraordinary bargains before delivery was permitted.
Sweden's action in holding withm her ports a large amount of merchant
tonnage is dealt with in the report, which declares that more than 600,000
tons is lying idle.
Sweden's total tonnage is about 1,000,000 tons dead
weight, of which she requires about 400,000 tons for her own export and
import trade.
The possibility of the inclusion of cotton in the export
embargo is rumored. Reports have it that large quantities
of the commodity, which is used in the manufacture of explosives, have reached Germany through neutrals; it is
stated that between 90,000,000 and 100,000,000 poimds
above what is normally required is believed to have been
taken by European neutrals since the beginning of the war.
of Commerce announced on the 12th
Stanley H. Rose, of the export department of the
Barber Asphalt Co. of Philadelphia, had withdrawn from
that concern to take charge of the New York branch office
This
of the Bureau of Foreign and Doriiestic Commerce.
office will be of special importance in the department's
work of licensing exports. Mr. Rose has had previous experience as manager of the New York office and has served
the bureau in various other capacities in the past. He will
The Department
inst. that
enter
upon
his
new
duties
Monday.
SWEDEN'S SOLICITUDE REGARDING PROHIBITION
OF UNITED STATES EXPORTS.
The reports last week of the likelihood of the United
States adopting strictures with regard to exports to neutrals
was shown, by cables from Stockholm on July 6, to have
created considerable uneasiness in Sweden. The assertions
in some quarters that Sweden's imports were not intended
solely for Swedish consumption caused the Associated Press
upon Herr E. B. Trolle, formerly Minister of Foreign
Affairs and now President of the Government War Trade
to call
Commission, for a statement.
He
is
quoted as saying:
Sweden's importations for 1916, which are now
nearly complete, demonstrate conclusively the alisolute erroneousness of
assertions that wo are bringing in American products for the purpose of
In severar instances our total
passing them on to the Central Powers.
importations from America show a decided decrease compared with 1913,
the last normal year, and in many instances where our imports from the
United States increased, this increase fell considerably short of making
good the deficit caused by the decrease or total discontinuance of our
pre-war importations from belligerent countries.
A Paris paper recently declared that exports to Scandinavia and Switzerland ro.se from $40,000,000 in 1913 to $183,000,000 in 1916. Leading
American papers have published similar statistics and asserted that the
increase was largely due to the fact that Sweden had been re-exporting to
Germany. This as.sertion will not stand the test of examination.
I may remind you that a considerable part of the merchandise mentioned
in the American export statistics never reached us, having been detained
by the British, and hence this cannot be considered. Let us consider,
Official statistics of
—
THE CHRONICLE
136
first, the group showing the greatest increase.
This embraces agricultural
products, and, in particular, cereals.
It is a fact tiiat our importations of cereals from the United States in
1916 showed an increase of 72,840,000 crowns over 191.3, but it must not
be forgotten that in 1913 wo imported 5.5,000,000 crowns' worth of cereals
from Germany, whereas we did not bring in a crown's worth last year.
Nor must it be forgotten that an increase in the value of products imported
by no means indicates an increase in the quantity, in view of the tremendous
rise in prices.
As a matter of fact, our total imports of cereals in 1916
amounted to only 35.5,000 tons, against 515,000 in 1913.
Official statistics show a similar situation in regard to hides and skins.
Our importations from America increased 8,000,000 crowns, but in 1913
we Imported 24,000,000 crowns' worth of these products from Germany,
and this figure dropped to zero last year. Our total importations in 1916
amounted to only 7,744 tons of hides and skins, against 14,133 in 1913.
Far-reaching inferences have been drawn from our imports of animal and
vegetable textile materials. It is true the United States sent us in 1916
about 8,000,000 crowns' worth more of these articles than in 1913, but we
received 14,000,000 crowns' worth less from Germany and from countries
formerly shipping through Germany. Sweden's total imports in 1916 were
28,296 tons of cotton and 6,892 tons of wool, against, respectively, 21,500
and 5,924 tons in 1913. This nominal increase is explained fully by the
almost total cessation of our imports of manufactured cotton and woolen
oods from Germany.
The total of importations from the United States shows an Increase of
18,000,000 crowns, yet importations from Germany decreased 36,000,000
crowns, and receipts from other sources were insignificant. Wo imported
16.000,000 crowns' worth more of oils and fat from America, but importations from Germany were 15,000,000 less, and imports from Russia practically ceased.
The total quantity from all sources was only 185,000 tons,
against 213,000 in 1913.
I could continue similar citations, but these show the hollowness of assertions regarding our imports from the United States.
I am inclined to
thinlc the idea held in the United States that great quantities of merchandise
are transported through Sweden to the Central Powers may be due to the
fact that at the request of the United States quantities of cotton especially,
were given passage through Sweden in 1914 and 1915. Sweden's eventual
interdiction in 1915 against the transit of cotton has been observed entirely
to the present day.
,
,
,
As
indicating the grave conditions in Sweden, the cables
inst. stated that the crops are likely to be below
the average; that manufactories in various lines are closed
by lack of raw material, and others cannot maintain production much longer; benzine and petroleum are nearing exhaustion; leather is scarce and so dear that a pair of ordinary
shoes costs from $10 to $12; automobile tires bring $500
apiece; the stocks of coffee in the kingdom will be exhausted
in a month.
It is also stated that the Government already
has taken extraordinary measures to deal with extensive
unemployment, which is considered inevitable if the war lasts
another winter, and it becomes impossible to import needed
on the 6th
commodities.
HOLLAND'S CONCERN OVER EXPORT EMBARGO.
Chevalier von Rappard, Minister from Netherlands to
United States, in referring to the increase in shipments to Holland from the United States since the war,
was quoted in a dispatch to the "Times" from Washington
on the 2d as saying:
.the
Yes, it is true that the imports of Holland from the United States have
increased since the war.
But our imports as a whole have been reduced
almost 40%.
got most of our grain before the war from Rumania and
from Russia. Both those sources are closed to us now. Of course, our
imports from you have increased, but that has not meant an abnormal
We
supply for us.
ridiculous to talk of a huge illicit trade with Germany.
Every newspaper that I get from home tells of one or two poor devils shot while trying
to run the border guards.
The border is so guarded that no considerable
business could be done across it.
Of course we do some trade with Germany, but it is only one-third of the
exports we make to England.
Once more I want to say Holland cannot be forced into this war by
economic pressure. If we must suffer privation, well, we know how to do
will not fight unless we are attacked.
it.
It is all very well for some
persons to say that. They are 3,000 miles from the war. It is at our very
doors.
are bearing the burden of maintaining a half million men under
arms, and millions of refugees in a country that is not self-supporting. But
we will not be the first to make an attack at arms.
It
is
We
We
On the 6th inst., while in New York, Minister von Rappard made a further statement in which he said:
in
The Government of The Netherlands will continue to help the Belgians
whatever way it can. My Government has made an offer to the United
States to furnish tonnage for Belgian relief shipments.
It may be that, in
turn, this will make it easier to get grain from the United States to Holland,
where there is much distress because of the lack of it.
need grain sorely. We have had to take care of not only our own
population but of thousands of interned soldiers and thousands of Belgian
Circumstances in Holland are strained.
refugees.
I authorize you to say that the Government of the Netherlands will not
send to Germany one grain of wheat sent us from the United States. Not
a particle of it will go to Germany. It is out of the question to think of it.
The exports of the Netherlands to-day are perishables dairy products
of which we have a generous supply. Most of these go to England; some
go to Germany.
It would be unwise for the Netherlands to cease all exports to Germany.
A reciprocal trade relation between the two countries Is helpful. We need
raw materials from Germany Iron and coal as much as they need the
dairy products sent them.
And the reason that Holland finds that it has enough perishables to
export is the fact that we have developed during the last twenty years a
system of intensive farming, which has gradually replaced the wheat-raising
of the old days.
We are suffering a great deal and will go on suffering, but even this is
better than war. That is why the Government of the Netherlands is
strictly neutral, but ready to defend itself.
It seems to my Government
that the proposed embargo on the part of the United States on foods for
We
[Vol. 105.
neutral nations would be not only unwise, but unjust, in that it makes^us
suffer undeservedly.
The people of the United States do not realize the
suffering of those at war's door.
Hollanders are but two hours' distance
from the battlefield. We could at any time come into greater danger than
could the United States, which is 3,000 miles away. Again, we intendlto
keep strictly neutral, which we have done from the beginning of the war.
We do not want to be pushed into the war for an j' economic reason. We
have an army of 500,000 men ready to defend the soil of Holland from
attack on any side.
country is between two warring nations, and we
My
will
keep friendly relations.
RAILROADS ACT TO ENFORCE EMBARGO ON EXPORTS
PROHIBITED IN PRESIDENT'S PROCLAMATION.
An embargo against all shipments intended for export
commodities named in President Wilson's embargo
proclamation was ordered by the Car Service Commission
of the American Railway Association yesterday (July 13).
The order bars all prohibited exports except where a bill of
lading is presented with a Federal license number furnished
or authorized by the Export Council at Washington. The
of the
notice, which is issued to all railways, is as follows:
Pursuant to the the proclamation of the President of the United States
dated July 9 barring certain exports except under Federal license, railroads
are directed to place a telegraphic embargo effective immediately against
all shipments of coal, coke, feed grain, flour and meal, fodder, meat and
fats, fuel oils, kerosene, gasolene, pig iron, steel billets, ship plates (struc-
tural shapes), scrap iron and steel, ferro magannese, fertilizers, arms, ammunition, explosives, consigned, reconsigned, to be reconsigned, or intended for export, except when bill of lading presented with Federal license
number furnished, or authorized by export council at Washington and
according to announcement of Department of Comnaerce, together with
permit number authorized by the port delivery road.
Arrangements have been made under which all shipments consigned to
points in Canada can go forward as heretofore, special licenses covering
same having been issued through the customs service. It is suggested that
port lines protect against accumulations at ports by placing such embargo
as is necessary against cars in transit.
All port lines should immediately inaugurate a permit system covering all
export traffic.
VALUE OF EXPORTATION S DURING THE WAR OF
ARTICLES PROHIBITED BY PRESIDENTIAL ORDER.
following compilation by the National City Bank of
shows the value of exportations in each year of
the war of all articles of which the exportation is prohibited
after July 15, except at such times and other limitations as
the President shall prescribe. The figures show the entire
exportation of the articles now prohibited, as the countries
and colonies to which exports are prohibited include practically the entire commercial world.
The figures are stated
by fiscal years which begin with the month of July, and are
therefore nearly identical with the war years which began
with the month of August 1914. For purposes of comparison
the exports of the articles in question are also given for the
year ending with June 1914, the year immediately preceding
the war. The figufes for the fiscal year 1916-17 include
only the ten months ending with April; those for May and
June are not yet available.
TOTAL EXPORTS IN FISCAL YEARS NAMED.
The
New York
1913-14.
PTobibited Articles—
Coal-a
Coke
FueloilS-C
Kerosene
GasoUne
Food grains
Flour and meal
Fodder and feeds. 6
Meat and lats.c
Pig iron
Steel billets
Ship plates. d
Structural shapes
and steel
Ferro manganese. d
Scr.ap iron
Fertilizers
Arms
Ammunitions and
Total prohibited
All other exports
explos.
1914-15.
1915-16.
'16-17 (10 mos.)
85,493,000
2,790,000
15,748,000
74,500,000
21,699,000
108,432,000
56,870,000
22,495,000
146,228.000
2,860,000
1,043,000
S
79,582,000
2.304.000
21,111,000
53,607.000
17,603,000
474.200,000
99,624,000
30.859,000
220.051,000
2,071,000
4,815,000
S
91,682,000
3,779.000
27,966,000
52,289,000
16,297,000
344,215,000
91,482,000
31,808,000
291,058,000
5,847,000
42,421,000
S
87,684,000
4,477,000
30,959,000
46,141,000
35,405,000
371,750,000
74,491,000
29,624,000
315,968,000
19,490,000
108,539,000
12,533,000
841,000
6,289.000
359,000
12,011,000
2,481,000
20,904,000
4,295,000
11,979,000
3,442.000
6,272,000
3,871,000
9,475.000
41,476,000
5,343,000
18,065.000
467,082,000
5.741,000
76,437,000
702,690,000
S
573,225,000 1,067,297,000 1,503,826,000 1,934,595,000
1,756,459,000 1,648,881,000 2,768,572,000 3,181,892,000
Total exports
2,329,684,000 2,716,178,000 4,272,398,000 5,116,487,000
37.8
35.2
Percentage prohibited...
39.3
24.6
a Includes bunker, b Includes hay and oil cake, c Includes
products, d Not separately stated in Government report.
all
meat and dairy
—
—
—
PROTEST AGAINST FAILURE TO STATION EXPORT
LICENSING AGENCY AT PHILADELPHIA.
The Philadelphia Bom-se and its allied commercial organizations are making protest to the Department of Commerce for its failure to provide for the licensing of Philadelphia exports by an agent stationed at that port and its
requirement that application be made to the agent in New
York. Joined with the Bourse in request for an agent for
Philadelphia are the Board of Trade, Commercial (grain)
Exchange, Maritime Exchange and the Grocers' and Im-
,
July
Exchange.
porters'
THE C^^RONICLE
14 1917.J
The
general exporting interests
of Trade.
;
ur.'
memberships of the Bourse ar Boar^.
The Board of Trade on Tuesday, July IZ, ^?gt
city are included in the
<.
the following telegram to Secretary Redfield:
City of Philadelphia, second largest exporting port in the United States,
greatly surprised to learn that no agency for granting licenses by your
Department under the embargo proclamation is to be established hero.
Exports last year amounted to more than 8320,000,000 and the foreign
trade averages more than $225,000,000 for the last five years.
The Philadelphia Board of Trade asks that Philadelphia be given facilities for export
trade equal to other Atlantic ports.
According to a statement issued by the Philadelphia
Bourse on July 11, the exporting business of Philadelphia's
port will be hampered and demoralized and ship clearings
delayed if Philadelphia exporters are to be dependent upon
an agent at New York. The statement says in part:
The Philadelphia Bourse with the organizations of exporters on its floor
believes that the Government will defeat its own plans for a free movement of shipping through American ports if it faUs to place a licensing
agency in this city. If Philadelphia exporters are required to apply for
licenses in New York and in some cases have their requests forwarded to
Washington, the business of this port will be greatly hampered and congestion will result.
It is surprising to learn that Boston, New Orleans
and other ports below Philadelphia in volume of shipping are given such
agencies, while our port, the second largest, is subject to an agent in New
Our exporters must enjoy equal facilities with those of the ports
agents already have been named.
The Commercial Exchange, which includes the grain
shippers of Philadelphia and vicinity, has this to say:
While the desire of the Government is to make the export traffic jiquid
and direct exports in the most economic manner possible, failur co place
a licensing agency at this port will hamper instead of help a *, ;<; flow, it
our exporters are required to apply to a New York ager' tnere wiK ue
delay in the clearing of vessels and general demoralizaticu or the export
York.
whom
business here.
Through a special committee, the Commercial Exchange a)' along aas
been endeavoring to facilitate the flow of grain through this port a.id avoid
congestion but little can be done if the port is to be held back by lack of a
licensing agency on the spot.
The grain dealers are vitally interested, as
Philadelphia is the third port in volume of grain shipments and as grain
is one of the chief proiiucts sent through the port of Philadelphia.
,
"The plan of licensing exports will hamper instead of help
Philadelphia," says a statement of the Maritime Exchange.
LORD RHONDDA ON PRESIDENT'S EXPORT
PROCLAMATION.
In commending the action of President Wilson in promulgating the embargo against exports, Lord Rhondda, the
British Food Controller, on the 10th inst. said:
The comprehensive and effective character of the President's latest
action is tj^pical of the way in which the United States has thrown itself
heart and soul into the war. It seems to me that the additional pressure
which will thereby be brought to bear upon our common enemies, should
go far toward bringing this struggle to an earlier termination, especially in
view of the fact that in applying an embargo on provisions the President
will have the advantage of Mr. Hoover's unequaled knowledge of conditiors in the neutral countries.
The embargo should also, by diverting supplies from neutral destinations,
help to solve the food problem of the European allies. But while our
difficulties as regards supply are appreciably eased by this embargo, we
cannot really effectively deal with the vital and pressing question of price
until Congress passes the food bill.
So long as there is no control over the principal market, so long obviously
must the prices of the Allies' staple food remain variable, and, as a rule,
dangerously high.
I hope soon to announce measures for the control of our own home-grown
crops.
This should help to equalize distribution and reduce prices. But it
will, of course, be infinitesimal as compared with the worldwide effect of
the present food discussion in Congress, the result of which we await with
natural anxiety.
LORD NORTHCLIFFE ON WORK OF SPIES
CENSORSHIP REQUIREMENTS.
AND
The publication of parts of a confidential speech on spies
and censorship made before the National Press Club on July
4 by Lord Northcliffe, head of the British Mission in this
country, was authorized by Lord Northcliffe on the 6th.
The speech described the work of spies in England and the
flood of fatal information that pours over the cables through
neutral countries to Germany, and spoke of the dangers of
any except technical military and naval censorship of the
Only on two occasions in the last month. Lord
had he seen anything published in American newspapers that might have been of value to the enemy.
press.
Northcliffe said,
The address
What
know whether you have a
mail cansorsHj'p on letters oo Spam"'
ana srar^ opening j.3SGera cc Chat
-v..^
rich a — _. ot imormation ^s our ecrp' _g:".".^
-^.
=a cu.
K"_
cc^- -:''ag
n-r. /an _o^c-^ ^^ -^ur- >e.
o
J
The caoic oensc:- musr. oe remcrssiess ii he linas constant domestic 'x'legTT""- Tomc ic one particular nace.
Ac Che nsk dl disrurc-rr .appy
must aoic ar o.. _;3srroy cue caoJas. a worjci, o. meaning can
homes
be concealea -='ninQ tn; wora* "mother oecf^r' ?.r "mother going to sea
shore." Many co-"- aints wiL corns t.-cm DuSiOpss n, -j as to detention
of their messages, but br. "a-^* mei; Oi scacsam^ ?an ss
y satisfy the cable
authorities, and in any case, c inam iausinoss^ i-.
resent time is war,
and lives are more important than
.^.mjss jos^et.
We in England were loath to believe i. : .^::;? nee of an extensive
German spy system in our midst until strange
^ngs by land and sea
proved that their spy preparations, firmly estabiisned in England years
before the war, were just as efficient as all their other preparations.
The German spies are divided into five or six classes, working independently of each other. There is tht usiness spy, whose work is the gathering of information, personal aiio
therwise.
An establishment called
Schimmelpfennigs opened u^ in Engi^ 1, purporting to be something like
your Bradstreet's or Dun's but ceaiiy
th the object of ascertaining the
capacity for making gixns, munition!-- ano
hat not of every plant in England, together with any other iutorma;.or that might be useful to Germany when she went co war
A second forai of spying was orgarzed by the German consuls in Great
Britain, whc i;ollect'3d inlormati'^n by means of hotel waiters, barbers,
governess'-s and domsstic servants, to whom they paid comparatively
small .-" imp monthly.
I.
naval and military rowns the German Government provided Germans Witb capital with which to open and purchase hotels. All this was
Uone Chiough the consuls.
Then ohere was a series of spies organized by the famous department
whict: nad its headquarters in Brussels.
These were spies who moved
about in a good social circle as a rule, picking up any information they
ould ^'ec
When it came to picking up any information as to British
'^''.vciioiogy, they got it all wrong, for it has been notorious that, almost
without exception, they reported to Berlin that Great Britain would not
Members of this class of.spy were entirely unknown to each
pro to war.
other and only known to headquarters by numbers. They were paid a
minimum of $3,000 and a maximum of $12,000 a year, and were usually
engaged in some other kind of work very »Df ten insurance work. Out of
respect for their sex, among the spies we have shot at the Tower of London,
the women have been exempted and sent to long terms of imprisonment.
Further, there were the military and naval spies. This kind of spying
is regarded as legitimate among all nations.
Carl Lody, whom I saw tried
by court martial and who had an American passport and spoke American
with the slightest German accent, was a legitimate naval spy, and was so
regarded by our authorities, who treated him as well as he could be treated
in the circumstances and finally very properly shot him.
He was captured owing to clumsiness on his part. Among other foolishnesses, he
kept his code in his pocket, and therefore knew at the moment he was
arrested that he was a dead man.
One of the things that led to his detection was the cable censorship.
We had been warned for years that the country was full of German
Germans were admitted to our clubs, went
spies, but did not believe it.
about among us and seemed very friendly. At the outbreak of the war we
found that we had been entertaining several battalions of spies. I remember the sight that went on day after day in London just before the outbreak
of war when they swarmed to the German Consulate to get their passports
vised.
Many of them obviously had information that a war was coming
and that they might have difficulty in getting out.
Large organizations, such as insurance companies, electrical concerns
and pianoforte makers, who required large numbers of men to go about
tuning pianos, were in effect central depots for gathering information for
the German Government. The Hamburg-American Steamship Company
also had its own series of spies and had to do with the subventions of Germanized newspapers in London and of certain notorious English writers.
In their hurry to clear out of England, the Hamburg- American Steamship
Company left behind valuable incriminating documents, one of which was
damning evidence of Germany's war intentions.
I can now relate with safety, inasmuch as more than two years have
passed and both the British and German codes have been changed, an incident told to me by Lord Fisher in the early days of the war when he was
He had given instructions that eight ships
at the head of our Navy.
should be coaled at a port which I will call Bristol. That same afternoon
one of our destroyers picked up a wireless from one enemy submarine to
another, making a rendezvous at this very port for the following day and
naming the eight ships. The coaling order was, of course, at once canceled, but the incident showed that information must have come from
some one in close touch with the Government department concerned. It
sounds, indeed, almost too mysterious to be true, but it was true.
Compared with the leakage of news into newspapers, the dally leakage
I
of secrets by cable is as a Niagara compared with a mountain stream.
am a pretty close student of the war and have read a number of your newspapers in the last month, but on only two occasions have I seen anything
That does not mean that there
likely to be of assistance to the enemy.
should not be a newspaper censorship. Our newspaper people from the
outset recognized the need for official technical military and naval action
The danger of a censorship is that it may be used to
in such matters.
exalt incompetence, to impair efficiency by hiding mismanagement, to
weaken resolution by exaggerated optimism.
If I may make a suggestion, it is that the American people should take
Your newsstories about the sinking of submarines with a grain of salt.
papers have sunk a very large' fleet of submarines during the four weeks
Every gunner who fires at a periscope and can see no
I have been here.
periscope after the splash of the shell thinks he has sunk a submarine. I
A cerwill give a little instructive and perfectly true story on this point.
tain man-of-war reported that it had fired on a German submarine and
sunk it. An English submarine, which was in exactly the same location
on the same day, reported that it had been fu-ed on by a German battleship and had dived and escaped it.
I fear that these constant illusory
sinkings of submarines may check American inventive effort on which the
Allies rely so greatly.
I have no idea of the preparations your Government has made for the
censorship of pictures. A picture may easily disclose dangerous information.
The Germans have a system of enlarging newspaper photographs
Thus when wo had been
to see if they can find any valuable information.
at war sufficiently long to invent "tanks" we had got wise, as you say here.
No picture of any new tank, aeroplane or other machine of war should be
published here.
As to the censorship in general, if instructions are given to newspaper
people thejr themselves form the best censors. Trained news gatherers
and presenters of news are much more intelligent than the kind of man
who usually drifts into censor's offices. Neither military nor naval men
care for the task of censorship.
They want to be at the front or at sea.
-
11
-
i.
-
veiinire
^^
ttuak that
if
ycu
xiavc aos
.
_-.
C
I
is
for
jc n^
137
follows:
does not yet seem to be understood here, and what we did not
understand at the beginning of the war, is that the really deadly highly
explosive news is not newspaper news, but the news sent out by spies in
code to neutral countries for transmission to Germany.
Admitted that the task of examining hundreds of thousands of cables a
day is difficult and costly, admitted that keen brains are required in large
numbers for the task, the brains are here in abundance, and the outgoing,
cables can easily be co-ordinated so that all cables addressed to the same
names abroad, and even to the same towns abroad, come under the eyes
of the same censors week after week.
It is by means of checking back
cables addressed from England to neutral countries that we have caught
many of our spies.
It is not difficult for spies to get news.
Their task is the delivery of the
goods, and to that task they concentrate.
Now that ocean travel has become so difficult, now that the British mail
censor has perfected his methods, the enemy spy working in your midst is
thrown back entirely on the cable and one or two steamer routes.
,
.
.
'
,
—
.
THE CHRONICLE
138
JudKiiig hy
my own
colUsagiK^s
m
imikuuki,
i
hiiiu^vc that
Ajnerican iicws-
papor men should ho vory lai'K tly Irusloil to do Uicjlcensoring thomselvos,
provided, of course, that General I'orshinK has a system such as has been
adopted by Sir iJouKlas llaiK, who, while allowing the utmost freedom
of correspondents, sees that lh(! dispatches arc read and examined by
competent members of his staff. The dangers of misuse of the jjower of
known to those who
truth aliout the war for the
ocnsorsliip are well
hidins of
tlio
know what we
first
suffered fromj.the
two years.
THE ADMINISTRATION FOOD CONTROL
BILL.
(Vol, 1(5.
The new bill would make the Secretary of Agriculture
and two persons appointed l)y the President and confirmed by
the Senate members of a paid board of food administration.
This board would have power to co-operate with the representatives of other countries at war with Germany, to buy,
sell, store and distribute food, feeds and fuel and "similar
necessaries essential to the support and maintenance of the
armies thensof." The bill further provides a guaranty of
$1 50 a bushel for wheat, and authorizes Governmental
The prolonged debate in the Senate over the prohibition purchase of the surplus product. Provision is also made for
amendment to the second Administration Food Control bill the Federal purchase and sale of flour, meal, beans and potacame to an end on July 7, when a compromise provision was toes, with provision for requisition for military purpo.ses.
agreed to by a vote of 45 to 37. Under this amendment There likewise is a provision for full control of the coal situathe use of foodstuffs in the manufacture of distilled spirits
during the period of the war would be forbidden; importation
of distilled spirits would be prohibited; the President would
be directed to commandeer all distilled liquors in bond when
the Act goes into effect, paying therefor the actual cost
plus 10% profit. The liquor provision makes no reference
to beer or wines, which may be continued to be manufactured.
The text of the new amendment drafted by Senator Smoot
follows:
That from and after thirty days from the date of the approval of this
Act no person shall use any foods, fruits, food materials or feeds in the
production of distilled liquors, except for governmental, industrial, manufacturing, scientific or medicmal purposes, nor shall there be imported Into
the United States during said war any distilled liquors; provided, that the
President of the United States be and hereby is directed to take over for
and on behalf of the Government of the United States all distilled liquors
that are held in bond at the time this Act goes into effect, and he is herebyauthorized to pay to the owners of such liquors the actual cost of the same
plus a profit not exceeding 10%
And provided furtlier that the collection of all excise tax on distilled
spirits in bond at the time of the passage of this Act shall be suspended so
long as this Act is in force, and the distiller, in event that said distilled
spirits shall be taken over by the Government as herein provided, shall
be discharged from all obligations for any and all taxes levied and assessed
against said distilled spirits, provided, however, that the owner of the
distilled sisirits shall not withdraw any part thereof without the payment
of the excise tax in force.
Any person who willfully violates this section shall, upon conviction
therefor, be punished by a fine of not exceeding 85,000, or by imprisonment
for not more than two years, or both.
.
On July 6 the Senate, by a vote of 45 to 40, adopted the
Cummins amendment prohibiting the withdrawal of liquors
in bond for use as a beverage, but the next day the Senate
reconsidered its action and rejected this amendment by a
vote of 43 to 39. The vote by which the Senate directed
the commandeering of liquors on the amendment of Senator
Smoot was 65 to 12, and this was reaffirmed later when, by
a vote of 52 to 25, the Senate refused to reconsider its
action.
During the debate on the 9th inst. some of the Senators
condemned as unconstitutional the Smoot amendment providing for the seizure by the President of all distilled spirits
in bond and for the payment therefor of an amount equal
to cost, plus 10%.
This, with renewed opposition to some
of the sweeping control powers granted in the measure, added
to the dissatisfaction against the bill felt by many Senators,
and resulted in a meeting of the Democratic steering committee to consider plans for redrafting the provisions complained of. Republican leaders also met to give the subMeanwhile, Senator Chamberlain, in charge of
the legislation on the floor of the Senate, finding himself unable to obtain a unanimous consent agreement for an early
vote on the bill, took steps to invoke the provision for closure
written into the rules of the Senate at the last session.
The Senate on the 9th inst. accepted the Agricultural
Committee's amendment empowering the Government to
take over and operate packing houses, oil and gas wells and
pipe lines, in addition to mines and factories and other plants,
if necessary to secure adequate supplies for the army and
navy. An amendment also was agreed to to permit the Board
of Conciliation and Mediation to pass upon the question of
wages to be paid employees of plants commandeered. Senator Chamberlain on July 10 obtained unanimous consent of
the Senate for a vote on the measure, not later than 2:30
o'clock in the afternoon of Saturday, July 21.
Beginning
on Thursday, the 19th, speeches will be limited to 5 and 10
minutes. Democratic Senators secured the agreement for a
vote only after they had consented to strip the bill of some
of its features, including the stringent prohibition provision.
So far-reaching was the revision demanded that all-day conferences of the Democratic steering committee and the Agricultural Committee resulted in the presentation of a substitute (drafted by Senator Gore) for the entire measure.
The
substitute in a general way follows the lines of the measure
originally urged upon the Senate, and eliminates the proposed control over products other than foodstuffs, feed^and
ject study.
fuel.
tion through purchase, lease, condemnation or requisition,
of the mines by the Government for military
and operation
or other public purposes connected with the national defense.
Licensing provisions are rewritten into the bill and hoarding
is penalized.
The prohibition feature is solved in the substitute bill by making it unlawful to import or export distilled spirits, prohibiting the manufacture of distilled spirits
from foodstuffs during the war, authorizing the President to
limit or prohibit manufacture of malt, fermented and vinous
beverages, and making the following provision for commandeering existing stocks of whisky in bond:
Section 1.3.
That the President is authorized and directed to commandeer any or all distilled spirits in bond at the date of the approval of this
Act for redistillation in so far as redistillation may be necessarj' to meet the
requirements of the Government in the manufacture of munitions and
other military and hospital supplies, or in so far as .such redistillation would
dispense with the necessity of utilizing products and materials suitable for
food and feeds in the future manufacture of distilled spirits for the purposes
herein enumerated.
The President shall determine and pay a just compensation for the distilled spirits so commandeered, and if the compensation so determined be not satisfactory to the persons entitled to receive
the same, such persons shall be paid 75% of the amount so determined by
the I'resident and shall be entitled to sue the United States to recover such
further sum as added to said 75% will make up such amount as will be just
compensation for such spirits in the manner providedj.by Section 24, Paragraph 20, and Section 145, of the Judicial Code.
The Agricultural Committee on July 11 voted to support
the Gore substitute bill, and decided to submit a report to
that effect the next day.
The Committee altered the Gore
substitute on the 11th inst. to provide for a food administration board of five members, instead of three.
Senators
Martin and Simmons conferred with President Wilson on
July 12 and asked him to give them an idea of exactly what
he desired as to food control, so that the pending bills might
be amended to conform to his wishes. While neither Senator
would reveal what passed at the conference it is said that the
President found fault with putting cotton, metals and other
articles on the control list.
He hoped, it is stated, that the
bill would be simplified so that, while gi'V'ing ample control,
it would not be weighed down with provisions that would
only tend to confusion. The President opposed the Gore
substitute bill, it is understood, on the ground that it failed
to go far enough in food control, and that it sought to replace
the Food Administrator with a Board of Food Administration composed of five members.
Out of deference to the
desire expressed by the President the Senate Agricultural
Committee on the 12th inst. did not offer the Gore substitute
bill as an amendment to the food bill under consideration.
Mr. Hoover, the proposed "Food Administrator," yesterday
conferred with Senator Chamberlain, who, as heretofore
stated, has charge of the food control bill in the Senate, in an
effort to straighten out the tangle over the measure.
He
opposed the Gore substitute bill, declaring that it would make
impossible the reforms demanded by the Administration and
which are considered necessary war measures. It developed
yesterday that Senators Martin and Simmons when conferring with the President on Thursday told him that in obtaining the early passage of the bill it would be necessary to
eliminate cotton, wood, hides, steel, &c., from Government
control
H.
C.
and
limit control to food, feeds
and
fuel.
HOOVER DENIES ANY IMMEDIATE INTENTION
OF TAKING OVER LARGE INDUSTRIES.
Advices to the effect that the Government has no intention of taking over immediately the big industries, such as
packing plants and large grain elevators, when the Food
Control Bill is enacted, are contained in a letter addressed
by H. C. Hoover on July 12 to Senator Norris of Nebraska.
Mr. Hoover is said to have added, however, that "a national
emergency might arise in the next five years when it would
be necessary." He denied that there was any piu-pose to
eliminate any class of commission merchants, "provided
they are prepared to accept regulation in the interest of
the country as a whole."
:
July
THE CH HON CLE
14 1917.]
Rice, Jr.-, President of the American Institute of Electrical
Engineers at a special meeting of the Institute on June 27.
Referring to the oft-repeated statement that modern war is
largely a question of mechanics and engineering, Mr. Rice
pointed out that it is a self-evident fact that engineering
must take a leading and dominant position in war work,
adding that the electrical engineer stands for about the
latest thing in engineering development, his, activities
embracing practically all other fields of engineering, Mr.
Rice contended that the electrical engineer must therefore
realize that this is his war in a very personal and particular
sense.
Continuing he said in part:
The great majority of our people, having no acquaintance with science or
engineering, is prone to imagine that this war will be settled quickly by
some wonderful new invention, as if by an act of legderdemain; but you
It is so hopeengineers realize that such a thing is practically impossible.
less that it is cruel to permit any such idea to take hold of the American
public.
Neither is it possible for the war to be settled by the act of some
hero or superman. It can only be settled by the united efforts of thousands
of men, each contributing his bit.
"Team play" in our civil army at home
is as essential as in our fighting army abroad.
Now, p.'operly understood, the fact that no single great invention is
likely to be made which will win the war, is no cause for discouragement.
It does not mean that there will be no improvement, no new inventions, no
new methods devised and put into effect. It simply means that we must not
wait for the miracle which will never appear, but get to work and energetimust survey the field,
cally take advantage of all present knowledge.
get at all the facts, carefully determme our plans and then proceed to put
them into practical execution.
Take for example the matter of shipping. This perhaps presents the
greatest immediate prolilem of the war, frightfully complicated as it is by
the submarine. I feel sure that it can be successfully solved, if we are content
to solve it by the simple, common-sense methods used by engineers and
successful business men in the ordinary course of business.
The problem
must first be carefully investigated, all available data quickly obtained an
checked, and all new conditions considered, after which a broad-guaged
well considered plan or plans, can be formulated, criticised and then put
Into effect.
Of course it is elementary to say that we must provide shipping in
enormous quantities to replace that destroyed and to provide for increased
must,
demands. It is evident that time is the essence of the problem.
The ships must
therefore, build the greatest tonnage in the shortest time.
be manned and navigated to their destination and the most efficient methods
provided for docking, unloading and loading.
We must see to it that the kind of ships, in respect to size, material and
speeds, are such that the greatest tonnage may be moved across the seas
in the shortest time.
In the time element must of course be considered the
time required to build such tonnage. If an investigations should indicatthat cargo ships can l)e built which will successfully withstand one or more
torpedo attacks, and which can also be provided with speed and armament sufficient to give them a good chance of fighting off and getting away
from a submarine, they should be built no matter w hether such ships cost
more, or are less adapted for use after the war, or take a little longer time to
construct than those of the ordinary type.
It is entirely within the range of possibility that such ships may prove to
be the only ones which will be able to navigate the seas with any decent
chance of surviving. It would .seem clear that, unless the submarine is
swept from the seas, it is hopeless to build a large tonnage of slow moving
relatively small and inadequately defended ships, as the net tonnage which
could be delivered by such a fleet of ships will be too insignificant to be of
any material value.
would have bet on the wrong horse and lost;
therefore, I hope that we will have the foresight to build as large a number
as possible of big, comparatively torpedo-proof cargo ships, as soon as
We
We
We
possible.
We
should also, at the same time, consider whether it is worth our while
to continue building large dreadnoughts, battle-cruisers, and the like, which
cannot possibly be finished for years to come. Our ship building facilities
are limited, and if the facilities now devoted to the construction of dreadnoughts could be immediately di^ferted to the construction of large indestructible, high speed cargo ships, which can be built in half the time, we will
be taking a great step towards solving the problem.
So much for what might be termed the "defensive method" of attacking
the problem. Along with this defensive plan, we should put into execution
every practical offsensive plan of attacking the submarine, such as methods
of detection when submerged, methods of attack by means of destroyers,
mines, aeroplanes and special artillery. All such methods should, and
probably are being developed, and while no one of them will prove to bo
the panacea by itself, collectively they wil 1 be of the greatest value in reducing
the menace.
However, I think it is well to emphasize the fact that the
only safe and sane plan of action is to assume that we can only win by pushing the development of all practical looking methods of attack and defense,
at the same time, and to the limit of our ability.
ENEMY TRADWG PASSED BY
HOUSE.
The Administration
and her
139
I
ENGINEER'S VIEWPOINT OF WAR'S PROBLEMS.
An engineer's viewpoint of the problems before us in the
present war is embodied in an address delivered by E. W.
BILL PROHIBITING
.
bill
to prohibit trading with
Germany
allies during the war was passed by the House of
Representatives on the 11th inst. without a roll call. A
formal report on the bill was issued on June 22 by the House
Committee on Inter-State and Foreign Commerce, and on
June 29 an agreement was reached to take up the bill in the
House on July 9. The biU prohibits business intercourse
with any country with which the United States is at war or
its allies, except under license of the Secretary of Commerce,
and provides for Governmental seizure of the property of
enemy aliens and enemy patents. In general the measure
is said to be modeled after Great Britain's Act, but certain
features of the British legislation which have been considered
of doubtful validity in international law are stated to have
been omitted.
A
section of the
bill
maps and
making
it
unlawful to mail letters,
enemy countries, was
House on the 10th inst.
Republican Leader Mann and Representative Gard of Ohio,
Democrat, led the fight against the provision, which was
said by its sponsors to be desired by several members of the
Cabinet. Both Mr. Mann and Mr. Gard declared the
pictures,
similar articles to
stricken from the measure in the
espionage law already sufficiently provides against use of
the mails by spies, and that it would be unwise to inflict
unnecessary hardships on persons in the United States having
relatives in Germany or her allied countries with whom they
desire to communicate innocently.
The House also struck
out on the 10th on Mr. Mann's motion, a provision empowering the President to designate all natives of enemy countries
as "alien enemies." A substitute was adopted, providing
that such designation shall be given citizens or subjects of
enemy countries
The provisions restricting firms in neutral
countries were modified, it is stated, so that such firms would
be reached by the Act only if they had inter-related business
dealings with firms in the United States and enemy countries.
The bill provides for the appointment by the Secretary of Commerce of an agent of the Government to be known
as the "alien propertj^ custodian" and who is empow^ered to
receive all money and property of the United States due or
belonging to an enemy or an ally of the enemy, and to hold,
administer and account for the same in accordance with the
terms of the Act, or under the general direction of the Secretary of Commerce. According to the "Times", all persons
holding or controlling money or property belonging to an
enemy are required to make a full report to the property
custodian within thirty days after the passage of the bill,
and if the Secretary shall so direct, the property shall be
turned over to the alien property custodian to be held until
the end of the war.
"Enemy" is defined in the following amendment offered
by Representative Lenroot and adopted:
.
Resident within the territory, or a subject or citizen residing outside
of the United States of any nation with which the United States is at war,
or resident within the territory, or subject or citizen residing outside of the
United States or any ally of any nation with which the United States is at
war.
_^^^_^______^_^^^____
WATER FRONT OF NEW YORK BARRED TO
ENEMY
ALIENS.
Supplementing the prohibition forbidding enemy aliens
from going within one-half mile of any State armory without
special permission from the Federal authorities notices have
been prepared, barring enemy aliens from the entire waterThese notices read as follows:
front of New York City.
,
NOTICE TO ENEMY ALIENS.
enemy
aliens must keep off all docks, wharves and piers in the
Southern District of New York. They must not be employed in anymaritime occupations in the waters adjacent to the Southern District of
All
New
York.
Any enemy
alien found on any dock, pier or wharf, or employed in any
maritime occupation will be immediately arrested.
It is the duty of all good citizens to notify this office of any violation
of
any of the foregoing
rules.
THOMAS
D.
McCarthy,
United States Marshal for the Southern District
of New York.
JAMES M. POWER,
United States Marshal for the Eastern District of
New York
(Brooklyn)
According to the "Times," there were until the 10th,
when the issuance of the above notice was made known, in
the employ of the United States Government, at one of the
great military transport terminals on the Atlantic seaboard,
about 200 German subjects. This condition, says the
"Times," was ended by the dismissal from the Government
service of about 400 men, all of whom before war was declared, had been in the employ of German steamship companies. Up to the 10th they had been working for the
Quartermaster's Department of the army. Half of those
discharged, it is said, are American citizens. It is added
that it was not until it became known that the Germans
had adAance information of tlie departure of the Pershing
expedition that the Government- decided to dispense with the
services of all German subjects and Americans who had been
employed by German steamship agencies.
The following statement relative to the enemy alien situation in New York City, authorized by Attorney-General
Gregory, was published in the "Official Bulletin" of the 10th
inst
.
of the President's proclamation restricting the activities
of alien enemies is receiving proper attention in New York City. The
problem is a large one, and will, of necessity, take time to complete. The
<*!
force handling the work has been augmented.
Until the list of applicants for permits has been completed it will be
impossible to determine which alien enemies have permits to reside or work
within the city and which have not.
The enforcement
THE CHRONICLE
140
United States Marshal McCarthy was furnished, at his request, with
70,000 applications. This number was to meet the demand made not
only by enemy aliens residing in his judicial district, but to supply also
enemy aliens who reside in other judicial districts and work in New York,
and to replace large numbers of blanks which were filled out incorrectly
by applicants.
Alien enemies who may be found within forbidden areas without a
permit are at any time liable to arrest, and will bo .so arrested without
hesitation whenever such action may be deemed for the best interests of
the United States.
Any alien enemy who retains arms or ammunition in his possession does
The department would appreciate
so at his peril, and is subject to arrest.
having any Instance in which this provision of the proclamation has not
been complied with called to its attention promptly. In a number of instances alien enemies voluntarily surrendered arms. Immediately following the promulgation of the proclamation the police authorities of New
York City were requested, as were the police of other cities, to assist in
the enforcement of this publication of the proclamation.
The Department of Justice feels that the situation is in good shape.
ENEMY ALIEN
[Vol. 105
nors of the respective States, call into the service of the United States as of
and from the dates hereinafter respectively indicated, all members of the
National Guard and all enlisted members of the National Guard reserve of
the following Stales, who are not now in the service of the United States,
except members of staff corps and departments not included Sn the personnel of tactical organizations, and except such officers of the National
Guard as have been or maybe specifically notified by my authority that
they will not be affected by this call, to wit:
On July 15 1917, New York, Pennsylvania, Ohio, West Virginia, Michigan, Wisconsin, Minnesota, Iowa, North Dakota, South Dakota and
Nebraska;
On July
2,5 1917. Maine, New Hampshire, Vermont, Massachusetts,
Island, Connecticut, New Jersey, Delaware, Maryland, District of
Columbia, Virginia, North Carolina, South Carolina, Tennessee, Illinois,
Rhode
Montana, Wyoming, Idaho, Wahington and Oregon.
The members of the National Guard of the various States affected by this
call will bo concentrated at such places as may be designated by the War Department.
II. And under the authority conferred upon me by clause second of Section 1 of the Act of Congress "to authorize the President to increase temporarily the military establishment of the United States," approved
18 1917, I do hereby draft into the military service of the United States as
of and from the fifth day of August, nineteen hundred and seventeen, all
members of the National Guard and all enlisted members of the National
Guard reserve of the following States, except members of staff corps and
departments not included in the personnel of tactical organizations, and
except such other officers of the National Guard as have been or may be
specially notified by
authority that they will not be drafted, to wit:
Now York, Pennsylvania, Ohio, AVest Virginia, Michigan, Wisconsin.
May
PERMITS.
On June 24, in response to inquiries relative to the sphere
of effectiveness of alien enemy permits, the Department of
Justice authorized the following statement:
A permit granted to an alien enemy by a United States Marshal confers
upon the holder of the permit the privilege to move at will in the district
of the mar.shal by whom the permit is signed, but does not grant either
general or specific privileges outside of the particular district. Enemy
aliens desiring to travel in two or more Federal judicial districts should
obtain permits in each of the districts in which they will travel.
NATIONAL GUARD TO BECOME PART OF
REGULAR ARMY ON AUGUST 5.
U.
S.
my
Minnesota, Iowa, North Dakota, South Dakota, Nebraska, Maine, New
Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New
Jersey, Delaware, Maryland, District of Columbia, Virginia, North Carolina, South Carolina, Tennessee, Illinois, Montana, Wyoming, Idaho.
Washington, Oregon, Indiana, Kentucky, Georgia, Florida, Alabama,
Mississippi, Arkansas, Louisiana, Oklahoma, Texas, Missouri, Kansas,
Colorado, New Mexico, Arizona, Utah and California.
III All persons hereby drafjed shall on and from the fifth day of August,
nineteen hundred and seventeen, stand discharged from the militia, and.
under the terms of Section 2 of the Act of May 18 1917, be subject to the
laws and regulations governing the regular army, except as to promotions,
so far as such laws and regulations are applicable to persons whose permanent retention in the military service on the active or retired list is not
contemplated by law.
IV. The members of each company, battalion, regiment, brigade, division of other organizations of the National Guard hereby drafted into the
military service of the United States shall be embodied in organizations
corresponding to those of the regular army. The officers not above the
rank of Colonel of said organizations of the National Guard who are drafted
and whose officers are provided for in like organizations of the regular
army are hereby appointed officers in the Army of the United States in the
ariQ, staff corps or department, and in the gi-ades in which they now hold
commissions as officers of the National Guard, such appointments to be
effective, subject to acceptance, on and from the fifth day of August,
nineteen hundred and seventeen, and each of them, subject to such acceptance, is hereby assigned as of said date to the organization in the Army of
thn United States composed of those who were members of the organization of the National Guard in which at the time of draft he held a commis.
President Wilson on July 9 issued a proclamation drafting
the National Guard of the country into the regular army
of the United States, as of and from Aug. 5 next, thus
adding to the armed forces of the nation available for use
in foreign service more than 300,000 men.
Danger of enemy
aggression on American territory and protection against
plots, the President cites as his reason for drafting the National Guard into the Federal service.
To make certain
that the purpose of the National Defense Act is carried out,
the proclamation also specifically declares that when the
National Guardsmen are drafted on Aug. 5 they are to be
discharged from their old military status.
In that way
the constitutional restraint upon the use of the State militia
outside the country is avoided and the way paved for sending the regiments to the European front.
In the first instance, however, the President's proclamation calls into the
Federal service on July 15 the National Guard of eleven
States not now in the Federal service.
These States are
New York, Pennsylvania, Ohio, West Virginia, Wisconsin,
Minnesota, Michigan, Iowa, North Dakota, South Dakota
In like manner the proclamation calls into
the Federal service on July 25 the troops of nineteen other
States, those of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New Jersey, Delaware, Maryland, Virginia, North Carolina, South Carolina,
Tennessee, Illinois, Montana, Wyoming, Idaho,
Washington and Oregon, as well as the District of Columbia.
On the two dates specified these troops are merely
"called" into Federal service and not "drafted."
They
will not be "drafted" until Aug. 5.
The distinction between
Guardsmen "called" and "drafted" into the Federal service
is this:
Guardsmen "called" into the Federal service maintain their old military status and cannot be sent out of this
country, but those "drafted" become members of the regular
army of the United States and can be sent anywhere.
Officers will not be drafted unless the President cares to
commission them as officers in the National Guard after it
has been drafted. Those who are not wanted by the Federal Government will be notified by the War Department
that they wiU not be drafted. The officers of the Guard
not above the rank of Colonel who are drafted and whose
offices are pro\aded for in like organizations of the regular
army, and whose services are to be utilized by the Government will be appointed officers in the United States Army
in the arm, staff corps, or department, and in the grades
in which they now hold commissions as officers of the National Guard.
These appointments are to be made effective
from Aug. 5, and they are to be assigned to the organization
in the United States Army composed of members of the National Guard organization in which at the time of the draft
they hold commissions.
The President's proclamation follows:
and Nebraska.
Whereas, The United States of America and the Imperial German Government are now at war, and having in view the consequent danger of aggression by a foreign enemy upon the territory of the United States and the
,
necessity for proper protection against possible interference with the execution of the laws of the Union by agents of the enemy, I, Woodrow Wilson,
President of the United States, by virtue of the authority vested in me by
he Constitution and the laws of the United States and through the Gover-
sion.
The non-commissioned officers of the organization of the National Guard,
the members of which are hereby drafted, are hereby appointed non-commissioned officers in their present gi-ade in the organization of the army
composed of said members and shall in each case have the same relative
rank as heretofore; and all other enlisted men are hereby confirmed in the
army of the United States in the grades and ratings held by them in the
National Guard in all cases where such grades and ratings correspond to
grades and ratings provided for in like organizations of the regular army,
all such appointments of non-commissioned officers and confirmations of
other enlisted men in their grades to be without prejudice to the authority
of subordinate commanders in respect of promotions, reductions and
changes in enlisted personnel.
V. Each organization of the military force hereby created wUl, until further orders bear the same name and designation as the former organization
of the National Guard of whose members it is composed.
VI. All necessary orders for combining the organizations created by embodying therein members of the National Guard and National Guard reserve hereby drafted into the military service of the United States into
complete tactical units will be issued by the War Department.
,
CONVICTIONS AND INDICTMENTS IN GERMAN
PLOTS AND FOR VIOLATING CONSCRIPTION LAW.
Rudolph Hecht, a Vice-President and director of the investment banking firm of Chandler & Co., Inc., of 34 Pine
St., this city, was taken into custody by Federal agents on
July 11 and transfeiTed, under guard, to the internment
camp
issued
at Ellis Island, for alleged violations of the regulations
by the President governing the conduct of alien
According to the New York "Comwas made on a warrant signed hy PresiMr. Hecht came to this country about five
enemies in this port.
mercial," his arrest
dent Wilson.
years ago, and, it is said, took out first naturalization papers
soon afterward. He has been connected with Chandler &
Co., Inc., since December 1914, when the firm of Edward
Sweet & Co., with which he had been associated, was taken
over by the Chandler interests. Mr. Hecht is said to have
been an associate of Captain Karl Boy-Ed, formerly German
naval attache in the United States, and Dr. Albert, former
Commercial Agent of the German Empire in this country.
He is also said to have been a close friend of Carl Heynen,
Dr. Albert's successor as German Commercial Agent in this
country, who, with his assistant, F. A. Borgemeister, was
arrested in this city on July 6 and later taken to EUis
Island, where they were interned.
Chandler & Co., following the arrest of Mr. Hecht on July 11, issued the following statement:
iL
—
JULY
THE CHRONICLE
14 1917.]
We have just been advised, to our great surprise and regret, that the
Government has deemed it necessary to take action looking to the internment of Mr. Rudolph Hecht.
Mr. Hecht became associated with us before the outbreak of the European war, and is a gentleman of estimable business reputation. He applied
for citizenship in 1913, and intended to make the United States his permanent home. His conduct while in our organization has been beyond reOur
proach, and devoted to the legitimate business interests of the firm.
association with him has been such that we cannot conceive of his doing
anything detrimental to this country in the interests of any other. "We
trust that there will prove to have been some mistake in the matter.
CHANDLER & CO.. INC.
It is stated that Mr. Hecht recently appHed to United
States Marshal Thomas D. McCarthy for a permit to pass
through the barred zones about State armories, and that
his application was refused.
Agents of the Department of
Justice on the 11th inst. arrested a German sailor, who,
posing as a Swede, has been traveling between the United
States and Mexico as a member of the crew of an American
steamship. His name is said to be Karl Kapp. He was
interned at Ellis Island. Joseph Vieth, a German, of 1256
Lexington Ave., this city, who had engaged in trying to
stir
up feeling against the United States, was also
sent to Ellis Island on the 11th inst.
It is reported
that the Federal authorities in this city on the 11th.
acting on the request of officials in San Francisco,
caused the arrest of Walter C. Hughes, a truckman,
and Srinivas R. Wagel, a Hindu, and weU-known writer.
They are wanted in San Francisco, it is said, as
principals in a plot which, it is alleged, German agents
engineered in this country to start an uprising in India
against British rule.
Two arrests were made in New Jersey
on July 6. One of the men arrested, Dr. Jonathan Zenneck,
a wireless expert and former German army officer, who was
seized in Newark, was taken to Ellis Island for internment,
while the other, whose name was withheld, was detained
by the Federal authorities pending an investigation into
his activities.
Emma Goldman and Samuel Berkman, the anarchists,
were found guilty of conspii-ing to obstruct the operation of
the selective draft law on July 9 and were given the maximum
punishment of two years' imprisonment and $10,000 fine
each by Federal Judge Julius M. Mayer. Assistant United
States District Attorney Harold A. Content, who prosecuted
the case, was at the same time instructed by Justice Mayer
to send to the Commissioner of Immigration the record of
the case, with the idea of insuring their deportation to
Russia, whence they came, at the end of their prison term.
indicted on June 21
The
indictment, charging conspiracy to induce persons of military
age not to register for the selective draft, was based upon
articles signed by the defendants, in the publications known
as "Mother Earth" and the "Blast."
Owen Cattell and
Charles L. Phillips, the Columbia University students who
were arrested in this city on May 31, charged with conspiracy
to prevent registration for the selective draft, were found
guilty of the charge by the Federal Grand Jury in this city
on June 21. When arraigned for sentence before Judge
Mayer on July 12, PhiUips and Cattell were each fined $500
and sentenced to serve one day in jail for obstructing the
In addition, Phillips
military laws of the United States.
was sentenced to serve five extra days in jail for failure to
register.
The sentence also deprived Phillips and Cattell of
their citizenship, which can be restored to them only by the
President of the United States. Eleanor Wilson Parker, the
Barnard CoUege senior, who was also arrested on May 31
on the same charge as PhiUipps and CatteU, was acquitted
on Jxine 21 because of lack of evidence of criminal intent.
Berkman and Miss Goldman were
Agents
of Justice in a concentrated
German spies were active along
New York and Hoboken (N. J.), waterfronts on July 9,
effort to rid the
the
Department
of the
.
country of
having ordered on that day the discharge of several hundred
German and Austrian longshoremen employed in Hoboken,
and an-esting three men on the piers in Manhattan. The
three men arrested on the 9th inst. were later interned at
Ellis Island for violation of the President's proclamation
which prohibits enemy aliens from entering upon any part
The interned men gave their names
of the waterfront.
as Otto Julius Ihlow, Emil Fehrmann and Fritz Blum.
Dispatches from Washington on July 6 stated that the
State Department had requested all Germans formerly
connected with the German Embassy at Washington or any
one of the many consulates in America to leave the country
at once, as their presence here was considered undesirable.
Regarding the action of the State Department the dispatches
from Washington
said:
141
Among the first to go will be Heinrich Schaafhausen formerly attached
to the German Embassy, but left behind by Count von Bernstorff, and
since attached to the Department of German Interests of the Swiss Legation.
In addition to Schaafhausen there is a long train of clerks and
servants at least, they have served in such capacities in this country
although this Government has no means of knowing definitely what the
exact status of most of them is with the German Government. There is
ground for belief that some of them are persons of more importance to the
German intelligence system.
,
—
The Federal Grand Jury
at Philadelphia on June 9 indicted
auxiliary
cruiser Prinz Eitel Friederich; Adelbert K. Fischer, Mrs.
Helena Fischer, his wife, and Henry K. Rohner of Philadelphia, on charges of conspiracy and smuggling.
In
addition. Captain Thierichens was indicted on a charge of
violating the Mann White Slave Act.' The fom- persons
indicted on the smuggling and conspiracy charge were
arrested on March 10 last, as nt)ted in these columns on
April 7.
Max V. Thierichens, former Captain of the German
t
Captain J. R. Klattenhoff, former master of the German
steamer Liebenfels, which, as noted in these columns on
Feb. 3, was scuttled on Feb. 1 by her crew off Charleston,
S.C., was sentenced in the Federal District Court at Charleston on June 6 to serve a term of one year at the Atlanta Penitentiary and tOfcpay a fine of $500.
Eight of his subordinate
officers are also serving a term of one year for the same offense.
The Liebenfels has been raised from the waters off Charleston and has been taken over by the Federal Shipping Board.
Her name has been changed to the Houston.
Captain Franz von Rintelen, David Lamar, the "Wolf of
Wall Street," and H. B. Martin, who were convicted by the
Federal Grand Jury in this city on May 20 for violating the
Sherman anti-trust law, in conspiring to interfere with
shipments of munitions to the Allies by fomenting strikes,
through Labor's National Peace Council, which they organized, were sentenced the next day by Federal Judge Cushman
to serve one year's imprisonment each.
The Judge directed
that Lamar and Martin be confined in the Mercer County
(N.J.) Penitentiary and that von Rintelen be held there "or
in such other place as the District Attorney may delegate."
Judge Cushman later fixed bail for von Rintelen at $25,000
and for Martin at $5,000 pending appeal. Lamar is now
serving a two-years' sentence in Atlanta Prison for impersonating Congressman A. Mitchell Palmer of Pennsylvania.
He was indicted on this charge in July 1913 and was convicted and began his prison term last year. Four other men
were charged with the same offense as von Rintelen, Lamar
and Martin, and were tried at the same time with them.
The jury, however, disagreed in their cases, but it is expected
that they will again be brought to trial this autumn.
They
were ex-Congressmen Frank Buchanan, former President
of Labor's National Peace Council; ex-Congressmen H-.
Robert Fowler, of Illinois; Jacob A. Taylor, a New Jersey
cigar manufacturer and labor leader, and Herman Schxilteis,
a lawyer who had been interested' in the American Anti-Trust
League. Frank S. Monnett, former Attorney-General of
Ohio, was originally a defendant in the ease, but the indict-
ment against him was dismissed.
Captain Alfred A. Fritzen who was indicted in Sept. 1914
Welland
Canal pleaded guilty to the charge on April 6 and was
sentenced by Federal Judge Cushman in this city to serve
a concurrent sentence of eighteen months imprisonment on
each of two counts of the indictment, in the penitentiary at
Atlanta, Ga., and pay a fine of $1.
for engaging in a military enterprise to destroy the
Captain Charles von Kleist, a German chemist, Karl
Schmidt, chief engineer of the North German Lloyd steamer
Frederich der Grosse, and Frederick Kerbade, William
Paradis, George Praedeland ErnstBecker, assistant engineers
of the German vessel, were convicted of bomb plotting by the
Federal Grand Jury in this city on April 2. When arraigned
before Federal Judge Van Fleet on April 6, von Kleist and
Schmidt were sentenced to serve two years imprisonment and
Leniency was shown to the
to pay a fine of $5,000 each.
other plotters, they having been sentenced to six months
imprisonment, and fines of $500 each.
Albert A. Sander, Executive Secretary of the GermanAmerican Literary Defense Committee, Charles W. Wunnenin t h e Central P owers*
berg, .who wa s assoc iated wi th hi
FUm^Exchange at 150 Nassau St., this city, and George
War
Vaux Bacon, were indicted by the Federal Grand Jury in this
city on March 2 on the charge of having violated the Federal
m
.
.
THE CHRONICLE
143
law in carrying on a militarj' enterprise against a foreign
country in violation of American neutrality. Bacon, who
had been arrested in England for espionage and who, it was
said, had been condemned to death by the British authorities ,
was brought to this country on March 14. He was turned
over to the Department of Justice and turned States' evidence
against Sander and Wunnenberg.
The latter two, when
arraigned for trial on March 21, pleaded guilty to the charge
on wliich they were indicted, and the n(!xt day were sentenced
by Judge Van Fleet in the Criminal Branch of the United
States District Court in this city to serve two years each in
the Atlanta Penitentiary and to pay a fine of .$2,500 each.
Bacon also pleaded guilty on March 26 and was sentenced by
Judge Van Fleet to serve a term of a year and one day at
Atlanta, and to pay a fine of $1
[Vol. 105.
had been
In April
iilili^icd.
As a result, 29% more bituminous coal was handled
1917 than in the same month of 1916.
Mr. Willard, the Baltimore "Sun" further says, pointed
if allowance were made for the fact that last year
there was a strike impending and that in every year except
out that
the present there
April,
May
customarily a falling off in shipments for
is
and June, the percentage
exceedingly large.
of increase is still
He
added:
hundreds of new
Moreover, there are
mines. On one road there have
been more than 100 new mines opened during the last six months, most
of which require only a car or two at a time and are on separate spurs,
requiring a great deal of extra switching.
The grain situation has also been very greatly improved there is no
grain being held at any point because of a shortage of cars.
And there is
every indication that the railroads will be "able to handle the entire crop of
decideous fruits satisfactorily.
—
RAILROADS HAULING LARGEST TONNAGE IN THEIR
Officers of the First
Minnesota Infantry, while on their
Minn., from the Mexican border on
way to Fort Snelling,
March 6, made known the fact
St. Paul, a private in Company
that Paul L. Seharfenberg of
L, First Minnesota Infantry,
on Feb. 15, was sentenced by a court-martial composed of
regular army officers to serve a term of five years in the
military prison at Fort Leavenworth, Kan., for furnishing
The
military information of the United States to<Germany.
also ruled, it is stated, that Seharfenberg, a
court-martial
native of Germany, but a naturalized American citizen,
should be dishonorably discharged from the Guard.
HISTORY.
The Railroads' War Board, under date of July 7, states
that increasingly good reports on the grain transportation
situation, together with Government figures just at hand
on the amount of bituminous coal hauled from the mines
in May, lead to the belief that through the co-operation
of railroads and shippers, real progress is being made in the
campaign inaugurated by the Railroads' War Board in April
to secure the maximum of national transportation efficiency
The Board adds:
According to figures now compiled the 82 principal coal carrying railroads
May 1917 hauled 142,157 more carloads of bituminous coal approximately 7,100,000 tons than they did in May 1916. This was an increase
of 23.8%.
The railroads hauled 739,674 carloads
May 1917, and 597,517 cars in May 1916.
Headway is being made in the effort to save the time of coal cars by quick
and prompt loading. The daily average of cars loaded with bituminous
coal each working day in May was 28,449, an increase of 23.8% over May
1916 and 8.1% over April of this year.
in
The
by the National Surety Co. for
former Secretary to Captain Franz von Papen,
ex-Military Attache of the German Embassy at Washington,
who was indicted on April 17 1916, by a Federal Grand
Jury in New York, on a charge of being implicated with others
in a military enterprise "to injure, damage, blow up, obstruct
and destroy the Welland Canal," was cancelled on Feb. 14
by Judge A. N. Hand in the Federal District Court in this city
at the request of H. Snowden Marshall, U. S. District
Attorney.
bail of $20,000 given
Wolf von
Igel,
RAILROADS NATIONALIZED FOR WAR ACCORDING
TO DANIEL WILLARD.
A
statement to the effect that the American railroads
last been nationalized for war purposes and are working as one system during the present crisis was made on the
10th inst. by Daniel Willard, Chairman of the Committee on
Transportation of the Council of National Defense. Mr.
Willard is quoted as follows:
The essence of the railroad system is that 693 railroad companies, operat-
have at
.
ing in 48 States and controlling 263,000 miles of road, are responding
admirably to central direction from the so-called war board of railway
They have responded to every suggestion made by the Council
presidents.
They have made all transfers
of National Defense through the war board.
of troops on schedule without serious disruption of regular traffic. They
have tremendously increased the supply of coal cars, the transit of grain,
and met the needs of the Government at least as promptly and effectually
as if they were under direct Government authority.
Mr. WiUard explained that last summer the railroads
worked out with Colonel Baker, of the Quartermaster Corps
of the army, a complete scheme for wartime railroad operations, and that this scheme, since elaborated and perfected,
had worked so well that "during the past two months the
railroads, though handling vastly more ton-miles than
ever before, have been constantly transporting troops in
considerable numbers without in the least interrupting regular
The regular traffic, he explained, has been larger
traffic."
than in any previous period in the history of the
probably
country, the reports for April showing that the railroads in
that month handled more than 3,000,000,000 more ton-miles
than during the same month in 1916. The Baltimore "Sun"
further quoted him as follows:
On May 1 when the railroads' war board was established there was a car
shortage of 148,627 cars. At the end of June this shortage had been decreased to 105,000 cars, though business was steadily increasing.
Beginning April 6 business activity has been greater than ever before in
America, I think. It was stimulated by the manufacture of uniforms,
clothing, materials for the building of cantonments, making of ammimiThen, too, traffic was increased by the withdrawal of many lake
tion, &c.
boats and the roads had to assume that extra burden. Boats were also
withdrawn from coast traffic and much that has been going through the
Panama Canal was turned over to the railroads. The farmers of the
country responded in fine spirit to the request of the Secretary of Agriculture
and planted 30% more land than a year ago, and called upon the railroads
to move large quantities of agricultural implements, fertilizer, seeds, &c.
Before America's entrance into the war there was serious railroad congestion, not because the railroads had broken down, but because traffic had
been extraordinarily heavy. One of the first steps of the War Board was to
request tthe railroads to give preference particularly to coal for the Government and second preference to ore. Ways were also planned to accelerate
allied shipments.
The War Board urged on the roads more attention to the full loading of
cars and the cutting down of all unnecessary delay in loading empty cars.
Statistics showed that previously only 43% of the capacity of box cars
—
—
m
ORDER OF COMMERCE COMMISSION PERMITTING
ADVANCE IN COAL RATES BY WESTERN ROADS.
An order permitting the Western railroads to file, upon
five days' notice, skeleton tariffs putting into effect an advance of 1.5 cents per ton on coal in the Western District, was
entered on July 10 by the Inter-State Commerce Commission
supplementing its findings in the petition of the railroads of
the country for a general 15% increase in freight rates.
The
order provides:
That such supplements may provide for a horizontal increase in rates to
the extent hereinbefore specified, without specifically publishing the exact
rates per ton, and without regard to the number of or the volume of the
effective supplements to the tariffs; provided, such suplements bear a
specific expiration date not more than ninety days from the effective dates
thereof, and provided further, that in using this special permission carriers
obligate themselves to file on statutory notice new tariffs to replace such
supplements.
According to the "Journal of Commerce" the above order
Western roads to take immediate advantage of
the advances allowed by the Commission in the 15% case
without delaying those benefits until it is physically possible
The Commission,
to revise and publish new detailed tariffs.
it is stated, also entered an order authorizing the roads in
will allow the
official classification territory to establish "the advanced
rates authorized by the findings of the Commission in the
15% case, and to continue the general rate relations existing
in the present rates, without observing the long and short
haid provision of the fourth section of the Act to regulate
commerce."
INCREASED RR. RATES IN EASTERN TERRITORY TO
BECOME EFFECTIVE ON JULY 16.
According to the "Journal of Commerce" of yesterday
the advance granted by the Inter-State Commerce Commission to the roads operating out of New York and other
Eastern territorj^ will become effective on July 16. The
paper in question said:
The Delaware Lackawanna & Western RR. issued its supplement on
It is issued on five days' notice and under authority of the I. C.
C. in case No. 57 of June 27 and under special permission of the PubUc
This tariff contains rates that
Service Commission of the Second District.
are higher for shorter distances than for longer distances over the same
route; such departure from the terms of the amended fourth section of the
Act to Regulate Commerce is permitted by authority of tne I. C. C, orders
F. S.No. 3723 of March 4 1914, F. S. No. 3703 of Feb. 21 1914, and F. S.
No. 3723 of March 4 1914.
Many persons were surprised yesterday when they learned that the new
rates would be effective next Monday, some believing that they would not
go into operation until October, said W. F. Storer, general freight agent
of the Universal Carloading & Distributuig Co., who called on a large
number of his customers to inform them of the situation. Mr. Storer told
his clients that the readjustment would involve a readjustment of the rates
his concern has been charging in their consolidated cars and these will be
correspondingly advanced on the day that the railroad companies advance
their rates to the Universal Carloading & Distributing Co.
Commencing Monday the class rates. New York to Chicago, will be as
Tuesday.
follows:
July
THE CHRONICLE
14 1917.]
Via Standard All-Rail Lines.
First class
90c. jF if th class
36c.
Second class
79c. [Sixth class
30c.
Third class
60c.|Rule 25
67c.
Fourth class
42c. Rule 26
48c.
The rates that have been. prevailing between
York and Chicago,
east bound, follow:
First class, 78 8-lOc.; second class, 68 3-lOc.; third
cla-ss, 52 5-lOc.; foiu-th class, 36 S-lOc; fifth class, 31 5-lOc.; sixth class,
26 3-lOc.
The Erie RR. has also issued supplements containing all changes from the
original tariff that are effective on the date mentioned.
!
New
APPLICATION OF CLASS RATES INCREASES UNDER
FREIGHT RATE DECISION.
The increase in class rates granted by the Inter-State
Commerce Commission in its decision in the application of
the railroads of the country for a 15% advance in freight
rates is held to apply to all tariffs published as class rates
Tariffs
or as specific percentages of certain class rates.
published in the form of commodity rates are excluded,
even if based on class rates. A decision to this effect was
announced by the Commission as follows on July 6:
The Commission's report in the 15% case authorizes increases in class
applying intra-torritorially within offical classification territory.
Difference of opinion as to what rates are included in class rates have
arisen.
The Commission holds that rates published as class rates or as
specific percentages of certain class rates are class rates and that rates published in the form of commodity rates and which do not automatically
change with a change in the class rates, even if the basis of making them is a
percentage of some class rate or rates, are not included in the term class
rates.
Rules 25, 26 and 28 in the official classification are regarded as
respective classes.
rates
ANSWER TO CRITICISMSOF
SAMUEL REA IN FREIGHT RATE DECISION.
CLIFFORD THORNE IN
The criticisms inade by Samuel Rea, President of the
Pennsylvania Railroad anent the conclusions of the InterState Commerce Commission in the petition of the railroads
for higher freight rates has brought from Clifford Thorne,
Luther Walter and Graddy Gary, attorneys for the National
Shippers' Conference, a statement taking exception to Mr.
Rea's contentions. Mr. Thorne and his associates argue
that "the railroads as a whole in the Eastern District last
on all their capital stock
year earned more than 10
outstanding, water and all," and that "two-thirds of the
traffic in the Eastern District is handled bj^ railroads that
H%
earned on an average more than 15% on all their capital
stock last year." The statement of the attorneys for the
shippers, given out for publication on the 9th inst., follows
in part:
Mr. Rea, Pre.sident of the Pennsylvania Railroad, has issued a public
statement bitterly criticising the action of the Commission in the Fifteen
Per Cent Case.
As a rule the Commis.sion does not take cognizance of criticisms of its
Its orders and reports speak for themselves and carry with them
action.
the reasons for their being made. As counsel for the shippers, however,
we feel that we ^ould be remi.ss in our duty to the public were we to allow
his attack to go unnoticed.
Coming from some individuals it would not
be noticed, but occupying the position he does as President of the Pennsylvania Railroad System, the largest system in the United States, the
spokesmen of the Presidents' Committee of the Eastern Railroads, he is
presumed to speak for others as well as himself. In that statement, among
other things, he says:
"I dislike to criticize any governmental decision, but the people should
know why it is impossible to provide adequate facilities^and service, which
are imperatively required for this growing country, and should understand
how unjustly the Eastern railroads are being treated."
In justice to Mr. Rea it must be assumed that he had not advised himself of the facts disclosed by the record and by the majority and minority
reports of the Commission when he issued the statement.
He quotes a
percentage of net income to book value of property which fails to account
for advances allowed to the Eastern railroads in this and related cases.
The record shows that the operating income of the Eastern carriers in
1917 has been greater per mile than in any previous year except 1916, the
latter oeing the greatest in their history, and the indications are that the
war, instead of decreashig their revenues, has largely increased and will
continue to increase such revenues in an ever increasing degree, through
increased tonnage generally, and the transportation of troops and supples.
Mr. Rea's statement is an apparent effort to shift the burden for shortcomings in transportation service, present or future, to the refusal of the
Commission to approve all the increases in rates demanded by the carriers.
He overlooks the fact, however, that there are serious questions
of management that might require consideration if this issue were presented.
Moreover, as stated in the opinion by Mr. McChord: "It is
admitted by the carriers that they do not seek the increase in freight rates
for the purpose of purchasing additional equipment, motive power, or
extension of terminals."
Mr. Rea is the last man in the United States who should have issued a
statement attacking the Commission's decision on the ground of inadequate funds.
The record in this case shows: that Mr. Rea admitted that 6% is a reasonable dividend on a railroad stock; that during the past ten years the
Pennsylvania Railroad has paid this amount every year; tha,; in addition
to this the public has given the Pennsylvania a termendous .surplus out of
which this company has increased its property by more than .$200,000,000.
During these ten years the owners of this property have invested only
8100,000,000.
Mr. Rea says he wants more money to buy equipment. On the stand
he was asked if he could name any companyin any line of business in America that had a better credit than the Pennsylvania and he could not name
one solitary company.
Mr. Rea speaks about inadequate credit. And yet he was asked -to
name one instance when he had ever had any trouble in disposing of any
stocks or bonds at a reasonable price, and he could not name one.
143
as'aVhole.inithelEastern District last year earned more
all their capital stock outstanding, water and all.
This
figure is indisputable.
The railroads themselves proved it. Two-thirds
of the traffic in the Eastern District is handled by railroads that earned on
an average more than 15% on all their capital stock last year. There is no
question about that figure because it is compiled^rom their own exhibits
iiijThe railroads
10H%
than
on
in this case.
CREATION OF CAR SERVICE DIVISION BY COMMERCE
COMMISSION.
The creation of a division of car service to deal with the
movement, distribution, exchange and intercharge and
return of freight cars was announced by the Inter-State
Commerce'lCommission on July 12. E. H. De Groot Jr.,
recently
Superintendent of Transportation of the
Eastern lUinois RR. Co., and now in the employ
of the Inter-State Commerce Commission, has been appointed chief of the new division, and will be assisted by
A. G. Gutheim, attorney-examiner of the Inter-State Commerce Commission. The services of H. C. Barlow, Chairman of the Executive Committee of the National Industrial
Traffic League, has also been temporarily secured.
Through
this division the Commission will regulate car service throughout the country through direct orders to the carriers, with
the purpose of dealing with car shortage and seeing that
troops, war materials, and necessary supplies are moved
promptly. The creation of the new division, which is the
until
Chicago
&
definite Government step for permanent supervision
over traffic movements, is iil accordance with the Car
Service Act, approved May 29, amending the Act to Regulate
Commerce. A statement issued y^ the Commission with
regard to the new division, says:
The Inter-State Commerce Commission through this division will regu-
first
late car service throughout the United States, and, where occasion requires,
orders or directions of the Inter-State Commerce Commission will issue
under the Car Service Act direct to the carrier or carriers concerned.
Subject to this fundamental principle, the division of car service will, as
far as practicable, avail itself of co-operative effort on the part of the
carriers, commission on car service, now located in Washington.
This
latter body consists of seven members, all superintendents of transportation
of different railroads, which territorially cover practically the entire United
States.
The Commission on Car Service has a large force of assistants
under its control
Washington and in the field.
Complaints and communications regarding car service received by the
Inter-State Commerce Commission will be handled through the new
division.
The field service will be developed as occasion may require.
It is expected that shippers and receivers of freight wiU to the fullest extent
aid in promoting car service l>y promptly loading and unloading carload
shipments; by capacity loading, where possible, regardless of carload
minima; by readily adapting themselves to such modifications in the handling of less than car-load shipments as may be found necessary, and by
hearty co-operation in the other methods which have been or may be
devised to meet the transportation problems confronting the country.
The Commission is advised that the carriers have appointed legal car
service committees at some twenty-five points throughout the country,
and that the National Industrial Traffic League has appointed similar
committees of shippers at the same points, the aim being to secure harmony
and co-operation between shippers and carriers. The Commission suggests that these committees should meet jointly, where necessary, to adjust
local affairs.
Any irreconciable differences which arise may be referred
to the carriers' commission on car service or to the division of car service of
the Inter-State Commeixe Commission for adjustment.
m
NEWLY ENACTED LEGISLATION GOVERNING CAR
SERVICE.
The bill amending the Inter-State Commerce Act, so as
to empower the Inter-State Commerce Commission to
establish rules and regulations governing the movesment,
exchange, interchange and return of cars used
was approved by President
Wilson and became a law on May 29. The special Committee on Relations of Railway Operation to Legislation
points out that the original bill required all rules for .the
handling of cars to be filed by carriers with the Inter-State
Commerce Commission as tariffs. Under the bill as enacted
it is not necessary to file these rules except when an order
Attention is
to that effect is issued by the Commission.
also called to the fact that the newly enacted legislation is
not connected with any other section except the one which
it amends (section 1), and that the penalties applying to
other sections of the Act do not apply to the provisions
The text of the new Act is as follows:
relating to car service.
distribution,,
in Inter-State transportation,
|H. R. 328.]
entitled "An Act to regulate commerce," as
amended, in respect of car service, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United Stales
of America in Congress assembled, That section one of the Act entitled "An
An Act
to
amend an Act
Act to regulate commerce," approved February 24 1887, as heretofore
amended, is further amended by adding thereto the following:
The term "car service" as used in this Act shall Include the movement,
distribution, exchange, interchange and return of cars used in the transportation of property by any carrier subject to the provisions of this Act.
It shall be the duty of overysuch carrier to establLsh. observe and enforce
just and reasonable rules, regulations and practices with respect to car
service, and every unjust and unreasonable rule, regulation and practice
with respect to car service is prohibited and declared to be unlawful.
The Inter-State Commerce Commission is hereby authorized by general
or special orders to require
all
carriers subject to the provisions of the Act,
THE CHRONICLE
144
any of them, to file with it from time to tlmo their i-ules and regulations
with rospoct to car service, and t)io Commission may, in its discretion,
direct that the said rules and regulations shall be incorporated in their
schedules showing rates, fares and charges for transportation and be subor
of tiie provisions of the Act relating thereto.
The Commiission shall, after hearing, on a complaint, or upon its own
Initiative without complaint, establish reasonable rules, regulations and
practices with respect to car service, including the classification of cars,
compensation to bo paid for the use of any car not owned by any such
common carrier and the penalties or other sanctions for non-observanco
ject to
any or
all
of sucli rules.
Whenever the Commission shall bo of opinion that necessity exists for
Immediate action with respect to the supply or use of cars for transportation
of property, the Commission shall have, and it is hereby given, authority,
either upon complaint or upon its own initiative without complaint, at
once, if it so orders, without answer or other formal pleading by the interested carrier or carriers, and with or without notice, hearing or the making
or filing of a report, according as the Commission may determine, to suspend
the operation of any or all rules, regulations or practices then estaijlished
with respect to car service for such time as may be determined by the
Commission, and also authority to mal<e such just and reasonable directions with respect to car service during such time as in its opinion will
best promote car service in the interest of the public and the commerce
of the people.
The directions of the Commission as to car service may be made through
and by such agents or agencies as the Commission shall designate and
appoint for that purpose.
In case of failure or refusal on the part of any carrier, receiver or trustee
to comply with any direction or order with respect to car service, such
carrier, receiver or trustee shall be liable to a penalty of not less than $100
nor more than $500 for each such offense and $50 for each and every day
of the continuance of such offense, which shall accrue to the United States
and may be recovered in a civil action brought by the United States.
Approved, May 29 1917.
BOURSE URGES APPROVAL OF PENNSYLVANIA
BILL SUSPENDING "FULL CREW LAW.
The Philadelphia Bourse sent to Governor Brumbaugh on
July 10 a telegram urging his approval of the bill recently
passed by the Pennsylvania Legislature, which provides for
the suspension of the "Full Crew" Law for the duration of
the war. Previously the Bourse had sent to the Governor
a memorial which set forth that "in this period of national
emergency and shortage of labor due to war conditions and
other causes it is of the utmost importance that every man
not imperatively needed for service by his present employer
for the work in which he is now engaged and who in the
judgment of his employer can be spared from such work should
be released for other useful service." The Philadelphia
commercial body also held that the temporary suspension
of the Pennsylvania "Full Crew" Law, of June 19 1911,
would "be of great value to the nation" and asked for "the
suspension of the operation of the Act during such period as
our country may be engaged in war and until six months after
'the termination of such war."
FOltKlUN HOLDINGS
Common
Resolutions in which it declared itself in favor of "an
immediate general and democratic peace, including no
forcible annexation of territory and no punitive indemnities
were adopted on July 8 by the American Conference for
Democracy and Terms of Peace after a two days' session at
Chicago. The resolutions follow:
1. The conference favors an immediate general and democratic peace,
including no forcible annexation of territory and no punitive indemnities.
2. We lurge Congress to announce its war aims on the above principles.
We demand this country shall not war for territorial and Imperialistic
ambitions of other countries.
3. We shall oppose abuse of censorship of newspapers and interference
with their distribution by the Postal Department. We demand private
mail shall not be tampered with. Secret diplomacy must be abolished.
4. We pledge ourselves to work for the repeal of laws for compulsory
military service and to oppose the enactment of such laws in the future.
5. We call upon the working people to insist where women take the place
of men they should receive men's wages.
EUROPEAN HOLDINGS OF U. S. STEEL CORPORATION
SHOW FURTHER DECLINE.
Decreases in the foreign holdings of the shares of the
United States Steel Corporation are still in progress, though
the return movement to the United States is now on a greatly
reduced scale. The corporation's records as of June 30 1917,
which we give below, show that 12,996 shares of common
stock and 9,531 shares of preferred stock were returned to
this country in the three months from April 1 to June 30.
Aggregate foreign holdings on March 31 1914 the period
of both common
just preceding the outbreak of the war
preferred were 1,597,947 shares, as against only 623,568
and
shares now, showing a reduction of approximately 61% in
the foreign holdings of both classes of stock in the three years.
In other words, in these three years stock to the par value of
The most
$97 ,437 ,900 has been resold to the United States
declines in the common share holdings occurred in
notable
those of owners residing in England, France and Holland.
Below we furnish a detailed statement of the foreign holdings at various dates during the last three years.
—
—
.
June
OX-
SHAKES OF
U. S.
STEE LCOKPO KATION.
Mar. 31 Dec. 31 Dec. 31
.30
Mar. 31
5
Dec. 31
1914.
2
1.50
—
Stock
340
290
1917.
1917.
1916.
1915.
23
23
15
Africa
Algeria
Argentina
Au.stralia
Austria-Hungary..
HelKium
Uerinuda
Brazil
British India
Canada
Central America
Chile
China.
England
France
Germany.
34
29
472
2,625
.95
7
33
36,064
24
73
...176,307
29,982
628
34
23
34
23
472
2,625
95
472
2,625
95
7
7
Holland.
Ireland.
Italy
...:
75
154
Norway
20
8
9
3
29
24
39.777 31.662
78
78
235
24
18
11
63
10
13
188,146 192.250 355.088
30,420 34,328 50,193
628
628
1,178
75
140
32
75
140
20
75
250
20
1
17
15
54.259
42.390
273
382
8
7
13
9
801.497
68,269
2,151
100
357,293
2.491
156
5
710,621
64,537
2,664
100
342,645
2,991
146
5
75
300
70
403
510
64
482
510
68
1,447
1.512
1.512
10
35
35
2,604
2,990
Total
Preferred Stock
— 481,342 494,338
Argentina
Australia
Austria-Hungary
Azores
Belgium
Bermuda
Brazil
British India
Canada
..
623
593
1,800
502,632 696,631 1,193,064 1,285.636
44
339
25
84
357
23
50
30
140
339
25
84
354
35,962
53
23
50
35,876
33
23
50
30
140
140
39.604
26,327
935
38
25,274
525
..
2,023
61
15
405
46,467
26,963
935
38
25.284
786
2,098
61
15
50,429
27,863
935
38
25,384
826
2,185
61
15
405
16
Luxemburg
Malta
Mexico
Morocco
Norway
31
6
37
75
18
11
17
484
484
316
2,086
697
21
31
81
34,673
146
12
42
689
4
22
80
35,548
40
140
174,906
36,749
3,252
38
29,000
4,119
40
140
181.045
35,643
3,541
38
28,860
3,954
1,678
81
1,718
405
235
405
269
16
119
36,453
237
24
57
30
140
40
147,453
32,524
16
29
Italy
Japan
58
75
403
3,483
120
341
25
405
16
31
6
Denmark
Egypt
Germany..
55
75
339
25
82
354
30
China
Colombia
16
1,872
105
24
379
3,683
120
3,683
120
1
1,470
315
44
34,891
Greece
Holland
13
1,267
16
1,568
105
24
Central America
Chile
England.
France
800
45
105
24
370
3,683
379
4,208
1,225
3,435
,952
9
Africa
Algeria
190
10
3,708
1,325
36
535
16
10
Turkey
Uruguay
Wales
West Indies.
75
25
60
3
740
510
64
Switzerland
1.330
38
26,494
3.929
2.148
61
15
4 5
16
.
149
3
43
81
7
6
Peru
7
27
17
5
27
5
120
40
13,253
6
7
7
7
367
220
750
674
220
720
734
220
710
12,256
120
43
13,747
220
421
220
432
220
622
1,136
2,923
100
29
1,188
1,136
2,963
100
29
1,388
1,136
3,043
100
45
1,952
1,130
2,695
100
788
863
1,137
2,617
100
1,068
874
1.137
2,556
100
532
501
142,226 151.757 156,412 274,588
Portugal
Russia
Scotland
Serbia
Spain
309,457
312,311
'""33
Sweden
Switzerland
Turkey
Wales
West Indies
Total
COMMON.
Mar. 31 1914
June 30 1914
Dec.
Dec.
40
18
17
10
Sweden
—
1,339
46
190
Portugal
Russia
Scotland
Spain
Date
690
23
648
3,509
2,639
95
7
24
38.011
1
Peru
1
23
229,195 231,745 234.365 238,617
29
484
914
1.730
277
279
279
280
Japan
Malta
Mexico
1914.
38
532
Gibraltar
Ireland
DECLARA TION OF CHICAGO CONFERENCE FOR PEACE.
[Vol. 105.
31 1914
31 1915
Mar. 31 1916
Sept. 30 1916
Dec. 31 1916
Mar. 31 1917
June 30 1917
Shares. PerCent.
1,285,636 25.29
1,274,247 25.07
1,193,064 23.47
669,631 13.70
634,469 12.48
537,809 10.58
9.89
502.632
9.72
494,338
9.45
481,342
Date
—
PREFERRED.
Shares. PerCent.
Mar. 31 1914
June 30 1914
Dec.
Dec.
31
31
Mar. 31
Sept. 30
Dec. 31
Mar. 31
June 30
1914
1915
1916
1916
1916
1917
1917
GOVERNMENT AGENTS DISCOVER PLOTS
GREAT LAKES SHIPPING.
312,311
312,832
309,457
274,588
262,091
171.096
156.412
151.757
142,226
TO
8.67
8.68
8.59
7.62
7.27
4.75
4.34
4.21
3.94
HINDER
existence of a conspiracy to destroy or hinder shipping
the Great Lakes and thereby delay organization of
The
on
American armies and check the flow of food and munitions
material from the Western States to the Atlantic Coast, is
said to have been disclosed as a result of secret investigation
by Government agents. Press dispatches from Washington
on July 2 announcing this said:
No conspirators have been captured and the identity of none has been
public, but it was learned to-day that the State, Navy and Justice
departments are co-operating to bring the offenders to punishment, and
that the Canadian Government probably will be called upon to help.
This plot, engineered by Germans assisted by sympathizing American
"accicitizens, is beUeved to have been responsible for the succession of
dents" tolLake shipping, especially in the neighborhood of the Sault Ste.
made
JULY
THE CHRONICLE
14 1917.]
Marie Canal, which began about a month ago. The steamers Saxonia and
Pentecost Mitchell were sunk at the mouth of the Soo River with the
evident Intention of blocking the channel. Then there was the sinlcing
of the steamer Venetian Maid in the Detroit River, with the loss of one life,
and later came an attempt to dynamite the steamer Machinac. The
Kasaga II was blown up and burned and the Jay Dee III and the Niagara
had their machinery wrecked.
All of these vessels had been or were about to be taken over by the Navy
Department, and the investigations of the Department of Justice and the
Navy Department have tended to the conclusion that what were believed
to have been accidents were the acts of conspirators seeking to hamper the
Government in the prosecution of the war.
Just how much the Government agents have learned is not revealed, but
officials have concluded that the public should know of the situation in a
general way, believing that publicity may make the opei-ations of the
Germans more
difficult or impossible.
Co-operation of the Canadian authorities is needed to run down the
criminals, because the scene of their activities for the most part lies within
the northern boundary waters, where fugitives from justice can often escape
To avoid the delays incident to the employarrest by crossing the line.
ment of the usual means of laying hold of fugitives from justice by the tedious process of extradition, it is probable that by agreement between the
American and Canadian Governments law officers on either side will be
authorized to follow their quarry across the international hne.
The official investigation has made it certain that some of the acts of
sabotage committed upon American shipping and misplacement of channel
buoys and tampering with canal locks have been done by persons who
found refuge when pm-sued behind the numerous islands and in the narrow
waterways on the Canadian side of the boundary.
RESIGNATIONS
OF
MINISTERIAL
OFFICERS
IN
GERMANY.
A crisis in the affairs of the German Government seemingly
From what
reached an acute stage. this week.
necessarily of
an
unofficial nature, has
information,
come through
cables,
was indicated on the 11th inst. that Foreign Minister
Zimmermann and Vice-Chancellor Helfferich had resigned,
that Maximilian Harden's publication, "Die Zukunft," had
been suppressed for the remainder of the war this according
to the Berlin "Tageblatt,"
that Herr Harden had been
"mobilized" under the Auxiliary Civil Service law and
would be employed as a military clerk. Added to these
have come reports later in the week that the entire German
Cabinet with Imperial Chancellor von Bethmann-Hollweg
would resign. These reports, which came from Amsterdam
on the 12th inst., were coupled with the statement that the
main committee of the Reichstag had refused to vote a war
credit unless the Government declared its policy regarding
peace and reform, which, reports had it, the Government
it
—
—
declined to do. Press dispatches last night stated that
advices had reached Washington announcing the
resignation of the Chancellor and the Cabinet. The Amsterdam dispatches last night said that the Chancellorship had
been offered to Count von Hertling, the Bavarian Premier,
who refused it, pleading advanced age and ill-health. The
"Vossische Zeitung" and "Lokal Anzeiger," both of Berlin,
are said to agree in stating that the Chancellor resigned owing
to a letter from the Centre or Clerical Party declaring that
the conclusion of a peace would be rendered more difficult if
he retained his office.
telegram from Berlin to Berne on the 12th stated that it
was the intervention of the Crown Prince that caused the
Chancellor to tender his resignation
An official communication issued in Berlin on the 12th said Emperor William
expressed the opinion that the political and constitutional
reforms demanded by the Reichstag are such that they
concern not merely himself, but his successor, inasmuch as
they would be permanent. For this reason the Emperor
summoned the Crown Prince to attend one or more Crown
Councils, at which final decision regarding the extent to
which the Crown and the Government would make concessions to the Reichstag will be reached.
The text of the following decree for franchise reforms,
directed to the President of the State Ministry by Emperor
WiUiam, was made public here late yesterday:
official
A
.
Upon
the report of my State Ministry, made to me in obedience to my
decree of April 7 of the current year, I herewith decide to order a supplement to the same, that the draft of the bill dealing with the alteration of
the electoral law for the House of Deputies, which is to be submitted to
the Diet of the Monarchy for decision, is to be drawn upon the basis of
equal franchise.
The bill is to be submitted in any case early enough that the next elections may take place according to the new franchise.
I charge you to make
all necessary arrangements for this uprpose.
(Signed)
(Countersigned)
WILLIAM.
BETHMANN-HOLLWEG.
According to Copenhagen advices yesterday, the Berlin
"Lokal Anzeiger" says a communication from the AustroHungarian Government has been received in Berlin declaring
von Bethmann-HoUweg's continuance in office as
Chancellor is of importance, and his retirement possibly a
that Dr.
fatal mistake.
"Die Zukunft," suppressed this week, had previously
been temporarily suppressed on JiUy 6 because of its
145
the "Norddeutsche Allgemeine Zeitung's"
statement on the Grimm-Hoffmann affair which resulted
in the resignation of Dr. Hoffmann as a Swiss Federal
Councillor, and the expulsion of Robert Grimm, the Swiss
International Socialist, from Russia, after the exposm-e
of the recent peace manoeuvre.
"Die Zukunft" ridiculed
the newspaper's humanitarian pose, and said the aims of
Germany's enemies were, among other things, the creation
of a situation which would remove the decision of peace or
war from the will of one mortal and place it in the hands of
the community.
The resignations of the Vice-Ghancellor and Foreign
Minister were accepted at a session of the Crown Council
on the 9th inst. which lasted until 1 a. m. on the 10th, according to a Berlin telegram to Amsterdam, in which it was
stated that the Imperial Chancellor had decided to offer
the vacant Ministerial port folios to leaders of the Reichstag and Prussian diets.
It was fiu-ther stated that "an
Imperial Ministry of Labor will be created under the Socialists Herbert (?) or David."
Concerning the Imperial
Chancellor, the "Tageblatt" is said to have stated that
the Crown Council developed an almost irreconcilable
difference of opinion between the Chancellor and the majority of the Prussian Ministei's on questions of internal
political reforms.
The incidents of the week followed
the reconvening of the War Committee of the Reichstag
on the 6th inst. The opening session was marked by a
speech by the President, who said that the war continued
to rage and remarked upon what a "shocking amount
of misery and distress would "be spared the world if Germany's enemies had agreed to the magnanimous peace
offer of Emperor William and his allies to find a peace which
would preserve the honor and the interests of all nations.
The Reichstag's President, an Amsterdam dispatch added,
declared that the war aims of Germany's enemies meant
the disruption and destruction of Germany and her AUies,
but that against this existed the unanimous duty to resist
with all their power and defend Germany's future, cost what
it might.
At Sunday's audience (the 8th) the Emperor
is said to have expressed confidence in the Imperial Chancellor and approved the latter's course on the 7th in opposing the Reichstag demand to commit Germany to peace
without annexations or indemnities. The Chancellor in
his speech to the Reichstag this week was reported by the
Berlin newspapers, it was learned through cable advices
from Berne, Switzerland, to have said:
criticism
of
I repeat that the
us.
formula ofpeace without annexations is imacceptable to
We cannot declare our terms of peace. We must fight and conquer.
According to the summary of the Chancellor's speech,
published in the "Lokal Anzeiger," he said:
We
must continue the war with our whole
energies.
I do not deny that
great difficulties to overcome, but so have our enemies. We shall
see whether their difficulties or ours are greater.
I am sure we can win if we hold out.Nothing was further from my intention than to cling to my post, but
now it is a question of protecting the Fatherland from injury, and for this
reason I consider it necessary to retain -my post.
we have
The Chancellor is also said to have made a strong attack
on Mathias Erzberger, leader of the Catholic Centre, who
Pan-Germans in his address before the Main
Committee on July 7 and advocated peace without annexations or indemnities.
Dr. von Bethmann HoUweg asserted
that Erzberger's attitude was unpatriotic.
From London on the 9th it was announced that a Berlin
assailed the
dispatch to the
Hamburg "Fremdenblatt"
stated that the
entire Clerical Party in the Reichstag, with the exception of
three members, voted on the 7th
by Erzberger.
to support the stand taken
In the Berlin dispatches of the 7th the Erzberger speech
was
referred to as follows:
Mathias Erzberger, a prominent representative of the Clerical Centre,
made a
sensational speech in the secret session of the committee, attacking
the Admu-alty and Pan-Germans as the great obstacles to peace and advocating peace without annexations or indemnities and the introduction
of Parliamentarianism.
Herr Erzberger, however, did not speak in behalf
of his party, which would have meant that the Imperial Chancellor, Dr.
von Bethmann Hollweg, faced a hostile majority in the Parliament, and Dr.
I'eter Spahn, President of the Clerical Party and its floor leader, hastened
to declare that the party as yet had taken no decision on the subjects raised
in. Herr Erzberger's speech.
Chancellor von Bethmann Hollweg the following day could therefore
venture a flat refusal to commit himself to the program of peace without
annexations or indemnities and to ambiguous declarations on the internal
reform policy.
The summoning
of the
Crown Council by
the
Emperor
was in itself a momentous incident. An Exchange Telegraph dispatch in referring to the fact that the German public was uneasy regarding the absence of news as to the
decisions of the Crown Council which the Emperor held on
the 9th, added that "Only in times of greatest stress are
.
THE CHRONICLE
146
such meetings held." Other advices from the same source
stated that the meeting of the Crown Council on the 9th
lasted three hours, being one of the longest on record since
July 1914, when Emperor William signed the mobilization
order that preceded the declaration of war.
Concerning the comments of Maximilian Harden on
Peace, as set out in his "Die Zukunft," the New York
"Times" in a special cable on July 1 printed the following:
A dispatch to '"Tho Chronicle" from Amsterdam says that in the latest
number of "Die Zuliunft" Maximilian Harden expressed himself in an extremely pessimistic tone with regard to the general situation, especially
concerning Russia. He writes:
"Only a miracle can bestow an early peace upon us. Either our enemies
must be smashed up or Germany's aspirations must find unity with those
of a majority of the world.
Only the second miracle can be accomplished
by human strength.
"The goal of our enemies is democracy and independence for every race
ripe for freedom, a real and not sham reduction of armaments, and a court
of justice before which all who are suspected of being responsible in greater
or less degree for the outbreak of war must present themselves. They
aim at a condition which will give weapons to right against the arrogance
of force, a state of affairs which will threaten with peril any enterprise of
attack, and whicii will remove from one mortal man the decision whether
peace shall prevail or war shall come, and deprive him of the power to impose that decision on the people. They aim at preserving the prerogatives
of all countries as jealously as socialism, already recognized by the State,
protects the prerogatives of individuals.
"If Germany sees blazing over that goal the great celestial sign of the
is reachable to-morrow.
Over all other questions agreebe achieved easily, but if that condition of things for which millions of people sigh, appears to her to be ignominious, then she must fight
on until one group conquers, and the other falls in exhaustion. The people
alone can be responsible for what is to come, but the spirit of statesmanship, before they make their choice, must light the path for them."
times, then peace
ment
will
King Constantine dissolved. M. Jonnart, Diplomatic Representative of the Allies, demanded the assembling of this
Parliament, in which M. Venizelos had a majority. In
resigning, M. Zaimis, is said to have announced that King
Alexander was willing to comply with all the demands of the
Entente. M. Venizelos arrived at Athens on June 26.
The new Ministry is made up as follows:
War — M. Venizelos.
— M. Repoulies.
Minister of
— M. Tsirimokos.
Minister of Foreign Affairs — M.
Minister of Marine— Admiral P. CoundouriotLs.
Minister of Finance — M. Michsalacopoudos.
Minister of Agriculture — M. Negropontes.
Minister of Communications — M. Papanastasion.
Minister of Education — M. Dingas.
Minister of Food Supplies — M. Embirkos.
Minister of Relief for Refugees — M. Simos.
Premier and Minister of
Minister of the Interior
.Justice
I'olitis.
that liberty of opinion will be a cardinal prinof Premier Venizelos.
Officials opposed to the Premier and who have observed a passive attitude and fulfilled their duties will retain their positions.
Officials, however, who have interfered in party politics and have taken advantage of their positions to further
the anti-Liberal cause, will be dismissed and prosecuted.
Criminal prosecutions will be instituted against the persons
responsible for the events of last December, when Greek
troops fired on a French landing party in Athens. Even
Cabinet Ministers will not be immune. Proceedings also
will be taken against Cabinet Ministers and officials holding office since February, 1915, who violated the constituIt is stated
ciple of the
new Government
tion.
RESTRICTIONS AFFECTING AMERICANS IN
GERMANY REMOVED.
According to advices from Berlin, via London, on July 5,
virtually all restrictions and regulations to whichAmerican
citizens resident in Germany have been subjected are removed
through an agreement between the German Foreign Office
and the military and police authorities. The cables state:
The agreement exempts citizens of the United States from reporting to
the police and from observing the hours fixed for outdoor movements.
citizens hereafter will be permitted to travel about Germany
without being called upon to go through the laborious and slow-moving
routine attached to the issuance of travel permits.
The new agreement
virtually places Americans on the same footing as neutrals, only such persons as may be under suspicion being excluded from the new privileges.
American
Premier Venizelos, in his speech to the Crown after taking
the oath of office on June 29, said that the place of Greece
was beside democracy. The nation was struggling for freedom of the world against the two Central Powers with whom
Greece's hereditary enemies were allied. He added:
We realize that unless we drive the Bulgarians from Eastern Macedonia
Bothat part of Greek territory will always be exposed to great danger.
however, thinking of mobilizing that part of Greece which has not
shared in our movement, we must vitalize its milit?.ry organization, which
has fallen into such decay, and bring about a fusion of the two armies. In
brotherly co-operation, therefore, we shall now call out the untrained classes
of 1916 and 1917.
fore,
An Athens dispatch on June 29 announced that the Greek
Government had broken diplomatic relations with Germany,
Austria-Hungary, Bulgaria and Turke3^ Though Avar had
CROP REPORTS IN GERMANY.
not yet been declared, the Greek Government, it was said,
4t the Reichstag session on the 11th, Herr von Batocki, considers that a state of war exists. The rupture of diplothe Food Controller, according to cable advices from Copen- matic relations between Greece and Austria-Hungary was
hagen based on Berlin newspaper reports, declared that the preceded by a statement which the Greek Minister at Vienna
fruit and vegetable harvest was far below the average. handed the Foreign Office on Jime 30, which read:
The outlook for grain production was characterized as being
Now that unity has been restored between the two parties which have
"as good as in 1915," which was a year of great drought and hitherto divided Greece into two camps, and the Greek troops are
fighting on the Macedonian front, the Government of Greece sees itself
a miserable grain harvest and potato crop. The yield, the obliged to break diplomatic relations with Austria-Hunga^J^
The MinisController said, would be "surely better than the serious ter then asked for his passports. He said the Greek interests would be
crop failure of 1916." Herr von Batocki is said to have ex- entrusted to the Dutch Legation.
A report from Amsterdam quotes the "North German
pressed the hope that late vegetables would show an improveGazette" as saying that the Greek Charge d'Affaires at
ment. The report which the semi-official Wolff Bureau
Berlin handed the German Government a statement similar
telegraphed to the provincial press converts the Controller's
to that delivered to the Austrian Government at Vienna,
"good as 1915" into an unqualified
"good."
SEPARATE GOVERNMENTS OF GREECE UNITED.
The Provisional Government of Greece, which was established at Saloniki nine months ago by Premier Venizelos and
his followers, was merged on June 30 into the legal Government of United Greece. The officials of the Provisional Government have
left Saloniki for Athens.
Saloniki,
stated, thus returns to normal conditions.
It was also
it
is
made
known on June 30
that Greek steamship companies had announced the resumption of service between Saloniki and
other Greek ports. On the 1st inst. it was announced that
an agreement had been reached whereby the French will
return to Greece the vessels of the Greek light flotilla stationed
at Salamis, ten miles west of Athens.
Following the re3ignation on June 25 of the Greek Cabinet,
headed by Alexander Zaimis, the new Greek Ministry, headed
by Eleutherios Venizelos, took the oath of office on June 27.
Venizelos succeeds was appointed Prime
Zaimis whom
Minister by King Constantine I shortly before the latter's abdication on June 12. With the resignation of M. Zaimis, adJonnart the
vices were conveyed by King Alexander to
High Commissioner representing France, Great Britain and
Russia, that Premier Venizelos would be asked to form a new
Cabinet It is stated that the resignation of Premier Zaimis was
occasioned by his decision that he could not assume responsibility for convocation of the Parliament of May 31 1915, which
M
.
,
M
.
,
M
.
.
,
notifying the Foreign Office that Greece felt herself obliged
to break diplomatic relations with Germany
An .Amsterdam dispatch of June 25, stated that according
to the Berlin "Lokal Anzeiger", ex-King Constantine, who
recently arrived at Lugano, Switzerland, has bought the
Chateau Chartreuse, near Thun, Switzerland, belonging to
the German Baron von Gedlitz.
According to plans outlined by Charles C. A. Jonnart, the
High Commissioner in Greece representing the Allies, the
Greek Army is to be increased from three to ten diAdsions
(approximately 200,000 men) the recruiting and complete
equipment of which will be finished within four months.
In an interview with The Associated Press at Rome on the
11th inst. M. Jonnart gave an outline of the proposed constructive measm-es and the part which the United States
would have in reconstruction of Greece on a strong basis.
The press dispatches report him as saying:
Now that the transition from the old regime is accomplished we shall
proceed at once to the important week of reconstruction. One of the first
measures in that direction will be complete reorganization of the Greek
army so as to make it worthy of the country and a real factor in the situattion.
It is proposed to Increase the present strength of the army, amounting
Venizelos and our military advisers
to three divisions, to ten divisions.
are confident that this increase and the complete equipment of the army
can be carried out so as to place a full force of men in the Greek divisions in
the next four months.
Concerning recruiting, there can be no doubt. This will remain wholly
with M. Venizelos and the Greeks. In the matter of munitions, heavy
artillery and other supplies and equipment the co-operation of France and
M
.
j
J
FLY
THE CHRONICLE
14 1917.
Great Britain will be required. Our military advisers who accompany me
have exact details in regard to just what this equipment must be in order
to make the new Greek divisions thoroughly effective, and I am confident
The
this branch of the reconstructive work will be carried out rapidly.
army is being reorganized on a most efficient basis.
After being torn by internal dissensions for the last two years, Greece
finds her financial resources sadly depleted, and she needs and expects
friendly co-operation and assistance of those great Powers which wish to
see the smaller nations placed on a fu-m and enduring foundation.
Great Britain and France may be depended on for the army reorganization, and in the same way we shall hope to have the powerful assistance of
the United States in realizing effective reorganization of the civil branch^
America's co-operation will be a most precious factor.
M. Jonnart next outlined important constitutional and parliamentary
reforms which it is proposed to carry out.
"The constitutional reforms have now been actually drawn up," he said.
"The constitution will settle the question concerning the abdication of the
former King and his eldest son and the succession of Alexander by making
it clear and specific that this abdication and succession were effective and
permanent."
M.
Jonnart was to proceed from
Rome
their
where he
Powers at
to Paris,
will lay before the representatives of the Allied
forthcoming conference the results of his work in Greece.
FRENCH EMBARGO ON
SILK.
A
cable from the American Consul-General at Paris announcing the prohibition of silk exports by the French
Government was printed as follows in the Official Bulletin
of July 2; we quote it below:
Decree of June 22, published to-day, prohibits export, &c., from to-day
aU kinds of silk and silk goods made up or not. The decree is subject to
usual exceptions.
RETURN TO
FRANCE OF ITALIAN AIISSION TO
UNITED STATES.
The announcement of the arrival in France of the Prince
Udine and other members of the Italian Mission to the
United States was made known in cables from Paris on
July 11. The party, which arrived in the United States in
May, left this country secretly on June 30. News of their
movements had been guarded by Government officials and
of
the newspapers to insure the party's protection against
enemy plotters in this country or undersea boats on the
Atlantic.
Similar precautions were taken for the British
and French Missions.
William Marconi is the only member of the Mission remaining in this country. He expects to spend several weeks
in New York attending to needs of the Italian Government
and private business. A number of Mission attaches also
were left behind to carry out details of the co-operative war
program between Italy and the United States. The Italian
Mission made a tour of several American cities while in the
United States, including New York, and during its stay here
worked out plans by which the United States will supply
food, iron
and coal
to Italy,
and made arrangements
for
conserving ocean tonnage.
In stating to a representative of the "France de Bordeaux" that the visit of his mission to the United States had
been an entire success, the Prince of Udine added:
I am m a hurry to resume command of my torpedo boat destroyer, but
am glad to have been Intrusted with the mission of carrying to the American people the homage of Italy, as Marshal Joffre and M. Viviani carried
that of France.
Heart-to-heart talks amon^ the Allies are necessary.
147
on the part of the United States, a loan of $2,000,000,000 if
Austria would withdraw from the war, and that the offer had
been decline4. In answer he said: "This is the first time
I have heard of any such proposal and there is not a word
of truth in it."
Ambassador Elkus was formally greeted by Mayor Mitchel
and a committee of citizens, headed by George W. Wickersham, on July 5. A detail of mounted police assembled at
Mr. Elkus's law office at 111 Broadway, and with members
of the Mayor's reception committee, escorted Mr. Elkus
There he was greeted by the Mayor, who
to the City Hall.
on behalf of the Ambassador's fellow citizens complimented
him on his distinguished service while in Turkey and on his
recovery from his illness. Mr. Wickersham, as head of the
reception committee, also made a few remarks of welcome.
In reply to the welcome from the Mayor and Mr. Wicker-
sham, Mr. Elkus said in part:
I suppose you would like to hear something about Turkey, the land to
which I was accredited, and of the events which occurred there. Under
diplomatic usage I am prohibited, of com-se, from speaking as freely as I
might elect to do of things and events there. My life was a busy one. I
represented the interests of ten different countries, beginning with Great
Britain and ending with Montenegro. When a British subject was not in
trouble m any one day there usually was to be found some innocent Albanian or Montenegrin pleading for the assistance of the American Government, and I can truthfully say that that was never refused.
America and Americans are much appreciated and much prized in that
country because of the great generosity shown by the American people in
feeding and succoring the poor and the sick regardless of race or creed. As
a large part of the money sent to Turkey came through me and most of it
was expended with my advice or assistance, it is not Inopportune to say a
word as to how this was expended. Money was given to many poor
people in the shape of a daily allowance, but this was found inadequate,
and to meet the situation a number of soup kitchens were established
throughout not only Constantinople but other parts of the Empire. These
met with such success and were so highly prized that the Turkish Government paid American initiative the tribute of establishing soup kitchens
itself.
Whensoever the time arrives for the resumption of friendly relations with Turkey I have no doubt that American generosity will be remembered to the credit of America and Americans.
Greater, however, than money or help has been the service rendered the
Turkish people by those American men and women who dedicated their
humanity in tending to the sick, irrespective' of race
or creed, and above all, did so much to build up the future of Turkey by
I
training those young people in American ideas and American ideals.
wish I had the time to mention them by name, because they deserve that.
I can say to those people who in the past and are now contributing the
amounts by which these institutions have been and are maintained, that
there can be no greater service to humanity at large and the benefit of
mankind than by continumg their support of those moral and spiritual
enterprises which have proved a great blessing in the Near East. A special
word of praise should be spoken for those men and women who have, despite
all entreaties of mine or the Government's, refused to desert their posts
and have cheerfully elected to face the hardships which must endure and
must ensue upon their remaining
Turkey now. All honor to them.
When I left this country about a year ago public opinion had not defiThen
nitely crystallized as to whether we should enter the war or not.
came the epoch-making attempt of President Wilson to establish peace
between the warring nations, the echoes of which stirred the far-distant
Eastern lands. The Teutonic Powers chose to continue the war. The
American people were not free to do otherwise than they elected to do
under the high-minded leadership of President Wilson, to support those
nations which with our help are to make the world safe for democracy.
I return to my native land and find a imited nation, one and indivisible
in its purpose to see the war through to the end that the American principles of liberty may be established for all the nations of the world.
lives to the service of
m
I
is no other way of collaborating for common' victory.
Our unforgettable reception from the Americans is a symbol of the resolution that
unites the Allied peoples.
There
AMBASSADOR TO TURKEY ABRAM
ELKUS ARRIVES IN NEW YORK.
AIIIERICAN
Abram
I.
I. Elkus, American Ambassador to Turkey, who
Constantinople following the severing on April 20 of
diplomatic relations between the United States and Turkey,
arrived in this city on July 4, accompanied by his family and
several members of his staff.
Ambassador Elkus did not
leave Constantinople for Switzerland until Alay 29, since he
was seriously ill with typhus fever. On departing the Ambassador and his party were accorded every courtesy. Dispatches to Washington (via Stockholm) at the time stated
that representatives of the Sultan, the Grand Vizier and the
Ministers of Finance and Foreign Affairs said farewell at the
railroad station, while a representative of the Minister of
Foreign Affairs accompanied the party to the frontier. A
special cable dispatch to the New York "Times" from Geneva
on June 3 stated that the Ambassador and his party had
arrived there on that day, and that Mr. Elkus was robbed at
Vienna of his dispatch box containing his diplomatic documents and passports. The dispatch further stated that
the Ambassador and his party were permitted to cross the
Swiss frontier without passports by a special Government
order.
Upon his arrival in this country on the 4th inst.,
Mr. Elkus was asked about the report sent from Berlin
that the Ambassador had offered the Austrian Government,
left
HEAD OF JAPANESE MISSION TOU. S. ON ALLIANCE
BETWEEN TWO COUNTRIES.
At a farewell dinner, given at Tokio on July 6 by the
American-Japan Society, Viscount Kikuiro Ishii, head of
the Japanese Mission, which is soon to visit the United
States, stated that notwithstanding the indefatigable efforts
of the Germans to bring about discord between Japan and
the United States the two countries are now practically
allied,
making common front against Germany. Eki
Hioki, former Minister to China, was also a speaker at the
dinner, and he predicted that the visit of the Mission would
be crowned with success. Vscount Ishii in his address said:
My mission I consider is a military one in one respect and one of peace in
another military as against the Central European system of militarism
and domination, but one of peace to be consolidated and reaffirmed as
between the Pacific Powers, Japan and the United States.
It was inopportune, he continued, to speak of the official
—
aspect of the Mission, but dwelling on the non-official side
of it, which was none the less important, he desired to emphasize how the entire Japanese nation unanimously and
enthusiastically welcomed the decision to send a mission to
America as wise, proper, and eminently useful. Ho was
therefore proud that part of his duty would be to convey to
the 100,000,000 of Americans the sympathy and good will
of the 70,000,000 of Japanese.
The intercourse between
Japan and America had gradually come to assume a more
popular character, which he considered a happy augury of
the consolixiation of a 'genuine friendship, since that friendship no longer hung perilously on the uncertain caprice of
individual statesmen, but rested on the well-understood
mutual interests and reciprocal respect of the two nations.
THE CHRONICLE
148
After tracing the benefits of the exchanges of visits between
Americans and Japanese, Viscount Ishii, according to the
cable accounts of the dinner received in the United States
on the 9th, concluded:
It is gratifying to think of one great benefit with which the war has
ah-eady endowed Japan and the United States. I moan the disappearance
Now that Germany, the uniof Germany in this quarter of the world.
versal disturber of the peace, has been completely and once and for all
driven out of her Asiatic bases, there remains no longer any longer any one
who will venture to cherish the design of estranging Japan from America.
Consequently the Pacific henceforth will have the noble destiny to join
the two groat nations, and never to separate them.
Viscount Kentaro Kaneko, a member of the House of
Peers and a Privy Councillor, who presided at the dinner,
emphasized the nobility and uprightness of the attitude of
the United States, which, he said, was fighting for the individual liberty, national freedom, peace, and civilization
The appearance of an American army at the
of mankind.
front was certain to breathe new life into the gallantry and
patriotism of the Allies. When Germany was crushed and
the belligerents sat in a council of peace, he believed the
voice of the United States would have great weight in determining the terms of peace, not for the belligerents only,
but for the peace of the whole world.
"A clear and good understanding with the United States
is most important for the present and the futm-e,"he added.
"This may be the reason and the aim of Viscount Ishii's
mission."
Ex-Minister Hioki expressed the opinion that in addition
to the questions of the day, all questions of any importance
existing between the United States and Japan would not
escape either settlement or discussion while Viscount Ishii
was in America. The Mission was a difficult one because
of the vastness of the field and the complexity of the problems to be handled, he conceded, but the two groups would
not be throwing dust into each others' eyes. There would
be plain dealing, just and fair, actuated by mutual respect
and sympathy. He is quoted as saying:
We can confidently rely upon the ability of Viscount Ishii to turn the
present opportunity to the best advantage for both countries, for no transaction which does not tend to the advantage of all concerned can form the
basis of a lasting peace and friendship. The days of Machiavellian diplomacy are over, especially in the United States, and the best diplomacy
to use with such an eminent personality as President Wilson will be to
bring the forces of truthfulness and sincerity to bear upon the situation.
The conviction that the entrance of the United States
into the war with unshakable determination to defeat Germany by employing all her force would greatly contribute
to the realization of the goal sought by all Entente Allies was
expressed by Foreign Minister Viscount Ichiro Motono in an
address to the Japanese Diet on June 27. He rejoiced that
Japan and the United States are now closely collaborating
against common enemies.
Their cordial relations have an
increasing tendency to become further cemented in mutually
and sicerely uniting all efforts. He said:
We cannot foresee when the end of the struggle whiich has ravaged the
world for three years will come, and I do not believe all difficulties will be
can even affirm that the greatest difficulties
begin with the end of the war. Then we will need all our force and all
energy to establish a durable peace in the world and defend our rights
finished with
will
oirr
and
tliis
war.
interests.
I
,
Viscount Motono, it is said, did not refer to the recent
American note to China, but he dealt with China's attitude
toward the war which, for Japan, "possessed very great
importance." China, continued the Foreign Minister, had
requested Japan's advice regarding America's invitation that
she break relations with Germany and Japan had counselled
China to accept the invitation in China's own interest.
Judged from the Japanese standpoint, the step was desirable, he added, because it was incontestable that Germany
was pursuing dangerous machinations against Japan and
her allies.
Viscount Motono regretted that internal dissension had prevented China's formally entering the war,
but he hoped she would decide for war and thus remove the
German danger in the Far East, ally herself with the defense
humanity and win the world's sympathy.
Referring to Russia, Viscount Motono said Japan desired
increasingly friendly relations with Russia and was convinced the relations between the two nations would so beof the rights of
come.
Premier Terauchi in his address emphasized Japan's
sin-
cere gratification at America's entry into the war and voiced
his regret that the settlement of the factional trouble in
China had not been effected. Japan, he said, was closely
watching events in China, with which nation Japan's relations were cordial and intimate.
The
creation of a National Advisory Council in Japan is
Advices received here on July 6 from corre-
announced.
[Vol. 105
spondence of the Associated Press has the following to say
in part regarding the Council:
Belief that the European war is nearing a climax and Japan's conviction
that she should carefully examine her own international situation, are
thought to be the chief reasons for the recent creation of a national awivisory council, which shall be responsible to the Emperor.
It is an unprecedented step that Japan has taken.
The new Council is officially called the Temporary Diplomatic Investigating Committee, and it is composed of prominent men, both inside and
outside the Cabinet.
Premier Count Terauchi originated the idea, and it
received the sanction of Emperor Yoshihito.
Count Terauchi is anxious
to secure national unity, particularly on questions of foreign relations.
Ha
seems convinced that Japan has reached a period of life when a sturdy,
constructive policy should be rigidly adhered to in the interest of national
progress.
As a means to this end he seeks the support of the elements in
the Diet who are opposed to his administration.
His attempt to enlist the principal opposition party in his new commission failed completely.
Viscount Takaaki Kato, the leader of the Constitutional party, which was defeated at the last elections, declined the
offer of a place in the new Council.
He said that the proposed advisory
board was in the nature of a super-cabinet, and was against the principle
of a responsible ministry and submitted that the opinion of the nation
could be better gleaned by forming a national coalition ministry.
Takshi Hara, the President of the Seiyukai party, wluch is supporting
the Terauchi Cabinet, accepted membership in the Council, as did also
Takeshi Inukai, the leader of the Kokuminto, or Nationalist party.
In addition to these men, the new Council includes several members of
the Cabinet, and the following: Viscount Miyoji Ito, a member of the
Privy Council, who helped the late Prince Ito in the drafting of the Japanese constitution; Baron Nobuaki Makino, ex-Minister of Foreign Affairs,
who was formerly Minister to Rome and Vienna, and Viscount Tosuke
Hirata, a member of the House of Peers, and Minister for Home Affairs
in the Katsura Cabinet.
The Cabinet members of the Council are Premier Count Terauchi, Viscount Ictiiro Motono, Minister of Foreign Affairs; Baron Shimpei Goto, Home Minister; Admiral Tomasaburo Blato,
Navy Minister, and General Kenichi Oshima, Minister for War.
The Council, which will meet at the palace, will be a guide to diplomacy,
something as the genro, or elder statesmen, have been in the past. For
the execution of matters decided on by the committee the Cabinet will
bear
all
responsibility.
an important question of study will be preparation for
the peace conference and Japan's international position and activities subsequent to the war. Great interest is felt as to whether the CouncU will
decide to advise a more energetic participation in the war.
It is believed that
reported the announceNavy Kato that if
necessary Japan may send a fleet to the Atlantic. His
remarks were made in reply to criticism of the Opposition
that the dispatch of Japanese warships to the Mediterranean
was not required by the terms of the Anglo-Japanese alliance
and was merely for the benefit of the Entente and not for
Japan. Mr. Kato declared that the Government was justified in co-operating with the Allies to bring about the
Tokio dispatches of the 4th
ment
in the Diet
defeat of
inst.
by Minister
of the
Germany.
JAPAN'S PART IN THE WAR.
Japan is unfalteringly loyal to her
was made by Dr. Toyokichi lyenaga, Director of
the East and West News Biireau, before the educational
conference of the National Security League at Chautauqua,
N. Y., on July 6. Dr. lyenaga set out that Japan had
entered the war in obedience to the terms of the AngloJapanese Alliance, which imposed upon her the duty of
The
assertion "that
allies"
conducting military operations in common with her ally in
the regions of Eastern Asia and of safeguarding mutual inJapan also joined the agreement entered
terests therein.
into between the Allied Powers to make no seaparate peace.
So long, therefore, as peace in conformity with the wishes of her
Allies
was not concluded, Japan was a belligerent warring against the Central
Powers. But since the capture of the German stronghold in the Far East
on Nov. 7 1914, and the sweeping of enemy warships out of the Eastern
seas, Japan had apparently been standing aloof from the great conflict.
While blood and treasure were being expended on the European battlefields with a prodigality that staggered imagination, Japan kept her youth
intact, nay more, she presented the anomaly of a belligerent that made
money out
of the war.
was neither the wish of her allies nor that of Japan that she would
thrust herself upon the European stage, for it is none of her part to act
It
therein.
This is the strongest reason why she has not sent her troops
In the meanto the European front to take an active part in the conflict.
time, she has done to her best ability that which is within her province to
do.
Her navy has for three years past been keeping a vigilant watch over
the wide sweep of waters from the Yellow to the Red Sea, and a large part
Recently, she has dispatched a fleet of destroyers to the
of the Pacific.
Mediterranean to assist in the operations against German and Austrian
submarines. She has subscribed to the loans of her alUes to the full exAnd above all, Japan has suppUed munitent of her financial capacity.
tions and other war materials to her allies, and especially to Russia she has
assured an almost uninterrupted flow of guns, rifles, ammunition, clothing,
and other materials.
In addition to the fact that it is none of Japan's business to intrude herself upon the European field there are almost insurmountable difficulties in
the way of dispatching Japanese troops to Europe. In dispatclxing 1 ,000, 000 Japanese troops it would require 4,000,000 tons of shipping, or 1,000
oceangoing ships of 4,000 tons each and a constant flow of military provisions.
Japan has seventy ships of 5,000 tons or more. Were these to be
commandeered for troop movements commerce in the East would seriously
foodstuffs,
suffer.
Japan stands ready to do everything within her power to bring about the
Japan is unsuccessful prosecution of the war against a common foe.
falteringly loyal to her alUes.
Referring to the prosperity witnessed in Japan through
the war the speaker said:
The war has brought to Japan an era of prosperity never known before.
Her foreign trade has reached the
billion
mark, counted in American dol-
.
July
14 1917.]
THE CHRONICLE
Japan is lending money to so-called creditor nations. Her investin bonds and Treasury notes Issued by the Entente Powers since
the beginning of the war amounts to over $300,000,000.
The gold reserve in the possession of the Bank of Japan and the Government amounts to over 8400.000.000.
lars.
ments
RUSSIAN PREMIER LOOKS FOR VICTORY— FURTHER
FINANCIAL SUPPORT FROM U. S. NEEDED.
declaration that despite grave difficulties to be faced,
Russia is pushing toward reconstruction and stability and
that the war is developing toward victory was made by
Prince Lvoff Russian Premier and Minister of the Interior,
in a statement to a staff correspondent of the Associated
Press at Petrograd on July 7. From the accounts of the
interview quoting Prince Lvoff, we give the following:
The
TRANSFER OF RUSSIAN MINES TO AMERICAN
INTERESTS RECOMMENDED.
The
"Regarding the war," continued the Premier, "say that the latest action
army inspires in me full hope. I am convinced that the new advance,
even if temporarily stayed, is not finished, but is a prelude to much greater
The advance thoroughly confutes the pessimist^ who unanisuccesses.
mously predicted that an offensive by our supposed disorganized troops
was impossible. From actual intercourse with delegates from the army
and with other observers on the spot, I know that the offensive spirit is
spreading.
"This is no gradual reconstruction of the army, but the first stage of a
complete process of recreation, which is almost miraculous, proving, in
my judgment, that the troops are infected with a genuine revolutionary
and crusading spirit and the consciousness of a mission to save Russia and
Influence world events in the direction desired by all progressive men.
"Naturally, I am aware that not everything can be done by enthusiasm.
The good side is the army's
I give you frankly the good and the bad side.
supply of munitions and other necessaries, in which we are markedly better
The bad
off than last year; in fact, guaranteed for the immediate future.
These are an evil
side is the transport difficulties, which still are serious.
heritage from the old regime, and naturally it is impossible to restore order
Even with stable
in three months crowded with revolutionary activities.
political conditions the creation of efficient transport is a problem of years.
Our great hope of speedy improvement lies with the Stevens Railroad
Commission (the American Commission) from which we expect much."
Asked whether the United States could improve Russia's own manufacture of munitions by sending experts, Prince Lvoff expressed the opinion
that it could not, declaring that the problem of the employment of American
aid in Russian workshops was too complex, but adding that American
munitions machinery was highly desirable.
"With regard to American help generally," said the Premier, "I lay down
no specific program. It will be simplest to say that all conceivable American aid is wanted in every domain. But the key to the solution of all
our military and economic difficulties is transport amelioration, in which
It is impossible to do too much.
"Send my hearty thanks for the American project, the dispatch of the
Red Cross mission, as here we have serious defects and deficiencies. I
follow the news on this subject from New York with intense interest, but,
having myself ceased to direct Red Cross and sanitary affairs, I can only
beg America, as far as possible, to meet the requests for material and
personal help made by our official Red Cross, in the consciousness that the
triumph of our common cause will be furthered thereby.
I am unable to say
"I hope also for fiu-ther American financial support.
what form this will take, presumably a loan, but on this subject our Finance
Minister, M. Shingaroff, in his discussion with the financial members of
the Root commission, will no doubt produce a practical program which
America can help realize. America should note that we ourselves are
ready to bear the heaviest monetary sacrifices and have already passed more
drastic measures respecting taxation on property than any of the other
belligerent powers and are ready to go much farther.
*******
the whole, the nation is satisfied with the Provisional Government,
because the Government, though hampered by grave military and diplomatic preoccupations, has already successfully carried through internal
reforms which embody the traditional aspirations of Russia'a progressives.
Do you know that within a few weeks of the Czarists' downfall the Government realized a liberal five-fold program, giving complete liberty of person,
speech, press, meeting and religion, and going therein further than most
progressive democracies in Europe or America?
"Although these tremendous reforms were pushed through hastily, in the
absence of legislative machinery, not one of them has been subjected to
Perhaps
serious criticism even by the avowed anti-Government factions.
America knows of this, but does she know that we have also executed a
comprehensive scheme of minor economic, financial and social reforms,
which has been unanimously approved?
"I refer you, for instance, to the complete democratization of the country, local self-government in the towns throughout the country, with universal and equal suffrage for both sexes, regardless of qualifications, the
special feature of which is the establishment of a smaller unit of local government, in which is abolished the inequality between peasants and the
other classes, thus eradicating from the Russian law the ancient and degrading distinction of 'the privileged classes'; the reform of the military
courts and of local coiu-ts of justice, with the admission of women to the
magistracy and legal profession; educational reform, including a new
university in the city of Perm; secondary school reconstruction, the reforrn
of the backward parish elementary schools; the democratic income property
tax, with the proposal for the reform of succession taxation; the organization of peasant home work, which is an important factor in our village
economy; the moljilization of the nation's technical knowledge for was
purposes; many church reforms, among them the election of the highest
prelates by popular vote, and preparations for an ecumenical church council, aiming at the abolition of State despotism In church affairs.
"Through these reforms Russia in a hundred days has advanced a
"On
hundred years.
"Equally satisfactory are our relations with America. Let me here
express to America out hearty satisfaction at the visit of the Root mission.
I have had the strongest possible support from Mr. Root personally,
t
am amazed how, despite his newness to Russia and the limited opportunities to see our country, he immediately grasped the essential fact that our
troubles were transitory and understood the broader and more essential
problems which the Russians themselves have not yet all been able to
understand
"Allow me to add that American-Russian relations have also been
admirably handled by your Ambassador, Mr. Francis, who earns deep
appreciation for his good will and lively interest in our affairs and his
quick adaptation to our new methods of diplomacy. I am unable to
conceive how America could b^ better represented here."
transfer to
American
interests of a great part of the
Russian mines and other mineral deposits was decided upon
at a special meeting of the Mining Commission of the
Ministry of Trade at Petrograd on July 4. M. Maliavkin,
Director of the Mining Department, is said to have propounded a scheme to the Commission to offer American
capitalists the Island of Sakhalien, off the eastern coast of
and coal deposits and also to
same purposes several districts of Siberia. He
recommended the transfer to American hands of the
Siberia for working petroleum
,
,
offer for the
,
of our
149
also
gold mines in the Altai Mountains, the copper mines in the
Caucasus and the railroads in the Ural Mountains. In
support of the plan to transfer the Island of Sakhalien,
Director MaUavkin argued that it \yould counterbalance
Japanese influence on the island but insisted that Americans
must recognize the continued close connection of the island
with Russia. M. Paltehinski, Assistant Minister of Trade,
announced his support of the plan, declaring it was dictated
by political wisdom and necessity and further recommended
by the fact that America's work would not be political but
purely economical. The Commission resolved to recommend the plan of M. Maliavkin on condition that American
capitalists undertake to employ Russian laborers and technical
experts as far as possible.
,
SUSPENSION OF RUSSIAN AGRARIAN LAW.
was stated on the 8th inst. thalrthe Provisional Government of Russia had decided to suspend operation of the
Agrarian law passed in 1906. Without the Duma's consent,
It
M.
Stolypin, the Premier at the time, provided for the
abolition of communal ownership of peasant land and the
substitution of individual ownership. The sponsor for the repeal, it is stated, is the new Socialist Minister of Agriculture,
M. Tchernoff. The minister has submitted to the Council
of Ministers ten other bills on land reform, town as well as
country. One provides for the better application of science
in the work of the Ministry of Agriculture; another establishes a department of agriculture economy and policy;
another regulates the exploitation of forests. In principle
the Council approved these bills.
It is intended to promulgate them speedily, leaving for the Constituent Assembly's
decision the basic question of the transfer of the lands of the
nobility to the peasantry.
RUSSIA TO ADVANCE CLOCKS.
Dispatches from Petrograd on June 29 stated that
Russian Provisional Government had decided to adopt
daylight saving plan, and that all clocks throughout
country would be advanced one hour on July 14, for
purpose of conserving the consumption of fuel.
the
the
the
the
THE RUSSIAN WAR MISSION TO THE UNITED
STATES.
Russian War Mission to the United
arrived in New York City on July 6 for a four days'
States
visit and were given a warm reception
Plans for the recepvisitors during their stay here were
tion of the distinguished
madeby the committee, comprised of representatives of fiftyfive Russian, Polish, Jewish, Lithuanian, Finnish and other
organizations in the United States, and of representatives of
sixteen newspapers.
The members of the Mission were the
guests of the Executive Committee of the Mayor's Citizen
Committee at a private dinner at the Hotel Ritz-Carlton on
the evening of July 6.
Later the Russian visitors attended
a mass meeting at Carnegie Hall, held under the auspices
of the American Friends of New Russia.
During the mass meeting at Carnegie Hall a heated controversy between ex-President Roosevelt and Samuel Gompers. President of the American Federation of Labor, over
the causes of the recent race riots in East St. Louis, 111.,
Colonel Roosevelt
for a time provoked prolonged disorder.
and Mr. Gompers were among the principal speakers of the
evening. Mr. Roosevelt, as soon as he was introduced by
Mayor Mitchel, who acted as Chairman of the meeting,
immediately entered into a denunciation of the rioters at
East St. Louis, and asserted that everything possible should
be done by other States in the Union to make the officials
of Illinois mete out the proper punishment to those responMr. Roosevelt in part said:
sible for the riot.
