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financial
Dv.
ollinurct31
_
INCLUDING
Bank & Quotation Section
Railway Earnings Section
Ijrontde
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JUNE 1-6- 1917
VOL. 104
Wite Thranicle.
1Veek ending June 9.
1916.
Inc. or
Dec.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _ _ _
Columbus
Toledo
Peoria
Grand Rapids__ _
Dayton
Evansville
Youngstown _ _ _ _
Springfield, Ill_ _
Fort Wayne___ _
Canton
Akron
Lexington
Rockford
South Bend
Springfield, O.._ _
Quincy
Bloomington_ _ _ _
Decatur
• Mansfield
Danville
Jackson
Jacksonville, Ill_
Lima
Lansing
Owensboro
Ann Arbor
Adrian
Tot. Mid.West
$
475,851,105
36,496,785
63,167,097
48,478,400
25,579,174
13,612,824
9,110,500
9,689,778
5,200,000
4,929,736
3,711,704
2,784,791
3,418,083
2,184,096
1,546,832
3,585,973
5,825,000
560,992
1,028,575
1,151,687
1,170,140
1,050,583
1,314,023
887,696
1,003,873
750,000
920,000
419,815
778,136
1,514,822
522,174
547,634
110,966
728,902,994
$
353,388,787
35,055,000
40,068,994
41,362,821
18,388,319
11,213,351
9,887,400
9,566,727
3,900,000
4,094,922
3,410,248
1,504,187
2,169,145
1,661,072
1,473,419
2,471,400
3,580,000
679,039
951,446
1,001,502
958,491
879,626
754,792
654,130
595,294
700,054
800,000
527,073
675,801
1,544,372
295,917
366,036
78,225
554,657,593
%
+34.7
+4.1
+57.6
+17.2
+39.1
+21.4
-7.8
+1.3
+33.3
+20.4
+8.8
+85.1
+57.6
+31.5
+5.0
+45.1
+62.7
-17.5
+8.1
+15.0
+22.1
+19.4
+74.2
+35.6
+68.6
+7.1
+15.0
-20.5
+15.2
-19.4
+76.5
+49.5
+41.8
+31.4
$
285,477,696
24,196,500
26,802,595
29,813,475
15,728,998
8,156,708
6,647,900
5,787,953
3,142,418
3,368,334
2,153,481
1,234,891
1,535,127
1,143,274
1,255,222
1,650.000
2,034,000
582,486
904,518
723,559
648,198
757,342
647,968
494,378
476,172
478,163
561,920
259,912
450,000
634,844
312,388
263,266
67,134
427,890,820
San Francisco_ _ _
Los Angeles
Seattle
Portland
Salt Lake CitySpokane
Tacoma
Oakland
San Diego
Sacramento
Pasadena
Stockton
Fresno
San Jose
North Yakima
Reno
Long Beach
Total Pacific
76,808,074
59,217,835
25,727,000
23,193,507
20,383,291
15,194,946
10,245,027
14,000,000
10,479,728'
8,570,710
4,758,236
5,300,000
3,151,247
2,275,840
4,461,908
4,385,413
1,897,709
2,528,829
2,674,335
2,353,856
1,020,577
1,006,871
1,620,527
1,182,931
1,441,065
1,155,574
750,000
680,000
647,510
512,839
324,000
300,000
729,638
627,679
171,419,639 138,190,093
+29.7
+10.9
+34.1
+36.7
+22.3
+11.4
+38.6
+17.3
-25.0
+13.6
+1.4
+37.1
+24.8
+10.3
+26.3
+3.0
+16.2
+24.0
47,180,382
20,434,576
11,798,926
8,705,144
6,073,503
3,631,654
1,957,273
3,475,176
1,939,182
1,845,787
863,427
842,737
913,630
597,537
412,612
278,716
468,292
111,421,554
22,566,071
12,730,603
9,857,366
5.685,891
4,778,152
2,301,630
3,505,778
2,191.673
2,011,345
831,655
852,045
744,582
744,758
450,346
288,431
598,454
117,190,269
Kansas City_ 1A1Innespolls _ _ _ _
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Duluth
Wichita
Lincoln
Topeka
Davenport
Cedar Rapids__ _
Colorado Springs
Fargo
Pueblo
Fremont
Waterloo
Helena
Aberdeen
Hastings
Billings
Tot. 0th. West
126,521,070
28,447,159
33,145,079
14,429.294
16,309,570
14,635,221
8,226,065
a,cKc Ann
7.450.737
8,146,468
3,771,633
2,606,799
2,369,107
2,262,040
808,445
1,684,082
611,412
640,933
2,390,000
1,955,394
921,542
515,755
840,000
285,323,214
+27.9
+27.4
+43.9
-3.7
+18.0
+35.1
+26.4
71,793,221
19,794,810
18,785,117
11,234,058
10,329,555
7,976,532
5,191,381
50,140,611
22,374,313
16,000,000
10,451,077
9,308,176
7,509,152
5,738,663
1917.
Terms of Subscription-Payable in Advance
.$10 00
,;11T One Year
6 00
;For Six Mouths
6000
turopean Subscription (including postage)00
173
uropean Subscription six months (including postage)
it
tInnual Subscription in Loudon (including postage)
.22 14a.
21 11a.
;31x Months SiPmeription in London (including postage)
Oanadian Subscription (including postagei
$11 50
Subscription includes following SupplementsSANK AND QUOTATION(monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
3AILWAY EARNINGS (no1111ily)
I ELECTRIC RAILWAY (3 tunes yearly)
;TATE AND CITY (semi-annually) I 13A...\ KERS' CONVENTION (yearly)
Terms of Advertisind-Per Inch Space
Transient matter per inch space (14 agate lines)
(S times)
Two Months
(13
°Landing Business Cards
'
ilsths
ir?Vgl
rac
Twelve Months(52 times)
CHICAGO OFFICE-39 South La Salle Street, Telephone Majestic 7396
`.,ONDON OFFICE-Edwards cf." Smith,1 Drapers' Gardens, E.C.
Lineess>
$4 20
22 00
29 00
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WILLIAM IL DANA COMPANY, Publishers,
Front,
allii
epoystor Stn., New York.
Published every Saturday morning by WILLIAM II. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, See. Addresses of all, Office of the Company.
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, Ace., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $6,164,527,925, against $5,772,184,721 last week and $4,798,075,918
the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending June 16.
Per.
Cent.
1917.
1916.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$3,068,954,243
427,325,720
293,228,545
206,333,207
113,202,434
115,985,699
86,124,464
69,308,165
48,507,899
38,457,785
27,805,955
$2,445,311,916
331,563,479
204,170,931
180,740,252
71,499,511
87,010,530
51,111,573
57,486,170
39,098,746
38,764,150
20,943,680
+25.5
+28.9
+43.7
+14.2
+58.3
+33.3
+68.5
+20.6
+24.1
-0.8
+33.7
Eleven cities, 5 days
Other cities, 5 days
$4,495,234,116
620,384,869
$3,527,646,939
511,434,802
+27.4
+21.3
Total all cities, 5 days
All cities, 1 day
$5,115,618,985
1,018,908,940
54,039,121,741
75$,954,177
+26.6
+38.2
$6,164,527,925
$4,798,075,918
+28.5
The full details for the week covered by the above will be given next Saturday.
We 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 pre.ss Friday night.
Detailed figures for week ending Saturday noon, Juno 9, for four years follow:
Week ending June 9.
Clearings at1917.
New York
Philadelphia _ _
Pittsburgh
Baltimore
Buffalo
Washington
Albany
Rochester
Scranton
Syracuse
Reading
Trenton
Wheeling
Wilkes-Barre_ _
Wilmington
York
Erie
Chester
Greensburg
Binghamton
_
Altoona
Lancaster
Montclair
Total Middlo _
Boston
Providence
Hartford
New Haven
Springfield
Worcester
Portland
Fall River
New Bedford_ _ _
Lowell
Holyoke
Bangor
Total N. Eng
1916,
$
S
3,464,336,922 2,979,367,287
332,818,145 237,203,393
75,032,708
59,947,917
43,312,829
41,992,639
20,250,946
15,609,732
12,461,813
11,426,012
4,800,000
4,741,395
8,625,283
7,701,622
3,883,359
3,405,759
3,925,250
2,818,838
2,757,641
2,350,471
2,416,104
2,226,070
3,012,034
3,643,528
2,206,396
1,917,400
3,249,519
2,920,399
997,832
1,220,815
1,298,197
1,694,763
1,151,555
1,488,845
900,000
950,000
954,400
1,125,400
594,249
600,000
2,317,681
2,416,405
461,103
575,505
3,993,463,056 3,385,678,105
230,040,466 200,556,911
9,098,000
9,238,400
8,322,290
9,210,046
4,901,857
4,371,629
4,125,303
3,930„562
3,133,750
3,466,598
3,350,000
2,857,410
1,960,088
1,698,339
1,663,725
1,457,519
1,103,934
1,002,309
800,000
851,202
725,000
733.503
?AO T14 413 230i79458
Inc. or
Dec. 1
1915.
1914.
$
$
% 1
+16.3 1,724,706,416 1,691,828,817
+40.3 154,224,921 143,055,993
+25.2
47,833,394
49.467,879
+3.1
29,237,159
35,537,962
+23.3
10,492,136
10,607,536
+9.1
8,302,760
8,562,976
5,898,672
+1.2
5,346,765
+12.0
5,020,818
5,351,586
+14.0
3,377,105
3,554,570
3,368,990
+37.8
2,899,378
+17.3
1,937,935
1,951,962
1,611.504
+8.5
2,014,332
+20.9
2,469,035
1,933,677
+14.0
1,688,816
1,628,178
-10.1
2,107,404
1,947,995
+22.4
971,805
956,670
1,183,762
+30.51
1,016,729
+29.0
745,077
705,872
+5.51
832,616
733,932
+17.9
695,000
686,200
+1.0
571,139
546,571
+4.3
1,617,446
1,752,226
+24.7
524,218
443,462
+18.0 2,008,196,339 1,973,753,079
+14.7 149,628,912 139,371,276
-1.5
7,434,500
7,713,000
5,636,467
-9.5
5,411,847
3,939,962
+12.1
3,591,254
3,398,745
+5.0
3,012,835
2,544,665
-9.6
2,602,915
2,281,784
1,843,375
+17.3
1,202,593
+15.4
1,291,962
+14.1
1,163,54S
1,100,483
904,740
+10.1
855,20;3
680,491
854,052
-6.0
-1.8
473,621
414,991
4-19 c
1711
Ron ROA
in'? 7AR 0.
11
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
NO. 2712
Clearings at
PUBLISHED WEEKLY.
Total all cities for week
Electric Railway Section
State and City Section
83,292,910
22,330,053
23,03.5,918
14,990,5.58
13,826,204
10,833,635
6,507,158
1915.
1914.
$
310,380,851
25,045,800
24,447,871
26,103,385
17,180,073
8,753,409
6,932,400
6,484,607
3,382,378
3,363,306
2,092,344
1,406,260
1,578,104
1,245,461
1,200,476
1,491,505
2,184,000
605,055
1,002,056
623,682
721,410
785,721
766,094
449,202
538,595
496,208
550,000
263,745
471,418
494,622
386,930
223,291
51,534
449,701,853
47,oei,489
A ./..7VM
1 ml 1
n rnc 014
0 nnr nor
4.320.647
.
.
4,405,427
3,155,268
1,903,904
2,050,676
1,796,714
819,004
1,746,395
511,424
611,294
2,156,634
1,413,046
888,981
327,811
700,191
205,962,617
-I-84.9
A-19.5
A-36.9
1H15.6
Ar25.9
--1.3
--3.6
AH19.6
+48.6
AH10.8
+38.4
A-3.7
A-57.4
A-19.9
AH38.5
3.849:951
2,389,943
1,702,487
1,537,134
1,724,277
856,234
1,404,314
418,326
533,331
1,599,315
1,041,070
592,971
210,163
505,629
170,565,216
3.157.447
1,978,290
1,539,530
1,700,043
1,870,344
660,222
1,249,073
594,597
473,335
1,416,305
1,124,692
554,377
147,416
481,275
145,105,641
A-12.0
+23.1
--8.5
+39.9
A-59.6
AH32.8
+77.8
AH25.1
AH37.3
AH7.9
1,17.2
+37.4
A-3.0
1,38.2
+0.5
AH17.7
A-15.7
--14.4
+90.0
AH36.8
AH47.2
--53.6
AH23.2
--15.0
--13.9
A-13.8
AH29.9
AH80.2
1-20.41
75,778,572
16,026,901
14,659,535
6,650.227
9,007,335
12,646,071
3,750,000
5,596,265
8,228,785
6,346,596
3,297,470
4,111,152
2,252,911
2,191,863
2,948,001
1,778,405
2,677,955
1,712,717
1,116,208
1,112,487
1,808,427
2,535,101
2,043,437
308,890
418,261
1,428,595
841,504
80,444,241
16,847,047
12,379,028
8,294,376
7,750,651
14,532,828
3,429,000
6.345,562
6,853,140
6,589,462
3,728,828
3,972,190
2,822,036
2,011,148
3,690,814
2,343,580
3,110,877
2,113,506
1,742,429
1,218,035
1,665,446
3,690,761
1,875,419
260,062
405,860
1,653,018
876,437
120,380,163 107,467,235
St. Louis
29,464,320
23,943,101
New Orleans.._
16,323,721
Louisville
17,836,036
Houston
10,900.000
7,791,898
24,304,953
Richmond
15,857,558
21,862,482
Atlanta
16,463,719
Galveston
5,600,000
3,150,000
Memphis
9,494,678
7,590,349
12,062,170
Fort Worth
8,780.210
8,836,829
Nashville
8,190,096
6,681,918
Savannah
5,701,115
5,180,398
7,119,638
N orfolk
Birmingham _ _ _
3,393,209
3,294,236
Oklahoma
3,618,265
5,000,000
_
Jacksonville
3,881,997
3,899,486
2,990,836
2,540,408
Little Rock
Chattanooga_ __ _
3,479,937
3,008,176
Knoxville
2,461,462
2,107,820
Augusta
2,785.692
1,465,919
1,652,134
Mobile
1,207,978
2,068,461
Charleston
3,045,925
2,586,653
. 1,200,000
Macon
2,460,332
2,000,000
Austin
326,791
277,685
Vicksburg
407,924
351,000
Jackson
4,817,149
5,482,544
Tulsa
1,001,682
Muskogee
1,300,000
6,318,794
11,383,933
Dallas
Total Southern 323,841,405 268,957,610
,-_-=
_
5,772,184,721 4,792,725,446
Total all
Outside N. Y_ 2,307,847,799 1,813,458,159
191,073,671 200,646,779
A-20.4!3,088.767,994 3.056,140,458
+27.3,1,364,061,578 1,364,311,641
2374
THE CHRONICLE
[VoL. 104.
Financial interests did their part, too, to enlist
popular support of the loan by actively soliciting
subscriptions for it and by organizing their sales
agencies for that purpose. Some of the foremost
concerns in the financial district placed their entire
selling forces at the disposal of the Government with
the view to bringing the bonds to the notice of the
general public. These services were given entirely
gratuitously. More than that, the same people
went to heavy outlays in their endeavor to enlist a
full measure of popular support. At the same time
the Secretary of the Treasury and the whole Administration left no stone unturned to ensure the success
of the undertaking, devoting themselves wholeheartedly to the work. If, notwithstanding all this,
a considerable portion of the loan will nevertheless
go to financial concerns and men of means, the causes
lie on the surface. In this country the great masses
of the population have not yet been educated to bond
buying. It is the practice of the humbler classes to
deposit their small accumulations in savings banks.
Furthermore, the U. S. Government has had no
occasion to apileal to persons of modest means in
over half a century—that is, not since the Civil War—
the relatively small issues of bonds made in 1894 and
1895 to protect the gold reserve and those made
during the Spanish-American War in 1898, hardly
furnishing a case in point.
Thus the proceeding was an entirely new one to
the great majority of people in the country. The
question of how to protect a small bond as against
•theft or loss also came in to complicate the problem.
A $50 bond is in easily negotiable form, while a
savings bank book is of no value except to the owner.
The latter, too, can be used in withdrawing trifling
sums as needed, whereas a bond can be disposed
of only as a whole. Considering the many drawbacks that had to be contended with the aggregate
of the small subscriptions furnishes occasion for
"For us there is but one choice. We have made it. agreeable surprise.
Woe be to the man or group of men that seeks to
stand in our way in this day of high resolutions when
Cotton, already ruling at a very high level of
every principle we hold dearest is to be vindicated
value,
has made a decided further advance this
and made secure for the salvation of the nations.
making
the current quotations for middling
week,
We are ready to plead at the bar of history and our
flag shall wear a new lustre. Once more we shall uplands in the local market the highest reached, with
make good with our lives and fortunes the great the exception of the period from May 24 to July 8
faith to which we were born, and a new glory shall 1872, since Dec. 1869. Concurrently, there has
shine in the face of our people."
been a considerable rise in prices at Liverpool with
The $2,000,000,000 Liberty Loan has been enor- the quotations for the latter part of the present week
mously oversubscribed, unofficial figures late last much above those for any time since April 1866. It
night putting the aggregate of the subscriptions at was to have been expected that with the crop of
$2,900,000,000. As far as the amount of subscrip- 1915-16, a very short one from the area planted (the
tions was concerned, its success was a foregone con- Census Bureau reporting the growth as only 11,449,clusion. Failure was out of the question, because 930 500-pound bales of lint and about 1,225,000 bales
2 million bales in all),
failure would have meant ignominy of the worst of linters, or a little over 123/
in
this
country
on a record-breaking
kind. Even those to whom war never appeals and consumption
full year close to
to
reach
the
promising
for
basis,
unsuccessful,
could not have desired to see the loan
for that would have meant a blow at the financial 7,700,000 bales, the value of the staple would
prestige of the United States which the meanest appreciate considerably. But, except among those
citizen is proud to see maintained. The big financial to whom the wish had been father to the thought,there
interests of the country would, in any event, have had been little disposition to look upon 25c. per lb.
come to the rescue if everything else had failed. As as a level possible of attainment. It has not only
it is, they have responded nobly and given new proof. beer attained, however, but exceeded. At the same
of what is a commonplace in American history, time the demand for cotton goods here continues
namely that those in control of the nation's purse active, at prices steadily advancing to meet the
strings are ever at their country's call and most increased cost of the staple, the orders placed or to be
unswerving in their loyalty and support of it. The placed by the Government on the basis of cost
subscriptions in the New York district have aggre- of manufacture and an allowed percentage to
gated $1,030,000,000, coming from about one cover profit, being no unimportant factor in the
situation.
million subscribers.
THE FINANCIAL SITUATION.
The week has been an eventful one, in which the
success of the $2,000,000,000 Liberty Loan offering,
the President's Flag Day speech, the dethronement
of King Constantine of Greece, and a further onward
sweep of the British forces in Belgium stand out as
particularly prominent features. These are all
factors pointing in a single direction, namely the
overthrow of German military autocracy. They
obviously -tend to hasten such overthrow, bringing
its definite realization appreciably nearer. The
Greek situation had latterly been fast becoming an
impossible one; the change now wrought will serve
to remove many uncertainties and render the military
positions of the Entente Powers more secure at least.
The continued progress of the powerful offensive
inaugurated by Field Marshal Haig's troops is also
encouraging in the highest degree. The success ofthe
Liberty Loan is assurance that there will be no lack
of funds to finance our participation in the war or
for the purpose of extending pecuniary aid to the
different Entente countries.
While the President's address contained nothing
strikingly new, it was a clarion call to duty and is
• calculated to stiffen the backbone of timid souls.
The indictment he has framed against German acts
is as complete as it could be made, and particularly
effective is his characterization of the intrigue and
machinations of the German officials. His tribute
to the flag has never been surpassed anywhere, and
his closing exhortation is evidence of the uncompromising spirit in which the war, as far as the United
States is concerned, is to be carried on. It is not
alone the salvation of the United States that is in
view, but "the salvation of the nations." Here are
the President's words:
JUNE 16 1917.]
THE CHRONICLE
While in the United States the extraordinary
advance in the price of the staple has had no appreciable effect on the demand for goods, disorganization
of the cotton goods trade in Great Britain is feared
as a result of it. In fact, Sir Charles Macara, one
of the most prominent of the English manufacturers,
is reported as saying that the crisis is the most serious
in years and demands immediate action on the part
of the industry. He advocates a general shortening
of the working hours,even to the extent of half-time.
Giving a concise idea of how high current prices
for cotton really are, we note that at no time from
the opening of the cotton season of 1825-26 down to
the breaking out of the Civil War did the quotation
go above 20c. per lb., and much of the time was
well under 10c. The war, with the consequent very
marked restriction of supplies, was reflected in a
tremendous advance at New York, $1 89 per lb.
being reached Aug. 23 1864. From that level,
however, there was a quite steady drop and in
April 1871 middling upland sold as low as 14%c. Of
late years there have been limited periods of comparatively very high prices, but as a rule they have
been the result of manipulatory tactics, as in 1904
when the price rose to 17.25c. and in 1910 when the
19.75c. level was reached.
Gold production in the Transvaal in May, while
at a little heavier per diem rate than in April, showed
some decline from all earlier months of 1917. At
the same time, however, the rate of yield was in
excess of that for the corresponding periods in either
of the three preceding years. It is evident, therefore, that the fluctuations in output from month to
month, instead of the quite steady advance in
production to which the world had been accustomed
under normal conditions, is largely if not wholly a
matter of the supply of labor or its efficiency. Certainly there is nothing in the recent workings of the
world's greatest gold field to indicate either deterioration in quality of the ore mined or approaching
exhaustion. Briefly, the average daily production
of the mines for May was 25,141 fine ounces, giving
a total yield of 779,385 fine ounces for the month,
this comparing with 25,086 fine ounces and 777,681
fine ounces in 1916 and 24,630 fine ounces and 763,548 fine ounces in 1915. For the five months the
output reaches an aggregate moderately below last
year, 3,813,212 fine ounces contrasting with 3,870,103 fine ounces, and there is a decline of 80,132 fine
ounces from the like period of 1913, but compared
with any other year an increase is shown—it reaches
160,444 fine ounces over 1915.
2375
then by a small amount) has the aggregate of this
class of indebtedness—$2,586,301—been smaller.
Furthermore, there were really no failures of mentionably large liabilities, the life insurance receivership
in Pennsylvania, involving $23,800,000, not being
considered in any sense a mercantile default. The
five months' exhibit, moreover, is a very favorable
one, the number of defaults being well below recent
years and the aggregate of debts the smallest in eight
years. This latter showing—always bearing in
mind the year by year increase in the number of
firms in business and the many starting out so
lightly capitalized that, unless circumstances be
immediately fortuitous, they are largely foredoomed
to failure—indicates the current relatively satisfactory
general mercantile and industrial situation.
Messrs. R. G. Dun & CO.'s compilation, from
which our deductions are made, denotes that the
number of business reverses in May 1917 was 1,296,
covering liabilities of $11,771,891, as against 1,482
and $19,466,436 a year ago, 1,707 and $21,053,212
in 1915 and 1,221 and $23,447,496 in 1914. The
high aggregate of debts for the period is the $23,771,151 of 1900. Manufacturing casualties were fewer in
number this May than in either 1916 or 1915, and
the liabilities also were less, reaching but ,939,547,
the smallest total since 1910 and contrasting with
$5,192,040 last year, 69 millions in 1915 and 10 1-3
millions in 1914. Failures among traders were much
less numerous than in 1916 and the volume of debts
at $6,057,723 is the smallest for May in six years,
comparing with $10,134,979, when the Mills & Gibb
suspension added 2 millions to the aggregate, and
with 123/i millions in 1915. The exhibit for May in
the agents, brokers, &c. division is an exceptionally
favorable one, the volume of debts at $774,621 being
below those of any year since 1905 and comparing
with $4,139,417 last year.
For the five months ended May 31 1917 the number
of mercantile defaults at 6,302 contrasts with 8,268
and 10,986, respectively, in 1916 and 1915, and a
marked diminution in the aggregate indebtedness is
also exhibited, $76,666,203, comparing with $99,341,819 last year and $170,267,417 two years ago,
while there is only a slight increase over 1909. The
manufacturing division stands for $31,015,719 of the
period's liabilities, against 353/b millions in 1916 and
629 millions in 1915; the comparison in the trading
division is between $32,195,191 and 483j millions
and 883 millions; and brokers, agents, &c., report
an aggregate of $13,455,293, against 15% millions
and 193/ millions.
Continued improvement in the mercantile situation
in Canada is reflected by the failures statement for
the Dominion for May, the satisfactory status of
affairs extending to all the various divisions into
which the insolvencies are segregated. A decided
decrease in the number of defaults is indicated and
a very marked contraction in the liabilities in the
manufacturing and trading groups, the total in each
case being only about one-third that of a year ago.
Briefly, the result for the month is 91 casualties for
$1,022,341, against 159 for $2,639,985 in 1916 and
236 for $2,736,706 in 1915. For the five months of
1917 the insolvencies number only 533, involving
but $7,745,567, against 910 and $13,785,331 last year
and 1,028 and $20,774,126 two years ago.
The commercial failures statement for May 1917
does not disclose any evidence of disturbance of the
economic position of the United States as a result of
the country's definite entrance into the European
war as a belligerent. On the contrary, notwithstanding the various disturbing factors inseparable
from such a step—taxation problems, customs
tariff changes, preparations to assemble an adequate
force in the army and navy, &c.—there has been no
inordinate swelling of the number of insolvents,
while the volume of liabilities reported is actually
smaller than for any preceding month of the current
year and the lightest for May since 1910. It is to
be noted, too, that the suspensions for $100,000 or
Final returns of subscriptions to the $2,000,000,000
over were well below the average of recent years in
number, while only once since 1899 (in 1910 and Liberty Loan will not become available for some days.
2376
THE CHRONICLE
But preliminary, unofficial figures late last night
made it certain that the loan had proved an unqualified success.
New
York's participation
amounted to $1,030,000,000, representing perhaps
one million individual subscriptions.
New England has, next to New York, apparently, given
the most enthusiastic financial response. Secretary McAdoo denied yesterday that any immediate further issue is contemplated, certainly none before the autumn. The fact that the
final installment of the current loan does not become
due until Aug. 31 affords ample confirmation that a
second offering has not been contemplated in advance of that date. The number of subscribers for
the whole country will, it is expected, exceed 3,000,000 and the total volume of the applications for participation will, it is estimated, exceed $2,900,000,000. Should the Secretary of the Treasury
in the meantime need additional funds he can
have recourse to the issue of one-year certificates
of indebtedness, of which $2,000,000,000 were authorized in the War Loan Act. These Will naturally
appeal to banking institutions more freely than to
private investors.
German submarines and mines last week sank
22 vessels over 1,600 tons and 10 under that size,
besides 6 fishing craft. Considered in the aggregate,
this about doubles the favorable record of the week
preceding, and is the fourth highest destruction
since the week ending Feb. 1. The number of vessels
of all nationalities arriving at ports in the United
Kingdom during the week was 2,767, while 2,822
ships sailed. The disasters noted are entirely British, and it should be noted that they necessarily
record only such vessels whose destruction became
known. It does not seem improbable that there may
be additional disasters where the vessels sink so
quickly that it may require several weeks before the
non-arrival can give the first intimation that disaster
has occurred. Four French vessels were sunk in
the week ending June 14 of a tonnage over 1,600, one
vessel less than that tonnage, and 3 fishing boats;
unsuccessful attacks were made on 6 ships. The
number of vessels of all nationalities that entered
French ports was 1,034, and the number of sailings
was 1,015. Dispatches from Christiania announce
the sinking of a Norwegian bark and of the Arctic
cutter Sverre II. As a result of the recent bombardment of Ostend by British airmen, and in fear that
another operation of a similar character might be
carried out against the port, the Germans have removed all their large ships from the harbor.
Ostensibly as a reply to the British air attack
upon Ostend, the Germans retaliated in a midday
bomb-dropping raid by some 12 to 15 airplanes
over London, particularly the East End, on
Wednesday. There were 97 persons killed and 437
injured in the raid, many of the victims being women
and children, 120 of the latter being either killed or
injured. Few persons saw the entire air fleet at
one time. It seems that as if, to quote one London
correspondent, "they were playing hide-and-seek in
the clouds, for like little gleaming bits of quicksilver,
you could see one suddenly appear only to vanish as
quickly behind a filmy cloud mist, while another
emerged to lose itself as swiftly in the clouds."
[VoL. 104.
ridge in Flanders. They are continuing raiding the
enemy's lines. The Germans seem to be showing
indisposition to give open battle. On Thursday
Haig's forces occupied the former front trenches of
the Germans from the River Lys to the River
Warnave, advancing their lines from 500 to 1,000
yards on a front of seven miles. The British also
have captured Fort Saliff on the east shore of the
Red Sea. The fort is situated on the eastern shore
in what is known as the Kamaran anchorage, 180
miles north of Perim. Artillery duels on various
sectors in Belgium, particularly near Steemstraete,
Lizerne and Boesinghe, continue active and it is
expected that these regions soon will be the scenes of
important infantry engagements. From Soissons
eastward there has been a much quieter week.
Along the front in Russia and Galicia little activity
is being shown except that now and then the Germans and Austrians are making reconnaissances with
small patrol parties. In the Caucasus regions the
Kurds have delivered strong attacks against the
Russians, all of which are reported to have been repulsed. The Austrian troops on the Carso plateau
and northeast of Gorizia in the Austro-Italian zone
have delivered attacks against the Italians. A heavy
offensive by the Austrians in the Trentino sector
was put down by the Italians. On the fighting front
along the Greco-Serbian frontier considerable fighting is in progress though without important results
thus far.
As a result of demands by representatives of the
Entente countries King Constantine of Greece abdicated on Tuesday in favor of his second son, Prince
Alexander, who is three years younger than the
Crown Prince. The King's action followed a visit
by Senator Jonnart of France to Saloniki as the
representative of Great Britain, France and Russia.
The purpose of the visit, which was concluded at
Athens, was to make final diplomatic efforts to
establish an understanding with Royalist Greece.
The Senator had a long conference with Premier
Zaimis and intimated that the Entente desired
greater security for the army of the East and the reestablishment of unity in the Greek Kingdom. He
appealed to the patriotism of M.Zaimis to see that
these objects were attained peacefully, but he added,
significantly, that military forces had been placed
at his disposal to establish control of the isthmus of
Corinth and to maintain order in Athens. These
forces had been landed on Monday without incident.
The abdication followed. The former monarch departed on a British warship in company with the
Queen, the Crown Prince, the Royal entourage and
many pro-Germans and will proceed to Switzerland
by way of Italy.
There is little direct encouragement to be derived
from the week's progress of events in Russia. The
State Department announces that Senator Root and
his party have arrived in Petrograd. Press accounts
state that German agents have preceded Mr. Root
and have spread reports intended to discredit him
and make his task particularly difficult. They are
circulating reports that while Secretary of State
Mr. Root acted adversely in passport cases to Russian revolutionists who were seeking asylum in the
United States. The State Department has taken
The British have kept uo their drive and haN e steps to counteract this situation by cabling the
extended their lines east ot the Messimes-Wytscnueto American Embassy at Petrograd the exact facts in
JUNE 16 1917.]
THE CHRONICLE
2377
the extradition cases. President Wilson's message conference at the palace Dr. George Morrison, a
to Russia was delivered at the Russian Foreign British subject and general adviser to the President,
Office on May 26, after considerable delay. It and Professor Nagao Ariga, Japanese adviser to the
appears in full on a later page of this issue. All dis- President. Dr. Morrison strongly opposed the
patches appear to agree that the solid men of Russia publication of the mandate of the dissolution of
are determined that the new republic shall maintain Parliament, as he did on a former occasion. The
faith with the Allies and make no separate peace President replied that he had already placed his
with Germany. At a recent meeting of the Union seal on the mandate, and asked what he could do,
of Commerce and Industry in Petrograd, the mem- declaring that he could not obtain. the signature of
bers of which are progressive business men, manu- any of the members of the Cabinet to the document.
facturers and bankers of Russia, addresses were made Dr. Morrison replied that the President had better
by representatives of the Allied Embassies, and then tear it up. Professor Ariga again advised the dissolution of Parliament, and said if the President was
the following resolution was adopted:
"However heavy the trials may be which fate has unable to secure a counter signature of a member of
in store for Russia and her allies, Russia will remain the Cabinet he should secure one from the head of
faithful to the end to those allies, to whom she is the judiciary.
plighted for life and death. Russia will not live
with the brand of traitor on her forehead and eternal• England is spending £7,884,000 a day ($39420,remorse and shame in her heart."
000) on the war, according to a statement by Bonar
While it is hoped that Russia can still be kept in Law, Chancellor of the Exchequer, in the House of
line the other members of the Entente are not ap- Commons on Monday last. The Chancellor's stateparently placing great reliance on such a develop- ment was that the daily cost for the last nine weeks
ment. There is to be no false delicacy in handling had averaged that amount. But these nine weeks
the matter. The Allies are asking the Provisional included the semi-annual interest payments on the
Government of Russia to state that nation's in- war debt and he expected that the average would
tentions and war aims immediately. The attitude decline. Revenues last week fell £499,000 to £7,142,of the other Allies towards Russia and the decision 000. Other receipts included £45,410,000 from Treasto request that Government to put itself on record, ury bills, £5,226,000 from Exchequer bonds, £3,250,are contained in an official communication from the 000 from the war loan, £27,500,000 temporary adItalian Government to Petrograd, which was made vances and £31,598,000 other debts. The week's expublicon Thursday evening. The conclusions reached penditures were £47,758,000 and the total, including
by therepresentatives of the Allies affecting Russia,are: repayments, £104,024,000. Treasury notes increased
1. That the position occupied by Russia affects during the week £28,953,000 to £598,470,090.
the entire plans of the Allies, especially as regards
military operations in the near future contemplated
The announcement of the increase in war expendiby England, France and Italy.
tures has exerted somewhat of a discouraging influ2. That nothing Russia does can irreparably ence on London Stock Exchange sentiment. While
damage the cause or the interests of the Allies.
3. That Japan can be counted upon to prevent there may hardly be said to be evidence of distinct
Russia from forming an alliance with Germany or weakness, there certainly has been lack of interest
on the part of the buyers. The money situation
with giving aid to the Central Powers.
rather easier, a feature that is reflected by the
seems
communication
as
Italy's
published follows:
announcement of the tender rates for the Treasury
In Italian political circles it is felt that the attitude bills offered on Friday of last week. The lowest
of the Allies toward Russia warrants them in ques.Coning the Russian Government concerning inten- tenders accepted were £98 16s. 09(d. for three
2d. for six months bills and
months bills, £97 12s. 43/
tions of Russia.
year
one
bills. The market does
for
President
631d.
2s.
£95
of
Wilson
thoroughly
message
so
has
The
cleared the situation it is impossible honestly to con- not appear to have been aroused from its lethargy
nect the alleged- democratic views of the Russian either by the abdication of the King of Greece or by
Government with the pacifist advances of the Central the aerial raid by the German airships on the East
Powers.
End. The strength in exchange on Madrid in
The consent on the part of England, in the name
London
seems to have produced the curious feature
of all the Allies, to revise the conditions of the alliance
a
of
for Spanish 4s, which have risen to par
demand
excludes every pretext whatsoever of the Russian
extremists of evading the duty to fight against because they have been bought for remittance to
Germany and Austria.
Spain owing to the increasing difficulty of buying
In view of these declarations of the Allies, it is pesetas. The resumption of fortnightly settlements
felt that the Russian Government cannot further is being urged on the London Stock Exchange Comdelay its decision in order to render the pro-German mittee because cash bargains which really mean five
tendencies of a part of the Russian population vain.
Russia must free herself from the dangerous posi- days' grace have become gradually very elastic
tion she is in now,especially for the sake of Russian regarding actual time of settlement. It is considered
desirable to operate under more definite conditions.
freedom.
Prices of commodities in England continue to rise,
A presidential mandate dissolving the Chinese Sauerbeck's index number (which is continued by the
Parliament was signed by Chiang Chao Chung, as Statist) reaching a new high mark at the end of May,
acting Premier, who had accepted the post which namely 174, an advance of one point since the end of
Dr. Wu Ting-fang resigned and who was formerly April figures. At the end of May 1916 the figure
Chief of Police. It is expected that the dissolution stood at 135.4. For the first time in nine months
of Parliament will result in civil war,as the leaders the figure for foodstuffs recorded a decline, being
in the Southern provinces have telegraphed President 171.5 on May 31, against 179.7 on April 30. This
Li Tuan-Hung that they no longer recognize his accords with a statement just published by Capt.
authority. The President has again called into Charles Bathurst, Parliamentary Secreatry to the
2378
THE CHRONICLE
Food Control Department, that the immediate
danger of national starvation had been removed,
"thanks to the prompt and generous assistance of the
United States." The English war loan is being sold
with some freedom by holders who bought with
borrowed money. The banks on Thursday handed
over the final war loan installment to the Bank of
England. From now on large sales of Exchequer
bonds and Treasury bills will be necessary to balance
the war costs and meet maturing obligations.
The selling by holders of the English war loan seems
to have a special significance at the moment, in
view of the closing of the subscriptions to our own
Liberty Loan. The last British loan, it will be recalled, reached a total in excess of £1,000,000,000
($5,000,000,000), nearly one-fifth of the total being
provided by subscribers who borrowed from the
banks. The London correspondent of the "Evening
Post" cables that the advances of the banks are being
paid off only slowly, and holders of the new bonds
who borrowed the purchase price in part are in many
cases disposed to sell out. These sales tend to offset
purchases for the sinking fund, which are made with
a view of maintaining the loan at the issue price.
It closed last evening in London at 98 15-16.
The advance in price of cotton has completely disorganized Lancashire trade. Sir Charles Macara,
in the Manchester "Guardian," on Wednesday stated
that the crisis is the most serious in years and is one
demanding imperatively immediate action on the part
of the industry. He advocates an agreement between employers and employees for a reduction in
the hours of work and expresses the belief that, failing such an agreement, Government intervention is
inevitable. Sir Charles believes that many mills will
be glad to adopt a 44-hour week or even half time,
but if the crisis is to be overcame by action within
the trade, he warns, there must be no exemptions.
Labor is not inclined to bear its share of the burden
in the current crisis. Sir George Askwith, arbitrator
of the Board of Trade, decided on Tuesday on the
claim of the National Association of Textile Unions
for advanced wages. His award was badly received
by the operatives, though leaders of the latter
are advising. acceptance. The demand of the
operatives was for a 70% advance on pre-war wages.
Sir George awarded advances ranging between 30 and
50%. The latest form of agitation is for the continuance of a full week's pay in the woolen trade,
despite a reduction in the working hours, which now
has become compulsory.
It is significant that the British Board of Trade
returns for May show a decrease in exports of no less
than £3,587,155 as compared with the corresponding
month a year ago. Cotton goods exported during
the month totaled 473,567,000 yards, against 504,838,000 yards in May 1916. This, of course, only
partially explains the reduction. Imports, on the
other hand, register an increase of £3,827,706, taking
in all classes of merchandise. The following are
comparisons of the total trade of the United Kingdom
for the month of May and for the five months ending
with May for the years 1917 and 1916:
To date France has voted 100,000,000,000 francs
in war credits, according to an official report made
by Raoul Peret, reporter for the Budget Committee
of the Chamber of Deputies. This sum includes a
credit for the third quarter of 1917 and 7,000,000,000
francs advanced to France's Allies. M. Peret
reported in part as follows:"The committee has introduced few modifications in the pending bill. The
Government asked for 9,843,000,000 francs and the
committee increased the figure to 9,871,000,000.
The revenue receipts are more and more satisfactory
and the National Defense bonds are increasingly
successful. The total sales of bonds for March,
April and May total 2,960,000,000 francs."
The Paris strikes have spread to the Provinces,
but there they are sporadic and unaccompanied by
demonstrations. Most of the demands of the workers are being granted. The creation of a bankers'
clearing house in Paris has been decided on definitely.
Credit Foncier is to increase its capital by 12,500,000
francs early in July. A favoring feature in the
French situation has been the Official report of the
Minister of Agriculture on the crop situation of
France as of June 1, as noted elsewhere.
There has been no change in official rates at leading European centres from 5% in London, Paris,
Berlin, Vienna and Copenhagen; 532% in Italy,
Portugal and Norway; 6% in Petrograd and 43/2%
in Switzerland, Holland and Spain. In London the
private bank rate continues to be quoted at 4 11-16
for sixty days and 4% for ninety days. 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 is
now quoted at 4@t4%.
The Bank of France this week reports a further
gain in its total gold holdings of 3,397,950 francs, of
which 2,363,275 francs represent an increase in the
amount held in vault and 1,034,675 francs another
contribution to the amount, held abroad for the
benefit of the Allies' gold pool. Total gold holdings
(including 2,034,774,675 francs held abroad) now
aggregate 5,281,899,275 francs, as against 4,750,508,658 francs (of which 170,107,636 francs were
held abroad) in the corresponding week in 1916 and
3,921,219,874 (all in vault) from the previous year.
The silver item this week increased 365,000 francs.
Note circulation registered a gain of 113,890,000
francs, and bills discounted an increase of 9,440,000
francs. Treasury deposits were reduced 40,992,000
francs and general deposits increased 53,271,000
francs. Other changes were unimportant. Note
circulation is now 19,793,787,000 francs. At this
time last year the total was 15,746,679,795 francs
and in 1915 12,043,6461340 francs. Comparisons
of the various items with the statement of last week
and the corresponding dates in 1916 and 1915 are
as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of—
Changes
for Week.
June 14 1917. June 15 1916. June 17 1915
Francs.
Gold Holdings—
Francs.
Francs.
Francs.
In Bank
Inc. 2,363.275 3,247,124,600 4,580,401,022 3,921,219,874
Abroad
Inc. 1,034,675 2,034,774,675
170,107,636
Total
Inc. 3,397,950
Silver
Inc.
365,000
Discounts
Inc. 9,440,000
ltonth of May—
Since January 1- Advances
Inc. 9,98 t,000
1917.
1916.
1917.
1916.
Note circulation
Inc.113,890,000
Imports
£87,642,236 £83,814,530 £414,853,547 £387,876,770 Treasury
deposits_Dec.
40,992,000
Exports*
43,437,256 47,024,411
207,494,798 194,533,418
General deposits Inc. 53,271,000
Excess of imports
£44,204,980 £36,790,119.: £207,358,749 £193,343,352
*Exclusive of colonial and foreign exports.
[VOL. 104.
5,281,899,275
258,107,000
503,097,000
1,170,382,000
19,793,787,000
34,449,000
2,693,971,000
4,750,508,658 3,921,219,874
373,979,046
348,781,987
392,233,487
257,451,571
1,219,306,747
626,092,814
15,746,679,705 12,043,646,340
53,561,465
131,951,172
2,048,341,921 2,215,047,018
JUNE 16 1917.1
THE CHRONICLE
A gain in its gold item of £269,743 is announced
by the Bank of England this week, while the total
reserve was expanded. £457,000, there having been a
decrease in note circulation of £187,000. The proportion of reserves to liabilities, however, declined to
19.94%, against 20.48% last week and 31.95% a year
ago. Public deposits increased £1,785,000, and other
deposits £5,057,000. Government securities declined
£39,000. Loans (other securities) showed an expansion of £6,375,000. The English Bank's holdings of
gold aggregate £55,357,308, which compares with
£61,577,700 a year ago and £56,529,572 in 1915. Reserves amount to £35,029,000, against £44,672,345
in 1916 and £42,032,772 the preceding year. Loans
now stand at £116,237,194. This compares with
£70,702,587 held last year and in 1915 £139,488,965.
Threadneedle Street reports as of June 9, the amount
of currency notes outstanding as £143,708,315, as
against £144,062,722 last week. The amount of gold
held for the redemption of such notes remains at
£28,500,000. Our special correspondent is no longer
able to give details by cable of the gold movement
into and out of the Bank for the Bank week,inasmuch
as the Bank has discontinued such reports. We
append a tabular statement of comparisons:
T.
BANK OF ENGLAND'S COMPARATIVE STATEMEN
1913.
1914.
1915.
1916.
1917.
June 18.
June 17.
June 16.
June 14.
June 13.
38,778,000 35,355,355 32,946,850 28,417,985 28,232,885
Circulation
49,784,000 52,264,229 113,042,229 17,637,031 15,080,249
Public deposits_
125,854,000 87,541,321 101,759,087 41,869,267 40,960,032
Other deposits
12,758,173
0577reecurities....... 45,208,000 42,187,454 51,043,491 11,046,570
Other securities_ _ _ _113,124,000 70,702,587 139,488,965 37,462,213 32,379,121
23,710,626
28,713,611
42,032,722
Reserve notes & coin 35,028,000 44,672,345
38,493,511
Coln and bullion__ _1155,357,308 61,577,700 56,529,572 38,681,596
Proportion of reserve
51.21
48.24%
19.56%
31.95%
19.94%
to liabilities
05%
5%
3%
5%
5%
Bank rate
The weekly statement of the Imperial Bank of
Germany, issued as of June 7, shows the following
changes: Total coin and bullion increased 7,355,000
marks; gold increased 105,000 marks; Treasury
notes were expanded 35,419,000 marks; bills discounted showed the substantial decrease of 114,339,000 marks; advances were 50,000 marks higher;
investments were reduced 12,908,000 marks; other
securities declined 26,102,000 marks; notes in circulation recorded a reduction of 30,030,000 marks;
deposits declined 28,559,000 marks, and. other liabilities were decreased 40,286,000 marks. The German Bank's stock of gold on hand is now 2,533,320,000 marks, as against 2,464,600,000 marks last year
and 2,381,980,000 marks in 1915. Loans and discounts total 8,776,988,000 marks. This compares
with 5,651,100,000 marks in 1916 and 4,218,080,000
marks the year preceding. Note circulation aggregates 8,255,130,000 marks, in contrast with 6,697,040,000 marks and 5,289,680,000 marks one and
two years ago, respectively.
In local money circles additional strength has been
displayed this week, a feature that is not at all surprising during the closing week of a subscription
to $2,000,000,000 bonds asked by our Government.
That the loan would be a success everybody connected in a large way with New York banking has
felt assured from the start. The real motive for
the absence of optimistic forecasts has been the very
sound one of a desire to impress upon persons of
limited means the necessity of coming to the aid of
their Government. Had the sentiment been permitted to prevail throughout the country that
ample funds were being subscribed to guarantee the
2379
success of the offering there undoubtedly would have
been incentive for persons not disposed to become
enthusiastic over any situation, to hold back on the
knowledge that there are to be additional loans and
that opportunity would be available for their own
subscriptions when the need became greater. .There
is of course no question that another loan must follow shortly after the last installment of the current
one is paid in August. The Secretary of the Treasury, Mr. McAdoo, in Baltimore this week reiterated
his former statement that $10,000,00,000 must be
dispersed by our own Government and our allies
within a year if the war continues that long, and
there at present seems no reason to doubt that it will
continue. But a comparatively moderate part of
this can or should be covered by taxation. At the
extreme close the attitude of lenders is displaying
some signs of relaxation. Our banks have been
showing an increasing tendency to take advantage
of the rediscount facilities of the Federal Reserve
Bank of New York. The Federal Bank here on
Thursday, with a view of minimizing any strain due
to the large payments on account of the war loan,
stated it had decided to make one-day collateral
loans to member banks in case of emergency. To do
this it had established special rediscount rates for
periods of one day to be fixed by officers of the bank
from time to time at not less than 2% nor more than
4% for advances made to member banks in connection with transactions arising out of the fiscal operations of the Government. Such advances will be
made for one day only upon the promissory notes
of the member banks secured by paper eligible for
rediscount or by the United States Government
obligations.
The weekly statement of New York Associated
Banks and Trust Companies, issued last Saturday,
again gave evidence of the continued strain which the
banks are expericncing as a result of the placing of
the huge Government war loan, and showed further
striking changes in its principal accounts. Loans
registered the large increase of $95,498,000. Reserves
in "own vaults" were reduced heavily, viz., $89,767,000, bringing the total to $358,953,000, of which
$321,756,000 is specie. At this date a year ago
reserves in own vaults totaled $414,614,000, including $348,232,000 in specie. Reserves in Federal
Reserve vaults, on the other hand, showed the.substantial increase of $61,203,000 to $269,489,000,
compared with $159,973,000 in 1916. The reserve
in other depositories expanded $231,000 to $58,988,000, against $59,910,000 last year. Net demand
deposits decreased $504,000, and net time deposits
were reduced 1,a ,574,000. Circulation is now $29,477,000, an increase of $301,000. The aggregate
reserve showed a reduction of only $28,333,000,
bringing the total to $687,430,000, which compares
with $634,497,000 at -the corresponding period the
preceding year. Reserve requirements recorded a
merely nominal decline, $182,490; hence the surplus
reserve was reduced $28,150,510, and now stands at
$68,719,200, against $72,273,300, the total excess
reserves on hand at the same time in 1916. The bank
statement is given in fuller detail in a subsequent
section of this issue.
Dealing with specific rates for money, loans on
call for the first time this year touched 6%, with
the range 4@6%. The slight flurry was attributed to the closing campaign for subscriptions
to the Government's war loan. On Monday the
2380
THE CHRONICLE
high touched 532%, with 4% the low and ruling
quotation. Tuesday the maximum receded to 432%,
which was also the renewal basis, while the low was
still 4%. Wednesday's range was 43
/
1@432% and
renewals at 43/2%. On Thursday there was no
range, a single rate of 43/2% being quoted all day.
Friday 6% was the high, with 434% the low and
ruling figure. Time money ruled firm during
the earlier days of the week, although an easier
feeling was discernible before tha close. As was to be
expected, trading was reduced to a minimum, all
operations being practically suspended during the
placing of the Liberty Loan. After having ruled
at 5@53/2% throughout, a nominal quotation rate
of 5% was quoted at the close for all periods from
sixty days to six months, which compares with 431@
4%% last week for sixty days,43'@4%% for ninety
days and four months, 432@4%% for five months
and 432@5% for six months. A year ago sixty days
was quoted at 33'@3%% and ninety days, four,
five and six months at 3%@4%. Commercial paper
rates were not changed from 4%@5% for sixty and
ninety days' endorsed bills receivable and six months'
names of choice character. Names less well known
still require 5@534%. The volume of transactions
was small.
Banks' and bankers' acceptances have shown a
firmer tendency with a fractional advance in quotations.. Business was quiet and restricted in volume.
Detailed rates are as follows:
Spot Delivery
Sixty
Days.
Ninety
Days.
Eligible bills of member banks __33,
10334
Eligible bills of non-mem. banks_ 4@)334
Ineligible bills
43164
351(4)3
334 0334
434(43334
Delivery
within
30 Days
4 bid
434 bid
5 bid
Thirty
Days.
334@3
334 @33I
43iQ)334
During the past week the Federal Reserve Bank of
Philadelphia established a rate of 33/2% for the discount of all classes of paper having a maturity of not
over 15 days. The previous rate was 3%. We have
already alluded to the establishment of a one-day loan
rate by the Federal Reserve Bank of New York. Prevailing rates for various classes of paper at the different Reserve banks are shown in the following: •
New York.
I
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
CLASSESolti
;a
OP
DISCOUNTS AND LOANS i
I
.
Member Banks, Coll. Loans.
1 to 15 days' maturity
Discounts:
1 to 15 days' maturity
18 to 30 ' "
31 to 60 " "
81 to 90 " "
Agricultural and
Live-Stock Paper91 days to 6 months maturity
Trade Acceptances—
'
to 30 days' maturitY
31 to 60 ' "
81 to 90 " "
Commodity Paper1 to 90 days' maturity
,I
.
i
•
S
1
I
E
j`
334 *3 812 3
334 33.4 334 33.4 3
___
4
4
4
3
4
4
4
3
4
4
4
33.4
4
4
4
5
5
434 5
334
4
4
434
334
4
4
434
434 5
3 " 334 334
334
4
4
434
33.4
4
4
4
4
4
4
434
4
334
4344
4344
434 434
334
4
4
434
5
5
5
5
534
334 334 334 3 334 33.4 334 334 334 4
314 334 334 334 334 334 334 334 334 4
334 334 33.4 4 334 334 354 334 4 4
5
334 334
334 334
334 33.4
4
314 4 316 314 ___ 316 4 4 316 34
-I Note—Rate for bankers' acceptances, 234% to 4%. For notes, drafts and bills
of exchange issued or drawn for 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, 334%.
• Rate of 2% to 4% on member banks' 1-day collateral notes in connection with
the loan operations of the Government.
Sterling exchange does not require extended comment. The position remains entirely arbitrary and
rates are not affected by day to day conditions. No
importations of gold have been reported. The
export movement is beginning to show signs of contraction which is not unnatural in view of the disposition evinced by the Treasury to inquire into the
character of all shipments. The Treasury Department on Thursday announced then an additional
[VOL. loc
$25,000,000 (following $75,000,000 the previous
Saturday) had been loaned to Great Britain, bringing
the British account up to $500,000,000 and making
the total to all the Allies $948,000,000. On Saturday a loan of $3,000,000 to Serbia was announced.
The Serbian loan is payable in three equal monthly
installments. It will be utilized mainly in improving
railway lines for military communications for the
Serbian army. Some of it may go for the relief of
the distressed population, the Treasury Department
announced,"provided satisfactory organization, such
for instance, as the Red Cross organization, can be
established to administer the distribution of relief."
Thus virtually $1,000,000,000 of the proceeds of
the Liberty Loan have already been distributed to
the Allies as the advances in question are in the main
short-term ones that are to be repaid when our own
Treasury utilizes receipts from the Liberty Loan
to purchase bonds of identical terms from our allies.
The week's gold exports aggregated $2,950,000, including $1,000,000 to Canada, $250,000 to South
America,$500,000 to Cuba and $1,200,000 to Japan.
Referring to quotations more in detail, sterling
exchange on Saturday, as compared with Friday of
last week, ruled steady and without essential change;
demand bills were quoted at 4 7532, cable transfers
at 4 76 7-16 and sixty days at 4 72. On Monday an
easier tendency developed, chiefly as a result of the
perceptible stiffening in local money rates; demand
declined to 4 7545, although cable transfers continued at 4 76 7-16 and sixty days at 4 72. No
new feature transpired on Tuesday and trading was
dull and narrow, with rates still at 4 7545 for
demand, 4 76 7-16 for cable transfers and 4 72 for
sixty days. Wednesday's dealings were, if possible,
even duller than on the opening days of the week,
and quotations were little better than nominal;
demand was again a shade lower, at 4 7540@4 7545;
cable transfers remain pegged at 4 76 7-16 and
sixty days at 4 72. Extreme dulness again reigned
on Thursday and rates were not changed from those
of the previous day. On Friday the market was quiet
but steady and still unchanged. Closing quotations
were 4 76 7-16 for cable transfers, 4 7540@4 7545
for demand and 4 72 for sixty days. Commercial
sight bills finished at 4 753i, sixty days at 4 713/s,
ninety days at 4 691
%, documents for payment
(sixty days) at 4 711/, and seven-day grain bills at
4 743/. Cotton and grain for payment closed at
4 75%.
Operations on the Continental exchanges this week
were devoid of especial interest and of limited proportions, except in the case of rubles, which under
heavy selling pressure developed increased weakness and continue to show violent and erratic fluctuations. Although President Wilson's message to
the Russian people and the arrival of the American
mission in Petrograd were looked upon as favoring
influences, and despite the fact that latest advices
seem to provide encouragement to hope that the
worst of Russia's internal troubles have been experienced, persistent selling for London • account as
well as speculative selling on the part of domestic
interests resulted in further sensational breaks—the
quotation at one time being forced down to the unprecedentedly low point of 23.00 for checks. The
full extent of this decline may be better appraised
by a comparison with the average rate during normal
times of 51.09, or more than double that now
THE CHRONICLE
JUNE 16 1917.]
quoted. There was a rally from the extreme low
later, though at the close 23.00 again was current.
Lire were weak at the close and francs also developed
an easier tendency, chiefly, however, on freer offerings coupled with a poor demand. The sterling check
rate on Paris finished at 27.18, unchanged. In New
York sight bills on the French centre closed at 5 75,
against 5 73%; cables at 5 74, against 5 71%;
commercial sight at 5 7614, against 5 743', and
/
1, against 5 79% on
commercial sixty days at 5 811
Friday of last week. Reichsmarks, no quotations,
although 69% is mentioned as a nominal figure.
On Saturday of last week the German mark at
Berne, Switzerland, reached a new low level, when
it touched 71 francs for 100 marks, compared with
123.42 francs in peace times. The rate of the mark
thereby dropped lower than the Italian lire, which
was quoted at 72 francs. Kronen, no quotations.
Lire finished at 7 10 for bankers' sight and 7 09 for
cables, as compared with 7 033/i and 7 023 the week
previous. Rubles, after having rallied to 23.60,
again weakened and closed at 23.00. A week ago
the final quotation was 25.10.
In the neutral exchanges the tone was strong, and
in some instances notable advances were recorded,
though without specific activity or reason therefor.
Pesetas again touched a new high figure, namely
23.50—an advance of 340 points from September of
last year, chiefly, of course, as a result of the heavy
gold importations into Spain from this side in connection with the payment of supplies for account of
the Allies. Scandinavian rates were firm and slightly
higher, while Swiss exchange ruled strong and
guilders were well maintained at fractional net advances. Bankers' sight on Amsterdam closed at
8; cables at 41 5-16, against 4114;
413, against 413/
commercial sight at 40 13-16, against 40%, and
commercial sixty days at 403/2, against 40 7-16 last
week. Swiss exchange finished at 4 98 for bankers'
sight bills and 4 97 for cables. This compares with
5 04 and 5 023.' on Friday of the preceding week.
Greek exchange (which is still regarded as neutral)
was apparently little affected by the abdication of
King Constantine and the passing of authority to
his second son, Alexander, the quotation for checks
. to 5 03%, against
having declined only % point
5 04 a week ago. The situation is considered to be
well under control. Copenhagen checks closed at
28.80, in comparison with 28.60. Checks on Sweden
closed at 30 00, against 30 00, and checks on Norway
finished at 29 20, against 29 20 last week. Spanish
pesetas finished at 23 50, as compared with 22 80
the previous wwk.
•
The New York Clearing House banks, in their
operations with interior banking institutions, have
lost $1,138,000 net in cash as a result of the currency
movements for the week ending June 15. Their receipts from the interior have aggregated $8,146,000,
while the shipments have reached $9,284,000. Adding the Sub-Treasury and Federal Reserve operations
and the gold exports, which together occasioned a loss
of $93,909,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to have been a loss of $95,047,000. It
should be understood, however, that a good part of this
loss represents transfers to the Federal Reserve Bank
and therefore will not count as a loss in reserves.
Week ending June 15.
Banks' interior movement
Sub-Treasury and Federal Reserve
operations and gold exports
Total
Into
Banks.
$8,146,000
19,247,000
Out of
Banks.
$9,284,000
Net Chance in
Bank Holdings.
Loss
$1,138,000
113,156,000 Loss 93,909,000
$27,393,000 $122,440,000 Loss $95,047,000
2381
The following table indicates the amount of bullion
in the principal European banks:
June-14 1917.
June 15 1916.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
£
England_ _ 55,357,308
Francea__ 129,884,984
Germany _ 126,666,000
Russia *._ 147,817,000
Aus-Hun.c 51,578,000
Spain _ _ _ _ 57,764,000
34,057,000
Italy
Netherl'ds 49,693,000
Nat.Bel_h 15,380,000
Svvitzland 13,670,300
Sweden _ _ 11,271,000
Denmark _ 9,595,000
Norway- - 7,163,000
£
£
£
£
55,357,308 61,577,70
61,577,700
10,320,000 140,204,984 190,020,3 I 13,951,280203,971,640
2,058,200128,724,200 123,246,700 1,802,650125.049,350
11,911,000 159,728,000 154,149,000 6,605,000 160,754,000
12,140,000 63,718,000 51,578,000 12,140,000 63,718,000
30,295,000 88,059,000 40,477,000 30,663,000 71,140,000
2,608,000 36,665,000 40,085,000 3,985,000 44,070,000
624,90 50,317,900 45,241,000
495,600 45,736,600
600,000 15,980,000 15,380,000
600,000 15,980,000
13,670,300 10,232,700
10,232,700
11,271,000 9,239,000
9,239,000
131,000 9,726,000 8,013,000
229,00
8,242,000
7,163,000 6,835,000
6,835,000
Tot. week.709,896,592 70,688,100780,584,692 756,074,460 70,471,530826,545,990
Prev.week 709,012,068 70,436,900779,448,968764,267,921 70,136,9: 834,404,901
a Gold holdings of the Bank of France thLs year are exclusive of £81,390,987
held abroad.
* The gold holdings of the Bank of Russia for both years in the above statement
have been revised by eliminating the so-called gold balance held abroad. On
the latest reported date, the amount so held, £211,891,000
c July 30 1914 in both years. h Aug.6 1914 in both years. -
THE GREEK KING'S ABDICATION.
The abdication of King Constantine of Greece this
week adds another to the sensational changes in
governments of Europe, which have come to be expected as a result of the war conditions. The
change in the Greek sovereignty was certainly not a
surprise, in the sense of the abdication of the Qzar.
It had in many ways been foreshadowed; it was not
primarily a result of popular revolution, and it raises
many questions which did not occur at all at Petrograd.
The Greek Premier's formal announcement of Constantine's abdication last Tuesday was addressed to
the Ministers and High Commissioners of Great
Britain, France and Russia, to whom he declared:
"Having demanded by your note of yesterday the
abdication of his Majesty, King Constantine, and
the nomination of his successor, the undersigned,
Premier and Foreign Minister, has the honor to
inform your Excellency that his Majesty the King,
ever solicitous for the interests of Greece,has decided
to leave the country with the Prince Royal, and nominates Prince Alexander as his successor."
It is known that the final pressure was applied by
M. Jonnart, the French Commissioner, who arrived
at Athens, apparently with full powers, only two
days before the abdication of the King. Prince
Alexander is the second son of the Greek King and
has been believed to be a partisan of Venizelos,
whereas the eldest son shared his father's pro-German sympathies. Presumably the pressure which
finally compelled the action of the King was applied
through the threat of the Allies either to withhold
consignments of food and supplies from their markets
to Greece, or else to blockade all the foreign trade of
that country.
The two aspects which this change of government
presents are, first, its actual significance as an event
in Greek politics; second, its probable influence on
the fortunes of the war. As to the first question,
the actual political situation in Greece has been extremely obscure all along. In an article written
months ago by Dr. Dillon, perhaps the best informed
Englishman on the politics of Southeastern Europe,
the opinion was expressed that the Greek people
were entirely apathetic as to the attitude of their own
Government, but that the army was in high sympathy with the ideals of modern Greece, and inferentially with aggressive action on the side of the Allies. But this statement was almost certainly wrong
regarding the original Greek army, which has appeared, from the action of its commanders, to have
2382
THE CHRONICLE
[voL. 104,
been in sympathy with the King and disposed to fa- stitutional rights against the usurpation of Constanvor the German side. The surrender of Greek fron- tine,and that intervention on one side or the other was
tier positions to the Bulgarians a year or more ago, therefore necessary. These arguments would hardly
without resistance and without removing the muni- be convincing in case of a similar action of the King
tions from them, was ordered by Constantine's per- in ordinary times; but they were inevitably applied
sonal Ministry and seemingly not opposed by the when Constantine's actions regarding Bulgaria and
army.
Germany had made it altogether probable that any
In the confusion and conflict of information which advance from Saloniki would be followed by an athave prevailed, the actual sentiment of the Greek tack by the Greek army on the base and communicapeople is to outsiders largely a matter of guesswork. tions of the Allies, as soon as their army had been
At the beginning of the war the people seemed to be moved to the north. Undoubtedly it was the surdivided between the influence of the King's personal render of the Greek strongholds to the Bulgarians
popularity, due to his command during the successful which put King Constantine in an especially comBalkan c?mpaign of 1913, and hostility to the Bul- promising attitude, and which lends color to the
garians as a result of that same war. The occupa- theory that, while ostensibly neutral, he was in
tion of Serbia by Germany and Bulgaria apparently reality actuated by leanings in favor of the Kaiser.
had a two-fold effect on the feeling of the Greek peoWhat will be the result of Constantine's abdicaple. Antagonism necessarily resulted, since Greece tion, assuming that his successor is bound to side
was bound to Serbia by a recent special treaty, de- with the Entente Powers and that Venizelos will be
fensive and offensive, with mutual guarantees against restored to control of the Greek Government? It
the attack of outside enemies. But the influence of is hardly necessary to take too seriously Constantine's
this was apparently much offset by fear lest the fate own prediction of the immediate defeat and political
ofSerbia should overwhelm Greece also in case the annihilation of Greece. Conceivably such a result
treaty terms were actually fulfilled.
might have followed the fall of Serbia in 1915 if
On this feeling Constantine played with much Greece had then been at war with Germany, but the
adroitness, which was greatly helped by the mistakes situation is now greatly changed. The Allies have
of the Allies in their own Saloniki campaign. In an a powerful defensive position in Macedonia, and the
apparently authentic cabled interview with the de- resources of Germany and Austria are heavily dithroned King in the New York "Times" this week, verted to the French, Russian and Italian fronts.
and printed in full on another page, Constantine The addition of the Greek army would at least
states his case as follows, assuming that Greece strengthen that position. On the other hand, the
should not enter the war:
operations of the Saloniki army must certainly be
"There would be something worse than all the de- handicapped in a very serious way through the diffifeats the Greek race has suffered since it has been culties of ocean transport of supplies to a point so
on earth. Greece could not fare any better than any far distant from Western Europe's headquarters.
other small nation has fared on entering this war. The shortage of shipping facilities and the activity
We simply could not withstand for longer than a of the enemy's submarines cut an important figure
fortnight the blows of the Austro-German and Turco- here,
and it must be admitted that this problem
Bulgarian troops launched against us. And the
Greek army once destroyed, all the powers of the would grow more formidable in proportion as the size
universe could not save the Greek race from a Turco- of the Allied army in Macedonia increased.
Nevertheless, both the political and the military
Bulgarian onslaught, carried in full force against
our non-combatant populations in European and situation in Europe are bound to be influenced by the
Asiatic Greece, with the whole world simply looking removal of Constantine. Politically, pressure can
on.,,
now be applied on Bulgaria far more definitely than
But as against this attitude of the King stand when Greece was not merely neutral, but virtually a
several important offsetting facts. One is that secret ally. In a military way, the road is at length
Venizelos was returned to the Premiership in 1915 cleared for such action as the Saloniki army is capable
as a result cif large popular majorities, although his of taking. This is at least another contribution to
attitude in opposing Germany and demanding ful- the element of time, which, in general, favors the
fillment of the treaty with Serbia was fully under- Entente Powers as against the Central Allies. But
stood. The next consideration is that the King, there are numerous and grave problems to be solved
when his policies were opposed by Venizelos in the first—not least, the s ipply of ships and the campaign
Greek Parliament, dismissed Venizelos and then, against the undersea boats.
without appealing to the country, set up a personal
Ministry of his own, in a manner whose unconstitutionality, under the Greek fundamental law, has REGULATING PRICES—THE LAW OF SUPPLY
AND DEMAND.
never been denied. The final consideration has been
that a rival, if not a distinctly revolutionary, govIt may be a laudable ambition to wish to accomernment has for months existed in Greece, headed by plish all things in a jiffy, but time, place, materials,
Venizelos and directed from Saloniki, where a part and power refuse to abdicate. Conditions change,
even of the Greek army obeys its orders.
often we change them, but law persists. And while
All this makes it difficult to pass judgment on the crops are the result of human effort, growth, like
political ethics of the Allies' coercion of Constantine gravitation, continues to be a natural law.
into abdication. The legal grounds on which the
Just now we behold a world where "nothing is the
Allies have acted were that the Allied Powers had same." Yet the planetary laws which lie behind
originally, on the formation of the present system of the seasons, which precede production, are unchanged
government, when Greece was liberated from Tur- and unchangeable. Against primal natural law man
key in 1830, guaranteed on their own part the main- sets his will in vain. Obeying it, he accomplishes.
tenance of constitutional government in Greece; that At any single period, mankind exists in time and
the Venizelist party is now upholding the country's con- place. Thus, millions of men working in the earth
JUNE 16 1917.]
THE CHRONICLE
2383
attain to a condition, a state of being. We may call States or countries. No two have the same constituents or extent. They are all imperfect. But
it civilization; it is, at least, the fulness of life.
Normally, this fulness of life is the sum of human they dwell together in more or less intimate relation,
effort plus the bounty of nature. Its economic bound together by the ties of trade, seeking and findcomponent activities are named production, exchange ing a measure of self-expression. And governments
or distribution, and consumption. Taken as a exist of various forms; but production and exchange
whole, consumption equals production (even though remain, subject to the migrations of men, the conwe waste) and vice versa, when exchange is free. ditions of earth, and the energies of races. Supply
Aspiration and effort lift the level of this fulness of and demand are equal, and the fulness of life in
life of mankind ever higher and higher. Thus, all equilibrium.
Suddenly a convulsion comes, and we look out on
effort tends toward equilibrium, all produce what
The human relations are shaken asunder,
to-day.
all enjoy.
But man has a dual nature. He has the power to the fellowship is broken. Destruction follows, and
make and unmake. He can loose and bind, give in a few months the work of centuries is destroyed.
and withhold, preserve and waste, save and spend. Such is the effect of war upon civilization. Such is
Also, he is master of life and death. And he can the interference of war with commerce. Production;
love and hate. At once, he is an individual and a distribution and consumption are turned away.
fellow man. Consciousness of the latter vitalizes "Nothing is the same." The greater the war, the
the former; exertion and assertion of the former in- greater the destruction and interference. A worldcrease the power,of the latter. When the individual. war means a world destroyed. Slowly it must be
exchanges his product with another individual he builded anew. There is no magic for instant rebecomes by the act a fellowman, he touches the juvenation. The static calm of all effort is brokenworld with his life. When he refuses this relation up. The interaction .of all the forces which produce
of exchange, and by force seeks to prevent it, he civilization is suspended. Instead of the fulness
destroys his human fellowship. When he ceases to of life there is the fulness of death. What we term
love and begins to hate, he is in antagonism, he is at "the powers of darkness" are loosened, and the
• war. All commerce tends to the fulness of life for lightnings of wrath consume peoples and products.
all men; and all war tends to the deprivation of this No people escapes the consequences, no part of the
fulness of life for all men. Commerce is the antonym earth that does not feel the force of the impact. The
of war.
relations that have been centuries in forming are
Out of these abstractions we deduce the truths-- rended; the war, calling to its aid all the powers of
that the law of supply and demand as applied to the man gathered through long decades of progress, is
physical facts of commerce is world-wide in its oper- cataclysmic.
ation, that at any stage in the history of mankind
No man, no people, no nation, can restore in whole;
supply equals demand, exchange being free, with the or in part, save by long and laborious process, the
result of equality for all men. There are waves havoc wrought. The condition is new; but the laws
on this ocean, but its perfect curve is unbroken. of growth and accomplishment are old. And men
There are violences in nature, but its benign calm is who in their egoism have come to sneer at the cometernal. Not only is "acquisition" inherent in man, mercial law of supply and demand as an underlying
but the "propensity to trade," to give in exchange, force in human relations, are but flying in the face
that good and gain may follow. Subject, then, to of the constitution of things, denying the order of
the physical geography of the globe, and the intel- the environment in which we live and move and have
lectual quality of its races,the earth does in usufruct our being and flouting the Infinite.
belong to the living. And this is the essence.of
This fundamental law of supply and demand is
democracy as the wise Jefferson saw it. The ideal not an outworn thing; it never will be. And forever
is a free man existing in a state of nature; an indi- and forever, whether grudgingly or willingly, whether
vidual by the highest cultivation of himself, with all partially or fully, political rule will bow to economic.
his powers, by his activities becoming a fellowman. We come now to focus our attention upon the United
Thus, competition, which in its best definition is States. What do we see? A people of incomparable
emulation and rivalry, becomes by its very nature power living in one of the most favored regions of
universal co-operation. It is here that man fulfills earth. Potentially they produce everything. And,
the object of his being and is in harmony with his though hitherto living in "isolation" they are drawn
environment. The condition is one of peace.
into the whirlpool of death. War fastens its conAll life, is expression. The firmament not only stricting coils about the freedom of the fulness of
showeth His handiwork, it is revelation of Him. life of this people. Every man, every business feels
Adopting the method of M. Taine in his study of the restrictions and the interferences. Where is the
English literature as an expression of life, let us power that can remake a world in a day? Yet ideas
station ourselves in a human soul. And first we for instant relief, luminous as meteors, are constantly
go back but three short years. What do we see? flaming in the darkness.
A world at work. Each man of earth's millions
It would be folly to deny that the thought and toil
seeking self-expression. There are farms and fac- of the people of the United States, when collectively
tories innumerable. There are ships and cars directed, may do much to alleviate the sufferings
traversing seas and lands. Objects of use and of humanity. But the point which we wish to embeauty are everywhere. In every vale men tempt phasize is that the result can be obtained best only
the soil to increase. By waterways that reach the under the natural laws of supply and demand,
oceans, great cities touch the world. Drawn to- whether they be applied to the whole world or ingether by common interests communities exist, tensively to our own country. Therefore, in all
adopting certain manners and customs, exchanging plans that may be proposed it is incumbent that we
the local products of factory and farm, making cer- have first the broad view. Looking upon a world
tain laws for their own guidance. We name them now toppling to its ruin (and confine this, if you will,
2384
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[VoL. 104.
to:the commercial relations) how futile it is to inter- the exchanges, imprison the middlemen, operate
view a farmer, a wholesaler, a jobber, a broker, a the railroads, ration out bread and meat by card,
retailer, of potatoes, nearby and in the city of New penalize hoarding, what ever that is, and allot every
York,and then declare that by edict the Government ounce of food in the country to our own people and
at Washington is capable of producing and dis- the Allies, and then set a price which is believed to
tributing the foodstuffs for a hungry world, of bring- be "reasonable compensation." If the wheat haring an equable plenty to every people and a stable vest is barren in Argentina and Australia, the people
price to every product, if only we forsake the out- there will bid more; and if they cannot buy, they will
worn doctrine of supply and demand.
starve. The law of supply and demand remains in
They tell us we are to feed the Allies and ourselves, force, no matter what obstacles intervene, and is
and can do so if only we fix minimum and maximum world-wide in its application. Price is the measure
prices, prod the farmers, throttle the middlemen, of demand.
and operate the railroads. But here is mankind
Take the narrow view. Set the price of wheat in
living under a natural law as old as the race, fixed in the field for the American farmer. You must set it
the nature of things. War destroys a condition of also for corn, for rye and beans, or the city retailer,
intercourse, of fulness of life, centuries in forming. the corner grocer, will be compelled by the differCan any single government, no matter what its form, entiating demand upon these food products to differbe other than an artificial interference outside the entiate the price. Set it upon all of them, make it
rule of nature, even though its purpose be benevo- what you think is "reasonable compensation" all
lent? What inherent power has it, save through along the line of handling, it will not be so, in fact,
the artificial agencies such as credit that inhere in unless wages that sustain life can pay it and provide
man first, to alleviate the distress of this cataclysmic at the same time shoes and clothing and shelter, for
war? Political government cannot produce one a man can turn his coat but he must eat his daily
blade of grass, let alone two. It is essentially alien meal. And here is the nub to the law of saving as a
to the world of production. What is price but a patriotic purpose, not only must it not be at the
measure of value, what is value but a measure of expense of one industry, but it must be proportioned
demand, what is demand but a measure of supply? to the proper sustenance of all kinds of business as
Why say in one breath that the United States is and they exist in a normal to-day. Otherwise, we but
can be no longer isolated, and then proceed by laws multiply the abnormal influence of war. Demand
born in and by this isolation to try to rule the marts is measured by the fulness of life; and all prices interof the world? Is the world a unit, then so is trade. act.
Is the demand world-wide, then from every part of
The trouble with city prices is the city. You can
the world the supply rushes to meet it. And mark, hardly walk for the crowds in the streets of New
if it were possible, even in this crisis, to divert the York, let alone distribute food supplies. You might
trade of the United States to a few countries, it could commandeer all the trunkline railroads in the
only be done to the loss of others. Where the de- country, they would still have to tunnel their way
mand is world-wide, fixing the price by legislation in into the city. Railing against the "varying" prices
no one country will solve the problem, nor bring to set by innumerable small grocers and push-cart
those in greatest need the greatest measure of the peddlers, has no bearing on the subject of fair profits
supply. The price of wheat may be arbitrarily to those who dispense foods for a living—and live
named in the United States, but foreign demand under the conditions of city congestion; you cannot
will pay more, in proportion to the universal demand distribute foods through underground pipes like
upon the universal supply. There must also be an water, not even with the best municipal government
embargo, and this though it be released to one, is at on earth. City dwellers must pay for the pleasures
the expense of another. When the object of these of skyscrapers and subway air; the countryman can
interferences is grounded on the shortening of a buy better things at a cheaper rate.
terrible war, will justice sanction the starving of
Let us come back to principles. At one end is
neutrals who are at peace and are able and eager to production, at the other consumption. Any outside
pay? Fixing the price of wheat in the United States control applied to one further disorganizes the social
does not fix it in Russia, the Argentine, Canada and state unless applied in proportionate degree to the
Australia. If the conditions are such in England other. In cities, according to size, drayage is a
and Europe that the response of supply to demand, greater item in the cost of living than freightage.
whatever that may be, is not normally easy and Control of one is idle without control of the other.
equable, is it injustice that the people, the farmers And so, in short, the high cost of living is a city
of the United States, if favored by locality and cir- problem more than a country. And to fix the price
cumstance, reap the reward of the advanced price of wheat in the field, or bread in the bakeshop,
which under-production and impeded-distribution justice demands that the scale be graded according
bring about? Of course, the people of our own to the conditions of life in country and in town.
country must pay for three-dollar wheat when there Manifestly, to place a dictator over the production,
is this interference. But the remedy is not in a distribution and consumption of foodstuffs requires
governmental edict which has no power over pro- a dictator over the size and distribution of popuduction and distribution in Argentina and Australia, lation.
the remedy lies in removing the cause. And that is
The Government at Washington simply enters
impossible save by stopping the war, though even upon an impossible task. It may to an extent,
with war a permanent condition, price as a regulator, seemingly, conserve the interests of the people. But
if left unrestrained, must in the end restore the it affects one locality and one interest at the expense
equilibrium.
of another. It must be so, since the relations are a
Scarcity and high prices! These are the colossal natural condition, that have been intertwining for
facts. Remove the war and they will disappear in scores of busy years, and cover a vast population and
proportion as they are the product of war. Blot out domain. The wholesaler has built up his "trade;"
JUNE 16 1917.]
THE CHRONICLE
the retailer has secured his "customers." The factory is builded to make one thing, not another.
The sum total of all our activity in business is service.
These relations of industry and trade are not perfect.
But if there be an apparent imperfection in the service
of one part of what the Government undertakes to
perform, that must be removed. This is a law of
economy. For instance, the motor-truck for city
delivery has not entirely supplanted the dray-horse,
but no economical food dictator could longer allow
the poor old dumb brute to continue his thankless
task and expensive lifework. Oh, but, it is interjected, the Government is not to take over business,
it is to direct. Well, will this be any different from
any other outside direction that has no inside knowledge, and is not bound by the law of business life,
which is the profits in the actual maintaining of the
industry or store in a world of flux, in a world of a
thousand tasks?
It is simply impossible in equity to determine or
control price, through political dictation, or by legislation. Comes war as a disaster, the evil effects of
which must be overcome, as far as may be, with
appliances at hand, with industries going according
to the law of their own lives, and under conditions
and customs which are a century old in forming. A
dictator, even with omniscience and omnipotence,
would still fail, because he cannot control the laws
of nature and thus compass all the elements of living,
and because he cannot reach the cause of the disorder. There is but one way to correct the existing
dislocation. Normal conditions will not return so
long as the war lasts.
FOOD CONTROL—THE LATEST DICTATORSHIP
BILL.
•
The latest food control bill, as reported from the
House Committee on Agriculture, by a vote of 15 to 3,
differs in some particulars from the first, yet is of
even more extravagant breadth and scope. It relates
to what are sometimes called in it "necessaries" and
sometimes "necessities" but is not restricted to food
products, for the chief section establishes "a goyernmental control of necessities which shall extend to and
include all the processes, methods, activities of and
for the production, manufacture, procurement, storage, distribution, sale, marketing, pledging, financing
and consumption of necessities, which shall be
administered by the President for the purposes of this
Act, and all such necessaries, processes, methods,
and activities are hereby declared to be affected with
a public interest."
In this language, it should be observed, lies no
exception or limitation whatever; everything useful
to or needed by mankind, in every particular along
the entire line from production to consumption, is to
be brought under "a governmental control."
Section 4, next following,forbids willful destroying
of necessaries for enhancement of price, or willfully
allowing deterioration, or hoarding or monopolizing,
or combining to limit producing or distributing, or
"to exact excessive prices."
Section 5 provides that when the President finds
licensing necessary, "from time to time," and shall
have so proclaimed, no person shall engage in any
process of handling or producing necessaries without
obtaining a license. A license may be ordered to
desist from any rate, charge, or practice deemed
discriminatory or wasteful, and the President may
decide what rate or practice is unobjectionable. To
2385
this section is attached a proviso exempting from its
application any farmer or other person "with respect
to the products of any farm, garden, or other land
owned, leased, or cultivated by him;" the exemption
extends also "to any retailer with respect to the retail
business actually conducted by him," "and to any
common carrier."
Section 6 provides a fine or imprisonment for
willful hoarding of necessaries, which is defined as
being when they are"held, contracted for, or arranged
for, by any person, in a quantity in excess of his
reasonable requirements for use or consumption by
himself and dependents for a reasonable time," or if
purchased "by any manufacturer, wholesaler, retailer, or other dealer" on an unreasonable scale.
Taken literally, any householder or anybody else
who buys any "necessary" whatever incurs liability
of having his needs inquired into and compared with
his purchase, and if he is convicted of hoarding he
may be fined $5,000 or imprisoned for two years "or
both." There is a proviso that "any accumulating,
or withholding, by any farmer, gardener, or any
other person, of the products of any farm, garden, or
other land owned, leased, or cultivated by him, shall
not be deemed to be hoarding within the meaning
of this Act."
Sections 7 and 8 provide for seizure and condemnation of hoarded necessaries, and for punishing their
willful destruction for the purpose of raising prices.
Section 9 authorizes the President to purchase, produce, or store necessaries, and to require any person
controlling the same to furnish to the Government
either necessaries or storage space, at prices he may
deem reasonable. Section 10 provides for taking
possession of mine, factory, or plant, when other
methods of supply shall fail.
Section 11 empowers the President to regulate or to
partly or wholly forbid operations under the rules of
any Exchange or Board of Trade. Section 12 empowers him to give notice, seasonably and as far as
practicable in advance of seeding-time, of a reasonable minimum price for non-perishable agricultural
products, and thereupon the Government shall
guaranty this minimum for not over three years.
This section also authorizes him, if he finds the
importation of any such product is "likely to interfere
with the practical operation of any guaranteed
price" here, or is "likely to materially enhance the
liability of the United States" under the guaranty,
to proclaim a duty sufficient to bring the price of the
imported article up to that guaranteed.
Section 13 provides for limiting or prohibiting
the use of any food material in producing alcohol or
either alcoholic or non-alcoholic beverages. Other
sections appropriate 23/2 millions for rent, printing,
and services needed to carry out the Act, also for
150 millions to be set by and held thus until used
for the purposes other than specified in the preceding
section, and limit operation of the Act to one year
after the war has ceased.
The intent seems to be to hit speculation and
speculators, but every person can find something
which may interest him. The farmer need not have
a license, and he may be encouraged by a guaranteed
minimum price on food products. The farmer may
accumulate or withhold any soil product (and so
may anybody) without becoming guilty of hoarding.
Maximum prices may be proclaimed for all necessaries
except soil products. The retailer may charge what
he can get and may generally do as circumstances
2386
THE CHRONICLE
permit; but if he holds or buys or contracts for larger
quantities than he reasonably needs he comes under
the definition and the drastic penalties of hoarding.
And every person, including the classes favored by
exemption, is exposed to liability as a hoarder if he
holds or arranges for "a quantity in excess of his
reasonable requirements for use or consumption by
himself and dependents for a reasonable time."
The President is not commanded to do anything,
but is empowered to do nearly everything. He is to
decide when the emergency requires action, and also
what is "reasonable" in methods, practices, or rates.
If the bill were consistent and workable in most
details, the immovable fact would remain that no
finite mind possesses enough wisdom and discretion
to execute it. Some say in excuse that it is only a
power grant in reserve and need never be used, since
the sight of the club poised aloft in air will keep within
reasonable bounds all would-be offenders against
abundance and low prices. But who shall decide
what those bounds are, and in what instances they
are exceeded?
Now the Federal Trade Commission, weary with its
attempt to grapple with the news print paper case,
askes the Senate for a bill putting all paper plants
under Government control and operation during the
war; but no special action to that end would be
needed if this bill goes through as written, for sections
9 and 10 cover the making of necessaries and the
taking over of any plant.
The excitefnent of the times seems to be sweeping
people quite off their feet; no proposition is too wild
for bringing forward, and there is actually one impending in Congress for preventing any raising of
rents. We are adjured to hurry along the food bill
and are told that unless this is enacted by July 1 it
will be too late, for the speculators will seize and
withhold all the crops. But why have so many bills?
One of five lines,'constituting the President supreme
dictator and suspending all existing laws during the
war, would be simpler.
Some years ago, while Mr. Wilson was only an
educator and author, he was troubled over what
seemed to him the growing disposition in Congress to
possess itself of all governmental functions. The
efforts at aggrandizement of such functions seem
now to have shifted to the other end of Pennsylvania
Avenue. As President, Mr. Wilson already has such
grants of power as were not given to any of his predecessors, .and he continually calls and presses for
more and still more. We are contending now
against absolutism abroad; let us beware how we
unthinkingly set that up at home. If such an unlimited and un-American dictatorship as this bill
proposes is enacted, Mr. Wilson's eager desire should
be satisfied, for then he will lack hardly anything
except a censorship over the press.
THE DUTY OF THE COMMERCE COMMISSION
TO PROTECT RAILROAD INVESTMENTS.
The remarks of Mr. Darwin P. Kingsley of the
New York Life before the Inter-State Commerce
Commission, on last week Friday, on behalf of the
newly-organized National Association of Owners of
Railroad Securities, are of interest because this is the
first time that the investors' side of the subject has
been prominently brought forward in hearings upon
the question of rates, and because,further, the moral
responsibility of government for respecting and pre-
VOL. 10&.
serving the fundamental conditions under which
investments have been made is distinctly presented.
Speaking directly, and with authority, for five
great insurance companies which together own 75%
of the total railway issues held by all the companies
(this total amounting, 18 months ago, to approximately 1,583 millions at book value), Mr. Kingsley
began by saying that the outstanding life insurance
of companies of the United States aggregates 25,000
millions, equal to about one-eighth of the estimated
wealth of the country. The contracts of the companies "are fixed, except as they are increased by
forces beyond their control, while their power to tax
is strictly limited." The word "tax" here refers to
the premium charge, which is fixed in advance upon
contracts that may run for sixty or more years and
"cannot under any circumstances be increased, not
even in times of war." Since the premium charge
cannot be changed, the rate of interest assumed as
safe to be earned must be maintained, or the whole
structure is threatened. Most companies operating
in this State base all their calculations on the assumption of earning 332%, and the law of this State will
compel a company to cease issuing new contracts
whenever its assets cease to cover its liabilities, assuming that it will earn 432%. So, then, in adopting a
premium rate on long contracts the companies "are
obliged to assume that through all that time commercial faith will be kept, that sound and necessary
enterprises will be fostered by society, and that the
State—which so sternly supervises the companies,
so strictly measures their liabilities, and so carefully
values their assets—will use thesame power tosee that
the faith which lies back of these securities is kept."
The larger part of these investments having been
made before the Commission received, or, at least,
exercised its present powers, the speaker told the
members that "you therefore inherit a condition
which makes the integrity of these 46,000,000 contracts a part of your duty." Then, while admitting
that on the statistics of the rate problem per se he
is no better informed than are other non-railroad
men, he put the point of duty involved very clearly
thus: "if a denial of the prayer of the roads for an
increase of rates at this.time will carry the relation
between the railroads and the life insurance companies into a doubtful zone and even remotely assail
the assumptions as to interest which the companies
have made and imperil the capital which they have
invested, then we assume that this body is as clearly
bound to grant that request, in the interest of public
faith and commercial integrity, as it is bound to end
exorbitant and discriminatory charges."
It is provided in .the Constitution that no State
shall pass any law impairing the obligation of contracts. But the Federal Government is bound,
morally at least, to refrain from any enactment, and
also from any conduct, which might effect such a
change in conditions as would impair the ability of
the maker of a long-term contract to fulfill his undertaking. Concerning the outlook for railway' issues,
Mr. Kingsley said that the five great insurance companies which he directly represented have steadily
lost faith in what was once a favorite investment;
the ratio of their railway issues owned to their total
assets has been declining for ten years, and in case
of the largest single holtler (evidently his own company) this ratio was 55.1% in 1904 and 38% in 1916.
He then put thus what he called an inevitable question:
JUNE 16 1917.)
THE CHRONICLE
"What effect will the present startling advance in
cost, not only of equipment, but of labor and coal
and other items of upkeep, have on the outstanding
securities of the roads, unless their rates, which are
now about as rigid as life insurance premiums, can be
modified to meet changed or emergency conditions?"
Recent legislation, said Mr. Kingsley, "has put
mutual insurance, which is not a business enterprise
at all, has no profits and in the nature of things can
have none, in the category with munition-makers,"
and companies have no protection against increasing
taxes which "constantly eat into the margins saved by
economies in management, savings in mortality, and
savings in interest." Premium rates being fixed,
the fundamental assumptions upon which those
were made are exposed to changes in conditions beyond the companies' control. We may add that a
situation as serious and menacing confronts the railways, with conditions which they cannot control
raising the cost of what they must buy and a governmental supervision rigidly holding down the price of
the only thing they have to sell. How are they to
thrive and to effectively serve the country, under
such a condition? Mr. Kingsley does not see, and
he puts the alternative forcibly thus:
"If a road is to serve the country effectively it
must be able to finance itself. To sell its securities
to life insurance companies hereafter, a railroad must
show that its revenues are sufficient to cover depreciation, upkeep, interest, amortization, and a
reasonable surplus after paying the stockholder a fair
return on his money. When the present holdings
of the life companies were purchased, barring possibly the underlying obligations of some roads, these
conditions generally existed. What is the condition
now? How many roads can finance themselves to
any considerable extent through the sale of stock?
How many, indeed, from their present indicated net
earnings will be able to pay any returns to stockholders in 1918, if the properties are well kept up?"
Heretofore,direct owners of railway issues have kept
strangely silent, as if failing to recognize that they
have any stake in the welfare of the properties which
lie back of those issues. The men responsible as
trustees for the many millions of indirect although
real owners of these issues have also held aloof and
silent, leaving only one side to be personally represented when hearings upon proposed rate increases
have been held. This has seemed to us unaccountable on any reasonable assumption, and the silence
of trustees has almost seemed a dereliction from
duty. Direct owners of these issues, and trustees
to whose hands have been committeed the interest
of so many indirect owners, seem now, at last, to
have aroused, and the Baltimore meeting was the
first evidence of it. Speaking for about 33 millions
of holders of life insurance policies, who are really
investors, although not such in the ordinary and
strict sense of the term, Mr. Kingsley said they have
implicitly trusted their trustees, with a faith that
must be kept, and the structure is based on assumptions absolutely sound, "if public faith is kept."
Therefore, as his final word, he told the Commission
that "having been granted and having assumed the
.power to regulate these public carriers and fix their
rates, it follows that in all cases where insurance
directors have bought railroad securities with sound
judgment, your duty to use your power to protect
the integrity of these securities is akin, at least, to
the duty of the Government to protect the lives and
liberties of the people."
2387
Efficient transportation, equal to all demands
which war may impose, is the right arm of the country in its present situation; this has been urged somewhat, and cannot be urged too strongly. The interests of investors, and the public duty to recognize
and safeguard those interests, form a phase of the
subject which is now put before the members of the
Commission as it has not been put before. It should
engage their attention and be weighed by them very
seriously.
INJUNCTIVE RELIEF AGAINST LABOR
UNIONS FAILS UNDER CLAYTON ACT.
In the "carpenters" case the labor unions seem to
have won a point, temporarily at least, by a recent
decision of the Supreme Court that injunctive ,relief
can be granted, under the anti-trust laws, only to
the Government and not to private persons. A
conspiracy to enforce union domination against
"open shops" was charged by the complaining
employers, and there seems to have been little dispute
over the facts. The unionized carpenters, after
their customary manner, sought to keep non-union
men out of work, and, as a part of that process, to
keep "unfair" (i. e., non-union made) material out
of New York. The result was undeniably injurious,
to the workmen immediately affected, to other workmen outside the city, and to the public by the increased cost of building construction here.
The Sherman Act makes only one mention of
injunctions, which authorizes a temporary restraining
order by a Circuit Court, pending determination of a
case of complaint. As to individual relief, the Act
provides that "any person who shall be injured in his
business or property by any other person or corporation by reason of anything forbidden or declared
unlawful by this Act" may sue therefor, without
respect to the amount involved, and shall recover
threefold the damages sustained by him, and the
costs of suit. This provision, which has been availed
of in the Danbury Hatters' case, shows a recognition,
by the framers, of the rights of an individual and a
desire to provide individual relief. It is repeated,
with only a few verbal changes which affect neithe
its meaning nor its force, in the Clayton Act.
The Clayton Act provides, in Section 16, that "any
person, firm, corporation, or association shall be
entitled to sue for and have injunctive relief, in any
court of the United States having jurisdiction over
the parties, against threatened loss or damage by a
violation of the anti-trust laws." Considerable
matter was slipped into this later law (including the
barren declaration that the labor of a human being is
not a commodity or article of commerce) by and on
behalf of labor unions. Section 20 forbids any
restraining order or injunction, in any case between
an employer and employees, or between employees,
or between persons employed and others seeking
employment, in a matter involving or growing out of
a dispute concerning terms or conditions of employment, unless necessary to prevent irreparable injury
to property or a property right of the party making
the application, for which there is no adequate
remedy at law: This section, which goes on at
some length, was intended, together with several
preceding ones, to shield organized labor, in its
processes of boycott and strike, from interference by
injunction, a procedure very abhorrent to it.
The complainants in this carpenters' case contend
that it lies between individuals and unions, and there-
THE CHRONICLE
2388
fore that the denial of injunctions in actions between
eniployers and employees is not applicable. This
would so appear to a layman, also that the provision
from the Clayton law (which must be of equal
authority) clearly gives to any injured person the
right of suit for injunctive relief. Without a full
report of the text of the decision, we cannot tell upon
what ground the Supreme Court places itself in the
contrary position on this point. But it is noticeable
that Justice Brandeis, whose antecedents might lead
us to expect him to go to the fullest length on behalf
of organized labor, joins Justices McKenna and
Vandevanter in dissent. What is entirely clear,
however, is that the unions have won a tactical
advantage which cannot and will not be left without
further struggle and that the boycott as a weapon
must be either finally recognized or condemned by
the law and the courts. The Danbury Hatters'
case, just now in its apparently last stage of selling
the attached homes of the defendant hatters, in
payment of the confirmed judgments, seems to
indicate what the end will be.
RAILROAD GROSS AND NET EARNINGS FOR
APRIL.
As in the months preceding, the striking feature
in our compilation of the earnings of United States
railroads for the month of April is the continued large
augmentation in expenses. Improvement in the
gross revenues of the railroads is being fully maintained and no complaint can be found with the returns
in that respect. Were it not, therefore, for the continued rise in operating coststhe outlook for the roads
would have to be considered as decidedly reassuring.
As it is, the additions to expenses are of such magnitude that the extra outlay on that account for most
of the larger systems greatly exceeds the gains in
• gross, leaving the net heavily reduced in many instances. Even for the roads as a whole (including
some few that were exceptionally favored by special
conditions) the increase in expenses has almost
entirely eaten up the large gain in gross, leaving the
merest trifle of an increase in the net, this at a time
when the carriers have heavier fixed charges to meet,
by reason of the constant additions to capital account,
attendant upon the development and expansion of
the roads to meet growing transportation needs.
Our compilations, as usual,are very comprehensive,
covering no less than 248,723 miles of line, or not
far short of the entire railroad mileage of the country.
On this length of road the increase in gross earnings
as compared with the corresponding month last
year, is no less than $37,819,634, or 13.10%, which is
satisfactory enough as far as it goes. Un'fortunately,
because of the rising cost of operations, expense
accounts have been swollen in yet larger ratio and
in an almostequal sum, the exact amount of the
augmentation being $37,759,479, or 19.32%., As a
consequence, the aggregate of the net, notwithstanding the improvement in the gross, is only $60,155
larger than in 1916, as will be seen by the following:
%
Increase.
1916.
1917.
Apra (473 Roads)—
Miles of road
Gross earnings
Operating expenses
Net earnings
+603
248,120
248,723
$326,560,287 $288,740,653 +$37,819,634
+37,759,479
195,482,767
233,242,246
0.24
13.10
19.32
+60,155
0.07
$93,318,041
$93,257,886
Comparison is, of course, with very full totals last
year, both gross and net, which makes the further
large addition to the gross the present year all the
more significant. The gain in the gross in April
1916 reachedino less than $50,941,052, or 21.45%
[VOL. 104.
and the present year's gain of $37,819,634 comes on
top of this large gain last year. It is to be noted,
furthermore, that the 1917 improvement in the gross
occurs in face of a smaller grain movement in the
West, and a smaller cotton movement in the South,
showing that the continued growth follows as the
result of the steady expansion in trade and business.
In the net last year the increase was also noteworthy,
amounting to $25,695,857, which is followed now,
however, as we have seen, by the insignificant further
increase of only $60,155. There had been an improvement, too, in the net in April of the year
before (1915), but that gain was due entirely to a
great curtailment in the expense account; in the
gross there was then a falling off, though not of very
large extent. In brief, our April 1915 compilations
registered $3,394,464 decrease in the gross, but
$8,249,222 increase in net. The truth is, the gain
in that year was more or less forced, the railroad
outlook then being decidedly dismal, so that railroad managers found it absolutely incumbent upon
them to cut expenses in every direction. If we go
still further back we find unfavorable or indifferent
results for several successive years. In April 1914
gross fell off $8,517,270, or 3.48%, and net $625,524,
or 1.04%. In April 1913 there was a gain in the
magnificent sum of $24,188,770, or 10.90%, notwithstanding unprecedented floods in the Middle and
Middle Western States. These same floods, however, caused such a great augmentation in expenses
that only $2,039,869 of the improvement in the gross
was carried forward as a gain in the net. Entirely
apart, however, from the additions to expenses
occasioned by the floods, rising expenses had then
been a growing feature in the returns year by year
for several successive years. For instance, in April
1912, our tabulations registered $4,538,251 gain in
gross, but accompanied by $10,465,870 addition to
expenses, causing, therefore, a loss of $5,927,619 in
net. In April 1911 there were losses in both gross
and net—$7,514,070 in gross and $1,941,639 in net.
In April 1910 gross earnings were satisfactory
enough, having recorded an increase of no less than
$28,831,397, but in the net the outcome was disappointing, owing to the great expansion in expenses,
which left a gain of only $4,316,266 in net. In 1909
there was very substantial improvement in both
gross and net, but this followed the tremendous
losses of the year preceding. The results then
showed $21,921,500 gain in gross and $11,593,087
gain in net. In 1908 the losses were of prodigious
magnitude. As registered by our tables there was
a decrease then of $30,544,943 in gross and of $10,095,121 in net. That, however, by no means represented the full amount of the loss, as the aggregates
were based on only 153,007 miles of• road, whereas
the total railroad mileage of the country was close
to 230,000 miles. Careful computation made by us
later in the year indicated that for the whole railroad
system of the country the loss in gross in April 1908
must have been no less than $45,000,000 and the loss
in net about $16,000,000.
In the following we give the April figures back to
1896. The totals are our own, except that for 1911,
1910 and 1909 we use the Inter-State Commerce
figures, the Commission having for these'three years
included all the roads in the country, while now the
smaller roads are omitted. Prior to 1909 the figures
are also our own, but a portion of the railroad mileage of the country was then always unrepresented
JUNE 16 1917.1
THE CHRONICLE
2389
in the totals, owing to the refusal of some of the 461 in the former and $168,404 in the latter. Southroads in those days to furnish monthly figures for ern roads pretty generally show diminished net in
face of substantial gains in gross, but in the cases
publication.
of the Western roads the additions to gross have,
Net Earnings.
Gross Earnings.
as
a rule, been of such magnitude as. to leave larger
Year.
Year
Year
Increase or
Increase or
Year
Year
Given.
or smaller gains in net, notwithstanding the great
Preceding. Decrease.
Decrease.
Given.
Preceding.
augmentation in expenses; the Great Northern is an
April.
+841,766 14,484,626 14,657,119 -172,493
1896... 50,608,569 49,766,803
+46,289 15,419,768 14,974,156
+445,612 exception to the rule, reporting only $270,997 gain
1807.. _ 54,751,130 51,704,841
1898... 63,443,166 55,427,918 +8,015,248 18,740,860 15,695,627 +3,045,233
The Chicago &
1899... 68,357,884 64,888,200 +3,469,684 20,458,833 19,119,601 +1,339,229 in gross and $344,708 loss in net.
1900._ 78,077,472 68,313,028 +9,764,444 23,300,034 20,416,810 +2,883,224
1901._ 94,439,377 84,331,412 +10,107,965 29,511,141 24,975,196 +4,535,945 North Western is another exception, its gain in gross
31,260,129
+9,168,136
27,891,119
+3,369,010
1902... 100,562,300 91,394,164
1903... 107,517,310 94,172,420 +13,344,890 33,892,999 29,788,830 +4,104,169 of $869,811 having been turned into a loss df $4,535,
1904... 98,798,874 100,535,597 --1,736,723 28,552,275 31,092,626 ---2,540,351
31,958,503
30,192,485
+1,766,018 owing to augmented expenses.
1905... 111,860,721 101,474,716 +7,386,005
1906._ 109,998,401 101,598,565 +5,399,836 31,548,660 30,137,596 +1,411,064
1907_
142,884,383 115,863,354 +27,021,029 42,521,549 33,639,112 +8,882,437
On the other hand, the Southern Pacific reports
1908_ 134,513,535 165,058,478 -30,544,943 37,441,989 47,537,110-10,095,121
193,903,104 175,071,604 +21,921,500 62,380,527 50,787,440 +11,593,087 $3,053,004 gain in gross and $1,469,145 gain in net,
+28,831,397
66,725,893
62,409,630
197,024,777
+4,316,266
1910... 225,856,174
1911... 218,488,587 226,002,657 ---7,514,070 64,768,090 66,709,729 -1,941,639 and the Union Pacific $2,141,307 gain in gross and
1912... 220,678,465 216,140,214 +4,538,251 57,960,871 63,888,490 -5,927,619
+24,188,770
60,122,205
220,981,373
58,082,336
+2,039,869
245,170,143
The Burlington & Quincy has
-625,524 $887,190 gain in net.
1914... 236,531,600 245,018,870 -8,517,270 59,398,711 60,024,235
1915... 237,696,378241,090,842 -3,394,464 67,515,544 59,266,322 +8,249,222
gross and $686,460 increase
in
$1,694,935
increase
+50,911,052
93,092,395
67,396,538 +25.695,857
1916_ _ _ 288,453.700 237,512,648
+60,155
1917. 326,560,287 288,740,653 +3/.819.334 93.318,041 93,257,886
in net; the Milwaukee & St. Paul $582,351 increase
; 11 1897; 134 in 1898; 124 in 1899.
Note.-lneludes for April 129 rolls i
)); 01 In 1901; 93 in 1905; 91 in 1903' in gross and $60,667 in net; the Northern Pacific,
127 in 1900; 127 In 1901; 120 In 1902: 10
91 In 1007; in 1908 the returns were bas:•1 J.11,3 007 miles of road; in 1909, 233,829;
In 1910, 239,793; in 1911, 244,273; in 1912, 236,722; in 1913, 240,740; in 1914 $1,229,365 increase in gross and $234,811 increase
243,513; In 1915, 247,701; In 1916, 246,615; In 1917, 248,723. Neither the Mexican
roads nor the coal-mining operations of the anthracite coal roads are included in in net; and the Illinois Central $1,570,309 increaseany of these returns.
in gross and $911,635 in net. In the Southwest, the
When we come to examine the returns of the Atchison, with $2,220,339 gain in gross, has only
separate roads the characteristics are the same as $36,912 gain in net, but the Missouri Pacific has
those already noted for the roads as a whole. There enlarged its gross by $769,613 and its net by $651,is an almost unbroken list of gains in the gross-not 659; the Rock Island adds $993,019 to gross and
• a few for very large amounts-but the showing as to $134,727 to net, and the St. Louis-San Francisco
the net is of the opposite nature; that is, while gains $429,733 to gross and $102,345 to net.
in the net are by no means lacking, some of them
In the South, while the Southern Railway has
being of considerable magnitude, the decreases, on $912,128 increase in gross and $123,474 increase in
the whole, overshadow the increases. The New net and the Chesapeake & Ohio $505,077 increase
York Central, for instance, added $881,431 to gross in gross and $233,341 increase in net, the Louisville
but suffers a contraction of $1,500,711 in the net. & Nashville reports $770,174 gain in gross with
This is for the New York Central itself. Including $123,746 loss in net; the Norfolk & Western $400,125
the various auxiliary and controlled roads, the whole gain in gross with $159,357 loss in net and the Seagoing to form the New York Central System, the board Air Line $278,070 increase in gross with $22,result is that with a gain of $2,252,066 in the gross, 833 decrease in net. The following shows all changes
net has fallen off $2,010,804. Last year the result for the separate roads fof amounts in excess of
for the New York Central System was $6,643,762 $100,000, whether increases or decreases, and in
increase in gross and $3,170,115 increase in net. In both gross and net. It will be observed that there
April 1915 there were likewise gains, namely $883,996 are only 3 roads with losses in gross in excess of that
being lines which presumably
in gross and $2,709,112 in net, but in April 1914 the amount, two of these
by
the
interruption to navigation
handicapped
were
System registered $2,095,182 loss in gross and $875,- on the Great Lakes.
933 loss in net.
PRINCIPAL CHANGES IN GROSS EARNINGS IN APRIL.
Increases.
Increases.
The Pennsylvania, for April, the present year, on Pennsylvania
43,281,624 Yazoo & Miss Valley_ _
$259,523
3,053,004
Pacific
Hocking
Valley
Southern
245,334
operated
directly
east and west of Pitts- Atch Topeka & Santa Fe_ 2,220,339 Texas & Pacific
the lines
224,166
2,141,307
Buffalo
Rochester
&
Pacific
Union
Pitts_
200.358
$3,281,624
increase in gross, but Chicago Burl & Quincy_ 1,694.935 Virginian
burgh, reports
193,494
Central
1,570.309 Maine Central
189,446
$854,104 decrease in net. Including all lines owned Illinois
1,251.474 Central of Georgia
Baltimore & Ohio
188,948
1,229,365 Colorado & Southern... _ _
Northern Pacific
180,714
and controlled which make monthly returns to the Chic
166,6E0
Rock 1st & Pac.Lines 993,019 kansas City Southern__ _
Railway
912,128 Minneap St Paul & S S M_
160,093
Inter-State Commerce Commission, the Pennsyl- Southern
b881.431 Toledo & Ohio Central_ _ _
149,946
New York Central
149,622
Chicago & North Western 869,811 Nash Chatt & St Louis__
Lake Erie_ _
vania RR. reports $4,034,195 gain in gross co- Louisville & Nashville__ _ 770.174 Bessemer & Lou
147,487
NV
140,194
Missouri Pacific
769,613 Chic Ind &
$1,002,175
in net. This shows Cleve Cinc Chic & St L
incident with a loss of
648,568 Internat & Great Northern 138,082
131,043
Delaware Lacka & West
605,350 Chic St Paul Minn & Om_
130,737
Milw & St Paul
582,351 Cinc N 0 & Tex Pac
that for that system the increase in expenses for Chic
Michigan Central
537,450 Toledo St Louis & Western 126,861
125,414
& Eastern Illinois 506,490 Central of New Jersey___
April was $5,036,370, or at the rate of $60,000,000 Chicago
506,028 Cinc Ham & Dayton_ _ __
121,876
Missouri Kansas & Texas_
Chic Terre Haute & S E__
vg.on
117,760
lgo
a
di
isai
&
szO
i
the
April
1916
In
year.
System
Pennsylvania
a
,428 N Y Chic & St Louis
117,365
114,459
PhiladelphiaRio
Grande g
..:.: 433,294 Western Pacific
Denver
registered $7,157,303 increase in gross and $3,269,388 St
429,733 Delaware & Hudson
109,415
Louis-San Francisco__
106,627
Balto & Washington 413.110 Western Maryland
increase in net. In April 1915 there was $702,346 Phila
103,160
N V N Haven & Hartford 408.461 Cumberland Valley
400.125 Elgin Joliet & Eastern___
101,366
Norfolk & Western
gain in gross and $579,714 gain in net, but in April Lehigh
400,017
Valley
Representing 65 roads
391,464
Wabash
1914 the System suffered $1,439,305 decrease in Atlantic
in our compilation_ _$35,688,184
Coasc Line
352,385
Chicago & Alton
347,853
by
attended
$1,401,515
gain in net.
gross, though
•
Decreases.
314,570
Erie
Louis Southwestern_ _ _
313.526 Duluth Missabe & Nor__ _ $239,309
The Erie, this year, for the month has $314,570 St
186,286
299,866 Duluth & Iron Range_ _ _ _
El Paso & Southwestern._ _
168,098
278,070 Florida East Coast
Seaboard Air Lino
270,997
increase in gross with $536,592 decrease in net, and Great Northern
Representing 3 roads in
267,937
Boston & Maine
our compilation
260,361
$593,693
the Philadelphia & Reading Ry.$436,428 increase in Pere Marquette
Note -A.11 the figures in the above are on the basis of the returns filed
gross, with $383,548 loss in net. The Baltimore & with the Inter-State Commerce Commission. Where, however, these returns do not show the total for any system, we have combined the separate
as to make the results conform as nearly as possible to those given
Ohio, on the other hand, has managed to save a part roads sostatements
furnished by the companies themselves.
in the
a This is the result for the Pennsylvania RR., together with the Pennsylof its large gain in gross for the net, it reporting vania
Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR.reporting $1,921,148 increase, the Pennsylvania Company
$1,251,474 increase in gross and $553,755 increase $104,573
gain and the P. C. C. & St. L. $1,255,903 gain. Including all
owned and controlled, which make monthly returns to the Inter-State
lines
in net. The Boston & Maine with $267,937 gain in Commerce
Commission, the result is a gain of $4,034,195.
I, These figures cover merely the operations of the New York Central
gross has $417,397 loss in net, but the New Haven itself.
Including the various auxiliary and controlled roads,like the MichiCentral, the ..Big Four," &e., the whole going to form the New York
is able to report increase in both gross and net-$408,- gan
Central System, the result is a gain of $2.252,006.
THE CHRONICLE
2390
PRINCIPAL CHANGES IN NET EARNINGS IN APRIL.
Increases.
$1,469,145
Southern Pacific
911,635
Illinois Central
887,190
*Union Pacific
686,460
Chic Burl & Quincy
651,659
Missouri Pacific
553,755
Baltimore & Ohio
234,811
Northern Pacific
233,341
Chesapeake & Ohio
216,484
Missouri Kansas & Texas_
Chicago & Eastern Illinois 185,461
175,918
El Paso Soutn Western..__
171,553
Pere Marquette
168,404
N Y New Haven & Hartf_
153,314
Cleve Chic Chic & St L.__
136,200
Wabash
Chic Rock Isl & Pac Lines 134,727
134,530
Delaware Lack & West__
123,474
Southern Railway
120,224
Hocking Valley
113,844
Chicago & Alton
102,345
St Louis-San Francisco..__
Decreases.
b$1,500,711
New York Central
a854,104
Pennsylvania
536,592
Erie
510,246
Pittsburgh & Lake Elie__
417,397
Boston & Maine
383,548
Philadelphia & Reading__
344,708
Great Northern
323,955
Duluth Missabe & Nor__
288,107
Central of New Jersey_ _ _
234,702
Atlantic Coast Line
228,120
Lehigh Valley
223,139
Delaware & Hudson
168,852
Minneap St P & S S M
160,969
Elgin Joliet & Eastern_ _ _
159,769
Grand Trunk Western..__
159,357
Norfolk & Western
156,027
Florida East Coast
155,777
Duluth & Iron Range_ _ _ _
154,751
Atlantic & St Lawrence__
142,952
Michigan Central
123,746
Louisville & Nashville__ _
107,233
Western Maryland
100,376
Buff Roch & Pitts
Representing 23 roads
Representing 21 roads
in our compilation_ _..$7,435,138
In our compilation..--$7,564,474
a This is the result for the Pennsylvania RR., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St Louis, the
Pennsylvania RR. reporting $705,012 decrease, the Pennsylvania Company
$625,333 loss and the P. C. C. & St. L. $476,241 gain. Including all lines
owned and controlled which make monthly returns to the Inter-State
Commerce Commission, the result is a loss of $1,002,175.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &c., the whole going to form the New York
Central System, the result is a loss of $2,010,804.
When the roads are arranged in groups, according
to their geographical locations, the part played by
augmented expenses in adversely affecting net results is re-emphasized; for whereas every one of the
seven divisions shows gross earnings increased in
larger or smaller amounts, no less than four out of the
seven divisions register losses in the net. Our summary by groups is as follows:
[VOL. 104.
entered the war. The total of credits extended to the
Allies by the United States since the war bond bill became
a law on April 24, now amounts to $948,000,000. Of this
sum Great Britain received $500,000,000; France, $200,000,000; Italy, $100,000,000; Russia, $100,000,000; Belgium,
$45,000,000; and Serbia, $3,000,000.
REPUBLIC OF CUBA WAR LOAN OF $30,000,000.
The House of Representatives of the Cuban Congress at
Havana on June 9 voted the $30,000,000 of Government
bonds for a war loan, referred to in these columns on June 2,
as recommended in the recent message of President Menocal.
The bonds, as previously stated by us, will be issued in
three lots, the first in the fiscal year beginning July 1 and
the second and third in the two succeeding fiscal years.
They will bear interest at not exceeding 6%, and their
amortization is provided for in a period of twelve years,
beginning with Jan. 1918. The loan, it is said, may be
placed in the New York and London markets.
THE FRENCH WAR CREDITS.
According to a report made by Raoul Peret, reporter for
the Budget Committee of the French Chamber of Deputies,
the Chamber has already voted 100,000,000,000 francs in
war credit. This sum, the dispatches from Paris on June 12
stated, includes the credits for the third quarter of 1917 and
7,000,000,000 francs advanced to France's allies. The report is quoted in part as follows:
The Committee has introduced few modifications in the pending bill.
The Government asked for 9,843,000,000 francs and the Committee increased the figure to 9,871,000,000. The revenue receipts are more and
more satisfactory and the national defence bonds are increasingly successful. The total sales of bonds for March, April and May total 2,960,000,000 francs.
SUMMARY BY GROUPS.
Finally, the Committee endorses the intention of the Government to
Gross Earnings
which, according to estimates, will bring in
Inc.(+)orDec.(-). introduce a series of measures
1916.
1917.
Section or Group
over a billion francs. These new resources are destined to cover the perma$
Aprilshould be included payments in
henceforth
which
in
+857,237 16.12 nent expenditure,
Group 1 (18 roads), New England ___ 14,865,635 14,008,398
with the national debt-over two and a half billions interest
Group 2 (81 roads), East & Middle__ _ 86,759,701 79,555,053 +7,204,648 9.06 connection
floating debt and over two billions for military and civil
Group 3 (61 roads), Middle West__ 40,328,129 35,689,426 +4,638,703 13.00 on the funded
Groups 4 & 5 (93 roads), Southern__ _ 42,165,399 37,605,650 +4,559,749 12.13 pensions.
they will be continued to be assured by tempo.ary
expenses
As for war
Groups 0 & 7 (75 roads), Northwest__ 70,503,158 61,477,704 +9,025,454 14.68
Groups 8 & 9 (96 roads), Southwest__ 50,407,364 42,719,499 +7,687,865 18.00 credits.
Group 10 (49 roads), Pacific Coast___ 21,530,901
17,684,923
+3,845.978 21.75
326,560,287 288,740,653 +37,819,634 13.10
Total (473 roads)
-Mileage1916.
1917.
Group No. 1
Group No. 2
Group No. 3
Groups Nos. 4 & 5__ __
Groups Nos. 6 & 7_ _ __
Groups Nos. 8 & 9_ _
Group No. 10
7,824
29,723
23,241
41,851
69,047
57,990
19,047
1917.
$
Net Earnings
1916.
Inc.(+)orDec.(-)
$
'i,830 4,147,344 4,670,561 -523,217 11.20
29,719 21,181,482 24,909,938 -3,728,456 14.97
23,251 10,352,728 10,937,047 -584,319 5.34
41,555 13,168,174
68,910 21,091,554
58,015 14,754,188
18,840 8,622,571
13,385,987 -217,813 1.62
19,830,238 +1,261,316 6.36
12,572,115 +2,182,073 17.36
6,952,000 +1,670,571 24.03
+60,155 0.07
248,723 248,120 93,318,041 93,257,886
NOTE.-Group I. includes all of the New England States.
Group //. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that. portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined Include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of
New MCX1C0 north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
Total
UNITED STATES LOANS $3,000,000 TO SERBIA AND
EXTENDS FURTHER CREDIT TO GREAT BRITAIN.
Secretary of the Treasury McAdoo on June 14 advanced
an additional loan of $25,000,000 to Great Britain. On
June 9 the United States Government made loans of $3,000,000 to Serbia and $75,000,000 to Great Britain. The loan
to Serbia, the first to be extended by the United States to
that Government, is payable in three equal monthly installments. It will be used, the Treasury Department announced
mainly in improving railway lines constituting military
communications of the Serbian army. It will also be used
for relief work in Serbia, "provided a satisfactory organization, such, for example, as the Red Cross organization, can
be established to administer the distribution of relief."
The credit of $75,000,000 advanced to Great Britain on
June 9 was the first to be made to that Government during
June, and will be applied, it is stated, not only on purchases
made for Great Britain, but on outstanding contracts for
Russia placed here by Great Britain before the United States
THE ITALIAN NATIONAL LOAN.
Italy's national loan, according to official reports received
by the Italian War Mission at Washington on June 2, has
been a great success, total subscriptions up to June 2 having
amounted to 3,612,000,000 francs ($722,400,000 at normal
exchange). Of this amount 2,489,000,000 francs have been
paid in cash, and the balance of 1,213,000,000 francs in
bonds and securities. Subscriptions to the loan by Italians
in this country were said to have amounted to $45,000,000.
They were attracted to the loan, it is stated, first by the high
rate of interest of 532%, and second by the fact that the
franc now is only worth 16 cents in American money,instead
of over 20 cents, as usual. Most of the sales here have been
in $100 bonds, very widely distributed. Italy, it is said,
has already raised four other internal loans totaling about
7,000,000,000 francs, and placed loans in England to the
total of 4,000,000,000 francs, with $100,000,000 in this
country. This, with the present loan, means that Italy
has raised in the war about $3,000,000,000, mostly at 5 to
5%.
$1,000,000,000 HANDLED BY CANADA FOR BRITISH
EMPIRE.
The fact that the Canadian Finance Department has
handled for the British Empire and the Bank of England no
less than $1,000,000,000 in bullion since the beginning of the
war was brought out by Sir Thomas White, the Canadian
Prime Minister, in Parliament on May 29. The Montreal
"Gazette," in reporting in a special dispatch from Ottawa
the information imparted to Parliament by Sir Thomas,
said in part:
Some prodigious figures were presented to Parliament this evening
(May 29) by Sir Thomas White as to the amount of gold that had been
handled by the Finance Department since the war began, and the immense
amount of other work that had been done by his department for the Empire.
With regard to specie alone, Sir Thomas said that the amount of gold in
coin and bars handled by the Finance Department since the war was twice
the total amount of gold that there was in England when the war began,
and this vast supply had come to Canada from Groat Britain, from Asia,
Russia, Africa and other countries, via Halifax and Vancouver. Tho
handling of this enormous amount of specie, said Sir Thomas, involved an
Immense amount of work, since it had to be weighed to the thousandth
part of an ounce, and much of the foreign gold had to be refined at the
Ottawa mint, which now had the largest and most modern gold refinery in
the world.
This statement was made by the Minister of Finance in response to
criticisms leveled by Hon. Mr. Pugsley regarding salaries paid in the
Finance Department. Sir Thomas sketched the difficulties encountered
JUNE 16 1917.)
THE CHRONICLE
large quanby the Finance Department, owing to the dangers of shipping
tities of gold by sea. To overcome these difficulties exchange arrangehundred
ments had been made which had resulted in the shipping of over a
in bars,
millions sterling to the vaults at Ottawa. Much of this gold came
it.
the rest in coin, and great care had to be taken in handling and shipping
British
The bullion shipments, said Sir Thomas, had been made in
officials
by
warships, coming to Halifax or Vancouver, where they were met
of his department and taken to Ottawa.
Finance
Since the beginning of the war, said Sir Thomas, the Canadian
Bank of
Department had handled for the Imperial Government and the
England no less than $1,000,000,000 in bullion.
coming
In addition to this the mint had been increased to refine gold
capacity of
from South Africa and Russia until to-day it had the greatest
or
ounces,
any gold refinery in the world, capable of treating 250,000
Sir Thomas,
$5,000,000 a week under the chlorine process. In all, declared
amounted to
the amount of treasure received at Ottawa since the war
outbreak of
twice the amount of gold held in the United Kingdom at the
hipped to
the war, and much of this gold had to be treated here and re-s
New York.
vast amount of work
In addition to this, Sir Thomas pointed out the
domestic war loans, subscriptions
involved in his department with the three
bank branches.
for which had been received at 3,500 chartered
THE RECENT GOLD MOVEMENT TO JAPAN.
The recent withdrawals of gold from the United States by
Japan have been of such volume as to attract considerable
attention, and speculation as to the reason for the movement
has been rife. On May 25 newspaper gossip stated that the
withdrawals were running at the rate of $150,000,000 a
year. However,from Jan. 1 up to May 31 the gold exports
to Japan from the United States totaled approximately only
$37,000,000, while in the eleven months since July 1 they
have aggregated about $63,000,000. On May 26 the
Japanese Embassy at Washington gave as an explanation
for the large withdrawal of gold from this country the normal trade movements resulting from an enormously expanding export trade. Japan, it was said, is simply sharing
in a lesser degree with America the vast store of European
gold which the Allies have been pouring out to pay for
munitions and manufactures. The press dispatches from
Washington on May 26 added:
Disturbance of the ordinary trade currents has rebounded to Japan's
benefit in some particulars, enormously in the case of European commerce
and also substantially in relations with the United States. It is pointed
out, for instance, that America has been obliged to replace in large degree
her imports of silk from Franco and Italy by supplies from Japan. In the
first eight months of 1915 these imports of raw and other silk from Japan
were $2,269,476, and in the corresponding period ended February 1917,
they had swollen to $5,135,669. In the same period ended February 1915,
American imports of Japanese tea were $6,679,357, and for the correspond
show
ing period ended February 1917 they were $8,143,774. Other goods
corresponding rates of increase.
Japan,
from
exports
the
United States to
On the other hand, it was said
while showing a substantial increase, were far from sufficient to overcome
the growing balance of trade in Japan's favor, and that, the embassy explains, caused the rapid increase in exports of gold.
On the same date, May 26, it was stated that the Japanese Embassy had conferred with the Treasury Department
officials regarding the gold exports to Japan, and as a result
the Treasury Department would continue to transfer gold by
draft from New York to San Francisco with exporters paying the cost unless there was some evidence of an intention
of Far Eastern banks to horde gold or to permit it to reach
Germany. It was said on May 25 that because of the
shrinkage in the gold supply at San Francisco,the Government
had temporarily suspended the courtesy of transfer by telegraph of credits for export. So long as the suspension holds
shippers will have to ship from some other port or pay the
export and insurance charges on the gold's transcontinental
trip from New York to San Francisco.
It is pointed out that Treasury officials, under existing
laws, have no power to prohibit the exportation of gold, but
must redeem gold certificates with gold. The law provides
that this shall be done in Washington, and the redemption
of such certificates at Sub-Treasuries in the past has been
purely through courtesy and for Convenience of bankers.
It was intimated on May 25 that if the heavy export movement of gold continued the Government might discontinue
the redemption of certificates at Sub-Treasuries and redeem
them only at Washington when the gold thus withdrawn
was intended for export. Only by legislation, it is said,
could the President place an embargo on gold. The "Times"
of May 25 in reporting that the Treasury Department had
placed restrictions on the transfer of gold from the local
Sub-Treasury to the San Francisco Sub-Treasury said:
The Treasury Department has placed restictions on the transfer of gold
from the local Sub-Treasurty to the San Francisco Sub-Treasury, presumably for the purpose of controlling in the war period the movement of
the metal from the East to the West. This fact came to light in news yesterday that exports of gold to Japan had been checked for several days,
and that when the movement was resumed the release of gold would be
permitted only after notification had been made to the Treasury officials
at Washington and a permit issued the Sub-Treasury authorities here.
Evidence was quickly supplied that the Treasury had no intention of
cutting off exports from the Pacific Coast city entirely. A Japanese bank
yesterday deposited $3,080,000 in gold certificates at the Sub-Treasury and
a telegram was afterward sent to the San Francisco institution releasing an
2391
equivalent amount of gold for export to Japan. The Treasury,it was understood, was previously informed of the desire of the Japanese bank and
released the gold.
The procedure follows the line of similar action taken in England early
In the war. The British authorities determined to know the destination
of gold exports and to exercise supervision over shipments, even when they
were directed to Allied countries.
A secondary purpose of the Treasury ruling is to insure the San Francisco
Sub-Treasury of adequate supplies of gold at all times, and to reduce the ex.pense of actual transfers of the metal from New York to the Coast city when
such shipments become necessary. Heretofore the Government has borne
the cost of transfers. It is supposed that while the new ruling remains in
effect exporters of gold to the Far East will have.to bear the expense when
supplies at San Francisco are reduced to a point requiring shipments from
the East.
On May 29 the heavy movement of gold from this country
to Japan was explained by Kazuo Shoda, Minister of Finance at Tokio, as being due principally to the fact that the
indebtedness of Great Britain and France to Japan was being
paid partly through America. The dispatches from Tokio
added:
Mr. Shoda revealed the fact that Japan is now negotiating with Great
Britain and France with the purpose of making war loans to them, while
private Japanese concerns, including the specie and industrial banks, are
planning the purchase of British and French securities held in the United
States. These operations will reduce the outflow of American gold and
relieve the burden of Japan's accumulating supplies.
Mr. Shoda emphasized the fact that the trade balance was not an exact
of
gauge of the situation, pointing out that Japan now has a yearly income
freights, insurance, and
300,000,000 yen from abroad in the form of ocean
to
attention
called
also
He
countries.
other
remittances from Japanese in
sending of
the fact that British discount restrictions made necessary the
the value
specie to India in settlement of the inportation yearly of cotton to
of 200,000,000 yen.
Japan's special holdings are increasing at the rate of about 67,000,000
yen monthly, Mr. Shoda estimated, the present total being about 838,000,000. Only 15,000,000 yen, gold, has been imported from America
since Jan. 1, he said. [U. S. trade returns show very much larger shipments of the metal than this from this country to Japan.—Ed.]
The loans to be made to Great Britain and France will give important aid
to the Entente, in the opinion of Mr. Shoda. He was hopeful that Japan's
proposal to the United States to join in the Chinese loan group, and her
suggestion that American capitalists co-operate with Japanese in China,
would be adopted.
"The Government is convinced," he said, "that the mutual interests of
Japan and the United States would be served by co-operation in China,
which would establish closer general financial relations and permit of adjustments in times of crisis."
In an address at Tokio on May 28 to the Prefectural
Governors on the policies of the Japanese Government Field
Marshal Count Terauchi, the Japanese Premier, referring
to the accumulation of gold by Japan, declared that the
gold should be employed in developing the domestic wealth
and in strengthening the foundation of Japan's resources in
international exchange. The Premier said the war threatened to involve the whole world. The participation of the
United States in the conflict, he declared, was particularly
satisfactory to Japan, "because it materially strengthened
the ties of interest binding Japan and America."
Field Marshal Terauchisaid he believed the political change
in Russia was seriously important, but that it did not affect
Russia's hostile attitude toward the common enemy. To
,meet the perilous war situation the Premier said Japan must
perfect her defences,promote her industries,cultivatefriendly
relations with foreign nations,and develop her externaltrade.
He coupled satisfaction over the Empire's great material
prosperity with a warning of the dangers of an unsatisfactory business morality, a tendency towards strife between
capitalists and laborers, and a degeneration of free speech
into the publication of matters calculated to undermine the
national policy and to disturb peace and order.
Japan's withdrawal of gold from the United States was
explained at the Yokohama Specie Bank on May 25 as being
"purely for adjustment of trade balance," and without any
further significance. It was pointed out that the war has
made Japan a great creditor nation, that her exports greatly
exceed imports, and that the movement of gold has been
made imperative by abnormal commercial conditions. In
banking circles, it was stated, the opinion prevails that
Japanese bankers have been drawing down their reserves in
this country to meet increased expenditures at home, where
reserves could be put out at better interest returns. The,
Japanese Government and banking interests in Japan, it is
understood, have made heavy loans to Russia.
In pointing out in its issue of May 18 that the specie reserve of Japan is now at the highest point ever recorded, the
"Tribune" said:
On April 18 1917 it reached the sum of 774,000,000 yen ($385,000,000
gold). From the middle of March to the middle of April the revenue from
taxes amounted to about 130,000,000 yen. With this amount the Government purchased from the Yokohama Specie Bank specie to the value of
about 40,000,000 yen ($20,000,000) which the bank had been accumulating.
This accounts for the sudden increase in the Government's holdingeof
cash. The Yokohama Specie Bank applied the amount which came from
the Government to the payment of its loans from the central bank—the
Nippon Ginko. The Specie Bank's indebtedness to the central bank
To-day it has been reamounted at one time to over 99,000,000 yen.
duced to 58,560,000 yen'
2392
THE CHRONICLE
Of tho 774,000,000 yen, the Government holds 309,000,000 yen and the
Bank of Japan 465,000,000 yen. Of the total 541,000,000 yen are on deposit abroad-in New York and London principally-and 233,000,000
yen are in Japan.
LIBERTY LOAN OVERSUBSCRIBED.
It was evident last night that the response to the Oovernment's Liberty Loan offering of $2,000,000,000 had exceeded
even the most sanguine expectations of the Administration,
and that the loan would take rank as the most successful
ever launched in the country. While the final figures will.
not be available for some days, it was announced unofficially
from Washington last night that the subscriptions for the
whole country total $2,900,000,000. The subscriptions of
the New York Federal Reserve District were announced
last night as $1,030,000,000, with the number of subscribers
about 1,000,900. Formal announcement that the loan had
been greatly oversubscribed was made at noon yesterday
by Secretary of the Treasury McAdoo in the following
statement:
IVoL. 104.
great success. But there must not be any cessation in the work, and it
must not be assumed that the loan is already accomplished.
I regret to find that there is an impression in some parts of the country
that the Liberty Loan has already been oversubscribed. Let this be
dissipated immediately, and let every lover of liberty in America resolve
to apply himself with new zeal to the work in hand.
It was stated on the 9th inst. that the figures announced
from Washington did not include the subscription of $50,000,000 filed by J. P. Morgan & Co. late Friday afternoon,
and after the necessity for a further subscription of $700,000,000 had become known.
On June 10 Assistant Secretary of the Treasury Crosby
made public the following statement showing the subscriptions and allotments of the various Reserve districts:
It will be recalled that about three weeks ago certain figures were published indicating the amounts of subscriptions which would have to be turned
in from the various Federal Reserve districts as their proper quota for
securing the Liberty Loan. In order to make a tentative estimate in this
respect, it appeared most equitable to adopt as a basis the banking resources
of each district and to assess thereon a pro rata amount to be raised by each
such district. It was believed wise, as a matter of conservatism, to give
The Liberty Loan has been oversubscribed. It is impossible to state figures totalling two and one-half billions in addition to those giving the
the amount of oversubscription at the moment, but exact figures will be bare $2,000,000,000 of the present loan since some districts might fall below
given out as rapidly as the returns are received at the Treasury Department. the mark, and that therefore all districts should take as their aim a figure
The success of this loan is a genuine triumph for democracy. It is the which would provide a safe margin covering such possible shortages.
unmistakable expression of America's determination to carry this war for
Banks Delay Reports.
the protection of American right and the re-establishment of peace and
All Federal Reserve banks have reported to the Treasury Department
liberty throughout the world to a swift and successful conclusion.
subscriptions actually received in due form. It is well known, however,
I am deeply grateful to the bankers, the business men, the women of that large numbers of banks and trust companies have not yet transmitted
America, the patriotic organizations and the people in general without the subscriptions secured by them to their Federal Reserve banks. Therewhose co-operation and enthusiastic support the victory could not have fore, though the figures now available represent in part actual deficiencies
been won. It has been an inspiring campaign and it has had a gloi ions of subscriptions in various districts, in part also they reflect delay of banks
finish.
and trust companies in reporting to the Federal Reserve banks.
