Full text of Commercial and Financial Chronicle : June 23, 1917, Vol. 104, No. 2713

View original document
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
>

V

A

omtmrcifl
IN C L U D IN G

Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers’ Convention Section

Electric Railway Section
State and City Section
NO. 2713

SATURDAY, JUNE 23 1917

VOL. 104

Week ending June
Clearings at—

PU
BLISH W
ED EEKLY.

10.

Inc. or
Dec.

%
S
Chicago............ 512,803,603 393,437,008 + 30.3 295,780,019 310,048,072
42,045,494 30,203,900 + 16.1 25,104,400' 26,435,900
Cincinnati____
79,378,510 43,951,253 + 80.6 30,909,103 26,704,471
Cleveland____
^urmican^'llubscriytioa(includingpostagei:.::woo
59,024,571 46.772,017! +27.5 34,016,754! 32,664,992
Detroit_______
,i.uropi .ui
81X months (including postage)................... 7 oil
27,540,589 20,253,6731 +36.0 15,564,941! 15,054,655
Milwaukee ____
8,965,096
S ^ J k f s n l S S r f f l u n Lomlon (including postage)*...........................£ 2 U j
9,650,789
15,050,325 11,620,757) +29.5
Indianapolis___
7,036,300
f u M onfhs S u W rip tio n in London (including postage)...................... £ 1 U a .
6,763,500
10,921,200 10,149,200 +7.6
Columbus ........
0,842,453
6,846,100
Canadian Subscription (including postage! .................................... $11 60
10,681,250, +2.4
10,941.055!
Toledo_______
3,150,575
2,543,369
2,761,784' +62.9
4,500,000
Peoria_______
S u b sc rip tio n in c lu d e s f o llo w in g S u p p lem en ts —
3,320.382
3,209,064
4,509,930 +17.3
5,193,472;
Grand Rapids__
2,327,017
2,235,4911
U'JK A DQUOTATION (monthly) I R a il w a y A D Industrial (3 times yearly)
N
N
3,180,422 +22.6
3,252,948:
Dayton______
1,116,937
1,115,4721
railway Earnings (monthly) I Electric R a il w a y (3 times yearly)
1,656,164 + 94.71
3,225,733
Evansville:___
1,453,764
1,240,504!
■ITATE AND CITY (semi-annually) |BAN
KERS’ C onvention (yearly)
1,555,852 —7.0
1,437,545'
Fort Wayne___
1,097,812
958,273
1,399,624 + 54.9
2,108,422j
Springfield, 111..
1,738,263
Terms of Advertising— Per Inch Space
1,614,865
2,853,488 + 25.6
3,583,7181
Youngstown___
2,327,000
4,105,000 +48.9 i 2.337.000
6 ,2 0 0 ,000 ;
Akron________
Transient matter per inch space (14 agato l i n e s ) . ... ...............................
22
928,421
1,002,068)
1,073,499! +54.0
1,653,062!
Rockford.......__
( Two Mouths
('■ times)....................... SS
‘
584,232
707,254!
754,410' —12.2)
062,600
,, .
) Three Months (13 tim es)............................
'i'i Lexington........
1,919,785
2.900.000
+ 60.2
2,841,358
Standing Business Cards / s ix 'Montlis
(2(3 tim es)............................. 60
4,553,784!
Canton _______
685,590
086,739
964,055 + 28.8
1,242,535'
South Bend___
(. T w elve Months (52 tim es).................. -........
w
458,308
532,243'
675,361 + 37.2
926,380,
Decatur...........
C IC G O
H A O FFICE— South L a Sailo Street. Telephone Majestic 739(3.
39
739,231
739.530
782,252 + 53.8!
1,203,367j
Quincy.............
613,498
K-Ondon O ffice —E dwards & Smith, 1 Drapers’ Gardons, E. O.
610,601 j
1,050,373 + 12.5!
1,181,425
Springfield, O__
702,721
081.S04
+ 99.2
681,175
1,357,069
Bloomington___
W IL L IA M Hi. DANA COM PANY, P u blish er*,
554,797
635,746
676,540 + 39.9
945,025
M fled____
ansi
473,822
Front. Pine anti Dcpoystor Sts.. New Vork.__________
520,226
566,235 + 10.4
625.000
Danville........ .
600,000
758.530
900,000, + 10 .0
990.000
Jackson ______
247,086
286,257|
Published ovory Saturday morning by WILLIAM B^ q1
253,115! + 43.1|
362,013
Jacksonville, 11
1
652,967
Jacob Seibert Jr.. President and Treas.; Oeorgo 8. Dana and Arnoid U Dana. Lima_______
559,062
684,048 + 15.3
790.000
Vioe-Prostdorits; Arnold O. Dana. Seo. Addresses ot all, Otflco ol tno company.
558,801
079,8621
1,248,9711 -5.0
1,186,274
Lansing..........
349,282
263,710
349,415! +48.4
518,263
Owensboro___
209,103
240,678
304,487i +22.5
372,9211
Ann Arbor.......
CLEARING HOUSE RETURNS.
65,928
47,560!
+ 48.4
116,968
Adrian_______
The following table, m up by telegraph. &c . i n d l c a t ^ ^ * ^ “ *“ *
ade
Tot.Mid.Wcst- 800.529,267, 009,055,183 + 32.4 451,802,420 461,272,201
clearings of all the clearing houses ® «w
t
tortte w uming to day
cck
have been $6,243,510,009. against S ,508,983.625 last week ana $4,lo0,lS0,J86 San Francisco__ 108,245,419 59,937,583 + 80.6 49,567,891 51,292,068
O
the corresponding week last year. _______ ____________________________ Los Angeles___
32,765,000 24,882,005 + 31.7 20,659,285 23,730,722
25,090,099 15,790,489 + 58.8 11,406,992 12,798,750
Scattlo........
Per
20,495,817) 12,823,105 + 59.8 11,003,966 10,723,363
Portland___
Clearings— Returns by Telegraph.
5,781,012
6,380,076
1916.
8,853,950. + 68.0
Cent.
1017.
14,879,285
Salt Lake Clty..
Week ending June 23.
2,303,739
1,706,182
2,539,394! + 39.7,
3,540,602
Tacoma___
4,081,686
3,660,265
$3,066,521,644 $2,193,791,500 + 39.8 Spokane___
5,144,139
6,470,000
N ew
Y o r k ---------------------------------- ------------- -- ---------------3,097,306
3,691,691
4,221,628 + 31.4
403,005,570
320,050,108 + 25.7 Oakland______
5,556,824
Chicago--------- ------- -..................
1,953,559
1,722,150
288,071,185
2,178,340 + 6.4;
191,171,023 + 50.7 San Diego___
2,318,682
P h i l a d e l p h i a ------------------------------------- ------------------------1,895,084
1,768,745
201,701,855
212,530.804 —5.1 Sacramento___
2,254,908 + 31.7)
2,970,423
B o s t o n ......................... - ..................................................... —
879,091
836,657
926,388; + 36.7,
111,004,879
09.055.000 + 65.2 Pasadena_____
1,200,066
Kansas City................. ....... ..........
806,859
847,114
1,150,594' + 32.41
111,219,072
83,094,307 + 32.9 Stockton........ .
1,523,841!
S t.
I . o u l s .....................................................................................
848,436
1,033,472
1.029,760 + 91.5
84,939,202
49.108.000 + 71.9 Fresno ______
1,971,212'
S a n F r a n c i s c o .......................................... - ..........................
575,205
487,659
79,811; + 10.3
06,930,407 + 13.5 San Jose..........
09,145,051
848,676
Pittsburgh.................................................. 373,675
347,885
382,932 + 87.5
50,301,170
+ 9.9 North Yakima.
45,707,098
717,046
................................... ..............................................
D e tr o it —
243,207
314,159
359,810 + 43.1
30,402,303
32,545,037 + 12 .0 Reno.............
514,979
Baltimore..... .........................- .......
526,523
501.774
630,447 + 11.3
21,325,410 + 77.5 Long Beach___
37,853,547
671.371
N ew
O r l e a n s ........................................................................
229,857,402 143,848,349 +59.8 115,938,963 122,501,345
Total Paclflc.
S4,403,346,804 S3,280,870,080 + 30.0
E l e v e n c i t i e s , f i v e d a y s ......................................
470,208,904 + 41.8 Kansas City___ 132,758,602 83,717,552 + 58.5 73,544,497 48,764,240
675,410,371
O t h e r c i t i e s , f i v e d a y s .................. ..............................
25,134,453 + 16.5 18,311,822 24,147,138
$5,138,703,175 $3,767,078,984 + 30.8 ^Minneapolis___ . 29,286,503 22,080,191 + 60.3 18,356,534 15,715,004
T o t a l a l l c i t i e s , f i v e d a y s ...................................
35,975,102
1,104,746,834
693,102,002 + 59.4 Omaha........ .......
13,015,214 12,184,106
18,092,574 15,005,903 + 2 0 .1
A l l c i t i e s , o n e d a y . ...........................................................
St. Paul.............
9,103,067
8,993,921
15,000,465 15,102,107 —0.7,
S6,243,510,009 $4,460,180,986 + 40.3 D e n v e r________
7,544,212
7,421,410
9,594,589 + 43.5
__________
Total all cities for week,_____
13,700,201
St. Joseph-.----5,276,355! ' 5,490,644
6,287,430 + 21.5
7,040,336
...mdetails for tbo week covered by the above will bo given next Saturday. Des Moines........
3,203,323
3,237,029
4,108,352 + 53.0
6,283,705
Sioux City..........
W cannot furnish them to-day, clearings being m up by the clearing houses Duluth.... ..........n
ade
3,850,132
3,636,918
4,439,041 + 25.1
5,552,157
0„ Saturday, and
3,026,608
3,853,819
4,237,777 + 32.2
at noon on Saturday, and lienco In the above the last .lay of tho week has to bo In Wichita..............
5.603.000
estimated, as wo go to press Friday night.
1,569,893
1,416,667
1,508,211 + 09.3
2,650,132
LotiiiMvou,
_.
av noon lur
T op ek a ........... - 
alln^aHw?figures‘for week oiiding'Saturday noon, Juno 16, tor tour years follow
1,319.741
1,162,257
1,695,346 + 20.3
2,039,797
D avenport........
1,916,981
2,860,786
3,146,896 + 43.7
4,522,216
Lincoln ..............
1,144,642
1,874,701
1,789,949 + 31.1
Week ending June 10.
2.400.001
Cedar Rapids_
_
644,893
299,407
887,284 —17.0
730,029
Colorado Springs
Clearings atL181.518
1,261,452
1,775,622 —11.3
Inc. or
1,574,675
Fargo..................
654,514
372,835
573,008 + 37.9
790,902
Dec.
1916.
1915
1914.
Pueblo................
1917.
1,505.14
1,392,730
2,052,531 + 12.7
2,078,000
$
%
S
S
Waterloo........... S
1,068,293
1,000,442
1.542,888 +45.4
2,242,139
Helena................
437,981
422,857
505,756 + 2 1.8
615,088
Now Y o r k ........... 3,933.002,708 ,932,833,823 + 34.1 1,798,520,147 1,689,244,215 Frem ont............
515,597
602,112
873,807 + 24.0
1,088,96
Philadelphia---- 301,193,980 245,360,957 + 47.2 158,917,825 102,230,403 Aberdeen______
130,346
202,186
273,878 + 73.8
475,930
83,508,154 09,007,248 + 20.1 47,821,770 51,307,100 Hastings............
Pittsburgh........
393,126
426,983
722,029 + 60.8
1,161,142
47,058,475 45,714,945 + 4.3 30,790,023 33,909,200 Billings ..............
B a ltim ore...........
20,914,203 15,180,212 + 37.7 11,705,922 13,721,051
207.175.2G6 + 41.1 171,055,349 145,278,729
Buffalo..................
Total oth.West 292,333,903
9,836,469 + 33.1
13,087,107
7,649,084
7,287,436
Washington.........
4,847,583 + 3.9
5,981,242 St. Louis______ 136,206.151 106,575,628 + 27.8 80,194,374 76,160,936
5,037,746
5,294,475
Albany..................
5,892,820 + 58.7
4,830,570 Now Orleans----4,053,508
9,351,443
37,042,982 22,119,054 + 67.5 16,311,138 16,307,043
R o ch e s te r...........
2,931,051 + 13.0
3,329,879
3,305,430 Louisville_____
3,040,100
19,345,812 18,356,474 + 5.4 14,728,508 12,0S2,629
Scran ton .............
8,252,683
3,480,215 + 34.4
6,582,813
2,803,372 Houston ............
4,687,147
2,785,143
7,975,706 + 47.9
11,800,000
Syracuse _______
3,487,000
2,202,452 + 17.2
4,678,427
1,770,487 Galveston_____
1,937,001
2,650,460
3,200.000 + 87.5
6 ,000,000
Trenton...........
2,892,503 + 60.3
7,603,946
9,340,294
2,738,421 Rlshmond_____
1,861,341
4,035,780
24.743,305 16,951,865 + 46.0 11,879,457 12,563,972
W heelin g..
2,580,705 + 12.9
1,877,228 Atlanta.......... .
1,908,294
2,912,019
25,038,083 15.163.S00 + 65.1
Reading...........
3,350,580 + 10.1
6,147,250
1,972,159 Fort Worth........
7,700,503
2.0S3.18
3,091,552
8,170,641 + 36.5
11,155,180
W ilm ington.........
1,715,948 + 17.1
5,619,722
1,588,722 Memphis_______
4,441,916
1,830,407
2,008,162
6,570,511 + 69.3
11,123,128
Wilkes-Barre-----1 ,000,000
+ 9.0
3,854,229
038,142 Savannah ______
994,914
3,401,482
1,095,845
5,590,746 + 30.4
7,290,712
Greensburg___
1,080,549 + 2 1 .1
5,508,166
852,044 Nashvlllo---------5,132,912
890,502
7,560,175 + 14.6
1,308,001
8,004,730
Y ork......................
1,455,662 + 33.5
3,627,025
3,652,452
1,112,235 N orfolk_______
1,003,940
4,402.015 + 35.9
1,943,732
5,981,261
E r l o ____________
1,301,112 + 18.8
2,696,603
730,199 Birmingham___
1,985,809
067,824
2,599.898 + 27.5
1,545,805
3,313,355
C h ester________
4,067,694
018,150 —2.9
571,139 Jacksonville___
2,714,900
540,571
3,647.190 + 18.1
000,000
4,308,830
Altoona ......... ......
1,373,127
874,500 + 18.4
1,223,571
024,000
703,802
1,435,063 + 55.0
1,135,900
2,225,546
B ingham ton____
1,793,119 + 28.1
1,685,501
1,559,387 Augusta____
1,634,089
1,405,733
+ 2.0
2,456,506
2,297,233
2,490,371
Lancaster ........
2,533,382
554,911 + 10.0
2,252,192
113,015 K noxville__
484,389
3,009,249 + 45.3
039,590
4,371,304
M o n tcla ir--------Chattanooga2,075,824
1,705,865!
'2,245,436 +62.7
3,053,943
Total M iddle. 4,508,894,986 3,357,177,120 + 34.1 2,087,5023)30 1,991,127,435 Little R o ck ..
1,274,375
989,558
1,174,860' +26.0
1,478,158
2,096,200
200,557,142 180,754,253 + 47.51 147,630,130 140,871,040 Mobile_____
2,191,960
Boston........
3,388,41 lj + 86.4
6.317.000
Oklahoma__
7,595,000
8,544,300
1,612,902
11,839,500 10,731,700 + 10.3
1,745,957
Providcnco ..
1,885,262 + 47.2
2,775,504
4,902,059 Charleston........
8,848,130 —7.3
0,184,721
3,200,184
2,218,641
8 ,200,000
Hartford---3,001,199 —51.7
1.450.000
3,268,526 Macon.............. 4,830,383 + 10.7
3,922,546
1,558,169
5,045,100
1,801,321
Now Haven.......
1,670,000 + 37.7
2.300.000
3,074,299 Austin ................
2,831,213
4,332,938 + 30.3
201,669
191,732
5,044,119
—3.0
Springfield.. 256,893
249,300
1,922,214 Vicksburg ..........
1,907,733
2,130,026 + 35.1
368,607
2,877,000
451,922
Portland---.667,076
427,189
Jackson ________
2,038,133
2,532,510
4,129,301 —4.0
1,818,445
3,903,837
1 1,633,831
Worcester —
3,945,136
6,599,244
1,170,813
1,417,018 Tulsa____ _____
1,023,887 + 20.8
1,901,990
913,337
. 795,541
Fall River...
1+31,970
1,496,720
+ 5.1
1,137,400
1,270,012 Muskogee..........
1,732,614
1,821,843
New Bedford—
12,179,933
011,403
003,737 D allas................
1,046,644 —18.8
850.000
Holyoke.......
924,599
851,753
Total Southern 360.034.407, 261,175,9171 +37 81, J91.583,445 188,690,620
1,048,137 + 23.9
1,298,057
Lowell____
434.040
410,093
700,000 —3.0
075.000
Total aft....... 6.508.983.6 2 5 '4,S00.346.268r~+35d) 3.195,755.638 3,078,178,697
Bangor.............
+ 40.31 177,873,431 108,858,307
Tot. Now Eng. 311,333,600 221,914,373
outside N. Y- ]2 , 575,380,857 1,867,512,445 +37.9 1,397',235.493 1,388,934,482
Hole ,—For Canadian oloarlnga seo '‘Commercial and Miscellaneous Nows.”

Terms of Subscription— Payable In Advance ^ ^

Wat

One Year ...............................................................................* ft oO




2480

THE CHRONICLE

[Vol. 104.

ing for additional power on the part of a body of men
RE sitting in a position of great responsibility, especi
ally whenTthey^are acting in a governmental or semi
The Federal Reserve Banking Law after having, governmental character.
at the instance of the Federal Reserve Board, been
Thus it has happened that step by step we have
repeatedly amended— the process of revision begin been^ getting away from the design of the original
ning within a few months after the enactment of the framers of the law, without anyone noticing the
original law, and before even the system of Federal fact, and now by the latest and most elaborate series
Reserve banks created by the statute had begun of amendments, have worked a complete transform
operations— has now been further altered through ation in the character and scope of the law in its
the passage by Congress, again at the instance of the most essential respects. The Reserve banking
Federal Reserve Board, of an even more elaborate system was created for the purpose of remedying the
series of amendments. These repeated changes have defects— the admitted defects— of the old banking
come in[such]’quick succession as to be positively be system. These defects were that the’ cash reserves
wildering to the ordinary individual. For that which the national banks were required to hold
reason and because the great mass of the public has against their deposit liabilities were not real, that in
not yet succeeded in mastering the intricacies of the large measure they had only technical existence,
Federal Reserve Law and also because technical through the fact that the so-called country banks
subjectsJk this kind are beyond the ken of the were permitted to keep the greater part of their
of
average layman, there has been a failure to grasp the reserves with correspondent banks in reserve or
significance of these changes and their far-reaching central reserve cities, and that the banks in the
possibilities.
reserve cities, in turn, were permitted to carry a
It must be admitted, too, that surprisingly little good part of their reserve with the banks in the
interest has at any time been manifested in what was central reserve cities. It inevitably followed that
going on. In this we have reference not alone to at periods of grave emergency the burden of the extra
the general public, where apathy might not be demands which come at such a time invariably fell
deemed strange, but also to the banking fraternity entirely upon the banks in the central reserve cities
itself. Banks and banking institutions might be and more particularly upon the Clearing House
expected to display most active interest in any pro institutions of New York City. In the circumstances,
posed alterations, since the doings and operations it is not surprising that this burden on occasions
of the twelve Federal Reserve banks have such a proved too heavy to bear, making it possible to re
vital bearing upon the daily affairs of all banking spond only imperfectly to the needs of the situation.
institutions, but these have been as listless about the It was one of the objects of the new banking law to
matter as the ordinary citizen who has only a remote do away with this pyramiding of reserves.
appreciation of what banking activity means in the
The second main defect in the old banking law
daily life of all classes of the population. The plea was the absence of provision for special banking
of the Federal Reserve officials has always been that accommodation and extra bank note issues at times
the alterations demanded were necessary to strengthen of stress and crises. It is at such periods that the
the Reserve system so as to enable it properly and business community is in especial need of added
adequately to fulfill its functions. On the other banking facilities, while the banks, on their part,
hand, the attitude of the community has been that under the old system, were at such times obliged
in this new Reserve banking system the machinery to curtail accommodations to ordinary customers
has been provided for remedying all the ills and evils and to cut off entirely outsiders, since their country
of the banking andYurrency world— that the Reserve correspondents would be draining them of their
Board has been established for the purpose of ad cash by drawing out their deposits to meet local
ministering the system and utilizing and applying demands of the same kind. The only bank note
the mechanism placed at its disposal and that if issues the country had were those of the national
this body deem alterations essential, their advice banks and these were utterly without elasticity,
should be accepted without hesitation, on the theory being based entirely on United States Government
that no one could be better qualified to point out its bonds, and hence unresponsive to trade demands.
deficiencies or speak with greater authority and The tendency on the part of these national bank
respect in that regard.
note issues was generally towards higher totals.
In other words, in the popular eye these officials Trade demands might fall off, but the outstanding
have been endowed with superlative wisdom and aggregate of the notes would not contract unless,
understanding, even though they be fallible human indeed, coincidently there should be an appreciation
beings like the rest of mankind. As a matter of fact, in the market value of the Government bonds that
their demands have nearly all been for an extension had to be deposited as security for the notes, thereby
of their powers and on that point the sole judgment making it an object for the banks to sell the bonds
of such a body can never be accepted as conclusive. so as to realize the profit thereon and call in the
It is the teaching of history and experience that notes.
individuals so placed are more prone to err than an
Hence the chief purpose of the new law was to
average body of men since there is always a hanker eradicate the^evil^of pyramiding reserves and to
THE AM ENDM EN TS TO THE FEDERAL
SERVE BANKIN G ACT.




June 23 1917.]

THE CHRONICLE

supply a system, of note issues which, should be truly
responsive to trade requirements issues that would
with absolute certainty come into being as trade
demands called for them, and as unerringly pass out
of existence when trade requirements no longer had
need for them. T o provide a gold backing for the
notes and for the purpose of carrying on the general
operations of the new banks it was indispensable that
a portion of the cash reserves of the member banks
should be mobilized under the control of the Federal
Reserve banks. We say “ a portion” of the reserves
advisedly, for, obviously, if all of the loscivcs weie
transferred to the custody of the Reserve banks we
would have a repetition of the pyramiding evil.
Only such reserves are real as are held by the member
banks themselves in their own vaults. Vault re
serves alone arc required irrevocably to be kept
intact. On the other hand, there is no assurance
and no legal requirement that reserves deposited with
the Reserve banks shall be retained intact.
In fact, the Reserve banks can only meet their
expenses and make a profit by not holding member
banks’ deposits unused and on hand. The law re
quires the Reserve banks to hold a gold reserve of
only 35% against their deposit liabilities which
means that the banks possess full legal authority to
employ 65% of their deposits in the making of invest
ments of various kinds, which are specifically defined
in the statute, and it is from such investment that
the Reserve banks derive their income. To the
extent, therefore, that the member banks keep their
reserves with the Reserve banks we have a repetition
of the old pyramiding process under which the re
serves may not be available in times of need because
devoted to other purposes. The fact, that, through
mobilization, the reserves in the custody of the
Reserve banks exist in greater mass may tend to
strengthen the feeling of security and confidence
that the cash (or the gold, which the cash is sup
posed to represent) will actually be available when
needed and correspondingly lessen the probability
of calls for it in times of emergency, but the principle
itself remains the same, and reserves with member
banks, being subject to diminution as cash in the
way indicated, are not real reserves in the sense
that is cash in member banks’ own vaults.
The circumstance that member banks’ reserves are
subject to diminution in the hands of the Federal
Reserve banks was recognized by the framers of the
law. Consequently, the utmost care was taken to
guard against too large a portion of such reserves
being kept with the Reserve banks and allowed to
count as real or legal reserve. No subject was more
carefully debated than the question as to the pro
portion of cash that should be allowed to go to the
Reserve banks. While, naturally, there were differ
ences of opinion as to the right percentage, there was
absolute agreement that only a portion, and not the
whole, of the cash reserves should be kept with the
Reserve banks. How far we have departed from
that fundamental principle is evident from the fact
that last September, through one of the amendments
to the law then enacted, the member banks were
given authority, with the permission of the Reserve
Board (which was immediately given), to transfer
their vault reserves to the keeping of the Reserve
banks, along with the portion legally required to be
kept with the Reserve banks, while now.by the latest




2481

batch of amendments the whole of the legal cash re
serves of the member banks must be kept with the
Reserve banks, there to be subject to diminution
and attenuation.
The departure from first principles is just as
marked in the matter of the note issues. In the
original law rigid limits were set on the is
suance of notes, numerous restrictions and limita
tions being inserted to thatend,all designed to guard
against excessive emissions of .the notes. It was
felt that the volume of the notes must be kept down.
Accordingly the utmost precaution was used to
guard against the putting out of notes in undue
amounts or in such a way that they would stay out
indefinitely. As it happened, the Federal Reserve
officials from the first disregarded the plain intent
of the law in that respect and employed special
devices for pushing out notes, thus adding steadily
to the volume of the note issues and managing, too,
to keep the notes extant. Now, with the theory
prevailing that inasmuch as the country is involved
in a gigantic war, the Reserve banks must be equipped
to emit huge masses of the notes, the Reserve Board
has at length, against the sober judgment of the
conservative members of Congress, been permitted to
have its own way and obtained legislative authority
in favor of the policy to which it has stood committed
from the start, namely that the volume of Federal
Reserve notes should be steadily enlarged and the
notes be kept permanently afloat.
It is in these two particulars, that is, in the reserve
requirements of the member banks and in the method
for the issuance of Reserve notes, that the latest
series of amendments are mainly important. Dis
cussion in Congress centred so largely upon the
provision with regard to allowing the member banks
to impose a charge for the collection of out-of-town
checks that the transcend ant importance of these
other amendments has been largely obscured. There
have been sharp differences of opinion as to the
wisdom and propriety of permitting the member
banks to make even a moderate charge for check
collections, and feeling has run very high on both
sides of the question, leading to caustic expressions
of assent and dissent from the respective advocates
of the two sides. From a financial and mercantile
standpoint there are manifest advantages in a system
for the universal par collection of checks, such as the
Federal Reserve banks have undertaken to inaugurate,
but, on the other hand, the methods adopted for
forcing the scheme upon recalcitrant outside banks
has not commended itself. Though the par collec
tion system is nominally voluntary, actually the
member banks have no choice but to accept it. The
length to which the Reserve officials will go in the
carrying out of the system was well illustrated in the
action taken by the Federal Reserve Bank of New
York when, finding that a few small State banks
obstinately declined to co-operate to that end, it
placed the checks in the hands of the express com
panies with instructions to present them at the
counters of the banks themselves for payment, the
result being that, though the right to charge for the
collection of checks was challenged, the Reserve
Bank had to go to extra expense in order to obtain
the money on the check in those instances.
It had been supposed the differences between the
two Houses of Congress on check collections had
been definitely reconciled, inasmuch as the House
had several weeks ago instructed its conferees to

3482

THE CHRONICLE

accept the Senate amendment in that regard. When
the conferees presented their report to Congress,
however, it appeared that the conferees had changed
the amendment in such a way as practically to
nullify it. As the amendment now stands it is
expressly declared that the provision shall not be
construed “ as prohibiting a member or non-member
bank from making reasonable charges, to be deter
m in ed and regulated by the Federal Reserve B oard, but
in no case to exceed ten cents per $100, or fraction
thereof.” As the Federal Reserve Board has from
the first opposed allowing any collection charge
whatever, this proviso is tantamount to letting the
Board do as it pleases in the matter, so it is difficult
to see that the advocates of collection charges have
gained anything from the incorporation of the amend
ment. But, after all, though it has seemed desirable
to placate the so-called “ country banks,” since they
constitute the back-bone of the national banking
system, nevertheless it is plain that the Earth is not
going to stop revolving, either on its axis, or in its
orbit around the sun, simply because the member
banks are deprived of authority to impose some kind
of collection charge.
The changes, however, regarding reserves, belong
in a wholly different category. They are of vital
bearing. It is to be said, though, that one of the
changes is of relatively small consequence. It maybe
recalled that the original law provided for the gradual
transfer of reserves from the Reserve centres to the
Federal Reserve banks and into vault, in the mean
time allowing a steadily diminishing portion to be
retained on deposit with the banks in the reserve or
central reserve cities. The time limit when none of
the balances with correspondent banks could any
longer count as reserves would not have come until
next November (thirty-six months after the inaugura
tion of the system). The date has now been ad
vanced so that elimination of the correspondent banks
as depositories for a portion of the member bank
reserves dates from the approval of the amendments
by the President. Accepting the view of the Comp
troller of the Currency the operation is not likely to
prove disturbing, since the member banks have long
been preparing for the event. The Comptroller
recently issued a statement showing that under the
May 1 call of condition, the national banks held
reserves (including the amounts with correspondent
banks which are now to be eliminated) aggregating
$2,473,000,000, whereas they were required to hold
no more than $1,499,000,000, showing an excess of
reserves of no less than $974,000,000. “ Therefore,”
said the Comptroller’s statement, “ it is seen that the
total amount of balances carried with reserve agents,
$948,000,000, together with $20,000,000 of excess
reserves with the Federal Reserve banks and in vault,
all represented surplus or excess reserve. The
banks have thus already accommodated themselves
to the time when the balances carried in national
banks in central reserve and reserve cities can no
longer be counted as reserve, holding as they now do
the entire required reserve in their own vaults and
in the Federal Reserve banks.”
The really startling change in the reserve require
ments, embodied in the latest amendments, is that
now the member banks must keep the whole of their
required legal reserve with the Reserve banks,
instead of a part only with the Reserve banks. Take
the case of the banks in the central reserve cities for
illustration: Now the requirement is that only 7%




vU
Jj.

04

of the reserves need be kept with the Reserve bank
of the district, while 6% must be held in vault, and
a further 5% may be kept either in vault or with the
Federal Reserve bank. The amendments make the
legal reserve 13%, and the whole o f it m ust be kept with
the Reserve bank.
The banks in the ordinary reserve
cities are now required to hold reserves of 15%, of
which 6% must be kept with the Reserve bank and
5% in vault, while the remaining 4% may be held
either in vault or with the Reserve bank. Under
the amendments the reserve is fixed at 10%, and the
whole of this likewise must be kept on deposit with
the Reserve bank. The country banks which now
are obliged to held reserves of 12%, of which 5%
must be with the Reserve bank and 4% in vault,
while 3% may be cither in vault or with the Reserve
bank, have their legal reserve fixed at 7% under the
amendments, all of which also must be kept with the
Reserve banks, these percentages relating in every
instance to demand deposits, the legal reserve on
time deposits being 3% for all classes of banks.
A statement issued by the Federal Reserve Bank of
New York speaks of these changes as “ reducing” the
reserves required to be held by member banks and as
far as the legal requirements are concerned the altera
tion is a reduction; but in actual practice it will prove
a reduction only provided the banks can get along
without till reserves or with till reserves of less than
5%. This matter of till reserves is left entirely to the
member banks themselves. It may be questioned,
however, whether, in the great majority of cases, 5%
will be found sufficient. We do not imagine that
the member banks in this city will ever be satisfied
to get along with till reserves (or cash in vault) of
less than 5%, or that the Clearing House would
allow them permanently to carry less than that
amount. As for the banks elsewhere it is conceivable
that in special cases twice or even three times the
5% may be required as a general rule; to banks so
situated, the requirement that so large a portion of
the reserves must be kept with the Reserve bank,
will work as a positive hardship.
It is estimated that the effect of compelling the
member banks to hold all of their legal reserves with
the Federal Reserve banks will be to increase im
mediately the gold holdings of the Reserve banks
some $300,000,000 to $350,000,000, and this is, of
course, the object in view. It is called a strengthen
ing process because it furnishes a larger basis for
note issues; but this latter may easily become a
weakening process because of the inflation possibili
ties which it involves. Apart from this the change
is to be deprecated because, as pointed out above,
reserve with the Reserve banks can never be con
sidered the equal of cash in vault, since the latter is
definite and tangible and actually on hand, whereas
cash with the Reserve bank is subject to separate and
distinct uses which are sure to reduce its volume.
We have already shown that the Reserve banks need
keep a gold reserve of only 35%, against the reserve
balances deposited with them by the member banks.
In other words, it is legally permissible to use the
remaining 65% either in the making of investments
or as a basis for Reserve note issues. The gold hold
ings of the Reserve banks last week aggregated
$590,948,000, and the further $350,000,000 would
raise the total to close to $1,000,000,000 and permit
bank note issues (according to the debates in Congress)
of over $2,000,000,000. IIow well equipped the
Reserve banks already are and how easily they

June 23 1917.]

THE CHRONICLE

accommodate themselves to the needs of the situation
was seen last week when the Federal Reserve Bank of
New York was able to increase its discounts and
acceptances by $102,787,000, and used $25,000,000
of the same as a basis for Reserve note issues. In
two weeks the New York Reserve Bank has run up
its bill holdings from $37,302,000 to $210,239,000.
As if appropriating the whole of the legal reserves
of the member banks were not sufficient, there is a
further amendment which permits the Reserve banks
to issue notes against gold or gold certiticates. this in
effect furnishes legal sanction for what the Reserve
banks have been doing right along, though without
legal authority. But the particularly vicious feature
of this amendment is that after having acquired gold
in this way and issued notes against the same, it is
distinctly provided that such deposit of gold or cer
tificates shall be counted and included as part of
the 40% gold reserve required. The difference be
tween the old process and the new process will be
readily apparent. Under the old process—and the
Reserve banks already have no less than $459,942,
000 of notes out in this way—there was at least the
assurance that every dollar of notes would bo repre
sented by a corresponding dollar in gold. Now this
will no longer be the case. At every recent session
of Congress the Federal Reserve Board has sought to
obtain this authority, but has failed, mainly because
of the determined opposition of Carter Glass, Mr.
Glass realizing the menace involved in the process.
Now this vigilant member of the Banking and Cur
rency Committee of the House (according to a state
ment made by him in the course of the debate)
yields his “ judgment upon that point. Representa
tive Phelan of Pennsylvania in speaking approvingly
of this provision had the following to say. We quote
his remarks as the best way of indicating what tre
mendous possibilities in the way of inflation this
particular amendment involves:
M r . P H E L A N . M r . S peakor, this am en d m on t proposes
in tho m ain to d o three th in gs. T h e first is to p erm it tlio
oxch an go o f F ederal R eserve n otes for g o ld ; tho secon d is
to roduco the a m ou n t o f com m ercia l p a por n ecessary to bo
p u t up as collateral against tho issuo o f F ed eral R oservo
n otos fro m 1 0 0 % to 0 0 % ; and th e th ird is to p erm it tho g old
thus acqu ired to b e used as reserves either fo r tho further
issuo o f F ederal R oservo notes or fo r tho fu rth er exten sion of
cre d it b y tho F ederal R eservo b a n k . T h o pu rpose o f tlicso
p rovision s is to strongthon tho F ederal R esorv e ba n k s, and
th rou gh them to strengthen tho whole cred it an d fin an cial
m ech an ism o f tho ontire U n ited S tates. T h ese provision s
w ill a d d exceedin g to their stren gth . T h o process is g oin g to
w ork this w a y : T h e F ederal R eserve banks w ill issuo F odoral
R esorvo n otes and get g o ld in thoir p la ce. T h e y w ill tako
th a t g o ld and p u t it in w h a t m igh t b o term ed b ig reservoirs.
W h e n tlioy lia vo occa sion to use it, it w ill b o thoro road y for
their uso. T h ero is already ou tsta n d in g a p p rox im a tely
$5 00 ,0 00 ,0 00 o f F ederal R esorvo ba n k n otes. T h e y aro
passing as m o n e y . Nobody makes any complaint against their
use. T h o F ederal R eservo agents h avo in their possession
a p p rox im a tely $5 00,000,000 o f g o ld . Now, the Icderal
Reserve banks to-day cannot, ex cep t p ossib ly b y cu m b orsom o,
in d iroct m eth od s, touch a dollar of that gold. It has been
gath ered thoro. It has beon taken o u t o f circu la tion and
F ederal R oserv o n otos issuod in stoad. B u t ovon th ou gh it
is thoro, it is n o t availab le, as it sh ou ld b o , for use as a basis
for the credit of the country. T h is am en d m en t prop osos th at
th a t $5 00 ,0 00 ,0 00 , and an y a d d ition a l g old w h ich ca n bo
stored a w a y, shall bo available
M r . H A M I L T O N o f M ich ig a n . D id I u nderstan d tho
gen tlem a n to say th at certificates h a v o beon issued on this
g o ld ?
M r . P H E L A N . I th in k I said th a t F ederal R oserv o notos
h ad boon issuod. T o -d a y tho on ly w a y th at tho F ederal
R e so rv o ba n k s increase their ow n g old su p p ly is b y on o o f
tw o processes. O no is b y tho co n trib u tion to tho ca p ita l of




2483

ba n k s b y m em ber b a n k s, an d tho oth er is b y d ep osits. T h ere
is a lim it to the a m ou n t o f g old w h ich can b e secu red in these
tw o w a y s , an d a lim it w h ich in th o near fu tu re m a y n o t
su ffice. T h e possession o f g o ld in large q u a n tity is essential
to the p rop er op era tion o f ou r cred it sy stem . O ur w h ole
cred it stru ctu re is based on g o ld .
T h e m ore g old y o u ca n p u t in to c o n tro l o f the F ed e ra l
R esorv e ba n k s, tho greater p ow er y o u g iv e th em to expan d
an d serve the business interests o f the c o u n tr y .
The whole
purpose o r the great pu rp ose o f this am en d m en t is to have this
gold gathered up in advance, to b e k ep t re a d y fo r use if th at
use b ecom es necessary. It is not obtained from contributions

to capital nor from deposits. It is obtained in a simpler and
easier way— b y the exch an ge o f F ederal R eserv e n otes fo r

g o ld .
O ur w h ole cred it stru ctu re is b u ilt on g o ld , an d w e w a n t, as
far as w e ca n , to use g old in th is co u n try to the b est a d va n 
ta ge. W h e n it is arou nd in the p ock ets o f the p e o p le , in
stores, in safes, in h otel tills, an d variou s oth er pla ces it is
n o t b ein g used to the b est a d va n ta g e. I t is sim p ly u sed as
cu rren cy .
When it can be gathered together in the control of

the Reserve banks it can be used as a basis for credit and will give
an expansion power of approximately one and one-half times
additional. T h is a d d ition a l on o an d on e-h a lf tim es is in

creased in even greater p rop ortion s w hen availed o f b y m em 
b er ba n k s.
U n d er the a m end m en t the b a nks w ill im m ed ia tely exch an ge
F ederal R eserv e n otes fo r g o ld , as th ey h a v e b een d oin g in
d irectly , b u t this w ill allow th em to d o it b y d irect process.
T h e y m a y a ccu m u la te three-qu arters o f a b illion or a billion
dollars in g o ld . T h is v a st a ccu m u la tion w ill b e held read y
fo r a n y n eed , fo r a n y em erg en cy.
A t this tim e it is im p orta n t to rem em b er on e oth er th in g,
th a t tho F ederal R eserv e banks h a v o the privilege o f loa ning
m o n e y an d exten din g credits on U n ited States b o n d s . W e
aro floa tin g to -d a y , or w ill w ith in a few d a y s , $ 2 ,0 0 0 ,0 0 0 ,0 0 0
o f L ib e rty L oa n b o n d s . T h e F edoral R eserv e b a n k s as w ell
as the m em b er banks are g oin g to use their cred it to help
flo a t these b o n d s . T h a t m eans th at the m em ber b a n k s are
g oin g to in vest a large a m ou n t o f fu nds in the b o n d s to ca rry
them fo r the peop le w h o w ill fin ally ow n th em . T h e F ederal
R eserv e banks are g oin g to d o the sam e th in g. T h a t m eans
th at a la ten t, if n o t a ctiv e , sou rce o f cred it is g oin g to b e
w ith draw n from business. Y o u ca n n ot h a v e tho ba n k s o f
the c o u n try ca rryin g L ib erty L oa n b o n d s an d th e F ederal
R eserv e ba nks d oin g th e sam e th in g w ith o u t at least run ning
th o danger th a t y o u are n o t g oin g to b e ab le to g iv e the cre d it
facilities to business w h ich it dem an ds. If y o u a d o p t Sec
tion 7, y o u are g oin g to m ake $5 00 ,0 0 0 ,0 0 0 o f g o ld im m ed i
a tely available fo r reserves, w h ich w ill m ore th an o ffse t a n y
cred it w h ich m igh t b e used to tako care o f tho tw o b illion
b o n d issue. T h a t is on e reason w h y it is so essential to a d o p t
the am end m en t im m ed ia tely . T h o reserves o f th e F ederal
R eserve banks h ave d rop p ed in a few d a y s . In M a rch the
g old reserve o f F ederal R eserve banks against deposits an d
F ederal R eserve n otes w as 7 4 .6 % ; on June 1, 6 1 .3 % ; on
Juno 8 , 5 9 .2 % . T h o reason fo r the presen t d rop is th at
G overn m en t deposits h a v e increased becau se o f the L ib e rty
L oa n issue. T h is co n d itio n is o n ly tem p ora ry , b u t if th e y
g et their fu nds in vested in L ib e rty L oa n b on d s an d h ave n o t
som o p ow er to expan d w o m a y reach a c o n d itio n w h ich m a y
cause a great co n tra ction o f credits in this co u n try .
If y o u a d o p t this am en d m en t the g o ld w ill b o pla ced all
read y fo r th em , ahead o f tim e, w ith ou t a n y expense to th em ,
all road y thoro fo r th eir use, so th a t w hen th ey need to use it
it is there fo r th em . T h a t is the essence o f the w h ole th in g.
T h o pu rpose, as I h avo sta ted , is to g ive greater strength an d
p ow er to m eet a n y possible needs th at m a y com e.
T h e pu rpose o f en actin g this am en d m en t relates n ot o n ly
to F edoral R eserv e n otes. T h a t is the sm allest pa rt o f it.
I t is in ord er to g et the g o ld , so th a t th e g old can b e u sed n o t
on ly for necessary expan sion o f F ederal R eserv e n otes, b u t
also in ord er th a t it ca n be u sed fo r the exten sion o f cred it
to m em ber ba n k s. Get it there in advance, and as long as

there is commercial paper to substitute you can get the gold and
use it for expansion of Federal Reserve notes, or, more irm
porlanl, book credit.

The issuance of Reserve notes is certainly rendered
easy through the authority thus granted. The main
point of importance, however, is that Reserve notes
may be issued indiscriminately against either com
mercial paper or gold; and the gold when once ob
tained will count also as part of the 40% gold reserve

24 84

THE CHRONICLE

which must be maintained against the issuance of
notes secured by commercial paper. As Mr. Phelan
says, there are already nearly $500,000,000 of Re
serve notes out against a corresponding amount of
gold, the gold being held for the retirement of the
notes. Mr. Paul M. Warburg has several times
expressed the hope that the Federal Reserve banks
might ultimately hold $2,000,000,000 to $3,000,000,
000 of gold, or practically the entire stock of gold in
the country, and have it available for the uses of
the Reserve banks. We may therefore suppose
that the process of impounding the gold will go on
at an accelerating pace until ultimately little gold
is left outside the Reserve banks. In addition,
Reserve notes will also be issued against steadily
augmenting quantities of commercial paper. Thus
far comparatively small amounts of notes have been
issued in that way, but in the last two weeks alone
the twelve Reserve banks increased their holdings
of bills by $200,395,000, or from $166,954,000 to
$367,349,000, making it apparent that there is not
going to be any dearth of paper to use as a basis
for Reserve notes. Amendment after amendment
has been passed to facilitate the movement. Origi
nally the line of paper eligible as security for Reserve
notes was exceedingly limited and restricted, but
last September the law changed all this, going so far
even as to make paper bought in the open market
available for the purpose.
The 40% gold reserve against Reserve note issues
was never intended as collateral. It was meant to
act as a check or balance wheel to guard against the
issuance of notes in undue amounts, it being supposed
that the process of acquiring the necessary gold
would never be an easy one—a supposition which
the war has confuted. It will be recalled that
Elihu Root in his notable speech in the Senate when
the original bill was under discussion warned against
inflation and argued in favor of a large gold reserve
to hold the inflation tendencies in check. But now
the Reserve officials in being authorized to retain the
gold as it passes through the Reserve banks, and put
out Reserve notes against the same, will be acquiring
ample stores of gold beforehand, and will not, there
fore, have to worry how to get the gold to support
any amount of notes that may be put out against
mercantile paper. Indeed, instead of the 40%
reserve existing in addition to the 100% o f 'paper, as
is now the case, the Reserve banks may, as we read
the amended law, treat the gold as collateral itself,
reducing the quantity of mercantile paper required
for the purpose. In these circumstances a 40%
gold reserve cannot be considered as being within
positive limits of safety, and a concession to con
servative sentiment should have been made at least
to the extent of raising the gold reserve requirement,
placing it at not less than 60% in any event.
The critical period will come when we are obliged
to ship gold abroad in large amounts. Mr. Warburg
in his address last fall intimated that when this
happens the Reserve Board plans to replace the gold
shipped by note issues. In the meantime, however,
the Reserve banks will have gathered the bulk of the
gold in the country; accordingly, those wanting gold
for shipment will have to present notes in order to
obtain supplies of the metal. But these notes will
again be paid out, so that the process can be repeated
over and over again, thereby providing the elements
for setting in motion a new endless chain like that
which proved so distressing in a previous period of



[Vol. 104.

the country’s history. The present Board will
doubtless handle such a situation with discretion
and judgment, but future boards may not be so
well qualified for the task or recognize its require
ments, and all legislation has to be considered with
reference to its bearing on the future as well as on
the present.
As against most of the other numerous amend
ments embodied in the new legislation no objections
are to be urged. Indeed, some of them are highly
desirable. One of these amendments undertakes
to offer special inducements for State banks to enter
the Federal Reserve system by allowing them to
retain their charter powers, even where such powers
are vastly more liberal than those held by the na
tional banks. Such efforts are not to be discouraged.
Seeing, however, how greatly the proportion of the
cash reserves to be kept with the Reserve banks
has been raised, leaving vault reserves correspond
ingly slender, it may happen that the State banks
will still be inclined to hold back. Another amend
ment authorizes Federal Reserve banks to receive
from non-member banks or trust companies deposits
for the purpose of exchange or of collection. Surely
nothing can be urged against this. Most of the other
amendments also have points in their favor. An
outline of their nature is furnished in the statement
given out this week by the Federal Reserve Bank of
New York and which we quote on page 2510 of
this issue.
THE

F IN A N C IA L

S IT U A T IO N .

The Inter-State Commerce Commission last week
completed its hearings on the petition of the rail
roads for a straight advance of 15% in freight rates
and is now debating whether the applications shall
be granted either in whole or in part. In the past
the Commission has been very deliberate in reaching
its conclusions. On the present occasion we may
assume that there will be no great delay. The rates
were filed so as to become effective July 1, which now
is only a week off, though of course the effective date
could easily be postponed by the Commission ponding
its deliberations. If the Commission is governed by
the evidence in the case it will grant the increase
demanded without hesitation or delay, but past
experience goes to show that any increase at all will
be granted very grudgingly.
How urgent is the need of higher rates is shown
by the compilation which we presented last week of
the earnings, gross and net, of United States rail
roads for the month of April. That showed a very
handsome increase in the gross revenues, the addition
compared with the corresponding month of the
previous year reaching no less than $37,819,634.
On the other hand, $37,759,479 of this handsome gain
in the gross earnings was absorbed by increased
expenses, leaving an addition to the [net in the
trifling sum of $60,155. In face of the continued
augmentation in expenses shippers have been strenu
ously opposing the request of the carriers for an
advance in rates. The very shippers who have been
most diligent in advancing the prices of their own
products, have been most insistent that the railroads
should not be allowed to raise the price of their
product, transportation.
The increase in wages imposed under the Adamson
law is only one item in the higher cost of operations.
Fuel has enormously advanced in price, and so have
materials and supplies and everything else entering

June

23 1917.]

THE CHRONICLE

into operation accounts. And the augmentation in
expenses has not yet reached its end, prices now
being much higher than those in the contracts under
which the carriers are getting their supplies. One
illustration going to show how prices of materials and
supplies have advanced is furnished by examining the
records of iron and steel prices. Take steel billets,
for instance, which lie at the basis of everything else
in the steel line, finished and unfinished. These
billets are now quoted at $100 a ton. In January
two years ago the quotation was only $19 per ton.
In other words, steel billets now command five times
what they did at the beginning of the war. There
fore, increases in expenses are certain to become more
pronounced, rather than less pronounced, in the
future. Yet it is urged that the carriers should not
be allowed to find compensation in higher rates.
Is there not something incongruous about the
carriers being required to get the consent of the
Commerce Commission before they can raise rates
at all,no matter how urgent the situation may be?
This rule was imposed upon the railroads by Con
gress during the Taft Administration, and all the
troubles in the railroad world since then have pro
ceeded from that cause. Quite naturally, when the
Commission gets notice of a proposed advance by
the railroads, the Commission in turn gives notice
of the intended advance to shippers. These shippers
at once begin to voice protests and to insist that if
the higher schedules go into effect they will be abso
lutely and irretrievably ruined. On the other hand,
if the carriers could advance rates without first
getting the approval of the Commission, as was the
custom up to 1910, and the Commission could only
be appealed to after the new schedules had been
put in force, with power to set the higher rates aside
only on complaint and after it was clearly shown
that the advance was not warranted, the matter
would speedily adjust itself, and fears of loss or of
being ruined would never enter the heads of the
shippers.
Suppose a like rule of previous notice were to
apply to the goods and products of shippers? Sup
pose these shippers, no matter how costs had ad
vanced, were not permitted to advance prices for
their goods until they had satisfied some Govern
ment commission that the higher prices were jus
tified and not until the ultimate consumer had been
consulted about the matter? What then would be
the position of the producer and the manufacturer?
Would these ever be permitted to raise the prices of
their goods? Would not the consumer insist that
it was absolutely out of the question for him to pay
the higher price proposed? Why should the car
riers be denied the privilege which shippers on their
part claim as a matter of right?
Why should
those to be charged the higher rates be asked whether
they like the advance? Is it not inevitable that
they will say they don’t like it? Is it not time then
that the railroads should receive fair play, and con
ditions existing prior to 1910 be restored, so that
the carriers like the producer and the manufac
turer could protect themselves and find compensa
tion for higher cost in increased rates, their action
to be subject to review by the Commission after
the event and only upon complaint?

2485

condition, is so fully set forth on subsequent pages
that but brief reference to the subject is called for
here. The outstanding feature of the report is that,
instead of the large increase in area that was indicated
as probable at the time preparation of the land was
going on, there has been only a nominal addition, the
country-wide campaign in favor of a much greater
sowing of grain and other foodstuffs having been
signally effective in spite of the abnormally high
prices ruling for cotton. The failure of considerable
seed to germinate because of adverse meteorological
conditions operated in the same direction, the more
so as it was difficult to obtain new supplies of seed.
The spring’s planting, as we interpret the informa
tion at hand, is by a small margin the heaviest on
record. It is, of course, essential that a much heavier
yield than last year be secured if consumptive require
ments are to be met, as reserve supplies of the staple
have been greatly reduced. The crop of 1916-17,
the remnant of which is now being marketed, due
to unfavorable weather conditions and restricted use
of fertilizers in localities where they are requisite for
best results, has turned out to be but little in excess
of the short yield of 1915-16, and very much below
actual consumptive requirements. The result is
that the large surplus piled up from the record yield
of 1914-15 (which had already been drawn upon to
meet the deficiency in production in 1915-16) has
been very appreciably reduced the current year.
As regards our results on pages 2495 to 2500, they
are not claimed to be absolutely accurate, but we do
feel that in stating the addition to area at 0.24%, the
situation is correctly approximated. The condition
of the crop is apparently below that of either 1916 or
1915 at date, but, as we have heretofore remarked,
that is not an insurmountable drawback. With
normal seasons hereafter a good yield is possible with
the aid given to productiveness by the freer use of
commercial fertilizers. At any rate June 23 is much
too early to formulate ideas as to the size of the crop.
The condition of cotton at this time in 1914 was
below average, but from that year’s planting the
greatest yield on record was obtained.

Building operations in the United States during
May 1917, owing to the continued high cost of
practically all kinds of material entering into con
struction work, the difficulty of obtaining supplies
because of freight congestion and the shortage of
cars, the scarcity of labor in virtually all depart
ments of the trade and the high level of wages ruling,
were less active than for the corresponding month of
several years past. To be more specific, the projects
for which permits were issued during the month
covered contemplated expenditures, not only very
much smaller than in May of 1916, when the total
was greater than ever before reported for a single
month, but below all years prior thereto back to, but
not including, 1908. It is quite natural, too, with
the country at the moment so largely engaged in war
preparations that industries or enterprises entirely
unrelated to that event should temporarily at least
become somewhat inactive.
But most recent occurrences have served in con
siderable measure, if not wholly, to dispel any fears
or anxiety that we are about entering upon a period
of dulness or stagnation in construction work.
The cotton crop situation this spring, as disclosed According to a report of the Dow Service, building
by the usual investigations by us in connection material associations throughout the country have
with the issuing of our annual report on acreage and foliowed^the^lead ofjNew York interests in an effort



3486

THE CHRONICLE

[Vol. 104.

to revitalize “ all masonry” construction during the with the total for the five months $10,946,835, against
stringency in the steel and metal department, the $9",218,175 and some 30 millions. For 13 cities in
first move being with the purpose of insuring stable the Western Provinces the outlay arranged for in
prices for leading commodities. To this end informal the month this year was $791,290, against $634,795
efforts have been made to make readjustments in and 6 millions, and for the period since Jan. 1 the
certain lines and departments of manufacture and contrast is between $1,815,145 and $2,047,614 and
handling so as to encourage builders to proceed with 18 millions. For the whole of the Dominion (42
the carrying out of plans. It is further intimated cities), consequently, we have an aggregate for May
that a canvas shows that locally there is enough of $3,622,880, against $4,901,413 in 1916 and 16
building material on hand to meet all requirements millions in 1914, and for the five months of $12,761,
except those for steel, and even in that line accommo 980 and $11,265,789 and 48 millions, respectively.
dation orders for certain supplies at moderate
The official weekly list of losses to British shipping
premiums are obtainable.
Our compilation of building construction returns as a result of enemy submarines and mines made a
for May 1917 embraces 170 cities with the total of poor showing when issued by the British authorities
intended outlay reaching $78,989,978, this comparing on Wednesday. A total of twenty-seven vessels of
with $119,281,800 a year ago and 94 million dollars over 1,600 tons was destroyed, and five under that
in 1915. Greater New York’s exhibit is a relatively size. These figures cover the seven days ending
very poor one, the month’s total at only $7,773,116 June 17. They represent an increase of five of the
for the five boroughs being 19% millions less than large class of vessels, comparing with the preceding
in 1916, and less than one-third of that for the period week, but a decrease of five in the smaller class.
in 1915. Moreover, all of the various boroughs The most favorable week was that of June 3, when
share in the decrease from last year, with Manhattan only fifteen large and three smaller vessels met
showing the greatest proportionate loss. For the disaster. However, the total has not got back to
cities outside of New York the May aggregate is the April figures. In the third week of that month
nearly 19% million dollars below that for last year forty large vessels and fifteen smaller ones were sent
($71,216,862, contrasting with $90,656,813) and it to the bottom and in the fourth week the totals
runs only a little ahead of 1915. Most of the cities were thirty-eight and thirteen, respectively, lhese
are among those reporting more or less notable losses, reports, it sould be emphasized, apply exclusively
with Chicago, Philadelphia, Detroit, Baltimore, Los to British merchant shipping. In addition the Brit
Angeles, Buffalo, Duluth, Denver, Hartford, Wor ish transport Cameronia is reported this week to have
cester, Springfield, Mass., and New Bedford con been sunk, though this disaster in fact occurred as
spicuous. Important gains, however, are recorded fat back as June 2 in the Eastern Mediterranean.
at Newark, Richmond, St. Louis, San Francisco, American naval gunners met their first defeat in
open fight with the German submarine on June 12.
Pittsburgh, Washington, Boston, Akron and Erie.
The exhibit for the five months is also less satis Washington announces the destruction of the Ameri
factory than a year ago in all sections except along can tank steamship Moremi on that date, her crew
the Pacific Coast. At 25 New England cities there and armed guard abandoning her ablaze on that
is a loss of about 4% millions from last year, a date. Five French merchantmen of less than 1,600
moderate gain at Boston and Hartford being in tons each were sunk during the week ending June 17.
sufficient to offset the falling off elsewhere. A No vessels of greater tonnage were sunk. Five
decrease of 5% millions at 42 Middle States places merchantmen were unsuccessfully attacked by sub
(not including Greater New York) is mainly found marines. Two Italian steamers and five sailing
at Philadelphia, Pittsburgh, Baltimore, Buffalo and ships were torpedoed by submarines during the week.
Rochester, although shared in at most other points. Two other steamers were attacked but escaped.
A decline of 5 millions is shown in the Middle West During the same period 606 ships with a total gross
division (28 cities) with Chicago the conspicuous tonnage of 443,170 entered Italian ports and 531 ships
loser. The result at the South (34 cities) is a gain with a tonnage of 481,755 sailed.
of about three-quarters of a million, the very satis
Military operations have resulted in no very defi
factory price for cotton having evidently acted as a
nite results in any of the war zones this week. On
stimulating factor there. On the Pacific Slope 15
cities report an augmentation of a little over 5 Monday last an important German offensive started
millions in contemplated expenditures, observable against the French line east of Vauxiallon, in which
most largely at Los Angeles. The remainder of the trenches were stormed and captured. But the
West, however (25 points), shows a falling off of French troops in a counter offensive regained vir
7% million dollars, almost 5% millions of which is at tually the entire line on Tuesday night. The Ger
Duluth, where a large steel project inordinately man Crown Prince had launched his attack with
swelled last year’s total. The combined returns for huge effectives, composed of picked troops, and had
the 169 cities outside of New York give an aggregate covered it by a heavy artillery fire and by bomb
of $314,393,116, against $332,488,612 in 1916. dropping air craft. But only a salient 400 meters
Greater New York’s totals are $52,987,241 and $86, northwest of the Moisy farm now remains in his
537,712, respectively, and those for the whole hands. In the Champaign district the Crown
Prince’s forces have been repulsed between Mont
country $367,380,357 and $419,026,324.
Canadian building operations in May were also Carnillet and Mont Blond. In an attempt to re
of restricted volume, the decline from a year ago capture positions previously taken from them the
being especially noticeable at larger cities, such as Germans were first repulsed by the French, who then
Montreal, Toronto and Quebec. From the Eastern assumed the offensive and advanced their lines on a
Provinces 29 cities report an aggregate of estimated front of more than 600 yards and to a depth in excess
expenditures in May of only $2,835,590, against of 300 yards. Latest advices state that comparative
$4,266,618 a year ago and over 9 millions in 1914, calm prevails on the front in France held by the




J une 23 1917.]

THE CHRONICLE

troops under Field Marshal Haig. The Berlin War
Office, reporting on the Russian operations, states
that the artillery of the Russians and Austro-Germans has increased in activity in Volhynia and Ga
licia. At several points the Russians have attempted
to raid the Teutonic fronts but are declared by Berlin
to have been everywhere repulsed. A severe battle
is understood to be in progress on the Trcntino front
in the Austro-Italian zone on a line extending from
the Sugana Valley to the Asiago plateau. It is in
this region that the Italians are endeavoring to break
through the Austrian line to one of their main ob
jectives, namely Trent. There is very little being
reported concerning the operations in Macedonia
except that artillery duels are in progress in various
sectors and that there have been local engagements
in the Struma Valley. The massing of Entente
troops in Thessaly, south of the centre of the line
now held by Gen. Sarrail’s forces, taken in con
nection with the withdrawal of British forces on the
extreme eastern wing along the lower reaches of the
Struma river, suggests that big events are inprospect
in the Macedonian theatre which may probably be
an attempt to retake Serbia or at least that portion
of it as far as Nish through which runs the famous
Berlin Constantinople Railway. In Greece steps
are being taken to rid the country of German propa
gandists. Thirty-one of them including former
premiers and other ministers and officers of the
Greek General Staff and the reservists have been
ordered expelled from the country while others
will be placed under surveillance.
While still not as satisfactory as could be wished
the situation in Russia seems to be gradually bright
ening. Advices from Petrograd state that a con
gress of Soldiers’ and Workmen’s delegates of all
Russia has voted confidence in the Provisional
Government and has gone on record as demanding
a reorganization of the army, and an immediate
resumption of hostilities against the Teutonic Allies.
Gen. Brusiloff, commander in chief of the Russian
armies, replying to congratulations on his appoint
ment, forwarded by Gen. Sir William It. Robert
son, chief of the Imperial Staff at British army
headquarters in London, sent the following mes
sage: “ In honor bound free Russia’s armies will
not fail to do their duty.” An Associated Press
dispatch from the Russian capital states that com
plete frankness in the pourparlers with the American
Commission, headed by Elihu Root, is the intention
of the Russian Provisional Government. A statement
to that effect was made by Foreign Secretary Tereschtenko to the newspapers. “ We are fully alive
to the necessity of concealing nothing,” said the
Minister, “ and therefore are affording our American
friends the fullest opportunity for acquainting
themselves with the state of affairs in Russia. After
their visit to the front and in other directions we
shall proceed to discuss a basis for collaboration.”
Special Ambassador, Boris A. Bakhmetieff, head
of the Russian Ministry here, in a statement fur
nished for publication on Thursday, spoke of Russia’s
consecration to war to the end with German au
tocracy. “ Only to victory can a stable world peace
and the fruits of Russian revolution be secured.
The Russian people thoroughly understand,” said
M r. Bakhmetieff, “ that it is absolutely neces
sary to root out the autocratic principles which
underly and are represented by German militarism




2487

that threatens the peace, the freedom and the happi
ness of the world.” All classes in Russia, the Am
bassador added, are concentrated on the enormous
task of reconstruction made necessary by the sweep
ing away of the evils of the old regime. Already
noticeable results are apparent, especially in the
army under the energetic leadership of Minister
Kerensky. “ In behalf of the Russian Provisional
Government and in behalf of all the people of new
Russia,” continued the Ambassador. “ I have been
sent here first of all to express their gratitude to
the Government of the United States for the
prompt recognition of the new political order in
Russia.” Another object of the Ambassador’s
visit is to establish the most effective means by which
the American and Russian democracies can work
hand in hand in the common task of successfully
carrying on the war. The provisional Government
is actually mobilizing all its resources and is making
great efforts to organize the country and the army
for the purpose of conducting the war.
The rail
way men on the first section of the Nicholas railway
which connects Petrograd and Moscow have gone
out out on strike. The remainder of the railway
men are said to be opposed to like action. The
Provisional Government have issued an appeal to
the people to remain calm in view of a possible ex
tension of the strike.
Affairs in Austria have been subjected to serious
strain because of the failure of the Poles to vote the
necessary war loan to continue the struggle. There
have been rumors that Austria is endeavoring to
secure peace and is inclined to act separately in
this matter if results do not appear in the near fu
ture. Conferences of party leaders are being held
frequently. Count Clam-Martinic, the Premier, is
reported to have been unsuccessfully trying to form a
Polish-German majority by appointing Polish,
Greek, South Slav and Ruthenian members as ex
tra ministers in the Government in order to assure
a lasting character for the Cabinet, the program of
which would be to pass the provisional budget and
other national measures. A plan for a coalition
ministry also is being discussed. In such a Cabinet
the ministries of defense and food supply would be
regarded as non-political and eight portfolios would
be divided among four Germans, two Poles and two
Czechs. The Cabinet would be enlarged by the
appointment of two Germans and one representa
tive each from German Bohemia and Ruthenia and
_ne Pole, one Czech and one Southern Slav. Both
p ans had failed and the Premier has asked to have
the task of forming a new M inistry placed on other
shoulders.
An interesting development of the British money
situation has been the announcement of a new policy
controlling the issue of Treasury bills. The practice
of offering these bills by tender on Fridays has been
discontinued. Three and six months Treasury bills
now are on sale daily at the Bank of England at fixed
rates, which will be altered from time to time to con
form to money conditions. The current rate is 43^%
for both three and six months maturities, while oneyear bills have been withdrawn from issue. Under
the new conditions a five-year Exchequer bond
carrying no option of repayment at the end of two
years is more attractive than Treasury bills, except
for those who need very short dated investments.

3488

The change is taken as suggesting the early announce
ment of a new long term war loan. The Bank of
England’s previous rate on special deposit of other
banks has been reduced to 4% from 4J/£%, which
indicates an easier trend in the general money con
dition, notwithstanding evidence of an increasing
demand. A call for £1,750,000 of the £3,500,000
53/£% five-ten-year loan of the Australian Common
wealth issued last April, was paid on Monday. An
extremely hot wave (for England) is said to have
restricted trading in securities on the London Stock
Exchange on that day. The revenue of the United
Kingdom for last week was £8,316,000, and the
expenditures £32,468,000. The amount of Treasury
bills outstanding was increased £16,110,000, now
standing at £614,380,000. The proceeds from war
loans were £3,060,000. Temporary advances repaid
to the Bank of England totaled £24,506,000. The
4 J^ % war loan has ruled firm, rumors of preparations
for another flotation of bonds by the Government
having revived reports that arrangements would be
provided for exchanging the 4}/2 per cents into the
new loan on a satisfactory basis. The unfavorable
report of the week’s marine disasters, published by
the British Admiralty, was counteracted by accounts
from the military operations which were interpreted
favorably. Petroleum stocks were heavy, largely
because of disappointment over the dividend on the
Royal Dutch shares. The Shell Transport Co. has
announced its intention to issue 1,000,000 shares
at £ 1, as against the ruling quotations of 5
Payment for the new shares is to be completed by
the company retaining the announced dividend of
5s. per share, the allotment of these shares to be on
the basis of 1 new to 4 shares held. The Royal
Dutch Company’s dividend was, as noted already,
under expectations, the final payment of 23 florins
making only 38 for the year and this on an enlarged
capital.
Arrangements have been completed for £5,000,000
credit in London for Italy. This credit will take the
form of commercial bills which leading London
bankers will accept, such bills to be secured by
Italian Treasury bills deposited with the Bank of
England. A parcel of Russian credit bills was de
livered in London on Wednesday at 4 l % - It is
A
reported that the Russian Provisional Government
has taken measures to control foreign exchange
transactions in order to prevent a further deprecia
tion of the ruble. Shipping shares have been in
fluenced adversely by a warning issued by the
M inistry of Shipping addressed to possible charterers
that after the war they “ can have no assurance that
national requirements will permit such arrange
ments.” This warning is interpreted in London
as indicating that the Government anticipates being
obliged to continue the control of shipping, even after
peace has been declared. The British Parliament
last week sanctioned the British Trade Corporation’s
charter. It is expected that a prospectus will be
issued shortly inviting sucscription to the corpor
ation’s capital issue of £250,000. The promoters
have already arranged for £1,000,000. The London
City & Midland Bank is absorbing a Belfast Banking
company with branches in Belfast and Dublin.
Very little news of a financial or a general business
nature has been received by cable from Paris this
week. Russian and Greek securities have reflected
the improved military and political situation in
Russia and the abdication of King Constantine.




[Vol. 104.

THE CHRONICLE

French rails and shipping shares also have ruled
firm. A project to raise 1,200,000,000 francs by
new taxes has been brought before the Chamber of
Deputies.
Official rates at leading European centres continue
to be quoted at 5% in London, Paris, Berlin, Vienna
and Copenhagen;
in Italy, Portugal and Nor
way; 6% in Petrograd and ±l % in Switzerland, Hol
A
land and Spain. In London the private bank rate
is 4 ^ % for both long and short bills, against
4 11- 16 % for sixty days and 4% % for ninety days
a week ago. No reports have been received by
cable of open market rates at other European centres,
as far as we have been able to discover. Money
on call in London has not been changed from 4@
43^% .

________

Another increase was reported by the Bank of
England in its gold holdings for the week, of £ 1,2 7 7 ,
466. Note circulation was expanded £61,000; hence
the total reserve showed a gain of £1,216,000, and
the proportion of reserve to liabilities advanced to
2 1.3 7 % , compared with 19.94% a week ago and
31.4 8 % last year. This establishes a new high point
for 19 17 , the previous highest percentage having been
20.90% in the week ending April 26. The lowest
percentage for the year was 13 .3 4 % on Feb. 8.
Public deposits increased £359,000, while other de
posits registered a decrease of £6,398,000. Govern
ment securities, however, were increased £22,000.
Loans (other securities) recorded a substantial de
crease, viz., £7,237,000. The bank’s gold holdings
now stand at £56,634,774, as against £61,707,696 in
1916 and £54 ,157,167 two years ago. Reserves ag
gregate £36,245,000, which compares with £44,942,
601 the preceding year and £39,477,512 in 19 15 .
Loans total £109,000,194. A year ago the amount
held was £73,382,518 and in 19 15 £136,393,323. The
English Bank reports as of Juno 16 the amount of
currency notes outstanding as £143,933,073, com
paring with £143,708,315 the previous week. The
amount of gold held for the redemption of such notes
is still £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 com
parisons:
BANK

OK

E N G L A N D ’S C O M P A H A T IV E S T A T E M E N T .
1917.
1916.
1915.
1914.
1913.
June 2 0 .
June 2 1 .
June 2 3 .
June 2 4 .
June 2 5 .
£
£
£
£
£
C i r c u l a t io n ............... 3 3 ,8 3 9 ,0 0 0
3 5 ,2 1 5 ,0 9 5 3 3 ,1 2 9 ,0 5 5
2 8 ,7 0 3 ,1 2 5 2 8 ,6 5 3 ,0 8 0
PuOllo d ep osits____ 50,1-13,000
5 1 ,2 0 0 ,1 2 2 9 9 ,5 7 8 ,2 0 1
1 8 ,0 7 4 ,2 1 4 18,0 3 2 ,2 7 0
O th er d e p o sits_____ 1 1 9 ,456 ,00 0
91,5-19,115 1 0 9 ,562 ,87 4 4 4 ,9 1 5 ,9 1 1 4 1 ,3 0 4 ,4 1 7
G o v ’ t s e c u r i t i e s .. .. 4 5 ,2 3 0 ,0 0 0
4 2 ,1 8 7 ,4 5 4 5 1 ,0 4 3 ,4 9 1
11,0 4 0 ,5 7 0
1 2,758,173
O th er s e c u r i t i e s .. . .1 0 5 ,8 8 7 ,0 0 0
7 3 .3 8 2 ,5 1 8 130 ,393 ,32 3 3 9 ,9 9 4 ,0 1 9 3 0 ,1 9 1 ,1 0 8
R eserv e n otes & co iu 3 6 ,2 4 5 ,0 0 0 4 4 ,9 4 2 ,0 0 1 3 9 ,4 7 7 ,5 1 2 2 9 ,0 7 5 ,1 3 8 2 8 ,2 1 3 ,0 2 2
C o in an d b u l l i o n . . . 5 0 ,6 3 4 ,7 7 4 0 1 ,7 0 7 ,0 9 0 5 4 ,1 5 7 ,1 0 7 3 9 ,9 2 8 ,2 0 3 3 8 ,4 1 0 ,7 0 2
P ro p o rtio n o f reserve
t o liab ilities...........
B a n k ra te ___________

2 1 .3 7 %
5%

3 1 .5 0 %
5%

1 8 .8 7 %
0%

4 7 .1 2 %
3%

4 7 .4 9 %
4>5%

The Bank of France has again added to its stock of
gold, the increase for the week being 3 ,110 ,5 5 0 francs,
bringing the total gold holdings (including 2,034,774,
675 francs held abroad) to 5,285,009,825 francs,
comparing with 4,756,918,795 francs (of which 170 ,
107,636 francs were held abroad) in the correspond
ing week a year ago and 3,927,171,683 (all in vault)
in 19 15 . The silver item this week increased 569,000
irancs; notes in circulation decreased 15,861,000
francs; Treasury deposits increased 76,877,000 francs,
and general deposits decreased 1,533,000 francs.

THE CHRONICLE

J une 23 1917.]

There was a reduction in discounts of 13,285,000
francs, while advances showed an expansion of 8,640,
000 francs. Comparisons of the various items with
the statement of last week and the corresponding
dates of 19 16 and 19 15 are as follows:
BANK

O F F R A N C E ’S C O M P A R A T IV E S T A T E M E N T .
Changes ----------------------------- Status as of----------------------------for Week. June 2 1 1 9 1 7 . June 22 1910. June 24 1915.

Gold Holdings—
I n B a n k ...................... I n c .
A b r o a d . . ..................

Francs.

3 ,1 1 0 ,5 5 0
N o ch a n g o

Francs.

3 ,2 5 0 .2 3 5 ,1 5 0
2 ,0 3 4 ,7 7 4 ,6 7 5

Francs.

Francs.

4 ,5 8 6 ,8 1 1 ,1 5 9
1 7 0 ,107 ,63 6

3 ,9 2 7 ,1 7 1 ,6 8 3
-------------------

T o t a l ...................... I n c .
3 ,1 1 0 ,5 5 0 5 ,2 8 5 ,0 0 9 ,8 2 5
4 ,7 5 6 ,9 1 8 ,7 9 5 3 ,9 2 7 ,1 7 1 ,6 8 3
S ilv e r____________
In c .
5 69 ,000
2 5 8 ,6 7 6 ,0 0 0
3 4 5 ,6 0 3 ,3 7 2
3 7 2 ,7 8 0 ,2 1 3
D is c o u n t s _________ D e c . 13,285.000
4 8 9 ,812 ,00 0
3 8 9 ,7 0 6 ,1 2 2
2 5 8 ,6 7 9 ,8 3 9
A d v a n ce s
In c.
8 ,6 4 0 ,0 0 0 1,1 6 3 ,2 5 4 ,0 0 0
1 ,2 2 7 ,8 7 6 ,1 1 9
6 2 4 ,6 8 1 ,8 3 8
N o t e c i r c u l a t i o n .. .D e c . 15,861,000 19 ,7 7 7 ,9 2 6 ,0 0 0 1 5 ,7 3 4 ,9 0 7 ,0 8 5 1 2 ,1 0 4 ,6 6 6 ,0 7 5
T rea su ry d e p o s i t s ..I n c . 76 ,8 7 7 ,0 0 0
111 ,326 ,00 0
3 2 ,0 3 0 ,2 8 8
5 4 ,3 2 6 ,7 2 2
G eneral d ep osits
D ec.
1,533,000 2 ,6 9 2 ,4 3 8 .0 0 0
2 ,0 5 4 ,4 9 2 ,1 0 1 2 ,2 7 4 ,9 3 0 ,3 9 9

The Imperial Bank of Germany in its weekly state
ment, issued as of June 16, shows the following
changes: Total coin and bullion expanded 8,696,000
marks; gold increased 33,000 marks; Treasury notes
increased 44,333,000 marks; bills discounted regis
tered the substantial gain of 224,038,000 marks;
advances increased 420,000 marks; investments were
increased 940,000 marks; other securities 47,412,000
marks; notes in circulation declined 31,100,000
marks. Deposits showed the large gain of
306,692,000 marks, while other liabilities were
expanded 50,549,000 marks. The German Bank’s
holdings of gold aggregate 2,533,353,000 marks.
Last year the total was 2,464,940,000 marks and in
19 15 2,382,220,000 marks. Loans and discounts
total 9,001,456,000 marks, against 5,796,340,000
marks in 19 16 and 4,310,280,000 marks the year
previous. Circulation is now 8,224,030,000 marks.
This compares with 6,636,520,000 marks and 5,244,
020,000 marks one and two years ago, respectively.
In local money circles additional strength has de
veloped, which is not at all surprising in view of the
demands that have recently been made for funds.
Some banks are complaining that there has not been
the prompt return of bond money that they antici
pated. In view of the large oversubscription of the
Liberty Loan, this delay on the part of the Federal
Reserve banks in releasing bond funds is not alto
gether surprising. It is of course impossible to judge
definitely the extent to which payments in full have
been or are to be made on the account of the war
bonds. It is to be presumed that a not incon
siderable part of the smaller subscriptions will rep
resent the transfer of funds from savings banks and
similar institutions or will represent possibly the sale
of securities and other kinds of property. These
transactions are likely to mean a mere transfer of
funds from one kind of investment to another and
will mean in turn immediate and full payment of
Liberty bond subscriptions. In addition there will
be a very considerable volume of the smaller sub
scriptions which will be financed through banks and
which will probably require a full year for payment.
The practical effect will be of course that the banks
will themselves purchase the bonds outright not later
than the date that the last installment is due, namely
A ug.31, and then will carry the loans in the usualjform
identified with collateral transactions of this charac
ter. B ut there is another class of subscribers which
may be depended upon to make prompt transfers.
These are the wealthier investors who have liquidated
securities whose incomes will be subject to super
taxation and are now prepared to invest the pro
ceeds of their sales in the tax-exempt Liberty bonds.
The number of this class of subscribers as shown by
the formal report on the loan subscriptions issued




24 89

by Secretary McAdoo last evening, has been ex
agerated in the public mind. Only 2 1 persons sub
scribed $5,000,000 or more, and the total of all such
large subscriptions was only $188,000,000, necessarily
meaning immediate payment for the Liberty bonds
that they have purchased. Of course there will be a
very large number of subscribers who will take ad
vantage of all the dates of installment payments and
will be compelled after that date to make financial
arrangements with banks to complete their payments.
Final returns show an oversubscription to the $2,
000,000,000 bonds of $1,035,226,850. New Y ork’s
share was $1,186,788,400, a total that our local
banking interests who devoted themselves so patriot
ically to the task of making the issue such a huge
success, may take great pride in. A remarkable
feature of the return is that 99% of the 4,000,000
subscribers applied for less than $10,000. These
will receive full allotment, while subscribers applying
for between $10,000 and $100,000 will obtain only
60% of their applications and those who applied for
between $100,000 and $250,000 will receive only 45% .
Looking at the situation in a broad light, however,
the view seems insistent that the heaviest strain in
connection with the new bonds is already being ex
perienced, the more so because of the competition
for funds caused by the preparations for the half
yearly dividend and interest disbursements in Ju ly,
which, next to those of January, are always the
heaviest of the year. That the British Treasury has
been expecting and preparing for the current strain
in money is indicated by the sudden rush of gold
imports from Ottawa, this week’s total having
reached the remarkable total of $83,931,000,
with additional amounts understood to be in
prospect during the next week.
The attitude
of the British officials is very clear in this respect.
It is necessary that money shall not get beyond con
trol on this side of the Atlantic. Should rates be
forced up to a level that would tend to draw funds or
credits from London it would make the sterling ex
change position a particularly difficult one to main
tain. The mercantile demand for funds continues
remarkably light considering the activity in trade and
industrial circles that is manifest in all sections of the
country. There seems, however, a suggestion of
reaction in some directions in business circles in view
of the uncertainty over the war revenue conditions.
Last Saturday’s bank statement of New York
Clearing House members, which will be found in more
complete form on a later page of this issue, was
rather above expectations, in view of the terrific
strain the banks have been undergoing lately in con
nection with the Government’s closing campaign for
subscriptions to the Liberty Loan. Only moderate
losses in aggregate and surplus reserves were shown.
The loan item was expanded $24,721,000. Reserves
in “ own vaults” decreased $11,256,000 to $347,697,
000, of which $301,028,000 is shown to be specie.
Last year the total of reserves in own vaults was
$434,267,000, including $361,672,000 in specie. The
reserve in Federal Reserve vaults was reduced $4,
575,000 to $264,914,000, as against $160,154,000 in
19 16 . Reserves in other depositories declined $2,
365,000 and now equal $56,623,000, which compares
with $61,498,000 a year ago. Net demand deposits
were reduced $22,456,000, while net time deposits
decreased $6,822,000. Circulation increased $16 6 ,
000. Aggregate reserves were decreased $18,196,000
to $669,234,000. At this date in 19 16 the total was

THE CHRONICLE

24 90

$655,919,000. The reserve required showed a re
duction of $3,527,550, in consequence of which sur
plus reserves declined $14,668,450, thus bringing the
total of excess reserves down to $54,050,750, and
comparing w
rith $93,681,740, the amount held at the
corresponding period last year.
Referring to money rates in detail, call loans this
week again ranged at 4@ 6% , with much of the busi
ness done at the higher figure. Monday 6% was the
maximum and 4 % % the low and ruling quotation.
On Tuesday the range was 4@ 6% , while renewals ad
vanced to 5 % % . Wednesday there was no range,
6% being quoted all day. On Thursday the mini
mum went back to 4 % , although 6% was still the
high and also the basis for renewals. Friday’s range
was 5% @ 6 % , and 6% the ruling rate.
For fixed maturities, the trend has been towards a
higher level, as is not surprising in view of the enor
mous demands soon to be made on the market in
connection with the financing of the next install
ment of the Liberty Loan and the prospective monthend dividend and interest disbursements.
Trad
ing was largely a nominal affair, with most important
lenders out of the market. A range of 5 @ 5 % % was
quoted for all periods from sixty days to six months,
against 5% (also for all maturities) a week ago.
Last year sixty day money was quoted at 3 % @ 3 % %
and three, four, five and six months at 3 % @ 4 % . I 11
mercantile paper also a firmer tone was evident, and
sixty and ninety days’ endorsed bills receivable and
six months’ names of choice character moved up to
5 @ 5 % % , against 4 % @ 5 % , while names not so well
known now require 5 % @ 5 % % , against 5 @ 5 % %
the preceding week. Dealings were extremely light
and the supply of notes restricted.
Banks’ ancl bankers’ acceptances developed no new
feature. Transactions assumed only moderate pro
portions with quotations firm and practically un
changed. Detailed rates follow:
■
--------------- Spot

Dellvenj---------------Delivery
Sixty
Thirty
within
Days.
Days.
30 Days.

Ninety
Days.
E ligib le bills o f m em b er b a n k s ...................3 ) i @ 3 A
E lig ib le b ills o f n on -m em b er b a n k s ......... 4
@ 3A

3)4 @ 3
3 )4 @ 3
3 )4 @ 3 ) 4 3% @ 3 A
4 )4 @ 3 'A 554 @ 4

In elig ib le b id s ____________________________ 434 @ 4

4
4 )4
5 )4

bid
bid
bi

The New York Federal Reserve Bank has raised
the rate on one-day discounts from 2 to 3% , the lat
ter being the 15-day rate on promissory notes.
When the one-day advances were established in
connection with the present loan operations of the
Government, the rate was fixed at not less than 2%
nor more than 4% , at the discretion of the officers
of the bank. Such advances are secured by eligible
paper or United States Government obligations.
All of the Federal Reserve banks are now rediscount
ing member bank customers’ 90-day paper secured
by Liberty Loan bonds at 3 % % . Prevailing rates
for various classes of paper at the different Reserve
banks are shown in the following:
RATES OF FE D E R A L RESERVE

CLASSES
OP
DISCOUNTS AND LOANS |

3
ft

*
©

I

i
1

£
a

|Chicago

D IS C O U N T

BAN KS.

3
9
3

3
5
ft
3
1
5
«

53

s

§

I

3
s

ft
*
*

,

S

§
*

3)4

•3

3 >2 3

4
4
4

3
4
4
4

3
4
4
4

3 )4 3A 3 A 3A 3)4 4
4
4
4
4
4
4
4
4
4
4
4
4
4 )4
4 A 4 )4 4
4 )4 4

4
3 A 3A
4
4% 4
4
4)4 4
4)4 4)4 4)4

5

0

4 )4

a

6

<

ft.

1

a:

Llerr.O Hanks. Coll. Loans:
tr
1 to 15 d a y s ' m a tu rity ------

Discounts:

1
15
3l
61

to
to
to
to

15 (la y s' m a tu r l»y -----31)
"
"
-------fiO
"
“
-----00
"
"
------

Agricultural and

Live-Stock Paper—
91 da y s to 6 m ou th s m aturity
Trade Acceptances—
1 to 30 (la y s' m a tu rity ..........
31 to 60
“
“
..........
61 to 90
"
"
..........
Commodity Caper—
1 to 00 d a y s ' m a tu rity --------

3)4

3A 3

4 V, 5

6

3A 3

6

5

3
3

3)4 3 A 3 A 3 )4 3)4 4
3 A 3 A 3H 3
3)4 3 A 3)4 3 )4 3A 3 A 3 A 3)4 3)4 4
4
3)4 4
3 )4 3)4 3)4 3 A 4
3)4 3 A

3 A 3K

6

6%

3% 3%
3A 3H
3)4 3 h

4
4
3A 3 A
. . . 3 )4 4
3 A 3A . . . 3A 4
Note.— R a to for ban kers' a cce p ta n ce s, 2 ) 4 % t o 4 % . F or n otes, d ra fts and bills

o f exch a n g e Issued or draw n fo r the purpose o f bu y in g or carryin g b o n d s, n otes or
certifica tes o f indebtedness o f the U . S .. and secured t h e r e b y , h aving a m a tu rity
a t tim e o f d iscou n t o f n ot m ore than 90 d a y s. 3 )4 % .
• R a te o f 2 % to 3 % on m em b er b an ks' 1-day colla tera l n otes In co n n e ctio n with
the loa n op era tion s o f the G o v e rn m e n t. T h e rate last w eek had b een 2 % t o 4 % .




[VOL. 104

As to sterling exchange the situation is without
noteworthy change. Fluctuations in rates are
negligible and meaningless. There is no open
market. We have referred to the importations of
gold in our remarks on the local money situation.
The week’s total influx has been $83,931,000, all
from Ottawa, while the exports have included $6,
870,000, comprising $4,500,000 to Japan and $2,
370,000 to Spain.
Referring to detailed quotations, sterling exchange
on Saturday, as compared with Friday of the pre
vious week, was quiet but steady, with demand still
quoted at 4 7540@4 7545, cable transfers at 4 76 7-16
and sixty days at 4 72. Monday’s market was dull
and featureless and slightly easier; demand showed
a fractional recession, to 4 75% @ 4 7545, although
cable transfers and sixty days remained at 4 76 7-16
and 4 72 respectively; a further stiffening in money
rates was held responsible for the weakness in ex
change. The arrival of an additional consignment
of gold from Canada on Tuesday was without per
ceptible effect upon the sterling market, owing to
the persistent strength in local money, and demand
bills sold at 4 75% , against the previous range of
4 75% @ 4 7545; cable transfers continued at 4 76 7-16
and sixty days at 4 72. On Wednesday the under
tone was somewhat firmer, although actual quo
tations continued at the preceding day’s levels.
Extreme dulness featured dealings on Thursday and
rates were again quoted at 4 75% for demand,
4 76 7-16 for cable transfers and 4 72 for sixty days;
further large gold arrivals, while undoubtedly exer
cising a steadying influence, failed to bring about
any advance in rates. On Friday the market ruled
steady, though inactive and still without change.
Total importations of gold from Canada for the day
were $35,431,000. Closing quotations were 4 72 for
sixty days, 4 75% for demand and 4 76 7-16 for cable
transfers. Commercial sight finished at 4 75% , sixty
days at 4 7 1% , ninety days at 4 69%, documents for
payment (sixty days) at 4 7 1% and seven-day grain
bills at 4 74% . Cotton and grain for payment
closed at 4 753%.
The Continental exchanges, so far as the belligerent
exchanges are concerned, have shown an irregular
tendency this week, which was attributed mainly to
the appreciable hardening in money rates at this
centre; a result of course of the unprecedentedly
heavy demands incidental to the placing of the
Government’s war loan, the approach of the half
yearly dividend and interest payments, prospective
municipal borrowings, &c. This development in
monetary conditions was responsible for a sharp de
cline in French and Italian exchange—lire dropped
tofas low as 7 40 for sight bills and francs to 5 78.
Exchange on Petrograd moved somewhat irreg
ularly, hovering at or near the low point
of last week, until Wednesday when a sudden upturn
brought the quotation for rubles to 23.45 an ad
vance of 45 points— ostensibly on advices from that
centre indicating a perceptible improvement in
Russian affairs. No transactions are being put
through in German or Austrian exchange. The
sterling check rate on Paris'closed at 27.18, the
previous close. In New York sight bills on the
French centre finished at 5 76% , against 5 75; cables
at 5 75% , against 5 74; commercial sight at 5 77% ,
against 5 76% , and commercial sixty (.lays at 5 83% ,
against 5 8 1% a week ago. Lire closed at 7 40 for
bankers’ sight and 7 39 for cables, against 7 10 and

J une 23 1917.]

THE CHRONICLE

7 09, respectively, last week. Rubles finished at
23.30, as compared with 23.00 on Friday of the
previous week. Reichsmarks are not being quoted.
The correspondent of the New York “ Times” at The
Hague learns that exports of gold from Germany have
taken place on a large scale this week and that some
improvement in the mark rate in Switzerland
and Holland is probably due to this. Berlin news
papers are ascribing the recent decline in reichs
marks to pressure being exerted by American
banks as a war measure by selling German securities.
Shipments of gold from Germany to Holland are
regarded as extreme measures to maintain exchange
in the Dutch market. On Wednesday the report of
the Bank of the Netherlands showed a “ tremendous
increase in the gold reserve.” The “ Rheinische
Westfalische Zeitung,” the National Liberal and
industrial organ, publishes an editorial on “ the
American offensive against the mark value,” in which
it remarks that when the ruthless submarine cam
paign began and America entered the war a new
phase of the conflict developed, and a steady offensive
against the mark was initiated by the Morgan firm.
The suggestion is pooh-poohed by bankers here.
As regards the neutral exchanges, the most notable
features have been the reaction in pesetas which
followed the recent heavy selling precipitated by
disturbing reports of revolutionary conditions in
Spain, and a further rise in Swiss exchange, the
latter having touched 4 89 for checks, the highest
point of which we have any record. No definite
reason was assigned for this strength beyond a
marked scarcity of offerings of Swiss commercial
bills. The market was extremely narrow and
quotations more or less nominal. Rates of Scan
dinavian exchange were firmly held; guilders closed
steady. Bankers’ sight on Amsterdam finished
at 4 1% , against 4134; cables at 4 1% , against
41 5-16; commercial sight at 40 13-16 , against
40 13-16 , and commercial sixty days at 4034,
against 4034 on Friday of a week ago. Swiss ex
change closed at 4 89 for bankers’ sight and 4 88
for cables, in contrast with 4 98 and 4 97 last week.
Greek exchange (which may still be looked upon as
neutral) has remained at 5 03% for sight. Copen
hagen checks finished at 28.85, as compared with
28.80. Checks on Sweden, closed at 30.00, against
30, and checks on Norway finished at 29.30, against
29.20 on Friday of the week preceding. Spanish
pesetas, after having declined to 23.05, rallied and
closed at 23.30. Last week the close was 23.50.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $285,000 net in cash as a result of the currency
movements for the week ending June 22. Their re
ceipts from the interior have aggregated $9,867,000,
while the shipments have reached $9,582,000. Add
ing the Sub-Treasury and Federal Reserve opera
tions and the gold imports, which together occasioned
a loss of $69,923,000, 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 $69,638,000.
I t s h o u l d b e u n d e r s t o o d , h o w e v e r , th a t a g o o d p a r t o f t h i s
lo ss

re p r esen ts

tra n sfers

to

th e

Federal

R eserve

Bank

a n d th er efo re w ill n o t co u n t a s a lo ss i n r e s e r v e s .
Week ending June 22.
B a nks’ Interior m o v e m e n t ..
S u b -T re e s. and Federal R eserve o p 
eration s and g o ld Im ports & ex p orts

Into
Banks.

Out of
Banks.

Net Change in
Bank Holdings.

39 ,8 6 7 .0 0 0

$9 ,5 8 2 ,0 0 0 G a in

$285,000

140 ,380 ,00 0

2 1 0 ,3 0 3 ,0 0 0 L oss

6 9 ,9 2 3 ,0 0 0

T o t a l .......................................................... 1 8 1 5 0 ,2 4 7 ,0 0 0 ' $ 2 1 9 ,8 8 5 ,0 0 0 L oss $ 6 9 ,6 3 8 ,0 0 0




24 9 1

The following table indicates the amount of bullion
in the principal European banks:
June 21 1917.

Banks of
Gold.
E n g la n d . .
F r a n c e a ..
G erm an y.
R u ssia
A u s-H u n .c
S p a in ____
I t a ly ..........
N etlierl 'd s
N a t .B e l.h
S w ltz’ land
S w eden . .
D en m ark.
N o rw a y _ .

|

Silver.

June 2 2 1916.
Total.

£
£
5 6 ,634,774
130 ,009 ,40 6 10.320.000
126 ,667 ,65 0
2 ,4 9 1 ,3 5 0
147,788,000 11.753.000
51.578.000 1 2 .140.000
5 8 .969.000 3 0 .2 6 2 .0 0 0
3 3 .719.000
2 ,5 8 2,000
4 9 .536.000
618,300
15.380.000
600,000
13,670,300
11.276.000
9 .9 96.000
" 1 3 6 ,6 6 6
7.161.000

Gold.

£
5 6 ,6 3 4 ,7 7 4
140 ,329 ,40 6
129 .159.000
159 .541 .00 0
63,,718.000
89.2 3 1 .0 0 0
36.3 0 1 .0 0 0
50.1 5 4 .3 0 0
15.980.000
13.670.300
11.276.000
10.132.000
7 ,1 6 1 ,0 0 0

Silver.

1

Total.

£
£
£
6 1 ,7 0 7 ,6 9 6
-------------- 6 1 ,7 0 7 ,6 9 6
1 90 ,276 ,76 0 1 3 ,8 2 4 ,1 2 0 2 0 4 ,1 0 0 ,8 8 0
1 2 3 ,258 ,70 0
1 ,7 4 3 ,2 5 0 1 2 5 ,0 0 1 ,9 5 0
153 ,997 ,00 0
6 ,8 0 6 ,OOO! 1 6 0 ,803 ,00 0
5 1 .5 7 8 .0 0 0 12.140.000, 6 3 ,7 1 8 ,0 0 0
4 1 .0 8 5 .0 0 0 3 0.518.000 , 7 1 ,6 0 3 ,0 0 0
3 9 .8 6 9 .0 0 0
3,9 4 5 ,0 0 0 , 4 3 ,8 1 4 ,0 0 0
4 5 .7 1 8 .0 0 0
634,600, 4 6 ,3 5 2 ,6 0 0
15.380.000
600.000, 1 5 ,9 8 0 ,0 0 0
10,2 2 2 ,2 0 0
............. — 1 0 ,2 2 2 ,2 0 0
9 .2 3 7 .0 0 0
---------------1 9 ,2 3 7 ,0 0 0
8 .0 1 3 .0 0 0
229.000, 8 ,2 4 2 ,0 0 0
6 .6 1 8 .0 0 0
.................
6 ,6 1 8 ,0 0 0

T o t . w eek. 7 12 ,385 ,13 0 7 0 ,902,650 7 8 3 ,2 8 7 ,7 8 0 756,960,356! 7 0 ,4 3 9 ,9 7 0 8 2 7 ,4 0 0 ,3 2 6
P r e v .w c e k 709 ,896 ,59 2 7 0 ,688,100 1780,584,69211
756,074,460' 7 0 ,4 7 1 ,5 3 0 8 2 6 ,5 4 5 ,9 9 0
a G o ld hold in gs o f the B a n k o f F ra n ce this y e a r are exclu sive o f
held a b roa d .

£81 390 987

* T h e g o ld hold in gs o f th e B a n k o f R u ssia fo r b o th years In th e a b o v e sta te m e n t
h a v e been revised b y elim inating the so-ca lled g old b a la n ce held abroad
On
the latest rep orted d a te , th e a m o u n t so h eld , £ 2 1 1 ,8 8 0 ,0 0 0
c J u ly 30 1914 In b o t h y ea rs, h A u g . 6 1914 In b o th years.

TH E

W A R

LO AN

S U B S C R IP T IO N .

The oversubscription of $1,035,226,850, which iff
stated to have been made to the $2,000,000,000’
United States 334% war loan, is undoubtedly an:
achievement of which the nation may be proud;
and not the least of its pride may be bestowed
on the banks and bankers to whose vigorous and
disinterested campaign for the loan its great
succees was mainly due. To just what extent
the response of subscribers surpassed expecta
tions, or whether it actually did surpass what wellinformed financiers had looked for, is not, perhaps, so
easy to say. There were times, during the sub
scription period, when predictions were heard that
the loan would be covered two or three times over.
These were no doubt the hasty inferences from the
first large applications, when the community had
not yet quite grasped what it meant to draw two
thousand million dollars from the savings of the
people. There were experienced financiers who
confidently predicted, weeks ago, a $500,000,000
oversubscription, and there were others who antici
pated that the loan would be barely covered. No
one, however, seriously looked for a failure of the
subscriptions to meet the amount applied for.
Comparison with the results of the European war
loans is not entirely simple, because practically all
of those loans were for unlimited amounts; that is
to say, the aggregate issue was restricted only by
the amount applied for by subscribers. There was,
therefore, no specific objective point, as in our own
new loan. England’s first war loan of 19 14 , how
ever, was for a fixed amount, £350,000,000. This
amount was less than that of our present loan, and
it bore the same 3 % % interest rate. But, although
offered at 95, instead of par, it was floated with diffi
culty, and barely covered in the subscriptions. All
subsequent British loans were at a higher rate, as
were all other war loans issued by European bel
ligerents. It is, therefore, strictly correct to say
that the United States has not only borrowed on
more favorable terms than any other nation in this
war, but that this is the only war loan of a fixed
amount which has been largely oversubscribed.
In such a comparison, however, it is only fair to
allow for the fact that the European belligerents
put out their first war loans in the moment of
economic disorder which prevailed at the outbreak
of the war, when the markets of the whole world had
been caught unprepared and off their guard. In
our own case, the situation has been entirely differ
ent. Not only had the United States been accumu-

2493

THE CHRONICLE

[Vol. 104.

lating wealth on an enormous scale during the war at least, be impossible now to argue that the invest
itself, and accustoming its investors to take new war ment market cannot be depended on to meet require
loans for all foreign Powers in this market—running ments and that, therefore, compulsory requisitions
in the aggregate into the billions of dollars—but it must be enlarged.
We are aware that the ostensible reason for exces
had already adjusted itself to world-wide war con
ditions, and its own markets had been scarcely sive war taxation has been the familiar reference to
ruffled by the entry of our Government into the con the wrongfulness of putting the burden of presentflict. Nor can it be overlooked that the European day wars on the shoulders of posterity. But this
communities did not learn the art of intensive “ pub argument has been mixed up with some very curious
licity campaigns” until after their early war loans. ideas; one of them being embodied in the catchThe remarkably effective and brilliant canvass made phrase “ conscription of income ought to accompany
under the auspices of our bankers was largely pos conscription of lives,” and another in the singular
sible because of the lessons learned from the similar idea that this war was brought on solely by very
rich capitalists to serve their own selfish purposes,
popular campaigns for Europe’s later issues.
Washington dispatches quote the Treasury as and that they ought, therefore, to be punished
having decided that only the $2,000,000,000 bonds through taxation. That there is need, in the inter
originally announced will be allotted; in other words, ests of the State itself, for drawing the line very
that advantage will not be taken of the $1,035,000,000 closely both as to how much of our population should
oversubscription to obtain additional sums for the be conscripted to the army and how much of the
Government. If the estimates on requirements national income should be diverted to the State, and
which the two billion dollar sum was to meet have that the interests of American capital were being
been correctly made, this decision is probably wise. pretty abundantly served by our previous condition
There will be proportionately less derangement of of neutrality, are points which never seem to have
the markets if actual subscriptions arc held down occurred to the minds of these peculiar theorists.
One result of such perverted views, however, was
to the figure first proscribed, and the excess will, in
a certain sense, be available for future subscriptions. the House Revenue Bill; which, in order to raise
The question suggests itself, however, whether this one-half of the estimated $3,500,000,000 expenditure
policy does or does not mean that the next loan— for taxes, took a form for which its authors publicly
probably to be offered in the early autumn—will apologized to the House. The Committee’s Chair
be-offered at the same rate of interest as the present one. man himself announced that he would “ vote for it
It is perhaps too early to discuss the rate for the with his eyes shut.” Since the first consideration
next loan; that will depend partly on money market to serious men is that war tax schedules shall inter
conditions between now and the time of announce fere as little as possible with the country’s financial
ment, partly on the price of the new bonds on the and economic welfare, since the House bill admittedly
market during the summer, and perhaps in a meas did thus interfere in half a dozen directions, and
ure on the course of the war itself. It may be since there is absolutely no precedent for the raising
determined largely by prices in the rest of the invest of 50% of the money for a costly war from taxes,
ment market; for a further considerable decline in no one seriously expected that the House bill would
high-grade municipal and corporation securities be the last word in our taxation program. There is
would introduce a strong element of competition not the least reason for surprise that the Senate Com
with another 33^% national loan. It will probably mittee is now overhauling the clumsy and haphazard
be found that the immunity from income tax was a provisions of that bill, and, by recent accounts, is
powerful influence in the large subscriptions to the courageously cutting down the aggregate sum to be
present loan. There has been some talk—not, raised from taxation from the $1,800,000,000 of that
however, from official sources—of removing this measure.
_______________ _____
proviso and raising the rate on subsequent loans.
W A R A N D L IT E R A T U R E — T H E F U T U R E T Y P E
But, quite aside from the fact that this would be
OF M A N .
departure from a well-recognized tradition which has
After the war, what will come? Few indeed dare
always hitherto worked well, it is a question whether
to speculate. The present awes with its horrible
the Treasury would not lose by such policy more
insistence. Man’s future lies afar, an airy fabric on
than it could gain. In England’s case, each of her
the rim of destiny. There is an ideal, a “ dream,”
three successive war loans bore a higher interest rate
magnificent; a pageant of universal liberty, a glorious
than the loan before it; the change being made in
vision of world-democracy. But even as we look,
every instance because of a decline in the older bonds
the smoke of earth’s holocaust blots out the vision.
below the issue price and because of bankers’ judg
The real is now and here, and the great voices of
ment as to the disposition of the investing public.
It is true that the recent alternative 4% loan, offeree prophecy are stilled.
Sir Gilbert Parker, himself a notable writer of his
by the British Exchequer, free of the basic income
time and country, has ventured to forecast the effect
tax, was not at all well taken as compared with the
of this war upon the world’s literature. In a recent
taxable 5 per cents simultaneously offered; but we
believe that in this case immunity from the super interview he says:
“ Already the great certain outcome of this war is
tax on large incomes was not guaranteed.
In one respect, not mentioned as often as the a living historical sense. Men who have seen the
clash of nations and the violence of great battles will
others, the great success of our initial war loan is a not return to the tuppenny-ha’penny problem story
very reassuring fact. Had the loan proved difficult and the photographic realism and the clever inanity
to place, had it been barely covered, then such a of certain authors who will have had their day. The
result, with the possible implications regarding future bigger thing is coming. The great legitimate drama
loans, would clearly have provided a fresh argument of life and character, national and individual, will
for the advocates of throwing the major part of the seize and absorb and control the passionate emotions
burden of war expenditure on the taxpayer. It will, which make great literature, great art.”



J une 23 1917.]

THE CHRONICLE

One cannot doubt that the ideal towards which
nations and men now strain will receive its due. And
in the deep silence which is to follow, the sad and
poignant memory will not forget the heroic sacrifice
which in a few short months sends vast civilian
populations into the jaws of death. Countless
instances of individual valor and heroism, like stars
that only “ melt in morning/’ will furnish the historian,
novelist, and dramatist the incident and character
with which to personify the greatest theme of time.
But out of all the deeds and dreams, the acts and
intents, all the phases, theories, philosophies, will
emerge the colossal figure of man. Not govern
ments, and forms of social and political rule, but
man himself. Trite as is the old saying of Pope,
will it not still be true in a wider sense that “ the
greatest study of mankind is man” ? For in the
long and silent years to come must there not be an
inevitable balancing of the good and evil, the wisdom
and folly, of it all? And can it be possible that in
the slow and painful processes of restoration, the
builder will come to know himself as the destroyer?
Even now the thought of the world is pregnant with
the hope that he will—for in this conscious revelation
alone rests the consummation of lasting peace.
But how, in the world of to-day or of to-morrow, is
man to know the type-man; where will this spiritual
evolution lead us ? It is with a strong sense of doubt
and dread that we read the following statement of
this widely read author:
“ There’s anarchy in Russia. The Russian Revo
lution corresponds in many ways to the French
Revolution. For five years the French Revolution
was performing its monstrous crimes before Napoleon
came. But the point is that Napoleon came, and
came from a little island which was only French by
possession. Now, unless Russia has such a dictator
as Napoleon became, I see no hope for her or her
share with the Allies in the struggle against the
Central Powers. But the man will rise; with every
revolution the man has risen. It may be Kerensky.
I don’t know. But it will be somebody.”

IM PR O VEM EN T

3493
IN

B U S IN E S S

METHODS.

The plan of the Government and the Allies to put
their purchasing of supplies into the hands of one
man, and the calling of Mr. Henry P. Davison to be
the business head of the Red Cross, indicate the
suddenly discovered need of new methods and highly
developed system in the conduct of these lines of
business activity, which are in themselves compara
tively simple and were supposed to be well under
stood. In many directions the helter-skelter of
trying to meet the war’s demands for supplies is
eading to careless and unwise methods of business,
as it was sure to do. Already it is discovered that
some of the oldest and largest concerns have made
great, if not fatal, mistakes. Without exceptional
care there will be more, entailing serious trouble.
Even Congress is involved, and leading men are
confessedly voting with their “ eyes shut.”
This may be regarded a passing stage which,
whatever the cost, will remedy itself. Our concern
is with the larger question of the general business
situation in regard to methods. Antagonism to
everything German must not conceal the fact that
Germany has carried method to high perfection, and
that in every department of affairs results corre
spond. She was so rapidly overhauling England,
her chief competitor, in her manufacturing and her
foreign trade, that the wonder is that she ventured
to turn aside in her impatience to win dominion by
the chance of war.
We now have to face that supreme and terrible
ordeal. We have had three years of unexampled
increase in business and in wealth. Our foreign
commerce has assumed enormous proportions. We
are preparing to compete with the world in ocean
transport, a field from which we had practically
disappeared. However great may be the need of the
most carefully adjusted methods of business at
home, and we shall inevitably encounter prolonged
and serious strain, at the close of the war we shall
Will the great literature with its superlative lesson face the competition of the world. We can no
and vision which Gilbert Parker predicts, will it as longer hope to stay at home and make a fortune by
an expression of life, show us man as of Napoleonic “ swapping jackets in the barn.” Abundance of
mould ? Instantly we are reminded of a great author, undeveloped natural resources and native cleverness
Victor Hugo and his masterpiece, “ Les Miserables” in manufacture will not suffice. Highly trained
and the immortal character of Jean Valjean. The technical ability on the one hand, and thoroughness
author takes issue with the alleged statement of of organization on the other, will be essential. There
Howells that war kills literature. He recalls Lowell. will always be much to learn, even in lines where as
True, the war gave rise to the “ Biglow Papers,” but Yankees we have considered ourselves shrewdest.
some of the stanzas are saturated with a love of peace, The problems of business if limited to those only of
and at most the production is an apology for war, methods of distribution and administration will
indeed in it is to be found the doctrine that “ war is always be important.
As a matter of fact these are problems that have
murder.” But Lowell rose to greater heights than
received the least attention and are the least under
the “ Biglow Papers.” He also wrote “ The Vision
stood. Methods in production and manufacture are
of Sir Launfal.” Listen to this:
far more advanced. In some respects their problems
“ Earth gets Its prico for what Earth gives us;
are simpler, and present themselves in more definite
The beggar is taxed for a corner to dio in,
The priest hath ixis feo who comes and shrives us.
form. Solutions once found can be promptly put to
We bargain for the graves wo lio in;
At the devil’s booth aro all things sold,
the proof. Practically none of the real problems
Each ounce of dross costs its ounce of gold;
are intra-departmental. They have wide relations
For a cap and bells our lives we pay;
Bubbles ice bu y with a whole so u l’s tasking;
and deal with subtle and varied forces. Except in
'T is heaven alone that is given a w a y.
the department of accounting which is concerned
'T i s on ly God m a y he had f o r the a sking-,"
Ah, when the true man emerges from the “ soul’s chiefly with records, and to which much attention
tasking” of this war for an ideal will he longer bear has of late been given, no extensive or thorough study
semblance to Napoleon? The vision and the voice, has yet been made of what may be called the science
what will they be? Not in a theological but in a of business. In the effort to meet the requirements
very human sense, is not the eternal question still of the new situation without such aid not only will
ringing in the mists of present and future: Shall the there arise the conditions to which we have referred,
but there is danger of breaking down the men who can
hero be a Constantine of old or a Christ?




34 9 4

THE CHRONICLE

least be spared. Bagehot's apothegm is to be
remembered, “ If the head of a large business is very
busy it is a sign that something is wrong.” In his
overwork can be read not only danger to himself, but
his lack of skill intelligently to adjust the business
under his hand.
For this reason we would call attention to a recent
book by A. W. Shaw, the lecturer on business policy
in Harvard University's Graduate School of Business
Administration. It is modestly entitled “ An Ap
proach to Business Problems,” because the author
finds that little has been written on the subject and
the available development of anything like a scientific
study or any system of established methods is as
yet incomplete. His immediate aim is “ only to
discover a classification molded on living activities
to supply a uniform method of approach to business
problems, and to illustrate the application of this
method to typical cases; and by so doing to estimate
rightly the significant factors of any business
problem.”
In one short “ Part” he deals with the problems of
Production, which will be found valuable; though he
considers production much more extensively systema
tized than is general business. Parts II and III,
which deal with the problems of Distribution and
Administration, are the more important. Of these
he makes careful analysis, dividing them under the
three heads of Creation of Demand, Physical Supply,
and Administration, using this latter term in the
sense of the relation of the management to
the separate groups of functions toward which
it should sustain some sort of relation. His in
vestigations have found few experts either in
distribution or administration and few abso
lute standards of practice, except in the field of
accounting.
He would make purpose the ultimate test of all
activities. When any is found concerning which the
question “ What is its purpose?” does not bring a
prompt and satisfactory answer there is strong
reason to doubt its value. However supported by
tradition or custom, it may be superfluous, and
failure to eliminate it or to adopt some new activity
may be destructive.
The inter-relations of departments either in extent
or significance are unobserved by many managers,
though this interdependence is a fundamental
principle giving rise to the manager's need of a
strategic position overlooking and controlling all
departments, but free from routine concern with
details in any. A balance must be maintained.
The credit policy must balance with the production
policy, the purchasing with the selling and the selling
with the production. If, for example, production is
under pressure to manufacture at low cost with
relative indifference to quality, while distribution is
based on quality and service, the business manifestly
is out of adjustment; and so throughout. Most
businesses are built on the special training of the head
in a single line. He is a buyer or a salesman, or a
manufacturer, and his gift is his specialty. He
comes to depend on that too exclusively. The
department he manages has to bear the burden of the
departments he neglects. The consequences are
often grave. If two men with different train
ing are joined, each runs his department power
fully, and the effect is tangential or antagonistic.
The head should surround himself with men of
different gifts.




[Vol. 104.

When it comes to the question of distribution
involving creating a demand, as well as supplying it,
with the employment of middlemen, salesmen and
advertising, the problems are innumerable, and no
general answers are at hand. “ Shall I sell direct
to the trade?” “ Shall I depend on agents to create
the demand?” “ Can I take on the whole burden of
creating demand and supplying it without too great
expense?” “ Shall there be double pay for single
performance, as when the middleman demands pay
though the producer has made his own market?”
“ How shall compensation forsalesmen be computed?”
“ How shall the tendency of agents and salesmen to
fall off in many varying conditions be prevented?”
“ In advertising, how shall the differences between
particular groups of customers, sections of the
country, wants existing, and wants to be created, &c.,
bo dealt with?” These are a few of the many
questions that arise. In all, human psychology
plays a large part. Diversities of circumstances are
great, but laboratory methods and a certain standard
ization can be introduced. Three main questions
must be asked and answered. First: How many
individuals may use the goods? Where arc they;
and how can they be induced to buy? Second: How
much will they be willing to pay? Third: How
create an adequate demand?
Comparatively little progress has been made in
observing and compiling the essential facts, classify
ing* and co-ordinating them in tracing and defining
the broad tendencies and principles which the
analysis of a sufficient number of cases would dis
close. The book will repay careful reading as it
goes into many details and covers a large field. Its
aim is to guide and help the responsible man “ to
back away from the thing with which he is immediate
ly occupied, and to see all the activities involved in
their true relations. This will enable him to deal
with the broader problems which changing conditions
and increasing social control of private enterprises
are proposing for solution.”
That this bears upon far more than a man’s
individual profit and success is manifest. The war
is doing more than democratizing the personal
relations of all classes of men in the trenches, it is
promoting the interlocking of human society in all
relations. It is supplying the justification and the
emphasis of the theme of this book that, stripped down
to essentials, a business succeeds only as it serves.
“ Unless it adds to the sum of human happiness or
comfort or progress, something which no other
activity or agent can supply so cheaply or so well, its
end is forecast; a more efficient competitor is building
to take its place.”
C A N A D IA N

M A N U F A C T U R IN G

P O T E N T IA L I

TIES.
Ottawa, June 21 1917.
The Department of Trade and Commerce has
been engaged in propagandist work aiming to develop
the interest of Canadian manufacturers in export
trade. The task has been managed with intelligence
and no sparing of expense. Reports of trade com
missioners in all foreign countries have covered cur
rent developments with detailed thoroughness, so
that the manufacturers have little excuse for not
understanding the international trade situation and
the opportunities presented.
The response thus far has drawn from the Trade
and Commerce office the remark that many manufac-

turers arc pessimistic as to after-the-war events and
scoff at the idea of Canada competing with Euro
pean manufacturers. To this the reply has been
given that the readjustment of conditions will proba
bly make wages in Europe approximate those of
America more closely than ever before. Further,
the depicted stocks of goods in Allied countries will
help maintain prices and make Canadian competition
more feasible. Reconstruction will create a demand
for Canadian cement, structural steel, exterior and
interior woodwork, builders’ hardware, &c. It is
pointed out, too, that the Canadian manufacturer in
his plentiful water powers has a distinct advantage
over the German, whose hydro-electric development
can never be a real factor in cutting costs.
From the Government’s point of view, not the least
dicouraging factor has been the failure of manufac
turers to accept orders actually secured by trade
agents abroad, the reason for refusal being scarcity
of materials. The impression given the foreigner
is not conducive to repeat orders. Were Canada to
obtain only a small fraction of Germany’s normal
export trade, it would more than take up the slack
caused by the inevitable trade declension of the first
years of peace.
Canada’s manufacturing power may welljimpress
the Government with its vigor. Early predictions
limited the country’s output to products oEthe basic
resources, but this has proved poor prophecy. The
last census, 1910, gives the output of ^OOCUistablishments at 81,166,000,000, an increase of|142jper cent
on the value of the output ten years before.
Exports of industrial products have risen from
$16,000,000 in 1901 to $57,400,000]in 1914, which
reckoned practically nothing from war orders. The
capital employed in Canada’s factories exceeds
$2,000,000,000, and last year the stimulus of war
production and special orders made our manufactured
products reach a point paralleling the amount of the
invested capital.
Much of the stress of the Trade and CommerceJDepartment is placed on the relations between Canada
and other British dominions, which hasjnot been de
veloping to anything like the extent of trade withjthe
United States. As compared with the Union of
South Africa, Australia or New Zealand, individually,
Canada is a much smaller trader withVthe United
Kingdom, only 31 per cent of our total being in that
direction. The reason is, as pointed out by the
Dominions Royal Commission, that Canada is a
much larger producer of manufactured goods than
the other dominions, and this reduces the overseas
imports greatly. On the other hand, we have not
as yet become a large producer of wool, hides and
meat, which[the United Kingdom so largely requires.
THE

C A N A D IA N

G O VERN M EN T’S

R A IL W A Y

P O L IC Y .
Ottawa, Ca nada, June 22 1917.
The boiling of the conscription pot in Canada has
not postponed consideration by the Dominion
Cabinet of the railway problem as reported upon by
Messrs. Drayton, Smith and Ac worth recently.
Three weeks ago agitation of the subject suddenly
ceased. At that time the country was given to under
stand that until the Government had disposed of
conscription, nothing would be done to affect the
present scheme of rail way^management. A few days
ago a Conservative party caucus was held for the




2495

THE CHRONICLE

J une 23 1917.]

sole purpose of deciding upon the course to be taken
in relation to the Canadian Northern and Grand
Trunk Pacific. About $25,000,000 is needed—$8,000,000 for the Grand Trunk and over $16,000,000
for the Canadian Northern—to place them in a
position to do justice to the country’s transportation
needs.
The sentiment of the ministerial side is largely in
favor of the principle of nationalization, recommended
by Messrs. Drayton and Ac worth. This also has
had the strong support of the newspapers and public
bodies. Fear was expressed by some members of
the Cabinet that the recommendations of the majority
report could not be carried out at a time when the
country is shut off from the world’s money markets,
and is carrying a war burden of over three hundred
million dollars a year. It is noteworthy that W. M.
Ac worth, one of the members of the special com
mission, in a public letter declares that he and Sir
Henry Drayton based their recommendations on
current war conditions and carefully planned them
so as to minimize the necessity of provision of new
capital by the Canadian Government.
No final course has been decided upon by the
Government at the time of writing and will not be
until the conscription issue is through and that
may involve a general election. For that election,
however, a railway policy will be formulated which,
your correspondent is informed, will declare for
nationalization after the war and a continuance of
the system of financial help in the meantime.
COTTON A C R E A G E A N D

C O N D IT IO N

1 1917.
The failure of the last cotton crop to come up
anywhere near to early expectations invests all the
surroundings affecting the start and condition of
the present crop with more than usual interest. It
was not unnatural to expect that from a planting the
largest in the history of the country and some 12H%
heavier than in the previous season, there would be
an appreciable increase in yield, especially as the
preceding crop had been in no sense a good one.
But, despite the large increase in area, the year’s
production, as indicated by the official returns to the
Census Bureau from ginning and delintering estab
lishments, has been only about 4% in excess of that
of 1915-16 and fully 25% less than the growth of
1914-15, which was secured from a slightly smaller
area. In other words, the crop, taking the yield
per acre as a basis from which to draw conclusions,
has turned out to be a distinctly poor one, the aver
age product per acre approximating only 161 pounds,
or the lowest in any season since 1909-10, and ex
ceeded in all but seven years in our record, which
extends back nearly half a century. The disap
pointing outcome is to be ascribed in considerable
measure to unfavorable meteorological conditions,
which served to cut down the yield materially in the
leading States east of the Mississippi River, the
ravages of the boll weevil also being very damaging
in some localities, especially in Alabama. To a con
siderable extent, too, however, the productiveness of
the soil in the older portions of the cotton belt was
lowered by the poorer quality of the fertilizers used
(one of the results of inability to secure potash, &c.,
from Germany, owing to the war) or the complete
absence of fertilization. Furthermore, drought was
effective in holding down production in Oklahoma
and Texas.
JUNE

3496

THE CHRONICLE

This short crop, following a decided contraction
in yield in 1915-16, has injected into the cotton situa
tion a factor that contrasts strangely with beliefs
entertained when the war broke out. At that time,
it will doubtless be recalled, a crop the largest in our
history was beginning to come upon the market and
it was expected that, with consumption in Europe
greatly curtailed, in consequence of hostilities, disas
trous results to the cotton growers of the United
States could hardly be averted. Prices did fall
precipitately and continued comparatively low during
1914-15, leading to a marked reduction in the 1915
planting. In the meantime, however, business con
ditions were improving and demand upon this
' country for cotton goods by the Entente Powers and
by countries whose principal source of supplies had
been Germany gave an enormous impetus to con
sumption here which current new supplies of the
staple fell short of meeting. As a consequence the
carry-over from the crop of 1915 was appreciably
drawn upon and at advancing prices. Thus it fol
lowed that conditions (supply and prices at time of
planting last spring) were such as to induce the
putting in of a record acreage and it was figured that
with normal seasons a yield much beyond manufac
turers’ needs would be secured, leaving a more or less
considerable surplus to go to swell existing reserves
against the time when, the war over, there would be
a large and urgent demand for cotton from Ger
many, Austria, &c. Calculations as to the 1916
crop outcome failed, however, so that reserves
have now been further materially reduced, the visible
and invisible stocks of American cotton at the present
time standing at the smallest figure in some years
and are sure to be further curtailed before new cotton
will be available. It is to be explained, of course,
that the shortage is mainly in Europe, the spinners
in this country, now holding stocks not materially
under the same time a year ago. Concurrent with
the decrease in the general supply, prices have ad
vanced greatly and at this date rule higher than at
any time since 1869, only excepting a very limited
period in 1872.
To an even greater extent, therefore, than a year
ago the situation this spring has been such as to
foster a tendency towards a marked increase in the
cotton-planted area of the country. Imagine the
Southern farmer, with cotton his staple crop, failing
to largely extend its cultivation when a market
seemed assured therefor at prices that he has rarely,
if ever, been favored with.
Investigations we have recently made, and which
furnish the basis for this report, are conclusive that
the disposition to add to area was very pronounced
at the opening of the farming season at the South this
spring—the period when land is prepared for crops—
the intention apparently having been to put in cotton
to the utmost extent that labor seemed likely to be
available to take care of it. But in considerable
measure early intentions have been frustrated by
the campaign inaugurated by national and State
officials, supplemented by the efforts of organizations
and individuals, to induce an extra large planting of
staple foodstuffs, so as to insure not only an ample
supply for home consumption, but a surplus to ma
terially aid in relieving the tense food situation among
the Entente Powers, with whom this country is now
definitely aligned in the war against Germany and
the other Central Powers of Europe. Cotton acre
age has nevertheless seemingly been slightly increased




[Vol. 104.

this spring, and to therextent that it exceeds that of
1916 is a new high record. That being admitted, it is
now a matter of weather conditions whether an en
larged yield shall be obtained, though with fertiliza
tion also an important factor. The weather more
than the area planted is the chief element in making
or marring a crop, as is well known, and has often
been pointed out by us.
Conclusions.

From the details by States given on subsequent
pages, we sum up our conclusions as follows:
FIRST.—A c r e a g e .—As already intimated, the
tendency to increase the area devoted to the staple
was very clearly defined early in the season, but for
the reasons already given the addition actually made
is merely nominal, as we interpret the information
received. It will doubtless be remembered that a
year ago the opinion was widely prevalent that a
climax must soon be reached in the European war,
and that with the end of hostilities there would come
an urgent demand for cotton from countries where
supplies were non-existent, and, accordingly, that
it was the part of wisdom to be prepared to take
advantage of such a situation. And the only way
this could be done was by increasing the area de
voted to the staple. Now it has dawned upon our
people that the end of hostilities is yet far off, and
that it is our duty to make every effort to supply,
as far as possible, the deficiency in the food require
ments of the countries with which we are in alliance
in the prosecution of the war. Thus, it is that we
find that large proportionate additions to cotton
area this spring are confined to States that in the
aggregate are small producers of cotton. In other
words, California, Arizona and New Mexico have
made additions running all the way from 30 to 400%.
Oklahoma, too, reports a very satisfactory increase,
and the same is true of Louisiana, where the boll
weevil has lost some of its terrors for the farmers.
On the other hand, the gain in area in Texas, where
very large additions were expected, is only 3%; in
South Carolina, 4%; and North Carolina and Arkan
sas each 3%. The remaining States of mcntionable
production show decreases ranging from 2% in
Georgia to 14% in Alabama. The general result of
the spring’s planting, according to our analysis of the
returns at hand, is an average increase in area of
0.24%. The changes in acreage, as we make them,
for each of the States, arc as follows:
A crea ge
States—
1916.
V i r g i n i a ....................................................
4 1 ,1 0 6
N o r t h C a r o l i n a ................................. 1 , 6 6 5 ,4 1 4
S o u t h C a r o l i n a .....................
2 ,7 3 3 ,6 7 6
G e o r g i a ..........................................
5 ,5 8 6 ,1 9 9
F l o r i d a .....................................................
2 9 8 ,5 8 2
A l a b a m a .......................
4 ,0 5 2 ,3 1 1
M i s s i s s i p p i ............................................ 3 , 7 1 7 , 3 8 9
L o u i s i a n a . . .......................................... 1 ,3 3 9 ,6 7 5
T e x a s . . ................. - ............................... 1 3 , 1 5 8 ,4 9 0
A r k a n s a s .......................
2 ,4 9 5 . 5 8 0
T e n n e s s e e ...............................................
8 6 7 ,7 7 0
O k l a h o m a .............. ............................... 3 ,4 1 5 . 0 2 4
M i s s o u r i ................................................
1 1 4 ,2 3 6
C a l i f o r n i a , & c ....................................
1 0 1 ,8 1 3
T o t a l ....................................................3 9 , 5 8 7 , 2 7 1

—

Est. fo r 1 9 1 7 —

...............................
55%

A creage
1917.
4 1 ,1 0 6
1 , 7 1 5 ,3 7 6
2 ,8 4 3 ,0 2 3
5 ,4 7 4 ,4 7 5
2 8 9 ,6 2 4
3 ,4 8 4 , 9 8 7
3 ,5 3 1 ,5 2 0
1 , 4 2 0 .0 5 6
1 3 ,5 5 3 ,2 4 4
2 ,5 7 0 ,4 5 4
8 3 3 ,0 5 9
3 ,6 5 4 ,0 7 5
1 1 4 ,2 3 6
1 5 7 ,8 1 0

0 .2 4 %

3 9 ,6 8 3 ,0 4 5

In c .
D ec.
...............................
3%
4%
2%
3%
14%
5%
6%
3%
_____
3%
4%

7%

--------

This compilation shows that there is a net increase
compared with 1916 of 0.24%, the total acreage
reaching 39,683,045 acres in 1917, against 39,587,271
acres in 1916. We add figures for previous years,
giving not only the acreage but the total crop for
each year, with the percentage of increase or decrease
in area and the production comparedJ^vith the
previousjfyear and^the product per acre.

THE CHRONICLE

J une 23 1917.]
rm

1 9 1 6 -1 7 .

1 9 1 5 -1 6 .

1 9 1 4 -1 5 .

M i s s o u r i , & c _____________

|
&
I n c r e a s e in a c r e a g e _____
I n c r e a s e in p r o d u c t i o n P ro d u ct per a cre, lb s —

36
1 ,4 4 8
2 ,4 1 9
5 ,0 7 8
284
3 ,7 5 2
3 ,3 8 0
1 ,1 9 6
1 1 ,6 4 5
2 ,1 8 9
789
2 ,7 9 9
175

3 9 ,5 8 7

M i s s i s s i p p i _______________

41
1 ,6 6 5
2 ,7 3 4
5 ,5 8 6
299
4 ,0 5 2
3 .7 1 7
1 ,3 4 0
1 3 ,1 5 8
2 ,4 9 6
868
3 ,4 1 5
216

43
1 ,6 6 5
2 ,7 4 9
5 .5 2 0
299
4 ,1 6 9
3 ,6 3 4
1 ,3 2 9
1 3 ,0 8 4
2 ,4 8 8
876
3 ,4 1 4
208

3 5 ,1 9 0
a l2 ,9 5 3
* 1 0 .8 6 %
* 1 6 .3 2 %
180

3 9 ,4 7 8
0 1 5 ,0 6 7
2 .3 4 %
3 .1 3 %
188

1 2 .5 8 %

1 9 1 3 -1 4 .

1 9 1 2 -1 3 .

42
1 ,6 6 5
2 ,7 7 7
5 ,4 9 2
293
4 ,1 2 8
3 ,4 9 4
1 ,2 5 4
1 2 ,7 0 3
2 ,4 1 5
859
3 ,2 9 8
153

42
1 ,6 4 8
2 ,7 7 7
5 ,4 6 8
300
4 ,1 0 6
3 ,4 1 7
1 ,0 9 0
1 2 ,0 4 1
2 ,3 2 2
839
3 ,1 9 8
129

3 8 ,5 7 3
1 4 ,8 8 4
3 .2 0 %
3 .4 0 %
189

3 7 ,3 7 7
1 4 ,1 2 9
* 0 .5 4 %
* 1 1 .9 3 %
187

a

C o m m e r c i a l c r o p ’ s ; a c t u a l g r o w t h i n c l u d i n g l i n t e r s , 1 6 ,6 7 8 , 1 1 0 b a l e s
in 1 9 1 4 -1 5 a n d 1 1 ,9 6 3 .4 4 7 b a l e s in 1 9 1 5 -1 6 .
* D ecrea se.

SECOND.—With regard to the maturity, culti
vation and condition of the plant, the conclusions
we reach are as follows:
(1) In maturity the crop at this writing (June 20)
is unquestionably a late one, but that in itself is no
especial drawback, some of the most satisfactory
yields in our record having been in seasons when
development of the plant had been materially re
tarded by adverse conditions prior to July 1. As for
several years past, the absence of floods eliminated
one important factor of the planting season this year,
but excess of moisture over much of the belt during
the early spring, and dry weather in the Southwest,
supplemented by rather low temperature, delayed
seeding and served to retard prompt and satisfactory
germination. Consequently the amount of re
planting required was, on the whole, much in excess
of the average. Toward the close of M ay, however,
improvement in the weather was noted, and the offi
cial weather bulletins since have been of a character
indicating that conditions have as a rule been favor
able for cotton. It is clear, therefore, that in the
belt as a whole the situation now is much better than
it was at the close of M ay.
(2) Cultivation of the crop has received the cus
tomary attention. As regards fertilizers, an increase
in the takings of commercial varieties is to be noted
this year, but quality is referred to by a number of
our correspondents as being rather poor. It is
understood, of course, that in Mississippi, Louisiana
and the Southwest fertilizers are ordinarily not' a
very important factor in cotton growing, but even
here there has been an increase in the quantity used.
In the older cotton States an extensive use of aids to
productiveness is considered essential to reach satis
factory results.
(3) Condition of the plant is now fairly satisfac
tory. The Agricultural Department reported the
average condition in the whole belt on M ay 25 as
69.5 against 77.5 on the same date in 1916, 80 in
1915 and 74.3 in 1914 (the record crop y ear), and a
ten-year figure of 79.1. The weather since, accord
ing to our private reports as well as the official
bulletins, has been of a nature to foster belief that
the returns for June 25 will substantiate views cur
rently entertained that the present status of the crop
is not very much behind a year ago at date.
Our summaries by States are as follows:
VIRGINIA.— Over tho limited cotton area of Virginia
planting was commenced about the middle of April and was
completed in its first stage shortly after tho first of May,
but due to cold weather and frost in some localities, as well
as to lack of moisture, to some extent seed germinated
slowly. Furthermore, tho adverse meteorological con
ditions rondored necessary an amount of replanting some
what in excess of normal. Development of the plant was
slow, moroover, in consequence of continued unsatisfactory
conditions so that at tho close of May stands, whero se
cured, wero reported poor. It is to bo noted, however, that
June brought a favorablo change in the weather and a con
sequent brightening of the outlook, the plant at this time




24 9 7

prom isin g qu ite w ell. F ields are clea n in the m a in . Acre
sm all in an y ev en t, does n o t seem to h a v e u n dergon e
a n y m en tion a ble change this sp rin g. Fertilizer, h ow e v e r,
seem to h ave b e e n m ore freely u sed.
N O R T H C A R O L I N A .— F r o m this S ta te as fr o m m u ch
the greater pa rt o f th e S ou th east o f th e M ississippi R iv e r
this spring the com p la in t has b een o f lo w tem pera tu re and
too m u ch m oistu re. T h is n o t o n ly in terfered w ith p repara
tion o f the soil an d the p la n tin g o f c o tto n , b u t w as oth erw ise
detrim ental. In d ica tin g th e situ ation m ore co n cise ly , w e
n ote th at on e corresp on d en t refers to th e first 20 d a y s o f
A p ril as furnishing as fin e w eath er fo r c o tto n as co u ld b e
desired, b u t th ereafter fo r an exten d ed p eriod it w as w et
an d u nseasonably c o ld , cau sin g d a m age o f a natu re o n th ou 
sands o f acres th a t necessitated p low in g u p an d replan tin g
w h ich resulted in th e tu rnin g ov e r o f som e o f the territory
to gra in. T h e a ctu al w o rk o f p u ttin g in th e cro p th e present
year started arou n d M a r ch 2 5 , in som e localities b eca m e
a ctiv e generally b etw een A p ril 10 an d 2 0 , b u t p roceed in g
rath er slow ly u nder retardin g con d ition s w as n o t fin ish ed
u ntil a b o u t June 1 or som e 10 d a ys la ter th a n a y e a r a g o .
T h ere is som e co n flict o f op in ion in ou r returns on germ ina
tio n . In som e instances seed is rep orted to h a v e c o m e u p
w ell, b u t as a rule the start w as p o o r , germ in a tion h a v in g
been retarded b y co ld an d w et w eath er, frosts arou n d the
m iddle o f M a y b ein g cited as respon sible fo r m u ch in ju ry .
T h o w arm er w eath er o f late M a y , h ow ev er, w as ben eficia l,
b u t it w as n o t u n til th e v e ry sa tisfa ctory con d ition s th a t
h ave preva iled q u ite con tin u ou sly thus far in June h a d had
tim e to h ave e ffe ct th at percep tible o r en cou ra gin g im 
p rovem en t in th e p la n t is d iscern ible. I t is alm ost needless
to say th at the con d ition s in th e early seasqn w ere resp on 
sible fo r an unusual am ou n t o f replan ting— in som e cases it
is said to h ave in v o lv e d all th e early sow in gs. Stands, p o o r
on tho w hole arou n d tho first o f Juno arc n ow fa irly g o o d ,
and m ost recen t con d ition s h a v e been fa v ora b le fo r field
w o rk ; the cro p is in th e m ain in a g o o d state o f cu ltiv a tio n ,
b u t later th an usual in m a tu rity . W ith the situ ation as it is
n ow it w ou ld seem th at n orm al con d ition s hereafter sh ou ld
assure a t least a fair y ield in N o r th C a rolin a , this assu m ption
su b je ct to o n ly su ch m od ifica tion as la ck o f q u a lity in the
fertilizers used m igh t en tail. Acreage.— T h ere is n o ques
tion b u t th a t everyw h ere at the Sou th this year th e inten
tion w as to v ery con sid era b ly increase th e area under c o tto n ,
the exceed in gly high prices ruling furnishing the n eeded
in cen tive, and h ad first plantings co m e u p w ell generally
it is qu ite true th a t original plans w ou ld h a v e been clo se ly
adhered to . B u t b etw een the tim e o f the first p u ttin g in
o f seed an d o f replan ting the cam p aign fo r expan sion o f
food s tu ffs area has been a ctiv e and has taken som e territory
aw a y from c o tto n . A t the sam e tim e, h ow ev er, th e staple
seem s to h ave been a gainer in acreage to th e exten t o f
a b o u t 3 % . Fertilizers.— A m od era te increase in th e use o f
com m ercial fertilizers is rep orted this spring, b u t som e o f
ou r correspon den ts rep ort q u a lity as p o o r. O n the oth er
h an d, h om e m a de m anures h ave b een less freely a v a iled o f.
S O U T H C A R O L I N A .— T h e m ain cause fo r com p la in t in
Sou th C arolina this spring appears to h a v e been c o ld w eath er ,
alth ou gh a t tim es, m ore p a rticu la rly in M a r ch , the rain fall
w as rather in excess. T h ese adverse fa ctors, h ow ev er, did
n o t servo as v e ry im p orta n t deterrents a t the tim e o f pre
paring land for th e crop s or o f its actu al p la ntin g, b u t later
on the lo w tem perature d id a ct to ch eck p ro m p t germ ina
tion . P la n tin g was begu n in som e sections a b o u t th e m id dlo o f M a rch an d a m on th later w as generally u nder w a y ,
being com p leted in the m ain b y tho 15th o f M a y . In Sea
Islan d sections, h ow ev er, the finish w as n o t u ntil near the
first o f June. I t is to be n oted th a t, o n th e w h ole, seed g o t
a g o o d start— som e characterizing it as exceedin gly g o o d —
b u t early fa v ora b le con d ition s w ere follow ed b y a severe
an d lon g con tin u ed c o ld snap th a t da m aged crop s ov e r the
northern h alf o f the S tate. In fa c t, it is rep orted th a t in
tho P ied m on t region it was necessary to p low u p a g o o d pa rt
o f tho already seeded area an d som e o f it w as a b a n d o n e d
so fa r as c o tto n w as con cern ed . E lsew here replan tin g w as
o f v e ry m od era te exten t an d generally o n ligh t sa n d y soils
b etter su ited to tru ck farm ing th an fo r c o tto n , unless liber
ally fertilized. O n those lands fo o d crop s w ere in pa rt
su bstitu ted fo r c o tto n . In la te M a y m eteorologica l co n 
ditions turned m ore sa tisfa ctory an d du ring th e elapsed
p ortion o f Ju n e h a v e left little to b e desired; as a result the
plant has don e w ell an d a t this w ritin g stands are g o o d and
average b etter than a yea r a g o. F ields m oreov er are w ell
cu ltiv a ted as a rule. Acreage.— T h e ten d en cy as regards
area has clearly been tow ards increase this sprin g. T h is
w as especially true a t th e tim e pla n tin g w as beg u n , b u t ar
gum ents a d va n ced in fa v o r o f exten din g the raising o f fo o d
crops h ave been to som e exten t e ffectiv e in m o d ify in g early
intentions as regards c o tto n . Still w e b elieve w e are safely
w ith in the m a rk in estim ating the average gain in area de
v o te d to tho staple this year at 4 % . T h e taking o f c o m 
m ercial fertilizers h ave seem ingly been increased this spring
ov er last and there has been an increased use o f h om e m ade
m anures.
G E O R G I A .— W e fin d a som ew h at d ifferen t situ ation in
G eorgia this spring than in the C a rolina s— differen t in the
sense th a t the ten d en cy tow a rd increase in area ap p a ren t
in the m ore n orth erly States has been la rgely ab sen t h ere. I t
is, m oreov er, h a rd ly possib le to offer an y general o r single
exp la n a tion fo r this status o f affa irs. In S ou th ern an d

age,

2498

THE CHRONICLE

W estern localities the b oll w eevil, w hich had appeared in
som e fo r ty or m ore coun tries o v e r a yea r a g o , is d ou btless
m ore o r less respon sib le, b u t there is also reason to believe
th a t the fo o d cro p situ ation has been an im pellin g cause in
section s fro m w h ich supplies cou ld be forw a rd ed early and
p ro fita b ly to N o rth ern m a rkets; an d fin a lly the failuro o f
som e c o tto n to com e u p has focu ssed a d d ed a tten tion to this
la tter phase o f th e c o u n tr y ’ s eco n o m y , resulting at tim e o f
replan tin g in the rep lacem en t o f c o tto n w ith co rn , & c. A t 
ten tion in all o f ou r returns from this S tato is called to co ld
w eath er as the prep on d era tin g adverse fa c to r this spring.
T h is is n o t clearly reflected in the average tem peratu re fo r the
S tate or fo r in d ivid u a l loca lities, b u t nevertheless it is true
th a t in m ost section s o f G eorgia and fo r qu ite exten ded
periods the nights h ave been too cold for sa tisfa ctory d e v e lo p 
m en t o f th e c o tto n p la n t. T h o pla n tin g season has been
an unu su ally p rolon ged on e this year. W o r k started as
early as the 5th o f M a rch in som e districts, b u t was n ot
co m p le te d generally until close to tho en d o f M a y or nearly
tw o w eeks later than a yea r a g o . A s can b o inferred from
w h a t is stated^ a b o v e , germ ination was ch eck ed b y low tem 
perature, cau sin g seed to co m e up slow ly a n d , m oreov er,
p o o r ly as a rule and the a m ou n t o f replan ting necessary
to bo d on e was m u ch in excess o f th at o f an average y ea r.
T h e w eath er turned w arm er in late M a y , b u t at th at tim e
there w ere som e com p la in ts o f la ck o f m oistu re. I t is quite
e v id e n t, th erefore, th at a t the open in g o f June th o situation
was n ot as fa v o ra b le as usual at th at tim e, th e stands, on the
w hole being rather p oor or in differen t. June-, h ow ev er, has
b ro u g h t a succession o f fa v ora b le con d ition s and a d vices
as w e g o to press in dicate m u ch im p rovem en t in tho pla nt
an d an o u tlo o k fo r a fa irly g o o d crop w ith n orm al seasons
h ereafter. C u ltiva tion has been th orou g h . Acreage. — T h ere
is little to be a d d ed to w ha t w o h ave stated a b o v e as regards
area. D ecreases seem to h ave been tho rule and in som e
cases rad ical, w ith the average falling o ff fo r the S tate, as
w e in terpret tho retu rn s, 2 % .
Fertilizers h a v e been loss
freely used th an in an average y ea r, b u t m oro freely than
in 1916.
F L O R I D A .— In m od era te degree cold w eath er has been
a retardin g in flu ence in F lorid a this spring, b u t n o t su ffi
cie n tly so to interfere m u ch w ith p la ntin g o f c o tto n . T h a t
w ork w as begun in this State a little b efore th e m id d lo o f
M a y and finished b y tho first o f Juno, or at a b ou t the sam e
tim e as in 1916. T h e m ain e ffe ct o f the low tem peratu re
w as in cheek in g germ ina tion o f seed and in con seq u en ce the
start o f tho cro p was rath er p o o r o v er a p ortion o f th o area.
T o w a rd s the m iddle o f M a y , h ow ev er, w arm er w eath er
set in and w ith a fa v ora b lo run o f m oistu re th o p la n t began
to im p ro v e p e rce p tib ly . N o im p orta n t a m ou n t o f rep la n t
ing o f the staple has been d on e. On tho con tra ry , w here
th e stands o f c o tto n secured w ere ex cep tion a lly ba d the
fields were p low ed u p and p la n ted in corn . A t the open in g
o f June stands w ere fa irly g o o d in the m ain, th ou gh the plants
la ck ed v ig o r, b u t fa v ora b le con d ition s since h avo w ork ed
m a rk ed im p ro v e m en t, w hile cu ltiv a tion has been w ell
lo o k e d a fter. S om e appreh en sion as to possible dam age
b y the b oll w eevil appears in a few o f ou r retu rn s. One
o f ou r old est an d m ost valu ed correspon den ts states th at th ey
h ave alrea dy ap peared in n early all tho fields in his v icin ity .
Acreage. — T h e area u nder c o tto n in F lorid a is sm all in an y
e v e n t, b u t has been decreased m od era tely , ow in g to the
greater a tten tion given to grain and oth er fo o d s tu ffs . W e
p la ce tho red u ction a t a p p rox im a tely 3 % . Fertilizers are
n ever m u ch used in F lorid a , b u t this year the takings o f c o m 
m ercial varieties h ave b een m ore than a y ea r a g o.

[VOL 104

a b o v e , b u t in a d d ition the fear o f tho b o ll w eovil has operated
to som e exten t and then again there has been the in cen tive
to extend the area in fo o d s tu ffs in general. A ltogeth er
through tho variou s causes it w ou ld appear th a t there has
been a loss o f a p p rox im a tely 1 4 % . Fertilizers. — T h ere
has been a sm all increase in th o use o f h om o m anures, b u t
a som ew h a t n oticea b le decrease in tho takings o f com m er
cial aids to p rod u ctiven ess.
M I S S I S S I P P I .— O ur replies from M ississippi this spring
c o v e r com p la in ts o f a series o f u n sa tisfa ctory w eather co n 
dition s ov er m ost o f the territory during qu ite an exten ded
p eriod . A t first there was too m u ch rain, w h ich p reven ted
farm ers from p rop erly breaking u p th o soil, and later on
th o w eath er becam e too d ry an d in som o sections m oistu re
w as claim ed to be b a d ly n eeded. A s fo r soveral seasons
p a st, h ow ev er, th o in un da tion o f c o tto n lands was an en
tirely ab sen t or n egligible fa c to r . T h o p u ttin g in o f seed
started in earlier districts a b ou t th e 20th o f M a rch and after
various delays w as o v er tw o m on th s la ter, or a b o u t 10 da ys
beh in d 1916. T h ere seem s to be a u n a n im ity o f op in ion
am on g ou r correspon den ts th at seed cam e u p p o o r ly as a
result o f ad verse m eteorological- con d ition s and in som e
localities an excessive a m ou n t o f replan ting was fou n d to be
n ecessary. T h is resulted to tho detrim en t o f c o tto n , as
betw een the tim e o f original sow in g and replan tin g a gita
tion in fa v o r o f increased fo o d c ro p p rod u ction gained
strength w ith th o result th at to a m en tion a ble exten t corn
displaced co tto n . It is perhaps n ot to o m u ch to say that
little o f a fa v ora b le nature is to bo said o f the w eather co n 
dition s th at preva iled until late in M a y . A p ril w as gen 
erally co ld and rain y an d the sam o w as true o f m ost o f
M a y , w ith frosts in localities as late as tho 5 th . Such co n 
d ition s w ere n ot co n d u civ e to sa tisfa ctory d ev elop m en t o f
the pla nt an d in con sequ en ce stands on June 1 w ero either
in different o r p o o r. In fa ct arou nd th at date som o o f ou r
reports w ere d ecid ed ly pessim istic an d th o o u tlo o k fo r a
fair yield from th o area pla nted w as con sidered v e ry d o u b t
fu l. B u t a lm ost con tin u ou sly since June set in fa v ora b le
w eather has been experienced and is reflected in latest a d 
vices th at stands h ave im p rov ed v ery m a terially and n ow
average g o o d . F u rtherm ore, tho con d ition o f th o fields
is excellent. Acreage. — N otw ith sta n d in g the in cen tive to
largely increase c o tto n acreage furnished b y tho v e ry high
prices ruling for tho staple, there has been a loss in area this
y ea r. T h is is v a riou sly explained b y fear o f the b oll w eevil
in som e sections after the experience o f 1916, and to a m oro
extensive plantin g o f fo o d s tu ffs . A careful analysis o f our
reports leads to tho con clu sion th at tho falling o ff has been
n ot less than 5 % . Fertilizers are a negligible fa cto r in this
S tate.

L O U IS IA N A .— O ur a d vices from L ouisiana are on the
w h ole o f a m ore fa v ora b le naturo th an thoso from the G u lf
C oa st States already roview ed . A fa v ora b lo w in ter, w ith
p len ty o f m oistu re, p u t the soil in sa tisfa ctory co n d itio n and
preparations fo r tiro crop w ero carried on w ith ou t serious
d ela y. P la n tin g w as com m en ced betw een M a rch 20 and
A p ril 1 and in m a n y sections was com p leted before tho close
o f tho last nam ed m on th . T o a lim ited ex ten t, h ow e v e r,
seeding was still in progress late in M a y . Seed cam e up
w ell as a rule, b u t in som o cases slow ly on a ccou n t o f low
tem peratu re and from tho sam o eauso m ore than an averago
replan ting w as required in som o sections o f tho S tate. In
fa ct w e h avo a few reports o f oven a third plantin g before
sa tisfactory germ ination was rea ch ed . T h e prin cip al cause
o f com p la in t this yea r has been low tom p cra tu ro, alth ough
in a few districts tow ards the closo o f M a y rain w as claijned
A L A B A M A .— O ur a d vices from A la b a m a furnish co n  to bo n eeded. B u t it is stated at tho sam e tim e that tho
clusive evid en ce th at w eath er con d ition s this spring served p la n t stood tho ad verse con d ition s rom arkably w ell; and
to con sid era b ly dela y tho preparation o f land fo r crop s and since generally fa v ora b lo w eather has sot in it has d ev elop ed
the pu ttin g in o f seed o v er an im p ortan t section o f tho State v e ry w ell. In fa c t the goneral concensus o f ou r reports
an d thus in d irectly cau sed a cu ttin g dow n o f tho area in n ow is th at a g o o d stand has been secured an d th at cid tiv a ten ded to bo sow n w ith c o tto n . Sp ecifica lly during the tion has been atten ded to in a th orou gh m a nn er. On this
early spring a succession o f h e a v y rains at intervals o f a la tter p oin t there are those w ho rep ort the status o f the
w eek o r so k ep t the large area o f b o tto m land in the southern fields as b etter than a t an y tim e in a d eca d e. Acreage .—
p o rtio n o f the State su bm erged m u ch lon ger than is usually W o aro n ot left in the least d o u b t as to tho trend in area in
the case, thus dela yin g farm ing operation s to such an exten t this State this spring. In alm ost ev ery instanco som e in
as to fo rco farm ers to forego p la ntin g c o tto n and d e v o te tho crease is reported and w e fool w arranted in m a kin g tho a d 
territory to co rn ; con seq u en tly tho acreago in ten ded for tho dition 6 % on tho averago. Fertilizers rarely used at all h ave
staple a t the beginning o f tho season fell sh ort. In earliest been availed o f a little m oro freely.
T E X A S .— O ur reports from this Stato in dicato th at co n 
sections p la ntin g w as com m en ced sh ortly after tho first o f
M a r c h , b u t due to various hindrances w as n o t com p leted dition s during tho w inter in p ra ctica lly all sections w as
until near Juno 1. In fa c t tho low ness o f tho tem perature fa v ora b le for tho preparation o f the soil, bu t d ry w oath er
w as n o t o n ly a retardin g influence as regards tho prosecu tion preva iled o v e r the greater pa rt o f tho territory, so that as a
o f w ork , bu t also detrim ental to sa tisfa ctory germ in a tion . rulo w hen the plantin g season began tho soil ex cop t in
T h is was pa rticu la rly so in M a y , tem perature ran gin g w ell eastern and northern d istricts did n ot con ta in su fficien t
below n orm al fo r a b ou t tw o w eeks and as a result c o tto n m oistu ro to insuro sa tisfa ctory germ ination o f seed. T h o
seed w as so chilled that g erm ina tion was g rea tly interfered situ ation w as m ost u n fa vorab le in th o southern p ortion o f
w ith , and in m a ny instances w hero it failed to start o ff well tho State, w here the drou g h t o f last fall con tin u ed th rou gh 
corn was su b stitu ted . Speaking o f the S tato as a w hole ou t th o w in ter m on th s. A valu ed corresp on d en t w rites,
seed cam e up p o o rly at first and m ore than tho usual am ou n t in fa c t, th at this has been an unusual p la ntin g season,
o f land had to be rep lan ted , som e o f w h ich , as alrea dy re w ork o f p u ttin g in o f seed h avin g p roceed ed v ory slow ly
m a rk ed, w ent to co rn , and som o to peas and oth er crop s. until near tho m iddle o f M a y ow in g to tho la ck o f m oistu ro.
T o w a rd the close o f M a y w eather con d ition s cha nged for H e rem arks, m o reov er, th a t in som o new grou n d seed
the b etter in som e respects, b u t a t th at tim e com p la in ts o f planted late in M a rch and early in A p ril did n ot germ inato
la ck o f m oisture beg a n . L a tterly under m oro fa v ora b lo until m id -M a y . I t is to bo n oted , to o , th at low tom peraco n d itio n s m ark ed im p rov em en t in the c ro p is to bo n oted , turo was a h indrance in A pril and to som e ex ten t in M a y .
b u t stands are h ardly up to tho average. T h o field s, h ow  T a k in g tho S tate as a w h ole p la ntin g w as begun in tho
ev e r, are clear o f w eeds and grass. Acreage. — V arious earliest sections in the closin g da ys o f M a r ch , becam e gen 
causes h ave co n trib u ted to brin g a b o u t a decrease in c o tto n eral arou nd tho m id d le o f A p ril in m ost districts and was
acreage in A la b a m a this y ea r. Som e o f them are n oted com p leted in tho m ain betw een M a y 20 and 25. T h ere is




J une 23 1917.)

THE CHRONICLE

n atu rally som e co n flict in our a d vices on germ in a tion , as
it cou k l h ardly b o ex p ected th a t o v e r an area so extensivo
as th at o f T exas the start cou ld bo either u n iform ly g o o d or
p o o r. W o fin d th at w hero the seed d id n ot start o ff well
d ry w eather is qu ito generally given as tho op era tin g cause
and that com p la in t applies p a rticu la rly to early plantin gs.
R o lie f from d ro u g th y con d ition s began to b o experienced
in m a n y sections o f the S tate in tho la tter pa rt o f A p ril,
b u t tho S ou th w est con tin u ed in need o f rain u n til near the
m id d le o f M a y , and as in tim ated a b o v e low tem perature
was at tho sam o tim e a deterrent to sa tisfa ctory d e v e lo p 
m en t. A ro u n d tho 20th o f M a y , h ow ev er, tho tem perature
tu rned m oro fa v ora b lo and w ith tho rain fall a b o u t as d e
sired fo r tho best interests o f the p la n t, d ev elop m en t w as of
a cha ra cter to v irtu a lly insure a g o o d stan d w h ich a ccord in g
to ou r latest a d vices has n ow been secu red. F ields m ore
o v e r are in g o o d shape. Sou th and W e s t T ex a s, though,
n eod m oistu re. Acreage.— W ith c o tto n ruling a t a v o ry high
level fo r som e tim e past thero has been e v ery in cen tiv e to
la rgely increase tho area d e v o te d to it this y ea r, es
p ecia lly as ev ery season sees a m ore or less im p o rta n t ad di
tion to the cu ltiv a ted area o f tho S tate th rou gh the ad di
tion th eroto o f virgin soil. W h on pla n tin g b eg a n , it was
qu ito co n fid e n tly ex p ected th at this y e a r ’s a d d ition w ould
be som ow hero near 1 5 % , b u t in ten tion s thon expressed
h ave been som ew h a t m od ified as a result o f tho c o u n try 
w ide cam p aign fo r a largo extension o f tho fo o d s tu ffs area.
Still, n otw ith stan din g efforts in th at direction , w o feel
w arranted in estim a tin g tho gain in c o tto n acreago in T exas
this spring as 3 % . Fertilizers ord in a rily p la y a v o ry u n im 
p o rta n t p a rt in the agricu ltural eco n o m y o f T ex a s, b u t seem
to h ave claim ed a tte n tio n this yea r in som o section s.
A R K A N S A S .— P reparations for tho crop w ero d ela yod
in A rkansas b y c o ld w eath er, and after p la ntin g h ad begun
som ew h a t excessivo or con tin u ou s rains w ere a h indrance
to sa tisfa ctory progress. Sp ecifica lly the p u ttin g in of
seed was com m en ced a b o u t A p ril 20 as a rule, b u t w as n ot
co m p lo to d until v o ry near tho end o f M a y . T h o co n tin u a 
tion o f co ld w eath er th rough A p ril an d m u ch o f M a y in
terfered w ith p roper germ ination and as a result seed cam e
u p p o o rly as a rulo, and in m a ny instances first plantings
died in tho g rou n d . C on seq u en tly a con sp icu ou sly largo
roplan ting was necessitated. Sum m arizing the situation
b riefly as it is sot forth b y som e o f ou r old est corresp on d en ts,
it w ould appear that planting was nearing com p le tio n w ith
a fair p rop ortion o f tho crop u p w hen c o ld w eath er near
tho m id d le o f M a y did m aterial dam ago an d c o tto n seod for
roplan ting boing procu ra ble on ly at high prices a fair am ou n t
o f territory intonded fo r c o tto n was turned to oth e r crop s,
m ain ly co rn . W ea th er co n d u civ e to sa tisfa ctory d e v e lo p 
m en t o f tho plant was n ot experienced u n til after tho first
o f Ju n o, b u t sinco it set in it has been qu ito con tin u ou s turn
ing a m oro o r less d u biou s p rosp ect in to on e o f fair prom iso.
B u t qu ite re ce n tly there h ave been com p la in ts o f to o m uch
rain in som e sections. Stands, h ow ev er, are n ow fa irly g o o d
and tho co n d itio n o f the fields call fo r no special adverse
co m m e n t. Acreage.— H igh prices w ore a fa c to r calcu lated
to in du ce a m aterial exten sion o f c o tto n area this year b u t
tho various circu m stan cos reforred to a b o v e caused a con 
siderable m od ifica tion o f early in ten tion s, so th at as our
roports run it does n o t ap pear th at tho actu a l increase has
boon in excess o f -> /c^ Fertilizers.— A decrease in tho
takings o f com m ercial fertilizers has been o ffse t to som o oxton t b y an increased use of h om e-m a d e com p osts.
O K L A H O M A . C old w eather and la ck o f m oistu re havo
boon tho burdon o f com p la in t from a largo part o f O klah om a
this spring. D urin g A p ril tem peratu ro was below norm al
as a rulo and in M a y tho sam o was truo ex cep t for a brief
p e rio d , and rain w as m ost con sp icu ou s b y its abson co.
T h ese con d ition s wero natu rally ad verso to farm in g in
terests an d fin d reflection in ou r replies, b u t n ot so stron gly
as from som o o th er parts o f tho S ou th w hero tho w eather
w as o f sim ilar ch a ra cter. T h o plantin g season h ow ever
seem s to h avo suffered considerable p rolon ga tion for w hile
w ork was begun in som o localities as early as M a rch tho
finish in the State as a w h olo was n ot u n til after Juno 1.
A s regards germ ination ou r a d vices are som ow h a t in c o n 1lie t. In instances it is n oted th at soed ca m e up v o rv w ell
and in others fairly w ell, bu t b y far tho greater n um ber o f
o u r correspon den ts say p o o r ly , the c o ld grou n d causing
som o plantin g to fail to com e u p or in co n ju n ctio n w ith dry
w eath er ch eck in g g row th . T h u s is explained an am ou n t
o f roplan ting greater than n orm al an d a loss b y c o tto n to
corn o f som o o f tho soil th at had to bo replan ted .
The
last h alf o f M a y brou gh t ben eficial rains o v e r m u ch o f tho
S tato, b u t at tho closo o f tho m on th m oistu ro w as still
n oodod in southw estern sections. On tho w h olo, h ow ever,
m eteorologica l con d ition s dosirablo foi* tho best interests
o f c o tto n w oro n ot experienced until Juno sot in. Still
w ith their co m in g tho plant w hich appears to h avo been
held in ch eck rath or than perm anen tly in ju red began to tako
on sa tisfa ctory g row th and la tterly has d on o v e ry w oll in
d ov elop m on t.
It follow s , th erefore, th at stands n ow aro
g o o d , alth ou gh n o t as far a d va n ced as in a n orm a l season,
and th o farm ers, n o t h aving m ot w ith a n y im p orta n t hin
dran ce in tho w ork o f cu ltiv a tin g , h avo thoir field s in excel
lent shapo. Acreage.— It w ou ld bo strange if in com p a ra 
tively now territory like O klahom a price con siderations
should n o t h avo had a m arked b ea rin g in determ ining area
this y ea r. T o som e exton t p low ed u p w hea t land lias been




2499

a d ded to th a t origin a lly in ten d ed fo r c o tto n , b u t o n the
oth er hand corn has been su b stitu ted fo r the staple in areas
w here first p lantin gs failed to com e u p . A careful c o n 
sideration o f the in form a tion a t han d leads to the con clu sion
th a t th e curren t sea son ’s a d d ition has averaged 7 % . Fer
tilizers are alm ost en tirely n eglected here; this, o f cou rse,
applies m ore p a rticu la rly to com m ercia l sorts, as g o o d an d
p ru d en t farm ers alw a ys use w h a tev er o f this nature has its
origin on their ow n farm s.
T E N N E S S E E .— A c co r d in g to m os t o f ou r corre sp o n 
den ts the curren t spring has been unu su ally u n fa vora b le , lon g
con tin u ed c o ld and d ry w eath er h a v in g been a decid ed
d ra w b a ck . P la n tin g began in som e sections a b o u t th e
m id d le o f A p ril, b u t d id n o t b e com e a ctiv e u n til after th e
first o f M a y an d w as con clu d ed in th e closin g d a ys o f th at
m o n th . A d v ice s in dicate th a t som e o f the early p la n tin g
ca m e u p w ell, b u t th ereafter the start w as p o o r in the m ain
ow in g to low tem peratu re an d la ck o f m oistu re an d fro m
th ose causes m u ch replan ting w as req u ired , an d in som e
instances this inured to tho b en efit o f co rn , pea s, & c ., a t
the expense o f c o tto n in view o f th o high prices ruling in th e
S tate for m ost varieties o f fo o d s tu ffs . T h e c o ld w eath er
con tin u ed w ell u p to tho close o f M a y , b u t since th at tim e
im p rov em en t in th at resp ect has been experienced and there
has been su fficien t rainfall to assist in im p rov in g d ev e lo p 
m en t o f the pla nt. T h o result is th at the present prom ise is
far b etter than had been an ticip a ted a m on th earlier, b u t the
crop is v e ry b a ck w a rd . Acreage.— O n this p oin t our c o r
respondents are in p ractical agreem ent th at the early inten
tion o f farm ers w as to p u t in an a p p recia b ly larger acreage
o f c o tto n , b u t before replan ting had really b een entered u p on
the seem ing acu te fo o d s tu ffs situ ation en gaged their atten tion
an d in th e aggregate su fficien t territory w as taken a w a y fro m
c o tto n to b rin g a b o u t a decrease o f a p p rox im a tely *4% in
tho State as a w h ole. Fertilizers.— In som e sections o f the
State a greater a m ou n t o f com m ercia l fertilizers is rep orted
to h ave been used, b u t as a rule o f p oorer q u a lity than usual.
M I S S O U R I .— P la n tin g o f c o tto n w as begu n a t a rather
early date— b efore tho m id d le o f A p ril in fa c t— in M issou ri
this y ea r, b u t m eteorologica l con d ition s w ere such as to d ela y
w ork an d g iv e the seed a rath er p o o r start as w ell. In o th er
w ords tho spring w as d ecid ed ly b a ck w a rd , tem peratu re
ran gin g low er than usual m ost o f the tim e w ith ligh t frost
in som o localities as late as the 23rd o f M a y . T h e result
has been a m u ch larger am ou n t o f replan ting than is n o r
m ally n ecessitated, the seed p u t in the g rou n d early h aving
been in great m easure los t. L ate p la ntin g started o ff
b etter, b u t germ inated v e ry slow ly an d con d ition s w ere n o t
esp ecially fa v ora b le to d ev elop m en t o f the p la n t until June
cam e in. R e ce n tly , h ow ever, c o tto n has d on e qu ito well
an d n o w , on the w h ole, stands aro fair to g o o d . Acreage.—
T h e hindrances en cou n tered during the p la ntin g season are
reflected in the area p u t in to c o tto n w h ich a p p a ren tly show s
no change from a y ea r a g o , w hereas som e a d d ition had been
ox p ected . Fertilizers o f a n y description are b u t sligh tly u sed .
C A L I F O R N I A .— T h e backw ardn ess o f tho season is re
ferred to in ou r replies from this State as h avin g ten ded to
retard progress in preparing th e land fo r c o tto n as w ell as
in tho actu al plantin g o f it. It is, o f cou rse, u n d erstood
th a t tho c ro p in C a lifornia is en tirely a p ro d u ct o f th e Im 
perial V a lley section , b u t the success alrea dy atta in ed in
the cu ltiv a tion o f c o tto n has acted as an in cen tive to a fu r
ther m aterial extension o f area, the high prices rece n tly
ruling h avin g been a n o t u n im p orta n t in d u cem en t in th a t
d irection . T h e fa ct, to o , that all needed m oistu ro is sup
plied b y irrigation elim inates from th e situ ation on e fa c to r
o f u n certa in ty . T em p era tu re, h ow ev er, is also a v e ry
im p orta n t elem ent in c ro p d ev elop m en t an d this spring
con d ition s in th at regard h ave been in con siderable m easure
ad verse.
A valu ed corresp on d en t rem arks on this p o i n t :
“ w ith ou t d o u b t we h ave had tho m ost baclcw ard spring
sinco tho va lley has been under cu ltiv a tio n , the high w in ds
and cold w eather h aving dela yed germ in a tion and occa sion ed
loss o f first p la ntin g in num erous ca ses.”
T h is com m e n t
explains w h y p la n tin g, w hich began M a r ch 1, was n o t c o m 
pleted until tho beginning o f tho curren t m on th . F u rther
m ore, it furnishes the reason for the p o o r start o f early
plantin gs an d for an unusual am ou n t o f replan tin g. Still,
after tho m id d le o f M a y con d ition s tu rned m ore p rop itiou s
and h avo since been o f a nature to in du ce sa tisfa ctory
g row th o f the p la n t,g iv in g n ow a qu ite generally g o o d stand
and w ell cu ltiv a ted cro p . Acreage.— N otw ith sta n d in g the
early ad verse con d ition s, the plantin g o f c o tto n has m ade
v ery decid ed progress in C a liforn ia this y ea r, even th ou gh
som e o f tho land origina lly in ten ded fo r the staple lias been
p u t in fo o d s tu ffs . O ur replies seem to w arrant us in esti
m a tin g tho increase at n ot less than 3 0 % . Fertilizers are used
in on ly a v o ry lim ited w a y , in fa c t, p ra ctica lly n ot a t a ll.
A R I Z O N A .— T h e success h eretofore in the Salt R iv e r
V a lloy region o f A rizon a in the raising o f E g y p tia n varieties
o f c o tto n finds reflection in rep orts to us o f recen t d a te .
H ero, as elsewhere th o cu rren t sp rin g, co ld w eather was
a hindering in flu ence, b u t c o tto n was pu t in th o grou n d
botw een M a rch 10 and the early part o f M a y . Seed ger
m in a ted rather p o o rly a t first and an a m ou n t o f replan tin g
a p p roxim a tin g from 5 to 1 0 % o f the area w as n ecessitated .
L a ter d ev elop m en t also w as retarded b y low tem peratu re
a t first, b u t m ore fa v ora b le m eteorologica l con d ition s recen tly
h avo b on efitted the p la n t so th at stands n ow aro fa irly g o o d ,
and fields are receivin g p rop er a tten tion . Acreage.— A t -

THE CHRONICLE

2500

testin g th e fa v o ra b le retu rn planters h a v e receiv ed fo r their
p ro d u ct w e n o te th at the area this spring has been increased
a b o u t fiv e fo ld , or 4 0 0 % , th e territory n ow in c o tto n being
stated as som e 3 5 ,000 acres. N o fertilizers are u sed. T h o
cro p receives its m oistu re b y irriga tion .
N E W M E X I C O . — C o tto n cu ltiv a tio n in this S ta te, al
th ou gh lim ited in exten t as y e t , is being stead ily ex ten d ed .
O ur in form a tion this spring is to th e e ffe ct that seed w as
pla n ted betw een A p ril 20 an d M a y 12, b u t ca m e u p slow ly
o n a cco u n t o f lo w tem pera tu re. A s a result o f killing frosts
o n M a y 6 an d 7 a fa irly large a m ou n t o f replan ting was
req u ired , a b o u t 2 5 % o f the cro p b ein g u p a t th a t tim e.
S a tisfa ctory co n d itio n s in la te M a y an d du ring the elapsed
p o rtio n o f Ju n e h ave been fa v ora b le to th e d ev elop m en t o f
th e p la n t an d a t this w ritin g stands are g o o d an d field s on
the w h ole w ell cu ltiv a ted . Acreage. — A con siderable a d 
d itio n to area is in d ica ted b y ou r retu rn s, th e increase being
p la ce d a t a b o u t 9 0 % , m akin g the territory n o w d e v o te d to
c o tto n co v e r som e 5 ,0 00 acres. N o com m ercia l fertilizers
are used o n c o t t o n , b u t th e ten d en cy is to a v a il m ore freely
o f h om o m a d e m anures.
K E N T U C K Y A N D K A N S A S .— W e h a v e n oth in g from
these States to in dicate th a t there has been m ore th an a
n om in a l p la n tin g o f c o tto n this y e a r. T h o area in a n y ev en t,
is v e ry lim ited , b ein g con fin ed in K e n tu c k y to tw o_counties,
F u lto n and H ick m a n , bord erin g on the M ississippi R iv e r in
th e extrem e Sou th w estern p ortion o f the S tate.
U . S. L O A N S 1 3 5,00 0,00 0 M O R E TO G R E A T B R I T A I N —
BELGIU M
R E C E I V E S A N O T H E R $7 ,5 0 0 ,0 0 0 .

T h e U n ite d States G overn m en t on June 19 a d v a n ced an
a d d ition a l loa n o f $ 3 5,00 0,00 0 to G rea t B r ita in , thus bringing
th e to ta l cred its loa n ed to the A llies u p to $ 9 8 3 ,0 00 ,0 00 , o f
w h ich th e B ritish G overn m en t has receiv ed $5 35 ,0 00 ,0 00 .
T h e B elgia n M in ister a t W a sh in g ton o n tlio 19tli in st.
re ceiv ed a seco n d installm ent o f $ 7 ,500 ,0 00 on th o $ 4 5 ,0 0 0 ,
00 0 cred it w h ich th o U n ited States has arranged for use in
B elgia n relief w o rk , referred to in these colum ns on M a y 12.
N E W L O A N B Y C A N A D A TO G R E A T B R I T A I N .

T h e D o m in io n o f C a n a d a , reports state, p roposes m akin g
a n ew loan o f $ 7 5,00 0,00 0 to G rea t B rita in . T h o m o n e y ,
it is sa id, w ill b e a d v a n ced in a m ou n ts o f $ 2 5,00 0,00 0 each
in Ju n e, J u ly an d A u g u st to the Im p eria l M u n itio n s B o a rd
to b e spent in th e p ro d u ctio n o f m u n ition s in C a n a d a fo r use
a t th e fro n t.
In clu d in g the $250,0 00 ,0 00 alrea d y a d v a n ced to G reat
B rita in in this w a y an d a n oth er $1 00 ,0 00 ,0 00 a d v a n ced b y
th e C a n a d ia n b a n k s, th e p rop osed loa n o f $ 7 5,00 0,00 0 w ill
brin g C a n a d a ’ s fin an cial con trib u tio n to G reat B ru ita in on
this a cco u n t u p to $ 4 2 5 ,0 00 ,0 00 .
C A N A D IA N

P A C I F I C R Y . L E N D S TO C A N A D A
W A R PU RPO SE S.

FOR

I t w as o ffic ia lly an n ou n ced on June 18 th at the C anadian
P a c ific R a ilw a y C o m p a n y h ad a d va n ced $ 1 0,00 0,00 0 to
th e Im p eria l M u n ition s B o a rd o f the D o m in io n G ov ern 
m e n t to assist in m eetin g fin an cial requ irem ents fo r the pur
chase o f m u n ition s in C a n a d a d u ring th e n ext yea r. T h e
M o n tre a l “ G a z e tte ” o f Ju n e 19 in speakin g o f the loa n h ad
th e fo llo w in g to say:
T h e a d v a n c e r e li e v e s t h o B r i t is h T r e a s u r y t o t h a t a m o u n t In Its p r o b 
le m s o f p r o v i d i n g m e a n s o f p a y m e n t f o r p u r c h a s e s o f w a r s u p p l i e s , a n d s o
Is a d i r e c t m e a s u r o o f a s s i s t a n c e t o t h e I m p e r ia l a u t h o r i t ie s .
A t th o sa m e
t i m e , t h o a d v a n c e is i m p o r t a n t f r o m t h o i n d u s t r ia l s t a n d p o i n t in C a n a d a .
I t e n s u r e s $ 1 0 ,0 0 0 ,0 0 0 o f b u s in e s s f o r C a n a d i a n p l a n t s , b u s in e s s , t o o , t h a t is
b e c o m i n g i n c r e a s in g l y d i f f i c u l t t o f i n a n c o h e r e o w i n g t o t h e h e a v i e r c r e d i t
r e q u i r e m e n t s o f o r d i n a r y c o m m e r c i a l b u s in e s s .
S o l o n g a s C a n a d i a n d e p o s i t s w e r o r is i n g a n d C a n a d i a n c o m m e r c i a l lo a n s
d e c lin in g , th o o p p o s it e tr e n d s p e r s is tin g t h r o u g h n e a r ly t w o y e a r s , th o
b a n k s h a d a s u b s ta n tia l a b u n d a n c e o f lo a n a b lo fu n d s fre e t o p la c e a t th o
d i s p o s a l o f t h o I m p e r ia l a u t h o r i t ie s .
A s a r e s u lt, t h e e a rly c r e d it s a rra n g e d
b y t h o b a n k s f o r t h o I m p e r ia l M u n i t i o n s B o a r d o f f e r e d n o g r e a t d i f f i 
c u lty .
B u t t h o s h a r p e x p a n s io n in c o m m e r c i a l lo a n s i n C a n a d a in M a r c h
a n d A p r i l , a g g r e g a t i n g a b o u t $ 7 0 ,0 0 0 ,0 0 0 , a p p e a r s t o h a v e m a r k e d a n o w
s t a g e in t h e b a n k in g p o s i t i o n .
D e p o s i t s h a v e m a i n t a in e d a n u p w a r d
t r e n d , b u t h a v e n o t k e p t p a c e w i t h t h e r is e In c o m m e r c i a l l o a n s .
T h e dual
p r o b l e m o f f i n a n c i n g s t r i c t l y c o m m e r c i a l b u s in e s s a n d o f c o n t in u in g t o
m a k e l o a n s t o t h o I m p e r ia l a u t h o r i t ie s — lo a n s t h a t h a v e p l a y e d a c o n s i d e r 
a b l e p a r t in k e e p i n g t h e i n d u s t r ia l m a c h i n e r y o f C a n a d a a t f u ll s p e e d
a h e a d — is t h e r e f o r e o f f e r i n g s o m e d i f f i c u l t y .
H e n c e th e im p o rta n ce o f
C . P . R . ’s a c t i o n i n b r i n g i n g p r i v a t e m o n e y i n t o p l a y , t o s u p p l e m e n t w h a t
th o ban k s ca n ad va n ce.
T h e i m p o r t a n c e Is f u r t h e r h e i g h t e n e d b y t il l s , t h a t , a s t h o B r i t i s h G o v 
e r n m e n t c a n n o w s e c u r e m o n e y in t h e U n i t e d S t a t e s a t e x t r e m e ly f a v o r a b l e
t e r m s , t h r o u g h t h e l o a n s a r r a n g e d f o r t h o A l l ie s a t W a s h i n g t o n , C a n a d a is
a t s o m e d i s a d v a n t a g e in c o m p e t i n g f o r w h a t o r d e r s t h e B r i t is h G o v e r n m e n t
p la c e s o n th is c o n t in e n t .
W h i l e t h e B r i t is h G o v e r n m e n t m i g h t b o w illin g
t o p a y m o r o i n o r d e r t o h a v e t h e b u s in e s s g o t o C a n a d a , t h o q u e s t i o n
o f p r o v i d i n g p a y m e n t r e m a in s a d i f f i c u l t p r o b l e m , a s w h a t m o n e y is a d 
v a n c e d In t h e U n i t e d S t a t e s m u s t b e s p e n t w i t h i n t h e b o r d e r s o f t h a t c o u n 
try .
A p a r t f r o m t h e i m p o r t a n t t r a n s p o r t a t io n s e r v ic e s w h ic h t h e C a n a d ia n
P a c i f i c R a i l w a y h a s b e e n a b l e t o r e n d e r t h o I m p e r ia l G o v e r n m e n t s i n c e
t h e w a r s t a r t e d , i t s m a k i n g o f m u n i t io n s a n d i t s s u p e r v i s io n o f m a n y p u r 
ch a s in g a r r a n g e m e n ts , th e c o m p a n y h a s a lr e a d y b e e n a b le t o r e n d e r c o n 
s i d e r a b l e f in a n c ia l a s s i s t a n c e .
S o m e m o n t h s a g o It is s u e d a n d l o a n e d t o




[Vol. 104.

t h e B r i t i s h T r e a s u r y $ 4 0 ,0 0 0 ,0 0 0 o f t h e c o m p a n y ’s 4 % d e b e n t u r e s t o c k
fo r a p e r io d o f fiv e y e a r s .
T h i s s t o c k w a s v a l u a b l o a s c o ll a t e r a l f o r B r i t is h
lo a n s a t N e w Y o r k .
T h a t t r a n s a c t io n w a s f o l l o w e d b y t h o a r r a n g e m e n t f o r a n is s u e o f $ 2 0 0 , 
0 0 0 ,0 0 0 c o ll a t e r a l t r u s t b o n d s o f t h o c o m p a n y , t o b e is s u e d a g a i n s t C a n a 
d i a n P a c i f i c R a i l w a y s e c u r it i e s m o b i l i z e d a t L o n d o n .
T h o a rra n g em en t,
w h i c h w o u l d h a v e p l a c e d t h e B r i t i s h T r e a s u r y w i t h c l o s e t o $ 2 0 0 ,0 0 0 ,0 0 0
t o its c r e d it a t N o w Y o r k , w a s v ir t u a lly c o m p le t e w h e n th o U n it e d S ta te s
e n te r e d t h e w a r , a n d o t h e r a rra n g e m e n ts f o r B r it is h fin a n c in g b e c a m e
p o s s ib le .
T h e p l a n is in a b e y a n c o a n d m a y b e b r o u g h t i n t o e f f e c t y e t .
T h o c o m p a n y ’s s t r e n g t h In c a s h r e s o u r c e s , a s w e ll a s c r e d i t , Is n o w p e r 
m i t t i n g i t t o r e n d e r a s s i s t a n c e in a n o t h e r w a y .
T h e la s t b a la n c e s h e e t o f
d a t e D e c . 3 1 1 9 1 6 , s h o w e d $ 5 7 ,0 7 6 ,0 1 8 i n c a s h o n h a n d .
I t is f r o m t h is
w e l l - f i l l e d t r e a s u r y t h a t t h o c o m p a n y is a b l o t o m a k e t h o s u b s t a n t i a l
lo a n r e p o r t e d y e s t e r d a y , w it h a d v a n t a g e t o b o t h t h e B r it is h T r e a s u r y a n d
C a n a d ia n in d u s t r y .
I t is u n d e r s t o o d t h a t t h o c r e d i t f o l l o w s t h e l in e s o f
t h o r e c e n t b a n k in g c r e d i t s , t h e c o m p a n y t a k i n g B r i t i s h t r e a s u r y b i l l s f o r
th e lo a n .

R E P U B L I C OF B O L I V I A

LOAN ARRANGED.

A g rou p o f ba n kin g houses com p os ed o f th e E q u ita b le
T ru st C o . o f N e w Y o r k , C h an dler & C o ., I n c ., o f N e w Y o r k ,
an d C ou n selm an & C o . o f C h ica g o, an n ou n ced on Juno 20
th a t th ey h a d b o u g h t an issue o f $ 2 ,400 ,0 00 6 % b on d s o f
the R e p u b lic o f B o liv ia . T h e p roceeds o f tho loa n are to b e
used in the con s tru ction o f a railroad from L a P a z , tho prin ci
pa l c ity o f B o liv ia , in to th e Y u n ga s V a lle y , a territory rich
n m inerals, tim b er, ru b b er, c o ffe e , c o c o a leaves an d general
agricultural resou rces. C h an dler & C o . are the fisca l agents
o f B o liv ia in this co u n try .
T h e D ep a rtm en t o f S tate has expressed its satisfaction th at
B o liv ia w as successful in n egotia tin g a loa n in tho U n ite d
S tates, Secretary L ansing h av in g w ritten a lottor to this
e ffect on M a y 11 1917 to th e H o n . Ig n a cio C a ld e ro n , the
B oliv ia n M in ister to th e U n ited S tates. T h e n egotia tion s
on b eh a lf o f the Sou th A m erica n G overn m en t w ero co n d u cte d
b y th e H o n . A d o lfo B a lliv ia n , C on su l G eneral o f B o liv ia in
the U n ited States.
T h e orders fo r th e m aterials n ecessary fo r th e bu ildin g o f
the railroad are to be p la ced in th e U n ited States.
U n til 1909 B o liv ia w as w ith ou t a foreign d e b t. In th at
y ea r th e M o rg a n loa n o f ap p rox im a tely $2 ,432 ,5 00 w as
m a d e, an d at present her to ta l in debtedn ess, w e are in
fo rm e d , is a b o u t $ 2 0 ,71 5,18 0, o f w h ich a b o u t on e-th ird was
con tra cted in terna lly, an d tw o-th ird s ox tern a lly . O ver
$4,000 ,0 00 o f the C red it M o b ilio r loa n o f 1913 still rem ains
on d eposit in P aris, draw ing interest a t 3 % per a n n u m . In
1914, it is stated , the G ov ern m en t’ s fin an cial p os ition was
such as to enable it to p a y o ff, on e year in a d va n ce o f its
m a tu rity , a loa n fo r $ 1 ,000 ,0 00 th at h a d been con tra cte d w ith
an A m erica n fin an cial in stitu tion .
A rep ort ju st m a de to the B u reau o f F oreign an d D o m e s tic
C om m erce o f tho D ep a rtm en t o f C om m erce b y on e o f its
representatives w h o has m a de a recon t an d m os t exhaustive
stu d y o f th e fin an cial con d ition an d the eco n o m ic resources
o f B o liv ia , contain s the statem en t:
B o l i v i a ’s f in a n c ia l r e c o r d h a s b e o n a n cg cco lle n t o n e . T h o R o p u b l i c h a s
c a r r ie d o n i t s d e v e l o p m e n t w o r k s l o w l y a n d c a r e f u l l y a n d d e s e r v e s h ig h
c r e d it f o r t h e m a n n e r in w h ic h i t h a s t a k e n c a r e o f i t s f o r e i g n o b l i g a t i o n s .

T h e b on d s sold in Paris in 1910 w ero rea d ily a b sorb ed , the
bankers sa y, b y banks an d p riv a te in vestors an d in 1911 an d
1912 regu larly sold a b o v e p a r. T h e P aris b on d s bear 5 %
in terest. T h e b on d s b o u g h t b y th e E q u ita b le T ru st C o .,
C h an dler & C o ., I n c ., an d C ou n selm an & C o . bear 6 %
intorest.
T h e an n ou n cem en t o f the p la cin g o f th e B o liv ia n loa n in
this m a rk et, w ith th e a p p rov a l o f tho D ep a rtm en t o f S ta te,
a ttra cted considerable a tten tion , it is said, in fin an cial circles,
pa rticu la rly a m on g those bankers w h o are an xious th a t the
in vestors o f the U n ited States sh ou ld b e com e fam iliar w ith
sou n d Sou th A m erica n securities.
T h e letter o f th e Secretary o f S tate, referred to a b o v e ,
expressing his sa tisfaction th at th o n egotia tion s h ad been
su ccessfu l, reads as follow s:
M y Dear M r. Minister.— I b e g t o a c k n o w l e d g e r e c e i p t o f y o u r n o t e o f
A p r i l 1 3 t h , in w h ic h y o u s t a t e t h a t M e s s r s . C h a n d l e r & C o . o f N o w Y o r k ,
h a v o a g r e e d t o m a k e y o u r G o v e r n m e n t a l o a n f o r u s o in r a i lr o a d c o n s t r u c 
t io n , a n d h a v e a s k e d y o u t o o b t a in fr o m m o a d e c la r a t io n , w h ic h y o u
a c c o r d i n g l y r e q u e s t m o t o m a k e , t h a t t h o l o a n is a p p r o v e d b y t h o G o v e r n 
m e n t o f t h e U n it e d S t a t e s , a n d t h a t t h e r e is n o o b j e c t i o n t o i t s b e i n g
g ra n ted .
I n r e p l y I w is h t o s a y t h a t t h e G o v e r n m e n t is g l a d t h a t a s a t i s f a c t o r y
a r r a n g e m e n t f o r t h is l o a n h a s b e e n c o n s u m m a t e d b e t w e e n t h o G o v e r n m e n t
o f B o liv ia a n d M e s s r s . C h a n d le r & C o .

In a d d ition to th e pla cin g o f a loa n in this m a rk et, it is
sa id, B o liv ia is a ttra ctin g a tten tion because o f th e a n n ou n ce
m en t th a t th e W illia m -H a rv e y C orp ora tion o f L iv e rp o o l, in
w h ich the N a tio n a l L ea d C o m p a n y has a 5 0 % in terest, is to
establish an en orm ou s tin sm elter a t F la tla nd s on Ja m a ica
B a y , w h ich is in clu d ed in N e w Y o r k H a rb o r. I t is fu rther
stated th a t B o liv ia ranks secon d am on g cou n tries o f the
w orld in th e p ro d u ctio n o f tin an d the con cen tra tes fo r the

Jun e 23 1917.]
F la tla n d s

sm elter

c o u n tr y .

THE CHRONICLE

w ill com e

from

the

Sou th

A m erica n

___________________

A R G E N T I N E R E P U B L I C P A Y S OFF S H O R T - T E R M
NOTES.

T h e $16,80 0,00 0 o f six m o n th s’ discou n t n otes d a ted D e c.
15 1916 an d sold b y the A rgen tine R e p u b lic to tho Sou th
A m erica n G ro u p , h eaded b y J . P . M o rg a n & C o ., in D e 
cem ber last an d referred to in these colu m n s on tho 16th o f
th a t m o n th , w ere p a id o ff on Juno 15.
T h o lo a n , it is sta ted , w as p a id o ff p a rtly from d eposits
o f A rgen tin a in N e w Y o rk banks and p a rtly from a d va n ces
m a de b y th ose institu tions. One o f tho bankers in terested
in th o tran sa ction explained th at these tem p ora ry loans
w o u ld p ro b a b ly be liq u idated soon , as at the presen t tim e
th e ba la nce o f trade is running largely in fa v o r o f tho Sou th
A m erica n R e p u b lic.
I t is also stated th at fin an cial leaders in th o A rgen tin e
h ave fo r som e tim o been w ork in g on a pla n to red u ce tho
c o u n tr y ’ s n ecessity for b orrow in g a b roa d b y draw ing o n tho
resou rces o f tho peop le th rough a great internal b o n d issue.
T h o A rgen tin e Congress has alrea dy a u th orized th e issue
o f internal an d oxternal b on d s to the exten t o f 20 6 ,0 0 0 ,0 0 0
g o ld pesos, tho p roceeds to b e spent u pon n eeded extensions
to p u b lic w orks an d in exp loitin g o il fields.
W h e n the loan w as v o te d it was in ten ded to b o rro w ex
ten sively in tho U n ited States, b u t the con d ition s, it is sa id,
b rou gh t a b o u t b y tho w ar h ave m ade this p rocedu re som ew h a t
u n certain .
T h e last fin a n cin g don e b y tho A rgen tin e in this m a rk et
w as o n M a y 1 , w hen th at G overn m en t arranged w ith a syn 
d ica te co m p o s e d o f J . P . M o rg a n & C o ., tho N a tio n a l C ity
C o ., K u h n , L o c b & C o ., H arris, F orb es & C o . an d L ee, H ig ginson & C o . fo r tho sale o f $5 ,000 ,0 00 d iscou n t n otes,
referen ce to w h ich w as m ado b y us o n M a y 5 , to rofu n d an
e q u iv a len t a m ou n t o f n otes m atu ring hero on th a t d a te.
T h is w as th e th ird installm ent o f a tota l issuo o f $1 5 ,0 0 0 ,0 0 0
d iscou n t n otes w h ich had been refu n ded du ring tho p roviou s
six m o n th s.
_ _____________________ _
J A P A N E S E W A R L O A N TO F R A N C E A N D
S H I P M E N T S TO J A P A N .

U . S. GOLD

A dispatch from T o k io on Juno 19, prin ted in th e N ow
Y o r k “ T r ib u n e ,” an n oun cing a w ar loan m a d e b y J a p an to
F ran ce said:
A J a p a n e s e s y n d ic a t e , h e a d e d b y th o Y o k o h a m a S p e c ie B a n k , L t d ., h as
c o n c lu d e d n e g o t ia t io n s w it h th e F r e n c h A m b a s s a d o r a t T o k io fo r th o
is s u a n c e o f E x c h e q u e r b o n d s t o th e a m o u n t o f 5 0 ,0 0 0 ,0 0 0 y o n ( $ 2 5 ,0 0 0 ,0 0 0 ).
T h o b o n d s w il l b e c a l le d “ F r e n c h G o v e r n m e n t Y e n - E x c h e q u e r B o n d s o f
1 9 1 7 .”
I s s u e d a t p a r , t h o y w il l b e a r 6 % i n t e r e s t , r u n n i n g f o r t h r e e y e a r s ,
a n d a r e o x e m p t f r o m a ll F r e n c h G o v e r n m e n t t a x a t i o n .
T h o proceeds o f
t h o b o n d s a ro e x p e c t e d to b o u s e d fo r t h o p a y m e n t o f m u n it io n s a n d o t h e r
w a r m a t e r ia l s p u r c h a s e d b y F r a n c o f r o m J a p a n .

O n th o 20tli in st. tho “ T rib u n e” h ad th o follow in g to sa y,
ed ito ria lly , con cern in g th o loan an d sh ipm ents o f g o ld from
th o U n ited States to Japan:
I n l o c a l b a n k in g c ir c l e s it is e x p e c t e d t h o lo a n o f $ 2 5 ,0 0 0 ,0 0 0 b y t h o
J a p a n e s e t o t h o F r e n c h G o v e r n m e n t w il l l ia v o a t e n d e n c y t o c h e c k t h o f l o w
o f g o ld N ip p o n w a r d .
A t t e n t i o n w a s a t t r a c t e d t o t h i s m o v e m e n t a g a in
y e ste rd a y b y th o a n n ou n cem en t th a t Ja p a n ese ban k ers here h a d arran ged
w it h t h o S u b - T r e a s u r y f o r t h o t e le g r a p h i c t r a n s f e r o f $ 4 , 5 0 0 , 0 0 0 t o S a n
F r a n cis c o , t o b o s h ip p e d to J a p a n o n th e n e x t ste a m e r.
T h is m a k e s
$ 1 4 ,7 0 0 ,0 0 0 in g o l d J a p a n lia s d r a w n f r o m t h i s c o u n t r y s i n c e J u n o 1 .
T h o n e e d f o r t h i s g o l d , i t n o w a p p e a r s , a y l ia v o b e e n t o p r o v i d e a b a s is
f o r F r e n c h c r e d i t s , a n d t h e r e fo r e i t is a q u e s t i o n w h e t h e r t h o J a p a n e s o
b a n k e r s w il l f i n d i t n e c e s s a r y t o c a r r y o u t t h e i r i n t e n t i o n o f i m p o r t i n g
$ 5 0 ,0 0 0 ,0 0 0 in g o l d b e f o r o S e x it e m b e r , a s a n n o u n c e d r e c e n t l y .

O V E R S U B S C R IP T IO N

TO L I B E R T Y L O A N .

T lio la test a d vices o f th e results o f the L ib erty L oa n
o ffe rin g o f $2 ,000 ,0 00 ,0 00 , m a de p u b lic last n ig h t, report
to ta l su bscription s o f $3 ,0 3 5 ,2 2 6 ,8 5 0 — an ov ersu b scrip 
tion o f $1 ,035 ,2 20 ,8 50 , or 5 0 % m ore th an tho offerin g .
M o ro th an 4 ,0 00,00 0 o f the p eop lo o f the co u n try su bscribed
to tho loa n ; 9 9 % o f these ap plied dor sums o f less than
$10,00 0; those, it is stated, w ill receive the full a llo tm en t o f
tlioir su bscription s. Subscribers a p p lyin g for betw een
$10,000 an d $100,000 o f the b on d s w ill o b ta in o n ly 6 0 %
o f their b id s, while those w ho ap plied for betw een $100,000
and $250,000 o f tho bon d s w ill receive o n ly 4 5 % o f w ha t
th oy asked fo r . T h o n um ber o f in d iv id u a l subscribers
fo r $5 ,000 ,0 00 o f th o b on d s and over w as 2 1 , their su bscrip
tions aggregating $188,7 89 ,9 00 .
T h o su bscription s b y
follow s:

Federal R eservo d istricts aro as

N ow
Y o r k , $ 1 , 1 8 6 , 7 8 8 ,4 0 0 ; B o s t o n , $ 3 3 2 ,4 4 7 ,6 0 0 ; P h il a d e l p h i a ,
$ 2 3 2 ,3 0 9 ,2 5 0 ; C l e v e l a n d , $ 2 8 6 ,1 4 8 ,7 0 0 ; R i c h m o n d , $ 1 0 9 ,7 3 7 ,1 0 0 ; A t l a n t a ,
$ 5 7 ,8 7 8 ,5 5 0 ; C h i c a g o . $ 3 5 7 ,1 9 5 ,9 5 0 ; S t . L o u i s , $ 8 6 ,1 3 4 ,7 0 0 ; M i n n e a p o l i s ,
$ 7 0 ,2 5 5 ,5 0 0 ; K a n s a s C i t y , $ 9 1 ,7 5 8 ,6 5 0 ; D a l l a s , $ 4 8 ,9 4 8 ,3 5 0 ; S a n F r a n c i s c o ,
$ 1 7 5 ,6 2 3 ,9 0 0 .




2501

In a statem en t issued last n igh t S ecretary o f th e T reasu ry
M c A d o o said:
T h e f ig u r e s a s t o t h o n u m b e r o f s u b s c r ip t i o n s a r o e s t im a t e s , b e c a u s e t h e
ro tu rn s fr o m th o t w e lv e F e d e ra l R e s e r v e b a n k s in th is r e s p e c t a r e in c o m p le t e ,
b u t w h e n f i n a l l y r e p o r t e d t h e y w il l e x c e e d t h o n u m b e r s t a t e d .
O n e o f th e
c h ie f p u rp o s e s o f t h e c a m p a ig n w a s t o d is trib u te th o L ib e r t y L o a n b o n d s
w i d e l y t h r o u g h o u t t h e c o u n t r y a n d p l a c e t h e m a s f a r a s p o s s i b l e in t h e
h a n d s o f th o p e o p le .
T h is w a s im p o r t a n t b e c a u s e t h e s tr e n g th o f G o v e r n 
m e n t f in a n c e l i k e t h e s t r e n g t h o f G o v e r n m e n t p o l ic i e s r e s t s u p o n t h o s u p p o r t
o f th e p e o p lo .
T h e la r g e n u m b e r o f s u b s c r ib e r s , e s p e c i a l l y t h e l a r g e
n u m b e r o f s m a ll s u b s c r ib e r s , is m o s t g r a t i f y i n g a n d i n d i c a t e s t h a t t h e
i n t e r e s t o f t h o p e o p l e w a s a r o u s e d a s n e v e r b e f o r e in a n is s u o o f b o n d s .
T h e w id e s p r e a d d i s t r i b u t i o n o f t h e b o n d s a n d t h e g r e a t a m o u n t o f t h e
o v e r s u b s c r i p t i o n c o n s t i t u t e a n e l o q u e n t a n d c o n c l u s i v e r e p l y t o t h e e n e m ie s
o f t h o c o u n t r y w h o c la im e d t h a t t h e h e a r t o f A m e r i c a w a s n o t in t h i s w a r .
T h o r e s u l t , o f w h ic h e v e r y c i t i z e n m a y w e ll b e p r o u d , r e f l e c t s t h e p a t r i o t i s m
a n d t h o d e t e r m in a t i o n o f t h e A m e r i c a n p e o p l e t o f i g h t f o r v i n d i c a t i o n o f
o u t r a g e d A m e r i c a n r i g h t s , t h e s p e e d y r e s t o r a t i o n o f p e a c e a n d t h e e s t a b l is h 
m e n t o f lib e r t y th r o u g h o u t th e w o rld .
A s o r i g i n a l l y a n n o u n c e d , t h e p r e s e n t i s s u e o f b o n d s is l i m i t e d t o $ 2 ,
0 0 0 ,0 0 0 ,0 0 0 , a n d n o a l l o t m e n t s w il l b e m a d e in e x c e e s o f t h a t a m o u n t .
I
h a v o c o n s e q u e n t l y d e c i d e d t o e x e r c is e t h e r i g h t r e s e r v e d i n t h e a n n o u n c e 
m e n t o ffe r in g th e b o n d s t o th e p u b lic , t o a llo t in fu ll a ll a p p lic a t io n s fo r
t h o s m a l le r a m o u n t s a n d t o r e d u c e a l l o t m e n t s o n a p p l i c a t i o n s f o r t h e
la rg e r a m o u n t s .
I n v i e w o f t h e g r e a t n u m b e r o f s u b s c r ib e r s f o r $ 1 0 ,0 0 0
a n d l e s s , a l l o t m e n t s w il l b e m a d e i n f u l l t o t h e m .

T h e S ecretary also an n ou n ced th e follow in g a llotm en ts
o f b on d s o v e r $ 1 0,00 0.
O v e r $ 1 0 ,0 0 0 u p t o a n d i n c l u d i n g $ 1 0 0 ,0 0 0 , 6 0 % , $ 3 3 6 ,0 6 1 ,8 5 0 ; o v e r
$ 1 0 0 ,0 0 0 u p t o a n d i n c l u d i n g $ 2 5 0 ,0 0 0 , 4 5 % , o r $ 9 9 ,2 0 5 ,0 0 0 ; o v e r $ 2 5 0 ,0 0 0
u p t o a n d i n c l u d i n g $ 2 , 0 0 0 , 0 0 0 , 5 0 % , o r $ 1 8 4 ,3 8 1 ,8 0 0 ; o v e r $ 2 , 0 0 0 , 0 0 0
u p t o a n d i n c l u d i n g $ 5 , 0 0 0 , 0 0 0 , 2 5 % , o r $ 5 8 ,6 6 1 ,2 5 0 ; o v e r $ 6 , 0 0 0 , 0 0 0 u p
t o a n d i n c lu d in g $ 1 0 ,0 0 0 ,0 0 0 , 2 1 % , o r $ 9 , 8 0 1 , 6 0 0 ; $ 2 5 ,0 0 0 ,0 0 0 , 2 0 . 2 2 % ,
o r $ 1 0 ,1 1 0 ,0 0 0 ; $ 2 5 ,2 5 0 ,0 0 0 . 2 0 . 1 7 % , o r $ 5 , 0 9 3 , 6 5 0 .

It is stated th a t in cases w here larger su bscription s h a v e
been rep orted to tho F ederal R eserve banks as consistin g
o f a n u m ber o f sm aller su bscription s, p rovision has been
m a d e fo r a llotm en t in a ccord a n ce w ith th e several am oun ts
o f th o sm aller su bscription s.

S E C R E T A R Y M C A D O O ' S A P P R E C I A T I O N OF L I B E R T Y
L O A N C A M P A I G N — I S S U E N O T TO E X C E E D
$ 2 ,0 0 0 ,0 0 0 ,0 0 0 .