The members
of the
.
Before we speak of justice to others it behooves us to do justice within
our own household. Within the week there has been an appalling race riot
at East St. Louis a race riot for which, so far as I can see, there was no
—
THE CHRONICLE
150
real provocation, and which, whcthor there was provocation or not, was
waged in such a way as to leave a stain on the American name.
When we applaud the birth of democracy in another people and jiraise
the spirit of democratic jus(ic(! to all, it tx^hooves us to express our deep
condemnation of acts that Kivo the lie to words within our own country.
It is our duty to demand that the governmental authorities shall use
with ruthless severity every instrumentality to imnish those pruilty of murder, whether committed by whites against blacks or by bjacks against
whites.
When at the conclusion of Mr. Roosevelt's address
Mr. Gompcrs was introduced, he declared that the negroes
had been imported into East St. Louis by the thousands
for the sole purpose of lowering the scale of wages of the
white workers. He also stated that the negroes and the men
bringing them into East St. Louis had been warned by the
Secretary of the American Federation of Labor of Illinois
and bj' a member of the Chamber of Commerce of East St.
Louis against bringing the colored people to that place.
When Mr. Gompers had concluded Colonel Roosevelt arose
and declared, among other
things, that Mr. Gompers's
remarks were an apology for murder. "Never will I sit
motionless," he said, "while directly or indirectly apology
is made for the murder of the helpless."
When Mr. Roosevelt finished Mr. Gompers was on his feet, again trying to
be heard, but others on the platform induced him to sit
down, and the greeting to the Russian Commissioners was
resumed. Ambassador Bakhmetieff in his address, declared
,
the crisis had passed in Russia and that the free people of
Russia were now on the way to a victory which would guarantee the permanence of their freedom. On Saturday morning, July 7, the Russian visitors witnessed an exhibition
by the New York Fire Department in the City College stadium, and were later entertained at luncheon by the Mayor's
Citizen Committee at the Claremont Inn.
In the afternoon
they were taken for a tour of the city's park system, ending
at the Mall in Central Park, where there was held a concert
attended by over 20,000 people, and at which addresses
were made by Oscar Straus, Park Commissioner Cabot
Ward, Herbert Parsons, who presided, and Congressman
Meyer London. In the evening the Mission was entertained
at a dinner at the Hotel Plaza, given by the members of the
Russian colony in this city, and the visitors later attended
a mass meeting at Madison Square Garden, held under the
auspices of forty-eight Russian societies in New York City.
An attempt was made at the Garden by a number of pacifists
to throw the meeting into a peace demonstration.
On July 9, the last day of the Mission's visit in this city,
the visitors attended a luncheon in the Hotel Biltmore,
given by the Russian -American Chamber of Commerce,
which was attended by about six hundred merchants interested in Russian trade.
At the luncheon addresses were
made by Ambassador Bakhmetieff, Comptroller William A.
Prendergast and George W. Wickersham. After the luncheon the members of the Mission visited the Henry Street
Settlement House on the East Side, where they received a
tumultuous greeting from the Russian-born population. In
the evening the Russian visitors were again the guests of the
Russian-American Chamber of Commerce, this time at a
private dinner to about eighty persons at Sherry's.
Speeches
were made by the Ambassador, Samuel McRoberts of the
National City Bank of New York and Dr. Nicholas Murray
Butler, President of Columbia University.
The members of
the Mission returned to Washington on Tuesday night,
July 10. While in this city they were quartered in Adolph
Lewisohn's residence at Sll Fifth Avenue, which was placed
at their disposal through the coutresy of the owner.
The mission headed by Ambassador Boris Bakhmetieff,
and consisting of Lieut. General Roop, representing the
Russian General Staff; Professor Lomonsoff, chief pf the
delegation to study railways and communications; Professor
Borodine, representing the Ministry of Agriculture; Colonel
Oranonsky, representing the Ministry of War to study
munitions and supplies; Mr. Novitsky, chief of the financial section; Mr. Soukine, diplomatic secretary of the mission; Captain Dubassof, aide de camp to Ambassador
Bakhmetieff, and Captain Shutt, arrived at Washington
on June 19. Professor Bakhmetieff, chief of the Russian mission, came to this country in a double capacity,
first as the head of the extraordinary embassy, sent by
the Provisional Russian Government to extend to the
United States its thanks for entry into the war on the side
of the Entente countries and to arrange for material assistance from this country, and second as Ambassador resident until such time as the Provisional Government can
make a permanent appointment. Professor Bakhmetieff
is not related, it is stated, in any way to the retiring Russian
Ambassador, George Bakhmetieff.
He
is
a member of
(Vol. 105
the faculty of the University of Moscow, and is said to be
well known in New York City, where he was quartered for
some time a year or two ago as a member of one of the Russian Zemstra committees.
Speaker Clark, in welcoming
the members of the mission to the House of Representatives on June 23, told of how at the time of the Declara^
tion of Independence Switzerland was the; only republic,
while now there are twenty seven, largely due to the efforts
He said:
of the United States.
The peculiar circura-stances under which the Russian Commis-sion comes
When our fathers proclaimed this
to us justify a few preliminary words.
Republic at Philadelphia July 4 1776, there was only one other Republic
on earth Switzerland and the fathers were not certain that this one
would live till Christmas. It was an even break whether it would or not.
Now, thanks be to Almighty God, there are 27 RepuVjlics in this world.
In a large sense we made them, every one not by conquering armies,
not by the mailed hand, but by the wholesomeness of our example; by
teaching all creation the glorious fact that men can govern themselves.
Until then the theory was that political power descended from on high
and lighted upon a few tall heads and a little of it trickled down upon men
reversed all that and made it begin at the bottom and go up
below.
Of
like the sap in the trees in the sprintlme, and it will go up forever.
these 27 Republics, Russia, is the newest and the biggest.
It dazzles the
imagination to think what she may be under free institutions, possessing
as she does 180,000,000 of people and one-sixth of the land on the globe.
The Russian Revolution is the most momentous political movement since
—
—
—
Wo
the French Revolution.
I present to you the first Ambassador to the United States of America
from the Republic of Russia.
Professor Bakhmetieff, who spoke in English, recounted
Russia's wrongs under the autocracy and then the
"With all emphasis,"
story of her political regeneration.
he said, "may I state that Russia rejects any idea of a sepaI am aware that rumors were circulated in
rate peace.
I am
this country that a separate peace seemed probable.
happy to affirm that such rumors were wholly without
foundation in fact." His address was in full as follows:
Mr. Speaker and gentlemen of the House, I am deeply conscious how
great an honor has been conferred on me and the members of my mission
by this gracious reception. I understand how unusual it is for this House
I realize that if you
to accord to foreigners the privilege of the floor.
were moved to make such an exception it was due to the great and most
extraordinary historic events which have been and are now taking place
first,
in the world.
Great indeed is the honor and the privilege to speak here, in this House,
exemplifying as it does the Constitution of the United States that wonderful document which embodies so clearly and yet so tersely the principles
—
government and democracy.
Gentlemen of the House, when addressing you on behalf of the Government and the people of new Russia, when conveying to you the greetings
of the new-born Russian democracy, you will conceive how impressed I am
by the historical significance of this moment; you will understand why my
emotions do overwhelm me.
During the last few months Russia has really lived through events of
world-wide importance. With a single impulse the nation has thrown
of free
Free, she is entering now the dawn of new
the old fetters of slavery.
joining the ranks of democracy, striving for the happiness and the
freedom of the world.
Does not one feel occasionally that the very greatness and significance
of events are not fully appreciated, due to the facility and spontaneity with
which the great change has been completed?
Does not one always realize and conceive what it really means to humanity that a nation of 180,000,000, a country boundless in expanse, has
been suddenly set free from the worst of oppression, has been given the joy
and happiness of a free, self-conscious existence?
With what emotions are we inspired who have come to you as messengers of these great events, as bearers of the new principles proclaimed by
the Russian revolution.
May I be permitted to reiterate the expression of the feelings that stir
our hearts and impressed as I am by the might and grandeur of the wonderful events, welcome and greet you on behalf of free Russia?
Here at the very cradle of representative government I feel it proper
to recall the very moments of birth of constitutional life in Russia which
presented itself some 12 years ago at the time of the first Russian Revolu-
down
life,
,
tion.
came into being. From the very inception
It was then that the
of this assembly the old authority endeavored to curtail the powers that
had been conferred on it. Its sole existence was an uninterrupted struggle;
Duma
but in spite thereof, notwithstanding the limitations and narrowness of
election laws, the Duma was bound to play a most important part in the
national
life
of Russia.
was the very fact of the being of a representati^•e body which proved
to be so fi'uitful and powerful.
It was that mysterious force of representation, force which draws everything into the whirpool of legislative power, force the existence of which
your American framers of the Constitution so deeply recognized and understood.
It was that force which led the Duma, however limited, to express the feelings of Russia and frame her hopes during the world's great
crisis, and made the Duma ultimately the centre and the hope of national
It
life.
It was the Duma who at the epoch when the old authority by vicious
and inefficient management had disorganized the supplies of the country
and brought the military operations to unprecedented reverse; it was the
Duma who with energy and devotion called the people to organize national
defense and appealed to the vital forces of the country to meet the German
attack and save the nation from definite subjugation. Again, when it
appeared that the shortsighted Government, who never took advantage
of the patriotic enthusiasm and national sacrifice, was not only incapable
of leading the war to a successful end but would inevitably bring Ru.ssia
to military collapse and economic and social ruin, it was the Duma again
who at that terrible hour proclaimed the nation in danger; it was at the
Duma that the soldiers of the revolution deposed their banners
It was
and, giving allegiance, brought the revolution to a successful issue.
then that from the ruins of the old regime emerged a new order embodied
in the Provisional Government, a youthful offspring of the old Duma
procreated by the forces of the revolution.
Instead of the old forms, there are now being firmly established and
deeply embedded in the minds of the nation principles that power is refeet of the
.
Jfly
THE CHRONICLE
14 1917.
posed and springs from and only from the people. To effectuate these
principles and to enact appropriate fundamental laws that is going to be
the main function of the constitutional assembly which is to be convoked
as promptly as possible.
This assembly, elected on a democratic basis, is to represent the will
and constructive power of the nation. It will inaugurate the forms of
future political existence as well as establish the fundamental basis of
economic structure of future Russia. Eventually all main questions of
national being will be brought before and will be decided by the constituconstitution, civil and criminal law, administration,
tional assembly
nationalities, religion, reorganization of finance, land problem, conditionment of labor, annihilation of all restrictive legislation, encouragement
These are the tasks
of intense and fruitful development of the country.
of the assembly, the aspirations and hopes of the nation.
Gentlemen of the House, do not you really feel that the assembly is expected to bring into life once more the grand principle which your illustrious
President so aptly expressed in the sublime words, "Governmient by consent of the governed?"
It is the Provisional Government that is governing Russia at present.
It is the task of the Provisional Government to conduct Russia safely to the
constitutional assembly.
Guided by democratic precepts, the Provisional Government meanwhile
is reorganizing the country on the basis of freedom, equality, and selfgovernment, is rebuilding its economic and financial structure.
The outstanding feature of the present Government is its recognition
It is manias fundamental and all important of the principles of legality.
festly understood in Russia that the law, having its origin in the people's
will, is the substance of the very existence of State.
Reposing confidence in such rule, the Russian people are rendering
The people are realizing more and
to the new authorities their support.
more that to the very sake of further freedom law must be maintained
and ihanifestation of anarchy suppressed.
In this respect local life has exemplified wonderful exertion of spontaneous public spirit which has contributed to the most effective process of
On miany occasions, following the removal
self-organization of the nation.
of the old authorities, a newly elected administration has naturally arisen,
conscious of national interest and often developing in its spontaneity
amazing examples of practical statesmanship.
It is these conditions which provide that the Provisional Government
is gaining every day importance and power; is gaining capacity to check
elements of disorder arising either from attempts of reaction or extremism.
At the present time the Provisional Government has started to make
most decisive measures in that respect, employing force when necessary,
although always striving for a peaceful solution.
The last resolutions which have been framed by the Council of Workingmen, the Congress of Peasants, and other democratic organizations
render the best proof of the general understanding of the necessity of
The coalitionary character of the new cabinet,
creating strong power.
which includes eminent Socialist leaders and represents all the vital elements of the nation, therefore enjoying its full support, is most effectively
securing the unity and power of the Central Government, the lack of which
was so keenly felt during the first two months after the revolution.
Realizing the grandeur and complexity of the present events and conscious of the danger which is threatening the very achievements of the
revolution, the Russian people are gathering around the new Government,
united on a "national program."
It is this program of "national salvation" which has united the middle
—
—
Deep
classes as well as the populists, the labor elements, and Socialists.
political wisdom has been exhibited by subordinating various class inIn this way this Government
terests and differences to national welfare.
is supported by an immense majority of the nation, and, outside of reactionaries only is being opposed by comparatively small groups of extremists and internationalists.
As to foreign policy, Russia's national program has been clearly set
forth in the statement of the Provisional Government of March 27 and
18.
more explicitly in the declaration of the new Government of
With all emphasis may I state that Russia rejects any idea of a separate
peace'/
I am aware that rumors were circulated in this country that a
May
I am happy to affirm that such rumors
separate peace seemed probable.
were wholly without foundation in fact.
What Russia is aiming for is the establishment of a firm and lasting
peace between democratic nations. The triumph of German autocracy
would render such peace impossible. It would be the source of the greatest
misery, and, besides that, be'a threatening menace to Russia's freedom.
The Provisional Government is laying all endeavor to reorganize and
fortify the army for action in common with its allies.
Gentlemen of the House, I will close my address by saying Russia will
not fail to be a worthy partner in the "league of hqnor."
The Russian Mission was received in the United
Senate on June 26, and Vice-President Marshall in
States
intro-
ducing the Russian visitors to the Senate declared that the
days of democracy had succeeded those of autocracy in the
"world.
The first duty of democracy, he said, is to make free
men everyT\'here on earth. Ambassador Bakhmetieff, head
of the Mission, addressed the Senate after "which the members
of the Senate were introduced to the members of the Russian
Mission. Ambassador Bakhmetieff 's address was in part
as follows:
At this moment all eyes are turned on Russia. Many hopes and many
doubts are raised by the tide of events in the greatest of revolutions at an
epoch in the world's greatest war.
world,
is
The
fate of nations, the fate of the
at stake.
I am not going to conceive the gravity of the situation that confronts the
Russian Provisional Government
The revolution called for the reconstruction of the very foundations of our national life.
The creation anew of a
country of boundless expanse on distinctly new principles will, of course,
take time, and impatience should not be shown in the consummation of so
grand an event as Russia's entry into the ranks of free nations.
We should not forget that in this immense transformation various interests will seek to assert themselves, and until the work of settlement is
completed a struggle among the opposing currents is inevitable and exaggerations cannot be avoided.
Attempts on the part of disorganizing elements
to take advantage of this moment of transition must bo expected and met
with calmness and confidence.
Two considerations make me feel that Ru.ssia has passed the stage of the
world when the future appeared vague and uncertain. In the first place is
the firm conviction of the necessity of legality, which is widely developing
and firmly establishing itself throughout the country. This principle is
based on the fertile democratic doctrine that governments derive their just
.
.
151
power from the consent of the governed, and hence a strong government
must be created by the will of the people.
My
latest advices give joyful confirmation of the establishment of a
firm power, strong in its democratic precepts and activitj', strong in the
tru.st reposed in it by the people in its ability to enforce law and order.
In the second place, and no less important, is the growing conviction
that the issues of the revolution and the future of Russia's freedom are
closely connected with the fighting might of the country.
It is such power,
it is the force of arms, which alone can defend and make certain the achievements of the revolution against autocratic aggression.
There has been a period closely following the revolution of almost total
suspension of all military activity, a period of what appeared to be disintegration of the army, a period which gave rise to serious doubts and to
gloomy forebodings. At the same time there ensued unlimited freedom of
speech and of the press, which afforded opijortunities for expression of the
most extreme and anti-national views, from all of which resulted widespread
rumors throughout the world that Russia would abandon the war and
conclude a separate peace with the Central Powers.
With all emphasis and with the deepest conviction may I reiterate the
statement that such rumors were wholly without foundation in fact.
Russia rejects with indignation any idea of separate peace. What my
country is striving for is the establishment of a firm and lasting peace
between democratic nations. Russia is f triply convinced that a spearate
peace would mean the triumph of German autocracy, would render lasting
peace impossible, create the greatest danger for democracy and liberty, and
ever be a threatening menace to the new born freedom of Russia.
These rumors were due to misapprehension of the significance and eventful processes of reorganization which the army was to undergo as a result
of the emancipation of the country.
Like the nation, the army, an offspring of the people, had to be built on democratic lines.
Such work takes
time, and friction and partial disorganization must be overcome.
One must also realize that the time has passed when the fates of nations
can bo decided by an irresponsible Government or by a few individuals, and
that the people must shed their blood for issues to them unknown. We live
in a democratic epoch where people who sacrifice their lives should fully
realize the reasons therefor and the principles for which they are fighting.
Conscious of the enormous task, the Provisional Government is taking
measures to promptly restore throughout the country conditions of life so
deeply disorganized by the inefficiency of the jjrevious rulers, and to
provide for whatever is necessary for military success.
In this respect exceptional and grave oonditions provide for exceptional
means
In close touch with the Pan Peasant Congress the Government has
taken control of stores e^f food supplies and is providing for effective transportation and just distribution.
Following examples of other countries at
war the Government has undertaken the regulation of the production of
main products vital for the country and the army. The Government at
the same time is making all endeavor to settle labor difficulties, taking
measures for the welfare of workmen consistent with the active production
necessitated by national welfare.
Peaceful in its intentions, striving for a lasting peace based on .democratic
principles and established by democratic will, the Russian people and its
army are rallying their forces around the banners of freedom, strengthening
their ranks in cheerful, self-consciousness, to die but not to be slaves.
Russia wants the world to be safe for democracy. To make it safe means
to have democracy rule the world.
.
.
The members of the Russian mission arrived at "a Pacific
port" on June 13, and continued on their way to Washington reaching there, as above stated, on June 19. They
were greeted upon their arrival at Washington by Secretary
of State Lansing
and other American officials, and
were escorted to the Hennen Jennings residence, which
has been their headquarters. Professor Bakhmetieff and
other principal members of the mission were formally presented to President Wilson, Vice-President Marshall, and
Professor
Secretaries Lansing and Baker on June 20.
statement to the American people, isBakhmetieff, in a
sued on June 21, declared that "the Russian people thoroughly understand and are fully convinced that it is absolutely necessary to root out the autocratic principles which
underlie and are represented by German militarism, which
threatens the peace, the freedopi and the happiness of the
world." Professor Bakhmetieff's statement read:
In behalf of the Russian Provisional Government and in behalf-of all the
people of new Russia said Mr. Bakhmetieff, I have been sent here first
of all to express their gratitude to the Government of the United States
for the prompt recognition of the new political order in Russia.
This noble action of the world's greatest democracy has afforded us
strong moral support and has created among our people a general feeling
of profound ai)preciation
Close and active relationship between the two nations, based upon
complete and sincere understanding, encountered inevitable obstacles
during the old regime because of its very nature. Tne situation is now
radically changed with free Russia starting a new era in her national life.
The natural and deep feeling of sympathy wliich always existed between
the people of the two great nations will grow now, by the force of events,
into a stable friendship
into permanent and active co-operation.
I have here
I have been in tnis country heretofore on several occasions.
many friends and have always looked forward to a close union and friendThe United States with Its
ship between the United States and Russia.
enormous natural resources and its wonderful genius for organization can
now greatly aid in the work of reconstruction which Is taking place In
—
Russia.
Another object of our mission is to establish the most effective means
by which the American and Russian democracies can work hand in hand
The friendly
in the common task of successfully carrying on the war.
assistance which the United States has already rendered has been of the
highest value.
The Provisional Government is actually mobilizing all its resources and
is making great efforts to organize the country and tno army for the purpose of conducting the war. Wo hope to establish a very close and active
co-operation with the United States in order to secure the most successful
and intensive accomplishments of all work necessary for our common end;
for the purpose of discussing all matters relating to military affairs munitions and supplies, rail-ways and transportation, finance and agriculture;
our mission includes eminent and distinguished specialists.
On the other hand, I hope that the result of our stay and work in America
will bring about a clear understanding on the part of your public of what has
,
THE CHRONICLE
153
happened in Russia and also of tlio present situation and the end for which
our people are most earnestly striving. There have been many and
various narratives of what has Ijoon and Is taking place in Russia, but
there seems to be lack of exact and true comprehension.
Our commission
will make every endeavor to throw light upon the very groat and world
important events of the Russian Ilovolution.
The achievements of the revolution are to be formally set forth In fundamental laws enacted by a Constitutional Assembly, which is to be convoked as soon as possible. In the meanwhile the Provisional Government
Is confronted with the task of bringing into life the democratic principles
which were promulgated during the revolution.
It is actively engaged
in reconstructing the very life of the entire country along democratic lines,
introducing freedom, equality and self-government.
\- New Russia received from the old government a burdensome heritage
of economic and technical disorganization, which affected all branches of
the life of the State, a disorganization which weighs yet heavily on the
jvhole country.
The Provisional Government is doing everything in its
power to relieve the difficult situation. It has adopted many measures
for supplying plants with raw material and fuel, for regulating the transportation of the food supply for the army and for the country, and for re-
creased the importance of her views In International affairs, and that the
voice of Russia's democracy, backed by the operations of the revolutionary
army, now ought to carry particular weight.
The
racy.
BANKING AND FINANCIAL NEWS.
No bank
—
all these parties, embracing the vast majority of the people
are
represented by strong men in the new Government, thereby securing for
Firmly convinced that unity of power is essential, and
it authority.
casting aside class and special interests, all social and political elements
have joined in the national program wliich the new Government proclaimed and which it is striving to fulfil.
This program follows:
—
.The
last decision of the Russian Congress of the Workingmen's and SolDelegates, the decision of the All-Russian Peasant Congress, the
decision of the Diima, the voice of the country as expressed from day to day
by almost the entire Russian press, in resolutions adopted at different
conferences and congresses all these confirm their full support to this
national program, and leave not the slightest doubt that Russia is decided
as to the necessity to fight German autocracy until the conditions for a
general and stable peace in Europe are established.
Such decision is becoming more and more evident each day by practical
work and results, and shows itself in the pressing and rapid reorganization of the army, which is now being fulfilled under the firm and efficient
measures adopted by Minister Kerensky.
The Russian people thoroughly understand and are fully convinced that
It is absolutely necessary to root out the autocratic principles which underlie and are represented by German militarism and which threaten the
peace, the freedom and the happiness of the world.
The Russian people
feel most keenly that no stable peace can be secured until the German
autocratic principles are destroyed, and that otherwise the revolution will
have been in vain, and its achievements will perish.
New Russia, in full accord with the motives which impelled the United
States to enter the war, is striving to destroy tyranny, to establish peace
on a secure and permanent foundation and to make the world safe for
diers'
—
democracy.
We
are representing here the political unity which has been crystalized
and around which a national program has been developed. To
our host of friends in the United States we appeal, and without distinction
of party or class we will work hand in hand for the common cause.
in Russia
RUSSIA'S PROTEST AGAINST ALLIES' ACTION IN
DEPOSING GREEK KING.
In a declaration of the Russian Provisional Government
concerning the proposed conference of the Allies on the
Balkan situation reference is incidentally made to the recent events in Greece. The Official News Agency printed
the declaration in its issue of July 6, it is learned through
the cables from Petrograd which state that the declaration
sets out that the Provisional Government is unable to refrain
from taking an unfavorable view of the methods applied
The cable
to enforce a change in the sovereigns of Greece.
adds:
Although the Russian Provisional Government condemned former King
Constantine's personal policy, it nevertheless regarded as not permissible
Thus Russia was comany interference in the internal affairs of Greece.
pelled to lodge objections to the change in rulers and to refuse participation
of Russian troops in the Entente expedition in Southern Greece.
In her relations with the Allies Russia has defended the standpoint that
the form of the Government and the State organizations in Greece are
exclusively the affairs of the Greek people.
The declaration concludes
with the assertions that the military activity of Russia's army now has'in-
stocks were sold this
week
The fact that a powerful group of banks and banking
houses throughout the country have joined forces in organzing a new foreign trade bank, became known on the 9th
inst. when the organization certificate of the American
Foreign Banking Corporation was filed at Albany with the
Superintendent of Banks. The company, which will have
a capital of $2,000,000, is organized "for the purpose of
engaging in international and foreign banking, and banking
independencies and insular possessions of the United States."
It is expected that the new banking institution will open for
business about Sept. 1, with the principal office in this city.
The President of the new company will be Archibald Kains,
who resigned as Governor of the Federal Reserve Bank of
San Francisco on the Gth inst., to take charge of the administration of the affairs of the new organization.
Hay den B.
Harris of this city and T. Fred Aspden, now with the Canadian Bank of Commerce, Toronto, will be Vice-Presidents.
Mr. Kains before becoming Governor of the San Francisco
Federal Reserve Bank, was connected for a number of years
with the Canadian Bank of Commerce and, in that capacity,
had a great deal of experience in foreign and international
banking. In announcing the organization of the new institution, the Chase National Bank of this city, issued a state-
new Government.
The Constitutional-Democratic party, the Labor party, the SocialistPopulist, and excepting a small group of extremists, the Social Demo-
purposes.
company
Exchange or at auction.
The sixth annual convention of the Investment Bankers'
Association of America will be held in Baltimore Oct. 1-3.
is based on the general confidence and full and whole hearted support accorded to the new Coalition Ministry.
The participation in the new Government, by new members who are
active and prominent leaders in the Council of Workmen and Soldiers,
has secured full support from the democratic masses. The esteem in which
such leaders as Mr. Kerensky and others are held among the working
classes and soldiers is contributing to the strength and stability of the
The Provisional Government, rejecting in accord with the whole people
of Russia, all thought of separate peace, puts it openly as its deliberate
purpose the promptest achievement of universal peace, such peace to
presume no dominion over other nations, no seizure of their national
property, nor any forced usurpation of foreign territory; peace with no
annexations br contributions, based upon the free determination by each
nation of its destinies.
Being fully convinced that the establishment of democratic principles
in its internal and external policy has created a new factor in the striving
of Allied democracies for durable peace and fraternity of all nations the
Provisional Government will take preparatory steps for an agreement
with the AlUes founded on its declaration of March 27.
The Provisional Government is conscious that the defeat of Russia and
her Allies would bo the source of the greatest misery and would not only
postpone but even make impossible the establishment of universal peace
on a firm basis. The Provisional Government is convinced that the
revolutionary army of Russia will not allow the German troops to destroy
our Allies on the Western front and then fall upon us with the whole might
of their weapons.
The chief aim of the Provisional Government will be
to fortify the democratic foundations of the army and organize and consolidate the army's fighting power for its defensive as well as offensive
or trust
either at the Stock
power
—
declaration also states that Russia's representatives
be instructed to defend the standpoint of the Provisional Government with all emphasis and to insist upon
the application of those general principles applying to foreign politics that have been proclaimed by Russia's democwill
lieving the financial difficulties.
In this energetic work of reconstruction, essential for Russia's active
participation in the war, the Provisional Government is steadily gaining
The late reports demonstrate that the new
in strength and activity.
Government has the capacity to carry on its work with vigor along practical lines, and is exercising real power, which is daily increasing.
Such
crats
[Vol. 105
ment
i'
'
saying:
This organization is formed to take advantage of an amendment to the
Federal Reserve Act of Sept. 7 1916, permitting national banks to invest
in the stock of a bank principally engaged in international or foreign banking.
organizers are the Chase National Bank of New York, Merchants
Bank, Boston; First National Bank, Cleveland; Philadelphia
Bank, Philadelphia; Canal Bank & Trust Co. of New Orleans;
Bank of Commerce, St. Louis; Corn Exchange National Bank of
First & Security National Bank of Minneapolis; Fifth- Third
Bank of Cincinnati; Anglo & London, Paris National Bank of
San Franci.sco; First National Bank of Milwaukee; Hayden B. Harris, New
York City; Norman H. Davis of the Trust Company of Cuba, Havana; and
Schmidt & Gallatin, New York City.
The
National
National
National
Chicago;
National
Joseph Boardman Martindale, President of the Chemical
National Bank, of this city, died in the German Hospital
on July 7 from heart disease. He had been ill for the past
three months.
Mr. Martindale was born in Brooklyn on
July 10 1862. He was educated in public and private schools
and in the Medina (N. Y.) Academy. At an early age he
entered the employ of the Chemical National, where his
advancement was rapid. He was appointed an Assistant
Cashier in 1902, a director and Vice-President in 1907, and
three years later, upon the resignation of William H. Porter,
President of the bank, who entered the firm of J. P. Morgan
& Co., Mr. Martindale became head of the bank. In 1914,
when the H. B. Claflin Co., wholesale dry goods merchants,
went into bankruptcy, Mr. Martindale was appointed receiver with Frederic A. Juilliard.
Mr. Martindale was a
member of the New York Clearing House Committee and
was an expert on commercial credits. He was also a director
of the Bankers Trust Co., and the United States Life Insurance Co.
It is disclosed by the last weekly statement of the New
York Clearing House that the National Bank of Commerce
reports no outstanding circulating notes. On inquiry at the
bank it was stated that the retirement of the small amoimt
of notes recently outstanding, amounting to only $155,000,
has no significance, but was solely to clear the books of a
relatively unimportant item.
recent amendment to the
Federal Reserve Act repealed a former provision of law
which required national banking associations to maintain
a minimum deposit of United States registered bonds with
the Treasurer of the United States.
A
The National Bank
of
Commerce
in
New York
the following appointinents to take effect July
announces
R. E.
1:
July
THE CHRONICLE
14 1917.]
Stack, R. W. Saunders, H. W. Schrader, Assistant Cashiers;
A. F. Johnson, Auditor; G. S. Rodriguez and P. F. W.
Ahrens, Assistant Managers of the Foreign Department.
Announcement has been«made by the Pacific Bank of this
accommodate its patrons, its 49th Street
city that, in order to
branch
will in the future
remain open until midnight.
of the Citizens National Bank of
York, until recently the Citizens Central Bank, are
being extensively remodelled by Hoggson Brothers. Because of its rapidly increasing business, the bank has found it
The banking quarters
New
necessary to take over for its own use considerable space
formerly occupied by other tenants. The alterations on
the main floor will include the adjustment of the present
counters and cages to enable the several departments to
occupy the spaces vacated by the auditing and credit departments, which will be installed in the basement. The officers'
space will be enlarged and a public reception room provided
with openings into the directors' room as well as into the
private offices of the President and Vice-President.
The
basement quarters will be enlarged and equipped to provide
for the auditing and credit and foreign exchange departments,
with special retiring rooms for officers and employees. The
space for the foreign exchange department will be increased
four times its present size, this being one branch of the company's rapid expansion.
153
and paying more checks than
City. In 1834 loans and discounts of the Mechanics' Bank were $4,199,218, an amount
larger than that of any other bank reported.
In that year
the bank was selected by the Treasury Department, on the
removal of Government deposits from the United States
Bank, as one of the three institutions to be a depository of
the Government. It was this institution which took a leading part in the establishing of the New York Clearing House,
five banks in 1852 forming an association and settling their
daily balances with one another in certificates issued by the
Mechanics' Bank. In the following year, in response to a
call from the Mechanics' Bank, a meeting of bank officers
was held to consider the matter of systematized check clearings, and on Oct. 11 1853, the New York Clearing House
handled its first exchanges. A copy of the booklet telling
the story of this bank's growth will be sent to anj^one refor receiving larger deposits
any other bank
questing
in
New York
it.
Bank of this city, at a
appointed Joseph D. Smith, Bertram
I. Dadson and James E. Orr, Assistant Cashiers.
John C.
Emery has resigned as Assistant Cashier to make his home
Directors of the Seaboard National
meeting on July
12,
Los Angeles, Cal.
in
Edward de Lima has been appointed an Assistant Manager
Department of the Guaranty Trust Company
of the Foreign
Directors of the National City Bank of New York at their
regular weekly meeting on July 10 elected Roger L. Farnham,
a Vice-President of the institution.
The Fulton Trust Company of New York, 149 Broadway,
has issued an announcement to the investment public,
setting forth the important changes .which the last State
Legislature of New York has made in the law affecting the
taxation of bonds. The Trust Company will be glad to
send a pamphlet containing the Investment Tax Law with
annotations to inquirers and also its quarterly list of high
grade investment bonds. In the latter circular the President, Henry C. Swords, comments on financial conditions
and the outlook.
The
New York
Produce Exchange Bank has declared a
quarterly dividend of 3%, payable July 16, to holders of
record July 10. The bank has been paying semi-annual
dividends each A. & O. 15, the last two distributions having
been 5% each, previous to which 4% was the semi-annual
The present
rate.
rate
declaration
is
the
first
as the quarterly
and places the stock on a 12% per annum
basis.
•
Frank F. Winans, formerly sales manager of the Bond
Department of the Illinois Trust & Savings Bank of Chicago,
has become associated with the National City Company of
New York as assistant to the Vice-President, with headquarters in Chicago. Mr. Winans has been indentified with
investment and banking circles in Chicago for several years.
career of the Mechanics & Metals National Bank of
City, which had its beginning more than a century ago in a remodelled dwelling house on Wall Street and
is to-day one of the largest of the banking institutions in the
United States, with total resources of more than $200,000,000, is told in an interesting booklet which has just been
issued by the bank.
The General Society of Mechanics
Tradesmen, at the time one of the most powerful societies
for political and moral influence in the State, was responsible
for the formation of the bank.
The motive of the Society
was to benefit mechanical interests and be "conducive to the
more successful conducting of the manufactories" in the city.
Chartered IMar. 23 1810, and known originally as the
Mechanics' Bank, this institution started under different
conditions than those now prevailing. As the booklet telling
the story points out, "capital was scanty, banking was provincial and local, and the United States was in its infancy,
struggling for a place in the family of nations."
The American continent was unspanned, even by the emigrant wagon;
there was no conception of the great west that lay beyond
the Ohio River.
There was not a railway on the face of the
earth.
Steamship communication was unknown; the foreign
mail was delivered sometimes seven weeks after being dispatched from London. No electric cable or telegraph linked
the people together. As transformation has come in other
lines it has come in the line of credit.
From the earliest days of its career this bank did a healthy
business and was prosperous.
For a long time it was noted
The
New York
&
New
of
John
York.
J.
Broderick Jr. has been elected Treasurer of the
Hudson Trust Co., of this city. Mr. Broderick was formerly
Manager of the Eighteenth Street Branch of the Chatham &
Phenix National Bank.
He
has been connected with bank-
ing affairs for the past twenty-seven years.
State Superintendent of Banks George I. Skinner on July
12 took possession of the business and affairs of John Kovacs, a small private banker, whose main office is located at
36 Grand Street, Brooklyn, with a branch at 155 Clinton
Avenue, Maspeth, Long Island. The total deposits aggregate about $228,000. A statement issued by the Banking
Department
says:
Since the declaration of war with Germany the business of this private
banker whose cUentele consisted largely of natives of Austria-Hungary, has
fallen off so that of late it is being conducted at a loss.
The cash position of this private banker has been reduced to such an
extent, and as the assets consist mainly of real estate and real estate securities which, under existing conditions, cannot readily be turned into
cash without loss, the State Banking Department deemed it unsafe for this
private banker to continue.
Superintendent Skinner designated George V. McLaugha State Bank Examiner, as Special Deputy Superintendent of Banks, to assist him in the liquidation of the affairs
of the concern.
lin
John MacGregor Grant, President of the John MacGregor
Grant, Inc., of 120 Broadway, this city, has been appointed
United States representative of the Banque Russo-Asiatique
of Petrograd, Russia.
H
Ward Ford has been
elected President of the Greenwich
succeeding the late William C. Duncan.
Bank
Mr. Ford, who is also President of the First National Bank
of Morristown, N. J., was formerly Vice-President of the
.
of this city,
Greenwich Bank.
The work
of remodelling the Seventy-fifth Street Branch
United States Mortgage & Trust Co., formerly the
Fidelity Bank, recently absorbed by the Trust Co., has just
been completed by Hoggson Brothers. The entire first floor
quarters have been enlarged and rearranged to provide increased officers' space and a retiring room for women patrons.
The decorations throughout are in white and gray, giving
a very pleasing effect.. The ba-sement has been remodelled
to provide increased facilities for the United States Safe
Deposit Co. The company will also make improvements in
its branch quarters at Broadway and 73rd. Street.
of the
The Camden Safe Deposit & Trust Co. of Camden, N. J.,
continues to increase surplus and undivided profits, the surplus is now $800,000 all*earned and net undivided profits
$153,535, which, with $500,000 capital, give it a combined
The deposits June 20 were
capital strength of $1,453,536.
$9,048,906 and total assets $10,586,890. The company's
trust funds, which are kept entirely separate from its assets,
are now over $13,000,000.
.
THE CHRONICLE
154
The deposits of the Plainfield Trust Co. of Plainfield, N. J.,
were $8,074,274 for June 20 as reported to the Banking Department. This is a deposit increase from $6,485,494 on
The company's aggregate
the same date one year ago.
This aggresresources were $8,781 ,314 June 20 of this year.
sive New Jersey institution has enjoyed wonderful growth
since its organization.
«
The Salt Springs National Bank of Syracuse increased
Through
its capital on July 1 from $200,000 to $500,000.
disposal of the new stock at $160 a share the surplus of
the
the bank is raised from $100,000 to $280,000. The officers
of the bank are: Francis H. Gates, President; John W. Gates
and Isaac H. Munro, Vice-Presidents; William J. Bourke,
Cashier; James E. Gire, Assistant Cashier.
A new foreign trade bank, the American-Oriental Banking
Corporation, has recently been organized in Hartford, Conn,
according to the Hartford "Courant," for the purpose of
carrying on a banking business in all its branches, "to manufacture, purchase or acquire in any lawful manner and to
hold, own, mortgage, pledge, sell, transfer, or in any manner
dispose of, and to deal and trade in goods, wares, merchandise and property of any and every class and description,
and in any part of the world; to acquire the goodwill, rights
and property and to undertake the whole or any part of the
assets or liabilities of any person, association or corporation."
The new company, it is stated, is also authorized to have
offices in Shanghai, China, and elsewhere in China, and in
the States, territories and colonies of the United States and in
The incorporators are James Davies of
foreign countries.
Shanghai, China, and Herbert S. Bullard and John Buckley
The authorized capital of the new organizaof Hartford.
tion is $1,000,000, divided into 100,000 shares, par $10, not
more than three-quarters of which shall be preferred. The
company will start business with $1,000 paid-in capital, and
the shares are divided as follows: James Davies, Shanghai,
China, 98; Herbert S. Bullard and John Buckley. 1 each.
The officers of the American-Oriental Banking Corporation,
our contemporary says, are James B. Davis, President and
Treasurer; Frank J. Raven, Vice-President; and Frederick
R. Sites of Shanghai, China, Secretary,
•
The Franklin National Bank of Philadelphia, Pa., recently moved from its old banking quarters at the corner of
Broad and Chestnut streets to its new building on Chestnut
west of- Broad, a building which, it is said, for beauty
design and completeness of equipment is surpassed by few
of
in the country. The Franklin National is distributing in
booklet form a reprint of an article from the "Bankers'
Magazine" of New York, describing the bank's new quarters, a part of which we quote herewith:
The prevalent belief that a street comer site is essential for any important
St.,
banking institution finds refutation in this building, situated as it is in the
middle of a block. A marble-paved portico recessed fourteen feet from the
building line, with two marble pillars extending forty-five feet to the
cornice, attracts instant attention to the building and serves to make the
entrance to the banking room fully as distinctive as a corner location
could be. In fact, the distinctiveness and beauty of the architecture are
such as to attract attention and admiration of the passerby even in a city
so famous for its beautiful buildings as is Philadelphia.
Although the facade is of classic design, the composition is such as to
subtly suggest the architecture of the Colonial period, so closely associated
man whose name the institution bears. The crown of the pediment is ninety feet from the sidewalk, a feature being the beautiful medallion of Benlamin Franklin, in low relief, above which floats the flag
of the nation in the creation of which he played such a glorious part.
The
area of the site. .54 by 230 feet, and the requirements of the bank presented
rather an unusual problem to the architects which was solved by placing
the entrance on the east side of the building, where access is had to the
public space, about eighteen feet wide, extending through the elevator
hall of the adjoining office building.
The main banking room is .50 feet wide by 120 feet long and has a beautifully coffered ceiling and skylisiht. the crown of which is 6S feet above
the floor. The walls to the gallery level are of Travertine, the soft tones
of which form a pleasing combination with the Botticino marble and bronze
of the banking screen and the Circassian walnut woodwork.
The vault, 18 by 27 feet in size, is located in the basement and is constructed of Harveyized steel, beautifully finished and fully protected by
all of the most modern devices.
with the
The Franklin National Bank was organized
in 1900.
It
now has
capital of $1,000,000, surplus and profits of over
and total resources of over .$.58,000,000. J. R.,
McAllister is President; J. A. Harris Jr. and E. P. Pass$.3,500,000
more, Vice-Presidents;
J.
William Hardt, Cashier, and E. E.
Shields, Assistant Cashier.
The Seranton Savings & Dime Bank of Scranton, Pa.,
has been merged with the Peoples National Bank. The
new institution is known as the Peoples Savings & Dime
Bank. It occupies the home ot the Scranton Sa^dngs &
Dime Bank. In 1913 the Dime Deposit & Discount Bank
consolidated with the Scranton Savings Bank, forming the
[Vol. 105
Scranton Savings & Dime Bank.
President of the Scranton Savings &
new
institution,
George B. Jermyn,
Dime Bank heads
and George T. Dunham, Cashier of
the
the
Peoples National, serves as Vice-President along -wdth his
brother, H. G. Dunham, who is a Vice-President of the
Scranton Savings & Dime. E. J. Lynett, also a VicePresident of the Scranton Savings & Dime, likewise remains
in that capacity.
Thomas Sprague and Timothy Burke,
Vice-Presidents of the Peoples, are also identified with the
enlarged bank as Vice-Presidents. William Cawley, Cashier
of the Peoples, is Cashier of the continuing institution, of
which James Blair Jr. is Assistant Cashier. The consolidated bank has a capital of $700,000, surplus of $300,000 and
deposits of $10,000,000. The Peoples National and the
Scranton Savings & Dime Bank each had a capital of $.500,000. The building of the Peoples National will be sold and
the proceeds, according to the Scranton "Times," will be
used in the liquidation of the bank's affairs, the stockholders
of the former Peoples bank expecting to get about $110 on
each share of their former stock in addition to the stock they
received in the merged bank.
C. E. Sullivan, Vice-President of the Central National
of Cleveland, has been elected Vice-President of the
Superior Sa\dngs & Trust Co., succeeding Edward L. Howe,
resigned. Mr. Sullivan has been connected with the Superior Savings & Trust Co. for some time, having served
as a member of the board of directors and of the executive
committee. The directors of the Superior Savings & Trust
Co. have declared the regular quarterly divdend of 4%,
payable July 2 to stockholders of record June 26.
Bank
At a meeting
Bank
of the stockholders of the Lincoln State
Monday, July 2, organization proceedings were practically finished when ten directors were
elected and the officers were chosen by those directors. At
a meeting, to be held in the near future, five new members
will be elected to the board of directors.
The bank will
open for business on Sept. 1, when the remodeling of the
building at 1492-94 Woodward Avenue is completed. The
officers of the bank will be:
Albert C. Moore, President;
James G. Heaslet, Vice-President; Edwin Herzog, Cashier;
James N. Simmons, Assistant Cashier. The directors vnU.
be:
Robert S. Brown, Josiah C. Fleming, Ira L. GrinneU,
Daniel J. Healy, James G. Heaslet, Edwin Herzog, George
H. Layng, Albert C. Moore, David Pringle, M. Core Van
of Detroit, held
The bank has been formed "wath a capital of
$250,000 and surplus of $100,000, the stock selling at $140
per share.
Antwerp.
With the
declaration of a quarterly dividend of
3%
the
directors of the Security Trust Co. of Detroit have placed
the stock of the company on an annual dividend basis of 12
%
The
rate had heretofore been 10%.
The trust companj^ has
a capital of $500,000, surplus of $500,000 and undivided
profits of $420,000.
The Stockmen's Trust & Savings Bank of Chicago has
its annual dividend rate to 8% by the declaration
of a semi-annual dividend of 4%.
The rate had heretofore
been 6'
An extra dividend of 2% was declared Dec. 31
1915. The institution has a capital of $200,000.
increased
R. B. Sullivan, formerly with Ames-Emerich Co., has
become associated with the Investment Department of the
Union Trust Co., Chicago, as Manager of Sales.
The Fort Dearborn Trust & Savings Bank of Chicago
announces that at a regular meeting of the directors on July
10 Stanley G. Miller was elected a Vice-President in charge
of the Bond Department.
The new Highlands State Bank
of 7904 South Halsted
Chicago, opened for business on July 2. The new
institution had for the past three years operated under the
name of the Marquette Park State Bank, but with the
failure of the Auburn State Bank last month the directors
and stockholders of the Marquette Park Bank decided that
it would be advantageous to the interests of the institution
to change its name and location, and accordingly the style
of the bank was changed to the Highlands State Bank, and
its location from 2439 W. Sixty-third Street, to its present
address at 7904 South Halsted Street. The Highlands
State Bank has a capital of $200,000 and surplus and profits
of $65,000.
Its deposits amount to $152,000. The officers
St.,
July
THE CHRONICLE
14 1917.)
John Bain, President; Wm. A. Moulton, Vice-President;
William Brietzke, Cashier; L. F. SAveeney, Assistant Cashier.
The newly organized National City Bank
are
The realty business of John S. Spann & Co. has been taken
over by the Union Trust Company of Indianapolis, Ind.
The offices of the acquired concern will be continued as a
It is stated that the business
branch of the trust company
operated by the realty company will be enlarged so as to
include a banking and savings department, the administration of estates, and the sale of bonds and other securities in
addition to its realty business. The company was founded
by John S. Spann in 1860, and was incorporated in 1902.
It was financial correspondent and agent for a number of
years of the Connecticut Mutual Life Insurance Company,
and other large financial institutions. Since Mr. Spann's
death in 1897, the business has been carried on by his sons.
Thomas H. Spann and Berkley W. Duck will continue the
management of the business with its operation as a branch
of the trust company.
.
.,
The Twin City State Bank of St. Paul, Minn., has increased its capital from$100,000 to $150,000. Thenewstock
(par $100) was disposed of at $110 per share.
The enlarged
capital became effective on July 5.
The latest addition to
capital is the third since the organization of the bank in
1913, when it started with a capital of $25,000.
A
plea on behalf of the railroads
Bank
of
Commerce
is
made by
the National
in St. Louis in a paid advertisement in
the St. Louis "Globe Democrat." The proceeding attracts
attention because it is something out of the ordinary to find
an article about railroads written and paid for by a bank.
In the article referred to the St. Louis bank points out that:
The interests of railroads, of railroad security holders, of railroad employees and of shippers, are identical in one respect, namely: They can
prosper only when railroads are allowed reasonable rates for their services,
may pay interest and dividends on the capital invested, and
pay good wages to employees, and provide the equipment needed to ship
goods when and where ordered.
The further fact that "the railroad situation has become
acute, because costs of operating have increased very fast
so that they
during the past few years without proportionate increase of
revenue" is also noted, and attention is likewise drawn to
the fact that over 50 million people in this country own railroad securities, either directly or as policy holders in life
insurance companies and depositors in savings banks.
Inasmuch as the recently organized National Association
of Owners of Railroad Securities is working for a better
undertsanding of the railroad question and for a spirit of
co-operation among those jointly interested in the success
of the roads, every direct or indirect owner of railroad securities is by the bank urged to join in its membership.
This is advocated as a conservation proposition, since
"The high prices of foodstuffs and other commodities,
especially in the centres of population, have been due in
great measure to lack of adequate transportation facilities."
Dr. William S. Woods, for several years prominent in
Kansas City, Mo., banking affairs, died on July 5. Dr.
Woods Avas seventy-six years old. When the National Bank
of Commerce of Kansas City was formed in 1887 with a
capital of $1,000,000 Dr. Woods became President of it.
During the panic year of 1907 the National Bank of Commerce, whose deposits had reached $35,000,000, was forced
to suspend business, but it was reorganized and reopened
on March 30 1908 with William B. Ridgely, former Comptroller of the Currency, as President.
In November 1908
the Ridgely interests, rather than prolong any contest for
control, withdrew and Dr. Wood and his associates again
assumed the management. Shortly after the National
Bank of Commerce absorbed the Union National Bank of
Kansas City, D. T. Beals, President of the latter institution,
becoming President of the enlarged bank, while Dr. Woods
became Chairman of the board. In April of the following
year, 1909,, Dr. Woods, because of ill health, decided to
retire
of the
of the
from active banking affairs, and relinquished control
bank to J Wilson Perry who had been Vice-President
,
.
National
Bank
of
Commerce
in St. Louis.
At the
same time he resigned the Presidency of the Commerce.
Trust Co., being succeeded by W. T. Kemper. In July 1912
the National Bank of Commerce was consolidated with the
Southwest National Bank, forming the present Southwest
National Bank of Commerce. At the time of his death
Dr. Woods is said to have been a large stockholder in the
Southwest National Bank of Commerce, the- Commerce
Trust Co., the Fidelity Trust Co. and the First National
Bank, all of Kansas City.
155
Mo.,
of
Kansas City'
begin business on July 23 at 914-916 Walnut Street.
The officers of the bank are: W. D. Johnson, Chairman of
the board; J. M. Moore, President; Charles H. Moore and
E. E. Ames, Vice-Presidents; J. F. Meade, Cashier; Albert
H. Smith and Robert Johnson, Assistant Cashiers. The
will
directors are:
E. E. Ames, formerly First Vice-President Central National Bank,
Topeka, Kan.; J. D. Bowersock, President Bowersock Mill & Power Co.,
Lawrence, Kan.; J. R. Burrow, President Central National Bank, Topeka,
Kan.; I. H. Hettinger, Hettinger Brothers Mfg. Co., Kansas City; J. C.
James, President T. M. James & Sons, Kansas City; W. D. Johnson,
President Western Cattle Loan Co., formerly Director Southwest National
Bank of Commerce; F. B. Jenkins, Vice-President J. W. Jenldns Sons'
Music Co., Kansas City; Lee Lyon, M. Lyon & Co., wholesale hides and
wool, Kansas City; Frank R. McDermond, President Columbian Hog &
Cattle Powder Co., Kansas City; Jas. F. Meade, formerly A,s.sistant Cashier
Southwest National Bank of Commerce; John M. Moore, formerly First
Vice-President Southwest National Bank of CoAmerce; Charles H. Moore,
formerly Vice-President Southwest National Bank of Commerce; E. E.
Mullaney, President Farmers' & Merchants' Bank, Hill City, Kan.;
T. 15. Neal, capitalist, Kan.sas City; D. D. Swearingen, live stock, Kansas
City; W. H. Waggoner, President Waggoner- Gates Milling Co., Independence, Mo.; F. L. Williamson, Vice-President Dewey Portland Cement Co.,
Kansas City.
The bank will start with a capital of $1,500,000, surplus
of $300,000 and undivided profits of $75,000.
The stock
is
being paid in at $125 per share.
The National Bank of Danville, Va., capital $175,000, we
learn from the Comptroller of the Currency's weekly bulletin, is in process of liquidation in furtherance of plans to
consolidate it with the First National Bank of Danville.
The Comptroller
of the
Currency has approved an increase
Iowa National Bank of
of $200,000 in the capital of the
Des Moines,
raising
it
from' $1,000 ,000 to $1,200,000.
W. S. Short of Chehalis, Wash., has been elected VicePresident of the Vancouver National Bank, Vancouver, to
succeed F. M. Kettenring, resigned. The new Vice-President has purchased a part of the stock holdings of Thomas
H. Adams, President of the institution, who, it is said, will
remain for a time at least as President.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date-
of
of
June 14 1917:
GOLD.
The Bank of England gold reserve against its note issues shows an increase
Further outgoings of
of £291,560, as compared with last week's return.
gold are reported from New York amounting to $4,500,000, of which the
proportion engaged for Japan is the most important. The Transvaal gold
output for May 1917 amounted to .£3,310,618, as compared with £3,303,377
n May 1916 and £3,155,121 in April 1917.
SILVER.
The market has at last left the doldrums in which it has remained for
more than a month past. The change was accompanied by abrupt movements of the price in an upward direction. Disquieting news from China,
where thepolitical hoi'izon is overcast, has aggravated the firmness of the
market. Whether the Chinese position ivill clear without civil strife or
not, the evident unrest must affect the movements of trade, and also, to a
certain extent, the means of communication, particularly the railways now
occupied by military exigencies. It must not be assumed that the whole
of the heavy transfers of silver in the form of sycee from China to India
and elsewhere, that have taken place during the period of the war, will
Much of the silver
necessarily have to be replaced at a subsequent date.
was derived from hoards in the interior, whence it has been drawn by the
tempting rise in its exchange value. Moreover, substitutes have been
adopted, one of which, by no means the least important, is thus indicated
by the "North China Herald" under date of April 21 1917: "There is
another factor contributing to the depiction of silver in China, and that is,
the imports of gold bars and gold coins to China by exporters to i)ay for
their purchases, a,s this way of settling bills has been found cheaper than
sending the white metal here." On the other hand, quantities of copper
cash are being smelted under private auspices in Shanghai. Such an
operation was a serious crime under the Ching dynasty, and is also a
punishable offence under the Republican regime. Of course a scarcity of
copper cash would probably create local demand for silver currency.
The silver holding by the Indian Treasury, as detailed below, has fallen
The total
61 lacs, and approximates the recent low record on May 7 last.
note issue is about four and a. half crores larger than at that date.
In lacs of rupees
June 7.
May 22. May 31.
Notes in circulation
Reserve in silver coin and bullion
Gold coin and bullion
Gold in England
87,51
15,45
10,32
5,17
88,51
14,92
9,42
5,17
88,31
15,53
9,93
5,17
in Bombay consists of 2,700 bars, as compared with 2,200 bars
week. The .stock in Shanghai on June 9 1917 consisted of about
22,200,000 ounces in sycee and 15,000,000 dollars, as compared %vith
25,400,000 ounces in sycee and 15,300,000 dollars on June 2 last. Quotations for bar silver per ounce standard:
38 -M
5%
cash June 12
39 1-16 cash Bank rate
.lune 8
" 13
"
Bar gold per oz.
:^9 1-16
9....-38 7-16 "
"
"
77s. 9d.
standard
39 1-16
14
11
38-Ji
The stock
last
•
Average
No
38.791
quotation fixed for forward delivery.
The quotation to-day for cash delivery is the highest since Dec. i892,
and is 13-16d. above that fixed a week ago.
—
—
.
.
.
.
.
THE CHRONICLE
156
[Vol. 105
ENGLISH FINANCIAL MARKETS— PER CABLE.
Th(3 daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending July
Silver, peroz
July 7
.
Kat.
13.
July 10. July 11. July 12. July 13.
Tues.
Wed.
Thur.i.
Fri.
39 15-16 40 5-16 40H
41
40Ji
Man.
d. 39)i
Holiday 55
Consols, 2 H per cents
"
British, 5 per cents
94J^
"
British, 4
per cents
04^
"
French Rentes (In Paris).. fr.
60.30
K
i-iS
War Loan 5%
French
Paris)..
The
silver in
55K
6oi4
94»^
94^
55H
904
94H
Oi'A
60.50
94J<
60.50
60.40
5o'A
9i%
94H
"
fr.
88.40
88.45
New York on
N. Y., peroz. .cts. 78K
60.55
78H
88.45
the
88.45
80
79'A
States Steel Corporation on Tuesday July 10
issued its regular monthly statement, showing unfilled orders
on the books of the subsidiary corporations as of June 30 last
This compares with 11,886,591 tons on
of 11,383,287 tons.
May 31, a decrease of 503,304 tons, and with the record total
of 12,183,083 tons on April 30, a decrease of 799,796 tons.
In the following we give the comparisons with the previous
naonths:
April 30
31
Mar
Feb. 28
Jan. 31
Dec. 31
Nov 30
31
Oct.
Sept
30
Aug. 31
July
31
June 30
May
31
April 30
Mar. 31
Feb. 29
Jan 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May
31
April 30
Mar. 31
Tons.
1917. 11,383,287
1917. 11,886,591
1917. 12,183,083
1917-. 11, 711,644
1917.-11,576,697
1917.. 11,474,054
1916.-11,547,286
1916.. 11,058,542
1916.. 10,015,260
1916.. .9,522,584
1916.. .9,660,357
1916. ..9,593,592
1916 .9,640,458
1916.. .9,937,798
1916. ..9.829,551
1916.. -9.331,001
1916.. 8,568,966
1916.- 7,922,767
1915. ..7,806,220
1915. ..7, 189,489
1915. ..6,165,452
1915.. .5,317,618
1915.. .4,908,455
1915 .4,928,540
1915 -4,078,196
1915.. .4,264.598
1915. -.4, 162.244
1915. ..4,255.749
Tons
.
I
Feb. 28 1915...4,345,37l|Oet.
Jan. 31 1915.. .4,248,571 Sept.
Dec. 31 1914...3,836,643'Aug.
Nov. 30 1914... 3,324,592 July
Oct. 31 1914. ..3,461, 097' June
Sept. 30 1914_..3.787,C67|May
Aug. 31 1914...4,213,33rAprll
July 31 1914... 4, 158,589 Mar.
June 30 1914... 4,032, 857:Feb.
May 31 1914. -.3,998,160 Jan.
April 30 1914. ..4,277,068 Dec.
Mar. 31 1914-. -4,653,825 Nov.
Feb 28 1914. ..5,026.440 Oct.
Jan. 31 1914.. .4,613,680 Sept.
Dec. 31 1913.. .4,282, 108 Aug.
Nov. 30 1913 -4,396,347 July
Oct. 31 1913 .4,513,767 June
Sept. 30 1913
.5,003,785 May
Aug. 31 1913- .5,223,468 April
July 31 1913. .5.399,356 Mar.
June 30 1913 .5,807,317 Feb.
May 31 1913 .6,324,322 Jan.
April 30 1913. ..6,978,762 Dec.
Mar. 31 1913.. .7,468,956 Nov.
Feb. 28 1913-.. 7,656,714 Oct.
Jan. 31 1913.. .7,827 ,368 Sept.
Dec. 31 1912. .-7.932. 164 Aug.
Nov. 30 1912. ..7.852,883 July
31
30
31
31
Tons.
1912.. .7,594,381
1912. ..6,551,507
1912-..6,163,.375
1912. ..5,957,079
30 1912--.5,807,346
31 1912. ..5, 750,983
30 1912_. .5,664,885
31 1912. -.5.304,841
29 1912. ..5,454,201
31 1912. ..5,379,721
31 1911. -.5,084,765
30 1911. ..4, 141,958
31 1911. ..3,694,327
30 1911. ..3.611,315
31 1911. ..3,695,985
31 1911. ..3,584,088
30 1911. ..3,361.087
31 1911. ..3, 113, 154
30 1911. ..3,218. 700
31 1911-. .3,447,301
28 1911. ..3,400,543
31 1911.. .3,110,919
31 1910.. .2.674,750
30 1910- .2,760.413
31 1910. .2,871,949
30 1910- .3,158.106
31 1910. .3,537.128
31 1910. .3,970,931
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.
ANTHRACITE COAL SHIPMENTS.— The
shipments
of anthracite coal for the month of June, as reported to the
Anthracite Bureau of Information at Wilkes-Barre, reached
the record total of 7,049,037 tons, exceeding by 59,962 tons
the previous record total of 6,989,075 tons reached in March
of this year, and an increase as compared with the corresponding month last year of 1,412,062 tons, or 25%. Total shipments for the first six months of 1917 have amounted to
37,667,093 tons, against 33,421,665 tons for the first halfyear in 1916 and 32,328,991 tons in 1915.
"This record," says the Bureau, "made in spite of a pronounced shortage of labor, exceeds the most optimistic
anticipations and more than keeps the promise made by the
operators to the Federal Trade Commission that the production in 1917 would be increased over 1916, and that the
public requirements would be supplied."
Below we give the shipments by the various carriers for
the months of June 1917 and 1916 and for the six months
ending June 30 1917 and June 30 1916:
-June-
—
Six
Mos. Ending
t)bls.l96lbs.
Chlcago
80M
SO'A
—
1917
1916. June 30' 17. June 30' 16.
6,322,998
tons. 1,341, 370 1,087,183 7,177,908
1,347,205 1,000,553 6,741,996 5,830,559
771,365
633,572 4,073,044 3,447,585
Delaware Lackawanna & Western
873,278 6,132,890 5,106,958
1,085,072
Delaware & Hudson
818,337
580,046 4,110,640 3,559,974
Pennsylvania
482.239 2,836,233 3,069,431
500,037
Erie.
807,047
666,529 4,371,476 4,013,663
New York Ontario & Western
979,848
181,965
154,089 1,000,412
Lehigh & New England
*196,639 *159,486 n,222,494 *1,090,649
Wheat.
Flour.
Receipts at-
88.45
same day has been:
The United
31
New York
Produce Exchange. The receipts at Western
and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
the
lake
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.—
May
—The
statements below are prepared by us from figures collected by
(In
price of silver in
June 30
Breadstuffs Figures brought from page 195.
July 9.
bush,
212,000
12,000
331,000
44,000
356,000
655,000
132,000
491,000,
1,799,000
4,144,000
2,488,000
3,735,000
3,731,000
3,018,000
28,000
'"d'.bbb
"di'.bbb
14,000
Omaha
Total wk. '17
Same wk.
Same wk.
199,000
307,000
268,000
'16
"15
Since Aug.l
1916-17
Barley.
Oats.
1,522,000
Toledo
Detroit
Cleveland
.St. Louis
Peoria
Kansas City.
Corn.
Rye.
bush. 56 lbs. bush. 32 lbs. bush. 4Slbs. bush.56lba.
304.000
721,000
71,000
61,000
13,000
29.000
98,000
Minneapohs .
Duluth
Milwaukee ..
mibs
73,000j
2,166,000
152,000
"431. bbb
476,000
32.000,
16,0001
27,000|
18,000
54,000
197,000
171,000
12,000
126,000
39,000
26,000
1,000
22,000
5.000
42.000
2.000
3,855,000
3,404,000
5.53,000
1,701.000,
2,640,000;
597,000
90,000
102,000
41,000
49.000|
408,(X)0J
162,000
111.000
229,000
17,872,000 345,315,000 .508,755,000 260.900.000 82.851,000 21.871,000
19,313,000 490,648,000 217,546,000 209,575.000 111986000 22,185.000
18,974,000 378 .979 ,000 232 ,740 ,000 2.58 ..593 ,000 84,884 ,000 19 12 1 ,000
191.5-16
1914-15
,
Total receipts of flour and grain at the seaboard ports for
the week ended July 7 1917 follow:
Flour.
Wheal.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels,
Bushels.
Bushels.
Bushels
Bushels.
Receipts at-
New York
N'port NewsNew Orleans*
Montreal
Boston
601,000
550,000
872,000
960.000
626.000
159,000
7,000
30,000
61,000
Portland, Me.
Philadelphia .
Baltimore
78,001)
51,00()
94,000
543,000
431,000
707,000
34,000
18,000
1,854,000
300.000
169.000
277,000
1,212,000
783.000
131,000
175,000
""2",6oo
423,000
78,000
35,000
9,000
58,000
338,000
157,0001
Total wk. '17
438,000
4,146,000
1,415,000
4,884,000]
796,000
145,000
Since Jan. 1'17 11,444,000 132,884,000 36,737,000 75,735,000' 9,590,000 6,409,000
Week
1916-.573,000
5,676,000
865,001
3,768,000
535,000
147,000
Since Jan.1'16 14,054,000 206,124,000 31,239,000! 99,819,00016,697,000' 7,564,000
New
Receipts do not include grain passing through
*
on through
Orleans lor foreign ports
bills of lading.
The exports from the several seaboard ports for the week
ending July 7 are shown in the annexed statement:
Wheat,
New York
Portland,
Corn,
Flour,
bushels
—
Exports from
bushels.
barrels.
67,234 1,882,357 189,414 364,624
7,000
300,000
1,153,927
571.855
872,000
336,276
404,891
Me
Boston
Baltimore
78,000 1,213,000
Total week
89,229 152,234 4,549,284,283,700 364,624
510,031 440,834 2,887,266!l04,642 612,058
2,245,022
5,688.003
Week 1916
4,335
14.646
week and
since
destination of these exports for the
is as below:
July
1
Exports
and
for
Since
July
1
4,335
94",286
89.229
Newport News-.
The
Oats.
Rye.
Barley,
Peas,
bushels, [bushels. bushels. bushels.
1917
Wheat.
Flour.
Corn.
Week
Week
to—
Week
Since
July 1
1917.
July 7
1917.
Week
July 7
1917.
Since
July 1
1917.
July 7
1917.
Since
July 1
1917.
Bushels.
Bushels.
Bushels.
Bushels.
United Kingdom. 26,397
Continent
125,837
26,397
125,837
549,787
1,695,235
549,787
1,695,235
89',229
"8¥,229
Total
Total 1916
152,234
440,834
2,245,022
5,688,003
2,245,022
5,688,003
89,229
510,031
89,229
510,031
Barrels.
152,234
440,834
Barrels
Road
•
Philadelphia & Reading...
Lehigh Valley
Jersey Central
Total
The world's
ending
shown
LAKE SUPERIOR IRON ORE SHIPMENTS
'"'
e
shipments of Lake Superior iron ore during the month of
June, 1917, were 9,639,991 tons. This compares with 9,507,576 tons, the previous record amount for June, in 1916, and
6,005,091 tons in June 1915. The total for the season to
July 1 1917 is much below that for the same period last year,
because of the serious delays in the early part thereof. The
total for 1917, 16,135,135 tons, compares with 19,615,567
tons in 1916 and 11,521,283 tons in 1915.
Below we compare the shipments from the different ports
for June 1917, 1916 and 1915, and for the season to July 1.
Port
—
-June-
1916.
1915.
Escanaba-..tons 909,804 1,159,424
720,264
Marquette
527,701
539,327
363,637
'...1,176,517 1,101,370
Ashland
604,127
Superior
2,121.663 1,945.234
926,536
Duluth
3,363,211 3,116,665 2,146,501
Two Harbors- -.1,541, 095 1,645,556 1,244,026
Total
1917.
-Season
1917.
2,205,297
625,749
1,909,468
3,526,082
5,128,894
2,739,645
July 1 1917
1915.
1916.
2,602,824 1,248,830
547,002
1,154,140
2,204,263 1,161,792
3,878.915 1,777,600
6,325.990 4,295,811
3,449,435 2,490,248
Exports.
for the
week
1917 and 1916 are
Corn.
al916.
1917.
Week
al916.
1917.
Week
Since
July 1.
Since
July 1.
Bushels.
Bushels.
7,088,000
8,432,000
878,000
878,000
518,000
"l8'4',666
'l8V,000
i,6b8",o6o
"779",666
'779",600
2",7b3',00O
1,652,000
560,000
Oth.countr's
16,000
1,652,000
560.000
16,000
496,000
'"32",6o6
"'84',6o6
"'84",600
247",666
9,500.000 10,568,000
1,741,000
1,741,000
3,468,000
July
7.
Bushels.
NorthAmer* 7,088,000
July 7.
Since
July 1.
July 1
Bushels.
Bushels.
Bushels.
Since
Russia
Danube
Argentina
Australia
India
Total
9,500,000
—
North America. The Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days.
This is effective
*
during the continuance of the war.
a Revised.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
to
9,639,991 9,507,576 6,005,091 16,135,135 19,615,567 11,521,283
1
Wheat.
*
;
wheat and corn
1917 and since July
in the following:
7,049,037 5,636,975 37,667,093 33,421,665
After deducting (to avoid duplication) tonnage delivered to the Central RR. of
New Jersey at Hauto by the Lehigh & New England RR., and included as part of
the tonnage of the latter. This amounted to 138,963 tons in June 1917 (against
102,225 tons in June 1916), and to 597,370 tons for the six months ending June 30
for the half-year in 1916 this tonnage was included only in^June, when it
191
amounted to 102,225 tons.
shipnients of
July 7
UnUcd
Kingdom.
Bushels
July
7 1917..
June 30 1917..
July 8 1916..
July 10 1915-
Not
Not
United
Continent.
Bushels.
avail able,
avail able.
Total.
Kingdom.
Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
54,624.000
36.728,000
15.057,000
23,780.000
.
.
July
THE CHRONICLE
14 1917.]
BANK NOTES— CHANGES IN TOTALS OF, AND
give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Circulation Afloat Under
Bonds and Legal Tendert
on Deposit /or
—
Leeal
Tendert.
June 30
May
31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
Deo 30
Nov. 30
Oct. 31
Sept.SO
Aug 31
July 31
June 30
S
667,670,433
666,344,773
664,245,448
661,371,468
671,001,858
670,717,615
674.659.613
675.006,203
679,650,913
684,409,881
683,786,698
685,996.918
686,583.635
S
47,749,577
50,241,202
53,245,374
56.191,132
47.118,057
50,540,476
52,165,627
49,199,416
46,418,377
48,900,332
50,707,153
64.324,278
57.591,025
S
1917..
1917..
1917-.
1917..
1917..
1917-.
1916..
1916-1916..
1916..
1916..
1916..
1916..
671,333,060
669,392,710
667,587,120
664,526,370
674.992,080
675,415,840
677.315.840
682,853,740
687,957,990
687.931.240
689.739.180
689.774.660
690.440.930
Legal
Tendert.
Bondt.
512,790,245 Federal Reserve bank notes outstanding July
covered by bonds and $2,845,225 by lawlul money.
1, of
—
89,945.020
When
Cera.
Company.
Street and Electric Rys. (Concluded).
Monongahela Valley Traction, com. (qu.)
Payable.
lA
IM
Common (extra)
Montreal Tramways (quar.)
July
July
July
July
1
1%
IVi
87 Vic Aug.
62>^c. July
lA Aug.
Puget Sound Trac..L.&P..pref. (quar.).
Railway & Light Securities, com. & pref.
Republic Ry. & Light, com, (qu.) (No. 3)
75c July
Aug.
3
July
July
July
July
July
1
Preferred (quar.) (No. 24)
Trinidad Elec. Co., Ltd. (guar.)
I
A
IM
& Elec, Bait., com. (quar.)
Ry. & Power, preferred
West Penn Power, pref. (quar.) (No. 6)..
United Rys.
50c.
Virginia
3
Aug.
IVi
50c.
Wisconsin Edison (quar.)
York Railways, preferred (quar.)
62HC
July
July
div.)
«1
4
Aug.
Aug.
Mechanics' & Metals Nat. (Red Gross)..
New York Produce Exchange (guar.)
Ml
Banks.
American Exchange Nat. (Red Gross
Corn Exchange (quar.)
2A
uA
First National, Bklyn. (guar.)
Special (Red Cross dividend)
Holders
Holders
July
7
July
7
Holders
Holders
July
July
July
July
3
Trust Companies.
Broadway
Aug.
(guar.).
1
Fire Insurance.
show the amount of each class of U. S. German-American (Red Cross dividend). Ml
Aug. 1
Home (No. 124)
12H Ondem
bonds held against national bank circulation and to secure
Mtscellaneous.
July 14
SI
public moneys held in national bank depositaries on June 30: Air Reduction, Inc., com. (No. 1)...
Preferred
The
following
U.
Bonds Held June 30
Secure
to
deposit to
On deposit to
secure
secure Federal
Reserve Bank National Bank
Notes.
Notes.
—
On
Bonds on Deposit
June 30 1917.
Y
S
S
8,957,500
A
Held.
$
62,500
155,000
-
-
562,671,100
16,386,600
30,696,200
46,621,320
24,957,840
671,333,060
681,333,060
...
and the amount
amount
bank notes
legal-tender deposits June 1 and
following shows the
of
of national
July 1 and their increase or decrease during the month of
June:
—
National Bank Notes Total Afloat
Amount afloat June 1 1917
Net amount retired during June
Amount
—
5716,585,975
1,165,965
of banlc notes afloat July 1 1917
Legal-Tender Notes
..8715,420,010
—
Amount on deposit to redeem nationalbank notes June
Net amount of bank notes issued in June
Amount on
deposit to redeem national
1
bank notes July
1917
1
850,241,202
2,491,025
1917
§47,749,577
all
Per
Name
of
When
Cent.
Company
Payable.
Preferred
(extra)
Atchison Topeka & Santa Fe. com. (qu.)
Preferred
Baltimore & Ohio, common
Preferred
Canada Southern
Central RR. of N. J.
Chic. St. Paul Minn.
Preferred
Cleve. Gin. Chic.
&
Aug.
Aug.
3
•
Sept.
Aug.
2'A
2
(guar.)
2
& Omaha, common
2H
3'A
IK
St. Louis, pref. (qu.)
Delaware Lackawanna & Western (quar.) $1.25
Detroit River Tunnel
3
Georgia RR. & Banking (quar.)
3
Great Northern (quar.)
IH
lUinois Central (quar.) (No. 127)
IH
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
July
July
July
July
Aug.
Sept.
Kansas City Southern, preferred (quar.).
July
1
Lehigh Valley, common and pref. (quar.) S1.25 July
Little Schuylkill Nav., RR. & Coal
SI .25 July
Louisville & Nashville
Z'A Aug.
Mahoning Coal RR., common
Aug.
S5
Michigan Central
2
July
Mine
Hill
&
Schuylkill
Haven
NashriHe Chattanooga & St. Louis
New York Central RR. (quar.)
Norfolk & Western, common (quar.)
Adjustment preferred (quar.)
Northern Central
Northern Pacific (quar.)
Pennsylvania RR. (quar.)
Pere Marquette, prior preference
Pittsb. Gin. Chicago & St. Louis
Reading Company,
common
(quar.)
SI. 50
3M
154
July
Aug.
Aug.
Sept.
Aug.
1
July
S2
IM
Aug.
I'A Aug.
1 2-3 Aug.
2A Aug.
Aug.
51
First preferred (quar .)
Second preferred (quar.)
Wabash, preferred A (quar.)
50c Sept.
50c July
July
1
Street and Electric Railways.
Bangor Rij. & Elec, com. (qu.) (.No. 14)..
Brooklyn City RR. (quar.)
Carolina Power & Light, com. (guar.)
Central Ills. Public Service, pref. (quar.)
Chicago Rys.. Series 1 partlc. ctfs
Cine. Newport & Gov. L.&Tr..com.(qu.)
2A
A
lA
July
8
Aug.
\A
IH
July
July
/A
Preferred (quar.)
Cities Service,
Common
com.
&
pref.
(payable in common stock)..
& Indus, (quar.) (No. 4)..
Connecticut Ry & Ltg., com. & pref. (qu.)
Consolidated Traction of N J .
Duquesne Light, pref. (quar.) (No. 10)..
.
.
St.
LouU
Georgia Ry.
Kentucky
&
&
A
Sub. Co.. pref. (guar.)..
Power, first preferred ..
Securities, pref. (quar.)
Manchester Tr., Light & Power (quar.)
Milwaukee FJec. Ry. & TAoht. pref. (guar.)
Aug.
Aug.
July
1
Aug.
Aug.
Aug.
Aug.
2
July
IK
Aug.
Aug.
(monthly)..
Civic Invest.
East
H
1
H
2K
lA
2
lA
July
July
July
Julv
(extra)
Preferred (quar .)
American Seeding Machine, com. (quar.)
Preferred (quar.)
American Shipbuilding, common
Common
(quar.)
*
(extra)
Preferred (quar.)
Amer. Smelt. & Retg.. com. (Red Cross)
Amer. Sugar Refg., com. and pref. (qu.).
Amer. Sumatra Tobacco, com. (No. 1)..
Preferred
Amer. Telephone & Tfclegraph (quar.)
American Type Founders, com. (quar.).
Preferred (quar.)
(quar.)
Holders
Holders
Holders
Holders
Holders
July
1
July
1
Holders
Holders
Holders
Holders
July
1
Holders
Holders
Holders
Holders
15 Holders
of
of
of
ot
of
July 21a
July 21a
July 31a
June 29a
July 21a
July 21a
June 29a
July
July
5a
July
6a
July 15
July
5a
Aug. Oa
June 30a
June 30a
July 15
July 20a
July 16a
June 29a
July 15
July 21a
July
9a
Aug. 31a
July 31a
June 30a
July
9a
Aug. la
July 18a
Aug. 20a
July 24a
Aug. 28o
June 25a
rec. July
rec. July
rec. July
rec. June
rec. July
July
July
of rec. July
of rec. July
of rec. July
to
to
of rec.
to
ot rec.
of rec.
of rec.
of rec.
of rec.
SliHoldnr.'i of rec.
17a
Aug. 1
Aug. 1
June 27o
July
Aug.
10a
20a
5
24
30a
1
15
15
15
15
31
1
July 15
July
1
July 14
July lOo
July
6a
July-
(quar.)
Special (Red Cross dividend)
Anglo-American Oil, Ltd
Associated Dry Goods, 1st pref. (No. 1).
Associated Gas & Electric, pref. (quar.)..
Associated Oil (quar.)
Atl. Gulf & W. I. SS. Lines, common
(extra)
.
Atlas Powder, pref. (guar.)
Inclusive.
Holders of reo.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of reo.
HolOers of rec.
Holders of reo.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
July
2
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
June 12
to
Holders of rec.
Holders of rec.
Holders of rec.
June 23
to
Holders of reo.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Anaconda Copper Mining
Common
Books Closed.
Days
Railroads (Steam).
Alabama Great Southern preferred
Common
2a
July 20
1
BarnhartBros.&Spindler, lst&2d pf.(qu.)
Barnett Oil & Gas (monthly) (No .3)
Extra
Barrett Co., preferred (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone of Pa. (quar.)
Bethlehem Steel, Class A & B (Red Cross)'
Borden's Condensed Milk, common
Brown Shoe,
preferred (quar.)
Burns Bros., com.
(guar.) (No. 16)
stock)
.
Com. (payable in com.
Preferred (guar.) (No. 18)...
Bush Terminal, common
Common
(extra, payable in scrip)
Preferred
Bush Terminal Buildings, preferred
Butte & Superior Min. (spec.) (RedCross)
Canada Cement, Ltd., common (quar.).
Canada Steamship Lines
Canadian Converters' Ltd. (guar.)
Canadian Explosives, Ltd., pref. (guar.)
Carbon
Steel, common (quar.)
(extra)
Common
Common
Common
(extra)
.
Common
common
(quar.)...
'.
(extra)
Central Sugar, preferred (quar.)
Chevrolet Motor (quar.)
Chicago Pneumatic Tool (quar.)
Chlno Copper (Red Cross contribution).
Cleveland Elec. Illuminating, common..
Preferred (quar .)
Cluett, Peabody & Co., common (quar.).
Colorado Fuel & Iron, com. (quar.)
Colorado Power, common (quar.)
.,
Columbia Gas
&
Electric (quar.)
(quar.)
Commonwealth Gas & El. Cos., pref. (gu.).
Consolidation Coal (quar.)
Continental Paper Bag, com. (extra)
Commonwealth Edison
Common
Preferred
(extra)
(extra)
Corn Products Refining, .pref.
(quar.)
Pref. (on acct. accumulated dlvs.)
Cosden Oil & Gas, com. (guar.)
Common (extra)
Cramp (Wm.) & Sons
Ship
Crocker-Wheeler Co.,
common
Common
14
18
16
16
16
16
16
31
16
1
1
1
&
Eng. Bldgl
(quar.)..
(eStra)
Preferred (quar.)
Crucible Steel, pref. (No. 58) (acct. acou.)
Cvtiithy Packing, com. (guar.)
Sewn per cent preferred
30a
30a
13
6
31
30
30
2a
30
14a
6a
14a
30
30
10
3a
2a
1
30a
20a
June 22a
July 31a
of rec.
of rec.
July 10
to
to
July 10
of rec. July 14a
of rec July 10
Holders of rec. July 23
Holders of rec. July 2
Holders of rec, June 30
Holders of rec.
Holders of rec.
July
7
to
Holders of rec
Holders of rec
Holders of rec
Holders of rec
Holders of rec
Holders of rec
Holders of rec
Holders of rec.
Holders of rec
July 19
to
Aug. 15 Holcfers of
rec
July 25 Holders of rec
.
,
,
.
.
June 30
June 30
July 15
July 10
June
June
June
June
30a
30a
22a
22a
July 14
June 30a
Aug 22a
July 18
Aug. 12
Aug.
1
July 16a
July 16 July
July 16
7
to
2A Aug. 1 July 15 to July 31
Aug. 1 July 15
July 31
to
Aug. 1 July 15
July 31
to
July 21 Holders of rec July
5a
ul
July 25 Holders of rec. June 22a
July 14 Holders of rec. July
5
1
Aug. 1 Holders of rec. July 17a
IJ-i
30c July 20 Holders ot rec July 10
2
July 15 Holders ot rec June 30a
July 15 Holders of rec. June 30a
3
lA July 15 Holders ot rec. June 30a
1
July 15 Holders of rec. June 30a
lA July 15 Holders ot rec. June 30a
iy2 July 20 Holders of rec. July
5
July 20 Holders of rec. July
3
5
IK July 16 Holders of rec. July 2
ul
July 28 July
3
to
July
4
IM Oct. 2 Holders ot rec. Sept. la
1
Aug. 15 Holders ot rec. Aug. lo
3A Sept. 1 Holders of rec. Aug. 18a
2
July 16 Holders ot rec. June 30o
1
July 14 Holders ot rec. July 10a
IK July 14 Holders of reo July lOo
IH July 16 June 16 to June 27
IK July 16 June 16 to June 27
Aug. 27 Holders of rec. July 21a
S2
woOc July 16 Holders of rec. June 26o
15
July 16 Holders of coup. No. 13
IH Dec 1 Holders ot rec Nov. 15a
lA July 16 Holders of rec. June 30
lA July 16 Holders,^of rec. June 30a
5
Aug. 1 Holders ot rec. June 29a
ul
Aug. 1 Holders of rec. June 29a
lA Aug. 1 July 21 to July 31
IK Aug. 1 Holders of rec. July 27a
Ic.
Aug. 1 Holders of rec July 15
Ic.
Aug. 1 Holders ot rec. July 15
IK July 16 Holders of rec. June 30a
2
July 14 Holders ot rec. June 30
I
July 16 Holders of rec. July
5a
ul
Aug. 1 Holders ot rec. July 18a
ubOc. Aug. 15 Holders of rec Aug. 1
I'A Aug. 1 Holders of rec. July 21a
lA Aug. 15 Holders of rec Aug. 1
1
Aug. 15 Holders ot rec Aug. 1
IK Aug. 1 Holders of rec. July 20
2A July 16 Holders ot rec. July 7a
g2A July 16 Holders of rec. July 7a
3
July 16 Holders of rec July
7a
3!^ July 16 Holders ot rec June 30a
u40c. July 25 Holders of rec Julv an
lA July 16 July 1 to July 10
w2 1-3 July 31 Holders ofreo July 15
1
Aug. 15 Holders offrec. July 31
IK July 15 Holders of rec. June 30
lA Aug, 15 Aug. 11 to Aug. 14
2A Aug. 15 Aug. 11 to Aug, 14
lA Nov. 15 Nov. 11 to Nov. 14
2A Nov. 15 Nov. 11 to Nov. 14
6
July 30 July 26
July 29
to
IK July 14 Holders of rec. June 30a
2
July 16 Holders of rec. June 30a
IK July 16 Holders of rec. June 30a
IK Aug. 1 Holders of rec July 10a
2
Aug. 1 Holders of rec July 10a
SI. 75 Aug. 1 Holders of rec. July 14
3
Aug. 1 Holders of rec. July 14
1
July 25 July 15
July 25
to
u40c. July 25 Holders of rec July 14a
2
July 15 Holders of rec July
1
lA Aug. 1 Holders ot rec. July 25
lA- Aug. 1 Holders ot rec. July 20
x'A July 25 Holders ot rec July 10a
July 16 Holders ot rec June 30
1
Aug. 15 Holders of rec July 31a
2
Aug. 1 Holders of rec July 16
SI 50 July 16 Holders ot rec. .luly
2a
IJ^ July 31 Holders ot rec Jvily 18a
6
Oct.
1 Holders of rec
June 30
IH Nov. 1 Holders ot rec June 30
lA Nov. 1 Holders ot rec June 30
IK July 16 Holders ot rec July 3o
ft5
July 16 Holders ot rec. July
3a
10c. Aug. 1 Holders of rec July 16
15c. Aug. 1 Holders'Jof rec. July 16
3
Aug. 1 July 22
to
Aug. 1
July 14 Holders of rec July
2
5
1
July 14 Holders of rec July
5
IK July 14 Holders of rcc. July 5
A2
July 31 Holders of rec. July 16a
IK Sept. 15 Holders ot rec. Sept. 5
3H Nov. 1 Holders ot rec. Oct. 20
A
.
^
(quar .)
Second preferred (annual)
Central Goal & Coke, pref ..(quar.)
Central Foundry, 1st pref (quar.)
Ordinary pref. stock (quar.)
Central Leather,
Inclusive.
m
Common (Red Cross dividend)
American Machine & Foundry
American Malting, 1st and 2d pref
American Navigation (guar.)
American Rolling Mill, common (quar.)
Preferred (quar.)
the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics:
following shows
Aug.
m
.
American Woolen, common
DIVIDENDS.
The
&
&
Total
The
553,713,600
16,386,600
29,871,200
46,558,820
24,802,840
825',6o6
July
July
July
July
July
July
July
July
July
Sept.
hU
Total
10,000,000
23, consols of 1930 .
3s, loan of 1908-1918
43, loan of 1925
2s, Panama of 1936
23, Panama of 1938
afloat
S.
(quar.)
IH
1st pref.(aoc't accum'ns). h21
Alliance Realty (quar.)
,
lA
Allis-Chalmers Mfg., pref. (quar.)
IM
Pref. (on account accum. dividends).Amer. Agric. Chem., com. (qu.) (No. 23)
I'A
Preferred (quar.) (No. 48)
I
Amer. Beet Sugar, com (guar.)
2
American District Telegraph of N.
t
American Gas (quar.)
2
Amer. Gas Elec, pref. (qu.) (No. 42)..
IH
American Glue, preferred
4
Amer Graphophone, pref. (guar.)
American Ice, preferred (quar.)
I'A
American Laundry Mach'y, pref. (qu.)_
l?i
Amer. Light
Trac, com. (quar.).
Common (payable in common stock).. f'2A
Preferred (quar.)
\y,
American Locomotive, pref. (quar.)
Alabama Co.,
Days
Holders of rec. June
Holders of rec. June
Holders of rec July
Holders of rec. July
July 22
July
to
Holders of rec. June
Holders of rec. June
Holders of rec. July
Holders of rec. June
Holders of rec. July
Holders of rec. July
Holders of rec. July
Holders of rec. June
Holders of rec. June
July
1
July
to
Holders of rec. July
Holders of rec. July
July 22
to
Aug.
Holders of rec June
Holders of rec. June
Aug.
Aug.
3
&
Booki Closed.
July
2A
National Properties, preferred
&
&
S
715,420,010
716,585,975
717,490.822
717,562,600
718.119,915
721,258,091
726.838.840
724,205,619
726.069.290
733.S10.213
734.493.851
740.321,196
744,174.660
wMch
of
Elec. Ry., pref
Ottumwa Ry.
Light, pref. (quar.)
Pacific Gas
Elec, com. (qu.) (No. 11).
PhiladolphlaCo., com. (qu.) (No. 143)..
Philadelphia
Western Ry., pref. (qu.).
Public Seroice Investment, pref. (guar.)
Total.
S
47,749,577
50,241,202
53,245,374
56.191,132
47.118,057
50,540,476
52.165.627
49,199,416
46,418,377
48,900,332
50,707.153
54,324,278
57,591,025
Name
New Hampshire
1918-17.
Bondt.
Per
IN
DEPOSITED BONDS, &c.—We
157
A
A
.
K
.
THE CHRONICLE
158
Per
Name
of
Miscellaneous (Continued).
Curtlfls Aeroplaue & Motor, pref
Delaware Lackawaiiiui & Wcsloru Uoal..
Detroit Kdison (uuar.)
Distillers Securities Corporation (quar.).
DominloH Coal Ltd., itri'f. (No. 49)
Domlnlou fower <t TraiiM., i)rel (No. 36)
Wlien
Cent.
Company.
Payable.
3H July
$1.50 July
July
2
July
'A
Dominion Steel Corp., Ltd., pref.
Dominion TeXLile, pret. ((juar.)
1
S'A
I'A
July 15
1%
(quar.)..
July 16
July 25
duPont(l';.I.)(lc Nem.i&Co.,Uel).stock(QU.)
i-'A
duPonl(E.l.)ile Nein. Powder, com.
Preferred (quar .)
I'A
((ju.)
IK
Eastern Steel, common (quar.)
Elastman Kodak, common (extra)
2'A
5
Aug.
1
Aug.
Aug.
1
1
July 16
2M
lA
Sept.
Oct.
Oct.
Edison Klec. 111. ol Boston(qu.) (No. 113)
Edison Klec. 111. of Brockton {quar.)
Electric Bond & Share, com. (qu.) (No. 33)
3
2
Aug.
Aug.
2
July 16
_.
Preferred (quar.) (No. 49)
Electrical Securities Corp., pret. (quar.)_
Electrical Utilities Corp., pref. (quar.)..
Eureka Pipe Line (quar.)
lA
1!4
Aug.
Aug.
IH
July 16
6
Aug. 1
Aug. 1
Aug. 1
Aug. 1
Aug. 15
Aug. 1
Aug. 1
Common
(quar.)
Prorei'rc(U(iuar.)
Fajardo Sugar.
Works (quar.) (No. 91)
Federal Sugar Refining, pref. (quar.)
First National Copper
Fisher Body Corp., pref. (quar.)
Fall lilvcr Gas
Fort Worth Poioer
&
—
Light, pref. (quar.)
& Wigmore (Red Cross)
General Cigar, common (quar.)
General Electric (quar.)
Special (Red Cross dividend)
General Motors Corp., com. (quar.)._
Preferred (quar.)
Gaston, Williams
General Petroleum (quar.)
Globe-Wernioke, pref. (quar.)
Goodrich (B. F.) Co., common (quar.)_.
Granby Con.Min., S. & Pow., Ltd. (qu.)
2A
3
lA
40c.
IH
1%
1
.
I
1
1
1
1
1
«25c. July
1
2
16
Aug.
July
1
14
Aug. 20
Aug. 1
Ml
3
.A.ug.
t'2
A
\A
1
1
Days
Holders
Holders
Holders
Holders
Holders
June 20
July 16
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
July
of
Tc<.-.
of
of
of
of
rec. June
rec. June
rec. July
rec. .luly
2a
30a
30^
2
14
June 30
Aug. 1
June 30
to
to
of
of
of
of
ot
of
of
of
of
of
of
of
of
ot
ot
ot
ot
ot
ot
of
of
of
ot
of
of
of
ot
Name
IrKluslve.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
July 10a
July 21a
July 21a
July
2
July 31a
Aug. 31(!
Aug. 31a
July
July
July
July
July
July
July
July
July
July
July
July
July
rec
rec
rec
rec
rec
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
1 Sept. 21
Oct.
to
July 15 Holders of rec
Aug. 15 Holders of rec
A
Per
June
July
June
,
16
16a
13
18
21a
6
16
20
17a
30
21
20a
20
30a
24
16a
3a
July
July Ua
July 14a
Sept ,30
June 30
Aug. 3a
July 18a
July 10a
Aug. 20a
July 14
July 20a
July 15
July 20
July 21
July
7
July 13a
July 13a
July
2
June 25a
July 16a
6a
July
July 16a
July
5a
June 30
July 20a
July 16a
July 14a
July
5a
Aug. 1 Holders of rec
July 20 Holders ot rec
1
Aug, 31 Holders of rec.
IM Aug 1 Holders of rec.
65c. July 25 Holders of rec.
Illinois Brick (quar.)
\A July 14 July 3 to
Illinois Northern Utilities, pref. (quar.)
IH Aug. 1 Holders of rec.
Aug. 15 Holders ot rec.
Indiana Pipe Line (quar.)
S2
Indian Refining, pref
bA July 23 Holders of rec.
Inspiration Consolidated Copper (quar.) $2
July 30 Holders ot rec.
m25c, July 30 Holders of rec.
Special (Red Cross)
1
Internat. Buttonh. Sew. M. (qu.) (No. 79)
July 16 Holders of rec
Int. Harv. Co. of N. J.,com.(qu.) (No. 30)
IK July 16 Holders of rec
International Mercantile Marine, pref..
3
Aug. 1 Holders ot rec
International Nickel, com. (Red Cross) _. u25c. July 20 Holders of rec
1 Holders of rec
International Nickel, pref. (quar.)
I'A Aug.
International Paper pref (quar.)
July 16 Holders of ree
I
$1.50 July 31 Holders ot rec.
Isle Royale Copper Co. (qu.) (No. 6)
Kayser (.lulius) & Co., 1st & 2d pret. (qu.)
IM Aug. 1 Holders of rec.
Kelly-Sprlngfield Tire, com. (quar.)
1
Aug. 1 Holders ot rec.
contrib.). m20c. July 25 Holders of rec.
Kennecott Copper (Red Cross
m15o. Aug. 10 Holders ot rec.
Kerr Lake Mining (Red Cross div.)
25c. Sept 15 Holders of rec. Sept. la
Kerr Lake Mining (quar.) (No. 48)
Keystone Telephone, preferred
ftSl.25 Aug.
1 Holders of rec. July 20
5c.
July 17
La Rose Consolidated Mines (quar.)
July 20 July
1
to
;i
Lehigh Coal & Navigation (quar.)
Aug. 31 Holders of rec. July 31
Lehigh Valley Coal Sales
S15 . July 14 Holders ot rec. June la
Lindsay Light, common (quar.)
3
Aug. 31 Holders of rec. Aug. 1
Common (extra)
17
Aug. 31 Holders of rec. Aug. 1
Preferred (quar.)
IH Aug. 31 Holders of rec. Aug. 1
Aug. 1 Holders of rec. July 10
Loft, Inc. (quar.)
I
Lowell Elec. Light Corp., (qu.) (No. 85)
2A Aug. 1 Holders of rec. July 18
Lukens Steel, 1st & 2d pret. (quar.)
July 15 Holders of rec. June 30
Mac.\ndrews & Forbes, common (quar.)_
2H July 14 Holders of rec. June 30a
Common (extra)
2H July 14 Holders of rec. June 30a
Preferred (quar.)
I A
July 14 Holders of rec. June 30a
Magma Copper Co. (Red Cross dividend) MlOC. July 25 Holders of rec. July 14
Manufacturers' Light & Heat (quar.)
2
July 14 June 30
to
July 15
Maryland Coal (extra)
Aug. 31
3
Sept 1 Aug. 22
to
Massachusetts Gas Cos., com. (quar.)
IK Aug. 1 Holders of rec. July 16
Common (Red Cross dividend)
1
July 16 Holders ot rec. June 16
Massachus'ts Light .Cos., new com. (qu.). 25c. July 16 Holders of rec. June 25
Preferred
SI. .50 July 16 Holders of rec. June 25
Mexican Telegraph (quar .)
2% July 16 Holders ot rec. June 30a
Miami Copper (quar.) (No. 20)
$1.50 Aug. 15 Holders of rec. Aug. la
Extra
SI
Aug. 15 Holders of rec. Aug. la
Mla'ni Copper (Red Cross dividend)
5a
25c. Aug. 10 Holders of rec. July
Michigan Limesto?ie & Chem., pref. (qu.)
^H July 15
Midvale Steel & Ordnance (quar.)
1 Holders ot rec. July 20a
SI. 50 .\ug.
Midwest Oil. pref. (quar.)
2a
2c. July 20 Holders of rec. July
Midwest Refining (quar.)
SI
Aug. 1 Holders of rec. July 14a
3a
Mohawk Mining
SIO
Aug. 1 Holders ot rec July
Special (Red Cross dividend)
a50c. Aug. 1 Holders of rec July
3a
Montana Power, com. (Red Cross div.) m25c. July 20 Holders of rec July 6a
Montreal Light, H. & P. (qu.) (No. 65)
2
Aug. 15 Holders of rec July 31
Montreal Telegraph (quar .)
2
July 15 Holders of rec. June 30
Mountain States Telep. & Teleg. (quar.)
IVi July 16 Holders of rec June 30a
Nash Motors, pref. (quar.)
IH Aug. 1 Holders of rec July 20
National Biscuit, common (qu.) (No. 76)
1% July 14 Holders of rec June 28a
Nat. Cloak & Suit, com. (quar.) (No. 2).
IH July 14 Holders of rec. July 5a
National Conduit & Cable, Inc. (No. 1).. $1
July 16 Holders of rec. June 1.5a
National Fuel Gas (quar.)
2A July 16 Holders of rec. June 30a
6a
National Lead, com. (Red Cross div.)
ul
July 27 Holders of rec. July
National Paper & Type, common (quar.)
2
July 14 Holders ot rec. June 30a
Preferred (quar .)
IM July 14 Holders of rec. June 30a
2a
National Surety (Red Cross dividend)
«1
July 25 Holders of rec. July
Nevada-Calif. Elec. Corp., pret
lA Julv 30 Holders ot rec. June 30a
Nevada Consolidated Copper, special.. ul5c. July 25 Holders of rec. July 18
la
New England Company, 2d pret
2
July 15 Holders of re^. July
New England Power, pref. (quar.)
lA July 15 Holders ot rec. July la
New Jersey Zinc (quar.)
July 31
4
Aug. 10 Holders of rec.
New NiqucTo Sugar, com. & pref. (extra).. 10
July 31 Holders of rec. July 25
New York Transit (quar.)
4
Holders ot rec. June 23
July
Niagara Falls Power (quar.)
6a
2
July
Holders of rec. July
Nlpe Bay Co., common (quar.)
2
July
Holders of rec. June 23a
Niplssing Mines (quar.)
July 17
250. July
July
1
to
North Butte Mining (quar.)
Holders of rec. July 12a
500. July
Northern Ontario Light & Power, pret..
Holders of rec. June 30
3
July
Northern States Power, common (quar.).
July
Holders of rec. June 30
Preferred (quar.)
Holders of rec. June 30
IK July
Nova Scotia Steel & Coal, Ltd., com
Holders of rec. June 30
2A July
Preferred (quar .)
2
Holders of rec. June 30
July
Ohio Fuel Supply (quar.)
Holders ot rec. June 30a
62Hc. July
Osceola Consolidated Mining (quar.)
July
Holders ot rec June 30
$6
Otis Elevator, common (quar.)
Holders of rec June 30
I'A July
Preferred (quar.)
Holders of rec June 30
I'A July
Coast Co., common (quar.)
Pacific
1
Holders of rec July 21
Aug.
First preferred (quar.)
Holders ot rec Julv 21
IK Aug.
Second preferred (quar.)
1
Holders of rec July 21
Aug.
Pacific Development Corp
Holders of rec July 9
1% Aug.
Pacific Mail Steamship, com. (No. 1)
2a
50c. July
Holders of rec July
July 16
Pacific Telep. & Teleg., pref. (quar.)
to
July
1
I'A July
Penn Traffic
Holders ot rec July 14a
7'Ao. Aug.
Pennsylvania Salt Mfg
Holders of rec June 30a
2'A July
Peoples Gas Light & Coke (quar.)
1
Aug. 25 Holders of rec Aug. 1
Pierce-Arrow Motor Car, common
$1.25 Aug.
Holders ot rec July 14
9a
Pittsburgh Coal, pref. (quar.)
Holders of rec July
IH July
Plant (Thomas G.) Co. (quar.) (No. 64)...
Holders of rec July 17
IK July
Prairie Oil & Gas (quar.)
ot rec June 30a
Holders
3
July
Prairie Pipe Line (quar.)
5
Holders of rec June 30a
July
Prest-O-Lite Co., (quar.)
July
Holders of rec July 20
S2
Aug. 16
to
Procter & Gamble, common (quar.)
5
July 22
Aug.
Aug 15
Common (payable in common stock) .
4
to
Aug. 15 July 22
Preferred (quar)
2
.July 14 Holders of rec June 30a
•2
,
Harbison-Walker Refractories, pref. (iiu.)
Hart, Schaffner & Marx, Inc., com. ((lu.)
Holly Sugar Corporation, pref. (quar.)..
Homestakc Mining (monthly) (No. 515)
,
,
,
.
,
,
.
.
,
m
Company.
of
.Miscellaneous (Concluded).
Public Service of Nor. Ills., com. (quar.)
When
Cent.
Boohs Closed.
16
16
16
18
Aug.
,
[Vol. 105.
Payable.
I'A Aug.
I'A Aug.
25c. Aug.
Preferred (quar.)
Pyrene Mfg., common (quar.) (No. 19)..
Quaker Oats, common (quar.)
July
2'A
Aug.
Pri^ferred ((|uar.)
I'A
Ray Cons. Cop., special (Red Cross div.) u20c.
Realty Associates (No. 29)
3
Reece Buttonhole Mach. (qu.) (No. 25).
3
Rceoe Folding Maclne (quar.) (No. 33)-.
1
Republic Iron
Steel, com. (qu.) (No. 3)
I'A
Royal Dutch Co., ordinary
S3. 15
July
July
July
July
&
Sapulpa Refining
Securities
30c.
2A
Company
Shannon Copper
(quar.)
Eftra
.Shatluck Arizona
&
Refining Corp
Smith Motor Truck Corp., pref. (quar.).
South. Calif. Kdison, 1st pret. (quar.)
Preferred (quar.)
Extra
United Alloy Steel Corp. (quar.)
United Cigar Stores otAmer., com. (quar.)
United Coal Corp., pref. (quar.)
United Drug, 1st i)ret. (quar.) (No. 6) ..
United Dyew'd Cor.,com.(Red Cross div.)
United Fruit (quar.) (No. 72)
United Gas & Electric Co., pref
United Gas Improvement (quar.)
United Paperboard, Inc., pref. (quar.)..
&
Shuttle,
(extra)
common
(quar.)
Preferred (quar.)
S. Glass
U.
U.
S. Indust. Alcohol, pref. (qu.) (No.43)
S. Rubber, 1st pref. (quar.)
S. Smelt., Refg.
Min., com. (quar.)
U.
&
U.
Preferred (quar .)
U. S. Steel Corp., com. (special)
United Verde Extension Min.(qu.) (No. 5)
Red Cross dividend
Aug.
Aug.
Aug.
wlOc.
w50c.
special
Va.-Carolina Chem., com. (qu.) (No. 39)
Preferred (quar.) (No. 87)
Victor Talking Machine, common (quar.)
Preferred (quar .)
Warner (Charles) Co. of Delaware, common
Warner(Chas.)Co. ot Del.,lst&2d pf.(qu.)
(F.
W.
)Co., com. (quar.)
1
1
July
K
-^ug.
July
July
Julv
July
July
July
Julv
July
Julv
July
July
July
July
July
Aug.
2
5
IK
1
IK
m
Wells, Fargo & Co. (quar.)
Western States Gag & Elec, pref. (quar.)
IK'
Western Union Telegraph (qu.) (No. 193)
I'i
Westinghouse Air Brake (quar.)
SI. 75
Westinghouse Elec. & Mfg., com. (qu.). 87 '-4 c
Preferred (quar.)
87^c
Common & pref. (Red Cross dividend) «25c.
Western Power Co., pref. (quar.)
SI .30
Western Power Corp., pret. (quar.)
1
Willys-Overland, common (quar.)
75c
Wolverine Copper Mining (Red Cross).. «50c.
Woolworlh
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Aug.
Sept
2
Holders of
June 30a
June 30a
July 16a
July 31
July 15
June 30
June 30a
July 11
July 11
July 11
July 2
July
2
June 29
rec.
'Holders of rec.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
ot
ot
of
of
of
of
of
of
of
of
of
of
of
ot
ot
ot
ot
of
ot
of
1
.30a
July 31
July 31
1
2.5c.
Utah Copper,
1
Aug.
June
to
of
of
of
of
of
of
of
1
50c.
Extra
Special
16
Holders
Holders
Holders
14 Holders
16 Holders
16 Holders
1 Holders
.. Holders
1 July
15
14 Holders
15iHolders
15J Holders
20 Holders
20 Holders
ij Holders
23 Holders
m
Union Natural Gas (quar.)
Union Oil (quar.)
Bobbin
Allg.
July
July 14
July 14
to
July 31
of rec. July
2a
of rec. Aug.
la
of rec. July 14a
of rec. July
5
of rec. July
2
of rec. July
2
of rec. July 16a
of rec. July 20
rec.
rec.
1
Submarine Boat Corporation (quar.)
Tonop.ah Mining of Nevada (quar.)
Transue tt Williams Steel Forg. (qu.)._
Underwood Typewriter, common (quar.)
S.
Aug.
I
July 16iJuly
1
to
July 15 Holders of rec.
July 14|Holders of rec.
Aug. ij Holders of rec.
1
Aug. IjHolders ot rec.
'A
1% Aug. 1 Holders ot rec.
July 16 Holders of rec.
10
4
July 16iHolders of rec.
75c. July lejHolders of rec.
15c.
July 21 July
1
to
SI. 25 July 16 Holders of rec.
Oct.
IJHoIdcrs ot rec.
IK Oct. 1 Holders of rec.
2>^ July 14'July
1
to
IH July 20iHolders of rec.
July 20 Holders of rec.
1
July SO'Holders of rec.
$1
Aug. 15 Holders ot rec.
2
IK July 25' Holders of rec.
87!^c. Aug. 1 Holders of rec.
Aug. 28 Holders ot rec.
ul
2
July 14 Holders of rec.
July 15 Holders of rec.
2'A
July 14 Holders ot rec.
SI
1
to
I'A July 15 July
to
1
Aug. 1 July 12
Julv 12
to
Aug.
1
July 12
to
IK Aug.
July 15
to
1
Julv
Holders of rec.
IK July
July
Holders ot rec.
2
Holders of rec.
SI .25 Julv
87Hc, Julv 14!Holders of rec.
to
v\
July 28 July
3
Common (bonus)
Preferred (quar.) (No. 24)
Stetson (J. B.), common
Preferred
Common
July
July
I
Inclusive.
Holders of
Holders of
I
IK
IK
Southern N. E. Telephone (quar.)
Steel Co. ot Canada, Ltd., com.(qu.)(No.2)
.
Aug.
Aug.
25c.
50c.
75c.
I'A
SI .25
2
Copper (quar.) (No. 20)
8)
Sierra Pacific Elec. Co., pref. (quar.)
U
July
2.0c.
Extra (No
Sinclair Oil
Aug.
Aug.
Books Closed.
Days
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
July
July
8
6a
Sept. 15a
Sept. 15a
July 15
July 10
July 10
July
9a
July 27a
July 15a
July 16a
July
2a
June 23a
June 30
June 30
15
31
31
31
25
July
July
July
July
July
June 30a
July 20a
Julv
July
July
July
Julv
July
Julv
July
June
June
June
June
June
July
June
June
July
June
June
June
June
rec June
7a
7a
4
10
10
10
14a
14a
30a
30
30
30
30a
6a
30
20O
3a
30a
30a
30a
30a
30o
20a
3a
rec Julv
rec July
rec Aug. 10
.
a Transfer books not closed for this dividend.
6 Less British income tax.
d Core Payable in stock.
/ Pay.able In common stock. (; Payable in scrip.
h On account of accumulated dividends.
?i Special dividend for the purpose of
enabling stockholders to make contributions of the same to the Red Cross Association 8100,000,000 fund,
v Declared 10% payable in quarterly installments beginning Oct. 1. w Owing to abandonment ot plan to defer dividend declaration until
the close ot the year, 2 1-3% was declared, payable July 1 to cover quarter to April 1,
and the b.alanoe of the current year's 7% dividend w.as declared payable
Oct. 30 and 3i^% Dee. 31. t Declared 3% payable in quarterly installments ol
each on July 25, Oct. 25 1917 and Jan. 25 and .\pril 25 1918 to holders of record
on the 10th of e.ach month in which the dividend is payaole.
rection,
1K%
K%
—
Auction Sales. Among other securities, the following,
nol usually dealt in at the Slock Exchange, were recently sold
at auction in
York, Boston and Philadelphia:
New
By
MuUer &
Messrs. Adrian H.
Shares.
New Utah-Bingham
all
1,850
New Utah-Bingham
By
5
40
S5persh.
Min.,
Bonds.
Day &
SI
S2.05 per sh
Percent.
SI .000 Elec. Transmlss. of Va. 1st
6s,
97A
1920
Co., Boston:
S per sh.
Shares.
Bank, ex-div.-284>^ 10 York Mfg
7 Bay State St. Ry., 1st pref
Nat. Shawmut Bank
205
15 Amer. Felt, pref
Old Colony Trust Co
265
J^^
2 American Glue, pref
Merrimack Mfg., common
63
Ludlow Mfg. Associates
135K 2 Aetna F. Ins., Hartford
10
10 Great Falls Mfg
1-5 Border City Mfg
By
Messrs. Francis
Shares.
Stocks.
10 First Nat. Bank,
1
Tonopah Exten.
each
Mining,
Shares.
3 Merchants' Nat.
4
5.086
per sh., unpaid,
10c. per sh
Messrs. R. L.
York:
each
Mining,
ass'tspd.. S2V2 each 15c. per sh
last ass't, 5c.
New
Y
60 John F. Dlemer Co
10 Amer. Nat. Bank of Newark,
N. J
109'A
300
Sons,
Per cent.
Shares.
Stocks.
21 Northern Insur. of N.
104
10 Federal Co., Inc., pref., SI
Per cent
18
Stocks.
198
19
S per sh.
413
1150
150
100
Boston
5 Kilburn Mill
50 Amer. Felt, pret
By
Messrs. Barnes
Stocks.
5 Dr.aper Corporation
5 Sullivan Machinery
Henshaw &
Dwight Mfg., S500 par
Shares.
'4
&
S per sh.
120
83
100
139H
393
125
147M
Co., Boston:
Stocks.
Sversh.
Shares.
51 Plymouth Cordage, ex-dlv..215-218M
Pow.
2 20-25 Weymouth Lt.
20c.
scrip
&
Lofland, Philadelphia:
S per sh.
Shares.
Stocks.
S per sh
96 Lykens Val. RR. & Coal, S20
65
20 Robert Morris Trust
15
each
4 Phil. Bourse, com, S50 each
5H
1 Phila. German. & Norrls. RR.,
28 Nat. Security Bank
425-425H
.142
S50each
2 Farmers' & Mechan. Nat. Bank 151
190
326
3 Union Pass. Ry
6 Manayunk Nat. Bank
330
1 John B. Stetson, common
120
10 Tenth Nat. Bank
Construction
5
6 Am Pipe &
100
2 Colonial Trust
201
3- Columbia Avenue Trust
Per cent.
IS Cnmmonwe.alth T. I. & T
250K Bonds.
554
10 Northern Trust
S2, 000 McKeesport City 4s, 1926.. 98
Consumers' Elec. L. & P.,
824
1,000
13 Philadelphia Trust
New Orleans. 1st 5s, 1936 90
62!^
25 Republic Trust. $50 each
1,500 Clev. & Erie Ry. 1st 5s,
15 Pa. C.S.& Market, $50 each... 18
1929. with $1,500 Clev. & E.
8 Alliance Insur., $10 each._.20.''g-20K
2SH
Income 5s, bonus
150
2 Phila. City Pass. Ry
.
—
:
July
THE CHRONICLE
14 1917.]
—
National Banks. The following iiii'ormation regarding
national banks is from the office of the Comptroller of the
Currency Treasury Department
APPLICATIONS FOR CHARTER.
,
For organization of national bank.s:
The Farmers National Bank of Fairview, Ivans. Capital
$25,000
The Coolidge Corner National Bank of Brookline, Mass. Capital 100,000
The First National Bank of Antelope, Mont. Capital
The Union National Bank of Friendship. N. Y. Capital
The First National Bank of Booker, Tex. Capital
The First National Bank of FoUett, Tex. CapitalThe First National Bank of Marysville, Cal. Capital
(To succeed the Rideout Bank. Marysville, Cal.)
Total Capital
25,000
100,000
25.000
CHARTERS RE-EXTENDED.
Charter re-extended
until close of business
The
III.
Total
APPROVED.
First National Bank of Versailles, Mo.
Capital increased
from S30,000 to .!S.50,G00. Increase
$20,000
First National Bank of Pompton Lakes, N. J.
Capital increased from $25,000 to $50,000.
Increase
25,000
The First National Bank of Miami, Okla. Capital increased from
The
$750 ,000
July 5 at Canadian
same week
6.9%.
in 1916,
— The clearings for the week
show an increase
50,000
of Erie, Pa.
Capital increased from
S150.000 to .WOO.OOO. Increase
150,000
The First National Bank of Darlington, Wis. Capital increased
from $50,000 to $75,000. Increase
25,000
Total Increase
REDUCTIONS OF CAPITAL APPROVED.
$270,000
First National Bank of San Jacinto, Cal.
Capital reduced
from $100,000 to $50,000. Reduction
$50,000
The First National Bank of Allen, Okla. Capital reduced from
$35,000 to 825,000. Reduction
10,000
Total reduction
$60,000
The Federal Reserve Banks.
— Following
is
5.
Inc. or
1917.
Canada
Dec.
191G.
Halifax
S
S
088,993 74,542 548
,935,910 57,745 GOO
,545,226 34,254 ,441
,509,5911
6,526 ,079
310,980
5,739 333
,698,481
4,317 ,951
370,012
2,993 ,740
Hamilton
St. John
,924,284
Ottawa
Quebec
029,870
London
Calgary
Victoria
Edmonton
Regina
Brandon
.-
Saskatoon
Moose Jaw
Lethbrldge
Brantf ord
Fort William
New We.stminster.
Medicine Hat
Peterborough
Sherbrooke
Kitchener
4,477
1.653
6,569
4,543
2.011
2,018
2,115
549
905
866
462
093
582
435,678
327,366
763,442
436.668
071,340
498. 76R
554,923
993,855
731,355
780,677
773,223
378,392
647
523
553
022
335
448
557
726
571
64U
980
070
607
319 755
483, .597
Z29 881
688.876
603.061
544,099
520 429
620 265
501 315
Total Canada
226.537,571 211. 922.388
1915.
1914.
%
1
Montreal
Toronto
Wiuuipeg
Vaucouver
—4.6 55,494,476 67,294,030
+ 2.1
»f20.9
+ 15.1
+ 9.9
+ 8.8
+ 40.0
+ 12.3
+ 16.4
—5.2
+ 61.3
—12.3
+ 20.7
+ 45.2
—9.3
+ 61.0
+ 14.6
+ 5S.1
+ 12.5
+ 32.8
+ 18.4
+ 46.7
+ 32.3
+ 6.9
+ 8.5
+ 6.9
41,456,527
19,728,854
0,779,179
4,952,558
3,998,807
3,081,190
2,999,451
1,909,518
2,2.58.844
2,990,7.50
2,022,233
2,812,807
1,430,782
009,228
781,026
701,001
305,493
803,833
478,928
289,010
228.851
477,609
47,002,779
29.599,570
9,047,106
4,875,106
4,519.229
2,886,106
3,444,443
2,141,099
2,308,484
5,711,345
3,170,784
4.1.50,761
2,105,145
563,365
1,326,996
954,060
511,504
746,922
976,391
520,374
501,139
470,828
156,591,0151194,888,772
Imports and Exports for the Week.— Under instructions from the Treasury Department the issuance of weekly
totals of imports and exports of merchandise and specie by
the
New York Custom House
definitely.
is
have been suspended
in-
Under the circumstance our usual compilation
omitted until such time as the figures
may
again be given
out.
the weekly statement issued by the Federal Reserve Board on July 7:
Loan operations, a reduction by over
the weekly bank statement as at close
Liquidation on a large scale of short-term paper, discounted for members in connection with Liberty
Government deposits, and a gain of about 79 milUons in reserve deposits are indicated in
157 milhons
of business on July 6 1917.
Aggregate reserves of the Federal Reserve banks increased during the week
reserves show an even larger increase of 23.1 millions.
The reserve position of the banks, as measured by
m
in the aggregate of
Week ending July
Increase
$50,000 to $100,000.
comparison with the
cities, in
Clearings al-
The Marine National Bank
The
capital
Canadian Bank Clearings.
ending
CHARTERS ISSUED.
June 24 1937.
INCREASES OF CAPIT-'VL
Consolidated with Scranton Savings & Dime Bank.
First National Bank of Leslie, Ark.
Capital
50,000
Liquidating Agent: W. C. Leonard, Leslie, Ark.
The State National Bank of Springfield, 111. Capital
200,000
Liquidating Agents; E. W. Payne and J. F. Bunn, Springfield.
The
50,000
Original organizations:
The First National Bank of Buffalo, Minn. Capital
$25,000
The First National Bank of Brady, Mont. Capital
25,000
The First National Bank of Brockton, Mont. Capital
25,000
The First National Bank of Whitehall, Mont. Capital
25,000
The First National Bank of Lovington, N. Mex. Capital
30.000
The Corn Belt National Bank of Scotland. S. Dak. Capital,-- 25,000
The State National Bank of Corsicana. Tex. Capital
100,000
The Citizens National Bank of Sour Lake, Tex. Capital
50,000
The First National Bank of Weed.sport. N. Y. Capital
25,000
(Succeeds S. \V. Treat & Co., bankers, Weedsport. N. Y.)
Conversion of State Banks:
The First National Bank of Sherman, Cal. Capital
25.000
(Conversion of the Bank of Sherman, Cal.)
The First National Bank of Hysham, Mont. Capital
50,000
(Conversion of the Hysham State Bank, Ilysham, Mont.)
The First National Bank of Savage. Mont. Capital
25,000
(Conversion of the First State Bank of Savage, Mont.)
The First National Bank of Tom Bean, Tex. Capital
25,000
(Conversion of the Tom Bean State Bank, Tom Bean, Tex.)
The Schmelz National Bank of Newport News, Va. Capital-- 200,000
(Conversion of Schmelz Brothers Bankers, Inc., Newport
News, Va.)
Total Capital
$655 ,000
The Quakertown National Bank, Quakertown, Pa.
LIQUIDATIONS.
People's National Bank of Scranton, Pa. Capital
$500,000
Liquidating Committee: S. C. Wool worth, Thomas SiJrague,
Timothy Biirke and George T. Dunham, all of Scranton.
The
;.5,000
.$350 ,000
159
about 21.6 millions, while total gold
the ratio of total bank reserves to net
shows an improvement from 73.1% to 79.3%.
The week witnessed considerable concentration of Government funds at the New York bank which, acting as fiscal agent for the Treasury,
paid out large amounts in the shape of advances to the Allied Governments.
These advances having been deposited with local member banks,
were largely re-deposited by the latter with the Federal Reserve bank. The result of these operations is seen in a net decrease of 29 millions in
Government deposits, and an increase of 80 milhons in member banks' reserve deposits. All the banks, except those located in the three Central
Reserve Cities, report decreases in reserves following heavy withdrawals by the Government of Liberty Loan funds. Gains in ca.sh reserve reported
by the Chicago and St. Louis banks are due in part to additional transfers of member bank reserve deposits, in the case of Chicago also to the
cohection of deferred items and a reduction of its favorable balance in account with other Federal Reserve banks, and in the case of St. Louis
largely to the increase in the amount due to other Federal Reserve banks.
Discounted paper on hand shows a decrease of 67.4 milhons, the New York Bank alone accounting for a decrease of 56.2 millions. Almost
the entire decrease is due to the hquidation of member bank collateral notes, total holdings of which dechned from 116 millions to 50.4 milUons.
The amount of collateral notes secured by U. S. certificates of indebtedness or interim receipts for Liberty Bonds shows a decUne for the week
deposits,
r.7%, and municipal warrants, 0.6%.
Largely as the result of admission to the system of the Guardian Savings & Trust Co. of Cleveland and the Merchants" Loan & Trust Co.
of Chicago, the capital accoupt shows an increase of $481,000.
In addition to the member banks' reserve deposit account, the statement, for
the first time, shows an amount of 5 million dollars, due to non-member banks, this deposit having been made by a large New York City bank
for clearing purposes, in accordance with Section 13 of the amended Act.
Federal Reserve notes in circulation show a total of $527,459,000, having increased $18,652,000 during the week. The note reserve percentage
IS given as 80.3%, or 1 % above the percentage of deposit reserve shown above.
The figures of the consolidated staten*ent for the system as a whole are given in the following table, and in addition
we present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison.
The earlier figures have been revised in order to conform with new form adopted by the
Federal Reserve Board as of June 22.
lu the second table we show the resources and liabilities separately for each of the
twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives details
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
and the Federal Reserve banks.
Combined Resources and Liabilities of the Federal Reserve Banks at the Close of Business July 6
July 6 1917.
HE^lUURCES.
%
Gold coin and certificates In vault
Gold seitlcineni fund
Gold with foreign agencies
.
Total gold reBcrvee
Legal tender notes, sliver, &.c
__
—
492,742,000
207,910,000
52 ,302 ,000
882,471,000
402,693,000
9,402,000
813,252,000
390,765,000
8.001,000
Junel 1917. May 25
$
1917.
$
May
18 1917.
.S
July 7 1916.
$
- _ _
334,265,000
183,590,000
350.209,000
187,069,000
261,232,000
123,611,000
586.990,000
459,942,000
3,958,000
535.887,000
475,201,000
2,730,000
486,781,000
466,969,000
3,053,000
517,855,000
450,011,000
2,905,000
538,238,000
448,311,000
2,754,000
384,843,000
168,806,000
2,011,000
1,317.703,000 1,294,566,000 1,212.018.000 1,050,890,000 1,013.818.000
38,314,000
39,840.000
35,080,000
37,693,000
24,518,000
950,803,000
30,624,000
977,371,000
30,892,000
989,303,000
27,442,000
555,660,000
36,902,000
9931427,000 1,014.263,000 1,016,745,000
44,840,000
47,587,000
50,854,000
100,177,000
110,100,000
107,377,000
592 562,000
22,025,000
70,148,000
894,240,000
413,715,000
9,748,000
Total earning aseete
Due from other F. R. banks
Uncolleciod Items
405,.553,000
— net
Total deduc'ns from gross deposits.
redemp. fund agst. F. R. bank notes
.
_ _
.S
299,225,000
187,556,000
399,512,000
30,420,000
34,302,000
2,440,000
Total resources
S
330,001,000
205,886,000
331,517,006
42,935,000
28,659,000
2,442,000
All other resources
Jurae8 1917.
.52,600,000
$
365,020,000
221,970,000
Total bills ou hand
U.S. Government long-term securities _
U. S. Government shorn-term securUiea
Municipal warrants
Loans on gold coin & bull
5%
1917. June 15 1917.
S
484,264.000
345,845.000
1,356,017,000 1,334,400,000 1,247,698,000 1,075,408,000 1,051.511,000
129,853,000
197,242,(XK) 1240,984.000
98,021,000
202,824,000
201,664,000
202,270,000 tl94,303.000
135,270,000
104.525,000
Total gold held by banks
Gold wiui loderal Reserve Agent
Gold redemption fund
Total reserves
BilU discouiiled members
UIIU bought in oiien market
470,359,000
371,380,000
52,501,000
/Hne29 1917. June 22
1917.
435.287,000
30,427,000
78.491,000
2,444,000
307.349,000
30.400.000
77,728.000
2,470,000
233,291,000
36,387,000
83,298,000
5,524,000
166.9.54,000
30,387.000
77,495.000
13,912,000
154,964,000
30.513.000
81,145,000
14,675,000
145,023,000
30,383,000
78,004,000
14,039,000
92,173,000
52,589,000
4,546,000
25,236,000
552,649,000
287,297,000
10,041,000
328,779,000
174,544,000
20,273,000
195,826,000
294,748,000
3,077,000
177,092,000
274,0.52,000
221,705,000
483,947,000
5,042,000
294,908,000
358, .500, 000
19,465,000
251,374,000
494, .5.30 ,000
1,448,000
270,839,000
500,000
851,000
223,153,000
500,000
799,000
198,387,000
500,000
408,000
300,610,000
400.000
035.000
309,541,000
400.000
5,588.000
-180,709,000
339,420.000
400.000
6,424,000
195,887,000
400.000
5,981.000
20,273,000
450,000
3,979,000
2.033.760,000'2.0.53. 394.000 1.999.6:42,000 1.801.000.000 1.725.540.000 1.475,400.000 1,647.804.000 1,577. .526. 000
791,808,000
21,8.50.000
2, .50 1,000
4,811,000
304,730,000
400.000
0,050,000
3,057,000
192,830,000
—
—
.
.
THE CHRONICLE
160
Jane 29 1917. June 22 1917. June 15 1917. Junei 1917.
July 6 1917.
LIABILITIES.
June
S
——
50,985.000
96,427,000
721,140,000
S
50,991,000
t70, 114,000
813,320,000
149,527,000
137,581,000
176,424,000
181,321,000
134,142,000
170,151,000
73.1%
81.0%
79.3%
80.3%
68.4%
79.8%
"f, 833,066
63.4%
54.3%
60.6%
94.4%
June29 1917. June 22 1917. June 15 1917. June 8 1917.
580,300,000
154,687,000
1,721,000
242,000
'T.78Y,666
'7'6',8'2b',666
65.8%
66.8%
June
1
May
25 1917.
68.7%
75.5%
110.4%
69.5%
70.4%
67.8%
68.7%
1917.
791,808,000
May
18 1917. J uly 7 1916.
106,597,000
417,000
47,412,000
923,000
98,797,000
1,079,000
74,323,000
20,000
4,428,000
3,000
172,168,000
6,000
53,754,000
1,132,000
91,213,000
259,000
77,420,000
1,026,000
4,957,000
23,000
222,344,000
5,000
60,510,000
370,000
90,445,000
1,021,000
57,930,000
1,028,000
4,058,000
20,000
189,458,000
20,000
39,600,000
6,000
79,889,000
1,339,000
54,472,000
1,079,000
3,930,000
20,000
91,288,000
3.081,000
30,141,000
6,000
67,153,000
1,338,000
41,134,000
1,079,000
3,575,000
20,000
S
47,463,000
11,443,000
23,770,000
81,000
57,407,000
1,069,000
34,971,000
273,000
3,337,000
1,046,000
570,725,000
43,266,000
550, .504, 000
41,697,000
539,976,000
40,255,000
527,971,000
36.356,000
512,527,000
31,058,000
499,844,000
34,979,000
488,088,000
33,686,000
478,906,000!
32,405,000
$
—
_
951,715,000 1,0.59,591.000 1.072.370,000
464,805,000
454,402,000
440,501,000
2,033,760,000 2,053,394,000 1,999,642,000 1,861,000,000 1,728,540,000 1,475,398,000 1,647,804,000 1,577, .526. 000
76.1%
69.9%
59.2%
65.5%
58.2 7o
61.3%
63.3%
66.2%|
July 6 1917.
_
54,858,000
114,460,000
465,840,000
—
.
1916.
1.36,750,000
DUtHbution by Maturities
1-15 days bills discounted and bought.
1-15 days municipal warrants
16-30 days bills discounted and bought.
16-30 days municipal warrants
31-60 days bills discounted and bought.
31-60 days municipal warrants.
61-90 days bills discounted and bought.
6 1-90 days municipal warrants
Over 90 days bills discounted and bought
Over 90 days municipal warrants
Held by banks
July?
i
50.868.000
187,127,000
748,499,000
net deposit liabilities,
Gold res. agst. F.H. notes in act. circ'n.
Federal Reserve Notes
Issued to the banks
18 1917.
57.000.000
6228.125.000
6778,771,000
1,425,561,000 1,483,953.000 1,439,597,000 1,309,739.000 1,188,217.000
Total gross deposits
527,459,000
508,807,000
499,721,000
481,409,000
F. R. notes In actual circulation
491,615,000
1,175,000
934.000
770.000
302,000
F. R. bank notes In circulation, net llab.
21,908,000
2,524,000
2,-377,000
'"l",85V,66o
2,113,000
All other liab.,lncl. foreign Govt, credits
Gold reserve against net deposit llab _
Gold and lawful money reserve against
May
57,171.000
262,581,000
870,731,000
164,588,000
Collection Items
liabilities
25 1917.
57,171,000
495,807,000
800,209,000
.S
Due to members reserve account
Due to non-members clearing account
Member bank deposits net
Total
May
1917.
1
.57,176,000
57,657,000
300,300,000
143,626,000
,112,347,000 1,033,400,000
5,000,000
Capital paid In
Government deposits
—
iVoL. 105.
.
S
.?
$
S
S
43,844,000
8,701,000
22,370,000
3,533,000
50,808,000
359,000
35,145,000
1,036,000
2,797,000
1,046,000
S
S
i
40,496,000
773,000
24,028,000
11,434,000
44,204,000
107,000
33,849,000
1,289,000
1
1
1
1
117,367,000
}
1
1
1
2,440,000;!
1,036,000
)
179,783,000
25,098,000
527,459,000
508,807,000
499,721,000
491,615,000
481,469,000
464,865,000
454,402,000
446,501,000
154,685,000
Received from the Comptroller
Returned to the Comptroller
944,100,000
159,949,000
924,740.000
155,570,000
903,700,000
154,096,000
884,680,000
152,323,000
852,160,000
151,027,000
819,520,000
146,085,000
810,680,000
144,711,000
778,440,000
142,918,000
295,540,000
54,286,000
Amount chargeable to Agent
In hands of Agent
784,151,000
213,426,000
769,170.000
218,666,000
749,602,000
209,626,000
732,357,000
204,386,000
701,133,000
188,606,000
673,435,000
173,591,000
605,969,000
177,881,000
635,522,0001
156,616,000
In circulation
Fed. Res. Notes (Agents Accounts)
—
241,254,000
61,471,000
[
570,725,000
Total
.
Commercial paper deUvered to F. R. Agt.
a
Amount due
512,527.000
499,844,000
488,088,000
478,906,000
179,783,000
198,239,000
187,667,000
255,674,000
273,682,000
271,365,000
264,468,000
264,635,000
112,447,000
147,805,000
23,620,000
180,780,000
149,211,006
24,268,000
178,830,000
68,029.000
24,538,000
179,730,000
37,326,000
24,339.000
177.180,000
32,875,000
23,314,000
172,290,000
31,477,000
23,233,000
168,910,000
20,596,0001
163,080,0001
10,977,000
13,379,000
42,980,000
550,504,000
539,976,000
527,971,000
512,527,000
499,844,000
488,088,000
478,906,000
179,783,000
162,733,000
Gold redemption fund
With Federal Reserve Board
527.971.000
570,725,000
By
Ry lfl.wful TiifvTipy
By commercial paper
539,976,000
157,010,000
22,805,000
187,790,000
—
550,504,000
203,120,000
Issued to Federal Reserve banks..
Secured
gold coin and certificates
How
153,398.000
153,136,000
69.145,000
37,930,000
34,441,000
32,685.000
32,421,000
11,305,000
to other Federal Reserve banks,
b
Amended
figures increasing correspondingly the
grand total of
36,595,066''
tRevised figures.
liabilities.
WEEKLY STATEMENT of RESOURCESand LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS at CLOSE of BUSINESS JULY
Boston.
RESOURCES.
New
York. Philadel'a. Cleveland. Richmond.
$
S
Atlanta.
Chicago.
St.
Minneap. Kan.
Louis.
City.l
Total.
\San Fran.\
Dallas.
6 '17
S
Gold coin & ctfs. in vault 31,209,000 255,643,000 31,186, ,000i34,654,000| 6, 443,000 6,740 00042,089,000 12,077,000 15,471,000| 7,.534,000 12,077,000 15,176,000470,359,000
14,984,0001128,794,000 22,583, 000i38,569,000 20 503,000 2,694 000157,662,000 17,?96,0n0 10,200,000:26,218,000 11,019,000 20,298,000 371,380,000
Gold settlement fund
Gold with for'n agencies. 3,675,0001 18,188,000 3,675 0001 4.725.000| 1 837,000 1,500 000 7,350,000 2,100,000 2,100,000 2,025,000 1,838,000 2,888,000 52.501,000
Total gold held by bks. 49,928,000 402,625,000 57,444,000 77,948,000 28,783,000]10, 934,0001 107101000 31,973,000 27,831, 000 36,377,000 24,934,000 38,362,000 894,240,000
Gold with F. R. Agents 22,433,000148,002.000 33,512,000,30,045,0001 7.735,000il7,397,000 62,003,000 14,345,000 21,418,000:14,778,000 16,904,000 25,143,000413,715,000
9,748,000
141,000
55,000,
5,250,000
450,000
500,000
44,0001
760,000
338,000|
235,000
311,000
341,000| 1,333,000
Gold redemption fund..