It will be of interest to the public and those assisting in the work of
Mr. McAdoo is said to have announced just before the
Cabinet meeting in the afternoon that another Liberty bond placing the loan to know the amounts of subscriptions of districts making
up the total of $1,300,000,000 announced by Secretary McAdoo on the
issue would not be necessary before fall.
9th inst., and to compare these with the tentative statement for each district
The Liberty Loan Committee yesterday issued a list of calculated as above explained.
Subscriptions and Allotments.
subscriptions by and through the banks on the basis of an
Subscriptions
estimate up to noon, June 15, as reported by the various
Actually
Expected Amount of Subscriptions
banks over the telephone:
Received.
On Basis of Banking Resources.
Federal Reserve DistrictFirat National Bank
$588,000,000
$600,000,000
$110,000,000 State Bank, Brooklyn
$750,000,000
1,50),000 New York
National City Bank
87,000,000 Greenwich bank
1,460,000 Boston
135,000,000
240,000,000
300,000,000
Guaranty Trust Co
78,000,000 Garfield Nat. Bank
1,400,000 Philadelphia
61,000,000
140,000,000
175,000,000
Bankers Trust Co.(Including
German American Bank_ _ _
1,300,000
Richmond
35,000,000
80,000,000
100,000,000
$13,000,000 Astor Tr. Co.) 70,000,000 Fulton Trust Co
1,250,000
National Bank of Commerce 52,000,000 Pacific Bank
22,000,000
60,000,000
1,200,000 Atlanta
75,000,000
Chase Nat. Bank
47,000,000 Union Exchange Bank
1,200,000 Chicago
138,000,000
260,000,000
325,000,000
Central Trust Co
40,000,000 Hamilton Trust Co
1,100,000 Cleveland
153,000,000
180,000,000
225,000,000
Hanover Nat. Bank
28,500,000 Mutual Bank
1,100,000
27,000,000
80,000,000
Mechanics & Metals Nat.
100,000,000
Battery Park Bank
1,000,000 St. Louis
Bank
28,000,000 Colonial Bank
50,000,000
80,000,000
1,000,000 Minneapolis
100,000,000
Farmers' Loan & Trust Co_ 25,900,000 Gotham Nat. Bank
900,000 Kansas City
34,000,000
100.000,000
125,000,000
Equitable Trust Co
25,000,000 First Nat. Bank, Brooklyn.
765,000
40,000,000
20,000,000
50,000,000
American Exchange Nat.Bk. 20,500,000 National City Bk., Brooklyn
750,000 Dallas
140,000,000
Columbia Trust Co
37,000,000
175,000,000
20,000,000 Fifth Nat. Bank
700,000 San Francisco
Corn Exchange Bank
Union Trust Co
New York Trust Co
National Park Bank
Bank of Manhattan Co__ _ _
U.S.Trust Co
Irving Nat. Bank
Liberty Nat. Bank
Chemical Nat. Bank
Chatham & Phenix Nat.Bk.
Metropolitan Bank
Bank of New York
Brooklyn Trust Co
U.S. Mortgage & Trust Co.
Fifth Avenue Bank
Broadway Trust Co
Bank of America
Importers & Traders Nat.
Bank
•
Seaboard Nat.Bank
Citizens Nat.Bank
Metropolitan Trust Co__ _ _
W.It. Grace & Co.'s Bank.
Atlantic Nat. Bank
Peoples Trust Co
Title Guarantee & Trust Co.
Harriman Nat. Bank
Lincoln Nat. Bank
Empire Trust Co
Franklin Trust Co
Merchants National Bank_ _
Nassau Nat. Bank
Kings County Trust Co_ __ _
Manufacturers Trust Co_ _ _
Second Nat. Bank
Lawyers Title & Trust Co_ _
Mechanics Bk. of Brooklyn
N. Y.Produce Exchange Bk.
Coal & Iron Nat. Bank__ _ _
Fidelity Trust Co
Bank of the Metropolis_ _ _ _
N. Y. County Nat. Bank_ _
Market & Fulton Nat.Bank
20,000,000
20,000,000
16,000,000
15,500,000
14,500,000
13,000,000
11,000,000
11,000,000
9,500,000
9,000,000
8,500,000
7,500,000
7,500,000
6,500,000
6,250,000
6,200,000
6,000,000
6,000,000
5,700,000
5,000,000
4,400,000
3,600,000
3,500,000
3,500,000
3,300,000
3,250,000
3,200,000
3,000,000
2,900,000
2,500,000
2,400,000
2,250,000
2,250,000
2,200,000
2,100,000
2,100,000
2,045,000
1,800,000
1,700,000
1,600,000
1,600,000
1,500,000
International Bank
International Banking Corp
North Side Bank
Public Bank
Columbia Bank
Hillside Bank
Sherman Bank
Germania Bank
State Bank
Yokohoma Specie Bank_ _ _ _
Commercial Trust Co
Yorkville Bank
Peoples Bank (through the
Nat. Bank of Commerce).
West Side Bank
The Bryant Park Bank_ _ _ _
East River Nat. Bank
German Exchange Bank__ _
Peoples Bank
Bank of Europe
Bowery Bank
National Butchers & Drovers Bank
Twenty-Third Ward Bank.
Mercantile Bank of the
Americas
Bank of the United States..
Chelsea Exchange Bank_ __ _
Bank of Washington Heights
Greenpoint Nat. Bank
Trans Atlantic Trust Co_ _ _
Bronx Nat. Bank
Nat. Bank of Far Rockaway
Bronx Borough Bank
First Nat. Bank. Jamaica..
Broadway Central Bank_ _ _
Bayside Nat. Bank
Westchester Avenue Bank..
Bank of Cuba
First Nat. Bk.,Ozone Park_
Cosmopolitan Bank
Nemeth State Bank
700,000
700,000
650,000
600,000
550,000
550,000
550,000
500,000
500,000
500,000
450,000
450,000
433,000
435,000
350,000
350.000
350,000
300,000
250,000
250,000
250,000
250,000
210,000
200,000
200.000
200,000
200.000
180,000
165,000
140,000
130,000
110,000
100,000
82,000
76,000
70,000
62,000
40,000
30,000
With the announcement by Secretary of the Treasury
McAdoo on June 8 that the total subscriptions to the Liberty
Loan reported to the Treasury Department up to that date
amounted to but $1,300,000,000-$700,000,000 less than the
figure required, the efforts to secure the full amount represented in the offering were redoubled, as urged by the Secretary. The latter's announcement of the 8th was the first
statement giving official figures since the loan had been
offered. We quote the statement, which was given out by
Mr. McAdoo at New Orleans,herewith:
The total amount of subscriptions to the Liberty Loan reported up to
date to the Treasury Department aggregates $1,300,000,000, which is less
by $700,000,000 than the total amount desired. There are seven days
within which to raise the $700,000,000 and to oversubscribe the loan.
Efforts should be redoubled all along the line to secure subscriptions.
The enthusiastic work now under way,if continued without abatement until
the 15th of June. will produce the desired results, and the loan will be a
$1,300,000,000 $2,000,000,000 $2,500,000,000
In the cases of Cleveland and Minneapolis the figures include subscriptions notified to the Federal Reserve banks but which were in transmission
at the time the Federal Reserve banks reported to the Treasury.
Need Small Subscribers' Aid.
It is thought timely to give the above figures so that each district should
know the measure of effort that must be made in the remaining days of the
campaign to secure success. It is evident that the very large individual
and collective subscriptions that have been published from time to time
have created an impression in the minds of many that the desired result
can be attained without the full co-operation of small subscribers. Such is
not the case. Two billion dollars is so gigantic an amount that the largest
possible individual subscriptions are required, and at the same time multitudes of small contributors must fully co-operate. It is impossible to
determine the places where special efforts remain to be made unless applications are promptly signed up and handed in to the Federal Reserve banks.
The banks and trust companies that are giving their assistance in collecting
subscriptions are strongly urged to send them in immediately and to add
daily whatever they receive by way of further subscriptions.
Recognizing the magnificent work of thousands of agencies now patriotically engaged in the campaign, it remains only to urge that all efforts be
continued and even increased in order that the goal may be reached.
The Treasury Department on the 13th inst. issued a statement announcing that the closing hour of noon Friday was
not to be extended, notwithstanding widespread rumors to
the contrary. The closing hour was the standard time of
the section of the country in which each Reserve bank is
located and applied to all banks in that Reserve district.
Thus, at San Francisco the closing hour was noon, Pacific
time, or 3 o'clock Eastern time.
Assistant Secretary Crosby, in a telegram to all Reserve
banks on June 13, emphasized this as the first of five points,
the others being:
Second, application must be accompanied by 2% of the
amount of subscription.
Third, all banks and trust companies receiving applications
too late to reach Reserve banks by mail for delivery by noon
on June 15 should telegraph applications and payments of
2% so as to reach Federal Reserve banks by noon on June 15,
and when so received shall be included as on time.
Fourth, applications received by mail delivery or telegraph later than noon on June 15 and until further notice
should be separately listed and promptly notified to the
Secretary of the Treasury.
JUNE 16 1917.)
THE CHRONICLE
Fifth, please notify all banks and trust companies, until
further notice, to transmit all late applications as promptly
as possible to you, and that the same will be separately listed
and dealt with as may be directed by the Secretary of the
Treasury.
2393
Acting under authority of a letter from Mr. James F. Curtis, Secretary
of the Liberty Loan Committee for the United States Liberty Loan 3M%
bonds, the Committee on Stock List of the New York Stock Exchange at
12 o'clock noon on this day placed upon the list the total amount of that
issue, to be dealt in "when issued."
Dealings will be made upon a basis of one-fiftieth of one per cent fluctuation, the smallest ever known, in order to facilitate trading upon the most
favorable terms to the smallest as well as the largest bondholder.
The bids opened at 100 1-50, and during the day went
That a big step forward had been taken in the Liberty
was 99 48-50, the
Loan campaign through the announcement by Washington as high as 100 5-50; the closing figure
9
day.
June
the
for
on
lowest
made
statement
the
was
collected
figures
of total
by Guy Emerson, Secretary of the Liberty Loan Publicity
LIBERTY BOND DESIGNS.
Committee. Mr. Emerson said:
that no
future holders of Liberty fionds were furand
s
It is almost a universal rule in dealing with the American public
Applicant
known
harm is done by putting the cards on the table. The totals are now
the physical appearance of their contract
of
idea
an
nished
and
is
share
its
what
and every section of the country will understand just
with the Government in the announcement on June 12 by
just how much money it must raise between now and June 15.
ever
This has been one of the most difficult campaigns of education
Woolley, Director of Publicity of the loan issue, deare not a bond buying R. W.
undertaken in the world. The American people
a
in detail how the bonds will look. The designs have
in
in
bonds
scribing
dollars
billion
two
people. They have been asked to take
to teach them what a bond been approved by Secretary McAdoo and the Government
little over thirty days. It has been necessary
sell bonds to public not yet awake
Is. In addition to this, we have had to
is working day and night to turn the bonds
is 3,000 miles away. Our men are Printing Office
to the realities of war. The fighting
announcement follows:
lists
The
or
casualty
no
time.
Zeppelins
in
been
out
have
There
trenches.
not yet in the
public. In the early stages of the camto loosen the purse-strings of the
to withhold large subscriptions.
paign it was necessary ,as far as possible,
of the American people, the fact
Too much talk about the vast resources
0,000, accentuated by the
that the United States is worth $250,000,00
the avemge
prosperity of the last few years, made it necessary to impress on
help the result. Conseman or woman that his or her $50 bond would really
laid
the small
on
been
has
emphasis
quently, in our educational campaign
than totals.
subscriber and on numbers of subscriptions rather
has wisely
But now only five working days are left. The Treasury
the facts, and we are therefore
determined that the time has come to publish
the total'
and
district,
this
in
city
giving out the total expected from each
will be made daily in the future.
subscribed to date. These announcements
will put its shoulder
The Committee has no doubt that every community
allotted to it no matter how hard this
to the wheel and raise the amount
loan is our first
of
this
the
raising
war,
at
task may prove to be. We are
be done by the people and not
act of war, we have got to do it and it must
by the banks.
The Bureau of Engraving and Printing is working day and night in the
by
production of Liberty Loan bonds in accordance with designs approved
Secretary McAdoo. The bonds are being engraved with artistic features
are
for
which
they
purpose
the
with
in
keeping
and other embellishments
to be issued. In the engraving of the face of the bond, the title "Liberty
Loan of 1917" will appear in the upper border and the denomination of the
bond in the lower border, the latter being also in each of the four corners.
The face will be printed in black with an over-printing of the denomination
and
number, seal and dates in a color differing with each denomination,
being the complementary color of that in which the back of the bond is to
En"Liberty
of
statue
be printed. The vignette of Liberty, from the
will
lightening the World," in New York Harbor, designed by Bartholdi,
occupy a place on the right hand side of the bond, and on the left side there
will
will be a portrait of one of the Presidents of the United States, which
differ with each denomination. The denominations of the Liberty Loan
bonds and the portraits and colors on the face of both the registered and
coupon bonds, will be as follows:
$50 Jefferson, blue.
100 Jackson, blue.
In order to encourage subscriptions to the Liberty Loan,
500 Washington,orange.
instiaffiliated
its
and
city
of
this
Bank
National
First
the
1,000 Lincoln, carmine.
5,000 Monroe, green.
tution, the First Security Co., have declared the regular
Cleveland, blue.
10,000
bonds.
quarterly dividend of 5%, payable in Liberty Loan
50,000 McKinley, carmine.
10.
June
of
record
holders
to
2
July
paid
The dividend is to be
100,000 Grant. orange.
The back of the coupon bonds will have the title and denomination in the
The capital of the First National Bank is $10,000,000 and
right the vignette of the Goddess of Freedom, from Crawthe
the
on
centre,
the capital of the First Security Co. is of like amount;
ford's figure on the dome of the United States Capitol, and on the left an
to
amount
in
Liberty
bonds,
paid
on
be
to
5% dividend
ornamental panel. The backs will vary in color with each denominati
as follows: $50, brown: $100, orange; $500, light blue; $1,000, green;
$1,000,000.
$5,000, red; $10,000, brown: $50,000, olive; and $100,000, dark blue.
The bonds will be printed on distinctive paper of the Government with
of
the
of
Loan
e
Publicity
Liberty
Committe
silk fibre running through the bond. The Liberty Loan bonds will be
On June 11 the
for Government bonds, being approximately 13 inches
New York Federal Reserve District, through Secretary the size established
long and 6 inches wide, while the backs of the coupon bonds will have ornaa
Emerson, issued the following statement:
mental engraved work. The backs of the registered bonds will carry
practically
Washington
from
has
New
indicate that
York
Announcements
blank form of assignment. Coupon bonds will have attached to them
reached the total of $600,000,000 allotted to it by the Treasury Departthent three sheets of interest coupons, that is to say. 60 coupons for interest
on the basis of $2,000,000,000 proportionately divided among the twelve payments every six months for 30 years.
Federal Reserve districts. While this is gratifying to the Liberty Loan
workers in this District, the Liberty Loan Committee desires to say with
the greatest emphasis that it has never set before itself a mark below $1,- LIBERTY LOAN BONDS EXEMPT FROM NEW YORK
000.000,000.
SECURED TAX LAW.
In other words, this Committee, and other Committees throughout the
Second Federal Reserve District, have constantly refused to stop at the
-General Merton E. Lewis of New
Attorney
Deputy
First
figures named by the Government and have from the beginning worked to
that Liberty bonds are not subject to the
raise half the total sum required by the Government. This means a total York has ruled
of
to be raised by the City of New York of $717,000,000, and the balance
tax of 5% called for in the case of stocks and bonds passing
the necessary $1,000,000,000, or $283,000,000, to be raised in New York to others upon the death of the holder, who has not paid the
the
in
Fairfield
and
in
,
city,
County,
Connecticut
State, outside the
secured debt or personal property tax during his lifetime.
Northern counties of New Jersey.
of Now York City, and $538,000,000
$50,000,000 has been raised outside
Under the Congressional Act authorizing the issuance of the
in the city. On this basis it will be seen that over $400,000,000 must stil Liberty bonds the latter are made exempt from all taxation
if
District,
$2,000,000,
Reserve
of
the
amount
total
Federal
be raised in this
The new State statute imposes
000 desired from the country as a whole, is actually to be raised by Friday except inheritance taxes.
noon.
what is virtually an inheritance tax of 5%, in addition to
The Liberty Loan Publicity Committee also announced on
June 11 that statistics compiled covering subscriptions
received by the Liberty Loan Committee of New York for
the Second Federal Reserve District, exclusive of the city
itself, showed an appreciable increase since the figures
tabulated through Thursday night. The change in the
interval of two days demonstrating that the campaign to
float the Liberty Loan was gaining increasing momentum.
It was noted that many regions that showed no returns at the
time of the earlier report had since sent in a substantial
proportion of their allotments.
The Liberty Loan Committee announced the following
totals on the 11th:
Second Federal
Reserve District.
$1.000,000,000
Allotment
Amount reported close of
business June 7
588,000,000
Amount reported up until
9_
Saturday
June
616,000,000
noon
New York
City.
$717,000,000
Outside N. Y.
City
$283,000,000
538,000.000
50,000,000
550,000,000
66,000,000
LISTING OF LIBERTY BONDS.
The New York Stock Exchange yesterday issued the following, announcing the listing of the Liberty Loan bonds on
the Exchange:
the usual transfer tax, on stocks and bonds on which a
secured debt tax or a personal property tax has not been
paid by the owner. Mr. Lewis states in his opinion that
it is apparent that the statute could not apply to the Liberty
bonds because the bonds would not be subject to taxation
in the hands of the owner before his decease.
COMPTROLLER SAYS BANKS MAY SUBSCRIBE TO
LIBERTY BONDS UP TO 6% OF RESOURCES.
In a statement issued on June 13 Comptroller of the
Currency John Skelton Williams expressed the opinion that
the national banks of the country "could reasonably and
conservatively" subscribe on their own account at least 6%
of their total resources to the Liberty Loan. He also announced that after July 1 a "roll of honor" would be published
of all national banks whose subscriptions amount to 5% or
more of their resources. The Comptroller's statement
follows:
The reports which are coming to Washington from every section of the
country bear testimony to the patriotic, unselfish and admirable work
which our banks, both national and State, are, with rare exceptions, doing
to insure the success of the Liberty Loan.
At the time of the Civil War, through hearty co-operation between the
of
banks and our people, our Government was able to place an amount
2394
THE CHRONICLE
bonds equal to twice as much as the total resources of all the banks at that
time.
If it Is the duty of every American citizen to subscribe according to his
means to Liberty bonds, it is an equally imperative duty of the banks to
Invest in Liberty bonds a reasonable proportion of their resources.
The opinion has been expressed by leading bankers, and this office concurs in that opinion, that the national banks of this country could reasonably and conservatively subscribe, on their own account, at this time to
Liberty bonds to the extent of 6% of their total resources. If all the national banks should do this, it would provide purchasers for about one
billion dollars of bonds. If the State banks and trust companies should
subscribe in the same proportion, more than another billion dollars would
be fully covered, and, with the subscriptions of the people generally and
other corporations, the bonds would be many times oversubscribed.
Soon after the first of July the national banks of the country will be given
an opportunity of showing the amount of Liberty bonds which they shall
have purchased for investment for their respective banks, and also the
amount of Liberty bonds which they may be carrying or may have agreed
to carry for customers.
No bank need be concerned about its ability to reimburse itself from its
Federal Reserve bank for advances made by it on Liberty bonds. The
Reserve banks have all given notice that any member bank in good standing
can receive any reasonable accommodation which it may desire from its
Reserve bank against Liberty bonds or loans made on Liberty bonds at
from 3 to 334% interest.
After July 1 it is proposed to publish a list of the national banks whose
own subscriptions to Liberty bonds shall amount to 5% or more of their
total resources, and which thus shall have contributed most practically
and effectively to the success of the great loan. Should any bank,however,
whose subscription has reached the limit indicated prefer, for any reason,
that its name should not be published, its wishes will be respected. It is
earnestly hoped that this roll of honor may be a long one.
(Vol.— 10&
The paper offered for rediscount must in all cases bear the indorsement
of the member bank and have a maturity at time of discount of not more
than ninety days, and be secured by Liberty Loan bonds of the United
States or interim receipts therefor or United States certificates of indebtedness.
That there may be no unnecessary delay in passing upon applications
for rediscounts or advances, member banks that have not already filed
resolutions authorizing borrowing and rediscounting are requested to file
the same at once. Proper forms of resolution in duplicate are enclosed
herewith. One copy duly executed should be returned to this bank.
One Day Advances.
For the purpose of minimizing or preventing any undue strain upon the
resources of the member banks caused by the large transfers of funds incidental to the Government financing which is now in progress, the Federal Reserve Bank of New York has also established special rediscount
rates for periods of one day,to be fixed by the officers of the bank from time
to time, at not less than 2% nor more than 4%,for advances made to member banks in connection with transactions involving the fiscal operations
of the Government. Such advances will be made for one day only, upon
the promissory notes of member banks secured by eligible paper or United
States Government obligations.
The rates of discount of this bank, effective from this date until further
notice, are, therefore, as follows:•
For notes, drafts and bills of exchange, including promissory notes secured
by eligible paper or bonds, notes or certificates of indebtedness of the
United States, having a maturity at time of discount of not more than
3%,
15 days
For notes, drafts and bills of exchange, having a maturity at time of dis4%
count of more than 15 days and not more than 90 days
For agricultural paper having a maturity at time of discount of more than
5%
90 days and not more than six months
Special Rates.
For notes, drafts and bills of exchange issued or drawn for the purpose of
buying or carrying bonds, notes or certificates of indebtedness of the
United States, and secured thereby, having a maturity at time of discount of not more than 90 days
3M%
For trade acceptances having a maturity at time of discount of not more
than 90 days
33/9%
For one-day promissory notes of member banks required in connection
with transactions involving the fiscal operations of the Government,
secured by eligible paper or bonds, notes or certificates of indebtedness
2% to 4%
of the United States
Respectfully,
BENJ. STRONG, Governor.
POLICY OF NEW YORK RESERVE BANK TOWARDS
LIBERTY LOAN BONDS.
• In reply to the announcement of the Comptroller of the
Currency respecting the purchase of Liberty Loan Bonds
by member banks up to 6% of their resources, Governor
Strong of the New York Federal Reserve Bank issued a
statement on Thursday saying that it has been the policy
of the New York Reserve Bank "to urge upon all banks the
• importance of placing the bonds as widely as possible among
The form of resolution referred to above, authorizing
individuals and corporations in their communities, believing
that the interests of the Government,as well as the business the borrowing from the Federal Reserve Bank on promissory
of the country will be best served by a wide distribution of notes secured by collateral of member banks, is as follows:
these long-time bonds, thus leaving the resources of the banks
Whereas, It is desirable that the officers of this bank should from time
New
free to take care of the requirements of business and industry to time be able to secure advances from the Federal Reserve Bank ofredisYork on promissory notes of this bank secured by collateral, and to
and the temporary financing of the Government." Governor count its bills receivable:
Now, therefore, Resolved,
Strong's statement in full follows:
The directors of this bank have established a rate of 3 %, which will
apply to discounts made for its members where the proceeds are employed
for the purchase of Liberty bonds, and a circular to that effect has recently
been mailed to our members.
We understand that the statement issued by the Comptroller has been
construed by some as a suggestion to member and State banks that this
rate was established in order to enable the banks to purchase Liberty bonds
for their own account to the extent of 6% of their resources, even though
they must borrow from us to do so. But the policy of this bank, which is
determined by its directors, has been to urge upon all banks the importance
of placing the bonds as widely as possible among individuals and corporations in their communities, believing that the interests of the Government,
as well as the business of the country, will be best served by a wide distribution of these long-time bonds, thus leaving the resources of the banks
free to take care of the requirements of business and industry and the
temporary financing of the Government.
We feel that each bank should use its own judgment, governed by its
obligations to its depositors, as well as to the Government, as to the
amount of Liberty Loan Bonds to be subscribed for its own account.
The response of the banks, individuals and corporations throughout the
whole of this district has been so extremely gratifying that it is clear the
banks have all used their best efforts, each according to its own circumstances and local conditions, to insure the success of the loan.
In the matter of accommodation to its member banks, this bank also
wishes to make its position clear, as follows:
All proper requirements of its members will be taken care of, but the
bank's policy in making loans and rates will be determined by its directors,
subject only to the approval of the Federal Reserve Board.
SPECIAL DISCOUNT RATES OF N. Y. RESERVE BANK
FOR LIBERTY LOAN FINANCING.
For the purpose of minimizing or preventing any undue
strain on the resources of member banks caused by the large
transfers of funds incidental to the financing of the Liberty
bonds, the New York Federal Reserve Bank announced on
June 13 the establishment of special discount rates for periods
of one day, to be fixed by the officers of the bank from time
to time at not less than 2% nor more than 4%. The announcement is contained in the following circular:
Circular No. 72.
FEDERAL RESERVE BANK OF NEW YORK.
New York, June 13 1917.
Special Discount Rates.
To the Cashier:
Sir—Referring to our circular No. 64 of May 22 1917, a separate form
of application has been designed for use in applying for rediscount at the
special rate of 3)j% established for paper secured by obligations of the
United States Government. Six forms of such application are enclosed
herewith and additional copies will be supplied on request. These forms
may also be used in making application for direct loans secured by United
States bonds or certificates of indebtedness, as well as for rediscounts reested for the benefit of other institutions, which may include other
n_ember banks and, beginning June 15 1917 and until further notice, nonEl ember banks, I. e., State banks, trust companies and savings banks.
1. That the President, any Vice-President and Cashier of this bank are,
and each or either of them is, hereby authorized to make, execute and;deliver from time to time to the Federal Reserve Bank of New York promissory notes of this bank not exceeding 15 days' maturity, and to transfer,
deposit or pledge as collateral security therefor, notes, drafts, bills of exchange or bankers' acceptances eligible for rediscount or purchase by Federal Reserve banks under the provisions of the Federal Reserve Act,tor
bonds or notes of the United States, in such sums and upon such terms as
may to them or either of them seem advisable.
II. That each or either of the said officers is hereby authorized to rediscount from time to time with the Federal Reserve Bank of New York
notes, drafts, bills of exchange, acceptances and other bills receivablelof
the kinds and maturities by the Federal Reserve Act made eligible for_rediscount, in such sums and upon such terms as may to them or either,of
them seem advisable.
III. That each or either of the said officers is hereby authorized:to indorse in behalf of this bank any notes, drafts, bills of exchange, acceptances
or other bills receivable, or registered bonds or notes of the United States
now or hereafter owned by this bank for the purpose of rediscounting such
notes, drafts, bills of exchange, acceptances or other bills receivable with,
of transferring or pledging such notes, drafts, Ws of exchange, acceptances
or other bills receivables or registered bonds or notes of the United States
to, the Federal Reserve Bank of New York, and to do any..and all other
acts necessary in the premises.
IV. That the foregoing powers shall continue until express notice of their
revocation has been duly given in writing to the said Federal Reserve,Bank
of Now York.
I, the undersigned, do hereby certify that the foregoing is:a true and correct copy of a resolution of the Board of Directors of the
duly adopted at a regular meeting of the said board, held on
a quorum being present, and of the whole of the said resolution, as set
forth in the minutes of the said meeting, and that the said_resolution has
not been rescinded or modified.
In Witness Whereof, I have hereunto subscribed my name and affixed
19_...
day of
the corporate seal of the said bank this
[Seal]
Cashier
(or)
Secretary of the Board of Directors.
NEW YORK RESERVE BANK SUB-COMMITTEE ON
LIBERTY LOAN.—OTHER APPOINTMENTS.
The New York Federal Reserve Bank announced the formation of a sub-committee of its Liberty Loan Committee
to take charge of the Bond Issue Division of the bank, which
will be responsible for all matters connected with the actual
handling of subscriptions and deliveries. This sub-committee is composed of William Woodward, Chairman, and
W.E. Frew, G. E. Gregory, L. F. Sailer and L. B. Franklin.
The bank has appointed Mr. Gregory Manager of the division and W. E. Brady Jr., W. E. Cable Jr., F. K. Lister,
W. M. St. John, P. D. Bogue and J. W. Jones as Assistant
Managers. They are authorized to sign in behalf of the
Bond Issue Division of the bank. W. E. Dawson, V. A.
JUNE 16 1917.1
THE CHRONICLE
Harvey, R. A. Faust and G. H. Oldring are also authorized
to sign receipts in behalf of the division. Another temporary
department of the bank has been organized for the purpose of
handling securities to be received as collateral for Government deposits. G. W. Davison has been appointed acting
Deputy Governor of the bank and placed in charge of this
department, which is to be known as the Government Deposit Department. The bank has also authorized Edwin
A.Seasongood and Harry E. Ward to sign for the department
in behalf of the bank.
A. W. Gilbart, Assistant Cashier of the New York Federal
Reserve Bank, has been appointed an Assistant Cashier of
the Federal Reserve Bank of New York, effective as of
June 1 1917.
BANKS NOT PREVENTED FROM ACCEPTING NOTES
FOR PURCHASE OF BONDS WHERE NOTES
EXCEED 10% LIMIT.
An opinion to the effect that no violation of the national
bank Act occurs where a bank sells U. S. bonds and takes
the notes of a customer as part payment of the purchase of
bonds, even if the notes aggregate more than the 10% of the
bank's capital and surplus was announced by the Comptroller of the Currency on June 9 in the following statement:
This office has received inquiries as to whether the provisions of Section
5200 of the Revised Statutes, limiting the liabilities to a national bank of
any person, firm or corporation for money borrowed, to a sum not exceeding 10% of the bank's capital and surplus, would prevent a national bank
from selling United States bonds owned and acquired in good faith by it
to a customer and accepting the purchase price from such customer partly
in cash and partly in the notes of the customer secured by the bonds purchased, if the notes so given should aggregate more than the 10% limitation above referred to.
Such a transaction would not be construed by this office as involving
the borrowing of money from the national bank. The notes here accepted
as part of the purchase price are evidence of the agreement on the part of
the purchaser to pay at a futuro date the balance of the purchase money
of the bonds in accordance with the agreement of sale, and are not, therefore, subject to the limitation imposed by Section 5200.
In order, however, that the National Bank Examiners finding such notes
in a bank may be fully advised of the nature of the transaction, it is desirable that the notes should show on their face that they represent part of
the purchase price of the bonds, or there should be some form ofcollateral
agreement filed with the bank showing the true nature of thetransaction.
EXTENSION OF LIST OF .SECURITIES ACCEPTABLE
FOR GOVERNMENT DEPOSITS.
Announcement of the extension of the list of securities
acceptable as collateral for Government deposits so as to
include three new groups was made by the Treasury Department on June 12. Up to that date the list, as published in
Treasury Circular 81, issued on May 29, included securities
of the United States Government and its dependencies;
the States and their sub-divisions; the obligations of the
Allies; and in addition bonds which are direct mortgages on
railroads within the United States, and commercial paper
acceptable to the Federal Reserve Bank for redisount.
To liberalize the regulations covering Government deposits, not only have warrants and similar obligations
of the States been made acceptable, but also railway equipment trust bonds and the securities of various types of public utilities. Gov. Strong of the Federal Reserve Bank
of New York was advised of the widening of the list in the
following telegram:
Washington, June 12 1917.
Governor Federal Reserve Bank, New York, N. Y.
Referring to and supplementing department circular 81, dated May
29 1917, approved securities of the following additional classes will be
accepted as collateral security for Government deposits made under authority of the act,approved April 24 1917(1) notes, certificates of indebtedness and warrants issued by any State of United States at 90% of market
value not exceeding par (J) railroad equipment trust obligations at 75%
of the market value thereof not exceeding par but not including any such
obligations which on May 29. 1917 were at a market price to yield more
than 5%% per annum if held to maturity according to standard tables
of bond value (k) bonds of electric railroad and traction companies, of
telephone and telegraph companies and of electric light, power and gas
companies secured by direct mortgages upon their physical properties in
the United States and listed on some recognized stock exchange taken at
75% of the market value thereof not exceeding par but not including any
such bonds which on May 29 1917 were at a market price to yield more
than 5%% per annum if held to maturity according to standard tables of
bond values.
It is also stipulated, that:
At least 25% in value of the securities deposited by any bank or trust
company to secure its deposits must consist of those mentioned in Paragraph A. No State, county, or city bond will be accepted if default has
been made in payment of principal or interest during the last ten years.
The Secretary of the Treasury reserves the right to call for additional collateral security at any time.
The'earlier list of securities acceptable as collateral for
Government deposits under the $5,000,000,000 war loan act
of April 24 1917 as made known by the New York Federal
Reserve Bank, was published in our issue of June 2, page
2187. This list is embodied, as indicated above, in Circular
2395
No. 81, issued by the Treasury Department on May 29,
dealing with applications of banks and trust companies •
desiring to qualify as depositary, and we give below the
circular in full:
TREASURY DEPARTMENT.
Office of the Secretary,
Washington, May 29 1917.
To Federal Reserve banks and other banks and trust companies incorporated
under the laws of the United States or of any State
In pursuance of Department Circular No. 79, dated May 16 1917, hereto
attached, any bank or trust company desiring to qualify as a depositary
for the purpose of making payments by credit, or of receiving deposits of
funds, in connection with the Liberty Loan, under authotity of the act,
approved April 24 1917, should promptly file an application through the
Federal Reserve Bank of its district (on Form A, Liberty Loan, hereto
attached). As stated in said Circular No. 79, because of the great amount
of work involved in passing upon the qualifications and securities of the
banks and trust companies which will have payments to make,it is deemed
necessary, after July 1, to limit to those banks and trust companies
having payments to make on subscriptions for $100,000 or more bonds the
provision for making payment by credit—the object in providing for payment by credit being to avoid any disturbance of the money position which
might result from large payments being made between June 28 and Monday, July 2, a period when there is customarily a heavy movement of funds
due to corporate interest and other payments.
It is, however, entirely admissable for banks and trust companies in any
region or regions, by voluntary association among themselves, to pool their
subscriptions and payments and to designate one of their number through
which subscriptions and payments upon subscriptions shall be made, and
which shall be, as between itself and the United States, regarded as the
responsible subscriber and depositary. In any such case the banks and
trust companies so associating themselves would no doubt arrange with
the central bank or trust company, so designated to represent them, to
redeposit the moneys credited and deposited with such central bank or
trust company among the associated banks and trust companies in proportion to their respective payments in cash and certificates upon subscriptions to the loan. If banks and trust companies will thus voluntarily
associate themselves together they will relieve the Federal Reserve banks
of the several districts of the burden of the work, and, by arrangement
among themselves, obtain participation in the deposits from the beginning,
whether or not their individual subscriptions amount to $100,000 or more
bonds. The banks and trust compabies so associating themselves will deal
only with the central bank or trust company, and the latter will deal with
the Federal Reserve Bank and make the application and deposit the securities as hereinafter provided.
As stated in Department Circular No. 79, dated May 16 1917, the answer to the question, how long the amounts paid by credit may be permitted to remain with designated depositaries, will depend in large measure
on the extent to which the privilege of payment in full for the bonds of the
Liberty Loan on or before June 28 is availed of. As soon after July 2 as
practicable the qualifications and securities of all banks and trust companies
making application to become depositaries will be passed upon, whether
or not their subscriptions be for less than $100,000 of bonds of the Liberty
Loan,so that any incorporated bank or trust company in the UnitedStates,
however small the amount of its subscriptions and though it should not
choose or find opportunity, by association with others, to participate in
the original privilege of payment by credit, will have an opportunity to
qualify and, when designated as depositary, to participate in deposits,
and the cash proceeds of the Liberty Loan from time to time remaining
unexpended will be deposited among the subscribing banks and trust companies designated as depositaries as nearly as may be in proportion to the
payments of each in cash and certificates of indebtedness upon subscriptions to the Liberty Loan. The Secretary of the Treasury requested, in
of
Department Circular No. 79, dated May 16 1917, that at least 50%
the payments to be made by the several banks and trust companies be made
approved
in Treasury certificates of indebtedness issued under .the act,
April 24 1917. To the extent, therefore, that any bank or trust company
makes more or less than 50% of its payments in certificates of indebtedthe
ness, the deposits to remain with it out of the unexpended proceeds of
loan will, as nearly as may be, be proportionately increased or reduced;
companies
trust
and
and accordingly transfers will be made from banks
whose payments in certificates have fallen below 50% to those whose
payments in certificates have exceeded 50%, provided that the amount
amount
deposited with any one bank or trust company will not exceed the
paid by and through it in cash and certificates.
It will be understood that the foregoing outlines only the general principle governing the deposits, withdrawals, and redeposits to be made from
time to time. On account of the great number of banks and trust companies which will doubtless participate in the deposits and the difficulty
to
of compiling returns and of making transfers, it may not be possible
adhere to it precisely nor immediately. The Secretary will be governed
announcemnt
by this general principle as nearly as practicable, but the
call
of the principle must not be permitted to qualify the absolute right to
for and to receive payment of any or all deposits at any time and from
exertime to time. Needless to say, it will be his pleasure and his duty to
judgment
cise this power, which he must reserve, in such a way as in his
regard
due
with
will be most likely to avoid any financial disturbance, and
in
for the patriotic assistance rendered by the banks and trust companies
connection with the Liberty Loan.
Collateral Security Accepted.
Pursuant to the provisions of Section 5153, Revised Statutes, as amended,
approved securities of the following classes will be accepted as collateral
security for Government deposits made'under authority of the act approved April 24 1917:
(a) Bonds and certificates of indebtedness of the United States Government of any issue, including bonds of the Liberty Loan and interim certificates for payments therefor; all at par.
of
(b) Bonds issued under the United States Farm Loan Act and bonds
the Philippine Islands, Poro Rico, and the District of Columbia; all at par.
exceednot
value
market
at
(c) Bonds of any State of the United States
ing par.
(d) The 33,6% bonds of the Territory of Hawaii at 90% of par; and other
bonds of said Territory at market value not exceeding par; and bonds of
the Manila Railroad Co. at 90% of market value, not exceeding 90% of par.
(e) Dollar bonds and obligations of foreign Governments (and of the
dependencies thereof) engaged in war against Germany and issued since
July 30 1914. at 90% of the market value thereof in the United States,
not exceeding 90% of par.
(f) Bonds of any county or city in the United States, which are direct
obligations of the county or city as a whole, at 75% of the market value
thereof, not exceeding 75% of par.
(g) Railroad mortgage bonds secured by direct mortgage upon lines of
railroad within the United States, at 75% of the market value thereof,
2396
THE CHRONICLE
not exceeding par; but not including any such bonds which at date of this
circular are at a market price to yield more than 534% per annum, if held
to maturity, according to standard tables of bond values.
(h) Commercial paper which is eligible for rediscount or purchase by
• Federal Reserve banks and which has been approved by the Federal Reserve Bank of the district in which the depositary bank is located; at 75%
of par. All such paper must bear the indorsement of the depositary bank.
At least 25% in value, as above determined, of the securities deposited
by any bank or trust company to secure deposits must consist of those
mentioned in paragraph (a).
No State, county, or city bond will be accepted if default has been made
in payment of of principal or interest during the past 10 years.
The Secretary of the Treasury reserves the right to call for additional
collateral security at any time.
How Deposits Are to Be Applied For.
Any bank or trust company desiring to qualify as a depositary should at
the earliest possible date file an application (Form A, Liberty Loan, hereto
attached) with the Federal Reserve Bank of its district, or, where the applying bank or trust company is located in, or nearer to, a city where a
securities committee has been appointed, as hereinafter provided, with
such securities committee. Such application must state (a) tho amount
of bonds of the Liberty Loan subscribed for by or through such bank or
trust company; (b) the amount of payments to be made by such bank or
trust company on such subscriptions on or before June 28; (c) the amount
of such payments to be made in cash and the proportion of such payments
to be made in Treasury certificates of indebtedness; (d) the security offered by such bank or trust company for deposits. Each such application
must be made in quadruplicate.
The Federal Reserve Bank of each district will report to the Secretary
of the Treasury as to all applications filed with it, directly or through securities committees, and will transmit one quadruplicate original of each
application to the Secretary of the Treasury with the recommendation
of' the Federal Reserve Bank. Formal designation of banks or trust companies which shall file the applications above required on Form A, Liberty
Loan, will be made as promptly as possible, under the direction of the
Secretary of the Treasury, through the Federal Reserve Bank of the district.
Any bank or trust company which in its application on Form A shall have
underestimated or overestimated the cash payments which it will have to
make, may file a supplemental application and tender additional security,
or ask for the withdrawal of security, as the case may be. The security
tendered in the first instance must be sufficient to cover at least the amount
payable, otherwise than in certificates of indebtedness, on or before June
28, and which the bank or trust company expects to pay by credit. Banks
and trust companies may, however, tender securities to cover also the
payments which they are to make in certificates of indebtedness, and on
the basis of which, as above indicated, they may participate in deposits
as transfers and redeposits are made from time to time. Amounts withdrawn by depositors of the applying bank or trust company tp pay for
Liberty Loan bonds must not be included in its application unless such
depositors have arranged to make application and payment through such
bank or trust company.
How Deposits Are to Be Made.
If the securities offered are approved the depositary bank or trust company will receive written notice from the Federal Reserve Bank of its district that it is authorized to receive for the account of the Treasurer of the
United States a sum stated, upon the deposit by it of the securities approved by the Federal Reserve Bank with the designated custodian. Each
bank and trust company designated will be required to open and maintain
for the account of the Treasurer of the United States a separate account,
to be known as the "Liberty Loan Deposit Account." The depositary
bank or trust company shall transfer to the Liberty Loan Deposit Account
on or before June 28 1917, the amount then payable by it otherwise than
in certificates of indebtedness on its own subscription and on the subscriptions of others made through it to Liberty Bonds. Such bank or trust
company must then notify the Treasurer of the United States and the
Federal Reserve Bank of the district by letter or telegram to reach them
on or before June 28 (on Form B, Liberty Loan) and must issue (on Form
0, Liberty Loan) certificates of advice in duplicate, stating the amount
standing to the credit of the Treasurer on its books in the Liberty Loan
Deposit Account. Said forms will be furnished through the Federal Reserve banks. Such certificates of advice shall be forwarded as follows:
The original to the Treasurer of the United States in Washington, and the
duplicate to the Federal Reserve Bank of the district. The Federal Reserve Bank, acting as fiscal agent of the United States, will thereupon
credit the subscriber with the amount as a payment or part payment of
the amount due on June 28, and the depositary bank or trust company will
be charged with the amount of such deposit by the Treasurer of the United
States.
Applications must be made as above provided at the earliest possible
date in the case of those banks and trust companies desiring to make payment on subscriptions for $100,000 or more bonds on or before June 28.
Similar applications may be made from time to time by other banks and
trust companies.
All deposits will be made by the Federal Reserve banks by direction of
the Secretary of the Treasury. All withdrawals will be made by the
Federal Reserve banks by direction of the Treasurer of the United States.
Securities Committees.
The Federal Reserve Bank in each district is authorized to designate
a committee or committees in such city or cities as may be deemed necessary, to be known as the securities committee, each such committee to
consist of not more than three nor less than two members, who shall serve
without compensation. Whert applications are made by a bank or trust
company which is located in one of the cities in which a securities committee has been appointed, or which is nearer to such city than to the
Federal Reserve city of its district, this application should be filed with
such securities conunittee. It shall be the duty of such securities committee to examine the list of securities tendered as collateral security for
deposits and to recommend to the Federal Reserve Bank the acceptance
or refusal of the securities so tendered and to transmit the application
promptly to the Federal Reserve Bank of the district with such recommendation.
Custody of Security For Deposits.
All securities accepted as collateral security for deposits made under
authority of the act of April 24 1917, must be deposited with the Federal
Reserve Bank of the district in which the depositary bank is located or, by
the direction and subject to the order of the Federal Reserve Bank of the
district, with a custodian or custodians designated by it. Each Federal
Reserve Bank may name as many custodians in its district as it may deem
desirable. Any bank or trust company may be appointed such custodian.
If individuals are appointed, not less than two individuals shall act as joint
custodians. Any custodian so appointed may be required by the Federal
Reserve Bank to execute a bond with approved sureties in a penalty of not
I VOL. 014
less than the face valuevof the securities deposited the expense of which
bond shall be borne by the United States. All securities held as collateral
security for deposits either by the Federal Reserve Bank or by a custodian
or custodians selected as herein provided shall be kept under seal in a safedeposit box or safe, separate from all other papers and securities. The
safe-deposit box or safe used by any custodian or custodians other than
the Federal Reserve Bank shall be located in a fireproof vault or building
approved by the Federal Reserve Bank.
Exchange of Securities.
Banks and trust companies desiring to exchange securities must submit
to the Federal Reserve Bank or to the nearest securities committee a list of
offerings at least 10 days before the date it desires to withdraw any of the
securities pledged. The list of securities offered in exchange will be handled
in the same manner as the list of original offerings. The time necessary
to transmit such list to the Federal Reserve Bank should be taken into
consideration in submitting all lists of securities, and ample opportunity
should be given to obtain the approval of the Federal Reserve Bank.
' Collateral Maturing in Custodian's Possession.
Should any note or other obligation be about to mature while in the possession of the Federal Reserve Bank or custodian, and no other collateral
be substituted at least 10 days before maturity, the Federal Reserve Bank
shall withdraw from the depositary bank or trust company an amount at
least equal to the value as above determined of the note or obligation about
to mature.
Withdrawal of Deposits.
All deposits will be payable on demand and without previous notice.
Upon withdrawal of funds a proportionate amount of collateral security
will be surrendered to the depositary bank or trust company. In case of
commercial paper, that having the earliest maturity will be surrendered
in such cases, unless in the opinion of the Secretary of the Treasury a variation of this rule should be made.
Eligible commercial paper held by a Federal Reserve Bank or by a custodian as security for deposits may be offered for rediscount by direction
of a depositary member bank to the Federal Reserve Bank in order to meet
demands made for payment of such deposits. Such paper shall in all
cases bear the indorsement of the depositary member bank. Any eligible
securities held by a Federal Reserve Bank or custodian as collateral security for deposits may also be offered to the Federal Reserve Bank, by
direction of the member bank or trust company, as collateral security for
loans evidenced by note of the member bank or trust company maturing
in not exceeding 15 days, provided the proceeds of such loans are to be
used to pay deposits held by the depositary member bank or trust company which secures the loan from the Federal Reserve Bank.
Interest on Deposits.
The depositary bank or trust company will be required to pay 2% interest on the average balance maintained during the period of the deposit.
Interest payments must be made when deposits are finally withdrawn.
W. G. McADOO,
Secretary of the Treasury.
PHILADELPHIA CLEARING HOUSE COMMITTEE TO
PASS ON COLLATERAL SECURING GOVERNMENT
DEPOSITS AGAINST LIBERTY LOAN.
The appointment of a conimittee to co-operate with the
Government in passing upon collateral to be submitted by
financial institutions as security for Government deposits
incident to the sale of the Liberty Loan bonds has been
authorized by the Philadelphia Clearing House. The
Philadelphia "Press" says:
The committee will act in the same way as was done in 1914, wften emergency currency was issued based upon the deposit of various bonds and
commercial paper. Meetings of thelcommittee will probably be held at
the Clearing House and tne committee will co-operate closely with the
Federal Reserve Bank of Philadelphia to facilitate the task of redistributing
the money subscribed to the Liberty Loan.
HOUSE ACCEPTS CONFERENCE REPORTS EMBODYING FEDERAL RESERVE AMENDMENTS.
The conference report on the amendments to the Federal
Reserve Act was adopted by thelHouse onithe 14th inst.by
a vote of 189 to 130. The House bill:embodying the amendments to the Reserve Act was passed onWayL5, while the
Senate passed its bill on May 9. The measure had been since
held up through the inability of the:conferees:toagree on the
Hardwick amendment in the Senate bill, permitting country banks to make a reasonable charge for/the:collection of
checks. The reason for the difference is not clear, since on
May 10 the House, on motion of Representative McFadden
of Pennsylvania, had definitely instructedlits conferees to
accept the Senate amendment regardingicheck collection
charges. The conference report as presented to the House
on Saturday last, and adopted bylit on the114th, modified
the Hardwick amendment:so:as:to:read:
Provided further, That nothing in tills or any other section of this Act
shall be construed as prohibiting a member or non-member bank from making reasonable charges, to be determined and regulated by the Federal Reserve
Board, but in no case to exceed ten cents per $100 or fraction thereof, based
on the total of checks and drafts presented at any one time for collection
or payment of checks and drafts and remission therefor by exchange or
otherwise; but no such charges shall be made against the Federal Reserve banks.
The portions of the above given in italics indicate the
changes made by the conferees, apparently of their own volition. A motion of Representative McFadden to recommit
the report with instructions to strike from thelprovision any
reference to the Reserve Board's power to regulate the exchange charges was defeated by the House on the day of the
acceptance of the report by a vote of 166 to1159. According
to the "Times" it was alleged by Representatives Harrison
of Mississippi and McFadden of Pennsylvania, who led the
JUNE 16 1917.j
THE CHRONICLE
fight to recommit the conferencerreport,ithat the conferees
had deliberately destroyed the effectiveness of the Hardwick
amendment, because the Federal Reserve Board was known
to be inimical to collection charges. The "Times" adds:
Until Chairman Glass bitterly assailed the plan to give the country banks
a free hand to assess commerce by exchange, charges, presenting protests
meanwhile from the National Grange and dozens of commercial organizations, sentiment in the House seemed decidedly in favor of the motion to
recommit.
The bill changes the reserve requirements of the Reserve
Act so as to provide that a member bank not in a reserve or
central reserve city shall maintain with the Reserve bank of
its district an actual net balance equal to not less than 7%
of the aggregate amount of its demand deposits and 3%of its
time deposits. If in a reserve city the balance of the member
bank shall be not less than 10% and 3%,respectively, as to
deposits. If in a central reserve city, the balance maintained
shall be not less than 13% of demand deposits and 3% of time
deposits. The bill also authorizes the abolishment of thetitle
of Deputy Federal Reserve Agent and empowers the.Federal Reserve Agent to appoint one or more assistants. Another amendment provides that non-member State banks
and trust companies, although too small to become members
of the Reserve system, may avail themselves of the clearing
and collection facilities of the system, provided they keep
a compensating balance with the Federal Reserve banks.
Still another provision repeals the law requiring national
banks to keep a certain amount of Government bonds on
deposit with the Treasurer of the United States. The bill
also, in changing the reserve requirements, eliminates the
provision under which the member banks could carry a part
of their reserves until next November with banks in Reserve
and central reserve cities.
MARYLAND BANKERS CONSIDERING ENTERING
FEDERAL RESERVE SYSTEM.
A committee to consider the advisability of the State banks
and trust companies of Maryland joining the Federal Reserve
system was appointed at the convention of the Maryland
Bankers' Association held at Atlantic City last month.
George Yakel, Vice-President of the Commonwealth Bank
of Baltimore, who was made chairman of the committee, has
since conferred with Carter Glass of the House of Representatives in the matter. The Baltimore "Sun" of June 1,
in referring to the proposition before the Committee of Maryland bankers, said:
Mr. Yakel and those with him on the committee are eager to have Maryland the first to take this step as a unit. The committee will not prepare
its report until Congress has acted upon the amendments to the Fedora
Reserve Law now pending, which is designed to make easier the entranCe
of the State chartered institutions in the system. Mr. Glass promised to
give this information as soon as Congress acts, which may be within the
next few days. Then Mr. Yakel will call the committee together for action.
Gwynn Crother, of the Commercial Bank of Baltimore, is the secretary of
the committee, while Mr. Yakel represents the Commonwealth Bank.
These banks are eager to enter the system, if it can be done without detriment to their existing charter privileges and if it will be a help to the Government to have all the financial institutions in.
2397
"Then even if I could sell my farm at a good price I could not pay off the
mortgage under five years?" asked Mr. Biddidson.
"Under the exist.ng law there is no way in which you could," was the
reply.
The Philadelphia "Ledger" also quoted Mr. Norris as
follows:
The farmer needs two kinds of help. The question of agricultural finance
is one of the pressing problems ofthe day. The farmer must have short-time
loans to plant and market his crops,and he has a right to look to the bankers
for just as liberal aid along this line as they accord the merchant or the
manufacturer. It is your duty to go Just as far as you possibly can to meet
this need.
But the farmer needs also long-time credit to improve his property and
extend his plant. He cannot finance these improvements through shorttime loans, and he runs many chances of foreclosure if he uses the customary
short-term mortgage. That Is where the farm loan comes in.
Five years is the minimum term for loans, so that the system is in no
sense a rival of the banks. We are recommending to farmers to make their
loans for thirty-six years, because an interest payment of 6% annually for
that period will wipe out the debt. The effect of this plan is that the farmer
will make his annual payment just as he pays his taxes and his life insurance
premium.
SUPREME COURT UPHOLDS RESERVE ACT CLAUSE
GIVING TRUST POWERS TO NATIONAL BANKS.
The constitutionality of the clause in the Federal Reserve
Act empowering national banks to act as trustees and executors and registrars of stocks and bonds was upheld by the
U. S. Supreme Court on June 11 in the first case involving
the Act. The opinion was given in the test case brought
against the First National Bank of Bay City, Mich., on behalf of the Union Trust Co., the Security Trust Co. and.the
Detroit Trust Co., all of Detroit, and the Michigan Trust
Co. and the Grand Rapids Trust Co. of Grand Rapids.
The trust companies had joined in a quo warranto suit
instituted in the name of Attorney-General Fellowes of Michigan to enjoin the Bay City bank from exercising trust powers;
it was contended by the trust companies that such functions
are private, subject to local and not Federal regulation and
beyond the power of Congress to confer on national banks
through the Reserve Board. The Supreme Court of Michigan, which held the clause in question to be unconstitutional,
issued an injunction restraining the bank from acting in a
trust capacity. Upon appeal to the U. S. Supreme Court,
the Department of Justice intervened as a "friend of the
court" in behalf of the Federal Reserve Board, joining with
the Bay City Bank in asking the Court to sustain the clause.
Grounds given were that Congress has power to extend
functions of national banks, within its discretion, in preserving and extending the national banking system, whether such
functions be private or public. All powers necessary to the
stability and successful operations of national banks, it was
contended, are enjoyed by Congress, and the Reserve Act,
it was asserted, does not delegate such powers to the Federal
Reserve Board. The additional business functions authorized in the clause, it was 'contended, are ordinary commercial and financial operations necessary to preserve the business of national banks in competition with State banks and
trust companies. Forty-four States were said to give State
institutions such powers. The trust companies contended
that the powers given are not normal, natural or necessary
as pertaining to national banks, but are private and exclusively within State authority to bestow and regulate. That
the clause was inserted in the Reserve Act at the "eleventh
hour" and is a "utopian and parental plan" also was insisted.
Exercise of these powers by national banks, under scant
supervision, it was said, would create an "intolerable condition." The Department of Justice, in denying that the
Michigan courts had jurisdiction to entertain the trust
companies' suit against the Bay City bank,'questioned the
right of State courts to enjoin a national bank, as an alleged
State interference with the Federal financial system.
Besides Messrs. Yakel and Crother, the committee consists
of William C.Page, Thomas H.Fitchett and John B. Dennis
of Baltimore; Allan A. Harris of Chestertown; J. B. Kieffer
of Hagerstown; J. Kepler of Elkton and Francis J. Carmody.
The committee is called upon to study the pending amendments to the Federal Reserve Act and report its findings to
the Administrative Board of the Maryland Bankers' Association. An incident of the convention of the Association
was the declaration by James M. Sloan of Lonaconing, the
retiring President, that the Farm Loan banks would be a
detriment rather than a help to the farmers. The Baltimore
"Sun" of May 24 quoted him as saying that if as much time
and money was spent in getting rid of this measure as had
been in passing it, a good work would have been done, as
TULSA A DESIGNATED RESERVE CITY,
every successful farmer viewed a farm mortgage in the same
The Federal Reserve Board announced on June 12 the
light as a kicking horse—something to be avoided. Mr. designation of Tulsa, Oklahoma, as a reserve city.
Sloan's address, the "Sun" added, was a plea to the bankers
to use a more liberal policy toward the farmers.
N. Y. CLEARING HOUSE ARRANGEMENTS FOR SETGeorge W. Norris of the Farm Loan Commission, the
TLEMENT OF BALANCES THROUGH RESERVE BANK
"Sun" reports, defended the system and incidentally pointed
Gates W. McGarrah, Chairman of the Clearing House
to
as
the need of abolishing
out where Mr.Sloan's conclusions
Committee of the New York Clearing House on the 14th
it, were wrong. To quote the "Sun":
following letter to members advising them
Ile said the law provided for the liquidation of the mortgage in an easy inst. sent the
way, at the samo time giving the farmers who were compelled to borrow that the settlement of balances could be arranged through
low interest rates. Ile compared this with the old method, especially the Federal Reserve Bank, thus making it unnecessary to
prevalent in the South and West, where farmers had been compelled to pay
transfer large amounts of cash through the streets:
8 and 10% interest.
That the system was needed and would be a success, he declared was
manifest by the fact that applications for over $100,000,000 were now before the Washington Board.
John S. Biddison asked what was the minimum life of the mortgage and
was told fiveryears.
New York, June 14 1917.
Dear Sir: As the settlement of balances resulting from the daily clearFederal
Reserve Bank with convenience
ings can be arranged through the
to members of the New York Clearing House Association, and so render
unnecessary the transfer of large amounts of cash through the streets, the
2398
THE CHRONICLE
Clearing House Committee requests members to adopt this method of
settlement.
The form which it will be necessary to have executed in connection with
such arrangement may be obtained upon application to the Manager. By
GATES W. McGARRAH,
order,
Chairman Clearing House Committee.
WILLIAM SEIERER, Manager.
PHILADELPHIA CLEARING HOUSE BANKS TO SETTLE BALANCES BY DRAWING ON RESERVE BANK.
A resolution adopted by the Clearing House Committee
of the Philadelphia Clearing House recommending the settlement by members of balances on each other by drawing
checks on the Federal Reserve Bank of Philadelphia, was
carried into effect on June 14. Concerning the plan the
Philadelphia "Press" of June 13 said:
This plan will eliminate the necessity of carting gold certificates through
the streets and as national banks are all members of the Reserve bank
balances can be easily settled by each debtor bank drawing on its account
with the Reserve bank and giving these checks to creditors. Some local
banks have authorized the Federal Reserve bank to pay balances against
them in the Clearing House and also to receive balances due them and
credit the amount to their Reserve account.
Trust companies which are members of the Clearing House
but which are not members of the Federal Reserve bank,
will continue to pay in cash, or may have a check drawn upon
the Reserve bank from a national bank correspondent.
AMERICAN INSTITUTE OF BANKING WILL LIMIT
ANNUAL CONVENTION TO ONE DAY.
The American Institute of Banking, under a resolution
adopted by its Executive Council, has decided to limit its
annual convention this year to one day, Sept. 12, and for the
sake of convenience to hold the meeting in Chicago instead
of Denver, which had previously been chosen as the convention city. The resolution, which thus places the convention
on a war basis, also suggests that each Chapter be represented
by a single delegate, who would be authorized under the bylaws to cast the full vote of his Chapter. The text of the
resolution follows:
[VOL. 104.
such checks always have been taken care of, by exchange, for which a
small charge has always been made because of expense incurred. Proper
investigation will show that exchange charges have never been a barrier
to the unrestricted flow of funds between the various parts of the country,
as charged by the Federal Reserve Bank.
In view of the fact that we handle only about 2% of our business deals
with currency, doesn't the use of the word "immense" in the following
clause seem a little out of place? "Through the co-operation of SubTreasury and through its gold settlement fund in Washington the system
has been enabled, during the past year, to settle immense balances between
the various sections of the country without either shipment of currency
by Federal Reserve banks or shipment of gold by Sub-Treasuries."
The Government method of handling its finances, demanding cash
payments, has undoubtedly required the larger share of the 2% of currency
used. As a matter of fact, their way of doing business has been more
restrictive than that of the business men of the country, and if they followed
the usual plan of using exchange for business deals the amount of currency
In actual use would probably be nearer 1% than 2%.
The same idea will apply to the Federal Reserve Bank's claim of assistance
in reducing expense of exchange to country banks by the payment of
express charges on the currency sent in. The express charges on 1% of
currency cannot be such a very large amount, and, in addition to that, the
expense is borne entirely by the member banks, so while they save in one
way they lose in another.
It seems to me that neither of these transactions, which they try to make
impressive, assumes any importance whatever when properly analyzed,
as they play so small a part in our business transactions.
The statement that 99.6% of the banks in New York State are remitting
at par is true, of course, but on behalf of the country banks it should be
spid that they are remitting at par under absolute compulsion, and doing
so under protest.
Officers of the Federal Reserve Bank claim that the law dogs not permit
them to pay exchange for collection of checks, although they construe the
same law to give them permission to pay express charges for collection of
checks, to a larger amount than it would cost to handle them through the
banks as has always been done.
The so-called country banks am a great and direct convenience to threefourths of the population of America. They are the backbone of production.
They are not entitled to any favors, but deserve fair treatment, and feel
that they should be allowed a reasonable compensation for expenses and
services in remitting for checks to banks and business men outside of their
home town.
Exchange is a matter which should be regulated by the flow of business
to and from different sections of the country,supply and demand,competition and other natural elements, and if these forces are allowed to have
play the business interests of the country will be fully protected and the
banks will be much more inclined to join the Federal Reserve system and
make it truly national, as it should be.
Very truly yours,
F. E. LYFORD, President First National Bank.
Whereas, War conditions have placed upon the banks of the United States
AND
an extraordinary amount of work, the details of which must be performed JOHN CLAUSEN ON ADVANTAGES OF TRADE
largely by Chapter members of the American Institute of Banking; and
BANK ACCEPTANCES.
Whereas, The number of Institute Chapter members already in the service
"The Economic Advantages of Trade and Bank Accepof the United States Army and Navy, and the greater number that doubtless will be called to such service in the near future, promises to create tances" was discussed at the recent convention of the Texas
emergency conditions in the operation of most banks; and
Bankers' Association by John Clausen, Vice-President of the
Whereas, The Chapter members of the American Institute of Banking
realize that their first duty is to their country and that in this crisis every- Crocker National Bank of San Francisco. The convention
thing possible should be done which can in any way assist in hastening and was held at El Paso on May 15, 16 and 17. Pointing out
insuring that victory which must be ours; therefore be it
that it is the lack of credit facilities more than anything else
Resolved, By the Executive Council of the American Institute of Banking,
in whom authority is vested by the Institute by-laws,(1) that the fifteenth that hampers business, Mr. Clausen in part said:
annual convention of the American Institute of Banking be and hereby is
To buSiness men and bankers it is a fact generally acknowledged that
limited to a single business session on one day, (2) that for the sake of one of our most urgent needs is a self-liquidating system of trade operations,
convenience such convention be held in Chicago, on Sept. 12 1917,(3) that facilitated by means of a properly recorded and readily negotiable credit inthe suggestion is made that each Chapter be represented by a single delegate, strument. The day of barter is long past; no longer is it a question of
who would be authorized under the by-laws to cast the full vote of his trading commodity for commodity or so buying in a reasonable open
Chapter in accordance with the basis of representation provided by competitive market the products of industry. It is now a matter of buying
the Institute by-laws.
and selling commodities through other mediums of exchange, and while
recognizing the equal desire on the part of the producer to sell his goods
and that of the financier to facilitate the operation, it frequently happens
F. E. LYFORD ON COUNTRY BANKS AND COLLECTION that, when considering the strict economic principle, the power of sober
reasoning is not fully manifested.
CHARGES.
It is the lack of credit facilities, more than anything else, that hampers
The country bankers' side of the controversy over the business, and the difficulties in my mind with merchants do not to such
output, but
question of charges for the collection of checks is set out in a a large extent exist for an increase of capital to enlarge their
as a result of their not being afforded the advantages accruing from
letter addressed by F. E. Lyford, President of the First rather
a modern system of financing their sales, and it is in this direction mainly
National Bank of Waverly, N. Y., to the Editor of the that the new Federal Reserve Act will prove of immeasurable value in
"Journal of Commerce." Mr. Lyford refers to "the claim demonstrating the ability of our merchants to adequately and efficiently
and advance the needs of commerce.
of the officers of the Federal Reserve Bank that the law does meet
In the light of the new order of things the matter of arranging our
checks,
of
collection
for
not permit them to pay exchange
business to harmoniously accord with the acceptance feature as now
serve to impress
although they eonstrue the same law to give them permission prominently brought forth by the new Bank Act, should
element with the timely discontinuance of a system of finance
the
to pay express charges for collection of checks, to a larger thatindustrial
has long become obsolete in other large nations of the world.
amount than it would cost to handle them through the banks
The superiority of the trade acceptance over the open account for the
or sale of goods—its power to broaden the buying field for the
purchase
as has always been done." He concedes that the country
merchant and enable the seller to handle his business at a smaller operation
banks are not entitled to any favors, but he argues that they cost—is
becoming more and more apparent to all interests alike. Whether
deserve fair treatment and should be allowed a reasonable that feature with us in business and banking will show a development of as
as it has in Europe or take a secondary position, remains
dimensions
huge
compensation for expenses and services in remitting for
a matter of conjecture. The main point, however, for the people of a
checks to banks and business men outside their home town. great nation is to keep in mind that the demand for modernized credit
The letter, as printed in the "Journal of Commerce," of the facilities is becoming universal and increasingly urgent, with the rightful
expectation that it will place the economic position of this country on
2d inst., follows:
a firm and secure basis.
COUNTRY BANKS WANT FAIR TREATMENT.
There are doubtless many difficulties to overcome in rearranging trading
operations to accord with present-day financial requirements. Every
• Waverly, N. Y., May 311917.
man who understands those problems and appreciates the urgent
business
Bulletin:"
Editor of the "Journal of Commerce c*. Commercial
Sir.—I received a clipping from a New Orleans paper, a reprint of an need of a reform in our commercial inter-relations cannot fail to recognize
article published in your journal, in regard to the use of the stamp on bank his obligation and render the valuable assistance necessary to bring about
an evolution in commerce of the greatest importance to our country.
checks reading "Not payable through an express company."
An acceptance performs two kinds of offices in commerce in that it saves
rot The country banks do not see the situation as the Federal Reserve people
do, especially the State institutions which have not joined the system, one the transmission of cash and enables the creditor not only to arrange with
reason being they do not feel that they care to be compelled to perform a the debtor in fixing the date of payment, but, if needed, to secure the use
service entailing labor, risk and expense, and do so without pay, thereby of a sum equivalent to the debt before it is properly due.
In the teiins of the law an acceptance is defined as a draft or bill of exswelling the profits of a few large manufacturers, jobbers, merchants and
change drawn to order, having a definite maturity and payable in dollars in
wholesalers.
No customer of a bank who issues a check and sends it to a business man the United States, the obligation to pay which has been accepted by an
ped and signed across the face of the ininanother place expects that check to be paid in currency, neither does acknowledgment written or
roeit is drawn. The effect of such an
the man who receives it look for it to be paid, except in the manner in which strument by the par
JUNE 16 1917.1
THE CHRONICLE
ment is that the acceptor obligates himself to pay at maturity according
to the tenor of the draft or bill of exchange without qualifying conditions.
Under the Federal Reserve Act the law governing acceptances as amended
under date of Sept. 7 1916, to better conform with conditions, reads:
"Any member bank may accept drafts or bills of exchange drawn upon it,
having not more than six months sight to run, exclusive of days of grace,
which grow out of transactions involving the importation and exportation
of goods; or which grow out of transactions involving the domestic shipment of goods, provided shipping documents conveying or securing title
are attached at time of acceptance by a warehouse receipt or other documents conveying or securing title covering readily marketable staples. No
member bank shall accept, whether in a foreign or domestic transaction, for
any one person, company, firm or corporation, to an amount equal at any
time in the aggregate to more than ten per centum of its paid-up and
unimpaired capital stock and surplus, unless the bank is secured either by
attached documents or by some other actual security growing out of the
same transaction as the acceptance, and no bank shall accept such bills
to an amount equal at any time in the aggregate to more than one-half of
its paid-up and unimpaired capital stock and surplus."
Counsel for that board have since approved restoration of the provision
which by error was stricken out from the Act in the amendment of Sept. 7
1916, thus giving to national banks the provilege, with the assent of the
Federal Reserve Board, to accept up to 100% of their paid-up and unimpaired capital stock and surplus.
A further ruling has been given to the effect that an acceptance may be
made payable in two places, provided it is made optional with the holder
to present same at either place. With this interpretation it may be
expected that out-of-town banks will arrange to have their acceptances
payable by their New York, Chicago, St. Louis or San Francisco correspondents, and it is felt that as a result of this advantage there will be a
much wider distribution of bankers' acceptances.
The Federal Reserve Board has likewise made known the provision that
where funds resulting from acceptances are intended to produce merchandise for ultimate export, or where such moneys are to be applied to the
purchase of goods to be shipped abroad from the United States, the acceptance privilege on the part of the national banks can be invoked, which
judiciously affords a much wider scope to the application of the law and
would seem extremely beneficial.
The Federal Reserve Board has only recently made public a fact that
will prove of general interest in that a bill drawn for a balance due on open
account of long standing—accepted by the debtor—might constitute a
trade acceptance, although in order that it may be excepted from the limitations imposed by Section 13 of the Federal Reserve Act as a bill drawn
against actually existing values, it must have been issued contemporaneously with or within such a reasonable time after the shipment of goods, as
to justify the assumption that tho merchandise is in existence and in the
hands of the drawee in original form or in proceeds of sale. As y
thereof, the Federal Reserve banks might reasonable require. says the
provision, that such trade acceptances shall be offered as "bills of exchange
drawn against actually existing values," showing the date of invoice so
that it may readily be determined whether the account is one of long
standing.
Of special interest to the State of Texas is the construction of the law
which justifies a national bank in accepting a draft drawn upon it in
settlement of advances for cotton being accumulated by cotton buyers for
export. The fact that there is a temporary delay in actual shipment of
goods is authoritatively considered immaterial.
A further clause of the Federal Reserve Act which may prove of interest
to banks dealing in foreign exchanges, provides that:
"Any member bank desiring to accept drafts drawn by banks or bankers
In foreign countries or denendencies or insular possessions of the United
States for the purpose of furnishing dollar exchange, shall first make
application to the Federal Reserve Board, setting forth the usages of trade
in the respective countries, dependenciesor insular possessions in which
such banks or bankers are located.
"The Federal Reserve Board rese.ves the right to modify or on ninety
days' notice to revoke its approval, either as to any particular member
bank or as to any foreign country or dependency or insular possession of
the United States in which it has authorized banks or bankers to draw on
member banks for the purpose of furnishing dollar exchange."
The general economic arguments in favor of the acceptance
feature of
our present banking system are numerous, especially as regards the promising beginning now afforded to further our international trade and finance.
Acceptances may be classified as of two kinds:
1. The general acceptance which assents without
qualificatiOn to the
order of the drawer.
2. The qualified acceptance which in express terms varies the effect of
the bill as drawn.
and the latter may in turn be subdivided into:
(a) A conditional acceptance—making payment by the acceptor dependent upon the fulfilment of the conditions therein stated.
(b) .A partial acceptance—effecting payment in part only of the amount
for which the bill is drawn.
(c) A domiciled acceptance—specifying payment at a particular place.
If no special indications are made on the instrument, the drawee accepts
it payable in the place where he lives, unless it be more advantageous to
his interest to make it payable in any other approved financial centre such
as New York, Chicago, St. Louis or San Francisco.
When a bill is duly presented for acceptance or for payment and not
accepted or paid on date of maturity as the case may be,
the person or
bank making presentation must treat it as dishonored for non-acceptance
or non-payment. An acceptor, however, is not discharged through any
failure of the holder to present the bill to him at maturity for payment.
In practice a bill is presented for acceptance as soon as possible after it
has been drawn, but until it bears that requisite the drawee is under no liability with regard to the obligation. The law does not lay down any
absolute rule as to the time in which to carry out an instruction to obtain
acceptance but in most cases presentation and demand should be made
on date of receipt. It is, however, of the utmost importance that a bill of
exchange be presented for payment on the day it falls due in order that
all legal rights may be duly conserved.
Where bills of lading and other documents are attached they are exhibited
to drawee at time of presentation for acceptance and subsequent delivery
to the interested party upon that requisite being given
or retained until
payment or date of maturity, which may be covered by an annotation
on
the draft reading "Documents on Aoceptance" or "Documents on Payment" to conform with instructions given.
If the acceptance bears the clause provided by the Federal Reserve
Board "Obligations of the Acceptor hereof arises out of purchase of goods
from the drawer," it is considered prime commercial paper, rediscountable
at Federal Reserve bank rates, which in the case of two-name paper are
exceptionally favorable, in view of the better guarantee afforded as against
obligations bearing but one signature.
The Federal Reserve Board, exercising its statutory right to regulate
the purchase of bills of exchange and acceptances has determined that they
are eligible for negotiation by the Federal Reserve banks—with or without
the endorsement of a member bank—provided they have not been—
(a) Issued for selling or trading in stocks, bonds or other
investment
securities, except bonds and notes of the Government of the
United States.
2399
(b) A bill, the proceeds of which have been used or are to be used for
permanent or fixed investments of any kind such as land holdings or
machinery or for investments of merely speculative character.
but in turn must have been—
(c) Accepted by the drawee prior to purchase by a Federal Reserve bank
unless it is accompanied and secured by shipping documents or by a warehouse, terminal or other commercial receipt conveying securities title, or
(d) Secured by a pledge of goods construed to include wares, merchandise, agricultural products, including live stock.
The Federal Reserve Act governing discounts of acceptances based upon
the shipment of goods between the United States and any foreign country,
between any two or more foreign countries, or between Continental United
States and Porto Rico, the Philippine Islands, the Canal Zone, it not
construed, strange as it may seem, to provide for acceptances based on the
shipment of goods between Continental United States and Hawaii or between any ports of Continental United States.
In the negotiation of a bill of exchange, the interested party receives the
amount thereof less the deduction made for discount. The banker who
operates along these lines debits the amount to his bills discounted account
and credits proceeds to his customer's current account. The difference in
value represents his profit in the transaction which, while temporarily
carried under a subsidiary ledger heading, is primarily transferred to profit
and loss account.
' There is a marked difference between discount and interest, and for a
concrete example the table which follows may serve to demonstrate the
difference in per cent of profit per annum between lending money by way
of interest and advancing funds under discount:
Discount. Interest.
Interest.
Discount.
1.010101% 6%
6.382968
w
2.0408167 7%
2
7.526881%
8
3.092783
34
8.69565
4/
0
9.8901
4.166666%
0
11.111111
5%
5.263157% 10%
This difference arises in that the interest on a loan is usually payable
monthly or under periodical term agreements, whereas the discount on a
bill of exchange is deducted at time of negotiation.
When acceptances are brought to a bank to be discounted there are
many points which require-careful observation in order thatthe portfolio
may not be filled with bills which are not marketable or may not be promptly
paid upon maturity. If the maker, acceptor and endorser of such instrur
ments are quite satisfactory, the point next in importance to be ascertained
is if the bill of exchange is drawn for a genuine trade operation and not for
the purpose of raising capital which, strictly speaking, would not be
within the recognized limit of negotiable value, as specified by.the Federa I
Reserve Law.
The bank rate as quoted in European centres is that on which is based
the discount for approved bills of exchange and acceptances regulating the
supply of money on the one hand and the demand for negotiations on the
other. Low discount rates are an incentive to the revival of trade and
advancing quotations in turn act as a natural check on trade, these limits,
therefore, producing a gradual increase or decrease in the demand for
money.
While such conditions are symptoms in governing the discount rates in
Europe, the "call loan rate" as quoted in our Eastern markets may be
considered as having only an indirect relation to trade in this country.
While trust companieslin this country may,perhaps,exercise in a greater
or less degree the function of discount companies as known and operated in
Europe there will be a tendency, no doubt, to incorporate like institutions
here for the purpose of dealing exclusively in the purchase and sale of
bankers' and trade acceptances.
Bankers in the field of international finance frequently trade in bills of
exchange or acceptances purchased in one centre against immediate sale in
another where a better rate is ruling, deriving therefrom the benefit ofthe
difference in exchange and discount limits between the two markets.
These operations are termed arbitrage and the rules governing such negotiations in local or foreign markets may briefly be given under three heads
ings:
1. Drafts drawn upon and accepted in a country other than where
drawn.
2. Drafts drawn upon and accepted in a locality where issued.
3. Drafts drawn upon a centre other than where drawn and in turn
accepted in a place other than both.
The aforementioned segregation—as far as the American banker is concerned—may be further divided into inland bills—those drawn and payable
within the United States—or foreign bills, emanating from operations in
the United States but drawn and accepted abroad.
It is the lack of credit facilities that hampers business in time of stress
and the acceptance feature of the new Bank Act should be encouraged and
utilized as a simple, scientific and practical system in conscientiously
awakening and developing the trading power of our country.
PRESIDENT WILSON'S FLAG DAY SPEECH.
The reasons why the United States entered the world war
were set out anew by President Wilson in his address at the
Flag Day celebration in Washington on June 14. "The
extraordinary insults and aggressions of the Imperial Government," he said, "left us no self-respecting choice but to
take up arms in defense of our rights as a free people and of
our honor as a sovereign Government." The President's
speech dealt with the intrigues and machinations which
Germany has used as a means to obtaining her ends; the
facts," he said, "are patent to all the world and nowhere
are they more plainly seen than in the United States, where
we are accustomed to deal with facts and not with sophistries and the great fact that stands out above all the rest is
that this is a People's War, a war for freedom and justice
and self government among all the nations of the world,
a war to make the world safe for the peoples who live up:on it and have made it their own, the German people
themselves included." He added:
With us rests the choice to break through all these hypocrisies and patent
cheats and masks of brute force and help set the world free, or else stand
aside and let it be dominated a long age through by sheer weight of arms
and the arbitrary choices of self-constituted masters, by the nation which
can maintain the biggest armies and the most irrisistible armaments—a
power to which the world has afforded no parallel and in the face of which
political freedom must wither and perish.
For us there is but one choice. We have made it. Woe be to the manor
group of men that seeks to stand in our way in this day of high resolution.
2406
THE CHRONICLE
made secure
when every principle we hold dearest is to be vindicated and
bar of hisfor the salvation of the nations. We are ready to plead at the
shall make good
tory, and our flag shall wear a new lustre. Once more we
and a new
born,
were
with our lives and fortunes the great faith to which we
glory shall shine in the face of our people.
The address in full is as follows:
this flag
My Fellow Citizens: We meet to celebrate Flag Day because
unity, our
which we honor and under which we serve is the emblem of our
character
power, our thought and purpose as a nation. It has no other
choices are
than that which we give it from generation to generation. The
execute those
ours. It floats in majestic silence above the hosts that
it speaks to
choices, whether in peace or in war. And yet, though silent,
before us and
us—speaks to us of the past, ofthe men and women who went
birth and
of the records they wrote upon it. We celebrate the day of its
floated on
from its birth until now it has witnessed a great history, has
a great
high the symbol of great events, of a great plan of life worked out by draw
will
people. We are about to carry it into battle, to lift it where it
thouthe fire of our enemies. We are about to bid thousands, hundreds of
capable
sands, it may be millions, of our men, the young, the strong, the
away
men of the nation, to go forth and die beneath it on fields of blood far
which it
—for what? For some unaccustomed thing? For something for
sent
has never sought the fire before? American armies were never before for
across the seas. Why are they sent now? For some new purpose,
which this great flag has never been carried before, or for some old, faevery
miliar, heroic purpose for which it has seen men, its own men, die on
Revolution?
battlefield upon which Americans have borne arms since the
We
These are questions which must be answered. We are Americans.
We
in our turn serve America, and can serve her with no private purpose.
the
at
accountable
are
We
it.
used
must use her flag as she has always
seek
bar of history and must plead in utter frankness what purpose it is we
to servo.
ry
extraordina
It is plain enough how we were forced into the war. The
no self
insults and aggressions of the Imperial German Government left us
a free
respecting choice but to take up arms in defense of our rights as
masters
people and of our honor as a sovereign Government. The military
g
unsuspectin
of Germany denied us the right to be neutral. They filled our
corrupt the
communities with vicious spies and conspirators and sought to
they
opinion of our people in their own behalf. When they found that and
us
could not do that, their agents diligently spread sedition amongst those
of
sought to draw our own citizens from their allegiance—and some
Govagents were men connected with the official Embassy of the German deto
ernment itself here in our own capital. They sought by violence incite
stroy our industries and arrest our commerce. They tried to
alliance
Mexico to take up arms against us and to draw Japan into a hostile
the
with her—and that, not by indirection, but by direct suggestion from
high
Foreign Office in Berlin. They impudently denied us the use of the
their
seas and repeatedly executed their threat that they would send to
Europe.
death any of our people who ventured to approach the coasts of
upon
And many of our own people were corrupted. Men began to look
resentment
their own neighbors with suspicion and to wonder in their hot
intrigue
and surprise whether there was any community in which hostile
have
did not lurk. What great nation in such circumstances would not
and not
taken up arms? Much as we had desired peace, it was denied us,
disof our own choice. This flag under which we serve would have been
honored had we withheld our hand.
knew
But that is only part of the story. We know now as clearly as we
Gerbefore we were ourselves engaged that we are not the enemies of the
originate
man people and that they are not our enemies. They did not
we
and
it;
into
or desire this hideous war or wish that we should be drawn
will some
are vaguely conscious that we are fighting their cause, as they
same
day see It, as well as our own. 'they are themselves in the grip of the
drawn
sinister power that has now at last stretched its ugly talons out and
is in
world
whole
blood from us. The whole world is at war because the
shall deterthe grip of that power and is trying out the great battle which
mine whether it is to be brought under its mastery or fling itself free.
proved to
The war was begun by the military masters of Germany, who
regarded
be also the masters of Austria-Hungary. These men have never
frame as
nations as peoples, men, women, and children of like blood and
governments had
themselves, for whom governments existed and in whom
organizations
their life. They have regarded them merely as serviceable
own purpose.
their
which they could by force or intrigue bend or corrupt to
peoples who
They have regarded the smaller States, in particular, and the
instruments of
could be overwhelmed by force, as their natural tools and
statesmen of
domination. Their purpose has long been avowed. The
attention;
other nations, to whom that purpose was incredible, paid little
Gorregarded what German professors expounded in their classrooms and
man writers set forth to the world as the goal of German policy as rather
private
the dream of minds detached from practical affairs, as preposterous
responsible
conceptions of German destiny, than as the actual plans of
conrulers; but the rulers of Germany themselves know all the while what
professors
crete plans, what well advanced intrigues lay back of what the
filling
unmolested,
and the writers were saying and were glad to go forward
officers
the thrones of Balkan States with German Princes, putting German
her
at the service of Turkey to drill her armies and make interest with
Egypt,
Government, developing plans of sedition and rebellion in India and
Serbia
upon
Austria
setting their fires in Persia. The demands made by
were a mere single step in a plan which compassed Europe and Asia, from
Berlin to Bagdad. They hoped those demands might not arouse Europe,
but they meant to press them whether they did or not, for they thought
themselves ready for the final issue of arms.
Their plan was to throw a broad belt of German military power ahd
Mediterpolitical control across the very centre of Europe and beyond the
ranean into the heart of Asia and Austria-Hungary was to be as much their
of
States
ponderous
tool and pawn as Serbia or Bulgaria or Turkey or the
the East. Austria-Hungary, Indeed, was to become part of the Central
German Empire, absorbed and dominated by the same forces and influences that had originally cemented the German States themselves.
The dream had its heart at Berlin. It could have had a heart nowhere
else! It rejected the idea of solidarity of race entirely. The choice of
peoples played no part in it at all. It contemplated binding together
racial and political units which could be kept together only by force—
Czechs, Magyars, Croats, Serbs, Rumanians, Turks, Armenians—the
proud States of Bohemia and Hungary, the stout little Commonwealths
of the Balkans, the indomitable Turks, the subtle peoples of the East.
Those peoples did not wish to be united. They ardently desired to direct
their own affairs would be satisfied only by undisputed independence.
They could be kept quiet only by the presence or the constant throat of
armed then. They would live under a common power only by sheer compulsion and await the day of revolution. But the German military statesmen had reckoned with all that and were ready to deal with it in their own
way.
And they have actually carried the greater part of that amazing plan
into execution! Look how things stand. Austria is at their mercy. It
has acted, not upon its own initiative or upon the choice of its own people.
(VOL. 104
but at Berlin's dictation ever since the war began. Its people now desire
peace, but cannot have it until leave is granted from Berlin. The so-called
Central Powers are in fact but a single Power. Serbia is at its mercy
should its hands be but for a moment freed. Bulgaria has consented
to its will, and Rumania is overrun. The Turkish armies, which Germans
of
trained, are serving Germany, certainly not themselves, and the guns
German warships lying in the harbor at Constantinople remind Turkish
statesmen every day that they have no choice but to take their orders from
Berlin. From Hamburg to the Persian Gulf the net is spread.
Is it not easy to understand the eagerness for peace that has been manifested from Berlin ever since the snare was set and sprung? Peace, peace,
peace has been the talk of her Foreign Office for now a year or more; not
peace upon her own initiative, but upon the initiative of the nations over
which she now deems herself to hold the advantage. A little of the talk
of
has been public, but most of it has been private. Through all sorts
the
channels it has come to me, and in all sorts of guises, but never with
accept
to
willing
terms disclosed which the German Government would be
That Government has other valuable pawns in its hands beside those I have
slowly
mentioned. It still holds a valuable part of France, though with
relaxing grasp, and practically the whole of Belgium. Its armies press
further;
go
cannot
It
close upon Russia and overrun Poland at their will.
It dare not go back. It wishes to close its bargain before it is too late and
it has little to offer for the pound of flesh it will demand,
The military masters under whom Germany is bleeding see very clearly
to what point fate has brought them. If they fall back or are forced back
an inch their power both abroad and at home will fall to pieces like a house
of cards. It is their power at home they are thinking about now more
their
than their power abroad. It is that power which is trembling under
chance
very feet; and deep fear has entered their hearts. They have but one
to perpetuate their military power or even their controlling political instill
fluence. If they can secure peace now with the immense advantages
they
in their hands which they have up to this point apparently gained,
have
will have justified themselves before the German people; they will
expansion
gained by force what they promised to gain by it—an immense
comof German power, an immense enlargement of Gorman industrial and
presmercial opportunities. Their prestige will be secure, and with their
tige their political power. If they fail, their people will thrust them aside;
Gera government accountable to the people themselves will be set up in
and in
many as it has been in England, in the United States, in France,
sucthey
If
Germany.
all the great countries of the modern time except
if they fall
ceed they are safe and Germany and the world are undone;
succeed, America
Germany is saved and the world will be at peace. If they
remain
will fall within the menace. We and all the rest of the world must
next step in their
the
armed, as they will remain, and must make ready for
Germany may be
aggression; if they fail the world may unite for peace and
of the union.
and
Do you not now understand the new intrigue, the intrigue for peace,
promwhy the masters of Germany do not hesitate to use any agency that
parises to effect their purpose, the deceit of the nations? Their present
the
ticular aim is to deceive all those who throughout the world stand for
immense
rights of peoples and self-government of nations; for they see what
this
of
out
gathering
are
strength the forces of justice and of liberalism,
using
war. They are employing liberals in their enterprise. They are
hithermen,in Germany and without, as their spokesmen whom they have
,
—Socialists
destruction
to despised and oppressed, using them for their own
to silence.
the leaders of labor, the thinkers they have hitherto sought
be ground to
Let them once succeed and these men, now their tools, will
will have set
powder beneath the weight of the great military empire they
or co-operasuccor
all
from
off
up; the revolutionists in Russia will be cut
tion in Western Europe and a counter revolution fostered and supported;
will arm for
Germany herself will lose her chance of freedom; and all Europe
the next, the final struggle.
this country
The sinister intrigue is being no less active'y conducted in
agents arid
than in Russia and in every country in Eurape to which the
That Governdupes of the Imperial German Government can get access.
have
They
low.
ment has many spokesmen hero, in places high and
opinion they utter
learned discretion. They keep within the law. It is
their masters;
now, not sedition. They proclaim the liberal purposes of
danger to either
declare this a foreign war which can touch America with no
and talk
her lands or her institutions; set England at the centre of the stage
appeal to
of her ambition to assert economic dominion throughout the world;
seek to
our ancient tradition of isolation in the politics of the nations; and
its princiundermine the Government with false professions of loyalty to
ples.
themselves always
But they will make no headway. The false betray
German Governin every accent. It is only friends and partisans of the
these thinly disguised
ment whom we have already identified who utter
are they
nowhere
disloyalties. The facts are patent to all the world, and
accustomed to
more plainly seen than in the United States, where we are
out
deal with facts and not with sophistries; and the groat fact that stands
jusabove all the rest is that this is a I'eoples' War, a war for freedom and
to
war
a
world,
tice and self-government amongst all the nations of the
it their
make the world safe for the peoples who live upon it and have made
rests the
own, the German people themselves included; and that with us
cheats and masks
choice to break through all these hypocrasies and patent
lot it be
and
aside
stand
else
or
of brute force and help set the world free,
and the arbitrary
dominated a long age through by sheer weight of arms
maintain the
choice of self-constituted masters, by the nation which can
which the
biggest armies and the most irresistible armaments—a power to
freedom
political
which
of
face
the
in
and
world has afforded no parallel
must wither and perish.
man
the
be to
For us there is but one choice. We have made it. Woe
day of high resoluor group of men that seeks to stand in our way in this
vindicated and made
tion when every principle we hold dearest is to be
to plead at the bar
secure for the salvation of the nations. We are ready
Once inure we shall make
of history, and our flag shall wear a new lustre.
were born, and
we
which
good with our lives and fortunes the great faith to
a new glory shall shine in the face of our people.
SECRETARY LANE TELLS WHY WE ARE FIGHTING
GERMANY.
Secretary of the Interior Franklin K. Lane, in an address.
before the Home Club of the Interior Department at Washington on June 4, the eve of war registration day, endeavored
for
to enlighten those who have not seen clearly the reason
the
answered
and
men,
young
its
upon
call
country's
the
question "Why do we (fightlGermany?".,AAmerica!at
war in self-defense SecretaryiLa,neideclarod and because she
could not keep (outlishebsjatlwaritoisave herselfrvith the
rest of the world from thelnationIthat had linked itself with
JUNE 16 1917.]
2401
THE CHRONICLE
dalism, the right of the castle on the hill to rule the village below. It is a
war for democracy, the right of all to be their own masters. Let Germany
be feudal if she will. But she must not spread her system over a world
that has outgrown it. Feudalism plus science, thirteenth century plus
twentieth, this is the religion of the mistaken Germany that has linked
itself with the Turk, that has, too, adopted the method of Mahomet."The
Wh are we fighting Germany? The brief answer is that ours is a war of State has no conscience." "The State can do no wrong." With the spirit
self-defence. We did not wish to fight Germany. She made the attack of the fanatic she believes this gospel and that it is her duty to spread it by
upon us; not on our shores, but on our ships, our lives, our rights, our force. With poison gas that makes living a hell, with submarines that sneak
future. For two years and more we held to a neutrality that made us through the seas to slyly murder non-combatants, with dirigibles that
apologists for things which outraged man's common sense of fair play and bombarded men and women while they sleep, with a perfected system of
humanity. At each new offence, the invasion of Belgium, the killing of terrorization that the modern world first heard of when German troops
civilian Belgians, the attacks on Scarborough and other defenceless towns, entered China. German feudalism is making war upon mankind.
the laying of mines in neutral waters, the fencing off of the seas, and on and
Let this old spirit of evil have its way and no man will live in America
on through the months we said: "This is war—archaic, uncivilized war, but without paying toll to it, in manhood and in money. This spirit might dewar. All rules have been thrown away, all nobility; man has come down mand Canada from a defeated, navyless England, and then our dream of
to the primitive brute. And while we cannot justify we will not intervene. peace on tho north would be at an end. We would live, as France has lived
It is not our war.
for forty years. In haunting terror.
Then why are we in? Because we could not keep out. The invasion of
America speaks for the world in fighting Germany. Mark on a map
Belgium, which opened the war, led to the invasion of the United States those countries which are Germany's allies and you will mark but four, runconviction
by slow, steady, logical steps. Our sympathies evolved into a
ning from the Baltic through Austria and Bulgaria to Turkey. All the
of self-Interest. Our love of fair lay ripened Into alarm at our own peril other nations, the whole globe around, are in arms against her or are unWe talked An the language and in the spirit of good faith and sincerity, able to move. There is deep meaning in this. We fight with the world
as honest men should talk, until we discovered that our talk was construed for an honest world, in which nations keep their word, for a world in which
as cowardice. And Mexico was called upon to cow us. We talked as men nations do not live by swagger or by threat, for a world in which men think
would talk who cared alone for peace and the advancement of their own of the ways in which they can conquer the common cruelties of nature in- material interests, until we discovered that we were thought to be a nation stead of investing More horrible cruelties to inflict upon the spirit and body
of more money Makers, devoid of all character, until indeed we were told of man,for a world in which the ambition of the philosophy of a few shall
that we could not walk the highways of the world without. permission of a not make miserable all mankind,for a world in which the man is held more
Prussian soldier, that our ships might not sail without wearing a striped uni- precious than the machine, the system or the State.
form of humiliation upon a narrow path of national subserviance. We
talked as men talk who hope for honest agreement, not for war, until we
found that the treaty torn to pieces at Liege was but the symbol of a policy
that made agreements worthless against a purpose that knew no word but
BILL.
THE
the Turk and adoptedithe methodrofiMahomet, setting itself to make the world bow beforejpolicieslbacked by its
organized andlscientific military/system. His remarks were
as follows:
WAR REVENUE
success.
The Senate Finance Committee is still at work on the War
And so we came into this war for ourselves. It is a war to save America,
to preserve self-respect, to justify our right to live as we have lived, not as Revenue Bill which passed the House on May 23. This
some one else wishes us to live. In the name of freedom we challenge with week the Committee decided to adopt the British system
ships and men, money and an undaunted spirit, that word "Verboten"
which Germany has written upon the sea and upon the land. For America of taxation with regard to the excess profits of corporations.
is not the name of so much territory. It is a living spirit, born in travail. After tentatively adopting, on the 12th inst., provisions to
has
grown in the rough school of bitter experiences, a living spirit which
what carry out the committee substitute plan, by which an average
Purpose and pride and conscience, knows why it wishes to live and to
end, knows how It comes to be respected of the world, and hopes to retain of corporations of a pre-war period and normal profits for
that respect by living on with the light of Lincoln's love of man as its old and a period of years would be the basis of fixing excess profits,
now testament. It is more precious that this America should live than that
the committee on the following day (the 13th) completed
we Americans should live. And this America as we now see has been challenged from the first of this war by the strong arm of a Power that has no the excess profits section upon the new taxation basis, except
sympathy with our purpose, and will not hesitate to destroy us if the law for fixing the rate and determining whether the tax shall be
that we respect, the rights that are to us sacred, or the spirit that we have,
stand across her set will to make this world bow before her policies, backed extended to individuals as well as corporations and partnerby her organized and scientific military system. The world of Christ—a ships. The provision inserted in the bill on the 13th stipuneglected but not a rejected Christ—has come again face to face with the lates:
world of Mahomet, who willed to win by force.
If the average capital of any such domestic or foreign corporation or
With this background of history and in this sense, then, we fight Gerpartnership during the taxable year is greater or less than its average
many:
Because of Belgium, invaded, outraged, enslaved, impoverished Bel- capital during the calendar years of 1911, 1912 and 1913 (or during so many
gium. We cannot forget Liege, Louvain and Cardinal Mercier. Trans- of such entire years as it was in existence), its excess profits shall be deterlated into terms of American history these names stand for Bunker Hill, mined by deducting from its total net income for the taxable year an amount
which bears the same proportion to the average annual net income for the
Lexington and Patrick Henry.
Because of France, invaded, desecrated France, a million of whose heroic years 1911, 1912 and 1913 (or for so many of such entire years as it was in
the
France,
existence) which the average capital employed during the taxable years
sons have died to save the land of Lafayette. Glorious golden
preserver of the arts, the land of noble spirit. The first land to follow our to the averagelcapital employed during these years.
load into republican liberty.
The Committee on the 12th decided that only corporate
Because of England, from whom came the laws, traditions, standards
of life and inherent love of liberty which we call Anglo-Saxon civilization. incomes in excess of $5,000, would be taxed. The rate, it
We defeated her once upon the land and once upon the sea. But Australia, was stated, was expected to be around 20%, as compared
New Zealand, Africa and Canada are free because of what we did. And
with the House tax of 16%. It is stated that under the new
they are with us in the fight for the freedom of the seas.
Because of Russia—New Russia. She must not be overwhelmed now. plan of making an average of profits during three years before
Not now, surely, when she is just born into freedom. Her peasants must the war the basis of computing profits, it is estimated, that
have their chance; they must go to school to Washington, to Jefferson and
to Lincoln, until they know their way about in this new, strange world of in lieu of the present $20,000,000 tax upon excess profits
government by the popular will.
about $525,000,000 at least will be raised if the House tax
Because of other peoples, with their rising hope that the world may be of 16% is retained. The House estimate was $400,000,000.
free from government by the soldier.
An amendment adopted on the 12th would exempt from
We are fighting Germany because she sought to terrorize us and then to
fool us. We could not believe that Germany would do what she said she income taxation investments of foreign governments in
would do upon the seas.
American stocks, bonds and other securities.
We still hoar the piteous cries of children coming up out of the sea whore
On Monday last, the 11th inst., the retroactive tax on
the Lusitania went down. And Germany has never asked forgiveness of
the world.
1916 incomes, designed to raise $108,000,000, and the soWe saw the Sussex sunk, crowded with the sons and daughters of neutral
called Lenroot amendments increasing surtaxes on incomes
nations.
We saw ship after ship sent to the bottom—ships of mercy bound out of of more than $40,000 to bring in about $66,000,000, were
America for the Belgian starving, ships carrying the Red Cross and laden stricken out.
with the wounded of all nations,ships carrying food and clothing to friendly,
Important amendments regarding income taxation of
harmless, terrorized peoples, ships flying the Stars and Stripes—sent to the
bottom hundreds of miles from shore, manned by American seamen, mur- corporations stock dividends and receipts from subsidiary
dered against all law, without warning.
corporations were adopted. Stock dividends, the comWe believed Germany's promise that she would respect the neutral flag
taxed the amount of earnings or
and the rights of neutrals, and we held our anger and outrage in check. But mittee proposes, shall be
now we see that she was holding us off with fair promises until she could profits so distributed, in accordance with the present Treasbuild her huge fleet of submarines. For when spring came she blew her ury Department practice. To prevent double income taxpromise into the air, just as at the beginning she had torn up that "scrap
of paper." Then we saw clearly that there was but one law for Germany. ation of corporation profits, it was decided to exempt from
her will to rule.
taxation incomes received by a holding or other corporation
We are fighting Germany because she violated our confidence. Paid
upon which the income tax has
German spies filled our cities. Officials of her Government, received as from another corporation
the guests of this nation, lived with us to bribe and terrorize, defying our once been paid. This change has been urgently advocated
law and the law of nations.
by representatives of corporations. Formal approval was
We are fighting Germany because, while we were yet her friends, the
only great Power that still held hands off, she sent the Zimmermann note, also given on the 11th to an amendment to repeal the present
calling to her aid Mexico, our southern neighbor, and hoping to lure Japan, special tax of 123/2% upon war munitions. Most of the day's
our western neighbor, into war against this nation of peace.
debate centered upon the Penrose-Lodge proposal to further
The nation that would do these things proclaims the gospel that Government has no conscience. And this doctrine cannot live, or else democ- reduce surtaxes on incomes of more than $40,000. The
racy must die. For tho nations of the world must keep faith. There can present House surtaxes on such incomes range from 8% on
be no living for us in a world whore the State has no conscience, no rever- those between $40,000 and $60,000 to 33% on incomes of
ence for the things of the spirit, no respect for international law, no mercy
for those who fall before its force. What an unordered world. Anarchy. more than $500,000.
Tholanarchy of tho,r1val wolf packs.
On the 12th inst. the House rates, except for the additional
1 We are fighting Germany because in this war feudalism is making its
surtaxes on incomes over $40,000 were substantially reast stand against oncoming democracy. We see it now. This is a war
against _an old spirit, an ancient, outworn spirit. It is a war against feu- tained. They are estimated to raise about $533,000,000.
2402
THE CHRONICLE
Increase in revenue return from corporations' excess profits
of from $125,000,000 to $150,000,000 over the House estimates of $200,000,000 is expected from the new taxation
plan, and prospective increased rates of the Committee . On
the 12th inst., also, provisions giving effect to the Committee's previous decision to require incone tax "information
from the source" instead of "collection at the source" were
formally adopted.
The section dealing with taxes on second class mail matter
has also been under further consideration by the Committee
this week. A tax on publishers' profits as a substitute for
postage increase or an advertising levy was a new proposal
brought up on the 8th, when Senator Hardwick appeared
again to urge his plan of taxing advertising portions of publications.
On the question of taxing publishers there is said to be a
particularly wide disagreement. Senator La Follette, on
the 9th, proposed, in lieu of taxing advertising receipts or
raising postage rates, a direct tax of 5, 10, or even 20% upon
publishers' net incomes. Yesterday (the 15th) the Committee decided to recommend a tax of 5% on the net profits
of newspapers and other periodicals. It is expected to get
$15,000,000 in revenue from this tax, which was agreed upon
as a substitute for the second class postal rate increase proposed by the House and the 2% advertising tax previously
agreed to by the Committee. It is stated that on June 9
Postmaster-General Burleson conferred with Senator Simmons in support of a postage raise.
On the 9th a new reduced Federal license tax on automobiles was adopted by the Committee; it was also decided
to abandon the taxation on confectionery and to impose a
tax on cabaret patrons. The new automobile schedule
imposes on owners of pleasure motors a minimum tax of $5,
with graduation upward based virtually at 1% upon the
original selling price. A reduction allowance is made upon
used cars ranging up to 50%.
The new automobile tax rates as approved by. the Committee would be: $5 for automobiles costing $500 or less;
$7 50 for those costing between $500 and $750; $10 on those
from $750 to $1,000, with an additional tax of $5 for every
$500 in the cost in excess of $1,000. The Committee estimated that from $35,000,000 to $40,000,000 in revenues will
be taken from 3,600,000 automobile owners. The automobile tax agreed on last week by the Committee ranged
from $7 50 to $25, with reductions for cars used a year or
more.
The cabaret tax section, which the Committee estimates
would raise between $2,000,000 and $3,000,000, reads:
A tax of one cent shall be collected for each ten cents or fraction thereo
paid for admission to any public performance for profit at any cabaret or
other similar entertainment to which the charge for admission is wholly or
in part included in the price paid for refreshment service or merchandise; the
amount paid for such admission to be computed under rules prescribed by
the Commissioner of Internal Revenue with the approval of the Secretary
of the Treasury such tax to be paid by the person paying for such refreshment, service or merchandise.
Taxation of candy was eliminated at the suggestion of
Senator Williams, who pointed out that sugar and cocoa
taxes already agreed upon would cover the principal ingredients of confectionery.
A prohibitory tax on foodstuffs used in making beverages,
tentatively agreed to last week by the Senate Finance Committee, was still further increased on June 14, and formally
written into the bill. The new rate is $60 per hundred
pounds, instead of $20 per bushel, and representatives o
the distillers declare it unquestionably would be effective in
forcing suspension,of the distilling industry. The section
as approved also prohibits importation of distilled beverages.
The House rates of $2 20 per gallon on distilled spirits and
$2 75 a barrel on malt liquors were retained, although with
the prohibitory tax upon new manufacture of distilled spirits
the $2 20 rate would apply almost exclusively to spirits
already manufactured and withdrawn from bonded warehouses. The reduction of the tax on patent medicines, it is
said, involves a revenue loss of more than $5,000,000, and
at the new rate of 2% will now include about $3,400,000,
instead of $8,500,000. Other liquor tax increases were approved by the Committee on the 14th, virtually without
change from the House schedules. The manufacturers' tax
of 5% on athletic goods, cameras, patent medicines, perfumeries and cosmetics was reduced to 2%,and a substitute
tax on scalpers' sales of tickets was adopted, making the rate
from 5 to 50%, instead of 50% flat. The reduction in the
rate on •athletic goods will decrease prospective revenues
from that source from $2,000,000 to $800,000.
[VOL. 104.
A statement prepared by Dr. Samuel McCune Lindsay of
Columbia University, for the Committee on War Charity
and Social Work, was presented to the Finance Committee
to-day urging exempting from income taxation all gifts and
donations to charities, education, civic and religious work.
The recommendation was indorsed by Chairman Henry P.
Davison and Charles D. Norton of the American Red Cross
War Council.
The proposed tax of two cents on bank checks over $5
was cut to one cent by the Finance Committee yesterday.
It is estimated the tax will yield approximately $25,000,000
annually. The two-cent levy would have had a tendency
to reduce the use of checks, the Committee feared, and would
fail to produce as much revenue as a one-cent tax. The
Committee also decided yesterday to allow an exemption of
$200 for each minor dependent in computing the income tax
evy.
ESPIONAGE BILL SIGNED BY PRESIDENT WILSON.
The Espionage Bill, stripped of the press censorship provision, was signed by President Wilson yesterday (June 15).
The bill, carrying a modified censorship provision, passed the
House on May 4, while the bill passed by the Senate on
May 14 was shorn of the censorship legislation. The conferees later agreed on a compromise provision; with the
presentation of the report to the House, the latter on May 31
refused to accept the provision, and voted to recommit the
bill with instructions that the provision be eliminated. On
June 1 the conferees, in view of the House vote, decided to
drop .the censorship clause. The conferees reached a final
complete agreement to strike out the clause on June 4. The
report, with the provision stricken out, was adopted by the
House on June 7 by a vote of 86 to 22, and the Senate
approved it on the 12th. The signing of the bill by the
President yesterday completes its enactment into law. The
newly enacted measure makes drastic additions to the existing law against spying and puts into the President's hands
effective power to prevent supplies from reaching Germany
through neutrals. Besides eliminating the censorship provision the only change made by the conferees was to make
the section punishing interference with foreign commerce
operative in peace as well as war. While the conferees'
action is accepted as ending the Administration's effort for
press censorship for the time being, a new and separate
censorship bill, it is reported, may later be drafted after
consultation with publishers.
TARIFF COMMISSION AND PROPOSED REVENUE
LEGISLATION.
The United States Tariff Commission announces several
additions to its staff of special experts. These are William
M. Steuart of Michigan, W. A. Graham Clark of North
Carolina, Dr. Grinnell Jones of Massachusetts and G. A.
Brauer of the State of Washington. Mr. Steuart has served
as Chief Statistician for Manufactures in the Bureau of the
Census. He has also compiled and published statistics for
three censuses of the electrical industries of the country,
a census of water transportation and of fisheries. He has
also collected statistics for the production and consumption
of cotton, published monthly by the Bureau of the Census
for a number of years. Mr. Clark was a commercial agent
of the Department of Commerce, stationed at Boston. He
has had practical experience in the operation of cotton factories and for a number of years was one of the foreign representatives of the Department of Commerce. Dr. Jones,
who at the time of his appointment was an assistant professor
of industrial chemistry at Harvard University, has had considerable experience in the application of chemistry to manufactures in a great variety of industries. Dr. Brauer has
specialized in the wool industry for a number of years, and
served on the staff of the University of Wisconsin. Since
1912 he has been director of the Bureau of Municipal and
Legislative Research at the University of Washington.
The Tariff Commission was created under the "General"
Revenue Act, which became a law on Sept. 8 of last year.
The members had been named by President Wilson on March
14, but with the failure of the Senate to confirm the nominations at the special session which convened March 5 and adjourned March 14, recess appointments were given by the
President to the six members of the Commission on March 21
and the nominations were confirmed on April 12. The personnel of the new Commission and the length of their term
of office is as follows: Professor Frank W.Taussig of Harvard
University (Chairman), twelve years; Daniel Calhoun Ropre
JUNE 16
1917.1
THE CHRONICLE
2403
The ruling classes in Germany have begun of late to profess a like liberality and justice of purpose, but only to preserve the power they have set
up in Germany and the selfish advantages which they have wrongly gained
for themselves and their private projects of power all the way from Berlin
to Bagdad and beyond.
Government after Government has by their influence, without open
conquest of its territory, been linked together in a net of intrigue directed
against nothing less than the peace and liberty of the world. The meshes
of that intrigue must be broken, but cannot be broken unless wrongs already
done are undone; and adequate measures must be taken to prevent it from
ever again being rewoven or repaired.
Of course, the Imperial German Government and those whom it is using
of
millions
Government
for their own undoing are seeking to obtain pledges that the war will end
Legislation expected to save the
in
the
of the status quo ante. It was the status quo ante out of
dollars in revenue has been recommended by the Tariff Com- which restoration
this iniquitous war issued forth, the power of the Imperial German
12,
May
on
Washington
from
mission. According to reports
Government within the Empire and its widespread domination and influence
such fashion as
the Commission has proposed that all the customs increases outside of that Empire. That status must be altered in
to prevent any such hideous thing from ever happening again.
from
effective
become
shall
bill
Tax
War
the
in
provided for
We are fighting for the liberty, the self-government, and the undictated
the date of the report of the bill to the House. Thus, it is development of all peoples, and every feature of the dettlement that conthis war must be conceived and executed for that purpose. Wrongs
stated,it would put an end to the usual practice by importers cludes
must first be righted, and then adequate safeguards must be created to
they
know
on
which
products
of
quantities
of rushing in great
prevent their being committed again. We ought not to consider remedies
duties are to be rajsed. Consumers, the Commission says, merely because they have a pleasing and sonorous sound. Practical
can be settled only by practical means. Phrases will not accomhave always bought the products at the increased rates. questions
plish the result. Effective readjustments will; and whatever readjustments
made
that
be
investigations
directed
has
Commission
The
are necessary must be made.
But they must follow a principle, and that principle is plain. No people
into the chemical schedule, the sugar situation, both cane and
under sovereignty under which it does not wish to live. No
beet; the wool situation and other phases of the sheep indus- must be forced
territory must change hands except for the purpose of securing those who
situafor
silk
the
plans
investigating
tentative
made
and
try,
inhabit it a fair chance of life and liberty. No indemnities must be insisted
tion. Commissioners Culbertson and Costigan had also on except those that constitute payment for manifest wrongs done. No
of power must be made except such as will tend to secure
planned to make a tour of Japan, China, Russia, Great readjustments
the future peace of the world and the future welfare and happiness of its
relainvestigate
trade
to
foreign
France
and
Italy
Britain,
peoples.
And then the free peoples of the world must draw together in some
tions, commercial treaties and bargaining tariffs. This part
covenant, some genuine and practical co-operation that will in
common
of the arrangement, however, has now been abandoned. In effect combine
their force to secure peace and justice in the dealings of
trip
the
the
of
concerning
postponement
an announcement
nations with one another. The brotherhood of mankind must no longer
be a fair but empty phrase; it must be given a structure of force and reality.
the Commission says:
common life and effect a workable partnerBecause of the unsettled conditions abroad, particularly in Russia, the The nations must realize their
and self-pleasing
Commissioners deemed it unwise to leave until some later date. The ship to secure that life against the aggressions of autocratic
Commission will continue to conduct the investigation of conditions abroad power.
For these
out
blood
and
treasure.
pour
For these things we can afford to
as fully as it may be possible to do from this side.
are the things we have always professed to desire, and unless we pour out
blood and treasure now and succeed, we may never be able to unite or
PRESIDENT WILSON OUTLINES WAR AIMS IN
show conquering force again in the great cause of human liberty. The
day has come to conquer or submit.
COMMUNICATION TO RUSSIA.
If the forces of autocracy can divide us they will overcome us; if we stand
The text of President Wilson's communication to Russia together,
victory is certain and the liberty which victory will secure. We
with
dealing
and
States
United
outlining the war aims of the
can afford then to be generous, but we cannot afford then or now to be
security.
its position on" no annexations, no indemnities" was made weak or omit any single guarantee of justice andWOODROW
WILSON.
of McCall, S. C., ten years; David J. Lewis of Cumberland,
Md.,eight years; William Kent of Kentfield, Calif., six years;
William S. Culbertson of Emporia, Kan., four years; and
Edward P. Costigan of Denver, Colo., two years. The
Commissioners are to receive a salary of $7,500 a year. Their
successors are all to be chosen for a period of twelve years.
The duties of the Commission were indicated in our issue
of April 7.
public at Washington on June 9. The document was forwarded to the Russian Government the latter part of May
and was delivered at Petrograd by Ambassador Francis on
June 4. Stating that "the position of America in this war is
so clearly avowed that no man can be excused for mistaking
it." President Wilson points out that "she seeks no material
profit or aggrandizement of any kind. She is fighting for
no advantage or selfish object of her own, but for the liberation of peoples everywhere from the aggressions of autocratic
force." "We are fighting," he further says, "for the liberty,
the self-government and the undictated development of all
peoples, and every feature of the settlement that concludes
this war must be conceived and executed for that purpose."
He adds:
No people must be forced under sovereignty under which it does not wish
to live. No territory must change hands except for the purpose of securing
those who inhabit it a fair chance of life and liberty. No indemnities must
that constitute payment for manifest wrongs
be insisted on except those
done. No readjustments of power must be made except such as will tend
to secure the future peace of the world and the future welfare and happiness
of its peoples.
The President declares against Germany's proposal to
restore the "status quo" before the war. "It was the status
quo ante out of which this iniquitous war issued forth," he
says, "the power of the Imperial German Government
within the Empire and its widespread domination and influence outside of that Empire. That status must be altered
in such fashion as to prevent any such hideous thing from
ever happening again." The following is the communication
in full as made public at Washington:
While President Wilson's note to Russia was printed in the
German newspapers on June 11, comment upon it was postponed, under instructions from the Foreign Office, until the
succeeding day. The "Lokal-Anzeiger," we learn from a
special cable to the New York "Times,"commenting on the
President's message, compared him with Don Quixote of
La Mancha, who, looking neither to the left nor right,
fantastically seeks only one aim, which is neither here nor
there. The Berlin paper is further quoted as follows:
He is determined his name shall go down in history as unselfish among the
great apostles of democracy. Wherever democratic principles are not laws
Wilson—like the knight of the rueful countenance, who mistook windmill,
for hosts of enemy and spurred his Rosinante against them until the sails
of the windmills bore him skyward—draws his sword against imaginary
enemies.
His letter to the Russian Government is full of fantastic pictures. All of
a sudden he realizes that the world is being compassed with a network of
Intrigue by the autocratic powers of Germany which must not be borne
because it endangers the peace and liberty of the world. He maintains
that the Imperial German Government is seeking guarantees that the war
will end with the restitution of the status quo, whereas he must have
knowledge of the speech by the German Chancellor which makes it quite
clear that the war cannot end with the restitution of the status quo. While
he fabulates about German plans of world conquest he at the same time
over-estimates German modesty. But of course the status quo in his eyes
means nothing but the permanency of German tyranny in and outside of
Germany.
As every fanatic who preaches confused theories of the millenium, Wilson
states that his attitude in this war is so clearly defined that nobody can be
excused for not understanding it.
The "Lokal-Anzeiger" thinks "this apostle of democracy is the most
powerful autocrat in the world, far more so than the German Kaiser whom
he wishes to depose.," but the paper also intimates a sinister purpose on
President Wilson's part, inasmuch as at Christmas, it says, he told all the
world that it was impossible to ascertain the party who caused the world
war, and in June declares it is his unshakable conviction that Germany
caused it.
"Can it be possible," it concludes, "that the man who at Christmas
solemnly proclaimed from the other side of the ocean that permanent peace
might be achieved, and that for its preservation he was ready to create an
international authority on condition that there be no victors and no vanquished, now in June insists on the defeat of the Central Powers? He is
certainly consciously telling untruths, which Don Quixote never did." di
of the American delegation to Russia
In view of the approaching visit
the American people for the people of
to express the deep friendship of
most practical means of co-operation
and
best
Russia and to discuss the
the present struggle for the freedom of
between the two peoples in carrying
all peoples to a successful consummation,it seems opportune and appropriate
that I should state again, in the light of this new partnership, the objects
the United States has had in mind in entering the war.
Those objects have been very much beclouded during the past few weeks
by mistaken and misleading statements, and the issues at stake are too
momentous, too tremendous, too significant for the whole human race to
permit any misinterpretations or misunderstandings, however slight, to
Another German paper, the "Vossische Zeitung," under
remain uncorrected for a moment.
Message of a Peace President," says:
The war has begun to go against Germany, and in their desperate desire the caption "War
The turgid phrases are so foreign to the German nature that the German
to escape the inevitable ultimate defeat those who are in authority in
Germany are using every possible instrumentality, are making use even of mind cannot understand how one can honestly enthuse over the fraternizawar.
the influence of groups and parties among their own subjects to whom they tion of men and yet simultaneously seek to prolong a most horrible
the
have never been just or fair or even tolerant, to promote a propaganda on But perhaps even this could be passed over if one could look beyond
Government.
Russian
the
to
both sides of the sea which will preserve for them their influence at home purpose of President Wilson's communication
prevent
No—to
peace?
of
advent
to
the
hasten
Russia
very
to
men they are using.
Does Wilson write
and their power abroad, to the undoing of the
The position of America in this war is so clearly avowed that no man can peace.
From the chaos of the Russian revolution there has arisen a lasting and
be excused for mistaking it. She seeks no material profit or aggrandizement
of any kind. She is fighting for no advantage or selfish object of her own, growing feeling, namely a strong will for peace. England clings to stolen
the
but for the liberation of peoples everywhere from the aggressions of auto- territories. France dare not admit to a deceived people that Alsace and
rest of the left bank of the Rhine must remain German. Many Russian
cratic force.
2404
THE CHRONICLE
VOL. 04.
the aspirations of imperialists and militarists, who often hide their true
face under a seductive mask. It is evident that the conference can become
the turning point in the terrible epoch of fratricidal war only if the members of the conferences are imbued with these ideas. And it is no less evident that all the questions you have raised cannot be the subject of discord or a motive for a continuation of the war.
Having recognized the right of nations to dispose of their destiny, the
President Wilson's note to Russia occupied a prominent members of the conference will come to an understanding without diffiregarding the future of Alsace-Lorraine and other regions. Moreculty
position in the French newspapers on June 11. The general
over, the working classes, relieved of the mutual distrust with which the
current of editorial opinion strongly approved it. The imperialists
have envenomed them, will agree regarding the means of grant"Journal des Debats" said the note is in reality a message ing compensation and the amount of such compensation to the countries
war, like Belgium, Poland, Galicia and Serbia. But it goes
by
devastated
to the Russian people and all the Allies showing the indiswithout saying that such compensation must have nothing in common with
pensable necessity of all States based upon liberal principles the
contribution which is imposed on the conquered country.
pursuing the war until victory establishes this liberal prinRegarding your statement that it is impossible for you to break the seunion—This statement evidently is based on a misunderstanding,
cret
ciple throughout the world and puts an end to autocracy.
for the Council of the Workmen's and Soldiers' Delegates claims from no
The newspaper continued:
party as a preliminary condition the renunciation of the policy already
Mr. Wilson shows that the entire world, caught in the meshes of Ger- pursued by it. The Council expects from the conference of the Socialists
manic intrigue, is absolutely compelled to break the chains in order to liber- of the belligerent and neutral countries the creation of an Internationale,
ate itself. It is necessary, he demonstrates, either to vanquish or to sub- which will permit all the working classes of the whole world to struggle in
mit to autocracy, that we either must dominate or be dominated. Mr. concert for a general peace and break the bonds which unite them by force
Wilson unmasks the sophism of re-establishing peace on the basis of the to the governments and the classes imbued with imperialistic tendencies
status quo ante bellum. While he is against conquest he requires the which prevent peace.
righting of wrongs and guarantees against their renewal. He wishes no
The Council of the Workmen's and Soldiers' Delegates also considers it
people to be forced to accept a sovereignty it rejects. While he cites no futile for parties to make it an absolute condition of their taking part in
will
affected
nationality
each
yet
sovereignty,
no
country and names
the conference that the preliminary consent of other parties shall be obreadily understand his meaning.
tained to any obligatory decision, for that would give rise to irreconcilable.
contradictions on questions an amicable discussion of which might lead to a
solution acceptable to both parties.
GREAT BRITAIN'S STATEMENT TO RUSSIA OF WAR
Regarding your desire to obtain a previous complete agreement between
the Allied Socialists, the way in which we put the problem renders futile
AIMS.
any such understanding. We consider that the conference can succeed
The reply of Great Britain to Russia's requestfor a state- only if the Socialists consider themselves, not the representatives of the
ment of the British war aims was made public on June 11. two belligerent parties, but representatives of a single movement of the
Great Britain expresses hearty accep- working classes towards a common aim of a general peace.
revolutionaries may have gazed longingly toward the American strand,
where the great peace apostle. Wilson, dwells. Will he come to their aid?
No; he stabs them in the back. This peace preacher sends a message
proclaiming war to the bitter end and warning against extending the hand
of peace across the frontier.
In its communication
tation and approval of the principles which President Wilson
laid down in his historic message to Congress. The British
Government believes, broadly speaking, that the agreements
made from time to time with Great Britain's allies are conformable to these standards. The purpose of Great Britain
at the outset, says the note, was to defend the existence of
the country and enforce respect for international agreements. Since then there has been added that of "liberating
populations oppressed by alien tyranny." The note bespeaks
not only the liberation of Poland or Russia but of that
section of Poland within the dominions of the Germanic
empires. The text of Great Britain's reply is given as
follows:
DETHRONEMENT OF KING CONSTANTINE OF GREECE
King Constantine I. of Greece on June 12 met the request
of the Entente Powers and abdicated. The King's dethronement had been expected for some time. The King
abdicated in favor of his second son, Prince Alexander, who
was born in 1893. The Crown Prince—Prince George—
was born in 1890, butis no more favorably regarded by the
Entente than his father. This climax in the affairs of
Greece, the dispatches from Athens on the 12th stated, was
brought about through the agency of the French Senator,
M. Jonnart, who has held posts in several French Cabinets
and who arrived at Athens only a day or two previous to the
In the proclamation to the Russian people enclosed with the note, it is abdication on a special mission as the representative of France
said that free Russia does not purpose to dominate other peoples or take Great Britain and Russia. M. Jonnart had previously
from them their national patrimony, or forcibly occupy foreign territory.
and other points, and he lost no time in
In this sentiment the British Government heartily concur. They did not visited Saloniki
enter the war as a war of conquest, they are not continuing it for such getting into conference with the Greek Premier, Alexander
object. Their purpose at the outset was to defend the existence of their Zaimis. The demands of the Powers respecting the abdicountry and enforce respect for international engagements. To those
of King Constantine also specifically eliminated, it is
objects have now been added that of liberating populations oppressed by cation
stated, Crown Prince George as his successor, the Crown
alien tyranny.
They heartily rejoice, therefore, that free Russia has announced her in- Prince being included among those Greeks in official life
tention of liberating Poland, not only Poland ruled by the old Russian
pro-German. It is presumed
autocracy, but equally that within the dominion of the Germanic empires. who were considered strongly
In this enterprise the British democracy wish Russia God-Speed.
that Prince Alexander will take his kingly duties with full
Beyond everything we must seek such settlement as will secure the acceptation of the ideas which the protecting Powers desire
happiness and contentment of peoples and take away all legitimate causes
to be put into effect in the Government of Greece during the
of future war.
The British Government heartily join with their Russian allies in their present war. He has been , it is stated, free from antiacceptance and approval of the principles laid down by President Wilson in Entente proclivities. King Constantine had held the throne
his historic message to the American Congress. These aro the alms for
his
which the British people are fighting. These are the principles by which since March 18 1913, following the assassination of
their war policy is and will be guided.
father, George I.
The British Government believe that, broadly speaking, the agreements
The New York "Times" on June 14 printed an interview
they have from time to time made with their allies are conformable to these
Th. Polystandards, but if the Russian Government so desire they are quite ready had last year with Constantine by Adamantios
with their allies to examine and if need be to revise the agreement.
zoides, in which the King unburdened himself in view of the
possibility of just such a contingency as has now happened.
RUSSIAN COUNCIL OF WORKMEN'S DELEGATES ON In its foreword to the article the New York "Times" says:
When Mr. Polyzoides was in Athens last year he obtained, as correspondPEACE TERMS.
ent of the New York "Times," the following interview with King ConJune
a
14
According to a dispatch from Petrograd on
stantine, which he was pledged not to publsh except by special permission
statement explaining the position of the Russian Council of the King or in event that ho died or was deposed. Ills dethronement
of Workmens' and Soldiers' Delegates regarding the impend- by the Entente now meets the condition.
The article itself, which is copyrighted by the "Times,"
ing International Socialist Conference has been issued by
the Council. The statement is made in reply to the joint follows:
It was a few days after the burning down of the royal villa of Decelia and
letter (referred to in these columns last week) addressed
Its beautiful forest on July 111916 that I was permitted to meet his Majesty,
of
Minister
to the Council by Albert Thomas, the French
having a few days before expressed my desire to see him previous to my
Munitions, Arthur Henderson, British Minister without return to America. King Constantine received me in his study, where a
moments earlier he was in consultation with his Premier, who then,as
Portfolio, and Emile Vandervelde, Belgian Minister of few
now, was Alexander Zahnis.
issued
Munitions, expressing surprise that a call had been
I found him in the best of spirits, as if his life had never been endangered
by the Council for an international conference to consider in the midst of that conflagration in which his immediate suite and nearly
two score soldiers lost their lives while fighting the flames surrounding his
peace before the negotiations between the British, French estate
from every side, and as if he was not saved as by miracle twice in
and Belgian delegations and the Council had been concluded. fourteen months.
"It was terrible, and yet a most remarkable experience, being in the
The statement says:
The Russian revolution, which is a revolt of the people not only against
the tyranny of Czarism, but also against the horrors of the world war, the
blame for which falls upon international imperialism, has placed before
all countries with extraordinary acuteness the urgent need of concluding
peace.
At the same time the Russian revolution has indicated to the nations a
way for realizing this problem, notably a union of all the working classes
to combat all attempts of imperialism to prolong the war in the interests of
the wealthy classes and to prevent peace with annextions or indemnities.i.s...
The working classes of all countries can easily come to a speedy, solid
agreement only if they are inspired with their own interests and remove
midst of that hell," the King said in answer to my Inquiry. "Yet I never
felt any fear for my life; in fact, I never cared much for it," he went on with
a smile. "I never cared much for my throne, either, and if I persist in
keeping both, I do It for the sake of Greece, and for the sake of the Greek
people, the only ones for which I care, and which are dear to my heart.
I am saying this not because I want to boast of my love for Hellas, but in
order to let my people know my sentiments, as I know their feelings toward
me.
Said the People Loved Him.
"Yes, the Greek people love their King, and if I ever lose my throne, it
will not be because the Greek people will take it from me. I know it and
JUNE 16 1917.1
THE CHRONICLE
I want America to know It on the day when this may possibly happen. I
know that it is the Entente, and not the Greek people, that will have none
of me. This effort to oust me is just as old as my first objection to the
Dardanelles expedition; it dates from the day when,in the French Legation
of Athens, the Entente Ministers assembled and talked about the possible
changes in the line of succession to the Greek throne, while everybody,
myself included, was despairing of my life, threatened by pleurisy, a year
ago. I did not die then, and I did not perish in the fire of Decelia, but in
all this time the ill-feeling of the Entente against me has never relaxed.
"Well, I could be the most popular of all Kings, as far as the Entente
Allies are concerned, had I joined in their struggle and led my people to
ruin and destruction. Of course, I would lose nothing, no matter how
great the sacrifices and the misery of my people, because such is the kit of
Kings. The Belgians and the Serbians may be destroyed, but their Kings
lose nothing of their former comforts. I would be comfortably installed
wherever the Greek capital was transferred after Greece was reduced to
nothingness following a crushing defeat."
"Would it be defeat necessarily?" I asked.
"There would be something worse than all the defeats the Greek race
has suffered since it has been on earth," the King answered gravely. "No.
Greece could not fare any better than any other small nation has fared
on entering this war. We simply could not withstand for longer than a
troops
fortnight the blows of the Austro-German and Turco-Bulgarian
all the Powers
launched against us. And the Greek Army once destroyed,
n
of the universe could not save the Greek race from a Turco-Bulgaria
populations in
onslaught, carried in full force against our non-combatant
looking on.
European and Asiatic Greece, with the whole world simply
the
"This is the fate that threatens the Hellenic people when they enter
if need be,
for
sacrificing
this,
war, and from this fate I want to save them,
nation
Greek
the
save
to
want
I
well.
as
life
my
but
throne,
not only my
from a catastrophe from which it will never recover, and this catastrophe
that I can see every day looming larger and larger, is this terrible world
war. I may lose in my effort, but I shall know to the end of my days that
I did my duty as a man, a Greek and a King. I shall know that I kept
my oath to my God, to my country and to history, which, like God, is
eternal."
War the Easiest Way for Himself.
glory
"To force Greece into the war was the easiest way to my personal
absoand benefit," continued his Majesty after a slight pause, "but I, the
opponents
lutist, the autocrat, the believer in the divine right of kings,as my
are prone to call me, was held down and nailed down to a pacifist policy
war
simply because all the people of Greece who will do the fighting when
vain
comes are against this war, and against sacrificing themselves in a
effort, which will do nobody good.
op"They call this struggle a fight for the rights of the weak and the
nor
pressed, and yet they want us to believe that Greece is neither weak
order
oppressed, when in fact we fare little better than Belgium. Is it in
takes
to uphold our constitutional liberties? Rubbish! The present war
little account of such small matters. Your liberty and your constitution
count only when they are of any use to the Entente in a material way.
If your Parliament stands for war,it is good; if it votes for peace, it is merely
a band of crooks in the pay of Germany. These high-sounding names for
lofty ideals and popular liberties have value only when they serve to rouse
a people and march them to the slaughter house called nowadays 'the
front.' If for the same ideals people want to sit quiet and mind their own
2405
Bulgaritis, this, from which all the Entente Powers are suffering. Unfortunately, I can do nothing in this case," the King concluded laughingly.
He had kept me nearly an hour; the Minister of War, General Kallaris,
was waiting to see him; the Serbian Minister, Mr. Baluhchich, was also
announced; I rose to take leave of his Majesty. He likewise rose, a towering figure over six feet tall.
"When do you expect to sail for America?" he asked me.
"In two days," I answered.
"Do you want to ask me any other question?"
"Yes, your Majesty," I replied, and my question was this: "What shall
I tell people, when they ask me why the fort of. Rupel was delivered to the
Germans and the Buigars?"
"Tell them," his Majesty said gravely, "that the salvation of Greece is
immensely more precious than all the Rupels of the world. In fact, the
salvation of Greece is more precious than the Greek throne, and the life
itself of Constantine."
According to reports from London on June 13, an official
dispatch received in Venizelist headquarters in. London from
Saloniki says it is expected that Venizelos will be recalled
to power over united Greece and will work cordially and
loyally with the new King. It is felt absolutely necessary,
the dispatch says, to remove from Athens those men who,
if possible, are more responsible than Constantine for the
events which led to the crisis; namely General Dousmanis,
Colonel Metaxas and former Premier Gounaris.
The announcement of King Constantine's abdication,
made in the House of Commons by Andrew Bonar Law,
Chancellor of the Exchequer, on the 13th, was received with
cheers, but a less favorable reception is said to have been
given his statement that Prince Alexander had succeeded
his father.
"We hope," the Chancellor is quoted as saying, "that this
change may make for the restoration of the Constitutional
Government of that country."
Bonar Law, when asked by Arthur Lynch, member for
West Clare: "What does the Government expect to gain by
the abdication of the King when it is perpetuating the same
Auks under another name?" replied: "What we hope to
gain is a Constitutional Government representing the whole
of Greece."
SECRETARY DANIELS CHARGES NAVY INFORMATION IS DIVULGED BY SPY.
The charge that information laid before the Senate Committee on Naval Affairs by Senator Frelinghuysen during
the investigation into the accident on the Mongolia, which
resulted in the killing of two nurses, indicated that "either
a spy or traitor" had been divulging confidential information
of the Bureau of Ordnance, was made by Secretary of the
Navy Daniels on June 11. The information presented by
Senator Frelinghuysen (of New Jersey) was contained in
an anonymous letter to him which made charges of defective
ammunition in use in the navy. Secretary Daniels has since
made known his intention to have a thorough investigation
made of these charges against the navy. Senator Frelinghuysen was the author of the resolution calling for the investigation into the accident on the Mongolia which caused
the death of the two nurses. His presentation during the
course of the inquiry on the 11th of records received through
the mails, showing detailed knowledge of ammunition and
a familiarity with naval secrets astounded Secretary Daniels,
who wished to make the documents public, stating that he
courted the fullest publicity to run down the informant.
The committee, however, decided to withhold for the present
the contents of the letters. The New Jersey Senator said
he had done all he could to locate the writer of the letter to
him, but had been unsuccessful. Grave charges of defective
ammunition were made in the letters. Secretary Daniels
in denouncing the author of the letter said:
business, then they are nothing."
quiet
"But there are those who maintain that Greece, instead of sitting
Kaiser
and minding her own business, has been openly favorable to the
and Germany?" I remarked.