Su pplem en tin g his statem en t o f Juno 15 an n ou n cin g the
oversu b scrip tion o f th e L ib erty L oa n an d expressing his
a p p recia tion o f the co-o p e ra tio n o f the m en an d w om en o f
the co u n try in brin gin g a b o u t its success, S ecretary o f th e
T rea su ry M c A d o o has m a d e several oth er p ron ou n cem en ts
in the m a tter, on e a telegram to the F ed eral R eserv e ba n k s
expressing his a p p recia tion o f their services, an d an oth er
com m en d in g the press fo r its su p p ort. In the la tter, Secre
ta ry M c A d o o states th at allotm en ts w ill n o t be m a d e in
excess o f th o $ 2 ,0 0 0 ,0 0 0 ,0 0 0 offered . T h is sta tem en t, issued
on S a tu rd a y , tho 16th , follow s:
T h o L i b e r t y L o a n c a m p a i g n w a s e s s e n t ia li y o n e o f e d u c a t i o n a n d w i t h o u t
th o g e n e ro u s a n d p a t r io tic s u p p o r t o f th e p re ss o f t h e n a tio n th e h o p e o f
t h o s e in c li a r g o t h a t i t w o u ld b e a p o p u la r l o a n w o u l d n o t h a v e b e e n r e a l iz e d .
T h o u n t i r in g e f f o r t s o f t h e n e w s p a p e r s t h r o u g h o u t t h e c a m p a i g n w e r e a
c o n s t a n t in s p ira tio n t o th e v a r io u s o t h e r g r o u p s o f w o rk e rs .
A t a t im e
w h e n n o w s s p a c e w a s a t a p r e m iu m , t h e l i b e r t y lo a n w a s f e a t u r e d a t l e n g t h .
N e w s p a p e r s a n d m a g a z i n e s in t h e i r n e w s , e d i t o r i a l a n d a d v e r t i s i n g
c o lu m n s f o u g h t f o r t h e s u c c e s s o f t h e lo a n e v e r y s t e p o f t h o w a y .
The
f o r e i g n l a n g u a g o p r e s s in t h i r t y - s i x la n g u a g e s g a v e d a i l y p r o o f o f t h e u n 
d o u b te d lo y a lt y o f p e o p le o f fo re ig n b ir th .
C o u n t le s s o t h e r k i n d s o f p u b l i c i t y w e r e c o n t r i b u t e d g e n e r o u s l y . E v e r y
s t r e e t c a r c a r r ie d o n e o r m o r e c a r d s ; p a p e r a n d m e t a l b i l l b o a r d s , e l e c t r i c
s ig n s , m o v i n g p i c t u r e s lid e s a n d f il m s e v e r y w h e r e b r o u g h t t h e l i b e r t y l o a n
d ir e c t ly a n d s q u a r e ly b e fo r o th e p e o p le .
T h ro u g h o u t th e c o u n tr y b a n k s,
m e r c a n t il e h o u s e s , a n d o t h e r a d v e r t i s e r s e it h e r d e v o t e d s p e c i a l s p a c e t o t h e
L i b e r t y L o a n o r g a v e i t p r o m i n e n c e in t h e ir o w n a d v e r t i s i n g .
A ll o f th is , a n d m o r e , w a s d o n e t o m a k e th o lo a n a s u c c e s s .
It w as don e
w it h o u t th o u g h t o f r e tu r n , s im p ly t o a id th e G o v e r n m e n t.
I s h a ll b o m o s t g r a t e f u l t o t h e p r e s s i f t h i s a c k n o w l e d g m e n t is g i v e n w i d e
p u b lic it y .
A l l o t m e n t o f L i b e r t y b o n d s w ill n o t b e m a d e i n e x c e s s o f t h o $ 2 , 0 0 0 , 
0 0 0 ,0 0 0 o f f e r e d .
I a n n o u n c e d t h i s o n M a y 1 0 , w h e n t h e d e t a i l s o f t h e lo a n
w e r o f i r s t p u b li s h e d .
I h a v o a sk e d th e R e s e r v e b a n k s t o ta b u la te s e p a r a te ly , a n d o n s u p p le 
m e n t a r y l is t s , t h o s u b s c r ip t i o n s r e c e iv e d y e s t e r d a y , J u n e 1 5 , a f t e r n o o n , in
o r d e r t h a t I m a y b e in a p o s i t i o n t o c o n s i d e r , in m a k i n g a l l o t m e n t o f t h e
$ 2 ,0 0 0 , 0 0 0 ,0 0 0 o f b o n d s t h o s e a p p l i c a t i o n s w h i c h , t h r o u g h n o f a u l t o f t h e
s u b s c r ib e r ( e it h e r b e c a u s e o f d e l a y o n t h e p a r t o f t h e b a n k o r t r u s t c o m p a n y
t r a n s m it t i n g t h e m , o r c o n g e s t i o n o f t h e m a ils o r a t t h e d o o r s o f t h o F e d e r a l
R e s e r v e b a n k s a t t h e m o m e n t o f c lo s i n g ) w e r e n o t r e c o r d e d o n t i m e .
I t is i m p o s s i b l e n o w t o f o r e t e l l w h a t d e c i s io n w il l b e r e a c h e d in t h is m a t 
t e r o r t o d e t e r m i n e t h o b a s i s u p o n w h ic h a l l o t m e n t s w ill b o m a d o u n t i l
s u b s t a n t i a l ly d e f i n i t i v e r e t u r n s h a v e b e e n r e c e iv e d f r o m t h e s e v e r a l F e d e r a l
R eserv e ban ks.
T h o o r g a n i z a t io n s o f t h e s e b a n k s , u n u s u a l ly e f f i c i e n t a s
t h o y a r e , h a v o b e e n o v e r w h e lm e d b y t h e m a g n i t u d e o f a p p l i c a t i o n s r e c e i v e d
a t t h o la s t m o m e n t .
I s h a ll a v a i l m y s e l f o f t h e r i g h t r e s e r v e d in t h e c i r 
c u l a r o f f e r i n g t h o b o n d s t o a l l o t in f u ll u p o n a p p l i c a t i o n s f o r s m a lle r a m o u n t s
o f b o n d s a n d t o r e d u c e a llo t m e n t s o n a p p lic a t io n s fo r la rg e r a m o u n t s , as
s u c h a c t i o n w il l b e c l e a r l y in t h e p u b l i c i n t e r e s t . ”

In liis telegram to the F ederal R eserve ba n k s o n th e 15th
M r . M c A d o o said:
I d c s ir o t o o x p ro s s m y d e e p a p p r e c ia t io n o f t h e e ffic ie n t a n d p a t r io t ic
s e r v i c e y o u h a v o r e n d e r e d i n c o n n e c t i o n w it h t h e L i b e r t y L o a n , t h e s u c c e s s
o f w h ic h h a s b e e n s o s t r ik i n g a n d p le a s in g t o t h e c o u n t r y .
W ill y o u n o t
c o n v e y t o th e L ib e r t y L o a n co m m itte e s o f y o u r d is t r ic t , t o th e b a n k s a n d
t o a ll o t h e r o r g a n i z a t io n s w h i c h h a v e c o - o p e r a t e d w it h y o u i n t h i s g r e a t
L i b e r t y L o a n e n t e r p r is e t h o a s s u r a n c e o f m y w a r m a p p r e c i a t i o n a s w e ll a s
m y c o r d ia l th a n k s?
W i l l y o u n o t a l s o u r g e t h e s e c o m m i t t e e s t o p r e s e r v e t h e i r o r g a n i z a t io n s
in o r d e r t h a t t h o y m a y b o p r e p a r e d t o r e n d e r s ig n a l s e r v ic e s o f l ik e c h a r a c -

2502

THE CHRONICLE

[VOL. 104.

(See Blank No. 1.)
ter to their Government when it is called upon again to seek an additiona1
A separate blank is also being sent to Chairmen of Liborty Loan Com
credit? It is of tho utmost importance that the splendid machinery now
mittees In each A. B. A. Bankers’ Group or Congressional District, to be
perfected shall be available when needed.
forwarded by them to tho various Liberty Loan committees within their
districts. This blank reads as follows:
(See Blank No. 2.)
PRESS COMMENDED FO WORK IN THE FLOATING The value of tho information thus obtained will bo apparent to overy
R
thoughtful banker. The American Bankers’ Association desires the hearty
OF LIBERTY LOAN.
co-operation of all financial Institutions in filling out and returning these
Tho Liberty Loan Committee on June 16 announced the forms at tho earliest possible date.
adoption of the following resolution in appreciation of the
work of the newspapers in assisting in the floating of tho
Liberty Loan:

The Liberty Loan Committee desires to go on record to tho effect that
no other factor has contributed in greater measure to tho success of the
Liberty Loan in the Second Federal Reserve District than the intelligent
and consistent co-operation of tho nowspapers of this district. Their
splendid assistance was an indispensible contribution to the work of tho
Committee.
Commenting on the above, Guy Emerson, Secretary of the
Liberty Loan Publicity Committee, said:

From tho outset the press of this district has acted in the most unselfish
spirit. Every form of publicity at tho command of tho nowspapers and
press associations has been employed. The loan has been prominently
featured in nows columns, in editorials, cartoons, display lines, boxes, &c.
It has been on tho financial pages, sporting pages and women’s pages and
special columns. In addition to this tho New York papers have lent
s everal of their best men without charge to tho Committeo to assist in tho
collection and issuing of the great variety of daily nows on all features of
tho loan.
Tho organization has been extensive and tho work intricate. It was
whipped together at short notice and with hundreds of volunteer workers.
Under tho ablo guidance of Mr. A. M. Anderson, Executive Secretary or
the Committee, who has been a tireless worker of tho loan, tho work of tho
various Committees has been co-ordinated and has produced results which
are deeply gratifying.
•

STOCK EXCHANGE GOVERNORS REPORT ON LIBERTY
LOAN SALES BELOW PAR.
The Governing Committee of the New York Stock Ex
change on Juno 19 announced that as the result of an in
vestigation, conducted by the Committee on Business
Conduct, into the sales of Liberty Loan bonds under par
on the Stock Exchange on Friday, Juno 15, tho day on
which the subscription books to tho loan were closed, it
had been determined to thoir satisfaction that pro-German
influences had not been behind the transactions. Nor was
evidence uncovered which would lead tho Governors to be
lieve sales had been made for the purpose of affecting mar
ket sentiment and depressing stock prices. In most in
stances, it was found, it is said, that tho selling of the bonds
under par had come from individuals who had apparently
taken big subscriptions through fear that the loan would
not bo fully subscribed, and when the results were an
nounced they had decided to sell part of thoir holdings.
Shortly after trading in the Liberty Loan bonds began
on tho Stock Exchange on tho 15th a sale involving $25,000
at 99.98 was made and accopted. Other sales below par
were effected, and although the bid went as high as 100 5-50,
the closing was 99 48-50, the lowest for the day. Tho sale
of the bonds under par the first day caused much unfavor
able criticism in the financial district. The announcement
made on the 19th read as follows:

Tho Governing Comnitteo of tho Stock Exchange which made an investi
gation of tho sale of Liberty bonds below par last Friday has agreed that
tho man who sold the bonds is repentant and that ho has bought them back
at par. Iio also stated ho has contributed $100,000 to tho Red Cross fund.
His name lias not been disclosed. However, ho has explained that ho was
of the opinion that tho loan was heavily oversubscribed and that in mak
ing a salo he did not consider tho sentimental effect it would cause through
out the country.

A. B A. SEEKS INFORMATION RELATIVE TO FLOAT
.
ING OF LIBERTY LOAN.
W ith a view to obtaining suggestions and facts which will
serve as a basis for formulating plans for tho most effective
means of aiding in the flotation of subsequent loans, the
W ar Loan Committee of the American Bankers’ Assocaition
has propared two blanks on which it seeks to ascertain infor
mation relative to tho campaign conducted by individual
banks and trust companies in furthering the salo of the Lib
erty bonds. The letter accompanying the blanks says:

Blank N o . 1 reads as follows:

FINAL REPORT—LIBERTY LOAN.
Statistical In form a tion N eed ed f o r Organizing the N ex t L o a n .

It is of vital importance to overy bank and trust company that an in
telligent estimato bo made of tho relation of tho Liberty Loan to banking,
investments and tho general economic situation.
The method of floating this loan has been largoly through quicklyformed voluntary organizations, and therefore not entirely satisfactory as
to co-ordination of effort. If futuro loans are to bo a success, their flota
tion must bo moro completely and thoroughly organized.
With your co-operation, it will bo possible to preparo this information,
and thus enable us to present to you a valuablo statement of facts bearing
upon this subject, and which it will not bo possiblo to secure through any
other agency.
Nearly all of the within questions may bo answered without any reference
to books of record.
Bearing in mind that another loan is to bo issued at an early date, it is
considered urgent that you fill out tho enclosed blarilc and mail in envelope
sent herewith, as soon after Juno 15 as possiblo.
1. Total amount of bonds subscribed for by you on your own account,
for your customers and non-customers, to close of business, Juno 15 1917.
______________________________________________________________
(Theso figures represent aggregate of all bonds, regardless of any pre
vious report.)
2. Total number of subscribers represented in abovo amount— .............
3. About how much of this amount will your institution rotain?----------4. What will be the total amount of your loans secured by theso bonds?
"5" What class of subscribers, such as savings bank depositors, wage
earners, people of moderate incomes, or with largo Incomes, invested in
tho bonds as above reported ? ------------------------------------------------------0. Can you estimato tho amount, if any, of ‘‘hidden money’’ or funds
usually kept in hiding, invested in this loan ?------------------------------------7. Was there, in your opinion, good, fair or poor co-operation on tho
part of employers in arranging for their employees to purchase bonds on
tho partial payment plan?----------------------------------------------- - ............8. What is your estimate of tho total amount withdrawn from savings
deposits by thoso who purchased Liborty Loan bonds from you?-------------" o' do yoii know of any selling of security holdings to invest in this loan?
If so, can you givo any particulars or figures?---------------------------------10. How many individuals subscribed through you aro paying for their
bonds by some form of partial payment plan?------------------------------------11. If a War Loan Committeo was formed in your city, pleaso givo tho
namo and address of Chairman or Secretary..........................................
12. What has been tho approximate oxpenso to your institution for ad
vertising and selling these bonds?........... ................ - .............................
(Tho reply to this question will bo held in strict confidence, it being
only tho desire to ascertain tho aggregate cost to all financial insti
tutions of placing this loan.)
(Namo of Institution)
(City)
General remarks or suggestions hero will bo valued:

(State)

W o also annex Blank N o . 2.

NOTE TO LIBERTY LOAN COMMITTEE.
Wo shall hope to receive from you by roturn mail this blank, filled out
as completely as possiblo. It is most important that wo got tho informa
tion as requested hereon, in order to plan intelligently for tho noxt loan,
which is not far distant. Tho plan book, entitled, "What it is necessary
for you to do," and other material sent to 30,000 banks and trust compan
ies are costly, and we need to ascertain tho valuo of tills material to all
banking interests, in order to guide us in further offorts.
REPORT BLANK.
1. Approximate dato when your committeo was formed ?---------------------2. Did tho banks consolidate their advertising spaco as suggested i --------3 ! How many of tho one-half pago advertisements sent you wero used?----4. How many of the small advortisemonts were used t —. . . — — ---- . . .
5. Was there a meeting of employers called, as suggested in plan book ?----6. What proportion of tho employers attended?------------------------------7. How many employers accepted our suggestion for a talk to be given
to their employees?--------------------------------------------------------------------8. Approximate number of employees who subscribed on partial payment
plan?______________________________________________________
9. Was there a general meeting of religious organizations hold in your
city?......... - ............... - ....................................................- .......... - - 
10. How many clergymen, in your opinion, delivered sermons as supplied
by u s ? ------------------------------------------------------------------------------11. Did tho W. M. C. A. work along this lino?.................. ....................
12. Did tho Y. W. C. A. work along this lino?------------------------------------13. Was there a meeting of women’s clubs?---------------------------- ----------Pleaso list below in tho order of their effectiveness tho names of organiza
tions other than banks that aided in your Liborty Loan bond campaign
by supplying canvassers to go from houso to house and offico to office.

Tho one particular and outstanding lesson which has been learned dur
ing the past few weoks In connection with the sale of Liberty Loan bonds
Tills report furnished by Liberty Loan Committeo of
is that subsequent loans will bo floated largely on the basis of experience
C ity......... ...................................... State..................................
gained in placing tlds issue.
Date__________________________
In connection with its campaign of assisting in tho flotation of these
bonds, tho American Bankers’ Association propared and sent to tho banks
Chairman or Secretary.
and trust companies of America nearly ono and one-half million pieces of
printed matter. Theso included plans for the organization of committees
and training personal solicitors, as well as large and small units of Industrial
THE WAR REVENUE BILL.
and other branches of activity.
In order to ascertain which of this material has been of particular value,
The section of tho ponding W ar Rovonuo Bill, dealing with
and to obtain suggestions and facts that will servo as a basis from which
to formulate plans for tho most effective means of aiding in tho flotation taxes on second class mail matter has continued to bo the
of subsequent loans, tho Association has sent to tho 30,000 banks and trust subject of consideration by tho Sonato Finance Committee
companies throughout tho country a blank containing tho following ques
this week. On tho 15th inst. tho Committee, by a majority
tions:




June 23 1917.]

THE CHRONICLE

of ono, had voted to eliminate all of the increases of the
second class postal rates carried in the bill passed by the
House on M ay 23, as well as to strike out the 2 % tax on
all advertising receipts, previously agroed on by the Senate
Committee, and to substitute therefor a now tax of 5 % on
the not profits of all newspaper and magazine publishers.
The subsituto tax upon publishers’ profits, designed to raise
$15,000,000, was adopted with brief but heated debate.
Senator Simmons led the opposition, advocating a straight
advertising receipts levy. After the resolution to levy the
5 % profits tax had been adopted an absent Senator arrived
who said ho would have voted against it and thus have de
feated tho proposal by a tie. A motion offered by Senator
Penrose on the 15th to reconsider the 5 % tax upon publishers’
profits was adopted on the 20th, the Committee deciding by
virtually unanimous vote, to reopen tho whole question.
On that day various substitutes were suggested by Senators
Smoot, Simmons and La Folletto, including an increase in
second-class postage rates to 1
cents a pound and an ad
ditional graduated tax upon publishers’ net profits. Ex
emption of publishers’ profits of $4,000 and less also was
discussed and seemed generally favored. A graduated tax
of from 3 to 1 0 % upon profits was proposed by Senator
Sm oot. Senator La Eollette suggested beginning the tax at
5 % and increasing it to 1 0 % upon large publishers. Senator
Simmons proposed tho increaso in postage rates, to be in
addition to the profits tax plans suggested. After much
discussion the Committee deferred a decision.
On Thursday, tho 21st inst., tho Committeo took what the
members oxpect to be final action with regard to publishers’
taxes. It adopted, by a vote of 8 to G, an increase of onequarter of a cent a pound on second class postage rates, and
decided to retain the 5 % tax upon publishers’ net profits
over $4,000 . Rovenues of $3,000,000 annually from the
increase in postago rates to 1 ^ cents a pound, which most
publishers have vigorously opposed, and about $9,000,000
from the profits tax aro expected. The Committee’s de
cision was reached just before members of tho American News
paper Publishers’ Association had called to confer with
Senators regarding tho publishers’ tax. Tho increaso in
postago rates would apply to publishers of newspapers}
magazines and all other periodicals, including roligious pub
lications. Tho Committeo also decided on tho 21st to retain
tho House increaso of 5 0 % on letter rates, but tentatively
agreed to strike out tho doubled postcard rate. As about
one billion postcards wero sent last year, if tho postcard
increaso is eliminated about $20,000,000 in revenues will be
lost. The letter increase is expected to raise about $50,
00 0,000.

2503

I havo been advocating a plan whereby no excess profits tax based on
average pro-war profits should apply until after those pre-war profits ex
ceeded, for example, 8% on the capital invested. If adopted, I think this
system would work out satisfactorily and I understand from members of
the Finance Committeo that some such exemption will be provided.
Y e s t e r d a y w h e n p ro p o s e d a m e n d m e n ts to th e w a r e x c e s s
p r o f i t s t a x A vere t a k e n

up

th e

C o m m it t e e a g re e d to p e r m it

c o r p o r a t i o n s t o f i l e a c l a i m f o r r e b a t e i f t h e t a x is n o t a s s e s s e d
on

a

c o rre c t b a s is .

T hey

w ill

be

p e r m itte d

to

pay

“ th e

a d m i t t e d t a x , ” b u t m u s t g i v e a b o n d f o r t h e r e m a i n d e r A vlien
a n a s s e s s m e n t is c o n s id e r e d to o h ig h .

Arguments against the. application to the carriers of the
Avar profits tax Avere presented to the Senate Committee on
the 15th inst. by Samuel Rea, President of the Pennsyhr
ania
R R ., and A . J. Thom , General Counsel for the Southern
R y . The Philadelphia “ Ledger” , in announcing this, said:

Those officials presented figures intended to show that tho railroads would
bo prostrated if the Avar-profits section did not in some way exclude the
carriers from its proposed provisions. As tentatively agreed to, the section
takes tho years 1911 to 1913 as a basis for fixing the profits, subject to a
tax of 16% in the proposed bill.
Mr. Rea said that under tho existing law all over 8% profits is taxed 8%,
and as only a few of tho carriers have such profits they escaped. Mr. Rea
also informed Senator Penrose and his Republican colleagues on the Com
mittee, that these three basic years wero tho leanest, and if they were taken
as the pro-Avar years upon Avliich to determine a proper earnings, railroads
Avould be unjustly taxed and Avould bo unable to exist, even though an in
crease of 15% is alloAved by the Inter-State Commerce Commission.
W hile the Committee has tentatively agreed upon a flat
tax of 1 6 % on excess A v ar profits, arguments presented on
behalf of bankers urging a graduated tax, are said to be re
ceiving consideration. The N oav York “ Tim es” of the 18th,
referring to the proposal of the bankers, said:

Under the proposed tax the corporations Avould pay approximately
$525,000,000 annually. This is tho figure originally agreed upon by the
Finance Committee, as against tho yield contemplated in the bill as passed
by the House, $325,000,000.
Under tho neA system the percentage of tax would be reached upon the
v
basts of net profits for an average of three years prior to the A
var—the years
of 1911, 1912 and 1913—and the excess of last year. The calendar year
Avould be used.
Here is tho levy that Avould bo imposed: A tax of from 5 to 20% on tha
excess of net income up to an amount equal to 20% of tho normal pre-war
income; 20 to 40% on an amount equal to 40% of tho pre-war income;
40 to 60% on an amount equal to 60% of tho pre-war income, and 75% on
amounts abov'e 80% of tho pre-Avar income. In arriving at the basis for
this tax, all net earnings retained by a corporation and not already paid
out in dividends Avould bo taken.
A minor amendment to tho molasses schedule adopted on
the 15th Avould exempt from taxation molasses and syrup
from cane juice testing less than 40 degrees, a non-edible
product, mostly used in making munitions. B y a tie Aote,
r
on the same day, a motion to reconsider the Committee’s
action in exempting all confectionery from taxation Avas lost
in an effort to place a tax upon high-grade candy. The
Committee also rejected a motion to exempt bequests and
legacies from income and existing inheritance taxes.

In rovising the excess profits tax on the 21st the Com 
mittee, deferring a decision regarding tho rato of taxation,
decided to extend its operation to individuals in trado, as
A statement adopted by representative members of the
well as corporations and partnerships. From individuals,
American NeAvspaper Publishers’ Association in Washington
at tho House rato of 1 6 % , it is estimated $100,000,000 ad
on June 21, declares their willingness to pay any rate of
ditional revenue would bo secured. It also was decided to
taxes Congress finds it necessary to impose upon legitimate
give an exemption of 6 % to corporations having subnormal
and necessary business, but protests emphatically against
profits during tho three-year pre-war period, and a similar
the levy of any special discriminating Avar tax against neAvsexemption to new corporations organized since tho war
papers. A committee from the neAvspapermen presented
began. An exemption of $5,000 in assessing the tax will
their protest to Chairman Simmons of the Senate Finance
apply to individuals on tho same basis as corporations. The
Committee. Tho statement to Congress says:
individual tax would be additional to the income tax. The
The American NeAvspaper Publishers’ Association in meeting June 21,
object of tho tax, it is stated, is to reach war profits of trade earnestly and emphatically protests against a special A tax in any form
var
levied against the neAvspaper business.
conducted personally and not in a corporate or partnership
That business is not a A industry. It is at this time bearing a very
var
form. Tho tax, it is expected, will apply also to profes
onerous and special burden of expense due entirely to the A
var, and it is
sional men, such as physicians and dentists. Tho “ Journal not making profits, directly or indirectly, out of tho A
var.
On the contrary, the Government itself is relying on the neAvspapers,
of Commerce” yesterday reported that Senator W eeks, on
as shoAvn in the organization of publicity in connection A
vith the recent
behalf of the “ young corporations,” had taken up with the national registration law, the Liberty Loan and the Red Cross fund, for
Committee tho question of applying “ average not profits” that cordial and unreserved co-operation Avithout which the issues of the
var
to such corporations during tho war period. It quoted him A loan and the national military registration could not haA'o boon success
fully achieved.
as saying:
Such co-operation A
vith the Government neAvspapers render, always

In adopting tho averago not profits of corporations during a pro-war
period as tho basis upon which to computo a war tax on oxcoss profits, tho
Senate Committee is following a courso which, if properly applied, should
moot with general approval from those who appreciate tho fact that war
is a business which demands vast amounts of revenue, and that these
rovonues should, as far as possible, bo tho surplus arising from tho war
activities.
^Ono notable weakness, however, has already developed in this plan.
This concerns tho many young corporations and others which, during tho
stated pro-war period, mado only negligible or no profits.
It would bo au unfair proposition to compute tho excess profits tax on
such corporations upon tho same basis as those which did a moro profitable
business during tho pro-war period. In tho latter easo tho tax would apply
only after a very substantial allowance or exemption hail been mado on
tho basis of avorago profits, which in tho case of tho class of corporations
to widely I have referred tho tax would apply literally “from tho ground
upward.
Tho growing business corporation and thoso which, for special
reasons, had had lean years immediately before tho war would thus bo mado
subject to a much wider raugo of taxation than their moro prosperous

competitors.




cheerfully and promptly and at their O vn expense, and they expect and
A
dosire in addition to bear their just burden of taxation.
The newspapers recognize the need of special A taxes, and they A
var
vill
pay any rate of taxes that Congress finds it necessary to impose on all other
legitimate and necessary businesses.
As for the postal rates, they have been based for generations upon a
public policy that the diffusion of knoAvledgo and information in news
papers and periodicals A necessary to tho unity and Avelfare of the nation,
vas
and therefore ought to be encouraged by moderate postage rates. If this
policy is noAv, after moro than half a century, to be reA
’crsed, it should be
done only after full consideration and investigation; it should be done only
in the public interest and not in the guise of a war tax upon a business Avhich
is neither a A profiter, a luxury, nor ono properly subject to punitive
var
taxation.
Tho publishers’ committeo comprised E . H . Baker of the
Cleveland “ Plain Dealer,” Norman E . M ack of the Buffalo
“ Tim es,” Urey Woodson of the Owensboro, K y ., “ Demo
crat,” Fleming NeAvbold of the Washington “ Star,” H. U.

2504

THE CHRONICLE

[Vol. 104.

Brown of the Indianapolis “ N ew s,” M . F . Hanson of the
.Philadelphia “ Record,” E . Lansing R ay of the St. Louis
“ Globe D em ocrat,” and L . B . Halmer, general manager of
the American Newspaper Publishers’ Association.
On June 18 the Publishers’ Association, representing the
daily newspapers of N ew Y ork C ity, announced its protest
against the proposed tax on newspaper advertising on the
following grounds:

railroads, operated as a unit, could be mobilized so as to care for the
shifting seasonal demands.

account is contained in a report of tho Federal Trade
Commission presented to Congress on June 20.
The
Commission offers this recommmendation as the only
m sans of avoiding a disastrous coal shortage next winter.
The report sets out that:

The recommendations in the report aro approved by Com
missioners Davies, Colver and Fort. Chairman Harris dis
sents on the plan for a transportation pool, excopt as a last
resort, and suggests instead “ that during the war the President
be authorized to order rail and water transportation agencies
to give preference to shipment of coal, coke and other com
modities in the order of their importance to the public wel
fare.”

Attention is called to tbe fact that Great Britain, France,
Russia, Italy and Germany have found it necessary during the
war to take over control of their coal industries in varying
degrees.
The example of the European Governments in the present
war is cited for such action as is proposed by the Commis
sion thus:

(1) Tho groat increase in the cost of all materials -which enter into the
Our predecessors in this world war have had to solve tho fuel problem
manufacture of newspapers has seriously affected tho newspaper industry.
(2) A tax on gross income from advertising would be more than a double which lies at tho base of every military and industrial activity. They have
tried various experiments, and their failures and successes may well guide
tax, because newspapers at present pay 2% on their corporation income.
(3) In time or crisis, advertising, the strongest promotive force in busi us in our search for a solution.
In England the Government took complote control of tho coal mines
ness, should not be crippled.
(4) By giving generous space and publicity to plans for financing tho war after less radical methods of regulation failed. Tho French Government
has divided Franco into three canal zones in order to equalize distribution,
and raising a great army, newspapers are supporting the Government at
and the Government becomes the solo vendor. On May 2 1917 tho Russian
great sacrifice to themselves.
(5) The newspaper press is one of tho most important and powerful Provisional Government took over all tho coal mines of that country with
weapons of tho Government in the prosent war and its strength should not a view to control tho coal distribution and prices. Soon after tho outbreak
of the war Germany took measures to still further centralizo and control the
bo reduced, or its influence weakened, by oppressive taxes.
(6) Instead of being penalized, the co-operation of newspapers should whole coal industry of the Empire under Government administration. Tho
be sought by tho Government which should make tho utmost possiblo use Italian Government imports all tho coal brought into tho country and acts
as a clearing house for its distribution.
of newspaper publicity.
All tho nations at war havo relieved coal miners from military duty,
(7) Newspaper publishers will carry their full sharo of tho financial
burden of tho war, but they protest against discriminating and confiscatory urging that their greatest service to tho State can bo performed by remaining
in their regular employment. Already, in this country, tho ranks of tho
taxation.
____
miners are being seriously depleted by enlistment.
In tho anthracite industry in this country coal has been traced from
T R A D E C O M M IS S IO N W A N T S PO O LIN G I N G O VERN 
point of production to consumption. Weekly reports aro required from
M E N T H A N D S OF COAL A N D R A IL R O A D
producers and jobbers wherever needful, with the result that as regards
domestic sizes, high-premium coal has largely been eliminated from tho
PR O PE R TIE S.
market and speculation and inordinate profits havo been cut in tho wholesale
A recommendation that the production and distribution of
trade in these sizes.
coal and coke be conducted through a pool in the hands of
During tho first two months of tho coal year (April and May) there has
the Government and that the rail and water transportation been an incrcaso in the production of anthracite of 2,433,000 tons, as com
pared with the same months of 1916. This is an increase of 24% and should
agencies be similarly pooled an operated on Government havo been translated into a distinctly favorable condition of tho market.

The present production of bituminous coal the country over is about 40%
short of tho possiblo maximum, and tho limitation is solely charged as a
primary cause to faulty rail Transportation. Tho present demand for coal
is unprecedented, but tho mines now open are capable of filling this demand
if adequato car supply is furnished.
The Commission believes that the coal industry is parlyzlng tho industries
of tho country, and that the coal industry itself is paralyzed by the failure
of transportation.
The Commission believes that there are enough coal cars in tho country
but that there aro not enough coal cars delivered at the mines, and that
loaded cars are not moved to tho point of consumption with the greatest
expedition nor are they promptly discharged.
The coal problem cannot be worked out as long as tho railroads aro al
lowed to divide and allot traffic: to lay embargoes without regard to their
Immediate effect upon industry or tho systematic distribution of coal; to
give priority to the movement of high freight rate commodities, and to use
the device of the “ long haul.”
Whatever remedy may be applied should be applied as immediately as
possiblo, for time is passing and no human power can supply tho factor of
time lost. Time is necessary to build up tho stores of fuel at distant points,
and that storage should begin without unnecessary loss of an hour.

President Rea of the Pennsylvania Railroad, according to
the “ Tim es” of yesterday, issued tho following statement on
Thursday, expressing regret that the Federal Trade Com 
mission should make such far-reaching recommendations at
a time when the railroads’ war board and the railroads were
producing important results in their effort to co-operate
with the Government in the present situation.

I regret that at a timo like this, whon the railroads of tho country and
tho shippers aro exerting every effort to make the railroads of the greatest
possiblo uso to the Government in the prosecution of the war, tho Federal
Trade Commission should make such far-reaching recommendations re
specting tho railroads, based on what is evidently an incomplete investi
gation.
In view of the work which the Railroads’ War Board has accomplished,
In view of these conditions, the Commission recommends:
First, that tho production and distribution of coal and coke bo conducted in co-operation with tho Government and tho shippers, and tho results
through a pool in tho hands of a Government agency ; that tho producers of already produced through better car loading and more prompt unloading
various grades of fuel bo paid their full cost of production, plus a uniform of cars. I cannot understand why tho Federal Trade Commission should at
profit per ton (with due allowance for quality of product and efficiency of this time recommend that tho Government tako over and oporate tho
service); and, second, that the transportation agencies of the United States, railroads.
According to the
railroads of tho United
both rail and water, bo similarly pooled and operated on Government ac States in May 1917, Government's own figures, thomore cars of bituminous
hauled from the
count, under tho direction of the President, and that all such means of than they did in May of last year,minos 142,157 about 24%—approxi
an Increase of
transportation bo operated as a unit, the controlling corporations being
paid a just and fair compensation which would cover normal net profit, mately 7,000,000 tons.
Neither I nor any of my associates on the Railroads’ War Board havo had
upkeep and betterments.
any communication from the Federal Trade Commission on the subject,
A n urgent necessity exists for immediate legislation to notwithstanding wo havo been in Washington for tho last two months
correct conditions, says the report, because the usual spring carrying out tho pledges of tho railroads of tho country to unify tlioir sys
tems and co-ordinate their operations to produco a maximum national
and summer accumulation of coal stocks at points distant transportation efficiency.
.

from producing districts “ is not now taking place, but it
must be made during what remains of the summer unless
the country is to face next winter a most serious and irre
parable situation.”
Discussing the proposed remedy, the
Commission says:

If the producer at each mine wero paid his full cost of production with al
lowances for depletion, maintenance, upkeep and all the usual items, and
to this wero added a fixed and uniform net profit per ton. with duo regard
to quality, tho coal thus produced, at widely varying costs, if pooled, could
bo sold through tho Government at an average and uniform price, quality
considered, which would bo entirely tolerable to the consuming public,
and a price much lower than could bo fixed if an effort wero mado to fix a
uniform price to the producer. It would seem that steady employment,
fair compensation to labor and capital, equitable distribution and stable
prices could be secured.
The railroads of the country, if operated as a unit, and on Government
account, could bo used to transport coal and other products by tho most
direct route to their point of destination, and the efficiency of tho roads
themselves, existing rolling stock and motive power, would bo vastly
increased.
. ,
. .
All receipts from all rail and water transportation agencies being pooled
in tho hands of tho Government, and all expense of operation being paid
from the common fund, each individual company should be paid a just
compensation which might be measured by tho average annual net profit
and expenditure for maintenance and betterments for tho five-year period
prior to the war.
The operation both of tho mines and of the transportation agencies could
bo carried on by tho present employees and officials, and after tho war they
could bo returned unimpaired to private operation. Tho rolling stock of




Announcement that an agreement bad been reached with
all shippers of tidewater bituminous coal to pool their
products at the ports of New York, Philadelphia, Baltimore,
and Hampton Roads was made by Fairfax Harrison of the
Railroads’ W ar Board on June 21. His statement said:

An agreement reached to-day by all shippers of tldowatcr bituminous
coal to pool their coal at the ports of Now York, Philadelphia, Baltimore
and Hampton Roads will, it is estimated, effect such a saving in tho use of
coal cars as to enablo the railroads to haul to these ports 6,640,000 tons more
than they did last year, when thoy hauled 31,000,000 tons. This arrange
ment was brought about through tho co-operativo efforts of tho Committee
on Coal Production of tho Advisory Commission, Council of National De
fense, and the Railroads’ War Board.
Under the new plan, instead of shippers sending 1,166 kinds of coal to
tho Atlantic seaboard, thoy will reduco tho number to 41; when coal of a
certain grado is wanted for a steamer, tho coal of that kind of any and all
shippers will bo used to fill tho order. Coal men havo sacrificed longestablished trade names in tho adoption of this plan, and from now on coal
will bo coal when it gets to tidewater, and thero will no longer bo any holding
of coal in freight cars until one shipper accumulates a full cargo of a par
ticular grade.
Tho uso of 133.000 freight cars will bo saved by this pooling arrange
ment, it is thought. Delays to cars at ports will bo cut down, and a very
large part of tao shifting of cars at tldowatcr terminals will bo eliminated.
To manage tho bituminous coal pool, tho shippers havo organized tho
Tidewater Coal Exchango, with offices in Washington, and with Rembrandt
Pealo of New York as General Commissioner. An Executive Committee is

June 23 1917.]

THE CHRONICLE

comjjoscd of Arthur Halo, Vice-President of Consolidation Coal Co., Chair
man; S. P. Hutchinson, President of Westmoreland Coal Co.; E. B. Chase
of Berwlnd Coal Co.; L. A. Snead, Sales Manager of White Oak Coal Co.,
and Mr. Pealo.
It was stated on the 21st that President Wilson had given
his support to a resolution introduced by Senator Pomoreno
to empower the Government to fix coal prices. It proposes
that, for war purposes or other emergency, the Federal
Trade Commission shall bo authorized to fix coal prices, and
in event of disagreement with the operators the Govern
ment shall tako over and operate coal mines, with an agree
ment for fixing compensation of the operators at a later date.
President W ilson, according to Senator Pomerene, is “ in
full sympathy” with the objects of his resolution, believing
tho coal situation acute, and prices far too high.

GOVERNMENT T COMMANDEER STEEL SHIPS NOW
O
UNDER CONSTRUCTION—THE EMERGENCY
FLEET CORPORATION.
M ajor General George W . Goethals, General Manager of
tho United States Shipping Board Emergency Fleet Corpora
tion, on Juno 15 at tho conclusion of a conference in Washing
ton between tho country’s steel shipbuilders and the Shipping
Board made known the intention of tho Government to
tako over immediately the vast amount of steel merchant
shipping now under construction or contract in tho United
States. It is expected that a proclamation will shortly bo
issued by the President carrying tho plan into effect. Tho
President will act under authority of the Administration
war budget bill, which, as noted in another item, became a
law on tho 15th inst. Tho law vests in the President vast
powers in respect to tho requisitioning of men and materials,
ships, shipbuilding plants and allied industrials, and also
authorizes tho expenditure of 8750,000,000 for tho construc
tion and operation of an American merchant marine. After
the conference on tho 15th inst. M ajor General Goethals
issued tho following statement:

Tho object of tho meeting was to confer regarding a program for clearing
tho ways by expediting tho work on ships now building. There wore ship
building mon here from Bath. Mo., to San Francisco. Tho builders will
mako a careful survey of what can bo done in tho way of expediting existing
contracts, and as to tho ability to tako on other contracts, and report at an
early moment. Wo also want figures on costs of labor and material.
Tho shipbuilders will bo facilitated in overy way possiblo from this end of
tho lino, and any difficulties they have in obtaining material will bo removed
so far as it is within our power to do so.
Tho program contemplates the taking over of all ships now under construc
tion, so that tho building can proceed and be handled most efficiently
and tho work expedited. That contemplates tho talking ovor of everything
now on tho ways and under contract of a cargo-carrying nature.
According to figures compiled by tho Secretary of Com
merce in rosponse to an inquiry from tho Senato, there wero
on M a y 1 approximately 2,000,000 tons of steel shipping
under construction and contracts in yards in tho United
States. Only by taking over contracts for itsolf can the
Government speed construction, because, it is said, Congress
has failed to givo it power to rush building for privato owners.
General Goethals told tho shipbuilders in conference on tho
15th that ho expected to turn out within tho next eighteen
months fully 3,000,000 tons of steel shipbuilding. Steel
companies, ho is quoted as having said, havo agreed to
furnish onougli steel to build 800,000 tons a month. About
1,000,000 tons of tho shipping under construction in American
yards or contracted for, it is stated, is for British account.
This tho British Government, dispatches from Washington
on the 15th inst. said, havo agreed to turn over to tho United
States voluntarily. Tho vessels, as fast as they aro built,
aro to bo chartered by tho Shipping Board to privato operators
and in somo instances to tho Alliod Governments. A t tho
conference on tho 15tli inst. it was said that tho chartering
of tho vessels to privato operators for single or continuous
voyages will roliovo tho Board of tho dotail of operating
largo floots, but under its control of shipping it can still
direct tho uso of any vessel it owns or thoso owned by privato
concerns. Tho Government, it was made clear at tho con
ference, is determined that in commandeering ships it will
not pay ficticious values, but will force sellers to tako actual
valuations for thoir property.
Tho United States Shipping Board Emergency Fleot
Corporation, which is headed by M ajor General Goothals,
and which has boon referred to in these columns horotoforo,
was chartered in tho District of Columbia on April 17. Its
capital stock at tho timo of its organization was 850,000,000,
all of which is hold by tho United States Shipping Board.
Tho corporation, whoso principal placo of business is in
Washington, was formed for tho purchase, construction,




2505

equipment, lease, charter, maintenance and operation of
merchant vessels in the commerce of the United States. The
incorporators, who aro also trustees for the first year, were
as follows:

George W. Goethals, New York; William Denman, San Francisco, Cal.;
John A. Donald, New York; William L. Soleau, Washington; Richard H.
Bailey, Jr., Washington; Timothy C. Abbott, and Ellsworth P. Bertholf,
Washington.

THE GOVERNMENT AND STEEL PRICES.
It was announced yesterday that the Federal Trade Com 
mission will shortly, be asked by William Denm an, Chairman
of tho Federal Shipping Board, to fix a uniform price for steel
and steel products for all industries throughout the country.
Tho Commission will be asked to name a fair price wTiich
will afford the producers a fair profit not only on steel, but
on pig iron, iron ore and every other material entering into
tho manufacture of steel. The method of procedure, it is
stated, will be for the Commission to suggest to all iron and
steel manufacturers and ore producers that they unite and
name a price themselves, subject to the Commission’s ap
proval. Should they decline to adopt this course the G ov
ernment has power to commandeer the plants. The present
program calls for the fixing of prices of all grades and kinds
of steel and iron, including structural steel, steel plates, steel
rails and pig iron, both foundry and basic. It is pointed
out that iron and steel for use in the manufacture of harves
ters and other agricultural implements is necessary for the
national defense to a degree secondary only to the need for
steel in constructing the proposed merchant fleet. It is said
that the Commission also might find it necessary to fix the
price of manganese, limestone and other elements entering
into tho manufacture of pig iron which in turn enters into
the manufacture of steel. Inquity into production, prices
and transportation of coal, steel, copper and other basio
materials over which Government supervision may be exer
cised during the war was decided upon yesterday by the
Senato Inter-State Commerce Com m ittee. Coal will be the
first subject taken up next Tuesday. Chairman Newlands
explained that, as present legislation contemplates control
only of food, the Committee will consider whether such con
trol should be extended to coal, iron, steel, their products
and other raw materials, as well as their transportation.
It was announced yesterday that a sweeping measure
authorizing the Federal Trade Commission, upon direction
of the President, to fix prices on life’s necessaries had been
introduced in tho Senate by Senator Borah of Idaho as an
amendment to the food control bill. He would have the
price fixing apply to steel, coal, oil, farm implements,
fertilizer, meats, bread, flour and “ such other foods as the
President may stipulate in a proclamation” and also articles
of clothing commonly worn by wage earners and farm
laborers.
It became known this week that M r . Denman had de
clined last week to sign contracts made by General Goethals
for ten ships to be built by a New York concern because of
the high price allowed for steel. W ith regard to the sugges
tion that steel mills would hold out for a price of 895 a ton
for steel used for merchant vessels to be built by the Govern
ment, M r. Denman on the 17th declared:

I shall sign no contracts at that figure. Tho price is absurd, when the
navy is getting steel at $30 a ton less.
In a statement on the 17th General Goethals, General
Manager of the Emergency Fleet of tho Shipping Board,
said that tho price of steel would be left to the Committee
on Raw Supplies of the Council of National Defense, and
contracts would be let with the understanding that prices
determined on by the Committee would govern present con
tracts also. Chairman Denman on the samo day stated
that the Committe would act in an advisory capacity. M r .
Donman was quoted as saying:

I feol that wo would embarrass tho Committee if wo wero to embody in
contracts now General Goethals’s tentativo agreement with tho steel men
for $95 a ton for steel because in so doing wo would give respectability to a
price which on its face is absurd for the Government to contemplate.
Some contracts, it is said, have been let at 895. M r .
Denman explained that they were let where tho shipyards
already had commitments for steel at that price, and that
since tho Government now can control prices through the
power to commandeer, no more contracts will bo let at that
figure. Tho Congressional appropriation for shipbuilding
made available with passage last week of the W ar Budget
bill, was based on $95 steel, on a program presented by the
Fleet Corporation. Whatever the price, M r . Denman said
on tho 17th, shipbuilders will get the same profit on building,
and no controversy over the price will bo allowed to interrupt
tho building program. In a contract signed by Chairman

Denman on the 18th inst., a basic price of $56 20 a ton for
the steel ships is said to have been fixed. Future contracts,
it was said, would be let at that price instead of $95 in somo
of the earlier contracts.
The prices to be paid for steel were discussed at a con
ference in Washington on June 21, at which James A .
Farrell, President of the United States Steel Corporation,
represented the steel manufacturing interests. Others in
attendance were Chairman Denman, of the Shipping Board;
Major-General Goethals; Frank A . Scott, Chairman of the
General Munitions Board of the Council of National Defense;
Bernard M . Baruch, Chairman of the Committee on Raw
Materials of the Council of National Defense; and Howard
E . Coffin, Chairman of the Aircraft Production Board.
It is said to have been intimated at the conference that the
whole question might go to the Federal Trade Commission
with a final price to be fixed after an investigation of steel
manufacturing costs. Government officials present, it was
said, favored such a scheme. M r . Farrell was told that the
Shipping Board would not pay more than $65, tho price now
paid by the navy, and that it was believed that the price
should be even lower.
The “ T im es,” in stating, in its issue of yesterday, that “ big
business and the Government locked horns” at the confer
ence, added:

Big business, io was intimated by some after the conference, was anxious
about recent developments, which came to a climax with the recommenda
tions of the Federal Trade Commission yesterday (the 20th) that tho
railroads, coal mines and coke-producing companies be operated by the
Government.
Several steps, taken previously to that of yesterday and apparently
sanctioned by President Wilson, are:
1. Reduction by Bernard Baruch of tho Advisory Board of the Council
of National Defense of the price of copper from 32 to 16 cents a pound.
2. Refusal of Secretary Daniels to sanction tho payment of $2 95 a ton
for coal, as recommended by Francis Peabody, of tho Coal Production
Committee, and insistence that they must deliver coal at $2 25 a ton.
3. Reduction of oil prices by Secretary Daniels, under power to com
mandeer, from $1 85 a barrel to 85 cents.
4. Threat by Daniels which induced steel concerns to agree to furnish
steel for warships at $65 a ton.
5. Refusal by William Denman, President of the Shipping Board, to
sign contracts for steel for merchant ships at $95 a ton, leading to the fixing
of a tentative price of $56.
6. Enactment of a bill to authorize the President to decide what froight
shall have priority on the railroads, thereby increasing his control of
transportation.
7. Provisions of pending food legislation which give the President control
over food prices and distribution, and under which, according to tho
President, Mr. Hoover will have full authority to handle the food situation
in tho interest of tho people.
8. Regulations being formulated in accordance with the Espionage Act
which give tho President unprecedented power to put an embargo on
exports to foreign countries.
Following a conference on the 20th inst. between Secretary
Daniels of the N avy Department and the Federal Trade Com
mission on the subject of the cost of production of coal, oil,
copper, cement and iron ore as the basis for Government
contract prices, Secretary Daniels, according to the “ Journal
of Commerce,” said:

The Trade Commission is investigating the cost of production of coal
oil, copper,.cement, iron ore and other products, which Information we
must have before we can determine what price the Government should
pay. In some cases—coal, for instance—I have fixed a tentative price,
but in most cases I have ordered the supplies we need for uso in the near
futuro, subject to determination of tho price later on tho basis of cost of
production with the addition of a reasonable profit. Beyond that figure
I am not willing to pay.
There is no justification for a tremendous increase in prices of basic
materials. Tho Almighty put these things in the ground and tho only
additional cost over normal times is In getting them out. Congress has
appropriated so many millions for tho navy, expecting it to buy so much
of theso supplies. If the price is doubled it moans that wo will get only
half as much as was expected from a given sum and will require that much
more money from tho Treasury.
Under the law tho President is authorized to fix a reasonable price for
what is needed for the navy. There is no disposition whatever to cause
any hardship to tho producers. We are perfectly willing and intend to
pay them a fair, even liberal, profit, but we will not pay exorbitant prices,
such as are being quoted in some instances.
It is difficult, it is true, to determine tho cost of production In an ontire
industry, becauso it varies so widely with different companies. Ono com
pany which has a rich vein of copper can produce it for perhaps half what it
costs a concern which has a poor vein. It is the same way with coal mines.
These are tho problems which aro being worked out by tho Trade Com
mission, which will not primarily recommend prices, but will give the cost
of production as the basis for fixing the rates to be paid for supplies for the
navy.
When the Commission has made its report on the cost of production, a
reasonable profit will be added and tho prico will be fixed, after full knowl
edge of costs, in accordance with authority conferred by Congress.
HOUSE

[VoL. 104.

THE CHRONICLE

2506

PASSES

WEBB

C O M B IN A T IO N S IN

BILL

PE R M IT T IN G

EXPORT TRADE.

The W ebb Bill, designed to promote export trade by
legalizing joint foreign trading agencies of American exporters,
was passed by the House on June 13 by a vote of 240 to 29.
Tho Senate has still to act on the bill. A similar measure
passed the House at the last session of the last Congress, but




failed of action in the Senate. It is designed to remove the
doubts in the minds of American exporters as to the construc
tion that should be placed upon existing anti-trust laws as
applied to organizations engaged in export trade. All the
other great commercial nations permit similar organizations.
Sponsors of the bill say its enactment would enable American
exporters to fortify themselves for after-the-war competition.
RESULT

OF

N A T IO N A L

DRAFT

R E G ISTR A T IO N — A N T I 

PLOTS A N D

C O N VIC TIO N S.

Final returns of the total number of men between the
ages of 21 and 31, both inclusive, who registered on June 5
under the provisions of the selective army law were an
nounced yesterday at Washington to be 9,649,938. Provost
Marshal General Crowder, it is said, considers the returns
virtually a 1 0 0 % registration. W ith the addition of tho
eligibles already in the army and navy who were not required
to register, the total will be brought well over the 10,200,000
estimated by the Census Bureau.
New York State leads
all others,
1,036,573 registering in this State alone,
according to a telegram sent on June 12 by Governor W h it
man to Provost Marshal General Crowder at Washington.
The registration in New York State was dividend as follows:
white, 750,439; colored, 18,954; alien, 236,008; alien enemies,
31,172. It had been estimated that the eligibles would
number 1,100,206. Tho period of leniency which tho W ar
Department had established in order to give a further oppor
tunity to all men (who for various reasons failed to register
on June 5) to enroll their names, came to an end on Juno 11,
and orders were issued by the W ar Department on that day
for the arrest of every man between the ages of 21 and 31,
both inclusive, who could not show a certificate of regis
tration for war service, and to prosecute violators vigorously.
After a trial lasting only two days two alien anti-conscrip tionists, Louis Kramer and Morris Becker, tho anarch
ists convicted in the Federal Court in this city on Juno 12
of conspiracy to dissuade men of conscript ago from register
ing under the provisions of the army selective draft law, were
sentenced on June 13 by United States District Judge Julius
M . M ayer. Kramer had also been indicted on a second
charge for refusal to register. H e and Becker, with Joseph
Walker and Louis Sternberg, were arrested at a so-called
“ peace meeting” at Madison Square Garden on tho night of
M a y 31. The specific charge was that they distributed
seditious literature and urged men not to register. Walker and
Sternberg Were acquitted by the jury. Kramer received the
maximum sentence under the law, three years, and a $10,000
fine. Judge M ayerin pronouncing sentence on Kramer stated
that he would ask the Secretary of Labor to deport Kramer
to Russia (whence he came when a child) after his prison
term had been served. A Federal law permits deportations
of any immigrant who has been twice convicted of crimo.
Becker was sentenced to serve one year and eight months in
Brooklyn, two other individuals were sentenced to prison
terms on the 13th inst., by Federal Judge Chatfiold. Ono
of them, Benjamin M ongo, who acceptod tho court’s offer
to register, was sentenced to one day in the Raymond Street
jail. The other, Herman P . Levino, a public school teacher,
was sentenced to serve a term of eleven months and twentynine days. He professed being a conscientious objector and
made a speech about the unconstitutionality of tho army
selective draft law.
A t an anarchist’s meeting in the Forward Hall, 175 East
Broadway, in this city, on the night of June 14, a number of
men were arrested for failure to produce cards showing that
they had registered, and for professing, to bo anarchists.
Em m a Goldman and Alexander Borkman, the anarchist
leaders, were arrested on June 15 on a Federal warrant
charging them with conspiracy to prevent registration, and
upon being arraigned before U . S. Commissioner Hitchcock,
were held in $25,000 bail each to wait the action of tho Grand
Jury. They were indicted by the Federal Grand Jury in
this city on June 21 on a charge of conspiracy to obstruct the
enforcement of the selective draft law. M iss Goldman was
later released in $25,000 bail.
Charles Kronenbergy a Socialist of Jersey C ity, was
arrested on M a y 31 and when arraigned on Juno 2 before
Judge Leo Sullivan in the First Criminal Court, Jorsoy City,
he was charged with treason by tho Federal authorities and
held a prisoner on tho accusation that he “ did treasonably
obstruct or attempted to obstruct tho operation of the law
concerning the registration of males between the agos of 21

J

une

23 1917.1

THE CHRONICLE

an d 31 b y distribu ting literature ca lcu la ted to arouse an
tagonism and o p p osition to tho laws o f the U n itod States,
thus g ivin g aid an d co m fo rt to tho enem ies o f the U n ited
S ta tes.”
H is caso w as tho first in the State in w h ich the
charge o f treason w as e m p loy ed in the prosecu tion o f an ti
d ra ft prison ers. A s the p en a lty o f treason is d ea th , U n ited
States C om m ission er A d lor in C incin na ti on Juno 2 refused
to allow a n y on o o u t o f eleven m en charged w ith treason in
th a t c ity to plead g u ilty o f tho ch a rge. I t was alleged that
th ey h ad d istrib u ted seditiou s and treasonable literaturo
con cern in g a n ti-con scrip tion .
Ju dge D a n iel B ird in tho C ircu it C ou rt at K an sas C ity ,
M o ., o n M a y 31 denied an in ju n ction to p rovon t State
officials from en forcin g tho arm y selective d ra ft legislation.
T h e a p p lica tio n for tho in ju n ction w as signed b y R a y m o n d
I . M o o re and T h om a s It. Su llivan, and was d irected against
* tho G o v e rn o r o f tho State, the M a y o r o f K an sas C ity ( M o .) ,
tho election com m issioners, and tho sheriff o f tho c o u n ty .
I t set fo rth th at tho arm y selective d ra ft law w as u n con sti
tu tional becauso it w ou ld m ean ‘ ‘ in volu n ta ry se rv itu d e .”
Ju dge B ird held th at tho draft law w as v a lid an d th at his
co u rt had no ju risd iction to p reven t it boin g carried ou t.

POLICE COMMISSIONER WOODS RESENTS INTER
FERENCE OF SOLDIERS IN POLICE WORK.
P o lice C om m ission er W o o d s o f this c ity on tho 19th inst.
protested to tho N a tion a l G u a rd au th orities o f tho State
against tho fu rth er in terferen ce o f u n iform ed soldiers in
tho w o rk o f p o licin g tho c it y . C om m ission er W o o d s based
his a ctio n o n o fficia l rep orts th at N a tion a l G ua rdsm en had
croa tod disord er at the recen t E a st Sido a n ti-con scrip tion
m eetings b y ba rricadin g d oors o f tho m eetin g halls, ar
resting m en w ith o u t w arrants an d draw ing their w eapon s
to in tim ida te street crow d s. T h o N a tion a l G u a rd au th ori
ties h ave don ied a n y co n n ection w ith tho activities o f the
soldiers, saying th at th ey h ad acted on their ow n in itia tive.
I t is said th at C om m ission er W o o d s in his p rotost to tho
N a tio n a l G u a rd au th orities inado it plain th at h ereafter tho
P o lico D e p a rtm e n t intends to m aintain ord er at pu blic
m ootings w ith o u t tho aid o f tho u n iform ed soldiers. T h e
C om m ission er’s protest had on o result, in th a t on the 19th
inst. C olon ol E lm oro F . A u stin , com m a n d er o f tho 8th
C o a st D efon so, an n oun ced th a t ho h ad issued ordors to the
m en u n der h im , forb id d in g them to a tton d p u b lic m eetings
in u n form . M r . W o o d s w as u rged to p rotest against tho
a ctivities o f tho soldiors b y a co m m itte e , c o m p o s e d o f tho
R o v . N o rm a n T h om a s, M iss A lice L ow isoh n , R o g e r N .
B a ld w in , G ilb e rt R o o , L . H ollin g sw orth W o o d and O sw ald
G arrison V illa rd .

URGENT DEFICIENCIES APPROPRIATION PILL
SIGNED BY TIIE PRESIDENT.
•
T h o A d m in istra tion s w ar b u d g et b ill, ca rryin g a p p rop ria 
tions o f $3 ,340 ,0 00 ,0 00 , requ ired b y the G overn m en t for
n a tion a l defense, w as signed b y tho P residen t on Juno 15.
T h o bill a p propria tes the largest su m , it is said, over v o te d
a t ono tim e b y an y legislative b o d y . T h e m ost im p ortan t
singlo p ro visio n o f tho m easuro is the a p p r o b a t i o n o f $ 7 50 ,
00 0,000 fo r tho purchase an d con stru ction o f an A m erica n
m orch a n t m arine, o f w hich $ 4 0 0 ,0 00 ,0 00 is m a de im m e
dia tely a vailab le. T h o m easure, as n oted in these colum ns
o n Juno 9, was sent ba ck to con forcn co for a third tim e b y
tho H ouse on June 7 after th at b o d y had rejected tho rep ort
o f its conferees accep tin g a Senato am en d m en t for an a p p ro
priation o f $3,000 ,0 00 for tho purchaso and fittin g ou t o f
tho Jam estow n E xposition as a n aval
training sta
tion and n aval base. T h e H ou se re jected tho Jam estow n
am en d m en t b y a v o te o f 184 to 114, becauso it o b je cte d to
tho p a yin g o f $1,400,000 for tho purchaso o f tho Jam estow n
p ro p e rty . T h o Senato on Juno 11 b y a v oto o f 48 to 22
agreed to send tho bill ba ck to con feren ce, an d on Juno 12 an
agreem en t was reached b y tho con ferees, w h ich p rov id ed for
tho cu ttin g d ow n o f the $1 ,400 ,0 00 a p p rop ria tion to $ 1 ,
2 0 0,00 0, an d leavin g w ith tho P residen t tho responsibility
fo r tho purchaso o f the p rop erty . T h e P resid en t is to tako
im m ediate possession o f tho p rop osed sito, fix a reasonable
p rice, and in tho ev en t that such prico is u nsatisfa ctory to
tho prosont ow n ers, to p a y such ow ners 7 5 % of tho prico so
fixed and perm it them to sue tho U n ited States for tho
rem ainder. T h o final con feren ce rop ort o n tho bill was a c
ce p te d b y tho H ou so w ith ou t a roll ca ll, on Ju n o 12, an d b y
tho Senato on Juno 13. P residen t W ilson on Ju n o 12 sent
to C hairm an P a d g e tt o f tho H ou so N a v a l C om m ittee a




2507

letter tran sm ittin g a com m u n ica tion from S ecretary o f th e
N a v y D an iels, saying th a t he regarded it as essential th a t a
n aval base an d training station be established at H a m p to n
R oa d s at the earliest p ossib le da te. T h e P resid en t’ s letter,
as m ade p u b lic u pon its receip t b y M r . P a d g e tt, read as
follow s:
.
M y Dear M r. Padgett: I understand that the House will to-day be con
sidering the proposition of the establishment of a naval base, and I take the
liberty of availing myself of this opportunity to ask you to say to the
House how essential It seems to me that a naval baso and training station
should be established, and established at tho earliest possible date, at
Hampton Roads.
I have considered this matter from a great many points o f view, and am
moro and more impressed with tho immediate necessity for such a training
station. If it cannot bo had, and had promptly, tho most serious embar
rassments will ensue. I sincerely hopo that it will be the wish o f tho House
to take the necessary steps for its establishment. Cordially and sin
cerely yours,
WOODROW WILSON.

KILL GIVING PRESIDENT POWER TO DETERMINE
PRIORITY OF FREIGHT SHIPMENTS.
T h e N ew la n d s b ill, em p ow erin g the P residen t to o rd e r
p riority in railroad tran sp ortation o f tro o p s , w ar supplies
an d necessities, w as passed b y the Senate on Ju n e 16 b y a
v iv a v o ce v o to . T h o m easuro is designed to p reven t the
ob stru ction o f inter-Stato com m erce, an d au th orizes th e
P residen t to d irect th a t shipm ents o f com m od ities “ essential
to the prosecu tion o f the w a r” be g iven preference to trans
p orta tion .
In its original form the bill a u th orized the P residen t,
“ w hen ever in his ju d g m en t such a ction is necessary to the
p u b lic sa fety and defense, to direct th at certain kinds o f
tra ffic, or particu lar sh ipm ents, as m a y be d eterm in ed b y
h im , shall have preference or priority in tran sp ortation b y
a n y com m o n carriers b y railroad or w ater, under such ar
ra n gem ents, rules an d regulations as he m a y p rescrib e .”
T h e Senate, h ow ev er, am end ed the clause an d as ch a n ged it
au th orizes the P residen t, “ if he finds it n ecessary for the su c
cessful prosecu tion o f the w ar, to d irect th at such tra ffic
shipm ents o f com m od ities as m a y be essential to the prosecu 
tion o f the w ar shall have preference o r p riority in tran sp or
ta tion b y a n y com m on carrier, b y railroad or w ater, under
such rules an d regulations as ho m a y p re scrib e .” A c co r d in g
to the “ T im e s ,” Senator N elson o f M in n e s o ta , w ho offe re d
this su bstitu te clause, explained th at it grea tly circu m scribed
tho p ow er o f tho P residen t, in th at it con fin ed the P resi
d e n t’s a u th ority o f co n trol to w ar necessities and w ou ld n o t
perm it seizure o f railroads. A n oth er change in the bill c o n 
sists in tho elim in ation o f p ow er to the P residen t to enter
in to agreem ents w ith railroads fo r a d ivision o f earnings w hen
tho P residen t fin ds it necessary to com b in o railroad facilities
in order to expedite sh ipp in g. U n der an am en d m en t b y
Sen ator R e e d , the p ow er to m ake these arrangem ents is tak en
from the P resident a n d con ferred u pon the railroads in v o lv e d ,
the Presiden t to have a u th ority o f a p p ro v a l. T h e a u th o rity
gra nted the President in the original m easure was a tta ck e d
as d ep rivin g the railroads o f the righ t to a d ju st their ow n
business affairs. Sen ator R eed had criticized it as an u surpa
tion b y tho P residen t o f a con stitu tion a l privilege.
T h e Senate also a d d ed a new section au th orizin g th e In te r Stato C om m erce C om m ission , “ after p rop er in vestigation
an d hearing, to require the various ra ilw a y com p a n ies en
gaged in in ter-State com m erce to p ro v id e , w ith all p ro p e r
d isp a tch , su fficien t cars an d eq u ip m en t to p ro m p tly m o v e
and tran sp ort all traffic ten dered to th e m .”
A bill sim ilar to the Senato bill was in trod u ced in th e H ou se
last m on th at the requ est o f P residen t W ilson b y R ep resen ta
tiv e W e b b .

BENJAMIN E. SMYTIIE ON WAR ACTIVITY.
In his annual address as Presiden t o f the N e w Y o r k S tate
B a n k ers’ A ssocia tion , in co n v en tion a t L ake P la cid , on Ju n e
2 1 , B en ja m in E . S m y th e, o f B ron x v ille, stated th a t th e
U n ited States, n otw ith sta n d in g its en tran ce in to the w ar, is
tho brigh test sp ot in the w orld to -d a y . B usiness is n o t as
usu al, ho a d d e d , fo r w ar is unusual, an d so lon g as w e are in
this c o n flict, w ar m u st b o this n a tio n ’s ch ief business.
C on tin u in g, he said:
T o think o f It as a secondary occupation would soon bring about condi
tions which might force us to pay an indemnity to Germany, as the penalty
for not looking tho facts In the face. That trade activity in this country
is remarkable is shown by the fact that the banks of 125 cities last month
reported tho heaviest M ay clearings on record. Seven cities showed the
largest clearings ever reported in any month. This means good business,
notwithstanding the interruption caused by the Liberty Loan and tho
war excitement.
,
Tho steel Industry is being operated at 90% of capacity for tho simple
reason that there are not enough men available to give a maximum produc
tion. Labor Is so well paid, for doing eight hours’ work, that it is bo-

THE CHRONICLE

3508

coming indifferent to tho offer o f bonuses for putting forth extra effort.
There never was a time when thero was such an abundance o f work for the
competent worker to do at unprecedented wages. In fact, it seems there
are two jobs for every person who is willing to work. The labor problem
has been moro difficult to deal with, in consequonce o f arrangements under
way to withdraw many thousand men for military servico. Tho only
apparent solution is a greater utilization o f .women workers who have
rendered such excellent service abroad. Tho London banks have found
women very useful in clerical positions and I believe that our own banks
will find it practicable to put women in the places o f men sent to tho front.
Some largo city banks have already, tentatively, arranged for such a
change, and tho smaller banks out o f town, no doubt, will have to do so as
well.
Wo are in a period o f extraordinary legislation, for tho war has forced
Congress to adopt emergency measures o f great importance. More such
measures may bo adopted in tho effort to regulate tho food supply and to
safeguard tho business o f the country. Tho banks are in a very strong
position, however, to respond to all legitimate demands mado upon them.
The Federal Reserve Board is also a source o f great strength in such a
confused situation as exists to-day and wo may expect from that body such
leadership for the nation as in previous crises has been given by the New
York Clearing House Committee, In respect to tho metropolis. An
immenso amount o f constructive work must be undertaken during tho
coming year, and although the complications aro serious, I havo tho utmost
confidence in the ability o f the American people to emerge with flying
colors from such a situation.
A great deal o f interesting history will bo written before our association
convenes again. Tho whole world is undergoing a process o f readjustment
which is as amazing as it Is complicated. This readjustment will involve
economic changes o f great significance and although the process may bo
tedious, it will hold out tho greatest opportunity for service which the
bankor o f broad vision has ever had. Within a few months the United
States has become a great world power not alono in a political sense, but
but also in a financial sense. There are interesting days ahead and I know
that I voice a sentiment common to all here in saying that it is a great
privilege to bo a banker in good and regular standing in God’s country
to-day. W e aro all dependent upon one another, for in the highest sense,
successful banking depends upon successful co-operation.

MILTON W. HARRISON ON THE IMPORTANCE OF
THRIFT IN WAR.
“ T h e V ita l P a r t T h rift P la y s W ith R ela tion to the W a r ,”
w as discu ssed b y M ilto n W . H arrison , S ecretary o f the
Savings B a n k S e ctio n o f th e A m erica n B a n k ers’ A ssocia tion ,
a t th e annual co n v e n tio n o f the M ich ig a n B a n k ers’ A ssocia
tion a t D e tr o it o n June 19. " T h e grea test e c o n o m y ,” said
M r . H a rriso n , “ w ill u n d o u b te d ly co m e in this cou n try
th rou gh th e exigencies o f w a r. I t w ill b e fo r ce d u p on u s .”
“ T h e V ic t o r y L o a n in E n g la n d , w h ich w as such a su cces s,”
he n o te d , “ w as ta k en b y the peop le— 5 b illio n dollars in
on e d a y w ith o u t th e h elp o f a b a n k , b u t th o p eop le o f B ritain
h ad ta sted th e bittern ess o f w a r, h ad ta sted tho gall o f sor' ro w , an d to g iv e their all m ea n t n oth in g to th em com p a ra b le
to th e grea t issues o f the w a r .” W e q u ote fu rth er fro m his
rem arks as follow s:
Economy is an essential part o f the business o f war. The people of a
nation must eliminate waste and save if they are to be o f the greatest value
to the Government In the prosecution o f a great war. Tho potentialities
o f our own country are beyond conception. They aro largely determined,
howover, by tho efficiency o f tho people in their private affairs. The
United States will bo the greatest factor in the world war if the war con
tinues for a year or more.
In this country, in order to gain the greatest amount o f economy on tho
part o f the people, it essentially must bo a cold proposition, a matter of
education. Herbert O. Hoover only last Sunday made a statement that
a single pound o f bread saved weekly for oach person would incroaso tho
country’s wheat exports 100,000,000 bushels within a year, and this Is only
a small percentage o f what we consume. W e, in this country, must strain
every resourco, each Individual must strain every economy for in supply
ing food and materials to our allies lies the means o f winning tho war.
Over there they havo beon fighting for almost three years, and we havo been
reading the accounts o f their battles in the daily papers. Wo havo beon
interested and absorbed In what they were doing. The Western and East
ern fronts havo held our attention, and wo havo sympathized, but it has
gono no further than that. In a bit over a month we, too. have beon put
upon a war basis. We have floated a loan successfully, yet our people as
a wholo still only maintain their sympathy. Somo realize what tho situa
tion means, but most or us are prone to think that the war will never touch
us. T o hold this attitude o f mind is manifestly erroneous. It is a great
blunder, and if we do not change to tho full understanding that tho battlofront is right on our shores, the result will bo more than disastrous.
Evidence that we know that we are at war is to be looked for In tho
economy o f tho people. The war is not won by great guns and many
soldiers, but it is won by the economy o f the nation’s people. It is won by
their efficiency in producing the necessaries o f life and eliminating waste.
"G od bless the household that boils potatoes with tho skins on” was tho
title o f an ad the American Bankers’ Association got out in tho last Liberty
Loan campaign. In explanation o f the title the ad read:
There is not enough food to go around. Entire nations abroad are
starving— men, women and children are dying like flies to-day, in some
countries, o f plain sheer starvation.
W e must send them millions o f tons o f food, and we will. There will be
less for you. Wake up to it. You will have less to eat.
But you needdess. You wasto enough to supply tho difference. Stop
it. Every time you havo potatoes for dinner you waste enough in tno
peelings to keep a starving ally alivo for a day. Stop it. Don t poel new
potatoes. Buy a five-cent brush and brush tho thin skin off, saving all
the potato. Boil old potatoos with tho skins on. When done the skins
can be peeled without waste.
, „ .
Some Simple Savings.

Make bread pudding from your bread crusts. It s good. Wo loved it
twenty years ago. D on’t market by ’phone, go pick tho foodstuffs out.
D on’t run up bills. Pay cash— you get moro and you savo by it.
Havo fish for dinner twice a week. It s cheaper, very nourishing, and a
splendid brain food.
,
,
Eat corn bread half the time; there is strength and vigor in it, and it
saves whoat. Go through your household affairs— stop waste. Go
through your business affairs. Stop waste.
Turn Potato Peelings Into Cannon.
And buy Liberty bonds.
Future war loans, the providing o f tho sinews o f war, and the success
o f our allies, dopends upon the elimination o f waste. It Is the most vital




[Vol. 104.

factor with relation to the war. I f the people o f tho United States merely
eliminated what they waste it would be sufficient to provide tho armies in
France with rations in abundance. When it is considered that the United
States does ten billion dollars worth of business a week as a provider o f the
armies of the Allies, it can take full responsibility. Every banker, and
every business man should be permeated with this idea and constantly
teach it, preach it, and talk it morning, noon and night. Tho banker is
usually the leading spirit in his community. His influence is wide because
ho is depended upon. What a great help ho can be in throwing himself
enthusiastically and unreservedly into this fight for economy. In Minne
apolis during tho last Liberty Loan campaign, tho school children took
quite an interest. Regardless of the social status of their parents, they
toiled and earned pennies. They brought tho money to the school, and
when put together with thousands o f other pennies, nickels and domes
it amounted to quite a sum, $117,000. Tho school authorities bought
Liberty bonds with this money; that was tho object tho children had in
mind. Imagine, if you please, the proud parents and what their con
victions wero when they saw the sacrifices on tho part of their children.
It had its effect, for through it Minneapolis raised much moro than its
quota, and the effect was instantaneous upon the minds of the parents
and they economized.
Imagine, can you, the effect of an awakened America when every freo
citizen o f it realizes the seriousness of this war. What a power, what a .
strength, what a help It will be in determining the final outcome of tho war.
Tho one great democracy, the father o f modem democracies, fighting only
for the rights of democracy. What a purpose that is. It may bo ful
filled, it will be fulfilled through tho economy o f the peoplo. W o do not
want to be put on rations; wo do not wish to bo Hooverized. Our people
can be depended upon o f their own volition to live on less, and to consist
ently curb expenditure. It is not Now York, Detroit or Chicago which
will absorb tho next war loan: it will bo through this element of economy
on the part o f tho people in the smallest country districts in America that
tho success of future issues will be determined.
It behooves each one of us to immediately economize, to placo our house
holds upon a war basis, for in the measure that we do so the success of the
war is determined.
_________ _____________

MERCHANTS’ ASSOCIATION COMMITTEE FINDS
BUSINESS IS GOING ON AS USUAL.
A special co m m ittee o f th e M e rch a n ts’ A ssocia tion o f N ow
Y o r k w h ich in qu ired in to th e a d v is a b ility o f th e in au gu ration
b y tho A ssocia tion o f a “ keep business g oin g ca m p a ig n ” fin ds
th a t the p u b lic is b u y in g v e ry m u ch as usual an d th at there
is n o n eed fo r an a g ita tion against su perflu ous e c o n o m y .
T h e com m ittee m a d o the follow in g re p ort to th o d irectors o f
th e A ssocia tion :
To this committee was delegated tho formulation of a general schemo or
plan for propaganda by the Merchants’ Association, to overcome the inter
ference with normal business arising from a hysterical public demand for
unnecessary and unwise economy.
If such hysterical condition Wero general and continued, it would un
doubtedly bo desirable to take active measures to counteract it, by exposing
the fallacies from which it proceeds, and by showing the harm which would
befall the public as a whole, as a result o f abnormal curtailment of consump
tion and tho consequent unprosperity o f all forms of business.
But we do not believe that thero is any present occasion for such active
measures, inasmuch as there Is no substantial evidenco that tho public is not
making and will not continue to make its accustomed purchases in propor
tion to its normal needs. It is true that some readjustments in tho usual
currents o f trade have been made necessary by war conditions, and some
timidity has naturally resulted in some lines; but thero has been no wide
spread interference with the people’s means o f subsistence, from whence
alone can proceed any substantial and continued obstruction o f the normal
activities of trade.
,,
,
. .. .
It is our observation that such timidity as has existed is passing; and that
tho disposition of the people is to continue their normal outlays, except in
tho matter of food consumption, in which field wiso economy is prevalent.
Under theso circumstances, wo think it would bo a mistake to undertake a
crusade to "keep business going.” Thero is no apparent need for such a
crusade, and if entered upon it would probably tend to disquiet rather than
compose the public mind, which is not now really disquieted and therefore
needs no composing.
We therefore recommend that no further action bo taken in the matter.
T h o r o n o r t w as u n a n im ou sly a d o p te d b y th o d irectors.

METHOD WHEREBY CONTRIBUTIONS TO RED CROSS
FUND MAY BE MADE BY NATIONAL BANKS.
In an n ou n cin g o n June 19 th a t th e officers o f n ation a l
banks h a v o n o a u th o rity to d on a te fu n d s o f F ederal ba n k s
to the R e d C ross or sim ilar causes w ith ou t tho a p p ro v a l o f
the shareholders, C om p troller o f tho C u rren cy J oh n S k elton
W illiam s su ggested th o desira bility o f declarin g sp ecial d iv i
dends an d th at th e p rop osa l b o m a d o to shareholders th a t th e
dividends b e retu rn ed to th e b a n k w ith in stru ction s th a t th ey
be sent to th e R e d C ross c o m m itte e . H is an n ou n cem en t in
the m a tter follow s :

June 19 1917.
In response to numerous inquiries which havo reachod tho Comptroller
of the Currency through telegrams and lottors from various parts of the
country, as to whether or not national banks can mako subscriptions to
the Red Cross, tho Comptroller said to-day:
“ Tho officers of a national bank havo no authority under tho law to
donato the funds of tho bank to tho Rod Cross or any similar cause, how
ever meritorious, without tho consent and approval of overy shareholder

^ " A s 'iU s usually difficult, if not impossible, to meet this condition, the
Comptroller of tho Currency suggests that, in ordor to facilitate contribu
tions to tho Amorican Red Cross on tho part of owners of nations banks,
tho national banks consider tho desirability of declaring a spocial dividend
out of the undivided profits of tho banks, for such an amount as tho direc
tors may think advlsablo for tho stockholders to givo; and chocks for such
special dividend can bo mailed to stockholders with a circular letter sug
gesting, but not requiring, that thoso shareholders who aro willing or desiro to do so shall ondorso and return tho dividend checks to the bank with
instructions that they be sent (along with the dividend chocks of other

J une 23 1917.]

shareholders) to tho Red Cross committee. Or, if tho stockholder prefers,
ho can send ids dividend check, properly endorsed, direct to tho American
Red Cross as an independent contribution.
“ Tho national banks of tho country paid on their capital stock last year
in dividends an average of about 11%, and earned much moro. If all
national banks should now declare an extra dividond of only one-half of
one per cent CA of 1%) on their capital stock, and their shareholders
should bo willing that such dividends should bo nonated to tho Red Cross,
It would provide towards this groat cause over five million dollars ($5,000,
000).”
_
_______________ -___

PRESIDENT SEES NO REASON WHY CONVENTIONS
SHOULD BE SUSPENDED.
Su pplem en tin g the a d vices to P resid en t W illia m F ellow es
M o rg a n fro m P residen t W ilson “ th a t there is n o su fficien t
reason fo r foregoin g tho h old in g o f con v e n tio n s an d general
co m m e rcia l m eetings b y business in terests, as fa r as he can
s e e ,” P residen t W ilson in a lotter to E . P . V . R itto r o f the
M e rch a n ts’ & M a n u fa ctu rers’ E xch a n ge o f N e w Y o r k , states
th a t ho sh ou ld “ regret to see an y in stru m en ta lity n eglected
w hich has p ro v e d servicea ble in stim u la tin g business an d
fa cilita tin g its p rocesses.”
T h o letter, w ritten in response
to on o addressed to the P resid en t b y M r . R itte r con cern in g
the a d visa b ility o f h old in g com m ercia l con v e n tio n s during
tho w ar, follow s:
T h e W h it e H o u s e , W a s h i n g to n , J u n e 16 1917.
roply to your letter o f Juno fourth, allow mo to say
that I not only see no reason why commercial conventions should bo omitted
during tho war, but should regret to see any instrumentality neglected which
has proved serviceable in stimulating business and facilitating its processes.
This is not only not a time to allow any slowing up o f business, but is a
timo when overy sensible process o f stimulation should bo used.
Cordially and sincerely yours,
WOODROW WILSON.
M y D e a r S i r . — In

RED CROSS CAMPAIGN TO RAISE

$ 1 00 ,0 00 ,0 00 .

T h o n a tion -w id e ca m p a ign to raiso $1 00,000,000 for the
A m erica n R e d C ross in a w eek ’s tim e w as begun last M o n d a y ,
in a cco rd a n ce w ith P residen t W ils o n ’s p rocla m a tion o f M a y
25 designating this w eek as R e d Cross W e e k . T h o p rocla m a 
tion u rged ov e ry m a n , w om an and ch ild to aid in th o efforts
to g ive generously tow a rd the su p p ort an d m a in ten a n ce o f
the w o rk . On tho 18th inst. tho P residen t addressed tho
follo w in g telegram to tho M a y o rs o f 100 cities askin g them
to im press u p o n their people tho need fo r raising tho stipu 
la ted sum this w eek:
Tho American pcoplo, by their overwhelming subscriptions to tho Liberty
Loan, havo given a now indorsement to tho high principles for which America
ontered tho war. During tho present week, which 1 havo designated as
Red Cross Week, thoy will liavo a unique prlvilego o f manifesting America’s
unselfishness as well as tho real spirit of sacrifice which animates our people.
M ay I urge that your city, In doing its part in tho raising of this S100,000,000 war relief fund, measuro tho generosity o f its gift by tho urgency
of tho need?

Secretary o f the T reasu ry M c A d o o also this w eek addressed
a m essage to the F ederal R eserv e ba nks urgin g th a t tho
L ib e rty L oa n C om m ittees exten d their efforts to tho R ed
C ross cam p aign ; his com m u n ica tion follow s:
Tho success o f tho Liberty Loan will, I hope, bo followed by an equally
striking success of the nation-wido campaign now in progress for tho Red
Cross funds. Tho Reel Cross is tho greatest organization of mercy in tho
world and is an essential arm of the fighting forces in tho field in this colossal
war. The need for Red Cross work is groatcr than over beforo fn tho world’s
history. Tho American peoplo can inako it absolutely effective in its service
o f mercy if thoy contribute tho required fund o f $100,000,000.
Tho Liberty Loan organizations and committees, so efficiently organized
throughout tho country, can render invaluablo servico by assisting in this
Red Cross work. I earnestly bespeak tho co-operation of all tho Liberty
Loan organizations and committees and hopo that thoy will render tho samo
unselfish and patriotic servico to tho Red Cross that they rendered in con
nection with the Liberty Loan. Pleaso communicate this to all Liberty
Loan organizations and committees in your district.
W . G. M cADOO.

I I . P . D a v is o n , C h airm an o f the R e d C ross W a r C ou n cil,
crea ted b y P residen t W ilso n , in a statem en t issued on June 11
m ade k n o w n , in responso to inquiries, the sp ecific purposes o f
tho largo fu n d sou g h t. W o g ivo his statem en t herew ith:
Tho Red Cross IVar Council lias boon asked to name tho specific purposes
to which it expects to devote tho $100,000,000 which it has asked tho
Amorican people to contribute between Juno 18 to 25. tho period tho Presi
dent of tho United States has set apart as Red Cross week. Tho public
is, o f course, entitled to as specific a statement on this subject as wo aro
ablo to mako.
Our first obligation is to render such service as comes within tho province
of tho Red Cross to our soldiers and sailors at homo and abroad. Con
sideration o f tho vastness of this undertaking alono as compared with any
other situation over known to us will impress ono with tho Impossibility
of forming a definito budget or specifying in particular tho amounts of
money required to caro for our own countrymen.
After making every provision necessary for this purpose, our endeavor
will bo to supplement tho efforts o f our allies in caring for their sick and
wounded.
Wo shall help provide the baro necessities of lifo to tho homeless in devas
tated Franco: to aid them to rehabilitate themselves and thus strengthen
tho man power o f the Frcncli army.
Wo shall strive to hearten Russia, by providing additional ambulances
and other relief for tho sick and wounded along the battle front. We
shall try to succor tho homeless and wandering peoples o f Poland, Lithu
ania and Western Russia.
Wo hopo to extend aid to tlioso who aro fighting tho battles of liberty in
Rumania, Serbia and Italy— indeed, to relievo human misery everywhere
among our allies.




2509

THE CHRONICLE

W e have set $100,000,000 as the minimum of our need. It is evident
that we could use many times that amount. To administer these funds
economically and efficiently wo are developing an organization headed by
some of the most competent and experienced business men in the country.
They serve without pay.
In duo course we shall mako a report to Congress so that tho public may
know the total amounts expended and how very small a percentage was
found necessary for expenses.
Beforo expending money, tho most expert advice obtainable will be se
cured. Leaders in every lino o f related activity throughout tho United
States have freely placed thoir counsel and services at our disposal.
While wo recognize tho desirability of a specific budget, we can only say
that our task is to relievo human misery upon a world scale at a time when
more people are suffering than ever before in the history of mankind; and
wo shall pursue this task under tho guidance of the ablest experts in the
world.
•
Tho American peoplo can rely, therefore, upon the fact that tho Red
Cross war fund of S100,000,000, or however much moro than that tho
generosity of the public will enable us to use. will bo administered as effi
ciently, as economically and as large-heartedly as we know how to do it.
W o believe firmly that the efforts of our Red Cross can be a vital and
possibly a deciding agency in helping to win this war. T o us of the war
council, that is a humanitarian service in its highest sense and to render it
effectively will be our paramount purpose.

It was reported last w eek th a t tw en ty -six N e w Y o r k S to ck
E xch a n ge houses h a d agreed to g iv e th e eq u iv a len t o f 5 0 %
o f their net com m issions this w eek to th e R e d C ross W a r
F u n d . T h e co-o p e ra tio n o f p rom in en t b rokers in all cities
h avin g S to ck E xch a n ge affiliation s w as solicited in a letter
issued on June 14 b y Joh n W . P rentiss, P residen t o f th e
A ssocia tion o f S to ck E xch a n ge firm s. O n Ju n e 13 th e fo l
low in g resolu tion en dorsin g the a ction o f the E xch a n ge m em 
bers in volu n teerin g to d on a te con trib u tion s to th e fu n d
w as a d o p te d b y the N e w Y o r k S to ck E xch a n ge:
l i e it R e so lv ed b y th e G o v e r n in g C o m m it te e o f th e N e w Y o r k S tock E x c h a n g e ,

That the patriotic action taken by a number of Stock Exchange members
and firms in volunteering to donate to the American Red Cross as large
a contribution as each can individually afford during tho Red Cross week,
Juno 18 to 25, both inclusive, bo and is hereby heartily approved and in
dorsed.
Tie i t f u r t h e r r e s o lv e d . That a copy of these resolutions bo mailed to the
President of the United States, to each member of tho War Council of the
American Red Cross and to every member of tho New York Stock Exchange.

F ollow in g the suggestion m a d e b y M r . D a v ison o n the
7th in st. th at the corp ora tion s th rou g h ou t the co u n try de
clare an extra divid en d o f 1 % or m ore as pa rt o f the plans
to raise the $ 1 0 0 ,0 00 ,0 00 , a generous respon se to this p ro 
posal has been w itnessed. T h e U n ited States Steel C o r p o 
ra tion w as the m ost con sp icu ou s con cern to resp on d , an d its
a ction (ta ken on June 12) has been fo llo w e d b y n um erou s
oth er co rp ora tion s, ba n k s and trust com p a n ies. In m akin g
kn ow n th o a ction o f the U . S. Steel C orp ora tion Ju dge G a ry
issued a statem en t saying:
The board of directors at a special meeting to-day declared an extra
dividend of 1% on the common stock, payable July 28 to holders of record
July 2. This dividend was declared in response to requests from many
stockholders to declare an extra dividend to enable them to contribute to
the large fund which it is sought to bo secured for Red Cross army purposes
under the auspices of the American National Red Cross.
The dividend checks will bo sent to the stockholders with tho statement
of tho circumstances which influence the action of the board and the dis
position of the dividend will bo left entirely to the stockholders in accord
ance with their rights, interests and patriotic instincts.
The board of directors also adopted a resolution that it was the sense
of the members of the board that at the regular dividend period on the last
Tuesday in July there bo declared a dividend of 1H % on the preferred, a
dividend of \M % on the common and an extra dividend of 3% on the
common.
We havo to-day decided to make a further subscription of $25,000,000
to tho new Liberty bonds, so called. It is possible wo may make a still
further subscription if it shall seem necessary in order to dispose of the total
amount of the bonds to be placed by the Government within the period
ending next Friday.

A list o f tlie corp ora tion s listed u p to 3 o ’ c lo ck T h u rsd a y
as h aving declared special R e d C ross w ar d ivid en d s was
m ade pu blic as follow s b y Sew ard P rosser, C hairm an o f the
E x ecu tive C om m ittee o f th e R e d C ross W a r F u n d Fin an ce
Committee:
A m ount
D iv id e n d s .

T. S. Steel Corporat’n. $5,083,028 00
812,2-15 00
Jtah Copper Co
299,918 55
evada, Cons. Cop. Co.
347,992 00
Iiino Copper C o------315,435 80
av Cons. Cop. C o—
116,074 80
utte & Superior M.Co.
150.000 00
tl. G. & W .I. L ines..
588,542 00
.i.duPont do N.P.Co.
50.000 00
mer. Brake Shoe C o.
565.000 00
ennecott Copper C o.
76.000 00
ulf State Steel C o—
35.000 00
he Torrington C o—
48,617 00
he Atlas Powder C o.
150.000 00
merican Brass C o—
71,500 00
ercules Powder C o .,
■intasote Leather-Co.
5,000 00
;ewart Silk C o--------25.000 00
aston, Williams &
75.000 00
Wigmore .......... ........
handler Motor Car C o.
70.000 00
35.000 00
hatham & Phenix B ’k
500.000 00
mer. Sm. & Ref. C o.
37.000 00
ingliam Mines C o—
122.784 00
merican Radiator Co.
418.000 00
iternat. Nickel C o—
tandard Screw C o—
25.000 00
lagma Copper C o---24.000 00
40.000 00
•ving National Bank.
225.000 00
ankers Trust C o-----100.000 00
orden's Cond.MilkCo,
1,000 00
ank of Cuba-----------250,000 00
nion Carbide C o------

A m ount
D iv id e n d s .

Crocker, "Wheeler C o.
$8,500 00
39,600 00
Manati Sugar C o_____
40.000 00
National Surety C o_
_
Mohawk Mining C o ..
50.000 00
20.000 00
Auto Car C o_________
150.000 00
Great West. Sugar C o.
30.000 00
Wolverine Coppor C o.
15.000 00
Morris & C o_________
60.000 00
Homo Insurance C o ..
374.000 00
Westinghouse Elec.Co.
20,000 00
Gotham National Bank
60,000 00
Equitable Trust C o---30.000 00
N. Y . Trust C o.........
30.000 00
Corn Exchange Bank.
200.000 00
Guaranty Trust C o—
15,192 00
International Salt C o.
22.500 00
Phila. National Bank.
Metropolitan Trust Co.
20.000 00
General Electric C o_ 1,000,000 00
_
20,000 00
Liberty National Bank
300.000 00
inspiration Copper Co.
87.500 00
Montana Power C o—
250.000 00
Amer. Locomotive C o.
Montana Copper C o ..
Arizona Comm. Mg.Co.
United Dyewood Corp.
206,000 00
Nat’l Lead Co. (1 % ).
Anaconda Cop.M g.Co. 1,165,000 00
93.000 00
Miami Copper C o___
45.000 00
Kerr Lake Mining C o.
50.000 00
Baltimore Tube Co_
_
10.000 00
New York Times C o ..

2510

THE CHRONICLE

In p rop osin g o n th e 7th the d eclaration o f divid en d s for
R e d C ross relief pu rposes, M r . D a v ison m a de p u b lic a c o p y
o f a letter w h ich he h ad sent to C levela n d H . D o d g e , C h air
m an o f th e W a r C ou n cil F in an ce C om m ittee, in w h ich he
said th a t the C o u n cil considered such a ction o f th e u tm ost
im p o rta n ce .
I t w as stated o n the 11th inst. th a t M r . D o d g e had
p rom ised to con trib u te $1,000,000 to th e w ar fu n d on
c o n d itio n th at 24 oth er in dividu als or corp ora tion s g a v e a
sim ilar sum or m o re . A con trib u tion o f $ 5 ,000 ,0 00 b y the
R o ck e fe lle r F o u n d a tio n w as a n n ou n ced o n th e 21st inst.
A n u n co n d itio n a l p led ge o f $1 ,000 ,0 00 from J . P . M org a n
& C o . a n d D roxel & C o ., an d a con d ition a l pled ge o f $ 1 ,0 0 0 ,
0 0 0 fro m G eorge F . B a k er is also a n n ou n ced . A letter
u rgin g th a t divid en d s declared on a ccou n t o f the R e d C ross
F u n d be m a de ta x-ex em p t u nder th e pen d in g w ar reven ue
bill has been addressed to Senator Sim m on s, C h airm an o f
th e Senate F in an ce C o m m ittee, b y Sam uel U n term yer.
A ssurance th at con trib u tion s from Quakers or others
o p p o s e d to w ar w o u ld b e set ap art fo r civilia n relief w hen
sp ecia lly requ ested has been g iven b y M r . D a v ison in the
fo llo w in g statem en t:
Among the civilian populations o f the areas which have been physically
devastated directly by the blast o f war, and still more in tho great regions
back of, oven distant from, the scenes o f fighting, men, women and children
are suffering, crushed in spirit, broken-hearted, bewildered by the upheaval
o f all that made the living world for them. Tho very bases o f life must be
restored for them largely, if not exclusively, by the gifts o f Americans,
administered by the American Red Cross. These gifts must come from
folk o f every faith and conviction. I am more than glad to give assurance
that gifts, large or small, when clearly specified by the donors, shall be sot
apart and administered exclusively for the non-military service o f the
Red Cross.

T h e A m erica n R e d C ross C om m ission sent a b roa d to
prepare fo r th e co m in g o f A m erican troop s an d to stu d y
im m edia te relief needs in E u rop e arrived in Paris on the
13th inst. T h e C om m ission w ill rem ain in E u rop e fo r the
du ra tion o f th e Avar. Its head is M a jo r G ra yson M . P .
M u r p h y , a V ice-P resid en t o f the G ua ra n ty T ru st C o . o f
N e w Y o r k . T h o d e p u ty com m issioners are Jam es H . P er
k in s, W illia m E n d ic o tt, C arl T a y lo r , G eorg e B . F o rd ,
E rn est M cC u llo u g h , A . W . C o p p , E rnest P . B ick n ell an d
D r . A lexander L a m b ert. A ccom p a n y in g th e com m ission
as in sp ectors o f servico in E u rop e are C harles G . O sborn e,
th e R e v . R . H . D a v is , th e R e v . E rnest D e F . M ie l, F rederick
R . K in g , P h ilip P . G o o d w in , F rederick S. H o p p in , R a y m o n d
J . D a ly , S ecretary; A lb ert L . H offm a n , S ecretary; the R e v .
J o h n V a n Sch aick J r ., Secretary an d T o m a s I I .K e n n e y ,
C o m p tro lle r.
________ _____________ _

INTER-STATE COMMERCE COMMISSIONER JUDSON
C. CLEMENTS DEAD.
J u d son C . C lem en ts, fo r th e pa st tw e n ty -fiv e years a
m e m b e r o f the In ter-S ta te C om m erce C om m ission , died
su d d e n ly in W a sh in g ton on June 18. M r . C lem en ts \ ras
\
b o rn in W a lk e r C o u n ty , G a ., on F e b . 12 1846. In 1864 he
en listed as a p riv a te in the C on fed era te a rm y an d Avas later
a F irst L ieu ten a n t. A t the con clu sion o f th e Avar he began
th e stu d y o f Iu v in C u m b erlan d U n iv ersity an d Avas a d 
a
m itte d t o the ba r in 1869. H e p ra cticed laAV in L a fa y e tte ,
G a ., u n til 1892, w hen he w as a p p oin ted a m em b er o f the
In te r-S ta te C om m e rce C om m ission b y P residen t H arrison.
D u rin g th e seventies he w as a m em ber o f the G eorgia H ou se
o f Repi*esentatives an d tho G eorgia Sen ate. F rom 1881 to
1891 he Avas a m em ber o f th o H ou se o f R ep resen ta tives at
W a sh in g to n . H e Avas d efea ted in th e election o f 1890, and
s h o rtly a fte r Avas a p p o in ted Special U n ited States A tto rn e y
to acq u ire la n d fo r th e C h ick am a u ga an d C h a tta n o o g a N a 
tio n a l M ilita ry P a rk . H is a p p oin tm en t to th e In ter-S ta to
C om m ission in 1892 Avas to serve th e u nexpired term o f
C om m ission er B ra g g . H e w as rea p p oin ted a m em ber o f the
C om m ission b y Presidents C levela n d , M c K in le y , R o o s e v e lt,
T a ft a n d W ilso n . M r . C lem en ts h ad alw a ys taken an a ctiv e
p a rt in th e d eliberations o f th e C om m ission . H e served fo r
a tim e as its C h airm an .

SETTLEMENT OF DAILY BALANCES OF NEW YORK
BANKS THROUGH RESERVE BANK.
T w e n ty -s ix local ba n kin g institutions are n ow settling
th eir d a ily balances a t the C learing H ou se th rough the
F ed era l R eserve B a n k . T h e fu ll list o f th e banks noAv
clearin g u nder the n ew arrangem ents follow s:
Merchants’ National, Mechanics & Metals National, National City,
Chemical National, Atlantic National, National Butchers & Drovers,
American Exchange National, National Bank o f Commerce, Hanover
National, Citizens' National, Market & Fulton National, Corn Exchange
Bank, importers’ & Traders’ National, East River National, First National,




IVOL. 104.

Irving National, Chase National, Seaboard National, Liberty National
Coal & Iron National, Union Exchange National, Nassau National of Brook
lyn, Broadway Trust C o., National Park, Garfield National and Fifth
______________________________
National banks.

FEDERAL RESERVE BOARD APPOINTED REPRESENTA
TIVE OF ARGENTINE BANK.
I t w as a n n ou n ced from B u en os A ires y esterd a y th a t th e
F ederal R eserve B o a rd has been m a d e th e represen tative in
th e U n ited States o f th e N a tio n a l B a n k o f A rgen tin a .

SECOND DIVIDEND DECLARATION BY PHILADEL
PHIA RESERVE BANK.
T h e d irectors o f th e F ederal R eserve B a n k o f P h ila delph ia
on June 20 declared a d iv id en d at the rate o f 6 % per an n um
to co v e r the accu m u la ted d ividen ds from June 30 1915 to
D e c. 31 1915. I t is stated th at ap p rox im a tely $ 1 55 ,0 00
will b e distribu ted in the d iv id en d , Avhich is the. secon d
declared b y the b a n k .
T h e first d iv id en d w as an n ou n ced
on D e c . 20 1916, an d it covered the p eriod from N o v . 2
1914 to June 30 1915. I t am ou n ted to a b o u t $ 1 30 ,0 00 .
T h e differen ce in th e a m oun ts o f the d iv id en d s is explained
b y the fa c t th at tho p a id-in ca p ita l o f the b a n k A a sm aller
vs
during the period covered b y the first p a ym en t. “ T h e
d iv id e n d ,” says the P h ila delph ia “ P ress,” “ w ill b e cred ited
to the a cco u n t o f th e various m em ber banks b y the R e 
serve B a n k instead o f bein g m ailed to th em , as is the usual
cu stom .
In a d d ition to the d iv id en d , the R eserve B a n k
w ill ca rry a su bstantial a m ou n t forw a rd to u n d iv id ed
profits a c c o u n t.”

SYNOPSIS OF RESERVE ACT CHANGES PREPARED
BY N. Y. FEDERAL RESERVE BANK.
A syn opsis o f th e prin cip a l changes in the F ederal R eserve
A c t resulting from th e am endm en ts ju st passed b y C on gress
and a p p rov ed b y P residen t W ilson this Aveek has b een pre
pared b y Jam es F . C u rtis, G eneral C ounsel and Secretary
o f the F ederal R eserve B a n k o f N oav Y o r k . M r . C u rtis’ s
m em ora n d u m , m a d e pu b lic on the 19th in st., is prin ted
beroAvith:
1. B r a n ch B a n k s . — Section 3 has been amended to make clear tho
authority of tho Federal Reserve Board to either permit or require a Fedoral
Reserve bank to establish branches. The old law provided that each
Federal Reserve bank shall establish branches, which gave some doubt as
to whether this language was mandatory or permissive.
This section has also been changed to provido for tho management of
such branches as may be established by a board of directors to consist of
not more than seven nor less than threo. Tho old law inforontially required
that such boards should consist of seven directors. Tho now law requires
that a majority of ono o f such board shall be appointed by tho bank and the
remaining directors by the Federal Reserve Board, anil that all tho directors
shall hold office during tho pleasure of the Board. Tho requirement that
tho directors shall possess the same qualifications as directors of Federal
Reserve banks and that ono of the directors shall bo designated as manager
of the branch have both been eliminated.
2. C la ss C D ir e c to r s a n d D e p u t y F ed e r a l R eserv e A g e n t s . — Soctlon 4 o f the
Act has been amended to eliminate the appointment of ono of the Class O
directors as deputy Federal Reserve agent, this position being in effect
abolished. Instead, tho Federal Reserve agent is authorized, subject to
tho approval of tho Board, to appoint ono or more assistants who ha vo power
to act in his name and stead during his absence or disability. The Fedoral
Reserve Board retains the power to appoint one of tho Class C directors as
deputy chairman of the board of directors of each bank.
3. S ta le B a n k M e m b e r s . — Section 9 has been changed to mako more
specific tho terms upon which State banks and trust companies may bo
admitted to membership. The principal changes in this rogard aro thoso
resulting from enacting into law many of the provisions concerning State
bank membership which have heretofore existed moroly as regulations of
tho Federal Reservo Board, such as tho provision authorizing a Stato bank
or trust company to withdraw from tho Federal Reserve system which is
now fixed at after six months written notico, subject to certain limitations
of the amount of capital stock of any Fedoral Reserve bank which may bo
withdrawn in this manner in any one calendar year. Such banks will also
under the new law be required to make reports of condition (not loss than
three annually) to tho Federal Reserve bank instead of to the Comptroller
as heretofore. The member banks will also bo subject to examination
mado by direction of tho Federal Reserve Board or by tho Fedoral Resorvo
bank oxcept when the examinations of tho State authorities are approved
by tho directors of tho Federal Reserve bank.
Tho retention of their charter powers by such institutions is also provided
for in terms. Subject only to the provisions of the Federal Reserve Act
and of tho regulations of tho Board mado pursuant thereto, any State bank
becoming a member of the Federal Reserve system is authorized to retain
its full charter and statutory rights and to exorcise all corporate powers
granted to it by the State, provided that no Federal Reserve bank may
discount for such a member any paper of a borrower who is liable to the
member bank for more than 10% of its capital and surplus. There is also
a provision making it unlawful for any officer or agent of such a bank to
over-certify a check.
4. E x c h a n g e o r C o lle c tio n P r o v is io n s . — Section 13 has been amendod to
authorize Federal Reserve banks to receivo from non-moinber banks or
trust companies deposits solely for tho purpose of exchange or of collection.
Those deposits may be received subject to the requiromont that tho non
member bank or trust company maintain witn the Resorvo bank a balanco
sufficient to offset the Items in transit held for its account.
Tho so-called Hardwick amendment, as amended, provides that nothing
In tho Act shall bo construed as prohibiting either a member or a non
member bank from making reasonable charges, to bo determined and roguated by tho Federal Rcservo Board but not to exceed 10 cents per hundred
dollars or fraction thereof based on the total of checks and drafts presented

J une

23 1917.]

THE CHRONICLE

251 L

case to oxceed 10 cents per 8100 or fraction thereof, based on the total of
at any ono tirno, for collection or payment of checks and drafts and remission checks and drafts presented at any ono time, for collection or payment of
therefor by exchange or otherwise. No such cliargos, however, shall be checks and drafts and remission therefor by exchango or otherwise; but no
such charges shall be made against tho Federal Reserve banks.”
mado against tlio Federal Reserve banks.
Section 5 is identical with soction 3 of the House bill.
g. Acceptances .— The now law gives power to tlio Federal Reserve Board
Section 6 is identical with section 8 of tho House bill.
to authorize member banks to accopt bills o f exchange up to an amount not
Section 7 was contained in tho Senato bill as section 5, but was not in
exceeding 100% o f their paid-up capital stock and surplus, provided that
tho Houso bill. This soction L intended to permit tho Federal Reserve
s
the aggregate o f acceptances growing out of domestic transactions shall in
no evont exceed 50% o f such capital and surplus. This is in substance a bailies to exchango Federal Reserve notes for gold and gold certificates,
restoration of the original provision which was omitted from the amendments and in this way drift into the banks the idle floating gold which in tho hands
of tho Federal banks would have great potential value.
of Sept. 7 1916 through an oversight.
6.
Foreign Agencies and Correspondents .— Paragraph (e) of Section 14 Soction 8 is identical with soction 6 of the Senato bill, but was not con
has been amended to give the Federal Reserve Board power to direct the tained in tho bill as it passed the House. This amendment is merely for
Federal Reserve banks to open and maintain accounts in foreign countries, tho convenience of the Federal Reserve Board in handling the dailyoxappoint 'correspondents and establish agencios in such countrios under changes between the 12 Reserve banks, which now must bo done by phys
regulations to bo prescribed by tho Board. Any Federal Reserve bank ical transfer of tho gold certificates from ono bank to another. It is pro
has also been specifically authorized, with tho consent of the federal posed to put these certificates in a common vault and arrange the distri
Reserve Board, to conduct any transactions authorized by tho section bution by bookkeeping instead of by transfer.
Soction 9 corresponds to and is identical with section 4 of tho House bill.
through another Federal Resorvc bank which has opened such account or
Section 10 corresponds to and is identical with section 5 of the House bill.
appointed such a foreign agent or correspondent, under regulations to bo
Section 11 is substantially the same as soction 6 of the House bill.
prescribed by tho Board. Tho effect o f this change is to authorize In
CAR TE R GLASS,
terms arrangements which have already been made between tho various
M ICH AEL F. PHELAN,
Federal Reservo banks and to placo such arrangements under the regulations
E DM UND PLATT,
of tho Fodoral Reserve Board.
,
, .
Managers on the Part o f the House.
7
Federal Reserve Note I s su es— Section 16 has beon amended to authorize
the issue o f Federal Reservo notes against notes, drafts, bills of exchango
T h e follow in g is th e b ill as en a cted in to la w ; th e new
or acceptances acquired undor Section 13 of the Act or bills indorsed by a
member bank purchased under Section 14, or bankers’ acceptances pur m a tter is sh ow n in italics an d th e elim in ated m a tte r in
chased under Section 14. or gold or gold certificates. The old law has b la ck fa ce ty p e and bra ck ets:
boon changed by adding tho words “ gold or gold certificates.”
Be it enacted by the Senate and House o f Representatives o f the United Stale
Tho gold or gold certificates held as such collateral under tho new law
will be counted as part o f tho gold resorvo which tho Fedoral Resorvo bank o f Am erica in Congress assembled:
Soc. 1. That Soction three of the Federal Reserve Act bo amended and re
is required to maintain against its notes in actual circulation. This chango
will result in all outstanding Federal Resorvo notes being shown as a enacted so as to read as follows:
[ S ec. 3. Each Federal Reserve bank shall establish bran ch banks
liability o f tho Federal Reservo bank and o f gold or gold certificates de
posited with the Federal Reserve agent being included among the assets within the Federal Reserve district in w hich it is located and may do
of tho bank. There is a further provision that gold deposited with tho so in the district of any Federal Reserve bank w hich may have been
Treasurer of tho United States for tho purpose of redeeming outstanding suspended. Such branches shall be operated by a board of directors
Federal Reservo notes shall be considered as if collateral security on deposit under rules and regulations approved by the Federal Reserve Board.
with tho Federal Rcservo agent. There is another provision requiring Directors of branch banks shall possess the same q u alification s as
Federal Reserve notes, gold, gold certificates and lawful money issued to or directors o f the Federal Reserve banks. Four of said directors shall
deposited with any Federal Reserve agent to bo held in the joint custody of be selected by the Reserve bank and three by the Federal Reserve
himself and tho Federal Resorvo bank under regulations to bo proscribed Board, and they shall hold office during the pleasure, respectively,
of the parent bank and the Federal Reserve Board. The reserve
by tho Board.
8. Cold Settlement Fund .— Section 16 has been amended by adding a new bank shall designate one o f the directors as m a n a g er.]
“ Sec. 3. The Federal Reserve Board mag permit or require ang Federal
provision authorizing the Secretary o f tho Treasury to receive deposits of
gold coin or gold certificates whon tendored to tho Treasurer or any As Reserve bank to establish branch banks within the Federal Reserve district in
sistant Treasurer by any Federal Rcservo bank or Federal Reserve agent. which it is located or within the district o f ang Federal Reserve bank which mag
This provision specifically authorizes and provides for tho conduct of the have been suspended. Such branches, subject to such rules and regulations
Gold Settlement Fund, which has heretofore boon handled by tho federal as the Federal Reserve Board mag prescribe, shall be operated under the super
vision o f a board o f directors to consist o f not more than seven nor less than three
Rcservo Board under its general powers.
9. Deposit o f Government Bonds.— Section 17 has been changed in order directors, o f whom a majority o f one shall be appointed bg the Federal Reserve
to ropeal tho provisions of law requiring national banks to maintain a bank o f the district, and the remaining directors bg the Federal Reserve Board.
minimum doposlt o f Government bonds with tho Treasurer o the United Directors o f branch banks shall hold office during the pleasure o f the Federal
States. Tho purposo o f this amendment is to simplify tho retirement of Reserve Board."
Sec. 2. That Section four in the paragraph relating to the appointment
national bank notes and tho selling of the United States 2% bonds securing
c i r c u l a t i o n u n d e r tho provisions of Section 18.
of Class C directors and prescribing their duties be amended so as to read
10. Reserves.__Section 19 has been amended by reducing tho reserve as follows:
“ Class O directors shall be appointed by the Federal Reserve Board.
required to be held by member banks, as follows:
C ountry banks...................... 7% of demand deposits and 3% o f timo deposits
They shall have boon for at least two years residents of tho district for which
they are appointed, one of whom shall bo designated by said Board as
Resorvo city banks---------- 10% “
chairman of the board of directors of tho Federal Resorvo bank and as
Central Roservo city banksl3% “
All of the above aro to bo kept as an actual not balance on deposit with ‘ Federal Reserve agent.’ He shall be a person of tasted banking experi
tho Federal Reserve bank. The effect of this amendment is to eliminate ence, and in addition to his duties as chairman of the board of directors of
tho necessity for member banks carrying any part of tlicir reserves in their the Federal Rasorvo bank he shall bo required to maintain, under regu
own vaults as a matter o f law and also to reduce tho required reserves from lations to be established by the Federal Reserve Board, a local office of
12% o f demand deposits and 5% of time deposits for country banks, 15% said board on tho premises of the Federal Reserve bank. He shall make
of domain! deposits and 5% o f timo deposits for Reserve city banks, and regular reports to the Federal Reserve Board and shall act as its official
18% of demand deposits and 5% o f timo deposits for Central Reserve city representative for tho performance of the functions conferred upon it by
this Act. lie shall receive an annual compensation to bo fixed by the
t>anits.
11. Fees._Section 22 has been amended so as specifically to authorize Federal Reserve Board and paid monthly by the Fedoral Reserve bank to
directors, officers, employees or attorneys of member banks to receive the which he is designated. One of the directors of Class C, [w h o shall be
same rate o f interest as is paid to other depositors for similar deposits and a ’ person of tested banking e x p erien ce], shall be appointed by the
to permit commercial paper executed or indorsed by directors or attorneys Federal Reserve Board as deputy chairman [a n d d epu ty Federal Reserve
o f such banks to bo discounted with the bank upon tho affirmative vote or a g e n t ] to exercise tho powers of the chairman of tho board [a n d Federal
written consent o f at least a majority o f members of tho board of directors. Reserve agent in case of absence or d isability of his p rin c ip a l] when
Tho purposo o f this amendment is to clear up cortain ambiguities under tho necessarg. In case o f the absence o f the chairman and deputg chairman the
third Class C director shall precede at meetings o f the Board.
existing prohibitions contained in tho old Section 22.

FEDERAL RESERVE AMENDMENTS ENACTED INTO
LAW.
T h e am end m en ts to the F ederal R eserv e A c t h ave been
en acted into law w ith tho a p p rov a l b y P residen t W ilson
yesterd a y (tho 22 d) o f tho bill con ta in in g the now legislation.
T lio con feren ce im port, a d op ted b y the H ou se on June 14,
w as a ccep ted b y tho Senate on June 18. W o discuss ed itori
ally to -d a y tho new ly en a cted m easure an d the e ffect o f tho
am end m en ts, an d in a d d ition to prin tin g b elow th o full text
o f the now bill as a p p rov ed b y the P resid en t, tho articlo im 
m ed ia tely a b o ve contain s a syn opsis o f the prin cip a l changes in
tho A c t as prepared b y Jam es F . C u rtis, G eneral C ou n sel
an d S ecretary o f tho N ew Y o r k F ederal R eserv e B a n k .
W o also g ive herew ith tho statem en t o f the M a n a gers on
tlio pa rt o f tho H ou se, in dicating th e w ork o f the conferees
in fram in g the a ccep ted conference rep ort.
Statement o f the Managers on the Part o f the House.

Section l of tho bill as reported by tho conferees is identical with section 7
of tho bill as passed by tho House.
Section 2 is substantially tho same as section 1 o f tho House bill.
Section 3 of tho bill is substantially tho samo as section 9 of tho House bill.
Section 4 of tho bill as reported by tho conforoos is identical with section 2
of tho House bill down to tho proviso. Tho proviso is amended to conform
in substanco to tho Senato bill, including tho so-called Hardwick amend
ment permitting collection charges for exchango, so as to road as follows:
“ Provided, Such non-member bank or trust company maintains with tho
Federal Reserve bank of its district a balance sufficient to offset tho items
in transit held for its account by tho Federal Reservo Bank; Provided further.
That nothing in this or any other soction of this Act shall bo construed as
prohibiting a mombor or non-member bank from making reasonable charges,
to bo determined and regulated by tho FederaljKcservojBoard, but in no




" Subject to the approval o f the Federal Reserve Board, the Federal Reserve
agent shall appoint one or more assistants. Such assistants, who shall be
persons o f tested banking experience, shall assist the Federal Reserve agent in
the performance o f his duties and shall also have power to act in his name and
stead during his absence or disabilitg. The Federal Reserve Board shall require
such bonds o f the Assistant Federal Reserve agents as it mag deem necessarg
for the protection o f the United Slates. Assistants to the Federal Reserve agent
shaH receive an annual compensation, to be fixed and paid in the same manner
as that o f the Federal Reserve agent."

Sec. 3. That Soction nine be amended and re-enacted so to read as follows:
"Sec. 9. Any bank incorporated by special law of any State, or organized
under tho general laws of any State or of tho United States, desiring to be
come a member o f the Federal Reserve Sgstem, may make application [ t o the
reserve bank organization comm ittee, pending organization, and
th e r e a fte r ] to tho Federal Reserve Board under such rules and regulations
as it mag prescribe for the right to subscribe to the stock of the Federal
Rcservo Bank organized [ o r to be o r g a n iz e d ] within the [F ed era l
R eserv e] district [ w h e r e ] in which the [a p p lic a n t ] applying bank
is located. Such application shall be for the same amount o f stock that the
applying bank would be required to subscribe to as a national bank. The
[o r g a n iz a tio n com m ittee or t h e ] Federal Reserve Board, [u n d e r
such rules and re g u la tio n s] subject to such conditions as it may pre
scribe, [s u b je c t to the provisions of this s e c t io n ], may permit tho
applying bank to become a stockholder [ i n t h e ] o f such Federal Reserve
Bank [ o f the district in w hich the applying bank is lo c a t e d .]
" I n acting upon such applications the Federal Reserve Board shall consider
the financial condition of the applying bank, the general character o f its man
agement, and ivhcther or not the corporate powers exercised are consistent with
the purposes o f this Act.

“ Whonovcr tho [o rg a n iz a tio n comm ittee or t h e ] Federal Reserve
Board shall permit tho applying bank to become a stockholder in the Fed
eral Reserve bank of the district, [s t o c k shall be issued and paid for
under the rules and regulations of this A ct provided for national
banks w h ich becom e stockholders in Federal Reserve b a n k s ] its
stock subscription shall be payable on call o f the Federal Reserve Board, and
stock issued to it shall be held subject to the provisions o f this A ct.

[ " T h e organization comm ittee or the Federal Reserve Board
shall establish by laws for the general government of its con d u ct

2512

THE CHRONICLE

in acting upon applications made by the State banks and banking
associations and trust companies for stock ownership in Federal
Reserve banks. Such by laws shall require applying banks not
organized under Federal law to comply with the reserve and capital
requirements and to submit to the examination and regulations
prescribed by the organization committee or by the Federal Re
serve Board. No applying bank shall be admitted to membership
in a Federal Reserve bank unless it possesses a paid up unimpaired
capital sufficient to entitle it to become a national banking asso
ciation in the place where it is situated, under the provisions of
the national banking A c t.]
[ “Any bank becoming a member of a Federal Reserve bank under
the provisions of this section shall, in addition to the regulations
and restrictions hereinbefore provided, be required to conform to the
provisions of law imposed on the national banks respecting the lim
itation cf liability which may be incurred by any person, firm, or
corporation to such banks, the prohibition against making purchase
of or loans on stock of such banks, and the withdrawal or impair
ment of capital, or the payment of unearned dividends, and to such
rules and regulations as the Federal Reserve Board may, in pursu
ance thereof, prescribe.]
‘ ‘A ll banks admitted to membership under authority o f this section shall be
required to comply with the reserve and capital requirements o f this A ct and to
conform to those provisions o f law imposed on national banks which prohibit
such banks from lending on or purchasing their own stock, which relate to the
withdrawal or impairment o f their capital stock, and which relate to the payment
o f unearned dividends. Such banks and the officers, agents and employees
thereof shall also be subject to the provisions o f and to the penalties pre
scribed b y [section s] section [fifty one hundred and ninety eight,

fifty two hundred, fifty two hundred and one, fifty two hundred
and eight,an d ] fifty -tw o hundred and nine o f the Revised Statutes. [The
member banks shall also ], and shall be required to make reports of
[th e conditions] condition and o f the [paym ents] payment o f dividends
to the [Comptroller, as provided in sections fifty two hundred and
eleven and fifty two hundred and twelve of the Revised Statutes,
and shall be subject to the penalties prescribed by section fifty two
hundred and thirteen for the failure to make such report] Federal
Reserve bank o f which they become a member. Not less than three o f such re
ports shall be made annually on call o f the Federal Reserve bank on dates to
be fixed by the Federal Reserve Board. Failure to make such reports within ten
days after the date they are called for shall subject the offending bank to a pen
alty o f $100 a day for each day that it fails to transmit such report; such pen
ally to be collected by the Federal Reserve bank by suit or otherwise.
“ A s a condition o f membership such banks shall likewise be subject to ex
aminations made by direction o f the Federal Reserve Board or o f the Federal
Reserve bank by examiners selected or approved by the Federal Reserve Board.
"W henever the directors o f the Federal Reserve bank shall approve the exami
nations made by the State authorities, such examinations and the reports thereof
may be accepted in lieu o f examinations made by examiners selected or approved
by the Federal Reserve Board: Provided, however. That when it deems it necessary
the board may order special examinations by examiners o f its own selection
and shall in all cases approve the form o f the report. The expenses o f all ex
aminations, other than those made by State authorities, shall be assessed against
and paid by the banks examined.
“ I f at any time it shall appear to the Federal Reserve Board that a m em 
ber bank has failed to com ply with the provisions o f this section or the regu
lations o f the Federal Reserve Board made pursuant thereto, it shall be within
the power o f the [s a id ] board after hearing to require such bank to sur
render its stock in the Federal Reserve banks [upon such surrender the

Federal Reserve bank shall pay the cash paid subscriptions to the
said stock with interest at the rate of one half of one per centum per
month, computed from the last dividend if earned, not to exceed the
book value thereof, less any liability to said Federal Reserve bank,
except the subscription liability not previously called, which shall
be canceled, and the said Federal Reserve bank shall, upon notice
from the Federal Reserve Board, be required to suspend said bank
from further privileges of membership, and shall, within thirty
days of such notice, cancel and retire its stock and make payment
therefor in the manner herein provided.] and to forfeit all rights and
privileges o f membership. The Federal Reserve Board m ay restore member
ship upon duo p ro o f o f com pliance with the conditions Imposed b y this sec

tion.
"A n y State bank or trust company desiring to withdraw from membership
in a Federal Reserve bank may do so, after six months’ written notice shall have
been filed with the Federal Reserve Board, upon the surrender and cancellation
o f all o f its holdings o f capital stock in the Federal Reserve bank: Provided,
however. That no Federal Reserve bank shall, except under express authority
o f the Federal Reserve Board, cancel within the same calendar year more than
twenty-five per centum o f its capital stock for the purpose o f effecting voluntary
withdrawals during that year. A ll such applications shall be dealt with in the
order in which they are filed with the Board. Whenever a member bank shall
surrender its stock holdings in a Federal Reserve bank, or shall be ordered to do
so by the Federal Reserve Board, under authority o f law, all o f its rights and
privileges as a member bank shall thereupon cease and determine, and after
due provision has been made for any indebtedness due or to become due to the
Federal Reserve bank, it shall be entitled to a refund o f its cash paid subscrip
tion with interest at the rate o f one-half o f one per centum per month from date
o f last dividend, i f earned, the amount refunded in no event to exceed the book
value o f the stock at that time, and shall likewise be entitled to repayment of
deposits and o f any other balance due from the Federal Reserve bank.
" N o applying bank shall be admitted to membership in a Federal Reserve
bank unless it possesses a paid-up unimpaired capital sufficient to entitle it to
become a national banking association in the place where it is situated under
the provisions o f the National Bank Act.
"Banks becoming members o f the Federal Reserve System under authority
o f this section shall be subject to the provisions o f this section and to those o f
this A ct which relate specifically to member banks, but shall not be subject to
examination under the provisions o f the first two paragraphs o f Section Fiftytwo Hundred and Forty o f the Revised Statutes as amended by Section Twentyone o f this A ct. Subject to the provisions o f this A ct and to the regulations of
the Board made pursuant thereto, any bank becoming a member o f the Federal
Reserve System shall retain its full charier and statutory rights as a State bank
or trust company, and may continue to exercise all corporate poicers granted it
by the State in which it was created, and shall be entitled to all privileges o f
member banks; Provided, however. That no Federal Reserve bank shall be per
mitted to discount fo r any State bank or trust company notes, drafts, or bills
o f exchange o f any one borrower who is liable for borrowed money to such State
bank or trust company in an amount greater than ten per centum o f the capital
and surplus o f such State bank or trust company, but the discount o f bills o f
exchange drawn 'against actually existing value and the discount o f commercial
or business paper actually owned by the person negotiating the same, shall not be
considered as borrowed money within the meaning o f this section. The Federal
Reserve bank, as a condition o f the discount o f notes, drafts, and bills o f exchange
fo r such State bank or trust company, shall require a certificate or guarantee to
the effect that the borrower is not liable to such bank in excess o f the amount pro




Vol. 104

vided by this section, and will not be permitted to become liable in excess o f this
amount while such notes, drafts, or bills o f exchange are under discount with the
Federal Reserve bank.
" I t shall be unlawful for any officer, clerk, or agent o f any bank admitted to
membership under authority o f this section to certify any check drawn upon
such bank unless the person or company drawing the check has on deposit
therewith at the time such check is certified an amount o f money equal to the
amount specified in such check. A n y check so certified by duly authorized
officers shall be a good and valid obligation against such bank, but the act o f
any such officer, clerk or agent in violation o f this section may subject such
bank to a forfeiture o f its membership in the Federal Reserve System upon
hearing by the Federal Reserve Board."
Sec. 4. That the first paragraph o f Section thirteen be further amended
and re-enacted so as to read as follows:
“ A ny Federal Reserve bank m ay receive from any o f its m ember banks,
and from the United States, deposits o f current funds in lawful m oney,
national-bank notes, Federal Reserve notes, or checks and drafts, payable
upon presentation, and also for collection, maturing notes and bills; or, solely
for purposes o f exchange or o f collection, m ay receive from other Federal
Reserve banks deposits deposits o f current funds in lawful m oney, nationalbank notes, or checks, upon other Federal Reserve banks, and checks
and drafts, payable upon presentation within its district, and maturing
notes and bills payable within its district; or, solely for the purposes o f exchange
or o f collection, may receive from any non-member bank or trust company deposits
o f current funds in lawful money, national-bank notes. Federal Reserve notes,
checks and drafts payable upon presentation, or maturing notes and bills:
Provided, That such non-member bank or trust company maintains with the
Federal Reserve bank o f its district a balance sufficient to offset the items in
transit held for its account by the Federal Reserve Bank.
Provided further. That nothing in this or any section o f this A ct 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 o f
checks and drafts presented at any one time for collection or payment o f checks
and drafts and remission therefor by exchange or otherwise: but no such charges
shall be made against the Federal Reserve banks.
Sec. 5. T hat the F ifth Paragraph o f Section thirteen be further amended
and re-enacted so as to read as follows:
“ A ny m ember bank m ay accept drafts or bills o f exchange drawn upon It

[a n d growing out of transactions involving the importation or
exportation of goods] having not m ore than six m onths’ sight to run,
exclusive o f days o f grace, which grow out o f transactions involving the im
portation or exportation o f goods; or which grow out o f transactions involving
the domestic shipment o f goods provided shipping documents conveying or
securing title are attached at the time o f acceptance; or which are secured at
the time o f acceptance by a warehouse receipt or other such document conveying
or securing title covering readily marketable staples. N o member bank shall
accept, whether in a foreign or domestic transaction, fo r any one person, com
pany, firm , or corporation to an amount equal at any time in the aggregate to
more than ten per centum o f 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 o f the same transaction as the acceptance;
[ b u t ] and no bank shall accept such bills to an amount equal at any time
in the aggregate to m ore than one-half o f its paid-up and unimpaired capital
stock and surplus: Provided, however. That the Federal Reserve Board, under
such general regulations as it may prescribe, which shall apply to all banks
alike regardless o f the amount o f capital stock and surplus, may authorize any
member bank to accept such bills to an amount not exceeding at any lime in the
aggregate one hundred per centum o f its paid-up and unimpaired capital stock
and surplus: Provided, further. That the aggregate o f acceptances growing
out o f domestic transactions shall in no event exceed fifty per centum o f such
capital stock and surplus."
Sec. 6. T hat Section fourteen, subsection (e), o f the A ct be amended
and re-enacted so as to read as follows:
" (e ) T o establish accounts with other Federal Reserve banks for ex
change purposes and, with the consent or upon the order and direction o f the
Federal Reserve Board and under regulations to be prescribed by said Board,
to open and maintain accounts in foreign countries, appoint correspondents,
and establish agencies in such countries wheresoever it m ay deem best
for the purposo o f purchasing, selling, and collecting bills o f
exchango, and to buy and sell, with or without its indorse
m ent, through such correspondents or agencies, bills o f exchange or accept
ances arising out o f actual com m ercial transactions which have not m ore
than ninety days to run exclusive o f days o f grace, and which bear the signa
ture o f tw o or m ore responsible parties, and, with the consent o f the Federal
Reserve B oard, to open and maintain banking accounts for such foreign cor
respondents or agencies. Whenever any such account has been opened or
agency or correspondent has been appointed by a Federal Reserve bank, with
the consent o f or under the order and direction o f the Federal Reserve Board,
any other Federal Reserve bank may, with the consent and approval o f the Federal
Reserve Board, be permitted to carry on or conduct, through the Federal Reserve
bank opening such account or appointing such agency or correspondent, any
transaction authorized by this Section under rules and regulations to be pre
scribed by the Board."
Sec. 7. T hat Section sixteen, paragraphs tw o, three, four, flvo, six, and
seven, be further amended and re-enacted so as to read as follows:
“ A ny Federal Reserve bank m ay make application to the local Federal
Reservo agent for such amount o f the Federal Reserve notes herolnbefore
provided for as it m ay require. Such application shall bo accom panied
with a tender to the local Federal Reserve agent o f collateral in amount
equal to the sum o f the Federal Reserve notes thus applied for and issued
pursuant to such application. T he collateral security thus offered shall be
notes, drafts, bills o f exchange, or acceptances [rediscounted] acquired
under the provisions o f Section thirteon o f this A ct, or bills o f exchange in
dorsed b y a member bank o f any Federal Reserve district and purchased
under the provisions o f Section fourteen o f this A ct, or bankers’ acceptances
purchased under the provisions o f said Section fourteon, or gold or gold certifi
cates; but in no event shall such collateral security, whether gold, gold certificates,
or eligible paper, be less than the amount o f Federal Reserve notes applied for.
T he Federal Reserve agent shall each day n otify the Federal Roservo Board
o f all Issues and withdrawals o f Federal Reserve notes to and b y tho Federal
Reserve bank to which he is accredited. T ho said Federal Reserve Board
m ay at any time call upon a Federal Resorvo bank for additional security
to protect the Federal Reserve notes Issued to it.
“ E very Federal Reserve bank shall maintain reserves in gold or lawful
m oney o f not less than tliirty-fivo per centum against its deposits and
reserves in gold o f not less than forty per centum against Its Federal Roserve
notes in actual circulation: Provided, however, That when the Federal Reserve
agent holds gold or gold certificates as collateral for Federal Reserve notes issued
to the bank such gold or gold certificates shall be counted as part o f the gold
reserve which such bank is required to maintain against Us Federal Reserve
notes in actual circulation [and not offset by gold or lawful money
deposited with the Federal Reserve ag en t]. N otes SO paid out shall
bear uponA helr faces a distinctive letter and serial num bor, which shall
be assigned'by’ the'F ederal’ Reserve’ B oard^to'each[F ederaliR esorve bank.

June 23 1917.]

THE CHRONICLE

2513

or such other officers or members as the Board may by regulation prescribe
W henever Federal Reserve notes Issued through one Federal Reserve bank
The form o f such order shall be approved by the Secretary o f the rreoa w v.
shall b l received b y another Federal Reserve bank they shall be prom ptly
"T h e expenses necessarily incurred in carrying out these• provisions, in
rot, rned for credit or redem ption to the Federal Reserve bank through eluding the cost o f the certificates or receipts issued for deposits recefted. and.
w h ich thov were originally Issued or, upon direction o f such Federal Reserve all expenses incident to the handling o f such deposits shall be paid by the>Fed
.
bank they shall be forwarded direct to the Treasurer o f the United Stales to be cral Reserve Board and included in its assessments against the several Federal
retired
N o Federal Reserve bank shall pay out notes Issued through
another under penalty o f a tax o f ten per centum upon the face valuei o f ^ " G o ld ^ ev o sils standing to the credit o f any Federal Reserve bank with the
notes so paid out. N otes presented for redem ption at the Treasury o f the Federal Reserve Board shall, at the option o f said bank, be counted as part o f
United States shall be paid out o f the redem ption fund and returned to the the lawful reserve which it is required to maintain against outstanding Federal
Federal Reserve banks through which they wero originally issued, and there Reserve notes, or as a part o f the reserve it is required to maintain against deupon such Federal Reserve bank shall, upon demand o f the Secretary o f
the Treasury, reimburse such redem ption fund in lawful m oney or, if sue
? "Nothing in this section shall be construed as amending section six o f the
Fedoral Reserve notes have been redeemed b y the Treasurer in gold or A ct o f March fourteenth, nineteen hundred, as amended by the A cts o f March
gold certificates, then such funds shall bo reimbursed to the extent deem
fourth, nineteen hundred and seven, March second, nineteen hundred and eleven,
necessary b y the Secretary o f the Treasury in gold or gold c ^ O c a t e s . and and June twelfth, nineteen hundred and sixteen, nor shall the provisions o f
such Fedoral Reserve bank shall, so long as any o f its Federal Reserve notes this section be construed to apply to the deposits made or to the receipts or cer
remain outstanding, maintain with the Treasurer in go c an i
tificates issued under those A c ts.”
sufficient in the judgm ent o f tho Secretary to provido for aU redemptions
Sec. 9. T hat Section seventeen bo am ended and re-enacted so as to read
to be made b y tho Treasurer. Federal Reserve " ^ r e c e i v e d b y the
Treasurer otherwise than for redemption m ay jo e* •
Reserve as follow s:
“ Sec 17. So m uch o f the provisions o f Section fifty-one hundred and
o f the redemption fund hereinafter provided “ d
bank through which they wero originally issued, or they may bo returned fifty-nine o f tho R evised Statutes o f the United States and Section 4 o f the
to s L h bank for the credit o f tho United States. Federal Reserve notes A ct o f Juno twentieth, eighteen hundred and seventy-four, and Section
unfit fo r circulation shall bo returned b y the Federal Reserve agents to the eight o f the A ct o f July twelfth, eighteen hundred and eighty-tw o, and o f
any other provisions o f existing statutes as require that before any national
4
fi,n r'nrroncv for cancellation and destruction.
°‘ ‘Tho Federal Reserve Board shall require each Federal Reserve bank to banking association shall be authorized to com m ence banking business it
maintain on deposit in tho Treasury o f tho United States a sum In gold shall transfer and deliver to the Treasurer o f the United States a stated
sufficient in the judgm ent o f the Secretary o f the Treasury for the redem p am ount o f United States registered bonds, and so much o f those P '-om ions
tion o f tho Federal Resorvo notes issued to such bank, but in no event less or o f any other provisions o f existing statutes as require any national
than fivo per centum o f the total amount o f notes issued less the amount of association now or hereafter organized to maintain a minimum deposit o f such
.
aold or gold certificates held by the Federal Reserve agent as collateral security; bonds with the Treasurer Is hereby repealed."
Sec. 10. T hat Section nineteen be further amended and re-enacted so as
but such deposit o f gold shall bo counted and included as part o f tho forty
per centum rcservo horeinboforo required. T ho Board shall have the right,
to read as follows:
acting through tho Federal Roservo agent, to grant, in whole or in part, or
“ Sec 19
Dem and deposits within tho meaning o f this A ct shall com 
to reject entirely tho application o f any Federal Reserve bank for Federal prise all deposits payable within thirty days, and tim e deposits shall com 
Reservo notes; but to tho extent that such application m ay be granted the prise all deposits payable after thirty days, [ a n d ] all savings accounts
Federal Roservo Board shall, through its local Federal Reserve agent,
and certificates o f deposit which are subject to not less than thirty days
supply Fedoral Reserve notes to tho banks so applying, and such bank shall notice before paym ent, and all postal savings deposits.
[W hen the Secretary of the Treasury shall have officially an
bo charged with tho amount o f [ s u c h ] notes issued to it and shall pay
such rate o f Interest [ o n said a m o u n t ] as m ay bo established b y the nounced, in such Manner as he may elect, the establishment of a
Federal Roservo Board [ a n d t h e a m o u n t o f s u c h ] on only that amount
Federal Reserve bank in any district, every subscribing member
o f such notes which equals the total amount o f its outstanding Federal Reserve bank shall establish and maintain reserves as follows:]
notes less the amount o f gold or gold certificates held by the Federal Reserve
"Every bank, banking association, or trust company tchich is or which be
comes a member o f any Federal Reserve bank shall establish and maintain
agent as collateral security.
Federal Roservo notes L8°-l
^
such bank shall, upon delivery, together with such notes o f such Federal reserve balances with its Federal Reserve bank as follows;
“ (a) [ A bank] I f not in a Reserve or central Reserve city , as now or
Reservo bank as m ay bo issued under Section eighteen o
1 s c upo
security o f United States tw o per centum G overnm ent bonds, becom e a hereafter defined, it shall hold and maintain with the Federal Reserve 6anij
o f its district an actual net [reserves] balance equal to not less than L ^ e v o j
first and paramount lien on all tho assets o f such bank.
seven per centum o f the aggregate am ount o f Its demand deposits and
“ A n y Fodoral Rcservo bank m ay at any tlm o reduce its liability ro
outstanding Federal Resorvo notes b y depositing with tho Federal Rascrve
[ five] three per centum o f its tim e deposits. L*8 follows:]
L [In its vaults for a period of thirty six months after said date
agent its Fodoral Rcservo notes, gold, gold certificates, or lawful mon y
o f tho United States. Federal Resorvo notes so deposited shall not be five twelfths thereof and permanently thereafter four tw elfths.]
[In the Federal Reserve bank of its district, for a period of twelve
reissued, except upon com pliance with the conditions o f an original t o w .
“ Tho Federal Resorvo agent shall hold such gold, gold certificates or months after said date, two twelfths, and for each succeeding *.*
months an additional one twelfth, until five twelfth, have been so
lawful m onoy available exclusively for oxchango for tho outstanding Federal
Reserve notes when offered b y tho Resorvo bank o f which ho is a director. deposited, which shall be the amount permanently required.]
f For a period of thirty six months after said date the balance of
Upon tho request o f tho Secretary o f tho Treasury tho Federal Reserve
the reserves may be held in its own vaults, or in the Federal Reserve
Board shall requiro tho Fodoral Resorvo agent to transmit L s o m u ch of
sa id g o l d ] to tho [ T r e a s u r y ] Treasurer o f tho United States so much bank, or in national banks in Reserve or central reserve cities as now
o f the gold held by him as collateral security for Federal Reserve notes as may
^ [ A f t e r ^ aid "thirty six months’ period said reserves, other than
bo required for tho exclusive purposo o f tho redem ption or such [ n o t e s ]
Federal Reserve notes, but such gold when deposited with the Treasurer shall be those hereinbefore required to be held in the vaults of the member
counted and considered as i f collateral security on deposit with the Federal bank and in the Federal Reserve bank, shall be held in the vaults o
the member bank or in the Federal Reserve bank, or in both, at the
Reserve agent.
“ A ny F'cderal Rcservo bank m ay at Its discretion withdraw collateral
[ A ^ a n k ] ™ //6^ 1 Reserve city , as now or hereafter defined, it
^
deposited with tho local Federal Resorvo agent for tho protection o f its - ‘ r
Federal Rcservo notes T d e p o s ite d w it h i t ] issued to it and shall at the shall hold and maintain [reserves] with the Federal Reserve bank o f i s
game timo substitute therefor other [ l i k e ] collateral o f equal amount with district an actual net balance equal to not less than [fifte e n ! le n .p e r o m tu m
the approval o f tho Federal Resorvo agent under regulations to be pre o f tho aggregate amount o f its dem and deposits and [ f iv e ] three per
scribed b y tho Federal Reserve B oard. A n y Federal Reserve bank may centum o f its tim e deposits, [a s follows:J
Tin its vaults for a period of thirty-six months after said date
retire any o f Us Federal Reserve notes by depositing them with the Federal Reserve
.“fifteenths thereof, and permanently thereafter five-fifteenths.
agent or with the Treasurer o f the United States, and such Federal Reserve bank
In the Federal Reserve bank of its district for a period of twelve
shall thereupon be entitled to receive back the collateral deposited with the Federal
Reserve agent for the security o f such notes. Federal Reserve banks shall not be months after the date aforesaid at least three-fifteenths and for
required to maintain the reserve or the redemption fund heretofore provided for each succeeding six months an additional one-fifteenth, until sixagainst Federal Reserve notes which have been retired. Federal Reserve notes fifteenths have been so deposited, which shall be the amount per
so deposited shall not be reissued, except upon compliance with the conditions manently required.
. . .
, . ,
r
For a period of thirty-six months after said date the balance of
o f an original issue.”
.
A ll Federal Reserve notes and all gold, gold certificates, and lawful money the reserves may be held in its own vaults, or in the Federal Reserve
issued to or deposited with any Federal Reserve agent under the provisions of bank, or in national banks in central reserve cities as now defined
the Federal Reserve Act shall hereafter be held for such agent, under such
^After said thirty-six months’ period all of said reserves, except
rules and regulations as the Federal Reserve Board may prescribe, in the
joint custody o f himself and the Federal Reserve bank to which he is those hereinbefore required to be held permanently Inl the_v.ulu
accredited. Such agent and such Federal Reserve bank shall be jointly liable of the member bank and in the Federal Reserve bank, shall be held
for the safe keeping o f such Federal Reserve notes, gold, gold certificates, and in its vaults or in the Federal Reserve bank, or in both, at the
lawful money. Nothing herein contained, however, shall be construed to pro
hibit a Federal Reserve agent from depositing gold or gold certificates with the ° P"(c)n [ A b a n lT j'/^ in a^entral reserve city , as now or hereafter d e f i e d ,
Federal Reserve Board to be held by such Board subject to his order or with the it shall hold and maintain [ a reserve] with the FederalReserve bank o f a
district an actual net balance equal to not less than [eighteen] :Mr(een per
Treasurer of the United States for the purposes authorized by law.
c e n tu m o f the aggregate amount o f its demand deposits a n d ^ f i v e ] three
S E C T IO N 8. P E R M IT T IN G D E P O S IT S OF G O L D C O IN A N D G O LD
per centum o f its time deposits. Las follows: J
C E R T IF IC A T E S W IT H T H E T R E A S U R E R A N D S U B -T R E A S U R E R
[ i n its vaults six eighteenths thereof.]
TO T IIE C R E D IT O F T H E F E D E R A L R E S E R V E B O A R D .
pi., the Federal Reserve bank seven eighteenths.]
Sec. 8. That section sixteen bo further amended b y adding at tho end o f
tho section tho following:
"That the Secretary o f the Treasury is hereby authorized and directed to re
ceive deposits o f gold coin or o f gold certificates with the Treasurer or any A s
sistant Treasurer o f the United States when tendered by any Federal Reserve
bank or Federal Reserve agent for credit to its or his account with the Federal
Reserve Board. The Secretary shall prescribe by regulation the form o f receipt
to be issued by the Treasurer or Assistant Treasurer to the Federal Reserve bank
or Federal Reserve agent making the deposit, and a duplicate o f such receipt
shall be delivered to the Federal Reserve Board by the Treasurer at Washington
upon proper advices from any Assistant Treasurer that such deposit has been
made. Deposits so made shall be held subject to the orders o f the Federal Re
serve Board and shall be payable in gold coin or gold certificates on the order
o f the Federal Reserve Board to any Federal Reserve bank or Federal Reserve
agent at the Treasury or at the sub-treasury o f the United States nearest the
place o f business o f such Federal Reserve bank or such Federal Reserve agent;
Provided, however, That any expense incurred in shipping gold to or from the
Treasury or sub-treasuries in order to make such payments, or as a result of
making such payments, shall be paid by the Federal Reserve Board and assessed
against the Federal Reserve banks. The order used by the Federal Reserve
Board in making such payments shall be signed by the governor, or vice-governor.




[The balance of said reserves shall be held in its own vaults or in
the Federal Reserve bank, at its op tion .]
. . .
lA n y Federal Reserve bank may receive from the member banks as
reserves, not exceeding one half of each installment, eligible paper
as described in Section thirteen properly indorsed and acceptable
to the said Reserve ba n k.]
,,
.
rIf a State bank or trust company is required or permitted by tn
law of its State to keep its reserves either in its own vaults or with
another State bank or trust company, or with a national bank,
,uch reserve deposits so kept in such State bank, trust com
pany or national bank shall be construed, within the mean
ing of this Section, as if they were reserve deposits in a national
bank in a reserve or central reserve city for a period of three years
after the Secretary of the Treasury shall have officially announced
the establishment of a Federal Reserve bank in the district in which
such State bank or trust company is situate. Except as thus proV ,“^ o m em ber bank shall keep on deposit with any [ n o n - m e m b e r ] State
bank or trust company which is not a member bank a sum in ex coss o f ten per
centum o f its own paid-up capital and surplus. N o member bank shall act
as tho medium or agent o f a non-m em ber bank In applying for or receiving

2514 :

THE CHRONICLE

discounts from a Federal Reserve bank under the proivslons o f this A ct
excopt b y permission o f the Federal Reserve Board.
‘ ‘The [reserve ] required balance carried b y a member bank with a
fe d e ra l Reserve bank m ay, under tho regulations and subject to such
penalties as m ay be prescribed b y tho Federal Reservo B oard, bo checked
against and withdrawn b y such member bank for the purpose o f meeting
existing liabilities: Provided, however. T hat no bank shall at any time make
new loans or shall p ay any dividends unless and until tho total [reserve 1
balance required b y law is fully restored.
In estimating tho [reserves] balances required b y this A ct, the net
[balance J difference o f amounts due to and from other banks shall bo
taken as the basis for ascertaining the [ b a n k ] deposits against which
[reserves J required balances with Federal Reserve banks shall be determined.

[Balances in Reserve banks due to member banks shall, to the ex
tent herein provided, be counted as reserves.]
“ N ational banks, or banks organized under local laws, located in Alaska
or in a dependency or insular possession or any part o f the United States out
side tho continental United States m ay remain non-mem ber banks, and
shall in that event maintain reserves and com ply with all the conditions
now provided b y law regulating them: or said banks [except in the
Philippine Islands] m ay, with tho consent o f tho Reserve B oard, becom o
member banks o f any one o f tho reserve districts, and shall in that event
take stock, maintain reserves, and be subject to all the other provisions
o f this A c t .”
,, _s ®c - 11 • That that part o f Section tw enty-tw o which reads as follows:
Other than tho usual salary or director’s fees paid to any officer, director
or om ployee o f a member bank and other than a reasonable fee paid by
said bank to such officer, director, or em ployee for services rendered to
such bank, no officer, director, em ployee, or attorney o f a m ember bank
shall bo a beneficiary o f or receive, directly or Indirectly, any feo, com 
mission, gift, or other consideration for or in connection with any trans
action or business o f the b an k ,” bo amended and re-enacted so as to read
as follows:
“ Other than tho usual salary or director’s foe paid to any officer
director, [ o r ] em ployee, or attorney o f a member bank, and other than
a reasonable fee paid b y said bank to such officer, director, [ o r ] em 
ployee, or attorney for services rendered to such bank, no officer, director
em ployee, or attornoy o f a member bank shall be a beneficiary o f or re
ceive, directly or indirectly, any fee, com m ission, gift, or other consider
ation for or in connection with any transaction or business o f tho bank:
Provided, however, That nothing in this A ct contained shall be construed to
prohibit a director, officer, employee or attorney from receiving the same rate o f
interest paid to other depositors for similar deposits made with such bank: And
provided further, That notes, drafts, bills o f exchange, or other evidences o f debt
executed or indorsed by directors or attorneys o f a member bank may be discounted
with such member bank on the same terms and conditions as other notes, drafts,
bills o f exchange, or evidences o f debt upon the affirmative vote or written assent
o f at least a majority o f the members o f the board o f directors o f such member
bank.

JAPAN’S DIPLOMATIC MISSION TO THE UNITED
STATES.
W ith regard to the intended visit to tho United States of
a mission from Japan, tho State Department at Washington
made public tho following statement on Juno 15:
T he Departm ent o f State is advised o f tho intention o f tho Japaneso
Governm ent shortly to send a diplom atic mission to tho United States.
This will bo headed b y Baron Kikujiro Ishii. Baron Ishii was form erly
M inister for Foreign A ffairs. Ho was born in 1866 at C hiba. Ho gradu
ated in law from tho Imperial T ok y o University in 1890. IIo was an at
tache in the Legation in Franco in 1891. Ho becam e Third Secretary o f
that Legation in 1893. In 1896 ho was Consul at Nunsen. Ho went to
Peking as Second Secretary o f Legation in 1897, and was prom oted the
follow ing year to be First Secretary. He went through tho siege o f Peking
during the Boxer trouble. Ho was ch ief o f tho telegraph section o f tho
Foreign O ffico in 1900 and Director o f tho Com m erce Bureau in 1904. He
was appointed Vico M inister for Foreign Affairs in Juno 1908 and was a f
terward Ambassador to Paris. Following that appointm ent ho bccam o
M inister for Foreign Affairs.
In addition to Viscount Ishii, who is made an Ambassador Extraordinary
and Plenipotentiary, tho mission includes:
Isamu Takoshita, Vice-Adm iral, Imperial Japanese N a vy.
Ilisaichi Sugano, M ajor-G oneral, Imperial Japaneso A rm y.
M atsuzo N agai, Secretary o f the Foreign Offico.
Masataka A ndo, Lioutonant-Com m ander, Imperial Japaneso N a vy.
Seiji Tanikawa, M a jor, Im perial Japaneso A rm y.
Tadanao Im ai, Vice-Consul.
Vico Admiral Takcshita was form erly naval attache in W ashington.
M r. Nagai, Secretary o f tho Foreign O ffico, was form erly Japaneso Con
sul-General at San Francisco, and at ono time was Third Secrotary at W ash
ington.

It is understood that the mission will discuss all questions
relating to the prosecution of the war, including tho defenso
of tho Pacific, and at the same time endeavor to enhance the
friendly relations between Japan and tho United States.

ARRIVAL OF BELGIAN WAR MISSION AT WASH
INGTON.
The Belgian W ar Mission to tho United States, which
arrived at an Atlantic port on June 10, were given an en
thusiastic welcome at Washington on June 17. Tho Belgian
Mission is headed by Baron Ludovic Monchour, formerly
Minister at Washington and at present chief of tho Political
Bureau of the Belgian Foreign Office at Havre. The
Baroness Moncheur, who accompanied her husband to this
country, is the daughter of General Powell Clayton, at one
time American Minister to Mexico. Other members of tho
Mission are Liout.-Gen. Leclercq.CountLouis d ’Ursel,Hector
Carlier, Major Leon Osterrieth and Jean D . Martens.
Tho State Department on June 6 issued tho following short
biographies of tho principal members of tho Belgian mission:
Baron M oncheur— Ho is now tho ch ief o f tho political bureau o f tho
Belgian foreig n Offico at Havre. Ho was Belgian M inister at Washington
for eight years, relinquishing that post about eight years ago. B oforo that
ho was M inister in M exico, whoro ho married M iss C layton , daughter o f




Vol. 104.

Gen. Powell C layton, then United States M inistor. W hen tho war began
ho vvas M inister at Constantinople and sinco then ho has boon appointed
ch ief o f tho political bureau at tho Belgian Foreign O ffico. IIo is a man o f
about 60 years o f ago.
Gen Leclercq A well known cavalry officer o f tho Second Regim ent
o f Guides and at ono tim e com m ander o f tho First Division o f C avalry.
M.
H ector Carlier— Counselor o f the mission; son o f M r. Carlier, diroctor
or tho N ational Bank o f Belgium in A ntw erp, who was imprisoned b y tho
Germans and deported to Germ any. M . H ector Carlior is ongaged in tho
banking business and is head o f tho Italian & Belgian Banking C o which
has largo connections with South Am erica. Ho enlisted at the beginning
o f tho war in tho Engineers Corps.
M a jo r Osterrieth— Ho is an officer o f tho First Regim ent o f Guides and
was attached to the Belgian Legation at Petrograd for a long tim e. Ho
belongs to a well-known fam ily in A ntwerp.
Count Louis d ’Ursel— First cousin o f tho Duko d ’ Ursol, w ho, though over
40 years old , enlisted in tho Belgian arm y as a private. C ount Louis
d ’ Ursel has followed tho footsteps o f tho head o f his houso and after leaving
Teheran, whero ho was Secretary o f L egation, onlistod in tho arm y at tho
beginning o f hostilities and roso from tho ranks to bo a lieutenant. His
younger brother was wounded but has now roturnod to tho front.

Upon their arrival at tho railway station in Washington,
the members of the Mission were greeted by Secretary of
Stade Lansing, Counsellor Polk and Assistant Secretary
Phillips of the State Department, after which, escorted
by two companies of U. S. Cavalry, they motored to tho
home of Larz Anderson, former American Minister to Bel
gium, which is to be their headquarters while in Washington.
On June I S the members of the Mission paid a formal call
on Secretary Lansing at the Stato Department and later were
escorted to the W hite Houso to meet President Wilson.
Baron Moncheur, as head of the Mission, handed to the Presi
dent an autographed letter from King Albert expressing the
sentiments of gratitudo and admiration of tho people of
Belgium for what tho United Statos has done to alloviate
their sufferings. In presenting the King’s letter to tho Presi
dent, Baron Moncheur said:
S in co th e firs t d a y s o f th o gre a te s t tr a g e d y w h ic h has o v e r b efallen h u m a n 
i t y , B e lg iu m has c o n tr a c te d an im m o n s o d e b t o f g r a titu d e to th e gen erou s

American nation. In a m agnificent outburst o f sym pathy for tho littlo
country which had chosen to delay a powerful and pitiless enemy rather
than to tarnish its honor or forswear its plighted word, tho initiative o f
A m eiican citizens gave to tho unfortunato victim s o f German cruelty in
Belgium the m ost splendid evidences o f generosity.
B ut tho chivalrous sentiments which anim ate tho people o f tho United
States went further than this when President W ilson, giving an admirable
exam ple o f disinterested pow er, uttered the words well fitted to m ake us
trem ble w ith hope and to cause us to fix our eyes confidently upon tho
starry banner whicii has becom o m ore than ever the sym bol o f strength
placed at the service o f tho highest and m ost puro principles.
Y es, Belgium will again talco her p lace among tho nations. T ho enemy
brought us massacre and devastation, but thoro still remains to the Belgian
people their soil, m ade fertile b y tho toil o f their ancestors; there stilF re
mains to Belgium an industrious population o f unconquerable energy.
Leaning upon tho young, strong and generous hand which the American
people holds out to her, Belgium , once she is delivered from tho oppression
o f tho enem y, will arise, and, throwing aside tho odious weight o f foreign
occupation, will courageously and proudly resumo the path o f progress in
the light o f the sun o f liberty.

President Wilson, in thanking Baron Moncheur, and
through him King Albert, expressed America’s “ solemn de
termination that on the inevitable day of victory Belgium
shall be restored to the plaeo that she has so richly won among
tho self-respecting and respected nations of tho earth.” He
said:
Y ou r Excellency is good enough to express tho thanks o f the Belgian peo
ple for the participation o f Am erica in feeding tho people o f your stricken
country. This work in which so m any Americans have been enthusias
tically engaged sinco tho boginning o f tho war, is ono which has brought
as m uch o f benefit to them as to tho innocent civilian population whom it
was intended to aid.
Am erica engaged upon this work as boing tho only means, liowover in
adequate, o f oxpressing our deep and slncoro admiration for tho valiant
nation that has gone forth unhesitatingly to m eet tho onslaughts o f a ruth
less enemy rather than sacrifice her honor and her self-respect.
T ho American peoplo have been able to understand and glory in tho un
flinching heroism o f tho Belgian peoplo and their sovereign, and there is
not ono among us who does not to-day welcom e tho opportunity o f express
ing to you our heartfelt sym pathy and friendship, and our solemn deter
minatlon that on the inevitable day o f victory Belgium shall be restored
to the place she lias so richly won among tho self-respecting and respected
nations o f tho earth.

I he members of tho Belgiun Mission and their wives wero
entertained at a formal White House dinner on the night of
June 18. On June 19 tho Stato Department made public
an official translation of King Albert’s autographic letter,
which Baron Moncheur presented to President Wilson.
The translation reads:
Ilis Excellency, Woodrow Wilson, President o f the United States o f Am erica:
Great and Good Friend: I com m end to your E xcellency’s kindly recep
tion tho M ission which bears this letter. T his M ission will express to the
President tho feelings o f understanding and enthusiastic admiration with
which m y Governm ent and peoplo havo received tho decision reached by
him in his wisdom . T ho M ission will also tell you how greatly tho Im por
tant and glorious rolo enacted by the United States has confirm ed the co n fi
dence which tho Belgian nation lias always had in free A m erica's spirit o f
justico.
Tho great American nation was particularly m oved b y tho unwarranted
and violent attacks m ade upon Belgium . It has sorrowed over tho dis
tress o f m y subjects subjected to tho yoke o f tho enem y. It lias succored
them with incom parable generosity. I am happy to have an opportunity
again to express to your E xcellency tho gratitudo which m y country owes
you , and tho firm hopo entertained b y Belgium that on tho day o f rapara-

J une 23 1917.]

THE CHRONICLE

tion , toward which America will contribute so b ountifully, full and entire
justice will be rendered to m y cou ntry.
M y Governm ent has chosen to express its sentim ents to your Excellency
through two distinguished m en, whoso services will com m and credence
for what they have to say. Ilaron M oncheur, who for eight years was
m y representative at W ashington, and L ieut.-G cn. L eclercq, who has
earned high appreciation during a long m ilitary career.
I venture to hope, M r. President, that you will accord full faith and
credence to everything that they say, especially when they assure you o f
tho hopes I entertain for the happiness and prosperity o f the United States
o f Am erica, and o f m y faithful and very sincere friendship.
ALBERT.

Baron Moncheur gave an interview to the Washington
newspaper correspondents on Juno 20 in which ho expressed
Belgium’s deep gratitude for America’s “ gonerous outpour
ing of material assistance and sym pathy.” lie also paid
special tribute to Herbert C . Hoover for his endeavors in
Belgian relief work. He said:
T ho purpose o f our visit to this country is to express to your Governm ent
and people tho heartfelt gratitude o f Belgium for tho generous outpour
ing o f material assistance and sym pathy which liavo gone so far to save
our stricken countrym en from tho horrors o f famine and to m aintain their
unshaken courage in this hour o f trial.
Our warm gratitude to you for this help will never cool, but you aro now
adding still more to our great debt. Our people, saved from fam ine, still
groan under tho yoke o f a merciless invader. O f all tho peoples o f the
world nono havo over had a m ore flam ing love o f liberty than those o f B el
gium , and this makes their suffering the m ore acute. Y ou r entry into tho
war not only brings to us tho satisfaction o f finding in an old friend a now
ally, but fires us with com plete confidence in an early and victorious issue
o f tho great strugglo which has brought to m y cou ntry so m uch o f misery
and suffering.
Our admiration for your decision in ontering the war is all tho greater be
cause we know that you did so in full knowledge o f all its horrors and real
ize fully tho sacrifices you will be called upon to m ake, tho tears that will
flow , tho inovitablo heartache and sorrow that will darken your hom es.
This shows us, as nothing else cou ld, tho determ ination o f your country
to see that when peace com es it shall be an honest peaco, one that can last
and one that will bring freedom and happiness to all nations.
In voicing m y cou n try’s gratitude I am happy to be able to pay a tribute
o f admiration and affection to M r. H oover, under whose able and untiring
direction the great work o f feeding Belgium was carried o n . W e rejoice for
you that a man so em inently fitted b y ability and experience should bo at
your service in handling tho great food problem s that confront you .
From boing ono o f tho forem ost industrial nations o f the w orld, ranking
fourth among exporting countries, Belgium for the tim e being has been
ruthlessly wiped out. Her factories aro closed. W ith cold calculation for
tho ruin o f tho cou ntry, the invader has even rem oved the m achinery from
our factories and shipped it to Germ any as part o f a farsighted and cynical
program o f econom ic annihilation. A nd, worst o f all, a part o f Belgium s
unoffending laboring class has been torn from their families and sent to
toil in Germany under a system that would have offended tho m oral sense
o f tho M iddle Ages.
B ut this is only a passing phase. Belgian confidence and courage have
never wavered. On the day o f deliverance sounds o f industry will again be
heard
A nd on that final day o f victory tho friednship o f our tw o peoples,
purified in tho fire o f suffering, will omergo greater and stronger than over
and unite us in even stronger bonds that, shall, G od w illing, never bo
broken.
_______________________

VOLCANIC DISASTER AND EARTHQUAKE SHOCKS
IN SALVADOR.
San Salvador, tho capital of tho Central American Republic
of Salvador, with a population of 60,000, together with Santa
Tccla and neighboring towns and villages wero destroyed by
an earthquake and volcanic eruption which commenced
shortly after 6:30 p. m . on Juno 7 and continued throughout
tho night, accompanied by a heavy rain. Dispatches from
San Salvador on Juno 14 stated that several earthquake
shocks of varying intensity wero again folt on Juno 13 and
again on June 14. Reports from San Salvador on June 12
said that the Salvadorian Government had instituted
onorgotic measures to relievo tho distress caused by the earth
quake. Orders were given for tho construction of temporary
dwellings and food was being distributed free to thoso
unable to pay for it. Tho Mexican Government, according
to dispatches from Mexico C ity, on June 9, sent a section of
Rod Cross workers to Salvador to help in tho relief work.
First roports received at San Juan del Sur, Nicaragua, on
Juno 8 stated that San Salvador was destroyed and added that
only one hundred houses wero left standing. Strong earth
quakes, the roport said, wero followed later by tho falling of
lava and boiling water. Dispatches from Tegucigalpo,
Honduras, on Juno 8 reported that in addition to tho wiping
out of San Salvador the towns of Quezaltopeque, Nojapa,
Suchechoto, Paisnal, Armenios and Nojicanos, also wero
destroyed. A wireless operator who reached the edge of tho
destroyed zone reported at 9:20 p. in. on tho 7th inst. that
San Salvador was in ruins and that everything within a radius
of thirty milos had been destroyed by tho earthquake. A
dispatch to tho Stato Department at Washington from
Minister Boaz Long at San Salvador sent on Juno 7, im
mediately after the earthquake and while tho volcano of
San Salvador was still in eruption, stated that part of tho
city of San Salvador had boon destroyed and great damage
had been dono. Tho dispatch said that at about 6:35 p. in.
sovoro earthquakes began and continued until about 8:45,
with varying degrees of intensity. A t about 8:45 tho volcano
of San Salvador began to belch forth fire and smoke, ap




2515

parently on the side toward {.Quezaltepeque. There was
lator one very severe shock, but the tremors of the earth
continued with decreasing violence. A t tho same time,
there was a steady shower of dry ashes falling over the city.
M r. Long also said that the damage done to the American
Legation will render it uninhabitable, but that all records
were safe. He added that all other city property appeared
to bo practically untenable. Dispatches from San Juan del
Sur on June 9 stated that although the earthquake caused
considerable destruction of property tho loss of life was be
lieved not to be very great, and that the rain which accom
panied the earthquake fell for six hours, greatly increasing
the sufferings of the inhabitants who had erected temporary
shelters in the squared and public gardens. A report from
La Libertad, Salvador, on June 9 stated that in the towns
of Armenia and Quezaltepeque near San Salvador, 40 persons
were killed and 100 were injured as the result of the earth
quake, which, said the dispatch, was tho most severe and
most disastrous felt in Salvador since 1873. Eighty out
of every one hundred houses in San Salvador were razed and
tho entire business section was destroyed by fire. There
aro no authentic reports, the dispatch added, as to the num
ber of casualties in the cityfof San Salvador.

W.

./.

HANNA CHOSEN CANADIAN FO D
O
CONTROLLER.

The appointment of W . J. Hanna as Canadian Food Con
troller was announced by Premier Borden in the House of
Commons on June 19. M r. Hanna, who is a lawyer by pro
fession, recently resigned as Provincial Secretary of Ontario.
He accepted the Food Controllership, we learn from the
Montreal “ Gazette,” on condition that no salary be paid
him for his services. He left for Washington soon after his
appointment to confer with M r . Hoover, United States Food
Controller, and evolve a scheme of co-operation between the
two departments, regulation of prices and distribution of
food supplies. The Order-in-Council defining the duties
of a Canadian Food Controller, made public on the 19th, was
dated Juno 16, and, according to the Montreal “ G azette,”
it provides that he shall have power to do the following:
(a) T o make such inquiry and investigation as lie deems necessary for
tho purposes, h erd: after set forth, into the quantities, location, owner
and Into the sources o f supply o f any article o f food used by the people
o f Canada, and into the prices at which the same is sold or held for sale,
and tho causes o f such prices.
(b) T o ascertain the food requirements o f Canada and to facilitate the
export o f tho surplus to Great Britain and her allies.
(c) T o make regulations where he deems it necessary in the public
interest, subject to the approval o f the G ovem or-in-Council.
s 'l l ] ,

The regulations which the new Food Controller may make
may lie of the following character:
(1) Governing the prices o f any article o f food and the storage, distribu
tion, sale and delivery thereof.
(2) Providing for the conservation o f food and the prevention o f w aste
thereof and governing and consum ption o f food in hotels, restaurants,
cafes, private houses, clubs and other places.
(3) Respecting the m anufacture, preparation, storage and transportation
o f food .
(4) Authorizing the Food C ontroller to purchase, requisition, store, sell
and deliver food .

Provision has been made, too, for co-operative action with
any department of the Canadian Government or of tho
governments of Great Britain and the Allied Powers, as
tho Order-in-Council provides that the powers of tho new
Food Controller “ may be exercised either independently or
in co-operation with any department of the Government of
Canada or any provincial government or with any department
or officer of the Government of Great Brtiain or of any
Allied country vested with similar powers.”

VICE-ADMIRAL SIMS PLACED IN CHARGE O ALLIED
F
NAVAL FO CES IN IRISH WATERS.
R
Dispatches from London on June 19 made known that
Vice-Admiral William S. Sims, U . S. N ., had been appointed
to take charge of tho operations of tho Allied naval forces
in Irish waters, during tho temporary absence of tho British
naval commander-in-chief. An official statement, issued
in London, on June 19, said:
During a short absence o f the British naval com m ander-in-chief on tho
coast o f Ireland, Vice-Admiral Sims o f the United States N avy has hoisted
his flag as Allied senior officer in general charge o f operations o f the Allied
naval forces in Irish waters.
_

Vice-Admiral Sim’s responsibilities are greatly increased
with his appointment as Commander of tho Allies’ war
vessels in Irish waters. Even without tho American destroy
er squadron, which (as noted in our issue of M a y 26) was
sent to Europe to co-operato in tho destruction of the sub
marine menace, the Allies, it is s a id , have had a largo number
of destroyers, submarine chasers of all sizes and kinds, mine

3516

THE CHRONICLE

sweepers, and aircraft patrolling in the Irish waters in the
effort to keep open the shipping lanes. All these vessels
will be under Admiral Sims’s supervision. On him, also,
rests probably the duty of arranging for the arrival and de
parture of commercial vessels, both transatlantic and coast
wise, that ply in the waters now under his command, as the
British Admiralty, it is stated, requires that no vessel shall
leave port until the naval commander reports the sea free
of the enemy. The authorities at Washington, it is said,
have given Admiral Sims wide powers to enable him to meet
any situation that may arise, and he is free to act with full
authority on his own initiative in disposing the American
forces under his command so as to secure the highest co
operation with the British and French navies in combating
the submarine menace.

into any such negotiations, and that as a Socialist he refused to let him seF
be m ade the Instrument o f im perialist plans.
T h e tw o Russian M inisters reported to the Cabinet that G rim m ’s ex
planation was unsatisfactory, whereupon an im m ediate expulsion order
was Issued.

The “ Social Demokraten” of Stockholm in making known
on June 16 that an offer of peace had been made to Russia
through a member of the Swiss Federal Council, published
the translation of a telegram said to have been sent in cipher
from the political department of the Swiss Federal Council
to E . Odier, the Swiss Minister at Petrograd. It was said
to have been dated at Berne, June 5 , and the dispatches
from Stockholm on the 16th reported it as saying:
H offm an , a m em ber o f the Federal C ouncil, authorizes you to m ake to
Grim m the follow ing oral com m unication:
“ Germ any will n ot undertake an offensive so long as an arrangement
w ith Russia seems possible. A fter conversations with an im portant per
sonage, I am convinced that Germ any aims at a peacewith Russia honorable
to both parties, with intim ate econom ic and com m ercial relations and
financial support to place Russia once again on her feet; no interference In
tho dom estic affairs o f Russia; an entente cordiale on Poland, Lithuania and
C ourland, In view o f tho relationship between the peoples; restitution o f the
occupied provinces, and Russia, on tho other hand, to give back to Austria
the provinces which she has been able to tak e.”

SENTIMENT IN RUSSIA BECOMING UNANIMOUS
AGAINST A SEPARATE PEACE.
In a resolution passed by the Russian Duma in secret
session on June 17 an immediate offensive by the Russian
troops is called for, and the declaration is made that a sep
arate peace with Germany or prolonged inactivity on the
battlefront would constitute ignoble treason toward Russia’s
allies, for which future generations would never pardon the
Russia of the present day. The resolution added:

Additional details of the German peace offer to Russia
as contained in the “ Social Demokraten’s” translation of
the telegram, came in dispatches from Stockholm on June 17.
On that date it was said that the newspaper’s version of the
telegram contains the following:
I am convinced that Germ any and her allies would im m ediately take up
peace negotiations at the wish o f Russia’s allies. A s to what concerns tho
German war aim you can read articles in the "N orddeutsch e Allgem eine
Z e itu n g ." T hore, after consultation with Chancellor von Bethm ann-H ollw eg, the declaration has been m ade regarding annexation to the effect that
Germ any does n ot desire any increase in her territory, or any econom ic or
p olitical expansion.

T h e D um a therefore considers that the safety o f Russia and the m ain
tenance o f the liberties which have been obtained lie in an im m ediate
offensive in close co-operation w ith Russia’s allies.

Dispatches to London on June 21 from Petrograd to the
Exchange Telegraph Co. stated that the Congress of Sol
diers’ and W orkm en’s Delegates from the whole of Russia
had on the 20th voted confidence in the Provisional Govern
ment and unanimously passed a resolution demanding an
immediate resumption of the offensive and the reorganiza
tion of the army. A W ar Cabinet was formed, including the
leaders of the Russian army and navy and technical repre
sentatives.
It is stated that an immediate Russian offensive is favored
by two of the leading parties in the Congress. The Social
Democrats voted 75 to 55 on June 16 for armed action at
once. The Socialist Revolutionaries stood 325 to 25 for
war. The rest of the delegates, it is said, although without
any organization, are almost all for hostilities.
The announcement on JuneJ14 that the Russian Cabinet
had decided to suggest a conference with the Allies to ex
amine the various treaties among [the several Allied Powers
was followed on June 17 by the publication of the note sent
to the other Governments in question. The note suggests a
conference to revise the agreements existing among the
Allies as to war aims, with the exception of the London agree
ment, which provides that none of the signatory Powers
shall conclude a separate peace.

A Reuter dispatch from Petrograd to London on June 17
reported statements by Russian newspapers to the effect
that Admiral M adim off, commander of the Baltic fleet,
had been appointed Chief of the naval General Staff and
that General Lumhomsky had been appointed Chief of the
General Staff to the Commander-in-Chief.
A Copenhagen dispatch on June 17 stated that the
German Government, which has been endeavoring by
semi-official means to come to a separate arrangement
for peace or an armistice with Russia, was considering a
new m ove, namely an offer of an armistice for the period of
elections to the Russian Constitutional Convention. The
dispatch added:

The first act of the Pan-Russian Congress of all councils of
W orkm en’s and Soldiers’ delegates, upon which depends the
immediate destiny of Russia, in regard to both international
and domestic questions, was to ratify on June 16 tho ex
pulsion by the Provisional Government of the Swiss Socialist,
Robert Grim m , who is reported to have been the medium
through which the Germans have been attempting to ar
range a separate peace with Russia. Grimm’s expulsion
was approved by the passage of a resolution by a vote of 640
to 121, indorsing the action of M . Tseretelli and M . Skobeleff, Socialist members of the Cabinet, who investigated
the activities of the Swiss Socialist and brought about the
order for his expulsion. The Congress expressed the view
that the action of the Ministers corresponded perfectly with
the interests of the Russian revolution and the Socialist
Internationale. It welcomed the decision of the Ministers
to publish the full details regarding the Grimm affair.
The dispatches from Petrograd on June 16 reporting the
efforts to use Grimm as a medium of peace said:
T w o days ago the Provisional Governm ent received from a reliable
source a co p y o f a dispatch addressed b y H offm an, a m em ber o f the Swiss
Federal C ouncil, to G rim m . A part from the separato peace offer con
tained in the dispatch, H offm an reported that Germany and her allies wero
ready to begin general and Immediate peace negotiations if Russia’s allies
were willing.
T he Provisional Governm ent apparently was inform ed that this dispatch
had been handed to Grim m b y the Swiss M inister at Petrograd. Tho
Governm ent requested the Socialist m embers o f the C abinet, M . Tseretelli
and M . Skobeleff, to demand explanations from G rim m , who was their
■Colleague, inasmuch as, though a foreigner, he was beginning to play a
prom inent role in Petrograd as the m outhpiece o f the internationalist
pacifist propaganda.
An official statem ent issued to-day declares that Grim m denied to the
C abinet m embers that the Swiss M inister had transmitted to him such a
dispatch, denouncing the wholo affair as a clum sy German m anoeuvre.
Grim m added that when at Berne andfStockholm he had refused to enter




[VOL. 104.

T h o Associated Press has this Information from a reliable source. T he
Inform ant, who has just com e from Germ any, says that Governm ent agents
are desirous o f reaching some such arrangement, not only as a com plim ent
to the Russian Council and to further the growth o f pro-Germ an senti
m ent, but also because Germ any desires to see some stable Governm ent
established there with which it would be possible to enter into negotiations.
He cited one o f the best known German parliamentarians as saying that
the presont authorities in Russia are not ‘ 'verhandlungsfaohig,” that is,
not capable o f negotiating, and that there is little hope o f peace so long
as tho present conditions in Russia continue.
T h e German newspapers which havo arrived thus far print the German
Socialists’ memorandum on peace terms without com m ent, the “ V orwaerts” alono accom panying the memorandum with a colum n explanation
o f m otives and hopes. M any o f tho papers com m ont on President W ilson’s
recent speech and his messago to Russia, and on the "N orddeutsche A llgomeino Zeitung’s” semi-official statement thereon, which is treated as an
official incitation to the Russian authorities to negotiate peace on a basis
o f no indemnities or annexations.
T he “ N orddeutsche Allgemeino Zeitung’s ” words, "th is form ula prosents
no obstacle to peace between Russia and the allied (T eutonic) Powers,
which have never demanded from Russia annexations and con tributions,”
o f course contains a "jo k e r” in tho use o f tho word “ annexations,” Instead
o f “ cessions” o f territory, the Imperial Chancellor’s repeated declarations
that the lands wrested from Russia and now occupied b y tho Teutonic
troops should not bo allowed to go back to Russia being still in force.
T he erection o f Russian Poland into a buffer kingdom dependent upon
Germany and with a Hapsburg m onarch, towards which tho AustroGerman authorities are still laboring, is, strictly speaking, n ot annexa
tion , though tho intended result is the samo. T he German plans, liowovor,
go further. The samo papers which contained the “ Norddoutsclio A llgomeine Zeitung’s ” expression o f friendship for Russia anti o f tho desiro o f
the Central Powers to reach a friendly agreement, on tho principle o f a
give and take arrangement which would insure a permanent friendly, peace
ful and neighborly relationship with Russia, print, b y an awkward coinci
dence, an account o f a meeting o f the rccontly form ed German B altic
Society under tho protectorate o f Duke Johann Albrecht o f M eck len bu rg,
in which the German designs on Russia’s B altic provinces were oponly
avow ed.
D uke Johann A lbrecht declared at the m eeting that Lithuania and the
B altic provinces were necessary to G erm any’s futuro as an area fo r German
settlem ent, saying:
“ It is impossible to conceive o f land m ore adapted for colonization than
wo should have in Lithuania and the B altic provinces. One-third o f tho
holdings o f the nobles will be placed voluntarily at our disposal. Ono-third
o f the peasant lands can be obtained in tho samo way against com pensa
tion as 2 2 % o f the soil o f Courland bolongs to tho C rown. So thero will
be p lenty o f land for settling peasants, immigrants and German colonists
oxpelled from Russia. . . . A fter tho heavy sacrifices o f this war the
revivification o f national vitality through Gorman colonization in tho east
is one o f the vital questions o f the German E m p ire."
Subsequent speakers dem onstrated that Rigal and R oval were German
cities and that Russia would probably havo no objection to relinquishing
the B altic lands, which belonged not to Eastern but to Western culture.

J

THE CHRONICLE

J une 23 1917.]

A p ro cla m a tio n pla cin g the C ou n cil o f W o rk m e n ’ s an d
S old ier’ s D elega tes on record as irrev oca b ly o p p o s e d to a
separate pea co w as a d o p te d b y th e C ou n cil on tho 16th in st.
T h e p ro cla m a tio n , it is sta ted , w as p rom p ted b y A u strian
e ffo rts to luro R u ssia in to a separate p ea ce, an d ex h orted
R ussians “ to ra lly a rou n d th e banner o f re v o lu tio n an d in
crease tho en ergy o f tho m ilita ry p ow er for th o defen se o f
fr e e d o m .’ ’ T h e p rocla m a tion cites tho receip t o f a wireless
telegram fro m P rin ce L e o p o ld (P rin ce L e o p o ld o f B a v a ria
is the C o m m a n d er o f tho G erm an arm ies on th e R u ssian
f r o n t ) , asserting th a t th o G overn m en ts o f tho C en tra l P ow ers
are re a d y to co n clu d e pea ce w ith R ussia an d askin g R u ssia
to send delegates to con fer w ith th em . T h e re p ly o f th e
C o u n cil is a decla ra tion o f its a ttitu d e an d M in ister o f W a r
K eren sk y has cau sed it to b e sent to all tro o p s on la n d an d
sea an d it has been w id ely circu la ted th rou g h ou t tho c o u n tr y .
D iscu ssin g tho p ro je cte d tru ce w ith A u stria , th o delegates
declared th at th ey h ave n o t fo rg o tte n tho S to k h o d , an d
con tin u e :
L e o p o ld h a s fo r g o tte n .
T h e R u s s ia n s k n o w t o w h a t p l a c e s G e r m a n d i 
v i s io n s h a v e b e e n t r a n s f e r r e d — t h e R u s s ia n s h e a r t h e r o a r o f b l o o d y f i g h t i n g
o n t h o F r a n c o - B r i t i s h f r o n t , k n o w t h a t t h o w r e c k o f t h e A l l ie s m e a n s t h e
w r e c k o f t h o f r c o a r m ie s o f r e v o l u t i o n a r y R u s s i a — t h a t i t m e a n s n o t o n l y
n e w g r a v e s o f o u r b r o th e r s b u t th e w re c k o f r e v o lu t io n a r y f r e e d o m .

T h e p rocla m a tion declares th at R u ssia w ill fo llo w its ow n
w a y to a general p ea co in sp ite o f p r o v o e a to r y e ffo rts , and
says:
R u s s i a lia s u n d e r t a k e n t o u n i t e t h o d e m o c r a c ie s o f a ll f i g h t i n g c o u n t r ie s
in t h o s t r u g g l e a g a i n s t w o r l d a u t o c r a c y , b u t h e r p l a n w il l n e v e r b o r e a l iz e d
i f G e r m a n I m p e r ia l i s m is a b l e t o u t i li z e R u s s ia s lo n g i n g f o r p e a c e , t o d i s 
u n i t e h e r f r o m h e r a llie s a n d r u i n h e r a r m y .
T h o R e v o l u t i o n a r y D e m o c r a c y o f R u s s ia is s e e k in g a r o u t o t o p e a c e
t h r o u g h a n a p p e a l b y th o G o v e r n m e n t c r e a to d b y d e m o c r a t ic R u s s ia t o th o
G o v e r n m e n t s o f it s a l li e s a n d b y m e a n s o f a n in t e r n a t io n a l c o n f e r e n c e o f
S o c i a l is t s .
L o t t h o a r m y b y it s e n e r g y a n d c o u r a g e g i v o p o w e r t o t h o v o i c e o f d e 
m ocra cy .

.

T h o desire to align R u ssia ’ s in terna tion a l p rogra m w ith
th a t o f her allies as q u ick ly as possible w as expressed at last
S u n d a y ’ s session o f tho P an -R u ssia n C on gress o f all C o u n 
cils o f W o rk m e n ’s an d S oldier’s D elega tes, b y M . T serotelli,
M in iste r o f P osts an d T elegra ph s, w h o cou p led this expres
sion w ith sharp rep u d iation o f an y id ea o f a separate pea co
fo r R u ssia. In his address ho said:
W o d e s i r o t o h a s t o n t h o c o n c l u s i o n o f a n o w t r e a t y in w h i c h t h o p r i n 
c i p l e s p r o c l a i m e d b y t h o R u s s ia n d e m o c r a c y w ill b e r e c o g n i z e d a s t h o b a s is
o f t h o in t e r n a t io n a l p o l i c y o f t h o A l l i e s .
L e t u s e m p l o y a ll p o s s i b le m e a n s
t o t h o e n d t h a t o u r p r o g r a m m a y a g r e e w i t h t h a t o f a ll t h o A l l i e d G o v e r n 
m e n t s s o a s t o a v o i d a r u p t u r e w i t h o u r a llie s .
L e t u s r e fle c t t h a t th o w o r s t r e s u lt o f o u r s tr u g g le fo r u n iv e r s a l p e a c e
w o u l d b o a s e p a r a t o p e a c o w i t h G e r m a n y , w h i c h w o u l d d e s t r o y t h o r e s u lt s
o f t h o R u s s i a n r e v o l u t i o n a n d p r o v e d i s a s t r o u s t o t h o c a u s o o f in t e r n a t io n a l
dem ocracy.
A s e p a r a t e p e a c o I s , in f a c t , i m p o s s i b l e .
S uch a p ea co
w o u l d b r in g R u s s i a i n t o a n e w w a r o n t h o s i d e o f t h o G e r m a n c o a l i t i o n a n d
w o u ld m e a n le a v in g o n o c o a lit io n o n ly t o e n te r In to a n o t h e r .

A fte r a prolon ged deb ate in the C o u n cil, w h ich has been
sittin g fo r the purpose o f draw ing u p rules govern in g elections
to tho C on stitu en t A ssem b ly an d con siderin g the eligib ility o f
v o te rs, it w as decid ed o n Juno 13 to a llow N ich ola s R o m a n o ff,
th o form er E m p eror, an d m em bers o f tho form er Im p eria l
fa m ily tho privilege o f v o tin g . A m a jo r ity o f th o speakers
arguod th a t to dep rive N ich o la s o f th o fran ch ise w ou ld bo
co n stru ed as an a ct o f p olitica l reven ge, an d th a t sinco tho
R o m a n o ff fa m ily had a b d ica ted o f its ow n w ill an d form er
G ra n d D u k o M ich a e l had expressly d eclared th e y w ou ld
y ie ld to th o o p in ion o f the p eop le as expressed th rou gh a
co n s titu e n t assem b ly , it w ou ld be u nfa ir to w ith h old from
th em tho righ t o f v o tin g .

M in ister o f W a r K eren sk y ord ered th a t th e resolu tion b e
read to all ranks o f th e a rm y an d n a v y .
O n June 12 th e C on gress o f P easan ts’ D elega tes, after
discussing a t a special sitting th o recen t even ts a t K ro n sta d t,
passed the follow in g resolu tion b y a v o te o f 1,000 to 4:
T h e C o n g r e s s w is h e s t o i n f o r m t h o I n h a b it a n t s o f K r o n s t a d t t h a t t h e
p e a s a n t s w ill s t o p t h e d i s p a t c h o f a ll f o o d t o K r o n s t a d t i f t h e t o w n d o e s
n o t im m e d ia t e ly jo in h e r r e v o lu t io n a r y f o r c e s t o t h o s e o f t h e R u s s ia n
d e m o c r a c y a n d u n le s s i t r e c o g n i z e s t h e P r o v i s i o n a l G o v e r n m e n t .

T h e resolu tion also u rged th e G o v ern m en t to d em an d th e
ab solu te subm ission o f K ro n s ta d t, a n d , in th e e v en t o f the
refusal o f the tow n to a d o p t m os t en ergetic m easures fo r
the dissip ation o f K ro n s ta d t’ s separatist asp iration s. T h e
C ongress p rom ised th e G o v ern m en t th e su p p o rt o f all peas
an ts.
A press d isp a tch from W a sh in g ton on the 16th in st. said:
R e c e n t r e p o r t s in d ic a te t h a t t h e C o u n c il o f W o r k m e n ’s a n d S o ld ie r s '
D e l e g a t e s is n o t s o d o m i n a t i n g a f a c t o r a s is g e n e r a l l y a s s u m e d .
It rep re
s e n t s n o t o v e r 5 ,0 0 0 , 0 0 0 p e o p l e o f R u s s i a ’ s 1 8 0 ,0 0 0 ,0 0 0 .
T h e C o u n c i l is
c o n f i n e d v e r y l a r g e l y t o t h e i n d u s t r ia l c e n t r e s , w h o s e v o i c e is a l w a y s t h e
fir s t h e a rd a n d t h e lo u d e s t.
T h o p e a s a n ts , a c c o r d in g t o th e s e r e p o r t s , c o m p r is e t h e v a s t m a jo r it y
o f t h e p o p u l a t i o n a n d h a v e v o t e d o v e r w h e l m i n g l y in f a v o r o f a v i g o r o u s
p r o s e c u t io n o f th o w a r .
T h e y h a v e n o t a s y e t s h o w n t h o s lig h t e s t s y m 
p a t h y w it h t h e r a d ic a ls .
T h e o n o g r e a t e v e n t f o r t h e m h a s b e e n t h e f in a l
e s t a b l is h m e n t o f l o c a l s e l f - g o v e r n m e n t , w h i c h t h e y f e e l is d i r e c t l y d u e t o
th o p r e s e n t le a d e rs a n d w h ic h t h e y fe a r m ig h t b e lo s t b y a n y c h a n g e .

A decree declarin g all a cts o f m ilita ry disorder to b e in
su b ord in a tion , in cluding refusal to fig h t an d also in citem en t
against th o G ov ern m en t, w as rep orted on Ju n e 14 as h a v in g
b een issued b y th e P rovision a l G o v ern m en t. Such a cts ,
says the d ecree, are pu nish able b y lon g sen ten ce to servitu de
in th e pen iten tiary an d the d ep riv a tion o f righ ts to p ro p e rty ,
an d also the righ t to receive land u nder th e co m in g land
red istrib u tion .
T h o tow n o f K irs a n o v , in th e P ro v in ce o f T a m b o v , in
C en tral R u ssia, was rep orted on June 15 to h ave p ro cla im e d
itself an a u ton om ou s rep u b lic. A fig h t betw een partisans
o f op p osin g parties there follow ed the p rocla m a tio n , an d
eigh t persons w ere said to h ave been killed an d m a n y w o u n d e d .
T ru n in e, th o P residen t o f the n ew re p u b lic, is said to h ave
boon arrested an d troop s h ave been sent to K irs a n o v .
G en . G u rk o ’s requ est fo r perm ission to resign as c o m 
m a nd er on th e W estern fro n t w as a n sw ered, it w as a n n o u n ce d ,
on Juno 9 b y an order from M in ister o f W a r K eren sk y reliev 
ing h im o f his com m a n d , an d a p p oin tin g h im G eneral o f
D iv is io n . G en . G u rk o ’ s requ est w as m a de after M in iste r
K eren sk y h a d issued an order p roh ib itin g th e resign a tion o f
a n y o ffic e r. G eneral D en ikin e, form er C h ief o f S ta ff, has
been n om in a ted to su cceed G eneral G u rk o in com m a n d o f
tho arm ies on the W estern fro n t.
On June 15 it was rep orted th at th o W o rk m e n ’s section o f
th o C ou n cil o f W o rk m e n ’ s an d S oldiers’ D elega tes h a d v o te d
against the transfer from P etrog ra d o f th o fa ctories w ork in g
in tho in terest o f n ation a l defen se. T h e w ork m en declare
th o p rop osa l to this e ffe ct w as m a de b y th e m id d le classes
an d the ca pitalists w ith a v iew to re m o v in g re v o lu tio n a ry
elom onts from th o ca p ita l. T h e resolu tion a d d ed th a t th e
o n ly m eans o f settling tho relations betw een ca p ita l an d la b or
w as b y the a ssu m ption o f p ow er b y tho S old iers’ an d W o r k 
m en ’s b o d y .
RELEASE

T h o C on gress o f P easan ts, in session a t P otrog ra d on
Juno 8 , a d o p te d a resolu tion callin g u p on tho a rm y to su bm it
itself to discipline an d defen d re v o lu tio n a ry R u ssia . T h o
C ongress affirm ed tho d u ty o f th ose it represents to defen d
th o co u n try en ergetically an d m ako e v ery sacrifice to sus
tain th o figh tin g stren gth o f tho a rm y . T h o C on gress
“ grants its b e n ed iction to this w ar an d w ill n o t fo rg e t tho
b lo o d w h ich has been sh ed ,” are th o closin g w ord s o f the
re so lu tio n . T h e tex t o f th o resolu tion a d o p te d b y tho dele
gates o f peasants com prising tho C on gress is as follow s:
T h o p e a s a n t s a s p i r e t o a n e q u i t a b l e p e a c e w i t h o u t h u m i li a t i n g a n n e x a t io n
o r i n d e m n i t y a n d w i t h t h o r ig h t o f e a c h n a t i o n t o d i s p o s e o f i t s e l f .
In ter
n a t i o n a l r e la t i o n s a n d t r e a t e s s h o u l d b e s u b m i t t e d t o t h o c o n t r o l o f t h o p e o 
p le in te re s te d .
D i s p u t e s s h o u l d b o s e t t le d b y a n in t e r n a t io n a l t r ib u n a l a n d
n o t b y fo rce .
T h o C o n g r e s s a p p r o v e s t h e u n io n o f w o r k e r s a n d a p p e a l s
t o t h o p e a s a n t s o f a ll c o u n t r ie s t o f o r c e t h e i r G o v e r n m e n t s t o r e n o u n c e
a n n e x a t io n s a n d i n d e m n i t i e s .
T h o C o n g r e s s c o n s i d e r s t h a t i t is i t s d u t y e n e r g e t i c a ll y t o d e f e n d it s
c o u n t r y , r e c o i l i n g b e f o r e n o s a c r if i c e s in o f d e r t o s u s t a in t h o f i g h t i n g s t r e n g t h
o f th o a r m y a n d th o s tr u g g le fo r th o s a fe t y o f th o p a t r im o n y o f th o R u s s ia n
p e o p le .
T h e C o n g r e s s s u m m o n s t h o a r m y t o s u b m i t I t s e lf t o d i s c i p l i n e a n d d e f e n d
r e v o lu t io n a r y R u s s ia .
I t g r a n t s i t s b e n e d i c t i o n t o t h is w a r a n d w ill n o t
f o r g o t t h o b l o o d w h ic h h a s b e e n s h e d .




2517

OF

IR IS H

PRI SON ERS— PROPOSED

CON

V E N T IO N .

In a ccord a n ce w ith an a n n ou n cem en t m a d e b y A n drew
B on a r L a w in th o L on d o n H ou se o f C o m m on s on Ju n o 15
all tho prisoners taken in the Irish reb ellion o f A p ril 1916
w ore released this w eek. A ll o f tho prisoners ex cep t C ou n tess
M a rk io v icz , w h o w as sentenced to penal servitu de fo r life
fo r sh ootin g a policem an at D u b lin C astle gate du ring the
r e v o lt, w ere freed on the 18th; her release occu rred on the
21st. C h an cellor B on a r L a w in an n oun cing on the 15th th at
tho prisoners w ou ld b e released w ith ou t reserva tion stated
th at b y so doin g the G overn m en t felt it w ou ld aid in the su c
cess o f the a p p roa ch in g Irish co n v e n tio n , w h ich the G o v e rn 
m en t h op ed w ou ld e ffe ct a recon cilia tion a m on g Irish political
parties. H is an n oun cem en t follow s:
T lio G o v e r n m e n t h a v e g iv e n lo n g a n d a n x io u s c o n s id e r a tio n t o th e
p o s i t i o n o f I r is h p o l i t i c a l p r i s o n e r s a n d h a v e a r r iv e d a t t h e d e c i s io n i t is
n ow m y d u ty to an n ou n ce.
T h o G o v e r n m e n t h a v e f e l t , a f t e r g i v i n g c a r e fu l c o n s i d e r a t i o n t o t h e a p 
p r o a c h i n g s e s s io n o f t h e c o n v e n t i o n in w h ic h I r is h m e n t h e m s e lv e s w il l m e e t
t o s e t t le t h o d iff ic u lt p r o b le m o f th e fu tu r e a d m in is tr a tio n o f th e ir c o u n t r y ,
t h a t t h i s g r e a t e x p e r i m e n t w il l m a r k a n e w e r a in t h o r e la t i o n s b e t w e e n
I r e l a n d , t h e U n it e d K i n g d o m , a n d t h e E m p i r e .
I t is , t h e r e f o r e , d e s i r a b l e
b e y o n d m e a s u r e t h a t t h e c o n v e n t i o n s h o u l d m e e t in a n a t m o s p h e r e o f

2 5 18

THE CHRONICLE

h a r m o n y a n d g o o d w i l l In w h i c h a ll p a r t i e s c a n u n r e s e r v e d l y j o i n . N o t h i n g
c o u ld b e m o r e r e g r e t ta b le th a n th a t th e w o r k o f t h e c o n v e n t io n s h o u ld b o
p r e j u d i c e d a t t h e o u t s e t b y e m b i t t e r e d a s s o c ia t i o n s w h i c h m i g h t e v e n
h i n d e r t h e s e t t l e m e n t t o w h ic h a ll l o o k f o r w a r d w i t h h o p e .
Q jl n th e s e c ir c u m s t a n c e s t h e G o v e r n m e n t h a v e d e c id e d t h e y c a n n o t g iv e
b e t t e r e a r n e s t o f t h e s p i r i t in w h i c h t h e y a p p r o a c h t h e c o n v e n t i o n t h a n b y
r e m o v i n g o n e o f t h e m a in c a u s e s o f t h e s e r io u s m is u n d e r s t a n d i n g o f t h is
s u b j e c t w i t h w h ic h i t is i n t h e i r p o w e r t o d e a l .
T h e y h a v e d e c id e d , th ere
f o r e , u p o n t h e r e le a s e w i t h o u t r e s e r v a t io n o f a ll p r i s o n e r s n o w in c o n f i n e 
m e n t in c o n n e c t i o n w i t h t h e r e c e n t r e b e l li o n in I r e la n d .
T h e y h a v e n o t , h o w e v e r , a r r i v e d a t t h i s d e c i s io n w i t h o u t c a r e f u l c o n 
s id e r a t io n o f t w o a s p e c t s o f th e c a s e w h ic h it is im p o s s ib le t o ig n o r e .
They
h a v e s a tis fie d t h e m s e lv e s , f ir s t , t h a t p u b lic s e c u r it y w o u ld n o t b e e n d a n 
g e r e d b y s u c h a n a c t o f g r a c e , a n d , s e c o n d , t h a t In n o n e o f t h e c a s e s c o n 
c e r n e d w a s p a r t i c i p a t i o n i n t h e r e b e l li o n a c c o m p a n i e d b y i n d i v id u a l a c t s
w h ic h w o u ld r e n d e r s u c h a d is p la y o f c le m e n c y im p o s s ib le .
I n r e c o m m e n d i n g t o t h e K i n g g r a n t s o f g e n e r a l a m n e s t y t o t h e p e r s o n s in
q u e s t i o n t h e G o v e r n m e n t h a v e b e e n i n s p i r e d b y t h e s a n g u in e h o p e t h a t
t h e i r a c t i o n w il l b o w e l c o m e d in a s p i r i t o f m a g n a n i m i t y , a n d t h a t t h e c o n 
v e n t i o n w il l e n t e r u p o n i t s a r d u o u s u n d e r t a k in g i n c ir c u m s t a n c e s t h a t w ill
c o n s t i t u t e a g o o d a u g u r y f o r t h e r e c o n c i l i a t i o n w h i c h is t h o d e s i r e o f a ll
p a r t i e s in e v e r y p a r t o f t h o U n i t e d K i n g d o m a n d t h e B r i t i s h E m p i r e .

T h e Irish r e v o lt, in stiga ted b y th e Sinn -F ein orga n iza
tio n , b rok e o u t in D u b lin last year alm ost sim u ltaneou sly
w ith th e new s o f th e captu re o f Sir R og er C a sem en t, in an
a tte m p t to la n d arm s an d am m u n ition in Irelan d. In the
H ou se o f C o m m o n s on th e 18th in st. C h an cellor B on a r L aw
w h en asked w h eth er th e prisoners h ad b een released on
c o n d itio n th at th e S inn -F ein p a rty sh ou ld p a rticip a te in the
fo r th co m in g Irish co n v e n tion replied th a t th e prisoners had
b e e n freed u n co n d itio n a lly . T h e C h an cellor a d d ed th a t the
S inn -F ein m o v e m e n t in Irelan d w as n o t orga n ized, so far as
h e w as aw are, in such a w a y th a t a n y person or persons
c o u ld speak a u th o rita tiv ely fo r those en gaged in it , an d
th a t th e G o v e rn m e n t did n o t th in k th a t th e h old in g o f the
co n v e n tio n c o u ld he d ep en d en t u p on th e assent or dissent o f
in d iv id u a l Irish m en . C o u n t P lu n k ett, M e m b e r o f P arlia
m e n t an d Sin n -F ein er, an d th e oth er m em bers o f the SinnF e in , w h o w ere arrested on June 9 , w hen a ttem p tin g to h old
a p ro h ib ite d m eetin g a t D u b lin to protest against the im 
prison m en t o f Irish rebels were also released on the 18th
in st. P o lice In sp e cto r M ills o f D u b lin w as fa ta lly in ju red
du ring th e distu rb an ce in ciden t to th e m easures taken to pre
v e n t the h old in g o f th e p rotest m eetin g o f June 9 an d died
th e n ext d a y .
T h e retu rn o f the released prisoners w as fo llo w e d b y
several dem on stration s in D u b lin , on e o f w h ich resu lted in
th e arrest o n th e 19th in st. o f tw o m en cha rged w ith break 
in g in to th e P o s t O ffice an d settin g fire to tim bers.
A n n ou n cem en t th a t tho B ritish G overn m en t w ou ld sum 
m o n a co n v e n tio n o f representative Irishm en in Irelan d to
su bm it to the B ritish P arliam en t a con stitu tion fo r the
fu tu re G o ve rn m e n t o f Irelan d w as m a d e in tho H ou se o f
C o m m o n s o n M a y 21 b y P rem ier D a v id L lo y d G eorge.
T h e prop osa l th a t a co n v en tion o f Irishm en o f all parties
b e assem bled fo r th e pu rpose o f arranging a schem e o f Irish
S elf-G overn m en t w as m a d e b y th e P rim e M in ister in a letter
t o J oh n R e d m o n d , leader o f th e Irish N a tion a list P a rty , on
M a y 1G. T w o suggestions fo r Irish H o m e R u le w ere o f
fered b y P rem ier L lo y d G eorge; the ch ief pla n p ro v id e d for
th e in tro d u ctio n o f a bill fo r the im m edia te a p p lica tion o f
th e H o m o R u le A c t to Irola n d , b u t exclu din g six cou n ties o f
N o r th an d E a st U lster, such exclu sion to b o su b je ct to re
con sid era tion b y P arliam en t at th e end o f fiv e years; a C ou n 
c il o f Irela n d , to b e co m p os ed o f tw o delegation s represent
in g th e e x clu d ed area as w ell as th e n ow Irish P arliam ent;
con sid era tion o f th e bill after its secon d readin g b y a special
con feren ce u nder the chairm anship o f som eon e com m a n d 
in g gen eral co n fid e n ce . T h is p la n , as w o in d icated in our
issue o f M a y 19, w as re jected b y M r . R e d m o n d , w h o, h o w 
e v e r, a ccep ted th e a lterna tive p rop osa l calling fo r a c o n v e n 
tion o f Irish m en . T h e P rim e M in ister in his an n ou n cem en t
o f M a y 21 th a t a co n v e n tion w ou ld be su m m on ed fo rth w ith ,
said:
I f a s u b s t a n t i a l a g r e e m e n t Is r e a c h e d r e g a r d i n g t h e c h a r a c t e r , a n d s c o p e
o f t h e c o n s t i t u t i o n f r a m e d b y t h e c o n v e n t i o n , t h e G o v e r n m e n t w il l t a k e
t h e n e c e s s a r y s t e p s t o e n a b le t h o I m p o r la l P a r l i a m e n t t o g i v e le g is l a t i v e
e ffe c t th e re to .
T h o c o n v e n t i o n w il l b e h e l d w it h c l o s e d d o o r s .

T h e co n v e n tio n , said th e P rem ier, w ou ld b o representa
tiv e o f the lo ca l govern in g b od ies, th e ch u rch es, th e trade
u n io n s, an d com m ercia l an d ed u ca tion a l interests, an d w ou ld
in clu d e Sinn -F ein ers, th e tw o N a tion a list fa ction s, the
U lster U n ion ists, an d th e Southern U n ion ists. T h e dele
gates w o u ld be chosen b y th ; resp ective b od ies. M r . L lo y d
G eorg e stated th a t there w as on e th in g co m m o n to the
failure o f all atte m p ts to arrive a t an Irish settlem ent— th at
th e proposa ls h a d em anated from a B ritish G overn m en t.
T h e present G o v e rn m en t, th erefore, h ad d ecid ed to in
v ite Irishm en th em selves to p u t forw a rd thoir p roposa ls.
H ith e rto G rea t B rita in h ad undertaken all th o con stru ction




[VOL. 104

a n d Irelan d all th e criticism . O nce Irishm en w ere c o n 
fro n te d w ith th e p rob lem th ey w ou ld g ive due w eigh t to th e
ob sta cles an d d ifficu lties. T h e G overn m en t p rop osed th at
Irelan d sh ou ld try her ow n h an d at fram in g a p la n . T h is
m e th o d , he sa id, had su cceed ed in C a n a d a , A u stra lia an d
S ou th A fr ic a , an d he cou ld n o t h elp th in kin g th a t w h a t
h a d been a ccom p lish ed there co u ld b e a ch ieved in Irelan d.
T h e parties w h ich en tered the co n v e n tio n , th e P rim e M in 
ister fu rther sa id, w ou ld be p led ged to n o co n clu sion , b u t
ev ery m a n w h o entered w ou ld be p led ged to d o his b est to
settle th e c o n tro v e rs y . N o p rop osa l w ou ld b e shut o u t fro m
con sid era tion , an d n o on e w h o p a rticip a ted w o u ld b e c o m 
m itte d to a n y sch em e. I f a substantial agreem ent sh ou ld b e
rea ch ed as to th e ch a ra cter an d scop e o f the con stitu tion
to b e fram ed fo r th e fu tu re G overn m en t o f Irelan d w ith in the
em p ire, th e G overn m en t w ou ld a cce p t th e resp on sib ility fo r
ta k in g th e necessary steps to m a ke it possible to g ive legis
la tiv e effe ct to the con clu sion s o f th e co n v e n tio n .
M r . R e d m o n d , in a speech follow in g th e an n ou n cem en t o f
P rem ier L lo y d G eorg e, stated th a t for th o 'firs t tim e in her
h istory Irelan d h ad been asked v irtu a lly to settle a p rob lem
fo r herself. “ I ta ke it fo r g ra n te d ,” he con tin u ed , “ th at
all sections o f Irishm en feel it th eir d u ty to com e in .”
M r.
R e d m o n d a d d ed th a t fou r unsuccessfu l attem p s h a d been
m a d e b y three su ccessive G overn m en ts to reach a settle
m e n t, b u t th e presen t p rop osa l w as en tirely n o v e l.
Irelan d
w as bein g asked herself to d ra ft a con stitu tion fo r her co u n 
tr y . T h a t p rop osa l carried w ith it the im p lied o b lig a tion
th a t G reat B ritain w o u ld b e o n ly to o glad to a c c e p t the de
cision s arrived a t.
O n M a y 24 th e Sein-F ein con feren ce a t D u b lin unani
m ou sly resolved to declin o to pa rticip a te in an y con feren ce
“ ealled b y the E nglish G overn m en t osten sib ly to settle th o
Irish q u estion ” u n til th e follow in g con d ition s w ere filled:
F i r s t — T h a t t h o t e r m s r e fe r r i n g t h o q u e s t i o n t o t h e c o n f e r e n c e l e a v e i t f r e e
t o d e c r e e t o c o m p l e t e I n d e p e n d e n c e o f I r e la n d .
S e c o n d — T h a t t h e E n g li s h G o v e r n m e n t p u b l i c l y p l e d g e I t s e lf t o t h e
U n it e d S ta te s a n d th e p o w e r s o f E u r o p e t o r a t ify th o d e c is io n o f a m a 
jo r it y o f th o c o n fe re n ce .
T h ir d — T h a t th e c o n v e n t io n c o n s is t o f n o n e b u t p e r s o n s fr e e ly e le cte d b y
t h e a d u lt s u f f r a g e o f I r e la n d .
F o u r t h — T h a t p r is o n e r o f w a r t r e a t m e n t b e a c c o r d e d t h e I r i s h p r i s o n e r s
a rre s te d d u r in g th e r e c e n t r e v o lu t io n .