629,00049 590,0001 52,488 00041,979, 000 63 ,560,000 1317703000
136,000 38,314,000
276 000 1,112, 000
97,000
72,861,000 555,877,000 91,406 OOOl 108037000,37 268,000 28,669, 000 169339000
Total gold reserves
Legal-ten .notes, silv ,&c 2,617,000 27,900,000
448 000
207,000
199,000
652, 000 1,599,000
071,000
.
75,478,000 583,777,000 91,854,000 108244000 37,467,000 29,321,000 170938000 49,700,000 49,687,000 52,764,000 43,091.00003,696,000 1356017000
Total reserves
Bills*
—M
Discounted
embers 15,823,000 21,918,000 18,037 000 5,646,000
Bought in open market 17.014,000 101,541,000 9,824 000 10,478,000
Total bills on hand
32,837,000 123,459,000 27,861 000 16,124,000
U.S. long-term secur's..
530,000
1,305,000
549 000 5,853.000
U. S. short-term secur's. 2,194,000 5,550,000 2,548 000 2,868,000
Municipal warrants
366,000
158 000
1,263,000
869,000 3,479,00019,776,000
345,000 9 ,460,000 5,168, 000 3,724, 000 8 ,608,000129,853,000
974, 000 7 ,183,000 201,664.000
154,000 1,676,000 29,997,000 4 757.000
883,000 12,183, 000
Total earning assets.. 35,561,000 130,680,000 31,116,000 26,108,000 20,159,000
other Federal
Reserve banks Net.
21,209,000
3,019,000 1 941,000
Uncollected items
18,879,000 74,167,000 25,897,00018,502,000,16 336,000
Total deductions from
gross deposits
18,879,000 95,376,000 25,897,000 21,521,000il8,277,000
5% redemp. fund against
Fed. Res. bank notes
All other resources
117,0001
113,000
Due from
,102,00010, 343,000 17,351,000 4,698.000 15,791,000 331,517,000
,241,000 1 857,000 8,842,000 3.970,000 2.429,000 42,935,000
,444,000 1 420,000 1,784,000 1,430,000 2,220,000 28,659,000
2,442,000
204,000
20,000
51,000
212,000 -
023,000 5,155 000149,773,000
152,000
699 00013,508,000
969,000 1,871 000 3,361,000
15,000
1 000
152,000
—
7,726,000]66,794,000 14,999,000 13,620,000 28,028,00010,118,000 20,644,000405,553,000
I
1 ,135,000 al9,465,000
2,576 OOOl 3,595,000
879.000
10,720 000,33,109,000 15,"849",666 6 ,784,000 16,746,000; 6,315,000| 8 ,070,000 251,374,000
1
I
13,296,000,36,704,000 15,849,000
7,663,000 16,746,000 6,315,000 9,205,000270,839,000
400, 000
107,000
20,000
60,000
87,000
80, 000
500,000
851,000
100 000
267 000,
129918000 809,833,000 148867000 155990000 76,016,000 50,450,0001 274456000 80,608,000 71,057,000 98,018,000 59,891,000 93,545,000 2033760000
Total resources
LIABILITIES.
Capital paid in
I
5.112,000
Government deposits
15,625,000
Due to members Re-
—
Due
to non-members
clearing account
Collection items
14,259,000
Due to F
banks Net 1,406,000
R
.
265,000 2 469,000 3,168 000 2,7.50 ,000 3 ,962,000 57,657,000
344,000 6, 631,000 6,850 000, 4,725 ,000,18 ,648,000143,626,000
436,000 2,388, 000| 7,401,000
716,000 b267, 000,46,686,000
— 67,504,000 522,002,000 60,582,000 85,080,000 29,849,000 23,185,000, 135342000 37,859,000 29,228,000 52,541,000126,882,00042,293,000
serve account
.
12,063,000 5,276,000 6,367,000
2,906,000 16,077,000 14,685,000
—
5,000,000
32,736,000 23,878,000 14,575,000 19,871,000 5,824,000 18,846,000
1,860,000
,887,0001 8,482,000
,674,000
1112347000
5,000,000
5 615,000164,588,000
6,730, OOOi 3,885 ,000
2,223, 000 2,726 ,000
-
Total gross deposits.. 98,794,000 562,644,000 102397000 114340000 55 436,000 28,742 000 200874000 59 764,000 44 341,000168,344 ,000 38,218,000 66,556,000 1425561000
F. R. notes in act. circul. 25,719,000 213,801,000 41,068,000 35,283,00017 144,00019,320 000 66,181,00017 579,00024 247,000 25,331 ,00018,923,000 22,863,000 527,4.59,000
1,175,000
1,175 ,000,
F. R. B'k notes in circul.
All other liabilities, incl.
164,0001 21,908,000
credits.
foreign Govt,
293,000 21,325,000
126,000
I
Total
129918000!809,833,000 148867000 155990000 76,016,000 50,450,000 274456000 80,608,000 71,057,000 98,018,000 59,891,000 93,545,000 2033760000
liabilities.
Difference between net amounts due from and net amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JULY
Boston.
New
York. Philadel'a. Cleveland. Richmond.
Federal Reserve Notes
$
Rec'd from Comptrol'r 50,680,000 435,040,000 66,900,000 48,000 000
Returned to Comptr'r 10,747,000 81,438,000 9,588,000 6,015 000
Atlanta.
Chicago
St Louis.
s
s
S
,720,000 36,380, 000 103100000 27,340 000
,260,000 6,707, 000 2,317,000 5,778 000
Minneap. Kan.
s
,640,000
,136,000
City
6 1917.
Dallas.
San Fran
Total.
S
S
720,000 36,920 000 28 ,660,000 944 ,100,000
224,000 9,222 000 3 517,000159 949,000
S
Chargeable to F. R. Agt. 39,933,000 353,602,000 57,312,000 41,985 ,000 20 460,000 29.673 000 100783000 21,562 000 30 504,000,35, 496,000 27,698 00025 ,143,000 784 151,000
1213 426,000
In hands of F. R. Agent. 7,500,000 120,600,000 14,500,000 4,940 ,000 2 530,000 9,205 000 28,500,000 2,660 000
290,000 9 440,000 8,261 000 .
Issued to F. R. Bank.
Held by F. R. Agent
Gold coin and ctfs
Gold redemption fund
With Fed. Res. Board
Commercial paper
Total
32,433,000 233,002,000 42,812,000 37,045,000 17,930,000 20,468,000 72,283,000 18,902,000 25,214,000 26,056,000 19,437,000 25, 143,000!570,725,000
18,600,000 137,974,000 4,220,000 8,023 000
1,773,000 10,028,000 2,052,000 2,022 000
2,000,000
27,240,000 20,000, 000
10,000,000 85,6b"o",666 9,300,000 7,000 000
3,296 000
1,221 000
,500,000 12,880, 000
3,071, 000
,195,000
235,000
3,365 000
533,000
540, 000
470,000 10,440, 000
280,000 4,557, 000
102,000
066,000
2.50,000
796,000
1203
,370,000 11,110,000 .
953,000| 22
,348,000 1,034,1000!
060,000 4,760,1000i24 ,190,000,187
157
278,000 2,533,1OOOl -
,120,000
,805,000
,790,000
010,000
32,433,000 233,002,000 42,812,000 37,045,000 17,930,000 20,468,000 72,283,00018,902,000 25,214,000 26,056,00019,437,000 25,143,000 570,725,000
Amt.
of commerc'l paper
delivered to F. R. Agt. 10,118,000
85,665,000 9,306,000 7,085,00013,735,000 3,078,00010,459,000 4,559,000 3,796,000 11,568,000 3,364,000
F. R. notes outstanding 32.433,000 233,002,000 42,812,000 37,045 ,000|17, 930,000 20,468 000
F R notes held by banis 6,714,000 19,201,000 1,744,000 1,762 ,0001 786,000 1,148 000
.
.
162,733,000
283,000 18,902 000 25 214,000 26 ,056,00019,437 000 25 ,143,000570 ,725,000
514 0001 2 ,280,000 43 266,000
725,000,
967,000
102,0001 1,323 000
F.R. notes In act .circ'n 25,719,000 213,801,000 41,068,000 35,283,00017,144,000 19,320,000 66,181,00017,579,000 24,247,000 25,331,00018,923,000 22,863,000 527,459,000
6
July
.
.
.
THE CHRONICLE
14 1917.]
161
—
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 July 7. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also
The surplus reserves are calculated on the basis of new reserve requirements as fully explained on page
given,
127 of this issue.
NEW YORK WEEKLY CLEARING HOUSE RETURN
Nat .Bank
CLEARING HOUSE
MEMBERS.
Net
CapUal.
Loans,
Profit!.
Discounts,
Week Ending
Reserve Bank.
3,000,0
1,000,0
300,0
Bank 5,000,0
Amer. Exeh. Nat.
Nat. dank of Commerc« 25,000,0
Chatham & Phenls N»t. 3,500,0
Hanover National Bank 3,000.0
Citizens' National
2,550,0
1,000,0
Market & Fulton Nat..
Corn Exehaufre Bank..
3,500,0
Importers' & Traders'..
1,500,0
National Park Bank...
5,000,0
East River Nat. Bank.
250,0
1,000,0
Second National Bank.
First National Bank... 10,000,0
Irving National Bank..
4,000,0
500,0
N.Y. County Nat. Bank
Chase National Bank.. 10,000,0
Llncoln National Bank.
1,000,0
Garfield National Bank
1,000,0
Fifth National Bank...
250,0
1,000,0
Seaboard Nat. Bank
Liberty National Bank.
1,000,0
1,000,0
Coal & Iron Nat. Bank.
1,000,0
Union Exchange Nat..
1,000,0
Nassau National Bank.
1,500,0
Broadway Trust Co...
Atlantio National Bank
Nat Butchers' & Drov-
Totals, avge. for
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
8,676,1
871,8
84,2
5,315,1
20,236,0
2,294,2
16,601,3
2,594,8
2,107,8
6,875,9
7,868,0
16,807,9
85,1
3,627,0
26,399,9
4,558,9
1,299,8
12,603,1
1,990,5
1,302,7
432,0
3,168,3
4,001,9
848,3
1,170,9
1,142,9
1,123,0
July
as
Reserve].
Reserve
with
Legal
Depositaries.
National
Deposits
with
Legal
Depositaries.
Reserve]
.
week 123,850,0 217,811,9 2,482,878,0
condition
condition
condition
condition
Federal
Reserve
Notes
[Not
Averaoe.
Average. Average. Average. Average.
$
S
$
S
$
119,0
41.888,0
787,0
667,0
115,0
737,0
21,483,0
266,0
135,702,0
5,202,0
1,382,0
3,675,0
477,086,0
3,349,0
1,749,0
6,926,0
372,0
918,0
50,755,0
906,0
146,0
337,0
14,965,0
398,0
43,0
32,0
2,365,0
40,0
678,0
826,0
89,964,0
2,726,0
758,0
298,487,0
3,143,0
1,689,0
972,0
69,941,0
1,732,0
795,0
141,065,0 10,513,0
1,184,0
1,309,0
30,050,0
264,0
114,0
928,0
19,0
322,0
10.871,0
442,0
108,000,0
2,452,0
514,0
2,752,0
33,712,0
1,302,0
190,0
680,0
797,0
165,383,0
1,824,0
478,0
2,596,0
70,0
33.0
97,0
18,973,0
217,0
105,0
461,0
213,219,0
479,0
1,301,0
2,511,0
84,617,0
1,960,0
804,0
2,525,0
9,951,0
359,0
68,0
162,0
255,785,0
2,261,0
5,146,0
4,668,0
18,106,0
1,256,0
940,0
181,0
10,261,0
242,0
168,0
348,0
6,582,0
160,0
117,0
194,0
42,832,0
956,0
687,0
991,0
67,806,0
1,057,0
204,0
137,0
11,170,0
308,0
198,0
180,0
11,859,0
114,0
161,0
227,0
12,443,0
87,0
106,0
290,0
24,961,0
533,0
230,0
765,0
N.B.A. 2,000,0
5,220,0
2,509,5
Meroaants' Nat. Bauk.
2,000,0
9,979,4
Mech. & Metals Nat-. 6,000,0
Bank
25,000,0 c45,955,6
Natlonal City
Y..
Chemical Nat. Bank...
Silver.
&c.
S
)
Notes
[Not
Counted
tions].
/Nat. B'ks June 201
\StateB'k8Feb.28|
Members of Federal
BankoIN.
Legal
Tenders.
serveNotes
[Reserve
for State
Institu-
Gold.
Investm'ts,
July 7 1917.
(OOi omitted.)
AddU 'al
d Fed.Re- Nat .Bank
1
Average. Average. Average. Average.
$
$
$
$
10,0
15,0
4,994,0
12,0
26,0
2,844,0
25,0
154,0 23,767,0
209,0
878,0 80,651,0
92,0
42,0 10,852,0
21,0
16,0
1,583,0
4,0
5,0
198,0
50,0
118,0 18,107,0
168,0 52,251,0
248,0
263,0
8,490,0
35,0
164,0 32,431,0
26,0
20,0
3,875,0
52,0
189,0
1,897,0
490,0
1,750,0 15,830,0
1,0
9,0
5,489,0
47,0
211,0 22,617,0
2,0
9,0
385,0
17,0
106,0
1,960,0
5,0
2,0 19,372,0
116,0 15,765,0
9,0
1
99,0
28,0
1,560,0
63,0
379,0 47,292,0
234,0
230,0
3,422,0
17,0
187,0
1,510,0
21,0
12,0
499,0
104,0 10,725,0
14,0
143,0 17,6.54,0
5,0
7,0
19,0
1,693,0
17,0
36,0
1,515,0
28,0
1,267.0
5,0
49,0
113,0
3,253,0
Net
Bank
Demand
Time
Circula-
Deposits.
'
Net
Deposits.
tion.
Average.
Average. Averagt.
35
S
S
32,760,0
775,0
2,330,0
17,040.0
60,0
1,853,0
127,347,0
4,638,0
3,761,0
464,733,0
7,387,0
1,782,0
46,029,0
1,082,0
444,0
14,172,0
1,089,0
150,0
1,950,0
49,0
8',833,6
81,654,0
4,818,0
276,125,0
8,510,0
65,158,0
1,772,0
6,867,0
172,0
148,925,0
27,754,0
510,0
1,014,0
10,565,0
131,0
105,811,0
28,829,0
40,0
51,0
150,281,0
3,542,0
3,235,0
2,635,0
50,0
14,405,0
752,0
164,174,0
954,0
4,101,0
89,308,0
640,0
200,0
199,0
10,284,0
228,341,0 18,844,0
650,0
20,0.'i5,0
892,0
34,0
200,0
397,0
9,648,0
5,389,0
424,0
247,0
48.3.32,0
70,0
67,331,0
1,948,0
498,0
413,0
10,290,0
19,0
399,0
11,002,0
30,0
50,0
9,700,0
60,0
423,0
24,058,0
21,888,0
26,541,0
1,909,0
5,517,0 419,748,0
2,314,085,0
67,517,0
29,672,0
2,473,489,0 51,718,0
2, .501. 867,0 54,029,0
2,436,794,0 101,138,0
2,485,791,0 130,084,0
7
June 30
June 23
June 16
53,204,0
22,452,0
24,338,0
25,418,0
30,480,0
26,095,0
27,597,0
28,581,0
36,509,0
1,923,0
2,157,0
2,281,0
2,561,0
5,852,0
5,257,0
5,565,0
5,353,0
2,404,596,0
2,243,912,0
2,225,791,0
2,365.829,0
68,139,0
59,301,0
55,224,0
56,987,0
29,669,0
29,518,0
29,669,0
29,643,0
1,272,0
516,0
417,0
472,235,0
384,305,0
277,301.0
264,914,0
State Banks.
Not Members of
Federal Reserve Ba»t.
Bank
Bank
Manhattan Co.
45,326,0
2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
250,0
750,0
100,0
200,0
400,0
1,000,0
200.0
1,000,0
1,500,0
5.180,2
6,598,9
1,280,4
985,3
468,7
2,120,2
803,4
824,8
2,303,6
860,6
845,8
2,214,1
301,0
1,062,4
726,6
11,874,0
9,405,0
3,440,0
17,252,0
3,993,0
6,604,0
16,900,0
5,460,0
6,550,0
15,660,0
3,991,0
17,848,0
22,369,0
9,027,0
4,060,0
1,101,0
462,0
146,0
1,693,0
363,0
670,0
1,424,0
396,0
678,0
874,0
304,0
1,199,0
2,356,0
3,261,0
1,863,0
192,0
231,0
96,0
1,032,0
34,0
251,0
964,0
53,0
42,0
235,0
156,0
345,0
588.0
12,150,0
26,576,0
222,210,0
24,753,0
9,343,0
June 30
June 23
June J
221,400,0
219,111.0
212,829,0
217,853.0
19,750,0
26,877,0
24,735,0
25,326,0
7,085,0
7,735,0
5,787,0
6,189,0
Lawyers' Title & Trust.
Columbia Trust Co
People's Trust Co
New York Trust Co
Franklin Trust Co
Lincoln Trust Co
Metropolitan Trust Co.
1,500,0
3,799,5
11,250,0 15,919,5
2,000,0
4,507,1
5,000,0 •12,404,5
20,000,0 31.436,3
1,000,0
1,239,3
5,511,6
4,000,0
5,000,0
6,442,9
1,000,0
1,751,4
3,000,0 11,632.4
1,000,0
1,334,4
533,4
1,000,0
5,249,3
2,000.0
35,325,0
271,243,0
70,799,0
45,051,0
406,751,0
10,889,0
26,417,0
91,033,0
24,804,0
72,538,0
19,836,0
14,408,0
58,833,0
1,937,0
21,604,0
4,858,0
2,235,0
38,606,0
653,0
1,490,0
5,177,0
1,650,0
4', 909,0
1,183,0
848,0
3,555,0
594,0
949,0
117,0
174,0
3,946,0
69,0
228,0
252,0
90,0
838,0
522,0
130,0
1,217,0
Totals, avge. for week.
57,750,0 101,761,6 1,147,927,0
88,705,0
9,126,0
94,940,0
89,905,0
88,783,0
99,644,0
7,136,0
4,693,0
5,132,0
5,112,0
of
of America
Greenwich Bank
Pacific Bank...
People's Bank.
Metropolitan Bank
Bowery Bank
German-American Bank
Fifth Avenue Bank
German Exchange Bank
Germanla Bank
Bank of Metropolis
West Side Bank
N. Y. Produce Ex. Bank
State Bank
35,5,38,0
234,0
122,0
596,0
69,0
63,0
2,960,0
107,0
29,0
294,0
165,0
39,0
113,0
43,0
48,102,0
33,435,0
13,038,0
9,042,0
3,219,0
16,319,0
3,869,0
6,234,0
17,803,0
4,886,0
6,560,0
14,245,0
3,939,0
17,065,0
25,473,0
1,612,0
_
782,0
819,0
193,0
34,6
19,0
151,0
232,0
297,0
13,0
26,0
155,0
3,0
180,0
221,0
395,0
85,0
512,0
588,0
4,0
26,0
100,0
80,0
300,0
34,0
105,0
392,0
6,376,0
1,831,0
9,158,0
4,087,0
223,229,0
399,0
5,756,0
9,007,0
6,581,0
6,309,0
1,978,0
1,704,0
1,730,0
1,604,0
12,132.0
8,303,0
8,498,0
8,770,0
6,527,0
2,679,0
1,458,0
2,876.0
219,052,0
223.634,0
218,998,0
224,956,0
408,0
409,0
417,0
409.0
268,0
408,0
160,0
179,0
1,381,0
80,0
74,0
1,033,0
309,0
573,0
172,0
302,0
74,0
280,0
474,0
172,0
225,0
834,0
31,0
68,0
280,0
232,0
119,0
95,0
57,0
439.0
1,362,0
11,625,0
2,635,0
1,362,0
17,897,0
398,0
890,0
3,358,0
1,135,0
2,752,0
825,0
661,0
2,556,0
3,489,0
6,569,0
4,383,0
918,0
3,866,0
978,0
565,0
3,911,0
764,0
3,748,0
939,0
294,0
567,0
27,248,0
232,512,0
52,717,0
27,248,0
356,944,0
7,990,0
17,809,0
67,151,0
22,693,0
54,193,0
16,492,0
13,210,0
51,124,0
4,703,0
29,947,0
14,032,0
1,705,0
36,915,0
710,0
920,0
18,640,0
1,117,0
7,465,0
1,617,0
1,929,0
4,066,0
5,013,0
3,306,0
47,456,0 30,991,0
4,237,0
4,380,0
3,926,0
3,156,0
3,432,0
3,220,0
3,300,0
3,284,0
48,280,0
46,765,0
47,953,0
47,853,0
Grand Aggregate, avge. 193,750,0 346,149,5 3,853,015,0 166,662,0 40,357,0 37,930,0
Comparison prev. week
+ 27,946,0 -20,770,0 + 2,422,0 —1,924,0
5,137,0
1,909,0
—215,0
—360,0
Totals, avge. for week.
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
condition
condition
condition
condition
July
7
1,168,0
118,0
186,0
299,0
855,0
229,0
1,109,0
1,197,0
841,0
1.417,0
__i.
35,0
Trust Companlet.
Not Memberi of
Federal Reserve Bank.
Brooklyn Trust Co
Bankers' Trust Co
U. S. Mtge. & Trust Co.
Title Guar. & Trust Co.
Guaranty Trust Co
Fidelity Trust Co
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
condition July
condition June
condition June
condition June
1,150,319,0
1,154,508,0
1,110,546,0
1,111,361,0
7
30
23
16
Grand A ggregate .actual condition July
Comparison prev. week
Grand
Grund
Grand
Orand
Aggregate
Aggregate
Aggregate
Aggregate
actual condition
actual condition
actualoondltlon
actual 'CondltlOD
_--*-_
27,266,0
39,011,0
19,070,0
30,199,0
.
947,331,0 123,766,0
964,680,0
939,469,0
961,417,0
973,284,0
124,095,0
124,414,0
115,688,0
112,762,0
—131,0
5,517,0 476,362,0 35,078,0 33484645, 191,682,0
+ 843820 + 80920 + 53,884,0 + 145250
29,672,0
53,0
29,669,0
151,0
41,690.0 b34070I5,0 184,124,0
20,528,0 b3 406 2060 171,329,0
33,075,0 b3 5640690 170,158,0
27,332,0 b35865250 176,980,0
29,518,0
29,669,0
29,643,0
29,477,0
7 3,845,208,0 166,408,0
36,673,0
1,923,0
—93,0
36,088,0
—
5,410,0
—30,278,0 —4,403,0
4,896,0
+ 486,0
—234,0
5,852,0 532,647,0 33,793,0 b3588328,0 192,642,0
932740 -7,897,0 + 181313,0 + 8,518,0
+; 595,0
June 30 3,875,486,0 170,811,0 36,766,0
June 23 3,760,160,0 214,656,0 36,337,0
June 16 3,815,005,0 255,054,0 41,781,0
June
9 3,790,284,0 281,295,0 32,342,0
40,984,0
39,088,0
45,974,0
40,461,0
4,924,0
5.030,0
4,888,0
4,855,0
2,157,0
2,281,0
2,561,0
2,306,0
5,257,0
5,565,0
5,353,0
6,219,0
a U. S. deposits deducted, 5302,796,000.
b U.
S. deposits deducted, $259,066,000.
+
439,373,0
333,752,0
321,537,0
328,477,0
+
+
c Includes capital set aside for foreign branches, $6,000,000.
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
iCash Reserve Reserve in
Depositaries
in Vault
Members
Federal
Reserve Bank
Total
Reserve.
a Reserve
Required
Surplus
Reserve.
Inc. or Dec.
Cash Reserve Reserve in
X from
PreviousWeek in Vault. Depositaries
Inc. or Dee,
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
X from
PreviousWeek
S
S
S
%
$
101,633,000 419,748,000521,381,000 302,856,560218,524,440
42,303,000
9,158,000; 51,461,000 40,181,220, 11,279,780
Trust Companies*. ..'106, 150,000 47,4.56,000153,006,000 142,099,6.50, 11,506,350
I
+ 162518010 100,265,000 472,235,000 572,500,000 314,641,650 257,858,350 + 74,458,560
+ 1,619,780 34,569,000 12,132,000 46,701,000 39,429,360 7,271,640 —6,100,240
+ 6,074,900i 109,745,000 48,280,000 158.025,000 144,702,000 13,323,000 + 5,280,350
1250,086,000 476,362,000 726,448,000 485,137,430 241,310,570 + 170212600 244,579,000,532 ,647,000 777,226,000 498,773,010 278,452,990 + 173638670
,270,573,000 391,980,000 662,553,000.591,4,55,120 71,097,880 + 34,389,930 253,485,000 439,373,000 692,858,000 ,588,043,680 104,814,320 + 62,987,090
—12, 223,
State Banks*
Total
Total
Total
Total
July
1
7
June 30
June 23
June 16
—
.520
306,891,000 322 ,895 ,000 629 ,786 .000 593 ,078 ,050 36,707 ,950
13,394, 1.30'i295, 11 1,000 333,7.52 ,000 628,863.000 587,035,770 41,827,230
360,009,000 306,347,000 666.356,000 616,253.920 50,102.080 —10.847,110' 347,697,000 321. .537.000 669.234.000 615.183.250 54,0.50.750 —14,668,450
• Not members of Federal Reserve Bank.
x For explanation of big Increase In surpfus reserve this week see page 127.
a This Is the reserve required on Net Demand Deposits In theoase of State Banks and Trust Companies, but in the case of Members of the Federal Reserve Bank
IQoludeg also amount of reserve required on Net Time Deposits, wliich was as follows: July 7. $2,025,510; June 30, $2,952,050; June 23, $2,766,850; June 16, $2,895,850
b This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Bank
Includes also amount of reserve required on Net Time Deposits, which was as follows: July
7. $2,044,170; June 30, $2,965,050; June 23, $2,761,200; June 16, $2,849,350
.
_
.
1
.
.
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in New York City not in the Clearing House, and these are
in the following table:
SUMMARY OF STATE BANKS AND TRUST COMPANIES
NEW
IN
GREATER
YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
ii'tourea Furnished, by Slate
Differences from
previous week.
Inc. $2,159,600
Banking Department.)
July 7.
$804,84:!, 800
Loans and Investmenta.
Gold
Currency and bank notes
62,036,200
Dec.
10, 676, .500
Inc.
286,200
Inc. 27,564,400
Total deposits
1,017,640,900
Deposits and U. S. deposits eliminating amounts due
from reserve depositaries and from other banks
and trust companies In N. Y. City, and e.Kclianges 862,786,500
Reserve on deposits
208,334,100
Percentage of reserve, 26.0%.
RESERVE.
Cash
—
State Banks
$13,42'J,;i00
10, .55%
1,'J17,.500
Dec.
7,888,100
15,261,700
Inc.
Trust Companies
17,894,000
14.06%
117,727,400
Total
24.61%
$177,010,800
The averages
26.38%
.559,28:i,400
We
STATE BANKS AND TRUST COMPANIES.
State
Week ended JuVj
New York
City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
of the
[Vol. 105
In addition to the returns of "State banks and trust companies in New York City no< in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this class
in the whole State.
The figures are compiled so as to distinguish between the results for New York City (Greater New
York) and ti_iose 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 requirements of State banking institutions were published in the
"Chronicle" March 28 1914 (V. 98, p. 968). The regulations relating to calculating the amount of deposits and what
deductions are permitted in the computation of the reserves
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045),
8.84%
17.54%
$31,323,300
In vaults
Deposits In banks and trust cos
omit two etpliers In
all these ftoures.
Loans
and
Intestmems
—
Apr. 14...
Apr. 21...
Apr. 28...
May 5...
May 12...
May
May
19...
26...
June 2
June 9...
June 16...
June 23-..
June 30.July
7...
$
4,473,449,6
4,479,414,6
4,494,872,1
4,451,612,3
4,410,790,7
4,462,874,0
4,509,946,4
4,568,490,8
4,595,549,2
4,663,499,0
4,674,645,6
Total
Demand
Other
Deposits.
Money
Specie.
$
4,596,003,4
4,568,116,5
4,582.729,2
4,484,409,8
4,435,448,8
4,459.324,2
«
4, 697, .379.1
Entire
Reserve on
Deposits.
Money
Holdings
$
S
85.546.0 577,139.4
62.529.3 5.52,022,4
60.017,7 530,938.7
511.593.4
489,493.1
470.621,0
450,551,7
462,801,5
490.314,9
473,596,9
475,815,8
422,145,7
384,989,4
51.821,4
49,577.7
54.030.7
52,629.4
51.011.1
49.912,3
53,462,7
53.222,1
53,677,3
56,170,5
4,510.318.2
4,501,821.4
4,469.643,2
4.326.846,6 329. .535,0
4,687,7.53.2 4,301,435,6 291.239,7
4,717,858,8 4,347,431,5 266,628,2
502.373.1
512.379.2
972.909.8
544.345.6 1.005.532,9
526,226.3 1.003.105.7
.526.826,9
974,835.3
472.058,0
837,408,2
438,452,1
871,617,5
382.7.57.1
819,170,0
344,917,0
855,625,4
322,798,7
934,782,1
Non-Member Banks and Trust Companies.
non-member
which are not included
institutions
$
1,040,505,5
1.008,192.9
1.008.245.1
9.36.181.5
Banks
Stale Banks
Trust Cos.
in
outside of
outside of
Greater N.Y. Oreater .V. Y.' Greater N.Y.
Trust Cos.
m
7.
Oreater
\
I
N.Y.
$
23,950,000
84,550,000
42,309,900
179,277,600
15,228,300
18,123.900
441,664,500 1,899,5.30,200'
+ 10,107,100 +11,089,700,
179.483,000!
—235,400
306,585,700
+ 3,327,700
191,220,900
+ 2,395,500
318,698,000
+ 4,334,800
Capital as of Feb. 28
Surplus as of Feb. 28
Loans and investments..
Change from last week.
Gold
Week
Ended
1
THE CHRONICLE
162
shown
.
S
42,793,400;
+ 1,4.32,000!
—3,945,000
Currency and bank notes.
Change from last week.
20,811,900'
+ 85,000;
+5,232,200
Due from F.R.Bk.of N.Y.
15,830,000
18,451,200
145,381,100
Change from last week.
12,238,000
20,540,900
6,118,900
Change from last week.
582,434,400 2,263,020,100
Deposits
Change from last week-
+ 26,436,300;
+64.576,800
Reserve on deposits
Change from last week.
114,692,600
+ 9,256,200
379.304.500
29,709,600
38.070,600
+26,924,600
+ 1,844,400
—154,800
P. C. reserve to deposits.
26.3%
24.7%
22.8%
21.0%
18.7%
17.6%
15.3%
15.3%
Percentage last week..
+
—Following
Increase over last week.
— Decrease
from
last
week.
the report made to the Clearing House by
House return" on the preceding page:
is
in the "Clearing
clearing
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Week Ending
INat.Bank
Profits.
Loans,
Discounts.
/Nat. bks. June 201
InvestIState bks. Feb. 28/ ments, &c.
July 7 1917.
Members of
Fed'l Reserve Bank
Battery Park Nat-.
Brooklyn
Nat. City, Brooklyn
FlrstNat., Jera. City
Hudson Co. N.. J.C,
First Nat., Hoboken
Second Nat.. Hobok.
First Nat.,
Total
&Fcd Res .Vat .Bank
Notes [Re- NoleslNot
Counted
serve for
Net
Capital.
Average.
S
400,000
300,000
300,000
400,000
250,000
220,000
125,000
1,995,000
S
442,700
697.800
625.500
1.318.200
768.700
629,400
338,200
Legal
Tenders.
Qold.
Average.
$
5,284,000
6,114,000
5,995,000
6,102,000
5,326,000
6,546,000
5,823,000
Silver.
Average. Average.
$
84,000
117,000
123,000
76,000
Average.
%
%
as
Reseme]
27,0001
90,000
32,000
98,000
620,000
148,000
12,000
175,000
15,000
1,000
53,000
63,000
3,000
85,000
196,000
35,000
194,0001
132,000
74,000
500.000
284.000
31.000
180,000
239,000
Additional
Deposits
with Legal
Net
Net
Bank
Depos-
Depos-
Demand
Time
Circu-
itaries
Deposits
Deposits.
lation.
Average.
S
5,617,000
5,301,000
4,820,000
5,605,000
5,253,000
2,657,000
2,222,000
Average.
Ateragi.
S
S
151,000
191.000
168,000
291,000
397,000! 120,000
itaries.
Average.
Average.
$
S
6,000
23,000
8,000
55,000
3,000
26,000
8,000
t
5,000
10,000
6,000
17,000
97,000
11,000
2,000
86,000
18,000
62,000
380,000
14,000
13,000
46,000
Reserve
with
Legal
Reserve].
Average.
619,0001
181,000
99,000
123,000
295,000)
4,820,500 41,190,000 1,051,000
State Institutions]
Federal
Reserve
Notes[Not
.
942,000
430,000
393,000
392,000
415,000
292,000
236,000
129,000 3,100,000
.
Average.
%
1,336,000
734,000
848,000
4,707.000
1,105.000
582.000
599.000
National
I
3,357.000
2.324.000,
394.000
196.000
219.000
98.000
9,911,000 31,475,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank
Wash. H'ta.
of
Colonial
Bank
Columbia Banlc
International Bank.
Mutual Bank
New Netherland
WRGrace&Co'sBk.
Yorkvllle
Bank
443,300 2,406,000
949,800 8,319,000
674,100 9,505,000
113,500 4,289,000
470,100 7,989,000
219,000 4,645,000
551,000 4,881,000
593,900 6,701,000
840,800 20,274,000
184,800 4,707,000
100,000
400,000
300,000
500,000
200,000
200,000
500,000
100,000
Mechanics', Bklyn.. 1,600,000
North Side. Bklyn..
200,000
Total
4,100,000
115,000
492,000
698,000
358,000
678,000
143,000
102,000
.508,000
940,000
246,000
5,040,300 73,716,000 4,280,000
21,000
1,866 000
9.451 ,000
9.295 ,000
3,797 000
7.870 000
4.334 ,000
1,612 ,000
7.330 ,000
20.887 ,000;
4.304 ,000
256,000
853,000
112,000
144,000
379,000
62,000
108,000
1,110,000
558,000
155,000
484,000
259,000
60,000
440,000
1,253,000
258,000
638,000 2,529,000
969,000
4,685,000
1,021,000
209,000
140,000
576,000
1,230,000
716,000 12,700,000; 3,621,000
18,000
77,000
108,000
20,000
100,000
61,000
270,000
183,000
3,000
1,6.54,000
337,000
1,071,000
462,000
4,001,000 0.746,000
Companies.
Trust
Not .Members of the
federal Reserve Bank.
HamiltonTrust.BklD
500,000
Mechanics' Bayonne
•200,000
1.150.100 10,167,000
309.000 7,479,000
700,000
.
Total.
598,000
89,000
50,000
39,000
30,000
74,000
95.000
67,000
89,000
104,000
162,000
1,459,100 17,646,000
687,000
Grand aggregate
6,795,000 11,319.900 132552000
;om narison.pre V. wk.
+ 343,000
Excess reserve. 1,629,820 inciv^ase
Grand aggr'te Juiie30 6,795,000 11,235,000 132209000
Grand aggr'te June23 6. 795.000 11,235,601) 130532000
Grand aggr'te JunelO 6,995.000 11.350.400 130724000
Grand aggr'te June 9 6.096.000 11.520.200 1.30463000
Grand ag gr'te June 2 6.995.000 11.520.200 130002 000
a U. S. Deposits deducted, $7,355,000.
6,018,000
I
—525,000 —137,000
Philadelphia Banks.
—Summary
6. ,543. 000
6,067,000
7,302,000
7,634,000
7,532,000
of
1,.346
,000 3,253,000 1.131,000
1,483,000
1.665,000
1,527,000
1,705,000
1,426,000
weekly
+ 24,000 + 90.000
3.229,000
3,316,000
3,340,000
3,298,000
3.234,000
totals
of
Clearing House banks and trust companies of Philadelphia:
We omit two ciphers (00)_<n all these figures.
Due
Loans,
DUc'ts A
from
Invett'ts.
Banks.
Reserve
Bank.
Individ't.
Total.
Total
555,743
May
May
May
May
"
26.-, .555.419,
19... 559.089,
12... 566.9.33,
5-.- 563,681,
Note.
House
104, 056,0 105.685, ,0 479 ,932.0 645,617
94 ,718.0 161.320 0,467 .189,0 628, .509
85 329.0 162.023 01456 ,311.0 618,334
86, 812.0 109.424 ,0 471 542.0 640,966
84 700.0 172.578 O 473 ,799.0 046,377
88, 111.0 173.255, OJ479 291,0 052,546
87, 021.0 169.630, 01476 508,0 040,144
90, 213.0 171.162,
482 619,0 653.781
83, 367.0 109.055,
489 811,0 058,800
PO, 095.0 170.807, 0I495 644,0 072.451
—National bank note circulation July
(included
"B.ank Deposits"),
In
150,000
165,000
1.58,000
103,000
154,000
16, 000 j— .592,000
+2214000
+ 909,000,
+576.000
113,000 9.007,000 12.414.000 alU012000 13.618,000 1,515.000
131,000 9,726.000 12,238,000
144,000,10097000 12,818,000
154,000 JO 123000 11.949.000
134,000.9.873.000 12.961.000
all54S4000 12,842.000' 1 ,514.000
ail8244000 12,674,000 1,519.000
all9767000 13.009,00011,512,000
all9.809.000 13,326,00011.518.000
—We
Boston Clearing House Banks.
summary showing the totals for all the
give below a
items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Excess
Held.
129,000 9,015,000 14,628.000 all4921000 14.194,000
—2,000 +
Deposits
SR
S
S
S
^
July 7.
Nat. bank. 402.536.0 101.479,0 162,027,0 342,323.0 .504,350,0
Trust COS.. 153.207.01 2,577,0, 3,658,0 137.609,0,141,267,0
June 30..- 553.513
June 23-.- 549.899,
June 16
556,769,
June 9-.. 555.966
June 2..- 551.486,
1.041,000
1,089.000
1,050,000
1.020,000
1,017.000
148,000
643,000
2,978,000
8,510,000
4,190,000
Reserve.
$
76,833,0
25,679,0
102 ,512,0
93 ,307,0
91 465,0
93 ,566,0
100 .515,0
103 ,993,0
25,279,0
16.994,0
14.592,0
14.209.0
19,546,0
23,262,0
18,593.0
19,627,0
17,303,0
22,225,0
99 ,188,0
100 950.0
99 ,983.0
105 957,0
Change from
June 30
June 23
previous week.
July 7
1917.
$
19,929,0
5,350,0
1917.
1917.
$
S
S
S
Circulation
5,669,000 Inc.
2,000
5,667,000
5 679,000
Loans, disc'ts& investments. |480, 604, 000 Inc. 13,081.000 467.523.000 450 683.000
Individual deposits, incl.U.S. 375.007,000 Inc. 14,708,000 300,239,000 334 483.000
Due to banks
140,644,000 Inc. 13,757,000,126,887,000 122 ,824.000
Time deposits
35,225.000 Inc.
276,000 34,949,0001 34 861,000
Exchanges for Clear. House. 22,667,000 Inc. 4,772,0001 17,885,000l 13 471,000
Due from other banks
80,861,000 Inc.
1,095,000 45,061,000 43 ,711,000
I
I
1
Cash
in
bank
& in F.R. Bank
58,539,000 Dec.
Reserve excess In bank and
Federal Reserve Bank..
2,100,000
60,639,000
52 205,000
11,015,000
5,491,000
1
|
16,270,000 Inc.
5,255,000
I
exchanges for Clearing
$23,505,000; trust companies.
7, .88,218,000;
b.anks,
Capital and surplus at latest dates:
$3,161,000; total. $26,666,000.
$04,175,600; trust companies, $41,295,200; total, $105,470,800.
Banks,
Imports and Exports for the Week. -See
preceding.
third page
.
H
•
July
K
.
THE CHKONICLE
14 1917.]
Wall Sired, Friday Night, July 13, 1917.
The Money Market and Financial Situation. —^The
military activities and political developments in Europe this
week have attracted more attention than usual in financial
circles.
These are important chiefly because of what they
foreshadow and further developments are looked forward
Domestic affairs are alto with a great deal of interest.
most equally significant and the day-by-day news from
Washington, from the large manufacturing centres and from
the agricultural districts are eagerly scanned. Nothing
mentioned above, however, obscures or detracts from the
Saturday's
financial situation as an important factor.
bank statement, showing a surplus reserve increased to
$278,000,000, was misleading without the explanation that
the increase of $173,000,000 was due to the extent of $121,592,580 to a reduction of the required reserve from 18 to
13% on demand deposits and from 5 to 3% on time deposits.
Call loan rates the first half of the week were quoted as low
The Governas 234%, but to-day were up to 5J^%.
ment new 3Hs have declined on the report that a new installment of the Liberty Loan will soon be offered, also at
3H%.
163
Mercantile Marine com. and pref. were by far the most spectacular.
The former advanced from 27^ to 31 5^ and the
latter from 863^ to 8934, the closing prices being 3034 and
88^, respectively. American Can and American Smelting
& Refining moved between 48^-50^ and, 104 3^-107 34 each.
Central Leather lost 434 points for the week, while the high,
low and last prices of Cuba Cane Sugar, Lackawanna Steel,
Maxwell Motors, Mexican Petroleum, U.S. Industrial Alcohol and United States Steel were 433^-423^-423^, 94^903^2-91%, 493^-45-463^,99-9534-96, 162^^-15134-16034 and
128 34-122 ?-g- 1 22 J4- The copper shares fluctuated between
narrow margins and with small sales.
The railroad issues were, as usual, less violent in movement.
Baltimore & Ohio gained 1 J4 points for the week and Canadian Pacific, Great Northern pref. and New York Central
moved between 15834-160, 102-105 and 87%-90 each. Norfolk & Western gained fractionally, while other advances
of from 1 to 3 points were evident throughout the list.
For daily volume of business sqe page 172.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Range for Week.
Sales
Week ending July
13.
Range since Jan.
1.
for
Week.
Lowest.
Highest.
Lowest.
Highest.
Par Shares S per share
S per share. S per share. S per share.
210 100
July 9 101
July 13 100
July 103
Jan
100 191
July 11 191
July 11 176
Apr 200
June
7,100 53
Jul/ 10 58 M July 13 53
July 58 « July
Assoc Dry Gds 1st pf 100
100 53
July 12 53
July 12 51'A June 60 34 Apr
Associated Oil
100
800 58 M July 13 62
July 9 57
May 78 M Jan
Barrett, prel
100
100 109 H July 12 1095^ July 12 106 J4 June 117
Feb
Batopilas Mining
20 5,200
1
July 10
Jan
1 M July 12
H June 2
Brunswick Terml...lOO 1,600 10!-^ July 7 12 >| July 13
734 Feb 14 K June
Burns Bros
100 1,900 98
July 13 lOiy^ July 11 89
Jan 125 34 Apr
Butterick
100
300 15
July 7 13
July 10 12
July 1934 Jan
CaUtornia Packing
1,000 38 Ji July 9 38 K July
36 M May 39
June
The Government crop report was, as to winter wheat, Am Brake Shoe & F.lOO
Preferred
100
more favorable than had been expected, showing a con- Am Internal Corp 100
dition of 75.9, against 70.9 on June 1 and, notwithstanding
some depreciation in spring wheat, indicating a total harvest of 38,000,000 bushels more than last year. The increased average of corn is shown to be about 14,000,000 and
a prospective crop 541,000,000 bushels larger than that of
1916.
Foreign Exchange.
—Sterling exchange has been rather
developed some degree of
firmness on Thursday but on Friday became easier. The
Continental exchanges have shown limited movements.
To-day's (Friday's) actual rates for sterling exchange were 4 72M for
sixty days, 4 7565@4 7560 for checks and 4 76J^ for cables.
Commercial
on banks, sight, 4 75H sLxty days, 4 713^; ninety days, 4 69^ and documents for payment (sLxty days), 4 71%. Cotton for payment, 4 TSH,
irregular during the week.
It
;
,
and grain
for payment, 4 75J^.
To-day's" (Friday's) actual rates for Paris francs were 5 81?^@5 81 for
long and 5
76 for short. Germany bankers' marks, not quoted
for sight, nominal for long and nominal for short.
Amsterdam bankers'
guilders were 40^-8 for short.
76M@5
Exchange at Paris on London, 27.18 fr.; week's range, 27.18
and also 27.18 fr. low.
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows:
—
Sterling Actual
for the week.
Low for the week
High
Days.
4 72 ^
4 72J^
Checks.
High
Low
for the
for the
week. . .
week
5
5
4 76 7-16
5 72J^
78H
82M
4
4 75}^
Paris Bankers' Francs—
5 711^^
5 75M
5
—
Germany Bankers' Marks
High for the week
Low for the week
Amsterdam Bankers' Guilders
High fortheweek
40^2
Low for the week
40 7-16
Domestic Exchange. Chicago,
76M
76^
&
.4,lton
100
Cluett, Peabody, pf.lOO
Comp-Tab-Record'g 100
100
116
50
100
300
79
115
16
110
M
40
Continental Insur
25
200 54
Deere & Co, pref
100
100 100
Duluth S S & A, pref 100
100
6
Elk Horn Coal
50 1,100 35
Preferred
50
100 45 Ji
Federal
& S, pref _ 100 1,100 45
Fisher Body Corp uo par
100 37
Preferred
100
100 86 H
Gast
& W.Ino no par 4,400 32
General Cigar, Inc. 100
100 35
Hask & Bark Car no pa 1.000 38
Homestake Mining.. 100
200 101
Int Harv
J. pref.. 100
200 116
Int Harvest Corp... 100
200 69ii
Preferred
100
200 101
Int Nickel pref v t c. 100
10 103}^
Jewel Tea, Inc
100
100 47
Kings Co El L&P..100
30 10934
Kress (S H) &Co,pf 100
100 105
Liggett & Myers
450 225
100
Preferred :
100
500 1161^
Manhattan Beach
100
500
IH
Mauhat'n (Elev) Ry 100
150 115
Morris & Essex
SO
19 80?^
National Acme
50 1,100 ZiH
Nat Rys Mex 2d pref 100
300
5M
O Texas & Mex v t c
1.500 24
New York Dock
100
200 17
Preferred
100
100 40
Nova Scotia S &
500 95
Ohio Cities Gas rights
5,900 &2y2
Owens Bottle Mach..25
100 91
Pacific Tel & Tel
100
100 25
Pan-.\m Pet & T preflOO
100 90
Fierce-Arrow M.no par
900 39M
Preferred
100
600 96 M
Pitts C C &St L
100
300 72
Pittsburgh Coal pref . 100
50 118
Pitts Steel pref
100
202 100
Quicksilver Mining.. 100 1,200
1 Vi
Preferred
100
100
IH
Royal Dutch ctfs dep.
5.100 64?^
Savage Arms Corp. .100 2,500 86
Sloss-Sheff S & I pref 100
100 95
So Porto Rico Sug rights 1.400
8'<i
Superior Steel
100 1,600 45 >4
1st preferred
400 102
100
Texas Co rights
.
5,400 21 5i
Tidewater Oil.... ..100
326 200
United Drug 1st pref. 50
2oo; 52
United Dyewood
100
310 66 '4
M
W
M
N
N
ClOO
—
M
41
41 ^-g
41
41
10c. per SI ,000 discoimt.
Boston par.
St. Louis, 12^-2 per $1,000 discount bid and 7Jic. discount asked.
San
Francisco, 10c. per $l,-000 premium. Montreal, $4 6875@$5 per $1,000
premium. Muineapolis, 10c. per $1,000 premium. Cincinnati, par.
New Orleans, sight, 50c. per $1,000 discount, and brokers, 50c. premium.
—
State and Railroad Bonds.
Chicago
M
Cables.
4 7565
Sixty
. .
high
fr.
Calumet & Ariz
10
Cent & So Am Teleg. 100
,
— Sales of State bonds at the
this week are limited to $3,000 New York Canal 4s,
1960, at 101, .$3,000 New York Canal 4s, 1916, at 100 M,
$4,000 New York State 4 Ms, at 109
to 110, and $4,000
New York State 4s, 1961, at 101.
The market for railway and industrial bonds has been
somewhat more active this week. Prices have shown a
general advance, which was in some eases of considerable
proportion. Chicago Milwaukee & St. Paul ref 4Hs gained
from 84% to 85 ^g, and Missouri Pacific gen. 4s. w. i. advanced from 58 J^ to 60%. St. Louis & San Francisco p. i.
4s, ser. ±\., moved up a point for the week, as did United
States Rubber 5s tr. co. ctfs. From a list of 25 most active
issues only 2, Lackawanna Steel 5s, 1950, and Union Pacific
1st 4s declined, the movement being, in both cases, fractional.
The United States Liberty 33^2S sold below par this
week, the decline perhaps being due to rumors of a new
Government issue to be floated in the near future at the
same interest rate. As usual, a large part of the trading at
the bond market was centred around the securities of the
various foreign Governments, Anglo-French 5s, American
Foreign Securities 5s, the several Great Britain & Ireland
issues and those of the Dominion of Canada being the most
in evidence.
Several of the French municipal bonds, such as
those of the cities of Paris, Lyons and Bordeaux, were also
active
Board
M
.
—
United States Bonds. Sales of Government bonds
include 55,149,500 United States "Liberty" S^s at 100 2-50
to 99 38-50.
For to-day's prices of all the different issues and
for the week's range see third page following
—
Railroad and Miscellaneous Stocks. The downward
tendency of prices noted at the Stock Exchange last week continued over the week end. On Tuesday the tone became
firmer, since which a substantial recovery has been made
M
United Paperboard
Wells, Fargo Express 100
Western Pacific
100
700 29
200 90 »i
600 16!^s
Outside Securities.
—
July
JiHy
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
79 >^ July 7
July 10
July 13
July
July 12
11 54
July 11
12 100
July 12
12
6
July 12
7 36 M July 11
»4 July 13
13 45
July 13
47
10 37
July 10
9 86 H July 9
36 M July 12
10 35
July 10
10 39
July 11
12 102 H July 7
116
July 7
11 70
July 13
102 H July 11
10 103 H July 10
July 9
9 47
12 110
July 12
7 105M July 7
10 239 K July 11
11 116K July 11
11
IK July 11
9 115
July 9
9 80 K July 9
9 35M July 13
10
July 13
9 25? July 10
11 17
July 11
11 40
July 11
10 95
July 10
11 6634 July 7
7 91
July 7
10 25 !4 July 10
12 90
July 12
12 41 K July 11
9 97>;S July 12
July- 9 72
July 9
July 10 118
July 10
July 91 100 'i July 10
July 10
1 H July 10
July 9' 1 H July 9
July 10 655/g July 11
July 13 96 V< July 9
July 12 95
July 12
,Iuly 7
July 7
9
48 '4 .lulv 7
July 13
July 12 10214 July 13
July 13 22% July 12
July 11 200
July 11
July 13 r,2'4 July 13
July 9 68 H .luly 11
July 11 29 K July 7
July 11 90 >4 July 11
July 10 17
July 11
10 115
13 16
7 110
12 40
K
76
114
15
108
38 M
52
96;^
Apr
June
June
Feb
May
843^
155
21
May
115K
Feb
46
Jan
Jan
Jan
Feb 59 Ji
Feb 100
Jan
Jan
113i Mar
3834 June
June 40 H June
37
Jan 49 K May
35
June 37% July
Mar
86 34 July 95
28
Feb 40
Jan
35
July 44 3i Mar
38 H July 40
June
101
July 1313-^ Jan
114
Apr 121
Jan
65
June 88
Jan
101
July 114
Jan
103
Mar 108
Jan
Jan
4534 Mav 78
114
Feb 124
Jan
105 ^i June 1073-^ June
2243^ July 281
Jan
115
June 12534 Jan
2
Feb
134 July
115
June 12934 Jan
77
May 77 May
33 M July 35 ?i July
Feb 7
Jan
15H June 2654 June
V2H Mar 19 May
34
May 40 June
90
Feb 125
Jan
June
62 34 July 67
80
Apr 106
Jan
25H July 343-2 Jan
89
June 98
Jan
39 ?< July 41% June
June
963^ July 98
66
May 82
Jan
110
Jan
Jan 110
99
Feb 102
Jan
1
June 3
Feb
6
July
30H May
4-5 'A
•
m
IH
59
72
93
June
43-^
Feb
May
66 M
Mar
June
Feb
SH July 934 June
343^ May 51?-4 June
9914
21;^
194 '/i
5134
65
26
00 H
1234
June 108
Apr 99
May 102 H
July
Jime 23
July
June 200
July
Apr 54
Jan
June 68 34 June
June 3354 May
July 144
Jan
Apr
183-i
May
Contrary to the movement noted
week, the prevailing tendency of "curb" market transactions was toward higher values. Aetna Explosive fluctuated between 454 and 6 and Butterworth-Judson after
moving up from 65 to 69, fell to 66, advanced to 68^ and
closed at 63. Chevrolet Motors fell away from 95 to 93,
gained to 100, the final quotation being 92. Curtiss Aeroplane deehned 3 points to 39, but moved up to 40K at the
close.
Marlin Arms dropped from 100 to 97, while high,
low and last prices of Standard Motors, Submarine Boat,
United Motors and Wright-Martin Aircraft were 1234ll-ll>^,31J^-27 3^-30M,26^-24M-263^and9M-8^-9.
Standard Oil shares were, as usual, inactive. AngloAmerican Oil fluctuated between 1934 and 1934 and Standard Oil of New York between 278 and 285. Illinois Pipe
Line sold betAveen 212 and 210 while Standard Oil of New
.Jersey and Prairie Pipe Line moved between 582 and 585
and 270 and 275 respectively.
Among the bonds traded in at the "curb" were $126,000.
Bethlehem Steel 5s 2-yr. notes at 98^ to 9834, $965,000.
New York City 434s w. i. at 10134 to 1025^, .$95,000.
Russian Government new 534s 78 to 80 and $82,000 Russian Government 634s at 86 to 91.
A complete list of "curb" market transactions for the
week will be found on page 172.
last
.
164
New York
Stocir
Exchange— Stock Record,
For record of aalei during the week
HIQH AND LOW SALE PUICES—PER SHAKE, NOT PER CENT.
of atoclcs
Sales/or
SatUTdny
July 7
Monday
Tuesday
Wednesday
Thursday
July 9
July 10
July 11
July 12
$ per share
lOOij
100
90
96
S vcT share
10018
100
•9578 97
S per share
IOOI2
100
70
57
59
70
57
15812 159
59I2
59 Is
96
10918 110
7II2
70
6912 70
5078 57
10''8
*10l2
12
15878 15878
59I2 00
*10l2 12
33
*31
33
* 10778 1083.t
6978
*69
57
159
5878
10^8
*31
"76"
71U
70
57
1591.1
'7Y12
109
7134
6938 7078
68
69U
109^8 111
IO8I2 108% 108% IO8I2 IO8I2
150
160 *140
14478 14478 *140
34I2 3538
3458 3658
3334 333.1
77I8
76
77
77
*76
77
O7I2
O7I2
67
67
6712 6778
*64
0434 6512
65
67
66
•37
37
37
38
*3478 38
108
*67
*20
*53
*40
47
*110l2 112
*20O
8
*1338
2458
3612
210
07
26
56
47
07
26
*53
*40
76
28
56
•11012 II2I2
•200 20934
6
8
I3I2
2434
3634
*28
2834
102
IO212
3II4 3II2
24I2
*9l4
55
2II3
*50l4
*16
*20
*62
*39
*125
*15
104
•101
21
23
56
20
26I4
50
16
62
42
•is"
99
99
131
29I2
6I4
55
2:88
88I2
3034
24
*23
3638
24
12118 12118
*82l2 85
I98l2 99I2
5178 52
•18
•63
20
"32"
45
33
31
50
*41
4II2
I6I2
14
29
9234
26I4
'9212
2612
55
*54
*15
*19
17
I9I2
88
8
18
12
49I4
26
1578
1212
50
26
20
38
16
•1458
I5I2
•25
29
2812
29I4
34
45
378
28
•82
92
83
92
*82
•99I4
9158
9934
9168
•99
•91
•93
49
98
49I2
*91l2
9218
2612
9318
2678
15
19
84
95
14
63
9
55
2334
6OI2
2378
6OI2
70
70
'll"78
6678
•9112 92
9938 9938
10534 106
I3I2
61
878
120
4058
•31
•60
80
104
•60
71
•98
3318
49I8
68
67
378
538
412
2812
2812
84
93I4
9II4
97
49I2
106
77
6712
53s
4I2
8312
93
9258
97
5038
99
9II2
93
92
98
98
4012
31
62I4
8OI2
79
IOII4 IO5I4
62
7210
100
7OI2
102
103
1058
6578
11
6658
92
99
93
102
113
I3I2
I3I2
6912 70
11818 11978
11878 11878
4714 49I4
12058 12078
10014 10078
5112 5214
9712 9912
4012
40
3018 3018
•61
no
98
39I2
31
•61
65
79I4
797s
IOII2 10434
6O34 61
6938 7II4
99
54
7934
105
*61l4
71
•99
101
72I4
101
sales
on
this day.
X
38I4
400
12,800
200
300
95
I3I2
I3I2
61
1,300
12
1,800
55
600
70
73I4
18,300
IO3I2 103i:>
I3I2
1512
68I4 7014
13,200
17,400
I5I2
1212
68
7012
93
100
195
'4"2"
53
24I2
90
99
95
100
10318 IOOI4
II2I2 114
70
71
II9I2 122
118
120
5258 54I2
I2OI2 121
I97I2 I97I2
10078 10078
5238 531s
98
99
39I2
4012
31
*62l2
3II4
29I4
65
62
79I4
8OI2
1103s
105
62
6912
99
108
11478
115
73I4
6138
62
115
18,400
7138
39l'2
81
11034
2,960
97
62
9812
65
9II4
2534
6212
1007s 10078
5334 54I4
3138
2:9034
6II2
195
41
1,800
800
26,200
4,200
IOOI4
II3I2
70
7034
7034
70
119
12058 11818 12112
118 120 11812 11912
4834 5134
5012 53
121
121
12058 121
100
600
103
61
63
105
196
101
54
92
1,200
100
18,750
IOI2
10534 IO7I4
196
196
3012
8312
931?
4
90
10112 IO3I2
94
29I4
8312
700
11
54I2
2638
6234
90
99
92
5I4
41?
38I4
38
95
61
1258
6838
69
5I4
4812 50
IO6I2 IO6I2
7518 78I4
90
104
200
5118
11212 II3I2 II2I2
113
190
11
66I4
137s
'78'38
11438 11612
14,900
1,200
4,100
3,000
3,800
7,700
4.100
2,200
29Vr
100
93I2
10
8,300
15,000
7,800
2,500
6,600
'7614
99I2 100
94
100
10434 10538
IO7I2 10838 107
prices:
7OI2
103
1178
120
6778
3134
8312
1078
9II4
•eou
68
54I2
2434
7034
10334
1334
38
25I4
6234
7212
48
*66l2
5I2
4I2
400
1678
3414
4812
97
IOI2
62
300
39
1638
3334
4934
55
2458
2II2
26
106
63
62
2612
93
10
55
24I4
6038
6934
50
27
15
8312
94
IOI4
49
21
2978
29
14
54I2
247,
95s
1238
3418
4858
5I4
378
30
7712
11438 11438
3578
13458 13538
*79l2 80
1238
'1678
26
I3I2
6678
•Hid and asked
9258
93
1,200
3,100
100
22
50
•07
99I2 101
101
26
17
2OI2
2012
2718
2II4
I3I4
29
90
•1058
65I2
•98
378
29
•82
94
400
400
1234
4812
61
4012
3018
62I4
63
72
101
•IO8I2 117
538
I5I4
1618
33I4
14
61
10
99
65
81
28
9,400
7,700
5,200
57
•35
34
•1458
IOI4
93I2
2712
21
39
I6I4
I5I2
2978
80
834
8^
16
•1558
60
•118
I7I4
21
88
80
80
95
2378
60
70
•103
57
13478 13538
I3I2
4058
32I2
IO4I4
13538
90
43I8 4612
43I2 44I4
12034 121
12034 121
I97I2 •191
19812
•192
§10012 IOOI2
•100
101
52I4
*52
5178 52
•98
86
I3I2
6118
9I2
•9914 9973
IO412 IO5I2
*112l2 II312
•112
113
6978 70
•7OI2 71
II9I4 11934 II8I2 I2OI2
•118
16
20
33I8
45I2
4534
2,500
86
2738
54
1578
20
84
16
45
24I4
1,400
100
47,550
1,850
6,200
3,290
53
84l2
27
57
21
•35
18
33
93I4
2658
49I4
2638
39
41
17
31
47
93I2
21l«
21
9612
1334
4934
2658
26
61
10
54
1,600
E500
42
44
30
49I8
26I4
2034
54
700
600
45,400
•28
93
27
57
17
•20
39
95
53
400
2,500
12,200
I2I2
95
•90
1,700
3378
13
4878
2OI2
83
9218
99
9II4
93
800
63
30
94
14814
514
300
1,500
63
95
13
III2
26
5234
2OI4
6412
28
19
12
26
7,850
21,700
85
I3I2
18
12
734
89I2
36I4
30
17
12
4814 4934
IO4I4 106
10534 106
75
7612
75
77
7618 7612
*
11834 •11414 11834 11414 116
'36'
*35
•3578 40
40
36
•I3I2
93I8
2634
31
•47
8
18
12
35
1534
33
200
45
50
17
80
80
*7
•15
1,100
12,900
1,800
4012
41
18
31
135
80
105
•90
28
84
I34I2 13538
378
93
97
50
1212
52I4
20
63
"3234
42
§41
50
*54
•15
20
57
16
20
86
6734
101
4012
18
30
•54
"5'l4
28lo
8312
92I2
9658
95I4
59
lOHs
I:
64I4
96I4
64
3OI4
I3I2
28
45
34
"3214
65
18
8212
6412
*
3OI4
*
36I4
2H4
1934
18
50
89
3634
03
6412
3OI4
I6I4
29I4
8
16
12
"514
52I2
45
64
90
IOOI2 IOII4
5238 5258
20
42
42
1534
538
4I2
63
•63
4012
4118
2812
71
5218
I8I2
20
63
45
42
42
•25
•68
5I4
•378
101
4012
41I4
SO
11
3II2
58
lOOU 101
3318
*7
16
•1178
49I2
2534
67s
7
15
3238
12218
"3258
*63l2
9534
80
104
*6
122
96I4
27
57
16
100
300
24
85
18
1234
125
23
33I2
'9"3'"
19
31
6234
42
129
III2
3278
5812
23
24
723s
101
118
Kx-rlghts.
Do
7858 801s
10614 IO9I4
6138 613r
6834 717r
99
108
i
V
30
62
100
118
100
pref
200
100
25,900
100
7,200
17,200
100
58,100
1,600
700
593
3,200
110
900
2,200
200
47,600
33.500
300
44,700
266
Less than 100 shares,
Highest
Lowest
Highest
* per share
$ per share
10712 Jan
8
lOOij Feb 1
1 19
Jan 4
85 Jan 18
767gJan 17
t per share
IOOI4 Apr
29811 Deo
t per share
May
98i2
9
95I2 June30
10778 July 3
6778 May 9
6878 May 15
54
May
Feb
May
May
May
8
7
9
10
9
29
9
6512 July 5
108 July 5
1481
55
108
July 3
14473 July 7
30
75I2
65
May 9
May 18
May 15
625I4 Feb 8
3578 July 6
67 July 9
20 Feb 10
5OI2 May 9
.100
42 Marl2
100
Delaware & Hudson
108 May 4
100
Delaware Lack & Western.. 50 209 June 1
51, May25
Denver & Rio Grande
100
Do pref
12
July 13
100
22I4 May 9
Erie
100
34I2 May 14
Do Ist pref
100
Do 2d pref
2612 May 14
100
Great Northern pref
100 110114 July 5
Iron Ore properties.. iVo par
2734 Feb 3
Illinois Central
100 Feb 3
100
8I4 May 15
Interbor Con Corp, vtc No par
Do pref
5034 May 5
100
Kansas City Southern
1858 May 9
100
Do pref...
52 May 9
100
I5I4 May 9
Lake Erie & Western
100
Do pref
25 JulylO
...100
57I4 May 9
Lehigh Valley
50
Long Island certfs of deposit. .
39 May26
Louisville & Nashville
119 May 4
100
Mlnneap & St L (new)
1434 Mayl5
100
Minn St Paul & S S
99 July 9
100
Do pref.
120 May28
100
Missouri Kansas & Texas. 100
5 May 4
10 May
Do pref
.100
Missouri Paclflc(new) whenlss.
2334 May 9
Do pref (or Inc bonds) do
51
Mar 7
New York Central
86 May 9
100
N Y N H & Hartford
100
325a May24
Y Ontario & Western. ..100 21 MaylO
Norfolk A Western
100 1161 May 9
Do adjustment pref... 100
82 May 25
Northern Pacific
100 z98l2 July 9
Pennsylvania
100
513s May 9
I7I2 Mayl5
Pere Marquette v t c
100
53I2 Mayl2
Do prior pref V t c
100
40 June 8
Do pref vtc.
100
2034 Apr 16
Plttsb *
Va Interim ctfs 100
Preferred Interim ctfs
5358 Apr 17
100
8358 May fl
Reading
...50
Do Ist pref
3934 May21
50
Do 2d pref
40 May29
50
St Louis A San Fran new . 100
16 May 5
St Louis Southwestern
2S Feb 3
100
Do pref
46 May 3
100
12 Mayl9
Seaboard Air Line
100
25I4 Mayl6
Do pref
100
88' May
Southern Pacific Co
100
Southern Railway
23 May
100
5158 Mayl5
Do pref..
100
I3I4 May 9
Texas & Pacific
100
Third Avenue (New York) 100
171s MaylS
Twin City Rapid Transit.. 100
8434 Mayl2
Union Pacific...
12878 May
100
7614 May 9
Do pref
100
United Railways Invest
612 Feb
100
1512 June 14
Do pref
100
1012 MaylO
Wabash
lOO
Do pref A
4458 May 9
..100
Do pref B
23 May 9
100
1778 May 9
Western Maryland (new). 100
Do 2d pref
35 Apr
100
Wheeling A Lake E Ry
13 May
100
3II2 Apr 10
Do preferred
100
Wisconsin Central
45 July 9
100
Industrial & Miscellaneous
1234 MaylO
Advance Rumely
100
28 Apr II
Do pref
.100
66 Feb 3
AJax Rubber Inc
50
Alaska Gold Mines
5 May29
10
378 July 9
Alaska Juneau Gold Mln'g.lO
AUls-Chalmers Mfg v t c.lOO
2018 Feb 3
7914 Feb 3
Do preferred v t c
100
Amer Agricultural Chem..lOO
83 Feb 3
Do pref
9858 Feb 10
100
American Beet Sugar
81 Feb 1
100
9II2 May 9
Do pref
100
American Can
36 Feb 3
lOO
Do pref
103 May 7
100
American Car A Foundry. 100
57 Feb 3
Do pref
100
1143s July 11
American Cotton Oil
36 July 7
100
Do pref
92 MaylO
100
American Hide A Leather. 100
10 Feb 2
55I2 May 7
Do pref..
100
A merlcan Ice (new)
100
87s July 9
Do pref (new)..
53 July 9
100
American Linseed
1534 Feb 3
100
Do pref
48 Feb 3
100
American Locomotive
6212 Feb 2
100
Do pref
102 May 4
100
8J2 Mayl4
American Malting
100
Do pref...
53 June 4
.100
Amer Smelters Sec pref B.lOO
90»4 May 25
9738 MaylO
Do pref Ser A stamped..
9453 Feb 2
Amer Smelting A RefhUng.lOO
IIIOI2 May 11
Do pref
..100
American Steel Foundry.. 100
52 Feb 3
American Sugar Refining. .100 104»8 Feb 3
II6I2 May23
Do pref
..100
Am Sumatra Tobacco
30 May26
100
Amer Telephone A Teleg..l00 II8I4 May 11
American Tobacco
184 Apr 21
100
100 Apr 24
Do pref (new)
100
37I8 Feb 3
Am Woolen of Mass
100
Do pref
94 Feb 3
100
Am Writing Paper pref 100 37 Feb 3
Am Zinc Lead A S
28 May 9
25
Do pref
61 July 5
25
An aconda Copper
70 Feb 1
50
Atl Gulf A
8912 Feb 3
I S3 Line ctfs 100
54 Feb 8
Do pref certfs
100
43 Feb 3
Baldwin Locomotive
100
99 May 5
Do pref
100
104»4 MaylS
Barrett Co (The)
100
Do
Do
56
24
12178 12238 120
123
*82lo 85
8212 85
23
9812 10078
52I4
52
30
50
17
102
8934
3612
55I2
2218
16
l'2"8"7s
57
90
3634
3034
"32I8
6378
9434
16
21
•8434 88
I34I2 I35I4
I5I2
57
3658
16
27
62
37
104
9
•11
I2II4 12134
8212
I6I2
22
*51l2
6234
3058
57
89
878
20
30
6I2
III2
7
16
3II4
42
42
.
1234
102
102
6318
95I4
6318
94I4
*40l2
•4034
I6I2
*28i2
42
6I2
104
24
23
6412
*
102
1558
10412 10478
33I2
32
15
3II4
5612
8878
3612
2934
5612
88I2
3612
57
89I2
35I4
1558
12878
1678
38
29
28
55I2
42
I25I2 129
6I4
•10
30
*54
*37
8
12
25I8
Range for Previous
Year 1916
I
basis of IQO-share lots
Lowest
15,700 Chic Rock Isl & Pac (new) w 1
5,640
7% preferred when Issued..
10,800
6% preferred when Issued..
2,700 ChR I & Pac c.Us of dep full pd
200 Clev Cln Chic & St Louis.. 100
100
Do pref
100
300 Colorado & Southern
100
1,500
PER SHARE
Range Since Jan.
On
Do pref
1,500
100
1,500 Chicago & Northwe8tem..lOO
210
12
245g
5578
6258
76
27
56
47
6
56
22
2612
623j
6734
11218 II2I4
9I2
16
78
'ii
•40
38
50
3634
'
•200
8
1234
2538
9
56
22
22
56
62I3
102
102
7
*11
15
56
47
113
210
38
20
30
39
42
I25I2
I5I2
17
'1Y12
*6l4
6I4
64
45
6218
39
125
1512
22
56
20
25
6134
50
•16
•26
25
2934
62
•39
76
2534
2812
•50
*16
30
63
42
127
40
I2I2
2458
29
105
2II2
53I2
1858
•1458
66
0
55I2
•33
45
'ill'2
112
200
67
38
65
•26
54
29I2
10418 IO4I2
10278 103
32I4 3258
33I2 3412
3234 3438
^
'102
IO3I2 IO3I2 101
104
104
29
104
55I2
34
49
•61
•8
•50
6
55I2
2158
20
*34
•93
49
105
II2I2 113
20934
9
•1234 14
25I2
25
3812 3812
200
55I2
2II2
13418 13478
*79i4 80
34
•44
56
55I4
95I4
I5I2
2018
•5478
93I2
*40l2
*41l8
I6I2
•2812
•2558
2618
38
05
2534
53
40
36I4
7734
6712
37I4
78I4
68I2
6712
PEh SHARE
STOCKS
YOliK 3TOCK
Par
Railroad*
8,120 Atch Topeka& Santa Fe..l00
400
Do prel
100
200 Atlantic Coaat Line RR...100
8.600 Baltimore & Ohio
100
212
Do pref.
100
3,000 Brooklyn Rapid Transit.. 100
6,200 Canadian Pacific
100
5,600 Cheaapeake & Ohio
100
300 Chicago Great Western. -.100
Do pref..
600
100
30,100 Chicago Mllw & St Paul.. 100
295
150
30l8
77I2
6738
6712
38
76
55
65
1134
49I8
•37
•67
140
lil2
33
7II2 741s
IO9I2 IIOI4
109
10918
7212
110
10834 109
9I2
32I4
*7
•15
66
9I8
'3178
*15
*19
*84
7034
110
3612
7712
67I2
6712
77I4
67I4
9I2
*63
26I4
54I2
100
91s
12134 122
*82l2 85
101
100
52
5218
*1734 18
29
92
33
36
38
30
37
*11
9I2
8834
3514
12"
104
2412
III2
33 14
140
1338
2518
00
I5912 IOII2
59I2 OOI2
33
7OI2 7158
IIOI4
IO8I2 10858
72I4
0934
OOI2
1078
110
8
28
59
60
100
5934
U
•53
11218
20934
13
6'J3.j
33
914
2934
64
37
29
IO2I4 IO212
3II2 32I4
9I2
29
55
*23
I3I2
2518
37
•28
102
6I4
*11.
6
8
I5I2
*102
112
200
112
7134
§0934
11
76
27
56
47
53
40
159
109
112
72 12
33
*108l2 11012
*07
*25
7178
6934
59I2
70
58
58
15918 100
60-18
60
69I4
6734
7178
6912
32
32
109
112
preceding page.
Shares
$ per share
IOOI4 10012
9712 9712
90
flee
EXCHANGE
Week
Friday
July 13
$ per share $ per share
lOOis 10012 IOOI4 IOOI2
9OI2 U7l2
97
usually inective.
NEW
the
90
Weekly and Yearly
Daily,
OCCUPYING TWO PAGES.
Ist pref
2d pref.
M
N
W
.
W
a Ex-div. and rights.
» Ez-dlTldend.
Jan
82
167»8
65>4
4
Mar23
lOeifApr
81iiDe«
ADf
Deo
rail
81
il62ii
Mar
08 Apr
ll»4Apr
33 Apr
89 Deo
123 Deo
123 Deo
17212 Feb 18 1166 Apr
38i2June26
84i4Apr 14
Jan 3
14i8Jan 10
41i4JaD 2
92 Jan 4
12.512 Jan 29
124i4Jan IS
1087( Get
Feb
102
128
98
80
Not
Jao
Jaa
887| JUM
183>4 Jan
71 Oct
Deo
I8I4
4712 Oct
10212 Jan
iseig Ja>
1347s Jan
De«
178
Apr 14
71
69i2June27
51 Jan 16
80 Jan 29
30 Jan 4
5712 Jan
9
48 Marl7
15178 Jan 19
238 Mar24
17 Jan 6
41 Jan
34<4 Jan
49I4 Jan
3934 Jan
II8I4 Jan
Dee
Apr
Feb
24H Apr
«0 Apr
bZl
38
70
40
Mar
14871
Dee
87«
IS
32
89»4
32i4Jan 29
119 Jan 3
127 Apr 13
11 Jan
2
2012 Jan
34 Jan
61 Jan
1035g Jan
5278 Jan
2914 Jan
13858 Jan 24
3
3
573s Jan 25
3634 Jan
2
73i2Jan 17
57 Jan 8
3534 June 1
Apr
ISiiDeo
69 Deo
Jan
Jan
257g Jan
5812 Jan 30
25I4 Jan
3
5334 Jan
3
79i2Jan 2
43S4 Apr 14
133*4 Jan 4
Deo
Deo
Deo
Deo
40
lis
1718
7214
Feb
llOUJan
Apr
32
48
381s Mar
10838 Jan
89ij
Mar
Mar
Mar
216
Apr
23<t
B6H Deo
10 May
33 Apr
74i|Jao
Mar
1211a
Oct
2fl
Dee
110
13811 Sept
3i«
Seyt
Apr
10
6389s Dec
825s Oot
JoiK
Oot
621a Oot
S7>4 Junt
158 Oct
242 Not
23I4 Oot
62li Oet
4359 Jan
e9ig Jaa
5412 Jaa
1271J Jaa
50>4 Jao
1097g Oot
211a Jaa
7712 Jaa
3214 Jaa
647g Jaa
30 De«
561l N OT
8718 Oot
88
37
Oot
Oct
Oot
Jaa
13i4De«
140
36
130
137
De«
Dee
De«
2414
381*
647a
33it Sept
47*4 Sept
IOOI4 Apr
4911 Deo
11414001
777i Jaa
26
114
1471a Oct
May
Mar
Feb
Dec
8418
108
66
JunelS
Jan 3
Jan 29
4512 Jan 16
2638 Jan 2
32 June26
53 Jan 4
18 Jan 3
3912 Jan 3
89ig May
11878 Jaa
Sept
36»4
72
34*gDee
60
Oot
Dec
Dec
3818
7312
Dm
De«
68
75igJan
417gFeb
IO4I4
45
98lj
333g
7012
41U Feb
ISliMay
18
87>i8ept
Apr
Apr
Apr
18 Apr
66 Apr
8I1 Feb
«6
62
Fek
3012
3212
Dee
De«
Dee
Dee
iJlai
67
14
1914
3411
9414
Mar24
Jaa 3
Jan 30
19»4 Jan
4
48>4 Jan 2
95 Jan 20
14918 Jan
2
85 Jan 24
1138 Jan
2
2334 Jan
1534 Jan
68 Jan
3012 Jan
May
llSiiSepi
42ig Oot
0418 Jaa
48
94
Mar
129»4
Apr
<80
7*4
17
Ifov
Sept
May
38<i4l)ee
7312 Dee
21>4 Dee
88iz June
June
99
163>8 Oct
841s 8epl
17
Jaa
Jaa
Jao
801s
327a
De«
De«
2114
39>4
13i«
Sept
Sept
4111
Mar
26
Apr
227g Jan 2
50*8 Jan 22
5414 Jan
2
21
48
33
Deo
Deo
27»gDec
Apr
681s July
Jan
Jan
80 Jan 25
lli2Jan 4
14
Aug
21*4
Dee
30»8 Oot
43
Apr
83
July
1014
6*4
Deo
8918 Dee
261s Jao
IOI4 Jan
19
July
23
Apr
41
Mar27
I8I2
3 7 Is
8i8
3258
8678
Mar26
May31
Mario
95l2May
11834
May28
50i2Jan
101i2Jan
5
9
I714
Mar29
75
Jan 4
Julyl2
11
63
96
2
103i2Jan 24
102ijFeb 15
98 Jan 24
53 May28
llli2June 6
8038 June26
July 11
2638 Julyl2
63i2June 6
8234 Jan
4
10678 Jan 20
Oot
7011 July
Apr
Mar
Feb
Apr
Deo
107?! Deo
61*4
93
44
Dee
68I2
Not
Not
38
92
102
N OT
Dec
IO3I4
1081s
Not
June
681a Sept
1161^ Sept
102
Dee
52
1
July
16»8
481a
Aug
Deo
119i2Mar
68ig Oet
Jan
June
102
98
8*4
45
Mar
17
Deo
38I4
Mar
781s
Mar
201s Oot
847a Dee
55
1934
58
July
9911 July
2778
62<4
Not
N OT
N OT
98I4NOT
109
MarSO
7012 Julyl2
99i4Jan 31
841a July
9714NOT
IO214 Mario
11234 June 2
11718 Jan 19
75 June 7
1263s June 9
91»4July
OT
1227a N OT
118lgO0t
73 Deo
Apr
Apr
44 Apr
104 Deo
llSiaMay
881a
IO9I4
102
N
126lS8O0t
121i2Jan 25
1231s Oot
54I2 July 13
128i2.Ian 24 il23i8 Deo Zl34is Sept
220 Mar 12 188 Feb
2297g N OT
IO514 Apr
109'4Jan 18
113 Sept
5834 June 9
37 Deo
687a Not
92 Jan
102 Mar
100 June 9
76I4
6412 Mario
11 Jan
OT
4138 Jan 26
2988 July
9778 Apr
72l2Jan 26
July
87 Not
591a
77 Apr
105»8 N ov
87 May26
121l2Jan 22
66 July 147»4 Dec
8OI1 Deo
73*4 N OT
66 Jan 4
7612 July 2
62 Deo
1185a Jao
110 May
10212 Jan 15
9878 Deo
187it Dee
136 Jan 2 al27iiDeo
6 Before
N
payment
of 1st Installment.
"
2
1
New York
Record— Concluded—Page
Stock
165
2
For record of sales durins tho week of atocka usually inactive, see second pa^e preceding
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
STOCKS
NEW YORK STOCK
Sales/or
the
Monday
Saturday
July 7.
per share
§
*136
145
13434 13534
*120
40
*19l4
*50l2
93I2
123
4018
2OI2
52
94
*iio
11212
34I2 34I2
77I2 82
*21l8 2134
5438 55
5034 511s
41
41
10734
10834
IO2I2
*99
•IO8I4 112
34
"86l'2
*102
42I2
*90i8
*185
*100
20
3512
"8V78
103
43I4
9012
190
104
225g
I2I2
*lll4
15SI2 15812
10958 II3I2
*90
*46l2
*104
8318
*40l2
*123
91
50
109
831s
41
128
6138
6II2
I9I2
55
8414
4018
8514
4OI4
*34
35
4534
50
44
9378
18
*195
*80i4
6438
46
44I2
9412
19
210
8212
6438
4678
*64l2
2812
9834
*92
41
98
41
61
6I34
*92l4 95
»llll2 11212
110
*H3
34I2
39I2
*96
*55
*108
*2234
*138
*59
4134
100
56
112
23
150
63
12358 12434
5I4
51d
2738
2738
76
*34
76
35
54
118
5Sl2
*73
*100
*117
*139
*51l8
*9838
118
75
103
118
6058
17
53I4
27I4
8312
3934
33I4
70
*46
44
901
I7I2
114
*108
118
6OI2
6138
I9I2
*17
54
54
11134 *109
2884
8558
2778
8434
40
40
34
70
50
3358
*70
4634
44I2
44
94
9034
I7I4
I8I4
114
160
210
*81
85
65
*64l4
47I4
47
68
6412
47I2
"2978
30'l4
*28l2
9634
91
97
6OI2
99
41
61
95
4'l
6II4
=
111
*112
34I2
4034
97I2
115
35
42I4
97I2
*55
*108
23
57
112
23
13778 138
*5878 63
I2OI4 124
5
27I2
74I2
*33i2
55
*118
74
*100
117
5
2734
75
38
5634
II8I2
74
103
118
•51
56
987g 99
28
2778 28
89I2 9II2
91
9134
* 10278 I03I4
•10234 104
•17
I9I2
18
18
3438
4012
*96l2
*55i8
61
*19l2 20
.541
5518 567s
*110l2 11134
112
29I2
2838
28
8538
8434 8838
40
3978 40
3358
35
3534
75
71
71
4634 *47
53
44I8
4378 44I4
93
9433
93
I7I2
19
2218
*195
"41"
*110
*118
20
8234
210
*n0
114
*118
160
6138
6O34 62
*80l4
*64l4
4634
*195
1401s *139l2 141
54
99
28
July 11.
July 12.
68
3OI4
OSls
92
41
*195
8278
6414
4734
*66
30l8
98
•92
210
8278
6414
4918
68
SOU
9878
1973
56
6134
1973
5612
•110
•118
I57l2
•17
55I2
11134 111-34 *112
28I4 3II2
29-38
8712
8512 9OI4
3878
3934 40
3534 36I4 •35
72I2
72I2
72
50
44
9234
22
105
8178
6418
48
•66
*30
97I2
•92
95
114
160
50
44I4
94I2
2278
210
8178
6418
49-38
49
I43l8
91
2178
*200
*80i4
*64
4612
3034
65
•30
99
96
•91
68
95I2
115
35
*114
115
35I4
4II2
43
•98
99
100
*55l8 58
57
*109
109
112
112
23I4
23
23
23
I37I2 138
•135
140
*59
•59
63
61
3434
4II4
9934
*55l2
•109
2278
•135
•59
115
3678
42I4
9934
57
115
36I4
40
•98
5513
135
140
118
14012
*117
6412
4753
66
31
98
95
115
3858
4114
100
5512
135
14038 14112
*53U
54U *53
*98
99
28
2734
90
9218
IO2I2 10278
I7I2
18
170
25
•98
28
118
55I4
99
99
•98
28I4
127-33
99
28
9158
28I4
9234
"isi's
"mi
118
1411s 142
53I2
•98
28
53I2
•97
•11
•84
4534
4534
9812
1234
89
4534
105
•115
105
121
•13112 136
*22
23
•55
157
•100
58^4
•107
58I4
15812
105
F'OU
108
•5778 .59
*49l8 50'4
1267s 127l'>
11738 1173s
109
IO9I1
•1812 I9I2
•41
•107
•68
•9212
.50
•63
*46l2
3114
'69'
•125
•
!
>
*34
*92
*55
*41l4
9812
*11
85
45
9812
1234
85
•44
•95
•11
•80
45
98l2
1234
88
44
I42I4
52I2 5333
9OI2 9218
89
9158
*102l2 103
*102i2 103
I8I2
1758
19
181s
•95
•11
9812
•SO
•44
88
45
1234
45
9812
9812
•11
*«1
*-.';
14434 45
4434 4434
10412 10478 105
108
los's 10934 10934
•115
•115
*115
•115
121
121
121
*132
13418 13612 13612
132
1.33
134
22I2 23-38
22=8
*22
2234 •2114 22=4
58I4
58I4 •55
•55
*55
5812 •55
15112 I57I2 I.52I2 I57I2 15612 l^9H 157
•98
*100
•98
105
105
105
"61
6II4 6I34,
59-58
5958 5958
6078
"
IO7I2 IO7I2 108
10814*107
108 •107
59I0
•5758 60
•5758 6018
60
59
50l8 •49
503s 5038 •4914 50li •49
125
12434 12634 124-58 126-% 12612 1281,
11773 1 1 8-5, 118
11734 118
118
118
10734 IO9I4 10738 IO8I2 IOSI2 109-3, 108
•19
20
•19
20
43
*19
'42'
4'2'
41I4 42I2 •4214
4II2
*108
112 *106
112 •IO6I2 112 •107
*67l2 70
•67
*68
68
70
68
93I2
931-.
94U 9338 9338 93
031.1
4934 .50
4973 501 o
5012 507,
50
50
•64
•65
•63
•63
70
70
70
70
•4612
47
47
47
47
48
4612 47
.32I2
32
32
3134 33I4
33
32
33
9553
95
9534
9278 94I4
'6"9
7012 727s
7038
69
6912 "69r8 "7"o""
*124
127 *125
128 •125
130 *125
127
*
•121
123
123
123 •121
123 •
34I2 35
35
•337, 37
3434 35
35
97I2 *92
97I2
97I2 •90
•90
*5.-.
*--4
r.s
583,
58
58
58
a'li
43
112
70
Bid and asked prices; no salea on this day.
Ex-dividend.
•
45
44
mu
S
12-34
88
45
II3I4
121
13612234
58I4
16534
44
44
*98l2 100
•11
•81
44
44I4
119
13612
•2114
23
*55
58I4
I6OI4 165
*98
"eY's
1234
88
11034 113-33
•115
135
6OI2
IO8I4
61
108
50-3s
106
6353
•49
127-3,
-5934
108
61
5OI2
1225, 12353
1185, 117-34 ns's
1091, Z10612 10734
20
411?
112
70
931?
501?
70
47U
3234
955,
72
•19
•4014
•107
•66
93I4
4958
•65
4618
313s
9512
6912
130
125
123
•121
36I4
97I2
59I2
3513
20
43
112
70.
93I4
5012
70
4618
3218
95I2
7134
125
123
.3612
•90
97I2
•-57'
61-3,
Less than 100 shares,
400
152,000
400
23,900
720
900
200
16,600
1,500
1,600
125,800
1,000
4,800
1,500
700
1,700
24,300
100
56
2,000
114
100
SUs 90,300
8934 210,700
3978
7,650
36
1,.500
73I4
840
400
49
44I4 11,900
9353 26,800
2313
7,500
240
200
83
*117
*141
*117
118
156,600
20
61
60
60
11858 12034 11834 I2OI4 II8I2 I22I2 11834 120
5I2
583
553
538
533
534
538
5
27I2 271
27I4 2812
27I2
2734 28-38
27
77I2 78
7534 7612
78
7818
77
78
37I4 39I4
*33l2 35
3773 40-34
35
3812
54I4 57I4
57I8 5838
5612 5838
5634 5812
•122
I20I2 I2OI2
123
11834 120
II912 122
75I4
74
7434
75
74
7434 75
73
102
103
102
IOII2 lOllj *100
103 *100
*n7
600
3,825
5913
IO9I2 •109
112
23
223s 2234
140
300
18,200
3,700
7,600
4,900
1,100
114
160
*167
•16512 166
*165
170 •167
170
170 •167
170 •166
25I2 25I2 •2513 2512
*25l2 26
*25
25
25
25
26
42I3 43
44I4
42-38
43I2 4434
43I2 4438
43
42
4338 44I2
*55
56I4 5638 •56
58
58
58
57
59
5658 5634
57
55I2 5734
57I4 5858
6OI4 6II2
.5818
6212
5834 6058
5738 6014
*93
95 13 9513
*93
94
94
94
94
98
94
94
94
*39i2 40
*38l2 45
*37l2 45
40
40
3812 38l2 *37l2 45
I7I8
I7I4
•1714 18
I7I2 1734
1713
17
I7I2
1718
1738
1718
I9II4 194
•21212 215
2I2I2 214
1921
19234 I94I2 193-34 195
tl92
62
6318
6OI2
6118 6212
6038 6OI2
6134 631s
6258
60
fiO
•97
*97l2 ini
101
102
•96
101
100
101
101
101
101
*44l4
600
280,900
100
3,000
100
300
37,600
t
400
6,100
700
2,400
25,800
Range for Previou$
Year 1916
Highest
Lowest
Shares.
4OI4 41
4058 41
4934 41I4
6OI2 6II2
6158
59
61
6158 6214
*94l2 9
94
94
94
94
95
I12I4 •111
II2I2
II2I4 •111
II2I4 •111
*108l2 112
*108l2 112
*10.Sl2 112
35I4
4138
EXCHANGE
Week
Friday
July 13.
HO
IIOI4 *108i2 111
115
35
Thursday
per share
§ per share
§ per share
$ per share $ per share
*132i2 140
*135l2 140
133
130
*134
138
13234 138
133
I34I2 12978 I32I2 13158 I3412I 131
13334 125
I2912
•120
120
120 •11714 121
*120
120
123
123
123
39I2
3934 3934 i38
3934 40
3934 3934
3934 3934
•19
2OI2
20
20
*19
2OI2
»19
*19
21
21
*50i2 52
*50l2 52
*50l2 52
5OI2 5034
5034 5034
86I4 90
89I4 9138
92I4 94I2 18812 8934
9034
89
11212 •11212 114
*110
11212
11212 *110
11212 *H0
35I4 *34
•3414 35I2 •3414 35I2
*34
*34
36
36
8II4 8312
8712 9OI4
8278 8478
8934 92I2
85
9034
2034 2034
2118 2II4
2058 21
2118 2138
21
2138
54I4 55
54I4 545,
54I2 5434 I53l8 54
5434 5538
50l8
5OI2
52I4
5II4 5214
50
51
5034 Si's ISO
4OI4
40l2 4OI2
•4OI2 41I2
4OI4 41
40
4034 40^8
10834 10834
* 10734 10812
109
10838 10838 109
109
109
99I2 99I2 *99l2 101
IOOI2 10012 IOOI2 IO2I2
9912 9912
*108l4 111
*108l4 112
*108
•108
*10S 111
112
111
34I4 351s
35I2 3612
3Gl8 37I4
3534 37
3412 3578
*97l2 99I4 *9S
99
9812 99
9912 99I2 *9758 99
84I4 8678
82
86
8312 8578
8512 87
8338 87
*102l2 103
IO2I2 IO2I2 103
103
103
*102
IO2I2 *102
42 14 43 12
43I2
4234
4234 4378
4212
4234
42Is 43
9OI2 90->8
90
90
9012
90
90
go's 9018 *90
*188
*189
195
I85I2 I85I2 188
192
18S
18812 189
10'2
•100
105
102
10018 lOOis lOOU 102
•lOOU 105
2II4 217s
2II2 23I2
2II2
2II2
2118 2158
21
21
III2
III2
1178
1178
1178
12
1134
12
159
15834 15834 158
15838 159
158
159 *157l2 161
11912
II3I2 11514 II5I4 121
11978 12478 1II6
111
115
89l2
*S9l2 91
*90
91
91
x89
90
90
91
51
4734 5OI4
5078 5II4
50
4934 .51
4758 4758
IO6I2 *104i8 IO6I2 *104l8 IO6I2 *104l2 IO6I2 * 10412 IO6I2
104
*83
*83
8312
86
83
84
85
84
84
84
41
41
41
41
41
41
4034 41
4112 4112
*123
124
123
126
120
124
124
124
12318 124
66
2812
99I2
Wednesday
§
*109
'27% Ys"
July 10.
July 9.
*109
•17
*53
Tuesday
PER SHARE
PER SHARE
Range Since Jan. I
On basU 0/ 100-share lots
Lowest
liiclustrial&Mi5C.(CoN.) Par
$ per share
S per share
Bethletiem Steel
100 0119 Mar 1 615 Jan 4
Do class B commcHi
100
103 Mar 1 156 Junell
Do pref..
...100
5
11 7' J Mar 3 135 JSD
Butte & Superior Copper
52i4JaD 26
10
i38 Julyl3
Calilomla Petroleum v t c.lOO
I7I2 Apr 24
301s Jan 25
Do pref
100
0214 Jan 25
46 Mayl2
Central Leather
100
70 Feb 1 IOII2 Junell
Do pref
109i2Mayl6 11573 Jan 25
100
Cerro de Pasco Cop
No par
3278 May 9
41 Feb 20
75I2 July 6 104«4 Mar20
Chandler Motor Car
100
Chile Copper.
25
20 Feb 3
275, Mar 12
Chlno Copper
4818 Feb 3
5
6334 M»r 7
Colorado Fuel & Iron
100
3812 Feb 2
58 June 7
Columbia Gas&EIec
100
.34i3Feb 3
4778 Apr 4
Consolidated Gas (N Y)..100 110433 MaylO 1346, Jan 18
Continental Can
100
8212 Feb 3 IO3I4 June30
Do pref
100
108i2May31 1121s Feb 7
Corn Products Refining
100
18 Feb 2
3714 Julyll
Do pref
100
96'4Apr II 112-3.1 Jan 2
50i! Feb 2
Crucible Steel of America. 100
9173 July 2
Do pref..
...100
102 June20 11734 Jan 3
Cuba Cane Sugar
55I4 Jan
No par
4
3534 Feb 3
Do pref
100
85i2Feb 14
3
941s Jan
Cuban-American Sugar
100
159 Feb 14 205 Apr 16
Do pref
100
99i2MaylO 105 Mar 8
Distillers' Securities Corp. 100
1 134 Apr 20
32 Jan 2
Dome Mines, Ltd
10
953 JunelO
24'4 Jan
9
General Electric
100
15073 May 9 l71»4Jan 26
General Motors tem ctfa..lOO
98i4Apr 20 125 Marie
Do pref tem ctfs
100
85 Apr 24
93 Jan 4
Goodrich Co (B F)
100
45 July. 2
aiUJan 19
Do pref
100
104i4June30 112 Jan 4
Granby Cons
100
7618 Feb 3
9238 Jan 17
Greene Cananea Copper.. 100
40 Apr 23
47 Jan 26
Gulf States Steel tr ctfs... 100
Feb 3 137 Jan 3
991J
Do 1st pref tr ctfs
100
102 Feb
no Junel3
Do 2d pref tr ctfs
100
117 Feb 10 117i2Feb 2
MS&P
Inspiration Cons
Internal Agrlcul
Do pref
Copper
Corp
20
100
100
Intern Harvester of
J.. 100
Int Mercantile Marine
100
Do pref
..100
Intern Nickel (The) v t C..25
International Paper
100
Do stamped pref
100
Kelly-Springfield Tire
25
Kennecott Copper
No par
Lackawanna Steel
100
Lee Rubber & Tire
No par
Lorillard Co (P)..
100
Mackay Companies
100
Do pref
100
Maxwell Motor lac tr ctfs. 100
Do 1st pref stk tr ctfs. 100
Do 2d pref stk tr ctfs. 100
Mexican Petroleum
100
Do pref..
100
N
Feb
13U Feb
3514 Feb
107l2May
1934 Feb
6258 Feb
3712 Feb
48
1
66I2 Junell
126
July
186
417a
Deo
10514
16
June
June
40
40
8818
881s Apr
3014 Sept
129»4 Deo
75 14 Jan
106 Feb
5OJ4 Deo
1081* Jtn
43
91*4
9.512
7018 Feb 3
1638 July 5
199i2May21
8173 Julyl2
64 Mar 14
43l2Apr 20
63l2Apr 18
2812 July 6
815g Mar 1
90 May 3
1171s
No»
No?
131'
June
123
3914
74
Jan
lOOig
Deo
Deo
Deo
24
18
169
120
Apr
Deo
881? Deo
491e Deo
llOisDec
N o»
No»
esusepi
537g Deo
14434 Jan
illl
114
29»4
Sepl
Noif
Oeo
lia'sDec
001: Mac
12478 Deo
76»8 Oct
lOOls Oct
2697g8ep«
110 Junt
541s Apr
291s Feb
I8714 Oct
136
93
80
De«
Dee
Apr
116»4
Mar
N o»
N 0?
June
193 N 0»
71
May
87 May 116 Not
72 May 190 N OT
4258 Apr
74»4 N 0»
80
34
July
Aug
Deo
120
56ij
108:s Jan
Jao
Jan
1297gNo»
297g
74
Mar23
Mar24
Mar21
«61i4
887g
Deo
4
91s
Mar
761s
Deo
Deo
86U8epi
4738
4953 Jan
77i2June 6
64 is Jan 4
5018
10373
Dec
Deo
162
11
8
3
June
Mai
425gJaD
13U Aag
85
37
3678
Apr
N o»
80% Jan
igsgjuly
46igJuly
2173May22
1
Apr
10878 Jan
57i2June27
123 Jan 2
May26
Junel3
30 Jan 2
232 Jan 19
89»4Feb 17
oyisJan 15
61'4Jan 17
7413 Jan 18
40 Jan 20
N
Am
U
M
M
aEx-rlgbta.
% per shart.
700 N 01
416 Jan
5
9
106i2Jan 10
200
9773 June 8
7,173 Miami Copper
34 Feb 1
5
43i4Apr 30
54i8May 9
28,000 Midvale Steel & Ordnance.. 50
67i2June 7
931 2 May 10 109UJan 25
400 Montana Power
100
Do pref.
112 June27 II7I2 Mar28
100
200 National Biscuit
100
105 May 1 1221s Jan 5
Do pref
200
112 May 6 127 Jan 5
100
33l2June29
59,200 Nat Conduit & Cable No par
39 Junel4
24 Feb 3
27,400 Nat Enam'g & Stamp*g...lOO
43 Julyll
90i2May 9 9934 Julyl2
200
Do pref
100
200 National Lead.
62 Feb 3
100
G3I4 Mar23
Do pref
101 May 8 114 Jan 6
.100
2078 Feb 3
3.700 Nevada Consol Copper
...5
2638 Junel 1
700 New York Air Brake... .100 128 Feb
156 Mar21
100 North American Co
60 July
.100
7238 Mar21
26,600 Ohio Cities Gas (The)..
25
87 Feb
14378 Apr 19
6,-5-50 Ontario Silver Mining
5 Feb
7igFeb 14
100
18 Feb
..5
2,800 Pacific Mail
30i2Juiie27
68I2 May29 lOe^Jan 18
2,700 People's G L & C (Chic).. 100
32-34 May 9
16,700 Philadelphia Co (Pittsb)...50
42 Jan 4
60,700 Pittsburgh Coal ctfs dep..lOO
35 Feb 1
581- JulylO
Do pref ctfs deposit-. 100 10718 Jan 15 122 Julyll
3,200
70 May 9
1,300 Pressed Steel Car.
100
83i4Jan 26
200
100 June28 1IO7 Jan 31
Do pref
100
Public Serv Corp of
lis May22 131 Jan 6
J. ..100
136 June20 167l2Jttn 26
1,000 Pullman Company
100
43 Feb 2
700 Railway Steel Sprlns
100
58 Junell
Do pref
9618 Jun626 101 Jan 22
330
100
32I4 Apr 3
8,100 Ray Consolidated Copper.. 10
23 Feb 1
65,400 Republic Iron & Steel
1 00
60 Feb 1
94i2June 7
Do pref
90 Feb 1 1057gMay25
300
100
15
July 3
100
1,600 Saxon Motor Car Corp
68 Jan 4
Sears, Roebuck & Co
16212 Mayl5 23814 Jan 22
100
2218 Feb 2
400 Shattuck Ariz Copper
10
29*4 Mar 9
39-33 June28
17,400 Sinclair Oil & VteVg... No par
5954 Mar29
4278 Apr 21
800 Sloss-Shef field Steel & Iron 100
7434 Mar30
5414 July 5 llOis-Ian 17
106,200 Studebaker Corp (The)... 100
91
400
Do pref
July 5 lOSSgJtn 20
100
31i4June29
200 Stutz Motor of
Inc.A^o par
53»4Jan 26
13 Feb 2
19i2Jnne20
3.600 Tennessee Copper A Chem w i
6,400 Texas Company (The)
100 n91i4 Julyl3 243 Jan 10
4812 Feb 3
100
56,100 Tobacco Products Corp
6318 Julyll
Do pref
100
88 May28 105 Mar 12
600
40 Feb ,3
300 Transuei Williams St.eel No par
4812 June 6
92 May 3 109i»Marl2
300 Underwood Typewriter
100
10 Mayie
I5I4 Mar22
Union Bag & Paper
100
7434 May 17 112 Jan 22
100 Union Bag & Paper (new). 100
4058 May 4
No par
49-38 Juno 2
1.400 United Alloy Steel
91l2Feb 3 113-33 Julyl3
100
54,300 United Cigar Stores
113 June 8 120^ Mar 14
100
Do pref
13OI4 July 6 164-3Rjan 22
100
1,900 United Fruit
17 Feb 2
24i2Jiine26
100
1,600 U S Cast I Pipe & Fdy
54 May 9
Do pref
100
63 Jan 29
100i2Apr 21 171l2Junel3
S Industrial Alcohol
100
87,400
97i2Apr 28 106 Junel4
Do pref..
.100
5034 Feb 9
100
15,200 United States Rubber
65 Jan 3
104i2May21 114'4Jaa 3
Do 1st preferred
100
300
6238MaylO
4
50
1,400 U 3 Smelting Ref &
fl7»4 Jan
',..50
49i2Apr 23
Do pref
100
52 U Jan 3
99 Feb
1 00
13653 May31
S.53,900 United States St«el
11658 May 9 121i4Jan 19
4,3S0
100
Do pref
.10
97 Feb 1 11834 May25
_
12,000 Utah Copper
1734 May 9
24>4Jan 22
Utah Securities V t c_
100
3414 Feb 3
46 May31
500 Virginia-Carolina Chem. . . 1 00
10434 May 8 112i4Jan 26
Do pref
100
Mar30
46 Feb 3
100
77
300 Virginia Iron C & C
9034 May 11
09'4Jan 19
900 Western Union Teiegraph-lOO
58 May 28
12,700 Weatinghou.se Elec & Mfg. .50
45U May 9
70ig Jan
67i2May21
4
Do 1 St preferred
50
431 2 May 9
5212 Jan 18
1,000 White Motor
50
24-38 May 19
25
23,800 Wlllya-Overiand (The)
381s Jan 18
92 Juue28 100 Mario
Do pref sub reels full pd 100
1,700
84I4 Mar30
58 Feb 1
5,500 Wilson & Co. Inc. V t c.lOO
120 MavlO 151 Jan 22
100
100 Woolworth (F W)...12234 June25 126i«Jan 17
Dd pref
100
23lj Feb 9
373s Junel6
v t c.lOO
1,700 WortblngtoD P &
9714 Junell
91 Apr 16
100
Do pref A V t c
63 JunelS
50 May 9
c
100
""-ino
Do nref B v t
Ex-rlghta.
S per share
5
32i2June28
70 July 9
44 June29
40 Feb 1
a Ex-dlT. and rlgbta.
Highest
Par SlOO perehare.
e
»13»8Feb
66
40
64
Mar
May
2618 Doo
17914 Jan
Apr
H47s Deo
44 Deo
65 Deo
32 Dec
e607g Sept
fl255B Sepi
56% Jan
64I4
107
33
Aug
68U Mar
109
118
124
Jan
Sept
June
19^ Apr
Deo
Deo
OOig
91
99
93
1065gJan
49»g N ot
ll47jDeo
1171* No*
13114 Oct
12958 Maj
361s
100
1 1718
3418
Nop
Oot
N o»
N o»
July
186
Apr
Got
757g Deo
12414 1>0«
6^Nov
1114 Jan
lOOig May
38
Deo
745, Sept
Jan
75
Bept
Jan
607s June
1295g Jan
lllUDeo
651a
Feb
68*4 June
67
15
118
N ov
N o?
661s June
2397| Aug
78
885g June
89is June
N Of
lltgJan
31 Aug
lis Oot
48
June
36I4 July
10014 Aug
#2tsJuly
97 July
114 Jan
1597»Msy
32 Apr
lieUDee
88I4
108
137
177
Mar
10314
20
42
June
37
93
101
637g
I68I4
Deo
Dee
22
Dec
37
Julv
3am
lOOig Deo
108»« Sept
481s Deo
16^ Deo
I7714 June
ASi^Sept
08 July
N o»
Not
Sept
Sept
61»4NOT
fl5U
Ma
Dee
58 »4 Dee
Not
Not
Not
Not
,17
84»4 Sept
233
4OI4
Not
Feb
93I4N0T
167
14
1
Jan
Mar
791s Sept
191a Dee
2411s Not
6958 Dee
1091s Mar
Oot
Jan
110
87lj Oot
129
N OT
69 Feb
ftllljFeb
106>4
120
Aug
Aug
86
414
May
181s Oot
136ig Jan
1618 Jan
4818 Feb
041s Deo
091s July
47»4 Mar
lOeig Feb
1691s June
Deo
2818
671s
1701J
114
70»4
N OT
N OT
Apr
Jan
Deo
lieUDee
67
60
Junp
811s Not
63iz June
»79»«
Mar
129»4N0T
115
May
74*1 July
I6I4 June
S6
108
41
87
Apr
Apr
July
Mar
SlUDeo
70
46
34
84
118
123
26
96
52
Apr
Dec
123 N OT
130 Nov
27»sDeo51 Jan
ll4itDee
72»4 N OT
1061s Oot
715n
79
Mar
Mar
69»s Oot
Deo 9326 June
Deo 117 June
Jan
Jun*
July
July
July
14l»4 oot
128
Not
36*8 S"Dt
100
fl8i»
Sept
Sam
Certificates of deposit.
A
A
.
166
New York
Jn Jan.
190'J Ihe
2
Stock
Exchange— Bond Record,
BONDS
PHct
Week't
Frida§
July 13.
Rangt ot
1
Atk Lew
High No Low fligk
Bi4
U. S. Gavernmant.
100-1,0 5306
lUU'to
S 3Hh Liberty Loan (w 1)1'J17 J -D 99'»M Sale
9612
«6»4 May'17
9634 9934
dlaUO QS 2s coasol reylslered
U
U
dl930
U S 2a consol coupon
*iyi8 yU S 38 reBlatered
tiai« QU S 3s coui)on
l!)25 QU S 4a rek'lBt-ered
1925 QU S 48 coupon
U S Pan Canal 10-30- yr 2s-*1936 yU 8 Pan Canal 10-30-yr 2a. - 1938 Q-N
1961 Q-M
U S Panama Canal 38 g
S Philippine Island 4a.litl4-34
Foreign Govarnment.
Amcr Foreign
1919
Secur 5a
Anglo-Freuoli 5-yr 5a Exter loan.
Argentine Internal 5s of 1909Bordeaux (City of) 3-yr 63.1919
—
—
Q-F
9934
Jan
UU
Mayl7
»7
9338
8612
9334
Sale
85
95U
Bale
70
98^8
99
93
86
99
9518
86I2
Sale
9578 Sale
9618 .Sale
99 14 Sale
85^8 8684
8418 86I2
A-O
—
State
—
1961
Is
Improvement 48
1961
Improvement 4s
1962
Improvement 48. ..1960
Improvement 4HS.I964
Improvement 4 J^ a. 1965
Highway Iraprov't 4)4s..l963
Highway Improv't 4iis-.1965
Canal
Canal
Canal
Canal
Canal
M-N
M-N
M-N
M-N
M-N
M-N
M-N
M-N
M-
S
J
J
Mid
&
1st
gu gold 5a... 1928
M-
N
-
J
A-O
A-O
Nov
Nov
M-N
-D
-D
J -D
M- S
J
J
J
J
J
J
-
M-N
W Ist gu gold 4s_1938 J
&
J
-
M
W Va Sys ref 4a.
_
1941
M-N
Southw Dlv
J
lat gold 3KS-1925 J CentOhioR 1st cg4H3.. 1930
CI Lor
con 1st g 53. . . 1933 A
&W
M- S
-0
Monon
River Istgug 53.. 1919 F - A
Ohio River RR 1st g 5S-..193fi J -D
General gold 5a
1937 A-O
Pitts Clev & Tol 1st g 6a- . 1922 A-O
& West 1st g 43
Buffalo R & Pgen g 5s
Pitts
1917 J
M-N
A-O
RR
M-N
M
M-N
A-O
.
26
'17
9518
9514
49I2
"17
12
3
9718
9618
9934
100
97I4
10234
561
98
9778
98
103
103
94
94I2
94I4
'16
Jan
119
224
454
49
62
Sale
881s Sale
8912
8OI2 Sale
10234
100
3
4
"'3
10234
May'17
101
10034
101
101
May'17
Sepfie
110
"82 14 Sale"
99I4 IOOI2
9914 IOOI2
96
75
8434
8412 Sale
9238
103
8738
875g
8078
10012 101
86i8 89
12258
77I2 '79"
II5I4 Sale
lOO's
9812
91
Sale
93
"85I4 Sale
9213
Sale
97 Is Sale
Apr
6212
8838
'17
8OI2
I15I4
105
9938
II5I4
105
95
'16
9118
B2»4
8834
Mar'17
89
85I2
80
IO2I2
101
'
87I4
Apr '17
99'8 June'17
lOlU NOT'16
Feb '17
104
NoTia
Feb '17
9933 June'17
103!'8 105i» May'17
U9i2 10134 Mar'17
107
'85
97
1061j
108
85
loo" 103
9718
78
100
85
lOgij
9812 9712
8O34 84ij
103
1011s
97
93
May'17
May'17
97I2
Marl7
ifd" ini4 109
July'17
109
Junel7
Apr 17
109
102
100
"go"
78
70
90
761b
84
86I2
85
7OI2
79
8fl'4
.
638
85
77
uuc Jau 4
.
97
10412
105'4
106
HI
110»4
10218
94I4 10218
94 I02I4
idf
ifo"7«
100
6II4
61
7312
87
97
93
88I4
89
IO6I2
107
851s
S4I2
86
9334
91
100
9934
87I4
8712
104%
106
89I4
96%
9512
10712
9334
89
80
116
43
Feb
'17
Apr '17
NOT'lO
Fen !«
84U Jan '13
815(! M«r'17
73 May'17
l>ue April
t
M
—
Ask Low
Bid
78
59/| 6 Kg
4612 47
9914 101
SOig 8078
90
Permanent 4s
II5I4 II8I2
90
96%
92
85
95lg
91
8778
92I4
9713
94%
lOHj
96
8534 «94i2
79
88
90
100
ino
941,
99% 99%
IO7I2 IO7I2
107
107
99I2
9912
IO5I2 Hll2
101?4 IO2I2
10934 IO9S4
99
1051«
85
92
108Ig 110
96
103
103
lOS
97% 97%
104% IO412
9412
971s
1201*
109
109
102
118
IO4I4
78
793«
94% 94%
lOOlj 1081
104's 1041?
8312 04
86S« 92
26 7818 S«t2
80 84
9434
84
87
Ser
ref
A
4)^3
94I2
73
uuo May
Since
Jan.
High No. Low
88I2 Sept'ie
II314 Feb '15
697g June'17
9612
90
33
'
997g July'l
SOig June'17
July'17
947g June'17
July' 16
98
9913 June' 15
8912
90
Sale
35
35
35
35
100" IO412 106
80
8678 87
75
87
90
51
Mar'17
32
Sale
85%
8512 Sale
90
86i8 June'17
92% Feb
9OI2
A-O
90
84%
84
98
86%
96
90
77
84%
96I4
9812
57
84
98
July'17
94%
102»4
10334
IO6I2
104%
95I4
105
104%
97I2 IOIJ2
98%
9OI2
97I2
97I2
78
86%
98%
95%
86
90%
116
111
105%
IOOI4
11
118
111
104
102%
99"% id3"78
II312
118%
88
88
IO3I4
IO4I2
107%
104%
0434
84
IOOI4 108%
9978 1007g
100% 105%
11
79
85'4
69
70
98
65
10,
90
85%
54
78%
84
9878
74%
9658 10278
97%
97%
55
62
:ii
.-I
5 63»4 75
2 111
118»4
M
91%
97% 103
91
I
111
II8I4
IOII4 104
82
106
70
82
108
77
90
70
90
96
70
M-N
96
81%
86% 87
IOOI4 101
83% 87
79
81
M-N
W
W
80% 83%
73% 73%
M-N
Q-F
Q-F
WW
100% 100%
84
85%
102% 102%
106% 116%
A-O
A-O
A-O
57%
IS
AW
1st ref
43
1923
gu g 3HS.-2000
M-N
F-A
80
104%
82
93%
84
9612
17'4
11»4
2
87
96
78%
105%
8312
June'17
8734
1(10%
88%
104% 107%
100 102%
IO7I4 IO414 July'17
100
10234
2I4
M-N
A-O
Del Lack A Western
Morrla A Ess Ist gu 3H8.2000 J -D
N Y Lack
1921 J - J
let 68
Construction 58
1923 F-A
75
30%
95%
1
W
Warren
IO5I4
lOOis IOII4
100
A-O
M-N
A-O
A-O
M-N
A-O
W M
82%
9OI2
103
W
W
96%
107%
73I2
94I2
1
8434
105 88I2
10334
IO6I2
IOOI4
LPeoAN W
W
9612
22
'16
9034
857s
D
D
F-A
F-A
M-N
Q-F
M-N
M-N
M-N
A-O
A-O
A-O
A-O
A-O
M-N
M-N
A-O
AG
73i2
IOOI2 100*4
8412 85I4
W
N—
W
41
65I2
112% 115%
97%
a2014
W
90
90
32
66
112% Mar'17
IOOI2 Apr 17
8412 Apr '17
72
70 NoT'16
9612 Jan '17
"92" "94'
Deo "16
115
98i2
ref conv Ser B 58
a2014
A 98 Sale
74
Gen'l gold 3 ^^s Ser B
78 14 73I2 May'17
el989
J
General 4J^3 Series C...el9S9
9412 9412 July'17
J
8434 Sale
25-year debenture 48
8434
8434
1934
J
Convertible 4)^3.
8912
1932
-D 891? Sale 8834
Chic A L Sup Div g 5s. -.1921
10334 Jan 17
J IOOI2
lOOig 102
Chic A Mo Rlv Div 5s... 1926
- J
IO6I2 Jan '17
Chic A P
1st g 5s
lOOU
1921
J 100% 101
101
C A Puget Sd lat gu 48.1949 - J 82 84% 9012 Apr '17
Dubuque Div Ist s f 6s... 1920 - J 104 10612 104
104
Fargo A Sou assum g 68-. 1924
110 June' 13
J 1057s 108
IOOI4
La Crosse A D 1st 5a
lOOig
lOOls
1919
J
101
IO4I2 100
Wis A Minn Dlv g 53
- J
100
1921
Wis Valley Div 1st 68
107 Deo 16
1920
J 102
96%
97I2
MIlw A No lat ext 4^8-. 1934
971.
95I8
Cons extended 4^8
102% Deo '16
1934
90
Chic A Nor West Ex 4s 1886-1926
90I2 June'17
96
89
Registered
1886-1926
9712 Jan '17
General gold 3H8
771s 78
78 June'17
1987
Registered
8II4 Oct '18
.pl987
86 Sale
General 43
86
86
1987
— — -- 963s 9OI2 May'17
Stamped 48...
1987
_ - - _ 110% H7I4 Jan '17
General 58 stamped
1987
Sinking fund 6s
104
111
Jan '17
1879-1929
Registered
IO912 Apr '16
1879-1929
Sinking fund 5s
104 104 June'17
1879-1929
Registered
103'2 Apr '16
1879-1929
ioo'il Safe" lOOU
Debenture 5s
101
...1921 A-O
_
102i2 0ot '16
Registered
100
192
97
99i„
Sinking fund deb 5s
997$ 991s
1933
Registered
IO414 June'16
1933
»0
Des PlalnesVal Ist gu 4 Hsl947 M- S
IOII2 Oct '16
11214 11312 II312 June'17
Frem Elk A Mo V lat 63. . 1933
71
87
AN
1st 3^3- 1941 J - J
88 Jan '17
MIlw A S L l8t gu 3HS-. .1941 J - J
Mil L S A West Ist g 63.. 1921 M- S 103%
104% May'17
Ext A Imp 9 f gold 53. . - 1 929 F-A 103
10434 Apr '17
Ashland Dlv Ist g 68-.. 1925 M- S loeig
1117s Dec '15
lOSig
Mich Div Ist gold 63.. 1924 J IIII2 Nov'16
Mil Spar A N
8718 89
let gu 43-1947 M87 May'17
St
9934 103
101
Istgu 53.1948 J 101
Chicago Rock Isl A Pac 6s.. 1917 J 100 June'17
Registered
100% Apr '17
1917 J 8OI4 81
RaUway general gold 4s- . .1988 J 8II4
8034
Registered
9018 87
Mar'17
19S8 J
Refunding gold 48
'lih Sale
71
1934
717s
2()-year debenture 59
8414 81
81
1932 J - J
Coll trust Series P 4s
"98U
98 May'17
1918
RI Ark A Louis 1st 4^8.. 1934 M- S 6578 Safe" 657s
657s
Burl C R A
96% 103
lat g 5S-.1934
96% June'17
97I2 June'17
C R I F A N Ist gu 6s. . 1921
96% 100
97
Choc Okla
gen g 5s.. 01919 J - J
99»4 Oct '16
Consol gold 58
87
97% July'15
1952
Keok A Des Moines Ist 5s. 1923
56
59
55 June'17
StPaulAKC6hLlst4)^3'41 F-A 67
70
68
68
Chic St P
A O cons 63- . - 1930 J - D 112 II412 II212 II2I2
8818
Cons 68 j-educed to 3J^s..1930!j -D
Apr '17
91
92I2 "97'l2 97I2 June'17
Debenture 5»
1930'M- S
ChStPA Minn 1st g 68-.1918]M-N 110 11412 111 June' 17
North Wisconsin let 68. ..1930 J - J lids
118 Ncv'16
StPASCIty let g 6s
1919 A - <) 1021s 105' IOII4 May'17
Superior Short L Ist 5s g.tfl930 M- S
97
IO512 Not" 16
Chic T H A So-East lat 58. _ 1960 J - D
"so' 82 Jan '17
Chic A West lud gen g 63-.?1932 Q -M 10512 107 IO6I2 July'17
Consol 50-year 48
72 Sale
72
72
1952 J - J
Cln H A D 2d gold 4J^s
90 May'17
1937 J - J
lat A refunding 4s
1959 J - J
Ist guaranteed 48
90
90 May'17
1959 J - J
CInD A I 1st gugSs
27
JMly'15
25
1941
C Find A Ft 1st gu 4s g. 1923 M- N
88
Mar'll
Cln I A
lat gu g 4s
Jul;'14
65
1953 J - J
Day A Mich 1st cons 4 i^s. 1931 J - J
96 Jan '17
Clev Cln Ch A St L gen 43.1993 J -D
65
70
70 June'17
20-year deb 4^8
8412 847s 86% Apr '17
1931 J - J
98I4 101
General 5s Series B.
Feb '17
1993 J -D
Cairo Dlv lat gold 4s
79
1939 J - J
83% .Mar'17
Cln
6538 8234 79
A
- J
Dlv Ist g 43-. 1991 J
Feb '17
7473 76
St L Div 1st coll tr g 43-. 1990
8OI4 Apr '17
Spr A Col Div Istg 4s-..1940 M- S
7434
73% Juue'17
Val Dlv lRtg43
7112
84 Nov'16
1940 J - J
10034 •1051s 100% June'17
C I St L A C conaol 6s
1920
l8t gold 4s_
85% 88
itl936
85%
85%
83i2
Registered
tl936
88% May'15
Cln S A CI cons Ist g 5s_. 1923 J - J
97
102% Jan '17
C C C A I gen cona g 6S- . 1934 i - J 107%
107%
107%
Ind B A
1st pref 4s
79
July'08
94
1940
O Ind A 1st pref 5s .-dl938 Q - J 90
Peoria A East Ist cona 4s-1940
57I4 June'17
57
Income 48-..
20
IS
IS
1990 Apr
Cleve Short L let gu 4 Ha... 1961
97% July'17
967s 99
Col Midland Ist gold 4«
6'2
712
1947 J - J
7% May'17
5l2
Trust Co rertlfs of deposit
678
6% May'17
Colorado A Sou I st g 4g
88 Sale
88
88
1929 F - A
Refund A Ext 4^s
78
79
78'2
1935
79%
Ft
A Den C let g 6s-. -1921 !j -D 10034 IOII2 101% June'17
Conn AP.19 RIvs Is) g 48-.. 1943
84
Cuba RR Isi 50 year 68 g..l952 J - J
93
94 Feb '16
ManGB
87
85
Feb '17
Feb '13
Mar'17
06
Gen
M
97ig
3OI2 33
27I2 35
lOSig 1071J
8O34 90
89
June'17
June'17
9734
30
66
99
9434
July'17
35
85
100 May'17
90% May'17
102% Feb '03
96% 99%
813j
u
1
Jun June, b
Due
1
High
5978 62»4
4514 5312
9978 100
8018 89
8978 98
IO2I2
102
98I4 99'8
June'17
47
90
96I4
89
Term A Improve
8SI2
8II2
Range
10034 IOII2 102
Apr '17
98I4 June'17
9712 99
cl989 Q- J
1925 J -D
Registered
IVeek'a
or
Range
Last Sale
GenAref4Hs(temporary form)
lOOis 10078
94I2 99
'43
Railway 1st lien 3!^8
1950 J - J
Chic B & Q Denver Dlv 4a. . 1922 F-A
Illinois Dlv 3 H8
.1949 J - J
Illinois Div 4s
1949 J - J
Iowa Dlv sinking fund 58.1919 A-O
Sinking fund 48
1919 A-O
Joint bonds.
See Great North
Nebraska Extension 4s. ..1927 M-N
Registered
1927 M-N
Southwestern Dlv 4s
1921 M- S
General 4s
1958 M- S
Chlo A E 111 ref A imp 4s g.. 1955 J - J
U S Mtg A Tr Co ctfs of dep
1st consol gold 6s
1934 A-O
General consol 1 at 53
1937 M-N
U S tg A Tr Co ctfs of dep
Guar Tr Co ctfs of dep
Purch money Ist coal 53.. 1942 F-A
Chic A Ind C Ry Ist 5s- . . 1936 J - J
Chicago Great West lat 4s- . 1959 M- S
Chic Ind A Louisv Ref Os.1947
- J
Refunding gold 5s
- J
1947
Refunding 4s Series C
- J
1917
Ind A Louisv Ist gu 4a... 1956
- J
Chic Ind & Sou 50-yr 48
- J
1956
Chic L S A East 1st 4>^s...l969
-D
Chicago Milwaukee A St Paul
Gen'l gold 43 Series A-..el989 J - J
Gen A
8OI2
9812
95
9878
93»4 9812
98 IOOI4
9812 10 Hz
81
51
A Ohio (.Con) —
Greenbrier Hy Ist gu g 48. 1940'M- N
Warm Springs V Ist g 58. . 1941 M- S
Chic 4 Alton RR ref g 3s... 1949 A-O
76%
99
99
1
Price
Friday
July 13.
957g
June' 13
933a
82
80
97
50
— except for income and defaulted bonds.
Chesapeake
3978
IOOI2 Jan '13
9673 Mar'17
lOOii Sale 10012
IOOI2
104>i Jan '17
.. 8438 8312 July 17
8834 Mar'17
7812 Sale
7812
79
88 13 Bale
S734
88»8
76
35
92
May'16
97^^ June'17
104l» Apr '17
94I1 Aor '17
10934
9912 102
9814 lOIl]
9318
7612
97I2
NOT'16
Feb Ifl
Deo '16
1031s
IOOI2
1041 IO712 10934 Jan '17
99I2 Juue'l
9938
103
73I2
9434
94I2
4OI2
8OI4
'17
97
IO7I2
IO712
82
July 16
Apr
80
87 14 87
98
100
78
Dee
91
92
85
Bale
8634
9534
*9958
9934
92I2 96%
8012 8«l2
9612 100%
9518 100
IOOI4
95
9838 101
81
88^4
8018 88%
91%
June'17
97l«
112 Jan 12
100%
85I4 '8778 8534 July'l
80
9
HI
May'17
Aug '15
80
967g
7214
100
50
Mar'17
89I4
12978
68
97
10934 H7l«
IO8I4 110
8012
85I2 Nov' 16
82I4
8178
99I2
99I2
June'17
101
IOOI4 May'17
94I2 June'17
85if Apr '17
85I4
8412
9312 May'17
9934
9934
87I4
87I4
8712 May'17
106
9812
96
93
4 10134 11012
9II2
88
"I 101 105
3 10034 IO6I2
100
10212
100
IO6I2
112
1171s
Mar' 17
6II2
8734
93
9OI2
86I2
9412
4 100
16
86
5OI4 June'17
92
102U
20 97I4
8 9733
5 9773
22 101
26 101
2
94
Aug
J
-
1937 M- S
1957
All & West lstg4sgu
1998 A -0
Clear & Mah 1st gu g 5a. . 1943 J - J
Roch & Pitts 1st gold 6s- . 1921 FConsol 1st g 6a
1922 J -D
Canada Sou cons gu A 5s. _ . 1962
Car Clinch & Ohio 1st 30-yr os "38 J -D
Central of Ga 1st gold 53-.pl945 FConsol gold 53
1945 M-N
Chatt Dlv pur money g 4s 1951 J -D
Mac &. Nor Dlv 1st g 63. . 1946 J - J
Mid Ga & Atl Dlv 5s
1947 J - J
Mobile Div 1st g 5s
1946 J - J
Cen
& B of Ga col g 58. . 1937
Cent of N J gen'I gold 5s
1987 J - J
Registered
ftl987 q
Am Dock & Imp gu 5s_..1921 J
Leh & Hud Rlv gen gu g 5a- "20 J
N Y & Long Br gen g 48.. 1941 MCent Vermont 1st gu g 4b..<;1920 Q
Chesa & O fund A Impt 5S- - 1929 J
lat consol gold 5s
1939
Registered
1939
General gold 4 54s
1992 M- B
Registered
1992 M- S
20-year convertible 4 Hs.- 1930 F-A
30-year conv secured 58.. 1946
Big Sandy 1st 4S-.1944 J -D
Coal River Ry 1st gu 43-. 1945 J -D
Craig Valley lat g 58
1940 J - J
Potts Creek Br 1st 4s
1946 J - J
R & A Dlv lat con g 4s 1989 J - J
- J
2d consol gold 48
l !)•<« J
• No price Friday; Isteat ttils week a
Consol 4)^8
9678
95^8
99I2
99I2
10934
10934
IO8I4
45
Q-
11
June'17
94I8
95
"S2
8OI2
80
5
98I4
97^8
211
101
112
J
W
PLE&
95
28
41
331
Apr
49
35
10234 Sale
100 lOOig 100
101
IO2I2
106
82
OII2 9II2
101
101
10034
101
101
10218 10018
M
J
78.1936 J
01952 M-N
Sav F &
O
1934
1st gold 5a
1934
Sll Sp Oca & G gu g 48
1918
Bait & Ohio prior 3H8
1925
Registered
ftl925
1st 50-year gold 43
ftI948
Registered
..ftI948
20-yT conv 4H3
1933
Refund & gen 53 Serlea A. 1995 J -D
Pitta June 1st gold 68
1922 J - J
PJunc &
Dlv 1st g 3 1^8 1925 M-N
L&
93
"34
3
80
7512
9434
9434
97I4
99
9812 97I2
98^4 977s
I0212 Sale IO212
102 12 10438 103
9414 9434 94
9412 96I4 9414
94I4 Sale
94
J
Sav 1st gold
coll gold 4s
1st gold 6s
Charles
90%
491
2211
Juue'17
87
10934 Sale
J
& ref 4 H8"A"1962 M- 8
SFePresA Ph 1st g 53... 1942 M- S
Atl Coast L lat gold 48
ftl952 M- S
Gen unified 4H3
1964 J -D
Bruns
70
99
93I8 July' 17
86i| Jan '17
9812
9918
95'4
96
96l8
9512
9918
99
86I4 July'17
101
10934
J
Cal-Ariz 1st
Ala
95I4
97I4
9712
Virginia funded debt 2-3s. . .1991 J
6s deferred Brown Bros ctfs
Railroad.
Ann Arbor 1st g 4s
A1995
Atch Top & S Fe gen g 43. . . 1995
Registered
1995
Adj ustment gold 4a
ft 1 995
Registered
A1995
Stfamped
ft 1995
3onv gold 4s
1955
,
Conv 4s Issue of 1910
1960
lO-year 5s
1917
east Okla DIv 1st g 4s-..1928
Rocky Mtn Dlv lat 4a... 1965
Trans Con Short L lat 43_1958
94
May'17
69
99
90
-15
96"8
79
—
NY
Feb
94
80
7512
:
Sterling loan 43
1931
9518 Sale
of) 3-yr 6s
1919
9514 Sale
Marseilles (City of) 3-yr 6a. .1919
X 4912 Sale
Mexico Exter loan £ Ss of 1899
Gold debt 4a of 1904
1954 J -D "95" 38
Sale
Paris, City of, 5-year 6s
1921
M- S t 8012 Sale
Tokyo City— 5s loanofl912
9314 Sale
of Gt Brit & I 2-yr 5a. .1918 M- S
U
9718 Sale
3-year 5H temp notes
1919
9618 Sale
6-year 5K temp notes
1921
Sale
Temporary notes 5 Hs
1918
100 Sale
Temporary notes 5Hs
1919
tThese are prices on the basis of $5to£
3^%
Mayi7
90
100
Lyons (City
State and City Securities.
N YClty 4 Ji 8 Corp stock. 1960
4 if 8 Corporate stock
1964
1966
4 Ms Corporate stock
4 >i a Corporate stock
1965
4Hs Corporate stock
1963
4% Corporate stock
1959
4% Corporate stock
1958
4% Corporate stock
1957
4% Corporate stock
1956
New 4^3
1957
New 4)^8
1917
4)4% Corporate stock. ..1957
Corporate stock. ..1954
uns
105
Julr'16
M- S
M-N
M-N
9934
99I2
99
98^8 10178
10434 110
9814 Oct '15
96
96
80
96
A-O
M-N
9934
Juiy'17
105
105
105
10412
IO4I2
9634 Sale
—
K
17
08S» Juno'17
F-
Chinese (Ilukuang Uy) 58 of 11 J -D
Cuba External debt 5s of 1904 M- S
Exter dt 58 of '14 ser A.. . 1949 F - A
External loan 4 Hs.1949 FDominion of Canada g 58
1921 A-O
Do
1926 A-O
do
Do
do
1931 A-O
French Repub 5Hs secured loan.
Japanese Govt £ loan 4Hs. 1925 f'-"a
becond series iHs
1925 J - J
Do do "German stamp
—
9612
99
99
Weekly and Yearly
interest"
Y. sto(;k exchange
Week ending July 13.
Since
Jan.
1
BONDS
Range
II
Latt Sail
—
Friday,
—"and
Exchange metliod of qauUny bonds was changed and prices are now
N. Y. STOCK KXCIIANGE
Week ending July 13.
U
—
2
July, t
Due Aue
o
Due
Got. v
Due Nov.
{
Due Dec.
(
Option sale
A
.
July 14
N. Y.
Del
Pa Div
1st
7s .. 917
Registered
lat lien equip g 4H3
1st <feref43
20-year conv Ss
Alb & Susq conv 3)^s
Rensa & Saratoga 1st 7s.-
Denv &
R Gr
lat
Consol gold
cona g 4s--
4Ha
Improvement gold
Ist
&
58
relunding 53
Rio Gr June Ist gu g 53
Rio Gr Sou lat gold 4a
Guaranteed
Rio Gr West 1st gold 4a..
Mtge & coll truat 4s A_Dea Moines Un Ry 1st g 5s-
Dot & Macii
Gold 43
— 1st
—
lien g 4s. .
Det Riv Tun Ter Tun 4 J^s
Dul Missabe & Nor geu 53..
Dul & IronRange 1st 53
Registered
&
Dul Sou
Sliore
Atl g 53. .
Elgin Joliet
Eaat 1st g 5a.