"You are a newspaperman," his Majesty retorted, "and you known lidev
easily you can give life to a lie, when you have at your disposal all the means
necessary to spread it, while the party which is mainly affected by your lie
is gagged, and the freedom of speech and the benefit of a hearing are denied
to it. Greece thought she was entitled to have a divided symPathy in
this war. Still, the general feeling was never in favor of the Germans, just
as the general feeling, although favoring the Entente, wad never in favor
of committing suicide for the sake of the Allies. I spoke on this score
many a time, and public opinion in and out of Greece knows my views."
•
"Whose victim, then, is Greece?" I asked.
"Originally she was the victim of the Allied Ministers in Athens," Xing
Constantine replied. "The Minister of France [M. Guillemain] and tho
Minister of Great Britain [Sir Francis Elliot] are acting more as Venizelist
district leaders than as representatives of the best interests of their own
countries. They want simply to put M. Venizelos in the place where I
am now sitting. Is this wanted by their own Governments? I have no
means of knowing, but I doubt it. The Ministers of Russia [Prince
DemidoffI and of Italy [Count Bosdari] profess to be friendly to me personally, but they naturally cannot be very friendly to the cause of Hellas.
Of the neutral Ministers, some are absolutely non-conunittal, but the rest
are Vonizelists, and I am sorry to add that even the Minister of the United
States [Garret Droppersl must be included in the latter category.
"Americans Naturally Against Kings."
1111
"On the other hand, for I want to be fair, I think that an American
Minister who is hostile to a King as a matter of principle is more popular
in his own country. Think of a Royalist American! I do not expect that,
of course, but I thirst for a square deal, and this has not been given to me
from America, except in very few instances. People there seem to believe
more readily their cousins across the Atlantic than they do the King of
the Hollenes. This is natural as long as Athens communicates with
America through London. But the most curious thing of all is that whenIt shows there must be a spy in the Department. He is furnishing
an unprejudiced American I always
ever I happen to speak my mind to
information in a manner that should land him in prison. A detective
find him on my side."
should be put on his track immediately, so that he may be punished. He
We then spoke of the war. The King seemed tired of the eternal disI asked him what he believed to be has had access to the confidential files of the Department. Either he is a
cussion of that subject. Still, when
spy
or he is a traitor.
he answered:
the possible outcome of the struggle,
Frelinghuysen in answer stated:
"Germany will not be defeated, and the Entente will not be defeated.
Senator
This thing is bound to drag on for years, and peace will only be signed when
I want the Secretary to understand that I do not seek to obtain informaall the belligerents reach the end of their resources. This peace will not tion from either a spy or a traitor. I have tried to learn the identity of
take into account the small nationalities; neither will It establish permanent the man. If there is a spy in the navy he should be found and dealt with
rules of righteousness and justice. He who at the end of the war will be according to his deserts.
stronger than the others will get the best terms, and the weak and small
Senator Frelinghuysen later gave out a detailed statement
will have to pay, as it has been the case always since the world existed.
"I am not saying this for Greece alone; the rule applies to every little in which he rehearsed the various incidents of the affair.
by
itself.
live
Belgium and Serbia
country which can neither get free nor
room only to quote to closing part as follows:
when freed will owe their liberty to some one else, and he will get the best We have
and
Navarino
This is the
Greece.
with
Ono thing seems perfectly clear. however: The object sought to be obas
freedom,
is
their
case
the
of
reason why I want Greece to stay out of the war, and the Greek people are tained by the writer of these letters, whoever he may be, has been the welfare of the country, to the end that no more Red Cross nurses shall be killed
clever enough to view the situation in the same light.
"Another thing that I want you to bear always in mind is that the Entente by dangerous ammunition, and that there shall be no repetition of the
Powers have always been, they are to-day, and they will be in the future, St. Louis fiasco, where 25% of the shells fired proved defective, or of the
more pro-Buigar than they have ever been pro-Greek. And this is another Philadelphia affair, where 60% of the shells fired exploded prematurely.
Whoever the writer of these letters may be, his purposes is to aid the
reason why we are neutral at this time. Bulgaria to-day, even when fighting against the Allies, has more friends in London and Paris than Greece American and not the German cause. In the words of Patrick Henry. I
has had since the days of Hugo and Beranger. It is a case of incurable can only say to Mr. Daniels,"If this be treason, make the most of it."
2406
•THE CHRONICLE
These letters were written to me in confidence. I sent copies to the Secretary in confidence. They were submitted to the committee to-day in
confidence. Upon Mr. Daniels rests the responsibility of giving publicity
to the affair.
SECRETARY DANIELS FORBIDS DISCUSSION OF
NAVAL PLANS.
In declaring that valuable naval information is reaching
the enemy, Secretary of the Navy Daniels on June 9, issued
an order, at the request of Admiral Benson, Chief of Operations, forbidding all persons in the Naval Service from discussing, except officially, even among themselves, or with
members of their families, "any question relating to the disposition, movements, or the proposed movements of naval
or military forces." The Department, it is stated, acted
only after officers of the intelligence division had reported
that information, the nature of which was not disclosed, had
leaked through to Germany. Secretary Daniels said he had
hesitated to issue the order for many days, not desiring to
unduly hamper officers and others in the service, but that
his military advisers had been very urgent. There was no
thought, he said, that any person in the navy had revealed
the plans of the Department, except through inadvertence.
The purposes of the Department are fully explained in the
order which, Secretary Daniels was careful to explain, did
not refer to the press and was in no sense an effort to prevent
the newspapers from getting news. The order follows:
[VOL. 104.
been represented as opposing General Goethals' plans to restrict wooden shipbuilding, was quoted on the 7th inst. as
saying:
None of the members of the Shipping Board had any knowledge of the
statements attributed to the engineers, Mr. Eustis and Mr. Clark, intimating a refusal by General Goethals to build as many wooden ships as he
might, nor had they the slightest intimation that they were to be issued.
General Goethals, as head of the Emergency Fleet Corporation, in the
service of which they hay been acting, has entire responsibility for the
shipbuilding program, wood and steel. That power was given him when
the Board was organized April 16 1917.
The Board has not insisted that either wood or steel be given preference.
All that we desire is the maximum of quickly-constructed tonnage for immediate war necessities. General Goethals has not requested any assistance from the Shipping Board, and any request for assistance that he might
have made or will make would have been and will be given immediate attention.
Mr. Clark issued a statement on the 7th inst., saying:
As far as we can learn the present program contemplates about 3,000,000
tons of shipping in eighteen months. This amount was sunk in the first
four months of this year and the shortage is already appalling. The wooden
ship program has been cut to about one-fifth of its original size—apparently
to make room for steel ships. It is possible to build of wood 2,000,000 tons
more than are at present contemplated without in the slightest degree interfering with the steel construction.
A crisis in shipping will arise about Dec. 1 and our allies and our success.
depends on our ability to begin to produce ships by that time. Very few
steel ships can be produced in time. The early ships will be the wooden
ships and they may decide the issue. The plan of fabricating ships of
structural steel is a splendid one and it will succeed, but it is new,and unexpected delays will be encountered in carrying it out. On the other hand,
the wooden ship is as old as civilization and there are no uncertainties regarding its construction.
Even if we build all the wood ships we can, in addition to the steel, we
can only hope for a total of 5,000,000 tons in eighteen months. This is not
nearly enough. In deliberately neglecting 2,000,000 tons of wooden ships
we are taking terrible chances. The construction of wooden ships has been
limited in many ways.
The standard design is difficult to build, requires a high percentage of
skilled ship carpenters, large timbers and much hand labor. This ship is
too large for the Welland Canal locks, eliminating a large number of ships
which could be built on the Great Lakes. Many of the old Maine builders
are willing to build a slightly different ship than the standard design, but
will not build the standard, as it represents a radical departure from their
established practice.
We have another design which could be built much more easily and much
more rapidly—which has been accepted by the American Bureau of Shipping and by Mr. Ferris, the Board's consulting architect, and which many
builders much prefer.
The original form of contract called for payment on the basis of cost plus
a flat fee. This is the form used by the Canadian Government and by our
own Navy. The present policy is to insist on contracts on a flat price,
putting all the risk on the contractor. In view of the uncertainty as to how
the war will affect business conditions, most of the contractors are unwilling to take this risk and are withdrawing their offers to build.
Further delay in starting construction would be ruinous. Civilization
looks to us to create the tonnage which may prevent the submarine from
winning the war. In this race of construction against destruction, we can
afford to overlook no material nor design which will increase our output
of cargo carrying craft.
The Navy Department has reason to believe that information of a
character most valuable to the enemy and which might prove most disastrous to the navy has in some way reached the enemy.
In view of the strenuous efforts that have been made to prevent the
dissemination of such information, the Department believes that in virtually every instance this has resulted from certain information being given
in confidence to or spoken in the presence of a close relative or a friend who,
failing to appreciate the gravity of the offense, inadvertently transmitted
it into the hands of those who most desired to obtain it.
The Department has on previous occasions endeavored to impress upon
every one in the naval service the urgent necessity for carefully guarding
against the dissemination of any military information which could possibly
be of advantage to an enemy. The situation at this time is entirely too
grave to permit of a continuance of present practices in this regard.
Officers, enlisted personnel and civilian employees are therefore directed
not to discuss any question relating to the disposition, movements or proposed movements of naval or military forces (including personnel) at any
time, except officially, either among themselves or with any person outside
the naval service. It should be clearly understood that families and
relatives are to be considered as "outside the naval service."
All persons who attempt to obtain prohibited information from persons
in the naval service should be regarded with suspicion and reported without
delay to the proper authorities.
Those to whom a knowledge of a violation of this order comes shall consider it a serious official duty to report the matter immediately to the Navy
Department for disciplinary action.
This order shall be read to the crews of all naval vessels and shall be
posted in conspicuous places on board all ships of the navy. Chiefs of
Mr. Eustis's statement of the same date said:
bureaus and commandants of navy yards and stations will see that it is
are at war. We are determined to carry the war to a successful conWe
bought to the attention of all persons, civil and military, under their
clusion. To do this we must have more ships. We have not enough now
orders.
and ships are being destroyed faster than they are being replaced. We
need them now. We have created an Emergency Fleet Corporation to
build ships. Fortunately, that corporation finds that it can build many
GEN.GOETHALS ON HOPELESSNESS OF WOODEN SHIP ships
for a permanent fleet. This is goods. We all prefer steel ships to
STEEL
FOR
SHIPS.
PLEDGE
PLAN—SECURES
wood. But the emergency is still with us. We need all the ships we can
particularly need ships for
The controversy between Major-Gen. George W. Goethals possibly build of both steel and wood, and we
early delivery.
and the United States Shipping Board over the shipbuilding
Wooden ships fit for the emergency can be built more quickly than steel
program resulted in the dismissal on June 8 of F. A. Eustis, ships and without interfering with the steel ship construction.
have just received written offers from ten contractors, among whom
Assistant General Manager of the Board's Emergency Fleet areWe
some of the strongest firms in this line of business in the country, offerCorporation, and H.Huntington Clark, Mr.Eustis's assist- ing to build at once, in large numbers, wooden ships or hulls from the
ant,as volunteer employees ofthe corporation. The dismissal rough design on a cost-plus basis. The ten offers may be tabulated as
of Messrs. Eustis and Clark was due directly to assertions follows:
1n12 1n18
months. months.
by the two engineers that Gen. Goethals was deliberately
100
200
Co
blocking the wooden ship building program. The state- MacArthur Brothers
100
200
Hilden Engr. and Development Co
ments of Messrs. Eustis and Clark virtually charging General Union
200
200
Crown Lbr. Mills Corp
Goethals with halting building of vessels by prescribing an Mendel Engineer and Construction Co. and J. G. White
100
54
Co
&
impossible form of contract were issued on June 7. The
40
20
Ambursen Construction Co
statements purported to show that the Fleet Corporation Stewart
Engr. Corporation, Krauss Bros. Lumber Co.,
Smith
Corporation
Henry
and
had just received offers from ten firms to build 496 wooden
Murdock Shipbuilding
12
26
& Sons
ships within twelve months or 786 within eighteen months.
General Goethals is said to have turned down the proposals
because the builders wish to construct the ships on a cost
plus 10% profit basis instead of contracting for a flat price
for the ships.
Mr. Eustis and Mr. Clark were the mining engineers who
originated the wooden ships building plan adopted by the
Shipping Board and regarded by General Goethals as impracticable. When the Board formed the Fleet Corporation
and put General Goethals at its head with full powers to
build ships the two engineers were assigned to the corporation as the General's aides. After taking charge of the
building program, General Goethals turned to steel construction and limited the wooden program to not more than
250 ships in eighteen months. Mr. Eustis and Mr. Clark
contended that the corporation could build 2,000 wooden
ships within that time without interfering with steel building. Chairman Denman, of the Shipping Board, who has
Total
486
768
The aggregate of what these letters, just received, offer to build Is so
large that I feel that the country should know of these offers. Even if
some of these contractors should find that they could not do quite all they
think they can it must be evident to anyone who knows what these firms
have done, when he reads these letters, that these contractors can produce
a great many hulls or ships. The engine makers of the country are ready
to produce the engines.
Other well known contractors, such as Sanderson & Porter of New York,
Stone & Webster of Boston, Foundation Company of New York, Union
Bridge dr Construction Company of Kansas City, Cummer Lumber Company of Jacksonville and Cornwall Construction Company of Tampa, Fla.,
have previously offered to build ships or hulls and certainly can be counted
on between them, for more than two hundred ships, if so many should be
desired.
Entirely in addition to these contractors we have about seventy-five
wooden shipbuilders on our two coasts who can produce some hundreds
of ships.
The question remains how much of this emergency construction shall we.
as a nation, undertake. I do not know what action the Emergency Fleet
Corporation will take. The countary should know what are the possibilities.
JUNE 16 1917.]
THE CHRONICLE
In a memorandum to Chairman Denman of the Shipping
Board concerning the dismissal of the two men Gen.Goethals
on the 8th inst. said:
Certain statements were given to the press late yesterday afternoon by
Mr.Eustis and Mr.Clark. The most serious charge in their statement is
that, by insisting upon a lump sum bid, I am shutting out all contractors
who are desirous of assisting in the shipbuilding scheme, because these are
not able to estimate on labor and material conditions as they exist to-day,
thereby delaying the construction of ships.
The charge is false. You were present at the hearings before the House
Committee on Appropriations on May 22,in which the method of cost plus
percentage was discussed and disposed of. You made the statement that
you favored the lump sum basis. On returning to the office I took action
along these lines.
In wooden ship construction we are paying for the ways and necessary
equipment when requested, and protecting the contractor on account of
advances in the cost of labor and in the price of materials. The only contingency unprotected is inexperience, which is not a contingency, if the
prospective contractor possesses the necessary and proper organization for
carrying on the work.
On April 25 I made certain recommendations to you concerning the
necessary authority. There was $50,000,000 available, and contracts
were limited to this amount until the hearings were held, in order that I
might truthfully tell the committee that I had not obligated the Government beyond the amount available. Subsequent to the hearing, I removed
the limit and I have obligated the Government in excess of the amount to
$20,000,000 or 825,000,000. This shows the falseness of the statement that
ship construction is being delayed unnecessarily.
A competent naval architect was employed. He will not approve the
Hough or Donnelly plan for ships engaged in overseas travel, due to the
lack of proper longitudinal strength. The former plans have been modified, with the view of strengthening construction sufficiently to warrant the
building of a limited number of ships of this design, which are to be built
under the personal supervision of Mr. Hough. In view of the recommendation of the naval architect, I am not willing to take the responsibility of
contracting for the construction of ships along those designs.
The usefulness of these two gentlemen in this organization is at an end.
Mr. Eustis was retained at your suggestion and given a position of responsibility. How he has fulfilled his duties his statement to the press discloses.
Under the circumstances, I am accepting the resignation of Mr. Eustis as
a member of the executive committee of the United States Shipping Board
Emergency Fleet Corporation, and discharging him from the service for
lack of loyalty and misstatement and misrepresentation of facts. This
applies to his employment with the corporation, and, of course, has no
bearing on the dual position he occupies as agent of the Shipping Board.
Mr. Clark is to be dismissed from the service for similar reasons.
The appointment by Gen. Goethals of Admiral H. H.
Rousseau, U. S. N., as assistant general manager of the
Emergency Fleet Corporation, and Samuel L. Fuller
assistant,to the general manager, to fill the places of Messrs.
Eustis and Clark, was announced on June 9.
In announcing the appointments, General Goethals said:
Mr. Fuller is volunteering his services. He has had extensive experience
in the investigation of projects and in financing. I am going to utilize him
in looking into the financial standing of people who want to undertake the
construction of ships, both steel and wood. He will also be used in appraising ships that are now on the ways that we will probably take over
under legislation now pending in Congress.
General Goethals's views as to the futility of the Shipping
Board's;wooden ship program were made known to the public at the annual dinner of the American Iron and Steel
Institute at the Waldorf on May 25. At this dinner in
response to the appeal of General Goethals, the co-operation
of the iron and steel manufacturers was pledged to further
the building of 1,000 steel vessels of 3,000 tons each in eighteen months. Gen. Goethals's appearance at the dinner
was unexpected. He declared in his remarks before the Institute that he found when he was called to the Government
service to assist the Federal Shipping Board with its shipbuilding program that the plans for building wooden ships
were hopeless. As indicating the hopelessness of turning out
1,000 wooden ships of 3,000,000 tonnage in the time designated,Gen. Goethals stated that "the birds are still nesting in
the trees from which the great wooden fleet are to be made."
He stated that when he realized how impossible was the plan
proposed, ho went to James A. Farrell, President of the
United States Steel Corporation, and received from him assurance that steel could be had, and he asked his hearers
at the dinner to get back of Mr. Farrell and help make good
his promise by their co-operation. The pledge of every one
of his hearers was unanimously given. We quote Gen.
Goethals's remarks herewith:
As I need assistance and co-operation in my work, I concluded I would
tell you my troubles and ask your help. On the principle of the selective
draft, I have again been called to the Government service. I was confronted with a program of turning out 1,000 3,000-ton wooden ships in
eighteen months. They were going to be of wood because it was said steel
was not procurable, and because they could be constructed in less time.
I found when I attacked the proposition that contracts to build these
wooden ships had been promised in all directions, but when I looked for
plans and specifications I found none.
Gentlemen, when we consider that the birds are now nesting in the trees
that were to go into these ships, and that these ships must have a speed of
not less than ten and a half knots, if they aro to escape the submarines, the
proposition is simply hopeless.
In that contingency I came to New York and saw Mr. Farrell of the
United States Steel Corporation, and asked him if it were not possible to
get stool. He assured me that steel was procurable. I then announced
the impossibility of the wooden ship program and asked for permission to
change to steel. I finally succeeded in getting it.
2407
For the building of these ships $50,000,000 had been appropriated, to be
obtained by the sale of Panama Canal bonds. No effort had yet been
made to sell these bonds. Money is as necessary to build ships as anything
else, so I began a campaign for money. As I have frequently announced.
I considered all boards as long, narrow and wooden. As I believe in absolute authority in all undertakings, I asked for money and authority. My
money and authority are now being discussed by the House Committee on
Appropriations, and they promise that in ten days or two weeks I will get
my money.
Two weeks after my first visit, I saw Mr. Farrell again, and he promised
to see that the program was carried out if steel were to be used. With this
assurance I went before the committee and told it that I would turn out
3,000,000 tons of ships in eighteen months. I told them that so far as possible these ships, which, if they escape the submarines, would eventually
become part of our mercantile marine, should be of steel construction.
Right here I ask the American iron and steel industry to get back of Mr.
Farrell and help make good his promise to me and my promise to the committee. I want the co-operation and assistance of the structural steel people. I have got to have the co-operation of makers of machinery, chains,
wire cables—in fact, the manufacturers of everything that goes to make the
completed ships.
Lloyd George has said ships will win the war. If he is right, then every
one who helps complete these ships will help us win the war.
In answer to this criticism of Major-Gen. Goethals of the
plans for building wooden ships, William Denman, Chairman
of the United States Shipping Board, issued a statement on
May 27 in which he took occasion to remark that "the committees of Congress and not a public dinner with the head of
the steel trust are the places for discussion of matters of policy
with regard to shipbuilding." Mr. Denman's statement
follows:
The Shipping Board has but one purpose in its activities in Washington
at the present time. That is to use its utmost endeavors and powers to
defeat the submarine campaign of the German Empire. No person, nor
any interested group of capitalists, can draw any one of us into a controversy with General Goethals, nor do we think the General is seeking it.
If all the ships that can be built within the next eighteen months are
built, there still would be need for a thousand wooden ships to make good
the deficit in our merchant tonnage, though the German rate of destruction is reduced to half that established in the month of April. I do not
know whether a thousand wooden ships can be built in eighteen months.
There was a hope expressed that we could, and I have carefully avoided
denying the possibility of realization of this hope. My reason for not
denying it is because I do not care to have our German enemies in Berlin
receive that amount of comfort. I can state, I think,that General Goethals
Is of the same point of view with regard to the Germans. Every attempt
to make it appear that there is disruption between General Goethals and
the Board is adding to German assurance.
We believe the committees of Congress and not.a public dinner with the
head of the Steel Trust are the places for the discussion of matters of policy
with regard to shipbuilding.
I desire to have it made clear that in my long experience with legislative
bodies I have never known any Legislature to give the quick response to
any suggested legislation which has been given to the proposals.of the
Shipping Board for a three-quarters of a billion dollar appropriation, with
enormous semi-dictatorial powers in the executive. The response in the
Senate was almost instantaneous. The rapidity of movement of the
legislation in the House when one considers what was asked of it has been
equally phenomenal.
Every request we have made to the Treasury Department for money has
received an equally quick response. It was not necessary to sell Panama
Canal bonds in order to obtain money, and the General must have been
under some misapprehension in this connection. I have deep faith that
the resourcefulness of the American and the allied naval officers and inventors will destroy the submarine. Till that time we must keep the
Allies -fed and munitioned by fleets constantly diminished by the torpedo.
It is not going to help the war to spread stories of disharmony among the
various organs of government here in Washington.
I can say with a great certainty that the Board has received nothing but
the most cordial support and assistance from every branch of the Government to which its activities are properly correlated. In this, I include
the Council of National Defense, the Department of Commerce, the Army,
the Navy, the Treasury Department, and the Department of Labor.
There has never been a time when the Board has felt from any one of these
departments the slightest lack of sympathy or the slightest attempt to
restrain its efficient action. It is going to be almost impossible to bring
the Shipping Board to any other attitude upon this question of unification
of endeavor.
Press dispatches from Washington on May 28 stated that
the differences between Chairman Denman and MajorGeneral Goethals over the board's wooden shipbuilding
campaign had been cleared away, and that the emergency
fleet corporation would proceed with construction of both
steel and wooden ships. General Goethals, back from
New York, after his May 25 speech characterizing the
plan to build 1,000 wooden ships as hopeless, announced
on May 28th that the fleet corporation had let contracts for
16 wooden steamers, 8 wooden hulls, 20 composite cargo
carrying steamers and 6 steel barges. It was said authoritatively that General Goethals would be given a free rein in
the shipbuilding program, and that there would be no interference from the Board. Shipbuilding has been put entirely
in his hands and the Board will exercise its other functions
as prescribed in the law creating it. Operations of the fleet
therefore will be in the hands of the Board.
General Goethals, it is said, has accepted proposals by
the United States Steel Corporation and the Lackawanna
Steel and Iron Company to turn out by fabrication processes
3,000,000 tons'of steel shipping in 18 months and will let
contracts for wooden vessels as fast as builders come forward with facilities for building them.
Secretary McAdoo, in announcing thatj$9,000,000 had
just been placed to the credit of the Shipping Board, said
2408
THE CHRONICLE
the Board and General Goethals had not been held up for
a second for want of money, and would not be. In announcing this Secretary McAdoo said:
My attention has been called to a statement attributed to General
Goethals to the effect that $50,000,000 had been appropriated for the
Shipping Board, to be derived from the sale of Panama Canal bonds, but
that "no effort has yet been made to sell these bonds. Money is as necessary as anything else. I began a campaign for money," &c.
The General must have been misquoted. The Shipping Board was
notified by me long ago that all the money required by that Board was
available at any time upon demand. The Board has had $1,000,000
placed to its credit, and to-day an additional $9,000,000 is being given
to the Board upon its request. These are the only moneys the Shipping
Board has requested. It is not necessary actually to sell $50,000,000 of
Panama Canal bonds before the money is available. Treasury certificates
of indebtedness may be used to provide the money until the bonds have
been sold, and this has already been done. The Shipping Board and
General Goethels have not been held up one second for want of' money,
and will not be.
SECRETARY DANIELS'S DENIAL OF REPORTS OF
NAVAL BATTLE.
To set at rest persistent and widely circulated false reports
of naval battles and disaster to American and Allied forces,
Secretary of the Navy Daniels on June 9 issued a statement
branding the reports as absolutely without foundation. The
Secretary, it is said, has reached the conclusion that the
rumors are the result of an organized conspiracy to alarm and
distress the American people. His statement of June 9 said:
The country is being poisoned by rumors of battle and disaster that •are
absolutely without the slightest foundation in truth. Reports from the
commandants of naval districts, telegrams from newspapers and letters
from individuals have forced me to the conclusion that there is an organized
conspiracy on foot to alarm and distress the people of the United States.
Among the most persistent of these false reports is one that declares that
a naval engagement has taken place between the German fleet and the
combined fleets of England and the United States, and that in this battle
60 English and American ships were sunk or disabled, two of the number
being the Pennsylvania and the Texas.
In elaboration of this falsehood there is the added rumor that the hospitals
at the various Atlantic Coast naval yards are filled with crippled sailors
and marines and that the various-hospitals of New York City are equally
crowded with wounded men. By way of circumstantiality it is being
rumored widely that a passenger arriving on one of the Holland-American
Line steamers has stated that his vessel passed through the battle area
after the engagement and that the sea was thick with floating bodies.
All of these outrageous falsities are accompanied by the explanation that
the Washington authorities are in a conspiracy with the Press to keep the
truth from the people.
No such engagement has taken place. The American fleet has not been
In action. No ship has been lost. There are no wounded sailors or
marines in any hospital.
The declared policy of the Navy Department is one of absolute openness.
If disaster comes no effort will be made to minimize it. The people of the
United States are asked to trust in this pledge and to aid in stamping out
this campaign of rumor that is so plainly the product of disloyalty.
PRESIDENT WILSON DIRECTS CIVIL SERVICE TO
TAKE OVER MUNITIONS INSPECTORS.
Under an executive order on June 11, President Wilson
authorized the Civil Service to take over at its discretion
inspectors employed at munitions plants in this country on
material contracted for by the British, French, Russian or
Italian Governments. Such inspectors are at present in the
employ of the Allied Governments. The President's action,
it is stated, is regarded as one of the first steps in the program
looking to the unification of purchases of all supplies, including munitions by foreign governments in this market under
the direction of a central purchasing commission.
PLAN TO SIMPLIFY COST ACCOUNTS OF GOVERNMENT CONTRACTS.
The cost-accounting work initiated by the Federal Trade
Commission has been taken over by the Bureau of Foreign
and Domestic Commerce, of the Department of Commerce,
and a new division has been organized to assist those departments of the Government which have important contracts to let and may not have adequate staffs to investigate
promptly the cost of manufacturing the articles they wish
to purchase. That will be the first task of the new division,
although the establishment of uniform systems of costaccounting in the different industries is the ultimate object
sought. J. Lee Nicholson, head of a well-known accountancy firm in New York, has been placed in charge of the division. He outlines the proposed activities as follows:
The Division of Cost Accounts, of course, is designed to carry on the
work undertaken by the Federal Trade Commission, which was largely
educational and aimed at a widespread adoption of uniform efficient costaccounting systems. But just at present the most pressing and important
task is to establish a consultation service for the benefit of all Government
departments that are making or planning extensive purchases, and are not
equipped to investigate manufacturing costs. This division is prepared
to be of service in connection with contracts made on a cost-plus-percentage plan.
We expect to meet with manufacturing groups, irrespective of any particular trade association. Such meetings will be held at various central
points throughout the country, and will include the groups of manufacturers who are now interested, or who may be interested in the future, in
Government/contracts. To these manufacturers will be presented the
• OL.
'
104.
methods to be followed in stating their costs to the Government. This
term "methods" includes the manner in which the classification of their
costs should be stated. The object of this is to save the manufacturer both
trouble and expense and reduce mistakes to the minimum. The further
object also is to save the Government considerable expense in checking
the correctness of bills rendered by tne manufacturer and to secure the
protection for the Government which the interests of the public require.
Of course, it is presumed that the Government will inspect all cost figures
contained in the bill rendered by the manufacturer and it is also presumed
that the manufacturer may feel called upon to engage the services of auditors in case of dispute. In some cases it may be necessary to conduct an
investigation for the purpose of preparing financial cost schedules. However, if there is a fair understanding of all these matters before the contracts
are distributed it certainly will save both the manufacturer and the Government considerable expense in checking up the cost figures. If cost
schedules are not properly prepared it takes weeks to do something which
ought to be done in a few days. The work of the new division will ensure
that costs can be supervised by those who have no private interest in the
the
work of supervising but who are public servants working solely in
public behalf.
Mr. Nicholson, the chief of the new Division of Cost Accounts, has for many years specialized in cost-accounting
and industrial engineering. He is a writer and speaker on
such subjects, has published several standard textbooks,
has served three terms as First Vice-President of the New
York Society of Certified Public Accountants, and is a member of the newly formed Institute of Accountants of America. For a number of years he has lectured on cost-accounting at Columbia University.
ASSISTANr SECRETARY OF AGRICULTURE VROOMAN ATTACKS FOOD SPECULATORS.
In a denunciation of food speculators, Carl Vrooman,
Assistant Secretary of Agriculture, addressing the MedicoPhysiological Association at the Hotel Astor, this city, on
June 1, characterized them as "vicious, recalcitrant Americans, vultures and cormorants, who will be clubbed into
submission by Congress." Mr. Vrooman declared that
Americans should get along on two meals a day during the
war. "In the case of a general transportation tieup," he
said, "the people will have to do with two meals a day.
There are more than 30,000,000 in Germany who have had
less than one square meal a day for weeks." He said in part:
This country is called upon now to feed the civilian population and the
should
armies of the Allies as well as our own population. But if the war
only the
end before the year is out, a demand will come for us to feed not
well.
as
Powers
Central
the
of
neutral Powers, but the starving millions
If we
Famine is lurking over the skylines of every European country.
is a world shortage of
do not keep it out it will not be kept out. There
mankind and
food. Our crops are the only thing that stands between
humanly possible to
not
is
It
come.
starvation during the months to
at
overstate the seriousness of the food shortage the world is faced with
present.
contribute
can
he
In America each individual must do his duty to see how
food, but it is
something helpful. Every State institution should produce
The transimportant to create it at the point where it is going to be eaten.
portation shortage is appalling.
feed itnot
does
It is the weakest link in the whole chain. If the South
produced
self this year it will go hungry. Not that there is not enough food
transport
in the East and Northeast, but the transportation facilities to
problem.
the food are inadequate. Every community has the same
New England cannot feed itself.
will
country
the
of
people
In the case of a general transportation tieup the
30,000,000 in Gerhave to do with two meals a day. There are more than
for weeks. There Is
many who have had hiss than one square meal a day
rations. If the people
not a country in Europe where the people are on full
they will wake up
newspapers,
don't wake up by reading of the facts in the
when one of the Allies has had a stab in the back that will be fatal. They
will wake up when the boys now going to tho trenches will begin coming
home in little pine boxes.
H. C. HOOVER DENIES THAT HE PREDICTED a
EXHAUSTION OF SUGAR SUPPLY.
In refuting widely circulated reports quoting him as
saying that the sugar supply would soon be exhausted and
predicting extraordinary prices, Herbert C. Hoover, who
will be food administrator under the bills now pending in
Congress, on the 4th inst. said:
I have never made any statement for publication upon the subject of
sugar whatever. I did in an important conference state that unless order
was restored in Cuba we would be short of sugar because of inability to
secure the harvest of the forthcoming crop. Since that time action has
been taken, and ample supplies are assured not only from Cuba but from
elsewhere. There will be no famine in sugar, and I wish to protest at the
repetition of partial discussions in private conference, to the wholly unnecessary alarm of consumers.
If the food administration bill passes Congress and we receive the cooperation of our allies in the purchase of foreign sugar wo should have a
lower range of prices on sugar in the future than we have had in the last
year.
USE OF STAMPS OF HIGH DENOMINATION URGED.
With a view to effecting economy in the printing, transporting and cancellation of stamps, postmasters and post office
employees have been asked to encourage the public in the
use of stamps of high denomination rather than making up
the required amount of postage in stamps of small denomination. A notice to this effect has been issued by the Third
Assistant Postmaster General, A. M. Dockery, as follows:
JUNE 16 1917.1
THE CHRONICLE
are dip As a measure of economy postmasters and post office employees
denominations
rected to encourage the public to use stamps of the highest
suited to the amount of postage required on all mail. For example, a
2-cent stamp instead of two 1-cent stamps should be affixed to letters needing 2 cents postage, and a 10-cent stamp instead offive 2-cent stamps should
be attached to parcels requiring 10 cents postage. Co-operation between
post office employees and the public in the sale and use of stamps of the
higher denominations will effect a large saving to the Government in the
cost of producing, transporting and canceling them, and will benefit the
public in minimizing the number of stamps handled and affixed to mail.
This benefit will be especially important to business concerns mailing large
quantities of letters and parcels, and postmasters are directed to bring the
suggestion particularly to their notice.
Postmasters will cause this suggestion to be published in the newspapers
when it can be done without expense to the department.
A. M. DOCKERY,
Third Assistant Postmaster-General.
CLIFFORD THORNE ON THE PETITION OF THE RAILROADS FOR HIGHER RATES.
We have received a communication from Clifford Thorne,
representing the shippers who are opposing the proposed
rate advance by the railroads before the Inter-State Commerce Commission, taking exception to a remark in our article of last week on the subject, in which we quoted him as
denying that the burdens upon the roads had increased, and
as affirming that the advance in the price of coal was applicable to only a few instances. He has also sent us a copy
of his oral argument in the case. From this it appears that
we erred as to the first part of our statement, having been
misled by the accounts of his remarks given in the daily
papers. Mr. Thorne does not deny that the burdens of the
roads have increased in a number of ways, but he takes the
ground that the carriers are not entitled to the proposed increase notwithstanding that fact. As the best way of indicating his 'Position in that report, we quote here that part
of his argument dealing with that phase of the question:
The total increased expense claimed by the railroads in this case, which
is alleged to be caused by the Adamson Law, aggregates approximately
$59,400,000. The total revenue of the carriers last year, for the roads
covered in these exhibits, amounted to approximately $3,200,000,000.
In other words, the total amount at issue by reason of the Adamson Law
wage advance aggregates less than 2% of their total revenues, or 1.85%, to
be exact. And yet that law was made the original basis for this Fifteen
Per Cent case. The next day after the decision of the Supreme Court, this
case was started. Since then various other factors have been added. Chief
among these are the increased cost of fuel and railway supplies.
No one in this case questions the fact that the prices on many railway
materials and supplies have advanced; but the amount of that advance
is a matter of dispute. This record shows conclusively that the Eastern
carriers have tried to exaggerate their increased expenses during the year
1917.
They have estimated the 1917 unit cost of materials and supplies by using
• more unaccepted quotations, when they were actually purchasing those
very supplies at less cost. They have wholly disregarded large quantities
of materials and supplies purchased at lower prices in anticipation of the
present situation. One railroad has already purchased three-fourths of
its yearly requirements of steel rails at less than these quoted prices.
They have disregarded lower prices fixed in overlapping cbntracts. They
have disregarded lower prices used in actual purchases, before and after
the quotations were made.
We have proved to you that they have used these quotation prices on
fuel when they owned their own coal mines, capable of producing a large
part of their total requirements at cost.
The Western carriers were more conservative in their method than the
Eastern carriers. They have used contract prices, providing they run
throughout the entire calendar year. But even their methods are unfair,
because during the first six months a company could purchase all its year's
requirements, and stock up for 1918. And yet you would use as the unit
price for 1917, not this actual price, but a quotation, unaccepted and unused.
We have attempted to estimate this advance in cost by the following
method: We have used the actual prices where actual purchases have been
made, the prices stated in contracts for the quantities covered by the contracts, and for the quantities not purchased or covered by contract, we
have used quotations. We find the average increase lathe cost of materials
and supplies on two typical railroads to be 29.94% and 29.57%.'The railroads estimate these figures at approximately 42%. Our percentage is
close to the percentage of increase on metals shown by Dunn's "Chart of
Metal Prices."
We find an average advance in the cost of coal for the Chesapeake & Ohio
of 25.45%,and on the Norfolk & Western 59.03%.
Allowing all these increases in the cost of fuel, materials, supplies and
labor, the record in this case shows that the railroads in the United States
as a whole will have a larger net revenue this year than during any previous
year, aside from 1916.
The carriers have made comparisons of the earnings during recent months
with those of 1916. That is fundamentally wrong. That overlooks the
fact that 1916 was an abnormal year. If it were a poor year, and we were
showing advances in earnings over that year alone, these gentlemen would
protest most vehemently.
There is an ebb and flow in all business, a rise and fall in the prosperity
of all enterprises. If you reduce rates every time net earnings go up and
advance rates every time they go down, it would harass business unconscionably. We must consider tendencies over a period of years.
In the carriers' exhibits and testimony in this case they have made absolutely no allowance whatever for any of the economies which they have
held out to the country are going to be effected by the War Board, the
centralization of all railroads in the United States under the control of a
committee of five railroad presidents. If for no other cause, this suspension should be made in order that you can find out what can reasonably
be7expected from the nationalization of American railroads. The elimination of many costly competitive conditions, the consolidation of competitive freight and passenger trains, the heavier loading of cars in trains, the
pooling of terminals—all these must certainly bear some fruit.
These railroads have failed to make any allowance for the increase in
gross revenues, because of the larger volume of business being done during
the present year.
2409
MILLION"BACK YARD" GARDENS OVERSUBSCRIBED
In announcing on June 7 that the campaign of the Department of Agriculture for a million back yard gardens had been
greatly "oversubscribed," Carl Vrooman, Assistant Secretary of the Department added that plans must be made now
to triple or quadruple the effort during the coming year. He
said:
I salute our splendid army of home gardeners. They are fighting Kaiserism along with our troops in Prance. But we must not sit back and
congratulate ourselves. We must begin now to lay our plans to quadruple,
or at least triple, that army next year. The battalions of home gardeners
will need reserves or fresh recruits. For if in war time the home garden is
a national necessity, in time of peace it will be a valuable national asset.
In March the Department called upon the people of the United States
to plant at least 1,000,000 backyard and vacant lot gardens this spring. According to our reports, the people have oversubscribed that amount, and
it will not be surprising if the final returns should show that there are 2,000,000 town gardens now producing food for their owners.
From all sections comes the same news of the patriotic, instantresponse
of the people to the backyard garden campaign. Rich as well as poor have
put in their vegetable gardens. Fine lawns and flower beds together with
city lots are growing beans, radishes, tomatoes and peas. Bankers and
business men have loaned money for plowing, seeds and fertilizers.
Our reports show the widest and most intelligent interest in canning and
drying foods for winter use. The publication office of the Department of
Agriculture is working overtime in an attempt to supply the demands for
information. Exactly what effect all this will have on the nation's food
supply is hard to say, but it is going to help, and may be enough to turn
the tide to victory sooner than we expected or hoped.
In an appeal to all officials and employees of the Treasury service to cultivate every piece of land in their possession or under their control, the Treasury Department,
through Secretary McAdoo, under date of April 17 issued
the following notice to them:
Confident that it is the earnest desire of each and all of you to employ
every possible means in your power to serve your country, I wish to point
out that a very simple and practical way to be of great assistance at this
time is to cultivate every piece ofland in your possession or under your control. Millions of men have been withdrawn from the fields of production
and sent to the fields of battle; the world's supply of foodstuffs has diminished in the face of an increased and increasing demand. With our own
country at war, the calls upon the usual tillers of the soil which have been
great in the past, will be enormous in the future, and it is most desirable
that every possible step be taken to relieve, even in the slightest degree,
the tremendous pressure upon the world's markets at this time. Every
foot of new ground placed under cultivation relieves, to the extent of its
yield, the demand upon the usual sources ofsupply. lam taking occasion
to urge upon you very earnestly to cultivate a garden on every spare spot
of land around your homes. In this way you can render valuable and effective assists/nee. It will be a service of patriotism.
ILLINOIS COMMITTEE FINDS NO WARRANT FOR
COAL ADVANCES.
An Illinois committee in a report on the increasing price
of coal finds that the advance has grown out"ofa hysteria
or mad rush to get supplies at any cost." The report is
that of the Committee on Food, Fuel and Conservation of
the State Council of Defense of Illinois, of which J. Ogden
Armour is Chairman. The Committee finds that freight
rates have advanced little or nothing, that the price paid
miners has increased posssibly 25 cents per ton, but that
otherwise costs in operation have advanced no more in proportion than in other lines. It also states that "not now or
ever in recent times have our Illinois mines operated at any
thing like their actualequipped capacity." Great quantities
of coal are found stored by some mines at various points distant from the mines. No special shortage in coal mine
labor is found. The Committee reaches the conclusion
that "it is t3 the vital interest of allconcerned that the mines
be furnished with car supply as near their capacity as possible," that "the unnecessary and exploiting activities of
coal brokers, speculators and interlopers" be prohibited, and
that if the measures recommended do not succeed in correcting the situation that the whole matter of coal production, distribution and price be taken in hand by the Federal
authorities and the State Council of Defense of Illinois.
The report is set out as follows in the Chicago "Record
Herald" of May 27:
The advance in the price of coal, like so many other price advances, grew
out of a hysteria or mad rush to get supplies at any cost.
Individuals and concerns—but notably coal brokers or speculators, as
distinguished from regular dealers and consumers—rushed to the coal
producers with all sorts-of fancy offers and premiums.
With prices once advanced operators have been loath to reduce them,and
we find prices unreasonably and unconscionably high in many instances.
It also seems to be a more or less general practice for operators not to
contract more than half their present output (and this at good advances)
and to use the remaining 50% of their production for the open market.
which means usually all they can sell it for.
We find that freight rates have advanced little or nothing; that the price
paid miners has increased possibly 25 cents pe: ton, but that otherwise
costs in operation have advanced no more in proportion than in other lines.
While for some time there has been a great car shortage, yet during the
last year the mines have operated about 230 days which is about ma•trnum
record.
The Illinois coal production figures for the year ending March 31 1917
have not yet been accurately determined, being estimated at an increase
of from 5 to 25% over the previous year. However, in the last year Illinois mines have been called upon to supply coal to the extent of at least
2410
THE CHRONICLE
(VOL. 104.
Under date of May 26 the Federal Trade Commission sent the following
2,000,000 tons in the great lakes region, as well as at gulf and Atlantic
circular-letter to wholesale companies throughout the East:
Coast ports, where little or none of our coal has hitherto gone.
Washington, May 26 1917.
Not now or ever in recent times have our Illinois mines operated at anyIn furtherance of the determination of the Commission to use its utmost
thing like their actual equipped capacity. Under normal conditions this ex- powers in this emergency to promote moderate prices in the anthracite
cessive capacity brought competition that frequently resulted in coal sold Industry and to encourage stability in prices, there is enclosed a form for
report requiring you to furnish to the Commission, weekly, until
at little or no profit, and in not a few instances big steam users could get a specialnotice,
a statement of your total sales tonnage, with purchase data
further
their grades at less than cost. We find that some mines have stored great and gross profit on such sales.
quantities of coal at various points distant from the mines, and that a few
These reports are to cover only "jobbing" business as distinguished from
are now preparing to store great quantities at the mines, when car supplies "wholesale business. For purposes of this report "jobbing" business is the
buying and selling of anthracite which is not physically received, discharged,
do not meet production. We do not find any special shortage in coal mine and
reloaded by you; and "wholesale" business is the buying and selling of
labor.
anthracite which is physically received, discharged, and reloaded by you.
If your business is entirely or in part a jobbing business, you are required
We have reached the conclusion:
of a "jobbing"
First—It is to the vital interest of all concerned that the mines be fur- to report on the attached form each sale that is in the nature
transaction as defined above. No transactions that are "wholesale" businished with car supply as near their capacity as possible, and that failing ness in the sense just defined should be reported on this form.
in proper car supply, the mine operators should be encouraged, or, under
Your attention is invited to the attached copy of a circular letter sent to
proper provisions, required to produce every possible pound and store above all anthracite operators.
Commission desires to emphasize to you its thought that the present
The
getting
from
gain
The
supply.
car
of
excess
in
production
ground the
situation calls for public-spirited effort on your part to protect the domestic
maxim results from mine and men would probably meet the extra cost of consumers of anthracite by seeing to it that only the normal margins are
storage as well as meet the economic and social demand that every pro- obtained and that, so far as within your power, the domestic sizes are distributed in such a way that household consumers shall receive their normal
ducer be at full time work.
share of coal.
Second—That the unnecessary aneexploiting activities of coal brokers,
For your convenience, a duplicate copy of the form is enclosed for your
speculators and interlopers, as opposed to the necessary and legitimate files.
Members of the staff of the Commission will be at Wilkes-Barre, New
transactions of regular dealers and consumer-purchasers be prohibited.
Philadelphia in case you desire to consult them direct. Their
Third—That if these provisions do not succeed in correcting the present York and will
be as follows:
addresses
then
prices.
coal
in
situation
unjustified
unreasonable and
Robert H. Vorfeld, Fort Durkee Hotel, Wilkes-Barre,
Fourth—Forthwith, the whole matter of coal production, distribution
David P. Smelser, Hotel Flanders, New York.
L. C. Floyd, Hotel Walton, Philadelphia.
and price should be taken in hand by Federal authorities and by the State
Very truly yours,
Council of Defense of Illinois, and that in that event, the State Council use
FEDERAL TRADE COMMISSION.
conditions.
prevailing
in
change
satisfactory
a
effect
to
all of its power
Letter to Anthracite Operators,
The Commission's letter to anthracite operators, referred to in the foreWESTERN PUBLIC URGED BY SOUTHERN PACIFIC going communication, reads as follows:
Washington, May 26 1917.
TO ECONOMIZE IN FUEL.
In view of possible misunderstanding of the Commission's view in the
Economy in the use of fuel, to the endEthat the West may matter
of the advantage of direct sales by anthracite operators this letter
being sent to you and to all the other producers.
not face a famine the coming winter, is being urged by the le Each
operator will, of course, determine for himself his policy regarding
customers or class of trade to which he will sell, but the Commission
Southern Pacific RR. upon the public along its lines. The the
deems it only Just to say that it has not intended to suggest any change in
"Times" of June 3, in reporting this, added that:it is under- the normal course of distribution through such wholesale concerns as perthe necessary service of discharging, storing and handling coal for the
stood that the Union Pacific CoalCo.,the largest Western pro- form
territory tributary to their docks or storage points.
Moreover, the Commission believes it would be a public advantage if
ducer, has withdrawn from the commercial market. It also operators
continue, for the present at least to sell to responsible ,Jobbers
coal for the requirements of their "regular customers,' where
announced that the Southern Pacific reports that railroad sufficient
they feel assured that the jobber will not speculate with the coal, and where
orders for coal which were placed last August have not been refusal to sell would throw these "regular customers" into the market as
customers" of operators in such a way as to produce an abnormal
filled because of- labor shortage and lack of transportation, "new
buying pressure through their efforts to get coal.
Commission does believe that operators should make all proper and
The
a
to
reduced
been
and reserve supplies on the Coast have
reasonable efforts to see that their coal is not at any time sold through
and unreasonable
low figure. The Government is expected to use most of the jobbers who resell to other jobbers or who make abnormal
profits on their sales to retailers or consumers. The Commission itself will
coal stored at Pacific Coast points. The railroad, it is said, use its powers to discourage jobbers from speculating in anthracite coal.
To this end it will require from all jobbers special weekly reports of every
is reclaiming all scrap piling, ties and second-hand lumber sale,
with full data which will enable the Commission to trace the coal and
to the local destination.
along its roadbed. The "Times" adds that fuel oil, upon its price from the mine
Very truly yours.
FEDERAL TRADE COMMISSION.
which the carriers beyond the Rockies depend,is also reported
Facts Desired by Commission.
in smallsupply in proportion to the demand. V.-Pres.W.R.
The form upon which weekly reports of purchases and sales are to be
Scottof the Southern Pacific had thefollowing to say on the 2d: made
calls for the following sales data:
a
oil
of
barrels
40,000
about
engines
its
in
The Southern Pacific burns
Car number or name of barge.
Grade and size of coal.
day. Its reserve supply is almost exhausted. Pending the result of litiSold to.
gation, the company has asked permission of the Court to increase the
Date.
production of its own crude oil by drilling upon its own lands in order to
F.o. b. or alongside point.
have sufficient fuel to handle its business, and at the same time agreed that
Gross tons.
Price per ton.
the increased oil production from the Naval Petroleum Reserve would be
Amount received for coal.
delivered to the navy upon demand, should it be held that the GovernTransportation charges, I. e., towing, freight, insurance, &c.
ment has a right in the lands in question. This offer was made in the spirit
Demurrage.
of conservation, since the property in suit is being drained of oil by a large
Total amount received.
number of wells upon adjacent land,and the only way to conserve the oil
The following data regarding purchases and gross profits must also be
would be to produce and store it. We pointed out that in four months we supplied each week:
would be short 12,000 barrels a day.
Purchased from.
Date.
The railroad company is proceeding with drilling in places outside of the
F. o. b. or alongside point.
Naval Reserve, but immediate relief of the situation is impossible. By
Gross tons.
Pacific
raising the price 10 cents a barrel over the market rate the Southern
Price per ton.
Amount paid for coal.
secured 1,200 barrels a day, and by thus bidding it hopes to secure from
Transportation charges, 1. e., towing, freight, insurance, &c.
the Government receiver in charge of a number of properties 3,200 more
Demurrage.
barrels a day, but at the time when its reserves are exhausted the company
Total amount paid.
months
that
four
within
will still be short 8,000 barrels a day. This means
Gross profit.
it will reach a period where the daily requirement of fuel will be one-fifth
Instructions for Making Out Reports.
short.
The following supplementary instructions accompanied the blank:
There are obviously but two things to do—increase the production or deMail to Federal Commission, Washington, D.0., on or before Thursday,
crease the consumption. California cannot afford to decrease her consump- each and every week„ the information required on attached form, for busiof week immmediately preceding.
ness
her
that
industries
necessity
economic
an
is
it
that
reason
for
oil
of
tion
the
The information required by this report is ordered to be furnished pursustain maximum efficiency and supply the needs of the Government. suant to the power of the Commission under sub-division b of Section 6,
"An Act to create a Federal Trade Commission, to define its powers and
Most of these industries depend upon fuel oil.
duties, and for other purposes."
Failure to mail this report within the time required will subject the corporation to a forfeiture of the sum of $100 for each and every day of the
TRADE COMMISSION CALLS ON ANTHRACITE
continuance of such failure. Section 10, Federal Trade Commission Act.
OPERATORS FOR WEEKLY REPORTS.
Any person who shall willfully make or cause to be made any false entry
or statement of fact in this reportshall besubject to a fine of not less than
ComTrade
Federal
Announcement that the efforts of the
$1.000 nor more than $5,000. or to imprisonment for a term of not more
mission to lower anthracite coal prices are succeeding was than three years or to both such fine and imprisonment. Section 10.
Federal Trade Commission Act.
made by the Commission on June 5, The announcement
There are some in the trade who thought, upon perusing the above docuconsumer
gets
ments, that the details in regard to receiving, discharging and reloading
stated that in its efforts to insure that the
retail business rather than wholesale, and a question arose as to
signified
_anthracite coal at moderate prices the Commission is re- whether the
reloading of coal into barges by middlemen on tidewater dequesting operators to report weekly all orders accepted, livery constitutes wholesale handling of tonnage in the manner indicated
follows:
circular-letter. The idea was conveyed to the Commission
above
statement
by the
together with prices for the same. The
The producers of a very great proportion of anthracite tonnage are sell that any elucidation of the paragraph in question would no doubt be ining their output at moderate prices, so that the high premiums charged by a teresting to many engaged in the handling of coal in this market, but no
number of operators during recent weeks are beginning to disappear from response has as yet been received.
the market.
Following its interim report to the Senate on May 4 the
In its efforts to insure that the consumer gets anthracite coal at moderate Federal Trade Commission made known on May 22 that
prices, the Commission is requiring operators to report weekly all orders
accepted, together with the prices for the same. As a basis for publicity, measures to force down anthracite prices would be taken if
within the powers of the Commission, production costs are being secured poducers and dealers did not adhere to their promise to
from any operators who continue to maintain unjustifiably high prices. cease extortionate practices. Its announcement on that day
Anthracite jobbers are required to furnish the Commission with a weekly
report giving complete purchase and sales data and gross profits on each said:
In its interim report of May 4 to the United States Senate, the Federal
transaction.
Agents are in the field, keeping in close touch with retail prices so that Trade Commission promised that its utmost efforts would be used to assure
distribution and prices are being traced all the way from the mine to the fair distribution and fair prices of anthracite coal.
The Commission has sent agents into different parts of the country who
consumer.
trade the operation of plans
The sales data called for by the Commission were set out will observe closely throughout the anthracite
formulated at recent conferences of the Commission with operators, jobtake
we
which
from
6,
June
of
Journal"
in the "Coal Trade
bers, and representative retailers for bringing down prices to moderate
levels and keeping them there.
the following:
JUNE 16 1917.]
THE CHRONICLE
These field agents will report promptly to the Commission for appropriate action any renewals of the intolerable abuses that marked the activities of certain elements of the trade during recent months.
The independent operators have realized that the situation calls for public-spirited action on their part, and it is expected that they will reduce their
present prices to moderate levels for the season and co-operate in every way
with the Commission.
2411
disposition of bills which in one way or another attempted
to modify existing laws relating to labor and industry. The
latter's letter, written under date of June 1, said:
I dislike much to take a moment of your time in these burdened days.
but I need your counsel in a matter of moment. Our Legislature is in
session. Many bills have been introduced that in one way or another
attempt to modify existing laws relating to labor and industry. The
main idea in most of them is suspension of existing laws during the war
or such absolute setting aside of the same as to allow all sorts of procedure not now permitted by law in Pennsylvania.
I have only one desire—to do here what will be best to serve the nation,
and my whole wish is to be loyally in co-operation with national thought
and purpose. A word from you will be guidance to me.
It will be a help to hear soon. Our prayers and out efforts are for you
daily.
Information to the effect that no evidence to warrant
additional proceedings against anthracite operators and
dealers has been found was conveyed to Chairman Webb of
the Judiciary Committee of the House on.May 28 by U. S.
Attorney General Gregory. The matter was made the
subject of a report by the Attorney General in response to a
resolution of Representative Dyer of Missouri. InvestigaThe President in his answer to the Governor on June 4
tion into bituminous coal, the Attorney General reported, has
so far resulted in some indictments at New York. He wrote:
I take pleasure in replying to your letter7of June 1. I think it would be
added:
In the course of the investigation into the increases of prices generally
the several United States District Attorneys and an investigating force of
the Department have been inquiring into conditions in the anthracite and
bitiminous coal markets.
most unfortunate for any of the States to relax laws by which safeguards
have been thrown about labor. I feel that there is no necessity for such
action and that it would lead to a slackening of the energy of the nation
rather than to an increase of it, besides.lbeing verylunfair to the laboring
people themselves.
NATIONAL ASSOCIATION OF MANUFACTURERS'
VIEW OF EIGHT HOUR LAW.
A resolution which proposes that Congress restore to the
President the power under the eight hour law of 1912, and
that he be clothed with authority to suspend for the period
of the war all restrictive legislation at both Government
and private plants was adopted by the National Association
of Manufacturers at its annual meeting in this city on May
16. The text of the resolution follows:
SECRETARY WILSON OF DEPARTMENT OF LABOR
STATES THAT NO LABOR DICTATORSHIP
IS PLANNED.
In making known that while methods of adjusting labor
troubles are under consideration by the Council of National
Defense, the plans do not contemplate the establishment
of a labor dictatorship, Secretary of Labor Wilson in the
following statement, issued on June 8, said:
Whereas, To arbitrarily restrict production or unnecessarily increase its
cost during the period of the war is uneconomic and perilous policy, and
Whereas, The eight-hour law of June 1912, recognized this principle in
providing for its suspension by the executive during war or any great national emergency, but that power of the President has now been limited
by requiring an eight-hour basis day and time and one-half for overtime on
Government work to which the law applies, and
Whereas, The inevitable effect of such legislation on private manufacture is to either compel more than 80% of the manufacturing establishments of the United States to abandon their existing standards of four
hours of service and pay when undertaking production for the Government
to which the law applies, or pay for the same service heretofore performed
punitive overtime, thus unduly increasing tho cost of public and private
production arbitrarily and unnecessarily and this when the highest efficient production assured by law established methods which have continued
with satisfaction to employer and employee in the vast majority of industries is a national necessity, indispensable to the equipment of our own
armies and those of our Allies. It is further evident by comparison that
the standards of service in the great majority of engineering and metal
trades of the United States which aro our chief reliance for war production
provide much shorter hours and much higher rates of pay than prevail and
have been recommended by the munition health committees to the Minister
of Munitions for the British workers; therefore be it
Resolved, That wo urge upon the Council of National Defense the wisdom
of recommending to the Congress that the power possessed by the Executive under the eight-hour law of 1912 be restored to him and that he be
clothed with authority to suspend for the period of the war all restrictive
legislation at both Government and private plants not intended io apply
during a great national emergency and which seriously threatens to cripple
the capacity of national industry to perform its indispensable functions for
national defense.
There is no such thing contemplated by the Council of National Defense
as a labor dictator. There has been no necessity for such action, because
of the spirit of co-operation that has existed since the beginning of the
emergency amongst all classes of workmen, organized and unorganized,
and the able and earnest manner in which the spirit has been publicly expressed by their chosen leaders. Methods of adjusting labor troubles are
under consideration by the Council of National Defense, each of which
considers the human element in industry, but none of them contemplate
the establishment of a labor dictatorship.
E. N. HURLEY DECLARES NORMAL BUSINESS
PROFITS SHOULD BE MAINTAINED.
In stating that "it is idle to talk about cutting the profit
out of war," Edward N. Hurley, former Chairman of the
Federal Trade Commission, in addressing the World Salesmanship Congress at Detroit on June 14, added that"there
should be no abnormal profits, but the normal profits of
business should be maintained because without such a fair
margin of return on capital and labor there will be none of
the incentive necessary for increased productive energy."
Mr. Hurley's remarks related to "The War and Business."
An abstract of his address follows:
A large part of the burden of winning the war falls upon you business
men. The boys in the trenches will do their bit; they will make all the
sacrifices required of them. Those who stay at home must make sacrifices of a different kind, but unless they are made, the war will drag on
At the opening session of the convention on May 14 the indefinitely. Shortly there will be created in Washington a central purfor the United States Government and its allies. If
Committee on Inter-State Commerce and Federal Incor- chasing commission
this agency provides a uniform system for purchases, such as the cost of
poration presented its report dealing with a discussion of the production plus a reasonable profit, the basis will be established for sound
Adamson eight-hour law, which it stated "marked the be- business conditions throughout the nation. It is idle to talk about cutting
profit out of war. There should be no abnormal profits, but the norginning of a new conception of the powers of Congress with the
mal profits of business should be maintained, because without such a fair
ate
Commerce."
Inter-St
conIn
strictures
to
respect
its
margin of return on capital and labor there will be none of the incentive
cerning the legislation the report referred to it as having necessary for increased productive energy.
The Government is now raising a $2,000,000,000 war loan through the
passed "under circumstances reflecting grave insult to our Liberty
Bonds. The business men are contributing generously. Congress
law-making body." On May 15 James A. Emery, Is working out a $1,800,000,000 taxation bill. The business men will pay
should
counsel for the National Council for Industrial Defense, most of this additional sum. It is necessary, therefore, that there
be a clear Government policy with respect to increasing the productive
attacked the Adamson law on the ground, we learn from energy
of the country.
the "Times" that its operation under war conditions would
We should be able to meet the war bills out of our surplus energy. This
contribution that business men can make. There is no need
of
best
standards
the
is
labor, because manufacturers,
upset existing
for disturbing any wage or hour standard. If a man works eight hours a
taking Government contracts whether they wanted them day,
let him put a little more heart into his task and he will find that his
conduct
or not, would have to introduce the eight-hour day into productive energy will increase materially. Let the business man
little more vigorously; let him work out his cost sheets; and
factories that had been conducted to the satisfaction of em- his business a where
they ought to be, and he will find that he p making
get his prices
ployers and employees on the basis of a workday of more enough extra money to pay for taxes and Liberty Bonds. That should be
than eight hours. This disturbance to existing standards, his bit in the war.
There is one man, above all others, who has been contributing his bit
he said, would increase the cost of production. In the
to the war, who has been meeting his increased burdens with increased
course of his remarks Mr. Emery said:
energy—a man who has studied unceasingly the great problems which
It is impracticable to have in any plant two conflicting standards of confront us, and who has worked night and day, in conference and alone,
service and pay. Private business cannot be conducted under the usual to solve them. I refer to the President of the United States, Woodrow
conditions, while Government contracts in the same plant must be exe- Wilson.
cuted upon an eight-hour basis. A single standard must be adopted for
The President has not asked others to do what he himself has been unpractical production. The issue is not shall we have longer hours, but willing to do. He has bought Liberty Bonds, like any other good citizen.
shall wo maintain existing standards of production in the emergency of He pays his increased income tax, like any other citizen. And he works
war.
longer hours to dispose of the larger burdens thrust upon him by the war.
The public, and especially the business men, should realize that his
Administration has brought peace to the business world. There have
• PRESIDENT WILSON OPPOSED TO RELAXING LABOR been no tirades against business since President Wilson assumed office.
LAWS.
He has brought to the Government in Washington an understanding of
the needs of business, a recognition of the fact that salesmanship is the
Opposition to the relaxing of the laws throwing safeguards very life of the nation. Industry, commerce, production, trade, after all,
around labor is expressed by President Wilson in a letter are salesmanship; for, without salesmanship, there would be no industry,
has faith that this counaddressed to Gov. Brumbaugh of Pennsylvania. The commerce, production, or trade. The President
will come through the war victorious, and his faith is based on a belief
President's expression of opinion was given in answer to try
American business men
the
workers,
American
the
in the American people,
Gov. Brumbaugh's request for advice with regard to the and salesmen.
2412
THE CHRONICLE
HOLDING OF BUSINESS CONVENTIONS URGED.
A resolution requesting President Wilson to use his influence to encourage the holding of conventions during the
war was wired to the President by the Associated Advertising
Clubs of the World at their session in St. Louis on June 7.
The resolution, according to the "Globe-Democrat" read as
follows:
t In order to insure the continuance of the present prosperous condition of
he country's business, to the end that it may be possible for the Government to more readily secure the greatly enlarged income required to vigorously and speedily prosecute the war and to the end that none of the necessary activities of our commercial life may be curtailed during the war; be it
Resolved, That the President of the United States be requested to exert
his influence to encourage the holding of all customary business and other
conventions during the period of the war, and that the President and Secretary of the Associated Advertising Clubs of the World in thirteenth annual
convention assembled in the City of St. Louis, communicate this request
in suitable form to President Wilson, commander in chief of all American
industry.
The Merchant' Association of New York also addressed a letter to President Wilson urging that he make a pronouncement encouraging the holding of conventions.
The association is convinced that the holding of these
annual meetings is more necessary and advantageous now
than at any other time. A number of instances have occurred in which conventions have been canceled or postponed through a feeling that the expenditure which they
entail is in the nature of an extravagance and ought not to
be made at a time when the country is being adjured to husband all its resources. The association feels that this view
is a mistake and that convention meetings afford an opportunity for the interchange of ideas and the promotion of
patriotic sentiments which must prove of the greatest value
to the country.
In his letter requesting President Wilson to discourage
the postponement of conventions William Fellowes Morgan,
President of the association, said:
It has come to the attention of the Merchants' Association of New York
that there is a tendency to forego the holding of conventions and general
commercial meetings by business interests of the country because of a desire to practice alleged economy during the war.
In our judgment this is a false idea of economy, the application of which
will be harmful, rather than beneficial, both to the Government and to the
nation's business. Such gatherings, in our judgment,should be encouraged
rather than discouraged, because failure to hold them as usual is likely to
create a false impression, to stimulate a lack of business confidence and to
discourage mutual co-operation which is so necessary under existing circumstances. Conventions and gatherings of different trades and industries afford an exceptional opportunity on the part of business men composing them to study the effect of the war situation upon industries, so
that they may be best equipped to serve the needs of the Government and
to serve the normal business of the country. Both business and general
conventions also afford exceptional opportunities for patrioticc gatherings
and the fostering of patriotic sentiment.
We therefore, respectfully suggest that, if in your judgment the continuation of such meetings is beneficial, a public utterance by you to that effect
would be of value and would have a marked influence both in stimulating
such gatherings and in perpetuating the results flowing therefrom. It
seems to us that if ever the citizens of this country should get together,
whether in business or general organization meetings, it is during such a
period as that through which we are now passing.
Mr. Morgan's letter has brought from the President's
Secretary, J. P. Tumulty, a response stating that the President agrees with Mr. Morgan "that there is no sufficient
reason for foregoing the holding of conventions and general
commercial meetings by business interests, as far as he can
see."
LOUIS TV. HILL ON WISDOM OF SANE ECONOMY AS
OPPOSED TO PARALYZING OF BUSINESS.
Trite and timely utterances were contained in the paper
of Louis W..Hill, President of the Great Northern Ry., read
at the convention in St. Louis on June 5 of the Associated
Advertising Clubs of the World. Mr. Hill's paper, which
was on "The Relation of Publicity and Advertising to
National Prosperity," was read in his absence by W. J.
Betting of St. Paul. We give in part extracts from his speech
as follows:
Is it inopportune to talk of prosperity while the world shakes with the
cannonading of rival nations? I think not.
You have a big opportunity to-day to demonstrate to the world what
enlightened publicity can do to further a great cause—the cause of freedom
and democracy. Turn the power of organized publicity loose on the problem of floating our great war loan bonds, of organizing our war machine,
of increasing the production of agricultural and manufactured products.
Do it, and the cause of democracy is safe and triumphant.
It would be a poor display of zeal for public welfare to preach a gospel
of inertia at a time when this country—in both military and civic branches
—has its most tremendous tasks to do.
But if American business cannot weather such a shock and come back
stronger than ever, it is a pretty poor quality of business.
What America needs to do is to push on and on—building up, conserving,
working, earning—yes,and storing worthily. In our greater and continued
national progress is our protection. In "business as usual"—only more so
—lies the welfare of the nation.
What this country needs is not only people who will get down on their
knees and pray for their native land if necessary, but people who will get
up on their feet and work and fight for it.
(VOL. DU
I am for optimism. I am for the optimists. And you advertising men
of the world are our truest business optimists. If is you who to a large
extent have kept the flag flying for "business as usual."
And to the newspapers of America, the leaders, the best representatives
of the press, daily, weekly and monthly, we owe a debt for the good work
they are doing, not in the suppression, but in the stimulation of legitimate
business.
Sane economy and elimination of waste are always wise, but stinting,
hoarding, the paralysis of business, means simply inviting catastrophe,
without the slightest reason except ungrounded fear.
This surely is the time for the suppression of the calamity howler. The
country is all right. I have recently returned from a trip to Washington.
I had an opportunity learn first hand how the Government feels and what
the National Government's idea is for the immediate future of business.
I want to say right.now with all the force I can put into the argument,
that the manufacturer or merchandiser who lays down at this moment—
the commercial crepe hanger—is quite as definitely a non-patriot as the
man who refuses to fight. Right now America needs strength, activity,
enterprise, stick-to-it-iveness more than ever before in its history.
The prosperous nation is the strong nation. Reduce the nation's resources, suspend production, clog the wheels of manufacturer, throw an
army of breadwinners out of employment, and you not only sap America's
vitality, but you work a positive injury to the individal.
Success is, and
always will be, reciprocal. If we stop buying sooner or later, automatically, we cease receiving the means wherewith to buy. That is the compensation.
The National Government has shown itself particularly wise at the present time, in my humble opinion, in placing a proper valuation upon agricultural activities. It is less spectacular work to feed the world than to
fight a nation's battles, but, after all, no less important. In our Government's recognition of the "soldiers of the soil"—the new national movement
for bigger, better crops—Uncle Sam has shown his pre-eminent wisdom.
America is solid. That's our big satisfaction.
The Northwest, the "Zone of Plenty," alone, in normal times, with a
population only 5%% of the total population of the United States, produces
27% of the total agricultural output of the entire nation. It produces
about 200,000,000 bushels of wheat a year, 30% of the nation's total, 32%
of the rye. 21% of the oats. 52% of the barley; it mills 38% of the flour;
it raises 99% of the nation's flax. I am sorry I cannot say 99 99-100%•
Twenty-five per cent of the nation's bread is spread with butter from the
"Zone of Plenty."
This is the Northwest's average record to-day. It will establish a new
and greater one to-morrow. God's soil and rain and sunshine and man's
industry in the Northwest are setting you an example. They are doing
"business as usual." Minnesota alone produces 62% of the iron ore of
the United States; Montana 16% of the copper and the Northwest about
40% of the lumber. Why should you be less aggressive?
But it is not enough merely to grow grain, to dig minerals from the earth,
to fell forests, to produce merchandise, to manufacture goods. Economic,
efficient merchandising and marketing—distributive methods—are vitally
necessary at this time.
We have lately proved to our satisfaction that anything desirable is
advertisable, whether it be an article of food, a national bank or a national
park. I have learned through years of experience that transportation is
quite as specific a unit of merchandise as is a carpet tack. You can sell
vacation pleasure, the joy of a perfect journey, the beauties of America's
finest scenery, just as you can other worth-while goods, by advertising.
CONCLUSION OF HEARINGS ON PETITION OF ROADS
FOR HIGHER FREIGHT RATES.
The hearings before the Inter-State Commerce Commission on the application of the railrodas of the country
for a horizontal increase of 15% in freight rates were closed
on June 12. The hearings were begun before the Commission on May 7, the representatives of the railroads presenting their claims during the week up to May 11, when a
recess was taken until May 23, since which time the hearings
had continued up to this week. We have already referred
to the testimony presented up to the end of May. The
carriers have rested their case on the statement that increased labor costs due to the Adamson Law and higher
costs of materials, fuel and supplies, have created an emergency. According to the figures of the shippers a 15%
freight rate advance would mean $300,000,000 annually,
and would affect virtually every big industry in the country.
The shippers have submitted data designed to show that the
earnings of the roads are on an increase, and that the year
1917 will be the best in history, except 1916, which was the
high period of railway earnings and admitted to be abnormal.
They contend that carriers handling two-thirds of the traffic
are in prosperous financial condition. Clifford Thorne,
chief counsel for the shippers, told the Commission that in
the patriotic utterances of the carriers' counsel, he"heard
the jingle of the dollar." He said:
During this war it is essential that the owners of our railroads should
remember that the war is not a money-making enterprise. To-day is a
most unfortunate time to force another tax burden on producers and consumers. Two-thirds of the traffic in the United States is being handled
by companies having a billion dollars surplus.
In the midst of one of their most prosperous years, the carriers are trying
to force an added tax on the public, in the name of patriotism. As Mr.
Patterson, of the Pennsylvania Railroad, pronounces that word, I can
hear the jingle of the dollar.
NO
The increase in wages duo to the Adamson Law amounts to 1.85% of
their total revenue. And the clay after the Supreme Court sustained the
law these railroads asked an increase of 15% in freight revenue.
Allowing these advanced wage costs and for increased prices of material,
fuel and supplies, the railroads of the country will have a larger net revenue
this year than in any previous year except 1916. In February the blockade,
severe weather, embargoes and other factors caused an apparent emergency. But in March and April net earnings have increased tremendously.
The emergency has passed.
On the 5th Mr. Thorne, the daily papers say, toldithe
Commission that if railroad statistics so far for 1917 remained
JUNE 16 1917.1
THE CHRONICLE
constant the roads would be entitled to an increase not to
exceed 3.8% in their freight revenue, but he added that the
fluctuations in ratio would not justify such an increase at
this time. Mr. Thorne assumed to base his figures on revenues for January and March 1917. February was excluded
as an abnormal month, due to severe cold and to embargoes
on virtually thirty-eight representative roads included in
statistical exhibits. In his data Mr. Thorne applied the
operating ratio of previous years to the January and March
revenues and added to the operating expense thus obtained
the increased labor costs due to the Adamson Law and advanced costs in supplies and equipment. Further quotations
from Mr. Thorne's argument will be found in the succeeding article.
Charles Donnelly, in closing the arguments for the Western railroads on June 12, declared, according to the "Journal
of Commerce," that the petition for the advance rested
upon the showing of the enormous advance in the "cost of
living" of the railroads to-day. Mr. Donnelly maintained
that it has been shown that of twenty of the leading Western
roads operating 110,000 out of 140,000 miles of railroad the
net income, which in the calendar year 1916 amounted to
$403,000,000, would have been reduced to $277,000,000 if
these roads had been operated in that year under the conditions as to wages, fuel prices and material prices which
now prevail or which, within a few weeks, must be met.
The "Journal of Commerce" also quotes him as follows:
Our opponents insist that even if the net revenues were to be reduced to
the point where they would be inadequate to meet fixed charges and present
dividend requirements, there is in the accumulated surplus a fund which
may be resorted to. A surplus of any considerable size is possessed by
only a few of the carriers and where possessed, it is for the most part reinvested in property and is not available for distribution among stockholders. So far as it exists in the form of cash it is not more than is needed
for working capital.
It is a cardinal principle of rate making that the value of the service, as
well as the cost of the service, is to be considered in determining what the
freight rate shall be. Viewed from this standpoint also, the increases are
justified. The commodities which the carriers are now moving have increased in value from 50% to 200% since the freight rates on which they
move were established. Such traffic can easily pay the increase proposed
and this is generally recognized by those who must pay it. The senitment
of shippers regarding the proposed advance, as evidenced by hundreds of
petitions addressed to the Commission, is overwhelmingly in favor of it.
The great need of the time, accentuated as it is by the crisis upon which
we are entering, is for increased transportation efficiency. This demand
cannot be met nor can present efficiency be maintained if the transportation industry is denied the right possessed and exercised by all other forms
of industry of meeting increased expenses by increased charges.
On June 8 a delegation representing the new Nationai
Association of Owners of Railroad Securities, formed in
Baltimore last month under the presidency of S. Davies
Warfield, appeared before the Inter-State Commerce Commission and urged that it grant the plea of the railroads for
the increase asked for. The following appeared on behalf
of this association: Darwin P. Kingsley, New York, President of the New York Life Insurance Co.; H. A. Schenck,
New York, President of the Bowery Savings Bank and of the
Savings Banks Association of the State of New York; John
E. Oldham, Boston, and Robert Y. Maddox, Atlanta, Ga.,
President of the Atlanta National Bank. It was pointed
out by the representatives of the Association, which comprises in its memberships life insurance companies and banks
and trust companies, that approximately half the people of
the country are indirectly investors in railroads and therefore concerned in the stability of securities. According to
the Baltimore "Sun" of June 8, Mr. Warfield's plea was presented by Frank Hagerman of Kansas City, counsel of the
organization, who had charge of the Government's case
before the Supreme Court in testing the Adamson EightHour Law. The "Sun" added:
This paper set forth that the association represented through the holders
of life insurance policies, depositors in savings banks, &c., the "very
definite ownership of more than 50,000,000 people of the United States"
in the stocks and bonds of the carriers.
It pointed out the necessity of "permitting the carriers, through their
rates, to establish such a margin of safety, which we will call a surplus,
beyond their actual requirements for meeting their fixed and other charges,
as will establish their credit and admit of their being economically and
successfully financed.
Mr. Warfield also brought the wide extent of railroad ownership to the
notice of the Commission as follows: By more than 1,000,000 individuals,
$10,000,000; by life insurance companies, policies owned by 33,000,000
people, $1,550,000,000; by savings banks with 10,000,000 depositors,
$847,000,000; by fire, marine, casualty and surety companies, $649,000,000; by benevolent associations, colleges, schools and charitable institutions, $350,000,000, and by trust companies, State and national banks,
$865,000.000. The balance, he said, is held abroad. Ho added that
three-fifths of the capital of the carriers, $17,000,000,000, is represented by
bonds and other evidences of debt, that three-fifths of the securities of the
carriers had no representation in their management, and the other twofifths is represented through stock by directors. This fact alone, he said,
brought the Association of Security Owners into existence.
Mr. Kingsley submitted a statement in behalf of the policyholders, in which he said:
2413
If a road is to serve the country effectively it must be able to finance itself.
To sell its securities to life insurance companies hereafter a road must show
that its revenues are sufficient to cover depreciation, upkeep, interest.
amortization and a reasonable surplus after paying the stockholder a fair
return on his money."
Mr. Maddox, in behalf of the savings banks, made an
argument, saying in conclusion:
Whatever may be the reasons for it the fact is that unless assistance is
given the public confidence will be so shaken in railroad securities as to
cause a contraction in one of the most important bases of credit in the
country. The only way in which this confidence can be maintained is by
action on the part of the Commission toward the carriers as will convince
the public that the needs of the railroads will be met.
Mr. Schenck asserted that the average Eastern savings
bank depositor has about 0 invested in railroad paper.
An increase in freight rates, he said, would be reflected on
the account of every man who has a dollar in a savings bank.
On June 1 Pacific Coast lumber dealers told the Commission that a 15% increase in freight rates would menace
the future of the fir and redwood shippers. "The Western
lumber business is just recovering from a long and heavy
depression," said Junius H. Brown, Secretary of the California Redwood Association. "A raise in rates would mean
a curtailment of shipments, and consequent heavy losses."
W. G. Powell, rate statistician for the Nebraska Railway
Commission, on the same day presented data to show the
effect of the Adamson Law on the Lincoln division of the
Chicago Burlington & Quincy lines. The division's payroll for trainmen and enginemen, he declared, showed an
increase of 11% as a result of the eight-hour basic day.
Wheat producers of North Dakota would suffer heavy
inroads on their profits of 4 or 5% if the increase were
granted, according to a statement made to the Commission
on June 3 by William Langer, Attorney-General of the State.
Farmers from the grain belt declared that greater freight
charges would result in a marked decrease in production.
That the nation's annual meat bill would be increased more
than $8,000,000 by the 15% increase was the assertion made
on June 4 by S. H. Cowan, representing the National Live
Stock Shippers' Protective League. Mr. Cowan said:
The increased freight on live stock would add between $8,000,000 and
$9,000,000 to the earnings of the carriers. Eventually the consumer would
have to foot the bill. Because of local weather conditions, cattle on the
ranges often have to be shipped from one grazing section to another, and
back again. With one animal being freighted perhaps four times, rates
are a considerable factor in the price of meat to the ultimate consumer.
Independent oil refiners from Kansas; Oklahoma, Pennsylvania and Ohio told the Commission that an increase in
freight rates would hit the independents harder than the
Standard Oil Co. and its subsidiaries. W. C. McEwen
presented the protest of the Western Petroleum Refiners'
Association, saying:
The Standard Oil Co., because of pipe lines, would suffer considerably
less than its competitors. As our own prices are already dependent upon
those fixed by Standard Oil, it would mean another blow to independent
mterests. Independent oil companies should not be required to contribute
to the carriers' fund for better equipment. We now rent, or own andmaintain, large numbers of tank cars which cost the railroads nothing.
In reporting that on June 5 John M. Glenn, Secretary of
the Illinois Manufacturers' Association, had entered a plea
before the Commission for the granting of the flat advance,
the "Journal of Commerce" pointed out that his testimony
proved the more remarkable because the witness had, upon
a number of occasions, appeared before the Commission to
oppose freight rate advances. It quoted Mr. Glenn as
saying:
There are some things that are self-evident, and one is that the transportation companies cannot meet the constant increases in expenses without a corresponding increase in revenue. No industry could have lived
if prices and compensation had not been increased. We are not on the
level on which we were before the war started.
Does any one suppose that we can back up the Allies if we have not the
facilities to get our products to the seaboard? Our Government has
undertaken the tremendous task of bridging the great Atlantic with wooden
ships and has placed at the head of this titanic task one of our greatest
engineers and soldiers. Of what value will all the expenditure be if we
cannot reach the docks with our munitions, manufactured goods and
products of the soil?
The reply may be made we can do this on present rates if the railroads
are managed economically. But how does any one know this? A congestion has confronted the shipping public during the last six months such
as was never before known. Will any one deny that statement? Is not
transportation one of the main factors in the conduct of the war? What
does it matter if we have all the munitions and food in the world and cannot
move it to the places where it is needed? It is like having all the wealth
In the world and losing one's soul. Compared with the big things our
Government is doing the $300,000,000 which the opponents of this proposed
advance say an increase of 15% will raise seems small. I saw a statement
made by learned counsel on the other side a few days ago that the net
earnings of the carriers for the last six months of 1916 were as follows:
July, $107,500,000; August, $123,600,000; September, $121,700,000;
October, $128,000,000; November, $115,822,000, and December, $101,714,000.
The total for the period amounted to $698,336,000. Why, the increase in the value of the corn crop in the United States for 1916 oN er
1915 was $563,000,000, and of the potato crop $195,071,000. Those two
products of the farm had a net value over the profits of the previous year
2414
THE CHRONICLE
[VOL. 104.
000. Other deductions from income reduced the final net
operating income to $40,780,000, as compared with $65,850,000 in 1916.
It was plaintly evident, Mr. Patterson concluded, that
Former Governor W. R. Stubbs of Kansas told the Com- without an increase in rates, the carriers would find it immission on the 5th that the railroads of the United States possible properly to operate and maintain their properties,
had a billion dollars surplus. If an emergency exists, he and he reiterated the statement of Samuel Rea, President
of the Pennsylvania Railroad, that the railroad situation
added, now is the time for them to spend it. He declared:
I believe this will be a banner year for the roads, without a 15% raise in presented a menace to the country.
of more than the net earnings of the carriers for six months, and the
profits of the corn and potato crops of 1915 were indeed handsome.
The excess profits in 1916 over 1915 on six products were as follows:
Corn, $563,103,000; wheat, $145,762,000; oats, $96,673,000; potatoes,
$195,071,000; hay,$95,250,000, and cotton, $475,000.
freight rates. The consumer and the producer would have to foot a $300,000,000 additional bill if this advance were approved. With the public
paying heavy war taxes, now is the time for the stockholders and bondholders of the carriers to "do their bit" and not throw an added burden on
the consumer.
On June 9, when counsel for railroads and shippers of the
East presented their final arguments on the proposed increase, George Stuart Patterson, counsel for the Eastern
carriers, made the principal argument on their behalf. He
laid emphasis on the statement that the financial necessities of the carriers were inseparably interwoven with the
necessities of the nation, and said:
One of the most important lessons of the war is the absolute necessity of
railway preparedness as an incident to military preparedness. That is
the lesson of France, of England, of Russia and of Germany. Our first
duty is to supply to our allies food and munitions. These must be moved
with the utmost expedition to the seaboard.
Then will come the construction of mobilization camps, the installation
of siding and terminal facilities at those camps, and the movement of
material to and from plants doing Government work. This traffic must
be all moved with the utmost expedition, which will doubtless mean increased empty car mileage, diminished train loads and additional shifting
and yard movement.
But irrespective of this there is one thing absolutely certain, and that is
that track and equipment must be kept to the highest state of efficiency
and repairs made promptly without waiting for lower labor and material
costs, and therefore the carriers must have the revenues necessary for such
costs. In that sense the rate increase bears a definite and immediate
elation to the successful prosecution of the war.
The great rise in all.prices, except the price of transportation, Mr. Patterson pointed out, had suddenly brought the
carriers to a situation that, in the. public interest, irrespective
of war conditions, demanded adequate and immediate relief.
In recent months there had not only been large advances in
wages, but a rise in the price of all railroad necessities unprecedented in the history of transportation. Current commodity prices, as reported by the Government, he said,
averaged 37% above the calendar year 1916 and 70% above
1915. Pig iron, the basic commodity used in the manufacture of the great bulk of railroad materials, was now
commanding a price of 114% above the average for 1916
and 170% above the average for the preceding ten years.
Locomotive fuel had advanced 65% over last year. This
would add $68,400,000 to the annual cost of train operation
on the Eastern roads. Materials purchased by these carriers other than fuel had advanced an average of 42%.
The carriers bought in 1916 a total of $211,000,000 of materials that were paid for out of earnings. The higher level
of prices for 1917 would increase this cost by 9,000,000.
Wages had been increased by $77,000,000. Of this amount
$36,000,000 is due to the Adamson Act, while $41,000,000
provides for higher wages for, other employees. These increased expenses for labor, fuel and materials, Mr. Patterson said, meant an added cost of operation for the Eastern
carriers of $235,000,000 a year, or about 20% of freight
revenues. To help meet these higher costs the carriers had
asked for a 15% advance in freight rates, which, if secured
in full (State and inter-State) would add $158,000,000 to
revenues, or $77,000,000 less than the increased expenses.
Mr. Patterson said that while the year 1916 had recorded
the largest earnings in the history of the Eastern roads, the
net operating income on the property investment showed no
more than 6.64% and that the average dividends for the year
were only 4.33%,or the lowest paid in twelve years. Under
the present cost of labor and materials, the net return on the
investment, without an advance in rates, would be reduced
.from 6.64% to 3.55%. Even with the 15% rate advance,
said Mr. Patterson, this return would still be only 5.54%.
These figures, he pointed out, showed the imperative need
of generous relief in more adequate rates.
Mr. Patterson illustrated by the current reports of the
Eastern carriers the effects of rising operating costs. Although the full effect of the advance in wages and materials
was not yet. reflected in the monthly returns, the three
largest Eastern systms—Pennsylvania, New York Central
and Baltimore & Ohio—showed a loss in net operating income for the first four months of the present year of $25,000,000, or 38%,in spite of an increase in business of 6y2%.
Although the business of these three systems for the four
months increased $18,300,000, their expenses increased
$37,860,000, thus making a loss in net earnings of $19,500,
The cases of the Southern roads and shippers were submitted on June 11, with five hours of final arguments.
R. Walton Moore, chief counsel for the Southern roads,
told the Commission that the roads are facing an emergency
due to increased wages under the Adamson Eight-Hour-Day
Law and to tremendously advanced prices of supplies.
He said:
There has been little protest here against an increase in freight rates on
Eastern roads, and yet the Southern lines face a situation as serious as, if
not more serious than, those of the East. Our credit is not as strongt
Our net earnings are decreasing, and we have not the reserve forces of
Eastern lines to meet severe strains.
Mr. Moore attacked the force of the shippers' arguments
against disturbance of rate relationships, and continued:
Rate relationships were never of less importance to the country than they
are right now. The markets are taking everything that can be produced,
and if there ever was a time when shippers could stand a horizontal increase
it is this period of heavy demand, quick markets and high prices for their
commodities.
On June 7 a mass of expense records and estimates was
submitted to the Commission by the railroads in rebuttal of
evidence presented by the shippers opposing a 15% general
freight rate increase. A table prepared by statisticians for
the carriers put the average increase of materials used by
railroads at 45% in the last two years and 31% since July
supplies were bought. Since the close of the last fiscal year,
according to the table, the price of pig iron has advanced
112%, steel billets 90%, structural steel 58% and other
materials at such a rate as to make an average increase of
26% for all metals used in construction.
It may be noted that the bankers of Scranton, Pa., have
put forth their efforts in behalf of the railroads' plea for increased freight rates. At a meeting of the representatives
of the banks of Lackawanna County, at Scranton, Pa., on
May 21, a resolution was unanimously adopted directing
that C.W. Laycock, of Wilkes-Barre, act as their representative in urging upon the Inter-State Commerce Commission, through the committee appointed at the meeting of the
holders of railroad securities at Baltimore, May 23 that the
demand forincreased rates "should be substantially complied
with, it being believed that such advance would not only be
fair to the railroads, in view of the increased cost of operation, but that the same is absolutely essential for the efficient and proper operation of the transportation companies
of the country, especially at this critical period." It was
furthermore requested that Mr. Laycock urge said increase
for the additional reason that "the said banks are unanimously of the opinion that, irrespective of the critical time
in the history of the country, there is grave danger of the
value of said securities being permanently imperilled if such
relief is not afforded, and they would further call attention
to the fact that this very appeal, made not for selfish reasons but to broadly strengthen a large and important volume
of their assets, is made at the very meeting at which they are
perfecting the machinery for helping in the successful flotation of the Liberty Loan."
INCREASED OPERATING COSTS OF RAILROADS—
ARGUMENT OF TV. B. BIDDLE.
The testimony of W.B. Biddle, President of the St. LouisSan Francisco Railway, at the hearing before the InterState Commerce Commission on May 11 on the application
of the railroads for increased freight rates, has been printed
in pamphlet form. In his argument Mr. Biddle stated that
in the case of his road the evidence that an emergency exists
and one that justifies the granting of the increased rates
lies in the fact that the costs over which the company has
no control have increased at a rate which, applied to the
business for the calendar year 1916, shows an increase of
more than $6,000,000 per annum, while the rate of compensation has remained practically the same. Mr. Biddle
urged that the relief be granted by a percentage increase.
We quote as follows:
The increase should not be lass than 15%, because the evidence shows
hat even that proportion will not overcome the increased costs created by
the emergency.
JUNE 16 1917.1
THE CHRONICLE
In the case of the St. Louis-San Francisco Railway, the increased costs
are equivalent to 17.3% of its gross freight revenue, based on the calendar
year ending Dec. 31 1916, and are still rising. These, together with other
increases which are threatening, will, it is believed, on the basis of last
year's operations be equivalent to 20% of gross freight earnings.
If the St. Louis-San Francisco Railway had alone been involved in this
application for increased rates, we should have asked for not less than 20%
and should the relief granted by this Commission, after a fair trial prove
inadequate, we shall certainly feel at liberty to again appear before this
Commission and ask for further relief.
The causes contributing to the emergency are:
First—The well known fact that railroad facilities have long been inadequate as to terminals, passing tracks, power and equipment; that net
earnings have long been insufficient, even under so-called "normal conditions," to enable the carriers to provide the needed facilities and to give
adequate and satisfactory service; that even before the present emergency,
the margin of safety was steadily diminishing, as was clearly demonstrated
in the Western Advanced Rate Case.
Second—Aside from the foregoing, the principal factor has been the
conditions, either direct or indirect, growing out of the European war and
now accentuated by our own state of war.
Third—The Adamson Act has increased the pay-roll of the St. LouisSan Francisco Railway at the rate of approximately $1,000,000 per annum,
the actual increase for the three months ending March 31 being $233,877.
The wages of other employees have increased at the rate of $1,000,000 per
annum.
Relief should be given to the extent that it is shown that expenses beyond the control of the carrier have increased.
In answer to the question as to when the present emergency arose:
Operating costs have been generally increasing for a period of years, as
indicated by the decision of the Commission in the Five Per Cent Case.
This tendency was temporarily arrested at the outbreak of the European
war, but since that time, costs have been increasing even more steadily,
and to a level far beyond the prices of previous years.
The present sharp increase in cost of materials began during the calendar
year 1916, but the increased prices experienced in that year were very much
lower than the prices of to-day, and very much lower than prices that have
obtained since Jan. 1 1917, since which date the upward acceleration of
prices has been entirely unprecedented. It may be fairly said that, while
the tendency towards greatly increased costs has been observable for several months, the situation has only recently become acute, due,first, to the
taking effect of the Adamson Act, but more particularly to the enhanced
prices for fuel and materials which the carriers have been and are now
being required to pay on contracts maturing after the first of January.
Income taxes will be largely increased.
Operating revenues will be affected unfavorably to the extent that we
are called upon to transport Government forces and material—the rate of
pay for passengers being about 57% of the commercial rate, and for freight
about 62%. These figures are the result of actual movements of large
volume of both freight and passenger traffic over the Frisco railroad. The
reduction from the commercial tariff rate is caused by the land grant de
ductions applying via certain linos and the lowest rate made by any line
applying via all lines.
Operating expenses will necessarily be increased by special service required, not only on all business for the Governnlent itself, but on all material required by manufacturers supplying the Government and by the
unusual movement of empty cars, or, to put it broadly, by handling the
business with one object only in view, namely: Service to the Government
regardless of cost.
The total amount of increase in wages during the period from Jan. 1 to
March 31 1917, as a result of advances in wage rates becoming effective
since Dec. 31, is $233,877, all of which increase is the result of the advances
in the wage scale of train and yard employees made effective by the Adamson law. There have been no other increases of note since that time.
The effect of the eight-hour law is to increase* the rate of pay per mile
or per hour of the individual employee 25%,in that it gives him the same
compensation for eight hours' work as was previously paid for ten.
In the case of the St. Louis-San Francisco, the result has been to increase
the pay of road freight train and enginemen and all yard enginemen and
switchmen an average of 20%.
Up to this time, the study that has been made of the situation created by
the eight-hour law has failed to develop any plan by which the costs can be
offset.
At this point,'I wish to call attention to the fact that the increase on
account of the so-called "Adamson Law" is only about 16% of the total
actual increase in costs that the St. Louis-San Francisco Railway is now
facing—the proportion being one million ($1,000,000) dollars out of a
total of $6,233,000.
I also wish to call attention to the fact that several of the gentlemen who
have preceded me have stated that a material increase had been made
or would have to be made shortly in the wages paid for roadway labor.
This is also true of the St. Louis-San, Francisco Railway, but no calculation
has been made of the amount and no estimate is included in the figures
previously given.
Increased Prices of Materials and Supplies.
The increases in fuel prices took effect April 1 and the increase for the
(9)
months of the calendar year will be $760,000, or at the
remaining nine
rate of $1,013,000 per annum—an increase of 32%, or 55 cents per ton.
These prices are F.0. B.cars at the mine, plus foreign line freight charges.
No changes have occurred in the divisions of freight rates that affect the
tcost to this company.
The foregoing figures are a minimum. They may be higher, as all of our
requirements have not been provided for.
The actual increase in material and supplies, excluding fuel, based on
using the same quantity as during the last calendar year, will be $3,220,000,
or 32%—or a total increase hi cost of $4,233,000 for the same quantities
of material, supplies and fuel as were required for the calendar year 1916.
The above figures of increased costs are not reflected in the statements
of operations for the three months ending March 31, for the reason that
the material and supplies used during that period were largely either from
stock on hand or from goods delivered during that period under the 1916
contracts; and the contracts for fuel expired on March 31, on which date
the increased pricier became effective.
Summary of the Increased Costs.
Adamson Law ________________________________$1,000.000
Other wage increases
1,000,000
(Already made.
1,013,000
Coal
Other purchases
3,220.000
$6,233,000
The foregoing estimates of increased wages and increased cost of fuel
and supplies, amounting to $8,233,000, which the St. Louis-San Francisco
Railway will have to pay during the next twelve months, include only
2415
those increases which are known and have accrued or are accruing—aggregating, as previously stated, 17.3% of the gross freight revenue of the calendar year 1916—and do not take into account the continued upward tendency of prices which the company is likely to have to pay on contracts
subsequentlty maturing during the year; nor do they take into account
any possible wage adjustments which may have to be made.
Increased Cost of Equipment.
Another illustration of increased costs which might properly be added
to the amount of six million ($6,000,000) dollars, but which has not been
included, relates to the purchases of now locomotives.
In February 1916 this company placed an order for thirty (30) freight
locomotives, at a cost of $36,750 each, and in April 1916 ten (10) passenger
locomotives at a cost of $36,000 each. Delivery of these locomotives was
to have been made beginning July 1 1916, and all should have been in
service by Sept. 15. Owing to the unusual conditions prevailing, the first
one of these locomotives was delivered in December 1916, and the delivery
of all of them has not yet been completed.
With the organization of the new St. Louis-San Francisco Railway, the
decision was reached that additional power was required, and an order was
placed for thirty (30) more freignt engines of the same type and to be constructed from the same specifications for which we were obliged to pay
$51,000 each—an increase of 41%. In February of this year, inquiry was
made for seven (7) additional locomotives of precisely the same type to
replace other power which it was expected to dispose of, and we were told
that the lowest price that they could name us was $69,750-91% over the
engines contracted for one year previously., and 35% over those contracted
for four months previously.
We have purchased no new freight car equipment since prior to the
receivership. The plan had been for the new company to purchase some
freight equipment, for the reason that the available equipment now is
about 10% less than it was on June 30 1913, whereas it should be normally
about 15% greater. The cost, however, has been prohibitive, and we
have at this time no plans relative to the purchase of equipment.
Effect on Gross Revenues of Previous Rate Increases.
It is my judgment, without having been able to make any definite computations, that the effect on gross operating revenue of advances or reductions in rates which have taken effect since Jan. 1 1917 is negligible.
It has not been possible in the short time since the memorandum was
received to prepare data to show definitely the increased revenue that
accrued on lumber traffic since Jan. 1 1913, nor the increase obtained
under the Fourth Section readjustment.
Estimate of Approximate Amount of Increase That Will Result From 15%.as
Compared With Dec. 311916.
The gross freight earnings of the St. Louis & San Francisco Railroad
and its successor the St. Louis-San Francisco Railway for the year ending
Dec.•31 1918 were $36,000,000, of which 80%. or $28,800,000, was on
inter-State traffic.
We, or rather I, estimate that the application of the differential adjustments which we have agreed to observe will reduce the percentage on
inter-State traffic to not to exceed 10%. This would give an increase of
$2,880,000 in net earnings on the basis of the year ending Dec. 31 1916,
to which would be added such advances as we are able to secure from
the various States; assuming that the same percentage of increase is obtained on State traffic, a total net increase of 83,600,000.
SUPREME COURT DECIDES AGAINST MISSISSIPPI
COMMISSION IN ORDERING RESTORATION
OF PASSENGER SERVICE CUT BY WAR.
The United States Supreme Court on June 4 affirmed
a decision of the Federal Court for the Southern District of Mississippi, annulling an order of the Mississippi
Railroad Commission which would have required the Mobile
& Ohio RR. to restore six passenger trains. The trains were
discontinued as a measure of economy at the beginning of
the war. It is stated that counsel for the railroad contended
that the trains were in inter-State commerce, and that the
State Commission was without power to require their continuance.
HOWARD ELLIOTT ON WORK OF RAILROADS' WAR
BOARD.
A statement outlining "What the Railroads are Doing to
Help Win the War"was issued by Howard Elliott oftheNew
York New Haven& Hartford RR on June 7. Mr. Elliott,who
is one of the members of the Railroads' War Board, states
that since the Board started work it has taken up many
subjects. The members have, he says, been in practically
continuous session since April 23, going home and to their
railroad headquarters on Saturdays and Sundays to keep in
touch with the details of their properties. With regard to
the work of the Board he says:
One of the first and most important was to try to help move a greater
quantity of fuel, which must be moved if the manifold activities of the
United States are to go on, and if we are to make the things that we need
and that the Allies need; and, as a corollary, to bring down the greatest
quantity of iron ore from the upper Lake ports, so that the factories can
make the steel and iron.
We have modified the so-called car service rules and we think there is a
more fluid movement of such equipment as exists.
At the suggestion of the Council of National Defense, the Railroad War
Board supplied to the Government five trained railroad officers, who were
commissioned to go to Russia to see what they could do to help the TransSiberian RR. to move toward the Russian front the freight piled up at
Vladivostok.
Also,at the request of the Council and partly at the request of the French
delegation, we are arranging to obtain nine regiments of trained railway
officers and trained railway employees to help the English and French
people carry on their railroad activities, principally in France where, as
you know, the man power is strained to the limit.
We brought about,through Mr.Peabody of Chicago, an experienced coal
owner and dealer, with the co-operation of the Lake carriers, and the ore
carriers, a pooling of coal, so that when coal arrives at the lower Lake ports,
there will be a minimum amount of delay in putting the coal into the boats,
thus releasing the cars and sending the boats forward promptly.
2116
THE'CHRONICLE
[VOL. 104.
Much of the time of the Railroad War Board is devoted to conferences passenger service to the extent of seriously incommoding the
with those who are co-operating with the Government. We have had public. So far no reductions in'passenger service have been
numerous interviews; interviews with the French delegation, interviews
with the English delegation, and interviews with Mr. Hoover, to try to get made beyond some in local and commuting service on Eastern
a better method of co-ordinating the movement of food products.
lines, and this, it is pointed out, should not cause alarm to
The daily press has had much to say about the so-called car shortage, anyone.
and the freight congestion, which the War Board is trying to solve through
our Car Service Conuniasion. That Commission makes a report to us once
a week. They sit,six days in the week and many evenings; they meet countless people with complaints.
FINLAND'S PEOPLE WANT INDEPENDENCE.
Car shortage perhaps is a misnomer, though it is not a misnomer where
from Helsingfors, Finland, on May 21 stated
Dispatches
he
needs.
cars
all
the
not
getting
is
he
because
is
concerned,
the shipper
But it.is a misnomer in that the failure of the railroads to supply cars is due that a resolution favoring a complete separation of the
not so much to the non-existence of enough cars, as to the fact that the Grand Duchy of Finland from Russia had been passed on
railroad system is overtaxed as a whole because of lack of terminals, lack
of sidings, lack of modern appliances on some of the railroads, and lack of the preceding day by a congress of the Swedish political
modern appliances by shippers and receivers of freight in some places, so party, representing a majority of the most influential and
that the maximum use of each car is not obtained.
wealthy classes of Finland. The resolution said:
These facilities have not been added to to the extent to which they should
The Finnish people have progressed so far in cultural and political dehave been in the last five or ten years. Those of us who have been in the
railroad business a long time have preached for years that the country, for velopment that Finland is entitled to make a demand toltake_her place as
its own interests, ought to permit the railroads to spend at least a billion an independent State among the number of sovereign nations.
dollars a year in new additions to our plant. The country has not perThis radical resolution is a later development of the
mitted us to earn enough to spend a billion dollars and our plant is not all
separatist agitation, which started after the revolution and
that it should be.
On May 1 there was, according to the record, a so-called shortage of has been causing anxiety in Petrograd.
150,000 cars. In round numbers there are 2,500,000 cars in the United
The agitation is attributed to a speech made in ParliaStates. If, by a little better loading by the shipper, a little better unloading
he used
by the shipper, a little better movement by the railroad, and a little more ment by Premier M. Tokoi of Finland, in which
alert work by every man in the railroads, from the President down to the one expression implying that Russia had ceased tebe a
waterboy, each car was used a little better, it would not take very long to suzerain power and had become a friendly neighbor and
get that 150,000 cars out of the 2,500,000 cars.
The railroads, in spite of their difficulties, have done a good deal in the possible ally. The temporary government claimed it had
last eighteen months to try to add to their cars and engines. For example, succeeded to all the rights of former Emperor Nicholas as
there have been placed in service Nov. 11916,989 engines and 44,063 cars. Grand Duke when it restored the Finnish Constitution on
There are now under order as of April 1 2,209 engines and 104,917 cars.
Those engines and those cars we hope will be received between now and the March 20. The Finnish Parliament, however, during the
first of January. If so, since the first of November last and by the first course of debate on a food measure declared it was an open
of January next, there will have been introduced 148,980 cars into the
question whether the temporary Government's claim was
service, with an average capacity of over 50 tons, and 3,188 engines, with
an average tractive power of 54,000 pounds, which is very much above the correct, whether therefore that Government had inherited
average of the engines of the United States.
the rights of the former Emperor to sanction or refuse to
But in spite of all this I feel, and the War Board feels, that if the war goes
acts of the Finnish Parliament. The temporary
sanction
manube
can
that
transportation
of
amount
total
the
will,
on as we fear it
factured, under the existing conditions, when men are called to the colors or Government holds that action on the suggestion of the
sent to France, or have to go into other forms of work, will not be sufficient. Finnish Government for the immediate passage of measures
I am afraid there will be a continued shortage of transportation. In increasing Finland's present measure of independence must
that event it is going to be necessary, in the interests of the nation and in
the interests of the Allies, to use such transportation as there is for the await the meeting of a Constituent Assembly to draw up a
essential things. The public should willingly give up the non-essentials. constitution for the whole Russian empire.
In other words, it is going to be a great deal more important for this country
Professor Erich, p, prominent advocate of complete into move food, fuel and iron, and the essentials of life and manufacturing,
than it is to move what might be called the luxuries, the things that we can dependence for Finland, has declared that Finland attained
going
are
we
that
get along without in this terrible world crisis. We hope
absolute independence by the fact of the revolution, when
to be able to move it all, but I think it is only fair to point out the facts, and
the revolution occurred; he added that Finland's future
to ask the public's cordial support.
As one step in that direction the War Board has asked the so-called relation with Russia would depend exclusively on the will
various
their
*Departmental Chairmen to call their committees together at
of the people and could be regulated only by voluntary
headquarters throughout the United States to go over the passenger
treaties of an international character. The
passenger
Finno-Russian
of
duplication
a
is
There
carefully.
most
country
schedules of the
in old Finnish Party, which has always been persistently
schedules in certain places. There is very luxurious passenger service
along
get
can
some places, and we would like to keep it up, but the country
Russophile is said to be the only party solidly opposed to the
without some of it.
passenger
program. Some members of the Swedish
the
in
independence
made
changes
some
be
there
that
We are suggesting
schedules, not with the idea of saving money, not with the idea of failing parties and of the Socialist party are opposed to indepenpower,
motive
to serve the public, but simply to save man power, fuel and
dence claims as premature and as liable to cause irritation in
all of which should be applied to the transportation of necessities.
has
there
and
up
it
taken
has
Russia.
Congress
that
important
This matter is so
railroads, but
been introduced in Congress, not at the suggestion of the
As a mark of favor to the people of Finland, the Prodifficulty,
the
see
at the instance of members of that body, because they
Government, on the proposal of the Finnish Senate,
visional
directhe
under
Government,
the
of
a bill which will empower some agency
must give on May 31, proclaimed the complete or partial remission of
tion of the President, to say to what commodities the railroads
and I
for crimes or
preference. That bill has been favorably reported by the Senate,
presume is now on its passage.
of this
It is essential to the welfare of the people, and for the preservation
We
great American railway system that some such measure be enacted.
asked
have courageously started out to do these things that we have been
of
have
we
to do by the Council of National Defense, and yet,in doing them
Sooner
necessity run counter to some Federal laws and some State laws.
efficiency
or later we will have to stop in our efforts to get this maximum
this and
unless, as a war measure, the Federal power says, You must do
suits.
damage
you must do that, without being subjected to countless
Those serving with Mr. Elliott on the War Board are
Fairfax Harrison of the Southern Ry., Chairman; Hale
Holden of the Chicago Burlington & Quincy RR.; Julius
Kruttschnitt of the Southern Pacific, and Samuel Rea of the
Pennsylvania. The railroads formed their organization at
the request of Secretary Lane and the Board works with the
Council of National Defense in the closest possible way. Mr.
Elliott states that the Board's estimate is that "not counting
the salaries of the railroad officers who are devoting a very
large amount of their time to this national work,and carrying
on, as well as they may, their regular activities as railroad
officers, the American railways will contribute about $500,000
a year to this special work."
Julius Bruttschnitt, Chairman of the Executive Committee
of the Southern Pacific Co. and member of the Railroads'
War Board,recently announced in a telegram that no serious
inconvenience would be occassioned the public by the readjustment of the railroad service to meet the needs of the
Government. The message served to allay apprehension of
the general public that passenger service would be radically
curtailed. The positive statement has been made that the
Board has neither directed norsuggested that the roads reduce
sentences pronounced on all Finnish citizens
offences committed prior to March 20 1917.
GEORGE E. ROBERTS ON PROPERTY RIGHTS AND
TRADE RIVALRIES.
A discussion of "Property Rights and Trade Rivalries as
Factors in International Complications With Special Reference to Investments and Concessions" was entered into on
June 1 by George E. Roberts, Assistant to the President of
the National City Bank, before the National Conference on
the Foreign Relations of the United States at the Chamber
of Commerce in this city. The conference was held under
the auspices of the Academy of Political Science in the City
of New York. In the treatment of his subject Mr. Roberts
stated that "international investments are the natural
corollary of international intercourse and international
trade." Some countries," he added, "are further advanced
industrially than others and it is mutually advantageous that
they shall supply the more backward nations with railroads,
docks and other public utilities, and take their pay by the
only means practicable, to wit: In Government bonds, or
by becoming in a greater or less degree the proprietors or
creditors of the enterprises. Such transactions create international investments. This is what critics call the 'exploitation' of one country by another." Continuing Mr.
Roberts said:
It was under "exploitation" of this character, at the hands of England,
Holland and the other countries of Western Europe, that the development
of the United States was so rapidly accomplished, until it is now In position
to "exploit" other countries in turn. In this manner New England "exploited" the Middle West and the Middle West exploited the Far West and
JUNE 16 1917.f
THE CHRONICLE
the Middle and Far West overflowed into the Canadian Northwest, and
has been "exploiting" that region by developing its resources.
And across the other border,there has been an "exploitation" of Mexico
of which more has been said, although the processes and results were the
same. There was an opening up of the dormant resources of the country
and an installation of equipment and facilities, creating new demands for
the labor of the country, with the result that in the neighborhood of all these
scenes of "exploitation" wages doubled and trebled. The more capital
went into Mexico, the greater was the competition for labor and the more
independent and ambitious the laborers naturally became.
It is perhaps pertinent here to say that reports to the effect that American
interests in Mexico were in any way responsible for the disorders there,that
'they were taking sides with or against any of the factions, or that they have
displotted against the sovereignty or independence of Mexico are to be
credited. There are, or were, a great many American interests in Mexico
larger
and nobody can speak for all of them, but it is safe to say that the
there are
interests which are usually in mind when American interests
never asked
mentioned, such as the mining, smelting and oil interests, have
the
for anything but that they be allowed to pursue their business under
employees
their
of
the
lives
for
laws of Mexico and that protection be given
citizens
and their property. They have reported the murder of American
as
and the violation of property rights to the United States Government,
for
conspired
they had a right to do, but any representations that they have
the
how
dictate
to
have
attempted
the annexation of Mexico, that they
the proUnited States should assert its rights, or that they have violated
are
prieties of their dual relationship to Mexico and the United States,
restorathe
so
anxious for
false. No other people in this country have been
they.
as
Mexico
United
and
States
the
between
relations
tion of friendly
The benefits of this development are not confined to the investors and
the country in which the investments are made. It is in the interest of the
whole world that new sources of food and raw materials shall be opened up.
It has been beneficial to the millions everywhere that foreign capital has
increased the supply of food from Argentina and Brazil, and the supply of
copper and nitrate from Chile, and of tin from Bolivia, and of rubber and
tea from Asia and of copper and silver and oil from Mexico. This is the
natural, orderly, inevitable process by which industrial progress spreads
from country to country, and the benefits of increasing wealth are diffused
throughout the world.
It is desirable that this spread and diffusion of wealth should occur, that
those things
the waste places should be developed and that the production of
increased.
which minister to the comfort and well-being of mankind should be
of
But there are difficulties attendant upon it, growing out of the mingling
of
degrees
of
different
and
other
races and civilizations strange to each
and their
culture; difficulties, too, growing out of the rivalries of nations
materials, to be
eagerness to obtain access to new supplies of food and raw
that they
able to pay for them with their own products, and to be assured
country.
rival
a
of
will not bo excluded from them by the strategy
of governAmong the difficulties are those arising from the instability
among these
ments, resulting from a lack of experience or development
government.
backward peoples in the science of social organization and
of stable
They do not always understand the importance of social order,
developand permanent policies, and of the sanctity of agreements. The
must be
ment of modern industry requires long-time investments, and there
injustice, or
at least a fair assurance of security from public disorder and
the investments will not be made.
Under the circumstances, it is natural and proper when an investment
in a foreign country suffers unjust treatment at the hands of the government
are
of that country, or falls to receive the protection which governments
expected to give, that the investors shall appeal to their home government
for help; and it is natural and proper that under such circumstances the
home government shall make representations in their behalf. It is a
recognized obligation of all governments to interest themselves in behalf
of their nationals when traveling or sojourning outside of the home country, to the extent of prbtecting them in the rights which are guaranteed by
existing treaties. It is one of the fundamental purposes for which governments are established and for which they make treaties with each other.
This obligation to protect the citizen abroad goes so far that no government will oven allow a citizen to bargain away the right of appeal. ,Certain
countries have passed laws providing that concessions and property rights
are granted to foreigners upon the condition that the latter agree to rest
their rights wholly with the courts of that country and under no circumstances to appeal to their home government, but the leading countries of
the world, including the United States, decline to accept such legislation
own
and such agreements as binding. They hold it to be contrary to their
just
public policy to allow their citizens to thus pledge away their rights,
workas the courts of this country hold to be void an agreement by which a
rights
man releases his employer from liability for personal injuries. The
and
of an American citizen abroad are of concern to the American people;
Moreover,
such
wish
rights to be impaired.
the Government does not
the
there is a principle involved which is broader than more Jealousy for
interests of one country, the same principle which is involved in our contention that neutral citizens have the right in time of war to travel in
belligerent merchant ships. We maintain the right of international intercourse upon the solid ground upon which all individual rights and national
rights must at least rest, to wit:that its exercise by all peoples is in the interest of civilization and for the good of the world.
It may be agreed that a very delicate question is raised when one nation
assumes to set up its Judgment and authority over another, but these
differences arise inevitably if intercourse and trade exist between the more
advanced nations and those which are more or less undeveloped in the experience of organization and government. Moreover, on account of the
competitive relations existing between the advanced nations, their political
as well as commercial rivalries, their suspicions and fears of each other, and
to sum up, the unsettled and anarchistic state of the world organization,
the pressure upon the weak and backward peoples is increased. Their
situation is undetermined; there is a probability that they will come under
the influence or domination of some stronger power, and perhaps become a
colonial dependency, with preferential trade relations. These probabilities
are bound to be a subject of concern to the responsible ministers of all
countries, who are charged with safeguarding the interests of their Peeples.
So long as a considerable portion of the world, including regions of great
natural wealth, is in this unsettled state, and there is no responsible world
organization to deal with the situation in a judicial manner, and with a
view to promoting the common good, this clash of interests will occur. The
countries which encourage their citizens to seek investments and trade
abroad and back them up most effectively, will be likely to lead in the
development of the backward countries.
It is clearly desirable that the world shall be organized for the Judicial
treatment of all questions arising out of international relations, in order that
they may be disposed of upon universal principles of equity, and with a view
to protecting and promoting friendly intercourse and the general good of the
entire international community. There is ground for hope that the alliance
of the chief democracies of the world in the present war will lead to a permanent organization for this purpose, into which every nptIon which gives
evldnece of good faith may be ultimately admitted.
2417
ARRIVAL OF GENERAL PERSHING WAND STAFF IN
EUROPE.
Major-General John J. Pershing and his staff, the first
representatives of the United States army that is to fight
in France, arrived at a British port at 9:30 a. m. on June 8,
after an uneventful, voyage on board the White Star liner
Baltic. A hearty welcome was extended to General Pershing
and his aides by official representatives of the British Admiralty, War Office and the municipal authorities of the
port where they landed. A guard of honor was provided
for General Pershing, consisting of Royal Welsh Fusiliers,
with its regimental band, which played the "Star Spangled
Banner" as the General inspected the guard. General
Pershing took with him to Europe a staff of 198-57 officers,
50 privates and a large civilian clerical force. Before leaving
for London General Pershing gave the following statement
regarding his trip to the newspapermen:
The trip has been delightful, particularly the latter stages, when we were
escorted through the danger zone by our own destroyers. Speaking for
myself and my staff, we are glad to be the standard bearers of America in
this great war for civilization. The opportunity of landing at a British
port and the welcome we received are very significant and are deeply
appreciated. We expect in the course of a very short time to be playing
our part, which. I hope, will be a very big part, on the Western front.
The War Department at Washington on June 8 made public, General Pershing's first general order as commander of
the American army expedition. The order gives a list of
the names of officers on his staff and the expeditionary
staff. Twelve members of the expeditionary staff are members of the Officers' Reserve Corps, one being Major Robert
Bacon of New York, formerly American Ambassador to
France and Secretary of State.
General Pershing was received at Buckingham Palace by
King George on June 9. He was presented to the King by
General Lord Brooke, who was designated aide to General
Pershing while in London. In addressing General Pershing
the King said:
It has been the dream of my life to see the two great English-speaking
nations more closely united. My dreams have been realized. It is with
the utmost pleasure that I welcome you, at the head of the American contingent, to our shores.
General Pershing and his party arrived at Boulogne,
France, at 9:40 a. m. on Wednesday, June 13, and were
welcomed by a number of British and French officials.
Rene Besnard, French Under Secretary for War, in greeting
the American commander in behalf of the French Government, said the Americans had come to France to combat
along with the Allies for the same cause of right and civilization. General Pelletier, who will be attached to General
Pershing during the war, also extended a greeting to the
Americans on behalf of the French army. Shortly after he
had stepped ashore General Pershing addressed the newspaper correspondents as follows:
Undoubtedly this is a most impressive day for all of us—the arrival of the
vanguard of the American forces in France. It has impressed us all very
deeply. We more fully appreciate the significance of our entry into the
war, after having stepped on the shores of France, than ever before, and
now it will be a very serious thing for us.
I feel warranted in saying that America is in the war to do her share'
whatever that share may turn out to be, whether great or small. I feel
every assurance in saying that that can be fully counted on.
General Pershing arrived in Paris later in the day and was
given a royal welcome. At the railway station he was
greeted by Marshal Joffre, Ambassador Sharp, M. Viviani
and Paul Painleve, French Minister of War. On Wednesday
evening, June 13, Ambassador Sharp gave a dinner at the
American Embassy in honor of General Pershing, where he
met the chief members of the French Cabinet and officers
of the army and navy. Francais de Tessen, in an interview
in the Paris "Temps" on June 13, quoted General Pershing
as saying:
army in this
I came to Europe to organize the participation of our
immense conflict of free nations against the enemies of liberty, and not to
in the newsdeliver fine speeches at banquets or have them published
Americans—
papers. Besides, that is not my business, and you know we
be
businesslike.
to
but
appear
to
soldiers and civilians—like not only
However,since you qffer me occasion to speak to France I am glad to make
you a short and simple confession.
proud, of the
As a man and as a soldier I am profoundly happy, indeed
purely personal
high mission with which I am charged. But all this is
the solemnity of the
and consequently might appear out of proportion with
hour and the gravity of events now occurring.
it is because I
If I have thought it proper to indulge in this confidence
French soldier and at
wish to express my admiration for the heroism of the
French and
the
of
side
the
at
being
in
pride
my
sye. time express
ropshaem
h
ptAllied
more important, I think, to announce that we are the preis armh
muchit
the Continent
cursors of an army that is firmly resolved to do its part on
adopted as its own. We come
for the cause the American nation has
conscious of the historic duty to be accomplished when our flag shows itself
not my role to promise or
upon the battlefields of the Old World. It is
Let it suffice to tell you we know what we are doing and what
we want.
••
: I
Marshal Joffre, according to dispatches from Paris on
June 4., _ba.s. been designated by the French Minister of War
to continue his work, begun in Washington, of assisting
to organize American participation in the war, and he will
be the representative of the French Government in cooperating with General Pershing. Dispatches from Washington on June 13 stated that the War Department, in response to published reports that it had been arranged to
have General Pershing's force operate under General Petain,
the French Commander-in-Chief, and not under Field
Marshal Haig, had let it be known that General Pershing,
in conference with French army heads, will himself determine where the American expedition shall be sent, and that
his recommendations, which will be practically final, will
be approved at Washington. It was also pointed out, says
the dispatch, that General Pershing would be an independent
commander, like Field Marshal Haig, necessarily co-operating with the French high command while on French soil.
LORD NORTHCLIFFE, HEAD OF BRITISH WAR MISSION, ARRIVES IN THIS COUNTRY.
Lord Northcliffe, who was recently chosen head of the
British War Mission to this country, arrived at New York
On June 11 and immediately continued on his way to Washington. He reached Washington on June 15, and paid an
official call upon Secretary of State Lansing. Upon his
arrival in this country Lord Northcliffe issued the following
statement:
E
[VOL. 104.
The London "Daily Mail" on June 8 had the following to
say regarding Lord Northcliffe's new.post:
The form in which the announcement of Lord Northcliffe's mission to
America was made has caused some misunderstanding, and the title given
to it by the Northcliffe press, "successor to Mr. Balfour," is altogether
misleading. Lord Northcliffe is only "successor to Mr. Balfour" in the
sense that he succeeds him in a mission; but he Is not representing the Foreign Office, nor is he charged with any diplomatic function, such as Mr.
Balfour carried out with so much success.
Lord Northcliffe's business concerns chiefly the co-ordination of supplies, and his duties will be similar to those fulfilled so successfully by
Lord Rhondda on his prolonged mission in 1915 and 1916.
BRITISH LABOR COMMISSION CO-OPERATING WITH
AMERICAN LABOR.
The British representatives of labor, who arrived in this
country a month ago, left Washington for a tour of the Middle West on May 18, following the conclusion of their conferences with labor and Government officials. They have
since completed their tour and were speakers in New York
on May 26. The delegation is composed of Right Hon.
Charles W. Bowerman and J. H. Thomas, members of the
British Parliament; H. W. Garrod, representing the welfare
department of the Ministry of Munitions and Joseph Davies,
member of the Secretariat of the Prime Minister. They
had been in daily conference with officials of the American
Federation of Labor since their arrival at Washington on
May 5 and are said to have given American labor representatives a mass of valuable information gained through wide
experience with wartime conditions as they relate to labor.
A summary of the information obtained from the visitors
was furnished as follows by the American Federation of
Labor on May 18:
The War Cabinet has designated me as head of the British War Mission
to the United States, and I have been directed to co-ordinate the work of
the various admirable British organizations already established here.
These are charged with supplying our war and other needs.
Until I present my credentials at Washington, it is impossible, of course,
A (British) Government act provides that there shall be no stoppage of
for me to make any further statement. I can,however,express my great
personal pleasure at being again in America, which I have so often visited work upon war munitions and related industries. All differences shall be
arbitrated.
Where arbitration fails, provision is made for settlement by
and which has so many delightful associations and friendships for me.
Nor is it saying too much when I add that the whole British people have a Government machinery in which the employees are represented equally.
Women are employed where no men are out of work. Women must reprofound sense of grateful appreciation for the magnificent welcome accorded Mr. Balfour and his associates and the complete success of the Mis- ceive equal pay. Government agrees that the places of the men will be returned
to them after the war. There are 1,250,000 women in industry
sion.
who heretofore were not engaged in manual labor. The women are joinThe selection of Lord Northcliffe as head of the British ing the trade union movement.
Munition workers are enrolled as munition volunteers and are assigned
War Mission was announced in London on June 6. The
by the Government to various parts of England. The highest wage of the
earlier dispatches from London, in reporting his appoint- district
they left or in which they are now employed is paid. Every fortment, stated that he was sent to this country in succession night the Government gives them free passes on railroads
to visit their
families,
if away from home.
to Foreign Secretary Balfour. This statement, however,
The fifty-one railroads in Great Britain are under State control on the
was later changed, when it was ascertained that Lord North- basis of guaranteed profits of 1914. Some companies have turned back
to
cliffe's mission was purely a commercial one. He will not, the Government large sums of money which is in excess of their 1914 profits.
workers
enrolled
Dock
are
in
the
Army as civilians and wear the British
, it is said, discuss diplomatic questions. Lord Northcliffe
uniform. These workers must belong to the union, and are mobilized for
is regarded as one of the most influential men in England, the purpose of unloading
cargoes in any section the Government elects.
No move is made by the Government without consulting trade union
and is well known as a writer and newspaper man. He controls among other publications the London "Times" and the officials, many of whom are exempted from military service.
Landlords are prohibited from raising rents and the Government proLondon "Daily Mail." He also has a controlling interest hibits employers from reducing wages of pensioned soldiers who have rein large Newfoundland paper mills and in other mills at turned to the former employment.
Wages have been increased in proportion to the increased cost of living.
Gravesend, England. Besides this, his other business con- When
workers demand higher rates the first question asked is: "What is
nections are manifold. Lord Northcliffe was born in the increase in the cost of living?" That being ascertained, it is added.
The English trade union movement has a larger membership than before
Chapelizad, County Dublin, on July 15 1865. For several
war, and it has surrendered no standards definitely, although some are
years, as Alfred Harmsworth, he worked as a newspaper re- the
suspended for the time being.
porter and later became a barrister-at-law. In 1888 he
The Government has given a pledge to reinstate every trade union pracstarted a small newspaper called "Answers," and in 1896 he tice now suspended.
The Government joins with trade unionists in their opposition to child
founded the London "Daily Mail." He was made a baronet labor on the ground that if the war wore won under those conditions it
in 1904 and was elevated to the peerage in 1905. He ac- would be lost, as future generations would be destroyed.
quired financial control of the London "Times" early in
1908. Lord Northcliffe has long taken an active part in
British political affairs and recently has been engaged in
vigorous support of Premier Lloyd George's Home Rule for
Ireland policy. As special representative of Great Britain,
he is expected to be of great assistance to American newspapers in matters of war censorship.
Lord Northcliffe intends to make New York City his
headquarters while in this country. Dispatches from London on June 7 quoted him as having said:
I am not going on a speechmaking or banqueting tour. I propose tak-
Representatives of Canadian trade unions were also in
conference with officials of the American Federation of Labor.
The Canadian contingent was composed of J. C. Walters,
President of the Trades and Labor Congress of Canada, and
Gideon B. Robertson, Senator and Vice-President of the
Order of Railroad Telegraphers. They told the Federation
officials that the Dominion Government has failed to take
organized labor into its councils and that the conditions the
Government imposes in England in the manufacture of war
munitions are not insisted upon in Canada.
Plans for creating nation-wide machinery to aid in mediaing offices downtown in New York, where I can confer on the many busiting labor disputes during the war were announced on May
ness interests involved in the British and Allied missions.
I am hopeful not only of imparting any war lessons which I may have 18 by the National Defense Council's sub-committee on
learned from many visits to the war to my American friends, but also to de- Mediation and Conciliation. Committees of influential
rive ideas which are certain to be evolved by American natural genius
employers and labor representatives will be formed in every
for invention.
industrial centre, starting with a score of large cities, to coCommenting upon Lord Northcliffe's appointment as head operate with Federal or State mediators, particularly by
of the British War Mission, the Manchester (Eng.) "Guar- influencing employers and union leaders to submit to arbitration. The committees will be named by the sub-comdian" on June 7 said:
Lord Northcliffe's visit to America is a remarkable innovation in English mittee on Mediation, of which V. Event Macy of New York
affairs. It is the first time a practicing journalist has been given a public is chairman, and will be ratified by Samuel Gompers, Chairmission to another country as an English representative.
man of the Defense Council's Labor Committee. They
Lord Northcliffe already has recommended himself to Americans by introducing many features of American journalism into the English press. will have no Government authority, but leaders of the DeThis rise from the editorship of a small comic paper to his present position fense Council's movement feel confident that the personal
of controller of such various sections of the English press, a peer of England
land one of the wealthiest men, will particularly appeal to a nation auscepti- influence of the local committees will guarantee mediation
in most cases.
be to the romance of business.
JUNE 16 1917.1
THE CHRONICLE
2419
The British labor leaders were the guests of the National
Civic Federation at a luncheon last Saturday .land in the EXPORT CHARGE ON PRINTING1PAPE1FROM ITALY
evening addressed a mass meeting in the De Witt Clinton NotswitiWAN DICOUN TERVAILING1DU TY.1111M1111.
The Treasury Department has notified Collectors of CusHigh School. Speaking at the luncheon Mr. Thomas said:
You have not got a light job on hand. If this war lasts, and you are toms that inasmuch as Italy has imposed an export charge
going to do all you are capable of doing, all we expect you to do,all we know on printing paper in the amount of
1.74 lire per quintal of
you will do, many of these luncheons will have to be abandoned. You
are wasting too much food and will have to economize. We want nothing 220.46 pounds, payable not in gold but in paper lire or silver
without regard to its gold value, a countervailing duty is to
wasted in one part of the world which can be utilized in another.
Referring to the fact that relations between capital and be collected on printing paper imported from Italy valued
labor were never more cordial than now, Mr. Thomas above 5 cents per pound. The notice. is as follows:
Treasury Department, June 1 1917.
added:"To our everlasting credit Britons showed that there To Collectors of Customs.
were no differences in the face of the common enemy. The
The Department has received from the Department of State a translation
result has been that there has grown up a better understand- of a portion of a decree published by the Italian Government in the "Gazzetta Ufficiale" of Sept. 4 1916, and a consular report thereon, from which
ing than ever before.
it appears that an export charge on printing paper in the amount
PRESS CENSORSHIP ABOLISHED IN SPAIN.
The cables from Madrid via Paris on May 31 reported
that the Spanish Government had decided to abolish the
press censorship. All newspaper dispatches, it is stated,
will be sent on the sole responsibility of the correspondent.
of 1.74 lire
per quintal of 220.46 pounds, payable not in gold but in paper lire or silver
without regard to its gold value, is imposed by that Government in the
the form of a "tax on permission to export."
Collectors are, therefore, hereby instructed that additional duty equal
to this export charge should be collected under the provisions of paragraph 322 of the Tariff Act of Oct. 3 1913, as amended by Section 600 of
the Revenue Act approved Sept. 8 1916 (T. D. 36667), on all printing
paper valued above 5 cents per pound when imported either directly or indirectly from Italy.
.BYRON R. NEWTON, Assistant Secretary.
WHEAT AND WHEAT PRODUCTS FROM CANADA
ON FREE LIST.
ITALY MODIFIES IMPORT RESTRICTIONS.
The Treasury Department in making known to the ColThe following information regarding the relaxation by the
lector of Customs at New York of the receipt of advices of
an order in council by the Canadian Government placing Italian Government of its import regulations was contained
wheat, wheat flour, semolina and other wheat products in "Commerce Reports" of May 21:
(Telegram from American Consul-General, Genoa, May 18.)
imported into Canada on the free list, said:
Customs authorities state that authorization has been given for impor('r. D. 37153.)
tation into Italy of all articles, excluding monopolies, as per normal tariff
Treasury Department, April 30 1917.
list when coming from Great Britain, Spain, Portugal, Switzerland, United
Sir —The Department is in receipt from the Secretary of State of a copy 'States, Japan. Exception made for goods (sugar and flour)
not comof an order in council of the Canadian Government placing wheat. wheat plying with analysis or other regulations regarding internal consumption
flour and semolina imported into Canada on the free list. It appears also and goods which are subject to control or sequestration not
imported
on
from instructions issued by the Commissioner of Customs at Ottawa that account Italian Government.
the order was put into effect on April 17 1917.
Wheat, wheat flour, semolina, and other wheat products not specially
provided for, imported into the United States from Canada are, therefore,
ADDITIONAL FRENCH EXPORT PROHIBITIONS.
free of duty under paragraph 644 of the tariff act of 1913 from April 17
1917. This ruling, under the said paragraph 644 is applicable to such
The French Government, by decree On May 29, added a
produce from Canada imported into the United States or withdrawn from number of
articles to its embargo.list. Cablegrams to the
bond therein on and after April 17 1917.
Bureau of Foreign and Domestic Commerce at Washington
You will be governed accordingly. Respectfully,
BYRON R. NEWTON,
on June 1 and 2,from the American Consul General at Paris,
Assistant Secretary.
said:
Collector of Customs, New York.
Decree of May 29, published to-day, prohibits export, &c., from to-day
of acetic anhydrid, empty casks of all kinds and parts thereof, following
woods: Box. cherry, cotton, ebony, guaiacum, palm, soap-bark, rose;
SHIPMENT OF RUBBER MANUFACTURES VIA
sodic lime, felt, wearing apparel other than cotton or linen, metallic formiHALIFAX.
ates, metallic hyposulphites, insulating materials except rubber, strontium
A cablegram from the American Consul General at Lon- and lithium ores, animal black, metallic oxalates, paper money ("papiers
don, under date of June 2, regarding Great Britain's inten- representatifs de la monnaie"), compounds derived from sabadilla seeds
sulphate of barytes and magnesium, metallic sulphites, uranium,zirconition to permit the shipment of rubber manufactures via um, zircon. The decree
is subject to usual exceptions.
Halifax was printed as follows in "Commerce Reports" of
(Cablegram from American Consul-General at Paris, June 2.)
Ministerial
order
June
of
1, published to-day, permits export to usual
5th:
the
allied and American countries of woods mentioned in cable of June 1.
It is the intention of British authorities to accept manufactures of rubber
for shipment via Halifax as satisfying undertaking of American concerns to
ship rubber goods only via United Kingdom, provided that in all cases such
FRENCH MINISTER OF SUBSISTENCE OUTLINES
shipments must be made under special licenses to be issued
by British Embassy as in case of ordinary shipments to Scandinavia. Applications for
FRENCH NEEDS—MEATLESS DAYS.
these licenses will be considered in the usual way and subject to all conCereals, coal, gasoline and petrol are the chief needs of
ditions which affect granting of export licenses in the United Kingdom.
The undertakings referred to above are the guarantees given by Ameri- France at the present time, according to Maurice Violette,
can manufacturers who obtain shipments of raw rubber with the
consent French Minister of Subsistence. In It special cable to the
of the British War Trade Department. The terms of the agreement require that rubber manufactures shipped to Neutral European countries New York "Times" on May 25 the French Minister said:
"should be forwarded via the United Kingdom.