R e p o rts as late as June 6 stated th at th e S inn -F ein n still
fla tly refused to p a rticip a te in the co n v e n tio n . O n Ju n e 8
th e U n ion ist C ou n cil a t B elfa st d ecid ed to p a rticip a te in
th e p rop osed co n v e n tio n . A resolu tion e m b o d y in g this
d ecision declared th at th e cou n cil w as la rgely in flu en ced b y
the G ov e rn m e n t’ s representations th at agreem ent on the
Irish qu estion w ou ld m a terially h elp in th e successful prose
c u tio n o f the w ar.
I t w as m a de k n ow n on Ju n e 11 th a t 101 m en , representing
ev e ry fa ctio n in Irelan d and ev ery w alk o f lifo, w ould com 
p ose the co n v e n tio n . I t will b o presided o v e r b y a C h air
m a n o f its ow n selection , o r, failin g th a t, b y a m a n chosen
b y the G ov ern m en t. T h e co n v en tion w ill b e a p u rely Irish
assem blage. C o u n ty , b o ro u g h , an d u rb an district cou n cils
w ill select their ow n representatives. T h o chu rch es w ill b e
represented b y their B ish op s, or, in the case o f the P r o s b y terians, b y their M o d e ra to r , w hilo th e C h am bers o f C o m 
m erce o f D u b lin , B elfa st an d C ork w ill nam e thoir ow n dele
ga tes, as w ill each p olitica l p a rty . T h ere w ill b e fiv e la b or
representatives.
In an n ou n cin g tho com p o s itio n o f the con v e n tio n in the
H ou se o f C om m on s on June 11 P rem ier L lo y d G eorg e said
th a t the G ov ern m en t h ad pla n n ed to m ake it represen tative
o f ev e ry -d a y life in Irelan d, and so h ad in vited th e c o u n ty
cou n cils an d h ad asked oach o f tho b orou gh cou n cils to send
its C h airm an . T h o u rban cou n cils h ad been in v ited to send
tw o representatives each . J oh n R e d m o n d w ou ld b e in 
v ite d to n om in ate fiv e m em bers o f the Irish con v e n tio n ; Sir
J oh n L on sda le w ou ld b e in v ited also to n om in ate fiv e m em 
b ers, an d W illia m O ’B rien tw o m em bers. T h ero w ou ld b o
ten Irish representative peers, fiv e m em bers o f th e Irish
U n ion ist A llia n ce, fiv e Sinn-F einers, an d fifteen m em bers
n om in a ted b y the G ov ern m en t. T h o Irish U n ion ist A llian ce
represents the U n ion ists o f tho S ou th o f Irela n d . T h e
fifteen m em bers to b e n om in a ted b y th e G o v ern m en t, said
th e P rem ier, w ou ld b e taken fro m a m on g leadin g Irish m on
o f all section s. T h e G o v e rn m e n t, he a d d ed , w ou ld prefer
th a t the co n v en tion n om in ate its ow n C h airm an , b u t the
G ov orn m on t w as prepared to n om in ate on e if n ecessary, and
su bm it his nam e to the K in g . T h o prolatos in tho co n v e n 
tion w ou ld in clude fo u r C a th olic B ish op s, the P rim a te and
A rch b ish op o f D u b lin , representing P rotesta n ts, an d the
R e v . D r . Joh n Irw in , M o d e ra to r o f the P resb y teria n As
sem b ly .

J une 23 1917.]

THE CHRONICLE

A cablegram receiv ed on Ju n e 20 fro m J oh n R e d m o n d
b y M . J . J ord a n , S ecretary o f the U n ited Irish L eagu o, at
B o s to n , m ado kn ow n th a t T . P . O ’ C on n or and M r . H a z elton ,
m em bers o f the B ritish P arliam en t, w ere on th e w a y
to this co u n try as a m ission in b eh alf o f the Irish N a tion a list
P a r ty . T h e m essage stated th at th ey w ou ld arrive in tho
U n ited States a b o u t June 24. T h o o b je c t o f their m ission
w as n o t sta ted , b u t M r . Jord a n expressed tho belief th a t it
w as co n n e cte d w ith tho con v e n tio n to bo hold in D u b lin .
U.

S.

NOTE

A N D

TO

C H IN A

J A P A N 'S

ON

A T TITU D E

IN T E R N A L
TOWARD

ST R IFE S

SAM E.

T h e agita tion w h ich arose in Japan o v er tho n ote sent b y
the U n ited States G overn m en t to C h in a expressing the h ope
th at “ fa ction a l and politica l disp u tes” w ou ld bo set aside
an d th a t all parties and persons w ou ld w ork “ to re-establish
and co-o rd in a te the G overn m en t an d secure C h in a ’s p osition
a m on g nations w hich is im possible w hilo thero is intornal
d is co rd ” seem s to h ave been alla yed . O n M o n d a y o f this
w eek (Juno 18) tho a u th orita tiv e statem en t was m a do at
W a sh in gton th at tho Japanese G overn m en t h ad ad vised the
A d m in istra tion a t W a sh in g ton th at tho differences w h ich
d ev elop ed w ith the disp atch o f tho n ote to C h in a h ad been
b ro u gh t a b o u t b y a m isunderstanding. T h o n ote in qu estion
was delivered to tho F oreign O ffice at P ekin on Juno 7 b y
D r . P au l S. R oin sch , the A m erica n M in ister to C h in a. T h o
co m m u n ica tio n said:
T h o U n it e d S t a t e s G o v e r n m e n t le a r n s w i t h t h e m o s t p r o f o u n d r e g r e t o f
t h o d is s e n s io n s in C h in a a n d e x p r e s s e s a s in c e r e d e s ir o t h a t t r a n q u i l i t y a n d
p o l i t i c a l c o - o r d i n a t i o n b o f o r t h w i t h e s t a b lis h e d .
T h o e n t r a n c e o f C h i n a i n t o t h o w a r o r t h o c o n t in u a n c e o f t h o s t a t u s c p io in
h o r r e la t i o n s w it h t h e G o r m a n G o v e r n m e n t a r e m a t t e r s o f s e c o n d a r y i m p o r 
ta n ce.
C h i n a ’s p r i n c ip a l n e c e s s it y is t o r e s u m e a n d c o n t in u e h o r p o l it i c a l
e n t ity a n d p r o c o o d a lo n g th o r o a d t o n a tio n a l d e v e lo p m e n t .
I n C h i n a ’s
f o r m o f G o v e r n m e n t o r t h o p e r s o n n e l w h ic h a d m i n i s t e r s t h o G o v e r n m e n t
A m e r i c a h a s o n l y t h o f r i e n d l i e s t i n t e r e s t a n d d e s ir e s t o b e o f s e r v ic e t o
C h in a .
A m e r i c a e x p r e s s e s t h o s in c e r o h o p o t h a t f a c t i o n a l a n d p o l i t i c a l d is p u t e s
w il l b o s e t a s id o a n d t h a t a ll p a r t ie s a n d p e r s o n s w ill w o r k t o r e -e s t a b li s h a n d
c o - o r d i n a t o t h o G o v e r n m e n t a n d s e c u r o C h i n a ’s p o s i t i o n a m o n g n a t i o n s ,
w h ic h is i m p o s s i b l e w h ilo t h o r o is in t e r n a l d i s c o r d .

O n tho sam o d a y (Juno 7) Secretary o f State Lansing
em p h a tically denied reports published in F ar E astern papors
th at tho U n ited States was su pportin g tho rev olu tion a ry
forcos an d h ad ad va n ced fu nds for it. H e said:
M y a t t e n t i o n h a s b o o n c a l le d t o c o r t a in c h a r g e s in F a r E a s t e r n p a p o r s t h a t
t h is c o u n t r y w a s s u p p o r t i n g t h o r e v o l u t i o n a r y m o v e m e n t in C h in a a n d h a d
o v e n f u r n is h e d la r g o s u m s o f m o n e y f o r it s a i d .
T h i s is a b s o l u t e l y f a ls o .
T h o U n it e d S t a t e s h a s t a k e n n o a c t i o n t o w a r d t h o r e v o l u t i o n o f a n y s o r t .
A m e r i c a ’s g r e a t a n d c o n s t a n t i n t e r e s t in C h in a a s w i t h a l l f r i e n d l y n a t i o n s
is t h o p r o v a l o n c o o f g o o d o r d e r a n d d o m e s t i c t r a n q u i l i t y .

M r . Lansing said ho h ad n o idea on w hat the charges w ere
ba sed.
T h o u n fa vora b le criticism in Japan o f tho n ote is said to
h avo been based u p on a d istorted version o f the com m u n ica 
tion appearing in the T o k io “ A s a h i,” pu rportin g to h ave
been ca b led from N ew Y o r k . A paraphrase o f the su b 
stan ce o f tho bogu s n ote as p rin ted in the “ A s a h i” w as
given o u t as fo llo w s a t W a sh in gton on June 14:
I n t h o F a r E a s t C h in a is t h o c e n t e r o f p o w e r .
S h o u ld t h o q u a r r o ls o f
p o l i t i c a l p a r t i e s le a d t o d i s t u r b a n c e s o f a r e v o l u t i o n a r y c h a r a c t e r J a p a n w ill
b o o b l ig e d t o d i s p a t c h t r o o p s t o C h in a t o p r o t o c t h e r i n t e r e s t s .
I t is f e a r e d
t h a t R u s s i a a n d G e r m a n y w il l c o n c l u d o a s o p a r a t o p e a c o .
J a p a n w ill
s o o n e r o r la t e r b o o b l ig e d t o s e n d t r o o p s t o M a n c h u r i a in b e h a l f o f h e r a llie s .
I ’ e a c o is n e c e s s a r y in t h o F a r E a s t in o r d e r t o c h e c k R u s s i a ’s s e p a r a t e p e a c e
m ovom on t.
J a p a n m a i n t a in s a la r g e a r m y a t h o m e a n d d o e s n o t d a r o t o
m o v o b e c a u s o s h o w is h o s t o p r e p a r e f o r a n y e v e n t u a l i t y in t h e F a r E a s t .
I f J a p a n t a k e s a d v a n t a g e o f d i s t u r b a n c e s in C h in a t o s e n d a la r g e a r m y t o
M a n c h u r i a , i t m a y c a u s o m is u n d e r s t a n d in g s w i t h t h o E n t e n t e P o w e r s .
T h o p r e s e r v a t io n o f p e a c e is , t h e r e f o r e , a m o s t u r g e n t n e c e s s it y .
A m e r ic a
is s o d e e p l y c o n c e r n e d f o r t h o r e a s o n t h a t s h o w is h e s t o a l l o w J a p a n t o
r e s e r v e h e r f r e e d o m t o m o b i li z o a t a n y t im o .

C on cern in g tho Japaneso com m en t on the n oto, Secretary
L an sin g on June 14 said:
W h a t o v e r c o m m e n t h a s a r is e n lia s b e e n d u o e n t i r e l y t o
a b o g u s n o t o p u r p o r tin g t o h a v o b e e n c a b le d t o T o k io
S ln c o o u r a t t e n t i o n w a s c a l le d t o i t , t h o c o r r e c t n o t e h a s
J a p a n , a n d w h a t o v e r s u s p i c io n w a s a r o u s e d b y t h e b o g u s
w h o n t h o a c c u r a t o t e x t w a s r e c e iv e d .
^

th o p u b lic a t io n o f
fro m N ow Y o rk .
b e e n p u b li s h e d in
n o to w as rem ov od

T h e alleged failure o f tho U n ited States to con su lt Japan
b oforo presenting tho n ote to C h in a caused considerable
discussion in the Japanese papers. O n Juno 12 a d vices from
T o k io roported th a t the sem i-official “ T im e s” said:
T h o F o r e i g n O f f l c o o f f i c i a l s m u s t o b t a i n f r o m t h o U n it e d S t a t e s a n
a s s u r a n c o t h a t i t w ill n o t r e p e a t it s a c t i o n in in t e r f e r i n g w i t h t h o d o m e s t i c
a f fa ir s in C h in a , c o m p l e t e l y i g n o r in g t h e e x is t e n c e a n d p o s i t i o n o f J a p a n .

T h o new spaper a d d od th at n egotiation s w ith the U n ited
States had already begu n an d affirm ed that the C a b in et
h ad discussed tho situ ation at length no tho grou n d th a t
it gra voly con cern ed the future of the E m p ire. A m o n g oth er
statem ents m ado at tho F oreign O ffice, said the “ T im e s ,”
w as on o that Japan w as ready to m ake a fran k declaration
th at her in stin ct fo r national existence com p els her jea lou sly
to guard her special p osition in C h in a. T h o a ction o f the
U n ited States, it was a d d o d , was w ith ou t ulterior m otiv es




2519

an d o n ly ov erlia sty, b u t it tou ch ed v ita l qu estion s as to
J a p a n ’s fu tu re.
On Juno 15 a d vices from L o n d o n stated th at G rea t B ritain
had d ispatch ed to th e U n ited States a rep ly to a n ote a d 
dressed to tho A llied P ow ers in vitin g them to associate
them selves w ith th e U n ited States on the p rin cip le o f the
n ote o f the U n ited States G overn m en t to C h in a. T h e text
o f th o B ritish n ote w as receiv ed a t the S tate D ep a rtm e n t
on June 17, b u t has n ot been m a d e p u b lic. W h ile it h ad
previou sly been in tim ated th a t G rea t B ritain in its rep ly h ad
w ith h eld its in dorsem en t o f th e n ote to C h in a, W a sh in g ton
a d vices o f the 17th w ere to the e ffe ct th a t the B ritish G o v e rn 
m en t is u n derstood to h ave expressed herself as bein g v irtu 
a lly in a ccord w ith the prin ciple u n derlyin g the A m erica n
n o to , b u t to h ave a d d ed th a t it w as n ot clear to her th at
tho present was the p roper tim e fo r a p p roa ch in g C h in a on
tho su b ject o f her internal dissensions. G rea t B rita in ’ s
p osition , the W a sh in gton dispatch es fu rther sa id, w ou ld
seem to be th at there w as to o m u ch tu rm oil an d u n sottlem en t
in C h in a to w arrant a t present the despatch o f a n o te alon g
the lines o f th e on e sent b y this G overn m en t. It w as fu rth er
a d d ed th at the text o f the B ritish n ote differed con sid era b ly
from w hat the press dispatches h a d defin ed th e B ritish
a ttitu d e to be an d th at it appeared from these th at n ot o n ly
had G reat B ritain declin ed to jo in w ith this G overn m en t b u t
b y im p lication had indorsed w ha t had been represented as the
Japanese v iew , n am ely th a t this G overn m en t sh ou ld h ave
consulted tho n ations in a d va n ce before sending an y n ote
to C h in a.
F ollow in g the an n ou n cem en t on Juno 15 o f G rea t B rita in ’ s
a ttitu d e tow ard the suggestions o f this G overn m en t anent
C h in a, tho dispatch es from W a sh in g ton stated th a t it h ad
been m a de kn ow n a t the State D ep a rtm en t th a t Ja pan had
taken a ction sim ilar to th at o f the B ritish G overn m en t in
refusing to associate herself w ith the A m erica n course in
asking riva l fa ction s in C h in a to com p ose their differences.
A n A ssociated Press cable from T o k io on June 17,
in dicatin g th at tho U n ited States h ad con su lted Ja pan
relative to the n ote to C h in a, w as pu blish ed in the d a ily
papers o f the 19th inst. and was as follow s:
I n e x p l a i n i n g t o le a d i n g m e m b e r s o f P a r l i a m e n t t h e a c t i o n o f t h e U n it e d
S t a t e s in d e s p a t c h i n g a n o t o t o C h in a r e g a r d i n g t h o r e s t o r a t i o n o f d o m e s t i c
t r a n q u i l i t y , V i s c o u n t M o t o n o , F o r e i g n M i n i s t e r , s a id t o - d a y t h a t t h o
U n it e d S t a t e s h a d c o n s u l t e d J a p a n o n J u n o 6 s u g g e s t i n g t h a t i d e n t i c a l
r e p r e s e n t a t io n s b o m a d o t o C h in a .
J a p a n d e e m e d it p r o p e r t o c o n s u lt h e r
a llie s b e f o r e r e s p o n d i n g .
T h e F o re ig n M in is t e r u n d e rs to o d G re a t B r ita in
t o o k t h e s a m o v i e w a s J a p a n , w h ic h w a s t h a t i t w a s u n d e s i r a b l e a t p r e s e n t
t o m a k e r e p r e s e n t a t io n s w h ic h m ig h t p r o v e t o b o a n u n t i m e ly i n t e r v e n t i o n .
T h o a t t it u d o o f F r a n ce , th e F o r e ig n M in is t e r s a id , p r o b a b ly w a s th o s a m o
as t h a t o f G re a t B r ita in .
J a p a n , t h e r e fo r e , d e c i d e d t o a d h e r e t o t h o p o l i c y
o f n o n -in te rfe r e n c e .
T h o a b o v e s u m m a r y w a s f u r n is h e d t o t h e A s s o c i a t e d P r e s s b y a n o f f i c i a l
o f th o F o r e ig n O ffic e .
I t is l ik e l y t h a t J a p a n ’ s r e p l y t o t h e U n it e d S t a t e s w il l b e in t h i s t e n o r .
T h o a g i t a t io n in J a p a n o v e r t h e a c t i o n o f t h e U n it e d S t a t e s h a s s u b s i d e d .
I t w a s d u o t o t h o f a c t t h a t W a s h i n g t o n a c t e d i n d e p e n d e n t ly w i t h o u t c o n s u l t 
in g J a p a n b e fo r e h a n d .
T l j o G o v e r n m e n t p r o b a b l y w ill n o t a c c e d e t o t h e c l a m o r o f t h e C h a u v i n i s t s
w h o a r o u r g in g i t t o s e e k A m e r i c a ’ s r e c o g n i t i o n o f J a p a n ’s p a r a m o u n t
p o s i t io n in C h in a .
T h e c o n s e r v a t i v e e le m o n t s t h i n k s u c h a c t i o n m ig h t b e
m i s u n d e r s t o o d in t h o U n it e d S t a t e s a s a n a t t e m p t t o t a k e a d v a n t a g e o f t h e
f a c t t h a t A m e r i c a is p r e o c c u p i e d b y t h o w a r a n d m ig h t p r e j u d i c e t h e s u c c e s s
o f t h o J a p a n e s e M is s i o n t o t h e U n it e d S t a t e s .
T h o e n t i r e C h in e s e q u e s t i o n ,
h o w e v e r , lik e l y w ill b e d i s c u s s e d d u r i n g t h e s t a y o f t h o I s h i i M i s s i o n in
A m e r ic a .
I t p r o b a b l y w il l le a v e f o r t h e U n it e d S t a t e s J u l y 3 .

T o k io ad vices on June 19 con cern in g the situ ation in
C h in a stated th at it was n ot so serious as m igh t be b elieved
a ccord in g to the op in ion u n d erstood to h ave been expressed
b y the Japanese G overn m en t in its rep ly to th e A m erica n
n oto in vitin g Japan to associate herself w ith the a ction o f the
U n ited Statos in askin g the riva l fa ction s in C h in a to com p o se
th eir differences. T h e Japanese rep ly , it is said, gives
cou rteou s recog n ition o f the sincerity and h igh -m inded ness o f
A m erica ’s m otiv es in seeking to assist C h in a , b u t sets fo rth
tho b elief th at C h in a is n ot en dan gered g ra v e ly . M o r e o v e r ,
it is said con d ition s h ave ch a n ged since the A m erica n n o te
w as p resen ted, an d Ja pan th erefore su bm its her b elief th a t
it is n ot desirablo th at sho shall forw a rd a n ote to C h in a
sim ilar to th a t sent b y th e U n ited States.
T h e internal strife in C h in a reached a clim a x on Juno 1
w hen the P rovin ces o f A n h w ei, C h i-L i, Ilu -P e h , C h e -K ia n g ,
F o -K ie n , an d IIo -N a n proclaim ed their in depen den ce an d
threatened to send a jo in t ex p ed ition to P ekin g to fo rce the
dissolu tion o f Parliam ent an d the re-in sta tem en t o f T u a n C h i-ju i as P rem ier. It w as a n n ou n ced a t the sam e tim e
th at T a n g -IIa u -L u n g , Speaker o f the A s sem b ly , h ad resigned
and gon e to T ien -T sin to jo in the M ilita ry G overn ors.
T h o P residen t issued a len gth y statem en t defen din g his
dism issal o f the P rem ier, at tho sam e tim e h igh ly praising

2520

h im an d expressing the h op e th at he m igh t serve th e cou n try
in the fu tu re. T h e statem en t con clu d ed :
I f t h o s e r e s p o n s i b le f o r t h o p r e s e n t c r is is I n t e n d t o p r o v o k e in t e r n a l w a r ,
I w il l u n d e r n o c o n s i d e r a t io n w a t c h t h o c o u n t r y s in k i n t o p e r d i t i o n .
I am
n o t a f r a id t o d i e f o r t h e c o u n t r y .

>

O n the 2 d the P rovin ces o f Shen-Si, Shan-Si, C h e-K ia n g
an d S h a n -T u n g w ere also rep orted to h a v e seced ed .
P rem ier T u a n -C h i-J u i, w ho w as d efin itely o p p osed to war
w ith G erm a n y, w as dism issed fro m o ffice b y P residen t L iY u a n g -H u n g on M a y 23; D r . W u -T in g -F a n g , form er M in ister
to th e U n ited S tates, was then n am ed as a ctin g P rem ier and
em p ow ered to form a n ew C a b in et. T h is a c tio n ,it w as then
sta te d , w ou ld p ro b a b ly en d the d ea d lock in P arliam en t and
m a k e possible a declaration o f w ar b y C h in a against G er
m a n y . T h e C hinese H ou se o f R epresen ta tives h a d previou sly
(M a y 1 9 ), b y a v o te o f 229 to 180, d ecid ed n o t to consider
a n y w ar m easure u n til the P rem ier an d M in ister o f W a r,
T u a n -C h i-J u i, h ad resigned an d th e entire C a b in et w as
reorga n ized . V irtu a lly all the C a b in et h ad resigned , b u t
th e P rem ier refused to a cce p t their resigna tion s. W h ile
P resid en t L i Y u a n -H u n g an d the Senate were o p p o s e d to
C h in a ’s e n try in to the w ar, tho H ou se o f R ep resen ta tives,
th e P rem ier an d the C on feren ce o f M ilita ry G overn ors w ere
u n d erstood to h a v e urged it.
T h o n om in ation o f L i-C h in g -h si, th e M in ister o f F in an ce,
as P rem ier in succession to T u a n -C h i-J u i w as a p p ro v e d b y the
H o u se o n M a y 27 b y a v o te o f 388 to 75, and b y the Senate
o n M a y 28 b y a v o te o f 365 to 31. O n M a y 30, h ow ev er,
after th o in dorsem en t o f tho n om in a tion , it w as rep orted th at
L i-C h in g -h si h a d refused to a cce p t the Prem iersh ip; m a ny
M ilita r y G ove rn o rs, it w as also sta ted , h a d dem an d ed the
ca n cella tion o f the P residen tial m a n d ate dism issing T u a n
C h i-J u i from th e P rem iersh ip, considering tho P resid en t’s
a ctio n u n co n stitu tio n a l. T h o M ilita r y G overn ors o f I I o N a n , A n h w ei an d S h a n -T u n g P rovin ces an d a t M u k d e n
th reaten ed to declare their in depen den ce unless their d e
m and s fo r the ca n cella tion o f the m a n d ate w ere co n ce d e d .
O n June 3 it w as an n ou n ced th at eleven p rovin ces, in cluding
th e P ro v in ce C h i-L i, in w h ich P ek in g is situ ated , n o lon ger
reoogn ized the a u th ority o f the P ek in g G o v ern m en t. T h e
P ro v in ce s o f K w a n g -T u n g , K w a n g -S i an d Y u n -N a n , it was
said, w ere su p p ortin g P residen t L i Y u a n g -H u n g . T h e
P ro v is io n a l A ssem b ly o f K w a n g -T u n g , in assuring it loy a l
su p p o rt to the P residen t an d P arliam en t, dem an ded th a t the
M ilita r y G overn ors b e dism issed an d pu n ish ed. I t was
likew ise an n ou n ced on tho 3 d inst. th a t follow in g th e arrival
in T ie n -T sin o n th e 2 d o f G eneral Sh a n g-IIsu n , M ilita ry
G o v e rn o r o f th e P ro v in ce o f A n h w ei, a p rovision a l g overn 
m en t h a d been fo rm ed , after a con feren ce w ith tho M ilita rists,
H su -S h ih -C h an g was a p p o in te d D icta to r; W a n g -S h ih -C h en ,
the a ctin g P rem ier, was m a de P rem ier; T u a n -C h i-K w e i,
bro th e r o f T u a n -C h i-J u i, form er P rem ier, w as n am ed M in ister
o f W a r; T h a o -J u lin , b elieved to b o stron g ly p ro-Ja pan ese, w as
g iv e n th e p o rtfo lio o f F oreign A ffa irs, an d T u n g -IIu a -L u n g ,
form er M in iste r o f C om m u n ica tion s, w as ch osen M in ister
o f the In terior. O n June 4 a n n ou n cem en t was m ade th rough
a cablegram rece iv ed a t San F ran cisco b y th e “ Chinese
W o r ld ” th a t V ice-P resid en t F en g K w o -C h a n g h ad tendered
his resignation to P residen t L i-Y u a n -H u n g . T h e sam e m es
sage a n n ou n ced th a t C h in a ’ s P residen t h ad issued a p rocla 
m a tion calling on all op p osin g fa ction s to unite an d de
clarin g his ow n n eu tra lity in the internal trou bles w hich h ave
a p p a ren tly sp lit th e R e p u b lic .
F iv e dem an ds o n Ju n e 5 w ere m a de u p on th e P ek in g
G o ve rn m e n t b y the secedin g p rovin ces o f C h in a . T h ese
w ere:
The
Tho
Tho
The
W ar

d is m is s a l o f t h e N a t i o n a l A s s e m b l y .
r e v is io n o f th e C o n s tit u t io n .
d is m is s a l o f t h o P r e s i d e n t ’s a d v i s e r s .
r e -I n s t a t e m e n t a s P r e m i e r o f T u a n - C h i - J u i .
a g a in s t G e r m a n y .
caa .

.

A n u ltim atu m dem an din g the dissolu tion o f P arliam en t
w ith in fo rty -e ig h t h ours w as d elivered on June 10 b y G en .
C h a n g -H su n . A d isp a tch fro m P ek in g on June 10 rep ort
in g th e w illingness o f P residen t L i-Y u a n g -H u n g to a ccede
to th e dem an d o f G en . C h an g-H su n said:
P r e s i d e n t L i - Y u a n g - H u n g h a s a n n o u n c e d a w illin g n e s s t o a c c e d e t o t h o
d e m a n d o f G e n e r a l C h a n g - H s u n t h a t P a r l i a m e n t b o d i s s o lv e d a n d lia s
d r a w n u p a m a n d a to o f d is s o lu t io n .
D r . W u T i n g - F a n g , t h o a c t in g
P r e m i e r , h o w e v e r , h a s d e c l i n e d t o c o u n t e r s ig n t h e d e c r e e , a n d h is s ig n a t u r e
is n e c e s s a r y t o g i v e e f f e c t t o i t .
I f P a r l i a m e n t is d i s s o lv e d i t w il l m a k o im p o s s i b l e a d e c l a r a t io n o f w a r b y
C h i n a o n G e r m a n y f o r s ix m o n t h s , a s it t a k e s t h is t im o t o e l e c t a n d a s s o m b lo

a n e w P a rlia m e n t.
G e n e r a l C h a n g - H s u n , w h o r e c e n t l y a r r iv e d a t T i e n - T s i n f r o m t h o s o u t h e r n
p r o v i n c e s , r e fu s e s t o c o m e t o t h e c a p i t a l u n t i l t h o m a n d a t e d i s s o lv i n g P a r 
l ia m e n t h a s b e e n i s s u e d .
H o n o w d e m a n d s a p r o n o u n c e m e n t fr o m th e
G o v e r n m e n t t h a t a ll m e m b e r s o f t h o p r e s e n t P a r l i a m e n t b e e x c l u d e d f r o m
r e -e le c t io n .
T h e r o a r e s e r io u s d i ff e r e n c e s o f o p i n i o n b e t w e e n t h o G e n e r a l
a n d o t h e r m il i t a r y l e a d e r s o n t h o q u e s t i o n o f t h o r e t e n t io n o f P r e s i d e n t L i
Y u a n g -H u n g a n d t h o s e le ctio n o f a n e w P re m ie r.




!Vol. 104.

THE CHRONICLE

A n n ou n cem en t w as m ade on June 13 th a t the P residen tial
m a nd ate dissolvin g P arliam en t had been signed b y C h ia n gC h a o-C h u n g as a ctin g P rem ier, the latter h aving a ccep te d
the p ost w h ich D r . W u T in g -F a n g , form er A m ba ssa d or to tho
U n ited States, resigned. T h e dispatch es on that date
stated:
I t is b e l i e v e d t h a t t h e d i s s o lu t i o n o f P a r l i a m e n t w ill b r i n g a b o u t c i v i l w a r ,
a s t h e l o a d e r s in t h o s o u t h e r n p r o v i n c e s h a v e t e le g r a p h e d P r e s i d e n t L i
Y u a n g - H u n g t h a t t h e y n o l o n g e r r e c o g n l z o h is a u t h o r i t y , d o s p i t o t h o f a c t
t h a t t h o P r e s i d e n t h a s i s s u e d a l o n g m a n d a t e a t t e m p t i n g t o j u s t i f y h is
a c t i o n in is s u in g t h o d i s s o lu t i o n m a n d a t o .
C h ia n g -C h a o -C h u n g w a s c h ie f
o f p o l i c e in P e k in g b e f o r e a c c e p t i n g t h o p o s t o f a c t i n g P r e m i e r .
G e n . C h a n g - H s u n n o l o n g e r is a m e d i a t o r a n d w il l b e c o m e a d i c t a t o r
u n le s s t h e m i l i t a r y s p i r it b e c o m e s m o r e p r o n o u n c e d .
T h e t r o o p s in t h o p r o v i n c e s o f K w a n g - T u n g - Y u n n a n , K w a n g - S i a n d
I C w e i-C h u a r o m o b i l i z i n g , a n d i t w a s a n n o u n c e d t h a t t h e y i n t e n d t o t a k e
m i l i t a r y a c t i o n s h o u l d P r e s i d e n t L i Y u a n g - H u n g d i s s o lv e P a r l i a m e n t u n d e r
pressu re fro m C h a n g -H s u n , M ilit a r y G o v e rn o r o f th o P r o v in c e o f A n h o u i.

A fu rth er disp atch from P ek in g, bearing da te June 15,
b u t n ot receiv ed in the U n ited States for p u b lica tion until
June 18, said:
G e n e r a l C h a n g - H s u n is n o w
H u n g b e i n g l it t l e m o r e t h a n a
c o n v e n t io n a t T ie n -T s in fo r th o
m e n t h e a d e d b y th e D ic t a t o r ,

v ir tu a lly D ic t a t o r , P r e s id e n t L i H u a n g f ig u r e h e a d .
T h o i n s u r g e n t s a r o c a l li n g a
p u r p o s e o f fo r m in g a P r o v is io n a l G o v e r n 
w h o is e x p e c t e d t o a c t a s P r e s i d e n t a n d

P r e m ie r.
G e n e r a l C h a n g - I I s u n ’s m o t i v e s a r e o b s c u r e , b u t i t is b o l i o v e d h o is
a tte m p tin g t o o b t a in f r o m th e fo r m e r le a d e rs o f t h o M a n c h u d y n a s t y an
a g r e e m e n t fo r th o r e s to ra tio n o f th o E m p ir e .
H o h a s u r g e d th o P r e s id e n t
t o f o r m a C a b i n e t a s s o o n a s p o s s i b l e , s u g g e s t i n g t h a t a P r o v i s io n a l C o u n c i l
s im ila r t o t h a t in R u s s i a b o e s t a b l is h e d , a n d t h a t a d e c l a r a t io n o f w a r a g a in s t
G e rm a n y b e th e n m a d o .
S o u t h e r n le a d e r s w h o a r e c o n g r e g a t i n g in C a n t o n a s s o r t t h a t t h o P r e s i 
d e n t s i g n e d t h o m a n d a t o f o r t h o d i s s o lu t i o n o f P a r l i a m e n t u n d e r p r e s s u r e .
T h e y s a y t h e y w ill f i g h t f o r t h e m a i n t e n a n c e o f c o n s t i t u t i o n a l r ig h t s .

A n officia l dispatch from P ek in g to the C hinese E m ba ssy
at W a sh in g ton w as rep orted on June 20 to foreca st a p ea cefu l
settlem ent o f C h in a ’ s internal trou b les. T h e now spaper
a ccou n ts from W a sh in g ton said:
T h e m e ssa g e , d a te d t o -d a y , sa y s th a t th e P r o v in c e s o f Y u n n a n a n d K w a n t u n g , w h ic h f o r m e d t h o b a c k b o n e o f t h o s o u t h e r n s e c e s s io n i s t m o v e m e n t ,
h a v e n o tifie d th o C e n tra l G o v e rn m e n t th a t th e y fa v o r c o -o p e r a tio n to w a rd
a p e a c e f u l s e t t l e m e n t a n d a r o r e a d y t o d o e v e r y t h i n g p o s s i b le t o c le a r u p
th o s itu a t io n .
S e v e r a l o t h e r p r o v i n c e s a r o s a id t o b o a b o u t t o t a k e s im ila r
a c t io n .
P r e s id e n t L i Y u a n g -H u n g , w h o c o m p lie d w it h th o r e v o ltin g M ilit a r y
G o v e r n o r s ’ d e m a n d f o r a d i s s o lu t i o n o f P a r l i a m e n t , lia s Is s u e d a n o t h e r
d e c r e e , c a l li n g f o r a n I m m e d ia t e n e w e l e c t i o n .
T h o o ld P a rlia m e n t, e le c te d
in 1 9 1 3 , w a s h e l d t o b o u n r e p r e s e n t a t i v e , a n d f a il e d t o d r a w u p a s a t i s 
f a c t o r y c o n s t it u t io n a l d r a ft .
T h e n e w b o d y , w h ic h c a n n o t b o c o n v o k e d
w it h i n a p e r i o d o f s e v e r a l m o n t h s , o w in g t o t h o c o m p l i c a t e d e l e c t o r a l
m a c h i n e r y , is e x p e c t e d t o b e m o r o c l o s e l y in t o u c h w it h p u b l i c o p i n i o n .
D u r i n g t h o i n t e r i m t h e p r e s e n t G o v e r n m e n t , i t is o x p e c t e d , w ill c o n t i n u e
in p o w e r u n d e r P r e s i d e n t L I .
G e n e ra l C h a n g -H s u n , th o M ilit a r y G o v e rn o r
o f A n h w e i P r o v i n c e a n d o r ig in a ll y h e a d o f t h o s e c e d i n g M i l i t a r y G o v e r n o r s ,
w h o c a m e t o P e k in g a f t e r t h e P r e s i d e n t d i s s o l v e d P a r l i a m e n t , w ill p r o b a b l y
s t a y In P e k in g s o m e t i m e .

THE

K A ISE R

TO

FORMER

K IN G

C O N S T A N T IN E

GREECE— P R O C L A M A T IO N S

OF

ISS U E D .

A p rocla m a tion a n n oun cing the raising o f tho b lock a d e o f
G reece, an d declarin g tho in ten tion o f tho A llies to defend
tho lib erty o f the co u n try , w as issued a t A th en s on June 16
b y M . J on n a rt, representing F ra n ce, G rea t B rita in and
R u ssia, w ho recen tly b rou gh t a b o u t tho a b d ica tion o f K in g
C on sta n tin e. T h o p rocla m a tion addressod to tho Ilollon es
follow s:
“ F r a n c e , G re a t B r ita in a n d R u s s ia d o s lr o t h o In d o p o n d o n c o , g re a tn e s s
a n d p r o s p e r ity o f G re e ce .
T h e y i n t e n d t o d e f e n d t h o b r a v o l i t t l o la n d
t h e y h a v e l ib e r a t e d a g a i n s t t h o u n i t e d o f f o r t s o f t h o l u r k s , B u lg a r i a n s
an d G orm a n s.
T h e y a r e h e r o t o c h e c k m a t o t h o m a n o o u v e r s o f th o h e r e d i
t a r y e n e m ie s o f t h o k i n g d o m .
T l i o y w il l p u t a n e n d t o t h o r e p e a t e d v i o l a 
t io n s o f t h o c o n s t i t u t i o n , o f t r e a t ie s a n d t h o d e p l o r a b l e in t r i g u e s w h i c h le d
u p t o t h o m a s s a c r o o f s o l d ie r s o f t h e A l l i e s .
“ Y e s t e r d a y B e r l i n w a s in c o m m a n d o f A t h e n s a n d w a s g r a d u a ll y lo a d i n g
t h o p e o p l e u n d e r t h o y o k o o f t h e B u lg a r i a n s a n d G e r m a n s .
W o r e s o lv e d
t o r o -e s t a b ll s h t h o c o n s t i t u t i o n a l r ig h t s a n d u n i t y o f G r e e c e .
T h o p ro
t e c tin g P o w e r s , th e r e fo r e , d e m a n d e d t h o a b d ic a t io n o f th o K in g .
T hey
h a v o n o i n t e n t i o n o f t a m p e r in g w i t h t h e c o n s t i t u t i o n a l p e r o g a t i v e s ; t h e y
h a v e o t h e r a i m s , n a m e l y , t o a s s u r e t h e r e g u la r a n d c o n s t i t u t i o n a l p r o g r e s s
o f t h o c o u n t r y , t o w h i c h t h e l a t e K i n g G e o r g o , o f g l o r io u s m e m o r y , h a d
a lw a y s b o o n s c r u p u lo u s ly f a it h fu l, b u t w h ic h K in g C o n s ta n t in o h a d c e a s e d
to resp ect.
.
. . . .
“ H e ll e n e s , t h o h o u r o f r e c o n c i l i a t i o n h a s a r r iv e d .
Y o u r d e s t i n ie s a r o
c l o s e l y a s s o c ia t e d w i t h t h o s e o f t h o p r o t e c t i n g P o w e r s ; y o u r id e a ls a r o
th o s a m e a s th e irs , y o u r h o p e s a r o id e n t ic a l.
W o app eal to y ou r g ood
sen se a n d p a tr io tis m .
.
. _
,
.
. .
“ T o - d a y t h e b l o c k a d e is r a i s e d .
A n y r e p r is a l a g a i n s t G r e e k s , t o w h a t 
e v e r p a r t y t h o y b e l o n g , w il l b o p i t i l e s s l y r e p r e s s e d .
N o breach o f th e p eace
w il l b e t o l e r a t e d .
T h e lib e r t y a n d p r o s p e r ity o f e v e r y o n o w ill b o s a fe 
gu arded .
T h i s is a n e w e r a o f p e a c o a n d l a b o r w h i c h is o p e n i n g b e f o r e
you.
K n o w t h a t , r e s p e c t fu l o f t h e n a tio n a l s o v e r e ig n t y , th o p r o t e c tin g
P o w e r s h a v o n o in t e n t io n o f fo r c in g u p o n th o G re e k p e o p le g cn o ra l m o b iliz a 
t io n .
" L o n g liv e G r e e c e , u n ite d a n d f r e e .”

#

T lio a b d ica tion o f K in g C on stan tin o on Juno 12 w as re
ferred to in these colu m n s last w eek . T h o form or K in g ,
a ccom p a n ied b y the Q ueen , th e C row n P rin co an d oth er
m em bers o f the fa m ily , loft A th en s on Juno 14. T h o p rocla 
m a tion o f form er K in g C on stan tin o, a n n oun cing his a b d ica 
tio n , w as p osted in the streets on tho 14th. I t says:
“ O b e y in g t h e n e c e s s it y o f f u lf i ll i n g m y d u t y t o w a r d G r e e c e , I a m d o p a r tin g fr o m m y b e lo v e d c o u n t r y w it h th o h e ir t o t h e th r o n e a n d a m le a v 
in g m y s o n A l e x a n d e r m y c r o w n .
1 b e g y o u t o a c c o p t m y d e c i s io n w it h
c a l m , a s t h e s l ig h t e s t i n c id e n t m a y le a d t o a g r e a t c a t a s t r o p h e . "

Jun e 23 1917.]

T h e now K in g , w h o w as C on sta n tin o’ s secon d son , P rin ce
A lexa n d er, accord in g to a special disp atch to tho N o w Y o rk
“ S u n ” from L o n d o n on June 18, has issued a p rocla m a tion
p led gin g him self “ to ca rry o u t ‘ the brillian t p o lic y o f his
revered fa th e r,’ an d uses th e language o f an ab solu te m o n 
a r c h .”
T h e disp atch ad ds:
T h o p r e s s o f t h o A l l i e d n a t i o n s d e m a n d s I f It h a s b e e n h o o d w i n k e d a n d
I f a n o t h e r G e r m a n d i p l o m a t i c t r i c k h a s s u c c e e d e d in t h o B a l k a n s .
T h ere
Is a u n i v e r s a l d e m a n d t h a t I f K i n g A l e x a n d e r a t t e m p t s t o f o l l o w a n y s u c h
c o u r s e a s d i d C o n s t a n t i n e , h o b e I n s t a n t ly e j e c t e d w i t h o u t c e r e m o n y ; t h a t
t h o A l l io s ta lco d i r e c t c o n t r o l o f t h e c o u n t r y , e s t a b l is h V e n iz e l o s In p o w e r
a n d k e e p h im th e re b y f o r c e If n e c e s s a r y .

A statem en t in w hich w as m a de p u b lic th o tex t o f the
u ltim a tu m w hich M . Jonnart d elivered o n June 11, forcin g
th e a b d ica tio n o f K in g C on sta n tin e, was rep orted b y th o
N e w Y o r k “ T im e s” as h avin g been issued b y the G reek
L egation at W a sh in gton on June 19. T h o L e g a tion ’ s state
m en t said:
O n J u n o 1 0 M r . J o n n a r t , H ig h C o m m i s s i o n e r o f t h o P r o t e c t i n g P o w e r s
o f G r e e c e , h a n d e d t o P r e m i e r A l e x a n d e r Z a l m is t w o n o t e s , b y w h i c h h o
w a s a n n o u n c in g t h o o c c u p a t i o n o f t h e c h a n n e l o f C o r i n t h a n d o f c e r t a i n
p o i n t s In T h e s s a ly t o t h e o f f e c t o f in s u r in g r e p a r t i t i o n o f t h o h a r v e s t s o f
T h e s s a ly t o a ll t h o G r e e k s .
M r . J o n n a r t p r e s e n te d o n th o 1 1 th o f J u n o th o
f o l l o w i n g u l t im a t u m t o P r e m i e r Z a l m is :
"M r . President: — T h o P r o t e c t i n g P o w e r s o f G r e e c e h a v e d e c i d e d t o
r e c o n s t i t u t e t h o u n i t y o f t h o K i n g d o m w i t h o u t i m p a ir i n g t h o m o n a r c h i a l
c o n s t i t u t i o n a l I n s t it u t i o n s t h a t t h e y h a v e g u a r a n t e e d t o G r e e c e .
H is
M a j e s t y K i n g C o n s t a n t i n o , h a v i n g , m a n i f e s t l y o n h is o w n i n i t i a t i v e ,
v i o l a t e d t h o c o n s t i t u t i o n o f w h i c h F r a n c e , E n g la n d a n d R u s s i a a r e t h o
T r u s t e e s , I h a v o t h o h o n o r t o d e c l a r e t o y o u r E x c e l l e n c y t h a t h is M a j e s t y
t h o K in g h a s lo s t th e c o n fid e n c e o f t h o P r o t e c t in g P o w e r s , a n d th a t th o
l a t t e r c o n s i d e r t h e m s e lv e s f r e o t o w a r d h i m f r o m t h o o b l i g a t i o n s r e s u l t i n g
f r o m t h o i r r ig h t o f p r o t e c t i o n .
“ I h a v o In c o n s e q u e n c e t h o m is s i o n , w i t h a v i e w o f r e - e s t a b li s h i n g t h e
r e a l c o n s t i t u t i o n , t o a s k f o r t h o a b d i c a t i o n o f h is M a j e s t y K i n g C o n s t a n 
t i n o , w h o w il l d e s i g n a t e h i m s e l f , t o g e t h e r w it h t h o P r o t e c t i n g P o w e r s , a
s u c c e s s o r a m o n g h is h e i r s .
I a m u n d e r t h o o b lig a t io n t o a s k f r o m y o u a n
a n s w e r w it h i n t w e n t y - f o u r h o u r s . ”

T h o follow in g m essage, in w h ich tho K aiser p rom ised th a t
“ the m ailed fist o f G erm a n y ” w ou ld restore K in g C on sta n tin o
(his broth er-in -la w ) to tho th rone, w as addressed b y E m p eror
W illia m to on o o f the G reek d ip lom a tic representatives
a b ro a d for transm ission to C on sta n tin o, a ccord in g to a tolegram received at B erne from B erlin o n the 15th in st.:
I h a v o h o a rd w it h w ra th o f th o in fa m o u s o u t r a g e c o m m it t e d b y o u r
c o m m o n o n o m ics u p o n y o u a n d y o u r d y n a s t y .
I assu ro y o u th a t y o u r
d e p r iv a tio n ca n b o o n ly t e m p o r a r y .
T h o m a i le d f i s t o f G e r m a n y , w i t h
f u r t h e r a id f r o m A l m i g h t y G o d , w il l r e s t o r e y o u t o y o u r t h r o n e , o f w h ic h
n o m a n b y r ig h t c a n r o b y o u .
T h o a r m ie s o f G e r m a n y a n d G e r m a n y 's a llie s w il l w r e a k v o n g e a n c o
o n t li o s o w h o h a v o d a r e d s o i n s o l e n t l y t o l a y t h e i r c r im i n a l h a n d s o n y o u .
W o h o p o t o w e lc o m e y o u in G e r m a n y a t t h o e a r lie s t o p p o r t u n i t y .
A
t h o u s a n d c o r d i a l g r e e t in g s f r o m
Y ou r W IL L IA M .

T h o L o n d o n “ T im es” is said to h a v e p re d icte d o n Juno 18
th a t M . V on izelos w ou ld return soon to A th en s as P rim e
M in istor o f G reece u nder the new K in g A lexa n d er. T h o
N o w Y o r k “ S u n ” in a special cablo disp atch prin ted as follow s
w h a t the “ T im es” h ad to sa y:
W e b e l i e v e t h o f o ll o w i n g a r o t h o g e n e r a l lin e s o f t h o p o l i c y a t p r e s e n t c o n 
t e m p l a t e d b y M . V e n iz e l o s : T h o n e w K i n g A l o x a n d o r m u s t a n n u l t h o d i s 
s o l u t i o n o f t h o G r e e k C h a m b e r o f D e p u t i e s in N o v e m b e r , 1 9 1 5 , b y C o n 
s t a n t i n o , w h ic h ille g a l a c t w a s o n o r e a s o n f o r t h o d e t h r o n e m e n t o f C o n 
s ta n tin o .
T h a t C h a m b e r , l e g a l ly e l e c t e d in J u n o , 1 9 1 5 , s h o u l d b o c o n 
v o k e d , a n d , a s c h i e f o f t h e p a r l ia m e n t a r y m a j o r i t y , V e n iz e l o s s h o u l d b e
c a l l e d t o p o w e r t o a p p l y t h o n a t i o n a l p o l i c y s o d i s a s t r o u s ly i n t e r r u p t e d
b y t h o p r o -G o r m a n c liq u o .
T h o p r o t e c tin g P o w e rs— G re a t B r ita in ,
F r a n c o a n d R u s s ia — h a v e r e c o g n i z e d t h a t t h o c o n v o c a t i o n o f t h o le g a l
C h a m b e r o f 1 9 1 5 is t h o o n l y s o l u t i o n t h a t is b o t h l o g ic a l a n d in a c c o r d a n c e
w i t h t h o in t o r o s t s a n d m o r a l u n i t y o f t h o c o u n t r y .
T h o p r o je c t o f im m e d ia te fro s h e le ctio n s m u s t b e s o t a s id o f o r t h o p r e s 
en t.
A l t h o u g h a n a p p e a l t o t h o c o u n t r y u n d o u b t e d l y w o u ld r e s u l t f a 
v o r a b l y t o t h o V e n iz e l is t L i b e r a l p a r t y , i t w o u l d p r e s e n t g r o a t a n d p r o b a b l y
I n s u p e r a b le d i f f i c u l t i e s , w h e n o n o c o n s i d e r s ' t h a t a c o n s i d e r a b l e p a r t o f
t h o c o u n t r y is o c c u p i e d b y t h o I t a li a n s a n d o t h e r A l l i e d t r o o p s , a n d a n 
o t h e r b y t h o G e r m a n s a n d B u lg a r i a n s , a s w e ll a s t h a t m a n y t h o u s a n d s
o f V o n lz o l is t s a r o f i g h t i n g a t t h o f r o n t , w h il e m a n y o f h is a d v e r s a r i e s r e 
m a in c o m fo r t a b ly a t h o m o .
M o r e o v e r , t h o p o l i t i c a l a n d m o r a l c o n d i t i o n o f t h o c o u n t r y is s t il l t o o
m u c h u p s o t t o b e a r t h o s t r a in o f a n e l e c t o r a l c a m p a i g n .
I t w o u ld b o p la y 
in g t h o g a m o o f t h o R o y a lis t s a n d p e r p e t u a t in g u n re s t a n d w o u ld n o t g iv e
a c le a r a p p r o v a l o f t h o a c t i v e p o l i c y a d v o c a t e d b y V o n i z e l o s .
T h o r e t u r n o f M . V e n iz e l o s t o A t h e n s w il l t a k e p l a c e a s s o o n a s c e r t a in
m oa su res o f p ru d en ce h a v e b e e n ta k en b y th o re m o v a l fro m th e c a p ita l o f
d a n g e r o u s a n d m is c h i e v o u s e l e m e n t s .
T h i s w o r k w il l b o c a r r ie d o n a c 
c o r d i n g t o t h o r e c o m m e n d a t io n s o f S e n a t o r J o n n a r t , t h o e n v o y o f t h o p r o 
t e c t i n g P o w e r s , b y t h o Z a l m is C a b i n e t , w i t h t h o p a r t i c i p a t i o n o f t w o o r
th r o o o f th o m o s t a b lo a n d c n e r g o t ic m e m b e r s o f t h o L ib e r a l p a r t y .
A s s o o n a s c ir c u m s t a n c e s a l l o w , a n a t i o n a l C o n s t i t u e n t A s s e m b l y w ill
b o c o n v o k e d t o d e fin e m o r o p r e c is e ly t h o p r e r o g a t iv e s o f th o C r o w n a n d
t o r e n d e r m o r o c le a r t h o d e m o c r a t i c c h a r a c t e r o f t h o G r e e k m o n a r c h y .

A cco rd in g to an A ssocia ted Press d isp a tch from A then s
on Juno 18, a list o f persons to b o ox p cll
from G reoce,
fo llow in g tho a b d ica tion o f K in g C on sta n tin o, has been for
w ard ed to tho G reek M in ister o f th o In terior. I t includes
tho nam es o f D em etrios G ou n aris, form er P rem ier; P rofessor
G eorgios S troit, form er F oreign M in ister; G enoral D o u s m anis, C h ief o f tho G reek G eneral S ta ff; C olon el M o ta x is ,
cliiof assistant to tho G eneral S ta ff; M . M e rco u ris , M . E sslinj
M . Sa yios, ch ief o f tho reservists, an d M . L iv iera tos, w ho




2521

THE CHRONICLE

figured p rom in en tly in th e distu rban ces a t A th en s last D e 
cem ber, w hen F ren ch troop s w ere a tta ck ed b y G reek re
servists. P rofessor Streit a lrea d y has left G reece, a c c o m 
p a n yin g C on stan tin e as his S ecretary. T h irty -o n e person s,
the dispatch sta ted , w ill b e expelled fro m the c o u n tr y .
T h ose in A th en s w ill be a llow ed three d a y s , an d m u st re p o rt
them selves to G eneral R eg n a u lt. T h o se p la ced under sur
veillance are said to in clu d e ex-P rem iers D ra g ou m is , S k ou lou dis and L a m b ros; A lexa n d er T se lo s, M in ister o f In terior
in tho L am bros C a b in et; L ou ca s R o u fa s , M in iste r o f In ter
ior in tho K a log erop ou la s M in istry ; M . K a n a ris, ex -M in iste r
o f P u b lic In stru ction ; C olon el S tra tigos an d several oth er
officers o f the G reek G eneral S ta ff; G eneral S a zzo p o u lo s,
M in ister o f W a r in th e L a m b ros C a b in et; D r . A n a s T a s so pou los an d D r. E rou la n os, b o th p a lace p h ysicia n s, an d the
la tter’s w ife, a G erm an ; tw o B ish op s an d a n u m ber o f o ffice rs ,
o f all ranks, tota lin g 103 person s. T h e y w ill, it is sta te d ,
b e rem ov ed from A th en s or w h erever th e y reside to places
w hence escape is im p ossible.
STANDARD

O IL

TANKER

ARCHBOLD

SU N K .

A n n ou n cem en t w as m ade on June 19 b y the Stan dard Oil
C o . o f N ew Y o r k , th at the oil tanker Joh n D . A rch b o ld h ad
b een torp ed oed and sunk b y a G erm an su bm arine o f f the
coa st o f F ra n ce, en rou te to this c o u n try . T h e vessel, w hich
w as an A m erica n steam ship o f 8 ,3 7 4 tons gross, w as o w n ed
b y the Stan dard Oil C o .; it w as b u ilt a t N e w p o rt N e w s in
1914. She sailed from N ew Y o r k on M a y 20 for H a v re an d
R o u en , F ra n ce, u nder the com m a n d o f C a p ta in H . B . T h o m p 
son , and a crew o f fo r ty -o n e , in clu d in g tw elv e A m erica n s,
w ith a ca rgo o f petrol con sign ed to the F ren ch G ov e rn m e n t.
A cco rd in g to the c o m p a n y ’ s a d vices, fo u r o f th e crew perished,
b u t a dispatch from the State D ep a rtm en t a t W a sh in g ton
places the loss a t fiv e . T h ose sa ved , in clu din g th e ca p ta in ,
w ere la nded a t a F ren ch p o r t. T h e vessel w as arm ed an d
h ad a gun ners’ crew fro m an A m erica n w arship o n b o a rd .
T h e gun ners’ crew w as under com m a n d o f T im o th y O ’ D o n 
nell, ch ief b oa tsw a in ’ s m a te. T h e liner w as v a lu ed at
83 ,0 0 0 ,0 0 0 .
____________________________
BREAK

IN

D IP L O M A T IC
G ERM AN Y

R E L A T IO N S

A N D

BETW EEN

H A IT I.

D ip lo m a tic relations betw een G erm a n y an d H a iti w ere
severed on June 8 w hen th e H aitia n C h arge d ’A ffa ires at
B erlin w as h an ded his pa ssp orts. T h e H aitia n d ip lo m a t had
p reviou sly presented to F oreign S ecretary Z im m erm an n a
n ote protestin g against u nrestricted subm arine w arfare and
d em an din g com p en sa tion fo r losses cau sed to H aitia n c o m 
m erce and life . T h e n ote also asked fo r guarantees fo r the
fu tu re. A statem en t issued on June 8 b y th e B erlin F oreign
O ffice in regard to the in cid en t, said:
A s t h o d e m a n d s w e r e c o u c h e d in a n u n u s u a l f o r m a n d d e m a n d e d f u l f i l 
m e n t w it h i n a p e r i o d w h ic h w o u l d n o t a l lo w e v e n t i m e f o r e x a m i n a t i o n , t h e
I m p e r ia l G o v e r n m e n t d e e m e d i t p r o p e r t o h a n d a t o n c e t h e C h a r g e d ’ A f f a i r e s
h is p a s s p o r t s .

O n M a y 4 P resid en t d ’ A rtigu en a ve, o f H a iti, sen t a mess
age to the Senate an d C h a m b er o f D ep u ties in C ongress
dem anding a declaration o f w ar against G erm a n y . A c o m 
m ission w as a p p oin ted to con sider tho q u estion . T h is
a ction w as taken in con sequ en ce o f the fa c t th a t a m on g the
v ictim s o f the torp ed oed F ren ch steam er M o n tre a l w ere fiv e
H aitia n m em bers o f th e crew an d three H aitia n passengers.
T h e M on trea l w as p ly in g betw een B ord ea u x an d H a iti. On
M a y 11 the H aitia n N a tion a l A ssem b ly a d o p te d a rep ort
au th orizin g the P residen t to p rotest in the nam e o f h u 
m a n ity against subm arine w arfare b y G erm a n y , to h o ld the
G overn m en t o f G erm a n y respon sible fo r the interests o f
H aitia n citizens travelin g on tho h igh seas, to d em an d , u p on
occa sion , guarantees an d reparation ; to assum e a b e n ev olen t
p o licy tow a rd the U n ited States, a n d , if n ecessity arose, to
break o ff relations betw een the G erm an E m pire an d H a iti.
T h o failure to o b ta in the guarantees dem an d ed has b rou gh t
a b o u t the break in the d ip lom a tic relations betw een the tw o
coun tries.
N IC A R A G U A

SEVERS
W IT H

D IP L O M A T IC

R E L A T IO N S

G E R M A N Y.

T h e S tate D ep a rtm en t on M a y 19 w as form a lly n o tife d
b y Joa qu in C u ad ra Z a v a la , C h arge D ’A ffa irs fo r N ica ra g u a ,
th at his co u n try had severed d ip lom a tic relations w ith G er
m a n y . C os ta R ica and S a lva d or aro th o o n ly tw o o f the
C entral A m erica n repub lics w hich h ave n o t severed rela
tions w ith G erm a n y, G u a tem a la an d H on d u ras h aving
p reviou sly taken th at a ctio n . T h e a ttitu d e o f S a lv a d or, it
is stated, is still u n k n ow n h ere, b u t C os ta R ica , w ith a new

2522

THE CHRONICLE

G o v e rn m e n t, as y e t u n recog n ized , h ad offered to th e U n ited
States th e use o f her territorial w aters fo r m ilita ry purposes
du ring the w ar.

BRAZILIAN LEGISLATURE VOTES TO REVOKE
NEUTRALITY DECLARATION.
A m easure re vo k in g B ra zil’ s n eu tra lity in the w ar betw een
G erm a n y an d the U n ited States has passed the B razilia n
L egislatu re. I t passed its first readin g in the C h a m b er o f
D e p u tie s o n M a y 28 b y a v o te o f 136 to 3 , and on the fo l
lo w in g d a y w as passed u na n im ou sly on its last readin g in
the C h a m b er. T h e Senate a p p ro v e d the bill on M a y 31 b y
a v o te o f 47 to 1. T h e m easure w as d ra fted b y the C o m 
m ittee o n F oreign R ela tion s in the B razilia n C on gress on
M a y 26 in respon se to a m essage sent to C on gress on M a y 22
b y P resid en t B ra z recom m en d in g the re v o ca tio n o f the de
cree o f n e u tra lity . In his m essage o n th a t d a y P residen t
B raz stated th a t the ord er to the B razilia n au th orities en
jo in in g the o b se rv a n ce o f n eu tra lity w as o n ly in ten ded to
h a v e e ffe ct u n til C on gress m e t. P resid en t B ra z a d d ed :
T o - d a y , in c o n s i d e r a t i o n o f t h o f a c t t h a t t h e U n i t e d S t a t e s is a n i n t e g r a l
p a r t o f t h o A m e r i c a n u n i o n , in c o n s i d e r a t i o n a l s o o f t h o t r a d i t i o n a l p o l i c y
o f B r a z il, w h ic h h a s a lw a y s b e e n g o v e r n e d b y a c o m p io t o u n it y o f v ie w
w i t h t h o U n it e d S t a t e s , a n d , f i n a l l y , in c o n s i d e r a t i o n o f t h o s y m p a t h i e s
o f a g r e a t m a j o r i t y o f t h o B r a z i l ia n n a t i o n , t h o A d m i n i s t r a t i o n i n v i t e s
C o n g r e s s t o r e v o k e th o d e c r e e o f n e u t r a lit y .

O n M a y 26 the B razilia n F oreign M in istor presented a
fu rth er m essage to C ongress signed b y P residen t B ra z, in
w h ich it w as stated th a t tho sinking o f B razilian m ercha nt
ships b y G erm an subm arines ob liged tho G overn m en t to
take m easures o f defense against tho G erm an U -b o a ts . T h o
u tiliza tion , b u t n o t co n fis ca tion , o f G erm an vessels interned
in B razilian seaports w as su ggested. T h o break in g o ff b y
B razil o f d ip lo m a tic relations w ith G orm a n y occu rred on
A p ril 11, several reasons b ein g given fo r the a ctio n , on e o f
w h ich w as the to rp e d o in g o f the steam er P a ra n a . W ith
th e con v e n in g o f C on gress on M a y 3 P residen t B ra z in a
m essage to it review ed tho con d ition s lea din g to the severance
o f d ip lo m a tic relation s w ith G erm a n y an d tho seizure o f
G erm an sh ip p in g. A fte r ju stify in g the course o f tho G o v 
ernm ent follo w in g tho torp ed oin g o f the steam ers Paran a
an d the R io B ra n co , P residen t B ra z in his m essage o f M a y 3
s a id :.
A s y o u w .ere a b o u t t o m e e t , I d e c i d e d t o c o n v e y t o y o u k n o w l e d g e o f t h e
g r a v e i n t e r n a t io n a l s i t u a t i o n in w h ic h B r a z i l f i n d s h e r s e l f , c o n f i d e n t t h a t
u n d e r th e a m p le p o w e r s g r a n te d y o u b y th e C o n s tit u t io n y o u r p a tr io tis m
w il l f i n d a w a y o f m a n i f e s t i n g I t s e lf i n a c c o r d a n c e w it h t h e g r a v i t y o f t h o
c ir c u m s t a n c e s .

A lth ou g h in the case o f the P aran a F oreign Secretary
Z im m erm an n h a d expressed regret fo r the torp ed oin g o f the
steam ship, B razil d id n o t desire to lea ve the d o o r op en for
fu rth er n egotia tion s w ith G orm a n y, an d she w as in form ed
th a t B razil con sidered the rep ly u n sa tisfa ctory . T h o m es
sage o f P resid en t B raz fu rth or said:
I t is m y c o n s c i e n t i o u s b e l i e f t h a t in t h is d e l i c a t e c a s e t h e G o v e r n m e n t
p e r f o r m e d i t s d u t y l o y a l l y a n d w i t h d i g n i t y , w i t h o u t e x c e s s a n d w it h o u t
u n d u e h a ste.
T h e E x e c u t i v e a c t e d w it h i n t h o l im i t s o f h is c o n s t i t u t i o n a l
p ow ers.

T h e m ore recen t sinking o f tho B razilia n steam er T iju c a
is u n d erstood to h ave h ad a bea rin g on tho develop m en ts
in B ra zil. T h e text o f P residen t B ra z ’ s m essage o f M a y 22
em phasizing B ra zil’ s trad ition al p o licy o f con tin en ta l soli
da rity and friendsh ip fo r tho U n ited States w as receiv ed b y
cablo o n M a y 23 at the Stato D e p a rtm en t and at the B razilia n
E m b a ssy . T h e E m b a ssy translation follow s:
I n m y m e s s a g e o f t h e 3 d o f t h is m o n t h I s t a t e d t h a t b y d e c r e e o f A p r i l 2 5
B r a z i l d e c l a r e d it s n e u t r a l i t y in t h o w a r b o t w e e n t h o U n it e d S t a t e s o f A m e r 
ic a a n d t h o G o v e r n m e n t o f th o G e rm a n E m p ir e .
T h is I d id , a lth o u g h th o
d i p l o m a t i c a n d c o m m e r c i a l r e la t i o n s w i t h G e r m a n y h a d b e e n s u s p e n d e d
u n d e r t h e r u le u n t i l t h e n a d m i t t e d a n d in o b e d i e n c o t o t h e d e c r e e o f A u g . 4
1 9 1 4 t h a t e m b o d i e s t h o p r i n c ip l e s o f t w o c o n v e n t i o n s s i g n e d b y B r a z i l a t
t h o H a g u e a n d r e fe r r i n g t o t h e r ig h t s a n d d u t i e s o f n a t i o n s a n d p e r s o n s
n e u tr a l.
O n l y I h a v o n o t u s e d in t h a t d o c u m e n t t h o e x p r e s s i o n s c o m 
m o n l y e m p l o y e d in s i m i l a r a c t s , a n d s i m p l y o r d e r e d t h a t t h o a u t h o r i t ie s
s h o u l d o b s e r v o t h e r u le s o f n e u t r a l it y u n t i l t h e y r e c e iv e c o n t r a r y o r d e r s .
j ^ T h e G o v e r n m e n t c o u l d n o t g o f u r t h e r , b u t t h o B r a z i l ia n n a t i o n , t h r o u g h
h e r l e g is l a t i v e o r g a n , w i t h o u t w a r li k e i n t e n t i o n , b u t w i t h f ir m n e s s , m a y
t a k e in c o n s i d e r a t i o n t h o f a c t t h a t o n e o f t h e b e l li g e r e n t s is a n i n t e g r a l p a r t
o f t h o A m e r i c a n c o n t i n e n t , a n d t o t h a t b e l li g e r e n t w o a r e u n i t e d b y a t r a 
d i t i o n a l f r i e n d s h ip a n d t h o s a m e p o l i t i c a l t h o u g h t f o r t h o d e f e n s e o f v i t a l
i n t e r e s t s in A m e r i c a a n d t h o p r i n c ip l e s a c c e p t e d in i n t e r n a t io n a l la w .
S u c h h a s a l w a y s b e e n t h o a t t i t u d e o f B r a z i l in s i m i l a r c a s e s .
T h o re
p u b l i c m a i n t a in s i t s e l f f a i t h f u l t o i t s t r a d i t i o n s in e x t e r n a l p o l i t l c i s , a n d
c a n n o t r e p u d i a t e t o - d a y t h o t h o u g h t s t h a t in s p i r e d t h o n o t o o f p r o t e s t o f
th e E m p ir e o f B ra z il o n t h e 1 5 th o f M a y 1 8 6 0 , w h e n a E u ro p e a n fle e t b o m 
b a r d e d a c i t y in S o u t h A m e r i c a .
A lr e a d y a t th a t t im o w o th o u g h t t h a t
t h o n a t i o n s o f t h e c o n t i n e n t , w h o s o w e a lt h a n d p o p u l a t i o n a r e m o s t l y o n
t h e ir e x t e n d e d a n d u n d e f o n d e d s e a c o a s t s , a r o m o r e in t e r e s t e d t h a n o t h e r s
in t h o m a i n t e n a n c e o f t h o d i c t a t e s o f m o d e r n c i v i l i z a t i o n t h a t c o n s t i t u t e
t h e i r p r i n c ip a l a n d m o r e e f f i c i e n t p r o t e c t i o n .
A c c e n t u a t i n g in s u m t h a t t h is p o l i c y o f c o n t i n e n t a l s o l i d a r i t y is n o t t h e
p o lic y o f th e p re s e n t G o v e r n m e n t n o r o f th o p re s e n t r e g im o , b u t th o t r a 
d i t i o n a l p o l i c y o f t h o B r a z i l ia n n a t i o n , I s u b m i t t h e m a t t e r t o t h o j u d g m e n t
o f t h o N a t i o n a l C o n g r e s s a n d f e o l s u r o t h a t w h a t o v e r r e s o lu t i o n is a d o p t e d
i t w il l m a k o s t il l f ir m e r t h o u n d e r s t a n d in g t h a t f o r t u n a t e l y e x is t s b e t w e o n
B r a z i l a n d t h e U n it e d S t a t e s .




(V oL .

104

W o also g ive herew ith the tex t o f the P resid en t’ s m essage
to C ongross on M a y 26:
I h a v e th o h o n o r t o b r in g t o - d a y t o y o u r k n o w le d g e c o n fir m a t io n o f th o
i n f o r m a t i o n w h ic h w e h a v o r e c e i v e d f r o m t h o B r a z i l ia n L e g a t i o n a t P a r is
c o n c e r n in g t h o s i n k i n g o f a n o t h o r B r a z i l ia n m e r c h a n t m a n b y a G e r m a n
s u b m a rin e .
T h o e n t i r e n a t i o n is c o g n i z a n t o f t h o a t t i t u d o w h i c h t h i s G o v e r n m e n t
a d o p t e d w h e n G e r m a n y a n n o u n c e d t o a l l n o u t r a l s t h o e s t a b l is h m e n t o f a
s u b m a r i n e b l o c k a d e , r e s t r i c t in g a s i t d i d t h o f r e e d o m o f t h o s e a s a n d e x 
t e n d i n g w i t h o u t d i s t i n c t i o n t o c o u n t r ie s n o t e n g a g e d in t h o c o n f l i c t t h o
m o s t v i o l e n t p r o c e s s o f w a r fa r o .
T h o B r a z i l ia n G o v e r n m e n t t h e n f o r m u 
l a t e d a p r o t e s t a n d a f t e r t h e s in k i n g o f t h e s t e a m s h ip P a r a n a b r o k o o f f d i p 
l o m a t i c r e la t i o n s w i t h G e r m a n y .
T o - d a y t h o s i n k i n g o f a s e c o n d s t e a m s h ip w i t h o u t w a r n in g a n d t h o m o n a c e
o f d e c r e a s in g c o n s t a n t ly o u r s h ip p in g a n d fo r e ig n c o m m e r c o o b lig e s th o
G o v e r n m e n t t o p u t in t o p r a c t ic e m e a s u re s o f d e fo n s e t o b o s u g g e s te d b y
t h e h ig h a d v i s e r s o f t h o N a t i o n a l C o n g r e s s .
H o w e v e r , t h e G o v e r n m e n t in s u b m i t t i n g t h is m a t t e r f o r y o u r c o n s i d e r a 
t i o n d o e s n o t a t t e m p t t o e s c a p e t h o r e s p o n s i b i l i t y w h ic h is i n c u m b e n t u p o n
i t o r h e s i t a t e t o g i v e f r a n k l y i t s o p i n i o n w h i c h is it s d u t y t o d o .
T h o u t i li z a t io n o f t h o G e r m a n m e r c h a n t m e n in t o r n o d in B r a z i l ia n s e a 
p orts a p p ears u rg en t to th o G o v e rn m e n t.
T h e id e a o f c o n fis c a t io n , h o w o v e r , is e x c l u d e d , t h is b e i n g r e p u g n a n t t o t h o s p i r it o f o u r l a w s a s w e ll a s
t o t h o g e n e r a l f e e li n g o f t h e c o u n t r y .
•
T h e u t i l i z a t i o n o f t h e s e s h i p s w il l b o f o u n d t o b e j u s t i f i e d b y t h o p r i n c ip l e
o f t h o c o n v e n t i o n s i g n e d a t t h o H a g u o in O c t o b e r 1 9 0 7 .
T h o v e s s o ls w il l
b o h o ld w i t h o u t c o m p e n s a t i o n u n t i l w o h a v o b e e n a b l o t o v e r i f y w h e t h e r
t h e y a r o p r o p e r t ie s o f a p r i v a t e c h a r a c t e r ( w h i c h e v o n in t im e o f w a r m u s t
b o r e s p e c t e d a n d w h i c h B r a z il w il l r e s p e c t ) o r i f t h o y b e l o n g t o e n t e r p r is e s
h a v in g s o m e c o n n e c t io n w it h th o G e rm a n G o v e r n m e n t.
W h a t o v e r m e t h o d is a d o p t e d , i t is e s s e n t ia l t h a t t h o G o v e r n m e n t c a n n o t
s u f fe r a n y d e l a y in t a k i n g m e a s u r e s w h ic h a r o i in p o s o d a t t h e s a m o t i m e
b y th o p u b lic in te re s t a n d b y th o d ig n it y o f t h o n a tio n .
W EN CESLAO BR AZ.

I t is stated th a t the bill passed b y tho B razilian Cham ber
o f D ep u ties au th orizin g the re v o ca tio n o f B ra zil’ s n eu tra lity
n th e G erm a n -A m erica n w ar w as atnondod so as to au th orize
the G overn m en t to utilizo G erm an ships n ow in B razilia n
p o rts . T h o E x e cu tiv e , it is said, is a u th orized b y the bill
to a d o p t m easures fo r the p ro te ctio n o f B razilia n shipping
a b roa d an d to com e to an agreem ent w ith frien d ly n ation s
respectin g m easures w h ich w ill ensure th o lib orty o f B ra zil’ s
im p ort an d ex p ort tra d e. T o th at en d tho E x e cu tiv e is
em p ow ered to revok e the n eu tra lity o f B ra zil in tho w ar
betw een the E n ten te an d tho C on tral E m pires as soon as th o
m om en t is deem ed p rop itiou s . A decree p rov id in g fo r tho
u tilization b y B razil o f tho G erm an ships in B razilian p orts
w as signed b y P residen t B raz on Juno 2 . T h o takin g o v or
o f tho G orm an ships w as bein g p u t in to e ffe ct on tho 2 d ,
the croAvs bein g interned on Fleurs Isla n d . B razilia n crow s
w ero p u t on b oa rd the G erm an vessols. I t is rep orted th at
46 G erm an m ercha nt ships laid up in B razilian p orts early
in the w a r. T h o vessels aggregate 24 0,779 ton s. T h o larg
est is the H a m b u rg -A m erica n liner B lu ch er, o f 12,350 ton s.
T h irty-th ree o f tho vessels are o f m ore than 4,0 0 0 ton s each .
D r. R u y B a rb osa , form erly P residen t o f the Senate, has
urged P residen t B ra z to a d o p t m easuros to fa cilita te tho trans
p orta tion o f fo o d supplies to B elgiu m . I t is rep orted th at
B razilian ships are to bo arm ed .
On M a y 2, ju st p rior to the con v en in g o f tho B razilia a
C ongress, D r . L au ro M u ller ten dered his resignation as
M in ister o f F oreign A ffa irs . N ilo P eca n h a , form er M in ister
to B razil, has been a p p oin ted to su cceed D r . M u ller as F o r
eign M in ister. In tho cou n cil o f M in isters on M a y 24,
Senor P ecan h a declared , a ccord in g to the new spapers, th a t
it Avas n o t necessary for B ra zil to doclaro Avar on G orm a n y ,
becau se she h ad b een v irtu a lly forced in to a stato o f Avar b y
circu m stan ces. H o said th at the torp ed oin g o f the B razilia n
stoam er T iju c a did n o t essentially m o d ify tho situ ation
crea ted b y the d estru ction o f tho P a ra n a . W ith regard to
th e co -o p e ra tio n botAveen B razil an d the U n ited S tates,
Senor P eca n h a stated th a t tho G overn m en t should d o v o te
its entiro a tten tion to m ilita ry and naval orga n iza tion ,
esp ecially Avith resp ect to colla b ora tin g Avitli tho U n ited
States in p olicin g o f tho S ou th A tla n tic, an d sh ou ld propare
for an y e v e n tu a lity .
T h o N cav Y o r k “ T im e s” on M a y 4, in referring to tho resig
n ation o f D r . M u ller as F oreign M in istor, said in part:
F o r s o v e r a l y e a r s b o f o r e h is a p p o i n t m e n t a s F o r e i g n M i n i s t e r in F e b r u 
a r y 1 9 1 2 D r . L a u r o M u l l e r h a d b e e n w e ll k n o w n f o r h is l a r g o i n t e r e s t s in
G e r m a n e n t e r p r is e s .
H e w a s t h o m o v i n g f lg u r o in t h o B r a z i l ia n L l o y d a n d
in t h o H a m b u r g C o l o n i z a t i o n C o . , w h ic h d e a l t in la r g o e s t a t e s in t h o
s o u t h e r n S t a t e s f o r t h e b e n e f i t o f G o r m a n i m m i g r a n t s — p r i n c ip a ll y R i o
G r a n d o d o S u l, w h e r e 2 0 0 ,0 0 0 G e r m a n s f o r m t h o la r g o m a j o r i t y o f t h o
p o p u la t io n .
H e w a s a l s o a s s o c ia t e d w i t h t h o b a n k in g a n d c o m m i s s i o n
h o u s e o f D r o m b e r g & C o . , w h ic h a d v a n c e d m o n o y t o G e r m a n s o t t le r s f o r
t h o c u l t i v a t i o n o f t h o l a n d w h ic h h o h a d o b t a i n e d f o r t h e m f r o m t h o G o v 
e r n m e n t o n t h o s o l o g u a r a n t e e t h a t t h o y w o u ld d o v o l o p t h o ir h o l d i n g s .
AVhon e a r l y in A p r i l t h o G e r m a n M i n i s t o r , H e r r P a u li , r e c e i v e d h is
p a s s p o r t , it is s a id t o h a v o b o o n D r . M u l l e r w h o o f f e r e d h i m t h o c o lu m n s
o f t h o ‘ ‘ D I a r i o A l i e m a o " o f S a o P a u l o , a p a p e r p u b li s h e d in t h o G e r m a n
in t e r e s t s , in w h ic h t o s t a t o t h o c a u s e o f t h o C o n t r a l E m p i r e s , a n d o n n o
a c c o u n t t o le a v e th o c o u n t r y b e fo r e A p ril 18, a n d th o n to g o b y la n d —
w it h in c o n s t a n t r e a c h o f t h o t e le g r a p h , f o r , m e a n w h i le , s o m e t h in g i m p o r t a n t
m ig h t h a p p e n w h ic h w o u ld r e q u i r e h is p r e s o n c o in R i o .

J

une

23 1917.)

I'ilE CHRONICLE

W h a t d i d h a p p e n , h o w e v e r , w a s t h e d e m o n s t r a t io n s o f t h e L e a g u o o f t h e
A l l i e s , w h ic h w r e c k e d t h o b u i l d in g s o f t h o G e r m a n ia C l u b a n d t h o G r a n d e
I lo t o l S c h m id t a t R io , d e s t r o y e d th o p la n t o f t h e " D i a r i o A lle m a o ” a t S a o
P a u l o , a n d r e q u ir e d t h a t t h e P r e s i d e n t o f t h o r e p u b l i c a d o p t t h e s e m e a s u r e s :
*‘ l . T o c o n f i s c a t e t h o a r m s o f t h o G e r m a n C o n f e d e r a t i o n o f R i f l o C l u b s
in s o u t h e r n B r a z i l .
“ 2 . T o s t o p t h o t r a n s m is s i o n o f c o r r e s p o n d e n c e o f G o r m a n s u b j e c t s t o
t h o i n t e r i o r a n d t o e s t a b l is h a p e r m a n e n t s u p e r v i s io n o f G e r m a n r e s id e n t s
in B r a z i l .
‘ ‘ 3 . T o s u s p o n d t h o p u b l i c a t i o n o f G o r m a n n e w s p a p e r s w h ic h s p r e a d
id e a s c a l c u la t e d t o a l a r m o r m is l e a d p u b l i c o p i n i o n .
“ 4 . T o o f f e r t o t h o A l l i e s a n d t h e U n it e d S t a t e s t h o c o - o p e r a t i o n o f t h e
B r a z i l ia n N a v y .
“ 5 . T o s e q u e s t r a t e in t e r n e d G e r m a n v e s s e ls u n t i l m o r e r a d i c a l m o a s u r e s
ca n b e ta k en .
“ 6 . T o d e m a n d t h o r e s ig n a t io n o f D r . L a u r o M u l l e r a s M i n i s t e r o f F o r 
e ig n A f f a i r s a n d t o r e p l a c e h i m b y S e n o r R u y B a r b o s a . ”
T h e s e m e a s u r e s w e r e a ll s u p p o r t e d b y p a p e r s lik e t h o “ J o u r n a l d o C o m m e r c i o , " th e “ P a i z , " t h e “ E p o c a ,” th o “ C o r r e ia d a M a n h a ” a n d th o lo c a l
j o u r n a l s p r i n t e d in I t a l i a n , F r e n c h a n d E n g li s h .
A l l t h e s e p a p e r s a l s o a r o u n i t e d in m a i n t a in in g t h e p o l i c y t h a t a n y t h i n g
s h o r t o f t h e l e a g u e ’s m e a s u r e s w o u ld s h o w d o m i n a t i o n b y G e r m a n y , w h il e
a n y t h in g s h o r t o f w a r w o u ld b o a n a tio n a l d is g r a c o .

A d v ice s fro m R io de Janeiro u nder da te o f the 4 th in st.
stated that on m o tio n o f D e p u ty M a u ricio L a cerd a the C h a m 
ber o f D oputies h ad v o te d to au th orize the ca b lin g o f a m es
sage o f con gra tu lation s to tho C on gress o f tho U n ited States
o n the arrival o f an A m erica n sq u a d ron . D o p u ty Ilon riq u o
C o o lh o N o tto delivered an address o f w elcom e to the A m eri
ca n sq u a dron . H o p rop osed th at as an unusual m ark o f
h o n o r to the free A m erica n p eop le in their struggle in the
defense o f the righ t there b e a p p oin ted a com m ission o f
tw o n ty -o n e D o p u tie s to v isit tho sq u a d ron , an d th a t the co m 
m ission in clude distinguished representatives o f the m ili
ta ry . D o p u ty Sou za S ilva o b je cte d to this p rop osa l, sug
gesting th at the represen tation o f tho C h a m b er b o lim ited
to its M a rin o and W a r C om m ittees. I t w as d ecid ed to send
tho m essage o f con g ra tu la tion s, lea vin g aside tho n om in a
tio n o f a special com m ission . A W a sh in g ton dispatch on
June 5 stated th at the R io de Janeiro an n ou n cem en t was the
first pu blish ed in fo rm a tion o f tho stops in tho plan o f re
liev in g B ritish an d F rench cruisors in tho w ators o f tho
W ostern H em isphere w ith A m erica n w arships. F o r tho
p resen t, it is sta ted , the U n ited States N a v y D o p a rtm on t is
w ith h old in g further in form a tion or com m en t u pon it.
I t w as reported from L o n d o n on M a y 21 th a t tho G orm an
P rize C o u rt at H a m b u rg h ad decid ed ad versely on six ploas
ontered w ith it to o b ta in tho release o f the B razilia n steam er
R io P a rd o , w h ich w as ca p tu red b y G erm an w arships on
D e c . 9 1910 and taken in to a G orm an p o r t. T h o R io P a rd o
a t the tim e o f her captu re w as b o u n d from R o tte rd a m for
H u ll w ith a cargo consistin g la rgely o f p rovision s.

BRAZIL'S AN SWER TO GERMANY’S PROTEST AGAINST
TAKING OVER OF GERMAN SHIPS.
I t w as m ade kn ow n on tho 6th in st. th a t B razil had replied
to a n oto recoived from tho G erm an G o v ern m en t protestin g
against the requ isition in g o f G erm an ships w ith a declaration
th at tho R o p u b lic has a cted w ith in tho strict lim its o f tho
la w , even as in terpreted b y G erm a n y. T h e B razilia n reply
says in part:
T l i o u t i li z a t io n o f G e r m a n s h ip s b y B r a z il f o ll o w s t h o t o r p e d o i n g o f
B r a z ilia n m e r c h a n t s h ip s , a n d a s s u r o s , d i r e c t l y a n d i m m e d i a t e l y , a l t h o u g h
b y f o r c e , s a t i s f a c t i o n f o r t h e lo s s e s c a u s e d b y G e r m a n s u b m a r in e s .
B r a z il
is a c t in g l a w f u l ly a n d o n t h e b a s is o f o v e n G e r m a n la w .
I t h as ta k e n a step
w h ic h a ll n a t io n s t a k e , e v e n w it h o u t a b a n d o n i n g it s s t a t o o f p e a c e , f o r t h o
s o lo re a s o n o f fo r c in g a n o ffe n d in g n a tio n t o m a k o d u o r e p a r a tio n .

T h o rep ly thon q u otes tho op in ion o f tho G erm an a u th ority
on international law , H err I le fft o r , an d con clu des:
T h e G o v e r n m e n t o f t h e R e p u b l i c d o e s n o t d e p a r t f r o m t h o c a lm r e g io n
o f t h o p r in c ip le s o f t h o s e la w s w h ic h h a v e p r e v i o u s ly g o v e r n e d i n t e r n a t io n a l
s o c i e t y , a n d p r o c e e d s s o l e l y In d e f e n s o o f t h o f l a g a n d I n t e r e s t s o f i t s c o u n 
try .

T h e D u tch M in ister presen ted to the F oroign O ffice tho
n o to fro m the G erm an F oreign S ecretary, protestin g against
tho u tilizin g o f G orm an ships b y tho B razilia n G overn m en t,
an d reserving tho right to dem an d in d em n ity in tho ovon t o f
a n y losses. T h e te x t o f the n oto read:
I h a v e t h o h o n o r , in t h e n a m e o f t li o I m p e r ia l G e r m a n G o v e r n m e n t , t o
p r o t e s t f o r m a l l y t o t h o G o v e r n m e n t o f t h o U n it e d S t a t e s o f B r a z i l , a g a in s t
t h o r e q u i s it i o n a n d u t i li z a t io n o f G e r m a n s h i p s a n c h o r e d in t h o p o r t s o f t h o
R e p u b lic .
I r e s o r v o t o m y s e l f t h o r ig h t t o d e m a n d a n i n d e m n i t y f o r a ll
lo s s e s o c c a s io n e d t o G e r m a n in t e r e s t s b y s u c h a m e a s u r e .

SEIZED GERMAN SHIPS RENAMED AND ASSIGNED
TO GOVERNMENT SERVICE.
T h o U n ited States Shipping B o a rd on June 5 issued a
statem en t w ith regard to the w ork d on e in repairing and
o u tfittin g the G erm an an d A u strian vessols taken ov er or
purchased b y tho G o vern m en t since tho en try o f this cou n try
into, tho w ar. T h o statem en t read:




2523

T h e w o r k o f r e p a i r in g a n d m a k i n g r e a d y f o r s e a t h o in t e r n e d G e r m a n a n d
A u s t r i a n v e s s o ls is p r o g r e s s in g In a n e n t i r e l y s a t i s f a c t o r y w a y .
T h e M a ia a n d A r m e n ia h a v e b e o n m a d o r e a d y f o r s e a , a n d h a v e b o o n
a l lo t t e d t o t h o F r e n c h G o v e r n m e n t ; t h e P o r t o n l a a n d t h e N a s s o v i a t o t h e
R u s s ia n s ; t h o C l a r a M e n n i g a n d P i s a t o t h o I t a li a n s .
T h e O c k e n fe is is
r e a d y , p r a c t ic a lly , b u t h a s n o t y e t b e e n d e fin it e ly a llo t t e d .
T h e s e v e s s e ls
a r e a s s ig n e d t o t h e G o v e r n m e n t s m e n t i o n e d o n w h a t is k n o w n a s “ t r ip t im e
c h a r t e r s ."
T h e f o l l o w i n g s a ilin g v e s s e ls w h ic h w o r e o n t h o P a c i f i c C o a s t h a v e b e e n
g i v o n a ll n e c e s s a r y r e p a i r s , h a v e b e o n c h a r t e r e d a n d a r e in u s e f u l s e r v ic e :
A r n o l d u s V in n e n , 1 ,8 5 9 t o n s g r o s s ; K u r t , 3 , 1 0 9 t o n s ; S t e i n b e k , 2 , 1 5 1 t o n s ;
D a l b e k , 2 ,7 2 3 t o n s , a n d t h o O t t a w a , 2 , 6 5 9 t o n s .
T h o S ta a ts e k r e ta r K r a o tk o , o f 2 ,0 0 9 t o n s , s te a m e r , a n d t h e G o v e r n o r
J a e s c h k e , o f 1 ,7 8 8 t o n s , s t e a m e r , w ill b o r e p a i r e d s u f f i c i e n t l y a t H o n o lu lu t o
c o m e t o th e w e st c o a s t u n d e r th e ir o w n s t e a m .
T h e E ls a s s , w h ic h w a s
in t e r n e d a t P a g o P a g o , w a s t o w e d t o H o n o l u l u b y a n a v y t u g a n d w ill b e
r e p a ir e d t h e r e .
S e v e ra l o th e rs h a v e b e e n b ro u g h t t o th e P a c ific C o a s t a n d
a r e n o w b e in g r e p a i r e d .
P r o g r e s s o n t h e v e s s e ls i s . b e i n g m a d e , a n d t h e p r e s e n t m o n t h w ill s e e
c o n s i d e r a b l e t o n n a g e p l a c e d in c o m m i s s i o n .
A c c o r d i n g t o o u r e s t im a t e s ,
t h o f o ll o w i n g v e s s e ls w ill b o r e a d y o n t h o d a t e s m e n t io n e d :
T h e P i s a , 4 , 9 6 4 t o n s , is r e a d y a n d h a s b e e n a s s i g n e d .
T h e O c k o lf e ls is
p r a c t ic a lly r e a d y , th o d a t o b e in g J u n o 7 .
S h e is a v e s s e l o f 5 ,6 2 1 g r o s s t o n s .
T h o f o ll o w i n g a r e d u o f o r c o m m i s s i o n J u n e 1 0 :
D o r a ( A u s t r ia n ), 7 ,0 3 7
g r o s s t o n s ; I d a ( A u s t r ia n ) , 4 , 7 3 0 t o n s ; H a r b u r g , 4 , 4 7 2 t o n s ; M a g d e b u r g ,
4 , 4 9 7 t o n s ; P r in z O s k a r , 6 , 0 2 6 t o n s ; R h a t i a , 6 , 6 0 0 t o n s :
T h o A d a m stu rm ,
o f 5 , 0 0 0 g r o s s t o n s , is e x p e c t e d t o b o r e a d y J u n o 1 5 , a n d t h e A r c a d i a ,
5 ,4 5 4 t o n s , o n J u n e 2 0 .
T h o w o r k w ill g o a l o n g s t e a d i l y a n d in J u l y t h e r e w ill b e a n o t h e r c o n s i d 
e r a b le a d d it i o n t o u s e a b l e t o n n a g e , e s t im a t e d a s f o ll o w s :
A ll e m a in ia , 4 , 6 3 0 g r o s s t o n s , a n d t h o E r n y ( A u s t r ia n ) o f 6 , 5 1 5 t o n s ,
J u l y 1 , a s w e ll a s t h o la r g e P e n n s y lv a n ia o f 1 3 ,3 3 3 t o n s , a n d a ls o t h e W i l i c h a d o f 4 ,6 7 1 t o n s , a n d t h o S e r a p is o f 4 , 7 5 6 t o n s .
T h e L u c ia o f 5 ,7 4 4 to n s
is d u o J u l y 1 0 ; C l a r a , 3 , 9 3 2 t o n s , J u l y 1 2 ; t h o A n n a o f 1 ,5 7 6 t o n s a n d
P r in z J o a c h i m , 4 , 7 6 0 t o n s , J u l y 2 2 , a n d t h o B o h e m i a o f 8 4 1 t o n s J u l y 3 0 .
I n t h o c a s e o f t h o v e s s e ls a l r e a d y r e fe r r e d t o a s h a v i n g b e e n a s s ig n e d
t o t h o v a r i o u s G o v e r n m e n t s , t h e r e p a ir s w e r o In t h e m a i n c o m p l e t e d a h e a d
o f t h e e s t im a t e d t i m e , a n d i t is f a ir t o s u p p o s e t h a t t h o a b o v e e s t im a t e d
s c h e d u l e w ill b o c o m p l i e d w it h a n d in s o m e in s t a n c e s g o t t e n a h e a d o f .

In a statem en t issued on Juno 4 S ecretary o f the N a v v
D an iels an n ou n ced th at tho nam es o f the seized G erm an
ships th at h ave la tely been assigned to the n a v y h ave been
cha nged as follow s:
G o ic r t o S c h u r z .
B r e s la u t o B r i d g e p o r t .
K ie l t o C a m d e n .
L e ib e n fo ls t o H o u s t o n .
S a x o n ia t o S a v a n n a h .
V o g e n s e n t o Q u in c y .
N ic a r i a t o P e n s a c o l a .

lO d e n w a ld t o N e w p o r t N e w s .
|H o h o n f e ld e t o L o n g B e a c h .
I F r ie d a L e o n h a r d t t o A s t o r i a .
|A n d r o m e d a t o B a t h .
|R u d o l f B l u m b e r g t o B e a u f o r t .
|P r a e s id e n t t o K i t t e r y .
IL o c k s u n t o G u lfp o r t .

In explainin g w h y the nam es given to the ships w ere chosen
tho S ecreta ry ’ s statem en t con tin u ed :
T h o G e ie r , t h o G e r m a n g u n b o a t w h ic h w a s i n t e r n e d a t H o n o lu lu a n d
t a k e n o v e r b y t h e U n it e d S t a t e s a f t e r t h o d e c l a r a t io n o f w a r , is r e n a m e d f o r
C a r l S c h u r z , t h e f a m o u s G e r m a n -A m e r i c a n s o l d ie r a n d s t a t e s m a n .
A
n a t i v o o f P r u s s ia , S c h u r z w a s o n e o f t h o h e r o e s o f t h e I ll - fa t e d r e v o l u t i o n in
1 8 4 8 , a n d a f t e r t h a t l ii s t o r i c u p r is in g a g a in s t P r u s s ia n a u t o c r a c y f o u n d a
h a v e n in A m e r i c a .
H o w as o n o o f L in c o ln ’s stro n g e st s u p p o r te r s a n d
s e r v e d In t h e U n it e d S t a t e s A r m y t h r o u g h t h e C i v i l W a r , h o l d i n g t h o r a n k
o f m a jo r -g e n e r a l.
L a t e r h e w a s U n it o d S t a t e s S e n a t o r f r o m M is s o u r i a n d
w a s S e c r e t a r y o f t h o I n t e r io r i n P r e s id e n t H a y e s ’s C a b i n e t .
T h o fo e o f
o p p r e s s i o n a n d t h e l if e l o n g a d v o c a t e o f p o p u la r g o v e r n m e n t , h e r e p r e s e n t e d
t h e h ig h e s t t y p e o f c it i z e n s h i p .
T h e n a m e s c h o s e n f o r t h o o t h e r v e s s e ls a r e g e n e r a lly o f c o a s t t o w n s a n d
c it i e s w h ic h h a v e s o m o c o n n e c t i o n w it h t h o n a v y .

T h e dim ensions o f the vessels w ere given b y the S ecretary
as follow s:
H o h o n f e ld e , f o r m e r l y a t S a v a n n a h n o w a t C h a r le s t o n , 2 , 9 7 4 g r o s s , 1 ,8 8 7
n e t t o n n a g e , 3 1 8 f e e t l o n g ; o w n e d b y F u h r m a n , N is s l e & G u n t h e r .
F r ie d a
L e o n h a r d t , a t J a c k s o n v il l e , 2 ,7 8 9 g r o s s a n d 1 ,7 3 1 n e t t o n n a g e , 3 2 0 f e e t
lo n g ; o w n e d b y L e o n h a r d t & B lu m b e r g .
R u d o lf B lu m b e r g , a t P e n s a co la ,
1 ,7 6 7 g r o s s , 1 ,0 7 7 n e t t o n n a g e , 2 7 6 f e e t l o n g ; o w n e d b y L e o n h a r d t &
B lu m b e r g .
V o g o s e n , a t P e n s a c o l a , 3 , 7 1 6 g r o s s , 2 ,3 5 7 n e t t o n n a g e , 3 4 9
fe e t lo n g ; o w n e d b y I I . V o g e m a n n .
A n d r o m e d a , a t N e w O r le a n s , 2 , 5 5 4
g r o s s , 1 ,5 4 6 n e t t o n n a g e , 3 2 9 f e e t l o n g .
B r e s la u , a t N e w O r le a n s , 7 , 5 2 4
g r o s s , 4 ,8 0 8 n e t t o n n a g e , 4 2 9 f e e t l o n g ; o w n e d b y N o r t h G e r m a n L l o y d .
S a x o n ia , a t W i n s lo w , W a s h . , 4 , 4 2 1 g r o s s , 3 ,7 8 2 n e t t o n n a g e , 4 0 0 f e e t l o n g ;
o w n e d b y H a m b u r g A m e rica n L in o .
O d o n w a ld , s e iz e d a t S a n J u a n , P . R . ,
3 ,5 3 7 g r o s s , 2 ,0 9 8 n e t to n n a g e , 3 2 6 fe e t lo n g ; o w n e d b y H a m b u r g A m e r ic a n
L in o .
L o c k s u n , f o r m e r l y t e n d e r t o t h o G e r m a n g u n b o a t G e ie r , in t e r n e d
a t H o n o lu lu , 1 ,6 5 7 g r o s s , 1 ,0 2 0 n e t t o n n a g e , 2 5 4 f e e t l o n g ; o w n e d b y H a m 
b u rg A m e rica n L in e .
P r a e s id e n t , f o r m e r t e n d e r t o t h e O d e n w a ld , t a k e n
o v e r a t S an J u a n , P o r to R ic o ; a b o u t 9 0 0 to n s .
K io l , t a k e n o v e r a t S o u t h 
p o r t , N . C . , n o w a t C h a r le s t o n , 4 , 4 9 4 g r o s s , 2 ,8 7 2 n e t t o n n a g e , 3 8 8 f e e t
lo n g ; o w n e d b y A lo u s b u rg e r S h ip p in g C o .
N ic a r i a . t a k e n o v e r a t S o u t h 
p o r t , N . C . , n o w a t C h a r le s t o n , 3 , 9 7 4 g r o s s , 2 , 2 9 8 n e t t o n n a g e , 3 3 9 f e e t
lo n g ; o w n e d b y H a m b u r g A m e rica n L in o .

U. S. PROPOSAL TO BERLIN ON PAYMENT OF PRIS
ONERS OF WAR—DETENTION OF AMERICAN
SAILORS IN GERMANY.
W ith a v iew to p reven tin g unnecessary hardships on its
officers w h o m a y be taken prisoners, the U n ited States on
June 13 p rop osed to G erm a n y, through the Spanish G ov e rn 
m en t, th a t each co u n try agreo to gra n t to m ilita ry an d n aval
officers o f tho oth er cou n try w ho m a y be ca p tu red in the w ar
tho sam e rate o f p a y as officers o f corresp on d in g ran k in tho
cap tu rin g forces receiv e. T h e secon d H agu e c o n v e n tio n
p rov id es, it is said, th at “ officers taken prisoners shad re
ceive tho sam e rate o f p a y as officers o f corresp on d in g rank
o f tho co u n try w here th ey aro detain ed, th e a m ou n t to be
u ltim ately refu n d ed b y their ow n g o v e rn m e n t.” B o t h the
U n ited States an d G erm a n y are signatories o f this a rticle,
b u t it is stated th a t there is g ra ve qu estion w hether a n y o f
the H ague agreem ents aro still in fo r ce . T h e G erm an

2524

sailors ta k en fr o m th e in terned G erm an w ar vessels in this
co u n tr y are to b e p a id a t th e rate o f A m erica n seam en , in
a cco rd a n ce w ith th e original pla n an n ou n ced b y the N a v y
D e p a rtm e n t. T h e b ig d ifferen ce in th e p a y o f A m erica n
an d G erm an office rs w ill p r o b a b ly b e a m a tter o f a d ju stm en t,
becau se if G erm an officers ca p tu red b y this c o u n try are
p a id o n th e A m e rica n scale, G erm a n y w o u ld h a v e to refu n d
m u ch m ore th an it p a ys th em a t h om e.
D isp a tch es fr o m W a sh in g ton on Ju n e 11 sta ted th a t G er
m a n y has n o tifie d th e U n ited States G ov ern m en t th a t she
rega rds th e se v e n ty -fo u r A m ericn m erch a n t sailors b rou gh t
in b y th e raider M o e w e (reference to w h ich w as m a d e in
these colu m n s o n A p ril 14) as prisoners o f w a r, an d th a t th ey
w ill b e trea ted as su ch . T h e W a sh in g ton au th orities, to
assure th e A m e rica n sailors p rop er care in th e prison ca m p ,
has arran ged to su p p ly th em w ith a d d ition a l fo o d an d oth er
necessities th rou gh S w itzerlan d.
T h e S ta te D e p a rtm e n t a t W a sh in g ton o n M a y 22 an 
n o u n ce d th a t S e creta ry o f S tate L an sing h a d addressed a
p ro te s t to th e B erlin G o v ern m en t, th rou gh th e Spanish
G o v e rn m e n t, w h ich is h an dlin g A m erica n interests in G er
m a n y , against th e fu rth er d eten tion o f th e A m erica n s. Sec
re ta ry L an sing in his com m u n ica tion also dem an d ed o f the
B erlin au th orities a fu ll an d defin ite statem en t as to w hether
th e presen t p o lic y o f h old in g A m erica n s v irtu a lly as h ostages
is to con tin u e .
A d isp a tch fro m B erlin , v ia L o n d o n , on M a y 24 stated th at
th e G erm an F oreign O ffice h ad em p h a tica lly den ied asser
tion s th a t G erm an y is in ten tion a lly h old in g A m erica ns
desirous o f lea vin g th e co u n try . T h eir d epa rtu re, it w as
explain ed, w as d ela yed solely b y o fficia l rou tin e w h ich , in
v ie w o f existing circu m stan ces, w as n atu rally slow o f m o tio n ,
even su b je cts o f neutral coun tries as w ell as G erm ans desiring
to cross th e fro n tie r, it w as sta ted , being w ith ou t ex cep tion
called o n to secure perm ission from th e p olice an d m ilita ry
au th orities. A disp a tch fro m G en ev a , S w itzerlan d, on
M a y 2 6 , stated th a t th e A ssocia ted Press h a d been in form ed
th a t th e G e n e v a R e d C ross h ad receiv ed u p to th a t tim e th e
nam es o f n in ety-seven A m erica n prisoners in G erm a n y, an d
th a t th e list h a d been forw a rd ed to W a sh in g ton . T h e
m a jo rity o f th e A m erica n prison ers, it w as said, are sailors
fro m ca p tu re d ships w h o w ere taken b efore th e d eclaration
o f w ar b etw een th e U n ited States an d G erm an y a n d , there
fo re , it is cla im e d , sh ou ld , a ccord in g to in ternation al la w ,
b e released. T h e S tate D ep a rtm en t in a n n ou n cin g th a t a
p ro te st h a d been m a d e to G erm a n y regarding th e deten tion
o f A m erica n s d irected a tten tion to th e fa c t th a t n o obsta cle
has been p la ce d in the w a y o f G erm ans w ishing to leave this
c o u n tr y . A t th e v e ry begin n in g o f th e w ar th e P residen t
an n ou n ced th a t all G erm an righ ts w ou ld b e resp ected b y the
U n ite d S tates.

SECRETARY
G ERM AN Y

[Vol. l(Mi

THE CHRONICLE

:

L A N S IN G

“W

A T

P R IN C E T O N

CALLS

I L D B E A S T O F C E N T R A L E U R O P E .”

T h e com m e n ce m e n t exercises o f P rin ceton U n iv ersity on
S a tu rd ay la st, June 16, w ere m arked b y th e conferring o f
degrees u p o n th e e n v o y s o f the A llies. T h ose thus h on ored
w ere the B elgia n M in ister, E m ile de C a rtier de M a rch ien n e;
th e F ren ch A m b a ssa d or, Jules Jusserand; th e Ita lia n A m 
b a ssa d or, V isco u n t V in cen zo M a c c h i di C ellere; the Japanese
A m b a ssa d or, A im a ro S a to; th e B ritish A m b a ssa d or, Sir
C e cil A rth u r S p rin g -R ice , an d th e P ortu g a l M in ister, V is
co u n t de A lte . S ecretary o f State R o b e r t L ansing an d H er
b e rt C . H o o v e r also receiv ed degrees; S ecretary L ansing in
addressing th e students on the w a r, declared th a t “ w e h a v e
taken u p the sw ord an d w ith G o d ’ s h elp w e w ill n o t la y it
d o w n u n til P russian d espotism has y ield ed to th e U n ited
d em ocracies o f th e w orld , an d lib e rty , the lib erty o f E u rop e,
the lib e rty o f A m e rica , th e lib erty o f A sia , is m a de sure fo r
all tim e .”
In on e pa rt o f his address S ecretary L ansing re
ferrin g to th e m ilita ry despotism o f G erm a n y d escribed it
as “ the W ild B e a st o f C en tral E u r o p e .”
T h e “ T rib u n e ”
o f th e 17th q u o te d his rem arks as follow s:
T h i s Is a n o c c a s i o n w h i c h w il l b e m e m o r a b l e t o a ll o f u s w h o h a v e t o - d a y
b e e n h o n o r e d b y t h is g r e a t u n iv e r s it y , n o t o n ly o n a c c o u n t o f th e h o n o r s
c o n f e r r e d u p o n u s , b u t b e c a u s e t h e s e c e r e m o n ie s e x p r e s s a n I d e a , a s e n t i 
m e n t , w h i c h Is in h a r m o n y w i t h t h e s p i r i t o f t h e t im e .
A t t h o b e h e s t o f t h e a u t h o r i t ie s o f t h e u n i v e r s i t y t h e r e a r o g a t h e r e d h e r o
t h e d i p l o m a t i c r e p r e s e n t a t iv e s o f t h e n a t i o n s w h i c h a r o b a n d e d t o g e t h e r
a g a i n s t t h e a u t o c r a t i c g o v e r n m e n t w h o s e i n s a t ia b le a m b i t i o n h a s p l u n g e d
th is w o r ld in t o a n u n u tte r a b le h o r r o r o f d e a th a n d d e s o la t io n .
H e r e is
v i s i b l y r e p r e s e n t e d t h e u n i t y o f p u r p o s e , t h o u n i t y o f e n d e a v o r , w h ic h
m u s t a n d w il l c a r r y t h i s w a r t o a s u c c e s s fu l c o n c l u s i o n .
T h i s w a r , in w h i c h w o a r o e n g a g e d . Is a w a r f o r d e m o c r a c y .
I t is a w a r
o f f r e e , s e l f - g o v e r n i n g p e o p l e s a g a i n s t t h o d e s p o t i c r u le r s o f G e r m a n y , w h o
w o u l d e n s l a v e t h e w o r l d a s t h e y h a v e e n s l a v e d t h e i r o w n p e o p l e a n d t h e ir
u n f o r t u n a t e a l li e s .
T h e I m p e r i a l G e r m a n G o v e r n m e n t is p o s s e s s e d a n d
h a s lo n g b e e n p o s s e s s e d b y th e lu s t o f w o r ld d o m in io n .
I t is t h e o l d m a d 




n e s s f o r u n i v e r s a l e m p i r e w h i c h in p a s t a g e s m a d e o f t h e e a r t h a s h a m b l e s
a n d b r u t a l iz e d h u m a n i t y .
T o - d a y th o g r e a t d e m o c r a c ie s o f t h e w o r ld ,
h e r e r e p r e s e n t e d , s t a n d s h o u l d e r t o s h o u l d e r In d e f e n s o o f h u m a n l i b e r t y .
T h o U n i t e d S t a t e s , i ik o a ll n a t i o n s i n w h i c h t h e w il l o f t h e p e o p l o is t h e
s o v e r e ig n w i l l , w a s s l o w t o a c t .
T h e A m e r ic a n p e o p le a b h o r w a r fo r w a r ’s
sake.
T h e y w e r e r e lu c t a n t t o e n t e r t h i s g r e a t w a r , a s t h e y h o p e d , a n d
m a n y f o r a t i m e b e l i e v e d , t h a t t h e G e r m a n G o v e r n m e n t w o u l d r e a l iz e t h a t
t h o w o r l d w o u l d n e v e r a g a in s u b m i t t o a m i l i t a r y d e s p o t i s m .
T h e h op e w as
v a in .
W e s a w t h e W i l d B e a s t o f C e n t r a l E u r o p e t e a r In p i e c e s p e a c e f u l
B e lg iu m .
W e s a w t h o a s s a s s in s o f t h e s e a a n d o f t h e a i r r e j o i c e o v e r t h e
w a n to n s la u g h te r o f d e fe n s e le ss w o m e n a n d c h ild r e n .
W e h a v e c a s t o u r l o t w it h t h e b r a v e n a tio n s w h ic h a r e fig h tin g fo r
dem ocracy.
W e h a v e t a k e n u p t h e s w o r d a n d w it h G o d ’ s h e l p w e w i l l n o t
l a y i t d o w n u n t i l P r u s s ia n d e s p o t i s m h a s y i e l d e d t o t h e u n i t e d d e m o c r a c i e s
o f th o w o r ld , a n d lib e r t y , th e lib e r t y o f E u r o p e , t h e lib e r t y o f A m e r ic a ,
t h e l i b e r t y o f A s i a , is m a d e s u r e f o r a l l t i m e .
N o s e r v i c e is t o o a r d u o u s ,
n o s a c r ific e t o o g r e a t , t o a c c o m p lis h th is g r e a t p u r p o s o .
O ne h un dred and
fo r t y y e a r s a g o A m e r ic a n fre e d o m w a s th e s ta k o .
T o - d a y t h e s t a k e Is t h e
fre e d o m o f th e w o r ld .
A s w e w o n t h e n , s o w il l w e w in n o w .
It can n ot
b e o t h e r w i s e , f o r t h e p e o p l e s w h o l o v e l i b e r t y h a v e d e t e r m in e d t h a t in t h e
y e a r s t o c o m e j u s t i c e a n d r ig h t e o u s n e s s s h a ll b e s u p r e m e In t h e e a r t h .

THE

S IN K IN G

OF

THE

P E T R O L ITE .

C on su la r dispatch es to th e S tate D ep a rtm en t a t W a sh in g
to n on Ju n e 12 rep orted the sinking b y a G orm an su bm arin e,
som ew here in the w ar zon e, o f th e Stan dard Oil C o . tanker
P e trolite. A ccord in g to the rep orts, on e b o a t w ith eighteen
m en , the th ird m a te an d ch ief engineer, w ere la n d ed , an d tw o
b oa ts w ith an u nstated n um ber o f m en w ere m issing. T h e
tim e a n d pla ce o f the a tta ck w ere n o t g iven in th o dispatch es.
T h e P e trolite, a vessel o f 3 ,7 10 ton s, ow n ed b y tho Stan dard
Oil C o . o f N e w Y o r k , left N e w Y o r k o n A p ril 30 fo r S a von a
an d L eg h orn , Ita ly . She w as com m a n d ed b y C a pta in
T h om a s H . M c K o llu m , an d carried a crew o f th irty -eig h t,
o f w h om 13 w ere A m erica n s. T h o ship w as arm ed an d carried
a gunners’ crew . A t the o ffice o f the S tan dard O il C o . in
this c ity on June 12 it w as stated th a t th e vessol h ad passed
G ibraltar on June 11 on her v o y a g e b a ck to N e w Y o r k .
A cco rd in g to th e “ Jou rnal o f C om m e rce ” th e vessel carried
w ar risk insurance w ritten b y th e G overn m en t B u reau o f
$475,000 u p on the hull o f the tanker fo r the rou n d tr ip . T h e
B u reau h ad also w ritten $353,000 on th e freigh t an d cargo
fo r the trip to Ita ly , b u t this insurance expired b efore the
tanker started u p on her return v o y a g e . T h e P etrolite w as
a th ree-m asted single screw steam sh ip, an d w as b u ilt in 1894
as th e E x celsior. She w as transferred to A m erica n registry
early in th e w ar a n d her n am e w as ch a n ged to P e tro lite .
She carried oil in b u lk . She w as 339 feet 2 inches in len gth ,
h ad a b ea m o f 45 fe e t 7 in ch es, an d a 29 feet 5 inches dep th
o f h o ld .
T h e P etrolite first figu red in th e new s tw o years a g o . In
D e c . 1915 she w as a tta ck ed b y an A u strian subm arine w hile
on a v o y a g e from A lexa n dria , E g y p t, to N e w Y o r k . T h e
tanker w as in ba llast a t th e tim e an d under com m a n d o f
C a p ta in T h o m p s o n , w h o sto p p e d his ship a fter the sub
m arine h a d fired u p on her an d w ou n d ed on e m a n in her
engine r o o m . T h e su bm arine com m a n d er asked fo r fo o d
an d u p on being refused sent a boa rd in g p a rty on the A m eri
can ship an d rem ov ed on e m em ber o f her crew , w h o w as held
as a h osta ge w hile th e A ustrians to o k th e fo o d th ey requ ired
from th e P etrolite’ s stores. T h e in cid en t w as tho s u b je ct o f
a series o f n otes betw een the U n ited States an d th e A u strian
G overn m en t.
CHARGES

OF

P IT A L

______ _______ ______________
U N S A N IT A R Y
SH IP

SOLACE

C O N D IT IO N S

ON

HOS

U N W AR RAN TED .

In respon se to a “ rou n d r o b in ” signed b y th irty sailors
a b oa rd tho n a v y h osp ital ship S ola ce, chargin g u nsanitary
con d ition s an d m istreatm en t b y m ed ica l o fficers , an in vesti
gation b y a com m ittee o f civilians w as ordered b y Secretary
of tho N a v y D an iels o n M a y 3 0 . T h e charges w ore read in
the Senate b y Sen ator C a lder on M a y 29 an d the “ rou n d
robin ” ordered referred to the C om m ittee o n N a v a l A ffa irs .
On Ju n e 6 th e com m ittee o f civilia n experts w hich w as called
u pon to in vestigate tho charges filed a unanim ou s rep ort
asserting th a t tho p rotest o f th e sailors “ rests on gossip and
h ea rsa y.”
A fte r in terview ing m ore th an on e h un dred m en
w ho w ere a b oa rd the ship du ring th e period c o v e re d b y the
com p la in t, th e com m ission , com p os ed o f D r . W illia m H .
W elch , o f Joh n H op k in s U n iv ers ity , an d D r . A b ra h a m
F lexner an d N a th a n Straus, o f N e w Y o r k , rep orted :
T h o g e n e r a l t e s t i m o n y is t o t h o e f f e c t t h a t t h e y r c c o i v e d w h a t t h o y
w a n ted
needed an d asked fo r.
T h e r o w a s , in o u r j u d g m e n t , n o l a c k
o f k in d n e s s a n d I n t e llig e n t c a r o o n t h e p a r t o f D r . B l a c k w o o d ( c o m m a n d i n g
t h e S o l a c e ) a n d h is a s s is t a n t s .
T h o y w o ro d e a lin g t h r o u g h o u t th o m o n t h
o f M a y w it h a n u n p r e c e d e n t e d e m e r g e n c y , a n d in h a n d li n g i t t h e y a c q u i t t e d
t h e m s e lv e s

a d m ir a b ly .

.

.

.

T h e rep ort asserted th a t th e m ed ica l person nel in charge
o f the fle e t’ s n aval h ospitals “ aro all en titled to the highest
praise fo r th eir d e v o te d and u ntirin g efforts an d fo r the su c
cess w h ich th ey ach ieved u nder extrem ely d ifficu lt con d i

J une 23 1917.]

THE CHRONICLE

tio n s .”
T h e com m issioners rep orted th at patients an d co n 
valescen ts o n the Solace an d h ospitals w ere qu estion ed in
the absen ce o f office rs, an d th a t the w itnesses sp oko w ith ou t
reserve an d w ith “ n o ev id en ce w h a tev er o f fear or restra in t.”
I t w as learned th a t during M a y the fleet w as receivin g now
m en a t the rate o f 700 a d a y , w ith m easles, m u m p s, scarlet
fe v er an d cereb ro m on in gitis unusually prevalen t in c o m 
m un ities fro m w h ich the recruits were draw n . A s a result
the S olace, w ith a n orm al ca p a city fo r 30 in fectiou s cases,
at on e tim e w as fo rce d to care fo r 101. C harges th at p rop er
p reca ution s w ore n o t taken to preven t the spread o f diseaso,
the rep o rt declares, are unansw erably den ied b y the fa c t
th a t there w as v irtu a lly no cross-in fection either on the ship
o r a t th e shore h ospitals. T h e sp ecific charge th a t fev or
patien ts w ere co m p elled to ca rry their ow n b a ggage on
b oa rd in g th e ship are dism issed as “ a b solu tely u n tru e .”
C harges th a t the su pply o f drin king w ater w as in adeq ua te
are stated to bo grossly exaggerated and the allega tion th at
germ -laden dishes from the con ta g iou s w ards w ore n ot
p ro m p tly disin fected is described as “ im possible an d a b so
lu te ly a b su rd .”
T h e m oth od o f serving fo o d is declared to
h ave been the o n ly p ra ctica l on e, “ a n d , in deed, en tirely
c o r r e c t .”
T h e au th or o f the com p la in t w as tho o n ly m a n
fo u n d w h o said he h ad la ck ed fo r fo o d , his n eigh b or in tho
w ard declaring the com p la in a n t h ad been served “ regu larly
an d a b u n d a n tly .”
N o t a single w itness, it is said, su bstan 
tiated tho charge th at blan kets from tho isolation w ards w ero
h eaped in one pilo du rin g the d a y and in discrim in a tely dis
trib u ted at n igh t. T h o “ rou n d r o b in ,” tho rep ort declares,
“ w as co m p o s e d b y on e person w h o w o v e in to it com p la in ts
fro m variou s sou rces. T h e signors ev id en tly d id n ot m oan
in d iv id u a lly to endorse or stand for tho w hole o f it. I t is
clear to us that m o st of it rests on gossip and h e a rsa y .”
In m ak in g tho rop ort pu blic on Juno G S ecretary D an iels
issued a statem en t declaring th at “ n ot o n ly d o tho fin din gs
o f these three fam ou s health exports clear tho N a v y o f a
sham eful a tta ck , b u t they should carry a m essage o f reassur
an ce to tho parents o f the n a tio n .”
H o said tho charges,
“ first receivin g p u b licity through Sen a tor C a lder, an d then
given co u n try-w id o circu la tion , are show n to h a v e n o oth er
base than m alice and fa lse h o o d .”
S ecretary D an iels further
said:
T o o m u c h l m p o r t a n c o c a n n o t b o a t t a c h e d t o t h is u n h a p p y i n c i d o n t .
T h o r o is n o m o r o s k ilf u l a p p e a l t o t h o f e a r s a n d p r e j u d i c e s o f t h o p o p u l a t i o n
th a n a tta c k s u p o n th o a r m y a n d n a v y w it h r e g a rd t o h e a lth m e a su re s
s a n i t a t io n a n d t h o t r e a t m e n t o f t h o s i c k .
T h e r e s u lt i s t h o s a m o , w h e t h e r
r e c k le s s c h a r g e s b o I n s p ir e d b y s i n c e r i t y o r d i s l o y a l t y .
E n li s t m e n t is
d i s c o u r a g e d , p o p u la r c o n f i d e n c e is w e a k e n e d , a n d t h e v e r y f o u n d a t i o n s o f
t h o n a t i o n a l d o fe n s o a r o s a p p e d .
T h o d o c i s lv o m a n n e r in w h ic h t h e s o f ir s t a t t a c k s h a v o b e e n p r o v e d t o b e
w i t h o u t f o u n d a t i o n s h o u l d s e r v o a s a w a r n in g t o t h o p e o p l o a n d a d i s 
c o u r a g e m e n t t o f u t u r o r o c k lo s s n e s s .
T h o p o l i c y o f t h o N a v y is o n e o f
a b s o lu to o p o n n e ss.
W o h a v o n o th in g t o c o n c e a l.
A l l t h a t w e a s k is t h i s :
T h a t b o f o r o w id o p u b l i c i t y is g i v o n t o b r u t a l c h a r g e s s o m e s l ig h t a t t e m p t
b o m a d o t o a s c e r t a in t h e i r t r u t h .

2525

W ill y o u p le a s e a d v is e th is c o m p a n y im m e d ia t e ly i f y o u a p p r o v e o f a
s u b s ta n tia l a m o u n t b e in g d o n a te d d ir e c t ly b y t h e T r u s t C o . t o th e R e d
C r o s s W a r F u n d in t h o n a m e o f i t s s t o c k h o l d e r s ?

T h o E q u ita b le T ru st C o ., o f N e w Y o r k C ity , has issued a
v e ry com p lete an d com p reh en sive b o o k le t en titled “ F oreign
L oan s as In v e s tm e n ts .”
S everal pages o f th e b o o k le t are
d e v o te d to describin g the foreign loans p la ced in this c o u n tr y .
On pages 45 to 4 9 , in clu siv e, are ta bles g iv in g d a ta o f e ffe ct
o f w ar on g overn m en t securities; also ta bles sh ow in g w ea lth ,
in debtedn ess, & c ., o f th e U n ited S ta tes, G rea t B rita in an d
F ra n co.
T h o A stor T ru st o ffic e o f th e B a nkers T ru s t C o . has
been m o v e d to the h an dsom e n ew qu arters in the A s to r
T ru st B u ild in g a t th e sou th east corn er o f F ifth A v e n u e and
42d Street. I t op en ed last M o n d a y a t th e n ew loca tio n
w h ich has b een called “ the best b a n k in g corn er in A m e rica ,”
on a cco u n t o f its situ ation a t th e v e ry heart o f th e retail,
w holesale, th eatre an d h otel area o f th e u p to w n section an d
v e ry near th e G ra n d C en tral T erm in al. T h e new ba n k in g
ro o m is reached from the street level th rou gh a classic
granite p o rtico w ith bron ze d oors an d b y a sh ort flig h t o f
steps. T h o ba n k in g room has a m ezzanine floor exten din g
arou nd it, su p p orted b y m a rb le pillars w h ich form an a rca d e .
In tho b a sem ent are th e va u lts o f the A s tor Safe D e p o sit C o .,
togeth er w ith th e lock er room s an d a rch iv es. G lass an d
bron ze grilles form enclosures on either side o f the en tran ce,
on e a d irectors’ ro o m and the oth er a w om en ’s d ep a rtm e n t,
w ith separate teller’s w in d o w , w ritin g desks, & c. In the
cen tre o f the ro o m is the o fficers’ en closu re, su rrou nded on ly
b y a low m a rb le rail, thus en ablin g cu stom ers to com m u n ica te
readily w ith th o officers. T h e tellers’ cages an d various
depa rtm en ts serving the p u b lic are en closed b y b ron ze screens
w h ich p r o je c t sligh tly b e y o n d th e m a rb le piers o f th e a rca d e .
T h eso screens are d ecora ted w ith enlarged replicas o f G reek
an d A m erica n coin s . T h e m ezzan in e flo o r is o c cu p ie d b y th e
clerical fo rce , w h ich is in con sta n t tou ch w ith th e tellers’
cages an d the officers b y m eans o f the la test com m u n ica tin g
d evices. A p riv a te elev a tor en tered from b o th th e ba n k in g
ro o m an d the p u b lic hall o f th e bu ild in g g ives access to the
safe d ep os it d ep a rtm en t. Steel c o u p o n b o o th s an d a
secu rity cou n tin g -ro o m are p r o v id e d . T h e v a u lt con tain s
safe d ep osit b ox es o f v a ryin g sizes an d a secu rity v a u lt w ith
h ea v y safes fo r th e b a n k ’s ow n fu n d s an d record s. T h e
v a u lt is o f th e m os t a p p ro v e d ty p e .

A n cell H . B a ll o f the firm o f B est & C o . w as elected a
m em ber o f the b o a rd o f tho C olu m b ia T ru s t C o m p a n y o f
this c it y . M r . B all is on e o f the b es t k n ow n m erchants in
the F ifth A v en u e district an d his accession to th e b o a rd w ill
bo of m aterial ad va n ta g e to the ra p id ly grow in g business o f
the co m p a n y ’ s m id tow n o ffic e . T h e d irectors o f the T ru st
C o m p a n y h a v e declared the regular q u a rterly d iv id en d o f
BANKING AND FINANCIAL NEWS.
*
3 M % » p a y a b le June 30 to stock h old ers o f record Ju n e 22
Sales o f ba nk stock s at tho S to ck E xch a n ge this w eek
1917.
a m ou n t to on ly eleven shares. N o b a n k or trust co m p a n y
stock s w ore sold at a u ction .
T h o directors o f the C hase N a tion a l B a n k o f this c ity , in
Shares. B A N I C — New York.
Low, High. Close. Last previous sale.
fu rtheran ce o f their plans to organize a securities co m p a n y ,
11 N a t . B a n k o f C o m m e r c e ------- 1 7 2
172
172
J u n o 1917
171
to be kn ow n as the C hase Securities C orp ora tion (th e de
T h e H u dson T ru st C o . o f this c ity was n otified b y the tails fo r the orga n ization o f w h ich were g iv en in these co l
F ederal lie so rv e B a n k on Juno 19 th at its a p p lica tion to b e  um ns on M a rch 31) has p a id a d iv id en d o f 2 5 % ($ 2 ,5 00 ,0 00 )
to be used in purch asing the ca p ita l o f th o new orga n iza tion .
co m e a U n ited States d ep osita ry h ad been a p p ro v e d .
A circu lar sent to stock h olders o f th e C h ase N a tio n a l on
June 4 regarding this d iv id en d said:
•
In lieu o f a R e d C ross d iv id en d , th o C olu m b ia T ru st C o m 
New York, June 4 1 9 1 7 .
pa n y has m ado a co n trib u tion o f $50,000 to tho W a r R elief
Dear Sir: T h e s p e c i a l d i v i d e n d o f 2 5 % c o n t e m p l a t e d b y t h e a g r e e m e n t
F u n d o f tho A m erica n R e d C ross. T h o directors realized b e t w e e n t h o s t o c k h o l d e r s o f t h is b a n k p r o v i d i n g f o r t h e o r g a n i z a t io n o f
C h a s o S e c u r it ie s C o r p o r a t i o n h a s b e e n p a i d a n d , in a c c o r d a n c e w it h t h e
th a t tho declaration o f a d iv id en d for R e d C ross purposes
p r o v i s io n s o f s u c h a g r e e m e n t , y o u r p r o p o r t i o n o f t h e d i v i d e n d w a s p a id
w ou ld im poso tho necessity o f a largo p rop ortion o f tho sto ck  d i r e c t l y t o t h o C o m m i t t e e o f S t o c k h o l d e r s . T h i s d i v i d e n d w a s e x p r e s s ly
h olders p a yin g an ad d ition a l in com e ta x, an d th at this bu r d e c l a r e d a n d w a s p a i d o u t o f s u r p lu s e a r n in g s o r p r o f i t s o f t h o b a n k w h ic h
a c c r u e d p r i o r t o M a r c h 1 1 9 1 3 , a n d a p p r o p r i a t e e n t r ie s t o t h a t e f f e c t h a v e
den sh ou ld n ot bo im posed on their g en erosity.
T h o C en tral T ru st C o . o f this c ity has addressed a letter
to its stock h old ers asking th em to express their preforon co
as betw een a d irect con trib u tion to the R e d C ross or tho
decla ra tion o f a R e d C ross d iv id en d . T h o lotter, w h ich is
signed b y P residen t J . N . W a lla ce , p oin ts o u t th a t the socalled R o d C ross d iv id en d s m u st b o in cluded in in com o su b
je c t to th o in com o ta x, despite the fa c t o f its bein g m a do for
th o b en ofit o f tho R e d C ross. It says:
T h i s c o m p a n y fe e ls t h a t i t s h o u l d m a k o a c o n t r i b u t i o n t o t h o B e d C r o s s ,
b u t i t a l s o r e a liz e s t h a t i f i t is d o n e t h r o u g h t h o m e d i u m o f a d i v i d e n d
d e c l a r e d t o it s s t o c k h o l d e r s , i t w o u ld p e n a ll z o t h o s t o c k h o l d e r in t h o s u m
t h a t t h o I n c o m o t a x o n t h a t d i v i d e n d w o u ld a m o u n t t o , a n d w o d o n o t fe e l
t h a t o u r s t o c k h o l d e r s , i f t h e y w e r o d i s p o s e d t o in a k o t h o c o n t r i b u t i o n o f
t h o d i v i d e n d , s h o u l d h a v o t o p a y t h is p r e m iu m o n a c c o u n t o f t h e i r c h a r i t a b l o
in c lin a t io n .




b e e n m a d o o n t h e b o o k s o f t h e b a n k , f o r w h ic h r e a s o n , w o u n d e r s t a n d , t h a t
t h o d i v i d e n d is n o t t a x a b l e u n d e r t h e F e d e r a l I n c o m o T a x L a w , a n d n e e d
n o t b o in c lu d e d In y o u r n e x t r e t u r n .
W o a r o s e n d i n g y o u t h is n o t i c e b e c a u s e o f a r u l in g o f t h o C o m m i s s io n e r
o f I n t e r n a l R o v e n u o t o t h e e f f e c t t h a t a s t o c k h o l d e r o f a c o r p o r a t i o n , w h ic h
n o w d e c la r e s a n d p a y s a d i v i d e n d f r o m s u r p lu s e a r n e d p r i o r t o M a r c h 1
1 9 1 3 , m a y o n l y o m i t t h e a m o u n t t h e r e o f f r o m h is i n c o m e t a x r e t u r n , i f
h o r e c e iv e s f r o m t h e c o r p o r a t i o n p a y i n g t h e d i v i d e n d a s t a t e m e n t t h a t
t h o s a m e “ w a s d e c l a r e d a n d p a i d o u t o f s u r p lu s a n d u n d i v i d e d p r o f i t s a c 
c u m u la te d p r io r t o M a r c h 1 1 9 1 3 , a n d t h a t th o b o o k s o f th e c o r p o r a t io n
r e fl e c t s u c h a n a m o u n t . ”
B y o rd er o f th e b o a rd ,
A.
C . A N D R E W S , Cashier.

S tock h old ers o f the L ib erty N a tion a l B a n k , o f this c ity ,
aro to m eet on Ju ly 26 for the pu rpose o f v o tin g u p on a p ro p 
osition to increase the ca p ita l o f the in stitu tion from $ 1 ,0 0 0 ,
000 to $3 ,0 0 0 ,0 0 0 . T h e d irectors o f the b a n k , as stated in
these colu m n s on June 9 , at a m eetin g o n June 7 v o te d to

THE CHRONICLE

2526

a p p ly to the C o m p troller o f the C u rren cy for perm ission to
reco m m e n d th c~ p rop osetC in crea se in ca p ita l to th e sto ck iioiders.
1t: F
L 'C 5v 7 '- :
,
■ ; j
L J. j~ i
t'J
^ S S L L '

•

* !

'

f

—

—

-

£ '

r-

.

-

■

p Joh n H en ry H a m m o n d , o f the firm o f B r o w n 'B r o s . &
C o ., an d O gden L . M ills , o f S tetson , Jennings & R u ssell,
h a v e been elected trustees o f the N e w Y o r k T ru st C o m p a n y ,
o f this c it y , to fill v a ca n cies.
T h e C orn E xch a n ge B a n k o f this c ity has d ecid ed to open
a new b ra n ch at 52d S treet an d P a rk A v e n u e . It w ill b o the
th irty -n in th b ra n ch T of the b a n k , and w ill o c c u p y offices
in th e new R a cq u e t C lu b B u ild in g , n ow in course o f co n 
stru ctio n .
T h o H a rtfo rd -A e tn a N a tio n a l B a n k o f H a rtfo rd , C o n n .,
ce le b ra te d its on e h u n d red an d tw e n ty -fifth an n iversa ry on
F la g D a y Juno 14. T h e H a rtfo rd B a n k , fro m w h ich the
presen t in stitu tion d e v e lo p e d , w as orga n ized on Juno 14
1792. W ith rega rd to its orga n ization tho b a n k says:
F i f t e e n y e a r s t o t h o c la y p r e v i o u s t o t h o e s t a b l is h i n g o f t h o H a r t f o r d
B a n k , C o n g r e s s o n t h o r e c o m m e n d a t io n o f G e o r g e W a s h in g t o n , lt o b e r t
M o r r is a n d C o lo n e l R o s s , t h o C o m m it t e e a p p o in t e d b y C o n g r e s s t o d e s ig 
n a t e a s u ita b le F la g fo r th o n a t io n , m e t a n d r e c o m m e n d e d t h a t a F la g t o b e
k n o w n a s th e N a t io n a l E m b le m , c o m p r is e th irte e n s t r ip e s , a lte rn a te re d a n d
w h i t e , t h a t t h o U n io n b o t h i r t e e n s t a r s , w h i t e in a b l u o f i e l d , r e p r e s e n t in g
a n o w c o n s t e l l a t i o n , b o a d o p t e d a s t h e F la g o f t h e t h i r t e o n U n i t e d S t a t e s ,
w h ic h r e c o m m e n d a t io n w a s a p p r o v e d .

T h e b a n k , w h ich is less than a qu arter o f a cen tu ry y ou n ger
th an tho n a tio n , o p en ed its doors to tho p u b lic on A u g . 8
1792, w ith a ca p ita l o f 81 00 ,0 00 . I t is the old est b a n k in
C o n n e cticu t an d the fou rth oldest in the U n ited States. On
Ju n e 13 1805 th o stock h old ers o f the H a rtford B a n k v o te d
to ch a n ge from tho S tate to the n a tion a l sy stem , its nam e
b e co m in g th o H a rtford N a tio n a l B a n k and its ca p ita l then
a m ou n tin g to 8 1 ,1 3 2 ,8 0 0 . On A p ril 11 1910 th e H a rtford
N a tio n a l liq u id a ted and to o k o v e r tho F a rm ers’ & M e ch a n ic s ’
N a tio n a l B a n k o f H a rtfo rd . D ep osits a t th a t tim e w ere
8 3 ,3 3 7 ,2 9 2 . In 1915 a m erger o f the A etn a N a tion a l
(established in 1857) w ith the H a rtfo rd N a tio n a l w as effe cte d ,
th e nam e h a v in g then been ch a n ged to the H a rtfo rd -A e tn a
N a tio n a l B a n k . T h e ca p ita l o f the in stitu tion is n ow 8 2 ,
0 0 0 ,0 0 0 , an d the d ep osits on Ju n e 14 1917 w ere 8 1 4 ,62 4,40 6.
T h e office rs are: C . E . C h ase, C h airm an o f tho B oa rd ;
A . Spencer, J r ., P residen t; F . P . F u rlon g and I I . T . H o lt ,
V ice-P resid en ts; A . G . B ra in erd , C ashier; W . S. A n drew s
D . W . H u b b a rd an d E . M . C ra m p to n , A ssistant C ashiers.
H u gh L . P o p o has been elected T reasu rer o f tho E q u ita b le
T ru st C o m p a n y o f B a ltim ore, M d ., to su cceed E . H . W o rth 
in gto n , w h o rece n tly resigned to enter the ba n k in g firm of
W . W . L an ahan & C o ., o f B a ltim ore. M r . P o p e , the now
T reasu rer, is also S ecretary o f tho in stitu tion . H e has been
co n n e cte d w ith the E q u ita b le T ru st C o . since 1914, w hen
tho M u n se y T ru st C o . a b sorb ed tho E q u ita b le M o rtg a g o &
T ru st C o ., an d the present E q u ita b le T ru st w as form ed .
M r . P o p o had b een an officer o f tho E q u ita b lo M ortg a g o
& T ru st C o ., and fo r som e tim e previous was affiliated with
tho b a nk ing h ouse o f Joh n S. G ittin gs & C o . o f B a ltim ore,
retired.
T h o U n ion T ru st C o . o f P ittsb u rgh plans to erect a new
fiv e story ba n k in g b u ild in g, solely for its ow n use. Tt is
leai*ned fro m H . C . M cE ld o w n e y , P residen t o f tho institu
tion , th at con stru ction is n ot lik ely to begin b efore next
M a y . T h e bu ildin g will c o v e r a p p rox im a tely 17,000 square
fe e t w ith a fron ta g e o f 140 feet on D ia m on d Street and 120
fe o t o n W o o d Street. I t will b o 100 feet high and w ill h a v e
the ap pearan ce o f a tw o story bu ildin g.
T h e F arm ers & M erch a n ts B a n k C o . o f T o le d o an n oun ces
th at a m eetin g o f tho stock h old ers w ill be held on Ju ly 20
fo r the pu rp oso o f considering the qu estion o f increasing the
ca p ita l from $25,000 to $5 0 ,0 0 0 , or such oth er a m ou n t as
m a y bo d e cid e d .
T h e G ua rdian Savings & T ru st C o . o f C levela n d , has m ade
a p p lica tion fo r m em bersh ip in tho F ederal R eserve system .
T h e in stitu tion , w h ich w ill bo the secon d State ba nk in
C levela n d an d th e third in the C levela n d R eserve D istrict
to b e co m e a m em b er o f the sy stem , w ill, it is sta ted , p a y in
a p p rox im a tely $ 3 ,000 ,0 00 g old reserve at the start and w ill
increase the g o ld reserve o f th o C levela n d region al bank to
a b o u t $ 5 9,00 0,00 0. A ctio n tow ard increasing tho cap ital
o f the G ua rdian from $2 ,0 0 0 ,0 0 0 to $ 3 ,000 ,0 00 w as taken
soveral ’ m onths a go. ' II. P . M cIn to s h is P residen t o f tho
in stitu tion .




f' O . 104.
L

A new ba n k in g in stitu tion , tho State B a n k o f B o w lin g
G reen , O h io, has recen tly b een organized an d w as op en ed
fo r business on June 20. T h e new in stitu tion , w h ich w as
form ed as a result o f the failure last D ecem b er o f th e F irst
N a tion a l B a n k , has a capital o f $50,00 0. L ieu t. G o v . E a rl
D . B lo o m w ill be its P residen t; F red . W . U h lm a n , first V ice 
P residen t; P h ilo S. H a n k ey, secon d V ice-P resid en t; H en ry J .
R u d o lp h , C ashier, and F ran k F . B la ck , A ssistant C ash ier.
T h o d irectors are E . D . B lo o m , F ran k B ra n d on b erry , F . W .
U h lm a n , Joh n C . W h ite , H . J . R u d o lp h , P h ilo S. H a n k e y ,
D r. C . C . Shrader, B . F . Jam es, F ran k J . R u ssell, Sim on M .
G eorge and E . A . F oster.
Joh n A . L y n c h , P resid en t o f the N a tion a l B a n k o f the
R e p u b lic o f C h ica g o , 111., has been chosen P residen t o f the
C h ica g o Clearing H ou se A ssocia tion to fill the v a ca n cy
cau sed b y the resignation o f C harles G . D a w es, P resid en t
o f tho C en tral T ru st C o m p a n y o f Illin ois, w h o , as stated
in ou r issue o f June 9, has v olu n teered for m ilita ry service,
and has since beon com m ission ed a L ieu ten an t C olon el o f th e
Seven th R eg im en t o f tho U . S. R oserv o E n gineer C o rp s, n ow
recru itin g for service in F ra n ce. M r . L y n c h , tho new
P residen t o f the C learing H ou se A s socia tion , form erly held
tho o ffic e o f V ice-P resid en t. S olom on A . S m ith , P residen t
o f the N orth ern T ru st C o m p a n y o f C h ica g o, has been elected
V ice-P resid en t o f the a ssocia tion , to su cceed M r . L y n ch .
T h o directors o f tho K e n w o o d T ru st & Savings B a n k o f
C h ica g o h ave declared an extra d iv id en d o f 2 % alon g w ith
the regular qu arterly divid en d o f 3 % , b o th p a ya b lo Ju ly 2
to stock h old ers o f record June 30. A n extra d iv id en d o f
1 0 % was declared last Janu ary ou t o f 1916 earnings. T h o
in stitu tion has a ca p ita l o f $200,000.
W illia m L . O ’ C on n ell has been elected a d irector o f th o
Sou th Side S tate B a n k o f C h ica g o. M r . O ’ C on n ell w as
form erly C hairm an o f the State B oa rd o f P u b lic U tilities.
A n initial d iv id en d o f 1 ) 4 % , fo r tho qu arter en din g Juno
3 0 , has been declared b y the d irectors o f the L ib erty T ru st
& S a vings B a n k o f C h ica g o. T h e in stitu tion started business
in D ecem b er 1912 w ith a cap ital o f $250,000 an d n ow has
deposits o f n early $ 2 ,000 ,0 00 .
T h e M e tro p o lita n N a tion a l B a n k o f M in n ea p olis is n ow
o ccu p y in g its new tw elve story bu ildin g. T h e in stitu tion
has been d om iciled in its new quarters since June 14; b eforo
beginning tran saction s in its new loca tion the ba nk op en ed tho
bu ildin g fo r pu blic in spection on th o previou s S a tu rd a y ,
June 9.
Jam es R in g o ld , form erly Cashier o f the U n ited States
N a tion a l B a n k o f D e n v e r, w as m ade V ice-P resid en t at a
m eetin g o f tho directors on June 12; a t the sam e tim e E . C .
E lle tt, previou sly A ssistant C ashier, w as m a de C ash ier, and
B . B . A le y , A u d ito r, w as g iven the title A ssistant Cashier
an d A u d ito r. T h e follow in g new m em bers w ere elected to
the b oa rd : L . H . G u ld m a n , P resident o f th e G old en E agle
D r y G ood s C o .; F in d la y L . M a cF a rla n d , P residen t o f tho
M a cF a rla n d A u to C o . an d F irst V ice-P resid en t o f tho D en v e r
C iv ic & C om m ercia l A s socia tion , and J . A . R en dlo, P residen t
o f J . W . Ilu g u s & C o . an d M a n a g in g E x e cu tiv e o f soveral
ba n k in g in stitu tions in C o lo ra d o .
A n increase o f $100,000 in tho ca p ita l o f tho C a p ita l
N a tion a l B a n k o f S a cram en to, C a lif., raising it from $200,000
to $300,000, has been a p p rov ed by the C om p troller o f the
C u rre n cy .
In theso colu m n s last w eok w e referred to tho fa c t th at tho
L on d on & S ou th -W estern B a n k , L td . (head o ffice 170
F en ch u rch Street, L on d on , E . C .) , had th rou gh its b a n k 
in g a u xilia ry, C o x & C o . (F ra n co ), L t d ., m ade arrange
m ents fo r forw a rd in g p a ym en ts to A m erica n m ilita ry and
naval m en in F ra n ce, an d for general b a nking m atters in all
tho A llied cou n tries. T h e F ren ch ba n k in g firm o f C o x &
C o . is an ou tg row th o f tho E nglish house o f that n am e. C o x
& C o . o f E n glan d , w e learn from tho L on d on “ S ta tist,” o f
Juno 2, was established in 1758, an d w as registered as an
u nlim ited co m p a n y in M a y 1909, w ith capital o f £ 3 5 0 ,0 0 0 ,
consistin g o f 2,5 0 0 com m o n an d 1,000 preferred shares (par
£1 00 ) all fu lly p a id , and a reserve fu n d o f £ 5 0 ,0 0 0 . T h o
cap ital and reserve fu n d , h ow ov er, w ore later increased, and
now stand ar £ 4 5 0 ,0 0 0 and £ 8 0 ,0 0 0 , resp ectiv ely . C o x
& C o . are bankers for tho English a rm y , and its a ccou n ts
h avo grow n en orm ou sly becau so o f this reason. A c co r d -

J une 23 1917.]

THE CHRONICLE

ing to tho “ Statist” the deposits of tho firm in Octobor
1914, just before the war started, wero only £5 ,400 ,00 0,
while in October 191G they had grown to £13,39 1,0 00. W o
also gather tho following further facts from tho “ Statist:”
In M a r c h 1915 C o x & C o . a n n o u n c e d th o c o m p le t io n o f a rra n g e m e n ts
w it h t h o L o n d o n & S o u t h - W e s t e r n B a n k f o r a j o i n t p a r t n e r s h i p in a n d
t h o e x t e n s io n o f C o x & C o . ’ s b u s in e s s in F r a n c e .
In fu rth e ra n ce o f th ese
a r r a n g e m e n t s t h o c a p i t a l o f t h o F r e n c h h o u s e o f C o x & C o . w a s in c r e a s e d
t o £ 5 0 0 ,0 0 0 , o f w h ic h £ 2 0 0 ,0 0 0 h a s b e e n s u b s c r ib e d , a n d 5 0 % p a i d u p .
T h o w h o le o f t h o c a p i t a l o f C o x & C o . (F r a n c o ) L t d . , is h e l d e q u a l l y b y
t h o E n g li s h h o u s e a n d t h o L o n d o n & S o u t h - W e s t e r n B a n k .
I t s d ir e c t o r a to c o n s is ts o f th r e e d ir e c t o r s o f th o L o n d o n & S o u t h -W e s t e r n B a n k a n d
th r o e p a r tn e r s o f C o x & C o . o f E n g la n d .
T h o h ea d o ffic o o f C o x & C o .
( F r a n c o ) , L t d . , is in 1’ arLs, a n d b r a n c h e s a r e m a i n t a in e d a t H a v r e , B o u 
l o g n e , M a r s e il l e s , R o u e n a n d A m i e n s .
I t a l s o h a s a g e n t s In a ll p a r t s
o f G r e a t B r i t a i n , S p a in , I t a l y , P o r t u g a l , R u s s i a , E g y p t a n d o t h e r c o u n 
t r ie s .
T h o E n g lis h f ir m o f C o x & C o . , b e s id e s it s h e a d o f f i c e in L o n d o n ,
h a s b ra n ch e s a t B o m b a y , C a lc u t t a , K a r a c h i, R a w a l, P in d i, M u r r e o a n d
S r in g a r

(K a s h m ir ).

______________________

THE ENGLISH GOLD AND SILVER MARKETS.
W o reprint tho following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
M a y 31 1917:
GOLD.
T h o B a n k o f E n g la n d g o l d r e s e r v e a g a i n s t i t s n o t e Is s u e s h o w s a t r if l in g
in c r e a s e o f £ 2 ,0 7 5 , a s c o m p a r e d w it h la s t w e e k ’s r e t u r n .
G o ld t o th o
v a lu e o f $ 8 ,7 4 1 ,0 0 0 h a s b o e n s h ip p e d o r e n g a g e d t o b o s h ip p e d fr o m th e
U n it e d S t a t e s , p r i n c i p a l l y t o S p a in a n d J a p a n .
T h e R h o d e s ia n g o l d o u t 
p u t f o r A p r i l 1 9 1 7 a m o u n t e d t o £ 2 9 7 ,9 7 7 , a s c o m p a r e d w it h £ 3 3 9 ,3 8 6 in
A p r i l 1 9 1 6 , a n d £ 3 0 0 ,1 8 3 in M a r c h 1 9 1 7 .
T h e N ew Y o r k corresp on d en t
o f t h o “ T im e s
c a b le d o n t h o 2 9 th in s t. t h a t th o g o ld re q u ir e m e n ts o f
L
fL ! h e
t h r e e m o n t h s w i » p r o b a b l y b e a b o u t $ 5 0 ,0 0 0 ,0 0 0
(il0 ,0 0 0 ,0 0 0 ).
I t is e x p l a i n e d t h a t t h e g o l d is r e q u i r e d t o p a y I n d i a f o r
co tto n .
A t t h e s a m e t i m e , i t is k n o w n t h a t J a p a n e s e b a n k e r s , o t h e r
p u v a t o i n t e r e s t s , a n d p e r h a p s t h o J a p a n e s e G o v e r n m e n t , a r e a r r a n g in g t o
p u r c h a s e h e r e f r e n c h a n d B r i t is h s e c u r it i e s , w h ic h s h o u l d m o d e r a t e o u r
g o ld
e x p o r t s .”
S IL V E R .
t h e m a r k e t c o n t i n u e s s h o r t o f s u p p l i e s , a n d is e a s ily a f f e c t e d b y a n y
s p e c i a l d e m a n d t h a t m a y a r is e , e v e n t h o u g h i t b o m o d e s t in o x t e n t .
C h in a
s a le s h a v e b e e n a g a in r e p o r t e d s o m e w h a t r e d u c e d in v o l u m e .
W h ils t s u b 
s t a n t i a l s u p p l i e s a r e f o r t h c o m i n g f r o m t h a t q u a r t e r , t h e le v e l o f p r ic e s is
h a r d l y lik e l y t o a d v a n c e m a t e r i a l l y , n o t w i t h s t a n d i n g t h o s t r e n g t h o f t h o
in q u ir y fo r c o in a g e .
A l t h o u g h It Is s t a t e d in t h o I n d i a n C u r r e n c y R e t u r n
t h a t t h e a m o u n t o f n o t e s in c i r c u l a t i o n h a s in c r e a s e d b y 1 0 1 l a c s , t h o
s i lv e r r e s e r v e is p r a c t i c a l l y u n a lt e r e d .
I n la c s o f r u p e e s
M a y 7.
M a y 15.
M a y 22.
N o t e s in c i r c u l a t i o n . ...................................................8 3 .8 8
8 6 .5 0
8 7 .5 1
R e s e r v e in s i l v e r c o i n a n d . b u l l i o n ______________ 1 4 .6 4
1 5 .4 6
1 5 .4 5
G o l d c o in a n d b u l l io n in I n d i a ___________________ 1 1 .1 5
1 0 .8 5
1 0 .3 2
G o l d in E n g l a n d . ______ ___________________________ 5 .1 7
5 .1 7
5 .1 7
T h o s t o c k in B o m b a y c o n s i s t e d o f 2 , 4 0 0 b a r s , a s c o m p a r e d w it h 2 ,0 0 0
b a r s la s t w e e k .
T h e s t o c k in S h a n g h a i o n M a y 2 6 1 9 1 7 , c o n s i s t e d o f a b o u t
2 7 , 0 0 0 , 0 0 0 o u n c e s in s y c c o a n d 1 7 ,3 0 0 ,0 0 0 d o l la r s , a s c o m p a r e d w it h a b o u t
2 6 ,6 0 0 , 0 0 0
o u n c e s in s y c e e a n d 1 7 ,5 0 0 ,0 0 0 d o l la r s o n M a y 19 1 9 1 7
sta 
t is t i c s f o r t h o m o n t h o f M a y a r e a p p e n d e d : H ig h e s t p r i c e , 3 8 % d
I ow est
p r ice 3 7 % d .
A v e r a g e , 3 7 .9 3 9 (1 .
T h o O n t a r io G o v e r n m e n t a n n o u n c e s
t h a t in 1 91 0 t h o t o t a l s h i p m e n t s o f s i lv e r a m o u n t e d t o 19 8 7 4 9 7 0 fin e
o u n c e s , v a lu e d a t $ 1 2 ,6 2 2 ,9 4 9 .
N o tw ith s ta n d in g t h o f a c t t h a t ’ as c o m
p a r e d w it h 1 9 1 5 , t h o o u t p u t s h o w s a d e c r e a s e o f n e a r l y 2 0 % , t h e v a l u a t i o n
e x c e e d s t h a t o f 1 9 1 5 b y a b o u t h a lf a m illio n d o lla r s .' Q u o t a t io n s fo r b a r
s ilv e r p o r o u n c o , s ta n d a r d :
M a y 2 5 _______ 3 7 % c a s h [ M a .y 3 0 . _____ 3 8
.
c a s h |B a n k r a t e _________
5%
M a y 2 6 _______ 3 7 %
"
~ ' a y 3 1 ........... 38
M
B a r g o l d p e r oz.~
M a y 2 9 ______ 3 7 %
A v e r a g e --------- 3 7 .9 2 5
s t a n d a r d ------- 77 s . 9 d .
N o q u o t a t i o n f ix e d f o r f o r w a r d d e l i v e r y .
T h e q u o t a t i o n t o - d a y f e r c a s h d e l i v e r y is % d . a b o v e t h a t f i x e d a w e e k a g o

ENGLISH FINANCIAL MARKETS—PER CABLE
The daily closing quotations for securities, & c., at London
as reported by cable, have been as follows the past weok: ’
London,
W eek ending June 22 —

June 16. June 18. June 19. June 20. June 21. June 22.
Sat.
M on.
T ues.
W ed.
Thtirs.
Fri.

Silver, p eroz _____________ d . 39 1-16 39%
Consols, 2% per cents______ Holiday 54%
British, 5 per cents________ Holiday 94%
British, 4% per cents______ H oliday 93
French Rentes (in P a ris).frs. Holiday 60.25
French W ar Loan 5% (in
P a rls>......................- ........... fr. Holiday 8 8 .1 5

391 ^

545 ^

91%
93

60.25
8 8 .1 5

39%
54%
9 4%
94
60.15

39%
54%
94%
94%
60.00

88 15
88.15

88 18
88.18

39%
54%
94%
94%

60.00
8S

20

The Price of silver in New York on tho same day has been
Silver in N . Y ., p e r o z — ots. 77

77%

77^

77%

78

J

G EN ERAL FUND.
Assets—
L iabilities —
s
$
Avail, gold (see a b o v e ).
49,527,324 18 Treasurer’s checks out
Available silver dollars
standing........................
2,412,913 08
(see a b o v e ) ................
12,285,955 00 Deposits o f Government
United States notes____
7,103,606 00
officers:
Federal Reserve notes. .
2,441,615 00
Post Office D ep’t -----26,905,335 49
Fed. Reserve bank notes
40,100 00
Board
of trustees,
National bank notes___
15,935,170 11
Postal Savings Sys
Cert, checks on b a n k s..
14,930 36
tem (5% reserve)..
5,876,248 15
Subsidiary silver coin .
4,800,417 24
Comptroller o f the
M inor coin . . . . . . . . . . .
1.230,950 43
Currency, agent for
Silver bullion (available
creditors of insol
for subsidiary coinage)
5,603,099 21
vent banks. . . .
2,335,062 50
Unclassified
(unsorted
Postmasters, clerks of
currency, & c .) ______
553,921 74
17,457,740 75
courts, & c ..............
Deposits in Federal Re
Deposits for:
77,282,443 41
serve banks--------------Redemption o f Fed
Deposits in special de
eral Reserve notes
positaries— account of
(5% fu n d ).............
26,058,616 29
sales o f certs, of In
Redemption of Fed
debtedness (Act of
eral Reserve bank
April 24 1917)----------- 128,593,000 00
note 3 (5% f u n d ) .. .
400,000 00
Deposits in N at. Banks:
Redemption of na
T o credit of Treasurer
tional bank notes
36,778,468 4 7
United States_____
26,536,562 59
(5% f u n d ) _______
T o credit o f other
Retirement o f addi
G ov’t officers. . .
5,995,307 80
t io n a l circulating
Deposits in Philippine
notes, A ct o f M a y
treasury:
30 1908 . ..............
2,499,235 00
T o credit of Treasurer
Exchanges
of
cur
United States_____
1,929,564 26
rency, coin, & c____
10,870,897 32
T o credit o f other
G o v 't officers.........
1,795,121 20
121,352,611 17
**N et balance.................. 230,558,383 24
Total

G O LD .
§
Liabilities—
s
Gold coin............. ............ 822,370,016 34 Gold certificates outG old bullion _____ . . . 1,550,691,268 47
Cnlrt ™
- ..............-.2,170,560,935 00
Ava l im n
i in gen
Available gold - 7--------- 152,970,025 03
eral fund......................

49,527,324 18

T o t a l .............................2,373,067,284 81
...........
2,373,007,284 81
Note.— Reserved against S340,681,016 of U. S. notes and Vt 9 7 9 Y l 5 ot Tro w ore
“ho Treasury0 outstandl" « - Treasury notes arc also secured by'silver dollars in
Assets —
Silver dollars....................

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




SILV E R D O LLAR S.
§
LlabllUles —
496,810,883 00 Silver certificates

«
outT *t“ lln« ------------------- 482,545,213 00
Treasury notes o f i 890
outstanding_______
i 979711500
Available silver dollars
.............
in general f u n d -------12,285,955 00

496,810,883 0 0

T o t a I .............................

496,810,883 00

Total ..

351,910,994 41

FINANCIAL STATEMENT OF U. S. MAY 31 1917.
(Formerly Issued as “ Statement of the Public Debt.” )
Tho following statements of the public dobt and Treasury
cash holdings of the United States are as officially issued
as of M a y 31 1917:
CASH A V A IL A B L E TO PA Y M A T U R IN G O B L IG A T IO N S .
Balance held by the
Settlement w a r r a n t s ,
Treasurer o f the Uni ted
coupons and checks
States as per daily
outstanding:
Treasury statement for
Treasury warrants____ S2,746,448
M ay 31 1 9 1 7 _______ S230,558,3S3 24
Matured coupons____
624,532
Add— N et excess o f re
387,561
Interest checks_______
ceipts over payments
Disbursing o f f i c e r s '
In M ay reports sub
checks........................
19,075,517
sequently received____
9,700,198 78 Balance............................... 217,424,522
Revised balance................$240,258,582 02

22

24
96
41
19

$240,258,582 02

PU BL IC D E B T B E A R IN G N O IN T E R E S T .
(Payable on presentation.)
Obligations required to be reissued when redeemed:
United States notes________ _____
Less gold reserve...................................
Excess of notes over reserve______
8193,701,990 37
Obligations that will be retired on presentation:
Okl demand notes......................
National bank notes and Federal Reserve bank notes assumed by
the U. S. on deposit of lawful money for their retirement
50,651,692 00
fractional currency........... ..........
T o t a l ......... ......................................

S251,253,703 0 2

D E B T ON W H IC H

IN T E R E S T HAS CE ASED SIN C E M A T U R IT Y .
(Payable on presentation.)
Funded loan o f 1891, continued at 2 % , called for redemption M av 18
1900: interest ceased Aug. 18 1900___________________ .
§4,000 0 0
Funded loan of 1891, matured Sept. 2 1891_ __
_
20,950 00
Loan of 1904, matured Feb. 2 1904......... .......... I ..............
.........
13,050 00
Funded loan of 1907, matured July 2 1907............
.............................
508,600 00
Refunding certificates, matured July 1 1907......... .........................
11,600 0 0
Old debt matured at various dates prior to Jan. 1 1861 "a n d "other
Items of debt matured at various dates subsequent to Jan. 1 1861
901,000
Total

26

$1,459,200 26
IN T E R E S T -B E A R IN G D E B T .
(Payable on or after specified future dates.)

TREASURE CASH AND CURRENT LIABILITIES

A ssets —

351,910,994 41

*A11 reports from Treasury offices received before 1 1 a .m . are proved on the same
. / ’ .AU reports from depositary banks are proved on the day o f receipt or the day
following.
_ **The amount to the credit of disbursing officers to-day was S93,270,967 23.
This is a book credit and represents the maximum amount for which disbursing
officers are authorized to draw on the Treasurer o f the United States to pay Govern
ment obligations as they become due. The net balance stated Is the amount availab e to pay Treasury warrants, disbursing officers’ checks and matured public debt
obligations. It should be noted that the income tax, constituting a large part of
the Government s revenue, is not collected until June. It Is estimated that the
? so,i rco for ,h c fiscal year 1917 will be S244,750,000. T o date
§164,450,946 77 has been paid, leaving S80.299.053 23 as the estimated amount
o f Income taxes payable into the Treasury on or before June 15 1917
t™ m cr
Acts o f July 14 1890 and Decem ber 23 1913 deposits of'law ful money
for the retirement o f outstanding national bank and Federal Reserve bank notes
are paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part o f the public debt. The am ount o f such obliga
tions to-day was 850,651,692.

78%

The cash holdings of tho Government as tho items stood
M a y 31 are sot out in tho following. Tho figures are taken
ontiroly from tho daily statement of tho U . S. Treasury for
M a y 31:

2521

T itle o f Loan —

Interest
Payable.

A m ou n t
Issu ed .

s

2s, Consolsof 1930------Q.-J. oS646,250,150
3s, Loan of 1908-1918.-Q .-F . 6198,792,660
4s, Loan of 192
------Q .-F . cl62.315.400
Panama Canal Loan:
2s, Scries 1906............Q .-F. d54,631,9S0
2s, Series 1903............ Q .-F. e30,000,000
3s, Series 1911-------- Q .-M .
50,000.000
3s, Conversion bonds. .Q .-J .
28,894,500
3s, One-yr. treas. notes Q.-J.
27,362,000
2s, Certs, of in d ebt..M atu r.
50,000,000
3s, Certs, of in d e b t..M a tu r. 468,205,000
3 %s, Certs, of indebt.M atur. 200 ,0 0 0 ,0 0 0
Postal Savings bonds:
2 % s, 1st to 11th series. J.-J.
9,151,800
2 % s. ’ 17-’37 (12thser.)J.-J.
887,960

---------- Outstanding M a y 31 1917Registered.

$

597,118,450
17,734,160
101,409.750

C oupon.
$

2,605,600
16,211,300
17,080,150

48,944,040
10,140
25,793,520
153,8S0
41,628,100
8,371,900
5,974 000 22,920,500
1,270,000 26,092,000
50,000,000
. . 468,205,000
...................... 200 ,0 0 0 ,0 0 0

8,329,980
801,260

821,820
86,700

Total.
S

599,724,050
63,945,460
1IS,489,900
48,954,180
25,947,400
50.000. 000
28,894,500
27,362,000
50.000.
000
468,205,000
2 0 0 ,0 0 0 ,0 0 0
9,1 5 1 .8 0 0

887,960

Aggregate of int.-bear. d t . 1,926,491,150 929,003,260 762,558,990 1,691,562,250
«•>?
amount $24,648,100 have been converted into conversion bonds and
521,878,000 into one-year Treasury notes.
b Of this original amount Issued S132,449,900 have been refunded into the 2%
consols of 1930 and S2,396,800 have been purchased for the sinking fund and can
celed and §500 have otherwise been purchased and canceled.
c Of this original amount issued $43,825,500 have been purchased for the sinking
fund and canceled.
0
d Of this original amount Issued $2,238,800 have been converted Into conversion
bonds and $3,439,000 into one-year Treasury notes.
e Of this original amount issued $2,007,600 have been converted into conversion
bonds and $2,045,000 Into one-year Treasury notes.

[Vo l . 104

THE CHRONICLE

2528

NET DEBT.
GROSS D E B T .
Gross debt (op p o site ).S I,944,275,153 28
D ebt bearing no l n t . . . $251,253,703 02
D educt-B alance avail
D ebt on which Interest
able to pay maturing
has ceased__________
1,459,200 26
obllg’ns (see a b o v e ).
217,424,522 19
Interest-bearing d e b t .. 1,691,562,250 00
N et debt.................... S I,726,850,631 09
A g greg ate_______ ..$1,944,275,153 28

<&ammercial a u tip x is cellau^ous Utetu $
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:

Dividends announced this week are printed in italics:
Per
N a m e o f C om pany.

R a ilroa d s (S team ).
Alabama Great Southern, ordinary .
Ordinary (extra)-------------------------Preferred -----------------------------------Preferred
(extra)-----------------------Albany & Susquehanna........................
Allegheny & W estern------------- ------Ashland Coal & Iron R y . (quar.)-----Atchison Topeka & Santa Fe, preferred..
A tlanta & W est P oin t -----------------------Atlantic Coast Line C o. (q u a r.)----Atlantic Coast Line R R ., com m on-------Baltim ore A O hio, com m on ...........................
P r e f e r r e d ...........................— ................ —
■Beech Creek (quar.)............*.......................
Boston & Albany (quar.)..........................
Boston & Low ell................................... - - - 
Boston Revere Beach & Lynn (quar.) —
Buffalo & Susquehanna, com mon (quar.)
Preferred..........- ..........................................
Canada Southern----------------- -------- ---------Canadian Paclflo, com m on (quar.)............
Central RR. o f N . J . (Quar. ) ------ --------- —
Central Railroad of New Jersey (e x tra ).Chesapeake & O h i o ------------------ - - -----Chicago Burlington & Quincy (q u a r .)...
Chicago In d . A L ou lsv ., com m on -----------P r e fe r r e d .................................................. - 
Chicago & N orth W estern, com . (q u a r.).
Preferred (quar.)------------------------------Chic. St. Paul M inn. & Omaha, com m on
Preferred
Cleve. Cln. Chic. & St. Louis, prof, (qu.)
Connecting Railway (Philadelphia). . .
Detroit Hillsdale & Southwestern-------- --Detroit & M ackinac, preferred. . . - D etroit River Tunnel...................... . . .
E lm ira A W illiam sport, p r e f . ......................
Georgia RR. A Banking (q u a r .) ....................
Harrlsb. Portsra. M t. Joy & L ancaster..
H ocking Valley, com m on-----------------------Illinois Central, Leased Lines------- -------Interborough Consol. C orp., pref. (quar.)
Interborough Rapid Transit (quar.)-------Joliet & Chicago (q u a r .) ----------- ---------------Kanawha & Michigan ( q u a r . ) ----------- --Kansas City Southern, preferred (q u a r.).
Lackawanna R R . of N ew Jersey (qu ar.).

When

Cent.

Payable.

Books Closed.
D ays Inclu sive.

N a m e o f C om pany.

Per
Cent.

W hen
Payable.

Books Closed.
D a ys Inclu sive.

S t r e e t a n d E l e c t r ic R y s . ( C o n c l u d e d ) .
Holders of reo. June 16a
July
2X
E astern T e x a s E lco. C o ., o om . ( N o . 3 ) . .
Holders of reo. June 16a
July
3
P referred ( N o . 1 1 )...........................- - - - - 
Juno 30 Holders of rec. JunoJlS
IX
E lm ira W a te r , L t . & R R . , 1st p ref. (q u .)
June 30 Holders o f rec. June 15
IX
S econ d p referred (q u a r .). . - -----------July 9 Holders of reo. June 28a
3
E l P a so E le c . C o ., p r e f. (N o . 30) . -------Holders of reo. Juno la
F ran k ford & S o ’ w ark P a ss.. P h lla. (q u a r.) $4.50 July
July 8
to
June 23
Green A Coates Sts. Pass., Phila---------------- $1.50 July
July 1
to
June 17
July
$1
H est. M a n tu a & F a lrm . P a s s ., P h lla .co m .
1
July
to
June 17
$1.50 July
P r e f e r r e d ............. ............................ --•
Holders of reo. June 15a
July
IX
Illinois T r a c tio n , preferred (q u a r .)..
July
1
June 30 June 21 to
3
Indlanap olls Street R a ilw a y ----------Juno 30 Holders of reo. June 20
1
International Tract., Buffalo, common-----June 30 Holders of reo. June 20
IX
7 % cum. 1st pref. (quar.)............... •
June 30 Holders o f reo. June 20
1
4 % cum. pref. (quar.)......................
July
1
30o. July 2 June 20 to
In tersta te R a ilw a y s, preferred -------Juno 30 Holders of rec. Juno 20
IX
Iowa Ry. A Light, pref. (qu.) (No. 5 6 ) ------June 30 Holders of reo. Juno 30
3
Little Rock Ry. A Elec., com. and pref-------June 15
July 1 Juno 12 to
1
L ou isville T r a c tio n , co m m o n (q u a r .)------July 15 Holders of reo. July 2a
2
Manchester Tr., Light A Power (quar.)------July 2 Holders of reo. Juno 18a
IX
M a n ila E leo. R R . & L t g . C o r p . (q u a r .)—
2X June 30 Holders of reo. Juno 21
M em p h is Street R a ilw a y , p referred ..........
July 2 Holders of rec. Juno 25a
IX
Mohawk Valley Co. (quar.).......... — - .............
July 2 Holders of reo. Juno 20a
2
New England Invest. A Secur., pref............
1
IX June 30 June 21 to July
New Orleans Ry. A Light, pref. (quar.) -----2 Holders of reo. June 25a
1 July
New York State Rys., common (quar.)------Holders of rec. Juno 25a
IX July
Preferred (quar.)..................................

June 26 Holders of reo. June 4a
June 26 Holders of reo. June 4a
Aug. 28 Holders of reo. July 21a
June 26 to
July
2
Vi Aug. 28 Holders o f reo. July 21a Nova Scotia Tramways A Power, pref
July
3
to
July 1
Holders of reo. June 15
i X July 2 June 16
July
1
O ttaw a T r a c tio n ( q u a r . ) ....................H olders of reo. Juno 23a
July
3
Holders of reo. July 2a
P h iladelphia C o ., c o m . (q u .) (N o . 1 4 3 ). 8 7 X O Aug. 1
June 25 Holders of reo. June 25a
1
30
Philadelphia A Western Ry., pref. (quar.). 62 Mo July 14 Holders of reo. Juno 22
Holders of rec. June 29a
2X Aug.
IX July 3 Holders of reo. Juno
Porto Rico Rys., pref. (quar.)..........................
2Juno 21
to
July 1
July
3
June 30 Holders of reo. Juno 15a
2
Pu bllo S ervice C o r p . o f N . J. (q u a r .)------Juno 8
June 9 June 1 to
$1.50
to
June 30
75c. July 1 Juno 21
...................................
3X July 10 Holders of reo. June 19a Reading Traction..........com. (qu.) (No. 3 )... .
July 14 Holders of reo. June 30
1
Republic Ry. <fc Light,
Holders of rec. July 21a
2X Sept.
IX July 14 Holders of rec. June 30
Preferred (quar.) (No. 2 4 ) .......... ..
Holders of rec. July 21a
Sept.
2
June 16 to
July 2
July
S3
Ridge Ave. Pass., Phila. (quar.)-----Holders of reo. June 20a
50o. July
Holders of rec. June 20
July
IX
Scranton A Wilkes-Barre Tr., pref. (qu.)..
Holders of reo. June la
2)6 June 30 Holders o f reo. M ay 31a S econ d & T h ir d Sts. P a ss., P h lla. (q u a r.)
July
$2
Holders o f reo. M ay 26a
July
4
Holders of reo. Juno 15a
July
IX
Springfield ( M o .) R y .& L t ., pref. (q u a r .).
Holders of reo. June 15a
Juno 21
to
July 1
IX July
July
$6
Thirteenth A Fifteenth Sts. Pass., Phila..
Holders of reo. June 15
IX June 30 Holders o f reo. June 15a T o r o n t o R a ilw a y ( q u a r . ) . . - ..................
July
2
June 30 Holders of reo. June 15a
June 21
to
July 1
2
July
1
T r l-C lt y R y . & L ig h t, com m on ( q u a r . ) . .
Holders of rec. June 29a
June 21
to
July 1
IX Aug.
July
IX
Preferred (q u a r .)............... ................- - - •
Holders of reo. Juno 15a
2X June 30 Holders of reo. Juno la
July
IX
T w in C it y R a p . T r ., M in n ., c o m . ( q u . ) .
Holders of rec. July 17a
Aug.
2
Holders of reo. June 15a
July
IX
Preferred (q u a r .)........................ - - 
June 30 Holders o f reo. June 19a
2
Holders of reo. June 15a
$4.75 July
U nion Passen ger R y . (P hiladelphia)
June 30 Holders of reo. June 8 a
2
Holders of reo. Juno 9a
Union Traction, Philadelphia......................... $1.50 July
June 25 Holders of reo. June 19a
Holders of reo. Juno 30a
2
July
2X
United Electric Co. of N. J-------- - - - - - - - 
Holders of reo. June 15a
1 % Juno 29 Holders of rec. Juno 21a
July
1
U nited L t. & R y s ., co m . (q u .) ( N o . 1 0 ).
Juno 29 Holders of reo. Juno 21a
Holders of reo. June 15a
2
July
IX
P referred (q u a r.) (N o . 2 7 ) ----------------- —
Holders of reo. June la
June 13
to
June 17
July
IX
July
IX
rT
nlto 1 T r a c . & E le c ., P rov id en ce ( q u . ) .
Holders of reo. June la
Holders of rec. June 16
July
2
July
IX
U ta h P ow er & L t . , pref. (q u .) ( N o . 1 8 ).
2X Aug. 20 Holders of rec. Aug. 1
June 30 Holders of reo. Juno 16a
IX
W a sh . B a lt. & A n n a p . E l. R R . , p f. ( q u .)
3X Aug. 20 Holders of rec. Aug. 1
July 2 Holders of rec. June 15a
1
Washington Water Power, Spokane (quar.)
July 2 Juno d21 to July 2
IX July 20 Holders of rec. June 27
$2
W est E n d S treet R y ., B o sto n , p referred .
June 30
to
July 1
July 2 Juno 24
IX
West India Elec. Co., Ltd. (quar.).............
to
July 5
July 5 June 21
July 2 Holders of reo. June 15a
$5
W est P h iladelphia Passenger R a ilw a y .. .
2X July 2 Holders o f reo. June 15a Wisconsin Edison (quar.).............
50c. July 16 Holders of reo. Juno 30
....
July 14 Holders o f reo. July 6 a
July 2 Holders of reo. June 15
IX
Y a d k in R iv e r P ow er, pref. (q u .) ( N o . 5)
July 2 Holders of rec. Juno 20a
to
July 15
July 15 July 2
Banka.
Holders of reo. June 25
3X July 10 Holders of reo. June 19a Atlantic National______________________
July
3
June 30 Holders of reo. June 15a
Holders of rec. Juno 21
July
3
Battery Park National---------------------------to
July 4
July 1 June 12
Holders of reo. June 21
July
3
Extra________________________________
July 2 Holders o f reo. June 11a
Juno 19 to
July
1
July
3
Bronx National.......................................—
July 2 Holders of reo. June 20a
Holders o f reo. June 25a
July
4
C hase N a tion a l (q u a r .)............... —
- ■
July 2 Holders of reo. June 22a
Juno 21- to
Juno 30
July
3
Chatham A Pheniz Nat. (quar.)...............
June 30 Holders of rec. Juno 26a
Juno 21 to
June 30
July
ul
Special Red Cross dividend..................
July 16 Holders o f rec. June 30a
Juno 26 to
July
1
2X July
Chemical National (bi-monthly)
July 2 Holders of rec. Juno 9a
June 21 to
July
1
July
7
C it y , N a tion a l (B rook ly n ) ( N o . 1 3 0 )-----Holders of rec. June 13
July
2
Lehigh Valley, com m on and p r ef. ( q u a r .).. $1.25 July 14 Holders of rec. June 30
C oa l & Ir o n N a tion a l ( q u a r , ) . ...............
July 15
Holders of rec. June 13
$1.2 5 July 14 Juno 12 to
July
1
Little Schuylkill N a v., R R . & C oal..
E x t r a ------------------------ -----------------------Holders of rec. June 20
3X Aug. 10 Holders of rec. July 20
July
3
L ouisville & N ashville ---------------------Holders of reo. June 20
Aug. 1 Holders of reo. July 16a Colonial............................................................
$5
July
8
M ahoning Coal R R ., com m on . . .
Columbia_______________________________
Holders of rec. Juno 22a
July 2 Holders of reo. Juno 22a
$15
July
2
Common ( e x t r a ) ...............................
Commerce, Nat. Bank of (quar.)---------Holders of rec. Juno 30
July
2X July 2 Holders of reo. June 22a Corn Exchange (Red Cross dividend)...
ul
Preferred
Holders of rec. June 30a
July
IX July 2 Holders of rec. June lt'a Fifth Avenue (quar.)----------------------------25
M a in e Central, com m on (q u a r.) .........
Holders of reo. June 30a
July
IX July 1 Holders of reo. June 15a
110
M anhattan Railway (quar.).............
Special
---
Holders of reo. June 30a
July 28 Holders of reo. June 29 ’ F irst N a t. ......................................... ......... - b d s.) 45
2
July
Michigan Central. - - - - - - - 
(q u .) (p a y a b le In L ib e rty
July 15
Holders of reo. June 30a
$1.50 July 14 Juno 23 to
July
45
M in e H ill & Schuylkill H a v en ----------F lr s t S e c .C o .(q u .) ( p a y a b le In L lb erty bds)
2 to
July
1
to
July 1
2
Juno 30 Juno 21
July 1 June
3
M obile & Birmingham, preferred...
Garfield National (quar.)..................................
July 1
June 29 Holders o f rec. June 22a
4
July 2 Juno 19 to
M o b ile & O hio .......................................
German Exchange.......... ....................... .............. 10
M ay 30
to
June 27
$1.75 July
June 20 Holders o f reo. June 20a
ul
Morris & Essex........................ - .......... .
Gotham National (Red Cross dividend)------Juno 13 to
July 2
to
July 2
2X July
July 2 June 24
3
N ew L ondon N orthern (q u a r .) ........... .
Greenpolnt National (Brooklyn)....................
June 13
to
July 2
to
July 1
X July
July 2 Juno 23
6
E x t r a ..................- ..............................
Hanover National.................................... ............
Holders of reo. July 9a
to
Julv 1
IX Aug.
July 2 June 23
2
New York Central R R . (qu ar.)------Extra ......................................- ..........................
June
5 to
July
2
to
July 1
July 2 Juno 23
2X July
N . Y . Chicago & St. Louis, 1st pref.
Importers' A Traders' National---------------- 12
Holders of reo. Juno 20a
Juno 25 Holders of reo. Juno 19
2X July
Second preferred...................... .......
Irving National (special Red Cross div.)... u l
Holders of reo. June 15a
$2.50 July
New York & Harlem, com . and pref
7X July 2 Holders o f rec. Juno 25a
Liberty National (quar.)....................................
Holders of reo. Juno 15a
July 2 Holders of rec. June 25a
IX July
N . Y . Lackawanna & Western (qu ar.). . .
Special Red Cross dividend........................... u2
$2
July 16 Holders of rec. Juno 30a Manhattan Co., Bank of the (No. 2 2 2 )-----July 2 Holders of rec. Juno 27a
8
N orthern Central ......... .................—
to
July 1
July 2 Juno 20
IX July 2 Holders of rec. June 11a Market A Fulton National (quar.).................
3
N orthern RR. o f N . H . (q u a r .) -------17 to
July
1
July 2 Juno
2
July 16 Holders of reo. July 14
N orw ich & W orcester, p r ef. (quar.)
Mechanics' A Metals Nat. (Red Cross)------- u l
July 2 Holders of rec. June 30
Philadelphia Baltimore & Washington. . . $1.50 June 30 Holders of rec. June 13a
4
Merchants' National...........................................
1 to
July 10
July 2 Holders of rec. June 27a
2X July 10 July
4
Philadelphia & Trenton (quar.)--------------Metropolis, Bank of the (quar.)-----------------Holders of reo. June 11a
July 2 Holders of reo. Juno 21a
IX July
2
Plttsb. F t. Wayne & C hic., reg. guar.(qu)
Metropolitan (quar.)...................... ...................
Holders o f reo. June 11a
July
July 2 Holders o f rec. June 23
IX
7
Special guaranteed (quar.).........
Holders of reo. June 15a Mutual.................. ......................... ........... - - - - 
July 2 Holders of reo. June 22
IX July
8
Portland T erm inal (q u a r .) ..............
New York, Bank of ,N. B. A. (No. 2 6 7 ) . . .
to
July 2
60o. Sept. 13 Holders o f reo. A ug. 28a
July 2 Juno 14
3
Reading C o., 1st pref. (q u a r .)..
North Side (Brooklyn) (No. 4 6 ) ......................
60c July 12 Holders of reo. June 25a
July 2 Holders of rec. June 22
5
Reading C o., 2d pref. (quar.)----Park, National (quar.).......................................
June 16 to
June 30
July
4
July 2 Holders of rec. June 23
5
Rensselaer & Saratoga----------------People's (No. 1 3 2 )..............................................
June 21 to
July
1
July 2 Holders of reo. June 25
3X July
3
Rom e A C lin ton ......... .............. ........
Seaboard National (quar.)-------------------------July 2 Holders of rec. June 25
St. L ouis A San Francisco —
„
Special (Red Cross Dividend)...................... Ul
6 to
July
1
July 2 .
July
1
1
July 2 Juno 16 to
3
K . C . F t. Scott A M e m ., p f. tr. ctfs.(q u .)
State .....................................................- ................
s of reo. M ay 31a
to
June 30
June 30 Juno 21
IX July 2 I
4
Southern Paclflo (quar.) (N o. 43)
Union Exchange National................................
2
to
July 5
July 1 Holders of reo. June 30a
2X July 5 .
13
Southwestern R R . of Georgia . W a sh in g ton H eig h ts, B a n k o f ( q u a r . ) . . .
s of reo. June 19a
Juno 20
to
July 1
June 30 .
IX July 2 1
6
T oronto Hamilton & Buffalo (quar.) . .
Y ork v llle (q u a r .)-------------- ------------------------s of ree. June la
2
July 2 :
Union Paclflo. com mon (q u a r .)..
s of rec. June la
X July 2 ;
E xtra....... .............. - .....................
T ru st Com panies.
1 to
July
1
July 2 ]
2X July 10 .
5
United N . J. U R . & Canal Cos. (q u a r .)..
Bankers (q u a r.) ------------- --------------------s of reo. June 22a
July 2 1
2X July 2 :
2
Valley Railroad (N . Y .) ........ ............
Special Red Cross d i v i d e n d . . . .........
1 to
July
1
July 2 .
3
July 2 '
5
W estern Ry. o f A lab am a ............. ...........
Brooklyn (q u a r.) --------------------------------July 2 Holders of rec. June 22a
6
Street and E lectric R ailw ays.
Central (q u a r .) .........................................
IX July 2
Asheville Pow . & L t., pref. (qu.) (N o. 21)
3X June 30 Holders o f rec. June 22a
Colum bia (q u a r .) -------------------------------Holders of rec. June 21
Juno 30 Holders of roc. June 23a
3
IX July 2
Bangor Ry. A E l., p r ef. (qu.) (N o . 2 3 ) - - E m pire (q u a r .) --------------- ----------------- '
June 30 Holders of reo. June 23
Juno 30 Holders of reo. June 26
1
5
Blrmlngham R y ., L t. & Power, com .
Equitable (q u a r .) ......... .................- ..........
June 30 Holders of rec. June 23
3
Juno 30 Holders of rec. June 26
«1
P r e fe r re d ................................ . . .
Special Red Cross dividend ..................
Holders of reo. June 23a
July 2
to
July 1
July 2 Juno 26
$1
2
Boston A W orcester E lec. C os., p r e f . .........
Fidelity (q u a r .) .........................................
Juno 30 Holders of reo. Juno 29a
IX July 2 Holders of reo. June 15
3
Brazilian Trac., L. & Pow ., pref. (qu ar.).
Franklin, Brooklyn (quar.)..................
July 2 Holders of reo. Juno 25
IX July 1 Holders of reo. June 9a Fulton (N o . 50)---------------------------------5
Brooklyn Rapid Transit (quar
June 30 Holders of reo. June 22
IX July 2 Holders of rec. June 15
5
Carolina Power & L t., pf. (qu.) (N o. 33)
Guaranty (quar.).......................... ..........
Juno 30 Holders of reo. Juno 22
1
IX July 2 June 15 to July 1
Capital T raction, W a sh ., D . C . (quar. ) . . . .
Guaranty (Red Cross dividend) ...............
to
July l
IX July 16 Holders of reo. June 30a nudso '■........................................... - - - - - 
Central Ills . P ublic Service, p ref. (q u a r .)..
3X June 30 June 21
1 Holders of rec. June 23
to
July 2
Chicago C ity A C onnect., p r ef. pa rtic. c l f s . . $ 1.50 July
IX July 2 Juno 16
Lawyers’ Title & Trust (quar.) (N o. 75) June 29
Juno 30 June 26
2
Chicago City R y . (q u a r .). . . ......... - ..............
IX July 2 Holders of reo. Juno 20a
M anu fa ctu rers’ (Brooklyn) (q u a r.) ..............
July 1
July 2 June 21
1
June 30 Holders of rec. J in o 22
C ine. A H am ilton T ra c ., com . (q u a r .) -----6
M etrop olitan (quar.) (N o . 8 2 )......................
July 1
Juno 30 Holders of reo. June 22
IX July 2 June 21
ul
P referred (quar. ) ..................- ...........- - - - 
Special Red Cross dividend ................
July 15
to
July 1
Juno 30 Juno 24
IX July 15 July 1
C ine. N ew port A C o v .L . A T r ., c o m .(q u .).
8
N ew York (q u a r .) ........... - .....................
July 15
to
July 1
Juno 30 June 24
IX July 15 July 1
ul
» Preferred (q u a r.) _______ _______- ............
Special Red Cross dividend -------------July 1
Juno 30 Holders of reo. Juno 29
IX July 2 June 17
C incinna ti Street Ry. (q u a r .). ......... - ..........
3X
P eople’s (B rooklyn) (q u a r .) ....................
June 30 Holders of reo. June 22
X July 1 Holders of reo. June 15
5
Cities Service, com . & pref. (m o n th ly )..
T itle Guarantee A Trust (q u a r.) ---------July 2 Holders o f reo. June 30a
fX July 1 Holders of reo. June 15
3
Common (payable In common s t o c k )..
Tran satlantic...............................- —
Aug, 1 Holders of reo. July 15
July 2 Holders of reo. Juno 23a
X
4
Cities Service, com . A p ref. (m onthly) .........
Union (quar.)..............- ................ .........
Holders of reo. July 15
Aug. 1
July 2 Holders of reo. Juno 23a
1
Com m on (payable in com m on stock ) ------ f X
E x tra..............- ....................................
Aug. 15 Holders of reo. July 31
July 2 Holders of reo. June 21a
25
Civic Invest. A In d u s, (quar.) (N o . 4 ) -----United States..........................................
July 15
July 16 July 1 to
2
Consolidated T raction o f N . J . . .
June 30 Holders of rec. M ay 31a
S3
Continental P ass. R y ., P hlla -----F ir e I n s u r a n c e .
Ul
July 2
IX July 2 Holders of reo. June 16a H o m e (s p e c ia l R e d C r o s s d iv id e n d ) .
Cleveland Railway (quar.).........
Holders of reo. June 15a
July
3
Columbus (Ga.) Elec. C o., pref. (N o. 22)
Holders of rec. June 15
IX July
Columbus R y ., Pow . & L t., pf. A (q u .).
M iscellaneous
Holders of rec. June 15a
July
1
Duluth-Superior Traction, pref. (qu ar.).
IX July 1 2 Holders of rec. Juno 15
A d i r o n d a c k E le c . P o w ., p ref. (g u .) ( N o . 3 ) .
Holders of rec. July 1
I X Aug.
Duqucsne Light, pref. (quar.) (N o. 10 ).




2X
1

3

Name of Company.
M iscella n eou s (C o n tin u e d ).
Ahmcck Mining (quar.) (N o. 2 2 ) ............ .

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Inly 10 Holders of rcc. June 15a
July 15
July 18 July 7 to
July 14 Holders of rec. June 30
$1
IX ■ Inly 14 Holders of rec. June 30
(x) June 29 Holders of reo. June 26
IX ■July 16 Holders of rec. Juno 30a
hX July 10 Holders of rec. June 30a
July 3 Holders of reo. June 13a
S3
IX July 16 Holders of rec. June 22a
1 X July 16 Holders of reo. Juno 22a
75c. July 2 Holders of reo. June 15a
IX July 2 Holders of reo. June 16a
IX June 30 Holders of reo. June 22a
June 30 Holders of reo. June 22a
2
1
June 30 Holders of reo. June 22a
s5
June 30 Holders of reo. June 22a
u1
June 30 Holders of rec. Juno 22a
IX July 2 Holders of reo. Juno 15a
hlX July 2 Holders of reo. June 15a
1
July 2 Holders of rec. June 12a
1
July 2 Holders of rec. June 12a
IX July 2 Holders of reo. June 12a
IX July 2 Holders of reo. June 22
IX July 2 Holders of rec. June 15a
51.60 July 2 Holders of reo. M ay 31a
2
Sept. 1 Holders of rec. Aug. 22
2X July 2 Holders of reo. Juno 19
/2
July 2 Holders of rec. Juno 19
1M Aug. 1 Holders of rec. July 18
IX July 2 Holders of reo. June 15a
75c. .1 :nc 30 Holders of rec. June 15
IX July 2 Holders of rec. June 22a
IX July 1 Holders of reo. June 15
IX July 3 Holders of reo. Juno 22a
of rec. July 5a
IX July 21 Holders of rcc. June 22
til
July 25 Holders
1
July 11 Holders of rcc. July
5
IX July 1 June 16 to Juno 30
IX July 1 Juno 16 to June 30
IX July 2 Holders of rcc. June 21
IX July 2 Holders of reo. June 16
ix July 2 Holders of rcc. June 20a
to
June 30
June 30 June 22
3
June 30 Holders of rcc. June 21
«1
July 15 Holders of reo. June 30a
2
July 15 Holders of reo. June 30a
3
IX July 15 Holders of rec. Juno 30a
July 15 Holders of rec. June 30a
1
IX July 15 Holders of rec. June 30a
IX July 2 June 16 to June 24
IX July 2 June 16 to June 24
2
July ■s July 3
to
July 4
U1
July
Holders of rcc. June 15a
3
IX July 2 Holders of rec. June 15a
IX June 30 Holders of reo. June 16a
IX ju iy l) Holders of rec. June 25
IH July 2 Holders of rcc June la
1 H Oct. 2 Holders of reo. Sept, la
Aug. 15 Holders of reo. Aug. la
3X Sept. 1 Holders of rec. Aug. 18a
June 30 Holders of rec. June 23a
2
July l<) Holders of rcc. Juno 30
2 Vi July 1 M ay 16
to
M ay 31
I Vi July 2 Holders of rec. Juno 15a
1
July 14 Holders of rec. July 10a
July 14 Holders of rec. July 10a
1Y
\
IX July 16 June 16 to Juno 27
IX July 16 Juno 16 to June 27
u50c. July 16 Holders of rec. June 26
IX July 1 Holders of rec. June 15
Deo. 1 Holders of rec. N ov. 15a
IH
l x July 16 Holders of reo. Juno 30a
5
Aug. 1 Holders of reo. Juno 29a
oIX July 2 Holders of reo. Juno 8a
ul
Aug. 1 Holders of rec. June 29a
IX ■Ally 2 June 23 to July 2
5
July 2 June 23
to
July 2
sx July 1 Holders of rcc. Juno 9a
$1.25 July 2 Holders of rec. June 15
ix July 2 June 21 to 'J u ly 1
ix Aug. 1 Holders of reo. July 27a
l c . Aug. 1 Holders of rcc. July 15
lc . Aug. 1 Holders of rcc. July 15
IX July 2 Holders of rec. June 20a
lx July 16 Holders of rec. Juno 30a
2
July 14 Holders of rec. June 30
2X July 2 Holders of rec. Juno 15a
2X July 2 Holders of reo. June 16a
IX July 2 Holders of rec. June 15a
$4

Alabama Co..1st pref.(acc't accumulations) ft21

Ajax Rubber, Inc. (Red Cross die.) - ...............
Allls-Clialmers M fg ., prof, (quar.) ---------Prcf. (on account accurn. dividen ds)..
Allouez Mining (quar.) ------------------ --------Ainer. Agrlc. Chem ., com .(qu.) (N o. 23).
Am cr. Hect Sugar, prcf. (quar.) (N o. 72)

Preferred (payable In Liberty bonds) . .
Prcf. (special contrlb.to lied Cross Assn)
American Can, preferred (quar.)................
Preferred (on acct. accumulated dlvs.)
Amer. Car A Fdry., com . (qu.) (N o. 59)
Com m on (extra) . . - ..................... —
Preferred (quar.) (N o. 7 3 ) . ............. —
American Chicle, preferred (q u a r.)--------American Cigar, preferred (quar.)--------American Express tquar.j----------------------

American Gas (quar.) --------------------------- —

Amer. Gas & Klee., com. (q u .) (N o . 29)_
Common (payable In common stock) . .
Preferred (quar.) (No. 12). . ._ . . . . ..
Amcr.Graphophone. com . (qu.) (N o. 49)
Amer. International Co. (quar.)................

Amer. La France Fire Eng., Inc., pref.(qu.)

American Linseed, preferred (N o. 7 ) ____
American Locom otive, common (q u a r .)..
Preferred (quar.)_______ _____________

Amcr. Locomotive, com.(Red Cross dlv.)___
American Machine & Foundry..................

Amcr. Manufacturing, com. (quar.)_______
Preferred (quar.).......... ..
Amcr. Power & Light, prcf. (qu.) (No.31)
American Public Service, pref. (q u a r .)..
American Public Utilities, prcf. (q u a r .)..
American Radiator, com mon (qu ar.)___

American Radiator, com. (Red Cross dlv. .
)

American Rolling Mill, common (qu ar.j.
American Seeding Machine, com . (quar.)

Amer. Smelt. A Refg., com. (Red Cross) —
American Snuff, common ( q u a r .)...........

American Sugar R efg., c o m . <tpref.(quar.)
Common and preferred (quar.).............

Amcr. Telephone A Telegraph {quarA------

American Woolen, common (quar.).........
Preferred (quar.).............................. - - - -

Anaconda Copper Mining (Red Cross dlv. ) .
Arkansas Light A Power, pref. (quar.)------

Associated Dry Goods. 1st prcf. (N o. 1 ) ..
Associated Oil (quar.)----------------------------Ati. Gulf A W . I. SS. Lines, com m on____
Preferred (quar.)--------- --------------------Atlantic G . A W . I. SS. Lines, com .(ext.)

Atlantic Steel, common (quar.).......... ..............
Common (extra)-------------------- --------- ---------

Baldwin Locom otive W orks, preferred . .
IJultlmore Electric, preferred........... ..........
Baltimore Tube, com . A pref. (q u a r .)...
Barnhart Bros.ASplndler, lst&2d pf.(qu)
Barnett Oil A Gas (monthly) (No. 3 ) ...........

Extra...................................................................

Barrett Company, common (quar.)-------Preferred (quar.).......................................
Bell Telephone o f Canada (qu ar.)----------Bethlehem Steel, common (quar.)..............
Com m on, Class B (quar.)-------------------Preferred (quar.).......................................

Bethlehem Steel, Class A <fc B (Red Cross).. ul
2
Billings A Spencer (quar.)................................
3
Extra............................................................—
Booth Fisheries, common (quar.)..............
First preferred ( q u a r . ) . .. .......................

Borden's Condensed Milk, common...............

Brier Ilill Steel, common (quar.)..............
Common (extra)______________________
Preferred (quar.)----------- --------------------Brltlsh-Amerlcan Tobacco, ordinary—
Brooklyn Union Gas (quar.) (N o. 05) —
E x tra -.............................................................
Brunswlck-Balkc-Collendcr. pref. (q u .).
B u cyru sC o., pref. (quar.) (N o. 9 ) ...........
Burns Bros. Ico C orp., first prcf. (q u .).
Butte A Superior M ining (qu ar.).............
B u tt e * Superior M in. (spec.) (RcdCross)

California Elec. Generating, prcf. (quar.)..
California Packing Corp., pref. (q u a r .)..
California Petroleum Corp., pref. (quar.)

Canada Cement, Ltd., common......................
Canada Steamship Lines............. .................

Canadian Cons. Rubber, Ltd., pref. (quar.)
Canadian Cottons, Ltd., com. (quar.) ...........
Preferred (quar.)------ - - - - r
Canadian Gen. Elec., com. (qu.) (N o. 72)
Canadian Locom otive, preferred (quar.).

Case (J. I.) Thresh. M ach., pref. (quar.)
Celluloid C o. (a u a r.)..............................—
Central Aguirre Sugar Cos., com m on ------

Central Coal * Coke, pref. (quar.)..................
Central Foundry, lsi pref. (quar.).................
Central Leather, preferred (quar.) ----------

Central

s. A . Telegraph {quar.)--------------

Central States Elec. Corp.,pf.(qu.)(No.20)
Chandler M otor Car (a u a r .)....................
Extru..................
....................

Chandler Motor Car (Red Cross)....................
Chicago Telephone (quar.)
...............
Chino Copper C o. (quar.j
....................
Special (Red Cross contribution) .............

Cincinnati Gas A Electric (quar.) ...............
City Investing, prcf. (quar.).............................

Cluett, Peabody A C o., Inc., pf. (quar.)
Colorado Power, common (qu ar )
___

Colorado Springs L., II. A /*., pref. (quar.)

C olt’s Patent Fire Arms M fg. (quar.)
Commonwealth Lt. A P o w ., p f. (qu.) . .
Computlng-Tabulating-Rccordlng (quar.)
Consol. Gas, E l. L . A Pow , Balt, (quar.j




2529

THE CHRONICLE

J une 23 1917.1

July
July
1
July
1 H July
u50c. Aug.
IX July
5
duly
i x July
6
Juno
i x July
1
July
i x July
1
July
i x July
52.5C June
u40c. July
1 X July
IX July
1
July
i x July
to2 1-3 July
IX June
1
July
i x July
2
July
IX July
IX July
i x July
2
June
2Vi July
IX July
i M July
2
July
IX July
1Vi July
IX Juno
2
July
1
July
ul
July
2
Juno
52.50 June
u40c. July
IX July
IX July
IX July
X July
IX June
July
$3
IX July
July
i
July
2

2 June 24
to
July 1
2 Juno 24
to
July 1
2 Holders of rec. June 20a
2 Holders of rcc. Juno 20«
15 Holders of rec. Aug. 1
1 June 21
to
July
1
] June 21
to
July
1
1 June 21
to
July
1
See note (1)
30
2 Holders of reo. Juno 15a
2 Holders of reo. June 15a
dl Juno d21 to Juno 30
2 Holders of reo. June 20
2 Holders of rcc. June 11a
30 Holders of rec. Juno 15a
25 Holders of rcc. July <114
2 Holders of rec. June 22a
1 Holders of rcc. June 22a
1 Holders of reo. June 20a
1 to
July 10
10 July
31 Holders of rec. July 15
30 Holders of rec. June 22a
4 Holders of rec. June 25
4 Holders of rec. June 25
2 Holders o f reo. June 15
1 Holders of rcc. Juno 20
2 Holders of rcc. June 25a
1 Holders of rec. Juno 11a
31 Holders of rcc. June 15a
1 Holders of rcc. June 25
l Holders of rec. June 25
U Holders of rcc. June 30a"
16 Holders of rec. June 30a
2 Holders of rcc. June 8a
! Holders of rec. June 30a
3( Holders of rec. June 9
1 Holders of reo. Juno 15a
1 Holders of rcc. June 15a
1 Holders of reo. June 26
31 Holders of rec. June 29a
30 Holders o f rec. June 15a
25 Holders of rec. July <H4
1 Juno 15
to
Juno 21
2 Holders of rec. June 27
2 Holders of reo. June 20a
If Holders of reo. Juno 30
30 Holders of rcc. Juno 14
1 Holders o f rcc. June 15a
2 Holders of rcc. June 28
1C Holders of rcc. Juno 25a
2 Holders of reo. June 15a

Name of Company.
M iscella n eou s (C o n tin u e d ).
Consol. Interstate-Callahan M in. (quar.)

Consumers' El. L. A P., New Or,,pf.(qu.) .

Consumers Power (M ich .), pref. (q u a r.j.
Continental Can, com m on (quar.)............
Preferred (quar.)_____________________

Corn Products Refining, pref. (quar.)_____
Pref. (on acc't accumullaed dlvs.)_______
Cote Plano Mfg., pref. (quar.)........................
Cramp (W m.) A Sons Ship A Eng. Bldg.

Crocker-Wheeler Co., common (quar.)____
Common (extra)__________________________
Preferred (quar.) — ............... .......................