Erie lat consol gold 73
<fe Erie Ist est g 43. . .
2d ext gold 53
&
NY
4^3
3d ext gold
4tb ext gold 5a..
Sth ext gold 4a
N Y L E & W 1st g td 7s_.
Erie 1st cons g 43 prior
Registered
1st conaol gen lien g 4a.
Reglatered
Perm coll truat gold 4s.
5(}-year conv 4a Series A
do
Gen
Series B
conv 4s Series
Erie 1st gold 5s...
D
&
& Mahon Vail g 53..
Erie & Jersey 1st a f 6s
Chic
Clev
Genessee River lat
63_.
Long Dock consol g 6s
Coal &
lat cur gu 63.
Dock & Impt Ist ext 5a..
Y & Green L gu g Sa..
s
f
RR
N
N Y Suaq & W
l3t ref 53.
2d gold 4J^3
General gold 5s
Terminal Ist gold Ss...
Mid of N J 1st ext 53
Wilk & East Ist gu g 5s_.
Ev <fe Ind Ist cons gu g 6s
Evanav & T
Ist cons 63..
Ist general gold 5s
H
Mt
Sull
Price
Vernon 1st gold 6a
Co Branch 1st g 58...
E Coast 1st 4 Ha
U D Co 1st g 4>4S-.
Ft Worth & Rio Gr 1st g 4s.
Galv Hous & Hen Ist 5aGreat Nor C B
Q coll 4s- .
Registered
A
1st & ref 4)^8 Serlea A...
Florida
Fort St
917
922
943
935
946
921
936
936
928
955
939
940
940
939
949
917
995
995
901
941
937
937
937
M
W
S
S
J
J
-
IW-N
A-O
A-O
M-N
J
-
J
J
-
J
-D
F- A
J -D
J
919
923
920
928
920
996
996
996
996
951
953
953
952
982
938
955
957
935
922
943
946
937
937
940
943
940
942
926
921
942
923
930
959
-
J
A-O
M-N
-D
-D
J
J
-
-
M- S
M- S
A-O
-D
M- S
J
J
J
J
J
-
J
-
-
J
J
-
J
J
J
-
J
-
J
99
9234
9712
8OI2
97
78
10678
7812
80
Sale
69
5912 Sale
95
8212
81
88
10012 106
9734 104
8118
-
J
-
J
J
A-O
A-O
A-O
J
941 J
928 J
-D
-
-
J
Q-
J
J
-
J
J
J
J
-
J
-
J
J
-
J
-
J
J
J
-
6II2 Sale
73
88I2 Sale
52 14 Sale
54
53
6614 Sale
9978 102
95I2
105
105
11238
10018
80
—
93
89
"
88
"96
Sale
95'8 Sale
9534 10034
9OI2
110
9612
96
115
114
9812
99
87
J
J
J
J
103
112
-.
-.
..
-
J
-
J
-D
-
Feb
Feb
J
J
-
J
-
-
J
J
J
A-O
FJ
J
-
-
J
J
A-O
A-O
A-O
A-O
M-N
M-N
M-N
N
M-N
A-O
A-O
North Ohio latguarg 58..1945 A-O
Leh Val N Y 1st gu g 4H8..1940 J -J]
Registered
..ISMO J - J
Lohigh Val (Pa) cona g 4a.. 2003 M-N
General cona 4^8
2003 M-Nl
Feb
Apr
M»r'08
Jan '17
94
104
10478 IO912
9812 9912
97% IOOI2
10138 IO212
78I4
'16
6II2
34
'"5
June' 16
88I2
88I2
52 14
53
52
66
53I8
66I4
7
29
4
10018 June'17
10678 Jan '17
103
103
—
05
96
88
79
96I4
93
90
...
73
7412 --73 ..-
88
eoi«
9838
92
85I2
83
80
80
9OI4
7034
84
62
69
90
52U
52
68I4
6878
65
84
109
100
11238
June'17
100
IO2I2 IO6I4
IO212
101
IOOI2 IOOI2
10618 108
108
81
107
67
June'17
2812
90
69I4
483
17
10
96
69I4
9538
95I4
93
10134
93
115
118
99
June'16
May'17
Apr '17
Apr -17
121
118
9558 IO512
91
9818
86I4 98
10838 10838
1247»
113
June'17
10478 II5I2
IOI2
I5I2
80
80
86I2
9334
88 14
88
Nov'16
Apr '17
Feb '17
90
9838
9018
9934
85I2
85I2
.Aug '16
Mar'17
Nov' 15
June'17
"so" 'so'
Juiyoo
July'17
8558 Jan '17
8212 June'17
84 May' 14
85
95
8558
8558
8978
Apr '17
Feb '14
May'17
89
80
74
7618
83
192
Aug
92
82
7618 "83'
-12
Jime'16
80
791s
72I2
71
Jan '17
Mar'17
72I2
71
84
80
Apr
83
8058
84^8
78
Nov'16
May'17
Nov'lO
May'lO
92
10734 II7I2
00
86
'17
7212
71
87I2
June'16
8458
90
'
'90'
10758 Oot 'la
9712
114
90
72
Feb
-11
9612
961j
77
00
88
21
9612
Apr
"17
81
81
90
81
Apr
07
94-18
8412
64I2
88
June'17
89
94=8
7834
8212 June'17
61
86I2
Sale
9)
83
96
96
lOOig
96l2
84I2 91
8212 9OI2
9834 101
8058 83
8978 90
85
83
Apr
'17
8058 B'eb '17
8978 Mar'17
89
96
IOII4
June'17
Jan
96
'17
87
95
89
'00
Oot
8412
8212
85
97I2
a
June'17
Due Jan
102
IOII4 IOII4
91I2
84
9678 June'17
aaked thla week
88
81
9512
9412
94I2 100
8212 93
6058 7II2
'17
945,
60% June'17
63
81
83
9612 IO212
96
6
Dae Feb.
102
Due
80
85
95
IO3I4
'91"
HP
83
9912
94
99
80
7612
95
10134 100
99
89
104
9758
77
75
Jan
Apr
Feb
Aug
'
IO8I2
103
102% 107
91
97»4
96%
96%
IO3I2 10634
IO3I2 10312
97I4 103
II2I4 114%
104% 104%
89% 9OI2
IO312 106
73I2
60
82
91%
10834 10834
105
81
97
May'17
Feb '05
8OI2
105
85%
10334
8138
100
100
105
100
79
June'17
109
May' 16
10312
8II2
Mar' 10
Nov'lO
9II2
9II2
'
82%
8238
91%
4812
47
45
6178
4878
4718
50
45
60
8418
47I8
8658
48
86% June'l
47%
47%
88
88I2
8778
62
85
65
45
94
68
7258
39I4 Sale
2678 Sale
4958 55
3II4 34I2
92
95
95
68
69I2
7OI4
6684
June'17
65
78
54
51
64
'15
Feb
86% 95
46
88I2
Jan
Apr
Dec
8778
'17
'17
'16
92
95
July'17
39I4
39I4
2678
2678
5058 July'17
3412 June'17
40
40
58
IO3I4
9412
85
IIOI4 II3I4
May'17
82%
MK&TofT
90%
103
103
86
48I4
7618
81
16
4012
67
50
98l2
85
'11
'17
'17
9II2 June'17
11318 Dec 16
103% Oot '16
85
1942
1942
1st gug 5s. 1942
Sher Sh & So 1st gu g 5s. . 1942
Texas & OkJa Ist gu g 58. . 1943
Missouri Pacific (reorg Co)
lat & refunding 5a wb las 1923
1st & refunding 5s wh las 1926
1st & refunding 53 wh las 1965
General 4s when issued
Missouri Pac Ist cons g 6s.. 1920
Trust gold 5s stamped. ..al917
lat collateral gold 5a
1920
Registered
1920
40-year gold loan 4s
1945
lat & ref conv 5s
1 959
3d 7s extended' at 4 % . . . 193S
10
10
9834
67% 78%
37% 54I4
26% 31
5058 69%
34
Nov'16
Apr '17
Mar'17
63
97
92
45
69% 69%
7OI4
May'17
June'17
71
55
78
54
55
79
85
80
3978
9434
91I2
Deo
45U Feb
'16
'17
45I4
49
95%
9412 July'17
93%
9934
93
92
May'17
91
98%
94I4 95
Feb '17
6OI4 Sale
61
59%
July'17
9914 101
100
95
95
88
106
103
597
5834
100
106
May'17
Jan '17
68%
IO6I4
106%
10138 103
'
'60
60
6OI2
SO
gu 1951
'
"60
Ry 1st gu g 4a
U P lat g 48
C V A L lat g Sa
1919
1948
1926
PacRof Mo lstextg4s. 1938
2d extended gold 5s
1938
St Llr
& S Ken con g 5s. 1931
Gen con stamp gu g 59 193
Unified & ref gold 48.
1929
Registered
1929
Riv & G Div Ist g 43. . . 1933
Verdi V I &
1st g 53. . - 1926
Mob & Ohio new gold 63
1927
82
100
67
77I2
"99""
7578
'5512
Aug
Dee
'17
'17
'13
'16
'13
100
Deo
Apr
Sale
98
79
102
76
8078
69i2
'16
-17
99
July'14
76
68
1938
Montgomery Div 1st g 53.1947
St Louis Div 53
1927
St L & Cairo guar g 4a
193
NashvChattit St L lat 5a.. 1928
Jasper Branch 1st g.fi3-..1923
Nat Rysof Mex pr lien 4 Hs. 1057
Guaranteed general 4s-..1977
Nat of Mex prior lien 4 Ha.. 1926
1st consol 43
1951
.
101
92
8.57g
70
93
89
84
7534
9678
Feb
Oct
Deo
70
59
70
1997
1934
Registered
1934
Lake Shore collgSHs
1998
Registered
1998
Mich Cent coll gold 3Ha. . 1998
Regiatered
1998
Battle Cr & St ur 1 St gu 38 . 1 9.S9
Beech Creek 1st gu g 4s.. 1936
Registered
1936
2d guar gold 5a
1936
Registered
1936
Beech Cr Ext l8t g 3 Hs. 61951
Cart A Ad Ist gu g 48..-..1981
Gouv Xl Oswe lat gu g 58.1942 J
Moh & Mai Ist gu g 48.. .1991
J June R guar lat 4s. ..1986
Debenture gold 43
86
84
30
30
68
94
35
9612 July'17
45
Sale
IO4I2
Sale
9134
93
101% 108
July'17
9612
76I4
78%
49
'16
'13
'16
'16
46
92
79
114%
70
93
May'17
30
7612 Sale
9234 94%
79I4
78
86
"84"
IO6I4
Deo '15
May'17
Aug
10334
'69"%
June'17
July'17
30
35
96
44
105
97
'17
Oot
IO4I2 June'17
IIOI4 Mar'17
10018
N O Mob * Chle Ist ref 53. .1960
New Orleans Terra 1st 43.- 1953
N O Tex & Mexico Ist 63. .. 925
Non-cum income 58 A
1935
N Y Cent RR conv deb 6s.. 1935
Consol 48 Series A1998
Ref & Imp 4H3 "A"
2013
61
100% 10134
10
6912
*90
93
78 Sep -15
IO6I4 IIOI2 IO6I4
IOOI4
109 Feb '16
1003s 104
6912
A1927
82
Mar'OS
92I2
10034
"eo"
60
80
60
Apr
Apr
Feb
110
M
46
105
7612
9234
59! 10334
113%
76%
8884
9834
8678
8578
19
89
78%
78%
July'17
7SI4 June'17
86
8534
92
Dec '16
72
99I4
12
85
94%
70
81
July'17
71
7634 Mar'17
70
75
June'17
76% 80
70
80%
Mar'17
75
:6i8
'534
Apr '17
Nov'16
May'16
96% 97
104
89
Nov'16
94
80
63I2
8912
7 Us
6978
70
7OI2
Mar' 16
Feb '16
May'17
80
81%
101
June'17
101
102%
95I2
93
70
89I4
1005s
•
80
8412
91
81»2
2000
59.1923
Oot.
June'17
i08l2 10834 N ov' 16
98I4 105
105 >lay'17
8934 10218 IOOI2 June'17
72
79 Apr '17
Mo K& E 1st gu g53
M K & Okia Ist guar 5a-
Due
81
9 78
977g
101
Oot '16
8138
9II2 ---
July.
100
86
84
79
9778
D
Due
89
-06
IIOI4 July'17
IOOI4 106
1025s May'17
9II4 9158 9118
915$
9OI2
9658 Jan "17
9918
IO312 June'17
IO312 June'17
IO314
94
dSU 9714 June'17
106 11178 II214 Mar'17
IOOI2
104% Feb '17
80 'st" 9OI2 Apr '17
IO2I2
IO312 May'17
56I4 "eois 6OI2 May'17
82
June'17
8418 83
10834 Jan '17
101
IO5I8
105 June'17
M
ft
85I2
9578
7978
90
81
SS
& A 1st g 4s int gu.'26
Mississippi Central Ist 5S-..1949
Kan & Tex Ist gold 4s . 1990
2d gold 48
(71990
Ist ext gold 5s
1944
1st & refunding 48
2004
Gen sinking fund 4H8..-1936
St Louis Div 1st ref g 43.. 2001
Dall & Waco lat gu g 5a 1940
Kan City & Pac lat g 4s. . 1990
Juno,
89
90
90
May'17
Feb '17
noi2
RR —
N
N Y & Harlem g 3 Ha
N Y A Northern lat g
106
85
90
Oot
Registered
9578
100
9578
90
NY Central* HRg3H8-.1997
Oot '09
June'17
9414 June'16
8514 Feb '17
9612 IO4I8 103
1
'17
Jan
8458
90
89
96
General gold 4s
'
85I4
9334
8338
N
1st ext gold 6a
87
100
... .-
8OI4
N
1st 5a
'17
9914
LAN &M M
M
LiS
Apr
88
Mem
St
'13
9812
NO&M
Boonv
IO2I2 IO6I2
Oct
87
105
9OI4
W
9434
IO2I2 June'17
98
90
EH
Cent Br
Cent Br
Leroy &
High No. Low High
Feb '17
II312 114
Mar'17
113
113
114
113
8934
85I4
Mo
97
99
1
105
N YB&M
N
M
Since
Jan.
IOOI2
MStP&SSMcong4alntgu.l938
Ist Chic Term s f 4s
1941
90
Range
II
10218 112
Leh&N
L&
Week't
Range or
Last Sale
Ask Low
Bid
V Term Ry Ist gu g 5s.. 1941
Registered
1941
Leh Val Coal Co 1st gu g 5a. 1933
Regiatered
..1933
1st Int reduced to 4s
1933
Y 1st guar g 4s
1945
Regiatered
1945
Long laid 1st cons gold 53. .ftl931
1st consol gold 43
A1931
General gold 43.
1938
Ferry gold 4Hs
1922
Gold 4s
1932
Unified gold 48
1949
Debenture gold 53
1934
20- year temp deb 5s
1937
Guar refunding gold 4s
1949
Registered
1949
B 1st con g 58.1935
Y&RBlstgoldSs
1927
Nor Sh B 1st con g gu 53.01932
Louisiana & Ark Ist g 53.. .1927
Loulaville & Nashv gen 6a.. 1930
Gold 5s.
1937
Unified gold 4a_ .
. 1940
Registered
1940
Collateral trust gold 58.-.1931
& Nash 1st g 63
1919
L CIn & Lex gold 4^8... 1931
lat gold 63
1930
2d gold 6s...
1930
Paducah <fe
Div 43.. 1946
St Louis Div l3t gold 6a.. 1921
2d gold 33
1980
Atl Knox & Cln Div 48. ..1955
Atl Knox & Nor lat g 5s. . 1946
Hender Bdge Ist a f g 6s_ . 1931
Kentucky Central gold 4s- 1987
Lex & East 1st 50-yr Sa gu 1965
& 1st g 4 Ha 1945
L & N-South
Joint 4s--1952
Registered
ftl952
NFIa<feS l3tgug5s
1937
& C Bdge gen gu g 4 Hs. 1945
PensacA Atl 1st gu g 6s.. 1921
S&
Ala cons gu g 5s. . . 1936
Gen cons gu 50-year 58.1963
Jeff Bdge Co gu g 4s... 1945
Manila
Sou lines 4s... 1936
Mex Internat 1st cona g 4s. . 1977
Stamped guaranteed
1977
Midland Term 1st s f g 58.1925
Minn & St L l3t gold 78
1927
Pacific Ext Ist gold 6a
192
lat conaol gold 5s..
1934
lat & refunding gold 4a. . . 1949
Ref & ext 50-yr 5s Ser A. . 1962
Des
<fe Ft
1st gu 4s.. 1935
Iowa Central 1st gold 58.. 1938
Refunding gold 48
1951
Leh
M
Nov'll
June' 12
85
._-
691?
2812
102
100
167
2
Pric*
Friday
July 13.
July 13.
—
Nov'17
Jan '17
Jan '17
86
9934
61
88I2
8518 May'17
95I4 Sep '12
85
83
82
84
--61
7112 78^8
73I2
IO7I2
11238 11238
95%
9558
IO212 May'16
91
June'17
95I2 Mar' 16
85I2 Nov'16
86I4
86I4
10838 Jan 17
113
60
103
104
July'17
June'17
Aug '10
69I4 Feb '17
85I2 June'16
96I4
9578
9578
9534
9534
9534
96
95
115
118
87I4
10018 109
10678 10678
2812 Jan '17
IOOI2 June'17
85i8 June'17
108
95
90
92
94
104
Deo
6034
73
93
94
I36I4 May'06
10478 May' 17
10934 Aug '16
10 1^8 .7912 6934 Deo '16
70
III2
III4
11^8 11
8212 80
June'17
8018
80
8018 83
9734 Jan '14
8II2 8712 88
Feb '17
-
8434
7412
9812
IO4I4 10518
IOOI2 104
IOOI4
75
-
No price Friday; latest bid and
—
J
J
J
10518
10034
IO6I2
74
108
108
67
76ij
38
38
68
59
91
'17
'17
100i2Jan '17
lOOU Deo '06
101
97
90
68
9812
June'17
6878
A-O
-
88
92
105
67
91
'16
IO2I2 July'17
IO212 Mar'17
9334
J
J
5912
86
76
80
52
7512 July' 16
100
...
-
Deo
14;
1
Mar'17
82
1123a
93
89
J
J
43
Nov'16
Apr 'U
July 17
103
J
-D
-D
701*
55I4
59I2
9812
84
- J
J
1
102
Jan
1(H
IO2I2 107
10518 May' 17
95S4 9Sl2 9Si2 Mar'17
99 lOO's IOII4 June'16
9312
9712 June'17
99
lOlSg Apr '17
8534
9434 Nov'16
IO212 IO712 IO712 Doo 'le
7918 8OI2 80
80
J
A-O
38
68
7
80
'17
J
-
90
79I2
'18
7II4
.6
Deo
71
76
80
52
6II4
67
97
97
79
37
-D
J
J
Week ending
1
9712 1U114
88
9912
9512 107
8938
79
9712 June'17
9034
9034
112^8
73
70
76
78
52
-
A-O
M-N
J
M-N
J - J
r-A
F- A
M-N
A-O
J
1951 J
.1951 J - J
1951 J - J
Extended 1st gold 3H8... 1951
Reglatered
1951
lat gold 3s sterling
1951 M- S
Regiatered
1951 M- S
Collateral truat gold 4a... 1952
Registered
1952
Ist refunding 4a
1955
Purchased lines 3 Ha
1952 J - J
O & Texaagold 4s... 1953
Registered
1953
Cairo Bridge gold 43
1950 J -D
Litchfield Div 1st gold 38.1951 J - J
Loulsv Div & Term g 3 Ha. 1953 J - J
Reglatered
1953 J - J
Middle Div reg 5s
1921 FOmaha Div Ist gold 33... 1951 FSt Louis Div & Term g Ss. 1951 J - J
Gold 3H8
..1951 J - J
Registered
1951 J - J
Sprlngf Div 1st 8 3HS...1951 J - J
Western lines Ist g 48
1951 FRegistered
1951 FBellev & Car Ist 6s
1923 J -D
Carb & Shaw Ist gold 43 1932 M- S
Chic St L &
O gold 5s- . 1951 J -D
Registered
1951 J -D
Gold 3H8
1951 J -D
Registered
1951 J -D
Joint Istref 5a Series A. 1963 J -D
Memph Div Ist g 48... 1951 |J -D
Registered
1951 J -D
St Louis Sou Ist gu 8 4s.. 1931 M- S
Ind 111 & Iowa 1st g 49. .
1950 J - J
Int& Great Nor Ist g 69
1919
James Frank A Clear l9t 4s 1959 J -D
Kansas City Sou Ist gold 38. 1950
Registered
^_ 1950
Ref <fe Impt 58
Apr 1950 J - J
Kansas City Term 1st 4s... 1960 J - J
Lake Krie 4 West 1st s 53.. 1937 J - J
2d gold 59
...1941 J - J
*
97
J
J
-
N. Y.
Since
High No. Low High
10112
101
Apr '17
10118 iohs
lOUa Mar' 17
90'4
BONDS
STOCK EXCHANGE
Range
Jan.
101
J
r-A
A-O
A-O
A-O
M-N
II
Last Sale
Ask Lot*
Bid
luO
- J
Registered
1st gold 3^3
Registered
LN
Range or
J
J
J
J
M-N
J
J
A-O
A-O
J
J
N
941
920 M- S
947 M-N
933
921
921
961
Registered
961
8t Paul
& Man 48
933
1st consol gold 63
933
Registered
933
Reduced togold4>^s. 933
Registered
933
Mont ext 1st gold 43
937
Registered
937
Pacific ext guar 4s £
940
E Minn Nor Div 1st g 4s. 948
Minn Union Ist g 6a
922
Mont C 1st gu g 68
937
Registered
937
lat guar gold 53
937
Wlll&SFlstgoId58.. 938
Green Bay &
deb ctfs "A"
Debenture ctfs "B"
Gulf &SI Istref * tg53..fil952
Hocking Val lat cons g 4 Hs. 1999
Registered
..1999
Col & n V Ist ext g 4a. . . 1948
Col & To! 1st ext 48
1955
Houston Belt & Term Ist 53. 1937
Illinois Central 1st gold 4s.. 1951
<fe
MM-
Week's
Friday
July 13
5 a.
ending July 13.
& Hud
1
New York Bond Record— Continued— Page
1917.]
BONDS
STOCK EXCHANGE
Week
-
Option Sale.
—
—
..
.
.
Y.
BONDS
STOCK EXCHANGE
Week endloe
Isl
July 13.
4H8
con g
Og & L Cham
J
Range or
Ask Low
Bid
79
89
90
•
'so'
80
62
70
90
95
80
76
J
J
J
M
Refflslered
90U
Sale
8OI2
92
90!4
Michigan Central Ss
108
107
J
J
N H & Derby cons cy 53.
M
Boston Terminal lat 4s
New England cona 58
Conaol 4a
Providence Secur deb 4s. .
Prov & Springfield 1st 53.
Providence Term 1st 4a
W&Con East lat4Ms...
N Y O A W ref 1st g 48
g
Registered $5,000 only_.ff
General 43
Norfolk Sou lat
& ref A 5s..
Norf <fe Sou lat gold 53
Norf & West gen gold 63
& ext g 6s.
New River 1st gold 6a
N & W Ry Ist cons g 43.
Improvement
Registered
Dlv'l 1st lien & gen g 48
10-25-year conv 4s
10-20-year conv 43
10-25-year conv 4Hs..
PocahC&C]olnt4s..
C C & T lat guar gold 5s.
Sclo V&NElstgug48.
Guar 15-25-year
J
J
Gr
RA
-
Jan
'17
9418
9512
77I2
Jan
9112 Jan
12
2
11
96%
59
57
57I4
9334
68
75I4
64
110%
79
79
Apr
A
J
80
-
M
88% Apr
74 Apr
F
76
-
90U
55ii
82% 92
88% 88%
72
78%
8214 June'17
77
IO5I2
87
88
56
107
66
M
'17
'17
May'lS
July'14
Aug
'13
56
Aug
75%
55
'09
AJ
J
-
102
88
M
J M
67I2
Mar'12
80
M-
9912
7818
J
J
-
731s
F
M
M
Apr
9978 Deo
83% Feb
60
M
'9658
F
A
A-
'16
"14
"14
57
Mar' 17
77% June'17
97I2
77
80
8258
9612 June'17
77%
96%
114
122
114
llOis 112
10918 114
88 Sale
I2OI2
88
114
114
88
M
M-
121
J
86%
103
99%
SUs 86% 86%
87% Sale 87
88% 88%
941 J
J
M
Q
Q
Q
Q
F-
F
10058
9912
A'
J
-
QJ
-
J
-
J
83
75
110
-
,T
-
IM-
MIW-
MFJ
-
MFMJ
80
11034 110
118% 135
86% 94
86% 92
86% 9634
20
'30
—
95
96% 95
101
95I2 Sale
9434 Sale
6I2
90I2
95
93
91%
110%
109% 110
93% 93
99
1
9534
95
101
99% 99%
101% IO2I4
95
94
101% "is; 100
9414
87%
8138
95
June'17
97% Feb
84% Sep
69%
67I4
100%
88% 88%
July'17
95%
12
120
'17
'16
9434
94I4
97
9334 June'17
102
91Sg
10434
100
101% July'17
94%
93
88
62
61
'16
81% 81% June'17
94
95 Apr '17
99% 100% Feb '17
99% July'17
101% Sale
93%
85
May'17
87%
May'17
86% Deo
-
J
94
99I2
10158
85
97%
11834 134
117% 13634
109% Oct '15
107
Oct "16
100 Jan "17
88% Mar'17
Q
99%
101
10734
104%
97%
97%
9334 100
Jan 03
-
MJ
J
-
99% Mar'17
93
99%
9934
99
M-
82%
F
-
J
-
8214
8II4
J
-
A-
F-
940 J
940 J
-
AOgu4Hs
75%
90
87
8.534
Sale
99%
82%
. .
.
87l2
8712
90
94
IOOI4
93% 97
99%
Apr '17
Feb '17
IO2I4
IO214
8/
87
81% June'17
86% July'16
8734 Dec 16
80
8634
90
97
9234
93
91
'
90
Apr '17
Apr '17
May'17
102
Apr '17
104
Deo 15
91% Feb '12
90% Oct '12
88% Feb '17
88 Apr '17
90% July' 12
Mar'17
99
93 May" 14
109 May' 10
9834 Apr '17
99% Feb '17
94 Apr '16
B 4Hs
933 J
93%
8414
942 MC 48
102
98
99% June'17
PC C A St I, gu 4H8 A... 940 A98
100
100 June'17
Series B guar
942 AM.
99 June'17
Serlea C guar
942
98
95I4 Oct '16
9OI4
Serlea D 4s guar
945 MOiq F
Mar'17
OR
Snrlei E 3 Hs cuar eoM
89
* No price Friday, latest bid and oaked. a Due Jan. 6 Due Feb.
-
99%
100%
9234
91
96t4
90
9SI4
8634
8634
86I2
8212
99%
9978
90
84
82%
82 14
92
99%
10038
J
J
J
-
100
J
-
70
49
J
-
J
J
A-O
A-O
J
-
J
-
J
J
-
-.1947
91
96>4
102
1951 J
1951 J
ctfs of deposit-
100%
•
105%
91
Sale
Registered
20-year conv 48
20-year conv 53
ifcl949
90
80
92
(?1929
1934
Cent Pac 1st ref gu g 4s
1949
Registered
1949
Mort guar gold 3 Hs.. 41929
Through St L Ist gu 43.1954
5S..1931
2d exten 53 guar
193
Gila V G A
1st gu g 58. - 1924
Hous E A
T l3t g 5s.. -1933
1st guar 5s red
1933
1st g 53 Int gu-.. 1937
Gen gold 4s Int guar
1921
Waco A
dlv lat g 68 '30
AA
1st gu g 5a
1941
Louisiana Weat 1st 63
1921
Morgan's La A T lat 78.. 1918
1st gold 6s
1920
No of Cal guar g 53
1938
Ore A Cal 1st guar g 53... 1927
So Pac of Cal— Gu g 53. -.1937
88
99
99
9834
H ATC
NW
9334
99% 99%
99% 103%
98% 102%
99
99%
9512
<
Due May.
96
-
J
J
A-O
- J
A-O
J - J
M-N
So Pac Coast 1st gu 43 g--1937 J - J
San Fran T#ml 1st 4s-.-1950 A-O
Tex A N O con gold 5a-. -1943 J - J
So Pac RR 1st ref 4s
1955 J - J
Southern
—
1994
Registered
1994
Develop A gen 43 Ser A- . - 1956
Mob A Ohio coll tr g 4s. . - 1938
Dlv 1st g 4Hs-58-..1996
St Louis dlv 1st g 48
1951
AlaCen lat g 63
1918
Ala Gt Sou 1st cons A 5a. .1943
Atl A Char A L 1st A 4Ha 1944
1st 30-yr 5s ser B
1944
Atl&Danv 1st g 4s
1948
2d 43
1948
Atl A Yad 1st g guar 48... 1949
E T Va A Ga Div g 5s
1930
Con 1st gold 53.
.1956
E Ten reo lien g 53
1938
Ga Midland 1st 33
1946
Ga Pac Ry 1st g 6s
1922
Knox A Ohio 1st g 63
1925
Mob A Bir prior lien g 58.1945
Mortgage gold 48
1945
Rich A Dan deb 5s stmpd. 1927
Rich A Meek 1st gu 4s... 1948
So Car A Ga 1st g 5s
1919
Virginia Mid ser D 4-53. ..1921
Series E 5s
1926
Series F 53
1931
General 5s
1936
Va A So'w'n 1st gu 5a. .2003
lat cons 50-year 53
1958
lstcygu4s
1924
Spokane Internat 1st g 5s
1955
Ter A of St L 1st g 4Hs
1939
1st con gold 5a
1894-1944
Gen refund sfg4a
1953
St L
Bridge Ter gu g 5s 1930
Tex A Pac Ist gold 5s
2000
2d gold Inc 53
{2000
La Div B L 1st g .5a
1931
Min
A
1st gu 531930
Tol
IstguSs
1935
Western Div 1st g 5s
1935
General gold 5s
1935
Kan A
1st gu g 43
1990
2d 20-year 5a
1927
Tol
1st gold 48
1917
Tol St L A
pr Hen g 3HS.1925
50- year gold 43
1950
Coll tr 43 gSer A
1917
Tor Ham A Buff 1st g 4s-.»194fi
Ulster A Del lat con g 5s. ..1928
1st refund g 43
1952
Union Pacific 1st g 4s
1947
Registered
1947
20-year conv 4a
1927
1st
cons g os
Mem
WOA W
W
W NW
M
PA W
W
A ref 4a
Orp RR -k Nav
1st
-
J
J
Dae June.
A
Due
(72008
con g 48. . 194R
July, i
Due Aug.
J
J
J
-
J
A-O
8
J
-
J
J
-
J
J
J
J
J
J
J
J
-
-D
-
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
M- S
M- S
M- S
M-N
J - J
A-O
FJ
-
J
A-O
FJ
-
J
-
J
J
-
J
A-O
J -D
A-O
J
J
J
-
-
J
J
J
A-O
FJ -D
J -D
48%
47%
103
99
Sale
111
81
77%
85
803.1
77%
103% 105
70
88
70
56
62
63
62
7834
74I4
103
71% 70
87% 95
32
70
42
109
2
31|
"2!
7734
42
109
89% 96%
90% 95
90% 97
79
82
283'
01
49
62
36
77%
71%
88%
65
46
76
587g
111
112%
100
104
17
100
May' 16
74% 76
Mar'17
70
63
90
June'17
May'17
88
63
60
75
63
90
97
98
90
68% 80
65%
72
63% 71%
"
62%
63
"65
May'17
75%
60
58%
63% June'17
78
82%
75% 82%
58% 68
62% 70%
86% 87
75I4
il
Mar'17
Jan -17
88
99% June'17
Dec '15
Dec '16
102%
100% 100 Apr '17
88
99% 99%
101
10334
99
9934 102
June'17
99
100% Jnne'17
Sale
Sale
Sale
7734
88
81
9634
104%
'14
Feb
815s
82
98%
99%
83%
82
1023$
100% 100%
78
7734
90
83%
88
57
62
78
76% 78%
99
51
19;
100% 100%
7534
Sale
99I4
82
783*
111%
79%
'17
88
92%
78%
102
9 6934
'14
63
62% 65
70
86% 87
101
July'17
71
88
70
July'17
July'17
July'17
100% Feb
80
75I4
Mar'll
Feb '17
Sep '16
68%
63% 57
66% 62%
64% 64%
98% Jan
Sale
9934
117,
162;
4
8834
82
9378
8434
91%
84
8712
89% 87% Sept'16
84%
86
34
June'17
96% 97
June'17
8878
81%
101
95
95
Feb
100% Feb
'17
'17
100% 102
96% 98%
100% Jan
'16
'17
Oot '16
92% 99% 99% Apr
105
103
92% 95%
105
100
103
99% 102%
106%
91% 96%
103
92% June'17
109% Nov" 15
103
101% Deo '16
105% 109 June'14
10034
101
10434 10434 July'16
loi" 102 106
104%
105
102' 9978
97
104 107% 107%
93%
81%
"85%
98
Safe'
96
'16
'16
Jan
Oot
May'17
95
Sale
12
85%
19|
"84% '95"'
98
29,
Nov 16
9758
9/%
Sale
82
80
72
100
101
9934
101" 106
72
100% 101% 100
73
98% IOOI4 99
10134 ..
80
97
'82%
75
105
9934 108
99 101%
64
65
106% 107
102
10934
75
105
99
Sept'ie
Apr '17
May'17
Sep
93
95
"98% 103%
98
..
80%
..
95
80
47
91
J
M-
S
85
88%
8fi5«
Oot. p
10434
98
July'17
101%
9934 108
J'Jly'i7
Mar'17
Feb 17
9378 Mar'17
9534 Mar'17
97 May'17
100
86
106%
90% 91%
93% 93%
105
95
97
100
86
June'17
95
64
89
89 Apr
106% Nov'04
June'17
Jau '17
Feb
98
100
82
78
'17
78
94% Apr
102
88%
95% 100
.Mar'17
'17
98
100
90
78
96
10158
-17
102
64
89%
104%
100
90
84
94%
9734
60
80
June'17
Mar'17
53
80
83%
51
June'17
51
60
1858
83
50
22
80
74
72
100
'12
95U 101% 95% July'17
95 June'17
93% 95
70
63 May'17
60
89
84
98% 98%
90
96%
97 103%
83% 84
102% June'll
103% Aug '16
104% Dec -16
100% 100
'84' 105
91
90% '95"
'92'%
4
11
77
78%
101%
71
May'17
106% Feb "17
103% June'17
72
100
103
90
97%
97%
83% Jan "17
81% Mar'16
75 Feb '17
6538
77%
1023g Sep '16
98% Apr '17
99
65
10234
98
130;
103' 105 Mar'17
103 100% June'17
99
63
101% 106
101%
9538
90
96%
'16
65%
75
77% Apr '17
97% 98=8 Apr "17
74% 71 June'17
100% 104
9834
'90' 91
10178
93% 96
7978 89%
100% 100% Aug
68
95
72
99%
8ept'16
93% June'17
8178
81%
86% 85%
'653I Sale
J
J
J
D
75
63
90
100
8334 Oot '16
-
Due
100
74% Mar'17
-
J
Apr
100% 100
78
J
J
«
63
61
Higtt
103% 103%
Mar'17
79I4
A-O
-
91
91
65%
48%
9658
F- A
91
77%
J
A-O
J -D
Mar
90
65
J
M-
Mar'18
89%
70%
70%
42 Feb '17
109 Jan "17
II3I4 Nov'll
Lotc
95% 95%
95% 97
99% 10338
June'17
6214 Sale
7914 Sale
651' Sale
J
A-O
M-N
J - J
M-N
M-N
M-N
J - J
A-O
M-N
100
87
88
77% 80
J
-D
M- S
J -D
FFJ -D
High No.i
89% 90% May'I7
J
-
M
KCFtSAM
M
W
AOC
88% 89%
-
Trust Co
do
Stamped..
K C Ft S A cona g 6s.. 1928 M-N
Ry ret g 43.1936 A-O
K C A R A B 1st gu 53. 1929 A-O
St L S
1st g 4a bond ctfs. . 1989 M-N
2d g 43 Income bond ctfa.pl989 J - J
Consol gold 43
1932 J -D
1st terml A unif 53
1952 J - J
Gray's Pt Ter Ist gu g 58.1947 J -D
S A A A Pass l3t gu g 4s
1943 J - J
SFANPl8tskfdg5a
1919 J - J
Seaboard Air Line g 4s
1950 A-O
Gold 4s stamped
1950 A-O
Adjustment 53
ol949 FRefunding 4a
1959 |A-0
Atl Birm 30-yr lat g 43..el933 M- S
Car Cent 1st con g 4s
1949 J - J
Fla Cent A Pen 1st g 5s... 1918 J - J
1st land gr ext g 5s
1930 J - J
Consol gold 53
..1943 J - J
Ga A AlaRy 1st con 5s..ol945 J - J
Ga Car A No 1st gu g 53. . 1929 J - J
Scab A Roan Ist 53
.1926 J - J
Southern Pacific Co
Gold 4s (Cent Pac eoU).. 41949 J -D
M
102
88
A-O
Refunding gold 4s
NW
June'17
Sept 16
"6231 Sale
6238
63
6134 6II4 June'17
60
91I2 91% May'17
90
104 IO6I2 10434 June'17
J
101
122
88
125% June'17
123
8618 87
lat g 53-
W
Nov'16
Nov'16
86I4
J
Stamped..
do
Southw Dlv
N
67% 83
79
80
78
Ask Low
89% Sale
19.50
GHASAMAPlat
94% Deo '16
86
85% June'17
128% 123% May'17
121" 123 II7I4 May' 17
A'
67
57
6712
67%
92I2 June'12
70
110
ex 1st gu g 4 Hs. 941 J
1st gu 4a
943 MPitts Y A Ash 1st cona 5s. 927 MTol
V
A... 931 J Series
Series
4
59
57
59
79
..
82%
94
Nov'16
Deo "17
60
Q-F
M-N
-
Since
Jan. 1
Last Sale
95% May'17
90% 94% 85% May'17
98
991
99% June' 17
IO2I4
103% May'17
M-N
J
Range
9OI4 ...
F -A
A -O
Registered
795g Sep 'la
71
68
59
57
58
-D
J
J
J - J
1955 J - J
1960 July
St Louis A ,San Frau gen 63.1931 J - J
General gold 53
1931 J - J
St L A 3 F RR cons g 48. . 1996 J - J
General 15-20-yr 5s
1927
Trust Co ctfs of deposit
89
81% 93%
100% 100%
98% 10034
90% 9934
8178
94I8
7912
Ohio Connect
W
83
95
J
-
I
Mar' 17
98% July'17
F-
46 J
9,50
'14
June'17
96%
58
58
58
M
94S M-
Hs B_
8178
10012
62
40-year guar 43 ctfs Ser E. 9.52 IWCln Leb <fe Nor gu 49 g
942 MCI * Mar Ist gu g 4 Hs. - 935 IW
CIA Pgen Ku4Hsser A.. 942 J SerlesB
942 A Int reduced to 3Hs . 942 A-
D
83
82
58
M
M
gold 4s-. 931
Series C 3H8
Series
3Hs
Erie & Pitts gu g 3
Series C
88
79
82
A
J
LA
J
M-N
88
79
82
90
'75'
Week's
Range or
Bid
1953
Series G 4s guar
1957
Serlea I cons gu 4Hs
1963
cat
P Isl cona g 58.. 1932
Peoria A Pekin Un Ist Osg.. 1921
2d gold 4H3
61921
Pere Marquette lat Ser A 53 1956
1st Series B 4s.-.
1956
Philippine Ry 1st 30-yr s f 48 1937
Pitts Sh A L E Ist g 5s
1940
1st consol gold 53
1943
Reading Co gen gold 4s
1997
Registered
1997
Jersey Central coll g 48
1951
Atlantic City guar 43 g
1951
St Jos A Gr Isl Ist g 48
1947
St Louis A San Fran (reorg Co)
Prior Lieu ser A 48
1950
73% 86
81% 9134
8934 95%
94
M-
P C C & St L iCon.)
Series F guar 48 gold
Prior lien ser B 5s
Cum adjust ser A 68
Income series A 63
June'08
930
937
954 IH942 A
W
10334
7978 July'17
83i8
8318
89^4 June' 17
M
961 J
922
9S9
Nor Pacific prior Hen g 4s.
997
Registered
997
General Hen gold Ss
a2047
Registered
a2047
St Paul-Duluth Dlv g 43.. 996
St P & N P gen gold 68... 923
Registered certificates923
St Paul & Duluth l8t 5s.. 931
2d 58
917
l3t consol gold 43
968
Wash Cent Ist gold 43
91S
Nor Pae Term Co Ist g 6S-. 933
Oregon- Wash Ist & ref 48. . 961
Pacific Coast Co Ist g 5s
946
Paducah & Ills ist s f 4^3.. 955
Pennsylvania RR lat g 48
923
Consol gold 5s
919
Consol gold 48
943
Consol gold 4a
94S
Consol 4Hs
960
General 4H8
965
General 4^3 (wh l8s)June •65
Alleg Val gen guar g 4s
942
D R RR&B'ge Ist gu 4a g_ 936
Phlla Bait &
lat g 43_ _
943
Sodvis Bay & Sou Ist g 59. 924
Suubury & I^wia lat g 43. 93fi
U N J RR & Can gen 48. 914
Pennsylvania Co
Guar 1st gold 4 Hs
921
Registered
921
Guar 3 Ha coll trust reg A. 937
Guar 3 Hs coll trust ser B_ 941
Guar 3 Hs trust clfs C
942
Guar 3 H a trust etf 8 D
944
103
IO6I4 Aug
July'16
105
98 Apr '12
9712
925 J
953 F-
918
939
945
945
957
922
956
943
992
992
955
961
941
931
934
932
996
996
944
932
932
938
May' 17
90
'
M
I'
'15
Feb
'86
65
82
80
J
J
J
9534
7418 7978
831s Sale
A
A
947
947
954
955
956
Conv debenture 3 Ha
956
Con V debenture 63
948
Cona Ry non-conv 4a
930
Non-conv deben 4s
954
Non-conv deben 48
955
Non-conv deben 4s
955
Non-conv deben 4s
956
Harlem R-Pt Chea lat 4s. 954
B <fe N Y Ah- Line lat 4a.. 955
9OI4
Nov' 16
72
A
:
91% 97%
87
JVI
N
36
9078
87
'16
8418
M
L&S
IstgoldSHs
20-year debenture 4s
Y Chic & St List g 4a. Registered
Debenture 48
West Shore 1st 4a guar...:
Registered
R cona g 5s
Naugatuck RR Ist 4s
N Y Prov & Boston 48...
NY W'ches&B lat ser 1 4 H
90U
2
8734
13018
Q
Houaatonlc
92
77
79
Jan '09
123U Mar'12
...
...
'99I2 III
iVI
Registered
20
'17
103
48
Registered
J
IstgoldSHa...
New Eng 1st gu 4s-.
Hartford St Ry 1st 4s
Apr
104i2Deo
J
J
J
iBt g <5s.
Cent
Nov'16
Nov"16
A
.
70% 70%
June'OO
9II2
95
90
90
97I2 July- 16
7878
80
79
High
89% 94
99% 10434
IOOI4 IOOI4
'17
'17
J
2d guaranteed 68
Equip trust 4>^3_. 1917N Y Connect 1st gu 4^8 A..
N Y N H & Hartrord—
Non-conv deben 4s
Non-con V deben 3i^8
Non-conv deben 3 Ha
Non-conv deben 48
Non-conv deben 48
92
101
103
Apr
Apr
Lotc
1
O'O
Price
Friday
July 13.
N. Y. STOCK EXCHANGE
Week ending July 13.
Since
100
J
-
96'4
91 '2
M
M
25-year gold 4a
90
70>8
'7112
A
Ka A & G H let gu c 5s.
Mahou C'l RR 1st 5a
Pitta & L Erie 2d g 53. .a
Pitts McK& Y I8tgu68..
High No.
Apr '17
[Vol. 105.
3
BONDS
Range
Jan.
10612
113 May' 15
10012 102' IOII2 Juno'17
99
lOO'i Feb '17
J
J
ReglsWred
Debenture gold 48
11
Last Sale
J
let gu 4h g
Rut-Cana<l.a let gu g 48.
St Lawr & Adlr Ist g 58
2() gold (is
Utlca & Blk Rlv gu g 48..
Lake Shore gold 3Hs
McKees & B V
Week's
Price
Friday
July 13.
N Y Cent A II R Rll (Con.)—
N Y & Pu l8t cons gu B 4a 993 A
932 J
Pine Creek reg guar 88
AK W & O i^on Ist ext 58. .A
in
R W & O T K l8t gu g 58.
Rutland
A
1
-
New York Bond Record— Continued—Page
168
JV.
—
Mar'06
Apr '17
Apr '17
Mar'15
91%
SO
9934
87%
100%
91
100
87
96
78
80
Sale
93
01
91
895j
Sale
87
9934
74
June" 17
89%
84%
90
85
sr,5j
Due Nov.
srvf,
«
98
'13
14
6
62
90
98%
88% 99%
84% 95%
sr.sg
Due Dec. (Option
95
eale
—
July 14
N. Y.
—
6s. -.1922
F
-
A
1946
.1929
1926
1933
1955
1957
J
J
-
Utah
J
-
J
-
& Nor gold 5s
lat extended 4s
Vandalia consg 48Ser A
Consol 43 Series B
1st gu 4HS..1934
Vera Cruz
1962
Virginian Ist 5s Series A
1939
Wabasli Ist gold 59..
.-1939
2d gold 5s
1939
Debenture Series B
1921
Ist lien equip s fd g 5s
1954
Ist Hen 5(>-yT g term 4a
1941
Det &CiiExt Istg 5s
Des Moines Dlv Ist g 4s_ . 1939
1941
OmDlv IstgSHs
194
Tol & Ch Dlv 1st g 4s
WashTerml Ist gu 3^s
1945
1945
lat 40-jT guar 4s.
1952
West Maryland lat g 43
West N
5a
1937
Istg
1943
Gen gold 43
Income 5s
pl943
Western Pac 1st aer A 5s... 1946
Wheeling & L E 1st g Sa
1926
Wheel Div 1st gold 5s
192&
Exten & Impt gold 5s
1930
Refunding 4I2S series A,. 1966
RR lat consol 43
1949
Trust CO ctfs of deposit. .
Wlnaton-Salem S B 1st 4s. . 1960
Wis Cent 50-yr l3t gen 4s. ..1949
Sup & Dul dlv & term 1st 4s '36
Street Railway
Brooklyn Rapid Tran g 5a.. 1945
Ist refund conv gold 4s
2002
6-year secured notes 5s
1918
Bk City lat con 43.-1916-1941
Bk Q Co & 3 con gu g Sa.. 1941
&P
Y&Pa
BklynQCo&S
Hion
Ask hOIB
IO3I2 July'17
IO312 103
June' 17
875g 8838 8712
875s
9712
102
Mar' IB
Apr '16
92 100
90
8318 88I4 88I2 Apr '17
92
80
81% June' 17
4212 Aug '15
35
94I2 Sale
9412
9412
IOOI4 Sale
IOOI4
99
92I2
92I2
92
95
1st 5a
104
103
-O
J
J
F -A
M-N
J
J
M-N
M-N
F-A
-
J
-
-
J
J
-
99
75
s
F -A
IW- 3
8714 Sale
A- O
Smith Lt
&Tr
-
76
S
J
-
1941 J
-
g Ss... 1936
A
1957
1957
N
1932
Interboro-Metrop coll 4Hs.l95'i
Interboro Rap Tran Ist 5S--1966
Manhat Ry (N Y) eons g 43. 1990
Stamped tax-exempt
1990
Metropolitan Street Ry
Bway <fe 7th Av lat c g 5s. 1943
Col<fe9th Av lBtgug58-.1993
Lex A V & P F lat gu g 5a- - 1993
MetWSEl (Chic) Ist g4s-- 1938
MUw Elec Ry & Lt cons g 5s 1926
Refunding & exten 4HS--193I
Mlnneap St lat cons g 53
1919
Montreal Tram Ist & ref 53_ 194]
New Orl Ry & Lt gen 4Hs-- 1935
N Y Munlcip Rv 1st a f 58 A 1966
Y RyalstRE&ref 48-..1942
30-year adj Ine 5s
al942
N Y State Rys lstcon3 4Ha-1962
Portland Rv 1st A ref 58
1930
Portld Ry Lt & P 1st ref 53.1942
Portland Gen Elec 1st 53.1935
8t Jos Ry L H A P Ist g 5s. . 1937
St Paul City Cab cona g 5s. . 1937
Third Ave 1st reX 4s
1960
Ad] Ino 53
al960
Third Ave Ry 1st g 5s
1937
Trl-Clty Ry & Lt Ist s f 5s. . 1923
Undergr of London 4J4s
1933
Income 68
» 1948
Union Elev (Chic) Ist g 53- - 1949
United Rys Inv 5s Pitta lS3.1926
UiUted Rys St L 1 st g 4s
1 934
St Louis Tranalt gu5s
1924
United RRa San Fr s f 43- . . 1927
Va Ry A Pow 1st A ref 58.-1934
Y&
N
75
Ist
Q
Eq
Gas
A
9134
A
NY
Havana Elec consol g 53
Hudson Co Gas Ist g 53
Kan City (Mo) Gaa 1st g
Kings Co El L A P g 58
Purchase money 6s
Mar' 17
Oct '16
85I4
37
87
J
J
-
-
J
93
93
Apr
9134
1003s
80
98
82
78
70
93
78
J
J
79
'59'
S
F-A
F-A
A-O
J - J
A-O
80
'5934
1238
I234
100
6212 Sale
9314 Sale
8234 84
8312
83
A-O
79
84
59
'U6
8112
87
74I2
91 '8 9734
10138 10133
lOlSg
100
86I4
79
70
July'17
'14
59
1234
'17
Feb
8234
6278
93I4
8234
84
84
93
80
IOII4
10114
8634
6914
25I2
IOOI2
100
34 6112 7312
9114 9953
8II3 94
8234 94I2
-D
M- S
M- S
F- A
92
99
94
95
917s
96S4
30
F-A
J
J
J
J
-
-
J
-
J
J
-
93
J
J
J
May'17
May'17
Apr '17
Mar'14
J
98
97 1')
9912 101
9712
Sale
8334
86
99
53
A-O
M-N
M-N
53I8 Sale
2212 Sale
7858 7910
8512
J
9OI4
901
95
75
-
M-N
-
Aug
J
A-6
M-N
i - i
A-O
A-O
J
-
24
851;
101% -90
O
9978
84
103
9978
54
99I2 101
87I4
J
J
Q
9OI2
97
F
109
M- N
Sale
102
lOUs
J
-
J
F
-
A
J
-
J
102
M- S
M- S
-D
F -A
95
Sale
Sale
102
101
921->
96
100
87
9812
105
108
80
Pow
Great Falls
lat s
f
Int
53.. 1940
1941
1943 J - J
Istsf 4i^a
1939 J - J
Mtge Bond (N Y) 4a ser 2.. 1966 A-O
A Co
10-20-yr 53 aeries 3
Y Dock 50-yr Ist g 43
Am
Am
Ist
5S---I940
Cent Leather 20-year g 53-. 1925
Consol Tobacco g 43I95I
Corn Prod Ref s f g 5a
I93I
lat 25-year s
1934
53
f
Cuban-Am Sugar coll
tr
63.. 1918
if2'
'89"34
93
99
78
991 >
7938
97
9534 97
8(34 Sale
92
9812 100
110
9512
3414
July'17
Sfept'15
9973
'17
'17
'15
109
IOII2 June'17
98%
98%
IOII2 Oct '16
10112
102
95
95
l00l2May'15
Feb '13
100
9OI2 May'17
June'17
98
9073 Deo '16
9612 June'17
June'17
June'17
105
110
8OI4
90
Apr '17
lOOU
98%
June'17
IO3I2
9912
Apr
'17
9912
June'17
IO5I2 June'17
100 May- 17
79
95I2
96
88
8734
95
_9l2
115
Jan
Oct
Jan
"17
'15
'17
94I2 July'17
99 3eof03
98
9678 98
98
9678 100
Apr '17
9218 89
Mar'17
99
94
94
99I4 N0VI6
97
100
93
90
92
92
StandGas A EIoonvBf fis..I92fi J -D
99I2 10078 lOOI-94 12 102
9712
'93'
aaked.
90
100'2
May 17
Apr
lOHs Apr
85
a Due Jan. d
"17
'17
-
95
100
IO2I2 IO2I2
647g 8OI4
3612 7312
100
J
70
70
61
6II2
50
32
84
53
42
93I2
101
Hen
A
ref 6s series
C--1921
-
1st 8
f
Ss
1931
99
10 Us
96l3
99
101
June'17
90
June'17
101
103
99
105
Apr '17
Mar'17
99
102
101
8934
8912
A-O
F-A
M-N
O
M- N
A
-
J
-
J
A-O
A
O
-
F-A
M-N
M-
S
. .
-
J
J
A-O
F-A
J - J
M-N
A-O
F-A
M-N
M-N
A-O
A-O
A-O
A-O
M-N
J
-
J
J
J
-
J
J
-
U
A ref
5a series
M
A
A-O
A-O
M
74
65
64
90
94
741
17
65
1
64
9II4
.Apr '17
2
26
106
95I4 June'17
88 Apr '17
89
82
8634 July'17
87
8434 June'17
84
IO912 11178 10913 July'17
9314 94
93%
93%
122
100
124
122
86
93
'93% Sale
June'17
lOOi'.
100
9018 94
101 63 Sale
92% Sale
9812 Sale
93
92
8818
90
138
32
June'17
1015(
9278
9812
.
1
101
July'17
99I2
99%
81
Mar' 17
98
97
July'17
99
98l2 99
9812
9834
lOOSg 1005s 10038
100%
103
"ggii Sale
66I4 65
65
IO312 104
May'17
8Sl2 Mar'16
90
8II2 78i2 June'17
78
IO2I4 103% IO2I4
10214
'13
100
"74" "75' 7473 Oct
75
9934 lOOSs 100
100
U7I2 120
100
119
July'17
June'17
100
118
9973
Sale
IOOI4
Sale 118
118
99I2 Sale
99
9912
10(l2 June'17
IO7I2 112
IO7I2 July'17
IO7I2 no
10112 99I2 June'17
94I2
84
93
93
99
94I2
34 100% 10378
6
99I2 104 ij
105
99
92I4
IOII2
168 9II2
5 9573
""3
119
9734
104%
92%
9912
II912
83I2
17
"29
85
86
92
104U
99% 103
101
81
81
98
99
9612
99I2
100
59
65
99U 100
9412
93I4
9034
867g
88I2
'17
90
103
84
31
June'17
Apr
75I2
7478
100
IOOI3
98l2
8312
8712
85I2 87I2
98l2 IO9I2
10934
97I4 102 7g
88% 96I4
10034
95
9012 937g
100
101
.
101%
119
119
82
132
101
'14
747, June'17
IOII2 July'17
IO5I2 Oct '16
9412 Jan '17
93I4
9312
Sale IOOI2
10034 100
lOlU
June' 16
Sale
92
95
June'17
87 Sale
88
9134 93
92
10312 Jan '14
•-... 9978
10158 Sale IOII4
101%
81
118
92I2
100
Apr
93I2
9OI4
109
IOOI4
S47g
947j
94
98
89
8614
8634
8434
92
84
87
92
92
85
122
IO3I2 100
100
100 IO8I2 102 June'17
9734 97I2 June'17
"93"38 Sale
9934
94
96I4
9614 Sale
95
9OI2 June'17
8814 90
83
94
8412
89%
July'17
IOOI2 IOOI4
85
74
65
64
92
95
9533 "9658
IOII4 1CV2
M- N
J - J
J -D
1947 J - J
S Smelt Ref A
conv 63.1926 F-A
V-Car Chem Ist 15-yr 59.--1923 J - D
Conv deb 63
el924
West Electric Ist 5s Dec
1922 J - J
Westlngh'se E A
notes 58.1917
Ist
90
A -O
Ist conv 63.-1928 M-N
Railway Steel Spring
Latrobe Plant Ist sf 53-. .1921 J - J
P
9114 Sale
102
N Y Air Brake
Interocean
64
64
J
Nat Enam A Stpg Ist 53-..1929 J -D
Nat Starch 20-yr deb 5s
1930 J - J
National Tube Ist 5s
1952 M-N
Standard Milling Ist 5s
1930
The Texas Co conv deb 6s.. 1931
Union Bag A Paper 1st Ss. . 1930
Stamped
1930
U S Realty A I conv deb g 53 1924
US Rubber lO-yr col tr 6S--1918
75
68
67
7414
F-A
A-O
F-A
F-A
108
9534 101
89I2 90
6358 63%
108
97
J
Ingersoll-Rand Ist Ss
1935 J - J
Int Agrlcul Corp 1st 20-yr Ss 1932
Int Paper Co Ist con g 6s
I9I8 F-A
Consol conv sfgSs
1935 J- J
Liggett A Myers Tobac 7a.. 1944
58
-1951
Lorillard Co (P) 73
1944 A-O
58.1951
Mexican Petrol Ltd con 68 A 1921 A - O
102
70
103
26
2
IO4I2
78
100
8II2
1061s
7II2 7913
9953 102
9812 IOOI2
118 129
10 98% 1041s
3 11678 128
7
97
103
IOSI2 110
IO5I2 IO9I2
98
90
102
92
92 June'17
"91li
10034 iof34 100%
IOOI2
101
10314 IO3I1
IO312
101% 106
10258 IO2I2 July'17
99
100
9
100% 101
13 9812 99
102
99
94
95
98
June'17
Sale 10234
103%
8912 8I34 May'17
88it May' 1
82
94.
53I2 51
51
July'17
IOII2 Sale IOII2
IOII2
8553
8634 Sale
87
IO3I2 Sale IO3I2
10312
9734
9734
97
98
9953 July'17
9953 101
IOOI4, Sale 100
IOOI2
100
100
101
100
103
98% 103
98 101
"29 102% 106%
8I34
88I2
8234
49
18 101
366
85%
9 103
4
'19
93»2
90%
64
104%
9234
109
97I4 10034
99
103
99%
10234
100
101%
9978 IO6I2
Coal Iron
June' 13
Apr
Apr
Feb
J
Cor conv Ist g 58.1927
E I du Pont Powder 4 Hs... 1936 J -D
General Baking Ist 25-yr 63.1936 J -D
Gen Electric deb g 3HS
1942 F-A
Debenture Ss
1952 M- S
I3t
95
108
IOOI4 Sale 100
9858 9334 9812
—
Syracuse Lighting igt g S8..1951 J -D
SyracuseLlght A Power58..1954lj - J
TVonfon O A El l«t e 5i
1Q49l(W- S
2213
1
NOT'16
Apr '17
Feb 17
34I4
1934 ---
A-O
-
56
79I2
Mar'17
May'17
Oct '08
Mar'17
6II2 Feb '17
50 June' 17
3414 Sale
D
-
99
53
10
J
78'2
9OI2
18
43
55
iVI-N
A
7753
90l2
5318
6512
*64i'>
75
9934
7I84
4753
86I4
'16
May'17
41
June' 17
July'17
42
97I2
96l2 98
90
Sale
lOO's
J
-
M-N
M-N
M- N
A-O
M-N
8912
9712
Mar' 17
65U 66
39
101
-
-
78
99I4
IOOI2 103
37
100
104
99I2
97I4
97
85
90
635g
70
84
70
75
J
A-O
J
J
A-O
J
2218
79I2
88I2
100
100
'16
IO2I2
6512
J
-
9934
Nov'16
Aug
95
FA
J
J
J
94
95
IOOI2 June' 17
J
-
J
M
Distil See
J
J
-
1
Baldw Loco Works
80
June' 17
6I34
lOUs
92
92
75
May'17
1258
100
97I2
100% 10178
July'17
Jan
J
M-N
1932
N
1951
Niagara Falls Power 1st 53. . 1932
Ref A gen 63
al932
Nlag Lock A O Pow 1st 5s. . 1954
Nor States Power 25-yr 53 A 1941
Ontario Power N F 1st 53. . . 1943
Ontario Transmission 53
1945
Pub Serv Corp N J gen 5s. .1959
Tennessee Cop Ist conv 63.-1925
Wash Water Power Ist 5s.. 1939
Wilson A Co Ist 25-yr s f 6s. 1941
Manufacturing & Industrial
Am Ag Chem Ist c 5s
.1928
Conv deben 5s
1924
Cot Oil debenture 53... 1931
AmHldeALl3tsfg6s
1919
Am Sm A R 1st 3a-yr 5s serA diJ
Am Thread Ist coll tr 43
1919
Am Tobacco 40-year g 6S- . - 1 944
Gold 48
I95I
Writ Paper Ist s f 5s
1919
7714
No Low High
'16
101% Nov'16
D
M- N
I2I2
Apr '17
May'17
May' 13
99'2 101
93I2 92
tr
82
10158
J
-
-
Aconv 6s aer A w
Computing-Tab-Recsf 63..1941
Granby Cona
S A P con 6s A '28
Stamped
1928
Coll
Morris
91
-
J
J
A-O
F A
A-O
J - J
A-O
M
77
68
10
July'17
9878
M
58
'17
-
M- S
M- S
M- S
J -D
1948
1925
1926
Armour & Co 1st real est 4!^3'39
Booth Fisheries deb s f 63. . . 1926
Braden Cop
coll tr s t 63.1931
Bush Terminal Ist 43
1952
Consol 53
1955
BIdga 53 guar tax ex
1900
Cerro de Pasco Copp cnv 6s 1925
ChicUnStat'n lstgu4H3A 1963
Chile Copper 10-yr conv 73.1923
coll tr g 4s
Alaska Gold
deb 6s A
Conv deb 63 series B
76
76
85
82
86
82
9134
Adama Ex
9953
88I2
8878
91
J
-
F-A
High
Deo
IOII2
1
Miscellaneous
77
82
J
J
J
Sinct
Jan.
Last Sale
Ask Low
1
UnitedFuelGas Istaf 63...1936
Utah Power A Lt Ist 53
1941
Utlca Elec L A P 1st g 53. ..1950
Utlca Gas A Elec ref 53
1957
Westchester Ltg gold 53
1950
Range
Range or
A P lat g 5a- . 1932 M- S
A extension 5s. 93.i M-N
995g
100
Week's
Fridav
Julu 13.
Bid
Refunding
Mercan Marine s I 6s
Montana Power Ist 5s A
100
May' 17
86ig
86
19 8412 8778
IOOI2 103
8il2 Aiir '17
70 June' 17
92i8 Sale
92
9212
9412 99I2 10038 Feb '17
lOOlg Apr '17
-J
M-
85
82
90
J
NYGELHAPg5a
No Drla«7ria»7; latest bid and
99
68
98
68
98^8 Sale
1952
1949 IW-N
5s_ 1922 A - O
1937 A -O
1997 A - O
Convertible deb 68
1925 M- S
Ed El 111 Bkn Ist con g 48. 1939 J - J
Lac Gas L of St L 1st g Ss. .el919 Q - F
Ref and ext Ist g 5a
1934 A -O
Milwaukee Gas L 1st 4s
1927 M-N
Newark Con Gas g 5s
1948 J - D
1948 J -O
Purchase money g 4g
1949 F - A
Ed Elec III 1st cons g Ss. . 1995 J - J
NYAQ El L A P 1st con g 5s 1930 F
Pacific G A El Co
Cal G A E
Corp unifying A ref 5s-.-1937 M- N
Pacific O A E gen A ref 5s_ . 1942 J
Pac Pow A Lt lat A ref 20-yr
5a International Series ..1930 F ..
Pat A Passaic G A El 59
1949 M- S
Peop Gas A C Ist cons g 63. . 1943 A - O
Refvmdlng gold 53
1947 M- S
Registered
1947 M- S
Ch G-L A Coke Ist, gu g Ss 1937 J - J
Con G Co of Ch 1st gu g 531936 J - D
Ind Nat Gaa A Oil 30-yr 5sl936 M- N
Mil Fuel Gas 1st gu g 5s.. 1947 M- N
Pblhidelphla Co conv 59
iyi9iF - A
Conv deben gold .5a
I922iM- N
*
June' 17
7534
10534
100
67
J
J
J
ref 5s Her A.
;il940
1st cona g 5s.. 1932
Elec Berg Co c g 53.. 1949 J
L
82
85
M-N
Gas and Elactrle Light
Atlanta G L Co 1st g 58
1947 J
Bklyn Un Gas Ist cons g 58-1945
Buffalo City Gas 1st g 53. - - 1947
Clncln Gas A Elec IstAref 53 1956
Columbia G A E lat 58
1927
Columbus Gas lat gold 53. . 1932
Consol Gaa conv deb 63
1920
ConsGasE LAP of Bait 5-yr5s'21
Detroit City Gas gold 5S-._1923
Detroit Gas Co cons 1st g 5s 1918
Detroit Edison 1st coll tr 5s. 1933
88I4
A- O
-
1st
6712
8734
10034 Apr '17
Feb 17
9958 100
9334 9958 Mar'17
7612
July'17
7612 76
79
J
J
M-N
J
5s Ser
Adjust Income 5a
Jersey Ist 5s
77
84I4
86I4
'
Bklyn Un El Ist g 4-5S...1950 F-A
Stamped guar 4-Ss
1 950 F -A
Kings County E Istg 4s.- 1949 F- A
Stamped guar 48
1949 F-A
Nassau Elec guar gold 43.1951 J - J
Chicago Rys Ist 5s
1927 F-A
t
73
84I4
8558
77
-
80
IOOI2 IO5I2
'12
'17
'17
'17
Aug '15
6914
102
J
FA
M- S
J
J
100%
Apr
40
J
Hud & Manhat
1067g
9II2 101
Aug
Nov
-
M-
99
100
78
5-
Union Elec Lt
9314 IOOI2
Jan
Jan
7612 79
86lj 95
68I2 68-34 69
9912 103
100
85I2 86
-
92
80
75
F-A
A-O
J
J
A-O
J
92
8138
8414
86I4
9II2
J
A-O
IW-
88
June' 17
^
High
IO312 IO8I2
lOSSg
13 86I2 9473
103
May' 17
IOOI2 July'17
J
-
No. Low
I
O'O
Price
N. Y. STOCK EXCHANGE
Week ending July 13.
Since
Jan.
169
4
BONDS
Range
'16
Oct
105
100
78
S
J
J
-
Conn Ry & L 1st & ref g 4 1^31951
Stamped guar 4H9
1951
Det United 1st cons g 4^3.. 1932
105
80
J
M-
Last Sale
BM
J
1st oonsol g 5s
Guar refund 43-
Week's
Range or
July 13.
endlog July 13.
Union Pacific (Con.)
Ore Short Line Ist g
"3-a
Price
FHdav
-I
2
7
2
New York Bond Record —Concluded— Page
1917.]
BONDS
STOCK EXCHANGE
Week
—
2
1
IOOI2 101
87
91
38 106
129
IOII2 IO8I4
""i 9838 IOII4
100
95
10513
102
&
Steel
Beth
1926
1942
1932
Debenture 53-aI926
Cahaba C
Co 1st gu 68- - - 1922
ColFAICogensfSs
1943
Col Indus Ist A coll Ss gU- - . 1934
Cons Ind Coal Me Ist 53- -.1935
Cons Coal of Md IstAref 5s_1950
Continental Coal 1st g S8.--1952
GrRlvCoal
1st g 6S..-AI9I9
111 Steel deb 4^3-1940
Indiana Steel IstSs...
1952
Kan A
A C Ist s t g ^3. .1951
Lackaw Steel 1st g Ss
1923
1st cons Ss Series A
1950
Mldvale Steel A O conv 8 f 531936
Pocah Con Collier 1st 3 f 5s. 1957
Repub IAS 10-30-yr Ss s f.I940
Steel Ist ext a f 5s
ref Ss guar A
Buff
Susq Iron 8 f 53
A
A
lat
M
AC
9012
98
94
IO3I2
9612 IO5I4
II6I2
105
110
88
110
8914
99 IO2I3
9812 10258
90
9334
10312 1047g
9812 10534
79
88
100
101
95
101
87%
95
115
9373
95
115
94I2 IO2I2
98
103%
100
89
10133
94
IOII3
89
100
92
94I4
102
9712 101
85 - 87I4
IOII2 IOII2
HC
J
-
J
M-N
-D
M- S
J - D
J
F-A
F-A
J
J
-D
D
IOOI4 IOOI4
100
99
90
Sale
95
9II2
99
..-
9012
7712
91
-
A -O
A-O
M-N
J
-
A-O
J
-
88I2
94
87
87%
J
A-O
U S Steel Corp lcoup.--<J1963
S F 10-(iO-yr Safreg
dI963
Victor Fuel Ist 3 t Ss
1953 J - J
Va Iron CoalACoke 1st g SS- 1949 M- 3
104
&
-
M-N
M-N
95
963g
91
93%
9012
97I2
7712
Mar* 14
91
64<4
87
87
101
Rale
105
'
75
89
95
91
Mar'16
87I4
102%
20
86% 94
18 100
1037s
July '15
Apr
lOlSg
9312 IO714
6
98
523
30
91
95
92I2
"83
99
95>4
IOII4
84% 86
103%
'17
lOI
June'17
104
10434
10378
1037s
80 Deo '16
87
""i
77% 81
'14
86%
86
59
101
107%
103% 107
174 104
1
90
85
July'17
Telenhone
Am Telep A Tel coll tr 48... 1929
J Convertible 4fl
1936 M2()-yT convertible 4 1^3
1933 M3a-yr temp coll tr 59
1946 J Cent Dlat Tel Ist 3ft-yr 53.-I943 J Commercial Cable Ist g 48. .2397 Q Registered
2397 Q CuinbT A T ist A gen 53..-1937 J Keystone Telephone lat. 53.. 1935 J Metropol Tel A Tel 1st s * Ss 19 1 S
Mich State Teleph Ist 59-. -1924 F N Y A N J Telephone 58 g.. 1920
J
3
3
D
D
NY Telep lstAgen3f4Mia.I939
J
1941
M-N
t
-
J
98
102
88%
951
9512
IOOI4
9314
100
9334
Sale
1021s IOII2 July'17
73
97I4
69
97I4
87
95
3 100
34S 95
100
1
July'17
98K
97I4
.\pr '10
97
981:
93%
"94"
971'> 101)
9612
97
93
101%
103
98
May'17
99% Apr '17
lOltj Jan '17
93 '2
9334
9712
97
9Hl2
96
97
971
Sale
9312 93%
IOII2 101>2
94
93%
May'17
NoT'16
69
69
95
101%
IOII2
100
99
"09ti !00l. 100
iofii
9234
101
IO684
99
Not'16
73
J
M-N
M-N
Northwear Tel cu 4Hsg.-1934 J
Due April. tDusMay. 0DueJune. ftDueJulF.
99
101
A
Pac Tel A Tel Isl 5s
1937 J - J
South Bell T6I A T lat a f Sa 1941 J - J
West Union coll tr cur S8...1938 J - J
Fd and real est g 4!^s
1950 M-N
ext 53
88% 89%
"99"'
J
J
M N
Mut UnTelgu
102
I
'98I2 Sale"
9878
10410 10434
103
105
9373 Sale
93
937s
9212 93
93 June'17
IOOI4
IOOI4 101
100%
85
-
104
98
10112
99
98
J
M- S
M- S
9934
25
99% Feb
10213 Sale
J
J
Telegraph
73
91
35
St L Rock Mt A P 5s stmpd-1955 J
Tenn Coal I A RR gen 53.. 1951 J
—
77I2
93
81
F-A
21
99
95
91
Apr '17
101
Deo '14
9OI2 July'17
79i'>
60
IOOI2
98
95
101%
101% 10112
53
30
93I4 IOOI4
II
96
17
16
97
96% 102
91
10134
103%
12
9934
IOU2 101%
Due Aug oDueOot dDubNot. DueDeo. tOptloDsala
7
2
'
"
BOSTON STOCK BXCHANGB— Stocij
170
SHARE PRICES— NOT PER CENTUM PRICES.
Monday
July 9
SdtvTdny
July 7
Tuesd'i'j
July 10
Wednesday
July
a
ThVTtHay
July 12.
STOCKS
Sales
of the
Frldan
July 13.
BONOS
Record
[Vol. 105.
s
ltan(/e
Ranee for Previous
Year 1916
Since Jan. I
BOHTO.V rJTOCK
EXCHANGE
Week
Lowett
Shares.
Lowest
Highest
Highest
Rallraads
155
62
•107
•196"
•2
155
62
109
195
10
*
30
»
35
*150
»
•
*60
103
140
61
*124l2
*85
96
*
534
61.1
*25
30
*3578
36U
*114l2 116
•25
*100
*49
*62
27
102
50
64
156
61
107 109
107 109
28 30
32
30
30
30
30
30
Last Sale
*190 195 •190 195 •190
195
•2
•2
Last Sale
•2
'30"
Last Sale
30
30
Last Sale
*
Last Sale
35
35
•150
Last Sale
150
*150
»
•100
Last Sale
103
103
«_
*
Last Sale
140
140
140
60 61 •60" 61
60
•60
60
62
I24I2
Last Sale
I24I2
•12412
Last Sale
84
•85
H4
•95
•95
96
96
96
96
96
96
•5I4
6I4
•5
Last Sale
6
6
27I4 27I4
•25
26
27
2712 25
29
37
37
37
37
37
37
36
3612
Last Sile
•11412 116
11412 II4I2 II412 II4I2 II4I2
•25
•26
Last Sale
*25
27
27
27
•100 102 101
Last Sale
•100
102
103
49 50 49 50
4934 49'4 •49
50
Last Sale
•02
•62
62 64
64
64
I55I2 I55I2
•60
61
I55I2 I5512
61
60
•106
109
156
•61
106
1.56
1.56
62
107
61
wi
61
107
61
107
I'Jo'june'i?
July' 17
3
.30
July'17
4W
22 Boston * AIt>any
100
136 Boston Elevated
100
20 Boston A Lowell..
100
33 BoatOD A Maine
100
Boaton * Providence
100
Boston Suburban Eteo Cos
Do
6018
601s
125 J\Uy'17
85 July'17
Electric Cob.
& U
3 Y...100
Connecticut River
10 Fitchbur« pref.
Georgia Ky * Elec
100
100
atampdIOO
pref
35 Maine Central
534"'"jury'i7
26I4 27
36I4 36I4
Apr' 17
II4I2 II412
Maaa
129
126
103
26 June' 17
102 July'17
49
49
63
July'17
Do
Electric Cos...
pref .itamped
NYNUA
..100
100
100
100
100
3
30
Mar33
150
Jao 5
June 6
Junel2
June28
Junel9
June 2
JuneSO
88
150
108
140
130
60
122
83
96
May
3
20
33
8
Apr 28
114i2Junol9
Vermont A
62 West End .Street
I00i2June22
Do
60
100
pref
6512
119
July .3
July 2
Dec
Apr
Dec
4i2Keb
3
198
Feb
I
88I2 Jan
I
i
24»4
Feb
2
78ii
Fet)
Mar28
Mar22
Jan
92 It Jan
133
lOO'a
638
5
Jan 5
Jan 37
Mar
17
9
7
June20
3II4 July 3
5234 Jan
'Zi
105
135
Apr
3i
Jan 1
84i2Feb lai
110 Jan 15
56i2
Marl7
June21
74
Jan
Feb 14
Feb 13
Apr 9
94»4May
4634 .June 6
161
84
6
I
Dec
Mari
Feb
I
4
91 Old Colony
Rutland, pref
100
100
Masaacbusetta.IOO
172
145 Feb
52 Feb
235i2May
I
July 3
June28
May24
Northern Now Uampshire.lOO 1100 Marl2
Hartford
Jsn II
J«n 19
Mjir33
34 Aug
46 Marie
May32 3IX Jan 301 200 Aug
2
99
pref
Do
2812
176
79
1S3
.
pref
Chic June lly
Do
106
176
Jime20
Jmi 22
June 6
35
* Wore
Do
150 May' 17
103 July'17
125 June' 17
57I2
9
pref
Boston
Nov' 16
.fune'17
3.5'
July 3
155
42
150
1
Oct
102i2Apr
I
Jan
Feb
512 Jan
45ig July
5
4012
1.54
110
123 Sept! 162
69l4Sept; 87
122 Jan
13134
Z86 Jan
94
98 Sept 102
412
26
50
97
Dec
Dec
Dec
Jan
134I4
Dec
20
May
100i2Aug
i55 Sept
69 July
July
July
Feb
Feb
Dec
Dec
Jan
44
Aug
Aug
7734
Jan
834
107
157
3512
125
Sept
Feb
Dec
Mar
6712 Jan
86
Feb
102
105
Nov
MIscellanavHi
*9134 93
IOOI4 IOOI4
•II4
*10
•92I4
9934
•II4
II2
II2
•10
II2
9334
9934
•10
•9134 93
9934 100
1018
134
•93I2 9412
9934 IOOI2
II4
II2
•9134 94
IOII2 10134
9412 9412
IOOI2 101
•114
•II4
134
134
IOI2
11
11
11
•II9I4 I2014 II8I2 11834 119
120 •11919 I20I2 •II9I4 I20I4
119' 1T912
II8I2 II9I4
118 119 117 119
IISI2 11858 II8I2 119
I2II4 121
12034 1211s I2OI2 121
121
12034 121
1211s 12034 12118
*52l2 53
52I2
52I2 •52I2 •54I2
*52
Last Sale 52 June' 17
98I4
9838 9812
9812 9812
9334 99
98
98
9812
98
99
lOis
lO's
IOI4
IOI4
25
132
130
100
25
233
1,251
52
71
IOII2 IO5I4
*60
•61
62
17
9
*180 183
*158
159
*100l2 102
•1612
17
*8
•8
•180
•157
74
8534
IO4I4 IO4I2
88
IO2I2 IO4I4
61
"lY
17
9
•8
180
is's'ii
158
•10012 102
102
61
17
9
180
160
102
96I4
96
9612 9612
73I8 •73I2
75
75
*144l2 14634 •141
lis •I44I2 148
96
96
7318
*1
*86
*92
116
97
116
129
97
*14
151
65
*29
3258
I4I2
15112
65
32
*2l4
99I8
. 538
*.60
6212
31I2
67a
3
99I8
538
.75
64I4
3II2
*62
14
*.60
64
*39l2
7812
4012
7812
539
*16l2
*54i2
6OI2
14
.65
540
1634
55
6II2
89
•86
89
89
89
*
92
118
127
130
•9312
•3238
96
9812
3258
658
212
99
5I4
*.60
6334
30
•60
I3I2
.60
97
140
3258
•I3I2 14
15112 152
0434 6434
1412
15034 152
6434 65
•29
127
3238
•14
29
32
634
2I2
99
6I2
2I2
3
•9812
99
5I4
5I4
.75
*.60
63
64
3118
"14'
.60
3OI4
61
1278
.60
3
9812
.75
538
.75
6312
3OI4
621->
31
64
65
65
1338
I3I2
.65
.60
41
39I4
78
540
7818
•78I4
545
17
54I2
6II4
540
12
4
•3
7
678
1284
2I2
•214
8212
•2234
*1234
13
*2l4
*2l4
8212
•22I2
84
23
*2
1412
*
*lll2
234
234
234
15
2
I4I2
25I2
»80"
*7
"Vis
1718
I7I4
II2
2
5834
58
•8412 85
24I2 25
•8612
'
•2712 '28
•78
*1
•8
•24I'>
•314
*8
6912
69I4
7012
90
89
90
3238
434
258
I2I2
4
79
IMi
8I2
26
4
9
7
I7I4
•1
II2
57
85
30
•41^
•2
III2
•3
678
4
7
13
234
23
2I4
2I2
214
82
23
23s
1412
2512
"V
1714
112
112
so"
""7"l2
I7I4
1712
•1
II2
71
89
31
3
12
658
1234
7
13
23
2I4
14
112
112
7l8
I7I4
•1
138
•2I2
638
212
3
99
99
5
5
.65
99
.75
.76
63
6II2
2912
63
3II2
31
•62
64
62
•13
I3I2
1338
.60
.55
.65
212
4
2I2
234
82
2358
234
15
25I2
•57
58
85
8578
26
86
86
8I4
28
79
•1
26
4
79
iMi
•2734
8
2412
314
7
4I2
458
4I2
4I2
540
4%
734
7
734
714
*1
•5734
IKe
59
50
50
86
535
•658
•1234
1718
•82
678
714
•1234
2I2
Last
81
Last
2
•13
Last
Last
8I2
8I2
26
4
4
8
4li
I212
6I2
434
50
524
88
4
44
47
76
162
35
90
365
126
,199
246
820
4,225
421
8,221
58
85
•2534
26
87
28
78
2838
79
Last Sale
8I4
8I4
758
I7I9
II2
2
June'17
58
85
58
8512
2534
8678
•86
•28
78
257s
86I2
2838
7S
July'17
1
Sis
8I4
Last Sile 2534 June'17
•3I4
4
4
8I2
8I2
534
8
3I4
4I2
1,165
1.50
234
234
1534
7l8
8I2
412
1
l'/<6
1
5734
4938
5734
4934
58
58
60
60
49I2
49I2
49I2
495g
2S4
234
I5I4
234
234
234
IM'e
•1
Us
2"Ai
•1514
I5I4
1.514
I5I2
I.5I2
1-512
•IO8I2 109
'10712 108
'108
IO9I2
10834 •109
4I2
4I4
4I4
4I2
4I2
412
458
458
*3l2
*3l2
334
4
334
334
4
334
3I4
3I4
3I2
•314
334
•314
4
312
44
44
4478 45
4434 4478
4434 4434
*.50
.50 .60
..50
.75
.48
.48
.75
•Bid and asked
prices,
8I4
758
438
1
Us
5834
4938
•1
6034
59
50
50
234
15I2
234
1534
Last Sale
4l2
358
314
4%
4I2
.63
1.51
lis
61
50
234
1534
458
478
358
4
3
44I4
334
.60
4478
.60
Assessment paid,
AC
Amer
Do
Zinc, Lead
pref
A
Co
5
10
10
10
25
25
5
25
20
25
100
100
25
25
1
1
25
5
25
25
25
Co
La Salle Copper
475 Mason Valley Mine
25 Mass Consoi
577 Mayflower-Old Colony
Mlchlsan
445 Mohawk
Nevada Consolidated
573 New Arcadian Copper
5
25
25
25
35
S
25
New Idria Quicksilver
New River Companr
Do pref-.
5
100
100
550 Nlplssing Mines
1,365 North Butte...
190 North Lake
1,150 Ojlbway Mining
Mar
8
126i4June 9
116
Mar 1 121i2Jan
Mayl2 128i4Jan
11638
40
Feb 1
94>« Feb 3
67i2May2I
24
25
58 June 8
100i4June 9
74 Jan 3
July 6
5
9712 Jan
Feb 23 121i3Jan 22
Feb 9
66 Jan 4
20ij June22
1314 Fob 3
7l2Apr 13
10 Jan 22
180 June 7 220 Jan 4
151'4May 9 170UJan 16
100 Feb 3 102 Jan 18
87 Feb 3 IOOI2 Mar23
89I2
55I2
71
144
June21
Junel2
1
Mar 18
11
Junel5
32l2June26
30 Jan 9
60 Jan 10
114 June28
127 JulylO
90 Apr 24
138 June20
30 Feb 16
13
July 11
133
65
29
Feb 3
Feb S
Apr 9
1.30
July 6
148
JunelO
2718 Julyl3
9938 Feb 3
lI6i2May 9
6 Apr 10
2I4
Tamarack
May25
I2 Mayie
68
Feb
3
2812 May 9
62 July 6
103g Feb 3
.50 JunelS
3934 Feb 2
7312 Feb 3
525 Feb 3
16
July 3
51
57
Apr 23
Feb 3
l>2Apr 23
4i4May
1138
May
4
9
OigMaylS
78 Apr 23
39'4 Apr 23
13
178
58
89
28
4I4
MaylO
Feb 16
Jan 2
Feb 5
MaylO
Apr
lUJune
11
Feb
278
9
8
2
MaylO
5 Feb 9
lli2Feb 5
214 June27
2i4Jan 10
77
Feb
Feb
3
2134
2
2
July 9
14 Jan 27
32
76
Jan 25
Jan 24
634 July 2
15i2Junel8
25
25
25
25
25
10
25
.90
10
25
10
10
10
25
25
10
25
25
13,918 Trinity
Tuolumne Copper
1
1,365 U SSmelt Refln A Mln... 50
3.50
318
Do pref
685 Utah-.^pex Mining
300 Utah Consolidated
60
5
5
10
Utah Copper Co
Utah Metal A Tunnel
1
Victoria
25
Winona
2
Wolverine
25
25
Wyandott
» Ex-dlvldend
Apr 25
Feb 3
5
15
Old Colony
452 Old Dominion Co...
123 Osceola
;,510 Pond Creek Coal
166 Quiney
20 Ray Consolidated Copper.
40 St Mary's Mineral Land..
Santa Fe Gold A Copper..
150 Shannon
Shattuck-Arlzona
15 South Lake
285 Superior
465 Superior A Boston Copper.
i Ex-rlghts.
14
Feb
5
10
10
Keweenaw Copper
50
210
226
400
2
3
103l|Jan 27
9
3«g Jan
105lt
94
25
25
Smelt. 25
25
330 East Butte Copper MIn
65 Franklin
15 Granby Consolidated
5 Greene Cananea
80 Hancock Consolidated
Indiana Mining
790 Island Creek Coal
100
Do pref
365 Isle Royale Copper
285 Kerr Lake
1.265
8U Jan
10
1,199 Copper Range Cons
1,000 Daly-West
1,190 Davis-Daly Copper
625 Lake Copper
lis
25
25
Ahmeek
505 Arizona Commercial
650 Butte-Balaklava Copper..
Butte A Sup Cop (Ltd)...
487 Calumet A Arljona
66 Calumet A Hecla
145 Centennial
100 Chlno Copper
UOis Jun'17
3I4
.63
e
234
734
4
45
4478
a Ex-divldend and rights,
678
100
100
10
10
100
100
McElwaln (W H) Ist pref. 100
Massachusetts Gas Cos
100
Do pref...
100
Mergenthaler Linotype
100
Mexican Telephone
10
Mississippi River Power.. 100
Do pref
100
New Eng Cotton Yarn
100
Do pref
100
New England Telephone.. 100
Nlpe Bay Company
100
Nova Scotia Steel
100
Pullman Company
100
Punta Allegro Sugar
50
Reece Button-Hole
10
Swift A Co...
100
Torrlngton
25
Do pref
25
United Fruit
100
United Shoe Mach Corp.. 25
Do pref
25
U S Steel Corporation
100
Do pref
100
Ventura Consol Oil Fields. 5
300 Allouez
Last Sale 59I2 Mar' 17
7I2
W
355 AlaskaGold..
140 Algomah Mining
1,445
19
9812
2
88
pref
Mining
110 Adventure Con
1,050
712
I5I9
•138
•II2
100
Do
100
Amer
. SO
Do pref
50
Amer Sugar Refining
100
Do pref
100
Amer Telep A Teleg
100
American VVoolen of Mass. 100
Do pref
100
Amoskeag Manufacturing
Do
26'"june"'i7
Sale 80
July'17
714!
57
85
7
13
1412!
Sale.
II2
II2
I'/fs
214
512
2I2
2I2
212
Sile 234 June'17
8212'
8II4
81
Srle 23
July'17
234:
234
234
I7I2
2834
79I4
1718
55
61
84
434
13
II4
II2
•1
*24l2
537
60
4"l6
714
•28
•78
1338
.65
Last Sale 15s June'17
12
I214
12
12
Last Sile 3I4 July'17
Il7l2
26
87
62
31
62
I4I4 •14
I4I4
Last Sale 2
June'17
71I2 71I2
71
71
*
89
89
'31'
31
31
31
II2
134
8534
518
.80
I4I4
I8I2
58
3
Last Sale 4012 July'17
79
7812 7812
•78
540
""7'rs
*7l'>
4I2
6I2
SI4
26
4
5778
8534
2558
6I2
99
5I8
84
12
2I2
6I2
84
4%
2I4
6I2
214
512
I214
6I2
I4I4
2I2
15
Agricul Chemical
pref...
Pneumatic Service.
9.315 Ati Gulf A
I S 3 Lines. .
45
Do pref
270 Cuban Port Cement
East Boston Land
165 Ediaon Electric Ilium
General Electric
Last Sile 117i4Julyl7
5I2
1212
634
458
2I4
8II2
im
Last Sale 3
58
86
87
28
79
8I4
7078
89
"96"
3258 3258
3258 33
14I4
13
14
14
I53I2 156
154
6458 65
6434 6434
Last Sale 30 June'17
I3412 13612 135
136
4934 50
4912 50
27I2 27I2
2718 27I4
12558 12738 I23I2 12618
2I4
6II2
so"
7I8
86
28
3I4
2313
2l8
2478
•2412
2I2
234
82
I4I2
I4I2
25I2 *__
2434
1
258
1134
1234
24I2
7812
""4'34
678
84
•2
*30l2
1234
2I2
•§5"
*1
*ll2
1414
212
"95"
98
178
86
42
2
•96
538
1212
684
•83
•41
*14
129
134
123s
634
2I2
•89
90
Last Sale 92 ' June"'!
117
114
117
114
5I2
1234
634
134
14
2
Last Sale 11
June' 17
Last Sale 32I2 June'17
•54I4
538
14
1
17
•I2I4
•6I4
123s
•614
75
•14514 148
54I2
6II4
5I2
7
96I4
7618
95
76
9658
75
17
5I2
1258
96I4
54I2
6058
178
134
181
180
180
Last Sale 158i2Julyl7
•100
102 7100
100
180
1634
5I2
6034
•I7I4
"i7r2 "l"7"l"2
IS
Last Sale 8I2 July'17
55
1634
•.54I4
86
•2
540
1634
4114
•4I2
4OI2
7812
54I2
6O34
4034
6912
540
3II4
1634
•5418
6OI2
•II2
82
*2
12
•3
7
•.55
39I2
78I4
83
323s
434
258
678
41
•89
32
65
514
.65
'l2"78
•71
74
Last Sale 8.8"'"jufy'i7
IIOI2 IO712 10934
107
62
62
140
30
78
540
•16
•54
I3I2
9512
•2I2
9812
5I4
4078
*4l2
6434
•39I2
•2
129
3238 3238
13l2
13
I52I2 155
634
83
89
140
lis"
i.34' 13612
4934 50
4958 50
27I2 28
27I2 27I2
12438 12612 12658 12838
11838 11834
II7I2 11818
4078
6912
95I2
32
132
127
I33I2
4Y"
89
32
92
iii' 117
2l8
6912
97
75
144
•86
•92
•116
5I2
I2I2
7
2I2
102
75
144
1
5I2
15
102
97
1
*Vs
*40"
*14
#2
9
180
160
2
6078
•II2
5I2
I2I2
*6l2
I212
*6l2
I8I2
180
•158
•1
*132i2 133
I33I2
132
49I2 50
4934 50
2812 2812
28
28
126^8 12738 125
12634
*117l8 11758 II7I4 118
634
62
•8
2
140
*3238
I7I4
71
l"l"0"l2
•1
II2
89
71
105"
62
207
Amer
ts
Feb 18
li2May 4
2 Apr 23
65 Feb 3
7812 Feb 3
1712 Feb 3
81 Apr 24
23 Feb 1
741s Feb 3
1
Apr 14
7ij Feb 3
2478 Apr 25
May 9
May 15
438 May 5
3
8
47
314
1
Feb
2
MaylO
Mayl2
Feb 3
493s July 9
62
1 't
Mar28
Apr 7
88 Feb 1
4 Apr 23
3l2 Apr 23
1418
3
40
.48
Half-paid
Junel2
Apr 24
July 9
Mar30
81
169 Jan 31
l'/C,May 5
11
40
95
92
Junelo
Jan 17
Mar28
June 13
1241j
Mario
147
112
Jan 19
Jan 11
leeUJao 25
46
16
18278
Jan
3
Mar29
Apr 16
June 7
68
35 May28
155l2Jan 22
58I4
SOig
135
121
Jan
3
Mar 8
May28
878
Jan 27
Jan 26
414
Jan
2
108 Jan 2
lli2Jan 2
li4Jan 2
70 Mar 8
41i4Jan 26
73 Jan 3
Junell
2liJan 26
62 Jan 26
I5I4
85UJan 26
590 Feb 30
27l4Jan 16
63 Mar 7
68 Jan 17
3 Jan 12
7i4Jan 10
16
9
Jan
92
Jan 17
Mar
4612 Jan
3
8
3
20l2Jan 19
4
Mar22
761''
JunelS
94
36
6
Apr 28
Jan 18
Feb 15
Jan 27
18 Jan 2
5 Jan 16
81$ June21
ISijJan 17
434
3
5I2
May23
Mar24
98
Jan
3
261a
Mar
7
6 Jan 2
17l2Apr 3
30 Mar20
92U Mar20
64
Apr
95I2
Mar
»4Dec
Dec
7
Apr
lI4i2Mar
106
Dec
Aug
123
42
92
66
98
27
42
Jan
Jan
U)8i8
Apr
Dec
Dec
Apr
July
Jan
Jan
8I4
225
15914
95
79
78
155
June
Sept
Sept
May
I4 Nov
Dec
10
35 Nov
23i2July
50 Jan
125
Jan
Jan
13612 Jan
50 June
2812 Jan
35
28
7934
Mar
115i4Feb
658 Sept
8I2
Julyll
2 5/('6Jan
9
87»4 Jan
4
62itJan 4
314 Jan
2
21ijFeb 20
11838May28
6>8Jan
6 Jan
658 Jan
5312
Mar
2igJan
Oct
Nov
Mar
16834 Aug
63I2 May
31 Sept
129=8 Nov
12234 Nov
13
Jan
34
Jan
May
56 Dec
29i2July
60 July
758 July
II2
42
66
510
Aug
512
Dec
Dec
Nov
Apr
Nov
Nov
IO514
101
640
14 July
46 July
54i2July
2 July
4»4
Nov
212N0V
8312
97^8
8618
18
June
Dee
Feb
Mar
Nov
Nov
27 Nov
7358 Nov
8734 Nov
378 Mar
7I4
Dec
lli2July
20 Nov
1314N0V
6 June'
79 July 120 Nov
3434 June
IOI2 June
2
July
42
88
25
Sept
Jan
July
3i2Mar
2'4
9I4
314
II2
10
II2
Feb
July
July
Aug
July
Jan
7712 July
15 Jan
434
9
20
77
July
July
Dec
Dec
.50
lis
lUJuly
Dec
59
70
July
July
20'4 June
6112 Jan
II4 July
7 July
2434 July
4
Aug
1212
July
Jan
II2
35
414
.15
5418
49
278
Aug
July
Jan
Jan
Feb
Dec
12i2Jan
75 June
514
Dec
234
334
Jan
3
May
Dec
2|
6!
177
70
33
578
16!
251
I6I2
Deo
Dec
I2512
2612
81
6
8>4Jan 6
60 Jan 15
19
Nov
Jan
Apr
Feb
Feb
94liFeb 21
2
214
Feb
Aug
Dec
134
91
10
lli2Mar
Mar
89
181
Oct
Oct
2334 JunelS
eu Jan
IO212 Sept
10034 Nov
175
59
Dec
Feb
Feb
Mar
16Sg
Mar
Oct
Apr
15812
35I2
15
July
June
July
Apr 3
Mar 6
2 Jan
2
10 Jan 5
30ig Mario
Jan
Mar
Nov
Nov
6
3218
89>4
13-38
186
155I4
20
Marl2
2578 July
250
Dec
Dec
2
Mar 12
79
lOlUFeb
14734 Dec
7212N0V
Jan
Mar28
3
87»4
Nov
Mar
Nov
102
Jan 3
Jan 12
Jan 31
95
5634
1015s
12034
10218
2<4
278
Jan
May
0ct
124 Oct
13412 Sept
44
42
66
140
165
24I4
8»4
Dec
SUApr
16
125i4
45
li»
Mar
Oct
Aug
5.5I4
Nov
2312N0V
6I2N0V
7334 Dec
93i2Dec
43
538
Nov
May
Apr
Feb
6I2N0V
8
1912
9
Nov
I9I2N0V
434
108
Nov
Nov
3312N0V
IOI4
2434
3138
9314
Jan
Jan
Nov
Nov
914 Nov
3212N0V
419
278
4
83
105
Jan
Apr
Jan
Nov
Nov
Dec
IO9I2N0V
2334
3634
110
Nov
Nov
Jan
12i2Feb
4038 Feb
8I2 Jan
2812 Jan
834 Oct
56I4 Jan
378
1234
Jan
2i2Dec
8138
5334
5I8
3012
1273s
Nov
Apr
Apr
Nov
Nov
lli2Mar
8I2N0V
8I4N0V
67i« Feb
23) Feb
—— —
—
July
s
7
H
.
..
a
K
—— —
.
.
THE CHRONICLE
14 1917.]
171
Friday
Boston Bond Record.
bonds at Bos-
in
ton Stock Exchange July 7 to July 13, both inclusive:
Sale
Price.
Bonds —
U S Liberty Loan 3 Jo 11947
Am Tel & Tel coll 4s 1929
5s temporary rects
Atl G & W I S S L 5s. .1959
Chic June & U S Y 5s .1940
Week's Range
of Prices
Low.
99 J-^
78 H
98
GtNor-CB&Q4s_. .1921
91'
.1929
4i..;s
.1931
E Telephone 5s,.. .1932
Swift & Co 1st 5s
.1944
99 J^
United Fruit 4'-2S
.1923
S Smelt R &
103'^
U
conv^6s.
.„„^
Western Tel & Tol 5s. 19321 95H
Mass Gas 4Hs
N
M
High.
Range since Jan.
Sales
for
99 H 100 S 133,210
9,000
98 J^ 99 H 14,500
78 Vi 79 H 11,000
98
98
12,000
8.000
9554 95J/S
91
92
6,000
86
86 >4
3,000
98 V:; 99
7,000
99 ?i 100
18,000
95
95
1,000
103 'i 10354
8.000
95 'o
5.000
Philadelphia Stock Exchange.
July
June
87
98 K May
May
78
96 Ji May
95 H June
99'-^
May
91
86
July
98
99 H
95
May
May
May
103 J^ July
June
—The
1.
High.
Low.
Week.
June
100
92^3 Jan
102
Jan
85 H Jan
102 H Mar
99 '-2
98 U
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
95>.<2
102
102
'i
H
98 M
109
100!^
complete record
of transactions at the Philadelphia Stock Exchange from
July 7 to July 13, 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
Last
Week's Range
Stocks
Par
AlUance Insurance
10
American Gas ol N J. .100
Warrants
American Rys, pref...l00
American Stores
no par
Baldwin Locomotive.. 100
Buff & Susq Corp
Preferred vtc
100
Cambria Iron
50
Catawissa 1st pref
50
Elec Storage Battery ..100
General Asphalt, pref.. 100
Insurance Co of N A
10
Keystone Telephone
SO
Preferred
50
Lake Superior Corp
100
50
50
50
:50
Lehigh Navigation
Lehigh Valley
Lehigh Val Transit
Preferred
Pref trust rects
Sale
Price
of Prices.
High
Low.
2(i)i
103
106
Sales
for
20%
11
277
106
2,063
1
6
108
69K 72H
260
90
35
49
49 'i
45
52
6154
59
124].^ x2iy2
15
15
49
43!^
May
May
6
H
June
49 Ji
45
52
60
59
12
12
18H
77
62
46
65
19 H
77 J4
62
94 Jf
52
52^
1
l
50
100
50
loO
Warwicls Iron & Steel. .10
Western N Y & Pa
50
West Jersey & Sea Shore 50
Cramp & Sons
100
11
May
65
July
279
124
720
361
35
300
4 5-16 4 3-16
4H
6K
6'3
240
"son
mn
"43
78 K
123
3058
76
96 J4
9
9
81,H
491
4
1.008
40,095
110
21
49!^
84!^
5
19
471
100
lOO'so 561,250
91
2,000
91
92
92
93 'K
93J-J
102
102
100"^
100
80
77
75\4 79 H
H
80
104
104
98
99 '4
95H
102^
94 '4
101
102
97
104
Md
•
29^4'
78
78 H
122 ?i 128
21
S Liberty Loan 3J^s.'47
Elec 5s.. 2007
do
small
2007
1921
Pa &
Steel cons 6s 1925
Philadelphia Company
Cons & coll tr 5s. . - 1951
Phila Eleo 1st 5s new. 1966
do
small
1966
Phila & Read Term 5s 1941
Reading gen 48
1997
JCcollat43
1951
Spanish
Iron 6s.. 192
2U
41=4 44
216
216
Amer Gas &
PW&Bctfs49
6
2,010
334
1,090
1,806
100
5,591
26
187
2.078
Bonds
Anglo-French 5s
Baldwin Locom 1st 5s 1940
Consol Trac N J 1st 5s 1932
Elec & Peoples tr ctfs 4s '45
do
small
1945
Eqult I Gas Light 5s .1928
Lehigh Coal & Nav—
Consol 4i^s
1954
Lehigh Valley cons 4!^3'23
Gen consol 4 i^s
2003
Lehigh Val Coal 1st 5s 1933
Pennsylvania RR
General 4K8 ser A. 1965
Consol 4^3
1960
5
90
lOOM
90
Am
90
90 U'
•
1
,000
14,000
1,000
14,000
1,000
94 H
102
97
104
20.000
3.000
10.000
90 K
90
100 '4 101
100
100
73 H 73!^
73
73
6814 70
9TA 97 H
96
96
79
79
95
95
Standard G & E 6s-._1926
United Rys gold tr ctf 4s'49
Small bonds
1949
United Rys Invest 5s. 1926
Welsbach Co .5s
1930
do
small
1930
West X Y & Pa gen 4s 1943
York Railways 1st 58.1937
800
985^
99 ^2
96 V^
102 J^
90
S9-'X
100 'i 101
100 '4 lOOK
108
108
K
.300
2,000
5,000
2,000
11,000
1.000
1 1
.000
15
Feb
75 H June
58
May
21
42
Feb
Feb
43 M May
55
May
July
90
May
92
51
2
J4
Apr
Feb
7
July
98
37
76
Jan
May
May
Mar
May
33
29 H May
28 H May
27J^ Apr
76
June
84 M May
4
May
5H Jan
July
215
June
7r,H May
iSH
66
Feb
Feb
June
Feb
100
June
91
July
91 J< June
93% July
102
June
100
June
77^4' July
75 H July
104 >^ July
98
99
July
H
95%
Apr
July
102)^ June
9414
100 14.
97
104
July
July
July
July
88%
H
Feb
June
89%
July
July
65,000
1,600
1,000
18.000
4.000
4.000
1.000
5,000
1.100
6.000
4,000
100
300
96
5.000
10.000
79
July
July
95
June
100% May
108
Jan
58
46
54
73
July
70 'A
27M
14
68 K
24
85
79%
27H
47 M
44)^
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Jan
Jan
Feb
Feb
Chicago July 7 to July
13,
—Record
compiled from
Friday
Week's Range
Last
Sale
—
Stocks
Par. Price.
American Radiator
100
100
100
100
Preferred
Shipbuilding
Preferred
Amer
Amer
Str.aw Board
BoothFish comnew(no par)
com.. 100
Preferred
Chic C'y
1.
.
10
Util, pref. 100
Mitchell Motor Co .
.
People's Gas L & Coke 100
Prest-O-Llte Co, Inc
Pub Serv of No 111, com 100
Preferred
100
Quaker Oats Co
100
Preferred
100
.
139%
40
75
73
94
66
154
186
163f
29
1,181
30
45
85
95
290
150% 155%
0185% 203%
10% 17%
4s. 1938
64
94
100
57%
Jan
June
Jan
64
95"%
101% 101%
stock dividend,
c
Pittsburgh Stock Exchange.
given below.
is
share, not per cent.
Diana Mines
Gold Bar Mines
Independent Brewing
9%
Jan
25
Mar
53%
Feb
Apr
92
lOO'so
97%
June
Jan
97 V
94 J
Mar
104%
102%
Jan
Jan
Jan
Jan
Jan
Apr
84
86
107
Jan
Jan
Jan
Jan
103
103
102
106%
98% Apr
108
Jan
Jan
Jan
94
Mar
>4
99%
102
102 >4
113S4
Apr
May
Jan
Jan
Jan
96%
73
74
July
Jan
Jan
Jan
Jan
Jan
99 !4
99 '4
87%
99
July
Mar
June
Feb
Feb
June
June
101
Jan
165% May
210
Apr
17% Jime
34% Jan
Mar 117% Jan
84% May
Jan
May 107% Mar
June
94% Jan
99% Mar
97% Jan
70% Jan
May
99% Julv 102 %
99% June 103%
96% June 100%
64
Mav
89
84
.
Julv
94 >o
Julv
Jan
99% June
100% May
70 %
96%
96%
89%
102
103
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
%
stock dividend.
complete record of
Prices for stocks are all dollars per
Glass
MachlOO
Preferred
100
Amer Wind
Glass pref
Cable Consol Mining
Caney RiverGas
25
50
100
100
Consolidated Ice com
Crucible Steel com
Preferred
1
1
53%
52%
102
105
6c
48
48
3%
"83%
25c
32c
25c
32c
3%
113
96
Con
47
47
100
4
.
19
IOC
50
MM&T
1
Pure Oil common
5
Ross Mining & Milling
1
StandSanitaryMfg com 100
Union Natural Gas
100
United Coal pref
100
U S Glass
100
U S Steel Corp com
100
West'house Air Br com. .50
West'house El&Mfg com50
lie
59c
57c
40c
5%
5K
122
75
125
114
July
59% Apr
102% July
Mar
Mar
22c
30c
3%
1,030
170
10
8
17%
114
96
545
50
110
410
410
25
6%
13
17%
47%
100
4% 1,180
21
560
16c 102,288
60c 11,80"
.42c 12,600
•
5%
910
122
10
110
100
10
56
100
150
13c
155
171
75
38% 38%
127%
116%
49% 50%
720
342
530
101% 101%
123
115
49?
3%
5C
11.;
24% 24%
13c
155
170
43%
Jan
Jan
Feb
1 ,4,50
13
17'%
1.
SI, 000
.
High.
May 62
May 124%
45
95
105
1,900
2,100
61% 63%
5%
Low.
30c
33c
is"
1
Plttsb-Jerome Copper
1
Pittsb & Mt Shasta Copp 1
Pittsb Oil & Gas
100
Pittsb Plate Glass com. 100
3%
63%
Oklahoma Natural Gas 100
Pittsb Brewing com
50
Preferred
300
200
104
745
30
6c
83% 86%
16%
Pitts
10
102% 102%
50
..25
310
225
103
105
48
Range since Jan.
Week.
Shares.
53%
103
105
60
Preferred
50
La Belle Iron Works... 100
Lone Star Gas
100
Mfrs Light & Heat
50
Nat Fireproof ing com
50
Preferred
50
Ohio Fuel Oil
Ohio Fuel Supply
Sales
for
Week's Range
Sale
of Prices.
Par. Price. Low.
High.
Stocks
Jan
Jan
Mar
74
96
For bonds the quotations are per cent
Frida
Last
Amer Wind
9m
Feb
May
of par value.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4714
226
2
127% Mar
Exchange from July 7
compiled from the official sales
to July 13, both inclusive,
lists,
July
4%
7% Mar
239
.Inly
Jan
Jan
Jan
Jan
Feb
June
Jan
transactions at the Pittsburgh Stock
2%
103%
J.an
146%
May
June
92
65
Ex-25%
— The
Mar
U Mar
115
92% June
84
53
106
Julv
Julv
90
95%
89%
88%
May 114
May 102%
May 340
5,000
3,000
5.000
3.000
14,000
2,500
5,000
2.000
8.000
2,000
27,500
17,000
99% 10»
101%
Feb
SI, 000
100 >4
98
64
84
ioo
Ex-50%
41%
34%
34%
34%
84
'4
89%
& Co 1st g5s-.. 1944
& Co 1st 6s. . . 1941
6
100
96%
Wilson
X Ex-dividend.
a Ex-rights.
29
July
68% June
2
1-64
%
166
169%
122
126
70
74
90
95
62% 6714
28%
40
98 101%
1-64
3,784
728 Cl03
11
122
565
50
247
88%
1,249
58
5,568 132%
1,270 169
15
5,536
280
26%
5 115
1,700
58
50 102%
100% 100%
Peop Gas L & C ref g 5s '47
Pub Serv Co 1st ref g 5s "56
South Side El 4%s...l924
Swift
94
100
300
103% 105
100
Jan
Jan
Jan
June
102
90% 90%
94% 9iV,
92% 92%
65
65%
Commonw-Edison 5s. 1943
Cudahy Pack l.st M 5sl946
90
300
35
78
16% p-eb
65% May
139% 141%
69% 72%
Chicago City Ry 5s.. 1927
ChicaKo Rys 5s
1927
Chic Rys 4s series "B"..
Chicago Telephone 5s 1923
74%-
78%
115% 115%
70
104
Julv
Julv
May
73%
250
12
1,005
101% 102%
1-64
June
May
Jan
120% May 142% Jan
108% Feb 129 % Apr
96% Feb 100 fs June
113V2 May 132% Mar
18
42
78
25
12
20
'71%
94
98
300
Bonds
Armour & Co 4%s._.1939
W S Elev 1st
100
119
75
High.
Feb
60.
80
280
242
77%
Preferred
WW
121%
71
do
pref rights .
Sears-Roebuck commonlOO
100
Shaw
common. . . 100
Preferred
100
Stew Warn Speed com. 100
Swift & Co
100
Union Carbide Co
100
Rights when issued
United Paper Bd com. . 100
Ward, Mont & Co, pref..
Wilson & Co, common. 100
Preferred
100
125
260
Middle West
Low.
20
300
133
520
310
223
73%
74% 74%
261%
30% 31%
100
Co com 100
67% June
107
119
72%
13%
71%
90%
61%
June
June
Feb
Jan
July
May
May
17% May
5
12
43%
3-95
1%
10
8c
Jan
Jan
June
May
Feb
May
May
4% May
47c
40c
Apr
Feb
Apr
Apr
118
19%
12c
146 W
168% May
Jan
70
33
102
112
May
Feb
110
lie
50
Jan
Jan
Jan
Mar
Mar
4%
Jan
90%
July
112% Mar
1
Apr
Jan
Jan
Jan
116
June
99% June
48c
3%
17%
73%
Apr
7%
Jan
Jan
Jan
Jan
17%
22
56
102
Mar
4 % July
21
July
July
16c
1.55 Jan
1
Jan
.20
17% Mar
Mar
25% Mar
1.35
28c
155
185
Jan
July
Jan
77
June
40 % June
136% May
May 157%
45% May
Feb
58% May
Bonds
Cent Dlst Telep 5s-..1943
Indep Brewing 6s
1955
Pittsb Brewing 6s
1949
Pittsb Coal deb 5s. ..1931
Pittsb
McK
& Con
48
41
56
49
60
99% 99%
101% 101%
53 1931
12,000
28,000
9,000
1,000
May
101
36
Apr
Apr
45
99
Jan
101%
Apr
Jan
Jan
Jan
103
50%
68
100% Mar
101% Jan
X Ex-dividend.
—Complete
Baltimore Stock Exchange.
record of the
Exchange from July 7
compiled from the official sales
transactions at the Baltimore Stock
to July 13, both inclusive,
lists,
is
given below.- Prices for stocks are all dollars per
For bonds the quotations are per cent
share, not per cent.
Chicago Stock Exchange.
Fisheries,
Diamond Match
Hart Shaft & Marx comlOO
Illinois Brick
Linde Air Prod
Lindsay Light
99%
99 H
100
100
Mar
X Ex-dividend.
Booth
72
13
124
120
Mar
90 'i Apr
97
100% July 102% Mar
100
July 102
Apr
70
Apr
73% July
67% May
97% July
Co., pref
July
90% Feb 134% May
9
17
&
Deere
Met
22
121
May
70
4,589
40 H
30
2H
39
29 K
Wm
U
July
59
24 K July
35
29>^
2934
29 J^
76
2 !4
Tono-Belmont Devel
Tonopah Mining
Union Traction
United Cos of N J
United Gas Impt
U S Steel Corp
51
58,'4
500
61H
Pennsyl Salt Mfg
Pennsylvania
Feb
10
5
26
46
44
90
95
5-2%
June
June
55
12)4
65
18?^
76 H
61?^
23 J^
43 }i
61
Traffic
July
July
'iVi
90
Philadelphia Co (Pitts). 50
Philadelphia Electric. .25
Phila Rapid Transit
50
Voting trust rects
50
Philadelphia Traction. .50
Reading
50
May
20
103
90
35 Jl
69H
1.
High.
1
Midvale Steel & Ord.-.50
North Pennsylvania
50
tenn
Low.
90
35
44
50
50
Range since Jan.
Week.
Shares.
Chic Pneumatic Tool.. 100
Chic Rys part ctf "2"
Commonwealth-Edison 100
Cudahy Pack Co com.. 100
Friday
Last
Range since Jan.
Sale
Stocks— (Con.)
—Transactions
Sales
Week's Range
for
Week.
of Pr
Par. Price. Low.
High. Shares.
La.s(
Outside Stock Exchanges
& C Ry pt
100
sh
com
"83%
Sales
for
Week.
High. Shares
of transactions at
278
133
83%
92
62
23
116
87
'4
280
133
85 !4
92 !4
62
'4
2%
25
120
88
2%
Last
Stocks
Range since Jan.
High.
445
136
90
96
70
2,5.
1.30
94
4%
Par
Sale
Price
Week's Range
of Prices
Low.
Sales
tor
Range since Jan.
1.
Week.
High. Shares.
High.
Low.
1.
Alabama Co
Low.
56 6275
June
1 zl31
May
39
Feb
2 192
Apr
5
57
Jan
23
1 ,650
July
79
60
Jan
72
81
Feb
2 '4 June
50
890
Friday
official sales lists:
of Prices
Low.
of par value.
Feb
Jan
June
Jan
Fet)
July
Apr
Apr
Jan
^ .
100
Arundel Sand & Gravel 100
Atlantic Petroleum
Baltimore Electric pref-50
60
35
7%
Cosden & Co certfs
Cosden Gas certfs
Preferred
Preferred ctfs
7%
30
20
950
49
112%
5%
12%
4%
41
1
41
150
26
5
10
150
26
112%
109% 110%
111
12%
12%
4%
4%
13
13%
4%
4%
320
301
1,083
1,385
200
025
May
34% Apr
41
13
5
60
35
150
26
Canton Co
100
Comm(!rcial Cred pref B 25
Consol Gas E L & Pow. 100
Consolidation Coal
100
6%
June
July
July
Feb
67
39%
June
Jan
9% Mar
46
150
26%
Jan
July
Jan
109% May 127
Jan
100% Feb 114
Jan
11% June 13% June
11% June 13% June
4%
4%
Apr
June
5% .Ian
4% May
— —
—
.
. .
H
.
Friday
Sales
for
0/ Prices.
Week.
Sale
Par
(Con.)
Crown Cork &
High
Low.
I'rice
M
"65)^
65M
37
Elkliorn Coal C'orpn
50
Houston Oil pn^f (r ctfs 100
Monon Vail True
100
MtV-Woodb Mills V t rlOO
Preferred v tr.
100
Northern Central
50
Pennsyl Wat & Power. 100
Public Service BUlg pref
Sapulpa Refilling
5
United Ry & Elec
50
Range since Jan.
17
22 H
60
60
13
Mar
Mar
75
18
220
67 K 71
83
83 H
72 'A
72
101
101
70 J
lOOJ
May
Feb
10
10
18
41
210
325
40
27Ji
ITA
Bait & Annapolis.
Preferred ^
50
Wash
10
29
.?100
79
lOOJi
40 'A
9
5
1
May
June
f
39
Stocks
ffJune
1st pref
Mar
Jan
42>!;.
Convertible 6s
85
Wl'A
"99J
99 H
99
Kirby Lumber Cont 6s. '23
Md Electric Ry 1st 58.1931
Merch & Miners Trans 6sMinn St & St P C jt 58 1928
Monon V Trac 5s
1942
N O Mobile & C 1st 5s 1960
Norfolk Ry & Lt 58. . . 1949
Pennsy W & P 5s
1940
United E L & P 4^s..l929
United Ry & E 4s
1949
44
Wll
& Weldon
43!^
91%
80 M
62 H
H
62
62
87
87
100!^ 100!^
83
84 H
101 !-^ 101 H
84 )i
1935
Volume
of Business at Stock
TRANSACTIONS AT THE
June
Friday
Total ...
Mar
Jan
Jan
Jan
Jan
May
May
July
July
'4
96
99 K
99
100'^
99 Ji
98
99 H
98 Ji
96
98
99 54 June
104
June
Feb
Feb
July
May
June
May
June
June
98'/^
9Ui
43
97
102'-^
96
56
99 ^/g
9554
July
July
July
91
June
88
80 H May
OIH July
95'-^
845^
67)4
90
100)^
88
108)4
May
83
July
100)-^
June
82
lOlH
July
Allen Oll-r
Atlantic Petroleum r
Barnett Oil & Gas r
Bilton Oil & Gas r
Esmeralda
1917.
— No. shares...
shares, par
Bonds.
1,176, .500
1,913,800
389,050
509,250
889,150
55,205 ,050
mun., &c., bds.
RR. and misc. bonds.
State,
Total bonds
2A
2'A
2K
99
149
212
99
12
12
12
270
290
259
275
290
I'A
A
1
Oil
Oil
10
Week ending
July 13 1917.
Saturday.
6,492
12,667
8,661
15,880
15,806
16.394
MondayTuesday
Wednesday
Thursday
..
Friday
Total
Bond Sales.
Shares.
A
lA
4A
454
$19,000
90.450
53.900
17,710
34,650
20,000
13,3,57
9,503
13,900
17,928
5235,710
75.900
.
5,196
8,145
68,029
Shares.
815
1,656
1,812
5295,550
7,456
Market.
*8
15-8
lA
lA
95^8
9)4
9H
A
2554
lA
Sale
of Prices
Par. Price. Low.
High.
Stocks
Aetna Explosives
Preferred r
Air Reduction
Amer
r (no par)
;
100
r(no par)
Writ Paper com. 100
Co
3J4
Butterworth-Judson r (t)
& Power. r
25
Steel Tool
10
Central Foundry com rlOO
Preferred .r
Curtiss
Preferred
i
63
1154
(t)
154
I'A
55i
75
554
Emerson Phonograph
5
Everett Heaney & Co r.20
Holly Sugar Corp com (i)
22
Preferred
100
102)/;
Intercontinental Rubb.lOO
Internat Trading Corp r.l
y»
Preferred r
11
21 5i
46
101
11)4
1
5
1
Ref
Oil r
99
2 7..500
Oil r
%
5
A
5A
lA
5-16
24)4
14H June
Mar
3
12
65
300
4,785
2,900
7,795
3
May
40
Apr
Feb
Feb
2)^
10
1,700
ISA Mar
Feb
35
Feb
88
28 A June
22)^
53
102 JiS
300
18,900
6,520
8,300
13,300
100
2,455
1,200
863
175
llA
500
H
1
99
2A
77
6)4
1
1
1,700
700
99
99
200
Vs
16
Vs
61
554
20 A
40
06
10)4
Feb
June
Apr
July
Apr
Feb
Feb
May
TA
37
97
K
5A
I
14
Mar
38
57
146
30
45
June
June
Jan
June
June
July
3
July
77
13!4 Jan
23)4 June
53
102):;
13
July
July
Jan
May
Apr
lA May
July 105
May
June
11
15-16
27
100
lA
100
A
'A
40c
40c
H
40c
A
J4
*6
7
8
1
2
A
A
2A
13-16
13-16
54
30c
5
34c
I
r 1
5
5
.lumbo Extension
Jumbo Min
of
New M
La Rose Consolidated
Louisiana Consol
Lucky
Chief r
Copper
r..l
5
10c
10c
Girl r
Magma
Magma
1
1
r
Magmatic Copper
Magnate Copper
Marsh Mining r
Mason Valley
r
10c
10c
1
1
5
McKinley-Darragh-Sav..l
MiHord Copper r
1
Mohican Copper. r
1
Mojave Tungsten r
2
2A
53c
57c
9A
A
lA
9A
7-16
lA
2A
4A
154
54
%
8c
58c
10 1^
7-16
lA
56c
'62c"
32c
A
A
H
A
7c
M M
I
5
lie
lA
A
Cash Boy
8e
l
Coco River Mining r
1 7-16
1
Consol Arizona Smelt
2)4
5
Consolidated Cop Mines.
Consol-Homestead r
1
Cresson Coo Gold
& 1
5A
Crystal Copper Co
1 3-16
1
Emma Copper r
1 *15-16
First National Copper
5
Globe-Dominion Copper. 1 "7-16
Goldfleld ConsoUdated.lO
53c
Goldfleld Merger r
1
Great Bend r
1
Green Monster Mlnr
1
A
Hargra ves
12c
1
Hecla Mining
25c 15-16
Hudson Bay Zinc Mines.
1
Iron Blossom r
92c
10c
Jerome Verde Cop i
lA
1
Jim Butler r
72c
1
5-16
Josevlg-Kennecott Cop..l
34c
9A0
10 He
1
Calumet & Jerome Cop
Canada Copper Ltd
ten
Feb
June
Feb
70
July
35i June
5H
1-32
1
Butte-Detroit Cop & Z
Butte & N Y Copper
Caledonia Mining
High.
.\pr
A
10
11
1
7Ac
55c
9
7-16 11-16
30c
33c
7A 95^
9A
A
5A
5
r
M
since Jan. 1.
2
4A
93 A
A
9
5HA
19A
May
July
Jan
Jan
Jan
97
9
12
3A
July
,475
,500
854
554
6
Jan
Juu
15
ISA
Feb
77
Feb
IH Apr
June
3
35
87
24)4 July
49
1
A
5,900
2,275
31,200
2,400
22,175
3,300
1
Mar
5
Apr
Jan
Ma7
May
3A
3A
7A
2A
June
4A
A Apr
4H May
2 5* May
July
65,000
3,500
May
9A
May
lA
,600
7,500
20
20
10
100
50
7,700
4,000
700
11,500
4,000
7,000
2,325
11,000
10,500
12,575
26,100
9,400
55,500
17,000
8,500
300
3,250
7,200
15,360
100
2,750
10,015
41,700
20,000
12,300
600
8,000
3,900
900
53c
9
31c
5
54
6).^o
54c
9A
Booth r
1
Boston & Montana Dev. -5
Butte Cop & Zinc v t C--.5
5265,600
Low.
June
June
Feb
Jan
1.500
2
154
7Ac
1
& Gas com
A
Vs
2
1
r
Alaska Mines Corp(no par)
Alaska Standard Cop r..l
Copper
5
Atlanta Mines r
1
Austin Amazon r
1
Big Jim
lOc
Big Ledge Copper Co
1
BisbecCop
& Dev r...l
Week
Shares.
80c
155
Hill Mines r. 10
Alaska-Brit Col Metals. .1
31 ,000
Range
1,050
3A
I
Kresge(SS)newcom_r_100
Sales
for
200
36
89
35
36
52
52)^
100
89
2854 2954
39
43
100
Rights
OA
70
2H
92
29)4
40)4
(no par)
M com
3M
llH
ZhA
100
r
45^
35
84 A
63
3
lOOi
Chevrolet Motor
w
Aerop &
hA.
8iA
Car Ltg
Carwen
Cities Service
Week's Range
104
106
May
May
Jan
June
Jan
July
July
Mar
654
Jan
Jan
Jan
I
16A
A
4
30,500
2,000
18,900
50,500
12,000
27,000
300
20,055
5,30.
32,700
5,000
36,000
110
23,500
4,000
300
3,220
9,100
Feb
16
148
21
)
July
July
2.50
June
Jan
Jan
97
June
106
Mar
12
July
13
260
275
249
580
270
June
June
444
610
445
800
345
Feb
Jan
Jan
Jan
May
May
Jan
450
12c
21
190
June
Jan
Jan
July
660
310
July
Feb
5 54
May
lA
9A Mar
July
July
July
July
4
A
150
35c
11
'Xe
6
A
lA
9
47c
1154
54
55o
86c
115
A
1
1
Mar
14
9-16 Apr
Feb
3
A
6A Mar
Feb
Jan
17
7!^
A
9A
May
lA June
Mar
31 A
4A
Jan
May
May
Feb
Jan
Jan
14H Jan
11-16 June
750
Jan
leo
1
Mar
10)4
1
A
Jan
A
Mar
2A
Jan
July
5
12)^
June
24
July
1-32 July
*l'Ai
Apr
40 H
lA
July
July
100
IH
June
May
A May
*6
July
54 May
July
IH Mar
3
Jan
July
May
1.10
155
A May
100
420
270
Jan
June
880
Ai June
5)4 July
8
Jan
July
lA July
July
95i
June
Jime
May
Mar
155^
Apr
Jan
Jan
Apr
24
July
July
3-16 Jan
6)^0 July
53c
July
854 May
Xe July
30o
June
Jan
1854 Jan
13 A June
62c June
1-16 June
lA
28c
II
Apr
July
21c
llA May
H June
May
A July
7 A Jan
A Apr
Feb
70c
4 A July
A
A
Jan
Jan
Jan
630
11-16
11
H
3-10
I
Apr
Apr
Mining Stocks
transactions in the outside security market from July 7
It covers the week ending Friday
afternoon.
Last
154
77c
143
Acme Cop
—Below we give a record of
Friday
31
147
Victoria Oil new stk r..lO
West States Petrol. r
1
to July 13, both inclusive.
13.
9
50
Vacuum Gas&O, Ltd
tlie
Week ending July
A
3-16
1
Carlisle
New York "Curb"
135^
I
Stock option warrants..
United Western Oil r
1
Utah Petroleum (prosp't) 1
$24,600
32 800
58,600
33,200
85,400
1,415
1,319
5
20
13
1
Sequoyah OH & Ref
1
Corp r
(t)
& Ref rights..
Bond Sales.
439
$27,500
30,350
80,000
106,700
41,000
10,000
15-16
20
Sinclair Gulf
Sinclair Oil
Baltimore.
Bond Sales.
Shares.
10 Ks
1
lA
1
Sapulpa Refining
$579,546,450
13)4
59c
1
r
&
13)/8
12A
11-16
10
com
18c
53c
54c
Ariz Bingh
Philadelphia.
Mar
June
lOA Jan
20
32
115
A
15c
35c
1254
17c
40c
1
Rights
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE STOCK EXCHANGES.
Boston
45
56
25
26
66c
18c
7K8
2
54
8)4
Oklahoma Prod
$615,950
139,586,500
439,344,000
$534,843,350
64c
12c
14c
TVs
J4
Preferred
1916.
198,824,000
319,012,500
7,600
1.500
I'A
4
Feb
I0J4
Feb
Feb
Jan
33
90
•47
261
585
285
582
279
584
nA
Oil
1954
148
210
99
.1
com
Penn-Kentucky
.$17.006,8.50
19K
19A
149
Pennsylvania Gasolene..!
$500
$17,237,5501 $18,519,000
954
.5
100
£1
Oil,
Osage-Hominy
5,224,500
13,294,000
1
A
54
8%
1
Oklahoma
89,942,968
57,826,107,040
5160,200
4,705,000!
7,327,500|
7A
2%
4A
9
r
N Y-Oklahoma Oil r
N Y&TexasOilr..
July 13.
1 to
26 A
654
134
1
Preferred r
Midwest Refining r
1
Government bonds
H
Lost City Oil r
13-16
1
Merritt Oil Corp r
10
305^
Metropolitan Petroleum 25
15^8
Midwest Oil r
78c
1
S.
107,960,737
$9,851,426,555
$54,300
1
4A
20
45
500
50,000
2,000
525
1%
3A
lA
4A
1
Preferred r
Mun.
1917.
3,108,554
$363,323,650 $270,948,700
$6,100
Par value
Bank
Jan.
3.785.78ll
Stocks
654
154
Internat Petroleum r
S7,327,.500l §4.705,000 $5,205,050
1916.
1
3)4
1
r
Corp
Oil
Federal Oil r
S327.300
Exchange.
& Gas
Elkland Oil
5940,000
517,000
738,000
964,000
985,000
561,000
13.
IK
3
24)4
654
High.
6H May
2,200
45,000
32
85
83
154
26 A
Low.
1,800
1
6A
27A
Cosden & Co ctfs r
13
5
Cosden Oil & Gas certfs.r.
13
Crosby Petrol (prosp't) r 1
58c
Cumberland Prod & Ref r 1 15-16
Elk Basin Petroleum r
10 Ks
6
Bonds.
Week ending July
6K
3054
5
Boston- Wyoming Oil r
Consol Mex Oil Corp
Mar
§730,000
785,000
1,307,000
1,588,000
1,277,000
1,640,500
A
10
12
II
1
Houston
U.
4A
10
10
Keystone Con Oil Corp. 10
Knickerb-Wyo Pet.r
10
Foreign
3A
3^
1
.\mer Ventura Oil r
Kenova
&
18A
94
£1
N Y...100
Other Oil Stocks
Omar
Sales at
'New York Stock
5
58 A
1854
94 A
Standard Oil of
Jan
Bonds
3,785,781 S363,323,650!
2A
454
56 A
1854
10
Anglo-AmerOil
Exchanges
State,
99
lA
58 A
r
Galena-Signal Oil com. 100
Illinois Pipe Line
100
Northern Pipe Line
100
Pierce Oil Corp
25
Prairie Pipe Line . ...100
South Penn Oil
100
Standard Oil (CaUr)...100
Standard Oil of N J
100
July
Bonds.
48,190,850i
65,446,000
66,128,300|
80.594,500,
84, 358, .5001
97
I.
Subsidiaries
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
103)^
10^ A
100
100
103 A
102M 102A
Former Standard Oil
May lom Feb
June
Corp
754
45
IK
4%
Range since Jan.
High. Shares.
45
100
Zinc Concentrating r
Jan
Jan
101 '4
107!^
Low.
Sales
for
Week.
of Prices
7'4
World Film Corp'n v t 0.5
Wright-Martin Aire r..(t)
95A Mar
110
Mar
S18.605..500:
195.000
503.313
679.580
688.583
839.215
880.090
Monday
102)4
104
lOi'A
102'A
100
Par Value.
Shares.
Tuesday
Wednesday
Thursday. .
91
102
Railroad.
&c..
Stocks
.
May
NEW YORK STOCK EXCHANGE
July 13 1917.
Saturday
July
WEEKLY AND YEARLY.
DAILY.
Week ending
Fob
9/H July
July
100
July
100
96 K June
I
80H 80^
1931
5s. ..1941
5s
9814
92 A
44
97
92 'A
97
Income 4s
1949
Funding 5s small ... 1 936
Ss
99
98
98!^
92
99
,000
,000
16.000
5.000
31.000
13,000
15,000
5,000
6,000
7,000
2,000
1,000
15.000
2.000
2.00
14.000
8,000
7,000
1,000
23,000
29.000
1,000
1,000
8,000
2,000
H
& Ala cons 5s. 1945
Ga Car & Nor 1st 5s. . 1929
& An
1
1
W5H
1923
Georgia
Mid
1,000
3,000
5,000
2,000
97 Vs
100
100
97
92
lOi'A
9a 'A
96
9SV» 100 H
99% 99 H
103
103K
99 5i
99
981^
98
99 >^ 99}1i
99
99
96
96
92
Cosden & Co 6s ctfs
Cosden Gas 6s ctfs
Elkhorn Coal Corp 63.1925
Elkhorn Fuel 5s
.1918
Fair & Clarks Trac 5s. 1938
Bait
85
lOl'A
97 Vs
100
100
97
92
Price
5
Submarine Boat.. (no par)
Todd Shipyards r_ (no par)
Triangle Film Corp v t c.6
United E Aeroplane r
5
United Motors »..(no par)
U S Aircraft Corp..r
5
U S Light & Heat
r. 10
U S Steamship
10
Bonds
Ala Co gen Gs small l)ds.'33
Arundel Sand & G 6s. 1923
Atlan & Charl 1st 5s. . 1944
Bait Traction 1st 58.. 1929
City & Suburb 1st 5s. 1922
Coal & Iron i8t.5s
1920
Consol Coal ref 58...1950
r
Bteel Alloys
July
18
Par.
(C.'on.)-
Marlln Arms v t c (no par)
Maxim Munitions r
10
North Am Pulp & Paper(t)
Ohio Cities Gas r.w 1...25
St Joseph Lead r
10
Snilth(A OiCorp pfd r.lOO
Smith Motor Truck r...lO
Smith & Terry Trans pf . 10
Standard Motor Constr rlO
Jan
Jan
Jan
Jan
Jan
19
72
89
84
10254
12!^
35 '4
June
June
81
29
29
Feb
60)4
01
103
90
Feb
Week's Range
Lake Torpedo Bo't com. 10
Lukens Steel, com r
50
July
44 Ji Jan
38 Ji June
07 A Jan
June
75
Mar
81
51
Last
Sale.