As I am talking to Americans, who like the plain facts, I will tell you first
what France needs and what she hopes that America as a sister republic will
send her. First and foremost are cereals of every description and as much
NORWEGIAN EMBARGOES ON STEEL AND ALLIED as you can spare. We need these most and
we need them from now until
PRODUCTS—FOOD DEMONSTRATIONS.
next August, when our own crops will, I hope, be sufficient for our needs.
Next to cereals, what we need most is coal. I will give you the plain
The Norwegian Government has placed an embargo on figures and you can judge for yourself. France needs every month,to keep
the exportation of steel and its allied products, thus closing the factories going and for domestic consumption, 5,000,000 tons. Her
the gates of commerce to Germany, according to a dispatch actual output is 2,300,000 tons,and she can count on importing 1,400.000.
making a total of less than 4,000,000 tons. So we need an extra million
received by the State Department at Washington on June 8 tons
monthly, and we hope that America will provide that.
from the American Consul General at Christiania. The
We also need gasoline and petrol, of which there is a deficit. We want
an
200,000 tons to help carry us over the next eight months. This we
extra
dispatch reads:
The Norwegian Government has placed an embargo on the exportation are also looking to America to supply
We need other things, too, of course, but until the freight problem is
of the following articles, as from May 1 1917: Pig iron; ingots, for axles and
large forgings; iron and steel, for forging bolts and rivets; iron bars, iron solved send us first the most essential things; send them in the greatest
possible
quantities; send them now.
hoops, iron beams, angle iron and other rolled iron shapes; iron and steel
Dispatches from Paris on May 25 stated that at a conplates, with or without covering; iron pipes and fittings of wrought iron,
cast iron or steel; retort graphite; carbon electrodes and electrode carbon ference between Premier Ribot, Louis J. Malvy, Minister of
for industrial use, and electrode refuse.
A demonstration against the unsatisfactory food situation
was held throughout Norway on June 6, according to a
dispatch from Christiania to the Central News Agency in
London on June 7. The purpose of the demonstration,it
was stated, was to secure a grant of 150,000,000 kroner in
order to lower food prices. The organizers sought the
fixing of maximum prices, the abolition of the neutrality
guard and the abandonment of a proposed new extraordinary
military grant. The Government authorities, with a view
to preventing rioting, prohibited the sale of alcoholic beverages for three daysj
the Interior, and Maurice Violette, Minister of Subsistence,
it was understood to have been decided to introduce meat
cards at an early date throughout France. Maximum
prices were to be fixed to prevent hoarding and speculation,
and severe penalties imposed for all acts tending to hinder fair
distribution of meat among consumers. Wholesale dealers
in meat on their own initiative, it was stated, had fixed
maximum prices for the time being, representing a decrease
of from 10 to 16 cents a pound. In the French Chamber of
Deputies on May 24 debate was continued on interpellations regarding coal and .food deficits. Minister Violette
declared that it would be necessary to deprive the civilian
population of 15nof its ordinary meat consumption to
2420
THE CHRONICLE
assure ithe [army the 52,000 head of cattle it needed each
month. With the beginning of the regime of two meatless
days a week on May 21 the price of beef in Paris advanced
to $1 a pound and vegetables and fish followed the upward
tendency. The rush for meat supplies to carry over the
two meatless days swamped the butchers, although they
are said to have laid in extra amounts. The result was that
buyers who were willing to pay any price the dealers asked
by their bidding sent the quotations skyward.
[VOL. 104.
Food Controller takes over from original consignees all beans, peas and
pulse suitable for human food now arrived, or which shall hereafter arrive.
Original consignees are required before May 21 to forward particulars of
stocks to Wheat Commission.
GREAT BRITAIN RESTRICTS TRADING IN TOBACCO.
Owing to the shortage of shipping and the consequent
necessity of economizing all available supplies of tobacco
the British Board of Trade on May 30 announced that it
would requisition and assume immediate control of all stocks
of manufactured and unmanufactured tobacco, including
FOOD REGULATIONS OF GREAT BRITAIN.
cigars, cigarettes and snuff. "Commerce Reports" of June
d
appointe
newly
the
4 had the following to say regarding the new regulation:
Premier Lloyd George, in addressing
(Cablegram from the American Consul General at London, June 1.)
commissioners on the labor unrest at his official residence on
Board of Trade announces Tobacco Control Committee and prohibits
begun
had
ent
Governm
British
the
conJune 12, announced that
owners of stocks of manufactured and unmanufactured tobacco from
of
and
king
a searching investigation of the subject of profit-ma
tinuing dealings, except as authorized. Committee is preparing schedule
not
must
prices
which
of
completion
and retail, pending
hoped soon to make proposals substantially reducing the prices, wholesale
tobacco
be increased beyond those prevailing on May 30. All owners of
cost of some of the necessaries of life. In reply to a question in bond must make return of stocks prior to June 9, showing situation on
at
tobacco
Bathplace
must
May 31. All persons owning or controlling tobacco
on the food situation in Great Britain, Captain Charles
as
disposal of the Board of Trade in such quantities and in such times
urst, Parliamentary Secretary to the British Food Control the
to
the Board may require. All communications should be addressed
stated
6
June
on
s
of
Common
House
Department, in the
Secretary, Tobacco Control Board, 7 Whitehall Gardens.
ion
informat
that it was not in the public interest to give any
regarding food supplies, but it was of the greatest importance
THE FOOD SITUATION IN GERMANY.
to the success of the Allies's cause that food exports from
At a recent meeting in.Berlin of representatives of the Cent
America should be continued on the highest possible scale ral Powers, officials of the German Food Department, supfor the remainder of the war.
ported by energetic representations from the military and
An elaborate order regulating the sale and prices of meat, diplomatic authorities, were awarded so large a share, says
including live animals, was issued on May 31 by Lord a dispatch from Berlin under date of June 8, of the grain
Devonport, who has since resigned as Food Controller. stock confiscated in Rumania last year that the German
The order prohibits speculative re-sales, eliminates jobbing authorities' apprehensions regarding the country's grain
transactions, and stipulates what profits shall be permitted supplies have disappeared. "There can be no longer any
to retailers above the cost of the carcasses. Lord Devon- doubt," says a special cable to the New York "Times" on
port on May 30 issued an order requisitioning all cheese June 8, "that Germany, despite less than the average harimported from the United States, Canada and Australia, vest in 1916, will manage to tide over until the new harvest,
beginning May 29, and the British Food Department now which is far more promising than any other has been since
controls all dealings in it. Cheese, it is said, will be put on the war began." "This became evident at a meeting in
the market at a price enabling retailers to sell it at 16d.a Berlin of all Prussian provincial Governors, who reported
pound.
what needs and what stores their respective domains had.
Kennedy Jones, Director of Food Economy, on May 25 These all told would have provided just enough to keep the
informed the Associated Press that the Food Ministry will people going until August." The dispatch continues as
shortly prohibit speculation in foodstuffs. The question of follows:
in session
fixing food prices in GreatBritain remains unsettled. It is said
Since then delegates of all the Central Powers have assembled
the enormous stores of grain and other
that price-fixing in Great Britain is largely dependent on In Berlin to plan a fair division of
Germany
To
of last year's harvest still at hand in Rumania.
d. Turkey.
whether control is established in this country, since England foodstuffs
so large a share that all apprehensions disappeare
awarded
was
is mainly relying upon the United States for supplies and is Bulgaria and Austria-Hungary could easily afford to make concessions,
the southern provinces of those allies is already
unable to fix prices unless export prices are controlled in since harvesting in some of
new crops also
beginning, and promises extraordinary results. Rumania's
this country. If Congress decides to fix export prices the are
ripening quickly and leave nothing to be desired.
than they have
understanding is, said a dispatch from London on May 25,
Crop reports from nearly all parts of Germany are better
Just around Berlin the grain fields do not look so
that Great Britain, in conjunction with France and the other been for years, though
of early spring days.
well, owing mainly to unsatisfactory seed and the cold
allies, immediately will institute steps to establish an inter- Still, oven these fields will probably yield the average quantity. There
heat, which simply
national board, which will set uniform prices for food for all has been plentiful rainfall lately,followed by subtropicalnever
was cheaper
vegetables to astonishing growth. Asparagus
the Allied nations. Kennedy Jones, speaking in Edinburgh forces
a pound. Other
In the best peace years, costing frojn 30 to 90 pfennigs
in
hand
on
then
grain
supply
the
that
new homeweek,
last
declared
as
19,
on May
vegetables are quite plentiful and cheap. As early
the United Kingdom was sufficient to last for twelve weeks, grown potatoes found ready buyers.
All earlier accounts regarding the food situation were
and by the time this stock was exhausted the new harvest
Berlin,
Jones
Mr.
,
therefore
evident,
was
It
.
very gloomy. Thus on May 21 dispatches from
would be available
been
had
Berlin
of
residents
people
the
via London, stated that the
declared, that rationing would not be necessary if
meat ration after
present
,
the
essential
in
n
was
reductio
a
that
economy
that
warned
he
warned
but
al,
economic
were
Aug. 15 was being considered. In view of the food shortage,
because of the limited supply on hand.
said the dispatch, Professor Wildner, an agricultural expert
at Passau, Bavaria, had advised the people to follow the
HORSES IN BRITAIN PLACED ON RATIONS.
and eat grass. Professor
All horses in the United Kingdom, beginning May 21, were example of Nebuchadnezzer
red clover and lucerne
that
people
the
informed
Wildner
brewers'
dried
and
bran
straw,
placed on rations of hay,
making of tasty dishes
the
for
used
be
may
both
(alfalfa)
the
in
grains. Other cereals have been prohibited, except
ion.
consumpt
case of horses used for war and agricultural work or stallions for human
The potato situation in Germany, according to a dispatch
used exclusively for stud purposes and thoroughbred brood
Copenhagen on May 19, was then growing steadily
from
grain.
mares and foals, which are allowed a limited amount of
the example of its sister city, Altona,
Cattle,swine, horses, sheep and poultry of the British farmer worse. Following
es decided to reduce the weekly
authoriti
Hamburg
the
rations,
ry
compulso
with
ed
are, it is reported, threaten
"substituting an allowance of
ounces,
24
to
ration
potato
owing to the shortage of food for animals due to the lack of
of the promised five pounds."
the
rest
for
shipping resulting from the German submarine warfare. 640 grams of bread
this state of affairs prowhich
action
dissatisf
the
meet
To
the
t
of
,
Warning has been given by R.E. Prothero Presiden
es authorized grocers
authoriti
the
said
dispatch
Board of Agriculture, that farmers must be prepared for a duced, the
canned vegetables.
of
stocks
g
remainin
sell
their
to
for
stuffs
of
food
amount
the
in
0
tons
reduction of 1,000,00
animals, and that unless his warning is heeded by the farmCROP REPORTS SHOW REers and their animals placed on restricted rations, the com- FRENCH GOVERNMENT
ED CONDITIONS.
IMPROV
BUT
E
ACREAG
DUCED
for
in
Germany
in
force
system
pulsory ration, similar to the
that the Govern2
stated
June
Dispatches from Paris on
the last two years, would be applied.
ment crop reports up to May 1, as published in the "Journal
acreage of about
GREAT BRITAIN REQUISITIONS BEANS, PEAS AND Officiel," showed a diminution in the wheat
2,590,000 from last year,or 17%. Plantings of rye are 51%
PULSE.
less,while there is an inA cablegram from the American Consul General at London, less than last year, and of oat 14%
in the land planted to barley.
acres
25,000
about
of
crease
by
over
taking
ng
the
Great
concerni
17,
of
May
date
under
we learn from the dispatches,
Britain of beans, peas and pulse, is printed in "Commerce The Government's statistician
were not altogether final,
report
the
in
figures
the
that
stated
Reports," as follows:
JUNE 16 1917.]
THE CHRONICLE
as the spring grain sowing was not ended at the close of April.
Intermittent rains and warm weather, it was said, were
having a favorable effect upon the harvest prospects.
This foreshadowing of improved conditions is confirmed
in a dispatch from Paris under date of June 11, which says
that the official report of the Minister Of Agriculture on the
crop situation of France to June 1 shows a great improvement
over the report of April 1. Fine weather, it is stated, seems
to have repaired much of the ravages of the severe winter
on wheat, while the acreage of potatoes is greater in every
department than last year and growing under the most excellent conditions. The bean crop also is more extensive
and more promising than a year ago, it is declared, while all
indications are for a record yield of fruit of all kinds,including
grapes, with a production of wine the largest in recent years
and promising to be of superior quality.
NORWAY TO SEND TRADE COMMISSION TO UNITED
STATES.
The State Department at Washington on June 11 eonfirmed reports that the Norwegian Government would send
an official commission to this country, American Minister
Schmedeman at Christiania having been officially informed
that the commission would be headed by Dr. Fridtjof Nanson, the Arctic explorer. The commission, it is said, will
discuss questions of importation and exportation and inform the United States Government of existing conditions
in Norway.
2421
submarine was sunk by a shot from the Silver Shell or submerged voluntarily to avoid further punishment. It was
always impossible, the French Minister is quoted as saying,
to ascertain whether a submarine which disappears has been
destroyed unless wreckage is discovered later. The naval
gun crew on the Silver Shell was commanded by Chief Turret
Captain William J. Clark of New York, who was transferred
to the Silver Shell from the U. S. S. Arkansas. The Silver
Shell is of 5,605 gross tons, and sailed from!America early in
May with a crew of forty-three men, of whom fifteen are
Americans. Her commander also comes from New York.
TEN DAYS GRACE ALLOIVED ON INCOME TAX
PAYMENTS.
A statement calling attention to a provision of the Federal
income tax law under which taxpayers have 10 days grace
beyond June 15 for the payment of income taxes, without
incurring the provisions of the law for failure to make returns, was issued on June 13 by Collector William H. Edwards of the Second Internal Revenue District. Collector
Edwards has been receiving numerous inquiries from taxpayers, both by letter and by personal calls, reporting that
they have not received their assessment notices. The Collector in his statement said that such returns had been forwarded to other districts, as the addresses on the returns
were not in the Second District of New York. His statement continued:
Other reports have been held up on account of slight discrepancies appearing thereon, and assessment notices will be forwarded to those taxpayers during the early part of July. To those who have not received
notices on account of returns being forwarded to other districts no penalties will be imposed, but payment of taxes will be required to be made
within ten days after the date called for on tne notice when received. The
number•of this classification of returns filed in this district amounts to
5,000.
The filing of returns by non-resident alien individuals and corporations
and American citizens residing or traveling abroad has been extended to
include Sept. 1 1917.
The Executive Committee of the .Norwegian American
Chamber of Commerce, Inc., of this city, we learn from the
Chamber's "Bulletin," in considering the subject of exports
of foodstuffs to Norway at its regular meeting on May 10,
decided to urge upon the Norwegian Government the importance of sending to this country without delay a fully
empowered commission. The .Committee forwarded the
following:cablegram to the Foreign Minister at Christiania,
BANKING AND FINANCIAL NEWS.
Norway: "Urgently recommend Norwegian Government
Only twenty shares of bank stock were sold at the Stock
sending or appointing here commission with full powers to Exchange this week and no sales of either bank or trust comdeal with question of possible embargo on exports. Under- pany stocks were made at auction.
stand Sweden and Denmark Commission en route. Kindly Shares. BANK—New York.
Low. High. Close. Last previous sale.
20 Nat. Bank of Commerce
cable."
171
171
171
May 1917— 170
AMERICAN STEAMER HILONIAN SUNK BY U-BOAT.
The sinking by a submarine of the American steamer
HiIonian, with the loss of four lives, off,Genoa, Italy, was
reported on May 17 in a cable dispatch to the Universal
Transportation Co., owners of the vessel. The Hilonian was
unarmed; she sailed from New York on April 27 for Genoa
with a general cargo valued at $2,500,000. The ship was
valued at $1,000,000. The steamer was under the command
of Capt. H. H. Williams, and carried a crew of 39, of whom
18 were American citizens. The cable gave no details of the
sinking, merely stating that four of the crew perished and
that Capt. Williams and Engineer Fred Schmidt, a naturalized Norwegian, were saved.
AMERICAN STEAMER SILVER SHELL SINKS SUBMARINE.
The Navy Department at Washington on June 7 announced
that the American steamship Silver Shell, owned by the
Shell Oil Co.of California, had been attacked by a submarine,
and that after sixty shots had been exchanged between the
two vessels, the submarine disappeared, under circumstances
which tend to show that she had been struck by a shot from
the American ship. The captain of the vessel and the commander of the naval gun crew on the Silver Shell firmly
believe, it is said, that the submarine was sunk. The statement of the State Department,as issued June 7,read:
The Department of State is advised by telegraph of an engagement between an armed American steamer and a submarine. The guns of
the
steamer were manned by an American naval crew. The submarine was
first seen at about 7,000 yards. She had a six-inch
gun forward and
another aft. She flew no flag. Upon sight of the
submarine the steamer
hoisted the American flag and waited for about 10
minutes. As the submarine approached the steamer fired. The
submarine responded. The
steamer kept a speed that would permit the
submarine to come within
range. Then followed a fight lasting for an hour
and a half. The submarine came to a distance of about 2,300 yards. By
that time the submarine had fired 35 shots and the steamer 25. The last
shot of the steamer
apparently struck the submarine, which raised clear
out of the water and
stood stern end up for a few seconds. Then she disappeared.
The captain
of the steamer and the commander of the guard believe that
the submarine
was sunk. The steamer suffered no damage.
Dispatches from Paris:on June 7 stated that the French
Minister of Marine had announced that the engagement
between the Silver Shell and the submarine took place
on
May 30, and that it was not definitely known whether the
First Deputy Superintendent of Banks, George I. Skinner,
who assumes office as New York Superintendent of Banks
on July 1, addressed the annual convention of the Metropolitan League of Savings and Loan Associations, in session
at Ithaca, N. Y., on June 14 and 15, and will speak before
the National Association of Supervisors of State Banks at
its meeting to be held at Burlington, Vt., on June 18, 19
and 20. The convention of the National Association of
Supervisors of State Banks will be attended by the heads
of the State Banking Departments from practically every
State in the Union.
The London & South-Western Bank, Ltd., Head Office,
170 Fenchurch Street, London,E.C.,announces to American
banks and bankers that they have special facilities for making
payments to American military and naval men and for
general banking matters in all the Allied countries. Through
their banking auxiliary, Cox 8q Co. (France), Ltd., they are
in especial position to offer facilities in France, as Messrs.
Cox & Co. have branches and correspondents at the chief
military bases (branches at Paris, Havre, Marseilles, Rouen
and Boulogne-Sur-Mer), with agents in all parts of Great
Britain, Spain, Italy, Portugal, Russia, Egypt and other
countries. The London & South-Western Bank, Ltd.,has
a subscribed share capital of $3,000,000 and current deposits
of about $150,000,000. Sir Herbert Hambling, the General
Manager of the Bank, Mr. John Caulcutt, the Foreign
Manager, and the various partners of Cox & Co. in England
and France have traveled extensively in the United States
and Canada and are well known to banking men.
The Investment Bankers' Association of America, through
the Chairman of its Municipal Securities Committee,Howard
F. Beebe of Harris, Forbes & Co., New York, announces the
designation of the United States Mortgage & Trust Co. of
New York as the depositary for the legal papers and opinions
furnished in connection with municipal bond issues purchased
by association members. The advantages accruing to the
members of the Association through an arrangement of this
sort have been the subject of discussion for several years
past, and at the annual meeting of the Board of Governors
held in Cincinnati in October 1916 it was determined to se
2422
THE CHRONICLE
tablish a central bureau for legal opinions. The designation
of the United States Mortgage & Trust Co. for this work is
considered as particularly appropriate as the company is
not only in position to render impartial service by reason of
the fact that it does not deal in municipal securities, but in
addition has for more than twenty years followed a plan for
the preparation and certification of municipal issues. Under
its operation the company's municipal bond department has
prepared, supervised and certified more than 2,200 State and
municipal issues, aggregating in excess of $250,000,000, and
in connection with the arrangement now entered into the
opinions and papers acquired in the progress of this work
will be placed at the disposal of the Association. It is also
expected that the great majority of the members of the
Association will transfer to the central depositary the papers
now in their possession, thus rendering it possible at all
times, without delay or annoyance, to secure certified copies
of necessary data. From time to time printed lists of papers
deposited will be mailed to members and it will be possible
to secure certified copies of legal opinions at a cost of $1 25,
and oopies of full legal papers for the actual cost of the clerical
and stenographic work involved.
In 1907 it merged with the business of the New York National Exchange
Bank; in 1912 it took over the business of the Mercantile National Bank,
and in 1914 took over the business of the National Nassau Bank. Lewis E.
Pierson is the active Chairman of the Irving's board of directors. The
President is Rollin P. Grant.
The history of the Broadway Trust Co. is scarcely less interesting. In
was located and had its origin at Broadway and Eighth St. In 1908,
when some of the Irving stockholders became interested in the Broadway's
welfare, it merged with the business of the Flatbush Trust Co. of Brooklyn,
branches on Flatbush and Linden avenues, and New Utrecht branch on
New Utrecht Ave., Brooklyn. It later took over the Aetna National Bank,
occupying the quarters of the Irving National Bank, at West Broadway
and Chambers St., and still later the Commercial National Bank of Long
Island City, so that it now operates five branches, with its headquarters
in the Woolworth Building. Its capital and surplus is $2,430,000, with
resources exceeding $30,000,000. The President is Frederic G. Lee, who
has been connected with the company since its organization and President
since 1900.
Announcement was made by the Irving National Bank
and the Broadway Trust Co. of this city, on the 13th inst.,
that the directors .and stockholders of both institutions,
controlling enough stock to make the plan effective, have
approved a plan whereby the two banks will be united under
joint stook ownership in which the present stockholders in
each institution will hold stock in both, in a ratio based
upon the relative capitalization of the two institutions. In
order to provide a simple ratio, it is planned to increase the
capital of the Irving National from $4,000,000 to $4,500,000,
the new $500,000 Irving stock to be issued at $150. The
following statement was issued by the banks on the 13th
inst. concerning theiplan:
trying National Bank and
The directors and largest stockholders ot
the Broadway Trust Co., representing sufficient stock holdings to make
plan whereby the interests
a
of
approved
definitely
have
the plan effective,
represented in these two institutions will hereafter be united in a joint
stock ownership arrangement in which the present stockholders in each
institution will hold stock in both, on a ratio based upon the relative
capitalization of the two institutions. In order to provide a simple ratio
the capital stock of the Irving is to be increased from $4,000,000 to $4,500,000, the new Irving stock to be issued at $150.
is neither
Such joint ownership of a national bank and a trust company
advantage
new nor untried, having for many years operated to the great
number of
of joined institutions in Chicago and many other cities. The
examples
such joinedinstitutions in this country exceeds 300. Some notable
the First Trust &
of joint ownership are: The First National Bank with
CommerSavings Bank,the Continental & Commercial National Bank and
First National Bank
cial Trust & Savings Bank, both in Chicago, and the
out upon
worked
As
with the First Trust & Sayings Co. of Cleveland.
this plan, the situation will be as follows:
stock in
Each present stockholder of each institution will hold combined
capital and
the ratio of three of Irving to one of Broadway. Combined
last
published
the
of
basis
the
on
surplus will amount to $11,340,000, and
statements combined resources will be over $156,000,000.
special fields and services
The purpose of this plan is to bring together the
such a manner as to offer
of the national bank and the trust company in
customers and stockboth
to
the combined facilities most advantageously
benefits of a broader
holders. In this way, it will be possible to secure the
under the bank laws,
scope of banking than is allowed to a national bank
all the banking reand to provide ample and adequate facilities to meet
quirements of the friends of both institutions.
have held
For some time a number of the stockholders of the Irving also
in which
stock in the Broadway Trust Co. Under the new arrangements,
of the
all stockholders of both institutions can participate, the harmonizing
to a
nearly
and
fully
more
more
interests represented will be carried out
present.
at
than
logical conclusion
will conApart from the combination of stock indicated, both institutions
administration and
tinue to operate separately and independently as far as
as
remain
will
entities
legal
The
concerned.
the interests of the public are
will continue their
they are at present. The Irving and the Broadway
unremain
present charters unaltered, and the management of each will
assured that
changed. The customers of the two institutions may rest
disturb their
there is nothing in the plan indicated which will in any way
helpful
convenience, or which will affect their interests in any but a most
manner.
both
of
stock
the
effective
In order to make the plan of combination
Trust Co.,
Institutions is to be temporarily deposited with the Broadway
representing the two
which institution will act as agent for the committees
stock thus
institutions. Negotiable receipts will be delivered against the
deposited.
certificates issued
After the exchange of stock has been effected and new
deposited with
therefor under the new ratio these new certificates will be
will issue therefor
the Central Trust Co. of New York, as depositary, which
deposit of his
joint
the
for
its deposit receipt in the name of the owner
the proper
Irving and Broadway stock. This deposit receipt covering
and may be
proportion of Irving and Broadway stock will be negotiable
which it repbought and sold in place of the stock of both institutions
resents.
Both
The careers of these two institutions have been most interesting.
and both
started on a comparatively small scale and in simple surroundings,
opening. The
moved into the Woolworth Building at the time of its
comparatively
Irving, a few years ago, with limited resources, occupied
surplus exmodest quarters on the West Side. Now, with a capital and
the $100,ceeding $8,000.000—with resources which long ago have passedcommercial
in
000,000 mark, and with spheres of infulence developed
largest of
the
of
one
centres throughout the world, it has grown to be
.American commercial banks.
(Vol,. 104.
The stockholders of the Public Bank of this city are to meet
on June 22 for the purpose of voting upon the recommendation of the directors that the bank be converted into a national banking institution. Upon becoming a national bank
the Public Bank will automatically become a member of the
Federal Reserve system. The bank has main offices at Delancey and Ludlow streets and operates five branches in
various parts of the city. It will be the second national bank
in New York City to have branches, the first being the
Chatham & Phenix National. The Public Bank was organized in 1908 and now has a capital of $750,000. It has
surplus and undivided profits of over $750,000, and on Feb.
28 last reported deposits of $15,474,574. Edward S. Rothschild is its President.
The West Side Bank of this city has increased its capital
from $200,000 to $500,000. The West Side Bank has as its
President Charles Rohe, and on May 26 reported deposits of
$4,450,000.
In accordance with our announcement of Saturday last
the Scandinavian Trust Co., a new institution with exceptional international connections, opened for business in this
city last Monday, June 11, at 56 Broadway. Its officers
are Alexander V. Ostrom, President, who was formerly
Vice-President of the Northwestern National Bank of
Minneapolis; T. Barth, Vice-President, and J. C. Traphagen, Secretary. The new institution has a capital of
$1,000,000 and a surplus of $1,500,000. The surplus is
accounted for by the fact that the stock in the new company
was subscribed for at $260 a share, $100,000 being set aside
for the equipment of the banking offices. A statement
issued by the company says:
The organization of the new institution is another proof of the increasing
Importance of New York as an international money centre and of the growth
of the American foreign trade. Its object is to facilitate the commercial
relations between the United States and the Scandinavian countries, the
Importance of which is indicated by the fact that the United States imported
from Norway and Sweden last year merchandise amounting to approximately $25,000,000 and sold these countries goods totaling 875,000,000.
The organization of the trust company was effected by a group of Norwegian bankers. It has the backing of seven of the largest banks in Norway, the same interests having already established similar banks in London. Paris and Petrograd. In connection with the formation of the trust
company, Mr. Knut Bachke of the Andresens Bank of Christiania and Mr.
Anders Borresen, director of the Centralbanken for Norge, Christiania'
are now in the city. Mr. Bachke made an earlier visit to this city last
winter with Mr. G. Kamstrup Heggo of Den Norske Creditbank, Christiania, and Mr. S.E. Dahl of the Oentralbanken for Norge, Christiania.
Messrs. Bachke, Hegge and S. E. Dahl are the directors on the board,
representing the Norwegian interests.
The new institution has on its board a number of prominent Wall Street bankers and well-known business men.
The list of directors was given in these columns last week.
It is believed that because of the strong Norwegian interests
the new institution will receive the business of prominent
Scandinavians throughout the country.
Following the filing of an involuntary petition in bankruptcy against the firm of Kennedy, Mitchell & Co., Inc.,
of 35 Wall Street, this city, on June 11, by three creditors
presenting claims aggregating $21,562, Judge Martin T.
Manton in the U. S. District Court on June 12 appointed
William H. Griffen, a lawyer of 52 William Street, receiver
for the firm. William Anthony Kennedy, President of the
concern, was indicted yesterday by the Grand Jury in
General Sessions in this city, on a charge of grand larceny.
The firm is alleged to have received $350,000 from banks in
this country for transmission to Hungary, the disposition
of which cannot be traced. Kennedy, Mitchell & Co.,
a co-partnership, was incorporated on June 12 1916
with a capital of $1,000,000. On Nov. 29 last the
capital was increased to $10,000,000. The firm, it
is said, was originally arganized to act as the mercantile
representative of manufacturers in the United States and
Europe in the shipment of merchandise and other products
JUNE 16 19174
THE CHRONICLE
from country to country. Gradually, however, it sought to
extend its operations into other fields. Last summer,
according to the New York "Sun," it applied successively
for a State bank charter,a private bank certificate and authorization to conduct a national bank, but in each instance the
desired permit was denied. Some time ago Examiner
Fletcher G. Crane of the State Banking Department, began
an investigation to ascertain whether or not the firm was
actually engaging in a banking business. As a result of his
examination the attention of the District Attorney's office
was,it is stated, called to the firm's activities, and the present
inquiry was instituted. Peter Nemeth, a naturalized
Canadian of Hungarian birth, is Vice-President. Hewitt
S. West• of Glen Falls was formerly Treasurer, but
Withdrew several months ago. Curtis S. Mitchell—
the Mitchell whose name appears in the firm's
title—retired two months ago. Another who withdrew from
the firm, according to the "Sun," was Herman Winter of
the Hamburg-American Steamship Line, whose name, until
his retirement, appeared in the list of directors and as
manager of the firm's department of trade and commerce.
Mr. Kennedy, the President, is believed to be aboard the
steamer Alphonso XII, which is bound for a Spanish port.
Arthur S. Somers of 100 William Street, this city, on June
12 was appointed by Judge Martin T. Manton of the U. S.
District Court receiver for Bird S. Coler, who, as noted in
these columns last Saturday, made an assignment on June 8,
individualy and as sole surviving partner of the firm of W.N.
Coler, bankers and brokers, of 43 Cedar St., this city. An
Involuntary petition in bankruptcy was filed against Mr.
Coler on June 9 by three creditors with claims aggregating
over $20,000. Joseph F. Collins of 27 Pine St., attorney for
Mr. Color, on June 8 stated that the liabilities of W.N. Coler
& Co. amounted to $724,000, of which $582,000 are current
and $142,000 deferred liabilities.
V. P. Bradley, Manager of the W. M. Dickinson real
estate department, has been chosen a director of the Trenton,
(N. J.) Trust & Safe Deposit Co., to succeed J. R. Gaskill,
deceased. Mr. Bradley, who is but twenty-eight years of
age, is believed to be the youngest bank director in Trenton
and one of the youngest men ever elected to a bank directorate in that city.
With an eye to the future the Utica Trust & Deposit Co.
of Utica, N. Y., has purchased the Stewart Building at
166-168 Genesee St., adjacent to.the property which the
bank already owns and occupies. The newly acquired site
has a wide frontage on Genesee St. and runs back about
120 feet to Seneca St. The trust company does not contemplate improving the site at the present time, but has
made the purchase with a view to providing increased facilties for its future growth. In 1900, the site owned and
occupied by the Savings Bank of Utica, at the corner of
Lafayette and Genesee Sts., was purchased by the Utica
Trust & Deposit Co. At that time, the Trust company held
• the building under lease. Some years later in 1909 the
company bought additional land, extending in the rear of
its present property to Seneca St. The site was improved
and the present building was occupied in March 1913. When
the building was constructed the company thought it sufficiently large for its future needs. The development of the
Institution has, however, exceeded expectations, and it has
been deemed advisable to make proper provision for the
further large growth which it is anticipated the bank will
experience.
At a meeting of the directors of the Exchange Trust Co.
of Boston on June 12,the regular quarterly dividend of 11A%
was declared, payable July 2 1917 to stockholders of record
June 20 1917.
An increase of $350,000 in the capital of the Merchants
National Bank of Massillon, Ohio, raising it from $150,000
to $500,000, has been approved by the Comptroller of the
Currency.
John C. Black, for more than thirty years identified with
-Chicago banking institutions, died on June 1. He was born
In Middlebury, Vt., on July 3 1837. Mr. Black located in
Chicago in 1856 and entered the employ of the dry goods
firm of Ross & Bamber as Cashier;later he was in the employ,
for a time, of Armour & Co. He was the founder of the
Continental National Bank of Chicago, (which with the
2423
Commercial National, formed the present Continental &
Commercial National Bank), of which he became President
and later Chairman of the Board: Mr. Black was also
associated with the Northwestern Safe & Trust Co., and was
a trustee of the Prussian National Insurance Co. of Stettin,
Germany. He was a member of the Chicago Board of Trade
and the Western Board of Control of the Audit Company of
New York.
The directors of the United States National Bank of
Denver, announce the election of W. A. Hover as President.
Mr. Hover, who succeeds the late Gordon Jones, in the
presidency, was for many years Chairman of the board of
directors of the bank.
At a meeting of the directors of the Tootle-Lemon National
Bank of St. Joseph, Mo., on May 29 the resignation of H.Y.
Lemon as Assistant Cashier was presented and accepted
with regret. E. H. Zimmerman was elected Vice-President
and Cashier, and Otto W. Croy was elected Assistant
Cashier.
The directors of the Mercantile Trust Co. of St. Louis on
May 31, voted an extra 2% dividend to stockholders,making
a total of 11% paid during the last six months. President
Festus J. Wade is quoted as saying that this unusual record
of dividend payment reflects the underlying solid condition
of business.
The Newmarket Bank of St. Louis opened for business on
June 7 at Laclede Avenue and Sarah St. The officers of the
new institution are: President, Nat W.Ewing of HumphreyEwing-Gray Underwriters Co.; Vice-Presidents, W. C.
Anderson, of the Ford Motor Car CO.; Edward Beecher,
Secretary of the D'Arcy Advertising Co. and J. A. Johansen,
Treasurer of Johansen Bros. Shoe Co. The Cashier is T. S.
Baskett and Joseph Dickson Jr. is counsel. Associated with
the officers on the board of directors are Dr. Louie P. Butler,
J. B. Corby, President Corby Supply Co.; Dr. William P.
Glennon, P. J. Hannan, railroad contractor; R. D. Kaime,
President J. E. Kaime & Bro. Real Estate Co.; E. J. Krause,
President of the Willis Coal & Mining Co.; Ignatius McMenamy, real estate; Edwin T. Nugent, insurance; Eugene
F. Smith, President Battle & Co.; and L. B. von Weise,
Manager Ice & Cold Machine Co.
Arrangements for the consolidation of the Iowa National
Bank and the Des Moines Savings Bank with the Citizens
National Bank and the State Savings Bank of Des Moines,
Iowa, were perfected at a meeting of representatives of
all four institutions on May 28. The enlarged banks
will be known as the Iowa National and the Des Moines
Savings Bank. The officers of the new institutions will be
divided among the officers of the four merging banks.
The enlarged Iowa National Bank, it is said, will have a
capital of $1,600,000, surplus and profits of $1,100,000 and
total assets of about $25,000,000. J. G. Rounds, Chairman
of the Board and former President of the Citizens National
will serve as Chairman of the consolidated national bank.
Homer A. Miller, now President of the Iowa National, will
be President of the new institution. The enlarged bank
will have five Vice-Presidents. They are Clyde E. Brenton,
President of the Citizens Naticrnal; J. H. Blair, Vice-President of the Citizens National; Harry T. Blackburn,,Cashier
of the Iowa National, and H. S. Butler, Vice-President of
the Iowa National. J. Roy Copps, Assistant Cashier of the
Iowa National, becomes Cashier of the enlarged Iowa National. The Assistant Cashiers of the consolidated bank
will be R. L. Chase, Jr., and James F. Hart, now Assistant
Cashiers of the Iowa National, and James Burson, now
Assistant Cashier of the Citizens National. The directorate
of the new Iowa National, according to the Des Moines
"Register," will be: J. G. Rounds, C. E. Brenton, Howard
J. Clark, C. R. Brenton, G. E. Pearsall, Dr. D. W.Smouse,
J. H. Blair, W. E. Coffin, Charles Gilcrest, F. H. Luthe,
M. Mandelbaum, M. Shloss, Leon Strauss, S. T.
Slade, E. C. Finkbine, W. C. Harbach, Ashton Clemens,
Gardner Cowles, J. H. Cownie, H. T. Blackburn, C. L.
Herring, George Van Evera, 0. P. Thompson, Homer A.
Miller, G. B. Hippee and H. S. Butler.
The business of the Citizens National Bank will be transferred to the Iowa National quarters in the Fleming Building.
Eventually the Citizens National Bank Building will be
remodeled to make street level banking quarters to house the
new bank. The Citizens National Bank and the Iowa
2424
THE CHRONICLE
National Bank are two of the oldest financial institutions
in Iowa, the Citizens National having been founded in 1872
and the Iowa National three years later, in 1875. The
Iowa National has a capital of $1,000,000 and recently reported surplus and undivided profits of $633,421, and deposits of $12,961,211. The Citizens National has a capital
of $300,000, and reported surplus and undivided profits of
$156,933, and deposits of $2,418,571.
The Bankers Trust Co. of Des Moines, Iowa, opened for
business on June 1, in the quarters formerly occupied by the
Century Savings Bank. The new institution, which has a
capital of $1,000,000, will conduct, in addition to a general
banking business, a trust department, an investment department, safety deposit boxes, real estate, city and farm loan
and country bank departments. The bank will also engage
in an abstract business, having purchased the Polk County
Abstract Co., which has been consolidated with it and moved
to its banking quarters. The officers of the Trust Co. are
President,B.F. Kauffman; Vice-President, Fred W.Sargent;
Cashier, C. H. Stephenson; Assistant Cashier, D. E. Alldredge, and J. H. Koons, Secretary. Mr. Sargent is Iowa
attorney for the Chicago Rock Island & Pacific RR.; Mr.
Stephenson was formerly Assistant Cashier of the Iowa
National Bank and Mr. Alldredge was formerly Assistant
Secretary of the Iowa Loan & Trust Co. The board of
directors is composed of Ashton Clemens, President of the
Standard Glass & Paint Co.; C.L.Herring, President of the
Herring Motor Co.; J. H. Howell, General Manager of
Warneld-Pratt-Howell Co.; H. H. Polk, President of Harry
H.Polk & Co.; Dr. 0. J. Fay; S. Sheuerman of Sheuerman
Bros.; B. F. Kauffman, principal organizer and President
of the company, and F. W. Sargent, Vice-President of the
company.
[VOL. 104.
The Old National Bank and the Union Trust Company
of Spokane, Wash., are now located in their newly remodeled
and enlarged banking rooms in spacious quarters "under
one roof."
Invitations to the friends and patrons of the institutions
to attend the informal reception held last Saturday evening,
June 9, were issued and many availed of the opportunity to
inspect the new banking rooms. In these spacious new
quarters, patrons of the Old National and the Union Trust
are afforded a complete financial service. The equipment
embraces many new features which will greatly facilitate the
work of each department. A booklet, entitled "Under One
Roof," issued by the officers of the two aiffiated institutions, details the added facilities and conveniences placed
at the disposal of their customers in the new quarters.
The annual meeting of the stockholders of the Sterling
Bank of Canada (head office Toronto) was held on May
15. The statement for the twelve months ending April
30 1917, shows net profits of $161,270, or 13.30% on the
paid-up capital of $1,212,174. This compares with profits
for the year ending April 30 1916 of $145,291 or 12.04%,
on the $1,206,299 paid-up capital then out. The profit
brought forward from the previous year was $52,735. The
sum of $72,582 was paid out in dividends; $60,000 was
transferred to contingent account for depreciation of assets,
&c.; $11,989 was paid as a war tax on circulation, and
Provincial Government taxes amounted to $8,604, leaving
$60,829 to be carried forward as a credit to profit and loss.
Gross deposits register a substantial increase, aggregating
$10,677,991, as against $7,794,821 the year before. The
statement shows total assets of $13,759,887, which compares with $10,744,315 the previous year. G. T. Somers
is President of the Sterling Bank of Canada, and A. if.
The Central National Bank of Okmulgee, Okla., a new Walker is General Manager.
institution, will open for business in the coming month.
The forty-second annual report of the Imperial Bank of
The bank, which was organized some time ago, and was
recently granted a charter, has been formed with a capital of Canada (head office Toronto) submitted at the annual
$100,000 and surplus $10,000. D. M. Smith is President; meeting on May 23, exhibits net profits of $1,122,819, an
T. F. Baker and W. D. Pine, Vice-Presidents; and H. E. increase of $118,858 over the amount reported for the preKennedy is Cashier. Associated with the officers as direc- vious twelve months when the net profits stood at $1,003,tors are Waite Phillips, A. D. Adcock, W. A. Stuart, Tom 961. In reviewing conditions in Canada during the past
year President Peleg Howland in his remarks said:
Payne and A. D. Kennedy.
I will not burden you with figures, but think it well to mention that the
George E. Engel, Vice-President of the German National Bank Clearings this year, so far, have increased enormously over last, rein part at least, the inflated conditions. Building permits show
flecting,
Bank of Covington, Ky., was elected on May 31 President some increase;
it is difficult to decide the cause. Railway receipts have
of that institution to succeed Hugh P. Colville, who resigned grown. The number of immigrants, while small compared with former
to become Vice-President of the Citizens National Bank or Years, have increased somewhat over last year, nearly all coming from
the United States. The entry of that country into the war, with the
Louisville, Ky. On the same day the directors of the German resultant
debt and taxation, and the recent regulation regarding free
National elected Polk Lafoon,Secretary of the South Coving- wheat, must, I think, aid us in the future in obtaining American settlers.
ton & Cincinnati Street Ry. Co., a Vice-President; Frank About 100,000 have been added to our army during the past year and
about 150,000 have been sent abroad to join their comrades, but, alas,
Evans was appointed Cashier of the bank and Richard P. 90,000
casualties have occurred since the war began, and of these more
Ernst was elected chairman of the board. The other officers than 26,000 are dead—a heavy toll. Our foreign trade has grown enorThe effect of this is;
of the institution are Frederick Kreutzka,mp and John Minder- mously, with a balance still largely In our favor.
it seems to me, largely nullified by credits granted the Mother
mann, Assistant Cashiers, and T. S. Hamilton Associate however,
Country. Our debt has of necessity grown enormously, and is increasing
Vice-President. Until recently Mr. Colville, the retiring at the rate of probably $750,000 a day, and it is only reasonable to expect
that we must soon begin to feel the effect of tho burden. It will, I am
President of the German National Bank, had been Cashier of sure,
be cheerfully borne.
the institution having succeeded James C. Ernst in the
With the amount carried forward by the bank from the
presidency with the latter's withdrawal from active interest previous year ($1,089,656) it had $2,212,475 available for
in the bank. Mr. Colville's resignation became effective distribution, from which the following disbursements have
on June 15.
been made: Dividends, 12%, 40,000; contributions to
In celebration of the twenty-eighth anniversary of its variousrpatriotic, relief and pension funds, $35,000; war
organization, the Chattanooga (Tenn.) Savings Bank has tax onlbank note circulation, $67,599; auditors' fees, $5,000;
prepared a booklet giving'a brief history of its founding, and a contingent appropriation of $100,000 to cover depregrowth and development. The institution was founded in ciation in bonds and debentures. This loaves a balance
May 1889; N.E. Baker was its first President. The bank of $1,164,876 to be carried forward to new profit and loss
now has capital and surplus of more than $1,000,000 and account. Total deposits at $66,199,281 have increased
deposits in excess of $3,500,000. W. A. Sadd, at present $5,980,653. The annual statement reports total assets of
head of the institution, has been President since 1903. Other $90,775,728, which compares with .1,911,758 a year ago.
officers are S. R. Read, Vice-President; R. W. Barr, Vice- The bank opened ten new branches during the year, and
President and Cashier; and Carl Gibbs, T. R. Durham and closed one. The total number of stockholders is 1,879,
as compared with 1,804 a year ago. The Imperial Bank
S. C. Brooks, Assistant Cashiers.
of Canada has paid-in capital of $7,000,000, and a reserve
At the regular monthly meeting of the board of directors fund of $7,000,000.
of the Hibernia Bank & Trust Co. of New Orleans, held
June 5, P. H. Wilkinson, heretofore assistant bond officer,
THE ENGLISH GOLD AND SILVER MARKETS.
was made bond officer, and L. V. DeGruy, heretofore assistreprint the following from the weekly circular of
We
ant trust officer, was made trust officer. Kenner S. Baetjer
date o
was placed in charge of the department of publicity and new Samuel Montagu & Co. of London, written under
1917:
24
May
business.
GOLD.
The Comptroller of the Currency has approved a reduction
of $100,000 in capital of the Gainsville (Fla.) National Bank,
changing it from $200,000 to $100,000.
The Bank of England gold reserve against its note issue shows an increase of £174,990, as compared with last week's return. Now York reports withdrawals of gold, actual or engaged, amounting to $4.075,000,
mainly for Japan. The amount of gold reported as having been engaged
or shipped ,fpresumably;to:that:quarterlhas:already:reached:about!£4,250
JUNE 16 1917.)
THE CHRONICLE
000 since America joined the Ames. The gold output of Ontario during
1916 amounted to 497,830 ounces, an increase of 86,242 ounces over that
of 1915.
SILVER.
Tho tone of the market continues to be remarkably steady and the price
has moved again within very narrow limits. Since May 2 last the quotation has never been more than %d. either side of 38d. From May 10 on it
has been either at 37%d. or 38d. There has been an absence of business
from the East; buying orders have been mainly for coinage, as usual.
There has been a considerable drop in the Indian price. It fell in Bombay
from 103% to 1004,duty paid, following the collapse of a local corner for
delivery. The fact that the price has been moving above 100 rupees per
100 toles is suggestive, and throws a light upon the bearish attitude of the
Indian Bazaars, which has obtained for some time past, and also upon the
way in which the Indian people have been content with such reduced imports for industrial consumption. It is more than probable that many individuals whose silver jewelery depreciated seriously when the Indian Mints
were closed to free coinage have taken advantage of the high prices, compared with those ruling for the last 20 years or so, and have turned their
silver bangles into silver coin. This action would account for a proportion, though probably slight, of the excessive drain demand for silver rupees
during the last two years. The figures relating to the Indian currency given
below show a large increase in the note issue, and for the first time since
March 31 last an increase in the silver holding by the Treasury:
April 30. May 7. May 15.
(In Lacs of Rupees.)
82,72
86,50
83,88
Notes in circulation
15,37
15,46
14,64
Reserve in silver coin and bullion
11,39
10,85
11,15
Gold coin and bullion in India
5,17
6,17
Gold in England
5,17
The stock in Bombay consists of 2,000 bars, as compared with 2,200 bars
Shanghai
on
in
May
The
stock
19 1917 consisted of about
last week.
26,600,000 ounces in sycee and 17,500,000 dollars, as compared with about
29.000,000 ounces in sycee and 17,700,000 dollars on April 12 1917.
Quotations for bar silver per ounce standard:
May 18
3734 cash May 24
3734 cash
" 19
3734 " Average
37.895 "
" Bank rate
38
" 21
5%
" 22
374 " Bar gold, per oz. standard._77s. 9d.
37% "
" 23
No quotation fixed for forward delivery.
The quotation to-day for cash delivery is %d.below that fixed a week ago.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending June 15'
Silver, per oz
d.
Consols, 2)4 per cents
British, 5 per cents
British, 44 per cents
French Rentes (In Paris).frs.
French War Loan 5% (in
fr..
Paris)
June 9.
Sat.
38 7-16
Holiday
Holiday
Holiday
Holiday
June 11. June 12. June 13. June 14. June 15.
Mon.
Tues.
Thurs. Frt.
Wed.
38%
39 1-16 39 1-16 39 1-16 39 1-16
5434
54M
55
5434
5434
9434
9414
0434
0434
0414
0134
0134
0234
9134
9114
61.00
61.05
61.00
61.00
61.00
Holiday 88.00
88.05
88.05
88.10
88.10
The price of silver in New York on the same days has been:
2425
this year by 1,325,226 tons. The maximum record of March
of this year exceeded the shipments of last month by only
71,550 tons, or a little over 1%. The total shipments for
the first five months of 1917 have amounted to 30,618,056
tons as compared with 27,784,690 tons for the same period
in 1916, and 26,869,381 tons in 1915.
Below we give the shipments by the various carriers for
May 1917 and 1916 and for the five.months ending May 31
this year and last:
May
Road1916.
1917.
Philadelphia & Reading
tons_1,341,587 963,385
Lehigh Valley
1,275,513 1,015,264
Central Railroad of New Jersey
735,758 544,899
Delaware Lackawanna & Western
1,090,649 909,012
Delaware & Hudson
774,278 677,405
Pennsylvania
498,052 478,602
Erie
786,995 665,883
New York Ontario & Western
179,386 161,342
Lehigh & New England
*235,307 *132,107
Jan. 1 to May 311917.
1916.
5,836,538 5,235,815
5,394,791 4,830,006
3,301,679 2,814,013
5,047,818 4,233.680
3,292,303 2,979,928
2,336,196 2,587,192
3,584,429 3,347,134
• 818,447
825,759
*1,025,855
931,163
Total
6,917,525 5,547,899 30,618,056 27,784,690
*After deducting (to avoid duplication) tonnage delivered to the Central RR.
of New Jersey at haute by the Lehigh & New England RR., and included as part
of the tonnage of the latter. This amounted to 117,613 tons in May 1917 (against
21,503 tons in May 1916) and to 458,407 tons for the five months ending May 31.
-TAKE SUPERIOR IRON ORE SHIPMENTS.-The
shipments of Lake Superior iron ore during the month of May
1917 were over 25% less than in May 1916, due to the serious
delays from ice blockades. The total last month was
6,283,612 tons as compared with 8,449,580 tons -in May
1916 and 5,012,359 tons in May 1915. The decrease for
the month from last year is 2,165,988 tons, or 25.63%, and
for the season to June 1, 3,612,847 tons, or 35.74%.
Below we compare the shipments from the different ports
for May 1917, 1916 and 1915, and for the season to June 1.
Port1917.
Escanaba.__ _tons.1,105,086
Marquette
98,048
Ashland
732,951
Superior
1.383,294
Duluth
1,765,683
Two Harbors
1,198,550
Total
May
Season to June 1
1916.
1915.
1917.
• 1916.
1915.
1,045,186 479,259 1,295,493 1,443,400 528,566
561,555 178,927
98,048
614,813 183,365
955,041 513,715 732,951 1,102,893 557,665
1,722,341 763,889 1,404,419 1,933,681 851,064
2,671,044 1,974,321 1,765,683 3,209,325 2,149,310
1,494,413 1,102,248 1,198,550 1,803,879 1,246,222
6,283,612 8,449,580 5,012,359 6,495,144 10,107,991 5,516,192
Commercial aittIMiscellaueolis Atextio
•tindrow.v•rov.
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
77
7634
7534
77
Silver in N.Y.. per oz. _
77
77
Alabama Great Southern,ordinary
234 June 26 Holders of roe. June 44
Ordinary (extra)
1
June 26 Holders of rec. June 4a
Preferred
3
Aug. 28 Holders of rec. July 21a
4 Aug. 28 Holders of rec. July 21a
Preferred (extra)
TRADE AND TRAFFIC MOVEMENTS.
Albany & Susquehanna
434 July 2 June 16
to July 1
UNFILLED ORDERS OF
Allegheny et Western
3
July 1 Holders of rec. June 23a
CORPORATION.
- Ashland
1
Iron
June
25
Coal
&
Holders
of
Ry.
rec. June 25a
(quar.)
The United States Steel Corporation on Saturday, June 9, Atchison Topeka & Santa Fe, preferred_ _ 234 Aug. 1 Holders of rec.
June 29a
issued its regular monthly statement, showing the unfilled Atlantic Coast Line Co.(War.)•- - - $1.50
June 9 June 1 to June 8
Atlantic Coast Line RR., common
334 July 10 Holders of rec. June 19a
orders on the books of the subsidiary corporations at the Beech
50e. July 2 Holders of rec. June 200
(guar.)
close of May. This statement shows that the aggregate of BostonCreek
234 June 30 Holders of me. May 31a
& Albany (quar.)
4
July 21 Holders of rec. May 26a
unfilled orders on May 31 was 11,886,591 tons, a decrease Boston & Lowell
14 July 2 Holders of rec. June 15a
Boston
Beach & Lynn (guar.).- of 296,492 tons from the record total of 12,183,083 tons at Buffalo Revere
g June 30 Holders of tee. June 15a
& Susquehanna, common (Van)
2
June 30 Holders of rec. June 15a
Preferred
the close of April.
Canada Southern
134 Aug. 1 Holders of rec. June 29a
In the following we give the comparisons with the previous Canadian
234 June 30 Holders of rec. June ia
Pacific, common (guar.)
2
June 30 Holders of rec. June 19a
Central Railroad of New Jersey (extra).
months:
2
June 30 Holders of roe. June 8a
Tons.
Tons.
Tons. Chesapeake & Ohio
2
June 25 Holders of rec. June 19a
May 31 1917-11,886,591 Jan. 31 1915-4,248.571 Sept. 30 1912_6,551,507 Chicago Burlington & Quincy (quar.)_ _ _
April 30 1917..12,183,083 Dec. 31 1914_3,836,643 Aug. 31 1912...6,163,375 Chicago SC North Western. corn. (quar.). 134 July 2 Holders of rec. June la
2
July 2 Holders of rec. June la
Preferred (quar.)
Mar. 31 1917-11,711,644 Nov. 30 1914...3,324.592 July 31 1912-.5,957,079
24 Aug. 20 Holders of rec. Aug. 1
Feb. 28 1917..11,576,697 Oct. 31 1914...3,461,097 June 30 1912-5,807,346 Chic. St. Paul Minn. et Omaha, com
Preferred
334 Aug. 20 Holders of rec. Aug. 1
Jan. 31 1917-11.474,054 Sept. 30 1914...3,787.667 May 31 1912..5.750,983
June 12 Holders of me. May 29a
Dec. 31 1916-11,547,286 Aug. 31 1914_4,213,331 April 30 1912_5,664,885 Cln. New On.& Texas Pacific, common. 3
Common (extra)
334 June 12 Holders of roe. May 29a
Nov. 30 1916_11,058,542 July 31 1914_4,158,589 Mar. 31 1912 _5,304,841
(guar.)
pref.
Louis,
14
St.
Cleve.
July
Cin.
Chic.
30
,
1
914
et
14
June
20 Holders of rec. June 27
.2:39
4
:
0
,
3
8
2
1916_10.015,260
:
8
16
5
0
7
j
Faeib
L. 3
Oct. 31
29
1 191
912...........5
021
2 5:3
2 1 Connecting Railway (Philadelphia)
579
4 4:7
2
June 30
Sept. 30 1916_9,522.584 May 31
234 June 20 Holders of rec. May 28a
Aug. 31 1016_9,660,357 April 30 1914-.4,277,068 Dec. 31 1911_5,084,765 Delaware & Hudson Co. (quar.)
2
July 5 June 21 to July 5
July 31 1916_9,593,502 Mar. 31 1014-4,653,825 Nov. 30 1911_4,141,958 Detroit Hillsdale et Southwestern
June 30 1916_9,640,458 Feb. 28 1914_5,026,440 Oct. 31 1911_3,694,327 Detroit et Mackinac, preferred
234 July 2 Holders of rec. June 15a
3
July 14 Holders of rec. July 6a
May 31 1916-9,937,798 Jan. 31 1014_4,613,680 Sept. 30 1911_3,611,315 Detroit River Tunnel
874e. June 10 Holders of tee. May 31a
April 30 1916-9,829,551 Dec. 31 1913-4,282,108 Aug. 31 1911...3,695,985 Erie & Pittsburgh (quay.)
Mar. 31 1916-9,331,001 Nov. 30 1913.-4,396.347 July 31 1911.-3,584,088 Fonda Johnstown & Gloversv., pref. (qu.) 14 June 15 Holders of rec. June 9a
Greene Railroad
3
Feb. 29 1916-8,568,966 Oct. 31 1913...4,513,767 June 30
June 19 Holders of rec. June 154
Harris!), Portsm. Mt. Joy & Lancaster_ _
Jan. 31 1916-7,922,767 Sept. 30 1913_5,003.785 May 31
334 July 10 Holders of rec. une 190
2
June 30 Holders of rec. June 'fa
Dec. 31 1915_7,806.220 Aug. 31 1913_5,223.468 April 30 1911_3,218,700 Hocking Valley. common
2
July 1 June 12 to July 4
Nov. 30 1915...7,189,489 July 31 1913_5.399,356 Mar. 31 1911_3,447,301 Illinois Central. Leased Lines
Oct. 31 1915-6,165,452 June 30 1913...5,807,317 Feb. 28 1911_3,400,543 Interborough Consol. Corp. pref. (guar.) 14 July 2 Holders of rec. June lba
'((Mar.)
5
July 2 Holders of rec. June 20a
Sept. 30 1015-5,317,618 May 31 1913...6,324,322 Jan. 31 ioli...3 110.919 Interborough Rapid Transit
Kanawha et Michigan (guar.)
14 June 30 Holders of rec. June 26a
Aug. 31 1915.-4,908,455 April 30 1913_6,978,762 Dec.
Kansas City Southern, preferred (guar.)._ _
913:::7
7:4
666
58
1
July 16 Holders of rec. June 30
July 31 1015-4,928,540 Mar. 31 10
Lackawanna RR. of New Jersey (guar.).
1
July 2 Holders of rec. June • 9a
Oct. 30
June 30 1915-.4,678.196 Feb. 28
1 1194:7
3,504: Little Schuylkill Nay., RR. & Coal
2:::7
7:9
83
27
2:3
16
64
8 Sept.
$1.25 July 14 June 12 to July 15
Aug 3
May 31 1915-4,264,598 Jan. 31 1913
30
1 1
Coal RR., common
$5 Aug. 1 Holders of rec. July 16
April 30 1915...4.162,244
910_ ..-3,537.128 Mahoning
Common (extra)
$15
July 2 Holders of tee. June 22
Mar. 31 1915...4,255.749 Nov. 30 1912_7,852,883 July 31 1910_3,970,931
234 July 2 Holders of rec. June 22
Preferred
Feb. 28 1915...4.345,37i Oct. 31 1912...7.594.381
Manhattan Railway (guar.)
July 1 Holders of me. June 15a
134
The figures prior to July 31 1910 were issued quarterly Michigan Central
2
July 28 Holders of rec. June 29
2
July 1 June 2 to July 1
only. These, extending back to 1901, were given in the Mobile & Birmingham, preferred
$1.75 July 1 May 30 to June 27
Morris & Essex
"Chronicle" of March 13 1915, page 876.
New York Central RR.(guar.)
134 Aug. 1 Holders of rec. July 9
F. Chicago et SI. Louis,first preferred_
234 July 2 June 5 to July 2
ANTHRACITE COAL SHIPMENTS.-The shipments N.Second
preferred
234 July 2 Holders of rec. June 20
of anthracite coal for the month of May, according to tha New York & Harlem, corn. and pref
$2.50 July 2 Holders of rec. June 15a
Y. Lackawanna ac Western (quar.)_ _
134 July 2 Holders of rec. June 15a
Anthracite Bureau of Information at Wilkes-Barre, were the N.
134 June 19 Holders of tee. May 31a
Norfolk & Western, common (quar.).--.
largest in the history of the region with the single exception Philadelphia Baltimore et Washington__
3
June 30 Holders of rec. June 13
(quar.)
Trenton
234
Philadelphia
&
July 10 July 1
to July 10
of the month of March this year. Assurance is also given Pittsb. Ft. Wayne & Chic., reg. guar.(qu) 134 July
3 Holders of rec. June 11a
to the coal-consuming public that the anthracite mines will
Special guaranteed (guar.)
134 July 2 Holders of rec. June lla
Reading Co., 1st prof. (quar.)
50o. June 14 Holders of rcc. May 29a
be able to meet all reasonable demands during the coming Reading
Co., let pref. (guar.)
500. Sept. 13 Holders of rec. Aug. 28a
summer and fall, provided operations are not hampered by Reading
Co.. 2d pref. (guar.)
50o. July 12 Hollers of rec. June 25a
withdrawals of labor for the army or into other fields of Rensselaer dr Saratoga
4
July 1 June 16 to June 30
(No. 43)
Pacific
(guar.)
Southern
July 2 1i..ders of tee. May 311a
134
employment.
Southwestern RR. of Georgia
234 July 5 June 12 to July 5
The aggregate shipments for May amounted to 6,917,525 Toronto Hamilton & Buffalo (guar.)
14 July 2 Holders of rec. June 19a
Pacific. common (quar.)
2
July 2 Holders of rec. June la
long tons, an increase as compared with the same month last Union
Extra
14 July 2 Holders of tee. June la
year of 1,369,620 tons, and exceeding the month of April United N. J. RR.it Canal Cos.(guar.)_ _ 234
July 10 June 21 to July 1
STEEL
121:::3:NON
:Pa
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam) Concluded
234 July 2 Holders of reo. June 22a
Valley Railroad (N. Y.)
Street and Electric Railways
June 15 Holders of rec. May 31a
$1
American Railways, common
Arkansas Val. Ry., L. As P., pref. (quar.) 134 June 15 Holders of reo. May 31
4 July 2 Holders of ree. June 15
Asheville Power & Light, pref.(qu.)(No.21) 13
June 30 Holders of rec. June 23
1
., Light & Power, cornBirmingham Ry.
June 30 Holders of rec. June 23
3
Preferred
Brazilian Trac., L.& Pow., pref.(q uar.)- 134 July 2 Holders of reo. June 15
134 July 1 Holders of reo. June 9a
Brooklyn Rapid Transit (quay.)
Carolina Power & Light, pf. (qu.) (No. 33) 1% July 2 Holders of ree. June 15
% July 1 Holders of reo. June 15
Cities Service, corn. & pref. (monthly)..
154 July 1 Holders of reo. June 15
Common (payable in common stook)-Cleveland Railway (quar.)
134 July 2 Holders of reo. June 16a
July 2 Holders of reo. June 15a
Columbus (Ga.) Elec. Co., pref.(No. 22) 3
Columbus Ry., Power & Light, pf. A (qu.). 134 July 2 Holders of rec. June 15
July 2 Holders of reo. June 15a
1
Duluth-Superior Traction, pref. (quar.)_
Duquesne Light, pref. (guar.)(No. 10)__
134 Aug. 1 Holders of rec. July 1
Eastern Power & Light, pref. (quar.)_ _ _ _
134 Juno 15 Holders of reo. June 7a
Eastern Texas Elea. Co., corn. (No. 3)-234 July 2 Holders of reo. June lea
July 2 Holders of rec. June 16a
3
Preferred (No. 11)
Elmira Waier, Light & RR., lit pref. (qu,) 134 June 30 Holders of rec. June 15
Second preferred (guar.).
134 June 30 Holders of rec. June 15
234 June 15 Holders of reo. June 6a
El Paso Elec. Co., corn. (qu.)(No. 24)-July 9 Holders of ree. June 28a
3
Preferred (No. 30)
Frankford dr So'wark Pass.,Phila.(quar.) $4.50 July 1 Holders of reo. June la
,corn
July 2 June 17 to July 1
Phila.
81
Pass.,
Fairm.
&
Mantua
Hest.
$1.50 July 2 June 17 to July 1
Preferred
114 July 1 Holders of reo. June 15a
Illinois Traction, preferred (quar.)
June 30 June 21 to July 1
3
Indianapolis Street Railway
30c. July 2 June 20 to July 1
Interstate Railways, preferred
1
July 1 June 12 to June 15
Louisville Traction, common (guar.)
134 July 2 Holders of reo. June 18a
Manila Elec. RR.& Ltg. Corp.(quar.)
234 June 30 Holders of reo. June 21
Memphis Street Railway, preferred •
1
July 2 Holders of reo. June 15
Ottawa Traction (guar.)
Philadelphia Co., corn. (quar.)(No. 143).. 8734c. Aug. 1 Holders of rec. July 2
2
June 30 Holders of reo. June 15a
Public Service Corp. of N. J. (quar.)_ _
Second dr Third Sts. Pass., Phila. (quar.) $2 July 1 Holders of ree. June la
134 July 2 Holders of reo. June 15a
Springfield(Mo.)Ry &Lt., pref. (quar.)_
2
July 3 Holders of reo. June 15
Toronto Railway (quar.)
July 2 June 21 to July 1
1
TrI-Cily Ry. & Light, common (guar.)._
July 1
134 July 2 June 21 to
Preferred (quar.)
134 July 2 Holders of reo. June 15a
Twin City Rap. Tr., Minn., corn. (qu.)
134 July 2 Holders of reo. June 15a
Preferred (quar.)
$4.75 July 2 Holders of rec. June 15a
Union Passenger Ry.(Philadelphia)
July 2 Holders of reo. June 15a
1
United Lt. & Rys., corn. (qu.) (No. 10)134 July 2 Holders of reo. June 15a
Preferred (quar.) (No. 27)
134 July 2 June 13 to June 17
Unitei Trac. & Elec., Providence (qu.)_
Utah Power & Light, pref. (quay.)(No,18) 1% July 2 Holders of rec. June 16
Wash. Ball. & Annap. El. RR., pf. (quar.) 1% Juno 30 Holders of rec. June 16a
52 July 2 June 24 to July 2
West End Street Ry., Boston, preferred_
West Penn True.& Water Power, pt.(qu.) 134 June 15 June 6 to June 15
$5 July 2 Holders of reo. June 154
West Philadelphia Passenger Railway__ _
Yadkin River Power, pref. (quar.) (No. 5) 134 July 2 Holders of rec. June 15
Bank.
4
July 2 Holders of rec. June 25a
Chase National (guar.)
July 2 June 21 to July 1
7
City, National,(Brooklyn)(No. 130)__
2
July 2 Holders of rec. June 13
Coal & Iron National (quar.) •- --- •July 2 Holders of rec. June 13
1
Extra
July 2 Holders of reo. June 30a
First Nat. (guar.) (payable in Liberty bds.) s5
July 2 Holders of reo. June 30a
First Sec.Co.(quar.) (payable in Liberty bds) s5
July 1 Holders of rec. June 30a
13
Washington Heights, Bank of (guar.)
June 30 June 20 to July 1
6
Yorkville (guar.)
Trust Companies.
3
June 30 Holders of reo. June 29a
Franklin, Brooklyn (quar.)
June 30 Holders of reo. June 22
5
Guaranty (guar.)
334 June 30 June 21 to July 1
Hudso
Lawyers Title & Trust (guar.)(No.75)_.. 134 July 2 June 16 to July 2
20
June 11 Holders of reo. June 5a
New York Life Insurance & Trust
3
July 2 Holders of reo. June 30a
Transatlantic
4
July 2 Holders of rec. June 23a
Union (quar.)
1
July 2 Holders of rec. June 23a
Extra
25
July 2 Holders of reo. June 21a
United States
Miscellaneous
84 July 10 Holders of rec. June 15
Ahmeek Mining (quar.)
$1.50 June 15 Holders of reo. May 3la
Ajax Rubber, Inc.(,uar.)
134 July 16 Holders of rec. Juno 30a
Allis-Chalmers Mfg., pref. (quay.)
h34 July 16 Holders of reo. June 30a
Pref. (on account accum. dividends)_ _
July 3 Holders of reo.-June 13a
$3
Allouez Mining (quar.)
Amer.Agricul.Chem.. cons.('tsar.)(No.23) 134 July 16 Holders of rec. June 22
134 July 16 Holders of reo. June 22
Preferred (quay.) (No.48)
75o. July 2 Holders of reo. June I5a
American Bank Note, pref. (quar.)
Amer. Beet Sugar, pref. (quar.) (No. 72) 13.4 July 2 Holders of rec. June 16a
134 June 30 Holders of reo. June 22
(guar.).
Fdy.,
corn.
&
Shoe
Brake
Amer.
2
June 30 Holders of rec. June 22
Preferred (guar.)
June 30 Holders of rec. June 22
1
Preferred (extra)
June 30 Holder's of reo. June 22
Preferred (payable in Liberty bonds)_-_ - 55
Holders of reo. June 22
Pref. (special contrib. to Red Cross Assn.) ul
114 July 2 Holders of rec. June 15a
American Can, preferred (quay.)
Preferred.(on acct. accumulated dim) h 1% July 2 Holders of reo. June 15a
July 2 Holders of reo. June 12a
Amer. Car Sr Fdry., corn. (qu.) (No. 59) 1
July 2 Holders of reo. June 12a
1
Common (extra)
134 July 2 Holders of rec. June 12a
Preferred (guar.)(No. 73)- -- 134 July 2 Holders of reo. June 22
American Chicle, preferred (quay.)
134 July 2 Holders of reo. June 15a
American Cigar, preferred (quar.)
11.50 July 2 Holders of reo. May 31a
American Express (guar.)
20)..
214 July 2 Holders of reo. June 19
(No.
(guar.)
corn.
Elec.,
&
Gas
Amer.
July 2 Holders of rec. June 19
Common (payable in common stock).-- 12
114 Aug. 1 Holders of rec. July 18
Preferred (guar.) (No. 42)
2 Holders of rec. June 15a
July
(No.
49)
(qu.)
corn.
134
Amer.Graphophone,
75e. Juno 30 Holders of rec. June 15
Amer. International Co. (quar.)
134 July 1 Holders of reo. June 15
American Linseed, preferred (No. 7)_ 1% July 3 Holders of reo. June 22a
American Locomotive,common (quar.)
134 July 21 Holders of reo. July 5a
Preferred (quay.)
July 14 Holders of rec. July 1
5
American Machine dc Foundry
(quar.)
134 July 2 Holders of rec. June 21
pref.
Light,
&
Amer.Power
134 July 2 Holders of reo. June 15
American Public Service, pref. (quar.)
134 July 2 Holders of reo. June 20a
American Public Utilities, pref. (quar.)_ _
June 30 June 22 to June 30
American Radiator, common (guar.).-- 3
July 15 Holders of reo. June 30a
2
American Rolling Mill, common (quay.)_
July 15 Holders of reo. June 30a
3
Common (extra)
134 July 15 Holders of reo. June 30a
Preferred (quay.)
1
July 15 Holders of rec. June 30
American Seeding Machine,corn.(guar.) _
154 July 15 Holders of rec. June 30
Preferred (guar.)
See note (ki
i500 June 20
American Sewer Pipe (quar.)
Amer. Smelters Securs. Corp., p1. A (qu.) 114 July 2 June 16 to June 24
to June 24
16
June
2
July
134
Preferred B (quar.)
154 June 15 May 26 to June 3
Amer. Smelting & Refg., corn.(guar.)._ _
July 2 Holders of rec. June 15a
3
American Snuff, common (quar.)
134 Judy 2 Holders of reo. June 15a
Preferred (quay.)
131 June 30 Holders of reo. June 16a
American Steel Foundries (quar.)
com.&pref.(quar.)
134 July 2 Holders of rec. June la
Refg.,
Sugar
American
134 Oct. 2 Holden of reo. Sept. la
Common and preferred (quar.)
Aug. 15 Holders of reo. Aug. la
1
Amer. Sumatra Tobacco, corn. (No. 1)._
334 Sept. 1 Holders of reo. Aug. 18a
Preferred _
234 July 1 May 16 to May 31
American Thread, preferred
_
134 July 2 Holders of reo, June 15a
American Tobacco, preferred (quar.)
July 14 Holders of rec. July 10a
American Type Founders, common (guar.) 1
134 July 14 Holders of rec. July 10a
Preferred (guar.)
16 June 16 to June 27
July
(quar.)
common
Woolen,
134
American
134 July 10 June 16 to June 27
Preferred (quay.)
13.4 Dee. 1 Holders of rec. Nov. 15a
Associated Dry Goods. let prof.(No. 1)
Associated Oil (quar.)
134 July 16 Holders of reo. June 30a
Aug. 1 Holders of rec. June 29a
5
All. Gulf & W.I. SS. Lines, common_ _ _ _
0134 July 2 Holders of reo. June 8a
Preferred (quar.)
Aug. 1 Holders of reo. June 29
Atlantic Gulf& W.I. SS. Lines, com.(ext.) ul
June 15 Holders of reo. May 19a
5
Atlantic Refining (quar.)
10 June 1 to June 10
2
June
common
(quar.)
Atlaa Powder,
3
June 10 June 1 to June 10
Common (extra)
June 18 Holders of rec. June 17
Atlas Powder, cons.(spec.RedCross contrib.) 1
334 July 1 Holders of reo. June 9a
Baldwin Locomotive Works, preferred _
81.25 July 2 Holders of reo. June 15
Baltimore Electric, preferred
[VOL. 104.
THE CHRONICLE
2426
Name of Company.
Per
When
Cent. Payable.1
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
134 July 2 June 21 to July 1
Baltimore Tube, corn. dr pref. (quar.)_._
Barnhart Bros. & Spindler, 151&2d pf.(qu.) 134 Aug. l'Holders of rec. July 27a
134 July 2 Holders of rec. June 20
Barrett Company, common (guar.)
Preferred (guar.)
134 July 16'Holders of rec. June 30
2
July 14 Holders of rec. June 30
Bell Telephone of Canada (guar.)
214 July Tholders of reo. June 15a
Bethlehem Steel, common (Qum.)
2% July 2 Holders of reo. June 15a
Common. Class B (quar.)
1% July 2 Holders of rec. Juno 15a
Preferred (quar.)
July 2 Holders of reo. June 20a
1
Booth Fisheries, common (quar.)_ ._
1% July 2 Holders of rec. June 20a
_
First preferred (guar.)._
Borden's Con. Milk, pref. (qu.) (No.62). 1% June 15 June 2 to June 15
1% July 1 June 21 to July 1
Brier Hill Steel, common (quay.)
July 1 June 21 to July 1
5
Common (extra)
1,4 July 1 June 21 to July 1
Preferred (guar.)
See note (1)
June 30
British-American Tobacco, ordinary
Brooklyn Union Gas (quar.) (No. 65)...... 1;4 July 2 Holders of reo. June 15a
July 2 Holders of reo. June 15a
1
Extra
1% July 2 Holders of rec. June 10
Brunswick-Balke-Collender, pref. (guar.)
June 15 Holders of reo. May 31
$2
Buckeye Pipe Line
July 2 Holders of reo. June 20
1
Bucyrus Co., pref. (guar.) (No. 9)
1% July 2 Holders of ree. June lie
Burns Bros. Ice Corp., first pref. (qu.)_
$2.50 June 30 Holders of reo. June 15a
Butte & Superior Mining (quar.)
Butte de Superior Mitt.(spec.) (Red Cross) 2(40c. July 25 Holders of rec. July 18
50o. June 15 Holders of reo. Moy7.31a
California Packing Corp., corn. (No. 1)..
1% July 1 Holders of rec. June 22a
CaliforniaPacking Corp., pref. (guar.) _
July 1 Holders of reo. Juno 200
1
California Petroleum Corp., pref. (guar.)
$2 June 18 Holders of reo. June la
Calumet & Arizona Mining (guar.)._ _ _
51 June 18 Holders of reo. June Is
Extra _
June 21 Holders of reo. June 1
525
Calumet & Heela Mining (quar.)
75e. June 15 Holders of reo. May 314
Cambria Steel (quar.)
75o. June 15 Holders of reo. May 31a
Extra
Canada Steamship Lines, pref
/1534 June 15 Holders of reo. June 1
ur2 1-3 July 31 Holders of rec. July 15
Canada Steamship Lines
July 2 Holders of reo. June 15
2
Canadian Gen. Elec., corn.(qu.)(No. 72)
1% July 1 Holders of rec. June 20
Canadian Locomotive, preferred (quar.)__
1% July 1 Holders of reo. June Ila
Case (J. I.) Thresh. Mach., pref. (quar.)
June 30 Holders of reo. June 15a
2
Celluloid Co.(quar.)
2% July 2 Holders of rec. June 25
Central Aguirre Sugar Cos., corn.
7% July 2 Holders of rec. Juno 25
Common extra
1% July 2 Holders of reo. June 8a
Central Leather, preferred (quar.)
Central States Elec. Corp.,pf.(qu.)(No.20) 1% June 30 Holders of reo. June 9
2
July 1 Holders of reo. June 150
Chandler Motor Car (quar.)
1
July 1 Holders of reo. June 15a
Extra
June 19 Holders of reo. June 2a
Chesebrough Manufacturing (guar.).- 3
500. Juno 19 Holders of reo. June 2a
Extra
June 30 Holders of reo. June 29a
2
Chicago Telephone (quay.)
to June 11
1% June 11 June 1
Childs Company, common (quar.)
to June 11
1% Juno 11 June 1
Preferred (quar.)
$2.50 Juno 30 Holders of rec. Juno 15a
Chino Copper Co. (guar.)
Chino Copp. (special, Red Cross contrib'n)_ u40c. July 25 Holders of rec. July 18
Cluett, Peabody & Co., Inc., pf. (quar.) 1% July 2 Holders of reo. June 20a
% July 16 Holders of reo. June 30
Colorado Power, common (guar.)
1% June 15 Holders of roe. May 31
Preferred (quar.)
July 1 Holders of reo. June 15a
$3
(quar.)__
Mfg.
Arms
Fire
Patent
Colt's
Commonwealth Lt. & Pow. p1. (qu.) (No.2) 1% July 2 Holders of rec. June 28
July 10 Holders of rec. June 2ba
Computing-Tabulating-Recording (guar.) 1
2 Holders of reo. June 15a
15
Consol. Gas, El. L. dr Pow., Bait. (quay-) 2154
June
Holders of reo. May 10
Consolidated Gas of New York (quar.)
June 30 Holders of reo. June .150
Consol. Interstate-Callahan Min. (quar.) El
1% July 2 Holders of rec. June 15a
Consumers Power (Mich.), pref. (guar.)._
1% July 2 Holders of reo. June 20a
Continental Can, common (quay.)
1,4 July 2 Holders of rec. June 20a
Preferred (quay.)
3
June 16 May 27 to June if
Continental 011 (quar.)
$1.50 June 15 Holders of reo. May 2(
Copper Range Co. (quay.)(No. 39)
51
June 15 Holders of reo. May 21
Extra (No. 40)
3
Aug. 1 July 22 to Aug. /
Cramp (Wm.)& Sons Ship & Eng. Bldg_
75c. June 15 May 24 to June 11
Crescent Pipe Line
1% June 30 Holders of reo. June 15a
Crucible Steel. pref. (quay.) (No. 57)
June 30 Holders of reo. June 15a
Pref.(on acct. of accumulated dive.)- /12
June 12 Holders of reo. June la
Pref.(on acot. of accumul.)(No. 56)... 112
1% July 2 Holders of reo. June 15a
Cuba Cane Sugar Corp., pref. (guar.)..Cuban-American Sugar, common (guar.) 2% July 2 Holders of reo. June 15a
1% July 2 Holders of reo. June 15a
Preferred (quay.)
to June 15
lu June 15 June 6
Cudahy Packing, common (quar.)
11% July 2 Holders of reo. June 20a
Dayton Power & Light, pref. (quar.).__
June 1
rec.
of
Holders
2
5
1
tu
June
_
2
825
(special)._
Coal
West.
Delaware Lack. &
Holders of rea. May 31a
Diamond Match (quar.)
1% July 3 June 19 to July 2
Dominion Canners, Ltd., pref. (quar.)
Dominion Glass, Ltd., preferred (quar.). 1% July 2 Holders of reo. June 12
June 15 June 1
to Juno 15
Dominion Power & Transm., ordinary- 2
July 2 Holders of reo. June 5
l
Dominion Steel Corp., Ltd., corn.(quar.)
Dominion Textile, Ltd., common (quar.) 134 July 3 Holders of rec. June 15
1% June 15 Holders of reo. May 31
Driggs-Seabury Ordnance. common..
134 June 15 Holders of reo. May 31
First preferred (quar.)
134 June 15 Holders of rec. May 31
Second preferred (quay.)
Duluth Edison Elec., pref. (quay.)(No.45) 134 July 2 Holders of reo. June 19
duPont(E.1.)de Nem.& Co., corn.(guar.) 4% June 15 Holders of reo. May 31a
1 Holders of reo. July; 103
y 25
A ulg.
m Ju
34
Debenture stock (quay.)
Holders of rec. July 21a
duPont(E.1.) de Nem. Pow., coin. (qu.).
1% Aug. 1 Holders of reo. July 21a
Preferred (quay.)
June 23 Holders of rec. Juno 13
duPont(E.I.)de Nemours de Co.,com.(spec.) ul
5 Holders of reo. July 2
m Julnye 16
1 14
2
Eastern Steel, common (quay.)
Holders of reo. June 1
First and sesond preferred (quay.)....
2% July 2 Holders of reo. June 2a
Eastman Kodak, common (quay.)
1% July 2 Holders of reo. June 2a
Preferred (quay.)
1
July 2 Holders of reo. June 18a
Electric Stor. Batt., corn. Sr pref. (qu.)
51.50 June 11 Holders of Teo. June la
Elk Horn Coal Corp., pref
3
July 2 Holders of reo. June 20
Empire Steel & Iron, preferred
/r3
July 2 Holders of reo. June 20
Preferred (extra)
3
June 15 Holders of reo. June 8
Equitable Ill. Gas Light, Phila., prof_ _ _
Federal Mining & Smelting, prof. (guar.) 154 June 15 Holders of reo. May 22
1% June 15 Holders of reo. May 29a
3
Federal Sugar Refining, common (quar.)_
Juno 30 Holders of reo. May 31e
Galena-Signal Oil, common (quay.)
June 30 Holders of reo. May 311
2
Preferred (quar.)
General American Tank Car Corporation
114 July 2 Holders of rec. June 20
First and second preferred (quay.)
July 1 Holders of reo. June 16
General Baking, pref. (quay.) (No. 22)...... 1
1% July 2 Holders of roe. June 18a
General Chemical, preferred (quar.)
2
July 14 Holders of roe. June 16a
General Electric (guar.)
General Fireproofing, corn. & pref. (qu.) 134 July 1 Holders of reo. June 20
v214 Oct. 1 Holders of rec. Sept.20
General Petroleum (guar.)
1% June 15 June 1 to June 15
Globe Soap, common (guar.)
First, second & spec. pref.stooks (guar) 1% June 15 Juno 1 to June 15
June 10
2
Globe-Wernicke Co., common (quay.).
Aug. 15 Holders of reo. Aug. 3a
Goodrich (B. F.) Co., common (guar.)... 1
134 July 2 Holders of rec. June 22a
Goodrich (B. F.) Co., pref.(quay.)
134 July 2 Holders of rec. June 15
Great Lakes Towing, preferred (quay.)._
50o. July 10 Holders of rec. June 20a
Great Northern Iron Ore Properties
1% July 2 Holders of reo. June 15a
Great Western Sugar, common (guar.)._
July 2 Holders of reo. Lune 15a
10
Common (extra)
134 July 2 Holders of roc. Juno 15a
Preferred (quay.)
$1.25 July 2 Holders of rec. June 18a
Guantanamo Sugar (guar.)
July 2 Holders of roe. June 15a
Gulf States Steel, common (guar.).--- 2
July 2 Holders of reo. Juno 15a
1
Common (extra)
July 2 Holders of reo. June 15a
134
First preferred (guar.)
134 July 2 Holders of rec. June 15a
Second preferred (quay.)
July 2 Holders of rec. Juno 25
Gulf States Steel, cam.(Red Cross contra.)- ul
34 July 20 Holders of reo. July 10a
Harblson-Walker Refractories, pref.(qu.).
Aug. 31 Holders of reo. Aug. 20a
Hart. Schaffner dr Marx, Inc., corn.(qU-)
June 30 Holders of rec. June 20a
114
Preferred (quay.)
750. July 2 Holders of reo. Juno 15a
Haskell & Barker Car (quay-)
Haverhill Gas Light (quar.) (No. 86)... 81.1214 July 2 Holders of reo. Juno 14a
Heime (George W.) Co., corn. (quar.)_ _ d2% July 2 Holders of reo. June 16a
1% July 2 Holders of rec. June 160
Preferred (quay.)
2
June 25 June 16 to June 24
Hercules Powder, common (guar.)
2
June 25 June 113 to June 24
Commo (extra)
ul
Juno 25 Holders of rec. June 15
Hercules Powder (Red Cross contribution)_
June 25 Holders of rec. June 20a
650
514).__
(No.
Homestake Mining (mthly.)
Juno 15 May 22 to June 10
12
Illinois Pipe Line
1% June 29
Imperial Tobacco of Canada, common.._ _ _
/4514 June 2/1 Holders of rec. June 9
Indian Refining. preferred
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
July 1 Holders of reo. June 16a
3
Ingersoll-Rand Co., preferred
• DU. Hare. Co. of N.J., corn.(qu.)(No.30) 134 July 16 Holders of reo. June 25
11.4 June 30 Holders of reo. June 15a
International Salt (guar.)._
134 July 2 June 16 to July 2
International Silver, preferred (quar.)_
134 July 1 Holders of reo. June 20a
Jewell Tea, Ino., preferred (guar.)
Kaufmann Department Stores, pref.(quar.) 134 July 2 Holders of reo. June 20
134 July 2 Holders of reo. June 20
Kayser (Julius) & Co., common (guar.)_
1X Aug. 1 Holders of roe. July 21
First and second preferred (guar.)
134 July 2 Holders of reo. June 18a
Kelly-Springfleld Tire, pref. (quar.)__ _ _
Kennecott Copper Corp.(guar.)(No.6)- 31.50 June 30 June 9 to June 10
.Kennecott Copper (Red Cross contribution). u200. July 25 Holders of rec. July 14
Mo. June 15 Holders of reo. June la
Kerr Lake Mining (guar.) (No. 47)...
July 1 Holders of rec. June 16
KolbBakery, preferred (guar.)(No. 22)... _
July 2 June 19 to July 2
2
Kresge (S. S.) Co., common
July 2 June 19 to July 2
13.j
Preferred (guar.)
Kress (S. H.)& Co., preferred (quar.)- 134 July 1 Holders of roe. June 20a
Juno 30 June 17 to June 22
La Bello Iron Works, common (guar.)... 3
June 30 June 17 to June 22
2
Preferred (guar.)
134 June 30 Holders of reo. June 15a
Lackawanna Steel, common (quar.)
23.4 June 30 Holders of reo. June 154
Common (extra)
Laclede Gas Light, common (guar.)...- 134 June 15 Holders of roe. June la
234 June 15 Holders of reo. June la
Preferred
234 July 3 Holders of reo. June 21
Laurentide Co., Ltd. (guar.)
July 14 Holders of reo. June la
815
Lehigh Valley Coal Sales
$3.25 June 30 Holders of roe. June 19a
Lehigh & Wilkes-Barre Coal
2
July 2 Holders of rec. June 20
Library Bureau, preferred (guar.)
July 2 Holders of rec. June 20
Preferred (account accum. dividends). _ _ h2
_
July 2 Holders of reo. June 15a
(quar.)
134
pref.
Tobacco.
Myers
&
Liggett
2
June 30 Holders of reo. June 23a
Lone Star Gas (guar.)
July 2 Holders of rec. June 19a
Loose-Wiles Biscuit, 1st pref. (guar.)...
July 2 Holders of rec. June 15a
3
Lorillard (P.) Co., common (quar.)._ _ _
Preferred (guar.)
134 July 2 Holders of rec. June 15a
Mackay Companies, com. (qu.)(No. 48) 134 July 2 Holders of reo. June 94
Preferred (quar.) (No. 54)
July 2 Holders of reo. June Pa
1
Magma Copper Co. (guar.)
500. June 30 Holders of rec. June 8
Maryut Sugar, preferred (quar.)
134 July 2 Holders of rec. Juno 16
Manhattan Elec. Supply, corn. (quar.)_ _
July 2 Holders of reo. June 20a
1
2 Holders of reo. June 20a
First and second preferred (quar.)---134 July
Manhattan Shirt, preferred (guar.)
134 July 2 Holders of rec. June 25
Mathieson Alkali Works, corn. (guar.)._
134 July 2 Holders of reo. June 20a
Preferred (guar.)
134 July 2 Holders of reo. June 20a
Maxwell Motor, Inc., common (guar.).- 23.4 July 2 Holders of rec. June lba
First preferred (guar.)
134 July 2 Holders of rect. June lla
I% July 2 Holders of reo. June Ito
Second preferred (guar.)
134 July 2 Holders of reo. Juno 20a
May Department Stores, pref. (guar.)
McCrory Stores Corporation, pref. (guar.). 134 July 1 Holders of rec. Juno 204
Merchants Despatch Transportation
234 June 29 Holders of rec. June 26
Mergenthaler Linotype (guar.)
234 June 30 Holders of reo. June 24
July 1 Holders of reo. June 15a
Mexican Petroleum, Ltd., pref. (guar.)- 2
Michigan Light Co., preferred (guar.)_- 13.4 July 2 Holders of rec. June 15a
50c. July 2 Holders of reo. June 22
Middle West Utilities, common(quar.)-1)4 July 2 Holders of roe. June 15a
Montana Power, corn.(guar.)(No. 19).
134 July 2 Holders of reo. June 15a
.Preferred (quar.)(No. 19)
Montgomery Ward & Co., prof. (quar.). 154 July 2 Holders of reo. June 21a
June 15 Holders of reo. June 5
1
Montreal Cottons, common (quar.)..
13.4 Juno 15 Holders of reo. June 5
Preferred (guar.)
$1 July 1 Holders of reo. June 20
Motor Products Corporation (guar.)
134 June 15 'elders of reo. May 31
Muskogee Gas & Electric, pref. (quar.) ...
National Biscuit. common (qu.)(No. 76) 134 July 14 Holders of rec. June 284
2
July 2 Holders of rec. June 16
National Glue, common
2
July 2 Holders of rec. June 16
Preferred (guar.)
134 July 14 Holders of reo. July 5a
, Nat. Cloak & Suit. corn.(quar.)(No.2)-.
July 16 Holders of reo. June 15
National Conduit do Cable, Inc.(No. 1) - $1
1
June 30 Holders of reo. Juno 8a
National Lead, common (quar.)
134 June 15 Holders of rec. May 25a
Preferred (guar.)
National Licorice, pref.( quar.) (No. 60).... 134 June 30 Holders of rec. June 25
2
July 15 Holders of rec. June 30
NationalPaper db Type,common (quar.)_ _
134 July 15 Holders of rec. June 30
Preferred (guar.)
134 July 2 Holders of reo. June 14
National Sugar Refining (guar.)
3
July 2 Holders of reo. June 22a
National Surety (guar.)
50c. June 15 Holders of rec May 31a
National Transit (quar.)
$1 June 30 Holders of rec. Juno lba
Nevada Consolidated Copper.(quar.)_ _
Nevada Consolidated Copper (special)._ ul5o. July 25 Holders of reo. July 18
New England Oil & Pipe Line, prof.(quar.) 154 July 2 Holders of reo. June 23
4
June 11 Holders of reo. June 2a
New Jersey Zino (extra)_
10
June 29 Holders of rm. June 25
New Niquero Sugar, common (extra)
134 July 2 Holders of rec. June 22
New York Title & Mortgage (guar.)
4
July 14 Holders of reo. June 23
New York Transit (quar.)
June 20 June 7 to June 20
Niles-Bement-Pond. common (quar.)___. 3
2
July 14 Holders of rec. June 23a
Nipe Bay Co., common (guar.)
Nipissing Mines (guar.)
25e. July 20 July 1 to July 17
North American Co. (quar.)(No. 53).... 134 July 2 Holders of reo. June lba
Northern Ontario Light & Power, preferred _
3
July 15 Holders of rec. Juno 30
Northern Pipe Line- ......
5
July 2 Holders of reo. June 11
Northern States Power, common (guar).
13.4 July 20 Holders of reo. Juno 30
Preferred (guar.)
134 July 15 Holders of roe. June 30
Ogilvie Flour Mills, Ltd., tom. (guar.)._ _
234 July 2 Holders of rec. June 20
Ohio Cities Gas, preferred (quar.)_ _ _
14 July 1 Holders of reo. June lba
Ohio 011 (guar.)
$1.25 June 20 Holders of rec. May 26
Extra
-.- $4.75 Juno 20 Holders of reo. May 28
13.4 July 1 Holders of reo. June 20
Ohio State Telephone, preferred (guar.)__ _ _
Oklahoma Producing & Refining (guar.). 1234o. June 30 Holders of rec. June 20
$3
June 28 Holders of rec. June 16a
Old Do pinion Co. (quar.)
Ottawa Light, Heat de Power, Ltd. (guar.). ' 134 July 2 Holders of rec. June 20a
75e. July 2 Holders of reo. June 21a
Owens Bottle Machine, common (guar.).
50o. July 2 Holders of rec. Juno 21a
Common (extra).
13.4 July 2 Holders of rec. June 21a
Preferred (guar.).- - - • - -- •- -- •14 Juno 15 June 7 to June 15
Pabst Brewing, preferred (quar.)
Packard Motor Car, preferred (quar.). _
13.4 Juno 15 Holders of reo. May 31a
Pan-American Debenture Corp., pref. (qu.) 134 July 1 Holders of rec. June 23a
Pan-Amer. Petrol. & Transp., pf. (qu.). 154 July 1 Holders of reo. June 15a
Pennsylvania Water & Pow.(qu.)(No.14) 134 July 2 Holders of rec. Juno 19a
Pettibone-Mulliken Co.. 1st do 2d pt.(qu.) 13.4 July 2 Holders of reo. June 20a
234 June 28 Holders of rec. Juno 25
Phelps-Dodge Corp. (guar.)
Extra
534 Juno 28 Holders of rec. Juno 25
Philadelphia Electric (guar.)
43-75o. June 15 Holders of reo. May 22a
Pierce-Arrow Motor Car, common__ _ $1.25 Aug. 1 Holders of roe. July 14
2
Preferred (quer.).
July 2 Holders of reo. June 15
Pittsburgh Plate Glass, common (guar.)_ _
13.4 July 2 Holders of roe. June 15
Preferred (extra)
134 July 2 Holders of rec. June 15
(guar.)
Gas
3
July 31 Holders of rec. June 30
Prairie Oil &
5
July 31 Holders of rec. June 30
Prairie Pipe Line (quar.)_
234 July 16 Holders of roc. July 2a
Quaker Oats. common (guar.)
13.4 Aug. 31 Holders of me. Aug. to
Preferred (guar.)
$5 June 30 Holders of rec. June 9a
Quincy Mining (qua?.)
134 June 30 Holders of rec. June 15a
Railway Steel-Spring, common (guar.) _
14
June 20 Holders of reo. June 5o
Preferred (guar.). .
$1 June 30 Holders of roe. June 15a
Ray Consolidated Copper (auar.)
u20o. July 25 Holders of rec. July 18
Ray Consolidated Copper (special)
3
July 14 Holders of rec. July 5
Realty Associates (No. 29).....- 14 July 2 Holders of rec. Juno 21
Regal Shoe, pref. (guar.)(No.90)
Republic Iron & Steel, corn.(qu.) (No.3) 134 Aug. 1 Holders of reo. July 16a
134 July 2 Holders of reo. June 15a
Preferred (quar.) (No. 55)
3
July 2 Holders of reo. June 21
Reynolds (R. J.) Tobacco, corn.(quar.)
10
July 2 Holders of rec. June 21
Common (extra)
13.4 July 2 Holders of rec. June 21
Preferred (guar.)
2
June 30 Holders of rec. June 15a
Royal Baking Powder, common (quar.)
134 June 30 Holders of rec. Juno 15a
Preferred (guar.)
2
July 2 Holders of rec. June 15
Safety Car Heating & Lighting (guar
25c. June 20 June 10 to June 20
St. Joseph Lead Co.(guar.)
Extra (from reserve for amortization). 500. June 20 June 10 to June 20
St. Joseph Stock Yards (guar.)
13.4 July 1 Juno 21 to June 30
St. L. Rocky Mt.& Pao. Co.,pref.(quer.) 14 June 30 Juno 21 to June 29
13.4 June 15 Holders of roe. June 1
San Joaquin Light & Power
300. June 25 Holders of reo. June 11
Savoy 011
Sears. Roebuck & Co., Preferred (quer.).
13.4 July 1 Holders of rec. June lba
Securities Company
234 July 14 Holders of rec. Juno 30a
Shattuck Arizona Copper (guar.)
500. July 20 Holders of rec. June 30a
Extra ...
75c. Julyi 20 Holders of reo. Juno 30a
Shawinigan Water & Potter (quar...)13.4 July 10 Holders of rec. Juno 28
Sherwin-Williams Co. of Canada. nf.
m June 30 Holders of reo. June 15o
2427
THE CHRONICLE
JIME 16 1917.]
134
134
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Macon..... (Concluded).
Sloss-Sheffield Steel & Iron, pref.(guar )._
1% July 2 Holders of rec. June 18a
June 20 June 1 to June 20
Solar Refining
5
134 July 2 Holders of rec. June 18
Southern Utilities, preferred (guar.)
June 30 June 15 to July 1
South Penn 011 (quar.)
5
July 2 June 16 to July 1
South Porto Rico Sugar, common (guar.) 5
2
July 2 June 16 to July 1
Preferred (guar.)
July 2 June 16 to July 1
South west Pa. Pipe Lines (quar.)
3
1% June 15 Holders of rec. May 31
Standard Gas & Electric. pref. (guar.)_
Standard Gas Light(N. Y.), common
% June 30 June 20 to July 1
June 30 June 20 to July 1
3
Preferred
2% June 15 Holders of reo. May 15
Standard Oil (Calif.) (quar.)
June 15 Holders of rec. May 31
3
Standard Oil (Kansas) (quar.)
2
Extra
June 15 Holders of rec. May 31
Standard 011 (Kentucky) (quar.)..... 3
July 2 June 16 to July 2
June 20 Holders of rec. May 19
10
Standard Oil (Nebraska)
5
June 15 Holders of rec. May 13a
Standard 011 of N. J. (guar.)
3
June 15 May 20 to May 30
Standard 011 of N. Y.(guar.)
to June 20
July 2 June 1
Standard Oil (Ohio) (guar.)
3
July 2 June 1 to June 20
1
Extra
July 2 Holders of tee. June 15a
Standard Oil Cloth, corn (punt.)(No.7). 1
Pref., Classes A & B (guar.)(No. 12). 1)1( July 2 Holders of rec. June 15a
1
Aug. 1 Holders of rec. July 11
SteelCo. of Canada, Ltd., corn. (quar.)......
3.4 Aug. 1 Holders of rec. July 11
Common (bonus)
Preferred (guar.)
134 Aug. 1 Holders of rec. July 11
75c. July 2 Holders of rec. June 15
Stromberg Carburetor (guar.)
$1.25 July 2 Holders of rec. June 27a
Stutz Motor Car of America (guar.).
75o. July 16 Holders of reo. June 29
Submarine Boat Corporation (guar.)
1% July 2 Holders of rec. June 20a
Subway Realty (guar.).
July 1 Holders of rec. June 9
2
Swift & Co.(punt.)(No. 123)
23.4 June 30 Holders of rec. June 11
Texas Company (quar.)
2
July 2 Holders of rec. June 16a
Tide Water Oil (punt.)
5
July 2 Holders of rec. June 16a
Extra
1X July 2 Holders of rec. June 18a
Tobacco Products Corp., pref. (guar.)._
Todd Shipyards Corporation (aunt.) _ _ $1.75 June 20 Holders of rec. June lla
Tonopah-Belmont Development (guar.). 12340. July 2 June 16 to June 21
July 3 June 24 to June 30
3
Toronto Paper_
July 3 June 24 to June 30
2
Extra
8734c. July 2 Holders of rec. June 20
Torrington Co., preferred
July 1 Holders of rec. June 20
3
Torrington Co., common (guar.)
July 1 Holders of rec. Jjne 20
1
Common (extra)
ul
July 1 Holders of rec. June 20
Common (Red Cross contribution)
134 July 2 Holders of rec. June 15a
Underwood Typewriter, corn. (quar.)
1% July 2 Holders of rec. June 154
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 5
Underwood !Typewriter, common (guar.)._
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
1% Juno 15 Holders of reo. June 5a
Union Bag & Paper Corporation (guar.)_
2
July 2 June 21 to July 1
Union Carbide (guar.)
1.)4 June 15 Holders of rec. May 31a .
United Cigar Stores, pref.(qu.)(No. 19).
14 July 2 Holders of rec. June 15a
UnitedDrug,corn. (guar.)(No.2)
United Dyewood Corp.,com.(qu.)(No.2) 134 July 2 Holders of reo. June 140
13.4 July 2 Holders of rec. June 14a
Preferred (guar.)(No. 3)
July 14 Holders of reo. June 23a
2
United Fruit (guar.)(No. 72)
$1 July 14 Holders of rec. June 30
United Gas Improvement (guar.)
1% July 15 July 1 to July 15
United Paperboard, Inc., pref.(guar.).- _
50c. July 5 Holders of rec. June 19
United Shoe Machinery,common (gnat.)..
July 5 Holders of rec. June 19
Common (payable In Liberty bonds) - - 41
Common (payable in common stock)._._ f$2.50 July 5 Holders of rec. June 19
3734c July 5 Holders of rec. June 19
Preferred (guar.)
I% June 15 Holders of rec. June 1
U. S. Cast Iron P.& Fdy.. pref. (quar.)_
1% June 30 June 21 to July 10
U.S. Gypsum, pref.(guar.)
U.S Indust. Alcohol, pref.,(qu.)(No.43) 1% July 15 Holders of rec. June 304
1)4 June 29 Jane 2 to June 4
United States Steel Corp., corn. (guar.).
3
June 29 June 2 to June 4
Common (extra)
July 28 July 3 to July 4
ul
U. S. Steel Corp., common (special)
10c. July 1 Holders of rec. June 16a
U. S. Steamship (bi-monthly)
50. July 1 Holders of rec. June 16a
Extra
Utah Consolidated Mining (guar.)._ ....._
$1 June 25 Holders of rec. June 9
83.50 June 30 Holders of rec. June 15a
Utah Copper (punt.)
u50o. July 25 Holders of reo. July 18
Utah Copper (special)
Holders of rec. June 20a
Utah Gas do Coke, preferred (guar.)
134 July
Utilities Securities Corp. prof. (ouar.). 134 June 27 Holders of rec. June 16
July 14 Holders of rec. June 30
5
Victor Talking Machine,common (guar.) _ _
IM July 14 Holders of rec. June 30
Preferred (guar.).
Warner (Chas.) Co. of Del.,131&2d pf.(qu.) Ix July 26 Holders of rec. June 30a
June 25 June 19 to June 30
2
Washburn Wire, common (guar.)
1% June 25 June 19 to June 30
Preferred (guar.)
- -100. June 11 Holders of rec. June to
Wayland Oil& Gas. oommon
$2 June 30 Holders of rec. June 23a
Western Electric, common (guar.)
1% June 30 Holders of rec. June 23a
Preferred (quar.)
June 15 June 6 to June 15
1
Western Light do Power, pref. (quar.)_
Western Union Telegraph (qu.) (No.193) 1% July 16 Holders of rec. June 200
rWest'house,Church,Kerr&Co.,com.(qu.) 134 June 11 Holders of rec. June 1
134 June 11 Holders of reo. June 1 •
Preferred (quar.)_
3
July 2 Holders of tee. June 184
Weymen-Bruton Co., common (quar.)_ _
2
July 2 Holders of rect. June 184
Common (extra)
1X July 2 Holders of rec. June IPA
Preferred (punt.)
2
June 30 June 17 to July 1
Wheeling Steel & Iron (guar.)
1
June 30 June 17 to July 1
Extra
$1 July 1 Holders of reo. June 16
While Motor (guar.)
1% July 1 Holders of rec. June 20a
Willys-Overland, preferred (guar.)
134 July 2 Holders of reo. June 25
Wilson & Co., preferred (guar.)
134 July 1 Holders of rec. June 9a
Woolworth (F. W.), pref. (guar.)
Worthington Pump & M.,ClassA,pf.(qu.) 134 July 2 Holders of rec. June 200
Yale & Towne Manufacturing (guar.)... 2% July 2 Holders of tee. June 22
June 30 Holders of rec. June 200
Youngstown Sheet & Tube. corn. (guar.) 2
3
June 30 Holders of rec. June 20a
Common (extra)
154 June 30 Holders of rec. June 20a
Preferred (punt.)
$1 June 30 June 9 to June 10
Yukon-Alaska Trust (quar.).._
7)40. June 30 June 9 to June 13
Yukon Gold Co. (guar.).
a Transfer books not closed for this dividend. 0 Less British income tax. d Correction. e Payable in stock. I Payable in common stock. g Payable in scrip.
h On account of accumulated dividends. I Declared El 50. payable 50o. each
June 20, Sept. 20 and Dec. 20; transfer books closed ten days before payment of
dividend. k Declared $1 50 payable 50o. each June 20, Sept. 20 and Dee. 20; transfer book closed ten days before payment of dividend. I All transfers received in
order at London on or before June 15 will be in time for payment of dividend to
transferees. o Declared three quarterly dividends on pref. stock, payable 134% as
above, 14% Oct. 1 to holders of rec. Sept. 10 and 134% Jan 1 1918 to holders of
record. Dec. 10. p Formerly the Dominion Steel Foundries. r Formerly Electric
Properties Corp. s Payable in U.S. Government 334% Liberty bonds. I Declared
12% payable in quarterly installments beginning July 1. u Special dividend for the
purpose of enabling stockholders to make contributions of the same to the Red
Cross Association $100,000,000 fund. o Declared 10% payable in quarterly installments beginning Oct. 1.
to Owing to abandonment of plan to defer dividend declaration until the close of
the year, 2 1-3% was declared payable July 1 to cover quarter to April 1. and the
balance of the current year's 7% dividend was declared payable 154% Oct. 30 and
334% Dec. 31:
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
•
APPLICATIONS FOR CHARTER.
For organization of national banks:
51.000,000
The National City Bank of Kansas City, Mo. Capital
25,000
The Oswego National Bank, Oswego, Mont. Capital
25,000
The First National Bank of Blanchardville, Wis. Capital__ _
200,000
The Union National Bank of Wichita, Kan. Capital
To succeed the Union State Bank, Wichita, Kan.
_
25,000
The First National Bank of Junction City, Ark. Capital_
To succeed the Union Bank & Trust Co.,Junction City.
$1,275,000
Total capital
CHARTERS ISSUED.
Conversion of State banks:
$25,000
The First National Bank of Winifred, Mont. Capital
Conversion of the Farmers' State Bank of Winifred.
THE CHRONICLE
2428
EXTENSION OF CHARTER.
The Merchants' National Bank of Kittanning, Pa. Charter extended
until close of business May 30 1937.
INCREASES OF CAPITAL APPROVED.
The Second National Bank of Warren, Ohio. Capital increased
$100,000
from $100,000 to $200,000. Increase
The Merchants' National Bank of San Diego, Cal. Capital increased from $100,000 to $250,000. Increase
The Merchants' National Bank of Los Angeles, Cal. Capital in500,000
creased from $1,000,000 to $1,500,000. Increase
The First National Bank of Litchfield, Minn. Capital increased
25,000
from $50,000 to $75,000. Increase
150,000
$775,000
Total increase
BANKS LIQUIDATING TO CONSOLIDATE WITEi NATIONAL
BANKS
$50,000
The First National Bank of Athens, Ohio. Capital
Liquidating agent: D. H. Moore, Athens. Consolidated with
the Athens National Bank.
OTHER LIQUIDATIONS.
The First National Bank of Wailuku, T. H. Capital
Liquidating agent: C. D. Lufkin, Wailuku. Succeeded by
the Bank of Maui, Ltd., Wailuku, T. H.
The First National Bank of Paia, T. H. Capital
25,000
Liquidating agent: C. D. Lufkin, Wailuku. Succeeded by the
Bank of Maui, Ltd., Wailuku, T. H.
The Lahaina National Bank, Lahaina, T. H. Capital
25,000
Liquidating agent: C. D. Lufkin, Wailuku. Succeeded by the
Bank of Maul, Ltd., Wailuku, T. H.
$85,000
Total capital
$35,000
Canadian Bank Clearings.-The clearings for the week
ending June 7 at Canadian cities, in comparison with the
same week in 1916, shows an increase in the aggregate of
25.4%.
Week ending June 7.
Clearings al1916.
1917.
1915.
1914.
s
$
$
$
%
93,038,602 73,485,382 +26.6 50,435,501 61,759,240
58,788,191 51,892,167 +13.3 47,596,060 43,320,326
49,117,705 33,492,174 +46.7 22,819,221 27,689,234
7,674,455 6,683,624 +14.8 5,729,049 10,005,140
6,852,480 5,603,478 +22.3 4,753,945 4,479,602
4,625,171 4,431,553 +4.4 3,720,817 4,036,019
2,751,392 2,805,860 -19.2 2,009,482 2,096,680
4,671,571 4,122,456 +13.3 2,919,657 2,905,642
6,642,496 4,023,429 +40.2 2,997,375 5,648,026
1,886,723 2,106,429 -10.4 1,545,954 2,657,636
2,136,216 2,136,426 -0.0 1,732,986 1,712,171
2,338,580 2,021,649 +15.7 2,290,198 1,098,775
2,627,277 2,072,759 +26.8 3,419,009 4,074,571
3,098,738 1,841,030 +68.3 1,536,573 2,662,258
511,716
537,913 -4.9
484,800
533,382
801,576 1,392,139
1,613,299 1,011,813 +59.5
1,104,345
812,224 +36.0
544,228
949,139
816,913
448,131 +82.1
301,238
492,815
591,546
653,319
835,679
721,040 +15.9
517,754 1.007,314
747,897
554,921 +34.8
296,993
476,845
354,631
307,188 +15.4
614,681
228,446
523,463
313,846 +66.9
611,120
553,650 +10.5
516,597
764,479
653,391 +17.0
764,620
594,237 +28.6
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
Victoria
St. John
London
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort William
New Westminster
.
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Total Canada
Inc. or
Dec.
254,897.759 203,226,780 +25.4 157,792,005 181,164,954
[VOL. 104.
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York.
Shares. Stocks.
Shares. Stocks.
10 The Rud.Kleybolte Co.(Cin.)S55 lot! 50 Deep Well Water Co
$100 lot
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
$ per sh. Shares. Stocks.
139
15 Webster Sc Atlas Nat. Bank__.2113% 10 Ludlow Mfg. Associates
10 Hamilton Manufacturing
98
198
15 National Union Bank
3.4, Granite 'Mills
25 First National Bank
408
223%
12 Berkshire Cotton Mfg__ _ _190-191 ;i 12 Merrimac Chem.,$50 each__ 89%-90
115
14934-150
29 Sullivan Machinery
25 Acadia Mills ex-div
13 Fall River Electric Light
6 Tremont & Suffolk Mills
139
1503%
27
10 Laconia Car, preferred
210
5 Franklin Co
5 Gray & Davis, Inc., preferred_ 55
27 Merrimack Mfg., preferred- _ _ 80
175 York Manufacturing
120
10 W.L. Douglas Shoe, preferred_100
1 Waltham Watch, preferred... 82
5 American Linen
88
50 N.E. Fuel 011 of Mass.,$10 ea. 50
30 Contoocook Mills, preferred
55
15 Davol Mills
10054 50 Cambridge Factory Trust,com. 10
20 Laurel Lake Mills
913% 25 Hood Rubber, pre!
1023%-1023%
106 Merrimack Mfg., common_ -- 603%
2 Mass. Lighting Cos., com____ 17
15 Osborn Mills
6 Quigley Furnace & Fdy., pref.. 10
1153%
1 Quigley Furnace dr Fdy., corn. I
423% Salmon Falls Mfg.,com_ _633j-65
3 Great Falls Manufacturing.._ _ _201
By Messrs. Francis Henshaw & Co., Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
Ya Boott Mills
17
140 Plymouth Cordage
189
4 Naumkeag Steam Cotton
1 Boston Atheneum,$300 par.._415
1903%
189
5 Plymouth Cordage
5 Indian Head Mills
60
10 Lawrence Manufacturing
5 New Bedford Gas & Edison Lt_220
1183%
10 Massachusetts Cotton Mills_ _ _128
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
100 Standard Cast I. Pipe & F., pf_ 10
50 Stand. Cast I. Pipe & F., corn_ 1
12 Central National Bank.
418-4 19
50 Fourth Street National Bank_ _295
65
21 Robert Morris Trust
5 German Theatre Realty,$10 ea. 3
12 Southwestern Market,$50 each 25
17 Mill Creek Oic Mine 11111 Nay.&
50
RR., $25 each
30 Peaoh Bottom State Mining_ _81 lot
2 Farmers & Mech. Nat. Bank_ _150 A
4 Penn National Bank
335
43 Philadelphia National Bank_ _475
55
2 Darby Bank, $50 each
_254
5 Commonwealth T. I. & T
25 Excelsior Tr.& Say. Fd.,50 ea. 65
580
3 Fidelity Trust, $500 paid
16 Holmesburg Trust, $50 each
023%
74 Rights to subscribe to Provident Life & Trust at 8100.... _330
7 Real Estate Trust, preferred_ _100
Shares. Stocks.
$ per sh.
25 Phila. Life Insur., $10 each.. 103%
2 Scranton Life Insur., $10 each. 934
238
3 2d Az 3d Streets Pass. Ry
5 Phil. Ger. & Norr.RR.,1350 ea_142
120
7 Philadelphia Warehouse
4 Vulcanite Portland Cement__ - 50
10 Mutual Trust
30
7
4 Philadelphia Bourse
Per cent.
Bonds.
$1,000 Wildwood Elec.& Tree.s. f.
58, 1958
65
$2,000 Montgomery Transit 1st ref.
5s, 1946
873%
$1,000 Bergner & Engel Brew. 1st
70
6s, 1921
$2,000 Borough of West Homestead
9534
4s, 1920-1922
$500 Philadelphia (City) 3345, 1921 97
$28,000 Martinsburg & Charlestown
(W. Va.) Gas & Water 1st 6$,
$600 lot
1939
Imports and Exports for the Week.-Under instruc-'
tions from the Treasury Department the issuance of weekly
totals of imports and exports of merchandise and specie by
the New York Custom House have been suspended indefinitely. Under the circumstance our usual compilation
is omitted until such time as the figures may again be given
out.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Juno 9:
200
million dollar issue of U. S.
Credit operations of the Treasury resulting in large remittances to New York of amounts subscribed to the latest
certificates of indebtedness, also discounting in connection therewith for some of the leading New York member banks, are indicated by the weekly bank
millions, all the banks except Kansas
statement as at doge of business on June
Aggregate gold reserves show an increase for the week of
millions. Owing to the larger increase in net deposits the
City, reporting substantial gains under this head. Total cash reserves increased nearly
The gold resources of the system, including amounts of gold held
to
Reserve banks shows a decline from
cash reserve percentage for the
at the begincompared with
the week before, and
by the Federal Reserve banks and Agents stand now at
ning of the year.
millions in member banks' reserve deposits,
The New York bank reports increases for the week of
millions in Government deposits and of
millions in cash reserve. Investments of the bank, largely discounts of collateral notes, also acceptances and certificates of
as against a gain of
millions.
millions, while the banks' adverse balance in account with other Federal Reserve banks increased about
Indebtedness increased about
Changes in the reserve position of the other Federal Reserve banks are due largely to gains in Government deposits.
An increase of
Millions in the amount of discounted paper on hand is due largely to the discount activities of the New York and Kansas City
millions of member banks' collateral notes held, of which over
millions are secured by U. S. certificates of
banks. The former reports a total of
Indebtedness. Nearly
milliona-or about two-thirds of all the discounts-are at present in the form of collateral notes. New York and Chicago
report also large additions to their holdings of acceptances. Totals of both discounts and acceptances held are in excess of like totals reported in premillions in the amount of U. S. certificates and a decrease of
millions in the total of municipal warrants
vious weekly statements. An increase of
of the banks' total paid-in capital, as against
the week before.
held are the only other changes shown in earning assets, which constitute
and
S.-certificates of indebtedness
U. S. bonds 10.1%; Treasury notes
discounts
Of the total, acceptances constitute
warrants
millions. This gain represents the larger part of subscriptions to the most recent short-term loan of
Government deposits show a gain of
200 million dollars, the remainder apparently having been redeposited with subscribing banks. Member banks reserve deposits show a gain of
millions, the larger gain reported by the New York bank being offset by net withdrawals from other Reserve banks.
for the week. Against the total outstanding the
an increase of
Federal Reserve notes outstanding aggregate at present
of paper. The banks report a total of
Agents hold
of F. R. notes in actual circulation and aggreof gold and
gate net liabilities thereon of
8 1917.
65.8 63.4%.
81,013,818,000,
14.6
12
12.9
48.8
50
$956,803,000
$737,786,000
72.5
25.3
60.5
47.2
60
1.6%.
$475,201,000
20
44.2
5.8
37.7%;
130.6
$37,00,000
$32,476,000.
27.3%; U.
$512,527,000,
629%
8.4
16.8%;
9
$12,683,000
$481,469,000
517%
6.5%;
55.8
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 8 1917.
June 8 1917. June 11917. May 25 1917 May 18 1917. May 111917. May
4 1917. Apr. 27 1917 Apr. 20 1917 Apr. 13 1917
RESOURCES.
Gold coin and certificates in vault
Gold settlement fund
Gold redemption fund with U. S. Treasurer_
$330,001,000 $299,225,000 $334,265,000 $350,269.000 3336,841,000 3336,118,000 $311,798,000 $330,152,000 $338,369,000
205,886,000 187,556,000 183,590,000 187,969,000 221,759,000 218,910,000 207,920,000 206,830,000 198,271.000
2,651,000
2,518,000
2,754,000
2,687,000
2.669,000
2.434,000
2,905,000
2,730,000
3,053,000
Total gold reserve
Legal tender notes. silver. /ko
$538,617,000 $489,834,000 $520,760,000 $540,992,000 $561,287,000 $557,697,000 $522,236,000 $539,633,000 $539,074,000
37,693,000 36,624,000 36,892,000 27.442.000 36.149.000 39.415.000 30,340,000 24.462,000 21,130,000
Total reserve
$576,310,000 $526,458,000 $557,652,000 3568,434,000 $597,436,000 $597,112,000 3552.576.000 $564,095,000 $560,210,000
400.000
400,000
400.000
400.000
400,000
400.000
400,000
6% redemption fund against F. R. bank notes_
400,000
400,000
Bills discounted-Members
Bills bought in open market
United States bonds
One-year U. S. Treasury notes
U. S. certificates of indebtedness
Municipal warrants
Total earning assets
$98,021,000 $50,854,000 $47,587,000 344,846,000 539.534,000 $35,916,000 $35,0.13,000 $29.737,000 322,009,000
135,270,000 116,100,000 107,377,000 100,177,000 97,155,000 83,871,000 71,400,00(1 72,925.000 80,604,000
36,387,000 36,387,000 36,513.000 36,383.000 36,222,000 36,222,000 36,223,000 36,215,000 36,218,000
23,338,000 23,338,000 23,338,000 23,338,000 23,450,000 23,450,000 23,450,0()0 23.360,000 23,370.000
59,960,000 54,157,000 57,807.000 54,666,000 58.089,000 64.597.000 58,145,0(10 50,000,000 50,000,000
5,524,000 13,912,000 14,675,000 14.639.000 14,688,000 14,755,000 14,999,000 15,163,000 15,212,000
$358,500,000 $294,748,000 $287.297,000 3274.052.000 $269,138,000 3258,811,000 5239.260.000 $227,400.000 $227,413.000
28,208,000 29,878,000 28,410,000 326.458.000 $24,080.000 $23,561.000 $20.622,000 $20,640,000 322,001,000
Federal Reserve notes-Net
2.473.000
132.000
1.071,000
Due from other Federal Reserve banks-Net- 4,811,000 3,677,000 10.641,000 3.057,000 1.345,000 5.243.000
304,730,000 177,092,000 328,779,000 192,830.000 310,685,000 184,639,000 204.842,000 166,966,000 169,184,000
Uncollected items
4,770.000
5.412,000
5,588,000
All other resources
0,056,000
6,424,000
6.078.001)
5,981.000
5.757,000
4.610,000
Total resources.
1276,547,000 1038,309,000 1'1219603 000 1155.673,000 1209,162,000 1075,178.000 1023,589,000 3986,744.000 3984,889,000
2429
THE CHRONICLE
JUNE' 16 1917.1
June 8 1917. June 1 1917. May25 1917. May 18 1917. May 111917. May 4 1917. Apr. 27 1017 Apr. 20 1917 Apr. 13 1917
LIABILITIES.
557,000,000 $56,985,000 556,991,000 $56,868,000 558.859.000 $56,859.000 558.409.000 $56,411,000 556.408.000
226,989,000 96,427.000 t70,114,000 187,127,000 242,421,000 107.868.000 99,689.000 41.988.000 42,247,000
770,907,000 721,146,000 813,328,000 748,499,000 740,726.000 743,143,000 719.785.000 742.584,000 741.542,000
181,321,000 134,142,000 170,151,000 136,750,000 134,447,000 122,761,000 129.032.000 128.856,000 131,064,000
32,476,000 27.778,000 26.201,000 24,848,000 23,975.000 18,974.000 18.226,000 16.459,000 13,014,000
614,000
448.000
448,000
1,781,000 10,734,000 25,573,000
1,833,000 76,820,000
1,854,000
Capital paid in
Government deposits
Due to members-Reserve account
Member bank deposits-Net
Collection items_
Federal Reserve notes-Net
Federal Reserve bank note liability
All other liabilities
1270,547,000 1038.309,000 '1'1219603 000 1155,073,000 1209,162,000 1075,178,000 1023.589.000 $988.744,000 5984.889.000
71.2%
71.0%
83.3%
08.6%
67.4%
68.2%
68.9%
61.3%
59.2%
Gold reserve ag'st net dep. & note liabilities_ _
73.9%
74.2%
07.8%
72.5%
71.2%
69.5%
72.1%
65.8%
63.4%
Cash reserve ag'st net dep. & note liabilities_ _
after
Cash reserve against net deposit liabilities
setting aside 40% gold reserve against aggregate net liabilities on F. R. notes in
74.5%
74.9%
72.1%
72.9%
73.3%
68.7%
70.4%
68.8%
54.3%
circulation
Total liabilities
Distribution by 41faturtties$41.038,000 538.021,000 538,555,000 $40,745,000
1-15 days bills discounted and bougnt...... $91,288,000 $47,463,000 $43,844,000 540,498.000 $38,850.000
345,000
520,000
119,000
54.000
8,701,000
773,000
392.000
3,081,000 11,443,000
1-15 days municipal warrants
18,397,000 20.000,000 24,482,000 21,543,000
22,153,000
2
24,028.000
23,776,000
bought_
30,141,000
and
2,370,000
18-30 days bills discounted
292,000
772,000
9,153,000
2,153.000
3,533.000 11.434,000
2,088.000
81,000
6,000
18-30 days municipal warrants
67,153,000 57,407,000 50,808,000 44.204,000 37,442,000 34,741.000 29.626000 26,529,000 26,038,000
31-60 days bills discounted and bought_
12,232.000
11,441,000
3,058,000
9.973,000
10,325,000
1,069,000
107.000
1,338,000
359.000
31-60 days municipal warrants
33,849.000 36,378,000 24,107,000 16,735,000 14,102,000 13,367,000
61-90 days bills discounted and bought... 41,134,000 34,971,000 35,145,000
2,000
1,321,000
531.000
355,000
1,030,000
1,336,000
273,000
1.289,000
1,079,000
81-90 days municipal warrants
920.000
1,504,000
1:014,000
1.167,000
2
1.866.000
3.337,000
3,575,000
2,446,000
,797,000
Over 90 days bills discounted and bought_
2,341,000
1,102,000
1.988.000
1,839,000
1,087,000
1,046,000
20,000
warrants
1.036,000
municipal
1,046,000
days
90
Over
Federal Reserve NotesIssued to the banks
Held by banks
3512,527,000 5499,844.000 5488.088,0005478,906.000 $470,401,000 $458.874,000 $446,544,000 $440,539,000 $431,789,000
31,058,000 34.979,000 33,686,00o 32,405.000 32.183,000 30,372.000 26,035,000 26,182.000 29,979,000
8481,469,000 5484.885,000 $454,402,000 5446.501.000 $438.218,000 $428,502,000 $420.509,000 $414,357.000 $401.809,000
In circulation
Gold and lawful money with Agent
5475,201,000 $486,989,000 5458,811,0005448.311,000 $438,323,000 $433,089,000 5422,905,000 $418.538,000 $410.796,000
naval Reserve Notes (Agents Accounts)Received from the Comptroller
Returned to the Comptroller
5852,180t000 $819,520,000 $810,680,000 $778,440,000 $781.060,000 $747,580,000 $724,200,000 $708,520.000 5698,540,000
151,027,000 146,085,000 144,711,000 142,918,000 141,523,000 139,325,000 137,725,000 135,902.000 132,292,000
Amount chargeable to Agent
In bands of Agent
5701,133,000 $873.435,000 $665,989.000 $635.522,000 $619.537,000 $808.255.000 $586,475,000 $572,818,000 $584,248,000
188,606,000 173,591,000 177,881,0001 156,616,000 149,136,000 149,381,000 139,931.000 132,079,000 132.459.000
$431,788,000
Issued to Federal Reserve banks__ $512,527,000 $499,844,000 5488,088,000 $478,906.000 5470.401,000 $458,874,000 $446,544,000 $440.539,000
How Secured$273,682,000 5271,365,000 $264,408.000$264.635.000 $261,025,000 $258.885,000 5253,944.000 $252,194,000 $248,313,000
By gold coin and certificates
By lawful money
-! 30,595.000 32,078.000 25,785.000 23,639,000 22,001,000 20.998.000
37,320,000 32,875,000 31,477,000,
paper
By commercial
24,339.000 23,314,000 23,233,000, 20,596.000 21.028,000 20,034,000 20,931,000 18,644,000 18.583,000
Credit balances in gold redemption fund_
172,290,000 168,910,000 183,080,000 150.270.000 153.570,000 148,030,000 147,700,000 143,900.000
Credit balances with Federal Reserve B'd.. 177,180,000
5512.527.000 5499,844,000 $488,088,000 5478.906,000 $470,401,000 $458,874,000 $446,544,000 5440,539,000 5431.794.000
Total
0 $32.885,000 $32,421,000 $32,776,000 $27,343.000 825.981.000 523,828.000 $22.594.000
4-1,00Commercial paper delivered to F. R. Agent._ $37,930,000 -534,4a Amount due to other Federal Reserve banks. t Amended figures.
WEE KL Y STATEMENT ot RESOURCESand LIABILITIES of EACH ot the12 FEDERAL RESERVE BANKSatCLOSEot BUSINESS
JUNE 8 IT
Total.
Boston. New York. Philadera. Cleveland. Richmond. Atlanta. 010000. Si. Louis. Minneap. Kan. City. Dallas. !San Fran.
-S
$
$
RESOURCES.
8,387,000 13,403,000 330,0(11,000
Gold coin & Ws.In vault 14,359,000 173,235,000 25,377,000 19,838,000 0,980,000 6,115,00033,917,000 8,055,00012,499,000 8,036,000
7,649,000 205,886,000
Gold settlement fund...- 22,601,000 17,920,000 24,000,000 29,377,000 14,677,000 6,580,00032,673.000 14,334,000 8.848.00021098,000, 6,069,000
20,000 2,730,000
l39,000i
250,0001
50,000
142,000
350,000
352,000
322,000
20,000
053,000
216,000
216,000
Gold redemption fund__
191.405.00049,72700049.035,000 22,310,000
538,617,000
21,072,000
29,276,000;14,595,000
22.711.00021,609,000
68,800,000
Total gold reserve.-- 37,070,000
12,911,000
115,000 37,693,000
262 000
381,000 31,892,006 396,006 182,000
7.000
210,000
99,000
Legal-ten.notes,silv.,&o.
782,000 1,217,000 1,150,000
I 1" 1
'
37,451,000223,297,00650,123,000149,217,00622,409,000 13,693,00068,023,000 23,861.000 21.909,000 29,283,00615,857,000 21,187,006576,310,000
Total reserve
5% sodomy. fund-F.R
400,000
300,0001, 100,0001
bank notes
Bills:
Discounted-Members 6,150,000 45,057,000 7,705,000 3,349,000 9,197,000 3,545,000 3,053,000 3,913,000 5,188,000 6,538,006 3,412,00f) 908,000 98,021,000
784,000 10,132.000 135,270,000
Bought In open mkt.. 11,311,000 52,395,000 10,604,000 9,887,000 5,475,000 1,950,000 18,938,000 6,424,000 1,630,000 5,694,000
Total bills on hand _ 17,467,000 97,452,000 18,389,000 13,216,00014,672,000 5,501,000 21,991,000 10,337,000 0,818,000'12.232,000 4,196,000 11,040,000233,291,000
1
36,387,000
530,000 1,306,000
549,000 5,844,000 1,152,000
United States bonds _ _
672,000 7,007,000 2,233,000 1,857,000 8,842,000 3,966,000 2,429,000,
One-yr. Treasury notes_ 2,194,000 2,788,000 2,548,000 1,865,000 1,969,000 1,491,000 2,985,000 1,444,000 1,340,000 1,784,000 1,430,000 1,500,0001 23,338,000
59,960,000
2,905,000
2,548,000
3,000,000
2,119,000
indebtedness
23,864,000
4,043,0001
2,500,000
3,500,000
certfs.of
7,331,000
US
3,505,000 2,000,000 2,045,000
508,0001 5,524,000
71,000
102,000
1,382,000, 413,000 1,021,000
466.000
Municipal warrants_ _
915,000
15,000
31,000
19.520.000358,500,000
25,508,00612,568,000
12,134,000
23,191,000
16,980,000
assets..
126,792,00625,379,000 26,051,000 19,808000 10,340,000 40,229,000
Total earning
2,943,000,1 26,208,000
5.398.000
552,000,
Fed. Res've notes-Net 1,373,000 15,942,000
Due from other Federal
46,000 6,939,000, a4,811,000
2,221,000
1,309,000 18,229,000111,533,000
123,000 3,680,000 3,345,000
Reserve banks-Net 3,390,000
34,445.000 126,949,00029,344,000 12,921 000111 510,000 10,047,000 36,897,000 5,706,000 10.309,000 10,728,000 8,477,000 7,399.000304,730.000
Uncollected items
277,000' 5,588,000
590,000
20,000 1.463,000
174,000
105,000
130,000
312.000
298:000
64,000 464,000 1,691,000
All other resources
1276547000
68,212,000137,838,00))
58,265,000
1
50,022,000
155918000
99,870.000494,443.000
14,457,000
08467000 10528800005,324,000 34,667,000
Total resources
LIABILITIES.
5,022,000 12,063,000 5,272,000 6,247,000 3 436,000 2,389,000 7,057,000 3,166,000 2,468,000 3.186,006 2,754,000 3.960,0001 57.000,000
Capital paid in
Government deposits..._ 30,037,000 39,832,000 23,829,000,27,314,00016,293,000 6,527,000 34,935,000 10,240,000 9,160,000 10,022,0001 6,783,000 11,831,000,226,989,000
Due to members-Re46,609,000 320,949,000 48,921,000 59,692,000 25,074,000 18,520.00095,714.000 26,149,000 27.348,000 46,697,0W 22,788,000 38,446,0001776,907,000
serve account
17,428,000 76 778t0 2
Collection items
12,015,000 8,506,000 5,206,00018,212,000! 3,929,0001 2,820,000 6,539,006 2,999,000 3,919,000181,321,000
6,538,000 2,531,000 1,788,000 2,334,0001 32.476.000
Fed. Res've notes-Net
5,303,000
11,957,000 2,025,000
289,000
43,715,000
Due to F.R.banks-Net
109,006 1,854,000
35,000
174,000 1,308,000
170.000
58,000
All other liabilities
1
I
Total liabilities
Federal Reserve Notes
Issued to banks
Held by banks
99,870,000 494,443,006108467000 10526800065,324,00034.667,000 155918000 50,022,0004,457,000 68,212,00037,638,000 58,265,000 1276547000
24,091,000 214,994.000,30,604,000 30,354,000 10,733,000 19,119,000 59.375,000 17,330,000 23,833,00026,803,000 19,938,000 23,663,000512,527,000
258,000 2,943.000 31,058,000
713,000
1,373,000 15,942,000' 967,000
540,000 5,398.000 1.089,000 1,022,000
552,000
257,000
F. R. notes in circulation 22,718.000 199,052,000,35,837,000 29,802,000 10,476,000 18,573,00053,977,000 16,211.000 22,811,000 25,790,000,19,672,000 20,720.000 481,459.000
IGold and lawful money
24,091,000 214,994,000 30,334,000 30,354,000 4,519,000 16,548.00059,375,000 9.703,000 20.280.000 24,002,000117,338,00623.663,000,475,201.000
with Agent
a Difference between net amounts due from and net amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE
AGENTS' ACCOUNTS JUNE 8 1917.
......_
Boston.
New York. Philadera. Cleveland. Richmond. Atlanta
_
_
Chicago
Si. Louis. Minneap. Kan.City
San Fran.
Dallas.