When
Per
Cent. Payable.
$1

IX
IX
IX
IX
IX
ha
ix

3
2
1

IX
11)4
IX
h>
h2
IX
•2X
IX
IX
2
Detroit Edison (quar.)_____________________
X
Distillers Securities Corporation (quar.)...
IX
Dodge Manufacturing, common (quar.) —
1%
Preferred (quar.)_________________________
IX
Dominion Canners, Ltd., pref. (q u a r .)..
IX
Dominion Glass, Ltd., preferred (quar.).

Crucible Steel, pref. (quar.) (N o. 5 7 ) . . .
Pref. (on acct. of accumulated d l v s .) ..
Crucible Steel, pref. (No. 58) (acc’t accurn.)
Cuba Cane Sugar Corp., pref. (quar.) —
Cuban-Amcrican Sugar, common (quar.)
Preferred (quar.)......... ...........................
D ayton Power A Light, pref. (qu ar.)------

Dominion Steel Corp., Ltd., com . (quar.)
Dominion Textile, L td., common (quar.)

1

IX
2
Duluth Edison E lec., pref. (qu.) (N o. 45)
IX
duP ont(E .I.)de N em .A C o..deb.stock(quj
IX
d uP ont(E .I.) de Nem. Pow ., com . (q u .).
IX
Preferred (qu ar.)_______ _____________
IX
duP ont(E .I.)deN em . A C o., com . (spec.) ul
Eastern Steel, common (quar.)__________
2X
2X
Eastman K odak, common (quar.).........
Draper Corporation (quar.)________________

Preferred

(quar.)____________________

Edmunds A Jones Corp., common (quar.).
Preferred (quar.).------------ ---------------------Elsenlohr (Otto) A Bros., Inc., pref. (quar.)
Electrical Securities Corp., com. (quar.)___
Preferred (quar.)..... ....................... ................
Electric Light A Power Ablnglon A
Rockland, Mass. (No. 4 8 )_____________
Electric Stor. Batt., com . A pref. (qu.)
Empire Steel A Iron, preferred..................
Preferred (extra)_____________________

Erie Lighting, preferred (quar.)......................
Eureka Pipe Line (quar.)__________________

Galena-Signal OH. common (qu ar.) -------Preferred (quar.)________ _______ ______
Gaston, Williams A Wlgmore (Red Cross).
General American Tank Car Corporation
first and second preferred (quar.).........
General Baking, pref. (quar.) (N o. 2 2 ) ..
General Chemical, preferred (quar.) -----General Electric (quar.)......... — ............ -

ix

SI

IX
IX
2

IX

Books Closed.
Days Inclusive.

June
June
July
July
July
July
July
July
Aug.
July
July
July

30 Holders of rec.
to
30 June 10
2 Holders of rec.
2 Holders of rec.
2 Holders of rec.
16 Holders of rec.
16 Holders of rec.
2 Holders of rec.
22 to
1 July
14 Holders of rec.
14 Holders of rec.
14 Holders of rec.

Juno
June
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
Aug.
June
July
July
July
July
July
June
July
Aug.

30 Holders of reo. June
30 Holders of rec. June
31 Holders of rec. July
2 Holders of reo. June
2 Holders of rec. June
2 Holders of rec. June
2 Holders of reo. June
15 Holders of rec. June
18 Holders o f rec. July
2 June 24
to
June
2 June 24
to
June
3 lune 19
to
July
2 Holders of rec. June
2 Holders of rec. June
3 Holders of rec. June
2 Holders of rec. June
2 Holders of rec. June
25 Holders of rec. July
1 Holders of rec. July
1 Holders of rec. July
23 Holders of rec. June
16 Holders of reo. July
2 Holders of rec. June
2 Holders of rec. June
2 Holders o f rec. June
2 Holders of rec. June
30 Holders o f rec. June
2 Holders of rec. June
1 Holders of rec. July

July 2 Holders of
July 2 Holders of
July 2 Holders of
July 2 Holders of
July 2 Holders of
ix
Aug. 1 Holders of
6
June 30 Holders of
3
2
June 30 Holders of
u25c. July 16 Holders o f
4
1

3
A3

IX
1
1X

2
Ul
IX

July 2
July 1
July 2
July 14

June d20
Holders of
Holders of
Holders of

June 15a
July 1
June 15a
June 20a
June 20a
July 3
July 1 3
June 23
A u g. 1
July 5
July 5
July 5
15a
15a
16
15a
15a
15a
20a
30
2
30
30
2
12
5
15
11a
19
10a
21a
21a
IS
2
2a
2a
20
20
20
29a
21a

rec.
rcc.
rec.
reo.
rec.
rec.
rec.
rec.
rec.

June
June
June
June
June
July
M ay
M ay
June

22a
18a
20
20
20a
16
31a
31a
30a

to
rec.
rec.
rec.

July 1
June 16
June 18a
June 16a

General Motors Corp., com. (quar.)---------Preferred (quar.)............................ ................
General Petroleum (quar.) ........ ............... .

General Railway Signal, com. A pref. (qu.)
Gold & Stock Telegraph (quar.)......................
Goodrich (B. F.) C o ., common (q u a r .)..
Goodrich (B . F.) C o ., pref. (quar.)...........

Granby Cons. Min., S. A Pow., Ltd. (qu.)

IX
2X

July
1 Holders of rec. June 20
Aug. 1 Holders o f rec. July 14
Aug. 1 Holders o f rec. July 14
Oct. 1 Holders of rec. Sept. 20
July 2 Holders of rec. June 19
July 2 Holders o f rec. June 30a
Aug. 15 Holders of reo. Aug. 3a
July 2 Holders o f reo. June 22a
Aug. 1 Holders of rec. July 18

2
2

General Fireproofing, com . A pref. (qu.)

July

3

IX
v2X
IX
IX
1

IX July
Great Lakes Transit, common---------------------- s i . 75 July
IX July
Preferred (quar.).. ............ ..........................
Great Lakes Towing, preferred (q u a r .)..

Great Western Sugar, common (q u a r.)..
Preferred (quar.)_____________________
Guantanamo Sugar (q u a r .).. ....................
Gulf States Steel, common (qu ar.)-----Common (extra)............. - ............ ..........
First preferred (quar.)............................
Second preferred (qu ar.)......................
G ulf States Steel, com . (Red Cross contr.)
Harblson-Walkcr Refractories, p re f.(q u .).

Harrisburg (Pa.) Lt. A Pow., pref. (qu.)..
Hart, Schaffner A M arx, Inc., com . (qu.)
Preferred (quar.).................................—

Hartford City Gas Light, com. (quar.)------Preferred (quar.)................. . ....................
Haskell A Barker Car (q u a r .)............ ..
Haverhill Gas Light (quar.) (N o. 8 6 ) . .
Ilclrne (George W .) C o ., com . ( q u a r .)...
Preferred (quar.)......... .............................
Ilcndee Mfg., pref. (quar.) (No. 15).........
Hercules Powder, common (q u a r .)..........
Com m o i (extra)---------------------------------Hercules Powder (Red Cross contribut’ n)
Homcstake Mining (monthly) (N o. 514)

Houston Gas A Fuel, pref. (quar.).......... ......
Howe Scale, common (quar.)...........................
Preferred (quar.)................... .......................
Huntington Deni. A Gas, pref. (quar.) —
Hupp Motor Car Corp., prcf. (qu.) (No. 7)
Imperial T obacco of C anada,com .(N o.23)
Indian Refining, preferred. . . . . . . . . .
Ingersoll-Rand C o., preferred........... ........

Inspiration Consol. Copper (Red Cross) —

Int. Ilarv. Co. of N .J .,co m .(q u .)(N o . 30)

International Mercantile Marine, pref-----International Nickel, com. (Red Cross)-----International Salt (qu ar.). . . . . . . . . -----

International Salt (Red Cross dividend) —

International Silver, preferred ( q u a r .)...

Island Creek Coal, common (quar.) ...............
Preferred (quar.)........................ .. . . . . . .
Kansas Gas A Elec., pref, (quar.) (No. 29)
Kaufmann Department Stores, pref. (qu.)
Kayser (Julius) A C o ., common (q u a r.).
First and second preferred ( q u a r . ) . . . .
Kellv-Sprlngfield Tire, pref. (quar.) -------

Kelsey Co., common (quar.).............................
Preferred (quar.)................. ................ ............

Kcnnecott Copper Corp. (quar.) (N o. 6 ) .
Kennecott Copper (Red Cross contrlb.).

Kerr Lake Mining (Red Cross dlv.)-----------Keystone Tire A Rubber, com. (quar.)____
Preferred (quar.)..............................................
Preferred (extra)............................. .............

K olb Bakery, pref. (quar.) (N o. 22).........
Kresgc (S. S.) C o ., com m on......................
Preferred (quar.).............................. _
Kress (S. H.) A C o., preferred (q u a r .). . .
La Belle Iron Works, common ( q u a r .). . .
Preferred (quar.)........................ .. ............
Lackawanna Steel, common (qu ar.).........
Common (extra) -------------------------------------

iMke Torpedo Boat, first preferred.................
La Rose Consolidated Mines (quar.) _ _
Laurentide C o ., Ltd. (qu ar.)....... ...............

Laieyers' Mortgage (quar.) (No. 6 3 )...........

Lehigh Valley Coal Sales ........ .......... .. . .

50c. July
July
July
July
$1.25 July
2
July
1
July
IX July
IX July
Ul
July
IX July
IX June
1
Aug.
IX June
75c. June
50c. June
75c. July
$1 .12 X July
2X July
IX July
IX July
2
June
2
June
Ul
June
65C. June
IX June
1
July
IX July
IX July
IX July
IX Juno
h5X June
3
July
u25c. July
IX July
3
Aug.
u25c. July
I K June

IX
10
IX

uX
IX

July
$2.50 July
S I.50 July
IX July
IX JulyIX July
IX July
IX Aug.
IX July
IX July
IX July
S1.5C June
u 2 0 c July
«15c. Aug
30c July
2 0 c July
3 l-3 c July
IX July
July
2
IX July
IX July
June
3
June
2
IX June
2X June
35c. June
5c July
2X July
2
June
July
$15

2
2
2
10
2
2
2
2
2
2
2
2
2
20

30
31
30
30
30
2
2
2
2
2

25
25
25
25
30
2
2
2
2

29
25
I
30
16
1
20

30
2
2
2

Holders of rec. June 15
Holders of rec. June 20a
Holders of rec. June 20a
Holders o f reo.
Holders o f rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders o f rec.
Holders of rec.
Holders of rcc.
Holders o f rec.
Holders of rec.
Holders of rec.
Holders of reo.
June 16
to
June 16
to
Holders o f rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
June 16
to
June 16
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.

June
Lune
June
June
June
Juno
June
June
June
July
June
Aug.
June
July
July
June
June
June
June
June
June
June
June
June
June
June
June
June
June

15a
15a
15a
15a
15a
15a
15a
15a
25a
10a
18
20a
20a
1
1
15a
14a
16a
16a
20
24
24
15
20a
21
20a
20a
20
20

Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
June 16
Holders
Holders

June
June
July
June
July
July
June
June
July
June
June

9
16a
13
25a
16

of
of
of
of
of
of
of
of

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

6

15a
20a
2
23
23

1
2
2
2
1
2
2
2

30
25
10
2
2
2
1
2
2
1

30
30
30
30
30
20

3
30
14

Holders of rcc.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rcc.
Holders of rec.
Holders of rec.
June 9
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
June 19
to
June 19
to
Holders of rec.
June 17
to
June 17
to
Holders of reo.
Holders o f reo.
Holders of rec.
July 1
to
Holders of rec.
Holders of rec.
Holders of reo.

June 23
June 20
Juned21c
iulyd20a
June 18a
June 26
June 26
June 10
July 14a
July 5a
June 22
June 22
June 22
June 16
July 2
July 2
June 20a
June 22
June 22
June 15a
June 15a
June 20a
July 17
June 21
June 21
J u n e' la

N a m e o f C om pany.

M iscella n eou s (C o n tin u e d ).
Lehigh Valley Coal Sales ______ __________

Lehigh A Wilkes-Barre C oal........... ..........
Library Bureau, preferred (quar.)______
Preferred (account accum. dividends).
Liggett & Myers Tobacco, pref. (quar.) .
Lone Star Gas (q u a r.)__________________
Looso-Wiles Biscuit, 1st pref. (quar.)_
_
Lorlllard (P.) C o., •ommon (qu ar.)____
Preferred (qu ar.).......................................
M a cA n d rew s A Forbes, com m on (q uar. ) . .
Com m on (e x tra ) ............................ .......... ..
Preferred (g u a r.) ............. _______________
M ackay Companies, com . (qu.) (N o. 4S)
Preferred (quar.) (N o. 5 4 )........... ........
M agm a Copper Co. (qu ar.)........................
M a g m a Copper Co. (Red Cross dividend) . .

Manatl Sugar, preferred (quar.)________
Manhattan Elec. Supply, com . (q u a r .)..
First and second preferred (quar.)____
M anhattan Shirt, preferred (quar.).........
M a n n in g , M a xw ell A- M o o r e, In c. (quar.)
M a ryla n d Coal (e x tra ) _____ _____ ________
M assachusetts Lighting C os., new com .(qu.
P r e f e r r e d ______________ _____ _
. _.

Mathieson Alkali Works, com . (q u a r .)..
Preferred (qu ar.)_____________________
Maxwell M otor, Inc., common (q u a r .)..
First preferred (quar.)........... .................
Second preferred (qu ar.)........................
M a y Department Stores, prof. (q u a r .)..
M cC rory Stores Corporation, pref. (qu.)
Merchants Despatch Transportation____
Mergenthaler Linotype (qu ar.)...............
Mexican Petroleum, Ltd., pref. (quar.) .
M e x ica n Telegraph (q u a r.) ..........................
M ia m i Copper (Red Cross d ivid en d ) ______
Michigan Light C o., preferred (q u a r .)..

Per
Cent.

1
1
1A
1A
1A

3
25c
$1.50
1A
ia

2A
1 Ve
1A
IA
1H
2A
2A
2
2A

25c.
IA
1A

M iddle West Utilities, com m on(quar.) _. u 50c
M ohaw k M in in g ............. .......... ..................... 310
Special (Red Cross d iv id en d ) ................. .. uo 0 c.
M ontana P ow er.com . (quar.) (N o. 1 9 )..
I'A
Preferred (quar.) (N o. 19)......................
in
M ontgom ery Ward A C o., pref. (nuar.)_
m
2
M on trea l Light, I I. A- P. (quar.) (N o . 65)
2
M on trea l Telegraph (q u a r.) ............. ............
M ortgage Bond Co. (q u a r.) ________ _______
lH
M otor Products Corporation (quar.)____

31

M ou n ta in States T elep. A- Teleg. (quar.) .
N a ssa u Light A Power (q u a r .) ......... ............

2

Public U tilities C orporation, p ref. (q u a r.).

Quaker Oats, common (quar.)..................
Preferred (q u a r.)................... ..................
Quincy Mining (quar.)................................
Railway Steel-Spring, common (quar.) .
Preferred (quar.).......................................
Ray Consolidated Copper (ou ar.).............
Special (Red Cross dividend) . . . . .
Realty Associates fNo. 2 9 ) .....................
Regal Shoo, pref. (quar.) (N o. 9 0 )...........
Reo M otor Car (q u a r.) ________ ________
Republic Iron A Steel, com. (qu.) (No 3)
Preferred (quar.) (No. 5 5 )...................
Reynolds (R. J.) T obacco, com. (quar.).
Common (extra)______________________
Preferred (quar.)_________ ___________
Royal Baking Powder, common (qu ar.).
Preferred ( q u a r . ) . ..... .............................




W hen
Payable.

July
$2
$3.25 June
2
July
h2
July
July
IA
2
June
July
in
July
3
July
1A
2'A July
2'A July
I'A July
July
IA
July
1
50c. June
« 10 c. July
July
1A

M ich ig a n State T elephone, preferred (quar.)

National Biscuit, common (qu.) (N o. 76)
National Glue, com m on...............................
Preferred ( q u a r .).____________________
N at. Cloak & Suit. com . (qu ar.)(N o. 2 ) . .
National Conduit & Cable, Inc. (N o. 1) .
N a tion al Fuel Gas (q u a r .)..
....................
National Lead, common (q u a r .)..............
N a tion al Lead, com . ( Red Cross dlv . ) . . _ _
National Licorice, pref. (quar.) (N o. 60)
National Paper A T ype, common (quar.)
Preferred (quar.)_____________ ________
N a tion al R efin in g, preferred (quar) . . . .
National Sugar Refining (quar.) . . .. ..
National Surety (q u a r.)............................
N ation al Surety (Red Cross dividend) . . . .
N ational T ool, com m on ( q u a r .) ...................
P referred (q u a r . ) . .. . ...................................
Nevada Consolidated Copper (qu ar.). .
S p e c ia l.......................... .... . . . . ______
New England OH & Pipe Line, pref. (qu.)
N ew England T elep. A- T eleg. (q u a r.) .........
N ew Idrla Quicksilver M in in g (q u a r.) ____
New Nlquero Sugar, common (extra)_
_
N e w York M utual Gas L i g h t _____ . . .
New York Title A M ortgage (quar.)____
New York Transit (q u a r.)........................
Nllos-Bement-Pond. common (quar.)____
NIpe Bay C o., common (quar.)..................
Niplssing Mines (q u a r .)..........................
North American Co (quar.) (No. 53).
Northern Ontario Light A Power, p ro f..
Northern Pipe Line. .....................................
Northern States Power, com mon (quar.).
Preferred (quar.)_____________________
Northw estern Electric, pref. (qu.) (N o . 9 ).
N ora Scotia Steel A Coal, L td., c o m m o n ..
Preferred (q u a r .). .......................................
Ogilvic Flour M ills, L td., com . ( q u a r .)..
Ohio Cities Gas. preferred (q u a r .).. . .
Ohio Fuel Supply (q u a r .) ..............................
Ohio State Telephone, pref. (quar.)_____
Oklahoma Producing A Refining (quar.)
Old Colony Gas, pref. (q u a r .) _____________
Old Do lnion C o. (qu ar.)______________
Osceola Consolidated M in in g (q u a r .) ______
Otis Elevator, com m on (q u a r.) ............... ......
Preferred (q u a r.) ............. ...........................
Ottawa Light, Heat A Power, Ltd. (qu.)
Owens Bottle M achine, common (quar.).
Common (extra) ............................ ........
Preferred (qu ar.)....................
.
P a cific M a il Steamship, com m on (N o . 1).
P a cific T elep. A T eleg. (q u a r .) ...................
Pan-American Deben. Corp., pref. (qu.)
Pan-Amer. Petrol. A T ram p., pf. (qu ) .
Pennsylvania Water A Pow. (qu.) (N o.l 1)
Pettlbone-Mulllken C o.. 1st A 2d pf.(qu.)
Phelps-Dodge Corp. (quar.)...................... ..
Ext,ra............................................................
Pierce-Arrow M otor Car, com m o n .. . .
Preferred (qu ar.).......................................
Pittsburgh Plate Glass, common (quar.).
Preferred (extra).......................................
Pittsburgh Steel, com m on (q u a r.) ________
Pond Creek Coal (quar.) (N o . 1)......... ..........
Prairie Oil A Gas (q u a r .)............................
Prairie Pipe Line (quar.)______ _________
Procter A Gamble, com m on (q u a r .) _______
Com m on (payable in com m on stock ) _
_
Preferred ( q u a r .). .......................................
P rovidence Gas (q u a r .) ........................ ..........
Providence Telephone (q u a r .) ....... ................

[Vol. 104

THE CHRONICLE

253 0

in
m
2
2

m

ti

2A
i

Ml
1A
2

in
2

114
3
ul
3
m

$i
«15c.
m
m

31
10

5
m
4

3
2

25c.
IQ
3
5
IA
m
IA
2A
2

2>4
IH

62>4c.
in

34c.
lA
*3

12

$0
1«
1A
1A

75c
50c.

in

50c.
l>4
1A
m
I'A
IA
2A
5A

$1.25
2

m
lA
2

50c.
3
5
5
4
2

SI
$1
1A

2A

1A
$5
I'A
1A
$1
« 2 0 c.

3
IA

25c.

1A
in
3
10
1A

2
IA

Books C losed.
D ays In clu sive.

9 Holders of
30 Holders of
2 Holders o f
2 Holders of
2 Holders of
30 Holders of
2 Holders of
2 Holders of
2 Holders of
14 Holders of
14 Holders of
14 Holders of
2 Holdors of
2 Holders of
30 Holders of
25 Holders of
2 Holders of

rec.
reo.
rec.
rec.
reo.
roc.
roe.
rec.
rec.
rec.
rec.
rec.
reo.
rec.
reo.
rec.
rec.

Juno
Juno
June
June
June
June
June
June
June
June
June
June
June
Juno
June
July
June

N a m e o f C om pany,

27
19a
20
20
15a
23a
19a
15a
15a
30a
30a
30a
9a
9a
8

14
16

July 2 Holders o f reo. June 20a
July 2 Holders of reo. Juno 20a
July 2 Holders of rec. June 25a
June 30 Holders of rec. Juno 30
Sept. 1 Aug. 22
to
Aug. 31
July 16 Holders of rec. Juno 25
July 16 Holders of rec. June 25
July 2 Holders of rec. June 20a
July 2 Holders of rec. June 20a
July 2 Holders of ree. June 11a
July 2 Holders of rec June 11a
July 2 Holders of rec. June 1 la
July 2 Holders of rec. June 20a
July
1 Holders of rec. June 20a
June 29 Holders of rec. June 26a
lune 30 Holders of rec. June 2a
luly
1 Holders of rec. June 15a
July 10 Holders of rec. Juno 30a
Aug. 10 Holdors of rec. July 5
July 2 Holders of roc. June 15a
June 30 June 26
to
July 6
July 2 Holders of rec. June 22
Aug. 1 Holders of rec. July 3a
Aug. 1 Holders of rec. July 3a
July 2 Holdors of reo. June 15a
July 2 Holders o f rec. Juno 15a
July 2 Holders of reo. June 21a
Aug. 15 Holders of rec. July 31
July 15 Holders of rec. Juno 30
June 30 Holders of rec. Juno 23
July
1 Holders of rec. June 20
July 16 Holders of rec. June 30a
June 30 Holders of rec. June 26a
July 14 Holders of rec. June 28a
July 2 Holders of rcc. June 16
July 2 Holders of rec. June 16
Jtdy is Holders ot reo. July
5a
July 16 Holders of reo. June 15a
July 16 Holders ot rcc. Juno 30a
June 30 Holders of rec. Juno 8 u
July 27 Holders of rcc. July 6
June 30 Holders of rec. June 25
J u ly d ll Holders of rec. Juno 30a
July d l l Holders of rec. June 30a
July
1 Holders of rec. June 15a
July 2 Holdors of ree. Juno 14
July 2 Holders of reo. June 22a
July 25 Holders of rec. July 2
July 1 Holders of rec. Juno 20a
July 1 Holders of rec. June 20a
June 30 Holders of rec. June 15a
July 25 Holders of reo. July 18
July 2 Juno 24
to
July 2
June 30 Holders ol rcc. June 20
June 30 Holdors ot rec. June 25a
June 29 Holders of rcc. June 25
July 10 Holders of rec. June 25a
July 2 Holders of rcc. June 22
July 14 Holders o t reo. June 23
June 2(J June 7
to
June 20
July 14 Holders of rec. June 23a
July 2 0 July
1 to
July 17
July 2 Holders of reo June 15a
July 15 Holders of rec. June 30
July 2 Holders of rec. June 11
July 20 Holders of reo. June 30
July 15 Holders of rec. June 30
July
1 Holders of rec. Juno 23
July 14 Holders of rec. June 30
July 14 Holders of rec. June 30
July 2 Holders of rec. June 20
July
1 Holders of rec. Juno 15a
July 14 Holders of rec. Juno 30a
July
1 Holders of reo. Juno 20
June 30 Holders of rec. June 20
July 2 Holders of rec. June 18a
Juno 28 Holders ot rec. June 16a
July 31 Holders ot rec. June 30
July 16 Holders of rec. June 30
July 16 Holders of ree. June 30
July 2 Holders of rec. June 20a
July 2 Holders of reo. June 21a
July 2 Holders of rec. Juno 21a
July 2 Holders of reo. Juno 21a
July 16 Holders of rec. July 2
1 to
July 16
July 16 July
1 Holders of rcc. Juno 23a
July
July
1 Holders of roc. June 15a
July 2 Holders o l rcc. June 19a
July 2 Holders of rec. June 20a
June 28 Holdors of rcc. June 25
June 28 Holders of rec. June 25
Aug. 1 Holders of reo. July 14
July 2 Holders of rec. June 15
July 2 Holders of rec. June 15
July 2 Holders of reo. June 15
July 2 Holders of ree. June 27a
July 2 Holders of rec. June 23
July 31 Holders of rec. Juno 30a
July 31 Holdors of rec. June 30a
Aug. 15 July 22
to Aug. 15
Aug. 15 July 22
to
Aug. 15
July 14 Holders of rec. June 30a
July 2 Holders of reo. Juno 20
Juno 30 Holders of rec. June 20
July 2 Holders of rec. June 15
luly 16 Holders of rec. July 2a
Aug 31 Holders of ree. Aug. la
June 30 Holders of ree. June 9a
June 30 Holders of rec. June 15a
June 20 Holders of rec. Juno 5a
Juno 30 Holders of rec. June 15a
July 25 Holders of rec. July d l l
July 14 Holders of rec. July 5
July 2 Holders of rec. Juno 21
July 2 Holders of rec. June 15
Aug. 1 Holders of reo. July 16a
July 2 Holders of rcc. June tea
July 2 Holders of rec. Juno 21
July 2 Holders of rec. June 21
July 2 Holders of ree. June 21
Juno 30 Holders of rcc. June 15a
June 30 Holders of rec. June 15a

M isce lla n e o u s (C o n c lu d e d ).
Safety Car Heating A Lighting (q u a r .)..
St. Joseph I-eud C o. (q u a r.)........................
Extra (from reserve for am ortization).
St. Joseph Stock Yards (qu ar.)..................
St. L . Rocky M l. A P a c.,com . (qu.) (N o . 13)
St. L. R ocky M t. A Pac. C o.,pref.(quar.)
Savoy O il................. ........ ...........................
Seurs. Roebuck A C o ., preferred (quar.).
Securities C o m p a n y ............ .........................
Shattuck Arizona Copper ( q u a r .).______
E x tra _______ _____ _____ . . . . _________
Shawlnlgan Water A Power (qu ar.).........
Sherwin-Williams C o. of Canada, pf. (qu)
Sim pson Creek C oal, p ref. (q u a r.) ________
Sloss-Shcffleld Steel A Iron, pref. (quar.)
Sm art-W oods, L td., preferred (q u a r.) _____
Sou. C a lif. E dison, 1st p f. (qu.) (N o . 32)_.
Southern Utilities, preferred (quar.)____
South Penn Oil (q u a r.)........... .............. ......
South Porto Rleo Sugar, common (quar.)
Preferred (qu ar.)......... ..........................
South West Pa. Pipe Lines (q u a r.)...........

Per
Cent.

W hen
Payable

Books Closed.
D ays In clu siv e.

July 2 Holders o f rec. Juno 15
June 21 June lo
to
June 20
June 2C Juno 10
to
June 20
July
I Juno 21
to
June 30
IA
l
1 to
July 9
July It July
to
June 29
1 A [June 3C June 21
30o. June 25 Holders of reo. June 11
July
1 Holders of ree. Juno 15a
1A
July 11 Holders of ree. Juno 30a
2A
50c. July 2 C Holders of rec. Juno 30a
75c. July 20 Holders of rec. June 30a
July 10 Holders of rec. Juno 28
IA
June 30 Holders of rec. June 15a
IA
1 June 22
to
June 30
July
IA
July 2 Holders ol rec. Juno 18a
IA
July 2 Holders of rec. June 27
1A
July 15 Holders of rec. June 30
IA
July 2 Holders bf reo. June 18
IA
June 30 June 15
to
July 1
5
July 2 June 16
to
July
1
5
to
July
1
2
July 2 June 16
to
July
1
July 2 June 16
3
1 Holders of ree. June 15a
Southwestern Cities E lectric, p r ef. (q u a r.).
July
IA
to
June 30
S pring Valley W ater (q u a r .) ______________ 87 A c - June 30 June 17
to
July
l
June 30 June 20
Standard Gas Light (N. Y .), com m on_
_
A
3
June 30 Juno 20
to
July
1
Preferred................................................... ..
3
July 2 June 16
to
July 2
Standard Oil (Kentucky) (quar.).............
June 20
3
July 2 lune 1 to
Standard Oil (Ohio) (quar.)....... ..............
June 20
1
July 2 June 1 to
Extra ..........................................................
1
Standard Oil Cloth, com (quar.) (N o. 7).
luly 2 Holders of reo. June 15a
Pref.. Classes A A B (quar.) (N o. 12).
July 2 Holders of rec. June 15a
1A
July 2 Holders of rec. June 18a
Standard Screw, c o m m o n . . . . ................. ..
6
Com m on (special Red Cross dividend) _
_ Ml
July 2 Holdors of rec. Juno 18a
July 2 Holders ot reo. June 18a
P referred A ___________________________
3
P referred It _____
.
.............
3 A July 2 Holders of rec. Juno 18a
Aug. 1 Holders of reo. July 11
SteelCo. of Canada,Ltd., com .(qu.) (No.2)
1
Aug. 1 Holders of reo. July 11
Common ( b o n u s )............. ............ ..........
A
Preferred (quar.) (N o. 2 4 )........... .. _
l A Aug. 1 Holders of rcc. July 11
75c. July 2 Holders of rcc June 15
Stromberg Carburetor (quar.)............. ......
Stutz M otor Car of America (q u a r .).. .
$1.25 July 2 Holdhrs of rec. June 27a
Submarine Boat Corporation (quar.) . ..
75c. July 16 Holders of ree. Juno 29
Subway Realty (q u a r .)___ ___________ .
July 2 Holders of rec. June 20a
IA
Swift A C o. (quar.) (N o. 123)...................
2
July
1 Holders of ree. June 0
T em ple Coal, preferred (q u a r .) ___________
2
July 10 Holders of rec. Juno 30
Texas Com pany (qu ar.)............. ................
2 A
Juno 30 Holders of rec. Juno 11
to
July 1
Texas A P a cific Coal (quar.) (N o . 8 8 ) ____
Juno 30 Juno 21
IA
2
July 2 Holders of ree. June 1 0 a
Tide W ater Oil (quar.).................................
July 2 Holders of rec. June 16a
E x tra_______ ________________ _________
5
T ob acco Products Corp., prel. (q u a r .)..
l A July 2 Holders of rec. Juno 18a
to
June 21
Tonopah-Belm ont Development (qu ar.). 12J4c. July 2 June 16
l
to
July 8
15c. July 21 July
T onopah M in in g o f Nevada (q u a r .) _____
to
Juno 30
3
July 3 June 24
T oronto P a p e r .________ . . . ...................
2
to Juno 30
E x tra ............................................................
July 3 June 24
Torrington C o., preferred............. .............. 87)4c July 2 Holders of rec. June 20
Common (qu ar.)_______ _ . . . . . . . . .
3
July 2 Holders of rec. Juno 20
1
Common (extra)____________ _________
July 2 Holders of rcc. Juno 20
Common (Red Crass contribution)___ ul
July 2 Holders of rec. Juno 20
Underwood Typewriter, com . (quar.)_
_
1 A July 2 Holdors o f rec. Juno 15a
July 2 Holders of rec. Juno 15a
Preferred (qu ar.)_____________________
1A
Common (quar.)..... .... ........................ ..
l Holders of rec. Sept. 15a
I'A Oet.
Preferred (quar.).......................................
Oct.
1 Holders of rec. Sept. 15a
IA
to
July
1
Union Carbide (qu ar.)....................
2
July 2 June 21
2 Holders of reo. June 15a
United Drug, com . (quar.) ( N o .2 ) ...........
l A July
July 2 Holdors of reo. June 14a
United Dyewood C orp.,com .(qu.) (N o. 2)
IA
July 2 Holders of rec. June 14a
Preferred (quar.) (N o. 3) _______ . . .
IA
Aug. 28 Holdors of ree. July 2
Untied D yew ood. com . (Red Cross d lv ) ____ Ml
2
July 14 Holders of reo. Juno 23a
United Fruit (quar.) (N o. 7 2 ) ..................
July 14 Holders of rec. June 30
United Gas Improvement (quar.)----------$1
1 to
July 15
United Paperboard, Inc., pref. (q u a r .)..
U4 July 15 July
United Shoe Machinery, common (quar.)
50c. July 5 Holders of roe. Juno 19
Common (payable In Liberty b o n d s).. S$1
July ft Holders of rec. Juno 19
Common (payable In common stock ). . /82.50 July 5 Holders of rec. Juno 19
Preferred (quar. ) . . ................................... 37 A c July 5 Holdcts ot rcc. Juno 19
U. S. Gypsum, pref. (q u a r .)........................
June 30 Juno 21 to
July la
IA
U.S Indust. Alcohol, pref., (qu.) (N o.43)
I A iJulv 15 Holders of ree. Juno 30a
Juno 29 June 2
United States Steel Corp., com . (quar.).
to
June 4
1A
to
Juno 4
3
June 29 Juno 2
Com m on (extra)........... ........ .....................
July 28 July 3
to
July 4
Common (special) ______ _ __________ ul
U . S. Steamship (bi-m on th ly).. . . . .
1 0 c. July
1 Holders of rec. June 16a
Extra .......................... .. .. ........... ............
5c. July 1 Holders of rec. June 10a
United U tilities, p ref. (q u a r .) ............. ........
July 2 Holders of rec. June 20
1A
Utah Consolidated Mining (q u a r.)...........
June 25 Holders of rcc. June 9
$1
Utah Copper (quar.)......... ...........................
$3.50 June 30 Holders of rec. June 15a
Special .......................................
u50c. July 25 Holders of rec. J u ly d lla
1*4 July 2 Holders of ree. Juno 20a
Utah Gas A Coke, preferred (qu ar.)_____
Utilities Sseuritles Corp. pref. (quar.).
June 27 Holders of ree. June 16
IA
Victor Talking Machine, common (quar.)
July 14 Holders of rec. June 30
5
Preferred (quar.).
. . . . . . . .
July 14 Holders of rec. June 30
1A
W arnor(Chas.)Co. of D et.,lstA2 1 pf.(qu)
July 26 Holders o f reo. June 30a
1A
W arren Bros. C o ., first preferred (q u a r .)..
2 Holders of rec. Juno 20
I'A July
Second preferred (q u a r .) ............................
July 2 Holders ol rcc. June 20
1A
to
June 30
Washburn Wire, common (qu ar.). . . .
2
Juno 25 Juno 19
to
June 30
Preferred (quar.). .............................. ..
Juno 25 June 19
1A
Western Electric, common (quar.)______
$2
June 30 Holders of ree. Juno 23a
Preferred (qu ar.)............... ...... ................
1V4 June 30 Holders of reo. June ‘23a
Western Union Telegraph (qu.) (N o .193)
H4 July 16 Holders of ree. June '20a
W esllnqhouse Elec. A M f g ., com . (q u a r.). 8714 c. July 31 Holders of rec. June 30
Preferred (q u a r.) ......... .......... ..................... 8714 c. July 16 Holders of reo. June 30
Com m on and pref. (R e t. Cross dividend)
u2 5c. July 31 Holders of rec. June 30
W elsb tch C o., com m on (a n n u a l) ..................
2
Juno 30 Holders of rec. Juno 23
P r e fe r r e d ........... ........................................ ..
3 A Juno 30 Holders of rec. June 23
W estm oreland Coal (q u a r.) ....... ...................
July 2 Juno 20 to July 2
Weyman-Bruton C o., common (q u a r.)..
3
July 2 Holders of ree. June 18a
July 2 Holders of rec. June ISa
Common (extra)........... ........ .....................
2
Preferred (quar.)________ ____________
1*4 July 2 Holders of rec. June 18a
July 2 Juno 21
W heeling M ou ld A Foundry, p ref. (q u a r .).
2
to
July
1
Wheeling Steel A Iron (q u a r.)...................
2
Juno 30 lune 17
to
July
1
E x tra ............................ ...............................
1
June 30 lune 17
to
July
t
White M otor (quar.) .....................................
$1 d June 30 Holdors of rcc. June 16a
Wlllys-Ovorland. preferred (qu ar.)_
_
July
1 Holders of rec. Juno 20a
IA
Wilson A C o ., preferred (quar.)........... ....
July 2 Holders of reo. Juno 25a
1A
W olverine Copper M in in g (Red C ross) ____
u~)0c. Au«?. 1 Holders o f rec. July
3a
Woolworth (F. W ). pref. (qu ar.)...........
Holders of rec. June 9a
1*4 July
Worthington Pump A M .,Cla.ssA.pf.(qu.)
1*4 July 2 Holders of rec Juno 20a
W orthington Pum p A M a ch ., pref. B .
2 Holders of ree. June 25a
I'A July
Yale A Towne Manufacturing ( q u a r .).._
luly 2 Holders of reo. June 22
2A
Youngstown Sheet A Tube, com . (quar.)
2
Juno 30 Holders of rcc. June 20a
lone 30 Holders of rec. Juno 20a
3
Common (extra)............... ......
Preferred (quar ) _ _____ ___________
_
Juno 30 Holders ot ree. June 20a
IA
to
June 10
Juno 30 lune 9
Yukon-Alaska Trust ( q u a r . ) . . . . .............
$1
to
June 13
Yukon Gold Co. (quar j . ............................
7>4o. Juno 30 June 9
2

25c.
50o.

$
1

1

a Transfer books not closed for this dividend, b Less British Incomo tax. d C or
rection. e Payable In stock. / Payable In common stock, g Payable In scrip
ft On account of accumulated dividends, i Declared SI 50, payable 50c. each
June 20, Sept. 20 and D ec. 20: transfer books closed ten days before payment of
dividend. I All transfers received in order at London on or before Juno 15 will be
In time for payment of dividend to transferees, o Declared three quarterly divi
dends on pref. stock, payable I H % as above, 1 '4 % O ct. I to holders of record
Sept. lOand 1'1 % Jan. 1 1918 to holders o f record Dec. 10.
p Formerly the Domin
ion Steel Foundries, s Payable In U. S. G ovt. 3 A % Liberty bonds, t Declared
12% payable In quarterly installments beginning July l . u Special dividend for the
purpose of enabling stockholders to make contributions of the same to the Red
Cross Association $100,000,000 fund, v Declared 10% payablo In quarterly Install
ments beginning O ct. 1.
PHto Owing to abandonment of plan to defer dividend declaration until the closo of

the year, 2 1-3% was declared payable July 1 to cover quarter to April l, and the
balance of the current year's 7% dividend was deolare l payable l A % O ct. .30 and
314% D ee. 31. t Declared a special Red Cross dividend of $11,200, payable pro
rata t o stock h old ers.

Canadian Bank Clearings.—The clearings for the week
ending June 14 at Canadian cities, in comparison with the
same week in 191G, show an increase in the aggregate of
19.8%.

n ot u su a lly dealt in at the Stock E xch a n g e,

In c. or
D ec.

1917.

S
S
%
+ 0.6 49,245,073 55,204,717
702,832 81,349,796
138,786 52,113,201 + 13.5 35,700,556 42,415,091
,964,813 35,103,804 + 39.5 18,553,230 24,961,457
5,275,293
8,039,658
6,039,960 + 39.7
,436,610
4,034,795
4,400,782
5,372,288 + 40.4
,864,126
3,034,516
3,249,413
3.562,709 + 35.2
817,425
2,008,206
2.396.044 + 29.8
2,119,080
,110,977
3,143,759
3,177,114
3.938.045 + 29.0
082,408
1,424,822
1,897,694
+ 5.0
1,699,308
,991,618
1.685,494
1,872,406 + 14.7
1,740,977
,147,779
2,299,315
3,961,215 + 63.4
4,572,032
474,419
1,251,781 + 30.9
1,454,888
2,527,131
638,134
1,846,781
1,978,629 + 40.0
3,496,320
769,894
1,414,735
2,129,864 + 57.8
2,518,717
361,960
429,239
453,713 — 14.0
479,416
390,603
1,023,502 + 82.1
659,855
802,504
1,107,791
776,674 + 37.6
066,364
596,039
879,396
371,922 + 112.9
791,985
284,237
487,972
756,807
573,370 + 31.9
565,092
560,145
640,858
463,823 + 38.1
396,323
928,0,80
297,535
371,025 — 20.0
265,194
404,061
404,296
380,764
+ 6.2
178,962
445,564
650,049
597,459
+ 8 .8
391,666
560,414
539,619
+ 3.9
572,704
578,271
— 1.0

Total Canada------------- 250,495,900 209,097,638

B A N K S L IQ U ID A T IN G T O C O N S O L ID A T E W IT H
OTH ER
N A T IO N A L B A N K S .
T h e N a t io n a l B a n k o f C a lifo r n ia a t L o s A n g e le s , C a l.
C a p i t a l . .$ 5 0 0 ,0 0 0
L iq u id a t in g a g e n t : I I . S . A I c K e e , L o s A n g e le s , C a l.
C o n s o li
d a t e d w it h T h e M e r c h a n t s N a t io n a l B a n k o f L o s A n g e le s , C a l.

Auction Sales.—Among other securities, the following.
were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:

W eek ending June 14.
Clearings at—

C anada—
M ontreal.............................
T oron to...............................
W in n ip eg______________
V a n cou v er........................
O tta w a ...............................
Q u e b e c ........... ...................
H a lifa x ............. .................
H a m ilton ______________
St. John.............................
L on d on ...............................
Calgary...............................
V ictoria...............................
Edm onton ........................
Regina...................... ..........
B ran don......................—
Saskatoon______ ________
M oose Jaw........... - ..........
Lethbridge........... ............
B rantford_______ _____ Fort W illiam....................
New Westminster...........
M edicine H at___________
Peterborough....... ............
Sherbrooke........................
K itchener...................... ..

2531

THE CHRONICLE

.June 23 1917. |

+ 1 9 .8 135,578,070 105,540,222

National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N S F O R C H A R T E R .
F o r o r g a n i z a t io n o f n a t i o n a l b a n k s :
T h e F a r m e r s N a t io n a l B a n k o f i r e d g e s v i l l o , M o n t .
C a p i t a l . . $ 2 5 ,0 0 0
T h e F a r m e r s N a t io n a l B a n k o f W a g n e r , M o n t .
C a p i t a l ______
2 5 ,0 0 0
T h e F i r s t N a t i o n a l B a n k o f B o i s e C i t y , O k la .
C a p i t a l ________
2 5 ,0 0 0

Shares.

R E D U C T IO N OF C A P IT A L .

Inc......... .$63

B onds.

$12,000 Broadway Bldg. Co part.)
mtge. certifs. Series A, 5s........... i$100
$39,000 Broadway Bldg. Co. part.j
lot
mtge. certifs. Set. B, 5s__j
320.000 North Augusta Land Co.
1st 6s, May 1917 coupons on___100 lot
$100 Park Club.of No. Plainfield
1st 4s, 1922......... ..................... ...8 3 5

Slocks.
$ per sh. Shares. Stocks.
S p er sh.
Booth Mills......... ......................... 17
J4 Sagamore Manufacturing_____ 122)4
Massachusetts Cotton Mills. 127-128 4Ji Mass. Bonding & Insurance____ 70
Great Falls Manufacturing____204
5 American Glue, common_____ 180)1
Bates Manufacturing________ 360
10 Cambridge Gas Light........... ..1 8 2
Granite Mills........... ............... -23-23)1

By Messrs. R. L. Day & Co., Boston:

$ per sh.
Slocks.
S per sh. Shares. Stocks.
69)4
2-3 Morse Twist Dril_____ ______
National Shawmut Bank_____ 208
3 Turners Falls Power & Elec___ 120)4
Merchants National Bank____ 290
20 American Felt, preferred_____ 100
Second National Bank......... .. 300)4
10 Hood Rubber, preferred............ 102)4
First N at. Bank, North Eas
5 Sullivan Machinery............... 149)4
ton, Mass__________________ 135
4 Montpel. & Barre L. & P.,com. 10
10 Border City M fg., new stock.. 95K
12 New Eng. Invest. & Sec., pref. 55
20 Pacific Mills........... .....................140
100 Merrimack M fg., pref.................. 78K
25 Massachusetts Cotton Mills— 128)4
1 Granite Mills, new.......... ............. 94)4
Bonds.
Per cent.
12 Salmon Falls M fg., com......... .. 66
S30.900 Auditorium Co. of Lynn 1st
5s, 1916.......... .......... ............ ......$509 lot
y . Sagamore Manufacturing_____ 123)4

Shares.

5
2
2
7

By Messrs. Barnes & Lofland, Philadelphia
Slocks.
S per sh.
1 Nat. Bank of Germantown, S50
par................................. ...........140
15 Robert Morris Trust__________ 65
35 Bergner & Engel Brew., pref.. 35
1 Bank of North America............259
3 Farm. & Mcch. Nat. Bank___ 150
12 Penn National Bank.................. 335
5 Bryn Mawr Trust____________ 59
25 Fidelity Trust C o________ 583-586)4
5 Fidelity Trust ($250 p a id )_ 330
_
9 Penn. Co. for Insurances, &C..712
32 Rights to subscribe Provident
Life & Trust at $100______ .341

Shares.

T o t a l C a p i t a l ..........................................................................................................$ 2 7 5 ,0 0 0

T o t a l i n c r e a s e ------------------------------------------------------------------------------------ $ 4 0 0 ,0 0 0

Stocks.

210 Parshelsky Bros.

By Messrs. Francis Henshaw & Co., Boston:
M
90
2
5
2-4

C H A R T E R S IS S U E D .
O r i g i n a l o r g a n i z a t io n s :
T h e W e s t S id e N a t i o n a l B a n k o f C h i c a g o , 111.
C a p i t a l . . .............. $ 2 0 0 ,0 0 0
T h e F irs t N a t io n a l B a n k o f T w in B r id g e s , M o n t .
C a p i t a l ___
2 5 ,0 0 0
T h e F a rm e rs & S t o c k G ro w e r s N a t io n a l B a n k o f l lo p p n e r , O re .
C a p i t a l .......................................... ........................................................................... ..
5 0 ,0 0 0

T h o G a in e s v il l e N a t i o n a l B a n k , G a i n e s v i l l e , F l a .
C a p it a l r e d u c e d
f r o m $ 2 0 0 ,0 0 0 t o $ 1 0 0 ,0 0 0 .
R e d u c t i o n .............................. ............... . _ . $ 1 0 0 , 0 0 0

Shares.

Shares.

T o t a l C a p i t a l ......................................................................................................... $ 7 5 ,0 0 0

IN C R E A S E S O F C A P IT A L A P P R O V E D .
T h e F ir s t N a t io n a l B a n k o f G ra n d R a p id s , M in n .
C a p it a l in 
c r e a s e d f r o m $ 2 5 ,0 0 0 t o $ 5 0 ,0 0 0 . I n c r e a s e -------------------------$ 2 5 ,0 0 0
T h e M e r c h a n t s N a t io n a l B a n k o f M a s s i l l o n , O h i o .
C a p it a l in 
3 5 0 ,0 0 0
c r e a s e d f r o m $ 1 5 0 ,0 0 0 t o $ 5 0 0 ,0 0 0 .
I n c r e a s e . ------------------ ■ - - —
T h e F ir s t N a t i o n a l B a n k o f N i x o n , T e x .
C a p i t a l in c r e a s e d f r o m
$ 2 5 ,0 0 0 t o $ 5 0 ,0 0 0 .
I n c r e a s e ........................................................................2 5 ,0 00

Stocks.

1 1-3 Allcock M f .,$5,000 ea.S26,500 lot
46 Brandreth C o ..'__________ $920 lot
300 The McNaull Tire Co. of O.,
preferred_____________ $1,250 lot
280 Sinclalr-Ccnt. Am. Oil Corp.
87 per sh.
110 SemaJ Realty Co.. Inc___$250 lot
4,000 Alpha Oil & Gas Co., SI ea.SGO lot
300 Nat. Cash & Voucher Corp., |
pref.. $5 each___________ )S659
500 Nat. Cash Voucher Corp., I
com., S5 each____________j

$ per sh .
|Shares. Stocks.
| 17 Philadelphia T ru st..................8 2 4
5 Pa. C. S. & Market, S50 each.. 20
20 Indep. F. I. Secur., S25 each.. 21
1 40 Peoples Nat. F. Ins. S25 each. 12)4
I 15 Plilla. Life Insur., 810 each___10)4
10 Elizabeth & Trenton R R „com . 26
4 Germantown Passenger R y___102 ’4
30 Pratt Food, SI each___________2.30
5 Phlla. Bourse, pref., S25 each. 20
4 Phlla. Bourse, com., S50 each. 7
5 Delaware & Bound Brook R R .186
Bonds.

P er cent.

$500 Philadelphia City 3)48, 1932. 92)4

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 Now York Custom House have been suspended in
definitely. 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 June 16:
L a r g o d i s c o u n t o p e r a t i o n s , m a i n l y a t t h o N o w Y o r k b a n k , in c o n n e c t i o n w it h t h o L i b e r t y L o a n a n d h e a v y g a i n s in g o l d l r e s e r v e a n d d e p o s i t s arO
in d i c a t e d in t h o w e e k ly b a n k s t a t e m e n t a s a t c l o s e o f b u s in e s s o n J u n e 15 1 9 1 7 .
T h e s t a t e m e n t d o e s n o t f u l l y r e fl e c t t h e c o n d i t i o n o f t h e R e s e r v e
b a n k s a f t e r t h o r e c e ip t o f t h e s u b s c r ip t i o n s t o t h o L i b e r t y L o a n , s i n c e t h e w e e k ly s t a t e m e n t s t o t h e B o a r d in m o s t c a s e s w e r e d i s p a t c h e d b e f o r e s u b 
s c r ip t i o n p a y m e n t s m a d e d u r in g J u n e 15 w e r e d e f in it e l y a s c e r t a in e d a n d e n t e r e d o n t h e b a n k s ’ b o o k s .
A s e x p e c t e d , t h e d e m a n d f o r l iq u id f u n d s w a s
r e a t e s t a t t h e N e w Y o r k b a n k , w h ic h r e p o r t s a n in c r e a s e o f a b o u t 9 2 m il l io n s o f d i s c o u n t e d p a p e r , a n d o f a b o u t 21 m il l io n s o f p u r c h a s e d p a p e r o n
and.
T h o b a n k a l s o r e p o r t s g a in s o f o v e r 5 3 m il l io n s in g o l d r e s e r v e a n d o f a b o u t 4 0 m il l io n s in t o t a l r e s e r v e a s t h e r e s u l t o f r e d e m p t io n o f it s n o t e s
b y t h o F e d e r a l R e s e r v e a g e n t a n d o f a d d it i o n s t o G o v e r n m e n t a n d I n c m b o r b a n k d e p o s i t s .
O th e r F e d e r a l R e s e r v e b a n k s r e p o r t b u t lit t l e c h a n g e in t h e ir c a s h r e s e r v e s , e x c e p t C h i c a g o , w h ic h l o s t o v e r 9 m il l io n s , l a r g e ly t h r o u g h t r a n s fe r
t o N e w Y o r k o f G o v e rn m e n t fu n d s .
O w i n g t o t h o r e la t i v e l y la r g e r g a in In n o t d e p o s i t s a s c o m p a r e d w it h t h o g a in in t o t a l r e s e r v e , t h e c a s h r e s e r v e
p e rce n ta g e s o f th e b a n k s sh ow s a decrea se o f o v e r 5 % .
H e a v y d i s c o u n t in g o f b a n k p a p e r b y t h e N o w Y o r k R o s o r v o B a n k a c c o u n t s l a r g e ly f o r t h e i n c r e a s e o f 1 0 4 .8 m il l io n s in t h e b a n k s ’ h o l d i n g s o f d is 
c o u n t e d p a p e r , t h o u g h B o s t o n , I m a d e l p h i a , C h i c a g o , D a ll a s a n d S a n F r a n c i s c o lik e w is e r e p o r t c o n s i d e r a b l e in c r e a s e s in t h e a m o u n t s o f d i s c o u n t e d
p a p e r h o ld .
O f t h o t o t a l s h o w n $ 1 5 8 ,3 7 9 ,0 0 0 r e p r e s e n t s t h e a m o u n t o f m e m b e r b a n k s ’ c o ll a t e r a l n o t e s , m o s t o f t h e m m a t u r in g w it h in 15 d a y s , a n d
o v e r 4 5 % b e i n g s e c u r e d b y U . S . c e r t i f ic a t e s o f in d e b t e d n e s s .
T h o E a s t e r n b a n k s , a ls o C h i c a g o a n d K a n s a s C i t y , r e p o r t s u b s t a n t i a l i n c r e a s e s in t h e ir
h o l d i n g s o f a c c e p t a n c e s , N o w Y o r k a l o n e r e p o r t in g a n i n c r e a s e u n d e r t h i s h e a d o f a b o u t 21 m il l io n s .
O t h e r e a r n in g a s s t s s h o w c o m p a r a t i v e l y s m a ll
ch an ges.
U . S . c e r t i f ic a t e s o n h a n d s h o w a d e c r c a s o o f 5 .6 m il l io n s f o r t h o w e e k , t h r e e b a n k s r e p o r t in g s a le s o f t h e s e s e c u r it ie s in s o m e v o l u m e .
W ar
r a n t s o n h a n d s h o w a fu r t h e r d o c h n o t o a b o u t 2 . 5 m il l io n s .
T o t a l e a r n in g a s s e t s — 4 8 3 .9 m il l io n s — s h o w a n i n c r e a s e f o r t h o wre e k o f o v e r 1 2 5 m illio n s
a n d c o n s t i t u t e a t p r e s e n t 8 4 6 % o t t h o b a n k s ’ p a i d - i n c a p i t a l , c o m p a r e d w it h 6 2 9 % t h e w e e k b e f o r e .
O f th o to t a l, d is c o u n ts rep re se n t 4 1 .9 % , a c 
c e p t a n c e s 3 3 . 9 % , U . S . c e r t i f ic a t e s o f i n d e b t e d n e s s 1 1 . 3 % , U . S . b o n d s 7 . 5 % , o n e - y e a r T r e a s u r y n o t e s 4 . 8 % a n d w a r r a n t s 0 . 6 % .
.
A n in c r e a s e o f a b o u t $ 1 7 1 ,0 0 0 in t h o a m o u n t o f t h e R e s e r v e b a n k s ’ p a i d - in c a p i t a l Is l a r g e ly t h e r e s u lt o f a d m i s s io n t o t h o s y s t e m o f t r u s t c o m p a 
n ie s a n d S t a t e b a n k s in t h e B o s t o n a n d S t . L o u i s d i s t r i c t s .
G o v e r n m e n t d e p o s i t s s h o w a n in c r e a s e o f o v e r 3 2 m il l io n s , t h o la r g e r i n c r e a s e w it h t h e
N o w Y o r k b a n k b e in g d u e t o t r a n s fe r s o f G o v e r n m e n t f u n d s f r o m t h e o t h e r F e d e r a l R e s e r v e b a n k s .
M e m b e r b a n k s ’ r e s e r v e d e p o s i t s s h o w a g a in o f
9 3 .8
m il l io n s , a l a r g e p o r t i o n o f w h ic h is , h o w o v e r , s u b j e c t t o i m m e d i a t e t r a n s fe r t o G o v e r n m e n t a c c o u n t .
T h e w e e k w it n e s s e d t h e is s u e b y t h e
K a n s a s C i t y b a n k o f $ 3 6 2 ,0 0 0 o f f e d e r a l R e s e r v o b a n k n o t e s , a p p a r e n t l y in c o n n e c t i o n w it h L i b e r t y L o a n t r a n s a c t io n s .
F e d e r a l R e s o r v e . n o t e s o u t s t a n d i n g a m o u n t n o w t o $ 5 2 7 ,9 7 1 ,0 0 0 , a n in c r e a s e f o r t h e w e e k o f $ 1 5 ,4 4 4 ,0 0 0 .
A g a in s t t h e t o t a l a m o u n t o f n o t e s
is s u e d t h e a g e n t s h o l d $ 4 5 9 ,9 4 2 ,0 0 0 o r g o l d a n d $ 6 9 ,1 4 5 ,0 0 0 o f p a p e r .
T h e b a n k s r e p o r t a n a c t u a l F e d e r a l R e s e r v e n o t e c i r c u l a t i o n o f $ 4 9 1 ,6 1 5 ,0 0 0
a n d n o t lia b ilit ie s t h e r e o n o f $ 4 3 ,0 2 4 ,0 0 0 .

g

The figures of the consolidated statement for the system an 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 w
■how the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reservp
Agents’ Accounts (tho third table following) gives details regarding the transactions in Federal Reserve notes between thp
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
C ombined Resources

and

L iabilities

op the

Federal R eserve B anks

at the

C lose

op

B usiness J une 15 1917.

Jim el51917. June 8 1917. June 1 1917. Afag 25 1917 M a y 18 1917. M ag 11 1917. M a g 4 1917. A p r. 27 1917 A p r . 20 1917

RESOURCES.
G o ld coin and certificates In v a u lt---------------------- $365,020,000 $330,001,000 $299,225,000 $334,265,000 $350,269,000 *336,841.000 $336,118,000 $311,798,000 $330,152,000
221,970,000 205,886,000 187,556,000 183,590,000 187.969.000 221.759,000 218,910,000 207,920.000 206.830.000
G o ld Hettlement fu n d ............... - - - - - - ................
G o ld red em p tion fund w ith U. S. T rea su rer —
2,687.000
2,518.000
2.069,000
2.651,000
3,958,000
2,905,000
2.754,000
2,730,000
3,053,000
T o t a l g old reserv e ---------------------------------L ega l tender n otes, silv er. & o ---------- --------------

$590,948,000 $538,617,000 $489,834,000 $520,760,000 $540,992,000 $561,287.0(X) $557,697,000 $522,236,000 $539,633,000
36.149.(K )
M
24,462,000
24,518,000
27.442.000
39.415.000
30.340.000
36,892,000
37,693,000
36,624,000

6 % red em p tion fund against F . R . bank notes

$615,466,000 $576,310,000 $526,458,000 $557,652,000 $568,434,000 $507,438,000 $597,112,000 $552,576,000 $564,095,000
400,000
400.000
400.000
400 .(M )
X
400,000
400.000
400,000
400,000
400,000

Bills d iscou n ted — M e m b e r s __________________ 8202.824,000
164,525,000
Bills b ou g h t lu op en m a rk et_____________________
O n e-y ea r LI. S. T rea su ry n o te s ................................
U. S certifica tes o f In debtedn ess ........................
T o ta l earning a ssets............... ...................—
F ed eral R eserve notes — N e t _____ ____________
D u o from oth er F ed eral R eserv e banka — N e t . .
U noollected item s
......................
All oth er resou rces____
___________
T o ta l resou rces___




_____

39.400.000
23.314.000
54.384.000
2,470,000

$98,021,000
135,270,000
36.387.000
23.338.000
59.960.000
5,524,000

$50,854,000
116,100,000
36.387.000
23.338.000
54.157.000
13.912.000

$47,587,000
107,377,000
36.513.000
23.338.000
57.807.000
14.675.000

$44,846,000
100,177.000
36.383.000
23.338.000
54.666.000
14.639.000

$39,534,000
97.155.000
36.222.000
2 3 .4 5 0 .0 0 0

58.089.000
(4 .6 8 8 .0 0 0

$35,916,000
83.871.000
36.222.000
23.450.000
64.597.000
14.755.000

$35,043,000
71.400.000
36.223.000
23.450.000
58.145.000
14.999.000

$29,737,000
72.925.000
36.215.000
23.360.000
50.000.000
15.163.000

$483,947,000 $358,500,000 $291,748,000 $287,297,000 $274,052,000 $269,138,000 $258,811,000 $239,260,000 $227,400,000
11,351,000
5.642.000
290,320,000
5.217.000

26,208,000
4,811,000
301,730,000
• 5,588,000

29,878,000
3.677.000
177,092,000
6.056.000

28.410.000
10.641.000
328,779,000
6,424,000

$26,458,000
3.057.000
192.830,000
5.981.000

524.050.000
1.345.000
310.685.000
6.078.000

$23,561,000
5.243.000
184,639.000
5.412.000

$20,622,000
132.000
204.S42.000
5.757.000

820.640.000
2.473.000
166.966.000
4.770.000

1412,343,000 1276,547,000 1038,309.000 41219603 000 1155,673.000 1209,162,000 1075.178,000 1023.589.000 $986,744,000

[Vol. 104

THE CHRONICLE

3532

June 151 9 1 7 . June 8 1917. June 1 1917. May 2 5 1917. May 18 1917. May 11 1917. May 4 1917. Apr. 27 1917 Apr. 20 1917
LIABILITIES.
C a p ita l paid iu ___________________________________
G o v e rn m e n t d e p o sits_____________________________
D u e t o m em bers— R e s e rv e a c c o u n t -----------------M e m b e r ban k dep osits— N e t -----------------------------C o lle c tio n Item s__________________________________
F ed era l R eserv e notes— N e t -------------------------------F ed era l R e se rv e ban k n ote lia b ility -----------------A ll o th er lia b ilities_____________ ___________ ______

5 5 7 .171.000
2 5 9 .130 .00 0
870 .7 3 4 .0 0 0

$ 5 7 ,0 0 0 ,0 0 0
t2281 25000
t7787 71000

$ 5 6 ,985 ,00 0
9 6 ,4 27,000
721 ,146 ,00 0

$ 5 6 ,9 9 1 ,0 0 0
t7 6 ,1 1 4 ,0 0 0
8 1 3 ,3 2 6 ,0 0 0

$56 ,8 6 8 ,0 0 0
187.127 .00 0
7 4 8 .499 .00 0

$56 ,8 5 9 ,0 0 0
2 4 2 .421 .00 0
740 .7 2 6 .0 0 0

$56 ,8 5 9 ,0 0 0
107.868 .00 0
7 4 3 .143 .00 0

$ 5 6 ,4 0 9 ,0 0 0
9 9 ,6 8 9 ,0 0 0
719 ,7 8 5 ,0 0 0

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

179,875 ,00 0
4 3 ,0 2 4 ,0 0 0
362 ,000
2,0 4 7 ,0 0 0

181 ,321 ,00 0
3 2 ,4 7 6 ,0 0 0

134,142,000
27,7 7 6 ,0 0 0

1 7 0 ,151 ,00 0
2 6 ,2 0 1 ,0 0 0

136 ,750 ,00 0
2 4 ,6 4 8 ,0 0 0

134 ,447 ,00 0
2 3 ,9 7 5 ,0 0 0

122,761 ,00 0
1 8,974,000

129 ,032 ,00 0
1 8,226,000

128 ,856 ,00 0
1 6 ,4 59,000

1 ,8 5 4,000

1,833,000

7 0 ,8 2 0 ,0 0 0

1 ,781,000

1 0,734,000

2 5 ,5 73,000

448 ,000

4 4 6 ,0 0 0

1412,343,000 127 6,54 7,0 00 1038,309,000 tl2 1 9 6 0 3 000 1155,67 3,0 00 1209,16 2,0 00 1075,178,000 102 3,589,000 $ 9 8 6 ,7 4 4 ,0 0 0

T o t a l lia b ilities.

5 5 .9 %
5 8 .2 %

5 9 .2 %
6 3 .4 %

6 1 .3 %
6 5 .8 %

0 3 .3 %
6 7 .8 %

6 6 .2 %
6 9 .5 %

6 6 .9 %
7 1 .2 %

6 7 .4 %
7 2 .1 %

6 8 .6 %
7 2 .5 %

7 1 .0 %
7 4 .2 %

5 9 .0 %

G o ld reserve a g 's t n et d e p . < n o te lia b ilitie s ..
fc
C a sh reserve a g ’st n et d e p . & n ote lia b ilitie s ..
C a sh reserve against n et d e p o sit liab ilities after
settin g aside 4 0 % g old reserve again st a g 
g reg a te n et liab ilities on F . R . n otes In
c ir c u la tio n ________ ___________________________

5 4 .3 %

6 6 .8 %

6 8 .7 %

7 0 .4 %

7 2 .1 %

7 2 .9 %

7 3 .3 %

7 4 .9 %

Distribution by Maturities—

1-15 d a y s bills d isco u n te d and b o u g h t . . . S 18 9,4 58,0 00
26,000
1-15 d a y s m un icip a l w a rra n ts-----------------3 9 .6 0 0 .0 0 0
16-30 d a y s bills d iscou n ted and b o u g h t . . .
6,000
16-30 d a y s m un icip a l w a r r a n t s .................
79.8 8 9 .0 0 0
31 -6 0 d a y s bills d iscou n ted and b o u g h t . . .
1.339.000
31 -6 0 d a y s m u nicipa l w a rra n ts----------------5 4 .4 72.000
61-90 d a y s bills d iscou n ted an d b o u g h t . . .
1.079.000
61-90 d a y s m u nicipa l w a rra n ts----------------3 .9 3 0.000
O v er 90 da y s b ills d isco u n te d an d b o u g h t
20,000
O v er 90 d a y s m u n icip a l w a rra n ts--------------

Federal Reserve Notes—

$ 9 1 ,2 8 8 ,0 0 0
3 .0 8 1 .0 0 0
3 0 .1 4 1 .0 0 0
6,000
6 7 .1 5 3 .0 0 0
1.338.000
4 1 .1 3 4 .0 0 0
1 .079.000
3.5 7 5 .0 0 0
20,000

$ 4 7 ,463 ,00 0
11.443.000
2 3 .7 76.000
8 1 ,000
5 7 .4 07.000
1.069.000
3 4 .9 71.000
273,000
3 .337.000
1.046.000

$ 4 3 ,8 4 4 ,0 0 0 $40 ,4 9 6 ,0 0 0
773,000
8 .7 0 1 .0 0 0
2 4 .0 28.000
2 2 .3 7 0 .0 0 0
1 1.434.000
3 .5 3 3 .0 0 0
4 4 .2 0 4 .0 0 0
5 0 .8 0 8 .0 0 0
107,000
3 59 ,000 .
3 3 .8 49.000
3 5 .1 4 5 .0 0 0
1.289.000
1.0 3 6 .0 0 0
2.4 4 6 .0 0 0
2 .7 9 7 .0 0 0
1.036.000
1.0 4 6 .0 0 0

$38 ,8 5 0 ,0 0 0
54,000
2 2 .1 5 3 .0 0 0
9 .1 5 3 .0 0 0
3 7 .4 4 2 .0 0 0
3 .0 5 8 .0 0 0
3 6 .3 7 8 .0 0 0
1.336.000
1.866.000
1,087,000

$41 ,0 3 8 ,0 0 0
119.000
18.397.000
772 .000
3 4 .7 4 1 .0 0 0
1 1.441.000
2 4 .1 0 7 .0 0 0
1.321.000
1.504.000
1.102.000

$38 ,0 2 1 ,0 0 0
3 9 2 .000
2 0 .9 0 0 .0 0 0
2,0 8 8 ,0 0 0
2 9 .6 2 0 .0 0 0
10.325.000
16.735.000
3 55 .000
1.1 6 7 .0 0 0
1.8 3 9 .0 0 0

$ 3 6 ,6 5 5 ,0 0 0
52 0 .0 0 0
2 4 .4 6 2 .0 0 0
2 .1 5 3 .0 0 0
2 6 .5 2 9 .0 0 0
9 .9 7 3 .0 0 0
1 4 .1 0 2 .0 0 0
5 3 1 .000
1.0 1 4 .0 0 0
1 .986.000

Issued t o the b a n k s .
H eld b y b a n k s _____

$527,97 1,0 00 $51 2,5 2 7 ,0 0 0 $ 4 9 9,84 4,0 00 $ 4 8 8 ,0 8 8 ,0 0 /) -4 7 8 ,9 0 6 ,0 0 0 $47 0,40 1,0 00 $45 8,87 4,0 00 $ 4 4 6 ,5 4 4 ,0 0 0 $ 4 4 0 ,5 3 9 ,0 0 0
2 6 ,1 8 2 ,0 0 0
2 6 ,0 3 5 ,0 0 0
3 2 ,1 8 3 ,0 0 0
3 0,372,000
3 4,979,000
3 6 ,3 56,000
3 1 ,0 5 8 ,0 0 0
3 3 ,6 8 6 ,0 0 0 * 3 2 ,4 0 5 ,0 0 0

In c ir c u la tio n .

$49 1,61 5,0 00 $48 1,4 6 9 ,0 0 0 $46 4,86 5,0 00 $454,40 2 ,Ooo' $ 4 4 6,50 1,0 00 $ 4 3 8,21 8,0 00 $ 4 2 8,50 2,0 00 $42 0,5 0 9 ,0 0 0 $ 4 1 4 ,3 5 7 ,0 0 0

G o ld and law fu l m on ey w ith A g e n t ------------------ $ 4 5 9,94 2,0 00 $ 4 7 5,20 1,0 00 $46 6,96 9,0 00 $ 4 5 6 ,6 1 1 ,0 0 0 $44 8 ,3 1 1 ,0 0 0 $ 4 3 8,32 3,0 00 $ 4 3 3,08 9,0 00 $42 2,9 0 5 ,0 0 0 $ 4 1 8 ,5 3 8 ,0 0 0

Federal Reserve Notes (Agents Accounts) —

R e c e iv e d from the C o m p tr o lle r ------------------ $88 4,68 0,0 00 $85 2 ,1 6 0 ,0 0 0 $81 9,52 0,0 00 $ 8 1 0 ,6 8 0 ,0 0 0 $ 7 7 8,44 0,0 00 $76 1 ,0 6 0 ,0 0 0 $74 7,58 0,0 00 $ 7 2 4 ,2 0 0 ,0 0 0 $ 7 0 8 ,5 2 0 ,0 0 0
152,323,000 151,027 ,00 0 140,085,000 1 4 4 ,711 ,00 0 142,918 ,00 0 141,523 ,00 0 139,325,000 137 ,725 ,00 0 135 ,902 ,00 0
R e tu rn e d to the C o m p t r o lle r -------------------$ 5 7 2 ,0 1 8 ,0 0 0
A m o u n t ch a rg ea b le t o A g e n t -------------- $ 7 3 2,35 7,0 00 $70 1 ,1 3 3 ,0 0 0 $67 3,43 5,0 00 $ 6 6 5 ,9 6 9 ,0 0 0 $ 6 3 5,52 2,0 00 $ 6 1 9,53 7,0 00 $60 8,25 5,0 00 $58 6,4 7 5 ,0 0 0
204 ,386 ,00 0 188 ,606 ,00 0 173,591,000 177 ,8 8 1 ,0 0 0 156,616 ,00 0 149,136,000 149,381,000 139 ,931 ,00 0 1 3 2 ,079 ,00 0
I n h an ds o f A g e n t __________________________
$ 4 4 0 ,5 3 9 ,0 0 0
Issued to F ed eral R e se rv e b a n k s------- $52 7,97 1,0 00 $51 2 ,5 2 7 ,0 0 0 $499,84 4,0 00 $ 4 8 8 ,0 8 8 ,0 0 0 $ 4 7 8,90 6,0 00 $ 4 7 0,40 1,0 00 $ 4 5 8,87 4,0 00 $ 4 4 6,54 4,0 00

Hotc Secured—

$25 5,67 4,0 00 $27 3,6 8 2 ,0 0 0 $27 1,36 5,0 00 $ 2 6 4 ,4 6 8 ,0 0 0 $ 2 6 4,63 5,0 00 $ 2 6 1,02 5,0 00 $25 8,88 5,0 00 $25 3 ,9 4 4 ,0 0 0 $ 2 5 2 ,1 9 4 ,0 0 0
B y g old coin and c e r tific a te s -----------B y law ful m o n e y ____________________
2 2 ,0 0 1 ,0 0 0
2 3 .6 3 9 .0 0 0
25.7 8 5 .0 0 0
3 2 .0 7 8 .0 0 0
3 0 .5 9 5 .0 0 0
6 8 .0 2 9 .0 0 0
3 7 .3 2 6 .0 0 0
3 2 .8 75.000
3 1 .4 7 7 .0 0 0
B y com m ercia l p a p e r_______________
1 8,644,000
2 0 .9 3 1 .0 0 0
20.6 3 4 .0 0 0
2 1 .0 2 8 .0 0 0
2 0 .5 9 6 .0 0 0
2 4 .5 3 8 .0 0 0
2 3 .3 1 4 .0 0 0
2 3 .2 3 3 .0 0 0
2 4 .3 3 9 .0 0 0
C re d it balan ces In g o ld red em p tion f u n d . .
177 ,180 ,00 0 172,290,000 1 6 8 ,910 ,00 0 1 6 3 ,080 ,00 0 156,270 ,00 0 153,570,000 1 4 8 ,030 ,00 0 147 ,700 ,00 0
C red it balances w ith F ed era l R eserv e B 'd . 179,730 ,00 0
$44 6,5 4 4 ,0 0 0 $ 4 4 0 ,5 3 9 ,0 0 0
T o t a l _________________ _______ __________ $52 7,9 7 1 ,0 0 0 $ 5 1 2,52 7,0 00 $49 9,84 4,0 00 $ 4 8 8,08 8,0 00 $47 8 ,9 0 6 ,0 0 0 $ 4 7 0,40 1,0 00 $45 8,87 4,0 00

C o m m e rcia l paper d eliv ered t o F . R

A g en t

$69 ,1 4 5 ,0 0 0

• A m o u n t du e t o oth e r F ed era l R e se rv e b a n k s,

$37 ,9 3 0 ,0 0 0

$ 3 4 ,4 4 1 ,0 0

$32 ,6 8 5 ,0 0 0

$ 3 2 ,421 ,00 0 $ 3 2 ,7 7 6 ,0 0 0

$27 ,343 ,00 0

$ 2 5 ,9 8 1 ,0 0 0

$ 2 3 ,8 2 6 ,0 0 0

t A m en d ed figu res.

W EEKLY STATEMENT o f RESOURCESand L lA B IL IT lE S of EACH of the 12 FEDERALRESERVE B A N K SatC L O SE of BUSINESS JUNE 15 *17
Boston.

New York. ; Phlladel'n. Cleveland. Richmond. Atlanta.
$

'
*
$
i
$
S
RESOURCES.
G o ld ooln & c t fs . In vau lt 14.654.000 2 0 2 ,014 ,00 0 2 7 ,2 0 8 ,0 0 0 20.9 6 1 .0 0 0 6 ,979,000
G o ld settlem en t fu n d ___ 21.049.000 4 1 ,1 5 3 ,0 0 0 1 0 ,1 2 8 ,0 0 0 34.5 1 3 .0 0 0 15,983,000
637,000
1,453,000
350 ,000
6,000
47,000
G o ld red em p tion f u n d . .

Chicago.

St. Louis. Mtnneap. Kan. City

$
$
$
$
$
6.5 5 3 .0 0 0 34.354.000 8 ,2 9 8 ,0 0 0 12,471,000 8,0 5 9 ,0 0 0
7.8 3 9 .0 0 0 2 3 .1 13.000 14,394,000 10,888,000 22,0 8 8 ,0 0 0
339 ,000
2 91 ,000
210 ,000
242,000
2 0 8 ,000

Dallas.

San Fran.

Total.

$

*

%

8 .535.000 14.934.000 3 6 5 .020 .00 0
9 .747.000 11.075.000 221 .9 7 0 .0 0 0
3,9 5 8 ,0 0 0
33,000
142,000

T o t a l g old reservo____ 3 5,750,000 2 4 4 ,620 ,00 0 37,6 8 6 ,0 0 0 55,4 8 0 ,0 0 0 23,599,000 14,634,000 5 7 ,6 75,000 2 2 ,9 8 3 ,0 0 0 2 3 ,5 6 9 ,0 0 0 3 0 ,4 86,000 18,424,000 2 0 ,0 4 2 ,0 0 0 5 9 0 ,948 ,00 0
124,000 2 4 ,5 1 8 ,0 0 0
221 ,000
8,000 1,168,000
167,000
201,000
806 ,000 1,260,000 1,1 2 2 ,0 0 0
439 ,000
368,000 18,634,000!
L eg a l-ten .n otes ,sllv . ,A o.
T o t a l reserv e _________ 3 6,118,000 2 6 3 ,2 5 4 ,0 0 0 3 8 ,1 2 5 ,0 0 0 5 5 ,6 47,000 23,800,000 15,440,000 5 8 ,9 3 5 ,0 0 0 2 4 ,1 0 5 ,0 0 0 2 3.7 9 0 ,0 0 0 3 0 ,4 94,000 19,592,000 2 6 ,1 66,000 015 ,4 6 6 ,0 0 0
5 % r ed em p . fund— F . R .
40 0 ,0 0 0
100,000
300,000
Bills:
D is c o u n t e d —M em bers 12.593.000 136,991,000 10,473,000 3,5 2 4 ,0 0 0 9 .7 3 8.000 3.2 7 1 .0 0 0 4,9 6 8 ,0 0 0 2.8 5 4 .0 0 0 4.8 1 9 .0 0 0 6,1 8 6 ,0 0 0 4,5 4 3 ,0 0 0 2.8 6 4 .0 0 0 202 .8 2 4 .0 0 0
718,000 9.1 5 2 .0 0 0 104.525.000
B o u g h t In op en m k t ._ 13.291.000 7 3 ,2 48,000 11,196,000 11,552,000 5 .3 6 7.000 1.952.000 2 2 ,2 91,000 6.1 9 9 .0 0 0 1.490.000 8,0 6 9 ,0 0 0
* T o t a l b ills on h a n d . . . 2 5,884,000 2 1 0 ,239 ,00 0 2 1 ,6 6 9 ,0 0 0 15,076,000 15,105,000
J n lte d 8 ta tcs b o n d s ___
O n e -y r. T rea su ry n o t e s .
U S ce rtfs .o f Indebtedness
M u n lolp a l w a rra n ts------

530 ,000
2,1 9 4 ,0 0 0
3,0 0 0 ,0 0 0

549 .000 5 .8 5 3.000
1.306.000
2 .7 8 8.000 2.5 4 8 .0 0 0 1.871.000
2 2 ,0 1 4 ,0 0 0 3.5 0 0 .0 0 0 3 .5 2 0.000
158.000 1.265.000
366 ,000

1.152.000
1.969.000
2,0 0 0 ,0 0 0
15,000

5,2 2 3 ,0 0 0 2 7 ,2 59,000
672 ,000
1 .491.000
2.6 0 0 .0 0 0
27,000

9,0 5 3 ,0 0 0

6,3 0 9 ,0 0 0 14,255,000

5 ,261,000 12,016,000 307 ,3 4 9 ,0 0 0

8.8 4 2 .0 0 0
1.784.000
2.5 0 0 .0 0 0
51,000

3.9 7 0 .0 0 0 2.4 2 9 .0 0 0 3 0 .4 0 0 .0 0 0
1.430.000 1.500.000 2 3 .3 4 4 .0 0 0
2,0 0 0 ,0 0 0 3 .5 8 7.000 5 4 .3 8 4 .0 0 0
2 ,4 7 0 ,0 0 0
2 0 3 ,000
20,000

7.0 0 7 .0 0 0 2 .2 3 3.000 1.857.000
2.9 8 5 .0 0 0 lv44 4,000 1.340.000
5 .0 9 1 .0 0 0 2.5 0 0 .0 0 0 2.0 7 2 .0 0 0
153,000
212,000

T o t a l earning a s s e t s .. 31,6 0 8 ,0 0 0 236 ,7 1 3 ,0 0 0 28,4 2 4 ,0 0 0 27,585,000 [20 ,241 ,00 0 10,013,000 4 2 ,4 9 5 ,0 0 0 15,442,000 11,578,000 2 7 ,4 3 2 ,0 0 0 12,681,000 19,735,000 483,947,000
F e d . R e s ’ ve notes— N et 1 ,464,000
D u e from oth er Federal
R eserv e ban k s— N e t . 10.056.000
U n oolleoted I t e m s ._____ 3 2 .4 2 8 .0 0 0
70,000
A ll o th er resou rces..........

2.3 3 2 .0 0 0

2 ,4 6 7 ,0 0 0

5,0 8 8 ,0 0 0

5,5 5 6 ,0 0 0 9 .1 7 1 .0 0 0 1,593,000
81,*903',666 32,6 9 5 ,0 0 0 2 2 ,1 9 9 ,0 0 0 11,205,000
50,000
104,000
337 ,000
1,159,000

1.362.000 1.485.000
9.6 8 9 .0 0 0 43,4 8 9 ,0 0 0
768 ,000 1.660.000

1 1,351,000

4 .6 7 2 .0 0 0
193.000 2,6 5 1 ,0 0 0 a 5 ,04 2 ,0 0 0
4.7 3 9 .0 0 0
8.5 8 8 .0 0 0 12,0’6b",666 9 .8 4 4 .0 0 0 10,285,000 15,935,000 290 ,3 2 0 ,0 0 0
5,2 1 7 ,0 0 0
9 8 ,000
454.000
146,000
79,000
292 ,000

T o t a l resou rces............ 111744000 583 ,0 2 9 ,0 0 0 105137000 117038000|56,889,000 3 7 ,2 7 2 ,0 0 0 153152 000 5 3 ,1 6 6 ,0 0 0 4 7 ,5 07,000 7 2 ,8 8 8 ,0 0 0 43,305,000 67,0 5 2 ,0 0 0 1412343000

LIABILITIES.

5 ,1 1 2,000 12,063,000 5 ,2 7 2,000
G o v e rn m e n t d e p o s its — 11.264.000 126.559.000 17.204.000
D u e to m em bers— R e 5 6 .2 26.000 3 6 4 .992 .00 0 4 8 .6 8 6 .0 0 0
C o lle c tio n Item s............... 3 8 ,9 9 6 ,0 0 0 3 6 .1 96.000 2 7 ,6 49,000
6,1 6 3 ,0 0 0 6 ,1 4 5,000
F e d . R e s ’ ve n otes— N et
D u e to F .R .b a n k s — N et
35.5 3 6 .0 0 0
F . R . ban k n ote lia b ility
A ll o th er liabilities Incl.
181,000
1,520,000
146,000
foreig n g o v t , c r e d it s ..

0 .2 4 7 .0 0 0
2 1 .5 3 8 .0 0 0

3,4 3 6 ,0 0 0
4 ,0 8 6,000

2,3 8 7 ,0 0 0 7 ,0 6 2,000 3,2 4 3 ,0 0 0
7 ,3 1 8,000 2 3 ,7 13,000 7,6 5 9 ,0 0 0

2,4 6 8 ,0 0 0
7,7 7 6 ,0 0 0

3,1 6 6 ,0 0 0 2 ,7 5 5 ,0 0 0 3,9 6 0 ,0 0 0 5 7 ,1 7 1 ,0 0 0
6,7 7 0 ,0 0 0 10.363.000 14.880.000 2 5 9 .1 3 0 .0 0 0

7 5 .6 0 2 .0 0 0 2 5.078.000 18,822,000 100627000 3 1 ,6 5 7 ,0 0 0 3 1 ,4 94,000 50,3 2 5 ,0 0 0 23.4 7 1 .0 0 0 43.7 5 4 .0 0 0 870 .7 3 4 .0 0 0
13,651,000 13.035.000 6,3 4 2 ,0 0 0 2 1 ,7 50,000 3 .6 1 3.000 3.3 9 3 .0 0 0 6.4 3 6 .0 0 0 4.4 7 1 .0 0 0 4,3 4 3 ,0 0 0 179,875,000
4 3 ,0 2 4 ,0 0 0
6 .9 9 4.000 2.0 3 4 .0 0 0 5.8 2 9 .0 0 0 2.2 4 5 .0 0 0
11.211.000 *2.403.non
300,000
3 6 2 ,000
3 62 ,000

115,000
2 ,0 4 7,000
42,000
43,000
..........
.............
111744000 5 8 3 .029 .00 0 105137000 1 1 7 0 3 8 0 0 0 5 6 ,8 8 9 ,0 0 0 3 7 ,2 72,000 153152000 5 3 ,1 6 6 ,0 0 0 47,5 0 7 ,0 0 0 7 2 ,8 88,000 4 3,305,000 67,052,000 1412343000

Issued to b a n k s_______ 2 5 ,7 60,000 2 1 9 ,851 ,00 0 3 9 ,6 2 4 ,0 0 0 3 2 ,5 0 6 ,0 0 0 1 7 ,4 1 1 ,0 0 0 19,548,000 6 2 ,0 4 4 ,0 0 0 17.284,000 24,209^000 26,3 4 9 ,0 0 0 19,746,000 2 3 ,6 39,000 5 27 ,971 ,00
66.3,000 5,0 8 8 ,0 0 0
633 ,000 1,097,000
561,000
327,000 2,4 6 7 ,0 0 0 3 6 ,3 5 6 ,0
730,000
H eld b y b a n k s ________ 1,464,000 18,837,000 2,1 5 2 ,0 0 0 2 ,3 32,000'
F . R . n otes In circu la tion 24,296,000 201 ,0 1 4 ,0 0 0 3 7 ,4 7 2 ,0 0 0 30, 174,00o| 16,681,000 18,880,000 5 6 ,9 5 6 ,0 0 0 1 6 ,6 5 1 ,0 0 0 2 3 ,1 1 2 ,0 0 0 2 5 ,7 88,000 19,419,000 21,1 7 2 ,0 0 0 491 ,615 ,00 0
w ith A g e n t____________ 125,760,000 194,851 ,00 0 3 1 ,3 2 7 ,0 0 0 32,508,000

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

9 ,6 5 7 ,0 0 0 2 1 ,0 7 8 ,0 0 0 19,959,000 17,174,000 2 3,639,000 4 5 9 ,942 ,00 0

a D iffe re n ce b etw een n et a m ou n ts du e from an d n et a m ou n ts d u e to oth er F ed era l R eserv e ban ks.

STATEMENT OP
Boston.

FEDERAL RESERVE AQENTS’ ACCOUNTS JUNE

New York. Phlladel’a Cleveland. Richmond. Atlanta.

Chicago.

15 19 1 7 .

Si. Louis. Mtnneap. Kan. City

Dallas.

San Fran

Total

t
$
$
%
$
S
$
i
$
$
$
$
$
F ed era l R eserv e N o te s—
R e o 'd from C om p trolr 17.480.000 4 0 9 ,640 ,00 0 6 1,340,000 4 8,000,000 3 0.100.000 3 6 ,3 80,000 81.0 6 0 ,0 0 0 2 7 ,3 40,000 36,6 4 0 ,0 0 0 4 2,720,000 3 6,920,000 27,0 6 0 ,0 0 0 884 .6 8 0 .0 0 0
8 ,7 5 6,000 5 ,854,000 10.749.000 6,4 2 7 ,0 0 0 2.2 7 6 ,0 0 0 5,1 9 6 ,0 0 0 5 ,741,000 6 ,831,000 8 ,913,000 3,4 2 1 ,0 0 0 152.323.000
R e tu rn e d t o C om p trol 10.670.000 7 7 ,4 8 9 ,0 0 0
C h a rg ea b le to A g e n t ------ 36,810,000 332 ,151 ,00 0 5 2,584,000 4 2,140,000 19,351,000 2 9 ,9 53,000 78,7 8 4 ,0 0 0 2 2,144,000 30,8 9 9 ,0 0 0 35,8 8 9 ,0 0 0 2 8,007,000 2 3,639,000 732 ,357 ,00 0
In han ds o f F .R .A g e n t 11,050,000 112,300,000 12,960,000

9 ,640,000

1,940,000 10,405,000 16,740,000

4,8 6 0 ,0 0 0

6 ,690,000

9,5 1 0 ,0 0 0

8 ,2 6 1,000

............. 2 0 4 ,386 ,00 0

Issued to F . R . b a n k . 25,760,000 219 ,8 5 1 ,0 0 0 39,624,000 3 2,506,000 17,411,000 19,548,000 6 2,014.000 17,284,000 2 4,209,000 2 6,319,000 19,746,000 2 3 ,0 39,000 527 ,971 ,00 0
H eld b y F . R . A g on t—
2 5 5 .6 7 4 .0 0 0
3 .365.000 14,077,000 2.3 7 0 .0 0 0 11,110,000
. . . . . . 2.8 9 7 .0 0 0
G o ld ooln & ce rtfs ____ 21,910,000 183,914,000 4 .223.000 11,808,000
<3=
C re d it balances:
542,000 1,261,000 1.529.000 1,03 4,000 1,049,000 2 4 ,5 3 8 ,0 0 0
574,000
470,000 1.500.000
In g old red em p tion f ’ d 1,850,000 10,937,000 2.094.000 1,698,000
________ 25,010,000 19,000,000 5,000,000 12,080,000 61,470,000 5.750.000 , 5,740,000 16,060,000 5,030,000 2 2,590,000 179.730 .00 0
2,000,000
N o te s secured b y co m 
_______ 6 8 ,0 29,000
7,627,000 3,131,000 6 ,390,000 2,572,000
............. 11,941,000 3,071,000
2 5,000,000 8,297,000
m ercial p a p er............... ..
T o t a l ........................... 25,760,000 219 ,851 ,00 0 39,624,000 32,506,000
A m o u n t o f c o m m ’ l paper
.............
2 5,007,000 8,304,000
deliv ered t o F . R .A g 't




17,411,00ojl9,548,000 62,044,000
13,411,000 3,071,000

_______

17,2S4,000|24,209,000
7,6 3 0 ,0 0 0

3,131,000

26,3 49,00oj 19,746,000 2 3,639,000
6,812,000 2,779,000

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

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

3 5 33

THE CHRONICLE

J une 23 1817 .J

Statement of New York City Clearing House Banks and Trust Companies.— T h e follow in g detailed statem en t
show s the con d itio n o f tho N ow Y o rk C ity C learing H ou se m em bers for the w eek en din g Juno 16. T h e figures for the
separate banks aro the averages o f the daily results. In the case o f the tota ls, actu a l figures a t en d o f the w eek are also
g iv e n . In order to furnish a com p a rison , w o h ave inserted the totals o f actu al co n d itio n for each o f tho three grou ps and
also the grand aggregates for the three p receding w eeks.
N E W Y O R K W E E K L Y C L E A R I N G H O U S E R E T U R N .____________________________ _
C L E A R IN G H O U SE
M EM BERS.

Loans,
Discounts,
Incestm'ls.
<&
c.
/ N a t . B ’ ks M a y 1\
Capital.

W e e k E n d in g
J u n e 16 1917.
(OOj omitted.)

Net
Profits.

Cold.

/S t a t e B ’ ks F e b . 2 8 /

Average
%

Average.
%

M em bers o f F ed era l
$
$
R eserve B ank.
5 ,0 5 6 ,6
2 ,0 0 0 ,0
B a n k o f N . Y . . N .B .A .
2 .4 7 4 .1
2 ,0 0 0 ,0
M e rch a n ts' N a t . B a n k .
6 ,0 0 0 ,0 10.148.5
M e o h . & M o ta ls N a t . .
0
N a tlo n a l C it y B a n k ___ 2 5 .0 0 0 . c4 4 ,2 5 3 ,5
8 .442.1
3 .0 0 0 .
0
C h em ica l N a t . B a n k ___
8 46 ,5
1.0 0 0 . 0
A tla n tlo N a tio n a l B ank
74.5
300 .0
N a t . B u toh ers’ & U r o v .
5 ,1 1 5 ,5
5 .0 0 0 ,0
A m er. E x o b . N a t . B ank
1 9 .850.5
0
N a t . B a nk o f C om m erce 2 5 .0 0 0 .
2 ,2 3 3 ,9
3 .5 0 0 .0
C h a th a m & P h cn lx N a t .
3 ,0 0 0 ,0 1 6,482,4
H a n ov er N a tion a l Bank
2 .5 2 1 .0
2 .5 5 0 .0
C itizen s' N a tio n a l..........
2 .077.1
1 ,000.0
M a rk et & F u lton N a t . .
7 .2 9 4 .2
3 .5 0 0 .0
C orn E x ch a n g e B a n k ..
7 .7 4 7 .2
1 .500.0
Im p orters' & T ra d ers’ . 1 6.192.6
5 .0 0 0 .
0
N a tion a l P a rk B a n k . . .
2 50 .0
77,8
E ast R iv e r N a t . B a n k .
3 .5 4 5 .0
1.0 0 0 . 0
S econ d N a tion a l B a n k .
1 0 .0 0 0 . 0 2 6 ,2 8 5 ,0
F irst N a tion a l Bank —
4 .20 8 .4
9
4 .0 0 0 .
Irv in g N a tion a l B a n k . .
500 .0
1.247.5
N .Y .C o u n t y N a t . B ank
10 ,0 0 0 ,0 1 3,197,8
C h ase N a tion a l B a n k .
1.0 0 0 . 0
1 .983.0
L in coln N a tion a l B a nk
1 .325.4
1 ,000,0
G a rfie ld N a tion a l B ank
2 50 .0
413 ,7
F ifth N a tion a l B a n k . . .
3 .1 2 0 .4
1 .000,0
S eab oard N a t . B ank —
3 .8 5 0 .2
1 ,000,0
L ib e rty N a tio n a l Bank
1,000,0
8 27 .5
C oa l & Iron N a t . Bank
1 ,0 0 0 ,0
1 .131.0
U nion E x ch a n g e N a t . .
1 ,0 0 0 ,0
1 .130.5
N assau N a tio n a l B a n k .
1 .500.0
1 .050.0
B ro a d w a y T r u s t C o

Average

2 .1 8 9 .0
3 7 .199.0
697 .0
2 1 .2 9 0 .0
143 .172 .0 12 .8 7 8 .0
4 82 .867 .0 3 5 .8 3 5 .0
818 .0
49.0 5 5 .0
808 ,0
1 5.641.0
80,0
2 .3 2 8 .0
3 .8 1 4 .0
9 0 .6 6 4 .0
278 .7 9 5 .0
6 .5 4 0 .0
4 .6 0 5 .0
7 0 .1 1 5 .0
142.629 .0 1 7.576.0
2 9 .6 2 5 .0
7 63 .0
591 .0
11.373.0
8.236.01
114.939 .0
3 4 .0 9 4 .0
1.065.0
9 .4 3 9 .0
158.715 .0
2 .5 2 6 .0
84,0
1 9.315.0
1.132.0
177.984 .0
9 .8 9 0 .0
6 .0 0 2 .0
8 5 .8 6 7 .0
11.289.0
9 52 .0
2 7 0 .2 2 4 .0 17 .9 3 2 .0
17.595.0
2 ,1 1 1 ,0
1 0.004.0
891 .0
6 .1 5 4 .0
2 06 .0
4 3 .0 2 2 .0
2 .3 7 8 .0
2 .6 2 9 .0
6 5 .5 5 4 .0
4 88 .0
10.035.0
40 5 .0
12.479.0
25 5 .0
11.424.0
2 4 .3 3 6 .0
1 .626.0

T o t a ls , a v g e . for w eek 123,850 ,0 2 1 4 ,3 0 6 ,6 2 ,4 5 1 ,5 0 9 ,0 153,581 ,0
T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,

aotu a l
a ctu al
a ctu a l
aotual

con d ition
con d ition
co n d itio n
con d ition

Jun o
Juno
Juno
M ay

16

2 .4 8 5 .7 9 1 .0
2 .4 3 7 .5 5 4 .0
2 .3 4 8 .9 1 7 .0
2 .3 3 7 .0 1 1 .0

26

Addtt’al
Reserve Deposits
Net
with
with
Demand
Legal
Legal
Deposi Deposi Deposits.
taries.
taries.

Nat .Bank Nat .Bank
Federal
Notes
Notes
Reserve
[Not
[Reserve
Notes
for State Counted
[Not
as
Institu
tions]. Reserve].' Reserve].

Legal
Tenders.

Average.

S
$
2 13 .0
9 59 .0
180.0 a 593 ,0
4 .4 1 6 .0
80 2 ,0
1 .987.0
3 .2 8 2 .0
762 .0
6 72 .0
302 .0
177.0
40 .0
4 2 .0
796 .0
1 .694.0
3 .7 6 3 .0
1 .396.0
1.579.0
751 .0
1 .697.0
1 .669.0
1 .194.0
103.0
267 .0
31 5 .0
2 .5 4 7 .0
8 86 .0
215 .0
1.337.01
3 .1 1 6 .0
579 .0
140.0
33.0
481 .0
195.0
1 .456.0
628 .0
2 .7 3 4 .0
85 8 .0
180.0
123.0
3 .0 6 2 .0
5 ,2 4 4 ,0
199.0
4 74 .0
3 64 .0
194.0
249 .0
152.0
1.020.0
954 .0
185.0
195.0
197.0
2 26 .0
4 96 .0
2 04 .0
408 .0
140.0
7 14 .0
3 2 1 .0

Average. Average, Average.
%
t
5
2 ,0
25 .0
7 4 .0
96.0
59 .0
22 .0
5.0
92.0
7.0
419 .0
36 .0
23 .0
3 8 .0
6 61 .0
1.0
103.0
2 ,0
25 .0
14.0
10.0
102.0
86,0
2 06 ,0
15.0
2 1 .0
14.0
11.0
2 ,0
19.0
36 .0
62 .0

National
Bank
Net
Circula
Time
tion.
Deposits.

Average.

Average. Averags.
$
$

Average. Average.
%
S
3 .1 2 6 .0
1 .8 3 9 .0
11 .0 5 5 .0
4 8 .1 9 5 .0
6 .0 6 8 .0
2 ,0 8 2 ,0
321 .0
9 .3 6 9 .0
3 4 .6 1 7 .0
6 .1 7 6 .0
1 1.166.0
3 .0 2 7 .0
1 .236.0
6 .8 8 6 .0
2 .4 6 1 .0
14.658.0
325 .0
1 .183.0
2 1 .0 7 2 .0
9 ,8 2 3 ,9
84 2 .0
2 4 .5 2 4 .0
1.493.0
1 .011.0
419 .0
7 .1 9 6 .0
13.136.0
1 .011.0
9 19 .0
804.0
1,952,0

" 3 8 ,6
140.0
1 .1 4 8 .0
26 ,0
16,0
6,0
70 .0
102.0
3 91 .0
191.0
20 .0
184.0
1 .7 5 9 .0
5 .0
21 0 .0
19.0
5 6 .0
5 .0
3 23 .0
25 .0
5 47 .0
73 .0
175.0
8 .0
54.0
116.0
53 .0
12.0
2 0 ,0
106,0

$
3 1 .9 8 6 .0
1 7 .612.0
1 4 3 .322 .0
4 7 4 .4 0 0 .0
4 3 .0 7 4 .0
1 5.117.0
2 ,2 0 1 ,0
7 6 .6 4 8 .0
2 5 8 .6 8 9 .0
6 6 .8 2 6 .0
1 46 .023 .0
2 7 .2 6 1 .0
1 0.778.0
116 .8 6 6 .0
2 9 .5 8 5 .0
1 53 .447 .0
2 ,9 0 4 ,0
1 6 .212.0
163 .915 .0
9 4 .4 8 8 .0
11.627.0
2 4 5 .5 4 6 .0
1 7.939.0
1 0.093.0
5 .7 0 2 .0
4 6 .8 9 5 .0
6 8 .2 5 8 .0
1 0.455.0
1 1.628.0
9 .5 7 5 .0
2 4 ,2 0 2 ,0
2 ,3 5 3 ,2 7 4 ,0

130,084 ,0
157,310 ,0
2 3 8 .8 7 2 ,0
1 93 ,288 ,0

3 3 ,0 0 5 ,0

2 ,2 8 8 .0

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

3 6 .5 0 9 .0
3 0 .0 3 0 .0
3 0 .9 4 9 .0
3 1 .5 0 0 .0

2 7 ,2 1 2 ,0

2 .5 6 1 .0
2 .3 0 6 .0
2 .4 5 8 .0
2 .2 1 4 .0

5 .3 5 3 .0
6 .2 1 9 .0
5 .7 2 1 .0
6 .1 7 5 .0

1 .2 3 8 .0
198.0
4 .7 7 8 .0
10,8 3 0 ,0
2 99 .0
667 .0
4 .3 6 1 .0
5 .8 1 1 .0
6 ,0 0 0 ,0

2 ,0 1 0 ,0
6 95 .0
2 3 1 .0
1 7,495,0
34 .0
200 ,0
4 46 .0
1 ,699,0
14.0
4 3 .0
8 5 .0
2 4 1 .0
5 7 ,9 1 7 ,0

7 84 .0
1 .852.0
3 .7 7 3 .0
1 .7 8 2 .0
44 3 .0
150.0
48,0
4 .8 0 6 .0
155.0
1 .7 7 6 .0
140.0
1 .0 1 6 .0
1 39 .0
51 .0
3 .5 5 4 .0
5 0 .0
7 5 9 .0
3 .9 5 3 .0
6 40 .0
199 .0
5 5 0 .0
8 9 3 .0
3 9 9 .0
2 4 9 .0
7 0 .0
4 9 9 .0
4 13 .0
3 98 .0
5 0 .0
2 9 ,5 9 1 ,0
2 9 .6 4 3 .0
29 .4 7 7 .0
2 9 .1 7 6 .0
27 .5 1 6 .0

264 .9 1 4 .0
2 6 9 .4 8 9 .0
2 0 8 .2 8 6 .0
315 ,9 8 5 .0

S ta to B a n k s.

Not Members of
Federal Reserve Bank.

4 8 .0 3 3 .0
3 2 .0 1 6 .0
13.884.0
8 .4 7 6 .0
3 .0 5 3 .0
1 5.466.0
3 .8 3 3 .0
6 .0 2 4 .0
1 9.891.0
5 .1 4 3 .0
6 .5 0 8 .0
1 4.839.0
4 .3 1 4 .0
18.858.0
2 5 .2 9 7 .0

180,0

2 ,6 2 9 ,0

2 2 5 ,6 3 5 ,0

41 0 ,0

2 .8 7 6 .0
2 .7 3 3 .0
3 .0 9 8 .0
3 .7 3 2 .0

2 2 4 .9 5 6 .0
2 2 7 .2 4 8 .0
2 3 0 .5 0 1 .0
2 3 6 .5 5 2 .0

4 09 .0
4 23 .0
4 5 8 .0
4 23 .0

26 9 .0
477 .0
201 .0
196.0
750.0
3 3 .0
68.0
254 .0
248 .0
153.0
210 .0
44,0
437 ,0

1 .614.0 1 .440.0
1 2 .566.0 10,382,0
2 .7 9 3 .0 4 .1 7 2 .0
67 2 .0
1.469.0
18.013.0 1.188.0
707 .0
4 34 .0
98,0
9 03 .0
3 .2 9 1 .0 3 .0 0 6 .0
9 88 .0
1.203.0
165.0
2 .9 0 7 .0
953.0 1 .019.0
5 26 .0
699 .0
2 .7 4 6 .0

3 2 .2 8 5 .0
2 5 1 .3 2 9 .0
5 5 .8 6 6 .0
2 9 .3 8 8 .0
3 6 0 .2 7 5 .0
8 ,6 9 2 ,0
18.060.0
6 5 .8 1 6 .0
2 4 .0 5 9 .0
5 7 .8 3 1 .0
19.051.0
1 3.970.0
5 7 .7 4 1 .0

5 .1 7 7 .0
2 9 .7 6 8 .0
1 3.133.0
1 .273.0
3 2 .8 8 4 .0
714 .0
1 .044.0
18 .2 5 0 .0
1.145.0
5 .4 4 7 .0
2 .5 3 9 .0
998 .0
1 .963.0

3 ,6 7 5 ,0

3 ,3 4 0 ,0

49 ,5 9 1 ,0 2 4 ,3 6 3 ,0

9 9 4 ,3 6 3 ,0 114 ,335 ,0

3 .1 5 6 .0
4 .0 3 5 .0
3 .3 3 9 .0
4 .0 6 5 .0

3 .2 8 4 .0
3 .3 7 1 .0
3 .5 7 8 .0
2 .2 6 2 .0

4 7 .8 5 3 .0
4 9 .9 3 7 .0
4 9 .7 8 5 .0
5 1 .9 4 1 .0

B ank o f M a n h a tta n C o .
B a n k o f A m erloa ____ i .
G recn w loh B a n k _______
P a olflo B a n k ____________
P eo p le ’ s B a n k _________
M e tro p o lita n B a n k ------B o w e ry B a n k ---------------G erraa n-A m orloan B ank
F ifth A v en u o B a n k -----G orm a n E x ch ange B ank
G erm a n ia B a n k -----B ank o f M e tro p o lis .
W est Side B a n k -------N . Y . P ro d u ce E x .B a n k
S ta te B a n k .......... —

2 .0 5 0 .0
1 .500.0
5 00 .0
5 00 .0
200 .0
2 ,0 0 0 .0
250 .0
750 .0
100.0
2 00 ,0
4 00 .0
1 ,0 0 0 ,0
200 .0
1 ,0 0 0 ,0
1 .500.0

5 .1 8 0 .2
6 ,5 9 8 ,9
1 .280.4
985 .3
4 68 .7
2 .1 2 0 .2
803 .4
8 24 .8
2 ,3 0 3 ,6
860 ,6
84 5 .8
2 ,2 1 4 ,1
30 1 ,0
1 .0 6 2 .4
726 ,6

4 3 .6 4 3 .0
33 .9 1 0 .0
11.972.0
8 ,1 2 0 ,0
3 .0 1 7 .0
16.403.0
4 .3 2 8 .0
6 .3 8 9 .0
18.399.0
5 .1 5 7 .0
6 .4 9 3 .0
15.409.0
4 .2 6 6 .0
19.688.0
2 2 .6 4 7 .0

7 .9 1 2 .0
4 .5 4 7 .0
1.192.0
511 .0
105.0
2 .1 3 0 .0
342 .0
816 .0
2 .4 1 8 .0
537 .0
681 .0
896 .0
296 .0
1.202.0
2 ,4 5 6 ,0

8 32 .0
1 ,4 4 5 ,0
230 .0
3 92 .0
9 5 .0
52 6 .0
35 .0
137.0
150.0
5 4 .0
51.0
3 54 .0
112.0
3 87 .0
754 .0

3 62 .0
74 0 .0
516 .0
198.0
156.0
094 .0
60,0
2 7 ,0
1 ,343,0
122.0
161,0
421 .0
132.0
498 .0
3 77 .0

2 09 .0
4 6 .0
33 0 .0
147.0
22 .0
107.0
49.0
5,0
26 .0
120.0
90 .0
188,0
33 .0
143.0
188.0

2 .9 4 1 .0

T o t a ls , a v g e . fo r w e e k .

1 2 ,150,0

2 6 ,5 7 6 ,0

2 1 9 ,847 ,0

2 6 ,1 0 1 ,0

5 ,5 5 4 ,0

5 ,8 1 9 ,0

1 ,703,0

8 ,7 6 4 ,0

25 .3 2 6 .0
27 .1 7 3 .0
2 9 .2 2 6 .0
3 4 .6 1 9 .0

6 .1 8 9 .0
5 .1 8 3 .0
5 .5 2 0 .0
5 .9 9 3 .0

6 .3 0 9 .0
5 .7 9 6 .0
5 .7 9 8 .0
5 .8 5 7 .0

1 .604.0
1.484.0
1.408.0
1 .296.0

8 .7 7 0 .0
9 .0 5 1 .0
8 .9 7 2 .0
9 .6 1 5 .0

3 7 .9 1 1 .0
2 7 0 .6 4 5 .0
7 0 .0 7 7 .0
4 5 .5 8 4 .0
3 9 0 .8 9 7 .0
1 1 .016.0
2 6 .4 9 4 .0
8 5 .1 9 8 .0
2 5 .8 8 9 .0
7 1 .5 8 7 .0
2 0 .9 0 9 .0
14.672.0
5 9 .0 3 7 .0

2 .1 4 2 .0
2 3 .9 4 0 .0
5 .0 0 1 .0
2 .4 4 9 .0
3 9 .3 5 4 .0
714 ,0
1 .464.0
5 .5 9 4 .0
1.840.0
5 .5 6 9 .0
1 .526.0
1 .005.0
4 .7 3 6 .0

576 .0
629 .0
147.0
188.0
1 ,124,0
63.0
172.0
241 .0
91.0
3 20 .0
742 .0
106.0
214 ,0

2 43 .0
288 .0
2 15 .0
120.0
922 .0
88 ,0
79.0
607 .0
294 .0
23.0
401 .0
27 5 .0
120.0

T o t a ls , a v g e . for w eek

57 ,7 5 0 ,0 101 ,761 ,6 1 ,1 29,916,0

9 5 ,4 0 0 ,0

4 ,0 1 9 ,0

T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,

Juno
Juno
Juno
M ay

99 .6 4 4 .0
9 6 .8 1 2 .0
100.778.0
122.063 .0

5 .1 1 2 .0
3 .6 0 8 .0
2 .6 8 8 .0
3 ,1 3 3 ,0

T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,

aotual
actu a l
a ctu a l
aotu a l

con d ition
con d ition
con d ition
con d ition

B 833 ,6
468 .0
183.0
* 2 3 0 ,6
291 .0

'* iY ,o

" 2 8 Y .6
314 .0
890 .0
236 .0
899 .0
1.198.0

2 50 ,0

11,0
44 ,0
27 1 ,0

2 5 ,0
1 ,2 0 5 ,6
"e fi’ o

27 .0
155,0
13.0

35 ,0

T r u s t C o m p a n ie s .

Not Members of
Federal Reserve Bank.
B rook ly n T r u s t C o -----1 .500,0
B a nkers’ T r u s t C o .......... 1 1.£50,0
U . S . M t g o . A T ru st C o .
2 ,0 0 0 ,0
T itle G u a r. & T ru st C o .
6 ,0 0 0 ,0
G u a ra n ty T r u s t C o ------ 2? ’9 9 9 ’2
F id elity T r u s t C o ..........
1.000,0
Lawyers’ Title & T r u s t .
4 ,0 0 0 ,0
C o lu m b ia T r u s t C o -----5 ,0 0 0 ,0
1.000,0
P e o p lo 's T r u s t C o ..........
N ew Y o r k T r u s t C o . . .
3 ,0 0 0 .0
Franklin T r u s t C o ..........
1 .000,0
L in coln T r u s t C o .............
1.000,0
M e tro p o lita n T ru st C o .
2 ,0 0 0 ,0

aotu al
aotu al
aotual
aotual

con d ition
co n d itio n
oon d ltlon
co n d itio n

3 .7 9 9 .5
1 5.919.5
4 ,507,1
1 2.404.5
3 1 .4 3 6 .3
1.239.3
5 .5 1 1 .6
6 ,4 4 2 ,9
1 .751.4
11.632.4
1 .3 3 4 .4
533 ,4
5 ,2 4 9 ,3

16
9
2
26

G ra n d A g g re g a te , a v g e . 193,750 ,0
C o m p a riso n p ro v . w eok

1,797,0

3 0 6 ,347 ,0 2 6 ,9 9 2 ,0 a3 573 2 7 2 0
+ 142700 -2 ,3 5 2 ,0 — 42 ,8 0 7 ,0

275 ,0 8 2 ,0 37 ,3 8 5 ,0
3 9 .3 3 0 ,0 + 3 ,4 7 8 ,0
5 ,353,0
— 866,0

G ra n d A g g reg a te,a otu a l co n d itio n
C o m p a riso n p rev . w cekl
------- - O ra n d
G ra n d
G ra n d
G ra n d

A g g reg a te
A g g re g a te
A g g reg a te
A g g reg a te

9 7 3 .2 8 4 .0
3 0 .1 9 9 .0
9 9 8 .3 3 5 .0
24.5 9 9 .0
9 9 5 .4 6 1 .0
3 6 .1 4 2 .0
43 .8 7 1 .0 1 ,0 3 9.737,0

2 .3 0 6 .0
2 .4 5 8 .0
2 .2 1 4 .0
2 .4 4 8 .0

32.3 4 2 .0
3 4 .7 7 2 .0
3 5 .5 8 8 .0
4 4 .0 8 0 .0

aotu al con d ition
a ctu a
tinn
a ctu a
°°
a ctu a l!con d ition

a U . 8 . d eposits ded u oted . $ 1 4 1 ,1 8 8 ,0 0 0 .

b U . 8 . d ep osits d e d u ct e d ,$ 1 4 5 ,4 0 9 .0 0 0 .

c In clu d es ca p ita l set aside for foreig n b ra n ch es, $ 0 ,0 0 0 ,0 0 0 .

A c t u a l F ig u r e s .

A v era g es.

Cash Reserve Reserve in
in Vault. Depositaries

Total
Reserve.

a Reserve
Required.

b 3 5865250
b 3 5 8 7 0 2 9 ,0
b36 6 0 6 7 8 ,0
0 b 3 6 17287.0

6 .2 1 9 .0
5 .7 2 1 .0
8 .2 2 2 .0
7 .3 9 7 .0

Surplus
Reserve.

Inc. or Dec.
Cash Reserve Reserve in
from
PreviouslVeek in Vault. Depositaries

Total
Reserve.

b Reserte
Required.

%
s
$
S
$
S
S
S
S
S
M em b ers Federal
2 6 4 ,9 1 4 ,0 0 0 4 6 1 ,9 8 7 ,0 0 0 428 ,6 9 8 ,5 7 0
R eserv o B a n k ____ 213.798 .00 0 247 ,992 ,00 0 4 6 1 .790 .00 0 426 ,4 8 5 ,1 7 0 3 5 ,3 0 4 .8 3 0 — 7 ,0 8 0,300 197 .073 .00 0
8 ,7 7 0 ,000| 4 8 ,1 9 8 ,0 0 0 4 0 ,4 9 2 ,0 8 0
8 ,764,000 4 7 ,9 41,000 10,614,300
7,3 2 0 ,7 0 0 — 1,008,060 3 9 ,4 2 8 ,0 0 0
S ta to B a n k s*............... 39,177,000
7,4 7 0 ,5 5 0 — 2 ,1 5 3,150 111.196.000 4 7 ,8 5 3 ,0 0 0 1 5 9 ,0 4 9 .0 0 0 145 ,992 ,60 0
T r u s t C om p a n ies* ___ 107.034.000 4 9,591,000 156.625.000 149,514 ,45 0
T ota l
T ota l
T ota l
T ota l
a
in clud es
b
Includes

Jun o 1 6 ___ 360.009 .00 0
J u n o 9 . . 392 .848 .00 0
Juno 2 ____ 449 .131 .00 0
M a y 2 0 ____ 4 4 7 .632 .00 0

306 .347 .00 0
292.077 .00 0
289.453 .00 0
314.481 .00 0

T h is Is the reserve required on N e t
also am ou n t o f reserve required o n
T h is Is tho reservo required on N e t
also a m ou n t o f reserve required on




666 .3 5 6 .0 0 0
684 .9 2 5 .0 0 0
738 .5 8 4 .0 0 0
7 6 2 .113 .00 0

6 1 0 ,253 ,92 0 5 0 ,1 0 2 ,0 8 0 — 10,847,110
6 2 3 ,9 7 5 ,8 10 6 0 ,9 4 9 ,1 9 0 — 5 2,867,630
624 ,7 0 7 ,1 8 0 1 1 3 ,8 1 6 ,8 2 0 — 2 0,059,160
6 2 8 ,2 3 7 .0 2 0 1 3 3 ,8 7 5 ,9 8 0 — 12,752,360

347 .6 9 7 .0 0 0
3 5 8 .9 5 3 .0 0 0
448 .7 2 0 .0 0 0
4 3 0 .5 3 8 .0 0 0

3 2 1 ,5 3 7 ,0 0 0 669 ,2 3 4 ,0 0 0
32 8 ,4 7 7 ,00 0,68 7,4 30,0 00
2 6 7 ,043 .00 0,71 5,7 63,0 00
3 7 7 ,5 4 1 .0 0 0 8 0 8 .0 7 9 ,0 0 0

Surplus
Reserve.

Inc. or Dec.
from
PreviouslVeek

S
$
3 3 ,2 8 8 ,4 3 0 — 2 0 ,5 75,660
— 7 6 ,440
7 ,7 0 5 ,9 2 0
1 3,056,400 + 5,9 8 3 ,6 5 0

6 1 5 ,183 ,25 0 54,0 5 0 ,7 5 0
6 1 8 ,710 ,80 0 6 8 ,7 1 9 ,2 0 0
6 1 8 .893 ,29 0 96,8 6 9 ,7 1 0
631 ,6 4 9 .3 3 0 176,429,070

— 14,668,450
— 28,150,510
— 7 9 ,5 59,960
+ 2 9 ,6 7 5 ,2 5 0

D em a n d D ep osits In the oaso o f S ta to B anks and T r u s t C om p a n ies, b u t In the case o f
*ke ^ ^ e r oAR« l eo o ? ? « $ ? *
N e t T im e D e p o s its , w h ich w as as follow s: Juno 10, $2 ,8 9 5 ,8 5 0 ; Jun e 9 , $3 ,0 7 7 ,4 5 0 ; June 2 , $3 ,1 5 0 ,9 5 0 ; M a y 2 6 *
’i o n v
D em a n d D e p o sits In tho oaso o f S ta to B anks and T r u s t C om p a n ies, b u t in tho case o f
N e t T im e D e p o sits, w hich w as as follow s: Juno 10, $2,8 4 9 ,3 5 0 ; June 9 , $3,0 8 0 ,3 5 0 ; Juno 2 , $ 3 ,0 9 1 ,9 0 0 ; M a y 2 0 , $ 3 ,9 1 9 ,4 0 0 .

2534

THE CHRONICLE

T h e S tate B a n k in g D ep a rtm en t reports w eek ly figures
sh ow in g the co n d itio n o f S tate banks an d trust com pa n ies
in N e w Y o r k C ity n o t i n th e C le a r in g H o u s e , an d these are
show n in the follow in g ta ble: j j j j J J . J
J j
8U M M A K Y OF S T A T E BA N KS A N D T H lfS T C O M P A N IK 3 IN J G R K A T U li
N E W Y O R K , N O T IN C L U D E D IN C L E A R IN G HOUSE S T A T E M E N T

(Figures Furnished by Stale Banking Department.)
June 16.
L oa n s an d In v estm en ts................
$ 8 6 2 ,2 2 7 ,0 0 0
G o ld ..........................
6 7 ,4 0 8 ,4 0 0
C u rren cy an d ban k n o te s .......... ..........................................
1 1 ,034,700
.1 ,0 3 4 ,1 2 3 ,7 0 0
T o t a l d e p o s its .................................................
D e p o sits, elim in atin g am ou n ts d u e fro m reserve
d epositaries an d Irom oth er ban ks an d trust co m 
panies In N e w Y o r k C it y , an d ex ch a n g es__________ 8 9 6 ,3 7 1 ,2 0 0
R eserve on d e p o sits.....................
2 0 5 ,2 6 1 ,5 0 0
P ercentage o f reserve, 2 5 .2 % .
'

Differencet from
previous week.
I n c . 1 4 ,036,800
D ec.
9 08 ,300
In c.
139,400
In c.
1 ,8 41,600
I n c . 1 0 ,628,800
D e c . 8 ,1 7 0 ,9 0 0

R E SE R V E .
---------State Banks---------C ash In v a u lts ............................................. S 1 4 .36 0.90 0 1 1 .2 5 %
D ep osits in ban ks an d trust c o s _____ 16,6 9 2 ,8 0 0 1 3 .0 8 %

— Trust Companies
9 .3 7 %
1 6 .0 9 %

3 1 7 4 ,2 0 7 ,8 0 0

T o t a l .......................................................... S31 .05 3.70 0 2 4 .3 3 %

3 0 4 ,0 3 2 ,2 0 0
1 1 0 ,125 ,60 0

C O M B IN E D

R E SU LTS OF BA N KS A N D T R U S T
G REA TE R NEW YORK.

C O M P A N IE S

IN

M ar
M ar.
A p r.
A p r.
A p r.
A p r.
M ay
M ay
M ay
M ay
June
June
Jun e

2 4 ...
3 1 ...
7 ..
1 4 ...
2 1 ...
2 8 ...
5 ...
1 2 ...
1 9 ...
2 6 ...
2 ___
9 ___
1 6 ...

Loans
and
Investments

Demand
Deposits.

3
4 .3 3 8 .3 0 8 .0
4 .3 7 3 ,5 1 3 ,4
4 ,4 2 8 ,9 5 9 ,8
4 .4 7 3 .4 4 9 .6
4 .4 7 9 .4 1 4 .6
4.4 9 4 .8 7 2 .1
4 .4 5 1 .6 1 2 .3
4 .4 1 0 .7 9 0 .7
4 .4 6 2 .8 7 4 .0
4 .5 0 9 .9 4 6 .4
4 .5 6 8 .4 9 0 .8
4 .5 9 5 .5 4 9 .2
4 .6 6 3 .4 9 9 .0

S
4 .4 6 4 .7 0 8 .0
4 ,4 7 8 ,5 0 1 ,9
4 .5 6 7 .0 5 2 .8
4 .5 9 0 .0 0 3 .4
4 .5 6 8 .1 1 6 .5
4 .5 8 2 .7 2 9 .2
4 .4 8 4 .4 0 9 .8
4 .4 3 5 .4 4 8 .8
4 .4 5 9 .3 2 4 .2
4.6 9 7 .3 7 9 .1
4 .5 1 0 .3 1 8 .2
4 ,5 0 1 ,8 2 1 ,4
4 .4 6 9 .6 4 3 .2

Specie.

Other
Money.

i

S

5 1 7 .2 6 8 .4
49 2 ,9 4 7 ,2
5 1 2 .177 .1
5 1 1 .593 .4
4 8 9 .493 .1
4 7 0 ,6 2 1 ,0
4 5 0 .5 5 1 .7
4 6 2 .8 0 1 .5
4 9 0 .3 1 4 .9
4 7 3 .5 9 6 .9
4 7 5 .8 1 5 .8
4 2 2 ,145 ,7
3 8 4 ,9 8 9 ,4

6 8 .8 7 7 .9
7 0 .2 1 4 .9
6 6 .0 2 9 .6
65 .5 4 6 .0
0 2 .5 2 9 .3
60.0 1 7 .7
5 1 .8 2 1 .4
49.5 7 7 .7
54 .0 3 0 .7
52 .0 2 9 .4
51.011.1
4 9 ,9 1 2 ,3
5 3 .4 6 2 .7

STATE BANKS AND TRUST COMPANIES.
Week ended June 16.

| State Banks
' Trust Cos.
State Banks
Trust Cos.
in
I
In
outside of
outside of
greater N . Y . Oreater N . Y. Greater N . Y . Oreater N . Y .
$
!
2 3 ,950,000 !

Total
Money
Holdings.

Entire
Reserve on
Deposits.

$
5 8 6 .1 4 0 .3
563 .162 .1
5 7 8 .2 0 6 .7
5 7 7 .1 3 9 .4
5 5 2 .0 2 2 .4
5 3 0 .638 .7
5 0 2 .3 7 3 .1
5 1 2 .3 7 9 .2
5 4 4 .3 4 5 .0
5 2 0 .2 2 0 .3
5 2 6 ,8 2 6 ,9
4 7 2 .0 5 8 .0
4 3 8 .452 .1

3
8 4 ,5 5 0 ,0 0 0

42 ,3 0 9 ,9 0 0

C a p ita l as o f F eb . 2 8 ____
Surplus as o f F e b . 2 8 ____

We omit tu o ciphers In all these figures.
>
Week
Ended—

In ad d ition to the returns o f “ S tate banks and trust c o m 
panies in N ew Y o r k C ity not in the Clearing House, “ furnished
b y the S tate B a n k in g D e p a rtm en t, the D ep a rtm en t also
presents a statem en t cov erin g all the in stitu tions o f this class
in the w hole S tate. T h e figures are com p iled so as to distin 
guish betw een the results fo r N ow Y o rk C ity (G rea ter N ew
Y o rk ) and those fo r the rest o f the S ta te, as per the follow in g :
F o r d efin itions an d rules u nder w h ich th e various item s
are m a de u p , see “ C h r o n ic le ,” V . 98 , p . 1661.
T h e p rovision s o f the law g overn in g the reserve requ ire
m ents o f State ba nking in stitu tions w ere p u blish ed in the
“ C h ron icle” M a rch 28 1914 (V . 9 8 , p . 9 6 8 ). T h e regula
tions relating to calcu latin g th e am ou n t o f deposits an d w hat
ded u ction s are perm itted in th e com p u ta tion o f the reserves
w ere g iven in the “ C h ron icle” A p ril 4 1914 (V . 98 , p . 1045).

2 5 .4 6 %

T h e averages o f the N ew Y ork C ity C learing H ou se banks
and trust com p a n ies, combined w ith those fo r the S ta te banks
an d trust com p a n ies in G reater N ew Y o rk C ity ou tsid e o f the
C learing H ou se, com p a re as follow s fo r a series o f w eeks past:

(Vol. 104

$
1 8 ,451,200

1 7 9 ,277 ,60 0

1 5 ,228,300

18,123,900

Loans and I n v e s tm e n ts ..
C h a n g e from last w eek .

4 4 5 ,1 3 4 ,6 0 0 1,8 7 0 ,2 8 1 ,2 0 0
+ 4 , 8 4 6 , 100^ + 2 0 ,3 7 0 ,5 0 0

1 7 7 ,924 ,20 0
+ 1,231.800

3 0 0 ,5 0 2 ,4 0 0
+ 1 ,7 46,300

G o l d .........................................
C h a n g e from last w e e k .

4 7 ,0 0 2 ,6 0 0
— 2 ,5 6 8 ,5 0 0

$
1 .0 5 1 .0 3 6 .4
1,0 0 9 ,9 6 6 ,2
1.0 4 8 .8 3 6 .4
1.0 4 0 .5 0 5 .5
1.0 0 8 .1 9 2 .9
1 ,008,245,1
9 3 6 .1 8 1 .5
9 7 2 .9 0 9 ,8
1.0 0 5 .5 3 2 .9
1,0 0 3 ,1 0 5 ,7
9 7 4 ,8 3 5 ,3
8 3 7 ,4 0 8 ,2
8 7 1 .6 1 7 .5

$
12.238,000

157 ,865 ,30 0
— 4 ,4 7 1 ,6 0 0
I

......................
1

D e p o s its .................................
C h a n g e from last w eek .

15,421,800
+ 1,773,200
1
576 ,0 7 7 ,6 0 0 2 ,2 2 0 ,5 4 2 ,7 0 0 ;
+ 7,336,300^ + 10,681,000

R eserv e on d e p o s its _____
C h a n g e from last w eek .

C u rren cy and ban k n o te s .
C h an ge from last w e e k .

2 0 ,4 6 6 ,8 0 0
— 8 6,000

- ..................
191,957,700
+ 2 ,1 4 2 ,1 0 0

3 1 4 ,0 0 1 ,5 0 0
+ 1 ,3 86,400

1 0 6 ,318 ,30 0
3 6 9 ,7 2 6 ,7 0 0
— 7 ,6 8 7 ,1 0 0 — 15,121,700

3 2 ,7 7 7 ,9 0 0
— 114,300

4 1 ,4 9 3 ,0 0 0
+ 710 ,000

2 1 .4 %
2 2 .2 % '

2 0 .2 %
2 0 .8 %

1 6 .6 %
1 6 .4 %

P . C . reserve to d e p o s its .
P ercen tage last w e e k . .
+ Increase o v e r lost w eek .

2 3 .8 %
25.3% |

— D eorea se from last w oek .

Non-Member Banks and Trust Companies.— F ollow in g is the rep ort m a de to th e C learing H ou se b y clearing
n on -m em b er in stitu tions w hich are n o t in clu ded in the “ C learing H ou se retu rn ” on the preced in g page:
R E T U R N O F N O N -M E M B E R I N S T I T U T I O N S O F N E W
C L E A R IN G
N O N -M E M B E R S .
W e e k E n d in g
J u n e 16 1917.
M em bers o f
F ed ’ l R eserve B ank
B a ttery P a rk N a t . .
Flrst N a t ., B rook ly n
N a t. C it y . B rook ly n
First N a t ., Jers. C ity
H udson C o . N ., J .C .
First N a t ., H o b o k e n
Secon d N a t .. H ob ok .

Net
|
Capital.
Profits. | Loans,
----------------- - Discounts.
1N a t . bk ). M a y 1\ lnvestfee.
(S ta te bk s. F e b . 2 8 / meats, c
1 Average.
$
400.000
300.000
300.000
400.000
250.000
220.000
125,000

*;
415 ,8 0 0
688 ,7 0 0
0 20 .300
1 ,2 9 8 ,9 0 0
771.500
6 15 ,600
31 9 ,4 0 0

5
5 ,8 98,000
5 ,9 74,000
6,122,000
5 ,4 4 9,000
5 ,2 2 8,000
6 ,6 8 4,000
5 ,4 1 1,000

Legal
Tenders.

Cold.

Silver.

Average. Average. Average.
$
$
9

Y O R K C L E A R IN G H O U SE .

Nat .Bank Nat. Bant
Reserve Additional
with
Notes ( Re Notes[.Voi Federal
Deposits
serve for Counted Reserve
Legal with Legal
Net
State In
\'otes[Not Depos
as
Depos
Demand
stitutions] Reserve1. Reserve]. itaries.
itaries.
Deposits.
Average.

Average.

Average.

Average.

377.000
169.000
151.000
333.000
214.000
172.000
45,000

7 7.000
3 3.000
65.000
481 ,000
15.000
2 0.000
4 2,000

8 1,000
106,000
122,000
74.000
74.000
4 6 .000
98.000

$
4.000
13.000
5.000
12.000
104,000
18,000
2.000

S
$
24.000
830.000
4 83 .000
21.000
693.000
7.000
56.000 1,463,000
3.000
594.000
2 6.000
474.000
7.000
558.000

4 ,7 3 0 ,2 0 0 40,7 6 6 ,0 0 0 1,461,000

733 ,000

601,000

158,000

144,000 5 ,0 95,000

Bank o f W a sh . H ’ ts.
100.000
C olon ia l B a n k ............
400.000
C olu m b ia B a n k ____
3 00 .000
Internation al B a n k .
500.000
M u tu a l B a n k .............
200.000
N ew N e tb c r la n d ____
200,000
W R G r a c e & C o 's B k .
500.000
Y o rk v llle B a n k ..........
100.000
M e c h a n ic s ', B k l y n . . 1,600,000
N orth S ide, B k ly n ..
200,000

4 43 ,300 ' 2 ,4 0 5,000
139.000
9 4 9 .8 0 0 8 ,9 6 9 ,0 0 0
715.000
6 7 4 .1 0 0 9 ,4 5 0,000
748.000
113.500 4 ,1 8 4,000
369.000
47 0 .1 0 0 8,393,000
817.000
219 .0 0 0 4 ,4 41.000
147.000
5 5 1 .0 0 0 3 ,4 35,000
102.000
593 ,9 0 0 6,771,000
490.000
8 4 0 .8 0 0 20,770,000 1,222,000
184,800, 4,4 5 2 ,0 0 0
274.000

11.000
177.000
24.000
12.000
46.000
105.000
1,000
8 5.000
184.000
4 7.000

55.000
528.000
332.000
42.000
204.000
222.000

20,000
59.000
129.000
25.000
73.000
50.000

30+666
809.000
113.000

9+666
405.000
49.000

T o t u l......................... 4 ,1 0 0 ,0 0 0

5 ,0 4 0 ,3 0 0 7 3 ,270,000 5 ,0 23,000

692,000 2 ,6 0 9,000

904,000

T o t a l ......................... 1.996.000

$

Average.
$
494 .000
309.000
4 ,1 51,000
517.000
190.000
398.000

Net
Time
Deposits.
Average.

Average.
S
5.522.000
4.871.000
5.728.000
4.987.000
4.952.000
3.031.000
2 .7 67.000

6,059,000 3 1 ,858,000

National
Bank
Circu
lation.
Average.

*
135,000
20+000

$
195.000
295 .000
120.000
395.000
197.000
2 1 8 .0 0 0
9 9 ,0 0 0

3.306.000
2 .3 3 7.000

5 ,9 8 2,000 1,519,000

S ta te B a n k s.

Not Members of the
Federal Reserve Bank.

T ru st

::::::
::::::

107.000
589.000
588.000
231.000
538.000
275.000
30,000
445.000
1 ,3 2 + 0 0 0
284 .000

44.000
357.000
429.000
12.000
07,000
1.533.000
350.000
1.530.000
722.000

1.798.000
9 .8 2 4.000
9 .8 0 3.000
3 .8 4 6.000
8.987.000
4 ,6 0 + 0 0 0
1.810.000
7.411.000
2 2 ,062,000
4 .4 0 8.000

::::::
255",666
307.000
176.000
2,047,00.)
*02", 666
400.000

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

............. 4 ,4 1 1,000

5 ,0 1 4 ,0 0 0 7 4 ,550,000

3 ,2 4 7 ,0 0 0 —

—

—

407.000
184.000

1,156,000
559,000

8,160,000
3 ,6 76.000

482,000
2 ,9 63,000

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

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

591,000

1,715,000 11,830,000

3 ,4 4 5 ,0 0 0

i—

C o m p a n ie s .

Not M embers of the
Federal Reserve Bank.
U a m llto n T ru s t.B k ln
M e ch u n lcs', B a y on n e

500 .000
200.000

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

6.7 9 5 .0 0 0
$205,920
6 .7 95.000
6 .9 9 5 .0 0 0
6 .9 9 5 .0 0 0
6 .9 95.000
6 .9 9 5.000

709.000
109.000

50 .0 0 0
52 .0 0 0

47.000
83.000

74.000
72.000

1.459,100 16,688,000

700,000

G ra n d a g g re g a te ____
C om p a rison .p rev.w k .
E x cess reserve,
G ra n d a g g r’ le Ju n o 9
G ra nd a g g r'te J u n e 2
G ra n d a g g r 'te M a y 2 6
G ra nd a g g r’ te M a y l9
G ra n d a g g r 'te M a y 12

1,150,100^ 9,9 9 9 ,0 0 0
309 .0 0 0 6 ,6 89,000

818,000

102,000

130.000|

146,000

11235 600 130724000 7 ,3 02,000 1 ,5 2 7 ,0 0 0 3 ,3 4 0 ,0 0 0 1,050,000
, + 2 0 1 ,0 0 0 -3 3 2 ,0 0 0 -1 7 8 ,0 0 0 + 42,000 + 30,000
1 1 .235.600
1 1 .350.400
11.620.200
11.520.200
11.520.200

130463000
130002000
128867000
128396000
130872000

7 .6 3 4 .0 0 0
7 .5 32.000
7.7 8 4 .0 0 0
7 .7 87.000
8 .0 7 3 .0 0 0

1 .7 0 5 .0 0 0
1 .4 26.000
1 .5 8 4 .0 0 0
1 .5 5 1.000
1 .6 9 2.000

3 ,2 9 8 ,0 0 0 1.020,000
3 ,2 3 4,000! 1,017,000
3 .3 3 9,000! 798,000
3 ,2 7 5 .0 0 0
760,000
3 .3 2 4 .0 0 0
880.000

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

158,000
144,000 100 97000 12,818,000 O118244000 12,674,000 1,519,000
— 5,000 — 10,000 — 26,000 + 809,000 -1 ,5 2 3 ,0 0 0 — 395,000
+ 7 ,000
163.000
15+000
166.000
168,000
168.000

154.000
13+000
30+000
30+000
321.000

10123000
9.8 7 3 .0 0 0
0 ,8 9 9 ,0 0 0
9.7 1 2 .0 0 0
9.6 8 4 .0 0 0

11.949.000
12.901.000
14.135.000
15.310.000
1 1.973.000

all9707000
a119,809,000
0 1 2 0.38 8,0
o 120029 0 00
120426000

13.009.000
13.326.000
12.920.000
13.131.000
14.014.000

1.512.000
1.518.000
1.517.000
+52+000
+ 5 1 9 ,0 0 0

a U. S. Deposits deducted, 53,486,000.

Philadelphia Banks.— Su m m ary o f w eekly totals o f
C learing H ou se banks an d trust com pa n ies o f P h ila delph ia:
We omit two ciphers (00) In all these figures.
Loans,
Due
Deposits
Dlsc'ts & from
Reserve
Invest'Is. Banks.
Bank. |Indlviil'l. Total.
Held.
J u n e 16.

S

S
S
1 S
S
8 4 ,8 4 6 ,0 160 ,255 ,0 3 3 3 ,7 6 7 ,0 5 0 0 .0 2 2 .0
l,9 6 6 ,0 j
3 ,1 6 9 ,0 137 ,775 ,0 140 .944 .0

Nat. bank.
Trust co3..

3 9 8 .5 6 9 .0
158 .200 .0

Total___
Juno 9 ___

5 5 6 .7 6 9 .0 8 6 ,8 1 2 ,0 '
5 5 5 .9 6 6 .0 84 .7 0 3 .0
5 5 + 4 8 0 ,0 8 8 .1 1 1 .0
5 5 5 .4 1 9 .0 8 7 .6 2 1 .0
5 5 9 .0 8 9 .0 0 0 ,2 1 3 ,0
5 6 0 .9 3 3 .0 8 3 .3 6 7 .0
5 6 3 .0 8 1 .0 9 0 .0 9 5 .0
5 6 0 .2 7 9 .0 9 5 .1 1 8 .0
5 5 + 9 4 3 .0 100 .829 .0
5 5 0 .7 1 4 .0 101 .173 .0

Jun o
M ay
M ay
M ay
M ay
A p r.
A p r.
A p r.

2 ___
2 0 ...
1 9 ...
12. .
5 ...
2 8 ___
2 1 ...
14___

1 6 9 ,424 ,0 14 7 + 5 4 2 .0
172 .578 .0 4 7 3 ,7 9 9 ,0
1 7 3 ,2 5 5 .0 :4 7 9 .2 9 1 ,0
169.630 .0 4 7 0 ,5 0 8 ,0
17 + 102.0[ 4 8 2 ,6 1 9 ,0
1 6 9 .0 5 5 .0 ,4 8 9 .8 1 1 .0
170.807 .0 4 9 5 ,6 4 4 .0
170.75 l.Oi 4 9 0 ,5 5 5 ,0
187 .140 .0 4 9 5 ,5 8 2 .0
192 .560 .01 495.053.0

0 4 0 .9 6 6 .0
6 4 6 .3 7 7 .0
6 5 2 .5 4 6 .0
64 6 .1 4 4 .0
65 3 .7 8 1 .0
0 5 8 .8 6 6 .0
6 7 2 .4 5 1 .0
6 7 0 .3 0 6 .0
0 8 2 .7 3 1 .0
6 8 8 .2 1 3 .0

BOSTON CLEARINO HOUSE MEMBERS.

Excess
Reserve.

S

1 3,297,0
912 ,0

9 3 .5 6 6 .0
100 .515 .0
103 .993 .0
9 9 .1 8 8 .0
100.950.0
9 9 .9 8 3 .0
105 .957 .0
103 .003 .0
114 .734 .0
1 2 + 5 9 5 ,0

14.209.0
19.546.0
2 3 .2 0 2 .0
18.593.0
19.627.0
17.303.0
2 2 .2 2 5 .0
2 0 .0 9 0 .0
3 + 186.0
3 7 .0 6 1 .0

June 16

1917.

$

7 2 .2 2 2 .0
21 .3 4 4 .0

Note.— National bank note circulation June 16, $8,221,000: exchanges for Clearing

Houso (included In “Bank Deposits”), banks, $22,341,000: trust companies,
$2,759,000: total, $25,100,000. Capital and surplus at latest dates: Banks,
$64,175,600; trust companies, $41,295,200; total, $105,470,800.




Boston Clearing House Banks.— W e g ive below a
sum m ary show ing the totals fo r all the item s in the B oston
C learing H ouse w eekly statem en t for a series o f w eeks:
Change from
previous week.

Circulation ......................... $5,674,000 Dec.
Loans, dlsc'ts A Investments. 455.330.000 Inc.
Individual deposits, Incl.U.S. 352.879.000 Inc.
Due to banks....................... 135.056.000 Ino.
Time deposits___ ______ _
Ino.
Exchanges for Clear. House. 17.738.000 Ino.
Due from other banks......... 47.289.000 Ino.
Cash reserve....... ............... 23.996.000 ,Ino.
Reserve In Fed. Rcs’ve Bank 31.886.000 Inc.
Reeerve with otner banks__ 38.053.000 jDeo.
Reservo excess In bank and
Federal Reserve Bank----- 1 6,842,000 ,Ino.
E xcess w ith Reserve Agents. 1 25,703,000 Deo.

June 9

1917.

June 2

1917.

$15,000 $5,689,000 $5,685,000
+707,000 450.623.000 449.702.000
4,03+000 348.245.000 349.561.000
4,307,000 ,130,749,000 127.362.000
i i
762,000 33,895,000 ■* ano nnn
3,657.000 14.081.000 17.133.000
6,319,000 40.970.000 40.933.000
46,000 1 23,950,000 22.912.000
974,000 30.912.000 30.255.000
2,889,000 40.942.000 30.938.000
760,000 0.082,000 4.529.000
2,054,000 28.747.000 24.779.000

Imports and Exports for the Week.— See third page
p receding.

June 23 1917.]

£k m k ers;

2535

THE CHRONICLE
© a le tte .

Wall Street, Friday Night, June 22 1917.
T h e M o n e y M a r k e t a n d F in a n c ia l S i t u a t i o n . — T h e
security m arkets re flect tho generally unsettled c o n d itio n o f
business in all its d ep a rtm en ts. P rices h avo m o v e d up and
d o w n , a t tim es w ith con sid erable ra p id ity , b u t w ith n ot
m u ch a p paren t or especial reason th erefor. S a tu rd a y ’ s b a n k
statem en t sh ow ed a grea tly redu ced surplus reservo. T h is
has been la rgely o ffs e t, h ow ev er, b y tho receip t this w eek o f
$ 8 3 ,93 1,00 0 in g o ld , tho first shipm ent o f th at m etal since tho
early pa rt o f M a y , fo r B ritish cred it. N otw ith sta n d in g
theso receip ts a nearly con tin u ou s rato o f 0 % fo r call loans
has k ep t th ose interested in the m a tter guessing as to h ow
lon g this rato w ill prova il.
T h o G o ve rn m e n t w eather b u lletin w as d istin ctly fa v ora b le,
show ing tho co n d ition o f w in ter w h ea t som ew h a t b etter than
h ad been ex p ected . T h o best a u th ority on iron an d steel
reports th at prices g o on a d va n cin g w ith no sign o f a b ate
m e n t. F oreign bu yers are u rgent in a d d ition to ou r ow n
needs for b o th w ar and d om estic pu rposes.
T h o Russian situ ation is less preca rious than o f la te, b u t
G erm an U -b o a t a ctivities con tin u o to b o a m oro or less
serious m a tter, and thus tho last and on ly rem aining h op o,
perhaps, o f G orm an success in tho w ar is k ept a livo.
F o r e ig n E x c h a n g e .— G o ld im portation s from C a n a d a
to tho am ou n t o f $8 3,93 1,00 0 w ere receiv ed during the w eek,
b u t were w ith ou t im p orta n t influence on sterling exch an ge
rates. T h e la tter were steady an d scarcely varied . In the
con tin en ta l exchanges a feature w as th e w eakness in lire.
R u bles were stea d y . Swiss exch an go is ex cep tion a lly firm
an d pesetas reacted sligh tly from last w eek ’ s high jjo in t.
T o - < la y ’ s ( F r i d a y ’ s ) a c t u a l r a t e s f o r s t e r lin g e x c h a n g e w e r e 4 7 2 f o r
s ix ty d a y s , 4 7 5 )3 fo r ch e q u e s a n d 4 70 7 -1 0 fo r c a b le s .
C o m m e r c ia l o n
b a n k s , s ig h t 4 7 5 ) 4 , s i x t y d a y s 4 71 %, n i n e t y d a y s 4 6 9 ) 3 a n d d o c u m e n t s
f o r p a y m e n t ( s i x t y d a y 's ) 4 71 H C o t t o n f o r p a y m e n t 4 7 5 ) 4 a n d g r a in
fo r p a y m e n t 4 75 ) 4 .
T o - d a y ’ s ( F r i d a y ’s) a c t u a l r a t e s f o r P a r i s b a n k e r s ’ f r a n c s w o r o 5 8 3 'A
f o r l o n g a n d 5 7 7 % © 5 7 8 )4 f o r s h o r t .
G erm a n y ban k ers’ m ark s n ot
q u o t e d fo r s ig h t, n o m in a l fo r lo n g a n d n o m in a l fo r s h o rt.
A m sterd a m
b a n k e r s ’ g u i l d e r s w e r e 4 0 1 2 -1 0 f o r s h o r t .
'
K x c h a n g e a t P a r is o n L o n d o n , 2 7 .1 8 fr a n c s ; w e e k s r a n g e , 2 7 . 1 8 f r a n c s
h ig h a n d a l s o 2 7 .1 8 f r a n c s l o w .
K x c h a n g o a t B e r lin o n L o n d o n n o t q u o t 
a b le .
T i i e r a n g e f o r f o r e i g n e x c h a n g o f o r t h o w e e k f o ll o w s :
Cables.
Cheques.
Sterling, Actual— Sixty Days.
4 7<> 7-1 f)
4 7545
H ig h f o r t h o w e e k ___ 4 7 2
4 7 0 7 -1 0
4 75%
L o w f o r t h o w e e k ___ 4 7 2
Paris Hankers' Francs—
5 75
5 74
H ig h f o r t h o w e e k — 5 81 'A
5 77H
5 76%
L o w fo r th o w e e k — 5 8 4 A
Germany Hankers' Alarks—
H ig h f o r t h o w e e k ----------L o w f o r t h o w e e k -----------Amsterdam Hankers' Guilders—
41 %
H ig h f o r t h o w e e k ___
4 0 )3
41 5 -1 0
4 0 'A
L o w f o r t h o w e e k ___
4 0 J3
41K
D o m e s t i c E x c h a n g e . — C h i c a g o , 1 0 c . p e r S I ,0 0 0 d i s c o u n t . B o s t o n , p a r .
S t . L o u is , 1 0 c . p e r S I , 0 0 0 d i s c o u n t b i d a n d p a r a s k e d .
S an F r a n cis c o , 1 0 c.
p e r S I , 0 0 0 p r e m iu m .
M o n t r e a l , $ . 9 3 7 5 t o S I 2 5 p e r S 1 ,0 0 0 p r e m iu m .
M i n n e a p o l i s , 1 0 c . p e r S i , 0 0 0 p r e m iu m .
C in c in n a ti, p a r.
N e w O r le a n s ,
s i g h t 5 0 c . p e r $ 1 ,0 0 0 d i s c o u n t a n d b r o k e r s 5 0 c . p r e m iu m .

S ta te a n d R a ilr o a d B o n d s .— Sales o f Stato b on d s at
the B oa rd this w eek are lim ited to $2 ,000 N ow Y o r k C anal
4s, 1961, at 10 1 3^2 to 102, an d $1,000 N e w Y o rk C anal 4s,
1960, at 100 ys.
m
D ulness was the prom in en t featuro o f tho m arket for rail
w a y and industrial b on d s this w eek. Sales o f this class o f
securities w ere less in v olu m e th an a w eek a g o, w hile from a
list o f 20 m ost a ctive issues, o n ly 2— C h ica g o B u rlin gton &
Q uincy jo in t 4s and In terborou gh R a p id T ra n sit 1st ref. 5s—
a d va n ced in va lu e. U nited States R u b b e r 5s T ru st C o . ctfs.
fell aw ay fro m 87 K to 80. A tch ison T op ek a & Santa Fo
gen . 4s declin ed slightly as dul C h ica g o R o c k Island & P a cific
re f. 4s, L ack aw an n a Steel 5s 1950 an d N ew Y o r k C en tral
d e b . 6s. T h e U n ited States L ib erty 3 K s , w . i., sold a t tho
B o a rd this w ek at prices v a ryin g from 100 to 100 5 -5 0 , and
largo transactions in oth er G overn m en t issues wero n oted .
Sales o f b on d s ot tho various States w ere sm all. A n an
n oun cem ent during tho w eek o f tho forth com in g salo o f
$55,000,000 N ew Y o rk C ity securities w ith interest at 4 K %
caused im m ediate depression in th e variou s oth er city issues
an d losses o f from K to I K p oin ts w ere n oted .
A s usual, a largo part o f tho b o n d m a rket a ctiv ity co n 
sisted in trading in securities o f the variou s A llied n ation s.
A n g lo-F ren ch 5s, the soveral G rea t B ritain an d Ireland
issues, tlioso o f the D om in ion o f C a n a d a an d A m erica n
F oreign Securities 5s being the m ost in ov id en ce. Several
issues o f F ronch m u n icipal b on d s w ero also a ctiv e .

1 0 8 K -1 0 4 K . b u t each recov ered t o -d a y . A tla n tic G u lf &
W est Indies SS. fell from 1 1 2 K to 108, m o v e d u p an d closed
at 112. T h e Steel shares were w eak , U n ited States Steel
fell from 1 3 1 K to 1 2 5 K » gain in g b a ck at th e close to 128K>
w hile L ackaw an n a and C ru cib le covered ranges o f 4 K and
4 K p oin ts resp ectiv ely . T h e h igh , low an d last prices o f
A m erica n C a r & F o u n d ry , B a ld w in L o c o m o tiv e , C entral
L eather, In ternation al M erca n tile M a rin e c o m . an d p r e f.,
U n ited States Industrial A lco h o l an d M ex ica n P etroleu m
were 7 6 % -7 1 M -7 5 K , 6 0 K - 6 1 K - 6 6 K , 9 6 K -9 1 -9 6 , 2 9 -2 7 K 2 8 K , 8 4 K -8 1 -8 3 K , 1 6 8-1 60K - 1 6 4 K an d 9 9 -9 3 3 4 -9 6 K T h e cop p er stock s w ere w ea k , as w ere the railroa d shares.
A m o n g the latter A tch is on T o p e k a & Santa F e lost a p o in t
an d C anadian P a cific, after m o v in g u p from 159 to 1 6 1 K .
closed at 161. N e w Y o rk C en tral lost o v e r a p o in t, as did
N orth ern P a c ific , P en n sylva n ia an d R ea d in g . C h icago
M ilw a u k ee & St. P au l a d v a n ced fro m 74 to 79 an d N ew
H a v en from 3 5 K to 38 K - S t. P a u l closed , h o w ev er, a t 7 5 K For daily volume of business see page 2544.
T h e follow in g sales h ave occu rred this w eek o f shares n o t
represented in ou r detailed list on the pages w h ich fo llo w :
STOCKS.

Week ending June 22.

Sales
for
Week.

Range for IFeVc.
Lowest.

\ Highest,

Range since Jan. c .
]
|

Lowest.

j

Highest.

S per share. S per share. 8 per share.
A p r2 0 0
Jun e
A m B rak e S & F pref .1 0 0
13 200 June 19 200 June 19,;176
M a y 38:
A m S um atra T o b a c .1 0 0 3,100 32 )4 June 20 3 4 )4 June 22 1 30
June
M a y 60
M ar
A m T e le g & C a b l e . . .1 0 0
50 59 June 21 59 June 2 1 : 60
M a y 78 H Jan
100 64 Jun e 22 64 Jun e 22 i 57
A ssocia ted O H _____ .1 0 0
F eb 1 7 « A p r
A tla n ta Birin & A t l. .1 0 0
700 15 June 22 16 )3 J u n e 18 1 3 )
B a rrett subs full p a id ___
June
100 114 June 19 114 June 19 105)4 M a y ll2 2
P ref subs full paid . . . .
100
June 18 110 Jun e 18 106)3 M a y ;1 1 0 )3 A p r
B a top lla s M in in g .. . . 2 0 1,200
Jan
1 Jun e 18
% June
)3 J u n e 20
B ro w n S h o e ________ .1 0 0
610
F eb 73 'A June
73 Jun e 16! 61
B ru n sw ick T erm inal .1 0 0 .4,725
14)4 June 22
7 )4 Feb! 14)3 June
Bu rn s B r o s _________ .1 0 0 2,800
June 20 101)4 June 22 89
Jan,125)4 A p r
Butterick__________ 100
200] 14 June 20 14 Jun e 18 14
June, 19)3 Jan
Calif Packing__ n o p a r 1,20037J3Junc 20 3 8 )4 J u n e 16] 3 6 )4 M a y 39
June
Calumet & Arizona.. . 10
10080'AJune 20 8 0 )4 June 20 76
A p r 8 4 )3 M a y
100! 83 )3 J u n e 19 8 3 )4 J u n e 19;i 8 3 ) June 88
Case (J I) pref.......... 100
Jan
1 0 0 1 1 1 A June 19 111)4 June 19 109
Con G EL&P (Balt) 100
M a y 126)3 Jan
M a y 21
100! 1 7 H J u n e 22 17)3 Jun e 22, 16
Cons Interstate C all.. 10
Jan
Jan
600 52 Jun e 20 53>3June 22; 52
Continental Insurance 25
F e b x 5 9 )4
Deere & Co pref___ 100
F eb 100
Jan
100 100 June 19 100 June 19 9 6 )
Detroit Edison____ 100
50 126 ____ _ 126 June 18 120
_____ June 18
Jan
M a y ;i4 5
Elk Horn Coal_______50 0.400,35)4 June 21 38 )3 June 16 3 0 )4 M a y 38)3 June
Federal Mg & S ........ 100
100 18 June 22 18 June 22 11)3 F e b 24
M ay
900] 43 % Jun e 16 45 Jun e 22, 37
Preferred________ 100
J a n 1 49 % M a y
3 0 0 : 35 June 22 36 June 21 35
Fisher Body Corp.no p a r
Apr
June, 37
100 32 43 June 18 3 2 )3 Jun e 18; 28
Gaston,W<fcW,Inc n o p a r
FebJ 40
Jan
14 108 June 18 108 June IS 107
Homestako M ining.. 100
June 131 )3 Jan
lO O llO K J u n c 20 11 6 )4 J u n e 20 114
A p r 121
Int Harv N J p ref.. . 100
Jan
700 65 Jun e 22 69 June 181 65
Int Harvest Corp__ 100
June 88
Jan
100 103 June 20 103 Jun e 20 103
Int Nickel pref v t c. 100
Jan
M arjlO S
800 46 A June 22 49 June 20 4 5 )3 M a y ] 78
o
a y <8
Jewel Tea Inc_____ 100
Jan
700 r l0 3 J 3 June22 10 5 )3 J u n e 19 103)3 J u n e !ll2
Preferred________ 100
Jan
200 \ 106 Juno 20 10 7 )3 J u n e 19 r l0 6 June lO 3 Jun e
z
Kress (S H) & Co pf.100
100 9 6 )4 Jun e 22 9 6 )4 Jun e 22 ' 93
Laclede Gas _______ 100
M a y ! 103)3 Jan
200 115 Jun e 18 115 Jun e 18 115
Liggett fc Myers pref 100
June 125)3 Jan
100 39 Jun e 19 39 Jun e 19; 34
Long Island_________ 50
Jan 4 7 )3 Jan
100; 1)3 June 16
Manhattan Beach__ 100
1)3 Jun e 16
1)3 A p r
2
F eb
100 11554 June 18 115 )4 J u n e 1 8 1115)4 June 125)3 Jan
Manliattan(Elev)Ry 100
4 Jun 18 1
l
Manhattan Shirt___ 100 1,30072 A June 20 77 June 2 2 ; 68
'
M a y ! 81
M ar
May Dept Stores__ 100
100 54 June 20 54 Juno 20 54
June 6 6 )4 M a r
200 103 Jun e 22 103 Juno 22 103
Preferred ............. 100
June! 107)3 Jan
50' 21 )4 June 18 21 J4Juno 1 8 1 18
Mo I’ac tr rec 1st paid..
June, 19
M ay
100 59 Jun e 18 59 June 189 57
Trust rccts full paid..
M a y ; 5 9 )3 June
June 20 107 June 2 0 :1 0 6 )4 M a y j l l 2 ) 3
Nat Cloak & Suit pref 100 100,107
Jan
200 3 4 )3
N a t C o n d & C a b le no par 10,200 341 June 20 37 June 16;! 3 4 )3 June! 39
June
June 21 23 June 22 15)4 June 23
N O T e x a s A M e x v t c . . 3,897
June
Jun o 18 18 June 22 12)4 M ar, 19
N e w Y o r k D o c k ____ 100
900
M ay
June 20 38 Jun e 19 ; 34
P r e fe r r e d __________100
200
M a y 40
June
Jun e 19 25 June 19; 2 4 )4 M a y 2 8 )3 Jan
100125
N o rfo lk S ou th ern ___100
N o v a S cotia S & C . . 100 2,100,100 June 21 109 June 20 90
F eb 125
Jan
June 18 93 June 18*| 90
O w ens B o ttle -M a ch _ _ 2 5
200 93
A p r 98
Jan
300 26 )4 June 20 2 6 )4 June 18 ! 2 6 )3 M a y 3 4 )3 Jan
P a cific T e l & T e l ____ 100,
500 89 Jun e 21 91 June 19 89
P a n -A m P et & T pref 100*
June 98
Jan
100 72 June 16 72 Jun e 16 66
P C C & S t L o u is ____ 100
M a y 82
Jan
100|100 Jun e 22 100 Jun e 221 99
P itts Steel p r e f_____ 100
Jan
F e b 102
Q uicksilver M in in g .. 100
200i 2 June 18
2 Jun e 18
1
June, 3
F eb
P r e fe r r e d .................. 100 1.800
lM J u n e 21
1)4 Jun e 2 0 ;
1)3 June] 4 )3 F eb
R o y a l D u tch ctfs o f dep 2,750 62 Jun e 16 6 4 )3 J u n c 19 59
M ay( 6 6 )4 M a r
Sav age A rm s C o r p . . 100 14,200 9 7 )3 J u n c 16 108 J u n e 18 72
June
June 108
S o P o r to R ic o Sug rights
300
8 )3 June 21
8 )3 J u n c 21
8 )3 June
8 )3 June
Sup erior S teel.......... .1 0 0 2,100 4 5 )fJ u n e 19 48 Jun e 2 0 1 3 4 )3 M a y 50
M ay
1st p referred .......... 100
100 1 0 0 )3 J u n c 20 1 0 0 )3 J u n c 20 9913 M a y 101)3 June
U n d erw ood p r e f____ 100
100 114 June 20 114 June 20 114
June 120
M ar
U nited D ru g 2d p r e f. 100
100 8 5 )4 Jun e 22 8 5 )4 J u n e 22 8 5 )4 M a y
91
Jan
U nited D y e w o o d ____ 100
140 65
June 16 65 Jun e IP 65
Jun e 67
June
U n ited P a p e rb o a rd .......... 1,000 26 June 21 3 0 )3 Jun e 19 26
June 3 3 )3 M a y
U S R e a lty & I m p t . . 100
200 1 5 )4 J u n e 21 16 Jun e 19! 10
Jan 2 2 )4 Jan
W ells, F a rg o E xpress 100
100 9 5 )3 J u n e 18 9 5 )3 J u n e 18” 9 5 )3 June;144
Jan
W estern P a c ific _____ 100
100 lO H J u n c 19 1 6 )3 J u n e 19 12)3 A p r 1 18)3 M a y
P r e fe r r e d .................. 100
800 46
Jun e 19 46 Jun e 181 39)3 M a y ! 47
M ay
W ilson & C o p re f____ 100
2 0 0 '1 0 5 )3 J u n c 16 1 0 5 )3 June 20 97
Feb! 107
M ar

Par. Shares S ver share.

O u t s id e S e c u r it ie s .— T h e “ c u r b ” m a rket, reflectin g
con d ition s w h ich prevailed at the S tock E x ch a n g e, show ed
a ten d en cy tow ard irregu larity and low er values this w eek .
A etn a E x p lo s iv e ad va n ced from 3 K to 5 % the final q u o ta 
tion b ein g 5. C a rb on Steel, after m ov in g u p from 103 to
104 fell to 102 and C arw en Steel flu ctu a ted betw een 1 1 K
an d 12. C en tral F ou n d ry lost 2 poin ts fo r the w eek w hile
C h ev rolet M o to r s , usually sp ectacula r, a d va n ced from
95 to 9 9 , fell aw a y to 93 and closed a t 99. C urtiss A e ro 
plane m o v e d up 2 K poin ts to 4 5 , b u t closed at 4 2 K - L im a
U n it e d S t a t e s B o n d s .— Sales o f G overn m en t b on d s at L o c o m o tiv e fell from 58 to 53, w hile the high , low and last
tho B o a rd in clude $20,000 4s reg. a t 1 0 5 K to 106, $10,000 3s pricos o f M a rlin A rm s, M a x w ell M o to r s , N e w Y o rk Ship
co u p o n 1946 at 87, and $266,900 U . S. L ib erty L oa n 3 K S> b u ild in g , Subm arine B o a t, U n ited M o to r s and W rig h tw . i., at 100 to 100 5-50. For to-day’s prices of all the different M a rtin aircra ft w ero 102-95-104, 3 -2 -2 K , 4 5 % -4 3 U -4 6 ,
3 4 -3 2 -3 2 Vs, 3 0 -2 7 K -2 9 an d 1 0 K - 5 K - 7 K issues and for the week’s range see third page following.
T h o S tan dard O il shares w ero as usual in a ctiv e. A n g lo R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— C on d itio n s, this A m erica n Oil a d va n ced from 1 8 K to 21 and Standard Oil
w eek , ten ded to discourago a ctive trading a t tho S tock o f N ew Y o r k flu ctu a ted betw een 285 an d 297. Standard
m arket, tho result being a p eriod o f dulness and irregu larity. Oil o f N ow Jersey fell from 605 to 597.
T h o high rates ob ta in ed in tho m on ey m a rk et, cau sed b y
A m o n g the b on d s traded in at the “ c u r b ” w ere $63,000.
recen t G o ve rn m e n t fin an cin g, togeth er w ith the ap p roa ch in g A m erica n Sm elters 5s a t 9 2 K to 9 2 , $2 1 ,0 0 0 . C osd en &
Ju ly interest an d d iv id on d disbursem ents an d the still d o u b t C o . new 6s a t 98, $ 7 5,00 0. Russian G overn m en t new
fu l co n d itio n o f Russian affairs, w ero im p orta n t fa ctors o f 5 K s at 75 to 69 and $84,00 0 R u ssian G overn m en t 6 K s at
sto ck m a rk et in flu ence. A m erican B eet Sugar fell a w a y 83 to 82.
from 95 to 94 and A m erica n Sugar R efin in g and A m erica n
A co m p lete list o f “ cu r b ” m a rket transactions for the
Sm elting & R ofin in g flu ctu a ted betw een 1 2 1 K -1 1 6 K an d w eek w ill b o fou n d on pago 2544.




2536

New York Stook Exchange— Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O P A G E S.
F o r r e c o r d o f e a l e i d u r i n g t h e w e e k o f s t o c k * u s u a l l y Ir a c t iv e ,

HlOH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
June 16.

Monday
June 18.

Tuesday
June 19.

Wednesday
June 2 0 .

Thursday
June 2 1 .

Salesfor

Friday
June 2 2 .

$ per share $ per share S per share $ per share $ per share S per share
IOOI4 1007* 10078 101*4
* 10 11 * 102
101*4 101*4 101*4 101*4 100U 101
97
97
97
97
*967* 9714
97
97
*96*2 97*2 597*2 97*2
*109
114
.14
14 *109
*109
114
*11212 114
113*2 113*2 *109
73
73*4
72*8 725*
72*2 72*4
72*2 727*
73
73*2
72*2 731.1
693* 69*s
69*4 69*2 *6912 70*4
♦697* 70*2
09*2 69>2 569*8 69*8
*59
00
59*4 5978
59
59
* 5 7 5 * ____ *5 8
------- *577S
160
161
161*8
159
159*2 159*2 160
159*2 160*4 160
.00*2 160
597* 60
0 0 l2 60*4
6 0 78 607*
59*4 60
59*8 60*2
59*8 60
12
11*4 11%
11*8 11*2
♦111* 117* *11*8 1178 *11
11>8 1U 8
34*4
34
34
34
*33
35
*33*8 3512
*333* 3412 *3312 35
747* 75
74
74
75
753.J
74
74
75
74U
75
75*4
110
no
110
110*4
110
10 *109 l2 110
io 97 n o
8
110
110
111
1107S 111
.10*4 *109*2 110*2 *110
IIO I 4 110*2 110*4 110i2 n o
150
145
145 *140
.50 *140
.50
*140
160 * 1 4 0
160 *140
347* 3478
35*4 35*2
35
35**
35
35*4
3 5 '2 3578
35*2 36*4
77*2 78
*77*4 78
7712 78
77*2 78
77*2 78
77 i2 77*4
67*4 687S
68 *s 68*4
67*2 67*4
67
68
67*2 6S7g
67*4 68*4
65*4 6512
657* 66
64*2 6.514
65*2 66>2
64*2 65*8 *04*i 65*2
*38
43
381? *37
43
37
38
*38
43
*38
43
37
*70
76
*70
76
70
70 • *70
76
*7 0
76
*7 0
76
20
*26
27
*26
27*2
27*2 271*
26
*27
28
*27*4 28
*54
56
*54
56
*54
56
*5 4
56
56
*53
*5412 55
*40
47
*42
48
46
*4 0
47
*4 0
47
*4 0
*4 0
47
112 ** 11218 1121 ? 111*2 112
112*8 113
llO U 1107g 1 1 1 U 1123* 1 1 1
*200 210 *200 210 *200 210 *200 210 *205 210 *205 210
*6
9
*6
9
*4
9
9
9
7
7
*4*2
*5*2
*14*2 15*2
14*8 15
15's 151* *14*2 17
15*2 151* *143.1 17
20
26*2
25*2 257s
25*8 26
25*8 26*8
25*8 26
25*8 26
39
*38
39
38*8 38*8
38*4 39
38*2 381* *38
38*8 38*8
30
29*2 29*2
29** 29*4 *28*2 29*2 *29
*28*2 30
*29
29*4
108
1067* 107U *106*4 108
107
107*8 *107
107*4 1 0778 107*4 103
317a 32*8
321* 3212 231*4 32
31*2 32
32*4 337*
331* 33*2
103*2
*103
103*2 *103
♦103U 104*2 *103
104*3 1031* 103*8 *102*2 104
97*
*9*8
9*4
9
9*8
9
9*s
*9*2
9*4
*9*8
9*4
9*4
55*4
*55
56
5 4 l 2 *55
*55*2 56
54*2 55
53*8 54*4 *54
22*8 2212 23
*22
*22
23
2234
2234 22*4 *22
23
23
55
55*2
*54*2 57
*54*2 57
*55*2 567* *55*2 57
*55*2 57
18
*18
*18
19U *1 8
19U
18
19U *17*2 19*4 *17*2 19*4
*31
40
40
*31
*31
40
40
*31
40
*31
*31
40
65
66
6412 64*8
63*2 64
*6 3 i2 65
63*4 64U
*63*2 6412
. *39
*38
42
42
*39
42
44
42
*39
*39
*1247* 128
*125
128
*125
128
*125
128
124*8 125*4 *124*8 128
17
17
19
18
17
17
*17
*1 7 l2 19*2 *171 2 19*2 *17
*
106
106
106
106 *100
106 *100
* ____ 106
678
67g
*1L
13
29
29
57
57
921* 921*
357* 36
*22U 23*2
*124
126
*82
90
104U 104*4
53
53U
*18*2 20
* 5 8 '2 64*2
34*2
67*4
967*
*40*4
*40*2
175*
•30
*43

35*4
67*4
98
42
4412
17*8
32
50

93*4
27*4
*55
*15

93*4
28
56
16*2

21

21

6*4 6*4
6*8 6l 2
*11
15
29
30
28*4 29**
*56
57
57
57
90*2 91
91
92 l8
36
3578 36
37*4
*22*4 23
*2214 23
125
*123
125
126
*82
90
*82
90
103*8 1 037*
104
104
52*4 527g
53
53*4
*18*2 20
18*8 19
58*2 6 0
32*4
65
95U
*41*8
417*
*17*8
*30
*4 3
*13*2
27*2
93*4
27
56*8
*15

21

35*4
67
97*4
42
417*
18
32
50
14
27*2
94
277*
56*3
IOI2

22

*85
92
*8 5
91
137*8
137*2 137*4 136
*79
80
80
80
*7
7*2
*7
7*2
*15
19
16
16
*123* 13
1 2 l 2 12*2
49
49*8
49*4 49*4
26*8 26*2
26*4 2 6 l2

2 *8 2U4
0

21

2Ug

38*8
15
33*4
*49*2

39*4
16
34*8
51

39*2
15'2
34
*50

39*8
16*4
34*8
51

*1438
*28*2
* 68*2
5**
*412
28

151*
31
71
5*4
5
28*4

*14*8
♦28*4
70
5*2
412
27

1512
31
71
5%
4 l2
28

86

86

*101

102

*9U 2

94

*95
96
*001 2 96
50
50
*106
109
*73
74

*110

540
*90

86

92
92
*101
1017*
94
95
*9 0
97
48
49*4
*104
109
717S 731.1

11714 *116
40
97

1412 1412

86

40
*9 0
14

32*4
6412
95*8
*41*8
*40*2
*17*2
*28
*45
*13*2
27U
93
27

34
641*
96*4
42
44*2
18
32
50
14
27U
93*8
27*8
571*
*55
15
15*4
19*2 20*4
*85
89
135*2 136*4
79*2 80
7
♦6*2
19
*15

1212

491?
261?

*14*8
*28
* 68*2
5*2
*412
27*8
85*2
92

15*8
31
701?
5*8
5
28
85*8
92

*101

117U

21

39

15/8
34*2
50*4

102

29
29*4
56
56
9 0 k 91
3612 37*4
22*4 22*4
123U 1231*
*82
90
1031.1 103*8
52*4 527*
____
33*4 34*2
OU 4 65*4
94
96*8
*40*2 42
* 4 0 l2 441?
1712 17*8
*29
*45
50
*13*8 14
*27*8 27*4
93
931?
27*8
27
56*2 561?
16
*15
19*2 19*4
♦85
90
1357*
135
*79*2 80
7
* 6*2
*15
18
* 12*8 12*2
487* 49*8
25*4 20>4
20*4 20*8
39
*35
157*
15
341* 341a
*49*4 51
14*8
♦28U
* 68*2
5*4

145*
31
71
5*4

27
84U
91*2

271?
845*
9U ?

4*4

*101

4*4

102

94
94
95
94*8
97
*90
*91'2 97
46*4 481?
471.1 48*8
105*2 1051? *105*2 106*2
73
73*4
71*2 73

391?
95
14*2
62
*60
62
267* 267*
26
2 3 18 241.1
2312
601.|
59
59
69l.i 70*4
71*4
105
105 *103
12
l l ' * *10
60*8
60*4 60*2
94
♦92
99
997* 997S
1061?
1077* 105
114
*113
115
71
71*4
7212
121*4 118*2 121*8
119. *118*2 119*2
121*4 121*8 121*4
193
192*4 192*2
103
103
104
52
5414
53*2
99
96*2 *96
*42
44
45
31*8 32
32*2
65
62*2 63
84
81*8 82**
112
109*2 110*4
62
*60*2 621?
65*4
6 U 2 64
40 '
95
14*2

63
59*s
25
24
24
2 3 ls
59
*59
61
717S 72*2
69*4
*104
*104
106
111*
12
12
60*2
60** 60*4
*92
94
99
*99
101
1077* 108*4 105*2
*113
114
*113*2
71*2 72
7U 2
120 1213* 118'*
119
*119
120
121*4 121*4 5121*4
1927*
*194
197
1037* 1037* *101
52
54*8 55
96*2
96*4 96*4
*42
*40
45
♦32
33
31*4
*62
81*4
83*4 84**
113
113*4 108*2
*61
6214 62
65
66
61*4
*90
100 *. 100 100
115*2
H s u 11514 115
*150
154
147*8 147*8
147
148U 140*4 14712
§63

1212

49
*26
20*4
*35
1478
*33'2
*49*4

* 112
*6
* 11

38
*90
13*4

37*4 377*
*90
95
14*8 147*
61
60
*2434 26*?
23
24*2
59*2 6034
69
71
10478 1047*

11*2 111*
60*4

62

120

7

* 112 120
6*2 612

117* 117*
29*2 30
*55
50
91
91*4
38*4 39
♦ 22
22*4 *22*8 23
125
123
12312 *124
*82
90
*82
90
10314 103U 103*4 104
527* 527*
527* 53
19
19
*18
19
60
60
*60
61
58
* ____
* ____
58
327* 33*8
33*8 34*4
*64
65*4
6U 2 6412
96*8 97*8
94*4 96*4
413s 413g
*41*8 41*8
*40*2 44*2 *40*2 44
17*2 1712
17*2 17*2
*30*2 32
*29*2 32
*45
50
*47*2 50
14*4 1414
13*4 ' 14*8
28
28
27*41 27*4
93*8 94*8
93*2 93*8
277* 28*8
27 j 277S
*55
56*4
*55 H 57
*15 1V 16*4 *15 ' 15*4
21 • 21
*19*2 20*2
*85
90
*85
'9 0
136
136*8 130*.r, 137*4
79*2 79*2
79*2 79*2
7
7
*5*2
7
*15
18
*15
17
♦ 12*8 12*2
12*2 1212
49*2 4978
4878 ' 49*4
26*4 26*4
26*2 26*8
21*8 2112
20*4 21*4
*35
39
*35
39
15*4. 15*4
15*2 15*8
34*2 3412 *34 ... 34*2
*48 l 51
*48
51
29*4
*58
90U
38

12

29*2
59*4
91*4
39*2

VI

___ _
____

____
____

68*2 68*2
5*8
5*4
*4*4
5
27*2 28
8 4 l2 84*4
92*4 92*4
♦lOOU IOU 2
94
94*4
*91*4 97
47
48*8
105
105*2
73*4 76*4
116*4 116*4
37*2 37*4
*90
95
141* 1412
*61
63
*24*4 26*2
23*4 24
59*4 60
69*4 717*
104*2 104*2
1U 2 I U 2
61
6U2
*91
95
*98
99*i
10478'1 0 8
*113
115
69*4 70
118
120*4
*117
119

*13*4 15*8
*28*2 31
* 68*2 71
5*2
5*2
4*4
5*4
28
28*2
84*2 8412
*90*2 92
*99
101
94
94*2
*927* 97
48*4 49U
105
105
75*2 77*2
*116
117*.)
*37*2 40*2
*90
95
14*4 15
62
64
*2434 26*2
24
24*i
61
61
169*4 71*2
* 1 0 3 * 2 ------

11*8 12*.|

6212 65
♦91
95
*97*2 99*4
10712 108*4
11312 113*2
71
71*8
120*2 1223*
119*2 119*2

100
*98
1041* 1061?
*112 114
68
70*4
116*2 120
*118*2 1191?
122
12112 1215* 122 122
*190 ' 195 *193
195
*190
101*8
*101 103 *101 103
51*4 ' 54*2
53*4
51*2 53
*96*2 98*2 *95*4 98*2 *95*2
*42
45
42*4’ 42*4 *41
30 . 30*4
30*4
31
30
*62
*61
65
*62
65
82*t 81** 82*** 82*2
81
110*8 112*4 111*4
112
109
60*4 60*2 ♦60*4
60*4 60*4
62*2 64*2
64*4
01*8 64
*9778
*97
100
113
1 1 2 U 113 1 II U 4 l l l U ♦ 1 1 1 118
145
* ____ 145
145U 14512
139*4
141*i 136*2 140
139
142*s 135

■

122*2

195

101*8
54*4
99
43
31*2
65
83*2
112*4
61*4
67*8
100
113
146
142*2

Week
Shares.

see

STOCKS
N EW YO RK STOCK
EXCHANGE

p re c e d in g

page.

PER SHARE
Range Since Jan. 1
On basts of 100 -share lots
Lowest

$ per share
R a ilr o a d s
Par
9812 M a y 9
7 ,3 0 0 A t c h T o p e k a * San ta F e .-lO O
9612 M a y l 7
D o p ref_________________ 100
1,325
108 M a y lO
100 A tla n tic C oa st Line U R . . . 100
67?8 M a y 9
5 ,3 0 0 B a ltim ore & O h io _________ TOO
68V8 M a y l 5
712
D o p re f............................. .1 0 0
54 M a y 8
300 B rook ly n R a p id T r a n s i t .. 100
148i2 F e b 7
2 ,1 0 0 C anadian P a cific __________ 100
55 M a y 9
4 ,1 0 0 Chesapeake & O h io ..............1 0 0
10 M a y 9
800 C h ica g o G rea t W e s t e r n .. . 1 0 0
29 M a y 9
Do
p r e f . . . ............... .......100
500
697* M a y l 4
3 ,4 0 0 C h ica g o M llw & S t P a u l . . 100
109 June 2
Do
p re f_______________ 100
1 ,000
108<4 M a y 9
1,355 C h ica g o & N o r t h w e s t e r n .. 100
145 June21
D o p r e f................................100
100
30 M a y 9
4 ,7 0 0 C h ic R o c k Isl & P a c (new ) w l
75t 2 M a y lO
7% preferred w hen Is s u e d ..
3 ,2 2 5
65 M a y 15
0 % preferred w hen Is s u e d ..
6,200
525U F e b 8
6 ,700 C h R I & P a c c t fs o f dep fu ll pd
37 M a y 9
300 C lev C ln C h ic & St L o u is .. 100
70 F e b 1
D o p re f_________________ 100
100
20 F e b 10
300 C o lo ra d o & S ou th ern _____ 100
5012 M a y 9
D o 1st p re f_____________100
42 M a r l2
D o 2d p re f____________ 100
106 M a y 4
8 ,4 2 0 D elaw are * H u d s o n .............100
209 June 1
D elaw are L a ck & W e s t e r n ..50
512 M a y 2 5
100 D en v er & R io G ra n d e ____ 100
127* M a y 2 5
700
D o p r e f_________________ 100
2 2 <4 M a y 9
8 ,5 5 0 E rie..............................................100
341* M a y 14
D o 1st p re f................. . . . 1 0 0
1 ,500
26*2 M a y 14
500
D o 2d p r e f . . ............. . . 1 0 0
1031* M a y lO
2 ,4 0 0 G rea t N orth ern p ref_______100
Iron O re p r o p e r t ie s ..W o p a r
27^4 F eb 3
9 ,8 0 0
100 Illin ois C e n t r a l . ................... 100 100 F e b 3
8U M a y 15
2 ,4 0 0 In terb or C o n C o r p , v t c W o p a r
50*4 M a y 5
Do
p r e f.............................. 100
1,000
185* M a y 9
500 K ansas C it y S ou th ern _____100
52 M a y 9
600
Do
p re f________________ 100
1514 M a y 9
100 L ake E rie & W estern _____ 100
3 0 M a y 17
Do
p ref.......... .............. . . 1 0 0
5 7 14 M a y 9
2 ,4 0 0 Lehigh V a lle y ...........................50
39 M a y 26
L on g Isla nd certfs o f d e p o s i t ..
119 M a y 4
200 L ou isville & N a sh v ille ____ 100
14»4 M a y l 5
300 M ln n ea p & St L (new)___ 100
102 M a y lO
100 M in n S t P a u l & S 8 M ____ 100
120 M a y 2 8
Do
p re f.......... ..................1 0 0
5 M ay 4
1 ,300 M issou ri K a n sa s & T e x a s . 100
10 M a y 0
Do
p re f..................
100
IOC
23«4 M a y 9
10,600 M issou ri P a clflc(n ew ) w h eniss.
61
M ar 7
D o pref (or Inc bon d s) d o ___
350
86 M a y 9
5 ,7 0 0 N ew Y o r k C en tra l________ 100
325* M a y 2 4
1 1 ,800 N Y N H 4 H a r tfo r d .......... 100
21 M a y lO
100 N Y O n tario & W e s t e r n ... 100
1161* M a y 9
1 ,400 N o rfo lk & W e ste rn .......... . 1 0 0
82 M a y 2 5
D o ad ju stm en t p r e f___ 100
987* M a y 15
2 ,2 6 8 N orth ern P a cific ___________ 100
613* M a y 9
P en n sy lv a n ia _____ _________ 100
3 ,8 0 0
17 12 M a y 15
1,200 Pere M a rq u e tte v t c .......... 100
53 i 2 M a y l 2
40C
D o prior pref v t o _____100
4 0 Jun e 8
D o pref v t c ___________ 100
20*4 A p r 16
3 4 ,1 0 0 P lttsb & W V a Interim ctfs 100
535* A p r 17
2,100
Preferred Interim c t fs ___ 100
835* M a y i)
8 8 ,5 0 0 R e a d in g _____________________ 50
3'J3i M a y 21
100
Do
1st p re f.........................50
40 M a y 2 9
D o 2d p ref_____________ 50
100
16 M a y 6
700 St L ou is & San F ran new . 100
25 F o b ‘
S t L ou is Sou th w estern ____ 100
46 M a y
Do
p re f________________ 100
12 M a y lO
600 S eab oard A ir L in e__________100
25U M a y lO
Do
p ref..................
100
900
88*4 M a y 9
6,100 Southern P a cific C o _______100
23 M a y 9
11,20 0 S outhern R a ilw a y __________100
5 1 s* M a y l 5
300
Do
p re f.......... ................... 100
13U M a y
200 T e x a s & P a cific ....................... 100
1718 M a y lO
2,200 T h ird A v en u e (N ew Y o r k ) 100
84»4 M a y 12
T w in C it y R a p id T r a n s i t .. 100
1287* M a y *
1 3,500 U n ion P a cific _______________ 100
76>4 M a y 9
600
Do
p re f.............................. 100
6*2 F eb
300 U nited R a ilw a y s I n v e s t . . . 100
15*2 J u n e l4
Do
p re f________________ 100
10i 2 M a y lO
900 W abash ..................................... 100
445* M a y 9
3 ,9 0 0
D o pref A ......................... 100
23 M a y
4 ,8 0 0
D o pref B ........................1 0 0
177* M a y 9
5 ,0 0 0 W estern M a ry la n d (n e w ). 100
35 A p r
1 ,400
D o 2d p ref......................... 100
13 M a y
14,500 W heelin g * L ake E R y . . . l 0 0
31>2 A p r 10
1,700
D o p referred.......... .......... 100
45'2 F e b 14
W isconsin C en tra l................ 100
I n d u s t r ia l & M is c e lla n e o u s
1234 M a y lO
100 A d v a n ce R u m e ly __________100
28 A p r 11
Do
p re f________
.1 0 0
66 F e b 3
4 0 0 A ja x R u b b e r I n c ........ .............. 50
5 M ay29
1,400 A laska G o ld M in e s __________10
4U M a y 2 5
1,700 A laska Juneau G o ld M I n 'g .1 0
201* F e b "
3 ,7 0 0 A llls-C h alm ers M fg v t C ..1 0 0
79U F e b
2,100
D o preferred v t c _____100
83 F e b
600 A m er A g ricultu ra l C h e m . . l 0 0
985* F e b 10
Do
p re f________________ 100
81 F e b 1
5 ,2 0 0 A m erican B eet S u g a r_____ 100
O H *M ay 9
Do
p ref________________ 100
38 F eb
1 8 ,200 A m erican C a n ______________100
103 M a y 7
600
Do
p re f______ _________ 100
57 F eb
2 2 ,8 0 0 A m erican C a r <fc F o u n d r y . 100
1151* A p r 18
100
Do
p re f_________________100
3712 June21
990 A m erican C o tto n O il_____ 100
92 M a y lO
Do
p re f_________________100
10 F e b ‘
3 ,1 0 0 A m erican H id e & L e a th e r. 100
55*2 M a y 7
1,510
Do
p ref_________________100
24 F eb
700 A m erican Ice S e c u r it ie s ... 100
15»4 F eb
8 ,8 0 0 A m erican L in seed_________ 100
48 F e b
2 ,7 0 0
Do
p re f_________________100
6 2 i2 F eb
16,150 A m erican L o c o m o t iv e ____ 100
102 M a y 4
300
Do
p r e f_________________100
8i2 M a y l 4
4 ,4 0 0 A m erican M a ltin g ________ 100
63 Jun e 4
7 ,3 0 0
D o p r e f . . ........... .............. 100
90*4 M a y 2 5
A m er Sm elters Seo pref B .1 0 0
973* M a y lO
360
D o pref Ser A s t a m p e d ..
945* F eb
4 8 ,7 0 0 A m er Sm elting A R e fin in g . 100
100
D o p r e f............................... 100 x l l O i j M a y l l
52 F e b "
5 ,3 0 0 A m erican Steel F o u n d r y .. 100
104*8 F e b 3
3 3 ,2 0 0 A m erican Sugar R e fin in g . .1 0 0
1 1 6 i2 M a y 2 3
450
Do
p ref.............................. 100
116U M a y 11
1,807 A m er T elep h on e A T e l e g .,1 0 0
184 A p r 21
500 A m erican T o b a c c o ________ 100
100 A p r 24
400
Do
pref ( n e w ) ........... . . 1 0 0
37i* F e b ~
13,300 A m W oo le n o f M aas.............100
94 F ob
200
Do
p ref________________ 100
37 F e b
100 A m W ritin g P a per p r e f . . . 100
28 M a y 9
3 ,5 0 0 A m Z in c L ea d A S _________ 25
62 > Jun o 6
2
300
Do
pref_________________ 25
70 F e b 1
6 8 ,7 0 0 A n a con d a C o p p e r ___________50
8 9 '* F eb
13,900 A tl G u lf A W I a s Line c tfs 100
64 F e b 8
400
Do
pref ce rtfs_________ 100
43 F ob
4 8 ,7 0 0 B a ldw in L o c o m o t iv e _____ 100
99 M a y 6
IOC
Do
p ref________________ 100
104*4 M a y lO
1 ,100 B a rrett C o (T h e )__________ 100
700 B ethlehem S te e l___________ 100 0119 M a r 1
103 M a r 1
3 1 2 ,6 0 0
Do
class B c o m m o n __ 100

Highest

PER SHARE
Range for Previous
Year 1916
Lowest

Highest

$ per share
$ per share
100*4 A p r
107*2 J a n 6
100i2 F e b 1 X98** D eo
1061* A p r
119 Jan 4
85 Jan 18
81<* D eo
721* A u g
767* Jan 17
82 Jan 4
81 D e o
1673* M a r2 3 *1621* M a r
58 A p r
65*4 Jan 3
11*4 A p r
14>* J an 10
33 A pr
41*4 Jan 2
92 Jan 4
89 D e o
1251* Jan 29
123 D e o
12414 J an 19 123 D e c
1721* F e b 16 »1 6 5 Apr
37 A p r 13
84U A p r 14
71 A p r 14
66I2 J u n e l 8 631 D e c
38 A p r
51 J a n 16
70 F eb
8 0 Jan 29
24*4 A p r
30 Jan 4
46 A p r
6712 Jan 9
40 M a r
46 M a r l7
1487* D e o
1517* Jan 19
216 M a r
238 M a r 2 4
87* M a r
17 Jan 6
15 M a r
41 Jan 2
32 A p r
34*4 Jan 3
49*4 Jan 2
46 D eo
39*4 Jan 3
40 D e o
115 D eo
118*4 Jan 4
381* M a r 4
32 D e o
99*4 A p r
100*8 J an 2
lS ij D eo
171* Jan 2
69 D e o
7214 Jan 2
23i* A p r
257* Jan 2
565* D e o
6 8 i2 Jan 3 0
10 M a y
2514 Jan 3
32 A p r
63*4 Jan 3
741* Jan
79>2 Jan 2
43*4 A p r 14
121*8 M a r
133*4 Jan 4
20 O ot
32U J an 29
116 D eo
119 Jan 3
1281* S e p t
127 A p r 13
3>* S e p t
11 Jan 2
10 A p r
20*2 Jan 4
22** S e p t
34 Jan 2
47*4 S e p t
61 Jan 3
100U A p r
1035* Jan 4
491* D e o
527* Jan 2
26 M a y
2914 J an 2
114 M a r
1385* Jan 24
841* F e b
891* F e b 3
108 D eo
110*4 J an 3
65 S e p t
67** Jan 25
36*4 D e c
36*4 Jan 2
72 D e c
73i* Jan 17
57 Jan 8
35*4 Jun e 1
68 J u n e l5
7 6 i8 Jan
104*4 Jan
417* F eb
45 Jan 29
41*4 F eb
451* Jan 16
151* M a y
269* Jan 2
16 M a y
3U 2 A p r 14
371* S e p t
63 Jan
14 A p r
18 Jan
34 ig A p r
391* Jan
9414 A p r
98'2 M a r2 4
18 A p r
33** Jan 3
66 A p r
70i* Jan 3 0
61* F eb
19*4 Jan
48 N o v
48*4 Jan
94 M a r
95 Jan 20
129*4 A p r
149** J an 2
x80 S ep t
85 Jan 24
7*4 M a y
ll* * Jan 2
17 Sept
23*4 J an 2
13i* S e p t
15*4 Jan 5
4U * M a r
58 Jan 2
25 A p r
30*2 Jan 2
23 A p r 3
41 M a r2 7
21 D e o
227* Jan 2
48 D e o
505* Jan 22
33 Apr
64*4 Jan 2

%per short

14 A u g
30*8 O ct
63 Ju ly
10*4 D eo

21*4 D ec

18*2 Jan
37*8 Jan
80 Jan 25
11*2 Jan 4
8*g M a r2 6
325* M a y 3 I
807* M a rlO
95*2 M a y 2
1031* Jan 24
1021* F ob 15
98 Jan 24
53 M a y 2 8
1 1 1 '* J u n e 0
78 Jun e 7
118 *4 M a y 28
50** Jan 5
10U * Jan 9
17*4 M a r2 9
76 Jan 4
32*4 Jan 2
26*4 M a y 3 1
6312 Jun e 0
82*4 Jan 4
1067* Jan 20
19*4 M a r3 0
68 M a r3 0
99*4 J an 31
102U M a rlO
112*4 Jun e 2
117*8 Jan 19
75 Ju n e 7
120** Jun o 9
1211* Jan 25
1281* Jan 24
22 0 M a r 12
109*4 Jan 18
58*4 Jun o 9
100 Jun e 0
54'2 M a rlO
41*8 Jan 26
721* Jan 26
87 M a y 2 6
12U * Jan 22
66 Jan 4
09*4 Juno 7
102*2 Jan 15
136 Jan 2
615 Jan
150 J u n o ll

64Oot
*

19 Ju ly
70i* Ju ly
63 A p r
96 M a r
61*4 F eb
93 A p r
44 D e o
1077* D e o
52 Ju ly
115*8 A u g
4 8 's D eo
98 Jan
8*4 June
45 M a r
25 Jan
17 D eo
38*4 M a r
58 Ju ly
991* Ju ly

1087* Oot
102 F eb
126 N O »
06 Jan
8 0 Jan
887* June
183*4 Jan
71 O ot
16*4 D ee
47i* O ct
1021* Jan
136** Jan
1347* Jan
176 D eo

638*8 D eo
62*8 O ot
86 June
37 O ot
621* O ot
67*4 June
156 O ot
242 N ot
23U O ot
62** O ot
43*8 Jan
69** Jan
541* Jan
1271 * Jan
50*4 Jan
1097* O ot
211* Jan
77i* Jan
3214 Jan
647* Jan
30 D eo
* N ot
87*8 O ot

551

14'0
36
130
137

Oot
O ot
O ot
Jan
1314 D eo
24U D eo
38** D ee
647* D eo
114U O ot
777* Jan
34*8 D ee
147i* O ot
89i* M a y
1187* Jan
60 O ot
38*8 D ec
731 * D eo

1 1 5 ii
46
52
30i*
32i*

S ep t
F eb
M ay
D eo
D ee
67 D ee
191* D ee
42ig O ot
04<8 Jan
36*4 D ee
731* D ee
21*4 D ee
681* June
99 June
153** O ot
8 4 ij S ep t
2 U 4 Jan
39*4 Jan
17 Jan
6 0 ij D ee
327* D eo

27*8 D e «
681* D e c
661* July
43 A pr
891* D eo
2 6 i] Jan
10U Jan
38 N ot
92 N ot
102 N ot
103*4 D eo
1081* N ot
102 June
681) S ep t
115** S ep t
78i* D ee
1191) M ar
68 i* O ot
102 M ar
201] O ot
847* D eo
32*4 D e e
277* N OT
62*4 N OT
98*4 N ot
109 N ot

841* Ju ly
97U N O T
91*4 Ju ly
102 N ot
881* A p r
1227* N ot
1181* O ot
109U A p r
44 A pr
73 D ee
104 D eo
125*8 O ct
1151* M a y 1231* O ot
zl23<8 D eo 21341* Sept
2297* N ot
188 F eb
113 S ep t
105U A p r
687* N ot
37 D eo
102 M a r
92 Jan
76U N ot
11 Jan
977* Apr
29*8 J u ly
87 N ot
691* J u ly
105*8 N ot
77 A p r
60 Ju ly
147*4 D eo
73*4 N ot
60i* D e o
62 D eo 118*8 Jan
110 M a y
987* D eo
al27i| D eo 1671* D eo
415 Jan
700 N ot

•B a da k dplo s n s le o th d y t E -r h 1Ls th n1 0s a e , aE -d . a d r h . * E -d ld n . 6Bfo e p y e t o 1 t Inta e t.
id n s e r e : o a s n is a .
x lg ts.
es a 0 h r s
x lv n ig ts
x lv e d
e r a mn f s s llmn




2 5 37

New York Stock Record— Concluded— Page 2
F o r r e c o r d o f sa le * d u r i n g t h o w ea k o f « t o c k » u i u a l l y i n a c t iv e , t e e

Sales/or

HIGH AND LOW SALE PHICES—PER SHARE, NOT PER CENT.
Saturday
June 10.

M ond ay
June 18.

Tuesday
June 19.

W ednesday
June 20.

Thursday
June 21.

Friday
June 2 2 .

the
W eek
Shares.

e e co n d p a g e p re c e d in g .