520
July
M'A June
16
'rzli
520
320
25
74
71
[Vol. 105.
1.
High.
Low.
Shares
520
520
37 K 39 K
38
36
Seal
Davison Clieinlcal-No par
Wash
.
Friday
Week's Range
Virginia
H
H
K
.
THE CHRONICLE
112
Stocks
5
.
62c
IH
15-8
1
2 5-16 2 5
4
4V^
7)4c SS^c
5-16 1 7-16
2
2 5-16
5A
6
5-16 A
6
554
1-16 1)4
*1 1-16
3
3'i
7-16 7-16
1
A
50c
54c
Sc
6c
6c
7c
A
1
lie
12c
854 8 15-16
1
1
90c 1 1-16
17-16 15^
72c
84c
A
5-16
31c
33c
lA
154
7-16
"lA
'"a
23c
15-16
14AC
654
59c
lA
A
A
A
1
lA
14c
16c
A
44 A
22c
A
A
48
23c
15-16
14c
15c
654
6>^
49c
59c
lA 2
%
A
15-16
20,600
13,600
3,000
10,300
100
14,200
3,000
550
31,300
8,300
9,000
28,000
4,600
4,700
500
15,900
30,900
3,200
3,100
17,250
40,630
14,400
1,670
3,050
9,500
6,300
24,060
5,650
700
11,800
8,500
4,500
14,100
6,000
6,150
2,900
6,600
21,500
12,700
3,300
5,900
13,700
1,500
9,000
9,000
4,000
1,295
2,575
14,000
14,300
2,900
1 1
,400
3S.R00
21.700
18.700
13-16 June
H Jan
2
A
>t
A May
IH Apr
3-16 Jan
July
52c
9Ho Jan
A July
11-16 May
lA July
20c
6H
5
A
7c
530
7 '4
A
1)4
•480
15^
lA
4
60
July
May
July
ti
July
Jan
Feb
June
Apr
May
May
4HcMay
4)^0 May
12c
SOo
July
July
Feb
July
July
1J^6 July
Mar
69c
160
7
A Mar
A Jan
lA
2)i
35i
•77o
lOo
lie
2H
25c
9)^
1 54
A May
June
A June
A May
310
A
Feb
Mar
1% May
2 11-16 Mar
7J4 June
154
3
5
Jan
Jan
June
Jan
A Mar
Apr
2H Jan
3
June
6 A Mar
1
460
900
Apr
2
90c
190
75c
9o
Jan
Jan
700
480
80o
14c
43c
40
Apr
lA Jan
6H Jan
IH Feb
Jan
Apr
Feb
H May
10c
7c
15-16
14
•2
454 June
660
Mar
2A
1
Feb
Apr
Jan
H4 Apr
lA Jan
3
July
Mar
880
A
49o
June
Jan
Jan
Jan
Jan
Feb
May
Jan
Mar
July
June
Jan
Mar
May
Apr
Mar
154
July
IH
June
A Mar
July
July
16c
June
Jan
A Jan
59 H Mar
Mar
Apr
Jan
Feb
Apr
Apr
Jan
June
Apr
23o
8)4 June
350
1
59c
Jnly
2
1)4
Apr
IH
July
July
Mar
Jan
\
—
H
5
July
{Concluded)
Monitor
Sil
L&Z
M&M
NY
Zinc r
Nicklas MininR
Nlpisslng Mines
North Butte Devel
Red Warrior r
Rex Consolidated
Richmond Copper
St Nicholas Zinc
y»
1
r
Vs
18c
1
r
1
1
30c
1
lyi
IVs
(t)
Devel r 1
Tonopah Belmont
Tonopah Extension Min.l
Tonopah Mining
1
&D
37c
IVa
4H 4
2 5-16 2 'A
en 6 7-16
lYi.
6
7Ji
SVa
r
25
23c
27c
26c
Troy-Arizona Cop Co r..l
13-16
United Copper Mining. .1
4)^
4 3-16 4 3-16
United Eastern
1
yi
9-10
United Mines of Arizona. 1
22c
23c
23c
1
U S Tungsten. r
37J4 37 K
United Verde Exten r__50c
5
4Ji
United Zlno
(no par)
3
3
Unity Gold Mines
5
5
7y2
Utah Nat Mines r
1
5M
22c
25c
Utica Mines r
24c
1
CSc
,71c
Verde Inspiration r
70c
1
68c
_71c
70c
West End Consolidated..
14c
|10c
Wilbert Mining
15c
1
26c
28c
27c
Yerrington Mt Cop
1
& Ohio 5% l-yr notes
5% 2-year notes
Beth Steel 5% notes.. 1919
Apr
'A
June
June
Apr
3-16
May
July
May
Va
3H Apr
Mar
10c
H
H
28c
May
May
May
1
4
2
5H Feb
'A, May
7% July
3,6.50
June
200
H July
3% May
H Apr
•18c
Feb
33 K Feb
1,100
4A
2H
400
100
0,400
34,400
3,900
0,200
5,250
19,700
Erie
RR 5%
notes r..l919
N YClty 4Hswl
Russian Govt
Southern
*
101^
r
6Hs
Odd
Ry 5%
r-9191
91
1921
5H8
change
100
79
notesl919
IH May
May
72c
47c
65o
22c
68c
62o
Feb
Jan
Apr
June
July
Apr
July
July
14c
20c
98^ June
98 Li
97 ?i
100
97
101
79!^
69
97 K
Vi
%
June
May
Apr
June
June
May
June
June
Jan
Jan
Jau
20c May
13-16 Jan
AVa Feb
Jan
26c
Jan
Feb
Apr
July
July
Jan
60c
15-i
iVg
4%
7
yi
July
Jan
Feb
Mar
Jan
SVa July
Mar
62o
15-16 May
6H
Jan
Jan
IVa
Jan
26c
411^ June
6
354
Mar
7H
July
Jan
June
30c
78c
840
24c
6O0
May
Apr
June
Mar
99 H July
98 H July
98 Ji Feb
llOH
98'
Jan
Mar
103 K June
98 Ji
94 H
99
Jan
Jan
Feb
I Listed on the Stock ExI Listed as a prospect.
t No par value.
New stock, r Unweek, where additional transactions will be found.
u Ex-cash and stock dividends, w When issued, x Ex-dlvidend. y Ex2 Ex-stock dividend.
lots,
this
listed,
rights.
N Y
bond
All
water powers serving Minneapolis, St. Paul and the
9486.
—
Frank Lilly has organized an investment firm under the name of
J. Frank Lilly & Co., 62 Broadway, this city, for the purpose of dealing in
stocks and bonds of all markets. Mr. Lilly has been connected with Wall
Street affairs for several years and is well known in the financial community.
L. M. Prince & Co., members of the New York Stock Exchange, announce that Mr. I. Gartenlaub, formerly of Gartenlaub & Co., now dissolved, has become associated with them.
Curtis & Sanger, 49 Wall St., this city, Boston and Chicago, adverJ.
—
—
term securities
in to-day's issue of the "Chronicle."
notes in this offering to investors yield
to 5>i %.
K«nk8-.V.y.
America'*
ikmer Bzob.
Atlantic
Bttlery Paik
liowery* ..
Bronx Boro*
Bronx Nat.
BryantPark*
Butch A. Dr..
Chase
Chat * Phen
Chelsea Ex*
Chemical
Cltliens
City
coal A Iron.
Colonial*...
Columbia* .
Commercfl..
Corn lixch*
Cosmopol'n*
E»st River..
FldelUy
'
ruth Ave*..
fifth
First
Qarllcld..
Germ-Amer*
German Ex*
Gsrmania
*.
Gotham
Greenwich*.
Hanover
Harrlman . .
Imp A Trad.
Irving
Liberty
Lincoln
City
Ask
Bid
545
235
175
150
too
150
160
145
90
360
233
100
385
200
445
210
450
315
169
315
85
60
150
4200
200
985
180
140
390
200
220
325
690
240
500
217
965
300
Banks and Trust Companies
Banks.
Mftnhattan
555
240
*
182
165
Merchants
week,
.
Metropolis*.
200"
175
160
100
370
[
240
120
395
210
455
220
Park
People's*...
270
445
200
450
Columbia ( .
Commercial.
Empire
Eaultabic Tr
Farm L A Tr
Fidelity
Fulton
4.55
Guaranty Tr
220
Hudson
;
1V>8
LawTlt&Tr
Lincoln Tr..
Metropolitan
Mufl (West-
120
100
115
150
130
110
130
100
Seaboard
Second
State •
;
23d Ward*.
Union Exch.
Unit States*
H'te*.
Yorkvllle*..
«Y6"
190
200
590
lal'd*
125
First
255
Flatbush ...
Oreenpolnl .
140
155
110
Hillside •-..
Homestead
*
l¥5"'
Montauk*..
00
200
265
176
130
Nassau
Natlon'ICIty
North Slde*.
(*) are
stock,
State banks.
y Ex-rights.
Ask
450
400
100
165
785
775
280
100
290
362
445
208
360
300
3"8"o"
395
I'o's"
Trust..
925
598
*
NY Trust..
UnltedStates
Westchester
390
425
975
130
135
270
130
105
210
275
200
140
.
388
400
215
275
370
125
Union Trust
155
165
120
115
s'do"
142
chester) ...
Life Ins
NY
USMtgATr
610
290
135
110
Transatlan'o
BrooJtli/m
Coney
Bid
TltleGuATr 345
600
276
Mechanics*.
New
22'5""
CentralTruse
240
1005
186
150
400
225
225
r
300"
185
Bankers Tr.
B'way Trust
188
Wash
515
225
1000
320
iVetc Yorlt
230
455
395
Westch Av*
West aide*.
..
245
275
Trust Go's.
Prod Exch*.
4700
225
700
2"9"5"
Atk
340
255
305
Public •
Sherman
320
95
70
Bid
330
Metroporn • 175
Mutual*
375
New Neth*. 210
New YorkCo 350
New York.. 400
Pacific*
171
Banks marked with a
this
*
Mark A Fult
Mech A Met
People's
change
The
5M
New York
950
608
355
155
410
440
1010
140
Brooklja
Brooklyn Tr
Franklin ...
Hamilton
Kings Co...
590
245
265
650
285
76
150
295
86
Queens Co..
'
Sale at auction or at Stock Ex-
a;Ex-100% stock dividend.
"and
Interest" except where
.
Standard Oil of New Jer.lOO
Standard Oil of New Y'k 100
Standard Oil (Ohio)
100
SwunA Flrch
100
Union Tank Line Co
100
585
285
440
Vacuum
365
34
580
282
430
100
93
100 355
10 •30
Oil..
Washington Oil
Bonds.
Per Cent.
Pierce Oil Corp conv 63.1924
82
Ordnance Stocks Per S hare.
Aetna Explosives pref
100
34
American A British Mfg. 100
Preferred
..100
20
Atlas Powder common
100 158
&
100
100
Wilcox
W) Co common.
100
124
,50
•490
*75
,50
Canada Fdys A Forgings.lOO 125
Canadian Explosives com 100 400
Preferred
115
95
165
175
s's"
AM O
37
12
PerCt, Basis
Bid.
5.00
Pittsburgh 4Hs
5.10
Equipment 4s
5.10
Canadian Pacific 4Hs
5.30
Caro Clinchfleld A Ohio 6s.. 5.75
Central pf Georgia 5s
5.40
5.40
Equipment 4J^s
Chicago A Alton 4s
5.00
Chicago A Eastern 111 5Hs-. 0.50
515
83
150
95
100
107
110
100
Debenture stock
100
Eastern Steel
100
Empire Steel A Iron com . 100
Preferred...
100
Hercules Powder com
100
Preferred
100
Hopkins & Allen Arms. .100
Preferred
100
MlUlken Bros preferred.. 100
Nlles-Bement-Pond com: 100
Preferred
.100
I)
65
de Nemours
A Co common
30
52
153
104
Penn Seaboard Steel (no par) 48
Phelps Dodge A Co
100 305
Erie 5s
Equipment iAs
Equipment 4s
Hockidg Valley 4s
Equipment 5s
Illinois
Manufacturing
Thomas
Iron
•
Per share,
/Flat
Price,
b Basis,
n Nominal
Central 5s
Equipment 4^s
Kanawha A Michigan 4Hs..
Louisville
A Nashville
5s
Michigan Central 5s
ASS M
St P
4H3
Missouri Kansas A Texas 5s.
Missouri Pacific 5s
Mob«e A Ohio 5e
Minn
Equipment 4Hs
New York Central Lines 5s. _
Equipment 4Hs
N Y Ontario A West 4)^8...
Norfolk A Western 43^s
Equipment
4s
RR 4Ms
Pennsylvania
5.15
5.05
4.80
5.90
5.50
5.40
5.40
5.40
5.20
5.20
4.85
4.85
5.60
4.90
5.05
4.95
6.00
5.80
5.35
5.35
5.15
5.15
5.25
4.90
4.90
4..
Equipment 4s
St Louis Iron Mt A Sou 5s..
St Louis A San Francisco 5s.
Seaboard Air Line 53
Equipment 4Hs
Southern Pacific Co 4Hs
Southern Railway 4Hs
Toledo A Ohio Central 4s...
Tobacco Stocks
Per Sha
4.;
5.
6.00
5.30
6.30
5.00
5.10
5.35
Ask.
4.70
4.75
4.75
5.00
5.00
5.00
5.00
5.10
5.50
5.50
4.90
4.80
4.60
5.25
5.00
5.00
5.00
5.00
4.86
4.85
4.70
4.70
5.00
4.
4.80
4.75
5.30
5.20
5.00
5.00
4.80
4.80
4.90
4.60
4.60
4.60
4.60
5.00
5.00
5.00
5.00
4.70
4.80
4.90
re.
Par Bid. Atk.
American Cigar common. 100 108 112
Preferred
100
95 100
Amer Machine A Fdry..l00 80
90
Britlsh-Amer Tobac ord..£l •17
18
Ordinary, bearer
£1 *18
19
Conley Foil
100 250 300
Johnson Tin Foil A Met. 100 100 130
MacAndrews A Forbes. .100 205 215
Preferred
100
98 103
Reynolds (R J) Tobacco. 100 520 5.50
Preferred
100 111 114
(J S)
Co
100
100
Preferred
Short-Term Notes
160
105
170
110
Per Cent.
Amer Cot Oil 53 1917.MAN
Amer Tel A Tel 4 Hs 1918...
lOOis
9978
9975
905s
9868
1015s
9934
9818
9914
Balto A Ohio 5s 1918
5s 1919
Beth Steel 5s 1919. .FAA 15
40
Canadian Pac 63 1924. MAS 2
Chic A West Ind 5s '17.MAS
55
158
Erie RR .5s 1919
..A-O
IO8I2 General Rubber 5s 191S.JAD
53
Hocking Valley 5s 1917-M-N 100
315
Int Harv 5s Feb 15 '18-F-A
9978
630
C Rys 5Hs 1918
JAJ 99
38
C Term Ry 4)^3 'IS.MAN 98^4
JAJ 98
1000
4>^s 1921
Laclede Gas L 5s 1919. .F&A
65
9812
Mich Cent Ss 1918
99 14
115
MorganAWright 5s Dec 1 "18 100'49
Y Central 4^s.May 1918 993,
313
Y
A 5S-Apr 15 1918 95'4
110
Penn Co 4Ms 1921. .JAD 15 98
09
Pub Ser Corp J 5s '19. MAS 98
89
Rem Arms U.M.C.5s'19FAA 81
31
Southern Ry 5s 1919..M-S 2
9812
67
United Fruit 5s 1918. ..M-N 100
279
Utah Sec Corp 63 '22.M-S 16 90
6I2
100 615
50
34
Winchester Repeat Arms. 100 900
Woodward Iron
100
60
Public Utilities
50*112
Amer Gas & Elec com
Preferred
50 *48
100 310
Amer Lt A Trac com
Preferred...
100 108
Amer Power A Lt com
100
07
Preferred
100
87
Amer Public Utilities comlOO 28
Preferred
.100
04
Cities Service Co com... 100 276
85I2 86I4
Preferred
100
Com'w'lth Pow RyAL.lOO 48
52
Preferred
100
78
76
Elec Bond A Share pref.. 100 <I99i2 101
El Paso Elec Co com
100 104 108
Federal Light A Traction ..100
12
13
Preferred
100
45
48
Galv-Hous Elec Co pref. 100
7212
Great West Pow 5s 1946. JAJ
82
84
Mississippi Rlv Pow com. 100
11
13
Preferred
100
32
35
First Mtge 5s 1951... JAJ
69
70
North'n States Pow com. 100
89
92
Preferred
100
96
98
pref 100
North Texas Elec Co
78
83
Pacific Gas A Elec com.. 100
5412 55I2
100
1st preferred
89
91
Puget Sd Tr L A P com. 100 20
24
Preferred
100 x(,9
72
Republic Ry A Light
100
32
33
Preferred
100
65
68
South Calif Edison com.. 100
85
8712
Preferred
100 102 104
Southwest Pow A L pref. 100 n97l2 100
Standard Gas A El (Del). 50 '10
IU2
Preferred
50 *35
36
com 100
Tennessee Ry
5
8
Preferred
100
30
32
United Gas A Elec Corp. 100
5
9
1st preferred.
100
57
62
1001
2d preferred
5
10
United Lt A Rys com
100
39
41
100
1st preferred
08
70
Western Power common. 100
14
15
53i2 56
Preferred
100
Scovill
6. .50
W
Young
259
99I2IOI
126 132
55
53
91
86
247 251
119
117
412
Ohio 4Hs..-
Equipment 4)^3
Chic Ind A Louisv iAs
Chic St Louis A N O 5s
Chicago A N
4)^3
Chicago R I APac4Hs
Colorado A Southern 58
250
duPont (E
981;
Arms
Mfg
A
A
30
160
101
127
104
90
92
02
2d preferred
Colt's Patent Fire
marked "f"
RR. Equipments
Baltimore
Buff Roch
84
100
100
100
100
Steel common
1st preferred
Carbon
LAP
610
255
276
Manufact'rs
People's
93
USTltleG&I
Was A Bronx
Title
prices are
Preferred
—
bonds and
90
*
Colonial Oil
100
50
70
Continental Oil
100 490 510
*38
Crescent Pipe Line Co
40
50
Cumberland Pipe Line.. 100 165 165
Eureka Pipe Line Co
100 210 215
Galena-Signal Oil com
100 147 150
Preferred
100 139 142
ininois Pipe Line
100 209 213
Indiana Pipe Line Co
99
50 •96
International Petroleum. £1 •I3I4 I3I2
•14
National Transit Co. ..12.50
16
New York Tran.sit Co
100 185 190
Northern Pipe Line Co.. 100 98 101
Ohio Oil Co
25 •340 344
enn-Mex Fuel Co
25 •47
53
Pierce Oil Corporation
25 •1134 I2I4
Prairie Oil & Gas.
.100 500 510
Prairie Pipe Line
100 273 277
Solar Refining
100 330 340
Southern Pipe Line Co.. 100 195 200
South Penu Oil
100 290 295
Southwest Pa Pipe Lines. 100 110 115
Standard Oil (California) 100 259 262
Standard Oil (Indiana) ..100 750 750
Standard Oil (Kansas)... 100 405 490
Standard Oil (Kentucky) 100 345 355
Standard Oil (Nebraska) 100 500 520
Bliss (E
Central Northwest are illustrated in the new booldet "Back of the Investment," issued by Northern States Power Co., which will be sent upon request to H. M. Byllesby & Co.. 220 So. La SaUe St., Chicago, and 1220
Trinity Bldg., N. Y. City.
One of the oldest New York Stock Exchange houses Schafer Bros.
announces the removal of their offices to the tenth floor of the Equitable
Building, 120 Broadway, this city. The firm's new quarters have daylight
and are nicely appointed in every way. The telephone number is Rector
tise a list of short
85
Title
210
Alt
85
200
Realty Assoc
(Brooklyn)
U 8 Casualty
Mtge
Standard Oil Stocks Pe rShare
Par Bid. Ask.
Anglo-American Oil new. £1 *19l4 1934
Atlantic Refining..
!00 925 950
Borne-Scrymser Co
100 410 440
Buckeye Pipe Line Co
50 *99 102
Chesebrough Mlg new
100 390 410
Babcock
CURRENT NOTICE.
—
Bia
135
100
217
Quotations for Sundry Securities
Preferred
—Magnificent
Nat Surety.
Atk
Bid
125
95
Yo""
65
58
f*T9fi«rr»rJ
Mtge Bond.
Lawyers Mtg
Jan
June
lli^cMay
Atk
77
128
250
Y3"
City Invest g
Mar
25c
53c
50c
34c
10c
4,800
4,900
2,030
7.000
5,600
Amer Surety 123
Bond A M O 240
Casualty Co
1%6 June
1% Apr
1 9-16 Feb
Jan
56c
31c July
995^ 995/8 $5,000
98>2 98 H
5,000
985^ 98^2 120,000
100
100
10,000
98 H 98 H
2,000
102 M 965.000
101
91
86
99.000
80
78
110,000
98"^ 98 Ji 22.000
98H
Cosden Oil&Gas6sr.l919
Apr
Bid
70
Alliance R'ty
City Realty and Surety Companies
May
Feb
Bonds
Bait
2
May
3,450
525
1,400
Trinity Copper
Apr
H
7.50
'A
H
July
6Ji July
l,3.'i0
28c
%
1
May
June
Jan
Jau
46c
1}^ Apr
76c June
12c June
3-10
6,000
11,500
1,250
12,000
3,200
9,100
20,900
1,800
11-16
May
June
yi
23,000
m^c
June
1
500
15c
7-32
4
3-16
4
10c
lie
11-16 21-32
11-32
(prosp't)
Trl-BuIUon S
27c
56c
52c
35c
21c
56c
50c
34c
1
Standard Silver-Lead
Stewart Mining
Success Mining r
Cop
25c
54c
49c
34c
17c
3-16
14c
3-16
H
San Toy Mining
1
1
Silver King ot Arizona
Silver King Cons of Utahrl
Silver Pick Cons r
i
Superior
39c
26Hc
1
r
IH
31c
1
26c
8O0
45c
9c
1,900
1,000
23,900
49,050
1,800
27,200
6,900
6,000
22c
7-16
1
36c
r
1
Santa Rita Devel
7ii
22c
TVs
J4
950
8
19-10
r-.l
r
71c
12c
1
1
1
1
05c
10c
70c
5
r
27c
Vs
1
Rochester Mines
Round Mountain
26c
1
1
Ohio Copper new w
Portland Cons Cop
100
16,500
2.500
14,000
1,500
2,500
173
New York
1.
High.
Low.
Shares
'A
27c
1
Mother Lode r
Nancy Hanks-Montana r 1
National Zlno & Lead r--l
10c
Nevada Rand r
Range since Jan.
Week.
High
Low.
14
1
Sales
for
of Prices.
Sale.
Price.
— Par.
—— —
— —
—
THE CHRONICLE
14 1917.
Friday
Week's Range
Last
Mining
—
.
K
K
N
N
NH H
N
Winches RepArms5s'18.MAS
New York City Notes
6s Sept
5s
1
1917
10038
lOOlg
100
9978
9878
10178
100
9838
99I2
IOOI4
IOOI4
99I2
99I2
9Si2
99I4
99I2
1005s
9958
9614
991«
99I2
84
9834
lOOU
91
97I2 98
loor 10038
Canadian Govt. Notes
Aug 1 1917
FAA
9978 10018
Industrial
and Miscellaneous
American Brass
American Chicle com
100
100
Preferred
100
Am Graphophone com 100
Preferred
100
American Hardware
100
Amer Typefounders com. 100
Preferred
100
Borden's Cond Milk com. 100
Preferred
100
Celluloid Company
100
Tobacco Co
100
Havana
Preferred
100
1st g 5s June 1 1922. .J-D
Intercontlnen Rubb com. 100
100
Internat Banking Co
.100
International Salt
A-O
1st gold 5s 1951
International Silver pref. 100
Lehigh Valley Coal Sales. 50
100
Otis Elevator common
Preferred
100
Remington Typewriter
100
Common
100
1st preferred
100
2d preferred
Roval Baking Pow com. .100
..100
Preferred
d Purchaser also pays accrued dividend.
Ex-rlghts.
i Ex-dlvidend
e
324
57
68
83
98
134
38
88
103
102
175
1
3
/48
11
160
54
76
100
*75
55
84
328
60
70
86
100
138
40
90
106
IO3I2
185
2
6
53
12
57"
7812
102
80
59
86
13
14
68
43
70
4S
152
102
147
100
New
stock.
—
—
-
.
:
THE CHRONICLE
174
Inwstmjewt
[Vol. 105.
Railroad %ntzlliQcnu.
atxB
RAILROAD GROSS EARNINGS.
STEAM
The
following table shows the gross earnings of various
roads from which regular weekly or monthly returns
can be obtain<;d. The first two columns of figures give tlie gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. We add a supplementary statement to show fiscal year totals of those roads whose fiscal year does not begin with January, but covers some other 7)eriod.
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 39, now requires reports for the calendar year. In accordance
with this new order of the Commission, practically all the leading steam roads have changed their fiscal year to
correspond with the calendar year. Our own totals have accordingly also been altered to conform to the new
The returns of the electric railways are brought together separately on a subsequent page.
practice.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan.
1 to Latest Date.
Current
Year.
Previous
Year.
Latest Gross Earnings.
ROADS.
Week
Previous
Year.
or
Month
Ala N
Ala
Current
Year.
Jan.
Previous
Year.
1 to Latest Dale.
Current
Year.
,
Previous
Year.
O & Tex Pac$
$
S
& Vicksburg. June
166,788
135 825
973,744
863,297 New Orl Great Nor May
149.184
659,266
171,975
812,452
P. June
Central May
Vicks Shrev &
152,868
18410402 17298 002 82,134,98980 ,374,792
127, 572
992,209
814,368 j New York
2.027,42:-t 1,845.691
4tli wkJune
Boston & Albany May
Ann Arbor
101,168
76 774 1, 445.416 1 345,993
8,782,890
,483,247
n Lake Erie & W. May
Atch Topeka & S Fe May
13825290 11967 919 64 862,467 54 848,213
687,223
616,126 3,292,661
.862,364
Michigan Central May
Atlanta Birm & Atl 4th wkJune
91,180
77 144 1 891,238 1, 478,665
4,522,335 3, 839, .535 20,-594.917
005.222
West Pt- May
L May
133,203
113. 477
Clevo C C & St
Atlanta &
664,771
.588,413
4,466,319 3,827,134 20,086,101
310,664
Cincinnati North. May
1.55,9.54
Atlantic Coast Line May
181,913|
881,840
3,576,813 2.990 986 18 744,4,33 16 ,255, .596
733,675
Pitts & Lake Erie May
2,177,9931 2,070.424 9, .536, 139
Chariest & AV Car May
141 087
894,7.58
821,315
190,450
567,630
Tol & Ohio Cent. May
858,772
697,051
613,798: 485.718 2,666,-531
Lou Hend & St L May
188,011
142, 418
,246,381
Ohio- May
May
Kanawha & Mich
320,271' 327.940 1.302,512
114732.55 10201 713 49, 897,573
,282,958
a Baltimore &
,500,471
Tot all lines above May
33407 675 .30466.524 149278 557
2084 446
802,362
740,974
B & O Ch Ter RR May
180,597
165, 770
Bangor & Aroostook May
390,204
,782,926
N Y Chic & St Louis May
344, 284 2, 081,610
i,449,538 1,318,3371 6,700,825
,337.370
N Y N H & Hartf. LM ay
/,338,618 6..S'>r,.229| 33,745,623'31 ,408.710
Bessemer & L Erie. May
,200,515
1,075,513 1,145 220 3, 400,547
May
N Y Ont & Western
7.56,263
722,2121 3,304,919 3 ,423.791
Birmingham South. May
99.796
479,161
4.58,413
92, 912
,748-,915
Boston & Maine
May
N Y Sasq & West.. May
362,759 318.439; 1,657,731! 1 ,882,523
5,096,819 4,775 109 23 066,948
Norfolk Southern.. May
436,576 382,268i 2,187,428' 1 ,952,403
Buff Roch&Pittsb- 1st wk July 252,964 267. 439 7, 083,787
,359,455
5, .522, 881 5,29.H,540, 25.208,590 24 ,154,172
Buffalo & Susq RR. May
152,762
118 569
672,886
686,038 Norfolk & Western. May
IMay
Canadian Nor Syst. 1st wk July 902,300 885 100 20 .515, .500 16 ,9.58, .500 Northern Pacific
7,772,123 6.533,1.55 33,776, .578 29 ,874,000
397,402 385,489 1,6.53.618! 1 ,478,389
Canadian Pacific _. 1st wk July 3,101,000 2,616, 000 73 ,906,797 65 ,078,112 Northwest'n Pacific May
April
335.919
581.500 1.418.752 2 ,213,844
Caro Clinchf & Ohio April
359.064
279 586 1 ,337,108 1 ,106,455 Pacific Coast Co
22222969 19792494 10037429892 ,259,999
Central of Georgia. May
1.171,474
978 ,564 5 ,926,783, 5 ,128,723 p Pennsylvania RR. May
Bait Ches & Atl. . May
90, .344
88,511
Cent of New Jersey May
3,2.50,883 2,825 .361 14 ,612,930!l3 ,810,952
357,051
3.50.327
514.69b
Cumberland Vail. May
415,104 293,209 1,852,9151 1 ,504,739
Cent New England. May
451 .827 2 ,213,6541 1 ,930,5.59
May
Long Island
Central Vermont . . May
1,359,295 1,313,144 5,574,690 5 ,298,871
388.932
371 ,863 1 ,708,588: 1 ,826,943
320,239i
Mary'd Del & Va May
83,822
72,926
Ches & Ohio Lines. 1st wk July 885,817 674 ,519 26, ,788,347125 ,277,240
288,882
May
1,727,019 1,369 ,246 7 ,909,3741 6 ,700,600
N Y Phila & Norf May
443,894 4.57,092 1 943,102 1 ,969,431
Chicago & Alton
Quincy May
Bait & Wash May
Phil
2,596,843 2,202,772 11 798,887 9 ,943,207
Chic Burl &
10577859:8,596 ,915 48 ,208,261 41 ,816,901
h Chicago & East 111 May
W Jersey & SeashlMay
1, 767, 630! 1.297 ,111
8 249.484
,728,468
631,548 614,649 2 827,884
,693,180
Pennsylvania Co
May
4th wkJune 341,120 311 ,556 7 798,630
7,035,059 7,015,746 28,775,834 28 ,801,489
c Chic Great West.
,483,292
1.58 ,271
Grand Rap & IndMay
Chic Ind & Louisv. 1st wk July
166,383
519,361
481,471 2,526,426 2 ,286,8.54
4 553,003
,028,193
ZPitts C C & St L May
Chicago June RR.. May
,131.429
6,302,110 5,353,678 29,285,704,25 423,220
280,786
236 ,719 1 335.091
Total lines
Chic Milw & St P.- May
9,917,911:9,110 ,463 42 871.791
.079,992
28206483: 251887981 126679593 115847746
East Pitts & Brie May
dChic & North West May
9,475,477 8,068 ,707 41 339.598 37 ,904.668
8.56,373
722.888
West Pitts & Erie May
14030228] 13008296 61,431,346 57,243,242
Chic Peoria & St L. May
181,76ll 152 ,994
Pac May
42236711: 38197094 188110940 173090989
7.022,641'5,975 .044 33 365,096129 267.363
All E.ast & West. May
Chic Rock Isl &
May
.263,818
Pere Marquette
Chic R I & Gulf. May
317,665
262 ,962 1 .538.090
2,086,308,1.820,0821 4,222,2951 3,695,708
Reading Co
d Chic St P M & Om May
,111,938
1,789,039 1,578 ,669 S ,282,3341
5,887,225l4 ,919.975126 754,71524 934,733
Phila & Reading. May
,083,595
Chic Terre H & S L May
312,251
181 ,469 1 ,416,133
Co.al & Iron Co. . May
4,175.60812 .747.18ri8 7.57,138, 16 718,518
Cin Ham & Dayton May
923 ,321 4 ,213,336
,751,379
1.006,934
10062833 7 .667.1.56 45 511,853 41 653.250
May
Tot-al both cos
Colorado Midland. May
108,524
110 .994
520,511
552,864
428,871
Rich Fred & Potom May
340,7781 1 943,773
,663,752
590,500
e Colorado & South. 1st wk July
284,559 259 .997
,773,553
18,130
Rio Grande South.. 4th wkJune
202,357
14,5381
Cornwall & Lebanon May
214,346
46,316
40 ,608
256.657
287,446
May
367,586
363,103! 1 689,048
Rutland
April
,990.282
Cuba Railroad
520,584
,907,442
629,230
,660
,738,1)97
238,908 170,473!
Delaware & Hudson May
2,626,13^:2, 2-53 ,968
,297,995
St Jos & Grand Isl. May
997,954
776,563
299,652
217,3831 1 ,688,922
5,052,622i4,463 ,151
St L Brownsv & M_ May
Del Lack & West.. May
.484.767,20 515.395
030,171
3,849,055 2 930,572 17 ,226,721
Deav & Rio Grande 1st wk July 404,600 446 700 ,812,515 11 ,781,929 StLIronMt& So.. May
461,458
4,766,723 4 ,370,670 22 ,852.758
Denver & Salt Lake 2d wk June
44 ,772
720,481
St Louis — San Fran May
48,730
791,428
,230,990
Detroit & Mackinac 4th wkJune
632,855
601,994 St Louis Southwest. 1st wk July 303 ,000
278.000 8 265,973
34,738
34 ,404
222,341
2,506,326 2 ,085,324 12 ,771,168
928,641
Seaboard Air Line. . May
Detroit Tol & Iront May 205.190 205 .242
,043,167
152.309
May
16410014 1 2880344174 ,990,715
Southern Pacific
Det & Tol Shore L. May .
786,901
804,079
164,162
144 ,986
,029,247
> .22s
99
,577,1.53
k Southern Ry Syst. 1st wk July 2,060,276 .803,470
Dul& Iron Ran<r<5.. May .
838.230
,310.223
.021,060
.096,818
579.977
Ala Great South. May
551.228
,669,885
Dul Missabe & Nor May .
,040.255
418,639
1,256,804 1,741 ,038
.641,455
Cine N O & Tex P May
1,105,657
028,091
,727,084
Du! Sou Shore & Atl 4 th wkJune 149,341 114 ,.541
,061,345
894,617
,166,337
401.421
New Orl & N E.. May
.332.384
Duluth Winn & Pac May
867,470
181,651
137 ,053
991,350
,879,048
,590,734
Mobile* Ohio... 1st wk July 236,981 202.233
Elgin JoUet & East. May
,912,660
214.295
,240.813
1,409,242 1,276 ,882
,860,175
Georgia So & Fla. 1st wk July
43,829
42 .9.55
084,818
.671,857
.275,515
El Paso & So West. May
1,182,239,1,032 731
,405,515
573,787 412,578
Spok Port & Seat. _ May
May
268.375,29 574,956
845,168
Erie
7,201,262 6 450 128
,464,648
Tenn Ala & Georgia 4th wkJune
2.948
853
,110,042
Florida East Coast. May
,210,977
59,352
882,945
718 ,507
60,395
163,826
154,128
399,679 Tennessee Central. May
663.319
Fonda Johns & Glov May
90.136
91 164
424,013
710,130
RR Assn.St L May
309,558 311,906 1 ,425,293
Term
,4.58.336
,305,062
Georgia Railroad.. May
,535,167
287,775 247 343
274,297
St L:M B Term.. May
217.340, 2 ,106,208
186,810; 1 ,239,815
Grand Trunk Pac. _ 2d wk June 121.360
82 321
,000.607
1st wk July
367,805 357,300;i0 ,911,286
Texas & Pacific
888.567128 516,876
.427,985
Grand Trunk Syst_ 1st wk July 1,297.003 1,1.55 029
119,794
Toledo Peor & West June
102,362,
,214,009|l8 ,714,611
Grand Trunk Ry 2d wk June 1,071,247 839 ,461
576,760
625.008
Toledo St L & West 4th wkJiine 139,691
118,125! 3 ,264,299
125.312, 4 ,085,686
Grand Trk West. 2d wk .Tune 201.002 196 905
,848,731
80.098
Trin & Brazos Vail. May
494.4811 1 461,097
Det Gr H & Milw 2d wk June
026
61,005|
388.312
347,595
75,897
77
.
.
.
.
.
.
.
.
.
.
.
I
_
.
1
.
,
—
—
Great North System
Gulf Mobile & Nor.
Gulf & Ship Island.
J
jf
Mineral Range
Minneap &
4th wkJune
wk July
wk July
35,114
211,563
707.704
May
52,752
1st wk July
710.383
May
6,738,962
May
1,272.286
4th wkJune
12,312
St Louis 1st
S S M. l.st
P&
Minn St
Mississippi Central.
g Mo Kan & Texas.
h Missouri Pacific
Nashv Chatt & St L
Nevada-Cal-Oregon
889,459 35 874,994
877,185
835,180
803.199
7,33, 583 2 ,825,629
470,164 34 ,760,982
8,398.002 7,133 078
une
May
166.081
190 .224
May
164,754
175 .912
Valley
Hocking
May
957,945 750 .599
IlUnois Central
June
7,030,179 5,905 ,514
Internat & Grt Nor May
834 ,715
1,143,216
Kansas City South. May
1,114,621
940 772
Riv. May
Lehigh & Hud
208,073
189 ,.334
191 .603
Lehigh & New Eng. May
333,979
Lehigh Valley
May
4,945.727 4,318 .612
Los Angeles & S L. May
1.182,054 1,025 ,543
1.38 ,326
Louisiana & Arkan. May
125,2.50
Louisiana Ry & Nav May
173,236
165 ,683
Louisville & Nashv 4th wkJune 1,894,110 1.515 ,969
May
Maine Central
1,244,012 1,043 125
Maryland & Penn_. May
46,259
40 712
May
Midland Valley
228,833
160 894
8.37,313,
i
;667 ,2.371 3 .895.5.56
,315,782! 4 ,343,636
910,725i
384.3581
821,816
4 ,627.564
660,691
606,332
811,985
907..531
35 .717,995 31 .0.52,751
,607,3311 4 ,910.383
190.369
208.507
Virginian
Wabash
.
Yazoo & Miss Vail. June
779.410
,075,766
,522.013
595,3781
26 644
,328,325 5 ,390,309
192 924
.687! 16 ,981.203
645 .599 16 426
334,381
281,440,
67 ,557|
692 .307! 19 967,781 16 .420.897
5,670 ,217 31 126,90326 ,504,314
1.107 3511 5 975,4101 5 ,399. ,376
140,943
154,7771
17 726
i
Various Fiscal Years.
Weekly Summaries.
4th week
1st
week
week
week
week
week
week
week
week
week
Apr
(30 roads')
(32 roads)
(32 roads)
(31 roads)
(30 roads)
June (27 roads)
June (28 roads)
June (31 roads)
June (31 roads)
July (20 roads)
May
May
May
May
Current
Year.
S
17,6,57,935
13,9K4.924
14,803.193
Increase or
Decrease.
Previous
Year.
%
1
July
July
July
1
-July
Southern Railway System
July
Alabama Great Southern
Cine New Orleans & Tex Pac. July
& No Eastern... July
New Orleans
July
Mobile & Ohio
July
Georgia Sou & Florida
1
Pacific Coa-st
St Louis-San Francisco
St Louis Southwestern
-1-1.96.'5,04"
12.52
+ 1.403.432 11.15
+2.0.55.417'16.28
+ 1. 866.-538 14.60
+ 3.298.380 12.35
+ 2.18X.7.34 17. 82
+ 1.995,815 15. .57
+ ,88S.788 11. 61
+ 2,944,594 16.95
+ 1.288.496 11.85
12. .581, 492
346,915
,536,157
,834,954
,723.638
,844,949
548,351
,822,640
,499,690
Monthly Summaries.
Cur Yr. Prev. Yr.
S.'ptfinb'T
.2*^ 1.5'
24rt,883
October
1
1
1
1
1
1
1
1
1
Current
Year.
June 5516 ,447,630
to June 30, 4 ,076.193
to June 30 1 ,180.592
to April 30
,177.989
to
to May 31
to July 7
to July
7
to May 31
to May 31
to May 31
to July
7
to July
7i
,620,802
Previous
Year.
S
,067,345
498,037
072,917
,061,676
,266,7,58
303,000
278,000
,060,276
,698,515
,319,710
,987,794
,803,470
129,272
,469,698
236,981
43.829
202.233
42.955
089,032
Monthly.
Mileage.
$
15,692.888
1
Period.
July
Chicago Great Western
Duluth South Shore & Atlantic. July
July
Mineral Range
AGGREGATES OF GROSS EARNINGS— Weekly and
*
1.276,651
734,026^47 .382.629
679,5761 4 .408.501
071.696115 .901.618
198.60
.473.636
620,338
,544,444
114.307
624,443
942,685
,614,949
,134,885
,035,096
1 ,2.34,8,59
,322 .732! 18 ,912,609
.0,82. ,536
May
114327958
May
1,044.943
May
3,515,967
Western Maryland 1st wk July 228,779
May
913,609
Western Pacific
Western Ry of Ala. May
118,673
918.274
Wheol & Lake Erie. May
Union Pacific Syst.
Current
Year.
Previous
Year.
Increase or
Decrease.
+
+
%
38..5.55 .5.tl 13
24/ 4ii'i 332. S^8 OQ'i 2':>4 3:i.^.44''
35.050.786 11
24fl.00n 345.790.899,310.740,113
23.652,274! 7
248.0.58 3.30,2.58.745 306.606,471
215. 6691262. 171. 169 242,064,235 +20,106.9341 8
247.327 ,307,961.074 267.115.2.89' +40.845, 785i 15
11
23
7i
Novomhor. 248.86.3
+
12.747.776
2d
Decamber ..216.811
31
14,679.235: 12.812,697
3d
29
January
24«.477
21,906,929] 18, 608.,549
4th
February
249 .79,5 248.738!271. 928.066 269.272.382, +2,655,684 0.99
14,477,7.361 12.289.002
1st
March
248,185 247,317 .321,317,.560 294,068,315 +27,249,215 9.27
14.823.511 12.827.696
2d
April
248.723 248.120 326.560.287 288.740.653 +37.819,6.34 13.10
14,792.555 12.908.767
3d
Mav
S2.7««
81..^-3fi
81. 604. 169 70,6.56.516 + 10.947.614 1 5 4fi
20.312.246 17.367.6.52
4th
-Tune
83.103
10.876.4.50
81,651 81,766.467 70.110.791+11.6.55.676 16.62
12.164.946
1st
a Includes Cleveland Lorain & Wheeling Ry. b Includes Evansville & Terre Haute, c Includes Mason City & Port Dodge and the Wisconsin
Minnesota & Pacific, d Includes not only operating revenue, but also all other receipts, c Does not include earnings of Colorado Springs & Cripple
Creek District Ry. /Includes Louisville" & Atlantic and the Frankfort & Cincinnati, p Includes the Texas Central and the Wichita Falls lines,
Includes the Lake Shore & Michigan Southern Ry., Chicago Indiana & Southern RR., and
ft Includes the St. Louis Iron Mountain & Southern.
Dunkirk Allegheny Valley & Pittsburgh RR. * Includes the Alabama Great Southern, Cine. New Orleans & Texas Pacific, New Orleans & Northeastern
and the Nor. Alabama, "i Includes Vandalia RR. n Includes Nor. Ohio RR. p Includes Northern Central. * We no longer include Mexican roads
in any of our totals.
1
:;
—
— ——
—
JuLi
14
,
.
THE CHRONICLE
1917. J
Latest Gross Earnings by Weeks.
—
In the table which,
follows we sum up separately the earnings for the first week
The table covers 20 roads and shows 11.85%
of July.
increase in the aggregate over the same week last year.
week of July.
Buffal9 Rochester
1917.
S
&
Pittsburgh
May
'17
'16
'17
46,546
46,717
235,683
16
209,525
St Louis Southwestern
mos
May
14,475
M
Missouri Kansas & Texas
& Ohio
St Louis Southwestern
Southern Railway system
Mobile
.
._
...
...
Total (20 roads)
Net mcrease (ll.S5rc)
1,155,029
141,974
American Express Co. —
Total from transportation...
Express privileges — Dr
192,924
18,639
Oper. other than transport'n.
707,704
710,383
236,981
303,000
2,060,276
367,805
228,779
645,599
692,307
202,233
278,000
1,803,470
62,105
18,076
34,748
25,000
256,806
10,505
30,172
11
mos
485,000
211,298
8,112
24,562
1.58,271
17,428
16,213
-84.379
82,859
def6,226
def5,481
dcf6.392
def43,223
215,098
137,292
1.623,918
1,152,828
580,039
333.689
6,203,899
4,202,049
267,224
266,401
2,974,222
2,963,226
312,815
67,288
3,229.677
1,238,823
81
31
804
EXPRESS COMPANIES.
42,100
""874
Jan. 1 to Mar. 31
Month of March
1917.
1916.
1917.
1916.
.$
$
$
$
6,665,289 6,036,153 16,938,175 13,178,220
3,363,045 2,528,952 8,563,727 6,532,161
Revenue from transport'n. 3.302,243
Canada Atlantic
?^inneapolis & St Louis
Iowa Central
Mmneap St Paul & S S
.
259,997
446.700
42,955
211,563
Grand Trunlc of Canada
IJQGrand Trunk Western
Detroit Gr Hav & Milw
267,439
885,100
2,616,000
674,519
1,297,003
Southern
Denver & Rio Grande
Georgia Southern & Florida
35V ,300
198,607
371,531
2,507,200
263,469
8,374,447
1,000,866
6,646,059
788,696
Total operating revenues. 3,673,775
Operating expenses
3.474.240
2,770,670
2,401,178
9,375,313
9,096,109
7,434.755
6,819,900
879
49,618
369,491
807
46,781
279,204
5,074
131,304
614,854
2,862
133,978
149,035
321,902
Net operating revenue
199,5,34
Uncollectible rev. from trans.
Express taxes
Operating income
—
Canadian Express Co.
Total from transportation...
Express privileges— Dr
1917.
$
Increase.
1916.
D ecrease
Previously reported (15 roads) . 14.398,625 12,397,724 2,003.601
101.168
76,774
24,394
Atlanta Birmingham & Atlantic
91,180
77,144
14,036
Chicago Great Western
341,120
311.556
29,564
Detroit & Macldnac
34,738
334
34.404
Duluth South Shore & Atlantic.
149,341
114,541
34,800
2.700
Ann Arbor
Grand Trunk of Canada
Grand Trunk Western
Det Grand Hav & Milw...
Canada Atlantic
Louisville
&
Nashville
2,104,316
'.
Mineral Range
Minn St Paul
Nevada-California-Oregon
Rio Grande Southern
Tennessee Albama & Georgia..
Toledo St Louis & Western
&SSM
Total (31 roads)
Net
230,369
11,752
Total operating revenues.
Operating expenses
Net operating revenue
Uncollectible rev. from trans.
Express taxes
1,894,110
35,114
989,453
12,312
18.130
2,948
139.691
8,114
—
Current
Year.
Net Earnings-
Current
Year.
$
Previous
Year.
Previous
Year.
S
ft320,851
1,369 ,246
7(447,190
6,700 600 ftl,932,254 711,601,936
Chicago & Alton. a
May 1.727.019
Jan 1 to May 31
7,909,374
Chic Burl & Quincy.b--Mayl0,577,859 8,596 ,915 3,489,267 2,869,712
Jan 1 to May 31
48,208,261 41,816. 901 17,143,679 15,704,913
Chicago & East Ill.b... May 1,767,630 1,297 ,111
376,926
273,276
Jan 1 to May 31
8,249,484 6-728 468 1,764,167 1,417,901
Chic Rock Isl & Pac.b.May 7,022,641 5,975 044 1,832,939 1,744,194
Jan 1 to May 31
33,365,096 29,26 ,363 8,041,468 8,469.810
Delaware & Hudson_b-May 2,626,138 2,253 ,968
653,885
794,460
Jan 1 to May 31
11,297,995 10,738 ,997 2,230,257 3,486,157
Great Northern. b
May 8,143,900 6,917 ,872 2,830,700 2,505,726
Jan 1 to May 31
31,491,45 28,741 ,916 8,485,087 9,108,267
Missouri Pacific and St Louis Iron Mt & So.a-
May
6,738,962 5,670 ,217
31,126,903 26, .504 ,314
363 ,103
May 367,586
May 31
1,689,048 1,629 ,230
StLouisIronMt&So-a.May 3,849,055 2,930 ,572
^
Jan 1 to May 31
17,226,721 13,461 ,458
Texas & Paciflc.b
May 1,865,346 1,433 ,073
Jan 1 to May 31
8,782,739 7,611 ,850
Tol St Louis & We.st-a-May
523 ,874
591 ,514
Jan 1 to May 31
2,703.664 2,352 ,157
Jan 1 to
Rutland, b
Jan 1 to
May
1.960,129
8.118.682
68,310
356,442
1,333,128
5,349,755
.639,067
2,427,168
el51,884
723,532
4,407,745
129,584
488,912
485,526
2,649,078
306,387
1,846,162
pl90,304
ff634.462
31
ff754,455
a Net earnings here given are after deducting taxes.
b Net earnmgs here given are before deducting taxes.
g After allowing for miscellaneous charges to income for the month of
May 1917, total net earnings were $119,128, against $155,366 last year, and
for the period from Jan. 1 to May 3i were §423,541 this year, against
$586,742.
h After allowing for miscellaneous charges to income, operating incom
for May 1917 was .'5;364,945, again.st .S;261,520 and from Jan. 1 to May S
was $1,467,639 in 1917, against $1,409,873 last year.
Fixed Chgs. Balance,
Gross
Net
Earnings. Earnings.
Taxes.
Surplus.
$
$
$
'1'
Bellefonte Central. June
296
6,098
247
49
•16
defSl
6,843
2,56
def 287
6 mos "17
2,934
1,482
41,639
1,452
•16
5,081
40,477
1,536
3,545
&
Gross
Earnings.
& Aroostook
May '17
390.204
Net
Other
Total
Earnings.
S
Income.
Income.
S
$
Charges
&
Taxes.
$
Bangor
'16
'17
'16
344,284
2,0X1.610
5 mos
1.782,926
Cambria &. Indiana
'17
May
29.959
'16
23.423
5 mos '17
12V. 919
'16
111,410
Toledo Peoria & Western
June '17
119.794
6
mos
'16
'17
'16
102..362
625.008
576.760
Orl
Tex
May
5
729,611
752,539
4.023
3,382
34.7.57
27.438
162,217
116.375
45.143
17.8.34
181,737
186,955
891.828
868,914
49,166
21,216
19,121
16,855
195.633
89,925
214,7.54
20.269
23,581
61,406
68.487
12.000
12.754
119.382
76.083
32.269
106,780
36, .335
180,788
144,570
mos
'17
'16
'17
'16
\el after
Other
Gross
Tuxes.
Income.
Income.
•S
Gross
Earnings.
New
140, 9S0
l.^O.Sl?
S
& Mex
Lines
513,817
411.457
2.719.723
2.054,.308
157,689
93.915
924.015
326,090
8,080
3,362
57,090
14,004
165,769
97.277
981,105
310,100
Balance
Surplus.
S
106.815
74,922
69,383
312,142
276,361
117,.572
579,686
592.553
14,361
7,426
34,805
13,790
147,470
67,659
67,284
39,121
28,272
27,579
164,297
160,661
Fixed
Charges.
S
25.575
05,370
246,842
342,592
148,057
129,748
578,196
506,289
404,077
376,110
64,565
109
7,000
18,308
19
4,200
71,907
266
21,000
27,967
291
12.600
^14.087
—
^
50,640
—'jan
.
1 to
15,075
March 31
758,2.30
457,913
407,958
Oper. other than transport'n
112,350
4,193
98,629
4,185
300,316
11,859
251,816
10,767
116,543
92,358
102,815
83,872
312,176
288,186
262,583
249,242
Net operating revenue
24,185
AncoIIec. rev. from trans
Express taxes
4
3,717
18,943
4
3,346
23,989
39
11.826
13,341
32
10.831
20,463
15,592
Operating income
1916.
3,997
8,7.56
10,491
den 6, 09
'
Balance
Surplus.
S
140,194
31.. 907
734,263
def2,492
.•$
,?
Month
STEAM
Roads.
242,121
177,556
Total oper. revenues
Operating expenses
Net Earnings Monthly to Latest Dates. The table
following shows the gross and net earnings with charges and
surplus of
railroads and industrial companies i-e•
389,471
14,605
250,640
152,010
Revenue from transporta'n
3,592
2,095
21,566
-Gross Earnings — — —
543,964
34,231
279,136
166,786
—
i
ported this week:
142,948
5,108
1915-16.
$
649,775
Great Northern Express Co.
Total from transportation...
Express privileges Dr
5.414
853
118,125
1916.
$
814,018
424,546
March
378,141
8.470
63,883
1.515.969
26,644
925.570
17.726
14.538
Mar. 31
547,233
1917.
368,232
1,736,084
478,013
1 to
57.456
Operating income....
20,312,246 17,367,652 2,952,708
2,944,594
(16.95%)
increase
422,518
192,149
— Jan.
1917.
$
1,091,198
$
291,756
148,808
Revenue from transport'n.
1917
-
1916.
Oper. other than transport'n.
same week last year.
142,825
Month of March——
56,575
12,164,946 10,876,450 1,345,071
1,288,496
For the fourth week of June our final statement covers 31
roads and shows 16.95% increase in the aggregate over the
Fourth Week of June.
s
1,124
364,941
196,397
4,579,981
3,019,221
'17
1,352,487
'16
987,495
'17 14,561,435
•16 11,265,020
252,964
902,300
3,101,000
885.817
166,383
17",256
Balance,
Surplus.
Charges.
s
11,202
10,732
77,987
39,636
11,121
10,701
77,183
38,512
404.600
43.829
&
Texas & Pacific...
Western Marvland
s
Fized
Gross
Income.
«
Other
Income,
$
Rio Grande South
8
$
Net after
Taxes.
284,5.59
Canadian Pacific
_
Chesapeake »& Ohio- _
Chicago Ind & Louisville
Colorado
Increase. Decrease.
1916.
175
Gross
Earnings.
$
5
First
—
—
— —
1
—
Northern Express Co.
Total from transportation...
E.xpress privileges— Dr
1917.
%
of April
1916.
1916-17.
$
12,123
2,476
Jan. 1 to April 30
1917.
1916.
$
$
976,993
837,698
537,255
461,146
282,894
154,127
$
237,121
129,169
Oper. other than transport'n.
128,766
4,426
107,951
4,268
439,738
14,466
376,551
13,210
Total operating revenues.
Operating expenses
133,192
108,602
112,220
88,805
454,204
388,363
389,761
341,028
Net operating revenue
Uncollectible rev. from trans.
Express taxes
24,590
9
6,000
23,415
58
5,000
65,841
211
24,000
48,733
133
20,000
18,580
18,356
41,630
28,600
Revenue from transport'n.
Operating income.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Jan.
1 to latest
date.
Name
or
of Road
Company.
Week or
Month.
Adirond EI Pow Corp April
May
Atlantic Shore Ry
f Aur Elgin & Chic Ry May
Bangor Ry & Electric April
Baton Rouue Elec Co May
BeltLRyCorp(NYC) April
May
May
Brock & Plym St Ry. May
Bklyn Rap Tran Syst April
Capo Breton Elec Co May
Cent Miss V El Prop. May
Chattanooga Ry & Lt April
Cities Service Co
May
Cleve Painesv & East May
Cleve Southw & Col. April
(/Columbia Gas & El. May
Columbus (Ga) El Co May
Colum (O) Ry, L & P April
Com'w'th P Ry & Lt. May
Connecticut Co
May
Consum Pow (Mich) May
Cumb Co (Me) P & L April
Dallas Electric Co... May
May
Dayton Pow & Lt
May
g Detroit Edison
Detroit United Lines. May
D D E B & Batt(Rec) April
Duluth-Superlor Trac May
East St Louis & Sub. April
Eastern Texas Elec. May
El Paso Electric Co.. April
42d St M & St N Ave April
Federal Lt & Trac. April
Galv-Hous Eloc Co.. May
Grand Rapids Ry Co April
Great Vv'est l"ow .Syst, May
Hagers'n & Fred Ry.j April
Harrisburg Railways May
Havana El Ry, L & P May
Honolulu R T & Land April
Housrhton Co Tr Co, May
b Hudson & Manhat. May
May
Illinois Traction
Inter boro Rap Tran. May
Jacksonville Trac Co. May"
Keokuk Electric Co. May
May
Ke.v West KU^ctric
Lake Shore Elec Ry. •May
Lehii^h Valley Transit May
Lewist Aug & Waterv April
Berkshire Street Ry_
Brazilian Trac, L & P
Current
Year.
126.431
14,885
.
.
.
,
.
,
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Previous,
Year.
H7„576
26,080
178,494- 174.517
70.632
62,654
17.765
17,792
65,329
58.340
84.466
87.825
/7864000 /7304000
9.586
10.070
2477.556 2344.098
36.030
30,278
24,100
23,309
111,840
99,983
1565,426 709,085
43,747
39,296
116,813 106,612
861,625 658,908
S4.410
66 .695
304,819 285.006
1512,014 1328,070
811,351 800.058
444.153 361,938
233,439 211,944
170,225 151,437
136,595 122,588
962,630 761,864
1529,132 1392.H01
37,813
42.299
125.5.50 107.921
298,279j 237.646
74,23.3
101,370
148,735
219.531
1.55.9SS
103,025
323,929
44,979
93,431
564,237
56,760
26,466
523.147
10.54,445
3511,497
56,76
19,388
11.712
.
141, ,530
.
231,610
.
68,0.53
65 335
85.799
163.898
20.i.l75
1.54,839
103,047
295.301
39,306
95,765
498,275
55,039
25.963
502,544
949,986
3231,008
53.732
19,155
9,487
130,172
206.311
60,400
Current
Year.
Previous
Year.
546 ,349
511,058
112 ,725
117,498
811 .757
768,988
285 295
255,138
94 ,325
84.689
227 ,266
251.594
418 ,803
375, .308
/37004 .000/34001.000
43 ,512
40.934
9.594 .594 9,017,434
174 ,884
149.138
122 ,741
119.816
427 ,757
397,681
8,432 ,236i 3,324,306
195 ,889;
167,088
448 ,186
409.641
4.944 ,438 4,136,449
426 ,572
334,878
1,291 .097 1.151,217
7.721 .966 6.765,537
3.902 .262 3,678,610
2.297 .073 1,894. .563
925 ,820
832.900
799.425
911 .294i
673 208
654.461
5,128 ,735; 4.133.520
7,210 9661 6.298.567
142 494'
160.283
.53K,(iS7
636 1.53
926.373
1. 146 096
37s .041
320.939
368.719
437 .160
629,640
564 ,719
932 ,456
861.788
775 .517
766,8.52
432 ,798
419,911
1 .637 .440
1, 512,983
176 ,505
148.370
458 ,151
451,379
2,696,,060 2,417.062
229 ,573
214,511
129.922
T42 ,.501
2,630 ,661 2.484.255
5,388 ,309 4.921.131
17,585 .884 16,100.716
266,239
290 ,040
97 ,478
97,997
55 ,831
47,304
583.317
659,,926
1,0.S2 ,155
960,3.54
251 .776
219.061
— —
.
11
THE CHRONICLE
176
Name
Lalcsl Gross Earnings.
Road
or Company.
1 to latest
Week or
Month.
Current
Year.
N Y City Interboro. April
N Y& LonK Island.. April
N Y & North Shore.. April
N Y & Queons Co... April
New York Itaihvays. May
N Y & Stamford Hy. May
N Y Wcstclios & Bost May
Trac
Nor Ohio Trac &
I^t.
49, .53.5
...
Port(Oro)Ry,L&PCo. April
Puget Sd Tr L & P. April
Ry &
g Republic
Lt..
May
Rhode Island Co
May
Richmond Lt & RR. April
...
H
St Jos Ry. L,
& P. May
Santiago Elec Lt & Tr April
Savannah Electric Co May
Second Avenue (Rec) April
Southern Boulevard. April
Southern Cal Edison. April
Staten Isl'd Midland. April
May
Third Avenue
April
Twin City Rap Tran. May
Union Ry Co of NYC April
Virginia Ry & Power. May
Wash Bait & Annap. May
Westchester Electric. April
Westchester St RR_. May
ffWest Penn Power.. May
oWest Penn Rys Co_ May
Yonkers Railroad
April
York Railways
May
Youns;stown & Ohio_ May
Electric
Co..
...
061.698
617.534
769.582
385.327
239,038
118.727
47,708
440,421
243 .1.59
123 182
46 429
392 ,765
13, .542
5,042 0.52
135 ,779
228 ,164
48,4.50
17,334
17,282
539,620 42.5,943
180,238 150.755
7,677
7,486
276,191 255.828
23.265
24.203
25.314
23.845
2570,440 2391,370
47,778
46,011
473,358 447,967
7.54.687 645.088
371,746 326,401
489.768 493.297
33,036
29,607
117,960 106,261
40,963
42.755
74,213
64.344
63,800
64,843
18.140
18,695
434,632 401,286
25.587
23,954
82,012
72.781
342.997 330,884
841,765 849.057
238,239 243,267
515,250 478,601
86.497
77,753
41,733
44,151
21.863
22,964
320.848 229,951
637.117 506,520
64,995
66,134
84,211
76,806
28,817
28,719
.
May
May
,885,5.58
441 .718
119,093
104.5.801 1192.036
31,021
33,099
...
March
May
May
121. .586
62,644
34,713
13,125
97,223
64.178
728,357
3.2.55
193.641
87,861
60,430
33,904
92,81.S
North Texas Electric
...
Ocean Electric (L I) April
Pacific Lt & P Corp. April
o Paducah Tr & Lt Co May
Pensacola Ele<;tric (^o May ...
Phila Rapid Transit.
Phila & Western Ry.
551.797
143,854
2.'>,2,.37.5
Previous
Year.
67 186
748 .541
375
837 ,457
1,002 957
810 381
2.50.571
201, .591
_
Northampton
3
17,857
170.70.5
Nowp N&a Hy (S&E May
Current
Year.
Year
18,877
...
...
...
Mononirahiila Vall Tr May
Nashville Hy & Light April
Previous
261,478
644.494
.
Mllw El Rv fi Lt, Co. May
Milw Lt. Ht & Tr Co May
,.597,572
131,6.54
211.303
48.016
49 ,654
2,.594
,373
884 .S20
1
7.56.693
24 722
1,091 ,399
,967.897
24,077
,017,244
126 ,863
127,383
128 ,.548
117.061
12,170 ,689 11 ,109,400
210 ,246
195,854
1,897 975 1 ,763,089
3,031 154 2 ..567.258
1.854 025 1 ,612,894
2,317 ,707, 2 .-228,505
1
127, 077
626 892
174 407
372 78i;
243, 788
67, 923
1.660 403,
93. 067,
436
15i
112,708
563,006
178,305
321 .043
252,202
71,917
,615,495
1
86,950
410.918
1 339,943
4 156,225
901,846
1,354. 791
4,322 749
915, 283
2,541 038 2 ,374,983
401 4S5,
351,193
160 427
170,467
92 529
95.6.54
1,603 273' 1 176.928
3,036. 0241 2 ,443.027
243 024
245,467
431 703
396.515
134. 743!
128,982
6 Represents Income from all sources, c These figures are for consolidated company. / Earnings now given In mllreis. g Includes constituent
companies.
Electric Railway and Other Public Utility Net Earnings.
The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
—
-Ne t EarningsCurrent
Peoious
Companies.
Year.
Year.
«>
#
Brazilian Tr, L & P
Mayc7,864.000 c7, 304, 000 c4,289,000 c4, 108,000
Jan 1 to May 31
c37004,000c34,001,000c20,380,000cl9,091.000
Chicago Telephone
May 1,811,961 1,630.881
422,668
436,031
Jan 1 to May 31
8,971,909 7,988,467 2,422,395 2,358,228
Iowa Telephone
May 349,058
92,896
77,860
270,191
Jan 1 to May 31
539,820
396,936
1,680,836 1,315.700
Nebraska Telephone... May
215,636
87,836
67,054
254,627
Jan 1 to May 31
383,683
334,160
1,181,854 1,045,165
North w Texas Exch
May 526,206
101,390
457,864
102,373
Jan 1 to May 31
516.968
507,848
2,499,985 2,178,648
-Gross EarningsPrevious
Year.
Current
Year.
Securities Corporation
(Subsidiary cos only) .June
Jan 1 to June 30
Western Union
Jan 1 to May 31
528,077
449,180
3,120.719 2,631,746
May 6,371,866 4,887,227
29,312,162 23,487,575
264.138
1,689,081
900,936
7,310,142
244,236
1,454,161
1.340,418
6,671,897
Fixed
Charges.
35,706
36,230
178.794
182.455
12.176
12,075
58,953
56,696
Balance,
Surplus.
8.234
17,995
1917.
Sy.stem
Gross
Earnings.
Aurora Elgin
& Ch.May
mos
6
Cleve Palnesv
& E.May
mos
5
Havana El Ry.L&PMay
mos
5
Keystone Telep
June
6
Shore El
mos
Ry Sys.May
5
mos
N N & H Ry G&B-May
5 mos
'17
'16
'17
•16
'17
•16
•I?
•16
"17
•16
'17
'16
'17
'16
'17
'16
'17
•16
•I?
'16
'17
•16
'17
•16
178,494
174.517
811,757
768,988
43,747
39,296
195,889
167,088
564,237
498,275
2,696.060
2,417,062
132,253
122,365
777,828
718,233
141,530
130,172
659,926
583,317
92,813
87,861
441,718
385,327
Western Union Telegraph
3 mos to June 30 ^17 19,290,570
6
mos
•16 14,893,537
to June 30 '17 36,422,757
Wise-Minn Lt & Pow
12
mos to May 31
'16 29,244,150
'17
'16
1,488,978
1,213,365
z After allowing for other
Net
after
Taxes.
43,940
54,225
207,681
241,150
14,735
16.845
74,961
68,046
311,343
312.641
1,534,768
1,483,048
62,303
60.549
374.873
359.372
43.533
44.398
194.873
185,719
39,323
36.022
162,519
140,031
1.34,487
130,.506
673.619
625,947
27,791
27,452
166,750
164,717
34.253
36.197
171,837
181,576
20.335
19,232
102,830
96,144
28.887
58,695
2,5.59
4.770
16,008
11,350
1183.217
a:191,271
a!915,136
1912.911
34.512
33,097
208,123
194,655
9,280
8,201
23,036
4,143
18,917
17,156
60,247
44,598
3,271,669
3,107,474
7,491,552
6,645,038
332.962
332,962
665,925
665,925
2,938,707
2,774,512
6,825,627
6,979,113
771,158
619,436
273,156
498,002
income received.
General Gas
&
Electric
Company.
Operating Revenue
Month
of
June
Increase.
Amount.
1917.
Pennsylvania Utilities System
Interurban Gas Company
Rutland System.
North Western Ohio System.
Sandusky Gas & Electric Co...
Binghamton Light, Heat & Power Co...
Sayre Electric Company.
Light
New Jersey Power &
Total...
Co
—
1916.
$93,169
832
36,897
25.722
34,895
28,512
7,841
17,418
$76,383
753
34,094
24,620
24,081
24,431
7,217
15,359
$16,786
79
2,803
$245,286
$206,938
$38,348
1,102
10,814
4,081
624
2,059
Gross Revenue
Increase.
of June
1016.
Amount.
3264.701
22.227
$216,066
74.979
18.380
$48,635
2.977
3,847
$.364,884
West Virginia System
Claremont System
$309,425
$55,459
77.9.56
Total-.
New York
Street Railways.
Gross Earnings
,
Current
Year.
s
Roads.
Previous
Year.
$
Net Earnings
Current
Previous
Year.
Year.
$
s
cl93.651
c200.208
791.173
748,689
1,148,709 1,128,698
4,017,521 4, .005,535
678.292
701,502
2, .576. 767
2,629,629
1,827.001
1,839,201
7,194,288 7,135,165
839,601
809,961
2.879,823 2.830,112
Hudson & Manhattan. a. Apr 370,240
351,803
Jan 1 to Apr 30
1,492,136 1,374.870
Interboro R T (Sub). a..Apr 1,9.54,8.54 1,769,171
Jan 1 to Apr 30
7,867,314 7.104,403
Interboro R T (Elev). a. Apr 1,.566, 166 1,474,7.58
Jan 1 to Apr 30
6,207,073 5,765,304
Total InterborRT .a.Apr 3,.521,020 3,243,930
Jan 1 to Apr 30
14,074,387 12,869,708
Brooklyn Rap Tran_a..Apr 2,477, .5.56 2,344,098
Jan 1 to Apr 30
9, .594, 594
9,017.4.34
N Y Railways. a
Apr 1,033,608 1,135,802
353,154
248,809
Jan 1 to Apr 30
3.996,251 4,405„536
634,170 1,268,873
Belt Line. a
Apr
58,340
65,329
defl,.588
14,566
Jan 1 to Apr 30
227,266
251, .594
23.410
51,355
Second Ave. a
Apr
63,800
64,843
6,097
10,314
Jan 1 to Apr 30
243,788
2.52,202
4,684
26,236
Third Ave. a
Apr
342,997
330,884
100,615
143,064
Jan 1 to Apr 30
1,3.54,791
1,339,943
482,895
535,464
DryDockE B& Batt.a.Apr
37,813
42,299
7,374
9,420
Jan 1 to Apr 30
def2,443
142,494
160,283
3,134
42d St Man & St N Av a Apr
148,735
79,046
163,898
58,303
Jan 1 to Apr 30
564,719
629,640
181,297
268,964
N Y City Interboro. a. -Apr 62,644
19,069
20,040
60,430
Jan 1 to Apr 30
243,159
239,038
53,357
80,265
Southern Boulevard. a. .Apr
18,140
18,695
2,665
5,946
Jan 1 to Apr 30
67,923
71,917
20.760
7,991
Union Ry of
City. a.Apr
238,239
243.267
65,573
61,931
Jan 1 to Apr 30
915,283
901,846
193,917
189,937
Westchester Elect. a
Apr
41,733
44,151
6.876
14,026
Jan 1 to Apr 30
160,427
37,828
170,467
1,029
Yohkers-a
Apr
64,995
17,633
21,440
66,134
Jan 1 to Apr 30
243,024
245,467
44,920
71,219
Long Island Elect. a
defl,199
Apr
17,857
708
18,877
Jan 1 to Apr 30
defl2,485
def7,300
67,186
64,178
N Y & Long Isl Trac.a.Apr 34,713
33.904
2.841
3,291
Jan 1 to Apr 30
def 1.559
1,274
123,182
118,727
North Shore -a.. -Apr
13,125
3,337
4,390
13,542
Jan 1 to Apr 30
13,323
46,429
47,708
8,857
Queens. a
Apr
def2,363
97,223
119,093 defl8,289
Jan 1 to Apr 30
def37,286
392,765
440,421 def97,923
Ocean Electric-a
809
Apr
1,104
7,677
7,486
Jan 1 to Apr 30
def2,009
defl,985
24,722
24,077
Richmond Lt & RR. a.. Apr
33,036
29,607
6,361
7,004
Jan 1 to Apr 30
10,711
127,077
112,708
11,468
Staten Isl Midland. a.. -Apr
812
1,779
25,587
23,954
Jan 1 to Apr 30
def4,319
93,067
86,950 defl4,565
NY
NY&
NY&
a Net earnings here given are after deducting taxes.
c Other income amounted to $72,407 in April 1917, agst. $80,011 in 1916.
Annual
ANNUAL REPORTS
Reports. —An index to annual reports of steam
and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published.
The latest index will be found in the issue
of July 7, which should have appeared June 30, but was
omitted for lack of space. The next will appear in that of
railroads, street railways
July 28.
Chicago
c Milreis.
L
Light Corporation.
Month
„
Roadin'.'
•a>
Utah
&
Eastern Power
date.
of
Long Island Electric. April ...
Louisville K;iilwa.v._ March
Tampa
Jan.
[Vol. 105.
& Western
Indiana RR.
{Report Jar Fiscal Year ending Dec. 31 1916.)
Pres. H. G. Hetzler, Chicago, -June 5, -nTote in substance
During 1916 $536,000 Gen. Mtge. 6% bonds were retired under the sinking fund provisions of the mortgage, leavang $4,648,667 outstanding Dec. 31
1916, out of an original issue of $14,368,000. Under the refunding provisions of the Consolidated Mortgage and joint supplemental lease of July 1
bonds were simultaneously
1902. a like amount of ConsoUdated Mtge.
issued and deUvered at par to the tenant companies for repayment of the
par value amount of Gen. Mtge. bonds retired and canceled by their
The 818.497,000 of First &
respective payments into the sinking fund.
Ref. Mtge. bonds are used as collateral of the 2-year 5",^ Mtge. notes dated
Sept. 1 1915.
bonds. 34.649,Of the authorized issue of $50,000,000 Consol. Mtge.
000 is held in reserve to retire Gen. Mtge. bonds, 39,719,333 to refund
Gen. Mtge. bonds heretofore retired by sinking fund and $35,631,667
for additions and betterments to the property.
The Consolidated
bonds are secured by the property of the company
valued at more than twice the total amount of these bonds and subject
4%
4%
4%
only to the outstanding Gen. Mtge. bonds, amounting to $4,648,667,
which are being redeemed and canceled through the operation of a sinking fund, and the entire issue of the Gen. Mtge. bonds will have been
reddemed and canceled in, approximately, 1923, at which time the Consol.
Mtge. bonds will become the first lien. The five proprietary companies,
viz.: the Grand Trunk Western Ry. Co., Chicago & Erie RR. Co., Wabash
Ry. Co., Chicago Indianapolis & LouisviUe Ry. Co., and the Chicago &
Eastern Illinois RR. Co.. are liable for the interest and principal of the
Consol. Mtge. bonds. These bonds are further secured by pledge of the
leases of the five named proprietary companies, also by leases of the Atch.
Topeka & Santa Fe Ry. Co. and the Elgin Joliet & Eastern Ry. Co.
Of the $13,935,000 2-year 5% Mtge. notes sold Sept. 1 1915, $12,880,440
has been charged in the accounts:
$10,000,000
(1) For redemption of 3-year 5% notes of 1912
'"
(2) For additions and betterments to the common property of
elevation, incl. addithe C. & W. I. RR. Co.: (o) Track
tional real estate, $284,960; (6) misc. charges to additions
351,546
and betterments on common property. $66.586
(3) For additions and betterments to the Belt Ry.: (o) Conaccount clearing
struction and additional real estate
yard, $1,307,840; (6) betterments to power house at
clearing, $90,618; (c) track elevation on Belt Ry., incl.
2, .528.894
additional real estate, $1,107,785; (rf) misc., $22.651
The total expenditure for additions and betterments to road for this
year was $1,352,480, viz.: $707,125 expended on the common property
and 3643.266 on property leased to the Belt Ry. Co. of Chicago and $2,089
on property used exclusively by the proprietary tenants. The principal
expenditure, $1,148,576, was made in connection with the elevation of
tracks and roadbed of the company in compliance with ordinances of the
The greater part of this expenditure was in the elevation
city of Chicago.
of tracks on the Belt Division between Belt Junction and Wood St., on the
Main line between 70th St. and 76th St., and from 76th St. to State St. in
joint facility territory. All this work was continued from previous year.
Exclusive of the track elevation, there was an expenditure of $203,904
for additions to right-of-way and miscellaneous improvements.
,.
.
July 14
INCOME STATEMENT FOR YEARS ENDING DEC.
—
INCOME ACCOUNT DEC.
1915.
1914.
1913.
$54,095
101,816
36.003
$63,413
82,181
28,012
$73,501
122,440
57,907
$95,419
54,970
49,712
$173,606
173,033
$253,848
203,570
$200,101
$43,671
(122.76%)
Net earnings
$191,914
235,585
$573
(99.67%)
$50,278
(80.19%)
$29,502
(85.26%)
loss
Operating ratio
Oilier Income
Tracks, &c., rentals
Hire of equipment
—
—Taxes
Bond
interest
Miscellaneous
Dividends (6%).
Total deductions
Balance, surplus
$1,092,496
91,046
2,088,135
23,847
$3,296,098
$256,205
2,374,353
135,526
300,000
$3,410,273
$262,187
2,394,299
25,760
300,000
$3,522,203
$132,237
$3,066,084
$230,014
BALANCE SHEET DEC.
1,510
1,510
5,,169,472
4,958,907
4,750
557,335
1,791,393
1,149,830
124,576
19,903
2,369
782,758
386,475
3,039
1,125,240
775,891
88,000
18,497,000
4,750
599,300
763,843
Cash in treasury, _
Cash with trusteeSpecial deposits--
&
bills
1
rec.
27,326
17,869
Traffic, &c., bals.
Agents
&
,194,311
conduc.
1,963
Miscellaneous
Material & supplDeferred assets
Disc. on fund.debt
Other unadj .debits
455,372
444,968
3,479
925,651
787,693
116,000
Unpledged securs.
Pledged securs
18 ,497,000
Total
92,455,604 92,466,851
104, p. 2451. 1898.
—V.
Savannah
$3,188,980
$269,909
2,256,296
Net profit,
exp. and
Divs.
$2,982,246
$428,027
$2,851,885
$337,095
31.
—
Common
Non-negot. debt to
affiliated cos
Traffic, &c., bals.
Aud .accts .&wages
Matured
807,906
5,435
925,225
262,231
36,760
260,518
773,348
167,091
505,749
int., &c.,
unpaid
Accrued int., &c_.
Deferred liabilities
Accrued taxes
Accrued deprec'n.
Oth. unad]. credits
Corporate surplus.
Total
378,4.36
383,820
92,455,604 92,466,851
(Report for Fiscal Year ending Dec. 31 1916.)
writing
4%. Early in the year both the railshowed decreases as compared with 1915, but
these conditions improved to a sufficient extent during the latter months
of the year to result in substantial increases in both lighting and railway
departments. Competition in the lighting field is still act ve. During
the year the Electric Co. added the Reliance Fertilizer Co., one of the
largest in the city, as a power customer.
Gross earnings for 1916 increased
lighting earnings
Operation of jitneys still continues without substantial regulation.
General business conditions have improved materially, especially during
the latter half of the year. The high price of cotton is making Savannah
and surrounding territory prosperous and the naval stores business has
been placed on a sound footing and prices are better. The factories manufacturing cotton-seed products have had a very prosperous year.
Development of the river district west of the city is progressing rapidly
and should prove of advantage to Savannah by leading to greater variety
in the city's manufactures.
The new compress and warehouse of the
Savannah Warehouse & Compress Co. were placed in operation on Dec. 1.
This warehouse has a storage capacity of 150,000 bales, while the compress
and warehouse wiU have a yearly capacity of about 600,000 bales. The
large sugar refinery at Port Wentworth is rapidly nearing completion
[now in operation V. 105, p. 77. Ed.]. The Port Wentworth Lumber
Co. is in operation and ground has been broken both for a large barrel factory and a pulp mill. It is reported that other industries are considering
—
—
the same locality.
Transportation activity is also in evidence. The Seaboard Air Line Ry.
has completed a short line between Charleston and Savannah and the
Midland RR. has begun to operate and is opening good farming territory
tributary to Savannah. Through freight trains to Atlanta have recently
been established by the Savannah & Northwestern Ry. (V. 104, p. 2642) in
conjunction with the Central of Georgia. During the year the Ocean
Steamship Co. completed its terminals, which are reported to have cost
$1,500,000 and are said to be the finest and best equipped south of New
York. Negotiations are in progress for the establishment of steamship
lines between Savannah and the West Indies and also to the Par East.
Extensions to the light and power system co.st $37,500; $4,800 was used
in extending the company's power lines to the new copi press west of the
city, and about $24,500 was expended for meters, transformers and shortline extensions to serve new customers.
To provide funds for the necessary expenditures the company ncreased its floating debt $125,000.
Except for the sale of $10,000 of additional 6% coupon notes of Savannah
Power Co., the proceeds of which were used to install an additional generator, no other capital changes were made.
i
INCOME ACCOUNT FOR YEARS ENDING DEC.
31.
1916.
1915.
RaUway
1914.
earnings
Light and power.
$480,434
345,660
$473,266
320,948
$531,741
310,898
Total earnings.
Operating expenses...
$826,094
$422,786
71,543
59,366
$794,214
$390,361
72,262
55,865
$842,639
$411,744
85,757
55,486
.$272,399
$275,725
$258,492
20,000
$289,652
$255,333
20,000
Maintenance
Taxes
-
Net earnings
$262,757
20,000
charges
Interest
Mortgage improvement fund
def.$10,359
Balance, surplus or deficit
BALANCE SHEET DEC.
Assets—
1916.
$
def.$2,767 sur.$14,319
1916.
1915.
LiabUUies—
.S
$
S
Plant...
2 ,500,000 2,500,000
8,737,928 8,641,027 Common stock
1 ,000,000 1,000,000
93,246 Preferred stock
Materials* supplies. 123,351
3 ,147,000 3,147,000
Advance payments.8,667 Bonds
8,870
Notes receivable
311 Sav. Pow. Co. notes- 966,000
61
956,000
Accounts receivable42,324 Notes payable
1 ,081,000
50,185
956,000
Suspense
42,831 Accounts payable
15,551
32,159
18,604
Cash-..
41,673 Miscellaneous .
26,707
52,766
32,454
Mtge. Improv. fund.
200,000
Replace't reserve
Reserves & surplus. -
Total
9,005,321 8,870,079
104, p. 1593.
Total
225",648
43,415
5,648
54,373
.9,005,321 8,870,079
Pabst Brewing Co., Milwaukee.
Year ending Dec. 31 1916.)
The income account for the year ending Dec. 31 1916,
together with the balance sheet of Dec. 31, is given at length
on a subsequent page.
{Re-port for Fiscal
$900,605
89,174
96',858
$454,004
$654,120
98,931
$997,463
116,565
83,441
$370,563
.$555,189
.$880,898
*1, 651, 554
*1, 666,204
2,165,849
$2,199,751
$125,935
(5)488,200
$2,022,117
$137,235
(4)390,560
$2,221,393 $2,046,747
$140,000
$140,000
(4)389,958(41^)439,380
Total surplus
$1,585,616
* After allowing for adjustments.
$1,494,322
$1,691,435
Total
Pref. dividend
Common
(7%)...
dividends
BALANCE SHEET DEC.
1916.
S
Assets—
1915.
31.
1916.
Liabilities—
&
Bills
accts. rec.
(less reserves)
1
_ .
in banks, &c.
Miscellaneous
Total
843,912
693.815
38,928
1915.
S
1,956,000
S
Preferred stock
Real est., plant,
machinery, &c.al0 459,491 10,841,461 Common stock
769,821
989,804 Funded debt
Investments
Inventories
1 393,251
1,380,540 Bills payable
Cash
$1,467,367
1,651,700
9,764.000
1,568.000
20.000
Accts. pay. & accr.
wages, taxes, Int.
464,097
409.052 Reserves
145,805
57,666 Surplus
1,585,616
9.764,000
1,782,000
25.000
1,7.50.970
15,199,218 15,435,499
Total
306.633
107,545
1,494,322
15,199,218 15,435,499
a Real estate, bldgs., &c., in 1916 include real estate, plant and machinery, $3,933,965; city and outside real estate, $6,299,062, and improvements and fixtures in leased properties, $226,463. V. 102, p. 1997.
—
Union
Oil Co. of California', Los Angeles.
{Report for Six Months ending June 30 1917.)
report signed by Pres. W. L. Stewart and Compt. R. D.
Matthews on July 6 says in substance:
Profits.
Profits earned from all operations for the 6 months ending
June 30 1917 were approximately $5,8S0,000, against $4,350,000 for the
A
—
corresponding period In 1915, after deducting general expenses (Including
Red Cross subscriptions of $30,000), all taxes under existing law, interest
charges and employees' share of profits, but an 1917 before deducting war
taxes, the basis of which has not yet been finally determined by Congress.
Provision for depreciation for the period in 1917 amounted to $1,400 000
against .§1,200,000, leaving net profits of .$4,480,000, against .$3,150,000.
Production.
Production of crude oil by the co. and controlled companies
comDined aggregate.; 3,454,000 net bbls., an increase over the same period
in 1916 of 340,000 bbls.
This production, together with regular ptu-chases
and agency deliveries, approximates 9,020,000 net bbls., or 20%, of the
45,000,000 net bbls. of marketable oil produced in the State during the six
months. During the half year new contracts were entered into for the
transportation and marketing of practically the whole of the production
of the Independent Oil Producers' Agency, about 8,500,000 bbls. per annum. These contracts expire on Dec. 31 1924.
Sales.
Sales for the half year were $16,380,000, an increase of $3,320,000.
The value of refined and lubricating oil sales was about 24 % and the' fuei
oil about 23% greater than the same period of 1916.
We have recently
equated some of our old large fuel oil contracts, the price of which now more
nearly approaches the present market price. Prices for refined and lubricating oils are substantially the same as at the beginning of the year, fuel
oil prices, however, having advanced about 30c. per bbl.
Capital Expenditures.
These approximate $1,300,000, consisting mainly
of the cost of new drilling and purchases of oil properties
The company
has obtained control of 142 acres of land in the Montebello District, and now
controls 2 ,045 acres of land in the Bixby District
Our interest in the Southern California Iron & Steel Co. has been disposed of at a satisfactory figure.
Acquisitions
The company is acquiring the properties and plants, oil
stocks and materials and supplies of the Pinal Dome Oil Co. and the Pinal
Dome Refining Co. The oil properties obtained consist of several thousand
acres of valuable proven and prospective territory in the northern part of
Santa Barbara County, 500 acres of the producing territory being held in
fee and approximately 9,30() acres under lease on one-eighth royalty.
The
production at the present time is about 70,000 bbls. per month, a large portion of which is refining crude.
The plants consist of a small refinery at
Betteravia, two compressor gas plants in the Santa Maria fields, and marketing stations at Oakland, Santa Maria and surrounding territory, Los
Angeles, Santa Ana and Anaheim (V. 105, p. 78).
Balance Sheet.
Current assets, consisting of oil inventories (included at
or below cost), materials and supplies, accounts and bills receivable,
Liberty bonds and cash at June 30 1917 approximate $20,250,000, an increase over Dec. 31 1916 of about $5,050,000.
Current assets are about
The quantity of crude oil in storage owned by
7 to 1 of current liabilities.
the company at the close of the half year was about 10,750,000 net bbls.,
or 250,000 bbls. less than was carried at the commencement of the yeari
the State storage having decreased-, however, during the same period
about 7,000,000 bbls.
Current liabilities at June 30 1917, including share of profits payable to
employees, approximate $2,950,000, or about $970,000 greater than on
Jan. 1 1917. This increase is occasioned principally by the balance due on
subscription for $500,000 of Liberty bonds, also the increased cost of our
oU purchases. All sinking fund installments due and payable to this date
have been met. During the six months there has been a decrease in First
Mortgage bonds in the hands of the public of $573,000, a reduction in Collateral Trust notes of $425,000, and in Purchase Money obligations of
$385,000. The outstanding bonds of the Producers' Transportation Co.
were decreased $233,000, so that the reduction in direct and outstanding
guaranteed indebtedness approximates $646,000. The foregoing is exclusive of the purchase price of the Pinal Dome properties, approximately
$3,500,000, which will be paid partly in cash and the balance either in First
Lien bonds or notes extending over a period of six years.
Capital Stock.
This, issued and outstanding, at June 30 1917 was $36,809,500 (incl. $857,600 stock exchanged for Producers' Transportation Co.
stock during the month of June) and the case received on account of subscriptions for which stock had not been issued at that date amounted to
$756,000.
On June 15 1916 the company, having obtained the consent of the State
Corporation Commissioner, offered to exchange its stock, share for share,
for the outstanding minority stock of Producers' Transportation Co., and
up to date approximately 75% of the 20,457 minority shares have been
delivered to the company, leaving but 25% yet to be received and ex-
—
,
—
.
.
—
—
—
,
changed (V. 105, p. 78).
—
31.
1915.
—V.
$564,946
79,547
—
(Ga.) Electric Co.
The Stone & Webster Management Association,
some time since, report in substance:
way and
$374,457
•!
$705,429
1,494,322
1,244,184
10,987
929,930
259,551
32,181
313,494
816,634
Miscellaneous
,406,179
12,579
461,734
5,401
1
Balance, surplus
Previous surplus
1913.
$773,165
67,736
Gross income __
Interest on bonds. &c_
1914.
80,188
& int. on loans &
& misc. profits..
1915.
$692,977
after deprec.
oth. losses
all
25,6>^0
300,000
1916.
1915.
s
s
stock, i- 5 ,000,000 5,000,000
Gen. mtge. bonds. 4 ,648,667 5,184,667
Cons. M. bonds. -45 ,351,000 44,815,000
lst& Ret. M.bds.l8, 497,000 18,497,000
2-year notes, due
Sept. 1915
13 ,935,000 13,935,000
Real estate mtge. 35,750
24,000
LiabUUies
62,197,874
physical
property
Other Investments
Loans
1915.
S
1916.
S
Road & equipm't-63,,445,098
Impts. on leased
property
$935,565
88,144
2,084,970
50,799
107,933
2,239,071
86,306
$3,654,440
$292,337
2,529,068
400,798
300.000
Gross income
Deduct
—
$926,685
$1,221,746
119,322
2.271,250
85,793
Joint facility rent
Miscellaneous
170, .599
31.
1916.
inv.
Total oper. revenuesOperating expenses
•
177
31.
1916.
Passenger
Switching
Miscellaneous
Mlscell.
,
THE CHRONICLE
1917.]
Operating Revenues
Assets
—
.
Dividend. The regular quarterly of $1 50 per share, together with an
extra div. of $1 per share, was declared on July 2, payable on July 20 to
stockholders of record as of July 10 1917.
Surplus and Operating Reserves. At June 30 1917 these approximated
$20,150,000.
Production of Crude Oil {Net bbts.) and Sales for 6 Months to June 30.
1916.
1915.
1917.
Six Months to June 30
3,114,000
2,555,000
3,454,000
,.
Crude oU (net bbls.)
.--$16,380,000 $13,150,000 $8,862,000
Sales
-
—
—V.
St.
105,- p.
78.
Joseph Lead Co., New York and Bonne Terre, Mo.
{Report for Fiscal Year ending Dec. 31 1916.)
President Clinton H. Crane says in substance:
The year 1916 will be memorable for abnormally
Results and Production.
—
high lead prices and a record production at your companies' mines, mills
and smelter. Dividends to the amount of $1,432,903 have been paid.
Distributions from the amortization reserve amounting to $2,149,074 have
been made. Your smelter produced for the year 91,073 tons of pig lead;
your mills, 169,302 tons of lead concentrates, 148,387 tons of which were
shipped to your smelter, 20,915 tons were sold to other smelters; and your
mines produced 2,431,939 tons of ore. The proving of additional ore reserves by extensive diamond drilling has been most encouraging.
—
THE CHRONICLE
178
—
Notes Canceled, &c. The $985,000 Doo Run Load Co. gold notes, due
1 1918, have been purchased and canceled and the underlying mortgage on the property of the Doe i4un Lead Co. Katlsfied and discharged of
record.
The Doo Kun Lead Co. paid on April 1 1916 its outstanding notes
The St. Joseph Lead Co. on July 1 1916 its outstanding note
of $,'5.3,000.
During the year your company has purchased and now holds
of $5,000.
in its treasury or in the sinking fund $323,000 additional bonds of the
Missi.ssippi Itivor & Bonne Terro Ky.
Your company is conducting a mining business and its
Amortization.
ore reserves are a wasting asset which grow less each operating day and can
only be replaced by the purchase of additional ore reserves. The tru.stecs
therefore deemed it wise to establi.sh a reserve for amortization, to be used
either for the inirchase of additional ore reserves or to return to the stockholders the value of the capital invested in the bu.sin&ss. A careful engineering appraisal enables your trustees to create such a reserve on a proper
The following broad general factors based on this investigation
basis.
were deduced: (1) A capital value of $20,000,000, (2) an estimated iifo of
20 years, (3) an annual production by the companies of 2,000,000 tons of
crude ore, (4) an annual production from tliis ore of 80,000 tons of pig load,
and (5) as both costs and lead prices fluctuate, it was desirable to provide
for this fluctuation in a reasonable manner.
It was also resolved by the trustees on Nov. 4 1915 that whenever during
the calendar year 1916 the company's monthly average sales price of load
exceeds $00 per ton East St. Louis a charge of 2 cents per ton of ore milled
for each dollar of such excess be charged to profit and loss surplus and credOn Nov. 17 1916 the period covered
ited to reserve for amortization.
March
—
by
this resolution
—
was extended
indefinitely.
conditions in the district
have been satisfactory
The labor
Labor.
throughout the year. The bonus was increased from 10 to 20% in March
and from 20 to 30% in April. This 30% is still being paid. In December
bonu.ses ranging from 5 to 25% were paid to the salaried employees of the
company who were not already in receipt of the labor bonus.
New Construction. In 1916 the principal item of new construction were:
(1) A new power plant at Kivermines, which is equipped with two 3,000 k.w.
General Electric steam turbo units, Heine boilers and modern coal-handling
machinery. (2) at all mills, additional flotation machines, Oliver filters
for drying flotation, ball mills for fine grinding, (3) at the smelter, a double
roasting plant equipped with four Dwight-Lloyd machines, a Scotch hearth
building equipped with 12 Newnam mechanical hearths, power plant addition equipped with a 1,000 k.w. General Electric steam turbo unit, and a
—
Cottrell plant for the treating of roaster gases.
Your companies have licenses from the Dwight & Lloyd
Licenses.
Metallurgical Co. for the use of the Dwight-Lloyd sintering machines; from
the Minerals Separation American Syndicate, Ltd., for the use of flotation;
from the Research Corp. for the use of the Cottrell system; from W. A;
Butchart for the use of Butchart rifles, and from the St. Louis Smelting
Refining Co. for the use of mechanically operated Scotch hearths.
Future Policy. On May 1 1916 the President made the following recommendations to the board of trustees, which were approved by them: "There
is no longer any short-term debt and the railroad mortgage bearing 5% does
The sinking fund on this mortgage calls for a paynot fall due until 1931
ment of $50,000 on each Jan. 1, keeping aUve all the bonds called for the
sinking fund, so that the sinking fund is alive and drawing interest at 5%.
These sinking fund and interest payments will reduce the debt at maturity
I should recommend that we set aside annually a further
to $1,100,000.
amount w'hich would pay the debt completely out of the sinking fund at
maturity. This would require an increase of the sinking fund payment
I should further recommend the accumulation
of $75,000 per annum.
of a cash surplus of .$2,500,000 as rapidly as possible and that the present
dividend rate be not increased until this cash surplus is accumulated."
The cash surplus of $2,500,000 was accumulated before the payment of
the first amortization distribution in September.
—
&
—
.
COMBINED PROFIT AND LOSS ACCOUNT DEC.
31 1916.
Co., Mississippi River & Bonne Torre Ry.,
Bonne Torre Farming & Cattle Co. and St. Francis County RR.)
Earns, for 1916 after providing for deprec. of plant & equipt. .$8,004,649
3,330,182
Deduct provision for depletion of minerals
1,409,466
Dividends paid for year 1916 (10%)
(Including
Doe Run Lead
$3,265,001
Balance, surplus, for calendar year 1916
Previous surplus Mar. 1 1913, $3,925,000, less distributions
- 1,810,801
thereon, .$2,114,199
Add Excess of net assets of sub. cos. acquu-ed over cost of
3,218,304
stock thereon
Undistributed profits of accumulated Mar. 1 1913 to Dec. 31 '15 2,760,891
—
Total accumulated surplus Dec. 31 1916 (see below)
$11,054,997
BALANCE SHEETS DEC.
(1)
Compamj
Proper.
(2) St_.
Combined.
$
$
Co.Proper.
—
31 1916.
Joseph Lead Co. and Sub. Cos^
Co.Proper. Combined.
—
LiabilUles
S
$
Capital stk (Issued
$14,647,980 less
rights.. x6,319,819 11,937,089
mineral
$553,320 treas.). 14,094,660 14,094,660
Real est. ,bldgs.,&c 3,424,428 7,095,549
357,532
3,718,089 Cap. Btk. sub. cos.
KR.prop.& equip.
M.R.&B.T.Ry.
Stocks in sub. co3.y7,249,854
z Notes payable 2,032,000
250,000
Bonds
2,032,000
bonds.
z lat
190,000
Advances
632,741
216,735
4,192 Acc'ts & drafts pay
4,192
Sinking fund
65,708
payable...
179,828 Wages
107,036
Susp. & adv. pay's
64,262
114,154
801,460 Taxes accrued
363,765
Materials & supp.
296,178 Due to sub. cos... 1,353,614
296,179
By-prod, (matte).
'3l";256
54,000 Interest accrued..
36,000
Miscellaneous
127,393
Reserves
4,810
Real estate sold on
96.160 Surplus and undilong-term contr.
387,478
vided profits... 4,188,520 11,054,997
348,161
Lead on hand, &c.
854,164
792,6R9
Acc'ts reeelv'le, &o
29,550
Due from sub. cos.
38,006
38,006
Other notes & adv.
2,570,650 2,982,532
Cash
Assets
Ore reserves and
M
22,020,309 28,444,727
Total
.
22,020,309 28,444,727
Total
X After deducting $2,019,027 reserve for depletion against $4,020,786
for the combined cos. y Stocks in sub. cos. (at cost) after deductns
$951 015 distributions of principal received, z After deducting $468,000
bonds in hands of sinking fund trustees and in treasury. V. 104, p. 768.
—
{21st
Pres.
Southern California Edison Co.
Annual Report Year ending Dec. 31
—
John B. Miller, Los Angeles, wrote
jirof. stock, thus making Mr. Huntington a partner in the organization and making it unneces.sary to borrow any money or pledge any of the
company's .securities or credit in order to effect the purchase. The amount
of this second pref. stock was stated in the bulletin of Dec. 1 1916 to be
about $12,000,000. The exact amount was $12,029,900.
D-ircclitrs.
The board h;is been increased from 9 to 12 and the Huntington
interests will be represented on the board by H. E. Huntington, Howard E.
Huntington and W. K. Dunn. Two additional Vice-I*residenls have been
elected, viz.: It. H. Ballard, formerly .Secretary, and G. C. Ward, formerly
Vice-President of the I'acific Light & Power Corporation.
The agreement with the city of Los Angeles under which we become the
agents for lie distribution of the city's power, pending the consummation
of the purclia.s(! of our Los Angeles distriDution by the city, has now been,
second
—
I
at
May
31 1917. in successful oixjration for four weeks.
1916.)
own needs. (V. 104, p. 1267.)
On June 1 1916 the duly authorized sale for $1,050,000 cash was effected
to the Southern Counties Gas Co. of all the gas manufacturing and distributing plants and bu.siness located in and tributary to the cities of San
Pedro, Pomona, Venice and Santa Monica. This transaction further included the sale for $950,000 of the property and business of the Long Beach
Consolidated Gas Co., a local utility controlled by this company through
Thus we retire entirely from the field of gas activities
stock ownership.
with the exception of our interest that of stock control in the Santa
Electric Co.
Barbara Gas &
With the transfer of gas properties the company can specialize more fully in the sale of electricity for all uses.
Substantial gains in population have resulted in increased business for
the Santa Barbara Gas & Electric Co.
Our reports include only the dividends received from stock ownership, which during 1916 were $73,564.
An imjjortant acquisition to the properties and business was the purchase
of the Pacific Light & Power Corp., which has extensive systems and business located adjacent to those of this company throughout this section of
The purchase of the properties includes those of the Ventura
the State.
Coimty Power Co., a smaller tributary electric companj'.
Pacific Light <& Power Corp.
Installed Capacities of Plants Acquired.
Big Creek
85,800 h.p. Redondo
53,700 h.p.
Kern
13,420 h.p. Oil Wells
403 h.p.
Azusa...
2,010 h.p. Ventura
671 h.p.
Mentone
2,010 h.p.
Sierra
805 h.p.
Total steam
54,774 h.p.
Total both
158,819 h.p.
Total water
104,045 h.p.
The characteristics of the generating facilities of these systems are such
as ideally to combine and balance with our own.
The aggregate capacity
of the enlarged systems will represent a rated total of 278,619 h.p., divided
steam plants, 132,074 h.p.; water power plants, 146,545 h.p.
Since
last annual report to you, the city of Los Angeles has prosecuted work upon its power plant No. 1, located 40 miles from the city along
line of the Owens River aqueduct in San Francisquito Canj-on, and
the
likewise on a double circuit steel tower transmission line from this plant to
a central receiving substation erected by it in the city of Los Angeles.
This plant and transmission line are complete and in operation under th«
terms of a contract with our company. "The plant consists of three generating units of 10,000 h.p. rated capacity each.
By reservoir control it
may be operated to a maximum of 37,333 h.p. at 40% load factor. This
is the only generating plant on which any appreciable amount of construction work has been done.
On Sept. 6 1916 the California RR. Commission rendered its decision In
answer to the pending application of the city of Los Angeles for a determination of value of the distributing systems of this company in Los Angeles
for tho purpose of condemnation and purchase making an award of
The city applied for a rehearing of the case, which was denied,
$6,328,000.
whereupon the application to the Commission for dismissal was granted
and the case accordingly dismissed and closed.
As a result of further negotiations, a worldng agreement was entered into
as of May 1 1917, on which date the city's plant was placed in operation.
Under the terms of this agreement the company acts as agent for the city,
distributing the output of the city's plant over the company's lines, supplemented by the necessary additional supply from the company's plants, to
meet the requirements of Los Angeles consumers, excepting street railways
which are furnished direct by the company.
At the same time a form of contract was prepared providing for the ptirchase by the city of Los Angeles of the company's distributing system
within the city and the purchase of power from the company.
It is provided that this contract may be entered into and the Los Angeles system
of tho company purchased and taken over by the city at any time within
two j'ears when the city is in funds to pay for the properties and shall be
It will be
in legal position to execute the contract for purchase of power.
necessary for the city to provide these funds by the voting of bonds, for
which no election has yet been called. The purchase price is 89,415,000,
This
including an item of severance damages amounting to $1,145,000.
price was fixed for the Los Angeles distributing properties of the then two
companies, using as a basis the valuation made Dy the California RR. Commission for the system of Southern California Edison Co. as of June 30
(V. 105, p. 78.)
1915.
The contract will provide that the city purchase from the company, for
ten years, a fixed quantity of electric energy and thereafter for an additional
period of 20 years all of the electric energy the city may require, in excess
of that generated by it at its own water power plants, subject to the right
of cancellation by the city after the first 10- year period if the RR. Commission shall determine that the city could generate power, other than
water power, cheaper than the company would be willing to sell it for, or
by a two-thirds vote of the people.
for its
—
—During the year the company contracted for new business
representing an addition to the connected load equal to 58.096 h.p.,
—
—
my
INSTALLATION RECORD DEC. 31—INCOME ACCT. CAL. YEARS.
—
Installation Dec. SI
Incandescents (50-watt equivalent)..
Meters—Electric
Gas
.•
I
/
1916.
2,040,779
124,019
Not
stated.
/
\
160,358
1,868
5,072
Electric ranges
Results.
It is believed that
arrangement will prove in operation to be mutually satisfactory to
both the city of Los Angeles and the company.
Data from Report of the Vice-Pres. & Gen. Manager, May 28 1917.
A 30-year contract for the wholesale purchase of energy has been entered
into with the Fontana Power Co., owners of water rights on Ljtle Creek,
contiguous to the systems of this company in San Bernardino County.
By this subsidy the company will operate at its own expense and secure at
a kilowatt hour cost the output of a 2,400 h.p. hydro-electric plant being
constructed by the Fontana Power Co., which carries the investment and
fixed charges and reserves a comparatively small quantity of the output
this
Motors, number
Horse-power
Arcs (all)
in substance:
105
fVoj..
Gross earnings
Operating expenses
$5,034,250
2,234,233
1915.
1,925,445
116,768
15,964
9,461
143,670
1,959
128
$4,933,116
2,218,618
1914.
1.799.762
108,439
14,748
8.606
136,284
2,056
$4,855,141
2,332,164
this
additional load being made up as follows: motors, 21.214 h.p., lighting,
14,513 h.p.; lamp socket appliances, 14,522 h.p.; ranges, 7,847 h.p. The
estimated annual income from the new business contracted for during the
year is .5600,000. One of the features of recent business development is
the use of electricity for domestic cooking. During 1916 the company sold
These earn a good income and their use tends to
1 177 electric ranges.
improve load factor conditions and yield a greater return upon existing
investment.
j
,
,
,
,
.i...
Notwithstanding the tale of the gas properties, which sale carried with
it a substantial decrease in the amount of gross earnings, our business has
so grown in the last year as to make up the amoimt of the gross earnings
and a large increase besides.
Growth of Business Since 1909 {Year of Incorporation).
N^et Earns.
Gross Earn. Oper. Exp.
.
Calendar year 1916
Calendar year 1909
$5,034,249
2,895,406
.
.
$2,234,233
1.486,153
$2,800,016
1,409,253
Net earnings
$2,800,016 $2,714,498 $2,522,977
Deduct Interest and amortization.. $1,004,015 81,003,180
8892,010
Reserve for depreciation
700,000
700,000
650,000
Cr. 128,289 De6.64,625 r>e6.67,896
Miscellaneous
Preferred dividend
(6 34)250,000(6% )240,000(5?4)230, 000
Common dividends
(6k')650,272(6%)624,000(6%)624,000
—
Total deductions.
Balance, surplus
$2 ,631,805
$82,693
$2,425,998
$374,018
BALANCE SHEET DEC.
}
52,513,907
89.070
31.
1915.
1916.
1916.
1915.
Liabilities
S
$
S
S
stock.. .10,411.000 10,400,000
& prop'ty 33,284.262 33,229,240 Common
Cash
377,590
456,707 Preferred stock... 4,000,000 4,000,000
Bills receivable...
.16,761,000 16,873,000
552,931
395,961 Bonds
11,000
Acc'ts receivable.
3,000
514,357
531,474 Bonds called
Due from system
1,990.000 2,332,000
Debentures
corporations
.
500,000
213,252
174,866 Notes payable
248,795
Materials & supp.
240,535
549,586
498,253 Accounts payable .
88,944
Sinking fund
62,177
531,553
193,261 Sundry deposits..
97,423
Unamort. disc, on
90,695
Accrued Interest..
2,295
securs. & exp_.. 1,367,005
3,859
,396,252 Accrued taxes
Prepaid Ins.&taxes
22,638
29,481 Reserve for
Prepaid Interest..
5,208
Accrued deprec . 2,832.827 2,625,988
25,558
34.357
Miscellaneous
213,718
Liability Insur.
128,143
15,000
15,000
UncoUec. bills313,635
687,652
.
Surplus
Assets
—
—
Plants
.
.
$748,080 $1,390,763
$2,138,843
Increase..
Gross earnings have increased 74%, expenses 50% and net earnings 99%
or in other words, the increase in gross has been operated at 35%.
Dividends.—-Surp\ns earnings have so increased, and the stability of our
earnings are such that your board felt justified in increasing dividends on
the first preferred and common stocks from 6 % to 7 % and this was done
The dividends paid on these two classes of stock during the year
last fall
amounted to $900,272. The reserve and surplus funds, including reserve
for accrued depreciation, reserve for liability insurance, reserve for uncollectible bills, and surplus, were increased by $589,656.
None of the company's securities were sold during 1916.
Security Sales.
During the year we have acquired Henry E. Huntington s
General
stock holdings in the Pacific Light & Power Corp. in exchange for our
,
—
—
_
Total
.37,632,102 37,033,637
-V. 105. p. 77.
Total
37,632.102 37,033.637
I
V
July
THE CHRONICLE
14 1917.]
Nova Scotia
(16th
&
Steel
Coal Co.,
Annual Report
New
Glasgow, N.
— Year ending Dec. 31
S.
1916.)
The report, including the remarks of President Thomas
Cantley, directors' report of the company for the year ending Dec. 31 1916 and the general balance sheet as of Dec. 31
1916, was given on advertisement page xxv. of the "ChroniThe comparative income
cle," issue of March 10 1917.
account was published in the "Chronicle" on page 1040.
BALANCE SHEET DEC.
Inventories
Acc'ts & bills rec
4 ,022 ,667
1,042,623
Cash
540.559
239,338
467,004
Invest, in other cos
Miscellaneous.
Total
4,000,000
600,000
490,000
1.108,938
$1,030,000
6,000,000
5,911,809
88,278
3,000,000
750,000
200,000
389,930
145,833
1,607
120,000
146,845
2,002
90,000
147,795
2,522
88,560
20,600
90,000
$1,000,000
7,500,000
5,833,309
4 OOO^OOO
2 000,000
Sinking fund
Debenture stock
General reserve
Bills payable
Acc'ts & wages payable.
1
1
Bank
loans
Deferred items
Coupons (January)
Coupons not presented.
Deb. stock int. Jan. 1..
Div. on pref. Jan. 15
Dlv. on common Jan. 15
051,000
411,731
693,906
305.000
266,921
20,000
re-linLng
for
&c
808,832
Prof it and loss
3 ,535,087
1,773,423
1,510,609
1.114,847
527,887
1,172,331
57,466
..$28,379,673 $24,083,720 820,483,014 $19,362,228
under discount, $88,461; mortgages of the
Nova Scotia Land Co. (not over) $30,000; and guaranty of principal, sinking fund and int. of 6% 1st M. Sink. Fund bonds due July 1 1952 of the
Eastern Car Co., Ltd. (outstanding). $979,200; total, $1,095,661.—
Total
Contingent
liabilities: Bills
105, p. 76.
[Report for Fiscal Year ending Dec. 31 1916.)
President B. R. Kittredge says in substance:
The sales of wines and vineyard products have been satisfactory during
the past year and bid fair to continue so for the year to come. Tne net
earnings for the pasi year amounted to $418,674. After setting aside tne
usual amount for preferrea stock dividenas, there has been credited to
surplus $333,098.
While dividends upon common stock have been earned, no resumption
of distribution seems advisable ao the present time, it being the desire to
conserve in every possible way tne resources of your company while the
threat hangs over it to deprive it, by popular vote, of its property rights.
Your directors also deem it advisable that the requirements of the sinking fund should be set aside from the earnings of tne company each year
because, unless so set aside, the sinking fund requirements would tend to
inciease your floating liabilities.
(The total Federal taxes paid, assessed, accrued or developed by the production and sale of wines and brandies amounted to $1,683,110 and State
and county taxes $108,446, making a grand total of $1,791,556.]
CONSOLIDATED RESULTS FOR CALENDAR YEARS.
1914.
1915.
1916.
1913.
Net
profits...
Pref. dividends (6%)..
Common di vs. (3M%)-
$418,674
85,576
$133,072
85,576
$532,056
85,576
178,282
$610,089
85,576
l^alance, surplus
$333,098
$47,496
$268,198
$524,513
CONSOLIDATED BALANCE SHEET DEC.
1916.
Assets
$
Plants & property r,729,805
Stocks of other cos.
28,145
Sink. fd. bond purchase and cash.
132,005
—
Caah...
369,532
& notes rec.
3,023,020
Wines and supplies 3,729,394
Prepaid expenses.
111,464
Items In transit
suspense
&.
Total
*
4,325
1915.
31
(INCL.
SUB
—
754,200
4,754,200
1,137,000
2,698,000
2,545,215
1,149,422
1,213,982
Res.3ur.oI sub. COS. 1,011,405
85,576
Pref. dlv. 1916-17.
19,949 C. W. A. surplus. 2,106,629
16,709
458,563
2,359,838
6,353,735
73,696
5%
6%
bonds *
bonds a
Notes payable
Acc'ts payable
Deprec'n reserve.
Total
CO'S)
.
1915.
£
,426,260
,233,000
,799,000
396,255
708,512
145,383
887,956
85,576
,773.531
18,127,690 17,209,674
After deducting amount in sinking fund. a After deducting
and sinking fund- V. 103, p. 577.
—
amount
Co., Buffalo, N. Y.
{Report for Fiscal Year ended Dec. 31 1916.)
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1916
$8,900 ,625
$2,798 ,023
$274 ,282
513 ,182
Net sal s
Net income
Rentals and royalties
Bond, &c., interest
Sinking fund
Exhaustion of mineralsDepreciation, &c
Mine develop., exp., &c.
Bond discount
Pref. dividends (7%)...
Common div idends (4 )
%
Total deductions.
Bal., sur. or deficit.
210 ,1,54
115 868
200 ,000
297 156
152 917
108 190
200 .000
1914.
1915.
$1,0:^8.493 over 1915.
Plant Ctmpleted.
The installation of the bleaching plant at Merritton
was completed and in operation in Nov., and is now producing the highest
grade of bleached sulphite, which commands a much higher price than the
unbleached sulphite formerly produced at this plant.
Acquisition.
On Nov. 21 your directors purchased a majority interest in
the capital stock of the Ticonderoga (N. Y.) Pulp & Paper Co. (see below)
who have been our largest customers for may years. The product of the
Ticonderoga Co., about 30,000 tons of soda pulp and high-gi'ade book
papers, for the year 1917 has been sold at prices very much in exce-ss of
those obtained durin'.; 1916.
Increased Prices.
The prices now being obtained, under conlfcracts, for
our products are considerably in excess of the prices obtained in 1916.
Owing to the heavy demand for pulp, the curtailment of production in
Europe and the difficulty and excessive cost of transportation, we anticipate
high prices throughout the year. Should present conditions continue your
directors expect a banner year for 1917.
—
—
AND
PROFIT
ACCOUNT FOR CALENDAR YEARS.
LOSS
$6,592,445
$1,039,521
$256,979
555,048
234.944
95.248
$7,422,180
$1,705,010
$253,248
521.581
77.400
70.000
50,439
1915.
Liabilities
notes rec.
(less reserve)
Cash
.
Cash for coup. Int.
on bds. (cofitra)
873,940
251,723
133,400
1916.
—
S
Common stock
7% cum. pref. stk.
1st M. 5% bonds.
5,000,000
1,550,000
2,000,000
Deben. 5% bonds. 1,500,000
Ist & ref. M. 58.- 4,880,000
Notes & acc'ts pay. 1,093,294
Ore contracts paid
In advance
1,059,363
130,216
318,249 Acer. Int., taxes, &c.
306,964
Int. due (contra).
133,400
2,013,386
139,850 Reserves
Surplus
2,517,936
21,125.197 21,129.444
'
Total
1913.
$.309,679
$65,951
62,833
$48,953
32.653
$91,304
70,000
$247,079
$90,000
70.000
$228,073
$90,000
70,000
$161,304
$131,255
$160,000
$87,079
$160,000
$68,073
$427,049
Net
Bond
$1,331,052
$292,5.59
,'s;95,316
profits
interest
Preferred dividends (7%)
Common
divs.
.$69,862
64,628
70.000
202.500
(4K%)-.
Total deductions
Balance surpl us
.$367,816
$963 ,236
,
BALANCE SHEET DECEMBER
31.
1915.
1916.
1915.
.issets
Liabilities
,s
S
S
Properties .a
7, 295 ,074 6 ,870 ,888 Preferred stock
1 ,000,000 1,000,000
Stocks of other COS.. b019,268
48,326 Common stock
4 ,500,000 4,500,000
Inventories in logs,
1st M. sink. fd. deb.l 881, .500 1,533.000
lumber, supp.,&c. 1,332 ,954 1,456,871 Accounts payable
395,565
257,589
Accounts receivable
Bills payable
80.466
(less reserve)..;..
400,401
380,017 Accrued liabilities..
43.015
Cash
117,206
138,702 Bank, &c., advances 490,000
889,861
Prepaid insur., &c-.
95,228
34,274 Surplus aVreorgan'n. .,255,513
2.55,513
Surplus profits
1 .338.870
375.634
1916.
S
—
—
9,920,131 8,935,077
Total
9,920,131 8,935,077
a Properties Include timber limits, land, buildings, machinery and
equipment, &c., at the values adopted June 1 1912, with subsequent
additions,
depreciation.
less
b Includes in 1916 investments in capital stock of Ticonderoga Pulp &
Paper Co. and other companies and Canadian Government war loan.
Contingent liabilities Dec. 31 1916 on bills imder discount, $195,565.
No provision has been made for any tax which mayjbe payable for 1916
under the "Business War Profits Tax Act, 1916." V. 104, p. 1707. 868.
—
Ticonderoga
(N.
Y.)
&
Pulp
Paper Co.
{Report for Fiscal Year ending Dec. 31 1916.)
INCOME ACCOUNT FOR THE CALENDAR YEAR
Profits for 1916 after deducting bank interest were
Bond interest, $38,806; preferred dividends, $15,440; total
1916.
_
$509,675
54,246
Balance, surplus, for the calendar year 1916
Previous surplus (after charging arrear preferred divs.. &c.)..
$455,429
547,017
Total surplus as of Dec. 31 1916 (see balance sheet below)
BALANCE SHEET DECEMBER
$1,002,445
31 1916.
Assets (Total, $2,838,611)^
Mill plant, mach., equip. & real estate, $1,775,533; less, reserve
for deprec, 95,000, and adding wood lands, $2,949; total
$1,683,482
Investments Stock in other corporations (at cost), $76,038;
bonds of the company purchased for redemption purposes,
$1,000 par (at cost). $953; total
76,991
Invent, of raw materials, pulpwood, fin. product, mdse.. &c
590,857
Advances in connection with pulpwood contracts
9 ,902
Notes and accounts receivable
427,13]
Cash in banks and on hand
1
20,675
Insurance, taxes, &c., paid in advance
29,574
Liabilities (Total, $2,838,611)
cumulative preference stock (auth., $300,000), issued,
8%
$193,000; less redeemed. $112,700; balance
$80,300
Common stock (auth. $400,000), Issued
.
360,000
Bonds— 1st M. 6s, $282,000; 1st M. & Ref. 5s, $246,500; 1st M.
& Ref. 6s, $471,500; total, $l,O0O,O0O: less Ist M. & Ref. 6s,
pledged as collateral security, $112,500; and held in treasury,
$173,000; balance
714,500
Mortgages payable on real estate purchased.,
10,800
Bank loans, $454,091: accounts and bills pauable, $115,840; total 569,931
Wages accrued, $6,810; bond interest accrued, $14,059; dividends
accrued to Dec. 31 1916, payable on pref. stock called In for
redemption, $79,765; total
100,634
Surplus, as per income account above
1,002,445
Contingent liability, notes receivable under discount, $18,316.
See Riordon Piilp & Paper Co., Ltd., above.
V. 104, p. 2457. 869.
,
—
Baldwin Co. (Pianos, Organs and^Piano-Players), Cine.
{Report for Fiscal Year ending Dec. 31 1916.)
316.522
100.000
SALES
AND INCOME ACCOUNT YEARS ENDED
Sales.
1916 --.$7,121,781
1915—. 6,145,832
1914-.- 5,781,206
1913... 6,202,183
1912... 5,462,230
1915.
S
5,000,000
1,547,300
2,000,000
1,500,000
5,192,000
1,808,410
206,745
197,688
139,850
1,745,789
1,791,662
21,125,197 21,129,444
•Includes In 1916 reserves for exhaustion of minerals, &c., $1,597,309;
for depreciation and renewals of plants. $309,000. and for relinlng blast
furnaces. $107.076.— V. 104. p. 1050.
to Pf.
Earnings. Reserve.
$624,306 $144,903
93,629
467s897
409,876
83,803
555,784 133;,344
441,912
96,399
Divs.
(6%)
$48,000
48,000
48,000
48,000
48,000
DEC.
Dividends
on Common.
*(8)$97,102
*(8) 92,524
*(S) 88,160
*(8) 83,976
*(8) 80,000
31.
Added
to
Surplus.
$273,611
175,914
134,813
237,979
167.513
* Also a stock dividend of 5%. calling for $60,690 in 1916, $57,830 in
1914, .$52,485 in 1913 and .$50,000 in 1912.
1915. $55,100
m
GENERAL
1916.
BAL.4.NCE
1915.
S
$
636,287
655,737
Machinery
399,507
373,982
393,600
279,789
Cash.Bills & accts. reoelv. 3,484,029 3,223,370
Merchandise, raw &
manufactured
1,627,963 1,503,842
j.'\.SSCt G
31.
Added
Total
Total
$2,071,748 $1,073,121 $1,212,219 $1,241,790
..sur$726,275sur.$166,648def.$172.698sur.$^63.220
1916.
1914.
,$375,863
.
$1,526,616
Reserve for depreciation. $149,481
Interest paid
46,083
..
Cost ol properties. 17,270, 136 17,071,581
Discount on bonds
388,9001
Royal's pd. In adv,
136,041 > 1.007.141
Unexp.lns.,tax.,&c.
45.191J
Inv.of ore, mater.,
supplies, <Stc
2.025,866 1,533,260
1915.
Profits
1913.
$6,721,326
$1,239,769
$204,405
543,102
167,462
80,752
CONSOLIDATED BALANCE SHEET DECEMBER
Total
—
—
Rogers-Brown Iron
&
Paper Co., Ltd., Montreal.
—
1916.
S
1,426,260
Liabilities
S
7,326,239 Preferred stock
600,944 Common stock
18,127,690 17,209,674
In treasury
Acc'ts
&
{Report for Fiscal Year ending Dec. 31 1916.)
Pres. Chas. Riordon, Feb. 19, wrote in substance:
Results.
The profits for the year amounted to $1,526,616. Deducting
amount allowed for reserve for depreciation, .S149,481. and interest paid
during the year, $46,083, the net profits were $1,331,052, an increase of
Total
Wine Association.
California
Accta.
Riordon Pulp
1916.
81,030,000
6,000,000
5,873,809
126,684
3,000,000
600,000
1,785,000
598,877
$1 000,000
7 500,000
5 787,196
Bonds
furnaces,
1,776,575
488,161
268,416
,041,039
723,381
13,186
$28 ,379,673 $24,083,720 $20,483,014 $19,362,228
—
Preferred stock
Ordinary stock
Reserves
2,358,688
2.091,013
566,189
144,740
389,366
179
—
31.
1913.
1916.
1915.
1914.
Assets—
Property and mines
$20,036,596 $18,533,724 $17,705,408 $16,829,076
Adv. to Bast. Car Co.,
Ltd
1,911.449
119,438
Dom. of Can. War Loan
Liabilities
,
Real estate
&
bldgs.
—Total p. 455. 6,560,897
V. 104,
6,017,276
SHEET DEC.
31.
1915.
1910.
S
S
1,276,105 1,215,415
Pref. stk. (6% cum.) 800,000
800,000
Reserves
1,284,510 1,139,607
Accts. pay'lo & taxes 347,463
300,346
Bills payable
759,000
.
776,300
Surplus earned
2,070,519 1,802,908
—
Liabilities
Common
stock
Total..
6.560,897 6.017.276
Federal Sign System (Electric), Chicago.
{Report for Fiscal Year ending March 31 1917.)
28, says in substance:
Chairman Samuel InsuU, as of
May
The company has recently made very satisfactory arrangements with a
financing company which will enable it to offer to its customers the opportunity of buying goods and paying for them in monthly in.stallments; the
financing company will buy the contracts or notes of the company's customers in the case of sales on this basis. This will enable our company,
without investing its own capital, to transact a large volume of business
—
—
;
THE CHRONICLE
180
and at bolter pricc^s. At the prnsont time the indications are that we shall
do a larser business during the coming fiscal year than we have done in the
past, the final outconn; dopendinti, of course, upon the ability to obtain
materials witiiout undue difficulty or exorbitant cost.
The deduction of $80,049 from surplus account applies entirely to the
accumulations of previous years, including the writing down of the value of
some slow-moving material and the eliminating of some doubtful accounts.
In January the board was increased from 7 members to 12 members, and 5
new directors were elected by the board to fill the vacancies thus created.
INCOME ACCOUNT FOR YEARS ENDING MARCH
Year ending
Gross income
Expen.scs
—
31.
1910-17.
191.5-1().
1914-1.5.
191.3-14.
.$2,3,5.5,217
.$1,809,150
2,2,54,042
$1,913,908
1,831,213
1,702,114
$1,988,209
1,815,488
$101,175
$82,695
$107,036
106,864
$172,781
141.059
$101,175
$82,695
$172
.$31,722
depr'n).
(incl.
Net income
Pref. dividend
(7%)...
Balance, surplus
BALANCE SHE
Assets
1917.
S
—
1916.
LiahilWes
S
Property, franchises.
patents, &c__
4,847,192 4,740,477
Material on hand. ._ .5S0,685
517,534
Accts. & notes receiv. 4.50, .'iOO
383,114
Cash
. .
82,307
76,844
Investment .
159,110
151,710
Deterred charges (being written off) . _ x522,330
557.455
. ..
.
Total
1917.
—
Preferred slock
stock
The
2,059,300 2,060,800
Common
y3, 108, 400 3,109,000
Accounts payable.
Notespayable .
.
484,842
295,823
Miscellaneous..
Reserve for deprecia-
1,657
488,457
193,900
439
348,067
z309,034
286,031
287,908
tion,
Surplus
6,607,124 6,427,135
Total
&c
.
6,607.124 6,427,135
.
X Denotes in 1917 capital invested in development and advertising of
new branches, proportion of home office expenses and brokerage on sale of
preferred stock and other charges to future operations in process of being
written off, .f.540,832: less $18, .502 written off in 1916-17 out of income.
V After deducting $891 ,000 fully paid stock in treasury, z After deducting
f 80,049 deductions affecting previous year's surplus. V.104,p.2346, 563.
—
GENERAL INVESTMENT NEWS
—
Boise RR.
—
— Sale Confirmed. —
Dietrich in the XJ. S. District Court at Boise, Idaho, on
July 5 confirmed the sale of this company's property to David K. Miller
and W. E. Pierce upon their bid of $100,000. The new owners have taken
possession.
V. 104, p. 1488.
—
& Albany RR. — Rate
Increase.
—
The Mass. P. S. Commission has granted this company a general 15%
increase on bituminous coal and coke rates, effective at once.
Increases in
rates for all other commodities have been suspended until Oct. 28 1917,
imless otherwise ordered by the Commission.
V. 104. p. 2450, 558.
Boston
—
& Maine RR. — Sub.
Co. Bonds.
—
Arrangements have been made for the extension for two years, at 4M %>
of the $100,000 Peterborough & Hillsborough RR. First Mtge. 4J^%
bonds which matured July 1. Receiver Hustis of the Boston & Maine
was given authority to purchase and hold in the treasury such of these bonds
as holders desired to turn
Cambria
&
in.
— V.
104. p. 2640. 2451.
— Successor Co. Operations. —
Pittsburgh RR,-
known as the Pittsburgh
Somerset RR., which was purchased by Pittsburgh interests and named as above, will be ready for operations between Somerset
•and Latrobe, Pa., on or about Aug. 1.
Press reports state that this company, formerly
"Westmoreland
&
Canadian Northern Ry. —-One-Year Secured Gold Notes
Wm. A. Read & Co. are offering at 99 34, to yield
Offered.
—
$2,700,000 One-Year 6% Secured gold notes dated
July 10 1917, due July 10 1918. Total authorized, $2,700,000
Principal and interest payable in U S gold in N Y
also payable in Toronto.
Interest J. & J. 10.
Coupon
notes of .$1,000. Guaranty Trust Co. of N. Y., trustee.
The bankers report:
6H%,
.
.
.$39,994
Lincoln, J'lacer County, Cal.. to Dairy
p. 2342, 1044.
.
.
.
Chesapeake
Farm Mine,
11
miles.
— V.
$4,557,629 Total par value.
The securities pledged as collateral for these notes have liens prior to the
following outstanding issues, aggregating $146,789,000: (o) $61,789,000
4% Perpetual Consolidated Debenture stock: (b) $25,000,000 5% Income
bonds; (e) $45,000,000 4% General Mtge. bonds, guaranteed by the Dominion of Canada; id) $15,000,000 cash advanced by Dominion of Canada,
secured by mortgage for that amount.
The Dominion of Canada owns ,$40,000,000 of the outstanding $100,000,000 Canadian Northern Ry. cajjital stock and has guaranteed bonds of the
system to the extent of about $105,000,000. In addition, various Provinces
of Canada have guaranteed over $107,000,000 of the railway bonds. The
Dominion Government's investment and interest in the Canadian Northern
System is thus so paramount that its continuance may be regarded as assured.—V. 104. p. 2235, 1898, 1800.
&
—
—
Light Co. Exchange of Stock AcquiTucker & Co., Boston, announce that there has become effective a plan calling for the
exchange of the preferred and common stocks of the Carolina Gas & Electric Co; for the preferred and common stocks
of the Carolina Power & Light Co.
stockholders of the Carolina Gas & Electric Co. are offered stock of the
Power & Light Co. on the following terms: (a) For each share of Gas &
Electric Co. 6% Cum. Pref. stock (par $100), one share of Power & Light
Co. 7% Cum. Pref. stock (par $1(50); and (6) For each share of Gas &
Electric Co. common stock (par .$100), paying no dividends, one-half share
of Power & Light Co. common stock (par $100), now paying dividends at
the rate of 2% per annum. Fractions to be adjusted at market. A quarterly dividend of 50 cents per share has been declared on the common stock
of Power & Light Co. payable Aug. 1 to holders of record July 24. In
Carolina Po'wer
Plan
Effective.
—Warner,
104.
& Ohio RR. — Purchase. —
This company has purchased 8,000 acres of land from the Four States
Coal & Coke Co. for $3,000,000.— V. 104, p. 2116. 2110.
&
Chicago Rock Island
New
Pacific Ry.
Director.
—
James N. Wallace, President of the Central Trust Co., N. Y., has been
D. Hulbert of Chicago. V. 105, p. 72, 67.
elected a director to .succeed E.
— Sub. Co. Bonds
—
Cleveland Southwestern & Columbus Ry. — Car
The Guardian
&
company's
new
—
Columbus Delaware & Marion Electric Co. — Successor
Co.
—Bodell & Co.. P^o^^dence, Boston
Cities Service Co.
See Toledo Traction, Light
Offered.
Co. below. V. 105, p. 72.
& Power
—
Trusts.
Savings
Trust Co. has purchased this
car trust 6s issued against 8
cars.V. 104, p. 1701.
$75,000
7%
offering at 100 and div. $650,000
cumulative pref (a.
d.) stock of this company, incorporated in
June in Ohio, to acquire the properties of the Columbus
Delaware
Marion Ry. (in receivership since Sept. 1909)
sold in June 11 last under foreclosure.
The stock is non-taxable in Ohio, N. Y., New Hampshire and Conn.
Red. all or part at $115 and divs. Dividends Q.-J. Par $100. Additional pref. stock cannot be issued without the consent of the majority of
&
&
the pref. stock, unless the net earnings available for dividends thereof are
double the requirements on the pref. stock i.ssued and proposed. No stock
having priority can be auth. except with consent of 75% of pref. stock.
Extracts from Letter of Pres. Eli M. West. Columbus. O.. July 2 1917.
Company. Owns and operates without competition the central .station
electric light and power business in Marion and the street railways in Marion
and Delaware; also the interurban railroad between Columbus, Delaware
and Marion (O.) Total population served (a) railroad department, including terminal cities, over 255.000; (b) electric light and power dept., 30,000.
Capitalization as of July 2 1917.
Authorized.
Outstanding.
Bonded debt (5% bonds)
$7,500,000 $1,900,000
7% cumulative preferred stock
1,000,000
650,000
Common stock
1,000,000
700,000
Propertij, &c.
In addition to the above the company furnishes electricity
for the callages of Prospect, Radnor and Greencamp.
It has a complete
electric distribution system in Marion and a steam power station at Stratford, capacity 2,800 k.w.
and one at Marion, capacity 7.50 k.w. An
additional turbine of 1,000 k.w. is being installed at Marion.
The street and interurban railway aggregates 56 miles of standard single
track equivalent all owned.
The interurban rims from the centre of
Columbus over the tracks of the Columbus Railway Power &. Light Co.,
4.09 miles to North Columbus and thence over its own tracks. Over 76%
of its own interurban track is on private right of way.
Local street car
ser\ice is furnished in Delaware and Marion.
Rolling stock includes 28
city passenger cars, 8 interurban passenger cars, 4 combination interurban
passenger and baggage cars, 4 freight and express cars, 3 new freight box
car trailers, 18 flat, dump and work cars, and 2 motor snow plows.
There
is a complete railway high tension transmission and feeder system with the
necessary substations.
Earnings for the years ended
June 30 '15. June 30 '16. May 31 '17.
—
—
—
Operating revenue
Operating income, after expenses
Int. on bonds ($1.900,000)
$479,583
165,165
$490,159
185,210
563.905
198,710
95.000
Net income (15.95% on the pref stock)
Pref. stock dividend (7% on $650.000)
103.710
45,500
.