Total
$
$
S
$
$
S
$
Erederal Reserve Notes$
$
Ree'd from comptrolr 47,480,000 390,040,000 61,340,000 42.000,000 30.100,000 36,380,000 76,140,000 27,340,00034,640,000 42,720,000 30,920,000 27.060,000 852,160,000
•
11
3.397
151,027,000
8,731.000
5,617,000
5.150.0001
77.246,000
6.677,000
2,285,000
8,756,001
1
6,358,000
10,087,000
5,806,000
Returned to Cotnptro110,339,00
$
$
$
$
311argeable to Agent _ _.37,141,000312,794,000 52,584,00038,194,0 t • 19,413,00030,024,000 73,875,00022,190,000129,023,00036,043,00028.189,111 23,063.111 701,133.000
188,608.000
97,800,000 15,980,000 5,840,00. 2,680,000 10,905,000 14,500,0004,860,005,190,111 9,540,011 8,261,111
In hands of F.R.Agent 13,050,
17,330,00023,833,111 26,503,i t o 19,928,00023.663,900512,527.000
Issued to F. R. bank_ 24,091,011 214,994,00038,604,00030,354,000 16,733,000 19,119,00059,375,
Held by F. R. Agent273,682,000
3,365.00013.955,000 2,370,00011,110,000
203,818,001
Gold coin & certfs._ . _ 20,810,000
...,-- 2.896,000
3.730,00011.628,000
Dredit balances:
585,000 588.000 1.035,00 1,572,000 1.068,000 1,073,000 24,339.000
In gold redemption f'd 1,281,000 11,170,001 2,094,00 1,726,000
519.000 1,572,000
5.240,00020.060,000 5,160.000 22,590,)1 I 177,180.000
24,510,00 17,000,000 4,000,00' 12,030,00058,790,000 5.750,
With F. R. Board- 2,000,O00
lotes secured by corn
37,320,000
3,553.000 2,501,000 2,590,000
7,627,
8,270,00
mercial paper
12,214,000 2,571,000
_
Total
24,0)1,000 214,991,000 38,604,00 30,354,000 10,733,000 19,119,000159,375,00017,330,00023,833,000 26.503,000 19,928,00623.663,f i i 512,527,000
1
kmount of comm'l paper
37 930.000
7.1328 090 3.553.030 2.519.000 2.721.000
12 AMAMI 2_570_0(113
6.278.000
delivered to F. R.Aser
I
THE CHRONICLE
2430
[VOL. 104.
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 June 9. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups an d
also the grand aggregates for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
•
CLEARING HOUSE
Capital.1
MEMBERS.
Week Ending
June 9 1917.
(00$ omitted.)
Net
Profits.
Loans,
Discounts,
Investnets,
dtc.
11
!Nat.Irks May
),StatelYks Feb. 281
Gold.
Legal
Tenders.
Silver.
Addit'ai
Reserve Deposits
with
with
Net
Legal
Legal
Demand
Deposi- Deposi- Deposits.
Caries.
tortes.
Nat.Ban* Nat.Bank
Notes
Notes
Federal
Reserve
[Not
[Reserve
for State Counted
Notes
as
Institu[Not
lions]. Reserve]. Reserve].
National
Bank
Net
CirculaTime
Deposits. lion.
Members of Federal
Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average. Average.
Reserve Bank.
$
$
$
$
$
$
$
$
$
$
$
II
$
$
Bank of N.
N.B.A. 2,000,0 5,056,6
121,0
845,0
37,577,0 2,835,0
781,0
5,0
33,083,0 1,231,0
6,0 2,818,0
20,414,0
616,0
Meronants' Nat.
573,0
180,0
223,0 1,827,0
Y.. Bank_ 2,000,0 2,474,1
16,464,0
21,0 1,561,0
30,0
Mech. di Metals Nat__ 6,000,0 10,148,5 134,149,0 16,904,0
673,0 4,031,0
65,0
110,0 11,006,0
140,275,0 4,801,0 3,768,0
National City Bank... 25,000,0 c44,253,5 474,354,0 40,915,0 3,352,0 1,586,0
97,0 1,171,0 46,257,0
488,345,0 13,673,0 1,782,0
Chemical Nat. Bank... 3,000,0 8,442.1
44,958,0
709,0
648,0
50,0
859,0
442,0
275,0
39,048,0
43,0 5,428,0
Atlantic National Bank 1,000,0
297,0
846.5
153,0
809,0
14,891,0
150,0
23,0
732,0
14,613,0
8,0 1,754,0
74,5
300,0
Nat. Butchers' & Drov_
47,0
42,0
84,0
2,289,0
48,0
5,0
6,0
228,0
2,137,0
Amer. Exch. Nat. Bank 5.000,0 5,115,5
90,698,0 4,505,0 1,675,0
659,0
103,0
81,581,0 4,488,0 4,834,0
143,0 9,800,0
Nat. aank of Commerce 25,000,0 19.850,5 272,126,0 10,941,0 3,260,0 1,845,0
155,0
3,0
262,275,0 5,981,0
109,0 32,195,0
3,500,0 2,233.9
Chatham di Phenix Nat
638,0 1,261,0
68,308,0 5,168,0
371,0
322,0 6.066,0
66,626,0 5,987,0 1,774,0
Hanover National Bank 3,000,0 16,482,4 143,798,0 15,811,0 1,220,0 1,496,0
130,0
32,0
__ __
152,045,0
140,0 13,682,0
2,550,0 2,521,0
Citizens' National
29,218,0
168,0 1,152,0
544,0 1,016,0
822,Q
27,0
22,0 i 3,201,0
'27,392,O
1,000,0 2.077,1
Market & Fulton Nat__
318,0
619,0
11,160,0
262,0
141,0
40,0
172,0 1,270,0
I 10,625,0
Corn Exchange Bank_ 3,500,0 7,294,2 109,763,0 8,311,0
648,0 2,145,0 10,446,0
837,0 2,682,0
118,059,0
Importers' & Traders'_ 1,500.0 7,747,2
151,0
8,0
33,789,0 1,477,0 1,759,0
292,0
29,791,0
8,0 2,630,0
National Park Bank__ 5,000,0 16,192.6 160,640,0 18,759,0
559,0 1,266,0
67,0
164,352,0 2,006,0 3,541,0
326,0 12,914,0
East River Nat. Bank_
77,8
260,0
32,0
2,0
146,0
50,0
90,0
2,430,0
19,0
309,0
2,881,0
Second National Bank_ 1.000,0 3,545,0
22,0
19,154,0 1,151,0
460,0
758,0
181,0
76,0 1,163.0
15,944,0
First National Bank__ 10,000,0 26,285.0 185,716,0 14,605,0
464,0 1,401,0
5,0
3,0 10,247,0
725,0 3,625,0
162,349,0
Irving National Bank__ 4,000,0 4,298,4
83,464,0 6,209,0
640,0
847,0 2,640,0
8,0
228,0 12,534,0
239,0
95,529,0
500,0 1,247,5
114,0
N.Y.County Nat. Bank
11,291,0
04,0
28,0
190,0
109,0
890,0
865,0
11,587,0
Chase National Bank__ 10,000,0 13,197.8 256,418,0 23,125,0 4,954,0 3,404,0
67,0
248,154,0 17,663,0
455,0 19,046,0
550.0
Lincoln National Bank_ 1,000,0 1,983,0
291,0
892,0
531,0
17,600,0 2,010,0
145,0
134,0
18,480,0
155,0 1,552,0
14,0
aarfield National Bank 1,000,0 1,325,4
399,0
200,0
10,230,0
145,0 1,166,0
370,0
199,0
913,0
10,031,0
250,0
Fifth National Bank__.
413.7
21,0
248,0
149,0
6,075,0
334,0
11,0
383,0
215,0
5,911,0
431,0
16,0
Seaboard Nat. Bank.... 1,000,0 3,120,4
70,0
42,116,0 2,281,0 1,067,0
941,0
58,0 7,731,0
47,093,0
Liberty National Bank_ 1.000,0 3,856,2
13,0
499,0
167,0
63,024,0 1,981,0
60,671,0 1,913,0
117,0 11,659,0
232,0
414,0
827,5
6,0
Coal & Iron Nat. Bank_ 1,000,0
14,0
10,865,0
60,0 1,263,0
100,0
237,0
488,0
10,863,0
21,0
Onion Exchange Nat__ 1.000,0 1,131,6
12,738,0
17,0
398,0
205,0
529,0
550,0
46,0
12,075,0
980,0
Nassau National Bank_ 1.000,0 1,136,5
35,0
11,447,0
18,0
346,0
50,0
107,0
944,0
422,0
82,0
10,149,0
57,0
Broadway Trust Co.__ 1,500,0 1,050,6
24,054,0 1,621,0
183,0 1,944,0
263,0
24,488,0
687,0
241,0
-----2,266,0 6,325,0 233,099,0
Totals,avge.for week 123.850,0 214,306,6 2,402,401,0 185,821,0 26,824,0 30,391,0
2,387,069,0 61,549,0 29,232,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
June 9
June 2
May 26
May 19
State Banks.
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co_
Bank of America
Greenwich Bank
Pacific Bank
People's Bank
Metropolitan Bank....
Bowery Bank
German-American Bank
Fifth Avenue Bank....
German Exchange Bank
Germania Bank
Bank of Metropolis.,..
West Side Bank
N. Y.Produce Ex.Bank
State Bank
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
2,306.0
2,458,0
2,214,0
2,448,0
2,437,554.0 157,310,0
2,348,917,0 238,872,0
2,337,011,0 193,288,0
2,300,204,0 216,104,0
24,491,0
26,564,0
26,462,0
32,480,0
9,633,0
4,652,0
1,187;0
837,0
150,0
2,266,0
350,0
666,0
2,714,0
560,0
689,0
968,0
299,0
1,429,0
2,456,0
827,0
1,240,0
225,0
336,0
122,0
372,0
37,0
127,0
139,0
62,0
59,0
374,0
173,0
413,0
754,0
421,0
519,0
547,0
200,0
133,0
707,0
65,0
25,0
1,285,0
121,0
206,0
408,0
83,0
452,0
377,0 •
Totals, avge. for week_ 12,150,0 26,576,0
221,288,0 28,856,0
5,260,0
5,549,0
1,565,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
221,533.0
221,649,0
220,366,0
214,823,0
27,173,0
29,226,0
34.619,0
32,603,0
5,183,0
5,520,0
5,993,0
7,585,0
5,796,0
5,798,0
5,857,0
6,685,0
1,484,0
1,408,0
1,296,0
1,234,0
36,897,0 2,195,0
272,701,0 24,444,0
68,722,0 5,072,0
45,370,0 2,551,0
381,461,0 41,196,0
10,629,0
708,0
27,274,0 1,485,0
87,283,0 5,941,0
25,729,0 1,837,0
71,884,0 6,129,0
21,525,0 1,595,0
981,0
14,586,0
59,609,0 5,607,0
371,0
37,0
114,0
192,0
322,0
71,0
181,0
244,0
99,0
84,0
848,0
139,0
121,0
238,0
394,0
191,0
135,0
480,0
82,0
173,0
577,0
310,0
116,0
449,0
233,0
95,0
258,0
482,0
173,0
188,0
993,0
34,0
72,0
236,0
211,0
148,0
204,0
111,0
435,0
Totals, avge. for week_ 57,750,0 101,761,6 1,123,670,0 99,741,0
2,823,0
3,473,0
3,545,0
1,131,197,0 96,812,0 3,668,0 4,035,0
June 9
June 2
1,124,220,0 100,778,0 2,688,0 3,339,0
May 26
1,160,644,0 122,063,0 3,133,0 4,065,0
1,134,521,0 123,841,0 4,015,0 4,457,0
May 19
---Grand Aggregate, avge_ 193,750,0 342,644,2 3,747,359,0 314,418,0 33,907,0 39,413,0
Comparison prey. week
+28.713,0 -53,591,0 -1,221,0 -.1,381,0
---Grand Aggregate,aotual condition June 9 3,790,284,0 281,295,0 32,342,0 40,461,0
Comparison prey. week
+95,498,0 -87,581,0 -2,430,0 +375,0
3,371,0
3,578,0
2,262,0
2,102,0
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
June 9
June 2
May 26
May 19
Trust Companies.
Not Members of
Federal Reserve Bank.
1,500,0 3,799,5
Brooklyn Trust Co___
- 11,250,0 15,919,5
Bankers' Trust Co
U.S. Mtge.& Trust co
2,000,0 4,507,1
Title Guar.& Trust Co_ 5,000,0 12,404,5
Guaranty Trust Co__ __ 20,000,0 31,436,3
1,000,0 1,239,3
Fidelity Trust Co__ _
Lawyers'Title & Trust_ 4,000,0 5,511,6
Columbla Trust Co__ 5,000,0 6,442,9
1,900,0 1,751,4
People's Trust Co
New York Trust Co_ _ 3,000,0 11,632,4
Franklin Trust Co_ _ _. 1,000,0 1,334,4
533,4
1,000,0
Lincoln Trust Co
Metropolitan Trust Co_ 2,000.0 5,249,3
42,643,0
35,613,0
12,622,0
8,759,0
3,038,0
16,042,0
4,336,0
6,512,0
18,638,0
5,096,0
6,438,0
15,131,0
4,223,0
19,396,0
22,801,0
30.630.0
30,949,0
31,500,0
31,799,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Grand
Grand
Grand
Grand
Aggregate actual condition
Aggregate actual condition
Aggregate actual condition
Aggregate actual condition
June
May
May
May
2 3,694,786,0 368,876,0
26 3,708,021,0 349,970,0
11,3,649.548,0 372,548.0
12 3.612.011.0 366.170,0
34,772,0
35,588,0
44,080.0
35.716,0
40,086,0
41,422,0
42.911,0
43,303,0
110,0
43,0
270,0
192,0
23,0
102,0
50.0
3,0
44,0
129,0
90,0
155,0
35,0
131,0
188,0
6.219,0 269,489,0
5,721,0 208,286,0
6,175,0 315,985,0
5,753,0 240,927.0
2,360.042.0
2,361,067,0
2,384,389,0
2,359,044,0
3,021,0 1,015,0
61,727,0
61,838,0
78,388,0
66,714,0
170,0
286,0
305,0
875,0 1,372,0
237,0
2,0
1,081,0
1,205,0
5,0
49,335,0
33,438,0
13,793,0
8,877,0
3,033,0
15,235,0
3,878,0
6,081,0
20,019,0
5,123,0
6,536,0
14,577,0
4,287,0
19,458,0
25,478,0
8,952,0 2,607,0
229,148,0
413,0
9,051,0
8,972,0
9,615,0
9,354,0
2,733,0
3,098,0
3,732,0
3,850,0
227,248,0
230,501,0
236,552.0
233,217,0
423.0
458,0
423.0
412,0
1,531,0
12,642,0
2,768,0
1,498,0
17,847,0
428,0
958,0
3,453,0
1,222,0
2,994,0
997,0
702,0
2,986,0
2,052,0
7,026,0
4,671,0
609,0
5,199,0
576,0
257,0
2,778,0
1,436,0
341,0
1,005,0
440,0
347,0
30,611,0
252,840,0
55,359,0
29,957,0
350,050,0
8,569,0
19,160,0
69,056,0
24,444,0
59,564,0
19,943,0
14,043,0
59,357,0
5,462,0
29,843,0
13,354,0
1,263,0
33,320,0
720,0
1,087,0
18,512,0
1,172,0
5,486,0
2,683,0
1,061,0
1,981,0
..
746,0
494,0
182,0
41,0
172,0
229,0
291,0
250,0
215,0
50,026,0 26,737,0
29,477,0
29,176,0
27,516,0
28,626,0
36,0
160,0
12,0
35,0
990,862,0 115,044,0
49,937,0 24,599,0 998,335,0 114,830,0
49,785,0 36,142,0 995,461,0 119,258,0
1,797,0 51,941,0 43,871,0 1,039,737,0 124.708,0
1,429,0 51,265,0 46,356.0 1,025,026,0 131,639,0
----
5,110,0
-90,0
2,266,0
-41,0
6.325,0 292,07770 20,344,0 a38160790 177:900,0 29,232,0
+338,0 +2,624,0 -163550 -7,639,0 -7,974,0
+53,0
4,855,0
-131,0
2,306,0
-152,0
6,219,0 328,477,0 27,332,0 b35865250 176,980,0 29,477,0
-504,0 -4,574,0 +301,0
+498,0 +614340 -119030
4,986,0
3,553,0
3,336,0
3,287.0
2,458,0
2,214,0
2,448,0
2.383.0
5,721.0 267,043,0 39,240,0 173587029,0 181,554,0
8,222,0 377,541,0 47,603,0 b3660678,0 203,519,0
7,397,0 307,540,0 50,206,0 b3017237,0 198,765,0
8.448.0 314.718,0 42,901,0 13573 236,0 200,845,0
29,176,0
27.516,0
28,626.0
28.680,0
a U. S. deposits deducted. $94,071,000. b U. S. deposits deduoted,$136,530,000. c Includes capital set aside for foreign branches, $6,000,000.
STATEMENTS OF RESERVE POSITION.
Averages.
Cash Reserve Reserve in
in Vault. Depositaries
Total
Reserve.
a Reserve
Required.
Actual Figures.
Surplus
Reserve.
Inc. or Dec.
Cash Reserve Reserve in
from
Previous Week In Vault. Depositaries
Total
Reserve.
b Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
Previous Week
Members Federal
$
$
$
Reserve Bank_ _ _ 242,036,000 233,099,000 475,135.000 432,749,870 42,385,130-42,565,780 212,431,000 269,489,000 481,920,000428,055,910 53,864,090 -22,722,950
41,230,000 8,952,000 50,182,000 41,246,640 8,935,360 -1,740,600 39,636,000 9,051,000 48,687,001 40,904,640 7,782,360 -1,051,460
• State Banks.
Trust Companies'_.. 109,582,000 50,026,000 159,603,000 49,979,300 9,628,700 --8,561,250 106,886,000 49,937,000 156,823,000 140,750,250 7,072,750 -3,776,100
Total
Total
Total
Total
June 9 _ _ 392,848,000 292,077,000684,925,000 623,975,810 60,940,190-52,867,630 358,953,000 328,477,000687,430,000 618,710,800 08,719,200-28,150,510
June 2.... 449,131,000 289,453,000 738,584,000624,767,180 113,816,820-20.059,160 448,720,000 267,043,000t715,763,000 018,893,290 06,869,710-79,559,960
May 26....447,632,000 314,481.000762,113,000 628,237,020 133,875,980-12,752,360 430,538,000 377,541,000,808,079,000 631,040,330 176,429,670 +29,675,250
May 19 _ .465,671.000 297.776,000 763,447.000 616,818,660146,628,340 +22.644,550 462,905.000 307.546,000,770,451,000 623,696,580 140,754,420
-444,580
Not members of Federa Reserve Bank.
a This is the reserve required on Net Demand Deposits in the ease of State kBanks 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: June 9, $3,077,450: June 2, $3,156,950; May 26,$3,294,150; May 19,$3,298,650.
b This is the reserve required on Net Demand Deposits in the case of State Banks and Trust Companies, but In the ease of Members of the Federal Reserve Bank
includes also amount of reserve required on Net Time Deposits, which was as follows; June 9, 33,036,350; June 2, $3,091,900; May 26, $3,919,400; May 19, $3,335,700.
THE CHRONICLE
JUNE 16 1917.1
2431
In addition to the returns of "State banks and trust comThe State Banking Department reports weekly figures
showing the condition of State banks and trust companies panies in New York City not in the Clearing House, "furnished
in Now York City not in the Clearing House, and those are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the whole State. The figures are compiled so as to distinNEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT
(Figures Furnished by State Banking Department.) Differences from guish between the results for New York City (Greater New
June 9.
previous week.
York)and those for the rest of the State, as per the following:
investments
Loans and
$818,100,200 Dee. $1,654,600
68,314,700 Inc. 1,301,000
Gold
For definitions and rules under which the various items
212,200
Currency and bank notes
10,895,300 Inc.
Total deposits
1,032,282,100 Dee. 27,091,500 arc made up, see "Chronicle," V. 98, p. 1661.
Deposits, eliminating amounts due from reserve
The provisions of the law governing the reserve requiredepositaries and from other banks and trust com857,800 ments of State banking institutions were published
885,742,400 Dec.
panies in New York City, and exchanges
in the
213,432,400 Dec. 22,818,900
Reserve on deposits
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaPercentage of reserve, 26.4%.
RESERVE.
calculating the amount of deposits and what
-State Banks
- -Trust Companies
- tions relating to
$14,713,500 11.56%
561,400,500 9.48% deductions are permitted in the computation of the reserves
Cash in vaults
117,513,500 17.27%
Deposits in banks and trust cos_ __ 16,708,900 13.13%
were given in the "Chronicle" April 4 1914 (V: 98, p. 1045).
$31,422,400 24.69%
Total
$182,010,000 26.75%
STATE BANKS AND TRUST COMPANIES.
The averages of the Now York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Week
EndedMar. 17._
Mar. 24___
Mar. 31___
Apr. 7._
Apr. 14._
Apr. 21_
Apr. 28....
May 5.,..
May 12...._
May 19_
May 26_.
Juno 2_
June 9___
Loans
and
Investments
Demand
Deposits.
Specie.
Other
Money.
$
4,330,588,8
4,338,308,0
4,373,513,4
4,428,959,8
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
4,595,519,2
$
4,438,468,5
4,464,708,0
4,478,501,9
4,567,052,8
4,596,003.4
4,568,116,5
4,582,729,2
4,484.409,8
4,435,448,8
4,459,324,2
4,897,379,1
4,510,318,2
4,501,821,4
3
516,425,5
517,268,4
492,947,2
512,177,1
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
$
69,368,5
68,877,9
70,214,9
66,029,6
65,546,0
62,529,3
60,017,7
51,821,4
49,577,7
54,030,7
52,629,4
51,011,1
49,912,3
Entire
Total
Reserve on
Money
Holdings. Deposits.
$
585,794,0
586,146,3
563,162,1
578,206,7
577,139,4
552,022,4
530,638,7
502,373,1
512,379,2
544,345,6
526,226,3
526,826,9
472,058,0
$
1,042,356,3
1,051,036,4
1,009,966,2
1,048,836,4
1,040,505,5
1,008.192.9
1,008,245,1
936.181,5
972,909,8
103
1:0
005:107
532
5:9
974,835,3
837,408,2
Week ended June 9.
Trust Cos.
State Banks
State Banks
Trust Cos.
in
in
outside of
outside of
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. 1'.
Capital as of Feb. 28 ____
23,950.000
84,550,000
12,238,000
18,451,200
Surplus as of Feb. 28
42,309.900
179,277,600
15,228,300
18,123.900
Loans and investments_
Change from last week _
440,288,500 1,858,910,700
+3,065,900 -20,196,600
176,692,400
+458,900
298,756,100
+1,542,200
Gold
Change from last week_
49,571,100
-1,860,200
162,336,900
-9,586,600
Currency and bank notes_
Change from last week..
20,552,800
-100,500
13,648,600
-66,500
189,815,600
+1,078,500
312,615,100
+4,632,000
114,005,400 384,848,400
-2,454,600 -49,447,200
33,192,200
+930,700
40,783,000
+3,089,400
22.2%
24.4%
20.8%
20.3%
16.4%
15.4%
568,741,300 2,209,861,700
Deposits
Change from last week_ --22,291,500 -84,890,800
Reserve on deposits
Change from last week_
P. C. reserve to deposits_
Percentage last week
25.3%
26.0%
+ Increase over last week.
-Decrease from last week.
Non-Member Banks and Trust Companies.-Followiug is the report made to the Clearing House by clearing
non-member institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
Net
CLEARING
Loans,
NON-MEMBERS. Capital.' Profits.
Discounts.
-fNat. bks. May 11 InvestWeek Ending
IState bks. Feb. 281 ments, dcc.
Juno 9 1917.
Average.
Members of
Fed'I Reserve Bank
Battery Park Nat__
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jere. City
Hudson Co. N., J.C.
First Nat., Hoboken
Second Nat.. Hobok.
400,000
415,800 5,769,000
300,000
688,700 5,934,000
300,000
626,300 6,245,000
400,000 1,298,900 5,332,000
250,000
771,500 5,165,000
220,000
615,600 6,517,000
125,000
319,400 5,433,000
Gold.
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. II'ts_ 100,000
400,000
Colonial Bank
Columbia Bank____ 300,000
International Bank_ 500,000
200,000
Mutual Bank
New Netherland_ ___ 200,000
WROrace&Co'sBk. 500,000
100,000
Yorkville Bank
1,600,000
Bklyn
North Side, 1.1klyn_ 200,000
443,300 2,332,000 152,000
949,800 8,876,000 706,000
674,100 9,496,000 742,000
113,500 4,341,000 383,000
470,100 8,179,000 830,000
219,000, 4,393,000 154,000
551,000 3,142,000 102,000
593,900 6,763,000 493,000
840,800 20,728,000 1,463,000
184,8001 4,652,000 291,000
4,100,000 5.010,30072.902,000 5,316,000
Total
Trust Companies.
Not Members of the
Federal Reserve Bank.
HamiltonTrust,13kIn
Mechanics',Bayonne
500,000 1,150,100 10,550,000
309,000 6,616,000
200,000
Silver.
Nat.Bank Nat.Bank
Notes[Re- Notes[Not
serve for Counted
State Inas
stitutions] Reserve].
Reserve Addilional
Federal
with
Deposits
Reserve
Legal with Legal
Net
Notes[Not DeposDeposDemand
Reserve]. itaries.
Varies.
Deposits.
Average. Average. Average. Average. Average. Average. Average. Average.
$
$
435,000
80,000
81,000
3,000
29,000 666,000
157,000
33,000 103,000
22,000 476,000
15,000
443,000
150,000
69,000 137,000
6,000
166,000
9,000 662,000
341,000 565,000
72,000
56,000 1,678,000 3,893,000
13,000
213,000
81,000
14,000
106.000
2,000 619,000
556,000
165,000
50,000
31,000 475,000
18,000
15,000
316,000
49,000
364,000
5,000 509,000
61,000 114,000
2,000
1,995,000 4,736,200 40,395,000 1,510,000
Total
Legal
Tenders.
714,000
94,000
Average.
National
Bank
Circulation.
Net
Time
Deposits.
Average.
5,235,000
193,000
4,841,000
192,000
5,660,000
4,386,000
5,157,000
3,036,000 3,309,000
2,780,000 2,337,000
154,000 5,085,000 5,738,000 31,095,000 6,031,000 1,512,000
841,000
637,000
10,000
198,000
21,000
6,000
42,000
128,000
1,000
85,000
209,000
65,000
64,000
545,000
301,000
30,000
208,000
226,000
20,000
80,000
118,000
22,000
86,000
48,000
302,000
762,000
103,000
109,000
387,00 I
47,000
115,000
26,000 1,927,000
585,000
374,000 9,753,000
599,000
120,000 9,978,000
243,000
36,000 4,032,000
310,000
494,000
37,000 8,716,000
313,000
281,000
4,692,000
71,000
60,000 2,020,000 3,144,000 2,369,000
445,000
266,000 7,421,000
1,319,000 1,310,000 21,976,000
62,000
275,000
395,000 4,580,000
400,000
765,000 2,541,000
917,000
4,416,000 4,584,000 76,219,000 3,525,000
43,000
77,000
75,000
28,000
446,000 1,054,000 8,924,000
538,000
176,000
573,000 3,529,000 2,975,000
57,000
42,000
163,000
Average.
$
193,000
291,000
120,000
394,000
197,000
218.000
99,000
700,000 1,459,100,17,166,000
Total
808,000
622,000 1,627,000 12,453,000 3,513,00
99,000 120,000 103,000
Grand aggregate___ _ 6,705,000 11235600 130463000 7,634,000 1,705,000 3,298,000 1,020,000 . 163,000 154,000 10123000 11,949,000 al19767000
13,069,000 1,512,000
Comparison,prev.wk.
• +461,000 ±102000 +279000 +64,000 +3.000 +9,000 +20,000 +250000 -1,012,000
-42,000 -257000 --6,000
I•:xcess reserve, $733,120 Increase
Grand aggr'te June 2 8.795,000 11,235,600 130002000 7,532,000 1,420,000 3,234,000 1,017,000 154,000 134,000 9,873,000 12,961,000 a119,809,000 13,326,000 1,518,000
Grand aggr'te May26 8,995,000 11,350,400,128867000 7,784,000 1,584,000 3,339,000 798,000 1663)00 301.000 9,899,000 14,135.000 a 120,388,0 12,926,000 1,517,000
Grand aggr'te MaY19 8,995,000 11,520,200,128390000 7,787,000 1,551,000 3,275,000 766,000 168,000 301,000 9,712,000 15,310,000 a120029000 13,131,000 1,521,000
Grand aggr'teM ay 12 8,995.000 11,520,200 130872000 8,073,000 1,692,000 3,324,000 880,000 168,000 321.000 9,684,000 11,973,000 120428000 14,014,000 1,519,000
Grand aggr'te May 5 8,995,000 11,520,200 129939000 8,259,000 1,654,000 3,337,000 857,000 222,000 309,000 9,420,000 15,098,000 119930000 14.030,000 1,523,000
a U. S. Deposits deducted. $2,835.000.
1
Philadelphia Banks.-Summary of weekly totals of
Boston Clearing House Banks.-We give
a
Clearing House banks and trust companies of Philadelphia: summary showing the totals for all the items in thebelow
Boston
Tv„mil two ciphers (00) in all these figures.
Clearing House weekly statement for a series of weeks:
Loans,
Disc'ts
incest'ls.
Due
from
Banks.
Deposits
Bank.
Indirid'i.
Total.
Reserve
Held,
Excess
Reserve.
June 9.
$
Nat. bank_ 398,140,0 82,010,0 169,140,0 333,363,0 502,503,0 76,284,0 16,140,0
Trust cos__ 157,826,0 2,696,0 3,438,0 140,436,0 143,874,0 24,231,0 3,406,0
Total
555,966,0 84,706,0 172,578,0 473,799,0 646,377,0 100,515,0 19,546,0
Juno
551,486,0 88,111,0 173,255,0 479,291,0 652,546,0 103,993,0 23,262,0
May 26... 555,419,0 87,621,0 169,638,0 476,508,0 646,144,0 99,188,0 18,593,0
May 10... 559,089,0 90,213,0 171,162,0 482,619,0 653,781,0 100,950,0 19,627,0
May12_ _ 566,933,0 83,367,0 169,055,0 489,811,0 658,866,0 99,983,0 17,303,0
May 5. 563,681,0 90,095,0 176,807,0 495,644,0 672,451,0 105,957,0 22,225,0
Apr. 28.... 560,279,0 95,118,0 179,761,0 490,555,0 870,306,0 103,003,0 20,090,0
Apr. 21._ 551,943,0 100,829,0 187,149,0 495,582,0 682,731,0 114,734,0 31,186,0
Apr. 14___ 550,714,0 101,173,0 192,560,0 495,653,0 688,213,0 121,595,0 37,061,0
Apr. 7-- - 549,749,0 96,682,0 190,440,0 492,404,0 682,844,0 119,898,0 35.850,0
Note -National bank note circulation June 9, $8,224,000; exchanges for Clearing
House (Included in "Bank Deposits"), banks, $19,529,000; trust companies,
$2,344,000; total, $21,873,000. Capital and surplus at latest dates: Banks,
$64,175,600; trust companies, $41,295,200; total, $105,470,800.
BOSTON CLEARING HOUSE MEMBERS.
June 9
1917.
Change from
previous week.
Circulation
$5,689,000 Inc.
Loans, disols & investments_ 450,623.000 Inc.
Individual deposits. inel.U.S• 348,245,000 Dec.
Due to banks
130,749,000 Inc.
Time deposits
33.895,000 Inc.
Exchanges for Clear. IIouse_ 14,081,000 Dec.
Due from other banks
40,970,000 Inc.
Cash reserve
23,950,000 Inc.
Reserve in Fed. Res've Bank 30,912,000 Inc.
Reserve with other banks... 40,942,000 Inc.
Reserve excess in bank and
Federal Reserve Bank._
• 6,082,000,1m
Excess with Reserve Agents_ 28,747,000,Inc.
June 2
1917.
May 26
1917.
51,000 $5,685,000 $5,663,000
921,000 449,702,000 454,270,000
1,316,000 349,561,000 350,419,000
3,387,000 127,362,000 127,749,000
196,000 33,699,000 35,441,000
3,052,000 17,133,000 15,283,000
37,000 40,933,000 40,816,000
1,038,000 22,912,000 24,625,000
657,000 30,255,000 29,703,000
4,004,000 36,938,000 35,968,000
1,553,000 4,529,000 5,102,000
3,988,000 24,779,000 23,662,000
Imports and Exports for the Week.-Sec third page
preceding.
[VOL.
THE CHRONICLE
2432
Alanhers (15azettc.
Wall Street, Friday Night, June 15 1917.
The Money Marker and Financial Situation.—Business in Wall Street, as elsewhere this week has reflected the
abnormal condition now existing as a result of this country's entrance into the world war. Day by day the mystery deepens as to what is involved in this step and also
it steadily becomes more difficult to forecast or make plans
for the future. Current transactions at the Stock Exchange
are therefore little more than transient operations by professional traders on the floor and in very slight degree, if
at all, do they reflect the general business conditions of the
country.
Events of the week which have had more or less influence
in the market have been the news from Russia and from the
various scenes of military activity in Europe, the progress
made in completing the "Liberty Loan," the Steel Corporation's announcement of dividend disbursements and
reports of weather conditions in the agricultural districts.
The latter will be regarded with increasing interest week
by week until the harvest period is ended because, as is well
known, practically the whole world is vitally interested in
this matter as never before. This week these reports have
been somewhat less favorable than for several weeks previous but, of course, they cannot always have the same
story to tell.
Nearly all financial operations have been dominated or
overshadowed by the famous and popular Liberty Loan
offering now closed, the actual result of which will not be
known for several days. The important fact is that it has
been oversubscribed in a very considerable amount.
Foreign Exchange.—Sterling exchange has continued
quiet with rates pegged at virtually previous levels. Weakness in Russian rubles has been a feature of the Continental
exchanges. Spanish pesetas have reached a new high
record. Otherwise rates for both belligerent and neutral
bills have ruled about steady.
72 for sixty
To-day's (Friday's) actual rates for sterling exchange were 4 Commercial
days, 4 754004 7545 for cheques and 4 76 7-16 for cables.
and docu,
69%
4
days
ninety
71%,
4
days
sixty
,
%
75
4
sight
on banks,
, and
ments for payment (sixty (Lays) 4 71%. Cotton for payment 4 75)
grain for payment 4 75% •
5 81%
were
francs
bankers'
Paris
for
rates
actual
(Friday's)
To-day's
marks were not
for long and 5 7605 763'4 for short. Germany bankers'
quoted for sight, nominal for long and nominal for short. Amsterdam
for
short.
13-16
40
were
guilders
bankers'
and
Exchange at Paris on London, 27.18 fr.; week's range, 27.18 fr. high
also 27.18 fr. low.
quotable.
not
on
London,
Berlin
at
Exchange
The range for foreign exchange for the week follows:
Cables.
Sixty Days. Cheques.
Sterling 'tactual—
4 76 7-16
4 75%
4 72
High for the week
4 76 7-16
4 7540
4 72
Low for the week
Paris Bankers' Francs—
5 72%
73%
5
4
793
High for the week
5 74
5 75
5 81.1
Low for the week
Germany Bankers' Marks—
High for the week
Low for the week
Amsterdam Bankers' Guilders—
41 5-16
414
403
High for the week
40
40Y
40%
Low for the week
Boston,
discount.
$1,000
per
10c.
—Chicago,
Domestic Exchange.
5c. discount asked.
par. St. Louis, 15c. per $1,000 discount bid and .625 to .46876 per
San Francisco, 10c. per $1,000 premium. Montreal,
$1,000 premium. Cincinnati,
$1,000 discount. Minneapolis, 10c. per discount,
and brokers 50c. prepar. New Orleans, sight 50c. per $1,000
mium.
American Can and American Car & Foundry fluctuated between 52-49 and 773-74,respectively, while American Sugar
Refining and Atlantic Gulf & West Indies SS. covered ranges
of 3% and 45A points each. Central Leather advanced from
97% to 1013/2, but fell away at the close to 963'. The high,
low and last prices of Baldwin Locomotive, Cuba Cane Sugar,
Crucible Steel, International Mercantile Marine corn. and
pref. and United States Industrial Alcohol were 673/2-643/2663, 46%-44%-45, 82%-78%-80, 293/2-273-283/8, 833793
%-813. and 171 M-159%-166%. The copper stocks remained very steady as a whole,the general trend being toward
fractionally lower values. As usual, the railroad issues fluctuated less widely. Atchison Topeka & Santa Fe moved
between 101% and 102%, Baltimore & Ohio between 723'
and 74 and Chesapeake & Ohio between 5932 and 61%.
New York Central and Pennsylvania gained fractionally for
the week, while Reading, the most spectacular, advanced
from 94% to 99, the closing figure being at 97%. Southern
Pacific and Union Pacific also moved up slightly.
For daily volume of business see page 2441.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
State and Railroad Bonds.—Sales of State bonds at the
Board this week, are limited to $20,000 Virginia 6s, tr. co.
receipts, at 50. .
Sales of securities in the market for railway and industrial
from a
bonds were relatively larger this week than last and
York
list of 25 most active issues, 13 declined in value. New
Louis &
Central deb. 6s lost a point for the week, as did St.
tr.
San Francisco p. 1. 4s, ser. A. American Tel. & Tel. col.
5s fell
5s, Erie 1st gen. 4s and United States Rubber s. f. Island
away fractionally. On the other hand, Chic. Rock
72,
& Pacific deb. 5s eds. of dep. advanced from 703' to
S.
while Lackawanna Steel 5s, 1950, Union Pacific 3s and U.
Steel s. f. 5s also moved up slightly. The "Liberty Loan
has almost monopolized the attention of traders this week
reand news that the success of the loan was assured was
issue
ceived on Thursday afternoon. To what extent thebonds
has been oversubscribed is not yet known. As usual, part
of various of the Allied Governments furnished a large
of bond market activity. Anglo-French 5s, American
Foreign Securities 5s, the various Dominion of Canada and
Great Britain and Ireland securities were most in evidence.
French municipal bonds, such as those of the cities of Paris,
Lyons and Bordeaux, were also traded in. Sales of United
States bonds and those of the various States have been small.
United States Bonds.—Sales of Government bonds at
the Board are limited to $500 3s,coup., at 983/2; and $823,000
100 5-50.
U. S. Liberty 3%s, when issued, at 99 48-50.to third
page
For to-day's prices and for the week's range, see
following.
Railroad and Miscellaneous Stocks.—The prevailing
ty of
tendency in the stock market was toward irregulariSteel.
values. Interest was centred around United States
of
The announcement of another extra dividend of 3%, onefolwhich is to go as a gift to the American Red Cross, waslarge
lowed by an advance of nearly 5 points to 134%, a adpart of which has been retained. American Beet Sugar
vanced from 96% to 97%, falling away at the close to 95.
Ioa
Sales
STOCKS.
Week ending June 15. for
Week.
Range for 1Veek.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares 3 per share. $ per share. 15 per share.$ per share.
Jan
Jan 103
100 1023( June12 102% June12 102
Am Brake Shoe & F_100
Apr200 June
Junell 176
100 450 19934 June12200
Preferred
Jan 48 May
140 42 June 9 42 June 9 36
25
American Coal
June13 100 June13 100 June 12834 Jan
105 100
American Express
Feb
100z130 Junel5x130 June15 1203.4 May 142
100
American Snuff
Am Sumatra Tobacco100 7,200 3334 June15 37 June 9 30 May 3894 June
71
May
May
June12
66
6734
June12
100
2d
pd
6734
Am Tel & Tel subs
200 16 Junell 1634 Junell 1334 Feb 1734 Apr
Atlanta Birm & Att._100
Jan
May 2
June12 134 Junell 1
900 1
Batopilas Mining_ _ _ _20
Feb 7334 June
100 1,000 72 June 9 7334 June12 61
Brown Shoe
Brunswick Termi__ .10018,250 9 June 9 123( June14 73,4 Feb 1294 June
Jan 12534 Apr
100 1,600100 June12 103 June 9 89
Burns Brothers
Calif Packing_ __no par 1,400 38 Junell 383,4 June14 3694 May 39 June
Apr 8434 May
100 8034 June15 8034 June15 76
Calumet & Arizona_ _ _10
Jan
100 85 June13 85 June13 8331 Mar 88
100
Case (J I), pref
600 6531 June15 6534 June14 6534 June 6534 June
Chic R I & P recta full pd
May 11234 Jan
June13 100
200 100 June13 100
Ch St P M & Omaha_100
Jan
10011334 June14 11334 June14 109 May 12634
Cons G,EL&P(Balt).100
Jan
May 21
300 1634 Junell 1834 June13 16
Cons Interstate Callahl0
Jan
100
Feb
9
June
9634
June13
9934
99
300
_100
_
Deere & Co, pref__
Jan
145
May
120
9
June
100 12494 June 9 12434
100
Detroit Edison
100 9 June13 9 June13 8 May 1134 Mar
Dul S S & Atl pref_ _100
50 7,200 3434 Junel 1 3834 June15 3034 May 3834 June
Elk Horn Coal
50 800 4534 Junel 1 4634 June14 4534 June 4634 June
Preferred
Jan 4034 May
200 4434 Junel 1 45 June13 37
Federal M & 8, prof _100
Apr
300 353-4 June14 3534 June15 35 June 37
Fisher Body Corp no par
Mar
100 88 Junell 88 Junel 1 88 May 95
100
Preferred
Jan
40
Feb
June14
28
33
9
June
500 3294
Gaston,W8rW,Inc no par
Jan
May 250
20234 June14 234 June14 205
General Chemical_ _ _100
Mar 10434 Apr
100 100 June15 100 June15 100
General Cigar pref. _100
Jan
78
May
June13
6134
June13
6534
100 6534
Hartman Corpn__ _ _100
Jan
Jan 105
4010134 Junell 10134 Junel 1 105
Hav El Ry, L&P,pf_100
15 108 Junell 108 Junell 107 June 13134 Jan
Homestake Mining_ _100
Jan
40 6234 Junell 6234 Junel 1 6234 June 75
Ill Cent RR Secur A_ _
Jan
Apr 121
100 118 June14 118 June14 114
Int Harv N J, pref.. _100
Jan
June13 68 June 88
Int Harvester Corp_ _100 1,100 68 June15 71
Jan
114
May
102
9
June
100 200 10294 June14 1033,4
Preferred
Jan
Mar 108
100 10334 Junell 10334 Junel 1 103
Int Nickel, prof v t 0.100
Jan
Mar
3
June13
634
June13
434
100
100
494
Iowa Central
June15 107 June15 107 June 107 June
100 107
Kress (S H) pref.._ _ _100
100 9534 June12 9534 June12 03 May 10334 Jan
100
Laclede Gas
Jan
Apr281
100235 June14 235 June14 225
Liggett & Myers_ .100
100 1153-4 June12 11554 June12 115 June 12534 Jan
100
Preferred
Jan
May
118
9
June
12534
9118
June
118
121
(Elev)Ry100
Manhattan
Mar
May 120
10 110 June12 110 June12 110
Michigan Central_ _100
May
200 18 June 9 18 June 0 18 Jun 19
Mo Pacific recta 1st paid
May 5934 Juno
700 57 June 9 5934 June14 57
Mo Pacific recta full paid
June12 10634 May 11234 Jan
100 107 June12 107
Nat Cloak & Suit, p1.100
39 June
Nat Cond & Cab_no par 34,100x36% June15 39 June14 r3694 June 22
Jan
100 15 June 9 1534 Juno 9 1534 June
N 0 Tex & Mex v t c.._ _
Feb
Mar 57
300 50 June15 5094 June13 49
N Y Ch & St L 2d pf _100
Jan
125
Feb
90
June14
103
1
Junel
03
1,600
_100
S
C_
&
Nova Scotia
Jan
Apr 98
200 92 Junell 92 Junel 1 90
Owens Bottle-Mach_25
200 283.4 June12 2634 June12 2634 May 3434 Jan
Pacific Tel & Tel_ _ _ _100
Jan
12
June
8
June13
June13
834
8
500
Peoria & Eastern__ _ _100
Jan
400 72 June14 73 June13 60 May 82
P C C & St Louis__ _100
Feb
700 134 June14 134 June 0 134 June 434 Mar
Quicksilver Min, pf _100
May
59
0
6634
June
65
June15
Royal Dutch ctfs dep_ 4,780 62
Jan
May 42
28
St Louis-S F pref A_100 800 28 June 9 30 June12 72 June 102 Juno
3,500 80 Junell 102 June15
Savage Arms Corp....1
99
Feb
Apr
03
June12
93 June 9 95
Sloss-Sheff S & I, pf _100 3
Jan
Jan 90
12 8834 June15 883-4 June15 89
Standard Milling prefl
50
May
100 7,600 47 June12 4934 June14 3434 May
Superior Steel
June12 1013.4 Junell 9934 May 10134 June
300 101
First preferred_ _ _ _100
100 12 Junel 1 12 Junell 12 June 1834 Jan
Tol St L & W pref._ 100
Feb
Junel 1 10 June 15
200 10 June12 11
Preferred trust recta....
400 6534 June15 67 June15 6534 June 67 June
United Dyewood_ _ _ _100
May
33%
June
June14
2034
3034
June13
400
2934
United Paperboard
May 2134 Jan
June14 18
90 18 June14 18
100
U S Express
Jan 2234 Jan
S Realty & Impt-100 1,100 15 June 9 1694 June15 10
Apr 1834 May
June13
1234
17
9
June
1651
300
100
Western Pacific
May
100 40 June14 46 June14 393-4 May 47
100
Preferred
Mar
Feb 107
10010434 Junel 1 043-4 Junell 97
Wilson & Co, pref_ _100
Outside Securities.—Values of securities traded in at
the Broad Street "curb" have, as in other branches ofd the
market, been irregular. Butterworth-Judson fluctuate be102.
tween 45 and 44 and Carbon Steel between 105 and
Chevrolet Motors, spectacular as usual, advanced from 96
at 95. Curtiss
to 102, fell to 95;moved up to 100 and closedfrom
3.
34to 42%
Aeroplane moved up steadily during the week
Haskell & Barker Car Co. covered a range of 23% points for
the week, while the high,low and last prices of Marlin Arms,
New York Shipbuilding, Submarine Boat and United Motors
4were 9532-95-95, 4732-44-45%, 324-31 %-32% and 295
2634-2834. The Standard Oil shares were inactive. AngloAmerican Oil fluctuated between 1834 and 1834 and Standard
Oil of New Jersey between 620 and 610. Prairie Pipe Line
sold down from 30) to 260, Standard Oil of California
dropping from 273 to 260. Among the bonds traded in at
93% to
the "curb" were $74,000 American Smelters 5s at
9834 to
at
notes
5%
2
-year
Steel
m
Bethlehe
$101,000
9234;
983/s; $64,000 Russian Government new 5%s atto7234 to 71,
81
and $97,000 Russian Government 634s at 8334
A complete list of "curb" market transactions for the week
will be found on page 2441.
New Yor4 Stock Ezcharige-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
2133
For record of •ales during the week of stocks usually inacti.e. see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
June 9.
Monday
June 11.
Tuesday
June 12.
Wednesday
June 13.
Thursday
June 14.
Friday
June 15.
Saiesfor
the
weex
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHAKE
Range Since Jan. 1
On basis of 100-share lots
Lowest
Highest
PER 611A RE
Range for Previous
Year 1916
Lotcest
Highest
$ per share $ per share 5 per share 5 per share $ per share $ per share
Railroads
Par $ per share $ per share $ per share $ Per share
7,200 Atch Topeka& Santa Fe_ _100
102 10212 102 10238 10158 10218 10134 10212 10213 10212 10134 102
981k May 9 1071:Jan 8 10014 Apr 10378 Oct
Do pref
*9712 9734 9673 97
9678 97
100
97
9612 May17 1001 Feb 1 39812 Dec 102 Feb
1,100
97
974 97
97
97
100 Atlantic Coast Line
*113 114 *112 114 *11112 114 *11212 114
100 108 May10 119 Jan 4 1064 Apr 126 No,
113 113 *11112 114
72
7233 7214 7278 7214 7314 7318 74
100
6778May 9 85 Jan 18
7313 7378 7318 73/2 20,700 Baltimore & Ohio
814 Dee
96 Jan
200
Do pref
6878 May15 7678Jan 17
100
*6912 7012 8912 6912 *70
70
7014 *70
7012 *70
7012 70
724 Aug
80 Jan
2,200 Brooklyn Rapid Transit_ 100
*6112 62
5912 61
5812 80
54 May 8 82 Jan 4
5912 60
60
6018 6018 60
81 Dee
.June
887
6,100 Canadian Pacific
16114 16214 16112 16212 1613t 16252 162 16212 161 182
100 14812Feb 7 18782 Mar23 *16212 Mar 183% Jan
159 160
18,400 Chesapeake & Ohio
5912 60
55 May 9 6534 Jan 3
100
60
6114 60
6138 6078 6138 6034 6138 6018 61
58 Apr
71 Oct
1,200 Chicago Great Western.....100
1118 1113 11
10 May 9 1418Jan 10
1118 11
1118 1112 1134 1173 1178 12
12
11% Apr
,Dee
161
Do pref
3414 3334 3334 34
2,200
*30
29 May 9 4124 Jan 2
100
3414 3414 3538 3533 3534 3333 36
471k Oct
33 Apr
6978 May14 92 Jan 4
7412 7512 7414 7514 74
7533 754 7653 7534 7612 7434 7534 16,300 Chicago Milw he St Paul_ _100
89 Dec 102% Jan
Do pref
11012 11078 11012 11078 11014 11034 11018 11078 1104 11012 110 11012 3,900
100 109 June 2 12513 Jan 29 123 Dec 1361.Jan
2,300 Chicago & Northwestern_ _100 10814 May 9 12414 Jan 19 123 Dee 1347.Jan
*11112 11178 111 11112 11034 11078 11034 111
11014 110,
8 *11014 111
Do pref
*145 150 *145 150 *142 150
100 14978 June 6 17212 Feb 16 1165 Apr 176 Dee
-- *140 150
- - -_--Chic Rock 1st & Pac (new) w I
8,800
30 May 9 37 Apr 13
3512
38
3312 3334 3334 34
3612
-35
3518
3414
3512
3378
7% preferred when issued...
*77
78
7512 May16 8414 Apr 14 ----7712 7712 4,640
7714 7712 7714 7734 7712 7873 7712 78
----5,800
preferred
Issued__
when
8%
65 May15 71 Apr 14
6734
6714
4
4
663
673
4
6612
6714
663
68
68
6712
12
67
6
"
12,100 ChR. 1 & Pac ctfs of dep 2d pd 02514 Feb 8 49 Apr 3 831 Dec 838% Dee
4312 4312 43
4413 4334 4414 4412 4612 *4512 _- *45
200 Clev Cha Chic & St Louis_ _100
37 May 9 51 Jan 16
41
*40 -43 *40 -43
41
*41
43
43
*38
41
41
38 Apr
62% Oct
Do pref
*70
70 Feb 1 80 Jan 29
*70
76
76
100
76
*70
76
*70
*70
76
76
*70
70 Feb
86 June
27
2714 2758 2734 2754 2778 2778
20 Feb 10 30 Jan 4
26
100
*2512 26
26
*25
700 Colorado & Southern
24% Apr
37 Oct
Do 1st pref
56
*54
57 .55
*54
*5412 56
100
503k May 9 57t:Jan 9
56
56
*54
56
*54
46 Apr
624 Oct
47
*43
47
*43
*40
Do 28 pref
48
*43
42 Mar12 46 Mar17
100
48
47
•40
47 .40
40 Mar 57% June
100 106 May 4 1517s Jan 19 1487
11038 11178 110711 11178 10934 1125, 107 10912 1091$ 11114 110 11012 33,000 Delaware St Hudson
.Dec 156 Oct
600 Delaware Lack de Western-50 209 June 1 238 Mar24 216 Mar 242 Nov
210 210 20912i0 *20712 210 *200 210 210 210 *210 210
400 Denver dr Rio Grande_ _ _ -100
812 812 *7
8
*7
9
7
9
512 May25 17 Jan 6
*7
8
*7
7
87
.Mar 234 Oct
17
17
17
17
1512 1512 15
17
Do pref
900
17
1514
1278 May25 41 Jan 2
18
*15
100
15 Mar 52120ot
2658 2534 2658 2618 2678 2618 2634 2553 2614 33,400 Erie
2214 May 9 3484Jan 3
2553 2638 26
100
32 Apr
4358Jan
3013
39
3912
39
5,100
3914
4
393
Do
383
3912
4
3014
3812
tat pref
3838
3412 May14 4914 Jan 2
100
3812
46 Dee
5918 J813
2912 30
30
30
30
2014 2914 2912 30
Do 2d pref
3012 2912 2912 2,700
2812 May14 3934 Jan3
100
5413 Jan
40 Dec
108 10812 108 108
108 10838 108 10812 108 108
4,500 Great Northern pref
108 108
100 10318 May16 11814 Jan 4 115 Dec 1271:Jan
3334 3433 34
35
3333 3438 3358 3373 3353 3418 33
Iron Ore properties.._No par
334 14,400
2734 Feb 3 3818 Mar 4
32 Dec
50% Jan
104 104
104 104
350 Illinois Central
*10314 104 *103 104
10378 10378 104 104
100 100 Feb 3 10832Jan 2
99% Apr 109% Oct
912 10
912 912
10
1018
958 958 *914 912 *958 10
1,700 Interbor Con Corp, vtc No par
814 May15 17's Jan 2
15% Dee
21's Jan
35614
*5512
5612
*56
58
56
56
5858 59
5634 5458 56
2,400
Do pref
5054 May 5 7214Jan 2
100
69 Dec
771k Jan
2218 23
2278 2318 2273 23
*22
23
23
23
3,800 Kansas City Southern...-100
2234 23
1858 May 9 2578 Jan 2
2318 Apr
824 Jan
*5414 58
*5414 58
*5414 59
58
*5412 56
100
58
Do pref
*5512 58
52 May 9 5812 Jan 30
100
56% Dec
647s Jan
*1714 1914 *1714 1912 *1712 1912 *1734 1914 *18
19
Lake Erie & Western
1812 1812
100
1514 May 9 2514 Jan 3
10 May 30 Dec
*31
35
*31
35
*31
*31
35
*31
36
40
Do pref
*31
40
100
30 May17 5384Jan 3
831.Nov
32 Apr
5,300 Lehigh Valley
6558 6412 6512 6334 6512 6312 64
64
65
6434 6514 65
5714May 9 7913Jan 2
50
741k Jan
.
1 Oct
37
*39
43
4012 ---- -__ *39
*39
4012 *3912 42
_ ___ ,:, Long Island certfs of deposit_ _
39 May28 43% Apr 14
*125 127
*125 128
127 1-2-7125 125 *12534 128 *125 128
UK Louisville & Nashville_ _ _ _100 119 May 4 13334 Jan 4 1211
,Mar 140 Oct
17
19
1834 1912 1884 1914 1814 1814 2,890 Minneap & St L (new)__ _100
17
17
*1678 18
14% May15 3214 Jan 29
26 Oct
36 Oct
10( Minn St Paul & 88 M____100 102 May16 119 Jan 3 116 Dee 130 Oct
10612 10612 *104 108 *104 107 .
*103 108 *105 108 *104 108
*115 120
Do pref
100 120 May28 127 Apr 13 12812Sept 137 Jan
634 7)4
5 May 4 11 Jan 2
6,
8 634 2,800 Missouri Kansas de Texas. 100
-;613 --i- --614 --61-4 --612 --6-2 --672 -61
31.Sept 1314 Dee
100
12
15 - --------12
Do pref
*11
*11
15
*11
14
*12
15
10 May 0 20I Jan 4
100
10 Apr
2414 Dee
20,00( Missouri Pacific(new) when las.
2978 2814 29
2714 2734 2712 28
2354 May 9 34 Jan 2
2714 2818 2814 2938 29
221. Sept 3812 Dee
401
*55
57
Do pref (or Inc bonds) do_ _
*56
58
57
57
*5734 *56
58
5754 58
51 Mar 7 61 Jan 3
47% Sept 647
.Dee
9238 16,60( New York Central
9284 92 -02-3-4 92
9114 9134 9114 9212 9114 9214 92
May
9
86
100
10358Jan 4 1001
,Apr 1144 Oct
8,70( N Y N II & Hartford
3512 37
3614 37
3258 May24 627g Jan 2
3512 3614 3573 3658 3512 3618 3534 36
100
49% Dee
7 Jan
77.
*2212 2312 1,201 N Y Ontario 6c Western.. 100
23
23
2214 23
*22)8 23
23
2214 2214 23
21 May10 2914 Jan 2
26 May 34% Dee
*125 126
12514 12614 12478 12558 124 12412 3,20( Norfolk de Western
12512 12512 12434 125
100 11612 May 9 13858Jan 24 114 Mar 1471
Oct
,
*82
90
00
10(
*80
Do adjustment pref__ _100
90
*30
82
*80
82
82
82
*80
82 May25 8912 Feb 3
841
.Feb
894 Mu
10414 10414 10314 10438 10314 10414 104 10518 104 10518 10412 10434 6,70( Northern Pacific
9878 May15 11014Jan 3 108 Dec 1187
100
.Jan
)
5338 5318 53 2 5,471 Pennsylvania
5318 53
5278 5273 5273 5318 5273 53)4 53
5138 May 9 5738Jan 25
100
55 Sept 60 Oct
20
2014 20
20
1,40( Pere Marquette v t o
19
*19
20
*19
20
171May15 3614 Jan 2
1912 1934 20
100
36% Dec
384 Dee
16(
---- ---- ---- ---- *5712 6412
Do prior pref v t c_ _ _100
.58
6412 60 60
531: May12 731g Jan 17
6412 *58
72 Dec
7312 Dee
*35
Do pref v t c
45
*36
45
---- ---- ---- ---- ---- ---- ---•
40 June 8 57 Jan 8
100
3034 3053 3234 3173 3514 50,801 Pittab & W Va interim ctfs 100
29
.
2712 2712 2818 2812 2814 -2-9
2034 Apr 16 3514 June15
*613
63
63
647
643
6618
6512
8
4
4
68
7,701
*8114 63
63
62
Preferred interim ctts.... _100
5358 Apr 17 68 Junel5
9814 10038 9618 99)3 262,10( Reading
9412 9578 9414 9678 9412 9634 9612 99
8358 May 9 10414 Jan 3
50
7518 Jan 1154 Sept
4014 40
*40
40 *40
41
*40
42
42
101) Do 1st pref
*40
42
.40
3934 May21 45 Jan 29
50
417.Feb
46 Feb
*4014 42
*4014 44
*1014 41
*4138 4412
101) Do 2d pref
4114 4114 *4014 42
40 May29 4512Jan 18
50
4114
Feb
52 Ma)
18
1814 1753 18
3,701) St Louis & San Fran new _100
1738 171, 1714 1738 1712 1712 1712 1818
16 May 5 2688 Jan 2
151: May
3012 Doe
2912 30
30
2912 *20
*2912 3114 30
2012 .29
*29
30
301)St Louis Southwestern_ ___100
25 Feb 3 3112 Apr 14
16 May 3212 Dec
40 .43
*43
50
*43
50
*43
50 *_ _ _ 50
.43
Do pref
50
46 May 3 53 Jan 4
100
3712 Sept 57 Dee
*1312 14
1334 *1518 1334 *1314 1334 1314 14
•13
60 Seaboard Air Line
1353 1353
12 May19 18 Jan 3
100
14 Apr
194 Dec
*27
30
*2712 30
2818 2912 *28
29
*27
2934 28)8 2818
50
3913
Do pref
2514
May16
Jan 3
100
3418 Apr
4218 Oct
93
9312 931s 9353 9318 9378 9378 9434 9438 9514 9358 9412 15,00 Southern Pacific Co
8834May 9 9812 Mar24
944
100
Apr
Jan
04's
2758 2814 2738 28
2734 2834 2778 2312 2738 2818 46,20 Southern Railway
2758 28
23 May 9 333 Jan3
18 Apr
100
304 Dec
58
5658 58
*55
57
57
5534 5613 *56
5778 56
Do pref
57
2,70
5158 May15 7013 Jan 30
7312 Dee
56 Apr
100
1612 1512 1512 1614 1614 16
1534 1534 *15
16
*15
40 Texas & Pacific
1612
1314 May 9 1914Jan 4
100
612 Feb
2114 Dee
- 1958 2132 1958 1934 20
20
2018 2018 20
21
2,000 Third Avenue(New York) 100
1712 May15 4834Jan 2
48 Nov 681,June
*87
90
---_- *87
90
;8712 90
8912 8912 *85
90
10 Twin City Rapid Transit_ _ 100
8484 Mayi2 95 Jan 20
94 Mar
June
99
13638
13612
13818
8
1377
1377g 13712 13834 13758 139
13714
13634 138
43,80 Union Pacific
100 12873May 9 14918 Jan 2 129% Apr 153% Oct
7912 7912 80
79
80
*78
7912 7934 ---_, *79
80
76', May9 85 Jan 24 s80 Sept 8412 Sent
95
Do pref
100
*7
8
7
718 *7
712
7
7
673 -8-7
612Feb 1
; *7
712 1,301 United Railways Invest_ _100
11% Jan 2
7% May 211. Jan
*15
19
17
*15
411512 17 .15
17
1512 1513 16
16„
1512 June14 2384Jan 2
20
Do pref
100
17 Sept 3934 Jan
1212 1278 1212 1212 __
1238 1238 1212 1212 1232 13
_
1012 May10 15114Jan 5
1,30 Wabash
100
131. Sept 17 Jan
4834 4834 49
4814 48
48
4918 5034 50
5012 4938 WO - 13,30
4458May 9 58 Jan 2
Do pref A
100
4112 Mar
601. Dec
26
2512 2512 2513 2534 254 26
2658 2614 2612 2573 2612 6,80
23 May 9 3012Jan 2
Do pref B
100
25 Apr
327.Dee
1934 1973 1934 1934 1938 2012 2038 2114 20,
8 2034 1978 2118 7,80 Western Maryland (new)-100
177 May 9 23 Apr 3
ante
•)42
VIII
'AO
*34
313
*37
30
*211
!In
271. 2850
10
Do 2d pref
35 Apr 9 41 Mar27
100
1412 141k
34 14
1412
78
34
78
1512 10,300 Wheeling & Lake E Ry_..100
13 May 7 227s Jan 2
21 Dec
27% Dee
3212 3212 32
33
3212 3234 3334 3334 3334 3,100
-3234 123-4 *32
3112Apr 10 5058Jan 22
Do preferred
100
46 Dec
584 Dee
52
51
51
*50
5112 5112 *50
52
*50
51
*50
4512 Feb 14 5414 Jan 2
Wisconsin Central
5112
100
83 Apr
1561y JU1Y
Industrial & Miscellaneous
*1458 1538 *1412 16
1234 May10 1s12 Jan 9
1514 1514 *1334 14 •1412 16
*1458 1538
100 Advance Rumeiy
100
21%
Dec
Aug
14
*28)4 31
31
*28
*28
32
*30
3_2
32
*30
28 Apr 11 3718Jan 5
*2814 31
100
Do pref
43 Apt
30% Oct
70
70
6812 6812 *6812 7z
*5812 72
4,6812 71
66 Feb 3 80 Jan 25
300 Ajax Rubber Inc
50
63 July 894 Dec
5
512
514 612
5 -51-8
5
5
5 May29 1113 Jan 4
16,000 Alaska Gold Mines
512 6
638
6
10
2612 Jan
1014 Dec
412 512
5
5
412 453 *412 458
*413 512 2,800 Alaska Juneau Gold Min'g_10
414 May25
818 Mar26
101. Jan
6% Oct
29
2912 3012 2912 3034 2812 161-2 2878 2912
2912 28
2018 Feb 3 3258 May31
7,400 Allis-Chalmers Mfg v t c_ _ 100
29
19
Nov
38
July
*84
88
86
86
8653 *85
8534 8534 86
88
7914 Feb 3 8678 Mar10
8534 8612 1,300
Do preferred v t c_ _ _100
701k July
92 Nov
9212 9212 9334 9334 93
93
03
94
*92
93
*92
94
83 Feb 3 9512 May 2
1,200 Amer Agricultural Chem_ _100
63 Apr 102 Nov
10158
*101
1015
8
102
*10114
103
*101 10178 *101 102
*10114 103
9853Feb 10 10313 Jan 24
100
Do pref
98 Mar 10314 Dec
100
9612 0634 9558 9714 0512 9534 98
97
9534 9614 0412 9578 9,700 American Beet Sugar
81 Feb 1 1021: Feb 15
100
61% Feb 10812 Nov
497
97
97
*____
*92
97
9112 May 9 98 Jan 24
50
*9012 97
Do pref
100
93 Apr 102 June
5114
49
16150)3
2
97*5213
5114 513
5014 51
36 Feb 3 53 May28
4912 503 16,500 American Can
100
44 Dec
6812 Sept
11112 11112 11112 11112 11114 11114 x107 107 4
110 no
*10712 110
700
Do pref
100 103 May 7 11112June 6 107% Dee 115% Sep,
7412 7412 75
7612 77,2 374
74
7613 77
75
72
57 Feb 3 78 June 7
7334 11,800 American Car At Foundry_100
52
784
July
Dec
11714
z116
116 .114 11714
*115 11714 *11314
*116 11714
100
Do pref.
100 11512 Apr 18 11834 May28 115% Aug 11912 Mar
*4112 4212 4112 4112 4112 4112 4114 4114'404
2300
9
47
112
95
**9
40
195
3812May 9 5012Jan 5
American Cotton 011
5814 Oct
100
,Dec
481
*90
97
97
*90
97
.90
97
*90
10
Do pref
92 May10 10113 Jan 9
100
102 Ma,
98 Jan
1478 1512 1518 1512 1434 1514 14
1538 1531 1434 1614
1434 6,900 American Hide & Leather_100
10 Feb 2 1714 Mar29
834 June 204 Oct
*63
6434 6412 65
6434 66
65
6412 6112 6212 6212 1,300
4164
Do pref
5512May 7 75 Jan 4
16 Mar
100
847
.Dee
*2512
*2512
2612
2612
27
2612
2612 *2512 2612
*2512 2612 *2512
200 American Ice Securities_ _100
24 Feb 2 3284Jan 2
25 Jan
32% Dee
2153 25
2412 2514 24
2438 2453 2414 25
25
25
2412 7,800 American Linseed
1534 Feb 3 2614 May31
17 Dec
.Nov
100
277
6212 6114 6114 6134 6212 *6112 6212 *6112 6212 *60
*61
62
700
48 Feb 3 6312June 6
Do pref
3814 Mar
100
6234 Nov
7412 7258 7314 '7313 '7378 7234 7378 72
7418 7434 73
7278 17,100 American Locomotive_ __ _100
6212Feb 2 8234Jan 4
53 July
Nov
9814
10112 10412 -_
105 105 *104 106
10434 10434 *104 105
300
Do pref
991: July 109 Nov
100 102 May 4 10878 Jan 20
1234 -12- 12110
- 4 1253 1253 1053 1031 2,300 American Malting
1114 13 .
1134 1278
812 May14 1984 Mar30 -------- - 100
63
1
9
65
2
58
6014 .5012 6012 5012 6018 6034 6158 *9
6
.
53 June 4 68 Mar30
1_14 8,100
Do pref
100
05
*93
95
*93
94
94
*93
95
9054 May25 9914 Jan 31
500 Amer Smelters See pref B_100
841: July
Ora isio.
4
1013
*1003
*10012
4
4
1013
4
1013
101 10114 10118 10118
10134 *9912 1-0313
9738 May10 10214 Mar10
644
Do pref Ser A stamped_ _
91% July 102 Nov
10952 11078 10884 11034 10712 10918 10858 11138 10911 11114 10678 110
87,300 Amer Smelting & Refining_100
9452 Feb 2 11234 June 2
8812 Apr 1227
.Nov
113 113
1134 113i4 11334 11334 *11312 11412 11334 11334 11'312 11312
550
Do pref
100 z11012 Nlayll 11718Jan 19 10914 Apr 1181.Oct
731:
7212
7318 7412 x7112 7112 14,650 American Steel Foundry...100
741i 75
73
72
52 Feb 3 75 June 7
7312 72
44 Apr
73 Dec
12112 12334 120 12314 120 12312 65,400 American Sugar Refining...100 10418 Feb 3 12632 June 9 104 Dec 125% Oct
12312 12638 121 12458 11912 122
*119 120 *120 122 *119 121 *119 123
11913 11918 *119 120
100
Do pref
100 11612May23 12112Jan 25 1154 Mao 12312 Oct
12114 12218 12112 12178 12112 122
12152 12214 12158 12158 12112 1215, 2,600 Amer Telephone & Teleg_ _100 11814 Mayl 1 12812Jan 24 z12318 Dec z13412 Sept
19514 19514 195 19634
197 197 *195 19712 19514 19514 *195 197
900 American Tobacco
100 184 Apr 21 220 Mar12 188 Feb 2297. No,
103
103
*102 103 1)102 102
104 310312 10312
103
103 103
820
Do pref (new)
100 100 Apr 24 10984 Jan 18 1054 Apr 113 Sept
5753 5831 5614 5818 56
574 5634 574 5614 5738 x5438 5512 23,900 Am Wooten of Maas
100
37's Feb3 5834June 9
37 Dec
.No,
587
100 100
100 100
9934 9934 *9914 9073 x96
0612 1,305
9934 100
94 Feb 3 100 June 9
Do pref
92 Jan 102 Mar
100
.45
47
451 1 4612 *45
4612 4518 4513 4178 45
*42
4612
900 Am Writing Paper pref--100
37 Feb 3 5412 Mar10
11 Jan
761
.N ov
3414 3334 35
33
33
33
3333 3338 3234 33
3212 33
3,200 Am Zinc Lead & S
28 May 9 4132Jan 26
25
97% Apr
2953 July
60
*6212 65
*6212 6378 6378 64 .
65
*62
*6212 65
400
65
Do • pref
25
6212 June 6 7212Jan 26
591,July
87 N
85
8611 8518 8634 8412 8538 8473 8578 8518 8612 8334 8553 134,700 Anaconda Copper
50
70 Feb 1 87 May26
77 Apr 105% Nov
11334 11653 1l178 114
11534 117
113 11578 111 11412 25,800 Atl Gulf & WI SS Line ctfs 100
11212 116
8912Feb 3 12112Jan 22
56 July 147% Dec
62
*6012
*6012
*6012 62
62
62
62
81
62
400
6114 62
Do pref certfs
54 Feb 8 66 Jan 4
100
6012 Dec
73% Nov
6573 6714 6553 6658 8412 8614
6534 6778 6418 6638 35,400 Baldwin Locomotive
43 Feb 3 6914 June 7
100
52 Dec 118% Jan
99
99
*99 101
*9
65
612 100
-*98 10034
99 May 5 10212Jan 15
673
100
1
Do pref
987
.Dee 110 Mal
100
12112 12212 12012 12012 1104 1-2-0-1-2 120 12014 f I ii1-2 1-181; 118 118
1,680 Barrett Co (The)
100 10434 May15 138 Jan 2 a1274 Dec 16712 Dec
15312 15531 155 15714 15612 15853 z152 1511
151 151 *150 154
5,300 Bethlehem Steel
100 4119 Mar 1 515 Jan 4 416 Jan
70(1 Nov
149 1525852
14814 151 156
1 54 155
14634.
15212 15512 s14812 15112 373,950
Do class B common._ _100 103 Mar 1 156 Junel 1
• 1814 3(1(1 Mani Prices no *ales on this day
1 Ex -HAMA
1 Less than 100 share* 6 Ex-div and rights s Ex-dividend 0 Before payment of 1st installment.
New York Stock Record-Concluded-Page 2
2434
qe ..ie, 1 I'In
,e.e.c
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
June 9.
Monday
June 11.
Tuesday 'Wednesday
June 13.
June 12.
Thursday
June 14.
Friday
June 15.
uiu ally inactive. see iecond page preceding.
Saiesfor
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1916
Lowest
Highest
Industrial&Mlec.(Con.) Par $ per share $ per share $ per share $ per share.
$ per share $ per share $ per share $ per share $ er share $ per share
100 11712 Mar 3 135 Jan 5 126 July 186 Nov
100 Bethlehem Steel pref
__
_ *120 123
__
___
__ ____
120 120 *120 123
4172 Dee 10514 Mat
3814 Feb 3 5214 Jan 26
4318 6,700 Butte & Superior Copper_10
x43
p- - - -4646%
4634 4534 4578 -4534 -4612
4412 4638 46
15 June 4232Jan
1712 Apr 24 30I Jan 25
2218 2134 2134 1,800 California Petroleum v t c_100
22 1 *2212 2312 2114 2218 22
22
23
23
40
25
Jan
June 8032Jan
6214
May12
46
100
pref
Do
300
5312
5312
5412
*53
*5312 55
5412 5412 *5312 54
*5312 54
49
10112Junell
Apr 123 Nov
70 Feb 1
100
9814 101% 9712 9914 9838 9912 9734 9918 9514 98 153,100 Central Leather
9712 99
Jan 25 1087* Jan 1174 No,
11572
May16
10912
pref
100
Do
200
11212
*111
11234
*111
11212
*11112
11212
11158
*110 11312 *11112 11312
May
20
327
Feb
41
9
do
par
_No
Pasco
Cerro
Cop__
1,200
3612
36
37
3612 *36
*36
3712 36
*3612 37
*3612 37
8812 Apr .131 "June
85 May19 10434 Mar20
100
1,600 Chandler Motor Car
89
x89
92
91
90
8934 9012 8912 8912 90
91
91
3914 Nov
1932July
20 Feb 3 2758 Mar12
25
2214 11,300 Chile Copper
2238 22
2238 2212 2212 2278 2218 2212 2218 2238 22
74 Nov
46's July
7
Mar
4
633
3
Feb
481
5
6038 6178 x5758 5858 33,700 Chino Copper
5938 6018 5938 6138 5978 6012 6012 61
6314 Sept
3818 Apr
Feb 2 58 Juno 7
381
100
Colorado
Iron
&
Fuel
k
15,900
5412
52
5512
5412
4
543
8
537
5414
5314
56
5512 5614 5312
3014 Sept 5372 Dec
34's Feb 3 4772 Apr 4
100
4138 4112 4238 4134 4212 7,600 Columbia Gas &Elec
4114 41
4112 4112 4034 4112 41
4058 July 5232Jan
3834 Mayll 46 Jan 4
Computing-Tab-Recoru _ _100
4712
4712 *39
*39
49
*39
41
*39
18
13458Jan
Dec 14414 Jan
12934
May10
x10438
Y)__100
Consolidated
(N
Gas
1,500
10834
10812
10812
8
1083
108
108
Iiii." 10812 1012 is5isiiVii3 116
7514
Jan x111 Sept
9
June
102
Feb
8212
3
Can
100
Continental
99 10012 9834 9834 2,300
*98 102
*9612 102
*9612 105
96 102
100 10812 May31 11212Feb 7 106 Feb 114 Nov
Do pref
*110
*110
*110
*109 ____ *110 ____ *110
2934 Dec
1314 Aug
18 Feb 2 3434 May29
3318 3218 3278 3112 3212 50,800 Corn Products Refining_100
3234 3338 3134 3338 3138 3238 32
85 June 1134 Dee
9834 Apr 11 11238Jan 2
100
Do prof
10478 10478 10118 10478 10438 10438 104 10418 *10312 10414 10378 10414 1,500 Crucible
9912 Mar
5014 Dec
5012Feb 2 8338June 8
Steel
America_100
of
121,600
8138
79
8234
8038
8234
8034
8078
7834
8178
8014
8134 83
Do prof
100 104 May 9 11784 Jan 3 10814Jan 12472 Dec
10712 10712 *10712 108 *10212 108
10614 10614 *106 108
*107 108
3534 Feb 3 5514 Jan 4
765* 001
43 Dec
No par
4438 4512 4438 4638 445 4612 73,800 Cuba Cane Sugar
4478 4512 4478 4658 4478 458
9134 Dec 1004 Oot
8512 Feb 14 9412Jan 3
pref
100
Do
1,600
9034
29034
9212
9214
9214
92
92
4
*913
92
9178 9178 92
Sept
26972
16
152
Apr
205
Jan
14
Feb
159
100
Sugar....
Cuban-American
1,000
195
*185
196
193 195 *192
192 195 *192 197
194 197
9912May10 105 Mar 8 10082 Dee 110 June
100
Do pref
100
104 104 *100 110
*102 105 *102 105 *103 105 *103 105
5412 Apr
Jan 2
24 Dec
32
20
Apr
4
113
Distillers'
Securities
Corp_100
55,300
23
225
2414
2112
2234
2314
23
2134
2612
2212 2534 2314
294 Feb
18 Dee
934 June 9 2434 Jan 9
10
1012 2,200 Dome Mines, Ltd
1014 *10
10
10
1014 10
934 978
934 978 *10
100 1507s May 9 17134Jan 26 159 Apr 1874 Oet
1,800 General Electric
16212 16378 16334 16334 162 16212 162 16258 16238 16238 215818 160
135 Dee
Mar16
Dec
120
125
20
Apr
9814
General
Motors
100
ctfs
tern
79,700
11312
11014
11438
10914
111
107
10834
10612
108 112
10414 112
93 Dee
8812 Dee
85 Apr 24 93 Jan 4
100
Do pref tern ctfs
600
8812 8834 8812 8812
*8812 89
89
89
89
*87
*8712 89
80 Apr
494 Dec
4734 Apr 20 6114 Jan 19
100
5112 5234 5212 5212 6,100 Goodrich Co (13 F)
5134 5138 53
5334 5214 5312 51
53
11634 Mat
4
11012
Jan
Dee
112
June12
106
pref
100
Do
800
108
*106
108
*106
106
106
107
106
*10634 10818 *107 108
Nov
120
July
80
17
9238Jan
3
Feb
S
M
75%
Cons
100
P
&
2,080 Granby
86
8734 86
86
87
*83
85
8814 §85
*87
87
*85
34 June 564 N ov
40 Apr 23 47 Jan 26
800 Greene Cananca Copper .100
44.
44
4478 4478
45
4534 4514 4512 45
*45
Nov
193
3
Jan
May
71
137
Feb
States
3
991a
Steel
Gulf
tr
ctts.
1,400
_100
127
*123
128
127
iii- 1-2-i---- -- -- 125 12634 125 127
87 May 115 Nov
100 102 Feb 3 110 June13
Do 1st pref tr ctfs
100
---- -- -- *107 115
--- - ---- 110 110
---- ---- *10814 110
2
May 190 Nov
72
Feb
11712
10
Feb
117
2d
Do
tr
pref
100
ctts
185
*121
185
*119
7484 N oe
4232 Apr
48 Feb 1 6612 Junel 1
8 6458 6558 -88- -6'81-2 -65E8 -6-6.78" 1-0-1....... Inspiration Cons Copper _20
.158 653-4 6414 6612 -6:41-4 -613-8
2972 Jan
11 Aug
1314 Feb 5 2178 May22
100
1,100 Internat Agricul Corp19
19
20
*17
20
*18
19
1918 1918 1918 1918 19
74 Jan
May21
Dee
54
37
5
Feb
3514
pref
100
Do
600
4
503
5018
49
49
52
*49
4978 4978
50
5213 50
*50
100 Intern Harvester of N J-100 10712May 9 123 Jan 2 1084 Jan 12672 Nov
11414 11414 *113 115
*113 116
_ *111 115
1934 Feb 1 3678 Mar23 s1338 Feb •5072 Sept
lot Mercantile Marine__ _ _100
20,800
2814
2758
4
283
28
2918
2712
2
Flit
8
18:
2778
2918
- 183-4
-2'7'78
6258Feb 8 951 Mar24 v6114 Mar .12532 Sept
100
Do pref
8014 8258 7934 8114 8018 8312 8078 8234 8014 8158 74,600
83
81
3872 Dec 56% Jan
3712 Feb 3 4738 Mar21
4012 4112 18,400 Intern Nickel (The) v t c__25
4114 4112 4138 4218 4114 4134 4118 4158 4114 42
911 mar
754 Nov
33 Mar 2 495 Jan 4
100
International
Paper
1800
3
401
41
40
4314
41
4278
4134
4358 4178 4312
43
6
Juno
7712
- - -June14
75
----100
stamped
Do
pref
----------300
75
7612 7612 75
7612 7612 _______
_
85'g Sep.
56 Dec
48 May 5 64's Jan 4
25
500 Kelly-Springfield Tire
5 3-4
*50,2 534 50
54
*50
50
;&11-2 13 - 5012 5078 50
6414 Nov
40 Dec
40 Feb 1 5018 May26
No par
4714 35,900 Kennecott Copper..
4712 46
4738 47
4718 4838 4634 4714 47
4712 48
Nov
107
64
June13
May
0378
1
3
7018Feb
100
9878 69,500 Lackawanna Steel
102 10378 10212 10312 z97
9834 10134 10014 10212 10012 102
564 June
2518 Dec
1712 Feb 28 30 Jan 2
400 Lee Rubber & Tire___No par
*1812 19
19
*18
19
*18
19
1834 1818 1818 *18
18
Aug
23972
Jan
17914
19
19912
Jan
May21
100
232
Lorillard
100
Co
(P)
210
*187
210
*190 200 *190 205 205 205 *190 205 *190
91 Feb
78 Apr
8214 May10 8984 Feb 17
100
Mackay Companies
*8014 85
85
*82
85
*80
*8014 85
85
*80
85
*80
6834 June
Jan 15
6472 Dec
Mar14
64
671
prof
100
3
Do
100
65
*64
65
*64
65
*64
64
64
65
*64
65
*64
99 Serif
44 Dec
4312 Apr 20 6134Jan 17
5012 14,100 Maxwell Motor Inc tr ctfs_100
4812 4878 5012 49
4612 4812 48
4912 5212 24838 50
93 Jan
65 Dee
6312 Apr 18 741 Jan 18
Do 1st prof stk tr ctfs_100
500
67
*85
67
6712 *65
6518 *65
65
x6558 66
68
68
6072 June
Dee
32
20
Jan
40
20
Apr
2953
elk
pref
2d
ctfs_100
tr
Do
1,500
3178
4
313
32
*3118
32
*30
3118
3034
32
x32
34
33
1293
2 Jan
June
10
Jan
8832
1
Mar
8138
100
10612
Mexican
Petroleum
9914 99 10212 9934 10278 9712 10078 62,900
10018 10178 99 10134 98
8912 June 10532 Jan
90 May 3 9778 June 8
100
Do pref
*9578 9712 9612 9612 *937s 9712100
98
*96
*9578 98
*9578 98
4932Nov
33
30
Apr
Aug
4314
1
Feb
34
5
Copper
Miami
8,000
4114
41
4114
4118
4118
4118
4114
4118 4138 41
4034 41
54% MaY 9 6712June 7
41,600 Midvale Steel & Ordnance_50
6534 6612 6418 6614 6358 6412 6412 6534 6412 6512 6318 65
6814 Mar 11472 Dee
931:May10 40914Jan 25
100
______ Montana Power
_
99
*96
99
*96
99
*97
99
*97
*95 100
N oi
1135
um
8Junel3 1174 Mar28 109 Jan
pref
Do
225
11214
*108114
*112
1133 1133 11358 11358
*110 114 *110 114
118
Sept 131120ot
5
12212Jan
1
May
105
100
400 National Biscuit
__ _ _ 110 110
10912
----- ---- 10912____
110 110
*109 110
pref
100 112 May 5 427 Jan 5 124 June 1295* May
Do
_
__-11838
*11212
---*11212 120
364 Dec
1914 Apr
24 Feb 3 42% Juncl 1
100
4158 4012 4114 -56i2 -4-6;
-iL6 Nat Enam'g & Stameg
1 -2-6.
10i4 -413-8 -i6i8 -41-14 41
4138 4218 7
9012 Dee 100 Nov
9012 May 9 98 Jan 19
100
Do pref
99
*95
99
*95
99
*95
99
*95
99
*95
99
*95
7452 Sept
Mar23
57 Dee
6314
52
3
Feb
100
National
Lead
900
57
57
58
*57
57
57
57
57
5814
5712 5712 58
100 101 May 8 114 Jan 6 1114 Dee 11718 Ott
Do pref_
100
108 108 *108 112 *108 112 *108 112 *108 112
,*108 112
3412 Nov
15
Jan
2072 Feb 3 26%3111101i
5
2512 2578 z2412 2434 13,000 Nevada Consol Copper
" 2534 2614 2573 2638 2573 2578 2538 26
118 July 186 Nov
1,500 New York Air Brake \ Igs 1g7 1,11,34
15018 15212 *146 15112 146 146
15212 15312 *14634 155 *146 155
2 Dee
757
,,28.Naarrh
Apr
6512
North
American Co
26334 6334
68
*65
68
*65
73
*72
68
*65
68
*65
75 Oot 12414 Dee
87 Feb 3 14372 Apr 19
9,000 Ohio Cities Gas (The)____ 25
140 14034 13714 14014 137 13858 138 13914 13834 13914 13634 138
-19
Feb
54
Ohio
Fuel
100
Supply
49
49
4912
*48
4912
*48
50
50 .48
.49
1132 Jan
71 Feb 14
534 Nov
5
MeabY13
518 F
45
5
20
2,700 Ontario Silver Mining_ _10
6
618 *558 6
578 638
*512 6
*5313 6
3 i-2 --6-'
31 Aug
11$g Jan
June12
18
5
2978
3
Feb
Mail
Pacific
16,800
4
273
27
2812
2818
2914
28
2978
2778
2814
2634 2712 27
68% May29 30014Jan 18 10012 May 118 Oot
1,200 People's G L & C (Chic)-100
*7112 73
73
73
73
7438 7412 7212 7414 7114 7114 73
38 June 48 Dee
3234 May 9 42 Jan 4
33723 3378 1,000 Philadelphia Co (Pittsb)50
3412 3378 34
3412 *33
*3313 3412 *3312 3414 *33
2514 July 5814 Dec
35 Feb 1 5558 June15
Coal
Pittsburgh
dep_100
ctfs
71,475
53
8
555
8
523
5114
5238
5073 5034
4978 5058 4913 5038 49
10014
Aug 11514 Dec
Mar20
15
10718Jan
11818
Do pref ctfs deposit__100
700
11614 11678 11612 117
*113 117 *114 118 *113 117 *113 118
4215 July
8814 Nov
70 May 9 8314 Jan 26
Pressed
Car
Steel
no
7,600
77
7812
4
773
78
7912
7814
78
7718
78
7712
7812 79
July
97
108 Nov
31
Jan
101
7
Mar
z107
pref
Do
100
103
*101
103
*101
*102 103 *102 103 *101 103 *101 103
137
Sept
Jan
114
6
Jan
131
Public Serv Corp of N J-100 118 May22
*119 120 *119 120 *119 120 *119 120 *119 120 *117 120
100 139 May10 16712 Jan 26 15972 May 177 Sept
1,400 Pullman Company
14434 14434 14434 14434 14434 14434 145 14534 *14434 146
14434 145
Nov
6184
Apr
32
1
Junol
58
Feb
43
2
Steel
100
Railway
Spring
25434
5512
5638
4,900
5538 5678 5638 5678 5638
5512 5634 5638 58
9514 Mar 10314 Nov
967 May 9 101 Jan 22
100
Do pref
200
99
08
99 '
*98
99
*96
9878 9878 *9512 99
99
99
20 June 37 Nov
3
Apr
3214
1
Feb
23
Copper_10
Consolidated
Ray
40,780
8
2287
31
4
293
3
3012
4
3034 3012 303
3012 3114 30
3038 31
42 Jums 93 Nov
60 Feb 1 9412June 7
9312 58,100 Republic Iron dr Steel
100
9314 91
9218 9312 92
9134 9278 9078 9212 9012 92
101 Dec .17 No,
200
10512 10512 *1034 10414
105 105 *105 10534 *105 106
*105 106
8434 Sept
6372 Dee
Saxon
I
Motor
r
t
Car
Cor
39
S
1,200
36
40
*4112 43
*4112 4312 4134 4134 4112 4112 3938
100 16212 May15 23814Jan 22 16814 Ma 133 Nov
100 Sears, Roebuck & Co
173 173
*17312 177 *170 175 *17078 178 *173 175 *170 175
4014 Feb
22 Dec
2 2984 Mar 9
Feb
2218
10
Copper
Ariz
Shattuck
2,300
2612
2778
2712
8
277
2758
2718
28
2712 2712 2712 2773 .27
5058Nlay15 5934 Mar29
20,000 Sinclair 011 & Rerg___No par
5434 5438 5434 5438 56
5418 5412 54
5458 5514 5412 55
9314 Nov
July
37
Mar30
4272 Apr 21 7434
5912 6014 5,600 Sloss-Sheffield Steel & Iron 100
6218 6078 61
5914 6033 5834 594 60
June
6078 61
300 South Porto Rico Sugar__ 100 165 Feb 6 209 MaY31 146 Jan 240
205 207 *170 200
Jan
167
*195 205 *195 205 *200 215 *200 205
Dec
10012
17
Jan
8
June
4
...._100783
(The)
11013
Corp
Studebaker
8412 8114 8412 7934 8238 7958 8238 8112 8418 8112 8438 137,300
Mar
114
79
Sept
10814
20
10858Jan
997s May21
100
Do pref
100
101 101 *101 106 *101 104 *101 105
*101 105 •101 101
794 Sept
484 DO
41 June 6 5334Jan 26
par
Inc_No
Am
of
Motor
Stutz
200
13
43
4312 *41
*41
1912
41
41
Dee
Dee
1534
Mar19
1734
2
Feb
13
1
w
Chem
&
Copper
8 --1. 3i8 18-3-4 3,300 Tennessee
1634 1634 1163-4 Ii" -iiiis 17-11718 1678 17
17
100 199 May 9 243 Jan 10 17714 June 24112N ov
7,600 Texas Company (The)
216 21634 21712 2171 215 218
220 22114 x21612 21738 215 216
4814 Sept 5932 Dec
Juno14
61
3
4812Feb
100
Corp_..
Products
Tobacco
61,300
6033
8
587
61
593
5938 6018 5712 6018 5734 5834 5812 591
99 July 10912 Mar
93 May28 105 Mar12
100
Do pref
102
100
4714
9914 9914 *99 100 - ----- ----100
*98 100
*98 100
40 Feb 3 4812 June 6
500 Transue&WilliamsSteelNopar
*4534 47
*4534 46
4618 4618 4512 46
47
46
.
Mar12
Jan 110 Ott
10912
86
3
May
92
Underwood
Typewriter_100
700
9834
9612
*96
9638 9812
92
97
97
9612 9612 *95 100
414 May 184 Oct
10 May16 1514 Mar22
100
600 Union Bag & Paper
*1112 14
1238 1214 1214 *1234 14
12
11
11
12
*10
87',Oct 129 Nov
May17 112 Jan 22
4
743
&
Bag
Paper
Union
(new)_100
6,300
8
917
4
*913
95
9413
94
94
93
89
0018
84
85
.80
40% May 4 4938 Juno 2
No par
4734 4578 4612 4612 4712 4714 4714 4514 4512 2,500 United Alloy Steel
47
*4718 48
b9 Feb 10534 Aug
914 Feb 3 10712Junel4
100
10314 10612 10512 1071 11538 171 53200 United Cigar Stores
*9912 10018 100 10014 10018 103
June 8 12034 Mar14 8114 Feb 120 Aug
113
100
pref
Do
800
-------119
118
118
*113
*113 118 *112 118 *113 118
Jan 16912 June
1368
22
15438Jan
May
131'e
9
100
136 13712 1351, 13612 13558 13678 13512 351-2 2,800 United Fruit
139 13912 *134 139
2812 Nov
151* Jan
17 Feb 2 2418 Juno 2
100
400 US Cast I Pipe & Fdy
23
2312 2214 2212 *2112 2278 23
67r2 N oe
*2212 2312 *2214 2314 *22
484 Feb
29
Jan
63
54
9
May
100
pref
Do
300
54
54
56
56
5712
*55
58
*55
59
*55
Apr
1704
58
58
Dec
9412
June13
10012
Apr
17112
21
100
16614 17112 187 17012 16334 16834 110,600 US Industrial Alcohol
16614 17034 16014 16812 15912 166
99'i July 114 Jan
9712 Apr 28 108 June14
100
Do pref
200
106 106 *103 10612
*103 108 *103 108 *105 106 *105 106
7034 Dec
4734 Mar
3
Jan
65
9
Feb
50'4
100
United
Rubber
States
7,200
6014 6112
62
61
6234 6034 6178 6012 61
6212 6314 61
100 10413 May21 11434Jan 3 10612 Feb 11514 Dee
Do 1st preferred
*106 108 *106 108 *106 108 *10612 108 *10612 10712 *107' 10712
8112 N ov
57 Dec
5238May10 6734Jan 4
50
6014 6114 3,100 U S Smelting Ref & M
6034 8112 6114 6134 6158 62
*6112 6212 6158 62
50 June 534 June
4912 Apr 23 5214 Jan 3
50
Do pref
5138
5138 *50
5138 *50
5138 *50
*5012 5112 *5012 5138 *50
1 13658 May31 z7934 Mar 12934 Nov
Feb
99
100
United
States
Steel
1325600
13318
13258
13014
8
1345
13438
13218
13114
12918
13133 1325a 12958 132
May 123 Nov
100 11658May 9 12114Jan 19 115
Do pref
11738 11758 11712 11758 11712 11758 10,200
7454 July 130 Nov
11718 11738 11678 11738 11634 117
07 Feb 1 11834 May25
10
11512 11612 11538 11612 116 117 211012 11278 33,600 Utah Copper
11514 11612 11558 118
1614 June 2732 Dot
9 2434Jan 22
4May
173
100
c
t
v
Securities
Utah
1,700
20
20
2014
2014
2018
2014
20
20
1834 1914 1934 1934
36 Apr
51 Jan
3414 Feb 3 46 MaY31
100
2,600 Virginia-Carolina Chem
45
4378 4358 4414 45
4312 4378 43
44
44
45
45
100 10434May 8 11214Jan 26 108 Apr 1144 Dec
Do pref
*108 112 *109 112 *108 112 *108 112 *108 10812 *108 112
41 July 7214 Nov
Mar30
77
3
Feb
46
Telegraph_100
C
Iron
Virginia
C
&
500
6912
6912
6812
6812
68%
6812
69
69
*6712 70
70
*69
87 Mar 10511 Oct
9034 Mayll 9934 Jan 19
100
Union
es
*9334 9412 2,100 Western
9438 9334 9438 9334 94
9414 9414 94
9334 94
7132 Mar
5114 Dee
4514 May 9 56 May28
5234 5312 5212 5314 5158 5278 40,000 Westinghouse Elm & Mfg .50
54
79 Mar
5318 5414 5312 5434 53
70 Apr
4
Jan
May21
70's
6712
preferred
1st
50
Do
69
*68
69
*68
69
*68
69
*68
5932001
69
*68
Dot
45
18
5212Jan
9
May
434
50
4,600 White Motor
4634 4714 -ii- -ii- x4618 461
4734 4912 4614 47
4678 49
34 Dot s325 June
2432 May10 3812Jan 18
25
3114 72,7001 Willys-Overland (The)
2812 2914 2914 3058 30
2 12 291
30
29
30
28
117 June
Deo
94
Mar10
100
May19
9212
100
Do pref sub recta full pd
200
*9213 95
94
94
--- ---- 0212* 94
94
723394
58 Feb 1 8414 Mar30
7434 7214 7234 6,500 Wilson & Co,Inc, v t(3-100
72
7112 72
7212 7158 72
72
113
- .
14154 Oot
100 120 May10 151 Jan 22 118 Jan
400 Woolworth (F W)
128 128
12812 12812 *128 129
12758 12758 *128 130 *128 130
100 123 May 8 12618Jan 17 123 June 126 Nov
Do pref
*121 124 *122 123 *122 124 *123 125 *123 125 *122 124
25 July 3632 Sept
2313 Feb 9 35 Juno15
c_100
t
v
M
&
P
Worthington
35
700
35
34
3314
35
*32
33
8
327
*32 . 3334 3234 3234
95 July 100 Sept
91 Apr 16 9714 Juno'1
100
Do pref A v t c
65
98
*96
98
*94
98
*94
97
9714 9714 §97
98
*95
52 July 6612 Sent
50 May 9 59 June 7
100
Do pref B v t c
600
*5634 5814 588 5818 5812 5812 *5814 59
58
58
5734 58
per share. e CertUloates of deposit.
$100
Par
a
rights.
and
Ez-div.
a
Ex-rights.
a
Ex-rights.
I
shares.
100
than
Lees
sales
I
day.
this
on
no
• Bid and asked prices;
zEr-dlvidend.
p 188 gg LenbeiA 12178'.)'IaanY2
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
243
In Jan. 19;19 the Etchange method of quoting bonds was changed, and prices are now —"and interest"—except for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week ending Juno 15
Price
Friday
June 15
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending June 15
.$3
Price
Friday
June 15
Week's
Range or
Last Sale
01 613
Range
Since
Jan, 1
Bid
Ask Low
High No. Low High
High No. Low High
Chesapeake & Ohio (Con)—
Ask Low
Bid
U. S. Government.
8812 Sept'16
Greenbrier Ry lit gu g 4s_1940 M- N
s Liberty Loan (w 1)1947 J - D 9913so Sale 991360 1005ss 636 99485,10055o
US
-. 9034 May'17
9084 9934
11314 Feb '15
Warm Springs V 1st g 58_ _1941 M9534
U S 25 cousol registered _ _ _diU30 Q - J
10 -E9-78 -8214
Chic & Alton RR ref g 3s_ _ _1949 A -0
9934 9934
d1930 Q - J 95% -- 9934 Jan '17
S 2s consol coupon
49-7;;
5 15 5
1
1950 J - J -E9
978
49
Railway 1st lien 334s
5974 11 4514 5312
9912
99
kl918 Q - F 9834 -- 99 May'll
U S 35 registered
997 May
9978 101
9117
'
4
2
Chic B & Q Denver Div 4s 1922 F - A
9978 100
9858
98% 10178
k1918 Q - F 9834 ---- 9838
U S 3s coupon
82
8212 8134
103 June'17
1949 J - J
Illinois Div 353s
8134 10 8014 89
10434 110
1925 Q - F 104 U 4s registered
- 917 90 May'17
1949 J - J
10512 May'17
98
90
Illinois Div 48
10514 1111s
1925 Q- F 104 _
Us 4s coupon
102 10212
Iowa Div sinking fund 5s_1919 A - 0 151514 ____102 Apr '17
S Pan Canal 10-30-yr 2s_k1936 Q - F 9534 -- 0814 Oot '15
1919 A - 0 084 ____ 9814 June'17
Sinking fund 4s
- 97 July'15
9814 99%
9534
U S Pan Canal 10-30-yr 2s_ _1938 Q -N
Joint bonds. See Great North
00 115ili
U S Panama Canal 35 g
1961 Q -M 85 ---- 90 May'17
943 9614 9434
1 9434 99
100 Feb '15
9434
Nebraska Extension 4.8__ _1927 M-N
115 Philippine Island 48_1914-31 Q - F _-1927 111-N
Registered
- Foreign Government.
-5'61;
9
8
99
18
u
j
J
S
Me
lY
un
8
_
9478
947
5
6
1
:1
91%
Sale
1921
4
953
4s
Div
9812
Southwestern
64
1919 F - A
Amer Foreign Secur 58
e 8934
9718
9378 2448 9012 95
1958 M- S 9034 §al
9034 24 89
General 4s
Anglo-French 5-yr 58 Exter loan_ A -0 93% Sale 9338
514 3
32
3
1 May'17
31
8612 May'17
3012 33
90
Chic & E Ill ref & imp 4s g-1955 J - J
8612 93
Argentine—Internal Os of 1009.. M- S 80
iti 2713 3312
3112
95 Salo 05
US Mtg & Tr Co ctfs of dep.
9612 19 9412 96%
Bordeaux (City of) 3-yr 68_1919 M- N
ioo 105
10518 10712
6934 June'17
70
1934
1st consol gold 68
6934 7214
Chinese (Hukuang Ity)-55 of'11 J -D 68
87 Sale 10
7 1488
86
7.17
0812 May'17
8034 90
1937 M- N
97 100
General consol 1st 5s
Cuba—External debt 55 of 1904_ M- S 97% 9814
a0
87 S9
5
2 87
87
le 8
90
U S 11/Itg &'Fr Co ctfs of dep
9212 9658
Exter dt 5s of '14 ser A_ 1949 F - A 92% 931s 9208 June'17
Feb8
7
'
17
8514
8012
8612
Jan
90
85
8612
'17
_____
8612
dep
of
ctfs
A
Co
Tr
Guar
F
1919
External loan 4)s
50 ____ 9734 Feb '13
97% Sale 97%
97%
- - -Purch money 1st coal 58_ _1942
1 9012 100%
Dominion of Canada g 55-1921 A 28_ 32 Mar'17
9612 96
41
32
9614 57 9518 100
Chic & Ind C Ry 1st 5s__ _1936 1 A 0 96
26
93
,
1
do
Do
9512 Sale 9512
6812
6512 7312
9678 61 95 10014
Chicago Great West 1st 4s_ _1959 M- S 68 Sale 68
do
Do
— 115 1125* Mar'17
99 Sale 99
112% 11518
99;c4 487 99 101
Chic Ind & Loulsv—Ref 63_1947 J - J
French Repub 5s secured loan---10012 Apr '17
10012'10034
186
8634 8618
8612 10 81
Refunding gold 5s
1947 J - J
8834
Japanese Govt—.0loan 4 As_ 1925
8412 Apr '17
8412 8514
85
1925 J - J I 8118 Sale 84
Refunding 4s Series C
19 8018 88%
1917 J - J
rsecond series 43s
70 N ov'16
70
7912 Salo 7912
7912
82
Ind & Loulsv 1st gu 4S---1956 J - J
---2 78
Do do "German stamp"_
7513 Apr '17
80 __-- 9612 Jan '17
74
90
7312 7612
9612
Chic Ind & Sou 50-yr 4s_ _ _ _1956 J - J
1931
Sterling loan 4s
947
95
94
9738 Deo '16
92
1919 M- N
0612
Chic L S & East 1st 453s.....1909 J -D
97,2
3 95
Lyons (City of) 3-yr 6s
9812
95
9514 _
Chicago Milwaukee & St Paul—
17 9412 97
Marseilles(City of) 3-yr 6s_ _1919 M- N
2 8618 96
8618
861g Sale 8618
50 June'17
Gen'l gold 4s Series A_ _ _e1989 J - J
4012 50
Moxico—Exter loan .£ 5s of 1899 Q - J 48
258 Feb '16
00
36 May'17
39%
35
-- 1954 J - D ___- 38
Registered
e1989 Q- J
Gold debt 48 of 1904
I3,
5
'17
e0
,
90 -8
8 9138 Jun
7s
91
9378 57 92
9614
Permanent 4s
1925 J -D
97
Paris, City of, 5-year Os_ _ _ _1921 A -0 9312 Sale 93,2
-17 8914 9812
7912 79
79
9
Gen & ref Ser A 4 -is____a2014 A - 0
18 75% 79
Tokyo City—Os loan of 1912... _ _ M- S t 79
53
86
0812
Sale
4
/
979
Sale
85
9618
9734's
4
973 361 9574
8334
8612
Gen&ref453s(temporary form)
U K of Gt lint & I 2-yr 58_1918 M- S
24 98 10758
99 Sale 99
9658 Sale 9612
97
0873
Gen ref cony Ser B Os._ _a2014 1;A
205 95
3-year 5 temp notes_ _ _ _1919 M- N
95% Sale 9318
73
7312 8258
9512 191 9334 9812
Geri'l gold 353s Ser B... e1980
5-year 55i temp notes_ _ _1921 M- N
9938 209 98 10014
97 10514
General 453s Series C...e1989
Temporary notes 5Y1s_ _ _ _1918 -- -- 99%1 Sale 9918
99% Sale 9914
94%
May'17
4%
6
79
9
8
86
74 9
25-year debenture 4s
99% 559 9812 101,2
86
7
3
:ju
731
1934
_ _ _1919 _ _ _
Temporary notes 5
May'17ne9'917
8
iI-12 915* 91
9134 19 90 10234
Convertible 453s
1932
:These are prices on the basis of $5to.£
10014 _--- 10334 Jan '17
10334 10334
Chic & L Sup Div g 5s_ _ _1921
State and City Securities.
99 Sale 99
10612 10612
101- 10612 Jan '17
Chic & Mo Itiv Div Os_..1920
15 99 10412
NY City-4%s Corp stock.1000 M2 10014 10418
10014 IL15 . 101
101
99154
0
Chic & P W let g 5s
8 20 9878 10534
1964 M- S 99 Sale 9878
1921
4Us Corporate stock
9878 10 9878 106
CM & Puget Sd 1st gu 48_1949
-0 9878 Sale 9878
79,4 845* 9012 Apr '17
9012 9514
43 48 Corporate stock_ _ _ _1966 A -D
102 10212 102
103 10612 103 .May'17
10318 22 102 111
Dubuque Div 1st s f Os_ _ _1920
103 105
1965 J
43s Corporate stock
102 Sale 102
106 ____ 110 June'13
Fargo & Sou assum g Os_ _1924
10278 19 102 11084
4s Corporate stock_ _ _1963 M10018 _
La Crosse & D 1st Os
1653-8 10114
1005* May'17
1959 M-N ---- 973 9912 May'17
9918 10218
1919
4% Corporate stock
10014 10412 10238 May'17
Wis & Minn Div g 5s
9938 May'17
99 1021s
102 10438
1958 M- N ---- 97
4% Corporate stock
1921
10212
Wls Valley Div 1st 65..._.1920
107 Dee '16
1957 M-N ---- 967 9834 June'17
9834 10214
4% Corporate stock
9712
1 9712 10113
9712 Sale 9712
Milw & No 1st ext 4 As_1934
1956 M-N ---- 97'i 9714 Jan '16
4% Corporate stock
96 _ _ _ 10
Jaeno :1
%D
212
97
0
17
102
Coils extended 4 Yis_ _1934
1 102 llO7s
1957 M- N 102 10334 102
New 4)0
9038 96
2 -601-2 -9119012
4
9012
Chic & Nor West Ex 48 1886-1926
1917 M- N 100 10018 100 May'17
100 100
New 4As..
10212 51 102 11012
9713 97,2
Registered
1886-1926 F - A 90% _
4% Corporate stock__ _1957 M-N 102 10334 102
78
7878 78 JUIle 17
86%
82
78
9112 9112 May'17
9112
General gold 333s
88
1987 M- N
3yi% Corporate stock__ _1954 M -N
Oct '16
- 10214 103 May'17
Registered
p1987 Q- F
1961 M- S
103 105
N Y Stat-18
8731 Sale 87
11341
8734 981s
9978 102 103 May'17
General 48
1987 M- N
103 10612
Canal Improvement 4s
1961 J - J
963, 8012 .May'17
9012 9512
Stamped 45
1962 J - J 102 10218 102 June'17
1987 M- N
Canal Improvement 4s
102 10212
_ - 1105* 11714 Jan '17
9978 ____ 10212 June'17
116 118
General Os stamped
1987 M- N
10212 1084
Canal Improvement 4s__ _1960 J - J
11312 112 May'17
111 111
Sinking fund Os
1879-1929 A - 0 105 ____ 111 Jan '17
Canal Improvement 4%8_1964 J - J
112 11718
-- 110 10934 Sept'16
10012 Apr '16
Registered
1879-1929 A - 0
Canal Improvement 448_1965 J - J
102'4 104
l0'4
104 lOgr2
Sinking fund 5s
1879-1929 A Highway Improv't 43,68_1903 M- S __-- 112% 113 Apr '17
113 1171
10
11004312 Apr 16
1081
4 Mar'17
/
Registered
1879-1929 A -0 101
4 110
/
1081
Highway Improv't 43s_ _1965 M- 8
85 Aug '16
038
0014 June'17
10014 lois;
Debenture Os
1921 A -0
Virginia funded debt 2-3s.-1091 ---- 100% 10212 Oct '16
5014 41 -E6- -tiffs
Registered
1921 A -- 45 -E5- 5c04
6s deferred Brown Bros ctfs__ 11537-8
jai"
Sinking fund deb 55
1933 M-N ---- 10412 102 Apr '17
Railroad.
6212 6212 June'17
10414 June'16
7312
-- M995 Q - J 61
Registered
61
1933 M-N
Ann Arbor ist g 48
90 Sale 8918
8914 ____ 10112 Oct '16
9014 103 8912 07
Des PlainesVal 1st gu 453s1947 MAtch Top & SF0 gen g 4s_..1995 A -0
8912 92 Apr '17
8 11312 1I81
11312
199a A -0
Frem Elk & Mo V 1st 6s_ _1933 A - 0 113 -___ 11312
Registered
91% 93
8012 8214 8114
8114
88 Jan '17
h1995 Nov
88
7618 87
88
man G 11 & N W 1st 3,4E1_1941 j - J
Adjustment gold 4s
4 881 1
1
80/
8512 N ov'16
1;1995 Nov
milw & S L let gu
Registered
.1941 J - J
82
Sale
11535
51995 M-N
10418 May'17 -- 103171 1671-4
Mil L S & West 1st g 65...1921 M Stamped
-89
81
82
112
10
1955 J -D 10112 10212 10
134
82
2 99 10612
..ony gold 4s
Ext & imps f gold .5s_..1929 F - A 10434 ____ 1044 Apr '17 --- 10412 10454
102
22 99 107
Dony 48 issue of 1910.-- _1960 J -D 10112 10212 101 12
Ashland Div 1st g Os... _1925 M- S 10658 ____ 11178 Deo '15 -10014 May'17
Mich Div let gold 68_1924 - J 10534 ___ 11112 N ov'16
10-year bs
100%
10018
4 96
/
941
9412 June'17
87 May'17 -- 84 - 9434
M
871 80
7j
18
92
East Okla Div 1st g 4s_ _ _110
99
Mil Spar & N W Ist gu 48_1947 M9412
86
851
97 103 10314 May'17
4 Apr '17
/
10314 10838
St L Peo & N W 1st gu 58_1948 J - J
Rocky Mtn Div 1st 4s__.1965 J - J
86
8512
8412 87
89 Apr '17
100
9978 10078
Chicago Rock Isl & Poe Os_ _1917 - j 100 101 100
Trans Con Short L 1st 48_1958 J - J
4
933
89
---9312 May'17
9 18,8
-„
00
078 18
038 Apr '17
00
10038 100%
Cal-Ariz 1st & ref 4 As"A"1962 M- S 10018 93
Registered
1917 J - J -7
91 100
5
S
1043
4
M104
16
Feb '17
90
80
SF° Pros & Ph 1st g 5s...1942
Railway general gold 45_..1988 J - J
104%
104
8734 88
88
r9177
4
8512 8534
8818
13 8712 0638
Registered
At! Coast L 1st gold 4s..._51952 M1988 J - J ---- 90% 87 M a8
8778 8712 May'17
7214 45 69
715* Sale 7114
1964
7818
Gen unified 45s
Refunding gold 4s
1934 A 8713 9512
101
103
106 Mar'17
_ 70
78 May'17
78
20-year debenture 58
Ala /111,1 1st gu gold 5s
1928 M
1932 J - J 80,4 82
106 10712
90
8914 mar17
May'17
98
9812
98
9878
98
M
-N
Bruns & W 1st gu gold 43_1938 J - J 86
Coll
Series
trust
4s
P
1918
8914 9334
1235 ___ 12978 Aug '15
7412
73
67 June'17 -- 65
Charles & Say 1st gold 78_1936 J - J
It I Ark & Louis Ist 4As_ _1934 M- S 65
_82
81
9612 103 100
2 9912 102%
-0T 80
100
81
01952 M-/%
3 81
L & N coil gold 4s
Burl C K & N-1st g 5s..1934 A 89
11018 118 1181
4
/
997
9614
9712
8
9712
A
1
_1934
9712
9712
May'17
6s_
A
gold
0
Say F & W 1st
CRIF&NW lstgu 55_1921
11812 11812
10158
105 July 15
1934
Choc Okla & G gen g 5s_ _o1919 J - J 97 ---_ 9934 Oct '16 ---1st gold 5s
988 __ _ 993 Dee '16
9718 July'15 —_
1952 111-N ---Consol gold Os
Sil Sp Oca G gu g 4s_ _ _ _1918 J ci
9014 Sale 90
59
55 June'17
903
62
55
41
B
Kook & Des Moines 1st 53.1923 A -0 55
alt & Ohio prior 3)48
90
9014 92 Apr '17
60
6334 June'17
522255 :
70
6334 75
F -A
List
Sh
C
K
4;0'41
Paul&
St
Registered
s
316
9
-9-5
2
9
-66.
86 Sale 8312
11412
0
11212
A
86
11212
51948
June'17
-1183
11213
4
J
-D
14
4s
gold
&
M
I'
Chic St
0 cons 138_1930
94%
let 50-year
85
____ 9218 923 Mar'17
9118
51948 Q 9214
Cons Os reduced to 330_ _1930 .1 -D 8818 ____ 91 Apr '17 -- 91
Registered
91
8912 Sale 89
8912 29 8838 971s
9712 103
1933
M- S 9612 9713 98 June'17
5s
Debenture
1930
20-yr cony 43e
9613 Sale 96
97
111 11814
51 96 10112
Cl St P & Minn let g 68_1918 111-N 111 11412 111 May'17
Refund & gen Os Series A..1995
9
1122
Pitts June 1st gold Os_ _ _ _1922 J - J 10012
North Wisconsin 1st 68_..1930 .1 - J 111 ____ 118 Nov'16 -- - - -8778
T
Mar'17
-an
1013
8
May'17
7
jail; 104
10114
10214
PJunc & M Div 1st g 3 As 1925 M- N 8514 ___A
&
P
St
City
6s___
g
Ist
_1919
39412
8818
7914 Sale r!4
7914
97 ____ 10512 Noy'16
P LE&W Va Sys ref 4s_ _1941 M- N
Superior Short L 1st 5813_01930 M7914 90
8634
82 Jan '17 __ 82
82
Southw Div 1st gold 330_1925 J - J __-- 8714 8614
J -D --_- 80
T
Chic
So-East
&
II
1st
_1960
Os_
- 106 108
Cent Ohio R 1st c g 433s 1930 M- S 9514 98 100 Apr '17
Chic & West Ind gen g Os_ _31932 -M 106 107 106 June'17
04014
614 19
80
10
707
77
70
J - J _7_0:! Sale 707g
CI Lor & W con 1st g 5s_ _ _1933 A -0 9912 ____ 10634 Oct '16
1952
4s
-year
50
Consol
9934 ____ 10114 Nov'10
90 May'17
90
9634
Monon River 1st gu g 5s_ _1919 F - A
_
Chi II & D 2d gold 4%s_._ _ _1937 J - J
Ohio River RR 1st g Os_ _.1936 J -1) 105 -.-- 10712 Feb '17
1959 - J
1st & refunding 4s
1072
1073
97
8
1037
10712 Nov'16
1937 A -0
/11-a-y7ii
General gold Os
-io - 90
48
1959 I - J
guaranteed
1st
107 Feb '17
Pitts Cloy & Tol let g 6s_ _1922 A -0 10014 ____
Cin D & I 1st gu g Os....1941 M-N 27 ____ 25 July'15 ---107 107
9912
1917J - J 9912 -.-. 0938
88 Mar'll
Pitts & West 1st g 4s
8 9912 9912
C Find & Ft NV 1st gu 4s g.1923 M- N ---1937 M- s 10012 10358 10512 May'17
65 July'14 ---Buffalo R & P gen g Os
Cin I & W 1st gu g 4s. _ _ _1953 J - J
10512
11112
9912 10134 Mar'17
1957 M-N
-_-96 Jan
-55- -56 J
Consol 4535
J
Day & Mich 1st cons 4;48.1931
10184 10212
1998 A -0 85 ____ 97 Nov'16
7018 8112
7534 71 May'17
70
J -D
All & West 1st g 45 gu
4s_1993
gen
L
St
&
Cli
Cin
Cloy
____
10012
10318 Feb '16
8412 847 8512 Apr '17 ---- 8512 87
J
J
Clear & Mali 1st gu g Os_ _1943 J - J 103
1931
deb
-year
20
4538
--- - ____ 10614 Dee '10
9814 101 Feb '17 ---- 10014 101
Roch & Pitts 1st gold 6s_ _1921 F - A
1993 J -D --General Os Series B
10712
1047
s
1093
757
4
Jan
'17
8 8114 8378 Mar'17
83% 87
Consol let g 6s
Cairo Div let gold 4s_ _ _ _1939 J - J
10154 1.063-1
O 993 9912 9934
A:D
9934
1922 .1
81
79 Feb '17 _
79
1 99 10513
Canada Sou cons gu A 5s_..1962
Cin W & M Div 1st g 43..1991 J - J 6514 70
847 85 May'17
74
8014 Apr '17
80
8018 8338
Car Clinch & Ohio 1st 30-yr 5s'38 J -D 8212
St L Div 1st coil tr g 4s_ _1990 M- N
92
85
10512
10818
A
F
May'17
7312 7312
M- S 7418 ____ 7312 June'17
Central of Ga 1st gold 58_ _ p1945
_1940
_
4s_
g
1st
Div
Col
110
&
Spr
10818
9718 Salo 97
9718
7112 ____ 84 N oy*16 -- - 3 96 103
Consol gold Os
W W Val Div 1st g 4s___ _1940 J - J
78
8712 8412 May'16
N
.- 13
1-11J
45
Chatt Div pur money g 45 195
C I St L & C consol 6s_ __ _1920 M-N 10012 105 105 June'16 -- - - ---1 84
8514
8514
85,4
F 8614 88
Mac & Nor Div 1st g 5s_ _1946 J - J 100 _-__ 103 Mar'17
103
4s
k1936
gold
103
Qlit
1947 - J ___- 1013 978 Ju11e'17
Mid GaAtl Div bs
k1936 Q- F 834 ____ 8812 May'15
Registered
97% 9753
97 ____ 10412 Apr '17
Mobile Div 1st g bs
CinS & CI cons let g 5s_ _1923 J - J 97 ____ 10238 Jan '17 ---- 1623; i0238
10438 10412
_ 95
9412 Apr '17
11434 11618
Con Rlt & 11 of Ga col g 5s-11993407 Mi
J - J *109% ___ 11434 1Iar'17
9412 971,
6s__1934
g
cons
gen
CCC&I
156 11113 109 June'li
-- 94 JulY'08 --.Cent of N J gen'l gold Os _ _ _ _1987 J 109 12012
Ind B dcW 1st pref 4s____1940 A -0 79 109
90
Registered
51987 Q - J 109 1093.1 109
Os.._d1938 Q
109
prof
1st
W
&
Ind
118
0
963s 102 102 Apr '17
5714
75
Sale
"E8r2
5812
-E812
Am Dock & Imp gu 58_ _ _1921 J A
48_1940
cons
102
let
East
&
Peoria
10414
19
3014
1812 20 20 June'17
Leh & IIud Riv gen gu g 58_'20 J - J 98 10112 100 June'13
1990 Apr
_
Income 4s
-_
1004 Jan '13
2 9512 10284
97
97
9612 99
NY & Long Br gong 4s_ _ 1941 M- S
Short L 1st gu 4)4s_ _ _1961 A Cleve
78 Feb '17
.0
7112
7
542 0
5
214 17%
7113 May'17
3 0
Cent Vermont 1st gu g 45_ _e1920 Q - F ____ 8
78
7931
Col Midland 1st gold 48_ _1947 J - J
933 9678 Mar'17
2
May'17
1134
Chesa &0 fund & impt Os_ _ 1929 J - J
94% 94%
Trust Co certifs of deposit_ _ _ _
0
87
4 Sale 11042%
96
8718 --1 87
.11.;
103
8812 8718
1st consol gold 58
1939 M-N 1.02310012 10812
Colorado & Sou 1st g 45..__ _1929
Jan
79,2 80
7912 8734
80 June'17
Registered
1939 M-N
1935
10412 10412
Refund & Ext 453e
e-l
8913
8
-a
4 ma8
10012 10518
-84i4.13
e5117
2
10012
General gold 43.3ts
1992 M1921 -D 10012 102 10012
8414 94
Ft W& Den C let g 6s
- _
- - --84
Registered
1992 I11- S
804 92
Conn & Pas Rivs lit g 4s_ _ _1943 A 7918 79
-79
20-year convertible 4)-4s_ _1930 F - A
7914
781
4 8613
/
Cuba RR let 50-year Os g.1952 J - J ---- 55 -64 - Fe;-ii
8912
30-year cony secured bs_ _1946 A -0 8834 Sale 8814
84
9434
Del Lack & Western—
2 8312 8814
84 Ain '17
84
82
84
7712 84
Big Sandy 1st 4s
1944 J -D 76
84
87
Morris & Ess let gu 3535_2000 J -D
612
75
0.4 F
8512
0
10412 10714
Neo
bv:1
6
10
Coal River RY let gu 48-1945 J -D 9
--- - _
NY Lack & W let 6s_ __ _1921 J - J 105 10714 105 June'17
100 102%
Craig Valley let g Os
- 100 May'17
1923 F - A
9914
1940 J - J
-- Construction 5s
May'17
8434
9612 9912
7638
'13
9612
Jan
7012
9312
97
M-N
Potts Creek Br 1st 4s_
1940 J - J
Term & Improve 4s_ _ _ _1923
8414 8158 May'17
84 -___ 10214 Feb '03
R dr A Div 1st eon g 4s_ _ _1089 - J 75
-811; "iit;
Warren let ref gu g 353s. _2000 F - A
701, 77
73 May'17
2d consol gold 40
1989 J - J
8114
73
• No price Friday: latest this week. a Due Jan a Due April. s Due May 0 Due June. h Due July. k Due Aug. o Due Oct. p Due Nov. q Due Dec. 8 Option sale
New York Bond Record
2436
BONDS
N. Y. STOCK EXCHANGE
Week ending Juno 15
i]
E
•-.4
.
Price
Friday
June 15
Range
1
.
Week's
Since
,
Range or
Last Sale' Jan. 1
woL. 104.
Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week ending June 15
Range
1/
JunePriceFr
ll/5
99581,,,3W4
Rangej
e
aSale
na ..e1
Dee'os
18
1
_..
./
:_...1___ i..6_.
Jan.
iJ
t
ri 6
61314
.
,,
,
,,Qmanam..0.,noo.,,
,
,
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...0000,,,D,,,,.....m Q,o-,,
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ozapz-,00-,z.z.m0000z.,,,oz-,z,
.
,,,zooz,,m.,,,,
..;ti,:,44:4i4i..::4:x4;,:,444,:,44.i,,4,:,..J..',,,,.4,=,,,,,,«Ei.,,,..,,,,...,i,444.444ii
i.'„i.:44.:,:,4:=0..i,:tiisni.
1
High No, Low High
Ask Low
Bid
100 10012 101 Aor '17 ---- 101 10112
Del& Hud 1st Pa Div 7s __1917
8 Mar'17 ---, 10118 10118
1917
Registered
93
3 9712 10114
9712
9712 98
1922.
1st lien equip g 4As
9912
11 88
93
91 Sale 91
1943
1st & ref 4s
2 9512 107
98
97,
4 97%
97
1935
20-year cony 5s
891
82
82 June'17 ---- 8I
• 79
Alb & Susq cony 3)4s.. _ _1940
10678 __ __ 11278 Dee '16 ------------_
s 1921
Renss &Saratoga 1st 77112 13, 7014 86
7212 7118
71
Deny & R Gr 1st cons g 4s_1936
8412 83 May'17 ---- 83 91
1936
gold
4s
Consol
82 May'17 --,, 82 90
80
82
Improvement gold 55___ _1928
68
20 55
60
5812
58,
4 60
1955
1st & refunding 5s
87 Nov'16 ---- -__- _ __.
--_- 95
Rlo Gr June 1st gu g 5s_ 1939 •
6114 Apr '11 ---- -___ _ __
____ 38
Rio Gr Sou 1st gold 4s..1940 .
- -------3512 June'16
Guaranteed
1940 •
8434
7012 12 68
69 Sale 69
Rio Gr West 1st gold 4E4_1939 •
7412
1 59
60
60 66
60
Mtge 88 coil trust 4s A._1949
1 981
Des Moines Un Ry 1st g 55_1917--_- -- 9312 Mar'17 ---_
___
2 82 Dee '16 -------------- 821Det & Mack—lst lien g 4s_ _1995
____ 81
7512 Julr16 ---- - - - Gold 48
1995
5 if ii
88
_-_- 83 88
Det Rh,Tun—Ter Tun 45-is 1961 1
10112 106 10518 Feb '17 ---- 10414 10518
Dul Missabe Jr Nor gen 5s 1941
4 Apr '17 ---- 10012 101
100 101 100,
Dul & IronRange 1st 5s
1937
100 10612 Mar'03 --- ____ _- _ _
Registered
1937
91
94 Jan '17 ---- 94
____ 94
Dul Sou Shore & Atl g 5s_ _ _1937
Elgin Joliet & East 1st g 53_1941
----10212 104 Jan '17 -- -- 104 104
10518 10812 10518 May'17 ---- 10478 10912
Erie 1st consol gold 75
1920
9534 9812 9812 Mar'17 ---- 9812 9912
N Y &Erie 1st ext g 4s_ _1947
- - - - ... - 99 10018 10114 June'16 .2d ext gold 5s
1919
1 9758 10012
9712
9712 Sale 9712
3d ext gold 43-6s
1923
9858 9978 10138 Apr '17 ---- 101, 1021
4th ext gold .39
1920
83 -___ 9434 Nov'15 -----------5th ext gold 4s
1923
10312 10958 10712 Dee '10 -- -- ___- -.- N Y L E & W lstgfd 78_1920
80 80 June'17 -- - 7918 8714
76
Erie 1st cons g 4s prior_ _1996
_ _ 81 Dee '10 -- -_
Registered
1996
Z2 66 iii2
62
ii1-58 ji 6112
1st consol gen lien g 4s_1996
___ 73
73 June'16 ---- _--- ----Registered
1996
5 8812 90
8812
8812 8918 8812
Penn coll trust gold 4s_ _1951
7 5412 6814
55
_-__ 56
5412
50-year cony 48 Series A 1953
28 5412 687
55
5414 Sale 5414
do
Series B
1953
68
23 66
81
6712 6812 68
Gen cony 4s Series D._.A952
2 10018 109
10018
9858 10212 1001s
Chic & Erie 1st gold 58.._ _1932
------10618
'17
--,
10078
Jan
1067
8
Clev dr Mahon Vail g 58_ _1938
10412 12 104 109
103 105 104
Erie dr Jersey 1st s f 6s...._1955
1 104 10712
103
103 Sale 103
Genessee River 1st s f 6s_ _1957
_
_
- 12234 Oct '16 --112,
8
Long Dock consol g 6&.,.1935
100
i i6O mo
*100 1151 100
Coal & RR 1st cur gu 68_1922
10212 103 10614 Jan '17 --.- 10614 10014
Dock & Impt 1st ext Is._1943
- 10218 Mar'17 ---- 101 10212
96
N Y & Green L gu g Is 1946
_--- 92 10012 Jan '17 -- -- 10012 10012
N Y Susq & W 1st ref 58_1937
-- 10014 Dee '06 ---- ___. - - - _
.__
2d gold 430
1937
____ 69
74 Nov'17 .--- ---- -General gold 5s
1940
-------- 108 Jan '17 --- 10618 108
1943
Terminal 1st gold 5s
____ 105 108 Jan '17 •-.. 107 108
Mid of NJ 1st ext 5s_ _ _1910
81
67 June'17 ---- 67
70
67
Wilk & East 1st gu g 5-s_ _1912
____ .-- 2812 Jan '17 .- .- 2812 2812
Ev er Ind 1st cons gu g 6s_ _ _1926
100 1007g 10012 June'17 ---- 100 102
Evansv & T H 1st cons 65._1921
8518 Sale 8518
8518
5 -------1st general gold 5s
1942
___ ___- 108 Nov 11 -- ___—___
Mt Vernon 1st gold 6s.,..,1923
*.-____ 90
95 June'12 ---- ____ -- - _
Sull Co Branch 1st g 5s---1930
96
90
9112 90 May'17 ---- 90
Florida E Coast 1st 43.0_ _ _1959
____ .___ 92 Aug '10 --.- ____ --- Fort St U D Co 1st g 43,0_1941
Ft Worth & Rio Gr 1st g 48_1928
---- ---- 6914 Feb '17 .--- 6914 691 1
-„87
8512 June'16 -,„
Galv Hous & Hen 1st 5s_ _ 1'533
9058 Sale 9538
9618 281 ___9538 97
Great Nor C B & Q con 4s 1921
9514 Sale 9514
9534 28 9514 99
Registered
51921
5 93 10134
94 Sale 94
9412
1st & ref 4.(s Series A_ _ _1961
-------96 June'16 ----- • - - - - - Registered
1961
99
95 May'17 — •- 93
95
91
St Paul M & Man 45
1933
11112 115 115 Apr '17 ---- 115 121
1st consol gold fis
1933
____ 114 118 Apr '17 -..-- 118 118
Registered
1933
9912 May'17 ---- 99 10Th
9614 100
Reduced to gold 4yis.1933
_ 99 10212 May'16 -- - - - Registered
1933
92
i if oils
-91 Sale 91
Mont ext 1st gold 4s__ _1937
____ 9858 9512 Mar'lb — ___— .....
Registered
1937
___ -_ ._
Nov'15
------8512
--Pacific ext guar 4s £._..,1940
87 ____ 9212 Apr '17 ---- 9212 98
E Minn Nor Div 1st g 413_1948
104 ---- 10858 Jan '17 - -- 10858 1083$
Minn Union 1st g 6s
1922
113 ____ 12312 Feb '17 -- 12312 12471
Mont C let gu g 6s
1937
____ .— 13614 May'OtS ---- _
— -.
Registered
1937
10112 -___ 101% May'17 ---- 1047
...-s 11511
1st guar gold 5s
1937
_ _ _.
102 - _ - - 10914 Aug '16 -Will & SF 1st gold 58. _1938
7912 0911 Dee '16 ----70
Green Bay & W deb ctfs "A"---fit;a
1114 l 'if
1014 1114 11
Debenture ctfs"B"
861;
80
___ 8212 80
1 80
Gulf & S I 1st ref & t g 5s_ _51952
83
7 82 933,
84
80
8112
Hocking Val 1st cons g 430_1999
--__ _-_- 9734 Jan 14 ---. _ _ _. - - - .
Registered
1999
---- 8712 88 Feb '17 ...- 88 881s
Col & H V 1st ext g 4s......1948
75 ___ 88 Nov'16 — . ___ ._-.
Col & Tol 1st ext 4s
1955
9018 Apr '17 ---. 90
9011
____ 95
Houston Belt & Term 1st 58_1937
s Feb '17 .-- 9858 993,
9612 98,
96
Illinois Central 1st gold 4s 1951
92 Aug '15 --- ._ _ ...
*.__ 93
Registered
1951
851 851;
8512 Mar'17
_-_- 90
1st gold 33-is
1951
__.
--____ .--- 83 Nov'15 --------Registered
1951
80 --- 8512 Dee '16 ---- ._ _ __,
Extended 1st gold 3Yis_ _1951
-- ....._ -__.
__
Registered
1951
-------------- — --- 80 July'09 .- . ..--..
1st gold 3s sterling
1951
-____ - - ...... _.
--__ —
Registered
1951
92
___ 9058 8518 May'17 ---- 85
Collateral trust gold 4s.,,,1952
__.
'12 _-__ ..
9514
Sep
--__
.
-Registered
1952
95
8612 8712 87 June'17 ---- 85
1st refunding 48
1955
8558 Jan '17 ---- 8558 855;
____ 83
Purchased lines 31-is
1952
897,
82
---8212
June'17
84
8212
L N 0 & Texas gold 4s_ ,1953
84 84 May'14 ---- — ---.
Registered.
1953
943,
84 ..--- 89 Apr '17 ---- 89
Cairo Brldge gold 4s
1950
6118 ____ 74 Feb '14 ---- —.... — Litchfield Div 1st gold 38_1951
____ 7858 7613 May'17 ---- 7618 83
Loulsv Div & Term g 30.1953
_
____ 83 Aug'12 ---- _
._
Registered
1953
15(i18 --__ 102 June'16 --.- _ __ .....
Middle Div reg 5s
1921
61 --- - 7212 Jan '17 --- 7212 721
Omaha Div 1st gold 3s_ 1951
71
62
6912 71 Mar'17 ---, 71
St Louis Div & Term R 3s_1951
84 Apr '17 ----' 83 861
82
75
Gold 33is
1951
80 June'16 ---- _ _ — _
Registered
1951
80 ---- 8058 Nov10 ---- .. . Spring' Div 1st g 3548... _1951
8458 May'17 ---- 8458 845
85
80
Western lines 1st g 4s.._ _1951
___ --- 92 Nov'10 -_-- _.. --Registered
1951
Bellev & Car 1st 68
1923
---- 10734 11712 May'll) __-- .. _ ..