PER SHARE
Range Since Jan. 1
On basis of lOCMftare lots

STOCKS
N EW Y O R K STOCK
EXCHANGE

Lowest

Highest

PER SHARE
Range for Previous
Year 1916
Lowest

Highest

_

ln d u s t r ia l& M is c .(C o n .) Par $ per share
$ per share
$ per share $ per share.
S per share
S per share S per share $ per share $ per share
117*2 M a r 3 135 Jan 5
100 B ethlehem Steel p r o f______ 100
186 N o v
126 J u ly
120
120
118
123
122
123*2 *118% 123
105% M a i
1,600 B u tte & Sup erior C o p p e r . . . 10
38*4 F e b
3 52% J an 26
41% D e o
41*2 4 2 12 *41*4 4 l 78
4 1 34 4134
41% 41%
4138 4134
42*2
42*2
1,100 C a liforn ia P etroleu m v t c . 100
42% Jan
17% A p r
24 30% J an 25
15 June
*20
22
21
20% 21% *20
21
20 % 20 *s *20
*21% 22%
80% Jan
1,100
Do
p r e f..............................100
46 ..M a y 12
62% Jan 25
52
4 0 June
2*5134 5134 51*1 51*4 *51
52
51
*52% 51%
51*2 52*2
70 F e b 1 10 1 % J u n e l l
123 N o v
49 A p r
94*4 90*8 7 2 ,500 C en tra l L ea th er___________ 100
913.1 94
93%
94*8
92% 96
91
91*2
95*2 96%
100
117% N o v
109% M a y l 6 115% Jan 25
Do
p r e f............................... 100
108% Jan
112 % 110 112 *110 112*2
112% *110
no
112% 1 1 2 % 112 % *110
1,100 C erro d e P a sco C o p ...N o par
32% M ay 9
41 F e b 20
36
30
30
30
36
36
37
*36
36
36% 36%
36*2
200 C h andler M o t o r C a r .............. 100
131 June
*87
92
85 M a y lO 104% M a r2 0
88% A p r
90
90
91
92
91
92
92
*88
*87
*86
20 F eb
3 27% M a r l2
39% N o v
19% J u ly
2 1 % 2 1 % 21*4 213,1 21*2 2 178 9 ,9 8 0 C h ile C o p p e r ..............................25
22
22
22
21*2 22
22%
74 N o v
5
48% F e b
3 63*4 M a r 7
46% J u ly
5534 56*8 5578 5034 10,400 C h in o C o p p e r ................
54% 56*2
57% 58*4
55% 57
56
57%
52*4 53*4
38% F e b
2 58 Jun e 7
8 ,6 0 0 C o lo ra d o F u el & I r o n _____ 100
63% S ep t
38% A p r
51*i 5112
50
5134
52% 53
50
51*2
50% 53*4
34% F e b
3 47% A p r 4
5 ,500 C olu m b ia G a s & E le c _____ 100
53% D eo
40
40*8
391 2 3912
30 % Sept
38% 40
41% 41%
40% 40%
403s 411 1
C o m p u tin g -T a b -R e co ru . . 1 0 0
38*4M a y 11
40 Jan 4
52% Jan
47 l2 *39
44
44
*39
40% Ju ly
*39
*39
43
144% Jan
900 C on solid a ted G as (N Y )_ _ 1 0 0 z l 0 4 % M a y l 0 i3 4 % J a n 18
108
108
108*2 108*2
108
129% D e o
10912 108
*103
108ig *107*2 108% 108
82% F e b 3 102 Jun e 9
Sep*
700 C on tin en ta l C a n ___________ 100
100
99%
75% Jan i l l l
97U 97*4 *97
*97
*98
100
*98*2 100
98*4 99
Do
p re f------------------------ 100
108*2 M a y 3 1 112% F e b .
114 N o v
106 F e b
108*i - -  * 1 0 8 * 4 ____
*108% ____
*110
*110
*110
18 F e b 2
34% M a y 2 9
29% D e c
32% 34%
32*8 33*8 139,960 C orn P ro d u cts R e fin in g .. . 1 0 0
3 2 78 34
13% A u g
30% 32%
30% 32is
3158 32%
Do
p ref.............................. 100
96% A p r 11 112% J a n 2
105*8 10534
3 ,600
10478 105
8 5 Jun e 113% D eo
104
104% 10 1 % 105
104
104
50*2 F e b 2 85 June21
99*i M as
83
84*8 2 1 4 ,100 C ru cib le Steel o f A m e r ic a . 100
50% D e o
82is 85
79*8 83
81%
79
791.1 8238
79 l2 81%
102
Do
p r e f..............................100
102 Jun e20 117*4 Jan 3
124% D eo
102
105
103
103
600
108% Jan
105% 102
10578 10578 105
*105% 100
35*4 F e b
3 55*4 Jan 4
42% 44
76% O ct
43
43*2
43*2 44*4 3 0 ,6 0 0 C u b a C a n e Sug ar_____ No par
43 D e o
43% 44%
4312 4478
44% 45%
Do
p ref________________ 100
85% F e b 14
94% Jan 3
100% O ot
90
91% D e o
1,000
90*2 *89*2 90*2
89*2 89*2
90*2 91
90-% 903.1 *9012 92
269% S ep t
159 F e b 14 205 A p r 16
152 Jan
184
184
182
190
183% 1831.4 180
900 C u b a n -A m erlca n S u g ar___ 100
*180
*180
190
182
185
110 Juno
Do
p ref_____ ______ . . . 1 0 0
99% M a y 10 105 M a r 8
101
103
103
100% D e o
*100
104
100
lOH.i * 10 1 % 105 *102
*1 0 0
105 *101
54% A p r
2 1 % 21
11% A p r 20 32 Jan 2
24 D eo
20
24%
2 3 78 25*8
2378 24*2 3 7 ,350 D istillers’ Securities C o r p .1 0 0
2018 223g
21% 22%
29% F eb
*9% 10*4
9 % J u n e l9
24% Jan 9
18 D e o
9%
11
11
938
2 ,3 0 0 D o m e M in es, L t d ____________10
10*8 10*2
934 10%
*93ji 10*4
187% O et
159 A p r
157% 157% 156% 157% 157*2 157*2 158*2 100*2
150% M a y 9 171% Jan 26
1,900 G eneral E le c tr ic ___________ 100
*158
1593.1 15778 159
135 D eo
120 D e o
98% A p r 20 125 M a r l6
110*2 116*2 113% 116*2 114*2 11734 117*2 119*8 7 0 ,200 G eneral M o t o r s tem c t f s . . 100
l l l l 2 112l2 110>4 114
93 D ee
8884 8834 88*3 88*8 *87*4 89
88*i D e o
Do
pref tem
c t fs 1 00 85 A p r 24 93
Jan
4
*87
89
300
* 88*2 89
88
88
80 A pr
49% D e o
5134 53
47% A p r 20
6 1 % Jan 19
51% 52
50% 51*2
2 ,8 0 0 G o o d rich C o (B F ) ................ 100
52% 525g
50*4 50*4
51*4 51*4
116% M a r
H O ii D e o
*106% 108
Do
p r e f_________________ 100 106 J u n e l2 i l 2 Jan
4
107
*106
108
*1 0 0 l2 108 *100
108 *105*4 108
120 N o v
*82
80 Ju ly
*84
87
87
G ra n b y C on s M S & P _____ 100
75% F e b
3 92% J a n 17
*82
*83
80
87
*83
84
58% N ov
4234 4234
42% 42%
34 June
40 A p r 23
47 Jan 26
42
45
42
2 ,0 0 0 G reen e C a nanea C o p p e r .. 100
42
*44
42*8
40
42*8
99% F e b 3 137 Jan 3
123
120
123
123
71 M a y 193 N o v
127
123*8 128
123
2 ,4 5 0 G u lf States Steel tr c t fs ___ 100
127
120
123*8 123
____
____ *107*2 115
Do
1st pref tr c t fs ______ 100 102 F e b 3 110 J u n e l3
10712 115
87 M a y 115 N o v
115
*107
108
115
____
Do
2d pref tr c t fs ______100 117 F e b 10 i l 7 % F e b
2
185
72 M a y 190 N o v
185 *120
*118
118
100
185
74% N o v
48 F e b
1 6 6 % J * m e ll
42% A p r
61% 6234
61% 04%
64
63*2 04*4 3 2 ,600 Inspiration C on s C o p p e r . . . 20
64%
61% 63*4
02
03*8
29% Jan
13% F e b
5 2 1 % M a y 22
11 A u g
19
*17
19*2
700 I n te m a t A g rlcu l C o r p ____ 100
19*4 19*2 *17
19
19
*17
19*2
19
19*8
74 Jan
Do
p ref_________________100
35% F e b
5 54 M a y 2 1
37 D e o
53
51% 52
2 ,3 0 0
*51
51*3 52*4
*50*2 52
52
51*2 52*8
*50
126% N o v
108% Jan
107% M a y 9 123 Jan 2
*112
113
116
____
____ * 112
200 In tern H a rvester o f N J . . 100
113
114
112*8 112*8
•50% Sept
19% F e b
1 36% M a r 2 3
t l3 % F e b
27% 29
28*2 2 2 .900 I n t M erca n tile M a rin e ____ 100
28% 2878
27% 28%
28*4 287s ' 2 8 '
27*2 29
Do
p r e f...............................100
62% F e b
8 95% M a r2 4
v61% M a r •125% Sep*
81
84%
81% 82%
83% 85*8 101,400
83
85*2
81% 8378
82% 84%
6 6 % Jan
37% F e b
3 47 % M a r2 1
39*4 40
38% D e o
2 5 .900 Intern N ick el (T h e ) v t c . . 25
39*8 39*4
40*8 41
40*2 41*8
39% 40%
40%
39
76% N o v
9% M a r
33 M a r
2 49% Jan 4
36*8 3734
36% 38
7 ,600 In tern ation al P a p er_______100
30
37
37
38*4 38*4
38%
36*2 38%
____
Do
sta m p ed p r e f ____ 100
75 J u n e l 4
77*2 J un o 6
76
*74
*73
75
75
*73
85% Sep*
K elly -S p rln g fleld T i r e _____ 25
48 M a y 5
64*2 Jan
4
56 D e o
52
*48% 5 2 " *48
50*2 *47*2 49
*48
51% *48*2 50% *48
64% N o v
40 F eb
1 50*3 M a y 26
40 D e o
45
45*2 2 8 ,7 5 0 K e n n e co tt C o p p e r ____ No par
46%
44% 46%
44*2 45*4
46
44
44% 45*8
45's
64 M a y 107 N o v
70% F e b 3 i0 3 % J u n e l3
90
90% 3 1 ,7 0 0 L a ck aw an na Steel__________100
94*2 90's
97
9434 97%
98%
94% 96«s
96*2
93%
66*i June
17% F e b 2 s
30 Jan 2
25% D ee
18%
700 L ee R u b b e r & T ir e ___ No par
18*8 18% *18
1734 18*2 *18
19
18*2 *17*2 18*2 *18
239% Aug
179% Jan
L orillard C o ( P ) ____________ 100 199% M a y 2 i 232 Jan 19
*187 210
'1 87 210
*187
210
*187
210
210 *187 210
*187
g i Feb
*813.i 85
78 A p r
M a c k a y C om p a n ies________ 100 82% M a y l o
89% F e b 17
*82% 85
*80% 85
*8134 85
*82
85
*81% 85
68% Juno
Do
p ref.......... .............. . . 1 0 0
64 M a r l 4
67*2 Jan 15
64 l2 *04
64% D e o
04%
*63% 65
*64
64% *64
*64
*64
65
65
99 Sep*
43% A p r 2 o
61% Jan 17
44 D eo
4934 50*4
50*4 51*4 12,000 M a x w e ll M o t o r In c tr c t fs . 100
49% 50
49% 51*2
51%
48% 51
50
93 Jan
Do
1st pref stk tr c t fs . 100
63% A p r I s
74 % Jan 18
67
65 D e o
07
07
1,500
*65
69
67*2 *65
68
65*2 65*2 *65
67%
60% Juno
32
D o 2 d pref stk tr c t fs . 100
29% A p r 2 o
40 Jan 20
32 D e o
*31
31*2 3134
2 ,800
31% 32
31% 31%
31% 33
31% 32
94
81% M a r 1 106*2 J an 10
88% June 129% Jan
9678
90*2 98*4 2 9 ,5 0 0 M ex ica n P etroleu m _______100
93% 96%
98
9434 98
94% 96%
99
Do
p ref_________________ 100 90 M a y
3 97 % Jun e 8
89% Jua e 106% Jan
95%
100
*93% 97*2
93% 93% *92% 95*8 *92% 95% *9278 9518 *91
49*8 N ov
j
43 % A p r 30
33 A u g
403,1 41*4
40*8 41
9 ,4 5 0 M ia m i C o p p e r _________________ 5 34 F e b
40*2 41
40% 40%
41*8 41*8
40% 41
62*4
62
54% M a y 9
67*2 Jun o 7
62%
02*2 03% 2 4 ,900 M id v a le S t e e l * O rd n a n ce. .5 0
61%
63
64
64
62
64
62
114% D eo
M o n ta n a P o w e r___________ 100
9 3 % M a y l 6 109*4 Jan 25
*94
68% M a r
99
99
*94
*95
99
99
*94
*94
*94
99
99
117% N o v
109 Jan
Do
p ref________________ 100
M 2 % J u n e l . 117% M a r2 8
500
113*2 112*2 1 1 2 % 112*4 112*4 112*4 112*4
112% 112% *108
113*2 *108
*108*2 111
300 N a tion a l B iscu it____________ 100 105 M a y 5 122*2 J a n 6 118 S e p t 131% O ot
10934 —
*109
111% 109
*109
111
Do
p r e f_________________ 100 112 M a y
3 127 Jan 6 124 June 129% M a y
*1 1 2 l2 119
*112*2 121
*112*2 120
36** D ee
19% A p r
24 F e b
9 42% J u n e ll
38% 39*8
9 ,300 N a t E n a m ’ g & S ta m p ’ g ___100
39*2 41
38*8 39
39% 4 0
38*2 39*4
38% 40
100 N o v
Do
p ref________
100 90% M a y
3 98 Jan 19
90% D e o
*95
99
*95
99
*95
99
99
*95
*95
99
*95
99
74% Sept
56% 5634
62 F e b
63% M a r 2 3
57 D e o
50% 57
1,300 N a tion a l L e a d ______________ 100
57
57
56*2 57
*55
57%
56*2 57
Do
p r e f_________________ 100 101 M a y
8 114 Jan 6 111% D e o 117% Oot
112
108
110 *108
10
110
108*2 *108
*108
108 *108
112
{1 0 8
34% N ov
15 Jan
20% F eb 3
26 % J u n e l l
23% 23*4
2334 24
4 ,100 N e v a d a C on sol C o p p e r _____ 5
2312 23%
24%
23*2 24
24
24% 24%
186 N o v
128 F e b
3 156 M a r2 1
118 Ju ly
150
149
*143*2 150 *143
100 N ew Y o rk A ir B ra k e .......... 100
*143
150
*145
155
147% 147% *143
75% D ee
65% A p r
61 M a y lO
72 % M a r2 1
*63% 66
*6334 67
6334 C334
100 N o rth A m erican C o ________ 100
*03*4 64
*63% 68
*6334 68
124% D ee
87 F eb
3 143 % A p r 19
75 O et
128% 120
133*2 122
128*4 12734 133*4 3 2 ,8 0 0 O h io C ities G as ( T h e ) ____ 25
127
137
137
1333i 137
O h io Fuel S u p p ly ___________2 5
4 5 % M a y l5
54 F e b 19
49*2 *19*4 53
49*2
49*2 *45
*45
49*2 *48
49*2 *45
11*8 Jan
534
5% N OV
5 Feb
3
7 % F e b 14
5%
534
5%
*5*2
400 O n tario Silver M in in g ____ 100
5*2
*5*2
0
*534 6
*5%
6
31 Aug
11% Jan
20 % 27
18 F e b 3
2 9 % J u n e l2
28
*27
27*2 28
2 ,5 0 0 P a cific M a ll....................................5
27% 28
26*2 27
27*8 27%
100% M a y 118 Oot
6 8 % M a y 29 1 06% Jan 18
72
71% 71*2
72
72
75*2
0,1 5 0 P eo p le ’s G L & C (C h ic )- .1 0 0
70
78*2
72<2
73
73U *71
48 D ee
38 June
32% M ay 9
42 Jan 4
33% 33*s
33% 33*8 *33
34
400 P h iladelphia C o ( P l t t s b ) . . . 50
*33
34
3312 3312
*331.1 35
68% D ee
35 F e b 1
57 J u n e l 8
25% July
52% 55
52
54%
54,750 P ittsbu rgh C oa l c tfs d e p . . 100
52% 53*4
53
54
5 3 ’ 4 57
55*4 5634
1 15% D e c
100% A u g
D o pref ctfs d e p o s i t .. 100
107% J an 15 118% M a r2 0
*116
118% *115% 119
'115
118
150
*115
118
*11012 U S
11678 1 107s
88% N ov
42% J u ly
Pressed Steel C a r ___________100 70 M a y
9
83% J an 26
*74
77
74% 703.,
2 ,3 0 0
75
75
75*8 75%
70% 77*4
77
*75
108 N o v
97 J u ly
Do
p r e f .....................
100
101 M a r 7 *107 Jan
31
102*2 *101 103
100
*101
102*j
'101
103
102% 10212 10212 *101
*101
137 S ep t
____ *117
P u b lic S erv C o r p o f N J ____ 100 118 M a y 2 2
13 1 Jan 6 114 Jan
*118
*117
118
118
*117
118
*117
118
118
*117
159% M a y 177 S ep t
3 ,9 5 0 Pullm an C o m p a n y _________ 100 130 Ju n c2 0
167*2 Jan 26
142% 136
142
1451.1 142
138
116
138% 138
140*4 138
*145
6 1% N o v
32 A p r
3 .0 0 0 R a ilw a y Steel S p rin g_____ 100
43 F e b
2 58 J u n e ll
52*2 53
52% 5 4 '*
52% 52%
54
54*2
53
53*2
54%
*54
103% N o v
95% M a r
.............
Do
p r e f...............
100
9 6 % M a y 9 101 Jan 22
*98
99
*98
99
*98
99
*98
99
*98
99
99
*98
37 N o v
2 0 June
15,600 R a y C on solid a ted C o p p e r .. 1 0
23 F e b
1 32% A p r 3
2838 28*8
2S34 29
28*i 28%
2S12 29<2
28*8 28%
29
29%
93 N o v
42 June
60 F e b
1 94% Juno 7
8S*s 89%
883s 90
89% 90%
883s 913s
90*2 92U 6 9 .4 0 0 R ep u b lic Iron & S teel_____ 100
91*2 92*4
1 17 N o v
101 D e o
000
Do
p r e f-------------------------100
90 F e b 11 0 5 % M a y 2 5
*103% 104
10334 103%
103*2 103*2 *103*4 104
*103% 104% 10378 104
84% Sept
63% D e e
7 .5 0 0 Sax on M o t o r C a r C o r p . . . 100
23 June22
68 Jan 4
24% 30
26
29
34
23
25%
30
27
27%
36%
33
233 N o v
168% M a
1.000 Scars, R o e b u ck & C o _____ 100
162*2 M a y l 5 238% Jan 22
171% 171*4 *170
170
173
170
172
172
174
171
171*,
174
40% Feb
22 D e o
2 .3 0 0 Sha ttuck A riz C o p p e r .......... 10
22% F e b 2
29% M a r 9
20 % 27%
26-% 20 %
27
2734
203i 2718
20% 27*8
26% 26%
4 7 % J u n c2 1
59% M a r2 9
52
53*8
49*2 52
54%
49% 50% 0 7 .7 0 0 Sinclair O il & R e f’g ___ No par
525g Oils
54
47*2 50
93% N o v
37 July
58%
3 .9 0 0 Sloss-Sheffleld Steel * Iron 100
4 2 % A p r 21
74 % M a r3 0
58
61
67% 57*2
59
60
61%
59*2 60
58
59*2
240 June
146 Jan
............. S outh P o r to R ic o S u g a r .. . 100
165 F e b
6 209 M a y 3 1
190
190 *170
*170
*170
190 *170
*170
191
*170
192
191
167 Jan
100% D e o
82% 8634
8 110*2 Jan 17
82*2 833i
8438 85% 161,800 Studeb aker C o rp ( T h e ) . . .1 0 0 78% Jun o
81*4 84
83% 86*4
83% 85*2
108% S e p t 114 M a r
300
Do
p ref______ ______ . . 1 0 0
9 9 % J u n c2 2 108 % Jan 20
101
104
*10012 10112 101
*99
*101
*98
100
103
99*8 99%
7 9% Sept
4S*i D e e
900 Stutz M o t o r o f A m I n c .N o par
4 0 % J u n e l8
53 % Jan 26
10% 4 112 *39*2 40% *39% 42% *39*2 40*4 *39*2 40
*42
43*2
19% D ee
15% D e o
3 9 ,2 0 0 Ten nessee C op p er &C h em w 1
13 F eb 2
19% Ju n e20
1012 1078
16*8 18-%
16*2 16*2
18
18*4 18%
17*2 18*2
19*2
177% June 241% N o v
214
210 2 11
215% 210
9 .4 0 0 T e x a s C om p a n y (T h e )_____ 100 199 M a y 9 243 Jan 10
214
200 209
209
213*2
206*2 210
69% D ee
48% S ep t
58
58
5978
58%
48% F e b 3
61 J u n e l4
5733 58%
59*4 60
58
59% 13.000 T o b a c c o P rod u cts C o r p . . . 100
57*8 58
109% M ar
102
99 Ju ly
*98
102
*99
102*4 *97
100 D o
p ref________________ 100
98 M a y 2 8
105 M a r 12
*95
102
*97
99%
98
98
40
40
100 T r a n s u e i W illia m s Steel N o par
40 F eb 3
48*2 Juno 0
47
*46
*44% 40
*44% 40
110 Oot
86 J a a
96
98%
92 M a y 3
109% M a r 12
4 0 0 U n d erw ood T y p e w r ite r ___ 100
96
*96
98*2 *90
*94
...
95
95
18% Oot
4% M a y
11
11
*11
13
200 U n ion B a g & P a p er.............100
10 M a y l 6
15% M a r2 2
*11
13*2 * 11
12 % *11
123.,
11
1
129 N o v
85% 853i *86
87*i O et
897s 90
7 0 0 U n ion B a g & P a per (n e w ). 100
7 4 % M a y l7
112 Jan 22
91
86
*80
9
*80
90
90
44% 45*8
44*4 4512
1.900 U n ited A llo y S teel_____ No par
40% M a y 4
49% Jun o 2
44% 45
45*2 4
*45*4 47*1
44*2 45*2
105% Aug
69 F eb
91% F eb 3
107*2 J u n e l4
107% 1051.1 107l2 104% 106
107
101 105% 104 105*., 105*4 106*4 1 3 .000 U n ited C ig a r S tores_______100
120 Aug
611% F eb
*115
122
*115
* ___ 122
122 *115 122 *115 121 *115 121
_______
Do
p ref________________ 100 113 Jun e 8 120% M a r 14
169% June
136% Jan
13438 130
136
136
1.300 U nited F ru it........................... 100 131% M a y 9 154% Jan 22
137
*134
137*2
134% 136% *135*8 130
*136
28% N o v
15% Jan
*21
*21
22
22
900 U S C a st I P i p e * F d y ___ 100
17 F e b
2 24% Jun e 2
21
21%
21
20% 20%
21
2 1 % 21
67% N o v
48*i F e b
*531* 57 l2 *54
Do
p r e f...............
100
54 M a y 9 63 Jan 29
57
*54
57
*54
*54
57
*53
57
57
170% Apr
94*i D e o
161
164*1 160*8 164
108
6 7 .4 0 0 U S Industrial A lc o h o l____ 100
100% A p r 21 171% J u n e l3
10131 104*2 104*2 107
10534 10934 101
114 Jan
99% July
105
200
D o p r e f..................
100
97% A p r 28 106 J u n e l4
1051* 105*2 *100
*100
*1 0 0
100
105
105
106
*101
100
70% D ee
47% M a r
60
60
4 .7 0 0 U n ited S ta te s R u b b e r____ 100
5 0 % F e b 9 65 Jan 3
00
00*4
59% 60% *59*2 61*2
00*2 01*2
0112 01*8
115% D ee
106*8 F e b
104*2 M a y 2 1 114% Jan 3
300
D o 1st p referred________ 100
*107i8 1071* *107 1071* ♦107 107% 107*8 107% 107*4 107*4 *100*2 107%
81% N o v
67 D e o
59
59*i
8 0 0 U S Sm elting R e f & M ____ 50
52% M a y lO 67% Jan 4
*59*2 02*8
591 2 00
58*2 59
*58
60
60%
53% June
50 June
51*4 51% *51
200
D o p ref.................................... 50 49% A p r 23
52% Jan 3
51%
50
50
52
*50*2 51*2 *51
*50
5112
129% N o v
*79% M a r
126% 128% 125*2 128% 125% 127% 127»4 129% 1110800 U n ited States S teel................100
99 F e b 1
136% M ay31
130'>8 13131 127*8 130*8
115 M a y 123 N o v
1.800
D o p rcr.................................100
110% M a y 9 121% Jan 19
*117 1171; 117<8 117*4 117*8 117% 117% 117% 117*8 117% 117% 117%
130 N o v
74% J u ly
97 F e b 1 1 1 8 % M a y 2 5
108*2 110% 108% 111*4 111*4 112% 2 1 ,9 0 0 U ta h C o p p e r ..................................10
1105S l l l l g 109*1 l H ' l 107% 110
16% Jun e
27% D ee
193i 19%
500 U tah Securities v t c ........... 100
1 7 % M a y 9 24% Jan 22
19*1 19*4
*19
19%
19*2 19*2
19
19
*193.i 2 O'2
51 Jan
36 A p r
42
42%
1 .700 V lr g ln la -C a rolln a C h em ___ 100
34% F e b 3 46 M a y 3 1
43
43%
44
42*2 42*2 *42
42 i8 44
43
44
114% D ee
108 A p r
108% *108
.............
Do
p ref............................... 100 104% M a y 8 1 1 2 % Jan 26
*108
110%
110*2 ►108 110*2 *108
*108 112 *108 112
72% N o v
41
July
70
70
4 .4 0 0 V irginia Iron C & C . . . ' . . . 100 46 F e b
3 • 77 M a r3 0
*63
69*4 70
70
70
*08
70
71
70
74
105% O et
87 M a r
93% 93*2 *92
1,100 W estern U n ion T e le g r a p h . 100
9 0 % M a y l l 99% Jan 19
92
92%
92
94%
92
93*8 93*8
93*4 9 3 ’ 4
71% M a r
61% D e o
2 1 ,6 5 0 W esting house E lec & M fg _ _ 50
45% M a y 9 56 M a y 2 8
50% 5 U 2
51% 52*4
50% 51%
52
51
51
‘
517 52%
8
79 M a r
70 A p r
68
200
D o 1st p referred__________ 50 6 7 % M a y 2 l
70% Jan 4
68
*65
70
70
*05
08*8 OSig *08
59% O ct
45 D e o
1.000 W h ite M o t o r ..............................50
4 3 % M a y 9 6 2 % J a n 18
46
47
45*2 47
46*2 *40
47
40
40
*46
47
3 4 D e e a 32 5 June
2 4 % M a y l 9 3 8 % J a n 18
32
31*2 33*8
35*8 132.700 W lllys-O verlan d (T h e ) .......... 25
33%
32*2 33*4
32*
30l2 31*8
117 June
94 D ee
_______
D o pref sub recta fu ll p d 100 92% M a y 19 100 M a r lO
*90% 95
*92*2 95
*92*4 94
*93
95
74
71
1 2 .000 W ilson 4 C o , I n c , v t c ____100 58 F e b
1 84% M a r 3 0
72
73*2 74
72*8
73
73*2
’
’ Y ou
72<2 743
141% Oet
118 Jan
200 W o olw orth (F W ) ................... 100 120 M a y lO
151 Jan 22
126% 126% *124
*124
128
128
128 128 ♦121 130 ♦126 130
123 June 126 N o v
..
Do
p r e f...............................100 123 M a y 8 126% J an 17
*122
124
*122
124
124
*122
124
*122
*122 124 *122
124
36% Sept
25 Ju ly
33% 33% *3.3*4 30
2 .8 0 0 W orth in g ton P & M v t c . 100
23% Feb 9
3 7 % J u n e l6
*33*4 36
35% 373s
34
37U *32*2 30
95 J u ly 100 Sept
100
D o pref A v t c ...............100 91 A p r 16
97% J u n e ll
*93
*92
98
98
*91
98
98
*92
98
*95
97
97
66% S e c t
52
Ju ly
1 .500
D o pref B v t c ...............100 50 M a y 9
63 J u n e l 8
♦56
61*2 *57
*57
61%
003* 00>2
61*2
59*2 60
0 0 's 03

*5 3
94

73

• B id and asked prices; n o salos on this d a y ,

1 E x -d iv id e n d .




{ L ess than 100 shares,

t E x -rlg h ts. a E x -rlg h ts. a E x -d lv . a n d rig h ts. n P a r $100 por sh a re.

» C ertifica te s o f d e p o s it.

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
1909

the Exchange method of Quoting bonds was changed, and prices are now — "an t Interest"— except for Income and defaulted bonds.

BONDS
N . Y. STOC K E X C H A N G E
W eek en din g Jun e 22

| l
fjs

Bid

U. S . G o v e r n m e n t .
U S
U
U
U
U
U
U
U
U
U

Price
Friday
June 22

3>*3 L ib e rty L o a n (w 1)1947 J - D

S
S
S
S
S
S
S
S

2s con sol c o u p o n _____ <11930
3s reg istered .................... *1918
3s c o u p o n .......... ..............*1918
4s reg istered ____________ 1925
4s c o u p o n ______________ 1925
P an C a nal 1 0-30-yr 2 s.*1 9 3 6
P a n C a n a l 1 0 -3 0 -y r 2 s . . 1938
P a nam a C a n a l 3s g ____ 1961
8 Ph ilip pin e Isla n d 4 s . 1914-34
F o r e ig n G o v e r n m e n t .
Am er F oreign Scour 5 s _____ 1919
A n g lo-F ren ch 5 -y r 5s E x ter lo a n .
Argentine— Internal 5s o f 1 9 0 9 ..
B ordea ux (C it y of) 3 -y r 6s . 1919
Chinese (H u k u a n g R y ) — 5s o f T l
C u b a — E xternal d e b t 5s or 1 90 4.
E x ter d t 5s o f ’ l l ser A . ..1 9 4 9
External loan 4 ^ 3 . . .......... 1919
D om in ion o f C a n a d a g 5 s ___1921
Do
do
1926
Do
do
1931
F ren ch R ep u b 5>$s secured lo a n .
Jap anese G o v t — £ loa n 4 H s . 1925
Secon d series 4 H s ............... 1925
D o d o ‘ ‘G erm an sta m p ” .
Sterling loan 4 s___________1931
L y o n s (C it y of) 3 -y r 6s _____ 1919
M a r s e ille ?(C it y o f) 3 - y r 6s . . 1919
M e x ico — E xter loan £ 5s o f 1899
G o ld d e b t 4s o f 1 90 4.......... 1954
Paris, C it y o f, 5 -y ea r 63____ 1921
T o k y o C it y — 5s loan o f 1912____
U K o f G t B rit A I 2 -y r 5 s ._ 1918
3 -y ea r 54$ tem p n o te s ____ 1919
5-year 544 tem p n o te s ____ 1921
T e m p o ra ry notes 5 4 4 s____ 1918
T e m p o ra ry n otes 5> 4s____ 1919

XThese are prices on the basis of
S t a t e a n d C it y S e c u r i t ie s .
N Y C ity — 444s C o r p s t o c k . 1960
444 s C orp ora te s t o c k ____ 1961
444s C orp ora te s t o c k ____ 1966
444s C o rp o ra te s t o c k ____ 1965
4 % C orp ora te s t o c k .......... 1959
4 % C o rp o ra te s t o c k .......... 1958
4 % C o rp o ra te s t o c k .......... 1957
4 % C orp ora te s t o c k _____ 1956
N ew 4 4 4 s ............................... 1957
N ew 4 44s_________________ 1917
4 4 4 % C orp ora te s t o c k . . . 1957
3 44% C o rp o ra te s t o c k . . . 1954
N Y State— I s ...........................1961
C a n a l Im p rov em en t 4 s ___1961
C a nal Im p rov em en t 4 s . . . 1962
C a nal Im p rov em en t 4 s . . . 1960
C a nal Im p rov em en t 444 3.1961
C a n a l Im p rov em en t 4 4 4 s .1965
H ig h w a y Im p r o v ’ t 4 4 4 s ..1 9 6 3
H ig h w a y Im p r o v ’ t 4 4 4 s .. 1965
V irginia funded d e b t 2 - 3 s . . . 1991
R a ilr o a d .
A n n A rb or 1st g 4 s................. A1995
A tch T o p A 8 F e gen g 4 s . . . 1995
R e g is t e r e d ________________1995
A d ju stm en t g o ld 4 s .......... 51995
R e g is t e r e d ____________ 51995
8 t a m p e d ........................... 51995
3on v g o ld 4 s.......... ................ 1955
3 on v 4s Issue o f 1 91 0____ 1960
East O kla D lv 1st g 4 s . . .1 9 2 8
R o c k y M tn D lv 1st 4 s . ..1 9 6 5
T ran s C o n S h ort L 1st 4 s . 1958
C a l-A rlz 1st A ref 4 4 4 s“ A ” 1962
8 F e Pres A P h 1st g 5 s . . . 1942
A tl C oa st L 1st g o ld 4 s ____ 51952
G en unified 4 44 s_________ 1964
Ala M id 1st g u g o ld 5 s . . . 1928
Bruns A W 1st g u g o ld 4 s . 1938
C harles A Sav 1st g o ld 7 s . 1936
L A N c o ll g o ld 4 s _______01952
Sav F A W 1st g o ld 6 s____ 1934
1st g old 5 s........................... 1934
811 Sp O ca A G gu g 4 s ____ 1918
B a lt A O hio prior 3 4 4 s_____ 1925
R e g is t e r e d ____________ 51925
1st 5 0 -y ea r g old 4 s .............51948
R e g is t e r e d _____ ______ 51948
2 0 -y r c o n v 4 4 4 s....................1933
R efu n d A gen 5s Series A . 1995
P itts June 1st g o ld 6 3 - . , . 1922
P J unc A M D lv 1st g 34^S 1925
P L E A W V a S y s ref 4 s . . 1941
Sou th w D lv 1st g o ld 3 4 4 s. 1925
C en t O h io R 1st e g 4 4 4 s .. 1930
C l L or A W con 1st g 5 s . -.1 9 3 3
M o n o n R iv er 1 s t g u g 5 s ._ 1 9 1 9
O hio R iver R R lat g 5 s .
1930
G eneral g o ld 5 s .~ _____ 1937
P itts C lev A T o l 1st g 6 s . . 1922
P itts A W est 1st g 4 s.......... 1917
B u ffa lo R A P gen g 5 s.......... 1937
C on sol 444 s ...........................1957
All A W est 1st g 4s g u ____ 1998
C lear A M a h 1st g u g 5 s . . 1943
R o ch A P itts 1st g o ld 6 S ..1 9 2 1
C on sol 1st g 6 s . ...............1922
C a n a d a Sou con s gu A 5 s . . . 1962
C a r C lin ch A O h io 1st 3 0 -y r 5s '38
C en tral o f G a 1st g old 5 s . .p l 9 4 5
C on sol g old 5 s ................ . . 1 9 1 5
C h a tt D lv pur m on ey g 4s 1951
M a c A N or D lv 1st g 5 s . . 1916
M id G a A A tl D lv 5 s.......... 1947
M o b ile D iv 1st g 5 s.............1946
C en R R A B o f G a c o l g 5 s . . 1937
C en t o f N J g en 'l g old 5 s ____ 1987
R e g is t e r e d ......................51987
A m D o ck A Im p gu 5 s . . . 1921
Leh A H ud R lv gen gu g 5 s . '2 0
N Y A L on g Br gen g 4 s. .1911
C en t V erm on t 1st gu g 4 s . .e l 9 2 0
C hesa A O fund A lm p t 5 s . . 1929
1st con sol g old 5 s ................. 1939
R e g is t e r e d ........................ 1939
G eneral gold 4 4 4 s...............1992
R e g is t e r e d .......... ..............1992
20-year c o n v ertib le 4 4 4 s .. 1930
30-year eon v secured 5 s . . 1916
Big S an d y 1st I s ................. 1911
C oa l R iver R y 1st gu 4 s . . 1915
C raig V a lley 1st g 5 s .......... 1910
P otts C reek Br 1st Is . . . 1946
R A A D lv 1st con g 4 s . . . 1989
2d consol eolrl 4s .
1Q«Q

Week's
Range or
Last Sale

Ask Low

Range
Since
Jan. 1

High No Low High

100 Sale 100
100*60
y - J
96*4 M a y ’ 17
9 6 i2
y - j
9 5 '2
99*4 Jan ‘ 17
y -F
9Si 2
99 M a y ’ 17
y - f
9Sl 2 _____ 98*s Ju n e’ 17
104
—
y -F
105i2
100
Q - F 104
105
105
y -F
08>4 O ot ‘ 15
9 5 l2
y -N
97
J u ly ‘ 15
95*2
y -M
82
9 0 M a y ’ 17
y -F . „
100 F o b ‘ 15

100*50
99-i4
9934
9912
10 U 8
10434 110
105
llU s
90

95
211
93 >2 1179
M a y ’ 17
95

!Y - 8
1
M- S
A - O
J -D
IYI- S
M -N
M -N
M -N
M -N
M- N
M -N
M -N
M -N
M- 8
J - J
J - J
J - J
J - J
J - J
M- S
M- 8
J - J

99
Ju n o’ 17
99
10218
101*4
97
M a y ’ 17
Ju n o’ 17
Jan ’ 16
101*8
100
Ju n e’ 17
M a y ’ 17
M a y ’ 17
102

93
—
___
_
101
101
_____
___ —
_____
101
1U0
10U2
82
—
102
99 7
s
1007s
107
___ —
45

Salo

100
10 1 's
101*8
Sale
96*4
96*4
96*4
98
IO D 2
100l8
1021s
91 >
2

10 214

98
99
99
101
101
96*4
99*8
98*4
97U
101*4
100
1021
2
9112
103
102
IO D 2
1007s

68
Jan

_____
102
101*2
Salo
1007
8
111
112 M a y ’ 17
110 109*4 S o p t’ 16
11314 113 A p r ’ 17
108U M a r ’ 17
85 A u g ’ 16
49
50U J u n e’ 17

61
6 2l2
O - .1
89*4 Sale
A - O
A - O —
89>2
80 > 8214
8
N ov
—
N ov
8218 8 3 i2
M -N
100
J -D
101
100
J -D
101
J -D
94
M- 8
96
J - J
84*4
8 4 i2 87
J - J
M - S _____ 93
M - S - - - 103
87t2 89
M- 8
_____ 86*8
J -D
103
M - N 160
J - J _____ 90
J - J 123l2
81
Sale
M -N
A - O *11018 118
A - O 101U ____
J - J *98*8 _____
90>4 90 7
s
J - J
93
y - j —
85
A - O
86*s
y - j _____ 9 2 ‘8
8 9 '4 Sale
97 Salo
j -D
j - j *100*8 _ _
M -N
8 5 's 87/s
80 Sale
M- N
86
8 6 i2
J - J
95*4 98
M- S
A - O *99*8
F - A
99*4
J -D
105
104
A -O
A - O 102*
J - J
99«a
M - S 101
103*8
_____ 9 9l2
M -N
85
A - O
J - J 106t2
F - A 103 108
J D 104*4 107*2
A - O
99*8 9912
_____ 82IS
J -D
F - A _____ 10512
97 Salo
78
i -D
87>2
J - J 100
J - J _____ 101*8
97
J - J
M -N
95
J - J 109
Q - J 109 109*4
.1 - J
102
J - J
10H 2
M- S
93
____
y - F
80
J- J
93*8
102 Sale
M -N
M -N
M- 8
84 Sale
M - 8 - - -F - A
79 ig Sale
A -O
88*8 Sale
J -D
76
82
J -D
76 i2 80
./ - J
95
7 0 lj 70*8
J - J
J - J
74
80
1 J _____ 77

M
-N

mi*

62t2 Ju n o’ 17
89*4
90*8
92 A p r ’ 17
8 0 l2
80'2
8512 N o v ’ 16
81 <3
82

101

101

10112
101*4
IOOI4 M a y ’ 17
9 4 i2 J u n o’ 17
8 5 i2 A p r ’ 17
89
A p r ’ 17
9312 M a y ’ 17
104*8 F eb ’ 17
88
88
8 7 l2 M a y ’ 17
106
M a r ’ 17
8 JI4 M a y ’ 17
1297 A u g ’ 15
8
81
81
11812 M a y ’ 17
105
Ju ly 15
99*8 D eo ’ 16
90*1
9 0 i2
92 A p r ’ 17
8512
86
92*4 M a r ’ 17
89
89*4
96*2
97
112 Jan ’ 12
92
M a r ’ 17
79U
80
86
86*8
100 A pr ’ 17
99*8
99*8
101U N o v ’ 16
10712 F eb ’ 17
1071, N o v 10
107 F eb ’ 17
99*8 Ju n o’ 17
10512 M a y ’ 17
101*4 M a r ’ 17
97 N o v ’ 10
103*8 F eb TO
10dU D eo T 6
109*4 Jan T 7
99*4 J u n o’ 17
85 M a y ’ 17
108 > M a y ’ 17
8
97
97*1
8412 M a y ’ ld
103
M a r ’ 17
97*8 Jun o’ 17
10412 A p r T 7
94 i2 A or ’ 17
109 Ju n o’ 17
109 Ju u o’ 17
102 A p r ’ 17
to o
Juu e’ 13
100 >2 Jan T 3
78 F eb T 7
9 0 78 M a r ’ 17
102
102
104ia Jan T 7
84
8 4 i2
86*4 M a r ’ 17
78*8
79*8
88U
89
84 A p r T 7
8512 N o v ’ lft
90*4 Feb '1 6
84*4 Jan ’ 13
81*8 M a y ’ 17
73 M a v ’ 17

71
1
1039
232
444
755
397

102U

93
9 0 i2
86 I2
9H 2

98is
95
93
9(578
68
72 U
97 100
9212 963s
86 l 2 86 l2
9 8 i2 100*8
9 5 's 100
95
100U
9S78 101
81
8S»4
8 0 's 88*8
78
82
73>2 7612
95
97 i 2
9412 97
4 0i2 50
35
39 7
s
92
97
75*8 79
957g 98*2
95
987
8
9334 9812
98
lOO'i
9 8 l2 10 H2
98
9 8 7s
987g
101
101
96*4
99
98*4
10 1* 4
100
102
88
103
102
101*2
10078
112

104lS
105*4
106
111
110*4
102ia
102>8
102 14
1 107s
100
1 10<2
9 li2
105
10R'2
10212
10612
1171s

113 1171s
108U 110
50

8 U4

61
7 3 l2
891 2 97
91*8 93
80U 8814
81
99
99

100 's
94*2
851,
89
91
104
87«2
87>2
108
89*4

89
1081
2
107
1007g
99
86
93*4
100
101*8
96*8
95t2
10712
93*4

81
89
11812 I I 8I2
90
92
85
91

88*8
96

96*8
95ls
91*8
92U
97 lg
IOII 2

8 3 ig *94*12
79U 90
86
94ls

100

99*3

100

993g

107.2 J07 I2
107 107
99*2 9912
10512 11112
101*4 10212

109*4
90
85
108 I8
98

109*4
105lg
92
no
103

103 103
97*8 97*8
104*810 H 2
9112 97 lg
109 1201s
109 118
102 104U
78
94*8

79*4
91*8

10012 108*2
101*2 104*2
84
94
86*4 92
78 i4 86*2
81
94*4
84
87

8 H 2 881j
81*

Price
Friday
June 22
Bid

C h esapeake A O h io (C on )—

309 93**50
96*4
9 '« 4
99
98*s

94*4 Sale 93
F - A
A - O
93 ig Sale
93
80
M- 8
85
861*
M- N
95 Sale
95
J - D t ------- 70
68
IV - 8
*
97*4 9912 9 8 i2
F - A
92*4 9 3ig 92*4
F - A
85 i4 90
86 i 2
A - O
98 Sale
9712
9 5 78 Sale
A - O
95*8
A - O
061s Sale
96
98 h Sale
9 8 78
F A t 86 lg 86*4 8612
J - J t S4*s 87
87
7 9 i 2 8 alo
79*2
J
J 1 74
75>2
9 4 7 95
s
M- N
95
M -N
9 6 i2
9 4 7 95
8
y - j { 49
50
J -D
2 9 7 38"
8
36
A -O
9312 Salo 93 i 2
M - S t 79
79'2 79
M - S 9 7 % Sale
97*2
M -N
96*4 Salo
9613
95 Sale
M- N
94 7
s
99*2 Salo 9 9 ’%
9 J >4 Sale 99
$5fo£

M a y ’ 17
92*4
17
98
9612
96*8
991
8
8612
87
79*2
A p r ’ 17
J u n e’ 17
Ju n e’ 17
Ju n e’ 17
M a y ’ 17
93*8
79
97*4
967
8
95*2
99*8
9912

BONDS
N . Y . STOC K E X C H A N G E
W eek en d in g Jun e 22

1M - N
M- S
1A -O
1J - J
F -A
IJ - J
'J - J
A -O
A -O
J oin t bon d s.
M -N
R eg istered ......................... 1927 M - N
Southw estern D lv 4 s _____ 1921 M - S
M- S
C h ic & E 111 ref & Im p 4s g . . 1955 J - J
U S M t g & T r C o ctfs o f d cp
1st con sol g old 6s ...................1931 A - O
G eneral con sol 1st 5 s .......... 1937 M -N
U S M t g & T r C o c tfs o f dep
_.
G u a r T r C o c tfs o f d e p _____
P u rch m on ey 1st c o a l 5 s . . 1942 F - A
C h ic A Iud C R y 1st 5 s . . . 1936 J - J
C h ica g o G rea t W est 1st I s . . 1959 M - S
C h ic In d & L ou lsv — R e f 6s . 1947 J - J
R efu n d in g g old 5 s ................ 1947 J - J
R efu n d in g 4s Series C ____ 1917 J - J
Ind & L ou lsv 1st g u 4 s ___1956 J - J
C h ic In d & Sou 5 0 -y r 4 s ____ 1956 J - J
C h ic L S A E ast 1st 4 H s . . . 1969 J - D
C h ica g o M ilw au kee A S t Paul—
G e n ’ l g o ld 4s Series A . . . e l 9 8 9 J - J
R eg istered ____________ el9 8 9 y - j
Perm anent 4 s ......................... 1925 J - D
G en A ref Ser A 4 ) $ s ____ «20 1 4 A - O
G en A ref 4 X s ( tem p orary form ) . . . .
G en ref c o n v Ser II 5 s ...< i2 0 1 4 F - A
G en ’ 1g old 3 H s Ser B ____e1989 J - J
G eneral 4J4s Series C . . . « 1 9 8 9 J - J
2 5 -y ca r deben tu re 4 s .......... 1934 J - J
C on v ertib le 4 >$3...................1932 J - D
C h ic A L S up D lv g 5 s . . . 1921 J - J
C h ic A M o R lv D lv 5 s . . . 1926 J - J
C h ic A P W 1st g 5 s.......... 1921 J - J
C M A P u get S d 1st gu 4 s . 1949 J - J
D u b u q u e D iv 1st s f 63. . . 1920 J - J
F a rg o A S ou assum g 6s . . 1924 J - J
L a C rosse A D 1st 5 s .......... 1919 J - J
W ls A M in n D lv g 5 s ____ 1921 J - J
W ls V a lley D lv 1st 6s ____ 1920 J - J
M llw A N o 1st e x t 4 ^ 3 . - 1 9 3 4 J - D
C on s e xten ded 4 ) $ s _____1934 J - D
C h ic A N or W est E x 4s 1886-1926 F - A
R eg istered ................1886-1926 F - A
G eneral g o ld 3 ) i s ................1937 M -N
R eg istered ........................p l9 8 7 Q - F
G eneral 4 s ....... ..............
1987 M -N
S tam ped Is ......................... 1987 M -N
G eneral 5s s ta m p ed .............1987 M -N
Sinking fund 6s .......... 1879-1929 A - O
R eg istered ................1879-1929 A - O
Sinking fund 5 s.......... 1879-1929 A - O
R eg istered ________ 1879-1929 A - O
D eb en tu re 5 s______________1921 A - O
R eg istered ...........................1921 A - O
Sinking fund d e b 5 s .............1933 M - N
R e g iste re d ........................1 9 3 3 M - N
D e s PlalnesV al 1st gu 4 ^ 3 1 9 4 7 M - 8
F rem Elk A M o V 1st 6s . . 1933 A - O
M a n G B A N W 1st3 3 *3 -1 9 4 1 J - J
M llw A S L 1st gu 3> $s___ 1941 J - J
M il L S A W est 1st g 6s . . 1921 M - S
E x t A I m p s f g o ld 5 s . . . 1929 F - A
Ashland D lv 1st g 6s . . . 1925 M - S
M ic h D iv 1st g o ld 6s . . 1924 J - J
M U S par A N W 1st g u 4 s . 1947 M - S
S t L P eo A N W 1st gu 5 s . 1948 J - J
C h ica g o R o c k Isl A P a c 6s . .1 9 1 7 J - J
R eg istered .................
1917 J - J
Railway general g old 4 s___1988 J - J
R eg is te re d .......................... 1988 J - J
R efu n d in g g old 4 s ................1934 A - O
2 0 -y ea r deben tu re 5 s .......... 1932 J - J
C o ll trust Series P 4 s _____ 1918 M - N
R I Ark A Louis 1st 4 > $ s._ 1934 !Y - S
1
B u rl C R A N — 1st g 5 S ..1 9 3 4 A - O
C R I F A N W 1st gu 5 s . . 1921 A - O
C h o c O kla A G gen g 5 s. .01919 J - J
C on sol g old 5 s.................. 1952 M - N
K e o k A D es M oin es 1st 5s. 1923 A - O
S t Paul A K C Sh L 1st 4 ^ 3 '41 F - A
C h ic St P M A O con s 6 s ___1930 J - D
C on s 6s reduced to 3 V$s.. 1930 J - D
D eb en tu re 5 s . . ............
1930 M - S
C h St P A M in n 1st g 6 s . . 1918 M - N
N o rth W isconsin 1st 6 s . . . 1930 J - J
S t P A S C it y 1st g 6 s ____ 1919 A - O
Sup erior S h ort L 1st 5 s g .o l9 3 0 M - 8
C h ic T II A S o -E a st 1st 5 s . . 1960 J - O
C h ic A W est Iu d gen g 6 s . .01932 y - M
C on sol 50 -y ea r 4 s ................ 1952 j - j
C ln II A D 2d g old 4 ^ 3 _____1937 j - j
1st A refunding 4 s................ 1959 j - j
1st guaranteed 4 s ............... 1959 j - j
C ln D A I 1st gu g 5 s____ 1941 M - N
C F ind A F t W 1st gu 4s g . 1923 M - N
C ln I A W 1st gu g 4 s____ 1953 J - J
D a y A M ic h 1st con s 4H s.19.31 J - J
C le v C ln C h A St I, gen 4 s . 1993 J - D
20 -y ea r d eb 4 H s ...................1931 J - J
G eneral 5s Series B .............1993 J - D
C a iro D lv 1st g old 4 s ____ 1939 J - J
C ln W A M D lv 1st g 4 s . . 1991 J - J
S t L D lv 1st c o ll tr g 4 s . . 1990 M -N
Spr A C o l D lv 1st g 4 s . . . 1910 M - S
W W V al D lv 1st g 4 s____ 1 9 10 J - J
C I S t L A C con sol 6 s ____ 1920 M - N
1st gold 4s......................... *1936 y - F
R e g iste re d ................... *1936 Q - F
C ln S A C l con s 1st g 5 s . . 1923 J - J
C C C A I gen con s g 6 s . . 1934 J - J
Ind B A W 1st pref 4 s ____ 1940 A - O
O In d A W 1st pref 5 a . . . <11938 Q - J
Peoria A E a st 1st con s 4 s . 1940 A - O
In com o 4 s ........................... 1990 A p r
C lev e S hort L 1st gu 4 ^ 3 . . . 1961 A - O
C o l M id la n d 1st g old 4 s ____ 1947 J - J
T ru st C o cortlfs o f d e p o s it____
C o lo ra d o A S ou 1st g 4 s ____ 1929 F - A
R efu n d A E x t 4 t $ s ............ 1935 M - N
F t W A D en C 1st g 6 s . . . 1921 J - D
C on n A Pas R lv s 1st g 4 s . . . 1943 A - O
C u b a R R 1st 5 0 -y ea r 5s g . . 1952 J - J
D el Lack A W estern—
M orris A Ess 1st gu 3 t $ s .2 0 0 0 J - D
N Y La ck A W 1st 6 s ____ 1921 J - J
C on stru ction 5 s ________ 1923 F - A
T erm A Im p ro v e 4 s ____ 1923 M -N
W arren 1st ref gu g 3 4(13-.2000 F - A

78

Week’s
Range or
Last Sale

Bonds
Sold

la Jan.

Interest
Period

3538

Ask: Low
High1 No. Low High
88*2 S e p t ’ 16\
11314 F e b ’ 15
61 ig 5978 J u n e ’ 17
5 9 78 62*4
50
49
49
"“ 3 45*1 53 i 2

_____

61
40
9 9 78 101
9 9 78 M a y ’ 17
8 1 78 Sale
" ii
8 178
82
90 Sale
90
90
1
100 U _____ 102 A p r ’ 17 ____
98
99
98I4 J u n e ’ 17 —
94*4

96i4

3
....
____
____

2

86
86 is J u u e ’ 17
92*8 F’eb TO
90*4 91
12
91
91
------- 8 9 18 90 J u n e ’ 17 ____
8 4 78 Sale
< !)
>
8 4 78
86
99 Sale
20
99
99*4
73
79
73i 2 M a y ’ 17 ____
--------95
97 J u n e ’ 17 ____
_____ 86*8 86*4 M a y ’ 17 ____
90 Sale
51
90
91*4
lO O U _____ 103*4 Jan T 7 —
101 _____ 106i2 Jan T 7 ____
10012 102 101 J u n o’ 17 ____
------- 84*s 901, A p r T 7 ____
103
105
103 M a y ’ 17 ____
106
_____ 110 J u n e’ 13 ____
99*4
100*8 M a y ’ 17 _ _ . .
IOOI4 104*2 102*8 M a y ’ 17 ____
10212 .
107 D eo T 6 ____
9 7 * 2 _____ 9712 J u n o’ 17
96
_____ 102*8 D e o ’ 16 ____
90*4 96
0 0 i 2 Ju n o’ 17 ____
*90*8 . . . 9 7 > Jan ’ 17 . . . .
2
78
7 8 7 78 J u u o’ 17 ____
8
_ _ _ _ __ _ 8 D 4 O ot ’ 16
_
87*4 87*4 88
2
88
------- 90*8 9012 M a y ’ 17 ___
...
11038 U 7 U Jan T 7 ____
111 Jan T 7 ___ _
10912 A p r ’ 16 ____
------- 104
104 J u n o ’ 17 ____
* 1 0 0 '4 _____ 103l2 A p r ’ 16 ____
100*8 100*4 100U J u n e’ 17 ____
_____ 100*8 10212 O ot ’ 16
--------101*4 102 A p r ’ 17 ____
. _ _ 10 U4 J u n o’ 16
*8 9 > 4 _____ IO H 2 O ot ’ 16
113
____ 11312 J u u o’ 17 ____
------- 87
88 Jan ’ 17 ____
103*8 . . 1 1 10"4ig M a y ’ 17 ____
1 0 4 * 4 ____ 104*4 A p r ’ 17 ____

100 l2 _____ 11178 D e o ’ 15

_____
_____

—
______ ________

N o v ’ 16
M a y ’ 17
102*4
J u n e’ 17
A p r 17
80*4
M a r ’ 17
71*8
84
M a y ’ 17
J u n o ’ 17
J u n e ’ 17
J u n o’ 17
O ot TO
J u ly ’ 15
J u n e’ 17
J u n e’ 17
U 2!2
A pr ’ 17
J u n o’ 17

____

10 2 i 2

98*4

9 9 78
99

89
97lg
3012 33
27*2 3312
105's 10712
80*4 90
87
90
85
90

86ls

96

91
96*4
8 9 14 98*2
8 4 7a 06*8
98
107*8
73 l 2 825s
97
105*4
86
91*8
90
102*4
103*4 10334
10612 1001*
IOOI4 104lg
9012 95U
103
105

100*8 IOH 4
102

104*8

"97*12 IO B 2
9012 *98>4
9712 97*2
78
86*s
87*4 98>8
90*2 9512
116
118

111

111

104" " 1561*2
io o ii

102*8

102

10378

113*2 I I 8I4
83
88
103U 107*4
104*2 104*4
84

94*4

1 102*4 103*8

____
____
23
____
73
7
____
....
____
....
_____
_____

9 9 7s 1007s

100*8 100*8

79
90
8512 85*4
69
78*8
70
84
98
9878
65
74 i 2
99*2 1027s
97*2 97*2

*6 8 * *62”
63*4 75

1 112*2 118*4

_____

....

91
01*8
8712 103
118*4

1 111

111

N o v ’ 16 . . . .
M a v ’ l 7 . . . . 101*4 104’ "
N o v ’ 10 _____
Jan T 7 _____ *82 *82**
2 106 108
106'2
3 70
70*4
77
M a y ’ 17 —
90
96*4

90
25

M a y ’ 17
J ily ’ l
M ar’ l l
65
i u lv ‘ 14
96 Jan T 7
71 M a y ’ 17
8512 A p r T 7
101
F eb ’ 17
8 3 78 M a r ’ 17
79
F eb T 7
80U A p r ’ 17
7312 J u n c ’ 17
84
N o v ’ 16
100'2
100 i 2
85>4 J u n o’ 17
88i 2 M a y ’ 15
*02*8 Jan '17
10612
10612
94
J u ly ’08

____

70

90

96*
7 0 's
85*2

96 "
81*2
87

88

70
75*4
8 4 l2 84 7
s
------- 98<4
73U 8 H 4
------- 70
74
80
7 4 '4 _____
*7112 . .
100*8 10518
84U 88
83 l2 . . .
97
_____
* 1 0 6 1 2 ____
79
_____
90
59 78 Sale
597s
59*8
19
20
20 J u n o’ 17
97
99
97 J u n o’ 17
7'2 M a y ’ 17
5'2
7 i2
5'a
6*2 6 i 2 M a y ’ 17
87 I4 88*2 87 is J u n o ’ 17
79
80
79'2
7!>78
101 >2 102 100*2 J u n o’ 17
84
.. . . . .
______
_____ 94
94
F eb '1 6
7712 8 2 i2
103
107
97
_____
92
97
84
_____

102

____
32
41
* 8 6512 73>2
____ 112*8 1151s
____ 10012 100*4
____
84*2 8 5 14
____
____ "9 0
"96*2

--------

105 _____ n i l *
8 7 1 89
8
87
------- 103
102*4
--------101
100
, , 10078 100*8
80*4 Salo
79
------- 9 0 's 87
7012 Sale
70
82
84 >s 84
98
9 8 i2 98
05
73
67
9612 103
100
------- 9 9 78 0712
*97
_____ 99*4
*87
_____ 97*8
56
59
55
00
70
63*4
1121a 114<2 112 1 *
88 lg ____ 91
9 6 l2 97>2 98
111
114<2 1 1 1
1 1 1 . . . 118
IOH4 105
101U
*97
_____ 10512
------- 80
82
100i 2 107
100'2
71
7 2 i2 70*4
90

9 9 7s 100
80*1 89
90
98

94*4

94*4 J u n c ’ 17

98
J u ly ’ 16
"9612 I I I I
9918 J u n e’ 15
89*4 90«2 89*4
90*4
31>2 32 i4 31
M a y ’ 17
3112 35
3 1'2 J u n e ’ l t
100 10412 106
M a r ’ 17
75
90
87 J u n e ’ 17
75
_____ 87
87
85 F e b T 7
50
_____ 97*4 F e b T 3
28
32
32
M a r ’ 17
67
6712 6712
67*4
_____ 115
112*8 M a r ’ 17
100 i 2 A p r 17
84i* A p r ’ 17
------- 70
70 N o v ’ ie
*80
_____ 9612 Jan T 7
92
94
97*8 D e o ’ 16

90
2/

Range
Since
Jan. 1

81
105
100
9612
102>s

J u n o ’ 17
J u n e’ 17
M a y ’ 17
M a y ’ 17
F o b '0 3

....
....
_____

____
_____
_____
_____

____
____
_____

100*1 101
8 3 78 87
79
81
80*8 83*s
73*2 73*2

1 100*2 100*2

____

84

85*4

_____

1
1
_____
_____
_____

II
" ii
_____
_____

. . . .
_____
_____

( 02 » i i o ’ins
10612 116*8
57*4 75
19
30*4
95*2 102*i
2*4 17*4
2
11*4
87
96
79*2 87*4
100*2 105*8

83*2 88*4
104*2 10714

100
96*2

102*8
99*2

r "

• No price Friday; latest this week, a Due Jan. d Due April. $ Due May. g Due June, h Due July. * Duo Aug. 0 Due Oot. v Due Nov. t Due Deo. t Option sale




N ew

June 23 1917.1
BONDS
N . Y . STOCK EXCH AN GE
W eek en din g Juno 22
D e l & H u d 1st P a D lv 7s . .1 9 1 7
R e g iste re d ..............
1917
1st lien equ ip g 4 M s .......... 1922
1st & ref 4 s.......... ................... 1943
20 -y ea r c o n v 5 s----------------- 193o
A lb & Susq c o n v 3 M s ------ 1946
Renas & Sa ra toga 1st 7 s . . 1921
D e n v & R G r 1st con s g 4 s . . 1936
C on sol g old 4 % s --------------- 1936
Im p rov em en t g o ld 5s____ 1928
1st < refu nding 5 s________ 1955
fc
R io G r June 1st gu g 5s— 1939
R io G r S ou 1st g old 4 s— 1940

M- S
M- S
j - j
M -N
A -O
A -O

Price
Friday
June 22

11

J
J
J
F

Bid
100

- J
- J
-D
- A

R io G r W e s t 1st g old 4 s . .1 9 3 9 j - j
M t g e & c o ll trust 4s A . . 1949 A - O
D e s M oin es U n R y 1st g 5 8.1917 M -N
J -D
D e t R lv T u n — T e r T u n 4 M s 1961 M -N
D u l M Issa be & N o r gen 5 s . . 1941 J - J
A -O
J - J
Elgin J oliet & E a st 1st g 5 s . 1941 M -N
M- S
M -N
M- S
M- S
A -O
J -D
M- S
J - J
J - J
Pen n c o ll trust g old 4 s . . 1951 F - A
A -O
5 0 -year c o n v 4s Series
A -O
do
Series 1)____
A -O
M -N
J - J
J - J
J - J
L on g D o ck con sol g 6 s . . . 193/ A - O
M -N
J - J
M -N
j - j
M -N
A - O
J -D
J - -»

J -D

j
Q
J
J
J
J
J
J

G reen B a y A W d eb ctfs 1

- j
- J
- J
- J
- J
- J
- J
- J
J- J
J -D
J -D
) J - J
A -O
2J
J
J - J
J - J
J - J
J -D
F eb
Feb
J - J

J 3 - J
(A -O
F - A
J - J
J - J
J “ J
1J- J

Sale

88% 89
54
5454
54% Sale
68>2 Sale
99 102
* 9 5 * 2 _____
103
105
103 103
. . . 112%
• 9 9 U ------10212 103
...
96
_____ 92

5 M -N
2 J - J
3 M -N
i M- N
6 J - D
1 J - .1
3 J - i
3 J - J
1 F -A
1F - A
! J - J
1J * J
1J - J
J - J
F - A
1F - A

J -D
2 « I -S
1 J -D
[ J -E
j j -D
i j - d
3 J -D
1 J -D

1 M- S
0 j - J
9 M- b

) J -E
A - O

0
0
0
K ansas C it y T e rm 1st 4s
0
L a k e Erie A W e st 1st g 5^
7
2d g old 5 s ...........................ii>4 1
5
0
Lehigh V al (P a ) con s g 4 s.
G eneral con s 4 Ms

A -O
J - J
J - .

J - J

J - J
A - O
J - J
M -S

*M N
*

61
73

88 %

55
5434
68
100%
106 %
104%
103
112%
100
106%
102%
100%
100%
6 8 34 74
108
_____105
108
67
67
70
28%
lo o
101 100%
85%
108
90"

9112

_____ 87
9578 Sale
_____ 97
94U Sale
90
90
111
115
_____ 111
95% 100
____
99
91
9534
------- 98*8
87
104
112

-------------_____

101 ____
101
-------70
7 9 l2
10
103
,(
_____ 82
80
84

____

8 7 l2
75
_____
_____ 95
96
9618
____ 03
--------- 90

*8 0

---------

M- 9
1m - s
2 A -O

61%
J un o'16
88 I2
J u n o 'l
55
68%
Ju n o’ 17
Jan T 7
Ju n e’ 17
J u n e '17
112%
Ju n o’ 17
Jan ’ 17
M a r ’ 17
Jan ’ 17
D eo ’ 06
N o v ’ 17
Jan *17
Jan ’ 17
J u n o’ 17
Jan ’ 17
J u n o’ 17
J u n o’ 17
N ov’ll

90 M a y ’ 17
92 A u g ’ 10
69% F e b ’ 17
85% Ju n o’ 16
95%
95%
95%
95%
94
94%
96 J u n o’ 16
95 M a y ’ 17
115 A p r ’ 17
118 A p r ’ 17
99% M a y ’ 17
102% M a y ’ 16
91 J u n e’ 17
95% M a r ’ 16
85% N o v '1 5
92% A p r ’ 17
108% Jan ’ 17
113
113
136% M a y ’06
104% M a y ’ 17
109% A u g ’ 16
69% D ec '1 6
10%
10%
80 J u n e’ 17
8412 Ju n e’ 17
97% Jan ’ l l
88 F eb ’ 17
88 N o v 'lfl
90% A p r ’ 17
98% F eb ’ 17

6

80

101
101%
97%
88
95%
80

101%
101%
101%
99%
107
89%

70%
83
82
55

86
91
90
68

68
59
98%

8434
74%
98%

91
93
104% 105%
100% 101
94
94
104
104
10478 109%
98% 99%
97% 100%
101% 102%
79%

87%

60

73%

1

88%
54t2
54%
66
—
100%
— - 1067,
— - 104
. . . » 104
1 112%
. . . . 100
106%
—
101
—
100%
—

11
13

____
—
—

____

90
68%
6 8 78
84
109
10678
109
107%
112%
100
106%
102%
100%

108% 108
107
108
67
81
28% 28%
100 102

163
8
6
____

90

96

69%

69%

95% 97
95% 99
93
10134
93

____ 115
____ 118
....
99
....
—
91

99
121
118
105%
98%

___
....

92% 98
108% 108%
4 113
12478

....
21

____
—
___
___
____
....

85% M a r ’ 17 . . . .
83
N o v ’ 15
5
80
80

1047g 115%
10%
80
82

15%
86%
9334

88

88%

90
98%

90%
9934

85%

85%

80

80

J u ly ’ 09

—
I I I I "9 0 % *85%
95%
86
87
86
--------- 83
85%
8 2 i2 84
82%
____ 84
84
84
____ 89
61
--------- 74
--------- 75
76%
83
* 100 % ____ 192
61
-------- 72%
62
69 % 71
75
82
84
80
80
--------- 80%
•80 ____
84%
92
--------- 10734 117%
86
____ 9 0
997g --------- 107%
114
72
____ 90

M a y '17
Sep ’ 12
86%
Jan ’ 17
82%
M a y ’ 14
A pr ’ 17
F ob ' l l
M a y ’ 17
A u g ’ 12
Ju n o’ 16
Jan ’ 17
M a r'1 7
A p r '17
Jun e’ If
N o v ’ 16
M a y ’ 17
N o v ' It
M a y 'll
Jan 17
O ot '16
F eb ' l l
O ot ’09

'8 5 '"

____

92 "

85
85%
82

95
85%
897g

____
....
—

89

94*4

76%

83

____
____
—

72%
71
f-3

8 OI2

____
—

84%

_____
84%

....

90

90

97
88

102%
88

72%
71

973s
90

97
88

12
97%
A p r ’ 17 —

no85
»7
____ 84%
007g 64

81
89
96

lii
95%
Ju n e’ 17
89
94%
A pr ’ 17
04% 100
Ju n o’ 17 ____
82% 93
Juno’ l ’
60% 7U2
Ju n e’ 17
O ct ’01)
85
.1
86%
83% 90%
83%
98% 101
A p r ’ 17
80% 83
Feb ’ V,
897g 90
M a r ’ 17
07
102
M a y ’ ll
101% 101%
Jan ’ 17
84
91%
85
96
102
Jun o’ 17

----------------H
83%
94%

86
83<g
_____

861s
83*2
97
____ 8 2 1j
_____100's
92
98%
84
96

85
96%

8213
60%
63
86%
83%
89
80%
897g
97
101%
85
967g

• No prloe Friday; latest bid and asked this week, a Due Jan.




Range
Since
Jan. 1

BONDS
N . Y . STOC K E X C H A N G E
W eek en d in g J u n e 22

High No. Low High

Ask Low

J - J

A -O
1 A -O

Week's
Range or
Last Sale

0
0

------- 101 A p r ’ 17 ___ 101% M a r ’ 17
97% Ju n e’ 17 __ ._
97>2 98
53
93
93
93 Sale
1
9734
9734
9 7 ^ Sale
82 Ju n e’ 17 —
79
82
1127g D e o T 6
2
7134
72
72 Sale
_____ 84>2 83 M a y ’ 17 —
82 M a y ’ 17 —
80
82
30
573g
58*4
5778 Sale
87 N o v ’ 16
61% A p r ’ l l
38
35% J un o'16
13
69
68
6812 68%
60 J u n o’ 17 —
58% 63
98% M a r '1 7 —
I I I I "8212 82 D e o ’ 16
_____ 81
75% J u ly ’ 16
_____ 83
88 J un o'17 ___ _
10012 106
105% F e b ’ 17 . . . .
95>2 101
100% A p r '1 7 . . . .
. 100
106% M a r ’ 08
94 Jan T 7 ____
_____ 94
_____102i2 104 Jan ’ 17 . . . .
_____ 108% 105% M a y ’ 17 . . . .
95*4 9 8 i2 98% M a r ’ 17 —
_____100% 101% Jun e’ 16
------- 9 7 ‘ 2 97% J u n o’ 17 ____
9 8 i2 9914 1013s A p r '1 7 —
•88 _____ 94% N o v ’ 15
_____109% 107% D e o ’ 10
80 J u n o’ 17 . . . .
76
80
61

2539

Y ork B o n d R e c o r d —C o n tin u e d — P a ge 2
PH
CS
Friday
June 22
Bid
L c h V T e r m R y 1st gu g 5 s . . 1941 A 1941 A R eg lstered ....................
L eh V a l C o a l C o 1st gu g 5 s . 1933 J R e g is t e r e d ________________ 1933 J 1st lnt redu ced t o 4 s ........... 1933 J L eh A N Y 1st guar g 4 s_____1945 M R e g ls t e r e d _____________________1945 M L on g Isld 1st c on s g old 5 s . . 51931 Q l s t con sol g o ld 4 s________ ftl931 Q G eneral g old 4s........ ............ 1938 J F erry g old 4 M 3 . . . , ..............1922 1*1G o ld 4 s.......... .......................... 1932 J U nified g old 4 s....................... 1949 1*1D eb en tu re g old 5 s................ 1934 J G uar refu nding g old 4 s . . . 1949 1 1
*
R e g is t e r e d ......................... 1949 1*1N Y B A M B 1st c on g a s . 1935 A 
N Y A R B 1st g old 5s____ 1927 M N o r Sh B 1st con g gu 5 s .o l9 3 2 Q L ou isiana A A rk 1st g 5 s . . . 1927 M L ou lsv ille A N a sb v gen 6 s . . 1930 J G o ld 5 s . .................................. 1937 1*1U nlfled g o ld 4 s .......................1940 J R e g is t e r e d ......................... 1940 J C olla tera l trust gold 5 s . . .1 9 3 1 M 
E H A N ash 1st g 6 s.......... 1919 J L C ln A L ex g o ld 4 ^ 3 - -1931 M N O A M 1st g o ld 6 s_____ 1930 J 2d g o ld 6 s.............. . . . . . 1 9 3 0 J P a d u cah A M e m D lv 4 s . . 1946 F S t L ou is D lv 1st g o ld 6 s . . 19 2 1 1 1
*
2d gold 3 s .......... .............. .1 9 8 0 1*1A tl K n o x A C ln D lv 4 s . ..1 9 5 5 1*1A tl K n o x A N or 1st g 5 s . . 1946 J H ender B d g e 1st s f g 6 s . .1 9 3 1 M K e n tu ck y C en tral g o ld 4 s . 1987 J L ex A East 1st 5 0 -y r 5s gu 1965 A L A N A M A M 1st g 4 % s 1945 M 
L A N -S ou th M Joint 4 s . . 1952 J R e g is t e r e d ____________A1952 Q N F la A S 1st gu g 5 s _____ 1937 F N A C B d g e gen gu g 4 M s . 1945 J P en sac A A tl 1st gu g 6 s . . 1921 F S A N A la con s gu g 5 s . . . 1936 F G en con s gu 50 -y ea r 5 s . 1963 A L A J eff B d ge C o gu g 4 s . . . 1945 1 1
*
M a n ila R R — Sou lines 4 s ___1936 1 1
*
M e x In te m a t 1st con s g 4 s . .1 9 7 7 M
Stam ped g u aran teed.......... 1977 M
M id la n d T e r m — 1st s f'g 5 s . 1925 J
M in n A St L 1st gold 7 s____ 1927
P a cific E x t 1st g old 6 s____ 1921
1st con sol g old 5 s . . . ........... 1934
1st A refunding g o ld 4 s . . . 1949
R e f A ex t 5 0 -y r 5s Ser A . . 1962
D es M A F t D 1st gu 4 s . . 1935
Iow a C en tral 1st g old 5 s . . 1938
R efu n d in g g old 4 s .......... 1951
M S t P A S S M c o n g 4 s I n t g u .l9 3 8
1st C h ic T erm s f 4 s ______ 1941
M S S M A A 1st g 4s lnt g u . ’ 26
M ississippi C en tra l 1st 5 s . . . 1949
M o K a n A T e x 1st g old 4 s . . 1990
2 d g o ld 4 s ..............................(tl990
1st e x t g o ld 5 s....................... 1944
1st A refunding 4 s............... 2004
G en sinking fund 4 H S . .. 1 9 3 8
S t L ou is D iv 1st ref g 4 s. .2001
D a li A W a co 1st gu g 5 s . .1 9 4 0
K a n C it y A P a c 1st g 4 s . . 1990
M o K A E 1st gu g 5s____ 1942
M K A O kla 1st guar 5 s . . 1942
M K A T o f T 1st gu g 5 s . 1942
Sher Sh A S o 1st gu g 5 s . . 1942
T ex a s A O kla 1st gu g 5 s . . 1943
M issouri P a cific (reorg C o)
1st A refu nding 5s w b lss 1923
1st A refu nding 5s wh lss 1926
1st A refunding 5s wh lss 1965
G eneral 4s w hen Issued. .
M issouri P a c 1st con s g 6 S ..1 9 2 0
T ru st g old 5s sta m p ed ___a l9 1 7
R e g is t e r e d .......................a l9 1 7
1st collateral gold 5 s.......... 1920
R e g is t e r e d ......................... 1920
40-year gold loan 4 s............ 1945
1st A ref c o n v 5s.....................1959
3d 7s extended at 4 % _____1938
B o o n v St L A S 1st 5s gu .1 9 5 1
C en t B r R y 1st gu g 4 s . . . 1919
C en t Br U P 1st g 4 s _____ 1948
L eroy A C V A L 1st g 5 s . 1926
P a c R o f M o 1st e x t g 4 s . . 1938
2d extended g old 5 s____ 1938
S t L Ir M A S gen c o n g 5 s .1931
G en con stam p gu g 5 s . . 1931
U nified A ref g old 4 s . . . 1929
R e g is t e r e d ___________ 1929
R lv A G D lv 1st g 4 s . . . 1933
Verdi V I A W 1st g 5 s . . . 1926
M o b A O hio new g old 6 s____ 1927
1st ext gold 6 s . . ................51927
G eneral gold 4s.............. . . 1 9 3 8
M o n tg o m e ry D lv 1st g 53.1947
S t L ou is D iv 5 s .....................1927
S t L A C a iro g uar g 4 s ____ 1931
N a sb v C h a tt A St L 1st 5 s . . 1928
Jasper Branch 1st g 6 s . . . 1923
N a t R y s o f M e x pr lien 4 % s . 1957
G uaranteed general 4 s . . . 1977
N a t o f M e x prior lien 4 % s . . 1926
1st con sol 4 s ..................
1951
N O M o b A C h ic 1st ref 5 s . . 19C0
N ew O rleans T erm 1st 4 s . . . 1953
N O T e x A M e x ico 1st 6 s . . . 1925
N on -cu m Incom e 5s A _____1935
N Y C en t R R c o n v d e b 6 s . . 1935
C on sol 4s Series A ________ 1998
R e f A Imp 4 % s " A ” ...........2013
N Y C en tral A H R g 3 % s . . l 9 9 7
Registered ................... . . 1 9 9 7
D eb en tu re g old 4 s.......... .... 1934
Registered ......................... 1934
L ake S hore co ll g 3 M s _____1998
R e g is t e r e d ---------------------1998
M ich C en t co ll g old 3 M S --1 9 9 8
R e g is t e r e d ......................... 1998
B a ttle C r A S tu r 1st g u 3 s . 19S9
Beech C reek 1st gu g 4 s . . 1936
R e g is t e r e d ................
1936
. 2d guar g old 5 s________ 1936
R e g is t e r e d .....................1936
B eech C r E x t 1st g 3M s_ftl951
C a rt A Ad 1st gu g 4 s ____ 1981
G o u v A O sw e 1st gu g 58 .1 9 4 2 J
M o h A M a i 1st gu g 4 s . . . 1991
N J June R guar 1st 4 s . . . 1986
N Y A H arlem g 3 M s ____ 2000
V Y A N orth ern 1st g 5s 1923

Week's
Range or
Last Sale

Ask Low

114
_____ 112
113
_____ 106
100
------- 102%
105
*89%
85% 8 6 l2 87

High No. Low High

F e b '1 7 ____ 113% 114
M a r ’ 17 . . . . 113 113
1 102% 106%
102%
O ot ’ 13
Apr T7 . . . .

104% A p r ’ 17
100
105 :
94% J u n e’ 16
90
_____ •85% 85% F eb ’ 17
—
94
98*4 D e o T 6
99% O ot ’ 06
_____ 89
89 M a y ’ 17
_____ 98% 95% F eb ’ 17
85
8534 85
Ju n e’ 17
95 Jan ’ 11
96
103% A p r ’ 17
F eb ’ 17
96% 104% 103
:
90
98
100 A u g ’ 16
1
_____ 91
85 J u n e ’ 17
110% 8 a le 1 1 0 % . 110%
10334 106 1
102% M a y ’ 17
91%
92
91% dale
90^2 _____ 96% Jan ’ 17
_____ 100 ]
10312 J u n e ’ 17
10734 D eo ’ 16
103% 105
1
97% J u n e ’ 17
94 100
1117g 1
112% M a r ’ 17
104% F eb '1 7
*101%
90% A p r ’ 17
80 ‘ I f
103% M a y ’ 17
102%
56% *60% 60% M a y ’ 17
83%
83
84% 83
108*4 Jan 17
101
105
105
105
_
" I f
8 4 M a y ’ 17
99
99% 98 %
99
_____ 99
101
O ot ’ 16
1
81% 813g M a y ’ 17
—
95
F e b ’ 05
102% 100 J u n e’ 17
1
*97‘ % _____ 97% M a y ’ 16
108 % 108*4 N OV’ 16
:
104
105 M a y ’ 17
100 105
102 % 100% Ju n e’ 17
:
79 A p r ’ 17
*73’ —

_____
107
82%
48%
40
86
48%
88
*91%
’ 68%
40
267g
55
34
34

66*4

697g
55
76%
52%
...I
94%
91%
60

* _” " _
....
—
_ ___
97%
76
7334
IIII
100%
68
82
101
*103

65
96
43
105%
_____
91%
78
....
71%
*68%
13%
*96’

77
M a r ’ 10
75
N o v ’ 10
91% 101 O ot ’ 09
113% D e o ’ 16
103% O ct ’ 16
88
88 J u n e’ 17
517g 50%
50%
45 J u n e’ 17
55
60 F e b ’ 16
86%
86% 86 %
49 7g 48%
50
88%
88% 88
92 J a n ’ 17
_____ 95 A p r ’ 17
94
95 D e c ’ 16
69% 68%
68%
42
40
40
_____ 26*4
26*4
5534 5534
5534
Sale
34
35*4
40 N o v ’ 16
38
_____ 69% A p r ’ 17
_____ 7 0 >4 M a r’ 17
62
55 M a y ’ 17
85
78 M a y ’ 17
....
54 J u n e’ 17
45
51
D e o ’ 16
45% F e b ’ 17
25
957g
94
Sale
101

94%
92
95
60
100%
106
82
103

J u n e’ 17
M a y ’ 17
F e b ’ 17
60*8
100%
M a y ’ 17
O c t ’ 15
J a n ’ 17

- - -60
" 6 0 ‘ A p r " ’ 17
60% A p r ’ 17
80
82
A p r ’ 17
100 F e b ’ 13
67 A u g ’ 16
I - ’ 77% D e c ’ 13
110
M a r ’ 05
87
92% D eo ’ 16
100
100*4 A p r ’ 17
100
97
97
102
J u ly ’ 14
76% 76%
77
80% O ct ’ 12
74
73*4
73*4
78 Sep ’ 15
i i o % 107
107
109
F eb ’ 16
104
___ _ 70 J u n e’ 17
101
O ot ’ 16
101
92
89
D eo ’ 15
84
M a y ’ 17
86
_____ 104%
104%
110% M a r’ 17
—
30 M a y ’ 17
35 A u g ’ 16
96% F e b ’ 13
3 0 O ot ’ 16
59
D eo ’ 16
70
68
A p r ’ 17
Sale
94 %
96
Sale
35
43
Sale 104*4
106
82% 80 J u n e’ 17
Sale
91%
91%
79
79%
79%
78% Ju n e’ 17
86
86
86
92
D e c ’ 16
Sale
71%
71*2
76*4 M a r ’ 17
72
—
70 J u n e’ 17
75
M a r ’ 17
IIII
95% ‘ 96% A p r " 17
95*4 N o v ’ 16
I I I I 104 M a y ’ 16

70
86%
*93’
*81% _____
♦80

161 * I I I ’

6 Due Feb. a Due June, ft Due July, o Due Oct. » Option Sale

89
94
89%
80
101%

Range
Since
Jan. 1

! 2

87

____
____
—

90

104% 106
_____
85 ' 89

____
....
—

85%
95%
85

89
98%
90%

....
—

103
103

____
2
____
12
____
____
____
____
____
—
____
..—
____
10,
— 3,
-------1
10 ,

85
94%
110% 113%
102% 107
91
97*4
96% 96%
103% 10634

103%
103

103""
114%
104%
90%
106
73%
91%
108*4
105
85%
103*4

1 80%

—

97%
112%
104%
89%
103%
60
82
108*4
105
81
98%

81%

100 100
____ j _____
—
_____
. . . . 105” 109
____ 100
103%
79
81%
____
—
___.
____
____

....

—

...

2
—

1
3
12
____
....

87*' 91%
47 - 64
45
61%
86%
46
88
92
95

95
63
97
92
98*4

2 "67"% ‘ 78%
1 40
54%
1 26% 31
1 55*4 69%
7 34
45
____
____
—
—

69%
70%
55
78
54

—

45%

____
93%
____
91
....
95
172 59%
1 100%
106
____
—
1013s
IIII
. ___
....

55%
60
80

6912
71
79
85
80
49
99*4
98%
95
68%
106%
106*2
_____
103

59
61
82

____ 100% 10134
1 97
103*4
14

76%

1

73%

1 107
....

70

86
84
114%
78%

84
91*4
5 101% 108
....

30

30

____
____

68
72"
5 94
99%
■■15 35
43*4
83j 103*4 113%
80
88*4
89
"7 8
98*4
6 79
86%
78% 85%
16 86
94%

7 ) 70
...
____
...
____
—

76%
70
75

81
80
80%
80

"96"% ’ 97"
_____
. ..
.... —

N o v ’ 16
M a r ’ 16 . . . . . . . . . . . .
F eb ’ 16
M a y ’ 17
80
81%
M a v ’ 17 ____ 1 101%: 102%

N Y C en t & H It I t It (Con.)—
N Y & P u 1st cona gu g 4a 1993
P ine C reek reg guar 6a____ 1932
R V V t fe O c o n la t e s t5 a ._ /» 1 9 2 2
I t W & O T I t la t gu g 5 a . . 1918
R u tla n d lat c o n g 4>$a___ 1911
O g «fe L C h a m la t gu la g l9 1 8
R u t-C a n a d a lat g u g 4 a . 1919
S t L aw r & A d ir la t g 5a___1996
2d g old 6a............................1996
U tica & Blk R lv gu g 4 a .. 1922
L a k e Shore g o ld 3 H a ____ 1997
R e g is t e r e d ______________1997
D eb en tu re g o ld 4a.......... 1928
25 -y ea r g old 4 a __..............1931
R e g is t e r e d ___________ 1931
K a A < G R lat gu c 5a___ 1938
&
M a h o n C ’ l R R la t 5a____ 1934
P itts & L Erie 2 d g 5 s ___ a1928
P itta M c K & Y la t g u 6 a. _ 1932
2 d guaran teed 6a_______1934
M c K e e s & 11 V lat g Ga.1918
M ich ig a n C en tra l 5a_____ 1931
R e g is t e r e d ______________1931
4 a ............................................ 1940
R e g is t e r e d ______________1940
J L & S la t g o ld 3 H S . .. 1 9 5 1
la t g o ld 3 H s ....................... 1952
20 -y ea r d eben tu re 4 a . _ _ 1929
N Y C h ic & S t L la t g 4 a . . 1937
R e g is t e r e d ___________ 1937
D eb en tu re 4a.......... ..1 9 3 1
W est Shore lat la g u a r . . . 2361
R e g is t e r e d ......................... 2361
N Y C L ines eq tr 5 a . . 1
E q u ip trust 4 H 3 --1 9 1
N Y C o n n e ct 1st gu 4 H a A.
N Y N I I & H a rtfo rd —
N o n -c o n v deben I s _______ 1947
N o n -c o n v deben 3>£a_____1947
N o n -c o n v deben 3 H a _____1954
N o n -c o n v deben 4 s..............1955
N o n -c o n v deben 4a_______ 1950
C o n v d eben tu re 3 H a .......... 1956
C o n v d eben tu re 6a............... 1948
C on a R y n o n -co n v 4a_____1930
N o n -c o n v deben l a _____1954
N o n -c o n v deben 4a_____1955
N o n -c o n v deben 4a_____1955
N o n -c o n v deben 4a_____1956
H arlem R - P t C h es 1st 4 a. 1954
B & N Y Air Line 1st la . .1 9 5 5
C en t N ew E n g lat g u 4 a _. 1961
H a rtford S t R y 1st 4s____ 1930
H ou sa ton lc R c o n a g 5 a . . . 1937
N a u g a tu ck R l t 1st 4 s ____ 1954
N Y P r o v «fe B oston 4a___1942
N Y W ’ches& B ls t s e r 1 4 H s '4 6

Week’s
Range or
Last Sale

■§•
53
§ 0

Range
Since
Jan. 1

Bid
A - O
A -O
M -N
J - J
J - J

J -D
J -D
M- S
M -N
M -N

Ask Low
High N o . Low
897*
*79
-------- 90 A p r *17 —
♦ 1 1 0 U _____ 113 M a y T o
9978
101*2 Ju n e’ 17
100*2 102
9 9 t 2 _____ 100*4 F eb T 7 . . . . 100*4
90
80
_____ 90 A p r *17
82
-------- 70^8 A p r ’ 17
7038
70
_____
90
_____ 101 N o v ’ 16
103 N o v ’ 16
96
98*2 9712 J u ly ’ 16
3 77
78 Sale
77
78
79
76
80>2 79 A p r T 7
923S
12 913S
9 2 1 3 _____ 9153
1 90*2
91
91
91*2 91
95
N o v ’ 16
*99

_____ 104i2
103
_____ 130is
_____ 123*4

D eo T o
M a y ’ 17
Jan ’ 09
M a r ’ 12

106*4
105
98
87

*108
*107

M -N
J - J
J - J
F - A

_____ 80
8 H 3 85
89
90

J - J
M -N

80 Ju n e’ 17
81*2
81*2
90
' 9 0 3s

103

1
5

80
81*2
90

88

_____
_____
_____
59
95>4

62
70
68-34
62
97

_____

M -N
F - A
J - J
M- S
M -N
M -N

10434
100*4
90
703s

8/34
87
97*2
9634

10334

86
0134
95*2
89
82*2
94
93*8

79
M a r ’ 17 ____
....
74
79
1 1 83*2
83*2
84
8 3 i2 84
82 78 Sale 82*2
5 82*2
8273
100*2 Jan *17
100*2 100*2
10034 Jan ’ 17
10034 10034
9 2 7 s -------- 9234 J u n e’ 17 —
90*8 9934

M- S
M- S
J - J
M -N
J- J
J - J

94

Aug T6
J u ly ’ 16
Apr T 2
F eb T 4

M- S
Q -M
M- S
M -N
A -O
A - O

High

78

_____ 80
8 2 * 4 -------*83
-------_____ 76

90
55

7958 S ep T 6
71 N o v ’ 16
D e o ’ 17
M a r ’ 17
69*4 A p r ’ 17 ____
60 J u n e’ 17
9458
96
11
79 Jan T 7
91*2 Jan *12
79*2 A p r *16

68
68

86 M a y ’ 17
88*3 A p r T 7 ____

74

A p r *17 —

105*2 M a y ’ 15
87
J u iy ’ 14
------- 88 A u g T 3
55
56
Salo
107 A u g ’ 09

68

68

67
57*4
9334
79

75*4
64

110*2
79

86
92
88*8 88 *s

72

9

102 _____
88 _____ 99*2 M a r ’ 12
lj - J
57 A p r ’ 16 ____
_____ 60
M -N
9978 D e o *14
P r o v & Springfield lat 5 s . 1922 i j
j
8338 F o b *14
M- S
P rov id en ce T e r m l a t 4 a .
W & C on E a st 1st 4 H 3 1
70
70
70
75
N Y O & \V r ef 1st g 4s____ <?1992 M - S
92*2 J u n e’ 12
R eg istered $ 5 ,0 0 0 o n ly ..g 1992 M - S
79
M a r ‘ 17
J -D
7012 80
777s J u n e’ 17
, F - A _____ 78
N o rfo lk S ou la t & ref A 5s.
9634 97
97 Ju n e’ 17 . . . .
N o r f & S ou 1st g o ld 5s.............1941 M - N
N o r f & W e st g en g o ld Cs____ 19 3 1 M - A 114 -------- 115 A p r T 7
114 12178 122 N o v ’ 16
Im p rov em en t < ext g 6s__1934
&
N e w R iv e r 1st g o ld 6s ____ 1932 A - O
1 1 1 * 2 _____ 120*2 N o v ’ 16
1
89*2
N & W R y la t cona g 4 a .. 1996 A - O
89*2 893.1 89*2
94*2 D e o T 6
R e g is t e r e d ______________1996
86
2
86 Sale 86
D lv ’ l la t lien & gen g 4 s . 1914 J - J
12373 M a y ’ 17
10-25-year co n v 4a.......... 1932
117*4 M a y ’ 17
10-20-ycar c o n v 4 s .......... 1932 M - S 123i2 126
3
125*8
125*8
M - S 123i2 126
3
87 Sale
86*3
87
P o ca h C & C Joint 4 s ___1941 , J - D
C C & T lat g u a r g o ld 5 s . . 1922 J - J 100 _____ 103 S e p t 16
_____ 87
867a M a y ’ 17 ___
M -N
87*2 Salo
8 7 i2
88*4 41
Q- J
R eg istered .
0 - J _____ 881s 88*2 M a y ’ 17
62
623.J
62 Solo
40
Q- F
61
6 1 U 61 M a y ’ 17 ____
Q- F
9U2 915S M a y ’ 17
J D 90
10434
10434
8
F - A 104 106l2
S t P & N P g en g o ld 6
109*2 O ot ’ 15
Q- A
IO U 2 _____ 107 O ct T 6
S t P a u l & D u lu th 1st 5 s.
A - O
9912 _____ 100 Jan T 7 ____
2 d 5a..................................
S873 M a r ’ 17 —
_____ 85
J -D
86*2 D e o TO
7 0i2 8 0
Q-M
1 1 1 110 M a y ’ 17
N o r P a c T e r m C o 1st g 6 S ..1 9 3 3 J - J 110
O regon -W ash 1st & ref 4 s . . . 1961 J - J -------- 817a 8138 J u n c ’ 17 ____
_____ 95
95 A p r *17
P a cific C o a s t C o 1st g 5 s ____ 1946 J - D
95
9978 l o o is F o b -17
P a d u ca h A Ills lat s f 4 H a . . 1955 J - J
100 ------- 99*2 A p r *17
P en n sy lv a n ia R R 1st g 4 s . . _ 1923 M - N
C on sol g o ld 5 s ................. .
M - S 10012 10 11 * 10158 A p r * 17 ____
C on sol g o ld 4 s ____________1943 M - N
9 4 1 3 -------- 987a M a r ’ 17 ____
4
94 Salo
94
95*2
M -N
C on sol g old 4 s ................. .
26
102*8
F - A 101 Sale 1007s
C on sol 4 H 3 ________ .____
11
9514 Sale 95
90*8
J -D
G eneral 4 H a ......................
95
9584 230
95 Sale
G eneral 4 H a (w h !ss)Jui
A lleg V a l gen guar g 4 s . ..1 9 4 2 M - S _____ 957s 97*2 F e b *17 —
95
_____ 84*2 S ep TO
D R R R & B ’g e lat g u 4a g . 1936
93
98*4 9334 J u n e T 7
P h lla B a lt A W 1st g 4 a . . . 1943 M - N
102 Jan '0 3
S odu s B a y A S ou 1st g 5 s . 1924
S u n b u ry A L ew is la t g 4 a. 1936
_____ 9973 M a r ’ 17 —
U N J R R A C a n gen 4 s . . 1944 M - S *93
P en n sylva n ia C o —
3
9 9 l 2 100
99*3
99*4
G u a r 1st g o ld 4 H 3 ................ 1921 J - J
1003s A p r T 7 ____
99
100
R e g is t e r e d ..........................1921 J - J
------- 87 F eb *17
G u a r 3 H a c o ll trust reg A . 1937 M - S *78
81 _____ 83 J u n e’ 17
G u a r 3 H 3 c o ll trust ser B .1 9 4 1 F - A
86*3 J u ly ’ 16
81
_
G u a r 3 H 3 trust c tfs C ____ 1942
-------- 8534 873t D e o TO
G uar 3 H a trust c tfs D _____1944
4
903t 91*4 90*2
90*2
G u a r 15-25-year g o ld 4 s . . 1931 A - O
9234 A p r *17
_____ 89
4 0 -y ca r guar 4s ctfa S er E . 1952 M - N
91 A p r *17 ____
_____ 90
C ln L eb A N o r gu 4s g _____1942 M -N
96*4 M a y ’ 17 . . . .
_____ 97
C l A M a r la t gu g 4 H a ._ _ 1935 M - N
C l A P gen gu 4 H a ser A . . 1942 J - J _____ 102*8 102 A p r T 7
9973 102*8 104 D e o *16
Series B — ..........................1942
8034 _____ 91*4 F e b *12
In t red u ced to 3 H 9 --1 9 4 2
8634 _____ 90*8 O c t *12
Series C 3 H a .....................1948
86*2 _____ 88*2 F e b T 7
Series D 3 H a ............ ........1950 F - A
805g 87*2 88 A p r T 7 —
Erie A P itts g u g 3 H 3 B - - 1 9 4 0 J - J
J - J
80% 87*2 90*a J u ly ’ 12
M a r ’ 17
G r R A l e x 1st g u g 4 H 3 . 1 9 4 1 J - J ------- 9973 99
94
_
93 M a y ’ 14
O hio C o n n e ct 1st g u 4 s ___1943 1
M
93
-------- 109 M a y ’ 10
P itts Y A A sh la t con s 5 s . 1927 1 -N
9834 A p r *17 . . . .
T o l W V A O g u 4 H a A ___1931 .J - J -------- 97
99 *2 F e b *17
'
Series B 4 H a ..................1 9 3 3 J - J
9 4 A p r TO
M
Series C 4 s ......................... 1942 I - S
_____ 100
993.t J u n c’ 17
P C C A St L gu 4 H a A ___ 1940 iA - O
. . . 100
100 Ju n e’ 17
Series B g u a r ....................1942 /A - O
M
99 Salo
99
99*2
3
Series C g u a r.................... 1942 : - N
9 0 _____ 95*4 O ot TO
Scries D 4a g u a r................ 1945 M -N
M a r ’ 17
-------- 96
85
Series E 3 Ha guar g o ld . 1949 F - A

78*2

55

75*2

57

57

N ew E n gla nd cona 5 s . .

70

83

77
80
777g 825S
97
101
115
122
89*2

97*4

85
11834
117*4
118*2
8G*8

93*8
134
1363.1
135
94

8G78 92
87*2 963i
93
62
69*8
61
67*4
9153 9178
10434 110*2

88

100

100*2

109*2
813S
93*2
99
99*2
10158
985S
94

110

887S 8878

875s
99
101
99*2
102*4
99*2
101
10078 1073.1
95
104*2
95
977g
97
975s

9334100
997S

997S

99*3 IO2 I4
1003a 10 2 U
8/
87
80
803.1
90*2
0234
91
96*4

102

97
93
91
100*2

102

88*2 89*4
88
88
99

99

9834 9834
99*2 9912
9934 1033s
98*2 102*3
99
99*2
95*2

90

BONDS
N . Y . STOC K E X C H A N G E
W eek en din g Jun e 22

P C C A S t L (Con.)
Series F gu a r 4a g o ld ___ 1953 J - D
Series G 4s g u a r.......... ..1 9 5 7 M -N
Series I cona gu 4 H 3 ___ 1963 F - A
C S t L A P 1st cona g 5 a . . 1932 A - O
P eoria A P ek in U n 1st 6s g . . 1921 Q - F
2 d g o ld 4 H a ......................... 61921 M - N
P e rc M a rq u ette 1st Ser A 5s 1956
1st Series B 4 s ____________ 1956
P h ilip p in e R y la t 3 0 -y r s f 4s 1937 J - J
P itts Sh A L E lat g 5s...........1940 A - O
1st con sol g old 5 s __________1943 J - J
R e a d in g C o gen g o ld 4 s _____1997 J - J
R e g is t e r e d ______________1997 J - J
Jersey C en tral co ll g 4s_ . _ 1951 A - O
A tla n tic C it y g u a r 4s g ___ 1951 .1 - J
S t Joa A G r Isl lat g 4a.......... 1947 J - J
S t L ou is A San F ran (reorg C o ) —
P rior L ien ser A 4 s ________ 1950 J - J
P rior Hen ser B 5 s ................ 1950 J - J
C u m a d ju st ser A 6 s ______ 1955 J - J
In co m e series A 6 s ........... . . I 9 6 0 J u ly
S t L ou is A San F ran gen 63.1931 J - J
G en eral g o ld 5a.......... ..1 9 3 1 J - J
S t L A S F R R cona g 4 s . . 1996 J - J
G eneral 15-20-yr o s ____ 1927 M - N
T ru st C o c t fs o f d e p o s it .,
do
S tam p ed
S ou th w D lv 1st g 5s___ 1947 A - O
R efu n d in g g o ld I s _____ 1951 .1 - J
R e g is t e r e d .....................1951 J - J
T r u s t C o ctfa o f deposit,
do
Stam ped
K C F t S A M con s g 6 a . . 1928 M - N
K C F t S A M R y ref g 4 s . 1936 A - O
K C A M R A B 1st g u 5 s . 1929 A - O
S t L S W 1st g 4a b o n d c t f a . . 1989 M - N
2 d g 4a Incom e b o n d c t fs .p l9 8 9 J - J
C on sol g o ld 4a_____ ______ 1932 J - D
la t tcrm l A unlf 5 s ................ 1952 J - J
C r a y ’s P t T e r 1st gu g 53.1947 J - D
S A A A P ass la t gu g 4a____ 1943 J - J
S F A N P 1st sk fd g 5s...........1919 J - J
S eab oard A ir L ine g 4a_____ 1950 A - O
G o ld 4a s ta m p ed __________ 1950 A - O
A d ju stm en t 5s.................. .0 1949 F - A
R efu n d in g 4 s _____ ________1959 A - O
A t l B irin 3 0 -y r 1st g 4 s . .c l 9 3 3 M - S
C a r C en t 1st con g 4 s ____ 1949 J - J
F la C en t A P en la t g 5 s . . . 1918 J - J
1st land gr e xt g 5 s............1930 J - J
C on sol g o ld 5s.................. 1943 J - J
G a A A la R y la t c on 5 s . .0 1 9 4 5 J - J
G a C a r A N o 1st g u g 5 a . . 1929 J - J
S ca b A R o a n 1st 5 s..............1926 J - J
Sou th ern P a cific C o —
G o ld 4s (C en t P a c c o ll ) . .* 1 9 4 9 J - D
R e g is t e r e d ____________ A1949 J - D
2 0 -y ea r c o n v 4a_________ 01929 M - S
2 0 -y ea r c o n v 5a.....................1934 J - I)
C en t P a c 1st ref g u g 4 s___ 1949 F - A
R e g is t e r e d __________. . . 1 9 4 9 F - A
M o r t guar g old 3 H a ..* 1 9 2 9 J - D
T h ro u g h S t L 1st gu 4 s . 1954 A - O
O i l A S A M A P lat 5 3 ..1 9 3 1 M - N
2 d exten 5s g u a r________ 1931 J - J
G ila V G A N 1st gu g 5 s . . 1924 M - N
H o u s E A W T 1st g 5 s . . . 1933 M - N
1st guar 5s re d __________ 1933 M - N
H A T C 1st g 5s Int g u . . . 1937 J - J
G en g o ld 4a Int g u a r— 1921 A - O
W a c o A N W d lv la t g 6s *30 M - N
A A N W 1st gu g 5a........... 1941 J - J
L ou isiana W e st 1st 6s_____1921 J - J
M o r g a n ’s L a A T 1st 7 S ..1 9 1 8 A - O
1st g old 6a............................1920 J - J
N o o f C a l guar g 5 s ..............1938 A - O
O re A C a l lat guar g 5s___ 1927 J - J
S o P a c o f C a l— G u g 5 s . . _ 1937 M - N
S o P a c C o a st 1st gu 4s g . . 1937 J - J
San F ran T e r m l 1st 4 s___ 1950 A - O
T e x A N O con g o ld 5s___ 1943 J - J
S o P a c R R 1st ref 4s______ 1955 J - J
Southern— 1st co n s g 5 s _____1994 J - J
R e g is t e r e d ......................... 1994 J - J
D e v e lo p A gen 4s Ser A ___ 1956 A - O
M o b A O h io c o ll tr g 4 s ___ 1938 M - S
M e m D lv 1st g 4 H a -5 s ___ 1996 J - J
S t L ou is d lv la t g 4s______ 1951 J - J
A la C en 1st g 6s............... . . 1 9 1 8 J - J
A la G t S ou 1st con s A 5 s . _ 1943 J - D
A t l A C h ar A L 1st A 4 H s 1944 J - J
1st 3 0 -y r 5s ser B ..............1944 J - J
A t l A D a n v la t g 4a_______ 1948 J - J
2d 4 s . ................................... 1948 J - J
A t l A Y a d la t g gu a r 4 s_ 1949 A - O
_
E T V a A G a D lv g 5a____ 1930 J - J
C on 1st g o ld 5s_________1956 M - N
E T e n reo lien g 5 s ________ 1938 M - S
G a M id la n d 1st 3 s ................ 1946 A - O
G a P a c R y la t g 6 s _______ 1922 J - J
K n o x A O hio 1st g 6 s _____1925 J - J
M o b A B lr prior lien g 53.1945 J - J
M ortg a g e g old 4 s ..............1945 J - J
R ich A D an d e b 5s s tin p d . 1927 A - O
R ich A M e e k 1st gu 4a___ 1948 M - N
S o C a r A G a lat g 5s______ 1919 M - N
V irginia M id ser D 4 -5 s . _ . 1921 M - S
Series E 5s..........................1926 M - S
Series F 5 s..........................1931 M - S
G eneral 5 s ............................1936 M - N
V a A S o’ w ’ n 1st g u 5 s . .2 0 0 3 J - J
la t cona 5 0 -y e a r 5s___ 1958 A - O
W O A W 1st cy gu 4 s _____1924 F - A
S pok ane In tern at 1st g 5s___ 1955 J - J
T e r A o f S t L 1st g 4 H s _____1939 A - O
1st con g old 5 s.......... .. 1894-1944 F - A
G en refu nd s f g 4 s ................ 1953 J - J
S t L M B ridge T e r g u g 5s 1930 A - O
T e x A P a c 1st g o ld 5 s _______ 20 0 0 J - D
2d g o ld Inc 5s.......... ............?2000 M a r
L a D lv B L 1st g 5 s _______ 1931 J - J
W M in W A N W 1st gu 5 sl9 3 0 F - A
T o l A O C 1st g u 5 s .................. 1935 J - J
W estern D lv 1st g 5s........... 1935 A - O
G eneral g old 5a.......... .......... 1935 J - D
K a n A M 1st gu g 4s........... 1990 A - O
2d 2 0 -y ea r 5a___________ 1927 J - J
T o l P A W 1st g o ld I s ..............1917 J - J
T o l S t L A W pr lien g 3 H 3 . 1925 J - J
50 -y ea r g old 4 s ....................... 1950 A - O
C o ll tr 4a g S er A ................ .1 9 1 7 F - A
T o r H a m A B u ff 1st g 4 s ._ M 9 4 6 J - D
U lster A D el 1st con g 5s___ 1928 J - D
1st refu nd g 4a____________ 1952 A - O
U n ion P a cific lat g 4 s _______ 1947 J - J
R e g is t e r e d ______________1947 J - J
2 0 -y ea r c o n v 4a.....................1927 J - J
1st A ref 4a_______________(72008 M - S
O re R R A N a v con g 4 a . . 1946 J - D

Price
Friday
June 22
Bid

Week’s
Range or
Last Sale

Ask L010

Bonds
Sold

3 -

Price
Friday
June 22

Period

55^3
?*2

1Interest

BONDS
N . Y . STOCK EX CH AN G E
W e e k en d in g Jun o 22

[Vol. 104.

N ew Y o r k B o n d R e c o r d — C o n tin u e d — P a g e 3

3540

Range
Since
Jan. 1

High No. Loro High

90 _____ 95*2 M a y ’ 17
95*2 95*2
90
947s 95*2 M a y ’ 17
95*2 97
100
1 100 103*8
9 9 * 3 _____ 103
10 1*4 _____ 103*4 M a y '17
103*4 103*4
100 100
100 _____ 100 J u n o’ 17
87
M a r ’ 10
10 87*4 95
90*2 Sale
90
90*2
72*4
5 70
71*2 72*4 71*4
7734
42
F ob T 7
_____ 48
42
42
10533 -------- 109 Jan T 7
109
109
113*4 N o v ’ l l
907s Salo
907S
91*2
22 9 0 7a 9 6i2
_____ 91*8
90*2 M a y ’ 17 ____
90*2 95
91*2 93
91 J u n e’ 17 ____
90*2 97
* 8 2 * 2 _____
75
7978 80
79
82
M a r ’ 17 —
59 6213
62*4 Sale
62*8
63
12 i 7734
79
78*s 7834 7834
6534 Salo
65*2
6634 120 , 65*2
49 Salo
49
495jj 266 4()34
103
110
111 A p r T 7
111
_____ 100
10053 J u n o ’ 17
100
78 M a y ’ 16
74*2 M a r ’ 17
74*2
_____ 81
75
M a r ’ 17
70
2
63
63
85
-------- 90 M a y ’ 17
90
8034 M a r ’ l l
7834 F e b T 7
78*4
_____ 77*4 74*4 S ep T 6
_____ 104*2 104*4 M a y ’ 17 ____ 10212
71
3 6934
70*2 71*2 70
87
-------- 90 F e b T 7
90
1 70
70
72*2 70*4
70*4
59 Ju n o’ 17 ___
58
60
59
62
3 62
62
62 78 62
10 04
63*2 05
64*2
64*2
98*2 Jan ’ l l
63
63
1 62*2
62
63
100*8 F e b T 7
100*8
_____ 80
78 M a y ’ 17 ___
78
4 70*4
_____ 76*4 76*4
70*4
5 58*2
01 Salo
61
63
63
6178 64*2 J u n e ’ 17 ____
6212
87
M a r ’ 17
70
86
86*4
88 Jan T 7
88
9933 _____ 99*4 J u n c ’ 17
90*4
101
D ec '1 5
101 _____
_____ 102*2 10334 D e o T 6
97
100*8 100 A p r T 7
90*4
98
100*4 99 J u n o’ 17
90
100*8 -------- 100*4 J u n c ’ 17 - - - - 100*4
/ 9 * Salo
2
813i Salo
99*.i Salo
84 Salo
_____ 91
8434 89
_____ 8138
_____ 101
95
97
9 5 _____
------- 99*2
*935a _____
103
105
91*8 92*2
_____ 105
_____ 100*4
10 1 10538
_____ 1053a
_____104*4
1 0 5 * 8 _____
9778 995s
107*2 _____
93*2 94*i
_____ 82*2
_____ 96
85 Salo
97*2 Salo
67

Salo
75
95
98
------- 71*2
_____104
_____ 9958
90*2 91
9734 Salo
_____ 82
_____ 80
72
-------_____103
100*8 Sale

68

_____

63

101*2 106
100*3 --------

99*1 101
_____ 72
100
103
95

99*4

79

70*2
90 F o b ’ l l
8158
82
99
99*4
84
8434
87*2 S e p t’ 16

86
84

86

4
61
98
17

6

F o b '17

100*2 F e b T 7
97

J u n o’ 17

1 0 1 3 4 _____ 103*8 A u g TO
104*2 D eo TO
9978
997s 100*4 9978
103
------- 105
M a r ’ 17
91 F e b T 7
_____ 84
9 0 * 2 _____ 9 3 78 M a r ’ 17
9534 M a r ’ 17
_____ 95
97 M a y ’ 17
92*s 97
9 0 * 2 -------- 100 Junu’ 17
M a r ’ 17
_____ 82*4 86
99
M a r ’ 17
95*2 100
95 J u n o ’ 17
95
96
63 M a y ’ 17
60*2 70
8 9 A p r ’ 17
89
93
106*2 N o v ’ Ot
_____ 95
99*8 J u n o’ 17
_____ 98
_____ 98*2 100 Jan T 7
OO F e b T 7
_____ 80*2 84 A p r T 7
_____ 9434 0 IU A p r '1 7
60
60
60
65
80
83
80
M a r ’ 17
50
51
55 M a y ’ 17
22 _____
80
87
8 0 A p r ’ 17
_____ 98*2 993.t A p r ’ 17
_____ 78
74
M a r ’ 15
9258
93
92*2 93
90 J u n o ’ 17
_____ 93
89
90
89*2
897S
8734 Salo
87*4
87*4
88 Salo 88
88

76
5678

112*2

104

75”
75
90
7834
1115s
79*3
90
80
65*2
72
71*8
05

100*8
82*2
82 58

68

70*2
87

88

99*4
102
10238
100*4

88

81
8834
9034 104*2
84
9378
8434
84

91*2
87*2

90*2

98*a

100*2 102

100*4 J a n T 6
99*2 A p r T 7 ____

100 O ot TO
104 M a y ’ 17
91*4
913s
109*2 N o v ’ 15
101*2 D e o TO
109 J u n e’ 14
1043.1 J u ly TO
105 Jan TO
105 O ot TO
9978 M a y ’ 17
107*2 S e p t ’ 16
93*2
93*2
82*4 J u n o’ 17
95
N o v ’ 16
85
853s
97*2
9838
100*4 A u g TO
07
6734
77*2 A p r *17
9858 A p r T 7
71 J u n o’ 17
1023s S ep TO
98*2 A p r T 7
9 0 M a y '1 7
97*4
98
83*2 Jan T 7
8 U 2 M a r ’ 16
75 F e b T 7
105
M a r ’ 17
100*8
100*4
101*4 M a r ’ 17
65 M a y ’ 17
10078 F e b T 7
102 J u n o’ 17
106
S o p t’ lO
72 Apr T 7
100 M a y ’ 17
73 S op T 2
98*2 Ju n o’ 17

78

7H s

88*2

2

99*2 10212
104 10612
91*4 96*2

9978 10178

2
____

0312 90
7 9 7a 89U

44
26

85
95
0 0'2 102*4

13

66
77
77*2 78*2
98
101*3
71
84

____
____
9

9812 08'2
90
96*4
97
103**
83U 84

10
....

75
105
99*4
100*2
64
1067s

102

75
105
108
101*4
65
107
10934

72“

____
____
....
____
___

1043.1

98

7

74

100

1011 j

9934 10 s 1

105
90*2
9378
95
07

100
86
99
95
64
89

100*2
9112
9378
96
1015s

102
88*2

100
102
64
8914

9 9 lj 104*2

100

100

90
84
9734
62
83*2
GO

80
9934

2

82
82*2
94*4
53
80
64

100*2

87*2

16

9U * 00
90
1981*
8SI4 0912
2 87*4 O.llj
11 8778 95
4

• No price Friday; latest bid and asked, a Due Jan. 6 Due Feb. e Due M ay. g Due June. A Due July. A Due Aug. a Due Oct. p Due Nov. tf Due Deo. sOptlon sale




■ 3 xj

IPeek’s
Range or
Last Sale

Price
Friday
June 22

BONDS
N . Y . STOCK E X C H A N G E
W eek ending June 22

Low

Range
Since
Jan. 1

Hi

103% 108%
104 108%
86% 94%

G a t a n d E lo c t r ic L ig h t
A tla n ta G L C o lat g 5a------ 1947 J - D
B k ly n U n G as lat con s g 58.1915 M - N
B u ffa lo C ity G as 1st g 5 s — -1917 A - O
C lncln Gaa & E lec lst& ref 5a 1956 A - O
C olu m b ia G * E 1st 5 s-------- 1927 J - J
C olu m b u s G as 1st g old 5a. .1 9 3 2 J - J
C on sol Gaa con v d e b 6 s------ 1920 Q - F
C on sO a sE L A P o f B a lt 5-yr5s'21 M -N
D e tro it C ity Gaa g old 5 a .- .1 9 2 3 J - J
D etroit G as C o con s 1st g 5a 1918 F - A
D e tro it E d ison 1st co ll tr 5a. 1933 J - J
la t A ref 5a ser A ------------ 51940 M - S
E q G L N Y 1st con s g 5 a . . 1932 M - S
D
G as A E lec B erg C o c g 5a. .1 9 4 9
H a v a n a E lec con sol g 5 s ------ 1952 F - A
H u d son C o Gaa lat g 5a------ 1949 M - N
K a n C it y (M o ) Gaa l s t g 5 s . 1922 A - O
K in g s C o E l L A P g 5 a ...........1937 A - O
P urchase m on ey 6a..............1997 A - O
C on v ertib le d eb 6 a . - - - - - J 9 2 o M - S
E d El III B kn 1st con g 4 3 .1939 J - J
L ac G as L o f St L 1st g 5 a - e l 9 1 9 Q - F
A -O
R e f and ext lat g 5a---------- 193*
M -N
M ilw a u k ee G aa L 1st 4a------ 1927
N ew ark C on G as g 5a----------- 1948 J - D
N Y O E L II A P g 5a..............1948 J - D
P urchase m oney g 4a______ 1919 F - A
E d E leo 111 lat cona g 5a . .1 9 9 5 J - J
N Y & Q El L A P la t c on g 5a 1930 F - A
P a cific G A E l C o — C a l G A E
C o rp unifyin g A ref 5 a . . . 1937 M -N
P a cific G A E gen A ref 5 a .. 1942 J - J
Pao P ow A L t 1st A ref 20 -y r
5s Internation al S e r i e s . . . 1930 F - A
P a t A Passaic G * El 5 s ____ 1949 M - S
P eop Gaa A C 1st con s g 6a 1943 A - O
R efund ing g old 5 s................ 1947 M - S
R e g is t e r e d ..........................1947 M - S
C h G - L A C o k e la t g u g 5s 1937 J - J
C on G C o o f C h 1st gu g 5 sl9 3 8 J - D
Ind N a t Gaa A Oil 3 0 yr 5al936 M -N
M u Fuel Gaa la t gu g 5 a . . 1917 M -N
Philadelphia C o c o n v 5a------ 1919 F - A
C o n v deben g old 5a.............1922 M -N
Stand G aa A E l c o n v a f 6 s . . 1926 J - D
Syracuse L igh tin g 1st g 5 s . .1951 J - D
Syracuao Light A P ow er 5 a . . 1954 J - J
T re n to n O A El lat g 5a------ 1919 M - 8

78'2
77
79
83

88I
4

83%
85

94 100%
100 106%
91% 101
100 100%
78
80
101% 105%

84% 87%
100% 103
100 100
99% 99%
77
82
82
88%
88%
91

85 M a y ’ 17
84% J u n e’ 17
86% A p r *17

91
101%
73% 77%
97% 101%
100% 101%
80
80

91%
92
94
70% 73% A p r ’ 17
98%
98%
98% Sale
100% A p r ’ 17
_____ 100
8 0 M a y ’ 17
_____ 85
01 M a y ’ 13
_____ 99%
92 J u n e’ 17
93
99
93 M a y ’ 17
93
08
78 Jun e’ 17
75
82
81% A p r ’ 17
75
80
70
70
_____ 70
92%
93%
92% Sale
_____ 99% 100% F eb ’ 17
100% A p r ’ 17
81
81
81 Sale
84 Jan ’ 14
00
60
59
01
13% J u n o’ 17
13% 14
_____ 100
100 F o b ’ 17
03%
03%
63% Sale
93%
93%
93% Salo
81%
81%
81
84
82%
83
82% 85
92

_____
_____
_____

92
99
91%

_____101
98
99%
87% 90
_____ 86
•99 _____
54% 55
27 Salo
77% 83
_____ 85%
72
75
90% - - _____ 99%
67% Salo
41 Sale
100% 101
97% 98
_____ 85
_____ 70
_____
_____
32%
84

75
65
36%
87%

95%

97

96 Salo
88% Sale
...
96
...
94%
...
96
...
_____
97
90
101
94
84%
95

92
100

100
95
88%

101%
101%
80%
87
74%
97%
101%
101%
86%

58
69%
13% 25%
100 100%
01% 73%
91% 99%
81% 94
82% 94%
94
100
95
100
99% 99%
100% 103
89%

— ....

99%
71%
47%
80%

77%
9012
100
102%
64%
38
100
96%
89%
03%

21

90%

99
54
22%
70

78%
90%
100
102%
80%
73%
103
101
90
63%

32
86%

70
01%
53
42
93%

99% 107%
100% 101
87
91

16 106
129
101% 103%
100% 101%

....

100
99

—

2
____

96% 105%
105
116%

88
99%
99%
90
____ 103%
16 98%
2 79

96
88%

100
3
11

105%
102

90% 94
93
103%

il
____

M a y ’ 17 —

95 J a n '17
99% O ot ’ 15
Jan ’ 17
95 M a y '17
99
S o p t'0 3
98 J u n o’ 17
100 A p r ’ 17
89
M a r ’ 17
100% F ob '1 7
99% N o v ’ 16
90
90
101 Jun e’ 17
97% M a y ’ 17
85 A p r '1 7
101% A pr '1 7

110 % 115
95%
99%
97%
96%
93
95
100
92
101%
_____
90
. .

92
92
75
81%
70
9212
101%
100
80

94 M a y ’ 17
95 M a y ’ 17
96% A p r ’ 17
30
M a r ’ 14
100%
100%
93 N o v ’ 10
101
A u g ’ 10
89% M a y ’ 17
83% A u g ’ 10
99 M a y ’ 17
54
54
26%
27
76 M a y ’ 17
88% N o v ’ 10
78 A p r ’ 17
90% F ob ’ 17
100 A p r ’ 17
102% M a r ’ 17
66
07%
38
41%
100
100
96% M a y ’ 17
90
M a r ’ 17
03% M a y ’ 17
84 O ot ’ 08
70
M a r ’ 17
01% F e b ’ 17
5 0 J u n o’ 17
31%
35
86% J u n o’ 17

1 0 1 % ------- 103 S e p t ’ 15
9 9 % ------- 100% J u n o’ 17
1 9 % ------54 J u n e’ 13
_____ 99% 101 A p r ’ 17
_____ 87% 90% A p r ’ 17
97 F e b ’ 15
108% Sale 108
108%
_____ 102
101% J u n o’ 17
_____ 101% 100% A p r '1 7
101 _____ 101% O ot '16
101
101% 101% J u n o’ 17
99% J u n o '17
100% M a y ’ 15
100 F e b ’ 13
9 1 % _____ 90% M a y '17
98 Sale
98
98
------- 87% 90% D o o '16
9 8 % ------- 90% J u n o’ 17
105 J u n o '17
105
108
108
___ 128 O ot ’ 16
------- 89% 89% A p r ’ 17
99%
99%
99% Salo
_____ 99% 99% J u n e '17
90 J u n o’ 17
90
92
_____ 102% 103% A p r ’ 17
99
100
99
100
79
79
78
80

77
84%
86%

67% 75%
99 105%
85% 88

78% M a y ’ 17

OOO
h- t o o

M etrop olita n Street R y —
B w a y < s 7th A v lat c g 5a. 1944 J - D
S
C o l A 9 th A v 1st gu g 5 s. -19 9 3 M - S
L ex A v * P F 1st gu g 53- - 1993 M - S
M e t W S El (C hic) l s t g 4 s . -1 9 3 8 F - A
M llw E lec Ily A L t cona g 5a 1926 F - A
J
R efund ing A exten 4 ) 4 3 - 1 9 3 1
M ln n ea p S t 1st consi g 5S ..1 9 1 9 J - J
M on trea l T ra m 1st A ref 5 a .1941 J - J
N ow O rl l t y & L t gen 4 ) 4 a — 1935 J - J
N Y M untclp R y la t a f 5a A 1966 J - J
N Y R y a 1st R E & ref 4 s . -.1 9 4 2 J - J
3 0-year adj Inc 5a-----------a l9 4 2 A - O
N Y S tate R y s 1st con s 4 )4 3 .1 9 6 2 M -N
P ortla n d R y la t A rot 5a------ 1930 M -N
P o rtld R y L t A P 1st ref 5 3 .1 9 4 2 F - A
P ortla n d G en E lec 1st 5a . 1935 J - J
S t J o a R y L H & P l s t g 5 3 - 1 9 3 7 M -N
S t P a ul C ity C a b con s g 53— 1937 J - J
T h ird A v o lat ref 4a................I960 J - J
A -O
A d j Inc 5a-----------------------T h ird A v o R y 1st g 5 s........... 1937 J - J
T r l-C lty R y A L t 1st s f 5 3 .-1 9 2 3 A - O
U ndcrgr o f L on don 4 )4 a ------- 1933 J - J
In com e 6a---------- --------- — 1948
U nion E lov (C h ic) lat g 5 a ..1 9 4 9 A - O
U nited R y a Inv 5a Pitta Isa. 1926 M - N
U nited R y s S t L la t g 4a------ 1934 J - J
St L ou is T ran sit gu 5a------- 1924 A - O
U nited R R s San F r a f 4a— .1 9 2 7 A - O
V a R y A P ow 1st A ref 5 s . . 1934 J - J

76*2

83
81%

73
84%
85%

89l.i
102%
102%
93%
104%
105%
88
101

95
101
87% 93%

....

95

95

....

115
95

115
102%

____

—

Price
Friday
June 22

BONDS
N . Y . STOCK EXC H A N G E
W eek en d in g June 22

Low High

Illgh

103%
103%
104 M a y ’ 17
104
103
86%
87
87 Salo
102
M a r ’ 16
98
90 A p r ’ 16
100
92
88% 88% A p r ’ 17
81% Jun e’ 17
85
*82
42% A u g ’ 15
35
94% 95% 94% Jun o’ 17
100%
100 Sale 100
91%
91%
95
92
105 O ct ’ 16
—
80
100 Jun e’ 17
____ 78 M a y ’ 17
101% M a y ’ 17
—
100
80 A u g ’ 12
75 A p r ’ 17
76
—
84% Jan ’ 17
"76% 79 ' 86% Jan ’ 17
91% A u g ’ 15
86% 95
69%
09%
69% 70
100
100
101
100
M a r ’ 17
86% 86
37 O ot ’ 16
40
85%
86
85% Salo
____ 102 100% A p r ’ 17
99% 100 F e b ’ 17
98% 99% M a r ’ 17

1 1 1
1 1 1
1 1 1

U nion P a cific (Con.)—
O re S hort Lino 1st g 6 a .- .1 9 2 2 F - A
la t consol g 5a-------------- 1946 J - J
G u a r refund 4a------------ 1929 J - D
U ta h & N or g old 53------ 1926 J - J
la t extended 4a_____ 1933 J - J
V andalla cons g 4a Ser A -------1955 F - A
C on sol 4a Series B ________ 1957 M - N
V era C ruz & P 1st gu 4 ) $ s . . l 9 3 4 J - J
Virginian 1st 5a Series A ____ 1902 M - N
W abash 1st g old 5a__________1939 M - N
2d g old 5a.......... ......................1939 F - A
D eb en tu re Series B _______1939 J - J
1st lion equip s f d g 5 a ____ 1921 M - S
1st lien 5 0-yr g term 4a___ 1954 J - J
D e t * C h E x t l s t g 5a____ 1941 J - J
D es M olnea D lv l s t g 4 s . -1 9 3 9 J - J
O m D lv 1st g 3*^a________ 1941 A - O
T o ! & C h D lv la t g 4a------ 1941 M - S
W ash T erm I la t gu 3 )tf s -------1945 F - A
1st 4 0 -y r guar 4a__________1945 F - A
W est M a ry la n d la t g 4a--------1952 A - o
W eat N Y & Pa 1st g 5a--------1937 J - J
G en g old 4 a . . ...........
1643 A - O
In com e 5s........ ..................... PJ943
W estern P a c la t ser A 5a— 1946 M - a
W heelin g A L E lat g 5a--------1926 A - o
W h eel D lv 1st g o ld 5a--------1928 J - J
E x ton & Im p t g old 5a------- 1930 F - A
R efu n d in g -Has series A . -1 9 6 6 M - S
R R la t con sol 4 s . ............... 1949 M - 5
T ru st co ctfs o f d e p o s it-----W inston -S alem S B l3 t 4 a .- I 9 6 0 J - J
Wla C en t 5 0 -y r la t gen 4 s— 1919 J - J
Sup & D ul dlv & term la t 4a '3 6 M - N
S t r o e t R a ilw a y
B rook ly n R a p id T ra n g 5a. .1 9 4 5 A - O
la t refund co n v g old 4 s — 2002 J - J
6-year secured n otes 5 s— 1918 J - J
B k C it y lat con 4 s . . 1916-1941 J - J
B k Q C o & S con gu g 5 3 .-1 9 4 1 M - N
B k ly n Q C o & S 1st 5a____ 1941 J - J
B k ly n U n E l 1st g 4 -5 s___ 1950 F - A
Stam ped guar 4 -5 s_____ 1950 F - A
K in gs C o u n ty E la t g 4 a . . 1949 F - A
Stam ped gu ar 4 a ............ 1949 F - A
N assau E lec guar g o ld la . 1951 J - J
C h ica g o Rya 1st 5a--------------- 1927 F - A
C on n R y & L 1st & ref g 4 )$ s l9 5 1 J - J
Stam ped guar 4 ) $ s ........... .1 9 5 1 J - J
D o t U nited 1st c o n s g 4 ) $ s . . 1932 J -J
F t Sm ith I.t & T r lat g 5 a ...1 9 3 6 M - S
H u d * M a n h a t 5a Ser A ____ 1957 F - A
A d ju st Incorao 5a__________1957
A
N Y A Jersey 1st 5a.............1932
In terb oro-M etrop c oll 4 ) $ s .l9 5 6 A - O
In terb oro R a p T ra n 1st 5s . -I9 6 0 J - J
M a n h a t R y (N Y ) con s g 43-1990 A - O
Stam ped ta x -ex em p t-------- 1990 A - O

2541

N e w Y o r k B o n d R e c o r d — C o n clu d e d — P a g e 4

J une 23 1917.]

98
103%
100 101%
89
92
100% 101%

1 89
94%
____ 100 102
____
97% 101
___ 85
87%
—
Il01% 101%

Week’t
Range or
Last Sale
Low

U n ion E lec L t A P 1st g 5 a . .1 9 3 2
R efu n d in g A extension 5a. 1933
U nited Fuel G aa 1st s f 6 a ..- 1 9 3 0
U ta h P ow er A L t 1st 5a------ 1944
U tica E lec L A P 1st g 5 a .- .1 9 5 0
U tica G as A E lec ref 5a-------- 1957
W estch ester L tg g o ld 5a------ 1950

M- S
M -N
J - J
F -A
J - J
J - J
J -D

101%
101%
99%
96% 99
90
89% 90
100% 101% 101
_____ 99
97
105
_____ 101

High
D e o ’ 16
N o v ’ 16
M a y ’ 17
90
101
A p r ’ 17
M a r ’ 17

M is c e lla n e o u s
74
■ 74%
74% Sale
A d a m s E x c o ll tr g 4a----------- 1948 M - S
68 J u n e’ 17
65
68
A laska G o ld M d eb 6s A ------ 1925 M - S
66 J u n e ’ 17
65
67
C o n v d eb 6a series B --------- 1926 M - S
90%
90
90% 90%
A rm ou r A C o 1st real est 4 ) £ s ’39 J - D
91
92% 94 A p r ’ 17
B o o th Fisheries d eb s f 6 s — 1926 A - O
95%
96%
95% Sale
B rad en C o p M c o ll tr a f 6 s . 1931 F - A
88 A p r ’ 17
_____ 89
B u sh T erm in a l la t 4a----------- 1952 A - O
87% A p r ’ 17
85
86%
J
C on sol 5 s_________________ 1955
84%
_____ 84% 84%
Bldga 5a guar tax e x ........... 1960 A - O
112
112%
108 113
C erro de P a sco C o p p en v 6a 1925 M -N
93
93
93 Sale
J
C h ic U n S t a t ’ n 1st g u 4 ) $ s A 1963
124
122 Salo 122
C h ile C op p er 10-yr co n v 7a. 1923 M - N
101
100% Sale 100%
C o ll tr & con v 6a ser A w 1 ------J _____ 85% 86 J u n e ’ 17
C o m p u tin g -T a b -R e c s f 6 3 .-1 9 4 1
102
102 Sale 102
G ra n b y Cona M S & P con 6s A ’28 M -N
102
102 Sale 102
S ta m p e d _____ ______
1928 M - N
_____ 97% 99 J u n e ’ 17
G rea t Falla P ow 1st s f 5a. .1 9 1 0 M -N
91%
91%
91% Sale
I n t M erca n M a rin e a f 6a___1941 A - O
95*2
96%
96 Sale
M o n ta n a P ow er 1st 5a A ___ 1943 J - J
90% J u n e’ 17
90
91
J - J
M orris A C o l s t a f 4 ) * s _____1939
83 A p r ’ 14
M t g o B on d (N Y ) 4s ser 2 ..1 9 6 6 A - O
94 J u n e’ 16
10-20-yr 5s series 3 _______ 1932 J - J
74% J u n e’ 17
N Y D o ck 5 0 -y r 1st g 4a_____1951 F - A _____ 72
101
N iag ara Falla P ow er 1st 5 a . . 1932 J - J 101 Sale 101
105% O ot ’ 16
101% 103
R e f A gen 6 s_____________ a l9 3 2 A - O
94% Jan ’ 17
93
N la g L ock & O P ow 1st 5 s . -1 9 5 4 M - N
93%
93%
'9 3 % Sale
N o r S tates P ow er 2 5 -y r 5a A 1941 A - O
91%
91%
_____ 94%
O n ta rio P ow er N F la t 5a___19 43 F - A
84
84
84 Sale
O ntario T ran sm ission 5a____ 1945 M - N
86%
87%
86% Sale
P u b Serv C o r p N J gen 5 3 ..1 9 5 9 A - O
90
90
90 Sale
T en nessee C o p lat co n v 6 a ..1 9 2 5 M - N
103% J a n ’ 14
W a sh W a ter P ow er 1st 5 s . . 1939 J - J _____ 100
101%
101% Sale 101
W i l s o n * C o 1st 2 5 -y r a f 63.1911 A - O
M a n u f a c t u r in g & I n d u s t r ia l
99% 100% 100% J u u e’ 17
A m Ag C h em 1st c 5a_______1928 A - O
101
99
100% 100
C o n v d eben 5a____________1924 F - A
93
93
93 Sale
A m C o t OH deben tu re 5 a ...1 9 3 1 M - N
102 J u n e’ 17
A m H i d e * L 1st a f g 6 s ____ 1919 M - S 101% 102
100 A p r ’ 17
A -O
A m er Ice Secur d e b g 6a____ 1925
97%
A m T h rea d 1st c o ll tr 4a____ 1919 J - J *97% ‘ 97% 97%
119 J u n e’ 17
119 . . .
A m T o b a c c o 4 0 -y ea r g 6a
19 44 A - O
83% A p r ’ 17
F -A
G o ld 4a.................................... 1951
88
87 '8 8'% 87
A m W rit P a per 1st a f 5a____ 1919 J - J
103% M a y ’ 17
_____ 103
B a hlw L o c o W ork s la t 5a___19 40 M - N
99%
99%
99% Sale
C e n t Leather 2 0 -y ea r g 5a. .1 9 2 5 A - O
81
Marl 7
C on sol T o b a c c o g 4 s ________ 1951 F - A
98
98
98 Sale
M -N
C o rn P rod R e f s f g 5a_______1931
98%
98%
98% Sale
la t 2 5 -y ca r a f 5a_________ 1934 M - N
100
99
100% 100
C u b a n -A m Sugar c o ll tr 6 s . . 1918 A - O
62%
65
65 Sale
D istil Sec C o r co n v 1st g 5 3 .1927 A - O
_____ 103% 104 M a y ’ 17
E I (lu P o n t P ow der l ) $ a ___1936 J - D
85% M a r ’ 16
_____ 90
G eneral B aking 1st 2 5 -y r 6 s . 1936 J - D
78
81% 78% J u n c’ 17
G en E lectric d e b g 3>$s_____1942 F - A
102
D eb en tu re 58___________.-1 9 5 2 M - S 101% Sale 101%
100 O ot ’ 13
J - J
In g era oll-R a n d 1st 5a_______1935
75
71% 72% 72%
In t A g rlcu l C orp la t 2 0 -y r 5a 1932 M - N
99%
100
In t Paper C o 1st con g 6a___ 1918 F - A 100 Sale
100% J u n e’ 17
J - J
C on sol co n v a f g 5a_______1935
119%
L ig g ett & M yera T o b a c 7 a ..1 9 4 4 A - O 118 Sale 118
99
99
98% 99
5 a ........................................
1951 F - A
117%
117% Sale 117
L orlllard C o (P ) 7a__________ 1944 A - O
98%
98%
98% Sale
5a
1951 F - A
107%
108
_____ 1 0 /%
M ex ica n P etrol L td con 6a A 1921 A -O
108 _____ 108% J u n e ’ 17
lat lien & ref 6a series C ..1 9 2 1 A - O
99%
99%
_____ 99%
N a t E n am & S tp g la t 5a___1929 J - D
9 1 % _____ 92 J u n e’ 17
N a t S tarch 2 0 -y r d e b 5a____ 1930 J - J
100%
100 100% 100
N a tion a l T u b e 1st 5a................ 1952 M - N
105
103 Sale 103
N Y A ir B rak e 1st co n v 6 s . .1 9 2 8 M - N
R a ilw a y Steel Spring—
L a trob e P la n t 1st sf 5a— 1921 J - J 100% 101% 100% M a y ’ 17
99% 99% 99% J u n e’ 17
In terocea n P 1st s f 5a------ 1931 A - O
98
_____ 98% 98
S tand ard M illin g 1st 5 s.......... 1930 M -N
103
T h e T e x a s C o c o n v d e b 6 a ..l 9 3 1 J - J 102% Salo 102%
81% M a y ’ 17
82% 86
U n ion B a g & P a per la t 5a. .1 9 3 0 J - J
82 _____ 88% M a y ’ 17
S t a m p e d ___________________1930 J - J
51%
51
52% 51
U S R e a lty & I co n v d eb g 5a 1924 J - J
101%
101
101% 101%
J -D
U S R u b b er 10-yr c o l tr 6a. . 1 9 18
86
87%
86% Sate
1st A ref 5a series A _______1947 J - J
105
103 103% 101%
U S S m elt R e f A M c o n v 6 a . 1926 F - A
97%
98
97% 99
V -C a r C h em 1st 15-yr 5a___1923 J - D
99
99%
99 100
C o n v d e b 6a_____________ el924 A - O
100%
W eat E lectric 1st 5s D e c ____ 1922 J - J 100% Sale 100
100
99% 100% 100
W estin g h ’ao E & M n otes 5 a .l9 1 7 A - O
C o a l I r o n & S te e l
B eth Steel la t ex t a f 5a.......... 1926
l a t * ref 5 s guar A ------------ 1942
B u ff & Susq Iron a f 5a-------- 1932
D eben tu re 5a____________a l9 2 6
C a h a b a C M C o 1st gu 6 S ..-1 9 2 2
C o l F & I C o gen a f 5 s .............1943
C o l Indus 1st A c o ll 5a g u — 1934
Cona In d C o a l M o 1st 5 s — 1935
C on a C o a l o f M d lat& ref 5 3.1950
C on tin en ta l C o a l 1st g 5a— 1952
G r R iv C oa l & C 1st g 0 S --.M 9 1 9
111 Steel d eb 4 H a ....................... 1910
In d ian a Steel 1st 5a--------------- 1952
K a n & I I C & C 1st a f g 5 a . . 1951
L a ck aw Steel 1st g 5 s_______1923
lat con3 5a Series A _______1950
M id v a le Steel * O c o n v s f 5al936
P oca h C o n C ollier 1st a f 53.1957
R ep u b I A S 1 0-30-yr 5a a f.1 9 4 0
St L R o c k M t & P 5s s tm p d -1 9 5 5
T erm C o a l I & R R gen 5 a . . 1951
U S Steel C orp— \ cou p
d l9 0 3
S F 10-60-yr 5 s | r c g ------ d l9 6 3
V icto r F u el 1st s f 5a________ 1953
V a Iron C oa l& C ok e 1st g 53 .1 9 4 9
T e le g r a p h & T e l e p h o n e
A m T e le p A T e l c o ll tr 4a— 1929
C o n v ertib le 4 s ____________ 1936
2 0 -y r con v ertib le 4 H a ____ 1933
3 0 -y r tem p c o ll tr 5 s .......... 1946
C e n t D lst T e l 1st 3 0 -y r 5 a . . 1943
C om m ercia l C a b le la t g 4 a . . 2397
R e g is t e r e d ________________ 2397
C lim b T * T 1 s t * gen 5 a .- .1 9 3 7
K ey ston e T e lep h on e 1st 5 a .. 1935
M e tro p o l T e l A T e l 1st a f 5s 1918
M ich State T e le p h 1st 5 s— 1924
N Y * N J T e lep h on e 5s g .,1 9 2 0
N Y T e le p 1st * gen s f 4 )4 8 .1 9 3 9
P a c T e l A T e l l3t 5a................1937
S ou th B ell T e l A T 1st a f 5a 1941
W eat U nion co ll tr cur 5 s . -.1 9 3 8
F d and real est g 4 ) j s ------ 1950,
M ilt U n T c l g u e x t 5 s ------ 1941 M
N orth w est T e l gu 4 ) $ s g _ . 1931 J

100%
100 100% 100%
98%
99
97
99
96% Jan '1 7
90
96
A p r '1 7
_____ 92
D e o ’ 14
M a y ’ 17
91
93%
J u n e’ 17
79% 80
M a r ’ 14
60 _____ 73
95 J u n e '17
_____ 93
35 _____ 99% F e b ’ 14
94% M a r ’ 16
88% 95
87%
87%
87% Sale
101%
101 101% 101
99 J u l y '1 5
98
99%
98 Sale
104%
105
104% 105
93%
93% 93% 93%
93 J u n e '17
92% 93
100%
100% 100% 100%
86 A p r ’ 17
85
87
101
101
_____ 101
104%
104% Sale 104%
104% M a y ’ 17
80 D e o ’ 16
" I I "7 5
87% J u n c’ 17
87
89
87
87%
87% Sale
95%
95%
_____ 98
100%
100 100% 100%
93%
99
98% Sale
100% 101% 101% J u n e’ 17
73
N o v ’ 16
71
M a y ’ 16
69
73
96
96%
93% Sale
98 A p r ’ 16
_____ 97
99% 101% 100 M a y ’ 17
_____ 98% 99% A p r ’ 17
101% Jan '1 7
93%
94%
*93% ” 9 4 '
96%
97
96% Sale
96%
96%
96% Sale
97%
98
97% Sale
92%
91% 9 2 ij 92
_____101% 101% M a y ’ 17
94
N o v ’ 16

Range
S ince
Ja n . 1

Low

High

99%
89%
101
99
102

101%
96%
103
101
106

74
67
66
90%
92
95
86%
87%
84%
110
93
122
100
85%
98%
100
99
88%
95
90%

84%
85
84%
94%
94
98
89
93%
90%
118
101%
132
101
87%
109%
109%
102%
96%
100%
93%

74% 75%
100
103
94%
93%
90%
84
86%
88%

94%
99
941*
84
93
93

100% 103%
99%
99%
92%
102
97%
95%
119
83%
86%
103%
99%
81
98
9612
100
59
103

104%
105
97%
104%
100%
99%
119%
85
92
104%
103
81
99
99%
102
70
104%

78
100

81%
106%

71%
99%
93%
118
98%
117
97
10512
105%
98
90
98%
101%

79%
102
100%
129
104%
128
103
110
169%
102
92
103
106

100%
98%
98
102%
81%
88%
50
101%
80
103
97%
99
99%
100

101
99%
101
106%
93%
90%
64
104%
92%
109
100%
103
102%
101%

99% 104
98U 102
96% 96%
91
93%
92%
77%

97%
81

91%

95

87
100

94
103%

98
93%
91
9212
99
84%
101
104%
104%

101%
107%
95
95%
101%
86
103%
107%
107

85

90

87
95
100
95
100

92%
101
106%
101%
103

95

101%

100
99
101%
93%
96%
96%
97%
92
101%

101%
101%
101%
100%
102
101%
103%
99%
101%

• No price Friday; latost bid and askod. aDuo Jan. d Due April. «D eM ay. g Due June, h Due July. * Due Aug. 0 Due Oct. v Due Nov, Due Dec. * Option sale.




2 5 i2
S H AR E
Saturday
June 16

1

j

Wou 104

BOSTON STOCK E X C H A N G E - S t o c k Record
PRICES— N O T

Monday
June 18

1

Tuesday
June 19

PER

CENTUM

1 Wednesday

j

June

20

I

PRICES.

Thursday
June 21

Friday
June 22

Sales
o f the

1 Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range Since Jan.
Lowest

1

Highest

Railroads
1
1
157%
157V 15712 158 157 157 157 157 157*2 157*2
4 Boston it Albany........... .10( 157 Junel, 175 Jan It
*58 59 | *58 59
58 58
397 Boston Elevated............ .10 1
61*2 62
57*2 58*j 58*2 60
57*2June2i
79 Jan 19
*106 109 *106 109 *106
*106
107 J’n ’ 17 _____
2812 2812 *29 30
29 30
28*2 29
392 Boston Maine______ .101 28*2Juno
29 31*4 30 30%'
45 Marl6
*190 195 *190 198 *190 195 *18712 194 190 190
- Boston & Providence___ _10i 175 May2i 213 Jan 30
*_--*___
4
4
4
Last Salt
.........
25 Mar
27%Jan 24
*
4 *__
4 *
4 *
4
Last Salt 4*2 Nov’ 1
C
35 *
35 *
35 *
Last Salt
35
*150 153 *150 153 *150 153 *150 153
-IO
C
*9812 ___ *98*2
*98*2
103 103
99*2 99*2
135 *
135 *
135 *115 125
*60‘s —
*2
*6018 ___ *60*8 61 *60*8 61*2 60% 60*a
50 Fitchburg pref________ .IOC 60*8 Juno ( 78% Mar22
*123*4 — *1231.1 —
122 122 *123*4
*123*4 ___ ___ .
; Georgia Ry < EIcc stampdiOt 122 Junelfl 133 Jan 17
fc
*----85i2 85i2 *
86
85 85 ___ _
6( Do pref................... -10( 83 Juno
85
98
98
97 97
15(
97*2 97*2
*3i2 4
3 . *3% 4
3
*3i4 4
334
3-% 4
4% 5
*a 1,457 Maas Electric Cos....... .. .100
3 May 8
5*2 Mar24
*22 24
21% 21*2 *22i2 ___ 22*2 25
499 Do pref stamped_____ . 10 c 20 Apr 2
26*2 2734
1
*35*4 36
36 36
36*2 37'. 36*2 367$ 38 39*2 3S34 39
895 N YN HA Hartford___ .lot 33 May24 5234Jan 2
*114i2 — *114U ___ 114*2 114*2 *11412
114*2 114*2
23 Old Colony................... .100
135 Jan 6
3 1 *26 301 *26 28 *26 28
0 .]
Last Sale 26 June’ 17
*101 105 *100 105 *102 104 *102 105 .. .. __ _ 100*2 100*2
5 Vermont & Massachusetts.100
lit) Jan 15
50 *47*2 —
*47>2 48*2 47 47*2 47*2 48
49*2 50*2
475 West End Street............ 50 46% June 6 56*2 Marl7
64
64 64 *62 —
*61 63 ----- ----118 Do pref_____ ____ 10 c £61 June21 74 Jan 6
93i2 *92 93i2 *921 93i2 92 92 *91% 93 *91*2 93
2
10 Amer Agrlcul Chemical.. 100 84 Feb 14
10134 *101 102 101*4 101*4 10134 101% 101*2 101*2 9934 99%
38 Do pref............ ...... -lot 98*2 Feb 1 103*2 Jan 27
C
*Ui li2 *1*4 1
*2
35C Amer Pneumatic Service. 5
1 1 l*. *1*4 i'r •Hi I ' l
*
C
U
4 14
>
1*8Apr i
238Jan 9
1u lu
*934 10
9% 9% *978 10
*9% 10
2
C Do pref__________ 5
C
8%Jan 2 14 Mar 8
120's 1207s 11912 12012 12012 120*2 *117 118*2 118 118 122 122
108 Amer Sugar Refining___ 100 105*2 Feb 3 126*4 June 9
11912 11834 119*2 118 1181?
118*2 *118 119 ___
97 Do pref................... 1 C 116 Mar 1
0
121% 122 122 122 12134 122 121*2 122 121% 122 122 122*,
956 Amer Telep « Teleg....... 100 1103s MaylS 128%Jan 25
fe
55i2 *51*4 53 *52% 53*2 *52 5212 52 52 *53% 54*2
1 American Woolen of M
C
ass.IOC 40 Feb 1
98 98
96% 97*2 96*2 97*2 98 98
96i2 97
26C Do pref....... ........... IO
C 94*2 Feb 2 100%Juno 9
/ U *70 75 *70 75
71 71 *70*2 74
71 71
110;Amoskeag Manufacturing
8712May2 l 74 Jan 3
90 *89 92
89 89 *89 92 *89*2 92 ___
41 Do pref...................
89
11334 IO 4 112 109 1103,, 109 111*4 110*2 112*2 111*2 113*4 4,680 AtlQull 1VVIS8 Lines. 1 0 c 89*2June19 121*2Jan 22
SI
Feb 23
63 *61 63 *613s 62
61% 61% 61 61 *60 60*2
300 Do pref................... 10 c 55*2 Feb 9
*16i2 1712 17 17 *18 20
18 19
445 Cuban Port Cement....... 10 13*4 Feb 3 20% J**nc22
20 20*8
*8
9
*8
9
*8
Last Site
9
*183 185 185 185 183 184 183 183 183 183 185 185
27 Edison Electric Ilium___ lot)
226 Jan 4
- - - - — *1573.1 158*2 157*8 15778 *156*2 157*4 *157 158
100 General Electric______ 100 15134May 9 170%Jan 16
*100i2 101
101 *100*2 101
Last Site 101 J’ne’ 17
McKlwaln (W H) 1st pref 100 100 Feb 3 102 Jan 18
9534 913i 95*2 *100*2 95
9434
943., 95*2 95*2 98*2 98% 99*2 3,163 Massachusetts Gas Cos... too 87 Feb 3 100t2 Mar23
75
737, 75
72 72
72 72
71 73
72 72
175 Do pref....... ........... 10 c 71 June21 81 Mar30
*141 148 *141 148 *141 148
Last Sale 144 J’nc’ 17
Mergeuthaler Linotype.. 106
169 Jan 31
*1
2
Last Sale l l , May’ 17
*.80 2
*1% 2
X
Last Sale 11 J’ne’ 17
Mississippi River Power.. 100 11 JunolS
*86 89 *86 89 *86 89 *86 89 *86 89
93 93
10 New Eng Cotton Yarn___ 100 30 Jan 9 95 Mar26
*92
*92
*92 93
92 J’ne’ 17
117 117 ___ ___ *
117
5 New England Telephone.. 100 115 May 12 124*2 MarlO
*___ 115*2
130
129
129
130
130 J’ne’ i7
106
IOH2 IOH2 100U 102 100*2 104 105 109 *99 101*2 99i2 99*2
455 Nova Scotia Steel A C __ 100 90 Apr 24 112 Jan It
—
—
143 143 141 141 138 139*4 138 138*2 138 138
152 Pullman Company......... 100 138 Junc20 166%Jan 25
33
3212 3212 32*2 3212 32*2 32*2 32*2 32*2 32*2 32*2
215 Punta Allcgre Sugar____ 50 30 Feb 16 46 Jan 3
1434 *14l2 15
1 3 143, *1412 14% 14% 14%
4 .1
55 Reece Button-Hole.......... 10 14 Jan 26
153 153 150 152*8 150*4 150*8 150*2 151 150*4 150% 150*2 151%
627 Swift A Co...................... 100 133 Feb 3 162% Apr 16
6634
66 67*4 6578 66
64% 64*4 64% 64*4 64 64
250 Torrington..... ................ 25 55 Feb 3
*30 32 *30 32 *29 32
32 J’no’ 17
135l2 136 134l2 135 135 136 136 136*2 135*2 136*2 134*2 134*2
358 United Fruit....... ........... 100 1313s May 9 155%Jan 22
06
56*8 *48 4978 49*2 50
48*2 49% 49 49*2 5,566 United Shoe Mach Corp._ 25 £48 June19 68% Jan 3
2 1 28*4 *27*2 28 *27*2 28
8 -1
27*2 27*2
100 Do pref............ ........ 25
30% Mar 8
1275s 1305s 127 128*2 12534 128% 126% 127*2 127*2 129
6,490 U S Steel Corporation___ 100 99% Feb 3 135 May28
*117 117*2 *117 117*2 117 117 118% 118% ___ .
14 Do pref................. . 100 11632May 9 121 Jan 27
8
678 7
6% 6%
6*8 67
6*4 7
7
7% 3,943 Ventura Consol Oil Fields. 5
*8
6 Apr 10
8%Jan 26
*234 3u
*23.i 31, *2S4 3
3
3
30 Adventure Con................ 25
3*4 3*4
2% Apr 25
*4 *2% 3%
4*4 Jan 2
*98*2 100 102 102 100 102 101 102 100 100
204 Ahmeek_________ ____ 25 94 Feb 3 108 Jan 2
0*2
5i2
5% 5%
5*2 5*2 *5*2 6
5% 5%
260 Alaska Gold___________ 10
*5*2 6
5 May25 11*2 Jan 2
.75 *.50 .75 *.65 .75
.60 .60
100
62i2 62i2 62i2 62*2 613i 62
61% 61% 61*2 62
63 63
165 Allouez............... ........... 25 58 Feb 3 70 Mar 6
33
4
31 313 30 31
3112 32
30 30*2 30*4 31% 3,005 Amer Zinc, Lead A Smelt. 25 231. May 0 41%Jan 26
*62
*62 63 *63*2 64 *63 61
64 64
25 Do pref....... ............. 25 63 Juno 7 73 Jan 3
14i2 145s 1434 14 14*2 14*4 145s 14*2 14% 14*2 15
2,080 Arizona Commercial......... 5 10% Feb 3 15%Junel 1
.50 .60
.51 .55 *.50 .60 *.50 .55 *.50 .55
675 Butte-IJalaklava Copper.. 10 .50 Junolo
2% Jan 26
43 *41 42 *41*2 4212 *41 42
Last Sale 46*2 J’ne’ 17
__ Butte A Sup Cop (Ltd)__ 10 393, Fob 2 52 Jan 26
80% 8034 7934 80
79 80
79*2 80
80 80
866 Calumet A Arizona.......... 10 <3% Feb 3 85% Jan 26
79*2 80
*535
535 535 *530 535 530 530 531 533 530 533
13 Calumet A llecla........... 25 52.5 Fob 3 590 Feb 20
*18 19
19 19 *18 19 *18 19 *18 19
10 Centennial...................... 25 IS Mavll 27% Jan 16
*57*2 58
5612 57*2 *06*2 57
56*2 56*2 *56 56% *56*4 57
105 Chino Copper................. 5
63 Mar 7
6'2i2 61 62
60 61
60*2 61
60*2 61
61 61*4 1,477 Copper Range Cons Co__ 25 57 Feb 3 68 Jan 17
2i2 *2
Last Sale 1% J’ne’ 17
2*2 *2
2*2
Daly-West.......... ........... 20
2*2
1 Apr 23
*2
3 Jan 12
6U 6%
6
6
6
6
5% 6
6*8 O
-’s
4,217 Davls-Daly Copper......... 10
6*8
4*i May 4
7%Jan 16
13
123i 1 3
2 .1 12*2 Ill's 121„ 12*2 12% 12% 12*2 12*2 1,057 E Butte Copper Min__ 10 11% May 9
ast.
73.1
*714
7*2 *6*2 7
7
*4 7' 1 *7
7
*2 *7
7*2 *7
70 Franklin......................... 25
*2
6*8 MaylS
*83 85 *83 85 *83 84*2 *84 87
83 83
20 Clrnnby Consolidated....... 100 78 Apr 23 92 Jan 17
*43 45
45 45
43 •'ip. 42*2 *42 42% 42% 42%
25 Greene Cananea.............. 100 393, Apr 23 46*2 Jan 3
143 *14
4
14*2 *14 15 *14
Last Sale 15 J’ne’ 17
15
Elancock Consolidated___ 25 13 MaylO 20*2 Jan 19
Last Sale 2
‘3
*2 *2
2*2 *2
27
*,
J’no’ 17
2*2 *2
25
74 70
75 76*2 74 76*2 7d'4 7534 74*4 75*2 73 73% 8,395 Island Creek Coal............ l
76*2June 18
92 92 *91*4 93 *91 4 93
3
90 90
91 91 *91% 93
25 Do pref................... l ' S9 Feb 5 94 Apr 28
32
31 32 *31 32
31 31*4 *31 31*2 32 32
610, Isle Hoyalc Copper____
25 28 MaylO 36 Jan 18
4 .1 4 'Ai 4*2
3
412
4i2 4*2 4*2
4*2 4*2
230 Kerr Lake.................
4*i Apr 9
4 7a 4M
A
i
5
5 Feb 15
1% 1% *1
2S0 Keweenaw Copper........... 25
*8 !•
'.
I'l i' i
1
*2 1 2
*
1
*2 1
*2
l*4Juno 8
4%Jan 27
1
*2 1%
*13 14
13 13 *1212 13
210 Lake Copper Co.............. 25 11 Feb 2 18 Jan 2
12*2 12*2 12i2 12*2 12*2 12%
3 8 *3
-1
3
3
3'2
*3
4
4
150 La Salle Copper.......... ..... 25
8
3"s 33 *3
5 Jan 16
2%May 16
611 6«4
ei2 7
'*
5 Feb 9
o>r« 6 8 *6*8 6*2 6*4 8*8 7% 8 10,378 Mason Valley Mine_____ 5
13
13 13
IS Mass Consol................. 25 11'2 Feb 5 15% Jau 17
O
13 13 *1234 13 *12 13
13 13
*2
2
7a J’ne’ 17
2*4
*3
3
*4 *278 3
Last Sale 3% J’ne’ 17
*4 *278 3U *2% 3
Michigan............ ........... 25
21 Jan 10
,
*4
5*2 Mur21
92 021 . 92 92
92 92*2 92*4 93
93*2 95
1,156 Mohawk ........................ 25 77 Feb 3 98 Jan 3
25 *24 243, 23*8 23% *23*2 24
23% 23% *23*2 24
191 Nevada Consolidated....... 5 213, Feb 2 26% Mar 7
*314
3*2 *3
2% 3
234 3
33,
3
700 New Arcadian Copper___ 25
3
*8 3
2% Juno2L
*4
M
*
*1512 15*4 15*2 1512 15 15 *1534 157* *15 16
160 New ldrla Quicksilver___ 5 14 Jan 27 17*2 Apr 3
15*2 15*2
27
26 26 *26 27
26 26
26 26
55 New River Company____ 100 22 Jan 25 30 Mar20
—
87*2
85 85
10 Do pref.................... 160 76 Jan 24 92% Mar20
87*2 *___ 87
*7U 7j2 *7% 7'2 *7*8 7*2
200 Niplsslng Mines.............. 5 7Mi June 4
7 ?| 7% 7% *738 7*2
*
n
18%
15*2 18U 16 1/14 15% 17
15% 16*, 16*4 17
6,609,North Butte................... 15 15*2 JuncI8 24% Mar28
1 2 *l1 H 2 *1
*
A
e
*4
1
*2 *1
1*2' Last Sale 1 J’no’ 17 —
North Lake___________ 25 .90 Fob 18
2%Jan 3
*1
*2 2
1% 13, *1*2 2
*1*2 2
*1*2 2
*1*2 1%
15!Ojlbway Mining.............. 25
1 May 4
*2
2%Jan 12
61 61
6112 6H2 59 59
405| I< Dominion Co______ 25 55 Feb 3 6734 Mar 12
O 1
58*2 58*2 58 58*2 59*2 59*2
901$ 9018 89 90*2 89 89
90 90 *89% 90
91*4 91%
356 Osceola................... ........ 25 78>2 Feb 3 95 Mar 12
273i 28*2 271.) 28*4 27 27*2 26*2 27*2 26% 27
26 26*2 10,800 P o n d Creek C o a l .............. 10 17*2 Feb 3 28%Juno 18
86i2 8612 86i2 85 86
85 85 *85 86
85% 85*2
65[Quincy........................... 25 81 Apr 24 94*2 Feb 21
29 29 *28 28*4 2811 28*4 *28% 29 *28% 29
35|Ray Consolidated Copper. 10 23 Feb 1 32% Apr 3
S2
8 II2 81*2 *81
81 81 *80 81
80 80 *81 82
55|St Mary's Mineral Land.. 25 74*2 Feb 3 89-% Mar 6
1
*8 1’8
*1
12
*
1 Mi iM i
-Hi". 1%
1
1
*8
275;Santa Fe Gold & Copper.. 10
2 Jan 2
1 Apr 14
i'/.
*8% 8*8
Sl4 8*4
8*4 8*2
8*4
*8*4 8*2
720:Shannon......................... 10
7% Feb 3 10 Jan 5
8U S'l *8
*26*2 28 *26i2 28 *26 28
Last Sale 24% May'17 ........ Shattuck Arizona....... ..... 10
24% Apr 25 30*8 MarlO
4
*3
4
*3*2 4
3*4 3*2
3*4 3*4 *3*i 4
200 South Lake___________ 25
0*4 Jan 2
3 May 9
*878 10
*9 10
*9 10
Last Sale 9% J’ne’ 17j —
Superior.......................... 25
8 MaylS 10% Mar 6
478 478
58
1
5
5
*3
4% 4% 4% 4%
■n*
! 420 Superior «fc Boston Copper. 10
8*4 Jan 6
4% May 5
*4i2 5
4% 4*2
4% 5%
4% 5
4'2 4*8
5
5
*4
79C rrlnlty........................... 25
I
6 Jan 4
3*4 MaylO
18
3
11 1'8
8
14 1
*
*4
*
1 8 *1
*
161 Tuolumne Copper............ 1
1 8 1 4 *1
*
18
*
l May 12 2% Jan 9
5914 60
591.1
59 59*4 59 59*2 59*4 59*4
540iU S Smelt KefIn & Min__ 50 52 Feb 3 07% Jan 4
51
503 5034 50*8 50% 50*, 50*4 50*2 50% 50% 51
4
290 Do pref.................... 50 49*2 Apr 18 62*2Jan 4
2 .1 3
2*4
*2% 3 ___
27 2% * 3
8
27 3
8
1.0 > Utah-Apcx Mining_____ 5
0
1% Mar28
16*2 16*2 16 16*2 15*2 1578 15*2 15*2 16 16
16 16% 1,309 Jtah Consolidated........... 5 14% Apr 7 21'! Feb 20
IIU'8 110*8 —
*109 109% *11034 111*4 •111% 111%
;
10 Jtah Copper Co_______ 10 98 Feb 1 118%May 26
4>
4
412 4*2 *4*2 4%' *4% 4% ___ ..
210 Jtah Metal A Tunnel....... 1
4 Apr 23
*.il2 4*4 *4
Last Sale
4*i *4
4*2
J’ne’ 17
3*2 Apr 23
Victoria....... ........ ......... 25
*31t 4
*3U 4
*3*4 3l2 ♦
Last Sale J% J’ne'17,
3*4 3
*2
Winona______________ 25
3 Junol2
*43
*43 44*2 43 43
43 44*2 44*2 44*2 44 45 !
54 Volverlne....... .............. 25 40 Apr 24 53*2 Mar ft
*.70 .90
.85 .85
.85 .85 ---- 85 ............80
200 Wyandott____________ 25 .85 Juncl9
2%Jan 3
• Bia sna asked Brices.

a Ex-dividend ana rights.




« Assessment Bald,

a Ex-rights,

x Ex-dividend,

a Hall-paia.

Range for Previous
Year 1916
Lowest

Highest

172 Dec

198 Feb

34 Aug 52 Feb
200 Aug 235% May

S7 Feb
131% Dec
4*2 Dec
26 Dec
50 Dec
134% Dec

77% Jau
107 Sept
157 Feb

100*2Aug

125 Mar

69 July

86 Feb
102 Nov
105 Dec

7 Dec
106 Apr
123 Dec

16 May
124 Oct

92 Jan 101% Mar
66 Jan
98 July 101' t Feb
147% Dec
72% Nov
tt?8 Apr
*8
2578July
250 Mar
186 Oct
79 Sept 10034Nov
89 Feb

155 May

12034 Dec
10 2

Dec

155% Nov
175 Oct

15 Feb
136*2Jan
28*2 Jan
115%Feb 12234 Nov
6% Sept 13 Jan
1 % Feb
5% Dec
125*2 Nov
10 Dec
56 Dec 83*2 Nov
29*3 July 97% Apr
60 July 86*8 Nov
7%July 18 Nov
1 Aug
*2
5*2 Feb
42 Dec 105*4 Mar
101 Nov
510 Dec
14 July 27 Nov
73% Nov
873 Nov
4
2 July
434 Dec
20 Nov
13*4 Nov
70 July 120 Nov
343, June 55% Nov
23*2 Nov
88 Jan
25 July

73% Dec
93*2 Dec
43 Nov
19*2 Feb

10 July

9 July
20 July

32*2 Nor

l'g July
70 July 105 Nov
11*2 Mar
81 July 109*2 Nov
20% June 36% Nov
110 Nov
7 July

40% Feb
28*2 Jan
834Oct
56*4 Jan
2*2 Dec
8 1 % Nov

2% Dec
5% Dec

30*2 Nov
127% Nov
11% Mar

3% Mar
1 Aug
*8

234 Feb

June 23 1917.J

THE CHRONICLE

Outside Stock Exchanges
Boston Bond Record.— Transactions in bonds at Bos
ton Stock Exchange June 16 to Juno 22, both inclusive:
F r id a y
L a s t W e e k 's R a n ge
S ale
o f P r ic e s .
P r ic e . L o w .
H ig h .

Bonds—

Am Agrlc Chem 5s.. 1924
101A
Am Tel A Tel coll 4s . 1929
88
5s temporary receipts..
98A
Atl G A W I SS L 5s . 1959 78 5 78A
6
Cldc June A U S Y 5s 1940
99 A
Gt Nor-C B A (1 4s.. 1921
Wo A
Mass Gas 45 s......... 1929
6
92K
N E Telephone 5s. _ 1932 99
99
New River 5s . . . . . . 1934
80
Pond Creek Coal 6s. 1923 10
108
,8
Swift A Co 1st 5s___ 1944
100
95
United Fruit 456s.
1923
Western Tel A Tel 5s 1932 ......... 96

S a les
fo r
W eek .

R a n g e s in c e J a n .

Feb
May
May
May
May
Juno
May
May
Jan
Mar
May
May
June

104
9246
102
8546
10246
9946
9846
10246
82
11246
10246
9846
10046

Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Mar
June
Jan
Jan
Jan

Chicago Stock Exchange.— Complete record of transac
tions at Chicago Stock Exchange from June 16 to Juno 22,
both inclusive, compiled from tho official sales lists, is as
follows:
IF r id a y
S a les
L a st
W e e k 's R a n g e
fo r
R a n g e s i n c e J a n . 1.
P ar

S to ck s -

Amer Shipbuilding____100
Booth Fisheries, c o in .. 100
Preferred___________ 100
ChicClty & C R y i>t sli coin
P referred_____ _____
Chic Pneumatic T o o l .. 100
Chic Itys part ctf “ 2” ____
Chic Rys part ctf " 3 " ___
Common w’ th-Edison . . 100
Cudahy Pack C o, com . 100
Deere A C o., pref......... 100
Diam ond M atch ........... 100
Edmunds A Jones com . 100
Hartman Corp__ . . .
H art,ShaffAM arx,com . 100
Illinois Brick__________ 100
Linde Air Prod C o com
Lindsay Light-------------Preferred............. ......
M iddle W est Utilities com
P referred........... ........
M itchell M otor C o ____
National Carbon______ 100
Page W oven Wire Fence 20
People’s G L A C oke. .100
Prest-O-Ltte C o, I n c ..
Pub Serv of N 111, com . 100
Preferred ...................-100
Quaker Oats C o, p rcf.,1 0 0
D o pref rights_____
Scars-Uoebuck com — 100
Shaw W W com m on .. 100
Stew Warn Speed com . 100
Swift A C o ___________ 100
Union Carbide C o ____100
Rights, when Issued..
Unit Paper B oard.com . 100
W ard, M ontgoin, A Co, pf
Wilson & C o, com m on. 100
Preferred ............. — 100
B on ds.
Armour & C o 4 )6 s— 1939
Booth Fish s f d 6 s . . . 1926
Chicago City lty 5 s .. 1927
Chic Pncu T ool 1st 5s. 1921
Chicago Rys 5s........... 1927
Cldc Rys 4s, Scries "B
Chicago Telcp 5s----- 1923
Cldc Un Stn 1st g 456s 1963
Commonw-Edlson 5s. 1943
Cudahy Pack 1st M 5sl946
Liberty Loan 356s w 1-----M etr W Side El st 4s. 1938
Pub Serv Co 1st ref g 5s '56
South Side Elev 4568.1924
Swift, A Co 1st g 5s. ..1 9 4 1
Wilson A C o 1st fis .. . 1941

S ale
P r ic e .

o f P r ic e s .
L ow .
H ig h .

W eek .
S h a res

84

83
85 4
6
11446 11646
88
88
90
246 3
25
25
7446 76 4
6
1356 1346 14
34 246
6
121 122
121
122)6 121 12346
100 10046
117 11946
3346 3346
63
63
75
75
79
79 4
6
1264 265
34A
2846 35
1046 1046
45
43
71
7146
n a
47
4746
300 300
8
8
77
7146 78
137 142
141
94
94
98
96
10646 108 4
6
4
6 2
A
170)6 169 17446
62
55
62
72
6946 7346
152A 150 153
201
19046 203
16
17
17
28A
2646 30
115 117
73A
7146 70
105 10546
105

L ow .

t.ig h .

1,895 39
Feb
Jan
205 60
178 81
Feb
65
246 June
Feb
30 24
Feb
420 60
75 12 May
Apr
2
30
267 12046 May
1,180 10846 Fob
70 96J6 Feb
223 11346 May
4 33
Feb
120 60
Apr
50 75 June
52 77
Apr
54 250 May
8,247 1646 Feb
44 10
Jan
57 43 Mav
45 6546 May
100 4546 Apr
50 295
Jan
25
6 May
984 6846 June
2,288 102
Feb
25 85 May
25 95 May
176 106 June
400
4 June
6
2,661 cl63 May
268 50
Feb
1,070 6946 June
3,689 13246 Feb
1,562 169
Feb
724 15 June
1,236 2646 Juno
180 115 Mar
1.815 58
Jan
143 10246 May

86 June
Apr
130
94
Apr
446 Jan
3546 Jan
78 June
25
Jan
3
Feb
142 4 Jan
6
12916 Apr
10046 Juno
13246 Mar
34
Jan
7846 Jan
90
Jan
8846 Jan
300
Jan
35 Juno
1146 May
58
Apr
78 Mar
5346
335
1046 June
100
14046
114
10246
115
Feb
2
239
73
101
10546
210
17
3446
11746
84 4
6
10746 Mar
9046 9046 $1,000 9046 Juno 9446
92
92
2,000 91
Feb 9446 Feb
9346 9346 5,000 9346 June 9946
98
98
7,000 98
Apr 99
9346 9.34 6,000 92 4 Apr 9746
6
6
6546 6546 11,000 65 May 7046
10046 10046 8.000 9946 May 102 4 Feb
6
93 'A
934
6 1,000 9346 June 10046
9946 10046 42,000 9946 May 10346
9S46 9846
500 9746 May 100 4
6
100 . -50
25,000 100 5-50 Jun 100 5-50 Jun
65
1
1,000 65 May 7046 .Ian
90H 90 K 12,000 8946 May 9046
8446 8446 2,000 8446 June 8946
100A 100 10046 16.000 9946
101 10146 16,000 10046 May 102
101
10346 Jan
z Ex-dlvldcnd. 6Ex-50% stock dividend. cEx-25% stock dividend.
Pittsburgh Stock Exchange.—Tho complete record of
transactions at tho Pittsburgh Stock Exchango from June 16
to June 22, both inclusive, compiled from tho official sales
lists, is given below. Prices for stocks are all dollars per
sliaro, not per cent. For bonds tho quotations aro per cent
_________
of par valuo.
Friday
Last Week’s Range

Stocks—

Par. Price. Low.

A m e r W in d G la s s M a c h 100

5346

........................ . - 1 0 0
----- 1 —
—
C a n e y R i v e r G a s ..................
C o n s o l i d a t e d I c e c o m ----->0
C r u c ib le S te e l c o m
. - 100 "8 3 4 6
P r e fe rr e d

C a b le

C o n s o l M in in g

D ia n a

M

i n e s . . . . .....................

.. - 1 0 0

L a B e lle I r o n W o r k s
M fr s ' L ig h t A H e a t . .
N a t

F ir e p r o o fin g

.5 0

c o m

..50

F u e l S u p p l y _________ 2 5

P it t s b u r g h B r e w in g c o r n 5 0
P itts C o n M M A T
l ’ lt t s -ld a h o

C o .

1
1

L td

P l t t s b P l a t e G l a s s ______ l o o
P u r e O i l c o m m o n .... ................

5
1

R iv e r S id e W e s t O il p r e f 2 5
M in in g A M i l l i n g .. .

Ross

T o y . M i n i n g ..................

U n io n

US
U

N a tu ra l

. ...
108
6446

.... ___ __

.1

G a s . ..1 0 0

.

A ir

B r a k o ..5 0

146

6546

546

546
1446

4746
246
c

4 56
8446

M ar
M ar

50

146
7156

June
M a y

73

35

12

M a v
M a y
M a y

1756
43

3 ,5 0 0

10

too

15c
172

1 4 ,3 5 0

47c
40c

546

905

11956

357

2356

2346

830

10

10

15c

15c

4 ,4 0 0

15c

16c

8 ,3 7 0

172
38

120

10
200

172
3846

830

13146

11746
52

11756
51

11746

140

b ? -5 0

5 2 46

824

C e n t D ls t T c lc p li 5 s .. 1943

______

10146

10146
3646

W e s t ’ h o u s e E le c

Bonds—
In d cp

B r e w in g

«fc M
0 s

__ 1 9 5 5




3646

? Jan
6
June
8 Feb
1.20 J u n e

1 5 ,5 0 0

546
119

15c

F eb

146
c

52c

$

Ju n e
A p r

1 7 )6

30
135

40c

1

0256
5

673

08c

10

30c

855

1,002

246
9c

Jan

50

A pr

19

47c

2346

F eb

02
>
6
11c

124

A pr

4 8 K

8
1.20 1.20
68c
50c

8c

Jan

400

100 110K

IS

G l a s s _________________
lo o
S S te e l C o r p c o m . ..1 0 0

W c s t’h o u se

146

M a y

410

32c

0 3 46

M a y

95
5c

1.

High.

45

220
6
200 4 33 4 6
4
1,200 5 9 4c 6
22

•IK

68c

Low.

185
9 ,0 0 0

8446
70c

1446
18

1

P ltts b -J e r o m c C o p p e r
P ltts b A M t S h a sta C o p
1
P l t t s b O i l A G a s ............... l o o

San

346

Range since Jan.

145

8

si A

4746

P r e f e r r e d ...................................5 0
O h io F u e l O H .
1
O h io

4846

54
10046
c
49

32c

J

I n d e p e n d e n t B r e w in g .. .5 0

10056
7c

Sales
. for
Week.
High. Shares

H

756

22
50

456
15c
1 .2 5
1 .5 5

1.20

M a y

1946
15

F eb

2546

M ar

*1756
28c

A pr

12c
12c

M a y

10846
33

M a y
M a y

102
112

4546

1,000 101
9 ,0 0 0

M a y
M a y

346

110

4 46

118

36

Baltimore Stock Exchange.— Complete record of the
transactions at the Baltimore Stock Exchange from June 16
to June 22, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
sharo, not per cent. For bonds the quotations are per cent
of par valuo.

H ig h .

L ow .

10146 $5,500 100
1,000 8746
88
9846 1,000 9846
12,000 78
79
99 5
6 1,000 96M
1,000 9516
05 A
1,000 91
92A
995
6 2,000 98
1,000 79
80
112« 38,000 101
10046 28,000 9946
1,000 95
95
9646 2,000 95

1.

254 3

A pr

1746
135

21c

185
3946

F eb

13056

M a y

15746

M a y
M a y

Apr

5546
103
5046

M a y
Jan
Jan

Stocks—

'

F r id a y
L ast
W e e k 's R a n g e
S ale
o f P r ic e s .
P a r . P r ic e . L ow .
H ig h .

Alabama Co________ 100
1st preferred_____ 100

58
98

58
98

Atlantic Petroleum_____
7
Balt Gas Appll Mfg com
50
Baltimore Tube_____ 100
95
Preferred.. . . . ..100
9846
Chalmers Oil A Gas pref.5
4
Consol G, E L A Pow.. 100
11046
Consolidation Coal___100 11036 110
12
Certificates_________
12
1146
1214
12
Certificates_________
12
446
Preferred certificates...
436
4K
Davison Chemical..no par 35
3446
30
Houston Oil trust ctfs. .100
2146
Preferred trust ctfs.. 100 ____ 64
75
78
Mt V-Woodb Mills v t rlOO 15
15
6846
Norfolk Ry A Light. ..100
2656
85
Pennsyl Water A Pow. 100
71
Poole Engineering A M 100
7956
United Ry A Elec____ 50
29
Wash Balt A Annapolis..
15
17
40
Wayland Oil A Gas_____5
346
346

67
10746
7
56
95
9846
4
11146
11036
124
6
1246
12K
1246,
4%

446
35)6
38M
22
644
6
75
78
1546
0846
2646
85
73 4
6
7956
29
1746
42 K
356

Bonds—

6
8546 854
Alabama Co gen 0s.. . 1933
85 ‘ 85
Allan A Charlotte 1st 5s'44
98
98
Balt Sparrows PAC 446s’53
95
95
Chicago Ry 1st 5s.
1927
93
93
City A Suburban 1st 5s ’22 10046 10046 10046
Coal A Coke 1st 5s__1919
‘ 90
96
Consol Gas general 4 56s '54
6
9246 92 4
Consol G, FLAP 446s 1935
90
90
Notes....... ..................
100)6 101
Consol Coal refund 5s 1950 9246 9246 93
10544 10546
97
97 4
6
10044 10046
10046 10146
Elkhorn Coal Corp 0s. 1925
100 100 4
6
104 101
Georgia A Ala cons 5s. 1945
99
99
Ga Car A Nor 1st 5s.. 1929
9946 100
Kirby Lumber contr 0s ’23 99)6 99
99)6
96
90
Mil Electrio Ry 1st 5s 1931 96
Merch A Miners Trans 0s.
9846 9846
M St A St P C joint 5s 1928
6
9946 99 4
Monon V Trac 5s_ 1942
9246 9246
100 100
Mt V-Woodb notes 0s 1918
89
89
Norf A Atl Terml 5s. 1929
99
Norf Ry A Lt 5s____1949
99
No Balt Trac 5s....... 1942
10346 10346
I’ennsy W A P 5s___1940
9246 9246
99
99
St Paul C Cable 5s_____
Sav Fla A W 1st 5s. . 1934
10246 10246
100 100
Seal) A Roan 5s. __ . 1926
United Ry A E 4s___1949 80 5 8046 8046
6
6246
Income 4s_______ 1949 02)6 62
85
85
* Funding 5 s .......... 1936 85
80
86
Small________ 1936
9846
98
Notes 5 s .......... ..1921
98
Wash Balt A Ann 5s. 1941
8246 8256

S a les
fo r
W eek .
S h a r es.

168
31
100

R a n ge s in ce J a n .
L ow .

49
75
6H

67
Jan 107)6 June
May
946 Mar

10 0 0 Mav
5
10
356
220 109 4 Mav
6
445 10046 Feb
142
0,295 1156 June
10
1,621 12 June
65
4 Yu
2,268
456 June
1,055 3446 June
835 223i Feb
400 174 Mar
6
60 60 Mar
170 60
Feb
4 72
16 13 Mar
78 6046
30 2656 June
1 85 June
20 71 June
50 7936 June
50 2756 May
525 15 June
255 30
25
356 May
Si,000
7,000
1,000
5,000
5,000
2,000
4,000
1,000
2,000
16,200
6,000
13,500
28,000
1,000
36,000
6,000
2,500
3,000
2,000
6,000
2,000
4,000
1,000
3,000
2,000
1,000
1,000
1,000
6,000
1,000
1,000
5,000
16,000
15,000
1,000
600
3,000
7,000

1.

H ig h .

85K
79
Feb
98 June
94 June
9156 May
10056 June
90)6 Jan
9146 May
8846 May
100 May
91 May
10246
97
99)6
10046 June
99
Feb
10046
98 4 June
6
99)6 June
9856 May
96 June
98 May
98 5 June
6
91 4 Juncl
6
9836 Feb
88 H
June
98)6 May
10356 June
92)6 May
99 June
102)6 June
100 June
80 5 May
6
62 June
84 May
83 May
98 June
82 June

12346 Jan
109
4
Jan
127
114
1346 June
1346 June
446
4456
2346
0746
75
79
19
72
27
89
84
82
3556
1746
4246
5

Jan
Apr
Jan
Jan
May
Jan
Mar
Jan
June
Jan

89 Mar
86 May
Jan
104
9846 Jan
Jan
97
10246 Jan
Feb
97
96 4 Feb
6
9356 Jan
107)6 Jan
9546 Mar
110
99)6
11046
104 June
10156 Jan
107)6
10356 Jan
103)6 Jan
Jan
100
Jan
100
103 A Jan
102)6 Jan
96
Jan
100)6 June
9256 Jan
99)6 Feb
106
Feb
9556 Jan
99 June
10636 Feb
100 June
84 5 Jan
6
67)6 Jan
Jan
90
Jan
90
99 4 Jan
6
Jan
88

Philadelphia Stock Exchange.— The complete record
of transactions at the Philadelphia Stock Exchange from
June 16 to Juno 22, 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
aro per cent of par value.
Stocks—

F r id a y
L a s t ireet’s R a n g e
S a le
P a r . P r ic e . L o w .
H ig h .

S a les
fo r
W eek .
S h a res.

R a n ge sin ce J a n .
L ow .

Alliance Insurance__ ..10
15 20 May
20 A 20 A
American Gas of N J .100
115 115
35 115 May
Amer Rys, pref......... -loo 90
90
90
20 90 June
Amer Stores......... n o p a r
36
180 36 May
3646
Baldwin Locomotive. .100 6746’ 64
400 49
Feb
67 4
6
Buff A Susq Corp v t c.100
130 54 )6 June
54)6 55)6
100
30 49 May
50
50
Cambria Iron_____ ..50
20 43)6 May
44
44
Cambria Steel
5 100
..50
Feb
160 160
Elec Storage Battery. .100
275 58)6 May
6046 63
insurance Co of N A. _.1 0
1 2536 June
1
2556 25)6
J G Brill Co______ .100 27
27
26
300 24 Mar
1
Keystone Telephone.. ..50 1346 1
1 May
135
6 1,102 1
Lake Superior Corp.. .100 20
6,771 15
Feb
1946 21
_
_
Lcldgh Navigation... ..50
297 75A June
7646 77 4
6
Lehlgn Valley______ ..50 6556 64)6 65 4
6
33 58 May
Midvale Steel A Ord.. -.50
180 55 May
02 A 64
Minehlll A S H _____ -.50
40 5646 Jan
57)6 5756
Norristown_____ . -.50
140 140
2 140 June
6
North Pennsylvania.. ..50
3 90 4 June
90)6 9056
96
90 92 May
Pennsyl Salt Mfg___ ..50 96
96
Pennsylvania............ ..50 53 A 5246 5346 1,137 5146 May
45 33 May
Philadelphia Co (Pitts).50 34)6 34
3446
57 3756 Apr
Pret (cumulative 6%) 50
3836 3836
Philadelphia Electric. ..25 2946 29)6 30
502 29)6 May
1 28)6 May
2!)
29
50
Voting trust rccts.. ..50 2946 2856 30
5,826 27)6 Apr
Reading________ _ _ . 50
94)6 97 4
6
883 84)6 May
42
2d preferred_____ ..50 _____ 42
100 41 May
4
Tono-Bclmont Devcl ...1
4 May
446
446 1,530
Tonopah Mining____ ...1
610
646 6 1-16 646
556 Jan
42
Union Traction___ ..50 42
152 42
Apr
42 4
6
*215 *215 U
100
4 *215
1,631 76)6 May
United Gas Impt___ .50 7846 7846 79
U S Steel Corporation 100 12846 12556 13156 41,515 9956 Feb
Warwick Iron A Steel .10
9
110
9
Feb
956
9)6
.50
21
21
10 17
Feb
22 48)6 June
West Jersey A Sea Sh .50 49
4846 49
Westmoreland Coal.. .50 _____ 76)6 76)6
2 75
Apr
Win Cramp A Sons . . 100
84
87
95 66
Feb
York Railways, pref. .50 ......... 3746 3746
20 36
Feb

1.

H ig h .

22
121
98
37
69
66
58
46
103
6746
27)6
33
14
24
85
7956
6-56
58)6
145
94
100
5756
4146
43
34)6
3446
3446
103J6
45
456
7A
47)6
226
9146
13146
956
25
5346
80
92
39

Apr
Feb
Jan
May
June
Jan
Mar
June
Jan
Feb
Jan
Jan
Mar
Jan
Jan
June
May
Feb
Jan
June
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
May
Jan
Mar
Feb
Feb
Apr
Jan

Bonds—
U S Liberty 3%s___ 1947
Amer Gas A Elec 5s. .2007
Baldwin Locom 1st 5s 1940
Bethlehem Steel p m 6s ’98
Elec A Peoples tr ctfs 4s '45

Friday
Last Week’s Range Sales
of Prices.
for
Price. Low.
High. Week.

100 100 .5
92% 92%
92 92
102 102
121 121
79 79
79% 79%
96 90
Keystone Telep 1st 5s 1935
Lake Superior Corp 5s 1924 45% 45% 45%
Lehigh Coal A Nav—
92 92
Funding A Impt 4s. 1948
Consol 4%s_____ 1954
99% 99%
Lehigh Valley—
84 84%
Gen consol Is____ 2003 84
96% 96%
Gen consol 4%s_ 2003
_
102% 102%
Lehigh Val Coal 1st 5s 1933
94 94
Ohio Connecting 4s__1943
Pennsylvania RR—
General 4%s ser A. 1965 95% 95% 96
102% 102%
101 101
Philadelphia Co 1st 5s 1919
90 90
Cons A coll tr 5s__1951 90
Phila Elec new 1st 5s. 1966 100% 100% 100%
100% 101
100% 100%
Phila A Erie gen 5s__1920
91
91%
101 101
Spanish-Am Iron 6s. .1927 101
98 98
Welsbacli Co 5s____ 1930

8150
2,000
200
2,000
1,000
3,000
500
3,000
1,000
2,000
9,000
7,000
13,000
7,000
1,000
53,000
1,000
2,000
3,000
69,000
1,900
3,000
12,000
6,000
2,000

Range since Jan.

1.

High.

Low.

June
June
June
June
Mar
Juno
May
June
June
June
May
May
May
June
Juno
95% June
102 May
101 May
88% Feb
100% June
100% May
100% Juno
Apr
91
101 May
97% Feb

100
92%
91%
102
121
78
79
96
45%
92
99%
83
96%
102%
94

100 .5 Juno
97% Jan
97% Mar
104% Jan
Jan
124
Jan
84
Jan
86
Jan
99
58% Mar
92 June
Jan
103
91% Jan
Jan
102
106% Jan
94 June
98% Apr
107% Jan
102% Mar
94 Mar
102 Apr
102% May
101 May
96% Jan
102% Mar
99% Jan

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.

Week ending
June 22 1917.

Par Value.

Shares.

277,520 $26,365,000
Saturday................
745,355 69,966,500
Monday_________
851,985 78,678,500
Tuesday_________
885,850 83,604,500
Wednesday.......... .
566,623 53,998,475
Thursday................
619,800 58,432,500
Friday...................
Total..... ....... .... 3,947,133 S371,045,475

Railroad,
A c .,
Bonds.

State, Alun.
A Foreign
Bonds.

U . S.
Bonds.

$533,000 8263,000 S25.000
922,000
552,000 170,400
986,000 74,000
1,098,000
4,350
1,294,000 1,023.000
901,000
709.000 56,150
935,500
840,000 31,650
55,686,500 54,433,000 5361,550

Jan. 1 to June 22.
1916.
1917.
1916.
1917.
82,219,912
97,411,404
3,234,842
3,947,133
Stocks—No. shares__
Par value............. 5371,045,475 5262,354,800 58,841,551,205 57,163,407,670
5149,800
53,200
553,200
Bank shares, par.......
Bonds.
SG ,950
0G
51,570,550
513,500
$361,550
Government bonds__
127,501,500
186,243,500
4,433,000 3,848,500
State,mun.,Ac.,bonds
401,132,500
300,219,000
5,686,500 15,174,000
RR. and mlsc. bonds..
Total bonds.......... 510,481,050 S19,036,000 5488,033,050 5532,240,950
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE STOCK EXCHANGES.
Week ending June 22.

Sales at
1oi A Stoik
.
Exchange.

Saturday...........
Monday_______
Tuesday.............
Wednesday____
Thursday... .......
F
’rlday________
Total.............

Shares.

11,833
19,752
15,842
21,745
21,122
12,972
103,266

Baltimore.

Philadelphia.

Boston.
Week ending
June 22 1917.

Bond Sales.

523,100
24,000
13,000
7,000
15,500
12,000
S94.600

Shares.

Shares.

Bond Sales.

5,202 $33,050
26,500
14,380
30,000
11,511
47,000
16,485
8,741
35,600
38,000
11,477
67,796 5210,150

Bond Sales.

2,507 529,200
2,241
29,800
2,725
39,700
38,700
3,261
2,650 115,700
23,400
1,948
15,332 $276,500

New York “Curb” Market.— Below we give a record of
the transaotions in the outside security market from June 16
to June 22, both inclusive. It covers the week ending Fri
day afternoon:
Week ending June

Stocks—

[VOL. 104

THE CHRONICLE

2544

Sales
Friday
for
Last Week’s Range
Week
of Prices
Sale
Par. Price. Low.
High. Shares.

22.

Aetna Explosives r (no par)
Preferred r.. ___ 100
Certificates of deposit..
Air Reduction Co r(no par)
Amer Int Corp 550 pd.100
Amer Tin A Tungsten r. _1
Amer Writ Paper, com. 100
Boyd Motors r ..........10
Brlt-Amcr Tob ord’y__£1
Carbon Steel, com r__100
Car Ltg A Power.r___ 25
Carwen Steel Tool___ 10
Central Foundry com r 100
Preferred .r. .......... 100
Charcoal Iron of Am__1
0
Chevrolet Motor........ 100
_ .
Cities Servico w 1r_
Curtiss Aerop A M com (t)
Eastern Aniline A Chem r 5
Eastern Steel, com___100
Elite Plan Stores.r___50c
Emerson Phonograph___5
Everett Ileaney A Co r.20
Hask A Bark Car (no par)
HollySug Corp com(no par)
Internat Trading Corp r. 1
Preferred r........ ....... 1
Lake Torpedo Bo’t com. 1
0
Lima Locom, com, r__100
Lukens Steel, com r_ 50
_
Manhattan Transit.. .20
Marconi W Tel of Am.5
lrel
Marlin Arms v t c (no par)
Maxim Munitions r___10
Motor Prod Corp r (no par)
National Acme Co r___50
N Y Shlpbldg Corp.r.(f)
North Am Pulp A Paper(t)
Pierce-Arrow Mot Car r(t)
Republic Motor Trk r (t)
St Joseph Lead.r........ 10
St L R Mt A Pac Co r. _100
Smith (A O) Corp pref rlO
O
Smith A Terry Trans pf 100
Standard Mot Constr r .10




5
26
4%
84%
51
3%
3%
102
3%
12%
54%
8%
99
29%
42%
OX
ox

22%
39
X

1

%
3%
104
2%
35
46
5%
19
34%

3% 5%
26 27
3% 5
80 95
50 51
% 1
3% 3%
2
4%
17
17
18
18
102 104
2% 3%
11% 12%
33 35
53 55%
8% 9%
93 100
29% 30
41
45
5% 5%
122 122
%
%
6
*7
21% 22%
38 39%
44 44
100 100
X
%
1 l 1-16
7% 8%
53 53
*43 45
%
X
2% 3%
96 103
2
3
39% 39%
33% *36
43 47%
5
5%
*40% 41%
72
72
18% 19
34 34%
94% 94%
10
10%
12% 12%

35,500
300
5,600
3,715
2,550
11,000
100
7,400
100
400
535
20,300
18,085
1,120
1,900
2,320
6,200
2,000
17,600
5,700
100
300
6,060
3,000
l ,925
10
47
4,200
.3,S00
4,000
100
113
4,300
21,100
2,460
G
7.200
100
2,630
2,000
3,100
290
1 (1
0
G
50
200
30
1,500
300

Range since Jan.
Low.

Apr
2
14Yi June
i% Apr
65 Mar
47% May
% June
3 May
1% Juno
17 June
1751 June
85 May
2% Feb
10 Feb
16% Mar
’eb
35 F
6% Apr
88
Feb
29% June
16 Feb
4% June
Jan
100
1-16 Jnnc
6 May
20% Apr
36 May
40 Feb
96 Feb
% June
1 Apr
6% May
47% Jan
33 Feb
% Feb
2% June
Jan
*47
1% May
39% June
31 May
♦36% Feb
4 May
37% May
*62
Feb
16% Jan
29% Feb
93% May
8% Mar
OX Jan

1.

High.

Bcb
7X
Feb
37
5 June
97% June
Jan
57
1
June
5% Feb
4% Juno
19% Jan
21
Jan
Jan
109
3% Juno
14 Mar
36% Juno
57 Juno
9% June
Jan
140
30 Juno
45 June
5% June
122 Juno
15-16 Apr
13% Jan
23% Juno
45 Mar
Jan
50
Jan
102
% May
1% May
10% Feb
02% Mar
45 Mar
1 Mar
3% Juno
103 June
4% Feb
45 Apr
38% Jan
*47% May
9% Jan
Jan
54
75 May
19% Jan
36 May
Jan
97
12 May
15 Apr

Friday
Sales
for
Last Week’s Range
Week.
of Prices.
Sale
Price. Low.
High. Shares.

Range since Jan. 1.
High.
Low.
Stocks—(Concl.) Par.
Steel Alloys Corp r____ 5
6% OX 2,000
O X Jan
6X
Jan
6%
Submarine Boat-.(no par) 32% 31X 34 51,200 1 8 X Feb 35 May
140 77 Feb 87 May
Todd Shipyards r. (no par)
85 87
SX
Jan
Triangle Film Corp v t c.5 2 1-16
I X 2 1-16 16,600
IX
Apr
3 X Jnno
1,450 3 X June
United E Aeroplane r___5
3%
3X
SX
Jan
20 June 49
United Motors r_.(no par) 29
2 7 X SOX 34,300
Jan 37 Mar
110 35
United Sugar Cos r___50
36 30 X
OX June
5 May
3,060
U S Aircraft Corp..r___5
OX
ox
ox
2 Feb
I X June
1,000
US Light AHtg___ r.10
13
-8 I X
ix
O X Mar
4 % Apr
3,500
US Steamship..............10 4 % 4% 5
1
Jan
800
X
Apr
W
orld Film Corp’n v t c.5
X
10% 312,000 4X May 16% Jan
Wrlght-Martln AIro r..(t)
7%
65
1,600 30 Feb 05 June
Preferred r..............100
4% Jan
3
3,700
Zinc Concentrating r__10
2H May
2%
Former Standard O
H
Subsidiaries
19.200 16 Feb 21 Juno
Anglo-Am Oil.......... £1 20% 19 21
er
Jan
5 885 May 1090
927 927
Atlantic Refining___ 100
Jan
15 98 June 122
98 98
Buckeye Pipe Line___ 50
15 39 June 39 Juno
39 39
Crescent Pipe Line___ 50
170 170
50 162 June 170 Juno
Cumberland Pipe Line. 100
212 212
15 212 June 213 May
Eureka Pipe Line___ 100
Jan
15 151 June 190
151 151
Galena-Signal Oil, com 100
Jan
20 91 May 114
Indiana Pipe Line____ 50
95 98
Jan
12 500 June 640
Prairie O A Gas____ 100
H
500 500
Jan
100 260 June 444
Pralrlo Pipe Lino____ 100
265 270
Jan
30 280 June 610
South Ponn Oil..........100
2S 284
O
Jan
ay- 445
'25 249 M
262 262
Standard O (Calif)...100
H
Jan
48 580 May 800
Standard Oil of N J___100
590 608
Jan
Jan 345
57 270
Standard Oil of N Y__100
279 285 ’
Other Oil Stocks
57c 63c 36.800 45o June 63c June
Allen Oil.r....................1 63c
7.600 13c Juno 31o Feb
17o 20c
Araer Ventura O r___ 1 20c
il
2 June 4% Apr
2
Barnett Oil A Gas r.......1
2%
2X 38.000
1% Jan
3,825 55c June
58c 62c
Consol Mex Oil Corp___1 59c
3.900 11 X May 18% Jan
13
Cosden A Co r............... 5 12% 12
3.800 11% May 16% Jan
13
Cosden Oil A Gas com r..5 12% 12
Certificates................ 12% 12
12X 3.700 12 June 13% Juno
50c 58c 26,875 28o May 58c June
Crosby Petrol (prosp't) r 1 54c
1,000 7 X Jan 14% Mar
Elk Basin Petroleum r__5
10
10X
9-16 Apr
5-16
X Apr
Elkland Oil A Gas r___ 1
X 21.000
3
Feb
70c Fob
Esmeralda Oil Corp r___1
I X 2 7-16 183,000
6% Mar
4% OX 21,600 4% Feb
Federal Oil r................ 5
Apr
500 17 Feb 24
Houston Oil common r 100
21 2 1 X
Jan 15% Mar
3.800 II
Internat Petroleum___£1 13% 12 X 14
6,100
X
Jan
X 9-32
X May
Kcnova Oil..................1 9-32
Keystone Con O Cor r 10 i 8% *SX S X 16,390 5% Apr 8% June
H
9% June
9 June
Knlckerb-Wyo Pet pref r 10 r 9 % OX O X 3.400
2,509 11X Jan 31% Mar
Merritt O Corp r___ 10 26
H
20X 20X
4% Jan
X May
IX
2 37.000
Metropolitan Petroleum 25
IX
Midwest O r________1 760 750 80c 16.000 55o Jan 88o June
H
500 86o Jan 1.10 May
95o 1.03
Preferred r......._____1
2,000
3% May
S X May
Nat O A Rcfg.r..........5
H
SX
SX
1% Mar
X Juno
11-16 13-16 3.900
N Y-Oklahoma-Oll r___ 1
1,000 I 3-16 Jan 3 Feb
N Y A Texas Oil r..........1
IX
IX
7o May 16o Jan
7c 8 X o 40,000
Oklahoma Oil com r___ 1 7 X o
1 Jan
1,100 60o May
650 65c
Preferred r_________1
14% Jan
8 X May
Oklahoma Prod A Ref__5 1 0 X 1 0 X 1 0 X 8,100
30c 33c 13,900 30o May 75o Jan
Omar Oil A Gas com___1 33c
7.800
7% Jan 10% Mar
9
Osage-IIomlny Oil r___ 5
SX
sx
3.100
1% Jan
% June
o
Pennsylvania Gasoline__1 7-16 7-16
X
1,860 8 May
8% May
Penn-Wyoming Oil.r___5
SX
SX
800
1 June
1
X Juno
1
People’s Oil r_________1
X
7-16 1,000 7-32 May 11-16 Feb
Rice Oil r___________ l
2.700
12% Mar
8 X May
O X 10
Sapulpa Refining r........ 5
OX
2% Jan
32.800
1X Apr
1 5-16
Sequoyah Oil A Ref.
IX
4.300 2 0 X June 40% Apr
Sinclair Gulf Corp r___(t) 27
20X
1.100 21% Juno 26 May
22
Texas Co rights.r...
21X 22
1,200 28c June 60c Juno
41c 43c
Texas Nat’l Oil r..........1
1% Jan
43o 500 34.500 42o Juno
49c
United W
estern Oil r.
3o Jan
38c 42c
5.200 27o May G
Utah Petroleum (prosp't) 1 40c
1,000
X 5-16
X May 11-16 Jan
Vacuum Gas A O, Ltd__1 5-16
2,755 * 8 X June 11% Apr
8% ♦8% 9
Victoria Oil new stk r..I0
1 3-16 Apr
5,100
X May
X
X
West States Petrol.r__
X
Mining Stocks
1% June
Acme Cop Hill Mines r. 10 1 3-16 1 1-16 I X 18.800 13-16 June
% Mar
X
Jan
7.400
X
Alaska-IJrlt Col Metals.. 1 9-16 9-16
10,350
1% Apr
X May
X
Alaska Mines Corp(no par)
X
3-16 Jan 62o Apr
35o 39c 16.600
Alaska Standard Cop r..l 37c
6% June
OX Juno
5% OX 3.200
Arlz Blngh Copper r.......5
OX
10c 12c 15.200 9%o Jan 20o Jan
Atlanta Mines r______ i lie
6% Jan
*3 24,420 2 X May
Big Ledge Copper Co.
2%
2X
100 OX Apr 13% Juno
13
13
Bingham Mines______ 10
60c 63c 30,600 58c Apr 80o Jan
60o
Boston A Montana Devi% June
9.300
X May
IX
IX
Bradshaw Copper M r__ 1 1 5-16
5.800 7 X Fob 14% June
Butto Cop A Zinc v t 0...5 11% 1 0 X 12
Apr •2
Jan
X 9-10 10,100
Butte-Detrolt Cop A Z__ 1 7-16
X
500
Butte AN Y Copper___ I
1X
IX
1% Jan 2% Mar
55c 61c 10,300 *48o Jan 70o Apr
60o
Caledonia Mining__
2% Jan
1% Apr
Calumet A Jerome Cop r 1 I X 1 9-16 I X 50.200
3 June
8.300
1% Feb
2*/ 2 5-16
Canada Copper Ltd___ 5
2X
8o 16.500 6o Jan 16o Mar
7c
8c
Cash Boy__________
1 7-10 1 5-16 1 9-16 5.500
Coco River Mining r__
1% Apr 1%. May
8.500
2
2X
1% Jan 2 11-16 Mar
Consol Arizona Smelt__
2X
4.900 3
Feb
7% June
OX
Consolidated Cop Mines.5
ox
% Mar
X June
5-10 5-16 5-10 3,000
Consol-Homestead r.
7% Jan
700 4% Juno
Cresson Con Gold M A M 1 g
4% 0
1% Juno
12.500 06c Mar
1 1-16
Crystal Copper Co..
1
IX
2% Jan
% May
1,620
I X 1 5-16
Dundee Arizona Cop i __ 1
IX
53o 57o 12,100 51c Juno 57c June
Eastern Copper r_____ 1 57c
2% Jan
l 1 3-16 77,160
X May
Emma Copper r______ 1 1 1-16
Olo 63o 22,400 50c May 63c June
Ferber Copper, r______ 1 63c
800 2% Apr 3% Jan
First National Copper__5
2X
2X
Glendale Min A Milling.. 1
Globc-Domlnlon Copper. 1 7-16
X 7-16 3,300 5-10 May
% Jan
49c 51c 10,900 480 May •77o Jan
Goldfield Consolidated. 10 51c
6o 6%0 8,500
6c
4%cMay lO Feb
o
Goldfield Merger r........ 1
4,000
7%c 8o
11c
Great Bend r_________ 1
1
1-16 7,200
1
1 May
2% Jan
Green Monster Min r___I
lie 13c 29,000 lie May 25c Mar
Hargraves___________ 1 12c
8% 8 13-10 4,150
7o Fob 8% Juno
Hecla Mining_______ 25c
8X
1% June
Hudson Bay Zinc Mines.5 l 5-16
1% 1% 10,300 1 1-10 May
9c Fob
8c
8o Mar
8c
International Mines r— 1
1% Jnn
Iron Blossom r______ 10c
1% 1 1-16 1 3-16 5,950 93c Apr
1% June
3 Mar
Jerome Verde Cop (------ 1 l 9-16 1% 1 13-16 73,000
3,700 690 Mar 880 May
7
6C 78c
Jim Butler r__________ 1 78c
9,200
5-16
% May
X Apr
Josevlg-Kcnnccott Cop..l
X
X
Jumbo Extension______1 35c *34c 36c 11,000 *34o June 49o Mar
5 Feb
100 4 7-16 Apr
4% 4%
Kerr Lake___________5 4%
500 12%c May 25c Fob
14%o 14%0
Kewanus r___________1
1% Juno
Louisiana Consol____ 10c 1 3-16 1 1-16 1% 14,600 80o Feb
Jan 59% Mar
1,025 40
43 45
Magma Copper............. 5 44
4,275 190 Mar 35o Jan
Magmatlo Copper r— 10c 230 200 24c
1 Juno
% 15-16 21,100 75c Apr
Magnate Copper---------1 15-16
14c 17%c 20,700 90 Jan 23o Apr
Marsh Mining r............ 1 16c
1,740 11-10 May
13-10 *1
I X Mar
Marysville Gold Min---- 1
8% Juno
8% 05,200 5 Feb
6
Mason Valley..........— 5
TX
3,500 460 Apr 57o Feb
480 51c
McKlnley-Darragh-Sav . 1
12,100 O o Apr
O
1% Juno
Milford Copper r ......... 1
1%
65o June
65c 750 29,600
1% Mar
Mohican Copper.r........ 1
1% Jan
% 1,100
K
% June
Monitor Sll L A Z M A M 1
% Jan
% 49,300
Monster Chief------------ 7-32 5-32
X May
27c 28%c 19,000 20c May 46o Jan
Mother Lode r..... ........1 27c
.
200
6% 6%
% Apr •8 May
Mutual Min A Leas pf r.. 1
1
3,000 80o Feb
1% Apr
X
Nancy Hanks-Montana r 1 1
10c 15c 22,000 10c June 21c May
National Leasing.r.. ...1
59c 76c 37,500 45c May 76o Juno
National Zlno A Lead r..l 76c
o
9c 1 C 8,500 D June 12c Juno
2
Nevada Rand r......... 10c lie
X May
X
1% Jan
X
% 12,300
Newray Mines Ltd r---- 1
Apr
Apr
7-16
X
X
% 15,200
N Y Zinc r....................1
1 Apr
2 May
1
1% 1,300
Nlcklas Mining..............1

June 23 1917.]
Sales
Friday
for
Last
Week's Range
Week ending June 22.
o f Prices
Week
Sale
Mining (.Concluded)Par. Price. Low. High. Shares.

THE CHRONICLE
Range since Jan.
Low.

1.

High.