These notes are the direct obligation of the company, specifically secured
by pledge with the trustee in N. Y. of .$4,557,629, par value, of Canadian
Nortliern Ry. System underlying first mortgage securities unconditionally
guaranteed as to both principal and interest by the Dominion of Canada, the
Province of Saskatchewan or the Province of British Columbia.
The collateral pledged with the trustee is as follows:
$1,784,996 CanadianNorthern Alberta Ry. 3}^ % 50- Year Debenture stock.
due April 1 1962, prin. and int. guar, by the Dominion of Can.
770,000 Canadian Northern Ontario Ry. 3}4% 50- Year Debenture
stock, due May 19 1961, prin. and int. guar, by the Dom. of Can.
987,933 CanadianNorthern Ry. 4% Debenture stock, due Jan. 23 1939,
prin. and int. guaranteed by the Province of Saskatchewan.
1,014,700 Canadian Northern Pacific Ry. 4M% Debenture stock, due
Apr. 2 1950, prin. and int. guar, by Prov. of British Columbia.
sition
—
'
.
S.
Boston
of Projected Line.
authorized this company to purchase
the Lincoln Northern Ry., a projected line extending from
Pref. Stock Offered.
Arcade
Attica RR. Corp. New Officers.
This company, which was incorporated May 23 1917, as successor to
Buffalo Attica & Arcade RR., has elected the following officers: P. H.
Quinn, Pres.; E. J. Conroy, Vice-Pres; and Geo. E. Hogue, Sec. & Treas.
See V. 104, p. 2450.
Judge F.
for
—Acquisition
RR. Commission has
Cal.
and N. Y., are
RAILROADS, INCLUDING ELECTRIC ROADS.
&
The Power & Light Co. serves directly and through subsidiaries about
144,000 population as against about 30.000 served bv the Gas & Electric
Co. Gross earnings of the former are at the rale of SI ,575.000 per annum
as ag.iinst about $215,000 for the latter.
The slocks of the former outstanding are SI, 419, 300 pref. and 54,350,000 common.
Th<! I'ower & Light (U>. now operates in 16 communities in North Carolina, including Raleigh and Durham, and it also owns all the common stock
except directors' shares, of the Yadkin River Power Co. and the Asheville
Power & Light (;o. The Yadkin company owns and operates the 32 OCiOh. p. hydro-(4('Ctric development on .the Yadkin River at Blewctt Falls,
near Rockingham, N. (J. It sells power at wholesale to the Carolina Power
& Light Co. and also supplies electric light and power service in 8 communities in North and South Carolina.
The Carolina Gas & Electric Co. supplies electric light and power to
Florence, Darlington, Marion, Mullins, Summcrville and Tininionsville
It also supplies water in Darlington and Marion and ice in Florence,
S. C.
Marion and Summerville.
The management of the company is under the Supervision of the Electric
Bond & Share (^o.— V. 104, p. 1488.
Central Pacific Ry.
1916.
$
S
[Vol. 105.
order to receive this dividend it will be necessary to make the exchange not
later than July 23.
The holdings of stock, constituting more than a majority in interest, of
Warner, Tucker & Co. and associates will be so exchanged, and the minority
holders of the Gas & Electric Co. are accorded the same privilege.
"With the exchange of stock the control of the Carolina Gas & Electric Co.
is to be acquired by the Yadkin River Power Co., a subsidiary of the Carolina Power & Light Co.
Balance
$58,210
— This interurban road runs from Columbus, the capital,
the heart of Ohio, rich agriculturally and growing
The
Territory.
industrially.
is
in
and
the county seat of Franklin County, through Delaware, to Marion, the
county seats of Delaware and Marion counties, re.spectively.
Franchises.
Are satisfactory and contain no burdensome restrictions
Directors {and Officers).
Eli M. West, Columbus (Pres. and Gen. Mgr.).
Earl H. Turner and H. J. Catrow, Dayton, O.; J. J. Bodell and L. C.
Gerry. Prov., R. I. Harry F. West, Columbus, is Sec. V. 104, p. 2641.
—
—
Columbus Delaware & Marion Ry.
See
Columbus Delaware & Marion
—
— Successor Co.
Electric Co. above.
Stock.
— V. 105. p. 72.
— Interest on Notes.—
Connecticut River RR.^
6% notes, which were extended to
still outstanding, will be paid up to Feb. 28 19i7 on
presentation of the notes with income tax certificates at the Union Trust
Co., Springfield, National Shawmut Bank, Boston, and J. P. Morgan &
Co., N. Y. This represents six months' interest which was authorized by
the Court some time ago, but payment of which has been held up by certain appeals.
V. 104, p. 2451.
Interest on this company's $2,000,000
Aug. 31 1916 but are
—
—
—
—
Denver & Rio Rrande RR. Interest Payment.
We learn that the funds are now in hand for the payment of the Aug. 1
coupon on this company's First & Ref. Mtge. 5% bonds. — V. 104, p. 2641.
Duluth-Superior Traction Co. Acquisition.
—
This company's subsidiary, the Duluth Street Ry.. has purchased the
3-mile property of the Park Point Traction Co. of Duluth, Minn.
It is
announced that the acquisitor company would take over operation of the
property as of July 1 last. The Park Point line has outstanding $100,000
income bonds and $14,000 mortgage bonds. Robert R. Dunn was President
of the Park Point Co.
V. 104, p. 1795. 1044.
—
Eastern Power
—
&
—
Light Corp. Sale of Holdings.
This cpmpan.v has disposed of its holdings of securities of the City Electric
Lighting Co. of Vincennes, Ind., whose properties have been merged with
the Indiana Power & Water Co. which owns and operates electric-light and
power properties in several communities in Indiana. V. 104, p. 2343.
—
,
Grand Trunk Ry.
— Statement by Chairman Regarding
—
the
Company^s Condition and Affairs.- Chairman Alfred W.
Smithers has issued a statement, as of July 9, supplementary
to the statement recently issued by E. J. Chamberlain,
President of the company (see V. 104, p. 2117) refuting the
conclusions arrived at by the majority report of the Railway
Commission (V. 104, p. 1800) which, as stated, undoubtedly
was likely to injure the credit of the company at any time,
but particularly in the midst of the crisis caused by the war.
Mr. Smithers
points out the following in part:
»
—
July
Lawrence.
In the sixty-five years of the company's existence it has never defaulted
its fi.xed charges, notwithstanding that in that period a great number
of the American railways have several times been in banliruptcy and that
n 1895 when the present board took office, nearly half of the American
roads were then in the hands of receivers; it has maintained its standing
on the London market, thus being able to finance on its own credit the
many and various requirements demanded by the people of Canada.
The officials of the company are prepared to substantiate the fact that
the congestion on the Grand Trunk Railway was less than on the American
railways on the frontier, and on the other Canadian railways, and that
notwitlistanding the congestion the company carried in that time the biggest traffic that it has ever carried.
As one proof of the difficulty to obtain
material, 20,000 tons of rail were due to be delivered to the company in
May 1916, but up to date only 2,500 tons have been delivered and the
company has had to make a special and urgent appeal to the Canadian
Government to allow the mills to suspend the manufacture of steel for
munitions for the purpose of rolling 5,000 or 6,000 tons of rails to take care
Locomotives have been ordered at prices
of immediate requirements.
varying from 845,000 to .$50,000, or more than double the cost prevailing
before the war, and freight and coal cars at an even greater price.
It is
almost, if not quite impossible, for people who are on the outside of practical railway management to realize the difficulties that have to be continually faced under modern conditions.
This was true in pre-war time.
It is doubly true to-day, not only in the financial and other ways I have
mentioned, but also in the increasing demands arising from the war, such
as the carrying of troops, munitions and war supplies of all kinds, and above
all this the loss of the services of the large number of the company's men
who have nobly volunteered for services at the front. Nothing has been
more vital in the prosecution of the war than the wonderful work of the
railways.
Nowhere has more devoted service been given than by the officers
and men of the railways in Canada, Great Britain and France. Compare
V. 104, p. 1800, 1898, 2112, 2117. 2235.
on
Lehigh
materials.
Delayed.
company's line from
conditions,
— V. 105, p.resulting
73.
Lehigh Valley RR.
in a shortage of labor
—-Neio
Officer.
M.
who
—
& New England RR. — Extension
It is announced that plans for extension of this
Tamacjua to Cranberry, Pa., have been abandoned for
war time
owing to
and high cost of
this year
—
P. Blauveit has been elected Comptroller to replace L. D. Smith,
was Vice-Pres. in charge of finance and accounting. \ 104, p. 2553.
.
RR.— A^e?;; Officer.—
R. K. Delanev has been elected Secretary and Treasurer to succeed
H. E. Yarnall.— V. 104, p. 163.
Missouri Pacific RR. Application to List.
AppUcation has been made to the New York Stock Exchange for authority
to list the foUowing Fhst and Refunding Mtge. bonds: $24,238,000 Series
Midland Valley
J.
—
—
"A" due Feb. 1 1965; $13,641,000 Series "B" due Jan. 1 1923; $9,044,000
"C" due Aug. 1 1926, and $51,350,000 General Mtge. 4% bonds due
March 1 1975; .582,839,500 Trust Certificates for Common stock, and
Series
$71,800,100 Trust Certificates for Preferred stock.
Monongahela Ry.
,.
THE CHRONICLE
14 1917.]
The Grand Trunk Railway was commenced in 1853, and built by British
labor, British engineers and British capital.
Every yard of rail, every
bit of metal required for the bridges, the locomotive stocli and the rolling
stock all came from England.
Since the present board took office in 1895
every bridge on the system has been rebuilt, including the bridge over the
St.
A
.
.
—
— New
— V.
104, p. 2641.
Officers.
J. M. Schoonmaker, Vice-Pres., has been elected President and J. J.
Turner, Vice-Pres. T. H. B. McKnight succeeds J. G. Robinson as
Treas. Lewis Neilson remains Sec. R. R. Reed has been appointed Asst.
Treas. to succeed W. M. Doulin. V. 102, p. 1540.
—
Monongahela Valley Traction Co.
— Merger Data. —In
connection with the acquisition of the capital stock of the
Kanawha Traction & Electric Co.,, the following letter, in
substance, from the directors of the purchasing company to
the shareholders, dated June 1, has been received, setting
forth proposals acted upon affirmatively on June 21 last:
The directors have offered to aid Kanawha Traction & Electric Co. in
St.
181
— Deposits
Louis Transit Co.
Urged.
— Committee. —
The committee named below, representing the owners
amounts
of
5%
20-year improvement bonds ($9,800,000 outstanding) guaranteed prin. and int. by the United
Ry. Co. of St. Louis (.see below) urges the immediate deposit
of such bonds with the Mercantile Trust Co. of St. Louis,
or the Bankers Trust Co., N. Y., depositaries, in order to
properly protect the interests of all concerned.
Committee: Festus J. Wade, Chairman, Pres. Mercantile Trust Co.,
St. Louis; Edwin M. Bulkley, Spencer Trask & Co., N. Y.; F. J. Lisman.
large
of the
F. J. Lisman & Co., N. Y.; G. Herbert Walker, G. H. Walker & Co.,
St. Louis; Charles S. Ludlam, Haskins & Sells, N. Y.; George L. Edwards
A. G. Edwards & Sons, St. Louis.
See United Rys. Co. of St. Louis below. V. 81, p. 778.
Savannah & Atlantic Ry.
—
—
—
Stock.
This company has applied to the Georgia RR. Commission for authority
to issue $1,250,000 pref. stock and $1,000,000 common stock.— V. 105.
p. 73.
Southern Pacific RR.
The
—Acquisition
RR. Commission has
of Lines.
—
authorized this company to acquire the
below named properties at the prices mentioned:
Properties Built and Projected
Length of Line.
Price.
Coast Line Ry., Santa Cruz to Davenport
12 miles
$717,665
Hanford & Summit Lake Ry., Hardwick to Ingle
42 miles
780,266*
Oroville & Nelson RR. (projected), Oroville to Nelson.
Butte County
13 miles
29,013
Colusa & Hamilton RR. (46 miles laid), Harrington to
Hamilton
61 miles 1,809,928
Mojave & Bakersfield (debt to be assumed), Mojave
to Bakersfield
85 miles
40,320
Compare V. 104, p. 2344, 2012.
Calif.
—
Tennessee Central RR.
— Sale Postponed— New
Receiver.
Tenn.. on
July 7 (a) ordered the sale of this company's property to take place on Oct.
22 instead of Sept. 8, as previously annovmced; (6) appointed H. W. Stanley receiver to succeed H. B. Chamberlain, who resigned.
V. 105, p. 73.
Judge E. T. Sanford
in the
U.
S. District
Court at
l>fashville,
—
&
—
Toledo Traction, Light
Power Co. First Lien Bonds
Harris Forbes
Co 1^
Harris Forbes
Co
Offered
Inc., Boston, and Harris Trust
Savings Bank, Chicago,
have sold at 100 and int. a block of $486,000 First Lien
five-year bonds of 1913, due Feb. 1 1918, making the
total outstanding of this issue $7,499,000.
Bankers report:
—
&
,
.
,
.
&
Y
.
,
,
&
.
6%
—
Present Capitalization
Preferred (6% cumulative) stock
Common stock
First Lien Five- Year 6s
Second Lien Five-Year 6s
Authorized. Outstanding.
-..$8,000,000 .$7,988,500
9,200,000
9 ,059 ,903
7,499,000
7,500,000
1,200,000
1,200,000
Earnings of the Company and Allied Interurban Roads.
Years ended May 31
1917.
1916.
Gross earnings
$6,002,932 $5,116,367
—
Net after operatmg expenses and taxec
$1,822,173 $1,736,916
The above statement shows the earning power of the operating properties.
The income statement for the year ended May 31 1917 of the Toledo
Traction, Light
Power Co. on the basis of the securities deposited under
cfe
the trust indenture is as follows:
Total income
Annual interest on $7,499,000 Fh-st Lien
6%
$1,502,142
449,940
Bonds
Balance
$1,052,202
Income over three times
Compare
First Lien bond interest.
V. 96, p. 555.—V. 103, p. 1119.
Tuckerton RR.
— Neiv
Officers.
—
Vice-Pres. W. W. Pharo has been elected President to succeed Richard
Ashurst. William Selfridge, formerly Treas., succeeds Mr. Pharo as
Vice-Pres.
V. 90, p. 628.
its railroad, &c., and also to purchase the
com. and pref., by exchanging therefor shares of the Monongahela company, com. and pref., upon the following basis, viz.: shares of
Union Pacific RR.^
Officers.
6% Cumulative Preferred stock of the Monongahela company, par $25.
Asst. Sec. Thomas Price has been elected Sec. to succeed Alexander
share for share, for pref. stock of the Kanawha company. Similar basis
Millar, who has been retired on a pension after 45 years in the company's
for common stock, par S25.
The Monongahela company will hold, operate and manage the railway service. C. T. Bower succeeds Mr. Price as A.sst. Sec-^-V. 104, p. 2642.
and properties of the Kauawha company, and will receive all revenues, &c.,
and out of the income received will pay, (o) an amount equal to the interest
United Railroads of Yucatan (Mex.). Bond Interest.
upon all bonds or other indebtedness; (b) taxes; (c) sums payable under any
Ladenburg, Thalmann & Co. give notice that the coupon due April 1
provision, &c., in the First & Ref. Mtge.; (di all operating expenses, &c.;
1917 on the company's 5% 1st M. bonds will be paid at their office on
(e) to the amortization of discounts on bonds or securities heretofore or
July 7 1917 with interest at 5% per annum from April 1 1917 to July 7 1917.
hereafter sold or disposed of by said Kanawha company at less than par,
V. 104, p. 2553.
and to fulfill the guaranty of the mortgage bonds of Parkersburg & So*th
Side Bridge Co.; (/ and to enaJDle the Kanawha company to pay 6%
United Rys. of St. Louis. Agreement Between City and
dividends on the preferred stock.
Company -Statement of Status, &c. Deposits of Bonds.
It will be necessary in order to carry this transaction into effect to increase the capital stock, to change the par value of stock and to convert
plan has been agreed upon by' officials of the city and the
the 5% cumulative pref. stock into 6% cumulative pref. stock; it is therecompany by which the former becomes partner in the manfore proposed to increase the authorized pref. stock from $3,000,000 to
agement of the company with capital stock of $60,000,000,
$4,000,000, and couunon from .$9,500,000 to $12,000, 000;.to reduce the par
value of all shares to $25 per share; and to provide for the issue of 6%
in consideration of the elimination of the mill and occupacumulative pref. stock. Such increase would also allow a sufficient amount
The agreement provides for the payment of
tional taxes.
to take care of the conversion right to be given to the pref. stock to convert
such stock into common stock, share for share.
on the capital stock and the division of the surplus after
6
Accordingly, holders of the present outstanding 5% cumulative pref.
such interest equally between the two parties.
stock have the right to convert their stock into the 6% pref. stock on the
basis of 3 9-25 shares of 6% pref. stock for each share of 5% pref. so conPres. Mortimer of the North American Co., which comverted; and the holders of the present outstanding common stock have the
of the
stock, on June 11,
pany owns about
right to exchange the same for the new common stock on the basis of 1 share
of the present common stock for 4 shares of the new common stock.
issued the following, in substance:
The Kanawha company owns and operates electric street and interurban
The settlement of the mill tax and franchise difficulties was first underrailways in Parkersburg, W. Va., and in Marietta, O., and connecting these
two cities; it also owns and is operating a line from Marietta to Beverly, in taken by the company in 1911. An ordinance providing for a lump sum
settlement of accrued mill tax, a reduction in the future tax and a confirOhio.
The entire mileage owned and in operation is about 60 miles; the mation of the franchise rights until 1948 was recommended in 1911, but
population tributary, about 70,000. This company owns and operates the
Since that tinie the St. Louis public has gradually come
failed of passage.
electric lighting and power business in Parkersburg and Williamstown,
W. Va., and in JMarietta, Lowell and Beverly, Ohio, e.xcept the street- to believe that these matters should be settled and at the last election
successful candidates avowed their intention of settling all such disputes.
lighting bu.siness in Marietta.
It also owns all of the capital .stock of the
The city officials have taken the lead in negotiations now in progress
Ohio River Bridge & Perry Co., which company owns the bridge crossing
and have drafted a form of franchise ordinance somewhat similar to the
the Ohio River between Williamstown and Marietta.
so-called Kansas City plan; it provides for a new 50-year franchise, a joint
I" The total net income from these properties for the 12 months ending
board of control and a division of the surplus earnings in excess of agreed
Jan. 31 1917 was $1.50,742; the earnings applicable to dividends on the
common stock, after pref. dividends, being practically 8%. It has issued percentages on the initial utility capital and on all future accretions If an
and outstanding $1,078,500 6% cumulative pref. stock and $1,100,000 of ordinance can be agreed to and is passed by the Aldermen, the company
proposes to offer this to all the security holders and ascertain if the necescommon stock. Compare V. 104, p. 1146, 2641.
sary adjustments in the financial structure of the company can be made to
comply with the terms of the ordinance. The initial utility capital will
Ohio Electric Ry. Equipment Notes.
The Ohio I'. U. Commission has authorized this company to issue probably be fixed at $60,000,000 or $65,000,000. and the face amount of all
5100,000 equipment notes, the proceeds to be used to pay in part for four outstanding securities will probably have to be reduced.
There are now outstanding $1 1 ,350,000 face amount of underlying bonds,
motor express cars, 16 flat trail cars and 16 box cars.— V. 103 . p. 1593
.$9,800,000 of St. Louis Transit 5s due 1924, .$30,350,000 of Gen. M. 4s due
Pennsylvania Compa,ny. Financial Data. The fol- 1934, and $4,500,000 of Suburban Ry. Gen. 5s, due 1923, making a total
There are outstanding in the hands of the public
of about $56,000,000.
lowing change.s have been made in outstanding securities:
$16,379,900 5% Cumulative Pref. stock and $24,913,800 common stock.
gold bonds of 1881, due July 1 1923, reduced to
$17,073,000 The total capitalization is accordingly about $97,000,000, and if the finances
3H7c Guar. tru.stcertfs. of 1902, due Dec. 1 1942, reduced to.. 4,235,000 are adjusted so that the face amount of outstanding scscurities approximates
Loan of 1906. due Jiuie 15 1921. reduced to
the $60,000,000 capital proposed by the city, there will have to be a reduc10,693,243
Gold Loan of 1915. due June 15 1921, increased to
26,625,653 tion of .$32,000,000 to $35,000,000.
[The above data was received too late for publication in our "Ry & Indus.
The bond issues of the St. Louis Transit ,5s. Gen. Mtge. 4s, and the
Section" publi.shed June 30.— Ed.]— V. 104, p. 2641, 2343.
Suburban Mtge. 5s are selling at substantial discounts under par. AH
these mortgages are closed except in so far as they may be used for the
Pennsylvania RR.^
Division Operated.
retirement of underlying issues, and afford no means for financing capital
F The line formerly known as the Cornwall & Lebanon RR.. extending ro(iuirements. All such moneys during the List ten years have been provifrom Conewago, I'a., to Lebanon. Pa., is now maintained and operated by ded for from earnings. Should the franchise negotiations now in progress
the Pennsylvania company as agent and is known as the Lebanon Division
result satisfactorily, there will have to bo adjustments in the amount of
of the Ea.stern Pennsylvania Division, effective July 1 1917.
V.105, p. 73.
junior bond issues outstanding and in the amounts of pref. and common
stock.
That it will be suggested to the holders of General Mtge. 4s that
Pittsburgh Westmoreland
Somerset RR. Purchased the face amount of th(ui- securities be reduced, has been sensed for some time
See Cambria & Pittsburgh RR. above. V. 90, p. 373.
past and has been responsible for the formation of the committee (see below)
the construction and operation of
—
capital stock,
—
— New
—
—
—
—
—
—
—
%
72%
common
,
—
—
—
—
4H%
.
—
— New
—
.
&
—
—
.
—
,
THE CHRONICLE
183
It is reported that committees to nipresent the other junior bond issues
have either l)eeii formed or are in process of formation. The pref. shareholders have a committee but it has not yet aslced for the deposit of stoclt.
The North American Co. will ask other holders of common stock to join
with it in any plans for reorganization which may bo later promulgated.
—
Deposits of General MorUjage 4% Bonds Urged.- The committoe named below, owning and representing a large amount
bonds (.i32,231 ,000 outstanding)
of the general mortgage 4
urgently r<>quests deposits thereof with Jan. 1 191S coupons
attached with the Mississippi Valley Trust Co., St. Louis;
Farmers' Loan & Trust Co., N. Y., or Mercantile Trust &
Deposit Co., Baltimore, as depositaries. It is to the advantage of bondholders to deposit their bonds in order to participate in the benefits to be gained by concerted action in the
plan of adjustment of the difficulties existing between the
city and company.
(See adv. pages.)
Transferable certificates of deposit will be issued. The committee? wll
%
promptly pay any Interest which may be received by it on the deposited
bonds to the holders of the certificates of deposit.
CotnmUtec.
Breckinridge Jones, Chairman, Pros. Ml.ssisslppl Valley
Trust, St. Louis; David K. Francis Jr., Francis, Bro. & Co., St. Louis;
Allen G. Hoyt, V.-Pres. National City Co., N. Y.; A. II. S. Post, Pref.
JVIercantilo Trust & Deposit Co., Baltimore; H. B. Collins, Whitaker & Co.,
St. Louis; F. H. Eckor, Treas. Metropolitan Life Ins., Co., N. Y. ^V. 104.
—
—
p. 1046, 948.
—
Vermont
J.
—
Valley RR.^ Interest on Notes. Receiver
H. Hustis in an announcement noteholders says:
the intention of the receiver to apply forthwith to the U.S. District
for permission to pay interest on the notes of the Vermont
RK. A like application has been made to the District Court of
Massachusetts concerning the Connecticut Kiver RR. notes and has been
favorably acted upcn. The receiver hopes that similar favorable action
may be obtained from the District Court of Vermont. If so, interest on
the Vermont Valley notes will be paid as soon as the Court's order has become final.— V. 104, p. 2453.
It
is
Court of Vermont
Valley
—
—
Weatherford, Mineral Wells & N. W. Ry. Treasurer.
& Gen. Mgr., has also been elected Treasurer.
—V. 103. p. 240.
West Side Belt B.R.—Neu) Director.
"Walter L. Haenlen. of the firm of Charles Faaroa & Co., Phila..
succeeds J. G. Code as director of this company, a sub5idiary of the Pittsburgh & West Virginia Ry. — V. 104. p. 1265.
Wheeling & Lake Erie Ry. New Chairman- Directors.
B. C. Crow. 2d Vice-Pros.
—
—
—
Carl R. Gray, President of the Western Maryland Ry., has been elected
Chairman of the Board, succeeding L. F. Loree, resigned. M. C. Byers
and Bertram Cutler have been elected directors to .succeed H. H. Porter
and Johnson de Forest, resigned. V. 104, p. 2236, 1900.
—
Wisconsin Interurban System.
— Projected
Co..
—
The Wisconsin RR. Comm. has authorized this company, a projected
electric interurban railway between Madison and Portage and Madison
and Janesville, Wis., to issue $600,000 bonds. A portion of the proceeds
will be used to pay indebtedness incurred in constructing existing street
railway lines in Portage and Madison and the remainder for construction
purposes. J. E. Jones of Madison is President.
Yazoo & Mississippi Valley RR.
W. D. Beymer succeeds M
—
— New
Officer.
P. Blauvelt as Comptroller.—V. 97, p. 239.
.
INDUSTRIAL AND MISCELLANEOUS.
—
Aluminum
Co. of America.— Divide7id Record.
Annual Dividend Years Ending Aug. 31 till 1906, Thereafter Calendar Years.
On $1,600,000 Stock.
On $3,800,000 Stock.
On $20,000,000 Stock.
—
.
'99. '00. '01. '02. '03. '04. '05. '06.
4M
'06.
'07. '08. '09. '10-13. '14. '15 '16
7H
S'A ~H 6
6
11 *3 1-3 11
0.2
1
4
6 6K 10
Covers a. period of 4 months (3.37%) due to the change in years.
This company was incorporated in 1888 with .51,000,000 capital stock.
From 1889 to 1894 there were no dividends paid; for the year ending Aug. 31
1895 4% was paid; 1896. 6%, and from 1897 to 1898 none.
For further
payments see above. V. 102, p. 439.
8i4
—
— Acquisition.—
—
—
American Gas Co. —
Co.
Bonds
Luzerne County Gas &
Co.
—V. Offered.
American Locomotive Co., N. Y., — Purchase.—
company
on
Seaboard
which
American Malt Corp. — Sale
Detroit Plant.—American Brass Co.
&
See Buffalo Copper
Brass Rolling Mill below.
Siib.
Electric
See
104, p. 2642.
This
formally took possession
July 2 of the
Steel
Casting Co., properties
it recently purchased.
See V. 104, p. 2454.
of
Continuing the policy of disposing of its five obsolete plants, this company has consummated the sale of its Detroit plant leaving only the plam;
at Chicago to be sold.
The company now has eight modern pneumatic
plants working at capacity. V. 104, p. 1146.
,
—
American Mfg. Co.
—
Assets
Plants, waterpow.,
&
wareh.
1916.
S
of Mass.
1915.
S
— Bal.
Sheet Dec. 31.
—
Assets (.Concl.)
Supplies & prepaid
landS-*5,6G4.U4
—
1916.
«:
1915.
S
5.306,622
interest, &c
109,835
75.416
3,000
Liabilities
3,000
514,581
875,910 Common stock
6,000.000 6,000.000
Accts. & notes rec_ 1,455,060
824,189 Preferred stock
3,000,000 3.000.000
Pay'ts on material
All debts & res'ves
753,805 2,584,925
not yet arrived .
516,623 1,120.941 Surplus funds
861.824
4,565,466
Mdse. & material
onhand-6,056,057 4,240.671
Total each side. 14,319,271 12,446,749
The net working capital in 1916 amounted to S7, 898, 352: the amount
spent for new property and additions was §691,764: charged to depreciation of plant, S334,272: and the sales of manufactured goods (about),
—
Salable securities.
Cash
$16,000,000,
against
$4,552,202,
$231,335,
$366,266
and $9,500,000,
respectively, in 1915.
* Of the water powers and lands accounts, $103,232
stock in other corporations. V. 104, p. 1047, 453.
—
is
repre °nted by
—
—
American Sumatra Tobacco Co. — Merger. —
—
American Pneumatic Service Co. New Officers.
Reports state that (iilmer Clapp has been elected Pros, and Treas.;
Morton L. Emer.son, Vice-Pres., and R. S. Ingram, Sec. V. 105, p. 74.
The directors on July 9 ratified a proposal looking toward the merger of
company and the Connecticut Tobacco Corp. Confirmation of this
this
required by the shareholders of the companies, after which the
terms of the consolidation will be made public. V. 104, p. 2236.
action
is
—
— Decision.Union
—
American Water Works & Electric Co., Inc. — Plan
American Telephone & Telegraph Co.
See Central
Telephonfl
n,-,.
below.
bo iiiailexJ, entitling the holder to receive the cash and new securities distributable to him upon surrender of such warrants duly endorsed as therein
providexl, to Bankers Trust Co., as agent for the voting trustees, or to
their agent in Europe as designated in the warrant.
Fractional scrip certificates will bo issued for fractions in cases where certificate holders are
not ciititlod to even amounts. The first preferred stock to bo issued under
the plan will be entitled to cumulative dividends from April 27. See plan
in detail in V. 104, p. 1803.— V. 105, p. 74.
-
V. 104, p. 1803, 1594.
Holders of voting trust certificates for stock under the plan
for funding the dividends accumulated to Apr. 27 1917 upon
the first preferred stock of this company are in receipt of the
following, in substance:
Consents and approvals of the plan having been received from holders
of a large majority of voting trust certificates for each cla.ss of stock, the
directors have voted to proceed with the execution of the plan.
Distribution of warrants for cash and new securities provided for will be
made to first preferred voting trust certificate holders of record at the close
of business on July 20 1917. As soon after as practicable, warrants will
— Leased Co.
—
Works. —
Anaconda Copper Mining Co.
S((!
Butte Copper
&
'/Am:
Slock Inc.
—
Co. below.— V. 105, p. 74.
Bath Shipbuilding
Sold.
announced that a syndicate coiLslsting of Maynard S. Bird & Co.
and Charles II. Gilman & Co., Portland, Me., and II. W. Cu.shman,
Pros, of the Meirill Trust Co.. Bangor, and a.ssociates have purchased the
plant of this company from tho estate of John H. Hyde, principal owner,
and will develop the property. The terms have not been made public.
Former Governor William T. Cobb, Chairman of the Maine Shipbuilding Committee, has been elected President of the new corporation, which.
It
is
It is said, has contracts for the construction of nine torpedo-boat destroyers to cost over .$10,000,000.
Bon
Air Coal
&
—Appeal Revoked. —
Iron Co.
Special Chancellor M. T. Bryan, in Part 1 of the Chancery Court at
Nashville, Tenn.. on July 9 revoked the appeal to the Supreme Court
granted by him on the 6th inst., in the ca.se of the Union Bank & Trust
Co.. trustee, against this company. Compare V. 104. p. 25.54. 2236.
—
Bucyrus Co. Note Offering .—Cnrtis & Sanger, N. Y.,
Chicago and Boston, are offering at 100 andint.,yiclding6%,
$600,000 one-year 6% coupon gold notes, dated .June 15
Int. J. & D. 15 at Bankers Trust
1917, due -June 15 1918.
Denomination $1,000.
Co., N. Y.
Data from Letter of President W. W. Coleman, Dated June 8 1917.
—
Company. One of the world's principal manufacturers of machinery for
excavating and handling materials. Its chief products are dredges, shovexcavators, pile drivers, railway cran&s and castings of all descriptions.
The plants at South Milwaukee, Wis., and Evansville, Ind., employ about
2,200 men when at capacity.
Capitalization (No mortgage)
Authorized.
Issued.
Gold notes
$600,000
8600,000
Preferred stock.
5,000,000
4,000.000
Common .stock
5.000.000
4 ,000,000
No mortgage shall be created during the life of these notes, unless cash
to meet their payment in full be deposited with the Bankers Trust Co.,
N. Y., for that purpose. The company will on June 15 1917 retire $1,000,000 notes then maturing, using the present issue for that purpose, and sui)plying the balance of cash necessary from current funds.
els,
—
Earnings. These for the calendar year 1916 amounted to .$312,000, and
have averaged over $300,000 per annum since incorporation in 1911. Net
profits for the four months from Jan. 1 1917 to April 30 1917 are reported
as over $270,000.
Unfilled orders are now greater than at any other time.
Approximate Balance Sheet, After Taking into Account This Issue.
—
Assets (Total each side $9,843,070).
Liabilities
bills rec.Sl ,292,283 Accts. payable and wages.
$261,103
Inventories
124,234
1,593,829 Taxes, ins., sundry res'ves
Deferred charges
25,058|Gold notes
600,000
Land, bldgs., mach., &c. 6,931,899 (Capital stock
8,000,000
—V. 104. p. 1047.
ISurplus
857.732
I
Cash, accts. and
I
&
Buffalo Copper
W. A. Morgan
Brass Roll. Mill.
— Sale— Bonds Paid.
recently announced that the American Brass Co.
purchased this company's property, possession of which was taken on
Pros.
had
July 2.
This company also gave notice and on July 1 paid off, at par and int. at
the Bankers Trust Co., Buffalo, its $1,000,000 6% notes due Oct. 1 1917
and the $1,000,000 6% notes due Jan. 1 1918.
—
—
Buffalo General Electric Co. Debenture Bonds.
The .shareholders of this company will vote July 30 on creating a mortgage
securing an issue of $4,400,000 6% debenture bonds, payable in not more
than 12 years and convertible at the option of the holder into stock of the
company at par after 2 years from the date of the bonds. V. 104, p. 666.
Burns Bros.
—
— Common
—
Stock Dividend.
A stock dividend of 1 % has been declared on the $6,950,000 common
stock in addition to the regular quarterly 1 J-a % both payable Aug. 15 to
holders of record Aug. 1
The regular quarterly 1 ?i % on the pref. was also
declared payable Aug. 1 to holders of record July 20.- V. 104, p. 2013.
,
—
.
V. 104, p. 1704.
below.
[Vol. 105.
Butte (Mont.) Copper
—Acquisition
—
—
&
Zinc Co., N. Y. Stock InExtension of Lease to Anaconda Co.
&c.
Stockholders and holders of voting trust certificates of
record July 31 are given the right, subject to authorization
by shareholders, to subscribe at $7 per share pro rata to
$500,000 new stock, par $5, increasing the capitalization from
The purchase of these shares has
$2, .500 ,000 to $3,000,000.
been underwritten without cost to the company.
Data from Letter of Pres. Albert J. Seligman, N. Y., July 7 1917.
The company owns the Emma Quartz Lode Mining Claim at Butte,
Mont., which it has leased to the Anaconda Copper Mining Co. An opcrease
—
,
portunity has presented itself of increasing its holdings by acquiring adjacent properties. Contracts have accordingly been made for the purchase
for about S630.000 of: (1) The Czarromah Quartz Lode: (2) the Travonia
Fraction Quartz Lode; (3) the Nellie Quartz Lode: (4) 7-16ths of the Ella
Quartz Lode mining claims, and (5) about 90 Tc of tne capital stock of the
Montana Central Mineral Co., which owns the Montana Central, the Bob
Ingersoll and the Black Placer claims.
Present holdings cover 13.34 acres, but the additional properties approximate 72 acres. 'The existing lease with the Anaconda company will include these properties.
Warrants representing rights of subscription will be mailed in due course
to the stockholders of record and to the holders of voting trust certificates
issued under the voting trust created between certain stockholders of the
company and Albert J. Seligman, Albert Fries and Jacob Oppenheim, as
voting trustees, dated Feb. 1 1915. Fractions of shares will not be issued.
[B. B. Thayer and C. F. Kelly, Vice-Presidents, and A.. H. Melin, Sec.&
Treas., of the Anaconda company, have been elected directors succeeding
A. J. Bailey, B. L. Strassburger and I. N. Spiegelberg, resigned.]
California Packing Corp.
— Definitive
Stock Certificates.
—
The Guaranty Trust Co., N. Y., amiounces that definitive certificates for
both pref. and common stocks of this corporation are now ready and may
be obtained upon surrender of temporary receipts at its offices, 140 Broadway, N. Y.— V. 104, p. 2 454.
Central Iron & Steel Co. Bonds Called.
One hundred twenty-three ($123,000) First Mtge. sinking fund 5% gold
bonds, dated Aug. 1 1905, have been called for payment Aug. 1 at 102)4
—
and
int. at
Girard Trust Co., Philadelpliia.
—
— V.
104, p. 2555, 2236.
—
States Gas Co., Vincennes, Ind. Bonds
Sidney Spitzer & Co. are offering, at prices for
Offered.
average maturities to yield 6%, $350,000 First Mtge.t6%
gold bonds.
A circular shows:
The bonds are dated April 1 1917, due serially. Int. J. & J. at^tho
Central
—
Guardian Trust & Savings Bank, Toledo, O., trustee, or at the Guaranty
Trust Co.. N. Y. Denom. $1,000, $500 and $100. Red. in inverse numerical order on any interest-paying date, upon 60 days' notice, at 103 and
int.
Interest without deduction of the normal Federal income tax aa|now
Monthly deposit of l-12th of int. charge required.
interpreted.
Maturities.— July 1.— $10,000 1919 and 1920; $12,000 1921; $13,000 1922:
$15,000 1923 and 1924; $20,000 1925 to 1928. incl.; $22,000 1929; $23,000
1930, and $25,000 1931 to 1936. inclusive.
—
July
THE CHRONICLE
14 1917.1
Digest of Letter from Pres. Wm. J. Hartnett, Vincennes, Ind.. Apr. 30
Organization.
Incorporated in Indiana and acquired the property in
Supplies gas to Vincennes, Ind., and, through the Illinois Gas
Oct. 1916.
Lawrencovillo, Bridgeport, Sumner and Olnoy, III., serving a comCo.. to
bined population of about 40,000 without competition.
—
Capilalizalion
—
Authorized.
Issued.
Capital stock
$1,000,000 3350.000
350,000
350,000
6%
lien on all the property, &c., now o-micd
These Bonds.
A
or hereafter acquired. Part of the proceeds was used to purchase and
rebuild the gas plant and distributing system, and the balance for additions
First Mortgage
bonds
first and only
—
and improvements.
—
Prnpcrly.
Consists of real estate, buildings and gas plant, including now.
automatically operated, inclined coke ovens (now being installed), gas
holders, benches, purifiers, compressors, cfec, having a daily capacity of
about 750,000 cu. ft. of gas; the company has about 50 miles of mains and
2,510 meters in Vincennes. There are 2,731 meters in the cities served
through the IlUnois Gas Co. The cash reproduction value of the property
in Vincennes, exclusive of franchise, has been appraised at $849,339.
Earnings from Oct. 1 1916 {at which time this company acquired the property
to April I 1917.
Gross income
$44, 265 Semi-annual bond interest ..SI 0,500
Net, after taxes
$24,3641 Balance (for the 6 months). .$13,864
Net earnings are at the rate of $48,727 per annum, which is about 2 1-3
times the bond interest requirements, and should materially increase; new
business is being secured as rapidly a,s the company can care for it, and when
the new coke ovens are completed and in operation, the company's operating
expenses mil be considerably reduced. In addition to receiving a satisfactory price for gas, the company has an excellent market for all the coke,
coal tar, ammonia, benzol and other by-products which it produces.
Franchise.
This extends five years beyond the maturity of the longest
bonds and is without burdensome restrictions.
Ownership and Management. In hands of Joseph A. Sloan and associates.
1
—
—V.
—
103, p. 1033.
Central Union Telephone Co., Chicago.
—
— Decree
—
En-
entered a decree directing this company, operating in 111., Ind. and Ohio,
to operate as a separate and independent organization from the American
Telephone & Telegraph Co. The Court ordered that all stock held by the
American company be sold at auction.
The Court held that the Bell system is a monopoly and has been since its
organization, and further holds that all notes of the Central Union Co. held
by the American company, amounting to more than $40,000,000, be surrendered and canceled.
The Court further orders an accounting against the American company
In favor of the independent company for "wrongful diversions of business,
for unfair treatment in payment of so-called originating commissions."
Both companies have appealed the above decision. V. 104, p. 365.
Chalmers Motor Corp.
— Neiv
—
Stock. —-Exchaiige. —
—
Citizens' Telephone Co. of Dela., Ohio.
Purchase.
The Ohio P. XT. Commission has authorized this company to purchase the
Delaware County Telephone Co. for $13,200.
—
City Electric Lighting Co., Vincennes, Ind.- Control.
& Light Corp. under "RR's" above. V. 96, p. 1023.
(H. B.) Claflin Corp.
Neiv Company Incorporated.
—
See Eastern Power
— —
Incorporated. — Organized—
See Claflins, Incorporated, below.
-V. 104, p.
2555.
—
—
Claflins
Directors.
Officers
This company has been organized under the laws of New
York by the purchasers of the stock of the H. B. Claflin
Corp. from the Mercantile Stores Co., holding company,
and will continue the business heretofore conducted by the
H. B. Claflin Corp.
Tho officers and directors of the new corporation are: Pres., Harry P.
Bonties; Vice-Pres., Michael J. Donahoe; Sec, George F. Cornwell; Treas..
John C. Wood.
Directors are: Harry P. Bonties, Bertram H. Borden, Michael J.
Donahoe, Eustis L. Hopkins, David W. Jarvis. J. Harper Poor, Frederick
K. Rupprecht, John P. Stevens, Edmund S. Twining, Ridley Watts and
John C. Wood.
[The company was incorporated at Albany on July 10 with $6,000,000
authorized capital stock.— Ed.]
See V. 104, p. 2555.
—
—
Cleveland Electric Illuminating Co. Bonds Offered.
Spencer Trask& Co. are offering at 97 and int. an additional
block of First Mtge. 5% gold bonds of 1909, due April 1
1939, making the total amount now outstanding .f 12, .500, 000
of an authorized issue of §30,000,000.
Security. — A first mortgage on all the property now owned or to be hero-
This "plant investment" showed a cost May 31 1917 of
over $22,500,000, or nearly twice the amount of bonds outstanding, including the .$2,000,000 of bonds presently to be issued.
Earnings.
For the year ended May 31 1917 the company reported Income applicable to payment of bond intere-st of $1,833,506, or nearly three
times the annual interest requirement of $625,000 on $12,500,000 First
Mtge. 5% bonds.
Business.
The company now delivers power in large blocks to urban
and interurban railways, to rolling mills and foundries, to concerns engaged
In the manufacture of motor cars, gas engines, hardware, furniture, textiles, &c., besides supplying about 17,000 customers with light and power
for general bufdness and light manufacturing, and the lighting of over
81 ,000 homes.
Street lighting is furnished to 13 municipalities, and current
for residential and commercial purposes to 28 political subdivisions outside
of the city of Cleveland, which comprise all of Cleveland's suburbs.
The
business and earnings of the company have increa.sed steadily and substantially for the past 20 years.
Compare V. 104, p. 562, 2120.
after acquired.
—
—
Colt's Patent Fire
Arms Mfg. Co.
— New
Vice-Pres.—
formerly Gen. Mgr. of Pratt & Whitney Co.. Hartford. Conn., has been elected Vice-President and General Works Manager
Of this company to succeed F. C. Chadwick.
V. 104, p. 2346, 1390.
B.
M. W. Hanson,
—
—
Continental Motors Corp.— A^eto
Secretary.
R. Angell. it is reported, has been elected Secretary to succeed A. H.
Zimmerman, formerly Sec. -Treas.. who remains Treas. V. 104. p. 1594.
W.
Cosden
—
&
Co.
—-New Company Incorporated. —
This succe.ssor company was incorporated in Delaware July 9 and will
take over the properties of the former Cosden & Co. and the Cosden Oil
& Gas Co. Compare plan, V. 104, p. 24.55, 2014, 2007.
Cosden
Oil
— Successor Co. Incorp. —
— Director.
Motor Corp.— jVew
& Gas
& Co.
Curtiss Aero.
See Cosden
Co.
above.
&
— V.
104, p. 2455, 954.
Officers
John N. Willys, Pres. of the W' illys-Overland Co., has been elected
President, succeeding Glenn H. Curtiss. who has been elected Chairman
of the board.
William A. Morgan, T'residenc of the Buffalo Copper &
Brass Rolling Mills Co. (see above), has been elected Vice-Pres. & Gen. Mgr.
in charge of all operations.
He has also been elected a director to succeed
George Palmer, resigned. Mr. Willys has been eksctcd a member of tho
executive committee to succeed Harry Evers of Buffalo.
V. 105,. p. 74
—
—
183
Dayton Coal & Iron Co.
A
— Mortgage Invalid. —
press dispatch from Chattanooga on Jul.v 9 says: J. M. Anderson,
referee in bankruptcy, in an opinion in the case of the Dayton Coal & Iron
Co., held the mortgage held by the Central Trust Co. as trustee for the
Scottish bankers, is invalid, because the bankrupt company had never
complied with the State law regarding foreign corporations; that the Commercial Bank of Scotland and the Bank of Scotland and James Dunlop &
Co., holders of the stock of the defunct concern, are liable as partners for
its debts.
This decision is in direct contradiction of the opinion of the
Supreme Court of Tennessee. V. 105. d. 74.
—
Dayton Power & Light Co.
—
Securities.
000
5%
bonds and $425,000
6%
cumulative
—
Co. — Offering
Dayton (Ohio) Rubber Mfg.
Stock.
—
this company to issue $421,pref. stock.
V. 104, p. 2008.
The Ohio P. U. Commission has authorized
of Preferred
—Chatfield & Co., Cincinnati, are offering at 103 per
7%
share, $300,000
cumulative preferred (a. & d.) stock.
Divs. Q.-J.
circular shows:
Free from Ohio taxes and from normal Federal income tax. The company has no bonded or mortgage debt, and this issue is therefore a prior
A
No additional indebtedness can be incurred without the consent of
of the pref. stockholders.
This issue is callable at 115 and divs. after
Jan. 1 1919. Beginning J.in. 1 1920 the company will retire 2}4% of outstanding pref. and 23'!;
yearly tliereafter.
In ca.se of default of pref. div.
for one year, pref. will vote equall.v with common.
A sinking fund is set
aside a year in advance for the payment of the preferred dividends.
Capitalization.
7% preferred stock issued
.$402,800
Common stock, authorized and issued
500,000
lien.
75%
%
—
Company. Organized in 1905 and manufactures a standard pneumatic
and the "Dayton Airless Tire,' specially de.signed for busine.ss purposes.
"Airless" tires are sold to the fire departments of more than 600 American cities.
A growing business with South America is being carried on.
The Plant. The modern plant now being constructed on land (21)^
acres) recently purchased in we.stern Dayton, on Pennsylvania RR., will
have a capacity of 1,500 tires every 10-hour day, or a $6,000,000 produc-
The
—
Present capacity of company is 500 tires every 24-hour day.
Earnings.
Net earnings for 1916 were $127,456, as against $30,000 in
Gross business in 1916 amounted to $617,285. It is estimated
1912.
that the busine.ss for 1917 will bo $1,500,000.
Orders are greatly in excess of present facilities.
Balance Sheet as of Match 31 1917.
Assets {Total %l, 02b AS?.)
CaiSh, $35,233; Bills and ace's receivable (good), $169,036;
merchandise. .$242,590
jl
.
$446,859
Real estate, buildings, patents
.
406,526
Machinery and equipment, less depreciation, $114,826; tire equipment, less depreciation, $47,043
161,868
Furniture and fixtures, less depreciation
4,211
tion annually.
—
—
.
;
The shareholders voted July 11 to issue 264,000 shares of capital stock
with a preference as to principal of $45 per share and as to dividend of $3 50
per share per annum, and in the first Instance to offer such preference stock
to the holders of 264,000 shares of common stock share for share upon the
surrender of a present share and $10 in cash for each preference share.
V. 105, p. 74.
—
•
tire
tered Divorcing Company froyn Bell System
Appeal.
Judge W. E. Dever in the Cook County (111.) Superior Court on July 11
—
—
—
(William) Davies Co., Ltd., Toronto.
Tenders.
The National Trust Co., Ltd., Toronto, as trustee, having on hand $112,700, will, until July .31. receive tenders for tne sale of this company's 6%
First Mtge. 15-year .sinking fund gold bonds, dated July 1 1911.
At last
accounts. $1,517,500 was outstanding. The bonds were offered by Dominion Securities Corp., Ltd. See V. 93, p. 167.
Deferred assets, prepaid interest, &c
Liabilities
—
6,024
Notes and accounts payable, accrued taxes, &c
$216,799
Excess of assets over liabilities
$808,690
Assets over liabilioies as shown are over $200 for each $100 share of pref.
stock.
John A. MacMillan is President.
—
—
Detroit Edison Co. Application to List.
This company has applied to the New York Stock Exchange for authority
to list $1,500,000 additional First & Ref. Mtge. series "A" bonds, due
July 1 1940.— V. 105, p. 74.
Eastern Steamship Corp.
— Transfer of Vessels.—
Press dispatches state that negotiations are under way whereby the company will transfer four of its Metr<jpolitan line steamers, the James H.
Whitney, H. M. Whitney, Herman Winter and H. F. Dimock, which aggregate 10,665 gross tons, to interests which will use vessels in transatlantic
Steamers North Star and North Land, now employed on New York.
trade.
Portland route, will be transferred to Boston service. V. 104, p. 1804, 1148
—
—
—
Easton Gas Works. Additional Securities.
The New Jersey P. U. Commission has approved the Issuance of $200,000
preferred stock, $260,400 common stock and $149,000 bonds under a mortgage amended in 1912 and an is.sue of $885,000 bonds under a new mortgage, for the purpose of refunding a like amount of bonds of subsidiary
companies, the bond discount to be amortized during the life of the bonds.
The Pennsylvania Utilities Co. owns all of the outstanding stock.
Electric
Bond & Share
&
See Carolina Power
Co.
— Managed
Co. Exchange.
Light Co. under R. Rs. above.
—V. 104,
—
p. 1148.
Co.— Offer to Shareholders of
Preferred Shares Recently Purchased by C. A.
Spreckels.In connection with the recent acquisition of
the stock holdings of the Mackay interests by Mr. Spreckels,
the shareholders have received the following offer to purchase
additional common and preferred shares:
Federal Sugar Refining
Common and
—
Digest of Letter Addressed to Shareholders by President Spreckels,
Dated New York, July 9 1917.
As advised at the annual meeting held June 26 1917 (V. 104, p. 2643)
1 recently purchased from a number of former shareholders their entire
holdings of the company's stock, both pref. and common, at $90 per share,
My purchase covered 9,799 shares of pref.
irrespective of the class of stock.
I have
stock and 29,999 shares of common stock, a total of 39,798 shares.
actually paid upon the purchase price .$596,970 ($15 per share), and have
installments, paying 5% interest upon the
agreed to pay the balance in
amount remaining due. My agreement is secured by a deposit of the stock
purchased. I have tho privilege of paying the balance due upon any share
or shares at any time and receiving delivery of the certificates therefor. I
expect shortly to take advantage of this privilege. The expenses attending
the transaction now contemplated and 5% interest from June 19 1917 (the
date of closing my purchase) to July 23 1917, each share purchased will
have cost me approximately $90 50.
Of the shares purchased substantially M are pref. shares and M common.
There are outstanding 60,202 shares of stock (pref. and common) which
were not included in my purchase. The shares purchased are about 65%
of the shares not purchased.
I am offering, therefore, to each holder of shares not included in my purchase the privilege of buying from me as of July 23 1917, at $90 50 per share,
such number of full shares as on July 18 1917 shall most nearly equal 65%
Each shareof his then holdings, including both pref. and common stock.
holder's purchase necessarily will consist of 6% cumulative pref. and common stock in the proportions of }4 and % respectively. I expect to retain
for myself substantially the participation in the purchased stock appor,
tionable to my other holdings of stock in the company.
Any stockholder of record towhom the foregoing offer is made may sign
an acceptance and have it in the hands of the Equitable Trust Co. of N. Y.
bv 3 p. m. July 23 1917, with a N. Y. check or draft payable to the trust
company for the purchase price ($90 50 per share) of the shares to be purchased.
No fractional shares will be sold and no stockholder will be entiCompare V. 104, p.
tled to purchase more or less than his pro rata share.
o^-^f^. ^643 .— V. 105, p. 70, 83.
First National
Copper Co.
— Dividend Increased. —
A
dividend of 40 cents per share has been declared on the stock for the
year ended June 30 1917, payable Aug. 15 to holders of record July^i21.
This compares with a dividend of 25 cents per share paid in Aug. 1916.
V. 103, p. 410.
Fisk Rubber
Co.— Purchase. —
Judge Thoi^ipson in the U. S. District Court at Philadelphia recently directed Henry C. Thompson Jr., receiver of the Gibney Tire & Rubber Co.
of Con.shohocken Pa. to sell the assets of this
Co. for .$408,187.- V. 104, p. 1141, S66.
,
,
Four States Coal & Coke Co.
See Chesapeake
&
—
company
to the Fisk
—
Rubber
Sale of Land.
Ohio RR. under "RR.'s" above. V. 103. p. 2082.
—
—
.
TFIE
184
N
Federal Utilities, Inc.,
Y.—Bul.
1915.
1916.
S
S
,000 ,000 1,000,000
825,000
175,000
'^
.
210,240
37,980
11 ',397
1,321,408 2,183,617
Total
1,321,408 2,183,617
Total
As authorized by the Virginia laws, the outstanding stock of the corporation was issued full-paid for $1,000,000 in cash, which constitutes the
Uoprnsentcd by outstanding prcf. stock, $1,000,capital of the company.
000, and common stock, $2,000,000.
X Securities have been ai)praised by the company at $99,851 less than the
book valu e. V. 103, p. '.i2.i
-* Ki,i3ttM-'-',
.'!'-
^:i,siii.
(The) Great Atlantic
r^\^ Weeks ending .June ZQ.
&
—
Hudson & Middlesex
%.
Increase.
$38,049,712
Sales for period
1916.
$21,607,773
$16,441,939
—V. 104, p. 245.5, 1902._
^
f^Great Northern Iron Ore Properties.
—
— Lease
to
76%
M. A.
Hanna. <fc Co. of Properties. M. A. Hanna & Co. of Cleveland, Ohio, have taken over under lease, substantially all the
active properties on the Mesaba and Cuyuna ranges from the
Hill interests, who are said to retain only about 15% of their
original holdings.
A Minneapolis dispatch states that the properties included in the lease
comprise the Leonard mine at Chisholm; the Fay mine at Virginia; the
Thorne and \Val>igon mines at Buhl; the Herald, Dale, North Uno and
South Uno at Hibbing; the Feigh mine at Ironton, and a number of undeveloped mines at Keewatin. Virginia and Chisholm. Besides the Great
Northern leases, the Hanna Company will take over the Alexandria mine
in C:!hisholm, owned by the Donner Steel Co., and the North Uno and the
SouthJUnoJioldings at Hi^bbing^which belong to,the Northern___Pac
The Han'na company wiir°operate the new mines, involving a tonnage
said to approximate 40,000,000 to 50,000,000 tons, through a newly organized subsidiary, the Hanna Ore Mining Co. The properties remaining
in control of the Hill interests, it is understood, will be developed under the
Grant Mining Co. recently incorporated by affiliated parties. See annual
report, &c., V. 104, p. 2449, 2346.
Greene Consolidated Copper Co.
— No Bids. —
No bids were made when this company's property was offered for sale at
public auction on July 11
The Greene Cananea Copper Co. will, however,
take over the property. Compare V. 105, p. 75.
.
Gulf States Steel Co., Birmingham, Ala.
— Earnings. —
In reference to a circular recently issued to stockholders regarding the
proposed redemption of 1st pref. stock, the following financial statement
was given out. Compare V. 104, p. 2644.
Years ending Dec. 31
5 Mos. to
Gross profits
Depreciation and charges
First preferred dividends
Second preferred dividends
Common dividends
1916.
$2,650,007
197,496
140,000
207,068
141.660
$1,665,711
164,168
1
f
608,929
}
I
I
1915.
.$6.33,105
24,162
191,100
.$892,614
Dividends as above for 5 months ending May
dends paid and $401,470 dividends to be paid.
$1,963,783
$417,843
31 include $207 459 divi-
Balance Sheet Dec. 31 1916.
Assets
May 31
—
•17.Dcc.3l '16.
Works and prop
xll,379,225 10,597,749
130,345
143,432
Cash
1,6.38,793
1,881,478
lfotes& accts. rec
901,485
796,611
Inventories
1.6.30,560
.
1,181,926
Cash for divs ..i. * 180.852
63,755
Del'dchgs., &c-..
8,538
13,676
erties
...
Investments
.
31'17. Z)ec.31'16
S
S
2.000,000 2,000,000
1,265,200
1,685,600
stock __ 7.734,800 7,314.400
FluxOreCo.bds
216,000
527,130
Accrued items ....
11,628
Dividends accrued
401,471
Reserves . .
230,407
Surplus
.- 3,549,164
.Self
Acc'ts pay.,
&c
._.
239,000
384,739
126,106
205,415
66,818
2.6.56.549
Total
15,929,798 14,678,627
Total
15,929,798 14,678,627
X After deducting $1,647,681 special reserve against property and $]40,»
008 depreciation and extinguishment funds provided out of earnings.
* Incl. $ 105.000.for 1st pf. and $75,852 fori2d pf.— V.il04,.p. 2644, 2455
(M. A.)
Hanna
— Ore Leases. —
Increase. —
Co., Cleveland, Ohio.
See Great Northern Ore Properties above.
—
Hartford Electric Light Co. Stock
The shareholders recently ratified the proposed increase
capital stock
in outstanding
from $4,500,000 to $6,000,000
The shareholders further voted that the 15,000 new shares, to be issued
and paid for as follows, be offered at par to the stockholders of record at
5 p. m. July 10 1917, imtil July 25, in the ratio of one share of new stock
for three shares of old stock.
First installment of 5,000 shares payable
Aug. 7 1917, second of 5,000 shares Feb. 7 1918 and third of 5,000 shares
payable Aug. 7 1918, all payments to be made at the office of Richter &
Co., 6 Central Row, Hartford, Conn.
No certificate vrill be issued for fractional shares. All fractions will be
adjusted.
Stock not subscribed for by stockholders (if any) to be sold
at market value, at not less than par.
V. 104. p. 2237.
—
—
Hart-Parr Co., Charles City, Iowa.— A/^ew Officers.
W. R. Day has been elected Vlce-Pres. to succeed A. E. Ellis, resigned.
Donald D. Davis succeeds C. H. Parr as Secretary.
Hoffay Talking Machine Co., Inc.
The stockholders
tal stock
of this
company on July
—V.
104, p. 2237.
— Increase. —
Officer.
—
7 ratified the increase in capi-
from $1,000,000 to $2,000,000.
Nehemiah Friedman was recently
Hood Rubber
Stock — Stock
Co.,
Increase.
—
elected Secretary and Treasurer.
—
Watertown, Mass. Exchange of
The preferred shareholders have re-
ceived the following, in substance:
The directors are ready to recommend to the common stockholders a
new pref. stock certificate to be exchanged share for share for present old
outstanding pref. shares issued in 1907, the new certificate to contain
provisions more favorable to the pref. stoclcholders, such as: liquidation
price (voluntary or involuntary, of $110 a share): callable features ($115);
retirement features (3% annually after 1920); quick capital provisions, &c.,
if sufficient shareholders of the old pref. stock request the new certificate
and agree to make the exchange. This new pref. stock will have priority
both as to dividends and principal over all existing stock when two-thirds
of the old preferred shares request the exchange.
The directors will also recommend an increase in the authorized pref.
stock which will bring the issue up to $5,000,000.
A svndicate consisting
of Blake Brothers & Co., Spencer Trask & Co. and Richardson. Hill & Co.
will offer $1,000,000 of this increase to the present pref. stockholders of
record of July 5 at $100 and div. in the proportion of one new share for
each three old shares. This offer expires July 22 1917. A public offering
of the balance unsold will subsequently be made.
No fractional rights will
be issued, but stockholders may subscribe for full shares if entitled to a
fraction.
—
Sales.
These for the first five months of 1917 are 25% larger than for
the corresponding months of 1916. I'rofits for the first five months are
over 50% more than for the corresponding mouths of 1916. V. 104, p. 76.
&
—
—
Allen Arms Co. Stockholders Protective
Committee. At a meeting of the shareholders on July 11 the
following stockholders protective committee was elected:
Hopkins
—
—
Sale.
—
—
—
-Jones Bros.
Tea Co.
Globe Grocery Stores
—
— Sales—Grand Union Tea
— June and 6 Months
1917 June 1916.
$1,021,773
$810,777
104. p. 2455. 2015.
Increase.
.$210,996
—V.
1917
[
—
(y
Months
-So. .566. 044
— 1916.
and
Increase.
$4. 636. .523
—Appeal
Kansas Natural Gas Co.
Stores
June 30.
to
Filed.
$929, .521
—
The Kaasas
P. U. Commission, through its attorney, H. O. Caster, on
July filed an appeal from the decree of Judge Wilbur Booth, in the Federal
District Court, restraining the Commi-ssion from enforcing the 28 cent
rate.— v. 105. p. 75.
Keystone Telephone Co., Phila.
— Lease. — Dividend.
The Pennsylvania
P. S. Commission has approved a lease by the Philadelphia Electric Co. of this company's conduit system at Phila.. at 4 cts.
per duct-foot.
This ruling reverses a former Commissioa decision in Sept.
1916. refusing the application on the ground that the price stated was too
high.
An exchange journal de.scrib3s the lease as follows: "Tha minimum rental
will begin at .$25,000 a year and increase $12,500 a year until $100,000 has
been reached, after which this amount will coatinus to b3 the minimum.
The maximum rental price is to b3 $210,000. Th3 lease covers 21 years,
making the minimum rental for the last 14 years $100,009. The electric
company has the option of extending the contract for a period of 15 years at
the same minimum rental, and if desired, to claim a still further extension
to 1960.
In the last period the minimum rental is to b3 $125,000.
The
lease grants the electric company the right to take over conduits it uses at
the end of the agreement, at a price satisfactory to both parties.
The electric company proposes to use about 60% of the present available" space.
System represents an investment about .$4,000,000.
dividend of 2H
has been declared on the preferred stock on account
of accumulations, pavable .*.ug. 1 to holders of record July 20, leaving
about .52':^% accumulated. V. 104, p. 1493. 1149.
A
%
—
&
—
&
—
(S. S.) Kresge
Co. June and Six Mos. to JuneSO Sales.
1917 June 1916
1917 6 Mos.- 1916.
Increase.
Increase.]
$2,396,503
$1,991,588
$404,915|$13,217,253 $11,195,456 $2,021,797
V. 104. p. 2455 2238.
—
—
—
—
(S. H.) Kress
Co. June and Six Mos. Sales.
1917^ 6 Mos.
1917 June 1916.
Increase.]
1916.
$1,342,251
$1,173,404
$6,504,268
$168,847 $7,422,299
V. 104, p. 2347, 2121.
—
—
—
—
Increa.se.
$918,031
1
Lackawanna
Steel Co.
— Combined Results. —For 3 and 6
months ending June 30 1917 and 1916:
3 Mos. to June 30
1916.
1917.
Totalincome
$7,879,412
Int. on bonds and notes$357,237
&c
6 Mos.
1917.
to
June 30
1916.
$4,051,033 $14,082,645
$470,022
$731,157
513,7:?8
1,153,273
614,543
$7,298,627
$974,643
1,005,642
Balance, surplus
$3,067,274 $12,198,215 $5,318,342
.$6,907,631
The unfilled orders on June 30 1917 were 913,196 gross tons, against
in 1916.— V. 104, p. 2121. 1493.
932,857
Laconia
Liabilities
First pref. stock _
Second pref. stock
Common
Teleg. Co.
—New
May
—
5
Iroquois Natural Gas Co., Buffalo.
Stock.
This company has applied to the New York P. S. Commis-sion for authority to issue $822,000 common stock.
V. 100, p. 1596.
Depreciation.
Balance, surplus
!*
.Jersey P. U. Commission on July 7 approved the sale, under
foreclosure, of this company's properties to William McHarg.
The company lias been in receivers' hands since 1915. Compare V. 101, p. 697.
—
Mnv311917.
&
Telep.
The New
Tea Co.7 Inc.— Safes'.
Pacific
1917.
fVoL.
Alhm Forbes, President of the State Street Trust Co.. Boston: John S,
Lawn^nco, William A. Dwelly, E. Howard George, Albert S. Duncan.
Frank J. King, Boston; WalterM. Spaldingof Worcester and A. M. Loring
of Plymouth, Ma.ss.
V. 105, p. 75.
*
—
—
—
CHRONICLE
Sheet Dec. 31.
1916.
1915.
la
Asscts~~~
S
S
LiaUHlles—l
Socur. at book val-xl,21.'".,690 1,633,310 Cap (paid In cash) » . 1
Secur. for syndicates
86,195 Hills payable..
Syntl. i);irllrli)atlon8
Syndicate; participa210,240
tions & subscrlp_
33,490
and siil)S(:rli)tlon.s.
33,490
Furniture it flxturcH.
5,717 Accts. payable and
3,637
accrued accounts.
Accts., Int. and divi25, .399
122,393 Surplus
109,281
dends receivable.
46,829
125,762
Cash
—
C.
S.
(N. H.)
Car Co., Boston.— iVeiy
Clark has been elected V.-Pres. and Gen. Mgr.
New
Lawyers' Mortgage Co.,
6 Mos. end. June 30
1917
1916
V. 104, p. 360.
—
$557,111
539,466
—
Drug Co. below.
Luzerne County Gas
&
(5%)$300,000
(6%) 360,000
&
Stock Increase.
102. p. 1350.
—
—
—
Bonds Offered.
Co. and Wm. P. BonCo., Phila., are offering at 96 and int. a block of
Baker, Ayling
bright
—
— V.
Balance.
def.$48,655
sur.
8.247
Dividends.
368.247
(Louis K.) Liggett Co.
See United
— Earnings.-—
York.
Net.
$251.-345
Gross.
Vice-President.
—V. 104, p. 564.
&
Electric Co.
Young, Cassatt
&
this company's First Mtge.
of 1908, due Oct. 1 1948.
&
5%
Improvement
gold bonds
Data from Letter of President M. W. Stroud, Philadelphia, April 3.
Incorporated in Pa., and is a consoUdation and
Organization, &c.
merger of the Wyoming Valley Gas & Electric Co. and the Hazleton Gas
Light Co. It suppUes, without competition, gas and electricity in the boroughs of Wyoming, West Wyoming, Forty Fort, SwoyersviUe, Luzerne,
—
Dorranceton, Kingston, Edwardsville. Larksville. Plymouth, Nanticoke,
Sugar Notch and Warrior Run, and the townships of Kingston, Plymouth
and Hanover; the electric-light business in the boroughs of Dallas, Shickshinny, Courtdale, Sugar Notch, Warrior Rtm. Mocanoqua and Pringle,
and the township of Ne\vport. and the entire gas business in the city of
Hazleton, the borough of West Hazleton and Hazle township and territory
contiguous thereto. Population of district served about 134,000.
Capitalization.
Bonds, 1st M. Ref. & Imp. 5s, auth., .$3,500,000; outstanding._$2,629,000
23 .000
Reserved to retire like amount of underlying liens
Reserved to be issued under restrictions for future extensions.
K
times the
owned and
controlled
&c., at 85% of cost, when earnings are equal to
interest charges including bonds to be issued
1
848 .000
,
Common
stock issued and outstanding
by the American Gas Co.)
Earnings for Calendar Years 1914, 1915, 1916.
1915.
1916.
Years—
(all
Income
Net, after op. exp., maint., taxes,
Interest on bonds.
&c
$501,100
170,661
115,609
2,090,000
1914.
$431,117
167.190
106,500
$374,731
140,758
97,661
.?43,107
$55,052
$60,690
Surplus
Included in above operating expense are following items set aside for
depreciation: 1916. $55,373; 1915, $36,858; 1914. $25,704.
Compare previous offerings giving full details in V.93, p. 1326; V.94,p.565.
—
—
McCaskey Register Co., Alliance, O. Officers, &c.
E. A. Langenbach, Chairman of the Board of the United Alloy Steel
Corp., has been elected President of this company to succeed A. G. Ryley.
O. F. Transue succeeds S. S. Kurtz as Vice-President. The above and
Wilford P. Arms, W. H. Ramsey, T. E. Borton, V\^ H. Purcell, F. E. Dussell,
W'. E. Dunning and P. E. Henry Jr., constitute the board of directors.
The company, which is one of the largest manufacturers of account registers has a capital of $3,000,000, consisting of $ 1 ,000 000 f u-st pref. $ 1 ,000 ,000 second pref. and $1,000,000 common stock, of which there is $471,700
1st pref., $689,000 2nd pref. and $566,000 common stock outstanding.
The 1st pref. is subject to call at 110 at option of the company and has
no voting power. V. 99, p. 410.
,
,
—
,
—
—
Maxim Munitions Corp. Contracts.
This corporation announces making deliveries on both Italian and Unitad
States Government contracts for cartridges. Production has passed perSufficient business booked to keep all plants running full
fect inspection.
capacity day and night for eighteen months. V. 104, p. 2557.
Mercantile Stores
Corp. — Nciv
See Claflins Incorporated above.
—V. 104,
—
Co. Incorporated.
p. 2644.
—
—
-
July
—
—
—
Middlesex Water Co., Elizabeth, N. J. Refunding.The New Jersey P. U. Commission has granted this comoany permission
to make an authorized issue of $1,000,000 First Consolidated Mtge. 5%
gold bonds, dated Feb. 1 1910, due Feb. 1 1950, of which amount $414,000
are at present issuable for the purpose of retiring First Mtge. bonds maturing
July 1 1917. Denom. of new bonds, $1,000. Int. P. <& A. at Union County
Trust Co., Elizabeth, N. J. The bonds are not callable. Mortgage covers
Foster
M.
Voorhees
Midland Counties
(Cal.)
Treasurer.
is
— V.
104, p. 2557.
Public Service Corp.
— Bonds.
authorized this company to issue at not
less than 95% $232,000 First & Refunding gold bonds of 1913, due 1953,
out of a total of $825,000 appUed for, to be used (a) $70,000 to refund
floating debt for capital expenditures, (ft) $109,000 to apply to the cost of
proposed additions and betterments, and (c) $53,000 to retire a like amount
of underlying bonds of the Coalinga Water & Electric Co.
As of Dec. 31
1916 the company reported bonds outstanding amounting to $825,000.
specifies that these bonds shall not be Issued
The Commission's order
until the corporation has filed a stipulation with the Conamission agreeing
within a year to levy upon its stockholders assessments for $290,000.
The company has a total authorized stock issue of $2,000,000, of which
$1 .000,000 is outstanding, and has notes payable in the amount of $399,499.
The
—V.
RR. Com.mission has
Cal.
104, p. 1595.
New Niquero Sugar
An
Co., N. Y.
— Extra Dividend. —
dividend of 10% has been declared on the
stocks, payable July 31 to holders of record July 25.
paid in April and June last. V. 104, p. 2456.
e.xtra
—
Newton Coal Co
(Geo. B.)
191G.
$
—
Assets
Real estate,
15.
191S
S
bldgs
machinery, &c.. 1,728,882 1,744,860
27.675
27.16fi6
Precaid exp.. &c
Coal, wood, &c
551.805
497. 574
Accounts receivable
727.1000
670,273
Bills receivable
56,267
19,;897
Cash
80.852
72,1652
Investm'ts & loans. _
19,6931
Sink, fund for bonds
10.800 y 107,715
Organization exp
.53.847)
Good-will
1 .099.875 2, .345 250
822 300
Trade agreements. _ 822.300
First pref. sink, fund
95 259
95,259
Phila.
,
common and
A
pref.
amount was
like
1916.
—
7%
7%
Common stock
is quoted as saying in substance:
has been the habit of the company in making out its books to take
stock on hand, usually 2,000,000 lbs., being carried over from year to year.
The inventory account usually shows about six months' supply. This
has been carried at less than cost and less than market value. It is now
necessary to take this over either at cost or market value. In either case
it would inflate the company's account very largely.
The cost of material has advanced sharply, while the item of freight has
risen 800%.
It has been a serious problem to keep the mills running.
At one time last year we had supplies on hand sufficient to run the mills but
two hours, when a new cargo came in. A cargo of sisal now costs between
$800,000 and $900,000, as against a normal price of $230,000. Manila
hemp costs 30 cents as against a normal price of between 7 and 8 cents.
The company has been extending its warehouse capacity at Plymouth
in order to keep a large supply of raw material at its plants.
This year will
undoubtedly show the largest profits ever. We do not think it wise to declare any very large cash dividend at present, because so much cash is needed
to keep the business running.
Much money is invested in raw material
and will have to be until conditions change. On Aug. 1 it is expected the
book value of the increased stock will show $108 a share.
During the past year the company has done considerable work for the
U. S. Government, which netted a profit of $450,000. An appropriation
of $10,000 to the Red Cross fund was made.
"The company expects to
pay 6% on the enlarged capital, compared with 8% now being paid.
V. 105, p. 77.
Pocahontas Consol.
Total
5,217,529 6,460,251
102, p, 798.
North American
Total
—
tion
S
1,750.000
1,710.000
1.750.000
222.000
20,000
566,820
290.000
13,245
Northern
14,545
123,641
Co. — Sub.
Co. Deposits.-— Bonds.-—
Louis under "Railroads" above and Union
Louis, below. — V. 104,
1903, 1699.
New York
p.
—
Utilities, Inc.
—
Sik. Inc.
Div.
This company as of June 21 last filed a certificate increasing the authorized capital stock from $4,000,000, of which there were outstanding $729,700 common stock and .$669,000 preferred, to $8,000,000, in $100 shares.
No change in the outstanding amount is contemplated at the present time.
The company has outstanding $2,698,500 bonds.
The last dividend on the pref. stock was 3 J-^ % paid Feb. 1; during 1916
7% was paid. On the common stock, 2K% was paid Jan. and Apr. 1 of
this year.
In 1916 8% was declared on the common. V. 104, p. 2645.
,
Ohio Cities Gas
to
Co.^
—A-p-plication
to List.
—
This company has applied to the New York Stock Exchange for authority
list $25,000,000 additional common stock.
V. 105, p. 76.
—
Onomea Sugar
Co.
— Extra Dividend.-—
%
Press dispatches say the directors have declared an extra dividend of 3
in addition to the regular quarterly 2% both payable July 20 to holders of
record July 15.— V. 104, p. 1149.
,
Pacific
Commercial Co.
—Notes
—
Called.-
All the outstanding ($250,000) 7% Convertible Sinking Fund notes dated
Sept. 1 1915 have been called for payment Sept. 1 at par and int. at Old
Colony Trust Co., Boston.
Pacific
Gas&
Electric Co.
—Annual
—
Re-port.
Cal. Years.
1915
1914,
1913.
Gross revenue
$19.125!384 $18,944,179 $17, 220.,504 $16,202,339
Net, after taxes, &c
$9, 566, .501
.$9,738,587
$8,306,582 $6,871,130
Int. on notes & float d't.]
.$301,060
$118,848
Int. on bonds outst'd'g. l-$3,844,933
$3,985,411
3,890,341
/3, 675,374
Int. on sink, fund bonds)
107,823
I
Bond, &c., disc't & exp.
173,186
160,410
469,515
246,041
Depreciation reserve
1,25(3,000
1,380,000
1,000,000
1,462,462
1916.
-^eOifs
f
^
b Net Income
$4,212,766
.$4,298,382
First preferred dividend.! $1,374, 638/ (6).$400,717
"
Junior pref. div. (6%)--/
600,000
1
Common dividends. a.. (5) 1,708, 168 (6)1,930,074
Balance, surplus
$1,215,576
$1,281,976
.$2,645,666
$1,260,582
$14,983
600,000
$600,000
.
(1M)398,848
$2,030,682
$261,734
a Includes conmson dividends, 5% paid in cash in 1,916 and 6% paid
in common stock at par in 1915.
b This result, although incorrectly stated
in our previous reports as "net income before depreciation," is properly
shown after deducting depreciation reserve.
Compare annual report published in full, V. 104, p. 2646. V. 105, p. 70.
Peninsular Power Co., Wise.
— Stock
This company has applied to the Wisconsin RR.
to increase
its
capital stock
—
Increase.
Comm.
from $1,750,000 to $3,000,000.
—
for authority
—
Pittsburgh Coal Co. (of N. J.). Readjustment Plan
Announcement is made that all of the necessary
action has now been taken for the consummation of the readjustment plan and that the plan is now effective.
Under the plan as consummated, holders of preferred stock of the New
Effective.
—
Jersey company are entitled to receive 133 1-3 shares of the preferred stock
of the Pittsburgh Coal Co. (of Penna.) for each 100 shares of the preferred
stock of the New Jersey company held by them, and in addition thereto,
a cash dividend of $3 48 on the preferred shares of the Pennsylvania company to which they are entitled; the holders of the common stock of the
Now Jersey company are to receive common stock equal at par value to
their present holdings in the New Jersey company.
Preferred st»ckholders
of the New Jersey company of record July 9 1917 will also receive the regular
quarterly dividend on the New Jersey shares which is payable July 25, and
for which checks will be mailed in the usual course.
Preferred stockholders
of the New Jersey company who have not deposited their stock with the
Readjustment Committee, must be stockholdf rs of record at the close of
business July 20 1917 in order to bo entitled to the 33 1-.3 .scrip dividend
declared by the New Jersey company in the carrying out of the readjustment
plan, but may at any time surrender for redemption their shares of New
Jersey preferred and receive in exchange therefor shares of preferred stock
of the Pennsylvania company, including the dividend of 33 1-3% as
provided by the plan. See plan V. 102, p. 804.
[The Pittsburgh Coal Co. of N. J. on July 10 filed certificates with the
Secretary of State at Trenton, N. J., retiring $5,000,000 .stock, payment to
be made in shares of I'ittsburgh Coal Co. of Pennsylvania at par 1
V. 104, p. 2230, 1269.
Plymouth Cordage Co.— S/ocA-
—
—V. 104, p. 1494.
—
Dividend.
The stockholders on July 10 voted to increase the authorized capital
stock from -M ,000 ,000 to .$8,000,000 and that $4,000,000 of
the surplus assets accumulated prior to Mar. 1 1913, and invested in the business, be converted into permanent capital
and distributed to the stockholders of record .July 10 on the
basis of 1 new share for each share now held.
in subst.:
The
j-ocanontas Consolidated Collieries Co., Inc., has changed its name
to the above and enlarged its powers so that it can sell its coal direct instead of through a selling agency.
The company's output has heretofore
been marketed by the Pocahontas Fuel Co.
The old fuel company now passes out of existence, as does also the Pocahontas Navigation Co., Inc., the latter corporation having been formed
some years ago to operate a fleet in the interests of the Pocahontas Consolidated Collieries Co. Inc. These steamers will now be operated by the new
corporation
The reorganization means simply that the three branches of
the business mining, selling and transportation will hereafter be handled
by one company instead of three.
,
—
—
.
5,217,529 6,460,251
See United Rys. Co. of St.
Electric Light & Power Co., St.
— New Name.—
Name — Reorganiza-
Collieries Co.,'Inc.
Pocahontas Fuel Co., Inc. New
The "Coal Trade Journal" says
Arrangemer*
1915.
2,149.425
222,000
20.000
Accounts payable. __ 580.863
Bills payable
150.000
Accrued charges
36,849
Reserve tor inventories & bad debts
27,364
Special surplus (sinking fund)
95,259\
Undistributed profit 120,569/
Mortgage bonds, 5%
Mortgage 5 4-10%.-
President Loring
It
See Pocahontas Fuel Co., Inc., below.
— Balance SheetOcl. 31
Liabilities
$
in pref.
cum. __ 1,750.000
2d pref.
cum
65.200
185
Pocahontas Navigation
See Pocahontas Fuel Co., Inc.,
—V.
—
-
.
THE CHRONICLE
14 1917.]
entire property.
.
Co., Inc.
—V.
above.*.
—
Pugh
—Operations. —
101, p. 1978.
—
Stores Co., Chicago. Receiver Applied For.
A. B. and R. T. Witner, .stockholders ofr this company, on July 13
applied to the Supreme Court at Chicago for a receiver for the property.
See V. 103, p. 1511, 1416.
Republic Rubber Co.
-
— Purchase. —
Press dispatches from Youngstown, Ohio, say that an option to buy the
Knight Tire & Rubber Co. of Canton has been taken by the Republic
Rubber Co. The companies will be merged under a $20,000,000 authorized
capital of which about $15,000,000 will be issued.
V. 104, p. 2348.
—
Co. — Preferred Stock Offered.
f>
Reynolds Tobacco
Bernhard, Scholle & Co., N. Y., recommend by advertisement on another page the purchase, at a price yielding better
(R. J.)
than 6%, of this company's 7% cumulative pref. stock, of
which .$10,000,000 is authorized and outstanding.
According to the company's official statements, net earnings for 1916 were
equal to more than 11 times the pref. stock dividend requirements.
The
company has no funded debt. Net quick assets alone as of Dec. 31 1916
equal to almost 2}4 times pref. stock issue. V. 104, p. 2457.
Royal Dutch Co.
—
—
—
Divideiid.
The Equitable Trust Co., New York, as depositary of certain ordinary
stock of the Royal Dutch Co. for the working of Petroleum wells in Netherlands-India under an agreement dated Dec. 22 1916 has received a dividend
on the above-mentioned ordinary stock held by it of 23 guilders per Dutch
sub-share, which is equivalent pro rata in dollars at the present rate of
exchange to .$3.158695 on each American share. This dividend will be
distributed to the registered holders of American shares of record July 20.
The normal tax of 2 % under the Federal Income Tax Law ^vill be deducted
unless an income tax certificate, claiming exemption from said tax on this
dividend is furnished on or before July 20 1917. See V. 105, p. 77.
Shannon Copper
Co.
— Extra
Dividend.
—
An
extra dividend of 25 cents per share has been declared on the stock in
addition to the regular quarterly 25 cents per share, both payable Aug. 15
V. 104. p. 1707.
to holders of record July 31.
—
Shattuck Arizona Copper Co., N. Y.
Copper (lbs.)
.
956,396
Lead
—Production. —
Gold (oz.).
190,393
146.24
11,213
8,160.889
1,652,392
109,356
1,094.80
The decrease in monthly production for June was due to unsettled labor
conditions in the district.
V. 104, p. 2233, 1904.
June 1917
6 months 1917
.
{lbs. ).
—
Shawinigan Water & Power Co.
—
Silver (oz.).
—
—
Contract
Officers.
This company has just closed a contract with the Canadian Aloxite Co.,
a subsidiary of the Carborundum Co. of Niagara Tails, N. Y., which company has started the con.struction of a large plant at Shawinigan Falls for
the manufacture of carborundum and other abrasives. Tlie necessary
power will presumably be taken from the Laurentide Power Co. 's station,
now operated by the Shawinigan company
The officers of the company are: Chairman, Thos. McDougali; Pres.,
J. E. Aldred; Vice-Presidents, Howard Murray and Julian C. Smith;
Treas., W. S. Hart; Sec, James Wilson.
The officers as shown in the
"Railway and Industrial Section" are those of the Civic Investment &
Industrial Co.— V. 104, p. 255S.
—
—
Sheffield Coal & Iron Co. Arrangements Completed,
Pres. .James Gayley in announcing completion of the refinancing arrangements says in substance:
Arrangements have be.en completed for the refinancing of the company
and the plant will be put in operation at the earliest date possible. The
plan provides ample funds to build at Sheffield a by-product coke oven
plant, and the furnace and mines. will be equipped witli the necessary modern facilities for economical operation as to insure a continuous operation
of the property. On account of the high cost of con.struction and the difficulties of securing delivery of building materials, the construction of the byproduct ovens will be deferred for the present, but the money for construcMeanwhile, coke will be made at the company's
tion hftsbeen provided for.
bee-hive ovens at Jasper, Ala.
W. L. Kluttz, formerly Vicp-President and a director of the Central
Iron & Coal Co. at Holt, Ala., will be Gen.'Mgr.
—
Announcement of Pending Sale of Collateral.
Default having been made in the payment of the Three- Year 6 % Collateral
Tru.st Notes outstanding, dated March 1 1909, the Bankers Trust Co,,
N. Y., as trustee, will, on July 31 1917, at the County Court House, N.'Y.,
sell at auction as an entirety, the collateral deposited and pledged to secure
said notes, to wit: .$82,960 First Mtge. 20- year 5% gold bonds of the company, dated March 1 1909, with coupons maturing on and after Jan. 11
V. 105. n. ?'
1912 attached.
—
Statement' to SharThoTd""Sinclair Oil & Refining Corp.
On subsequent pages, under "Reports and Documents,"
will be found tlie full text of the statement addressed to the
stockholders by Pres. H. F. Sinclair dated July 7 1917. Mr.
Sinclair sets forth in detail facts regarding the company's
development, extension, earning capacity, &c., and gives
full particulars in respect to the new finarcing, provisions of
which are given below.
ers.
—
—
.
—
Increase in Capital Slock
New Morlgae,
holders will vote July 24 on the following propositions:
(1) To increase the number of shares which may be issued from 1,000.000
to 1,500. 000 shares.
To
To
authorize tlie issue of 1 ,.500,000 shares.
increase the amount of stated capital from .$5,000,000 to at least
$7,500,000.
(4) To approve the action of the directors in authorizing a mortgage to
the Central Trust Co. of N. Y., as trustee, to secure an issue of .S20, 000, 000
3- Year First Lien 7% Sinking Fund gold notes, to be dated Aug. 1 1917,
and to have attached thereto respoctivi'ly detachable stock option warrants
entitling the bearers to purchase from the corporation shares of its stock
at the rate of 25 shares for each SI ,000 of notes; at S45 a share if purchased
on or before Aug. 1 1918; at S47 50 a share if purchased thereafter, and on
or before Aug. 1 1919, and at .'$50 a share if purchased thereafter and on or
before Feb. 1 1920.
(5) To approve the action of the directors in authorizing such issue of
notes to be offered for sale to the stockholders of record .luly 27 1917 at
100 and int., and to approve of causing such sale of notes to be underwritten
and the payment of comi)cnsatinn to the underwriters.
(6) To approve of the creat ion of certain conmiittccs of the directors and
the conferring of certain powers thereon.
(7) To approve any action taken by the directors In connection with the
issue of the notes and stock option warrants and the creation of said mtge.
Summary of Statement by Pres. H. F. Sinclair, Showing Status of Co.
Pres. .Sinclair says net earnings from operation applicable to interest,
dividends and other corporate purposes in the current calendar year "can
be conservatively estimated at .S14,000,000." This estimate is "based on
existing prices, which in my judgment do not yet reflect the present higli
cost of operation.
Our estimated operating expenses, however, take present costs into account."
Referring to the various acquisitions made by the corporation, Mr. Sinclair said: "The prices at which the corporation has from time to time
acquired these properties are far below those now prevailing, and the contracts already entered into for pipe lines, refineries, tank cars, &c., have
been made at prices far below jwesent levels. While there has been no
charge for depreciation, there has been no credit for appreciation, which
has actually been many times more than any depreciation. However, a
sy.stem of substantial depreciation charges is being formulated. The corporation is better balanced as to control of raw materials, pipe lines, refineries, tank cars and distribution of refined products than any of its larger
competitors, and therefore in the existing n.itional emergency the corporation will bo amply able to do its part in connection with the existing demands
of the Govt, upon the larger units of the oil industry."
See V. 105, p. 77.
—
Southern Counties Gas Co. Debenture Bonds.—
The California RR. Commission has authorized this company to issue
S29S.000 6% 10-year debenture bonds, the proceeds to be used to reimburse
the treasury for moneys used for additions, &c.
Sperry Flour
A
Co. —
Utock
— V.
Dividend. —
105, p. 78.
special stock dividend of
has baen declared on the common stock
in addition to the regular quarterly 75 cants per share, both payable July 20
With this payment the entire authorized issue
to holders of record July 10.
of .153,600,000 common stock (par SlOO) will be outstanding.
The stock dividend will ba paid on a basis of 1 new share for every 20
5%
Fractional shares will be redeemable in cash on a par
shares outstanding.
value basis. -V. 101, p. 851.
—
—
—
Springfield Body Corp. of N. Y. Reorganization Plan
Change oj Management Neio Capital.- -A committee of stockholders, Spencer Waters, Chairman, have presented a plan
of reorganization dated July 2 1917, providing a means
whereby additional capital may be raised which, with other
changes, should enable the company to operate on a firm
—
—
financial basis.
Digest of Statement by Spencer Waters, Chairman of Stockholders'
labor and railroad situation in Springfield necessitated the closing of
the plant there before the new plant in Detroit was finished. The consequent drop in production and the fact that too large an investment was
naade in the new plant, have made necessary additional capital at once.
• As of May
15 the balance sheet showed current liabilities of about
$683,000 and current assets of about $500,000, the former consisting of loans
by banks and- trade and merchandise notes and accounts, and the latter
almost wholly of inventory and accounts receivable. Since May 15 it has
been necessary to hypothecate its accounts receivable for money to continue
the business. Consequently it v/as necessary; (1) To change the management; (2) to obtain new capital; (3) to present a plan to the creditors for
an extension; (4) to get consent to amending the by-laws and charter.
Management. -The previous management has resigned and a competent
management is being secured.
Capital.
It is proposed to is.sue $650,000 new first pref. 8% stock prior
(a. & d.) to the present pref., retirable at stated periods out of earnings.
The present pref. stock will thus become 2d preferred.
Creditors.
A plan, already largely accepted, has been offered to the creditors, by which they are to take for their total indebtedness 1-3 cash, 1-3
All merchandise creditors'
first pref. stock and 1-3 in one-year notes.
claims amount to about $420,000.
It will be necessary: (a) to make all pref. .stock
Preferred Stockholders.
redeemable at 110 instead of 200; (&) to remove the profit-sharing clause;
(c) to provide for an increase of capital and issue of new first pref. stock.
(d) to remove the clause requiring M assent of both classes of stock for placing of mortgage on property; (e) to eliminate requirement of consent of
of stock for increase of capital.
Of the proposed new first pref., $250,000 has been underwritten at par.
It is necessary to raise among pref. stockholders at least $250,000 in addition; therefore they are urged to siibscribe to the new first pref. stock at
par to the extent of 25% of present holdings, and receive in addition one
share ofcommon stock with each shareof new 1st pref.
If some pref. stockholders are unable to subscribe to their share, it will be necessary for such
holders to give up 25% of their present holdings of pref. stock, which either
will be kept in the treasury or be used to interest additional capital.
Common Stockholders. These are asked to give up 50% of the common
stock held by them and are given opportunity to subscribe to the new first
pref. stock and receive a share of com. with each share of new first pref^
Financial Reorganization Under Plan (Unimportant Details Subject to Change)
Creditors will receive, in addition to one-third cash
Preferred stock
$140,000
—
—
—
—
^
—
Notes
Cash realized through issuance of new pref
Total of new capital
Notes
—Preferred stock
$140,000
500,000
$640,000
$140,000-$780,000
The company has about $2,250,000 of orders on its books at a
General.
very fair profit. Material either is in the plant or is contracted for. It
appears that with efficient management and the proposed increase in working capital, the company should enioy prosperity in the future. The committee has investigated the proposition very carefully and sees no alternative to the above plan except a receivership.
Stockholders' Committee.
Spencer Waters, Chairman, of N. Y. Cotton
Exchange, 56 Beaver St., N. Y.; H. S. Tennev of Svracuse (N. Y .) Trust
Co.: T. A. Nosworthy Jr.; H. C. Babb of Kissel, Kinnicutt & Co.; Moses
H. Grossman of House, Grossman & Vorhaus; N. A. Berwin; Ai-thur Garfield Hays of Hays, Kaufmann & Lindheim; George B. Bernheim. all of
N. Y. City.—V. 103. p. 1331.
—
—
Standard Oil Cloth Co.
— Stocl
Increase.
—
r" Shareholders of record June 30 have the right to subscribe to $1,000,000
additional Class "A" pref. stock at par ($100), subscriptions being payable
50% each July 30 and Oct. 1 1917. New stock is issuable against the initial
payment to the amount paid and participates in the July quarterly dividend
at the rate of 7% yearly.
•^Capitalization (par $100 for all shares) after the increase will be as follows:
Common stock authorized and issued, $3,000,000: Class "A" pref. auth.
and issued, $3,000,000, as increased from $2,000,000 previously outstanding; and Class "B" pref., auth. and issued, $3,000,000.
Dividends on the pref. stock paid duriugll916 were 7%; to date in 1917,
4\i%, in three disbursements. On the common 'shares 5% was paid in
V. 104, p. 2122.
1916, and to date this year 4%.
>•
—
fVoL. 105.
—
—
of Nebraska.
A'eu; Officers.
Richardson has Ijeen elected President to succeed C. L.
Alleman, resigned. George M. Smith, formerly Treasurer, succeeds Mr.
Richardson a.s \'ice-President. V. 98. p. 1541.
VIce-l'res. A.
i'.
—
Tobacco Products Corp.
— Rub.
Reduced.—
Cos. Capital
In connection with the reduction of the capital stock of Schinasi Bros.,
Inc., from S3, .500, 000 to $2,000,000, and that of M. Melachrino & Co..
Inc., from $3, .500, 000 to $2,000,000, we aro informed that this was done
because, in view of the fict chat Tobacco Products Corp. having become an
operating company and the sole selling agents for these companies, they
required less capital to do business.
V. 101, p. 2349, 2228.
—
(William
Tod
j
Co.,
— Dissolution. —
Youngstown, O.
This company, who.se property was taken over in Nov. 1916 (V'. 103, p.
1796j by the United Engineering & Foundry Co., I^ittsburgh, has filed^a
certificate decrea.sing its capital stock from $1,500,000 to $15,000, preparatory to winding up the affairs of the company.
V. 103, p. 1796.
—
&
Turners Falls (Mass.) Power
company has applied
Electric
Co.
—
^iock.
to the Mass. Gas and filectric Light Commission for authority to Issue $1,030,000 capital stock.
V. 101, p. 2250, 2123.
This
—
—
Electric Light & Power Company, St. Louis.
Additional Bonds Offered.
Harris, Forbes & Co., X. Y.,
Harris, P''orbes & Co., Inc., Boston, and the Harris Trust &
Savings Bank, Chicago, are offering at 91 and int. the unsold
portion of the present issue of §2, .529 ,000 Refunding &
Extension Mtge. 5% 2.5-year gold bonds of 1908, due May 1
1933. Total now outstanding, $9,000,000.
Condensed Extracts from Letter of Pres. J. D. Mortimer, St. Louis,
Union
—
A\o.,
—
Jan. 31 1917.
Organization.- Organized in .Ian. 1917, being a consolidation of the
Union Electric Light & Power Co. with the Perry County Public Utilities
Co. Subsequent to such consolidation, the company acquired the property,
business and franchises of the Electric Co. of Missouri, and now owns and
operates all but a small part of the central station electric light and power
business of St. Louis and in the counties of St. Louis, FrankUn and Perry.
r'erry.
Population served, about 840,000.
Capitalization
—
Authorized.
(7% non-cumulative)
Preferred
Common
Issued.
$8,040,000
13,200,000
present issue) .. 50,000,000
$1,000,000
10,505,000
9,600,000
Ref. & Ext. Mtge. 5% bonds (incl.
$10,000,000 underlying issues (to retire which Ref.
& Ext. bonds are reserved)
Union El. Lt. & P. Co. 1st 5s, due Sept. 1 1932...
Closed
6,202 000
Mo. Elec. L. & P. Co. 2d 6s, due May 1 1921
Closed
600,000
Mo. Edison El. Co. 1st Consol. 5s, due Aug. 1 '27
Closed
3.198,000
Of the unissued Refunding & Extension Mtge. bonds, $10,000,000 are
reserved to retire the aforesaid underlying bonds, and the remaining
$30,400,000 may only be issued from time to time for 85% of the cost of
extensions and permanent improvements, when the net earnings are 50%
in excess of bond interest (including underlying bonds, together with those
proposed)
Property.
With the installation of new machinery now on order, the
princii)al generating station will contain 116,000 k. w. capacity in turbogenerators.
This, with 45,000 k. w. of power purchased from the Mississippi River Power Co. (Keokuk hydro-electric development), will afford
ample supply for some time to come. The Page Avenue sub-station in
St. Louis County outside the city limits, used in connection with the Keokuk
power, contains 60,000 k. w. of step-down transformer capacity, one of the
largest In the world.
Also has seven sub-stations in St. ilouis and six substations and two power plants outside the city.
Mileage of undergroimd
and overhead lines: (a) Underground conduit, 856.0 duct miles; (6) underground cables, 509.3 ndiles; (c) overhead transmission and distribution lines,
—
7,348.6 miles.
—
Control.
Both classes of stock all owned by North Ajnerican Co.
pare V. 96, p. 793.— v. 104, p. 2016, 1904.
Committee.
The
—
.
THE CHRONICLE
&c. — The shareStandard Oil Co.
186
(2)
(3)
—
.
United Drug Co., Boston, Mass.
— Sub.
Com-
Co. Stock Inc.
—
In connection with an increase in the authorized capital stock of this
company's subsidiary, the Louis K. Liggett Co., to $6,703,000, the following official data is explanatory:
Although the authorized capital common stock of the Liggett company
was $6,500,000, only $5,703,000 of it was issued. The issue was recently
increased to $6,703,000, an increase of an even $1,000,000.
This was done
because the parent company turned over to the Louis K. Liggett Co. certain real estate that as a matter of system and uniformity ought always
to have been the property of the retail department.
In exchange for
turning over the real estate referred to, the parent company took this
amount of additional common stock. -V. 104, p. 2562, 2349.
—
United Engineering
See
& Foundry
(Wm.) Tod Co.,'Yoimgstown, above.
Co.
— V.
—Acquisition.—
104, p. 2349.
United States Steel Corporation.— f7?i/zZ/cd Orders.
& Traffic Movements" on a preceding page.
Subsidiary Company Bonds Called.
Seventy ($70,000) Purchase-Money 5% bonds dated Feb. 1 1892 of the
See "Trade
—
Hostetter-Connellsville Coke Co., have been called for payment on Aug. 1
\^. 105, p. 78.
at par and int. at Union Trust Co. of Pittsbiu-gh.
—
—
—
Wakefield Iron Co., Cleveland.- Bonds Called.
Fifty ($50,000) First Mtge. 6% leasehold sinking fund gold bonds
(Nos.
90i to 950, inclusive), dated Sept. 1 1913 have been called for payment
Sept. 1 at 102 and int. at First Trust & Savings Co., Cleveland, or Security
Trust Co., Detroit.
Warren Brothers
Calendar
Co., Boston.
Years—
— Report for Cal.
1915.
1916.
—
$613,378
—
Assets
Liabilities
S
S
Real estate
93,920 First pref. stock
2
97,707
Plunt & office fixt^. 574.313
587,713 Second pref. stock.
Patents & good-will. 2, 000 .000 2.000,000 Common stock
2
Coll. notes, bds., &c. 2, 258,098 2,217,573 Funded debt*
Treasury stock
1
84,400
85,900 Notes payable *
Ca.sh
402,550
390,163 Accts. payable
Notes & accts. rec._ 1,723,951 1,901,703 Dividends payable..
Retained money and
Depreciation,
&c.,
city securities
reserve
169.350
148,488
Material and reserve
Surplus
1
on contracts
436.618
232,507
Prepaid accts., &c..
12,312
16,474
Total
*
Total
7,738,438 7,695.303
V. 104, p. 1597, 958.
Includes accrued interest.
Washburn Wire
The shareholders
—
1916.
1915.
g
$
,000.000 2,000.000
500.000
500,000
,000.000 2,000,000
224,436
,140,801 1,292.136
112,997
303,831
37,462
186,551
365,795
367,328
239,927 1,102,477
7,738,438 7,695,303
—
Co.
Sale Authorized.
Maine company voted July 10
to sell the entire
in that State
authorized capitalization of $11,000,000, as increased from
See V. 105, p. 78.
as.sets. «&c., to
July 2, with an
.$3,725,000.
—
—
1913.
$427,602
$452,244 $452,597
Balance Sheet Dec. 31.
Profits
Years.
1914.
1915.
1916.
the
of the
new Delaware corporation incorporated
Western Union Telegraph Co.
— Earnings. —
—
For Q Mos. end. June 30 (June 1917 est.)
1917.
1916.
Total revenues
$36,422,757 $29,244,150
Maintenance repairs and reserved for depreciation $4,468,524 $3,930,650
*Other oper. exp., incl. rent of leased lines & taxes 24,462,681 18,668,462
Balance
Deduct
$7,491,552
665,925
Net income
Includes special pajTnents to employees for
p. 2056, 2457.
*
$6,645,038
665,925
86,825.627
— Interest on bonded debt
$5,979,113
first balf
For Other Investment News, see page 188.
of 1917.
—
A'.
1C4,
'
I
July
THE CHRONICLE
14 1917.J
li^p0rts
SINCLAIR OIL
187
nnd ^ocnmtnts.
& REFINING CORPORATION
PRESIDENT'S STATEMENT TO STOCKHOLDERS.
New
York, July 7 1917.
Refining Corporation:^
When this Corporation was organized by the acquisition
of various oil properties in the Mid-Continent Oil Field, its
assets consisted of certain producing properties, various pipe
lines for gathering oil in the field, and refineries located in
present value in excess of $80,000,000, except that certain
tank cars are subject to $3,000,000 of the usual car trust
equipment notes maturing serially within thirty-six months
from date of issue. Upon the issue of the above Notes and
the delivery of all the tank ears, the Corporation will have
outstanding Notes, Equipment Obligations and Shares, as
Oklahoma and Kansas.
follows:
To
the Stockholders of Sinclair Oil
&
Subsequent developments in the oil industry were such that Three- Year First Lien Seven Per Cent Sinking Fund Gold
Notes
S20, 000,000
the managemeiit decided to construct large additional reCar Trust Notes maturing se rially, within 36 months from date
fineries, one of which is now nearing completion at Kansas
3,000,000
issue, not exceeding
of
City and one at Chicago. These refineries are being connec^^--1 ,500,000 shares
Shares
ted -with the producing fields by an eight-inch trunk pipe
Whereof reserved in respect of Stock Option
Warrants
500,000 shares
the
line.
It is expected that the Kansas City refinei-y and
pipe line thereto will be in operation during the present Outstanding
1,000,000 shares
month, and that the Chicago refinery and the pipe line
thereto will be in operation during the month of September.
Each of the Three-Year First Lien Seven Per Cent SinkThe management has also taken advantage of favorable op- ing Fund Gold Notes will be accompanied by a negotiable
portunities for acquiring additional producing properties. Stock Option Warrant, entitling the bearer thereof to purWhen these properties were bought crude oil was selling at chase shares of stock from the Corporation at any time on
lower figures, and the purchases were based on prices pre- or before February 1 1920, at the rate of 25 shares of such
vailing at that time and not on present prices.
stock for each $1,000 face amount of such Notes, at $45 per
Before there was a material advance in steel prices the share, if purchased on or before" August 1 1918; at $47 50
management piirchased additional tank cars, wliich, with per share, if purchased thereafter and on or before August 1
those heretofore owned, will bring the equipment for trans- 1919, and at $50 per share, if purchased thereafter and on
porting refined products up to approximately 3,700 cars. or before February 1 1920; that is to say, a subscriber
The Corporation is also in process of enlarging its refining for a $1,000 Note (and for smaller amounts in the same
eapacitj' and of providing a large number of filling and dis- ratio) gets, in addition to his investment in the Notes,
tributing stations to market its finished products at retail a call, exercisable at any time during 2 3^2 years from
and wholesale throughout the States of Oklahoma, New August first next, upon 25 shares of stock, at the above
Mexico, Colorado, Nebraska, Kansas, Missouri, North prices. The Stock Option Warrants may be held or
Dakota, South Dakota, Illinois, Indiana, Michigan, Ohio, disposed of independently of the Notes. From time
New York, Massachusetts and Rhode Island. It is installing to time as shares of stock are purchased from the -Corcasing head gasoline plants on the producing properties and poration on surrender of Stock Option Warrants, the cash
has also acquired new and improved methods of making gaso- proceeds thereof will be applied to the retirement of Notes
line whereby a much larger recovery of gasoline will be obthrough purchase in the market or by call.
tained from crude oil and its products when the installation
The mortgage securing the Notes will provide for a sinkfor new processes is effected.
ing fund to be used in the purchase or redemption of Notes
Through these acquisitions Sinclair Oil & Refining Cor- payable as follows: $500,000 Mav 1 1918, $500,000 Novemporation has become a well-balanced enterprise for producing, ber 1 1918, $750,000 May 1 1919 and $750,000 November 1
transporting, refining and marketing petroleum products, 1919.
and has placed itself in a position of independence, having
A meeting of the stockholders of the Corporation has been
its own producing properties, pipe lines, refineries, tank cars
called to be held at the office of the Corporation in the
and marketing stations, and thus taking the product from Borough of Manhattan, in the City of New York, on July 24
The Corporation is 1917, for the purpose of conferring the necessary authority
the natural reservoir to the consumer.
bettor balanced, as to control of raw materials, pipe lines, for the issue of the Notes, the creation of a mortgage to serefineries, tank cars and distribution of refined products,
cure the Notes, and the creation and reservation of sufficient
than any of its larger competitors, and therefore in the exist- shares of stock to enable the Corporation to fulfill its obligaing national emergency the Corporation will be amply able tions under the Stock Option Warrants.
to do its imrt in connection with the existing demands of the
Enclosed herewith is a notice of such meeting and also a
Government upon the larger units of the oil industry.
form of proxy which such stockholders as may not find it
Net earnings from operation for the 12 months ending convenient to be present at such meeting are requested to
April 30 1917, applicable to interest dividends and other execute promptly and return to the Corporation in the incorporate purposes, were" $10,332,431 59. Net earnings
from operation applicable to interest, dividends and other
corporate purposes can be conservatively estimated for the
calendar year 1917 at .$14,000,000, and for the calendar
year 1918 at a substantially larger amount.
The above estimates are all based on existing prices, which
in my judgment do not yet reflect the present high cost of
operation.
Our estimated operating expenses, however,
take present costs into account. While there has been no
charge for depreciation, there has been no credit for appreciation which has actually been many times more than any
depreciation.
However, a system of substantial depreciation charges is being formulated.
The prices at which the Corporation has from time to time
acquired the properties above referred to are far below those
now prevailing, and the contracts already entered into for
pipe lines, refineries, tank cars, etc., have been made at
prices far below present levels.
The initial financing of the Corporation was accomplished by the sale of stock and of convertible bonds, all of
which bonds have since been retired by conversion into
stock, leaving the Coi'poration free to finance its recent and
contemplated acquisitions and extensions in whatever manner might seem most desirable.
The Board of Directors has determined, subject to the ratification of the stockholders, to create an authorized issue of
$20,000,000 of Three-Year Yiv&l Lien Seven Per Cent Sinking Fund Gold Notes (in denominations of $1,000, .$500 and
$100), to be dated August 1 1917, and to be redeemable on
or before August 1 1918 at 105 per cent and interest, thereafter and on or before August 1 1919 at 1023^ per cent and
interest, and thereafter at par and interest.
The Board of
Directors has decided to offer such Notes (with the Option
Warrants described below attached thereto), pro rata to the
stockholders of the Corporation at par and accrued interest.
The Notes will be secured by pledge of all the stocks and
bonds of all of the subsidiaries of the Corporation, thus in
effect making these Notes a first lien on properties having a
closed envelope.
The Notes, with Stock Option Warrants attached, are
hereby offered (subject to the necessary stockholders' action) to stockholders of record at the close of business on
July 27 1917, for subscription pro rata according to their
respective holdings, at par and accrued interest thereon.
Each stockholder will have the right to subscribe for $20 face
amount of Notes for each share of his holdings. Stockholders may subscribe for all or any part of such Notes or may
assign all or any of their rights to subscribe therefor.
If the stockholders at the meeting which has been called,
or at any adjourmnent thereof, shall not confer the necessary authority in respect of the issue of the Notes and the
creation of the mortgage as well as the creation and reservation of sufficient shares to enable the Corporation to perform its obligations under such Stock Option Warrants, such
offer shall become void.
Payments in respect of the subscription price of all Notes
subscribed for must be made at the office of Central Trust
Company of New York, at No. 54 Wall Street, New York,
by check or draft drawn upon New York funds, payable to
the order of Central Trust Company of New York, as follows:
40 per cent of the face amount of Notes subscribed for, on
or before August 15 1917; 30 per cent thereof, on October 1
1917; 30 per cent thereof, on December 1 1917, together with
any amount necessary to adjust interest as provided below.
Subscribers will have the option of making payment in full
on either said August 15 1917 or said October 1 1917. Any
subscriber failing to pay any installment of his subscription
when due, as above provided, will forfeit his subscription
rights together with any amounts theretofore paid on account
Accrued interest on the Notes, and
of such subscription.
interest at the rate of seven per cent per annum upon installments paid, will be adjusted upon the date of final payment
for the Notes.
Payment of the subscription price, or the first mstallment
thereof, must be made on or before August 15 1917, accompanied by surrender of Subscription Wan-ants, duly endorsed
—
—
•
•
—
——
—
•
— —
•
THE CHRONICLE
188
as provided bolow. Appropriate r(!ceii)ls transferable by
delivery will be issued in respect of all such payments.
Receipts when fully paid will be exchangeable for definitive
Notes as soon as the latter are ready for d(!livery.
Subscription Warrants for Notes will be mailed to each
stockholder as soon as possible; after the closing of the books
on July 27 1917, and in any case on or before July 31 1917,
specifying the amount of Notes in respect of which stockholdSiich
ers are respectively entitled to a subscription privilege.
Subscription Warrants will be issued only for .|lOO face
amount of Notes or multiples thereof. For each fraction of
a $100 Not(; in respect of which any stockholder is entitled to
a subscription ijrivil<>ge, a Fractional Subscription Warrant
Subscriptions may not be made on Fracwill be issued.
tional Subscription Warrants, but for Fractional Subscription Warrants surrendered on or before August 13 1917,
together with other Fractional Subscription Warrants aggregating at least $100 face amount of Notes, Subscription Warrants will be issued up to $100, face amount of Notes, or
any multiple thereof, represented by such Fractional Subscription Warrants, and in that event if the surrendered
Fractional Subscription Warrants include a fraction in excess
of $100, or in excess of some multiple thereof, such excess
Fractional Subscription Warrants desired by
shall be void.
stockholders to complete full Notes, or Fractional Subscription Warrants which stockholders desire to dispose of must
be bought and sold in the market.
On the backs of the Subscription Warrants will be two
forms. In case it is desired to subscribe, the first form is to
be filled out and signed by the stockholders or their assigns,
but in case it is desired to dispose of the subscription privilege, the second form, which is an assignment, is to be filled
out and signed by the stockholders. Fractional Subscription Warrants will be transferable by delivery.
[Vol. 105.
Where a Subscription Warrant authorizes a subscription
two or more Notes, stockholders who may wish to sub-
for
a portion of the Notes covered by such Subscripto dispose of the balance, or who may wish
to dispose of the subscription privilege as to a portion of such
Notes to one person and as to the balance to another, should
retTirn their Subscription Warrants to Central Trust Company of New York on or before August 13 1917, to be exchanged for other Subscription Warrants, and should specify
in writing the number of Subscription Warrants desired in
excliange and the face amount of Notes to be specified in
each.
In no case, however, on such exchange will a Fractional Subscription Warrant be issued.
In order to secure prompt provision of the necessary funds
for the requirements of the Corporation the Board of Directors has caused the sale of the Notes to the stockholders to
be underwritten by Messrs. Kissel, Kinnieutt & Company,
Messrs. J. & W. Seligman & Company, Messrs, White, Weld
& Company, Messrs. Montgomery, Clothier & Tyler and
Messrs. Spencer Trask & Company, who will be compensated
by the Corporation for the obligations thus incurred. The
Board of Directors of the Corporation includes one member
of each of said firms respectively, who will through his respective firm, participate in the commissions to be paid by
the Corporation to said firms. A copy of the agreement
under which such sale of the Notes has been thus underwritten is on file at the office of the Corporation and is there
open to inspection by any stockholder.
The directors of the Corporation (including some of its
largest stockholders) recommend that the stockholders take
all necessary corporate action in connection with the issue
of Notes described above.
(Signed) H. F. SINCLAIR,
President of Sinclair Oil & Refining Corporation.
scril)e for
Warrant and
tion
,
PABST BREWING COMPANY
AND SUBSIDIARY COMPANIES
CERTIFIED BALANCE SHEET AND RELATIVE INCOME ACCOUNT DECEMBER
INCOME ACCOUNT YEAR ENDING DECEMBER
31 1916.
31 1916.
from Operation after providing for Depreciation and all other losses and expenses
-Dividends and Interest on Loans and Investments and Miscellaneous Profits
Net
Profit
Add—
S692 ,977 49
80,187 89
,
8773,165 38
67,735 95
Together
Deduct Interest on Bonds, etc
—
Net
Profit for the year, carried to
Balance Sheet
$705,429 43
CONSOLIDATED BALANCE SHEET DECEMBER
ASSETS.
Capital Stock
'Properties (at Net Book Values)
Real Estate, Plant and Machinery
$3,933,965 45
City and Outside Properties
6,299,062 58
Improvements and Fixtures on Leased Prop226,463 32
erties
7
$10,459,491 35
174 53
in Hands of Trustees under Mortgage
Investments (at Book Values)
Sundry Marketable Securities and other Investments
—
Bottles, Boxes and Casks
Stores and Miscellaneous Supplies
Current Assets
$769,559 66
BillsSecured
Unsecured
Less
$822,169 78
1,147,121 59
—Reserves for Bad Debts $1,969,291 37
and allowances
— 125,379 53
Cash
in
Banks and on hand
Stock
100,000 Shares of $100 each$10, 000, 000 00
236,000 00
Less— In Treasury
—
—
•
9,764,000 00
$11,415,700 00
.$3,000,000 00
1 .432 ,000 00
1,568,000 00
Current Liabilities
—
Balance due on purchase of
Bills Payable
Real Estate
Accounts Payable (including Wages, Taxes
and Interest Accrued)
20,000 00
464,096 93
484,096 93
145,804 51
Contingencies—
$572,439 34
249,730 44
Accounts
1,651,700 00
Common
—
623,691 22
Inventories of Beer and Brewing Materials.
Bills & Accounts Receivable (Including Advances for Licenses)
Cumulative Preferred
20,000 Shares of $100 each_$2,000,000 00
348,300 00
Less— In Treasury
First Mortgage 4% Gold Bonds
Less
Redeemed and Canceled
$219,815 82
228,620 70
175,254 70
Floating Cooperage.-^
%
769,820 69
Assets —
Sundry Working
LIABILITIES.
—
—
—
Cash
31 1916.
Reserve for
Surplus & Undivided Profits
Balance at January 1 1916
— Profit for year ending December 31
1916 as per Income Account attached —
$1,494,322 04
— Dividends
Preferred,
$2,199,751 47
Add
Deduct
—
7%
$125,935 25
488,200 00
Common. 5%
1,843,911 84
705,429 43
614,135 25
693,815 25
—
Deferred Charges
Prepaid Insurance, etc
1,585.616 22
3,307,286 75
38,753 12
$15,199,217 66
$15,199,217 66
We have audited the boote and accounts of the Pabst Brewing Company at Milwaukee, Wis. and examined the Statements and Returns from the
properly
in ou
Subsidiary Companies and Branchas for the year ending December 31 1916, and we certify that the above Balance Sheet is
drawn up and shows the true financial position of the combined companies as at that date and that the relative Income Account is correct.
(Signed)
PRICE,
WATERHOUSE &
CO.
Milwaukee, Wis., June 29 1917.
West India Sugar Corporation.
— Stock Increase. —
— New Director. —
Woolworth Co. — Earnings. —
Willys-Overland Co.
Edwin
(F.
B. Jackson, Vice-Pres., has been elected a director.
W.)
—
— V. 105,
p. 78.
—
Increase.
1916.
Increase.
1917 6 Mos.
June
1916.
1917
$7,938,018 $6,804,094 SI, 133. 9241$41, 507,893 .$37,208,704 $4,299,189
In June 10 new stores were opened, there being 960 stores now operated.
and with 40 more under lease to be opened in 1917, will make a total of
Disi
1,000 stores.— V. 104, p. 2349, 1904.'j
|
Worthington Pump & Mach. Corp.
—
—
New Director.
Walker, of William Salomon & Co., has been elected a du-ector
and member of the Executive Committee, to .succeed Oporee G. Henry,
deceased.— V. 104.?p. 2.562. 1384.
Eli.sha
Yadkin River Power Co.
See Carolina Power
&
— Bonds Offered.
Wrightwood Apartments, Chicago,
are offering at par
— S. W. Straus & Co.bonds, dated June 28 and due$325,000
1917,
111.
This company has filed a certificate with the authorities at Richmond,
Va., increasing the authorized capital stock from $800,000 to $2,300,000.
For contemplated merger, see V. 104, p. 2562.
— Acquisition.-
Light under Railroads above. -V.103, p. 2245.
int.
First
Mtge. 67o
serial
The bonds mature June 28 annually. $12,500 1919-22
incl.;
serially
S15,0C0 1923
D. 28 at any
and 1924; $17,500 1925, 1926, and $210,000 1927. Int. J. &
W. Straus & Co., Inc. Redeemable at 102 and int. in reverse
Denom. $100, $500, Sl.OOOc*. The
of numerical order on 60 days' notice.
mortgage covenants to pay the present normal Federal income tax, or to
recompense bondholders for payment of such taxes actually made, so far
as lawful Trustee, S. J. T. Straus. Mortgagor, Theodore Swanson, Chic.
The building is now in course of construction and its complet ion free and
office of S.
,
.
clear of all mechanics' liens, is unconditionally guaranteed to the bondholders by S. W. Straus & Co.
^ ^ .,j.
A direct closed first mtge. on the land in fee and on the building
Security.
with its furnishings, described as follows: An apartment building of seven
all furnished and with
stories and basement, containing 120 apartments
The building combines all the features of convenience,
baths, &c.
beautv and location. The land fronts 1 1 ft. on Pine Grove Ave. by 1251ft.
—
—
JBl
is only one block from Lincoln Park.
Income. This, after investigation, is estimated as follows: Total yearly
income after expenses, including taxes,
gross income. $76,000; total net
insurance and operating cost, with a liberallallowance for repairs and redecorations, $50,000.
on Wrightwood Ave., and
—
7
July
THE CHRONICLE
14 1917.]
(£^ommzxtml '^xmts.
'^}xt
cOMMERCIAlTEPrrOME
,
189
corn caused scattered selling, but cash trade is quiet. Engcables reported hams and bacons higher.
Liverpool
reported the market dull, but firm, with moderate arrivals
and fair stocks. Butter, creamery, 39^@403^c. Cheese,
State, 24@24Mc.
Eggs, fresh, 37@38c.
COFFEE steady. No. 7 Rio, 9Mc.; No. 4 Santos, 10@
103^c.; fair to good Cucuta, ll@113^c.
Futures advanced
on peace talk and trade buying. Later there was a reaction,
with spot trade dull and fears of action at Washington,
which may be construed as inimical to coffee interests.
Latterly, however, there has been no pressure to sell from
Brazil, and prices at Santos have advanced, causing a rally
here.
It is rumored that the Brazilian Government will
give support to coffee prices and that it has fixed the minimum price of Santos at 5$500. If exchange should decline,
this action would be neutralized.
To-day futures closed
13 to 20 points higher, with sales stated at 73,500 bags. A
dispatch from Rio de Janeiro, under date of July 12, says the
British Government has proposed to* Brazil, through the
Ministry at London, a plan under which exportation of
Brazilian coffee to England may be resumed. The British
decree of February providing for the limitation of imports
into the United Kingdom cut off coffee, among other things,
dealing a hard blow to Brazil. Closing prices as follows:
cts.7.91@7.97 November cts8 1 5 @ 8 1 March ..cts.8.3i @8.33
July
lish
Friday Night, July 13 1917.
at this time of the year there is a slowing down
And trade, it is believed, will be
of wholesale business.
affected by the recent measures of the Administration at
Washington, looking to prices and exports. The embargo
shortly to be enforced on exports of food, fuel and muniThe
tions, it is believed, may have far-reachiug effects.
proclamation of the President calling for patriotism, rather
than undue regard for self-interest on the part of the mercantile community of the United States, Vv^ith stress on the
very high rates of freight charged by shipowners, may also,
it is believed, have sooner or later a profound influence on
the business of the country, or at least on ciu-rent prices.
It is said that there is some prospect of an embargo on cotton
exports, possibly limited to linters, though not improbably
including lint cotton on the ground that neutrals have been
importing far beyond their normal quota and selling the
Textiles trades may suffer
sin-plus to the Central Empires.
from the draft, which takes in some 10,000,000 men, who
may sooner or later change to military uniforms. Sale of
in fact it does already.
civilian clothing would suffer
Besides economy is still being widely and persistently prac- August
8.ni@8.03 December... 8. 20@8. 21 April
.8.36@8.38
8.24@8.25 May
8.41@8.43
There is less activity September ..8.08(^8.09 January
tices, owing to the high cost of living.
October
8.12@8.13 Feb
....8.27@8.29 June
8.46@8.48
New business in steel is smallest
in the building trades.
steady; centrifugal, 96-degrees test, 6.52c.; mofor several years, owing to the uncertainty as to just what
Fusimilar condi- lasses, 89-degrees test, 5.52c.; granulated, 7.50c@8c.
prices the Government intends to pay.
tures declined somewhat for a time with raws on the spot dull
tion of unsettlement is noticed in the copper, tin, lead and
speleter trades, not to mention flour, wheat, corn, sugar, and Cuban receipts large, but rallied later when refiners
Trade waits until the Government decides bought more freely. Crop advices from Louisiana have
coffee, &c.
what it will do and when. In other words, prices been more favorable. Pending developments at Washington
just
of war commodities arc largely nominal until the Gov- as to food control and the excise taXi, trade i.s expected to be
ernment puts a value on them, at least for its own purchases. moderate as a rule. The receipts at six Cuban ports last
At the same time. President Wilson in his proclamation of week were 18,598 tons, against only 4,000 in the same week
the 11th inst. deprecates anything like exorbitant prices last year; stocks 497,091 tons, against 462,500 a year ago.
And car shortage continues to To-day futures closed 5 points lower to 1 point higher with
for the general population.
hamper trade. So does scarcity of labor and of raw materi- sales stated at 16,750 tons. There is a trifling net advance
for the Aveek.
Closing quotations were as follows:
Strikes at certain points also militate against business.
als.
cts5.35@5.37 Novembei cts5 46<^.'S.48 March
cts 4.79@4.81
Wages have, in some cases, had to be advanced to hold the July
August
5.2S(a>5.30 April
5.39@5.42 December
--4.,S1@4.83
workmen. Furthermore, the cotton crop, although it has September..5.4/i@5.45 January
4.98@4.99 May.
.4.84(694.86
October.. 5.44@5.46 February
4.79@4.81
improved, is still late and Texas needs more rain. The corn
OILS. Linseed lower; city, raw, American seed, $1 10@
crop would be the better for cooler weather in the southwest,
though in other sections the nights have been too cool for $1 15. City, boiled, American seed, $1 12@$1 15; Calcutta,
Lard, prime, $1 85@.fl 90. Coeoanut, Cochin,
rapid growth. Business in luxuries continues comparatively $1 40.
Corn, 14c. Palm, Lagos, 17 ^c. Soya
small, and it is likely to remain so for some time to come. 21c.; Ceylon, 18c.
The people are more concerned about the necessities than bean, 143^@143^c. Cod, domestic, 86@88c. Spirits of
about the superfluities. The New York hotels proprietors turpentine, 40c. Strained rosin, common to good, $5 75.
have proposed to the Washington authorities a beefless day Cottonseed oil lower on the spot at 15c. Prices follow:
Oct... cts.l4.97@14.98: Jan
cts. 14.75 ( 14.76
and a cutting down of gratutious meals in cafes, &c. The July.. -cts. 15.00®
November. 14.73
restaurants are beginning to serve half, or "war portions," August ...15 02 <a 15. 03 December .14.74 ©14.76 February.. 14. 75 ( 14.85
S-pt
©14.76
15.02@15.04
As usual
—
.
.
SUGAR
A
—
>
»
this was before unknown.
The war is being brought
home to the people in many different ways as well as by the
mobilizing of troops and the recent gigantic bond issue. The
world will have to economize in the matter of food and clothing.
On the other hand, the corn crop, according to the
latest Government report, promises to be as large as the
largest on record and the yield of oats, from present indiThe crops of beans,
cations, wiU be the largest ever known.
where
,
peas, sweet corn,
and tomatoes are large and
have declined, even
different kinds of food
It
are stiU very high.
prices of
if
many
some others
also contended that the Governto the regulation of prices and exa reaUy prejudicial effect on trade in
is
ment measures, looking
ports, will not have
general, though they
building continues to
wiU naturally curtail, profits. Shipbe abnormally active. Makers of
aeroplanes are crowded with orders. As soon as prices are
fixed by the Government, it is believed that large orders will
be given out for steel and not improbably for copper and other
metals. The big industries are busy on accumulated orders
and the general business of the country is on a solid basis;
all the more so from the recent marked tendency towards
COD SGrv9ft 1 sm
July 1 1917. June 1 1917.
..bags. 1,7 19, 843
1,653,523
..mats20,514
9,986
bags. 2 ,585.492
606,966
hogsheads.
56,865
Coffee, Brazil
Coffee, Java
Coffee, other
.
Mercer black
Crlchton
Corning
Wooster
Thrall
De
July 1 1916.
1,236,283
39,296
785,372
97,760
77,400
159,474
3,870
50,000
2 18 Indiana
1 78 Kansas and Okla1 40 Princeton
1 92
homa
170
2 46 Somerset. 32 deg.. 2 20 Caddo La., light.. 1 90
2 18 Ragland
1 00 Caddo La., heavy. 1 00
1 70 Canada
I 70 Electra
2 28
170 Moran
Strawn
Soto...
TOBACCO
NEW YORK.
STOCKS OF MERCHANDISE IN
PETROLEUM
higher; refined, in barrels, $10 35@$11 35;
bulk, $5 50@$6 50; cases, $12 75@$13 75. Naptha, 73 to
76 degrees, in 100-gallon drums and over, 443^c. Gasoline,
firm; motor gasoline, in steel barrels, to garages, 24c.; to
consumers, 26c.; gasoline, gas machine, steel, 41c.; 72 to 76
degrees, steel and wood, 38c.; 68 to 70 degrese, 28@32c.
Oklahoma advices show increased interest in the Osage district, following the completion of an important well at
Horning
It is said that there will be no difficulty in meeting
the new export requirements of the Government, in accordance with the policy of restricting exports of fuel. Record
runs have occurred at Irvine, Kentucky. An active campaign is to be undertaken, it is said, by the big Royal Dutch
Co. in Wyoming. Closing prices •<vere as foUoAvs:
Pennsylvania dark $3 10 North Lima
$1 88 Illinois, above 30
2 37 South Lima
degrees
Cabell
1 88
$1 92
1
70
1
1
88 Henrietta
80 Plymouth
Humble
has continued quiet but firm.
1
If
1
00
70
anything,
owing to the scarcity of old leaf,
some speculation is reported in new-crop Connecticut. It is
selling at high prices, through some are predicting a large
prices are firmer than ever,
*Dlscontinued during the war.
It is consideredjrather early in the season for speculaleast, it wouldjbe in ordinary years.
Now, however, a big consumption is expected and not a few look for
higher prices. The Sumatra and Java inscriptions at
York will occur early in August. The latest weekly Govern-
LARD
ment report says that "tobacco was favorably
Sugar
*Hides
Cotton
No.
bales.
bales .
.barrels .
Manila hemp
Flom'
78.958
87,424
48 ,000
42,700
lower; prime Western, 21.45c.; refined to the
continent, 22.30c.
South America, 23e.; Brazil, 24c.
Futures declined and then rallied. Eastern interests have
bought September lard at Chicago. Hogs have latterly
been firm. The firmness of corn has tended at times to
steady prices for lard. The export embargo, however, has
not been ignored. The Department of Agriculture states
that there was 10.8% less lard in store on July 1 than on the
same date last year. Liverpool prices have latterly been
firm, though stocks there are liberal.
DAILY CLOSING PRICES OP LARD FUTURES IN CHICAQO.
Sat.
Julydelivery
September delivery
cts.21.00
21.27
Mon.
20.90
21.15
Tues.
21.10
21.32
Wed. Thurs.
Fri.
21.07
21.00
20.70
21.32
21.20
20.92
00; clear, $42
PORK Steady; mess, $42 50@$43
50®
$43 50; Beef products firm; mess, $30@$31; extra India mess,
$46@$47. Cut meats lower, pickled hams, 10 to 20 lbs.,
20^@22^c.;
pickled beUies, 29@30c.
Break
in price of
crop.
tion.
At
New
affected by
the weather conditions in the Atlantic Coast States and was
growing well in the Ohio Valley and Tennessee, except that
Transplanting was nearly
rain was needed in a few places.
completed in Wisconsin." A Baltimore dispatch says:
"Maryland tobacco growers are reaping the reward of sharp
competition for their product which prevails among French
and domestic buyers. The lowest price is 10 cents a pound,
with 27 cents for the best grade. Long ground leaves are
bringing 14 cents."
PIG IRON has been firm but quiet. Buyers are awaiting
events at Washington before purchasing freely. There has
been fair business at Philadelphia, Buffalo and Boston. The
future of p"rices largeljwiepends on developments at Washington, or, in other words, the action of the Government as to
the matter of prices. No. 2X Northern $52 74 to $53 74.
Tin higher; spot 63c. Prices here have ignored a London de-
-.
, .
.
THE CHRONICLE
190
cline of late of £1
for spot tin.
Receipts of Straits tin
this has tended to ke(!p prices steady.
Not much business is expected until the Washington authorities do something or the Tin Committee makes its final report, Avhich the tin trade would be glad to receive as soon as
possible.
Spelter lower at 8J^(a)9c. Trade is quiet, pending Government action. Lead lower on the spot at 11
llj^c. There has been some pressure to sell, as buyers
hesitate to take hold at this time.
They prefer to await
have been small and
developments at Washington.
COPPER
electrolytic,
lower; Lake here on the spot 30K@31^c.;
30@31c.; for third quarter electrolytic, 28>i@
The Goyernment may fix a price. The Secretary of
the Navy, it is said, agrees to pay only 75% of the 25c.
quotation, leaving the balance to be adjusted by the Federal
Trade Commission. That is, Secretary Daniels will advance 183^4C. on the last Government purchase of 60,000,000
lbs., leaving the balance of the payment to be decided later.
STEEL has been firm with a persistent demand. Many
mills are working at their full capacity on Government
This, of course, tends, however, to cut down
orders.
private business, especially as raw materials are hard to get
A Washington dispatch
and may be for some time to come
on the ilth inst. said the steel makers of the nations would
probably arrange with Government heads to fix a general
price policy on steel for war work which would be more
satisfactory for the Government. Meantime, the export
embargo on iron and steel is not expected to have any very
pronounced effect. It is pointed out that exports of iron,
steel billets, structural shapes, plates, ferro-manganese and
scrap to neutrals have been small. Possibly exports of ship
plates to Japan may be restricted.
29e.
.
COTTON
Friday Night, July 13 1917.
as indicated by oiutelegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
42,332 bales, against 72,269 bales last week and 65,302
bales the previous week, making the total receipts since
Aug. 1 1916 6,802,362 bales, against 7,050,217 bales for the
same period of 1915-16, showing a decrease since Aug. 1 1916
of 247,855 bales.
Mon.
Sat.
Galveston
Texas Citv . _
Port Arthur
Aransas Pass &c
New Orleans
1,293
Wed.
Tues.
2,608
2,488
Thurs.
1,349
Fri.
Total.
1,060
1,141
9,939
Week ending July 13 1917.
r,046
1,118
2",268
'983
271
r,234
1,000
131
80
1
'852
Mobile
"811
r,485
3',64i
1.128
'21.5
"44
30
751
1,940
187
8,411
1,788
'"6
1,587
4,000
50
92
'"970
8,904
4,000
494
103
3,025
Pensacola
Savannah
Brunswick
'"3
'229
•_..
296
'141
20
775
Newp'tNews,&c.
New York
Boston
"65
"153
729
'220
780
'i5o
'134
6.557
7,513
Charleston
Wilmington
Norfolk
492
Baltimore
"39
Philadelphia
Totals this week
5,204
7,010
"70
288
3,679
1,428
273
'456 "I'OSS
1,428
3.818
42,332
12.230
following shows the week's total receipts, the total
and the stocks to-night, compared with
since Aug. 1 1916
last year:
1916-17.
1915-16.
Stock.
Receipts to
This
Week.
July 13.
Galveston
Texas City
Port Arthur
Aransas Pass, &c.