86 -___ 90 Jan '17 --- 96 90
Carb & Shaw 1st gold 4s._1932
9978 ____ 10758 Oct '16 ---- - . --Chic St L & N 0 gold 5s_ _ 1951
Feb •11 ---. ___-Registered
1951
72 _-__ 90 Oat '09 ---- ___ _ _
Gold 33-is
1951
-Registered
1951
1 97 1021
9733
9758
____ 98
Joint 1st ref 53 Series A.1963
88
____ 90
88 Apr '17 ---- 88
Meroph Div 1st g 4s.... _1951
Registered
1951
81
1 81
81
951
90
81
St Louis Sou 1st gu g 4s_ _1931
941,
_ 89 Apr '17 ---- 89
8358
End Ill & Iowa 1st g 45
1950
5 9418 100
96
96
97
9414 __Int dr Great Nor 1st g Os. _._1919
1 8212 93
8212
8112 8212
James Frank & Clear 1st 48.1959
2 6058 '711
6058
6058
___6078 64
Kansas City Sou 1st gold 38_1950
63 Oet '00 —_.
---•
Registered
1950
91
85
June'17
---8618
8718
8638
Ref & impt 5s
Apr 1950
8312
1 8318 901
8318 8312 8312
Kansas City Term 1st 4s._ _1960
4 101
99 Apr '17 ---- 98,
Lake Erie & West 1st g 58_1937---- 98
___ 8212 8058 Feb '17 .- -- 8058 83
2d gold 5s
1941
___ 10018 8978 Marl/.— 8978 90
North Ohio 1st guar S543. _1945
957- 9812 97 May'17 -- 97 102
Leh Val N Y 1st gu g 4343_ _1940
--------10114 Jan '17 ___ 10114 1011
1910
Registered
911
84
84
86
1 84
84
Lehigh Val (Pa) cons g 4s.2003
2 98 102
94
967s 967s
9678
neoproi enng 444g
2003
• No price Friday: latest bid and asked this week
High No.
Ask Low
1' 114 Feb '17 .----- ----113 Mar'17 ---98 103 10312 Apr '17 --it
-------105 Oct '13 ...
88,
4 ---8514 8612 87 Apr 17 ---
Bid
Leh V Term Ry 1st gu g 58_1941 A -0
Registered
1911 A-0
Leh Val Coal Co 1st gu g 5s_1933 J - J
Registered
1933 J - J
1933 J - J
1st int reduced to 4s
Leh 88 N Y 1st guar g 4s_ _1045 M- S
Registered
J
M- S
Long Isid 151 cons gold 58_4119
93
41
5Q
1st consol gold 48
h1931 Q - J
General gold 4s
1938 J -D
1922 M- 5
Ferry gold 43-is
1932 J -D
Gold 48
1949 M- S
Unified gold 4s
Debenture gold Is
1934 J -D
rgriesftu
erned
dIng gold 4s_ _ _1949 M- S
GuRae
ifii— jig90 .—
---- 8514
0
-------__
__ 89
--_- 9812
8'7
85'
Low High
11312 114
113 113
10312 10612
.... ....:
:..._ ....
87
90
i-E41-4 Apr
---- 1(14
.
-14 lElfi ._
9414 June'16 ------- ..tis. _ii.6
8514 Feb '17
9914 Oct '00 -- --8-5-1-2 -86
89 May'17
9578 Feb '17 -.------ 9578 9813
85
83
1 85
9018
S -66- loll; 10314 Apr '17 ---A -- O
45
9M
NYB&MBIstcong5s_119
93
03
a 19
04312
N Y & R B 1st gold 55_ _1927 M- S 9612 10418 103 Feb '17 .....; 18
99 100 Aug '16 Nor Sh B 1st con g gu 58_01932 Q - J 94
85
85
Louisiana & Ark 1st g Is..,1927 Al- S __— 91
11012
1 11012 11314
Louisville & Nashv gen 68.-1930 J -D 11012 11214 11012
193761-N 10334 105 10258 May'17 ---- 10258 107
Gold 5s
9214 12 91
Unified gold 4s
1940 J - J 9218 Sale 9114
9734
9658 Jan '17 ---- 961a 9658
- J 9012 ___
Registered
21 10312 10634
10312
8 10312
Collateral trust gold Is-19
M- N 10078 1055931
49 .1
E H & Nash 1st g Os
1919 J -0 10338 105 10734.Dee '10
3 -1:)/14 1-(13- 9/14
L Cin & Lox gold -1)-is_ _1931 M- N -,„ 9714 9714
goAl
ld lesst gold Os
N0
2d&
1930 J - J 1974 115 11214 Mar'17 -- 11214 11418
1939 J - J 10118 ____ 10118 Feb '17 ---- 10418 10418
9012 Apr '17 --- 8918 9012
Paducah & Mem Div 4s_1946 F - A 8214 89
10312 106
St Louis Div 1st gold 6s 1921 M- 5 10158 .__- 10312 May'17 -2d gold 3s
7312
1980 M- S 5614 6012 6012 May'17 ---- 60
9118
2 82
83
All Knox & Cin Div 48._1955 M-N 8312 8118 83
ALI Knox & Nor 1st g 5s_ _1946 J - D 101 ____ 10834 Jan '17 - — 10834 108,
4
Bender Bdge 1st s f g 6s_1931 M- S 105 - - 10614 Juoe'16 --- -gr -0
.
8
5
'
217 ---2
- 2878 10334
0
i.i
2 0
82
4 May
Kentucky Central gold 45_1937
Lex & East 1st 50-yr 5s gu 1965 j
A --- 0
3 -58'7
2
99 101 Oct '16 - --- .. .. _
L & N &M & M 1st g 4%a 1945 M- S 93
8
L & N-South M Joint 407119
..1 -_ 1 _-__ 8114 8138 May'17 ___ 8012 81,
252
52 (3
.
_— _ _ _ _ 95 Feb '05 ---Registered
N Fla & S 1st gu g 5s
1937 F - A — — 10212 100 June'17 ---- 100 - 1C10
97,
,a M5y'16 ---- .- - - _ ...
N Jr C Edge gen gu g 450_1945 J - .1
Penstac & A tl 1st gu g Os_ _192i F - A 10518 10312 10834 ri ov'16 :::: jai _ i(ii
8 & N Ala cons gu g 5s_ ..,1936 F - A 10018 105 105 May'17
02
0 18
Gen cons gu 50-year 5e.1963 A -0 ___ 10218 10012 June'17 --- 17
03
112
3
L & Jeff 13dge Co gu g 4s__ _19-15 M- S
21- -- __ 79 Ar '17 _._ ___ ....
Manila RR—Sou lines 4s__ _1936 111-N -------------ii() . . :_;;; .....:_:...
M•
r
Mex Internat lst cons g 40 1977 M'S -- -- - ----7
7., No v'10 --- ___ _.
Stamped guaranteed_ _ _.„1977 M- S
- 7 911: 101 Oat '09 --Midland Term—ist s f g 58..1925 J -D
Minn & St L 1st gold 73_ _ _1927 J -D 107 — _ 1131s Dec '16 — —
Pacific Ext 1st gold (Ia.__ _1921 A -0 ____ --__ 10338 Oct
N 8278 --_ 88 June'17 __ — 87
1st consol gold 58
5012
7 47
64
1st & refunding gold 48.__1193
M- 5 5012 Sale 5018
49
4M
'16 --- -4.
-5— -6
61
1:8
1
Ref & ext 50-yr 5s Ser A_ _1962 Q- F 4518 55 _ 45 June'17
60 Feb '15 —_- ii- -.
o.
i_
Des NI & Ft D ist gu 48_ _1935 J - J
.88 May'17
Iowa Central 1st gold 55 1938 J -D -iiii-3-4 -8-i12
63
49
11 46
1951 61- S 4758 Sale 4758
Refunding gold 4s
8812
5 88
97
81 881 8812
MStP&SSMcong4sintgu_1933 J - J
Jan '11 - — 92
1st Chic Term s f Is
92
1911 NI- N ---- ---- 92NI S S M & A 1st g 48 int gu.'20 J - J 9112 - - _ .. 05 Apr '17 ---- 95
98,
4
95 Dec '16 - —
Mississippi Central 1st 58. _ _1949 .1 - J _
_ 94
June'17
Mo Kan dr Tex 1st gold 48-1990 J -D
-6'118 -fit;
-_:-_-_ 40
6
42
914 460718
2d gold 4s
5414
Ms June'17 ---- 2618 31
-_ 1st ext gold 5s
:5:: 55,-4 50 Apr '17 ---- 56
1st & refunding 48
5
269
6912
MF:
--- N 4
92
10
99134
497 M
45
8
Gten
LosulniskD
inigv flusntdre4
36
1 J - J 3412 3534 34 May'17 --- 34
t3
ii
t4
10
90
ss 2
.
0._ 40 N ovIti -30434 _3
O 6
NI
A :N
6912 Apr '17 ---- -139-1-2 -oV1;
Dalt & Waco 1st gu g 5s_ _4910
• Kan City & Pac 1st g 48.._1990 F - A 6978 -- -- 7014 Mar'17 ---- 7014 71
55 May'17 ---- 55
62
Mo K & E 1st gu g 5s_ _ _1912 A -0 55
79
3 3
78 Nlay
5
'
417 ---,
74
8
M K & Okla 1st guar Is._1942 61-N -- — 85
85
0
52_12. .. 54
T
&osfoT1sitstgg
S .
uugg58
5!.._ 12
942 JM:D
(
.-5(1
51 Dee '16 --__ _- . -Sher5th
4514 Feb '17 ---- 4514 49
Texas &Okla 1st gu g .58_ _1943 M- S .._. 40
Missouri Pacific (reorg Co)
1st 88 refunding 58 wh Iss 1923 .- -- 9458 9578 9412 June'17
93
1 18 99
831.21
92 May'17 _-_- 9
9112 94
1st & refunding Is wh Iss 1926 -- —
95
95
95 Feb '17
1st & refunding Is wh Iss 1965 ... -'6'64 T3;l-e-ill 5914 0814
General 4s when Issued
69
1141 May'17 .___ 10114 10614
Missouri Pac 1st cons g Os_ _1920 i1
-.--1;1 ---_ 101 10
106 May'17 ---- 10614 1C11312
Trust gold 53stamped_ _ _a1917 M- S
.
8 iO3
.
aim iv/. 5 -----------82
---Oct '15 ___ joi3
Registered
lstDceogillsats
tetred
aI gold Is
1920 F- A ---- -- 103 Jan '17 ---19
92
40
5 IN
F -- A
S ------- -tifl- -66— A• pr '17 --:.-- -5.5-12 -E640-year gold loan 4s
--__ 6012 Apr '17 .--- 60
01
1st & ref cony 5,3
1959 M- S
:
80..... .....
7 ...______ :
8:
2.
.
80_ _ 18
02
0 Apr '17: 13
..
. -__.
3
Bdoo7n
svexste
t ti
,..- N
A ...
Lda
ed8alts4
1 1,
M
t%
58
Is_i0_1:112
93
3 ..-_—___ :::: ::::
Au
se
g :116
0
77
712 D
Cent Br Ry 1st gli g -Is__ _1919 F - A __ __ ...
Cent Br LT P ist g 4s
-Mar'05
Leroy & C V A L 1st g Is,1920 i
J -- D --- - -7
Pao R of Mn la eja g 4s 1933 F- A -8 "
2 Dee 111 :-_-_.: 11)01; i01,
2d extended gold Is.._ _1938 J - J __ 100 10014 Apr '17
4
9714
9714
4 _9_7_!T
St L 1r M &S geo con g 5s.193 i A - 0--__ 100
!
.
Gen con stamp Ku g 5a_ _1931 A -0 .._ _ — _ 102 July'14 .- .-,
7'718 Sale 77
7718 17' 77
Unified & ref gold 4s.._ _1929 J - J
136
8078 Oct '12
Registered
77
414 8007.
4;5
4 :::: ;
i
cii.
61 -14
3 --ii34 -.75-- 8
1.
3
- it;
ii
412
23
9 .1
Riv &0 Div 1st g 4s_ _.193
_
Verdi V I & W 1st g 58 .._ 1926 M- S
ls
bt&ex
Othglo
oln
d;
et gold 6s_ _._ 1927 J -D lifif iiii12 108 May'17
Mo
.....
51927 Q- J 1003s 104 109 Feb -'16 _. _
70
General gold 48
1 ...d
-i : -78:5ii
.
1938 NI- S 70 _-__ 70
Montgomery Div lst g 58_1917 F - A __-_ 101 101 Oct '16 . _
92
89 Dec '15 _ ..8.i
St Louis Div 58
1927 J -D 85
.-2
.1..34
86
84 May'17 .._
St L & Cairo guar g 4s_ _ _1931 1 - J 82
Nashv Chatt & St L 1st Is..19223 A - 0 10458 ____ 10418 June'17 --- 10158 108
Jasper Branch 1st g Os__ _1923 J - J 103 -__ 11014 Mar'17 ........:
-56- -5*(130 May'17
Nat Rys of Hex pr lien 43,0_1957 J - J --—
Guaranteed general 4s_ _ _1977 A - 0 -------_ ___ 35 Aug '16 —_- - —
Nat of Max prior lien 4 SO_ _1926 J - J --_ -- _ _ 9078 Feb '13 ---- - .-- .. -.
JA -_ 0
,1 --._ --.. 30 Oat '16 __ — .... —
1st consol 45
--_ — _ — 59 Deo '10
N 0 Mob & Chle Ist ref 58_11996501
68 Apr '17 .-- -68 - 7i70
New Orleans Term 1st 4s_ 1953 J - J 05
99i4
9412
6 94
N 0 Tex & Mexico 1st 68_ _ _1925 J -D 9412 Sale 9412
36
36 May'17 -- - - 36
4354
Non-com Income 5s A_._ _ 1935 A- 0 35
107
122 10334 11358
N Y Cent RA. cony deb 6s 1935 61-N 106 Sale 10514
80
10
8 8
70
9 86
8;4
2
1998 F - A 80 Sale 80
Consol 4s Series A
9114 43 89
2013 A -0 9114 Sale 9114
98,
4
Ref & Imp 43-3s "A"
80
N Y Central & H hg 334s. _1997 J - J 80 Sale 79
7812
5 7814 857s
1997 J - J *.--- 7812 7814
Registered
8618
8614 8633
1 86
1934 M11- N 86
Debenture gold 4s
9414
1934 61-N ...- ____ 92 Dee'10....Registered
7114 13 ici
7118 Sale 71
ii1 .
Lake Shore coll g 3 ais_ _ _ _1998 F - A
7612 80
Registered
1998 F - A ____ 7112 7634 Mar'17 _
70 Sale 70
70
7 70
8012
Mich Cent coll gold 330_ _1998 F - A
,;____ 75 Mar'17 — 75
80
..3_1_
A _0
F -_ D
DaR
tteig
eic
streref
lS
i tur 1st gu 38.19
28
13
---------110
Beech Creek 1st gu 815.-1930 3 - 3
Registered
2d
ittisrgo i0 Is
1936 .1 - J
1930 J - J
Registered
Beech Cr Ext 1st g 3)48_51193
A -- 0
1 .1
956
Cart & Ad 1st gu g 4s....._1981 J -0
Gouv dr Oswe 1st gu g 5s_1912 J -b
Moh & Mal 1st gu g 4s___1991 M- S
N J June R guar 1st 48.-1986 F - A
N Y & Harlem g 33-0__2000 61- N
N V & Northern 1st g 5e 1923 A '0
8 Apr
9/
.---. -9
.0
-.18
9018 1,512 -66-1*90 ---- 9534 Nov'16 ....._ _ _. ....
_ _—
06 -- — 104 May'16
--_- --_- ---____ --- ---- ....
_—_-_ ....
70
....--8612 -89 •N ov'10 ........_ ..:-....... ..: ......
93 ---.1T1
(
7i .. .:::::. :
it yv17'1
1:
0i-61:,:
2F
N
rim
vi
8
17.0
9
0
171-4
180
-;
2;
II
S0
114 -----_-_ :0
*
101 10
-3—
a Due Jan. 0 Due Feb g Due June. 5 Due July. o Due Oot, a Option Sale
JUNE 16 1917.1
BONDS
N. Y. STOCK EXCHANGE
Week ending June 15
New York Bond Record-ContInued-Page 3
Price
Friday
June 15
IVeek's
Range or
Last Sale
Range
Since
Jan, 1
Bid
Ask Low
High No. Low High
N Y Cent & H It RR (Con.)N Y & Pu 1st cons gu g 45 1993 A - 0 79 -- 90 Apr '17
8973 91
_
Pine Creek rag guar 64._ _ _1932 J - D 11014 - - 113 May'15
10012 102 10112 June'17
9978 10434
R W &0con 1st ext 5s__h1922 A - 10014 Feb '17
10014 10014
R W&OTIt lstgug 5s-1918 M-N 9912
90 Apr '17
90
90
Rutland 1st con g 430._ _1941 J - J 80 Og & L Cham 1st gu 4s g1948 ./ - J 62 ---- 7018 Apr '17
70% 70%
Rut-Canada 1st gug 44 1919 J - J 70 --- 92 June'09
St Lawr & Adlr 1st g 5s.... _1996 J - J 90 --- 101 Nov'16
103 Nov'16
2d gold 6s
1996 A -0
- 9812 9712 July'16
Utica & Blk Riv gu g 4s_ _1922 J - J
81 82
5 79 "875
82
Lake Shore.gold 3As_ 197._
-D 80
8012 79 Apr '17
Registered
79 87
1997.9 -D 78
9214
92%
8 913s 9714
Debenture gold 4s
1928 M- S 92% 6112 01
25-year gold 4s
1931 M-N 91
9112 31 9012 9634
_ 911s 95 Nov'16
Registered
1931 M-N
Ka A & G R 1st gu c 5s__ _1938 J - .1 feki
-10712 Dee '15
99 ---- .
Mahon C'l RR 1st 5s
1934 J 103 May'17
103 10318
Pitts & L Erle 2d g 54....a1928 A 13018 Jan '09
Pitts McK & Y 1st gu 6s._1932 J - J 10818
1931 J - J 107 _--.12314 Mar'12
2d guaranteed 64
McKees & B V 1st g 6s_191S J - J
i681-4
M- S
Michigan Central 5s
105 July'16
1931 Q -M
Registered
egistered
98 Apr '12
J 8618
1940
4s
_
87 Feb '14
1910.9 - J
Registered
72
MS
90 June'03
3I0-1951
gold
1st
5
&
JL
_
1952 MN
8 80
86
80
80
1st gold 330
81
82
1929 A -0 81
2 82 9134
82
20-year debenture 4s
0112
N y chic & St L 1st g 4s_1937 A -O 9012 Sale 9012
9 0014 9513
1937 A -0
10 88 89
88
Registered
88
1931 M-N
7834 79 Mar'17
Debenture 44
94
23:
'1
85 -74
2
9118 8
94
West Shore 1st 4s guar.....2361 J - .1 g 13; sale 84%
6
7 8
2361 J - J 8212 8438 8212
6
Registered
83
N Y C Lines eq tr 54_ _1910-22 M- N
---- 10012 Jan '17 ---- 10012 10012
10034 Jan '17 -Equip trust 430_1917-1925 J J --__
3 10
03
4
901
0,
:100
..13
N Y Connect 1st gu 440 A 1953 F - A 9212 ---- 9214
9234
N Y N 11 & HartfordNon-cony deben 4s
1947 M7918 Sep '16
Non-cony deben 3351- - -1917 M- S -- ---- 71 Nov'16
Non-cony deben 330._ _ _1951 A -0 ___ 62 68 Dee '17
68 Mar'17
Non-cony deben 4s
1955 J - J ____ 70
68
tia
1956 M-N ____ 6912 6914 Apr '17
Non-cony deben 44
7514
67
5714 64
60
Cony debenture 3 kis
1958 J J 60 Sale 60
9158 9314
10 9334 11012
91
Cony debenture Os
1948 - J 94
79 Jan '17
79
79
Cons Ity non-cony Is._ l930 F - A
9112 Jan '12
Non cony deben 4s._ _ _1954 - J ____ 78
_
Non-cony deben Is. __1955 J - J ____ 78% 7912 Apr '16
.
Non-cony deben 4s
1955 A -0
_ 73
Non-cony deben 4s__1956 J - J
86 May'17
86 "ii
Harlem ft-Pt Cites 1st 43_1951 M-N gi14
8818 881s
8818 Apr '17
B & N Y Air Ltne 1st 4s_1955 F - A 82 7812
72
74 Apr '17
Cent New Eng 1st gu 4s 1961 J - J
Hartford St Ry 1st 4s_ __ _1930 M- S
10512 m6Witi
Housatonic it cons g 53.-1937 M-N
87 July'14
Naugatuck RR 1st 4s_
1951 M-N
88 Aug '13
N Y Prov & Bolton 4s_1912 A -0
58 June'17
NYIV'elie3&B 1st ser I 430'46 J - J
107 Aug '09
N11&Dorbyconscy5s1918 M- N
Boston Terminal 1st 4s___1939 A -0
New England cons 5s_ _ _1945 J - J
9912 Mar'12
Consul 4s
1915.9 - J
57 Apr '16
57 '57'
Providence Secur deb 4s.._1957 M-N
9978 Des '14
Prov & Springfield 1st 55_1922 J - .1
833s Feb '14
Providence Term 1st 44.-1956 M- S
W & Con East 1st 440.-1913 J - J
5ide- "io
7014
70
N Y 0& W ref 1st g Is.- -01992 M- S
_
9213 June'12 _ _83
Registered $5,000 only-o1992 M79 Mar 17 . _
1955.9 -D 7012 80
77
80
General 44
777
78
l 7773 8252
778
Norfolk Sou 1st & ref A 54_1981 F - A 76
97
1941 M-N 9634 97
Nod & Sou 1st gold 5s
97 101
114
___
115
MA
_1931
_
Apr
9
'
7
gold
6s.
_
17
1 115 122
Nod St W)).st gen
Improvement & ext g 65.._1934 F - A 114 1217; 122 Nor 18
12012 Nov'16
New River 1st gold Os._ .._1932 A -0 11113
89%
Sale
Ity
1st
cons
g
4s_
_1996
A
8912
90
98 -891; -9714
N&
1998 A -0
9412 Dee '16
Registered
83
85
Div'l 1st lien &gen g 44_1911 J - J 85
9314
85
1932.9 -D
12378 May'17
8 77
I0-25-year cony 4s
11834 131
1932 M- S 123 :::: 11714 May'17
10-20-year cony 44
11714 13634
123
__
430_
_1938
MS
-year
cony
12112
-25
118%
May'17
10
135
1941 J - D 8612 Sale 8618
Pocah C St C joint 4s
8614
4 8618 91
cc & V 1st guar gold 54_1922 - J 100 ---- 103 Sept 16
85
MN
4s_
_1989
Ist
gu
g
87
8678 May'17
ScioV&NE
8818 92
8812 44 88
Mu* Pacific prior lien g 43._ _1997 Q - J 388 Sale 83
9614
1997 Q - J -„ 8818 8812 May'17
Registered
88
93
F
n2047
621
; 0214 62
General Ilea jpid 34
6234 55 62
691s
a2017 Q - F 60 61% 61 May'171-- _
Registered
61
6714
9112 9118 May'17' _ .• 91% 91%
St Paul-Duluth DIY g 4s__1996 J - D 90
St P & N P gen gold 68-1923 F - A 10458 10634 108 May'17 - - 108 11013
10912 Oct
Registered certificates_ _1923 Q - A
-::: 107 • Oot '101_-_'
St Paul & Duluth 1st 5s_ _1931 F - F
- 100 Jan '17 1917 A -0 9934
2d 5s
100 l00'i
79
85
-D
887
8
1988.9
Mar'17
1st consul gold 4s
88% 88%
Wash Cent 1st gold 4s. _ _1918 Q -M 7053 89 8613 Des •16
Nor Pee Term Co 1st g tis_ _1933 J - J 110 111 110 May'17
10911 110
817
8
J
813
J
8
_1961
8118
Oregon-Wash 1st & ref 4s__
11 8138 873s
05
05 Apr '17 .....-! 9312 99
Pacific Coast Co ist g 5s_ _1916 I -D
9978 10014 Feb '17 .- 1 99 101
Paducah & Ills 1st s f 440...1955 J - J 95
.
100
9912
Apr '17
Pennsylvania RR 1st g 4s. _ _1923 M-N
9912 9912
Consul gold 54
1919 M- S 10038 10118 10118 Apr '17
101% 10214
9878 Mar 17
Consul gold 44
1943 M-N 94
98% 9312
Consul gold 4s
1948 M-N 93 97% 94
95
34 94 101
Consul 430
1900 F - A 1.0218 10212 102
10234 21 102 10734
General 4364
958 961s' 955
9838 13 Ws 10413
955
Sale I 9512
General 430(wh Iss)June1'6
1965
5 -G
057 245 9512 977x
9278 9513 9712 Feb '17 .Alleg Val gen guar g 4s_ 1912 97%
97
D It ItR&B'ge 1st go 4s g_1936 F - A 93 _--- 9412 Sep '18 .
Phi's Bait & W 1st g 4s_ _1913 M- N
9334 1.1;0
318 9314 10
93
234 Jao93
033
SodtH Bay & Sou 1st g 59_1921 J - J 98
4
Sunbury & Lewis 1st g 49_19364 - J 86
.
: 997k 997
U N J ItR Sc Can gen 4s. _1911 M- S 93 .- _ 99% Mai'17
Co
Pennsylvania
1921 J - J 9918 100 10012
10012
I 9953 10214
Guar 1st gold 430
1921J - J 9918 100 100% Apr '17
Registered
l00% 10214
. 87 Feb 17
Guar 340 eon trust reg A_1937'M- S 78
87
87
83.
83
4 80
Guar 340 coli trust ser B.1.141 F - A 80% 83
8634
8618 July'111
Guar 350 trust Ws C.......1942 -D 81
.
.
781i
8594
j
D
8734
)ae
•18
Guar 340 trust etts D._ _ _1914
9012 96
90% May'17 Guar 15-25-year gold 48..1931 A 99)2 97
9134 9234 'tor '17 _ _ 9234 93
40-year guar 4s ars Ser E 1952 M-N 87
90
91 Apr '17 _
Cin Leb & Nor gu Is K.__ _1912 M- N
91
91
9614 May'17
CIA Mar 1st gu g 430_1935 M - N 9312 97
9614 10012
Ci & P gen gu 450 der A 1912 3 - J 100 10218 102 Apr '17
102 102
100 10218 104 Dee '15 -Series B
8634 __ 9114 Feb '12 -Int reduced to 340..11042
942 A 901s It '12 __
Series C 340
1918IM-N 8634 8312 Feb '17 Series D 350
8612
88% 8914
8712
88 Apr '17
Erie & Pitts gu g 330 B__
A
l
88
88
_ 8713 9018 July'12
Series C
1910J - .1
99 Mar 17
Cr It & I ex 1st gu g 450_1911 J - J 9312 90
99
99
Connect
1st
93
May'14
go 49_ _ .1043
g 94
Ohio
._ 109 May10
Pitts Y & Ash 1st cons 53_1927 M- N 92 2
roj w 4,0g14450A1931 J - J 91% 97
9834 Apr '17
98% 98%
91)12 Feb '17
Series II 450
1933 - J 94%
9912 9912
_ 94 Apr '16
Series C 4s
19421M- S
PCC&St Lgu 410 A...19101/1 -0 98 102
9934 June'17
9934 10318
Series 13 guar
9934
100
19121 A -0 98 100
9812 1021s
Series C guar
9714 July'15 _10121M- N 98
Series D 4s guar
9514 Oct '16 _1945 M- N 9014
Series E 310 guar gold_1919 F - A
98 Mar'17 _ 9514 90
8.834
gdci
BONDS
N. Y. STOCK EXCHANGE
Week ending June 15
E3
t,..
2437
Price
Friday
June 15
Week's
Range or
Last Sale,
Range
Since
Jan. 1
P C C & St L (Con.)
Bid
Ask Low
High No. Low High
Series F guar 48 gold_--1953 J - D 90 ____ 95% May'17 ____ 9512 951
:
1957 M- N 94
Series G 4s guar
948 9512 May'17 ____ 95% 97
Series I cons gu 4Iis...._1963 F - A 100 ____ 10212 Apr '17 ____ 10212 10338
C St L & P 1st cons g 55_1932 A -0 10318 ____ 10314 May'17 ____ 10314 1031
Peoria & Pekin Un 1st 6s g 1921 Q- F 100 _--- 100 June'17 ____ 100 100
2d gold 430
b1921 M-N
_
87 Mar'16
- Pere Marquette 1st Ser A 58 1956 _ __
90
91
90
4 -8
90 -12
70
7% 9
75
714
1956
18t Series 13 4s
7112 73% 72
72
Philippine IV 1st 30-yr s f 431937 .1"--1 ____ 48
42 Feb '17 .- .- 42
42
1910 A -0 10518 --_- 109 Jan '17 ____ 109 109
Pitts Sb & L E 1st g 55
1st consol gold 5s
1943 J - J _ _ _ ---- 11314 Noy'll _
ReadR
ineg
os
Cto
erg
een
d gold 44-:.-1997 J - J 91% Sale 91
9112 -iii "if- -9112
1997 1 - J ____ 9118 9012 May'17 ____ 9012 95
Jersey Central coil g 4s_ _ _1951 A -0 91 Sale 91
91
8 9012 9'7
Atlantic City guar 43 g__.,1951 J. - I 8312 ---St Jos & Gr Is! 1st g 43
1917 J - J 75
79% -WI - M)
-4;'-17 :::: -fi- -iii"
St Louis & San Fran (reorg Co)1950.9 - J 6218 Sale 6212
Prior Lien ser A 4s
8334 147 6212 7112
1950.9 - 1 7812 Sale 7812
Prior lien ser B 55
7918
1955 J - J 6634 Sale 6613
Cum adjust ser A 64
685
12
5 6
76
734 8
78
634
4912 Sale 49
1960 July
Income series A 6s
4934 57 4634 5678
St Louis & San Fran gen 68_1931 J - J 10312 110 111 Apr '17 __- 1_1
.
1 1_121_2
1931 J - 1 100 10014 10018 June'17- 100 104
General gold 55
__
St LAS F RR cons g 48._1996 J - 1 _ -------78 May'16
--_ 7
7512
4 M
M -N
ms
arr:17 -___-: _7
70
412
._7
General 15-20-yr 53.- _
7.5
5.
Trust Co ctfa of deposit------------81
do
Stamped-- -------- 7612 76 Dee '16
Southw Div 1st g 5s
85 ---- 90 May'17 .--- 90
1947 ,4813
8
73.3
431 Oct
p :1
16 iiii __
Refunding gold 4s
1951J - J
-------- 80
78344 FebMar:17
1 __ __ __ .... -,i81-4 -783-4
Registered
Trust Co Ws of
.1_- j ---- -7714
422
7(1
11do
Stamped----------:_2 1'7
:
1:
0
,
_ K C Ft 5 & M cons g 8s 1928 isi --a; 05
10414 May'17 ---..-.. -1,6
3
1 1.1c1I8
139
i;
K C Ft S & M fly ref g 45_1930 A 79
71
71
2
4 79
K C & M R & B 1st gu 58-1929 A -0 87 _ . _ 90 Feb '17 -/0
90
St L S W 1st g 4s bond ctfa_1989 M- N
70
2 70
80
7014 7212 70
2d g 44 income bond ctfs_p1989 J - J 59
63
59 June'17...- 59
8512
Consul gold 4s
1932 J -D 6314 6612 6212 May'17 --- 6212 72
1st termi & unit 5s
7112
1952 J - J 05 Sale 65
5 64
65
Gray's Pt Ter 1st gu g 54_1917
9812 Jan '14,_ --I
S A & A Pass 1st gu g 4s_ _ _ _1913 J - J 62
6212 6212
6212, 12, 6212 65
SPAN P lst sk fd g 5s
1919 J - J •--- 101 1001s FeD '171.-110018 10018
Seaboard Air Line g 4s
1950 A -0 ____ 80
78 May'17 ---- 78
8212
Gold 4s stamped
1930 A -0 7614 7912 7614
7614
6 7614 . 8218
Adjustment 5s
01919 F - A 61 Sale 597
61
7 582 68
Refunding 4s
65
6412
1959 A - 0 63
June'17 -- -I 6212 7013
At! 131rm 30-yr 1st g 4s .e1933 M- 13 71) 86
87 Mar'17 __-- 8614 87
Car Cent 1st con g 4s.,,.1949 1 - J
55
88 Jan '17 __ __I SR
FlaisC
teiltia
&RI:eenxtl:t58
- 7. -__-: 9914
9914 13, 9914 99%
35s_ 193
10
8 .r
1 -. 1 -9-638
101
Consul gold 54
Dee '11°
6 -_-- 2
-1)2-;
1 10
93
134 I3
- 11:
1943 J - J _..- 1
9-9 :
1I.
3-23-2
Ga & Ala Ity 1st con 54._o1945 J - J 97 10018 100 Apr '17 -- I 99% 102
Ga Car & No 1st gu g 5s_ _1929 J - J 99 10014 99
99
Scab & Roan 1st 5s
1926 I - 1 100% ---- 10014 June'17 ---- 10014 10014 •
Southern Pacific CoGold
Reg4is
s tIeC
88
78
78
red
ent Pee coll)._k1949 J - 0 78
6 78
88
k1919 J - D .__
80 90 Feb '14
20-year cony 44
g1929 NI- 5 82 Sale 813
8218 601 81
8834
20-year cony 5s
1931 .1 -D 99% Sale 99
9934 242 9634 10412
Cent Pee 1st ref gu g 4s_ _ _1949 F - A 84% 8518 85
8614
8 85
9372
Registered
1919 F - A --- 91
8712 Sept'16 ----.
Mort guar gold 330...k1929 J -0 8134
- 86
8434
8134
1 8434 9112
Through St L 1st gu 48_1954 A -0 ____ 8138 84 Feb '17 ---- 84
8712
AM
Mrua
Prlst 53..1931 M-N ____ 101 10012 Feb '17 ___ 10012 102
OR2d A
97
97 June'17 -- -- 9813 98%
exSte
1931 J - J 95
Gila V G & N 1st go g 5s_1924 M-N 95 ---- 10014 Jan '16 ---- ..
9912 Apr '17 ---- 99% 16212
lions E & W T 1st g 55_ _1933 M-N 9318 99
1st guar 55 red
1933 M-N 9318 _-- 100 Oct '16 -- -- .....
II & T C 1st g 53 Int gu._ ,1937J - J 103 105 104 May'17 ---- 10_4_ _ .106
...1..2
/
4 9518 95 May'17 --- 95
Gen gold 4s int guar__1921
1921 A -0 911
9612
Waco & N %V div 1st g 63'30 M -N ____ 105 10912 N ov'15 __-- ._ . _ _ _
A & N W 1st gu g 54 _1911 .1 - .1 ---- 10014 101% Deo '16 ____
Louisiana West 1st 6s._ 1921 J - J 101 1053s 109 June'I4 ___- 77._
__ _..
Morgan's La & T 1st 73_1918 A -0 ---- 10118 1044 July'16
.1 .- .- 10414 105 Jan 'I6,__
8 JA:0
1st gold (is
193
20
105% _--- 105 Oot '16'_ _ _ _
No of Cal guar g 58
Ore & Cal 1st guar g 5s
1927 J - J 9772 9934 0978 May'17 ..--- 997
;102
17
34
So Pac of Cal-Gu g 5s ..1937 M- N 10713 _--- 10712 Sept'16 ___ So Pac Coast 1st gu 4s g ,1937.9 - J 9312- 94 June'17 -- -5i' '5882114 33
San Fran Terml 1st 4s_ _ _1950 A -0 798 821-2 8214
2 _9
7
.9
3172
s.
8_1!!!
95 Nov'16 --Tex & N 0 con gold 5s__ _1943 J - J --__ 96
1955 J - J 8512 Sale 8514
8312 53 8514 95
So Pao RR 1st ref 4s
98
0114
4 Aug9.
816 _ _
Soathern-Ist cons g 54
1994 J - 1 9814 Sale 10
Registered
-••• - --- j 6712 Sale 6712
41j
A:O
Develop & gen 445er A__ _1195
996
684 11 66
77
7712 Apr '17 ---1 77% 7813
75
.1 3.1ob & Ohlo coil tr g 4s_ _ _1938 Ni' 3 70
9358 Apr '17
' 98 ini%
Mem Div 1st g 430-5s._1996 J - J _-_ - 98
7112 71
1951 J - J 89
St Louis dlv 1st B 48
71
2
84
1918.9 - J 9934 104 10238 Sep '16 -- ...
Ala Can lat g 6s
71.. _ .
Ala Gt Sou 1st cons A 58_ _1913 J - D .-- - 998 9812 Apr '17 ---- 9812 9818
Atl & Char A L 1st A 430 1944 J - J 9012 92
90 May'17 ---- 90
9614
1944 J - J 9712 98
9712
1st 30-yr 5s ser B
98
10 97 10318
1948.9 - J ---- 82
Atl & Danv 1st g 4s
8312 Jan '17 ---- 8314 84
20 4s
1948 J - J ---- 80
8112 Mar'16 ---.
A tl & Yad Ist.g guar 4s_ _ _1919IA -0 72 _ _ -.75 Feb '17 ---- -75 ..7g ET Va & Ga Div g 5s_ _ _ _19301 - .1 _ ___ 103 105 Mar'17 ____ 105 105
Con 1st gold 5s
1956 M- N 10014 106 100 June'17
E Ten reo lien g 5s
9
3 4 1%
1938 M- 5•_ _ 10114 10114 Mar'17 :::: 110312
1 1'114
65
Ga Midland 1st 3s
1916 A -0 -- - 57
WO
106%
Fen '17 ---- 1067 107
Gs Pac Ry 1st g (is
1922 J - J 10112
102 ---I 10
64
Knox & Ohio 1st g 6s... _ _ 1925 J - 1 102 Sale 102 May'17
2 10
65
934
Mob St Bir prior lien g 58_1945 J - J 9934 101 106 Sept.'16
1945 J - J -_ 72
72 Apr '17 ____
Mortgage gold 4s
00 May'17
Rich & Dan deb 53 strnpd_ 1927 A -0 HMI 103
10
70
2 10
7434
Rich & Meek 1st gu 4s_ 1948 M- N .........73 Sep '12
So Car & Ga 1st g 54._ _ _1919 M - N
1611
-9
.:.
'19
0'
82'12 June
Virginia Mid ser D 4-5s_ _1921 M- S _9_814 _9
98
'
'
1; - 2' .
...
.68
8
3
.1926 M- 5 101;
Series E 5s
1031s Aug '16
----10412 Dee '18
Series F 54
-0.- 10014 100
511-8 10
General 5s
1 111-N
5 9934 108
19
936
100
Va & So'w'n 1st gu 56_ _2003 J - J 103 ____ 105 Mar'17
105 10612
81
91 Feb '17
1st con450-year 5a__ _1958 A -0 76
W 0 St W 1st cy gu 4s_ _ _ _1924 F - A 9012 .. _ 9378 Mar'17 __ __,
7
937s
Spokane Internat 1st g 55... _1955 J - 1 -,,.- ii
1
9 1 9614,
97
5'4 May'17 _._ _ 9
Ter A of St I. 1st g 440_ _ 1939 A -0 9212 97
87
8 10
81
812
%
Sale
100
100
2
1st con gold 55
1894-1944 F - A
100
100 102
0896
Gen refund 4 f g 4s
_ 1 9, 100
1953 J - J 8012 84
St L NI Bridge Ter gu g .5s 1930 A -AI 9512 100
Mar'17
Tex & Pc 1st gold
96
95
5s95
2000 J -D 94
14 95 102
2d gold Inc Ss_
63 May'17 --__ 64
q2000 M a r 6012 70
64
93
La Div B.lst g 59
89 Apr '17 --- 89
1931 J - J 89
89%
W Mln WA N W 1st gu .541930 F - A _-__ 95 10613 Nov914 --__ _ _
Tol & 0 C 1st gu 54
9912 June'17 ---. 991s 10112
1935 J - J ____ 100
1935 A -0 .-__ 9812 100 Jau 17 _
Western 1)1v 1st g 54
100 100
--._ 90 Feb '17
General gold 5s
90
-D ____ 84
Kan A M 1st gu g 48
A -O
84 Apr '17 -- -- 8213 84
199
930
51
29 20-year 5s
1927 J - J ---- 9434 9414 Apr '17 --_- 9414 973
Tot P & W 1st gold 4s
1917 J - 1 60
62 Mar'17 _- _- 53
62
Tol St L & W pr lien g 340_1925 J - J 80
81- 80 Mar'17 _ _ 80 8312
50-year gold 45
1950 A -0 50
52
55 May'17 .-_ - 54
60
1917 F - A
22 ___ 1834 Mar'06
Coll tr 4s g Ser A
87
Tor Ham & Buff 1st g 44._h1946 J -0 an
80 Apr '17
80
8713
Ulster & Del 1st con g 5s._ _1928 J -D
9934 Apr '17
9934 10012
1952 A -0.• _ __ 7112 74 Mar'15
1st refund g 4s
9312 16, 9113 100
Union Pacific 1st g 4s
1947 J - J 93 Sale 9212
1947 J - 1 ---.. 92
Registered
90
90
2' 90
98%
1927 J - J
90 Sale 90
20-year cony 44
90
3 8814 9912
Q2008,741- F1 --- 88
1st & ref 48
881s June'17 __ . _, 1181 95111
877
Ore RR & Nay enn a 48 193-i_
D 88
90
88
11 8778 95
-.82
• No price Friday; latest bid and asked, a Due „Tan, 6 Due Feb •Due May. g Due June. 5 Due July. 5 Due Aug. c Due Oct. p Due'Nov. g Due Dec. 'Option sale
2438
BONDS
N. Y. STOCK EXCHANGE
Week ending June 15
New York Bond Record—Concluded —Page 4
Price
Friday
June 15
Week's
Range or
Last Sale
••t3
g'4
Range
Since
Jan. 1
High No. Low High
Ask Low
But
Union Pacific (Con.)—
7 10378 10812
10414
Ore Short Line lot g 6s_ _ _1922 F - A 10414 Sale 10414
104 10858
1946 J - J 103 108 104 May'17
1st consol g 5s
15 8012 947
87
1929 J - D 38634 Salo 8612
Guar refund 45
Utah & Nor gold 5s_ __ _1926 J - J 98- 102 Mar'16
90 Apr '16
1st extended 4s
1933 J - J 92 WO
88 - 92
Vandalia cons g 4s Ser A___ _1955 F - A 8234 8814 8813 Apr '17
8138 June'17
8138 92
Consol 4s Series B
1957 M- N 8134 86
4212 Aug 'I5
Vera Cruz & P 1st gu 4%8-1934 J - J
35
9478 Salo 94
Virginian 1st Is Series A
1962 M-N ---947s 10 94 id61-2
10012 18 100 10078
Wabash 1st gold 5s
1939 M-N 10014 Sale 100
5 9112 101
2d gold Is
1939 F - A 9112 95
9112
•
9134
105 Oct '16
80
Debenture Series B
1939 J 100
loo 10658
1st lien equip s fd g 5s_ __ _1921 M- S •____ 1004 100
78 May'17
80
78
1st lien 50-yr g term 4s— _1954 J -10112 10512
Det Ch Ext 1st g 5s_ _ __1941 J - J Ida ___- 10112 May'17
-- _
Des Moines Div 1st g 4s_ _1939 J - J
---- 80 Aug '12
75 Apr '17
77
Om Dlv Ist g 3%s
1941 A 80
73
8414 8414
-- 8414 Jan '17
Tol Ch Div 1st g 48__ __1941 M- S
8614 Jan '17
855s 86,4
Wash Terml 1st gu 33.s......1945 F - A 7634 78
9112 Aug '15
1st 40-yr guar 4s
1945 F - A 8612 94
West Maryland 1st g 4s_ _ _1952 A - 0 694 Sale 6978
70
6 6712 7534
99 10534
West N Y & Pa 1st g 5s_
I937 J - J 99 101 102 May'17
Gen gold 4s
_- 8558 88 Mar'17
854 80
1943 A id _- 37 Oct '16
Income 5s
p1943 Nov
85
Western Pac 1st ser A 5s___1946 M - S 85 Salo 85
10 8112
10012 103
Wheeling Se L E 1st g 5s___ _1926 A - 0 ____ 102 10034 Apr '17
100 100
Wheel Div 1st gold 5s____1928 J - J __-- 994 100 Feb '17
Exten & Impt gold 5s____1930 F - A ---- 99,4 9958 Mar'17
994 9958
77
77
Refunding 412s series A_ _1966 M- S
- - 7612
May'17
82
78
RR 1st consol 45
1949 M- S _--- 78
82
Trust co ctfs of deposit_
___- 77
76
85 8812
79
Winston-Salem S B 1st 4s_ _1960 .18814 85 May'17
Wis Cent 50-yr 1st gen 4s_ _ _1949 J - J ---- 84
8412 June'17
84
8878
91
85
8618 Apr '17
86
Sup & Dui dlv & term 1st 4s'36 M - N 80
Street Railway
91
91
1 91 10158
Brooklyn Rapid Tran g U....1945 A - 0 9112 92
1st refund cony gold 4s___2002 J - J ____ 73
7378 Apr '17 — - _ 7378 7714
6-year secured notes 5s__ _1918 J - J 9814 Sale 98
9834 97 9712 10118
Bk City 1st con 4s_ _1916-1941 J - J --_- 100 10038 Apr '17
10038 1017a
80
Bk QCo&S con gug 5s-1941 M-N --__ 85
80 May'17
80
Bklyn QC°& S 1st 5s___ _1941 J - J
_
99,2 101 May'13
92
92
--1 92 10114
Bklyu Un El 1st g 4-5s_ _1950 F - A 9212 93
93 May'17
92 10114
Stamped guar 4-5s
1950 F - A 92
98
8634
78
Kings County E 1st g 4s 1949 F - A 75
80
78
3 75
8112 Apr '17
Stamped guar 4s
80
8112 87
1949 F - A 75
71 Mar'17
7018 7412
Nassau Elec guar gold 48_1951 J - J ____ 72
Chicago Rys 1st 5s
3 9212 9734
9312
1927 F - A 9314 Sale 9314
10138 10138
Conn Ry L 1st & ref g 4%81951 J - J 93,2 99,2 10038 Feb '17
10018 Apr '17
100 10133
Stamped guar 4%s
1951 J - J
Det United 1st cons g 4%s 1932 .5 -J 81 Sale 81
81
804
3 80
Ft Smith Lt & Tr 1st g 5s_ _1936 M- S
84 Jan '14
6914
60
Hud & Manhat 58 Ser A___ _1957 F - A 5918 61
5918
11 58
1312
8 13,4 2512
Adjust income Is
1312 Sale 1338
1957
N Y Sc Jersey 1st 5s
100 10012
1932
--_- 100 100 Feb '17
6414 81 6112 7312
Interboro-Metrop coil 4%s_1958 A -0 6314 Sale 634
Interboro Rap Tran 1st 5s__1966 J - J 9234 Sale 9212
934 89 91,4 9958
Manhat Ry(N Y)cons g 4s_1990 A -0 837s Sale 8378
2 834 94
8378
Stamped tax-exempt
8412 19 8312 9412
1990 A -0 8312 Sale 8312
Metropolitan Street Ry—
Bway & 7th Av Isle g 5s_1943 J - D ____ 94
94 May'17 _
94 100
Col & 9th Av 1st gu g 5s_ _1993 M- S ____ 98
95 May'17
95 100
Lox Av & P F 1st gu g 5s_1993
96,
4 9014
S ____ 9178 9634 Apr '17
Met W S El(Chic) 1st g 4s_ _1938 F - A
30 Mar'14
idi 103
Milw Elec Ry & Lt cons g 5s 1926 F - A i(30
103 Mar'17
.1-2
93 N ov'16
Refunding & exten 4%s__1931 J - J
Minneap St 1st cons g 5s_ _ _1919 J - J 98
9912 101 Aug '16
8912 -ddi,
Montreal Tram 1st & ref 58_1941 J - J 87
8912 May'17
00
8334 Aug '16
New Orl Ry & Lt gen 4401935 J - J _ _ 86
9934
NY Municip Ry 1st s f 55 A 1966 .11 99
do. _ _ 99 May'17
57 June'17
N Y Rys 1st RE & ref 4s_
J - J _„_ 55
57
7134
30-year adj Inc 55
2512 33 2218 4718
a1942 A -0 2512 Sale 25
N Y State Rys 1st cons 4%5_1962 M- N 7712 83 76 May'17
76
8614
Portland Ry 1st & ref 5s_....1930 M- N 8312 90
8812 N ov'l6
78 Apr '17 — -HS; 7812
Portld Ry Lt Se P 1st ref 5s_1942 F - A 72
75
9012 9012
9012 Feb '17
Portland Gen Elec 1st 53_1935 J - J 9014 --St Jos Ry L H P 1st g 5s__1937 111- N ____ 997-8 100 Apr '17
100 100
St Paul City Cab cons g 5s__1937 .1 - J
_ 1034 10212 Mar'17
10212 10212
Third Ave 1st ref 4s
6514
6534
5 6478 8014
4 07
1960 J - J 653Ad.1 Inc Is
41 Sale 40
43
a1960 A 61 38
734
Third Ave Ry 1st g Is
1937 J - J 100 104 10538 Mar'17
10538 108
9634 May'17
Tr -City Ry & Lt 1st s f 5s_1023 A -0 ____ 98
9614 101
90 Mar'17
Undergr of London 4As. .1935_
8912 90
- J ____ 85
8358 May'17
_ _ 73
Income Els
1948 - -635s 63%
84 Oct '08
Union Elev (Chic) 1st g 5s 1949 A - 0
70 Mar'17
United Rys Inv Is Pitts 138_1926 M-N ____ 75
-id - 70
614 Feb '17
6112
61
United Rys St L 1st g 4s_ ___1934 J - J
65
50 June'17
50
St Louis Transit gu 5s_ ___1924 A - 0 5018 52
53
32
United RRs San Fr s f 4s......1927 A -0 3212 3634 32
1 32 42
Va Ry & Pow 1st dc ref 5s_ _1934 J - J 85
861s
864 9312
88
8618
Gas and Electric Light
103 Sept'15
Atlanta 0 L Co 1st g 5s___ _1947 J -D 10034
Bklyn Un Gas 1st cons g 55_1945 M-N 9978 1033-617-2 10712
4 10014 June'17
54 June'13
Buffalo City Gas 1st g 5s_ _ _1947 A -0 1914 idO1-2 101
Cincin Gas & Elec lst&ref 58 1956 A 9912 lows 101 Apr '17
91
87
Columbia G Se E 1st 5s
8712 9012 Apr '17
1927 J - J
97 Feb '15
Columbus Gas 1st gold 5s.. _1932 J -J
1094 31 106 HO'
Consol Gas cony deb 6s_ _..1920 Q- F iodq 166 108
5 10112 10814
ConsGasE L&P of Bait 5-yr5s'21 M- N ____ 102 10112 10112
_ 10114 10078 Apr '17 --- 10078 10114
Detroit City Gas gold 5s_ _ _1923 - J
101112 Oct '16
Detroit Gas Co cons 1st g 5s 1918 F - A 101
15ODetroit Edison 1st coll tr 5s.1.933 J - J lot iii5; 10158 102
1st & ref 58 ser A
9912
8 99 102
111940 M- S 90'12 Sale 99
Eq 0 L N Y 1st cons g 5s_ _1932 M- S ____ 102 10012 May'15
Gas & Elec Berg Co c g 5s_ _1949 J -D
101 lop Feb '13
-ii(11-2 94
Havana Elec consol g 5s
_1952 F - A 9114 9312 9012 May'17
Hudson Co Gas 1st g 5s
_ 10214 19312
_1949 111-N 98 100 10214 Apr '17
Kan City(Mo) Gas let g 58_1922 A 85
8812 9078 Dec '18
i -661-2 1051-4
Kings Co El L St P g 5s
964
9612
1937 A -0 96
1 105 11612
Purchase money 6s
105
1997 A -0 103 108 105
Convertible deb 68
1925 M- S 108 12012 128 Oct '16
Ed El Ill Bkn 1st con g 45_1939 J - J 89
-i
0i
214
g
,
i3- 1
,-9
8934 8914 Apr '17
Lac Gas L of St L 1st g 5s__e1919 Q- F 9934 Sale 9934
100
-3 9912 10218
6
4
Ref and ext 1st g Is
58
1934 A -- 9958 9934
9934
Milwaukee Gas L 1st 4s___ _1927 M -N
90
90
1 90
92
Ws
933,1
10312 Apr '17 ---- 10312 1044
Newark Con Gas g 58
1948 J -D
99
NYGELH&Pg 5s
18 9812 10534
1948 J -D -987 Sale 987s
Purchase money g 4s
80
80
1 79
88
1949 F - A 79 80
Ed Eleo Ill 1st cons g 5s_ _1995 J - J •10513 10512 10512
NY&Q El L Sc P 1st con g 53 1930 F - A
iiii- jai_ _ .6g12 100 May'17
Pacific0& El Co—CalG Se E
Corp unifying & ref 5s___1937 M- N 9518 Sale 054
9578
8 9512 101
Pacific G & E gen & ref 5s_ _1942 J - J 884 Sale 8818
884
3 874 9378
Pac Pow & Lt 1st & ref 20-yr
58 International Series__ _1930 F - A
92 95 Jan '17
95
95
Pat & Passaic G & El 5s_ ___1949 M- S 96 100
9912 Oct '15
Poop Gas St C 1st cons g 6s_ _1943 A 11014 115 Jan '17
HE- fig Refunding gold Is
95 10212
1947 M- S --__ 97 95 May'17
Registered
9918 99 Sept'03
1947 M- S
Ch G-L & Coke 1st gu g Is 1937 J - J -98 Sale 98
98
4 -61"
Con Co of Ch Ist gu g 581936 J -D ---- 9838 100 Apr '17
100 10138
Ind Nat Gas St Oil 30-yr 5s1936 M- N
__ 93
92
89 Mar'17
89
Mu Fuel Gas 1st gu g 513- -1947 M- N ____ 99 1004 Feb '17
10012 10118
Philadelphia Co cony 5s
9914 Novq6
1919 - A 97 100
9414
Cony deben gold Is
90
94
00
1922 M- N
90
6 89
Stand Gas dc El cony s f 6s 1926 J -D 10012 10112 101 June'17
100 102
Syracuse Lighting 1st g 5s_ _1951 J -D 94 102
9712 May'17
9713 101
Syracuse Light & Power 5s_1954 J -J 84
85 Apr '17
85
87
8714
Trenton 0& El 1st g 5s_....1949 M- S 95 ---- 10112 Apr '17
10112 10112
•Wo price Friday;latest bid and asked
a Due Jan. d Due April
BONDS
N. Y. STOCK EXCHANGE
Week ending June 15
11%s
Price
Friday
June 15
Bid
Ask
Union Elec Lt St P 1st g 5s_ _1932 M- S
Refunding & extension 53.1933 M-N
United Fuel Gas 1st s f 6s__ _1936 J - J -661; 100
Utah Power & Lt 1st 5s_ _1944 F - A 8934 Sale
Utica Elec L Sc P 1st g Is_ _1950 J - J 101
Utica Gas & Elec ref 55
98 _ _ _ _
1957 J - J
Westchester Ltg gold 5s____1950 J -D _ _ _ _ 101
[VOL. 104
Week's
Range or
Last Sale
co
Range
Since
Jan, 1
Low
High No. Low High
10112 Dec '16
10158 N ov'16
9914 May'17
-dolt
3 8934 0613
8934
00
101 May'17
101 103
99 Apr '17
99 101
105 Mar'17
102 106
Miscellaneous
Adams Ex coil tr g 45
3 74
8412
1948 M- S
- 7412 74
74
Alaska Gold M deb Os A_ _ _1925 M- S 68 Sale 68
68
1 67
85
Cony deb 6s series B
66
1926 M- S 65
8478
6834 06 June'17
Armour & Co 1st real est 4%s'39 J -D 9012 Sale 9012
9114 51 9012 9478
Booth Fisheries deb of 6s_ 1926 A _ 94 Apr '17
92
94
Braden Cop M coil tr s f 68_1931 F - A 9514 9612 96
98
06
4 95
Bush Terminal 1st 45
1952 A - 0 86
8614 89
_ _ 88 Apr '17
Consol 5s
1955 J - J 85
8614 8718 Apr '17
874 9312
Bklgs 58 guar tax ex
85
1960 A 3 8434 0014
„
2- 8434 8434
Cerro de Pasco Copp env Os 1925 M- N
iu 112 111
113
20 110 118
Chic Un Stat'n 1st gu 4%s A 1963 J 9334 Salo 9312
9414
9 9312 10114
Chile Copper 10-yr cony 73_1923 M-N 12434 Sale 12434
126
37 122 132
Coll tr &conv Os ser A w 1 _ _
101
101 Sale 10038
85 100 101
86
Computing-Tab-Rec s f 6s__1941
86
8512 8712
8512
Granby Cons MS&P con 6s A'28 M-N 102 10312 102
10212 11 9812 10913
Stamped
1928 M-N 102 103 102 May'17
100 10934
Great Falls Pow 1st s f 5s_ _1940 M- N
99
June'17
99 10278
9838
Int Mercan Marine s f 6s__ _1941 A - 0 9112 Salo 9112
9134 37 8818 9614
Montana Power Ist 5s A
1943 J - J 9614 Sale 06
96,4 19 95 10034
Morris Sc Co 1st s f 4%s_ _ _ _1939 J - J 9018 9158 9012
1 9012 9378
9012
Mtge Bond (N Y) 4s ser 2_ _1966 A - 0
83 Apr '14
- -10-20-yr Is series 3
94 June'16
1932 J - J
N Y Dock 50-yr 1st g 4s.._ _1951 F - A 73
7478
7418 7478
.7178 -751-2
Niagara Falls Power 1st 5s_ _1932 J - J 101 Sale 101
102
3 100 103
Ref & gen 6s
a1932 A -0 ____ 104 10512 Oct '16
9413 941
Niag Lock &0 Pow 1st 5s_ _1954 M- N ____ 93
9412 Jan '17
Nor States Power 25-yr Is A 1941 A -0 93
9458 9414
9434
94
99
Ontario Power N F lot 5s_ _ _1943 F - A __ 92
91 May'17
9034 941
Ontario Transmission 5s_ _1945 M-N 8-i 90
86 Sep '16
Pub Serv Corp N J gen 5s_1959 A - 0 87 Sale 87
8712 12 87 93
Tennessee Cop 1st cony 6s.._1925 M- N 90
93 June'18
8812 93
94
Wash Water Power lot Is...1939 J - J ____ 100 10312 Jan '14
Wilson & Co 1st 25-yr s f 6s_1941 A 10112 Sale 10138
10112 17 1003 10378
Manufacturing & Industrial
Am Ag Chem 1st c 5s
101
27 9912 10412
1928 A -0 10014 Salo 100
Cony deben 55
102
20 9934 105
1924 F - A 10112 Salo 1014
Am Cot Oil debenture Is...... 1931 M-N 93
9418 May'17 ___ 9214 9734
95
Am Hide L 1st s f g 6s_ ___1919 M- S 10112 102 102
102
9 102 10418
Amer Ice Secur deb g 6s._ _ _1925 A-0
_ - 100 Apr '17 --- 9712 10014
Am Thread lot coil tr 4s_ __ _1919 J - J 9578 Sale 9578
957s
2 967s 09,2
119 June'17
Am Tobacco 40-year g 65___1944 A -0 119 119 11912
Gold 4s
1951 F - A
g3-12 8312 Apr '17 ____ 8312 85
Am Writ Paper 1st s f 5s_
88
bidd
89
1919 J - J
88'4 18 8634 92
Baldw Loco Works lot 5s_ __1910 M-N
103 10312 May'17 ____ 10338 10414
Cent Leather 20-year g 5s .1925 A ___9078 Sale 9934
10014 53 9918 103
Consol Tobacco g 4s
81 Mar'17 --_- 81
1951 F - A
81
Corn Prod Ref s f g 5s
98
98 Apr '17 __ 98
99
1931 M-N 97
1st 25-year s 1 Is
90
1934 M-N 09 Sale 99
3 9612 994
Cuban-Am Sugar coil tr 6s__1918 A 10014 10038 1003s 10038
2 100 102
Distil Sec Con cony lot g Is 1927 A - 0 62 Sale 62
6514 63 59
70
E I du Pont Powder 4 As__ _1936 J -D
_ 10312 104 May'17 ____ 103 10413
General Baking 1st 25-yr 6s_1936 .1 -D ____ 90 8512 Afar'16
Gen Electric deb g 3%s__1942 F - A 7812 80
7812 June'17
78
8113
Debenture Is
102
9 100 1064
1952 M- 5 10112 Salo 10112
Ingersoll-Rand 1st 55
1935 J - J
---- 100 Oct '13
Int Agricul Corp 1st 20-yr 5s 1932 M-N 7212 75
75
76
12 7113 7913
Int Paper Co 1st con g 6s_ _ _1918 F - A 0912 10038 100
100
8 100 102
10018
_ _ 1004
Consol cony s f g 5s
1 9812 10012
1935 J - J 99
Liggett Sc Myers Tobac 7s_ _1944 A - 0 119 Sale 119
11912 18
0918
18
8% 124
6 19
9914
Is
9834 99
1951 F - A 98
Lorillard Co (P) 75
11818
7 117 128
1944 A - 0 116 11712 118
99
55
17 97 103
1951 F - A 98 Sale 9714
Mexican Petrol Ltd con Os A 1921 A - 0 3108 Salo 08
10812 31 10512 110
1st lien & ref 6s series C 1921 A - 0 108 -- _ _ 10834
10834
4 10512 16913
Nat Enam Sc Stpg 1st 5s
9912 99,2 June'17
98 102
1929 J -D 98
Nat Starch 20-yr deb 5s_ 1930 J - J 9118
92
_ _ 92
92
4 90
08
17
78 103
06
National Tube 1st Is
32 19
10012 ._
1952 M-N 100 Salo 100
N Y Air Brake 1st cony 68_ _1928 M -N 10358 106 10312 June'17
Railway Steel Spring—
Latrobe Plant 1st sr 53._ _1921 J - J 10018 10114 10018 May'17 --_ 10018 101
Interocean P 1st s f Is__ _ _1931 A - 0 9812 9912 9918 June'17 .--- 9812 9978
9818 98 May'17 -___ 98 101
Standard Milling 1st 55
1930 M- N
103
The Texas Co cony deb 6s_ _1931 J - J I0-2.3.; 103 10212
88 18
02
1314
2 18
03
611
8134 May'17
Union Bag Sc Paper 1st 5s__1930 J - J 8234 86
Stamped
1030 J - J 824 - - 8812 May'17 ___ 8812 9032
US Realty & I cony deb g Is 1924 J - J 50
g114 50 June'17 --_ 50
64
US Rubber 10-yr col In 6s_ _1918 J -D 10134 102 10134
102
24 10112 10438
1st Sc ref 5s series A
8712 Salo 87
88
153 80
9234
1947 J
US Smelt Ref Sc M cony 0.1926 F - A 10412 106 105 June'17
103 109
V-Car Chem 1st 15-yr 55...._1923 J -D 9712 Salo 9713
9712
7 9712 10034
Cony deb (is
10018 Sale 9934
1004 15 9914 103
e1924 A West Electric 1st 58 Dec_ ...._1922 J - J 9978 Sale 99.4 101
29 9978 10234
100
Westingh'se E St NI notes 58_1917 1 -0
_ 10018 100
5 100 10118
Coal Iron & Steel
Beth Steel 1st ext sfss
1926 - J
lot Sc ref 5s guar A
1942 M - N
Buff Sc Susq Irons f 55
1932 J -D
Debenture Is
a1926 M- S
Cahaba C M Co 1st gu 6s _.1922 J -,D
ColF&ICogenst5s
1943 F - A
Col Indus 1st Sc coil 5s gu. 1934 F - A
Cons Ind Coal Me 1st 5s__ _1935 J -D
Cons Coal of Md lst&ref 58_1950 J -D
Continental Coal lot g Is _1952 F - A
Gr Riv Coal& C 1st g 6s___h1019 A III Steel deb 440
1940 A Indiana Steel 1st 58
1952 M-N
Kan & C & C lat3f g 58_1951 - J
Lackaw Steel 1st g 55
1923 A 1st cons Is Series A
1950 M- S
Midvale Steel Sc0cony s f 5s1936 M- S
Pocah Con Collier lets f 5s_1957 J - J
Repub I Sc S 10-30-yr 58 s 1_1940 A St L Rock Mt Sc P55 stmpd_1955 J - J
Tenn Coal I Sc RR gen 5s_ _1951 J - J
U S Steel Corp—lcoup__ -51963 NI- N
SF 10-60-yr 5s reg
NI- N
Victor Fuel 1st s I Is
1953 J - J
Va Iron Coal&Coke 1st g 58_1949 M- S
Telegraph & Telephone
Am Telep Sc Tel coil tr 4s__ _1929 J - J
Convertible 4s
1936 M- S
20-yr convertible 4%s...... _1933 M- S
30-yr temp coil tr 5s
1946 J -D
Cent Dist Tel 1st 30-yr 5s. _1943 J -D
Commercial Cable 1st g 4s_ _2397 - J
Registered
2397 Q Cumb T dr T 1st dc gen 5s_....1937 J - J
Keystone Telephone let 5s_ _1935 J - J
Metropol Tel Sc Tel 1st s 15s 1918 M-N
Mich State Teleph 1st Is. _1924 F - A
N Y& NJ Telephone 58 g_ _1920 M-N
NY Telep let Sc gen 51 4%8_1939 NI- N
Pac Tel Sc Tel lot Is
1937 J - J
South Bell Tel & T 1st s f Is 1941 J - J
West Union colt tr cur 5s._ _1938 J Fd and real est g 4%s____1950 M-N
Mut Un Tel an ext 5s_ _ _1941 M-N
Northwest Tel gu 454s g..1931 J - J
101 Salo 100
101
29
9912 15
99
9938 99
9612 9638 Jan '17
00
91 Apr '17
---- 92
101 Dec '14
91 -9314 93 May'17
80
80
8012 80
73 Mar'14
-60 - -54 95 June'17
9938 Feb '14
8812 95 9414 Mar'16
87
88
8714 88
37
102
1015s Sale 101
24
99 July '15 _
99 -66-58 9934 10014 20
105 Sale 105
10714 424
9312 Sale 9314
04
75
9212 04
93 June'17
10018 80
10018 Sale 9912
86 Apr '17
87
85
—
101
101 101
4
1047 Sale 10434
10478 691
10434 May'17
80 Dec '16
- 75
89
87
8712
8712
9934 104
9812 102
0638 9632
91
9318
923 -5fl;
7712 81
-i)11.3 05
35
87
100
94
103%
-664 ion;
9312 10714
91
95
9212 9534
99 10114
8412 86
101 10318
10434 10718
10434 107
85
90
8778 Sale 87
15 87 9234
88
95 101
- 98
9534 June'17
100
100 lot 100
10 100 10634
9978 371 95 10178
9834 Sale 9812
10012 10112 10018
10112
5 100 103
- 73 Nov'16
71 May'16
73
69
98
96
984 98
1 95 lOPs
98 Apr '16
97
id6- 10113
_--9934 10018 100 May'17
____ 9858 9938 Apr '17
99 10113
- 10112 Jan '17
10112 10112
94 Sale 9378
944 30 934 10014
9612 9634 9634
10 9634 102
97
97 Sale 9612
20 9612 10134
98
98 Sale 08
9713 10352
98
9112 9212 02
25 92
03
99114
---- 1011 10112 May'17 — 10112 10112
94 N ov'l6
e Due May. g Due June. h Due July. k Due Aug. o Due Oct. p Due Nov.
Due Dee, a Option sale
BOSTON STOCK EXCHANGE-Stock Record seeB:telrpage
JUNE 16 1917.]
SHARE PRICES-NOT PER CENT UM PRICES.
Saturday
Monday
June 9. I June 11.
Tuesday
June 12.
Wednesday
June 13.
Thursday
June 14
Friday
June 15
Sales
of the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1
Lowest
2439
Range for Previous
Year 1916
Highest
Lowest
Highest
Railroads
27 Boston & Albany
15978 160 ._ _ _ 160
100 157 June15 175 Jan 11 172 Dec 198 Feb
15712 15712 15712 158 *155 15712 157 157
552 Boston Elevated
59
60
5914
60
60
60
5912 .59
6014 5912 60
100 59 June 6 79 Jan 19
6512 Apr
59
S813 Jan
30 Boston & Lowell
*106 109 *106 109
---- ---100 105 Jan 22 133 Mar22 119 Dec 145 Feb
106 106
106 107 *106 109
5 Boston & Maine
30
_--- ---30
30
30
*29
30
30
100 2812 June 6 45 Mar16
*29
*29
30
34 Aug
52 Feb
6 Boston & Providence
190 190
*190 197 *190 197 .190 195 *190 195
100 175 May22 213 Jan 30 200 Aug 23512 May
Last Sale 44 May 16
Boston Suburban Elec Cos
4
__
*____
4
412Feb
5 Jan
-- - - -Do pref
Last Sale 25 Mar'17
____
25 Mar 3 2712 Jan 24
3, Dec
4012 Feb
Last Sale 412 Nov'16
Boston & Wore Electric Cos_
*:::: -I- *:::: --.1-- *:::: --i4 Mar
512Jan
35
Sale
Last
June'17
35
Do pref
4515 July
*---- 35 *_ -- 35 *___
35 Mar23 38 Feb 5
42 Feb
35
Last Sale 150 May'17
Chic June fly & U 8 Y- _ _ 100 150 Jan 5 150 Jan 5 150 Oct 154 July
*150 -- -- *150
-- *150
- ____ .150 ____
Do pref
Last Sale 99 June'17
*100 104 *100 -- *100
99 June 6 108 Jan 27 10212 Apr 110 July
__ *100
12 Connecticut River
100 120 Junel2 140 Mar28 123 Sept 162 Feb
_ 125 *115 125
-120 125
51 Fitchburg pref
-5r
3 8 -tiiii
601s
- 1605
i1-8 *--100 8018 June 6 7812 Mar22
3 4 -(
-3-0
*60
61
6018 6018 *604 0112 604 16
694 Sept 87 Feb
100 Georgia Ry & Elec stampd100 123 June 6 133 Jan 17 122 Jan 13134 Dec
124 124
*---- 125 *12212 ___ *123 __ __ *123 124 *123 124
86 -- _ _ _ _
86
10 Do pref
100 83 June 2 921k Jan 9 x86 Jan
*83
85
*88
*83
87
_- - *86
94 Dec
1 Maine Central
100 98 Apr 9 10018 Mar 7
"ij.i"
-- 98
98
98 *---- -0-8
98 Sept 102 Jan
110 Mass Electric Cos
100
---3i4 -13-4
3 May 8
334 334 *-;5i4 91
*314 4
*334 4
512 Mar24
412 Dec
*334 4
834 Aug
2234 23
23
309 Do pref stamped
23
100 20 Apr 28 2712Jan 9
2212 23
2112 2212 *2134 23
*2134 23
26 Dec
44 Aug
36
3834 36
3534 36
28 N YN H & Hartford
36
100 33 May24 6214 Jan 2
36
7714 Jan
3578 37
36
364 37
50 Dec
Last Sale 103 Apr'17
N13rthceprinppNyew Hampshire-100 x100 Mar12 105 Apr 3
97 Jan 107 Sept
20Old
100 11614 Junel4 135 Jan 6 1344 Dec 157 Feb
-6- *1161-4 114- 11614 11614 11614 11614
Ho- 1-2-6- *:::: 1-2-0- iio" f23014
*28
2712 26
2712 *26
26 Rutland, prof
*26
100 2454 Feb 2 344 Feb 13
2612
20 May 3512 Dec
*26
30
3014 *26
12 Vermont & Massachusetta_100 102 May28 110 Jan 15 10012 Aug 125 Mar
102 102 *10012 105 *101 105
*101 105 *101 105
4934 4812 4834 -4834 483-4
206 West End Street
50 4634 June 6 5612 Mar17 z55 Sept 0712 Jan
*49
49
5014 494 4978 49
50
*81
06
6312 64
61
64
64
33 Do pref
84
100 63 June 6 74 Jan 6
65
69 July 88 Feb
65
*64
67
Miscellaneous
93
9312 9312 9234 0214 93
*924 93
140 Amer Agricul Chemical__ _100 84 Feb 14 9414 May 2
93
93
61 Apr 102 Nov
93
93
1013
4
10112
10134
10134
208 Do pref
10134 10134
100 9812 Feb 13 l031 Jan 27
9512 Mar 105 Dec
10134 10134 101 10134 101 10114
114
114
114 *114 112 *114
114
*114
112 .114
112
112
200 Amer Pneumatic Service 50
118 Apr 9
23 Jan 9
314 Apr
34 Dec
Last Sale 10 June'17 .
1012 *934 10
1012 *10
1012 *10
*10
Do pref.
7 Dec
50
814Jan 2 14 Mar 8
16 May
12212
12258
1_2_1_1_2 1_2_1_3_4
754 Amer Sugar Refining
12414 12614 1224 1245 *121 122 *12234 123
100 1051* Feb 3 12614 June 9 106 Apr 12514 Oct
119 119
11812 11914 11812 11812
381 Do pref
120 12034 11812 120
100 116 Mar 1 12112Jan 24 1144 Mar 124 Oct
1214 12178
12114 12134 12112 122
1,755 Amer Telep & Teleg
121 12178 12112 122
100 11638 May12 12814Jan 25 123 Dec 13112 Sept
*5612 57
3;5434 -ii...
57
75 American Woolen of Mass.100 40 Feb I 58 June 8
58
58
5712 5712 5612 5634 57
42 Aug
5634 Nov
9914 9934 9912 9934 297
557 Do pref
9934 10014 9934 10014 9934 100
97
100 944 Feb 3 10014 June 9
92 Jan 10152 Mar
____ *69
74
14
10
6 Am
7C1
6812 6812 69
*69
_ *69
70
popskeapgroM
69
f anufacturing-- :7
79 Nov
68 Jan
012r
uanY
en Az Lin
n
__
_
91
90
95
*91
95
*91
*91
95
*91 -(i
98 July 10114Feb
116 117
53 AtD
1 Gull
11334 11612 11134 11334 11212 11534 11312 11534 1113s 1-1-4 - 7,740
I S S Llnes-100 894 Feb 23 1211k Jan 22
27 Jan 14734 Dec
63
62
62
*6112 03
62
62
62
*6134 6212 *6138
62
prof
100 554Feb 9 68 Jan 4
42 Jan
724 Nov
*17
*164 171
280 Cuban Port Cement
18
1 17
10 1314 Feb 3 19 Jan 2
1534 1534 1534 16
*1512 16
w818 Apr
257s July
--1
9
*8
9 - ---- -001
812 812 .8
*8
812
838 838
East Boston
0
74 Apr 13 10 Jan 22
Land
134Jan
84 Dec
185
188
8
185
185
104 GeneralEdlson Electric lI1um
183 183
*183 185
183 185
100 180 June 7 226 Jan 4 225 Dec 250 • Mar
---- .16312 16412 16312 16418 16134 16212 *162 163 *162 163
Electric
100 15114 May 9 17014 Jan 16 1594 Apr 186 Oct
- -43
*100
101
*100
101
5
101
101
*100 101 *100 101
McElwain(W H) 1st pref _100 100 Feb 3 102 Jan 18
95 June 10212Sept
92
9134 9212 9134 94
"iii- IWI-4 2,39200 Massachusetts
pp
9212 9212 9238 9238 92
Gas Cos-100 87 Feb 3 10012 Mar23
79 Sept 10034 Nov
744 74
74
7412 *74
7334 74
*74
74
74
prof
*74
100 7334 Junel4 81 Mar30
7412
78 Sept 89 Feb
147
17Mergenthaler Linotype-100 144 June12 169 Jan 31 155 May 181 Nov
144 144 *144 147 *144
*143 148 *141 145
Last Sale 1i,?,- Islia:5T
4.178 ---- *178 ---- •178 -___
.17
Mexican Telephone
10
I Marl(' 1 ,(
11 4 May 5
214 Jan
14 Nov
26
____
---- ---- --MD
i
ss
o
issip
ppriefRiver Power 100 11 June15 11 June15
u 11
10 Dec
-19 Apr
*-_-_-_: 161-4
- Last dale 38 Feb'17
35 Nov 44 Feb
100 38 Jan 26 40 Jan 17
89 ;ii- -iti- "ii- WI *87
133
5 NeD
-8.
7i2 -17-1-2 88
89
wpEngpref
87
Cotton Yarn_._ _100 30 Jan 9 95 Mar26
87
2313 July 42 Dec
92
*92
*90 .--- *92 -- *92 __ 90
---- __50 Jan
100 60 Jan 10 92 June13
86 Dec
12 New England Telephone..100115 May12 1244 Mar10 12034 Dec 140 Mar
117 118
___
• __ 118
.____ 118
11612 1-1-61-2 _--_10 Nipe Bay Company
*133 135 *_-__ 133
133- iii- 130 130
130
100 130 June13 147 Jan 19 1021s Jan 165 Nov
415
91
94
*90 100
98 103
itit-ii iiii9512 9512 96
S
ap
coc
97
tip
am
Sp
tee
anly& C.-100 90 Apr 24 112 Jan 11 102 Dec 15514 Nov
Pullman
144 144
144 144
100 14112 May16 10814 Jan 25 15812 Apr 175 Oct
------------------54033
s
;Kis -ii- iiii8 IS- 3178 3234 *32
55 Punta Allegre Sugar
s 33
33
50 30 Feb 15 46 Jan 3
3512 Dec
59 Oct
15 9
*1412 1434 *1438 1478 *1438 1478 1412 1412 *1438 1478
R:e
itcte&
B
Button-Hole
10 14 Jan 25 18 Mar29
n-Hole
15 Feb
1612 May
152 15212 152 15312 i'5
154 15412 153 15314 15212 153
100 133 Feb 3 18278 Apr 16 125 Feb 177 Oct
.i- 16i66
6612
664 65
5
267
4 Torrington
6612
68
67
68
6612 67
*67
66
25 55. Feb 3 68 June 7
35 Jan
70 Nov
__
__
32
*30
32
40 Do pref
32
3134 32
32
32 .30
*30
25 29 Apr 9 35 May28
28 Jan
33 Mar
139 139
13714 13958 136 13714 136 13712 136 137
539 United Fruit
136- 1-37 100 1313s May 9 15512Jan 22 13612Jan 16834 Aug
5434 554 574 56
5634 6,165 United Shoe Mach Corp_ 25 50 Apr 20 5814 Jan 3
5512 5512 5514 5512 5412 5514 54
50 June 6312 May
2734 2814 28
2812 28
29
130 Do pref
284
28
28
28
28 .28
25 2712 Apr 18 304 Mar 8
31 Sept
2812 Jan
13138 13212 12934 13134 1294 1314 1324 1344 13278 13458 13038 133
8,403
orporation10
50 U D
Steel Corporation....
S6
_ 0 99's Feb 3 135 May28
7934 Mar 12958 Nov
117 117
pref
100 11612 May 9 121 Jan 27 11514 Feb 12234 Nov
1174 1173s 11614 1173s 1174 1174 11738 11778 ____ ____
714 738
74 • 74 74
74 714
7
7
718
6 Apr 10
64 678 2,426 Ventura Consol Oil Fields_ 5
65s Sept 13 Jan
878 Jan 28
Mining
312 *3
314 *3
314 314 .3
*234 312
314
318 318
125 Adventure Con
25
214 Apr 25
134 Feb
44 Jan 2
578 Dec
91 Aug 12512 Nov
104 10534 *10212 104
105 105
103 103
____ _ _
104 105
267 Ahmeek
25 91 Feb 3 108 Jan 2
5
5
5
54 *5
514
512 638
0
638
1,986 Alaska Gold
6
6
10 Dec
2612 Jan
.75 '0.60
.75
.75 4%60
Last Sale .60 June'17
*.60
.75 ..60
n
a1a
gg 111.
114 Jan
512 rfa
Algomalt Mining
212 Nov
34 May
*6512 66
6512 6578 x8238 6312 6218 63 1 6234 6234
6514 66
288 Allouez
56 Dec
25 58 Feb 3 70 Mar 8
8312 Nov
33
3312 3334 3112 33
3312 334 3334 33
3312 324 3312 1,260 Amer Zinc, Lead & Smelt_ 25 2812May 9 4114 Jan 28
2912 July 9738 Apr
*63
64
*133
6412 6318 6312
6412 *6312 64
*63
100 Do pref
25 63 June 7 73 Jan 3
60 July 8618 Nov
1412 1518 1412 1514 1438 1112 1412 1478 145s 1434 -iiis -141-2 4,865 Arizona Commercial
5 1033 Feb 3 1514 Junel I
758July
18 Nov
.70 '.60
65 .62
.65 '.65
.62
.65
.60 .60
10 .50 June15
.50 .60 2,160 Butte-Balaklava Copper
112 Aug
512 Feb
24
0
Jan
2
*4512 4612 4612 1612 *530 535 *530 535
10 Butte & Sup Cop (Ltd)
42 Dec 10514 Mar
10 3934 Feb 2 52 Jan 26
*8405'142 8
8012 81
8012 81
40
814 8112 8012 81
826 Calumet & Arizona
614 -io- "iii1-2
10 734 Feb 3 854 Jan 26
66 June 101 Nov
530
530
530
535
535 535
530 535
528 530
b5 Calumet & Heels
535 535
25 525 Feb 3 590 Feb 20 510 Dec 640 Nov
*18
19
*18
19
*18
1878 19
19
19
*18
50 Centennial
*18
19
25 18 Mayl 1 2714Jan 16
14 July 27 Nov
*0014 6134 *6012 61
61
6138 6138 25812 5878
61
110 Chino Copper
60
5 51 Apr 23 63 Mar 7
60
46 July 7358 Nov
62
634 8134 62
63
6214 63
62
6234 62
62
6234 1,130 Copper Range Cons Co
25 57 Feb 3 68 Jan 17
5412 July 8734 Nov
*134 212 *134 212
134 2
2
2
310 Daly-West
112 Apr 23
134
134
3 Jan 12
*134 2
20
2 July
378 Mar
64 678
638 634
04 658
61X4 612 4,151 Davis-Daly Conner
612 712
714 Jan 18
10 414 May 4
614 74
434 Dec
714 Dec
13
1312 1334 1312 1334 1312 1312 1258 1312 1212 13
1,605 East Butte Copper Min
13
10 1133 May 9 16 Jan 3
1112July 20 Nov
7
7
7
7
*7
712
7
*7
718
712
25
712
64 May15
330 Franklin
9 Mar 6
*7
6 June 1314 Nov
87
*87
90
87
8712 874 *85
88
100 78 Apr 23 92 Jan 17
87
90 Granby Consolidated
87
*85
87
79 July 120 Nov
4538 .45
46
*44
4514 4514 45
*4512 46
25 Greene Cananea
45
100 3934 Apr 23 4012 Jan 3
*45
3434 June 5514 Nov
4512
144
1412
1412
*11
.14
15
260 Hancock Consolidated
25 13 May10 2018 Jan 19
*1434 1512 1412 15
15
15
1012 June 2312 Nov
2
2
*214 238
2
2
214 *2
2
2
2
212
510 Indiana Mining
25
178 Feb 16
4 Mar22
2 July
612 Nov
75
7118 7012 7114 7112 7134 7134 7312 73
71
4,090 Island Creek Coal
1 58 Jan 2 75 June15
7112 72
42 Sept 7334 Dec
91
91
93
*9214
*6214
93
93
*9212
1 89 Feb 5 94 Apr 28
*9212 94
*9212 03
22 Do prat
88 Jan
9312 Dec
3238 3238 32
31
430 Isle Royale Copper
32
3112 3112 3114 3112 31
25 28 May10 36 Jan 18
32
32
25 July 43 Nov
412 412
412 412 *414 434
*112 434 *412 434
5
44 Apr 9
275 Kerr Lake
412 412
5 Feb 15
312 Mar
538 May
158 158
112 112 19
4 1%
*112 2
15s
210 Keweenaw Copper
15s *112 2
25
114 June 8
234 Feb
434 Jan 27
8 Apr
124 1212 13
13
1334 1314 1314
1312 13
1314 1314 13
25 11 Feb 2 18 Jan 2
278 Lake Copper Co
1912 Feb
914 July
38
3
34
314 314 *34 312 *34 3
*3
334
25
24 May16
400 La Salle Copper
3
3
314July
5 Jan 16
612 Nov
6
6
*512 6
*512 6
*558 6
*6
.10 Mason Valley Mine
614 *578 614
5
5 Feb 9
112 Aug
634 Mar30
9 Nov
131s 134 1314 1314 1338 .13
13
13
13
1314 13
1314 1,086 Mass Con.sol
25 1112 Feb 5 161* Jan 17
10 July
194 Nov
*25s
3
3
*234
*212 3
*234 3
Last Sale 278 June'17
25
Mayflower
134 Apr 20
2 July
312Jan 8
5 Feb
*318 312 *314 312 *3
34
50 Michigan
34 3
'
25
3 *3
112 Jan
54 Mar24
34 *3
214 Jan 10
314
434 Noy
9178 9212 9218 924 92
92
92
92
917.9 02
91
9212
622 Mohawk
25 77 Feb 3 98 Jan 3
7712 July 108 Nov
*253
26
8
• *2514 26
*2512 26
2634 *2513 26
*26
15 Nevada Consolidated
22414 2414
Feb 2 264 Mar 7
4
213
5
15
Jan
Nov
3312
3t8 314
312
318 314 *3
314
3
3
314 *3
312
575 New Arcadian Copper.... 25
3 May 2
8 Jan 2
434July
1014 Jan
1512 *15
1512 1512 1512 77. _2 _11_3_ _
*15
15
15
60 New ldrla Quicksilver
5 14 Jan 27 1712 Apr 3
9 July 24 Jan
26
27
__
27 *._- 27
27
125 New River Company
-26
100 22 Jan 25 30 Mar20
.i.2 1i"
20 Dec
3138 Nov
8712
10 Do pref
8712 8712 8712 *-_- _ 8712
100 78 Jan 24 9214 Mar20
77 Dec
9314 Nov
714 714
712 712 *733 712 *714 712 -'-.
7t2 712
235 NipissIng Mines
4June 4
5 71
834 Jan 2
6 Mar
-i
7
914 Nov
iz
12
19
1914 20
1914 19
1914 1813 19
1914 20
10,297 North Butte
1778 21
15 184 June15 2414 Mar28
20 July 324 Nov
*114
112
655 North Lake
234Jan 3
25 .90 Feb 18
158 18
.50 June
412Jan
18
138
*114
2
*112
112
2
*112
Last
1Ws
l14
*112 2
Sale 112*lJune'1172
112 May 4
25
Olibway Mining
272Jan 12
*112 2
118 July
278 Apr
Last Sale 3 June'17
*24 3
*2% 3
*212 3
*212 3
Old Colony
25
2 Apr 23
3 Jan 31
114 July
4 Jan
6312 6412 64
64
6312 6112 6312 01
64
64
26112 6112
Mar12
25 55 Feb 3 6734
870 Old Dominion Co
59 Dec
83 Nov
8812 90
8812 90
904 9018 90
*8914 9012 904 91
9014
284 Osceola
25 7812 Feb 3 95 Mar12
70 July 105 Nov
264 2738 2634 2734 9,524 Pond Creek Coal
2614 2078 2812 27
2614 2612 2612 27
10 174 Feb 3 2778 Mar21
1112 Mar 2334 Dec
8714 8714 _ 8678 8712 8658 875s
87
8612 8612 8634 8712 87
25 81 Apr 24 944 Feb 21
81 July 10912 Nov
381 Quincy
Last Sale 3038 June'17
*3012 31
*3038 3078 *3014 31
*3014 31
Ray Consolidated Copper_ 10 23 Feb I 3218 Apr 3
2034 June 3634 Nov
8212 8178 8212 82
82
8212 82
824 824 82
157 St Mary's Mineral Land_ 25 744 Feb 3 8934 Mar 6
82
82
6112Jan 110 Nov
*its
11
/
112 *112
8
*11
2112
118
/
112 *118
4
14
118
112
250 Santa Fe Gold & Copper__ 10
I Apr 14
2 Jan 2
114 July
378Jan
814 814
a
313 Sh nnon
712Feb 3 10 Jan 5
10
7 July
1212 Feb
84 84
54 838 *6
284 28'4
84
Last S8
*27
a1l2
e 2478812
28
*26
28
28
*26
May'17
Shattuck-Arizona
812
2134July 4038 Feb
10 247a Apr 25 3018 Mar10
*312 4
*312
4
Last Sale 4
*312 4
*312 4
25
3 May 9
June'17
814 Jan 2
South Lake
4 Aug
8'z Jan
012 012
934 034 *9
8 May15 1658 Mar 6
165 Superior
012 94 *9
10
25
934 *912 10
1212July 2812Jan
5
5
1,585 Superi
814Jan 8
43s May 5
or. 10
& Boston Copper_
1I Jan
5
834 Oct
513
5
515
5
514
51
7,,4st
... z
__ _ _
Sale 59725 Mar'51'7
4514
25 47 Feb 2 60 Jan 15
Tamarack
35 Aug
564 Jan
412 5
434 512 -434 - -1i1-2 -41.2 -13-4 --43.4 -13-4
458 434 1,226 Trinity
34 May18
8 Jan 4
25
1234Jan
414 July
4,114
138 *114 18
,4 *114 1.4
1% 114
13
4 13
11/, 114
4
1
410 Tuolumne Copper
I May12 214Jan 9
.15Jan
24 Dec
814 6134 6214 5934 61
61
6134 62
0112 0214 61
61
1,303 115 Smelt actin & Min
50 52 Feb 3 873g Jan 4
5418 Jan
8138 Nov
5034 5034 5012 51
5014 5018 5012 5012 5012 5014 5012 5034
50 4912 Apr 18 5212Jan 4
415 Do pref
49 Feb
5334 Apr
214 278
278 3
278 3
.
*278 3
3
234 3
1,015 Utah-Apex Mining
3
314 Jan 2
14 Mar28
5
278 Dec
54 Apr
16
164 1614 1634
1614 1634 164 1612 164 164 1612 1612 1,238 Utah Consolidated
5 1412 Apr 7 2112 Feb 20
1212 Jan
3012 Nov
*116 11612 *11558 11578 11534 116
11534 11534 11612 11612 *111 11112
110 Utah Copper Co
pri3
58j
l'la
1? 9: Febr A 11:3
75 June 12738 Nov
478
478 *434 478
*434 478
434 434
434 478 *434 478
205 Utah Metal &Tunnel
1112 Mar
514 Dec
*4
412 *414 44
412 *1
3
3
*44 412 *4
3 Victorla
25
34 Apr 23
8 Jan 2
412
234Jan
812 Nov
4
4
*314 4
3
312 *34 4 1
314 334 *314 4
101 W'inona
25
3 June12
558Jan 25
334 Mar
814 Nov
4112 4412 4112 45
44
4413, *44
44
44
45 I *41
25 40 Apr 24 5312 Mar 6
87 Wolverine
45
45 Oct
6712 Feb
Last
.99 '0.90
.99 *.90
Sale
...90
.90
1
May'17WYandott
.99 ..90
24 Jan 3
25 .87 May15
lls Aug
234 Feb
•Bid and asked prices. 1 Es-dividend and rights. 0 Assessment paid. b Es-rights. s Ea-dividend. is Half-paid
-.
2
2
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange June 9 to June 15, both inclusive:
Friday
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High. Week.
• Bonds-
US Meity Loan 33•45 1947 100
Am Agric Chem 5s__ _1924 100%
Am Tel & Tel coll 4s_ _1929
Convertible 4%s_ A933
5s temporary receipts_ ._ ..
Atl G de W I S8 L 5s_ 1959 78%
Chic June & U S Y 58_1940
Gt Nor-C B & Q 4s regis'21 _ ._ ....
Miss River Power 5s._1951 ......
N E Telephone 5s____1932 ._ _ ._
1934
._ ._
New River 5s.
Pond Creek Coal 6s._1923 111
Punta Alegre Sugar Os 1931 85
Swift & Co 1st 5s__1944 100
United Fruit 4%s _...1923 _ ._ ._
..1925
434s
U S Smelt R & M cony 6s
U S Steel Corp 55...1963
Western Tel de Tel 53_1932 96%
100
100%
88
99%
98%
78%
99%
95%
70
99%
803•5
109%
85
100
95%
95
10434
104%
05
100
100%
88
99%
99
79
99%
95%
70
99%
80%
111
85
100%
96
95
104%
104%
9634
Range since Jan. 1.
High.
Low.
100
100
87%
99%
98%
78
96%
95%
69
98
79
101
83
99%
95
95
103%
104
95
$1,000
7,400
9,000
2,400
28,500
11,000
4,000
22,000
1,500
11,000
20,000
58,000
1,000
23,000
5,000
1,000
14,000
1,000
13,500
June
Feb
May
June
May
May
May
June
May
May
Jan
Mar
May
May
May
May
Apr
May
June
100
104
92%
106
102
85%
102%
98%
78
102%
82
111
96
1023
98%
98%
109
106%
100%
June
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Feb
Mar
June
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Exchange from June 9 to June 15,
both inclusive, compiled from the official sales lists, is as
follows:
Stocks-
Bates
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
.Nt-MMNOWM C000§§§00000§
ONONNCOOOmu,pt..WW0.00WOMV.00Q0NM ,
-,C0t,
V0,
..-tc7,-10MWNN. 0000
00000
.
.-tmcOt..000=0,
.0
,4 CVMOMO.D.Mt.NO.1,-M=00C-,
SCISS
N N-CD.C."°
Wei
283 285
100
American Radiator_
Amer Shipbuilding........100 84% 78% 86
94% 95
100
Preferred
116 117
Booth Fisheries, com_ _100 116
91%
90
100 90
Preferred
Cal & Chic Canal de D_100
57% 57%
3% 3%
Chic Cy & C Ry pt sh com
25% 26
Preferred
5% 5%
Chicago Eley Ry common_
Chic Pneumatic Tool_ _100 '76;i 75% 78
15
17
Chic Rys part ctf "2"____
1% 1%
Chic Rys part ctf "4"_
203 203
Chicago Title & Trust_100
122 123
Commonw'th-Edison_ _100 122
121 122%
Cudahy Pack Co,com_100 121
100 99% 99% 09%
Deere & Co.pref
119 121
Diamond Match
100
65
65
Hartman Corporation_
77% 79
Illinois Brick
100 79
58
58
Kansas City Ry, pref cgs_
255 265
Linde Air Prod Co com___ 260
31%
Lindsay Light
29% 23
70 •
70
70
Middle West Util, pref
48
4834
Mitchell Motor Co
100 300
300 300
National Carbon
75
71
People's G L dc Coke_ _100
139% 133% 145
Prest-O-Lite Co, Inc
92
93
Pub Serv of N Ill, com_100 93
98
97
'
Preferred
100
Quaker Oats Co _ ._._100 ------300 300
107 108
100
Preferred
172 175%
Sears-Roebuck, corn__ _100 173
125 125
Preferred
100 101
Sefton Mfg Co, prof
_ ._
55
55
Shaw W W,corn
100
73% 75%
Stew Warn Speed com_100
100 152% 152% 154%
Swift & Co
100 202% 197 207
Union Carbide Co
17
15
17
Do Rights, w I
31
30
Unit Paper Board,com.100
116% 116%
Ward. Montg & Co, pref__
71% 73
Wilson & Co,corn
100 73
100 105% 105 106
Preferred
Bonds.
90% 92
Armour & Co 434s..1939
92
92
Booth Fisheries a f d 651926 92
1927 93% 93% 93%
Chicago Rys 55
6534 65% 66
Chic Rys 4s,Series "B"_
100% 100%
1923
Chicago Telep 5s
100 100%
Commonw-Edison 58_1943 100
97% 97%
Cudahy Pack 1st M 5s1946
65
65%
Metr W Side El ist 4s_1938
96% 96%
Peo G,L & C ref g 5s_1947
90% 90%
Pub Serv Co lst ref g 58'56
85
85
South Side Elev 4%5_1924
100 100%
Swift & Co 1st g 5s_ _1044 100
11
.1
.
ini Le 11113A
x Ex-dividend.
Range since Jan. 1.
Low.
b282%
39
x92
60
81
49
3
24
5
60
12
1
203
120g
mg
108%
113%
60
77
58
250
16%
65%
45%
295
68%
102
85
95
290
106
c163
124
100
50
72
132%
169
15
27%
115
58
102%
High.
Feb
June
Jan
Apr
Apr
Juno
Jan
Jan
Jan
Jung
Jan
Feb
Feb
Jan
Apr
Jan
Mar
Jan
Jan
Jan
Jan
June
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Mar
Jan
May
Apr
June
Jan
Jan
May
Mat
May
Feb
Apr
Jan
Feb
Mar
Jan
Feb
Mar
Feb
May
Apr
June
May
Feb
Feb
May
Apr
Apr
June
May
Feb
May
Apr
Jan
June
Feb
May
May
May
June
May
Apr
June
Feb
May
Feb
Feb
June
Feb
Mar
Jan
May
445
86
96
130
94
57%
4%
35%
7
78
25
2
220%
142%
129%
100
132%
7834
88%
66%
300
31%
78
53%
335
106
146%
114
102%
340
115
239
127%
101%
73
101
16534
210
16%
34%
117%
8434
107%
May
Feb
Apr
May
May
May
May
May
May
May
May
Apr
May
94% Jan
94% Feb
97% Jan
70% Jan
102% Fel'
103% Jar
100% Jar
70% Jar
102% Jar
96% Jar
89
Jar
Jar
102
103% Jar
90%
91
92%
65
99%
99%
97%
65
9434
89%
85
99%
innIA
b Ex-50% stock dividend. c Ex-25% stock dividend.
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from June 9
to June 15, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
'VOL. 10i.
THE CHRONICLE
2440
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
100 63
Alabama Co
First preferred ._ _ _100
Second preferred__ _ _100
Arundel Sand de Gravel 100
_
Atlantic Petroleum.
Baltimore Elec pref _ _ _ _50 4334
Baltimore Tube__ ._ ._100
100
Preferred
Chalmers Oil & Gas pref..5
Commercial Credit pf B.25
Consol Gas E L & Pow_100
Consolidation Coal._ _100 110
5
Cosden & Co..
13
Certificates
___
13
Cosden Gas certificates_ ._
5
Preferred .
4%
_
Certificates _
Davison Chemical_No par 35
Elkhorn Coal Corp ._ __50 38
50 46
Preferred
Houston Oil trust Ws_ 100
Preferred trust ctfs._100 6534
MtV-Woodb Mills v t r 100
100 68%
Preferred v t r
Northern Central _ _ _50
Pennsyl Vat & Power_100
50
United Ry de Elec
61
102
56
37
6%
43
96
100
2634
111
109
13
13
12%
4%
4%
35
35
44%
23
65
1734
68%
85
72%
29
63
102
56
37
6%
43%
96
100
3%
26%
114
110
13
13%
13%
4%
4%
36
38
46%
23
66%
18
69%
85
74
29
Range since Jan. 1.
Low.
36 49
5 75
8 50
15 34%
50
6%
20 43
125 90
80 100
3%
130
170 26
1,630 109%
571 100%
60 12
613 12%
1,135 12%
4%
100
1,942
652 34%
820 22%
293 44%
107 17%
195 60
399 13
124 60%
44 85
157 72%
161 27%
May
Jan
Mar
Apr
May
June
May
May
June
Feb
May
Feb
May
May
June
Apr
May
June
Feb
June
Mar
Mar
Mar
Mar
June
May
May
High.
64 June
102 June
56 June
39% Jan
Mar
46
Jan
123% Jan
109
Jan
4
Jan
2634 Jan
Jan
127
Jan
114
1834 Jan
13% June
13% June
535 Jan
May
4434 Jan
38
June
49
Mar
2335 Apr
67% Jan
19
Jan
72
Jan
89
Jan
Jan
84
35% Jan
Sales
Friday
Last Week's Range for
TVeek.
of Prices.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
Wash B & Annap._._
Preferred
_50
5
Wayland Oil & Gas
15%
40%
BondsAnacostia & Pot gu 5s 1949
ArundelSd & G 65small _'23
Atian de Charl 1st 5s_ _1944
Atian C L (Conn) ctfs 55...
Chicago Ry 1st 58._ ._1927 -93%
City & Suburban 1st 55.'22
Coal & Coke 1st 5s__ _1919 96
Consol Gas gen 4345._1954 - Consol GEL&P 4353-'35
101%
Notes
Consol Coal ref 5s____1930
Convertible 6s_ --1923
Cosden & Co 6s
-99%
Certificates
_
Cosden Gas 6s ctfs
10134
Elkhorn Coal Corp 05_1925
Elkhorn Fuel 5s ....._ _1918
Fair & Clarks Trac 55_1938
Georgia di, Ala cons 55_1945
Ga Sou de Florida 5s.._1945
G-B-S Brewing 1st 48_1951
Hagerstown & Fred 6s 1944
Kirby Lumber Cont 6s_'23
Md Electric Ry 1st 55_1931
• Morch dr Miners Trans 6s_
Minn St & St PC it 5s 1928 _ _
DJ°bon V Trac 5s _ _1942
Mt V-Woodb notes 6s_1918
Norf tle Ports Trac 55_1936
Pennsy W de P 5s_ ._ _1940
United Ry & E 4s
_1949 80%
Income 4s
1949 62%
Funding 5s
1936
_
Small
1936
Va Mid 5th ser 5s small_'26
Wash B & A 55 _
1.941
West Va de Pitts 4s.......
1534 1534
40% 42
3% 3%
64
115
25
99%
100%
98
97%
93%
10035
96
92%
90%
101%
93%
10534
99
99%
103
100%
104%
100 100
99% 99%
100 100
22% 2234
100 100
90% 99%
97
97
99
09
98% 99
92% 92%
100 100%
84
84
92% 92%
80% 80%
62% 63%
86
86
86
86
100% 100%
83
83
82
82
$2,000
300
1,000
1,000
5,000
1,000
3,000
7,000
7,000
6,000
2,000
3,000
1,000
12,000
28,000
10,000
4,000
2,000
11,000
1,000
3,000
2,500
.4,000
5,000
2,000
4,000
2,000
21,000
10,000
2,000
11,000
33,000
1,600
700
500
3,000
2,000
99%
100%
98
97%
9334
100%
96
92%
90
101%
93%
105%
99
98
101%
100
10434
Range since Jan. 1.
Low.
15% June
39 June
3% May
993%
10035
98
9734
91%
100%
9034
9134
88%
100
91
10234
96%
98
10134
99
100%
9934
98%
100
22%
99%
98%
0634
98
98%
91%
98%
84
92%
80%
62%
84
83
100%
82
82
Juno
June
June
June
May
June
Jan
May
May
May
May
May
May
June
June
Feb
Feb
May
June
June
June
Jan
May
June
May
June
June
Feb
June
May
May
June
May
May
June
June
June
High.
1534 June
42 June
Jan
5
100
100%
104
101
97
102%
97
9634
93%
10735
95%
110
109%
99%
104
101%
107%
10134
10334
102%
25
10034
100
100
103%
102%
96
100%
86%
95%
84%
67%
90
90
103%
88
82
Feb
June
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Mar
Mar
Jan
June
June
Jan
Jan
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
June
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
June
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from June 9
to June 15, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Sates
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
10 16%
American Sewer Pipe._100 -----1734 17%
425 45
54% 55%
Amer Wind Glass Mach100
190 95
100 108
100
Preferred
Sc
7c 2,550
7c
70
Cable Consol Mining..._ 1
150 43%
2548g 4934
Caney River Gas
355 53%
54% 54%
Citizens Traction
50
100 35%
Columbia Gas & Elec._100
4134 41%
3%
100
3% 3%
Consolidated Ice corn_ 50
20 5934
80
80
100
Crucible Steel com_
200 220
700
70c
Diana Mines
50 18
19
19
Federal St & Pleas Val__25 __ ._
700 300
1 '32o.- 320 • 320
Gold Bar Mines
305
135
134
1%
Independent Brewing_ __50 _ ._ _
1,495 71%
La Belie Iron Works- __100 11134 105% 116
310 90%
99
98
100 _ ._ _
Lone Star Gas
440 6234
Mfrs Light de Heat-... _50 6534 6534 6634
100 12
14% 15
Nat Fireproofing prof. 50 ._ .___
380 1734
19%
19
I
Ohio Fuel Oil
25 48% 48% 49% 1,185 4334
Ohio Fuel Supply
110 119
131 131
Osage & Oklahoma Co_100
95 35
37
37
Peoples Nat Gas dr Pipe_25 37
110
1%
2
1%
2
50
Pitts Brewing corn
670 10
10 log
50
Preferred
90 20,050
Sc
8c
8e
1
Pius Con M M & T..
65c 8,300 47c
600
Pitts-Jerome Copper__ __1 600
55c 3,500 40c
52c
Pitts& Mt Shasta Cop_ __1 52e
434
1,315
535 5%
534
100
Pitts 011 & Gas
138 118
Pittab Plate Glass.......100 ...._ _ .120 121
1,960 19%
Pure Oil common.....5 23% 23% 2334
150
16c 2,230 12c
15c
1
San Toy Mining
95 16834
172 172
Union Natural Gas__ _100 172
10 70
77
77
100
United Coal prof.
495 33
39%
39
_ _ _ _100 39
U S Glass _
102
380
134%
129%
corn
.
_100
Steel
Corp
US
225 112
Wesehouse Air 13rake_50 118% 11834 119
1,000 45%
54%
52
West'house Elec & Mfg_50 52
40 35
65
Westinghouse Machine_50 - _ . 65
Bonds101% 101% $1,000 101
Cent Dist Telep 55.. _1943
9934
1,500 99
99
Pitts Coal deb 5s_ ._ ...1931 99
May
May
May
Jan
Feb
June
Feb
Apr
Apr
Mar
May
Mar
June
Feb
Jan
May
May
May
Jan
Jan
Feb
Tune
May
Feb
May
May
May
Apr
Feb
May
May
Jan
May
Fob
May
May
Jan
High.
1934 Jan
62
Jan
124% Jan
11c Mar
Mar
50
Feb
55
47% Apr
4% Jan
83% June
Apr
1
Jan
20
48c
Jan
3% Jan
116 June
99% June
73% Apr
17% Jan
Jan
22
Jan
56
Apr
133
Feb
37
4% Jan
18% Jan
Jan
15c
1.55 Jan
1.20 Jan
17% Mar
Mar
135
25% Mar
21c May
Jan
185
77 June
39% June
136% May
15734 Feb
55% May
85 June
Jan
May 103
Jan 100% Max
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
June 9 to June 15, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks-
Sales
Friday
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
91
91
American Rys, pref.... _100
American Stores_ ...... no par 36% 36
3634
54% 55%
Buff & Susq Corp v t c_100
51
5134
100
Preferred v t c
44
44
50 44
Camoria Iron
160 163
50 160
Cambria Steel
51% 52
50
Catawissa, 1st prof
63%
62
Elea Storage Battery...100
350 350
Frankford de S'wark
50
61
60
General Asphalt, prof_ _100 61
Insurance Co of N A_ _10 26
2534 26 '
21%
Lake Superior Corp_ ....100 20% 20
50 7634 76% 77
Lehigh Navigation
50 6434 6434 65%
Lehigh Valley
25
25
10
Lit Brothers
Midvale Steel & Ord_ __ _50 63% 6334 66%
57% 5734
50
Mlnehill de S H
85
85
50
Northern Central
92% 92%
North Pennsylvania..
50
99
96
50
Pennsyl Salt Mfg
50 53% 52% 53%
Pennsylvania
50 34% 33% 34%
Phila Co (Pitts)
38% 38%
Pref (cumulative 6%)50
25 29% 29% 30%
Phila Electric
Phila Rap'Iran v t r.......50 29% 29% 30%
94% 100
Reading
50 97
42
42
2d preferred
50
4
4
Tono-Belmont Devel_ _1
434
8
261
92
55
64
43
161
10
185
170
9,204
251
81
100
410
25
14
1
210
1,550
603
10
1,202
2,385
3,423
25
2,597
Range since Jan. 1.
Low.
91
36
5434
49
43%
100
51%
58%
350
60
25%
15
75%
58
21
55
56%
85
92
92
51%
33
3734
29%
27%
84%
41
4
June
May
June
May
May
Feb
June
May
June
June
June
Feb
June
May
Jan
May
Jan
May
May
May
May
May
Apr
May
Apr
May
May
May
High.
98
37'
66
58
46
163
54
6734
350
70%
27%
24
85
79%
2534
07%
58
89
94
100
57%
4134
43
34%
34%
103%
45
434
Jan
May
Jan
Jan
Mar
June
Jan
Jan
June
Jan
Feb
Mar
Jan
Jan
Mar
June
May
Jan
Jan
June
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
JUNE 16 1917.1
TIIE CHRONICLE
2441
•
Friday
Friday
Sales
Sales
Last Week's Range for
Range since Jan. I.
Last Week's Range We
for
Rangeek
since Jan. 1.
.Sale
Sale.
Week.
of Prices.
of Prices.
Stocks (Conel'd)- Par. Price. Low. High. Shares.
Low.
Stocks Concl.- Par. Price. Low. High. Shares.
Low.
High.
High.
,
1
6
Tonopah Mining
6%
551
1% M
5%, Jan
ane
maz 38
un
7%
x 3J
7% Mar National Acme Co r--_50 3334 31% 3354 2,46_5 31
Conduit & Cable r (t)
42%
50 42
42
173 42
Union Traction
__
Apr 47% Jan IVat
3654 37% 23,000
50 78% 77% 79
United Gas Impt
4,365 76% May 9154 Mar N Y Shipbldg Corp-r(t)
44
250 .3634 Feb .473( Ma)
4554
Allotments
26
5
6% 12,500
28
May
• 5,033 2534 May 30 May North Am Pulp & Paper(t)
4
554
954 Jam
& Mach r_ _ -100 80
100 13134 1293-4 134% 42,491 9954 Feb 1343-4 May Poole
80
10 60
80
Jan 90
U S Steel CorP
Jar
Eng
c Motor Trk r (t)
Preferred
71
100
200 *62
117% 117%
72
80 116% May 12034 Jan Republi
Feb 75
Mas
Warwick Iron & Steel_ _ _10
1834 19
1,100 1654 Jan
70
9
9% Jan St Joseph Lead_ r_ _ _-10
Feb
934 9%
1954 Jar
Welsbach Co
13 41
95
100
43
145 9334 May 97
43
95
Jan 43 June Smith(AO)Corp pref r100
Jam
West Jersey & Sea Sh _50
23 4854 June 5354 Feb Smith & Terry Trans pf 100 1034
4834 4954
1054 10% 2,500
834 Mar
12 MaY
Wm Cmmp & Sons_ _ _ _100 8534 8534 5754
180 66
300
Apr Standard Mot Constr r -10
123-4 123-4
Feb 92
534 Jan 15
Are
Steel
Alloys
Corp
York Railways, pref_ _ _50 3734 3734 373-1
5
63-4
69-4 634 1,800
35 36
634 Jan
Jan
Feb 39
934 Jar
Submarine Boat_(no par) 329-4 31 .32% 32,700 1834 Feb 35
BondsMa3
US Liberty Loan 334* 1947 100 1-5 1001-5100 1-5 $2,000 100 1-5 June 100 1-5 June Todd Shipyards r_(no par)
85
85
50 77
Feb 87
Ma3
Triangle
Film
Corp v t c_5
Am Gas & El 5s small..2007
134
13-1
600 91% June 9734 Mar
9154 9234
234 24,800
354 Jar
134 Apr
Baldwin Locom 1st 5s 1940 102
102 102
1,000 102 June 10414 Jan United Motors r__(no par) 28% 26
June 49
2934 36,000 26
Jar
53% 634 2,140
r.._ 5
Consol Trao NJ 1st 5s 1932
100 10034 5,000 100 . June 102% Jan U S Aircraft Corp...r
6
5
May
634 June
Jan U S Light & Htg,com r_10
Elec & Peoples tr ON 48'45 79
1% 1%
80
79
18,000 78
630
June 84
131 June
2
Fel
Equit III Gas L 55_ _ _ _1928
10434 10434 3,000 104% June 107
5
454 5
6,800
Jan U S Steamship.10
434 Apr
631 Mal
Lake Superior Corp 551924
4,000 4654 June 5854 Mar World Film Corp'n v t o_5
X
4634 47
2,000
%
X
34 Apr
1
Jai
53/3
55% 61,000
Wright-Martin Aire r__(t)
5
Lehigh Coal & NayMay
1634
Jar
434
3 99%
1 20.000 9934 May 103
99%
1954
234 334 11,000
3%
Consol 4345
Jan Zinc Concentrating r.. _10
454 Jot
234 May
Former
Standard
99% 99% 14,000 99% June 103
(ill
Registered 43.45.. _ _1954
Mar
Subsidiaries
993-4 9934
Lehigh Valley reg 4-3451923
1,000 9954 June 10054 Feb
£1
1854 1854 1854 8,30b 16
Gen conso1430. _2003 96% 9654 9654 6,000 9654 May 102
Jan Angio-Amer Oil
Feb *19% Ma3
102% 102% 2,000 10234 Juno 10654 Jan Indiana Pipe Line
98
98
20 91
50
May 114
Lehigh Val Coal 1st 551933
Jar
105 105
100 100
10 100 June 106
1,000 105 June 110% Jan Northern Pipe Line_ _100
Pa & N Y Canal 5s_ _ _1939
Mai
Ohio
Oil.
_1919
10014 10054
360 360
Pennsylvania RR 5s_
25
10 333
Apr 435
1,000 10054 June 10034 Juno
Jas
1919
160 260 June 444
260 300
100 260
Registered 5s
1003.4 100% 2,000 100% June 10054 June Prairie Pipe Line
Jar
50 249
May 445
260 268
General 4345 ser A _1965 95% 95% 96
43,000 . 9514 June 9834 Aim Standard Oil (Cann_ _ -100 260
Jai
Standard
Oil of N J_ __ _100 ___
100 580
610 615
Consol 434s._ ._._ _1960 10254 10254 102%
May 800
5,000 102
Jai
May 107% Jan
120 270
9854 9854 5,000 98
Jan 345
P W & B ctfs 45____1921
Jai
May 99% Jan Standard 011 of N Y_ _ _100 -283- 276 290
Other 011 Stock.
90
Phila. Elec tr ctfs 45_ _1950
90
1,000 90
Jan 933-4 Jan
1966
100% 101
530 58c 23,900 45e June 58e JUIll
1 57c
1st (new) 55
68,000 100% May 102
AM' Allen 011_ r
small
1966
8,600 13c June 310 Fel
100% 101
do
15e 200
1 190
4,300 100% May 10211 May Amer Ventura Oil r
Reading gen 45
1997
1
9134 9134 7,000 91
2% 2% 7,800
234
23.4 Apr
434 Ap
Apr 9654 Jan Barnett Oil & Gas r
Consol
Mex Oil Corp__ _1 640
Spanish Am Iron 68_1927 101
1,100 550 June
101 101
1% Jai
6,000 101
590 64e
May 102% Mar
1927
Small bonds
101
101
12% 1354 2,400 113-4 May
100 100% Mar 102
5 12%
Apr Cosden & Co r
1854 Jai
United Rys gold tr Of 413'49
7234 5,000 70
72
2,600 115-4 May
123-1 135-4
Jan Cosden Oil& Gas com r_ _5 1254
1554 Jas
Apr 73
Certificates
U S Steel Corp 2d 5s._ 1963 104% 10454 10434
12% 12% 1354 2,400 1254 June 13% Jun
1,000 104% June 105% May
Preferred r
Welsbach Co 55
1930
98
98
12,000 97% Feb 9954 Jan
5
4% 4%
1,000
-5% Jar
434 May
----- Crosby Petrol (prospl) r 1 500
34e 570 27,850 28e May 570 Jun,
-- ----- --Elk Basin Petroleum r _ _ _5 1034
1034 1034 2,600
Ma
734 Jan
Elkland Oil & Gas r
1
54
%
% 8,700
% Apr
9-16 AD
Esmeralda 011 Corp r_ _ _ _1 1 13-16
154 23-4 174,500 70e Feb
Fel
3
Federal 011 r
5
534 55-4 4,500
554
454 Feb
634 Ma
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Houston Oil common r .100
200 17
22% 23
Feb 24
Ap
Internat Petroleum __ _ _11
DAILY, WEEKLY AND YEARLY.
2,200 11
133-4 13% 14
Jan 15% Ma
Kenoya 011
1 9-32
X 5-16 9.100
% May
X Jai
Keystone Con 011 Cor r 10
8A 8% 13,650
8%
534 Apr
834 Jun
1 Railroad, Stale, Mum.
Stocks.
Week ending
Knickerb-Wyo Pet pref r 10
954
9 June
99-4 934 3,450
934 Jun.
&T.,
& Foreign
June 15 1917.
U. S.
Merritt Oil Corp r
6,500 1134 Jan 3151 Ma
10 265-4 2636 27
Bonds.
Shares.
Par Value. 1
Bonds.
Bonds.
Metropolitan Petroleum 25
54 May
134 13-16 2% 82,500
454 Jai
Midwest Oil r
770 88c 24,000 550
1 780
Jan 880 Jun
$862,500
409,340 $37,012,000
Saturday
$265,500
Preferred r
1.00 1.02 2,400 860
1
Jan 1.10 Ma:
1,531,000
947,778 84,266,800
Monday
632,000
Nat Oil & Refg_r
5
3% 34 1,600
334
35-4 May
354 Ma;
720,583 65,434,300
1,350,000 1,147,000
Tuesday
$1,000 N Y-Oklahoma 011 r
%
%
% 1,100
1
% June
13.4 Ma
1,307,500
1,123,485 105,538,000
Wednesday
N Y & Texas 011r
461,500
1% 2
1,200 13-16 Jan
1%
1
Fel
3
1,137,000
884,591 81,273,600
Thursday
682,000
Oklahoma Oil oom r
834c
46,000
1
70
80
7c
May
160
Jo
1,,
290000 1,521,500
980,052 89,578,700,
Friday
Oklahoma Prod & Ref_..5 1076
15,100
834 May 1454 Jo
1054 11
Omar
Oil & Gas com_ _ _ _1 31e
300 33c 14,800 300 May 750
$463,103,40
Jo
0
5,065,829
$7,978,000
I
Total
$4,709,500
$1,000 Osage-Hominy Oil r
5
4,350
8%
714 Jan 1034 Ma
834 83-4
Pennsylvania Gasoline_.._1 9-16 9-16
% 3,200
June
134 Jo
Penn-Wyoming 011_ r _ _ _5
Week ending June 15.
8%
8
May
834 8% 4,050
8% Mn:
Jan. 1 to June 15.
Sales at
People's 011 r
1
%
1,200
% 1
1
Jun
% June
New York Stock
Rice Oil r
1916.
1917.
1
1 7-16
%
34 54,750
7-32 May
11-16 Fe
Exchange.
1917.
1916.
Sapulpa Refining r
5
9% 10% 3,500
8% May 12% Ma
Sequoyah Oil & Ref
5,065,829
2,818,127
1 1 5-16
1%
194 47,500
234 in:
13-4 Apr
Stocks-NO. shares--93,464,271
78,985,070 T
Sie
ncaa
.
laic
$463,103,400 $224,892,875 $8,470,505,730 $6,901,052,
rG
ou
rilg
thCa
tr
or_p r_ __ _(t) 3154 305-4 3334 3,200 2634 May 4034 Al
Par value
870
2,000
23
1,400
24
23
$1,500
22
May 26 Ma
Bank shares, par
$53,200
$146,600 Texas Nat'l Oil
1 420
28o 420
Bonds.
r
2,100 280 June 60c Jun
81.0001
,, United Western Oil r__ 1 420
Government bonds_ _ _
42c
$3,500
% 74,800 42c June
134 Ja
$386,000
State,mun..&c.,bonds.
$563•4'" Utah Petroleum (prosp't) 1 42c
4,709,500!
41c 47c 21,000 270 May 630
6,192,500
182,633,500
Ja
123,653,000 Victoria
Oil new stk r_10
15,962,000
7,978,000,
9
*8% 934 2,480 *8% June 11% Al
RR.and misc. bonds- 294,532,500
388,958,500 West States Petrol _ r_ _ _ _1
34 13,500
% May 1 3-18 At
34 13-16
5513,204,950Mining Stocks
$12,688,500 $22,158,000
Total bonds
$477,552,000
Acme Cop Hill Mines r_ 10
134 13-16 1% 21,300 13-16 June
1% Jun
Alaska-Brit Col Metal/3_1
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA
% 11,600
A
%
% Jan
34 Ma
AND
BALTIMORE STOCK EXCHANGES.
Alaska Mines Corp(no par) 13-16
34 11,660
;I
54 May
134 AP
_
Alaska Standard Cop r_.1 380
37c 39c 18,400
3-16 Jan 52c
Ap
Ariz Bingh Copper r
5
6%
5% 656 2,550
5% MaY
63-6 Jlin
Boston.
Philadelphia.
Arizona Copperfields r_1
Baltimore.
3-16 3-16 1,000
A May
14 in:
Week ending
Arizona United r
32e 320
1
3,000 32e May 55c Ma
Shares. .Bond Sales. Shares. BondSales.
June 15 1917.
Shares. BondSales. Atlanta Mines r
1 120 11340 1234c 19,500
934e Jan 20c
Ja
Atlas Copper r
11-16 11-16 1,200
% Apr
1
34 Ap
29,463
Saturday
85,100
5,541
$26,100
2,063
$29,700 Big Jim
X
10c 25-32
%
1,000
11-16
May
in:
134
29,7711
Monday
17,000
12,424
29,700
785
2% 3% 20,500
23,000 Big Ledge Copper Co_ _ _1
234
63-4 in
234 May
12,971'
52,500
Tuesday
11,006
38,600
2,085
12% 13
44,600 Bingham Mines
300
10 1234
135-4 Jun
954 Apr
18,019
42,700
Wednesday
17,552
88,100
Bisbee Cop M & Dev r_ __I
%
%
13,100
52,000
2,309
34
May
1% Fe
19,858
74,000
Thursday
17,421
56,000
1,316
Sc
8c
60,100 Booth r
1 8A c
3,000
7e May
I2c
Ja
19,937!
Friday
43,000
16,108
60c 63c 17,200 580
30,000 Boston & Montana Dev_ _5 60c
15,000
2,042
Apr 80e
Ja
Bradshaw Copper M r
1% 15-16 19-4 25,475
I
% May 111-16 in
130,019 5234,300
Total
Butte
12
50,0521 $253,500
12.
Cop
&
Zinc v t c---5
1274 7,900
10,600 $239,400
734 Feb
1434 Jut
Butte-Detrolt Cop & Z__ _1 9-16 7-16
% - 8,900
% Apr, *2
Js
Butte & N Y Copper_ ..1
114
13-4
400
234 Mt
134 Jan
New York "Curb" Market.-Below we give a record of Caledonia Mining
53e 57c 15,750 *48e
1 560
Jan
700 AI
Calumet & Jerome Cop r 1 1 11-16
1% 1% 28,500
231 is
134 Apr
the transactions in the outside security market from June 9 Canada
Copper Ltd
5
23.4 2 146 3
74,500
114 Feb
3 Jur
to June 15, both inclusive. It covers the week ending Fri- cash
Boy
73.40 8e 11,000
1
6c
Jan
15o Ms
Cerro Gordo Mines
2
1
2
100
day afternoon:
13-4 Jan
29-4 Ms
Coco River Mining r__ _1
114 1 7-16 134 4,050
1% Apr
13-{s Ma
Consol Arizona Smelt_ ...._5
23<4 23-16 234 27,000
Friday
Sales
134 Jan 2 11-16 Mt
Consolidated Cop Mines _5
611
634
6
Week ending June 15.
Last Week's Range for
9,432
3
Feb
7% Jut
Range since Jan. 1.
Consol-Homestead r
1 5-16
A
Sale.
% 3,200
of Prices
% June
34 Ms
Week
Cresson Con Gold M & M 1
Stocks4% 5% 12,200
534
Par. Price. Low. High. Shares.
4% June
734 Ja
Low.
High.
Crystal Copper Co
1-16
3-16
1
1%
1
10,500 66c Mar
1
134 Jut
Davis Daly
614 7
10
Aetna Explosives?(no par)
3%
1,000
3% 4
6
Mar
7
Jut
11,100
2
Apr
7% Eel/ Dundee Arizona Cop t_ _ _1
134 17-16 2,700
100 15
Preferred r
% May
134
1456 1556
29-4 Ja
600 1454 June 37
Feb Eastern Copper r
51e 550 15,700 510 June 55c Jun
1 550
92
9714 12,600 65
Air Reduction Co r(no par) 94
Mar
9734
JuneEmma Copper r
1 13-16 74,500
1 13-16
Amer & Brit Mfg com_100
7
8
54 May
214 is
300
5
Feb 12
Apr Ferber Copper_ r
61e 630 21,700 500 May 63/3 Jun
1 63c
4914 51
1,795 4734 may 57
Amer Int Corp $50 pd_100 51
Jan
_
First National Copper_ _5
2% 234
4
1.030
• 4%
2% Apr
334
Am Writing Paper corn 100
900
is
3 May
Fob
5A
(Mondale Min & Milling_ _ I
180 180
140 140
1,200 180 May 190 Ma
100
Atlantic Steel
50 126
Jan 147
Jan Globe-Dominion
7-16 7-16 2,500 5-16 May
Copper_l
13.4 2% 2,200
Boyd Motors r
X is
1% June
2% June Goldfield Consolidate
d_10 480
480 550
17
9,900 480 May *770 is
17
200 17 June
Brit-Amer Tob ord'Y---Z1
1934 Jan Goldfield Merger
r
17% 1734
1 634c
7c 12,200
6o
4%oMay 10e
Fe
£1
Ordinary bearer
200 1754 June 21
Jan Great Bend r
12,300 4340 May 110 ME
1
7140 8o
8c
102 106
Carbon Steel, corn r---100 103
650 85
May
Jan
109
Car Lt
Green Monster Min r_ _ _ _1 1 1-16 • 1
,
& power...
20,300
1
May
25
is
234
2%
134
2% 274 1,000
25-4 Feb
Apr
334
Hargraves
13e
13c 15,000 lie May 250 - MI
13c
1
113-4 1234 12,965 10
Carwen Steel Tool
10 1154
Feb 14
Mar Heoia Mining
250
33
70 Feb
Central Foundry com r 100 35
363-4 17,200 1634 Mar
83<4 8 7-16 8 13-16 5,645
8% Jur
June Howe Sound
363-4
1,500
100 5556 523-4 57
1
534 55%
Preferred _r
53-4 June
85-4 is
11,600 35
Feb 57 June Hudson Bay
8% 9% 6,700
Mines..5
Charcoal Iron of Am_ _ _10
134 1 3-16 19-4 9,900 11-16 May
134 Jur
6% Apr
9% Juno InternationalZino
Mines r.. _ _1
8c
8c
100
Chevrolet Motor
1,000
Sc
8o Mar
4,850 88
9c Fe
94 102
Feb 146
Jan
Iron Blossom r
Curtiss Aerop & M com (t) 4234 3434 43
1
10c
7,525
Apr
930
is
134
13,500 16
134
Feb 43
June Jerome Verde Cop
Eastern Aniline & Chem r 5
1% 1% 58,000 1 9-16 May
1
t
1%
3
MI
53's 6,400
43.4
5%
43-4 Juno
534 JuneJim Butlerr
730 78c
Elite Plan Stores_ r_
750
1
4,750
Mar
69e
880
Ms
54 13,000
1-16 Jnne
50c 1-16 1-16
15-16 AV Josevig-Kennecott Cop--1
Emerson Phonograph- _ _ _5
7
34
% 5,700
%
34 May
8%
1,045
34 Al
6
7
May
Everett Heaney & Co r.20 2231 223-1 233<4 6,200 2034 Apr 1334 Jan Jumbo Extension
35c 390
1 35*
7,200 36e May 490 MI
2334 June Kerr Lake
Hall Switch & Signal r-100
734 754
5
4%
7-16
300
Apr
4
434
5
Fe
1,100 *5
May
8 June Kewanus r
150 150
Preferred r
1
1,000 1234/3 May 25e Fe
200 1334 Apr
100
1734 17%
1954 Mar La Rose Consol Mines _5
Ilask & Bark Car-(no par) 39
ii 7-16 25,000
% May
34 Mi
40% 1,295 38 May 45
39
Mar
Loma Priers Cons Mines.1
100
1
1
HollySug Corp com(no par)
1
Feb
1% MI
125 40
42A 44
Feb 50
Jan Louisiana Consol
10.3
Intercontinental Rubb _100
1% 11-16 1% 104,900 80o
Feb
134 Jut
400 103<4 May 13
117-4 12
Jan Magma Chief r
440
1 44e
Internal Trading Corp r_i
% 3,845 7-16 May
34 is
%
% 7-16 5,800
34 June
May
54
Magma Copper
Preferred r
900 40
5
Jan 5934 MI
4434 48
1
1 1 1-16 3,600
1
1
Apr
I% May Magmatic Copper r.....100
230
Keyst Tire & Rub corn -10
2,750 190 Mar 35o .11
20o 230
17
500 13
Feb 18
1734
Mar
Lake Torpedo I3o't com..10
1 15-16
74 15-16 19,500 750 Apr
1
Ito
500
634 May 103-4 Feb Magnate Copper
8%
8
Marsh Mining r
Manhattan Transit ._ . _20
17o
1
16c 19e 27,800
90
Jan 230 Al
%
%
% 3,900
54 Feb
1
Mar Mason Valley
5
Marconi \Viral Tel of Arn_5
5
63-4
Feb
574 634 4,900
7
it
500
234
Juno
23-4
3
234
Jan
MoKinley-Darragh-Sav _ 1
Marlin Arms v to (no par)
1,600 46o
50e 530
Apr 57c Fe
95
100 *47
Jan 101
95
Feb
Copper r
Maxim Munitions r... _10
1
Apr
19-1 Jut
134 1 3-16 134 20,500 90o
2
176 234 31,500
154 May 434 Feb Milford
Minim On of Ameries_
III
1 13-16 2
6,400
1% June
234 Js
1454
Volume of Business at Stock Exchanges
34
[VOL. 104.
THE CHRONICLE
44,'Z
Sales
Friday
Last Week's Range for
Week
of Prices
Sale
Mining (Concluded)Par. Price. Low. High. Shares.
Week ending June 15.
1
% 6,300
•
Mohican Copper r
200
2
35
35
Mojave Tungsten r
X 46,450
7-32
3-16
1
r
Chief
Monster
% 2,400
%
Montana Consolidated r 1
2735c 290 21,900
28e
1
Mother Lode r
4,300
1
7
1
Nancy Hanks-Montana r 1
14c 160 38,400
150
_ ._ 1
National Leasing_ r
12,400
65c
60c
630
_1
r_
Lead
&
Zinc
National
% 15,100
1
Newray Mines Ltd r
7-16
)5 21,900
1
N Y Zino r
600
1%
1%
1
NIcklas Mining
7% 7% 1,100
735
5
Nipissing Mines
1% 213,900
Ohio Copper new w 1 r 1 1 11-16
37c 420 57,600
r 40c
Portland Cons Cop
600
3% 4
5
Ray Hercules r
% 1 7-16 28,800
1 *15-16
Red Warrior r
1,600
53c 55c
1 55c
Richmond Copper r
52c 55c 13,600
53c
1
Rochester Mines
1 1 5-16 1 5-16 1 5-16 4,300
Sagamore M Co r
% 3,000
1 5-16 5-16
Santa Rita Devel r
2,500
1 1635c 16c 17c
San Toy Mining
11
2,200
10
par)
(no
._
.
Copper
Seneca
1% 1% 8,850
1
13%
Senorito Copper
Silver King of Arizona__ _1 3-16 5-32 3-16 10,100
1,675
3% 4%
4
Silver KingCons ofUtah r 1
2,500
10% 11
1
103.1
Silver Pick Cons r
% 1,700
Standard Silver-Lead_ _A 11-16 13-32
37c 41c 11,300
1 38c
Success Mining r
2,100
13%
1
I%
Superior Cop (ProsP't) (1)
170
4 41-16
Tono-Belmont Devel r ._1
1,175
2% 23%
Tonopah Extension Min_l
X 5-16 4,300
5
Tr -Bullion S & D
250 290 13,000
Troy-Arizona Cop Co r__1 26c
% 6,600
United Copper Mining_1 13-16 13-16
4% 4% 2.900
1
United Eastern
22c
7,600
20c
20c
United Magma Mines
% 23,800
•
United Mines of Arizona_l 9-16
16,850
20o 22o
1 21c
U S Tungsten_ r
4034 3,700
United Verde Exten r_ _50c 395% 39
800
4% 531
5
(no par)
United Zino
830
3%
334
5
Mines
Unity Gold
3% 33-16 6,500
33%
1
Utah Nat Mines r
6,600
64c 680
West End Consolidated_ _5 660
17-16 135 1,000
White Caps Mining__ _10e
% 1,000
•
White Cross Copper r__ _1
29c
28c 3213 24,700
1
Yerrington Mt Cop
Bonds9235 92% 9335 108,000
Amer Smelting 58 r
15,000
9734 98
Atl dz Charlotte A L be r '44
Beth Steel 5% notes....1919 9834 9834 98% 116,000
55
16,500
53
Cons'd Ariz Smelt 518_1939
10234 10235 5,000
Cosden Oil & Gas 6s r 1919
8135 8334 76,000
Russian Govt 635s..__1919 82
73% 86,000
71
1921 72
6315
973. 97% 12,000
Southern fly 5% notes1919
Range since/an. 1.
High.
Low.