300 7 May
7% 7%
8 'A
Nlplsslng Mines........ --5
K Feb
1% June
Onto Copper new w 1r ..l
I K 19-16 1 13-16 171,600
36c 47c 112 ,0 0 0
33o June
Portland Cons Cop-------r 40c
1*A Apr
% Apr 1 9-10 Fob
% 1 H 2,800
Red W
arrior r-------------1 1
7,900 53c June
Richmond Copper r------1 550 54c 50c
1 % May
52e 55c
8,500 50c Apr 72o
Rochester Mines---------- 1
Sagamore M Cor---------1 1 3-16 1 3-16 1 5-16 2,800 8 I0 Apr 1 5-16May
16c 24c 14,000 16c June
St Nicholas Zinc r...... . - 1
% Jan
Santa Rita Devel r........ 1 5-16 5-16 5-16 2,900 3-10 May
Jan
K
2,300 1 1 % 0
15c 16c
20 c
San Toy Mining...........-1
1,640 37c June *13-16 Mar
370 40c
Scratch Gravel Gold M..1
500 8 % May 16
Seneca Copper___(no par) 1 0 % 10 % 1 0 %
Jan
23,050
Apr
1
2
Senorlto Copper.......— 1
IK
IK
May
IK
13,500
Silver King ol Arizona..-1 7-32 5-32
K
% May 13-10 Jan
% Feb
Standard Silver-Lead___1 23-32 11-10 23-32 1,400
Vs Jan
5-16 5-16 4,500
K Apr 17-32
Stewart Mining______ 1
Suocess Mining r______ 1 370 32c 39c 12,700 32c Juno 60c
1,400
1
May
1K
Superior Cop (prosp’t) (t)
1H
1 % June
7,400 2 May
2 % 2 K 2 11-16
Tonopah Extension Mln.l
Feb
4%
200 5'A Feb
6
6
7
Tonopah Mining______ 1 0
5,200
May
3-10
K
Trl-Bulllon S & D_____ 5
K
% Jan
23c 30c
8,500 20o June 62o
Troy-Arlzona Cop Cor.,1 30c
13-16 13-10 4,300 13-10 Apr 15-16
United Copper Mining..1
4% 4*4 1,200 3 K May
5%
United Eastern.......... -.1
16c 20c
3,900 16c June 57o Apr
United Magma Mines r.. 1 18c
K 77,900
%
*A Apr
K
1Vs Jan
United Mines of Arizona. 1
20c 23c 14,000 ♦
18o Feb 26o
U S Tungsten.r---------- 1 22c
38 39K 1,000 33 % Feb 41% June
United Verde Exten r..60c
4% 5
500 4Vs Feb
6
United Zinc____ (no par)
3% 3%
600 2% Jan 3% Jan
3K
Unity Gold Mines.......-.5
4%
18,000 65o Apr
4%
4% June
Utah Nat Mines r........ 1
2K
22 30 45,400 22 June 30 June
Utica Mines r-------------1 28
66c 68c
7,S00 620 Apr 84o Apr
West End Consolidated..5 68c
700
White Cross Copper r ...l
K May
K
K
% Jan
Jan 24 June
21
24
IS,900 21
Wilbert Copper........ . 1 23
Yerrlugton Mt Cop___ 1 35C 24c 37c 58,000 210 Feb 600 Mar
Bonds—
Amor Smelting 5s r____
91% 01% 92% 571,000 90 May 100% Jan
97% 97% 1,000 95% May 100 Mar
Atl A Charlotte A L 5s r ’44
Beth Steel 5% notes..1919 98% 98% 98% 116,300 97% Mayl 98% Feb
2,000 90 May 109
98 98
Cosden & Co 6s r ___1926
;
97 97% 8,000 97 June 98% Mar
Erie RR 5% notes r..l919
101% 101 101% 20,000 101 June 1 0 1 %
N YClty4%s w 1...
82 84 82,000 79% May 98%
Russian Govt 0%S-._1919 84
69 75 74,000 69 June 94% Jan
5%s...................i92i
• Odd lots, t No par value, i Listed as a prospect. JListed on the Stock Exohango this week, where additional transactions w bo found, o New stock. rUnill
llsted. w Ex-cash and stock dividends, to W
hen issued. x Ex-dlvidend. y Ex
rights. z Ex-stock dividend. ______________ _____________
C U R R E NT N O T IC E .

— The public utility firm of John Nickerson Jr., 61 Broadway, this city,
Boston and St. Louis, arc featuring a selocted list o f tho bonds o f public
utility companies in to-day’s advertisement which they recommond for
investment. These bonds offer, in the opinion o f tho bankers, a high degroo
of safety, together with an attractive yield and in many o f them tho inter
est is paid without deduction for tho normal Federal income tax. Prico
and descriptive circular on application.
__The 39th annual issue o f the “ Manual o f Statistics,” published by tho
Manual of Statistics Co., New York, is now ready for distribution. Tho
Manual is a compact volume o f 1138 pages, giving “ tho essential facts
relating to the organization, finances and position o f all tho loading rail
road, industrial and utilities companies in tho United Statos and Canada ”
together with sundry statistics regarding mining stock, grain and cotton. ’
— Field, Richards & C o ., of 100 Broadway, this city, Cincinnati, Chicago
Dotroit and Cleveland, offer a varied list o f municipal bonds, by adver
tisement on another page, to yield 4.2.5% to 5% on the investment. Tlieso
securities aro exempt from Federal inconjo tax and oligiblo for postal
savings bank deposits. Complete descriptive circulars will bo furnished
Telephone “ Rector 1356.
— Komeror, Matthcs & C o., successors to Robert E. Komorer & Co
announce that Percy E. Matthcs has been admitted to tho firm. Komorer’
Matthos & Co. aro members o f tho Philadelphia Stock Exchango and have
offices at 50 Broad St., this city, Toronto, Hamilton, Buffalo, Phila
delphia and London

Interest. Descriptive circular on request.
— Tho 1917 edition o f “ Poor’s Manual o f Public Utilities” of tho United
States and Canada, a volume containing 2,500 pages o f text, has Just boon
Issued, presenting, as in former years, a vast amount o f financial infor
mation well collated.
— Sponcer Trask & Co. havo issued a booklet giving both a digest and
tho full toxt of tho Investment lax Law of Now York State enacted Juno 1
of this year. Copies of this booklet will be furnished invostors gratuitously
upon request.

New YorR City Banks and Trust Companies
Banks.
Bid
Ask
Bid
Ask
Co’s. Bid Ask
anhattan • 330 340 Trust York
America* — 550 560 M
New
ark
Amer Excb. 235 240 M A Fult — 255 Bankers Tr. 440 450
175 182 Mech A Met 297 305 B’way Trust 160 105
Atlantlc. ...
Battery Park 150 165 Merchants . 245
___
775 785
__ Metropolis*. 275 300 CentralTrust 290 295
400
Bowery*
Columbia 1 .
Bronx Boro* 150 200 Metropol’n * 180 190 Commercial. 100
Bronx Nat.. 100 175 Mutual*__ 375 __. Empire_
_ 290 300*
ew
BryantPark* 145 160 N Neth*. 215 225 Equitable Tr 368 375
Butch < Dr. 90 100 New YorkCo 350 450 Farm L A Tr 445 460
k
Chase____ 360 370 New York.. 405 415 Fidelity___ 208 215
Pacific •___
Chat A Phen 240 245 Park.......... 270 ___ Fulton___ 260 275
425 475 Guaranty Tr 420 430
Chelsea Ex* 100 120
Chemical — 385 395 People’s*... 200 220 Hudson___ 135 142
Prod Exch*. 188
Clttsens___ 197 205 Publio *---- 230 198 LawTit A Tr 110 115
240 Lincoln Tr..
City....... . 445 455
103
coal a Iron 210 220 Seaboard ... 455 — Metropolitan 380* 395
Colonial*... 450 ___ Second----- 395 416 Mut’l (West
an
Columbia* 315 ___ Sherm — 120 130
chester) .. 125
State *----- 100 110 N Y Life Ins
Commerce.. 1172
Corn Exch* 315 320 ’ 23d Ward*. 115 130
A Trust.. 925 950
Cosmopol'n* 85
95 Unlon Exch. 160 160 N Y Trust.. 598 608
East River
60
70 Unit States* 600 — TltleQuATr 348 358
_
Fidelity *.. 150
W H’ts*. 275 _ Transatlan’o
ash
155
Fifth Ave*.. 4300 4800 ‘ W
eatch Av* 190 ___ Union Trust 390* 410
Fifth........ 200 225 W Slde*. 200 ___ USMtgATr 435 445
est
First ......... 990 1015 Yorkvlllc*.. 590 010 UnltedStates 1005 1020
Garfield___ 180 186
Brooklyn
Westchester. 130 140
Germ-Amer* 135 140 Coney Isl’d* 125 135
Germ Ex* 390 400 First......... 255 270
an
Germ
ania *. 200 225 Flatbush . .. 140 155
Brooklyn
Gotham---- 220
Greenpolnt . 156 165 Brooklyn Tr 600 610
Greenwich*. 310 325 Hillside *... 110 120 Franklin ... 245 255
Hanover. .. 700 710 Homestead •
115 Hamilton__ 265 275
Harrlm . . 230 240 Mechanics* 125 " 130 Kluga Co__ 650
an
Imp A Trad. 510 620 Montauk*.. 90 105 Manufact’rs
150'
Irving ...... 220 230 Nassau__
85
200 210 People’s___ 2* *‘ 295
Liberty----- 965 1000 Natlon’icity 205 275 Queens Co.. 75
85
Lincoln----- 300 320 North Side* 176 200
People’s___ 130 140
•Banks marked with a (•) are State banks ♦Hale »t auetlon or *t stock Exihange this week I New stook. » Ex-rlghts * Ex 1-00% stook dividend
Banks-N.Y.




2545

New York City Realty and Surety Companies
Bid

Alliance R’ty 70
Am Surety 125
er
Bond A M C 240
Casualty Co ....
City Invest g 13
Preferred.. 58

Ask

77
130
250
....
16
65

BitJ
Atk
Lawyers Mtg 130 140
Mtge Bond. 98 103
Nat Surety. 215 220
N Y Title A
Mtge___ 88
93

Bid

Realty Assoc
(Brooklyn) 90
US Casualty 200
USTitleQAI
W A Bronx
es
Title AM G 165

Atk

95
85*'
175

Quotations for Sundry Securities
All bond prices are “ and Interest” except where marked “ f ”

Standard OH Stocks Pt rShare
RR. Equipments— PerCt Basis
Par .Bid. Ask.
Bid. Ask.
Anglo-American Oil new. £1 *20 20% Baltimore A Ohio 4%s..
4.90 4.60
Atlantic Refining_____ 100 900 915 Buff Roch A Pittsburgh 4%s 4.95 4.70
Borne-Scrymser Co___ 100 410 440
Equipment 4s_________ 4.95 4.70
Buckeye Pipe Line Co... 50 *97 100 Canadian Pacific 4%s____ 5.30 5.00
10
Chesebrough Mfg new---100 390 410 Caro Cllnchfield A Ohio 5s. . 5.80 5.00
Colonial Oil.................. 100 50 70 Central of Georgia 5s......... 5.35 5.00
Equipment 4%s_______ 5.35 5.00
Continental Oil............. 100 480 500
40 Chicago A Alton 4s........ . 5.70 5.00
Crescent Pipe Line Co__50 *38
1
Cumberland Pipe Line.. 100 155 165 Chicago A Eastern 115%s.. 6.50 5.50
Eureka Pipe Line Co___100 208 212
Equipment 4%s.......: __ 6.50 5.50
Galena-Signal Oil com— 100 149 152 Ohio Ind A Loulsv 4%s....... 5.30 5.00
12
Preferred....... ........... 100 139 1 4 Chle St Louis AN 0 5s....... 4.90 4.70
Illinois Pipe Line_____ 100 208 212 Chicago A N W 4%s.......... 4.80 4.50
Indiana Pipe Line Co___ 50 93 97 Chicago R IA Pac 4%s___ 5.90 5.10
International Petroleum. £1 *1312 14 Colorado A Southern 5s___ 5.40 5.00
National Transit Co...12.50 *14 16 Erie 5s............................. 5.25 5.00
Equipment 4%s_______ 5.2 5.00
New York Transit Co__100 180 190
Northern Pipe Line Co.. 100 95 99
Equipment 4s___ _____ 5.25 5.00
Ohio Oil C o................ 25 343 347 Hocking Valley 4s............. 5.10 4.85
Equipment 5s................ 5.10 4.85
Penn-Mex Fuel Co........ 25 *45
50
Pierce O Corporation__25 *12
H
1 *2 Illinois Central 5s------------ 4.95 4.70
2
Pralrlo Oil & Gas_____ 100 510 525
Equipment 4%s----------- 4.95 4.70
Pralrio Pipe Line.......... 100 270 275 Kanawha A Michigan 4%s._ 5.30 5.00
Solar Refining............... 100 330 345 Louisville A Nashville 5s___ 4.90 4.60
Southern Pipe Lino Co. .100 192 197 Michigan Central 5s.......... 5.00 4.70
South Penn Oil........... 100 278 282 Minn StP ASSM 4%s___ 4.95 4.75
Southwest Pa Pipe Lines. 100 107 112 Missouri Kansas A Texas 5s. 5.90 5.00
Standard Oil (California) 100 258 262 Mlssourl Pacific 5s........
5.80 5.00
Standard Oil (Indiana).. 100 745 755 Mobile A Ohio 5s..........
5.40 5.00
Standard Oil (Kansas)...100 450 475
Equipment 4%s........
5.40 5.00
Standard O (Kentucky) 100 345 355 New York Central Lines 5s.. 5.10 4.80
H
Standard Oil (Nebraska) 100 510 520
Equipment 4%s____
5.10 4.80
Standard Oil of New Jer.100 595 600 N Y Ontario A West 4%s__ 5.20 5.00
Standard Oil of New Y’k 100 282 285 Norfolk A W
estern 4%s___ 4.80 4.50
Equipment 4s........... .... 4.80 4.50
Standard Oil (Ohio).......100 425 445
Swan&Flrch.......... 100 95 105 Pennsylvania RR 4%s___ 4.80 4.50
Equipment 4s................ 4.80 4.50
Union Tank Line Co___100 92 94
Vacuum Oil............... ..100 350 360 St Louis Iron Mt A Sou 5s.. 5.60 5.00
Washington Oil............... 10 *30 34 St Louis A San Francisco 5s. 6.00 5.00
Bonds.
Percent.
Seaboard Air Lino 6s.......... 5.35 5.00
Pierce O Corp conv 63.1924 82 84
il
Equipment 4%s_______ 5.35 5.00
Ordnance Stocks— Per Share.
Southern Pacific Co 4%s__ 4.95 4.75
Aetna Explosives pref__100; 25 35 Southern Railway 4%s....... 5.20 4.80
American A British Mfg.100; 6 10 Toledo A Ohio Central 4s... 5.40 5.00
Preferred...................100; 20 30
Tobacco Stocks— Per Sha re.
Atlas Powder common__100 148 153
Par Bid. Ask.
Preferred...................10 0 ! 100 102
Babcock & Wilcox____ 100 128 130 American Cigar common. 100 108 112
Bliss (E W) Co common. 50 *505 550
Preferred..................100 95 100
Preferred___________50 *75 83 Amer Machine A Fdry.-lOO 80 90
•Buffalo Copper A Brass
Brltlsh-Amer Tobac ord..£l *1612 1 1
7*
Canada Fdys A Forgings. 100 125
Ordinary, bearer____ £ • 17 12 19
1
Canadian Explosives com 100
100 250 300
Conley Foil............
Preferred__________ 100
Johnson Tin Foil A Met. 100 100 130
Carbon Steel common__100
MacAndrews A Forbes..100 205 215
Preferred__________ 100 98 103
1st preferred.............100 ___
Reynolds (R J) Tobacco. 100 515 550
2d preferred_______ 100___
Colt’s Patent Fire Arms
Preferred__________ 100 108 113
Young (J S) Co............ 100 160 175
100 106
Mfg.................
duPont (E I) de Nemours
Preferred__________ 100 105 110
A Co common............100 254
Short-Term Notes— Per Cent.
Debenture stock____ 100 ----Empire Steel A Iron com.100 50
Amer Cot O 5s 1917-MAN 99% 100%
H
Preferred...................100 92
Amer Locom 5s July ’17.J-J 99% 100%
Hercules Powder com...100 235
Amer Tel A Tel 4%s 1918... 99% 9934
Preferred...................100 116
Beth Steel 5s 1919. .FAA 15 98 98%
Hopkins A Allen Arms.. 100
Canadian Pao 6s 1924-MAS 2 101% 101%
Preferred__________100
Chic A West Ind 5s ’17-MAS 98% 99%
Mllliken Bros preferred.. 100
Erie RR 5s 1919_____ A-O 97 97%
Nlles-Bement-Pond com. 100 160
General Rubber 5s 1918.JAD 98 98%
Hocking Valley 5s 1917.M-N 99% 100%
Penn Seaboard Steel (no par)1 —
Phelps Dodge A Co___100! 307 315 Int Harv 5s Feb 15 ’18.F-A 9 3 100%
94
Scovlll Manufacturing... 100; 645 655 K C Rys 5%s 1918.......JAJ 98% 99%
Thomas Iron................ 50 20 40 K C Term Ry 4%s '18.MAN 98% 100
W
inchester Repeat Arms.100 1000 1050 4Ha 1921_________ JAJ 97% 99
Woodward Iron........... 100j 60 65 Laclede Ga8L5s 1919.. F&A 98% 99%
Mich Cent 5s 1918 ...
Public Utilities
99 99%
Amer Gas A Elec com__50,*116 120 MorganAWright 5s Dec 1 T8 99% 100%
Preferred....................50! *48 49i2 N Y Central 4%s.May 1918 99 99%
Amer Lt A Trae com___100 325 328 N Y N H A H Ss.Apr 15 1918 9 3 96%
54
Preferred............
1 0 110 111 Penn Co 4%s 1921.. JAD 15 98% 99%
0|
AS 98% 99
Amer Power A Lt com__100 67 69 Pub Ser Corp N J 5s ’19.M
Preferred.................. 1001 88 90 Rem Arms U.M.C.5s’19FAA 80 85
Amer Publlo Utilities com
lOO 28 32 Southern Ry 5s 1919..M-S 2 97 97%
Preferred............. .... 100 65 68 United Fruit 5s 1918...M-N 9 100%
934
5
Cities Service Co com__100 283 286 Utah Seo Corp 6s ’22.M-S 1 91 93
inches UepArrns5sT8.M
AS 97% 97*4
Preferred..................100 86 87 W
New York City Notes—
Com’w’lth Pow RyAL.100 48 50
Preferred..................100 75% 77l2 6s Sept 1 1917......... ........ 100% 100%
Canadian Govt. Notes—
Elec Bond A Share prel. .100 < 9 101
f9
El Paso Elec Co com___100 103 107 5s Aug 1 1917............. FAA 99% 100%
Federal Light A Traction. 100 13 14
Industrial
Preferred..................100 47 51
and Miscellaneous
Galv-Hous EIco Co pref. 100 ---- 75
Great W Pow 5s 1946.JAJ 84 85 American Brass............ 100 320 324
est
2
M
ississippi Riv Pow com. 100 11 1 American Chicle com___100 57 62
Preferred................. 100 70 73
Preferred...................100 31 34
First Mtge 5s 1951.--JAJ 69 70 Am Graphophone com__100 84 88
Preferred-................. 100 100 103
North’n States Pow com. 100 96 98
Preferred..................100 97 98l2 American Hardware.......100 135 138
North Texas Eleo Co prel 100 78 83 Amer Typefounders com. 100 39 41
Preferred....... ...........100 88 91
Pacific Gas A Eleo com. .100 58 59
1st preferred..............100 89 90 Borden’s Cond Milk com. 100 102 103
Preferred...................100 102 104
Puget Sd Tr L A P com. 100, 22 25
Preferred__________ 100, 70 73 Celluloid Company.......100 175 185
1 2
Republic Ity A Light___100 36 37 Havana Tobacco Co___100
Preferred__________ 100 3
6
Preferred...................100! 6§ 70
1st g 5s June 1 1922..J-D /50 55
South Calif Edison com.. 100 87 89
Preferred.................. 100 103 106 Intercontlnen Rubb com. 100 11 12
Southwest Pow A L pref. 100! d95 100 Internat Banking Co___100 160
Standard Gas A El (Del). 50 *11 12 International Salt_____ 100 54 5a"
Preferred....................50 351* 36i4 1st gold 5s 1951____ A-O 76 78%
Tennessee Ry LAP com 100 5% 6l2 International Silver pref. 100 100 103
Preferred__________ 100 26 27 Lehigh Valley Coal Sales. 50 *76 81
Unltod Gas A Eleo Corp. 100 5 9 Otis Elevator common__100 55 59
Preferred--------------- 100 84 86
1st preferred_______ 100 60 65
2d preferred........ .....100; 6 10 Remington Typewriter—
Common__________ 100 13 13%
United Lt A Rys com___100 39 41
1st preferred........ .....100 70 73
1st preferred............. 100 68 69
2d preferred..............100 43 45
Western Power common. 100 14 16
Preferred.................. 100i 55 60 Royal Baking Pow com.. 100 147 152
Preferred...................100 100 102
•Per share. 6 Basis. 4 Purohaser also pays acorued dividend. « New stook.
/Flat Price, o Nominal * Ex-divldend. v Ex-rlghts.

lu m s tm m t
R

oan

| Vol, 104

THE CHRONICLE

2546

A

I L

R

O

f ^ a t lw a d

m &
A

D

G

R

O

S S

E A R N

I N G S .

The following table shows the gross earnings of various S T E A M railroad from whioh regular weekly or monthly returns
be obtained. The first two columns of figures give the gross earnings for the latest week or mouth, and the Iasi two

oolumns the earnings for the period from July 1 to and including the latest week or month.
VV add a supplementary
e
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but oovors some other
period. The returns of the electric railways are brought together separately on a subsequent page.
_______________
Latest Gross E a r n in g s.
H O AD S.

Week or
M o n th .

Current
Y ea r.

July 1 to

Yea r.

Current
Yea r.

July 1 to

Latest C ross Earnings

Latest D a te.
ROADS
Previous
Y ea r.

Ala N O & Tex Pac$
$
162,583 151,823 1,791.263 1,578,099
Ala & Vicksburg. M ay___
Vicks Shrev & P. M ay____ 155,055 136,474 1,856,572 1,534,344
01.110
53.377 2,743,955 2,550,106
Ann Arbor_______ 2d wk June
Atch Topeka & S Fe April . _ . 13269739 11049400 128544802 109860073
52,233 3,531,321 2,866,494
Atlanta Birin & Atl 1st wkJune
74,428
Atlanta & West Pt. \prii____ 130,725 119,334 1,305,576 1,146,508
Atlantic Coast Line tVpril____ 3,617,530 3,265,144 33,452,579 28,672,592
Chariest & W Car April____ 172,076 177,572 1,749,951 1,586,127
Lou Hond & St L April____ 163,293 138.341 1,586,244 1,336,245
aBaltlmoro & Ohio. April____ 10293544 9.042,070 99,764,824 91,121,550
B & O Ch Ter RU April
171,185 158,321 1,562,493 1,456,077
Bangor & Aroostook April
451,811 380,382 3,623,006 3,132,659
664,787 517.300 8,864,853 8.498.579
Bessemer & L Erie. April
810,463
837,151
90,222
91,546
Birmingham South. April
Boston Sc Maino__ April____ 4,715,383 4,447,446 46.912,549 12,608,107
Buff Iioeh & l’ittsb 2a wk June 297,360 269,587 12,860,115 11,535,043
Buffalo & Susq RU. April____ 117,766 120,762 I, 375,670 1,425,805
Canadian Nor Syst. 2d wk June 916,800 880,400 39.021,600 31,557,900
Canadian Pacific. 2d wk June 3,165,000 2,629,000 110322 612 122607108
359.064 279,586 2,927,478 2,521.783
Caro Clinchf & Ohio April . .
1,179,479 990,531 12,392,183 10,629,506
Central of Georgia. April . .
2,920,855 2,677,854 29,015,856 28,509,542
Cont of Now Jersey April . .
488,541 441,068 4,512,317 3,954,826
Cent Now England- April . .
Central Vermont.. April . .
375.583 387,174 3,591,328 3,533,848
Ches & Ohio Lines. 2d wk June 983.202 975,875 48,578,470 45,809,175
1.600,200 1,252,346 15,791,656 13.484,062
Chicago & Alton__ April .
Chic Burl Sc Quincy April___ _ 9,754,992 8,060,057 96.721,589 85,478,862
1,659.651 1,153,161 15,257,265 13,790,954
b Chicago & East ill April__
c Chic Great West 2d wk June 374,149 334,280 15,703,541 14,415,994
Chic Ind & Louisv 2d wk June 163.584 156,805 8,341,538 7,332,665
Chicago June RR._ April........ 275,616 227.342 2,344,413 2,028,148
Chic Milw & St P .. April____ 9,330.909 8,748,558 92,319,829 87,372,273
c/Chic & North West April___ 8,456,363 7.514.262 86,341,607 77,704,939
Chic Peoria Sc St L. April____ 170,498 136,750 1,618,831 1,456,453
Chic Rock Isl & Pac April____ 6,701,269 5,761,977 68,571,350 60,227,579
Chic R I Sc Gulf.. April____ 295,896 242,168 3,122,857 2,651,421
d Chic St P M Sc Om April____ 1,809,465 1,697,600 18,038,259 16,724,020
Chic Torre U & S E April____ 261.202 143,442 2,631,726 2,144,256
Cin Ham Sc Dayton April____ 855,743 733,866 8,729,624 8,695,069
96,930 109,682 1,404,655 1,284,483
Colorado Midland. April____
308,232 273,559 16,690,172 15,049,881
e Colorado Sc South. 2d wk Juno
168,687
241,894
26,796
26,577
Cornwall________ April____
382,275
443,178
Cornwall Sc Lebanon April____
45,870
41,265
Cuba Railroad___ March___ 230,108 799.779 4,562,033 4,752.921
Dolaware Sc Hudson April____ 2,294.259 2,184,844 22,286,223 21,437,094
Del Lack Sc West.. April____ 4,326,084 3,720,734 44,083,713 40,458,655
Denv Sc Rio Grande 2(1 wk June 555,700 450.300 26.281.770 23,713,220
52,653 1,805.910 1,721,016
Denver & Salt Lake 4th wkMay
46.463
22,973 1,226,845 1,105,085
Detroit & Mackinac 2d wk Juno
24,199
Detroit Tol & Iront April
210,344 180,370 2,041,608 1,814,017
Dot & Tol Shore L. April
152,607 141,012 1,459.632 1,444,901
Dul & Iron Range.. April____ 162,662 348,948 5,024,762 4,528,113
.
Dul Missabe Sc Nor April____ 286,799 526.108 10,512,931 7,739,051
74,443 3,847,003 3,304,699
Dul Sou Shore & Atl 2(1 wk June 85,653
220,789 172.377 1,690,581 1,421,130
Duluth Winn Sc Pac April
10,893,937
874,598
Elgin Joliet & East. April____ 1,306.399 1,205,032 II,
El Paso Sc So West. April____ 1,264,764 964,898 11,818,7341 8,612.905
Erio____________ April____ 6,342,462 6,027,893 61,264,822 59,947,506
Florida East Coast. April____ 754,451 922,549 7,365,9621 5.930,868
86,574
851,382
780,065
82,665
Fonda Johns Sc Glov April____
Georgia Railroad. April____ 308,405 269,314 3,084,600. 2,656,555
92,074 1,734,977 5 262,991
Grand Trunk Pac. 3u wk May 115,010
Grand Trunk Syst 2d wk June 1,348,185 1,113,418 60,034,606 51,838,878
Grand Trunk Ry 4th wkMay 1,496,788 1,111,897 15,548,039 38,338,205
Grand Trk West. 4th wkMay 329,983 273,113 8,298,433 8,065,508
96,998 2,966,972 2,980,456
Det Gr II Sc Milw 4th wkMay 112,483
Groat North Systom M a y ____ 7,924,183 6,917,872 78,548,763 74,100,014
GulfMobllo* Nor. April____ 166,171 187,490 1,678.164 1,675,304
Gulf & Ship Island. April____ 155,331 173,641 1,638,736 1,637,578
Hocking Valley___ April____ 725.025 479,691 7,364,475 5.874,973
Illinois Central___ M a y ____ 7,122,897 5,985,472 73,162,237 63,171,828
Internat & Grt Nor April____ 936,508 798,426 9,703,405 7,893,571
Kansas City South. M a y ____ 1,114,621 940,772 11,350,325 9,672,485
Lehigh Sc Hud Riv. April........ 198,325 182,607 1,831,180 1,727,269
Lehigh Sc Now Eng. April____ 281,529 233,600 2,614,221 2,839,714
April____ 4,092,018 3,692,001 41,095,561 38,835,215
Lehigh Valley
Los Angolos & S L_. April____ 1,088,864 1,019,949 9,847,660 9,136,668
Louisiana Sc Arkan. M arch__ 123,043 142,809 1,115,303 1,258.824
171.658 160,986 1,900,662 1,850,536
Louisiana Ry & Nav April
/ Louisville Sc Nashv 2d wk Juno 1,451,395 1,195,075 65,994,069 57,625,293
162,975 973,529 11,171,426 9,852,363
Maine Central____ April
395,595
424,838
40,712
45,448
Maryland &Penn__ April . . . . .
Midland Valley___ April____ 231,378 169,419 2,024,384 1,537,408
20,812 1,125,354 1,025,075
22,263
Mineral Range___ 2d wk June
Minnoap Sc St Louis 2d wk June 240,777 218,049 10.437.323 10.307,453
M lnnStP&SSM . 2d wk Juno 642,691 639,693 31,759,045 32.936,242
678,327
650,860
54,892
70,498
Mississippi Contral. April
719.835 567.242 38,368,793 31,034,464
g Mo Kan Sc Texas. 2d wk June
6,160,758 5,391,144 62,507,891 53,353,548
n Missouri Pacific.. April
17030831 16203808 167626774 155236093
j New York Central April
Boston Sc Albany April____ 1,872,719 1,818,310 18,069,106 16,213,915
629,1461 585,091 6,541,773 5,719,745
n Lako Erie Sc W April____
-±,0 / 0 ,0*10 o,ooi ,oyo
Michigan Central April____ 4,375,348 3,837,898 40,589,389 34,148,297
• Clevo C C Sc St L April____ 4,181,713:3,533,145 40,141,844 35,805,356
---------1 142,605
Cincinnati North. April____ 175,9451 --------- 1,714,663 1,498,881
Pitts Sc Lake Erie April____ 1,814,926 1,900,769 19,924,274 18,655,330
Tol Sc Ohio Cent. April____ 543,708 393,762 5.502,948 4,410,950
Kanawha Sc Mich April____ 234,082, 269,276 2,686,988 2,985,817
Tot all linos above' April____ 30858418 28684663 302 797835 274674391

Week or
M o n th

Currer t
Year

PreviouYear

C urrew
Year

Latest D a n
Previous
Year

Nashv Chatt Sc St L April____ 1,229,576 1,079,954 11,820,236 10,560,236
326,317
373,304
10,823
11,503
Nevada-Cal-Oregon 4thwkMay
I, 516,494
New Orl Great Nor April____ 118,703 166,761 1.363,883 11,873,707
N Y Chic Sc St Louis April____ 1,423,427 1,306,062 13,115,275 62,365,090
N Y N II & Hartf.. April........ 7,046:592 6,638,131 68,350,134 7,494,022
N Y Ont & Western April____ 668,680 700,599 7,193,012
N Y Susq & West.. April____ 305,804 330,530 3,080,492 3,668,090
3,793,444
Norfolk Southern.. April____ 443,599 407,308 4,321,409 47,023,159
Norfolk Sc Western. April____ 5,077,097 4,676,972 49,993,632
Northern Pacific__ April____ 7,679,461 6,450,096 69,747,220 62,741.498
Northwost'n Pacific April____ 347,311 327,855 3,838,395 3,479,115
6,061,676
Pacific Coast Co__ April____ 335,919 581.500 5,177,989 180936068
20746631 18825483 196785668
p Pennsylvania R R . April ...
929,480
73,608 1,038,464
83,726
Balt Ches & Atl.. April ...
2,910,756
Cumberland Vail. April____ 415,662 312,502 3,343,503 11,486,507
1,186,568 1,113,661 12,479,891
April__
Long Island
741,436
796,005
63,293
73,404
Mary’d Del A Va April__
3,801,073
N Y Phlla Sc Norf April____ 387,508 405,523 4,217,363 19,334,954
2,546,304 2,133,194 22,662,118
Phil Balt & Wash April____
628,512 614,445 6,685,959 6,242,794
W Jersey & Seash April ...
April____ 6,050,741 5,946,108 61,695,590 57,427,198
Pennsylvania Co
538,246 476,214 5,137,024 4,669,782
Grand Rap & Ind April ...
/Pitts O O & St L. April____ 0,225,933 4.970.030 56,439,646 49,345,894
Total lines—
East Pitts Sc Erie April___ 26416756 23862954 251406041 229459605
West Pitts Sc Erie April___ 13004350 11549 299 124873958 112886961
All East & West. April___ 39421105 35412252 376279998 342340560
Pero Marquette__ April___ 2,026,687 1,875,627 19,181,514 17,608,609
Reading Co—
Phila Sc Reading. April___ 5,248,289 4,805,000 52,275,079 48,101,550
Coal Sc Iron Co._ April____ 3,328,060 2.407.814 37,715,785 31,008,292
Total both cos__ April____ 8,570,349 7.212.814 89,990,864 79,169,843
Rich Fred Sc Potom April____ 405,354 346.044 3,332,234 2,671,570
534,226
584,216
10,706
9,789
Rio Grando South.. 2d wk Juno
Rutland_________ April____ 359,008 378,390 3,398,265 3,182.372
1,498,408
St Jos Sc Grand Isl. April____ 233.888 154,095 1,943,889 2,175,781
St L Brownsv Sc M. April____ 298.888 219,339 4,079,788 27,128,643
St L Iron Mt & So. April____ 3,395,536 2,753,904 33,081,100 39,896,088
St Louis—San Fran April__ _ 4,524,081 4,094,287 46,854,079 II, 716,525
15,140,948
St Louis Southwost. 2d wk Juno 300,000 228,000 ............. ..
Seaboard Air Lino.. April____ 2,460,790 2,182,720 22,406.419 20,490,000
15413900 12351273 149411207 120216215
Southern Pacific.. April
k Southern Ry Syst. 2d wk Juno 2,044,979 1.744,219 100224511 88.250,996
Ala Great South. April____ 553,037 476,545 5,118,537 4,578,044
9,060,941
Cine N O S Tex P April____ 1,071,700 940,963 10,214,052 3,137,315
Now Orl Sc N E .. April____ 361,003 308,584 3,580.374 11,311,696
Mobilo & Ohio__ 2(1 wk June 289,561 229,201 12,163,871 2,340,297
45,312 2,683,082
48.983
Georgia So & Fla. 2d wk Juno
504,174 381,247 4,801,274 4,100,191
Spok Port Sc Seattle April___
96,356
112,658
1,941
l ,857
Tenn Ala Sc Georgia 1st wlcJuno
144,682 141,282 1,450,455 1,325,056
Tennessee Central. April
April____ 280,944 309,547 2,637,981 2,093,094
Torm It It Assn,St L
St L M B Torm.. April____ 242,532 183,904 2,338,792 1,879,816
Texas Sc Pacific___ 2d wk June 408,150 341,022 21,353,070 18,376,359
106,624
98,595 1,143,650 1,115,767
Toledo Peor & West May
Toledo St L Sc West 2d wk Juno 143,350 124,742 6,046,143 5,386,398
791,204
958,434
66,421
70,142
April____
Trin & Brazos Vail.
Union Pacific Syst. April __ 10620635 8,479,327 99,005,405 86,632,918
8,043,803 0.344,257
Virginian________ April____ 857,994 648,538 32,279,738 28,641,129
Wabash_________ April____ 3,376,333 2,984,869 12,029,151 10,396,416
Western Maryland- 2(1 wk Juno 218,558 229,606 7,383.808 6,173,326
Western Pacific___ April____ 801,251 686,792
1,095,513
Western Ry of Ala. A p ril_____ 125,868 109,066 1,223,758 8,283,596
Wheel Sc Lako Erie. April____ 740,502 755,730 7,919,408 12,417,545
Yazoo & Miss Vail. M ay ____ 1,344,866 1,144,674 15,302,980
Various Fiscal Y ears.

Buffalo* Susquehanna RR----- Jan
Delaware Sc Hudson..___
lan
Erie__________________
New York Central.)_________ Ian
Boston & Albany_____
Jan
Lake Erie Sc Western. n
Jau
Michigan Central____
Cleve Cine Chic * St Louis.. Jan
Jan
Cincinnati Northern---Jan
Pittsburgh & Lake Erie
Jan
Toledo Sc Ohio Central.
Kanawha Sc Mlchlgau-------- Jan
Total all lines___________
Now York Chicago Sc St Louis.. Jan
N Y Susquehanna Sc Western.. Jan
p Pennsylvania R ailroad ____ _ Jau
Baltimore Chosap Sc Atlantic Jan
Cumberland Valley------------ Jan
Long Island_____________ Jan
Mary'd Delaware Sc Virginia Jan
N Y Philadelphia Sc Norfolk. Jan
Phlla Baltimore Sc Washlug’n Jan
West Jersey & Seashore------ Jan
Pennsylvania C o m p a n y ----------- Jan
Grand Rapids & Indiana----- Jan
/ Plttsb Cine Chic * St Louis. Jan
Total lines—East Pitts Sc Erie Jan
—West Pitts * Erie Jan
—All lines E & W. Jan
Rutland__________________

Current
Year

Period

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

to
C
O
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Previous
Year.

April 30 $520,124 $567,408
April 30 8,671,857 8.485,029
April 30 23,067,113 23,124,828
April 30 63,724,580 63,076,789
April 30 6,755,409 6,037,556
April 30 2,605.437 2,246,237
April 30 10,072,582 14.105,088
April 30 15,619,781 14,483,530
April 30
577,721
099,927
April 30 7,358.145 7,497,200
April 30 2,052,733 1,760,662
April 30 982,240 1,172,531
April 30 115870882 111017919
April 30 5,251,287 5,019.033
April 30 1,294,972 1,564,084
April 30 78,151,320 72,467,505
April 30
200,700
261,815
April 30 1,4.37,811 1.211.530
April 30 4,215,395 3,985,727
215,956
April 30
236,416
April 30 1,499,208 1,512,339
April 30 9,202,044 7,740,435
April 30 2,196,336 2.078.531
April 30 21,740,774 21,785,742
April 30 2,007,065 1,805,383
April 30 22,983,595 20,069,543
April 30 98.473,111 90,658,950
April 30 47,401,118 44,234,945
April 30 145874229 134893895
April 30 1,321,401 1,266,120

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
• W eekly

S um m aries.

Current
Y ea r.

Previous
Yea r.

Increase or
Decrease

%

M o n th ly S um m aries

Previous
Yea r.

Increase or
Decrease.

M ile a g e .
C u r. Y r . Prec. Yr.
$
$
$
244.705 333,460,457 278,787,021 4-54,673.430
1st week Apr (32 roads)___ 14,388.627 12,933,797 + 1,454.830 11.25 August....... 245.510 247.466 332,888,990 294,333.449 4-38,555.541 19.60
13.11
+ 1,768,515 13.92 September. .218.156
2d week Apr (32 roads)___ 14,418,873 12,048,358
f35.050.786
216,000
3d week Apr (31 roads)___ 13,938,948 12,382,623 + 1,556.325 12.57 October___ 246,683 248,058 345,790.899 310,740,113 f 23,652,274 11.22
7.71
330.258.745 300.606.471
4th week Apr (30 roads)___ 17.657.9.35 15,692,888 + 1,965,047 12.52 November. .248,863
8.31
1st week May (32 roads)___ 13,984.924 12,581,492 + 1,403.432 11.15 December ..216,811 215,669 262,171.109 242,064,235 f 20,100,934 15.29
247.327 307.961.074 207.115,289 40.845,785
2d week May (32 roads)___ 14,803,19.3 12,747,776 +2.055,417 16.28 January___ 248,477 248.738 271,928.006 269,272,382 +4-2,655,684 .0.99
14,679,235 12,812,697 + 1,866.538 14.60 Fobruary__ 249,795 247,317 321.317,500 294,068,345 +27.249,215 9.27
3d weok May (31 roads)----4th week May (30 roads)___ 21,906,929 18,608,549 + 3,298.380 12.35 March____ 248.185 248.120 320.500,287 288,740,653 +37,819,631 13.10
1st weok June (27 roads)... . 14,477,730 12,289,002 + 2,188,734 17.82 April........... 248,723
2(1 week Juno (28 roads)___ 14.823,511 12,827.698 + 1.995.815 15.57 May........... 82.766 81,326 81,604,160 70,656,516 + 10,947.614 15.46
alncludes Cleveland Lorain * Wneoling Ry. b Includes Evansville Sc Terre Ilaute. c Includes Mason City * F o r t Dodgeandthe Wisconsin
Minnesota & Pacific, d Includes not only operating revenue, but also all other receipts, « Does not Include earnings of Colorado SMlngi « Cripple
Creek District Ry. /Includes Louisville Sc Atlantic and the Frankfort Sc Cincinnati. 0 Includes the Texas Central and the Wichita Ial s linos.
h Includes the St. Louis iron Mountain * Southern. } Includes the Lake Shore * Michigan Southern Ry., Chicago IntBana & Southey RR., and
Dunkirk Allegheny Valley * Pittsburgh RR. * Includes the Alabama Great Southern, Cine. New Orleans * Texas Pacific, Now Orleans* Northeastern
and the Nor. Alabama. I Includes Vaudalla RR. n Includes Nir. Ohio RR. p Includes Northern Central. * We no longer Include Mexican roads In
any of our totals.




•J N 23 1917.]
UF

THE CHRONICLE

2547

Latest Gross Earnings by Weeks.— In

the table which
follows wo sum up separately the earnings for the second week
of June. The table covers 28 roads and shows 1 5 .5 7 %
increase in tho aggregate over tho same week last yoar.
Increase.
1917.
1916.
S
S
$
Ann Arbor____________
7,733
53,377
61,110
Buffalo Rochester & Pitts__
269,587
27,773
297,360
Canadian Northern__________
880,400
36,400
916,800
Canadian Pacific_______
3,165.000 2,629.000 536,000
Chosapoake & Ohio______
975,875
7,327
983,202
Chicago Groat Western.
I
334,280
374,149
39,869
Chicago Ind & Louisville. .
156,805
6,779
163,584
Colorado & Southern___
308,232 273,559
34,673
Denver & Rio Grande..
450,300 105,400
555.700
Detroit & Mackinac. _
22,973
24.199
1,226
85,653 . 74,443
11,210
45,312
Georgia Southern & Florida.
48,983
3,671
Grand Trunk of Canada_____
1,348,185 1,113,418 234,767
Grand Trunk Western____
Detroit Gr llav & Milw___
Canada Atlantic_________
1,451,395 1,195,075 256,320
Louisvillo & Nashville______
22,263
20,812
Mineral Range____________
1,451
240,777
218,049
Minneapolis & St Louis_____
22,728
Iowa Central___________ .
642,691
639,693
Minneapolis St Paul & S S M__
2,998
719,835
567,242 152,593
Missouri Kansas & Texas-------289,561
229,201
Mobilo & Ohio_____________
60,360
9,789
Rio Grande Southern________
10,706
300,000
228,000
St Louis Southwestern----------72,000
Southern Railway System------ 2,044,979 1.744,219 300,760
Texas & Pacific____________
408,150
341.022
67,128
Toledo St Louis & Western___
143,356
124,742
18,614
Western Maryland__________
218.558
229,606
14,823,511 12,827,696 2,007,780
1,995,815
Second

week

of

J u n e.

Decrease.

$

917

11,048
11,965

Net Earnings Monthly to Latest Dates.— Tho tablo
following shows tho gross and not earnings with charges and
surplus of S T E A M railroads and industrial companies re
ported this week:
----- Gross Ea rnin gs ----- ----- N et
Current
Y ea r.
$

R oads.

Precious
Yea r.
$

Current
Y ea r.
S

E a rn in gs ----P recious
Y ea r.

$
Grand Trunk of Canada—
Grand Trunk Iiy____ Apr 3,778,351 3,584,664
954,564 1,240,714
Jan 1 to Apr 30_____ 14,606,800 13,568,044 2,836,439 3,229,895
Grand Trunk Western Apr 817,085
820,491
dof54,018 2 4 9 164
Jan 1 to Apr 30_____ 2,805,049 2,913,816 defl28,962 628!264
279,823
def47,205
2 7 ,7 3 0
Dot Gr llav & Milw..Apr 289,556
3 S93
Jan 1 to Apr 30_____ 1,004,930 1,002,254 defl76,168
Kansas City Southb__ May 1,114,621
940.772
427,397 395,196
Jan 1 to May 31_____ 5,315,782
4,343,636
2,108,864 1,663,559
a Net earnings hero given aro after deducting taxes,
b Not earnings hero givon aro before deducting taxes.

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Ea rnin gs.
N a m e o f Road
or C om pa n y.

Week or
M o n th .

Current
Y ea r.

Previous
Y ea r.

Jan .

1 to

Current
Y ea r.

latest date.
Previous
Yea r.

5
Adirond El Pow Corp April____ 126,431 117,576
540 ,349
511,058
Atlantic Shore Ry__ April____ 27,158 23.576
97 ,840
91.418
cAur Elgin & Chic Ry April........ 163,746 154,830
633 ,263
594.470
Bangor lty & Electric April........ 70,632 62,654
285 ,295
255,138
18,988 15.747
Baton Rouge Elec Co April____
76 ,533
66,924
BeltLRy Corp (NYC) March___ 59,238 62,114
168,926
186,265
85,497 , 78,445
Berkshire Street By April-----330 ,979
290,842
Brazilian Trac, L & P April____ /7453000 f6882000 /29140 ,000 /26697.000
8,783
Brock & Plym St Ry. April........
8,403
33 ,926
30,858
Bklyn Rap Tran Syst March___ 2492,614 2315,779 7,117 ,038 6,673,336
34,509 28,235
Capo Breton Elec Co April.......
138 ,854
118,860
April........ 24,378 24,179
Cent Miss V El Prop.
98 ,641
96,507
Cliattanooga Ry & Lt April____ 111 ,840 99,983
427 ,757
397,681
Cities Sorvico Co----- M a y ........ 1565,426 709,085 8,432 ,236 3,324,306
M arch__ 38,255 32,533
Clove Paincsv & East
107,053
93,356
Clovo Soutliw St Col. April____ 116,813 106,612
448 ,186 409,641
pColumbia Gas & El. M a y ........ 861,625 658,908 4,944 ,438 4,136,449
83,717 64,878 342 ,162 268,183
Columbus (Ga) El Co April.......
Coium (O) Ry, L & 1’ April........ 304,819 285,006 1,291 ,097 1.151,217
Com’w’th P, Ry & Lt April____ 1502,961 1313,207 6,209 .952 5,437,467
Connecticut Co____ April____ 776,809 744,170 3,090 ,912 2,878*552
Consum Pow (Mich). April____ 450,732 371,398 1.852 ,919 1,532,625
Cumb Co (Mo) P & I. April____ 233,439 211,944
925 ,820 832,900
Dallas Electric Co__ April____ 172,927 151,269
741 ,069 647,988
Dayton Pow & Lt__ M a y ____ 136,595 122,588
673 ,208 654,461
g D e t r o i t E d i s o n _______ M ay ____ 962,630 761,864 5,128 ,735 4,133,520
Dotroit United Linos April____ 1456,384 1304,233 5,681 ,834 4,904,815
D D E B& Uatt(Rec) March___ 37,452 40.007
104
117,984
Duluth -SuperiorTrac April____ 131,287 106,730 510 ,681
East St Louis & Sub. April____ 298,279 237,646 1,146 ,602 430,766
926,373
Eastern Texas Elec.. April____
75,387 62,996 303 ,096 255,604
,808
El Paso Electric Co.. April____ 101,379 85,799
437 ,160 368,719
42(1 St M & St N Avo March___ 146,936 155,183
415 ,984 465.742
g Federal Lt & Trac. March___ 239.235 216,914
712 ,926 658,614
Galv-Hous Elec Co.. April____ 150,699 151,417
619 ,529 612,013
Grand Rapids Ry Co April____ 103,025 103,047
432
419,911
April____ 327,071 293,519 1,313 .798 1,217,682
Groat West Pow Syst
.510
44,979 39,306
Hagcrs’n & Fred Ry. April____
176,505
148,370
93,431 95,765
llarrisburg Railways M a y .......
458 ,151
451,379
Havana El Ry, L & P April____ 534,613 466,554 2,131 ,823 1,918,787
56,760 55,039
Honolulu R T & Land April-----229 ,573
214,511
Houghton Co Tr Co. April------- 31,536 27,760
116 ,035
103,959
b Hudson & Manhat. April____ 524,053 503,689, 2,107 ,514 1,981,711
Illinois Traction___ April------ 1051,751 948,616 4,333 ,863 3,971,145
3511,497 3231,008 17,585 .884 16,100,716
Intorboro Rap Tran. M ay........
58,675 54,593 233 ,278 212,507
Jacksonville Trac Co April-----19,404 19,930
Keokuk Electric Co. April____
78 ,090
78,842
10,875
Koy West Electric
April____
9,759
44.,119
37,817
Lako Shore Elec Ry April____ 138,105 118,622
518,,395
Lehigh Valloy Transit M a y ____ 231,610 206,311 1,082, 156 453,144
960,354
Lcwlst Aug & Water v April____ 68,053 60,400 251 776
219,061
Long Island Electric. March___
17,282 15.832
48.,309
46,321
Louisville Railway M arch__ 261.478 250,571
748, 541
728,357
Milw El Ry & Lt Co M ay____ 644,494 551.797 3,255 ,375 2,885,558
Milw Lt, lit & Tr Co M ay____ 170,705 143,854
837 457
661,698
Monongahola Vail Tr May .
232,375 121,586 1,002 957
617.534
Nashville Ry & Light April . . . . . 201,591 193,641
810 381
769,582
New]) N&Il Ry G&E April____
92,873 79,647
348 ,906 297,466
N Y City Interboro.. March___ 62.447 60,818
180 515
178,608
N Y & Long Island.. March___ 31,390 29,216
88 ,469
84,823
NYJt North Shore.. March. III 11,779 11,431
33 304
34,166
N Y & Queens Co— March ..I I 98,016 111,905 295 ,542 321,328
New York Railways. April___ 1033.608 1135,802 3,996.,251 4,405,536
N Y & Stamford Ity. April__ II
104,,758
27,135
98,555
N Y Westchos S Best April____ 27.447 44.833
c
178 ,629
48,100
162,852
Northampton Trac.. M arch__
49.,654
17,334 17,282
48,016
Nor Ohio Trac & Lt. April____ 534,826 405,058 2,054,,752 1,541.954
North Texas Electric April____ 175.359 146.494
704. 5,82 605.938




N a m e o f Road
or C om pa n y.

Latest Gross E a rn in gs.
W eek or
M o n th .

Current
Y ea r.

J an .

1 to

Previous
Current
Y e a r . I Y ea r.

latest dale.
Previous
Year.

$
$
S
$
Ocean Electric (L I) March.
6,493
6,003
17,045
16,591
Pacific Lt & P Corp. April ..
276,191 255,828 1,091,399 1,017,244
g Paducah Tr & Lt Co Anril ..
23,866 24,384
103.598
103,180
Pensacola Electric Co April ..
24,058 23,391
103,234
93,216
Phila Rapid Transit Alay ..
2570,440 2931,370 12,170,689 11,109,400
Pliila & Western Ry May ..
47,778 46,011
210,246
195,854
Port(Oro)Ry,L&PCo. April ..
473,358 447,967 1,897,975 1,763,089
g Puget Sd Tr L & P. At ril ..
754.687 645,088 3,031,154 2.567.258
g Republic Ry & L t.. May ..
371,746 326,041 1,854,025 1,612,894
Rhode Island Co___ April ..
459,618 444,827 1,827,938 1,735,208
Richmond Lt & RR. March.
33,329 28,612
94.041
83.101
St Jos Ry, L, II St P. May ..
117,960 106,261
626,892
563,006
Santiago Elec Lt & Tr March
40,021 42,974
133,444
135,549
Savannah Electric Co April ..
76,968 64,898
298,568
256,699
Second Avenue (Rec) March .
63,184 61.300
179.988
187,359
Southern Boulevard. March.
17,619 18,018
49,783
53,222
Southern Cal Edison. April ..
434,632 401,286 1,660,403 1,615,495
Staten Isl’d Midland. March _
23,764 21,921
67,480
62,996
Tampa Electric Co.. April ..
82,262 78,960 354.703
338.137
Third Avenue_____ March .
343,449 341,419 1.011,791 1.009,059
Twin City Rap Tran. April ..
839,072 816,182 3,480,984 3,307,167
Union Ry Co of NYC March .
232,626 219,533
677,044
658,579
Virginia Ry & Power. May . .
515,250 478,601 2,541,038 2,374,983
Wash Balt & Aunap. April . .
103,661 92,473
314.988
273,440
Westchester Electric. March .
40,591 42,135
118,694
126,316
Wostchoster St RR__ April . .
20,254 20,071
70,666
72,690
Wast Bonn Power__ April _.
315,680 238,221 1.282.424
946,977
0 West Penn Trac Co April . .
609,491 501,352 2,398,907 1,936,508
Yonkers Railroad__ March.
63,208 59,258
178,029
179,333
York Railways_____ May . .
84,211 76,806
431.703
396,515
Youngstown & Ohio. April . .
27,523 26.301
105.926
100.263
b Represents Income from all sources, c These figures are for consolldated company. / Earnings now givon In milreis. g Includes constituent
companies.

Electric Railway and Other Public Utility Net Earn
ings.—Tho following table gives the returns of E L E C T R IC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Gross
E a rn in gs.

S
70,632
62,654
285,295
255,138
111,840
99,983
427.757
397,681
1,565,426
709,085
8,432,236
3,324,306
861,625
658,908
4,944,438
4,136,449
304.819
285,006
1,291,097
1,151,217
450,732
371,398
1,852,919
1,532,625
233,439
211,944
925.820
832,900
136,595
122,588
673,208
654,461
962,630
761,864
5,128,735
4,133,520
298,279
237,646
1,146,096
926,373
10,796
9,674
128.758
115,544
103,025
103,047
432,798
419,911

Bangor Ry & Elect.-Apr 17
16
4 mos 1
17
16
ChattanoogaRy&Lt.Apr ’ 17
'16
4 mos '17
'16
Cities Service Co..May ’ 17
’ 16
5 mos ’ 17
'16
Columbia Gas & El.May ’ 17
’ 16
5 mos ’ 17
’16
Columbus (O) f Apr ’ 17
Ry, Power &
’ 16
Light--------- - 4 mos ’ 17
'16
Consum Pow (Mich) .Apr ’17
T6
4 mos '17
T6
Apr ’ 17
’ 16
17
16
4 mos ' 17
16
Dayton Pow & Lt.-May j17
16
5 mos ’ 17
16
Dotroit Edison___ May 17
16
5 mos 17
16
East St L & Sub___ Apr 17
16
4 mos ’'17
T6
( May 17
16
Excolsior Spgs (
W G & El___ |l2 mos 17
16
Grand Rapids Ry__ Apr 17
16
4 mos 17 205,344
Huntington Dev & Gas— 17 482.752
4 mos to Apr 30 17 3 .511,497
11 mos to Apr 30 16 3 .231,008
17 36
Intorbor Rap Tr..May 16 32 608,909
933.752
138,105
11 mos '17
'16
118,622
518,395
Lako Sh El Ry Sys.Apr '17 453,144
16
68,053
4 mos 17
16
60,400
17 251,776
Lcwlst Aug & Wat..Apr 16 ’ 219,061
644,494
4 mos 17
16
551,797
17 3 ,255,375
Milw El Ry & Lt-.May 16 2 ,885,558
170,705
5 mos 17
16
143,854
16 837.457
Milw Lt lit & Tr.May 16
661.698
5 mos 17 201.591
16
193,641
Nashvillo Ry & Lt..Apr 17 810,381
16 769,582
4 mos 17 2,570,440
16 2,391,370
Pliila Rap Trans.-May 17 26 .027,835
16 23 ,526,374
11 mos 17 473.358
447,967
.897,975
Portl (Ore) R y L &P . Apr
.763,089
4 mos

I

N e t after
T a xes.

Fixed
Charges.

Balance',
S u rp lu s.

S
•
$
S
29,495
18,841
10,654
27,388
17,697
9,691
120,159
75,145
45,014
115,143
70,846
44,297
33,911
29,649
4.262
39,485
29,671
9,814
131,100
121,762
9,338
153,540
116,889
36,651
1,537,085
235 1,536,850
688,973
44,121
644,852
8,288,155
1,284 8,286,871
3,227,874
217,621 3,010.253
443,935
349,404 £257,353
315,149
339,364
£20,334
2,661,893 1,731,975 £1,736,471
2,201,647 1,689,042 £710.585
82,334
44,938
37,396
114,252
42,875''
71,377
377,634
179,277
198,357
472,048
172,747
299,301
223,189
76,435
146,754
227,038
82,778
144,260
848,575
311,669
536,906
912,538
307,578
604,960
74,811
66,499
8,312
77,150
66,287
10,863
271,716
265,599
6,117
297,008
264,270
32,738
44,083
25,323
£19.252
54,171
19,298
£36,114
246,112
127,190 £123,446
310,200
89,172 £223,421
280.154
84,125
196,029
271,265
86,124
185,141
1,737,626
423,801 1,313,825
1,641,880
460,621 1,181,259
112,695
64,945
47,750
96,376
62,648
33,728
409,600
257,641
151,959
368,547
249,948
118,599
4,835
4.774
63,554
39,010
24,544
59,731
29,912
29,819
30,606
18,187
12,419
35,791
13,700
22,091
136,557
71,086
65,471
156,139
56,806
99,333
127,128
282,849
1.798,857
1,805,901
18,837,691
17,955,332
44,550
38,558
151,339
141,321
17,778
19,176
42,377
53,123
106,590
158,216
741,125
843,248
28,225
42,230
167,516
190,270
71,015
80,280
290,809
308,444
1,133,581
1,095,369
11,428,704
10,420,205
212,764
196,999
871,714
747,092

61,922
65,206
161,191
121,658
1,023,779 2:836,583
993,306 2:873.562
11,043,411 2:8,292,489
10,416,878 2:8,067,913
34,458
10,092
36,588
1.970
137,584
13,755
145,379 def4,058
15,702
2,076
16,120
3,056
62,133 defl9,756
64,323 defl 1,200
85,753
2:31,473
65,263 2:101,368
368,818 2:411,517
331.894 2:534,939
38,904 £def 10,781
56,994
2:30,402
193,289 £def25,700
283,993 2:131,589
40,714
30,301
42,815
37,465
163,828
126,981
171,602
136,842
810.894
322,687
815,599
279,770
8,953.108 2,475,596
8,977,507 1,442,698
183,824
28,940
181,537
15,462
731,202
140,512
726,529
20,563

[Vol. 104

THE CHRONICLE

2548
Gross
E a rn in g s.

Republic Ry A Lt.-May 17
'16
5 mos ’ 17
’16
St Jos Ry Lt II & P.May ’ 17
’16
5 mos ’17
’16
Tonnesseo Pow Co.-Apr ’ 17
’16
4 mos ’ 17
'16

$
371,746
326,401
1,854,025
1,612,894
117,960
106,261
626,892
563,006
140,096
109,785
550,837
442,463

Gross
E a rn in g s.

$

Bay State Street Ry—
12 mos to Dec 31 ' 16 10,182,550
12 mos to Dec 31 ' 15 9,345,278
93,431
Harrisburg Rys__ May '
95,765
5 mos
458,151
451,379
231,610
Lehigh Vail Trans-May
206,311
5 mos
1,082,155
960,354
122,261
Niagara Lockp’t May
102,920
A Ont and
534,457
Salmon River 5 mos
505,424
Power_____
47,778
Phila & Western ..May
46,011
210,246
5 mos
195,854
515,250
Virginia Ry A P Co-May
478,601
5,518,719
11 mos
5,160,950
103,661
Wash Balt & Annap.Apr
92,473
314,988
4 mos
273,440
84,211
York Railways___ May
76,806
527,993
6 mos
477,079

N e t after
T a xes.

8
114,454
126,707
592,045
652,422
44,068
43,671
247,914
258.441
54,106
53,103
191,075
235,017

N et
E a rn in gs.
$

2,300,125
2,193,324
55,533
48,313
231,195
266,851
78,814
88,791
374,514
399,584
103,403
87,234
456,605
432,617
24,258
24,609
100,696
100,661
251,853
237,349
2,840,286
2,728,726
48,594
50,669
117,596
116,277
34,141
36,688
247.442
258,638

F ixed
C harges.

$
82,639
68,446
398,823
334,070
23,963
20,083
119,812
103,415
46,681
36,643
183,938
146,593

F ix ed Chgs.
& T a xes.

B alance,
S u rp lu s.

Balance,
S u rp lu s.

1,969,563 £534,153
1,981,904 £408,317
32,211
23,322
32,243
16,070
161,183
70,012
160,813
106,038
_____
£.31,316
.........
£41,391
.........
£139,359
_____
£159,730
60,506
£44,304
55,558
£33,111
295,989 £171,253
278,019 £161,900
12,526
11,732
12,529
12,080
62,638
38,058
62,705
37,956
151,490 £108,988
147,458
£98,930
1,663,805 £1,264,276
1,596,793 £1,220,417
26,233
£24,285
26,174
£26,828
105,650
£20,730
101,496
£24,898
25,826
8,315
25,874
10,814
153,823
93,619
155,118
103,520

£ After allowing for other incomo received.
T h e U n ite d G a s & E le c tr ic C o r p o r a t io n .
N e t after
Interest
Gross
R enew . & R e- D e d u c ’s &
Rentals.
E a rn in gs, pla ce.R es’ ve.

Balance.

$
$
$
S
3,942
4,971
8,913
21,753
Citizens G A F Co.May '17
3,344
3,796
7,140
22,235
(Terre Haute, Ind.) ’ 16
54,328
46,287
100,615
280,191
12 mos. ended May 31 ’ 17
42,965
45,035
88,000
256,710
’16
11,416 def 1,677
9,739
43,240
Colo Sp L. H A P__May '17
11,500 def3,03l
8,469
40,063
(Colorado Spgs, Colo) ’ 16
137,083
5,225
555,345
142,308
12 mos ended May 31 ’ 17
79,865
138,000
217,865
561,337
T6
162
313
def151
1,908
Columbia Gas Co..May ’ 17
312
3
315
1,750
Columbia, Pa.)
’16
3,174
3.750
6,924
28,227
12 mos ended May 31 ’ 17
5,568
3.750
25,238
9,318
T6
100,254
42,110
26,865
15,245
Conestoga Trac Co.May T7
37,374
27,326
10,048
91,363
(Lancaster, Pa.)
T6
485,892
324,469
161,423
12 mos ended May 31 '17 1,151,141
96,714
424,313
T6 1,030,485
327,599
28,072
11,152
4,516
6,636
Consum E L A P_. May ’17
11,454
27,193
6,448
5,006
(Now Orleans, La.)
'16
155,136
78,750
76,386
12 mos ended May 31 ’ 17 359,649
167,867
90,540
350,969
77,327
T6
25,103
16,723
56,940
8,380
Edison Electric Co.May T7
14,421
21,516
45,040
7,095
(Lancaster, Pa.)
’ 16
321,353
654,619
95,045
226,308
12 mos ended May 31 T7
285,670
82,742
202,928
548,967
T6
30,507
15,853
14,654
99,817
Elmira Water Light May ’ 17
16,417
32,716
16,299
95,611
A RR Co
’ 16
190,818
234,567
424,385
12 mos ended May 31 ’ 17 1,236,943
194,812
202,616
397,428
T6 1,103,632
13,354
17,873
31,227
64,766
Harrisburg L A P May ’ 17
54,800
27,689
12,908
14,781
Co
T6
834,448
454,543
159,228
295,315
12 mos ended May 31 ’ 17
395,981
156,872
239,109
738,571
T6
17,493
6,546
10,947
47,219
Houston (Toxas) May T7
6,411
15,994
9,583
41,551
G A F Co
T6
130,016
79,062
209,108
551,248
12 mos ended May 31 ’ 17
70,343
115,735
186,078
498,384
T6
1,276
128
1,404
2,530
Houston Heights May ’ 17
1,003
125
1,128
2,358
W A L Association
T6
12,807
1,518
14,325
28,418
12 mos ended May31 ’ 17
13,427
1,554
14,981
T6
28,281
61,805
143,168
204,973
672,152
International Sys- May ’ 17
79,593
146,323
225,916
636,753
tem (Buffalo, N. Y.) '16
966,883
12 mos ended May 31 ’17 8,113,415 2,657,575 1,690,692
946,019
'16 7,224,589 2,698,178 1,752,159
1,630
2,090
3,720
16,409
Lancaster (Pa) G L May '17
2,966
2,083
5,049
14,535
A F Co
T6
67,136
92,143
25,007
233,485
12 mos ended May 31 '17
78,079
103,079
25,000
212,198
T6
def 183
2,812
2,629
17,928
Leavenworth (Kan)May ’ 17
954
3,766
2,812
16,984
L II A P Co
’ 16
13,013
33.750
46,763
216,827
12 mos ended May 31 '17
28,758
62,608
33.750
226,444
T6
def780
3,833
4,613
28,754
Lockport (N Y) L May '17
def808
3,772
4,580
25,632
11 A P Co
’16
31,669
85,882
54,223
12 mos ended May 31 ’ 17 355,650
29,918
49,196
79,114
314,472
T6
1,800
3,932
5,732
18,140
Richmond (Ind)
May ’ 17
3,825 deft, 182
def357
10,059
L II A P Co
T6
28,904
47,247 defl8,313
173,415
12 mos ended May31 '17
47,703 def37,214
147,554
10,489
T6
778
2,603
3,381
13,901
Union Gas A El Co.May ’ 17
2,676
5,282
2,606
15,047
(Bloomington, 111
.)
'16
27,321
31,893
59,214
181,172
12 mos ended May 31 ’ 17
45,721
31,298
180,752
77,019
T6
1,930
20,033
21,963
59,160
Wilkes-Barre Co May '17
3,565
23,452
19,887
’16
53,365
118,189
239,476
358,665
765,269
12 mos ended May31 T7
124,316
237,017
361,333
727,222
T6
151,355
424,041
272,686
Total................ May T7 1,292,951
156,220
274,459
430,679
’16 1,194,347
12 mos ended May31 ’17 15,719,465 5,643,735 3,238,302 2,405,433
T6 14,195,806 5,579,326 3,274,160 2,305,166
Total amortization debt discount and other deductions amounted to
$252,146 for the 12 months ended May 31 1917, against $219,388 in 1916;
pref. stock dividends were $723,990 this year, against $623,682 after de
ducting which tho surplus applicable to common stock of sub-companies
was $1,429,297 in 1917, against $1,462,097 in 1916.




ANNUAL REPORTS

S

£37,985
£61,434
£212,356
£326,866
Annual Reports.— An index to annual reports of steam
20,105
23,588 railroads, street railways and miscellaneous companies which
128,102 have been published during the preceding month will be
155,026
£15,601 given on the last Saturday of each month. This index will
£22,749 not include reports in the issue of the “ Chronicle” in which
£40,894
£116,243 it is published. The latest index will bo found in the issue
of M a y 26.

The next will appear in that of June 30.

Indiana Harbor Belt Railroad.
(10^/i

Annual Report—Year ended Dec.

31 1916.)

President Alfred H . Smith says in substanco:
R esults. —During the year 1916 tho company has enjoyed tho largest
business in its history. Thoro wero 921,263 rovonuo cars handled, an
increaso of 166,595 (22.08%) over 1915, tho result of an increased move
ment of all classos of traffic, particularly iron and stcol articles, grain,
livo stock and perishablo freight.
Of tho increaso of 81,195,908, or 34.58%, in operating revenues, switch
ing rovonuo contributed 84,373,961, an incroaso of $1,022,866 (30.52%);
demurrage, S237.312, an incroaso of 8187,527 (367.67%). Operating ex
penses wero 83,142,779, an incroaso of S910.970 (40.82%), duo to greater
volumo of traffic and tho increased cost of labor and materials.
An increaso of $86,481 for hiro of equipment, duo to increased traffic
and $84,585 for rental of joint facilities, duo to increased use of proporty
operated under trackago rights, is offsot in part by a docroaso of $101,861
in interest on unfunded dobt, tho intorsot on amounts advanced by pro
prietary companies for operating deficits and working funds having boon
waived as of Jan. 1 1916.
A greem ent xoilh Other C os. —An agrooinont dated Jan. 1 1916, between the
Chicago & North Western Ry., tho Chicago Milwaukee A St. Paul Ry.,
tho Michigan Central HR., tho Now York Contral RR. and tho Indiana
Harbor Bolt RR., provides that during a poriod of five years from Jan. 1
1916 none of tho owning companies of tho Indiana Harbor Bolt UR. shall
take any action to collect from it amounts loaned on account of working
funds and of operating doficits, which loans aggregate S2,595,413, secured
by demand notes of tho Indiana Harbor Bolt lilt.; and no interest shall bo
charged on such amount during tiiat poriod; that owning companies will,
in tho ovont of tho disability of tho Indiana Harbor Bolt Rlt. to meet its
fixed charges, operating expenses, &c., contribute to it quarter-yearly
and in proportion to stock ownership, tho amounts necessary to meet such
1 The agreement further provides that tho Indiana Harbor Bolt RR. shall
immediately tako nocossary action to incroaso its capital stock from $2,450,
000 to $5,500,000, and will issuo to owning companies stock at par to re
imburse them for amounts loaned for investment purposos; the owning
companies to tako tho remainder of such increased stock at par, in propor
tion to ttieir several holdings, as and whon tho directors of tho Indiana
Harbor Belt RIt. shall decide to issuo same to provido funds for additions
and betterments, equipment, &c.
Equipm ent Tru st o f 1916.—Tho Indiana Harbor Belt RR. equipment
trust of 1916, which was authorized by tho board on Dec. 6 1915, has been
established. This agreement provides for an issuo of $540,000 of 4 'A %
equipment trust certificates, on tho basis of not to exceed 90% of tho total
cost of equipment to bo furnished under tho terms of tho agreement. Tho
trust certificates aro to bo paid in 15 annual installments, tho first on Jan. 1
1917. Thero has been recolvod and placed in servlco all of tho equipment
covered by tho trust agreement, consisting of 10 switch and 15 froight loco
motives, costing $608,462, and certificates to tho amount of $535,000 liavo
been issued, tho balance of certificates authorized amounting to $5,000,
havo been canceled.
A d d itio n s, & c . —Expenditures during tho year for additions and better
ments to tho road and for additional equipment, tho funds for which wero
provided by establishment of tho oquipomnt trust heretofore mentioned,
and by loans from proprietary companies, ainountod to $1,162,344, viz.:
(1) For road, $351,538, principally: Additional yard tracks and facilities at
Norpaul and Blue Island, lit., $133,609; various industrial tracks, $04,004,
Ac. (2) For equipment, $810,806, chiefly: 10 switching and 15 freight
locomotives, acquired under tho equipment trust of 1916, $608,462; 25
switching locomotives purchased from N. Y. O. Rli., $191,934, Ac.
General. —Obligations to owning companies amounted as of Doc. 31
1916 to $5,161,693, of which $2,566,280 was advanced for additlona 1con
struction and equipment and $2,595,413 for operating deficits and to pro
vido a working fund.
I N C O M E A C C O U N T FO R F I S C A L Y E A R E N D I N G D E C . 31.
1914.
1913.
1915.
1916.
109
105
109
109
Miles operated_______
Revenues —
$3,351,095 $3,210,004 $3,162,845
Switching__________
118,268
106,957
140,964
279,999
Incidental & miscell___
$4,653,960 $3,458,052 $3,329,172 $3,303,809
E xpen ses —
$390,832 $ 435,434
$459,893
Maint. of way & struc.. $556,009
303,623
388,792
550,157
366,161
Maint. of equipment__
Traffic expenses______
33,084
34,270
33,714
33,895
Transportation exponsos 1,904,574 1,410,782 1,475,215 1.529,272
91,089
89,258
92,677
97,769
General____________
Total oper. expenses. $3,142,778 $2,231,809 $2,401,613 $2,500,299
$927,559
$803,510
Not earnings_________ $1,511,182 $1,226,244
92,868
83,029
72,542
96,078
Taxes, Ac___________
$730,968
$1,415,104 $1,133,376
$844,530
93,642
86,405
,
103,274
89,656
Other incomo.
$817,373
$934,186
$1,518,378 $1,227,018
D eductions —
$451,473
$299,665
$439,586
Hiro of equipment____ $526,067
312,720
284,871
306,900
391,485
Joint facilities A rents...
294,000
294,000
294,000
301,089
Bond interest________.
228,458
203,535
149,534
126,597
Other interest____ ,___ .
27,154
20,348
21,924
22,994
Miscellaneous.............- .

» i , ^ ,u i o s i . w , ™
Total deductions___ 81,303,333
Balance, sur. or def__ sur.$150,145 dof.$69,082 def .$347,890 def .$232,621
B A L A N C E S H E E T D E C . 31.
1916.
1915,
1916.
1915.
Liabilities—
$
S
S
Assets—
S
Road A equipm’t-11,973,126 10,810,782 Capital stock — 2.450.000 2.450.000
Inv. in affll. cos.- *216,175 216,014 Funded debt... .. 6.725.000 6.725.000
Cash on hand, Ac. 910,568 671,589 Equip, trustctfs.. 535,000
72,840 Accounts A wages. 448,109 ' 453',495
Special deposits..
73,140
117,107 Notes................ 5,161,693 4,611,693
Materials A supp. 149,382
77,760
102,185 Accrued liabilities. 117,945
Bal. due to agents. 122,850
271,870
479,057 Traffic, Ac., bals. 335,135
Mlsc. accts. recelv. 427,436
Traffic. Ac., bals. 559,226 559,774 Matured Int., Ac.,
72,840
230 unpaid............ 224,445
Other work, assets
540
104,175
15,866 Mlsc. accts. pay’lo 143,260
Unadjusted acc’ts.
90,237
34,947
522,048
2,295,531 Other curr’t llabll.
Profit and loss__ 2,149,575
52,159
Accr. dcprcc., Ao. 490,723
Total............. 10,672,257 15,341,035 Total............. 10,672,257 15,341,035
* Includes $216,000 Calumet Wostorn Ry. stock. V. 101, p. 1702, 159.1

P a c ific G as & E le ctric C om p a n y .
(1 ith

Annual Report— Year ended Dec.

31 1916.)
Tho remarks of President Frank G . Drum will be cited
fully next week.
S T A T IS T IC S
Statistics —

AND

IN C O A IE

ACCOUNT

FO R

CALENDAR

YEARS

1914.
1913.
1915.
1916.
iAil?
mio
220,360
208,269
227,586
Gas consumers (No .)--232.748
148,957
166,149
132,355
Electric consumers (No.)
178,630
' 9,051
9,432
8,479
Water consumers (No.) _
10,020
337
378
281
Steam consumers (No.).
391
Installation in I I . P .—
122,400
121,059
123,740
155.027
Hydro-electric plants—
109,517
109,517
110,188
106,568
Steam electric plants —
525,541
478,598
425,783
599,343
Connected load (h. p.)-Oross Revenue—
_____ .
Electricity__________ S10.100.032 $9,924,482 $8,759,449 $8,230,782
Gas________________ 7 i4o8,25d 7,560,185 7,015,408 6.547,595
556,908
425,338
572,913
Street railway-----------888,739
1,034,174
851,049
$19,125,384 $18,944,179 $17,220,504 $16,202,339
\
$8,586,318 ($970,886 $1,052,435 $1,042,994
5 ’
17.385,262 7,118,439 7,612,050
972,565
849,445
743,048
676,165
Taxes.
$9,566,501 $9,738,587 i>8,306,582 $6,871,130
$301,060
$118,848
[$3,844,933 $3,985,411 3,890,341 (3,675,374
t 107,823
469,515
246,041
173,186
160,410
1,250,000 1,380,000 1,000,000 1.462,462
$4,298,382 $4,212,766 {2,645,666 $1,260,582
$14,983
. ____
1$1,374,638( (6)$400,717
600,000
$600,000
(
\
600,000
----------- (1^)398,848
(5)1,708,168 (6)1,930,074
Balance, surplus____ $1,215,576 $1,281,976 $2,030,682
$261,734
a Includes common dividends, 5% paid In cash in 1916 and 6% paid
in common stock at par in 1915.
..
,
. ,,
Tho profit and loss surplus Doc. 31 1916, after adding miscellaneous
adjustments, $54,408. and deducting $351,548 reserves for revenue involved
in ponding rato litigation, was $6 ,0 3 9 , 1 1 4 ; divided as follows. Invested in
sinking fund, $1,886,313, and unappropriated, $4,lo2,801.
B A L A N C E S H E E T D E C E M B E R 31.
1910.
1915.
1915.
1910.
Liabilities—
$
5
S
Assets—
S
34,035,858
Plants &proper. . . Common stock. 23,649,130 34,035,858
First pref.
tics............. 132,940,100 129,281,300 Original pf.stock 302,800 12,586,400
stk.
10,320
10,000,000
13,908
Other lnvcst’ts.
76,788 Stock of sub. cos
101,329
Slnklng funds. .
428,785 not held by co.
408,548
Prepaid tax.,Ao.
&c.----------27,978
37,978
Dlso’t & exp. on
cap.stks. lss’d 3,918,344 3,569,323 P. G. & E. bds. 29,982,000 28,082,000
Material A supp 1,020,252 1,419,442 Subsld. cos. btls. 47,214,800 48,090,800
Acc'ts pay., Ao. 1,084,914
920,482
Acots’ A bills reo
356,970
501,392
less reserve.. 2,186,209 2,029,281 Meter, Ac., dop.
4,254,303
Cash.............. 2,481,304 4,283,527 Accrued interest 1,288,111 1,251,329
Acer,tax.not duo 480,538
432,259
Dlso’t, exp., Ac. 4,330,150
Dlvs. declared..
427,275
Installm’ts reed
Depreo. reserve. 3,002,898 2,772,848
from subscr’rs
112,523 Other rcs’ve fds. 1,653,522 1,278,324
00,920
to 1st pf. stk.
Unp'ddlvs., &o.
61,408
66,184
Adv. to &sco. of
Drafts outst’d’g 312,882
295,120
Oro El. Corp. 1,798,971
Surplus........ a6,039,114 5,120,678
and sub. cos.
Totai ..........149,920,197 145,471,652 Total-------- 149,920,197 145,471,652
aAfter deducting $351,548 reservo for amounts charged to consumers in
1916 In excess of rates allowed by city ordinances; and adding $54,408
miscellaneous adjustments. Surplus in 1917 includes $1,886,312 invested
in sinking fund and $4,152,801 unappropriated.
N o te .—Treasury bonds subject to sale not Included in assets and liabilities
consists of goneral and refunding bonds, $1,000,000, of which $875,000 is
pledged in San Francisco rato cases and $80,500 bonds of subsidiary com
panies.—V. 104, p. 2446, 2343.

Middle West Utilities Co., Chicago.
(Report for Fiscal Year ending April 30 1917.)
President Samuel Insull says in substance:
Results o f Sub. C o . —The gross earnings of tho subsidiary operating com
panies for the fiscal year have been very satisfactory, amounting to $9,
620,216, of which only $388,960 came from newly acquired operating
companies. Notwithstanding tho incroaso in oxponses common to all public
sorvlco corporations, tho not earnings from operation of all subsidiary com
panies wero very satisfactory and amounted to $3,502,756, an incroaso of
$424,996 over 1915-16. It is anticipated that tho incroaso in gross earnings
and tho practico of strict economy in tho operation of the subsidiary cos.
during tho coming year will produce equally satisfactory oarnings.
C O M B IN E D E A R N IN O S OF T H E S E V A R IO U S S U B S I D I A R Y OPERA T I N O P R O P E R T IE S FO R Y E A R S A P R I L 30.

1916-17.
1915-16.
1914-15.
Gross earnings------------------ — -- |2’®?0.216 $8,091,149 $7,634,745
Not earns, (aftor opor. exp. & taxes). $3,502,756 $3,077,761 $2,757,729
Rontals on leased properties----------205,940
191,645
e interest charges $3,296,816 $2,886,115 $2,757,729
♦n „
Bond, debenture, &c., , .
paid outside holders....... ........ ---$1,485,756 $1,339,412 $1,307,629
Yearly^amort, ro n
of discount on sccur1
s.
36,558
24,642
.........
24,642
T\I
~
.1 stock
*
f
Dlvsi'on nlnr\ and propor. nf 11M lv:_
of undis
tributed earns, to outsido holders.
294,829
310,428
206,093
Total oarnings accruing to Middlo
West Utilities Co.................. . $1,479,674 $1,315,968 $1,139,672
Of thoso oarnings in 1916-17, $£64,789 was received and accruod as
intorost on bonds and debentures, $173,629 as interest and brokerage on
money advanced, and $600,071 as dividends on stocks, leaving $141,185
Middlo West Utilities Company s proportion of tho surplus carroid to the
aggregate surplus accounts oi the subsidiary companies on thoir own books.
N e w P rop erties. —During tho year the company acquired tho Kentucky
Light A Power Co., Central Power Co. (Nob.), Citizens’ Gas Light Co.
of Jackson, Tonn., and the Houghton County (Mich.) Gas A Coko Co. In
addition, a fow small properties adjacent to existing operating companies
havo during tho year boon acquired on a favorable basis.
Consolidation o f Subsidiary Operating C om p a n ies. —In the interests of
economy tho small operating concerns in Michigan, consisting of tho Con
stantino Hydraulic Co., Three Rivers Light A Power Co., Throe Rivers
Gas Co., Marquotto County Gas A Electric Co., Milling A Power Co. anti
Houghton County Gas A Coke Co., have been consolidated into tho Michi
gan Gas A Electric Co. (V. 104, p. 950). The Freeport Uy. A Light Co.,
Trl County Light A Powor Co. and Illinois Northern Utilitios Co., adjacent
properties, wero also consolidated early in tho curront fiscal year under tho
namo of tho last namod company (V. 103, p. 496).
D eferred Paym ents on Purchase Contracts. — I his account now stands at
$541,653, a reduction of $157,379. In addition tho company has now
acquired $88,000 of “participation certificates’ (duo 1921 to 1924) issued
against ono of thoso purchaso contracts so tho balance of tho account now
outstanding has boon roduced to $453,653. The amount of $541,653
shown in tho balance shoot matures as follows: 1917, $38,189; 1918, $78.
879; 1919, $79,879; 1920 and 1921, $76,879; 1922 and 1923. $76,379; 192-i,
$38,189
Collateral Gold B on d s. —During tho year $1,122,200 bonds, secured by
$1,241,000 bonds of subsidiary companies, wore issued and sold and tho
procoeds thereof used for tho gonoral corporate purposes of tho company,
making a total of $7,622,200 now outstanding secured by $8,996,000 bonds
of subsidiary operating companies.




2549

THE CHRONICLE

June 23 1917.]

Collateral Gold N o te s . —During the year tho company paid off the remain
der ($1,582,000) of its 3-year 6% collateral gold notes (V. 102, p. 2077).
Capital Stock Iss u e d . —In connection with the purchase of properties and
in payment of the stock dividend, $543,400 common stock was issued
during tho fiscal year, making the total issue $9,744,100, of which $150,400
is in tho treasury. In order to provide capital for tho requirements of the
business thero were issued and sold during fiscal year $1,967,900 pref. stock.
As tho total authorized pref. stock of $12,000,000 has now all been issued,
and while of tho total authorized common stock $2,255,900 remains to be
issued, the stockholders are asked at their annual meeting on June 20 to
vote on increasing tho authorized pref. and common stocks to $20,000,000
each (V. 104, p. 1805). This increase of $8,000,000 in each class of stock
will be issued from time to time as required for the general corporate pur
poses of tho company in acquiring properties either for cash or securities, and
also in connection ivith tho future financing of the subsidiary companies.
C om m on Stock D ividen d P o lic y. —In view of the company’s rapid growth,
requiring large amounts of new capital from time to time, your directors
decided that common stock dividends when declared should be made pay
able in cash and stock in such proportion as the requirements of tho business
would from time to time seem desirable. The present policy is to pay, as
already started on April 2 last, a cash dividend at the rato of 2% per annum
and a stock dividend at the rate of 2% per annum. When the earnings
justify it the policy will probably bo pursued of increasing tho stock divi
dend rather than increasing the cash dividend (V. 104, p. 457, 559.)
Surplus and Reserve A cc o u n ts. —Tho various surplus accounts belonging
to tho company now aggregate $3,456,977, viz.:
Surp., $1,546,950, and res. acct., $330,000, carried on co.’s.books $1,876,950
Insurance fund held by the insurance trustees... — - - - - --------, 146,118
Co.’s proportion of aggregate surp .carried onbooks of sub. cos 1,433,909
Of this last amount ($1,433,909), $563,859, after all adjustments, due
to consolidation of properties, Ac., has accrued smee the formation of the
Middle West Utilities Co.
. ...
.
.
Subsidiary Operating C o m p a n ie s — The subsidiary companies render ser
vice to an estimated total population of 1,055,300, and havo 131,000 elec
tric. 43,000 gas. 16,600 water and 1,900 heating customers. Electrical
energy provides 55.9% of their income. Over 2,473 miles of transmission
linos distribute tho electricity in 388 communities to a connected load

furnish gas service through 550 miles of mains to which are connected
32,700 gas cooking ranges. Their street and intcrurban railways operate
over 193 miles of track and provide 1314% of their aggregate gross earn
ings. They have a gross income from tho manufacture snd sale of Ice or
$450,550 and from tho distribution and sale of water of $302,860. Of
their total gross income their ice business represents 4.7% and that or their
water business 3.2%.
S U B S ID IA R Y O P E R A T IN G C O M P A N IE S .
Illin o is . —Central Illinois Public Service Co.; Sterling Dixon

A Eastern
Electric Ry.; Central 1 1 Util. Co. (V. 103, p. 496); Eastern 111. Ice Co.;
1.
1 1 Northern Util Co.; McHenry County Lt. A Pow. Co.
1.
In d ia n a .— Inter-State Public Service Co.; Franklin Water, Lt. & Pow.
Co.; Southern Indiana Power Co.; United Gas & Elec. Co. (see Elec. Ry.
Section” ); New Albany Water Works; Louisville & Northern Ry. A Light
ing Co.; Louisv. & Southern Indiana Trac. Co.; Central Indiana Ltg. Co.
K e n tu c k y . —Kentucky Util. Co.; Kentucky Lt. &Pow. Co. (V .104,p.2010).
M ic h ig a n . —Michigan Gas A Electric Co. (V. 104, p. 950).
M i s s o u r i . —Missouri Gas A Electric Service Co.
„
N ebra sk a . —Nebraska City Utilities Co.; Central Power Co.
N e w E n glan d .— ' win State Gas & Electric Co.
T
Oklahom a .—Public Service Co. of Okla.; Chickasha Gas A Elec. Co.
T en n essee. —Tennessee Public Service Co.; Citizens Gas Light Co.
V irg in ia . —Electric Transmission Co. of Virginia.
W isc o n sin . —Southern Wisconsin Electric Co.
I N C O M E & P R O F I T & L O S S A C C T . F O R Y E A R S E N D I N G A P R I L 30.
1916-17.

1915-16.

1914-15.

Int.rec’d&accr. on bonds and deben.
$564,789
$503,070 $437,123
Divs. rec’d & accr. on stks of sub. cos.
600,071
447,175
35£’§£9
D ivs. r c c . & accr. on stks. outside cos.
12,851
9,305
9,864
Mlsc. int. on notes rec., brokerage, &c.
189,453
247.629
276.680
—
Total____________________ _ - $1,367,165 $1,207,179 $1,077,937
Profit arising from revaluation of se
curities and from valuation of secur
ities hitherto carried at nominal ___
$54,000)
values determined by board-------- $159,304
Profits from sale of properties and
139,694 ► $332,030
127.233
securities to sub. cos., &c., for cash
|
Securities received for services ren
114,900j
37.500
dered and valued by board--------- '
Profits from sale of properties and se
curities to sub. cos. where proceeds
98,043
33,956
100,116
in bonds have not all been sold----84,932
34,825
26.796
Fees for engineering, &c., sub. cos..
Total Inc. and profits as aforesaid- $1,824,069 $1,642,686 $1,528,855
D ed u ct in 1 9 1 6 - 1 7 —Administration
$499,975
$586,268
expenses, $170,344; int., $540,227. $710,571
5,380
Doprec’n and loss on investments.
80,913
55.132
42,184
Miscel. charges, including taxes, Ac.
90,000
80,000
85,000
Writing off discount on securities. . .
645,862
598.048
599,062
Divs. on pref. paid A accr. int. to date
142,130
Common stock dividend--------------Total deductions, incl. pref. div— $1,675,476 $1,325,462 $1,225,587
Bal sur!, foryears end. Apr. 30-- $148,593
$317,224
$303,268
The Middlo West Co.'s proportion of its subsidiary operating companies
aggregate surplus for the year was $141,185, making tho combined surplus
earnings accruing to the Middle West Co. $289,778.
B A L A N C E S H E E T A P R I L 30.
1917.
1916.
1910.
1917.
Liabilities—
$
$
S
5
A
ssets—
Common stock.. . y9,593,700 9,050,300
Seour. .plants .con
Com. stock scrip..
8,353 . ____
tracts,good-will,
__
Ac. (book val.)*29,240,778 26,039,940 Preferred stock. ..12,000,000 10,032,100
Adv. to sub. cos.- 2,190,815 2,798,000 Collateral loans.. 980,250 988,000
3-yr.6% coll.notes ______ 1,582,000
Advances on un
55,717 10-yr.6% coil. bds.z7,622,200 6,500,000
closed contracts. 358,878
Deferred payments
Accrued pref. divs.
Ac.................
209,377 214,186 on pur. contr’ts. 541,653 699,032
Acc’ts payable.Ac.
13,389
51,067
Cash to retire 0%
collat. notes, &c.
14,305 932,545 Pref. div.,Ac.,accr 210,225 213,640
Cash _ _____ 502,569 474,101 Surplus............. 1,546,950 1,398,357
_
Total............. 32,516,720 30,514,496 Total............. 32,510,720 30,514,490
x After deducting $330,000 reserve against discount on company’s own
securities, Ac., provided out of income to date.
y After deducting $50,400 held in treasury.
z Secured by deposit of bonds of sub. cos. (par value $8,996,000) and
tho deposit of their capital stocks as provided by the trust deed.
Contingent liability in respect of underwriting capital stock, $331,417.
—V. 104, p. 2010, 1805.
-

The Virginian Power Company.
(Report for Fiscal Year ending Dec. 31 1916.)
Pres. P. G. Gossler, N . Y ., March 12, wrote in substance
(compare map on p. 201 of “ R y . & Ind. Sec.” of Feb. 241917)
R esults —F lood s. —During the first half of the year 1916 our operations
wore most satisfactory in every department, and, there was reason to
boliovo would continue so during the remainder of tho year, but on Aug. 9
there was a most disastrous flood which caused great damage in tho Cabin
Creek section of West Virginia, in which your power house and part of your
transmission system are located. This flood caused much damage to prop
erty carrying away over 1,000 houses and resulting in the loss of many
1 vos. Damago loss to your property, however, was comparatively slight.
1
This flood also caused tho shutting down of a number of the coal mines
whicii wo wore supplying with power, resulting in a direct loss of revenue
through this sourco. Thero was still a further loss directly caused by this
flood, owing to tho shutting down of some of the mines which supplied

2550

THE CHRONICLE

your company with coal, necessitating the company buying coal in the
open market at 150% increase in price.
hitter P ’i' of tho year, due to the acute car shortago existing
-U
throughout tho country, your company was unable to got its full amount
or coal from tho mines under contract, in consequence of which it was
necessary to purchaso a large amount of fuel in the open market at greatly
advanced prices over tho contract. This car shortage also caused other
indirect losses in rovenuo which cannot bo estimated.
rho increased cost of copper and all other supplies ontering into our
operating oxponses have greatly increased the latter. Tho average in
creased cost of material and supplies for the yoar has been over 70%.
N a tura l G a s .—Contracts have beon made for natural gas which will
supply the company for a number of years with fuel at a very low price
to other gas contracts. Tho saving in fuel during the last half
of 1917 as a result of these contracts is estimated to be $50 0 0 0 .
Under normal operating conditions the operations for 1916, we believe,
would have met our full expectations.
N e w Construction .—During the yoar tho company constructed 14 miles
of 44,000 volt double circuit stool tower lines, 4.9 miles of 44,000 volt single
circuit steel tower lines and 15.7 miles 2,300 volt service lines j making a
total now operated by your company of 80.9milosof 41,000 voltdouble cir
cuit steel tower lines, 102.5 miles of 44,000 volt single circuit steel tower
lines and 61.1 mtlos of 2,300 volt lines. Thoro wore also installed during
the year seven transformer substations for the purpose of transforming
tho 44,000 volt current into 2,300 volts for delivery to new customers,
making a total now operated by tho company of fifty-throo substations with
a total of 29,92o k. v. a. installed transformer capacity.
In order to talco care of tho steady increaso in business, your company
has entered into negotiations with tho General Electric Co. for an additional
unit of 9,000 k. w. capacity to be installed at the power house in May 1917
and an additional unit of 2 0 ,0 0 0 k. w. capacity to bo installed as soon as
delivery can be made.
Outlook .—Tho outlook for new business is most encouraging.
A number
of new customers have already beon connected and as a result tho months
of Jan. and Feb. 1917 showod an average daily output of 146,000 k. w. li.,
against an output of 110,000 k. w. h. for tho samo period in 1916. The
average daily output for tho entire year of 1916 was 111,000 k. w. h. As a
result of this increased connected load, togethor with the decrease in tho
cost of fuol, tho prospects for 1917 are very satisfactory.
O P E R A T I O N S FO R Y E A R E N D E D D E C . 31 1916.
Gross earnings.................. $121,951 Gross income.................
$214,818
Operating expenses & taxes. 231,313 Interest on bonds............. 194,833
Interest on debentures_
_ 21,630
Net earnings_________ $193,638 Interest on notes_______ 10,784
Other income___________ 21,210
[Gross income.
.$214,848 Balance, doficlt................ $12,398
B A L A N C E S H E E T D E C . 31 1916 ( T O T A L E A C H S I D E , $10,919,436).
Prop., franchises & invest..? ),587,946 Common stock.........$5,000,000
Materials and supplies__
30,107 Preferred stock____ 1,200,000
Cash________________
50,498 1st & coll, trust mtgo. 5s.. 3,924,000
Notes receivable_______
62,953 6 % convertible notes_ *360,500
Accounts receivable____
132,935 Notes payable.............
196,754
Unamortized debt disc’t .. 988,075 Accounts payable...........
195,755
Susponse, &c__________
20,783 Accrued taxes_____
21,193
Deficit_______________
46,138 Accrued Interest, &c____
21,234
* As to retirement of the above notes and issuing of $750,000 convertible
notes, see V. 104, p. 2123.

Utah Securities Corporation.
Utah Power & Light Co.— Utah Light & Traction Co.

( Report

for Fiscal Year ending Dec.

31 1916.)

Pres. S. Z . Mitchell, N . Y . , April 16, wrote in substance:
Results. —Tho aggregate earnings for the yoar increased as follows: (1)
Operating subsidiaries 16%, and not earnings 21%. (2) Utah Power &
Light Co. and its subsidiary, gross earnings 20% and net earnings 29%.
(3) Utah Light & Traction Co., gross earnings 4% and not 9%.
Tho districts in Utah & Idaho sorved by tho operating subsidiaries wore
unusually prosperous throughout tho year. This prosperous condition
prevailed in the agricultural as woll as in tho coppor and other mining dis
tricts. In tho southwestern section of Colorado sorved by tho Western Colo
rado Power Co. general business conditions woro not so favorable, but they
now givo promiso of improvement.
Utah Power & I ight Co. and tho Wostern Colorado Power Co. increased
the total numbor of electric and gas customers during the yoar from 52,525
to 59,349. Tho electric output increased from 330,179,000 lc.w.li. during
1915 to 412,726,000 k.w.h. for tho yoar 1916. Includod among the now
customers woro several largo users of powor, with whom long-term contracts
wero made.
A d d itio n s, E xten sion s. —Tho municipal plants at Wollsvillo, Farmington
and Coalvillo, Utah, wore taken over during tho yoar by tho Utah Powor
& Light Co. This company also installed in Salt Lake City one of tho
most efficient street lighting systems in tho country.
During tho yoar tho Utah Powor Sc Light Co.’s transmission system was
extended for about 60 miles from its southern torminus into Carbon and
Emory counties in ordor to supply powor to an oxtonsivo coal district.
Construction work was continued on tho now power plant at Cove, noar
Graco, and this plant, consisting of an installation of 7,500 k.w. capacity,
is expected to bo in operation by May of this yoar. Contracts liavo beon
let for tho installation of tho third 10,000 k.w. unit in tho Oneida power
station and it is expected it will bo in operation boforo tho end of tho prosont
yoar. Tho installation of an additional 11,000 k.w. unit at Graco has been
ordered, and it is expected to bo in operation by tho summer of 1918.
This additional power capacity is made necessary by tho constantly in
creasing business of the Utah Power & Light Co.
Contracts havo also been let for tho construction of an additional 130,000volt transmission lino from Graco station to tho company’s terminal near
Salt Lake City. Tho building of this lino has boon made nocossary by tho
steadily increasing amount of oloctric power used in and about tho Salt
Lake City district. Tho additional lino will further insure constant sorvico.
Notes.—Since March 31 1916, tho dato of tho last report, a net amount or
$2,692,000 10-yoar notes of Utah Securities Corp. has boon retired.
U T A H S E C . C O R P .— P R O F I T & LO SS A N D I N C O M E S T A T E M E N T S .
(1) Profit & Loss A c c l. Sept. 10 1912 to D e c . 31 1916 and M a r . 31 1916—
To—
Dec. 31’16. Afar.31’10
To—
Dec. 31’1G ,l/«r.31’16
.
Int. & dividends..$4,542,548 S3,854,447 Expenses & taxes. $620,910 $482,225
♦Profit realized by
Interest on notes. 3,894,009 3,506,334
redemp of 319,Commission paid
518,O O tahSec.
OU
on underwriting
Corp. notes___ 1,908,099 1,852,408 notes ............. 625,203 619,221
T ota l._____ $6,450,648 $5,706,855 Balance, surplus..$1,310,525 $1,099,075

(2)

Earnings o f A ll Properties N o w Controlled (Irrespective o f the D a te o f
A cquisition ) fo r Yea rs ending D e c . 31—

1916.
1915.
Gross earns, all sources (Inter-co. chgs. eliminated) $5,583,396 $4,827,725
Net earnings---------------------------------------------- 3,095,022 2,549,778
(3)

it L t. C o. and Utah L t. & Tra c. fo r Cal.
it L t. C o . ------- U tah L t. it Trac. C o .—
1916.
1915.
1916.
1915.
Gross earnings_______ $4,312,090 S3,596,926 $1,455,081 $1,405,184
Oper. exp. and taxes__ 2,084,452
1,868,200
952,909
943,410
$2,227,638 $1,728,726
$502,172
$461,774
Other income
30,000
365,212
359,279
$2,257,038 $1,728,726
$867,384
$821,053
Bond int. anil discount. $971,012
$623,4051 $859,740
$808,791
Other interest (net)___
210,390
305,714/
Balance, surplus____ $1,076,236
$799,607
$7,644
$12,262
’ Earnin gs o f Utah P ow .
— Utah P o w .




|
VOL. 104

(4) Com bined N e t I n c . A l l C os. fo r Y ea rs end . M a r . 31 and D ec. 31 1916years ending —
D e c . 31 T 6 . A la r 31’ 16
Gross earnings of Utah Securities Corp.,A
.
.
.
______ l • including
CllPnlun op miLnLlinxti
$1,031,476 $1,258,029
146,028
208,911
Net oarnings of Utah Securities Corp., incl.
surplus of subsidiary cos. accruing to it
$885,448 $1,049,118
Profit on redemp. of Utah Secur. Corp. 10-yoar 6 %
notos retired during year, $137,477: less commis
sion paid on underwriting, S25.731__________
111,746
465,773
Inc. from all sources accruing to Utah Sec. Corp
$997,193 $1,514,891
Deduct —Int. charges on 10-yoar 6 % gold notes..
543,070
888,973
Combined uet income.
$454,123
$625,918
A ssets —

B A L A N C E S H E E T S D E C . 31 1916.
Utah Secur. Utah P . it Utah Light it Total, A ll
Corporation. Light C o .a Traction C o. C om p a n ies .e

Plants mvest’ts, &c..b$10,301,368c$63,0S7,275 $20,663,762dS52,161,237
Guar. Utah Lt. & Trac.
bonds (contra)_____
19 iki non
Cash.............. ...........
9,588
309rl21
146,138
485,379
Notos Sc accts. recoiv’le.
315,568 1,939,272
67,612
641,314
Accrued interest______
58,534
30
Supplies_____________
495,355
121,229
016,584
Prepaid accounts_____
2,709
2,490
Bond discount & oxpenso
2,175,749
2,180,359
Adv. for property con
struction under way. .
1,972,974
Other assets_______
35,017
25,574
2,119
16,327
T ota l-.............
$10,720,075 $80,186,355 $21,003,349 $58,074,203
Liabilities—
First preferred stock__
_____ $5,900,000
.........
Soconil preferred stock.
" 4,937,000
..........
Common stock_______f 1,256,020 30,000,000 1,000.000 f 1,256,020
Utah Pow. Sc Lt. Co. 7%
cum. preferred stock.
- ........
5,900,000
Funded debt------ 7,466,500
19.005.000 15,919,000 42,390,500
Notes payable---150,000
g5,660,2741
190,210/
468,916
Accounts payablo.........
58,864
525,109/
l
587,033
Customers’ deposits___
_____
83,124
Guar. Utah Lt. & Trac.
bonds (contra)_____
12.151.000
Accrued accounts.
133,812
517,557
248,197
860,146
Dividends payable.
103,250
Sundry liabilities..
226,530
25*578
39,255
Rosorves
344,353
868,033
1,632,195 2,857,764
Surplus......... ............. 1,310,525
312,728 1,988,171 3,611,320
Total ....................... $10,720,075 $80,186,355 $21,003,349 $58,074,203
a Includes tho Wostern Colorado Powor Co. with intor-co. accounts
eliminated, b Includes stocks and notos of sub-cos., $10,299 9 4 7 - cash on
deposit with trustee, $1,421; total, $10,301,368, all deposited as collateral
tor 1 0 -yoar gold notes, c Includes plants, leaseholds and securities of other
c° s- d Includes plants, $51,737,868, and invostmonts, $423,369 e In?rilcV i»ba'aHce shoots of tho Utah Securities Corn, and its subsidiary, tho
?S
Utah I owor & Light Co. and the sub. cos. of tho lattor company, f Stock,'
outstanding, issued unilor laws of Virginia for assets
valued^at $1,25 ),0.0. g All oxcept $217,416 duo Utah Securities Corp.

American Gas Company, Philadelphia.

{Report for Fiscal Year ending Dec.

31 1916.)

President Morris W . Stroud, Fob. 6, wrote in substanco:

The gross earnings of tho affiliated companies have Increased vory satis
factorily, but owing to the large increaso in tho cost of gas oil and coal anil
higher wages, the operating expenses increased about tho samo amount
whilo a largo additional amount was sot asldo for depreciation (tho totai
of maintenance and depreciation for tho yoar boing $552,808 or 1 2 3 % on
the gross receipts). Tho profit for tho yoar is therefore less than for 1915
being, however, at tho rate of over 1 0 % on tho capital stock, and leaving
an earned surplus of $136,037 aftor paying $53,734 more dividend, or 8 %
for tho year.
In order to provido for the neods of the company and to anticipate tho
maturity of $1,000,000 6 % gold notes maturing Nov. 1 1917, in Oct. last
your board decided to issue $2 ,0 0 0 ,0 0 0 additional of 1 0 0 -year 6 % gold
bonds, which wore sold on a satisfactory basis, and tho $1 ,0 0 0 ,0 0 0 6 % notes
retired. [Seo news itom on a subsequent page.—Ed.)
The electrical business generally lias grown rapidly during tho year, thoro
boing an increaso in the kilowatt hours sold of about 27% . To moot this
demand your board authorized tho erection of an entirely now steam oloctric
station by tho Citizens’ Gas Sc Electric Co. of Waterloo, Iowa, at a cost of
about $800,000; also tho oroctlon of a stoam olectric station by tho Phila
delphia Suburban Gas Sc Electric Co. on tho Schuylkill River about a mile
and a half abovo Phoenixvillo, to supply tho district covoring tho towns of
West Chester. Phoenixvillo and Pottstown, at an estimated cost of $575,000
Both of these stations wo oxpect will bo in sorvico by tho lattor part of 1917.
Wo also expect to havo in active operation in tho early part of 1917 tho
now gas plants at Chester, Pa., and Rockford, 111., and tho largo water
power of the Winooski Valloy Powor Co., noar Burlington, Vt., and tho
water power at Nashua, Iowa.
Tho cubic feet of gas sold during tho yoar increased about 14%
During tho year there wero placed upon your various properties imnrovements to the value of $2,091,372, part of which woro paid for by tho issu
ance of the 1 0 0 -year gold bonds, and part by tho issuance of bonds of tho
affiliated_companies. The outlook lor continued growth in all of tho vari
ous districts of your company Is satisfactory.
A ffilia te d C om pa n ies o f the A m eric a n Gas C o.

Bangor Gas Light Co.
Petersburg Gas Co.
Burlington Light & Power Co.
Phila. Suburban Gas Sc Elec. Co.
Cedar Valley Electric Co.
Portage American Gas Co.
Citizens’ Gas & Electric Co.
Rockford Gas Light & Coke Co.
Consolidated Light & Power Co.
St. Clair County Gas & Electric Co.
Kingston Gas Sc Electric Co.
Ulster Electric Lt., lit. Sc Power Co.
Luzerne County Gas Sc Electric Co.) Waukesha Gas Sc Electric Co.
[Thocompany owns tho entire capital stock (oxccpt directors’ shares) in
the above-named companies and tho Burlington Gas Light Co. and the
Winooski Valley (Vt.) Power Co., and is interested through ownership of
part of tho capital stocks in tho Peru (Ind.) Gas Co., Western United Gas
& Electric Co., Coal Products Co. anil Illinois Commercial & Mining Co., 1 1
1.
See stock offering, also bond sale and statistics in nows item on a subse
quent page.]
I N C O M E A C C O U N T Y E A R S E N D I N G D E C . 31.
1916.
1915.
1914.
1913.
Gross earns, of affil. cos. $4,491,818 $3,979,614 $3,701,310 $3,410,976
Operating expenses___ 2,588,899 2,024,195 1,967,704
1,789,107
Gross profit________$1,922,919 $1,955,420 $1,736,606 $1,621,569
Miscellaneous income..
128,465
80,403
60,528(lncl.in gross)
Total____
. $2,051,384 $2,035,883 $1,797,134 $1,621,569
Bond interest
. $1,109,743 $1,060,392 $1,007,895
$901,071
Y ea rs—
Depreciation.
193,310
.
270,028
173,421
149,005
. $671,613
$782,175
$615,818
$571,492
.
366,768
322,096
271,014
218,286
$886,862
31.104,271
$819,778
. $163,662
$142,623
$123,734
$142,093
Ac., Am. Gas Co_ ’’
_
222,729
191,955
218.613
172,175
- (8 )515,953 (7 M) 459,220 (7)374,882 (7)311,596
____
>
.
C r. 65.016
Total deductions___
$902,345
$801,567
$709,460
$560 848
Balance, surplus______
$302,704
$136,037
$177,402
$258 ,930

June 23 1917.J

THE CHRONICLE

B A L A N C E S H E E T D E C . 31.
1910.
1915.
1915.
1910.
Liabilities—
S
S
S
.■
is.sc/.i—
*Eq’y In cos.own’ll 9,195,032 7,409,572 Capital stock....... 6,449,700 6,449,200
160,431
113,041 Bonds, 6%........ 3,000,000
Insurance fund__ 138,233
20,800
38,400 Bonds, 5%........ 1,570,000 1,002,500
Miscellaneous---1,000,000
211,675 Secured notes___
Deferred accounts. 305.487
4,320
8,456
2,661
3,019 Miscellaneous___
Sundry mdse.......
113,611
Acc'ts receivable.. 584,006
728,135 Insurance reserve. 138,233
66,675
56,746
Sundry Investin'ts
46,470
46,270 Accrued accounts.
430,067
Bond Investm
ents. 2,022,018 1,847,155 Contingent reserve 444,797
901,916
290.488
Cash.............—
270,8G Surplus............. a937,953
0
Total.............12,605,885 10,728,757 Total..............12,605,885 10,728,757
* Equity (over bonds) in gas and electric light plants, including original
cost and cash advanced for betterments, represented by capital stock of tho
various cos. owned (see list, V. 98, p. 1089). a After deducting $100,000
credited to contingent reierve.—V. 104, p. 6C5.

Fisher Body Corp. and Subsidiary Company, N. Y.

(Report for Fiscal Year ending April

30 1917.)

30 1917.
Net earnings and income from operation for tho year, after de
ducting all espouses of tho business, including allowances for
corporation oxelso tax anil all expenditures for repairs and main
tenance of tho properties including an adoquato allowance for
accruing renewals and depreciation---------------------------------- $2,876,407
Deduct —Interest on floating dobt.........- ....................... - ..........
96,619
Balance not income for tho year ending April 30 1917-----------$2,779,788
D ed u ct —Proportion accrued to Aug. 21 1916, tho date of incep
tion of tho Fisher Body Corporation................................. . .
615,043
Balanco, being not incomo of tho Fisher Body Corporation___$2,164,745
D ed u ct— Divs. iloclared and paid, 54£% on preferred stock_
_
262,500
Balanco, surplus, as por balanco sheet below________________ $1,902,245
C O N S O L . B A L A N C E S H E E T A P R I L 30 1917 ( I N C L . S U B S I D . C O S .) .
A ssets (Total, $12,023,428)—
Liabilities (Tota l, $12,023,428) —
Properties and plant----- x$4,839,701 7% cum. prof, stock (autli.
........... $5,000,000
Patents_____ _________
250,000 $6,039,000)
Bal. represented by 200,
Raw material & supplies
(at cost)____________ 2,605,902 000 snares of com. stock
Work in progress (at cost). 1,715,700 ‘ (no par)............ ......... 2,111,325
Accounts receivable------ 1,821,046 |
Bank loans------------------ 1,480,000
Equity in 2,500 sharos of
[Notes soeurod by mortgage assumed________ y300,000
Fishor Body Corp. prof,
Trado creditors________ 1,004,433
stock carried for com
197,235
pany's account----------5,218 Rosorvo for taxos, &c___
28,189
Cash............ .............759.344 Employoos’ bonuses, &c_.
Prepaid taxes, &c--------35,513 Surplus (see above)_____ 1,902,245
x Includes reproductive valuo (new) as appraised Juno 30 1916, plus
subsoquont additions at cost, viz.: land, buildings, machinery, tools, dies,
patterns, &c., equipment, $5,271,142; loss rosorvo for depreciation, $431,
438; balanco as abovo, $4,839,704.
y Notos secured by inortgago assumed (purchase money obligation) on
proporty acquired sinco organization.—V. 104, p. 2455, 1706.

C O M B I N E D I N C O M E A C C O U N T FOR Y E A R E N D I N G A P R I L

General Gas & Electric Co. (of Maine), New York.

(Report for Fiscal Year ended Dec. 31 1916.)
Pres. W . S. Barstow, N . Y . , Feb. 26, wrote in substance:

2551
-Preferred StockOwned by
Authorized. Issued. G .G .& E .C o.

-Common
Aulh.

StockOwned by
Issued. G.G.E.JtcCo

Penn. Utilities Co.Sl,000,000 S800.000 $753,600SI,000,099 $828,571 S805,309
East. Penn. Pow. Co.
258,000 258,009 Note 1
Easton Gas Works.. 500,000 200,000 Note 1 509,090 269,400 Note 1
Delaw. Gas Lt. Co.
. . .. . . . . . .
... . ..
Note 2
........
Poo. L..H.&P.CO............................
Note 2
Interurban Gas Co.. — .................................
6,000
15,000
6,000
Nazareth 11 Gas Co. ------1.
------. . _
.......
Note 3
Jersey Corporation.......... .
4,000 (N.4)3300
------ 1,000,000
N. J. Pow. & Lt. Co.1,000,000 161,000 161,000 1,000,000 184,700 184,700
Rutl’dRy.,L.&P.Co. ____
........ 2,000,000 1,700,500 1,679,100
West. Vt. Pow. &Lt. 800,000
1,500,000 120,000 120,000
Plttsford Power Co. 200,000 200,000
300.000 300.000 (5)75,000
Bingh.L.,H.&P.Co. 1,000,000 375,400
1,000,000 500.000 500,000
SanduskyG.&E. Co. 300,000 100,000
1,000,000 500.000 500.000
Northw.O.Ry.&P.Co. 700,000 500,000 500,000 800.000 800.000 800.000
Pt.Clint .E.L.&P.Co. ____
21,358
25,000
21,356
Sayre Electric Co__ 100,000 100,000 100,000 150,000 150,000 150,000
Wav. E. L.&P. Co.............
Note 6
Note 1
—All stock owned by Pa. Util. Co. Note 5—Bal.ownelbyRut.Ry.P.&L.Co.
Note 2—Merged with Easton Gas Works. Note 6
—Controlled by Sayre Elec. Co.
Note 3—Merged with Interurb. Gas Co. Note 7—Incl. $51,000 held in sink, fund .
Note4—Bal. owned by Penn. Utilities Co. Notes—Incl. $13,500 held in sink. fund.
B A L A N C E S H EET D E C . 31 1916 (Total each side, $12,192,794).
A ssets —

Liabilities—

Securities owned___ _____ $11,011,800 7% cumulative pref. stock..
Current cash___ ............ .
2,257 Convertible prel. stock......
25,191 Common stock____ . .
Cash for coupons, &c.........
5% bonds, due Jan. 1 1925
Accrued pref. divs. on pref.
9,496 !First lien, 5%, conv. bonds
stock owned_____ _____
Acer. lilt, on bonds owned..
71,088 Two-year 5% secured notes.
50 Accounts payable........ ....
Materials and supplies........
6,426 Miscellaneous ........ ..........
Miscellaneous . ...............
Accrued interest and taxes..
Due from subsidiary cos.:
994,283 Reserves.............. ...........
Notes receivable.............
24,340 Profit and loss surplus........
Accounts, &c., receivable.
47,763
Deferred item . .............
s

S2,500,000
2,600,000
3.500.000
872.000
1.693.000
675.000
*203,645
25,191
52,271
10,700
60,986

* Includes $ 19 6 ,14 6 which is represented b y am ounts turned over to tho G eneral
G a s & E lectric C o. b y W . S. B arstow < C o ., In c ., sy n d ic itc m anagers, in accord
fc
ance w ith agreem ent, leaving an am ount due sundry creditors of $7 ,500 .
T h e com pany has contingent liabilities: (1) G u aran tee of principal and Interest
on F ir s t M tg c . sinking fund 5 % bonds, duo N o v. 1 10 3 3 , of the P lttsford Pow er C o .
(au th . $500,000) outstanding D ec. 3 1 19 16 , $260,400. (2) G uaran tee of dividends
of 6 % p ;r annu m on S200.000 preferred stock of the Plttsford Pow er C o . (3) E n 
dorser on $ 2 2 ,5 7 5 prom issory notes o f P en n sylvan ia U tilities C o . (4) Endorser on
$10 0 ,0 0 0 prom issory notes of the N . J . P ow er * Ligh t C o .— V . 1 0 1 . p. 234 6 , 2237.

Northern California Power Co., Consol., San Francisco.

(8th Annual Report—Year ending Dec. 31 1916.)
Pros. W . F . Dotert, San Fran, Fob. 20, wrote in subst.:
R esults. —-There has been a growth in all departments—approximately
9.1% In electric, 13.6% in gas and 2.1% in avator revenues. These in
creases in revenue reflect very closely the increases in the business of each
department. While new schedules of rates are now in effect as tho result
of tho Railroad Commission’s order, those changes bocame effective very
lato in tho year so that any changes have had a comparatively insignificant
effect upon tho company's earnings. It is as yet too early to make any
accurate forecast as to what will be the net effect of putting those new
rates into operation.
Tho averago irrigation season for 1916 was about three weeks longer than
it was in 1915 and a considerable additional load was served to irrigate an
Increased acreage plantod to rlco, the Increase being about 4,200 acres.
N u m ber o f A c res Planted to Various C rops and Irrigated by P u m p ed W ater.
[Tho pumps are electrically operated with power furnished by tho North
ern California Power Co., Consolidated.]
C rop —
R ice.
A lfa lfa . Orchards. H o p s .
B eets.
Other.
Total.
Acres irrigated
during 1916.16,005 16,309 4,736
772
10
637 38,469
do (est.)'17.23,515 18,196 5,115
692 2,365
852 50,765

During tho year thero was completed tho financial roorg.anization of tho
Utilities C o. (V. 102, p. 2259, 2172) and the Binghamton
Eight Heat. & Power Co. (V. 102, p. 1989, 1719) (the largest of the sub
sidiaries acquired from the Atlantic Gas & Electric Co.), as well as tho
incorporation of tho New Jersey Power & Light Co. (V. 102, p. 1440).
In 1915 certain securities wore issued to W. S. Barstow & Co., Inc., for
tho acquisition of the securities of the subsidiary companies of the Atlantic
Gas & Electric Co. Subsequently W. S. Barstow * Co., Inc., offered to
surrender for cancellation $400,000 of tho convertible preferred stock upon
receipt of $151,200 cumulative preferred stock and this substitution being
tho ignt best for tho company, was accordingly made.
N u m ber o f Consum ers in Each D epartm ent.
After tho final completion of all transactions for which the securities wore
D epartm ent —
D
31 1916. In crea se.
issued, as contained in the agreement with W. S. Barstow & Co., Inc., Electric...................................... e c . 31 1915. D e c . 7.174
6,754
420
for file acquisition of tne subsidiary properties of tho Atlantic Gas & Gas........................
1,312
1,366
54
Electric Co., there remains 1,460 shares of cumulative preferred stock, Water.........................................
1,223
1,277
54
A d d ition s to Pla nt. —Owing to increased demands, particularly in the
more southerly territory served, it has been necessary to arrange for the
elude an item of $196,146 cash already paid over to tho General Gas & operation of all transmission lines at 60,000 volts, except in tho mining
Electric Co. in accordance witn agreement of W. S. Barstow & Co., Inc? section in Shasta County, whore it is still feasible to operate at 20,000 volts
in accordance With the agreement, all ot these securities and cash were to over a portion of the system. In pursuing this program it has boon possible
bo held for the further needs of your company and under instructions of to replace with copper wire (of increased capacity whero roquired) up to
your board will at once be transferred to the recently organized General Doc. 31 1916 150,000 lbs. of aluminum wire. This was sold at a net profit
of $31,197 over its original cost price. During 1916 $295,514 was invostod
Fin a nce C orporation, all of the stock ot which is owned by your company.
In tho readjustment of sccurltios and tho reorganization of subsidiary as follows: Purchase of water rights, $77,220; additions and botterments
companies, your company was enabled to pay off all of its floating debt to electric facilities, $208,000; additions and botterments to gas plants,
and a largo amount of notes and to refund tho balanco by tho issue of 8675, $7,110, and additions and betterments to water works, S3,183. Lines dis
mantled had cost $103,199, so that tho net increase in investment values
000 2-year 5% collateral trust notes due Nov. 1 1918.
Tho operating revenues of ail subsidiary companies during tho past year for tho year was $192,315. From tho linos dismantled material was re
itii
have shown a steady increase, but owing to the cost of reorganization of covered having a salvage value of $87,993.
Additions and betterments to the electric system included increased
several of the properties and operating disturbances duo to the large amount
of new construction work, expenses wore abnormal, especially on the Penn capacity of copper wire on 60,000-volt lines between Red Bluff, Butte City
sylvania Utilities Company's system, i bis, together with tho increase In and Chico and also on tho lino from Cliico to tho Butte Creek sub-station,
the price of coal and increased cost ot labor prevented the companies from now 60,000-volt transmission lines from College City to Dunnlgan, Wash
ington sub-station to Lewiston and from Lewiston to Minersviilo, also a
making tho showing anticipated.
sub-station at Lewiston and distribution lino from Washington sub-station
to tlio Groonhorn Mountain mine. A total of 36.7 miles of new primary dis
I N C O M E A C C O U N T FO R T H E Y E A R E N D I N G D E C . 31 1916.
tribution lines was constructed and 482 now services of a combined length
Dividends on stocks owned, $202,179; interest on bonds ownod
of 68,114 to. were installed. Tho lines to Dunnigan, Lewiston and Miners
$122,160; int. on notes receivable and bank bal.. $32,355; total.$356,694 viilo tap now territory
in both
Expenses, taxes, salaries, &c___ ______ ____ ____ __________ 18,358 which franchises havein Yolo and Trinity counties, respectively, County or
been secured. Tho extension into Yolo
is
miles in
from
City to Dunnigan.
Not revenue for tho calendar year 1916------------------------------$338 336 10Eighteen length,of linoCollegebeen constructed into Trinity County to
miles
have
thor income—Appreciation in valuo of bonds owned.!” ” ” ”
33)10 Lewiston and Minersville and a sub-station installed at Lewiston; 10M miles
of additional lino from Lewiston to Woavervillo aro partially completed
Gross Income----on same has been temporarily suspended
spring and
Deduct-—Interest on ------ • - ‘l $137,358;ix other Interestr"$39,’950"*311’316 although work more favorable weather conditions. This until is designed
bonds,
tho advent of
line
*
**
*
' ISO 318
amortization or discount on hnnnu M n in
bonds, $3,010........
among other things to servo tho Western Statos Gas & Electric Co., with
a
it with power which it may re
Net incomo for tho year 1916 ..................... ................ .......... $161,028 whichforcontract has been made to furnish output of its present generating
quire
its Eureka district in excess of tho
Surplus Jan. 1 1916, $22,273kdl^ount on purchase of $420,000
revenue that will be received under this contract
10-year 5% bonds lor the sinking fund, 83*1,1)81_____________ 5 7 ,2 5 5 facilities. Tho amount of growth of business In the territory served by the
will dopond largely on tho
but indications aro that this growth should bo
Profit and loss gross surplus. -1 -- - - - - ...................._.............$218,283 Western States Co., program adopted and commenced last year itrapid.
Carrying out tho
Dividends on cumulative preferred stock.......................... ........ 157,297 necessary during 1917 to construct new 60,000-volt lines between will bo
Kilarc
and South Cow Creek plants, Coleman and Cottonwood, Keswick and
Profit and loss surplus Dec. 31 1916---------------------- -------$60,986
Washington sub-station, and between Logandalo and Willows, lt will
also be necessary to tako down aluminum wire and string increased capacity
S E C U R IT IE S OF S U B S ID IA R Y C O M P A N IE S D EC . 31 1916.
copper wire between lied Bluff and Cottonwood and to reinsulato and in
— Bonds—
crease tho voltago to 60,000 volts on the line betweon Maxwell and Logan
Owned by
dalo. Tho 60,000-volt line from Lewiston to Woavervillo, now partially
Authorized.
Subsldlary Companies—
Issued.
G .a .A E .C o .
finished, must bo completed. These new 60,000-volt lines will make it
S50,000,000 $3,120,000
Pennsylvania Utilities Co. 1st Mtgc---possible to dismantle the 20,000-volt lino between Kilarc and Volta, Ingot
. 1.250,090 1,250,000
Ten-year notes...............................
870,000 and Buliy Hill, Balaklala and Washington, and i’alo Cedro and Redding.
. 1,000,000
Easton Gas Works 1st Cons. "Mtgc........
306.000
The ostimatod gross cost of all tho work now proposed amounts in round
100,000
Delaware Gas Light Co. 1st 5s___
305.000
figures to $295,000 with salvage of probably $45,000.
100,000
People’s Light, Heat & Power Co. Is. 53--79,000
Litiga tion. —During the year four important cases have been prosecuted
. 5,000,000
Interurban Gas Co. 1st 5s.,, _
____
before the Railroad Commission. Tho case involving a valuation of the
50,000
Nazareth Illuminating Gas Co. 1st 5s . ...
46.000
company's properties and a general revision of its rato schedules was decided
New Jersey Power A Light Co. 1st 5s____ Unlimited
700.000
by the Commission, in its decision No. 3624, copies of which can bo secured
Rutland Hallway, Light < Power Co. 1st 5s 2,000,000 2,000,000
fc
from tho Secretary of the Commission at small cost. Another case was one
W
estern Verm Power & Light Co. 1st 5s. 10,000,000
ont
400.000
400,000 in which this company appeared as a protestant to the granting of a certifi
Pittsforil Power Co. 1st 5s______ ______
500,000
260,400
cate of public convenience and necessity to Sierra Electric Co. to render
Bingnamton Lt., lit. & l’ow. Co. 1st Ref. S. 1 . 500.000
«
247.000 See Note" 7 electric service in Tehama, Glenn and Colusa countios, practically parallel
ited
1st Ref. gold. ........................ ........... . Unlim
800.000
ing our lines throughout these three counties. The Commission denied the
Sandusky Gas < Electric Co. 1st 5s _
fc
..
40.000
500,000
application on tho ground that we were giving ample servico at the pre
1st Ref. & Impt.................................. . 2,000,000
710.000
scribed ratos.
Northwestern Ohio Ry. & Power Co. 1st 5s. . 5,000,000 1,293,000 1,293,000
N e w C ustom er. —The Mammoth Copper Mining Co. at Kennett is Just
Sayre Electric Co. 1st 5s......................... .
297.000
750,000
Note 8 about completing a now plant for the electrolytic reduction of zinc from ores
Wavcrly Electric Light &Power Co. 1st 5s.. .
in that district and from the flue dust accumulations from its bag house.
40.000
40,000
Pennsylvania




2552

T h i s p l a n t w ill h a v o a n e l e c t r i c a l i n s t a lla t io n o f a b o u t 9 0 0 k . w . , w h ic h
m a y l a t e r b o in c r e a s e d , d e p e n d in g u p o n t h o r e s u lt s o b t a i n e d .
Debentures.— T h o c o m p a n y ’s $ 5 0 0 ,0 0 0 S o r io s B d e b e n t u r e s m a t u r e J u l y 1 5
1917.
T h e s e d e b e n t u r e s w o r o o r ig in a ll y p l a c o d In S w it z e r l a n d , n e t t in g t h o
c o m p a n y $ 4 8 0 ,0 0 0 .
I f i t is n o t p o s s i b le t o s e c u r e a n e x t e n s i o n o f t h o s e d e 
b e n t u r e s f o r f i v o y o a r s o r m o r o u p o n r e a s o n a b l e t e r m s , a n e f f o r t w ill b o
m a d o t o b o r r o w $ 2 0 0 ,0 0 0 t o $ 3 5 0 ,0 0 0 o f t h o n e c e s s a r y a m o u n t l o c a l l y a n d
t h o b a l a n c o w ill h a v o t o b e m a d o u p b y t h o s t o c k h o l d e r s .
E v e n t u a lly ,
h o w o v e r , t h o c o m p a n y w ill h a v o t o t a k o c a r o o f t h is i n d e b t e d n e s s .
[A n
a s s e s s m e n t o f $ 1 p e r s h a r e w a s l e v ie d o n t h o s t o c k d e l in q u e n t N o v . 2 8 ,
s a le d a y D o c . 2 7 .
V . - 1 0 3 , p . 1 9 5 6 — E d .]

IN COM E ACCOUNT FOR YEARS ENDIN G DEC. 3 1 .
E a r n in g s e l e c t r i c l ig h t a n d p o w o r ___
G a s r e v e n u e s ______
W a t e r r e v e n u e s ___

1916.
$ 7 6 8 ,7 8 8
3 5 ,5 0 5
4 1 ,9 3 4

1915.
$ 7 0 4 ,6 3 3
3 1 ,2 5 7
4 1 ,0 8 4

1914.
$ 6 9 2 ,7 3 4
3 1 ,8 0 0
4 0 ,5 1 4

T o t a l ____________
O p e r a t in g e x p e n s e s
M a in te n a n c e , & c .

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

$ 7 7 6 ,9 7 3
$ 2 4 7 ,1 9 8
9 5 ,2 5 5

$ 7 6 5 ,0 4 7
$ 2 3 5 ,2 8 5
8 8 ,3 0 2

T o t a l ____________
N e t e a r n i n g s ______
O t h e r i n c o m e ______

$ 3 4 8 ,6 3 9
$ 4 9 7 ,5 8 8
1 1 ,2 2 1

$ 3 4 2 ,4 5 3
$ 4 3 4 ,5 2 0
8 ,5 1 1

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

N e t i n c o m o _____
I n te r e s t o n b o n d s , d e b e n tu r e s , & c .* _
M i s c e l la n e o u s d e d u c t i o n s ( n e t ) ______
D e p r e c i a t i o n ______

$ 5 0 8 ,8 0 9
S .3 5 2 ,9 2 0
Cr. 1 ,9 7 2
2 7 ,1 5 0

$ 4 4 3 ,0 3 2
$ 3 6 2 ,8 9 7
3 1 ,1 4 9
1 7 ,6 7 7

$ 4 5 5 ,2 5 4
$ 3 6 3 ,9 9 8
2 1 ,1 9 9
3 2 ,8 1 7

$ 1 3 0 ,7 1 0

$ 3 1 ,3 0 9

$ 3 7 ,2 3 9

B a l a n c o , s u r p lu s

* L e s s a m o u n t c h a r g e d t o c a p i t a l f o r w o r k in c o u r s o o f c o n s t r u c t i o n .
T h o t o t a l s u r p lu s D e c . 3 1 1 9 1 6 , a ft e r d e d u c t i n g s in k in g f u n d s , $ 1 3 3 ,8 2 5 ,
w a s $ 2 3 6 ,4 8 9 .
BALANCE SHEET DEC. 3 1 .
1916.
1915.
1915.
1916.
Liabilities—
S
Assets—
S
$
$
9 ,995,227 C o m m o n s t o c k . ..1 0 ,0 0 0 ,0 0 0 1 0,000,000
C o m p le te d p la n t - 1 0 ,188,101
8 2 ,8 8 4
64,862 C on solid a ted b d s . 3 ,9 6 4 ,0 0 0 3 ,9 0 4 ,0 0 0
W o r k in p rog ress.
942 ,000
9 4 3 ,000
9 6 ,804 U n d erly in g b o n d s .
C a sh ......................
7 2 ,783
9 0 0 ,000
900 ,000
N o te s r e c e iv a b le ..
9 ,039
649 G u aran teed b on d s
1 ,134,352
A c c t s . re ce iv a b le .
8 0 ,787
78,028 D e b en tu re notes . 1,0 5 6 ,9 6 4
113,952
M a teria l & s u p p . .
95,800 A cc o u n ts p a y a b lo
26,441
2 2 ,030
(v o u c h e r s )___ . .
P rep a id in su r., & c.
936
001
3 0 ,593
48,109
Sinking fu n d s____
15,615 M is c e lla n e o u s .. . .
19,996
6 0 ,6 3 4
A ce r. Interest, & c .
58,717
U n a m ortlzed d isc’ t
3 2 6 ,7 6 3
4 0 6 ,6 9 7
o n capi tal s t o c k . 7,3 0 0 ,0 0 0 7,4 0 0 ,0 0 0 R es. in v est. In s. f .
122 ,892
126,403
250
250 A ccru ed d ep rec’ n .
S tk . in oth er c o r p .
8 9 ,9 3 2
143,821
5 1 ,524
9 1 ,605 O th er r e s e r v e s .. . .
Suspenso _________
1,231
2 1 ,080
S u s p e n s o ............. . .
2 3 9 ,003
23 6 ,4 8 9
S u r p l u s ________ . .
T o t a l ___________1 7,926,311
— V . 104, p . 956.

17,839,411

T o t a l ............... ..1 7 ,9 2 6 ,3 1 1

1 7,839,441

G EN ERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS,
American Cities Co.— D i v i d e n d D e f e r r e d — The direc
tors of this company havo passed the usual semi-annual divi
dend of 1 J^%, which tho company has paid since July 1 1915.
Vice-President Lee Benoist in explaining this action is
quoted as saying:
N o t w i t h s t a n d i n g t h o f a c t t h a t t h o e a r n in g s o f t h o A m e r i c a n C i t i e s C o .
a r o s h o w in g v e r y s a t i s f a c t o r y in c r e a s e s , t h e d i r e c t o r s f o l t t h a t , in v i e w
o f c u r r e n t m a r k e t c o n d i t i o n s f o r c o r p o r a t i o n s e c u r it i e s , t h o e a r n in g s o f t h o
c o m p a n y s h o u ld b e a p p lie d t o t h e p u r c h a s o o f its s u b s id ia r y c o m p a n ie s ’
s e c u r it i e s , is s u e d f o r t h e i r g e n e r a l d e v e l o p m e n t p u r p o s e s , a n d , t h e r e f o r e ,
d e c id e d t h a t fo r th o t im o b e in g a d is t r ib u t io n o n t h o p r e fe rr e d s t o c k s h o u ld
b o d e fe r re d .
T h i s a c t i o n is r e c o g n i z e d b y a ll h e r o a s b e i n g c o n s t r u c t i v e
a n d m a t e r ia l l y s t r e n g t h e n i n g t h o f in a n c ia l s i t u a t i o n o f t h o s h a r e h o ld e r s
o f t h e A m e r ic a n C itie s C o .— V . 104 , p . 1 1 4 3 , 1 1 3 8 .

Canadian Pacific Ry.— L o a n to M u n i t i o n s B o a r d . — It is
announced in Montreal that this company has mado a loan
of $10,000,000 to the Imperial Munitions Board to assist in
meeting financial requirements for the purchaso of munitions
in Canada during tho next year. It is understood that the
company takes British Treasury bills as security for the loan.
E a r l y in t h e y e a r t h o c o m p a n y l o a n e d $ 4 0 ,0 0 0 ,0 0 0 o f it s 4 % c o n s o l i d a t e d
d e b e n t u r e s t o c k t o t h e B r i t is h T r e a s u r y f o r a p e r i o d o f f i v o y e a r s ( V . 1 0 4 ,
p . 1 8 0 0 ).
A n is s u e o f $ 1 9 9 ,0 0 0 ,0 0 0 c o l l a t e r a l t r u s t b o n d s a g a i n s t d e p o s i t
b y t h o B r i t is h T r e a s u r y D e p a r t m e n t o f d e b e n t u r e s t o c k a n d o t h e r s e c u r i 
t ie s o f t h o c o m p a n y a n d i t s l e a s e d lin e s w a s a b o u t t o b o m a d o in N e w Y o r k
w h e n t h o U n it e d S t a t e s e n t e r e d t h o w a r , c a u s i n g t h o is s s u o t o b e h e l d in
aboya n co.
C om p a re V . 104, p . 1898, 1800, 1604, 1488, 1387.

Chicago City & Connecting Ry.— D i v i d e n d

R e d u c e d . —•

A s e m i-a n n u a l d i v i d e n d o f $1 5 0 p e r s h a r e h a s b e e n d e c l a r e d o n t h o p r o f ,
p a r t i c i p a t i o n c e r t i f i c a t e s , p a y a b l e J u ly 1 t o h o l d e r s o f r e c o r d J u n e 2 3 . T h is
c o m p a r e s w it h $ 2 2 5 p e r s h a r o in J a n . l a s t . — V . 1 0 4 , p . 2 5 0 j

Chicago & Eastern Illinois RR.— D e c i s i o n .—
J u d g e C a r p e n t e r in t h o U . S . D is t r i c t C o u r t a t C h i c a g o o n T h u r s d a y
d e c i d e d t h a t t h o 1 st M t g o . b o n d h o ld e r s o f t h o f o r m e r C h i c a g o & I n d i a n a
C o a l K y . C o . h a v e a lie n a s s h o w n in t h e o r ig in a l m o r t g a g e o n t h o p r o p e r 
t ie s o f t h a t c o m p a n y o n l y , a n d a r o m e r e ly g e n e r a l c r e d it o r s o f t h o C h i c a g o
& E a s te rn I llin o is R R .
T h o m e rg e r o f 1894 h a v in g s t o o d s o lo n g , h o h e ld ,
c o u l d n o t b o d i s t u r b e d a t t h o i n s t a n c e o f s e c u r it y h o l d e r s .
(C o m p a r e
V . 1 0 2 , p . 1 0 5 9 : V . 1 0 1 , p . 8 4 5 : V . 1 0 0 , p . 2 2 8 : V . 9 9 , p . 1 9 5 , 2 6 9 , 1 5 9 6 .)
T h i s d e c i s i o n , i t is s a i d , c lo a r s t h e w a y f o r r e o r g a n i z a t i o n . — V . 1 0 4 , p .
2235, 2225.

Chicago

[Vol. 104

THE CHRONICLE

&

Indiana Coal Ry.— L i e n

o f B o n d s .—

S ee C h ic a g o & E a s te rn I llin o is R R . a b o v o .— V . 10 2 , p . 1 05 9.

Chicago Milwaukee & St. Paul Ry.— L i s t i n g . —
T h is c o m p a n y h a s a p p li e d t o t h e N . Y . S t o c k E x c h a n g o f o r a u t h o r i t y
t o lis t $ 2 5 ,0 0 0 ,0 0 0 a d d i t i o n a l G e n e r a l & R e f u n d i n g 4 H % b o n d s , s e r ie s " A . ’
— V . 104, p . 2 11 6, 2111.

Chicago Railways.— A l l

Four

T r a c t i o n B i ll s F a i l . —r

T h e f o u r t r a c t i o n b i l l s d e s i g n e d t o p o r m it t h e m e r g e r a n d d e v e l o p m e n t
o f t h o r a p i d t r a n s it f a c il i t i e s o f C h ic a g o , w h il o p a s s e d b y t h o I ll i n o i s S e n a t e
b y la r g o m a j o r i t i e s , s u b s e q u e n t ly m o t w it h c o n s i d e r a b l e o b j e c t i o n a n d w o ro
s t ill h o ld in t h o h a n d s o f t h o i ’ u b l i c U t ilit ie s C o m m i t t e e o f t h o H o u s e w h e n
th o L e g is la tu r e a d jo u r n e d o n J u n o 15.
T h e s o m e a s u r e s i n c lu d e d t h o
3 0 - y e a r f r a n c h is e b i l l , t h o b i l l p e r m it t i n g t h o m e r g e r o f t h o s u r f a c e a n d
e l e v a t e d lin e s , t h o h o m o r u le b i l l a n d t h o b i l l g i v i n g t h o c i t y t h o r ig h t t o
con stru ct su b w a ys.
C o m p a r e p l a n in V . 1 0 4 , p . 5 5 9 ; V . 1 0 3 , p . 2 2 3 7 , 2 4 2 8 .
— V . 104, p . 1800. 1489, 1484.

ex ecu tiv e u nder the receiv er, has beon elected
an d su cceeds W . B . T h o m p s o n as a d irector.

P residen t

E . K . B o is o t o f C h ic a g o h a s b e e n e le c t e d a d ir e c t o r in p la c e o f J . S .
A l e x a n d e r , r e s ig n e d .
T h o p r e f e r r e d s t o c k is s u e s c a l l e d f o r u n d e r t h o p l a n a n d a p p r o v e d b y
t h e R a i l r o a d C o m m i s s io n s o f I o w a a n d I ll i n o i s h a v o b e o n o r d e r e d t o b o
is s u e d .
F o r r e o r g a n i z a t io n p l a n , & c . , s e o V . 1 0 3 , p . 1 8 8 7 , 1 9 8 0 , 2 1 5 5 :
V . 104. p . 451. 1800, 22 3 5 , 23 4 2 . 2451.

Chicago Terre Haute & Southeastern Ry.— E a r n i n g s .
1916.
1915.
Cal. Years—
1916.
1915.
G r o s s e a r n s . . $ 2 , 8 1 3 ,7 6 1 $ 2 , 2 6 3 , 8 7 7 G r o s s i n c o m e _____$ 9 4 6 ,0 6 1 $ 8 3 6 ,7 3 8
N o t, a ft. ta x es
$ 5 1 6 ,0 8 3 $ 5 8 1 ,0 7 2 F i x e d c h a r g e s _____ 7 6 0 ,4 6 1
6 8 3 ,3 3 7
O th e r in c o m e 4 2 9 ,9 7 8
2 5 5 ,6 6 6 B a l a n c o , s u r p l u s . $ 1 8 5 ,6 0 0 $ 1 5 3 ,4 0 1
— V . 104, p . 951 .

Chicago Utilities Co.— Sub. Co. Purchase.—
A p r e s s r e p o r t f r o m C h i c a g o o n J u n o 2 2 s a id t h o C h i c a g o T u n n o l C o .
h a s o f f e r e d t h e c i t y $ 1 5 0 ,0 0 0 f o r a u t h o r i t y t o j u n k t h o A u t o m a t i c T e l e 
p h o n e s y s t e m .— V . 1 0 4 , p . 1 8 9 8 , 4 5 1 .

Cincinnati Hamilton & Dayton Ry.— Sale.— Ju dge
H ollister in the U . S. D ist. C ou rt a t C in cin n a ti on June 18
con firm ed tho salo o f tho m ain lino an d Iro n to n d ivision to
tho reorgan iza tion m anagers.
.
C o n f i r m a t i o n o f t h o s a lo o f t h e t e r m in a l f a c il i t i e s in D a y t o n a n d a p o r 
t io n o f t h e D e lp h o s b r a n c h w a s d e l a y e d , o w i n g t o a p r o t e s t f r o m r e s id e n t s
a l o n g t h o lin e b e t w e e n S t i ll w a t e r J u n c t i o n a n d E a s t M a n d a t e , 8 5 m il e s ,
w h o fe a r t h a t t h o p u r c h a s e r , J o s e p h J o s e p h B r o s . & C o . , I n t e n d t o d i s m a n t le
th o sa m e .
K u h n , L o e b & C o . a r e p r o c e e d i n g w it h t h o o r g a n i z a t io n o f t h o
n e w T o le d o & C in c in n a ti I I R .
T h e O h io 1’ . U . C o m m i s s io n h a s a p p r o v e d
t h o p l a n b y w h ic h t h e B . & O . R R . C o . w il l c o m e i n t o c o n t r o l .
C om p a re
V . 104, p . 245 1, 2342.

Cincinnati Indianapolis & Western RR.— Earnings.—
Cal. Year—

1916.
1915.
I
1916.
1915.
G r o s s e a r n s . . $ 2 3 7 ,2 1 3 $ 2 , 0 3 4 , 2 2 2 G r o s s i n c o m e . $ 5 9 0 ,5 5 1 I o s s $ 3 3 ,4 7 5
1 6 6 ,0 3 0
2 2 8 ,4 0 5
N e t , a f t . t a x e s $ 5 4 0 ,2 3 5 I o s s $ 3 S ,8 6 3 R e n t s , & c ------O th e r in c o m o .
5 0 ,2 1 6
5 , 3 8 8 1I n t e r e s t _______
1 8 1 ,5 2 1
3 4 1 ,3 5 7
G r o s s i n c o m o . $ 5 9 0 ,5 5 1 l o s s $ 3 3 , 4 7 5 1B a l a n c o _____s u r .$ 2 4 3 , 0 0 0 d r . $ 6 0 3 ,2 3 7
T h o S id e ll & O ln o y R R . , o r g a n i z e d D e c . 1 1 9 1 5 , f r o m S I d e ll, 111., t o
W e s t L i b e r t y , 7 7 m ile s , a n d t r a c k a g e 8 m ile s , p r e v i o u s l y f o r m i n g p a r t o f
t h o o l d C i n c i n n a t i I n d i a n a p o li s & W e s t e r n R a ilw a y , is n o w o p e r a t e d a s a
s e p a r a t o p r o p e r t y : b u t in t h e f o r e g o i n g s t a t e m e n t it s e a r n in g s a r o in c lu d e d
f o r t h e f ir s t 11 m o n t h s in 1 9 1 5 .
T h o p r o p e r t y is u n b o n d e d a n d t h o e n t ir e
$ 2 4 0 ,0 0 0 c a p i t a l s t o c k is o w n e d b y t h o C i n c i n n a t i I n d i a n a p o li s & W e s t e r n
RR.
T h e S id e ll & O ln o y R R . s h o w s g r o s s e a r n in g s f o r 1 9 1 6 , $ 9 0 ,1 1 9 , a n d
n e t d e f i c i t , a f t e r t a x e s , r e n t s , & c . , $ 4 7 ,4 2 4 . — V . i 0 4 , p . 2 4 5 1 , 3 6 1 .

Cities Service Company, New York.— P r o p o s e d A b o l i 
t io n o f P a r V a lu e o f C o m m o n S h a r e s — L i s t in g F a v o r e d . — A t tho
d irectors’ m eetin g on Juno 20 1917 tho a b olition o f tho pres
en t par va lu e o f $100 an d tho oxch an go o f ton shares o f new
com m o n s to ck w ith ou t par v a lu e fo r each on e o f tho present
issue, w as recom m en d ed b y a special co m m itte o . A p p lic a 
tion to the N . Y . S to ck E xch a n go fo r th o listing o f b o th
C ities Service preferred and com m o n stock s w as also fa v o re d .
B o th m a tters w ere roferred to cou n sel for their rep ort.
A s u g g e s t i o n t h a t d o b e n t u r o b o n d s b o Is s u e d a s a m e t h o d o f f u t u r e
f in a n c in g o f C it ie s S e r v i c e C o m p a n y a n d its s u b s id ia r ie s b y s t o c k h o l d e r s
w a s a d v e r s e l y r e p o r t e d , s o f a r a s a c t i o n a t t h is t im o Is c o n c e r n e d .
T h o r e t ir e m e n t o r r e f u n d i n g o f s u b s i d i a r y b o n d s b y t h is m e t h o d w a s
o b j e c t e d t o b y t h o c o m m i t t e o b e c a u s e , o w in g t o t h o s m a ll p r o p o r t i o n o f
s u c h is su e s w it h e a r l y m a t u r i t y , t h o p r o f i t s in s u c h fin a n c in g w o u ld b e u s e d
u p in c a l le d p r e m iu m s in s t e a d o f b e n e f i t i n g t h o s t o c k h o l d e r s . — V . 1 0 4 ,
p . 2451, 2342.

Consumers’ Power Co. (Mich.).—

A d d i t i o n a l B o n d s O f

f e r e d .—

T h o bankers nam ed b olow aro offerin g at 95 an d in t.
an a d d ition a l $ 1 ,0 0 0 ,0 0 0 F irst L ion & R efu n d in g 5 % g o ld
b o n d s o f 1911, due J a n . 1 1936.

T h o b o n d s a ro o ffe r e d b y H a r ris , F o r b e s & C o . , N . Y . , H a r ris , F o r b e s
& C o . , I n c . , B o s t o n , H a r r is T r u s t & S a v in g s B a n k , C h i c a g o , C o f f i n &
B u r r , H o d e n p y l, H a r d y & C o . a n d E . W . C la r k & C o .
D a t a fr o m L e t t e r o f P r e s . B . C . C o b b , J a c k s o n , M ic h ., J u n e 16 1 9 1 7 .
T h o c o m p a n y , i n c o r p o r a t e d in M a i n e a n d d u l y a d m i t t e d t o d o b u s in e s s
In M i c h i g a n , o w n s w a t e r p o w e r a n d s t e a m g e n e r a t i n g e l e c t r i c p r o p e r t ie s
s u p p l y i n g e l e c t r i c i t y f o r l i g h t a n d p o w e r in a l a r g o n u m b e r o f c i t i e s In M i c h .
T h e h y d r o - e l e c t r i c g e n e r a t i n g p l a n t s h a v o a t o t a l I n s t a lle d c a p a c i t y o r
a b o u t 6 6 ,0 0 0 h . p . a n d th e s t e a m p la n ts h a v o a t o t a l r a te d c a p a c i t y o f
a b o u t 7 7 , 0 0 0 h . p . , m a k i n g a t o t a l o f a b o u t 1 4 3 ,0 0 0 h . p .
In a d d it io n ,
t h e r e a r o in p r o c e s s o f i n s t a ll a t i o n in t h o G r a n d R a p i d s W e a l t h y A v o . a n d
B a t t l o C r e e k E l m S t . s t e a m s t a t i o n s t w o u n i t s o f 1 3 ,0 0 0 h . p . c a p a c i t y e a c h ,
w h ic h s h o u l d b o In o p e r a t i o n w it h i n s i x m o n t h s .
T h e r o a ro a ls o u n d e r
c o n s t r u c tio n th re e a d d it io n a l h y d r o -e le c t r ic p la n ts — o n o o n th o M a n is t e o
R i v e r , w it h 2 3 , 0 0 0 h . p . c a p a c i t y , a n d t w o o n t h o A u S a b le R i v e r , w i t h a
c o m b in e d c a p a c it y o f 2 8 ,0 0 0 h . p .
T h e s o a r o e x p e c t e d t o b e in o p e r a t i o n
e a r l y in 1 9 1 8 .
U p o n th o c o m p le t io n o f th o f o r e g o in g , th e r a te d c a p a c it y
o f t h o c o m p a n y ’ s p l a n t s w il l a g g r e g a t e 2 2 0 ,0 0 0 h . p . , o f w h ic h 1 1 7 ,0 0 0 h . p .
w ill b o w a t e r p o w e r a n d 1 0 3 ,0 0 0 h . p . s t e a m .
aCanitalization—
Authorized. Outstanding.
C o m m o n s t o c k ......... ....................................................................... $ 1 2 ,0 0 0 ,0 0 0 $ 1 1 ,2 5 0 ,0 0 0
P r e f e r r e d s t o c k , 6 % c u m u l a t i v e ______________________ 1 0 ,0 0 0 ,0 (1 0
1 0 , 0 0 0 ,0 0 0
F i r s t L i e n & R e f . 5 % g o l d b o n d s .............. .......................... 3 5 ,0 0 0 , 0 0 0
1 8 ,1 4 8 ,0 0 0
D iv i s i o n a l b o n d s ......... ................ ....................................... . ( c l o s e d m t g e s .)
1 ,8 5 4 ,2 0 0
i*Earnings for Past Three Calendar Years and Year Ended May 31 1 9 1 7 .
®
1914.
1915.
1916.
1 9 1 6 -1 7 .
G r o s s e a r n i n g s ......... .....................$ 3 , 4 1 5 , 4 0 3 $ 3 ,9 0 2 , 0 6 9 $ 4 , 7 4 7 ,2 0 1 $ 5 , 1 4 9 , 7 1 1
N e t , a f t e r t a x e s . & c __________ $ 1 ,9 0 7 , 0 9 4 $ 2 , 2 6 5 , 5 0 3 $ 2 , 5 0 4 , 3 3 4 $ 2 ,4 4 3 , 1 7 6
A n n u a l i n t e r e s t c h a r g e o n $ 2 0 ,0 0 2 ,2 0 0 b o n d s --------------------------------1 ,0 0 0 ,1 1 0
B a l a n c e _________________________________________________________________ $ 1 , 4 4 3 , 0 6 8
Management.— T h e c o m p a n y is u n d e r t h o m a n a g e m e n t o f H o d e n p y l ,
H a r d y & C o ., I n c ., a n d E . W . C la r k & C o . , b o t h o f w h o m e n jo y a r e c o r d
or m a n y y e a r s o f s u c c e s s in o p e r a t i n g p r o p e r t i e s o f t h i s c h a r a c t e r .
C o m p a re V . 9 9 , p . 1451, 1528: V . 102, p . 253 .

Delaware & Hudson Co.—
P a ym en t o f J u n e

D ivid e n d

I n j u n c t i o n f o r R e s tr a in t o f
D e n i e d . — Ju stico T icrn o y in tlio

Suprem o C ou rt on Juno 18 don ied tho a p p lica tion o f
H alperin for an in ju n ction restrainin g tho roa d from
a d iv id en d o f 2 K % on tho g rou n d th a t tho com p a n y
earned su fficien t to w arrant tho p a yin on t w ith ou t

Sam uel
p a yin g
lias n o t
im pair-

n lv $ 1 0 7 7 2 8 0 8 .
l n e m v iu o n u w a s a e c ia r e u o n o m .
u u u , p a y a o iu
i q u a r t e r l y in s t a ll m e n t s d u r i n g t h o y o a r 191 7 o u t o f its t h e n a c c u m u l a t e d
ir p lu s w h ic h a t t h o t im o t h o d i v i d e n d w a s d e c l a r e d w a s in o x e e s s o f
2 1 ,0 0 0 .0 0 0 , w h ile t iio w h o le a m o u n t r e q u i r e d f o r t h o p a y m o n t o f t h o d i v l on il d e c l a r e d w a s o n l y $ 3 , 8 2 5 , 2 7 0 .
,
,
,
. .
,
J u s t i c o T i e r n o y in h is d e c i s io n is q u o t o d a s s a y i n g : " M a t t e r a d d r e s s e d
j t h o d i s c r e t i o n o f t h o C o u r t h a s n o t h i n g t o r o c o m m o n d i t . in f o r m o r
i b s t a n c e , a n d is t h o r o fo r o d o n i o d w i t h $ 1 0 c o s t s .
O rd e r s ig n e d .
C om -

Chicago Rock Island & Pacific Ry.— P la n A p p r o v e d —•
to R e s u m e P o s s e s s i o n J u n e 24.— Tho stockhold
ers on June 21 formally approvod tho plan of reorganiza
tion as signed by Judge Carpontor of tho Fedoral Court,
including tho proposed issue of $65,000,000 of 6 % and 7 %
Denver & Rio Grande RR.— D e p o s i t o f F i r s t A R e fu n d i n g
preferred stock. Tho only objection was raised by attornoy
for Clarence H . Vennor of N. Y . on proxy for 30 shares. B o n d s R eq u este d F o l l o w in g J u d g m e n t A g a i n s t th e C o m p a n y .—
Tho company is to resume possession of the property to A ju d g m o n t o f u pw a rd s o f $3 8 ,0 0 0 ,0 0 0 h a v in g boon on torod
morrow (Sunday) night. James JjEdward Gorman, chiof against tho c o m p a n y , tho fo llo w in g n a m od co m m itte o , b y
Com pany




J une 23 1917.]

ad vertisem en t o n a n oth er p a ge, requests holders o f the F irst
& R efu n d in g M tg o . 5 % 'g old b on d s o f 1908 to u nite to p ro te ct
their interest in th e p ro p e rty b y depositin g their b on d s w ith
th e B ankers T ru s t C o ., 16 W a ll S t., N . Y . , as d ep osita ry ,
o r the F irst T ru s t & S a vs. B a n k , C h ica g o, as su b d ep osita ry.
B o n d h o l d e r s a r e r e q u e s t e d t o I m m e d ia t e l y d o p o s l t t h e i r b o n d s In n e g o 
t ia b le f o r m , a n d c o u p o n b o n d s m u s t b e a r t h o c o u p o n o f A u g . 1 1 9 1 7 a n d
a ll s u b s e q u e n t .
C e r t i f i c a t e s o f d e p o s i t w il l b e I s s u e d a s p r o v i d e d In t h e
d e p o s it a g re e m e n t, d a t e d M a y 2 8 1 91 7.
A p p l i c a t i o n w ill b e m a d e t o lis t
t h e c e r t i f ic a t e s o f d e p o s i t o n t h o N . Y . S t o c k E x c h a n g e .
C o m m i t t e e : S e w a r d P r o s s e r , C h a ir m a n ; C . L e d y a r d B l a i r , E . K . B o i s o t ,
B e r t r a m C u t l e r , J o h n H e n r y H a m m o n d , A n d r e w J . M i l l e r , W i ll ia m
S a l o m o n , J o s e p h I I . S e a m a n , F r e d e r i c k S t r a u s s , w it h B . W . J o n e s , S e c y . ,
16 W a l l S t . , N . Y . , a n d C a d w a la d e r , W i c k e r s h a m & T a f t , a s c o u n s e l .
C om p a re V . 104, p . 2235. 2116.

Easton & South Bethlehem Transit Co.— B o n d

C a l l .—

F iv e ($ 5 ,0 0 0 ) F ir s t M t g o . 5 % g o ld b o n d s , d a t e d J u ly 2 1 9 0 6 , h a v e b e e n
c a l le d f o r p a y m e n t J u l y 1 a t 1 0 5 a n d i n t . a t G ir a r d T r u s t C o . , P h i l a d e l p h i a .
— V . 86 , p . 546.

Erie RR.— S u b . C o . B o n d E x t e n s i o n . — H olders o f th e F irst
M t g o . b o n d s o f th e N orth ern R R . C o . o f N . J . d a ted J u ly 1
1887, m a tu rin g J u ly 1 1917, aro n otified th at th e N orth ern
R R . C o . o f N . J . offers to exten d th e b on d s u n til J u ly 1 1927,
w ith 4 3 ^ % interest and to p a y to b on d h old ers a ccep tin g
such exten sion 875 per $1,000 b o n d .
I n t e r e s t o n t h o e x t e n d e d b o n d s w il l b e p a y a b l e J . & J . a t t h o o f f i c e o f
E r ie R R . , N . Y . , th e p r e s e n t fir s t m t g e . s e c u r it y t o r e m a in u n im p a r ie d .

R e f e r r in g t o t h o a b o v e n o t i c e , J . P . M o r g a n & C o . a n n o u n c e d t h a t t h e
e x t e n s i o n p r i v il e g e a p p li e s o n l y t o t h e h o l d e r s o f s u c h b o n d s w h o s h a ll
d e p o s i t t h o s a m o ( t o g e t h e r w it h a ll u n m a t u r e d c o u p o n s ) w i t h t h e m o n o r
b o fo r o J u ly 2 191 7.
T h o J u ly 1 1917 c o u p o n s , i f p r e s e n te d , w ill b e ca s h e d
a t t h o t lm o o f s u c h d e p o s i t .
O n o r b e f o r o J u l y 2 1 9 1 7 J . P . M o r g a n & C o . w il l b u y a t p a r a n d i n t . t h o
b o n d s o f h o l d e r s w h o d o n o t d e s ir e t o a v a i l t h e m s e lv e s o f t h o e x t e n s i o n . —
V . 104, p . 1898, 1701.

Keokuk Union Depot Co.— B o n d

C a l l .—

B o n d N o . 5 0 o f t h e 1 st M . 5 % g o l d b o n d is s u e o f 1 8 9 0 h a s b e e n c a l le d
f o r p a y m e n t J u l y 1 a t $ 1 ,0 5 0 a n d I n t . a t U n io n T r u s t C o . o f S t . L o u i s .
T l i o c o m p a n y ’ s $ 1 0 0 ,0 0 0 c a p i t a l s t o c k o n J u n o 3 0 1 9 1 4 w a s o w n e d b y t h o
C h i c . B u r l . & Q u in c y R R . , C n i c . R o c k I s l. & P a c i f i c R y . , T o l e d o P e o r i a &
W e ste rn R y . a n d th e W a b a s h R R .
O n th a t d a te th e re w a s a ls o o u t s t a n d 
in g $ 2 7 ,0 0 0 f u n d e d d e b t .

Lehigh Valley RR.— N e w

D i r e c t o r .—

J a m e s M c L e a n o f t h e P h e lp s -D o d g o C o r p ., h a s b e e n e le cte d a d ir e c t o r , t o
s u c c e e d W m . P . C l y d o , r e s ig n e d .— V . 1 0 4 , p . 2 3 3 7 , 2 1 1 8 .

Maine Central RR.— B o n d s

to be P a i d . — T h e

fo llo w in g

m atu rin g b o n d s w ill b e pa id o ff J u ly 1 1917:
S o m e r s e t R y . 1 s t M . 5 s , $ 2 2 5 ,0 0 0 , a t N a t . S h a w m u t B a n k , B o s t o n .
M a i n o C e n t r a l S e r . “ B " 3 0 - y o a r I m p t . b o n d s , $ 2 5 0 ,0 0 0 , a t B o s t o n S a fe
D o p o s it & T r u s t C o . — V . 1 0 4 , p . 189 9.

Middle West Utilities Co.— Stock

I n c r e a s e — R e p o r t .—

T l i o s h a r e h o ld e r s v o t e d o n J u n e 2 0 1 9 1 7 t o I n c r e a s e t h o a u t h o r i z e d
p r e f e r r e d a n d c o m m o n s t o c k s f r o m $ 1 2 ,0 0 0 ,0 0 0 e a c h ( o f w h i c h $ 9 , 7 5 2 , 4 0 0
c o m m o n a n d $ 1 2 , 000,000 p r e f . a r o o u t s t a n d i n g ) t o $ 2 0 ,0 0 0 ,0 0 0 e a c h .
S e o r o p o r t o f th o c o m p a n y o n a p r e c e d in g p a g e .— V . 1 0 4 , p . 2 0 1 0 ,1 8 0 5 .

Monongahela Valley Traction Co.— S tock — L i s t i n g .—
T l i o s h a r e h o ld e r s r e c e n t l y ( a ) i n c r e a s e d t h e a u t h o r i z e d c a p i t a l s t o c k
f r o m <$ 1 2 ,0 0 0 ,0 0 0 t o $ 1 6 .0 (5 0 ,0 0 0 . o f w h i c h $ 4 0 0 0 ,0 0 0 is 6 % p r o f a n d
$ 1 2 , 000,000 c o m m o n a n d (6 ) r e d u c e d p a r v a l u e o f s h a r e s f r o m $ 1 0 0 t o $ 2 5 .
A in d ica tio n h a s b e e n m a d e t o t h o N . Y . S t o c k E x c h a n g e f o r a u t h o r it y
t o l is t $ 4 , 000,000 6 % p r o f , s t o c k a n d $ 1 2 ,0 0 0 ,0 0 0 c o m m o n s t o c k — X^.
104, p . 1899, 1387.

Now York Central RR.— C o m p a n y W i l l i n g to C o n s i d e r
N e w P l a n f o r W e s t S id e I m p r o v e m e n t N e w Y o r k C i t y . — V ice -

,

P ros. Ira A . P la ce in a form a l letter this
in vita tion o f tho J oin t C on feren ce C o m m itte e of the
S
C om m ission an d the B o a rd o f E stim ato an d A p p o rtio n m e n t
to p a rticip a te in a con foren co to b e held o n the W e s t Side
tra ck p rob lem , in pursuance o f tho term s o f th o so-ca lled
“ O ttinger B ill,” w hich d estroyed the v o lu n ta ry agreem en t
p reviou sly reach ed fo r tho W est Sido im p rov em en t in N . Y .C .
M r . P l a c e ’s l e t t e r w a s s e n t in a n s w e r t o a f o r m a l r e q u e s t t h a t t h o c o m 
p a n y b o r e p r e s e n t e d , m a d e b y C h a ir m a n H o n r y W . H o d g e o n b e h a l f o f t h o
J o i n t C o n f o r e n c o C o m m i t t e e , w h ic h c o m p r is e s a l s o P . s . C o m m i i i o n e r
H e r v o v a n d B o r o u g h P re s id e n ts C o n n o l y , M a r k s a n d V a n N a m e ^ r e p r e 
s e n t a t i v e s o f t h o B o a r d o f E s t i m a t e , r h o r a i lr o a d p o l i t e l y s u g g e s t e d t h a t
i n a s m u c h a s a v o l u n t a r y s o l u t i o n h a d b e e n r e a c h e d w h e n t h o C o m m i s s i o n ’s
le g is l a t i o n h a l t e d a ll p r o g r e s s , t h a t t h e o n l y w a y o f e x p e d i t i n g t h i s m a t t e r
is f o r y o u n o w t o s u b m i t y o u r p r o p o s i t i o n . ”
v
B
“ Y o u h a v e th e r e s u lt o f o u r w o rk ; m a y w o h a v e t h o r e s u lt o f y o u r s ? ”
w r i t e s V i c o - P r e s id o n t P l a c e , a d d i n g :
I , b e g t o a s s u r o y o u t h a t i t w ill r e 
c e i v e p r o m p t a n d c a r e f u l c o n s i d e r a t io n . ^ I I o c a l ls a t t e n t i o n t o t h o “ t e n
y e a r s o f w o r k ” a n d “ la r g o e x p e n d it u r e s
b y t h o c o m p a n y In s e o k i n g t o
s o l v o t h e W e s t S id o s i t u a t i o n , a n d t h a t u n d e r t h o m a n d a t o r y t e r m s r e a u i s it e
t o a n y a g r e e m e n t , a s la id d o w n in t h o n o w l a w , “ N e i t h e r y o u r h a n d s n o r
ou rs a ro n ow fr e e .” — V . 104, p . 2 3 4 3 , 2 2 3 5 .

New York Railways.— A p p l i c a t i o n to C h a r g e
f o r T r a n s f e r s — F u r t h e r R e p l y o f P r e s i d e n t S h o n t s .—

Two

C e n ts

In letter o f
Juno 17 t'orwardod to M a y o r M itclio l, P residen t Shonts says:
I f t h e c h a r g o f o r t r a n s f e r s is a u t h o r i z e d , i f w ill a t b e s t o n l y n a v I n t e r e s t
,o n t h o c o m p a n y s b o n d s a n d le a v e a s l ig h t m a r g i n f o r c o n t in g e n c ie s m e r e w il l b o n o t h i n g f o r d i v i d e n d s .
Y o u a s k : “ I f b a n k r u p t c y a n d d i s in t e g r a t i o n c o m o , w il l t h e y n o t b e d u o
t o a b n o r m a l r e n t a ls a n d e x c e s s iv e s e c u r i t y I s s u e s , r a t h o r t h a n t o l o w r a t e s
o f fa re s?”
T h e se a re th o fa c ts :

i o r n V ,. i m n — , ~A /o
u p o n r a i lr o a d
p r o p e r t y fo r 6 0 y e a r s , fr o m 1 8 o 0 t o lJ lO , b e fo r o it w o u ld r e d u c e fa r e s .
T h a t 7 .5 2 % is n o t a n a b n o r m a l p e r c e n t a g e m a y b o g a i n e d f r o m t h o f a c t
t h a t t h o C i t y o f N e w Y o r k d o m a n d s 8 .7 0 % a s a r e n t a l u p o n i t s i n v e s t m e n t
in t h o n o w s u b w a y s .
W o w o u ld b o g la d i f w e c o u l d g e t o u r le a s e d lin e s f o r
lo s s t h a n 7 Y Y , b u t t h o i m p o r t a n t f a c t o r is w h o t h o r o r n o t t h e a v e r a g e is
To
u n r e a s o n a b le , a n d t h e p a r a m o u n t p o i n t t o t h e p u b l i c is w h e t h e r t h o b e n e f i t s
t l i e r o b y g a i n e d a r e w o r t h w h ile .
1 h o b e n e r it s c o n s i s t i n a u n i f i e d o p e r a t i o n
o f 12 s o p a r a t e c o r p o r a t i o n s a s a s in g le r a i lr o a d f o r a s i n g le r a t o o f f a r o
W h e n t h o p r o p e r t y w a s in r e c e iv e r s h ip s o m e y e a r s a g o t h o U . S . C o u r t
d ir e c t e d th o r o c o lv c r s t o c o n t in u o t o p a y th e s o s a m e ro n ta ls s o t h a t th o
p r o p e r t y m ig h t n o t b o f u r t h e r b r o k e n u p , c o n t r a r y t o t h o c o n v e n i e n c e
a n u in te re s t o f th o p u b lic .
A s t o y o u r s u g g e s t i o n t h a t t h o p o s s i b lo b a n k r u p t c y o f t h e c o m p a n y m a y
bo duo to
o x c e s s iv o s e c u r i t y is s u e s ” :
I f b a n k r u p t c y c o m e s t o t h o N e w Y o r k R a i l w a y s C o . , i t w il l b o s o l e l y
b e c a u s o t h o c o m p a n y h a s f a i l e d t o e a r n i t s I n t e r e s t u p o n s e c u r it i e s a g g r e 
g a t i n g $ 5 1 ,3 3 8 ,9 4 1 .
I t c a n h a r d l y b o c l a i m e d t h a t t h e b a n k r u p t c y o f a p r o p e r t y is d u o t o
‘ ’ o x c e s s iv o s e c u r it y I s s u e s ,” w h e n , i n f a c t , t h a t b a n k r u p t c y is d u o t o f a il u r o
t o e a r n i n t e r e s t o n s e c u r it i e s w h ic h a r o o v e r $ 3 4 ,0 0 0 ,0 0 0 lo s s t h a n t h o
a m o u n t t h o P . S . C o m m i s s io n i n O c t . 1 9 1 0 , a f t e r v a l u i n g t h e p r o p e r t y
a u t h o r i z e d t h e c o m p a n y t o is s u o .
’
A n d y e t , t h o p r e s e n t e a r n in g s o f t h o c o m p a n y a r o n o t e n o u g h t o n a v
i n t o r e s t o n t h a t m in im u m a m o u n t .
C om p a re V . 104. p . 2 4 5 2 , 2 34 3.

Northern RR. of New Jersey. —
S ee E r ie R R . a b o v e .




2553

THE CHRONICLE

B o n d E x t e n s i o n .—

Pennsylvania & Ohio Ry . —

R e c e iv e r A p p o i n t e d . —

J u d g o R o b e r t s i n t h e C o u r t o f C o m m o n P l e a s a t C o n n e a u t , O ., o n J u n e 1 8
a p p o i n t e d S u p e r i n t e n d e n t P a lm e r W a r d m a n a s r e c e i v e r f o r t h i s c o m p a n y
w h ic h o w n s a n d o p e r a t e s t h o C o n n e a u t C i t y l in e , 3 m il e s , a n d h a s b u i l t
W e s t w a r d t o K i n g s v i l l e a n d A s h t a b u l a , 1 3 m il e s a n d f r o m A s h t a b u l a t o
J e f f e r s o n , 1 0 m il e s , a t o t a l o f 2 6 m il e s .
A p re ss d is p a tc h t o th e “ C in c in n a t i E n q u ir e r ” fr o m C o n n e a u t s ta te s t h a t
‘ t h o a c t io n c a m e a b o u t t h r o u g h e ffo r t s o f C o n n e a u t s t o c k h o ld e r s t o d e fe r
p a y m e n t o f in te re s t n o w d u e .”
T h is a c t io n w a s b r o u g h t b y t h e C it iz e n s ’
S a v in g s & T r u s t C o . , C l e v e l a n d , a s m o r t g a g e t r u s t e o .
T h o com p a n y has
a u t h o r i z e d a n d o u t s t a n d i n g $ 6 0 0 ,0 0 0 F i r s t M t g e . 6 % b o n d s d u e M a r 1 6
1 92 1 a n d $ 1 0 0 ,0 0 0 J e f fe r s o n D i v i s i o n 5 s d u e 1 9 2 2 .
T h e in t e r ^ t o n b o th
is s u e s is p a y a b l e M . & S . a n d t h e a f o r e s a id T r u s t C o . is t r u s t e e f o r e a c h
L . A . R o b i n s o n o f P i t t s b u r g h is P r e s i d e n t . — V . 8 2 , p . 9 2 9 .

P hiladelphia & W estern R y . — E a r n i n g s f o r 8
28 1917 a n d Y e a r e n d i n g J u n e 30 1916.—

M os.

to F e b .

8
M bs.
Year. T
8 M os.
Year.
G r o s s e a r n i n g s ____ $ 3 5 1 ,4 3 0 $ 4 9 1 ,4 8 8 I n t e r e s t , & c
- $ 8 8 ,3 7 8 $ 1 3 4 ,4 8 9
N e t o a r n i n g s _______ 1 8 1 ,6 1 8 2 5 6 ,6 6 9 P r e f . d i v i d e n d s . . a 7 5 ,0 0 0
b 2 5 ,0 0 0
T a x e s ______________
1 2 ,0 0 0
1 8 ,0 0 0 S u r p l u s ------------------$ 6 ,2 4 1
$ 7 9 ,1 8 0
a 3 ? i% .
b 1 > £ % .— V . 1 04 , p . 1 89 9.

P hilippine R ailw ay.— E a r n i n g s —
1916.

G r o s s i n c o m e _____
— V . 98, p . 690.

Pittsburgh

C a le n d a r

1 9 1 5 .1

Y ea rs.
1916.

191-6.

1 4 4 ,0 6 3

&

West Virginia Ry.— Negotiations.—

A c t i v e d e a l i n g s i n t h e c o m p a n y ’s s h a r e s is c o m m o n l y a t t r i b u t e d t o t h e
p o s s ib ilit y o f t h o c o n t r o l p a s s in g t o n e w in te re s ts , p o s s ib ly w it h a v ie w t o
a n e w t h r o u g h l in e t o C h i c a g o .
C om p a re V . 104, p . 1490, 1388.

Sidell & Olney RR.— Earnings.—
S e e C i n c i n n a t i I n d i a n a p o li s & W e s t e r n R R . a b o v e . — V . 1 0 4 , p . 2 4 5 3 .

Stark Electric RR.— No Dividend.—
T h e d ir e cto r s h a v e d e c id e d t o o m it t h e q u a rte r ly d iv id e n d o f 1 %
w o u l d h a v e b o o n p a i d J u l y 1 .— V . 1 0 2 , p . 9 7 7 .

th a t

Tanana Valley RR.— Sale to U . S . Government—Deposit
of Bonds.— With a view to carrying out the proposed sale

of the property to the U. S. Government, or reorganization
in case that sale should not be completed, holders of the
1st Mtge. 6s of 1907 are asked to deposit their bonds with
the Columbia Trust Co., N. Y ., under terms of a deposit
agreement dated June 7 1917, prepared by—
B o n d h o l d e r s ’ C o m m i t t e e : B e n ja m i n L . A l l e n , P e t e r D u d l e y , W H a r r i s
R o o m e a n d J o h n W . H e r b e r t , w it h R o b e r t 1. C u rr a n a s S e c r e ta r y 6 0
B r o a d w a y , N . Y . C it y , a n d D a v ie s , A u e rb a c h & C o r n e ll a s co u n s e l.
Statem ent b y President F a l c o n Joslin, Dated at N. Y ., June 11 1917
A f t e r s e v e r a l m o n t h s ’ n e g o t ia t io n s a t W a s h in g t o n , th o G o v e r n m e n t
f i n a l l y o n A p r i l 2 5 m a d e a n o f f e r t o b u y t h e p r o p e r t y f o r $ 3 0 0 ,0 0 0 in c a s h
p a y a b le u p o n d e liv e r y o f s a t is fa c t o r y t it le .
T o g iv e s u ch tit le , fo re c lo s u r e
w il l b o n e c e s s a r y .
I n t h e m e a n t im e , t h e G o v e r n m e n t w o u ld o p e r a t e th e
ro a d a t a n o m in a l r e n ta l.
T h e g r o s s e a r n in g s f o r t h e 1 0 m o n t h s e n d i n g A p r . 3 0 1 9 1 7 w e r e $ 8 4 ,7 3 7 ,
a s a g a i n s t $ 9 7 ,4 7 4 f o r t h e s a m e p e r i o d o f 1 9 1 5 -1 6 , w h il e t h o n e t e a r n i n g s ,
a f t e r d e d u c t i n g o p e r a t i n g e x p e n s e s , w e r e S 3 ,1 9 6 , a s a g a i n s t $ 1 5 ,4 7 3
T e l e g r a p h i c r e p o r t s f o r M a y s h o w g r o s s e a r n in g s o f $ 6 , 4 2 7 , w it h o p e r a t i n g
e x p e n s e s $ 1 0 ,0 6 0 .
T h e o u t l o o k f o r t h e c o m i n g s u m m e r is b a d .
M ore
m in e s a r o b e i n g c l o s e d d o w n u n t i l t h o n e w G o v e r n m e n t r a i lr o a d s h a ll b e
f in i s h e d .
D u r in g t h e h a lf-y e a r e n d e d D o c . 31 1916 t h e p a s s e n g e r e a r n 
in g s d r o p p e d n e a r l y 5 0 % o n a c c o u n t o f t h e o p e n i n g o f a n e w t o w n s i t e b y
t h o G o v e r n m e n t a t N e n a n a , 6 0 m ile s b e l o w F a ir b a n k s , w h ic h a t t r a c t e d
a l a r g o p a r t o f t h e p o p u l a t i o n f r o m t h e F a ir b a n k s d i s t r i c t .
I f t h e o f f e r o f t h e G o v e r n m e n t is n o t a c c e p t e d , i t w il l u n d o u b t e d l y p r o 
c e e d w it l i t h e c o n s t r u c t i o n o f it s r a i lr o a d i n t o F a ir b a n k s , p a r a l l e li n g
a b o u t 2 7 % o f o u r m il e a g e , a n d t a k i n g t h e t r a f f i c .
O n t h e o t h e r h a n d , t h e c o m p l e t i o n o f t h e G o v e r n m e n t ’ s r a i lr o a d t h r o u g h
f r o m t h e c o a s t t o F a ir b a n k s w o u l d p r o b a b l y r e s u l t in a r e o p e n i n g o f m a n y
m in e s a d j a c e n t t o t h e T a n a n a V a ll e y R R . , w h ic h a r o n o w c l o s e d d o w n .
T h e r e w o u l d a l s o b e a r e t u r n o f c o n s i d e r a b l e p o p u l a t i o n t o t h e F a ir b a n k s
d is t r ic t , w h ic h w o u ld n o d o u b t in cre a s e t h e t r a ff ic o f t h e r a lir o a d .
The
G o v e r n m e n t r a ilr o a d , h o w e v e r , c a n n o t b e c o m p le t e d p r o b a b ly b e fo r e 1 9 2 1 .
T h e p h y s i c a l c o n d i t i o n o f o u r r o ll i n g s t o c k is n o t g o o d a n d it s b r i d g e s a n d
t ie s a r o a b o u t a t t h e e n d o f t h e i r l i f e .
I t w o u l d r e q u i r e a b o u t $ 1 0 0 ,0 0 0
c a s h t o r e h a b i l i t a t e t h e p r o p e r t y , a n d w it h t h e c o n t i n u a l d e c l i n e o f e a r n in g s
th e r e a p p o a r s t o b e n o w a y o f fin d in g th is fre s h c a p it a l.
A c c o r d in g ly , o n v o te o f th e b o a rd , an a g reem en t w as m a d e b etw een th e
G o v e r n m e n t , r e p r e s e n t e d b y t h e S e c r e t a r y o f t h e I n t e r io r a n d W . H a r r is
R o o m e a n d J o h n W . H e r b e r t , t w o o f t h e la r g e s t b o n d h o l d e r s , w h e r e b y t h e
G o v e r n m e n t a g r e e d t h a t i f t h e t i t l e w a s s a t i s f a c t o r i l y c le a r e d w it h i n s ix
m o n t h s , o r s u c h fu r th e r tim e as th e S e c r e ta r y m ig h t a llo w , t h e G o v e r n 
m e n t w o u ld p a y t h e s u m o f $ 3 0 0 ,0 0 0 u p o n d e l i v e r y o f a d e e d t o t h o p r o p e r t y .
A t t h o s a m e t i m e t h e c o m p a n y d e l i v e r e d t o t h e G o v e r n m e n t a le a s e o f
t h e p r o p e r t y f r o m J u n e 1 1 9 1 7 , a t a r e n t a l o f $ 1 0 p e r m o n t h , p e n d in g t h e
fo r e c lo s u r e p r o c e e d in g s .
T h e G o v e r n m e n t is n o w in p o s s e s s io n o f t h e
p r o p e r t y u n d e r t h e le a s e .
T h o r o a r e $ 5 7 5 ,0 0 0 b o n d s o u t s t a n d i n g u p o n w h i c h i n t e r e s t h a s n o t b e e n
p a id s in c e J u n o 1 191 4.
T h e r o a r e a l s o $ 9 1 ,0 0 0 a d d it i o n a l b o n d s p l e d g e d
f o r a p a s t - d u o n o t e o f $ 9 , 0 0 0 , t a a k i n g a t o t a l o f $ 6 6 6 ,0 0 0 o f b o n d s o u t 
s ta n d in g .
O t h e r i n d e b t e d n e s s a n d c la im s in s u i t a g g r e g a t e d a b o u t S 1 5 .0 0 0 .
In o r d e r t o p a y t h e $ 9 ,0 0 0 n o t e a n d c le a r u p th e flo a t in g d e b t a b o v e m e n 
t io n e d , a n e w lo a n h a s b e e n s e c u r e d fr o m th e C o lu m b ia T r u s t C o . f o r $ 2 4 ,
0 0 0 , p a y a b l e o n d e m a n d a n d s e c u r e d b y p l e d g e o f t h e S 9 1 ,0 0 0 o f b o n d s ;
a n d t h e $ 9 , 0 0 0 n o t e a n d o t h e r f l o a t i n g d e b t s h a v e b e e n p a id o r p r o v i d e d
fo r fr o m th e p r o c e e d s o f th is lo a n .
A l l c u r r e n t b i ll s h a v e b e e n p a i d a n d
t h e r o a r o c a s h , a c c o u n t s r e c e i v a b l e a n d s u p p l i e s o n h a n d f r o m w h ic h i t is
e x p e c t e d a b o u t $ 1 0 ,0 0 0 w il l b e r e a l iz e d .
I f , t h e r e fo r e , th e b o n d h o ld e r s a p p r o v e th e p r o p o s e d s a le t o t h e G o v e r n 
m e n t a n d t h o f o r e c l o s u r e p r o c e e d i n g s a r e c a r r ie d t h r o u g h p r o m p t l v , w it h
r e a s o n a b l e e x p e n s e , t h e b o n d h o ld e r s s h o u l d w i t h i n s i x m o n t h s r e a l iz e b e 
tw e e n $ 4 5 0 a n d $ 5 0 0 p e r b o n d .— V . 1 04 , p . 2 3 4 4 .

United Railroads of Yucatan (Mex.)— Bond Interest.—
J . H e n ry S ch ro d e r & C o . g iv e n o tic e th a t th o co u p o n d u e O ct. 1 1916 on
t h o c o m p a n y ’s 5 % 1 s t M . b o n d s w ill b o p a i d a t t h e i r o f f i c e o n J u n o 7 1 9 1 7
w it h i n t e r e s t a t 5 % p e r a n n u m f r o m O c t . 1 1 9 1 6 t o J u n e 7 1 9 1 7 .— V .
104, p . 1900.

Wisconsin Valley Electric Co., Wausau, Wis.— Bond
Offering.— The First National Bank and Morris F. Fox &

Co., each of Milwaukee, Wise., are offering at 97 and int.
8925,000 First & Refunding Mtge. 5% bonds dated May 1
1917, due May 1 1942, but callable at 102 and int. on any
int. date. A circular shows:
I n t e r e s t is p a y a b l e M . & N . a t t h e F i r s t N a t i o n a l B a n k o f M il w a u k e e o r
t h o W i s c o n s i n V a ll e y T r u s t C o . , W a u s a u , t r u s t e o .
D en om . $100, $500
& $ 1 ,0 0 0 c * .
S u b s e q u e n t b o n d s m a y b o is s u e d f o r 8 0 % o f c o s t o f i m p r o v e 
m e n t s w h o n n o t e a r n in g s a r o t w i c e i n t e r e s t c h a r g e s , i n c lu d in g b o n d s t o b e
is s u e d .
T w o l v e a n d o n e - h a l f p e r c e n t o f g r o s s e a r n in g s is t o a p p l y t o m a i n 
t e n a n c e , a n y p a r t n o t s o u s e d t o b e a d d e d t o t h o s i n k in g f u n d , w h ic h
a m o u n t s t o 1 % a n n u a l ly o f b o n d s o u t s t a n d i n g .
D a t a f r o m L e t t e r o f V .-P r e s . C . C . Y a w k e y , W a u s a u , W is ., J u n e 8 ’ 17.
Territory.— F u r n is h e s W a u s a u , S t e v e n s P o i n t , M e r r i l l , W i s e . , a n d c o n 
t ig u o u s t e r r i t o r y w it h e l e c t r i c l ig h t a n d p o w e r , a n d in a d d it i o n o w n s a n d
o p e r a t e s a n in t o r u r b a n s t r e e t r a i lw a y o f 9 H m ile s o f t r a c k , e x t e n d i n g f r o m
W a u s a u t h r o u g h S c o f ie l d t o R o t h s c h i l d ; a ls o a s t r e e t r a i lw a y a t M e r r i l l
a n d a g a s p la n t a t S te v e n s P o in t.
P o p u la t i o n s e r v e d a b o u t 4 0 , 0 0 0 .
B oc a u s o o f n u m e r o u s m a n u f a c t u r in g i n t e r e s t s , a n d t h o t r i b u t a r y a g r ic u lt u r a l
t e r r i t o r y , t h o l o c a t i o n is u n u s u a l ly f a v o r a b l e .
T h e c o m p a n y ’s s y s t e m
in c lu d e s h y d r o - e l e c t r i c g e n e r a t i n g p la n t s a t W a u s a u . M e r r i l l a n d S t e v e n s
P o i n t , w it h a u x i l ia r y s t e a m g e n e r a t i n g s t a t io n s a t W a u s a u a n d S t e v e n s
P o in t.
I n a d d i t i o n , t h e c o m p a n y o w n s v a l u a b l e u n d e v e lo p e d p o w e r s .

255L

THE CHRONICLE

fVoL. 104

American Real Estate Co., N. Y .—Plan Fails

A f t e r g iv in g e f fe c t t o s a le o f th e s e b o n d s , t h e W a u s a u S tr e e t R R . b o n d s
—
b e i n g c a l le d f o r p a y m e n t J u l y 1 1 9 1 7 , c a p i t a l i z a t i o n Is a s f o ll o w s :
S u b s c r i p t io n s a m o u n t i n g t o $ 6 8 1 ,3 2 5 h a v e b e e n m a d o b y 3 .6 3 6 i n d i v id u a l
Capitalization—
Authorized.Outstanding. s u n d e r t h e p r o p o s e d p l a n o f r e o r g a n i z a t io n d a t e d J a n . 2 5 1 9 1 7
s u b s e t ib o r
C o m m o n s t o c k _____________________________________________________________
$ 8 0 0 ,0 0 0 $ 6 0 V ,0 0 0 4 , p . 4 5 4 ) .
( 0 . 10
T n l s a m o u n t is i n s u f fi c ie n t t o c a r r y t h o p l a n i n t o e f f e c t ,
F ir s t & R e f u n d i n g M t g e . 5 % b o n d s ___________________________________ 1 5 , 0 0 0 , 0 0 0 9 2 5 ,0d 0t h o p l a n h a s t h e r e fo r e b e e n a b a n d o n e d a n d a l l s u b s c r ip t i o n s w ill b o
an 0
B o n d s o n M e r r i l l a n d S t e v e n s P o i n t p r o p e r t ie s
r e p a id in f u l l .
A l l d e p o s i t i n g s t o c k h o l d e r s a r o r e q u e s t e d t o w it h d r a w t h e ir
( c l o s e d m o r t g a g e s ) ________________ ___________ ________
________
4 1 2 ,5 0 0
d e p o s i t s o f s t o c k a n d f o r t h is p u r p o s o t o r e t u r n f o r c a n c e l la t i o n t h e ir c e r 
Security.— A f i r s t m o r t g a g e o n t h a t p r o p e r t y f r o m w h i c h is d e r i v e d t i f i c a t e s o f d e p o s i t f o r s t o c k .
C i r c u l a r o f J u n o 19 f u r t h e r s a y s in s u b s t . :
a b o u t t w o -t h ir d s o f t h e e n tire r e v e n u e , n a m e ly , t h e p r o p e r t y a t W a u s a u ,
T h o c o m m i t t e e b e l ie v e s in p r e s e r v in g t h o la r g e u n i t e d r e p r e s e n t a t io n o f
S c o fie ld a n d R o t h s c h ild ; a ls o u n d e v e lo p e d w a te r p o w e r s o n t h e W is c o n s in
b o n d h o l d e r s a n d it w i l l c o n t in u e u n t i l f u r t h e r n o t i c o t o r e p r e s e n t a ll d e 
R iv e r n e a r W a u s a u a n d M e r r ill.
T h e so b o n d s aro fu rth e r se cu re d b y a
p o s i t in g c r e d it o r s in c o n n e c t i o n w it h t h e r e c e iv e r s h i p s u i t a n d t h o d is t r i
b u t i o n o f d i v i d e n d s a s p a id o u t o f t h e e s t a t e b y t h e r e c e iv e r s u n d e r t h e o r d e r s
g e n e r a l m o r t g a g e ( s u b j e c t o n l y t o $ 4 1 2 ,5 0 0 d i v i s i o n a l b o n d s f o r t h e r e t ir e 
m e n t o f w h i c h r e s e r v a t io n h a s b e e n m a d e u n d e r t h i s F i r s t & R e f u n d i n g
o f th o C o u rt.
A n y d e p o s i t o r , h o w e v e r , d e s ir in g t o d o s o m a y w it h d r a w
h is d e p o s i t e d b o n d s o r c la im s o n p a y m e n t o f 2 % o f t h e a m o u n t o f t h e
m o r tg a g e ) o n t h e p r o p e r t y fo r m e r ly o w n e d b y t h e S te v e n s P o in t L ig h tin g
c la im p r o v e d t h e r e o n , a s h is s h a r e o f t h o d i s b u r s e m e n t s , e x p e n s e s a n d
C o ., t h e S te v e n s P o in t P o w e r C o ., t h e L in d a u e r P u lp & M f g . C o ., a n d th e
l ia b il i t i e s o f t h e c o m m i t t e e .
M e r rill R y . & L ig h t in g C o .
T h e l i q u i d a t i o n m u s t n o w p r o c e e d t h r o u g h t h o r e c e iv e r s .
T h o com 
Purpose o f Issue.— T h e p r o c e e d s f r o m t h o s a l e o f s t o c k a n d t h e s o b o n d s
m i t t e e f a v o r s a v i g o r o u s p o l i c y o f l i q u id a t i o n a n d w il l m a k e i t a g e n e r a l
a r o t o r e im b u r s e t h e c o m p a n y f o r t h e p u r c h a s e o f t h e M e r r i l l a n d S t e v e n s
p o l i c y t o c o n s e n t , s u b j e c t t o C o u r t o r d e r s , t o a ll s a le s r e c o m m e n d e d b y t h e
P o i n t p r o p e r t i e s , e x t e n d i n g t h e t r a n s m is s io n l in e a n d f o r a d d it i o n s .
r e c e iv e r s a t t h e p r i c e s a p p r o v e d b y t h o r e c e iv e r s a n d t h e C o u r t a p p r a is e r s ,
Earnings for the Calendar Year 1 9 1 6 .
b u t t h e c o m m i t t e e m u s t n o t b e c o n s i d e r e d a s a n s w e r a b l e f o r t h o r o s u lt s o f
G r o s s e a r n i n g s -------------------------$ 2 9 5 , 2 8 4 l i n t , o n $ 1 , 3 3 7 , 5 0 0 b d s . o u t - $ 6 6 , 8 7 5
s u c h liq u id a tio n .— V . 104 , p . 1 9 0 0 , 180 2.
N e t , a f t e r t a x e s , & c ________ $ 1 5 8 , 1 4 2 1 B a l a n c e _________________________ $ 9 1 ,2 6 7
Officers and Directors.— N e a l B r o w n , P r e s . ; C . C . Y a w k e y , V . - P r e s .;
—
M .
C . E w in g , S e c . & T r e a s .; J . S . A le x a n d e r , G . D . J o n e s , B . F . W ils o n ,
S e e A m e r i c a n S m e l t in g & R e f i n i n g C o . b e l o w . — V . 1 0 4 , p . 1 0 4 7 , 7 6 6 .
C h a r le s D o d g o .
C om p a re V . 104, p . 2013.

American Smelters Securities Co.— Control

American Smelting & Refining Co.— New Mtge., cfee.—

INDUSTRIAL AND MISCELLANEOUS.
Air Reduction Co., Inc., N. Y . — Initial Dividends. &c.—

I n i t i a l q u a r t e r l y d i v i d e n d s o f $ 1 p e r s h a r e o n t h o 1 2 0 ,0 0 0 s h a r e s o f c o m 
m o n s t o c k ( n o p a r v a l u e ) a n d 1% % o n t h e $ 5 2 5 ,2 0 0 p r e f . s t o c k h a v e b e e n
d e c la r e d , p a y a b le J u ly l 4 t o h o ld e rs o f r e c o r d J u n e 3 0 .
N e g o t i a t i o n s h a v e r e c e n t l y b e e n r e p o r t e d p e n d in g f o r t h e a c q u i s i t i o n o f
t h o o x y - a c e t y l e n e e n d o f t h o b u s in e s s b y t h o U n io n C a r b i d e i n t e r e s t s .
S h o u ld t h e d e a l g o t h r o u g h t h o A i r R e d u c t i o n C o . w o u l d c o n c e n t r a t e it s
a t t e n t io n o n t h e d e v e l o p m e n t o f t h o b u s in e s s o f i t s n i t r o g e n s u b s i d i a r y ,
w h o s e p l a n t s a r e e x p e c t e d s h o r t ly t o b e p l a c e d o n a c o m m e r c i a l b a s is .
— V . 104, p . 665.

Ajax Rubber Co., Inc .—Special Dividend.—
T h e d i r e c t o r s h a v e d e c l a r e d “ a s p e c i a l R e d C r o s s d i v i d e n d ” o f $ 1 4 ,2 0 0
o n th e $ 7 ,1 0 0 ,0 0 0 s t o c k , p a y a b le J u n e 2 9 p r o r a t a t o s to c k h o ld e r s o f r e c o r d
J u n e 2 6 .— V . 1 0 4 , p . 2 4 5 3 , 1 9 0 0 .

Alabama Company.— Accumulated Dividends.— A cash
d iv id e n d o f 21 % has boon declared on the 1st p ref. 7 % cu m u 
la tiv e s to ck , p a ya b le J u ly 18 to holders o f record J u ly 6.
T h is p a y m e n t is in fu ll fo r all accu m u la tion s to J u ly 1 1917.
D ig e s t o f S t a t e m e n t b y D r e w r y & M e r r y m a n , B a lt im o r e , M d .
T h e c o m p a n y h a s t h o f o l l o w i n g is s u e s o f b o n d s o u t s t a n d i n g :
$ 3 5 4 ,0 0 0 A l a b a m a C o n . C o a l & I r o n 1 s t E x t e n s i o n 6 s , d u o 1 9 1 8 .
1 , 5 7 6 ,0 0 0
A la b a m a C o n . C o a l & Iro n C o n . M t g e . 5 s, d u o 1933.
9 3 6 ,7 0 0 A l a b a m a C o m p a n y G e n e r a l M t g e . 6 s , d u e 1 9 3 3 .
S a le s o f p r o p e r t y t o t h e S e m e t - S o i v a y C o . a n d t o t h e C e n t r a l I r o n &
C o a l C o . p r o v i d e s u f f i c i e n t f u n d s t o r e d u c e t h e b o n d e d d e b t $ 7 0 0 ,0 0 0 ,
w h ic h w ill b e a s a v i n g o f a t l e a s t $ 3 5 ,0 0 0 i n i n t e r e s t a n d s i n k i n g f u n d c h a r g e s .
T h e i n t e r e s t a n d s i n k i n g f u n d s a n d a ll o v e r h e a d c h a r g e s a r e t a k e n . c a r e o f
f r o m c o a l , c o k e a n d o t h e r s a le s , n o t i n c lu d in g i r o n .
T h e p r o f i t f r o m s a le s o f i r o n , t h e r e f o r e , r e m a in a p p li c a b l e t o t h o f o l 
l o w i n g o u t s t a n d i n g s t o c k s ( a ll s h a r e s $ 1 0 0 p a r ) ;
F irs t p r e f. (a . & d .) 7 % , c u m . a fte r J u ly 1 1 9 1 4 .
C a ll a b l o a t $ 1 0 0
p l u s a c c u m u l a t i v e d i v i d e n d s , w h ic h n o w a g g r e g a t e $ 1 2 6 ,0 0 0
[b e in g t h e 2 1 % n o w d e c l a r e d — E d . ] _________________ _______________ $ 6 0 0 ,0 0 0
S e c o n d p r e f. (a . & d . ) 7 % n o n -c u m u la t iv e .
S u b j e c t t o c a ll a t 1 0 5 - 1 , 5 0 0 , 0 0 0
C o m m o n s t o c k _____________________________________________________________ 2.0OO.OOO
T h e c o m p a n y is m a k i n g a t t h o p r e s e n t t i m e a p p r o x i m a t e l y 1 4 0 ,0 0 0 t o n s
o f i r o n a y e a r , s a le s h a v i n g b e e n m a d o a t $ 3 5 p e r t o n a n d a v e r a g i n g m o r o
th a n $22 p e r to n .
T h e c o s t t o p r o d u c o i r o n is n o t m o r e t h a n $ 1 2 5 0 p e r
t o n , l e a v i n g a n e s t im a t e d n e t p r o f i t o n t h o w h o l o p r o d u c t i o n o f $ 9 5 0 p e r
t o n , o r $ 1 ,3 3 0 ,0 0 0 , a p p l i c a n t t o s t o c k s a s f o llo w s : 2 1 % o f a c c u m u la te d
d i v i d e n d s o n 1 s t p r e f . , $ 1 2 6 ,0 0 0 ; 2 d p r e f . d l v . , $ 1 0 5 ,0 0 0 ; e s t im a t e d b a l a n c e
f o r c o m m o n s t o c k , $ 1 ,0 9 9 , 0 0 0 , o r 5 4 . 9 5 % .
A t h i r d f u r n a c e is n o w p r o d u c i n g t h a t w ill in c r e a s o t h e o u t p u t 2 0 ,0 0 0
t o n s t h is y e a r .
T h i s i r o n h a s n o t b e e n s o l d f o r f u t u r e d e l i v e r y , a n d is b e i n g
s o l d s p o t , w h i c h c o m m a n d s a h ig h e r p r i c e t h a n r e g u la r m a r k e t .
R ecen t
s a le s h a v e e x c e e d e d $ 4 0 a t o n , w h ic h s h o u l d m a t e r ia l l y I n c r e a s e t h o n e t
p r o fit s s h o w n a b o v e .— V . 1 0 4 , p . 1 0 4 7 .

Amalgamated Sugar Co.— Stock Increase— Par Value.—
T h e s t o c k h o l d e r s o f t h is c o m p a n y w il l v o t e J u l y 7 (a ) o n i n c r e a s in g it s
c a p i t a l s t o c k f r o m S 6 ,0 0 0 ,0 0 0 t o $ 2 5 ,0 0 0 ,0 0 0 a n d (6 ) o n r e d u c i n g t h o p a r
v a l u e o f t h e s h a r e s f r o m $ 1 0 0 t o $ 1 0 .— V . 1 0 4 , p . 2 3 4 4 .

American Gas Co., Phila.— Allotment o f Stock.— Share
holders o f re co rd Juno 23 h a v e u n til and in clu din g J u ly 17 to
su bscrib e a t par fo r 2 1 % o f new s to ck , consistin g o f 13,544
shares, par valu e $100, p a ym en ts to b e m a de 2 5 % J u ly 17,
2 5 % O ct. 1 an d 5 0 % N o v . 30 1917.
T h e c o m p a n y h a s a t p r o s e n t o u t s t a n d in g $ 6 ,4 4 9 ,7 0 0 s t o c k o f a n a u th o r iz e d
i s s u e o f $ 1 5 ,0 0 0 ,0 0 0 .
I t is s t a t e d t h a t t h o n o w s t o c k is t o p r o v i d e f u n d s f o r
fin a n c in g n o w im p r o v e m e n ts .
T h o u su a l q u a rte r ly d iv id e n d o f 2 % w a s
d e c la r e d , p a y a b le S e p t. 1 t o h o ld o r s o f r e c o r d A u g . 2 2 .