New Orleans
Since Aug
1 1916.
This
Week.
Since Aug
1 1915.
1917.
1916.
129,589
15,064
77.818
8,353
l'8'8',452
66
182,806
17.996
Charleston
9,939 2,633,408
243,475
41,447
50,641
"8'4ii 1,516,575
1,788
109,518
31.381
60,081
"8',904
886,174
155,170
4.000
494 173,124
Georgetown
Wilmington
""103
"8'7",488
'596
728
218,988
49",99i
53',352
3.025
535,6.54
4,851
659,2221
77,396
40,460
'"288
15,468
35,732
93,116
127,952
5,958
'986
82,982
26,959
86,927
46,869
2,562
Mobile
Pensacola . . .
Jackson\'llle
Savannah
Brunswick
Norfolk
N'oort News. &c.
New York
Boston
Baltimore
PhUadelphia
3,679
1,428
273
13,707 2,405,225
299,135
58,988
85,393
10"645 1,384,786
2,354
156,156
61.189
42,706
9'.i6i 1,031.479
1.000
135.900
5,965 264.014
276
10,721
"3",
500
79,245
22,000
5,485
31'. 921
l'5"5'.799
2,675
9.995
4,659
799
699.102
681,838
9,799
37,105!
42,332 6,802,362 48,941 7.050.217
Totals
i.ioo
96,714
In order that comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
Receipts at
—
1917.
1916.
1915.
1914.
1913.
1912.
2,949
Galveston
Texas City, &c
9,939
Orleans.
"8'.4ii
'l'0',045
1.788
8,9)4
4.000
494
103
3.025
2,354
9,161
1.000
5.965
596
4.851
"'373
106
354
996
19
3,561
1.6751
3.622,
All others
's'.ees
"r262
"f.oei
571
114
2,503
672
882
"'114
Tot. this week
42,332
48,941
29,625
^20.222
20,061
11.670
New
Mobile
Savannah
Brunswick
Charleston, &c
Wilmington..
Norfolk
N'portN.,&c.
13,707
9.783
"8',
172
149
5,530
8.898
7.028
2
6,282
24
2,663
233
3.718
238
679
"3'.496
1,039
977
380
1
10
1
2,710
Since Aug. 1. 6.802.362 7.050.217 10361651 10617432 9,710,246 11765337
exports for the week ending this evening reach a total
59,651 bales, of which 28,711 were to Great Britain,
The
of
Exports
Exported
From Aug.
—
to
1 1917 to July 13 1917.
Exported to
—
ExpoTta
from—
Great
Great
[SriUiin.
France
Other.
Total.
6,6
20.991
901,657
78,617
40,667
136,718
115,532
13,320
56V,823
70.213
36,676
2l'6",i96
171,8.52
isV.iig
Britain.
France.
Other.
Total.
1
Galveston.
Texas City
Port Arthur
Eagle Pass.
14,391
NewOrleans 13,320
Mobll<:
Pensaoola
Savannah..
Brunswick .
8,800
5,650
14,450
121,134
16,307
5,000
55,896
Charleston
Wilmhifjton
Norfolk
N'p't N'cws.
191
47,066
2'7'2',3i8
28b'.9i8
18.939
2,384
3,173
4,446
4,577
l'9",355
913
New York.
1,000
5.029
4,861
170,577
106.400
146,448
36,253
148
10.890
Boston
Baltimore.
Phlliiilcl'a
Portrd.Me.
S;in Fr.in
493.409 1.591, 7«4
28 7251 9" R7*
40,667
1 150
"f,i.56
245 224 1 nOR 945
70 613
400
100
36,776
112,093 422,094
2.900
56.381
1,300
_ _
l'78'.93.5
Washington
Pemblmi
366,118
150
Total
28,711
13.829
i.t«4
19 207
80,736
104 262
913
723.813
128 512
153 278
40 830
148
178.935
366.118
150
.59.651 2.582,581
966,657 1,779.999 5,329.237
Tot. 'l.'i-'ie 38,728 25,657 42,716 107,1012,719,901
Tot. '14-'15
3,895
35,749 .39.644 3,772.955
869.714 2. 147,30fii5,736,921
660,316 3.799.206 8,232,477
17,111
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
add similar figures for
New
We
York.
On Shipboard, Not
—
Galveston ...
New Orleans..
Great
Ger-
13,612
3,031
Savannah
i
many.
Britain. France,
Cleared for
Other
Cont't.
208
4,362
1
378
14,000
—
Coastwise.
Leaving
Total.
23,120
8,202
14,700
New York
.
.
11,431 63,083
3,847 116.089
28,473 63.302
636.019
565,749
737,457
8,561
1,566
.
Other ports
Total 1917.Total 1916..
Total 1915..
1,.500
4.000
2,000
28,704 18,378
54.845 20.362
23,062
4,188
4,570
36,935
7,479
"ioo
100
Stock.
8.561
1.000
5,500
2,000
Charleston
Mobile...
Norfolk
1
106,469
180,250
64 545
5.485
2 160
76 396
62.580
138 134
9,300
431
700
Speculation in cotton for future deliverj- has been quiet,
at irregular prices, ending higher.
Latterly there had been
a decline at times on rains in Texas and a generally favorable
weekly Government report on the 1 1th inst
Also there were
some signs of clearing weather in the Eastern belt. This
was especially desirable in the Carohnas. In Eastern and
Southern South Carolina dry weather has been particularly
needed, yet the plant in that State has improved. The
heavy rainfalls have done some damage in North Carolina
and hindered cultivation, but cotton as a whole has improved. Fair growth of early cotton is reported in Texas
and showers have occurred at two-thirds of the reporting
stations.
The outlook in Georgia is encouraging. In
Tennessee conditions have been fine. The plant though
small is of good color and squares are forming satisfactorily.
In Mississippi the plant has been generally improving. In
Louisiana it is healthy and generallj^ is fruiting well. It is improving in Oklahoma, though possibly more rain is needed.
Alabama looks better and the average condition is fair. Meanwhile, of late, there has been less peace talk on the idea
that the political crisis in Germany was passing. Also the
possibility of Government regulation of the American cotton
trade in some fashion, has not been wholly ignored. Anything like wild speculation would be discountenanced by
Sensational fluctuations are also deprecated.
the Exchange.
But, needless to say, speculation has been on a smaU scale
at the New York Exchange for a long time past.
A large
percentage of the business has been for trade account. Japanese interests at one time, it is said, sold to some extent.
The common understanding is that the long interest for Japanese account is not small by any means. WaU Street, the
West and the South have also sold to a certain extent. It is
believed that the crop outlook on the whole has improved
since the last Government report
Advocates of lower prices
insist that there will be plenty of cotton and at the same time
remind people that the new season is near at hand. The
belief among some is that lower prices must prevail when
the new crop begins to move. Meanwhile the exports
though they have latterly increased somewhat, are still far
behind those of last year. On the other hand, there are
those who think that the advance has not culminated and
that the consumption continues large. They think that
exports are likely to increase. The Allies have got to have
cotton. It is assumed that they will get it somehow. It is
suggested that possibly the American export embargo on
food, fuel and munitions may open a way to increased exports of cotton by increasing the supply of ocean tonnage.
President Wilson's sharp comments on the high rates for
ocean freights in his proclamation of the 11th instant, may
possibly have a bearing on the future efflux of cotton from
this country.
Meantime, it is of interest to note that the
freight rate from New York to Liverpool is now $5 per 100
pounds, as against $6 recently. Several large interests,
it is believed, will ship cotton to Liverpool, in the near fuMoreover, most of the Liverpool stock is sold. It
ture.
was said that out of 299,000 bales there last week only
64,000 bales were unsold. It is supposed that measures
.
,
Vol. 105
13,829 to France and 17,111 to other destinations.
week and since Aug. 1 1916 are as follows:
July 13 at
THE MOVEMENT OF THE CROP,
I
for the
@
The
.
.
.
.
THE CHRONICLE
Jtily 14 1917.]
be taken to replenish the badly depleted British stock.
Meanwhile, Texas has been very hot and in many sections
dry. Maximum temperatures have ranged from 100 to 112.
will
says that rains
the drought and
that late planted cotton was suffering in the dry sections.
In Arkansas the blooms are 15 days late and the boll weevil is
unusually active. Tennessee needs rain and so does northem Louisiana, as well as parts of Mississippi, Oklahoma has
had temperatures of 100 to 111, and cotton has suffered both
from this and drying winds. The plant needs rain. Weevil
is increasing in southern Alabama.
On the 12th inst. there was a rally, when it was found tha,t
the rains in Texas were insufficient. Also there were indications of further rains east of the Mississippi, where, as
already intimated, dry weather is considered desirable.
Trade interests have been buying steadily, if not so actively
At times, the old trouble of scarcity of contracts
as reeentlj'.
has been noticeable. Spot markets, as a rule, have been
steady. Many believe that not only will the American consumption this season surpass all records, but that this year's
total will be exceeded next year, unless something unforeseen
happens. Latterly Japanese and American trade interests
The Government report of the 11th inst.
during the week had been too light to break
have bought. The market has been very sensitive, although
unusually narrow as regards the amount of trading. To-day
prices advanced on dry weather in Texas, reports that the
Eastern belt has recentlj^ had too much rain, a forecast of fan*
weather for Texas and of showers for the Atlantic States, a
rumor that Austria will seek an armistice and finally a wild
one that the Kaiser had abdicated in favor of his son. Nobod j^ seriously believed it, but many do believe that peace
moves of some sort may be made before long. Spot houses
here and at the South were buyers, and Liverpool also
bought. Spot cotton closed at 26.95c. for middling upland,
an advance for the week of 80 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
July 7 to July 13—
Sat. Mon. Tues. Wed. Thurs. Fri.
Middling uplands
26.70
27.20
27.30
26.95
NEW YORK QUOTATIONS FOR
1909-c
1908
1907
1906
1905
1904
1903
15.75 1902
1917-C
1916
1915
1914
1913
1912
13.15
11.10
12.85
10.90
10.80
11.15
12.40
9.31
26.05
12.90
9.05
13.25
12.30
12.50
14.25
1911
1910
1901-C
1900
1899
1898
1897
1896
18951894
26.95
26.75
YEARS.
32
1893-C
1892
1891-1890
1889
1888
1887
1886
8.50
10.25
6.19
6.19
7.94
7.19
7.06
7.12
8.06
7.31
8.38
12.00
11.25
10.50
10.50
9.56
MARKET AND SALES AT NEW YORK.
SALES.
Futures
Spot Market
Monday
Tuesday
Wednesday.
Thursday _ _
Friday
Closed.
Contract
Spot.
Total.
600
500
600
500
1,193
1.193
500
500
1,000
2,793
1
1
1,793:
FUTURES. — The highest, lowest and
New York for the past week have been as
closing prices at
follows:
Saturday,
July 7.
—
Range
Closing
September
—
Monday
26.30-.
26.40-.
October
—
Range
Closing
Xovember
—
,
July 9.
Tuesday, Wed'day, Thursd'y, Friday,
July 10. July 11. July 12. July 13.
Week.
26.02
—
25.7525.80 —
25.75-.30
26.57 — 26.69-.71 25.80-.85 26.00-.05 26.10 —
26.12-.63
26.36 — 26.10 — 25.63-.65 25.63-/63
25.56 — 25.63
25.90
26.27 — 26.40
25.7225.87-
25.95-.47 26.05-.45 25.40-. 10 25.26-.76 25.25-.75 25.25-/47
26.12-.17 26.25-.26 25. 40- .45 25.38-.40 25.66-.68
26.17-.
26.30-.
.90
—
Range
Closing
Jarmarn
—
Range
Closing
March —
Range
Closing
—
25,91
Closing
26.16
26.28
25. 40-. 42 25.40
25.8426.02-
26.07-.65 26.21-.57 25.45-. 17 25.35-.83 25. 36- .80 25.36-/65
26.30-.35 26.38-.39 25.45-.50 25.43-.46 25.67-.70
25.9526.12-
25 .45-. 89 25.45-/72
26. 14- .72 26.30-.64 25. 75- .24 25.44-.
25. 53-. 58 25.76- .78
26.39-.40 26.45-.4 25.55
—
—
—
— 26.05-.06 25.82-. 13 25.82-/95
26.35-.95 26.66-.84 26.30
25.80
26.05
26.66 — 26.73 — 25.83
—
cotton at Southern and other principal cotton markets for
each day of the week.
Closing Quotations for Middling Cotton on
—
Week ending
Mobile
Savannah
Charleston
Saturday,
Monday. Tuesday Wed'day. Thursd'y. Friday.
26.00
25.63
25.38
26.30
25.88
25.50
26 }i
26
26
26.25
26.25
27.45
26.25
25.75
25.95
26.15
25.50
2&H
26
24 J^
25.25
Baltimore
. 25.75
Philadelphia... 26.95
Augusta
25.75
Memphis
25.50
Dallas
:
Houston
26.00
Little Rock
25.25
Wilmington
Norfolk..
Europe..
afloat for
Egypt,Brazil,&c..afloatforEur'pe
Stock in Alexandria, Egypt
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. interior towns
U.S. exports to-day
665,000 1,626,000
36,000
43,000
39,000
123,000
1914."^
882,000
5,000
69,000
361,000
*1,000
*1,000
186,000
5,000
85,000
23,000
*1,000
740,000 1,792,000
*1,000
*4,000
*1,000 *142,000
256,000
287,000
15,000
11,000
o91,000
49,000
136,000
380,000
*1,000
*3,000
956,000
39,000
333,000
262,000
4,000
32,000
32,000
56,000
501,000
758,000
1915.
876,000
663,000 1,241,000 2,688,000 1,714,000
31,000
83,000
59,000
231,000
92,000
330,737
186,986
149,884
37,000
23,000
22,000
32,000
88,000
28,000
152,000
118,000
9.39,000
849,000
836,000
8.38,000
699,102
681,838
800,759
294,793
463,629
411,375
491,785
144,499
14,173
3,322
2,254
100
Total visible supply
3,026,904 3,651,272 5,218,784 3,522,276
Of the above, totals of American and other descriptions are as follows:
American
—
Liverpool stock
Manchester stock
Continental stock
bales.
American afloat for Europe
U. U. ports stocks
U. S. interior stocks
U. S. exports to-day
Total American
East Indian. Brazil, &c.
Liverpool stock
London
216,000
15,000
*249,000
92,000
699,102
463,629
14,173
—
552,000 1,358,000
34,000
103,000
*394,000 *708,000
330,737
186,986
681,838
800,759
411,375
491,785
3,322
2,254
26.30
25.88
25.63
263^
26
26
26.25
26.50
27.55
26.25
26.00
26.00
26.25
25.75
26.30
25.88
25.63
26 >5
26
25 J^
25.88
26.25
27.20
26.00
26.00
25.25
25.50
25.75
26.10
25.88
25.63
26.40
25.88
25.63
?§^
26
25%
?§^
26
25%
25.63
26.25
27.00
25.75
26.00
25.25
25.50
25.75
25.63
26.25
27.20
25.63
26.00
25.45
26.00
25.75
655,000
49,000
608,000
149,884
294,793
144,499
100
1,748,904 ai407,272 3.650,784 1,901,276
93,000
27,000
10,000
*53,000
31,000
37,000
38,000
939,000
.stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egj'pt
Stock in Bombay, India
Total East India, &c
Total American
268,000
43,000
20,000
*168,000
59,000
22,000
152,000
836,000
113,000
36,000
5,000
*107,000
83,000
23,000
28,000
849,000
227,000
5,000
20,000
150,000
231,000
32,000
118,900
838,000
1,278,000 1,244,000 1,568,000 1,261,000
1,748,904 2,407,272 3,650,784 1,901,276
Total visible supply
3,026.904 3,651,272 5,218.784 3,522,276
Middling Upland, Liverpool
19.00d.
8. Old.
5.15d.
7.35d.
26.95c.
Middling Upland, New York
12.95c.
9.25c.
13.25c.
12.60d.
Egypt, Good Brown, Liverpool.. 30.60d.
7.70d.
9.70d.
Peruvian, Rough Good, Liverpool 25.00d.
13.75d.
10.90d.
8.85d.
Liverpool
18.20d.
7.75d.
Broach, Fine,
4.9.')d.
6>^d.
Tiunevelly, Good, Liverpool
18.38d.
7.77d.
5.07d.
6 l-16d.
a Revised.
Note. — London and Continental stocks, the afloat
week's returns,
at Alexandria and Bombay are
Europe and stocks
our cables covering
those returns having failed to reach us.
The above figures for 1917 show a decrease from last week
of 147,753 bales, a loss of 624,368 bales from 1916, a decline
of 2,191,880 bales from 1915 and a falling off of 495,372 bales
from 1914.
TOWNS
THE
INTERIOR
the movement— that is,
AT
the receipts for the week and 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 ou in
detail below.
—
Movement
Towns.
to
July
13
1917.
Ship-
Receipts.
Stocks.
ments
Week.
.
Week.
Season.
Ala., Eutaula..
Montgomery..
Selma
193
43
Ark., Helena..
300
869
100
Rock.,
Atlanta
Augusta
Macon
13
110
2,596
1,059
31
438
Rome
83
La.,Slireveport
26.281-.39 26.30-.89 26.50-.72 25.75-.39 24 .66-. 04 25.65-.97 24.65-/89
25.73-.75 25.70
25.95- .97
26.57
26.63
26.28
QUOTATIONS FORMIDDLING COTTON AT OTHER
MARKETS. —Below are the closing quotations of middling
July 13.
Total European stocks
India cotton afloat for Europe...
Amer. cotton
Columbus
26.44
26.38- .40
_......
1916.
309,000
27,000
25,000
302,000
..bales.
Total Continental stocks
Pine Bluff-.
Ga., Albany
25.66
/26c.
Galveston
New Orleans
1917.
Athens
Man
Range
13—
Total Great Britain
Stock at Hamburg
Stock at Bremen . _
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Little
Range
Closing
December-
July
Stock at Liverpool
Stock at London
Stock at Manchester
26. 50- .99 26.60-.00 26.35-.75 26.32-.40 26.23-.63 26.23-.00
26.23-.25 26. 61-. 65
26.67-.69 26.78-.80 26.05
Range
Closing
to-night, as made
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.
But 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.
for
Total
Closing
August
THE VISIBLE SUPPLY OF COTTON
last
Quiet, 55 pts. adv.. 'Steady
Steady, 50 pts. adv. Steady
Quiet, 10 pts. adv. .'Steady
Quiet, 35 pts. dec.. Unsettled
Quiet, 20 pts. dec. Irregular
Quiet, 20 pts. adv.. Very Steady
July—
Range
191
up by cable and
Estimated,
Market
Closed.
Saturday
.
Miss,Columbus
50
220
Greenville ..
9
Greenwood..
Meridian
Natchez
497
308
47
62
Vicksburg
Yazoo City .
Mo., St. Louis
N.CGr'nsboro
Raleigh
0., Cincinnati
Okia., Ardmore
Chickasha
10,8,58
485
143
1,366
..
Hugo
Oklahoma
S.C, Greenville
Greenwood
Tenn.. Memphis
100
300
6,699
Nashville
Tex., Abilene..
Brenham
ClarksvlUe
Dallas
6
Honey Grove.
Houston
Paris...
San Antonio.^
1,395
21,833
74,424
235,583
73
361
2,284
2,889
19,225
128
103,858
1,300
331,385 11,197
375,943
9,811
62.325
218
172,374
2,604
59,757
350
149,325
225
,7,298
3
56,359
5,261
114,351
997
391
25,116
34,819
508
104
16,796
141
19,218
898,817 11,917
84,114
803
150
12,366
188,295
2,123
52,543
80,498
29
29,597
199
39,887
145,7.36
2,300
16,432
1,316,059 22',935
2,370
"106
62,168
24,241
10
100
44,006
414
129,375
39,649
50
2,514,867 11,912
144,548
43;622
154,1211
.
,
.
'563
5',663
390
9,921
47,116
to
July 14
13.
5.800
17,453
1,300
4,000
13,030
14,000
687
7,641
26,399
26,309
3,913
9,510
3,237
5,203
902
7,748
12,000
4,877
3,960
688
2,398
12,661
5,182
107
15,971
1,000
800
25
900
15,000
2,000
195 ,.3,36
297
700
146
300
4,479
30
37,590
"56
Week.
4
530
91
5
199
260
2,236
565
44
25
64
72
409
200
317
31
5
5,491
1,394
Season.
52,940
170,389
111,776
21,334
123,148
179,547
386,341
65,954
44,767
64,425
119,559
17,878!
62,847|
108,399
53,068
24,836
26,949
30,164
734,148'
104,462;
13,749
285,120!
44,970|
94,5821
80
225
12,615
28,927
141,435
19,131
2.198
960,855;
6,684!
"142
Week.
14.
69,405
20,572
27.796
99.828
29,261
'5",4562 ,091,910
95,835
51,083
July
22;
1 ,495!
127,3321
59,425'
3,737
27
Stocks
17,829
29
3,230
1916.
Shipments.
Receipts
July
Total, 41 towns 33,15l'7,960,337 93,672 463,629
—
•Movement
9,870
43,561
16,680
l',625i
1,106
1.189
1,413
8,139
4,427
671
708
'
1,200
9,020
4,312 40,963
3,868i 63,662
1,226 15,048
4,739
57|
155
3,911
252.
305i
400
600
5731
638
34
5,.543
1,875
2,600
5,500
6,251
2,890
415
151
3,685
6,283 10,455
2,119
8,483
75
64
1,811 15.291
502
3,800
3.440
28
2,939
2.817
9,437
204
3,774
8.852 63,691
41
1,025
20
645
6,942
8,3071 33,585
2001
200
2
27.0506,801,455 53.832 411.375
Our Interior Towns Table has been extended by the addition of 8 towns.
Note.
This has made necessary the revision of the Visible Supply Table and a number
of other tables.
—
-
THE CHRONICLE
192
OVERLx\ND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1. — We give below a statoment showing the
movement for the week and since Aug. 1, as made
up from tclcgraphicroports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
overland
-1916-17July
-1915-16-
Since
—
1.3
Aug.
Week.
11,917
4,812
Shipped
Via St. Louis
Via Mounds, &c
Via Itock Islaad
Via Louisville
Via Cincinnati
Via VirKinia points
Via othor routes, &c
1
Since
Week.
6.283
1,260
1.
89,'>,09,5
276,732
6,708
124,097
64,463
,802
514
3,247
6,980
1,547
1,124
15,983
3.57,127
756,589
—
Total to be deducted
*
Including
movement by
27,912 2,188,671
1.262
4,196
4,122
8,660 1,542.105
rail
163,317
194,747
324,461
9,580
938.706
20.612
1.
739,823
317,902
6,981
146,869
140,767
160,160
670,169
l",7i.5
Total gross overland
29,272 2,480,811
Deduct Shipments
Overland to N. Y., Boston, &c-.. 5,668
262,7,58
Between interior towns
3,214
167.24.5
Inland. &c., from South.
11.730
508.703
Leaving total net overland*
Aug.
682,585
18.332 1.506,146
to Canada.
1916-17-
In Sight and Spinners'
during week
Total in sight July 13
Decrease during week,
—
1915—July
1914—July
1913—July
16
17
18
a;
6,802,362
1.542,105
4,145,000
1.
7,050.217
1,506,146
3,837.000
147.273 12.393.363
*26,782
265,802
120,491
12,599,362
12,327,561
2,956.277
Less than Aug.
3,120,525
10,598
1.
Bales.
15,161,780
14,789,175
13,919,422
NEW ORLEANS CONTRACT MARKET.—The
highlowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
follows:
Saturday, Monday,] Tuesday, Wed'day, Thursd'y,
July 7.
July 9.
July 10. July 11. July 12.
Friday,
Juy
13.
—
Range
25.12-.39 25.20- .8525, 57-. 00 25, 3325. 20-. 23 25.50- ,60 25. 91-. 93 25, 23-
•Closing
August
—
25.07-. 36 25.00-. 3 4
25. 10-. 14 25. 22-. 32
Kange
35
Closing
September
—
25. 11-. 13 25.41-.51 25.82-. 84 25.07-. 12
—
02-. 04 25. 10-. 20
24.68-.—
Range
—
Closing
25.16-.18 25.42-.46 25.66-. 70 25.03-. 05 24. 85-. 87 24.8S-.98
October
Range
—
Closing
December
Range
Closing
January —
Range
Closing
—
Closing
May —
Range
Closing
Tone —
March
Range
24.87-.31 25.10-,
25.00-.03 25.24-,
25 19-.65
25, 48-. 49
85-. 21
25. 10-. 51 25.32-.
25.20-.22 25.44-.
25, 42-.84
25, 68-. 69
02-. 39
02-.05
70-. 18 24.70-. 16
80-. 82 24. 94-. 95
25.55-.
25.57
25.36-.37 25.60-.
25, 58-. 01
25. 84-. 86
20-. 53
.15-. 29
19-.21
95-. 97 25. 04-. 06
25. 52-. 75 26.12-.
25. 50-. 51 25.74-.
25 82-. 99
26 OO-.Ol
64. ,02
34-.41 25..55-. 23
09-. 11 25. 22-. 24
—
25. 63-. 65 25.89-.93 26. 15-. 18
Steady
Steady
Spot
Options.
Firm
Steady
Quiet
Steady
83-.85
32-.35
52-.00 24.55-.02
60-.64 24. 78-. 82
24.9'V.22
25.47-49 25. 16-. 18 25. 30-. 32
Steady
Steady
Steady
Weak
Quiet
Steady
DOMESTIC EXPORTS OF COTTON MANUFAC-
TURES. —We
give below a statement showing the exports
of domestic cotton manufactures for April and for the ten
months ended April 30 1917, and for purposes of comparison like figures for the corresponding periods of the previous
year are also presented:
Month ending Apri
Manufactures
of
Cotton Exported.
1917.
yards
Piece goods
value
Piece goods....
Wear'g apparel, knit goods. value
Wearing apparel, all other. value
value
Waste cotton, &c...
value
Yarn
value
Allother
Total manufactures of
48,165,527
$5,510,307
838,985
1,170,486
529,641
490,885
1,488,034
1916.
30. 10
Mos. ending Aprl
1916-17.
30.
1915-16.
46,829,541 555,605.201 448.473,374
$4,124,262 $56,737,599 $37,104,753
1,640,524 15,424,611 16,262,774
1,708,689 10,865,276 10,830,565
289,175
5,244,404
3,209,303
4,222,245
554,486
4,224,658
2,542,646 17,704,887 17,315.561
value $10,028,338 310,859,782 $110201435 $88,945,201
WEATHER
REPORTS BY TELEGRAPH.— Telegraphic
advices to us this evening from the South denote that except
in the Southwest rain has been quite general during the week
and beneficial as a rule. Temperature has been seasonable.
In Texas there has been only light precipitation in scattered
localities but the plant is reported to be holding up well.
— Weather
conditions during the week
with the exception of high daily temperaLight precipitation occurred
tures at a numbsr of stations.
Galveston,
changed very
Tez.
little
—
Abilene,
—
—
—
—
—There has been no rain the past week.
89, ranging from 68 to 109.
Huntsville, Tex. — There has been no rain during the week.
The thermometer has ranged from 74 to 105, averaging 90.
Kerrville, Tex. — Dry
the week. Highest thermometer
105, lowest 62, average 84.
Lampasas, Tex. — has rained on one day of the week, the
Henrietta, Tex.
The thermometer has averaged
It
reaching six hundredths of an inch. The thermometer has averaged 91, the highest being 112 and the
lowest 70.
Longview, Tex. We have had no rain during the week.
Thermometer has averaged 87, ranging from 66 to 107.
Luling, Tex.
Rail has fallen on one day of the week, the
rainfall being thirteen hundredths of an inch.
The thermometer has ranged from 73 to 108, averaging 91.
Nacogdoches, Tex. There has been no rain during the
week. Average thermometer 85, highest 105, lowest 64.
Palestine, Tex.
There has been no rain during the week.
The thermometer has averaged 89, the highest being 106
and the lowest 72.
Paris, Tex.
There has been rain on one daj^ of the past
week, the rainfall reaching six hundredths of an inch. The
thermometer has averaged 86, ranging from 04 to 108.
San Antonio, Tex. Dry all the week. The thermometer
has ranged from 72 to 104, averaging 88.
Weatherford, Tex. No rain the past week. Average thermometer 89, highest 104, lowest 73.
Dallas, Tex.
It has rained on one day of the week, the
rainfall reaching four hundredths of an inch
The thermomeeter has averaged 88, the highest being 104 and the lowrainfall
—
—
—
into sight in previous years:
Bales.
Since Aug. 1—
-72,600 1914-15— July 16
66,803 1913-14—July 17
63.971 1912-13—July 18
est,
July
Average thermometer 84, highest 90, lowest 78.
Tex.
There has been no rain the past week.
The thermometer has averaged 88, the highest being 104
and the lowest 72.
Brcnham, Tex. There has been rain on one day of the
past week, the rainfall reaching twenty-<'ight hundredths of
an inch. The thermometer has averaged 92, ranging from
74 to 109.
Brownsville, Tex.
There has been no rain during the week.
The thermometer has ranged from 72 to 98, averaging 85.
Cucro, Tex.
We have had rain on one day during the
week, the precipitation reaching four hundredths of an inch.
Average thermometer 89, highest 105, lowest 73.
Fori Worth, Tex.
It has rained on one day of the week,
the rainfall reaching two hundredths of an inch. The thermometer has averaged 89, the highest being 106 and the
inch.
all
Since
Aug.
Week.
48.941
18,332
80,000
1.
81,471
Nor. spinners' takings to July 13- 45,997
Movement
Aug.
141,992 12,489.467
*60,521
109,895
Came into sight
Week
-1915-16-
Since
Total marketed- -_
Interior stocks in excess
in scattered localitie.s.
The plant is holding up well and
with good weather conditions henceforth, a fair to good yield
will be made.
We have had rain on two days during the
week, the precipitation reaching twenty hundredths of an
lowest 72.
the week's net overland movement
has been 8,660 bales, against 18,332 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 35,959 bales.
The foregoing shows
Week.
Takings.
Keceipts at ports to July 13
42,332
Net overland to July 13
8,660
Southern consumption to July 13- 91 ,000
[Vol. 105.
—
—
—
—
—
.
est 72.
—We
Ardmore, Okla.
have had light rain on two days during
the week, the rainfall reaching ten hundredths of an inch.
Thermometer has averaged 89, ranging from 68 to 110.
Muskogee, Okla. Rain has fallen on one day of the week,
the rainfall being seventeen hundi'edths of an inch. The
thermometer has ranged from 61 to 105, averaging 83.
Eldorado, Ark.
It has rained on on day of the week, the
precipitation being five hundredths of an inch. Average
thermometer 81, highest 102, lowest 61.
Little Rock, Ark.
There has been rain on three days during
the week, the rainfall being seventy-four hundredths of an
inch.
The thermometer has averaged 84, the highest being
99 and the lowest 68.
Alexandria, La.
Rain has fallen on one day during the
week, the rainfall being thu-ty hundi*edths of an inch. The
thermometer has ranged from 65 to 105, averaging 85.
A^ew Orleans, La. Rain has fallen on four days during the
week, the rainfall being three inches and seventy-eight hundredths. Highest thermometer 100, lowest 72, average 86.
Shreveport, La.
It has rained on one day of the week,
the rainfall reaching one hundredth of an inch. The thermometer has averaged 88, the highest being 103 and the
lowest 72.
Columbus, Miss. Rainfall for the week ninety-nine hundredths of an inch on two days. The thermometer has
averaged 79, ranging from 61 to 97.
There has been rain on one day during
Greenville, Miss.
the week, to the extent of twenty-four hundredths of an inch.
The thermometer has ranged from 62 to 101, averaging 82.
Vicksburg, Miss.
Rain has fallen on two days during the
week, the rainfall being one inch and sixty-five hundredths.
Average thermometer 81, highest 94, lowest 67.
Mobile, Ala.
Good rains have fallen in most localities in
the interior. The general condition of cotton is satisfactory
but boll weevils are increasing sUghtly. There has been rain
on four days during the week, the rainfall being three inches
—
—
—
—
—
—
—
—
—
—
The thermometer has averaged
fifty-four hundredths.
81, the highest being 94 and the lowest 67.
Montgomery, Ala. Rain on one day of the week to the
extent of ten hundredths of an inch. The thermometer has
averaged 82, ranging from 70 to 94.
There has been rain on one day during the
Selma, Ala.
week, to the extent of thirty-seven hundredths of an inch.
The thermometer has ranged from 69 to 90, averaging 78.
and
—
—
M
.
JULT
,.
.
THE CHRONICLE
14 1917.]
—
Madison, Fla. We have had rain on five days during the
week, the rainfall reaching one inch and thirty hundredths
Lowest thermometer 80, highest 89, average 72.
of an inch.
Tallahassee, Fla.
It has rained on one day of the week,
the rainfall reaching one inch. The thermometer has averaged 82, the highest being 93 and the lowest 71.
Albany, Ga. We have had rain on two days during the
week, the rainfall reaching forty hundredths of an inch.
The thermometer has averaged 85, ranging from 71 to 99.
Atlanta, Ga.
Rain has fallen on one day of the week, the
rainfall being twenty- two hundredths of an inch.
The thermometer has ranged from 65 to 92, averaging 79.
Savannah, Ga. Rain has fallen on six days during the
week, to the extent of two inches and seventy-seven hundredths
Minimum thermometer 69 maximum 95 mean 82
Charleston, S. C.
It has rained on six days of the week,
the rainfall reaching three inches and seventy-nine hundredths. The thermometer has averaged 82, the highest
being 92 and the lowest 71.
Greenville, S. C.
There has been rain on two days of the
past week, the rainfall reaching fifty-six hundredths of an
inch.
The thermometer has averaged 78, ranging from 60 to
—
—
—
—
—
.
,
,
—
96.
N.
—The week's
has been two inches
and twenty-nine hundredths, on two days. Average thermometer 77, highest 89, lowest 65.
Weldon, N.C. There has been rain on three days of the
week, to the extent of one inch and twenty hundredths.
The thermometer has averaged 76, the highest being 92 and
Charlotte,
C.
rainfall
—
the lowest 61.
Dyersburg, Tenn.
We have had rain on two days during
the week, the rainfall reaching fifty-six hundredths of an inch
Thermometer has averaged 78, ranging from 60 to 96.
Mem-phis, Tenn. It has rained on thi-ee days of the week,
the rainfall reaching fifty-seven hundredths of an inch
The
thermometer has ranged from 67 to 94, averaging 79.
Cotton continues small and late for the season, but condition is improving generally.
—
—
.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
1916-17.
Week.
Visible supply July 6
Visible supply Aug. 1
American in sight to July 13
Bombay receipts to July 12
Week.
Season.
3,174,657
Season.
1
3,726,344
4,664,610
120.49112,327,561
26.000, 3.121,000
7,000
405,000
614,000
272,000
3,000j
3",r83".25i
i
8l"47i 12,-599.362
670,000 2,925.000
67,500
2 52..500
6.500
683.500
68,000
302,000
Other India shipm'ts to July 12
Alexandria receipts to July 11. _
Other supply to July 11 *
Total supply
Deduct
Visible supply July 13
—
1
3,342,128 19,945,6133,882,835 21,404,171
315,224 16,918,709
225,224 12,938.709
90.000 3.980.000
Of which American
Of which other
3 651 272
3,026,904 3,651,272
3,026,904
Total takings to July 13-0
231,563 17,752,899
193,563 13,210,899
38,000 4,542.000
* Embraces receipts in Europe frora Brazil, Smyrna, West Indies, &c.
a This total embraces the estimated consumption by Soutiiern mills
4,145.000 bales in 1916-17 and 3.837,000 bales in 191.5-16— takings -not
being available and the aggregate amounts taken by Northern and
foreign spinners, 12,773.709 bales in 1916-17 and 13.915,899 bales in 191516, of which 8,793,709 bales and 9,373,899 bales American.
6 Estimated.
—
BOMBAY COTTON MOVEMENT.— The
receipts
of
India cotton at Bombay for the r/eek ending June 21 and
and for the season from Aug. 1 for three years have been as
follows:
1916-17.
—
1915-10.
Since
Aug.
Week.
Bombay
1914-15.
Since
Aug.
Week.
1.
78,000 2.709.000
,
Week.
1.
33,000 3.043.000
Since
Aug.
1.
34.000 2.528,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria. Egypt,
1916-17.
1915-16.
1914-15.
4,683
5,044.743
4,664
4,592,985
14,480
6,301.799
June 20.
Receipts (cantars)
—
This week
Since Aug.
1
193
SHIPPING NEWS.— In harmony
with the desire of the
to observe secrecy as to the destination of cotton
leaving United States ports, our usual details of shipment are
suspended until further notice.
Government
LIVERPOOL. — By
cable from Liverpool we have the folsales, stocks, c&c, at that port:
lowing statement of the week's
Sales of the
June 22.
July 6.
10,000
30,000
400
63,000
401,000
299,000
50,000
41.000
68.000
29,000
"8,000
3,000
69,000
353,000
257,000
23,000
20.000
75.000
35,000
1,000
59,000
Forwarded
Total stock
414,000
310,000
28,000
28.000
90.000
56.000
Of which American
Total imports of the week---
Of which American
afloat
Exports (bales)
—
Week. Aug.
To Liverpool
To Manchester
To Continent and
To America
Since
Week. Aug.
1.
-
6,899201,764
India.
4,203 130,507
120,731
_
1128,497
.
Total exports
l',880
11,102581,499
Since
i
Week. Aug.
1.
206,579
1.33, 969
176,449
192,795
1.
2,670 199,150
145,597
"590 274,498
1,400 157,642
i
1,880 709,792
4,660 776,887
MANCHESTER MARKET.— Our
report from Manhas failed to reach us this evening, but we give
prices for last week below and leave those for previous
weeks of this and last year for comparison:
chester
1917.
324 Cop
Twist.
May
d.
25 17Ji
June
1
17H
8
18Ji
21
15
22 23H
29 24 "^
July
6
13
2iH
®
®
@
@
®
@
@
1910.
Shirt- Cofn
bs.
\S>4
ings, common
Mid.
to finest
Uv'l.
d. s. d.
IBM
10
g. d.
©13
9
d.
13.90
SK
32s Gov
Twist.
d.
26 K 14
>;ot
XH@18
receive:!
3
18.85 12?^
10 00 12H
to finest.
d. 8. d.
13
7
H
\2H
18H 10 1 @1310K 14.53 125
20K 1010K&1410J^ '15.51 12H
23
12 5
©16 6 17.06 12J^
26
13-1012® 19
19.45 12H
19.45 12
26M 1310H@19
SMn-\Cofn
common Mid.
bs.
ings,
@
©
4H ®9
4H
4H
13H
®
135^
13
13
13 H
2
13lf 7
13 '417
1
H
H
Up's.
a. d.
3'A
2
.
@9
@9
©9
©9
©9
6
Ill"
"8"oo6
Q 000
59,000
309,000
216,000
15 000
10.000
Of which American
^..11.
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P. M.
Monday
Tuesday.
Dull.
Saturday.
Dull.
\Wednesday
Thursday
Friday.
Dull.
Dull.
(
{
HOLI-
[
Dull.
DAY
Mid.Upl'ds
19.15
19.25
19.25
19.00
19.00
Sales
2,000
2,000
2,000
2,000
3,000
The
prices of futures at Liverpool ,for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and lOOths. Thus: 18 05 means 18 5-lOOd.
Sat.,
July 7
to
July 13.
Mon.,
12:15
d.
July
July- August
October-November
January-February
.
March- April
May-June
HOLI-
DAY
18.05
17.80
16.75
16.10
15.92
15.76
Tues.,
12:15
Wed..
Thiirs.
Fri..
12:15
12;15
12:15
,d.
17.90
16.85
16.20
16.02
15.86
d.
d.
d.
18.15
17.90
16.85
16.20
16.02
15.86
17.90
17.65
16.60
15.95
15.77
15.61
17.90
17.65
16.60
15.95
15.77
15.61
Friday Night, July 13 1917.
Flour has been quiet and more or less unsettled, though
now more steady. Buyers are not inclined to take hold
freely.
Mills are not disposed to do very much either
Nobody can see his way clearly. In such circumstances
everybody is going slow
Exporters are an exception They
are in the market. They want flour for prompt shipment.
They show a disposition to take hold rather freely on one
condition; that is, that a specific shipping date shall be
plainly specified. Mostly they want old spring wheat clears,
though other grades have also been purchased. They have
not wholly ignored new soft winter wheat flour, buying it to
a moderate extent. But the overshadowing factor, so far
as the great bulk of the trade is concerned, is the question
"What is the Government going to do ? What sort of prices
will it fix on its purchases?" Some fear they may be too low.
In any case, the uncertainty as regards the precise provisions
of the Food Control bill tends to paralyze business for domestic account.
On foreign business sellers are cautious. They
fear trouble in getting certificates, for shipment, in connection with recent export embargo regulations. The buyer
wants the freight alongside the steamer. The seller generally
prefers to simply deliver at seaboard.
In any case, it is a
more or less mixed and confused situation, not at all promotive to business, foreign or domestic. In Liverpool the
market has been easier under the influence of lower grain
markets. Wheat arrivals have been liberal, and officials
have been supplying Liverpool mills more freely. Canada
has been offering on a larger scale. The total output last
week at Duluth, Minneapolis and Milwaukee was 182,000
barrels, against 201,000 in the previous week and 287,000
last year; total since Sept. 1, 15,610,000 barrels, against 19,216,000 during the same time last year.
Wheat declined on the export embargo Also there has
been a disposition to await definite action on the Food ConThe Government report of the 9th instant put
trol BiU.
the winter- wheat crop at 402,380,000 bushels and the springwheat yield at 275,970,000 bushels, a total of 678,348,000
bushels, as against a harvested crop last year of 639,886,000
bushels, a prospective in-crease this year of say 38,500,000
bushels.
The spring wheat condition is not far below the
10-year average, though the winter-vv^heat is 5 points under
this.
The condition of spring wheat was 83.6 on July 1st,
against 91.6 on June 1st, 89 on July 1st last year and a 10year average of 84.2. Winter wheat was 75.9 on July 1st,
against 70.9 on June 1st, 75.7 on July 1st last year and a
10-year average of 80.9. The condition of the combined
crops was 78.9, against 78.5 last month, 79.9 last year and
a 10-year average of 82. The stands of winter wheat,
especially where thinned by winter killing, have stiffened up
surprisingly, says the Government report, and the heads are
in ahnost all sections heavy.
During June the crop indication gained 29,000,000 bushels of winter wheat. This was
far greater than anybody had looked for, or is usually obtained.
Early harvested wheat in the Southwest has turned
out to be- much better than was anticipated. Though the
spring wheat condition declined, owing to frost and drought
in North Dakota, and unfavorable conditions in some of the
Western States, the fact remains that the combined winter
.
.
.
Since
July 13.
9,000
_""!
Actual export
Amount
39,000
30,000
Of which speculators took
Of which exporters took
Sales, American
June 29.
37,000
week
BREADSTUFFS
1915-16.
Week and Season.
Receipts at
.
.
d.
8.47
8.43
8.42
8.25
8.29
8.16
8.04
8.01
,
— —
THE CHRONICLE
194
and
spriufj; \vlu;at crops promise to bo 22,000,000 bushels
larger thau was the case a month ago.
Not much of a gain,
but in these times every bushel counts. Liverpool calls attention to the fact that American shipments were larger than
expected and that Australia has been shipping rather freely.
Last week, North America shipped 7,088,000 bushels,
against 7,95G,(K)0 in the previous week and 8,432,000 last
Australia shipped 1,652,000 bushels, against 1,780,year.
000 bushels in the previous week and only 496,000 bushels
Latterly Liverpool prices have been easy owing
last year.
In France the weather has
to a decline in this country.
generally been favorable and the crops are improving.
The yield will be better than was expected. In Russia the
weather is favorable, being moist and warm. In the Balkan
States, fine weather has prevailed after good rains which
benefitted the crop.
In India the weather has favored the
movement of wheat, reserves are liberal, the quality is fine
and the wheat clean. In Argentina the crop outlook is
decribed as very good. At one time, there was more or
less peace talk in this country, Rowing out of the political
crisis in Germany. It is revived in the latest political news
from that country. Yet at times, the tone has been firmer,
partly owing to reports of a more belligerent attitude of
German statesmen. After all the crop in this country promises to be little larger than that of last year, i. e., a total of
678,348,000 bushels, against 1,025,801,000 bushels in 1915.
France will have to import on a large scale, for its crop is
expected to be very much smaller than that of last year.
In Italy supplies are light and prices very high. In southern
Italy harvesting has commenced, but in other parts of the
country,
——
it is
two weeks
late.
In Russia the crop outlook
said to be bad.
Winter killing there caused a material
reduction in the winter wheat ci'op. Its outlook for spring
wheat is only fair. Meanwhile the interior movement of
grain in Russia is small. The Russian Government is holding tightly all reserves. In some parts of Russia, the scarArrivals at northern ports
city of grain is pronounced.
are small if indeed there are any. Evidently Russian exports
will be light.
In Spain drought prevails, the crop is late,
supplies are light, and foreign arrivals are moderate.
In
Scandinavian countries the crop outlook is poor. The winSupplies are
ter was severe and the spring cold and wet.
therefore, very light and things have even come to such a
pass that in many cities, food riots have broken out.
In
Australia the crop outlook is described as no more than fair.
To-day prices were irregular, ending lower, though the
spring wheat territory needs rain. The crop is beginning
to move in the Southwest.
is
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK'
Sat.
No. 2 red
cts_260
Mon.
Tues.
250
250
Wed. Thurs. Fri.
250
240
235
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat.
July delivery in elevator
September delivery
in elevator
ctS-207
194
Mon.
202
!^
Tues.
20.3 1^
1903^ 191
Wed. Thurs. Fri.
203
204
203
191^
192'A 194>i
Indian corn advanced, though a certain irregularity has
The announcement of the export
embargo caused selling, and also some reselling at the seaboard. Cash markets declined. Moreover, the weather has
been better, aside from some complaints from the Southwest,
where rain is needed. The latest Government report shows
the largest acreage on record, i. e., 121,045,000, against
105,9.54,000 last year.
The condition on July 1 was 81.1,
against 82 the same date last year and a 10-year average of
The present crop indication is for 3,123,772,000 bush83.5.
els, practically the same as the high record of 1912, which
was 3,124,746,000 bushels. Last year the crop was 2,583,241,000 bushels, and in 1915 it reached 2,994,793,000 bushels.
The acreage this year increased over 14% as compared
with last year. The indicated yield per acre is 25.8 bushels,
against 26.4 last year, 25.8 in 1915 and a 5-year average of
26 bushels. The crop is several weeks late, but as the seed
was generally of a superior quality the stand and color vigor
It is well to bear in
of the plant are above the average.
mind, however, that the condition of the plant is below the
10-year average, owing to the lateness of the season. It was
too cool earlier in the year, but in the latter part of June temperatures became more favorable. The embargo proclamation had its effect, despite the contention that the quantity
of corn exported to neutral countries is relatively small.
Liverpool has reported the market there quiet and easier,
with better weather in Argentina and improved grading of
the arrivals. The American Government report was construed there as bearish. It is added that the consumption
in England has been reduced, owing to warm weather and
favorable fodder crops. In Argentina the improved quality
Prices on
is due to a process of drying and clear weather.
the 11th inst. broke sharply on the placing of a maximum
price on December and May of $1 28, after touching a noAV
high record that day
Yet new crop deliveries have reached
a new high record owing to dry, hot weather in the Southwest, notably in Kansas. Also, the German political news
of late has at times seemed to be less encouraging to the idea
And the visible supply in the United
of an early peace.
States is only 3,793,000 bushels, against 6,139,000 a year
ago. The world's exports last week were only 1,741,000
bushels, against 2,349,000 the prevoius week and 3,468,000
the same week last year, a fact which would affect foreign
markets sooner or later. Early in the week, in fact, Liverpool reported prices strong, owing to moderate_ shipments
from this country as well as the strength of American quotaThey added that stocks in Liverpool are light and the
tions.
characterized the market.
,
.
,
(Vol. 105
floating quantity decreasing, while the spot demand at that
time Avas good. Not a few think that the tendency is towards an increase in the European consumption of com.
To-day prices were irregular and lower, with favorable crop
reports from' the large States. Peace rumors were also in
circulation.
Receipts are light and the cash demand good.
DAILY CLOSING PRICES OF NO.
2
MIXED CORN
Mem.
Sat.
No. 2 yellow
ctS-194
195
IN
NEW YORK.
Tues. Wed. Thurs. Fri.
197
19H
198
202>^
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Mon.
Sal.
September delivery
December
in elevator
delivery in elevator
Wed. Thurs. Fri.
159^i 159H 1.58M
121?^ 1163^ 112M
Tues.
cts.l56M 154M 157
118
116J4 121
Oats have been irregular, alternately higher and lower,
ending higher. At one time there was a good deal of covering
This was due partly to recent large sales of conin July.
tract oats at the West.
The smallness of the offerings also
counted. There is some apprehensions that, though the
crop is large, new oats may be too green for delivery on July
contracts.
At Chicago the contract stock has practically
The strength of corn also helped oats. Liverdisappeared.
pool advices say that France and Italy are buying oats freely.
At times the cash demand at Chicago has been notablj' good,
with sample prices rising. High bids have been made for
both old and new standards -to arrive. Some compalints
have been received from the Western part of the belt.
But crop reports have been in the main favorable. The indications, according to the latest Government report, point
to the second largest crop on record, i. e., 1,452,907,000
bushels.
The largest previous crop actually harvested was
1,549,030,000 in 1915, on an acreage of 40,996,000 acres,
whereas, the acreage this year is 43,161,000 acres. The
condition of oats on July 1 is stated as 89.4 against 88.8,
on June 1 this year, 86.3 in July 1 last year and a 10-year
average of 83.6. The condition of barley was 85.4 on July 1,
against 87.9 at the same time last year, 89.3 last month and
84.6 as a 10-year average. On July 1 the condition of rye
was 79.4, against 87 on the same date last year, 84.3 June 1
this year and a 10-year average of 89.4
In Liverpool, oats
have been weak, with stocks everywhere increasing and
Argentine prices lower. Exports from Argentina have been
increasing.
Naturally, the American crop outlook had its
The Government
effect in Liverpool.
report saj's that oats
have improved in all sections, ecxept the Northern portion of
the North Central States, where cold drought and frost interfered and also in some of the Western States.
To-day
prices advanced at one time, but ended lower.
Crop reports
were favorable. In July there is supposed to be considerable
The cash demand take care of the small
premiums over July.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
short interests.
arrivals at stiff
Sat.
Standards
No. 2 white
cts- 78>2
79
Mon.
<'7
77J^
Tues.
Wed. Thurs. Fri.
77
82
82
77M
82i-^
82K
82
82"^
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
The
Mon.
Tues.
64J-2
54^-2
Sat.
cts. 66
July delivery in elevator
September delivery in elevator
55
GQi^i
555^
Wed. Thurs. Fri.
68 M 68
68 >^
66 J
55 K
55M
following are closing quotations:
FLOUR
Winter, low grades
Winter patents
$8
Winter itralghta
Winter clears
11
11
10
12
11
10
Spring patents
Spring straights
Spring clears
Spring, low grmdes
S6
00 Kan«ao«iraights, sacks- 11
50 Kansas clears, sacks
10
15 City patents
90@11
00@12 25 Rye flour
65@11 90 Buckwheat flour
75@11 00 Graham flour
$2 65
50® 8
75@12
25® 11
75
00
25
11
00@11 75
8
75@11 25
2 35
nom.
Corn, per bushel
No. 3 mired
No. 2 yellow
No. 3 yellow
cte.
3, white
4. white
Barley, malting
Barley, feeding
f. o. b.S2 01
kiln dried... 2 02M
2 02
nom.
Argentina
Rye, per bushel
82
S2i4
813^
81
new
Standard
No. 2. white
No.
No.
65® 12
25® 11
GRAIN
—
Wheat, per biKhel f. o. b.
N. Spring, No. 1, new
N. Spring, No. 2 -Red winter. No. 2, new
Hard winter. No. 2
Oats, per bushel,
25@10 25
New York
Western
c. 1. f.
c. 1. f.
..$1
SI 83
S2 45
55@$1
$140
70
WEATHER BULLETIN FOR THE WEEK ENDING
JULY
—
10.
The influences of weather on the crops as summarized in the weather bulletin issued by the Department of
Agriculture for the week ending July 10 were as follows:
COTTON. — In some sections of the Southeast the rain was somewhat too
for the best growth of cotton, while in some central and western
Showers occurred at
districts there was a continued lack of moisture.
two-thirds of the reporting stations in Texas. Early planted cotton made
Cotton plants
fair growth, but late planted suffered in the dry sections.
Cotton improved in Oklaare in all states of development in that State.
It was cultivated and the early planted
rain was needed.
homa, but more
The crop was in fan- to good condition in Arkansas,
wa.s coming into bloom.
although the bloom is reported to be fifteen days late in central and southwestern portions. The crop is small and is from two to three weeks late in
Louisiana, but it appears healthy and is generally fruiting well. The crop
was greatly benefited by rain in Southern Louisiana. There was a general
improvement in Mississippi, Alabama and Georgia, where the plants are
fruiting well in the southern counties, and blooms were becoming general in
the northern counties. The weather was favorable for cultivation in
heavy
Tennessee. Although the plants were small, they had a good color and
squares were forming. Cultivation was hindered in Eastern North Caroline and South Carolina, and there was an excess of moisture in parts of
Florida, although the rainfall improved the crop as a whole in those States.
SPRING WHEAT. Rain was badly needed at the close of the we?k for
spring wheat from Central North Dakota westward to the Pacific Coast.
General showers which accrued on the 5th and 6th in North Dakota helped
crops considerably, but hot winds on the 7th and 8th dried the ground
rapidly and damaged wheat crops. Early wheat was heading short in
North Dakota, but late wheat was more promising. From one to two
inches of rain fell in parts of the Red River of the North Valley and the
the
condition of spring wheat in Minnesota was from good to excellent
northern part of the State and excellent in the southern part. The straw
was reported to be short in that State as well as in Wisconsin, but the
heads are filling well. In South Dakota the warm weather and showers
favored crop growth, but more rain was needed, especially in the western
portion of the State. Spring wheat was very promising, had a good color
and was well headed, although the straw in this State was somewhat short.
From Montana westward to the Pacific Coast dry weather injured grain
crops greatly, and serious loss is threatened to spring wheat, unless rain
and cooler weather are experienced soon. The heads are just filling and
In Oregon the spring wheat is
are at a critical period of development.
reported to be from fair to good, but is heading very short.
—
m
!
— —
—
July
.
.
.
.
THE CHRONICLE
14 1917.]
» WINTER WHEAT. — Winter wheat ripened rapidly in the central great
plains under high temperatures, but the ripening was less rapid in the
Ohio Valley, due to cooler weather. The high temperature and lack of
rainfall caused considerable damage to winter wheat on the Pacific (Joast
and in the upper Rocky Mountain region where not irrigated. The harvest
of winter wheat had begun at the close of the week as far north as Central
Ohio and Illinois and nearly to Northern Missouri. It was general in
Kansas, except in a few western counties. Threshing was begun as far
north as Virginia, Kentucky and Southern Kansas. The wheat harvest
progressed well in California, with a continued improvement in the yield.
f«iiOATS.
Oats were ripening well in the central part of the country and
the condition of the crop was unusually good in North Dakota and on the
North Pacific Coast, as well as in the Southwest, where the continued dry
weather has been detrimental. Harvesting was under way as far north as
—
Kansas and North Central Missouri.
Corn is backward in the central and northern parts of the
country, but it has good color and good growth was made during the past
week. It was cooler than the normal in the Ohio and Central Mississippi
valleys and lower Lake region, but in the western part of the corn belt the
temperature averaged warmer than normal. There were general and
beneficial showers in Western Kansas and Oklahoma and in parts of
Missouri and the Ohio Valley and Lake region. In other parts of this
district little or no rain fell and in the regions southwest, where showers
occurred, hot, drying winds absorbed the moisture rapidly. The weather
was mostly favorable for the cultivation of corn and planting is nearly
completed in the extreme northeast. This crop was improved by rains in
the southeastern districts and greatly needed in the southwest.
RYE. -The harvesting of rye was begun as far north as Pennsylvania,
Iowa and Oregon. The prospect of this crop was generally favorable,
except as affected by dry weather in North Dakota and on the north Pacific
(wCORN.
—
—
Coast.
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREAL CROPS, &c., JULY 1.— The Agricultural Department issued on the 9th inst. its report on the cereal and
other crops for the month of June, as follows:
^ The Crop Reporting Board of the Bureau of Crop Estimates makes the
—
following estimates from reports of its correspondents and agents:
Acreage, 1917
For the U. S.
CondilionJuly 1
P.C. of
July 1
July 1
June 1
Acres.
Crop
1916.
1917.
1916. 10-yr. av. 1917.
Winter wheat
79.4
27,653,000
75.9
75.7
80.9
70.9
Spring wheat
106.0
19,039,000
83.6
89.0
84.2
91.6
All wheat
88.5
46,692,000
79.9
82.0
78.9
78.5
Corn
114.2
121,045,000
81.1
82.0
83.5
Oats
103.9
43,161,000
89.4
86.3
83.6
Barley
109.2
8,379,000
85.4
87.9
84.6
89.3
Rye
122.2
3,772,000
79.4
87.0
89.4
84.3
WMte potatoes
112.5
4,384,000
90.1
87.8
87.3
Sweet potatoes
116.8
904,000
81.9
90.4
86.1
Tobacco
100.5
1,418,400
86.8
87.6
82.5
Flax
120.8
1.939,000
84.0
90.3
86.5
Rice
111.8
968,600
85.1
92.7
89.1
Hay, all
96.0
*81.3
68,717,000
84.3
93.5
85.1
Cotton.a
96.0
70.3
81.1
80.0
34,600,000
69.5
Apples
._.
64.0
68.1
58.7
73.9
Peaches
._,
55.2
52.2
56.4
60.5
*Nine-year average, a Condition relates to 25th of preceding month.
The estimated yields indicated by the condition of crops on July 1 1917
andj.final yields in preceding years for comparison follow:
Total Production in Bushels
Yield per acre, bush.
a 1917, July
1916 Dec.
1911-1915
Z)ec'16 '11-15
Forecast
Crop
Estimate.
Average.
al917
Est. Avne.
Winter wh't 402,378,000
481,744,000
542,615,000 14.6 13.8 16.3
Spring wh't 275,970,000
158,142,000
263,746,000 14.5
8.8
14.0
AU wheat-- 678,348,000 638,886,000 806,361,000 14.5 12.1 15.4
Corn . .
3,123,772,000 2,583,241,000 2,754, 164;000 25.8 24.4 26.0
Oats _.
--1.452,007,0
1,251,992,000 1,230,499,000 33.7 30.1 31.7
"~
Barley
213,952,000
180,927,000
197,211,000 25.5 23.6 26.5
Rye
56,100,000
47,400,000
41,400,000 14.9 15.3 16.5
W. potatoes 452,000,000 285,000,000 363,000,000 10.39 80.4 98.3
Sw. potatoes 82,200,000
71,000,000
60,300,000 90.9 91.7 95.4
Tobacco,lbs. 1,215,000, 000 1,151,000,000
984,000,000 856.8 815.0 788.6
Flax
17,000,000
15,500,000
18,600,000
8.7
9.6
8.6
Rice
34,400,000
40,700,000
25,300,000 35.5 47.0 33.8
Hay, tons, 103,000,000
110,000,000
86,600,000 1.50 1.53 1.31
Cotton ft..cl 1,400, 000
11,600,000
14,200,000 162.5 156.6 192.0
Apples, total 200,000,000
202,000,000
214,000,000
Commer'ld 24,200,000
25,700,000
26,400,000
Peaches --.
43,500,000
36,900.000
49,000,000
a Interpreted from condition reports,
6 Total production in bales
yield per acre in pounds of hnt;
c Census
d Commercial crop In barrels
For other tables usualy givenlhere, see page 166.
—
—
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake
and seaboard ports July 7 1917 was as follows:
GRAIN STOCKS.
Wheat,
United States
New Yori
Corn.
biish.
bush.
2 ,748,000
1,180,000
9.000
118,000
553,000
Boston
310,000
Philadelphia
1
Baltimore
1
,113.000
,416,000
Newport News
New Orleans
Galveston
580,000
602.000
Buffalo
2 ,027.000
Toledo
71.000
170,000
111,000
10,000
416,000
Detroit
Chicago
Milwaukee
Duluth
2 ,057,000
Kansas City
Peoria
Indianapolis
"6',666
66,000
277,000
10,000
Minneapolis
St. Louis
Omaha
On Lakes
On Canal and
262,000
217.000
150.000
18.000
51.000
317,000
58,000
28,000
42,000
56,000
481.000
247,000
31 ,000
River
64,000
518,000
40,000
Oats.
bush.
Rye.
bush.
1,698,000
88,000
553,000
440,000
880,000
2,388,000
122.000
2.000
4,000
355,000
258,000
20.000
89,000
1,283.000
177.000
36,000
432,000
165,000
32,000
164,000
69,000
58,000
Barley
bush
460,000
'
'2,666
128,000
4'o"2',666
1,000
11,000
9,000
8,000
1,000
15,000
49,000
10,000
19.000
199.000
19,000
1,000
30,000
—
Canadian
779,000
3,254,000
4,312,000
6,440,000
217,000
779,000 13,012.000
907.000 14,437,000
July 8 1916*
207,000 12,266.000
July 10 1915
64,000 3,332,000
|IncludlngrCanadlan atl-BuIfalo and Duluth
Duluth.
217,000
217,000
4,000
8,000
Total
Total
Total
Total
July
7 1917
June 30 1917
11,074,000
11,244.000
21,467.000
3, .595, 000
350 000
3.50,000
293.000
145.000
195,000
Summary
12 ,637 ,000
11,074,000
3,793,000 8,830,000
779.000 13,012,000
.529,000 1,324,000
217,000
3.50,000
Total
Total
Total
Total
23,711,000
24,453,000
63,287,000
10,781,000
4,572,000 21,842,000
4,184,000 24,177,000
6,346,000 23.985.000
4,323,000 6,629,000
746,000 1,674,000
732.000 r,734,000
475.000 1,706,000
234,000
727,000
7 1917
June 30 1917
July 8 1916
July 10 1915
New York, Friday Night, July 13 1917.
Quietness prevailed in the markets for dry goods during
the past week, as most buyers prefer to await development
before entering into new commitments. Mills, however, in
most cases are well booked with Government orders, and are
pleased to have a lull in ordinary business. Supplies continue light with many fabrics unobtainable.
The raw material situation likewise fails to show any material improvement, while manufacturing conditions are growing more
acute, owing to the scarcity of labor and increasing operating
costs.
It is being realized more each day that business
through regular consuming channels will have to go very
slowly, and along very conservative lines as the demand for
Government requirements which i^ rapidly absorbing aU
make less goods available for civilian
Notwithstanding the numberless difficulties mills
have to contend with, they are in a very strong position as
they have sufficient orders on their books to keep them
actively engaged until the end of the year.
Quite a number
of buyers from the jobbing trade are making inquiries in the
market, but as a result of the numerous uncertainties surrounding the situation, are buying sparingly. With prices
at prevailing high levels they hesitate to purchase above their
actual requirements, while, on the other hand, the acute raw
material situation and scarcity of goods makes them anxious
not to underestimate their needs. They are hoping that the
crop will improve as the season'progres^es, and that the
markets will work lower, though so far the outlook is not any
too promising. A development during the week was the
possibility of the elimination from the list of commodities
to be controlled by the Government of cotton and cotton
products; many manufacturers, however, appear to favor the
suggestion of Government control as they believe it wOl
bring about lower prices for raw material and clear the
situation in general.
There continues to be a fair demand for
export account, while shipments on old orders are being
surplus supplies will
use.
made
as fast as shipping facilities will permit.
It is
expec-
however, that the new law requiring licenses for exports
will have a tendency to curtail business with some of the
neutral countries which have been suspected of re-selling to
the Central empires.
ted,
DOMESTIC COTTON GOODS.—
While demand for
staple cottons has been inactive during the week, there has
been no lowering of values, which are firmly maintained at
recent high levels. The easiness of the market for raw
cotton encouraged buyers to hold off, but mills continue
reluctant sellers and refuse to offer concessions
Demand for
dress goods, however, is very good and the yardage selling is
said not to compare unfavorably with that of normal times.
Inquiry for duck has fallen off, but this condition of affairs
is welcomed by mills who have more than they are able to
do to meet the needs of the Government. Jobbers are reported as doing a fair business, though in most cases it consists of moving out goods which were purchased at lower
feature in the market this season has been the
levels.
absence of cancellations of orders. Instead, buyers have
requested prompt shipments, and in many cases have asked
to have them delivered before they were due. According
to reports, there have been a few offerings of goods by second
hands at slight concessions, but the offerings have been
readily absorbed and have not been a factor in the market.
Demand for gray goods has been slow, and despite the fact
that there has been some question as to the stability of
prices the latter have been firmly maintained by large sellers
Gray goods, 38-inch standard, are quoted unchanged at lie.
Nothing of new interest has developed in the markets for woolens and worsteds which continue to rule quiet except for the filling of Government
orders.
While there is still talk of Government control, no
definite action has been taken in connection with the matter
as yet.
The raw material situation does not show any improvement, and supplie's are steadily growing smaller. Very
few lines of men's wear have been opened for next spring,
and as the situation is so unsettled the trade is moving along
very cautiously. Further openings of women's wear fabrics
are expected within the near future and goods that have already been displayed have met with a satisfactory demand.
.
A
,
WOOLEN GOODS.—
,
FOREIGN DRY GOODS.— Conditions in the markets for
remain about the same. Demand is fair, and supplies
obtain except at advancing prices
The high level
of values, however, do not appear to be cheeking trade, as
where goods are available they are well taken at the prices
asked. Advices from abroad are indicative of continued
strength with no relief in sight for some time to come. Cost
of raw material is advancing, while labor is scarce and
operating expenses increasing. Cotton substitutes also continue to advance in price but are selling well. Burlap markets are firmly maintained with supplies very light. Delinens
American
Canadian
July
THE DRY GOODS TRADE
,
Total July 7 1917
•12,637.000 3,793.000
130,000
529,000 1,.324. 000
Total June .30 1917
*14,209,000 3,277.000 9,740,000
515.000 1,441,000
Total July 8 1916
41,820,000 6,139,000 11,719,000
471,000 1,621,000
Total July 10 1915
7,186.000 4,259,000 3,297,000
226,000
632,000
Jlncluding Canadian wheat, nowjduty free.
Note.
Bonded grain not Included above: Oats, 2,859,000 New York 22 000
Boston, 33.000 Baltimore, 742.000 Buffalo, 127.000 Duluth: total, 3,783,000 bushels, again.st 3,932,000 in 1916; and barley, 489,000 New York, 5,000 Baltimore
9,000 Duluth; ..total, 503,000, against 324,000 in 1916.
Montreal
916,000
Ft. William & Pt. Arthur.. 7,633,000
Other Can.adian
2,525,000
195
difficult to
mand, while not
good.
.
quite so active as recently, continues fairly
Lightweights are quoted at 10.25c. and heavyweights
at 13.25c.
.
.
.
THE CHRONICLE
196
Name.
I'aqc.
$T^Ti Mv^
C^T^
BtfAnrwtni
MUNICIPAL BOND SALES IN JUNE.
We present herewith our detailed list of the municipal bond
month of June, which the crowded
condition of our columns prevented our publishing at the
usual time. In the case of each loan reference is made to
the page of the "Clironicle" where an account of the sale is
given
The review of the month's sales was given on page 91
of the "Clironiclo" of July 7.
Since then several belated
June returns have been received, changing the total for the
month to $23,443,093. The number of municipalities issuing
bonds during June was 321 and the number of separate
ifisues 461.
JUNE BOND SALES.
Page.
Name.
Rale.
Maturity.
Amiiunt.
Amount.
Price
2570_.Ackley. Iowa
_
1924-1928
514
$5,000
issues put out during the
2570- -Albemarle Dr.D.No.5, No.Caro
2664- -Allamakee County, Iowa
2664-. Alliance, Ohio
199..AsheviIle, No. Caro-.92--Astoria, Ore. (3 issues)
2472-.Ato]iaSch. Dist., Calif
2366 - - Auglaize County Ohio
6
43^
1920-1939
1920-1937
(Vol. il5
2474. Greenlee Co.
No.
Kate.
Consol.
S.
D
19, Ariz
2368. Guern.sey County, Ohio
2474- Ilagerslown, xMd
2666 --Hamilton, Ohio
2571 .-Hamburg, N. Y
93 . -Hancock Co., Ohio (17 issues)".
2,571 . _ Hanover, Pa
2666 -.Harrison County, Ind
94 ..Harrison County, W. Va
200 ..Harlford, Conn
200 -Hartford S. Twp., Ind. (2 iss.)
94 -Harveyburg, Ohio
201 ..Helena Township, Mich
'...
2666 -Hendricks County, Ind
2474 .-Henry c;ounty, Ohio
94 -Henry County, Oliio (2 issues)
2571 .-Henry Sch. Twp., Ind
2571 .-Honey Brook Vocat. S. D.,
Pa. (2 issues)-
-.Hoquiam, Wash
.-Howard ('ounty, Ind
-Humboldt, Tenn
..Huntington County, Ind
- Iluntsville,
Ohio
2666
2666
2474
2368
2368
2474
2474
-Indianapolis, Ind
.-Itasca County, Minn
201. -Jack.son County, Ind
2666 .-Jack.son Co. Road Impt. Dist.
.
Maturity.
6
1937
5
ffll920
434
43^
5
5
4
4
1923-1932
1918-1927
1921
"&"y9"2"0
al922
5
4
434
6
5
i94.3-"l9"4"4"
1920-1927
19y2-i9.36
4}^
5
5
434
4
dl922-1947
434 (/1918-1937
4^4
"""l92"b'"
5
4
1919
1917-1927
6
4 34
5
"l'9"f9-i923
4'A
Amount.
20,000
51 000
Price
103.16
100.072
140,000
*40,000
1.401
103. 6.00
100.512
10,000 100
4,400 100
200.000 hlOO
400,000 100
22,000 101.03
1.000 100
15,000 100
22,000 100.25
.53,000
100.10
25,200 100
18,000 100.25
12,000
170,000
3,200
35,000
12,000
3,500
22,000
50,000
2,400
100
100
100
100.071
100
105.8,57
101.022
100.15
100.041
400.000 100
No. 1, Ark
116.000 100
65,000
5'A
99
2666. .-Jack.son Twp. S. D., Ohio
*5.275
1918-1927
5
5,000 100
2666. -Jasper County, Ind. (5 issues). 414
al922
5
55,000 fob"""
45,400 100.0.39
2572. .Jay County, Ind
6
46,271
102.001
6
"l"9Y8"-i9i9
100,000 100.50
2572. .Jefferson County, Ark
6
192.3-1942
3,000 103.333
5
250,000
2474. .Jefferson Vil. S. D., Ohio
5
O1930
7,500 100
5
5.000 fob". 54"
2472--Baraga County, Mich
1922 & 1923
01923
5
22.000 100.622 2666- .Johnson Co., Ind
434
6.500 100.25
2570--Bartholomew County, Ind
94. .Jonesboro, Ark
4
a 1923
1921-1937
14,000 100.164
5
316,000
199--Bartholomew County, Ind
2572. .Kellogg, Idaho
rfl927-1937
4.900 100.295
6
4H
10,000 ftl03.17
2666- -Kendrick, Idaho
199. -Bartholomew County, Ind
500 101.05
4J4
534 dl927-1937
5.000 100
92--Belleville, Ohio
2572- .Kingston, N. Y
*1,500
1918-1922
4
30,000 100
2570- -Beltrami County, Minn
2368- -Kingston, Ohio
1932
5
1918-1937
15,000 100
5
7,000 100.157
92--B6lvidere, 111...
2572- .Knox Co. S. D. No. 117, 111... 4H
5
1919-1928
1,500 100
45.000 hlOO
2366-. Birmingham, Ala
2666- -Knoxville, Tenn. (2 issues)
1947
250,000 *100
5
95,000 /ilOl.06
4H
2366- -Blackford County, Ind
1918-1927
3,600 101.' 22 2475. .Knoxville, 111
5
7.000 100.463
4H
199--Bladensburg Rural S.D., Ohio. 5
2475. .Knox Twp. Rural S. D., Ohio. 5
100
2,.500
10,000
100.44
--Boston, Mass. (8 issues)
199
2475- .Lakewood, Ohio
4
5
705,000 100
11,.500
100
2664.-Boyne City, Mich
2666- .Lakewood Twp., N. J
1923-1938
5
1918-1937
25,000 WOO
434
60,000 100
2570-. Brooke Consol. Ind. S.D., la.. 5
2666- .Leelanau Twp., Mich
1922-1937
5
25,000
6.000 100
"1922-1931
2472.-Brownstown Sch. Twp., Ind.. 5
201- -Lemon Cove Sch. D., CaUf
6
14..500
3,000 101.833
104.60
2366-. Bryan Vil. Sch. Dist., Ohio.-- 5
2.368. .Lincoln County, W. Va
T9T8'-1935
1942
9,000 100
5
200,000 100
92-.Buffalo,N. Y. (2 issues)
2667- .Little Pittsburg Canal Dr. D.,
1918-1937
510,000 ICO
4H
92--Buffalo, N. Y. (2 issues)
Fla
6
1942
32,500 100
8,000
95
4H
92-.Butler County, Ohio
94- .Louisville, Ohio
5
1922
5
6.000 100.116
115,000 100.419
2570-. Canton, Ohio
2368. -Loveland Vil. S. D., Ohio
1923-1937
5
30,000 100.416
4}^
71,000 100
2570.. Canton. Ohio
94- -Lovelock Valley Dr. D., Nev.. 7
1930-1932
*2,000
12.000 109.30
2665_.Carbondale, Pa
201- -Luton Sch. Dist., Iowa (2 iss.) ._
4
01939
23,.500
55,000 100
2667- .Lynchburg, Ohio
1 99.. Carlsbad Sch. Dist., N. Mex-- 5
5
9,000 l"0"0".277
20,000
2572. .Lyon County, Nev
1919-1926
2665.. Carroll County, Ind. (5 issues) 4}4
6
"ol922'
12,000 104.208
57,500
92_.Cass County, Ind
-McMinnville, Ore
26676
dl918-1927
01922
S.SOO 100.091
3.185 103.601
434
2570..ChaseCo.Dr. D.No. 1, Kans. 5
94- -Madison County, Ind. (3 iss.). 434
103,200 100
15,000 101.173
92--Chatham,N. J
95. -Marion County, Ind
10,200
434 "l"9"f8"-'l927
45.000 100.202
4H
2475- -Marion, Ohio
5
2.700 ib'o'iss
199-. Chelan Co. S. D. No. 36, Wash 5
dl919-1922
2,000 100
2667- Martin County, Ind
199-. Chester County. So. Caro
8,000 100.212
1918-1947
434
4^4
450,000 100
2368. -Marshall County, Ind
01923
2570.. Chester Sch. Dist.. Pa
8,600 100.058
1947
434
434
130.000 100.02
2572- -Martins Ferry S. D., Ohio
1918-1951
2473.. Chicago, 111.. No. Shore Pk. D. 5
5
1.50.000
1922-1937
125,000 hlOO
100.90
2572. -Mecklenbiirg Co., No. Caro.. 5
al923
100.000 100.25
199. .Clallam Co. S. D.No .61, Wash ..
2,500
""01922'"
Minn. (2 iss.) 5
1920-1929
2367.. Clark County. Ind
30,000 101.3.33
8,500 100.176 2572. .iVIeeker County,
4H
93..Clay County, Minn
2572. .Mercer County, Ohio (9 issues) ..
69,700 100.022
434&4M 1918-1937 125,000
2473.-ClearCreekSch. Twp.. Ind... 6
202- -Miami County, Ind
434
10,450 100.221
1918-1927
5,000 l"03".34"
202- -Miami County, Ind
5,7.50
434
100.434
1.000 103
93 . - Clearfield County Pa
1922-1932
22,600 100.163
434
109.000 100.545 2572. -Miami County, Ind. (2 issues). 434
2572. .Middlesex County, N. J
1919-1932
461,000 100
93- -Cleveland, Ohio
*100
1917-1926
43^
5
20,200
5
10.300 100
2473 -.Clinton County, Ind. (3 issues) 4><
7,6S0 100.058 2572. -Milan, Ohio (2 issues)
2667- -Milford, Conn
150.000 100.101
200. .Clio School Dist., So. Caro... 5
434 "f92"f-i9.S.5
20.000 100
1918-1923
93..Coitsville Twp. S. D., Ohio... 5
2667- -Mill Township, Ohio
5
3,300 100.757
1935-1943
9,000 100.33
1918-1937
2667- -Milwaukee, Wise
2570. .Columbia, Tenn
240.000 100.458
4)4
5
1937
100
50. COO
2572- -Minneapolis, Minn. (3 issues). 4
2665-.Columbia City, Ind
1,077,000
95
1931
434
24,000 100
2572. .MinneapoUs, Minn
5
"""l"9"4"7"""
2665.-. Concord, N. H
100,000 100
1919-1923
4
20,000
2572- .MinneapoUs, Minn
4.65 1918-1937
200.. Coshocton, Ohio (5 issues)
47,090 100.106
5
47.700
2475. -Miuneota, Minn. (3 issues)
5
12,000 103.333
93. -Covington, Va
_. 5
dl937-"l"9"4y
150,000
100
93.. Dade Co. Special Tax S. D.
2667- -Mitchell, Ind
5
9,300 100
2667. -Mitchell Ind. S. D., So. Dak-. 5
dl927-1937
No.4.Fla
100.000 ;il00.326
6
1922-1936
15,000 102.273
93-. Dade Co. Spec. Tax S. D.
2667. .Monroe County, Ind. (3 iss.).. 434
25,0.50
100.052
No.9,Fla..
4
"l"9"l8-i922
125,000 100
2369. .Montana, State of
1927-1936
6
10,000 102.,50
1918-1927
2665..Darien, Conn
160,000 100.39
434
1918-1932
75,000 100.066 2475. .Montclair, N. J
434
2573. -Montgomery County, Ind
11,200 100.687
200.. Davenport Ind. S. D., Iowa.. 434 1924-1935
434
450,000 101.50
2473--Decatur County, Ind
"l"9'f8-i925
15,000 100.28
2667. -Montgomery County, Ohio
5
01922
3,200
434
2367- -Decatur Sch. City, Ind
2369. .Morris County, N. J
40,000 100.63
1919-1934
4]4 1919-1938
15,000 l"00".i53
434
2665__DecaturSch. City, Ind
95- -Motley Consol. S. D. No. 27,
35.000 100
434
1932
30.000
93-. Defiance County, Ohio
Minn
5
19"l"8'-i925
5
32,000
15,000
2665.. Defiance County, Ohio (2 iss.) 5
81,800 fob". 078 2667- -Mount Penn, Pa
200-_Dennison. Ohio
1920^1928
202. .Mt. Signal S. D., Calif..
6
4,500 101.55
19"r8-i926
5
4, .500
100
2,090 100.048
200..DeSoto,Mo
2667. -Mount Vernon, Ohio (4 issues) 5
1922
5
4,000
100
"""l93~2""
10.000 101.16
93.. Detroit, Mich
2573. -Mtiskegon, Mich
5
. 4
1947
982,000 100
1918-1921
17,500 100
2571, -Douglas Co. S. D.No. 61, Wash 534 dl91S-1927
2476. -Muskingum County, Ohio
5
1,000 100
50,000
2665--Dover Twp.. Mich
01923
2476. -Natrona Co. S. D. No. 2, Wyo ..
1932
434
25,000 loe
"9"3".37'
160.000
5
200. .Dover Vil. S«h. Dist., Ohio... 5
95- .Navajo County, Ariz
21,000 100
.2665__Duluth, Minn
53,250 100
202- -Nebraska (8 issues)
5
.
50.000 100
434 "l"9"l8"-"l"93"2
2571._Dunkirk,N. Y
2369. .Newark, N.J
434 1918-1947 1.200,000 100.08
19.131
194.3-1944
8.000 100
2.571..DurhamCo.,No.Caro.. _ _ 5
202- .New Boston Vil. S. D., Ohio.. 5
"r9l'9-i936
125.000 1W.60"
100,000
1937
2665. .East Palmetto & Railroad Dr.
202. -New Mexico, State of
6
80.000 l"b0."2"48
Dist., Fla
2573. .Niagara Falls, N. Y
45i 1918-1927
.
.
6
al923
15.000
95
1919-1925
2665-_ElizabethCity Co., Va
20:^ .Niles, Ohio
7,500
434
1942
. 5
50,000 100.012
85.000
2367..Elkhart County, Ind
2573. -NortliBraddockS. D., Pa
4}i 1937-1945
.. 4H
al922
23,400 101.11
48,100 100
4
2473- -Elkhart County, Ind
Dakota (4 issues)
203. North
15.200 100.132
4 34
25.000 ftlOO.937
93 -.Enterprise, Ala
95- .Oakmont, Pa
4K T9"2"7"-"f9"4"7
. 6
"""f92y""
22,000
128,000
2665.. Epworth Ind. S. D., Iowa
2573- .Olmstead Co. S. D.No. 8, Minn 5
1921-1937
30.000 l"0"0.34'
5
22"""
4.000 100.125
2571. .Fairport (Vil. ),N.Y__ .
434 ""a"f9
2476. .Orange County, Ind
21,000 100
4H 1918-1922
99.60
1918-1927
400,000
93..Pairview Vil. S. D., Ohio
4 34
95. Outagamie County Wise
01931
20,000 100
5
100.104
10,5.56
1918-1927
93.. Farmers Dr. Dist., Iowa
2573. .Owen County, Ind
434
1922-1926
5
76,000 100
95.87
11,500
1947
2571.-FayetteCountv, W. Va .
5
2476. -Palm Beach Co., Fla
1919-1950
100.000 100
5
100.127
18, .560
93-.Fayetteville, Tenn
2573. .Parke County, Ind. (3 issues). 4 34
dl927-1937
30,000 100
5
28,.500
2571 . .Fergus County, Mont
'""l"9"4"7""'
96. .Parkesburg, Pa
434
5
100,000 100.05
108.000 100.501
2665._Floyd (T.) S. D.No. 1,N. Y.. 6
2573. .Passaic, N. J. (2 issues)
43^
1,850 100
2474.. Forsyth County, No. Caro
1918-1937
20.000
203. .Peace Township. Minn
6
1918-1922
50,000 100.05
5
2571..Framingham, Mass.. .. . .. 4]A 1918-1928
96. .Pend Oreille & Spokane Cos.
11,000 100.688
2,000 100
dl918-1927
Franklin County Ind
Wash.. 5
2367. _
S. D.N0S.36& 182,
4
1918-1919
1,700 100
100.042
9.3.50
al922
2665.. Franklin County, Ohio(3 iss.). 5
2668. -Perry County, Ind
4M
90.700 100.344
36,000 101.083
01924
93. .Franklin County, Ohio... ... 6
2573. -Perry Sch. Twp., Ind
4i4
"I9"l8"-"l9"27
124,000 100.868
2,440
93. .Fremont, Ohio
2668. .Perry Twp. Rural S. D., Ohio. 6
.. 5
19,445 100
1,600 100
d"l"9'l"8-i937
2367.. Fremont, Ohio
96. .Pierce Co. S. D. No.l23, Wash 5
27,300 100
434 ""af9"24""
41,000 100
93. .Fremont Co. S. D. No. 82, Ida 6
96- -Pierce Co. S. D. No. SOO.Wash 4Ji dl918-1932
100
dl927-1937
2,500
93..French Lick Sch. Twp., Ind... 6
2369- -Pitt Co Spec. Tax S. D. No. 1.
1918-1922
1,600 101.875
12,000 100
1937
2474- -Fulton County, Ind. (2 issues) 434
No.Caro
534
25.296 100.103
01923
48,000
2474.. Pulton County, Ohio (2 issues) 5
266S. -Pitman. N. J
434
18,000 100
142,000 100.297
203- .Plainfield, N'. J
93. -Gadsden, Ala
434 ""aY92"5"""
6
41,000 101.375
16,000 101.718
2474..Gallipolis, Ohio
6
2476-. -Plankinton, So. Dak
... 5
1937
13,0001 100.156
98.033
60,000
2474..Gallipolis, Ohio
2574-. -Pocahontas Co., Iowa
434
5
1927
3,000 f
100,000
1918-1930
2665-. Gardner, Mass
96. -Poinsett Coimty, Ark
6
1918-1937
20,000 101.68
434
138,150 l"o"f.l58
1919-1926
2474. .Gibson County. Ind. (2 issues) 434
5
01923
22,160 100.086 2668.. .Portage County, Ohio
102,000 100.1.56
2.571..Gladbrook, Iowa
2476.. Portage Co Ohio (3 issues)
5
1937
6,000
534
8,200 100.854
200_.GIeason Creek S. D., Cal
2369., -Posey County. Ind
43^ 1918-1927
1,000 lbl"65"
6
1922
3,300 101.06
1918-1927
93..Glendora, Calif
2369. -Posey County, Ind
103.66
10,000
4J^
5,000 101.05
1918-1942
2474.-Glendora Sch. Dist., Calif
5
5
Y918-i937
40,000 100.812 2668. .Prince George's Co.,
9,000 100.041
2666.. Grant County, Ind
2668.. -Pulaski Coimty, Ind
4^4
15,800 100.05
434
298,000 100.127
"f9r8"-i934
2666--Grant County, Ind
414
2668-. -Raleigh, No. Caro
5
5,643 100.561
24.340
01922
2066-. Grant County, Ind
7,236 100.217 2476-. -Randolph County, Ind. (2 iss.) 4M
434
200,000 fob""""
1922-1942
200.. Granville, Ohio
5
2476-. .Reading, Pa
1,800 100
5
24,000 100.67
1919-1926
2474..Greencastle, Ind
96-. Richland Center, Wise
5
5,600 101.071
5
10.600 101.179
:>00- -Greenfield, Ohio
2370. -Ripley County, Ind
434
7
01923
7,000 100
650,000
2474-. Greenfield, Ohio
204., -Rochester, Minn
--- 5
5
01923
3,500 100.142
6,000 lbb'633
1927-1932
200. -Greensboro, No. Caro
96. -Rockford, Minn
5
75,000 100
5
01928
100.07
,52,000
01923
94-. Greenwich (T.), Conn. (2 iss.). 4)4
2370. -Rush Coimty, Ind
66,000 100.64
434
30,000 100.203
2474. -Green Twp. Sch. Dist., Ind... 434
2476- -St. Joseph County, Ind
434
16,000 100.406
,
.
—
'
.
.
,
,
.
. ,
Md
7
5
.
.
July
THE CHRONICLE
14 1917.]
Page.
Name.
Aiiwunt.
Rate.
Maturitii.
204.. .St. Mary Parish, La
1918-1948
80,000
5
2574.. St. Paul, Minn
43^1927 & 1947 1,075.000
2370.. Salamanca, N. Y. (4 issues)
5
82,801
2370.. Salamanca ,N.Y
5
3,500
96.. Salem Township, Pa
1919-1928
30,000
4}^
204.. Salesville Sch. Dist., Ohio
1918-1927
10,000
5
2574-. Sandusky County, Ohio
.53,000
5
2669. Schleswig Ind. S. D.. Iowa
5
10,000
Sch. Dist., Ohio-- 4J4
2574.. Scioto Twp.
1918-1937
15,000
2669.. Seattle, Wash. (3 issues)
5
2C0.000
2669.. Seattle, Wash
5
200,000
Y928-l<347
204.. Seattle, Wash. (5 issues)
21.363
6
Bluff Consol. Ind.
2370.. Sergeant
S.D.,Iowa
5
1937
15,000
2477.. Shawswick Sch T^vp Ind
4
30,000
96_. Shawnee Vil. Sch. Dist., Ohio. bVz
12,000
2370.. Shelby County, Ohio
1918-1920
5
8,400
2669.. Sheridan Wyo
dl927-1947
30,000
5
2574.. Shrewsbury, Mass
11,000
4M 1918-1928
2574.. Sidney, Mont
d]927-1937
6
10,000
96.. Skagit Co. S. D. No. 30, Wash 5
dl918-1927
5,000
2575.. Snohomish County, Wash
dl922-1937
1.50.000
4
204.. Somerset, Ohio
5
1 ,500
2669-. Spencer County ,Ind. (2iss.).. 4K
11,200
2575.. Spokane Co. S. D. No. 143,
.
.
H
,
,
Wash
2669..
2575..
2477..
2669..
2477..
5H
Stamford, Conn
Steilacoom,
... 43^
Wash
45^'
Steuben County, Ind. (2 iss.)_
Swampscott, Mass. (3 is.sues).
Swan Sch. Twp., Ind
97.. Teton Co. S.D.No. 19. Mont2477.. Tippecanoe Co., Ind. (2 issues)
2669.. Tolono S. D. No. 59, 111
2370- Trenton.N. J. (3issues)
205-. Twin Falls, Idaho
2575-. Uhrichsville, Ohio
2371.. .Union County, N. .T
205. .Union Sch. Dist., Mo
2371.. .Vigo County, Ind. (4 issues)..
2575-. .Vigo County, Ind. (2 issues)..
2669.. .Vigo County, Ind
97.. .Walla Walla Co. S. D. No. 75,
43^2
5
434
434
98-
434
5
434
.
Maine
.Wavnesboro, Pa
.Wayne Twp. Rural S.D.,Ohio-
2575. .Weldon Ind. S. D., Iowa
2371. .Wells County, Ind
2371. .Wells County Ind (9 issues)
98. -West Burlington, Iowa
Y
2669- .Westchester County,
98- -Westfield, Miss
2670. -Westfield, Mass
2670. .Westfield, Mass
205. .Westfield, Wise
,
.
98.
98.
1920-1930
1918-1937
4M1945 & 1947
4
1937
434
53^
5
4
. .
N
2371.
2371.
1922-1929
4 34
5
434
1920-1937
dl922-1937
al921
1918-1923
43-^
19"l8-i923
4 3-^
434
.West Lafayette, Ind
434
.White County, Ind
434
.White County, Ind
434
.White Oak Rural S.D.No .8 ,Ia 5
.WhitJey County, Ind
4J4
1918-1919
1919-1927
""ai92.3"'
01923
"(7192.3"'
2477.
2477. .Williams County, Ohio
1918-1922
5
2372. .Williams County, Ohio {5iss.) 5
2575. -Williamsport, Pa
4 34 d 1927-194
1928-1938
98. .Winston County, Miss
5}^
.Woodward, Okla
98.
1919-1942
5
2575. .Wright & Hennepin Cos. Jt.
1918-1932
S. D. No. 12, Minn
5
98. .Yazoo Mississippi Delta Levee
Miss
5
99. .Yellow Medicine Co. S. D.
No. 7, Minn
2372. .Yonkers, N. Y. (6 issues)
5
2372. .Youngstown City S. D., Ohio. 43^
100"..56"
100.098
100
for. 085
101.44
100
100.805
103.358
100
99.53
100
101.86
100
100
102.10
100.133
27,000 ftlOl.294
75,000 101.352
20,000 100
11,310 100.045
101.19
18,.500
19,000
10,000
5,600 100.125
10,000 100
379.000 100.132
10,000 100.85
6.200 100.564
*25,000
20,000 ibr.io"
107,500 100.048
135,000 100.042
12,500 100.20
7,000
23,000
4,060
8,000
100
100.021
100.15
100.285
16,500
5,400
5,500
24,000
166,500
20,000
100.000
15,000
19,000
30,000
57,840
11,600
18,000
2,500
101.121
100.222
100.638
102.16
100
97.789
101.711
104.11
-YrekaUn. H.S.D.,Cal
6
205 ..Zebulon, No. Care
6
6,5001
2,0001
2,500
20,000
7,800
15,000
1,200
18,560
ico"""'
lOO"""
100.0.54
loo'.oe'
100
l~00'.b38
100.115
100
100.223
100
100.02
100
40,000
344,100
60,000
5,000 hlOO
55,000
15,000
100.666
500,000
Dist.,
205.
Price.
100
100.65
100.30
100.03
72.
.Washington County, Ind
.Washington S. D., Calif
.Watertown, Mass
-Watertown, N. Y. (2 issues)
Waterville,
al923
1918-1925
5
.
Minn
2575.
2575.
23712669.
982669-
dl918-1937
434&5
(2 issues)
.
~
-Warren County, ,
Ind
2477 -Warren Sch. Twp., Ind
2371 .Waseca Co. Ind. S. D. No.
dl922-1937
1932
dl927-1937
a 1922
434
434
6
01923
434
5
1937
434
dl927-19'37
5
1918-1929
5
4
1918-1937
5
434
434
434
Wash
~
98. .Warren, Ohio
2477.
—
.
1918-1928
1918-1931
1937
100
35,000
708,000
200,000
70,000
6,000
101.711
100
106.214
102.14
Total bonds sales for June 1917 (321 municipalities,
covering 461 separate issues)
$23,443,093
197
Name.
Page.
2572--Leland, Miss
2667. .Le Roy Twp., Mich
2572.. Logan Twp., Mich. (iVpril)
Amount.
Maturity.
Rate.
6
40,000
2,000
9,500
25,000
95.000
15,000
65,000
5.000
12,000
70,000
1918
5
dl937-1957
5
95.-Mapleton Consol. S. D., Iowa. 5
dl922-1937
202. -Marshall, No. Caro
1927
6
2573. . Monroe S. D., Mich
1922-1932
4}4
95.. Montezuma, Iowa (March)
1918-1928
5
2667.-Monticello ,Wisc
5
1918-1929
94..McKinneyInd.S. D.,Tex
2667-. Morrison County, Minn
202-. Mart, Tex
2667-. Munch (T.), Minn
95.. Mountain Views. D., Calif
2573- -New Mexico, State of
95-.OwasaConsol.S.D., Iowa (Feb.)
2574-.Pharr, Tex
96. -Pierce Co. S. D. No. 92, Wash.
4
1937
6
5
1922
14,000
6
....
Mass
& Water
REVISED TOTALS FOR PREVIOUS MONTHS.
The
following items, included in our totals for previous
months, should be eliminated from the same. We give the
page number of the issue of our paper in which the reasons
for these eliminations may be found.
Page.
Name.
Amount.
2665--Allentown, Pa. (March List)
.S212„500
2664- -Boyne City, Mich (April List)
25,000
93..Des Moines, la. (May List)
477,000
2571. .Hickory, No. Caro. (April List)
11,000
2574. .Pickens County, So. Caro. (May List)
250,000
We have also learned of the following additional sales for
pre\aous months:
Page.
Name.
Maturity.
Rate.
Amount.
Price.
198.. Ada, Okla. (2 issues)
2570- -Aetna Twp., Mich. (April)...
92--Aledo, 111
199..Andover, Ohio (2 issues Feb.).
2664.. Atoka Sch. Dist., Okla
92. .Brazoria Co., Tex
92..Bronson Consol. S. D., Iowa..
2570- -Caldwell Twp., Mich
2570--Canton
5
5
5
5
1942
1919-1924
1918-1926
534
4%
1937
5
'1921-1945
(V.), N. Y. (April)... 4
2570-.Castalia Sch. Dist., No. Caro. 6
1937
92. -Cedar Rapids S. D., Iowa
1927
4 34
2570--ChatfieldS. D..Minn
5
dl927-1932
93..Checotah Sch. Dist., Okla
1942
5
93..Delavan S. D., Minn. (Feb.). 4
1923-1937
2665. .Dublin, Pa. (March)
4
200.. Duncombe S. D., Iowa..
.5
93--Dunlap Sch. Dist., Iowa
2665. .Ellsworth,
Wise.
5
5
.
2665--Elmira Twp., Mich
2.571-.Erie,
Pa
2665..Prankenmuth, Mich
200.. Frederick, Okla
2665. -Ganges Twp., Mich
2666..Glencoe, Minn. (Jan.)
94.. Hardin Co. Dr. Dist., No.
Tenn. (April)
2.571.. Hastings, Mich. (April)
2666. -Highland Park, Mich
2 )l..Hobart, Okla.
1918-1921
4
5
'r9Y8-i92i
6
$100,000
6,000
7,000
8,010
28,000
5,000
60,000
14,000
180,000
12,000
25,000
30,000
25,000
40,000
5,000
14,000
30,000
4,000
5,000
300,000
5,000
35,000
I'OO"""
101
I'o'o'.so'
100
100
rob" 05'
100
104
ibb""
100
1918-1933
Dist.,
1918-1927
2575- -University Place S. D. No. 87,
Neb. (AprU)
1922-1937
5
2575. .Warren County, Miss
5
:
2575. -Weatherly, Pa. (April)
434 <il922-1936
2669-. Wellington, Texas
5
dl926-1956
2570-. West Berwick, Pa. (2 issues).. 434
2575. -Yorktown, N. Y. (April)
4.95
1937
434
5,000
100
40,000
20,000
5,000
27,500
50,000
10,000
101
dl922-1937
Name.
2670-.BonarLawS. D.,Man
2478.. Bruce County, Ont
Page.
20()-.Chauvin, Alta
2478- -Eden Consol. S. D., Man
2576-.Estevan, Sask
2576- .Faulkner S. D. No. 53. Sask
206, -FoxwaiTen Consol. S. D., Man
2.576- -Green Bay S. D., Man
2576- -Hamilton. Ont
!06- -Hardgraves S. D., Alta
2576- -IngersoU, Ont
2576- .Limerick S. D. No. 3686, Sask
99. .Lincoln County, Ont
99 --Lincoln County, Ont
2576-.Manson Consol. S. D., Man..
2576. .Maple Slope S.D.No.3849,Sask
2671--Molesworth Consol. S.D., Man
99- Norfolk County, Ont
2671.. North Bay, Ont. (3 issues)
99-- Ontario County, Ont
99.. Ontario County, Ont
2576.. Oukraina S. D., Man
2372.. Peel County, Ont
2372- .Peterborough, Ont. (2 issues).
99. .Renfrew, Ont
2671..Rosthern, Sask
Man
2,576 --Russel,
2576. .St. Hvacinthe, Que
206. -St. Paul de Metis, Alta
2372--Sarina, Ont. (3 issues)
99.. Saskatchewan (Prov.
2f '6
Matxirity.
Amount.
1,800
534
6
6
1918-1927
1918-1937
1918-1925
1918-1937
6
7
1918-1937
1932
5
7
534
i9i8-T9'2'7'
Rate.
7
.
100,000
1,.500
18,000
6,500
1,200
36,000
1,800
35,200
.7
5
6
8,000
90,0001
1937
1927
1937
1918-19.37
5
6
7
6
534
6
6
'19Y8-I9.37
101.50
25,000
192.5-1937
13,500
28.834
50,000
10.000
10.000
19.000
7,500
5
1918-1932
1937
1942
6
2572. -Jackson Twp. Rd. D., No. Caro 6
2.572- -Jefferson Co. S. D. No. 98,Neb 6
dl"92"7-i937
2666. -Johnston, R. I... ... ... .. 4H
1932
94.64
96.87
98.14
10.0001
1918-1927
1932
1918-1927
1947
1918-1947
1918-1937
1937
1918-1929
1918-1925
40,000
1,700
50,000
99,743
100,000
23,000
1,000
125,000
2,000
24,180
11,225
of) 8 iss. ..
(5 is) ..
-.Saskatchewan Sch. Dists.
98.83
90.79
92.615
103.06
5,1.50
Sch. Dist., Man
7
1918-1927
2478 --Springfield. Ont
5
206.-Tofield S. D. No. 1939, Alta.. 6
i9i8-T9"27"
6
2671. .Trial, B. C
1937
1918-1937
206--Watford, Ont
5
2671--Welland, Ont
1937
534
1918-1937
2478 -.Windsor, Ont.
5)4
1918-1927
5
2478- -Windsor, Ont
1918-1927
5
2478- -Windsor, Ont
1918-1957
2478- -Windsor, Ont
6]4
2478.. Windsor, Ont
534 1918-1937
1918-1932
-York Township, Ont
534
99-
2671--Somme
Total debentures sold in June.-
97.74
50,000
7,000
1,500
4,000
75,000
52,473
1918-1932
534
534
7
534
98.30
1,50016.0.50
_.
5}^
534
634
Price.
1,400
2,500
7,.500
80.000
9,713
6.000
2,996
63,202
71,484
70,000
50,000
30,000
93.50
94.479
$1,395,316
Nevvs Items.
Alberta
(Province
—
of),
Canada.
^
Savings
Certificates
The Province of Alberta is offering
Offered to Investors.
to investors Provincial savings certificates in amounts of
These certificates may
$10, $100 and $1,000, respectively.
be bought at par from tlae Provincial Treasurer; they are
per annum.
payable on demand and bear interest a.t
compounded half-yearly. The certificates may be called in
by the Provincial Treasurer after they have been issued
As to the success of the plan, W. V. Newson,
three years.
Deputy Provincial Treasurer, writes us as follows:
William B. Dana Company, New York:
Gentlemen Repljang to your letter of the 29th ultimo, I may say that
the Province of Alberta savings certificates plan is working out very satisThe receipts average in excess of $100,000 per month. Tht
factorily.
success"of the Savings Certificates Act is probably largely due to the face
that the farmers of the province have had two years in succession of bounA large
tiful harvests, which have' been marketed at very high prices.
number of farmers, therefore, have considerables urns awaiting investment.
Your obedient servant,
5%
—
^'
(Republic
Cuba
— Reference
(Signed)
of).
— New
to this
is
W.
V.
NEWSON,
Deputy Provincial Treasurer.
War Par
made in
Passed by Cuban
editorial columns
week
Ladysmith Joint School District No.
this
6,
6
4J4
100.025
100
100
100.60
100
Ail the above sales (except as indicated) are for May.
These additional May issues will make the total sales (not
including temporary loans) for that month $19,423,875.
DEBENTURES SOLD BY CANADIAN SlUNICII»ALITIES IN JUNE.
Congress.
.50.000
4
..
20,000 100
10,000
8,700 ftlOO
-
a Average date of maturity, d Subject to call in and after the earlier
year and mature in the later year, k Not including 835,000,000 of tem* Taken by
porary loans reported, and which do not belong in the list.
sinking fund as an investment, h And other considerations.
.
6,500 lb'9.8i3
75,000 100
38,000
.
.
17,500
15,000 100
12,000 101.125
80,000 *100
54,000 *100
10,000
5 000
4*500
20,000 l6()
30,000 102.60
.50,000
103.736
100,000 100.30
300 000*100
13,500
100 000
.
6
434
6
97--Texas City, Tex
6
97..Uclatubba Dr. D.,Miss.(Mar.) 534
.
1000
1918
1921-1937
1920-1952
dl918-1927
5
2574.-PineCo. S. D. No.29,Minn.. 534
1931
2574- -Pittsburgh, Pa
4
1918-1937
2574 -.Pittsburgh, Pa
4
1918-1926
2668--PolkCo. S. D.No. ,53,Minn-- 5
1932
96. -Prague Sch. Dist., Okla
96--Quincy, 111. (March)
.
.
5
204. -Randolph S. D., Iowa (April). 5
(?1932-1937
2668--Rice Lake, Wise. (April)
1935
5
2574-.Ro,seauCo. S. D. No. 12, Minn 6
1937
2574--SapiUpa S. D., Okla. (April)-. 5
dl322-1932
2669..Shaker Heights Vil. S. D., Ohio 434
-2575--StillwaterCo. S.D.No.5, Mont 5
^1922-1937
97-. Sunflower County, Miss
..
2669. .Sweet Grass Co. S. D. No. 1,
Mont
4% dl927-1932
2575.-Unionville Fire
Price.
104.135
100
100
100.40
100
100
100.153
100
100
100
107.789
99
1 (P. O. Ladysmith), Wis. State Supreme Court Upholds Bankers in ReThe
fusing Bond Issue and Orders Return of Deposit Check.
following letter, under date of July 3, has been received by
us from Kissel, Kinnicutt & Co. of New York and Chicago,
in reference to a decision handed down by the State Supreme
Court of Wisconsin, upholding the bankers in their suit
against the school district officials to compel the return of
—
—
'
.
THE CHRONICLE
198
a check of $1,000 deposited with the bankers' bid of $62,400
for an issue of $00,000 5% bonds awarded to them in 1914,
but which upon the advice of their attorneys was subsequently refused by them. The letter in part follows:
Wm.
B.
Dana Company, New York
July 3. 1917.
City:
— Wo are onclosing a copy of the decision of the Supreme Court
of the State of Wisconsin In the case of IGssel, Kinnicutt & Co. vs. Joint
Dear
Sirs
School District No. 1, Ladysmith, Wis.
This Is a case where we purchased an is.sue of school bonds, depositing
with our bid a check for $1,000, the bid containing the usual stipulation
that the legality of the bonds should bo approved by our attorney and the
check being deposited in trust with the usual condition that if our attorney
disapproved of the legality, said check was to bo returned to us and bid
was to be canceled. The officials of the school district made the assertion
that the legality of the issue was disapproved by our attorney apparently
by advice to obviate our being obliged to take up the bonds due to conditions following date of purchase.
They cashed our check and refased
absolutely to reimburse us, so we wore compelled to enter suit for the return of our check. The decision enclosed goes into the merits of the case
and effectually disposes of the implied charge of the officials of the district
of collusion between ourselves and our attorneys.
We thought this case might be of interest to you and to the trade generally.
In connection we would call your attention to the fact that checks
deposited with bids are deposited in trust and not to be cashed unless the
transaction is consummated by delivery and said check applied on the
purchase price or the purchaser is in default according to the terms of his
bid.
We have found in many cases that officials of municipalities have
cashed checks accompanying bids before any decision was arrived at, and
we think that such a proceeding should be severely condemned and rightfully commented upon by your publication.
Very truly yours,
KISSEL, KINNICUTT & CO.
In upholding the bankers, the Court said:
* * * A special verdict of one question was submitted to the jury asking
whether the refusal of the attorneys to approve the bonds was "in bad
and for the fraudulent purpose of giving the plaintiffs an excuse for
refusing to accept the bonds," and the jury answered the question in the
affirmative; on motion of the plaintiff the Court held that the evidence
was insufficient to sustain the verdict and directed judgment in plaintiff's
favor for the sum deposited with interest from which judgment the defendant appeals.
* * * We have examined tlie testimony bearing on these contentions,
and do not find anything which arises to the dignity of proof of fraud or
bad faith. The transaction was an important one. Care was a prime
requisite.
Far better an excess of caution than a hasty or improvident
decision.
The interests of future investors, possibly of people whose
limited means might all be inve.sted in these bonds, were potentially depending on the decision. Under such circumstances the attorneys had a
right to be cautious nay, it was their duty to be so; and if they had doubts
honesty compelled them to say so. It would serve no good purpose to
state the evidence even in an abridged form
It must be sufficient to say
that in our judgment it entirely fails to show fraud or bad faith.
faith
—
.
New Baltimore, Mich. — Municipal Lighting Plant
—Michigan dispatches state that the
New Balti-
Closed.
village of
more has voted to close its municipal lighting plant by a vote
of 208 to 24, after several years' operation unsuccessfully.
By the same vote a franchise, it is said, was gi'anted to the
Detroit Edison Co. for lighting the village. The villages of
North vUle, Capac and Plymouth discontinued their municipal plants and are now being lighted by the Detroit Edison
Co.
—
—
New Jersey. No Extra Session of_ Legislature. ^No extra
session of the Legislature, it is said, will be called by Governor
Edge to consider action for food control. The Governor in
a letter to Jacob J. Singer, Assemblyman from Hudson
County said it was his belief that the agencies of the Government now in operation can handle the food production and
,
conservation campaign.
—
—
New York State. Special Session of Legislature Governor Whitman issued a proclamation on July 11 calling the
Legislature into extra session at 8:30 p.m. July 31 to enact
food control legislation for the State. While the food question is the prime object of the session, it is probable, it is
said, that the Legislature will be asked also to frame a new
reapportionment arrangement for the Aldermanic districts
of New York City.
A reapportionment bill was passed at
the regular session of the Legislature but was vetoed by
Mayor Mitchel
after final
adjournment because;
six city
blocks in the Bronx were left out and two districts in Brooklyn overlapped.
Investment Tax Law Payments.
Reference to this is made
in our Editorial Columns this week.
—
—
Pennsylvania. Governor Signs $5,000,000 War Bond
Measure. Governor Brumbaugh on July 12 approved Senator Vare's bill authorizing the Governor and State fiscal
authorities to issue $5,000,000 4% bonds for the purpose of
repelling invasion, suppressing instirrections and defending
the State in war.—V. 104, p. 2664.
—
Ore. —
—
Portland,
The
Official Vote Cast at City Election.
City Auditor advises us that the official vote cast "for"
and "against" each of the propositions submitted to a vote
at the general municipal election on June 4 (V. 104, p.
2259) was as follows:
Proposed by Initiative Petition.
Charter amendment proposing new form of city government. Vote,
12,647 "for" and 32,796 "against."
Act amending the charter by adding thereto Section 122a, reorganizing
the Fire Bureau. Vote, 19402 "for" and 28,699 "against."
Ordinance requiring a bond of $2,500 to be filed for each motor vehicle
carrying passengers for hire under city license. Vote, 31,545 "for" and
15.518 "against."
Act amending city charter by providing that citizens of Portland shall
have free use and occupation of streets for pleasure and profit. Vote,
15,466 "for" and 30,787 "against."
Ordinance providing for interchange of messages and service between
telephone companies in the city. Vote, 20,673 "for" and 27,125 "against."
Ordinance defining conspiracies to injui'e trade, business or commerce,
making such conspiracies unla\vful. Vote, 24,055 "for" and 23,772
"against."
Amendment of city charter abolishing commission form of government.
Vote, 14,196 "for" and 32,086 "against."
Proposed by City Council.
Charter amendment re-authorizing issuance of $75,000 of bonds for a
garbage collection .system. Vote, 19,116 "for" and 27,308 "against."
Ordinance granting a 3-year franchise to Portland Trackless Car Co.
to operate motor buses on routes designated as West Portland route. South
Portland route. Depot and Down-River route. Vote, 26,438 "for" and
18,585 "against."
Ordinance granting a 3-year franchise to Portland Trackless^Car Co.
to operate motor buses on routes designated as Belmont and^Division
[Vol. 105
Ladd Ave. and Division St. route, and East 52d St.:
Division and Foster road branch.
Vote, 26,223 "for" and 18,445 "against."
Ordinance granting a 3-year franchise to Portland Trackless Car Co. to
operate motor buses on routes designated as East 39th St. route, Halsey St.
route, Stool Bridge route and Prescott St. route.
Vote, 25,939 "for" and
18,335 "against."
Ordinance granting 4-yoar franchise to Portland Trackless Car Co. to
operate motor buses on route designated as Linnton and Willbridge route.
Vote, 28,864 "for" and 15, .502 "against."
Amendment to charter authorizing an annual tax levy not to exceed
four-tenths of one mill for purchasing and equipping land for parks and
play-grounds in the city of Portland. Vote, 31,2.57 "for" and 15,422
route; Kast Clay,
'against."
Charter amendment authorizing $3,000,000 bond Issue for acquiring
and construction, equipment, maintenance and operation
of grain elevators, docks, wharves, warehouses and all necessary facilities
for handling grain and other articles of commerce, and authorizing an annual
tax levy to cover interest charges and for the redemption of said bonds.
site or sites for,
Vote, 34,641 "for" and 12.104 "against."
Charter amendment prescribing procedure for elimination of grade railroad crossings. Vote, 18,858 "for" and 20,804 "against."
Charter amendment defining the term street and providing for laying
out establishing and opening new streets. Vote, 17,154 "for" and 22,645
"against."
Act amending charter by adding thereto three sections empowering and
authorizing the Council to provide for the construction of sewers and drains
jointly with certain counties, to levy and collectspocial assessments therefor,
to issue bonds and
or expend money from the fund raised from the tax
"for the construction of bridges elsewhere than across the Williamette
River, the filling of streets across gulches and ravines and the construction
of overhead or underground crossings across railroad trades" for the purpose of financing all or a portion of the cost thereof. Vote. 22,978 "for"
and 17,720 "against."
Charter amendment providing for redemption of Improvement bonds In
certain cases by making a transfer as a temporary loan from any other
sinking fund or by issuing new improvement bonds.
Vote, 21,226 "for"
and 18.247 "against."
—
— Commis— The question of establishing the
Sault Ste. Marie, Chippe'wa County, Mich.
sion
Form
of Government.
commission-manager form of government carried, it is stated,
at an election held June 26.
St. Louis, Mo.
Agreement Looking Towards Settlemenffof
Mill Tax and Franchise Controversy.
See the "General Investment News" section of this week's paper.
—
—
—
Virginia. State Supreme Court of Appeals Upholds
Limited Assessment Law. The State Supreme Court of
Appeals has rendered an opinion upholding Clause 2, Section 508 of the Code of Virginia, as amended by an Act of
the 1916 Legislature (Chapter 491) in so far as it provides
that "no municipal, county or district tax shall be levied or
collected on any assessment of intangible personal property,
money or incomes for taxes alleged to have been omitted
%
from the assessments for the years prior to 1912."
The decision was handed down in the case of the Commomvealth vs. the United Cigarette Machine Co., in which,
as referred to by us in these columns on Jan. 13, the company sought relief from heavy back assessments made
against it by Campbell County. The Attorney-General's
office advises us that it was contended by Campbell County
that the provision quoted above violates Section 168 of the
Constitution, providing that all taxes shall be uniform, and
Section 64 of the Constitution which declares no general
law shall surrender or suspend the right and power of the
State or any sub-division thereof to tax corporate property.
There were other general objections urged, but these, we
are advised, were the main ones.
Bond
—
Calls and Redemptions.
Birmingham, Ala.
—
—
Bond Call.- The following public
improvement bonds were called for redemption at the June
1 1917 interest period:
Bond No. 2 of Series 675; Bond No. 1
of Series 703; Bonds Nos. 4, 5 and 6 of Series 743; Bond No. 2
of Series 759 and Bond No. 1 of Series 763.
During the month of June the following public improvement bonds were called for payment:
Ensley Series 131 Public Impt. Bonds Nos. 24 and 25 of
Ensley, Series 131, issued July 1 1911.
City Public Impt. Bonds Nos. 30, 65 and 76 of Series of
July 1 1911 and bonds Nos. 44 to 50, incl. of Series of July
1 1913, at the July 1 1917 interest period.
—
—
Havana, Cuba. Bond Call. Coupon No. 113 on] first
mortgage bonds and the principal of the following bonds' were
called for payment on and after July 2 at the office of Lawrence_T|urnure_&jCo., 64 Wall St., New York City.:j__
652i""to '6530|2'5171 to 25180133021 t'(r3303014321l'ito' 43220 153481 to'53490
"
9820125291 " 25300136631 " 36640148001 ," 48010153651 " 53660
lOOfil " 10070126141 •' 26150136691 " 30700150.301.," 50310155931 " 55940
20011 " 20020126.521 " 26530138341 " 38350150731 " 50740156221 " 56230
20211 • 20220129071 " 29080139691 " 39700150861^" 50870158661 ",i 58670
21301 " 21310130141 " 30150142671 " 426801
9811
|
Coupon No. 112 on the second mortgage bonds was called
for payment on and after July 2 at the office of Lawrence
Turnure & Co. Coupons must be numerically arranged, and
examination one clear day prior to payment^ being
made.
Wheeling, W. Va. Bond Call. Payment will be made
at the Bank of the Ohio Valley, Wheeling, on July 1 of the
left for
—
—
following bonds:
Bondsof Loan of 1885, Nos. 97. 37 and 91 for .S.500 each and Nos. 157,150.
185. 254, 198, 303, 183, 261 and 165 for $1,000 each.
Main St. Bridge bonds. First Series, No. 134 for S500 and No. 202Kor
$1,000.
Bonds of refunding Loan of 1902, Nos. 153 to 158,
and to the amount of .«6,030.
Int. will cease on the above bonds on and after July 1.
incl..
Series
"F"
Bond Proposals and Negotiations this week
follows:
ADA, Pontotoc County, Okla. —DESCRIPTION OF BONDS. — The
$75,000 water-works-ext. and $25,000 sower 5% bonds recently awarded
to R.
Edwards of Oklahoma City— V. 105,
the denom.Jof
92 — are
& D. gDue June 1942.
$1,000 and dated June 1917.
have been as
J.
in
p.
1
Int.JJ.
1
iii
— —
July
— —— — ——
—
.
—
—
—
THE CHRONICLE
14 1917.]
ALBION, Edwards County, lU.— BONDS DEFEATED.— We
just been advised that the $19,500 water
held April 17 (V. 104. p. 1514.)
bonds
have
failed to carry at the election
COUNTY
ALLEN
(P. O. Lima), Ohio.— BO JVJDS NOT SOLD.—No sale
made of the two issues of 5% coupon road-improvement bonds, a^Kregating $28,480, offered on July 2. Date July 1 1917. Int. M. & S. at the
Com ity Treasurer's office. Due part each six months from Mar. 1 1918
Bonded debt, including these bonds,^$165,420.
to Sept. 1 1923, incl.
Sinking fimd. $1,100. Assessed valuation 1916, $97,689.2?''.Wcis
ANDERSON=COTTONWOOD IRRIGATION DISTRICT
J.
».
BOND SALE.— On July 6 the $368,-
Anderson), Shasta County, Calif.
6%
irrigation-system-completion bonds (V. 104. p. 2664) were awarded
to the Anglo & London-Paris Nat. Bank. San Francisco, at 96.69. Other
bids were:
93.50
J. R. Mason & Co.. San Fran..95.77 ISutro & Co.. San Francisco
Denoms. (6) S250, (9) $500. (362) $1,000. Date July 1 1917. Int.
J. & J.
Due serially from 1938 to 1957.
000
— ——
—
ANDERSON UNION HIGH SCHOOL DISTRICT (P. O. Anderson),
Shasta County, Calif. BOND ELECTION. —-The question of issuing
$35,000 building bonds will be submitted to a vote,
An issue of $40,000 was defeated on May 26.
ANDOVER, Ashtabula County,
5%
Ohio.
stated, on July 22.
it is
BOND SALE. —The
two
coupon No. Main St. impt. bonds, aggregating $8,009 97,
issues of
offered on Feb. 14 (V. 104, p. 377) have been purchased by the Andover
BRANCH COUNTY (P. O. Coldwater),
— We have just of issuing thethe election heldMich.— BONDS DEFEATED,
learned that
April 2 resulted
the defeat
of the question
$600,000 road bonds (V. 104. p. 576). The
vote was 1.628 "for" and 3,135 "against."
q
in
BR ATENAHL,' Cuyahoga
ANTWERP, Paulding County, Ohio. BOND OFFERING. — Sealed
proposals will be received until 12 m. July 30 by C. A. Bisseil. Vil. Clerk,
for $16,200 5% coupon street-impt. bonds.
Denoms. 30 for $440 and 10
Date Aug. 1 1917. Int. semi-ann. Due part yearly on April 1
from 1918 to 1927 incl. Cert, check on some solvent bank for $1,000.
payable to the Village Treas., required. Bonds to be delivered and paid
for within 20 days from time of award.
Purchaser to pay accrued int. and
for $300.
furnish blank bonds.
ARKANSAS, State of.— NOTE OFFERING.— SeaXed bids will be received until Aug. 6 by Hogan Oliver. State Auditor, at Little Rock for
$750,000 coupon notes at not exceeding 5% int. The legality of this issue
was upheld by the State Supreme Ocurt on June 18 1917. Int. M. & S.
Due $50,000 yearly Sept. 1 from 1922 to 1936 incl. Cert, check for 2%
of amount of bid required.
A similar issue of notes was offered on July 2
(V. 104, p. 1618).
ARLINGTON SCHOOL DISTRICT
(P.
—
Hancock
O. Arlington),
County, Ohio.— BOiVDS DEFEATED. The question of issuing the
$55,000 school bonds failed to carry at an election held April 24. V. 104,
The vote cast was 122 "for" to 199 "against."
p. 1618.
—
—
—
ASHEVILLE, Buncombe County, No. Caro. BOND SALE. On
June 20 the $.55,000 5% 5 2-3-year (aver.) funding bonds (V. 104, p. 2260)
were awarded to Stern Bros. & Co. of Kansas City, Mo. at par.
ASHTABULA COUNTY (P. O. Jefferson), Ohio.— B02VD OFFERING. Proposals will be received until 1 p. m. July 16 by B. E. Brainard,
Clerk of the Bd. of Co. Commrs.. for the following 5% road impt. bonds:
$67,000 Cherrv Valley-Dorset road bonds. Due $7,000 yrly. on Oct. 1
from 1918 to 1925, incl. and $11,000 Oct. 1 1928. These bonds
were awarded on June 18 to Hayden, Miller & Co. of Cleveland,
but the sale was not consummated.
103,000 Youngstow-n-Conneaut I. C. H. No. 13 road bonds. Due $25,500
on Oct. 1 from 1918 to 1920, incl. and $26,500 Oct. 1 1921.
Denom. $500. Date April 1 1917. Prin. and semi-ann. int. (A. & O.).
County, Ohio.— BOATD OFFERINO.—Bids
will be received until 12 m. July 28 by C. A. Neff, Vil. Clerk, for the
following 5% bonds:
$7,250 poUce-station bands. Denom. 1 for $250 and 14 for $500.
6,250 town-hall bonds. Denom. 1 for $250 and 12 for $500.
Auth. Sec. 3939, Gen. Code. Date May 10 1917. Int. M. & N. Due
one bond of each issue yearly. Certified check on a Cleveland bank for 2%
of bid required.
Bonds to be delivered and paid for within 10 days from
time of award. Ptirchaser to pay accrued interest. Similar issue of bonds
was offered for sale June 18. V. 104, p. 2260.
Bonded debt (incl. this issue) July 9 1917, $217,397; sinking fund, $6,500:
assessed valuation, $10,000,000.
—
BRIGHTWATERS, Suffolk County, N. Y.—BOND SALE.— On
July 12 the following 6% registered bonds, aggregating $55,500, were
awarded to Geo. B. Gibbons & Co. of New York at 109.41 and int.:
$34,500 dock bonds. Denoms. (30) $1,000, (15) .$300.
Due $2,300 yrly.
July 1 from 1922 to 1936 inclusive.
21,000 paving bonds. Denoms. (15) $1,000. (15) $400. Due $1,400
yrly. July 1 from 1922 to 1936 inclusive.
Prin. and semi-annual int. (J. & J.) payable at the U. S. Mtge. & Trust
Co., N. Y.
Bonded debt, these issues, $55,500. Assess, val. real estate
and
Bank.
199
*
special franchises, $861,718.
BROCKTON, Plymouth
County, Mass.— TEMPORARY
LOAN.— On
July 11 the temporary loan of $200,000, in anticipation of revenue, dated
July 12 and maturing Nov. 23 1917 V. 105. p. 92 was negotiated, it is
reported, with S. N. Bond & Co. at 4.20% discount.
—
—
BUFFALO, N. Y.—BOND SALE.— During the month of June the
4% bonds, aggregating $78,762 02, were purchased at par by the
City Comptroller:
$25,000 00 refimding water bonds. Date Jtme 1 1917. Dtie June 1 1942.
7,.500 00 refunding water bonds.
Date June 15 1917. Due June 15 1942.
11,070 39 Department of Public Works bonds. Date June 15 1917. Due
following
June 15 1918.
9.150 00 sundry deficiencies bonds.
Date June 27 1917.
Due
July
Date June 27 1917.
Due
July 1
1
1918.
20,000 00 Department of Law bonds.
1918.
*6, 041
63 grade-cros.sing bonds.
Due June
Date June 15 1917.
15 1918.
* Purchased by the Comptroller for the Bond Premium Accoimt;
remaining issues for the account of various sinking funds.
the
CALHOUN COUNTY
SOLD.
(P. O. Blountstown), F\a.— WARRANTS
10-30-year warrants
— The $42,000 5% in the proceedings of the be re-advertised forNOT
sale
offering on June 6 (V.
will
owing to an irregularity
,
—
payable at the office of the Co. Tre»s. Cert, check for $500, payable to the
Co. Treas., required. Bonds to be delivered and paid for within ten days
from time of award. Purchaser to pay accrued interest. Total bonded
debt, SI, 125. .500; road bonds outstanding, .$503,549; sinkingfund. $118,401
Assessed valuation. $96,124,474. Official circular states that there is no
pending or threatened litigation concerning the issuance of these bonds and
that the county has never defaulted in the payment of any of its obligations.
BON^D SALE. On July 9 the $126,500 5% road impt. bonds (V. 105,
p. 92) were awarded to Hayden. Miller & Co. of Cleveland for $127,390,
equal to 100.703. Other bids were:
Tillotson & Wolcott Co.. Cleveland
$127,284 30
Seasongood & Mayer Cincinnati
1 26, 870 00
Davies-Bertram Co., Cincinnati
126,791 00
Harry W. Hosford, Cleveland
126,778 30
Breed, Elliott & Harrison, Cincinnati
126,765 65
Otis& Co., Cleveland
126,588 00
Weil Roth & Co. Cincinnati
126,575 90
—
,
,
.
BARNESVILLE, Belmont County, Ohio.— BOIVD OFFERING.—
Proposals will be received until 12 m. July 30 by P. Waldo Hilles, Vil.
Clerk, for the following 5% street.-impt. assessment bonds:
$2,400 bonds. Denoms. 9 for $2.50 and 1 for $150. Due $250 yearly on
June 1 from 1918 to 1926 incl. and $1.50 June 1 1927.
1,315 bonds. Denoms. 9 for $125 and 1 for $190. Due $125 yearly on
June 1 from 1918 to 1926 incl. and $190 June 1 1927.
Date June 1 1917. Int. semi-ann. Cert, check for $100. payable to the
Vil. Treas.. required with each issue.
Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued int.
O. Columbus),
— BARTHOLOMEW COUNTY (P. bonds (V. 104, 50Ind.— BOND SALE.
On June 30 the $4,900
p. 2570) were awarded
% road
to Freeman Gilliland of Hope. Ind..
.$4.914
(100.295) and
4^'-
for
int.
Walter Nugent of Columbus bid $4,914 25.
An additional S500 A14% road-impt. bonds was also awarded on that
day.
it is
BAY
stated, to
Freeman
Gilliland at 101.05.
ST. LOUIS, Hancock County, Miss.— BOjVD.S
VOTED.— This
city recently voted in favor of the issuance of $200,000 bonds.
—
—
—
—
BONESTEEL, Gregory County, So. Dak.— BOiVD OFFERING.—
Proposals will be received until 8 p. m. July 23 by the City Clerk for the
S15,000 water-works and $14,000 electric-light 5% bonds voted June 28.
Due
1937.
—
BOND
BOSTON, Mass.
SALES. During the month of June the
following 4% bonds, aggregating $705,000 were purchased at par by the
Sinking Funds and Trust Funds of the city:
$200,000 public park. North End bonds. Due $10,000 yearly from Jime 1
1918 to 1937, incl.
34.500 fire quarters. Readville bonds. Due $2,500 June 1 1918, and
$2,000 veariy June 1 from 1919 to 1934, incl.
13.000 John Winthrop playground bonds. Due $3,000 June 1 1918 and
$2,000 yearly June 1 from 1919 to 1923, incl.
297.000 playground purpose bonds. Due $15,000 yearly June 1 from
1918 to 1936. incl., and $12,000 June 1 1937.
80.000 Commonwealth Ave. impt. bonds. Due $8,000 yearly June 1
from 1918 to 1927, incl.
35,000 Commonwealth Ave. impt. bonds. Due $3,000 July 1 1918 and
.$2,000 yearly June 1 from 1919 to 19.34. incl.
3,500 Marine Park, tennis courts, &c., bonds. Due $1,500 June 1
191S and $1,000 June 1 1919 and 1920.
*42,000 Dorchester Tunnel bonds. Due April 1 1962.
This was the
only issue purchased by the Trust Funds.
*
These bonds are dated April
1
1917; remaining issues June
1
1916.1
BOURBON SCHOOL TOWNSHIP (P. O. Bourbon), Marshall
County, Ind.— BO.Y/> SALE.— On July 6 the $.58, .500 4>^% school bonds
(V. 104. p. 2570) were awarded to the Fletcher-American Nat. Bank of
Indianapolis for $58.5.51 equal to 100.092. Other bids were:
O. B. Smith. Rochester. $58,511 70.
Breed, Elliott & Harrison, Indianapolis, par.
.
CAMBRIDGE,
Middlesex County, Mass.
%
BOND SALE. —^^On
July 9
the three issues of 4 34
1-20-yr. serial bonds aggregating $190,000 and the
$7,500 47o 1-5-yr. bonds (V. 104, p. 92) were awarded to Merrill. Oldham
& Co. of Boston at 102.169. Other bids were:
102.163|Harris,Forbes& Co..Inc..Bost.l01.65
Blodget & Co.. Bo.ston
100.80
R. L. Day & Co.. Boston. ..101. 64 S. N. Bond& Co., N. Y
Estabrook& Co., Boston
101.58
I
CANTON, Stark County, Ohio.— BOiVO OFFERING.— Bids will be
received until 12 m. July 30 by Samuel E. Barr. City Auditor, for $7,700
5% .5-year street-improvement (city's portion) coupon bonds. Denom. 7
Date March
Interest semi-annual.
for $1,000 and 1 for $700.
1917.
Certified check on some solvent bank of Canton for 5% of the amount of
1
bonds bid for, payable to the City Treasurer, required. Bonds to be
Purchaser to
delivered and paid for within ten days from time of award.
pay accrued interest. Bonded debt Jan. 1 1917: General, $2,554,180;
assessment, $1,229,500; water-works, $522,900; total sinking fund, $227,actual (est.). $120,000,000.
A
119; assessed valuation, $94, .500,000;
certified copy of the abstract showing the legality of the issue will be fur.Successful bidder to print, at own expense, the
nished the liurchaser.
necessary blank bonds on special bond borders and coupon sheets to be
furnished by the city.
CARLSBAD SCHOOL DISTRICT (P. O. Carlsbad), Eddy County,
BOND SALE. — The $20,000 5% coupon building bonds voted
N. Mex.
June 18 (V. 105, p. 92) have been disposed of.
CARTER COUNTY (P. O. Ardmore), Okla.— BOiVDS VOTED.— On
June 23 the voters of Hewitt Township authorized the issuance, it is stated,
of $70,000 bonds by a vote of 282 to 52.
CARUTHERSVILLE SCHOOL DISTRICT NO. 18 (P. O. CaruthersBOND ELECTION. An election will be
ville), Pemiscot County, Mo.
—
held July 17 to vote on the question of issuing $50,000 building bonds.
These bonds take the place of the $45,000 issue recently declared illegal.
V. 104. p. 2366.
—
CEDAR FALLS SCHOOL DISTRICT (P. O. Cedar Falls), Blackhawk County, Iowa. BOND ELECTION. — The question of issuing
$20,000 vocational btiilding completion and equipment bonds will be submitted to a vote on July 16. W. T. M. Aitken is Sec'y, Bd. of Ed.
CHARDON, Geauga County; Ohio.— BOJVDS JVOT SOLD. — The
Village Council, it is stated, rejected a bid of $58,078 received from Weil,
coupon water-system bonds
Roth & Co. of Cincinnati for the $58,000
This was done, it is stated, after the
offered on July 3. V. 104. p. 2473.
on that day the only bid received for the conCouncil had voted to reject
struction of the water-works, which was nearly double the estimate of
5%
$58,000.
N. Y. BOND SALE.— On July 10 the
$4,000 automobile truck and $8,500 fire-apparatus bonds ^V. 105. p. 92
were awarded to the Mechanics' Sav. Bank of Beacon at par and int. for
4.60s.
Other bids were:
H. A. Kahler & Co.. New York— 100.03 for 4 Ms.
Geo. B. Gibbons & Co., New York ^100.35 for 5s.
Farson, Son & Co., New York Par for 5s.
BENSON, Swift County, Minn. BONDS DEFEATED. The question of issuing .S30,000 electric-ligbt-plant-impt. bonds failed to carry at
the election held June 29.
BLADENSBURG RURAL SCHOOL DISTRICT (P. O. Bladensburg), Knox County, Ohio. BOND SALE.— The $10,000 57c coupon
building and equipment bonds offered on June 9 (V. 104, p. 2260) have
been awarded to First Nat. Bank of Utica. Ohio, at par.
BEACON, Dutchess County,
104, p. 2260).
CHEATHAM COUNTY
Ashland City), Tenn.— BOiVDS
the County Court has authorized the
issuance of $1.0,000 bonds to erect a high-school-bldg. at Ashland City.
(P.
O.
AUTHORIZED. — Reports state that
CHELAN COUNTY SCHOOL DISTRICT NO.
— On June 20 $2,000 1-5-year
to the State of Washington at par for
SALE.
36,
Wash.— BOiVD
(opt.) building bonds were awarded
Denom. $500. Int. annually.
5s.