May
X Apr
)4 May
% June
26c May
Feb
80o
14c June
450 May
% May
3% Apr
Apr
1
May
7
% Feb
330 June
3% May
% Apr
53c June
Apr
500
Apr
81c
3-16 May
113%c May
894 May
Apr
1
34 May
37% Apr
100 Mar
% Feb
Feb
33o
May
1
May
4
May
2
6,f,4 May
200 June
13-16 Apr
394 May
20c June
% Apr
Feb
*18o
337% Feb
494 Feb
27% Jan
650 Apr
620 Apr
Jan
34c
X May
210 Feb
90
3
95%
973%
45
100
7934
71
9731
13% Mar
13% Jan
34 Jan
% June
Jan
460
13% Apr
210 May
700 May
135 Jan
% Apr
MAY
2
87% Jan
13% June
13% Apr
Jan
5
1 9-16 Feb
May
1
724.1 May
1 5-16May
94 Jan
20c May
Jan
16
May
2
13-16 Jan
43% Feb
Jan
26c
% Jan
Jan
60c
13% June
4% Jan
45% Feb
34 Jan
62e Mar
15-16 May
53% Jan
Apr
57o
1% Jan
Jan
26e
4135 June
Mar
6
33% Jan
3 5-16 May
Apr
840
234 Mar
% Jan
600 Mar
May 1003% Jan
Mar
May 100
May 983% Feb
Jan
Apr 62
Apr 1103% Jan
May 983% Jan
June 9494 Jan
Feb
June 99
• Odd lots. t No par value. I Listed as a prospect. I Listed on the Stock Exchange this week, where additional transactions will be found. o New stook. rUnlisted. u Ex-cash and stock dividends. to When issued. z Ex-dividend. y Exrights. 2 Ex-stock dividend.
CURRENT NOTICE.
-E. W. Wagner & Co. of Chicago have absorbed the business of Renskorf, Lyon & Co. of 33 New Street, this city, and will continue as their
successors in the same offices. Renskorf, Lyon & Co. had been members
of the New York Stock Exchange since 1908, and during that period E. W.
Wagner & Co., also members of the New York Stock Exchange, were
their Chicago correspondents. Harry Renskorf, Walter Lyon and Thous
Munds will make E. W. Wagner & Co.'s Now York offices their headquarters.
-The public utility firm of John Nickerson Jr., 61 Broadway, this city,
Boston and St. Louis, offer and recommend the first mortgage 6% bonds of
income yield and
a public utility operating company with an excellent
interest payable without deduction for the normal Federal income tax.
Price and descriptive circular upon request.
-The municipal bond house of William R. Compton Co., 14 Wall St.,
this city, are advertising an attractive list of high-grade municipal bonds
which are exempt from Federal tax and are legal savings bank investments.
Complete June list upon request. Send for circular. See to-day's advertisement in the "Chronicle" for general particulars.
-A Chicagoan was made President of the Financial Advertisers' Association at its convention at St. Louis. Guy W. Cooke of the First National
Bank of Chicago is the new head of the organization. F. 0. Birney of
tho Chicago Savings Bank & Trust Co. was elected a director.
-Keyes, Haviland & Co., 66 Broadway, New York, have issued a
circular describing in detail the business, properties, &c., of the Carbon
Steel Co.
New York City Banks and Trust Companies
New Yol k City Realty and Surety Companies
Bid
Alliance R'ty 70
Amer Surety 125
240
Bond & M
Casualty Co
City Invest g 13
Prsterred
58
Ask
77
130
250
-1-6
65
Bid
Lawyers MIS 135
Mtge Bond.. 98
Nat Surety.. 222
N Y Title &
88
Mtge
Ask
140
103
227
93
Bid
Realty Assoc
(Brooklyn) 90
US Casualty 200
USTitieGdc I
Was & Bronx
Title &M (3 165
95
15
175
Quotations for Sundry Securities
All bond prices are **and Interest- except where marked "f".
RR. Equipments-PerCt,Basis
Standard 011 Stocks Pe rShare
Bid, Ask.
Par Bid. Ask.
4.95 4.65
Lnglo-American Oil new.. £1 .1812 19 Baltimore & Ohio 435s
100 910 930 Buff Koch & Pittsuurgh 4358 5.00 4.80
Ltiantic Refining
5.00 4.80
45
Equipment
440
410
100
Co
sorne-Scrytnser
5.25 5.00
50 .95 99 Canadian Pacific 431s
suckeye Pipe Line Co_
)hesebrough Mfg new......I00 390 410 Caro Clincistield & Ohio Is.... 5.75 5.00
5.25 5.00
100 50 70 Central of Georgia 55
)olonial Oil
5.25 5,00
Equipment 435s
100 490 510
)ontinental 011
5.50 5.00
;reseent Pipe Line Co. 50 .37 39 Chicago & Alton 4s
;timberland Pipe Line_ _100 155 165 Chicago & Eastern III 5345.... 0.00 5.50
6.00 5.50
Equipment 435s
,hiteka Pipe Line Co_ _ _100 205 215
5.25 4.90
laiena-Signal Oil com_ _100 150 153 Chic Ind & Loutsv 435s
4.95 4.75
100 139 142 Chic St Louis & N 05s
Preferred
4.90 4.60
100 214 218 Chicago & N W 434s
ilinois Pipe Line
6.00 5.25
ndiana Pipe Line Co...._,_ 50 95 99 Chicago R I & Pao 435s
5.25 5.00
55._
Southern
nternational Petroleum. £1 *13 1312 Colorado &
5.35 5.00
fational Transit Co_ 12.50 11.6 16 Erie 5s
5.35 5.00
Equipment 43%s
few York Transit Co_ _100 190 195
5.35 5.00
Equipment 4s
forthern Pipe Line Co_ _100 96 100
5.15 4.90
25 353 358 Hocking Valley 48
)hio Oil Co
5.15 4.90
Equipment Is
25 1045 50
'enn-Mex Fuel Co
4.90 4.70
lerce 011 Corporation__ 25 *1214 1234 Illinois Central Is
4.90 4.65
Equipment 434s
100 490 510
'rattle 011 & Gas
100 258 263 Kanawha & Michigan 435s__ 5.20 4.90
'rairie Pipe Line
100 330 345 Louisville & Nashville 5s_ _ _ .. 4.90 4.65
Solar Refining
Southern Pipe Line Co...100 190 195 Minn StP &SSM 4%s_._._ 5.00 4.80
100 280 285 Missouri Kansas & Texas 58_ 6.00 5.10
South Penn Oil
5.90 5.00
Southwest Pa Pipe Lines_100 109 112 Missouri Pacific bs
5.30 5.00
Standard Oil (California) 100 258 262 Mobile dr Ohio Is
5.20 4.90
Equipment 435s
Standard 011 (Indiana)....100 750 760
Standard Oil (Kansas)___100 450 475 New York Central Lines Is.... 5.15 4 85
5.15 4.85
Equipment 4355
Standard Oil (Kentucky)100 345 355
5.10 4.90
Standard 011 (Nebraska) 100 510 520 N Y Ontario & West 435s
4.90 4.50
_
_
._
435s
Western
&
Norfolk
Standard 011 of New Jer_100 605 610
4.80 4.50
Equipment 4s
Standard 011 of New Y'k 100 284 287
4.88 4.50
100 425 445 Pennsylvania RR 431s
Standard 011 (Ohlo)
4.88 4.51
Equipment 48
100 100 110
Swan& Finch
Union Tank Line Co__ _100 92 94 St Louis Iron Mt & Sou Is,.. 5.75 5.00
100 350 360 St Louis &San Francisco Is. 6.00 5.00
Vacuum Oil
5.35 5.00
10 .30 34 Seaboard Air Line Is
Washington 011 _
5.35 5.00
Equipment 434s
Per Cent.
Bonds.
4.95 4.70
Pierce 011 Corp cony 68_19241 82 84 Southern Pacific Co 4348
5.15 4.80
Southern Railway 4358
Ordnance Stocks-Per Share.
5.30 5.01
tetna Explosives prof.._100 15 17 Toledo & Ohio Central 4s_
12
8
&
100
Mfg
British
tmerican
Tobacco Stocks-Per Share.
100 20 30
Preferred
Par Bid. Ask,
ttlas Powder common--100 149 154
Cigar common_100 108 112
American
102
100
100
Preferred
100 95 100
Preferred
100 128 132
3abcock & Wilcox
3flas (E W)Co common_ 50 *515 545 Amer Machine & Fdry_ _100 80 90
.17 19
ord_LI
Tobao
British-Amer
83
50 *75
Preferred
Li •18 20
Ordinary, bearer
3uffalo Copper & Brass
100 250 300
Danada Fdys & Forgings_100 125 160 Conley Foil
130
Danadian Explosives com 100 ___-___ Johnson Tin Foil & Met _100 100 215
MaoAndrews & Forbes..100 205
100
Preferred
103
98
100
Preferred
105
101
Darbon Steel common....-100
100 90 95 Reynolds(R J) Tobacco_100 600 550
1st preferred
100 110 115
Preferred
100 84 68
2d preferred
100 160 175
Young (J S) Co
Dolt's Patent Fire Arms
100 105 110
Preferred
100 109 111
Mfg
Nemours
de
I)
luPont(E
Short-Term Notes-Per Cent.
100 253 257
& Co common
100
Debenture stock
Cot Oil Is 1917_M&N 9978 10014
Amer
53
50
Empire Steel & Iron com_100
100 92 9412 Amer Locom 5s July '17_J-J 097810014
Preferred
Amer Tel & Tel 4358 1918... 9038 9974
100 238 242
Uercules Powder com
100 116 119 Beth Steel Is 1919_ _ F&A 15 98 981,
Preferred
8 Canadian Pao Os 1924-M&S 2 1011 1013.
4
Fiopkins & Allen Arms_ _100
100 3() 40 Chic & West Ind Is'17.1kl&S 99 991;
Preferred
A-0 97 9714
____ Erie RR Is 1919
Milliken Bros preferred 100 _
files-Bement-Pond com_100 163 - 167 General Rubber Is 1918.J&D 98 981:
99781001/
1917.1M-N
Hocking
Is
Valley
100
Preferred
Penn Seaboard Steel (no par) 47 52 Int Harv Is Feb 15 '18_ F-A 997810031
J&J 9812 9914
100 300 310 K C Rys 534s 1918
?helps Dodge & Co
icovill Manufacturing_ 100 650 660 K C Term fly 434s'18_M&N 9812100
J&J 9712 99
435s 1921
50 20 40
Thomas Iron
9812 9912
Winchester Repeat Arms.100 900 1000 Laclede Gas L Is 1919_ _178cA 0918
41932
1918
5s
Cent
Woodward Iron
100 60 68 Mich
Morgan&Wright 58 Dee 1 '18 1001810012
Public Utilities
N Y Central 435s_May 1918 998 9912
Amer Gas 3c Elec corn.- 50 *119 121
50 •48 60 NY N H & H 5s_Apr 15 1918 06 961:
Preferred
Penn Co 4%s 1921_ _ J&D 15 9811 9834
inter Lt & Trac corn_ _ 100 329 331
110 112 Pub Ser Corp NJ Is '19.11t&S 9812 991
100
Preferred
tmer Power AC Lt corn-- _100 66 68 Rein Arms U.ltI.C.53'19F&A 77 80
100 87 89 Southern fly Is 1919_ .111-9 2 9718 9734
Preferred
United Fruit 55 1918_ ..11-N 993410015
kmer Public Utilities com100 28 32
100 59 62 Utah See Corp 6s'22.M-S II 9212 94
Preferred
974
Dales Service Co com__ _100 280 283 Winches RepArms5s18.M3cS 9512
New York City Notes100 84 85
Preferred
1001810034
7.4om'svIth Pow fly & L_100 49 50 Os Sept 11017
Canadian Govt. Notes100 75 77
Preferred
F&A 9931100
Ilec Bond & Share pref_ _100, d98 100 55 Aug 11017
,
31 Paso Eleo Co corn_ _ _ _ 1001 MI 107
Industrial
12
10
..'ederal Light & Traction.100
and Miscellaneous
100 39 43
Preferred
3alv-Hous Elea Co pret_100 - - - - 75
100 329 335
3reat West Pow 5s 1946.J&J 84 85 American Brass
American Chicle com__ _ _100 42 44
9 10
gississippt My Pow cotn_100
100 67 73
Preferred
34
100 31
Preferred
First Mtge Is 195I___J&J 69 70 Am Graphophono com_ _100 90 92
100 101 105
Preferred
forth'n States Pow com_100 96 98
100 136 138
100 97 9812 American Hardware
Preferred
forth Texas Eleo Co pre( 100 79 83 Amer Typefounders com_100 3812 40
100 87 30
Preferred
'aciflo Gas & Eleo com_ _100 5812 5912
100 8912 9012 Borden's Cenci Milk com_100 10312 105
1st preferred
100 102 104
Preferred
'uget Sd Tr L & P com_100 22 25
100 180 190
100 70 73 Celluloid Company
Preferred
2
1
lepublie fly & Light_ .. _ -100 36 38 Havana Tobacco Co- _ _ _100
6
3
Preferred
100
100 66 68
Preferred
55
Juno
1
Is
J50
_J-D
g
1922_
let
89
South Calif Edlson com_ _100 87
12
Intercontinen Rubb 0010_100 11
100 103 106
Preferred
Southwest Pow & L Prei-100 (195 100 Internat Banking Co_ __ _100 160 _ .
ii
i
55
Salt
100
International
Standard Gas & El (Del)- 50 *1112 1212
A-0 76 7811
1st gold Is 1951
50 .37 38
Preferred
.100 100 103
512 612 International Silver prof.
Tennessee fly L SE P corn 100
100 25 27 Lehigh Valley Coal Sales_ 50•x78 83
Preferred
9 Otis Elevator common_._100 55 59
1Jolted Gas &Eleo Corp_100, 5
100 84 86
Preferred
1001 62 66
1st preferred
100, 6 10 Remington Typewriter2d preferred
100 13
1311
Common
United Lt St Rys corn.. ....too 38 40
100 70 73
1st preferred
1001 69 71
1st preferred
100 43 45
2(1 preferred
Western Power common_1001 1412 16
100, 54 57 Royal Baking Pow corn..100 147 152
Preferred
100 100 102
Preferred
I
Ask
Ask Trust Co's. Bid
Bid
Banks.
New York
340
Manhattan • 330
450
255 Bankers Tr_ 440
Mark & Fult
i - 305 Sway Trust 158 165
Mech de Met 6i
785
CentralTrust 775
Merchants _ 245
293
300 Columbia I _ 290
Metropolis*. 275
190 Commercial_ 100
Metroporn • 180
360
- Empire ___ 290
Mutual. _
365
- - Equitable Tr 358
225
215
New Neth• . 375460
New YorkCo 400Farm L Tr 445
4.11- Fidelity ____ 208 215
New York . 405
275
260
Fulton _
270
Pacific •__
435
475 Guaranty Tr 425
425
Park
145
220
Hudson ...__ 138
People's• _ 200
115
Law Tit& Tr 110
198
Prod Exch•., 188
103
240 Lincoln Tr_ _
Public *__. 230
Metropolitan 316- 395
Seaboard _. 455
Mut'l(West. -5
41
395
Second
cheater) _ 1 125
130
Sherman _ _ 120
110 N Y Life Ins
100
State •
Trust,.1 960 975
&
130
115
Ward*.
23d
598
608
160 N Y Trust_
Union Exch. 150
358
.-_ TitleGu & Tr, 348
Unit States* 500
155
_
Transatlan'c
Wash HIP. 275
415
_ _ Union Trust
Westch Av• 190
36
445
5
U S Mtg dc Tr 46
.
350
West Side_ 300
810 UnitedStates 1005 1020
Yorkville' . 590
140
Westchester., 130
Brooklyn
135
Coney Isi'd• 125
270
255
First
Brooklyn
155
140
Flatbusb _
610
165
Brooklyn Tr 600
155
GreenpoInt
255
120 Franklin ___ 245
Hillside • . 110
275
115
FIatnilton„ , 265
Homestead •
130 Kings Co...-1 1350
Mechanics' 125
105
Manufacrre 150
Montauk'- - 90
295
210 People's ... .1 285
200
Nassau- _
275 Queens Co... 75
85
Nation'l City 285
200
North Side* 176
140
People's ...__ 130
.
d Purchaser also pays accrued dividend
• Per share. S Basis
gslo sr suction iv 51 rit-oci Es
• Banks marked with a •) are State banks
/Flat price a Nominal s Es-dividend, to Ex-rights
I NMI/ stock • Es-rights z Ex1-00% stook dividend
swinge this week
Ask
Bid
Banks-N.Y
560
America'. _ 550
240
Amer Exch_ 235
182
Atlantic _. 175
165
Battery Park 150
400
Bowery*
206Bronx Boro• 150
175
Bronx Nat.. _ 160
160
BryantPark• 145
100
Butch,& Dr 390
370
Chase
245
Chat & Phen 238
120
Chelsea Ex' 100
395
385
Chemical _
205
197
Citizens
455
445
City
220
Coal & Iron 210
450
Colonial'_
315
Columbia.
Commerce
t171
315 6.110
Corn Exeh
95
Costnoporn• 85
70
60
East River.
Fidelity •_ . 150
Filth Ave._ 4300 4800
225
_ _ 200
Fifth
990 1015
First
180
Garfield ...._ 180
140
Germ-A mer• 135
400
German Ex• 390
220
Germania * 200
220
Gotham
325
Greenwich• 310
695
705
Hanover.
240
230
Harriman
520
Imp & Trail 510
225
220
Irving
995 1020
Liberty
320
300
Lincoln
4.1
• New stook
JUNE 16 1917.]
THE CHRONICLE
2443
inaestnunt ntfailraati,
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of variousSTEAM railroad from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month,
and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
LatestGrossEarnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Latest Gross Earnings.
ROADS.
Week or
Month.
July 1 to Latest Dot.
Current
Previous
Year.
Year
Ala N 0 sc Tex Pac
$
$
Ala & Vicksburg_ May
162,583 151,823 1.791,263 1,578,099 Nashv Chatt & St L April
1,229,576 1.079,954 11,820,236 10,560,236
Vicks Shrev & P_ May
155,055 136,474 1,656,572 1,534,344 Nevada-Cal-Oregon 4thwkMay11,503
10.623
373,304
326,317
Ann Arbor
89,241
75.958 2,594.162 2,442,452 New On Great Nor April
4th wk May
118,703 166,761 1,363,883 1,516,494
Atch Topeka MS Fe April
13269739 11049400 128544802 109860073 N Y Chic & St Louis April
1,423,427 1,306,062 13,115,275 11,873,707
Atlanta Birm & Atl 3d wk May
71,588
54,497 3,341,359 2,739,155 NYNH& Hartf..: April
7,046,592 6,638,131 68.350,134 62,365.096
Atlanta & West Pt.. April
130,725 119,334 1,305,576 1,146.508 N Y Ont & Western April
668.680 700,599 7,193,012 7,494,022
3,617.530 3.265,144 33.452,579 28,672,592 N Y Susq & West_ April
Atlantic Coast Line April
305.804 330,530 3,080,492 3,668,090
172,076 177,572 1,749,951 1,586,127 Norfolk Southern _ April
Charlest & W Car April
443,599 407,308 4,321,409 3,793,444
Lou Hend & St L April
163,293 138,341 1,586,244 1,336,245 Norfolk & Western_ April
5,077,097 4,676,972 49.993.632 47,023.159
10293544 9.042,070 99,764,824 91,121,550 Northern Pacific......
aBaltimore & Ohio.. April
April
7,679,461 6,450.096 69,747,220 62,741.498
B & 0 Ch Ter RR April
171,185 158,321 1,562,493 1,456,077 Northwest'n Pacific April
347.311 327,855 3,838,395 3.479.115
Bangor & Aroostook April.
451,811 380,382 3,623,006 3,132.659 Pacific Coast Co...... April
335,919 581,590 5,177.989 6.061.676
Bessemer & L Erie_ April
664,787 517.300 8,864,853 8.498,579 P Pennsylvania RR_ April
18825483 196785668 180936668
20746631
Birmingham South_ April
90,222
91,546
837,151• 810,463
Bait Ohm &
April
929,480
73,608 1,038,464
83.726
Boston & Maine.. April
4,715,383 4,447,446 46.912,549 42,608.107
Cumberland
Vali. April
415,662 312,502 3,343,503 2.910,756
Buff Roch & Pittsb_ lstwk June 276,667 269,587 12,562,755 11,265,456
Long Island_
April
11,486.507
12,479,891
1,113,661
1.186,568
Buffalo & Susq RR._ April
117,766 120.762 1,375.670 1,425,805
Mary'd Del
Va
741,436
796.005
63.293
73,404
Canadian Nor Syst_ lstwk June 908,700 629,700 38,104,80030,677,500
N 1' Phila. &&Nod April
April
387,508 405,523 4,217.363 3,801,073
Canadian Pacific.._ lstwk June 2.927,000 2,674,000 1371576121119978 108
Phil Bait & Wash April
19,334,954
22,662,118
2,546,304
2,133,194
Caro Clinchf& Ohio April
359,064 279,586 2,927.478 2,521,783
W Jersey & Seash April
628,512 614.445 6,685,959 6,242,794
Central of Georgia.. April
1,179,479 990,531 12,392,183 10,629,506 Pennsylvania
Co.. April
6,050,741 5,946,168 61,695,590 57,427,198
Cent of New Jersey April
2,920,855 2,677,854 29,015,856 28,509,542
Grand
Rap
&
April
Ind
538,246 476,214 5,137,024 4,669,782
Cent New England_ April
488,541 441,068 4,512,3171 3,954,826
:Pitts 00 & St L_ April
6,225,933 4,970,030 56,439,646 49,345,894
Central Vermont_ - April
375,583 387,174 3,591,3281 3,533,848
linesChes & Ohio Lines_ lstwk June 936,011 816,112 47,595,268 44,833,300 Total
East Pitts & Erk April
26416 756 23862954 251406041 229459605
Chicago & Alton_ _ _ April
1,600,200 1.252,346 15.791,656 13,484,662
West Pitts & Erie April
13004350 11549 299 124873958 112886961
Chic Burl & Quincy April
9,754,992 8,060,057 96,721,589,85,478,862
All East & West. April
39421
105 35412252 376279998 342346568
b Chicago & East
1,659,651 1,153,161 15,257,265'13,796,954
Ill April
Marquette..__ April
2.026.687 1.875,627 19,181,514 17,608.609
C Chic Great West.. lstwk June 304.186 276,029 15,329,392 14,081,714 Pere
CoChic Ind & Louisv_ lstwk June 167,584 150,736 8,177,9541 7,175,860 Reading
Phila & Reading.. April
5,248,289 4,805,000 52,275,079 48,161,650
Chicago June RIt _ April
275,616 227,342 2,344,413. 2,028,148
Coal & Iron Co April
3.328,060 2,407,814 37,715,785 31,008.292
Chic IVIilw & St P_ _ April
9,330,909 8.748,558 92,319,829 87.372,273
Total both cos__ April
8.576,349
7,212.814 89,990,864 79,169.843
dChic & North West April
8,456.363 7,514,262 86,341,607 77,704,939 Rich Fred ,Sr Potom April
405,354 346.044 3.332,234 2,671,570
Chic Peoria & St L.. April
'170,498 136,750 1,618,8311 1,456,453 Rio Grande June_ __ December
551.792
92.694
76.010
620.679
Chic Rock Isl & Pac April
6,701,269 5,761,977 68,571,350 60,227,579 Rio Grande South__ lstwk June
523,520
11,736
10.600
574,427
Chic R I & Gulf_ _ April
295,896 242,168 3,122,857 2,651,421 Rutland
April
359,008 378,390 3,398,265 3.182,372
d Chic St P M & Om April
1,869,468 1,697,600 18,038,259 16,724,020 St Jos & Grand 1st_ April
233.888 154.095 1,943,889 1,498,408
Chic Terre H & S E April
261,202 143,442 2,631.726 2,144,256 St L Brownsv & M. April
298,888 219,339 4.079,788 2,175,781
Cin Ham & Dayton April
855,743 733.866 8,729,524 8,695,069 St L Iron Mt & So.. April
3,395,536 2.753,904 33,681,106 27,128,643
Colorado Midland.. April
96,930 109,682 1,404,655 1,284,483 -St Louis-San Fran April
4,524.081 4,094,287 46,854,079 39,896.088
e Colorado & South._ 1st wkJune 288,958 257,862
16,381,940 14,776,322 So Louis Southwest_ lstwk June 307,000 223,000 14,840,948 11,488,525
Cornwall
April
26,796
241,8041 168,687 Seaboard Air Line April
26,577
2.460,790 2,182,720 22.406:419 20,490,000
Cornwall& Lebanon April
45,870
443,178
382,275 Southern Pacific_
41.265
April
15413900 12351273 149411207 126246215
Cuba Railroad.. _ _ _ March _ _ _ _ 230,108 799.779
4,562,033' 4,752,921 k Southern Ry Syst_ lstwk June 2,219,0101,743,259 98,179,532 /36,506,777
Delaware & Hudson April
2,294,259 2,184.844 22.286,223 21,437,094
Ala Great South_ April
553,037 476,545 5,118,537 4,578,044
Del Lack & West April
4,326,084 3,720,734 44,083,713
eine N 0& Tex P April
1.071,700 940,963 10,214,052 9,060.941'
Deny & Rio Grande lstwk June 541,700 456,900 25,726,070 40,458,655
23,262,920
New On & N E.... April
361,003 308.584 3.586,374 3,137.315
Denver & Salt Lake 4th wk May
46.463
52,653 1.805,910 1,721,016
Mobile & Ohio....Istwk June 269.070 235.468 11,874,310 11,082,495
Detroit ez Mackinac lstwir June
23,233
2(1.430 1.202,646 1,082.112
Georgia So Sz Fla.. lstwk June
51,833
45.312 2,634.099 2,294,985
Detroit Tol & Iront April
210,344 180,370 2,041,608 1,814,017 Spok
& Seattle April
504,174 381,247 4
274
5 4,100,191
505
1:4
1:4
80
Det & Tol Shore L.. April
152,607 141,012 1,459,632 1,444,961 Tenn Port
Ala
May
wk
Georgia
3d
&
91,226
2,270
107,753
2,537
Dul & Iron Range.._ April
162,662 348,948 5,024,762 4,528,113 Tennessee Central..1April
1,325,056
144,682 141,282
Dui Missabe & Nor April
286,799 526.108 10.512,931 7,739,051 Texas
& Pacific.... _ _11stwk June 442.662 337.316 29.944,920 18.035,337
Dui Sou shore & At' 1st wkJune
89,003
61,405 3,761,350 3,230,256
& West'May
106,624
98,595 1.143,650 1,115,767
Duluth Winn & Pac April
220,789 172,377 1,690,581 1,421,130 Toledo Peer
St L & West'1st wkJune 131,977 114,865 5.90
34
7 5,261,656
58
2..4
78
Elgin Joliet & East.. April
1,306,399 1,205.032 11,874,598 10.893,937 Toledo
& Brazos Vali_ April
791,204
66,421
70,142
El Paso & So West.. April
1,264.764 964,898 11,818,734 8,612,905 Trin
Union
99,665.46586,632
Pacific
Syst_
10620635
April
8,479.327
,918
Erie
April
6,342,462 6.027.893 61,264,822 59,947,506 Virginian
April
8,57,994 648,538 8.943,863 6,344,257
Florida East Coast_ April
754,451 922,549 7,365.962 5,930,868 Wabash
April
3.376,333 2,984,869 32.279,738 28,641,129
Fonda Johns & Cloy April
86.574
8,
851,382
780,065 Western Maryland.. lstwk June 228,646 229,604 11,610,593 10,166.810
Georgia Railroad April
308,405 269,314 3.084,600 2,656,555
Western Pacific_ _ _ April
801,251 686.792 7,383,808 6,173,326
Grand Trunk Pac_ _ 2d wk May 130,7311 102,870 4,619,967
5,170,917 Western Ry of Ala.. April
125,868 109,066 1,223,758 1.095,513
Grand Trunk Syst. lstwk .Tunp 1,333.194 1,107,091 58,686,421 50,725,460
740.502 755.730 7,919,408 8,283,596
Grand Trunk Ry 3d wk May 1.104.797 822,521 44,051,251 37,226,308 Wheel & Lake Erie.. April
1.344,866 1,144,674 15,302,980 12,417.545
Grand Trk West.. 3d wk May 230,814 100.495 7,968,450 7,792,395 Yazoo & Miss Vail.. May
Det Cr ii & Milw 3d wk May
89,903
75,635 2,854,489 2,883,458
Current
Previous
7,924,183 6,917.872 78,548,763 74,100,014
Great North System May
Period
Various Fiscal Years
Year
Year
166,171 187,490 1,678.164 1.675,304
Gulf Mobile & Nor_ April
-155,331 173,641 1,638,736 1,637,578
Gulf & Ship Island_ April
& Susquehanna RR--- Jan 1 to April 30 $520.124 $567,468
725.025 479,691 7,364,475 5,874,973 Buffalo
Hocking Valley.. _ -- April
Delaware & Budsou
Jan 1 to April 30 8,671,857 8,485,029
7,122,897 5.985,47273,162,237 63,171.828 Erie
Illinois Central__
May
Jan 1 to April 30 23.067,113 23,124,828
936,508 798,426 9,703,405 7,893,571 New York Central4
Internet & Orb Nor April
Jan 1 to April 30 63,724,586 63,076,789
1,058,731 892,081 10,235,704
Kansas City South_ April
Jan 1 to April 30 6,755,469 6,637.556
Boston & Albany
198,325 182,607 1,831,180 8,731,713
Lehigh & Hud
April
1,727,269
Jan 1 to April 30 2,605,437 2,246,237
Lake Erie & Western_n
281,529 233,600 2.614,221
Lehigh & New Eng- April
2,839,714
Jan 1 to April 30 16,072,582 14,165,688
Michigan Central
4,092,018 3,692,001 41,095,561 38,835.215
Lehigh Valley
April
Cleve Cinc Chic & St Louis_ _ Jan
to April 30 15,619,781 14.483,530
1,088,864 1,019,949 9.847.660 9,136,668
Los Angeles & S L.. _ April
Jan 1 to April 30
Cincinnati Northern
577.721
693,927
123,043 142,809, 1,115,303 1,258,824
Louisiana & Arkan_ March
Jan
Pittsburgh
Erie
Lake
1
&
to
April 30 7,358,145 7,497,206
171,658 160,986 1.900,662 1,850,536
Louisiana Ry & Nay April
Jan 1 to Apri130 2,052,733 1,760,662
Toledo & Ohio Central
fLouisville & Nashv 1st wkJune 1,341,055 1,189,140 64,542,674 56,430,218
Kanawha & Michigan
Jan 1 to April 30
982,240 1,172.531
Maine Central
1,162,975 973,529 11,171,426 9,852,363
April
Jan 1 to April 30 115870882 111617919
Total all lines
Maryland &Penn_ _ April
45,448
40,712
424,838
395,595 New York Chicago di St Louis_ _ Jan 1 to Apr1130 5,251,287 5,019,033
Midland Valley_ _ _ March _ _ 211.266 160,413 1,793.006
1.367,989 N Y Susquehanna & Western Jan 1 to April 30 1.294,9721,564,084
Mineral Range.. _ _ _ 1st wkJune
20,959
21,329 1,103,091 1,004,263 p
Pennsylvania Railroad
Jan 1 to April 30 78,151,329 72,467.505
Minneap & St Louis lstwk June 212,669 200,649 10,196,546
10,089,404
Baltimore Chesap & Atlantic Jan 1 to April 30
266,706
261,815
Minn St P & 58 M.. 1st wkJune 697.806 591,709 31,116,354
32,296,549
Cumberland
Valley
Jan
1 to April 30 1,437,811 1,211,530
Mississippi Central_ April
54,892
70,498
650,860
67, ,327
Long Island
Jan 1 to Apri130 4,215,395 3.985,727
g Mo Kan & Texas_ lstwk June 748,013 62.i.763 37,648958
30,467,222
Mary'd Delaware & Virginia Jan 1 to April 30
236,416
215,956
h Missauri Pacific.. _ April
6,160,758 5,391,144 62 507.891 53,353.548
N Y Philadelphia & Norfolk. Jan 1 to Apri130 1,499,208 1,512,339
New York Central April
17030831 16203808 167626774 155236093
Philo, Baltimore & Washing'n Jan 1 to April 30 9.202,044 7.740,435
Boston & Albany April
1,872,719 1,818.310 18,069,106 16,213,915
West Jersey & Seashore
Jan 1 to Apri130 2,196,336 2,078,531
629,146 585,091 6,541,773 5,719,745 Pennsylvania
n Lake Erie & W.. April
Company
Jan 1 to April 30 21,740,774 21,785,742
4,375,348 3.837,898 40,589,389
Michigan Central April
34,148,297
Grand Rapids & Indiana_
Jan 1 to Apri130 2,007,065 1,805,383
4,181,713 3,533,145 40,141,844 35,805,356
Clove C 0 & St L April
I Pittsb Clue Chic & St Louis.. Jan 1 to April 30 22,983,595 20,069,543
175,945 142,605 1,714,663 1,498,881
Cincinnati North. April
Total lines-East Pitts & Erie Jan 1 to April 30 98,473,111 90,658,950
1,814,926 1,900,769 19,924,274
Pitts & Lake Erie April
-West Pitts & Erie Jan 1 to April 30 47,401,11844,234.945
543,708 393,762 5,502,948 18,655,330
Tol & Ohio Cent.. April
4,410,950
lines E & W._ Jan 1 to April 30 145874229 134893895
234,082
Kanawha & Mich April
269,276 2,686,988 2,985,817 Rio Grande -All
Dec 1 to Dec 311
Junction
76.010
92,694
30858418 28684663 302797835
Tot all lines above April
274674391 Rutland
Jan 1 to April 301 1,321,461 1,266,126
Current
Year.
Previous
Year.
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
• Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
--
* Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
$
$
Cur. Yr. Prev. Yr.
Mileage.
$
i
$
19,034.515 +2,262,439 11.82 August.._.245,516 244.765 333,460,457
278,787.021 +54,673,436 19.68
12,933.797 +1,454.830 11.25 SeptembOi_248,1
247.466
56
294,333.449 +38.555,541 13.11
332.888,990
12,648,358 11,768,515 13.92 October _246,683 2,46.000 345.790.899 310.740.113
+36.050.786 11.21
12,382.623
1.556,325 12.57 November- _248.863 248.058 330.258,745 306,606,471 +23.652.274 7.71
15,692.888
1,905,047 12.52 December -216.811 215.669 262.171,169 242,064.235 +20.106,934 8.31
12,581,492 +1,403.432 11.15 January_ _-248,477 247.327
307,961,074 267.115.289 +40.845.785 15.29
12,747.776 +2,055,417 16.28 February-249.795 248.738 271,928.066
269,272.382 +2.655,684 0.99
12,812,697+1.866.538 14.60 March
248.185 247.317 321,317.560 294,068.345 +27,249.215 9.27
18,608,549 +3,298,380 12.35 APril - - -248.723
326,560.287
288.740.653
218.120
+37,819,634 13.10
12.289,002 +2.188.734 1750 Mair
52,766 51.:426 51.604.160 70.656.546 +10.947.614
includes
nlvflien;erre
u".x
elg
Mason
Fort
iM
n
c
ap
dloordagsoatild
Wisconsin
City
AlianbeiagaulesPINCian(itiriagtiresanoVilenell;n0gpgYaiinbg
Springs
lit
Creek District Ry.
All°
Includes Louisville & Atlantic and the
ni:Iftrat & Cincinnati. g Includes
the "Vexeas Central and the WiNitnag Falls ge.
e
is Includes the St. Louis Iron Mountain & Southern. j IncludesFraa
the Lake Shore & Michigan Southern Ry., Chicago Indiana & Southern RR.. and
Dunkirk Allegheny Valley Sr Pittsburgh RR. k Includes the Alabama
Great Southern,°inc. New Orleans & Texas Pacific, New Orleans & Northeastern
and the Nor. Alabama
Includes Vandalla RR. n Includes Nm. Ohio RR. p Includes Northern Central. • We no longer include Mexican roads in
any of our totals.
4th
1st
2d
3d
4th
1st
2(1
3d
4th
1st
$
week Mar (33 r9ads)____ 21,296,954
week API' r2 roads)-___ 14,388.627
week Apr 32 roads)___14,416
,873
roads)__....
week Apr 31
, 13,938,948
week Apr (30 roads..__ 17,657,935
week May (32 ruads)---- 13,984,924
week May (32 rna(18)---- 14,803,193
week May (31 roads)___ 14,679,235
week May (30 roads)--__ 21,906,929
week Juno (27 roads)____
14.477_73h
[VOL. 104.
THE CHRONICLE
2444
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
orJune. The table covers 27 roads and shows 17.82%
increase in the aggregate over the same week last year.
1917.
First week of June.
1916.
Increase. Decrease.
$
$
$
7,280
269,587
276.867
Buffalo Rocnester & Pittsburgh
629.700 279,000
908,700
Canadian Northern
253.000
2,674,000
2,927,000
Pacific
Canadian
816,112 119,899
936,011
Chesapeake & Ohio
28,157
276,029
304,186
Chicago Great Western
16,848
150,736
167,584
Louisville
Chicago Ind &
31,096
257.862
288,958
Colorado & Southern
84,800
456,900
541,700
Denver & Rio Grande
2,803
20,430
23,233
Detroit & Mackinac
27.598
61.405
89,003
Duluth South Shore & Atl
6,521
45,312
51,833
_
_
_
&
Florida_
Southern
Georgia
Grand Trunk of Canada
1,333,194 1,107.091 226,103
Grand Trunk Western
Detroit Gr Hay & Milw_ _ _ _
Canada Atlantic
1,341,055 1,189,140 151,915
Louisville & Nashville
21,329
20,959
Mineral Range
12,020
200,649
212,669
}
Minneapolis & St Louis
Iowa Central
106,097
591,709
697,806
Minneap St Paul & S S M
625,763 122,250
748,013
Missouri Kansas & Texas
33,602
235,468
269,070
Mobile & Ohio
11,736
10,600
Rio Grande Southern
84,000
223,000
307,000
St Louis Southwestern
2,219,010 1,743,259 475,751
Southern Railway
337,316 105.346
442.662
Texas & Pacific
17,112
114,865
131,977
Toledo St Louis & Western__
229,604
228,646
Western Maryland
14,477,736 12,289,002 2,191,198
2.188.734
Total (27 roads)
Net increase (17.82%)
$
370
1,136
958
2,464
For the fourth week of May our final statement covers 30
roads and shows 12.35% increase in the aggregate over the
same week last year.
1917.
Fourth week of May.
1916.
Increase. Decrease.
St •
$
3
Previously reported (27 roads)_ 21,699,684 18,406,376 3,293,308
52.653
46,463
Lake
Denver & Salt
680
10,823
11.503
Nevada-Cal-Oregon
10,582
138,697
149,279
Toledo St Louis & Western_ __
21,906,929 18,608,549 3,304,570
3,298.380
Total (30 roads)
Net increase (12.35%)
$
6,190
6.190
Latest Gross Earnings. •
Name of Road
or Company.
Week or
Month.
Current 1Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
212,507
233,278
58,675 54,593
Jacksonville Trac Co April
78,842
78,090
19,930
19,4041
April
Co_
Electric
Keokuk
37,817
44,119
9,759
10,876
Key West Electric...._ April
334,523
380,290
132,542( 114,647
Lake Shore Elec By.. March
754,043
850,546
217,984! 198,636
Lehigh Valley Transit April
158,661
183,723
Lewist Aug & Watery March __ _ 67,2271 55,204
46,321
48,309
Long Island Electric.. March,.....,. 17,282 15,832
728,357
748,541
250,571
261,478
Louisville Railway__ March
639,406 562.680 2,610,881 2,333,761
Milw El Ry & Lt Co April
517,844
666,752
167,274 133,194
Milw Lt, Ht & Tr Co April
617.534
232,375 121,586 1,002,957
Monongahela Vail Tr May
575,941
608,790
Nashville Ry & Light March __ _ 201,328 194,038
297,466
348,906
92,873 79,647
Newp N&H By G&E April
178,608
180,515
NY City Interboro__ March___ _ 62,447 60.818
84,823
88,469
31,390 29,216
N Y & Long Island__ March..
34,166
33,304
11,431
_
_
_
11.779
N Y & North Shore__ March..
321,328
295,542
98,016 111,905
N Y & Queens Co...._ March.
4,405,536
3,096,251
1135,802
1033,608
April
Railways_
New York
98,555
104,758
27,447 27,135
N Y & Stamford By.. April
162,852
178,629
48,100 44,833
N Y Westches & Bost April
48,016
49,654
17,282
17,334
March
Northampton Trac__
534,826 405,058 2,054,752 1.541,954
Nor Ohio Trac & Lt.. April
605,938
704,582
175,359 146,494
North Texas Electric April
16,591
17,045
6,003
6,493
Ocean Electric (L I).. March _ _
3,362.748
Pacific Gas & Elec__ _ February.. 1625,814 1600,035 3.399,379
1,017,244
1,091,399
255,828
276,191
April
Corp_
P
&
Lt
Pacific
103.180
103,598
23,866 24,384
g Paducah Tr & Lt Co April
93,216
103,234
24,058 23.391
Pensacola Electric Co April
2456,300 2272.272 9,600,249 8,718,030
Phila Rapid Transit.. April
149.843
162.468
42,803
45,646
Phila & Western By.. April
474.478 450,803 1.424,617 1,315.122
Port(Ore)Ry,L&PCo. March
754,687 645,088 3,031,154 2,567,258
g Puget Sd Tr L & P.. April
368,029 327.672 1,482.279 1,286,493
g Republic By & Lt.._ April
459,618 444,827 1,827,938 1,735,208
Rhode Island Co.._ _ _ April
83,101
94,041
33,329 28,612
March__
RR_
&
Lt
Richmond
456,745
508,932
118,621 104,215
St Jos By, L, H & P.. April
135,549
133,444
40,021 42,974
Santiago Elec Lt & Tr March
256,699
298,568
76,968 64,898
Savannah Electric Co April
187,359
179,988
Second Avenue (Rec) March ...... _ 63,184 61,300
53,222
49,783
17,619 18,018
Southern Boulevard.. March.._
1,615,495
1,660,403
401,286
434,632
Southern Cal Edison.. April
62,996
67,480
Staten Isl'd Midland_ March _ _ _ _ 23,764 21,921
338,137
354,703
82,262 78,960
Tampa Electric Co__ April
1,009,059
1,011,794
341,419
343,449
March_ _
Third Avenue
839,072 816,182 3,480,984 3,307,167
Twin City Rap Tran_ April
658,579
677,044
Union Ry Co of NYC March,.,.,._ 232,626 219,533 2,025,788
1.896,382
506.073 475.700
Virginia Ry & Power April
180,967
211.327
Wash Balt & Annap_ March ..__ _ 86,314 65,100
126,316
118,694
Westchester Electric_ March,._ _ _ 40,591 42,135
72,090
70,666
20,254 20,071
Westchester St RR_ April
946,977
315,680 238,221 1,282,424
April
West Penn Power_
1,936.508
2,398,907
504,352
609,491
g West Penn Trac Co April
179,333
178,029
Yonkers Railroad..__ March _ _ _ _ 63,208 59,258
241,033
264.447
89,118 80.938
March
York Railways
100,263
105,926
27.523 26,301
Youngstown & Ohio.. April
consolifor
are
figures
These
c
sources.
all
from
b Represents income
constituent
dated company. I Earnings now given in mitre's. g Includes
companies.
Net Earnings Monthly to Latest Dates.-In our "Railway Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle," we give the April figures of
earnings of all steam railroads which make it a practice to issue
Electric Railway and Other Public Utility Net Earnof ELECTRIC
monthly returns or are required to do so by the Inter-State ings.-The following table gives the returns
net earnings with
and
gross
utility
public
other
Suppleand
that
to
railway
referred
is
reader
The
on.
Commerce. Commissi
and surplus reported this week:
ment for full details regarding the April results for all the charges
-Gross Earnings--Net Earnings-Previous
Current
Previous
Current
separate companies.
Year.
Year. •
Yesar.
Year.
Roads.
have
come
that
ts
statemen
$
all
give
we
$
In the following
$
46,829
62,718
207,895
period
281,710
different
_Apr
_
a
or
Cleveland Telephone_
in the present week covering a later
183,612
178,096
810.874
1,017,984
Jan 1 to Apr 30
from that to which the issue of the "Railway Earnings" General Gas & Elect Sub Cos-a
335,953
277,507
950,443
1,026,604
30
Apr
to
1
Jan
Section is devoted.
69,015
98,528
265,293
344,147
Apr
Net
Grow
Earnings. Earnings.
Tot Peoria & West106,624
May '17
98,595
'16
502,716
5 mos '17
474,398
'16
9,741
14,558
38,868
41.905
Other
Income.
15,000
12,517
100,545
63,328
Ttsi
Income.
24,741
27,075
139,413
103,231
Charges
& TaZeS.
Balance,
Surplus.
27,110 def2,369
273
26,802
3,432
135,981
133,081 de124.847
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of Road
or Company.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
546,349
511,058
126,431 117,576
Adirond El Pow Corp April
91,418
97,840
27,158 23.576
Atlantic Shore By__ _ April
594,470
633.263
154.830
163,746
April
Ry
Chic
cAur Elgin &
192.484
214,663
Bangor Ry & Electric March _ _ _ 71,203 63,794
66,924
76,533
18,988 15,747
Baton Rouge Elec Co April
186,265
168,926
BeltL By Corp(NYC)March_ _ _ _ 59,238 62,114
290,842
330,979
85,497 78,445
Berkshire Street Ry_ April
f7453000 f6882000129140,000 126697,000
Brazilian Trac, L & P April
30,858
33,926
8.403
8,783
Brock & Plym St By.. April
6,673,336
Bklyn Rap Tran Syst March _ _ _ _ 2492,614 2315,779 7,117,038
138,854
118,860
34.509 28,235
Cape Breton Elec Co April
98,641
96.507
24,378 24,179
Cent Miss V El Prop_ April
315,917
297,698
106,691 100,095
Chattanooga By & Lt March
6.866,810
2,615,221
638,492
1609,012
April
_
_
_
Co_
Service
Cities
107,053
93,356
38.255 32,533
Cleve Painesv & East March
448,186
409,641
116,813 106,612
Cleve Southw & Col_ April
3.477,541
4,082,813
787,924
917,782
April
EL
&
Gas
pColumbla
342,162
268,183
83.717 64,878
Columbus(Ga)El Co April
866,211
986,278
332,389 288,094
Colum (0) By,L & P March
5,437.467
6,209,952
1313,207
1502,961
April
Lt
&
By
ComWth P.
April _ _ _ _ _ 776,809 744,170 3,090,912 2,878,552
Connecticut Co
450,732 371,398 1,852,919 1,532,625
Consum Pow (Mich)_ April
620,956
692,381
Cumb Co(Me)P & L March _ _ _ 236,387 209,374
647,988
741,069
172.927 151,269
Dallas Electric Co.._ _ April
531.873
536,613
125,577
142,023
April
_
_
Lt
&
Pow
Dayton
977,668 775,855 4,166,105 3,371,656
g Detroit Edison..__ _ April
1456,384 1304,233 5,681,834 4,904,815
Detroit United Lines April
117,984
104,681
37,452 40,007
DDEB& Batt(Rec) March_ __
430,766
510,602
131,287 106,730
Duluth -SuperiorTrac April
688,727
847,817
287,052 231,887
East St Louis & Sub_ March
255,604
303,808
75,387 62,996
Eastern Texas Elec__ April
368,719
437,160
101,379 85,799
El Paso Electric Co__ April
465.742
415,984
155,183
146,936
_
_
Ave
N
March
St
SG
M
42d St
658.614
712,926
Federal Lt & Trac_ March _ _ 239,235 216,914
612,013
619,529
150,699 151,417
Galv-Hous Elec Co.._ April
316,864
329,773
Grand Rapids By Co March _ _ _ 112,733 107,618
327,071 293,519 1,313,510 1,217,682
Great West Pow Syst April
148.370
176,505
44.979 39,306
Hagers'n & Fred By.. April
355,614
364.720
90,003 89,701
Harrisburg Railways April
534,613 466,554 2,131,823 1,918,787
Havana El Ry,L & 1' April
214,511
229,573
56,760 55,039
Honolulu R T & Land April
103,959
116,035
Houghton Co Tr Co_ April_ _ _ _ _ 31,536 27,766
524,053 503,689 2.107.514 1,981,711
b Hudson & Manhat_ April
1051,751 948.616 4,333,863 3,971,145
Illinois Traction_ _ _ _ April
3521.020 3243.930 14.074.387 12.869.708
Interboro Rap Tran_ April
Iowa Telephone
397,574
1,331,778 1,045,510
Jan 1 to Apr 30
43,824
117,771
129,942
Kansas City Home Tel_Apr
182,725
465,314
513,434
Jan 1 to Apr 30
26,917
005,566
669,436
Mich State Telephone_ _Apr
165,996
2,633,409 2.331,731
Jan 1 to Apr 30
62,741
210,635
238,600
Nebraska Telephone.... Apr
236,854
829,528
927,226
Jan 1 to Apr 30
412,746
Now Eng Tel & Tel_ _ _ _Apr 1,903,950 1,726,072 1,417,152
6,675,018
7,291,655
30
Apr
Jan 1 to
102,918
443,729
513,903
Northwestern Tel Exch_Apr
414,595
1,973,778 1,720,784
Jan 1 to Apr 30
208,943
398,877
871,787
Southwestern Bell Tel_ _Apr
787,703
3,398,933 1,519,866
Jan 1 to Apr 30
Apr 6,065,167 4,616,720 1.438,508
Western Union Tel
6,409,205
18,600,350
22,940,297
Jan 1 to Apr 30
88,214
386,396
421,165
Wisconsin Telephone..__Apr
411,932
1,643.164 1,499,875
Jan 1 to Apr 30
Utah Securities Corp271,926
440,317
519,005
(subsidiary cos only) May
2,592,642 2.182,566 1,424,943
Jan 1 to May 31
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Fixed
Net after
Gross
Charges.
Taxes.
Earnings.
126,431
Adiron El Pow Corp_Apr '17
117,576
'16
546,349
4 mos '17
511,058
'16
101,379
Apr '17
El Paso Elect
85,799
'16
437.160
4 mos '17
'16
368,719
Empire Refining Co3 mos to Apr 30'17_ - _ - 4,040,156
Empire Gas & Fuel12 mos to Apr 30'1.7.._..13,794,857
534,613
Apr '17
Havana Electric
466,554
'16
By Light &
4 mos '17 2,131,823
Power
'16 1,918,787
131,305
May '17
121,702
'16
Keystone Tele645,574
5 mos '17
phone
595,868
'10
232,375
May '17
121,586
'16
Monongahela
Valley Tract_ 5 mos '17 1,002,957
617,534
'16
New York Railways Apr '17 1,033,608
'16 1,135,802
10 mos '17 9,389,814
'16 11,351,420
92,873
Apr '17
Newport News
79,647
'16
& Hampton
'17
348,906
mos
4
El
&
Gas
By
297,466
"16
284,434
53,001
199,069
112,758
420,924
57,659
226,475
439,700
1,617,390
101,167
406,459
103,449
370,141
1,122,085
5,331,478
120,581
427,278
238,397
1.209,925
45,647
55.669
187,871
250,722
41,369
41,908
180,090
182,730
21,139
20,992
85,914
87,642
4,649
4,670
20,319
18,875
Balance,
Surplus.
$
24,508
34,677
101.957
163,080
36,720
37,238
159,771
163,861
1,070.691
105,000
965,691
829,125 c7,715,884
8,749,366
136,323 z179,970
304,418
130,465 x161.644
278,931
539,132 z731,919
1,223,425
495,442 z721,640
1,170.407
36,332
27,792
64,124
33,554
27,453
61,007
173,611
138,958
312,569
161.559
137,264
298,823
87,646
32,533
120,179
38,652
25,000
63,652
385,984
152,622
538,606
209,172
122,013
331,185
x12,740
283,809
248,809
288,616 x110,897
353,154
1,841,837 2,820,196zdef451,531
3,560,444 2,859,712 x1,170,178
z15,833
20,636
36,370
z13,313
19,235
32,507
x41,330
82,494
123,195
z27,441
76,912
104,008
JUNE 16 1917.]
THE CHRONICLE
Gross
Earnings.
$
Pug Sd, Tr L & Pow Apr '17
754,687
'16
645.088
4 mos '17 3,031.154
'16 2,567,258
Net after
Taxes.
Fixed
Charges.
$
293,803
222.188
1,180,011
839,691
191,025
184,290
763,815
735,108
Balance,
Surplus.
102,778
37.898
416,196
104,583
c After allowing for earnings on stock of subsidiaries not owned.
z After allowing for other income received.
The General Gas Sc Electric Co.
Operating Revenues.
Month of May-
Pennsylvania Utilities System
Interurban Gas Co
Rutland System
Northwestern Ohio System
Sandusky Gas & Electric Co
Binghamton Light, Heat & Power Co
Sayre Electric Co
New Jersey Power & Light Co
Total
1917.
$93,535
643
35,217
24,016
46,366
28,533
8,002
16,822
1916.
Increase.
$76,858
$16,677
609
34
32,770
2,447
22,669
1,347
33,492
12,874
24,422
4,111
7,342
660
14,328
2,494
$253,134 $212,490
Eastern Power & Light Corporation.
$40,644
Gross Revenue.
1917.
1916.
Increase.
$253,821 $215,546
$38,275
81,534
78,813
2,721
23,057
17,655
5,402
11,348
9,026
2,322
Month of May-
Reading System
West Virginia System
Claremont System
Vincennes System
$369,760 $321,040
Total
$48,720
ANNUAL REPORTS
2445
Detroit Toledo & Ironton Railroad Co.
(Annual Report-Year ended Dec. 31 1916.)
-Years ending Dec. 31--Years ending June 30
Income Account1916.
1915.
1916.
1915.
Operating revenues____ $2,325,278 $1,811.510 $2,212,266 $1,767,580
Operating expenses_ _ _ 1,772,584
1,412,051
1,611,094
1,631,444
Per cent op. rev, to op. exP (76.23)
(77.94)
(72.8)
(92.3)
Net earnings
$552,694
$399,459
$601,172
$136,136
Joint facilities rents....
43,030
28,260
30,866
36,944
Other income
6,598
9,150
4,729
9,037
Gross income
$434,317
$604,874
5636.767
3182,117
Hire of equipment
$66,693
$85,319
$112,119
$146,842
Taxes
75,467
58,815
72,967
61,315
Rents
52,385
45,383
52,001
41,460
Interest funded debt....
64,760
70,921
68,242
61.633
Miscellaneous
3,568
. 4,026
3,501
3,001
Total deductions_ _ _ _
$269.034
$308,830
$258,303
$314,251
Balance, sur. or deficit_sur$335,840 sur$176,014
sur$327,937 def$132.134
BALANCE SHEET.
Dec. 31 '16. June 30'16.
Dec. 31 '16. June30'16.
Assets$
LiabilitiesRoad and equipt_20,604,023 20,533,819 Common stock__ _ 6,500,000
6,500,000
Reconstr. of road_ 980,374
926,773 Preferred stock._ _ 6,000,000 6,000,000
Invest.in Mill. cos.
9,452
Mortgage bonds__ 9,160,000 9,125.000
Miscell. property_
207,900
207,900 Equipment notes_
226,450
306,500
Secur. pledged__ _
60,000
50,000 Traffic, &c., bad__
110,977
61,880
Secur. unpledged:
Vouchers Sc wages 327,992
415,938
Stock in treats__
10,002
10,002 Miscellaneous
_
22,154
40,800
Bonds in treas__
371,132
371,132 Accrued interest__
2,725
3,478
Cash
237,267
268,762 Def. credit accts__
25,308
16,171
Agents Sc conduc_
94,715
68,955 Accrued taxes....
31,874
39,345
Miscellaneous__
141,197
152,275 Accrued depree'n_
79,273
64,470
Material Sc suppl's 213,434
234,074 Oper. res've, &c__
27,104
32,566
Suspense accounts
11,382
11,679 Profit and loss__ _
547,125
348,093
Prepaid Insur.,&c.
1,312
3,685
Unext.dise.on bds. 118,791
115,185
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
Total
23,060,981 22,954,241
Total
23,060,981 22,954,241
given on the last Saturday of each month. This index will -V. 104, p. 2117.
not include reports in the issue of the "Chronicle" in which
Norfolk Southern Railroad.
it is published. The latest index will be found in the issue
(Seventh Annual Report-Year ending Dec. 31 1916.)
of May 26. The next will appear in that of June 30. .
The remarks of President J. H. Young, together with the
Colorado & Southern Railway.
comparative income accounts of both the steam and electric
(18th Annual Report-Year ended Dec. 31 1916.)
divisions and also the combined earnings of both divisions
The text of the report, submitted by Pres. Hale Holden, were published in full in V. 104, p. 2337, 2355.
•
will be found on subsequent pages, together with the income CLASSIFICATION OF TONNAGE-STEAM
DIVISION-Products ofaccount, general balance sheet, &c.,for the new fiscal year.
Cal.Year. Agricul. Animats. Mines.
Forests. Manufactures. Misc.
Lines Included -The Colorado & Southern Lines embraded In tho statistics herewith are as follows: Colorado & Southern Ry., Colorado RR-, Denver & Interurban
RR., Colo. Springs & Cripple Creek Dist. Ry.. Fort Worth & Denver City Ry.,
Wichita Valley Ry., Wichita Falls & OkItahoma Ry., Wichita Valley RR., Stamford
& N. W. Ry., Abilene & Northern Ry., Fort Worth & Denver Terminal Ry.
Securities Owned or Controlled by Col. & So. Ry. Co.(Par Value) Dec. 311916.
b Mortgage Bonds (Total, 58,089,880)a Capital Stock (Total,$14,930,116)52,233,100 Colorado RR
Colorado RR
$2,233,000
100,800 Denver & Interurban RR._... 1,250,000
Denver & Interurban RR
Wichita Valley Ry
Colorado Springs & Cripple
769,000
Wichita Falls & Okla Ry
Creek District Ry.257,000
1,199,100 Wichita Valley RR
Common
744,000
800,000 Abilene & Northern RV
Preferred
516,000
Ft. Werth & Deny. City Ry.. 9,361,016 Stamford & Northwestern-.._ .. 1,872,880
1,010,100 Ft. Worth & Deny.Term. Ry_ 428,003
Wichita Valley Thy
22,100
c COS. of Indebtedness (Tot.,
Wichita Falls & Okla Ry
60,103 Col.Spgs.& Cr.Crk.Dist. Rs,- 5502,798).
Wichita Valley RR
33,879
Abilene & Northern Ry
39,100
do
do
do
do
169,000
Stamford & Northwestern Ry81,603 Ft. Worth & Denver City Ry- 299,917
Ft. Worth & Deny.Term.Ity14.103
OPERATING STATISTICS-COLORADO de SOUTHERN
LINES.
-Years ending Dec.31- -Years ending June 301916.
1915.
1915.
1914.
Average miles operated
1,842
1,829
1,810
1,867
OperationsRevenue passengers carried.... 2,780,437
2,725,518
2,791,693
2,937;795
Revenue pass. carried one mile_ _131,150,556 126,901,070 125,517,363 128,816,919
Rate per passenger per mite....
2.63 eta.
2.57 eta.
2.62 eta.
2.60 eta.
Revenue freight (tons)
7,872,529
6,763,480
6,449,670
6,124,617
Revenue freight (tons) 1 mile_ _1,221,547,230 1077773,930 983,465,174
876,128,356
0.978 eta. 0.980 eta.
Rate per ton per mile
1.013 eta.
1.033 eta.
400.31
Average revenue train-load (tons)
346.86
308.03
291.30
$1.52
Earnings per pass. train mile_ _
$1.45
$1.39
81.30
$3.92
mile
train
freight
Earnings per
$3.40
$3.12
33.02
$8,942
Operating revenues per mile_ _ _ _
58.052
57.701
57,033
INCOME ACCOUNT FOR 6 MONTHS ENDING DEC. 31.
1915.
1916.
1916.
1915.
$
$
Operating Rev.$
$
6,496,763 5,917,049 Operating Income__ _3,416,355 2,783,302
Freight
2,055,552 1,911,223 Rents received
Passenger
331,077 272,418
475,283
513,203
Other Income
Mall, express, Oa
50,955
35,846
-Total oper. rev....0.065,523 8,303,555 'Gross income_ _3,798,337 3,091,565
951,693 1,073,091
Maint. of way, &c
Maint.of equipment 1,444,124 1,397,939 Rentals
202,987 273,492
99,678 Int. on funded debt_1,419,233
109,183
Traffic
1,427,009
2,480,494 2,313,297 Other interest
Transportation
133
402
42,545
Miscellaneous
42,985 Miscellaneous
68,314
71,183
247,934 242,260 Dividends (2%)._ .._
General
170,000
Sinking funds
34,221
37,087
Total oper. exp._ _5,275,973 5,169,250
3,789,550 3,134,305
Total deductIons.1,894,891 1,809,172
Net earnings
373,194 351,003
Taxes, &c
1916
1915
277,955
266,589
16,254
12,903
673,862
381,275
1,037,056
954,386
293,270
171,402
339,707
336,818
TRAFFIC STATISTICS-STEAM DIVISION-Aver. Miles 863.
-Year ending Dec. 31- -Years ending June 30*Equipmerd1915.
1916.
1915.
1914.
Locomotives
Passenger cars
Freight cars
Work, &c., cars
94
114
3,255
81
88
109
3,271
145
Traffic-
88
114
3,277
51
89
116
3,329
49
Passengers carried
1,611,211
1,356,990
1,357,233
1,532,061
Passengers card 1 mile_ 46,358,816 39,526,925 38,045,779 41,932,048
Recta, per pass. per mile 2.206 cts. 2.200 cts. 2.263 cts. 2.272 cts.
Number tons carried..._ 2,638,104
2,123,373
1,890,155
2,099,532
Tons carried 1 mile
256,721,517 198,389,559 165,043,131 179,773,601
Receipts per ton per mile 1.311 cts.
1.514 cts.
1.400 cts.
1.518 cts.
Avge. tons per train mile
266.56
226.16
196.73
193.01
Gross revenue per mile_
$5,417
$4,525
$4,215
$4,732
* Equipment as above on Dec. 31 1916 includes 15 locomotives leased
and 341 cars in passenger, freight and company's service. The company
also owned 9 barges, 5 car floats and 1 tug. Equipment on hand Dec. 31
1916 (electric line): Cars owned or leased in passenger service, 39; others
in freight service, 6; company's service (caboose car), 1.
(a) Norfolk Sc Southern Steam Division.
Calendar
Year-
Operating
Revenue.
Net (after
Taxes).
Other
Income.
Interest,
Rents, &c.
Balance,
Sur. or Def.
1916(863m.)$4,673,780 31,483,754 3377,465 $1,373,b09 sur.$487,610
973,353 310,536
1915(863m.) 3,904,299
1.275,403 sur. 8,486
(b) Electric Division.
$19,489
1916 (45 m.) $265,392
Cr51,394
$2,982 sur. $17,901
4,011
1915(45m.) 231.048
Dr.2,993
3,085 def. 2,067
(c) Combined Steam and Electric Divisions.
1916(908m.)$4,939,172 $1,503,243 $378,859 $1,376,590 sur.$505,511
977,364 307,543
1915(908m.) 4,135,347
1,278,488 sur. 6,420
(d) John L. Roper Lumber Co.
Cal. yr.'16-51,907,715
$51,495 $79,055
$61,269 sur. $69,285
Year to J'ne
134,072
30 1916- 1,982,297
33,938
123,817 sur. 44,193
BALANCE SHEET.
•
Dec.31'16. June 30'16.
Dec. 31 '16. June 30 '16.
Assets$
$
Liabilities$
$
Road Sc equip (e)_28,421,001 28,398,100 Capital stock....16,000,093 16,000,000
Impr. leasod prop. 114,256
102,657
Real est. not used
150,602
in operation_
152,243
113,867
Leased rail, &e_ _ _
114,515
Securities of underyling and other
companies ____ 6,294,150 6,382,499
473,911
Inv. in anti. cos__
393,353
168,721
Cash
261,081
7,418
23
Dopes. with trust_
332,683
226,974
Materials& supp_
3,109
Notts receivable
5,268
ou, _ _ _
425,369
misoallan,
302,149
Unexisting dise't. 1,044,500 1,037,990
66,160
Special deposits__
67,515
Uncomp work,&e.
741,930
orders
Other referred,&e.
148.511
items
397,913
"'total _
_ 38,508.189 37.885,321
Funded debt We
"Ry. Sc Indus."
Soctioa)
19,630,400 19,631,196
Traffic, &o., bats_
100,162
83,887
Vouchers Sc wages. 432,621
211,422
Notes payable for
equip't pure ed_
69,588
65,828
Miscellaneous accounts payable_
25,167
59,021
Due other roads__
135,338
Coupons due and
unpaid
66.735
68,090
/teemed interest.
rents, &a__.- 289,637
289,287
Taxes accrued, &c
18,894
37,612
Deferred and unadjusted aceta_
137.310
70,256
Surplus
1,600,319. 1,318,722
Operating income.3,416,355 2,783,302 Balance, surplus_ --.1,903.403 1,282,394
BALANCE SfIEET-COLORADO & SOUTHERN RY.
Dec.31'16.June39'10.
Dee.31'16. June30'16.
$
LiabilitiesAssets$
$
$
Road & equip't_ _111,303,503111,272,558 1st pref. stock_ ___ 8.500,030 8,500,000
2d pref. stock.... 8.500,000 8,500,000
Inv. In affil. cos.:
418,910 Common stook _31,021,484 31,021,484
Stocks
449,710
Bonds
8,760,000 8,257,121 Mtge. bonds
a61,392,900 61,424,900
quip. trust °beg_ 1,023.000 1,150,000
Notes
3:238727
10
98
2 1,93
40:2
0 48
1,43
E
Traffic,
Advances
&o., bats_
Total
38,506,189 37.865,321
573,582
415,330
Accts.
Other Investm'ta. 1,441,631 1,438,988
& Wages.... 992,929
e Includes road, 324,493,958, and equipment, $3,835,405, loss deprecia825,281
Phys. prop., &o
26,340 Matured int., &c.. 1213,476
23,575
103,996 tion reserve, $396,325; bal., $3,439,080; and $487,962 gen. expenditures.
Cash
Misc.
3,611,772
accounts_
with
RR.,
Note.-Tho
_
_
the
Virginia Ry. and the Norf. Sc West.
2,682,201
N. & S.
162,380
69,659
Time drafts, &o
Accrued int., &to- 633,467
2,970,000
803,740 Ry., guarantees the authorized issue of $2,000,000 1st M. 50-yr. 4s of the
Special deposits__
116,982 Accrued taxes_ _._
137,904
433,726
515,784 Norfolk Terminal Ry., due May 1 1961.-V. 104, p. 2337, 1801.
Loans & bills reo__
7,950
Accrued
depreo __ 5,043,183 4,730,990
7,950
Traffic, dro., bals- 525,693
326,070 Unadj.,&o.,accts. 150,562
110,212
Louisville Henderson & St. Louis Ry.
Agta.& conductors 296,402
197,959 Additions to propMiscellaneous __ _ - 475,724
erty through in476,153
(Report
for Fiscal Year ending Dec. 31 1916.)
Material & supp__ 1,233,355 1,231,234
come, &e
6,498,973 6,488,792
Disc. of. fund.(it. 271,151
Hudson, Louisville, Apr. 24, wrote in subst.:
280,387 Reserves from Inc.
Pres.
N.
R.
Unadjusted, &e.,
2,531,743 2,501,397
Results.-Business during the year
been the best in the history of
accounts
151,002
102,429 Profit
o sufltarnp,linloss__. 4,618,271 2,630,915 the company, as to both gross and net has
earnings. The results of operations
show an increase in gross revenue amounting to $303,277, or 20.9%, and
Total
132.205,681129,798,511
Total
132,205,681129,798,511
a Includes as of Dee. 31 1916 C. & S. 1st M.4s, $19,402,000, and Ref. Sc Extension M.450,$30,803,900; C. S. & C. C. D. 1st M.5s, $1,332,000, and 1st ConsolNI. 5s, $1,379,000; F. W. Sc D. C. tat M. 6s, 53,176,009, and Ft. W. Sc
D. T. 1st
M. Gs, 5300,000.-V. 104. p. 1014.
an increase of $240,345 in net revenue, equal to 72.18%. Freight revenue
increased $260,966, or 27%, and passenger revenue increased $26,002,
or 6.5%. Operating revenues per train mile increased from $1 46 to $1 63,
or 18.5%. The ratio of operating expenses to operating revenues is 87.26%
in 1916. against 77.01% for 1915. The total increase in gross operating
expenses amounts to $62,842, equal to 5.6%, but operating expenses per
(VOL. 104
THE CHRONICLE
2446
train mile increased less than 1%, being $1. 09 for 1916 and $1 08 in 1915
The average number of tons of revenue freight per train mile was 345.82.
against 280.80, due to increased coal tonnage handled.
GENERAL STATISTICS (200 MILES OPERATED).
Years ending June 30
Year end.
1914.
1915.
1016.
Dec. 31 '16.
400,813
401,702
389,456
393,003
Passengers (No.)
Passengers carried 1 mile 19,120,273 18,828,668 18,288,284 19,688,190
cts.
2.122
cts.
2.134
cts.
2.186
cts.
2.223
mile._
per
Rate per pass.
1,124,014
1,225,940
1,538,110
1,717,302
Tons carried
204,267,192 184,150,124 128,046,569 110,405,030
Tons carried 1 mile
Rate per ton per mile__.. 0.7134 cts. 0.725 cts. 0.749 cts. 0.788 cts.
INCOME ACCOUNT.
-Years ending Dec.31--Years ending June 301914.
1915.
1915.
1916.
$870,327
$917,771
$964,229
$1,225,194
Freight revenue
417,773
390,199
399,021
425,023
Passenger revenue
93,723
89,220
84,586
100,897
Mail, express, &c
1915.
expenses $107,482, against $133,990 and $99,722, respectively, inshares,
On Dec. 31 1916 the Occidental RR. Co. had outstanding 30,000
28,166.
owned
America
Central
of
Rys.
of which the International
BALANCE SHEET DEC. 31.
1915.
1916.
1915.
1916.
$
Assets
Road & equip't __ _49,879,556 49,422,664 Common stock._ _30,000,000 30,000,000
999,540 Preferred stock.._ _10,000,000 10,000,000
Securities owned__ 1,024,522
10,506,666 10,850,000
180,689 Funded debt
231,166
Advances
861,259
921,259
228,559 Govt. grants
243,977
Cash
102,567
14,560
33,236 Bills payable, &c_
25,153
Traffic, &c., bals.
80,586
72,629
&c.
accts.,
Audited
12,360
30,307
Agts.& conductors
102,280
131,475 Mat'd int. & divs_ 104,451
94,134
Accts., &c., recle.
60,236
135,250
RR_
Occidental
445,035
528,212
Mat'is, supp., &c.
64,394
86,125
Govt. of Guatem_ 1,719,217 1,630,439 Miscellaneous__
78,000
76,185
249,655 Unmatured int_
Other Govts., &c.. 407,817
830,922
933,341
reserves_
Deprec'n
Unexting. discount
140,520
582,657 Oth.def.cred.items 364,242
562,907
on securities
781,252
a1,578,187
35,708 Surplus
45,926
Miscellaneous_
Total oper. revenues.. $1,751,114 $1,447,836 $1,397,190 $1,381,823
$271,790
$316,479
$354,869
Maint. of way & struc__ $335,168
182,448
193,846
191,817
236.642
Maint. of equipment__ _
59,278
62,794
61,591
58,121
Traffic expenses
475,851
474,534
465,367
509,375
Transportation
35,640
40,498
41,301
38,480
General expenses
$1,025,008
81,088,151
$1,114,944
$1,177,787
Total
$356,815
$309,039
$332,892
$573,327
Net operating revenue
45,463
38,579
38,726
44,597
Taxes accrued, &c
54,792,895 53,952,016
Total
54,792,895 53,952,016
a After deducting in 1916 sundry items aggregating $34,277.
Note.-The current assets and liabilities stated in the books and accounts
In Guatemala and Salvador currency at Dec. 31 1916 have been converted
Into gold at 40.04 for 1 and 2.83 for 1, respectively, the prevailing rates
of exchange at Dec. 311916.-V. 102, p. 2163.
_
$528,730
11,748
$294,166
5,689
$270,460
6,439
8311,352
9,555
Gross corp. Income.._ _
Hire of equipment
Joint facilities
Miscellaneous rents_ _ _ _
Int. on funded debt.._ _ _
Miscellaneous
$540,478
$54,339
31,787
22,379
174,021
191
$299,855
$44,951
32,127
17,712
149,705
5,460
$276,899
$49,615
31,533
17,186
142,026
5.295
$320,907
$41,506
31,080
16,259
143,745
6,541
Operating income_
Other income
$239,132
$245,654
$249,955
$282,717
$81,775
$31,245
$49,900
$257,761
BALANCE SHEET.
1916.
1917.
Dec. 31 '1t3. June 30 '16.
8
Liabilities-S
-S
Assets2,000,000
_2,000,000
_
stock_
Common
7,593,712
,850
&
equipment.7,670
Road
480,119 469,332 Preferred stock_ _ _ _2,000,000 2,000,000
Cash
3,490,000 3,520,750
75,390 Funded debt
63,128
Special deposits
41,890
51,828
Traffic, &c., bals
2,400
Loans& bills reedy_
107,942 107,721
11,743 Accounts & wages
14,133
Traffic, dec., bals
300
33,615 Loans & bilLs payable
Agents dr conductors 26,991
92,821 Matured int. unpaid. 66,900 67,275
Materials & supplies 130,670
22,494
' 5,863
1,353 Taxes accrued
784
Prepaid insur., &c.._
29,332
26,376
27,982 Miscellaneous
18,085
Miscellaneous
7,072 Accrued depreciation 231,630 211,617
Deferred assets_ _ _ _ 10,781
39,781
38,532 Addt'ns to property 39,781
Unadjusted debits_ 44,177
447,800 310,392
Profit and loss
Total deductions__
Balance, surplus
8,468,119 8,351,552
Total
--IT: 104, p. 2235.
Total
8,468,119 8,351,552
International Railways of Central America.
(Report for Fiscal Year ending Dec. 31 1916.)
General Manager A. Clark, April 2, says in substance:
Results.-The results of operation for the calendar year 1916 have been
encouraging, especially so when general conditions throughout the world
are taken into consideration. There has been a substantial increase in
revenue in almost every line and a decrease in the operating expenses.
New Line.-The operation of trains over the Corozo deviation was begun
on Nov. 21 1916, but almost immediately afterwards bad weather set in
and the heavy torrential rains not only impeded work, but destroyed
much that had been done, so that the year closed with the deviation still
under construction. However, on March 15 1917 the line was opened for
public service and all trains out of and into Puerto Barrios are being run
over same. The deviation is 12.3 miles long, as against the old route
Puerto Barrios to Manaca of 10.4 miles. The grade has been reduced from
a maximum of 5% on the old line to 0.9% on the new; and the curvature
has been reduced from a maximum of 18 degrees to 6 degrees.
Other Improvements.-The main lino was ballasted a total distance of
say 5.7 miles, effecting a great improvement. The fuel oil plant was completed and the first cargo of oil was received at Puerto Barrios June 28 1916.
At Puerto Barrios a long-felt want was overcome by the installation of
a water-supply plant. Fresh water is brought from across the bay of
Santo Tomas by means of an 8-inch pipe line some 28,000 ft. long (of which
14,466 ft. is laid on the bottom of the bay), connecting the waters of the
Escobas River with our deposit at Barrios. This plant provides for a
supply of 600,000 gallons daily of excellent drinking water, more than sufficient for the requirements of the company, the port and the town, and is
another economy. The service was inaugurated on Nov. 21 1916.
Banana Traffic.-This was a disappointment in 1916, due to the severe
wind storms late in July and early in August, which played havoc with
many of the farms of the United Fruit Co., thus renudng the production
that was looked for. In 1916 there were transported 3,206,804 bunches,
a decrease of 200,841 and yielding a revenue of $368,782, against $391,879 in 1915. The present outlook is good for increased traffic in this
branch of.the business during 1917.
Exchange.-There has been no very great fluctuation in the value of
paper money during the year, exchange having remained between $40 and
$43 to $1 gold most of the time. The average rate for the year was $41 37
to $1 gold.
Outlook.-The scarcity of ocean tonnage and the difficulty in exporting
it
to Europe at the present time, and the low price of coffee abroad, make of
a hard matter to foresee just what the business may be for the balance
1917, but that for the first three months has been most encouraging and
there is a general tone of confidence throughout the country.
EARNINGS BY DIVISIONS (U. S. GOLD) FOR CALENDAR YEARS.
Miles Operated -Gross Earnings- -Net Earnings1916.
1915.
1915.
-Dec.31- 1916.
1916. 1915.
Guatemala Ry_195.45 195.21 1,446,151 1,293,314 856,683 686,276
Guat. Cent. Ry__179.59 178.63 981,115 742,369 530,252 271,593
34,267
64,917
Occidental RR___ 50.25 51.10 172,399 133,990
8,311
44,373 def.18,567
9,187
12.10 11.89
Ocos RR
11,594
21,434
98.75 97.50 139,166 123,882
Salvador Div_ _
..
536.14 534.33 2,748,018 2,337,928 1,454,718 1,012,042
Total
INCOMEACCT.FOR CAL.YRS.(EXCL.OCCIDENTALRR.)(U.S.GOLD).
1913.
1914.
1915.
1916.
437.8
469.5
483.23
486.89
Miles operated
$2,575,619 $2,203,938 $2,421,060 $2,461,797
Operating revenues_ _
1,274,257
1,319,365
1,226,163
Operating expenses_ _ _ _ 1,185,818
$1,389,801
11,700
$977,775 $1,101,695 $1,187,540
10,184
11,576
11,336
Operating income_ .._ _ $1,378,101
34,824
Outside operations (net)
5,987
Int., disc., &c., received
$966,439 $1,090,119 $1,177,356
42,010
28,263
45,061
30,517
6,012 .
1,641
Net earnings
Taxes
*1,418,913 $1,013,140 $1,124,394 $1,249,882
Gross income
$498,333
$533,333
$568,333
$559,562
Bond interest, &c
28,138
28,138
28,138
28,138
Unexting. discount, &c_
(3X)375,000 (5)500,000
Preferred dividends_ _ _
$936,471 $1,026,471
$596,471
Total deductions_ - _ _ $587,700
$223,411
$187,923
$416,669
$831,213
Balance, surplus
The above earnings do not include the Occidental RR. (50.25 miles).
operating
the
and
$172,399
were
1916
in
that
company
of
The gross earnings
Total
Pacific Gas & Electric Co., San Francisco.
(11th Annual Report-Year ending Dec. 31 1916)
The report for 1916 will be cited fully another week.
INCOME ACCOUNT FOR CALENDAR YEARS.
1913.
1914.
1915.
1916.
Gross Revenue$10,100,032 $9,924,482 $8,759,449 $8,230,782
Electricity
7,015,408 6,547,595
7,50,185
7,438,255
Gas
572,913
556,908
425,338
442,303
Street railway
851.049
888,739
1,034,174
1,144,794
Miscellaneous
Total gross revenue_119,125,384 $18,944,179 $17,220,504 $16,202,339
$1.042,994
Deduct-Maintenance__ $8,586,318 f $970,886 $1,052,435
7,612,050
7,118,439
17,385,262
Operating exp., &c_ _ _
676,165
743,048
849,445
972,565
Taxes
$9,566,501 $9,738,587
Net earnings
Int. on notes&float. d't_
Int. on bonds outst'd'g_}$3,844,933 $3,985,411
Int. on sink, fund bonds
160,410
173,186
Bond, &c., disc't & exp_
1,380,000
1,250,000
Depreciation reserve
8,306,582 $6,871,130
$118,848
$301.060
3,800,341 13,675,374
1 107,823
246,041
469,515
1,462,462
1,000,000
1
$1,260,582
Net inc. before deprec. $4,298,382 $4,212,766 $2,645,666
$14.983
First pref. dividend_ _ _ _1$1,374,6381(6)$400,717
$600,000
600,000
600,000
1
%)
(6
div.
pref.
Junior
(1 X)398,848
_- )1,708,168(6)1,930,074
Common dividends_a-(5
$261,734
$1,215,576 $1,281,976 $2,030,682
Balance, surplus
paid
a Includes common dividends, 5% paid in cash in 1916 and 6%
In common stock in 1915.-V. 104, p. 2343, 1146.
Alabama Traction, Light & Power Co., Ltd., Montreal.
(Fourth Annual Report-Year ended Dec. 311916.)
Pres. James Mitchell, June 1, wrote in substance:
the district served
Rrsults.-Tho coal and stool industries throughout
1915, and so, too, have the
have experienced a marked improvement over
graphite has also
of
mining
The
trades.
textile
and
cotton-growing
still greater
assumed notable proportions, and we believe it will receive
attention. For the first time the earnings of the company during the fiscal
charges.
fixed
all
cover
to
sufficient
year have been
Power Co. bonds
Bonds.-The earlier issue of $2,000,000 of Alabama
issues on underlying prophas been redeemed, together with ocher smaller
premises.
mortgaged
the
all
on
lion
direct
a
issue
erties, leaving its latest
the actual cost or
These bonds can only be issued to the extent of 80% of
the interest requirefair value of the property mortgaged and only when
are covered twice over.
ments of the total issue outstanding and proposed issued.
$5,000,000, less
[Total authorized issue, due 1946, $100.000.000;See
offering in 1916-17,
$4,750,000.
outstanding.
treasury;
$250,000 in
V. 102, p. 1250; V. 104, p. 75, 2344.1smaller companies have been made
Organization.-Some mergers of
company has also acquired from
to simplify the legal set-up. The powervarious
small towns in Alabama
time to time franchises and plants in
adjacent to the general network of transmission linos.
extended to its final
been
has
12
Lock
at
house
Additions.-The power
unit is installed and in
dimensions and the fifth hydro-electric generating
larger than the previous
satisfactory operation. This unit is somewhat conditions
of developing
ones, being capable under present operating
former ones. A steam
22,500 h.p. as compared with 17,500 h.p. for the
the banks of
on
fields
coal
the
of
heart
the
in
located
h.p.
plant of 35,000
is being conthe Black Warrior River about 30 miles from Birmingham,
ofserviceduring
structed in order to furnish a further guaranty ofregularity
will be ready to operate
the dry seasons. It is expected that this unit
installation of two additional
about Aug. 11917. The plans permit of the
by a
units of similar size. The steam plant at Huntsville was increased
1,000 k.w. steam turbine unit.
beyond all expectations,
The cost of construction work has increased
copper supplies, which now
especially in regard to apparatus and steel and
prevailing during the previous
cost from twice to three times the figures completed
so much of its work
year. The company is fortunate to have
under the former low costs. .
Contracts.-On Dec. 31 1916 the company had on its books signed power
additional revecontracts awaiting connection for 8,000 k.w., representing
nue of$250,000 per annum. A considerable number of these call for special
apparatus which the manufacturers are very slow in supplying.
Electric Furnaces.-With a view to utilizing the large amount of power
represented by the surplus water which runs to waste over the dam, the
which
company has established at Anniston a battery of electric furnaces,
are completed and now in operation, for the purpose of making electrically
refined steel and other electro-metallurgical and olectro-chemical products.
immost
This new field, we believe, will eventually become one of our
portant power markets.
as
amount
considerable
sheet
a
balance
shows
-The
Co.
Anniston Steel
owned entirely
advances to the Anniston Steel Co., which is a corporation
by
is
represented
advances
of
largo
these
A
part
company.
power
the
by
and bar steel,
stocks of scrap iron, electrodes, refractories and ingot, billet
increasing prices.
for which there has been a ready demand at constantly
by irrevsecured
prices,
satisfactory
firm
has
at
orders
company
steel
The
for several months ahead and
ocable banking credits, for its entire outputorders.
has ceased for the present to accept further
to permanently
POliCII.-It is not the intention of the powet company
and has only done so in
identify itself with special industries of this sort,the
district so necessary,
order to promote the industrial development offor its
power. The indusduring the early years, to make an early market a stage
will render
trial development of the district has now reachedby tho whichcompany.
power
unnecessary any further financial co-operation
Alabama
Co.,
Alabama
Power
include:
now
[The subsidiary companies
Co..
Interstate Power Co., Birmingham Montgomery & Gulf Power
Alabama
River
Little
Co.,
Power
Co.,
Power
-Electric
Hydro
Muscle Shoals
Property Co., Alabama Power & Light Co.]
75.4%
No. of customers connected for 1916: Primary, 35, representing special
available, 1 (4.1%);
of total revenue; secondary, 9 (19.2%); when
51. Customers suband seasonal, 6 (1.39'); total wholesale customers,
industries served:
station capacity, 87,406 h.p. Proportion of income from
cotton mills,
Coal mines, 3.12%; ore mines, 6.15%; steel mills, 11.10%;
public utilities and railways,
6.90%; cement mills, graphite plants, 1.16%;
scattering.
remainder
23.'78%;
power,
and
light
tions
33.34%; sub-opera
Hydro-electric:
Developed power owned by Alabama Power Co. (a)steam:
Gadsden.
Lock 12, 90,000 h.p., and Jackson Shoals, 2,000 h.p.; (b)
15,000 h.p., and Warrior, 35.000 h.p.: total, 142,000 h.p. Local steam
plants: Huntsville, Decatur, Guntersville and Gurley, 2,7251h.p.1111Cus-
THE CHRONICLE
JUNE 16 1917.]
2447
tomers whose power plants the power company may, under certain conHealing.-(a) In Illinois: Bloomington, Champaign, Clinton,
ditions, make use of under existing contracts: Birmingham Ry., Lt. & Pow. Decatur, Galesburg and Urbana. (b) Iowa: Oskaloosa. (c) Danville,
Kansas:
Co., 17,400 h.p.; Tenn. Coal, Iron & RR. Co., 13,000 h.p.; Avondale Mills, Topeka.
Sylacauga, 2,000 h.p.; Opelika Cotton Mills, Opelika, 450 h.p.; Buck Creek
Ice.-Jacksonville, Ill.
Mills, Siluria, 900 h.p.; Tuscaloosa Utilities Co., Tuscaloosa, 1,200 h.p.:
Water.-Marseilles and Mound City, Illinois.
Gulf States Steel Co., Gadsden, 2,000 h.p. Transmission lines: 110,000
Electric Lighting and Power.-(a) In Illinois: Abingdon, Bloomington,
volt circuit, 301 miles' 44,000 volt circuit, 434 miles; 22,000 volt circuit, Brooklyn, Cairo, Carlinville, Champaign, Chenoa, Chrisman,
Clinton,
20 miles; total, 755 miles. Miles of track: Anniston, 9.5; Huntsville, 6.1: Danville, Decatur, Edwardsville, El Paso, East Alton, Galesburg, Glen
total, 15.6. Miles of gas mains: Anniston, 34.1; Decatur-Albany, 15.8; Carbon, Gridley, Georgetown, Granite City, Hudson, Indianola, Jacksontotal, 49.9. Miles of water mains, Attalla, 9.
ville, Knoxville, La Salle, Lexington, Madison, Meadows, Monticello,
Morton, Marseilles, Mound City, National City, Normal, Ottawa, Peru,
STATISTICS OF THE ALABAMA POWER CO. FOR CALENDAR YEARS. Ridge
Farms, Sidell, Tremont, Urbana, Venice, Vermillion, Grove, Wood
1916.
Statistics1915.
River, Westville and Worden. (b) In Kansas: Atchison and Topeka.
188,041,000 127,222,000 (c) Iowa: Colfax, Des Moines,
Kilowatt hours generated
Montezuma, New Sharon, Oskalossoa and
162,213,000 108,234,000 Valley Junction. (d) In Missouri,
Kilowatt hours sold and used by company
Jefferson City.
41,500
29,500
Maximum station load (kilowatt)
5,274
Retail power and lighting customers
RESULTS FOR CALENDAR YEARS.
76
Wholesale power contracts
Earnings1916.
1915.
1914.
1913.
CONSOL. INCOME ACCOUNT FOR YEAR ENDED DECEMBER 31. Interurban lines
$3.993,836 $3,559,028 $3,626,636 $3,604,265
City lines
3,110,811
•
Earnings•
2,871,035 3,021,860 3,072,236
Gas
$957,380
923,642
$603,5311
Wholesale power
905,703
877,982
816,912
Electric
71,560
3,689,852 3,325,411
62,750
Retail power
3,002,378 2,636,714
Heat
34,093
341,380
29,498
317,580
Municipal lighting
314,640
274,672
227,583
506,927
177,8161. $657,594 Miscellaneous
209,238
Commercial lighting
269,358
116,299
109,648
86,199
Railway (2,030,116 passengers)
56,029
Total gross earnings_ _$12,566,447 $11,187,995 $11,112,854 $10,521.,098
44,813
Gas (1,548 customers)
Total oper. exp. & tax
5,650
7,489,797 6,657,569 6,587,462 6,198,872
4,831
Water (398 customers)
9.490
4.907j
Miscellaneous
Net oper. revenue__ _ $5,076,650 $4,530,426 54,525,392 $4,322,226
$1,471,433 $1,014,345
Deduct$657,594
Total gross earnings
&c
discounts,
$54,415
$41,832
$37,816 Interest on bonds, &c $3,603,417 $3,268,607 $3,290,787 $2,883,240
Deduct rebates,
426,800
428,130
285,761
428,130
217,577 Preferred dividend (6%)
428,130
Light and power expenses
406,372
93,320
71,675
71,841 Common dividends_
(3)367,539 (3)367,539 (3)367,390(2 M)224,805
Railway expenses
59,707
45,472
33,874
Gas, &c., expenses
Balance,surplus
$466,150
$677,563
$439,085
$807.809
$837,191
Net operating income
$569,605
$296,486
From the surplus as above in 1916 there was deducted $505,565 for
43,413
Interest received
80,756
3,070
depreciation and $65,283 for bond discount, leaving $106,715.
Gross income
$880,604
$650,361
$299,556
BALANCE SHEET DEC. 31.
x794,896
Bond, &c., interest
(Not stated)
Net income available for deprec'n_
$85,708
y$650,361
y$299,556
x Includes bond, &c., interest, $858,549, less $63,653 portion of above
interest chargeable to capital account, being interest on amount expended
in properties held for future development. y Before deducting interest
on -bonds, &c., and depreciation.
CONSOL. BALANCE SHEET DEC. 31 (INCLUDING SUB. COS.).
1915.
1916.
AssetsProperties, rights,
31,904,889 30,380,259
Arc
Inv. in other cos_ 51,014,920 1,00/,248
Bonds, dint., &a. 3,195,049 2,581,226
92,111
299,601
Cash in banks, &a.
91,024
30,932
Cash for bonds,da
415,4551 295,605
Notes receivable
receivable_
1,011,077J
Accts.
Miscellaneous _ _ _
13,036
17,852
Materials, sup258,872
127,534
plies, dal
Total
37,990,433 34,740,261
1915.
1916.
LiabilitiesPreferred stock__ _ 1,000,000 1,000,000
Common stock_ _ 516,975,000a16,975,000
1st M.(coll.) 5s..1313,125,900b13,125,900
1st M.5s A.P.Co_c4,750,000 2,327,800
Bond interest duo
656,920
Nlar.1 '15 extend 656,920
24,111
Notes payable_ _ _
460,000
Accts. payable_ _ _
402,687
169,613
Int.,&c.,accrued_
308,591
291,676
Accident,&c.,res.
3,372
8,894
Outst. coupons,dro.
26,508
83,370
Surplus
139,362
225,070
Total
37,996,433 34,740,261
*Includes in 1916 investments in United Gas & Electric Corp. (at cost).
5959.500 2d pref. stock, par, $1,500,000, and common stock, par, $500,000.
and $55,420 miscellaneous stocks and bonds.
in treasury of Alabama Power Co.
a Excluding $25,000 common
b Not including $12,500 in treasury of Alabama Power Co., or $1,853,400
treasury bonds deposited Dec. 31 as collateral security for notes of Alabama
Power Co., but since returned to treasury of parent company (see above).
c Auth, $100.000,000; issued, $5,000,000; in treasury. $250,000; bal.,
$4.750,000. Stocks of sub. and affiliated cos. aggregating $1,451,600 are
pledged as additional collateral to the foregoing issue.
Note.-Preferred cumulative dividends in arrears aggregated on Dec. 31
1916, 5120,000.-V. 104. p. 2344, 71.
Illinois Traction Co., Champaign, Ill.
(13th Annual Report-Year ended Dec. 31 1916.)
The report, signed by Pres. Wm. B. McKinley, Champaign, Ill., and Vice-Pres. Executive and Gen. Mgr. H. E.
Chubbuck, Peoria, III., says in substance:
Results.-Gross and net earnings from all departments show normal
increases. This result is especially gratifying because of the extraordinary
high prices which prevailed throughout the year on substantially all materials
necessary in operation, particularly for coal, and also the necessary increase
influences were partly offset by the operating
in wages. These deterrent
efficiency and persistent solicitation for new business.
lines as the result of an abnormal demand for
The activity in industrialhome
and abroad, has had a direct bearing on
manufactured products at
from transportation and electric
especially
the grass earnings,
power. Wr
have also benefited from nearly the total disappearance of "jitney" comof privately owned automobiles is not so
petition. The effect, likewise,
considerable
detriment.
apparent, although still a
Rates.-At Jacksonville an agreement was reached with the city, and
sanctioned by the P. U. Commission of Illinois, which fixed the rates for
electric lighting, power, gas and street railway service on a basis allowing
us a fair return.
Marked progress has been made in adjusting the basic rates for electric
light and power, and gas to conform with the ideas of the Commissions in
the States where the company operates. It is expected this adjustment
will materially lessen the probability of expensive litigation and place the
company on a firmer foundation than ever before.
Following an application on behalf of the St. Louis Electric Terminal
Railway Co. to the I. -S. C. Commission for authority to increase the rate
of faro covering transportation of passengers between St. Louis Missouri,
and Venice, Madison and Granite City, Illinois, the Commission after a
full investigation issued an order in the latter part of the year authorizing
the average receipts per passenger from
a schedule of faros which increased
will not be evident until next year.
Sc. to 7.2c. The effect of thisaincrease
disastrous flood prevailed
Floods.-During January
in the Illinois
River Valley seriously affecting the industries in La Salle, Peru, Ottawa
and Marseilles, including our gas works at La Salle and the electric generatand
Ottawa
Marseilles,
which were flooded and
ing stations at La Salle,
out of service for five days. Operation of the Chicago Ottawa & Peoria
Ry. also was interrupted during this period. The damage, however,
except for the loss in earnings, was,fortunately, not large.
Wages.-Working agreements with the trainmen of the interurban lines,
the Galesburg Ry. Lighting & Power Co., and the St. Louis Electric
Terminal Ry. Co. were negotiated and consummated on terms acceptable
to both the men and the management.
Rolling Stock.-New freight equipment for the interurban lines was
ordered as follows: 100 box cars, 80,000 lb. capacity; 60 hopper bottom
cars, 100,000 lb. capacity, and 40 flat bottom gondola cars, 80,000 lb.
. Enlargement and extensions of the facilities for handling intercapacity,
urban freight traffic have been effected, new connections with grain elevators, manufacturing industries and coal mines have been completed, and
ornaaeltstrm
working agreements have been entered into withadditiT
io syrsatielrm
dese
.
oas
[As to principal component properties of Illinois
map, &c., on pages 19 to 22 of "Electric Railway Section.")
RESUME OF SERVICE, EXCLUSIVE OF INTERURBAN, IN CITIES.
Street Railway Service.-(a) In Illinois: Bloomington, Cairo, Champaign,
Danville, Decatur, Galesburg Granite City, Jacksonville, La Salle, Madison, Normal, Ottawa, Peoria, Peru, Princeton, Urbana, Venice and
Quincy. (b) In Kansas: Topeka, Atchison and Wichita. (c) In Iowa:
Oskaloosa. (d) In Missouri at St. Louis and Jefferson City.
Gas.-(& In Illinois: Cairo, Carlinville, Champaign, Clinton, Danville,
Decatur, Galesburg, Jacksonville, La Salle, Peru and Urbana. (b) In
Missouri: Jefferson City. (c) In Kansas, Atchison. (d) In Iowa:Oskaloosa.
•
1916.
1915.
1916.
1915.
Assets$
Liabilities$
$
Stock of sub. cos_ _21,514,548 20,026,106 Preferred stock._ _ 7,135,500 7,135,500
Adv.tosub.cos.,&c 3,020,142 2,619,968 Common stock_ _ _12,252,000 12,251.400
Accts. dr notes rec. 489,729
308,572 Debentures
3,711,000 1,766,000
Stores on hand_ _
256,268
209,360 Acc'ts dr notes pay. 628,459
473,950
Cash in bank
163,452 Surplus
113,916
.1,667,644 1,700,607
Total
25,394,603 23,327,457
Total _
._ 25,394,603 23,327,457
* After deducting $139,634 unexpired bond discount and expense, loss
on securities, sold, &c.-V. 104, p. 863, 73.
Consolidated Gas Co. of New York.
(Report for the Year ending Dec. 31 1916.)
The Public Service Commission, First District, has made
public the income accounts and balance sheets of the company and its subsidiaries (subject to revision) for year 1916
(compare official statements in V. 104, p. 359).
STOCK HOLDINGS DEC. 31 1916 AND PERCENTAGE OF TOTAL AMOUNTS
OUTSTANDING.
Conseil. Gas Co. Per Valus.
Per
Consol.Gas Co.
Par Value. Per
Cent.
HoldingsHoldingsCent.
$
N
N. V. Edison.
65,943,400 99.98 United Elec. L. dr P. 3,654,145 99.58
100.00
_10,000,000
Astoria L.,H.& P _
Preferred stock._ 1,641,888
99.58
N. Y.dr Queens Gas_ 600,000 100.00 Westchester Light._ 10,000,000 100.00
(a)
N.Y.& Q.El.L.& P 1,010,000
Preferred stock._ 2,500,000 100.00
63.78
797,300
New Ams. Gas Co.
Preferred stock._
75,000 100.00 Central Union Gas Co 3,500,000 100.00
Municipal Lighting._
54.89 Northern Union Gas. 1,500,000 100.00
N.Y.Mutual Gas Lt. 1,886,200
N. Y. Edison Co.New Amsterdam._12,154,592 99.91
Preferred stock... 8,991,475 99.91 Con.Tel.dtEl.Sub.Co. 1,875,000 99.73
Standard Gas Light__ 4,796,200 96.20 Brush Elec. Ill. Co__ 999,000 100.00
(b)
Preferred stock... 4,096,100
a The pref. stock is non-cumulative and is entitled to a prior dividend of 5%. A
4% dividend on the pref. stock was paid in 1916. The remaining surplus for the
Year is hero apportioned to the common stock. b The pref. stock is now cumulative
and is entitled to a prior dividend of 6%, which was paid in 1916. The remaining
surplus is apportioned to the common stock.
CONSOLIDATED GAS CO. INCOME ACCOUNT FOR CALENDAR YEARS.
1915.
1916.
Gas Sales1916.
1915.
Comm.lighting.$10,835,467 $10,364,265 Tot.prod. exp. $6,314,414 $5,601,793
1,985,743
2,071,619
exp____ 1,421,430
Prepaid gas
1,380,523
172,869 Comm% gen ofcc 1,821,435
115,636
Munic. light__ _
1,839,187
6,149
14,902 Gen'l amortlz'n.
Miscellaneous488,854
470,398
Taxes, &a
1,012,814
876,905
Tot, sales gas.$13,028,872 512,537,779
Oper. income_ $3,036,901 $3,301,819
Rt. gas stoves, &c 617,3041
219,781}
952,843 Oth. inc. (net). 7,527,137
Joint gas rent._
7,350,867
249,8921
Sundries
Gross income_ _510,564,038 310,652,686
Total gas rev_314,115,848 $13,490,621 Int. on fund.dbt $1,490,772 31,397,114
0th. int., drc....
Operating Expenses98,413
447,654
Cost of gas mtd. $1,845,659 $1,606,633 Dividends
(7)6,987,155(634)6,737,614
4,468,755
3,995,160
Gas bought
Tot. deduc'n.s. $8,576,339 58,582,382
Tot, prod. exp. $6,314,414 $5,601,793 Balance surplus. 31,987,699 $2,070,304
RESULTS OF SUBSIDIARIES.
Gross
Other
Net after
Calendar
Interest.
Dividends Balance,
Income. Charges.
Taxes.
Earnings.
YearsPaid.
Sur.orDef.
(1) New Amsterdam a7.3 CO.1916 _....$3,546,114 51,370.250 $70,165 $1,368,884
sur$71,531
49,676 1,059,249 _ _ ._ ._ ._ def14,283
995.239
2,871,436
1915
(2) New York Mutual Gas Light Co.
1916...$1,474,435 $295,226 864,625
812,390 (9)8309,294 sur$38,161
359,601
1915
1,437,940
55,705
16,191 (9) 309,294 sur89,820
(3) Standard Gas Light Co. of N. Y. City32,734
51,823,986 5546,185
1916
372,330 (a)$407,313 sur$69,276
586,418'
2,411
1915
1,765,078
79,819 (a) 407,313 sur101,697
(4) Central Union Gas Co.
$2,384,207 $685,611 $74,733 $194,335
1916
sur$566,009
2,332,097
813,366 55,826
1915
197,011 ------ _ _our 672,181
(5) Northern Union Gas Co.
$73,759
1916 ....,._ ._ ..$1,427,607 $264,297 $3,454
sur$193,992
318,452
845
1,351,073
1915
73,964
sur 245,334
(6) Astoria Light, Heat & Power Co.-,
$4,270,348 $1,401,172 $337,777 $369,525 (6)$600,000sur$769,424
1916
3,932,857 1,369,298
29,102
1915
66,536 (6) 600,000sur 731,864
(7) New York & Queens Gas Co.
581,265
$269,912
5114
$52,212
1916
sur$29,167
76,803
249,617
46,355
85
1915_
stir 30,532
(8) New York &Queens Electric Light & Power Co.
1916 _._.... .31,741,684 5689,694 519,160 $268,995 (4)$50,000sur$389,859
17,803
584,644
1,451,976
242,733 (4) 50,000sur 309,715
1915
a Includes (6%) pref. dividends, $257,742, and (3%) corn. dive., 3149,571.
MISCELLANEOUS INFORMATION AS OF DEC. 31-HOLDING COMPANY.
1916.
Consolidated Gas Co.1915.
489,275
Number consumers' meters_ ._ ...-----497,470
486.9584t1(
93,1/i6
None
2,106
Street lamps--Welsbach
9,733
11,584
395
4
Open flame
4
4
841.82
841.09
Miles of gas mains
840.78
841.14
53,660
51,560
Holders capacity(m Cu. ft.)
52,860
53,770
Capacity (24 hours)9,500
Coal gas works (m. cu. ft.)
9,5009,500
33,000
33,000
Water gas works (m. Cu. ft.)_
33;000
5°°
33,000
2448
[VOL. 104.
THE CHRONICLE
MISCELLANEOUS INFORMATION AS OF DEC. 311916-CONTROLLED CO'S.
AstoriaL., New Ans.N.Y.Mul. Cent. Un. Nor. Un. Stand.Gas
o. Light Co.
H.&P.Co. Gas Co. Gas Lt.Co. Gas Co.
Gas made(M.cu.ft.)0,196,965 5,026,450 2,571,367 3,059,204 ------2,153,214
45,412
49,391 1,513,375 1,817 529
320,618
Gas bought
231 3,184,461 1,690,439 2,611,770 1,559,869 1,994,761
Sold consumers.. _
51,814
73,101
..._ ._ 1,889,136 814,815 1,817,529
Supplied other cos.
4,546
2,806
4,952
4,367
11,517
6,313
Used by company..
721,753
9,189,958
.
Co
For Cons. Gas
177.64 202.73
- -.77
159
169.75
340.12
3.687
Gas mains(miles)_ _
16,283
13,035
15,541
18,287
31,580
3
No. service pipes_ ._
64,721 *53,579
51,387 106,883
97,647
3
No. consums' meters'
27,308
48,372
58,673
*-- -.No. appliances rent- ...._ ._
7
4
5
4
2
Holders
Capacity of holders
11,880
1,105
8,581
14,800
19,150
16,000
(m. Cu.ft.)_
*The number of consumers was 61,449.
UNITED ELECTRIC LIGHT & POWER CO. BALANCE SHEET DEC. 31.
1915,
1916.
1915.
1916.
LiabilitiesAssetsFixed capital... ._ _18,278,410 17,804,077 Capital stock__ 5,318,434 5,318,434
Inv. in assoc. cos_ 1,143,121 1,178,121 Mortgage bonds _ 4,838,000 4,838,000
109,190
80,518 Consumers' dep'ts 163,466
88,823
Other investments
941,875 Due associated cos 9,489,740 9,416.091
........ 329,793
Cash ._
372,913
120,289
liabilities.
Accrued
Accts. reedy, with
40,273 • 46,031 Other current liaCity of N. Y_
bilities .__ ___ 1,456,545 1,493,858
361,296
Consumers' accts.. 349,710
Casualties and inSpecial deposits... 2,250,000
85,209
86,343
surance reserve._
86,562 1,829,062
Other accounts__
347,137 Corporate surplusp1,784,227 1,085,976
556,062
Materials & supp_
13,098
Accts. assoc. cos. 133,932
574
358
Prepayments .___
OF CONSOLIDATED GAS CO. DEC. 31.
1915.
1916.
1915.
Liabilities43,220,377 Capital stock-- 99,816,500 99,816,500
90,583,568 Funded debt__ 24,846,248 24,846,123
976,114
691,318 Taxes accrued... 1,222,143
249,621
248,462
2,127,625 Unma'd int.,&c
1,132,512
110,186 Other curr. liab. 1,280,778
Accts pay. to
444,048
485,873
assoc'd cos_ _ _
18,912,482
985,883
Consum's dep'ts 1,008,212
348,419 Prem. on stock,
13,918,878 13,951,397
&c.
653,176
3,163,705 Casualties & in797,818
822,463
surance res've
996,081
401,846 Corpor.surplus.b19,110,697 18,008,737
p After deducting $262,481 for contingencies and credit misc. Items (net),$16,897
N. Y. de QUEENS ELEC. LIGHT & POWER CO. BALANCE SHEET DEC. 31.
1915.
1916.
1915.
1916.
Liabilities$
Assets_ _ _2,500.000 2,500,000
Fixed capital _____ _7,397,527 7,124,032 Capital stock
_2,350,000 2,350,000
13,291 Funded debt...
12,186
Investments
70,433
274,755 194,319 Consum. deposits...... 80,954
Cash
2,471,470
cos....2,475,853
associated
Due
5,750
._
_
556,000
Special deposits
14,174
19,647
Taxes accrued
Accts. receiv'le with
71,082
City of New York. 264,359 196,289 Unmatured int., &c.. 73,692
101,524
108,890
Habil_
current
87,994
Other
Consumers' accounts 117,165
Other accounts....... 39,015 796,190 Casualty, &c., re9,696
13,686
serve
Material & supplies_ 167,813 157,563
30,391 Corporate surplus,1,250,306 1,017,440
44,298
Suspense, &c
Total _ _ _162,760,254 161,208,783
Total .___:162,760,254 161,208,783
a After deducting in 1916 311,913,797 for accrued amortization, against $11,164,772 in 1915. b After deducting contingent expense, $814,756, and surplus adjustments, &e., $70,083.
Note.-The co. has contingent liabilities aggregating $21,825,000, consisting of
bonds of Westchester Ltg. and merged cos., which are guar. both as to prin. & int.
After deducting $147,616 contingencies and misc. Items (net), $9,287.
NEW YORK & QUEENS GAS CO. BALANCE SHEET DEC. 31.
1915.
1016.
1915.
1916.
Assets600,000
600,000
stock.........
Capital
1,712,583
1,763,610
Fixed capital.
2,878 Funded debt...816,000 816,000
3,104
Investments
20,854
23,071
31,061 Consumers' dep'ts__
17,418
Cash
1,245
1,325
1,960 Taxes accrued
2,388
Accts. recelvde._ _
20,246
20,847
9,302 Unmatured int., &to_
9,814
Consumers' accounts
5,232 Other current Habil_ 208,865 179,319
12,430
Other accounts...._ _
348
674
12,694 Other reserves._ _ _
16,217
Material & supplies_
2,309 Corporate surplus t155,589 140,097
1,390
Prepayments, &c
BALANCE SHEET
1916.
AssetsFixed capital._a42,147,036
Inv.In asso.cos. 90,583,568
Other invests _ 1,115,962
2,511,700
_
Cash
Special deposits. 3,150,000
Accts. rec. from
assoc. cos..._ .. 18,920,721
Accts. rec. with
171,001
City of N. Y_
723,387
Consums' accts.
0th. curr. assets 2,104,540
985,086
Material & supp
347,253
Suspense
NEW AMSTERDAM GAS CO. BALANCE SHEET DEC. 31.
1915
1916.
1915.
1916.
Liabilities-'
AssetsFixed capital... 43,304,621 38,108,888 Capital stock... 21,165,000 21,165,000
365,312 Mortgage bonds 19,135,000 19,235,000
365,312
Inv. in asso. cos
316,492
317,473
131,955 Consum's dep's.
138,323
0th. Invest's.265,369
478,360
88,056 Taxes accrued._
205,814
Cash
interUnmat'd
164,633
222,960
Accts. reciv____
60,208
59,706
est, &c.
109,445
139,203
Current accts. &cc
53,936 Due a.sso'd cos_ 6,504,264 1,293,916
41,056
Miscellaneous _
263,715
328,524
344,224 MIscell. accts._
303,075
Materials & sup
47,365 Casualties & in5,539
Suspense &o_
131,703
138,071
surance reserv
3,317,589
Corpor. deficit_x3,400,585
48,126,488 42,731,403
Total
48,126,488 42,731,403
Total
x After debiting contingent reserve, $163,348, and crediting surplus adjustments
(net) $8,820.
NEW YORK MUTUAL GAS CO. BALANCE SHEET DEC. 31.
1915
1916.
915.
1916.
Liabilities$
Assets-3,436,600
2,385,027 Capital stock_ 3,436,600
Fixed capital__ 2,302,079
130,936
126,767
6,600 Consum's deps.
6,600
Inv. In asso. cos
68,077
194,303
1,512,308 Taxes accrued....
0th. invest's__ 2,244,525
1,160,056 Unmatured in673,408
Cash
144,430
137,464
&c___
terest,
28,970
36,307
Accts. rec'le
7,999 0th current liaCurrent accts.etc. 71,369
122,007
129,056
bilities, &c__
36,971
29,263
Other accounts..
110,731
116,140
172,475 Insur., &c., res_
69,288
Materials& sup.
120,000
120,000
71,999 Other reserves__
Consumers'accounts 71,369
1,241,535
Corpor. surplus. c1,172,509
5,374,406
Total _ _ _ 5,432,839
5,432,839 5,374,406
Total
c After deducting contingency reserve, $107,010, and miscell. items (net).
STANDARD GAS LIGHT CO.BALANCE SHEET DEC. 31.
1915.
1916.
1915.
1916
3
LiabilitiesAssetsFixed capital... '10,719,888 10,696,367 Capital stock._ 9,281,400 9,281,400
1,195,000
30,900 Mortgage bonds 1,195,000
30,900
Inv. in asso. cos
140,741
136.805
98,556 Consum's daps.
103,301
0th invest's __
183
302,847 Crediting ad.,
312,673
84,400
96,746
80,842 Taxes accrued...
82,605
Accts. recei'le._
9,958
9,958
73,464 Unmet. Int.,&c.
80,648
Consum's ace's.
liacurrent
0th.
75,161
112,794
l‘laterials 8,sup.
_
140,200
158,702
bilities _
103,135
129,979
0th. accounts._
127,529 Casualty insur8,506
Suspense _____
78,280
83,028
ance reserve..
658,822
Corpor. surplus. d619,708
11,581,347 11,588,801
Total
11,581,347 11,588,801
Total
d After deducting $102,329 contingent reserve and miscell. Items (net), $6,061.
CENTRAL UNION GAS CO. BALANCE SHEET DEC. 31.
1915
1916.
1915.
• 1916.
Liabilities$
AssetsFixed capital__ 8,673,449 8.795,943 Capital stock__ 3,500,000 3,500,000
255,100 Funded debt..... 3,555,000 3,533,000
255,100
Inv. In asso. cos
186,288
190,802
70,742 Consum's deps.
74,851
0th. invest's.. _
102,359
128,528
Accrued taxes....
1,252,624
_
_
163,231
...._
Cash
22,654
23,196
1,950 Unmat'd int,Arc
Special deposits 1,651,475
1,2t33,729 0th. current liaAccts. receiv__ 1,205,841
215,922
234,374
bilities
80,516
80,165
Consum'rs accts
131,010 Casualty, &c.,
145,270
0th. accounts_ _
77,782
81,890
__
reserve
145,793
189,880
Materials & sup
4,337,402
Corpor. surplus. f4,725,472
12,439,262 11,997.407
Total
Total -------12,439,262 11,997,407
f After deducting contingent reserve, $130,588, and miscell. Items (net), $173.51.
NORTHERN UNION GAS CO BALANCE SHEET DEC. 31.
1915.
1916.
1915.
1916.
5
3
$
Assets1,500,000
1,500,000
stock.
Capital
3,306,956
3,336,952
Fixed capital
17,640 Mortgage bonds_ _1,250,000 1,250,000
18,625
Investments
80,651 316,032 Consumers' deposits. 114,730 109,776
Casts
68,631
95,244
Taxes accrued
90,586
._ 37,219
Accts. recev'le
10,416
10,417
Consumers' accounts 53,432. 51,659 Unmatured int., &c_
99,171
26,050 Other current Habil_ 109,280
24,999
Other accounts....__
18,813
19,798
23,715 Reserves
Materials 4, supplles. 37,306
Corporate surplus.... h848,065 787,464
Special deposits_ _ _ _ 350,000
6,633
6,350
Suspense, &c
Total ____ ._ .1 ._ _3,945,534 3,844,271
3,945,534 3,844,271
Total
h After deducting $81,649 contingencies and misc. Items (net), $53,742.
ASTORIA LIGHT, HEAT de POWER CO. BALANCE SHEET DEC. 31.
1915.
1916.
1915.
1916.
$
Liabilities$
Assets10,000,000
...._10,000,000
stock
Capital
12,077,441
11,943,092
Fixed capital
209,244 '183,700 Funded debt...._ .. 5,000,000 5,000,000
Investments
110,801
344,865 Accrued liabilities. 135,964
195,201
Cash
16 Miscell. accounts.. 1,838,168 1,699,368
18
Consumers' Reels.
113,760 1,092,065 Casualty & InsurOther accounts._
270,769 254,225
ance reserve... _ _
669,159
906,479
Material & supp
Corporate surplus j3,324,968 2,549,821
Special deposits.... 1,500,000
Accts. receivable.. 5,695,406 5,237,417
18,552
15,669
Suspense
Total ... _ ._ _20,560,869 19,623,215
20,569,869 19,623,215
Total
j After deducting 3229,755 contingencies and credit misc. adjustments, &o.,
(net), $235,477.
Total
Total .
23,257,044 22,719,671
8,873,118 8,605,810
Total ______ ..-23,257,044 22,719,671
Total ____ _ _ _ _8,873,118 8,605,819
Total _
-1,826,371 1,778,109
Total
t After deducting 311,556 contingencies, &c. (net)
_ .....1,826,371 1,778,109
104, p. 2346, 954.
New York Edison Co.
(Report for Fiscal Year ending Dec. 31 1916.)
The Public Service Commission, First District, has made
public the company's report for the calendar year 1916.
1914,
1915.
1916.
Sales of Electric Current.
$783,940
$410,838
None.
Municipal street lighting-arc....
113,280
436,192
$957,076
5.37c..
at.
Munic.
17,834,302
428,656
342,011
341,887
8,198,938 Lighting municipal buildings........
20,650
20,324
21,984
366,409 Municipal power @ 6c
86,766
62.232
48,620
898,575 Miscellaneous municipal @ 5.41c.
1,079
11b,439
110,900
4,165,480 U.S.Govt.light & pow.(412.660.
363,833,434{Commercial metred lighting, &o_ 121,253,842 19,851,335f 18,571,543
1
1,888,986
_
_J
Commercial metred power
747,709
583,428
565,111
103,274,150 Railroad corporations()0.81c _
486,040
354,520
462,488
22,695,192 Other electric corporations .__
/155,151
210,705
} 273,902
20,394,573f Breakdown service._ _ _ _
1248,881
'Miscellaneous sales
K.W.Hours.
_$24,035,810 $22,399,062 $23,532,681
______
Total
INCOME ACCOUNT FOR CALENDAR YEARS.
1913.
1914.
1915.
1916.
$24,035,810 $22,399,062 $23,532,681 $22,979,426
Total sales of current
31,769
5,661
147,006
300,639
Miscellaneous revenue
511,661,053
$24,336,449 $22,546,068 $23,538,342 $23,011,195
Total operating revenue
$3,667,641 53,341,709 $3,620,161 $3,355,176
Production expenses
1,845,342
1,822,618
1,700,230
„718
Distribution and repairs__ __ ._ ._
995,480
1,176,860
1,136,279
1,154,858
Utilization expenses
1,363,004
1,518,197
1,546,500
1,654,798
._._
._
Commercial expenses .. _
1,641,241
1,795,140
1,825,961
1,830,391
General and miscellaneous
$10,359,405 $9,649,679 $9,932,976 $9,200,243
Total operating expenses
1,286,509
1,361,624
Taxes1,849,560 1,469,369
107,857
101,767
88,152
57,545
._
_
_
Uncollectible bills_
Total revenue deductions.... _312,2611,510 $11,207,200 $11,396,367 $10,504,609
$12,069,939 $11,338,868 $12,141,975 $12,416,586
Operating Income1,250,562
1,370,105
1,554,429
.1,704,793
Non-operating income _ _
$13,774,732 $12,893,207 $13,512,080 $13,667,147
Gross income _
b$3,605,998 33,632,565 $3,788,145 $4,198,506
Deductions from income
1,073,250
1,183,196
replacements
Renewals and
-(7%)4,616,738(6,)4451854(6)3,720,204(6)3,009,204
Dividends
$4,368,801 $3,735,628 86,003,731 $6,459,437
Balance, surplus.
a Consist.; of Interest revenues, $1,602,648; dividends, $96,837; miscellaneous
rents, &c., 562,145; and non-operating revenue deductions, $56,837.
b Includes in 1916 interest, $1,957,011; lease of Brush Eloo. Ilium. Co., $47,656;
subway rents, $1,563,470; other rents, $37,861.
The number of active meters was 222,838 (Manhattan, 149,884; Bronx, 72,954)
against 232,508.
NEW YORK EDISON CO. BALANCE SHEET DEC. 31
1915.
1016.
1915.
1916.
$
Liabilities$
AssetsFixed capital.. _x110,235,766 111,720,921 Capital stock__ 65,953,717 65,053,717
by,in assoc.cos 16,999,897 18,297,897 Mortgage bonds 38,123,500 38,003,000
1,728,636 Duo associated
Other investm'ts 1,812,428
3,640,761
companies__ _ 3,621,402
1,092,553
5,146,031
Cash
2,601,666
427,361
Accrued taxes.Due from associ599.160
612,773
312,912 Unmet. Int., &c.
1,939,353
ated cos
1,171,853
1,360,280
liabilities..
Curr.
receivle,
Accts.
deConsumers'
425,585
281,614
City of N. Y..
453,914
534,344
posits
116,418
Special deposits. 8,603,319
Casualties & In..
Consumers' ac148,489
148,489
suranco res'vo
1,865,518
2.283,114
counts
1,070,706
1,009,588
5,461,323 Other res,:rves
Other accounts_ 1,201,601
34,181,622
y36,573,155
Burp_
Corporate
2,438,253
Mater. & supp_ 2,200,222
527,933
610,874
Suspense
6,054
13,544
Prepayments
148,237,300 148,018.197
148,237.300 148,018,197 Total
Total
x After deducting in 1916, 322,569,773 accrued amortization of capital, against
$20.161,581 in 1915.
y After deducting in 1916, 31,971,993 for contingencies and miscellaneous items
(net), $5,275.-V. 104, p. 2347, 2238.
Standard Screw Company, Chicago.
(17th Annual Report-Year ending March 31 1917.)
Pres. W.B.Pearson (now deceased) May 9 wrote in subst.:
The outstanding preferred "B" stock has boon called for redemption
by the company.
July 1 and a large portion of it has already boon purchased
All
The entire issue of debenture bonds has been paid off and canceled. recontracts for foreign war material have been closed with satisfactory to
duo
considered
necessary,
aro
taxes
for
up
set
sults. The large reserves
a
the constant and varied levies, sOme retroactive. Tho company has
JUNE 16 1917.1
THE CHRONICLE
largo amount of orders on its books, but they aro almost exclusively confined to its regular lines and while satisfactory profits therefrom can rea-
sonably be anticipated, a continuance of the past two years' exceptionally
high earnings cannot bo looked for.
[During the year the company paid 6% on "A" porferrod, 7% on "B"
preferred and 149% on common stocks, aggregating $3,896,289.1
INCOME ACCOUNT FOR YEARS ENDING MARCH 31.
1913-14.
1916-17.
1914-15.
1915-16.
aNet profits (combined) $7,514,576 $2,163,738
$460,464
$227,336
Bond interest
$21,753
$18,750
$15,750
$8,100
Int. on borrowed money
30,490
15,121
26,216
Balance
$408,221
$193,465
$7.506,476 $2,121,772
Pref. div."A"(6%)
$64,2661 $153,459I $120,000
$64,266
Prof. div."B"(7%)...
107,023f
107,023
Common dividend_.:(j49)3,725,000 (15)375,000 (3 y,)87,50043..6)112,500
sur.$3.610,187sr.$1,575,483 def.$47,494sur.$175,721
Balance
a After making ample charge for repairs, renewals and replacements of
plant and equipment and less expenses of the Standard Screw Co.
• BALANCE SHEET MARCH 31.
1916.
1917.
Assets-
St. Screw Co.pref.
"B" stk. purch.
for redemption_
829,700
Invest.(Govt.and.
RR. bds., &o.).. 1,750,581
Plant & equipment 4,484,214
Material & supp.at
cost.(partly est.) 2,099,981
Aco'ts receivable_ 1,316,165
Prepaid int., &c
5,095,152
Cash
Total
1917.
1916.
LiabilitiesPref. stock 'A".. 1,071,100 1,071,100
Pref. stock "B"__ 1,528,900 1,528,900
Common stock_ _ _ 2,500,000 2,500,000
Deb. bonds,5%
300,000
Acc'ts payable
1,726,317 1,188,965
4,459,084 Reserves
.2,500,000 3,262,188
Divs. pay. Apr. 1_
150,000
3,857,209 Surplus
6,249,476 2,639,290
x2,971,019
78,284
1,274,847
15,575,793 12,640,443
Total
Nevada-California Electric Corporation.
(Financial Statement-Year ending Dec. 31 1916.)
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1916.
1915.
1914.
$1,554,780 $1,657,620 $1,564,017
616,276
735,814
682,103
Earnings (all sources)
Expenses
Operating profit
Interest
Depreciation
Dividends
Adjustments
$ 938,504
$473,458
95,370
265,849
4,951
ton for open pit ore and 70c. per ton for ore mined underground, and will
reimburse the Arthur company for its expenditures for development work
and equipment.
Mining Operations.-Mining was prosecuted during the year in the following properties: Thorne, Leonard No.2shaft, Leonard Pit drifts, Harold,
South Uno G. N., North Uno G. N., L. & W. and Alexandria. At the
Harold mine a second shaft, sunk during the winter of 1915-16, started
hoisting ore shortly after the first of the year, but all underground operations were discontinued at the outset of the strike in July 1916, as there was
in stockpile an ample reserve to meet any unusual demand.
Stripping of the Hill-Annex mine continued during the year under a
contract with A. Guthrie & Co., who have removed 5,048,011 cu. yds. to
Dec. 31 1916. The grading of approaches to the proposed concentrator
plant at Pinacie Lake is practically completed.
A complete resume of the mining operations since the properties were
taken over from the Great Western Mining Co. in Oct. 1914 shows a total
production of 2,315,290 tons; shipped to Lower Lake ports through the
Allouez Bay Dock of the Great Northern Ry., 941,023 tons; left in stockpile at the mine on Dec. 31 1916, 1,374,267 tons, as follows:
•
Total Production and Shipments Oct. 1914 to Dec. 31 1916.
Total Produc'n (tons). Shipments (tons). Balance in
Oct. '14 to
Year
Oct.'14 to
Year
Stockpile
PropertiesDec.31 15. 1916. Dec. 31 '15. 1916. Dec.3116.
Thorne
51,408
59,255
18,235
81,693
10,735
Leonard No. 2 shaft
671,198 275,166 197,590 316,590 432,175
Leonard Pit drifts_ _ _ _ 224,898 142,186
367,084
Harold
526,448 159,134
86,340 216,568 382,674
SouthUnoG.N.Scram. 47,840
1
21,557
1
26,283
North Uno G N
2,440
2,440
Mississippi
155,316
155,316
x Alexandria
2,620
x2,620 (See text)
Total
$921.806
$392,703
86,600
200,000
1,163
$881,914
$353,729
122,600
200,000
Cr.4,316
1,679,728
638,182
323,731
619,912 1,374,267
SHIPMENTS AND REVENUE.
--Under "Old Leases"------ Grt.lVest.
Arthur Mining Co.
Tons
Average
Revenue
Tons
-.-Tons Shipped- Royalty&
Mined.
Royalty. Received. Shipped. Roy., &c. Other. Net Inc.
2,902,880 13.9940e. $406,229 137,2701
2,964,051 14.9664c. 443,611
41,624jIncluded in Great Western
1,758,182 17.3525e. 305,089 5,344,0781
shipments.
1,825,519 18.4168c. 336,203 6,008,0741
2,982,821 16.1540c. 481,846
745,529 324,540 $554,439
3,207,091 17.5457e. 562,706
1,215,776 617,287 984,968
15,575,793 12,640,443
x Includes in 1916 notes receivable. * Includes in 1917 reserve for taxation and other contingent liabilities, $1,500,000, and reserve for rehabilitation, $1,000,000.
During the year $829,700 pref."B"stock has been purchased for redemption; the balance ($699,200) is to be redeemed on July 1 1917 at 110 and int.
-V. 104, p. 2122, 1904.
2449
1907
1909
1911
1914
1915
1916
TRUSTEES' STATEMENT OF RECEIPTS AND DISBURSEM.ENTS.
Receipts from1916.
1914.
1915.
1913.
West Nlissabe Land Co
$2,000,000 $1,000,000
Leonard Iron Mining Co
100,000
50,000
$700,000
$795,000
North Star Iron Co
58,790
223,402
Total dividends received
Interest, &c
$2,100,000 $1,050,000
78,548
81,977
$758,790 $1,018,402
119,169
115,487
Total receipts
$2,178,548 $1,131,977
Expenses, &c
$89,663
$75,393
Dist. on trust ctfs.(50c. p.8.).($1)01875,000
750,000
$877,959 $1,133,889
$72,043
$73,144
750,000
750,000
Balance,surplus, for period_ _ _ _ $213,884
Balance brought forward
4,126,299
$306,583
3,819,715
$55,916
3,763,799
$310,745
3,453,054
$98,875
$241,340
Balance, surplus
$209,901
Total surplus Dec. 31
$4,340,183 $4,126,299 $3,819,715 43,763,799
The corporation has an interest in profits of other operating companies
amounting to $12,372 for 1916 not included in the above earnings.
RESULTS OF MINING, &C., OPERATIONS.
The apparent decrease in gross earnings for the year 1916 is due to the
eliminations of inter-company earnings and expenses amounting to $298,077.
Revenue from1916.
1914.
1915.
1913.
"Old leases"
$562,706
$481,846
$336,203
$410,161
COMBINED GENERAL BALANCE SHEET DECEMBER 31.
Great
1915.
1916.
-$
Assets
Property & equip_29.492,506 19,966,184
Stocks owned in
26,252
300,861
outside cos_ _ _
Stks.& bds. owned
In controlled cos. 232,725
8,062
Land scrip
8,062
Fund for purchase
25,965
of lands
454
Bond sinking fund
40
Cash, acc'ts rec. &
other currnssets 1,093,960
641,115
Unamort. disc't &
exp. on securs__ 1,351,487
16,434
61,606
Deferred charges14,757
Total
32,293,018 20.947,453
1916.
LiabilitiesPreferred stock_ ... 5,322,100
Common stock_ .- 8,536,205
Nev.-Cal.E1. bds_ 4,760,000
Nev.-Cal.Pow.bds 2,121,000
So. Sierra Pow.bds 2,184,500
Other sub.cos.'bds
46,570
Deb.N.-C.El.Corp 1,456,800
Div.scrip N.C.P.
Co.
187,918
Current liabilities_
418,548
Surplus earned_ _ _ 2,282,206
Book surp. from
combin'g bare()
sheets
4,334,498
Depr.,&c.,res've. 642,672
Total
1915.
5,167,000
5,300,000
2,582,000
2,650,000
70,000
489,650
1,176,950
2,347,180
584,789
p70,884
32,293,018 20,947,453
Tho apparent decrease in surplus for the year 1916 is due to including an
accumulated dificit of acquired corporations.-V. 104, P. 1049, 768.
Great Northern Iron Ore Properties.
(10th Annual Report-Year ended Dec. 31 1916.)
The trustees say in substance:
Sales, Prices, ac.-Tho year 1916 was marked by a material increase
in the price of iron ore, the price at Lake Erie ports for the year being $4 2()
for Bessemer and $3 55 for non-Bessemer, against $3 45 and $2 80, respectively, in 1915, and $3 77 and $3 08 average for the 5-year period 1911-1915.
Prices for 1917 will be $5 70 for Bessemer and $5 05
non-Bessemer,
representing an increase over 1916 of $1 50 per ton forfor
each of the two
grades. However the advance in the price of ore is, to a considerable
extent, offset by increased cost of production due to labor
higher wages, higher cast of equipment and supplies of everydifficulties,
kind, and
increase in the cost of lake transportation.
Vessels.-To remedy the short-ago of vessel space, the Arthur Iron Mining
Co. has acquired a substantial interest in three steel steamships now under
construction, and to be delivered by Aug. 1 1917. This
will give command
of about 332,000 tons per season a total carrying capacity of these vessels.
The vessel rate for the coming season, from ports at the head of Lake
Superior to lower lake ports will be $1 10 per ton, including the unloading
charge of 10c., an advance of 50c. per ton, equal to 83 1-3% over the 1916
charter rates, the highest rate ever paid on Me4aol Range shipments.
Oullook.-Tho trustees contemplate the coming year with a feeling of
hopefulness. Though general conditions are unsettled to a degree of disturbance, the situation is such as to indicate another year favorable to
business connected with the metal trade. The situation is being improved
by the policy of leasing ore reserves of consuming interests.
Leases.-'l
contract of Sept. 1 1915 for the operation of the Alexandria
and the St. Anthony No. 2 mines has been superseded by an agreement
under which those properties are now leased to the Donner Mining Co. of
Phila., which company has assumed the operation (V. 104,11. 2115,
2120)•
The Harrison, North Harrison and Kevin mines (the Kevin leased
from
the State) are, as heretofore reported, under lease to Butler
Brothers.
There have been no cash receipts on account of the Kevin. Owing
the
to
lake transportation situation in 1916, settlement has not been completed
with the lessees for royalty, which is on the basis of 30% of all the ore
produced. There is due to date, as such royalties, 322,807 tons,
on account
of these three minas, of which 31,584 tons is Bessemer and 291,223 tons'-is
non-Bessemer ore.
MO
lease
on the Leonard mine has been extended for ten years, expiring
The
Jan. 1 1930. The underlying royalty under the new contract is 40c. per
ton, an increase of 15c. per ton.
The following properties were leased to others for operation during te(131
yoar 1916: (1) Warren mine-The undivided one-half fee ownership
was
leased to the Mead Iron Co. at a royalty of 15% of the total
ore mined.
(2) Smith mine and North Uno G. N. mine-Butler Brothers of
Paul,
Minn.have taken a sub-lease of the Smith property and lease of St.
portion
of the North Uno G. N. mine at a royalty of $1 10 per ton, andawill also
reimburse the Arthur company for its expenditures for development
work.
(3) Dunwoody mine-Leased to the Orwell Iron Co. at a royalty of $1 per
Western lease
Operations Arthur Iron Min. Co.IIarold, Leonard, &c
544,994
Dean and (44) Mace,&c.royalty 984,967
Interest received
399,403
Advance royalty (1915-Stevenson, Sweeney, Alworth)
deb.28,703
Refunded k Keewatin Mining Co_
214,024
Advancesf Dean Iron Co
23,580
Proceeds from sale pers'l property
Divs. Mace Iron Mining Co
75,000
Miscellaneous
175,458
Total revenue
11,161,628
9,372,068
223,5841Included with Great
330,8551Western leased proper's.
163,408
126,820
98,841
78,062
2,243,581
72,956
350,000
108,755
80,677
41,101
$2.951,429 $3,703,047 $11,705,328 $10,272,171
DeductionsSundry expenses, do
Taxes on real estate, &c
Advances to Alexandria Iron Co
Royalties-State
Other leases
Advance royalties
Keewatin Mining Co
Dean Iron Co. bonds
Advances to Dean Iron Co
Freight, ore
Mine development and plant....