W illia m P . B o n b rig h t & C o . la te in 1916 sold at p a r
an d in t. the ad d ition a l b lo ck o f $ 1 ,000 ,0 00 100-year 6 % g o ld
b o n d s , Series A , referred to in the annual re p o rt on a n oth er
p a ge. T h e bankers then rep orted :
These Bonds.— D a t e d J a n . 3 1 9 1 6 , d u e J a n . 1 2 0 1 6 , m a k i n g t h o t o t a l
n o w o u t s t a n d in g $ 3 ,0 0 0 ,0 0 0 .
In terest J . & J .
T a x r e f u n d a b l e in P e n n 
s y lv a n ia .
F re o fro m n orm a l F e d e ra l in c o m e ta x .
G ir a r d T r u s t C o . ,
P h ila ., tr u s te e .
D e n o m . $ 1 ,0 0 0 a n d $ 5 0 0 c * .
R e d e o m a b lo a s a w h o lo
o n a n y in te re s t d a t e a t 1 10 & in t .
T h e p r o c e e d s o f t h o 1 0 0 -y e a r b o n d s
m a y b e u s e d t o liq u id a te f lo a t in g d e b t r e s u ltin g f r o m t h o fin a n c in g o f s u b 
s i d ia r y c o m p a n i e s , f o r t h e p u r c h a s e o f a d d i t i o n a l p r o p e r t i e s a n d f o r o t h e r
corp ora te pu rposes.
N o a d d i t i o n a l b o n d s c a n b o is s u e d u n le s s t h o n e t
i n c o m e is a t l e a s t t h r e o t im e s t h e i n t e r e s t c h a r g e s o n b o n d s , i n c l u d i n g t h o s e
a p p lie d f o r , a n d in te re s t u p o n a n y o t h e r d e b t .
Equity.— F o l l o w i n g t h e 1 0 0 -y e a r 6 % b o n d s is $ 6 , 4 4 9 , 7 0 0 c a p i t a l s t o c k ,
p a i d in $ f o r $ in c a s h , h a v i n g a p r e s e n t a c t u a l b o o k v a l u e o f s u b s t a n t i a l l y
o v e r $ 7 ,7 0 0 ,0 0 0 .
A n n u a l d iv id e n d s o n th is s t o c k h a v e b e e n p a id a s f o l
lo w s: 1893 t o 1 9 0 8 , ln c l., 6 % ; 1 9 0 9 , 6 j ^ % ; 19 1 0 t o S e p t. 1 9 1 5 , 7 % ; D e c . 1
1 9 1 5 i t w a s p u t o n a n 8 % b a s is .
Statistics of the Operating Companies as of Dec. 3 1 1 9 1 6 and 1 9 0 8 .
1916.
1 9 0 8 .|
1916.
1908.
G a s c u s t o m e r s , N o . . l 0 3 , 0 9 4 3 4 ,0 3 1 G a s s o l d ,
E le c , c u s t o m e r s . N o . 3 5 ,0 7 3
8 ,4 8 2
c u . f t . . 2 , 5 1 1 , 8 7 5 , 8 0 0 6 9 7 ,4 0 2 ,5 0 0
S tea m cu stom ers, N o .
525
N o n e E le c .s o ld ,
T o t a l c u s t o m e r s , N o . 1 3 8 , 6 9 2 4 2 ,5 1 3
k. w. h.
5 0 ,2 1 2 ,2 4 8
6 ,1 8 5 ,6 5 7
Earnings of Subsidiary Companies for Calendar Years.
1908.
1912.
1916.
G r o s s e a r n i n g s . .........................................................$ 1 , 1 3 2 , 5 0 9 $ 3 , 0 6 2 , 5 5 8 $ 4 ,4 9 1 ,8 1 7
S u r p lu s a f t e r a l l d e d u c t i o n s .............................
1 9 4 ,1 7 5
5 4 2 ,8 1 0
6 7 1 ,6 1 3
C o m p a r a t i v e s t a t e m e n t o f e a r n i n g s , l is t o f p r o p e r t i e s , & c . , a r o g i v e n in
a n n u a l r o p o r t p u b lis h e d o n a p r e c e d in g p a g e .— V . 1 0 4 , p . 6 6 5 .

American Public Utilities Co., Grand Rapids, Mich.—
Years end.— A p r. 3 0 ’ 1 7 . « /n n e 3 0 T 6 . | Years end.— A p r . 3 0 ’ 1 7 .
G r o s s e a r n s . . $ 3 , 7 0 3 , 3 2 6 $ 3 ,3 0 9 ,5 8 6 1 D iv i d e n d s p a i d
N e t i n c o m o - . $ l , 6 5 6 ,0 8 8 $ 1 , 5 0 9 , 0 9 1 )
d u r i n g y e a r $ 2 4 7 ,6 1 9
l , 1 1 4 , 0 1 8 | B a i a n c e , s u r p . $ 2 1 5 ,1 2 2
I n t e r e s t ______ 1 , 1 9 3 , 3 4 7
— V . 103, p . 935.

American Radiator Co. —

June3 0 ’ 1 6 .
$ 2 3 4 ,8 4 0
$ 1 6 0 ,2 3 3

E x t r a D i v i d e n d .—

A n e x tr a d iv id e n d o f 1 % h a s b e e n d e c la r e d o n th e c o m m o n s t o c k , p a y a b lo
J u n e 3 0 t o h o ld e r s o f r e c o rd J u n o 2 1 .
T h o s h a r e h o ld e r s a r o a s k e d t o c o n 
t r ib u te th o d iv id e n d t o th o R e d C ro s s f u n d .— V . 1 0 4 , p . 104 2 , 9 5 3 .




T h e c o m p a n y is f i l i n g f o r r e c o r d i t s n o w m o r t g a g o -, u n d e r w h i c h t h e C e n 
t r a l T r u s t C o . w ill a c t a s t r u s t e o .
T h e c o m p a n y , w o le a r n , n o w c o n t r o l s o v e r 6 6 2 - 3 % o f t h e t o t a l o u t 
s t a n d i n g s t o c k o f A m e r i c a n S m e lt e r s S e c u r it ie s C o . , o w n i n g a ll t h o c o m m o n
s h a re s, o v e r 8 0 % o f t h e p r e fe rr e d “ B ” s t o c k a n d a b o u t 3 0 % o f t h o p r e fe rr e d
" A .”
W h i l e t h i s o w n e r s h ip w o u ld p e r m it o f t h e d i s s o l u t i o n o f t h e S m e l t e r s ’
S e c u r it ie s C o . , n o s u c h s t e p , i t is s a i d , w il l b e t a k e n a t p r e s e n t .
T h o c o m p a n y is u n o f f i c i a l l y r e p o r t e d t o b o d o i n g a r e c o r d b u s i n e s s in a l l
d e p a r t m e n t s , p a r t l y d u o t o r e s u m p t io n o f o p e r a t i o n s in M e x i c o a n d in
p a r t t o t h e c o m p l e t i o n o f t h e e x p a n s io n p r o g r a m m a p p e d o u t f o r t h i s y e a r .
C om p a re V . 104, p . 1802, 1146, 363.

American Stores Co., Phila.— Initial Dividend.— A n
in itial d iv id en d o f 1 % % has been declared on tho 1st an d 2n d
p ref. stock s , p a ya b le J u ly 6 to holders o f record Ju n e 2 5 .—•
V . 104, p . 2454, 2236.
Anaconda Copper Mining Co.— Special Dividend.—
A s p e c i a l R e d C r o s s d i v i d e n d o f 5 0 c o n t s p e r s l ia r o h a s b e e n d e c l a r e d o n
t h e s t o c k , p a y a b lo J u l y 1 6 t o h o l d , o f r e c . J u n e 2 6 .— V . 1 0 4 p . 2 3 4 5 , 2 0 1 3 .

Atlantic Steel Co.— Extra Dividend.—
A n e x t r a d i v i d e n d o f 5 % h a s b e e n d e c l a r e d o n t h o c o m m o n s t o c k in
a d d i t i o n t o t h o r e g u la r q u a r t e r l y 1 }£ % , b o t h p a y a b l e J u l y 2 t o h o ld e r s o f
record Jun e 22.
I n A p r i l la s t a n e x t r a o f 1 % w a s p a i d .
See V . 104,
p . 1147, 1047.

Autocar Co., Ardmore, Pa.— Red Cross Dividend.—
T h i s c o m p a n y o n J u n e 19 p a i d a R e d C r o s s d l v i d o n d o f 1 % , a m o u n t i n g
t o $ 2 0 ,0 0 0 . — V . 1 0 4 , p . 1 8 0 3 , 9 5 3 .

Bartlett Hayward Co.— Note Payment.—
T h is c o m p a n y , th r o u g h t h o F id e lit y T r u s t C o . o f B a lt im o r e , h a s p a id o f f ,
a t 1 0 0 a n d I n t . , $ 5 0 0 ,0 0 0 F i r s t M t g e . 5 % g o l d n o t e s , m a t u r in g A p r i l 1 5 ,
t h i s b e i n g p a r t o f a n is s u e o f $ 1 ,8 5 0 , 0 0 0 .
T h e r e m a in d e r ( $ 1 ,3 5 0 ,0 0 0 ) w il l
m a t u r e $ 5 0 0 ,0 0 0 o n J u l y 1 5 a n d $ 8 5 0 ,0 0 0 o n O c t . 1 5 1 9 1 7 .
S co o ffe r in g
in V . 1 0 2 , p . 1 8 9 9 .
A t t h e t im e t h e n o t e s w e r e s o l d t o t h e p u b l i c , i t w a s s t a t e d t h a t t h e s e
c o n t r a c t s w e r e m o r o t h a n $ 1 4 ,0 0 0 ,0 0 0 .
T h e c o m p a n y , i t is r e p o r t e d , h a s
b e e n v e r y s u c c e s s fu l i n t h o h a n d li n g o f t h e s o c o n t r a c t s , w h i c h I t h a s b e e n
a b l e t o d o w i t h o u t m a t e r ia l in t e r f e r e n c e w it h it s n o r m a l b u s in e s s , w h ic h is
u n d e r s to o d t o b e s t e a d ily e x p a n d in g .— V . 1 0 2 , p . 2 1 6 8 .

Bethlehem Steel Corp.— Red Cross Dividend.—
A R e d C r o s s d i v i d e n d o f 1 % h a s b e e n d e c l a r e d o n b o t h t h o c la s s A a n d B
s t o c k s , p a y a b l e A u g . 1 t o h o l d e r s o f r e c o r d J u l y 1 8 .— V . 1 0 4 , p . 2 4 5 4 , 2 3 4 5 .

Bon Air Coal & Iron Co.— Sold.—

W i ll ia m J . C u m m i n g s o f N . Y . h a s p u r c h a s e d t h i s c o m p a n y ’s p r o p e r t y
f o r $ 1 ,6 0 0 , 0 0 0 .
J o h n M c E . B o w m a n o f N . Y . is s a i d t o b o a s s o c ia t e d w i t h
C u m m i n g s in t h e p u r c h a s e .
A p re ss r e p o r t fr o m N a s h v ille , T e n n ., s a y s th a t fin a l p la n s h a v e b e e n
c o m p l e t e d f o r t h o o r g a n i z a t io n o f t h o B o n A i r C o a l & I r o n C o r p o r a t i o n
w it h $ 1 0 ,0 0 0 ,0 0 0 s t o c k . — V . 1 0 4 , p . 2 2 3 6 .

Boott Mills, Boston.— Stock Increase, &c.—
T h e s h a r e h o ld e r s o n M a y 2 5 ( a ) i n c r e a s e d t h o a u t h o r i z e d c o m m o n s t o c k
f r o m $ 1 , 0 0 0 , 0 0 0 t o $ 1 ,2 5 0 ,0 0 0 b y d e c l a r in g a 2 5 % s t o c k d i v i d e n d , p a y a b l e
t h o s a m e d a y , a n d (6 ) r a t if i e d t h e a u t h o r i z a t io n o f a n is s u e o f $ 5 0 0 ,0 0 0
p r e f . s t o c k , o f w h ic h $ 3 0 0 ,0 0 0 w a s o f f e r e d a t p a r t o s t o c k h o l d e r s u n t il
M a y 31 1 91 7.
A d i v . o f 1 M % w a s a ls o p a i d J u n e 1 o n c o m m o n s t o c k . — V . 1 0 4 , p . 2 4 5 4 .

Borden’s Condensed Milk Co., N. Y .— Red Cross Div.—
A R e d C ro s s d iv id e n d o f 5 0 c e n ts p e r s h a re h a s b o e n d o c la r cd o n th e
$ 2 1 ,3 2 9 ,0 0 0 c o m m o n s t o c k , p a y a b l e A u g . 1 5 t o h o l d e r s o f r e c o r d A u g . 1 .
— V . 104, p . 1901, 1705.

Brooklyn Borough Gas Co.— Gas Rate Opinion.—
E x - J u s t i c o C h a r le s E . H u g h e s , a s r e fo r e o I n 't h e c o m p a n y ’s a p p l i c a t i o n
f o r a n i n ju n c t i o n t o p r o v o n t t h o a u t h o r i t ie s f r o m c o m p e l l i n g i t t o s e ll g a s
a t t h e l e g a l r a t e o f 8 0 c . , o n J u n o 14 in a n o p i n i o n d e c i d e d t h a t t h e P . 8 .
C o m m i s s io n h a s n o p o w e r t o f i x a r a t o f o r g a s o r e l e c t r i c i t y in e x c e s s o f t h o
m a x i m u m r a t o f i x e d b y t h e L e g i s l a t u r e .— V . 1 0 4 , p . 7 6 7 .

Canadian Consolidated Rubber Co., Ltd., Montreal.

— New Bonds.— T h is C anadian a lly o f th e U n ited States
R u b b e r C o . has carried o u t the pla n an n ou n ced last Ja nu a ry
(V . 104, p . 2 5 9 , 364) fo r m a k in g a now m ortg a g o to th o R o y a l
T ru s t C o . o f M o n tre a l as trustee to securo an issuo o f 5 %
F irst an d R efu n d in g M . g o ld b o n d s , lim ited in the first
instance to S 8 ,000,000.
T h e n o w b o n d s a r o d a t e d J a n . 2 1 9 1 7 a n d w il l m a t u r e J a n . 1 1 9 4 7 , p r i n 
c i p a l a n d in t e r e s t ( J . & J . ) p a y a b l e w i t h o u t d e d u c t i o n f o r a n y t a x e s o r
a s s e s s m e n t s w h ic h t h e c o m p a n y o r t h e t r u s t e e m a y b o r e q u i r e d t o p a y o r
r e t a in u n d e r a n y p r e s e n t o r f u t u r e la w o f a n y t a x i n g a u t h o r i t y in C a n a d a .
B o n d s a d d i t i o n a l t o t h e i n it ia l $ 8 , 0 0 0 , 0 0 0 m a y b o is s u e d i f a u t h o r i z e d
b y h o ld e r s o f a t le a s t 7 5 %
o f th o s t o c k fo r t h o f o llo w in g p u r p o s e s :
(a ) T o r e fu n d a t n o t o v e r p a r th o $ 2 ,6 0 0 ,0 0 0 u n d e r ly in g b o n d s o f
1 9 0 6 , d u e O c t . I 1 9 4 6 ; (6 ) f u r t h e r p r i n c ip a l a m o u n t s e q u a l t o t h o a c t u a l
c a s h c o s t o f a d d it i o n a l p l a n t s , m a c h i n e r y , i m p r o v e m e n t s , & c . , c o n s t r u c t e d
o r a c q u ir e d b y th e c o m p a n y a fte r J a n . 1 191 7.
T h e m o r t g a g o c o v e r s , in
a d d it io n t o m u c h rea l p r o p e r t y in M o n t r e a l, T o r o n t o a n a v a r io u s o th e r
p l a c e s in t h e P r o v i n c e s o f Q u e b e c , O n t a r i o , M a n i t o b a . a n d S a s k a t c h e w a n ,
t h o f o llo w in g a m o u n ts o f c a p it a l s t o c k : (a ) o n tiro o u t s t a n d in g Issu es, v iz .:
C a n a d i a n R u b b e r C o . o f M o n t r o a l , $ 2 ,0 0 0 , 0 0 0 ; D o m i n i o n R u b b e r C o . ,
$ 1 2 0 ,0 0 0 ; G r a n b y R u b b e r C o . . $ 6 0 0 ,0 0 0 ; D o m i n i o n T i r o C o . , $ 6 0 0 ,0 0 0 ;
M a p l o L e a f R u b b e r C o . , $ 3 5 0 ,0 0 0 ; K i t c h e n e r l t u b b o r M f g . C o . , $ 7 6 ,7 0 0 ;
M e r c h a n t s R u b b e r C o . , $ 1 3 8 ,6 0 0 ; W a l p o l o R u b b e r C o . o f C a n a d a , $ 1 0 ,0 0 0 ;
R u b b e r R e g e n e r a t in g C o . o f C a n a d a , $ 2 0 ,0 0 0 ; (b ) C o l u m b u s R u b b e r C o .
o f M o n t r e a l , $ 2 2 5 ,0 0 0 c o m m o n s t o c k ( t o t a l is s u e d , s t o c k , $ 3 0 0 ,0 0 0 c o m m o n
a n d $ 1 0 0 ,0 0 0 p r e f . ) ; C a n a d i a n C o n s o l i d a t i o n F e l t C o . , L t d . , $ 7 5 1 ,0 0 0 ,
c o m m o n s t o c k ( t o t a l i s s u e d , s t o c k $ 1 , 5 0 0 , 0 0 0 c o m m o n a n d $ 5 0 0 ,0 0 0 p r e f . )
— V . 104, p . 1389, 364.

Canadian North West SS. Co., Ltd.— Bonds Called.—
A l l t h o o u t s t a n d i n g b o n d s o f t h i s c o m p a n y ( N o s . 6 4 t o 8 4 , in c lu s i v e ,
m a t u r in g J a n . 1 1 9 1 8 , a n d 8 5 t o 1 1 0 , i n c lu s i v o , m a t u r i n g J a n . 1 1 9 1 9 ) h a v o
b e e n c a l le d f o r p a y m e n t J u l y 1 a t 1 0 3 a n d i n t . a t T o r o n t o G o n e r a l T r u s t s
C o r p o r a t i o n , T o r o n t o , o r P e a b o d y , H o u g h t e l ln g & C o . , C h i c a g o .

Central Foundry Co.— Initial Dividend.—-An initial d iv i
den d o f

l}4%

has been declared on th e ord in a ry preferred

s to ck o u t o f earnings fo r the first qu arter o f 1917, p a y a b le
J u ly 16 to holders o f record Juno 30.
T h i s c o m p a n y h a s a p p li e d t o t lio N . Y . S t o c k E x c h a n g e f o r a u t h o r i t y
t o l is t $ 4 0 0 0 .0 0 0 o r d i n a r y p r e f . s t o c k , n o n - c u m .; $ 3 , 6 0 0 , 0 0 0 c o m m o n
s t o c k a n d $ 1 , 4 2 9 , 0 0 0 F ir s t M t g o . 6 % b o n d s . — V . 1 0 4 . p . 1 8 0 4 , 1 7 0 5 .

Central Iron & Steel Co. —

2555

THE CHRONICLE

J unk 23 1917.)

R e c e iv e r s h i p T e r m i n a t e d .—

T e r m i n a t io n o f t h i s c o m p a n y ’ s r e c e iv e r s h i p
s ta te m e n t fro m th e c o m p a n y sa y s th a t d u iin g
b e e n , t o a g r o a t d e g r e e , r e b u i lt a n d b r o u g h t u p
o p e n - h c a r t li c a p a c i t y h a s b e e n a d d e d a n d t h o
jir a c t ic a lly n e w .— V . 1 0 4 , p . 2 2 3 6 , 2 1 2 0 .

has been an n ou n ced .
A
t h is t im e t h o m il l s h a v e
to d a te , a b ou t 4 0 % now
b la s t fu r n a c e m a d o o v e r

Central Leather Co.— A c q u i s i t i o n .—
W o le a r n o f f i c i a l l y t h a t t h is c o m p a n y h a s p u r c h a s e d t h o W i l d e r T a n n i n g
C o . , a c o m p a n y w i t h $ 2 , 0 0 0 , 0 0 0 o u t s t a n d i n g c a p i t a l s t o c k a n d o w n in g a
m o d e r n t a n n e r y a t W a u k e g a n . 111.— V . 1 0 4 , p . 1 7 0 5 , 8 o 8 .

Central Teresa Sugar Co.— O n e - Y e a r

N o tes

O f f e r e d .—

T h e F id e lity T ru st C o ., C itizens C o . an d R o b e rt G arrett &
Sons, all o f B a ltim ore, are offerin g, to yield 6 .3 8 % , a n e w
issuo o f $ 1 ,000 ,0 00 O ne-Y ear E q u ip m en t & C olla tera l T ru st
Sinking F u n d N o te s , pu t ou t to p rovid e fo r increasing p ro 
d u ctio n , an ad d ition a l tank b o a t, storage ta n k s, & c ., w hose
n e t w ortli is $ 2 ,000 ,0 00 . T h o issue is u n con d ition a lly guar
a n teed b y W e s t In dia Sugar C orp . (w h ich , it is con tem p la ted ,
w ill sh ortly take o v er tho Teresa C o .) an d A lfred W . G iesk c,
B a ltim o re . D e n o m . $1,000 , $5 ,000 an d $1 0,000 discou n t
n otes. A circu lar show s:
T h e n o t e s a r o d a t e d J u n o 12 1 9 1 7 , d u e J u n e 12 1 9 1 8 .
T h o F id e lit y T r u s t
C o ., B a lt im o r e , tr u s te e .
A s in k in g f u n d is p r o v i d e d o f 4 0 % r e c e iv e d
f r o m s a le s o f s u g a r a n d m o la s s e s b y T e r e s a C o . a n d 2 M e . p e r g a l l o n m o n t h l y
o n a ll m o la s s e s s o l d b y e i t h o r c o m p a n y .
A c c o r d i n g t o p r e s e n t s e a s o n ’s
p r o d u c t i o n , t h i s w o u ld p r o d u c o $ 7 5 0 ,0 0 0 .
E x tr a c ts fr o m

L e t t e r o f J . F . H a r p e r , P r e s , o f t h e C o m p a n ie s , B a lt N
m o re , J u n e 7 1917.
B u s in e s s .— The Teresa Company p r o d u c e s s u g a r c a n o f r o m w h ic h it m a n u 
f a c t u r e s r a w s u g a r a n d m o la s s e s .
O w n s in f e e 1 0 ,7 0 0 a c r e s o f f i n e c a n o
l a n d s o n M a n z a n i l lo B a y , C u b a , a n d t h r o u g h le a s e s a n d c o n t r a c t s , c o n 
t r o l s a b o u t 1 2 ,7 0 0 a c r e s a d d i t i o n a l .
T h o c o m p a n y is in c r e a s in g i t s n o r m a l

m ilo s n a r r o w -g a u g e r a i lr o a d , 5 l o c o m o t i v e s , 1 4 0 c a n e c a r s , d o c k , w a r e h o u s e ,
a d m i n i s t r a t i o n b u i l d in g , a n d a l a r g o n u m b e r o f t e n a n t h o u s e s , a ll p l a n t a 
t io n e q u ip m e n t, & e.
T h o p l a n t , w it h S t o r a g o c a p a c i t y o f 2 5 ,0 0 0 t o 3 0 , 0 0 0
b a g s o f s u g a r , is o n t h e w a t e r - f r o n t , w i t h 2 2 f t . o f w a t e r a t it s o w n d o c k .
The West India Corporation is t h o s e c o n d la r g e s t b u y e r o f m o la s s e s in C u b a
a n d w ill t h i s s e a s o n h a n d le a b o u t 1 2 ,0 0 0 ,0 0 0 g a l l o n s .
T h o com p an y bu ys
t h o o u t p u t o f s e v e r a l m il l s , n o w h a v i n g p u r c h a s e d f o r n o x t s e a s o n o v e r
6 , 0 0 0 , 0 0 0 g a l l o n s o f m o la s s e s a t p r ic e s s o m e a s l o w a s 2 J-g c . p e r g a l l o n a t
t h o m il l , t h o p r e s e n t N o w O r le a n s m a r k e t b o i n g 2 0 c . t o 2 1 c . p e r g a l l o n .

151 t a n k c a r s a n d i t s o w n s t e a m e r s f o r t h e t r a n s p o r t a t i o n o f m o la s s e s .
Capitalization.— T h o o u t s t a n d i n g c a p i t a l lla b iU t ie s a n d s u r p l u s o f t h e t w o
c o m p a n ie s a s o f M a y 31 1 9 1 7 , a fte r p a y m e n t o f $ 1 ,0 0 0 ,0 0 0 C o lla te r a l T r u s t
N o t e s o f t h o T e r e s a C o . o n J u n e 12 1 9 1 7 , a n d a f t e r a p p l y i n g t h e p r o c e e d s
o f t h e s e n o t e s , w ill b e a s f o ll o w s :
T eresa.
Wesl In(lia_ combined
F i r s t m o r t g a g e 5 % b o n d s d u o 1 9 2 1 -----------’ QQQ
O n e - Y e a r E q u i p . & C o l l . T r u s t n o t e s ------- 1 ,0 0 0 ,0 0 0
P r e f e r r e d s t o c k ................................... - ............................. Y o V h h h
C o m m o n s t o c k ...................... .....................................i i r r 'n R R 0

$ 7 5 0 ,0 0 0
- - - - - - - 1 .0 0 0 ,0 0 0
^ cR R ’ RRR
3 0 0 ,0 0 0
RRR’ RRR
, 9 2 5 ,0 0 0

Security.— A f ir s t lie n u p o n m a r in o a n d r a i lw a y e q u i p m e n t a n d a p p r o v e d
c o ll a t e r a l v a l u e d a t $ 1 , 2 4 0 , 0 0 0 , c o n s i s t i n g o f : (a ) o n e f r e i g h t s t e a m e r , o n e
t a n k s t e a m e r ; a n d , t h r o u g h s t o c k o w n e r s h ip , 151 t a n k c a r s , 5 , 0 0 0 t o 7 , 5 0 0
g a l l o n s c a p a c i t y , v a l u e d a t $ 8 o 0 ,0 0 0 , a n d f r e e o f a ll lie n s ; a n d (5 ) b y d e p o s i t
o f 3 0 , 0 0 0 s h a r e s C o s d o n O il & G a s C o . c o m m o n s t o c k , p r o s o n t m a r k e t
v a l u e $ 3 9 0 ,0 0 0 .
I n a d d it io n t o th e a b o v e a n d t o c u r r e n t a s s e ts , t h o tw o
c o m p a n i e s a ls o h a v e a n ©Q Uity o f $ 2 , 2 .5 0 ,0 0 0 in o t h e r p h y s i c a l p r o p e r t y
w it h a b o o k v a lu e o f $ 3 ,0 0 0 , 0 0 0 , s u b j e c t o n l y t o $ 7 5 0 ,0 0 0 5 % b o n d s o f t h o
T e r e s a C o . d u o in 1 9 2 1 , w h ic h p r o p e r t y t h e y c o v e n a n t n o t t o m o r t g a g e
w h il e t h e s o n o t e s a r o o u t s t a n d i n g .
Earnings.— C o m b i n e d n e t e a r n in g s t o M a y 3 1 1 9 1 7 a r o n e a r l y $ 1 , 0 0 0 , 0 0 0 .
N e t e a r n in g s f o r t h e t w o c o m p a n i e s f o r t h o e n t i r e c u r r e n t s e a s o n a r e e s t i 
m a t e d a t $ 1 ,2 5 0 ,0 0 0 .
Combined Financial Statement of May 3 1 1 9 1 7 (Total Each Side, $ 5 , 8 4 8 , 2 5 2 ) .
[ A f t e r p a y i n g t h e $ 1 , 0 0 0 , 0 0 0 C o l l a t e r a l n o t e s o f T e r e s a C o . o n J u n o 12
a n d a f t e r a p p l y i n g t h o p r o c e e d s o f t h i s n o t e Is s u e .]
C a s h ______ . . . ........................ - -$ 2 1 0 ,5 2 6 N o t e s & a c c o u n t s p a y a b l e . $ 1 , 0 9 1 , 7 1 0
A c c o u n t s & b i lls r e c e iv a b le
4 2 0 ,5 1 4 E q u ip m e n t a n d C o l l a t e r a l
I n v e n t . — s u g a r , m o l a s ., & c 1 ,0 7 0 ,8 5 1 , T r u s t N o t e s _____________ 1 , 0 0 0 ,0 0 0
M a r i n e & r a i lw a y e q u i p ’ t - 1 , 1 6 2 ,0 0 0 1 st M . 5 % b o n d s o f T e r e s a
7 5 0 ,0 0 0
C o ___
_
C a n o , la n d s , p l a n t s , r a il
r o a d , m ills , & c __________ 2 , 7 0 5 , 1 / 3 C a p i t a l s t o c k I s s u e s________„ „1„,2 2 5 ,0 0 0
_ ________ .
! 11111
D ef. c lig e s . t o o p e r . , n e t . .
2 7 9 ,1 8 8 S u r p lu s & u n d i v . p r o f i t s . _ 1 , 7 8 1 ,5 4 2
Management.— O ff ic e r s o f W e s t I n d i a C o r n , a r e : A . W . G ie s k o , C h a ir 
m a n ; J . F . H a r p e r , P r e s . ; J a c o b 1‘ r a n c o , 1 st v . - P r o s . ; E . M . R o u z e r , S e c .;
I . B . D o lc h o r , T r o a s . , a ll o f B a lt i m o r e , a n d J u le s M . W o g a n . 2 d V . - P r o s . ,
N o w O r lo a n s .
T h e s o , w it h J a s . 1 . M c A l l i s t e r , N . Y . , a n d G il b e r t H a t t i e r ,
H a v a n a , C u b a , w ill c o n s t i t u t e t h o b o a r d , w h i c h w ill o w n n o a r l y a ll o f t h o
ca p ita l s t o c k o u ts ta n d in g .
C o m p a r o V . 1 0 3 , p . 2 3 4 4 .— V . 1 04 , p . 2 4 5 4 .

Century Steel Co. of America, N. Y .—

P a r V a lu e —

T h e s h a r e h o ld e r s v o t e d M a y 1 t o r c i l u c o t h o p a r v a l u o o f t h e s h a r e s
o f s t o c k f r o m $ 1 0 0 t o $ 5 0 e a c h , a n d b y i n c r e a s in g t h o c o m m o n s t o c k w it h
t h o p a r v a l u o a s c h a n g e d b y 9 ,7 0 0 , m a k i n g a t o t a l o f 1 0 ,0 0 0 s h a r e s o f t h e
p a r v a lu e o f S 50 .
A p l a n t is u n d e r c o n s t r u c t i o n a t P o u g h k e o p s l o , N . Y . ,
a n d is e x p e c t e d t o b e g i n o p e r a t i o n s a b o u t J u l y 1 .
F r a n k B . L o w n is P r e s ,
a n d W m . B . D u k c s h ire , S e cre ta ry .

Chino Copper Co.— Red Cross

D i v i d e n d .—

a ecia l B e d C r o s s
r e c o r d J u ly 14.
p u r p o s e o r e n a o n n g s io c K u o u i e r s , ir t h o y s o d e s ir o , t o c o n t r i b u t e
t o t h o A m e r i c a n l i e d C r o s s W a r L u n d . ’ ’— V . 1 0 4 , p . 2 4 5 5 , 190 1

(H. B.) Claflin Corporation, N. Y . —

S a le o f E n t i r e C a p i 

tal S to c k . —

T h o entire $6 ,000 ,0 00 ca p ita l s tock o f this w h ole
sale house w as purchased ,on Juno 21 fo r $ 6 ,300 ,0 00 from tho
M e rca n tile Stores C orp ora tion (w hich seo b elow ) b y a g rou p
o f N o w Y o rk d ry g ood s m erchants h eaded b y B ertram H .
B o rd e n o f M . C . D . B orden & Sons; J . H arp er P o o r , o f
A m o ry B ro w n e & C o ., and Joh n P . S toven s, o f J . P . S tevon s & C o .

Clark Equipment Co., Buchanan, Mich.— M e r g e r .—
T h i s c o m p a n y , m a n u f a c t u r e r s o f t o o l s , m o t o r t r u c k w h e e ls a n d a x l e s , w a s
i n c o r p o r a t e d in M i c h i g a n D e c . 2 8 1 9 1 6 , a s a c o n s o l i d a t i o n o f t h e C e l f o r
T o o l C o . a n d th e B u ch a n a n E le c t r ic S te e l C o . , w it h a t o t a l a u th o r iz e d
c a p i t a l s t o c k o f $ 5 , 0 0 0 , 0 0 0 , p a r $ 1 0 0 , c o n s i s t i n g o f $ 3 ,0 0 0 , 0 0 0 c o m m o n a n d
$ 2 ,0 0 0 ,0 0 0 7 % c u m u la t iv e p r e fe r r e d s t o c k .
T h e re are n o b o n d s a u th o r iz e d
o r is su e d .
P r o p e r t y is o w n e d in f e e .
O f th e s t o c k a u th o r iz e d th e re are
o u t s t a n d i n g S 2 , 2 3 4 ,8 0 0 c o m m o n s t o c k a n d $ 1 , 1 5 9 , 9 0 0 p r e f e r r e d .
The
p r e f e r r e d is r e d e e m a b l e a t p a r D e c . 1 1 9 4 6 o r b e f o r e , a t 1 1 0 , a t t h e o p t i o n
o f th e c o m m o n s h a r e h o ld e r s .
B o t h c la s s e s o f s t o c k v o t e e q u a l l y .
O ffic e r s ,
P r o s ., E u g e n e B . C la r k ; S e c y ., & T r e a s ., N . M . C a r le to n .

Clinchfield Coal Corporation.—

Columbia Valley Orchards, Ltd., Vancouver.— C l a i m s .
T h e " L o n d o n G a z e t t e " o f M a y 18 1 9 1 7 a n n o u n c e s t h a t b y a j u d g m e n t
d a t e d J a n . 2 4 1 9 1 7 , m a d e b y t h o S u p r e m e C o u r t o f B r it is h C o l u m b i a , in
a n a c t io n b y t h e C e n t u r y I n s u r a n c e C o . , L t d . , o n b e h a l f o f i t s e l f a n d o t h e r
h o ld e r s o f d e b e n t u r e s [ £ 1 6 0 ,0 0 0 o u t s t a n d i n g ] o f t h o c o m p a n y , s u c h h o l d e r s
a r o r e q u i r e d t o s e n d in p a r t ic u la r s o f t h e ir c la im s t o W . H . M c F a r l a n e ,
8 5 0 H a s t in g S t . , W e s t , V a n c o u v e r C i t y , p r i o r t o J u l y 1 8 1 9 1 7 .
T h e c o m p a n y , i n c o r p o r a t e d in B r i t is h C o l u m b i a w i t h $ 1 , 0 0 0 , 0 0 0 a u t h o r 
i z e d c a p i t a l s t o c k ( p a r $ 1 0 0 ) , $ 9 2 0 ,0 0 0 o u t s t a n d i n g , is in t h e h a n d s o f
A n d re w S te w a rt. R e c e iv e r a n d M a n a g o r .

Commonwealth Light & Power Co.— D i v i d e n d .—
A d iv id e n d ( N o . 2) o f 1 3 % h a s b e e n d e c la r e d o n th e p r e f. s t o c k , p a y a b le
A
J u ly 2 t o h o ld e r s o f r e c o r d J u n e 2 8 .— V . 10 4 , p . 2 3 4 6 .

Consumers’ Gas Co. of Toronto . —

Continental Can Co., Inc., N. Y . —

N ew

S lo c k .—

T h o r ig h t e x te n d e d t o c o m m o n s t o c k h o ld e r s o f r e c o r d J u n e 29 t o s u b 
s c r i b e a t p a r ( $ 1 0 0 a s h a r e ) f o r 2 5 % ( $ 2 , 0 0 0 , 0 0 0 ) n e w c o m m o n , w ill t e r 
m in a t e a t t h o c l o s o o f b u s in e s s o n J u l y 16 1 9 1 7 o n o r b e f o r e w h ic h p a y m e n t
in f u ll f o r s u c h s t o c k m u s t b o m a d e .
A s s i g n a b le s u b s c r ip t i o n w a r r a n t s w ill
b e is s u e d s h o r t l y a f t e r J u n o 2 9 , w it h a n e x p l a n a t i o n o f t h o m a n n e r in w h ic h
th o y m a y b e u sed.
S u b s c r i p t io n s w ill b e a c c e p t e d o n l y w h e n t h e y a g g r e 
g a t e a fu ll sh a re o r a m u ltip le t h e r e o f.
T h is n e w s t o c k h a s b e e n u n d e r 
w ritte n b y in te re s ts id e n t ifie d w it h t h o c o m p a n y f o r 2 % o f t h o p a r v a lu e
o f a ll s u c h s t o c k .
S e e a ls o V . 1 0 4 . p . 2 4 5 5 .

Corn Products Refining Co. —

A c c u m u l a t e d D i v i d e n d .—

A d iv id e n d o f 5 % h a s b e e n d e c la r e d o n t h e p r e f. s t o c k o n a c c o u n t o f
a c c u m u l a t io n s , p a y a b l e J u l y 16 t o h o l d e r s o f r e c o r d J u l y 3 .
T h o r e g u la r
q u a rte r ly d iv id e n d o f 1 % % w a s a ls o d e c la r e d .
L ik e p a y m e n t s w e re m a d e
in J a n . a n d A p r . l a s t , l e a v i n g 4 1 - 6 % a c c u m u l a t e d .
P r e s . E d w . T . B e d f o r d , in a r e p l y t o r e p o r t s t h a t t h e c o m p a n y w a s e a r n 
in g $ 2 ,0 0 0 ,0 0 0 fo r t h e m o n t h o f J u n o , s a id : " D u r i n g M a y t h o c o m p a n y
e a r n e d $ 1 ,2 5 0 .0 0 0 a s c o m p a r e d w it h a lit t le o v e r $ 1 ,5 0 0 ,0 0 0 fo r t h e p r e c e d 
in g m o n t h .
W o a ro n o w o p e r a t in g a t o n ly 7 0 % o f c a p a c it y , o w in g t o a
g r o a t fa ll i n g o f f in b o t h f o r e i g n a n d d o m e s t i c b u s in e s s .
W o h a v e c lo s e d
d o w n t h e E d g e w a t e r p l a n t a n d t h e P e k i n , 111., r e f i n e r y is r u n n in g o n h a l f
tim e .
T h e e a r n in g s f o r t h o f i r s t s ix m o n t h s , t h o u g h , w ill b o o v e r $ 6 , 0 0 0 , 
000.
T h e r e w a s a n i n c ip i e n t s t r i k e a t E d g e w a t e r , b u t w e d e c i d e d t o c l o s e
t h o p la n t d o w n .” — V . 104 , p . 17 0 6 , 11 4 7 , 9 5 0 .

Crocker-Wheeler Co., Ampere, N. J. —

E x tr a D i v i d e n d s .

I n a id o f t h e n a t i o n w i d e c a m p a i g n f o r t h o b e n e f i t o f t h e R e d C r o s s , t h e
d i r e c t o r s o f t ills c o m p a n y h a v e d e c l a r e d a s p e c i a l d i v i d e n d o f M o f 1 % , t o b e
d e s ig n a te d a s t h e R e d C r o s s d iv id e n d , p a y a b le im m e d ia te ly , a n d h a v e
re co m m e n d e d t o th e s to c k h o ld e r s t h a t th e d iv id e n d ch e ck s b e e n d o rse d
t o th o R e d C ro ss fu n d .
T h o d i r e c t o r s a l s o d e c l a r e d a r e g u la r q u a r t e r l y d i v i 
d e n d s f o r t h o q u a r t e r e n d in g J u n o 3 0 191 7 o f 1 % % o n th o p r e f. s t o c k a n d
2 % o n t h e c o m m o n s t o c k , a n d a l s o a n e x t r a 1 % o n t h o c o m m o n s t o c k , a ll
p a y a b le J u ly 14 t o h o ld e r s o f r e c o r d J u ly 5 .— V . 1 0 4 , p . 1 5 9 4 , 1 2 6 7 .

Crucible Steel Co.—

A c c u m u la te d

D i v i d e n d . — P r e s .—

A d iv id e n d o f 2 % h a s b e e n d e c la r e d o n t h e p r e f. s t o c k o n a c c o u n t o f
a c c u m u l a t i o n s , p a y a b l o J u l y 31 t o h o l d e r s o f r e c o r d J u l y 1 6 .
T h i s le a v e s
2 % a c c u m u la te d o n t h e p r e f. s t o c k .
P r e s s r e p o r t s s t a t e t h a t O . I I . W h a r t o n w il l s u c c e e d H e r b e r t D u p u y a s
P ros.
T h e l a t t e r , w h o is C h a ir m a n o f t h o B o a r d , s u c c e e d e d t h o l a t e C h a r le s
R a m s e y a s P r e s id e n t la s t J a n u a r y .— V . 1 0 4 , p . 2 3 4 6 , 2 1 2 0 .

Curtiss Aeroplane & Motor Corp. — N e w P r e s i d e n t —
W o r k i n g A g r e e m e n t w ith W i l l y s -O v e r l a n d O r g a n iz a t io n .— John
N . W illy s , P residen t o f the W illys-O v erla n d C o ., it is an 
n ou n ced , has agreed to a cce p t the P resid en cy o f the C urtiss
A eropla n e & M o t o r C o . an d th o la tter co m p a n y is p rop osin g
to expend $ 3 ,000 ,0 00 on con stru ction in T o le d o .
D i g e s t o f S t a t e m e n t b y V i c e .- P r e s C . M . K e y s , J u n e 2 1
A w o r k in g a r r a n g e m e n t b e t w e e n t h e s e t w o c o r p o r a t io n s , e a c h a le a d e r in
it s l in o a n d e a c h s u p p l e m e n t i n g t h o o t h e r t o p e r f e c t i o n , is t h o m o s t o b v i o u s
s o lu t io n th a t c o u ld b o d e v is e d f o r a v e r y b ig a n d v e r y m o m e n to u s p r o b le m
b rou g h t a b o u t b y th e w a r.
T h i s p r o b l e m w a s . in e f f e c t , t o b r i d g e in s ix
m o n t h s t h e g a p b e tw e e n th e e x p e rim e n ta l a n d t h e p r o d u c t io n s ta g e s o f a n
in d u s tr y .
T h e C u r t is s C o r p o r a t i o n is l a r g e ly a n a s s e m b lin g p r o p o s i t i o n ,
s o f a r a s m a n u f a c t u r in g is c o n c e r n e d .
I t o b t a i n s it s p a r t s b o t h f o r a e r o 
p la n e a n d m o t o r s f r o m a v e r y la r g o n u m b e r o f v e n d o r s t h r o u g h o u t t h e
cou n try .
S o m e o f it s p r i n c ip a l m a n u f a c t u r in g o b s t a c l e s h a v e a r is e n f r o m
t h e n a t u r a l d i f f i c u l t y in o b t a i n i n g a n d k e e p i n g c lo s o c o - o r d i n a t i o n b e t w e e n
s o m a n y s o u r c e s o f s u p p l y s c a t t e r e d a ll o v e r t h e c o u n t r y .
O n e o f t h e p r in c ip a l W i l l y s - O v e r l a n d f a c t o r i e s is a t E l m i r a , w h ic h is
4 0 m il e s f r o m H a m m o n d s p o r t . w h e r e t h e p r i n c p ia l m o t o r f a c t o r y o f t h e
C u r t is s o r g a n i z a t io n is l o c a t e d .
T h is E l m i r a f a c t o r y , w h e n i t is n o t
r u n n in g f u l l o n W i ll y s -O v e r l a n d w o r k , c a n a n d w il l h a n d le o r p r o d u c e
t h r e o o u t o f f o u r o f t h o p a r t s t h a t e n t e r i n t o t h o c o n s t r u c t i o n o f t h e C u r t is s
m o t o r , w h ic h is a s s e m b le d a t H a m m o n d s p o r t .
T h e a d v a n t a g e o f t h is is
t o o c le a r t o r e q u ir e f u r t h e r c o m m e n t .
S o f a r a s m o t o r p r o d u c t i o n is c o n 
c e r n e d , W i ll y s - O v e r l a n d o r g a n i z a t io n a p p e a r s t o b o e n t i r e l y c a p a b l e o f
t a k i n g a n e n t ir e c o n t r a c t , b o t h f o r f a b r i c a t i n g a n d a s s e m b lin g C u r t is s
t r a in in g m o t o r s , w h ic h s e e m t o b e a b o u t t o b e r e q u i r e d b y t h e U . S . G o v 
e r n m e n t in q u a n t it ie s v e r y m u c h l a r g e r t h a n c o u l d p o s s i b l y b o t u r n e d o u t
in t h o p r e s e n t C u r t i s s p l a n t s .
I n t h e p l a n e e n d o f t h e in d u s t r y c o - o p e r a t i o n m a y b o e x p e c t e d b y t h e
C u r t is s p e o p l e f r o m t h o w o o d - w o r k i n g s h o p s o f t h o W i l l y s - O v e r l a n d , a n d
p o s s i b l y a l s o in m a n y o t h e r d e p a r t m e n t s , s u c h a s a l u m in u m c a s t in g s ,
s m a l l m e t a l p a r t s , d r o p f o r g in g s , & c .
. . .
^
.
W o d o n o t k n o w a s y e t t h o e x a c t t e r m s u p o n w h ic h t h e s e t w o c o r p o r a t io n s
w il l c o - o p e r a t e in m a n u f a c t u r in g .
A t t h e p r e s e n t t im e t h e w o r k in g a r 
r a n g e m e n t b e t w e e n t h e m is i n t e n d e d t o fu r n is h t o t h e U . S . G o v e r n m e n t
a n d t o t h e G o v e r n m e n t s o f G r e a t B r it a in a n d C a n a d a s t r o n g e r , b i g g e r a n d
h o t t e r s o u r c e s o f s u j ip l y f o r a e r o p la n e s , m o t o r s a n d e q u i p m e n t . — V . 1 0 4 ,
p . 2 0 1 4 . 1901.

Dennison Mfg. Co. —




O f fe r to S h a r e h o ld e r s .

S h a r e h o ld e r s o f r e c o r d M a y 21 m a y u n t i l 5 p . i n . J u l y 3 s u b s c r i b e a t
$ 7 5 p e r s h a r e ( p a r $ 5 0 ) f o r $ 9 7 6 ,4 0 0 n e w c a p i t a l s t o c k t o t h o e x t e n t o f o n e
n o w sh a re fo r e a ch fiv e h e ld .
P a y m en t m u st b e m a d o a t th e o ffic e , T o 
r o n t o , a s f o l l o w s : $ 7 5 0 p e r s h a r e o n J u l y 3 ; $ 7 5 0 A u g . 1 5 ; $ 1 5 N o v . 15
1 9 1 7 , a n d $ 1 5 e a c h o n F e b . , M a y a n d A u g . 15 1 9 1 8 .
A n y s h a r e h o ld e r
m a y p r e p a y in f u ll t h o p u r c h a s e m o n e y o r a n y d e f e r r e d in s t a ll m e n t o n a n y
d a y o n w h ic h a n y i n s t a llm e n t is p a y a b l e .
A l l s h a r e s a l l o t t e d s h a l l , f r o m a n d a f t e r t h o p a y m e n t o f t h e f ir s t in s t a ll
m e n t , a n d in p r o p o r t i o n t o t h e p a y m e n t s m a d e o n a c c o u n t , p a r t i c i p a t e in
a ll d i v i d e n d s .
N o f r a c t i o n a l s h a r e s w ill b o a l l o t t e d .
Seo V . 104, p . 21 2 0 .

M r . S t o v e n s , 'C h a i r m a n o f t h e p u r c h a s in g c o m m i t t e e , a n n o u n c e d t h a t
t ills p u r c h a s e a s s u r e s t h e p e r m a n e n c y ; o f t h o b u s in e s s in t h o N o w Y o r k
m a r k e t a n d a c o n t i n u a n c e o f t h o p o l ic i e s a d o p t e d s i n c o t h o r e o r g a n i z a t io n
t h r e o y e a r s a g o , a n d a v o i d s t h e f o r c e d l i q u id a t i o n w it h its r o s u l t a n t e f f e c t s
1916.
o n th o d r y g o o d s tra d e .
$
II.
P . B o n t le s w ill r e m a in a s P r o s ld e n t a n d t h o e x e c u t i v e a n d d e p a r t m e n t Assets—
C a s h , s e c u r it ie s
____.
h e a d s w il l c o n t i n u e .
M r . B o n t i e s w il l h e a d a n o w b o a r d w h ic h , it is s t a t e d ,
& d e b t s r e c e i v . 1 , 8 0 6 ,0 3 8
w ill in c lu d o t h o f o l l o w i n g w e ll -k n o w n m e r c h a n t s in t h e d r y g o o d s d i s t r i c t :
B . 11. B o r d e n o f M . C . 13. B o r d e n & S o n s ; K . L . H o p k i n s o f B li s s , F a b y a u M e r c h a n d i s e ___ 1 , 5 4 6 ,5 5 6
M a c h . , f u r n . , & c . 8 9 7 ,4 2 1
& C o .; I ) . W . J a r v is o f A m o s k e a g M f g . C o .; J- H a rp o r P o o r o f A m o r y ,
R e a l e s t a t e ______
8 7 7 ,2 6 7
B r o w n o & C o .; F . K . K u p p r c c h t o f C o n v e rse & C o .; J . P . S to v e n s o f J . P.
P a t e n t s & g ’ d - w . 1 , 0 1 3 ,4 1 8
S to v e n s & C o .; E . S . T w in in g o f C la r o n c o W h itm a n & C o . , I n c .; R id le y
W a t t s o f W a t t s , S te b b in s & C o ., a n d II. P . B o n tie s , P re s id e n t; M . J .
D o n a h o c , V i c c -P r e s i d o n t , a n d J o h n O . W o o d , T r e a s u r e r , o f t h o C l a f l i n
o r p o r a t lo n .— V . 1 0 0 . p . 9 0 3 , 6 4 5 .

T e n d e r s f o r P r e f . S to ck .

T h e N o w Y o r k T r u s t C o . , a s tra n s fe r a g e n t o f t h o 7 %
C u m . P r e f.
s in k in g f u n d s t o c k o f t h i s c o r p o r a t i o n , h a v i n g o n h a n d $ 2 5 ,4 1 5 .9 2
a v a i l a b l e f o r r e d e m p t i o n o f s u c h s t o c k o n A u g . 1 1 9 1 7 , w ill r e c e iv e t e n d e r s
u p t o 3 p . m . J u l y 6 1 9 1 7 f o r t h o s a lo o f s u c h p r e f . s t o c k a f n o t e x c e e d i n g
1 2 0 % a n d d iv id e n d s .— V . 1 0 4 , p . 3 6 5 , 7 5 .

B a la n c e S h eet D e c .

1915.
$

31.—

1916.
1915.
S
$
C a p it a l s t o c k . . . 5 , 1 1 4 , 6 8 0 4 , 9 9 0 , 4 3 0
„
1 ,9 5 3 ,5 9 1 A c c o u n t s p a y a b l o 3 8 2 ,1 2 0
4 1 7 ,7 2 7
1 , 0 6 4 ,8 9 7 R e s e r v e f o r p u r 
c h a s e o f fir s t
8 6 9 ,7 0 7
p r e f. s t o c k . . .
6 7 ,9 4 6
4 5 ,0 0 6
8 7 3 ,8 4 2
3 2 2 ,2 9 2
1 , 0 1 3 .4 1 8 S u r p lu s & s u s p . 5 7 5 ,9 5 4

T o t a l ....................6 , 1 4 0 , 7 0 0 5 ,7 7 5 ,4 5 5
— V . 100, p . 1440.

Liabilities— •

T o t a l ....................6 , 1 4 0 , 7 0 0 5 , 7 7 5 , 4 5 5

2556

THE CHRONICLE

Eastern Montana Light & Power Co.— Pref. Stock

Offered.— T a y lo r ,

D o d g e & R o s s, C h ica g o , w ho recen tly
o ffe re d a b lo ck o f this c o m p a n y ’s 7 % cu m u la tiv e p ref.
(a. & d .) s to ck (d ivid en d s A . & 0 . a t C h ica g o ), are n ow
offe rin g b y a d v . on an oth er p a ge a t 101 an d in t. $300,000
F irst M tg e . G % b o n d s . A circu lar show s:
T h e b o n d s a ro d a t e d J u ly 1 1 9 1 7 , d u o J u ly 1 1 93 2, r e d e e m a b le o n a n y
i n t . d a t e a t 101 a n d in t .
t n t . J . & J . in C h i c a g o .
D on om . $100, $500
a n d S I .0 0 0 c * .
C o n t i n e n t a l & C o m m e r c ia l T r u s t & S a v in g s B a n k a n d
F r a n k I t . J o n o s , C h ic a g o , tr u s te e s .
In te r e s t w it h o u t d e d u c t io n o f th e
n o rm a l F ed era l in c o m e ta x .
A d d i t i o n a l b o n d s m a y b e is s u e d f o r 8 5 % o f
c a s h c o s t o f n o w c o n s t r u c t i o n , a d d i t i o n s , & c . , w h e n n o t e a r n in g s a r o 1 %
t im e s t h e in t e r e s t c h a r g e s o n a l l 1st M . b o n d s p l u s t li o s o p r o p o s e d .
Security.— A n ’a b s o l u t o f i r s t m o r t g a g e o n a ll t h e p r o p e r t y n o w o w n e d a n d
t h e o n l y m o r t g a g e i n d e b t e d n e s s o f t h is c o m p a n y .
A n n u a lly , b e g in n in g
J u l y 1 1 9 2 1 , t h e c o m p a n y is r e q u i r e d t o m a k e a s in k i n g f u n d o f 1 % o f t h e
b o n d s o u ts ta n d in g .
E x t e n s i o n s a n d a d d it i o n s m a y b e m a d o t o t h o p r o p 
e r t y in lie u o f a n y s i n k i n g f u n d p a y m e n t .
T h e p r e f . s t o c k is r e d e e m a b l e a t 1 0 5 a n d d i v .
U n d e r th e c h a r te r n o
m o r e p r e f e r r e d s t o c k c a n b e is s u e d .
E x tr a c ts o f L e tte r fr o m P re s. L a G . W o r t h in g t o n , C h ic ., F e b . 3 1917.
Capitalization—
Authorized.
Issued.
C o m m o n , p a r $ 1 0 0 .............................................. ......................... . - $ 0 0 0 , 0 0 0
$ 0 0 0 ,0 0 0
P r e f e r r e d , p a r $ 1 0 0 - ______ ___________ ______________________ 1 2 5 ,0 0 0
1 2 5 ,0 0 0
h i r s t M q r t g a g o S i n k i n g F u n d 0 s ------------------------------------$ 1 , 0 0 0 , 0 0 0
$ 3 0 0 ,0 0 0
Organization— Properties.— I n c o r p o r a t e d in D e i. a n d o w n s a n d o p e r a t e s
w i t h o u t c o m p e t i t i o n t h o e l e c t r i c l ig h t , p o w e r a n d s t e a m h e a t i n g u t ilit ie s
a t G le n d iv e , M o n t .
T h is p r o p e r t y h a s b e e n s u c c e s s fu lly o p e r a te d fo r a
n u m b e r o f y o a r s a n d h a s a n u p - t o - d a t e a n d e f f i c i e n t g e n e r a t i n g s t a t io n a n d
d is trib u tio n sy sce m s u ffic ie n t fo r p re se n t a n d fu tu r e d e m a n d s.
S id n e y ,
M o n t . , is s e r v e d w it h e l e c t r i c l ig h t a n d p o w o r , t h e p o w e r b e in g p u r c h a s e d
f r o m t h e J e n n is o n L i g h t & P o w e r C o . u n d e r f a v o r a b l o c o n t r a c t .
T h o com 
p a n y ’s g e n e r a t in g s t a t io n is u s e d o n l y a s a n a u x i l ia r y .
B e a c h , N . D . , is
s e r v e d w it h e l e c t r i c l ig h t a n d p o w o r f r o m t h o c o m p a n y ’s s t a t i o n , w h ic h
a l s o f u r n is h e s S e n t in e l B u t t e , N . D . , w it h e l e c t r i c l ig h t a n d p o w o r , b o i n g
c o n n e c t e d b y a n e i g h t - m i le h i g h - t e n s io n t r a n s m is s io n l in e .
Earnings for the Properties for the Year ending March 3 1 1 9 1 7 .
G r o s s i n c o m e ----------------------------- $ 9 5 ,4 7 8 1 D iv i d e n d o n p r e f e r r e d s t o c k . $ 8 ,7 5 0
N e t , a f t e r t a x e s , m a i n t . , & c .$ 2 0 ,6 5 7 | B a l a n c e ...... .................. .................... $ 1 1 ,9 0 7
T h o t o t a l p o p u l a t i o n s o r v e d is e s t im a t e d a t a b o u t 1 1 .0 0 0 .

Electrical Securities Corporation.— Bonds Called.—
F i v o ( $ 5 ,0 0 0 ) C o l l a t e r a l t r u s t s in k i n g f u n d 5 % b o n d s ( F o u r t h S e r ie s ,
d a t e d J a n . 1 1 9 0 6 , N o s . 8 7 , 9 4 , 3 7 3 , 6 1 5 a n d 91 0 ) h a v o b e e n c a lle d fo r
p a y m o n t a t 103 a n d in t . J u ly 1 a t G u a r a n ty T r . C o . , N . Y . — V . 1 0 4 ,p .4 5 6 .

Eureka Pipe Line Co.— New Officers— Director.—
W . J . A l e x a n d e r , S e c o n d V i c e - P r e s . , lia s b e e n a d v a n c e d t o F i r s t V i c e P r e s ., s u c c e e d in g t h o la to I I . L . S c r a ffo r d .
A . I ). M c V e y h as b o o n o le cte d
V ic e -P r o s , t o s u c c e e d M r . A le x a n d e r .
Joh n J . K en n ey su cceed s M r.
S c r a ffo r d as d ir e c t o r .— V . 1 0 4 , p . 4 5 6 .

Federal Dyestuff & Chemical Co.— New Officers, &c.—

[VOL. 104.

Earnings of Former General Petroleum Co., General Pipe Line Co. and the
Reorganized General Petroleum Corp. as Applied to Present Capitalization.
Calendar Year—
1915.
1916.
N e t o a r n i n g s .............................................. ....................................
B o n d i n t e r e s t a n d s i n k i n g f u n d s _____________________

$ 1 ,9 6 3 ,3 2 6
8 1 1 ,5 0 0

B a la n c e a p p l i c a b l e t o i n t e r e s t a n d p r i n c i p a l o n
$ 1 ,6 5 0 ,0 0 0 s e r ia l n o t e s ___________________________ $ 1 ,1 5 1 , 8 2 6

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

Purpose.— T h e s e n o t e s a r o t o p r o v i d o f u n d s t o p u r c h a s o t h o p h y s i c a l
p r o p e r t ie s o f L o s t H ills D e v e l o p m e n t C o . in K e r n C o u n t y .
T h ese p ro p 
e r t ie s s e r v e d b y G e n o r a l P i p o L i n e C o m p a n y ’s p i p e l in o , c o n s i s t o f 7 2 0
a c r e s , o n w h ic h t b e r o a r e 4 1 p r o d u c i n g w o ll s , t h o o u t p u t o f w h ic h w il l,
a f t e r l ib e r a l l y p r o v i d i n g a s i n k i n g f u n d f o r t h o r e t ir e m e n t o f t h o n o t e is s u e
a t m a t u r i t y , s u b s t a n t i a l l y in c r e a s o G e n e r a l P e t r o l e u m C o r p o r a t i o n ’s
a n n u a l n o t o a r n in g s .
Property.— 'T h o c o r p o r a t i o n o w n s in f c o 1 0 ,3 4 1 a c r e s in t h e s e v e r a l o i l
f ie l d s o f C a l i f .
I t h o l d s le a s e s o n 3 , 8 0 7 a d d i t i o n a l a c r e s o f p a t e n t e d l a n d
a n d h a s le a s e a n d l o c a t o r ’s r ig h t s t o 1 2 ,5 1 8 o t h e r a c r e s .
I t le a s e s a ls o in
M e x i c o 2 4 ,0 7 0 a c r e s in t h o o il f ie l d s a n d o w n s 3 1 7 a c r e s w a t e r f r o n t f o r
te r m in a l s ite a t T a m p ic o .
O n t h o C a li f o r n ia l a n d s t h e r o a r o 3 1 6 p r o d u c i n g
w o lls a n d 13 w o lls b e i n g d r i ll e d .
P r e s e n t p r o d u c t i o n , i n c lu d in g n o w p r o p 
e r t y , is a t t h o r a t e o f a b o u t 5 ,0 0 0 , 0 0 0 b a r r e ls a n n u a l ly .
T h e tota l a m o u n t
o f o i l h a n d le d a n n u a l ly , in c lu d in g t h a t p u r c h a s e d , e x c h a n g e d o r p r o d u c e d ,
a p p r o x i m a t e s 1 2 ,0 0 0 ,0 0 0 b a r r e ls .
T h o c o r p o r a t i o n o w n s t h o c a p i t a l s t o c k o f t h o P i p o L i n o C o . , w h ic h
o p o r a t e s a n 8 - in c h lin e f r o m t h o S a n J o a q u i n V a l l o y f ie l d s t o S a n P e d r o ,
1 8 9 m ile s .
A l s o a b r a n c h 8 - in c h lin o t o M o j a v o , t h e S a n t a F e a n d S o u t h e r n
P a c i f i c j u n c t i o n p o i n t , 5 1 m ile s .
S t o r a g o c a p a c i t y 3 , 1 5 0 , 0 0 0 b a r r e ls s t o e
t a n k s a n d a 5 0 0 ,0 0 0 b a r r o ls c o n c r e t e r e s e r v o ir .
Value.— T h e v a l u o o f t h e c o r p o r a t i o n ’s p r o p e r t y , i n c lu d in g t h o p i p o l in o ,
is in e x c e s s o f $ 2 5 ,0 0 0 ,0 0 0 .
T h o e q u i t y In t h e p r o p e r t ie s o v e r a ll b o n d e d
d e b t , a s i n d i c a t e d b y p r e s e n t m a r k e t v a l u o o f j u n i o r s e c u r it i e s Is o v e r
$ 1 3 ,5 0 0 ,0 0 0 .
[ T h o a b o v e is s u e w a s a u t h o r i z e d b y t h o s t o c k h o l d e r s o n J u n e 6 1 9 1 7 .)
— V . 104, p . 2 45 5, 2346.

General Motors Corp.— Red Cross Contribution.—
T h o d i r e c t o r s o f t h i s c o m p a n y h a v e a u t h o r i z e d a c o n t r i b u t i o n o f $ 2 5 0 ,0 0 0
fo r t h o A m e r ic a n R e d C r o s s w a r F u n d , t o b e s u b s c r ib e d b y its s o v e r a l
d i v i s i o n s a t F l i n t , D e t r o i t , P o n t i a c , L a n s in g a n d S a g in a w o n a b a s is o f
$ 1 0 fo r e a ch e m p lo y e e .
T h o re g u la r q u a r t e r ly d iv id e n d s o f 3 % o n t h o c o m m o n a n d 1 % % o n
t h o x jr c f. h a v o b e e n d e c la r e d p a y a b lo A u g . 1 .— V . 1 0 4 , p . 2 1 2 1 , 1 3 9 0 .

General Pipe Line Co.— Parent Co. Notes— Control.—
S oo G e n e ra l P e tr o le u m C o r p . a b o v e .— V . 1 0 3 , p . 1510.

Greene-Cananea Copper Co.— New Director.—
L.

D . R ic k e t t s su c c e e d s la t e O . A . C o n g d o n a s d ir e c t o r .— V . 1 0 4 , p . 2 4 5 5 .

Haskell & Barker Car Co., Inc.— Listing Proposed.—
A p p l i c a t i o n jia s b e e n m a d o t o t ir o N . Y . S t o c k E x c h a n g o f o r a u t h o r i t y
t o lis t t h o c o m p a n y ’s 2 5 0 ,0 0 0 s h a r e s o f s t o c k w i t h o u t n o m i n a l o r p a r v a l u e .
— V . 104, p . 1390.

Hillcrest Water Co. (N. J,).—Mtge. Approved

.—
T h o fo llo w in g o ffic e r s a n d d ir e cto r s w e re e le c te d o n M a y 2 2 :
O ff ic e r s —
P r e s ., T . V . S a lt, K in g s p o r t , T o n n .; V .- P r e s ., J o h n W . H e r b e r t, 31 N a s 
T h e N e w J e r s e y P . U . C o m m i s s io n h a s a p p r o v e d t h is c o m p a n y ’ s f o r
m o r t g a g e f o r $ 1 5 0 ,0 0 0 .
s a u S t ., N . Y . ; T r o a s ., C . W . H o llo w a y , 4 0 W a ll S t ., N . Y . ; S e c . & A s s t.
T h e c o m p a n y s e r v in g M o u n t a i n L a k e s , N . J . , u n d e r a p e r p e t u a l f r a n c h is e ,
T r o a s . , D o F . L i l ii o , 2 R e c t o r S t . , N . Y . ; N . G . O w e n s , A s s t . T r o a s .
w a s i n c o r p o r a t e d M a y 18 1 91 1 in N . J .
C a p i t a l s t o c k , a u t h o r i z e d $ 1 0 0 ,0 0 0 :
D i r e c t o r s — I i . G . B a r c l a y , C . V . B a r t o n , G . A . C o u l t o n , R . L . F u ll e r ,
T h e r e a ro a ls o a u th o r iz e d a n d o u t s t a n d 
F.
A . G u d g o r , J o h n W . H o r b e r t , O . W . H o l l o w a y , J . D . M a g u i r o , M . G . o u t s t a n d i n g , $ 5 0 ,0 0 0 , p a r $ 1 0 0 .
i n g $ 5 0 ,0 0 0 F i r s t M t g e . 6 % b o n d s o f 1 9 1 1 , d u e S e p t . 1 1 9 3 1 .
A m e r ic a n
O w e n s , T . V . S a lt, A . T . S ta n lo y , E . G . T illo t s o n , G e o . C . V a n T u y l J r .,
T r u s t C o ., M o r ris to w n . N . J ., tru stee.
H . M . B u r n s , N . Y . , is P r e s i d e n t .
a n d A . S . W h it e .— V . 104, p . 5 6 3 . 3 6 6 .
•

Federal Sugar Refining Co.— Mr. Mackay Sells Out to

President Spreckels.— •

I t w a s a n n o u n c e d o n W e d n e s d a y t h a t C l a r o n c o H . M a c k a y h a d s e t t le d
h is d i ff e r e n c e s w i t h t h o m a n a g e m e n t o f t h o c o m p a n y b y s e l li n g h is e n t ir e
s t o c k h o ld in g s , a p p r o x im a t e ly 2 5 ,0 0 0 sh a res, t o C la u s A . S p r o c k le s , P r e s i
d e n t o f th e c o n c e r n , fo r $ 2 ,2 5 0 ,0 0 0 .
M r . M a c k a y , i t is s a id , o f f e r e d e it h e r
t o s e ll h is h o l d i n g s o r t o b u y o u t t h o s t o c k o w n e d b y M r . S p r o c k e t s a n d h is
a s s o c ia t e s , b u t M r . S p r e c k e i s o l e c t e d t o b u y t h o s t o c k o f M r . M a c k a y a n d
h is p a r t y , a n d t h o n e x t d a y t h e a n n u a l m e e t in g w a s p o s t p o n e d u n t i l J u n o 2 6 .

M r. Mackay’s Letter to Stockholders IVhose Proxies He Held.
I h a v o s o l d m y p r e f e r r e d a n d c o m m o n s t o c k in t h o F e d e r a l S u g a r R e f i n i n g
C o . a t $ 9 0 p e r s h a r e , le s s e x p e n s e s .
P a y m e n t s a r o , o n e - s ix t h c a s h , t h o
b a l a n c e in s i x , n in o a n d t w e l v e - m o n t h i n s t a ll m e n t s , w it h 5 % in t e r e s t .
C e r t i f i c a t e s r e p r e s e n t in g t h e d e p o s i t s o f s t o c k w il l b o is s u e d b y t h o E q u i t a b l e
T ru st C o.
I h a v o a r r a n g e d w it h C h a r le s D . B a r n e y & C o . , 15 B r o a d S t . , N . Y . , s o
t h a t i f y o u c a r o t o s e ll y o u r h o l d i n g s a t t h o s a m o p r i c e a n d o n t h o s a m e t e r m s
y o u c a n d o s o , o n c o n d i t i o n t h a t y o u d e l i v e r t h e s a m o t o th o rn o n o r b e f o r e
Ju n o 25 1917.
T h i s o f f e r , i f a c c e p t e d , is t o i n c lu d e y o u r p r e f e r r e d a s w e ll
a s c o m m o n h o l d i n g s o f r e c o r d o n J u n o 11 1 9 1 7 .— V . 1 0 4 , p . 2 3 4 6 , 2 2 3 7 .

G a s t o n , W illia m s & W ig m o r e , I n c . —

Extra Dividend.—

A n e x tra R e d C ro ss d iv id e n d o f 25 c e n t s p e r sh a ro h a s b e e n d e c la r e d o n
t h o s t o c k , p a y a b lo J u ly 16 t o h o ld e r s o f r e c o r d J u n o 3 0 .
S t o c k h o l d e r s a r o r e q u e s t e d t o c o n t r i b u t e t h e i r s h a r o o f t h is e x t r a d i v i d e n d
t o th o A m e r ic a n R e d C r o s s W a r F u n d .

New Subsidiary Company Incorporated in Delaware.—
S e o G a s t o n , W i ll ia m s & W i g m o r o o f M e x i c o b e l o w . — V . 1 0 4 , p . 2 3 3 9 ,
201 5, 1902.
S e o a l s o G a s t o n , W i ll ia m s & W i g m o r o S S . C o r p . b e l o w .

G a s t o n , W illia m s & W ig m o r e o f M e x ic o .—

Incorporated.

T h i s c o m p a n y h a s b e e n i n c o r p o r a t e d in D e la w a r o w it h $ 2 5 ,0 0 0 a u t h o r 
i z e d c a p i t a l s t o c k , w it l i t h o r ig h t t o c a r r y o n t h o g o n o r a l b u s in e s s o f t r a d e r s ,
Im p o r te r s a n d g e n e ra l m e r ch a n d is e .

G a s t o n , W illia m s & W ig m o r e SS. C o r p .— Sale of Bonds.
— T h o F irst N a tio n a l B a n k , tho T illo ts o n & W o lc o t t C o .
an d O tis & C o ., all o f C levela n d , O h io, aro offerin g a t par
an d in t., fo r m atu rities averaging a b o u t 2% yoars, see a d 
vertisem ent on an oth er pa ge, $ 2 ,5 0 0 ,0 0 0 6 % F irst M tg e . &
C ollateral T ru st g o ld b on d s , u n con d ition a lly gua ra nteed,
prin . an d in t., b y en dorsem en t on each b o n d b y G a ston ,
W illia m s & W ig m o re , I n c ., N . Y . T h e b on d s aro da ted
A p ril 1 1917 an d m atu re $5 00 ,0 00 A p r . 1 1918-1922, in cl.
D e n o m . $ l,0 0 0 c . I n t. A . & O .
A fu ll description o f this issue, as given in a lottor from
W . H. W illia m s, V ice -P res. o f G a ston , W illia m s & W ig m ore,
I n c ., w ill b o fo u n d in ou r issue o f M a y 19. C om p a re V . 104,
p . 2014.

General Petroleum Corp. of Calif.— New Secured Gold

Notes Offered.— B ly t h ,

W itte r & C o ., San F ra n cisco an d L os
A n geles, are o fferin g a t prices yield in g from 5 % to 6 % ,
$ 1 ,6 5 0 ,0 0 0 6 % socured g o ld n otes (new closed m tge. issue)
d a ted Juno 1 1917, m a tu ring serially $3 30 ,0 00 June 1 1918
1922, in cl. A circu lar show s:
I n t . J . & D . a t U n io n T r u s t C o . , S a n F r a n c i s c o , t r u s t o o .
D e n o m in a tio n
$ l,0 0 0 c .
M a t u r i t i e s in 1 9 1 8 t o 1 9 2 0 n o n - c a l l a b l o , 1 9 2 1 a n d 1 9 2 2 c a l la b lo
a t 1 0 2 ii.
F e d e ra l in c o m o ta x d e d u c t e d .
E x o m p t fro m p erson a l p ro p e r ty
t a x In C a li f o r n ia .
Security.— A d i r o c t o b l i g a t i o n o f t h o c o r p o r a t i o n a n d s e c u r e d b y 7 2 0
a c r e s o f o i l p r o d u c i n g p r o p e r t y in K e r n C o u n t y , w h ic h p r o p o r t y , s u b j e c t
t o th is d e b t , w a s r e c e n t ly a c q u ir e d .
Capitalization—
Authorized. Outstanding.
F i r s t M o r t g a g e 6 % b o n d s ---------------------------------------- C l o s e d M t g e .
$ 9 0 0 ,0 0 0
G e n e r a l P i p o L i n e 6 s --------------------------------------------------- C l o s e d M t g e .
* 4 ,5 0 0 ,0 0 0
6 % s e c u r e d s e r ia l n o t e s ---------------------------------------------C l o s e d M t g e .
1 , 6 5 0 ,0 0 0
$ 3 ,2 1 2 , 2 0 0
3 ,2 1 2 ,0 0 0
P r e f e r r e d 7 % s t o c k ............- .......................... - .....................
C o m m o n s t o c k -------------------------------------------------------------1 3 ,4 9 0 ,2 0 0
1 3 ,4 9 0 ,2 0 0
* O n ly $ 3 , 3 6 6 , 0 0 0 o f t h e s e P i p o L i n e 6 s a r e In t h e h a n d s o f t h e p u b l i c .




Hill Manufacturing Co. (Maine).— Extra Dividend.—

A n e x t r a d i v i d e n d o f 1 % h a s b o o n d e c l a r o d o n t h o s t o c k in a d d it i o n t o t h o
r e g u la r q u a r te r ly 3 % , b o t h p a y a b lo J u ly 2 t o h o ld e r s o f r e c o r d J u n o 19.
— V . 88, p . 379.

Illinois Car & Equipment Co.— Stock Reduction.—

T h e p la n f o r r e d u c i n g t h o c a p i t a li z a t i o n h a v i n g b o o n d u l y a d o p t e d ,
s to c k h o ld e r s w h o h a d te n d e re d t h e ir s h a re s u n d e r c ir c u la r o f J a n . 2 2 w e ro
a s k e d t o s e n d in t h e i r c e r t i f i c a t e s .
T h e c i r c u l a r s a i d i n s u b s t a n c e : O w in g
t o t h o a r r a n g e m e n t f o r le a s in g t h e A n n i s t o n p r o p o r t y a n d t h o c o n s i d e r a b l e
d o b i t in t h o i n c o m o a c c o u n t , d u e t o t h o r e v a l u a t i o n o f t h o A n n i s t o n p r o p 
e r t y a t t h e f ig u r o a t w h ic h t h e S o u t h e r n M u n i t i o n s C o r p o r a t i o n h o l d a n
o p t i o n o f p u r c h a s o ( $ 2 0 0 ,0 0 0 ) , t h o d i r e c t o r s p r o p o s e t o r e d u c e t h o n o m i n a l
c a p i t a l t o $ 3 0 0 ,0 0 0 , r e p r e s e n t e d b y 6 0 ,0 0 0 s h a r e s o f $ 5 e a c h , b y (1 ) r e d u c 
in g t h e p a r v a l u o o f t li o o u t s t a n d i n g s h a r e s f r o m $ 7 5 0 t o $ 5 p e r s h a r o :
(2 ) c a n c e l in g t h o 1 8 , 5 2 0 % u n is s u e d s h a r e s ; ( 3 ) p u r c h a s in g f o r c a n c e l la 
t i o n 1 ,4 7 9 9 - 2 5 t h s s h a r e s , f o r w h ic h t e n d e r s a r o l n v i t o d t i l l F o b . 3 , a t a
p r ice n o t e x c e e d in g $ 3 p e r sh a ro .
T h i s r e d u c t io n o f c a p i t a l , w o a n t i c i p a t e ,
s h o u l d p u t t h o c o m p a n y in a p o s i t i o n t o p a y d i v i d e n d s a t a n e a r l y d a t o .
L o n d o n o f f i c o , 6 5 L o n d o n W a l l, E . O .
C h ic a g o o f f ic o , T h o R o o lt o r y .—
V . 96, p . 556.

Inspiration Consolidated Copper Co.— Special Div.—
A s p e c i a l d i v i d e n d o f 2 5 c e n t s p e r s h a r o lia s b e e n d e c l a r e d
p a y a b le J u ly 3 0 t o h o ld e r s o f r e c o rd J u ly 1 3 .
A n o ffic ia l o f
Is q u o t e d a s s a y i n g : “ T h e d i r e c t o r s h o p o t h o s h a r e h o l d e r s
f u n d s r e c e i v e d f r o m t h i s d i v i d e n d o v e r t o t h o A n io r i c a n

on th o s to ck ,
th o c o m p a n y
w ill t u r n t h e
R e d C r o s s .”

Output (in lbs. ) .—

T h o p r o d u c t i o n o f c o p p e r f o r D o c . 1 9 1 6 w a s 1 0 ,4 0 0 ,0 0 0 l b s . a n d f o r t h o 12
m o n t h s e n d i n g D e c . 3 1 1 9 1 6 , 1 2 0 ,8 0 3 ,8 8 5 l b s .
F r o m J u ly 2 5 1915 (w h e n
o p e r a tio n s b e g a n ) t o D e c . 31 1 9 1 5 , th o c o m p a n y p r o d u c e d 2 0 ,4 5 5 ,6 7 0 lb s .
— V . 104, p . 1897, 1707.

International Mercantile Marine Co.— Dividend.—
A s e m i- a n n u a l d i v i d e n d ( N o . 2 ) o f 3 % h a s b o o n d e c l a r e d o n t h o 5 1 , 
7 2 6 ,3 0 0 6 % p r e f . s t o c k , p a y a b l o A u g . 1 t o h o l d e r s o f r e c o r d J u l y 1 6 .
Tho
in it i a l d i v i d e n d o f 3 % w a s p a i d in F o b . la s t .
S eo V . 104 , p . 2 3 4 7 , 2 33 9.

International Paper Co.— Permanent Certificates.—

H o ld e r s o f t h i s c o m p a n y ’s F i r s t & R e f u n d i n g 5 % S in k in g F u n d M t g o .
b o n d s , S e r ie s “ A , ” m a y n o w e x c h a n g e t h e i r p r e s e n t c e r t i f i c a t e s a t t h o
B a n k e r s T r u s t C o . , N . Y . , fo r p e r m a n e n t o n g r a v e d b o n d s .— V . 1 0 4 , p .
2121, 1902.

International Salt Co., N. Y .— Red Cross Dividend.—
" I n a id o f th o n a tio n -w id e c a m p a ig n fo r t h o b o n o fit o f th o R e d G ro s s ,
t h o d i r e c t o r s h a v e d e c l a r e d a s p e c ia l d i v i d e n d o f % o f 1 % , t o b o d e s ig n a t e d
a s t h o R e d C r o s s d i v i d e n d , p a y a b le i m m e d i a t e l y , a n d h a v o r o c o m m o n d o d
t o th o s to c k h o ld e r s t h a t t h o d iv id o n d c h e c k s b o o n d o r s o d t o th o R o d C ro ss
F u n d ." — V . 104, P- 159 5, 8 6 7 .
;
. . . ____
,
.
■
:)

Island Creek Coal Co.— Dividends.— j

:

•

!

A d iv id e n d o f $ 2 50 a sh a ro o n th o c o m m o n s t o c k a n d t h o u sual q u a rte r ly
p r e f e r r e d d i v i d o n d o f $1 5 0 h a s b e e n d e c l a r e d , o u t o f t h e a c c u m u l a t e d
s u r p lu s o f t h o c o m p a n y p r i o r t o M a r c h 1 1 9 1 3 , p a y a b l o J u l y 2 t o h o l d e r s
o f record Ju n e 23 .
, ,
. , . . .
T h o d i r e c t o r s o f t h is c o m p a n y , i t is s t a t e d , h a v o v o t e d t h a t a p p l i c a t i o n
b o m a d o t o lis t t h e s h a r e s o n t h e N . Y . S t o c k E x c lx .— V . 1 0 4 , p . 1 5 9 5 , 1 3 9 0 .

Kathodion Bronze Works.— Sale.—
S e e M a x i m M u n i t i o n s C o r p . b e l o w . — -V . 1 0 3 , p . 1 0 3 5 .

Kelsey Wheel Co., Inc.— Application to List.—
T h i s c o m p a n y h a s a p p li e d t o t h o N . Y . S t o c k E x c h a n g o f o r a u t h o r i t y t o
l is t $ 3 , 0 0 0 , 0 0 0 7 % c u m u l a t i v e p r o f , a n d $ 1 0 ,0 0 0 ,0 0 0 c o m m o n s t o c k .
— V . 104, p . 1261, 1049.

Kerr Lake Mining Co.—Special Dividend.—•
T h o d i r e c t o r s o f t h is c o m p a n y h a v o d e c l a r e d a s p e c ia l d i v i d o n d
p e r s h a r e o n t h o s t o c k , p a y a b lo A u g . 1 0 t o lio i d o r s o f r e c o r d J u l y
h o ld e rs a ro a s k e d " t o c o n t r ib u te o n e -h a lf t o t h o A m o r ic a n R e d
th o o th e r h a lf to th o A r m y a n d N a v y B ra n ch o f th o Y . M .
V . 9 9 , p . 1455.

o f 15 cen ts
5.
S tock 
C ross and
O . A .” —

Kings County Elec. Lt. & Pow. Co.— Sub. Co. Directors.

" C h a r le s A . B o o d y a n d H e r b e r t L . B r i d g m a n h a v o b o o n o l o c t e d d i r e c t o r s
o f t h e E d i s o n E l e c t r i c I ll u m i n a t i n g C o . o f B r o o k l y n t o s u c c e e d W i ll ia m
B o r r i a n d W illia m F . S h e e h a n , b o t h d e c e a s e d .— V . 1 0 4 , p . 1 9 0 2 , 1 7 0 7 .

June 23 1917.]

THE CHRONICLE

Lehigh Valley Coal Sales Co.—Dividend Increased.— A
quarterly dividend of 4 % has been declared on the stock,
payablo July 9 to holders of record June 27. This compares
with 2 > ^ % quarterly since April 1914.— V . 104, p. 2238.
Magma Copper Co.—Extra Dividend.—

An extra dividend of 10 cents per shftre hk's been declared on tho stock,
payablo July 25 to holders of record July 14, in aid of the Red Cross Fund.
—V. 104, p. 1595.

Mark Manufacturing Co., Chicago.—Stock, &c.—

No particulars are obtainable regarding tho increaso in the authorized
capital stock from $10,000,000 to $25,000,000. The company has mills
In Chicago, III., Zanesville, Ohio, and manufactures full-weight wrought
pipe, black and galvanized, sizes >^-inch to 20 inches, including line pipo,
alive pipe, tubing, casing and boiler tubes, “ Navalito” and “ Zinkote
conduit; also drive well points, pump cylinders, artesian well cylinders,
tubular well cylinders, tubular well valves, pump leathers, pipe cutters and
vises, bung bushings, cold-drawn steel unions. See offering of bonds and
description of properties in V. 102, p. 2080, 2171.—V. 104, p. 2238.

Maryland Coal Co. of W. Va.—Extra Dividend.—

An oxtra dividend of 3% has been declared on the stock, payable Sept. 1
to holders of record Aug. 21.—V. 101, p. 927.

Maxim Munitions Corporation.—Acquisition.—

This company, it is announced, has purchased the cartridge plants of
tho Kathodlon ‘Bronze Works, which havo a capacity of 30,000,000 car
tridges per annum.—V. 104. p. 956.

Mercantile Stores Corporation, N. Y.— Sale of Stock of
II. B. Claflin Corporation for $6,300,000 —Payment on Note
Issues.— Touching the sale for $6,300,000 of the company’s
holding of the entire $6,000,000 capital stock of the II. B .
Claflin Corporation (mentioned under that caption above)
and the proposed application of tho proceeds to payments on
principal of the 24 collateral note issues of 1914, President
Alexander Now says:

The directors of Mercantile Stores Corporation, with tho approval of
tho trustees under the Claflin reorganization plan, have authorized tho sale
of the ontiro capital stock of tho H. B. Claflin Corporation, having a par
value of $6,000,000, to a group of New York wholesale merchants. The
stock was sold for $6,300,000, of which $2,000,000 was paid in cash, and
tho unpaid portion is payable during tho fall of 1917. Tho purchasers
acted through a committee consisting of John P. Stevens, Bertram 11.
Borden and J. Harper Poor.
,
,
, ,
Under tho reorganization plan, ono-sixtli of tho capital stock of tho II. B.
Claflin Corporation was pledged as collateral to series No. 1 of tho notes of
Mercantile Stores Corporation, so that one-sixth of the proceeds of tho
salo as mado available will bo applicable to series No. 1 notes, and the re
mainder to all of tho outstanding notes of the Mercantile Stores Corp.
Sinco tho reorganization plan became effective, Mercantile Stores Corpor
ation has owned tho stock of tho H. B. Claflin Corporation, but tho opera
tion of its business has been in charge of a separate board, and lias been
conducted independently of any connection with tho retail properties.
This sale, therefore, is the final stop, which entirely divorces the whole
sale establishment from any ownership in common with the retail proper
ties. It is gratifying to know that the salo has been mado to men of stand
ing and experience, some of whom havo participated in the management
of this wholesale business during tho ontiro period since the reorganization.
It doubtless will ensure tho continuance of this important mercantile estab
lishment by parties able to successfully conduct its business.
This salo is another event in the history of tho Claflin reorganization
which emphasizes tho foresight of the reorganization committees and their
several counsel in inaugurating a constructive policy to bo diligently worked
out, instead of pursuing a plan of swift liquidation.
Tho sale of tho wholesale house will have no bearing on tho retail prop
erties. Tho business of the latter is being actively pursued and nearly all
tho stores aro making substantial progress.
[The “Journal of Commerce & Commercial Bulletin” says' “ It was
learned in other quarters that the purchase includes tho real estate and
the Defender Mfg. Co., which were liquidated and purchased by the
Claflin Corporation in tho course of business in tho past two years Tho
real estate does not include tho various warehouses, but only tho store at
Worth, Church and Thomas streets and West Broadway, and some stables ”
See list of tho several note issues on page 172 of “ Railway & Industrial"
Section of Feb. 2 4 .]—V. 104, p. 76.

255 7

As the constituent units of the now company include manufacturers of raw
materials, of intermediates, and of coal-tar dyes, the company in one organi
zation covers the industry from raw material to finished product.
When the capitalization of tho company is completed there will be out
standing about 200,000 shares of 7% pref. stock of $100 par value, and
350,000 shares of common stock, without par value. The company has no
bonds outstanding, nor any other indebtedness, except current liabilities.
No public offering of the stocks is contemplated, the total issue having
beon taken by the constituent companies in exchange for their properties.
Tho capacity of the company is over 30,000,000 lbs. per annum and is
rapidly expanding to meet the requirements of the domestic and foreign
trade. The plants are located in the following cities; Buffalo, Brooklyn,
Wappinger Falls and Newburg, N. Y.; Easton, Marcus Hook and Frank
fort, Penn. Branches are situated at Boston, Mass.; Providence, R. I.;
Hartford, Conn.; Philadelphia, Pa.; Charlotte. N. C.; Cincinnati, Ohio;
Kansas City, Mo.; Chicago, 111.; Milwaukee, Wis.; Minneapolis, Minn.;
Toronto, Can. The strength of the company is evidenced by the names
on its board of directors, and the dyestuff manufacturing companies ab
sorbed by the new company, namely, tho Schoellkopf and Beckers com
panies which were successful producers before the European war.
Tho officers are: Wm. H. Nichols, Chairman of the Board; J. F. Schoell
kopf, Pres.; W. Beckers. 1st Vice-Pres.; I. F. Stone, 2d V.-Pres. & Treas.;
C. P. Hugo Schoellkopf, 3d V.-Pres.; Wm. T. Miller, Sec.
The directors are: J. F. Schoellkopf, J. F. Schoellkopf Jr. and C. P. Hugo
Schoellkopf, all of the Schoellkopf Aniline & Chemical Works. Inc.; W.
Beckers, Eugene Meyer Jr. and Chas. J. Thurnauer, all of the W. Beckers
Aniline & Chemical Works. Inc.; I. F. Stone, of tho National Aniline &
Chemical Co.; Wm. II. NichoLs, of tho General Chemical Co.; Henry
Wigglesworth and J. M. Goetchius, of the General Chemical Co. and Benzol
Products Co.; T. M. Rianhard and W. N. Mcllravy, of the Barrett Co. and
Benzol Products Co.; and H. II. S. Handy and E. L. Pierce, of the SemetSolvay Co. and Benzol Products Co.
Offices of the company will boat 244 Madison Ave. (cor. 38th St.), N. Y..
after July 1 1917. Compare V. 104, p. 1494.

National Lead Co.—Extra Dividend.—

An extra dividend of 1% has been declared on the common stock for the
Red Cross distribution, payable July 27 to holders of record July 6.—
> c- r
12(8.

National Tool Co., Cleveland.—Dividend Increased.—

A quarterly dividend of 3% has been declared on the common stock
par $50) in addition to the regular quarterly 1% % on the pref. stock (par
$50), both payable July 1 to holders of record June 20. This compares
with an initial div. of 2H% on the common in April last.—V. 104, p. 1268.

Nevada-California Electric Corp.— Developments.—
The "Engineering News-Record” of May 10 gives an interesting article
in connection with the Nevada-California Power Co. This system of 1,190
miles, has recently developed the Gem and Agnew Lakes of the Sierra
Nevada Range in California, to be used as reservoirs to supply its latest
addition—the Rush Creek station of the Pacific Power Corp. Compare
map in ‘ 'Railway and Industrial Section.” Also see “ Annual Reports,”
In V. 104, p. 2449.

Nevada-California Power Co.— Developments.—

See Nevada-Cal. Elec. Corp. above.—V. 102, p. 2172.

New England Cotton Yarn Co.— Mill Sold.—

This company has sold its Dept. 13 mill in Taunton. Mass., to interests
controlling tho Butler Mills in New Bedford, leaving the vendor company
but eight of the fouiteen mills formerly owned. Other mills sold aie the
Bennett, Howland, Rotch and New Bedford Spinning Mills in New Bed
ford, and Nomasket and Cohannet No. 3. in Taunton, have been sold.
Those retained are the Globe Yarn and Sanford Spinning, two each, in
Fall River, and Cohannet No.’s 1 and 2, Canoe River and Waste Depart
ment mills In Taunton.—V. 104, p. 2010, 1391.
& Security Co.— Exchange of
holders of this company’s $4,000,000 pref.
stock are asked to deposit their stock with Merchants’ N a t.
Bank, Boston, on or before June 30 1917, for exchange into
an equal number of shares of .Worcester Consol. St. R y .
1st pref. stock. This stock will pay $5 per share in place
of the 4 % which the pref. shareholders have been receiving.
In case of liquidation it will be entitled to $105 per share, as is
the case with the stock which they now own.

New England Investment

Pref. Stock.— The

the last
has shown earnings
Merchants & Miners Transportation Co.—Ships S
old.— Forthan twicetwo years WorcestertoConsolidated on these pref. shares. of
the
needed pay tho div.
This company, it is reported, has sold, for Pacific trade, three of its moro return for this amountrate of interest, the shareholder gives up the
In
higher
steamers, namely the Berkshire (2,014 tons), the Lexington (2,092 tons) guarantee of tho N. Y. N. II. & II. RR. The shareholders of the N. E.
and tho Indian (2.U0 tons).—V. 103, p. 497.
Inv. & Security Co. are dependent upon common stock dividends declared
by tho street railway cos. in Worcester and Springfield.
Miami Copper Co.—Special Dividend.—
of the
Consolidated will
A spocial dividend of 25 cents per share has been declared on tho stock as The prof, stock July 2 Worcester thereafter as may be issued in exchange
aforesaid as of
or as soon
bo practicable.
payable Aug. 10 to holders of record July 5. Stockholders aro asked “ to total issuo. it is stated, will consist of 45,000 shares of a par value of The
contribute one-half the dividend to tho American Red Cross and tho other each, or $3,600,000, but entitled upon dissolution or in liquidation of $80
the
half to tho Army and Navy Branch of the Y . M. O. A —v .104 ,p .2238,2231. corporation to $105 per share before any payment is mado in liquidation
upon tho common stock or any other class of stock of the corporation. It is
Middlesex Water Co., Elizabeth, N. J.—Bonds.—
Wo aro informed that tho $200,000 5% bonds, due July 1 1917 will be also entitled to preferential cumulative dividends at the rate of $5 per share
either paid off In cash or exchanged for 1st Consol. Mtgo. bonds of the per annum.—V. 104, p. 1899.
company at tho option of tho holder. Tho Consolidated Mtgo. is limited to
Nova Scotia Steel & Coal Co., Ltd.— Change in Officers
$1,000,000, and is duo Fob. 1 1950; interest F. & A. at tho Union County
Co., Eliz., N. J.. trustee. At last accounts there was $214,000 outstdg.
—New Stock Offered—Cash Dividends Resum on Com on
ed
m

Middle States Water Works Co .—Sub. Co. Bond Call — Stock— 2 0 % Stock Dividend Proposed.— Frank

H . Crockard,

Tho outstanding 30-year gold mtgo. 5% bonds of tho Kokomo Water recently active in the management of the Tennessee Coal,
Works Co., dated Aug. 1 1902, have been called for payment Aug 1 at
orks
par and int. at Farmers’ Loan & Trust Co., N. Y. Only a few bonds are Iron & R R . C o. (a subsidiary of the U . S. Steel Corporation),
■
r
outstanding.. -V. 104, p. 261, 169.
has been elected President of the N ova Scotia Steel & Coal
C o ., L td ., to succeed C ol. Thomas Cantley, who becomes
Chairman of the board of directors.
Dividends on the $7,500,000 common stock, on which no
dividends have been paid since 1914, have been resumed with
a declaration of 2 ) ^ % for the first half of the current year,
Missouri Public Utilities Co.—Sub. Co. Bond Call.—
C All tho outstanding (8155,000) Redemption and Improvement 6% Is payablo July 14 to shareholders of record June 30. The
Mtgo. gold bonds of tho \Vebb City & Cartorvillo Water Works Co., date usual quarterly dividend of 2 % on the $1,000,000 preferred
Jan. 1 1911 (autli. issue $180,000). have been called for payment July
stock was also declared payable July 14.
at 102 and int. at Mercantile Trust Co.. St. Louis.—V. 100, p. 1352.
In order to provide ample working capital, all sharehold
Montreal Water & Power Co.—New Vice-Pres.— Director. ers of record as of June 30 will be allowed to subscribe at
Fred. Evans has been elected Vice-Pros, to succeed T. J. Drummond,
deceased. F. II. Pitcher succeeds Mr. Drummond as director.—V. 103, p. 143. par pro rata for $5,000,000 new common stock, subscriptions
July 20, $25
Muskogee (Okla.) Gas & Electric Co.—Control—Stock.— payable $25 per share $25 per share pervshare Sept. 15, $25
por share Oct. 15 and
N o . 15.
Soo Oklahoma Gas & Electric Co. below.—V. 98, p. 1320.
The issue has been
National Aniline & Chemical Co., Inc., New York.— Hayden, Stone & C o.underwritten by a syndicate headed by
of N ew York and Boston.
Amalgamation Accomplished.— Tlio amalgamation of the
W hen payments on the new issue are completed in N o v .
coal-tar color, intermediate and raw material manufacturing
next, a stock bonus of 2 0 % , or $2,500,000, will be distributed
concerns, comprising Schoellkopf Aniline & Chemical W orks,
to common shareholders on the books on N o v . 20, in part
Inc.; W . Beckers Aniline & Chemical Works, Inc.; National
as a reimbursement to shareholders of earnings put back
Aniline & Chemical C o.; Benzol Products C o ., and certain
into various construction accounts during the past two years
plants and properties of General Chemical C o ., The Barrott
or more. Tho effect of this will be to raise the issued com
C o ., Semet-Solvay C o ., which pertain to this lino, has now
mon stock to the full authorized $15,000,000.
been accomplished, and tho new company, known as tho
National Aniline & Chemical C o ., Inc., will now continue F u r t h e r D a t a fr o m O f f i c i a l S t a t e m e n t I s s u e d in M o n t r e a l o n J u n e 19
Mr. Crockard will immediately assume the duties of President of the
the busiess under one organization. Authorized data follow: company and in addition to conducting operations will devote his time to

Midvale Steel & Ordnance Co.—Bonds Canceled.—

This company has canceled through tho sinking fund $545,000 20-yea
5% convertible sinking fund gold bonds, duo March 1 1936, leaving til
amount listed on tho Phila. Stock Exch. (Juno 15 1917), $45,282,000.Y. 104, p. 2U15i loUo.

Tho object of the now company Is to insure the national independence
of tho U. S. in the coal-tar products industry and tho aim of tho managemont is to manufacture coal-tar dyes and intermediates which can compete
successfully, both in quality and variety, with those heretoforolimported.




developing of plans for the enlargement of its steel and coal producing
capacity. Until accepting this position, he had been Vice-President of
tho Tennessee Coal, Iron & RR. Co. in active charge of construction and
operation, with headquarters at Birmingham, Alabama.

2558

THE CHRONICLE

Tho Nova Scotia Steel A Coal Co., Ltd., is not only _ono of the oldest
iron and steel concerns in Canada, but to tho student of iron ore resources
is known as possessing possibly tho largest singlo high-grade iron ore deposit
under one ownership so far known and discovered anywhero in tho world.
The engagement of Mr. Crockard is a step toward expanding the opera
tions of this company to a scale more commensurate with its practically
limitless supply of raw material.
During the years 1915 and 1916 practically the ontiro plant of the com
pany was given up to munition work and earnings were put back into the
property to increase the output whenever possible, and to undertake work
for the (Um
pire in the forging and machining of shells which had not here
tofore been done. This necessitated largo investment in additional plant
and new machinery. By reason of theso financial requirements, tho share
holders did not receive any dividend, although earnings for tho last two
years wero most satisfactory.
The company continues to keep a very largo amount of monoy tied up
in tho shape of inventories, particularly largo on account of its relation
to the Eastern Car Co., its railway car manufacturing subsidiary, which
practically had to bo supplied with raw material by tho Steel Company.
[The directors present were: Col. Cantley, presiding; Goorgo S. Camp
bell, T. Sherman Rogers, K.C., Halifax; W. H. Chase, Wolfvillo; Frank
W. Ross, Quebec; W. I). Ross, Toronto; N. B. McICelvio, New York;
James C. MacGregor and R. E. Chambers, M.E., New Glasgow.]
Compare baianco sheet under "Annual Reports” abovo and income
account, etc., in V. 104, p. 1040, 261.

[Vol. 104

1,200 shares, par $100, of 7 % cumulative pref. stock, carry
ing 2 5 % in common stock of $100 par valuo.

Total preferred stock now authorized and outstanding, $1,000,000;
common, $1,500,000. There are also outstanding $630,000 6% serial
bonds duo 1918-1932, part of an issue of $750,000, $120,000 of which have
been retired and canceled.
A complete description of this issuo of preferred stock and the company
and Itsactivities may bo found in our issue of Jan. 27 last. Seo V. 104, p.367.

Prairie Oil & Gas Co.—Balance Sheet Dec. 31.-

1916.
1915.
1916.
1915.
Liabilities —
S
$
Real estate____ 3,175,393 1,390,725 Capital stock paid
Personal property.22,934,428 15,305,739 up. ................18,000,000 18,000,000
Merchandise.......37,345,391 28,490,473 Bonded debt....... 4.000,000 4,000,000
..............
Cash on hand___ 5,942,892 2,355,395 Bills payablo....... 3,000,000
Bills receivable__ 6,701,673
------- Accounts payable.12,262,570 15,999,405
Acc’tsreceivable.- 8,359,926 25,049,452 Surplus_______ 47,197,133 34,592,379
Total..........-.84,459,703 72,591,784 Total............. 84,459,703 72,591,784
The apparent not incomo available for dividends for 1916, judging solely
from tho change in tho total profit and loss surplus (which, however,is
subject at the option of every company to many variations, having no rela
tion to tho incomo of tho year), amounts to $15,844,554, or, after deducting
dividends (18%) aggregating $3,240,000, a total of $12,604,554.
Ohio Leather Co., Youngstown.—Extra Dividend.—
after an
An extra Red Cross dividend of 1% has been declared on tho stock in of Tho companyJan. 1916,intermission o f two years resumed tho payment
dividends in
paying
and
addition to tho regular quarterly dividends of 1% % on the pref. and 1 l % including July 1917. In addition3% quarterly (12% per annum) toeach
A
oxtra quarterly
2%
on tho common stocks, all payablo July 1 to holders of record June 22.— wero paid from April 1916 to April 1917 inclusive. dividends of tho oxtra
In July 1917
Y. 103, p. 2434.
dividend is to be omitted.—(Vol. 104, p. 2456.)
Jenks, Gwynne &
have issued a
convenient hand-book regarding
Oklahoma Gas & Electric Co.— Notes Offered.— II. M . the properties, Ac., Co. tho Standard verycompanies.—V. 104, p. 2456.
of
Oil
Byllesby & Co. and William P . Bonbright & C o ., Inc., are
offering at 99 and int. by advertisement on another page,
$2,250,000 2-year 0 % gold notes dated Juno 15 1917, due
June 15 1919, but callablo, all or part, upon 30 days’ notice
at 100K and int.

Int. J. & D. 15 in N. Y. without deduction for normal Federal incomo
tax not in excess of 2%. Donom. of $1,000, $500 and $100 c*, $1,000, &c.,
r*. Trustee, Now York Trust Co., N. Y.
D a t a fr o m L e t t e r o f V .-P r e s . J . J . O ’ B r ie n , C h i c a g o , H I., J u n e 19 1917.

Organization .—Organized in 1902 in Okla., and owns electric and gas
utilities serving Oklahoma City, Britton, Drumright, El Rono, Hennessey,
Koifer, Norman and Yukon, and before the issuance of those notes will own
tho gas and electric utilities at Enid and all of tho common stock oxcopt
directors’ shares, and $658,500 of tho $1,543,600 pref. stock of tho Muskogee
Gas A Electric Co., controlling and operating the electric and gas utilities
in Muskogeo and the electric utilities in Fort Gibson and Sapulpa.
P roperties .—These include modern and efficient steam electric power
houses in Oklahoma City, Drumright, El Reno, Enid, Hennessey, Keifer,
Muskogeo, Norman and Sapulpa, with a total installed capacity of 16,250
h. p. Transmission lines, now under construction, will connect Norman
and El Reno with Oklahoma City and Hennessey with Enid, and will
furnish current to Moore, Yukon, Bison, Waukomis and other towns.
High-tension transmission lines will also be constructed from Muskogee
to Keifer, Sapulpa and Drumright, which will serve Boynton, Haskell,
Boggs, Mounds, Bixby and Jenks and intervening territory, including
tho Glonpool and Cushing oil fields. Natural gas Is distributed under
contracts with producing companies in Oklahoma City, Britton, Yukon,
El Reno, Muskogeo and Enid. Population served estimated at 176,000.
Capitalization after Present Fin a n cin g —
A u th orized . Outstanding.
Common stock_________________________ $10,000,000
$4,500,000
Prof. 7% cum. stock ($885,100 reserved to retire
like amount of Muskogeo G. & E. Co. pf.stock)__ 10,000,000 1,097,800
Two-year 6% gold notes_________________ 5,000,000
2,250,000
2,563,000
First mortgage 5% bonds, duo 1929_______ 5,000,000
Divisional bonds on Enid, Muskogeo and Sapulpa
properties _______________________________
Closed 2,114,500
Divisional pref. stock of Muskogeo G. & E. Co_
Closed
885,100
These N o te s .—The direct obligations of tho company.
Remaining notes
may bo issued at par only for extensions, Ac., only whon tho not earnings
shall bo at least 2 A times tho interest charges, including notes applied for,
and all floating debt. Tho proceeds from theso notes will provido funds
for (a) tho retirement of tho present outstanding $228,500 6% debenture
bonds duo Oct. 1 1922 and tho floating debt, including tho cost of tho new
properties at Drumright, Hennessoy, Keifer and Norman; and (6) for ex
tensions and additions. •
E a rnin gs o f A l l Properties fo r Y ea rs E n ded A p r i l 30.
1916.
1917.
Gross earnings_______________________________$2,121,584 $2,408,806
Net, after taxes and maintenance------------------------ $778,807 $877,280
Annual charges on $2,563,000 Okla. 5s, duo 1929, $128,150;
$2,114,500 divisional bonds, $113,385; $885,100 divisional
preferred stock, $61,957______________________________ $303,492
Baianco___________________________________________
$573,788
135,000
Interest on $2,250,000 2-yoar 6% gold notes---------------------Baianco, available for divs., doprec., amortizations, Ac___ $438,788
Fra n ch ises .—Theso extend beyond maturity of notes and are satisfactory.
E qu ity .—The properties have a present replacement valuo estimated in
oxcoss of tho total bonds, divisional pref. stock and theso notes. Tho
notes are followed by $1,097,800 pref. 7% cum. stock and $4,500,000 com
mon stock. The company has paid annual dividends of 8% or more each
year sinco 1910 on Its common stock.
1914.
1915.
1916.
Oper. Statistics as o f D e c .S I .
1913.
17,352
18,489
20,515
Electric customers________
16,590
284.770
313,619 338,739
Incand. Iamps(16 c.p.equiv.) 273,097
2,271
2,491
2,693
No. stationary motors served
2,123
11,935
13,972
16,094
II. p. of sta’y motors served.
11,277
29,063
31,693
36,365
Total k. w. connected load-.
27,759
360
363
381
393
Milos of polo lino_________
Annual k.w.h.output for yrsended Dec. 31__________ 21,524,361 21,527,017 22,824,753 26,455,493
Gas customers_____ _____
18,874
19,764
20,848
22,804
Miles of gas mains________
319
326
332
378
[Control .—Tho company is controlled by the Standard Gas & Electric
Co. and is operated by tho II. M. Byllosby interests.]
lvs
Seo offering of 1st M. 5s duo 1929 in V. 89, p. 1284 —V. 93, p. 1327. 4

Old Ben Coal Corporation.—Bonds Called.—

All the outstanding ($950,000) First Mtgo. 6% serial gold bonds dated
July 1 1916 have been called for payment July 1 at 102A and int. at
Commercial Trust Co., I’hila. Tho bond issuo was originally $1,000,000
(see offering by Cassatt & Co., Phila., V. 103, p. 325), $25,000 maturing
each six months beginning Jan. 1 1917.—V. 104, p. 2122.

Pacific Mail Steamship Co.— Com on Dividend.— A
m
dividend of 50 cents per sharo has been declared on tho com
mon stock, payable July 1G to holders of record July 2 .—
V . 104, p. 2234, 768.

Philadelphia Electric Co.—Lease Approved.—

The Pennsylvania P. S. Commission has approved tho leasing of tho
Keystone Telephone Co.’s conduits to this company.—V. 104, p. 2113,1494.

Pond Creek Coal Co.—Initial Dividend— Listing.—

An initial dividend of 50 cents per share has been declared on tho stock,
payablo July 2 to holders of record Juno 23.
A press report from Boston says the directors of this company have
voted that application bo made to list tho shares upon tho Now York
Stock Exchange, and also decided to call as of Dec. 1 1917 all tho bonds
outstanding In excess of $1,000,000.—V. 104, p. 1707, 1391.

Port Arthur Shipbuilding Co., Ltd., of Canada.—

Preferred Stock Offered.— John

Burnham & C o ., Chicago and
N ew Y ork, are offering by advertisement on another page




Procter & Gamble Co.—Extra Stock Dividend.— ■

An extra stock dividend of 4% has boon declared on tho stock, payablo
in stock together with the regular quarterly 5% on the common stock, paya
blo Aug. 15 to holders of record July 21.
The regular quarterly 2% was also declared on the pref. stock, payablo
July 14 to holders of record Juno 20.—V. 103, p. 1215.

Ray Consolidated Copper Co.—R Cross Dividend.—
ed

The executive committee of this company has declared a special Red Crass
dividend of 25 cents per share, payablo July 25 to holders of record July 14,
“ for tho purpose of enabling stockholders, if they so dosiro, to contribute to
the American Red Crass War Fund.”—V. 104, p. 2456, 1903.

Riverside & Dan River Cotton Mills, Danville, Va.—•

Large C
ash Dividend— $1,000,000 New Slock Offered.—

This company has declared a cash dividend of 39% on its $3,000,000
common stock out of earnings prior to March 31 1913, and offered to tho
stockholders pro rata 10,000 sharos of common treasury stock at $150 per
share, which Increases Its capital stock to $10,000,000, of which $6,000,000
is preferred and $4,000,000 common. At last accounts there wore no
bonds outstanding.—V. 95, p. 301.

Sapulpa Refining Co., Baltimore.—New President.—

C. J. Benson, 1'ras. of tho First National Bank of Sapulpa, Okla., has
been elected 1
’iest., to succeed T.G.Tinsley,resigned.—V.104, p.1596, 458.

Saxon Motor Car Corp.—Dividend Deferred.—

'

Tho directors at their meoting on Juno 19 decided to defer action on the
dividend until July 24.—V. 104, p. 2239, 566.

Seamless Rubber Co., Inc.—Neio Company.—

.

This company was organized under tho laws of Massachusetts on Juno 1
with $1,300,000 authorized capital stock, composed of 10,000 shares of
7% preferred and 5,000 common shares, par valuo $100 each, to tako over
tho property and business of the Soamloss Rubber Co. of Conn., which has
been purchased by ITnltod Drug Co. of Boston. Seo V. 104, p.2348,1495

Semet-Solvay Co., Syracuse, N. Y.—33 1-3% New Stock.

Shareholders of record Juno 20 have until 10 a. m. Juno 25 to subscribe
at par for $4,000,000 new stock on tho basis of one now share for each throo
now hold, payments to be made in two installments of 50% Aug. 1 and Oct.
1 at the Bankers Trust Co., N. Y. Fractional warrants must bo combined
to represent full shares on or before Aug. 1 next. Tho new stock was au
thorized Feb. 27 last (V. 104, p. 868).
. ,
Pres. II. S. Handy in circular letter says: “ The present issue authorized
is to provido additional funds for the requirements of the company in
carrying out tho policy of developing its own plants to meet business con
ditions; in the Increase in plants in which it has stockholding interest, and
In taking part in tho organization and development of such industries as will
utilize the products and by-products of its plants and thereby conduce to
steadying tho market for the same.”—V. 104, p. 2457, 1805.

Shawinigan Water & Power Co.—New Director.—

Col. G. P. Murphy succeeds his father, tho lato Donis Murphy, as
director.—V. 104, p. 1142, 869.

Sheridan (Wyo.) Coal Co.—Bonds Called.—

Twenty-four ($24,000) 1st M. 6% gold bonds, dated Juno 1 1903, have
1
been called for payment on or boforo Juno 30 at par and int. at Union
Trust Co., Chicago.—V. 98, p. 1772.

Standard Gas & Electric Co.—Sub. Co. Notes.—

See Oklahoma Gas & Elec. Co. abovo.—V. 104, p. 2122, 1597.

Standard Screw Co.—R Cross Dividend.— President.—
ed

A Red Cross dividend of 1% has been declared on tho common stock in
addition to 6% on common, 3% on pref. “ A” and 3 'A % on pref “ B” stock,
all payable July 2 to holders of record June 18.
Vice-Pres. P. B. Gale succeeds the lato W. B. Pearson as Prosldont.—•
V. 104, p. 2448, 2122.

Tennessee Copper & Chemical Corp.— Definitive Ctfs.—

Holders of common stock trust certificates may present their certificates
at the Columbia Trust Co., N. Y., and rocoivo In oxchango definitive
ongraved certificates.—V. 104. p. 2457, 2123.

Texas Co.—Meeting Postponed.—

Tho special meoting of stockholders which was to have been hold on Juno
22 to voto on increasing tho capital stock from $55,500,000 to $69,375,000,
with tho privilege of allowing stockholders to subscribe at par to tho extent
of 25% of their holdings, has been postponed until Juno 25.—V. 104,
p. 2348, 2250.

Union Oil Co. of Calif.— Stock Increase Denied.— A San
Francisco press dispatch reports as follows in substance:

Pres. W. L. Stewart states tin t tho report that tho company is Having a
reappraisal of its properties made or that the company contemplates in
creasing its capitalization to $100,000,009 is not true. There has been no
reappraisal and none is contemplated. Compare V. 104, p. 2349, 1806.

United Fuel & Supply Co., Detroit.—Bonds Offered.—
Tho Fort Dearborn Trust & Savings Bank and W . G .
Souders & C o ., Chicago, are offering at par and interest
81,500,000 First M tgo. 6 % gold bonds dated Feb. 1 1017,
due 850,000 annually Feb. 1 1020 to 1036 inch and 8650,000
1037. A circular shows:
Int. F. & A. without deduction for the present normal Federal income
tax. Tax-exempt in Mich. Trustee, Security Trust Co., Detroit. Call
ablo at iol on any int. dato. Donom. $100, $500 and $1,000 c. Au
thorized and outstanding, $1,500,000.
T io company, incorp. in Mich., and its predecessor, the C II. Littlo
L
Co., have been active In tho building supply and fuel business in Detroit
for o ,er 50 years. The bonds are a closed first mortgage on all real estato,
equipment, Ac., appraised at $3,646,810. Not earnings for tho year
endin? Feb. 28 last over 3 'A times Interest charges.
For O th e r In v e stm e n t N ew s, see p a g e 2562.

J unk 23 1917.]

THE CHRONICLE
(e p jo r c ts

a m

i

^ u a x m

2559
c u t s .

UNITED DYEWOOD CORPORATION

(A holding company organized under the laws of Delaware.)
S T A T E M E N T TO T H E N E W Y O R K S T O C K E X C H A N G E IN C O N N E C T IO N W I T H T H E LTSTTNG OF TT<*
S E V E N P E R C E N T C U M U L A T IV E P R E F E R R E D S T O C K A N D C O M M O N S T O C K

New York, May 31

1917.

s
l
e
i
ti1
°
of the stockholders to whom such notice
imon (he «n^ro?,m.wn,,S
iPecifl e ^number of such shares, as the case may be,
<

United Dyowood Corporation hereby makes application sentiri^
tx*ly endorsed) of the certificate or certificates repre
s to be ret'red. After the giving of notice
,°
to have listed on tho Now York Stock Exchange SI ,873,400 ss -if^esn it
cease R i S f ? on the shares so to be redeemal and retired shall
(of an authorized issue of $5,000,000), par value of its Seven d r e h m n t e r i after the date of redemption and retirement
•ut less the corporation shall fail to pay tho amounts
n
Per Cent Cumulative Preferred Stock and $4,480,800 (of an nalahlemmn
and ret,r^
as aforesaid. In
authorized issue of $15,000,000) par value of its Common when lessthsn In « f/inJu Ion represented e5t a single certificateevery case
redeema)S
t*le shares
by
are to be
Stock, issued and outstanding with authority to add $2,626 , redeemed the corporation may in said notico or in a separate notice pre
scribe such penalties for failure to surrender such certificate and receive
600 of said preferred stock and $9,437,500 of said Common DPe'etnr I
r
te for the shares not then to be redeemed as the Board of
Stock on official notice of issuance in exchange for present wiVhmP mv,Ufl?o^0p -0r?Ven may de,tcrm'ne, which may include ( with or
P
?
Ppen^ltle?) the suspension until such surrender
outstanding temporary Certificates, making tho total Y the right ?.r any) of the then present and every subsequent shall be made
ot
(if
holder of such
amounts applied for, $4,500,000 Preferred Stock and $1 3 , slnires to vote and the right to receive dividends on any of the shares of
such Preferred Stock represented by such certificate (including, if the Board
918,300 Common Stock.
ot Directors so determine, the shares represental thereby that are not then
All of said stock is of the par value of $100 per share, is to be redeemed) and the right to transfer any of said shares so represented
full paid and non-assessable, and no personal liability to others, or the suspension of any one or more of said rights. Such redemptmn and retirement shall be effected in every case subject to the restrictions
attaches to the holders thereof.
and in the manner provided by the laws of Delaware and without any charge
The corporation was organized on September 26 1916, upon tho part of the corporation and without expense to tho holders of the
under the general laws of the State of Delaware, with an shares so redeemed and retired for or on account of any transfer tax, stamp
tax, or other governmental charge.
No stock shall at any time bo issued by the corporation ranking in
authorized capital of $20,000,000, consisting of 50,000 shares
priority to or upon an equality with or having a right to dividends or in tho
of Preferred Stock and 150,000 shares of Common Stock.
assets of tho corporation prior or equal to that of the issue of $5,000,000
The duration of the charter is perpetual.
pa£.Vrklle of P r e ferred Stock hereinbefore provided for.
■i i £0,000 par value of the issue of Preferred Stock hereinbefore pro
This corporation is a holding company and owns securities
vided for may be presently issued by the Board of Directors, but no addi
of subsidiary companies as hereinafter referred to, but, in tional shares of said authorized issue of $5,000,000 par value of Preferred
addition, its charter authorizes the corporation to engago in stock shall bo issued without the express assent of tho holders of 75% in
amount of all of the then outstanding shares of Preferred Stock of said issue
tho manufacture and sale of chemicals, coloring materials, given at an annual or a special meeting of stockholders of which twenty
notice stating that at such meeting the question of the issue of shares
and dyestuffs.
on shall have been given to
Article IV of tho Certificate of Incorporation contains tho ot l referral Stock will be considered and votedto his last known post-office
each stockholder in person or by letter mailed
address.
following preferences of the Preferred Stock:

Tho holders of said I’referred Stock shall bo entitled to recoive out of the
surplus not profits of tho corporation, when and as declared by tiio Hoard
of Directors of tho corporation, cumulative dividends at tho rate of but
not exceeding seven per cent (7%) per annum (to bo calculated in every
case from tho date of issue), payable quarterly on tho first secular days of
January, April, July and October, respectively, in each year and In prefer
ence and priority to any payment of dividends on tho common stock. Such
dividends upon tho preferred stock shall be cumulative from the date of
issue and shall be declared and shall bo paid or actually sot apart in money
and appropriated to such payment, before any dividends on the common
stock shall bo doclared or paid or sot apart; so that if at any time dividends
on tho preferred stock at tho rate of seven per cent (7%) per annum from
tho date of tho issue thereof to tin; end of tho then current fiscal year shall
not have been declared and paid or be payable and a sum sufficient for tho
payment thereof actually set apart in money and appropriated to such
payment, the deficiency shall be paid or bo payable and provided for as afore
said before any dividend (whether in cash, scrip, stock, or otherwise) shall
bo declared upon the common stock or any sum for tho payment thereof shall
bo paid or set apart. Whenever all cumulative dividends upon tho pre
ferred stock, including the full dividends for tho then current fiscal year shall
have been declared and shall have been paid or a sum sufficient for tho pay
ment of all thereof then remaining unpaid (if any) shall have been actually
set apart in money and appropriated to tho payment thereof, if this corpora
tion and all corporations or which this corporation owns a majority in
amount of tho outstanding shares of stock (taken together) shall have net
quick assets, as hereinafter definrxl (only such amount of tho not quick
assets of any corporation wherein this corporation owns a majority but not
all of tiie shares of capital stock being taken into consideration as shall be
proportionate to tho amount, par value, of stock therein owned by this
corporation), equal to the amount, par value, of tho preferred stock of tliis
corporation then outstanding and all susceptible of use in redemption and
retirement of such preferred stock and of realization in or transfer to New
York City with the same facility as such part of said assets as shall bo held
in tho United States, the Board of Directors may declare dividends upon
tho Common Stock payable out oi the then remaining surplus net profits
In tho event of the dissolution, winding up, or liquidation of the corpora
tion for any cause, the holders of the preferred stock shall be entitled to
recoive out of tho assets of tho corporation $107 50 for each share of pre
ferred stock and in addition an amount equal to the amount (if any) of the
unpaid cumulative dividends thereon that shall have accrued and remain
unpaid, whether or not tho same shall have been declared or earned includ
ing tiio full dividends for the then current fiscal year before anything shall
bo paid to the holders of the Common Stock, and the holders of the Common
Stock shall, in such ovent, bo entitled to receive pro rata all of the assets
remaining after the holders of tho Preferred Stock have received therefrom
$107 50 for each share of their Preferred Stock and an amount in lieu of
dividends as aforesaid.
The holders of the Preferred Stock shall not bo entitled to share in anv
stock dividend nor shall they be entitled to share in the assets or earnings
of, or any rights to purchase stock offered by, tho corporation save is
above and next hereinbolow provided.
All of the stock of tho corporation, Preferral and Common is and at all
times shall be subject to the express condition, to which every stockholder
whether original or subsequent, shall bo deemed to have assentot that
tho corporation may, at tho election of the Hoard of Directors uno’n the
notico and in tho manner hereinafter provided, and subject to such addi
tional reasonable regulations not inconsistent herewith as' mav from time i n
time be prescribed by its Board of Directors redeem and retfre the whSle or
any part of tho outstanding 1referred Stock at any time at $ 107 50 per share
and an amount equal to the unpaid cumulative dividends (if any) then
accrued and remaining unpaid, including the full dividends for tho fiscal
year in which such redemption and retirement shall lx; made. In case tiio
corporation shall at any time elect to redeem and retiro less than the whole of
its outstanding Preferred Stock, it shall redeem and retire such proportion
of the Preferred Stock held by each holder thereof as the aggregate amount
of tho Preferred Stock which tho corporation shall so elect to redeem and
retire bears to the total amount of its I referred Stock then outstandingprovided that if tho redemption and retirement of such proportion of tho
Preferred Stock of any stockholder would require tho redemption and retire
ment of a fraction of a share, tho corporation shall redeem and retire tho
wiiolo of such share. Notice of the Elect ion and intention of the corporat ion
to redeem and retire all or any part of the Preferred Stock shall bo given bv
mailing such notico to every holder of record of Preferred Stock on a day not
more than ninety and not less than sixty days prior to the date designated
in such notice as tho date of redemption and retirement at his address as tho
same shall appear upon tho books of tiio corporation, or, if ho shall have
failed to furnish his address to the corporation, then at the general post
office in tho City of New York, Now York, and the City of Wilmington
Delaware. Such notico shall stato that on the date therein specified the
corporation will redeem and retire all of tho shares of Preferred Stock then
_
, _
W h ere
N a m e o f C om pa n y —
in corp orated .
American Dyowood Company_____ Pennsylvania
Cio. Francaiso dos Extraits Tinctoriaux ot Tannants________________
Franco
British Dyowood Company, I.td_. A Groat Britain
AVost Indios Chemical Works, Ltd.. .Jamaica B W I




B a le .

This corporation and the corporations of which this corporation shall
own a majority of the outstanding shares of stock, taken together, shall
maintain net quicic assets as hereinafter definal (only such amount
ot the net quick assets of any corporation wherein this corporation owns a
majority but not all of the shares of capital stock being taken into considera
tion as shall be proportionate to the amount, par value, of stock therein
owned by this corporation), equal to the amount, par value, of the Proterral Stock of this corporation at the time being outstanding and all sus
ceptible of use in redemption and retirement of the Preferral Stock and of
realization in or transfer to New York City with the same facility as such of
said assets as shall be held in the United States, and in case at any time such
amount of such net quick assets shall not exist, no dividends shall be de
clared upon or other distribution made to the Common Stock until such
time as that amount of such net quick assets shall exist.
Each share of the Preferred Stock and each share of tho Common Stock
shall entitle the holder thereof to one vote upon all questions except that
in case the corporation shall fail for each of six successive quarterly dividend
periods to pay a dividend (out of profits or surplus properly applicable
thereto) of one and three-fourths per cent (1 M%) upon all of its outstanding
preferral stock, the holders of the Common Stock shall forthwith cease to
have any voting rights and the holders of the Preferred Stock shall be
entitled to the exclusive right to vote until all accrual and unpaid dividends
on tho Preferred Stock and the full dividend thereon for the then current
'isca1 year shall have been declared and paid or be payable and a sum
sufficient for the payment thereof shall have been actually set apart in
money and appropriated to such payment.
In case the corporation shall fail for each of six successive quarterly divi
dend periods to pay a dividend (out of profits or surplus properlv applicable
thereto) of one and three-fourths per cent ( 1 ? 4 % ) upon all of its outstanding
Preferred Stock, then within thirty days after the expiration of such sixth
quarterly dividend period (unless the next regular election of directors is
to occur within sixty days) a meeting of the stockholders for the purpose
of electing a new board of (lira;tors shall be held, and the Secretary shall
give each stockholder twenty days’ notice of such meeting in person or by
letter mailed to his last known post-office address. In the event that the
Secretary shall have failed to call such meeting as hereinabove provided,
•the holders of record of ten per cent in amount of the Preferred Stock then
outstanding (unless the next regular election of directors is then to occur
within sixty days), may call a meeting of the stockholders for the purpose
of electing a new board of directors and in that case shall give each stock
holder twenty days’ notice of such meeting in person or by ietter mailed to
his last known post-office address. Forthwith upon the final adjournment
of any meeting called as above provided the term of office of every director
theretoforo holding office shall expire. At such meeting the holders of a
majority in amount of the Preferred Stock present or represented by proxy
shall liavo the right to and shall elect a new board of directors.
If at any time after the corporation has failed for each of six successive
quarterly dividend periods to pay a dividend (out of profits or surplus
properly applicable thereto) of one and thrce-fourtlis per cent (1 H % ) upon
all of its outstanding Preferred Stock, all accrual and unpaid dividends on
tho Preferral Stock and the full dividend thereon for the then current fiscal
year shall have been declared and paid or be payable and a sum sufficient
for tho payment thereof shall have been actually set apart in money and
appropriated to such payment, then within thirty days thereafter (unless the
next regular (-lection of directors is to occur within sixty days) a meeting of
the stockholders for the purpose of electing a new board of directors shall be
held and the Secretary shall give each stockholder twenty days’ notice of
such meeting in person or by letter mailed to his last known post-office
address. In the event that tho Secretary shall have failed to call such meet
ing as hereinabovo provided, the holders of record of ten tier cent (10%) in
.amount of (lie Common Stock then outstanding (unless the next regular
election of directors is then to occur within sixty days) may call a meeting of
the stockholders for the purpose of electing a new board of directors and
shall give each stockholder twenty days’ notice of such meeting in person or
by letter mailed to liis last known post-office address. Forthwith upon the
final adjournment of the meeting so called tho term of office of every director
theretofore holding office shall expire. At such meeting the holders of a
majority in amount of all of the stock present or represented by proxy shall
have the right to and shall elect a new board of directors.

The outstanding $4,500,000 of Preferred Stock and $1 3,
915,000 of tho outstanding Common Stock were issued in
payment of the purchase price of the assets and property of
United Dyewood Company. The remaining $3,300 of
Common Stock (directors’ shares) were issued for cash at
par, which cash became part of the working capital of the
Company.
The Corporation owns stock in the following companies:

P a r.
D u r a tio n . V a lue.

Juno 28 1904 999 years $100
$100
Fes.
July 1 1905 30 years
500
1910
Perpotual
£1
1907
Perpetual
£5
£5
£5

C a pita liza tion .

Owned b y U n ited

Stock —
A u th o r iz e d .
Is s u e d . D y e w o o d C o r p o r 'n .
6% Cum. Pref___ $014,000
$644,000
$644,000
Common_______ $1,500,000 $1,500,000
$1,500,000
Fes.
Fes.
7,500,000 7.500,000
6,955*000
£10,000
£10,000
£10,000
6% 1st Pref...........
£5,000
£5,000
£3,750
10% 2nd Pref____________ £10,000
£10,000
£9,800
Ordinary_______
£50,000
£50,000
£49,900

Tho United Dyewood Corporation has no mortgage or
funded indebtedness. The following is a list of tho funded

indebtedness of the subsidiary companies largely owned by
United Dyowood Corporation, but not assumed:

N a m e—
D e sc r ip tio n .
D a te .
M a tu r ity .
British Dyowood Co., Ltd_________________ Debenturo Bonds Jan. 11911
Jan. 1 1931
Cie. Francaise des Extraits Tinctoriaux et Tannants_________________________________ Debenturo Bonds July 1 1905 28 years in Inst.

Dividends have been paid by United Dyewood Corporation
since it was organized on September 26 1916 as follows: On
the Preferred Stock, 1 1 -6 % on January 2 1917, being the
dividend accruing from November 1 1916, the date of issue,
and the date on which the assets of the United Dyewood
Company were transferred to tho Corporation, and 1%%
on April 2 1917; on the Common Stock, 13 ^ % on April 2
1917.
The following dividends have been declared:
On the Common Stock, 1 3 ^ % payable July 2 1917 to stock
holders of record June 14 19 l7 .
On the Preferred Stock, 1 M % payable July 2 1917 to stock
holders of record June 14 1917; 1 Y\% payable October 1 1917
to stockholders of record September 14 1917; 1 2 4 % payable
January 2 1918 to stockholders of record December 14 1917;
and a sum sufficient to cover the above-described dividends
has been set aside and deposited with fiscal agents as a
special fund for the payment of same.
$£ji
^ U N IT E D D Y E W O O D ,kC O R P O R _ O N .

STATEMENT OF INCOME FOR TIIE TWO MONTHS ENDED
DECEMBER 31 1916.
Income:
Dividends on stocks owned:
American Dyewood Company Common
Stock__________________________ $450,000 00
The West Indies Chemical Works, Ltd.,
Ordinary Stock__________________
193,233 60
Forestal Land, Timber & Railways Com
pany Preference Stock_____________
4,023 10
Forestal Land, Timbor & Railways Com
pany Ordinary Stock______________
4,023 10
$651,279 80
Total______________________________________
Intorest on bonds owned:
British Dyewood Company, 6% Dobontures___________________________
$21,578 40
Cie. Francaiso des Extraits Tinctoriaux
et Tannants 5% Bonds____________
12,296 12
33,874 52
T otal____________________________________
309 86
Interest on bank balances________________ ; _______
_
$685,464 18
Total income.
Expenses and other charges:
Organization________________________
$65,867 63
Salaries_____________________________
2,941 64
Taxes on interest received on bonds owned.
6,009 41
Income tax__________________________
12,083 39
Difference in interest and dividends carnod
at $4 86 to tho £ and Fes. 5.15 to $1 00,
and actual amount received__________
5,949 40
Directors’ foes_______________________
406 00
General expenses_____________________
120 79
93,378 26
Total
$592,085 92
Net income_______________________________________
Less, dividends:
a.
'Preferred Stock—November 1 to Decem
ber 31 1916________________ _______
$52,500 00
b.
'Preferred Stock—Year ending December
311917___ ____ ___ ____ __________
315,000 00
a. Common Stock—Payablo April 2 1917.- 208,774 50
576,274 50
$15,811 42
Profit and loss surplus at end of year.
a. Since paid.
u
b. $78,750 since paid,
&i?si
—

"GENERAL BALANCE SHEET DECEMBER 31 1916.
ASSETS.

Securities owned:
t Subsidiary Companies:
American Dyewood Company:
6,440 shares Preferred Stock________ $644,000 00
15.000 shares Common Stock.._____10,005,000 00
Tho West Indies Chemical Works, Ltd.:
750 shares First Preference Stock (£5).
18,225 00
1,960 shares Second Profcronco Stock
(£5).......... ....................................
47,628 00
9,980 shares Ordinary Stock (£5)____ 1,237,618 92
Cie. Francaiso des Extraits Tinctoriaux et
13,910 shares Capital Stock (Fes. 500) 3,937,101 58
5,066 Five Per Cent Bonds (Fes. 500). 491,844 66
Tho British Dyewood Company, Ltd.:
10.000 shares Capital Stock (£1)____
831,921 62
148 Six Per Cent Debentures (£1,000). 719,280 00
$17,932,619 78
♦Forestal Land. Timbor & Railways
Company, Ltd.:
_
18.200 shares Preference Stock (£1)._ $136,864 00
18.200 shares Ordinary Stock (£1)___
174,902 00
311,766 00
$18,244,385 78
Total securities owned__________________
Current assets:
Cash on deposit______________________
$18,489 62
Accrued interest_____________________
26,312 43
Accrued dividends___________________
8,046 20
United Dyewood Company------------------149,184 19
202.032 44
Total current assots------------------------------------Cash on deposit for dividends:
a. Preferred Stock—November 1 to Decem
ber 31 1916________________________
$52,500 00
b. Preferred Stock—Year ending December
31 1917—....................
315,000 00
a. Common Stock-^l>3%, payablo April 2
1917___________ _____________ - - - - 208,774 50
576,274 50
Total cash on deposit for dividends.
$19,022,692 72
Total_____
a. Since paid.
b. $78,750 since paid.
L IA B IL IT IE S .

Preferred Capital Stock—authorized, 50,000
shares—issued, 45,000 shares of $100 each..
Common Capital Stock—authorized, 150,000
shares—Issued, 139,183 shares $100 each—
Accounts payablo_______________________
Tncomo tax accrued_____________________




[Vol. 104.

THE CHRONICLE

2 5 60

$4,500,000 00
13,918,300 00
223 41
12,083 39

Hate o f
In te re st. A u th orized .O u tsta n d in g.
%
£175,000 £148,000

6

5%

Ow ned by U n ited
D yew ood C orp.

Fes.
Fes.
8,253,000 2,930,000

£148,000
Fes.
2,533,000

Dividends declared:
On Preferred Stock:
a. Payable January 2 1917___________ $52,500 00
78.750 00
a. Payablo April 2 1917.
78.750 00
Payable July 2 1917______________
78.750 00
Payable October 1 1917___________
78.750 00
Payablo January 2 1918___________
a. On Common Stock—Payablo April 2 1917- 208,774 50
..............
Total dividends declared_________
.............
Profit and loss surplus__________________
Total.............................

576,274 50
15.S11 42
$19,022,692 72

a. Since paid.
♦An English corporation owning large tracts of forest lands in the Argen
tine Republic, and engaged in the manufacture of quebracho wood extracts
for tanning.
A M E R IC A N D Y E W O O D C O M P A N Y .
Plant located at Chester, Pennsylvania, on the Delaware
River, with excellent wharfage facilities> for vessels of deep
draught, bringing cargoes of dyewoods direct to the plant.
The products of the company consist of chipped and ground
dyewoods and extracts of dyewoods and quercitron bark,
cutch, and gambier. Tho capacity of tho plant is the product
of about 65,000 tons of dyewoods and quercitron bark per
annum.
Area of the property about fifteen acres; length of bulk
head on water front, of cement construction, 600 feet;
average depth of water, 20 feet, dock slip 330 feet long and
45 feet wide; railroad sidings of tho Pennsylvania and of the
Philadelphia & Reading Railroads run into the yeards. On
the property there are twenty-six buildings, chiefly of brick
construction, including tho factory buildings proper, ware
houses, machine shops, stables, etc.
_
Maintains laboratories for color testing and research work
at New York, Boston and Philadelphia, and also at the
plant in Chester.
Average number of employees, 175.
_
The company also carries on a profitable business in the
purchase and sale of aniline colors. Has special connections
with Swiss manufacturers of these products; deals in other
imported products of this nature and in aniline colors manu
factured in the United States; also imports and deals in
indigo and other dyestuffs. Tho company has warehouses
at Now York, Boston, Philadelphia, and Hamilton, Ontario.
The American Dyowood Company owns $285,300 par
value of an authorized and outstanding issue of $300,000 of
stock of the Compagnie Haitienno, a corporation organized
under the laws of the State of Now York, Juno 27 1895.
Duration of charter 50 years.
This latter Company operates under Governmental con
cession of Haiti an overhead tramway, running back from
Port do Paix, Haiti, about fourteon miles into tho logwood
producing section of tho island, from which is transported
for shipment, at Port do Paix, approximately thirty per cent
of the logwood consumed at tho Chester plant of tho Ameri
can Dyewood Company.
The Compagnie Haitionne also has storage depots along
the line of the tramway and at Port do Paix, at which place
it also has necessary terminal facilities. The right of way
for the tramway and tho land necessary for tho depots and
terminal facilities are held under leaso from individual owners
of the land which run for incleterminato periods. The
Governmental concession for tho right to operate tho tramway
runs for nine year periods, with tho privilege of renewal for
further periods of nine years.
C IE . F R A N C A IS E D E S E X T R A IT S T IN C T O R I A U X E T
TANNANTS.
The plant is located at Havro, Franco. Tho product
consists of chipped and ground dyowoods and dyowood
extracts, and also of extract of quebracho wood, used for
tanning. The capacity of tho plant is tho product of about
90,000 tons of dyewoods and quebracho wood per annum.
The area of tho property is about twenty-four acres, ton
of which are covered with buildings of brick and stono con
struction. The plant is situated near tho public docks at
Havre, and railroad sidings run into tho yards.
Laboratories aro maintained for color testing and research
work.
Average number of employees, 500.
THE

B R IT IS H

DYEW OOD

COM PANY,

LTD.

Plants are located at Lacovia, Jamaica, British W est
Indies, and at Carntyne, near Glasgow, Scotland.

LACOVIA PLANT.
The product of this plant consists of logwood extracts in
various forms. Its capacity is tho product of about 15,000
tons of logwood per annum. Tho area of tho property is
about sixty-eight acres, with 450 ft. water front and oxcellont
wharfage facilities; dock slip 25 ft. by 50 ft. On tho property
there are ten buildings almost entirely of framo construction,
as is the usago in the tropics. This proporty is situated
within a short distance from tho logwood forests, a very large
proportion of tho logwood used in tho manufacture of log
wood extracts growing in the island of Jamaica.
Average number of employees, 175.

J une 23 1917.]

THE CHRONICLE

CAHNTYNE PLANT.
'

L IA B IL IT IE S .

Tlio product of tho plant consists of chipped and ground
dyowoods, dyewood extract, and various specialties for
calico printing, as well as sundry products used in dyeing
operations. Its capacity is tho product of about 10,000 tons
of dyewood per annum. Tho area of tho property is about
fifteen acres. A siding of tho North British Railway Com 
pany runs into the yards. There aro five buildings, chiefly
of brick construction, on tho property.
Average number of employees, 75.
Laboratories for color testing and research work are main
tained at both the Lacovia and Carntyne plants.
T H E W E S T IN D IE S C H E M IC A L W O R K S , L T D .

Plant at Spanish Town, Jamaica, British W est Indies.
The products of this plant consist of logwood extract in
various forms. Its capacity is the product of about 23,000
tons of logwood per annum.
Tho area of tho property is several hundred acres. A
siding from the Jamaica Government railway runs into the
yards. On tho property there aro eleven buildings, the
majority of which are of frame construction, though there
aro several brick buildings among thorn.
Laboratories aro maintained at tho plant.
Averago number of employees, 250.
As in tho case of tho plant of The British Dyewood Com 
pany, at Lacovia, Jamaica, this plant at Spanish Town is
situated in close proximity to logwood forests in the island
or Jamaica. Tho Company owns and maintains schooners
with auxiliary power, used in the transportation of its raw
Hlcit©Slcll •

U N IT E D

D Y E W O O D C O R P O R A T IO N
S U B S ID IA R Y C O M P A N IE S .

2561

AND

CONSOLIDATED STATEMENT OF INCOME AND PROFIT AND
LOSS FOIt TIIE YEAR ENDED DECEMUHR 31 1916 (ELIMINAT
ING ALL INTER-COMPANY TRANSACTIONS).
Net profit from operations-_________________
$13 807 817 83
Other income:
Dividends, and net interest and exchange, $359,076 06
Income from rented properties (net)_____
2,361 11
1 rot it on investment securities...........
138 727 21
Miscellaneous...............
15,683 02

United Dyewood Corporation—Capital Stock:
Preferred—authorized, 50,000 shares; issued, 45,000
shares of $100 each___________________
$4,500,000 00
Common—authorized, 150,000 shares; issued, 139,183
shares of $100 each_____________________________ 13,918,300 00
Capital Stocks and Bonds of Subsidiary Companies not
owned by United Dyewood Corporation:
The West Indies Chemical Works, Ltd., share capital:
First Preference, 6% Cumulative—250
shares of £5 each________ . . .
.
$6,075 00
Second Preference, 10%—40 shares of
£5 each ................ ........................
972 00
486 00
Ordinary—20 shares of £5 each___ . . . .
Cie. Francaise des Extraits Tinctoriaux et
Tannants:
Capital Stock—1,090 shares of Fes. 500
each___________________________
105,825 24
5% Bonds—794 of Fes. 500 each______
77,087 38
Total Capital Stock and Bonds of Subsidiary Com
panies not owned by United Dyewood Corpora
tion__________________
_
_
190,445 62
Current liabilities:
Notes payable------------------$38,124 73
863,975 19
Accounts payable------------------------------Dividends payable___________________
53,666 40
Special compensation of executive com
mittee and directors________________
285,997 71
Income tax and excess profits duty accrued 3,398,-186 32
Total current liabilities___________________ .
4,640,250 35
61 280 02
Suspended credit accounts_________________ ___ _
Reserves:
For dividends on United Dyewood Corpora
tion Stock:
♦Preferred—payable quarterly from
April 2 1917----------------------- -------- $315,000 00
♦Common—payable April 2 1917______
208,774 50
For general purposes—loss on pre war con
tracts, etc_________________________ 1,721,025 11
Total reserves______________ ____ __________
2,244,799 61
Profit and loss surplus:
t Equity therein of United Dyewood Com
pany of Maine, in undistributed surplus
of subsidiary comoanies_____________ $2,716,536 17
t Equity thrrein of minority interests in
undistributed surplus of subsidiary com
panies------------------------------------------:
18,356 61
Equity the -ein of Unitod Dyewood Corpora
tion in undistributed surplus of sub
sidiary companies................. ............... 1,745,984 08
Total profit and loss surplus_________________
4,480,876 86
Total................................ ................................$.30,035,952 46
♦Since paid.
t Since December 31 1916 and up to June 1 1917 the United Dyewood
Company and minority interests, have received of their equity as above
over $1,500,000.
United Dyewood Corporation agrees with the New York

Total ..................................................... - ..........
515,847 40 Stock Exchange as follows:
Gioss i n c o m e ,
oi . qoq ji/>r oo
N ot to dispose of its stock interest in any constituent,
Deductions from income:"........... ..................................... ®14,323,60o -3
subsidiary, owned, or controlled company, or allow any of
Depreciation of buildingsand equipment.. $94,375 24
Interest on bonds____________________
39,loI 2i
said constituent, subsidiary, owned, or controlled companies
Loss from and provision for loss on un
to dispose of stock interests in other companies unless for *
collectible accounts receivable__________
5,827 92
retirement and cancellation, except under existing authority
Cash discount on sales_______________ _
41205 81
Income tax and excoss profits duty____ II 3,385’,634 11
or on direct authorization of stockholders of the Company
Total......................- ...................... ...................
3,566.194 29
Net lllC m __ _ — _______ _______
O O
__
_
c IA 7^\7 A7 (\ (j,l
Profit and loss surplus at beginning of yoM-IIIIII......... "
2 9 60 4 8 3 96
lrofit and loss credit—writing back reserves for general
’ U
’
purposes-------------------------------------------------- X0 4 4 ,900 00
,
Profit and Loss Gross Surplus________________
$ 14 702
qq
Profit and loss charges:
Dividends on United Dyewood Corporation
Capital Stock:
•
Preferred—7% from No
vember 1 1916 to Decem
ber 31 1917 . ------------ $367,500 00
♦Common—1 % payable
April 2 1917.................... 208,774 50
Dividends paid by subsidiary companies ^ > 74 50
to United Dyewood Company out or
income to Juno .30 1916____ .
7 9 84 1 1 1 09
Dividends paid by subsidiary companies '
’
to minority interests_______________
5 5 868 65
Provision for special compensation and
profit participation of executive com
mittee, directors and employees_____
651,761 80
Other provisions_____ ______ _______ 1,013,962 00
Total....................- ........................................... $10,281,978 04
Profit and loss surplus at end of year________ _________ $4,480,876 86
therein of United Dyewood Company $2,716,536 17
Equity therein of minority interests
ik r A m
-in
Equity therein of United Dyewood Corpo‘ra"’
61
tl0n...............................- ......................... 1,745,984 08
----------------- $4,480,876 86
IIyowo<;< Corporation acquired tho stocks of its Sub
l
Companies November 1 1916, from tho United Dyewood Comant*hndor the agreement of purchaso waived claim to any portion
Pi ^
luses of tho Companies at Juno ,30 1916, from which date tho
income ^except that accruing to minority interests) of such Companies will
UNITED DYEWOOD CORPORATION AND SURSIDIARY COM
PANIES CONSOLIDATED GENERAL BALANCE SHEET, ETC.
_
ASSETS.
11ant property------------------c ‘jqt onn q
m
o
Current and working and trading ass'etsl .. ........................

SSS;««vas;:...........................“ • '15185
IH
Accrued dividendsIII..............................
15 120 02
™ nod of other than Subsidiary 9 7 ift ’n7 A A
bumuauies----------n
su,)Plios, Roods In process, ’
’
and finished product, at cost or less____ 5,628,857 56
617,956 35
Sundry advanco payments______ ______
P,.,. ...
working and trading assets----- 13,423,180 05
S^^pend^^ebitW
account°rat °n S?isCal agcnt for ‘“ vidends
576,274 50
Good wiii--------------------: : : : : : : i i : : : i : : i i i i : i i i i i : i i i 1 4 .3 7 1 : 9 9 1 1 \
T°*Slnce’paid...................................................... $30,035,952 46




holding the said companies.
To publish statements of earnings quarterly.
To publish at least once in each year and submit to the
stockholders, at least fifteen days in advance of the annual
meeting of tho corporation, a statement of its physical and
financial condition, an income account covering the previous
fiscal year, and a balance sheet showing assets and liabilities
at the end of tho year; also annually a consolidated income
account and consolidated balance sheet of all constituent,
subsidiary, owned, or controlled companies.
To maintain, in accordance with the rules of the Exchange,
a transfer office or agency in the Borough of Manhattan,
City of New York, where all listed securities shall be directly
transferable, and tho principal of all listed securities with
interest or dividends thereon shall be pavable; also a registry
office in tho Borough of M anhattan, City of New York,
other than its transfer office or agency in said city, where all
listed securities shall be registered.
N ot to make any chango in listed securities, of a transfer
agency, or of a registrar of its stock, or of a trustee of its
bonds or other securities without the approval of the Com 
mittee on Stock List, and not to select as a trustee an officer
or director of tho Company.
To notify the Stock Exchange in the event of the issuance
of any rights or subscriptions to or allotments of its securities
and afford tho holders of listed securities a proper period
within which to record their interests after authorization,
and that all rights, subscriptions, or allotments shall be
transferable, payable, and deliverable in the Borough of
Manhattan, City of New York.
To notify the Stock Exchange of the issuance of additional
amounts of listed securities and make immediate application
for the listing thereof.
To publish promptly to holders of bonds and stocks any
action in respect to interest on bonds, dividends on shares,
or allotment of rights for subscription to securities, notices
thereof to be sent to the Stock Exchange, and to give to the
Stock Exchango at least ten days’ notice in advance of the
closing of the transfer books or extensions, or the taking of
a record of holders for any purpose.
That in redeeming preferred stock it will comply with all
the requirements of the Stock Exchange, and if at any time
less than all of tho shares represented by a single certificate
are to be redeemed, of said Exchange for failure to exchange
such certificates for a now certificate for the shares of pre
ferred stock not then to be redeemed.
To notify the Stock Exchange if deposited collateral is
changed or removed.
The fiscal year ends on December 31st.

THE CHRONTCLF

2562

Tho annual meeting is hold on the first Thursday in M a y
in each year at the principal office of tho Company in W il
mington, Delaware.
.
The Company also maintains an office at N o . 80 Maiden
Lane, New York C ity.
.
The directors, elected annually, are: Joseph C. Baldwin,
Jr., New York, N . Y .; Percival Thomas, Now York, N . Y . ;
D oW itt Clinton Jones, New York, N . Y . ; J. Henry Scattergood, Philadelphia, P a .; Edgar L. Marston, New York,
N . Y . ; Fred. C . Fuller, New York, N . Y . ; William Robert
Scott, Glasgow, Scotland; Albert Dubose, Havre, France;
Edwin T . Rice, New Y ork, N . Y . ; John W . Pepper, Phila
delphia, P a.; Edward R . Tinker, New York, N . Y .
The officers are: Joseph C . Baldwin, Jr., President;
Percival Thomas, First Vice-President; D oW itt Clinton
Jones, Treasurer; Ernest W . Picker, Secretary and Assistant
Treasurer; William F . Fraser, Second Vice-President; Fred.
C . Fuller, Second Assistant Treasurer; George A . Hull,
Assistant Secrotary.
The Transfer Agent is The Now York Trust Company
26 Broad Street, New York, N . Y .
Tho Registrar is Bankers Trust Company, 14 W all Street,
New York, N . Y .
U N IT E D D Y E W O O D C O R P O R A T IO N ,
D e W IT T C L IN T O N JO N E S , Treasurer.

(J. V.) Thompson Coal Properties, Uniontown, Pa.—

Reorganization Plan Approved, and Recom ended by Com
m

mittee.— Holders of unsecured claims against Josiah V .

Thompson of Uniontown, P a ., and the certificates of deposit
issued against the samo are notified that tho creditors’ com
mittee (Alexander C . Robinson, Chairman) constituted under
the deposit agreement dated Jan. 31 1916 has prepared and
adopted a plan for reorganization or readjustment of tho
business and property of Josiah V . Thompson, dated June 12.

Unless by July 14 1017 holders of certificates of deposit representing
25% of tho deposited claims shall dissent, such plan will bo binding on all
depositors. In order to participate in tho benefits, all holders of undoposited unsecured claims must deposit their claims, accompanied by an item
ized statement thereof, comply ins? with plan, but not later than July 12 1917
Creditors' Oommitteo: Alexander C. Robinson, Chairman; A. Plumer
Austin, James A. Campbell, Alfred R. Hamilton, George S. Ilarah and
Edward T. Hitchman, witli Samuel Umermyor, Counsel, and Geo. It.
Scrugham, Secretary, Cooper-Lackey Bldg., Uniontown, Pa.
M. M. Cochran is Chairman of tho Creditors’ Association.
Depositaries: Safe Deposit Sc Trust Co., Pittsb., and Fayotto ritlo &
Tr. Co. and Citizens’ Title & Tr. Co., Uniontown, Pa. (V. 102, p. 981).
Digest o f Plan Dated Ju ne 12 1917

Present Status. —Tho property of Josiah V. Thompson consists chiefly
of largo areas of coal lands in Pennsylvania and West Virginia, part of
which he owns alone and part of which is held by him and his associates:
and ho has large interests in tho stocks and bonds of various coal and coke
companies. Receivers wero appointed for his property In both Pennsyl
vania and West Virginia on Jan. 19 1915; and these receivers have since
been discharged, on the ground that their appointment was not authorized
by law.
.
The appraisers appointed by tho Court in the receivership proceedings
reported to the Court on Juno 5 1915 that they valued tho assets at $66,
033,064, viz.: Notes, stock, bonds, mortgages, See., $6,550,191; coal lands,
S59.482.872. Since that time foreclosure sales have been had respecting
property of tho appraised valuo of, approximately, S2,866,378, but it is
expected that at least a substantial part of this property can be redeemed
under this plan.
_____ ___
.
The liabilities of Mr. Thompson aggregate about $35,946,532, viz.: (1)
Notes secured by collateral, $4,997,398; (2) notos securod by mortgages^
$11,677,721; (3) unsecured claims, $12,709,742; (4) taxes for 1914. 191o
and 1916, $400,000; (5) accrued interest to May 1917 (a) on mortgages
$2,159,619. (6) on secured notes, $884,997, (c) on unsecured notes, $2.
326,284, (d) accounts payable, guarantees, See., with interest, $790,7 71 •
Judgments have been entered and attachments havo been issued for largo
amounts in the Courts of Pennsylvania and West Virginia. The situa
tion calls for prompt action.
Im m ediate Cash Requirements. It is estimated that, exclusive of interest
payable on tho unsecured claims, $6,310,994 is immediately required to
protect the unsecured creditors against tho extinguishment of their claims,
viz.: To pay taxi s, $400,000; to pay delinquent interest on secured claims
$3,044,616; to redeem certain properties which havo been sold or foreclosed
$2,866,378. Large sums are also needed to carry on the business and to
meet constantly maturing interest, taxes and other items.
P la n . —Tho committee, after considering various plans and negotiatin
with numerous persons, in their efforts to protect tho unsecured creditors,
proposo to grant an option for 30 days to Ralph J. Young of St. 1aul
trusteo for largo financial interests [the Hill interests, identified with the
Great Northern Ore Properties—V. 104, p. 2016], for tho salo of such right,
title and interest in and to Mr. Thompson’s ostato, as may be acquired by
the committee or its representatives, subject to the mortgages, liens, taxes
and obligations specified in the option contract, tor the sum of $.>,000,00b
besides tho charges and expenses of tho committeo anti its counsel and one
half of the expenses (not, however, exceeding $100,000), which may be in
curred by the committe1 in procuring transfer of tho properties. I he op
1
tion is taken subject to investigation of properties by proposed pure,lasers
It is a necessary part of tho agreement that tho committeo shall secure
extensions of the secured claims for tho period of three years, conditioned
upon tho payment by the proposed purchasers of all delinquent ana future
Interest and taxes upon the properties which are subject to the secured
debts; but it involves no present legal obligation on the part of Mr. \oung
or his associates to purcna.se the property.
If the arrangement outlined by the option is consummated it is estimated
that the unsecured creditors will receive approximately 40% of tho face or
their claims. The purchase price payable to the creditors will then be
paid as follows: (a) $500,000 in cash, upon the transfer of the Properties to
a corporation or corporations to bo organized by the purchasers; (6) $500,000
in 12 months thereafter: and (c) $500,000 at tho end of each 6 months there
after until the entire $5,000,000 is paid, with tho right to anticipate any
or all installments. Deferred payments are to carry 5% interest. 1tie
purchasers will also promptly pay future taxes and interest upon the se
cured debts.
,
The notes for tho deferred payments are to run to a trustee, to bo ap
pointed by the committee, and all the stock of tho purchasing corporation
or corporations (except directors’ qualifying shares) is to be held by the
trustee, pending tho full payment of the installments of the purchase price.
Tho trust agreement will contain various covenants for the protection of
tho unsecured creditors, notably a provision (a) that no dividends shall be
paid by the purchasing corporation or corporations until the purchase money
notes are discharged in full, with interost thereon; (6) limiting the purposes
for which the funds of tho purchasing corporation or corporations shall bo
applied prior to full payment of tho purchase prico; (c) forbidding mortgages,
except for tho refinancing of tho obligations to which tho properties aro now
subject; (d) that no property shall bo sold at less than one-half its appraised
valuo, except with the written approval of tho trustee. If the plan is
carried through, the claims of tho unsecured creditors against Mr. I hompson are to be released, except to some extent In cases where there aro en
dorsers or joint-makers.—V. 104, p. 2016.

‘[V o L

1 04

United Drug Co., Boston.— New Subsidiary.-

Soe Seamless Rubber Co. abovo.—V. 104, p. 2349, 1495.

United Dyewood Corp.— Listingof Pref. and Com on S
m tock
-Statem — Dividend.—The New York Stock Exchang
ent

last week listed this company’s pref. and common stocks.
The very full statement made to tho Exchange regarding
these issues, and covering also much detailed information
regarding the company’s securities, operations, financia
status, &c., will be found at length on subsequent pages.
A Red Cross dividend of $1 a share has been declared on the commo
stock, payable Aug. 28 to holders of record July 2. Compare V. 104
p. 2457, 2250.
,
,
, ,
,
,
A Red Cross dividend of $1 a share has been declared on tho common
stock, payable Aug. 28 to holders of record July 2. Seo V.104,p.2457, 2250

Universal Caster & Foundry Co.— Bonds

Called.—

This company has called for paymont 212 of its 1st M. 6% gold bonds, at
par and int. on July 1 at Fidelity Trust Co., Newark, N. J. At last ac
counts the outstanding amount was about $140,000.—V. 100, p. 2173.

Valley Mould & Iron Corp., Sharpsville, Pa.— Notes, &c.

This company has voted to retire $800,000 of its 2-year 6% gold notes
of 1917, leaving $3,200,000 outstanding. Thero is no bond issue. The
company was incorp. March 2 1917 with this caption (not "Valley Mould &
Foundry Corp.” ). as successor of Valley Mould Sc Iron Co. originally
incorporated in 1904. It was roported in 1916 that company had an ingot
mold foundry, annual capacity 325,000 tons, and produces Bessomer pig
iron for own uso in manufacture of ingot molds, annual capacity of 90,000
tons. For stock of company, soo V. 104, p. 1806.

Vulcan Detinning Co.— Earnings for 3
3 M o s . ending
Total
M a r c h 31—
Sales.
1917........- ............$252,605
1916..................... 213,400
—V. 104, p. 770.

Other In c.
In v en (.N et).
lories.

$221
481

+$187
—9,778

Mos. to Mar. 31.
Costs and
G en . E x p .

$216,962
183,074

lialance,
S u rp lu s.

$36,051
21,029

Wellston Iron & Steel Co.— Sold.—

This company’s property was sold at recoivor’s salo at Jackson, O. on
Juno 6. The double furnace was bid in by 8. E. and M. L. Stornbergor
of Jackson and tho single-stack furnace by II. S. Willard of Wellston—•
V. 101. p. 1890.

Welsbach Company.— Bonds

Canceled.—

This company has retired through tho sinking fund, $100,000 30-year
sinking fund collat. trust 5% bonds, duo 1930, loavitig $2,825,600 listed
(Juno 16 1917) on Phila. Stock Exchango.—V. 104, p. 1065.

Westinghouse Electric & Mfg. Co.— R Cross Dividend.
ed

In aid of the campaign for contributions to tho American Red Cross War
Fund, the directors unanimously declared a special dividend of 'A or 1%
(25 cents per sharo) on tho capital stock, payablo July 31 to holders of
record Juno 30.
•
„
Tho regular quarterly dividend of 1M% was also declared on tho prof,
stock, payablo July 16 to holders of record Juno 30, and 1% % on the com
mon, payable July 31 to holders of record June 30.

New Officers.—

Threo additional Vico-Brosidents havo boon elected, as follows: H. D.
Shuto, formerly Treasurer; 11. 'I'. Herr, whojhas been Vice-President of tho
Wcstinghouso Machine Co. (now inergod with the parent company; seo
V. 104 p. 2250. 2457): and Waltor Cary, former Vice-Pros, of the Westinghouso Lamp Co. H. F. Baotz succeeds Mr. Shuto as Treasurer.
Application has been mado to tho N. Y. Stock Exchango for authority
to list an additional $1S6,050 common stock.—V. 104, p. 2457, 2349.

West India Sugar Corporation.— Note

Seo Central Teresa Sugar Co. abovo.

Wharton Steel Co.— New

Guaranty, &
:c.

President.—•

John E. Perry has been elected President to succeed II. S. Endsloy,
temporary President. Mr. Endsloy will, it is stated, continuo as Counsel
of tho company.—V. 104, p. 567.

Willys-Overland Co.— Working

Seo Curtiss Aeroplane

Sc

Agreement.-—-

Motor Co. abovo.—V. 104, p. 2016, 1505.

Wisconsin Edison Co.— Dividend Reduced.—

A dividend of 50 cents per sharo has been doclared on the stock, payablo
July 16 to holders of record June 30. This compares with $1 per sharo
in April last.—V. 104, p. 2123.

Wolverine Copper Mining Co.— R
ed

Cross Dividend.—

A Red Cross dividend of 50 cents per sharo has boon doclarod on tho
stock, payablo Aug. 1 to holders of record July 3.—V. 104, p. 1066.

Worthington Pump & Machinery Corporation.— Initial
Paym on Class B Pref. Stock.— The directors havo declared
ent

a dividend of 1 ^2% 011 the $10,321,671 prof, stock,
Class “ B ,” payablo on July 1 to holders of record at tho closo
of business on June 25. This is tho initial payment on
tho issue and establishes tho stock on a 6% annual div. basis.
William Salomon & Co., Now York, in circular letter of
June 15, say in substance:

This action on the part of the directors was forecast by tho excellent
first annual report covering tho nine months ended Doc. 31 1916 (V. 104,
p 1384) This report referred to tho largo volume of unfilled orders on
hand at the beginning of tho present year and to tho satisfactory amount
of new orders which was bolng received. In this connection, items havo
appeared rocently in tho financial papers discussing tho current business and
tho prospects for tho presont year. An articlo published a short time ago
pointed out that at the rate shown for tho first four months of this year
tho earnings, after allowing for tho proportion of the dividends on both
classes of pref. stock, were equal to 8.17% on tho ($12,992,149) common
stock for the four months period, or at tho rato of about 25% per annum
on the common stock. [Quarterly dividends of 1% % each, 7% per annum,
wore begun on the $5,592,833 Pref. A stock in July 1916 and havo been
paid regularly since that date.—Ed.)
, ,,. ,
,.
There is an active demand reported for pumps and allied machinery from
various lines of industry and especially from tho shipbuilding companies.
It is apparent that this corporation should continuo to share in tho pros
perity and favorable outlook for tho shipbuilding Industry. As lias been
stated in the annual report, tho corporation had a contract for ammunition
for the Russian Government. Wo understand that this contract is well
advanced toward completion. Tho company was thus in a position to
mako a bid for further contracts of this character, and announcement has
recently boon made that this corporation received a contract from the U. S.
Government for 750.000 shell bodies. Comparo V. 104, p. 1384.
CURRENT NOTICE.

—Tho following list of prlzo winners in tho advertising exhibit of tho
Financial Advertisers’ Association at tho convention of Associated Adver.
tising Clubs of tho World, St. Louis, is announced: First class. Best
Campaign: No. 1, Irving National Bank, Now York; No. 2, Guaranty
Trust Co., Now York, and No. 3, Third National Bank, St. Louis. Second
Class—Best Exhibit: No. 1, Union Trust Co., Spokane, Wash.; No. 2Northorn Trust Co., Chicago, 111.; and No. 3, Bankers Trust Co., New
United States Rubber Co.—Definitive Bonds.—
The Central Trust Co. Interim receipts and certificates for this com York. Third Class—Best individual piece of copy: No. I, St. Louis Union
pany’s First & Ref. M. 5% bonds. Series "A.” due Jan. I 1947, will be ex Trust Co., St. Louis; No. 2, Cleveland Trust Co., Cleveland, Ohio,and
changeable for engraved bonds of $1,000 denom. beginning June 25.
Soo Canadian Consol. Rubber Co., Ltd., above.—V. 104, p. 2250, 1806. No. 3, E. J. Lander, Grand Forks, N. D.




THE CHRONICLE

:J une 23 1917.]
The

(C o m m e r c ia l

Prices follow:

'T u n e s ,

June . . cts.5.0^5.03 September cts 5 21 @5.22 January. cts.4.88@490
July_____.5.0205.03 October . .5.22@5.23 February___ 4-67 @4.69
August___ 5.12 @5.14 November_5.24<a»5.25 March . ___4-6i@4.68
December . . . 5.12@5.14

COMMERCIAL EPITOME
Friday Night, June 22

1917.
i Though trade is brisk, much of it is on Government orders,
"h e high prices of all commodities is not without its effects
• i the buying by ordinary consumers. Still, with better
V
feather and more cheerful crop reports, retail trade has
brightened up. The steadily decreasing supply of raw
materials has caused a continued rise of prices, and some
increase in the export trade has latterly led to somewhat
higher prices for grain. The car shortage is also being in a
measure relieved, thus facilitating shipments so long re
pressed by inadequate transportation. Especially large
transactions are in progress in iron and steol. The great
success of the Liberty Loan has had a certain beneficial effect
on general business, even though it may have a tendency
to strengthen rates for money. Speculation is less active.
Reports as to the prospects for the spring wheat, corn and
oats crops aro, in the main, favorable. The enormous
Government buying of all kinds of supplies is expected to
continue for some time to come. It is believed that largo as
the recent orders have been, they are only a. beginning.
On the other hand, it would be useless to disguise tho fact
that the situation has its drawbacks. High prices every
where confront the householder. H e is economizing. Pur
chases of luxuries and even of necessaries are being universally
curtailed. This especially affects the sales of costly clothing,
jewelry, shoes, wines, &c. Wholesale trade in not a few
branches is slack unless tho Government is buying. Prices
aro so high that there is somo tendency to look for paternal
ism at Washington or Government control of commodities.
Labor continues scarce and high, which, coupled with tho
scarcity of raw materials, is a moro or less serious clog on
manufacturers in some branches. Tho cotton crop is not
progressing as well as had been hoped. It had a poor start,
and prices have been rising with such phenomenal speed that
the Liverpool Cotton Exchange was forced on the 20th inst.
to suspend trading in American and Egyptian “ futures,”
though business in spot cotton continues there. The Liver
pool trado is embarrassed by tho smallness of imports of
cotton. Consultations in London between the Liverpool
and Manchester representatives of the trade and the President
of the British Board of Trade may result in tho reopening
of tho Liverpool Exchango on M onday for restricted trading
in “ futures, but at best the situation lias its unfavorable
aspects. There is said to be little likelihood that the New
York Cotton Exchange will close, after its experiences in
this direction in 1914. Take it for all in all, however, the
business situation in the United States is sound and the W est
is visibly heartened by the more favorable outlook for tho
crops.
L A R D higher; prime Western, 22.05c.; refined to tho
Continent, 22 .50c.; South America, 23.20c.; Brazil, 24.20c.
Futures have advanced with hogs firm, but buying has
latterly been restricted by some declino in grain and a fear
of Government measures in controlling food. To-day
prices advanced. Chicago reported cash trado better.

DAILY CLOSING PRICES OP LARD FUTURES IN CHICAGO.
Sal.

July delivery ____ cts.21.65

September delivery

21.85

M on.

T u es.

21..57 , 21.02
21.77 21.82

W ed.

21.0.5
21.85

T h u rs.

21..57
21.80

F r i.

21.0.5
21.90

P O R K firm; mess $41 50, clear $42 5 0 @ $ 4 4 50. Beef
products firm, mess 8 3 0 @ $ 3 1 ; extra India mess $ 4 9 @ $ 5 0 .
Cut meats firm; pickled hams, 10 to 20 lbs., 2 1 @ 2 2 % e .;
pickled bellies 2 9 @ 3 0 c . Liverpool advices stato tho market
thero is dull but steady, with arrivals moderate. On tho
other hand, tho consumption is said to bo reduced. The
smallness of arrivals does not permit the increasing of
stocks. Butter, creamery, 3 8 % @ 3 9 % c . Cheese, Stato, 23 c .
Eggs, fresh, 3 5 @ 3 6 c .
C O FFE E lower; N o . 7 Rio, 10c.; N o . 4 Santos, 1 0 % @
lO j/jc.; fair to good Cucuta, 11 f e l l j/fe. Futures declined
slightly on July liquidation, easier Brazilian quotations
and expectation of a large crop movement before long.
Trading has not been brisk as most people prefer to await
definite nows as to food legislation ut Washington. T o 
day futures closed unchanged to 3 points lower, with sales
stated at 4,2 50 bags.
Closing quotations follow:

Juno----- cts.7.67@7.69
July......... - - 7.69@7.70
August....... 7.73(47.75
September ..7.76^7.78

Octobor.cts.7.79@7.80
November ..7.82(^7.83
December...7.81W8.85
January ___ 7.89@7.90

Fob------ cts.7.93@7.94
March..........7.98(47.99
April............8.03(48.01
_____ ___
M ay............8.03@8.09

S U G A R higher; centrifugal, 96-degrees test, 5.96c.; mo
lasses, 89-degrees test, 5.21c.; granulated, 7.50c. Futures
advanced slightly, owing to Cuban buying, coincident witli
a sharp decrease in the Cuban recoipts. Grinding is much
smaller. The week’s receipts at Cuban ports aro stated as
35,367 tons, against 60,923 tons in the previous week and
19,742 last year; stocks, 744,021 tons, against 745,529 a
year ago. Y e t, on tho other hand, refiners liavo been buy
ing but sparingly, awaiting developments at Washington on
tho food bill. To-day futures closed 5 to 6 points higher with
sales stated at 30,750 tons.




2563

OILS.'— Linseed closed quiet; city, raw, American seed,
$1 1 5 @ $ 1 17. C ity, boiled, American seed, $1 1 6 @ $ 1 18;
Calcutta, $1 40. Lard, prime, $1 90. Cocoanut, Cochin,
19c.; Ceylon, 18c. Corn, 14.81c.
Palm, Lagos, 1 8 @ 1 8 % c .
Soya bean, 1434j@ 1 5 c . Cod, domestic, 8 4 @ 8 6 c . Spirits
of Turpentine, 43c. Strained rosin, common to good, 6.15c.
Cottonseed oil higher, on the spot at 16.50c. Closing
prices follow:

June ..cts.
16.45 ISept— cts.16 45@16.46|Doc cts.16.03@16.05
July......... 16 51 @16 55 October . ..16.35® 16 36 January __16.06@16.07
August 16.46@16.431November. 16 13@16 1 1
4
P E T R O L E U M firm; refined in barrels, $10 2 5 @ $ 1 1 25;
bulk, $5 5 0 @ 8 6 50; cases, $12 7 5 @ $ 1 3 75. Naptha, 73 to
76 degrees, in 100-gallon drums and over, 44 % s. Gasoline
firm; motor gasoline, in steel barrels, to garages, 24c., to
consumers, 26c.; gasoline, gas machine, steel, 41c.; 72 to 76
degrees, steel and wood, 38c.; 68 to 70 degrees, 2 8 @ 3 2 c .
Production is increasing, but it is said that consumption is
so large as to keep close on its heels. The mid-Continent
output is increasing. Interests in Towanda, Okla., is
increasing; also at Humboldt, Kansas. Closing prices were
as follows:

Pennsylvania dark $3 10
Cabell________
2 37
Mercer black____ 2 18
Crichton— ........ 1 10
Corning_______ . 2 46
Wooster______ . 2 18
Thrall........... 1 70
Strawn_____ __ . 170
De Soto . .
180

Illinois, above 30
North Lima_$1 88
degrees----- ------$1 92
South Lima_ 1 88
Indiana______ _ 178 Kansas and Okla
Princeton______ 193 homa________ 1 70
Somerset, 32 deg . 2 20 Caddo La., light.. 1 90
Ragland------- . 1 00 Caddo La., heavy I 00
Electra .................1 70 Canada_____ . . 2 28
VIoran............. .
l 70 Humble__ _ -- . 1 00
1 70
Plymouth
..
1 Henrietta . . .
88

T O B A C C O has been quiet, but firm. A ll eyes are on the
inscription of 4,000 bales of Sumatra tobacco to be offered
here. Samples were being inspected. The same methods
will be followed as in Amsterdam. Very little of old domestic
remains. Of course, a big crop will be planted if labor can
be had. It is rather scarce, however, and the season is a
fortnight late. The Government weather and crop report
for tho week said: “ While tobacco needs warmer weather, it
was growing fairly well in the Central and Southeastern
States. Transplanting was in progress in more northern
districts, but the work was going on slowly in Ohio and
Pennsylvania.
C O P P E R slow; Lake here oh the spot, 3 1 @ 3 2 c .; electro
lytic, 3 3 @ 3 3 % c .; for third quarter, electrolytic, 3 0 @ 3 1 c .
Trading has been quiet, pending announcement by the G ov
ernment of its prices and needs. The distant deliveries
have been reported rather weaker. Tin higher; spot, 6 3 %
@ 6 4 c . Trade has been slow and latterly prices have re
acted a little. A delay in receiving London advices has been
a damper. Spelter easier at 9 % @ 9 % c . on tho spot. Trade
has been quiet and prices have eased in spite of the fact that
ore has continued high. Lead lower, on the spot, at 1 1 %
@ 1 2 c . Here the market has really been mostly marking
time, pending an announcement from Washington of the
Government’s wants and prices.
P IG IR O N has been active and rising daily and almost
hourly. Within a few days most grades have been raised
$2 to $3 a ton. Foundry and malleable pig iron has been
rising at Pittsburgh, Chicago, Philadelphia and Cincinnati.
Chicago bar iron is 4 cents higher and cast iron pipe $2
higher. As prices mount upward, there is some irregularity,
notably on Alabama and Ohio iron for 1917 delivery. A t
tho same time thero is some re-selling from second hands,
sometimes $3 to $5 below tho regular quotations, but buy
ers as a rule are not looking for any large quantity of iron
in this way. N o . 2 X foundry iron at tidewater, $50. Steel
has continued very strong with an upward tendency, pending
the settlement of the question at Washington as to just what
the Government intends to do. The wire trade is very active
at rising prices. Refined bar iron and rivets are $10 higher
at Pittsburgh. Plates continue very scarce. Japan is said
to be buying at 9 to 10 cents per pound on a liberal scale.
Some consumers want to buy finished steel for 1918 as a
protection on their contracts. They can get very little.
Tho Government evidently wants to buy large quantities
of sheet. Billets and sheet bars are largely sold [ahead In
fact there is a persistent demand for all kinds of steel.. The
Government is naturally the largest present and prospective
buyer; all others must wait. That is of course very clearly
understood. The war overshadows everything. The ,Gov
ernment’s purchases may transcend all present notions on
tho subject. The Government, however, may fix prices
not entirely to the liking of the trade.

COTTON
Friday Night, June 22

1917.
T H E M O V E M E N T OF T H E C R O P , as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
74 ,4 0 8 bales, against 58,656 bales last week and 69,693
bales the previous week, making the total receipts since
Aug. 1 1916 6,622,459 bales, against 6,864,241 bales for the
same period of 1915-16, showing a decrease since Aug. 1 1916
of 241,782 bales.

THE CHRONICLE

2564
M on.

Sal.

Texas City- - Port Arthur__
Aransas Pass, &c.
New Orleans___
Pensacola_____
Jacksonville___
Savannah ____
Brunswick___
Charleston____
Wilmington___
Norfolk___
Nowp’ tNews,&c.
Baltimore_____
Philadelphia___
Totals this week.

W ed.

T u es.

T h u rs.

F r i.

Total.

3,466

2,935

5,575

4,650

1,989

2,248 20,863

1,331
150

890
80

8,968
1,003

2,685
250

724

86 6

1,696 16,436
951 3,158

1,891

772

4,851
66

2,317
345
541

2,974

12 0
1

2,219 15,024
3,000 3,000
486 1,137
1
96
1,128 6,789
130
130
43
556
77
7,098 7,098
—
78
19,034 74.408

4
1,246

5
864

12 0

74

85
930
” 23
284

—
28
6,892 21,360 10,882

7,995

2,080
—

—

—

” 20

14

107
50

—

8,245

—

The following shows the week’s total receipts, the total
since Aug. 1 1916 and the stocks to-night, compared with
last year:

1916-17.
R eceipts to
J un e 22.

T h is
W eek .

Galveston______
Texas City_____
Aransas Pass, &c_
New Orleans___
Mobile...............
Jacksonville____
Savannah______
Brunswick--__
Charleston _____
Georgetown____
Wilmington----Norfolk________
N’port News, &c.
New York_____
Boston______ _
Baltimore.__ Philadelpnia___
Totals....... .....

1915-16.

S in ce A u g

This
W eek .

Stock.

Since A u g

l 1916.
1 1915.
1917.
20,863 2,589,399 16.S42 2,342,675 173,524
—
243,337
267 298,785
19,848
41,447
58,988
49,991
4 85,080
16,436 1,480,459 20,947 1,334,822 196,666
9,100
3,158 101,901 4,239 150,557
61,189
31,381
60.0S1
283
41,639
8,000
84,338
15,024 839,135 6,516 1,002,617
3,000 137,170 3,000 132.900
14,700
208 256,224
1,137 170,547
17,061
728
96 87,156 3,226 213,875
51,159
6,789 525,051 o,288 643,564
90,379
84 82,982
130
15,351
37 26,938
78,788
43 35,444
82,068
9,515
556 88,000 2.300
7,098 120,201
37,104
629 46,018
—
2,562
5,918
78
6,408
74,408 6,622,459 63,870 6,864.241 796,100

1916.
150,553
7,994
66
213.342
26,803
1,367
96,560
5,000
37,984
61,437
57,950
176,151
9,830
5,535
637
851,209

In order that comparison may bo made with other years,
we give below the totals at leading ports for six seasons:

1913.
1912.
1917.
1915.
1914.
1916.
Galveston__
20.863
10,153
4,497
4,046
16,842
10,518
Texas City,&c
3,966
956
271
6,436
New Orleans.
16.436 20,947
7,255
8,287
5,350
1,014
364
3,158
4,239
246
1,667
Mobile_____
15,024
6,516
4,264
6,074
4,633
2,982
Savannah __
3,000
3,000
40
437
596'
162
Charleston,&c
1,137
208
180
325
96
926
5
Wilmington. .
3,226
1,562
3,502
1,939
5,288
2,660
Norfolk____
6,789
2,510
2,738
130
84
N’port N.,&c.
873
478
747
1,853
All others___
7,775
3.249
27,262
30,014
30,500
16,465
Total this wk.
74,408 63.S70
Since Aug. 1. 6,622,459 6,864,241 10206688 10140282 9,647,203 11708932

R eceipts at—

The exports for the week ending this evening reach a total
of 37,242 bales, of which 13,899 were to Great Britain,
1,450 to France and 21,893 to othor destinations.
Ex
ports for the week and since Aug. 1 1910 are as follows:
W eek ending June 2 2 1 9 1 7 .
Exported to —
E xports
from —
G a lv e s t o n ..
T e x a s C ity .
P o r t A rth u r
E a g le P a s s
N e w O r le a n s
M o b i l e ____
P e n s a c o la ..
Savannah..
B r u n s w ic k .
C h a r le s to n .
W ilm in g t o n
N o r f o l k ____
N ’ p 't N e w s .
N ew Y o rk .
B o s t o n _____
B a lt im o r e ..
P h ll a d e l’ a . .
P o r t 'd , M e .
San F r a n ..
W a s h in g ’ n .
P e m b i n a ___
T ota l . . .
T o t . ’ 1 5 -’ 16
T o t . * 1 4 -’ 15

Great
Britain. F rance. Other.

Total.

From A u g . 1 1 91 6 to June 2 2 1 9 1 7 .
Exported to—
Great
Britain.

F rance.

1 0 ,4 8 0

1 3 6 ,7 1 8
1 1 5 ,5 3 2

1 3 ,6 2 7
6 94
5 ,7 0 0
____
_____
2 ,0 6 8

5 5 0 ,5 1 9
6 5 ,9 1 1
36,671)
1 6 1 ,1 0 2
1 1 2 ,9 3 1
1 6 ,3 0 7
5 ,0 0 0
5 4 ,5 1 2
913
1 6 2 ,5 7 7
1 0 6 ,4 0 0
1 4 6 ,4 4 8
3 6 ,2 5 3
148

2 1 1 ,4 1 0

_____
1 ,2 1 8

600

9 3 1 ,7 9 6
7 8 ,6 1 7
4 0 ,6 0 7

5 ,7 0 0

7 ,3 1 4
691

1 5 ,1 5 3

5 ,7 1 3

4 ,6 7 3

850

___

1 8 1 ,3 9 9

1 9 ,3 5 5
4 7 ,0 6 6
______
2 4 3 ,2 8 9
1 8 ,9 3 9
2 .3 8 4
________
_______

—

—

—

1 3 ,8 9 9

1 ,4 5 0

4 5 ,9 1 2
7 ,1 1 6

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

—

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

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

Other.

Total.

4 6 9 ,5 8 5 1 ,5 3 8 ,0 9 9
2 2 2 ,8 7 4
2 8 ,7 2 5
____
4 0 ,6 6 7
500
5 00
2 4 1 ,2 2 4 1 ,0 0 3 ,1 5 3
6 6 ,3 1 1
400
3 6 ,7 7 6
100
3 8 5 ,9 4 4
1 0 6 ,4 4 3
1 1 2 ,9 3 1
2 ,9 0 0
1 9 ,2 0 7
5 6 ,3 8 1
8 0 ,7 3 6
1 0 2 ,8 7 8
1 ,3 0 0
9 13
2 6 9 ,0 5 7
6 7 4 ,9 2 3
1 2 8 ,5 1 2
3 ,1 7 3
4 ,4 4 6
1 5 3 ,2 7 8
4 ,5 7 7
4 0 ,8 3 0
_______
148
1 7 8 ,9 3 5
1 7 8 ,9 3 5
3 6 6 ,1 1 8
3 6 6 ,1 1 8
150
1 50

3 7 ,2 4 2 2 ,5 0 6 ,7 7 7

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

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

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

2 1 ,8 9 3

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
N ew York.
On Shipboard, N o t Cleared fo r —
Great 1
Britain. France.

22 at—
Galveston___ 21,972
New Orleans.. 1,096 2,044
7,000
.........
5,730
New York___
1,000 2,000
Other ports__ 3,000 2,000
Total 1917. . 33,398 13,044
Total 1910. . 84.375 16,956
397
Total 1915. - 28,286
June

Ger
m a n y.

Other
C on t't.

12,680
5,986

Coast
w ise.

Total.

7.000 41,652
924 10,650
2,700 9,700
200
200
5,730
636
636
3.000
5.000
18,666 11,460 76,568
100 19,190 8,919 129,540
100 24,852 30.793 84,410

Leaving
Stock.

131,872
186,016
74,638
16,861
3,370
89,743
75,788
141,244
719,532
721,669
799.976

Speculation in cotton for future delivery has been excited
and active, with times of violent fluctuations. It closed at




IVo l . 104.

a rise on October for the week of 201 points. On the 20th
inst., after the Liverpool market had opened at rising prices,
it suddenly closed at the request, it is understood, of the
President of the British Board of Trade. Prices here ran
down some 175 points, or 220 points from the high level of
the previous day, amid excitement which had not been
equalled since Feb. 1., when prices suddenly fell 5 cents.
Recently the Liverpool market had been rising by leaps and
bounds, i. e ., 100 to 150 English points a day, or 200 to 300
New York points, owing to the scarcity of contracts and per
sistent buying by Manchester, the Continent and the general
public. Back of all this was the scarcity of ocean tonnage,
which was attributed partly to the U-boat campaign during
the last three years and partly to the demands of the war.
The spot sales in Liverpool had been anywhere from 8,000
to 14,000 bales a day, and spot business is still going on in
Liverpool. The business there is only closed to trading in
American and Egyptian futures. A t first it was announced
that the Exchange would be closed only for a day, until a
conference could be had with the President of the Board of
Trade; later it was stated that the Exchange would remain
open until to-day, June 22, in order to close out open trades.
The basis fixed for liquidation there was as follows: June,
18.75d.; July, 18.30d.; October, 17.25d.; January, 16.60d.;
M arch, 16.42d ., and M a y , 16.26d. In the meantime, the
petition to close the Now York Exchange on Saturdays,
which had been in circulation since Juno 13, was denied by
the Board of Managers hero. N or, from present appear
ances, is it likely that the Exchange hero will close, no matter
what Liverpool does. Liverpool, it is hoped, will reopen
on M onday next for restricted trading. Now York has had
a tasto of closing which it will not soon fox-get, nor, for that
matter, will the cotton trado of the United States soon for
get it. The closing of the institution hero for three and a
half months in 1914, followed by that of the exchanges of New
Orleans and other parts of the South, was a sharp and bitter
object lesson to the whole American trado, and, for that mat
ter, the foreign trado, as to the indispensability of the great
exchanges of this country, particularly those of Now York
and New Orleans, in standardizing prices. The New York
Exchange knows what it is to close. It also knows what
herculean efforts are required to reopen, and it is supposed
that there is no desire to go through the experiences of 1914,
both as to closing and opening, if thoy can b.y any possi
bility bo avoided. Just now the troublo is not with an excess
of hedging sales by the South; quito the contrary. The ina
bility of the South to hedge hex’e, owing to abnormal margins
necessary to pi’otect such traixsaetions, the rapid rise of quo
tations, often 100 points in a singlo day, and finally the
difficulties of shipping cotton from the South, all tends to
keep down the supply of contracts hero. The dwindling
of speculation has also cut off a certain sxipply of contx-acts,
while the marked decrease in Liverpool's straddle selling has
further acceixtuated that scax’city. The xxxills have been
eager bxxyers of the contracts. They naturally wish to pro
tect themselves on their engagements with the United States
Government. Thoir sales of goods to the Government have
beexx on atx onormoxis scale. Somo of the mills are said to
be sold ahead for nearly a year to como. W ith contracts
scarce, both here aixd iix Liverpool, the rise in prices was auto
matic. Of coxirse, speculation had something to do with
the advance. The W est, debarred from specxdativo trading
in wheat, took xip cotton as something which they considered
x-elatively cheap around 20 cents, aixd thoy saw it go to 2 7
cents, a rise of $35 a halo. There has also been more or less
trading on the bull side by W all Street, the Waldorf-Astoria
element and the South. But the real driving forco back of
the rise lias been the persistent buying by trade interests,
as a perfectly legitimate transaction in protecting themselves
on their engagements with the Government, at a time when
contracts, or in other words, “ futures,” were abnormally
scarce. A t the sanxe time there has been a nervoxis feeling
about the growing crop. Thoro is a fear that it may bo short.
That would, of course, xxxako three short crops in sxiccession.
A t tlxo samo time, the domestic consumption is estimated at
anywhere fronx 7,500,000 to 7,700,000, or say aix increase of
200.000 to 500,000 bales over last year and 1,500,000 to
1.700.000 over that of two years ago. It is persistently esti
mated, too, that the world’s consumption will bo at least
14.500.000 balos. The plant is almost everywhere small.
Drought has prevailed in parts of Texas, Georgia, Okla
homa and Louisiana. In gonoral, there has recontly been
too mxich x'aiix in tlxo norther sectioix of tlxo belt and too little
in tho Southern. For a time, too, tlxo nights were too cold.
Private crop roports showod an improvement iix tho condi
tion for two weeks of only 1 to 1J 4% . Tho boll weevil is
beginning to cause some comment. Spot markets as a rule
have been very firm. But many, when tho prico reached
27 cents, withdrew from tho markot. N ot a fow commission
houses openly dissuaded their customers from trading. It
was felt by many that tho advanco was being overdone.
Suddenly on tho 20th inst. camo tho great break. The closiixg of the Liverpool Exchange caxne like a flash oxit of a clear
sky and had all tho nxoro effect for that reason. Some arguo
that by reason of tho sixxallness of tho export trade, there will
be plenty of cotton in this coxmtry; that there will be nxoro
than sufficient, indeed, to sxipply tho wants of tho trade.
They think there will bo a good carry-over. They believo
that there is still the chance to raiso a pretty good sized crop.
Bulls, on the other hand, base thoir argument on a belief

JUNE 23 1917.]

THE CHRONICLE

in an enormous consumption and a deficient supply. To-day
prices suddenly swung upward 100 to 105 points. This was
owing to reports of drought in Texas and a rumor that the
National Gmners’ Association will in its forthcoming report
state tho condition of the belt as showing somo decreaso
during tho month of Juno. Ono report was that it will put
tho percentage at 08 to 09, with Texas about 70, whereas
it will re remembered that the last Government report put
tho condition of the belt at 09.5 and that of Toxas at 74.
Tho ten-year average for the belt is about 80. It is hoped
that tho Liverpool Exchange will reopen in a few days. A
conference was held to-day in London between Liverpool and
Manchester interests on the ono hand and the President of
tho Board of Trado on the other, and as already intimated,
there are hopes on the other side that tho Liverpool Ex
change can bo reopened on June 25. Contracts hero wero
again scarce, with trado interests buying. Efforts wero
made by the authorities of the New York Cotton Exchange
to keep speculation within conservative bounds. And tho
trading was certainly not on a large scale, tho estimated
transactions for the day not being over 175,000 bales, which
is of course a small total. The rise here recently has been
attributed more to trade buying and scarcity of contracts
than to any large outside public speculation. "W ith margins
815 to $20 a bale, tho trading by the small traders has anturally been very much restricted. Spot cotton closed at
26.55c. for middling, showing a rise of tho week of 165 points
Tho official quotation for middling upland cotton in tho
Now York market each day for tho past week has been:

2565

T H E V IS IB L E SU P P L Y OF C O T T O N to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Jun e 22—
Stock at Liverpool______ bales.
Stock at London_____________
Stock at Manchester__________
Total Great Britain_________
Stock at Hamburg____________
Stock at Bremen_____________
Stock at Havre____________.1
Stock at Marseilles___________
Stock at Barcelona___________
Stock at Genoa . . . ___________
Stock at Trieste______________

1917
411,000
25,000
44^000
483,000
*1,000
*1000
192*000
o !000
89!000
25 000
*l|000

1916.
1915.
1914.
659,000 1,761,000 964,000
50.000
43,000
5,000
61.000 148,000
77,000
770,000 1,952,000 1,046,000
"1,000
*4,000
29.000
*1,000 *202,000 416.000
270.000 304.000 301.000
15,000
15.000
3,000
a82,000
49.000
30.000
130.000 446.000
28.000
*1,000
*3,000
48,000
Total Continental stocks-------- 315,000 500,000 1,023,000 855,000
Total European stocks--------- 798,010 1,270,000 2 975 000 l orn nnn
India cotton afloat for Europe... 135,000
47.000 “ 'PATIO 1,901,000
147.000
Amer. cotton afloat for Europe.. 36,000 329,798 251,656 307.000
191,072
Egypt,Brazil,&c.,afloat for Eur’pe 38,000
30.000
21,000
27,000
Stock in Alexandria, Egypt____
99,000
40.000 170.000 152.000
Stock in Bombay, India_______ 907,000 920,000 908.000 969.000
Stock in U. S. ports.____ _____ 791,100 851,209 884,386 383,379
Stock in U. S. Interior towns___ 624,402 509,648 549,238 202,124
U. S. exports to-day.................... 13,593
24,336
6,120
Total visible suppiy3,447,095 4,021,991 5.912,400 4 , 1 3 2 5 7 5
A m e r i c a n ^ 0 ’ t0ta^ of American and other descriptions aro as follows
Liverpool stock------------- bales. 310,000
520,000 1,490,000
Manchester stock________________
27000 50,000 129,000 742.000
52,000
Continental stock_____________*261,000 *399,000 *842,000 727.000
June 16 to June 22—
Snt
Mon T up« w «,i ti ,,.-- i--:
American afloat for Europo__
136 000 329,798 251,656 191,072
Middling uplands................... 25.30 20.20 26.95 25 80 25.70
26 55 U. U. ports stocks_______________ 796’lD
O
U. S. interior stocks______
621102 851,209 884,386 383,379
13|593 509,648 549,238 202,124
U. S. exports to-day________ "
N E W Y 0 R K Q U O T A T IO N S FO R 32 Y E A R S .
24,336
6,120
1917.c____ 26.55 1909.C___ .11.60 1901.c. ___ 8.62 1893 _c..........8.00
1916______ 13.45 190S_____ .12.00 1900... . . . 9.31 1892........... 7.4
Total American_______________ 2.1680 Q
5
2,683,991 4,152,400 2.297.575
•East In d ia n , Brazil, & c .—
'
1915_______ 9.55 1907.. . . . .12.85 1.899— ___ 0.12 1891----------- 8.38
1 0 4 000
1914............13.25 1906_____ -10.90 1898... ___ 6.38 1890............12.06 Liverpool stock_____________
1913............12.40 1905......... . 0.20 1897... ___ 7.88 1889........ ..11.00 London stock...................
259)00 139.000 271.000 222,000
50.000
43.000
5,000
1 7 000 11.000
1912............11.65 1904......... .11.25 1896... ___ 7.62 1888----------10.31 Manchester stock________________
19.000
25.000
1911............15.20 1903......... .12.50 1895... ___ 7.19 1887----------10.94 Continental stock_____________ *54 [0 0 0 *101,000 181.000 128,000
1910........ -.15.20 1902_____ . 9.25 1894... -----7.31 1886--------- 9.12 India afloat for Europe___________
35000 47.000 147.000 307.000
Egypt, Brazil, &c., afloat--------3S/I00
30.000
21.000
27.000
Stock in Alexandria, Egypt____ 91),000
40.000
M A R K E T A N D SA LE S A T N E W Y O R K .
152.000
Stock in Bombay, India........... 907*,000 920.000 1709)00 969.000
908.000
I ho total sales of cotton oil tho spot each day during the

week at New York aro indicated in the following statement
For tho convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot M a rk et
Closed.

Fu tures
M a rk et
Closed.

Saturday__ Steady, 40 pts. adv. V e r y steady__
Monday__ Steady, 90 pts. adv. Stoady_______
Tuesday__ Steady, 75 pts. adv.
Wednesday. Quiet, 115 pts. dec. Steady_______
Thursday . _ Quiet, 10 pts. dec.. Steady_______
Friday____ Steady, 85 pts. adv Very steady__
Total.

SALES.
Spot.

Conlr'ct

100
” 33

133

Total.

19.45d.
26.55c.
29.60d.
25.00d.
18.80d.
18.98d.

8.29d.
13.30c.
12.5Sd.
13.75d.
S.OOd.
8.02d.

5.20d.
•58d.
9.60c.
13.25c.
7.90d.
9.70d.
10.40d.
8.85d.
5.10d. 6 3-16d.
5.22d.
6%d.

ot 2 ,46o,305 bales from 1915 and a falling off of 685 480
bales from 1914.
’

200

Saturday, Monday, Tuesday, 1Ved'day,
Thursd'y, Friday,
June 1 6. June 18 June 1 9 . June 2 0 .
June 2 1 . June 2 2 .

Range.
July—

pool-----Middling Upland, New York...
Egypt, Good Brown, Liverpool._
Peruvian, Rough Good, Liverpool
Broach, Fine, Liverpool..
Tinnevelly, Good, Liverpool.: ’
* Estimated, a Revised.

100
Continental imports for past week have been 34,000 bales.
“233 nP T i\bi°Le ,flgUrT f° r
«n
a decrease from last week
Of f f i P l v H ? 8.’ a ? SS o f im4r’89G , aIes from 1916- a decline
b

200

333

F U T U R E S .— The highest lowest and closing prices at
New York for the past week have been as follows:

Jitne—

S I g a : ± : : : : ; : - j g a ig ffl ®

deteC bee
il0 iowndmg Pen° d ° f ^
Week.

_ ___ ___ ___________
_
2 4 .8 9 - .9 4 2 5 .6 3 -.7 1 2 6 .2 6 - .3 5
2 5 .4 5 - .5 0 2 5 .2 5 - .2 8 —

A I 1I1E IN T E R IO R T O W N S the movement— that is,
tho receipts for tho week and since Aug. 1, the shipments
for tho week and the stocks to-night, and the same items for

M ovem ent to June
T ow ns.

—

R a n g e _____ 2 4 .5 5 - .9 7 2 5 .1 9 - .8 5 2 6 .2 0 - .6 2 2 4 .6 5 -1 9 7
C lo sin g ____ 2 4 .9 7 - .9 8 2 5 .7 3 - .7 6 2 6 .3 6 - .4 0 2 5 .6 4 - .5 5 2 4 .9 0 - .6 0 2 5 .3 0 - /3 3 2 4 .5 5 - /6 2
2 5 .3 2 - .3 3 2 6 .3 3 - . 34
A u gu st—
2 5 .2 0 - .7 1 2 6 .4 6 — 2 5 .0 0 - .9 5
R an g e
2 5 .2 5 — 2 0 .0 0 — 2 5 .2 0 - /4 0
C lo sin g ____ 2 4 .8 6 - .9 0 2 5 .6 0 - .6 6 2 6 .2 7 - .3 5 2 5 .4 8 - .5 3 2 5 .2 6 - .2 9

Receipts.
W eek,

j

567
Selma___
17
Ark., Helena..
75
Little Rock.. 1,378
Pine M ull...
167
Ga., Albany__
7
Athens_____
410
Atlanta_____ 3,713
Augusta____ 1,352
Columbus___
300
Macon_____ 2,213
Rome______
293
La., Shreveport
55
Miss.,Columbus
21

Season.

22

Ship
m ents.
W eek.

previous y ear— ^ set out in
19 17 .
Stocks.
June

22.

45,843,
857 19,780
21,735
78; 1,873
73,465
147| 5,000
233,471; 3,521' 16,816
152,056; 2,S10; 21,138
19,196
133 1,055
102,6.33 2,700 12,016
321,497 8,543 43,851
372,937 3,844; 50,694
62,292,
687; 6,300
169,747; 2,8171 13,072
58,437;
349| 3,944
149,208 2,574j 5,865
7,040,
20 1,007
Greenville ..
56,250;
500: 15,000
Greenwood__
200 113,0541
700 16.500
Meridian___
492 23,459;
368 4,770
Natchez___
34,752!
4,929
Vicksburg__
16.21S
'353
720
Yazoo City . .
19,218
• 7 3,231
11
Mo., St. Louis. 10,729 856,905; 11,876 16,483
N.
C.,Gr'nsboro 82.15S* 1,300 6,000
1,000
Raleigh____
93 11,808
75
74
O.
, Cincinnati. 179,299
796
899 15.500
Olda., Ardmore
52,255!
1,300
Chickasha__
100 81,189!
410 1,000
Hugo.......
29,597j
54
Oklahoma__
38,212
600
S.C.,Greenville 1,000 143,899! 1,700 18,768
Greenwood__
16,432
JB 2,101
Tenn.,Memphis 14,474 1.292,220 27,840 236,117
Nashville__
2,370
297
Tex., Abilene..
62,158
156 1,200
Brenham___
26 24,108;
620
161
Clarksville__
792 44,003
826
442
Dallas........... 1,160 127,828! 1,237 5,186
Honey Grove.
•39,649
170
151
Houston____ ll',on 2.492.3S7 14,774 61,605
Paris______
954 144,143; 2,844 2,614
San Antonio..
43,609!
42

M ovem ent to June
R eceipts.
Trr

;

W eek .

|

738
119
1
305
362
8
,
1,200
2,304!
1,149;
133
110
1
1
71
32
77
67
192
43
112
5,765
1,226
16
5,173
6
124
"” 7
1,111
4,136

Season .

23 1916.

\ sh ip merits.
| W eek .

Stocks
June

23.