CHESTER COUNTY (P. O. Chester), So. Caro.— BOND SALE.— On
June 25 the $450,000 4 >^% 1-30- year coupon highway-impt. bonds (V. 104,
p. 2570) were awarded to all the banks of Chester and the Bank of Blackstock. Black.stock, at par and int.
CHESTERHILL, Morgan County, Ohio.— BOiVDS NOT SOLD.— No
was made, it is stated, of the $7,000 5% 4 M-yr. (aver.) coupon highway
sale
impt. bonds offered on July 6 (V. 104. p. 2665).
CHISAGO COUNTY SCHOOL DISTRICT NO. 12 (P. O. Chisago
Lake), Minn. BON^D OFFERING. ^Bids will be received until 7:30 p. m.
July 20 by Aaron E. Quist, Dist. Clerk, for $2,500 5% building bonds voted
May 31. Denom. $500. Int. annual. Date July 1 1917. Dueto$500
the
Cert, check for $25. payable
yrly. July 1 from 1919 to 1923, inci.
—
"District," required.
CINCINNATI SCHOOL DISTRICT (P. O. Cincinnati), Hamilton
BONDS PROPOSED. — Local papers .state that $300,000
County, Ohio.
bonds will be offered f6r sale after the Board of Sinking Fund Trustees and the State Industrial Commission have taken whatever part of the
issue they may desire.
DISTRICT NO. 61, Wash.— BOATD
1-20-yr. (opt.) building bonds was recently
SALE.—An issue of $2,500
purchased by the State of Washington.
(P. O. Brazil), Ind.— BO ATD OFFERING.— Bids will
be received by the County Auditor, it is stated, until Aug. 8 for $.50.C)00
improvement bonds. Denom. $500. Due $2,500 each six months for
10 years.
(P. O. Bat avia), Ohio.— BOA^D OFFERING.—
Reports state that C. Searles, Co. Aud., will receive bids until 12 m.
Int. semi-ann.
int.
July 23 for $20,000 bridge bonds at not exceeding
Cert, check for $200 required.
DISTRICT (P. O.
4«4
%
CLALLAM COUNTY SCHOOL
5%
CLAY COUNTY
5%
CLERMONT COUNTY
5%
CLEVELAND HEIGHTS VILLAGE SCHOOL
Cleveland)? Cuyahoga County, Ohio.— BOA7> OFFER! NG.—Soa.led
bids will be received until 12 m. July 26 by Ezra K. Bryan. Clerk of the Bd.
of Ed., for $.'i5.000 5% coupon refunding bonds., auth. Sees. 2294, 2295.
Denom. $1,000. Date Aug. 1
7626, 7627. 7629 and 7630, Gen. Code.
Prin. and semi-ann. int. (A. & O.), payable at the office of the
1927.
Treas. of theBd. of Ed. Due $14,000 Oct. 1 1944, $15,000 Oct. 1 1945 and
—
—
— ——
— —
—
—
—
Cert, chock on sonio hank othiT tlmn Uw one making
•ifO.OOO Oct. 1 19)0.
the bid for 5''i of tlK^ amount of bonds bid for, payable to the ltd. of Ed.,
reonircd.
Honds to be delivoro'd and paid for within 15 days from time of
award. Purchaser to pay accrued Int.
CLINTON SCHOOL TOWNSHIP
Clinton), Vermilion
1-10-yr.
.'SI.OOO 4'4%.
s( liool-l)ldB. bonds (V. 104, p. '2(i(y!>) were awarded to tho Pirst Nat.
f)r Clinton at
Breed, Klliott & Harrison of IndianapolL
100.44.
^
County, Ind.
li.ink
SALK.— Oil
liOJ\J)
O.
(P.
3
tho
.Tiily
bid S4,001.
CLIO SCHOOL DISTRICT
O. Clio), Marlboro County, So.
.520,000 .0% .school-bldg. bonds
awarded at par on June 19 to the Carolina Bond & Mtge. (;c. of Oolumbia
(V. 105, p. 93) arc in tho denom. of $1,000 and dated July 1 1917.
Int.
(P.
Caro.—DlCSCRlPriON OF BONDS.— The
& J. Due i)art yearly.
GLOVERSVILLE SCHOOL DISTRICT
J.
—
FuN
O. Gloversville),
(P.
BOND OFFERING. II. Van Voris. Clerk of I3d. of
Ed., will receive proposals until 7:30 p. m. July 20 for .S120.000
1528-^T. serial .school bonds.
Int. senii-ann.
Cert, check for 2% required.
ton County, N. Y.
4^%
El Paso County, Colo
nOND
Dispatches state that F.
—COLORADO SPRINGS,A. Bartholomew, Citv Treas.,
for ,SI25,000 4% 10-15-yr.
water-works bonds.
Cert, check for
1
%
OFFERING.
COMMERCE, Ottawa
papers
County, Ok\a.—B0ND SALE.— On July
&
awarded as
Coshocton
16,000 South Sixth
for
St.
cinnati for .$16,033 (100.206)
and
& Mayer
and
&
of Cin-
int.
COSHOCTON COUNTY
all
the issues.
O. Coshocton), Ohio.— COJVD SALE.—
On July 9 the $30,000 5% coupon road-impt. (county's portion) bonds
V. 104, p. 2571 were awarded, it is stated, to the Farmers' & Merchants'
Bank of Warsaw, Ohio, at 100.35 and accrued int. Due $3,000 each six
months from April 1 1918 to Oct. 1 1922.
—
(P.
—
COTTONWOOD SCHOOL
O. Bucyrus), Ohio.— BOA^D
(P.
SALE.— On
July 10 the $9,518 5% 5M-year aver, coupon Weidemaier Jt. Co. roadimpt. assessment bonds V. 105, p. 93 were awarded to Breed, Elliott
& Harrison of Cincinnati for $9,543 70—100.27 and int. Other bids were:
First National Bank, Bucyrus
$9,529 and int.
Farmers' & Citizens' Bank & Sav. Co., Bucyrus Par and int.
—
—
—
—
$3,000 6% 20-year coupon high-school bldg. and equip, bonds.
$100. Date Juiy 1 1917. Int. J. & J. at the Bank of Davie,
Mocksville. Cert, check or cash for $100, payable to the Board of Coimty
Commrs., required.
,
Burlington County,
J.
Mo.— BONDS NOT TO BE ISSUED
— OFFERING. — By a vote of 135 to 50 the question of issuing the $40,000
Clerk advises us that the sale of the $20,000
coupon road bonds (V. 104, p. 1516)
He further states that there will be no
site-purchase, bldg. and equip, bonds (V. 104, p. 2571) carried at the election held June 30.
Bids were asked for these bonds until 1:30 p. m. July 10.
J. W. Lindsey is Secy Bd. of Directors.
i .^
j
4K%
.
$60,000 water-works bonds.
to 21 at the election held July 6 (V. 104, p. 2665).
Due $1,000 yearly from
1920 to 1924, incl.; $1,500, 1925, 1926 and 1927; $2,000, 1928, 1929 and
1930; $2,500, 1931, 1932 and 1933 and $3,000, 1934. 1935, 1936 and 1937.
The district has no bonded debt. Taxable value (M appraised), $419,946.
DOVER VILLAGE SCHOOL DISTRICT (P. O. Dover), TuscaBOND SALE. — The bids received for the $21,000
rawas County, Ohio.
coupon building bonds offered on June 28 (V. 104, p. 2473) were rewere subsequently awarded at private sale to local peo-
jected.
The bonds
ple at par and int.
DULUTH INDEPENDENT SCHOOL DISTRICT
O.
— An election Duluth),
be held
stated, to vote on the question of issuing $250,000 building
Louis County, Minn.^BOA^JD ELECTION.
July 21,
bonds.
it is
DUNCOMBE SCHOOL DISTRICT
(P.
(P.
will
O. Duncombe), Webster
DESCRIPTION OF BONDS. — The $14,000 5% building bonds recently awarded at par to Geo. M. Bechtel & Co. of Davenport
(V. 105, p. 93) are in the denom. of $500 and dated June 1 1917.
Int.
J. & D.
Due serially ending in 1936.
EAST PROVIDENCE, Providence County, R. I'.—BOND OFFERING.
Propo.sals will be received until 8 p. m. July 17 by Robert G. McMeehan,
Prest. of the Town Council, care of Wm. E. Smyth, Town Clerk, for $40,000 4H % gold bonds. Auth. Chapter 1294, Public Laws. Denom. $500.
County, Iowa.
—
Date July
1
EATON,
1917.
Due
$2,000 yearly.
Preble County, Ohio.— BOA^D OFFERING.
— Bids
will
be
received until 7 p. m. July 30 by Earl Dalrymply, Vil. Clerk, for $5,000 5%
water-works-impt. bonds. Auth. Sec. 3939, Gen. Code. Denom. 8500.
Date July 1 1917. Int. semi-ann. Due $500 each year on April 1 from
1919 to 1928 incl. Cert, check for $100, payable to the Vil. Treas.. required. Bonds to be delivered and paid for within 10 days from time oj
award.
Purchaser to pay accrued interest.
•
Yolo County, Calif.— BOA^D SALS.
-On July 2 $10,000 5% gold coupon building bonds were awarded to the
Bank of Esparto, Esparto, at 101 and int. Denom. $500. Date July 1
is
1
-
— GUINDA SCHOOL DISTRICT,
— This issuingcontemplating the calling of an election to vote on the quescity
tion of
to
DE SOTO, Jefferson County, Mo.— BOND SALE.— On June 25 the
$4,000 5% water-works bonds (V. 104, p. 2473) were awarded to William
R. Compton Co. of St. Louis at par. Denom. $500. Date June 1 1917.
Int. J. & D.
Due June
1922.
DIKE SCHOOL DISTRICT (P. O. Dike), Iowa.— BOA^D OFFERING.
— Proposals for the received until 8 p. m. July 20 by J. J. Schultz, Secy.
will be
Bd. of Ed.,
$70,000 5% building bonds authorized bv vote of 117
of the purchaser's, but
by the Village Clerk.
GREENSBORO, Guilford County, No. Caro.— BOA^D SALE.— On
June 25 the $75,000 5% 11 1-5-year (aver.) gold refunding bonds (V. 104,
p. 2571) were awarded to Harris, Forbes «& Co. of N. Y. at par and int.
GUERNSEY CONSOLIDATED INDEPENDENT SCHOOL DISTRICT (P. O. Guernsey), Poweshiek County, Iowa.— BOARDS VOTED.
DENTON, Fergus County, Mont.— BOiVD ELECTION PROPOSED.
St.
C. Mayer & Co., Cleveland. 7,002
The first three bids appear to be higher than that
are so given
(part of an issue of $160,000)
has been postponed indefinitely.
bonds sold in 1917.
5%
—
—
of Uhrichsville at par.
$50,000
int.
GREENFIELD, Highland County, Ohio. BOND SALE. On
June 30 the $7,000 5% 7 1-3-year (average) coupon motor fire truck bonds
(V. 104, p. 2474) were awarded to the Peoples National Bank of Greenfield
Other bids were:
at par and interest.
Seasongood & Mayer, Cin
$7,015 Highland Co. Bank, Greenfd-$7,000
Durfee, Niles & Co., Toledo- . 7,005 Otis & Co., Cleveland
7,000
N. J. BONDS VOTED. It is stated that an issue of $15,000 bonds has
been voted for a new school building at Cambridge.
DENISON SCHOOL DISTRICT (P. O. Denison), Jackson County,
Kans. BONDS VOTED.— By a vote of 403 to 228 an issue of $25,000
school-building bonds was, it is stated, authorized at a recent election.
DENNISON, Tuscarawas County, Ohio. BOND SALE.— Reports
state that the $4,500 5% 1-9-year serial cemetery bonds (V. 104, p. 2154),
for which no bids were received on June 12, have been sold to the ComO. Salem),
and
GREELEY, Greeley County, Neb.— BOARDS VOTED. ^By a vote of
254 to 17 the question of issuing $13,000 electric light and power plant
bonds carried, it is stated, at a recent election.
GREEN CREEK TOWNSHIP SCHOOL DISTRICT (P. O. Clyde),
Sandusky County, Ohio.— BOND SALE DEFERRED.— The sale of the
$60,000 4}4 % 8-year aver, school bonds which was to take place on June 1
(V. 104, p. 2035) is being held up by an injunction.
Denom.
(P.
at par
failed to carry at the election held Feb. 24.
bid.s will
THIS YEAR. — The Covmty
Bank Co.
—
int.
OFFERING.
— DAVIE COUNTY (P. O. Mocksville), No. Caro.— BOND Holton, Co.
Sealed
be received until 12 m. July 21 by J. L.
Treas., for
Bank
1.
GRANDVIEW SCHOOL DISTRICT
4^%
DENT COUNTY
on July
SCHOOL
There were no other bidders.
(P. O. Grandview), Jackson
County, Mo. BONDS DEFEATED. We have just been informed that
the question of issuing the $15,000 high-school-bldg. bonds (V. 104, p. 779)
Granville
B'
avenport were awarded at 101.50 on March 19 the $450,000
sitepurchase, building and equipment bonds. V. 104, p. 1075. Denom.
$1,000.
Date April 2 1917. Int. May 1 and Nov. 1. Due serially May 1
from 1924 to 1935.
mercial
SALE.—On
GRANVILLE, Licking County, Ohio. BOND SALE. — On June 26
the $1,800 5% Street paving bonds (V. 104, p. 2261) were awarded to the
DAVENPORT INDEPENDENT SCHOOL DISTRICT (P. O. Davenort), Scott County, Iowa.
BOND SALE.— Geo. M. Bechtel & Co. of
—
O. Covington), Ind.— BOND
— Proposals
Int. ann.
1920.
DELRAN TOWNSHIP SCHOOL DISTRICT,
(P.
July 7 the $12, .500 4'^.% ^ 2-.3-yr. 'aver.) highway impt. bonds (V. 104,
p. 2665) were awarded, it is stated, to the First Nat. Bank of Covington at
100.095 and int.
— GLEASON CREEK
BOND
—
BOND OFFERING. — T. A. Marrow,
12 m. July 24 for the following 5% bonds:
Purchaser to pay accrued
13 1917.
(excl. thisis.sue), July 11 1917, $41,000: assess, val. 1917. $2,136,420.
Village rate (per $1,000), $9 89.
DISTRICT, Modoc County, Calif.
SALE. On June 30 $1,000 67c .5-year building bonds were
awarded to the Alturas State Bank of Alturas at 101 .65. Date July 1 1917.
$1,200 streel^impt. bonds. Denom. $400. Date June 1 1917. Due
$400 each year on June 1 from 1918 to 1920 incl.
1,600 electricity supply bonds. Date June 15 1917. Denom. 2 for $500
and 1 for $600. Due $500 on June 1 1918 and 1919 and $600 June 1
Int. semi-ann.
Due Nov.
debt
—
CYGNET, Wood County, Ohio.
Vil. Clerk, will receive bids until
FALL RIVER, Bristol County, Mass.— LOAN OFFERING.— RcjHyrts
state that the City Trea.surer will receive bids imtil 10:30 a. m. July 18 for
a temporary loan of $300,000 in anticipation of revenue. Date July 19
FREDERICK, Tillman County, Ok\a.— BOND SALE.—R. 3. Edwards of Oklahoma City has been awarded at 101.50 the $35,000 6% sewer
bonds voted Mar. 20 (V. 104, p. 1412).
GENESEO, Livingston County, N. Y.— BOA"Z> OFFERING.— Proposals will be received until 8 p. m. July 16 by Wm. D. Shepard, Vil. Clerk,
Denom. $1,000. Date July 1 1917.
for $12,000 street-impt. bonds.
Int. ann. in July.
Due $1,000 on July 1 from 1918 to 1929 Incl. Bonded
July 2 $2,000 6% school bonds were awarded to the
First Nat. Bank of Visalia at 100.55 and int.
Denom. $200. Date
June 14 1917. Int. annually.
CRAWFORD COUNTY
1
offeriiij;.
DISTRICT, Tulare County, Calif.—
BOND SALE. — On
LOAN.—
fP. O. Newark), N. J.—TEMPOR.ARY
a loan of $1,000,000 dated Julv 11 1917 and due Dec. 28 1917
1
ncgoliatc^d with S. N. Bond & Co. of N. Y. at 4.45% int.
.
int.
Co.. Cincinnati, bid $47,828, for
ESSEX COUNTY
On Juiy
was
and .$23,000 Aug. 1 1927.
.5643 and 5644, Gen. Code.
Denom. $1,000. Date Aug. 1
Prin. and .semi-ann. int. (F. & A.) payable at the office of the Co.
1917.
Treas. A deposit in cash or a certified check drawn upon a solvent national
bank for 1% of bonds bid upon, payable to the Bd. of Co. Commrs., required
A complete transcript of all proceedings had in the issuance of these
bonds will be furni.shed successful bidder at time of award, and bids conditioned on the acceptance of bonds bid upon oniy upon the approval of said
proceedings by the attorney of the bidder will be accepted and considered,
and a reasonable length of time will be allowed purchaser for examination
of same.
Purchaser to pay accrued interest.
John Scott, Clerk of the Bd. of Co. Commrs., will receive bids until
10 a. m. July 30 for .$25,000 5% bridge bonds. Auth. Sees. ,5643 and .5644,
Gen. Code. Denom. $500. Date Aug. 1 1917. Prin. and semi-ann. int.
(F. & A.) payable at the office of the Co. Treas.
Due $5,000 yearly on
Aug. 1 from 1918 to 1922 incl. All remaining Information same as above
6,000 ($2,000 sewer and $4,000 ho.spital) bonds to the Coshocton Nat.
Bank at par and int.
2,700 Pine St. paving bonds to the Central Bank of Coshocton at par
Weil, Roth
bonds.
Auth. Sees.
were
Commercial Nat. Bank of
to the
$23,055 (100.239) and int.
paving bonds to Seasongood
will
$32,000 street impt. and paving and fire-truck purchase
(P. O. Columbus), Ohio.— BOA'D OFFERwill be received until 10 a. m. July 28 by John Scott,
Co. C::ommrs., for the following 5% bridge bonds:
$168,000 bonds. Due $17,000 yearly on Aug. 1 from 1918 to 1926 incl.
and $15,000 Aug. 1 1927.
176,000 bonds. Due $17,000 yearly on Aug. 1 from 1918 to 1926 Incl.
follows:
Denman Ave .-paving bonds
$23,000
Ohio
— ELM GROVE,reports County, W. Va.— BOA'/J ELECTION PROPOSED.
According to
an election
be called shortly to vote on the
question of issuing
FRANKLIN COUNTY
County, Ohio.— BOND SALE.— On June
247.3)
COUNTY
("lerk of the 13d. of
J.
30 the five issues of 57o bonds, aggregating $47,700 (V. 104, p.
—
ELKHART
(P. O. Goshen), Ind.— BOA'/? OFFERING.—
Proposals will be received until 10 a. m. Julv 20 by \V. H. Win.ship. Co.
Treas., for $14,000 414 % D. M. Click et al. highway-impt. bonds of Osolo
Twp. Donom. $3.50. Date July 15 1917. Int. M. & N., Due part each
six months beginning May 15 1918.
INGS.
2 tho
$25,000 sewerase-.system and .S5,000 water-works-ext. 6% 25-year bonds
(V. 104, p. 2665) were awarded to a Chicago firm.
Date July 1 1917.
COSHOCTON, Coshocton
EDGEWOOD
FOUNTAIN COUNTY
required.
COLUMBUS, Ohio.— BOND ELECTION PROPOSED.— 'Local
[Vol. 105
(P. O. WheelinK), W. Wa.—BOND ELECTION PROAn election will be called shortly, it is stated, to submit to a
vote the question of issuing street impt. bonds.
POSED.
1917.
will receive bid
Int. semi-annual.
(opt.)
state that the question of issuing $65,000 street-light-system-impt. bonds
will probably be submitted to a vote at tho election in August.
Int. J.
—
THE CHRONICLE
200
Keri.il
—
—
'
1917.
Int. J.
&
J.
Due $500
yearly from 1918 to 1937 incl.
HAMILTON COUNTY (P. O. Noblesville), Ind.— BONDS AWARDED IN PART. — On July 5 the $4,880 4,^ % T. A. Painter et al. road impt.
bonds were awarded to J. F. Wild & Co. of Indianapolis, it is stated, at par
and int.
The $6,820 4)4% Martin Hoover road bonds also advertised to be sold
on July 5 (V. 104, p. 2666) was withheld to increase the amount $400,
reports state.
i
HANCOCK COUNTY
(P.
O. Greenfield), Ind.— BOA^D
OFFERING.
— Thos. A. Seaman. County Treasurer, receive proposals until 10
July 24
the follomng 4}4% road-improvement bonds:
will
a.
m.
for
$14,200 Louis J. Weber et al road bonds of Center Twp. Denom. $710.
Denom. $605
12,100 Chas. P. T. Merrill et al road bonds of Vernon Twp.
19,700 Van B. Cones et al road bonds of Sugar Creek Twp. Denom $985.
each six months beginInt. iM. & N.
Due one-twentieth of each issue
ning May 15 1918.
COUNTY (P. O. Findlay), Ohio.— BOA'D OFFERING.—
Proposals will be received until 9 a. m. July 28 by Grace Wilch Bacon,
Clerk of Bd. of Commrs., for $85,000 5% road-impt. bonds. Auth. Sec.
Denom. $1,000. Date Aug. 1 1917. Prin. and semi1223, Gen. Code.
ann. int., payable at the office of the Co. Treas. Due $17,000 yrly. from
1918 to 1922 incl. Cert, check on some solvent bank for $200 required.
.
HANCOCK
HARRISON COUNTY
(P. O. Corydon), Ind.— BOA^D OFFERING.—
Knight, Co. Treas., will receive bids until 2 p. m. July 16 for $20,400
414% Julius Rothrock et al. highway-impt. bonds. Denom. $1,020.
Date July 2 1917. Int. M. & N. Due $1,020 each six months from Alay
15 1918 to Nov. 15 1927.
HAMILTON COUNTY (P. O. Noblesville), Ind.— BOND OFFERING.
Bids will be received until 11 a. m. July 23 by L. G. Heiny, Co. Treas.,
for $5,280 4>2% T. A. Painter et al. highway-impt. bonds of Clay Twp.
Int. M. & N.
Due part each six months, beginning May 15 1918.
S.
W.
—
—
—
HARTFORD, Conn. BOA'D SALE. The $400,000 4% additional
water supply bonds (V. 104, p. 2666) have been awarded to local institutions at par and int.
Date June 1 1917. Due 1943 and 1944.
HARTFORD SCHOOL TOWNSHIP (P. O. Berne), Adams County,
Ind. BOA^D SALE. On June 16 the two Issues of 5% school bonds, aggregating $22,000 (V. 104, p. 236S) were awarded to the Hanchett Bond Co.
of Chicago at 101.03.
—
—
—
JrLY
——
— ——
—
—
—
.
—
—
— — —
— —
— —
—
THE CHRONICLE
14 1917.J
HELENA TOWNSHIP (P. O. Alden), Hillsdale County, Mich.—
BOND SALE. — On June 15 the SIS. 000 5% road bonds were awarded to
W. McPhailatpar. V.
1917. Int. M. & S. Due
C.
HENRY COUNTY
—
benom.
104, p. 1724.
Date June 15
.?1,000.
81,000 yearly from 1922 to 1936
incl.
201
at an election held June 15.
Int. .semi-annual.
Prin. and int. payable
at the Hanover Nat. Bank, N. Y.. Due $6,000 yearly from 1922 to 1946
incl.
Cert, check on a national bank for S3,000,payable to the City Treas.,
required.
Purchaser to pay accrued int. The city has no indebtedness.
LAKE COUNTY
O. Napoleon), Ohio.—-BOND OFFERING.—
Proposals will be received until 10 a. ni. July 17 by G. E. Rafferty, Co.
Aud.. for the following 5% coupon road bonds, aggregating $25,000:
SIO.OOO Albert H. Kinstleet a!, road bonds. Denoni. SI. 000. Due $1,000
on July 1 1918 and 1919 and $1,000 each six months from Jan. 1
1920 to July 1 1923.
4,000 J. H. Helberg et al. road bonds. Denom. $1,000. Due $1,000
vearly on July 1 from 1918 to 1921 incl.
3.000 John Rosebrock et al. road bonds. Denom. $750. Due $750
yearly on July 1 from 19 IS to 1921 incl.
8,000 Henry F. Scheeleetal. road bonds. Denom. $1 .000. DueSl.OOO
on July 1 from 1918 to 1920 incl. and SI. 000 each six months from
Ind.— BONDS AWARDED IN
ident of the Board of Directors.
1921 to Jan. 1 1923.
Auth. S"c. 6929, Gen. Code. Date .July 1 1917. Int. semi-ahn. Cert.
check or draft on some solvent bank for S500 required. Bonds to be de-
posals will be received until 12
.Ian.
(P.
HICKORY, Catawba County,
No. Caro.
BONDS NOT SOLD. — No
were received for the $11 .000 5'^ 10-year coupon tax-free
refunding bonds offered on June 26 (V. 104. p. 2571).
satisfact'irv bids
HIGHTSTOWN,
Mercer County, N.
J.~BOND OFFERING.—J. W.
Perrine, Borough Clerk, will receive bids, it is stated, until 8 p. m. July 21
for 321,500
8-yea.r avei-age fimding bonds.
Interest semi-annual.
4H%
HOBART, Kiowa County, Okla.— DESCRIPTION OF BONDS.— Tho
$10,000 eT park bonds recently awarded to R. J. Edwards of Oklahoma
City — V. 105. p. 94 — are in the denom. of $1,000 and dated May 15 1917.
Int. J. & J.
Due May 15 1942.
HOUMA SCHOOL DISTRICT (P. O. Houma), Terrebonne Parish,
La. BONDS VOTED. — At a special election held July 2 in the school
comprising
Houma and
bonds was favorably voted,
it is
vicinity a pi'oposition to issue $75,000
stated.
HUBBARD VILLAGE SCHOOL DISTRICT
(P.
O.
BOND OFFERING. — Proposals
Trumbull County, Ohio.
Hubbard),
be re-
will
ceived until 12 m. July 16 by C. R. Stewart, Clerk of the Bd. of Ed., for
the .$150.000 5% coupon school-bldg. bonds voted Miay 26 V. 104, p. 2474.
Auth. Sec. 7626. Gen. Code. Denom. $1,000. Prin. and semi-ann. int.
payable at the Hubbard Banking Co.. Hubbard. Due $6,000 yearly on
Sept.
fi-om 1921 to 1935 incl. and $5,000 yearly on Sept. 1 from 1936 to
1947 incl. Bids must be unconditional. Cert, check for 10% of the
amount of bonds bid for required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued int.
—
1
HUDSON, Summit County, Ohio.— BOiVD OFFERING. —Proposals
be received until 12 m. July 30 by W. C. Wood, Vil. Clerk, for $3,380
5% street-impt. assess, bonds. Denoms. 7 for ,$420 and 1 for $440. Date
May 1917. Int. semi-ann. Due one bond vearlv on Dec. 20 from 1918
will
1
to 1924 incl.
Cert, check for 10% of bonds bid for, payable to the Vil.
Treas.. required.
Bonds to be delivered and paid for within 10 days from
time of award. Purchaser to pay accrued int.
HUNTINGTON TOWNSHIP SCHOOL DISTRICT (P. O. Chillicothe), Ross County, Ohio. BONDS VOTED. By a vote of 46 to 13
the fiui^stion of issuing $2,500 school bldg. bonds carried, it is stated, at an
election June 29.
These bonds were defeated at an election held May 22
V. 104, p. 2261.
IDAHO FALLS, Bonnerville County, Idaho. BONDS PROPOSED
Reports state that this city is considering the issuance of $80,000 bonds for
the purpose of clearing the entire indebtedness of the city.
INDIANAPOLIS, Ind.— BO A^D OFFERING.— Vroposa.\s will be received
until 12 m. July 21 by R. H. SulUvan, City Comptroller, for $75,000 4^2 %
coupon road impt. bonds. Denom. $1,000. Date July 23 1917. Prin.
and semi-ann. int. (J. & J.) payable at the Union Trust "Co., Indianapolis.
Due $5,000 yearly on July 1 from 1919 to 1933 incl. Cert, check on some
responsible bank for 2M% of the amount of bonds bid for, payable to Ed.
G. Sourbier, City Treas., required. Delivery of bonds to be made within
30 days from July 21. Certified copy of the ordinance and legal opinion
of Smith, Remster, Hornbrook & Smith on the validity of these bonds will
be furnished the purchaser of these bonds.
JACKSON COUNTY (P. O. Newport), Ark.— BOiVD 5^r,E.— An
issue of $25,000 5% Special Road Dist. No. 2 road-improvement bonds
has been purchased by Gunter & Sawyers of Little Rock at par.
—
—
JACKSON COUNTY
O. Brownstown), Ind.—BOND SALE.—
On June 22 the $2,400 4}-i% Jacob Callahan et al. highway-ext. bonds
(V. 104. p. 2474) were awarded to A. O. Leudtke of Brownstown for
— equal
$2,401
(P.
to 100.041.
JACKSON COUNTY
— Reports
O. Brownstown), Ind
(P.
BOND OFFERING.
state that Albert Luedtke, Co. Aud., will receive bids until
July 25 for $4,989 92
drainage bonds.
m.
5%
JACKSON SCHOOL TOWNSHIP (P. O. Mount Ayr\ Newton
County, Ind. BOND OFFERING. — Proposals will be received until
1 p. m. July 25 by George A. Hopkins. Town.ship Trustee, for $6,000 5%
school
1 p.
Denom. $.500, Date July 15 1917.
Int. J. & J. at the
Mt. A>T. Due $500 each six months from July 15 1932 to Jan. 15
1937 and $1 .000 July 15 1937. This township has no indebtedness.
Bank
bonds.
oj
Assess, val. SI. 097, 500.
JEFFERSON SCHOOL DISTRICT, San Mateo County, Calif.BOND OFFERING. —^Sealed proposals will bo received until 10 a. m.
July 16 by Jos. H. Nash, County Clerk (P. O. RedWbod City), for $75,000
Denom. $1,000. Date
S'^r site-purchase, building and equipment bonds.
Aug. 1 1917. Int. F. & A. at the County Treasurer's office. Due $3,000
j'parly Aug. 1 from 1918 to 1942, inclusive.
Certified check, certificate
of deposit or cashier's check upon some responsible bank for $7,500, payable
to the Chairman Board of County Supervisors, required. Bonded "debt,
$38,250. Assessed valuation, $2,292,950. These bonds were authorized
by vote of 283 to 137 at an election held May 26.
JEFFERSON TOWNSHIP INDEPENDENT SCHOOL DISTRICT
O. Herrold), Polk County, Iowa. BONDS VOTED.— By a yote of
(P.
110 to 9 the question of issuing $20,000 high-school-bldg. bonds carried at
an election held June 30.
JENNINGS COUNTY
(P. O. Vernon), Ind.— BOJVD OFFERING.—
Bids will be received until 11 a.m. July 17 by John P. Malott, Co. Treas.,
for 86,750 4.^4% Phillip Hargesheimer Jr. et al. highway-impt. bonds of
LovettTwp. Denom. $337 50. Date July 15 1917. Int.M.&N. Due
$ 337 50 each six months from
15 1918 to Nov. 15 1927 inci.
May
JEWETT, Harrison County, Ohio.
BOND OFFERING. — Bids will be
received until 12 m. July 23 by T. N. Osburn, Vil. Clerk, for $8,000 5yS/,.
street-impt, (village's share) bonds. Auth. Sec. 3939, Gen. Code.
Denom.
S400. Date July 15 1917. Int. M. & S. Due one bond each six months
from Mar. 1 1919 to Sept. 1 1928, incl. Cert, checks for 5% of the amount
of bonds bid for, payable to the Vil. Treas., required. Bonds to be delivered and paid for within 10 days from tune of award.
Purchaser to pay
accrued interest.
JUNCTION CITY,
Perry County,
Ohio.— BOA'D.S NOT SOLD.— No
bids were received for the $1,000 5% 1-5-yr. serial
offered on June 30 (V. 104, p. 2474).
KALAMAZOO, Kalamazoo
County, Mich.
coupon
fire dept.
bonds
BIDS RE.JECTED.
bids received for the $35,000 city-impt. and $50,000 street-impt. 4}4
year bonds offered on July 3 (V. 104, p. 2666) were rejected.
Al
—10-
%
KANE COUNTY SCHOOL DISTRICT NO. 129 (P. O. Aurora), III.—
BOND SALE. On July 2 the $50,000 4?-^% high-school-building bonds
were awarded to Halsey, Stuart & Co. of Chicago at 99.188 and int. Denom. $.500. Date July 1 1917. Int. J. & J. Due July 1 1937. Using
newspaper reports we erroneously renorted the sale of these bonds under
the head of Aurora Scfwol District. 111.
See V. 105, p. 92.
—
KILN CONSOLIDATED SCHOOL DISTRICT, Hancock County'
Miss.— BOA'jD SALE.— On July 2 $10,000 6% building bonds were awarded
to the First Nat. Bank forSlO. 101 66.
Denom. $500. Date May 1 1918
Int. ann. in
May.
KINGSPORT,
Seal(
Chap.
Sullivan
yearly from 1918 to 1937 incl.
County,
Tenn.— BOA'D OFFERING
will be received until 8 p. m. July 17 by H. D. Blackwell. City
for $150,000 5% coupon general-improvement bonds. Auth
76, Private Acts of 1917 Gen. Assembly of Tenn., also vote of 189 to
d bids
Treas.
Due $500
—
(P.
O.
Crown
Point),
%
Of the three issues of 4 H
road-impt. bonds, aggregating $98,000,
offered on July 3 (V. 104, p. 2666) $74,000 was awarded at par as follows:
$14,000 to the People's State Bank, Crown Point, and $60,000 L. E. Barnes
et al. road to the First Nat. Bank of Crown Point.
,
LAKE LONG DRAINAGE DISTRICT (P. O. Plaquemine), Iberville
Parish, La. BONDS VOTED. The question of i.ssuing $175,000 5% 25year drainage bonds carried by a vote of 65 to at an election held June 26.
Using newspaper reports, we erroneously stated in last week's "Chronicle"
nage 95, that the amount of bonds voted was $69,000. E.J. Gay is Pres-
—
1
livered in Napoleon.
district
PART.
LAKEWOOD, Cuyahoga
—
County, Ohio. BOND OFFERING. Prom. July 23 b.v B. M. Cook, Director of
Finance, for the folio mng 5% bonds:
.$40,000 00 park bonds.
Denom. $1,000. Due $5,000 yearly on Apr. 1
from 1927 to 1934, inclusive.
55,000 00 sewage-treatment works bonds. Denom. $1,000. Due $1,000
Apr. 1 1924 and .$3,000 yearly thereafter.
77,000 00 street (city's portion) bonds. Denom. $1,000. Due $2,000
Oct. 1 1924 and $5,000 yearly thereafter.
52,805 50 street (assess.) bonds, consisting af 7 separate issues. There
are 10 bonds of equal amounts to each issue.
Due serially
beginning Oct. 1 1918.
Int. A. & O. at Cleveland Trust Co., Cleveland.
Official circular states
that there is no litigation pending or threatened and that the citv has never
defaulted.
Total bonded debt, including these issues. $2,453,815.: asssessment debt included, $165,932; no floating debt. Cash value of sinking
fund, $145,961. Assessed value 1916, $45,300,570; actual value estimated,
$54,000,000; tax rate (per $1,000) 1916, $14 80.
The fii-st three issues of bonds were offered without success on June 1 1
V. 104, p, 2475.
LAMBERT, Quitman County, Miss.— BOA^D SALE.— On July 3 the
$12,000 sewerage and $8,000 electric-light '6 %, bonds (V. 104. p. 2.572)
were awarded to the National City Bank of Memphis at 101 .875 and int.
LANESBORO SCHOOL DISTRICT (P. O. Lanesboro), Fillmore
County, Minn. BONDS VOTED. The question of i.ssuing to the State
of Minne.sota $30,000 4% high and grade school bldg. bonds carried at an
election held June 28.
J. Solberg, Clerk Bd. of Ed.
LAWRENCE COUNTY (P. O. Be'dford), Ind.—BOND OFFERING.—
William E. Butler, Co. Treas., will receive prooosals until 2 o. m. July 17
for $10,000 Marion Twp. and $24,000 Showswick Twp. 4^% gravel road
bonds. Denoms. $500 and $1,200, respectively. Date July 20 1917.
Int. M. & N.
Due one bond of each issue each sis months from May 15
1918 to Nov. 15 1927, inclusive.
LEBANON, Lebanon County, Pa. BOND OFFERING. Dan M.
Sharp, City Clerk, is offering for sale an issue of impt. bonds dated as of
—
—
April
1
1917, reports state.
LEESBURG SCHOOL DISTRICT (P. O. Leesburg),
BONDS DEFEATED. — The voters recently
County, Ohio.
Highland
defeated a
proposition, it is stated, to issue $14,000 bonds for the completion and
equipment of a new high-school building. Another election, it is said,
will shortly be called.
LEMON COVE SCHOOL DISTRICT, Tulare County, Calif.—DBSCRIPTION OF BONDS.— The $14,500 6% building bonds awarded at
104.60 on June 6 to Blyth, Witter & Co, of San Francisco (V. 104, p. 2475)
are in tl^e denom. of $500 and dated May 24 1917.
Int. ann. on May 24.
Due $1,500 yearly from 1922 to 1930 incl. and $1,000 1931.
LEWIS COUNTY SCHOOL DISTRICT NO. 9, Wash.— BOiVD SALE.
On July 7 $45,000 5-20-yr. (opt.) school bonds were awarded to Coffman,
Dobson& Co.. Chehalis, for $45,001 (100.002) as4i^s. Other bids were:
Farmers & Merchants Bank, Centralia, par for 5s.
—
Wm. F. Harper & Son. Seattle, $45,475 for 5l4s.
Morris Bros., Inc., Portland, $45,401 50 for 5^s.
Spokane & Eastern Trust Co.. Spokane, $45,045 for 5Ks.
Keeler Bros., Portland, $45,310 for 6s.
Keeler Bros., Denver, $45,225 for 6s.
LEWIS COUNTY SCHOOL DISTRICT NO.
Wash.— BOA^D
206,
—
SALE. On July 7 the $8,000 1-20-yr. (opt,) school bonds were awarded
to Coffman, Dobson & Co. of Chehalis for $8,011 (100.137) as 5s.
Other
bids were:
State of Washington par for 5s.
P. Harper & Son, Seattle, $8,017 50 for 5i^s.
Spokane & Eastern Trust Co., Spokane, $8,015 for 5 Ms.
Keeler Bros., Denver, par for 6s.
Wm.
LEWIS COUNTY SCHOOL DISTRICT NO. 215, Wash.— BOA^D
bonds were
— On July 7 & Co., 10-20-yr. (opt.) school(102.183) as awarded to
$6,000
Chehalis, for $6,131
Other
5s.
SALE.
Coffman, Dobson
bids were:
State of Washington par for 5s.
Durfee, Niles & Co., Toledo, $6,051 for 6s.
Keeler Bros., Denver, par for 6s.
LIBERTY TOWNSHIP RURAL SCHOOL DISTRICT (P. O. GilRoss County, Ohio. BOND- SALE. — On July 2 the $9,000
5% coupon high-school-bldg. bonds (V, 104, p. 2667) were awarded to
lespieville),
Roth & Co. of Cincinnati for $9,009 50 (100.105) and int. Other
bidders were:
W. L. Slayton & Co., Toledo, $9,010, less $89 for attorney's fees and
printing (bonds.
Durfee, Niles & Co., Toledo, $9,005, less $145 for attorney's fees and printing bonds.
LINCOLN, Lancaster County, Neb. BOND OFFERING.— FroposAls
will be received until 2 p. m. July 20 by Theo. H. Berg, City Clerk, for
$30,670 5% coupon various Paving District special assess, bonds. Denom.
to suit purchaser. Date July 1 1917. Prin. and annual int. payable at
the City 'Treas. office or at the State Treas. office (fiscal agency). Due
$3,067 yeariy July 1 from 1918 to 1927 incl. Cert, check for $100 required.
Total (general and assessment) liabilities, incl'. these bonds, .$1,672,181 73.
No floating debt. Total sinking fund, $152,200 76. Assess, value (onefifth actual), .$11,385,320; actual value (est.), $70,000,000; total tax rate
(per $1,000) 1916, $18 82.
AVeil,
LIVINGSTON PARISH SCHOOL DISTRICT NO.
OFFERING.
7,
La.—BOATD
until 6p.m. July 28
E.
be
— Sealed bids Board receivedDeuham Spring.s), for by John5%
(P. O.
Parish School
$3,500
will
Coxe, Secy.
building and equipment bonds. Denom. $500. Int. .semi-ann. Due
Prin. and semi-ann. int. paya$50() yearly July 2 from 1918 to 1924 incl.
ble at the above Sec. office, or at some place designated by purchaser.
Cert, check for 1% of bonds bid for, payable to the Pres. of Parish School
Board, required.
LODI, Medina County, Ohio. BOND OFFERING. Sealed bids will
be received until 1 p. m. July 27 by P. H. White, Vil. Clerk, for $13,000 5%
coupon street impt. bonds. Denom. $650. Date July 1 1917. Int. A. &
Duo $850 from 1918 to
O., payable at the office of the above Vil. Clerk.
1927. Bonded debt (excl. this issue) July 10 1917, $43,000; no floating
debt; total tax rate (per $1,000), $12 50.
LOWELL, Micdlesex County, Mass. BOND SALE. On July 12 the
1-20-yr. serial coupon tax-free hospital bonds (V. 105, p. 94)
$100,000 4 ^2
Other bids were:
were awarded to Curtis & Sanger of Boston at 102. 171
101.65
Merrill, Oldham & Co., Bost. 102. 169 Adams & Co., Boston
Safe Dep.&Tr.Co- 101 .90 Harris, Forbes & Co., Inc.,
Middlesex
101.63
Boston
101.84
Estabrook& Co., Boston
101.56
|R.L.Day& Co., Boston
—
—
%
.
1
(P. O. Luton), Woodbury County,
$22,000 building and equipment and $1,500
C. W.
school-site-purchase bonds voted June 30 have been disnosod of.
Montgon^erysis Secretary Board of Education. P"i k ^ rs^-'^.'-'y^im
LUTONTSCHOOL-JDISTRICT
Iowa.
BOND SALE. — The
,
MAH0NING»C0UNTY|!(P.'0.)Young8town), Ohio.— BOND a^^Uvi,.
On July 11 S9S,000{Co. Road, $12,000 Austin town Twp.. $26,000 Boardman
Twp., $11,.500 Ellsworth Twp. and $10,500 Milton Twp. 5% road impt
bonds were awarded to Tillotson
equalito 100.823.
&
Otheribids^were'.
Wolcott of Cleveland for $159,391825,
——
—
—
—
.
—
.
—
—
—
THE CHRONIOur
202
SrasonKOod & Mayer, Cinciunati, bid $580 premium on all five issues.
Field, Richards & Co., CincinnaU, bid .$177 premium on $9H,000 issue.
The Guardian Savings & Trust Co. bid $862 40 premium on $98,000 issue.
Oti.s & Co., (Moveland, Ijid $.')00 premium on all five Issues.
Fansou, Son & Co., CbicaKo, bid $18,5 i)2 premium on $98,000 Issue.
Haydon, Miller & Co., Cleveland, bid $1 ,148 15 premium on all i.ssues.
& Son, ChicaKO, bid $.'510 premium on $98, 009 Issue.
Sidney, Spitzer & Co., Toledo, bid $731 5,5 premium on all five issues.
The offering of four of the above issues was reported in V. 10,5, p. 94.
MANCHESTER, Hillsborough County, Mass.— COA^D SALE.— On
July 6 $200,000 4% coupon bonds were awarded as follows: 8100,000 to the
Merrimack Kivor Savings Bank of Manchester at 98.31, and $100,000 to
New Hampshire Fire In.surance Co. of Manchester at 98.94 plus $5. Other
•Vol. 105.
—
Amt.
J'lnce lasutng fids.
l'urpo.te.
Cherry Co. S.U. 70. ..Building
Refunding. Lt
6,000 Cedar Bluffs
10,000 Pawnee City
Water Kxt.
1.000 Pawnee Co. S. D. 27.. Building
$1.5,000
H
MANCHESTER RURAL SCHOOL DISTRICT (P. O. Reinersville),
Morgan County, Ohio. BONDS NOT SOLD. — No sale was made of the
.$1,000
5%
bonds
will
The
coupon school bonds offered on July 7 (V. 104, p. 2667).
probably be sold at private
sale.
Option.
1927 June
1937 June
193B July
1
1919
1918
1926
begin, J'ne 1 '18.
1917 .May 30 1922 May 30
1
1 1917 May
1 19.37 May
1 1917 May
1 1937 Any int.
15 1917 May 15 1937 May*15
1919
1922
date
1922
July
1
June
1
.5
1
1
1
1
1910 July
1
19I7Jono bd, yrly.
1
E. H. Rollins
bids were:
9.5.9.5
Strafford Savings Bank of Dover, N.
96.69
Harris, Forbes & Co., Inc., Boston
Manchester Safety Deposit & Trust Co. of Manchester
98.05
Merrill, Oldham & Co., Boston, and E. II. Rollins & Sons, Boston,
bid jointly
98.099
Date Aug. 1 1917. Due $10,000 yearly from 1918 to 1937 incl.
Due.
Date.
June 1 1917 June
June 18 1917 June
1,.500 Pierce
Co. S. D. 26. ..Building
Tekamah
Tekamah
4,000
12,000
3,7.50 Venlol
Water
Bridge
Water
_
May
May
May
May
.30
NEW BOSTON VILLAGE SCHOOL DISTRICT (P. O. New Boston),
Scioto County, Ohio.— BOA'D SALE.— The .18,000 5%, 26 34-year (aver.)
school bonds offered on Juno 1 (V. 104, p. 2157) were awarded at par and
Int. on Juno 23 to the Portsmouth Bankmg Co., Portsmouth.
H^
NEW BREMEN VILLAGE SCHOOL DISTRICT (P. O. New Bremen),
—
Auglaire County, Ohio. BOND OFFERING. I'roposals will be received
until 12 m. July 28 by H. H. Schroerluke. Clerk of the Bd. of Ed., for the
following .5% coupon bonds:
$6,000 school property Impt. bonds. Due $500 yrly on Aug. 1 from 1920
to 1931, inclusive.
6,000 refunding bond.s. Due $.500 yrly. on Feb. 1 from 1921 to 1932, incl.
Denom. $500. Date Aug. 1 1917. Cert, check for $200, payable to the
Treas. of the Bd. of Ed., required. Bonds to be delivered and paid for
within'lO days from time of award. Purchaser to pay accrued int.
iwii
.^„ -.li^^ind^
-n
Bg
'
MARICOPA COUNTY SCHOOL DISTRICT NO. 11, Ariz.— BOiVO
SALE. — On July 2 the $34,000 6% 20-ycar gold site-purchase, construction and equipment bonds (V. 104, p. 2572) were awarded to E. H. Rollins
& Sons of Denver for $34,384 25 (101.13) and int. Bonds and int. to be
payable
Phoenix.
in
MARICOPA COUNTY SCHOOL DISTRICT NO. 49, Ariz.— BOND
SALE. — On July 2 the $8,500 6% 20-year gold .site-purchase, construction
and equipment bonds (V. 104, p. 2572) were awarded to E. H. Rollins «&
Sons of Denver for $8,596 (101.129) and int. Prin. and int. to be payable
Phoenix.
in
MARIETTA, Washington County, Ohio.— BOiVD OFFERING.—
City Auditor, will receive bids until 12 m. July 25 for $30,000
refunding bonds, auth. Sec. 3916, Gen. Code.
Denom. .$500.
Date Aug. 1 1917. Int. semi-ann. Due .$2,000 yrly. on Aug. 1 from 1918
to 1932, incl.
Purchaser to pay accrued int. Bonded debt (incl. this
Issue) July 1 1917, $605,703; sinking fund, $83,723; assessed val., $17,592,140; total tax rate (per $1,000), $14 00.
MARION, Linn County, Iowa.— BOiVD SALE.— The .$6,837 19 6%
serial street-paving bonds (V. 103, p. 2359) were sold last fall to local banks.
A.
J. Stevens,
4H%
(P. O. Indianapolis), Ind.— BOND OFFERING^
— MARIONbeCOUNTYuntil Banders July 20highway-impt. coupon bonds o
Bids
received
10
m.
by Ed. G. Sourbier, Co. Treas.j
for $79,000
Geo. C.
will
a.
4}4%
Warren Twp.
et al.
Denom.
Date July 21 1917. Prin. and semi~
$1,975.
ann. int. (M. & N.) payable at Co. Treas. office. Due $3,950 each six
months from May 15 1918 to Nov. 15 1937 incl.
—
MARSHALL, Madison County, No. Caro. BOND SALE. Cummings, Prudden & Co. of Toledo were awarded on March 29 an issue of
$15,000 6% 10-year funding bonds at par and int. Denom. $1,000.
May
M. & N. Due May 1 1927.
MARSHALL SCHOOL DISTRICT (P. O. Marshall), Saline County,
Mo. BONDS DEFEATED. — A. B. Hay, Secy. Bd. of Ed., just informs us
Date
1
1917.
Int.
that the election held Apr. 3 resulted in the defeat of the question of issuing
the .$35,000 building bonds (V. 104, p. 1311).
MART, McLennon County, Tex. WARRANT SALE. J. L. Arlitt
of Austin recently purchased $14,000 6% funding warrants.
—
—
MARTIN COUNTY
Minn—
6%
BOiVD OFFERING.—
(P. O. Fairmount),
will receive proposals until 1 p. m. July 18,
stated, for the following at not exceeding
10-year average ditch
bonds: $13,500 Judicial Ditch No. 24, $13. .500 Judicial Ditch No. 70,
$18,000 Judicial Ditch No. 72, $34,000 Judicial Ditch No. 73, $10,000
Judicial Ditch No. 75 and $11,000 Judicial Ditch No. 76.
Cert, chock for
$4,000 required. These bonds were advertised to be sold on June 29, but
owing to a defect in the notice were not sold on that day (V. 105, p. 95)
H. C. Nolte, County Auditor,
it is
MARTINS FERRY, Belmont
County, W. \a.— BONDS PROPOSED.
— Reports state that this city proposes to issue $10,000 fire-truck bonds.
-
MARTINSVILLE, Morgan County, Ind.— BOATDS PROPOSED.—
Reports state that this city proposes to issue $10,000 water-works ext. and
$15,000 city building construction bonds.
MIAMI COUNTY (P. O. Peru), Ind.— BOiVD SALE.— On June 28 the
two Issues of 43^% coupon highway-impt. bonds V. 104, p. 2572 were
awarded, it is stated, as follows:
$10,450 issue to the First Nat. Bank of Peru for$10,473 10 (100.221) andint.
5,750 issue to the Wabash Valley Trust Co. of Peru for $5,775 (100.434)
—
—
and
interest.
—
MIDLAND,
Beaver County, Pa. BOND OFFERING. Fiu-ther dehand relative to the offering on July 16 of the $25,000 5% taxfree impt. bonds.
Proposals for these bonds will be received until 8:30
Denom.
p. m. on that day by M. C.Donohoe, Secy, of Town Council.
$1,000
Date July 1 1917. Prin. and semi-ann. int., payable at the Midland Sav. & Trust Co.
Due $1,000 July 1 1921 and 1923 and $1,000
yearly July 1 from 1925 to 1937 incl.
Cert, check for 2% of amount of
bonds bid for required.
MITCHELLVILLE, Polk County, Iowa.— BOiYDS DEFEATED.— We
just learn that the question of issuing $5,000 water-works ext. bonds (V. 104,
p. 1312) was defeated at the election held April 2.
MOBILE, Mobile County, Ala.— BOiVDS VOTED.— The election held
June 25 resulted, it is stated, in the defeat of the question of issuing $55,000
wharf bonds.
MONROE COUNTY (P. O. Rochester), N. Y.—BOND OFFERING.—
Chas. J. Brown, Co. Treas., will receive proposals until 2 p. m. July 17 for
$75,000 434 7o registered bonds. Denom. $1,000. Date July 1 1917.
Prin. and int. (F. & A.) payable at the office of the Co. Treas. or at the
Nat. Bank of Commerce, Rochester, N. Y., in N. Y. exchange at par.
Due $5,000 yearly on Feb. 1 from 1927 to 1941 incl. Cert, check for $509,
payable to the above Co. Treas., required. Bonds will be ready for delivery on or about Aug. 1
MONTGOMERY COUNTY (P. O. Crawfordsville), Ind.— BOiVD
SALE. On July 6 86,500 4 32% William Matney et al. road bonds were
awarded to Charles McFarland for $6,512, equal to 100.185. Date May 15
Int. M. & N.
1917.
MONTGOMERY COUNTY (P. O. Rockville), Md.—BOND OFFERING. Proposals will be received by B. E. Berry, Clerkof County Commrs.,
tails are at
—
—
until 12
bonds.
31 for $20,000 43-^% or 5% semi-annual 1-20-yr. serial
Certified check for $200, required.
m. July
MOORHEAD SCHOOL DISTRICT
Minn.
O. Moorhead), Clay County,
state that an election
July to vote on the question of issuing $150,000
(P.
BOND ELECTION PROPOSED. — Reports
probably be held in
high-school bldg. bonds.
will
MOUNT LEBANON TOWNSHIP,
Allegheny County, Pa.— BOND
the .$30,000 434%
— On July 9Holmes, Bulkley &improvement bonds (V. 104, .$30,182
2573)
awarded to
Wardrop of Pittsburgh
SALE.
were
p.
for
(100.606) and int., purchaser to print bonds.
Rudolph Kleybolte & Co., Philadelphia
Glover & McGregor
Lyon, Singer & Co., Pittsburgh
MOUNT OLIVE SCHOOL
BOND SALE. — On
Other bids were:
$30,120 00
30.087 50
30,060 00
DISTRICT, Fresno County, Calif.—
6% 1-5-year serial building bonds (V.
104, p. 2667) were awarded to Max Shaffrath of Coalinga for $4,334
Other bids were:
(103.19) and int.
Frank & Lewis
$4, 235
July 3 the $4,200
Blyth, Witter & Co., San Francisco
William R. Staats Co., San Francisco
4,227
4.222
MT. SIGNAL SCHOOL DISTRICT, Imperial County, Calif.—
BOND SALE. — The $4,500 67c 3-11-yr. serial building bonds offered on
June 4 (V. 104,
&
Sav.
Bank
p. 2262)
were awarded on that day to the Security Comm'l
of El Centro at 101.55.
BY
NEBRASKA.— BOiVCS PURCHASED
STATE.— Dming the month
of June the following eight issues of 5% bonds aggregating $53,250 were
purchased by the State of Nebraska at par:
ir
i
""
ii.
i
m
NEW BRUNSWICK, Middlesei County, N.J .—BOND OFFERING.—
Sealed proposals will be received until 10 a. m. July 24 by the Board of
City Commrs., care of Eugene J. McLaughlin, City Clerk, for the following
4 34% coupon (with priv. of reg.) bonds, the amount of each issue being
the maximum amount of bonds that may be issued
$288,000 school bonds. Date July 1 1917. Int. J. & J. Due 38,000 yrly.
on July 1 from 1919 to 1954 inclusive.
Date Aug. 1 1917. Int. F. & A. Due $3,000
117,000 water bonds.
yrly. on Aug. 1 from 1919 to 1957 inclusive.
Int. F. & A
Due
142,000 municipal impt. bonds Date Aug. 1 1917.
$8,000 jTly. on Aug. 1 from 1919 to 1929 inclusive and $9,000
on Aug. 1 from 1930 to 1935 incl.
Denom. $1,000 Prin. and semi-ann. int. payable at City Treas. office;
on registered bonds will, on request, be remitted in N. Y. exchange. Bids
must be made on forms furnished by the city and accompanied by a cert,
check on an incorporated bank or trust company for 2% of the amount of
bonds bid for, payable to Joseph H. Ridgeway, City Treas., required.
All bonds except the school bonds will be delivered to the successful bidder
at the office of the U. S. Mortgage & Trust Co., N. Y., at 11 a. m. Aug. 2.
The school bonds vrill be delivered on Aug. 1 to the piu-chaser at the office
of the City Treas. in New Brunswick or some other place in the State of
New Jersey mutually agreed upon. The bonds will be engraved under
the supervision of the above trust company, which will certify as to the
genuineness of the signatures of the city officials signing the bonds and the
seal impressed thereon and their legality will be approved by Caldwell,
& Masslich of N. Y., whose favorable opinion will be furnished purchaser
without charge. Bonded debt (excl. this issue), $1,910,182; sinking fund,
$989,922; assessed val. 1916, $19,763,176; total tax rate (perSl,000), .$24 20.
NEW
MADRID COUNTY SCHOOL DISTRICT NO. 25 (P. O. Morehouse), Mo. BONDS REFUSED.— Wiina.m R. Compton Co. of St. Louis
have refused to accept the .$20,400 5% 10-20-yr. (opt.) school bonds
awarded to it on June 2 on the grounds that the bonds, if issued, would be
in excess of the amount the assessed valuation would permit.
$100,000
NEW MEXICO (State of). CERTIFICATE SALE.— Thewhich bids
2-vear coupon public defense certificates of indebtedness for
were received on June 30 (V. 105, p. 95) were awarded on that day to
Halsey, Stuart & Co. of Chicago. The following are the bids submitted
by the purchaser: Par and accrued interest and premium of $1,717; should
6%
State desire to issue certificates of indebtedness bearing interest at the rate
of 5%, we will pay for same par and accrued interest to date of delivery
Subject to approval of their
and in addition thereto a premiima of $51
attorney as to legality. State to furnish a full transcript of all legal records
and proceedings. Up to July 9 the State had not decided which one of
these two bids would be accepted. s^%
.
NEW PHILADELPHIA,
liams,
County, Ohio.— BOA'D OF-
Tuscarawas
— Bids be received until 12 m. July 28 by Attie A. B. WilCity Aud., for $5,200 5% subway bonds. Auth. Sec. 3939, Gen.
FERING.
I.
will
Code. Denoms. 10 for $500 and 1 for $200. Date July 1 1917. Int.
semi-ann. Due $500 each six months from Sept. 1 1918 to Mar. 1 1923
and $200 Sept. 1 1923. Cert, check for $50 required. Bonds to be delivered and paid for within 10 days from time of award. _ Purchaser to pay
accrued interest.*i,*>.E,wiij.*>. J»^-.4,-k- '-'.,<,tiu»<-..»*'.-«.iir>.w,-.i<4j.)*-..:
't
NEW YORK
•
•
.
BOND SALE. — Comptroller
Prendergast on
Thur.sdav (July 12) opened bids for $55,000,000 434% gold coupon or
fall due July 1 1967, while
registered corporate stock, of which $47,500,000
the remaining $7,500,000 mature annually from July 1 1918 to July 1 1932
inclusive.
The entire issue of $55,000,090 was awarded to a sj-ndicate
composed of J. P. Morgan & Co., the First National Bank, the National
City Co. the Guaranty Trust Co. the Bankers Trust Co. Brown Brothers
& Co. and Harris, Forbes & Co. at their bid of 100.6507 for "all or none'"
of the bonds, an income basis of about 4.46% for the 50-year and 4.39%
The same syndicate also submitted a bid of
for the 15-year serial bonds.
100.0207 for "all or any part" of the whole issue. The 50-year bonds are
We are adsyndicate "over the counter" at 101 Mbeing offered by the
Another banking
vised that a considerable amount already has been sold.
group, headed by Kuhn. Lo^b & Co., put in a bid offering to take "all or
any part" of the 50-year bonds at 100.277. The number of proposals received was 131 and the total amount of bonds bid for was $193,865,830.
The last public offering made by New York City was on April 19 1916,
when $40,000,000 .50-year and $15,000,000 1-15-year (serial) 43-i% corThe 50-year stock was awarded to 7 separate bidders
porate stock was sold
an income basis of about 4.125%. The
at an average price of 102.618
1-15-vear (serial) corporate stock was distributed among 3 bidders at an
average price of 101.432 a basis of about 4.03%. The nimiber of bids
received was 86 and the total amount of bonds subscribed for was $162,645,090. This was exclusive of $15,396,000 offerings which were informal
premand could not be considered. The sale netted the city SI ,262,060
iums, making- a total of $41,047,140 received for the 50-year stock and
$15,214,920 for the serial stock. Of the long-term stock, $39,593,900 was
awarded to a syndicate consisting of Kuhn, Loeb & Co., AVm. A. Read &
Co. and Kidder, Peabody & Co. at their bid of 102.617 for "all or any part,"
while of the $15,000,000 serial stock. $13,500,000 was sold to Salomon
Bros. & Hutzler at 101.41711 for "all or any part." The Kuhn. Loeb &
Co. svndicate was prominent at the public sale on June 29 1915, when
$46,000,000 .50-year and $25,000,000 1-15-year (serial) 434% corporate
They then secured almost two-thirds of the bonds
.stock was offered.
offered: of' the long-term corporate stock they received $33,734,640 at
101.044 and of the serial stock $11,353,300 at 101.166.
At the public offering in 1915 of the $46,000,000 50-year and $25,000,000
1-15-vear (serial) 4 32% corporate stock, referred to above, the 50-j'ear
stock" was awarded to 102 separate bidders at an average price of 101.253
an income basis of about 4.437'"c; and the 15-year serial bonds were sold
a basis of about
to 19 bidders and brought an average price of 101.306
4.297%. There were 211 bidders in all and the total amount of bonds
subscribed for was $224,610,100.
It was announced after the sale on Thursday that the serial bonds would
be readv yesterday (July 13) in definitive form, and that the definitive
•^O-year bonds, in registered form, would be ready for delivery not later
than Julv 23. In the interval between the sale and delivery of definitive
50-voar bonds, the City Comptroller will issue temporary negotiable cerDelivery of 50-year bonds in coupon from will begin within
tificates.
60 days.
Commenting upon the results of the sale on July 12 Comptroller Prender-
CITY.
,
,
,
—
.
—
m
—
—
gast said in part:
"The highest bids for $55,090,000 of bonds outside of the syndicates
bid would have brought $55,304,133 70. Thus the syndicate's bid was
The average of the highest non-syndicate
better for the city by $53,751 30.
bids was 100.5529, as against 100.6507 for the syndicate.
"In my judgment, the sale to-day has been a successful one for the city,
considering that the country is at war and that unusual demands are being
made upon the financial and material resources of the coimtry.
"In May 1913, when the great European countries were at peace, the
best price we were able to secm-e at a sale of $45,000,000 of 43.^% bonds
was 100.137. Although the figure realized to-day is below that of the sale
of 4><;% bonds in June 1915, the difference is slight."
The unsuccessful bidders for $25,000 or more of the 50-year bonds offered
Thursday
wereJLasifollows:
bi,KJ
1
.
July
M.
Herrick & Bennett
Heidelbach, Ickel-
i
Emigrant Indust'l
Savs.Bank
Guaranty Trust
Co..
85.0001100.313
1,000,000/101.64 to
1100.39
Salomon Bros. &
/ 101. 25 to
Hutzler
275,0001101.75
Homans & Co
100,000 100.875
Guaranty Trust Co. 67,0001 101 .20 to
Asiel
500,000 100.956
.
& Co
UOO
John A. McCarthy
100,000/100.25 to
1101
,
&
I
i
Harris. Forbes &i
Co...
Herzog & Glazier.
)
Schmeltzer
&
R. H. Fiero
Abraham & Co
&
The
SutroBros.&Co..
State
250,000/100.51 to
UOO.ll
Iron
/
National Bank.
Herrick & Bennett
150,000/100.8134 to
1101.7512
225,000/101.55 to
1102.21
50,000/100.25 to
\100.50
50,000 101.125
100,000/100.75 to
Co.
Bank
Guaranty Tr. Co.
Brooklyn Tr. Co..
\100.51
The Coal &
& Co.
White, Weld
/ 101.626 to
600,0001100.261
25,000/101.125 to
\101.625
60,000/101.51 to
Co
flOO.25 to
,561 ,0001 101 .68
1
U01.125
Harry Oppenheim.
U01.625
Forshay
110,000/100.53 to
102,000/100.00 to
&
Zimmermann
\100.01
Wollman
J.
J.P.Morgan&Col
First Nat. Bankj
Nat. City Bank.
Guar. Trust Co_ H7,500,000 100.0207
Bankers Tr. Co.
BrownBros.&Col
Struthers
&
1101
Hiscoe
50,000 101.0625
Kuhn, Loeb&Col
Kidder, Peabody >47,500,000 100.277
100.01 to
101,5001102.50
150,000(101.50 to
\ 100.50
&Co.
Wm.A.Read&Coj
I
Charles C. Harrison Jr. & Co
F. BlumenthalCo
40,000/100.51 to
50.000 100.52
1101.51
62.250fl02.014S to The Bank of United
/100.125 to
States
1103.0473
100,0001101.0625
Henry S Allen Jr.
Sharp & McVickar
25,000fl01 to
35,000/ 101.625 to
\100.75
1101.50
The following are the unsuccessful bidders for 825,000 or more of the
15-year serial bonds:
Jerome J. Danzig
& Co
Dry Dock
S. Inst.
Salomon Bros.
&
S.Bache&Co..l, "50,000 100.1975
Louis Mayers Co.
40,000 100
J. P. Morgan&Co.l
First Nat. Bank.
Nat. City Co
Guar. Tr. Co
^7,500,000 100.0207
Bankers Tr. Co__|
/ 100. 32 to
3250,0001100.51
450,000 100.65
J.
I
Hutzler
7,500 .000 100.071
Herrick & Bennett
45,000 100.5011
Blake Bros. & Co. 300,000 100.69
Eugene Meyer Jr.
flOO.3191 to Brown Bros.&Co.
& Co
900,0001101.4807
Harris,Forbes&Co
Coal & Iron Na/1 00 .01 to
Sutro Bros. & Co. 250,000/100.05 to
tional Bank
150,0001100.20
1100.26
The following table, compiled by the Department of Finance, shows the
results of previous bond sales:
Date of Sale
Int. Mn
Bids Success,
Total
and Amount.
t iriti
rec'd. bids. - -Average Price.Subscribed.
Sept. 10 1907
$35,000,0001
50
102.063
(4.39)
5,000,000/
10
886 360 100.30
(4.46)
$160,882,080
Feb. 14 1908
$47,010,0001
50 1,168 471 104.22
(4.20)
4K
3,000,0001
100.90
(4.38)
271,575,130
4K 10
I
I
%
4M
Nov. 23 1908
$12,000,000
500,000
Mar. 2 1909
$10,000,000
June 8 1909
$38,000,000
2,000,000
Dec. 10 1909
$12,500,000
Mar. 21 1910
$50,000,000
Jan. 24 1911
$60,000,000
May 7 1912
$65,000,000
May 20 1913
$45,000,000
April 15 1914
$65,000,000
June 29 1915
$46,000,000
25.000,000
April 19 1916
$46,000,000
15,000,000
a 20-50 years
will exercise its
''
4
50
4
10
4
50
4
4
50
267
28
102.385
101.53
(3.89)
(3.82)
62
101.57
(3.93)
43,068,130
10
177
150
100.71
100.14
(3.96)
(3.98)
68.777,330
4
50
112
79
100.34
(3.98)
43,747,780
4M
4M
a
440
261
101.28
(*4.155)
194,562,6.50
50
571
234
100.904
(4.207)
326,322,180
4)4
50
372
265
100.747
(4.214)
265,388,870
434
50
476
369
4M
50
148
1
4}^
414
50
216
121
b
+
100.137
(4.49
101.15
(4.18)
193,187,350
101.2537
(4.437)
(4.2973)
224,610,000
101 ..3064
76,083,010
)
102.618
(4.12)
(4.03)
86
12 101.432
162,645,090
(optional).
6 15-year (serial).
*A5suming that the city
option to redeem the bonds in 20 years.
50
AVa
i'A
b
NEW YORK CITY.— TEMPORARY LOANS.— During
June the following short-term
consisting of revenue bonds and
by this city:
the month o
aggregating 830.550,000. and
and corporate stock notes, were issued
securities,
bills
Interest.
Special revenue bonds of 1917
do
do
do
3%
3%
Maturity.
/On or after\
IJan. 2 1918/
/On or after!
iJan. 2 1918/
^ Total special revenue bonds
Revenue
do
do
do
do
do
do
do
do
bills of
do
do
do
do
do
do
do
do
5H%
5^%
5ys%
5H%
5H%
5M%
5H%
do
do
do
do
do
do
do
do
5?^%
July
July
July
July
July
Dec.
Dec.
Dec.
.$2,000,000
26 1917
26 1917
2(> 1917
27 1917
10 1917
14 1917
18 1917
Aug. 10 1917
700,000
2,100,000
3,225,000
250,000
—
Various municipal purposes
do
do
do
do
do
do
do
do
Water supply.
do
do
Rapid Transit
do
do
do
Aug.
Aug.
3%
/On
2,4,50,000
or
after!
fJune 30 1917/
July 19 1917
Aug. 6 1917
Aug. 8 1917
Aug. 8 1917
Aug. 8 1917
Aug. 8 1917
Aug. 8 1917
Aug. 8 1917
Aug. 8 1917
/On
-4.28%
.4.45%
IJune 30 1917/
Aug. 8 1917
Aug. 8 1917
July 19 1917
-.5%
-3%
tj^i.
1,525,000
$200,000
100,000
350,000
/On
314%
ma jtt
,500,000
8 1917
8 1917
or after!
-3%
i>
500,000
[June 30 1917/
July 19 1917
-5%
-3%
-4H%
do
do
3.95%
4.04%
-4.04%
.4.08%
.4.10%
.4.18%
.4.45%
.4.14%
do
do
do
.500,000
$11, .300 .000
.5%
do
do
do
do
do
250,000
2 1917
Total revenue bills of 1917
" Corporate Stock Notes
'
$500,000
$750,000
5%
1917
Amount.
;
-5^%
/On
or
or
300,000
1.750.000
300.000
250,000
400,000
500,000
500.000
.500.000
2,000,000
500,000
after!
1,3.50.000
1.000.000
2.900,000
750,000
after \
IJune 30 1917/
EiAug. 10 1917
13,000
750,000
8 1917
July 19 1917
100.000-
/On
5^%
IJune 30 1917/
Aug. 10 1917
do
or
50,000
187,000
after!
250.000
$18,500,000
._
NILES, Trumbull County, OWio.—BOND SALE.—Tiie.
4}^%
$7. .500
2-6-year serial street-a.ssessnient bonds offered on June 4 (V. 104. p. 2037)
were awarded on that day to the Niles Trust Co.
NOBLE COUNTY
(P.
Ind.— BO/VD OFFERING.— Pro-
O. Albion),
posals will be received until 10 a. m. Aug. 1 by Roy K. Riddle, Co. Treas.
for .$54,000 41.^% W. L. Jackson et al. road bonds of Perry Twp.
Denom.
Date Aug. 1 1917.
.$540.
NORTH ATTLEBORO,
County, Ma.ss.— NOTE
Bristol
SALE.—
Reports state that an issue of $36,000 4',^% notes has been awarded to
Harris. Forbes & Co.. Inc., of Bo.ston at 100.53.
Date July 1 1917. Due
$4,000 yearly from 1918 to 1926 inclusive.
NORTH DAKOTA.—BOARDS PURCHASED BY STATE.— Dvirmg
the month of Jure the following four issues of 4% bonds, aggregating
$48,100, were purchased by the State of North Dakota at par:
Amount. Place Issuing Bo7ids. Purpose. Dattof Bonds.
Due.
Building -May 25 1917
May 25 1937
$12,600 Bruce School Dist
f$10,000 July 1 1927
30,000 Fargo, Board of Education
Building .July
11917] 10,000 July 1 1932
10,000 July 1 1937
May 4 1937
4 1917
2. 500 KnifeRiverS.D.No.87 Building -May
April 24 1937
3.000 Pearl S. D. No. 15--_Funding -April 24 1917
,
NORTH HEMPSTEAD (Town), Nassau County, N. Y.—BOND OFFERING. Bids will be received until 2p.m. July 19 by Cornelius E Remsen, Town Supervisor (P.O. Manhasset) for $200,000 water bonds at not
exceeding 5% int. Denom. $12,500. Int. J. & J. Due $12,500 yearly
—
.
.
1 from 1922 to 1937 incl.
Cert, check on a New York State bank
(or cash) for $2,000. payable to the above' Town Supervisor, required.
Bids must be unconditional. These bonds are issued pursuant to Chap. 63,
on July
Laws
1909, and
amendments
thereto.
NORTH HEMPSTEAD TOWN SCHOOL DISTRICT
NO.
2 (P.
O.
East Williston), Nassau County, N. Y. BOND OFFERING.— Vvoposals will be received mntil 12 m. July 17 by B. A. Griffin, Clerk of the
Bd. of Trustees, for $35,000 5% reg.'school-bldg. bonds. Denom. $2,500.
Date July 24 1917. Int. J. & J. payable at First Nat. Bank. Mineola.
Due beginning Jan. 1 1924 and annually thereafter. Cert, check for 10%,
payable to the Board of Trustees, required. Bonded, debt (incl. this issue)
July 11 1917, $42,500; floating debt, $2,000; assessed val., $2,225,000.
OAKLYN, Camden
County, N. J.— BONDS
AUTHORIZED.—At
a special election on July 9 an issue of $1,200 bonds was unanimously
authorized for school-house additions, it is stated.
ORLEANS, Orange County, Ind. BOND OFFERING.— Froposa,\s
will be received until July 27 by A. E. Kress, City Clerk-Treas., for $4,500
town bonds. These bonds were offered on July 5 but the bids received were rejected.
(P. O. Port Clinton), Ohio.— BOJVD OFFERING.
Propo.sals will be received until 10 a. m. July 23 by D. L. Mackey, Co.
Aud., for $39,000 5% coupon highway-impt. bonds. -\uth. Sees. 1178
Denom. $.500. Date Mar. 1 1917. Int. M. & S.
to 1231-4, Gen. Code.
Due $2,000 each six months from Mar. 1 1918
at office of the Co. Treas.
Cert, check for
to Sept. 1 1926 incl. and $1,500 Mar. 1 and Sept. 1 1927.
$1,000. payable by a Port Clinton bank, required. Purchaser to pay accrued int. and furnish bonds.
PARIS, Bourbon County, Ky.— BOiVD S^LE.— On July 9 the $46,000
5%, gold coupon school-impt. bonds V. 105, p. 96 were awarded, it is
stated, to Weil, Roth & Co. of Cincinnati for $46,500 (101.086) and
accrued interest.
4H%
OTTAWA COUNTY
—
—
148,266,630
127
300.000
750,000
8 1917
5%
3%
Total corporate stock notes.. -
Dorus Healy
.
Aug.
Aug.
Aug.
3.95%
4.28%
4.45%
do
do
do
do
Amount.
Maturi'y.
8 1917
Interest.
Dock Notes
1,000,000 100.38
/102 to
Remick, Hodges &
500,000 101.001
Lehman Bros
1 100 ,000/ 1 00 .66 to
1101.66
Kings County
/ 101.75 to
TrustCo
500,0001102.30
E.Meyer Jr. & Co. 66,000 100.75
Wm.Salomon&Co-5,000,000 100.513
Flora W. Pinkus..
25,000 101
C. A. Stern & Co
100,000/100.23 to
\101.50
Peck, Rasmus &
/lOl to
True.sdale
25,0001102
Jos. Klingensteln.
35,000/100.50 to
W.
—
—
203
25,000 101.202
heimer&Co
Co.ofN.Y
Barr
— —
—
THE CHRONICLE
14 1917.)
Morris.. §100,000 101 to
\ 100.125
Blake Bros. & Co. 100,000 100. fiO
Speyer&Co
10,000,000/101.29 to
\100.42
Davis.Thomas&Co
25,000 101.025
James R. Magoffin,
New York City. 50.000 100.^0
Fidelity Trust Co. 114,000 101.035
Alfred
—
.
.
)
PASSAIC COUNTY
—
O. Paterson), N.
(P.
J.— BOND SALE.— On
July 11 the issue of 4/4 % S-vear aver, coupon, with privilege of registration,
road bonds V. 104. p. 2668 was awarded to the National City Co., New
York, at 100.076 for $251,000 bonds. Outwater & Wells of Jersey City
bid 100.08 for $102,000 bonds, due $17,000 yearly from 1927 to 1932, incl.
with an option on remainder.
PAWLING SCHOOL DISTRICT (P. O. Pawling Dutchess County,
OFFERING. Bids will be received until 7:30 p. m. July 23
N.
by F. A. De Hart, Clerk of the Bd. of Ed., it is .stated, for $45,000 5% 17Hyear school-bldg. bonds. Int. semi-ann. Cert, check for 5% required.
—
—
—
Y—BOND
,
PEACE TOWNSHIP (P. O. Mora), Kanabec County, Minn.
BOND SALE. — The .$20,000 6% road and bridge-construction bonds offered
on June 1 have been awarded to the Drake Ballard Co., of Minneafolis,
Date July 1 1917. Due $1,000 yearly July 1 from 1918 to 1937, inclusive.
PERCH LAKE' TOWNSHIP (P. O. Cloquet), Carlton County,
Minn. BONDS VOTED. The que.stion of i.ssuing to the State of Minnesota $5,000 4% bonds carried by a vote of 31 to 18 at a recent election.
—
PETERSON CONSOLIDATED INDEPENDENT SCHOOL DISTRICT (P. O. Peterson), Clay County, Iowa. BOND SALE. — On
July 2 the $50,000 5% building and equipment bonds (V. 104. p. 2668) were
awarded to the Harris Trust & Sav. Bank of Chicago at 100.70. Denoms.
Date July 2 1917. Int. M. & N. at the office of Wells.•Sl.OOOand $.500.
Due $1,500 yearly from 1923 to 1932,
Dicliev Trust Co.. Minneapolis.
incl.; $3,000 yearly from 1933 to 1936, incl.; and $23,000, 1937.
(P. O. CircleviUe), Ohio.— BOiVD OFFERING.
Proposals will be received by F. R. Nicholas. County Auditor, until
12 m. July 16. it is stated, for $15,500 5%, 8 1-3-yr. average improvement
bonds. Int. semi-ann. Certified check for 3% required.
— PICKAWAY
COUNTY
PITTSBURGH, Pa.— BONDS PROPOSED.— A
bond issue of $100,000
pay for municipal coal mining at Mayview was affirmed by the Councilmanic Finance Committee on July 10, according to local papers.
PLAINFIELD, Union County, N. J. BOND SALE. On June 18 the
issue of 4 H % 8 :^-5-year (average) gold coupon (with privilege of registration) street- improvement bonds (V. 104. p. 2476), was awarded to J. S.
Rippel & Co., Newark, at 100.297 for $142,000 bonds. Other bids were:
H L Crawford & Co., N. Y., and Outwater & Wells, Jersey City-.IOO. 213
to
—
Plainfield Trust
100.176
Co
PLAINVIEW, Wabasha County, Minn.— BOA'^D OFFERING.— Pro-
posals will be received until 8 p. m. July 17 by Matt T. Duerre, Village Reint.:
corder, for the following bonds at not exceeding 5 14
Due $1,000 July 1 1919, 1920 and 1921 and
$7 000 refunding bonds.
and 1923.
$2,000 July 1 1922
,
„^„
^ », „„„
7,000 funding bonds. Due $2,000 July 1 1924, 1925 and 1926 and $1,000
%
,
Due $1,000 July 1 1927 and $2,000
11 000 w^at^r-works' system bonds.
yearly July 1 from 1928 to 1932 incl.
Denom. $1,000. Date July 1 1917. Int. semi-ann.
»c,,n „„„
Bonded debt, $7,000; floating debt, $1-8,000; assess, val. 1916, $640,000.
DISTRICT, Riverside County, Calif.
POINT
OFFERING. Sealed proposals will be received until 11 a. m.
July 16 by A. B. Pilch, Clerk Board of County Supervisors (P. O. RiverDenom .$200 Date
school bonds voted J une 1 6
side), for the $ 1 ,000 6
July 2 1917. Interest semi-annual. Due $200 yearly from 1919 to 1923,
Certified check for 10% of amount of bid. payable to the above
inclusive.
Clerk, required. This district has no indebtedness. Assessed valuation,
BOND
HAPPY SCHOOL
—
%
le.ss
.
.
.
operative property, $87,880.
PORTAGE COUNTY
(P.
O. Ravenna), Ohio.— BOND
OFFERING.—
Sealed bids will be received until 9 a. m. July 30, it is stated, by the Board of
Cert,
Commissioners for $30,000 5% paving-impt. bonds. Int. senu-ann
.
check for $200 required.
PORT ANGELES,
PROPOSED.
Clallam
—An election
will
County,
be called,
it is
Wash.— BOiVO ELECTION
stated, to vote on the question
of issuing '$30,000 funding bonds.
PORTER SCHOOL TOWNSHIP, Porto* County Ind.— BOiVD
19 by
Of Fi.'«/iVG.— Sealed bids will be received until 10 a. ni. July $5,000 W. H.
4H%
Dittmann Twp. Trustee ((P. O. K. F. D. Valparaiso) for
Due $1 ,000 yearly
schoSlbldg. bonds. Denom. $1,000. Int. J. & J.
for 5 years.
Bids must be for the entire issue.
—
——— —
—
—
PORTLAND, Me.— TEMPORARY
/>rMA'.— On July 10 the loan of
anticipation of taxes, (lat(!d .Inly 16 1917 and duo Oct. 1 1917
was ntgotiatcd with tlie First National Bank of Boston at
(V. 105, p. 90),
4.10% discount. Other bids were:
4.29% discount plus $1 premium
Bond& Cioodwin, Boston.
4.44% discount.
S. N. Bond & ('<)., New York
4.64% discount.
Bros. & Co.. Boston..,
Blake
4.73% discount plus 75 cts. premium
Beyer & Small, I'ortiand...
in
—
Ore. BOND SALE. On July 3 two issues of 6% 10-yr.
street-improvoniont bonds, aggregating S44,093 43, were purchased, it is
the CMty Treasurer for use in sinking funds.
stated, by
POSEY COUNTY (P. O. Mt. Vernon), Ind.— 7J0.V/) SALE.— On
July 5 the M,7S0 4>^% 5 2-3-year (aver.) hit,'hway-impt. bonds (V. 104.
p. 266.S) W(WO awarded to the Mt. Vernon Nat. Bank for .$6,820 (100.589)
and int. Other l>i<ls were:
$6,783 50
Breed, Klliott & Harrison, Indianapolis
PORTLAND,
I'a
& C:;o., Indianapolis
PRINCETON TOWNSHIP SCHOOL DISTRICT (P. O. Princeton),
Mercer County, N. J.^BONDS DEFEATED. — The question of issuing
Wild
J. F.
$50,000
.school
bonds
failed to carry at
QUAKERTOWN,
electric-li'.?ht
QUINCY,
an election
h(!ld in this
school dist.
Pa.—BOND ELECTION.— Xn
the question of issuing $45,000 4%
County,
Bucks
election will be held July 17 to vote
on
plant reconstruction bonds.
County,
Norfolk
mass.— TEMPORARY LOAN.
RANDOLPH COUNTY
—
RANDOLPH CONSOLIDATED SCHOOL DISTRICT (P. O. Randolph), Fremont County, lo-wa.— BOND SALE.— The $20,000 5% 1.")20-year (opt.) building bonds (V. 104, p. 1726) have been purchased by
Geo. M. Bechtel & Co. of Davenport at par. Denom. $1,000. Date
Int. J. & J.
1 1917.
RAPID CITY SCHOOL DISTRICT (P. O. Rapid City), Pennington
County, So. Dak. BOND ELECTION — Local papers sta^e tha^, an elec-
April
.
July 17 to vote on the question of issuing $40,000
grade and high-school-bldg .-erection bonds.
RAVENNA, Portage County, Ohio. BOND OFFERING. Sealed
proposals will be received until 12.m. July 30 by W. A. Root, City Aud.,
Auth. Sec. 3939, Gen. Code.
for .$35,000 4)^ % water-works-imp t. bonds.
Denom. $500. Date July 15 1917. Int. semi-aiin., payable at the Second Nat. Bank, Ravenna. Due S500 each six months from Sept. 15 1924
to Sept. 15 1929, incl., $500 Mar. 15 and $1,000 Sept. 15 from Mar. 15
1930 to Sept. 15 1935 incl., $1,000 on Mar. 15 and Sept. 15 1936, $2,500
Mar. 15 and Sept. 15 1937, $4,000 Mar. 15 1938, $4,500 Sept. 15 1938 and
$5,000 Mar. 15 1938. Cert, check for $500, payable to the City Treas.,
required.
Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued interest.
will
be held
—
REDDING SCHOOL DISTRICT (P. O.
Calif.
BOND ELECTION. — The question
bonds
vnll
be submitted to a vote,
it is
Redding), Shasta County,
of isuing $35,000 building
stated, on July 28.
RIDLEY PARK, Delaware County, Pa.— BOND SALE.— On
July 10
10-30-vear (opt.i hnpt. bonds were awarded to M. M.
Freeman & Co. of Philadelphia at $-30,204, equal to 100.68. V. 105, p. 96.
Denom. $,500. Date July 1 1917. Int. J. & J.
the .$30,000
4^2%
Riverside County, Calif.— BOiVDS DEFEATED.— The
election held June 30 resulted in the defeat of the question of issuing the
$40,000 public-library bonds (V. 104, p. 2037). The vote was 825 "for"
RIVERSIDE,
and 1,107 "against."
RIVERSIDE CITY SCHOOL DISTRICT,
Riverside County, Calif.
BOND OFFERING. Sealed proposals will be received until II a. m.
July 16 by A. B. Pilch, Clerk Board of County Supervisors (P. O. Riverside>, for the $50,000 5%, building bonds voted June 12 (V. 104, p. 2.574).
Denom. $500. Date July 2 1917. Interest semi-annual. Due $2,000
yearly from 1924- to 1948, inclusive. Certified check for 10% of amount
Bonded debt, $360,000.
of bid, payable to the above Clerk, required.
Assessed valuation, less operative property, $10,268,595.
—
—
ROBLA SCHOOL DISTRICT,
Sacramento County, Calif.— BOiVD
SALE.— On July 2 the $6,000 514% building bonds were awarded to Blyth,
Witter & Co. of San Francisco for $6,011 (100.183) and int. Denom. $500.
Int. semi-ann.
Due $500 yearly from 1918 to 1929 incl.
ROCHESTER, Olmstead County, Minn.— BOJVDS OFFERED BY
BANKERS. — Kalman, Matteson & Wood and the Minne'sota Loan & Trust
Co. of Minneapolis and A. B. Leach & Co. of Chicago are offering to investors the .$650,000 5% power-plant-construction and equipment bonds
(V. 104, p. 2037).
Denom. $1,000. Date July 2 1917. Prin. and semiannual int. (J. & J.) payable at the American Exchange Nat. Bank, N. Y.
Total bonded debt, including this issue, $1,070,250.
$6,518,511; actual value, $12,190,237.
ROCK COUNTY
O. Luverne),
(P.
Assess, val. 1916
Minn.— BOIVD OFFERING.—
Proposals will be received until 2 p.m. July 30 by Olaf Skyberg, Co. Aud.,
Defor $22,000 5% coupon Judicial Ditch No. 3 construction bonds.
nominations $.500 and $1,000. Date July 1 1917. Int. J. & J. Due
incl.
$1,000 July 1 1922 and $1,500 yearly July 1 from 1923 to 1936,
ROME SEPARATE SCHOOL DISTRICT
BOND SALE. — On
(P.
O. Rome), Sunflower
July 3 the $12,000 6% 11-year (aver.)
coupon building bonds (V. 104, p. 2668) were awarded to Harris & Co. of
Chicago at 100.25 and int. Purchaser to pay all legal expenses. Other
bids were:
C. H. Coffin, Chicago, $12,171 flat.
Durfee, Niles & Co., Toledo, $12,025.
Bolger, Mo.sser & Willaman, Chicago, $12,010.
J. R. Sutherlin & Co., Kansas City, $12,050, less $425 attorney's fees.
W. L. Slayton & Co., Toledo, par and int. less $722 attorney's fees.
County, Miss.
COUNTY
ST. CLAIR
(P. O. Belleville), 111.— BOA'D SALE.— On
July 7 $400,000 5% 20-yT. serial road bonds w^ere awarded to Elston & Co.
Denom. $500. Date June 1
of Chicago at par less $2,000 for expenses.
1917.
Int. ann. on June 1.
These bonds were authorized at an election
held June 11— V. 105, p. 96.
ST.
On
JOSEPH COUNTY
(P.
O. South Bend),
Ind.—BOND SALE.—
July 10 the $9,000 4}^% 5 2-3-yr. aver, road-impt. bonds (V. 104,
p. 2668) were awarded to the Merchants Nat. Bank, Muncie, for $9,010 55,
equal to 100.117.
INDEPENDENT SCHOOL DISTRICT NO. 13
ST. LOUIS
BONDS DEFEATED.— The election held July 2
(P. O. Aurora), Minn.
The
resulted In the defeat of the question of issuing $250,000 school bonds.
vote was 58 "for" and 115 "against."
COUNTY
ST.
MARY PARISH
Mary Bank & Trust
(P.
O. Centre ville).
La.— BOiVD SALE.— The
Co. of Franklin has been awarded at par and int.
Dist. No. 2 road-construction bonds offered on
the $80,000 5%
June 4 (V. 104, p. 2158).
St.
—
Road
SALEM, Essex County, Mass.
NOTE OFFERING. — Proposals
Vol
5.
II
SCRANTON, Lackawanna County, Pa.— BO.VO.S .AUTHORIZED. —
The Mayor on July
2 signed the ordinance authorizing the Lssuauce of
$100,000 bonds for general city improvements and new equipment.
SEATTLE, Wash. BOND S-ALE.- During the month of June this
city issued the following five Issues of 6% special improvement bonds
aggregating $21,363 49:
Dist. Issuing.
Amount.
$1,45100
Bunds
— No.
Purpose.
Due.
1929
1929
1929
1924
1929
Dale.
Condemnation June 2 1917 June 2
< 'ondemnation
June 2 1917 June 2
Paving
June 6 1917 June 6
JManking
14,469 16
3,0.34
June 23 1917 June 23
Grading
June 30 1917 June 30
2,180 00
3,0.56
All the above bonds are suljjecl to call on any int. paying date.
3,024
3,061
3,040
33
1,310 00
1,9.53
SHEFFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Lorain I, Lorain County, Ohio. BOND OFFERING. Proposals will
be received until 12 m. July Hi by D. A. Cook, Cli-rk of B )ard of Ed., for
$3,500 5% coupon .schoof-bldg. bonds.
Auth. Sec. 7625. Gc-n. Code.
Denom. $500 Date July 16 1917. Int. AI. & .S., payable at tiie Savings,
Deposit li.mk & Trust Co., Elyria. Due $500 each six months from Sept. I
1918 to Sept. 1 1921 incl. Purchaser to pay accrued int. A complete
tran.script relative to the issuance of these bonds will be furnished the purchaser upon the day of sale.
SHELBY COUNTY (P. O. Memphis), Tenn.— BfD.S RE.IECTED—
OFFERING.— \n bids received for the $150,000 5% school bonds
offered on July 6 (V. 104, p. 2574) were rejected.
New bids are asked for
until 12 ni. to-day (July 14).
\V. A. Taylor is Chairman, Bond Committee.
Bids williilso be received until 12 m. to-day (July 14) by W. X. Taylor,
Chairman Bond Committee, for $200,000 57'. school-house bonds. Denom.
Date July 1 1917. Prin. and semi-annual int. (J. & J.) payaljle
$1,000.
at the Bank of Commerce & Trust Co., Mempliis, or the Chemical Xat.
—
—The NEW
Treasurer has sold a temporary loan, it is stated, of $200,000 in anticipation
of revenue, maturing July 11 1918 to S. N. Bond & Co. at 4.40%, discount.
The other bidders were:
4.55% discount
E. L. .Stolces
4.67% discount
R. W, Pressprich & Co
4.67% discount
F. S. Moseley & Co
4.75% discount plus $1 25 premium
Curtis & Sanger
(P. O. Winchester), Ind.— iBOATO OFFERING. Elijah Puckett, Co. Treas., will receive bids until 11 a. m. July 23
Date June 16
for $2,470 1>^% high wav-impt. bonds. Denom. $123 50.
Int. M. & N.
Due $123 50 each six months from May 15 1918 to
1917.
Nov. 15 1927 incl.
tion
——
—
THE CHRONICLE
*^04
$300,000,
—— —
—
be
received by the Treasurer, it is stated, until 10 a. m. July 17 for $250,000
notes, payable $100,000 on Nov. 1 1917 and $150,000 on Feb. 20 1918.
SALESVILLE SCHOOL DISTRICT (P. O. SalesviUe), Guernsey
County, Ohio.— BOND SALE.— On June 30 the $10,000 5% 1-10-yr.
serial school bonds (V. 104, p. 2574) were awarded to the Quaker City Nat.
Bank of Quaker City at 100.56 and int. There were two other bidders.
SANDUSKY COUNTY (P. O. Fremont), Ohio.— BOJVD SALE.— On
Julv 7 the $5,550 5% coupon street-impt. (county's portion) bonds (V.
104. p. 2669) were awarded to the Colonial Sav. Bank & Trust Co., Fremont, at par and int.
SCOTT COUNTY (P. O. Scott City), Kan.— BONDS DEFEATED.—
The (lucstion of issuing $50,000 court-house bonds failed to carry at the
election held June 26 (V. 104, p. 2263).
will
Bank.N.
Y., at option of holder.
Due $70,000 July 1 1927, .$65,000 July 1
Cert, check for .82,500 required.
1937, and $65,000 July 1 1947.
—
SIDNEY, Shelby County, Ohio. BOND OFFERING. Proposals wUl
be received until 12 m. July 20 by Melvin L. Rhoadjs, City Aad., for the
following 5% bonds:
Denoms. 113 for $.500 and 1
$57,100 street-impt. (city's portion) bonds.
for .$600.
Date July 1 1917. Due $.500 Jan. 1 1921, $600 July 1
1921, $2, .500 on Jan. I and July 1 1922, $3,000 on .Ian. 1 and July 1
1923 and $4,500 each .six months from Jan. I 1924 to July 1 1928,
incl.
Denoms. 40 for $500 and 1 for $700. Date
20,700 sanitary sewer bonds.
Due $700 Apr. 1 1920, $1,000 each six months from
April 1 1917.
Apr. 1 1921 to Oct. I 1924 and $1,500 each six months from
Apr. 1 1925 to Oct. 1 1928.
Auth. Sees. 3939 and 3942 to 3947. incl.. Gen. Code. Denom. .$500.
Int. semi-ann.
Purchaser to pay accrued int. The sanitary sewer bonds
were offered without success on May 2S. V. 104, p. 2204.
SKENE CONSOLIDATED SCHOOL DISTRICT (P. O. Skene),
Bolivar County, Miss. BOND SALE. ^On July 2 $15,000 5'47c school
bonds were awarded to the Nat. City Bank of Memphis at par and int.
Denom. .$500. Date July 2 1917. Int. J. & J. Due serially from 1918
—
to 1938.
SLAYTON, Murry County, Minn.— BO.VD OFFER/zVC.- Proposals
be received until July 16 by Bert Tietma. Village Clerk, for 83,000 5%
will
Denom.
water-works-system bonds voted June 12.
1 from 1927 to 1932, incl.
Due S500
$5()0.
yearly July
SOMERSET, Perry County, Ohio.— BO.VD SALE. — On Jtme 25 the
5% coupon street-impt. (village's portion) bonds (V. 104, p. 2477)
$1,500
were awarded to the .Somerset Cemetery Association at 102.10.
SPENCER COUNTY (P. O. Rockport), Ind.— BO.VD OFFERING.—
James A. Haines, Co. Treas., will receive proposals until 10 a. m. .\ug. 7
for $5,700 4M % Carter Twp. highway-impt. bonds.
Denom. $570. Date
Int. M. & N.
SPOKANE, Wash.— BO.VD OFFERING.— Sp.a,\ed
July 15 1917.
until 10 a.
bids will be received
stated, for $70,000
Cert, check for .5% required.
m. July 16 by A. W. Burch, City Auditor,
1-10-year serial city-hall bonds.
it is
SPRINGFIELD, Mass.— TEMPORARY LOAN.— A temporary loan of
$600,000 in anticipation of taxes dated July 13 1917 and maturing Nov. 12
1917 was negotated with Bond & Goodwin of Boston on July 12 at 3.92%
Other bids were:
discount.
Discount.
Prem.
3. '^9
First National Bank, Boston
$125
4.04
S.N. Bond & Co., New Y'ork
3 25
Salomon Bros. & Hutzler, New York
4.094
Morgan & Bartlett, New York
4.15
Goldman, Sachs & Co., New York
4.235
5 00
Springfield Safe Deposit & Trust Co., Springfield
4.50
5 00
4.70
R. W. Pressprich & Co., New York
SPRING VALLEY TOWNSHIP SCHOOL DISTRICT (P. O. Spring
Greene County, Ohio. BONDS VOTED. — The question of
Valley),
issuing .'524,000 high-school-building
election held June 30.
bonds carried,
it
is
stated,
at an
SUNNYSIDE SCHOOL DISTRICT, Riverside County, Calif.—
BOND SALE. — On July 5 the $3,000 6 Vc 3-.5-^T. serial school bonds (V. 104.
p. 2669) were
awarded to Elizabeth C. Wright
for $3,080 (102.666)
and
int.
SYRACUSE, N. Y.—TEMPOR.ARY LO.AN AND BOND ISSUE
APPROVED. —At a meeting of the Board of Estimate and Apportionment
on July 10 an ordinance providing for a temporary loan of $200,000 and also
the bond issue of $100,000 for an intercepting sewer V. 104, p. 2639
were approved, it is stated.
—
TARRYTOWN,
Westchester County, N.
Y.—BOND OFFERING.—
Proposals mil be received until 8 p. m. July 17 by J. Wyckoff Cole, Vil.
Clerk, for $180,000 street-impt. bonds at not exceeding 4}-i% hit. Denom.
Date July 1 1917. Prin. and semi-ann. int. J. & J. payable
$1,000.
Due $9,000 each year on July I
at Tarry town Nat. Bank, Tarryto^vn.
from 1918 to 1937 incl. .\n unconditional certified check upon an incorporated bank or trust company for $3,600, payable to the Vil. Treas.,
required.
Bonds to be dehvered on or before July 31. Purchaser to pay
accrued int. Total bonded debt $410,500. Assessed val. 1917, real, 811.Official cirpersonal, $!.?> ,300; special franchises, $318,170.
739,100;
cular states that there s no controversy or litigation effecting the corporate
existence or boundaries of the mtmicipaUty or the title of its present
officials to their respective offices, nor the validity of these bonds, and that
there has never been any default in the payment of principal or interest
on previous issues of bonds.
A similar issue of bonds was offered on July 5. V. 104, p. 2669.
—
—
—
TAUNTON,
Bristol
County,
Mass.— TEMPOR.ARY LOAN.— On
July 9 a loan of $100,000 in anticipation of revenue, dated July 12 and due
Oct. 16 1917, was negotiated with Salomon Bros. & Hutzler of N. Y. at
4.20% discount.
Other bids were:
„.
Discount.
Bond & Goodwin, Boston
'^•4§^f,
F. S. Moseley & Co., Boston
Loring, Tohnan & Tupper, Boston
R. L. Day & Co., Boston
Blake Bros. & Co, Boston
S. N. Bond & Co., New York
„.
4.50 plus $1
4.35
4.51
4.o6 plus 50 cents
4.54
TENNESSEE, State of. BONDS NOT SOLD. No bids were received,
it is stated, for the two issues of 4% coupon (registerable as to principal
bonds, aggregating $1,625,000, offered on July 7 (V. 104, p. 2370).
—
O.
TETON COUNTY SCHOOL DISTRICT NO. 43 (P. untilConrad),
2 p. m.
BOND OFFERING. — Sealed bids will be received
5-year gold coupon
Mont.
1 by Iren De Staffany. Dist. Clerk, for $2,000 6%
Denom. $500. Date Aug. 1 191/. Int.
building bonds voted .A.pr. 7.
ann. on Aug. 1 at the Co. Treas. office. Cert, check for $200, payable to
Assess,
Tills district has no indebtedness.
Dist. Clerk, required.
the
val. 1916. $299,462.
.\ug.
p.m.
10
be received
—TIPPECANOE4 COUNTY (P. O. bonds. by Harry G.
Bids
the following
% coupon road
Lafayette)
until 2
will
for
,
Ind.— BO.VD OFFERING.
.\ug.
'-i
$67,000 Henry Klinkeretal road bonds of Wabash Twp.
81,000 M. P. Sheehanetal road bonds of Fairfield Twp.
Leslie,
Co. Treas.,
^„ „rn
Denom. .$3,3.50.
Denom. $4,OoO.
July
—
—
—
.,
Int. M. & N.
Due one bond of each issue each six months from May 15
191S to Nov. 15 1927. incl.
BOXD SALE. On July 6 the two issues of 4 J4% highway-impt. bonds,
aggregating S9,400 (V. 104, p. 2669) were awarded to the Tippecanoe
Loan & Trust Co. of Lafayette at par.
TONA WANDA, Erie County, N. Y.—BOND OFFERING.— Proposals
will be receved until 8 p. m. July 18 by Wm. E. Schnell, Mayor, for
819,000 registered street-improvement bonds at not exceeding 5% int.
Denom. .Sl.OOO. Date July 1 1917. Prin. and semi-ann. int. J. & J.
payable at the Citv Treasurer's office in New York exchange. Due July 1
Certified check or draft for $500, payable to the City Treasurer,
1928.
required.
Bonds will be delivered on Aug. 1 1917. The opinion of John
Thomson, Esq., of N. Y. City, as to the legality of the bonds will be
furnished to the purchaser. Bonded debt, incl. this issue, S409,527 50.
Sinking funds,
Floating debt, $.30,000; water debt, included, .5199,000.
$17,186 99. Assessed val., 1917, real estate, $5,093,612; personal property,
City tax rate,
$30,200; special franchises, $365,470; total, $5,489,282.
per $1,000, 1917. $14.70®.
—
—
C
TORRINGTON, Litchfield County, Conn.— BOJVD OFFERING.—
Sealed bids will be received until 2 p. m. July 10 by John N. Brooks, Town
Treas., at the Brooks Bank & Trust Co., for $250,000 4M % coupon (registerable as to principal) school bonds. Denoms. $1,000. DateAug.l 1917.
Due $10,000 yearly Aug. 1 from 1918 to 1942, incl. Cert.
Int. F. & A.
check for 2% of bonds bid for, payable to the Town Treasurer, required.
Deliveries will be made on Aug. 1.
Legality will be passed upon by
Storey. Thorndike. Palmer & Dodge of Boston. Bonded debt of the Town
$250,000. Last grand list, $16,808,481.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
TRAER SCHOOL DISTRICT (P. O. Traer), Tama County, Iowa.—
BONDS NOT YET OFFERED. —No date has yet been set for the offering
of the $62,000 5% 20-vear building and equipment bonds voted June 4
(V. 104, p. 2477).
T. F. Stoakes is Sec. Bd. of Ed.
Carroll County, Tenn.— B07VD ELECTION.— An
election has been called for July 17. it is stated, for the purpose of giving
the voters an opportunity to say whether or not they want to sell bonds to
improve the water-works system in the town.
TWIN FALLS, Twin Falls County, Idaho.— BOJVD S.4LE.— The
$10,000 5% 10-20-year (opt.) intersection impt. bonds offered on June 4
(V. 104, p. 2264) have been awarded to the Bellan Invest. Co., Denver, at
TREZEVANT,
100.85.
Franklin County, Mo.
SCHOOL
— UNIONSALE. — On DISTRICT (P. O. Union),coupon high-school-bldg.
June 30 the S20.000 5^^
BOND
were awarded to the Bank of Union at 101.10.
VAN BUREN TOWNSHIP SCHOOL DISTRICT (P. O. Dayton),
Montgomery County, Ohio.^BOAD OFFER7A"G .^William Dean,
Clerk Board of Education, will receive proposals, it is stated, untU 5p.m.
July 30 for the $25,000 5% school bonds voted May 24 V. 104, p. 2575.
Int. semi-ann.
Due part each .six months from 1919 to 1937, inclusive.
Certified check for $500, required.
VERMILLION COUNTY (P. O. Newport), Ind.— BOND OFFERING.
J. Clark Smith, Co. Treas.. will receive bids until 10 a. m. July 19 for
vers et al highway-impt. bonds of Helt T^vp. Denom
$9,300 4' '•'?,_ Henrv
Due $465 each six months from
S465. Date Mar. 6 1916. Int. M. & N.
May 15 1918 to Nov. 15 1927.
VERMILION PARISH (P. O. Abbeville), La.— BOARDS VOTED.—
Reports state that the question of Issuing $38,000 'refunding school bonds
carried at an election held July 3.
WAKEFIELD, Dixon County, Neb.— BOATZJS DEFEATED.— The
question of issuing $8,000 sewer bonds failed to carry at the election held
Jime 29.
p. 2575)
—
—
M
WARREN,
Trumbull County, Ohio.— BOND OFFERING.— Sealed
be received until 12 m. Aug. 4 by Geo. T. Hecklinger, City
proposals will
Aud., for the following 5% street-paving (assess.) bonds;
$30,500 bonds. Due on June 1 as follows: $2,500, 1918; $4,000, 1919;
$6,000, 1920; $5,000, 1921; .$3, .500. 1922; .$3,000, 1923; $2,500,
1924; $2,000, 1925; and $1,000 in 1926 and 1927.
22.500 bonds. Duo on June 1 as follows: $1,000, 1918; .$3,000, 1919;
S4.000, 1920; S3,000, 1921; $2,500 in 1922 and 1923; $2,000 in
1924 and 1925; $1,.500. 1926; and $1,000 in 1927.
15,800 bonds. Due on June 1 as follows: $1,000, 1918; $1,500, 1919;
$3,000, 1920; .$2,000 in 1921 1922 and 1923: $1,500, 1924 $1,000
in 1925 and 1926 and $800 in 1927.
7,500 bonds. Due $500 on June 1 from 1918 to 1921 incl.; $1,000 yearly
on June 1 from 1922 to 1926, incl., and $.500 June 1 1927.
4,500 bonds. Due on June 1 as follows: $500, 1918; $1,000, 1919;
$1,500, 1920: $1,000, 1921 and $500 in 1922.
7,800 bonds. Due as follows on June 1: $500 yearly from 1918 to 1921
incl.; $1,000 from 1922 to 1926. incl., and $800 in 1927.
Auth. Sec. 3939 Gen. Code. Denom. .$500. Date June 1 1917. Prin.
and semi-ann. int.^ J. & D. payable at the office of the Sinking Fund
Trustees at the Union Savings & Trust Co., 'Warren. Cert, check for $500,
payable to the above City Aud., required. Bonds to be delivered and
paid for within 5 days from time of award. Purchaser to pay accrued int.
General bonded debt, $,508,400; assess, debt, $376,593; these bonds $88,600,
making total debt of $973,593; sinking fund, $22,977. Asses.sed val., real,
$14,622,710; personal, $8,561,800; total 1917, $23,184,510; tax rate (per
$1,000), $15.20.
.
—
;
—
WARREN, Warren County, Pa.—BONDS AUTJIORIZED.—The
Borough Council recently authorized, notwithstanding the veto of the
—$10,000
Burgess, the issuance, according to local papers, of $17,000 bondsfor sewers, $5,000 for flood-protection and $2,000 for a fire-truck.
WASHINGTON COUNTY
(P.
O. Salem), Ind.— BOND OFFERING.
— Otto 80 Co.Elwood Huckleberryproposals until 1:30 p. m. Julyof17GibZink,
Treas.,
receive
for
et
highway-impt. bonds
$6,678
4M%
Twp. Denom.
will
al.
$333 94. Date July 2 1917. Int. M. & N. Due
months from May 15 1918 to Nov. 15 1927 incl.
WATERVILLE, Lucas County, Ohio.— BOA^D OFFERING.— C. J.
Roach, Village Clerk, will receive bids imtil 12 m. July 23 for the followson
$333 94 each
six
5H%
electric-light-plant-construction bonds:
Date Aug. 1 1917. Due $100 yearly on April 1 from 1919
to 1941, incl., and $100 yearly on Oct. 1 from 1929 to 1941, incl.
Date July 1 1917. Due $100 yearly on April 1 from 1919
10,000 bonds.
1922, incl., $200 yearly on April 1 from 1923 to 1941, incl., $200 on
Oct. 1 from 1919 to 1929, incl., and $300 yearly on Oct. 1 from
1930 to 1941, incl.
Auth. Sees. 3939. 3942 and 39.53, Gen. Code. Denom. $100. Int.
semi-ann.
Certified check for 5% of the amount of bonds bid for, payable
Bonds to be delivered and paid for
to the Village Treasurer, required.
within 10 days from time of award. Purchaser to pay accrued int.
ing
83,600 bonds.
WAUKEE CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P.
O. Waukee), Dallas County, Iowa.
BOND SALE. — The
$40,000
site-purchase, building and equipment bonds voted Nov. 25 (V. 103, p.
2097) have been purchased by Geo. M. Bechtel & Co. of Davenport.
WAYNE COUNTY
(P.
O.
Wooster), Ohio.— BOiVD
SALE.— On
July 2 the four issues of 5% road-impt. bonds, aggregating $113,2.50 (V.
104. p. 2477) were awarded to Hayden, Miller & Co. of Cleveland, it is
stated, for $113,322, equal to 100.063.
WAYNE COUNTY
(P. O. Wayne), W. Va.— BOA^D ELECTION
PROPOSED. Reports state that the County Court has been asked to
call an election to vote on the question of issuing $1 ,000,000 road bonds.
—
WEATHERSFIELD TOWNSHIP (P. O. Niles), Trumbull County,
BOND ELECTION. — Keports state that an election will be held
Ohio.
July 24 to vote on the question of issuing $120,000 bridge bonds.
WEBSTER CITY SCHOOL DISTRICT (P. O. Webster City), Hamilton County, Iowa.
BONDS DEFEATED. We have just been advised
that the question of issuing the .¥150.000 building bonds (V. 104, p. 684)
failed to carry at the election held March 12.
—
WENDELL GRADED SCHOOL DISTRICT, Wake County, No.
CARO.— BOND SALE.— On June 25 the $10,000 5 Tt 20 year building
!-i
bonds tV. 104,
—
.
THE CHRONICLE
14 1917.]
bonds (V. 104,
—
—
p. 2264) were,
awarded to Bolger, Mosser
& WlUaman
of
205
Chicago at 100.785 and
bids were:
Durfee. Niles
of $32.
&
Purchaser to furnish blank bonds.
int.
premium
Co., Toledo, par, accrued int., blank bonds and
Hanchett Bond Co.. Chicago, par, accrued
int.,
Other
blank bonds and premium
of $11 less allowances of $247 to cover expenses.
Davies-Bertram Co., Cinciimati, par, accrued int., blank bonds, less allowances of $275 for expenses.
John Nuveen & Co., Chicago, par, accrued int., blank bonds, less allowance of $90 for expenses.
Weil. Roth & Co., Cincinnati, $9,766 and blank bonds.
Powell, Garard & Co., Chicago, par, accrued int., blank bonds, less allowance of $300 for expenses.
A. J. Hood & Co., Detroit, par, accrued Int., blank bonds, less allowance
of $199 for expenses.
C. H. Coffin, Chicago, $10,011 flat, blank bonds, less allowance of $100 for
,
'
expenses.
L, Slayton & Co., Toledo, par and premium of $115 for 6% bonds;
offers to take 5)4% bonds at same rate.
These last three bidders failed to enclose the required certified check with
W.
their bids.
WESTFIELD,
BONDS.
Marquette County, V/isc— DESCRIPTION OF
— The $2,500 4^ % village-hall-building bonds awarded at parand
on
the denom. of
June 18 to local investors (V. 105, p. 98) are
dated June 28 1917. Int. annual on Jime 28.
in
Due
$1(50
part in
2, 4, 6,
8 and
10 years.
WEST SIDE IRRIGATION DISTRICT
SALE.
— On
July 3 $295,000
(P.
6%
O. Tracy), Calif.— BOATD
21-40-yr. serial irrigation-system-impt.
Bank of Tracy and
$270,000 at 103.125 to the City Bank of Stockton. Other bids were:
McDonnell & Co., San Francisco
$301,315
J. R. Mason & Co., San Francisco
300,0.57
bonds were awarded as
follows: $25,000 at 103.25 to the
San Joaquin Valley Nat. Bank, Stockton
295,100
Banta, Calif
293, .500
Denoms. $500, $250 and $100. Date Jan. 1 1917. Int. J. & J.
WHITLEY COUNTY (P. O. Columbia City), Ind.— BOATD OFFERING. Proposals will be received until 1 p. m. July 16 by Forrest S. Deeter,
County Treasurer, for $8,842 414% 10-year highway-improvement bonds
Denom. $442 10. Date July 16 1917. Int. M. & N.
of Troy Township.
Due $442 10 each six months from May 15 1918 to Nov. 15 1927.
WINCHESTER, Clark County, Ky.— BOA'D SALE.— On July 6 the
$180,000 5% 30-yr. municipal water-works bonds (V. 104, p. 2670) were
awarded, it is stated, to Weil, Roth & Co. of Cincinnati at par. Auth.
Sec. 157-8-9, Ky. Const., Sec. 3490, Sub. Sec. 34 of Ky. Stat, of 1909; also
vote of 1,307 to 206 at the Nov. 7 election. Denom. $1,000. Prin. and
semi-ann. int. payable at the Winchester Bank. Total bonded d«bt, inJ. Brichetto.
—
cluding this issue, $280,000. Special a,ssessment debt, additional, $54,171.
Floating debt (May 31 1916). $12,970 82f Sinkingfund (May 31 1916),
$14,696 20. Total assess, val. 1916, $5,804,673.
PARISH (P. O. Winnfield), La.— BOND OFFERING.— Ptoposals will be received until Aug. 7 by B. W. Bailey at the Bank of Winnfield for $75,000 5% 10-year serial court-house bonds.
Int. semi-annual.
WINN
WIOTA INDEPENDENT SCHOOL DISTRICT (P. O. Wiota),
Cass County, Iowa.— A^O ACTION YET TAKEN.— H. P. Grinyer,
Secy. Bd. of Ed., advises us that the question of calling an election to vote
on the issuance of the $20,000 building bonds (V. 103, p. 1915) has been
dropped for the present.
WOODLAND SCHOOL DISTRICT, Northampton County, No.
Caro. BOA^D OFFERING.— Sealed bids will be received until 12 m.
Aug. 4 (opened Aug. 6) by P. J. Long, Secy. Co. Bd. of Ed. (P. O. JackDenoms. $.500 or $1,000. Int. semison), for $5,000 6% school bonds.
ann. Due part yearly from 13 to 17 years from date of issue, incl. Bonded
—
Assess, val. 1916, $500,927; actual val..
debt, incl. this issue, $15,000.
$1,200,000.
WORCESTER,
On
Worcester County, Mass.— TEMPORARY
LOAN.—
July 13 a temporary loan of $75,000 in anticipation of revenue, dated
July 17 1917, and maturing Dec. 10 1917, was negotiated, it is reported,
with Bond & Goodwin of Boston at 3.99 % discoimt plus a premium of $1 .30.
COUNTY (P.O. Upper Sandusky) Ohio.— BOAT/) SALE.
^On June 6 $7,200 5% 1()-jt. road-impt. bonds were awarded to Durfee,
Niles & Co. of Toledo for $7,203, equal to 100.041. Denom. $380. Date
July 1 1917. Int. J. & J.
XENIA, Greene County, Ohio.— BOA^D OFFERING.— C. P. Logan,
City Aud., will receive bids until 12 m. July 24 for $8,000 5% coupon
sewerage disposal plant bonds. Auth. Sees. 1259, 1259-1 and 3939 Gen.
Code. Denom. $500. Date Aug. 1 1917. Int. semi-ann. Due $1,000
Cert, check for 2% of the
each year on Aug. 1, from 1920 to 1927 incl.
amount of bonds bid for, payable to the City Treas. required. Bonds to
be delivered and paid for within 10 days from time of award. Pvn-chaser
Bonded debt
to pay accrued int. and furnish bonds at own expense.
(excl. this issue) $487,400, assessment bonds .$237,000; tax duplicate 1916
$9,817,760; sinking fund trustees, $97,000.
SCHOOL DISTRICT NO. 36 (P. O. Jerome
YAVAPAI
Junction), Ariz. BONDS VOTED. The election held June 23 resulted
in a vote of 23 to 10 in favor of the question of issuing $15,000 6% buildDue
ing bonds. V. 104, p. 2575. Denom. $1,000. Interest semi-ann.
in 20 years, subject to call $1,000 yearly, beginning 5 years after date of
These bonds will probably be offered for sale about Aug. 15.
issue.
.
— WYANDOT
,
COUNTY
—
YOUNGSTOWN, Mahonine
County, Ohio.— BOA^D SALE.— The
following bids were received for eleven of the twenty-six issues of 5% coupon
or reg. (ptu-chaser's option) bonds, aggregating $192,260 offered on July 9
(V. 104, p. 2670):
S7.000
532,000
515,000
S8.000
S23,000
Impt.
C. E. Denlson & Co .*S32,300
Hayden, Miller & Co. 32,249
Tillotson&WolcottCo 32,190
32,134
K.L.Day&Co
ahoning Nat Bank . 32 1 3 1
Seasongood & Mayer- 32,119
32,106
Farson, Son & Co
Elliott
&
Breed,
Harrison
32 ,092
Provident Sav. Bank
32.080
&TrustCo
32,041
Stacy&Braun
32,037
Spitzer, Rorick & CoDurfee, Niles & Co...
S7,000
M
,
.
.
Station.
Cilu's
Hospital
Comfort
Portion.
Sub. Police
City's Por'n.
Land.
Station.
00 *S23,186 30 *$15,228 00 *.S8,068 80 *S7.049 70
023 10
60
23.1.51 80
15,181 50
8,056 80
15,138 00
8.035 20
7.025 20
23,119 60
00
40
23.066 70
15,084 00
8,015 20
7,bn'96
20
15,105 00
8,029 60
23,085 10
8,012 25
7,003 50
00
23.070 00
15,064 00
23,076 59
56
80
23,052 90
15,087 10
00
60
00
23.048 00
23.029 90
23,005 00
15,052 00
15,019 ,")0
15,041 00
15,077 00
812,590
Police
Station i
Fairgreen
Ave.
S
S8,555
Erie
S
St.
8,010 40
8,002 00
7,009 10
S6,295
.516,925
S9.770
Luccius Indianola.
Ind' la Ave
Sidewalks .Ave .sewer .Ave .sewer
S
S
S
Havden,Mmer&Co.*7.018 90
Mahoning Nat. Bk. 7,011 90 *12,6H 40 *8,569 55 16,953 75 9,786 50
7,009 10 .Stacy&Braun
&
Wolcott
Seasongood
& Mayer
Tillotson
Co
.
7,008 40- 12,611 40
7,003 50 12,596 30
8.569 54 *16,953 77 *9,786 61 *6,305 70
8,559 28 16,933 46 9,774 85 6,298 15
* Successful bids.
YREKA UNION HIGH SCHOOL DISTRICT,
Siskiyou County,
OF BONOS.— The $70,000
6% 1-14-yr. serial
& Co. of
(V. 104. p. 2477) are in the
San Francisco for $74.3,50, equal to 106.214
denom. of $1,000 and dated May 8 1917. Int. ann. on May 8. Due
$5,000 yearly from 1918 to 1931, incl.
DESCRIPTION
Calif.
building and equipment
bonds awarded on June 5 to McDonnell
ZEBULON, WaTce County, No. Caro.— BOA^D SALE. — On June 25
6% 20-yr. coupon light-plant-completion bonds (V. 104, p. 2575)
were awarded to Tillotson & Wolcott C3o. of Cleveland at 102.14.
the $6,000
Canada,
Its
Provinces and
Munlclpalitl<>!S.
ALBERTA SCHOOL DISTRICTS.— DEBENTURE OFFERING.—
Separate tenders for each of the blocks of school district debentures mentioned below will be received until 4 p. m. July 19 by M. C. Elliott, Manager of Debenture Branch of Dept. of Education (P. O. Edmonton):
THE CHRONICLE
20G
$2,500 6!-2% 20-yr. Viking School Dist. No. 1906 debentures.
10-yr. Canmore Scliool Dist. No. 16S debentures.
6,500 6%
10-yr. Hackberry School Dist. No. 606 debentures.
600 7%
10-yr. Trinity School Dist. No. 316H debentures.
1,200 7%
10-yr. liirdsview School Dist. No. 3415 debentures.
1.200 7%
5-yr. llalcourt School Di.st. No. 2S35 debentures.
900 7%
10-yr. debentures, consisting of four separate issues.
3,700 7%
4,200 7%
10 yr. debentures, consisting of three separate issues.
7%
— SASKATCHEWAN
he following live
ous school
issue
.$5.1.50, issued by variProvince of Saskatchewan are reported sold by
the Local Government Board from June 25 to June 29.$1,900 Simon.son Dist. No. 3S62
Goldman & Co., Regina
l,/00 East EairwcU Dist. No. 3805-. Goldman & Co., Regina.
1,600 Courcellette Dist. No. 3864. ..Goldman & Co., Regina.
2o0 Lloyd Di.st. No. 1016
Wood. Gundy & Co., Saskatoon.
/OO Los Angeles Dist. No. 2476-.. Nay & James, Hegina.
districts in the
FOXWARREN CONSOLIDATED SCHOOL DISTRICT
—
it
of .?1.500
W.
8-instaHment sidewalk debentures was purchased during June by
Alger & Co. of Edmonton.
is
6%
SHERBROOKE PROTESTANT SCHOOL COMMISSION
Que.—
Kofss
S' 5,000 iiiAVc 30-year serial school
,?f
(V. 104, p. 2071).
O. Fox-
',„^.
warren), Man.— DEBENTURE SALE. On June 26 $36,000 6% building
and equipment debentures were awarded to J. A. Thompson Winnipeg,
at 9,S.30 and int.
Denom. (19) $900, (1) $18,900. Date .lulv 1 1917.
Int. anu. in July.
Due .S900 yearly for 19 years and .S18,900 in 20 years.
THOROLD, Ont.— DEBENTURE SALE.— On July 2 840,400 6%
30-year serial debentures were awarded, it is stated, to Wood Gundy &
Co. and the Royal Bank at their joint bid of 99.
TOFIELD SCHOOL DISTRICT NO. 1939, Alta.—
SALE. During the month of June S7,.500 6% 20-installment building
debentures were purchased by W. Ross Alger & Co. of Edmonton.
,
GREATER WINNIPEG WATER DISTRICT, Man.— DEBENTURES
BY
5%
TORONTO TOWNSHIP, Ont.—DEBENTURE SALE.— On July 7 the
$15,000 5!'2% 20-installment debentures (V. 105. p. 99) were awarded to
Macneill & Young of Toronto, it is stated, for $14,605. equal to 97.366.
HARGRAVES SCHOOL DISTRICT
NO. 2936, Alta.— DEBENTURE
— An issue of 500 7% 10-instaliment building debentures was
purchased by W. Ross Alger & Co. of Edmonton during June.
.SI.
TRENTON,
N. S.— DEBENTURE OFFERING.— Bids will be received
m. July 20 by WilUam Fraser, Town c:ierk, for $15,000 paying
$10,000 sidewalk
$5,000 fire dept. and $5,000 water ext. 5% 20-yr!
debentures.
Int. semi-ann., payable at the office of the above Town Clerk.
The paving bonds are due July 2 1936 and the other issues July 2 1937.
LAMBTON COUNTY
ING.
— H.
(P. O. Sarnia), Ont.— DEBENTURE OFFERIngram, County Treasurer, will receive bids until July 20 for
$54,000 5}^-2% debentures.
Due
until 12
,
in 4 yearly installments.
OFFERI NO— Proposals will be
by John McHattie, Town Clerk, for .SI 5,000 6%
PETROLEA, Ont—DEBENTURE
C—
received until July 16
20-installment hydro-electric-ext. debentures.
VANCOUVER, B.
DEBENTURES DEFEATED.— The election
held June 20 resulted in the defeat of the question of issuing $1,000,000 6%
25-yr. debentures for current expenses.
The vote was 1,195 "for" and
1,359 "against."
F ROSAMOND SCHOOL DISTRICT, Man.— DEBENTURE SALE.—
J. A. Thompson of Winnipeg has purchased $6,000 6% 20-year school
debentures, according to reports.
ST. CATHARINES, Ont.— DEBENTURE SALE.— On July 6 the
VICTORIA,
B.
C— DEBENTURE
OFFERING.— Reports
state that
offering for sale $53,813 10-year serial debentures, at a price to
Principal and semi-annual int.
yield 6%.
M. & N. payable at the
Bank of British North America, London, N. Y., Montreal, Toronto or
Victoria, at the option of holder.
this city
followmg nine issues of debentures, aggregating $291,649 98, were awarded
to the Canada Bond Corp. of Toronto for .'6279,465 71 equal to 95.S22:
1-30-yr. serial public school debentui-es.
$28,000 00
12,000 00 5M< 1-10-yr. serial gas debentures.
,
SW
DEBENTURE
—
OFFERED
B.ANKERS.— Wood, Gundy & Co. of Toronto are offering
to investors .$2,000,000
5-yr.
gold coupon water-works system deFor details of issue see V. 101, p. 2178.
bentures.
SALE.
(P. O.
bid.s were received
debentures offered on July 4
DEBENTURES NOT SOLD.—:s o
Sherbrooke;,
(P.
SCHOOL DISTRICTS.-DEBENTURE SALES,
of debentures, aggregating
i.ssues
1
school debentures has been purcha.sed,
l.'j-ycar
Thompson of Winnipeg.
CHAUVIN, A\ta.— DEBENTURE SALE.— An
^AVf- DEIMETIS. A\ta.— DEBENTURE .SALE.—W. Ross Alger
fj- {''^ ';;<imonton purchased
during June S2,000 6% S-installm ent f&e-
.
h.ii ".
BRUAN SCHOOL DISTRICT, Man— DEBENTUIiE SALE.— An
issue of .? 1,300
stated, by J. A.
[Vol. 105
is
—
—
VIRDEN, Man.— DEBENTURE SALE.— On July 6 the $7,000 6%
25-instaUment subway debentures (V. 104, p. 2671) were awarded to Brent,
Noxon & Co. of Toronto for $6,411, equal to 91.57. Other bids were:
R. C. Matthews & Co., Toronto. 91. 07 McNeill & Young, Toronto
89
W. L. McKinnon & Co., Tor..90.20|G. B. Perry Co
.
.82.90*
Burgess & Co., Toronto. 90. 02
C. H.
WATFORD, Ont.—DEBENTURE SALE.— On J nne 19 the'.$9,713J21
5^2% 20-installment hydro-electric debentures were awarded to the IndusDate Dec. 31 1917. Int. ann. on Dec. 31.
trial Mtge. & Sav. Co.
(
00 5M' l-lO-yr. serial bridge right-of-way debentures.
28 5% 1-10-yr. serial local-improvement debentures.
00 5^12% l-30-yr. serial relief-trunk-sewer debentures.
37 5% 1-7-yr. serial local-improvement debentures.
45 5% 1-5-yr. serial local-improvement debentures.
88 6% 1-15-yr. serial local-improvement debentures.
00 5i4~% 1-20-yr. serial hydro-electric debentures.
Prin. and semi-annual int. payable at the Imperial Bank of Canada,
Totonto, or at the Bank of the Manhattan Co. New York.
110,000
21,038
76,000
14,194
»s 819
4,597
25,000
1
I
,
NEW LOANS
FINANCIAL
$250,000
TOWN OF TORRINGTON
Bondhouses
Litchfield Co.,
JAMES TALCOTT, Ina
226 Fourth Av*nu«,
AND ALL
Connecticut.
Stock Exchange Firms
43^% School Bonds
The Town of Torrington will receive sealed bids
at the office of The Brooks Bank & Trust Company until 2 O'CLOCK, P. M.,
THURS=
DAY, JULY 19TH, 1917, for Two hundred fifty
thousand dollars ($250,000 00) four and one-half
per cent School Bonds (coupon) issued in denominations of One thousand (SI, 000) dollars
each; can be registered as to principal. Bonds
to be dated August 1st, 1917; interest payable
at the rate of four and one-half per cent, semiannually, February 1st and August 1st; to become
due, $10,000 00 each year, bonds Nos. 1 to 10
inclusive due and payable August 1st, 1918;
bonds Nos. 11 to 20 inclusive due and payable
August 1st, 1919, and so on until the entire issue
is paid.
Certified check for two per cent of the amount
of bonds bid for, payable to the Treasurer of the
Town of Torrington, must accompany each bid,
which shall be at not less than par.
The present bonded debt of the town is Two
hundred fifty thousand ($250,000) dollars, and
the last Grand List is Sixteen million eight hundred eight thousand four hundred eighty-one
($16,808,481 00) dollars..
Deliveries will be made on August 1st.
Legality will be passed upon by Storey, Thorndlke,
Palmer & Dodge, of Boston.
The Town of Torrington reserves the right to
accept such bids for the whole or in such lots as
may by the bids received appear to be for the best
dvantage of the Town.
ON
will be relieved of a great burden by
using our Course on Investments and
Security Selling to train the men whom
necessity makes them take on to fill the
places of those who enlist.
Our Course, used by over a thousand
security salesmen, will train men in the
quickest, cheapest and most efficient way
possible.
Our outline J-4 and more information regarding this work will be sent on request.
Investment Bankers Bureau, Inc.,
WELLESLEY HILLS, MASS.
We Buy
Sell
CITY OF MINNEAPOLIS
and
other
munloipals
hlgh-graoe
of the
Middle West.
BONDS
Sealed bids will be received by the Committee
on Ways and Means of the City Council of the
City of Minneapolis, Minnesota, at the office of
the City Comptroller of said City, MONDAY
JULY 16, 1917, at 3:00 o'clock p. m., for $10,000 00 Appraisal Bonds, $15,000 00 Municipal
Bath Bonds, $100,000 00 Armory Bonds, $175.000 00 Hospital Bonds, $25,000 00 Workhouse
River
Terminal Bonds,
Bonds, $25,000 00
$55,000 00 Permanent Improvement Fund Bonds
and $175,000 00 Park Bonds.
The above bonds to be dated July 1 1917, and
become due and payable at a time not less than
one year nor more than thirty years from the-date
thereof, as desired by the purchaser thereof, and
will bear interest at the rate of four (4%) per
cent per annum, and to be payable semi-annually,
and no bid will be entertained for a sum less than
95 per cent of the par value of said bonds and
accrued interest upon same to date of delivery,
and each proposal or subscription must designate
the date on which it is desired that said bonds
shall be made payable.
The right to reject any or all bids is hereby
We
also
specialize
Drainage bonds
City
Cable Addresi Qaomaktl
Trantacti a general textile comiriaalaB
businesi. Financei the entire prodas
tion of woolen, cotton, lilk, underwaar
and other mills and all lines of tradci
Discounts bills receivable with or without guarantee. Acts as factor and furnishes selling and storage facilities for
manufacturers,
selling
agents,
maechants, &Co
Correspondenca
Solicits
from
Manutaet-
urara for tha sale and financing of
their ENTIRE PRODUCT
A
STONE &WEBSTER
public utility developmeiits.
BUY AND SELL securities.
City of St. Louis
$380,000
TeL Gr»merc7 4796
FINANCE
and
New York
Fonnded 1864
DESIGN Bteam power
stations, hydro-
electric developments, transmission
lines, city and interurban railways,
plants,
buildings.
gas
industrial
CONSTRUCT either from
In
of the
plants
and
our own de-
signs or from designs of other engineers or arcliitects.
Mississippi Valley.
Correspondence invited
BOND DEPARTMENT
REPORT on
public utility properties,
proposed extensions or _new projects.
MANAGE railway, light, power
and £as
companies.
Mississippi Valley Trust Co.
,
reserved.
A certified check for two per cent of the par
value of the bonds bid for, made to C. A. Bloomquist. City Treasurer, must accompany each
bid.
Circular
containing
full
particulars
will
mailed upon application.
DAN C. BROWN. City Comptroller,
Minneapolis. Minnesota.
be
Capital, Surplus
and
Profits
over $8,000,000
ST.
NEW YORK
B.
EDWARDS
BROKER
TrlbunelBuilding, NEW YORK. N, Y.
FOR SALE. Timber, Coal. Iron, Ranch and
other properties.
Confidential Negotiations,
Investigations.
Settlements, Purchases of Property.
Ladies
Cnlted States, Was
Canada. Mexico
—
CHICAGO
LOUIS
F.
GEO.
BOSTON
WM. KRAFT
LAWYER.
Specializing in Examination of
Municipal and Corporation Bonds
817-620
111
HARRIS TRUST BUILDING
WEST MONROE STREET
CHICAGO,
ILL.
@FedFRASER