Undistributed equip't & supplies_
Temp. adv. acct. Alworth lease__
Mace Iron Mining Co. advances__
stock
do
do
do
Mine operating expense
Dividends paid-Trustees
$173,200
438,771
Cr.31,157
$129,735
167,213
54,027
175,864
137,123
Cr.60,000
6,591
125,000
126,204
597,001
47,158
Cr.587
Cr.52,153
56,220
2,100,000
1,019,575
Cr.29,228
25,000
52,153
25,000
845,192
1,050,000
100,000
50,000
$110,314
353,800
2,259,717
178,716
706,860
500,000
816,707
3,440,398
448,789
112,903
$47,819
631,251
13,344
2,253,479
243,083
706,860
2,659,917
1,057,360
159,649
•758,790
1,018,402
706,090
818,142
Total deductions
$3,550,909 $3,776,993 $10,552,733 $9,449,657
Balance, surplus or deficit...def. $599,480 def.$73,946 sr$1,152,595sur.$822,514
To others
a CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Proprietary Companies of the Great Northern Iron Ore Properties.)
1916.
1915.
1916.
1915.
Assets-
$
Mineral lands and
leases,&c
1,513,545
Conc. devel't, &re_
62,067
Mine expenditures 4,065,170
Def.chgs.to mines. 148,434
Adv. royalty(Bab_ 1,912,655
Temp. adv. acct.
Alworth lease__
24,413
Interest receivable
Adv. under mining
contracts
875,712
Est, unpaid taxes_
509,671
Securities
x2,301,483
Cash
8,124,380
Royalties recelv
676,819
Due acct. ore sales
Accounts reedyable, &c
197,885
Profit & loss, def
$
Liabilities-
$
$
Capital stock __-_ 1,738,400 1,738,400
Accrued personal
injury liabilities.
1,691
3,635
Res.for Dab. insur.
15,909
19,842
Def. credit to int_
187,056
Adv.royal's colleo.
80,755
109,457
Res.for roy. rerd.
66,775
25,000 Due subsld. cos..
11.584
187,056 Unpaid dividends_
1,370
1,370
Accounts payable_
18,314
23,560
975,613 Unpaid taxes(est.) 509,671
411,697
411,697 Accrued pay-rolls.
35,458
60,816
2,546.909 Unpaid vouchers_
77,000
111,634
4,205,173 Mine stripping__
95,912
52,782
138,978 Adv. royalty Pars
51,875
393,604 Unpaid distrib'ns
100,000
Miscellaneous....
41,562
96,155 Sales cap. assets_ _12,476,370 10,264,015
1,114,998 Prof. & loss (Prop.
companies) ___ _
750,403
: Bal. undist. recta.
1 (trustees)
4,340,183 4,126.299
1,516,794
40,687
3,465,525
108,969
1,883,404
Total
20,413,233 17,110,564. Total
20,413,233 17,110,564
a The.figures of that year have been prepared for the!purpose of showing only such
amounts as represent the interests of the trustees, after eliminating the amounts
representing the outside stockholdings of the Leonard Iron Mining Co.and the North
Star Iron Co., in which the interest of the trustees is fractional.
x Includes $100,000 C. B. & Q. Gen. M. 48, 596,000; Dean Iron Co. bonds,
$565,000; Alexandria Iron Co. notes, $291,773; Keewatin Mining Co. notes, $1,292,680: Mace Iron Mining Co. stock (total issue, $50,000), $25,000; and subsidiary
companies stock, $31,030.-V. 104, p. 2346, 2237.
2450
THE CHRONICLE
Niagara Lockport & Ontario Power Co.
(Report for Fiscal Year ended Dec. 31 1916.)
Pres.Fred.D.Corey, Buffalo, April 10, wrote in substance:
[vol.. 104.
Option Warrants.-On April 1 1916 your company issued 80,000 option
warrants, which entitle the holder at any time between April 1 1918 (said
date was subsequently changed to Jan. 1 1917) and April 1 1922, to exchange each warrant for either one share of corn. stock or one share of pref.
stock, at a price of par, plus accrued dividend, on the stock so purchased,
and the holder is entitled to make the payment for the stock so purchased
either by delivering a like par value of the 10-year 6% notes of Northern
States Power Co., due 1926, at par, plus accrued interest, or the holder
may receive such stock by paying par plus accrued dividends, and in addition the premium required to be paid by the company for the redemption
of the equivalent note or notes at the time of presentation of warrants.
The premium for redemption of the 10-year notes being 2% before April 1
1921 and 1% on and after that date (V. 102, p. 1441; V. 103, p. 65)• canSince Dec. 31 1916 there have been 1,950 of these option warrants
celed against the redemption of $195,000 10-year 6% notes and the issuance
of $195,000 corn. stock. This makes the oustanding corn. stock $6,170,000
on March 15 1917. Option warrants outstanding on March 15 1917 are
reduced from 80,000 to 78,050 ($7,805,000)•
Business-Extensians, &c.-The business of your company has increased
rapidly. Large extensions and additions have been and are now being
made to its property.
Power.-A contract was made in 1915 with the Wisconsin-Minnesota
Light & Power Co. for the purchase of a large amount of hydro-electric
power. Construction work necessary to inaugurate the delivery of current
called for under this contract is substantially completed and the delivery
of the power will begin in the immediate future.
Outlook.-During the past 18 months your company, in common with all
a
others, has been confronted with a necessary increase in labor cost and
marked increase in the cost of all materials entering into its operation and
of
construction, notably during the past four months, the increased cost
fuel required for that part of the'power generated by stdam. With the inand
creasing proportion of power produced by our own hydro-electric plants
the power which we shall purchase from the Wisconsin-Minnesota Light &
Power Co. under a fixed contract, as well as the assured growth oftoyour
incompany, it is confidently expected that net earnings will continue
crease satisfactorily.
States
Northern
the
of
stockholders
common
and
.-Preferred
Stockholders
Power Co. on Dec. 31 1917 were 5,019.
[As to recent acquisitions see "News Items" on a subsequent page.-Ed.]
Capacity.
Electric Stations- Rated Capacity. Gas Plants70,221 h.p. Gong capac.per day_1,280,000 cu.ft.
Steam turbines
cu.ft.
-1,227,000
-_
capacity_
Holder
h.p.
48,150
Water wheels
1913.
1914.
1915.
1916.
Connected Dec. 31,518
56,94545
68,306
81,774
Electric consumers
10,190 ' 9,846
10,729
11,296
Gas
634
666
685
689
Steam heat
1,300
1,439
1,602
1,918
Telephone
7,260
8,686
9.790
11,237
Motors
60,388
73,284
83,471
102,247
do h.p
955,439
1,147,493
1,340,975
16 c. p. equivalents.... 1,532,258
3,060
3,656
3,686
3,720
City arcs
7,894
9,171
10,508
11,891
City incandescents
105,572
132,715
159,807
191,945
Total k. w.connections
1,030
1,113
1,207
Local pole lines, miles
457
558
800
Transmission lines,miles
CONSOL. INCOME ACCOUNT FOR CAL. YEARS, INCL. SUB. COS.
[Sioux Falls company included only after Aug. 1 1914.]
1913.
1914.
1915.
1916.
Electric output, k. w___241,241,421 186,412,757 160,235,541 128,658,783
286,366,500 263,077,100 273,052,460 263,118,100
Gas output, cu. ft
$6,087.153 $5,121,827 $4,395,869 $3,887,408
Gross earnings
1,930,474
2,255,193 2,031,499
2,745,496
Operating expenses_
Combined Earnings Showing Net Income After All Charges Except Interest
on Funded Debt.
Net Income.
Gross Income.
Calendar Years- Total Receipts,
$782,733
$809,516
$1,485,909
1915
964,383
1,183,095
2,091,897
1916
growTerritory Served-Sources of Power.-The power is sold in a rapidly
approxi1,400,000,
of
upwards
of
population
present
a
ing territory having
than 1,100
mately as follows: (a) 23% to trolley roads operating more and
central
miles of track in the cities and suburban sections of western
New York; (6) 47% to public utilities corporations distributing electricity
and
in Oswego, Syracuse, Rochester, Auburn Geneva, Batavia, Lockport
numerous smaller municipalities and municipal lighting plants; and.(c) 30%
to industrial companies.
stations
At present the power sold comes from four different generating
end of the
at widely separated points, namely: (1) At the extreme western
Power Co.,
transmission system power is purchased from the Ontario
system
Niagara Falls. (2) At the extreme eastern end of the transmission
42 miles
a hydro-electric generating plant on the Salmon River (about
of 35,000 h.p.
northeast of Syracuse) with a present installed capacity
with an installed
(3) On Oswego River a hydro-electric generating plant
Power Corp.,
capacity of 12,000 h.p., owned by the Northern New York
Co. under
but leased and operated by Niagara Lockport & Ontario Power
east of Rochmiles
35
Lyons,
at
(4)
and
1940;
until
extending
an agreement
ester, a modern (mainly auxiliary)steam plant with a capacity of25,000 h.p.
Horsepower Sold and Kilowatt Hours Delivered Since 1908.
Kw.hrs.delivered. Hp. sold.
ICw.hrs.delivered. Hp. sold.
62,466
250,778,898
25,500 1915
96,575,110
1908
87,734
390,244,159
57,144 1916
230,899,434
1912
64,528
270,320,004
1913
Early in
In 1916 there was spent in new construction about $675,000:
be required.
the year it became evident that additional power supply would
by the
over
taken
was
property
plant
Y.)
steam
(N.
Lyons
the
Accordingly
through
Salmon River Power Co., the purchase price was fully paid largely
by the installation
a sale of its first mtge. bonds,and the plant was enlarged
Imof a 10,000 k.w. steam turbo-generator with boilers, condenser, &c.
the comprovements and betterments of the old plant were also authorized,
h.p.
pletion of which gives a total steam plant capacity of 25,000
-volt suspension
Other improvements and extensions included (a) 60000long
to the plant
insulator, steel structure transmission line about 63 milestransformers
of a
with
Falls,
Niagara
of
city
the
in
Co.
of the Union Carbide
station
transformer
t
continuous capacity of 18,750 k.v.a.; (b) a 60-000-vol
capacity of 9,375
near Niagara Inver, with transformers of a continuous
circuit from the
k.v.a.; (c) the reconstruction of the steel towers for one
35 miles,
Niagara River to Lockport and from Solvay to Throop Junction.
overhead ground
and the installation thereon of suspension insulators and
continuous
k.v.a.,
23,000
of
transformer
wire; (d) a voltage, regulating
the company's
capacity to make possible the exchange of power between
eastern and western sources of power without creating objectionable voltage conditions.
to
New Securities.-Application to the P. S. Commission for authority
for expendiissue and sell securities sufficient for reimbursing the company
immethe
in
tures aggregating of recent years $770,000 will be made
diate future.
earned on the
No Dividends Yet.-Although dividends were more thanwill
be observed
cumulative pref. stock, none were paid during the year.forIt
and
amortization
income
from
ns
appropriatio
liberal
making
that after
was more
companies
the
of
general depreciation the profit and loss surplus
than doubled, this surplus being on Jan. 1 1916 $256,160 and on Dec. 31
$3,341,657 $2,866,634 $2,364,370 $1,956,934 •
Net earnings
1916 $527,991.
Pref. divs. (Nor. S. P.
$571,514
$587,069
$587,069
CONSOLIDATED INCOME ACCOUNT FOR YEAR END. DEC. 31 1916
$740,236
Co.) (7%)
1,204,624
1,339,668
1,507,940
1,593,128
(Including Niagara Lock.& Ont. Power Co. and Salmon River Power Co.) Bond, &c., int. (net)
Corn. divs. (Nor. S. P.
$1,883,431 Interest onBales of electric power
283,813
Co.(43(%)
Niag. L.& Ont.P.Co.lst M 224,616
580,266
Purchase of power
23,888
Secured notes
do
147,047
Production of power
$2,617,178 $2,095,009 $1,926,737 $1,776,138
Total deductions..
On 1st M. bonds (Salmon
$180,796
$437,633
$771,625
180,265 Balance,surplus
$724,479
River Power Co.)
$1,156,119
Gross profit
32,760
do
181,490 On 6% notes
Operating expenses
23,884 CONSOL. BALANCE SHEET DEC. 31, INCL. SUBSIDIARY COS.
Other interest
1915.
1916.
72,145
1915.
1916.
$974,629 Contractual charges
Net earnings
-$
Liabilities
$
$
Assets-.
208,468
Other income
8,386,700
Plant, prop.,fran_47,595,509 44,068,424 Preferred stock__ 12,152,000 5,975,000
$776,270 Inv. In other cos__
''833 Common stock- ._ 5,975,000
34 Lw,
Total deductions
$1,183,095
Gross income
$406,825 Cash
832,093 1,040,078 Nor.States P. Co.:
$218,712 Balance, surplus
Taxes, rents,(to
_
1st & ref. M.53-18,000,000
643,627
Notes & accts. rec. 717,737
378,821 6% notes._ ._ 8,000,000 5,000,000
CONSOL.BALANCE SHEET DEC.31 1916 (Total Each Side $17,223,735). Mdse. & supplies_ 639,697
._
notes_
lien
Collat.
Co.)
4,200
Power
tes_
River
Cons.P.coll.no
Salmon
and
Co.
1,434,500
(Including Niagara Lock.& Ont. Power
32,000 Collat. trust notes.
do 1st M.5s_
$15,844,895 1st pf. stk. (N.L.,&O.P.Co..) $2,700,000 Far.
____ _ 11,035,000
Underlying bonds_
Property and plant
& M. Ry. 2d
61,439 2d pf.stk.(N.L.&O.Pow.Co.) 2,000,000
3.000,000
s.
.G.El.cou.note
Investment securities
M
28,000
6s
mtge.
1,230,000
150,033 Com.stock (N.L.&O.P.Co.,)
Materials, supplies, &c
222,670 do 1st M.5s _ 7,628,000 7,702,000
1,008,500
674 1st M.5s(N.L.& 0.Pow.Co.) 4,396,000 Sinking fund, acc..
2,203,000
...Sinking fund cash
_ _ 4,088,665 1,021,181 N.Miss.R.P.1st 5s
2,431 1st,M.5s(Salmon Riv.P.Co.) 4,238,000 Bond discount_
70,000
Cash available for construc'n.
Notes payable.
for
pur&c.,
Adv.,
546,000
435,721
102,796 3-year 6% notes
397,704
payable_
Cash on hand,&c
Accounts
chase of prop's_ 110,322
693,337
112,426 Contract of purch.-Auburn
Due from associated cos____
75,904 Acer.bond int.,&c.y1,102,047
04,629
177,975 Miscellaneous__
steam plant
849,427
804,394
res.
&c.,
Dorm,
Gen. consum. acc'ts, acorn525,000
814,053
z992,428
251,210 Notes payable (banks)
aLs, eic
Surplus-_
179,671
634,515 Accrued liabilities
Unamort. debt disc't, &c_ - _ 160,060
47,528,739
Due to associated companies_
55,121,574
Total...
Unamortized depr. of Lyons
55,121,574 47,528,739
Total
130,573
36,300 Vouchers and miscellaneous
power plant
3,159
27,018 Deferred credits
$378,956; accrued
Notes rec. disc'ted (contra)
y Includes in 1916 accrued interest on bonds, &c.,and
382,288
Depreciation, &c., reserves_
misc., $81,855.
$317,223,
27,018 taxes,$324,014; accrued prof. and corn. divs.,for
Disc, notes receiv. (contra)
depreciation and $130,000
appropriated
$415,000
deducting
After
z
527,991
Profit and loss
(net). $1,104. •
adjustments
sundry
and
amortized
expense
debt discount and
has a contingent liability -V. 104, p. 2347. 2016.
The Niagara Lockport & Ontario Power Co. of
5%
M.
the
1st
of
50%
interest,
and
principal
to
as
both
as guarantor,
of which there were $533,30-year bonds of the Niagara & Erie Power Co.,of
the annual sinking fund
000 outstanding at Dec. 31 1916, and of 50%
GENERAL INVESTMENT NEWS
company.
that
by
payments to be made
1916 there has been a
31
During the period from April 30 1912 to Dec.
Lockport
net increase of about $770,000 in invested capital of the Niagarachangesin
& Ontario Power Co. derived from sources other than through
RAILROADS, INCLUDING ELECTRIC ROADS.
capital stock and funded debt.-V. 104, p. 2347, 1707.
Northern States Power Co. (of Delaware).
(Report for Fiscal Year ending Dec. 31 1916.)
Pres. H. M. Byllesby, March 19, wrote in substance:
financial structure of
Successful Refinancing.-Since the last report the
success. Your company
your company has been completed with marked
and ability, to proresources
present
to
as
is now in a strong position, both
its business which are being
vide funds for the extensions and additions to
there were issued
refinancing
this
of
part
a
As
continually presented.
the 80,000 option warrants below
$8,000,000 10-year 6% notes, and also these
warrants is availed of, it will
mentioned. If the option attaching to
in place thereof of
result in the retirement of the notes and the issuance
at a price which will net
80,000 shares of either the pref. or corn. stock
p. 1441. As to
V.
102,
65;
p.
103,
(V.
par
than
lass
not
company
your
new bonds, see V. 102, p. 1630).
to provide for the future
Stock.-In connection with the refinancing andstock
was increased from
growth of your company, the authorized prof.
common stock from
$16,000,000 to $50,000,000, and the authorized
stock was increased from
$14,000,000 to $50,000,000. The issued pref.
as of Dec. 31 1916, an increase
$8,386,700 on Dec. 31 1915 to $12,152,000
sale of this stock were used
of $3,765,300. The funds derived from the
additions and betterextensions,
for
balance
the
and
refinancing
for
partly
was not increased during
stock
common
ments to the property. The issued
past year the placing of the
the year 1916 (V. 102, p. 2346). During the
territory served has made substock of your company with residents of the
aggregated a total of
stantial progress. On March 19 1917 these sales
among about 2,774 different
about $1,436,300 par value of stock distributed
pref. stock has
outstanding
the
1916
31
local shareholders. Since Dec.
treasury (V. 104, p. 2016).
been increased to $12,309,900 by sales from the
1916 and the
year
the
during
commenced
were
dividends
stock
Common
upon the pref.
rate of dividend is now 7% per annum. The dividends
rate of 7% per annum
stock have been continuously paid at their regular
p. 2242.]
since the organization of your company. (V. 102, p. 2258; V. 103,
Alabama Great Southern RR.-Listing.-The N. Y.
Stock Exchange has listed additional $1,812,000 1st Consolidated 5% bonds, Series A, making a total amount listed
of $4,312,000. Compare offering, V. 104, p. 1143, 2009.
Earnings.--For 6 months ending Dec. 31 1916:
Surplus.
Other Inc. Charges.
Net.
6 MonthsGross.
$329,296 $1,054,873
060 $1,072,976 $311,193
,.
09
07
1916
25
114333,,0
793,100 Not stated for period in 1915
2,710,634
1915
-V. 104, p.
Arcade & Attica RR. Corp.-Successor Company.-
23 to take over
This company, incorporated at Albany, N. Y., on May
been authorized by
the property of the Buffalo Attica & Arcade RR., has
common stock at par
the New York P. S. Commission to issue $125,000
it and a mile and
to take over the foreclosed property and to rehabilitate
lfmofytehaersold Wellsville ,& Buffalo line, which it is authorized to lease
aorha7
f
Baltimore & Ohio RR.-Acquisition.-
See Cincinnati Hamilton & Dayton RR. below.-V. 104, p. 2224, 1386.
Bleecker St. & Fulton Ferry RR.-New Directors.-
See New York Rys. below.-V. 104, p. 1898, 1700.
&
RR.-Additional Bonds.-
Albany
Boston
authority
This company has applied to the Mass. P. S. Comm. for
for additions
to issue $1,000,000 25-year 5% bonds, the proceeds to be used
558.
p.
104,
-V.
s.
and improvement
Boston Elevated Railway.-Partial Relief.-Before the
Massachusetts Legislature was prorogued on May 25 an
Act was passed (and immediately approved) providing:
JUNE 16 1917.]
THE CHRONICLE
(a) The $500,000 guaranty fund maintained by the railway since the
early days of rapid transit construction shall be returned to it by the State
within ten days and be applicable to capital purposes only.
(b) The company may,subject to the approval of the Commission, issue
bonds or notes to an amount not exceeding 20% of the cash paid in by the
stockholders to buy new cars, to replace or retire equipment, and to provide
for the first three years' rental of the Dorchester tunnel. Such bonds or
notes must be retired within fifteen years of their issue date.
(c) Abolition in part of special compensation tax.
(d) The Public Service Commission shall investigate and report to the
next Legislature as to the wisdom of abrogating the contract of 1897 between the State and the West End street Ry. under which 5 cents is fixed
as the maximum fare.
[The Act is to take effect upon its acceptance by the company within
sixty daysfrom passage. The provision for the purchase of the Cambridge)
subway by the State for about 1;9,000,000 through an issue of bonds bearing not more than 4% interest, was stricken out.] Compare V. 103, P.
1410.—V. 104, p. 18(0, 862.
,
Boston & Maine RR.—Note Interest.—
See Connecticut River RR. below.—V. 104, p. 2116, 2009.
Buffalo Attica & Arcade RR.—Foreclosed.—
See Arcade & Attica RR. Corp. above.—V. 104, p. 1044.
Carolina & Yadkin River Ry.—Default—Bondholders'
Committee.—In view both of the default in payment of the
1st M. bond interest due June 1 1917 and the financial difficulties of W. N. Coler & Co., who have been financing the
enterprise (see editorial pages), the committee named below, acting at the request of a large number of the bondholders, urges the deposit of the bonds immediately with the
Equitable Trust Co. of N. Y. as depositary. The committee in circular dated June 11 says in substance:
As soon as possible the committee will prepare and submit to you a plan
of action or reorganization. If said plan when submitted is not satisfactory to any holder of such receipts, he may withdraw his bonds upon the
return of the receipt and the payment of his pro rata share of the committee's expenses to such time, not to exceed in any event 2% of the par
value of the bonds deposited. If the plan is approved by 75% of the
bonds deposited and by the committee, the same shall forthwith become
operative and binding upon all depositors. As the time to act in this
matter is short prompt co-operation is essential to conserve the property.
Bondholders committee: Alvin W. Krech (Chairman), Pres. Equitable
Trust Co., N. Y. Lewis L. Clarke, Pres. American Exchange Nat. Bank
N. Y.; Westcott 'Roberson, Chairman local board of directors, Wachovia
Bank & Trust Co., High Point, N. C.; Walter Shepperd, of Crandell,IShepperd & Co., members N. Y. Stock Exchange, 25 Broad St., N. Y.,• L. H.
Hole Jr., Treas. North Carolina Public Service Co., 85 Cedar St., N. Y.,
with Samuel Armstrong as Secretary, 37 Wall St., and Griggs, Baldwin &
Baldwin, 27 Pine St. 1ST. Y., and Brooks, Sapp Sc Williams, Greensboro,
N. C., as counsel. ,
(See statement on p. 22 of "Railway & Industrial
Section.")—V. 94, P. 1762; V. 97, P. 49.
Central Arkansas Ry. & Light Corp.—Decrease in Stk.
The shareholders on May 28 voted to decrease the authorized capital
stock from $10,500,000 to $4,000,000, of which $2,500,000 is common stock
and $1,500,000 7% pref. The outstanding amounts remain as before,
namely, common, $2,500,000, and pref., $1,200,000; par of each, $100.
V. 96, p. 789.
2451
Delphos division (the former Cincinnati Dayton & Chicago RR.), sold
under foreclosure on June 7, the 85 miles from Delphos to Stillwater Junction was acquired for $194,000 by the last named firm; the remaining 6 miles
and the Edgemont yards, affording entrance into Dayton, were acquired
by the Reorganization Managers for $100,000. The Reorganization
Managers, it is stated, have effected an agreement with the Committee
representing the Cincinnati Dayton & Chicago bonds.
It is proposed to transfer the property purchased by the
Reorganizaticin Managers to the Toledo & Cincinnati RR.
Co., a new company incorporated under the laws of Ohio,
with capitalization, per plan, as follows: 1st M.4% bonds,
now issuable $16,250,450. Adjustment & Improvement
Mtge. bonds, $20,000,000, and stock, $5,000,000. The entire capital stock and also, it is supposed, the Adj. & Impt.
bonds, will be owned by the B.& 0. RR. or its subsidiary,
the B.& 0. S. W. RR. Co.—V. 104, p. 2:342, 2010.
Cincinnati Indianapolis & Western RR.—
See Sidell & Olney RR. below.—V. 104.'D. 361.
Cincinnati Milford & Loveland Traction Co.—
Judge Cushing in the Federal District Court at Cincinnati on June 7
appointed
receiver
of
doffevigtagcaeon
on the application
BernardPrrHarris
I Kroger, large
judgment for
against the company
$28,600
upon two notes, the interest
on which has not been paid since July 1916.—V. 100. p. 53.
Cities Service Co.—Proposed Extension of Pref. Syndicate.
Montgomery, Clothier & Tyler, J. W. Seligman & Co. and Kissel. KinMena & Co.. syndicate managers, announce to the participants in the
$2.600,000 6% cumulative pref. stock syndicate that unless extended by
consent of tae members the syndicate will expire by limitation on June 13
next. The syndicate managers favor an extension of the syndicate agreement for six months, or until Dec. 13 1917, subject to earlier termination.
Sub-Company's New Officers.—
Vice-Pres. H. L. Doherty has been elected President of the Cumberland
& Westernport Electric Ry., to succeed Judge Ferdinand Williams, resigned. B. W. Duncan succeeds Mr. Doherty as Vice-Pres: Mr. Duncan
also succeeds D. P. Hartzell as a director. Judge Williams remains on the
board.—V. 104, p. 2342, 2235.
Columbus, Delaware & Marion Elec. Co.—New Co.—
This company was incorporated in Ohio on June 14, presumably to take
over the old Columbus Delaware & Marion Ry.
It has also applied to the Ohio P. U. Commission for authority to issue
$1,000,000 common stock, $1,000,000 pref. stock and not exceeding $10,000,000 20-year bonds to finance the project.—V. 104, p. 1898, 361.
Columbus Delaware & Marion Ry.—Sold.—
This company's property was purchased at foreclosure sale on June 11
by Ralph H. Beaton. representing Eastern capitalists, for $417,494, subject to the undisturbed ($1,582,505) underlying bonds. The property
was appraised at $2.000.000 and the upset price was $250,000.
See Columbus Del. & Marion Elec. Co. above.—V. 104, p. 1898. 361.
Connecticut River RR.—Note Interest.—On inquiry at
the National Shawmut Bank, Boston, we learn that the
interest on note issues has not yet been paid.
Chicago Rock Island & Pacific Ry.—Receivership to
Note Interest Not Paid—
All Bond Interest Paid—
River RR., $2,450,000 Conn.River RR..$1.000,000 4s of'93.
End on or about July 1—$12,500,000 1st M. 6s to be Paid Connecticut
notes of 1915.
do
do $290,000 33s of'01.
Carpenter
at
1.—Judge
Chicago
on June 11 an- Vermont Vail. RR., 12,300.000 6%
Off July
do
do $969,000 3s of'03.
nounced that the reorganization measures were satisfactory
notes of 1915.
and that he would end the receivership (see plan, V. 103, p.
J. H. Hustis, temporary receiver of Boston & Maine,
1887, 1980, 2155; V. 104, p.451, 2235, 2342). The company June 13 1917 writes:
will resume possession of the property on or about July 1.
The Vermont Valley RR. is in the hands of the court, and under the
Arrangements have also been made to pay on presentation management of a temporary receiver. No authority has as yet been asked
received to pay interest upon its notes to which you refer.
on and after July 1 the $12,000,000 1st M.6s on that date or As
to the Connecticut River notes, a decree was entered by Judge Morwithout the sale at this time of any additional securities. ton at Boston on Feb. 5 1917 authorizing the temporary receiver of the
RR. Co. to pay to the noteholders of the latter the
Judge Carpenter said: "The able administration of this property by Connecticut River
interest on their notes when he received from the Boston & Maine RR., or
Judge Dickinson, as receiver, has made this extraordinary
proceeding pos- its receiver, sums equivalent thereto. A further order was made on June 6
sible. This is a reorganization without a sale, the property returning
to the 1917 by Judge Morton authorizing the temporary receiver of the Boston
original company, and in this the proceeding is historical in the annals
of & Maine RR.to pay to the temporary receiver of the Connecticut
RR.
receiverships. The Rock Island will pay its debts
and has plenty of money Co., to be disposed of in accordance with the decree of Feb. 5River
1917, six
with which to do so."
•
months' interest accrued upon the Connecticut River notes up to Feb. 28
The shareholders of the company will vote in Illinois on June
21 and in 1917, subject to certain conditions which are not now important. It is
Iowa on June 25 on increasing the capital stock from $75,000,000,
which possible that an appeal may be taken from this last order, and, therefore,
will remain the common stock of the reorganized company, to $140,000,000
unless the right to appeal is waived, no action can be taken upon the order
by the addition of $30,000,000 7% preferred and $35,000,000
6%
preferred
July 6 1917.
to
stock. By the sale
bankers of the 7% pref. stock the plan provides for before
See Boston & Maine plan in V. 104, P. 2009, and compare V. 104, 1).
the retirement of the $7,500,000 2-year collateral notes, the $5,582,00()
receiver's certificates, the bankers' loans of $4,100,000 and other ex- 763.—V. 104, p. 1591. 1387. penses of reorganization claims, &c. Chairman of the Board Nathan
Cumberland & Westernport Elec. Ry.—New Officers.—
Amster is quoted as saying that only $25000,000 of the $35,000,000 6%
See Cities Service Co. above.—V. 99, p. 608.
pref. stock will be issued at present. Of this $25,000,000, $20,000,000 goes
to the holders of the $20,000,000 debentures (if assenting) and $5,000,000
Delaware & Hudson Co.—Injunction Applied for to
was sold to former directors, any further money needed to pay on July 1
the $12,500,000 maturing 1st M.6s will no doubt come out of treasury funds Restrain the Payment of June Dividend—Earnings.—Upon
or be borrowed on collateral.—V. 104. P. 2342, 2235.
the application of Samuel H. Halperin, a shareholder,
Chicago St. Paul Minneapolis & Omaha Ry.—Common
Dividend Reduced.—A semi-annual dividend of 2M% has
been declared on the $18,556,700 common stock, payable
Aug. 20 to holders of record Aug. 1. Previous dividends:
DIVS.— I '93-'96. '97. '98. '99. '00. '01. '02. '03. '04.'05-'16. 1917.
Common
None 2 2 3% 5 5 8 6
6 7 Y'lY 3,
An authoritative statement says:
The rate of 2M % on the Common stock is 1% less than the semi-annual
dividend that this company has paid on its common
for years, but in
view of the greatly increased cost of operations, duestock
to the great increase
in the cost of labor, as the result of the Adamson law, and in the cost of
materials and supplies, especially in the cost of fuel, which has doubled
within the last six months, and the consequent decrease in the net revenue
of the company since Jan. 1, it has seemed to the board to be wise and
prudent to make this reduction in the present div.—V. 104, p. 1257, 1145.
Chicago & Western Indiana RR.—Earnings.—
Net
Other
Gross
Calendar
Interest Dividends Balance
Year. Earnings. Earnings. Income.
Taxes, &c. (6%). Surplus.
$191,915 loss$43,671 $3,698,111 $3,222,203 $300,000 $132,237
1916
573
3,295,525 2.766,084 300 000 230,014
173,606
19"Other
4)
income" in 1916 includes rentals on tracks and terminals,$1,221.746; joint facility rent income, $2,271,249; hire of equipment (credit),
$119,322, and miscellaneous, $85,792.
Total surplus Dec.311916,after deducting dividend appropriations from
surplus, $292,000 and sundry items, $10,268.—V. 104, p. 1898, 862.
Cincinnati Hamilton & Dayton Ry.—Foreclosure.—At
the foreclosure sale on June 8 the main line between Cincinnati and Toledo, 200 miles (including the Dayton & Michigan RR., operated under lease), was bid in for $3,500,000
by Kuhn, Loeb & Co., New York, as Reorganization Managers, under the plan by which the B.& 0. RR. Co. will become virtual owners of the property (V. 102, p. 1059, 1346).
Representatives of the same firm bought 114 miles of the
Wellston division, extending from Dayton to Berlin, Jackson County, Ohio, for $1,160,000.
The 37 miles of the Wellston division, between Berlin and Dean,
purchased by Joseph Josephs & Bros. Co., Cincinnati, for $77,500. Ofsaw
the
Justice Greenbaum of the Supreme Court on June 13 issued
an order requiring the company to show cause on June 18
why an injunction, on the grounds of irrsufficient earnings,
to prevent the company from paying its usual dividend of
23, on June 20, should not be granted.
Vice-President W. H. Williams, in charge of finances,
is quoted as follows:
The various departments of the Delaware & Hudson Co. and the Hudson
Coal Co., all the stock of the latter company being owned by the former,
had a net income over and above all charges of $740,508 for the month of
May, equivalent to 1.74% on the entire capital stock of the Delaware &
Hudson Co. The earnings are the best for the month of May in the history
of the two companies.
For the five months, Jan. to May 1917, the net income over and above
all charges aggregated $1,769.060, equivalent to 4.16% on the capital stock
of the D. & 11. Co. Only three years in the preceding ten show earnings
equal to those of the first five months of 1917.
[It is commonly regarded that the action above referred to is part of a
bear campaign against the company's stock.J—V. 104, p. 2235, 1898.
Delaware & Maryland Traction Securities Co.—
The Corporation Trust Co., N. Y., reports the incorporation of this
company in Del. on June 12 with $5.000,000 capital stock.
Denver Laramie & Northern RR.—Successor Company.
The Denver Laramie & Northwestern RR., which was sold under foreclosure on May 16 to A. D. Radetsky of Denver (who, it was said, would
probably junk the property), now appears likely to continue in operation,
the purchaser in conjunction with other capitalists, whose names are
not made public, having taken steps to form the Denver Laramie &
Northern Mt. to own and extend the road. Branches to Severance and
other towns in Colorado are said to be proposed. The new interests have
taken a 15-day option on the $56,000 outstanding First Mtge. bonds of the
Greely Terminal Co., which controls terminals in that place.
Officers of the proposed new company: M.S. Radetsky, Pres.; Marshall
B. Smith, present receiver, First V.-Pres. and Superintendent of Construction and Operation; Clinton M. Smith, Second V.-Pres.; E. II. Radetsky,
Treas.; Charles Ginsburg, Sec. and Gen. Mgr.
Denver Laramie & Northwestern Ry.—Sale— Successor
See Denver Laramie & Northern RR. above. The recent sale, it is
understood, brought nothing for the bondholders, the proceeds all going to
the paymtnt_of receiver's certificates, etc.—V. 104, p. 2010.
2452
[VOL. 104.
THE CHRONICLE
Elmira Water, Light & RR.-Coal Property Purchased.-
Mississippi Central RR.-Earnings.-
Divs. Surplus,
Net. 0th. Inc. Int., &c.
Gross.
This company has purchased for $150,000 the properties of the Queenstown Coal Co. of East Brady, Pa. consisting of a modern mine and tipple 6m.toDee.31'16$422,173 $124,990 $56,140 $125,090 (1)$39,377 $16,663
34,535
been
(2)78,740
heretofore
has
249,531
tons. The property
with an annual output of 30,000 '
Yr.ond.Dec.31'16 823,365 255,991 109,475
operated by local interests.-V.103, p. 1032.
-V. 103, p. 2073.
Federal Light & Traction Co.-Sub. Co. Reduction.See Central Arkansas By. & Light Corp. above.-V. 104. P. 1387.
Georgia Coast & Piedmont RR.-Status.--This property is in the hands of Receivers Henry L. Cohen, New York;
Frank D. Aiken and C. H. Leavy, Brunswick, Ga.
The protective committee for the First Mortgage 50-Year 5% Sinking
Fund gold bonds of 1912, under deposit agreement of March 7 1916, consists of Henry L. Cohen, Chairman; P. J. Goodhart and Howell H. Barnes,
with Graham Adams as Secretary, 30 Broad St. N. Y. Joline, Larkin &
N.Y.,as dopes.
'
Rathbone as counsel; Columbia Trust Co.,60 Broadway,
Missouri Kansas & Texas Ry.-Receiver's Certificates
Cover Texas Line Only.The issue of $3,000,000 receiver's certificates authorized last March,
$1,566,000 of which are now outstanding, cover only the property of the
Missouri Kansas & Texas By. Co. of Texas, and rank ahead of the $4,505,000 1st Mtge. bonds of that company. An additional block of this issue
of certificates may be out in the near future (compare V. 104, p. 764).
Receivership for Wichita & N. W. Ry.See separate caption below.-V. 104, p. 2343, 2010.
Missouri Pacific RR.-Notes Paid Off.-The ReorganiThe deposit agreement of March 7 1916 says in substance: zation Managers have paid off the issue of $24,773,000 6%
1st
Mtge.
the
on
1914
1
Default was made as to the interest due Oct.
secured gold notes which matured June 1 last.
bonds and no interest has been paid on said bonds since that date. This
Includes: (a) Bonds bearing the coupons due Oct. 1 1914 and all subseNew Securities on or Before July 1-Committee.-Thoissuance
and
1914
1
Oct.
quent coupons. (b) Bonds from which the coupons due
has been delayed owing to the fact that
April 1 1915 were detached and deposited by the holders with Columbia of the new securities
Trust Co., as trustee under an agreement dated Oct. 1 1914, in exchange the _bank note company having them in hand has had to
coupon
the
bear
for 10-Year Registered Funded Interest Notes. Said bonds
the printing done in connection with the Liberty
due Oct. 1 1915 and all subsequent coupons appurtenant thereto. (c) Cer- assist with
tain bonds from which the coupons due Oct. 1 1914, April 1 1915 and Oct. 1 Loan. It is now hoped that the stock and bonds of the
bear
1915 were surrendered by the holders for cancellation. Said bonds
reorganized road will be ready for delivery on or before July 1.
coupons.
the coupon due April 1 1916 and all subsequent
The holders of certain of the bonds of the three classes aforesaid have
heretofore made to the railroad company a voluntary cash contribution
of 5% of the principal amount of said bonds, to meet pressing obligations
of the railroad company the discharge of which relieved the road of seriinured to the benefit of all holders of 1st M. 5s.
ous embarrassment and'
The committee is given full authority to fix and adjust the respective
rights of the holders of each class of deposited 1st Mtge. bonds as between
the holders who have and who have not made the cash contribution hereinbefore referred to, and in any plan of reorganization may provide for the
repayment of the amounts so paid by them (with interest thereon if so determined by the committee), or may provide for the payment byiholders
who have not made such contribution of an equivalent amount as a condition of their participation in any such distribution of cash, securities or
other property. The committee may contract for the sale or exchange
of the deposited securities upon such terms in its discretion as may be assented to in writing by depositorsrepresenting two-thirds ofdeposited bonds.
The committee also has power to adopt any plan for the reorganization
of the company and any depositor may, within 30 days from the first publication of the notice announcing such plan, withdraw from this agreement,
but only upon the payment of his proportionate share of such amount as
may be fixed by the committee for the deposited bonds as its compensation and expenses.-V. 103, p. 320.
Georgia & Florida Ry.-Priority of Claims.-
Issues existing between certain of the company's creditors and holders
of the First Mtge. 5% bonds ($5,595,000'outstanding) and General Mtge.
bonds ($200,000 outstanding)as to who are entitled to priority of payment
out of the assets of the company, now in receivers' hands, a hearing and
final judgment will be rendered in the Superior Court of Richmond County,
Ga., on Sept. 7 next, after which date creditors cannot file their claims except with special order of the above-named Court.-V.104. p. 1145, 1045.
Greensburg & Western Street Ry.-Bonds Called.-
All the outstanding 5% collateral gold bonds of this company, dated
Sept. 2 1907, have been called for payment Aug. 15 at par and int. at Commonwealth Trust Co., Pittsburgh.
Havana Electric Ry., Lt. & Power Co.-Listing-Earns.
The N.Y. Stock Exchange has authorized the listing on and after June 15
1017 of $6,000,000 additional 6% cum. pref. stock on notice of issuance
In exchange either for full paid subscription warrants or upon notice of
issuance and payment in full, making the total amount of stock listed
preferred, $21,000,000; common, $15,000,000 (V. 104, D. 2118).
Results for Three Months ending March 31 1917.
$913,588
Earnings-By. dep't____ $884,441 Net income (contra)
332,308
Light and power dep'ts 752,833 Interest
24,031
Sinking fund
$1,597,273
Total (all dep'ts)
$557,249
Balance, surplus
$913,588
Net income, after taxes
-V. 104, p. 2118, 2010.
Interborough Consolidated Corporation.-Notes.-
We are advised that $750,000 of the $2,000,000 nine months loan, due
April 1, were paid off, and the $1,250,000 remaining notes were extended to
Jan. 1 1918 at the same rate of interest (4% %).-V. 104, p. 2235, 2010.
Interborough Rapid Transit Co.-Additional Bonds.-
The P. S. Commission has set July 9 as the time for a public hearing on
this company's application for authority to issue $25,483,772 of its 5%
First & Refunding 'Mtge. bonds, of j which the .authorized amount is
$300,000,000. The amount at present outstanding under this mortgage
is $160,585,000. The proceeds of these bonds are to be used to meet the
additional cost of equipment of new subway lines over the estimate made
at the time the dual system agreements were signed in 1913.
The new bonds above referred to are in addition to the $11,436,000 authorized a few weeks ago by the Commission, the proceeds of which were
of
to be utilized towards meeting increased expenditures over estimates in
1913 in connection with the third-tracking of the elevated railroads
2235.
2343,
p.
104,
-V.
Bronx.
the
and
Manhattan
Live Oak Perry & Gulf RR.-Officers.-
John H.Powell,formerly Vice-Pres. & Treas., has been elected President.
R. P. Hopkins has been elected Treasurer.-V.87, p. 415.
Long Island RR.-Listing of New Debentures.-The financial plan having been successfully consummated, the New
York Stock Exchange has listed $2,492,000 of the new (temporary) 20-year 5% debenture bonds, due May 1 1937,
and will list a further $2,710,000 of said bonds on official
notice of the issuance in exchange for outstanding certificates of deposit for stock of the company, making the total
amount authorized to be listed $5,202,100.
These bonds are issued under an indenture made to the U. S. Mortgage
& Trust Co., trustee, dated May 1 1917: Interest payable semi-annually
In N. Y. City. Both principal and interest(M.& N.) are payable in U. S.
gold coin of present standard, without deduction for any tax or taxes other
than an income tax on the holder thereof levied by the Government of the
United States, which the company,it ssuccessors or assigns may be required
to pay thereon, or retain therefrom under any present or future law of the
U. S. of America or N. Y. State. Denom. $1,000, $500 and $100 (c* & r).
Callable at option of company on or after Nov. 1 1922 at 102M and int. on
90 days' published notice. "In case the company shall hereafter at any
time create any mortgage on its franchises and property to secure the
payment of any bonds or other obligations, it agrees that the bonds issued
in accordance with this agreement shall be secured equally by.such mortSee plan,
gage with the bonds or other obligations issued thereunder.
V. 104, p. 663, 1899.-V. 104, p. 2343.
Mahoning Coal RR.-Extra Dividend.-
An extra dividend of$15 per share has been declared on the common stock
In addition to the regular semi-annual dividends of$5 per share on the com, % on the pref. stocks, payable as follows: Common regular
mon and 236
Aug. 1 to holders of record July 16; common extra and prekregular Julya
to_holders of record June 22.-V. 104, P. 1591.1
Mahoning & Shenango Ry.& Lt. Co.-Merger Approved.
The shareholders on June 14 ratified the proposal to consolidate certain
subsidiaries for the purpose of eliminating unnecessary taxation. See
plan. V. 104, p. 2018, 1.702.
Harry Brenner on June 11 was elected Chairman of the finance committee
of the new company, with the following members: Nicholas F. Brady,
Alexander J. Hemphill, J. II. McCiement, Finley J. Shepard and W. II.
Williams. B. F. Bush as President is an ex-officio member.-V. 104,
p. 2343, 2235.
Newport News & Hampton Ry., Gas & Elec.-Earns.
1915.
1916.
1915.
1916.
Cal. YearGross earnings$1.013,711 $916,171 Int., rents, &c___$234,491 $235,911
60,000
'Net, after taxes 419.650 362,785 Prof. divs. (6%)_ 60,000
3,089 Common divs_(5%)56,250(3)33,750
3,273
Other income__
Gross income_ $422.491 $365,874
-V. 102, p. 2167, 1436.
Balance, surp__ $72,182 $36,213
New York Railways.-Why a Charge for Transfers is
Justified.-This company, Theodore P. Shonts, President,
has issued a 19-page pamphlet stating fully the reasons why a
charge for transfers is justified. The pamphlet says in part:
Fallacy Regarding Transfers.
The statutory rate of faro upon street railroads in New York State is
5 cents. The average fare actually received by the Now York Railways
Co. is less than 33.4 cents. The average fare has been falling for the last
20 to 30 years, due to the increasing use of free transfers.
Those transfers were required by the Legislature as a consideration for
the privilege of permitting one street railroad company to lease and operate
the lines of another, it was supposed teat so much new business would
be developed and so many economies of operation would result that the
free transfers would still leave a fair return upon the investment. For over
ten years it has been evident to all acquainted with the constantly increasing
costs of operation and the parallel decreasing revenues per passenger that
the supposition was a fallacy.
Charge of Two Cents per Transfer Expected to Yield only $900,000 More Income
As it is the transfer passenger who has been the cause of the reduction
a fair
in revenue, it is only fair that the transfer passenger should now payyears.
price for the transportation which he has been receiving free for many
There were 257,028,563 passengers who paid a 5-cent fare last year. About
92,000.000 of these used transfers, leaving about 165,000,000 who paid
5-cent fares and took no transfers.
Before increasing the fare charged to those who took no transfers, it
would seem only fair to ask those who used two or three or more cars to
pay for the privilege.4If it could be assumed that all of these free transfersees
would pay for their transfers, 2 cents a transfer would produce $1,840,000.
but as probably about one-half will not pay for a transfer the increase in
receipts will amount to only one-half that sum,or something over $900,000.
A Charge for Transfers Better than Double Fares Arising from Disintegration of System.
It is for the public interest that the transfers should continue and that
tho properties of the several companies should remain combined and be
upon the
operated as a single railroad. But the interest must be paid
bonds, the rentals must be paid upon the leased lines, and the property
such
continuance.
to
permit
efficiency
of
state
must be kept up to a high
It is only fair that the passengers who benefit from such conditions should
be the ones to pay a fair price for the advantage.
As was said by the Public Service Commission in Massachusetts: "An
impecunious street railway is a poor public servant; often it is an unsafe
public servant. It is most desirable that these passenger carriers should
have such income that they may furnish safe, convenient, adequate and
comfortable transportation service to their patrons. Such service the public wants, and is willing to pay for, when convinced that it is paying only
for what it gets."
By payment of two cents for a transfer the property can be kept together.
It is better to pay 7 cents for a ride upon two or more cars of a consolidated
company than to have to pay 10 cents for the same ride upon the cars of
independent companies after the consolidation has been destroyed.
Increased Cost of Rendering Public Service.
It needs no argument to demonstrate that tho cost of labor and materials
has been increasing at a greater rate than the present earning power of the
property can stand. Wages have been increased from time to time to
keep pace with the increased cost of living. Improvements in the equipment have been made notwithstanding the increased cost of materials.
The property has not been skimped in maintenance. Taxation has each
year taken in one form or another over $1,500,000 on the average for the
past five years, or over 11% of the gross revenue from railway operations.
Greater tax burdens must be met in the immediate future. The war will
still further increase the cost of materials and labor.
The property, in spite of all these burdens, has been efficiently managed,
for
and the public has received adequate and satisfactory service except
to drive
a comparatively brief period when the effort of outside agitatorsBut
that
the employees into their organization disarranged the service. although
was overcome and for several months service has been normal,
the gross revenues have not yet reached their normal level.
With the opening of the new rapid transit lines in the immediate future
passenger roveit is certain that there will be a great reduction in the grossmuch
riding
nue. The experience of the past demonstrates this. Howenoughthe
to offset
will be diverted is difficult to estimate. It might be
transfers.
for
entirely the gain from a charge
to Earn," as
[Then follows a discussion of "What a Utility is Entitled
and the actual return
viewed by the courts, the P. S. Commissions, &c.
has
Mitchel
come out in
Mayor
on New York Railways Co. capital.
opposition to the proposed charge for transfers.] Compare V. 104, p.
2011. 2118, 2343.
New Directors for Subsidiary Company, Not for the New
York Railways Co. Itself.-
All the old directors of the Bleecker St.& Fulton Ferry RR.have resigned
E.F.J.
and the following have been elected: J. II. Campbell, H. M.Fisher,
Gaynor,B.J. Pepporman, W.L.Pepperman, D. W.Ross, H.H. Vreeland,
StarE.
E.
Wigren,
C.
A.
Warren,
Frank Hedley, Geo. Keegan, Chas. E.
bard and W. A. Anderson.
New
of
directors
if
the
as
to
applying
week
last
[This item was published
York Railways Go.-Ed.3-V. 104, P. 2343, 2118.
Norton Taunton & Attleboro Street Ry.-Application.
This company, successor of the Norton & Taunton Street By., hamp.
issue $120,000 20plied to the Mass. P. S. Commission for authority to for
the purpose of
year 5% bonds and 12,000 shares of stock, par $100,
financing the purchase of and operating the railway and part of the property. including franchises and locations formerly owned by the predecessor
company. The stock has all been subscribed for. Compare V. 104, p. 73.
JUNE 16 1917.j
THE CHRONICLE
Norton & Taunton Street Ry.-New Co. Stock and Bds.
See Norton Taunton & Attleboro Street Ry. above.-V.104, p. 73.
Pere Marquette Ry.-Listing.-The N. Y. Stock Exchange has authorized the listing when and as issued in exchange for the temporary securities or otherwise (1) $21,976,000 1st M.5s, series 'A," due July 1956, and ,479,000
1st M. 4s, series "B," due July 1956; (2) $11,200,000 5%
cum. prior preference stock v. t. c., $12,429,000 5% pref.
stock (cumulative after Jan. 1 1919) v. t. c., and 5,046,000
common stock v. t. c.
Earnings, &c.-The earnings under the receiver for the
quarter ended March 31 1917 and a tentive balance sheet
for the new company as of April 1 follows:
Receiver's Results for 3 Mos. ending March 31 1917.
Operating revenues, $5,275,208; operating expenses (maintenance
.
expenses, $1,595,935), $4,699,998; gross income (after adding
___ __ __
•
other income, $55,986) _
__„
_ 3631.166
Interest actually paid on funded and other debt- aside______ receiver's certificates; interest on Canadian bonds, $67,500; interest payments under equipment plan, $16,500; miscellaneous
Interest, $1,524; total------------------------------------- 85,524
2453
, San Diego & Arizona Ry.-New Secretary.-
H. I. Kittlesby has been elected Secretary.-V. 104, p. 74.
Sidell & Olney RR.-Separate Corporation-Officers.-
The line of road from Sidell, Ill., to West Liberty, 0., 77 miles (with
trackage from West Liberty to Olney, 8 miles), which formed part of the
old Cincinnati Indianapolis & Western Ry., but under the reorganization
of that company as the C. I. & W. Railroad (see plan, V. 100, p. 20q4),
was omitted from the new mortgage in order that if desired it might 'be
leased, sold or operated separately," is now known as the Sidell & Olney
RR., with officers as follows: Pres., Geo. W. Hughes; Sec., F. J. Goebel;
Treas. D. J. Curran. Mr. Curran is Treas. of C. I. & W., which on
Dec. 31 1916 owned the entire $240,000 capital stock.
Spokane International Ry.-Secretary.Geo. W. Webster has been elected Secretary of this company with office
at Minneapolis. Compare V. 104, p. 1900.
Springfield (Mass.) Street Ry.-Bonds Applied for.-
This company has applied to the Mass. P. S. Comm. for authority
to issue 33,377.000 of 20-year bonds bearing not to exceed 6% interest,
to provide for general improvements and to pay outstanding debts. On
June 30 1916 the company had outstanding $775,401 of current liabilities
and 4 and 5% bonds now callable or maturing on or before April 1 1923.
aggregating $2,305,0p0. See "El. Ry. Sec.", p. 125.
Fares.-The company, it is stated, will in the near future apply to the
authorities for permission to increase amount of passenger fares from 5
to 6 cents.-V. 104, p. 2119.
Balance, surplus (see foot-note below)
$545,672
The interest due and accrued on ho debts of the receiver and the old
Toledo & Cincinnati RR.-Successor Company.railroad company aggregated for the period $1,157,926; but of this amount
See Cincinnati Hamilton & Dayton RR. above.
only $85,524, as shown above, and the interest (343,750) on the receiver's
certificates were actually paid.
Underground Electric Rys. Co. of London, Ltd.New Company Tentative Balance Sheet April 1 1917.
The London County Council has agreed upon terms looking toward the
Road and equipment__ _$95,469,347 Prior preference stock_ _$11,200,000
purchase
of the portion of the property in London of this company's subInvestments in affil. cos_ 6,936,705 Preferred stock
12,429,000
the London United Tramways, Ltd., at a total cost of £320,899.
153,730 Common stock
Miscel. physical property
45,04d.000 sidiary,
This
property
includes termini at Shepherd's Bush and Hammersmith,
2,776,822
Cash
Mortgage bonds
30,455,000 from which lines
extend to the Hounslow and Hampton Court districts.
Agents and conductors__
940,476 Collateral trust bonds
5,870,000 -V.
104. p. 1587. 1389.
Material and supplies___ 1,722.210 Traffic, &c., balances
1,076,138
Miscellaneous
1,112,766 Audited accts. & wages_ 2,030,135
Vermont
Valley RR.-Note Interest.Deferred assets
18,747 Other current accounts__
431,261
See Connecticut River RR. above.-V. 104, p. 258.
Unadjusted debits
234,810 Tax liability
174,033
Unadjusted, &c., credits
554,049
Virginia Ry. & Power Co.-Stock Listed.Total
The Philadelphia Stock Exchange has admitted to list $70,000 additional
$109,265,616
Total
$109,265,616
The above figures do not include the amount of cash which will be turned pref. stock is.sued for general corporate purposes, making the total amount
over to the Pero Marquette Ry. by the reorganization managers, which listed to date $7,999,400.-V. 104, p. 2120.
will be about $6,000,000 or more (subject to adjustment).-V. 104, p.
Waycross (Ga.) Street & Suburban Ry.-Sold.2343, 2011.
Pres. L. J. Cooper on June 5 purchased this company's property for
Philadelphia Baltimore & Washington RR.-Divi- $14.500
in interest of Waycross Savings & Trust Co.-V. 104. p. 2344.
dends.-A semi-annual dividend of 3% has been declared on
the stock, payable June 30 to holders of record June 13.
This compares with 2% in June and 4% in December last.
-V. 104, p. 1586, 953.
Philadelphia, Co.-Plan Operative--:Deposits-Listing--Ladenburgh, Thalman & Co., Blair & Co. and Hayden,
Stone & Co. announce by advertisement on another page,
that the sinking fund and redemption plan has been declared operative. After July 15 to and including Aug. 15,
deposits may be made only. upon payment to the company
of a penalty of 2% of the principal amount thereof, and upon
such further terms as the above named bankers may fix.
The Phila. Stock Exchange has admitted to the unlisted department tho
certificates of deposit representing tho following additional bonds, deposited
under the sinking fund and redemption plan (V. 104, p. 953), viz.:(a)$107,000 Provident Life & Trust Co. of Phila. certificates issued against deposit
of a like amount of the $6,500,000 1st M. & Coll. Trust 5% gold bonds,
making the total amount listed to June 9 $5,015,000;(b) $140,000 Commercial Trust Co. of Phila, certificates of deposit issued against the deposit
of a like amount of the $15,148,000 Consol. M.& Coll. Trust 5% gold bonds,•
making the total am.listed to June 9 $11,710,000.-V. 104, p.2235. 2112
Philadelphia Rapid Transit Co.-New Lease Proposed
for City-Built Lines-Legislation.-Preparatory to making
to the company a new lease proposition covering the
city-built rapid transit lines, the city authorities have
introduced in the Penn. State Legislature four bills, already
reported favorabb. by the Senate General Judiciary Committee, providing in substance:
(1) saws Bill.-Giving the P. S. Commission authority to regulate joint
service and determine the joint rate of fare between the city's lines and the
Phila. It. T. Co., to require the company to accept passengers transferred
from the city's system and through routing of trains. (2) Gans Bill.For through routing (in case Salus 13111 falls). (3).-Hecht Eminent Domain
Bill.-Permitting the city to take over existing lines by eminent domain, if
necessary, as constituent parts of city's system, at a price to be fixed by the
Commission or the courts, and to operate the same. (4) Hecht Constitutional Amendment.-Authorizing the city to exceed the 10% borrowing limitation for the construction, purchase or condemnation of any public utility
or part thereof, or public improvement, provided the utility or improvement "may reasonably be expected to yield revenue in excess of oyierating
expenses sufficient to ipay the interest and sinking fund charges thereon.
-Nr.1 M. p. 2119. 1703.
Pittsburgh Terminal RR. & Coal Co.-New
Public Service Corp., N. J.-Equipment Trust.-
Vice-Pres.
p. B. Lincoln succeeds W. W. Keefer as Vico-Pres.-V. 101, p. 919.
See Public Service Ry. below.-V. 104. p. 1900. 1703.
Public Service Ry., Newark.-Series "D" Equip. Trust.
Western Pacific RR.-Final Installment of Purchase Price
of Bonds of New Co. Payable June 20-New Bonds Ready
Shortly.-Alvin W. Krech, Chairman of the Board, announces to depositors under the plan of reorganziation
who have subscribed for the bonds of the new company, and
who have paid an installment of 20% of the purchase price,
that the balance of 80% will be payable June 20 at the
Equitable Trust Co., N. Y., or the First Federal Trust Co.
in San Francisco.
The full purchase price of the new bonds is 90% and int. The balance
due June 20 on subscriptions after making interest adjustment from Mar. 1
1917 to June 20 and after allowing interest at the coupon rate upon the first
installment from June 26 1916 to June 20'17 is $725 31 for each $1.000 bond.
Upon payment in full of the balance of 80% of the subscriptions and surrender of installment receipts the new securities will be delivered as soon
as practicable. • See also adv. on another page.-V. 104, p. 2120. 1593.
West Penn Railways Co., Pittsburgh, Pa.-Merger
Plan Ratified and Approved by Commission-New Stock Ready.
-Pres. Samuel Insull announces by circular to the holders of
certificates for preferred and common stock of West Penn
Rys. Co. and the West Penn Traction Co. that the agreement for consolidation and merger of the Railways and
Traction companies and their subsidiary street railway companies, has been ratified by the shareholders of the consoli- •
dating companies and approved by the P. S. Commission
and letters patent have issued to the consolidated company.
The stock transfer books of the old Railways Co. and of
West Penn Traction Co. have accordingly been closed.
The new company is now prepared to deliver its stock certificates and
to make payment of the cash payable under the plan (V. 104. p. 1704)
to the preferred stockholders of the old companies.
The new stock certificates and cash have been placed in the hands of
the Safe Deposit & Trust Co. of Pittsburgh for distribution to the preferred
stockholders of the old Railways Co. and West Penn Traction Co. -Upon
surrender of stock certificates to the Safe Deposit & Trust Co. of Pitts.
burgh duly endorsed in blank for transfer, a certificate or certificates will
be delivered for an equal amount in par value of the 6% Cumulative Pref.
stock of (the new) West Penn Rys. Co., with check for the cash payment to
which the holder is entitled under the plan. This payment (76 cents per
share to pref. stockholders of the old West Penn Rys. Co. and $1 25 per
share to pref. stockholders of West Penn Traction Co.) represents the
amount of dividends accrued upon the old stock to June 15 1917,from which
date the dividend upon the new pref. stock will be cumulative. Warrants evidencing the right to subscribe for additional stock will be mailed
shortly. Compare V. 104, p. 2236, 1704.
West Penn Traction Co.-Consolidation Ratified.-
See West Penn Railways Co. above.-V. 104, p. 1704, 1265.
The New Jersey P. U. Commission has approved an equipment trust
Wichita Falls & Northwestern Ry.-Receivership.agreement (1'. S. Corp. of N. J. Equipment Trust, Series 'D") between
The appointment of C. E. Schaff (receiver of the M.K.& T.) as receiver
Arthur E. Newbold of Philadelphia and this company, controlled by the
Public Service Corp. of N. J., for the leasing to the company of 150 trolley of this property* was noted last week. The receivership includes only the
cars. An advance rental consideration of$248,500 was payable June 1 with Wichita &N. W. By. Co. which has interest to the amount of $166,500
issues of 5% bonds (the Jan. interest on which
regular semi-annual payments thereafter commencing Nov, 30 1917, falling duo July 1 on its three
was promptly paid). It does not include the subsidiary Wichita Falls By,
Philadelphia Trust Co. is trustee.-V.104.P. 1593.
nor the allied Wichita Falls & Southern; the interest due July 1 1916 on the
bonds of this last-named company was paid Dec. 28 1916. See bondholdRapid Transit in New York.-Contracts.ers' committees. V. 104. p. 74, and,V. 102. p. 2344.-V. 104, p. 2344.
Bee U. S. Realty & Improvement Co. under "Industrials" below.
V. 104. p. 2343, 560.
Rates.-Illinois Roads to Increase Rate to 2.4 Cents per Mile.
Judge Dyer in the U. S. District Court at St. Louts on June 7
INDUSTRIAL AND MISCELLANEOUS.
railroads operating between Chicago and So. Louis to disregard aordered
ruling
of the Illinois P. U. Commission that the Illinois roads may charge only 2
Tea Co., Inc.-Sales.Acme
cents per mile on Intra-State passenger business, and gave the companies
1917-4 Wks to June 2-1916. Increase 1917-5 Mos.to June 2-1916. Increase
five days to put into effect the ruling of the I. S. 0. Commission,
under
which the lines may charge 2.4 cents per mile on passenger business be- $2 076,893 $1,328,463 $748,4301$12.704,558 $8.724,626 $3,979.932
-V. 104, p. 2120. 2013.
tween St. Louis and Chicago.
Car Demurrage Per Diem.-
Adirondack Electric Power Co.-New Directors.-
Pres. Fairfax Harrison of the Southern Ry., and Chairman of the RailThe new directors (named in V. 104, p. 2236) have been elected.
roads' War Board, has notified all carriers that in future the per diem rate, V. 104, p. 2236. 864.
or the daily rental which one railroad pays another for the use of a freight
Ajax Rubber Co.,Inc.-Earnsfor May and 5 Mos.of 1917.
car, shall be 60 cents, comparing with the rate of 75 cents instituted
15
last. The lower rate will lae in force until Sept. 30 when the matterDec.
May 1917. 5 Mos. 1917.
will be
taken up again.
Net earnings in 1917
$319,588
$1,102,684
The per diem rate was formerly 45 cents, but was increased to 75 cents -V. 104, p. 1900, 766.
carriers
to
return each other's cars. Under the car service rules
to force
now in force more latitude is permitted in the use of freight equipment.
Alabama Power Co.-Report.1()4, p. 1703, 1490.
See Alabama Trac., Lt. & Pow. Co., Ltd., above.-V. 104, p. 2344, 75.
2454
THE CHRONICLE[VOL.104.
We feel that the plants of the Bethlehem Steel Corporation for ordnance
American Brake Shoe & Foundry Co.—Extra Dividends. making,
for steel manufacture and for shipbuilding—for we build nearly
In addition to the regular quarterly dividends of 2% on the pref. and 40% of all the tonnage of ships turned out in the United States—constitute
% on the common stock, payable June 30 to holders of record June 22, a national asset of supreme value at a crisis like this. Business must be
stock:
pref.
the
the company has declared the following extra dividends on
profitable if it is to continuo to succeed, but profit or no profit, Bethlehem
1% payable in cash and 5% payable in U. S. Government 334% Liberty Steel has volunteered to serve the American Government and to that
bonds of 1917 on June 30 1917 to holders of record at 3 p. m. June 22; and service we dedicate every man and every material resource we can control.
of
1% to pref. holders of record at 3 p. m. June 22 1917, for the purpose
I have had some experience as a salesman, and I have found that it is a
enabling the company on their behalf to make contribution of the same to great deal easier to sell a big thing than to sell a little thing. At the outset
the purposes of the Red Cross Association.
of the war in Europe Lord Kitchener and Admiral Fisher wanted great
quantities of war materials. It did not take any skill on my part as a
Offer to Purchase Bonds.—
to induce the British Government to give Bethlehem these conThis company has offered to purchase at par and interest, until further salesman
it did take a great deal of effort on the part of Bethlehem to
tracts,
notice, any of its $672,000 outstanding First Mtge. gold bonds of 1902. developbut
of organization and skill in management all
that
These bonds mature Mar. 1 1952, but may be drawn for a yearly sinking down the line,thoroughness
which made the British Government feel confident that we
par
at
thereafter
and
and
int.,
105
1922
at
to
1912
from
fund of $20,000
they wanted and which we promised.
material
the
them
to
could
dellver
and interest.—V. 104, p. 255.
Later on in the war Mr. Grace, President of the Bethlehem Company,
negotiated a single contract with the Allies for $84,000,000 worth of shells.
American Gas & Electric Co.—Stock Dividend.—
was the largest single order ever given up to that time to one company.
An extra dividend of 27,, payable in common stock, and the regular That
Mr. Grace did not have to work very hard to persuade the Allied Governquarterly' 234% have been declared on the $3,941,550 common stock, both ments
to buy those shells, but he did have to work to a supreme degree to
payable July 2 to holders of record June 19. Stock dividends of 2% each prepare
far ahead of time to be able to deliver those shells, and then to do
have been paid semi-annually (J. & J.) since July 1914. The regular divi- the
on time after he got the contract.
Job
holders
to
1
Aug.
payable
on
stock,
the
declared
pref.
also
was
dend of 134%
some 75,000 men. Our annual pay-roll is at the rate of over
We
employ
of record July 18.—V. 103, p.2343.
$80,000,000 a year or nearly $7,000,000 a month. The average earnings
in our employ was in 1915 a little over $900, whereas for
wage
earner
each
of
Foundry.—
of
Co.—Acquisition.
Locomotive
American
1916 the average earnings were over $1,200 per man, an increase of more
This company has contracted to purchase from the Penn-Seaboard Steel than 30% in one year. Since Jan. 1 1917 we have increased the wages of
Steel
Seaboard
the
Corp. at a price not mentioned the Seaboard foundry of
our men another 10%.
Castings Co. of Chester, Pa., manufacturers of heavy castings. The
These largo earnings have been realized because in every instance poscapacity of the plant, now in full operation, is about 18,000 tons per annum. sible the man obtained a share of the profits which he helped create. The
—V. 104, p. 363.
labor problem is far from beilig solved. but if the managers of industry can
develop some universal plan which will make•labor not only well-paid but
American Rolling Mill Co. (of N. J.), Middletown, 0. happy
in doing the work Itself, one of the greatest possible boons to man—Plan Modified.—Instead of issuing five shares of $50 each kind will have been realized.in the world moving forward in a few years as
This war is going to result
for each $100 share of the present $8,000,000 common stock much
as ordinarily would require centureis. Of this vast expansion of
the steel business will form the basis
(see plan V. 104, p.454), it is now proposed to give for each world effort and energy I predict that
just as it has been the basis of our own national development in the past
share one share, par $100, of the successor Ohio company.
25 years. The United States produced 1,000,000 tons of steel in 1880;
M. Verity, Middletown, June 7. in 1916 some 40,000,000 tons were produced. The 1917 production will
Digest of Statement by Pres. G.
Reorganization and Merger.—The stockholders' reorganization committee probably be 45,000,000 tons.
was appointed to secure the necessary consents from our stockholders to the
When the United States Steel Corporation was formed, 15 years ago, the
plan of merger dated Jan. 23 1917. Just about the time the committee's annual steel production of the country was only 12,000,000 tons and many
work was completed our company attorneys were advised of a recent ruling believed we were then at the zenith of the steel business. My own belief
of the U. S. Internal Revenue Office in regard to the application of income is that we are just as far from the zenith to-day as we were in 1901.
tax laws, which, added to the probability of greatly increased tax rates,
(The "Iron Trade Review" of Cleveland, on May 31 contained an illusmade the proposed plan impracticable.
trated article regarding the new tin plate plant now being built by the
While the plan as proposed contained many desirable features, it is Bethlehem Steel Co. at Sparrows Point, Md., near Baltimore. This plant
evident that no stockholder would care to have the aggregate par value is rapidly nearing completion and it is expected that the first unit of 12
of his holdings increased, when the ownership of the additional shares re- mills, with an annual output capacity of 1,000,000 base boxes of tin plate
ceived in exchange for the old stock might subject him to excessive taxation. per year, will be ready for operation by July 1. The plant is laid out for
Therefore the following plan is now proposed as a substitute:
an eventual production of 2,000,000 base boxes annually.]—V. 104, p.
Plan Now Proposed.—The unanimous consent of stockholders has been, 2345. 2013.
secured covering the abandonment of our New Jersey charter, and the takBooth Fisheries Co.—Listing of 250,000 Shares of Coming out of a new charter in Ohio, covering a company of the same financial
structure and stock issue. This plan will be carried out in the very near mon Stock Without Par Value, Replacing $5,000,000 Old.—
the
in
Ohio
stock
new
in
course,
receive
will,
due
stockholders
future, and
The New York Stock Exchange has agreed to list from time to time on
company,share for share, and of the same par value ($100), in exchange for
official notice of issuance 250,000 shares of common stock without par value,
and under the terms of the certificates of deposit which they now hold.
will
amount being issued in exchange for the present outstanding $5,000,000
this
stockholders
of
the
consent
As soon as this has been accomplished
be asked to permit of the increasing of the authorized issue of the capital common stock certificates, par $100, on the basis of five shares of no par
value for each $100 share.
stock of the new Ohio company for the following purposes:
"The equities represented by the common stock without par value are
(1) To provide sufficient shares to pay for the property and assets of
par value each,
the Columbus Iron & Steel Co. under the terms of the valuable option the same as those represented by the common stock of $100sense
affected."
the contractual relations of its stockholders are in no
and
company.
your
by
held
contract now
A dividend of 2% was paid on the common stock Mar. 1 and 1% April 1,
(2) To provide treasury stock from which stock dividends may be declared from time to time as, in the judgment of the directors, such dividends and a dividend of 1% has been declared on the common stock, payable
may in the best interests of the company be properly disbursed, and for July 2 to stockholders of record June 20.—V. 104. p. 2236. 2120.
other corporate purposes.
Boott Cotton Mills, Boston.—New Pref. Stock.—
Proxies incident to the holding of a stockholders' meeting to provide
This company has increased its capital stock from $1,000,000 to $1,750,for such an increase in capital stock will be mailed you about July 1, which
000 by the sale of $500,000 7% pref. stock and a 25% stock dividend on the
is the beginning of our next fiscal year.
All values will be conserved under this plan of procedure, and the com- $1,000,000 common stock, making $1,250,000 common and $500,000 pref.
stock outstanding.—V. 98, p. 1539.
secured.
pany's further progress amply
Compare plan and statement as to properties of Jan. 23 1917 in V. 104,
(Richard) Borden Mfg. Co., Fall River.—Dividends.—
p. 454.—V. 104, p. 2345, 1900.
A dividend of 20% has been declared on the stock, payable July 2 to
American Stores Co.—Listed in Philadelphia.—
holders of record June 12. In 1916 dividends were paid as follows: Jan..
The Philadelphia Stock Exchange has admitted to the unlisted depart- • 234 %; April, 13'; July, 2, and Oct., 5.—V. 102, p. 70.
ment 748 additional shares (no par value) common stock of this company
(F. N.) Burt Co., Ltd., Toronto.—Stock Increase.—
(issued in exchange for 535 shares of Acme Tea Co. common stock, acquired
Touching the increase in the authorized capital stock from $2,750,000
and now held in its treasury) making a total of 141,934 shares American
Stores Co. common stock listed on the unlisted department to date.— to $3,500,000, we learn that no issue of the new stock is contemplated for
the present.—V. 104, p. 2345, 767.
V. 104, p. 2236, 2120.
American Sugar Refining Co., Brooklyn.—Plant Fire.
Fire during the night of June 13 destroyed one of this company's buildings
in the Brooklyn, N. Y., refinery, causing a loss estimated at $1,000,000,
which, however, is covered by insurance. It is stated that the damage
done will not appreciably affect the sugar supply, inasmuch as the large
reserve refinery at Phila. has just resumed operations.—V.104, p. 1492,1146
Associated Gas & Electric Co., N. Y.—Guaranty.—
Stockholders will vote June 25 on either (a) guaranteeing the payment
of the prin. and int. on the $96,000 bonds of the Cayuga Power Corp. or (b)
executing a contract to indemnify the Cayuga Cement Corp. against
any liability on the latter's existing guaranty of said bonds.—V.104,p.2345
Atlantic Gulf & West Indies S. S. Lines.—Acquisition.
The meeting of the stockholders set for May 22, to authorize the acquisition of the business and assets of controlled properties, has again been postponed and will be hold on June 19.
The executive committee on June 14 voted to recommend to the directors a special Red Cross dividend of $1 per share on the common stock,
payable .Aug. 1 to holders of record Juno 28, and that a special meeting of
directors be called immediately to ratify this vote. See V. 104, p.1594
1589, 1705.
(The) Barrett Company.—Listing New Stock—Earnings.
Butte & Superior Mining Co.—Capital Distribution.—
The directors have declared a dividend for the quarter ending June 30
1917 of $1 25 per share and a capital distribution of $1 25 per share, both
payable June 30 to holders of record Juno 15.
A special (Red Cross) dividend of 40 cents per share has been declared
on the stock, payable July 25 to holders of record July 18.—V. 104,
p. 2236, 2229.
California Packing Corporation.—Acquisition.—
The San Francisco "News Bureau" of June 7 under caption "Honolulu"
states that this company has purchased for about $500,000 the interests
of the Hawaiian Islands Packing Co., including the so-called Eames property at Wahiawa and is expected to effect a consolidation of the two
companies.—V. 104, p. 2236. 2120.
Canada Steamship Lines, Ltd.—Dividends.—
A dividend of $2 33 1-3 cents per share has been declared on the stock
for the quarter to April 1, payable July 31 to holders of record July 15.
On Oct. 1 1:3.1% will be paid and on Dec. 31 334%, making 7% for the
year.—V. 104, p. 1901. 1488.
Canadian Car & Foundry Co., Ltd.—Large Order.—
It is announced by the Canadian Government that an order for 5,000
freight cars, to cost $12,500,000, had been closed, thus giving the company
$35,000,000 worth of unfilled orders.—V. 104. p. 2236, 259.
The New York Stock Exchange has agreed to list $2,850,300 7% cumulative pref. stock and $2,723,900 common stock on notice of issuance,
Central Aguirre Sugar Co.—Extra Dividend.—
offered for subscription at par to stockholders of record Mar. 16 1917 (payAn extra dividend of $7 50 per share has been declared on the stock in
able in full common stock on or before Dec. 31 1917 and cum. pref. stock
outstanding
to the regular quarterly $2 50 per share, both payable July 2 to
addition
for
on or before Jan. 15 1918), when and as issued, in exchange
subscription receipts for pref. and common stock, respectively, making the holders of record June 25. An extra dividend of $10 per share was paid
104, p. 1901. 1047.
June
1.—V.
and
common,
on
$17,723,900.
$7,850,300,
listed
amount
prof.,
total
Purposes to which $5,574,200 New Cash so derived will be Applied.
Teleph. Co., Pittsb.—Bonds Canceled.—
Dist.
Central
various
plants
Its
of
$1,250,000
improvem'ts
&
betterments
1 For additions,
This company has canceled through the sinking fund, as of June 6,
2,300,000
2 To retire outstanding obligations (call loans)
$25,000 1st M. 30-year 5% gold bonds, due 1943, leaving $9,925,000 out3 Developing company's plants for the manufacture of its products, incl. manufacture of coal tar dyes and its intermediates.. 2,024,200 standing.—V. 104, p. 767.
Central Teresa Sugar Co.—Merger—New Notes.—
Consolidated Results for 3 Mos. ending Mar. 31 1917 (Subject to Adjustment).
A press report from Baltimore states that negotiations are under way for
Gross income (all sources) $1,575,002 Prof. div.(7%)paid & accr. $86,819
590,338 Corn. div. 7%.(Paid) (1 Y1)238,210 the consolidation of this company and the West India Sugar & Molasses Co.
Net income
219,802 A syndicate has been formed to underwrite an issue of $1,000,000 notes to
45,506 Balance, surplus
Bond interest, &c
finance the merger and also to provide for the refunding of the present
—V. 104, p. 2345, 1803.
company's Collateral Trust Sinking Fund notes due June 12, of which
Bethlehem Steel Corporation.—Statement by Chairman $1,000,000 were authorized and $600,000 recently outstanding. Holders
these notes are given the right to convert their notes into the new
Schwab.—Speaking at Detroit on June 11 before the annual of
issue, which, it is said, has been done by a majority of the present
meeting of the World's Congress of Salesmanship on the holders.—V. 103, p. 2344.
subject of "Super-Salesmanship," Charles M. Schwab,
Chairman of the Board of this company, said in substance:
Certain-Teed Products Corp.—Dividend.—
Quarterly dividends of $1 75 per share have been declared on both the
The super-salesman will not only study the immediate needs of his cus- 1st and 2nd pref. stocks, payable July 1 to holders of record June 20.
the
before
customer
See V. 104, p. 1047, 954.
tomers but he will provide against those needs even
realizes that they exist. Let me tell you something of the experience of
Childs Real Estate Co.—Bonds Called.—
the Bethlehem Steel Co. Last year we entered upon a constructive proForty-flve ($11,100) Series A and fifteen ($4,600) Series B Investment
gram involving expenditure for the next few years of about $100,000,000.
Costs are very much higher now than they were then. They promise to be 6% gold bonds, dated Sept. 1 1909 and Sept. 1 1912, respectively, have
much higher in the future. But by beginning when we did we were able been called for payment Sept. 1 1917 at 110 and int. at Empire Trust Co..
to greatly increase our facilities for national defense. Bethlehem Steel is N. Y. This will reduce outstanding amount on Series A. to $132,500
to-day putting $20,000,000 into plants entirely for the use of the Govern- and Series B to $67,600.
Series B bonds Nos. 196 and 491, called for redemption Sept. 1 1915,
ment. In peace time such plant will have no value but there are times
have not been presented for payment.—V. 94, p. 701.
when more than the business view is necessary.
JUNE 16 1917.)
THE CHRONICLE
2455
Chino Copper Co.-Capital Distribution.-
April Earnings.-We have submitted a statement covering nine months
The directors have declared for the quarter ending June 30 1917, a divi- of the General Petroleum and General Pipe Line operations to Mar. 31
dend of $1 25 per share and a canitafl distribution of $1 25 per share. pay- (V. 104, p. 1804). For April the net combined earnings were, after deducting fixed charges, Interest and depreciation, 3357,530, making a total
able June 30 to holders of record June 15.-V. 104, p. 1901, 1798.
for the ten months of $2,168,781.
Output.-The company's oil in storage is being maintained, though at
Continental Can Co.-Subscription Rights.An authoritative statement says: "In order to provide for additional considerable difficulty, owing to increased demand. Our production has
working capital to take care of the growing business of the company, it was been materially increased by the purchase of the Lost Hills development
decided at a special meeting of the directors on June 14 to offer to the property, and is now averaging at the rate of 5,000,000 barrels per annum.
common stockholders of record June 29 20,000 shares of common stock (V. 104, p. 2346.)
Dividend.-The earnings are being well established, so that I am recomwhich was authorized at the time of the organization of the common, but
has never been issued. Each holder of stock will be entitled to subscribe mending that a substantial dividend be declared, payable quarterly, comto 25% of its holding at par. The entire 20.000 shares have been under- mencing Oct. 1 a substantial reserve having now been accumulated.
Acreage.-During the ten months past the company's acreage
written by interests identified with the corporation, their compensation
been
increased by acquisition of 1,595 acres of patented lands owned inhas
being 2%."
fee and
The company now has $8,000,000 common outstanding, and the new 1,683 acres held under lease.
Bonds.-The bonds outstanding of the General Petroleum Corp. were
issue will bring the total to $10,000,000 and $5,005,000 of 7% cum. prof.
reduced $500,000, principally by the sale of the S. S. Mills.
outstanding.-V. 104, p. 555.
Extensions.-The refinery extensions are being profitably carried out
fast as circumstances will permit.
Cosden & Co.-Cosden Oil & Qas Co.-Merger Plan.- as Mexican
Properties.-During the year a satisfactory arrangement has
Hallgarton & Co. and Eugene Meyer Jr. & Co. announce, as been
concluded with reference to Mexican properties, and the development
these properties is being carried on now by the Mexican Gulf Refining Co.
of June 13, by adv. on another page, that the merger plan of
first well drilled on wildcat territory proved unsuccessful and was
of May 9(V. 104, p. 2018, 2007) has been declared operative, The
abandoned, but work is now being rapidly prosecuted on more promising
over 85% of the aggregate par value of the capital stocks, territory and we hope for mutually good results.
Government Policy.-We must direct attention to the menace to the inbonds and convertible notes of the two companies having terests
of the State and nation due to the
locking up of the oils
been deposited. Further deposits will be received, without of the State by the Government. At thiscontinuous
time, when all are being called
to co-operate for the safety of the nation, the continuance of this
penalty, till and including June 27 at Central Trust Co., Upon
policy will go far to nullify the best efforts of the citizens of the State.
54 Wall St., N. Y., or at Equitable Trust Co., the sub- Fortunately,
less than 4% of the company's holdings are involved in this
depository, Baltimore. After June 27 no deposits will be unfortunate controversy.-V.104, p. 2346.
received except at the option of the aforesaid firms and upon salG
esreat Atlantic & Pacific Tea Co., Inc.-Sale;
such terms as they may prescribe.-V. 104, p. 2014, 2007,
14 Weeks to June 21916.
1917.
Increase.
329,599,206 $16,670,055 $1p,929,151
1901, 1706.
-V. 104, p. 1902, 1706.
Crowell & Thurlow SS. Co.-Dividend Increased.Greene-Cananea Copper Co.-Purchase.A dividend of $20 (20%) per share has been declared on the stock, pay-
able June 30 to holders of record June 20. This compares with $12 50
(1244%) each in the two previous quarters.-V. 104, p. 954.
Delaware Lack. & Western Coal Co.-Special Div.-
A special dividend of $25 per share was paid on the stock on June 12 to
holders of record Juno 1. The following notice was sent to shareholders
"Do your bit and use this little bit of a chock to buy Liberty Loan bonds."
-V. 103, p. 64.
Dome Mines Co., Ltd., Toronto.-New Director.-
The board has been increased from seven to eight, Jules S. Bache being
the new director.-V. 104, p. 2346, 1902.
(E. I.) du Pont de Nemours & Co.-Special Dividend.-
A special (Red Cross) dividend of 1% has been declared on the stock,
payable Juno 23 to holders of record June 13. The dividend checks will
be sent to shareholders with a statement of the circumstances which influenced the action of the board, and the disposition of the dividend
will be left entirely with the stockholders, in accordance with their interests
and patriotic instincts.-V. 104, p. 1902, 1492.
Empire Gas & Fuel Co.-Earnings.Net, after Earns. Sub. Bond
Gross
Balance,
Cos.' Stk. Interest.
Taxes.
Earnings.
Surplus.
$13,794,857 $8,749,367 $204,357 $829,125 $7,715,884
-V. 109, p. 1267, 365.
April 30
Year-
1916
Empire
Refining Co.-3 Months' Earnings.-
Exp. et Tax.
Net.
Bond Int. Surplus.
3 Mo.to Apr.30. Gross.
$4,090,156 $2,969,465 $1,070,691 $105,000 $965,691
1916
-Ir. 104, p. 1706, 365.
Empire Steel & Iron Co.-Extra Dividend.-
An extra dividend of 3% has been declared on the prof. stock on account
of accumulations in addition to the regular semi-annual 3%, both payable
July 1 to holders of record June 20.-V. 104, p. 866.
Fisher Body Corporation.-First Annual Statement.After allowing for all expenses, repairs, taxes (corporation
and excise), &c., the company reports:
Net income from operations for year ending April 30 1917
Interest on floating debt
$2,876,406
96,619
year
for
income
ending April 30 1917
Net
$2,779,787
Proportion accrued to Aug. 211916, the date of inception of the
Fisher Body Corporation
615,043
1-3 mos.from Aug. 2()1916_____________
Net income for the 8________________________
to Apr. 30'17 $2 164 744
Preferred dividends
'262,500
---------------------------------------Balance, surplus
$1,902,244
-V. 104, p. 1706,866.
Ford Motor Co., Detroit.-Output, &c.-The "Boston
News Bureau" June 12 said in substance:
See Greene Consolidated Copper Co. below.-V. 104. p. 2237, 2121.
Greene Consolidated Copper Co.-Sale of Property.-
The shareholders have ratified the sale of the company's property, &c..
to the Greeno-Cananea Copper Co. for $21.000,000, subject, however, to a
public sale of the property and assets to be held at the discretion of the
directors. See merger proposal and offer to minority stock.-V.104, p.2121.
Gulf States Steel Co.-Earnings (Net Oper. Income).1917-May-1916.
$204.880
$402.536
Increase.11917-5 Mos. to May 31 1916.
Inc.
3197,656131,665.709
$823,940
$841,769
Special Dividend.-
A special extra "Red Cross" dividend of 1% has been declared on the
common stock in addition to the regular dividend of 2% and the extra
1% for the 6 months heretofore declared, and all payable on July 2 to holders of record June 25.-V. 104, p. 2015, 1706.
Hackensack Water Co., New Jersey.-New Rates.-
The New Jersey P. U. Commission recently ordered an adjustment of the
company's rates for water service to a basis which on an estimated property
value of $9,500,000 on Dec. 31 1913 is intended to afford the company a
7% return on its investment. The change, it is said, will mean a direct
saving of $97,000 a year to the consumers. The company will now file a
new schedule of rates and try them out.
An officer of the company writes: "The findings of the Commission are
based upon conditions and values as of Dec. 31 1917. The old minimum
rate of $10 included 5,600 cu. ft. of water per annum, new minimum rate
of $4 includes no water, but is service charge for smallest meters, Increasing
with capacity of larger meters. Domestic consumers will receive lower
rates. Revenue for fire service based upon a charge of about 44 cent per
(inches diameter x feet of main) for all pipe in each borough.
plus $6 per hydrant per year to cover interest and depreciation. Fire
revenue increases from $35,000 to $138,000 per annum. The feature of
the new rates is the transfer from domestic consumers to the general taxpaying public of a portion of the revenue received by the company, based
upon the fact that the sizes of the mains,the capacity of the pumps and
reservoirs and the "readiness to serve" of the company are all fixed by
considerations of fire protection in a large measure; and the revenue neretofore received for fire service has been below the normal elsewhere and
lower than its proper proportion to the relative amount of capital invested
for the purpose of fire protection.-V. 100. p. 233.
Hammond Packing Co.-Stock Increase.This company, it is reported, has filed notice at Springfield, Ill., of an
increase in auth. capital stock from $1,750,000 to $2,500,000.-V.88. p.567.
Hedley Gold Mining Co.-Extra Dividend.-Officers.An extra dividend of 2% has been declared on the $1,200,000 outstanding
stock ($1,500,000 auth.) in addition to the regular quarterly 3%, both
payable June 30 to holders of record June 23.
John D. Clark has been elected Treas. to succeed C. D. Fraser and Veryl
Preston, Pros. of the Eastern Steel Co., has been elected a director.
Hollinger Consolidated Co.-Dividend Omitted.-
A press dispatch from Montreal on June 9 says: It was officially announced yesterday afternoon that It was not the intention of the company
to pay the dividend which would ordinarily be payable on June 18. Further distributions are aparently deferred until the labor situation in the
north country takes a decided turn for the better.-V. 102, P. 1814.
The production of the Ford Motor Co. is breaking all records. On May
19 the company produced 3,496 cars. For the entire month of May
83,616 cars were turned out. This compares with 55,979 cars in May last
year. For the first five months of 1917 the company has manufactured no
Hydro-Electric Commission (of Ontario).-Purchase of
less than 311,933 cars, against 256,798 cars in the same period a year ago.
Unfilled orders amount to over 127,000 cars. The company is now making Ontario Power Co. Control-Plan and Operations of Commission.
a net factory profit of $21 a car. This is smaller than it should be, so that
See Ontario Power Co. in last week's Issue.-V. 104, p. 2348.
an advance in price in the near future is not improbable. Ford
37,000 men, but any effect from the conscription law is offset by employs
Jones Bros. Tea Co.-Sales-Grand Union Tea Stores and
the fact
that there is a waiting list of 25,000 applicants. It is becoming more
Globe Grocery Stores-May and 5 Months to May 31.more appreciated that Ford's minimum wage policy has resulted in and.
se1017-May-1916.
Increased 1917-5 Months-1916. Increase.
curing extraordinary factory efficiency and low cost sheets.
$194,5811$4,544.272 $3,825,745
$829,601
It is understood that Henry Ford and other officials of the Ford Co. 31_,_024,182
$718,527
have taken $10,000,000 of the Liberty bonds. Half of this was taken by -V. 104, p. 2015, 867.
Mr. Ford personally. This $10,000,000 is a full quarter of the amount
Kennecott
Copper
Corp.
-Dividend.
Ford
Henry
has
offered
Detroit.
his
by
taken
plants, his personal services
A dividend of 20 cents per share has been declared on the stock. payable
and his entire fortune to the Government. He declares that he will do July 25 to holders
of record July 14. There is enclosed with this dividend
anything that Congress or the President desires.-V. 104, p. 662, 167.
notice an order upon the Treasurer of the company, by signing and mailing
which a stockholder may dedicate his special dividend to the American
Garfield (N. J.) Worsted Mills.-Stock Increase.Red Cross War Fund.-V. 104, p. 2347. 2230.
This company, incorporated in New Jersey Aug. 9 1902, has increased
its authorized capital stock from $1,500,000 to $2,500.000; par $100. On
King Philip Mills, Fall River.-Extra Dividend.Nov. 4 1903 the Issue was raised from $125,000 to $300.000; March 1 1903
An extra dividend of 3M % -has been declared on the $1,500.000 stock in
to $1,000,000, and Oct. 10 1908 to $1,250,000.
addition to the regular quarterly 1 %,both payable June 30 to holders of
record June 20.
General Electric Co.-Removal, &c.The company also subscribed $50,000 to the Liberty Loan.-V.85, p. 163.
This company will to-day move its New York offices from 30 Church St ,
to the Equitable Building, 120 Broadway, where the entire twentieth (loom
Kokomo Water Works Co.-Bonds Called.has been especially arranged for the company.
See Middle States Water Works Co. below.-V. 103, p. 2433.
In the ctuarter century since the company was formed, its business has
increased from about $1
0,000.000 in gross sales the first year of its organ.
(S. S.) Kresge & Co.-May Sales.ization to gross orders of $167,169,000 during tne twenty-fifth year.
Increased 1917-5 Months-1916.
1917-May-1916.
V. 104, p. 2237, 1902.
Increase.
$2,345,463 $2,003,711
$341,7521310.820,750 $9,203,868 $1,616,882
General Petroleum Corp., San Francisco.-Official -V. 104, p. 2238, 1902.
Statement.-Following the annual meeting held in San Francisco on June 6, a dividend of 10% was declared on the common stock, payable quarterly, the first payment to be made
Oct. 1 1917 to stockholders of record Sept. 20 1917.
President John Barneson read a brief report, saying in part:
Meeting-Report.-Due to the reorganization, the annual meeting falls
at a period when it is only possible to report on ten months of the company's
business. For that reason I am recommending that from and after 1918
the date of the annual meeting be set for the fourth Tuesday in August.
As soon as possible-probably in August next-a complete report of the
irst year's operations of the corporation will be mailed to stockholders.
Lackawanna Coal & Lumber Co.-Final Notice.-
The bondholders' committee, G. C. Allen, Chairman, 501 Traders' Bank
give notice as of June 14 by adv. on another page,
Bldg., Scranton,
Pa.' and collateral trust notes that the time within which
to holders of the bonds
these securities will be received by the respective depositaries has been
extended to July 14, after which date none will be accepted.
The committee asks deposits of the following issues:
Bonds and Collateral NotesDepositariesDepositaries)50-Yr. Consol. M.6%_bonds
Republic Trust Co., Philadelphia.
a)
b) 10-Yr. Cony. Collat. Trust Notes_
do
do
do
c) Crescent Coal & Lum. Co. 1st M _ _Scranton Trust Co., Scranton, Pa.
(d) Lacka. Coal & Land Co. Consols_ _Colonial Trust Co.. Philadelphia.
Feb. 26
Digest of Circular Sent Out with Deposit Agreement Dated
conAt the request of the holders of a large amount of bonds, we have
of the
sented to act as a bondholders' committee to protect the interests
a plan
bonds secured by the property of the company and to formulate such
There are
for reorganization and other purposes as may be necessary.
and
approximately $275,000 of unpaid vendors' liens against the property sum
suits are pending to enforce these liens. There is also a considerable
non-payment
for
sold
been
already
has
land
due for taxes. A part of the
be redeemed by
of taxes, but the committee is advised that this land can one.
The presprompt action. The property is beyond doubt a valuable action,
as the
ent time, it is especially certain, is an opportune one for
fabituminous coal trade is in a flourishing condition and coal lands are
situathis
of
advantage
take
should
We
public.
vorably regarded by the
over
tion. There are approximately 5,500 bondholders representing
$12,000,000 outstanding bonds. The committee realizes the enormous
but it is
task it has assumed and the responsibilities appertaining thereto,
confident that with the full co-operation of the bondholders, it will be able
By
concerned.
all
of
benefit
the
to
situation
the
of
to work out a solution
depositing your bonds and trust notes you incur no personal financial responsibility [and time will be allowed for withdrawal If any plan presented
is disapproved by the depositor.-Ed.1
Commtttee.-George C. Allen, President Republic Trust Co., Phila.,
Chairman; Grant L. Bell, Public Accountant, Scranton, Secretary; George
V.-Pres. ScranS. Evans, manufacturer, N. Y. City; Judson E. Harney,
B.
ton Trust Co., Scranton; George Houck, lumber, Philadelphia; Jamesand
Philadelphia,
Co.,
Trust
Colonial
Lichtenberger, general counsel
Scranton, with
M.J. Martin, attorney-at-law, V.-Pres. Union Nat. Bank,
Scranton.
Grant L. Bell as Secretary, 501 Traders' National Bank Bldg.,
[The securities the deposit of which is asked include: (a) Lackawanna
dated
Coal & Lumber Co.. 50-Year Consol. M.6% Sink. Fund Gold bonds,
authorized;
Apr. 1 1911, Republic Trust Co. of Phila., trustee, $15,000,000
Trust Notes,
(b) Lackawanna Coal & Lumber Co. 10-Year 6% Convertible
sedated May 1 1911 and Nov. 1 1911; authorized amount, $1,600,000,
trustee.
cured by bonds of the issue above mentioned; Republic Trust Co.,
1 1909; authorized
(c) Crescent Coal & Lumber Co. 1st M.bonds dated May
lien on a portion of
issue, $2,500,000; Scranton Trust Co., trustee; a prior
bonds dated
the property. (d) Lackawanna Coal & Land Co. Consol. M.
Trust
Apr. 15 1908; a prior lien on another portion of the premises; Colonial
the Coal
Co. of Phila., trustee; authorized amount,$2,500,000, assumed by
the
In
Co.
Lumber
&
Coal
by
the
made
& Lumber Co. Default has been
performance of the obligations contained in the deeds of trust, securing all
1826.
p.
97,
V.
1296;
p.
V.
99,
Compare
-Ed.]
issues.
foregoing
of the
To June 13 1917 a little over 118,000,000 of securities had been deposited
a plan of
with this committee. The committee proposes to formulate
reorganization. As soon as such plan is completed and approved by the
committee, it will be printed and submitted to the depositing brndi-ol•lers
,
for their approvat.
The directors have declared for the quarter ending June 30 1917 a dividend of 50c. per share and a capital distribution of 50c. per share, payable
June 30 to holders of record June 15.-V. 104, p. 1903, 1798.
Newburgh Shipyard Co., Inc.-New Co.-Purchase.-
This company, recently incorporated in Dela. with $3,000,000 authorized
capital stock, has acquired the plant of the Newburgh Shipbuilding Co..
now in course of construction, at an estimtaed cost of $250,000. Directors
of the acquisitor company are: Thomas C. Desmond, associated with the
Bush Terminal Co., Brooklyn; John J. Farrell, son of the President of the
United States Steel Corp., South Norwalk, Conn.; John B. O'Reilly, and
Joseph T. Lilly, of Norton, Lilly & Co., Bush Terminal Bldg., Brooklyn.
New Niquero Sugar Co., N. Y.-Extra Dividend.-
An extra dividend of 10% has been declared on the common and pref.
stocks, payable June 29 to holders of record June 25. A like amount was
paid in April last.-V. 104, 1596.
p.
New River Co.-Earnings for Years ending March 31.Net
New River
Net from
Output
March 31.
Profit.
Co. Losses.
Sub. Cos.
(Tons).
Year$505,649
$123,536
$629.185
2,168,084
1916-17
18.602
100,780
119,382
1,893,816
1915-16
There was charged off for depreciation $94,082 in 1916-17, against
$82,437 in 1915-16.-V. 104, p. 956.
Lehigh Coal & Navigation Co.-Bonds Called.-'
Library Bureau, Boston.-Accumulated Dividend.-
A dividend of 2% has been declared on the pref. stock on account of
accumulations. in addition to the regular 2%, both payable July 2 to holders of record June 20. This pays up all accumulations on the prof. stock.
-V.4104, p. 558.
Lone Star Gas Co., Ft. Worth, Tex.-Div. Increased.-
A quarterly dividend of 2% has been declared on the stock, payable
June 30 to holders of record June 23. This compares with 1 A % quarof 1 0z, nxtra in Apr. and Dec. last.-V. 104. D. 2122, 1049.
terly and
bo., Ltd.-New
[VOL. 104.
This statement will be found at length on subsequent
pages.-V. 104, p. 2347, 2122.
Nevada Consolidated Copper Co.-Capital Distribution.
Eleven (11) Consol. M.sinking fund gold bonds, dated Jan. 1 1914, have
been called for redemption July 1 at 10234 and int. at Penna. Co. for Insurances on Lives, &c., Phila. The outstanding amount at presort is
$15,507,000.-V. 104, p. 1149, 1049. I ti
amr--
-Maple Leaf Milling
0
THE CHRONICLE
2456
Director.-
,
Milner as director -V. 104, p. 2238 1268:9
W. Steed succeeds W. E.
Mitchell Motors Co., Inc.-New President.-1
0. C. Frio& succeeds II. C. McLaren as Pres.-V. 104, p. 660,.35.1
-- ont.ana Power Co.-Listing of $5,500,000 Additional
k-5511
Common Stock.-Earnings.-The New York Stock Exchange
has authorized the listing on and after to-day of an additior al $5,500,000 common.stock,-making the total amount
listed $35,133,300.
ITI:s-additional stock is Issued In exchange for a like amount of common
stock (temporarily restricted as to dividends), constituting the second installment of $3,000,000 out of the total of $17,500.000, and the first installment of $2,500,000 out of the total of $5,000,000 of the common stock
Issued for additional properties. The above-mentioned $22,500,000 of
common stock becomes dividend-bearini only as follows:
Aelristallation of a new dam and hydro-TgafieTirure'Wmi
MT, 00,006 onlynear
Great Falls, with a capacity of at least 30,000 h. p.,
electric plant
and then only when the Ch. M.& St. Paul Ry. Co. has taken power for
six months under contract with the Great Falls Power Co., or whenever
the gross earnings of the Great Falls Power Co. shall for any fiscal year
become
have amounted to $1,750,000, then $2,500,000 of this stock is to become
entitled to share thereafter in dividends, and the balance is to
entitled to share in dividends in installments of $3,000,000 at intervals
of one, two, three, four and five years thereafter.
$5,000,000 only after the complete installation of the new dam and hydroelectric plant at Thompson Falls (estimated capacity 30.000 h.
and then only as follows: When the Ch. M. & St. Paul Ry. Co. has
Falls
taken power for six months under contract with the Thompson
to share
Power Co., then $2,500,000 thereof shall become entitled
so
shall
become
$2,500,000
remaining
the
thereafter in dividends, and
entitled after another year.
the
to
reference
a
with
(stamped
Of said $22,500,000 common stock
agreement under which they were issued and the conditions under which
dividends are payable thereon), 175,000 shares have been deposited with
John D. Ryan, Charles H. Sabin and Gates W. McGarrah, as voting
trustees under a voting trust agreement dated May 5 1913, and 50,000
shares with John D. Ryan, F. W. Allen and C. R. McCabe, as voting trustees under a voting trust agreement dated May 51913. As said certificates of stock become dividend paying, they are exchangeable for unrestricted certificates for shares of common stock whenever and from time
to time as such unrestricted certifictaes for common stock are issued, application will be made to list them.
Consolidated Income Account for the Four Months Ended April 30 1917.
$1.871,652
Gross earnings, $2,485,440; net income (after taxes)
Interest paid: On bonds, $471,841; on floating debt, $7,745;
bond discount, $33,280; total. $512,866; less charged to con454,531
struction, $58,335
p.),
$1,417,121
Surplus income for the four months
on $9,671,800 pref., $169,256;
Quarterly dividends paid: 1'X
463,331
1% on $29,407,500 common,$294,075
Balance,surplus(making total surplus per bal. shoot $3,342,994) $953,790
-V. 104, p. 2347, 2122.
National Acme Co.-Perm't Certifs.-Applic'n to List.-
Northwestern Yeast Co., Chicago.-Extra Dividend.-
An extra dividend of 3% was paid June 15 along with the regular quarterly 3%,to holders of record June 12. A like amount was paid in March
last.-V. 104. p. 1049.
Ohio Fuel Oil Co., Pittsburgh.-Annual Report.1913-14.
1914-15.
1915-16.
1916-17.
$1.623,527 $1,398,278 $1,259,588 $1,769,587
571,544
393,235
401,663
500,143
April 30 YearsGross earnings
Expenses
$866,353 $1,198,043
$996,615
$1.123,384
(100)320,000(150)480,000(150)480,000(300)960,000
399,604
283,994
Net earnings
Dividends
Depreciation
$238,043
$386,353
$117,011
$519,390
BALANCE SHEET APRIL 30.
1916.
1917.
1916.
1917.
8
$
Liabilities$
$
Assets320,000 320,000
Investment_ _ _ ._*2,449,305 1,995,411 Capital stock
68,000 105,000
92,512 Bonds
Incomplete construe. 111,389
81,378
Material in stock_ __ 186,701 123,265 Accounts payable_ _ _ 113,145
128
184
158,307 137,132 miscellaneous
Cash.
2,660,501 2,141,111
Acc'ts receiv., &c . 256,128 202,517 Surplus
96,781
Bonds of other cos.
Balance,surplus
3,161,829 2,647.617
3,161,829 2,647,617 Total
Total
* After deducting $2,151,690 depreciation reserve.-V. 104, p. 457.
Ohio Fuel Supply Co., Pittsburgh.-Annual Report.1913-14.
1914-15.
1915-16.
1916-17.
*$9,410,833 $7,129,786 $6,134,153 $5,991,234
5,937,349 4,631,317 4,111,448 4,009,008
Apr. 30 YearsGross earnings
Expenses
Net earnings
Bond interest
Dividends (8%)
1
J
$3,473,484 $2,498,469 $2,022,705 $1,982,226
$366,907
$366,907
1,504,3251 $366,907
978,420
978,420
978,420
1
8636,898
$677,378
$1,969,159 $1,153,141
Balance, surplus
* Includes in 1916-17 $8,168,297 gross earnings from operations, $51.625
Interest received and $1,190,911 dividends on stock owned.
CONSOLIDATED BALANCE SHEET APRIL 30.
1917.
1916.
1916.
1917.
Liabilities$
Assets27,831,928 24,307,726 Capital stock__ .A9,813,000 12,230,250
Investment
6,138 6,115,125
356,523 Debenture bonds..
Material in stock_ 656,972
661,100
2,304,062 1,502,522 Accounts payable_ 931,446
Cash._ _ _
13,216
12,521
Invent.adJust.,&c.
743.460
927,311
Acc'ts receivable ._
11,514,169 8,448,190
557,650 Surplus
Bonds of other cos. 557,000
Total _
-V. 104,
32,277,274 27,467,881
p. 1049, 668.
Total
32,277,274 27,467,881
Oklahoma Natural Gas Co.-Stock Increase-Par.-
The shareholders will vote July 6 on increasing the authorized capital
stock from $4,000,000 to $10,000,000 and on changing the par value of the
shares from $100 to $25. See merger proposition, V. 104, 2348. 2016.
p.
Osborne Mills Corp., Fall River.-Extra Dividend.-
An extra dividend of 13,6% has been declared on the $750,000 stock in
addition to the regular quarterly 1M %, both payable Juno 30 to holders
of record Jan. 20.-V. 71, p. 239.
Owens Bottle-Machine Co.-Listing.-
This company has applied to the N. Y. Stock Exchange for authority
to list $1,500,000 additional common stock.-V.104, p. 2122, 2016.
Penn Seaboard Steel Corp.-Sale of Property.-
See American Locomotive Co. above.-V. 104,
p. 457.
Phelps-Dodge Corp.-Extra and Initial Dividends.-An
extra dividend of $5 50 per share has been declared on the
stock in addition to the initial quarterly dividend of $2 50,
both payable June 28 to holders of record June 25. This
is the first div. of the reorganized co.-V.104, p. 1391, 1168.
Philadelphia Co. for Guaranteeing Mtges.-Report.Divs. Paid
Net (after
Guarantees
Balance,
Gross
May 31.
(6%).
Outstanding.
Surplus.
Year- Earnings. Taxes,&c.)
$24,220,200
$48,833
$120,000
$168,833
1916-17-$225,309
21,644950
63,218
183,218
120,000
1915-16_ 231,870
Capital stock, $2,000.000; surplus May 31 1917, $600,000; undivided
profits. $44,080; cash, $196,122; bonds and mortgages owned, $1,930,290.
-V. 102, p. 2259.
Phillips Sheet & Tin Plate Co.-Bonds Called.-
All the outstanding First Mtge.5% sinking fund gold bonds, dated Feb. 1
1912, have been called for payment Aug. 1 at $1,025 per bond and int. at
Fidelity Title & Trust Co., Pittsburgh. See offering in V. 94, p. 1702.
-V. 97, p. 526.
Pittsburgh & Allegheny Telephone Co.-Earnings.1916.
1915.
$70,000 $70,000
132,500 128,893
$58,247 $40,542
The Bankers Trust Co., N. Y., as transfer agent, is prepared to issue
permanent certificates in exchange for tempotary certificates representing
capital stock of this company. See offering, V. 103, p. 2159, 2347.
This company has applied to the N. Y. Stock Exchange for authority
to list $25.000,000 capital stock, par $50.-V. 104,P. 1903, 565
1915.
1916.
Cal. YearGross earnings_ _ _$544,824 $508,579 Bond interest......233,696 216,783 Depreciation ____
Net earnings
Other income_ _ _ _ 27,050 22,652 Balance, surplus..
-V. 102, p. 1064.
National Conduit & Cable Co., Inc.-Stock Listed on
N. Y. Stock Exchange.-The company's capital stock (total
issue 250,000 shares without par value) was listed this week
on the New York Stock Exchange, and in connection therewith, there was issued a full official statement regarding the
property, sales, earnings, &c., both of the constituent companies and of the present National Conduit & Cable Co.,
Inc.; also balance sheets dated March 31 and May 16 1917,
respectively, for the combined constituent properties and
the new corporation.
An extra dividend of 1%% has been declared on the common stock in
addition to the regular quarterly 1M %, both payable July 2 to holders
of record Juno 15.-V. 104, p. 1143, 1049. 868.
Pittsburgh Plate Glass Co.-Extra Dividend.-
Prairie Oil & Gas Co., Independence, Kan.-Dividend.
The regular quarterly dividend of $3 per share has boon declared on the
$18,000,000 stock, payable July 31 to holders of record Juno 30. The extra dividend of $2 a sharo which has boon paid with the usual quarterly
dividend since April 1916 has been omitted.-V. 102, p. 1254.
Ray Consolidated Copper Co.-Capital Distribution.-
The directors have declared, for the quarter ending Juno 30 1917, a dividend of 50 cents per share and a capital distribution of 50 cents per share,
payable June 30 to stockholders of record Juno 15.-V. 104, 1903, 1797.
p.
JUNE 16 19171
THE CHRONICLE
(R. J.) Reynolds Tobacco Co.-Extra Common Dividend.
An extra dividend of 10% has been declared on the common stock in
addition to the regular quarterly 3% on the common and 1Y,,% on thepref.
stocks, all payable July 2 to holders of record June 21.-V.104,p.2239, 1041.
Royal Film Service Co. of Ill.-Anti-Trust Litigation.-
This company, alleging that an illegal control and combination of film
companies has injured its business, on June 13 brought suit under the Sherman Anti-Trust Law for $300,000 damages in the United States District
Court at N. Y. against the following motion picture interests:
Motion Picture Patents Co., General Film Co., Blograph Co., Thomas
A. Edison, Inc., Essanay Film Mfg. Co., Kalem Co., Lubin Mfg. Co.,
Selig Polyscope Co., Vitagraph Co. of America, Armat Moving Picture
Co. Pathe Freres, George Kleine, Frank L. Dyer, Harry N. Marvin,
Jeremiah J. Kennedy, William Pelyer, Siegmund Lubin, Albert E. Smith
George K. Spoor, W. N. Selig and J. A. Borst.
Santa Cecilia Sugar Co.-Plan Operative.The readjustment committee announces that the readjustment plan
dated Apr. 18 1917 has been declared operative. See plan, V. 104, P•
1596, 2016, 2239.
Sawyer-Massey Co., Hamilton, Ont.-New Directors.-
F. H. Whitton and Wilbur Hutchison have been elected directors to fill
vacancies resulting from the enlargement of the board.-V.102, p. 1631.
S01110t-Solvay Company.-Annual Report.
Income Account for 11 Mos. ending Dec. 31 1916.
months
ending
Dec. 31 1916
Gross earnings for the 11
$10,983,918
Deduct interest on indebtedness, $28,986; depreciations and
adjustment of accounts, $418,321
447,307
-May
1916
in
paid
dividends
12 (4%), $400,000;
Deduct
Aug. 11 (4%) $400,000; Nov. 15 (5%), 3500,000
1,300,000
Balance, surplus, for period
$9,236,611
Balance of undivided earnings Feb. 1 1916
229,506
Total undivided earns. Dec. 31 1916, as per bal. sheet below_ $9,466,117
Less reserves for fire insurance fund, $15,000; dividend payable
Feb. 20 1917 (5%), $500,000; participation and special
bonuses to employees (estimated), $463,272
978,272
Balance forward
$8,487,845
Balance Sheet.
Dec.31.18. Feb. 1 '16.
Dec.31'16. Feb. 1 '16
Assets-,
$
Liabilities-Cash
2,417,658 1,769,940 Capital stock___ _10,000,000 8,000,000
Bills & accts. rec 3,283,062 2,364,703 Surplus
2,000,000
Debens. due 1918_ 400,000
Invested funds.. _ 2,164,786
400,000
Manuf'd products 1,289,343 1,634,973 Panic. deb. notes_ 154,350
185,220
456,054 Accounts payable_ 1,491,092 2,271,513
Raw materials,&c. 1,485,892
Realest.,plants,&c 4,349,570 2,417,990 Res.for taxes&ins. 503,054
342,448
Invest, in 0th. cos. 8,705,288 3,221,849 Divs. due Feb.'16
600,000
Sinking fund
274,683 Sundry credits_
317,558
158,918
199,997
Insur. funds, &c.._ 161,875
88,492 Undivided earns.... 9,466,117
229,506
2457
U. S. Realty & Improvement Co.-Combined Earnings.
April 30
Gross
Expenses,
Net
Interest on Balance,
YearEarnings. Deprec'n, 8e.c. Earnings. Deben. Bds. Surplus.
1916-17
$2,432,243 $1,342,451 $1,089,892 $596,500 $493,392
1915-16
2,600,237
1,403,489
1.197,348
596,500 600.848
To the above surplus in 1916-17 was added
surplus, $1,217.625.
and $1,584,193 reserve for depreciation and previous
contingencies, and from the
total ($3,295,210) there was deducted $2,954,000 estimated loss on subway
contracts, leaving a balance of $341,210.
The company says: "Due principally to
unforeseen abnormal increase in the cost of labor and supplies and tothe
other conditions over which
the company had no control, the company is now
faced witn the fact that
it will suffer an ultimate loss upon the contracts into
the company
entered with the City of New York for the constructionwhich
of three sections of
the rapid transit subway lines, which loss will impair toe
company's
assets
probably to the extent of $2,954,000. It is expected
one of these contracts will be completed on or about Dec. 1 1917, that
another on or about
Dec. 15 1917 and the third on or about May 1 1918.
The percentage of
payments retained by the City of New York as security for
the fulfillment
of the three contracts now aggregate $852,000 and is
represented by
the N. Y. City corporate stock shown on the balancepartly
sheet. As each contract is completed, the amount of such retained
should be received by the company from the city."percentage thereunder
During the year the company's subsidiary George A. Fuller
entered
into 64 new contracts, aggregating $24,799,715, and executed Co.,
to the
amount of $16,624,235. There was $24,385,276 of unfinished work
business
on
the books of the Fuller Co. as of April 1917, an increase of $8,175,479 over
April 1916.
During the year capital assets adjustments were made aggregating, after
deducting the surplus from the previous year, $9,214,886. A reserve of
39,556,096 was then established for adjustment in values of real estate
and other investments.
New President.Laurence McGuire, President of the Real Estate Board of N. Y., has
been elected President and a director of this company, succeeding Wilson
S. Kinnear. resigned. The names of directors were published last week,
V. 104, p. 2349.
United States Steamship Co.-Extra Dividend.-
An extra dividend of % of 1% has been declared on the stock in addition
to the regular bi-monthly dividend of 1%, both payable July 1 to holders
of record June 16. A like amount was paid in May last. See V. 104, p.
1495, 263.
United States Steel Corp.-Extra Common Dividend for
Red Cross Purposes.-An extra dividend of 1% has been declared on the common stock, payable July 28 to holders of
record July 2. Judge E.H.Gary, Chrnn.,is quoted as saying:
This dividend was declared in response to requests from many stockholders to declare an extra dividend to enable them to
contribute to the
largo fund which it is sought to be secured for Red Cross army purposes
under the auspices of the American National Red Cross.
The dividend checks will be sent to the stockholders with the statement
of the circumstances which influence the action of the board and the disposition of the dividend will be left entirely to the stockholders in accordTotal
24,175,031 12,228,684 Total
24,175,031 12,228,684 ance with their rights, interests
and patriotic instincts.
-v. 104, P. 1805, 868.
The directors also adopted a resolution that it was the
of the members of the board that at the regular dividend period onsense
the last Tuesday
Sheffield Farms-Slawson-Decker Co.-Stock Increase. in July there
be declared a dividend of•14% on the preferred, a dividend of
This company has filed a certificate with tee Secretary of State at Albany 1 4% on the common and an extra dividend of 3% on the common.
N. Y., increasing its capital stock from $2,700,000 to $9,000,000.We have to-day decided to make a further subscription of $25,000,000
Compare V. 98, p. 1390; V. 103, p. 1305.
to the new Liberty bonds, so called. It is possible we may make
a still
further subscription if it shall seem necessary in order to dispose of the
Sloss Securities Co., San Francisco.-Notes-Reorg.- total amount of the bonds to be placed by the Government within the
The Cal. RR. Commission has authorized this company to issue an addi- period ending next Friday.
tional $48,391 67 of Series B and 0 notes to creditors, pursuant to the
See "Trade and Traffic Movements" on a preceding page.
general reorganization plan.-V. 104, p. 1708-
South Porto Rico Sugar Co.-Subscription Rights-Div.
The stockholders voted June 14 1917 to increase the authorized common
capital stock from $4,000,000 to $6,000,000. Of the new stock, $500,000
will be offered at par to stockholders of record June 15, to whom also will
be paid on July 2 1917 a cash dividend of 12%% ($500,000). Compare
V. 104, p. 2239.
Development of Birmingham, Ala.-
See Tennessee Coal Iron & RR. above.-V. 104, p. 2349, 2123.
Washington (D. C.) Gas Light Co.-Bonds Offered.This company will receive proposals until and including
June 22 for the purchase of $478,000 of its First Mtge. 5%
(T. H.) Symington Co.-Dividend on Accumulations.- bonds of 1910, due Nov. 1 1960. Int. M. & N.
These bonds are part of a total authorized
A dividend of 4% has been declared on the
amount of $5,200,000, of
stock on account of accumulawhich $4,060,000 have been issued. The issuance of these additional
tions, payable June 25 out of earnings prior to Jan. 11913,
and to holders bonds
has recently been approved by the P. U. Commission of the District
of record June 15. This is the first distribution since April 1911.-V.
of Columbia, the proceeds to reimburse the treasury for moneys expended
104, p. 2016, 2007.
for improvements, betterments, &c. Between Jan. 1 1910 and Nov. 30
Tecumseh (Cotton) Mills Corp., Fall River.-Extra
1916 the company has spent on this account $1,338,824. Compare V.
An extra dividend of 33 % has been declared on the
stock, in 104, p. 2123, 2016.
addition to the regular quarterly 1%%, both payable $750,000
June 30 to holders
Western Canada Power Co., Ltd.-Reorg. Complete.of record June 20. An extra of 2 % was paid on Mar. 31 last.-V. 104,
See Western Power Co. of Canada below.-V. 104. p. 2250, 263.
p. 1270.
Tennessee Coal, Iron & RR. Co.,. Birmingham, Ala.Western Power Co. of Canada.-Reorganization CoraInvestment of $11,000,000for Ext., ctc., by U. S. Steel Corp.- pleted.-An authoritative statement .says:
The United States Steel Corporation, which controls this company,
announced an appropriation of $11,000,000 for the immediate development
of the plants at Birmingham, Ala., making possible an increased production
of iron and steel, particularly of such products as are needed by the Government at the present time.-V. 103. P. 2244.
The Western Power Co. of Canada on Feb. 1 1917 took over the property
of Western Canada Power Co., Ltd.(V. 103, p. 1331). Under the plan of
reorganization the First Mortgage bondholders funded two years interest
coupons, accepting in lieu thereof $500,000, face amount of debentures.
The holders of notes of the Western Canada Public Utilities, Ltd., receive
stock for their notes. The former common stockholders of the
Tennessee Copper & Chemical Co.-Definitive Certif.- common
Western Canada Power Co., Ltd., received the right to participate in the
Holders of the common stock trust certificates are notified
their reorganization, and this right was largely availed of(see plan, V.103,p.245)•
temporary certificates should be presented at the office of the that
All the details of reorganization have now been completed and the comColumbia
Trust Co., 60 Broadway, N. Y., for exchange for definitive engraved
trust pany announces earnings for the first four months of the cal. year as follows:
certificates.-V. 104, p. 2123, 1904.
Operating revenue for the four months ended April 1917 were $143,180,
a 39% increase over the same period of 1916. Operating expenses were
Ticonderoga Pulp & Paper Co.-Initial Dividend.
$39,771, compared with $33,125 for the corresponding four months of 1916.
An initial dividend of 10% was paid yesterday (June 15) on the $360,000 The net earnings were $103.498, a 49% increase over the corresopnding
common stock.-V. 104, p. 869.
period of last year. Net earnings for the month of April 1917 were $25,858,
or a 47.3% increase over April 1916 (compare annual report, V. 103. p.663).
Torrington Co.-Special and Extra Dividends.The company has outstanding $550,000. par value of 7% pref. stock,
A special(Red Cross) and an extra dividend of 1% each has been declared
on the common stock in addition to the regular quarterly 3%, payable $5,000,000 of corn. stock, $6,000,000 First Mtge. 5% bonds, of which
$1,000,000 are in the treasury, and $500,000 of debentures. See V. 104,
July 2 to holders of record June 20.-V. 104, p. 2349,
1050.
p. 2250, 263.
Trumbull Steel Co.-Special Dividend.Western Union Telegraph Co.-Discrimination.A special Red Cross dividend of 1% has been declared on the stock,
The I.-S. C. Commission on June 14 entered its decision in the discrimipayable July 1 to holders of record June 20.-V. 104, p. 2349.
nation case brought against this company by the Commercial Cable Co.
United Dyewood Corporation.-Listed-Earnings.- The Commission finds that the Western Union Co. has refused to transmit
the cable company from New York to points in the United States,
The Now York Stock Exchange has listed $1,873,400 7% for
deferred cable messages originating in South America upon the same terms
cum. pref. stock and $4,480,800 common and has agreed to as such deferred cable messages
are contemporaneously transmitted for the
list a further $2,626,600 pref. and $9,437,500 common on Central &toSouth American"Telegraph Co. The Western Union Co. was
discontine the practice on and after Aug. 1 next.-V. 104.
official notice of issttance in exchange for temporary certifi- directed
p 2349 1806.
cates, making the total' listed $4,500,000 preferred and
$13,918,300 common.
Consol. Income Account, Corporation and Subsidiaries-Cal. Year
1916.
Net profit from operaIncome tax and excess
tion
profits duty
313,807,818
$3,385,634
Other income
Other
deductions
515,847
180,560
Total net income
Balance for year-----$10,757,471_
$14,323,665
The pref. stock was brought out by Blair & Co. (V. 103. P.
1797.)
The aforesaid statement will be cited fully another week.-V.
104.
p. 2250, 958.
United Shoe Mach'y Corp.-Extra Dividend.-Directors.
An extra dividend of 10% in stock and 4% in Liberty Loan bonds
has
been declared on the common stock in addition to the regular
quarterly
50 cents per share, all payable July 5 to holders of record
Juno 19. The
regular quarterly 37% cents per share on the pref. stock was
also declared
payable the same date.
New Directors.-Robert Barbour and Moses B. Kaven have been elected
additional directors. Mr. Maven has
also been elected
officers have been re-elected.-V. 104, p. 2349, 2250. Vice-Pros. Other
Westinghouse Electric & Mfg. Co.-Merger Approved.
The shareholders on June 13 approved the proposed merger of the Westinghouse Machine Co. See annual report, V. 104, p. 2227: Compare
V. 104, p. 2250, 2349.
Westinghouse Machine Co.-Consolidation.-
See Westinghouse Electric & Mfg. Co.above.-V.104, p.2016, 1296,1169
Wheeling Steel & Iron Co.-Extra Dividend.-
An extra dividend of 1% has been declared on the stock in addition
regular quarterly 2%, both payable June 30.-V. 104, p. 870. 567. to the
CURRENT NOTICE.
"Industry and Architecture" is the subject treated of in the latest issue
of "Development," the advertising organ of Messrs. Day & Zimmermann.
Inc., Engineers, Industrial Architects and Managers, 611 Chestnut St..
Philadelphia. The article is from the pen of a member of the firm and was
originally published in "The American Architect." A free copy of "Development" can be obtained on application.
2458
[VOL. 104.
THE CHRONICLE
pc/rumens.
worts anti
•THE COLORADO & SOUTHERN RAILWAY COMPANY
31 1916.
EIGHTEENTH ANNUAL REPORT--FOR THE FISCAL YEAR ENDED DECEMBER
Chicago, January 1 1917.
To the Stockholders of The Colorado & Southern Railway Company:
Herewith is submitted the Eighteenth Annual Report of
your Board of Directors, for the year ended December 31
1916. In order to conform with the orders of the InterState Commerce Commission, your Board of Directors
amended by By-Laws of the Company so that the fiscal
year begins on January 1 and ends on December 31 each
year.
The following report sets forth comparative statements for
the newly adopted fiscal period and combines the operations
and affairs of the Lines operated by the Company and
which are heroin designated as the
"COLORADO & SOUTHERN LINES."
FISCAL YEAR JAN. 1 TO DEC. 31.
EQUIPMENT.
•
No.
No.
addcd
on
Dec. 31 during
year.
1915.
297
Class of EquipmentSteam locomotives
Freight-train cars:
5,718
Box cars
112
Flat cars
1,837
Stock cars
2,135
Coal cars
124
Tank cars
64
Refrigerator cars
133
Caboose cars
Other freight-train cars___ 1,712
All classes offreight-train
11.835
cars
Passenger-train Cars:
116
Coaches
40
Combination passenger cars
7
Other combination cars_ _ _
9
Dining cars
41
Baggage and express cars__
28
Other passenger-train cars..
14
Motor cars, electric
All classes of passenger-train
255
cars
209
3
1
2
1
Aver. tractive power all
No. locomotives
No.
and average
on
retired
during Dec. 31 capacity all
1916. freight cars.
year.
293 32,101 lbs.
4
265
21
24
60
----
2
217
216
589
5
3
1
1
5,662
94
1.813
2,076
126
64
132
1.495
11,462 34.70 tons
118
39
8
9
Per
41
OPERATING REVENUES.
Per
Cent.
1915.
28
1916.
Cent.
71.62
15
$10,560,926
14
72.56 $11,951,001 01 Freight
3,260,469 11 22.11
21.39 3,522,954 82 Passenger
1.60
235,172 84
233,182 07 Mail
1.42
257
4
6
1.56
82
230,155
217,427 69 Express
1.32
88
346.961 23 Miscellaneous1.
2.11
1.13 Company Service Cars:
762 71
166:'
179,361 71 Incidental
1.09
9
9
Officers' and pay cars
.10
15,039 98
18,390 07 Joint facility
.11
2
2
Derrick cars
100.00
15
33
Steam snovels
100.00 $16,469,278 60 Total operating revenues_$14,745,665
6
6
cars
Wrecking
OPERATING EXPENSES.
392
20
129
Other company service cars 283
11.43 $1,881,738 25 Maintenance of way and $1,944,310 58. 13.19
All classes of company serstructures
412
20
129
303
vice cars
2,769,214 07 81.78
17.13 2,821,367 31 Maintenance of equipment
1.37
202,150 71
613 12,131
351
All classes of cars in service 12,393
213,672 29 Traffic
1.30
13.22
93
4,604,376
n
Transportatio
77
4,611,102
28.00
.52
76,130 31
77,751 21 Miscellaneous
.47
3.22
475,085 10
479,699 87 General
Compared with the preceding year, the total operating
2.91
70
68.30
_$10.071,276
Total operating expenses_
61.24 $10,085,331 70
revenues show an increase of $1,723,613 45, or 11.68%.
45
31.70
$4.674.388
operations
from
38.76 $6,383,946 90 Net revenue
The operating expenses show an increase of $14,055, or
$666.183 56
5757,611 27 Railway tax accruals
0.13%. The net operating revenue shows an increase of
716 83 Uncollectible railway reve299 19
nues
$1,709,558 45, or 36.57%.
$666.482 75
Taxes increased $91,427 71 over the preceding year, due
8758,328 10
70
$4,007.905
Operating income
$5,625,618 80
to
increases in assessments by the Federal Government and
NON-OPERATING INCOME.
tax
levies in Colorado, Wyoming, New Mexico and Texas.
in
42
$509,968
Rents
$631,545 89
58.101 45
Operating income shows an increase of $1,617,713 10, or
90,615 49 Miscellaneous interest
$568,069 87
$722,161 38 Total non-oper. income
40.36%.
$4,575,975 57
Gross income
$6,347,780 18
The percentage of operating revenues required for operating expenses was 61.24%, as compared with 68.30% in the
DEDUCTIONS FROM GROSS INCOME.
$491,008 76
$333,733 78 Rents
previous year.
2,859,257 37
2,860,328 95 Interest on funded debt
It required 45.06% of the Gross Income to meet interest
1,728 82
835 20 Interest on unfunded debt_
on
discount
of
Amortization
18,600 06
funded debt this year as compared with 62.48% in the
on
96
18,974
funded debt
previous year.
96.856 18
123,055 03 Miscellaneous income charges
$3.467,826 03
As indicated, the operations reflected in the accompanying
$3,336.553 02 Total deductions
$1,108,149 54
statements and report are those for the year ended DecemNet income
$3.011,227 16
ber 31 1916, during part of which numerous items of expense
have been affected by increased cost of materials and labor.
These increases will affect the Operating Expenses throughout the whole of the year 1917, and there will Also be large
additional expenses now accruing through the increase in
wages resulting from the "so-called" Adamson Law, effective
Jan. 1 1917, and through increases in other wages which
have been granted or are in process of negotiation. The
1917 figures.will also reflect the more recent increases in cost
DURING
NT
EQUIPME
INVESTMENT IN ROAD AND
of
locomotive fuel and materials and supplies accruing on.
THE YEAR.
account of economic and other conditions affecting the counAdditions and Betterments,
try as a result of the European War and conditions related
Charged to Road & Equipm't.
Appropriated
thereto. Pending revenue measures likewise indicate a subTotal
Income.
from
Account$17,906 51 stantial increase in taxes payable during the coming year.
$6,910 33
$10,996 18
Engineering
Land for transportation purDuring the year the following Long-Term Debt obligations
40,084 50
37,898 21
2.18629
poses
20,657 72 have been retired:
10,624 46
10,033 26
Grading
DISPOSITION OF NET INCOME.
Appropriations for:
$68,301 22
Sinking funds
$67,432 24
Dividends
170,000 00
Additions and betterments
280,220 33
Miscellaneous appropria500,000 00
tions of income
Total appropriations of
$1,017,652 57
568,301 22
income
$1,039,848 32
$1,993,574 59 Income balance
40,621 24
11,730 25
28,890 99
Bridges, trestles and culverts
19,650 38
9,057 30
10,593 08
Ties
20,024 01
Cr.4,255 34
24,279 35
Rails
62.501 19
25,964 96
36,536 23
Other track material
2,532 60
1,711 11
821 49
Ballast
12,892 86
6,293 11
6.599 75
Track laying and surfacing
5,409 07
1,839 67
3,56940
Right-of-way fences
Snow and sand fences and snowCr.8,649 82 Cr.8,649 82
sheds
63,503 58
29,776 67
33,726 91
Crossings and signs
22.436 81
3,852 55
26
18,584
Station and office buildings
Cr.965I 90
Cr.968 90
Roadway buildings
3,119 63
Cr.6,543 64
9,663 27
Water stations
58 60
06
Cr.9,909
66
9,967
Fuel stations
17,234 27
2,515 05
14,719 22
Shops and engine houses
65
141
65
141
_
Ines..
I
Telegraph and telephone
10.935 00
10,935 00
Power transmission systems_
Cr.813 15
Cr.813 15
Power distribution systems.. ___
Cr.14,111 29 Cr.14,111 28 Cr.28,222 57
Miscellaneous structures
742 87
631 55
111 32
Paving
1,117 00
382 09
734 91
Roadway machines
Assessments for public improve28.890 24
28,718 88
171 36
ments
541 80
541 80
Other expenditures-Road..
2,438 16
1,929 60
508 56
Shop machinery
$217,876 80 $136,908 45 $354,785 25
Total expenditures for road
Cr.8,565 21
8,892 36
Cr.17,457 57
Steam locomotives
Cr.262,348 85 Cr.35,382 00 Cr.297,730 85
Freight-train cars
44,135 18
1,79653
65
42,338
Passenger-train cars
70,567 02
Cr.6,837 58
77,404 60
Work equipment
Total expenditures for equipCr.160,063 17 Cr.31,530 69 Cr.191,593 86
ment
$57,813 63 8105.377 76 $163.191 39
Grand Total
the
The amount $105.377 76 "Appropriated from Income," represents
charges to Road and Equipment accounts during the six months' period
from Jan. 1 1916 to June 30 1916, and is included in the total appropriation
of $280,220 33 shown above.
First mortgage bonds of the C. S. & C. C. D. Ry. Co. through $68,000 00
sinking fund
254,000 00
Deferred rentals under equipment leases
$322,000 00
Making;net decrease in Long Term Debt of
There were charges to Capital Account aggregating $163,191 39 or additions and betterments to property. This
amount was expended for:
Structures and machinery
Bridges
Tracks
Land
Laying tie plates, main line
Various other additions and betterments
Equipment
$17,959 61
116,103 38
82.310 58
38,479 49
37.303 50
62,628 69
114,702 20
$469,487 45
Less:
Equipment retired
306,296 06
3163.191 39
During the year a number of spur tracks and industry
tracks were abandoned, as they were of no further service to
the Company, and credits equal to the original cost of the
property were passed to the various additions and betterments accounts.
The operating results of the receiver of the Trinity &
Brazos Valley Railway Company show a deficit in the net
operating revenue of $94,836 31,,to which there was added,
for tax and miscellaneous items, $84,199 40, creating a net
income deficit for the year of $179,035 71.
By order of the Board of Directors.
HALE HOLDEN, President.
JUNE 16 1917.]
THE CHRONICLE
GENERAL BALANCE SHEET DECEMBER 31 1916.
ASSETS.
InvestmentsInvestment in road and equipment
Sinking funds
Deposits in lieu of mortgage property sold
Miscellaneous physical _property
Investment in affiliated companies:
Stocks
Bonds
Notes
Advances
Other investments:
Stceks
Advances
$111,308,508 12
521 47
18,393 31
4,660 00
8449,709
@FedFRASER