124,955 1,673 45,453
59,056!
873 17,199
52,333
813; 3,137
169.5251 1,S04 12,211
R a n g e ..........
2 4 .9 5 - .4 0
2 5 .3 7 — 2 4 .9 5 -1 4 0
111,3761 1,492, 9,222
C lo sin g ____ 2 4 .7 7 — 2 5 .6 6 — 2 6 .2 1 — 2 5 .5 3 — 2 5 .2 7 — 2 6 .2 9 —
21,318;
545
848
O ctober —
122,168! 2,550 12.840
lta n g o .......... 2 4 .2 0 - .6 9 2 4 .9 4 - .7 0 2 5 .9 7 - .6 0 2 4 .4 0 -1 7 5 2 4 .7 9 - .4 7
2 5 .1 8 - / 2 3 2 4 .2 0 - /6 0
170,459! 3,832 48,127
C lo sin g ____ 2 4 .6 7 - .6 9 2 5 .5 8 - .6 0 2 6 .1 3 - .2 0 2 5 .4 3 - .4 5
2 5 .1 7 - .2 0 2 0 . 1 9 .2 0
383,264 2,823 79,609
November —
64,984 1,475; 21,429
R a n g e ..........
--- ; 5,073
—
44,602!
229! ----C lo sin g ____ 2 4 .6 9 — 2 5 .6 0 — 2 6 .1 5 — 2 5 .4 7 —
2 5 .1 9 — 2 6 .2 3 —
63,917j
740 4,974
D e ce m b e r—
119,394! 1,259 7,691
R a n g e .......... 2 4 .4 1 - .8 1 2 5 .2 0 - .8 2 2 6 .0 5 - .7 0 2 4 .5 3 184
2 4 .9 5 - .6 0 2 5 .3 2 - /3 8 2 4 .4 4 - /7 0
17,106
288' 1,920
C losin g____ 2 4 .7 8 - .8 1 2 5 .7 0 - .7 1 2 6 .2 5 - .2 9 2 5 . 5 4 .50
2 5 .3 1 - .3 3 2 0 .3 6 - .3 8
62,802
562 3,622
Jan u a ry—
107 199
672 6,195
R a n g e _____ 2 4 .5 4 - .7 7 2 5 .2 5 - .8 5 2 6 .2 0 - .7 0 2 4 .6 2 -1 8 8 2 5 .0 0 - .6 5
2 5 .3 8 - /1 5 2 4 .5 4 - /7 0
51,909 1,812 9,305
2 4 .8 3 - .8 5 2 5 .7 3 - .7 5 2 6 .2 8 - .3 5
C losin g-----2 5 .5 9 - .0 2 2 5 .3 7 - .3 8 2 6 .4 1 - .4 3
24,345
475 3,405
M a rch —
26,746
431
lta n g o .......... 2 4 .6 9 - .0 0 2 5 .4 2 - .0 0 2 0 .3 0 - .0 0 2 1 .9 0 - /0 7 2 5 .2 7 - .8 5 2 5 .5 1 - .4 7
30,164 "533 4,521
C lo sin g ____ 2 5 .0 2 - .0 4 2 5 .9 2 - .9 5 2 6 .4 5 — 2 5 .7 9 - .8 1 2 5 .5 2 - .5 3 2 6 .5 8 - .6 0 2 4 .6 9 -1 0 0
718,254 6,10l! 12,684
M ay—
100,368 1,556 10,691
R a n g e .......... 2 5 .0 0 — 2 5 .7 1 - .1 4 2 7 .0 0 — 2 5 .2 3 - .7 8 2 5 .6 1 — 2 5.6.3 —
13,617
100;
107
C lo sin g ____ 2 5 .1 5 — 2 6 .0 5 — 2 6 .5 7 — 2 5 .9 1 — 2 5 .6 5 — 2 6 .7 0 — !2 5 .0 0 -1 0 0
272,822 5,183, 12,300
44,963
97j 1,055
1250. /26c. 127c.
90,710
865; 4,298
12,615
Q U O T A T IO N S FO R M ID D L I N G C O T T O N A T O T IIE R
28,770
67 3,027
M A R K E T S .— Below are tho closing quotations of middling
137,857 2,717 13,560
19,131
261 3,978
cotton at Southern and other principal cotton markets for
951,962 10,195 82,637
each day of tho week.
6,684
328 1.066
69,405
21 20,435
177 ’ 787
C losing Quotations fo r M id d lin g Cotton on —
27,976
300
W eek end in g
*775 98,095
J un e 22.
9611 8,385
Saturday M o n d a y . 1u esda y . W ed ' day Th ursd 'y
F rid a y.
29,261
100 ___
7,719 2,058,638 13,358 47,438
Galveston_____ 2 4 r n
>
26.00
2 5 .2 5
25.25
25.00
25.70
150; 95,685
Now Orleans___24 to
200;
450
25.19
24.75
25.19
24.56
24.88
-.-I 51,082' ---Mobile.............24.00
87
25.00
24.50
25.00
24.50
24.75
Savannah------ 24 %
26
25 H
Total, 41 towns 53,406 7,826.607 95,992 624,402 33,293 6,693,742
26
25%
25%
Charleston____ '24 'A
67.165509.648
25%
25
25
25
25%
Wilmington___ |24
• 25
25
„ Ao{e- ~ ° ur, Interior Towns Table has been extended by the addition of 8 towns
24%
24%
25%
Norfolk______124.50
25.88
25.20
24.75
of oUum?tables nccessary 010 revIslon of tho Visible Supply Table and a number
24.75
25.38
Baltimore____ 24.75
26.00
24.75
26.00
25.50
25.50
Philadelphia__ 25.55
20.45
27.20
26.05
25.95
26.80
Augusta______ 24.63
The above totals show that the interior stocks have de
25.13
25.88
25.50
25.38
25.25
Memphis______ 24.00
24.50
creased during the week 42,586 bales and are to-night 114 754
25.00
25.00
Dalla.sj_______
25.00
25.05
25‘. 70
24.85
24.65
bales more than at the same time last year. Tho receipts at
Houston______ 24.70
25.65
25.60
26.00
25.10
24.85
25.75
Little! Rock___ 24.00
all towns have been 20,113 bales more than the same week
24.50
25.00
24.50
24.50
25.00
Se p te m b e r —




2 6 .2 8 - .3 1

last year.

2566

THE CHRONICLE

VO j. 104
I

Henrietta, Tex.— W e have had a rainfall of fifty two hun
dredths of an inch during tho week, on ono day. M ean
thermometer 77, highest 102, lowest 51.
Huntsville, Tex.— There has been no rain during the week.
The thermometer has averaged 73, the highest being 94 and
the lowest 52.
1915-16
----- 1916-17-----Since
Kerrville, Tex.— D ry all the week. The thermometer has
Since
J une 22—
A u g . 1.
W eek .
A u g . 1.
Ship p ed —
W eek .
6,101 722,707 averaged 70, ranging from 46 to 94.
11.876 852,549
Via St. Louis------------Lampasas, Tex.— There has been no rain during the week.
931 315,183
Via Mounds, &c-----------------------2,584 266,338
6,956 The thermometer has ranged from 49 to 100, averaging 75.
6,608
Via Rock Island--------------------- „ 63
3",201 143,494
Via Louisville--------------------------2,862 119,291
Longview, Tex.— Dry all the week. Minimum thermom
1,766 136,624
62,616
Via Cincinnati------------------------ 492
2,678 161,703 eter 55, maximum 100, mean 78.
Via Virginia points-------------------12,318 341,204
631,819
15,218
737,799
Luling, Tex.— W o have had no rain tho past week. rlh e
30,195 2,118,486 thermometer has averaged 79, tho highest being 98 and the
.44,267 2,386,405
D educt sh ipm ents.
2,966 157.586 lowest 60.
- 7,775 250,053
Nacogdoches, Tex.— W e have had no ram the past week.
2,897 180,063
. 3,618 157,110
3,793 299,345 The thermometer has averaged 73, ranging from 51 to 93.
. 9,955 471,036
Palestine, Tex.— There has been no rain during the week.
9,656 642,994
.21,348 878,199
Tho thermometer has ranged from 58 to 92, averaging 75.
Leavlng total not overland *_____ 22,919 1,508,206
20,539 1,475,492
Paris, Tex.— W e have had no rain during tho week.
Averago thermometer 77, highest 99, lowest 54.
* Including movomont by rail to Canada.
San Antonio, Tex.— It has been dry all the week. Tho
Tho foregoing shows the week’s net overland movement
has been 22,919 bales, against 20,539 bales for tho wcok last thermometer has averaged 79, the highest being 96 and tho
year, and that for the season to date the aggregate not over lowest 62.
.
Weatherford, Tex.— Dry all tho week. Tho thermomoter
land exhibits an increase over a year ago of 32,714 bales
1915-16
has averaged 76, ranging from 54 to 98.
.
------- 1916-17
Since
S in ce
I n Sight and S p in n ers’
Ardmore, Okla.— W o have had rain on two days during
A u g . 1.
W eek .
A u g . 1.
Takings.
W eek .
Recoipts at ports to Juno 22------ 74,408 6,622,459 63,870 6,864,241 the week, tho rainfall being three hundredths of an inch.
1,475,492
Not overland to Juno 22---------- 22,919 1,508,206 20,539 3,585,000 The thermometer has ranged from 49 to 98, averaging 74.
Southern consumption to June 22 - 91,000 3,872,000 87,000
Muskogee, Okla—Dry all the week. Average thermometer
.188,327 12,002,665 171,409 11,924,733 69, highest 90, lowest 48.
32,471
270,668 *33,872
.*42,586
Eldorado, Ark.—W e have had no rain tho past week. The
thermometer has averaged 71, the highest being 95 and tho
137,537
.145,741
Camo into sight during week..145,741
11,957,204 lowest 47.
12,273,333
Total in sight Juno 22----------- -----Little Rock, Ark.— Dry all the week. The thermomoter
.
Nor. spinners’ takings to Juno 22- 68,170 2,799,348 24,135 3,095.083
has averaged 71, ranging from 53 to 90.
* Decrease during week.
Texarkana, Ark.— Thero has been no rain during tho week.
M ovem ent into sight in previous years:
Thermometer has ranged from 52 to 93, averaging 72.
Since A u g . 1—
Bales.
W eek —
Bales.
Alexandria, La.—It has been dry all tho week. Average
1915—Juno 25........................§6,916 1914-15—June 25______14,855,009
1914—Juno 26...........- .......... 74.290 1913-14—Juno 26______14,587,709 thermometer 75, highest 97, lowest 52.
1912-13—June 27...........13,720,573
1913—Juno 27........................71.076
New Orleans, La.— W e havo had no rain tho past week,
Tho thermometer lias averaged 77, tho highest being 90 and
N E W O R L E A N S C O N T R A C T M A R K E T .— The high
.
est, lowest and closing quotations for leading contracts in tho tho lowest 62.
Shreveport, La.— Thero has been no rain tho past wook.
New Orleans cotton market for the past week liavo been as
Tlio thermometer has averaged 75, ranging from 56 to 93.
follows:
Colum
bus, Miss.— There has been no rain during tho week.
Tho thermometer has ranged from 48 to 98, averaging 73.
Saturday, M o n d a y , T u esd a y ,1W ed'dau. T h ursd ’y, Frid a y,
June 20. June 21. Jun e 22.
Greenville, Miss.— Dry all tho week. Averago thor
June 16. Jun e 18. J un e 19.
momoter 72, highest 94 and lowest 51.
Jun e —
Vicksburg, Miss.— It has been dry all tho week. Tho
Rango ___
Closing___ 24.03-.10 24.83-.87 25.33-.40,24.68-.75 24.29-.35 25.23-.30 thermometer has averaged 73, tho highest 89 and tho low
July —
85
„ ,
,
.
„
Range ___ 24.00-.25 24.65-.16 25.42-.95 23.85.191 24.20— 24.42-.36 est 54.
Mobile, Ala.— The early part of tho week was abnormally
Closing___ 24.20-.25 25.00-04 25.50-.53:24.85-.90 24.46-.50 25.33-.36
A u g u st —
cold. Plant is healthy although small, but needs rain to
25.82 — ----------- 24.80 — 24.44-30
Range ___
Closing___ 24.27-.32 25.10-.15 25.60-.65'24.95-.00 24.56-.60 25.53-.55 promote growth. W e have had rain on one day of tho past
September —
25.30.-35 week, tho rainfall being four hundredths of an inch. Ther
24.50-.03 25.90 —
Rango ___
24.09-.14 25.15-.20 25.65-.70 25.00-.05 24.68-.75 25.75.80 mometer has averaged 74, ranging from 58 to 88.
Closing___
October—
Montgomery, Ala.— Thero has boon, rain on two days during
.85
23.60-.95 24.51-.06 25.34- 23.60./16 24.07-.70 24.38-/50
Rango ___
.51
23.92-.95 24.84-.91 25.34- 24.75-.80 24.43-.47 25.46-.50 the week, to the extont of twelve hundredths of an inch.
Closing___
D ecem ber —
Tho thermomoter has ranged from 52 to 89, averaging 71.
23.80-.10 24.70-.24 25.54-.02 23.98-/24 24.40-.88 24.62-/70
Rango___
Selm Ala.—W o have had rain on ono day during tho
a,
24.08-.10 25.01-.06 25.63-.65 25.00-.05 24.62-.66 25-66-.70
Closing___
January—
week, the rainfall reaching sixty hundredths of an inch, but
00
.23
24.04-.24 24.90-.33 25.81- 24.00-/35 24.50— 24.84-/84 more is needed, in fact, a two-inch rainfall would bo accept
Rango ___
80
.83
24.24-.26 25.15-.16 25.82- 25.14-15 24.77— 25.83-.86
Closing__ _
able. Lowest thermomoter 52, highest 92, average,74.
M a rch —
30
24.21-.30 24.99-.43 26.01 — 24.53— 25.00 — 25.00.-98
Range ___
Madison, Fla.— W o have had rain on two days tho past
24.42-.45 25.29-.32 25.95-.00 25.29-.30 24.92-.95 25.97-.99
Closing___
week, the rainfall being ono inch and fifty-two hundredths.
M ay—
Rango ___
06
24.52-.5J 25.44-.46 26.05-.08 25.39-.44 25.02— 26.07-. 12 The thermometer has averaged 74, tho highest being 90 and
Closing_
_
the lowest 61.
,
Tone —
Steady. Quiot. Steady. Firm.
Quiet. Steady.
Spot____ :
Tallahassa, Fla.— It has rained on two days of tho week,
Steady. Steady. Steady. Steady. Very s’y Steady.
Options ...
the rainfall reaching eighty hundredths of an inch. Tho
124c. / 25.c
thermometer has averaged 75, ranging from 57 to 92.
W E A T H E R R E P O R T S B Y T E L E G R A P H .— Telegraphic
Albany, Ga.— W e have had rain of ono day during tho
advices from the South this evening indicato that over tho week, the rainfall being ten hundredths of an inch. ^ Tho
greater part of the cotton belt dry weather has prevailed thormomoter has ranged from 54 to 98, averaging 76.
Atlanta, Ga.— The week’s rainfall lias boon sixty hun
during tho week, and from a number of localities thero are
dredths of an inch, on two days. Averago thermomoter
complaints that rain is needed. Texas advices aro to tho 66, highest 85 and lowest 47.
effect that the plant is in a healthy condition but very back
Savannah, Ga.— It has rained on throe days of the week,
the rainfall reaching two inches and sixty-one hundredths.
ward, and that moisture is needed in nearly all sections.
Galveston, Tex.— N o material chango occurred in tho cot The thermomoter has averaged 73, highest being 89 and
ton crop outlook during the past week. Unseasonably low lowest 60.
Charleston, S. C.— W o havo had ram on two days or the
temperatures prevailing during the early days of tho week
retarded growth. Tho plant is still in a healthy condition, past week, tho rainfall boing twolvo hundredths of an inch.
but is very backward. Moisture is needed in nearly all The thermometer has avoraged 74, ranging from 6o to 82.
Greenville, S. C—There lias been rain on two days during
sections. There been no rain during the week. Tho ther
mometer has averaged 77, tho highest being 80 and tho tho week, the rainfall being thirty-one hundredths or an
inch. The thermometer lias ranged from 50 to 91, averag
lowest 68.
.
,
Abilene, Tex.— W e havo had no ram the past week. Tho
Spartanburg, S. C—We havo had ram on ono day during
thermomoter has averaged 75, ranging from 52 to 98.
Brenham Tex.— There has been no rain during tho week. the week, to tho extent of ono hundrethdth of an inch.
,
Average thermometer 70, highest 91, lowest 49.
Thermometer has ranged from 62 to 98, averaging 80.
Charlotte, N. C.— Thero has boon rain on ono day ot tho
Brownsville, Tex.— it has rained on one day of tho week,
week, to tho extent of twenty-four hundredths of an inch.
tho rainfall reaching seventy hundredths of an inch. Mini
The thermomoter has averaged 70, tho highest boing 88 and
mum thermometer 78, highest 94, averago 62.
Cuero, Tex.— It has been dry all tho woek. Tho ther the lowest 53.
Weldon, N. C.— It has rained on ono day of the week, tho
momoter has averaged 79, tho highest being 98 and tho
rainfall reaching twenty-fivo hundredths of an inch. Tho
lowest 59.
Dallas, Tex.— D ry all tho week. Tho thormomoter has thermomoter has averaged 71, ranging from 51 to 91.
Dyersburg, Tenn.— W e liavo had rain on ono day during
averaged 78, ranging from 58 to 97.
Fort Worth, Tex.— W e havo had no rain during tho week. tho week, tho rainfall boing ninety-seven hundredths of an
irmVi rriif> rm nm oter has ramrod from 50 to 89, averaging i0.
The thermometer has ranged from 58 to 98, averaging 78

O VER LAND M O V E M E N T FOR TH E W E E K A N D
S IN C E A U G . 1.— W e give below a statement showing the
overland movement for the week and since A u g . 1, as made
up from telegraphic reports Friday night. The results for the
week and since A u g. 1 in the last two years are as follows.




Memphis, Tenn.— E a rly p a rt o f w eek to o c o o l, b u t la tter
p o rtio n w e h ave h ad h o t, forcin g w eath er im p ro v in g c o n 
d itio n o f the pla n t. D ry all th e w eek . M in im u m ther
m om eter 51, highest 8 8 , average 71.
P O T T O N A C R E A G E R E P O R T — In ou r ed itoria l co l
um ns w ill bo fo u n d to -d a y ou r annual C o tto n A crea ge R e 
p o rt w ith a n a ccou n t at len gth o f the co n d itio n o f the pla n t
in each section o f tho S ou th . T h e rep ort has been prepared
in circu lar fo r m , an d the circulars m a y b e h ad m qu an tities
w ith business ca rd p rin ted th ereon .
.
Special business cards o f the follow in g represen tative
c o tto n com m ission an d brokerage houses o f N e w Y o r k an d
oth er cities w ill b e fo u n d in the ad vertisin g colu m n s o f this
issue o f the “ C h ron icle” :
H U B B A R D B R O S . & C O .,
G E O . II. M c F A D D E N & B R O J . S . B A C I I E & C O .,
H E N R Y H E N T Z & C O .,
H O P K I N S , D W I G H T & C O .,
L E H M A N B R O S .,
G W A T H M E Y & C O .,
E U G E N C . A N D R E S C O .,
W I L L I A M R A Y & C O ..
G ESO M. SHUTT « C O O .. M - S H U T 1 &

T h e ton e o f th e L iv e rp o o l m a rk et fo r sp ots an d fu tu res
each d a y o f th e p a st w eek an d th e da ily closin g p rices o f
sp ot c o tto n h a v e been as follow s:

M a r k e t,
12:15
P .M .

H EN RY CLEW S & C O 
S. M . W E L D & C O 
BO N D , M cE N A N Y & C O IIE R K L O T Z C O R N & C O 
IL & B . B E E R .
JO H N E. C L A R K & C O 
M O R R IS H . R O T H S C H IL D & C O 
VA N L E E R & CO E. P. W A L K E R & C O B A S IIIN S K Y C O T T O N C O - IN C .

,

■ :

,

,

TTIrm •
i ii iii
87 4- 104.
O/ “T 1U4
*
p ts. a d v .

2 8 9 .8 7 2 1 5 .9 3 0 .4 8 9
2 3 4 .8 7 2 1 2 . 1 9 3 .4 8 9
5 5 ,0 0 0 3 . 7 3 7 . 0 0 0

iw , i r ™

Since
Aug. 1.

Week.

Since
Aug. 1.

Week.

Since
Aug. 1.

4 3 ,0 0 0 2 ,4 0 9 ,0 0 0

4 2 ,0 0 0 2 ,9 2 3 ,0 0 0

1 9 1 5 -1 6 .

1 9 1 4 -1 5 .

1 0 ,2 8 4
4 ,5 6 3 , 6 5 8

1 9 ,2 0 0
6 ,2 1 8 ,6 6 3

Since
Week. Aug. 1.

Since
Week. Aug. 1

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

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

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

1 ,6 0 0 5 5 6 .4 7 9 ‘

7 ,2 8 4 '6 8 0 , 7 8 2

1 2 ,6 3 0 * 7 5 0 ,1 5 7

1Pi iv

V/UJ.

--- ~ y

cable to -n ig h t from M a n ch ester states th at business is
r m r ilw e d b v tho a d va n ce. Q u ota tion s aro n om in a l. W e
give prices fo r to-d a y b elow an d lea ve th ose fo r p reviou s
w eeks o f this and last y ea r fo r com p a rison : ________________
1917.

Cop
Twist.

32s

16 H
16H

25

17H

I flX

June
1
8
15
22

17H
18k
21

23 H

1.1 \

1916.

S‘
A bs. Shirt-Cot’n
ings, common Mid.
to finest.
Up's.

8k
bs. Shirt- Cot'n
ings, common Mid.
to finest.
Up’s.

32s Cop
Twist.

d. d.
12 89 12k
12.80 12k
13.26|l2k
13.90,12k

&
@
@
@

d. a.
13k 7
13k'7
13k! 7
13k,7

,0
18H • 1 @ 1310k 14.53 12k
23 12 5 @16 0 17.06 12k
13-10>2@19 0 19.45112k
26

@
@
@
@

13k;7
13k 7
13k 7
13k 7

d.
s- d .
ik @ i ’ »
18 9 4 k © 1 2 1 0 k
18k 9 6 @ 13 0
18k 10 0 @ 1 3 9

(1
18H

20k 1010k @ 1410k 15.51 12k

E I I P O O L .—

d.
Ik @9
3 @9
4 k @9
4k@9

a. d. d .
8.12
3
4k 8.44
8.74
6
8.47
6
8.43
4k @9
8.42
4 k @9
8 .2 5
3k @9
8.29
2 @9

Sa!es7stoclcs, &c.,.for past week:

U
June 8 .
May 3 0 .
3 9 .0 0 0
S a le s o f t h o A veok......... ..........................
2 5 ,0 0 0
2 ,0 0 0
O f w h ic h s p e c u l a t o r s t o o k ............
2 ,4 0 0
1 ,0 0 0
O f w h ic h e x p o r t e r s t o o k _______
100
3 3 .0 0 0
S a le s , A m o r l c a n _____________________
1 9 ,0 0 0
2 ,0 0 0
1 ,0 0 0
A c t u a l e x p o r t ...........................................
6 5 .0 0 0
F o r w a r d e d -----------------------------------------3 7 ,0 0 0
4 8 8 .0 0 0
T o t a l s t o c k -------------------------------------- .
5 3 2 ,0 0 0
3 6 9 .0 0 0
O f w h ic h A m e r i c a n ......................... 4 0 6 ,0 0 0
23
T o t a l I m p o r t s o f t h o w o o k ____________________ 3 0 ,0 0 0 .0 0 0
1 9 .0 0 0
O f w h ic h A m e r i c a n .........................
2 2 ,0 0 0
1 0 9 .0 0 0
A m o u n t a f l o a t ---------------------------------8 6 ,0 0 0
6 4 .0 0 0
4 4 ,0 0 0
O f w h ic h A m e r i c a n .........................




12^

p.m .
d.

d.

HO L I
D iV Y

17
16
15
15
15

36
98
89
46
33

d.
48
14
05
52
39

T h u rs

W ed

Tues
4
p .m .

F ri

4
4
12X
12K
12X 4 12H 4
p.m . p.m . p.m . p.m . p . m . p . m . p . m . p.m'i

d.
73
35
25
60
44

d.
63
20
15
60
45

d.

d.

75
30
25
60
42

d.

d.

d.

d.

C LO SED

W I N T E R W H E A T .— T h o w e a th e r c o n d it io n s w e re f a v o r a b le fo r th e
h a r v e s t i n g o f w in t e r w h e a t in t h e S o u t h e r n S t a t e s a n d t h i s w o r k w ^ t a
p r o g r e s s a t t h e c lo s e o f t h o w e e k a s f a r n o r t h a s N o r t h C a r o l i n a , T e n n e s s e e
a n d e x t r e m e s o u t h e r n M is s o u r i a n d K a n s a s .
I n O k la h o m a ^ k e g r a i n
r ip e n e d t o o r a p i d l y a n d w a s d a m a g e d b y h o t w in d s in t h e eastern p o r t i o n
oi! t h e S t a t e .
I n p r a c t ic a l l y a ll t h o o t h e r S o u t h e r n S t a t e s a n d in C a li f o r n ia ,
w h e r e h a r v e s t i n g w a s g o i n g o n , t h o y ie ld s o f t h i s c r o p a r e f r o m g o o d t o
I x c e C t S
in
b ^ t e r 't h a n w a s a n t ic ip a te d .
T h e h ca d s w ere
f il l in g w e ll in t h e t ie r o f S t a t e s f r o m C o l o r a d o e a s t w a r d t o \ ir g lm a , w h il e
In t h e n e x t l in e o f S t a t e s f r o m N e b r a s k a t o O h io t h e c r o p m a d e s a t i s f a c t o r y
p r o g r e s s * * I n t h e n o r t h e r n O h io V a ll e y t h e i m p r o v e m e n t d u r i n g t h e w e e k
m a r k e d , a n d t h o c r o p ^ in fin e c o n a t i o n
W i n t e r w h e a t is
b e g i n n i n g t o h e a d in t h e e x t r e m e n o r t h I a c i f i c C o a s t S t a t e s .
.
..
S P R I N G W H E A T .— T h o w o o k ju s t e n d e d h as b e e n w a rm e r th a n th e
n o r m a l In t h e P a c i f i c C o a s t S ta te s ' a n d in M o n t a n a b u t s l ig h t l y c o o l e r
t h a n t h e n o r m a l in N o r t h D a k o t a , S o u t h D a k o t a a n d M i n n e s o t a .
IJ g h t
t o m od O T a tp ly w e ll d i s t r i b u t e d r a in s f e ll in t h e e a s t e r n s p r i n g w h e a d d i s t r i c t
a n d p r o d u c e d c o n d i t io n s f a v o r a b l e f o r t h o d e v e l o p m e n t o f
c r o p • fr*
N n r tii D a k o t a n o t w it h s t a n d i n g t h o f a c t t h a t m o r e r a in is n e e d e d in s o m e
p la c e s t h o w e a t h e r o f t h o w e e k w a s d e c i d e d l y f a v o r a b l e .
E a rly s o w n
s p r i n g ’ w h e a t is in e x c e l le n t c o n d i t io n In t h a t S t a t e , a n d 1 t ®
.a
c o n d it io n .
I n n o r t h w e s t e r n M i n n e s o t a t h e c r o p is b a c k w a r d a n d Is
n e e d i n g m o r e r a i n , b u t is in f a ir c o n d i t i o n .
In th o c e n tr a l p o r t io n o f
M in n e s o t a t h o c r o p is g o o d , a n d in t h o s o u t h e r n c o u n t i e s i t is in e x c e l le n t
co n d itto n
T h e c r o p ls v e r y p r o m is i n g in S o u t h D a k o t a h a s a g o o d c o l o r
a n d is h e a v iljr s t o o f e d , a l t h o u g h i t is b e g in n in g t o n e e d r a in m p a r t s o f

1914-15.

1915-16.

Since
Week. Aug. 1.

T o t a l e x p o r t s ...................

4
11
18

C losed
T em 
p o ra rily .

t h O A T S te R Y E & B A R L E Y .— O a ts , r y o a n d b a r le y w e re g e n e r a lly f a v o r a b lv a ffe c t e d b y t h e w e a th e r o f t h e w e e k ju s t o n d o d .
T h ere w as a m arked
f m o r o v e m e n t in N o r t h D a k o t a , w h o r e d r y w e a t h e r h a s h e r e t o f o r e c h o k e d
th e d o v e lo o m e n t o f th e s e c r o p s .
O a t s w e r e h o a d in g a s f a r n o r t h a s t h e
lo w e i- O h io a n d M is s o u r i V a ll e y s , a n d h a r v e s t i n g w a s in p r o g r e s s i n m o r e
s o u th e rn d is tricts .
T h e s p r in g o a t s a r o g e n e r a l l y in g o o d t o e x c e l le n t
c o n d it io n t n c e n t r a l d is tric ts .
W i n t e r r y o Is h e a d i n g w e ll , a n d s p r i n g r y e
is g e n e r a l l y g o o d a n d m a k i n g s a t i s f a c t o r y p r o g r e s s , e x c e p t i n a f e w d i s t r i c t s
w h o r e r a in is n e e d e d . B a r l e y m a d e g o o d p r o g r e s s a l s o , e s p e c i a ll y o n t h e
P a c ific C o a s t.
H a r v e s t i n g is g o i n g o n in C a li f o r n ia a n d t h o c r o p is b e t t e r
t h a n h a d b e e n a n t i c ip a t e d .
T h o s e e d i n g o f f l a x is n e a r l y c o m p l e t e d in
N o r t h D a k o t a , a n d t h e e a r l y s o w n is u p a n d is m a k i n g g o o d g r o w t h .
W h i l o r ic e w a s m a k i n g s a t i s f a c t o r y g r o w t h in C a li f o r n ia , i t w a s b a c k w a r d
a n d n o t m a k in g g o o d p r o g r e s s in s o m o s e c t io n s o f t h o l o w e r M is s i s s ip p i
o r c o t to n m „ , o « t ce n tra .

L i v e r p o o l ......... ..................
M a n ch ester. - - - - - - - C o n tin o n t a n d I n d ia .
A m e r i c a --------- ---------------

d.

Irreg u la r,
106 + 115
p ts. a d v .

W E A T H E R B U L L E T IN F O R W E E K E N D IN G JU N E
__ T h e influences o f w eath er on the crop s as sum m arized
in 'the w eath er bu lletin issued b y the D ep a rtm en t o f A g ri
culture fo r the w eek ending Juno 19 w ere as follow s:

4 , 0 2 1 ,9 9 1

7 ,0 7 5
5 ,0 2 7 ,5 6 1

Exports (bales) —

May

12H 1 2 H
p.m . p.m .
d.

J u n e ------J u ly -A u g .
O c t.-N o v .
J a n .-F e b .
M a r .-A p r .

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

1 9 1 6 -1 7 .

T h i s w o e k --------------

M A J N U l l l 'j i j

U n scttle d ,
15 + 20 p ts.
d e c lin e .

M on

Sat
J u n e 16
to
J u n e 22

M O V E M E N T .___________

6 6 ,0 0 0 2 ,5 1 8 ,0 0 0

Receipts ( canlars) —

To
To
To
To

Irreg u la r,
76+109*
p ts. a d v .

The prices oi iutures at uiveipuui iui
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.

A L E X A N D R IA R E C E IP T S A N D S H IP M E N T S .
Alexandria, Egypt,
May 2 3 .

10,000
1,000

(
<
1

Season .

3 , 4 4 7 , 0 9 5 4 , 0 2 1 ,9 9 1

3 ,4 4 7 ,0 9 5

1916-17.

Bombay......... ............ .......

1 9.45
5 ,000

1

1 9 1 5 -1 6 .

Week.

Season.

* K mhraros receipts m Europe irum JMMII,
’

Week.

19.39
8 ,000
800

M a r k e t,
4
P .M .

- e in . retail e 111!)r a c e s t l i o o s t im a t o d c o n s u m p t i o n b y S o u t h e r n m il l s ,
1 872 000 b a ^ In 1 9 1 6 -1 7 a n d 3 , 5 8 5 . 0 0 0 b a le s In 1 9 l S - 1 6 - t a k l n g s n o t
i .\ i.,,,a ir a lU h ln __ a n d t h e a g g r e g a t e a m o u n t s t a k e n b y N o r t h e r n a n d f o r e i g n
sn nnem 1 2 ^ 5 8 . 4 9 9 b a le s in 1 9 1 6 -1 7 a n d 1 3 , 3 0 8 ,6 2 3 b a le s in 1 9 1 5 -1 6 . o f
w h u T l i 's '3 2 1 4 8 9 b a le s a n d 8 ,9 7 8 , 6 2 3 b a l e s A m e r i c a n ,
b E s tim a te d .

May 3 1 .
Receipts at—

19.39
8 ,000
800
ouu

1 9

Week.

COTTON

19.37

\

4 ,1 4 4 ,1 5 5
V is ib le s u p p l y J u n e 1 5 - . ............... 3 , 5 2 7 , 2 2 6
4 ,6 6 4 ,4 1 0
3 ,1 8 3 ,2 5 1
V is ib lo s u p p l y A u g . 1 ------------- - 
1 3 7 ',5 3 7 1 1 ,9 5 7 ,2 0 4
1 4 5 ',7 4 1 1 2 ,2 7 3 ,3 3 3
A m e r i c a n in s i g h t t o J u n e 2 2 - ,
3 3 .0 0 0 3 , 0 4 3 , 0 0 0
5 4 5 .0 0 0 2 .7 3 2 .0 0 0
B o m b a y r e c e ip t s t o J u n o 2 1 ------3 7 7 ,0 0 0
1 4 .0 0 0
2 3 6 .0 0 0
5 6 .0 0 0
O th e r In d ia s n ip m ’t s t o J u n o 21
6 1 2 .5 0 0
500
6 8 1 .0 0 0
5 1 .0 0 0
A le x a n d r ia r e c e ip t s t o J u n e 2 0 . ,
2 6 1 .5 0 0
1 2 ,5 0 0
2 7 2 ,0 0 0
5 1 2 .0 0 0
O t h e r s u p p l y t o J u n o 2 0 * ---------1 9 ,3 7 7 ,5 8 4 4 , 3 4 1 , 6 9 2 2 0 ,9 1 5 ,6 1 4

BOM BAY

H O L I
DAY.

Futures.

,

1 9 1 6 -1 7 .

T o t a l t a k in g s t o J u n o 2 2 - a ------O f w h ic h A m e r i c a n ....... .............O f w h ic h o t h o r ---------------------------

M o d e r a te
d em a n d .

10,000
1 ,Uuu
1 non

M a rk e t
op en ed

W O R L D ’S SU P P L Y A N D T A K IN G S OF C O T T O N .

Deduct—

M o d e r a te
d em a n d .

Friday.

18.00

Qti’nncr ,
o iro u g
ic; L ca
a d v a n ce .

A lso:

V is ib lo s u p p l y J u n o 2 2 ....................

F air
business
d o in g .

G ood
dem and.

G ood
d em a n d .

1

S p e c .& e * p .

C H IL E A N N IT R A T E P R O P A G A N D A .

C o t t o n T a k in g s
W eek a n d S eason

1

{

Wednesday. Thursday.

Tuesday.

Monday.

M id .U p l’ ds

LAW RENCE & CO 
W IL L IA M IS E L IN & C O K E L S E Y T E X T IL E C O R P O R A T IO N ,
CO N VERSE & C O M IN O T , H O O PE R & C O C . II. PO P E & C O .

W O O D W A R D , B A L D W IN & C O 
W A T T S , S T E B B IN S & C O C A T L IN * C O 
L F . D O M M E R IC II & C O J. P. STEV EN S & C O 
I L A .C A E S A R & C O 
B L IS S , F A B Y A N & C O 

Saturday.

Spot.

A lso tho cards o f a num ber o f the lea din g d ry g ood s c o m 
m ission m erchants an d m ill selling agents in th e c o u n tr y .
T h o so represented are:

'

35 6 7

THE CHRONICLE

J unb 23 1917.]

June 15.

June 2 2 .

5 4 .0 0 0
7 .0 0 0

3 7 ,0 0 0

44".066
4 .0 0 0
7 0 .0 0 0
4 4 5 .0 0 0
3 3 3 .0 0 0
3 1 .0 0 0
1 7 .0 0 0
1 0 7 .0 0 0
7 3 ,0 0 0

3 0 .0 0 0
1 ,0 0 0
5 9 .0 0 0
4 1 4 .0 0 0
3 1 0 .0 0 0

a n d e a s t e r n s e c t io n s o f t h e r e g i o n a n d t h e c r o p w a s fu { t b er.n ^ ,T | ° , ^ n l y
u
a f f e c t e d b y d r o u g h t in c e n t r a l a n d w e s t o r n O k la h o m a , a n d in L o u is ia n a ,
o x c e p t in t h e s o u t h e a s t e r n p o r t i o n ; d r o u g h t a ls o o b t a i n e d in T e x a s , b u t t h e
c r o p s t o o d t h is c o n d i t io n w o ll in t h a t S t a t e a n d m a d e s o m e ^ T °
d r o u g h t s i t u a t io n in L o u is ia n a is r e p o r t e d a s s e r io u s .
D e c id e d im p r o v e 
m e n t re s u lte d f r o m t h e w e a th e r o f t h e w e e k in T e n n e s s e e , a n d la t e c o t t o n
in t h a t S t a t e is In g o o d s h a p e .
F a ir p r o g r e s s o n l y w a s m a d e m N o r t h
C a r o lin a w h e r e w a r m e r w e a t h e r is n e e d e d .
T h e e a r l y c r o p is fr u it i n g
n o r t h w a r d t o t h e lo w e r P i e d m o n t in S o u t h C a r o lin a ; is b l o o m i n g g e n e r a lly
a n d f o r m i n g b o l ls in F l o r id a ; f o r m i n g s q u a r e s a n d b l o o m i n g in L o u is i a n a .
a n n a h i Ii n " o u t li e a s < o r n L o u is i a n a a n d e a s t e r n O k la h o m a b e n e f i t t e d c o t t o n .
f
The c ? o p i f r o p o r t w i a s s m a ll in G e o r g i a a n d M i s s i s s ip p i a n d in f a ir c o n d i 
t io n o n l v In A l a b a m a a n d s o u t h w e s t e r n A r k a n s a s , a l t h o u g h w e ll c u l t i v a t e d
i n t h o fI r e t - n a m e d S t a t e .
T h is c r o p in F l o r id a is m o s t l y p r o m is i n g .
B o ll
•woevil a r o r e p o r t e d in s o m o s e c t io n s in t h o S o u t h , a l t h o u g h in T e x a s t h e r e
h a s b e e n b u t l it t l e i n s e c t d a m a g e t h i s s e a s o n .
___
C O R N .— T h o te m p e r a tu r e d u r in g th o w e e k e n d in g J u n o 19 a v e r a g e d
m u c h t o o c o o l f o r t h o b e s t d e v e l o p m e n t o f c o r n t h r o u g h o u t , a ll t h e E a s t e r n
- a r t o f t h e c o u n t r y , e s p e c i a ll y in t h e c e n t r a l v a l l e y d i s t r i c t , w h e r e t h e
la r g e p e r c e n t a g e o f c o m m e r c i a l c o r n is g r o w n
T h e n ig h t s w e r e ( s p e c i a l l y
c o ld a n d t h e r e w a s s o m o d a m a g e in t lio u p p e r M is s i s s ip p i V a ll e y b y f r o s t s .
iV in rlition s w e r e m o s t l y f a v o r a b l e f o r c u l t i v a t i o n , h o w e v e r , in t h e G r e a t
P H J n s °S ta te s a n d ° a t t h e h i g h e r e l e v a t io n s i n t h e c e n t r a l d i s t r i c t . T h e w o r k
m l t l v a S o n w a s R e t a r d e d in l o w g r o u n d s f r o m t h o O h io V a ll e y e a s t w a r d
b o c a u s o o f t h o p r e v i o u s h e a v y r a in s a n d f l o o d s .
T h o b o t t o m la n d s, w h ere
c o r n 1w a s °k il le d *b y w a t e r , a r e b e i n g r e p l a n t e d .
T h e p l a n t i n g w a s g e n e r a lly
c o m p l e t e d In t h e e x t r e m e n o r t h e r n M is s o u r i V a ll e y a n d a ls o If* ^ ^ e ^*a y®
r e K i o n ^ b u t t h e r e is m u c h t o b o p l a n t e d in t h o o x t r e m o N o r t h e a s t .
In
F l o r id a t h o r e c e n t r a in s w e r e t o o l a t e f o r m u c h o f t li o e a r l y c o r n , a n d in
T e x a s m o s t o f t h i s c r o p h a s b o o n i n ju r e d b e y o n d r e c o v e r y a n d is b e i n g c u t
f o r fe e d , e x c e p t in th e n o rth e a s te rn c o u n tie s .

BREADSTUFFS

Friday Night, June 22 1917.
F lou r has been depressed, in sy m p a th y w ith a declin e in
w hea t and prospects o f fo o d legislation a t W a sh in gton o f a
rather drastic k in d. T h e b rea k in cash w hea t, h ow ev er, has
had a v ery d irect in flu ence. A t the sam e tim e, business
has been slow . W ith legislation im m in en t, w h ich m a y
th eoretically a t least cause m u ch low er prices, bu yers are
m ore than ever in clin ed to go slow . T h e y are fo r the m o s t
pa rt con fin in g their purchases to th eir im m edia te needs.
T h e y see the new cro p o f w heat begin n in g to m o v e an d th ey
deem a w aitin g p o licy the m ost con serv a tiv e. O n the oth e r
'h a n d , supplies here are far from bu rd en som e,
t h e y are

25 6 8

THE CHRONICLE

9 7 9 v ° 0 b b ls ., against 18,220 ,0 00 d u ring sam e tim e last season.
0
W h e a t has d eclin ed as th e new cro p starts to m o v e . T h e
2 2 oui ° ° kj t o ° ’ > s p r o v e d . E x p ort business has been
slow . T h o d om e stic dem an d has also la gged . F o o d -le g is la tio n a t W a sh in g ton is ex p ected to deal in rad ical fashion
w ith w hea t trad in g in som e o f its a sp ects, th ou gh it is u n derPresident Wilson is to put an embargo on exports of foodstuffs inferentially, including wheaton the ground that there
is danger of this MUntry oyeMJtporting, h fv e aooo“ ted to ?
not a little of tho selling. Warnings from time to time have
been heard during the present season that there was danger
of over-exportation, but thev seem to have been o-iven
h eed , u n til n o w . I t is n ow claim ed th a t neutrals are drain in g
th e su p p ly . M e a n w h ile, the Allies are d i s c o u n t e d . t S
neutrals b u y in g so h e a v ily in the U n ited States. M ean w h ile
the cro p reports are considered generally fa v ora b le
M anv
reports fro m K ansas estim ate the yield as m u ch lareer than
the to ta l g iven b y tho G o v e r n m e n H n its recen t cro p re p o rt
Also the foreign crop reports are in some respects somowhat
m n rn f
.
,
--------- 1. —
j ; ___ ,
B u iu o w iic iu

[Vol. 104.

on g o o d oxp ort
s. D r y w eather
-------- ------ parts o f O klah om a an d K an sa s.
.Premiums a t C h ica g o w ere 16 cents ov er J u ly , on N o 2 and
N o. 3 com .
I d a i l y c l o s in g p r ic e s of n o . 2 m i x e d c o r n i n n f w y o r k
No 9vnMn
Sat. M ^ T u ^ m c L Th!trY.0$ $ :
d a i l ^ o l o s in g ^
' prices ^ of^ o o r n ^ u t u I f ^79! ^ V ltfri8
##
T .

Sat. Mon.

...

r « e s E V e d . & u r « ? A$ L *

nn2?vSnt2n tn+ed “ od° ratGly for a t" no. ,and then reacted,
owing to a decline in corn. Besides, however, crop
favorabl° In fact they have been
? tliGy have caused a good deal of selling. Y et
decided!? T a r i n g dlfferent. Once the supply was
decidedly larger than last year, This was the case for
7 i a ririnn ° 1 ° ^ availab le su p p ly in N o r th
,000 bushels,pga..nst 31 ,1 7 7 000 bushels
Iili»
“ !
hoW 6v® ', l a s rep orted trad e dull
easi? r !)rlces. 1 sy m p a th y w ith som e declino in
11
^ ™ Gri„ 1 m a rkets, and p a rtly a lso, b e ca u se,of larger A m oric{an.
• T * ? w v ! °T 0^ n§ sT,bave, increased and
A
ff
S ; „ 2
the Umted kingdom and in this
Continent. Meanwhile. the w a r m w n a t . l m r
. . . . . . a„,i

IUI. in m a ia n ew w hea t is m ov in g freely . R ecen t h ich
r„i.V
T • -ti j T • , v T • , u nas n ought
“
estim ates o f the cro p there are con firm ed . In A u stra lia the 1 3 7 9 2 0 0 0 b
S
e
f
s
Unl t e d S tat??-is on ly
w eath er has im p ro v e d . R a m s occu rrin g in d ro u g h tv sec- o t ’ w f « « V !. ^ Ui
1 ^ m
1? ’d50-’ ° 2 0 a y e a r a g 0 * * irm ness
lio n s there a n d la rg e s u p p lie s are r e p o r t - t a S X
‘
i ‘ ..*i
insisted that oats are rela tively cheap as com p a red w ith
o u tlo o k has im p ro v e d ; crop s lo o k b etter, cu ltiv a tion is v ery
w heat an d corn . T o -d a y prices a d va n ced p a rtly on b u y in g
careful and im p orta tion s h ave increased the supplies a v a il
a b le. In Ita ly it is n o w said th at the crop s are m a k in g g o o d b y seaboard houses. E x p o rt sales w ere stated as a b o u t half
progress and foreign arrivals aro increasing. In R u ssia a a m ilnon bushels. C rop reports aro v ery fa v ora b lo. R a in s
g o o d acreage o f spring w hea t is rep orted an d the w inter at the N orth w est h ave been ben eficial. B u t, on the oth er
crop s are fa irly fa v o ra b le . In A rgen tin a m oist, co o l w eath er h a n d , receip ts are n o t large an d supplies con tin u e to decrease.
has been fa v o ra b le , an d prices h a v e w eakened u nder increased A t M in n ea p olis du ring the w eek th ey h ave fallen o ff 86 0,00 0
offerings an d som e declin e in corn . M in n ea p olis has lat bushels. A t C h ica g o con tra cts stock s aro ex p ected to b e
b elow 1,0 00,00 0 bushels b y Juno 25.
terly re p o rte d offerings fo r sh ipm ent. T h o S ou th w est has
been selling S ep tem b er in C h ica g o. T h is look ed like b od g 
in g business.
It had a depressing e ffe ct. C o u n try o ffe r 
ings o f new w h ea t to arrive, are grea tly increasing. M e a n 
, C H IC A G O .
w hile, bu yers h ave been h old in g a lo o f, aw aitin g defin ite t.. i . ,
.
Sat. Mon. Tues. Wed. Thurs. F ri.
..
64
63
6
1 3
633
new s fro m W a sh in g to n . O n th e oth er h an d, it is w ell to July delivery in elevator............e ts. 5 3 > fV* 5 63 V* 52 Va 5 2 1 V. 52U? 5 3 ^
September delivery in elovator-----2K
b ea r in m ind th at the acreage w as red u ced in E n glan d
T h e follow in g are closin g q u ota tion s:
F ran co an d I t a ly . N a tiv e supplies in the U n ited K in g d o m
FL O U R
aro sm all. In Spain th e crop prosp ects are n o t g o o d and
S !?i® f-_ lo.w_?rades------ ? ? 2 5 @ 1 0 25 Spring, low grades_____ $6 7 5 @ 8 75
Winter patents............. M 2 3 6 @ 1 2 40 Kansas straights, sacks. 12 7 56ol3 25
supplies are sm all. Im p orta tion s h a v e been a u th orized
___ _w
^
75
Winter
00 @ 1 2 25
Ita ly w ill h a v e to im p o rt h e a v ily . So w ill F ran ce. T h e Winter straights..............12 6 5@ 1 1 90 Kansas clears, s a c k s .A lO 7 5 @ U 75
clears................... 11
C ity p a t e n t s .................
1450
acreage in th e B a lk an States w as sh arply red u ced . In Scan Spring patents................. 13 25 @ 1 3 50 R ye rlour---------- ---------- n 50 (a 12 25
Spring straights________ 12 90 @ 1 3 15
din avia n cou n tries supplies are lig h t, the acreage w as re Spring clears.................... 11 25 @ 11 75 Buckwheat f l o u r . . " : :
Graham flou r..............
8 2 5 @ 1 0 25
d u ce d , an d im p orta tion s w ill h a v e to b e on an im p orta n t
G R A IN
scale. A t all tho R ussian sh ipp ing p orts stock s aro sm all I Wheat, per bushel— f. o. b.—
C orn, per bushel—
N o . 3 m ixed_______ r. o . b .$ l 8144
T o -d a y prices a d va n ced 10 cents on J u ly an d 5'A on S ep - n . S p r F f t E V ' amr— 92 65
N o . 2 yellow kiln dried___l 83
tem b er, on sm all offerings an d h ea v y b u y in g . M illers aro I Rod winter. No. 2 . n e w ... 2 65
N o . 3 y e llo w ___________ __ 1 8244
Hard ’
Argentina............................... nom .
said to b o b u y in g n ew w hea t freely in th e sou th w est. B o - Oats, per bushel, new—
" " winter, N o . 2 ______ nom .
eta.
R ye. per bushel—
sides, stock s are sm all an d exports are rep orted increasing.
Standard_______________
74
New Y ork ............... c. 1. f. $2 40
N o . 2 , white______
__
7t
T h o to ta l ava ila b le N o rth A m erica n su p p ly is on ly 47 Western
..............c . 1. f. $2 49
N o . 3 . white___________
73
Bar ey. m alting..............J1 5 5 @ « 1 70
131,000 bu sh els, against 104,188,000 a year a g o. A v a iiN o . 4 . white___________
73
B arley, feed in g________
$1 41

offerin gs an d

Ita ly also b id d in g.

In the U n ited "states I iako an d river p orts fo r tho^w eek ending1 lastPSatu rd avSan d

Flour.
2 cars o f N o . 2 red fro m T ex a s. Som e belated shorts w ore I Recelvts atWheat.
Oats.
Barley.
Rye.
co v e rin g . T h e re is ta lk o f a b ig decrease in th o visib lo
bbls.lOslbs. bush. 60 lbs bush. 56 lbs. bush. 32 lbs. bushA8lbs bushMlbs.
su p p ly n ext M o n d a y . O n th e oth er h an d th e w eath er at I Chicago-----100.000
504.000
1 ,8 6 9 ,0 0 0
1,830,000
23 6 .0 0 0
4 9 .0 0 0
1.057.000
7 2.000
128,000
th e W e s t is fin e an d h arvestin g is m o v in g ra p id ly n o rth - S t h T " 3 *
290 .0 0 0
5 6 .0 0 0
331.000
18,000
3 3 ,000
11.000
w a rd . P rices are low er than a w eek a g o , J u ly being 13 cen ts I M ilw a u k e e ...
3 2.000
1.137.000
' 379:666
508.000
152.000
11,000
T o le d o
b elo w th e closin g on Ju n e 15.
11,000
27 .0 0 0
11,000
D A I L Y C L O S IN G P R IC E S O F W H E A T F U T U R E S I N N EW Y O R K *
TMr. o ™ ,i
,
Sat. Mon. Tues. Wed. Thurs. Fri.
N o . 2 r e d . . ...................... .......... cts ............ 290
290
270
260
265
D A I L Y C L O S IN G P R IC E S OF W H E A T F U T U R E S I N C H IC A G O .
July delivery In elovator............cts_22U>*
September delivery In elevator------ 1 0 5 $ 185

205 S' 201
181
180

D e tro it
C lev ela n d ____
S t. L ou is____
P e o r i a .............
K a n sa s C it y .
O m a h a .............

203™’ 2 1 0 '
T o t a w k ’ 17
178}* 184 , Sameel w k ...’ 16
Sam w k ’ 16

“ 2:666
12.000
01.000
2 5.000

4 8.000
4 ,000
445 .000
4 4.000
267.000
262 .000

18.000
9 ,000
306 .0 0 0
. 894 ,0 0 0
2 01 .000
890 ,0 0 0

4 2 .0 0 0
8 0 .000
3 89 .000
218 .000
8 9,000
145,000

1,000
2 7.000
4 2 .0 0 0

292 ,000
325 000

4 .1 1 0 .0 0 0
4 .5 8 3 .0 0 0

4 .6 0 5 .0 0 0
2 .0 8 3 .0 0 0

3 .4 5 8 .0 0 0
3 .6 6 5 .0 0 0

781,000
1.402.000

127.000

3 .5 9 8 .0 0 0
In dia n co rn a d va n ce d a little an d then turned d ow n w a rd
I
Same wk-’15347]ooo 2 .9 8 3 .0 0 0 2 .8 4 6 .0 0 0 1.128.000 2 0 4 .0 0 0
9 2,000
som ew h a t. F lu ctu a tio n s, h ow ev er, h a v e, as a rulo, been Sin ce A u g .l —
1916-17____ 1 7 .1 5 8 .0 0 0 3 3 8 .5 3 9 .0 0 0 195.440.000
w ith m n arrow lim its. C ro p reports h a v e been m ore fa v o r 
2 4 8 ,947 ,00 0 8 1,0 6 7 ,0 0 0
191 5-1 6____ 1 8 .337.0 0 0 4 7 6 ,7 5 7 ,0 0 0 207.463.000 198,536,000 106739000 2 0 .5 6 2 .0 0 0
,0
ab le fro m th e C en tral b e lt. F arm w ork is m a k in g rap id
21.6 5 1 .0 0 0
1914-15____ 18,068,0001371,196,000 223 ,270,000 25 0 ,7 5 2 ,0 0 0 ________,0 0 0
_________________________
82 ,5 6 8
18.927.000
progress, ow in g to the b etter w eath er. T h e car situ ation at
T o ta l receip ts o f flou r an d gra in a t th e sea boa rd p orts for
the W e st has been im p ro v in g . A v a ila b le supplies in N o r th
th o w eek en ded Ju n e 16 1917 fo llo w :
A m e rica in creased last w eek 91 0,00 0 bushels, as against a
decrease in the sam e w eek last year o f 2 ,5 5 5 ,0 0 0 bushels. Receipts at—
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
C ash m arkets h ave a t tim es been n o tice a b ly depressed.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
M u c h o f th e tra d in g has been in even in g up transactions.' N ew Y o r k ___
147,000
4.836.000 1
5 2,000
592.000
57,000
38 .0 0 0
M a n y are bearish , on the o u tlo o k , believin g th at the p ros- P h ilad elp h ia .
39.000
1.435.000
7 4.000
4 87 .000
16.000
B lt im o ___
69.000
391.000
6 05 .000
5 85 .000 * " 76:666
peets p o in t to a high record crop an d low er p rices. A t on e N ap ort Nreew s .
7 3 ,0 0 0
’
396.000
tim e A rgen tin a prices w ere w eak w ith exporters refusing to N ew O rleans* "S L O O O *5*37,666 " 1*
06:666
8 08 .000
M
a l____
10.000
921.000
189.000
3 3.000 " 34:666 ..................
a c c e p t offerin g s. B u t, o n the oth er h a n d , the declin e in B oosn t r e____
ton
4 3,000
425 .0 0 0
4 .0 0 0
4 4.000
futures has n o t been m a rk ed . M a n y th in k there w ill b o a
d em an d fo r all th e c o m th a t this co u n try can spare. T h o T o t a l w k . ’ 17 359,000 8 ,5 4 5 ,0 0 0 1 ,0 30,000 2,9 4 5 ,0 0 0
161,000
127,000
Sin ce J a n .1 ’ 17 9 ,7 2 1 ,0 0 0 117 ,229,000 3 3 ,1 9 9 ,0 0 0 0 2 ,7 5 4 ,0 0 0 7 ,7 3 8 ,0 0 0 6 ,0 3 9 ,0 0 0
D u tch G ove rn m e n t is said to h a v e ju st taken 600,000
505,000
8 ,5 9 0 ,0 0 0
bushels. M u c h o f th e b e lt needs w arm w eath er. L iv e r W eek 1 9 1 6 .. .
933,000| 4 ,5 9 7 ,0 0 0
3 4 4 ,0 0 0
192,000
S In ce J a n .1 ’ 16 12,484,000 185 ,743 ,00 0 2 8 ,0 7 1 ,000! 8 4 ,895.000 15,148,0001 6 ,7 6 3 ,0 0 0
p o o l has re p o rte d prices stea d y w ith ligh t arrivals an d sm all
A m erica n o fferin g s. A rgen tin a ad vices h ave show n th a t 1 o n \ K D
hbUki of'tadtag? gr“ ,n Paaal“ g tUr0UgU Now ° rleana for forolgn




J une 23 1917.]

THE CHRONICLE

The exports from the several seaboard ports for the week
ending Juno 16 are shown in the annexed statement:
Corn.
bushels.

Wheat.
bushels.

Exports from,—

2 ,5 2 8.326
291 ,802

Flour.
Oats.
Rye. Barley. Peas.
barrels. bushels. bushels. bushels. bushels.

59,934

419,993
235 ,792

5 2 ,486

2 ,512
7 ,785

5 8,180

Baltim ore------------- 1,090,833

4 76 ,394

321,860
396,000

7,785
T otal w eek_____ 3,9 1 0 ,9 6 1 ' 536,328 1 1 0 ,6 66 !1,373,645
Week 1916________ 9 ,3 5 3 ,3 9 2 1,041,649 350 ,6 3 6 ,3 ,4 4 2 ,5 6 7 323,732 679,474

2 ,512
2 8 ,8 5 4

The destination of these exports for the week and since
July 1 1916 is as below:
Wheat.

Corn.

Flour.
Exports for Week
Since
Week
and Since
June 16 July 1
July 1 to—

Week
June 16

Since
July 1

Week
June 16

1917.

1916.

1917.

1916.

1917.

1916.

Barrels.

Barrels.

Bushels.

Bushels.

Bushels.

Bushels.

3 ,8 3 3,518
4 ,8 8 1 ,1 2 7
1 ,2 83,535
1,041,837
186,875

2 ,0 75,334 117 ,162 ,03 3
5 9,934 2 4 ,0 9 8 ,1 1 6
1,835,627 127,874,351 1 ,4 7 6 ,3 9 4 2 1 ,2 1 0 ,9 2 4
2 26 ,472
1,366,973
15,350
1 ,9 0 6 ,3 5 0
3 ,8 2 4
60,660
2 8 ,1 5 9

T o ta l....... .......... 110,666 11,842,731
Total 191 5 -1 6 ------ 350 ,6 3 6 15,419,549

3 ,9 10,961 2 4 5 ,338 ,86 6
536 ,3 2 8 4 8 ,6 1 4 ,3 4 6
9,3 5 3 ,3 9 2 3 3 7 ,128 ,85 5 1,041,649 2 9 ,7 5 9 ,8 0 1

United K ingdom . 64,643
Continent.............. 4 6,023
So. & Cent. Am cr.
W est Indies-------Brit.N o. A m .Cols.
Other C ountries.. —

15,839

Since
July 1

The w orld’s shipments of wheat and corn for the week
ending June 16 1917 and since July 1 1916 and 1915 are
shown in the following:
Wheat.
Exports.

1916-17.

Corn.

•
01915-16.

Week
June 16.

Since
July 1.

Since
July 1.

Bushels.

Bushels.

1916-17.

Bushels.

a l9 1 5 -1 6 .

Since
July 1.

Week
June 16.

Bushels.

Bushels.

Since
July 1.
Bushels.

N o rth A m er*
R u s sia ______

9 ,7 5 5 ,0 0 0 3 40 ,086 ,00 0 4 4 1 ,518 ,00 0
6 ,2 6 2,000
3 ,6 0 8 ,0 0 0

A r g e n tin a .. .
A u s tr a lia ___
I n d ia .............
O t h .c o u n t r ’s

351 .0 0 0 6 4 ,859,666 5 7 .266.000
1 ,9 76,000 42.5 3 2 .0 0 0 31.0 8 8 .0 0 0
680 .0 0 0 2 9 .710.000
9,5 5 2 ,0 0 0
6 ,0 00,000
4 ,5 3 6,000

774,000 98’ ,63 4 ,6 6 6 1 4 4 ,334 ,00 0

T o t a l ____ 12,762,000 4 8 7 ,985 ,00 0 5 49 ,032 ,00 0

1,876,000 154 ,863 ,00 0 182 ,6 3 0 ,0 0 0

1,056,000

51 ,8 0 5 ,0 0 0
281 ,000

4 6,000

4 ,1 4 3 ,0 0 0

2 5 ,9 6 8 ,0 0 0

1 2 ,3 2 8 ,0 0 0

* N o rth A m erica .— T h o C a nadian G ov ern m en t has o ffic ia lly p roh ib ited th e
Issuance o f b o t h m anifests an d exports until a fter ten d a y s . T h is is e ffe ctiv e
during th o con tin u a n ce o f tho w ar.
a R ev ised .

Tlio quantity o f wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Bushels.

Bushels.

Corn.
Total.

United
Kingdom. Continent.'

Bushels.

Total.

N o t avail able
N o t avail able

Bushels, j Bushels.

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

Jun o 16 1 9 1 7 ..
Juno 9 1 9 1 7 ..
Juno 17 1 9 1 6 ..

Bushels.

.................. 16,2 0 1 ,0 0 0

60 ,7 3 6 ,0 0 0

The visible supply o f grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports June 16 1917 was as followsGRAIN STOCKS.
Wheat.
bush.

U n it e d S t a t e s — •
N ew Y o r k __________________
B o s to n _____________________
P h ila d e lp h ia ............... ..............
B a ltim o re .......... .........................
N e w p o rt Nnw*i
N ew O rleans________________
G a lv e s to n ...................... ..............
B u ffa lo ..........................................
T o l e d o _______. . . _______ . . .
D e t r o it ______________ ______ C h i c a g o .......................................
M ilw a u k ee....................- ............
D u lu t h ______________________
M in n ea p olis................. - ...........
S t. L o u is _____ ________ ___ _
K ansas C it y ................................
Pfiorlft
......................
In d ia n a p olis_________________
O m a h a _____ - ___ - __________
O n LflkfiH
_________
O n C a nal an d R iv e r ----------

Corn.
bush.

Oats.
bush.

3 ,3 3 7 ,0 0 0
6 1,000
841 ,000
6 91 ,000

261 ,0 0 0
9 ,0 0 0
107.000
915 .0 0 0

1,097,000
1.771.000
6 .0 2 9 .0 0 0
130,000
2 09 .000

330 ,0 0 0
8 0,000
80 ,0 0 0
3 1 .0 0 0
5 8 .0 0 0
4 2 4 ,0 0 0
9 7 .0 0 0

1 ,7 10,000
aoq ,uuu
U61) non
77 U,UUU
# 1 n nnn
813 .000
370.000
1 .5 12.000

210.000
7 2,000
9 51 ,000
3 ,3 7 5 ,0 0 0
4 1 ,0 0 0
300 ,000
10,000
4 1 ,0 0 0
5 1 ,0 0 0
811 ,0 0 0
114,000

8 ,0 0 0
103.000
183.000
6 6,000
37 5 .0 0 0
310 .0 0 0

364',666
5 0 ,0 0 0

101.000
3 .0 6 6 .0 0 0

210,000
268 ,0 0 0
3 .1 0 3 .0 0 0
991 nnn
5 8 ,0 0 0
o n i nnn
2 0 7 .0 0 0
143.000

Rye.
bush.
0 nnn
o,UUU
10 nnn
424 ,0 0 0
.............
.............

12.000
. 9,000
15.000
2 ,0 0 0
3 4 .0 0 0
1 nnn
3 ,0 0 0

Bariev.
bush.
4 7 8 ,0 0 0
‘ 3',666
8 3 ,0 0 0
327 ,6 6 6
‘ 0 .6 6 6
60 ,0 0 0
2 4 .0 0 0
8 1 .0 0 0
33 0 ,0 0 0
15,000

—

1 nnn

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

10,000

T o t a l Jun e 16 1917.............* 2 0 ,1 4 2 ,0 0 0 3 ,4 3 7 ,0 0 0 1 3 ,792.000
5 2 3 .0 0 0 1 ,4 3 5 ,0 0 0
T o t a l Jun o 9 191 7_______* 2 3 ,8 2 4 ,0 0 0 2 ,7 0 8 ,0 0 0 1 6 ,661,000
583 .0 0 0 1 ,5 02,000
T o t a l Jun o 17 1916 . . .4 3 ,3 3 7 ,0 0 0 10,1 2 7 ,0 0 0 14,5 3 6 ,0 0 0
56 1 .0 0 0 1 ,9 55,000
T o t a l Jun o 19 1915 . - .1 2 ,8 0 6 ,0 0 0 8 ,4 8 2 ,0 0 0 7 ,3 7 1 ,0 0 0
3 0 8 .0 0 0 1 ,0 5 3 ,0 0 0
* In clu d in g C a n ad ian w heat n ow d u t y free.
Note.— B on d ed grain n o t Included a b o v e : O a ts, 1 ,9 92,000 N ew Y o r k , 355 000
B o s to n , 146,000 B a ltim ore, 5 00 ,000 B u ffa lo . 80 2 ,0 0 0 D u lu th : to ta l, 3 795 000
f H , . a gainst 7 ,8 8 6 ,0 0 0 In 1916: an d ba rley , 2 2 7 ,0 0 0 N o w Y o r k , 5 ,0 0 0 B a ltim ore,
176,000
B u ffa lo , 9 9 ,0 0 0 D u lu th ; to ta l, 5 0 6 ,0 0 0 , ag a in st 4 3 2 ,0 0 0 In 1916.

C an ad ian —•
W t°w n n !

- / • ......................... 1 ,3 28,000
n P t - A r th u r . 7 ,1 9 2 ,0 0 0
O th er C a n a d i a n .................... 1 ,8 0 4,000
T n t^ }
U ntal
’
T n ta l
T ota l

in n ^
Tnnn
Tune
Jun e

n in }I - -1 0 ,3 8 4 ,0 0 0
17 ! o ! L --------- 1 2 ,927,000
19 I ft ia * " ‘
-2 4 ,9 9 9 ,0 0 0
19 1916 . .
. 5 ,550,000

1,161,000
--------_____

4 ,0 3 7 ,0 0 0
7 ,4 9 8 ,0 0 0
5 ,3 6 7 ,0 0 0

215 ,0 0 0

2 4 8 ,0 0 0

1 ,1 61,000 1 6 ,902,000
999,000 1 5 ,549,000
146,000 11,147,000
121,000 3 ,8 6 8 ,0 0 0

2 1 5 .0 0 0
2 5 8 .0 0 0
2 4 .0 0 0
1 1.000

2 4 8 ,0 0 0
2 5 2 ,0 0 0
181 ,000
2 2 ,0 0 0

* In clu d in g C a n ad ian a t B u ffa lo a n d D u lu th .

Summary—
A m e rica n ____ . . . . .
.2 0 ,1 4 2 ,0 0 0
C a n a d ia n ..................................... 10,3 8 4 ,000
T ota l
T ota l
T ota l
T ota l

Juno
Jun e
Juno
Juno

16
9
17
19

1917
1917
1916
1915

3 .4 3 7 .0 0 0 1 3 ,792,000
1 .1 6 1 .0 0 0 10,902,000

.
. -3 0 ,5 2 6 ,0 0 0 4 ,5 9 8 ,0 0 0
--------3 6 ,7 5 1 ,0 0 0 3 .707 000
--------68 ,3 3 0 ,0 0 0 10,2733 )00
- .1 8 ,3 5 6 ,0 0 0 8 ,6 0 3 ,0 0 0




30 694 000
32 210 000
25:683 000
1 1 ,2 3 9 ,0 0 0

5 2 3 .0 0 0 1 ,4 3 5 ,0 0 0
2 1 5 .0 0 0
2 4 8 ,0 0 0
7 3 8 .0 0 0
84 1 .0 0 0
58 5 .0 0 0
3 1 9 ,U00

1 ,0 8 3 ,0 0 0
1,814,000
2 ,1 3 6 ,0 0 0
1 ,0 75,000

2569

THE D R Y GOODS TRADE
N ew York, Friiday N ight, June 22 1917.
The wide and erratic fluctuations in prices for raw cotton
have continued to keep the dry goods markets in an un
settled condition. Tho tendency o f mills has been to with
draw goods from sale, as it is alm ost impossible for them to
keep pace with the frequent changes in cost o f supplies for
manufacturing purposes. Price lists for dry goods have
again been revised upward during the week, with indications
that they will go higher, as m any mills are booked well
ahead with Governm ent orders, which will have to be filled
regardless of cost. The raw material situation continues to
grow m ore serious, with prices continuing to rise to unpre
cedented high levels and no indication as to when the top
will be reached. Crop conditions, despite the im proved
weather during the past week or tw o, are none too favorable
and mills are greatly concerned regarding their ability to
provide for sufficient supplies to meet future requirements.
W hile they have already advanced prices for manufactured
products to levels.never before reached, they hesitate to
enter into commitments for delivery very far ahead. If they
would agree to sell far ahead orders, according to reports,
would be plentiful. Buyers appear to bo willing to pay
almost any price asked if they can have the delivery guaran
teed. M an y lines o f goods have been entirely withdrawn
from sale, while others have been placed on “ at value” basis.
It is understood that the Government has placed sufficient
orders for goods to cover requirements well into the fall, and
it is being realized that the enormous yardage which will be
taken ou t o f the market will greatly reduce the supply
available for ordinary purposes. Consequently, there will
not likely be any lowering o f prices, or at least for some time
to com e. There has been heavy purchases o f cloths suitable
for R ed Cross work, both b y this country and the Allied
countries, and it is expected that there will continue to be a
good demand o f this character as long as the war lasts.
Some im provem ent in the demand for export account has
been n oted, but the high prices and scarcity o f goods continue
to check business. Shipments on old orders are also being
delayed b y tho unsettled shipping situation.
D O M E S T IC C O T T O N G O O D S.— Sharp upward revisions
have been made in price lists for staple cottons during the
week, and mills are steadily withdrawing their fabrics from
sale. Advances ranging from ono quarter to three cents per
yard have been named, with the undertone of the market
decidedly firm and further advances predicted. W hile some
tentative arrangements have been made to name prices for
next spring underwear, m ost o f the mills, according to latest
advices, are decidedly uncertain as to what their quotations
will be. In view o f the acute condition o f tho raw material
situation it is generally believed that considerable advances
will be necessary, but even with increased prices, manufac
turers are concerned over the proposition as to where they
will be able to secure the raw material to make the goods with.
Therefore they are inclined to m ove slowly and conserva
tively. Jobbing demand for bleached goods has been active,
and there has been a fairly good inquiry for cotton dress
goods. There has also been good sized sales o f staple ging
hams at firm prices. Printers are said to bo refusing to
accept business for deferred delivery as in most cases costs
are exceeding their calculations. C otton duck is becom ing
scarce and difficult to obtain, with prices advancing. The
Governm ent has been a large buyer of shelter tent duck, gray
goods and twills. G ray goods, 3 8K -in ch standard, are
quoted at 11c.
W O O L E N G O O D S.— M arkets for woolens and worsteds
have ruled quiet during the week, and it is generally be
hoved that the Government has provided for its require
ments for some time to com e. M ills are actively engaged
in turning out these orders, and continue to refuse to accept
ordinary business on any liberal scale. The raw material
situation fails to show any im provem ent, as there has been
a rather sharp decrease in the imports o f w ool, and many
fabrics are entirely unavailable. In a number of direct
tions, inferior grades o f goods, such as those containing cot
ton mixture are being freely taken as a substitute. Some of
the mills are reported to be working on noxt spring goods
but so far nothing has been obtainable. Owing to the high
prices it is quite likely that mills will devote m ost of their
attention to fabrics o f a staple character.
F O R E IG N D R Y G O O D S.— The only new feature in
markets for linens has been the im proved demand for table
cloths from hotels and summer resorts. The available
supply o f goods, especially the cheaper lines of household
linens, however, is limited and much o f the inquiry will have
to go unsatisfied. The better grades are said to be more
plentiful, as the high prices checked demand for these. The
continued advance in price for raw cotton has resulted in
sharp upward revisions of price lists for various domestic
substitutes for linens, and the situation, as regards these, is
likewise becom ing acute. Foreign advices indicate that
inquiry is exceeding mill production, and that manufac
turers are finding it difficult to provide for even the home
demand. A ccording to reports received from Belfast it
will be near the end o f July before the new Russian flax will
be available. There continues to be a good demand for
burlaps, with business checked b y the scarcity of supplies.
Light weights are quoted at 9.85c. to 9.90c. and heavy
weights at 12.75c.

THE CHRONICLE

2570

[Vol. 104.

B R I S T O L C O U N T Y ( P . O . T a u n t o n ) , M a s s . — B O N D O F F E R IN G .—
T h o C o u n t y T r e a s u r e r w ill r e c e i v e b i d s u n t i l 9 a . m . J u n o 2 6 , i t is s t a t e d ,
f o r $ 2 0 ,0 0 0 4 ) 4 % w a t e r b o n d s , d a t e d J u l y 1 1 9 1 7 a n d p a y a b l e $ 1 , 0 0 0 1 9 1 8
t o 1 9 3 7 , in c lu s iv e .

N

e w s

I t e m

s .

A r g e n t i n a ( R e p u b l i c o f ) . — S h o r t -T e r m L o a n R e d e e m e d .—
R eferen ce to this is g iv e n in ou r ed itorial colu m n s this w eek .
A r k a n s a s . — V a l id i t y o f S ta te N o t e I s s u e U p h e l d . — T h e
v a lid ity o f the $7 50 ,0 00 n ote issue au th orized b y th e last
Legislatu re and to b e used in retirin g the S ta te’ s ou tsta n d in g
in d eb ted n ess, w as
u p h eld , it is sta ted ,
b y tho State
Su prem e C o u rt o n June 18.
B o liv ia ( R e p u b l i c o f ) . — N e w L o a n . — See referen ce to
this in ou r ed itoria l colu m n s this w eek.
M o n t a n a . — E x p l a n a t i o n o f S ta te S u p r e m e C o u rt D e c i s i o n .—
W o h ave re ce iv e d th o follow in g letter fro m C a ldw ell & M a sslich , a tto rn e y s, o f N e w Y o r k C ity , explainin g the decision
h an d ed d ow n b y the M o n ta n a Suprem o C ou rt on June 4
(referred to in these colu m n s last w eek) reaffirm in g its de
cisio n o f M a r ch 13 in th e Lew is an d C lark C o u n ty case.
I t ap pears th a t w e w ere m isled as to the p u rp ort o f the
d ecision , an d th at w h a t the C ou rt d ecid ed was th a t m o n e y
ca n n o t be b o rro w e d b y cou n ties on refu n d in g b on d s b y a
sale th ereof w ith o u t a v o te o f th o p eop le:
New York. June 1G 1 9 1 7 .
Commercial & Financial Chronicle, New York City:
. . .
Gentlemen.— I n y o u r n e w s i t e m s y o u c o m m e n t t o - d a y u p o n t h o d e c i s io n
o f t h o M o n t a n a S u p r e m e C o u r t in t h o L e w i s a n d C l a r k C o u n t y c a s e h a n d e d
d o w n o n M a r . 13 a n d t h o a f f i r m a n c e o f J u n o 4 .
Y o u s a y t h a t i t is h e ld
t h a t c o u n t i e s c a n n o t is s u e r e fu n d i n g b o n d s in e x c e s s o f $ 1 0 ,0 0 0 w i t h o u t a
p o p u l a r v o t e , a s p r o s c r ib e d b y S e c t i o n 5 o f A r t i c l e X I I I o f t h e S t a t o c o n 
s tit u t io n .
W h a t t h o o p i n i o n s in t h is c a s e h o l d is t h a t m o n e y m a y n o t b o
b o r r o w e d o n s u c h b o n d s b y a s a le t h o r e o f w it h o u t a v o t o o f t h o p e o p l e .
T h i s d e c i s i o n is n o t b a s e d u p o n t h e c o n s t i t u t i o n a l s e c t io n y o u q u o t o , w h ic h
r e la t e s t o b e c o m in g i n d e b t e d , b u t is b a s e d u p o n a s t a t u t o r y p r o v i s io n
a g a in s t b o r r o w i n g m o n e y .
T h e C o u r t d o e s n o t h o l d t h a t t h o s t a t u t e w in c h
a u t h o r i z e s c o u n t y b o a r d s t o e x c h a n g e b o n d s f o r w a r r a n t s is i n v a l i d o r t h a t
i t r e q u ir e s a v o t e o f t h o p e o p l e .
Y o u r s t r u ly ,
( S ig n e d ) C A L D W E L L & M A S S L I O H .

B o n d P r o p o s a l s a n d N e g o t ia t io n s
have been as follows:

this week

A C K L E Y , H a r d i n C o u n t y , I o w a . — BOND SALE .— A n is s u e o f $ .5 ,0 0 0
5 )4 % fu n d in g b o n d s h a s b e e n p u rch a se d b y S ch a n k o & C o ., o f M a s o n C it y .
I n t e r e s t s e m i- a n n u a l .
D u o $ 1 , 0 0 0 y e a r l y O c t . 1 f r o m 1 9 2 4 t o 1 9 2 8 , i n c l.
A E T N A T O W N S H I P , M i s s a u k e e C o u n t y , M i c h . — BOND SALE.—
T h o M i c h i g a n T r u s t C o . o f G r a n d I t a p i d s w a s a w a r d e d o n A p r i l 19 $ 6 ,0 0 0
5 % r o a d b o n d s a t p a r a n d in t.
D o n o m . $ 1 ,0 0 0 .
D a to M a y 1 1917.
In t.
M .
& N.
D u o $ 1 ,0 0 0 y e a r l y M a y 1 f r o m 1 9 1 9 t o 1 9 2 4 , i n c l.
A K R O N , S u m m i t C o u n t y , O h i o . — BONDS VOTED .— B y a v o t o o f
3 , 1 6 6 t o 1 ,2 3 5 t h o q u e s t i o n o f is s u in g $ 1 , 0 0 0 , 0 0 0 w a t e r - w o r k s - s y s t o m b o n d s
c a r r ie d , i t is s t a t e d , a t a n e l e c t i o n h e ld J u n o 6 .

ALBEMARLE DRAINAGE DISTRICT NO. 5, Beaufort County,

No. Caro.— BOND SALE.— O n J u n e 18 t h e $ 4 0 0 ,0 0 0 6 % c o u p o n d r a i n a g e s y s t e m -im p t . b o n d s (V . 1 04 , p . 2 3 6 6 ) w e ro a w a r d e d t o th o N o r fo lk S o u th e r n
D r a in a g e C o r p . a t p a r a n d i n t .
T h e r o w e ro n o o th e r b id d e r s .
D en om s.
$ 1 ,0 0 0 a n d $ 5 0 0 .
D a t e J u n e 15 1 9 1 7 .
In t. J. & D .
D u o $ 4 0 ,0 0 0 y e a r l y
J u n o 15 f r o m 1 9 2 0 t o 1 9 3 9 , i n c l.
ASCENSION PARISH, La.— BOND OFFERING.— P r o p o s a l s w ill b o
r e c e i v e d u n t il 11 a . m . J u l y 11 b y L e o n N e w m a n , P r o s . B o a r d o f D i s t .
S u p e r s . ( P . O . G e is m a r ) , f o r $ 3 0 ,0 0 0 5 % R o a d D i s t . N o . 2 r o a d i m p t .
b o n d s v o t e d M a y 1.
P r i n . a n d s e m i- a n n u a l i n t . ( J . & J . ) p a y a b le a t t h o
T r e a s . B d . o f D is t . S u p e rs, o ffic e o r a t a n y b a n k a t o p t io n o f p u rch a se r.
D u e s e r ia ll y o n J u l y 1 f r o m 1 9 1 8 t o 1 9 3 7 .
C e r t, ch e ck fo r 2 )4 % o f a m ou n t
o f is s u e , p a y a b l e t o t h e a b o v e T r e a s . , r e q u i r e d .
ASTORIA, Clatsop County, Ore.— BOND SALE.— O n J u n o 9 t h r e o
is s u e s o f 6 % s t r e e t - i m p t . b o n d s , a g g r e g a t i n g $ 4 6 ,0 0 0 , w o r e a w a r d e d , i t is
s t a t e d , t o M o r r i s B r o s , o f P o r t l a n d f o r $ 4 6 ,9 2 6 , e q u a l t o 1 0 2 .0 1 3 .
ATTLEBORO, Bristol County, Mass.— TEMPORARY LOAN.—

On
J u n e 18 a lo a n o f $ 5 0 ,0 0 0 d a t e d J u n o 2 1 , m a t u r in g D e c . 21 1 9 1 7 , a n d
I s s u e d in a n t i c i p a t i o n o f r o v e n u o , w a s n e g o t i a t e d w it h B l o d g e t t & C o . o f
B o s t o n a t 4 . 8 5 % d i s c o u n t , i t is s t a t e d .

BARTHOLOMEW COUNTY (P. O. Columbus), Ind.— BOND SALE
— On J u n e 15 t h o $ 1 4 ,0 0 0 4)4 % 5 M - y r . ( a v e r .) F r i e d e r s d o r f r o a d - i i n p t .
b o n d s ( V . 1 0 4 , p . 2 3 6 6 ) w e r o a w a r d e d t o J o h n T a y l o r f o r $ 1 4 ,0 2 3 ( 1 0 0 . l b l )
a n d in t.
O th e r b id s w e re :
F l o t c h e r - A m e r i c a i l N a t . B a n k , I n d i a n a p o l i s ------------------------------------------$ 1 4 ,0 2 2
B r e e d , E l l i o t t & H a r r i s o n , I n d i a n a p o l i s ......... ............................................... 1 4 ,0 2 1
J . F . W i l d & C o . , I n d i a n a p o li s .............. .................................................... .......... 14.UJU
u n til
In t. i
1 9 2 7 . in c l.
B E L T R A M I C O U N T Y ( P . O . B e m i d j i ) , M i n n . — BOND SALE .— -O n
J u n o 14 $ 1 5 ,0 0 0 5 % 1 5 -y r . J e f fe r s o n I l i g h w a y - i m p t . b o n d s w e r o a w a r d e d
t o th o F ir s t N a t . B a n k o f B o m id ji a t p a r a n d in t .
T h e ro w ere n o o th er
b id d e r s .
D e n o m . $ 1 ,0 0 0 .
I n t . s o m i- a n n u a l .
B E T H L E H E M S C H O O L D I S T R I C T (P . O . B e t h le h e m ), N o r t h a m p 
t o n C o u n t y , P a .— BONDS VOTED .— T h e q u e s t i o n o r is s u in g $ 2 2 5 ,0 0 0
4 % 1 0 -3 0 -y e a r ( o p t .) b u ild in g c o u p o n ta x -fr e e b o n d s w a s a u th o r iz e d a t a n
e l e c t i o n h e ld M a y 8 .
D u e J u ly 1 1 9 4 7 . o p t . a fte r J u ly 1 192 7.
B onded
d e b t , e x c l u d i n g t h is is s u e , $ 1 9 8 ,8 0 0 .
A s s e s s e d v a l u a t i o n 1 9 1 7 , $ 1 0 ,0 0 0 ,0 0 0 .
T h o s e b o n d s w ill n o t b e o f f e r e d f o r s a le u n t i l a f t e r J u l y 1 .
H . F . J u d d is
S e cre ta ry B o a rd o f E d u c a t io n .
B E T T E N D O R F S C H O O L D IS T R I C T (P . O . B e t t e n d o r f), S c o tt
C o u n t y , I o w a . — BONDS VOTED .— I t is r e p o r t e d t h a t t h o v o t e r s o l t h is
d i s t r i c t o n J u n o 8 a u t h o r i z e d t h o is s u a n c e o f a n a d d i t i o n a l $ 3 , 5 0 0 b o n d s f o r
t h e e r e c t i o n o f a n e w s c h o o l b u i l d in g f o r w h i c h $ 1 0 ,0 0 0 b o n d s w e r o v o t e d
la s t w in t e r .
B IL O X I,
H a r ris o n
C ou n ty ,
M i s s . — BONDS PROPOSED .— B o n d s
a m o u n t i n g t o $ 2 2 ,0 0 0 h a v o b e e n a u t h o r i z e d , i t is r e p o r t e d , f o r a d d it i o n a l
sch ool room .
B I N G H A M T O N , B r o o m e C o u n t y , N . Y . — BONDS NOT YE T SOLD.—
N o s a lo h a s y e t b e e n m a d e o f t h e $ 2 2 ,0 0 0 4 ) 4 % p a v e m e n t b o n d s o f f e r e d
w i t h o u t s u c c e s s o n A p r i l 2 8 ( V . 1 0 4 , p . 1 8 2 5 .)
BO N E ST E E L, G reg ory C ou n ty , S o. D ak.
BOND ELECTION.— A n
e l e c t i o n w ill b o h o ld J u n o 2 8 t o v o t e o n t h o q u e s t i o n s o f is s u in g $ 1 5 ,0 0 0
w a te r -w o r k s s y s t e m a n d S I 4 ,0 0 0 e le c t r ic -lig h t p la n t im p t . b o n d s .
BOURBON
S C H O O L T O W N S H IP
(P . O . B o u r b o n ), M a r s h a ll
C o u n t y , I n d . — BOND OFFERING .— F u r t h e r d e t a i ls a r e a t h a n d r e la t i v e
t o t h o o f f e r i n g o n J u l y 6 o f t h o is s u e o f $ 5 8 ,5 0 0 4 ) 4 % s c h o o l b o n d s — V . 1 0 4 ,
n 2472.
B id s f o r t h o s e b o n d s w ill b o r e c e i v e d u n t il 2 p . m . o n t h a t d a y
E y O li v e r B . S m i t h , T w p . T r u s t e e .
D e n o m s ( 5 8 ) , $ 1 ,0 0 0 : (1 ) 3 5 0 0 .
In t.
j & J.
D u e $ 4 ,0 0 0 y e a r ly o n J u ly 1 f r o m 1 9 1 8 t o 1 9 3 0 , i n c l ., a n d $ 6 ,5 0 0
J u ly 1 193 1.
r - B R A I N T R E E , N o r f o l k C o u n t y , M a s s . — TEMPORARY LOAN .— O n
J u n e 19 t h e l o a n o f $ 4 0 ,0 0 0 , d a t e d J u n e 2 2 a n d d u o $ 2 0 ,0 0 0 N o v . 2 6 1 9 1 7
a n d $ ? 0 0 0 0 D e c . 3 1917 ( V . 10 4 , p . 2 4 7 2 ) w as n e g o t ia t e d , a s fo llo w s :
$ 20,000 t o t h e C R y S in k in g F u n d a t 4 . 5 0 % d i s c o u n t a n d $ 2 0 ,0 0 0 t o S N .
B o n d & C o ., N . Y . , a t 4 .9 4 % d is c o u n t .
C D . P a rk er & C o . o f B o s to n
(n d .3 5 .1 0 % d i s c o u n t .




B R O O K E C O N S O L ID A T E D IN D E P E N D E N T S C H O O L D IS T R IC T ,
B u e n a V i s t a C o u n t y , I o w a . — B O N D S A L E . — A n is s u e o f $ 2 5 ,0 0 0 5 %
b u i l d in g a n d e q u i p m e n t b o n d s w a s r e c e n t l y p u r c h a s e d b y S c h a n k o & C o . ,
o f M a so n C ity .
D en om . $500.
D a te Ju n o 1 1917.
In t. J. & D .
D uo
$ 5 0 0 y e a r ly f r o m 192 2 t o 1 9 2 6 , in c lu s iv e ; $ 1 ,0 0 0 y e a r ly f r o m 1 9 2 7 t o 1 9 3 6 ,
i n c l u s i v e , a n d $ 1 2 ,5 0 0 1 9 3 7 .
B R O C K T O N , M a s s . — L O A N O F F E R IN G . — P r o p o s a l s w ill b o r e c e i v e d
u n t il 12 m . J u n e 2 6 b y J o h n J . O ’ R e i l ly , C i t y T r o a s . , f o r a l o a n o f $ 1 0 0 ,0 0 0 ,
is s u e d in a n t i c ip a t i o n o f r o v e n u o .
D a t e J u n o 27 a n d d u o N o v . 7 1 9 1 7 .
D o n o m . t o s u it p u r c h a s e r .
T h e n o t e s w ill b e c e r t i f i e d b y t h o F i r s t N a t .
B a n k o f B oston .
B U F F A L O , N . Y . — B O N D S N O T S O L D . — N o b i d s w e r o r e c e iv e d f o r t h e
$ 9 4 ,5 0 0 a n d $ 2 0 ,0 0 0 4 % d e f i c i e n c y b o n d s o f f e r e d o n J u n e 2 2 .
T h e bonds
w ill b e s o l d a t p r i v a t e s a le .
T h e y b ea r d a to o f Ju n e 27 1917.
B r in , a n d
i n t . p a y a b l e o n J u l y 1 1 9 1 8 a t t h e C i t y C o m p t r o l l e r ’s o f f i c e o r a t t h o H a n o v e r
N a t . B a n k , N . Y . , as p u rch a se r m a y e le ct.
C A B A R R U S C O U N T Y ( P . O . C o n c o r d ) , N o . C a r o .— B I D S R E 
J E C T E D . — A l l b i d s r e c e iv e d f o r t h e $ 5 0 ,0 0 0 5 % c o u p o n c o u n t y - h o m e 
b u i l d in g b o n d s o f f e r e d o n J u n o 1 4 ( V . 1 0 4 , p . 2 1 5 4 ) w e r o r o jo c t e d .
C A L D W E L L T O W N S H I P , M is s a u k e e C o u n t y , M ic h .— B O N D S A L E .
— A n is su e o f $ 1 4 ,0 0 0 5 % s e r ia l r o a d b o n d s w a s a w a r d e d a t p a r a n d i n t .
o n M a y 1 t o t h e M ic h i g a n T r u s t C o . o f G r a n d R a p i d s .
D o n o m . $ 1 ,0 0 0 .
D a to M a y 1 1917.
In t. M . & N .
C A N T O N ( V i l l a g e ) , S t . L a w r e n c e C o u n t y , N . Y . — B O N D S A L E .—
T h e $ 1 8 0 ,0 0 0 4 % c o u p o n ( w i t h p r iv ile g e o f r o g . a s t o p r in c ip a l) g r a v i t y w a t e r - s y s t e m b o n d s o f f e r e d o n A p r i l 5 ( V . 1 0 4 , p . 1 1 7 7 ), w o r e a w a r d e d o n
t h a t d a y t o t h o F ir s t N a t . B a n k o f C a n t o n a t p a r .
D on om . $500 and $2 0 0 .
D a t o M a y 15 1 9 1 7 .
P r in . a n d s e m i-a n n u a l I n t . (J . & J . ) p a y a b le a t t h o
above bank.
D u o $ 7 ,2 0 0 y e a r l y J u l y 1 f r o m 1 92 1 t o 1 9 4 5 , i n c l.
C A N T O N , O h i o . — B O N D S P R O P O S E D .— L o c a l p a p e r s s t a t o t h a t $ 1 0 , 
0 0 0 b o n d s f o r t h o p u r c h a s e o f t h o p r e s e n t e q u i p m e n t o f t h o S a n it a r y
G a r b a g e C o . w ill b o is s u e d .
B O N D S A L E . — T h e $ 7 1 ,0 0 0 4 ) 4 % 7 - 2 0 - y e a r ( s e r ia l) w a t e r - w o r k s b o n d s *
f o r w h ic h n o b i d s w e r o r e c e iv e d o n M a y 2 8 — V . 1 0 4 , p . 2 3 6 6 — h a v e b e e n
p u r c h a s e d , it is s t a t e d , b y t h o S i n k i n g F u n d T r u s t e e s a t p a r a n d s o l d b y
th e m t o R u d o lp h K lo y b o lt o & C o . o f C in c in n a ti a t a d is c o u n t o f $ 1 ,3 9 5 .
T h o S in k in g F u n d T r u s t e e s a ls o p u r c h a s e d $ 2 , 0 0 0 w a t o r - w o r k s -s y s t e m
a n d s e w a g e - d is p o s a l - p la n t b o n d s , i t is s t a t e d .
C A S S C O U N T Y ( P . * 0 . L o g a n s p o r t ) , I n d . — B O N D O F F E R IN G .—
U . S . H o f f m a n , C o u n t y T r e a s u r e r , w ill r e c e i v e b i d s u n t i l 10 a . m . J u n o 3 0
fo r $ 8 ,8 0 0 4 ) 4 % R o b t . J u s tic e e t a l h ig h w a y im p r o v e m e n t b o n d s o f C lin to n
T o w n s h ip .
D enom . $440.
D a to J u ly 2 1917.
In t. M . & N .
D u o one
b o n d e a c h s ix m o n t h s f r o m M a y 1 5 1 9 1 8 t o N o v . 1 5 1 9 2 7 .
C A S T A L IA S C H O O L D IS T R I C T , N a s h C o u n t y , N o . C a r o .— BO N D
T h o $ 1 2 ,0 0 0 6 % 2 0 - y o a r b u i l d in g a n d e q u i p m e n t b o n d s o f f e r e d
o n M a y 12 ( V . 1 0 4 . p . 1 9 2 8 ) h a v o b e e n s o l d .

S A L E .—

C H A D R O N , D a w e s C o u n t y , N e b . — B O N D S V O T E D .— T h o q u e s t i o n
o f i s s u in g $ 2 5 ,0 0 0 c i t y - h a l l b o n d s c a r r i e d , i t is s t a t e d , a t a n e l e c t i o n h o ld
Ju n o 18.
A s i m i l a r is s u e o f b o n d s w a s r e p o r t e d v o t e d o n A p r i l 1 3 .—
V . 104, p . 1619.
C H A S E C O U N T Y D R A IN A G E D I S T R I C T N O . 1 (P . O . C o t t o n 
w o o d ) , K a n . — B O N D S A L E . — O n J u n o 16 t h e $ 1 5 ,0 0 0 5 % d r a i n a g e b o n d s
V . 1 0 4 , p . 2 2 6 0 ) w e r o a w a r d e d t o J .B .S a n d e r s f o r $ 1 5 ,1 7 6 , e q u a l t o 1 0 1 .1 7 3 .
D.
E . D u n n e & C o . o f W i c h i t a b i d p a r , le s s $ 3 8 0 .
C H A T F I E L D S C H O O L D I S T R I C T (P . O . C h a t fi e l d ), F illm o r e
C o u n t y , M i n n . — B O N D S A L E . — On M a y 2 4 t h o $ 3 0 ,0 0 0 5 % 1 0 -1 5 -y r .
( o p t . ) p o p u la r s u b s c r ip t i o n b o n d s ( V . 1 0 4 , p . 1 9 2 8 ), w e r o a w a r d o d t o W e lls
& D i c k e y C o . o f M in n e a p o l is a t p a r .
C H E S T E R C O U N T Y ( P . O . C h e s t e r ) , S o . C a r o . — BOND OFFERING.
— P r o p o s a l s w ill b o r e c e iv e d u n t il 12 m . J u n o 2 5 b y R . S . M e b a n e , C h a ir m a n
o f C o u n t y H ig h w a y C o m m i s s io n , i t is s t a t e d , f o r $ 4 5 0 ,0 0 0 4 ) 4 % c o u p o n
h ig h w a y im p t . b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te Jan . 1 1917.
I n t . s e m i
a n n u a l.
D u o s e r ia ll y f r o m J a n . 1 1 9 1 8 t o 1 9 4 7 , i n c l .
C e r t, ch e c k fo r 2%
o f a m o u n t o f b id , p a y a b lo t o th e C o u n t y T r e a s u r e r , r e q u ir e d .
A s im ila r issu e o f b o n d s w a s o ffe r e d o n M a y 15 ( V . 1 0 4 , p . 1 9 2 8 ).
C H E S T E R S C H O O L D I S T R I C T (P . O . C h e s t e r ) , D e la w a r e C o u n t y ,
P a .— BOND SALE .— O n J u n o 13 t h o $ 1 3 0 ,0 0 0 4 ) 4 % 2 9 - y r . c o u p o n s c h o o l
b o n d s ( V . 1 04 , p . 2 2 6 0 ) w e ro a w a r d e d t o t h o D o la w a r o C o . T r u s t C o . o
C h e s t e r a t 1 0 0 .0 2 .
C L A R K S V IL L E , B u tle r C o u n ty ,
I o w a . — BONDS VOTED.— T h o
q u e s t i o n o f i s s u in g $ 7 , 0 0 0 t o w n - b u i l d i n g b o n d s c a r r i e d , i t is s t a t e d , a t a
re ce n t e le ctio n .
C L A Y S C H O O L T O W N S H I P (P . O . U n io n ), P ik e C o u n t y , I n d .—
BOND OFFERING .— R e p o r t s s t a t e t h a t W . I I . B u l l a r d , T w p . r r u s t e e ,
w ill r e c e iv e p r o p o s a l s u n t il l p . m . J u l y 7 f o r $ 1 4 ,0 0 0 4 J ^ % s c h o o l b o n d s .
CLEARW ATER
T O W N S H I P , K a lk a s k a
C o u n t y , M i c h . — BOND
SALE . — A n is s u e o f $ 6 , 0 0 0 5 % r o a d b o n d s w a s p u r c h a s e d a t p a r a n d i n t .
o n O c t . 2 0 1916 b y th e M ic h ig a n T r u s t C o . o f G ra n d R a p id s .
D enom .
$ 1 ,0 0 0 .
D a te S ep t. 25 1916.
In t. M . & S.
D u o s e r ia ll y f r o m 1 9 2 6 t o
1929.
C O A L IN G A U N IO N H IG H S C H O O L D IS T R I C T , F r e s n o C o u n t y ,
C a l i f . — BOND OFFERING .— T h o C lo r lc o f B o a r d o f C o u n t y S u p e r v is o r s
( P . O . F r e s n o ) w ill r e e e iv o p r o p o s a l s , i t is s t a t e d , u n t i l J u l y 3 f o r t h e
$ 1 0 0 ,0 0 0 5 % b o n d s — V . 1 0 4 , p . 1 7 2 3 .
I n t e r e s t s o m i- a n n u a l .
C O L D W A T E R , M e r c e r C o u n t y , O h i o . — BOND OFFERING.— A . P .
L i n k , V i l la g e C l e r k , w ill r e c e iv e b i d s u n t i l 12 m . J u n o 2 6 ( d a t e c h a n g e d f r o m
J u n o 19) fo r th o fo llo w in g 5 % b o n d s :
„
$ 7 ,4 8 6 0 0 F i r s t S t . I m p r o v e m e n t (a s s e s s m e n t ) b o n d s .
D e n o m s . (1 $ ) $ 4 o u ,
(1 ) $ 7 0 0 . a n d ( 1 ) $ 4 8 6 .
D a t o F e b . 1 1 9 1 7 - D uo $ 3 5 0 e a c h s x
m o n t h s f r o m F e b . 1 1 9 1 8 t o A u g . 1 1 9 2 0 , 8 7 9 0 1re b . 1 1 9 2 7 a n d
<
$486 A u g. 1 1927.
C e r tifie d c h e c k fo r S2 W , p a y a b le t o th e
V i l la g e T r e a s u r e r , r e q u i r e d .
A u t h ., S o c . 3 9 1 4 , C e n . L o a e .
2 ,5 0 0
0 0 w a te r-w o rk s ifn p ro v o m o n t a n d e x te n s io n b o n d s .
D e n o m . $.> oo.
D u e $ 5 0 0 o n M a r c h 1 f r o m 1926 t o 1 9 3 0 , in c lu s iv e .
D a te
M a rch 1 1917.
C e r t i f i e d c h e c k f o r $ 3 0 0 , p a y a b l o t o t h o V i l la g o
T re a su re r, re q u ir e d .
A u t li., S e c . 3 9 3 9 , G e n . C o d o .
...................
"
12,
"
'
'

B o n d s to" b o d e l iv e r e d a n d p a i d f o r w it h i n t o n d a y s f r o m t im e o f a w a r d .
P u rc h a s e r t o p a y a c c r u e d in te re s t.
C O L U M B IA , M a u ry C o u n t y , T e n n .— B O O T
O n J u n e 15
t h o $ 5 0 ,0 0 0 5 % 2 0 - y e a r c o u p o n f u n d i n g b o n d s ( V . 1 0 4 , p . M o t) " e r o
a w a rd e d t o th o C o lu m b ia B a n k & T r u s t C o . a t p a r a n d i n t .
1 h ero w ere
o t h e r b i d s r e c e i v e d , b u t n o t c o n s i d e r e d , o n a c c o u n t o f f a il i n g t o c o m p l y
w it h t h o r e q u i r e m e n t s o f t h o a d v e r t i s e m e n t .
C O N C O R D , M e r r i m a c k C o u n t y , N . H .— BOND
W O . — B id s
w ill b e r e c e iv e d u n t il 7 p . m . J u n e 2 5 , i t Is s t a t e d , f o r 3 2 0 ,0 0 0 A ^ Q
b o n d s , d a t e d J u l y 1, a n d m a t u r in g $ 4 ,0 0 0 e a c h y e a r f r o m 1 9 1 9 t o 1 9 2 3 , i n c l .
C O N N E A U T , A s h t a b u l a C o u n t y , O h i o . — BOND OFFERING — Bids
w ill b e r e c e iv e d u n t i l 12 m . J u l y 2 0 b y W . B . C o l s o n , S r . , C i t y A u d i t o r ,
fo r th o fo llo w in g 6 % 1 -1 0 -y r . s p e c ia l assess, b o n d s :
.
^ lO 9 1 7 8 3 L i b e r t y S t . i m p t . b o n d s .
D e n o m s . 19 f o r $ 1 ,0 0 0 a n d 1 f o r
’
$917 83D a t o J u ly 1 191 7.
C e r t , c h e c k f o r 5% o f t h o a m o u n t
o f b o n d s b id f o r . p a y a b lo t o th e C it y T r e a s ., r e q u ir e d .
4 ,6 0 1 61 C l e v e l a n d C o u r t i m p t . b o n d s
D e n o m s . 9 f o r $460 a n d 1 f o r
$16161.
D a to Ju n o 1 1917.
C e r t , c h e c k f o r 5 /o
o r tn o
a m o u n t o f b o n d s b i d f o r , p a y a b lo t o t h o C i t y T r e a s . , r e q u i r e d .
4 4 ,4 3 5 12 M a d i s o n S t . i m p t . b o n d s .
D e n o m s . 33 f o r * 1 , 0 0 0 a n d 1 f o r
$ 1 ,4 3 5 1 2 .
D a to Jun o 1 1917.
C o r t . c h o c k fo i 10% o f th e
a m o u n t o f b o n d s b i d f o r , p a y a b lo t o t h o C i t y T r o a s . , r e q u i r e d .
A u th . S ec. 3 81 2, G en . C od e.
I n t . s e m l- a n n .
B o n d s t o b o d e l iv e r e d a n d
p a i d f o r w it h i n 10 d a y s f r o m t i m e o f a w a r d .
P u rch a se r t o p a y a ccru e d in t .

J une 23 1917.]

25 7 1

THE CHRONICLE

C O S H O C T O N C O U N T Y ( P . O . C o s h o c t o n ) , O h i o . — liOND OFFER
IN G .— P r o p o s a l s w il l b o r e c e i v e d u n t i l 2 p . m . J u l y 9 b y F . C . M c C u l l o u g h ,
C o u n t y A u d i t o r , f o r $ 3 0 ,0 0 0 5 %
c o u p o n r o a d - i m p r o v e m e n t ( c o u n t y ’s
p o r t io n ) b o n d s .
A u t h . , S e c s . 1 1 7 8 t o 1 2 3 1 -4 , i n c h , G o n . C o d o .
D enom .
$500.
D a to J u ly 2 1 9 1 7 .
I n t e r e s t s e m i- a n n u a l .
D u e $ 3 , 0 0 0 e a c h s ix
m o n th s f r o m A p ril 1 191 8 t o O c t . 1 1 9 2 2 .
C e r t i f i e d c h e c k f o r 5% o f
a m o u n t o f b o n d s b id f o r , p a y a b le t o th e C o u n t y A u d it o r , r e q u ir e d .
B onds
t o b o d e l iv e r e d a n d p a i d f o r w i t h i n t o n d a y s f r o m t i m e o f a w a r d .
P u r
c h a s e r t o p a y a c c r u e d in te re s t.

F R A M I N G H A M , M i d d l e s e x C o u n t y , M a s s . — ROND SALE.— R e p o r t s
s t a t e t h a t t h e T r e a s u r e r h a s a w a r d e d $ 1 1 ,0 0 0 4 A % s c h o o l b o n d s , d a t e d
J u n e 3 0 1 9 1 7 a n d m a t u r in g 1 9 1 8 t o 1 9 2 8 , i n c l u s i v e , t o B l o d g e t t & C o . , o f
B o s t o n , a t 1 0 0 .6 8 8 .

C R E S T O N , W n y n o C o u n t y , O h i o . — BOND SALE NOT Y E T CON S U M M A T E D . — U p t o J u n e 1 8 t h e s a l e o f t h e t w o is s u e s o f 5 % c o u p o n
s t r e e t - i m p r o v e m e n t b o n d s , a g g r e g a t i n g $ 9 , 4 0 0 , a w a r d e d o n M a y 10 t o
T illo t s o n & W o lc o t t C o . o f C le v e la n d h a d n o t y o t b e e n c o n s u m m a t e d .

G L A D B R O O K , T a m a C o u n t y , I o w a . — ROND SALE.— S c h a n k e &
C o . , o f M a s o n C i t y , r e c e n t ly p u r c h a s e d $ 6 ,0 0 0 5 A % w a te r -w o r k s b o n d s .
D enom . $500.
D a te Ju n e 1 1917.
I n t e r e s t s e m i- a n n u a l .
D u e June 1
1937.

C U Y A H O G A C O U N T Y ( P . O . C l e v e l a n d ) , O h i o . — BOND OFFER
IN G . — P r o p o s a l s w ill b o r e c e i v e d u n t i l 1 0 a . m . J u n o 2 7 b y E . G . K r a u s e -

G L E N D O R A , L o s A n g e l e s C o u n t y , C a l i f . — BONDS VOTED.— T h e
v o t e r s o n J u n e 9 a p p r o v e d o f a n is su e o f $ 1 0 ,0 0 0 s t r e e t - i m p r o v e m e n t b o n d s ,
i t is s t a t e d .

C le r k B d . o f C o . C o m m r s ., f o r th o f o llo w in g 5 % c o u p o n r o a d -im p t . b o n d s :
$ 2 3 ,1 1 6 a s s e s s , b o n d s .
D e n o m s . 1 fo r $ 1 ,1 1 6 a n d 2 2 fo r $ 1 ,0 0 0 .
D ue
$ 1 , 1 1 6 A p r . 1 1 9 2 0 , $ 1 , 0 0 0 O c t . 1 1 9 2 0 , $ 2 , 0 0 0 e a c h s ix m o n t h s
f r o m A p r . 1 192 1 t o O c t . 1 1 9 2 2 , i n c h , $ 1 , 0 0 0 A p r . 1 1 9 2 3 , $ 2 , 0 0 0
e a c h s ix m o n t h s f r o m O c t . 1 1 9 2 3 t o O c t . 1 1 9 2 5 , i n c h , a n d $ 3 , 0 0 0
A p r. 1 an d O ct. 1 1926.
1 2 ,6 0 9 c o u n t y ’s s h a r e b o n d s .
D e n o m s. 1 fo r $ 60 9, 24 fo r $ 5 0 0 .
D uo
$ 6 0 9 A p r . 1 1 9 2 0 . $ 5 0 0 e a c h s ix m o n t h s f r o m O c t . 1 1 9 2 0 t o A p r . 1
1 9 2 3 , i n c h , $ 1 , 0 0 0 e a c h s ix m o n t h s f r o m O c t . 1 1 9 2 3 t o A p r . 1
1 9 2 5 , i n c h , $ 1 ,5 0 0 O c t . l a n d A p r . 1 1 9 2 6 , a n d $ 2 , 0 0 0 O c t . 1 1 9 2 6 .
A u th . S ec. 6929 G en . C o d o .
D a to J u ly 1 191 7.
P r i n . a n d s o m i- a n n .
i n t . ( A . & O .) p a y a b l e a t t h o o f f i c e o f t h e C o . T r o a s .
A n u n c o n d it io n a l
c e r t i f i e d c h e c k o n s o m e b a n k o t h e r t h a n t h o o n o m a k i n g t h o b i d , f o r 1%
o f t h o a m o u n t o f b o n d s b id f o r , p a y a b le t o th e C o . T r c a s ., r e q u ir e d .
B onds
t o b o d e l iv e r e d a n d p a i d f o r w it h in 1 0 d a y s f r o m t i m e o f a w a r d .
P u r
c h a se r t o p a y a c c r u e d in t.
S e p a r a t e b i d s m u s t b o m a d e f o r e a c h is s u e .
D A D E C O U N T Y S P E C IA L T A X S C H O O L D I S T R I C T N O . 2 , F la .—

ROND OFFERING.— R . E . H a l l , S e c r e t a r y o f B o a r d o f P u b l i c I n s t r u c t i o n
( P . O . M i a m i ) , w ill r e c e i v e p r o p o s a l s , a c c o r d i n g t o r e p o r t s , u n t i l 12 m
u l y 14 f o r $ 1 5 0 ,0 0 0 6 % 2 0 - y e a r b o n d s .
- D E F I A N C E C O U N T Y ( P . ’ O . D e f i a n c e ) , O h i o . — BOND OFFERINGS.—
B i d s w ill b o r e c e iv e d u n t i l 10 a . m . J u n o 2 8 b y R o g e r D a o u s t , C o . A u d . ,
f o r $ 3 2 ,0 0 0 5 % r o a d - i m p t . b o n d s .
A u th . S ec. 6929 G en . C o d e .
D enom .
$ 1 ,0 0 0 .
D a to J u ly 1 191 7.
P r i n . a n d s o m i- a n n . i n t . ( M . & S . ) , p a y a b l e
a t th e C o u n ty T re a su ry .
D u o $ 4 ,0 0 0 y e a r ly o n S e p t. 1 f r o m 1 9 1 8 t o 1 9 2 5 ,
in c h
C e r t , c h e c k o n a lo c a l b a n k fo r $ 5 0 0 , p a y a b le t o t h o a b o v e C o . A u d .
re q u ir o d .
P u rch a se r t o p a y a c c r u e d in t .
B l a n k b o n d s w ill b o fu r n is h e d
b y th o c o u n ty .
B o n d s t o b o d e l iv e r e d a t t h o C o u n t y T r o a s u r y o n J u l y 1 4 .
D O U G L A S C O U N T Y S C H O O L D I S T R I C T N O . 6 1 , W a s h . — ROND
SALE.— O n J u n e 9 $ 1 ,0 0 0 1 - 1 0 - y r . ( o p t . ) b u i l d in g b o n d s w o r e a w a r d e d t o
t h o S t a t e o f W a s h i n g t o n a t p a r f o r S A S- D e n o m . $ 5 0 0 .
D U B L I N , B u c k s C o u n t y , P a . — ROND SALE.— T h o F i r s t N a t . B a n k
o f P c r k a s i e lia s p u r c h a s e d a t p a r t h o $ 5 , 0 0 0 4 % i m p r o v e m e n t b o n d s v o t e d
N o v . 7 1916 (V . 103 , p . 2 0 9 2 ).
D U N K I R K , C h a u t a u q u a C o u n t y , N . Y . — ROND SALE.— B u f f a l o
p a p e r s s t a t e t h a t t h o M a y o r a n d C i t y C l e r k h a v e c o m p l e t e d t h o s i g n in g
o f t h o C e n t r a l A v o . r e -i m p r q y o m o n t b o n d s i n t h o a m o u n t o f $ 1 9 ,1 3 1 , a n d
h a v e fo rw a r d e d t h e s a m e t o I I . A . K a h le r & C o . , o f N o w Y o r k , p u r c h a s e r s
o f th e b o n d s.
D U N K I R K , H a r d i n C o u n t y , O h i o . — BOND SALE.— On M a y 21
$ 6 9 7 9 9 7 5 % d e b t - e x t e n s io n b o n d s w e r o a w a r d e d t o D u r fe o , N i l e s & C o
o f T o l e d o , f o r 36,988 7 7 , e q u a l t o 1 0 0 .1 2 6 .
D e n o m . (1 ) $ 9 7 9 9 7 , (6 )
$ 1 ,0 0 0 .
D a t o M a r . 1 .1 9 1 7 .
I n t . s e m i- a n n u a l .
D u o $ 1 ,0 0 0 y e a r l y A p r . 1
fr o m 1920 to 1925, in c h , an d $9 7 9 97 A p r . 1 192 6.
U s in g n e w s p a p e r
r e p o r t s , w o s t a t e d in V . 1 0 4 , p . 2 4 7 3 t h a t a n is s u e o f $ 6 , 9 7 5 b o n d s h a d b e e n
c o ld a t p a r.
D U R H A M C O U N T Y ( P . O . D u r h a m ) , N o . C a r o .— ROND SALE. —
O n J u n o 18 t h o $ 1 2 5 ,0 0 0 5 % g o l d c o u p o n f u n d i n g b o n d s ( V . 1 0 4 , p . 2 1 5 5 )
w e r o a w a r d e d t o D o v i t t , T r e m b l e & C o . o f C h i c a g o a t 1 0 0 .6 0 .
O th e r b i d s w e r o :
E . I I . R o l l i n s & S o n s , C h i c a g o ....................- .............................................$ 1 2 5 ,7 4 8 7 5
H a r r i s , F o r b e s & C o . . N . Y . _ ----------------------------- ------------ ------------105 3 K3 nn
*125 000 00
J . C M a y e r & C o . . C i n c i n n a t i ..............................................................
♦ L ess $ 1 ,8 5 0 c o m m i s s i o n .
------i ^ o .u u u UO
E A S T P R O V I D E N C E , P r o v i d e n c e C o u n t y , R . I . — ROND OFFERING
— T h i s t o w n , a c c o r d i n g t o r e p o r t s , is o f f e r i n g f o r s a l e a n i s s u o o f $ 4 0 0 0
sch ool bon d s.
’
E L I Z A B E T H C I T Y C O U N T Y ( P . O . H a m p t o n ) , V a . _ ROND OFFER
_
ING.— I I . I I . H o l t . C l e r k B d . o f C o . S u p e r v i s o r s , w i l f r e c e i v o b i d s u n t i l
11 a . m . J u n o 2 7 f o r $ 5 0 ,0 0 0 5 % 2 5 - y r . W y t h e M a g i s t e r i a l D i s t . r o a d - i m p t .
b o n d s a u t h o r i z e d b y v o t e o f 1 0 6 t o 5 9 a t a n e l e c t i o n h e ld in t h o D i s t . o n
M a y 19.
D e n o m . $ 1 ,0 0 0 .
D a te J u ly 1 1017.
P rin
a n d s e m i- a n n u a l
in t . (J . & J - ) . p a y a b le a t t h e C o . T r e a s . o f f ic e .
C e r t , c h e c k f o r $ 2 ,6 0 0
r e q u ir e d .
B o n d e d d e b t o f c o u n t y , i n c lu d in g t h is is s u e , $ 8 1 ,0 0 0 .
No
$12 000 0 0 0 ?’

ASS0SS' V a l' ° f C° U n ty 1 9 1 6 , 5 7 ,0 3 0 , 8 8 7 ( o s t . ) a c t u a l v a l u e ,

E N I D , G a r f i e l d C o u n t y , O k l a . — ROND OFFERING _ B i d s w ill Bn
_
r e c e iv e d a t a n y t im e b y t h e C i t y C l e r k f o r t h e $ 5 0 ,0 0 0 5 % 10 - 2 5 - y c a r ( o p i n
h e ld J u n e 7

m

a u t h o r i z e d b y v o t e o f 0 7 1 t o 1 1 1 >at a n e l e X n

E R I E , E r i e C o u n t y , P a . — BONDS A W A R D E D I N P A R T _ T h e C i t v
_
C le r k a d v is e s u s u n d e r d a t o o f J u n o 15 o f t h o $ 8 0 0 0 0 0 4 % 5 - 3 0 - v r s e r ia l
c o u p o n M i l l C r e e k i m p t . b o n d s o f f e r e d w it h o u t s u c c e s s 011 A n r il 2 4 ( V
10 1
p . 1 7 2 4 ) a lit t l e o v e r $ 5 0 0 ,0 0 0 r e m a in s u n s o l d . aucLCSS 011
^ <v •

ESSEX COUNTY (P. O. Newark), N. J.— BONDS AUTHORIZED —
R e p o r t s s t a t e t h a t t h o B o a r d o f F r e e h o l d e r s h a s a p p r o v e d t h e is s u a n c e ' o f
$ 2 5 ,0 0 0 O v e r b r o o k p o w e r - h o u s o i m p r o v e m e n t b o n d s .
is su a n ce o r

EXIRA, Audubon County, Iowa.— RONDS V O T E D __ T h o o u e s t i o n
°if * !? u ,n g ? ’? ’ ? 0 0 w a t e r - w o r k s - s y s t e m b o n d s c a r r i e d , r e p o r t s s t a t e , a t a n
e l e c t i o n h e ld J u n o 1 5 .
T h e v o t o w as 157 t o 17.
FAIRPORT (Village), Monroe County, N. Y .__RONDC

A W A n n K r t

IN PART .— O f t h o 1 2 5 ,0 0 0 w a t e r - d r a i n a n d $ 2 1 0 0 0 1
o f f e r e d o n M a r c h 2 6 ( V . 1 0 4 , p . 1 0 7 5 ) t h o $ 2 1 0 0 0 H a v in g 8 J o n d s w - r n
a w a rd e d o n J u n o 15 t o H . A . K a h le r & C o . o f n 7 y . a t p a r fo r 4 ^ s

FARELLY LAKE LEVEE DISTRICT, Jefferson Countv

OND OFFERING .— S e a le d b i d s w ill b e ’ r e c e i v e d

Ark

F R E E H O L D S C H O O L D I S T R I C T (P . O . F r e e h o ld ) , M o n m o u t h
C o u n t y , N . J .— BONDS NOT YET OFFERED.— A n d r e w J . C o n o v e r ,
D is t . C l e r k , a d v is e s u s t h a t n o d a t e h a s b e e n s e t f o r t h o o f f e r i n g o f t h e
$ 1 0 0 ,0 0 0 s c h o o l b o n d s v o t e d in M a r c h ( V . 1 0 4 , p . 1 0 7 5 ).

GRAFTON
V IL L A G E
SCHOOL
D IS T R IC T
(P .
O.
G r a fto n ),
L o r a i n C o u n t y , O h i o . — BOND OFFERING.— P r o p o s a l s w ill b e r e c e iv e d
u n t il 7 p . m . J u l y 2 b y T . C . W a s h i n g t o n , C l e r k o f t h e B d . o f E d . , f o r
$ 1 5 ,0 0 0 5 % s c h o o l i m p t . b o n d s v o t e d o n M a y 2 1 , a u t h . S e c s . 7 6 2 9 a n d
763 0 e t . s e q ., G e n . C o d e .
D enom . $500.
D a te J u ly 2 191 7.
In t. J . & J .
D u e $ 5 0 0 e a c h s ix m o n t h s f r o m J u l y 2 1 9 1 8 t o J a n . 2 1 9 3 3 . i n c lu s i v e .
G R A H A M , Y o u n g C o u n t y , T e x . — BOND OFFERING.— S e a le d p r o 
p o s a ls w ill b o r e c e i v e d u n t i l 2 p . m . J u l y 2 b y T . E . W a l l a c e , C i t v S e c r e 
t a r y , f o r t h o $ 2 5 ,0 0 0 5 % 1 0 - 1 0 - y e a r ( o p t . ) c o u p o n s e w e r a g e -s y s t e m a n d
d i s p o s a l - p l a n t - c o n s t r u c t i o n b o n d s a u t h o r i z e d b y v o t e o f 1 0 7 t o 59 a t a n
e le ctio n h e ld A p ril 17.
D en om . $500.
D a t e A p ril 2 0 191 7.
P r i n c ip a l
a n d s e m i- a n n u a l i n t e r e s t ( A . & O . ) p a y a b l e a t G ra h a m -.
C e r tifie d c h e c k fo r
5 % o f a m o u n t b id fo r r e q u ir e d .
B o n d e d d e b t , i n c l u d i n g t h i s i s s u e , $ 3 1 ,0 0 0
S in k in g f u n d , $ 4 5 0 .
A sse sse d v a lu a tio n 1 9 1 6 , $ 1 ,0 0 7 ,4 4 0 .
T a x r a te (p e r
$ 1 ,0 0 0 ), $ 5 .
_
G R E E N S B O R O , G u i l f o r d C o u n t y , N o . C a r o . — BOND OFFERING _
S e a le d b id s w ill b e r e c e iv e d u n t i l 2 :3 0 p . m . J u n o 2 5 b y W . L . M u r r a y
C i t y C l e r k , f o r S 7 5 ,0 0 0 5 % g o l d r e f u n d i n g b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te
J u ly 1 1917.
In t. J . & J .
D u e $ 3 ,0 0 0 J u l y 1 1 9 1 9 a n d $ 4 ,0 0 0 y r l y . J u l y I
1 9 2 0 t o 1 9 3 7 , i n c l.
C e r t , c h e c k o n a n in c o r p o r a te d b a n k o r tru st c o m p a n y
f o r $ 1 ,5 0 0 , p a y a b l e t o t h o C i t y T r e a s . , r e q u i r e d .
B o n d s -will b e d e l iv e r e d
J u l y 2 191 7 in N . Y . C i t y a n d m u s t t h e n b o p a i d f o r .
P u rcn a ser to p a y
a c c r u e d in t.
T h e b o n d s a r o t o b o p r e p a r e d u n d e r t h o s u p e r v i s io n o f t h e
U n it e d S t a t e s M t g e . & T r u s t C o . , N . Y . , w h ic h w ill c e r t i f y a s t o t h e g e n u i n e 
n e s s o f t h o s ig n a t u r e s o f t h e c i t y o f f i c i a l s a n d t h e s e a l im p r e s e d t h e r e o n .
T h o l e g a l it y o f t h o b o n d s w ill b e e x a m in e d b y C a ld w e ll & M a s s li c h , N . Y . ,
a n d t h e p u r c h a s e r w ill b e fu r n is h e d w it h o u t c h a r g e t h e a p p r o v i n g o p i n i o n
o f s a id a t t o r n e y s .
B i d s m u s t b e m a d e o n b l a n k f o r m s t o b o f u r n is h e d b y
t h e C i t y C le r k o r s a id t r u s t c o m p a n y .
T o t a l d e b t , in c lu d in g t h is is s u e ,
$ 1 , 2 9 8 ,0 0 0 : w a t e r d e b t , i n c l u d e d , $ 2 0 0 ,0 0 0 .
S in k in g f u n d s , $ 2 8 ,0 0 0 .
A ssess, v a l., (re a l
a n d p e r s o n a l ) $ 1 2 ,3 3 1 ,3 0 1 ; e s t . v a l . , $ 3 1 ,0 0 0 ,0 0 0 .
V a lu e o f m u n i c ip a l p r o p e r t y , $ 1 ,8 6 6 ,1 6 0 .
G R E E N W I C H ( T o w n ) , F a i r f i e l d C o u n t y , C o n n . — BOND OFFER
IN G.— P r o p o s a l s w ill b e r e c e iv e d u n t il 12 m . J u n o 2 9 b y t h o T o w n B o n d in g
C o m m it te e , c o m p o s e d o f W ilb u r S . W r ig h t, N a th a n ie l A . K n a p p a n d
E d w i n N . C h a p m a n , f o r t h e f o l l o w i n g c o u p o n ( w i t h p r i v il e g e o f r e g is t r a 
t io n ) g o l d b o n d s :
$ 5 0 ,0 0 0 4 M % h i g h w a y i m p r o v e m e n t b o n d s .
D a te M a y 1 1917.
D ue
$ 1 5 ,0 0 0 M a y 1 1 9 2 3 a n d $ 3 5 ,0 0 0 M a v 1 1 9 2 4 .
1 6 ,0 0 0
4 ) 4 % s c h o o l im p ro v e m e n t b o n d s .
D a te J u ly
1 1914. D u e
$ 1 0 ,0 0 0 J u l y 1 1 9 3 5 a n d $ 6 ,0 0 0 J u l y 1 1 9 3 6 .
D e n o m . $ 1 ,0 0 0 .
P r i n c ip a l a n d s e m i-a n n u a l i n t e r e s t p a y a b le a t t h o
U.
S. M o rtg a g e & T ru st C o ., N . Y .
C e r tifie d c h e c k fo r 1 % o f th e a m o u n t
o f b o n d s b id f o r , p a y a b le t o th o T o w n T re a s u re r, r e q u ir e d .
B o n d s w ill b e
d e l iv e r e d t o s u c c e s s fu l b i d d e r a t t h e t o w n h a ll o n J u l y 1 6 , a t 12 m .
The
l e g a l it y o f t h o b o n d s h a s b e e n a p p r o v e d b y J o h n C . T h o m s o n o f N Y
w h o s o o p i n i o n o r a d u p li c a t e w ill b e d e l iv e r e d t o t h o p u r c h a s e r , o r , i f m o r e
th a n o n o p u rch a ser, t o ea ch o f th o pu rch a sers.
T h e b o n d s w ill b e p r e 
p a r e d u n d e r t h e s u p e r v i s io n o f t h o U . S . M t g e . & T r u s t C o . , N . Y . , w h ic h
w ill c e r t i f y a s t o t h e g e n u in e n e s s o f t h o s i g n a t u r e s o f t h o t o w n o f f i c ia ls
s i g n in g t h e b o n d s , a n d t h e s e a l im p r e s s e d t h e r e o n .
B o n d e d d e b t J u ly 1
1 9 1 7 ( in c l u d i n g t h e s e I s s u e s ), $ 1 , 3 0 0 , 6 0 0 .
A ss e s s e d v a lu a tio n , re a l a n d
p o r s o n a l p r o p e r t y , g r a n d lis t 1 9 1 6 , $ 4 3 ,4 2 5 ,5 5 2 .
B id s w ill b o c o n s i d e r e d a t 4 ) 4 % f o r h i g h w a y - i m p t . b o n d s i f n o v a l i d
b i d s a r e r e c e iv e d a t 4 H % a s c a l le d f o r .
G R O S S E P O I N T E P A R K (P . O . D e t r o i t ) , W a y n e C o u n t y , M ic H .—
RONDS VOTED.— T h e e l e c t i o n h e ld J u n e 11 r e s u lt e d in f a v o r o f t h o q u e s t i o n
o f is s u in g t h o $ 8 0 ,0 0 0 s i t e - p u r c h a s e a n d t o w n h a ll e r e c t i o n a n d $3 3 000
w a t e r m a in e x t . 5 % 3 0 - y r . b o n d s ( V . 1 0 4 , p . 2 3 6 7 ) .
T h e v o te w as 67 to
7 a n d 61 t o 1 3 , r e s p e c t i v e l y . !

c o n s o l id a t e d

in d e p e n d e n t

sch o o l

d is -

I K I C T ( P . O . G u e r n s e y ) , P o w e s h i e k C o u n t y , I o w a .— BOND ELEC
TION.— A n e l e c t i o n w ill b o h e l d J u n e 3 0 t o d e t e r m i n e w h e t h e r o r n o t t h i s
d i s t r i c t s h a ll is s u e 8 4 0 ,0 0 0 s i t e - p u r c h a s e ,
J . W . L i n d s e y is S e c . B d . o f D i r e c t o r s .

b ld g ,

and

e q u ip m e n t

b on d s.

HAM BURG
( V i l l a g e ) , E r i e C o u n t y , N . Y . — ROND SALE.— O n
J u n e 13 $ 1 , 4 6 0 51 5 % L a k e S t . p a v i n g b o n d s w e r o a w a r d e d t o J o h n V a n
E p p s o f H a m b u r g f o r S 1 .4 6 8 — e q u a l t o 1 0 0 .5 1 2 .
T h o P e o p le s B a n k o f
H a m b u rg b id p a r a n d in t.
D en om . $146 05.
D a t o J u lv 1 19 17
in t
J. & J.
D u e $ 1 4 6 0 5 y e a r l y f o r 10 y e a r s .
H A M D E N S C H O O L D IS T R IC T
(P . O . H a m d e n ), N e w H a v e n
C o u n t y , C o n n . — RONDS VOTED.— T h o q u e s t i o n o f i s s u in g s i t e - p u r c h a s e
a n d s c h o o l - b u i l d i n g b o n d s c a r r ie d b y a v o t e o f 1 2 5 t o 2 4 a t a n e l e c t i o n h e l d

JUIIQ o .

H A N O V E R , Y o r k C o u n t y , P a . — BOND SALE.— O n J u n e 1 t h e $ m n n o
4 % f ir e d e p t , b o n d s ( V . 1 0 4 , p . 7 7 9 ) w e r e a w a r d e d t o l o c a l “ n v e s t o r f a t m ?
D e n o m s . 5 0 ) $ 1 0 0 , (1 0 ) S5O 0.
D a to M a y 1 1917
In t M
& N
I?™
$ 5 ,0 0 0 1 92 1 a n d $ 5 ,0 0 0 1 9 2 6 .
&
D ue
H A S T I N G S , B a r r y C o u i t y , M i c h . — ROND S A L E _ T h e M i c h i g a n
_
T r u s t C o . o f G ra n d R a p id s w a s a w a r d e d a t p a r a n d in t o n A n
'ff
$ 2 8 ,8 3 4 4 A %
p a v in g b o n d s.
D e n o m s . ( 2 8 ) $ 1 000
( 1 ) $834
D a te
A p ril 1 191 7.
In t. A . & O .
D u e p a r t y e a r l y f r o m 1 9 1 8 t o 1 9 3 2 , I n c lu s iv e
H A S T I N G S , A d a m s C o u n t y , N e b . — BOND OFFERING _ P m n n c a ic
_
w ill b e r e c e iv e d u n t il 5 p . m . J u n e 2 5 b y A . T . B r a t t o n C i t y C le r k ft is
s t a t e d , fo r $ o 0 0 0 0 4 A % 5 -2 0 -y e a r ( o p t .) im p r o v e m e n t b o n d s .
In te re st
s e m i- a n n u a l .
C e r t i fi e d c h e c k f o r 5 % r e q u i r e d .
1
H E L E N A T O W N S H I P (P . O . A ld e n ), A n tr im C o u n t v
M ir h
BONDS REFUSED.— C . I I . C o f f i n o f C h i c a g o h a s r e fu s e d t o a c c e n t
$ 1 5 ,0 0 0 J r o a d ; b o n d s ; a w a r d o d t o h i m ( o n M a y 15 ( V . 1 0 4 , p . l7 2 4 )CCCPt

_
H E N R Y C O U N T Y ( P . O . N a p o l e o n ) , O h i o . — ROND OFFFRING _
^ V E„ ’J J a ffc r t y > C o u n t y A u d i t o r , w ill r e c e iv e b i d s u n t il 10 a m J u n o 2 8 f o r
$ 1 5 ,6 0 0 N a p o l e o n T w p . a n a S 9 .6 0 0 R i d g e v i l le T w p . 5% r o a d b o n d s a u t h
S ec. 6929 G en . C o d e .
D e n o m s . S I , 3 0 0 a n d $ 8 0 0 , r e s p e c t i v e l y ’ L )a t e
nt
o
o
d
e h
o ea
s
m n th s f
FARMVILLE, Prince Edward County, Va.— ROND OFFERING __ J u l y 1 1 9 1 7 . t o ID e .c .J .1 & 9J2. 3 , iD ul. o nC eb o ,n c ho fc k aocr dis s ut o n csii mix “ o v e r d br o m
J u ly 1 1918
1
nc
rt
e
raf
o e
?
aC k
n .
E . B a r r o w , C h a ir m a n o f F i n a n c e C o m m i t t e e , w ill r e c e i v e p r o p o s a l s i t is
f o r 8 1 ,0 0 0 , r e q u ir e d
B o n d s t o b e d e l iv e r e d a t C o . T r e a s . o f f i c e , in N a p o le o n k
s t a t e d , u n t il 12 i n . J u l y 11 f o r $ 3 0 ,0 0 0 5 % 2 0 - y e a r i m p r o v e m e n t b o n d s
l h e s o b o n d s w e r e o f f e r e d w it h o u t s u c c e s s o n M a y 2 9 — V . 1 0 4 , p . 2 2 6 1 .
I n t e r e s t s e m i- a n n u a l .
H E N R Y S C H O O L T O W N S H I P ( P . O . N e w c a s t l e ) . I n d " - __ ROAin
_ FAYETTE COUNTY (P. O. Fayetteville!, W. Va .— ROND S A L E —
SALE.— O n J u n e 16 t h e $ 1 8 ,0 0 0 4 J -£ % b u i l d in g b o n d s ( V 104* n 236 81
O n J u n o 11 t h o $ 1 0 0 ,0 0 0 5 % c o u p o n N u t t a ll D i s t . r o a d i m p t . b o n d s ( V 104
w ere a w a rd e d t o J o h n M . M o r ris , o f N e w c a s tle , a t 100 2 5 .
O t h e r b & s w e re p . 2 1 5 5 ) w o r e a w a r d e d t o t h o S t a t e o f W e s t V i r g i n ia a t p a r a n d i n t
T h ere
J^ T ilin '
4n<4 p o lis $ 1 8 ,0 3 3 0 0 1F a r m e r s ' N a t . B a n k __________ $ 1 8 0 2 5
w e ro n o o th e r b id d e rs .
!'• II- 51 ill ik o n
—
------- 1 8 ,0 2 7 4 0 [ B r e e d , E l l i o t t & H a r r is o n
18 0 2 3
..FAYETTEVILLE, Lincoln County, Tenn.— ROND OFFERING __ _
c S V S 15 19lt'
4
*1000
1?.
*•» , i ? p« « ota U s a r o a t h a n d r e la t i v e t o t h e o f f e r i n g o n J u n o 2 6 o f t h o $ 3 0 0 0 0
5 % 1 0 -2 0 -y r . ( o p t .) c o u p o n s tr e e t-p a v in g b o n d s ( V . 1 0 4 , p . 2 4 7 3 ).
t’ r o p o s a l s f o r t h e s e b o n d s w il l b o r e c e iv e d u n t il 11 a . m . o n t h a t d a v b v H ir a m
S i s s t e . S s . ,^ ju „c.* 2 t o X ?
T
l u g g i n g C it y C le r k .
D en om . S500.
D a te J u n o 1 1917.
In t J & D
M a n a g e r , f o r $ 1 1 ,0 0 0 5 % 1 0 - y e a r c o u p o n t a x - f r e o r e f u n d i n g b o n d s . A u t h
N .- Y .
C e r t , c h o c k f o r $ 1 ,0 0 0 , p a y a b le t o t h o C i t y C l e r k , r e q u i r e d '
C h a p . 131 , 1 u b lic A c t s o f N o . C a r o . 191 5.
D e n o m . $1 0 0 0
D a t e M n - 1'
B o n d e d d e b t e x c l u d i n g t h is is s u e (J u n e 16 1 9 1 7 ), $ 8 0 ,0 0 0 .
F lo a tin g d e b t
1917.
I n t . M . & N . a t th e F irs t N a t . B a n k o f H ic k o r y .’ D u o M a y 1 1927
$ 1 7 ,0 0 0 .
S in k in g f u n d , $ 1 9 ,0 0 0 .
A s s e s s , v a l . ( 1 -3 a c t . ) , $ 1 , 5 0 0 , 0 0 0 .
t re q u ir e d .
B o n d e d d e b t , i n c lu d in g t h i s is s u e . J u n o 1 5 1 9 1 7 !
FERGUS COUNTY (P. O. Lewiston), Mon.— ROND SA LE .__ O n v a l u a t i o n 19 fi U$9 3 f v f n n a 3 n j ? 0 0 ; S in l5in K f u n d - $ 6 , 0 4 0 . A s s e s s e d
v a lu a t io n 1 9 1 6 , $ 2 ,3 0 5 ,0 0 0 .
C i t y t a x r a t e ( p e r $ 1 ,0 0 0 ) 1 9 1 6
$ 1 6 50
J u n e 12 t h e $ 1 0 0 ,0 0 0 5 % c o u p o n c o u n t y f r e o h i g h - s c h o o l - b u i l d i n g b o n d s
( V . 1 0 4 , p . 3 1 5 5 ) w o r e a w a r d e d t o t h o F ir s t N a t i o n a l B a n k o f L e w i s t o n a t
H i c k o r y ° ( V 10 4 f p f f f i o
° n A p ril 10 t o th o F irs t N a t . B a n k o f
1 0 0 .0 5 , t h e b i d t o h o l d f o r s ix m o n t h s , i t is s t a t e d .
M e a n w h ile , a c c o r d in g
t o l o c a l p a p e r s , t h o l e g a l i t y o f t h o is s u o w ill b e t e s t e d in t h e S u p r e m o
H O N E Y B R O O K V O C A T I O N A L S C H O O L D I S T R I C T (P . O . H o n e y
C o u r t th e q u e s tio n tu r n in g o n th o c o n s t it u t io n a lit y o f th o la w o f 1917
B r o o k ) , C h e s t e r C o u n t y , P a . — BOND SALE.— T h o F i r s t N a t . B a n k o f
e x c l u d i n g h ig h s c h o o l d i s t r i c t s c r e a t e d s i n c e t h e c r e a t io n o f t h o c o u n t r y
H o n e y B r o o k h a s p u r c h a s e d a t p a r t h e $ 8 , 0 0 0 t o w n s h in s c h o o l a n d $ 1 n n o
h i g h - s c h o o l f r o m p a r t i c i p a t i n g i n t h o e l e c t i o n , a n d e x e m p t i n g th o r n f r o m
ta x a tio n fo r h ig h -s clio o l p u r p o s e s .
UUI
D O T u l^ l W 17? I n c ' W
r 0 b 0 n d * (V l O r H K ^ D i n S m M
q u ir e d .
B o n d s w ill b e r e a d y f o r d e l i v e r y w it h i n 3 0 d a y s
T h e B o a r d w d ll
f u r n is h w it h t h e b o n d s t h e a p p r o v i n g o p i n i o n o f R o s e , H e m i n g w a y , C a n 
t r e ll, L o u g h b o r o u g h & M ile s , o f L it t le H o c k .




v g fffib V u

2572

I N D I A N O L A , R e d W i l l o w C o u n t y , N e b . — BOND OFFERING.—
S e a le d b i d s w il l b e r e c e i v e d u n t i l 6 p . m . J u n e 2 8 b y C . S . Q u i c k J r . , C i t y
C l e r k , f o r $ 1 1 ,4 0 0 5 % 5 - 2 0 - y e a r ( o p t . ) e l e c t r i c - l i g h t b o n d s a u t h o r i z e d
b y v o t e o f 1 3 5 t o 5 1 a t a n e l e c t i o n h e l d A p r i l 17 1 9 1 7 .
D e n o m . (2 0 ) $ 5 0 0 ,
(1 ) $ 4 0 0 .
D a te June 1 1917.
P r i n c ip a l a n d a n n u a l i n t e r e s t p a y a b l e a t
t h e fis c a l a g e n c y , L in c o ln .
C e r t ifie d c n e c k fo r $ 5 0 0 , r e q u ir e d .
T h is c it y
h a s n o in d e b te d n e ss.
T o t a l a s s e s s e d v a l u a t i o n , $ 1 1 4 ,6 9 1 .

w e r e a w a r d e d t o t h o L y o n C o . B a n k o f Y e r i n g t o n f o r $ 1 2 ,5 0 5 (1 0 4 .2 0 8 )
a n d In t.
O th e r b id s w ere:
M a s o n V a ll e y B a n k . ................. $ 1 2 ,2 5 5 B o l g e r , M o s s e r & W i ll a m a n ,
C h i c a g o ...................................... * $ 1 2 ,0 5 0
S p i t z o r , R o r ic lc & C o . , T o l . _ 1 2 ,1 7 5
K e e le r B r o s . , D e n v e r _________ 1 2 ,1 2 5
D u r f e o , N il e s & C o . , T o l e d o . 1 2 ,0 3 1
O . H . C o f f i n , C h i c a g o ________1 2 ,1 2 1
L u m b e r m e n ’s T r . C o . , P o r t l ’d 1 2 ,0 3 0
J a m e s N . W r i g h t & C o . , D e n . 1 2 ,1 0 0 S id n o y S p it z o r & C o . , T o l e d o 1 2 ,0 0 2
J . R . S u t h o r lin & C o . , K a n .C . 1 1 ,5 2 0
♦ L e ss $ 2 5 0 t o p r e p a r e b o n d s .

J A C K S O N ’S T O W N S H IP R O A D D IS T R IC T , N ash C o u n ty , N o.
C a r o . — BOND SALE.— T h e $ 1 0 ,0 0 0 6 % r o a d - i m p r o v e m e n t b o n d s o f f e r e d
o n M a y 15 ( V . 1 0 4 , p . 1 9 3 0 ), h a v e b e e n d is p o s e d o f .

M C K E O N C O U N T Y ( P . O . S m e t h p o r t ) , P a .— NO A CT IO N YE T
T A K E N .— N o a c t i o n h a s y e t b e e n t a k e n , t h e C o u n t y T r e a s u r e r a d v i s e s u s ,
l o o k i n g t o w a r d s t h e o f f o r i n g o f t h e $ 7 5 0 ,0 0 0 r o a d b o n d s v o t e d N o v . 7 1 a st
( V . 1 0 3 , p . 1 9 1 2 ).
F r a n k P o t t e r is C o . T r e a s .

J A Y C O U N T Y ( P . O . P o r t l a n d ) , I n d .— NOTE SALE.— O n J u n e 18
t h e $ 1 0 0 ,0 0 0 6 % n o t e s ( V . 1 0 4 , p . 1 9 3 0 ) w e r e a w a r d e d t o J . F . W i l d & C o . ,
o f I n d i a n a p o li s , f o r $ 1 0 0 ,5 0 0 , e q u a l t o 1 0 0 .5 0
T h o P e o p le ’s B a n k o f P o r tla n d b id p a r .

M A H O N I N G C O U N T Y ( P . O . Y o u n g s t o w n ) , O hio.— BONDS A U T H 
ORIZED.— I t is s t a t e d t h a t t h i s c o u n t y i n t e n d s is s u in g $ 1 6 8 ,0 0 0 5 % b o n d s
f o r t h o I m p r o v e m e n t o f r o a d s in v a r i o u s t o w n s h ip s d u r i n g t h e s u m m e r .
T h e s e b o n d s , i t is s t a t e d , a r e in a d d i t i o n t o a b o u t $ 2 0 0 , 0 0 0 a l r o a d y is s u e d
fo r r o a d a n d b rid g e w o rk .

J E F F E R S O N C I V IL A N D S C H O O L T O W N S H I P S (P . O . Y e o m a n ),
C a r r o l l C o u n t y , I n d . — BOND OFFERING.— G e o r g o E . S it e s , T o w n s h i p
T r u s t e e , w ill r e c e i v e b i d s u n t i l 1 0 a . m . J u l y 1 4 f o r t h e f o l l o w i n g 4 H %
cou p on bon d s:
$ 8 , 0 0 0 s c h o o l t o w n s h ip b u i l d in g b o n d s .
D en om . $400.
4 , 0 0 0 c iv il t o w n s h ip b o n d s .
D en om . $200.
D a t e J u ly 14 19 1 7 .
I n t . J . & J . D u o o n e b o n d o f e a c h issu e e a c h s ix
m o n t h s f r o m J a n . 1 1 9 1 8 t o J u l y 1 1 9 2 7 , i n c lu s i v e .
C e r tifie d c h e c k fo r
$ 3 0 0 , p a y a b le t o T o w n s h ip T r u s te e , r e q u ir e d .

M A R I C O P A C O U N T Y S C H O O L D I S T R I C T N O . 1 1 , A r i z .— BOND
OFFERING.— P r o p o s a l s w ill b e r e c e i v e d u n t i l 1 1 a . m . J u l y 2 b y C l a r e n c e
L . S t a n d a g e , C l e r k B o a r d o f C o u n t y S u p e r v is o r s ( P . O . P h o e n i x ) , f o r
$ 3 4 ,0 0 0 6% , 20 - y e a r g o l d s i t e - p u r c h a s e , c o n s t r u c t i o n a n d e q u i p m e n t b o n d s .
D en om . $500.
D a te A u g . 1 1917.
P r i n c ip a l a n d s e m i- a n n u a l i n t e r e s t —
J . & D . — p a y a b le a t o f f i c e o f C o u n t y T r e a s u r e r .
C e r t ifie d c h e c k o n a n
A r iz o n a b a n k o r a n y n a tio n a l b a n k f o r $ 2 ,0 0 0 , p a y a b le t o C o u n t y T r e a s u r e r ,
re q u ir e d .
T h e se b o n d s w e re a u th o r iz e d b y a v o t e o f 36 t o 3 0 a t a n e le ctio n
h e ld M a y 1 9 .
O f f i c i a l c i r c u l a r s t a t e s t h a t t h e r e is n o c o n t r o v e r s y o r l i t i g a 
t io n p e n d in g o r th r e a te n in g , a ffe c t in g t h e c o r p o r a t e e x is te n ce o r th e
b o u n d a r ie s o f s a i d d i s t r i c t , t h e t i t l o o f I t s p r e s e n t o f f i c i a l s t o t h e i r o f f i c e s
o r t h e v a l i d i t y o f t h e s e b o n d s , t h a t n o p r e v i o u s is s u e s o f b o n d s h a v o b e e n
c o n t e s t e d , a n d t h a t t h e p r i n c ip a l a n d i n t e r e s t o f a ll b o n d s p r e v i o u s l y h a s
a lw a y s b e e n p a id p r o m p t ly a t m a t u r it y .
T o t a l b o n d e d d e b t (in c lu d in g
t h is is s u o ) , $ 4 1 ,0 0 0 .
F lo a tin g d e b t , n o n e .
A s s e s s e d v a lu e (e q u a liz e d .),
1916,
$ 1 ,3 7 5 ,9 6 6 7 6 .

J E F F E R S O N C O U N T Y ( P . O . P i n e B l u f f ) , A r k . — BONDS OFFERED
B Y BANKERS.— K a u f f m a n , S m i t h , E m e r t I n v e s t . C o . a n d S m i t h , M o o r e
& C o . o f S t . L o u i s a r e o f f e r i n g t o i n v e s t o r s $ 2 5 0 ,0 0 0 5 % D i s t . N o . 1 5 r o a d im p t. b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te M a y 1 1917.
P r i n . a n d s e m i- a n n .
i n t . ( F . & A . ) p a y a b l e a t t h o S t . L o u i s U n io n B a n k , S t . L o u i s .
D ue on
A u g . 1 as f o llo w s :
$ 9 , 0 0 0 , 1 9 2 7 $ 1 1 ,0 0 0 , 1 9 3 1 $ 1 4 ,0 0 0 , 1 9 3 5 $ 1 6 ,0 0 0 , 1 9 3 9
$ 8 ,0 0 0 , 192 3
1 4 .0 0 0 , 193 6
1 7 .0 0 0 , 1 9 4 0
1 2 .0 0 0 , 193 2
1 0 .0 0 0 , 192 8
8 .0 0 0 , 1 9 2 4
1 8 . 0 0 0 , 1 94 1
1 5 .0 0 0 , 193 7
1 2 .0 0 0 , 19 3 3
1 0 .0 0 0 , 1 9 2 9
8 .0 0 0 , 1925
1 9 .0 0 0 , 194 2
1 6 .0 0 0 , 193 8
1 3 .0 0 0 , 1934
9 .0 0 0 , 192 6
1 1 .0 0 0 , 1 9 3 0
A ss e s s e d v a lu a Ion o f c o u n t y .
G e n e r a l b o n d e d d e b t o f c o u n t y , $ 5 2 ,0 0 0 .
$ 1 6 ,5 0 6 ,6 6 0 .
L e g a lit y a p p r o v e d b y R o s e , H e m in g w a y , C a n t r e ll, L o u g h 
b o r o u g h & M ile s o f L it t le R o c k .

M A R I C O P A C O U N T Y S C H O O L D I S T R I C T N O . 4 9 . A r i z .— BOND
OFFERING.— P r o p o s a l s w ill b e r e c e i v e d u n t i l 1 1 :3 0 a . m . J u l y 2 b y C l a r o n c e

J E F F E R S O N C O U N T Y ( P . O . F a y e t t e ) , M i s s . — BOND OFFERING.—
M . C . H a r p e r , C o . T r e a s . , w ill r e c e iv e s e a le d b i d s u n t i l 1 2 m . J u l y 2 f o r
$ 12,0 0 0 b o n d s .
J E F F E R S O N C O U N T Y S C H O O L D I S T R I C T N O . 98 (P . O . P ly 
m o u t h ) , N e b . — BOND SALE.— T h e $ 1 9 ,0 0 0 6 % 1 0 - 2 0 - y e a r ( o p t . ) b u i l d in g
b o n d s o ffe r e d o n M a y 1 ( V . 1 0 4 , p . 1 7 2 4 ) w e re a w a r d e d o n th a t d a y t o
A l l e n B r o s . R e a l t y C o . , o f O m a h a , f o r $ 2 0 ,4 8 0 , e q u a l t o 1 0 7 .7 8 9 .
D enom .
$ 1 ,0 0 0 .
D a te Juno 1 1917.
I n te r e s t a n n u a lly in J u n e .
K E L L O G G , S h o s h o n e C o u n t y , I d a h o . — BOND SALE.— O n J u n o 6
t h e $ 1 0 ,0 0 0 6 % 1 0 - 2 0 - y r . ( o p t . ) c o u p o n c i t y - h a i l - b u i l d i n g b o n d s ( V . 1 0 4 ,
p . 2 2 6 1 ) w o r e a w a r d e d t o t h e H a n c h o t t B o n d C o . o f C h i c a g o a t 1 0 3 .1 7 a n d
b la n k b o n d s .
D o n o m s . $ 1 0 0 , $ 5 0 0 a n d $ 1 ,0 0 0 (o p t io n a l t o b id d e r .) D a t e
J u ly 1 1 9 1 7 .
I n t . J . & J . a t K e llo g g o r N . Y .
B o n d e d d e b t , i n c lu d in g
t h i s is s u o ( M a y 2 9 1 9 1 7 ) , $ 3 6 ,0 0 0 .
N o flo a t in g d e b t .
A ssoss. v a l. 1916,
$ 7 9 6 ,0 9 7 5 0 .
T o t a l t a x r a t e (p e r $ 1 ,0 0 0 ), $ 1 8 5 0 .
K I N G S T O N , U l s t e r C o u n t y , N . Y .— BOND SALE.— O n J u n o 1 t h e
$ 3 0 ,0 0 0 4 % 1 - 5 - y e a r s e r ia l r e f u n d i n g w a t e r b o n d s ( V . 1 0 4 , p . 1 1 7 9 ) w e r e
a w a r d e d t o t h e U ls t e r C o u n t y S a v . I n s t i t u t i o n o f K i n g s t o n , a t p a r .
K N O X C O U N T Y S C H O O L D I S T R I C T N O . 117 (P . O . A b i n g d o n ) ,
111.— BOND S A L E — O n J u n o 1 8 $ 4 5 ,0 0 0 4 H %
2 0 - y e a r s e r ia l b u i l d in g
b o n d s w e ro a w a r d e d t o O rio n L a tim e r , P re s , o f F ir s t N a t io n a l B a n k o f
A b i n g d o n , a t p a r , d i s t r i c t t o f u r n is h b l a n k b o n d s .
O th e r b id s w e ro :
H a r r i s T r u s t & S a v in g s B a n k , C h i c a g o — P a r , le s s $ 8 6 4 .
B o l g e r , M o s s e r & W i l l a m a n , C h i c a g o — P a r , le s s $ 1 , 6 0 0 a n d p a y I n t e r e s t o n
d e p o s it.

G e o . M . B e c h te l & C o . , D a v e n p o r t — P a r , less $ 1 ,4 9 6 2 5 .
D e n o m . $ 1 ,0 0 0 .

[V L 104.
O.

THE CHRONICLE

D a te J u ly

1 1917.

In terest Ju n e an d D e ce m b e r.

_

L A K E B E N T O N S C H O O L D I S T R I C T (P . O . L a k e B e n t o n ), L in ‘
c o i n C o u n t y , M i n n . — BONDS VOTED.— -A t a n e l e c t i o n h o l d i n t h i
d i s t r i c t o n J u n o 4 , a p r o p o s i t i o n t o is s u o $ 3 0 ,0 0 0 b o n d s c a r r i e d , i t is s t a t e d
b y a v o t e o f 68 t o 5 0 .
LAM BERT,
Q u it m a n
C ou n ty ,
M i s s . — BOND OFFERING.— T h o
M a y o r a n d B o a r d o f A l d e r m e n w ill o f f e r f o r s a le a t 8 p . m . J u l y 3 $ 1 2 ,0 0 0
s e w e r a g o a n d $ 8 , 0 0 0 e l e c t r i c - l ig h t 6% b o n d s .
D en om . $500.
I n t . s e m i
a n n u a l.
D u e s e r ia ll y e n d i n g J u l y 1 1 9 3 7 .
L A M O U R E , L a M o u r e C o u n t y , N o . D a k . — BOND OFFERING.—
S e a le d b i d s w ill b o r e c e iv e d u n t i l 8 p . m . J u l y 2 b y B . W . L o p p n o w , C i t y
A u d i t o r , f o r $ 1 0 ,0 0 0 5 % 1 5 - y r . w a t c r - w o r k s - s y s t e m - e x t . b o n d s . D e n o m s .
$ 1 ,0 0 0 .
I n t . a n n . o n A p r . 15 a t th e C ity T re a s . o ffic e .
T h is c it y h a s n o
In d eb ted n ess.
A s s e s s , v a l . 1 9 1 6 , $ 2 7 7 ,8 3 0 .
L A P O R T E C O U N T Y ( P . O . L a P o r t e ) , I n d . — BOND OFFERING.—
S e a le d p r o p o s a l s w ill b o r e c e i v e d u n t i l 1 0 a . m . J u l y 2 b y . C a r l P u s c h ,
C o u n t y T r e a s u r e r , f o r $ 4 ,4 0 0 43^ % W i ll ia m F . R o s e n b a u m e t a l h i g h w a y
im p ro v e m e n t b on d s o f D e w e y T w p .
D en om . $220.
D a t e J u n o 15 1 9 1 7 .
In t. M . & N .
D u e o n e b o n d e a c h s ix m o n t h s f r o m M a y 1 5 1 9 1 8 t o N o v . 1 5
1927.
L A U R E L S C H O O L D I S T R I C T (P . O . L a u r e l), S u s s e x C o u n t y ,
D o l a . — BONDS NOT YET OFFERED.— W o a r e i n f o r m e d t h a t n o d a t e h a s
y e t b e e n s e t f o r t h e o f f e r i n g o f t h o $ 3 5 ,0 0 0 s c h o o l b o n d s v o t e d M a y 5 .
( V . 1 0 4 , p . 1 9 3 0 .)
L E L A N D , W a s h i n g t o n C o u n t y , M i s s . — BOND SALE. — T h o $ 4 0 ,0 0 0
s a n i t a r y s e w e r a g e -s y s t e m b o n d s o f f e r e d o n M a y 8 ( V . 1 0 4 . p . 1 8 2 7 ) w o re
a w a r d e d t o J o h n N u v e e n & C o . , o f C h i c a g o , o n M a y 17 f o r $ 4 1 ^ 6 5 5
( 1 0 1 -1 3 5 ) a s 6s .
D e n o m . $ 1 ,0 0 0 .
D a te June 1 1917.
I n t .J .& D .
D uo
$ 2,0 0 0 y e a r l y .
L E W IS A N D C L A R K C O U N T Y S C H O O L D IS T R I C T N O . 9 (P . O .
E a s t H e l e n a ) , M o n t . — BOND OFFERING.— S e a le d b i d s w il l b o r e c e iv e d
u n t i l 8 p . m . J u l y 16 b y M i l d r e d R a t h b u n , C l e r k B d . o f T r u s t e e s , f o r $ 3 0 , 
0 0 0 b u i l d i n g b o n d s a t n o t e x c e e d i n g 6% I n t .
D a te Ju n e 1 1917.
In t.
J. & D .
D u e $ 3 , 0 0 0 y e a r l y J u n o 1 f r o m 1 9 1 8 t o 1 9 2 7 I n c l.
C ert, ch eck
fo r $ 5 0 0 , p a y a b le t o th o " D i s t r i c t ,” r e q u ir e d .
L I M A , A l l e n C o u n t y , O h i o . — BONDS NOT SOLD.— N o b i d s w e r e r e 
c e i v e d f o r t h o $ 1 0 0 ,0 0 0 0 4 % 2 6 - y e a r ( a v e r . ) b r i d g o b o n d s o f f e r e d o n J u n o
18 (V . 1 0 4 , p . 2 1 5 6 ).
L IM E S T O N E D R A I N A G E D I S T R I C T , D o S o t o C o u n t y , F la .—
BOND OFFERING.— S e a le d b i d s w ill b e r e c e i v e d u n t i l 11 a . m . J u n o 3 0 b y

L . S t a n d a g e , C l e r k B o a r d o f C o u n t y S u p e r v is o r s . ( P . O . P h o e n i x ) , f o r
$ 8 , 5 0 0 6 % 20 - y e a r g o l d s i t e - p u r c h a s e , c o n s t r u c t i o n a n d e q u i p m e n t b o n d s .
D en om . $500.
D a te A u g . 1 1917.
P r i n c ip a l a n d s e m i- a n n u a l i n t e r e s t —
F . & A .— p a y a b le a t o f f ic e o f C o u n t y T r e a s u r e r .
C e r tifie d c h e c k o n an
A r i z o n a b a n k o r a n y n a t i o n a l b a n k f o r $ 1 ,0 0 0 , p a y a b l e t o C o u n t y T r e a s u r e r ,
r e q u ir e d .
T h e s e b o n d s w e ro a u th o r iz e d b y a v o t e o f 3 7 t o 1 a t a n e le ctio n
h e ld M a y 1 9 .
O f f i c i a l c i r c u l a r s t a t e s t h a t t h e r e is n o c o n t r o v e r s y o r l i t i 
g a t io n p e n d in g , o r th r e a te n in g , a ffe c t in g th e c o r p o r a t e e x is te n ce o r th e
b o u n d a r ie s o f s a i d d i s t r i c t , t h e t i t l e o f i t s p r o s o n t o f f i c i a l s t o t h e ir o f f i c e s
o r t h e v a l i d i t y o f t h e s e b o n d s , t h a t n o p r e v i o u s is s u e s o f b o n d s h a v o b o o n
c o n t e s t e d , a n d t h a t t h e p r i n c ip a l a n d i n t e r e s t o f a ll b o n d s p r e v i o u s l y h a s
a lw a y s b e e n p a id p r o m p t ly a t m a t u r it y .
T o t a l b o n d e d d e b t (I n c l u d i n g
t h i s is s u o ) , $ 1 2 ,5 0 0 .
F lo a tin g d e b t , n o n e .
A ss e s s e d v a lu e ( e q u a liz e d ),
1916,
$ 5 9 3 ,5 5 6 0 8 .
M A R T I N C O U N T Y ( P . O . F a i r m o u n t ) , M i n n .— BOND OFFERING.—
I I . C . N o l t o , C o u n t y A u d i t o r , w ill r e c e i v e p r o p o s a l s u n t i l 1 0 a . m . J u n o 2 9
f o r t h e f o l l o w i n g a t n o t e x c e e d i n g 6 % 1 0 - y o a r a v e r a g e d i t c h b o n d s : $ 1 3 ,5 0 0
J u d ic ia l D i t c h N o . 2 4 , $ 1 3 ,5 0 0 J u d ic i a l D i t c h N o . 7 0 , $ 1 8 ,0 0 0 J u d ic ia l
D i t c h N o . 7 2 , $ 3 4 ,0 0 0 J u d ic i a l D i t c h N o . 7 3 , $ 1 0 ,0 0 0 J u d ic i a l D i t c h N o . 7 5
a n d $ 1 1 ,0 0 0 J u d ic ia l D i t c h N o . 7 6 .
M A R T I N ’S F E R R Y C I T Y S C H O O L D I S T R I C T (P . O . M a r t in ’s
F e r r y ) , B e l m o n t C o u n t y , O h i o .— BOND SALE.— O n J u n e 2 0 th o .
$ 1 5 0 ,0 0 0 5 % c o u p o n s c h o o l b o n d s ( V . 1 0 4 , p . 2 2 6 2 ) w e r o a w a r d e d t o
S e a s o n g o o d & M a y o r o f C i n c i n n a t i a t 1 0 0 .9 0 a n d I n t e r e s t .
O th e r b id s w ere:
F i e l d , R i c h a r d s & C o . , C i n c i n n a t i — $ 1 5 0 ,9 6 2 a n d i n t e r o s t .
H a r r y W . H o s fo r d , C le v e la n d — P a r a n d In te re s t.
M E C K L E N B U R G C O U N T Y ( P . O . C h a r l o t t e ) , N o . Caro.— BOND
SALE.— O n J u n o 19 t h o $ 1 0 0 ,0 0 0 5 % 6- y e a r ( a v e r a g e ) c o u p o n ( w i t h p r i v i lo g o o f r e g i s t r a t i o n a s t o p r i n c ip a l) b r i d g o b o n d s ( V . 1 0 4 , p . 2 1 5 6 ) , w o re
a w a r d e d t o t h e U n io n N a t i o n a l B a n k o f C h a r lo t t e a t 1 0 0 .2 5 a n d in t e r o s t .
O th e r b id s w ere:
C o m m e r c ia l N a t i o n a l B a n k - . 1 0 0 . 2 0 l W e i l, R o t h & C o ......... ....................... 9 9 .5 0
A m e r i c a n T r u s t C o _____________ 1 0 0 .0 0 C a r o l i n a B o n d & M t g e . C o -------- 9 9 .5 0
B r a y B r o s . & C o ________________ 9 9 . 7 5 |J. C . M a y o r & C o .............................. 9 9 .0 0
A ll b id s p r o v id e d f o r p a y m e n t o f a c c r u e d In te re st.
M E E K E R C O U N T Y ( P . O . L i t c h f i e l d ) , M i n n . — BOND SALE.— O n
J u n e 1 4 t h o t w o is s u e s o f d i t c h - c o n s t r u c t i o n b o n d s , a g g r e g a t i n g $ 3 0 ,0 0 0 ,
( V . 1 0 4 , p . 2 2 6 2 ), w e ro a w a r d e d t o th e F irs t N a t . B a n k o f L it c h fie ld f o r
$ 3 0 ,4 0 0 ( 1 0 1 .3 3 3 ) a s 5 s .
In t. J. & J .
M E D F O R D , M i d d l e s e x C o u n t y , M a s s . — LOAN OFFERING.— D is 
p a t c h e s s t a t o t h a t t h o C i t y T r e a s u r e r w ill r e c e i v e b i d s u n t i l 9 a . in . J u n e
2 6 f o r t h o p u r c h a s o a t d i s c o u n t o f a t e m p o r a r y l o a n o f $ 5 0 ,0 0 0 i n a n t i c i p a 
t i o n o f r e v e n u e , m a t u r in g F e b . 1 4 1 9 1 8 .
M E N D H A M , M o r r i s C o u n t y , N . J . — NO A CT IO N Y E T T A K E N .—
T h o B o r o C le r k a d v is e s u s t h a t n o a c t io n h a s y e t b e o n ta k o n t o w a r d s th o
o f f e r i n g o f t h o $ 3 0 ,0 0 0 4 % r e s e r v o ir b o n d s a u t h o r i z e d i n M a r c h ( V . 1 0 4 ,
p . 1 3 1 2 ).
L o o R o b i n s o n is B o r o . C l e r k .
M ERCER COU NTY
( P . O . C e l i n a ) . O h i o . — BOND SALE.— O n
J u n e 16 t h o n in e is s u e s o f c o u p o n r o a d b o n d s , a g g r e g a t i n g $ 6 9 ,7 0 0 ( V . 1 0 4
p . 2 2 6 2 ), w e r o a w a r d e d c o n d i t i o n a l l y , i t is s t a t e d , t o W e i l, B o t h & C o . , o f
C i n c i n n a t i , f o r $ 6 9 ,7 1 6 (1 0 0 .0 2 2 ) a n d a c c r u e d in t o r o s t .
T h i s o f f e r , It Is
s a id , w a s t h o o n l y o n o f o r t h o e n t i r o n in e is s u e s .
M I A M I C O U N T Y ( P . O . P e r u ) , I n d .— BOND OFFERING.— B i d s w ill
b e r e c e i v e d u n t i l 2 p . m . J u n o 2 8 b y A a r o n B . Z o o k , C o . T r e a s . , f o r $ 1 0 ,4 5 0
H e n r y F is h e r e t a l r o a d a n d $ 5 ,7 5 0 r o a d 0 4 % c o u p , h ig h w a y -im p t . b o n d s .
D a t o J u n o 15 1 9 1 7 .
In t. M .& N .
D u o p a r t o f e a c h is s u o o a c h s i x m o n t h s
b e g in n in g M a y 15 1 9 1 8 .
BOND SALE.— O n J u n o 1 5 t h o t w o is s u e s o f 0 4 % r o a d - t m p r o v o m o n b
b o n d s , a g g r e g a t i n g $ 2 2 ,6 0 0 ( V . 1 0 4 , p . 2 2 6 2 ) , w e r o a w a r d e d , i t Is s t a t e d ,
t o t h e F I o t c h e r -A m e r ic a n N a t i o n a l B a n k o f I n d i a n a p o li s f o r $ 2 2 ,6 3 7 , e q u a l
t o 1 0 0 .1 6 3 .
M I C H I G A N , S t a t e o f .— BONDS NOT SOLD.— W o a r o a d v i s o d t h a t t h e
t h r e e is s u e s o f s e r ia l r o a d - a s s e s s m e n t b o n d s , a g g r e g a t i n g $ 1 4 0 ,0 0 0 , o f f e r e d
o n M a y 3 ( V . 1 0 4 , p . 1 6 2 1 ) w e ro n o t s o ld o n th a t d a y o w in g t o t h o f a c t th a t
A c t 5 9 o f t h e P u b l i c A c t s o f 1 9 1 5 a s a t n o n d e d b y t h o L e g i s l a t u r e o f 1 9 1 7 , is
n o w b e i n g t e s t e d i n t h o c o u r t s t o d e t e r m in e t h o c o n s t i t u t i o n a l i t y o f t h o
s a m e , a n d t h a t n o f u r t h e r a c t i o n w il l b o t a k o n u n t i l t h o d e c i s i o n o f t h o
S u p r o m o C o u r t Is r e n d e r e d .
F r a n k F . R o g e r s is S t a t e H i g h w a y C o m m r .
M I D D L E S E X C O U N T Y ( P . O . C a m b r i d g e ) , M a s s .— LO AN OFFER
ING.— P r o p o s a l s w ill b o r e c e i v e d , i t is s t a t e d , u n t i l 1 0 a . m . J u n o 2 3 f o r a

1 9 2 1 : $ 2 , 5 0 0 y r l y . f r o m 1 9 2 2 t o 1 9 3 2 i n c l . , $ 3 , 0 0 0 y r l y . f r o m 1 9 3 3 t o 1 94 1
i n c l . , $ 1 ,0 0 0 1 9 4 2 .
C e r t , c h e c k f o r $ 1 ,0 0 0 r e q u ir e d .
T h e s e b o n d s w ere
p r e v io u s ly o ffe r e d o n J u n o 3 .— V . 1 0 4 , p . 2 4 7 5 .

t e m p o r a r y l o a n o f $ 2 0 0 ,0 0 0 , i n a n t i c i p a t i o n o f t a x e s , m a t u r i n g N o v . 12
1917.
A s im ila r l o a n w a s o f f e r e d w i t h o u t s u c c e s s o n J u n e 1 2 .— V . 1 0 4 , p . 2 4 7 5 .

L O G A N T O W N S H I P , M i s s a u k e e C o u n t y , M i c h . — BOND SALE .—
T h o M i c h i g a n T r u s t C o . o f G r a n d R a p i d s w a s a w a r d e d o n A p r i l 2 5 a n is su e
o f $ 9 ,5 0 0 5 % r o a d b o n d s a t p a r a n d i n t .
D en om . $500.
D a te Jan. 1
1917.
In t. J. & J.
D u e s e r ia ll y .

M I D D L E S E X C O U N T Y ( P . O . N e w B r u n s w i c k ) , N . J .— BOND
SALE.— O u t w a t e r & W o l ls o f J e r s e y C i t y h a v o b e o n a w a r d o d a t p a r a n d
i u t t h o $ 4 6 1 ,0 0 0 0 4 % 2 - 1 5 - y r . s o r ia l r o a d l m p t . b o n d s o f f e r e d w i t h o u t
su cce ss o n A p ril 3 0 ( V . 1 0 4 , p . 1 8 2 7 ).

L O R A I N , L o r a i n C o u n t y , O h i o . — BOND OFFERING.— B i d s w ill b e
r e c e iv e d u n t i l 12 m . J u l y 1 8 b y G e o . N . D a m o n , C i t y A u d i t o r , f o r $ 9 0 ,0 0 0
4 5 4 % c o u p o n w a te r-w o rk s -im p r o v e m e n t b o n d s .
A u t h ., S e c . 3 9 3 9 . G e n .
C ode.
D e n o m . $ 1 ,0 0 0 .
D a t e M a r c h 15 1 9 1 7 .
In te re s t p a y a b le s e m i
a n n u a l ly ( M . & S .) a t t h o o f f i c e o f t h o S in k in g F u n d T r u s t e o s .
D uo
$ 5 ,0 0 0 e a c h y e a r o n S e p t . 15 f r o m 1 9 2 6 t o 1 9 4 3 , i n c lu s i v e .
C e r tifie d c h e c k
t o b o d r a w n u p o n a n y L o r a i n b a n k o r a n y n a t i o n a l b a n k o u t s k l o o f s a id
c it y fo r $ 1 ,0 0 0 , p a y a b lo t o th e C i t y T r e a s u r e r , r e q u ir e d .
B on d s to be
d e l iv e r e d w it h i n t e n d a y s f r o m t im e o f a w a r d .
P u rch a ser to p a y a ccru e d
in t e r e s t .
A c o m p l e t e t r a n s c r ip t r e la t i v e t o t h e I s s u a n c e o f t h e b o n d s w ill
b e fu r n is h e d s u c c e s s fu l b i d d e r u p o n t h o d a y o f s a le .

M I N N E A P O L I S , M i n n . — BONDS A W A R D E D IN PART.— Ot t h o 11
is s u e s o f b o n d s , a g g r e g a t i n g $ 1 , 7 4 2 , 0 0 0 , o f f e r e d f o r s a io b y t h o C i t y C o m p 
t r o ll e r o n J u n o 13 ( V . 1 0 4 , p . 2 1 5 6 ) $ 1 , 1 7 7 , 0 0 0 w a s a w a r d e d a s f o ll o w s :
T o t h o H a r r is T r u s t & S a v . B a n k , C h i c a g o , a n d L s t a b r o o k & C o . a n d
R . L . D a y & C o ., B o s to n (jo in t ly ):
$ 8 1 2 ,0 0 0 4 % 1 - 2 9 - y r . s e r ia l s c h o o l b o n d s a t 9 5 .
2 5 0 .0 0 0 4 % 3 0 - y r . m a in s o w e r b o n d s a t 9 5 .

LOW ELL,
M id d le s e x
C ou n ty ,
M a s s . — LOAN OFFERING.— D i s 
p a t c h e s s t a t e t h a t t h e C i t y T r e a s u r e r w ill r e c e lv o b i d s u n t i l 1 2 m . J u n e 2 6
f o r t h o p u r c h a s e a t d i s c o u n t o f a t e m p o r a r y l o a n o f $ 2 0 0 , 000 , i n a n t i c i p a t i o n
o f re v e n u o , d a t e d J u n e 2 7 1 9 1 7 a n d p a y a b le A p r il 2 6 1 9 1 8 .
L U M B E R T O N , R o b e s o n C o u n t y , N o . C a r o . — BOND OFFERING .—
S e a le d b i d s w il l b o r e c e iv e d u n t i l 12 m . J u l y 1 0 b y I r a B . T o w n s e n d , C l e r k
& T r e a s . , f o r $ 5 1 ,0 0 0 2 7 - y r . c o u p o n r e fu n d i n g b o n d s .
B id s a ro r e q u e s te d
o n b o n d s b e a r in g 5 % t o 5 H % In t.
C e r t , c h e c k (o r ca s h ) o n a n i n c o r p o r a t e d
b a n k o r tru st c o m p a n * 1 .0 2 0 , p a y a b le t o th e C le r k & T r e a s ., r e q u ir e d .
' L Y O N C O U N T Y ( P . O . Y e r i n g t o n ) , N e v . — BOND'SALE.— O n J u n o '5
t h e $ 1 2 ,0 0 0 6 % 2 - 7 - y r . s e r ia l h i g h - s c h o o l - c o n s t r . b o n d s ( V . 1 0 4 , p . 2 0 3 6 )




M I L A N , E r i e C o u n t y , O h i o . — BOND SALE.— O n J u n e 1 5 t h e t w o is su o s
o f 5 % i n t e r - c o u n t y h i g h w a y - i m p t . b o n d s , a g g r e g a t i n g $ 1 0 ,3 ( ) 0 ( V . 1 0 4 ,
p . 2 2 6 2 ), w e r e a w a r d o d t o t h o F a r m e r s & C i t i z e n s B a n k i n g C o . o f M i l a n a t
p a r a n d in t.
T h o re w e ro n o o th e r b id d e r s .

1 0 0 .0 0 0

30-yr. bridgo bonds at par for 5s.

T o t h e M in n e a p o l is F ir e D e p a r t m e n t R o l l o f A s s o c i a t io n :
$ 1 5 ,0 0 0 4% ^ 3 0 - y r . f ir e d e p a r t m e n t b o n d s a t 9 5 .
W e l ls & L ) i c k e y r C o . , M in n e a p o l is ; C o n t i n e n t a l & C o m m e r c ia l T r u s t &
S a v in g s B a n k , C h ic a g o ; N a t i o n a l C i t y C o . o f N . Y . ; E . H . R o l l in s &

$10o!(f()0CBridIo b o n d s ’ . 5 %
* 2 5 ,0 0 0 R i v e r t e r m in a l 4 %

p a r I $100,000 M a i n s e w o r s , - - 4 %
95
9 5 ( 6 4 4 ,0 0 0 S c h o o l s - - - - - - - 4 /o
95
W m . R . C o m p t o n I n v . C o . , S t . L o u i s , $ 1 0 0 ,0 0 0 b r i d g o b o n d s , 5 % . 1 0 2 .1 8 1
B lo d g e t & C o ., N .
$ 1 0 0 ,0 0 0 b r i d g o b o n d s , O A % . p a r a n d p r o m lu m
o f $ 10 0 .

Y.,

THE CHRONICLE

J une 23 1917.!
R.

M . G r a n t & C o . , C h i c a g o , $ 1 0 0 ,0 0 0 b r i d g o b o n d s , 4 M % , p a r a n d
p r e m iu m o f $ 4 1 0 .
H o r n b lo w e r & W e e k s , C h i c a g o , $ 1 0 0 ,0 0 0 b r i d g o b o n d s , 5 % , 1 0 1 .7 5 .
M in n e s o t a L o a n & T r u s t C o . a n d K a lm a n , M a t t e s o n & W o o d . M i n n e a p 
o l is , j o i n t l y :
$ 1 0 0 ,0 0 0 b r id g o
bonds— 5%
p a r | $ 1 0 0 ,0 0 0 a r m o r y b o n d s . _ 4 %
95
BIDS.— T h o f o ll o w i n g a r o t h o o t h e r b i d s r o e e iv e d f o r t h o $ 4 7 ,0 8 9 7 0
1 - 20 - v r . se ria l s p e c ia l s t r e o t - i m p t . b o n d s a w a r d e d o n J u n o 13 t o t h e M in n e 
s o t a L o a n & T r u s t C o . a n d K a lm a n , M a t t e s o n & W o o d , M i n n e a p o l i s ,
f o r $ 4 7 ,1 8 9 7 0 ( 1 0 0 . 10G) a s 4 . 6 5 s :
W e l ls & D i c k o y C o . , M in n e a p o l is , b i d 1 0 0 .8 9 a s 4 J ^ s f o r $ 3 6 ,0 3 5 3 8 a n d
p a r a s 5 s f o r $ 1 1 ,3 7 2 2 0 .
B i o d g o t & C o . , N o w Y o r k , $ 4 7 ,2 8 9 7 0 f o r 5 s .
U s in g n e w s p a p e r r e p o r t s , w e s t a t e d in la s t w e e k ’s “ C h r o n i c l o , ” p a g e 2 4 7 5 ,
t h a t t h o p r i c e p a i d f o r t h e s o b o n d s w a s p a r f o r 4 .6 5 s .
M O N C L O V A T O W N S H I P R U R A L S C H O O L D I S T R I C T (P . O .
( T o l e d o ) , L u c a s C o u n t y , O h i o . — BIDS REJECTED.— A l l b i d s r e c e iv e d
o n J u n o 18 f o r t h o $ 2 5 ,0 0 0 5 % s c h o o l b o n d s — V . 1 0 4 , p . 2 2 6 2 — w e r o r e 
j e c t e d , It is s t a t e d , o n t h o g r o u n d s t h a t t h e y w e r e c o n d i t i o n a l .
M O N R O E S C H O O L D I S T R I C T (P . O . M o n r o e ), M o n r o e C o u n t y ,
M i c h . — BOND SALE.— T h o $ 6 5 ,0 0 0 4 A % s c h o o l b o n d s o f f e r o d o n M a y 10
(V . 104, p . 1828) w ero a w a rd e d o n th a t d a y t o th o D e tr o it T r u s t C o . o f
D e t r o i t f o r $ 6 5 ,1 0 0 — o q u a l t o 1 0 0 .1 5 3 .
D u e $ 2 ,0 0 0 y o a r l y f r o m 1 9 2 2 t o
1 93 1 in c lu s i v e a n d $ 4 5 ,0 0 0 1 9 3 2 .
M O N T C L A I R , E s s e x C o u n t y , N . J . — BOND OFFERING.— P r o p o s a l s
w ill b o r e c e iv e d u n t il 4 p . m . J u l y 3 b y H a r r y T r i p p e t t , T o w n C l e r k , f o r
n o t e x c e e d i n g $ 1 0 8 ,0 0 0 \ A % g o l d c o u p o n ( w i t h p r i v il e g e o f r e g i s t r a t i o n )
im p r o v e m e n t fu n d in g b o n d s .
D c n o m . $ 1 ,0 0 0 .
D a te M a y 1 1917.
Pnn.
a n d s o m i- a n n . i n t . — M . & N . — p a y a b l e a t t h e B a n k o f M o n t c l a i r .
D ue
y e a r l y o n M a y 1 a s f o ll o w s :
$ 7 ,0 0 0 191 8 t o 1 9 2 9 , i n c l., a n d $ 8 ,0 0 0 1 9 3 0
t o 1932, In ch
C e r t ifie d c h e c k u p o n a n in c o r p o r a te d b a n k o r tru s t c o m p a n y
f o r 2 % o f b o n d s b i d f o r , p a y a b le t o t h o “ T o w n o f M o n t c l a i r , ” r e q u i r e d .
O f f i c i a l c ir c u l a r s t a t e s t h a t t h e r o h a s n e v e r b e e n a n y d e f a u l t in p a y m e n t o f
a n y o b l ig a t io n s a n d t h a t t h e l o g a l i t y o f t h e s o b o n d s h a s n o v e r b e e n q u e s t i o n e d
T h o U . S . M t g o . & T r u s t C o . w ill c e r t i f y a s t o t h o g e n u in e n e s s o f t h o t o w n
o f f i c i a l s a n d t h o s e a l im p r e s s e d t h e r e o n a n d t h o p u r c h a s e r w ill b o fu r n is h e d
w it h t h o o p i n i o n o f H a w k in s , D o a l f i e l d & L o n g f e l l o w , o f N o w Y o r k , t h a t
t h e b o n d s a r e b i n d i n g a n d le g a l o b l i g a t i o n s o f t h o t o w n .
T ota l bon d ed
d e b t , i n c lu d in g t h is is s u o , $ 2 ,5 6 8 ,5 0 0 : a s s e s s m e n t d e b t i n c l . , $ 1 6 0 ,0 0 0 :
t o t a l s i n k i n g f u n d s , $ 1 5 6 ,2 3 2 ; a s s e s s e d v a l u a t i o n , $ 4 7 ,7 8 3 ,0 5 3 ; t a x r a t e
(p e r $ 1 ,0 0 0 ), $2 2 4 0 .
M O N T G O M E R Y C O U N T Y ( P . O . C r a w f o r d s v i l l e ) , I n d .— BOND
SALE.— O n J u n e 12 t h o $ 1 1 ,2 0 0 4 A % C . A . B u s o n b a r k e t a l. h i g h w a y
l m p t . b o n d s ( V . 1 0 4 ,; p . 2 3 6 9 ) w e re a w a r d e d t o C h a s . W h i t t i n g t o n f o r
$ 1 1 ,2 7 7 ( 1 0 0 .6 8 7 ) a n d i n t .
C . O . M c F a r l a n d b i d $ 1 1 ,2 7 6 .
M O T L E Y C O N S O L ID A T E D S C H O O L D I S T R I C T N O . 27 (P . O
M o t l e y ) , M o r r i s o n C o u n t y , M i n n . — BIDS.— T h e f o l l o w i n g a r o t h o b i d s
r e c e iv e d f o r t h o $ 3 0 ,0 0 0 1 5 - y r . r e g . b u i l d i n g a n d e q u i p m e n t b o n d s o f f e r e d
o n J u n o 18 a t n o t e x c e e d i n g 5 % i n t .
O.
I I . C o f f i n , C h i c a g o . $ 3 0 ,0 3 1 ( f l a t ) , la ss $ 5 0 0 o x p o n s e s .
F.
E . M a g r a w , S t . P a u l, p a r , le s s $ 5 2 5 e x p e n s e s .
M in n e a p o l is T r u s t C o . , M i n n e a p o l i s p a r , le s s $ 5 0 0 e x p e n s e s .
I I . M . B u c h e r , p a r , le s s $ 9 0 0 e x p e n s e s .
K a l m a n , M a t t i s o n & W o o d , S t . P a u l , p a r , le s s $ 1 , 0 0 0 e x p e n s e s .
D e n o m . $ 1 ,0 0 0 .
D a t e J u l y 10 1 9 1 7 .
I n t . s o m t -a n n u a l a t M o t l e y .
B o n d e d d o b t , e x c l u d i n g t h is is s u o , J u n o 13 1 9 1 7 , $ 7 , 0 0 0 .
N o flo a t in g d e b t .
A s s e s s , v a l . 1 9 1 7 , $ 2 2 3 ,0 0 0 .
G IL E A D T O W N S H IP , M o n tg o m e r y C o u n t y , N o . C a r o .—
BOND OFFERING.— P r o p o s a l s w ill b o r e c e iv e d u n t il 10 a . m . J u n o 2 5 ( d a t o
c h a n g o d f r o m J u n o 15) b y W . L . W r ig h t , C lo rlc B o a r d o f C o u n t y C o i n m i s m ls s io n o r s ( P . O . T r o y ) , f o r $ 3 0 ,0 0 0 5 % r o a d b o n d s ( V . 1 0 4 , p . 2 1 5 7 ) .
B i d s a r o r e q u e s t e d f o r s t r a ig h t 3 0 - y e a r b o n d s a n d a ls o 3 0 y e a r s a n n u it y
p la n .
C e r tifie d c h e c k fo r $ 5 0 0 re q u ire d .
M O U N T L E B A N O N T O W N S H I P , A l l e g h e n y C o u n t y , Pa.— BOND
OFFERING.— S e a le d p r o p o s a l s w ill b o r e c e iv e d u n t il 12 m . J u l y 9 b y t h o
F i n a n c o C o m m i t t e e , W . H . S i e g f r i e d , C h a ir m a n , a t 6 0 1 B e r g e r B l d g . ,
P i t t s b u r g h , f o r $ 3 0 ,0 0 0 4 A % i m p r o v e m e n t b o n d s .
D a to J u ly 2 1917.
D o n o m . $ 1 ,0 0 0 .
D u e s e r ia ll y a t i n t e r v a ls o f 5 y e a r s .
C e r t, c h e c k fo r
$ 5 0 0 , p a y a b le t o th e “ T o w n s h ip ,” r e q u ir e d .
.
M OUNT

O L IV E

SCH OOL

D IS T R IC T ,

F resn o

C ou n ty ,

C a lif.—

BOND OFFERING.— P r o p o s a l s w ill b o r e c e i v e d b y t h o C l e r k B o a r d o f
C o u n t y S u p e r v is o r s (I*. O . F r e s n o ) , u n t il J u l y 3 , i t is s t a t e d , f o r t h o $ 4 , 2 0 0
6 % b o n d s . — V . 1 0 4 . p . 1 9 3 1 . I n t . s e m i- a n n u a l .
M U S K E G O N , M u s k e g o n C o u n t y , M i c h . — BOND SALE.— O n J u n o 18
t h o $ 1 0 ,0 0 0 5 % 1 5 - y e a r w a t e r - w o r k s r e f u n d i n g b o n d s ( V . 1 0 4 , p . 2 3 6 9 )
w e r o a w a r d e d t o W i n . I t . C o m p t o n C o . , o f S t . L o u i s , a t 1 0 1 .1 6 .
O th e r
b id s w e ro :
_
D e t r o i t T r u s t C o -------------------- $ 1 0 ,1 0 6 C . I I . C o f f i n , C h i c a g o ________ $ 1 0 0 2 6
H a n c h e t t B o n d C o . , C h i c a g o . 1 0 ,0 5 7 W . L . S l a y t o n & C o . , T o l e d o
10 0 2 3
F i e l d , R i c h a r d s & C o . , C i n . . 1 0 ,0 4 9 1
iu .m s a
D o n o m . $ 1 ,0 0 0 .
D a te J u ly 1 191 7.
In t. J . & J.
D u o J u ly 1 1932.
N E O L A S C H O O L D I S I R I C T (P . O . N e o la ), P o t t a w a t t a m ie C o u n 
t y I o w a . - / iONDS VOTED — B y ; a v o t o o f 2 0 5 t o 8 9 t h o q u e s t i o n o f i s s u in g
s c h o o l - b l d g , b o n d s c a r r ie d , i t is s t a t e d , a t a r e c e n t e l e c t i o n .
N E W H A N O V E R C O U N T Y D R A I N A G E D I S T R I C T N O 3 CP O
W ilm in g t o n ), N o . C a r o .
BOND OFFERING.— W . E . P r i c o , C h a ir m a n
B d . o f D r a in a g e C o m m r s . w ill r e c e i v e b i d s a t a n y t im e f o r t h o $ 2 0 ,0 0 0 6 %
g o ld c o u p o n d r a in a g o -im p t. b o n d s (V . 104, p . 2 4 7 6 ).
D e n o m . $ 1 ,0 0 0 o r
le s s , a t o p t i o n o f p u r c h a s e r .
D a to
w h en is s u e d .”
In t J & D a t W il
m in g t o n .
D u e $ 2 , 0 0 0 y e a r l y f r o m 3 t o 12 y e a r s , i n c l . ’ N o d e p o s i t r e 
q u ir e d .
T h is d i s t r i c t h a s n o b o n d e d d e b t .
N E W M E X I C O , S t a t e o f . — DESCRIPTION OF C E R TIF IC \T E S _
_
T h o $ 7 5 ,0 0 0 6% c o u p o n p u b l i c d e f e n s e c e r t i f i c a t e s o f in d e b t e d n e s s p u r 
c h a s e d a t p a r o n M a y 1 b y t h e S ta te T r e a s u r e r fo r p e rm a n e n t in v e s tm e n t
fu n d s o f th e S ta to ( V . 10 4 , p . 2 4 7 6 ) a ro in th o d e n o m . o f $ 5 0 0 a n d d a te d
M a y 1 1917.
In t. M . & N .
D u o M a y 1 1918.
N E W Y O R K C IT Y .
BOND O F F E R IN G .- P r o p o s a l s w ill b o r e c e iv e d
u n t il 2 p . m. J u l y 12 b y W i ll ia m A . P r e n d e r g a s t , C i t v C o m p t r o l l e r f o r
$ 5 5 , 000,000 4 ' A % g o l d c o u p o n o r r e g i s t e r e d c o r p o r a t e s t o c k a s fo llo w s $ 4 7 ,5 0 0 ,0 0 0 c o r p o r a t e s t o c k , is s u e d f o r t h o S U M ly o f w a t e r d o c k s a n d
J u ly 1 J 9 6 7 .
Issu e d * t a c o u p o n f o r m a n d
in t e r c h a n g e a b l e , d e n o m . o f $ 1 , 000 , f o r c o u p o n b o n d s o r in
r e g is t e r e d f o r m In a n y m u l t i p l o o f $ i o .
7 ,5 0 0 ,0 0 0
c o r p o r a t e s t o c k , is s u e d f o r v a r i o u s m u n i c ip a l p t ir p o s o s .
M a
t u r in g a n n u a l ly f r o m J u l y i 1<)18 t o J u l y 1 1 9 3 2 , in c lu s i v e .
I s s u e d in c o u p o n f o r m in t h o d e n o m . o f $ 1 ,0 0 0 o r in r e g is t e r e d
f o r m in a n y m u l t i p l e o f $ 1 0 f o r e a c h m a t u r i t y .
P r i v i le g e o f
r e g is t r a t io n g i v o n t o c o u p o n h o l d e r s .
B i d s w ill b e r e c e iv e d
o n l y o n t h e b a s is o f a s in g le p r i c o f o r a n o n t i r o s e r ie s , f o r
e x a m p le :
A s in g le b i d fo r ; $ 1 5 ,0 0 0 Is a p r o p o s a l f o r 15 $ 1 ,0 0 0
ite m s m a t u r in g f r o m 1 t o 15 y e a r s .
B i d s w ill n o t b o a c c o p t o d
f o r s e p a r a t e m a t u r it ie s .
P r i n c ip a l a n d s e m i-a n n u a l I n t e r e s t J a n . 1 a n d J u l y 1 , p a y a b l o in N o w
Y o r k C ity .
T h o s e b o n d s a r o e x e m p t f r o m a ll t a x a t i o n in t h o S t a t o o f
N e w Y o r k , e x c e p t fo r S ta te p u rp o se s.
C o n d i t i o n s o f S a l e , a s P r o v i d e d f o r b'/ t h e G r e a l r r N e w

Y o r k C h a rte r.

1 . H o p a r a to p r o p o s a l s m u s t b o m a d o f o r e a c h c la s s o f c o r p o r a t e s t o c k .
2 . P r o p o s a l s c o n t a i n in g c o n d i t i o n s o t h o r t h a n t h o s o h e r o in s o t f o r t h w ill
n o t b o r e c e iv e d o r c o n s i d e r e d .
3 . N o p r o p o s a l f o r s t o c k s h a ll b o a c c o p t o d f o r lo s s t h a n t h o p a r v a l u o
o f th e sa m e .
4 . E v e r y b i d d e r , a s a c o n d i t i o n p r e c e d e n t t o t h o r o c o p t i o n o r c o n s l il e r a U o n o f id s p r o p o s a l , s h a ll d e p o s i t w it h t h e C o m p t r o l l e r in i n o n o y , o r b y a
c e r t i f ie d c h e c k d r a w n t o t h e o r d e r o f s a id C o m p t r o l l e r u p o n a t r u s t c o m 
p a n y o r a S t a t e b a n k , i n c o r p o r a t e d a n d d o i n g b u s in o s s u n d e r t h o l a w s o f
th o S ta te o f N o w Y o r k , o r u p o n a n a tio n a l b a n k , 2 % o f th o p a r v a lu e o f
t h o s t o c k In d f o r in e a c h p r o p o s a l .
N o p r o p o s a l w ill b o r e c e iv e d o r c o n s i d e r e d w h ic h is n o t a c c o m p a n i e d
b y s u ch d o p o s it.
A ll s u c h d e p o s i t s s h a ll b o r e t u r n e d b y t h o C o m p t r o l l e r t o t h o p e r s o n s
m a k i n g t h o s a m e w it h in t h r e e d a v s a f t e r t h o d e c i s io n h a s b e e n r e n d e r e d
a s t o w h o is o r a r o t li o h ig h e s t b i d d e r o r b i d d e r s , o x c e p t t h o d o p o s i t m a d e
b y t h o h ig h e s t b i d d e r o r b i d d e r s .
5 . I f s a id h ig h e s t b i d d e r o r b id d e r s s h a ll r e fu s e o r n e g l o c t , w it h i n f i v o
d a y s a f t e r s o r v ic o o f w r it t e n n o t i c e o f t h o a w a r d t o h i m o r t h e m , t o p a y
t o t h o C i t y C h a m b e r la in t h o a m o u n t o f t h e s t o c k a w a r d o d t o h i m o r t h e m
a t it s p a r v a l u e , t o g e t h e r w it h t h e p r e m iu m t h o r o o n , lo s s t h o a m o u n t d e 
p o s i t e d b y h im o r t h e m , t h e a m o u n t o r a m o u n t s o f d o p o s i t t h u s m a d o s h a ll
b o f o r f e i t e d t o a n d r e t a in e d b y s a i d c i t y a s l iq u id a t e d d a m a g e s f o r s u c h




2573

n e g l e c t o r r e fu s a l, a n d s h a ll t h e r e a f t e r b e p a i d i n t o t h e S in k in g F u n d o f t h e
C ity o f N o w Y o r k fo r th e R e d e m p tio n o f th e C ity D e b t.
6 . U p o n th e p a y m e n t in t o th o C it y T r e a s u r y b y th e p e r s o n s w h o s e b id s
a rc a c c e p te d o f th o a m o u n ts d u o fo r th e s to c k a w a rd e d t o th e m , r e s p e c
t i v e l y , i n c lu d in g a c c r u e d i n t e r e s t f r o m J u l y 1 1 9 1 7 , c e r t i f i c a t e s t h e r e o f s h a ll
b o is s u e d t o t h e m in s u c h d e n o m i n a t i o n s p r o v i d e d f o r b y t h e c h a r t e r a s
t h e y m a y d e s ir e .
7 . I t is r e q u i r e d b y t h e c h a r t e r o f t h o c i t y t h a t In m a k i n g p r o p o s a l s
“ e v e r y b i d d e r m a y b e r e q u i r e d t o a c c e p t a p o r t i o n o f t h e w h o le a m o u n t
t h e r e o f b i d f o r b y h im a t t h e s a m o r a t e o r p r o p o r t i o n a l p r i c e a s m a v b e
s p e c i fi e d in h is b i d ; a n d a n y b i d w h ic h c o n f l i c t s w i t h t h is c o n d i t i o n s h a ll
b o r e je c t e d , p r o v i d e d , h o w e v e r , t h a t a n y b i d d e r o f f e r i n g t o p u r c h a s e a ll
o r a n y p a r t o f t h o b o n d s o f f e r e d f o r s a le a t a p r i c o a t p a r o r h ig h e r m a y
a ls o o f f e r t o p u r c h a s e a ll o r n o n e o f s a id b o n d s a t a d i f f e r e n t p r i c e , a n d i f
t h e C o m p t r o l l e r d e e m s i t t o b o in t h o in t e r e s t s o f t h e c i t y s o t o d o , h e m a v
a w a r d t h e b o n d s t o t h e b i d d e r o f f e r i n g t h e h i g h e s t p r i c e f o r a ll o r n o n e o f
s a id b o n d s ; p r o v i d e d , h o w e v e r , t h a t i f t h o C o m p t r o l l e r d e e m s i t t o b o in
t h e i n t e r e s t s o f t h e c i t y s o t o d o , h o m a y r e j e c t a ll b i d s . ”
U n d e r t h is
p r o v i s io n t h o c o n d i t i o n t h a t t h o b i d d e r w ill a c c e p t o n l y t h o w h o le a m o u n t
o f s t o c k b i d f o r b y h i m , a n d n o t a n y p a r t t h e r e o f , c a n n o t b o i n s e r t e d in
a n v b id s , e x c e p t th o s e f o r
a ll o r n o n o
o f f e r e d b y b i d d e r s w h o h a v e a ls o
b i d f o r “ a ll o r a n y p a r t o f t h o s t o c k o f f e r e d f o r s a le .
8 . T h o p r o p o s a l s f o r e a c h c la s s , t o g e t h e r w it h t h e s e c u r i t y d e p o s i t s ,
s h o u ld b o e n c l o s e d in s e p a r a t e s e a le d e n v e l o p e s , e n d o r s e d “ P r o p o s a l s f o r
C o r p o r a t e S t o c k ” o r (C o r p o r a te S t o c k
( S e r ia l) , a n d s a id e n v e l o p e s e n 
c lo s e d in o t h e r s e a le d e n v e l o p e s , a d d r e s s e d t o t h e C o m p t r o l l e r o f t h e C i t y
o f N ew Y ork .
( N o s p e c i a l f o r m o f p r o p o s a l is r e q u i r e d , t h e r e fo r e n o
b l a n k s a r o f u r n i s h e d .)
T h o la s t p u b l i c o f f e r i n g m a d e b y N o w Y o r k C i t y w a s o n A p r i l 19 1 9 1 6 ,
w lio n $ 4 0 ,0 0 0 ,0 0 0 5 0 - y e a r a n d $ 1 5 ,0 0 0 ,0 0 0 1 - 1 5 - y e a r ( s e r ia l) 4 l % c o r 
A
p o r a te s to c k w a s s o ld .
T h e 5 0 -y e a r s to c k w a s a w a rd e d t o sev en sep a ra te
b i d d e r s a t a n a v e r a g e p r i c e o f 1 0 2 .6 1 8 — a n i n c o m o b a s i s - o f a b o u t 4 . 1 2 5 % .
T h o 1 -1 5 - y e a r (s o r ia l) c o r p o r a t e s t o c k w a s d i s t r i b u t e d a m o n g t h r e e b i d d e r s
a t a n a v e r a g e p r i c e o f 1 0 1 .4 3 2 — a b a s is o f a b o u t 4 . 0 3 % .
T h e num ber o f
b i d s r e c e i v e d w a s 86 a n d t h e t o t a l a m o u n t o f b o n d s s u b s c r ib e d f o r w a s
$ 1 6 2 ,6 4 5 ,0 9 0 .
T h i s w a s e x c l u s iv e o f $ 1 5 ,3 9 6 ,0 0 0 o f f e r i n g s w h ic h w e r e
i n fo r m a l a n d c o u l d n o t b e c o n s i d e r e d .
T h e s a le n e t t e d t h e c i t y $ 1 , 2 6 2 ,0 6 0
in p r e m iu m s , m a k i n g a t o t a l o f $ 4 1 ,0 4 7 ,1 4 0 r e c e iv e d f o r t h e 5 0 - y e a r s t o c k
a n d $ 1 5 ,2 1 4 ,9 2 0 f o r t h e s e r ia l s t o c k .
O f t h o l o n g - t e r m s t o c k . $ 3 9 ,5 9 3 ,9 0 0
w a s a w a r d e d t o a s y n d ic a t e c o n s is tin g o f K u h n , L o o b & C o . , W m . A . R e a d
& C o . , a n d K i d d e r , P e a b o d y & C o . a t t h e ir b i d o f 1 0 2 .6 1 7 f o r “ a ll o r a n y
p a r t , ” w h ilo o f t h e $ 1 5 ,0 0 0 ,0 0 0 s e r ia l s t o c k , $ 1 3 ,5 0 0 ,0 0 0 w a s s o l d t o S a lo 
m o n B r o s . & H u t z le r a t 1 0 1 .4 1 7 1 1 f o r “ a ll o r a n y p a r t . ”
T h e K uhn, Loeb
& C o . s y n d i c a t e w a s p r o m in e n t a t t h e p u b l i c s a le o n J u n o 2 9 1 9 1 5 , w h e n
$ 4 6 ,0 0 0 ,0 0 0 5 0 - y e a r a n d $ 2 5 ,0 0 0 ,0 0 0 1 - 1 5 - y e a r (s e ria l) 4 A % c o r p o r a t e
s to c k w a s o ffe r o d .
T h e y th e n se cu re d a lm o s t tw o -th ird s o f th e b o n d s
o f fe r e d : o f t h o l o n g - t e r m c o r p o r a t e s t o c k t h e y r e c e iv e d $ 3 3 ,7 3 4 ,6 4 0 a t
1 0 1 .0 4 4 a n d o f t h e s e r ia l s t o c k $ 1 1 ,3 5 3 ,3 0 0 a t 1 0 1 .1 6 6 .
A t t h e p u b l i c o f f e r i n g in 1 9 1 5 o f t h e $ 4 6 ,0 0 0 ,0 0 0 5 0 - y e a r a n d $ 2 5 ,0 0 0 ,0 0 0
1 - 1 5 - y e a r ( s e r ia l) 4 A % c o r p o r a t e s t o c k , r e fe r r e d t o a b o v e , t h e 5 0 - y e a r
s t o c k w a s a w a r d o d t o 1 0 2 s e p a r a t e b i d d e r s a t a n a v e r a g e p r i c o o f 1 0 1 .2 5 3
— a n i n c o m e b a s is o f a b o u t 4 . 4 3 7 % ; a n d t h o 1 5 - y e a r s e r ia l b o n d s w e r e s o l d
t o 19 b i d d e r s a n d b r o u g h t a n a v e r a g e p r i c e o f 1 0 1 .3 0 6 — a b a s is o f a b o u t
4 .2 9 7 % .
T h e r e w e r e 211 b i d d e r s in a ll a n d t h o t o t a l a m o u n t o f b o n d s
s u b s c r ib e d f o r w a s $ 2 2 4 ,6 1 0 ,1 0 0 .
A r e c o r d p r e p a r e d f r o m o u r f il e s o f a ll p u b l i c s a le s b y N o w Y o r k C i t y
f r o m 1 9 0 3 t o 1 9 1 5 , i n c lu s i v e , w a s p u b li s h e d in o u r is s u e o f A p r i l 8 1 9 1 6 ,
p a g e 1368.

NIAGARA FALLS, N. Y .— BOND SALE.— O n J u n o 18 t h e $ 8 0 ,0 0 0
1 - 1 0 - y r . s e r ia l r e g . M a i n S t . p a v i n g b o n d s ( V . 1 0 4 , p . 2 3 6 9 ) w e r o a w a r d e d
t o W m . R . C o m p t o n C o . o f N . Y . f o r $ 8 0 ,1 9 8 6 7 (1 0 0 .2 4 8 ) a n d i n t . a s
4?<tS.
O th e r b id s fo r 4 % % b o n d s w ere:
i lo r n b lo w e r & W o e k s ,N .Y $ 8 0 ,1 7 5 27 H . A . K a h le r & C o . , N . Y . - .$ 8 0 ,0 7 2
H a r r i s ,F o r b e s & C o . , N . Y _ 8 0 , 1 6 0 8 0 G e o . B . G i b b o n s & C o . , N . Y _ 8 0 , 0 6 0
C u m m in g s , P r u d d e n & C o .,
C r a n d e ll , S h e p p e r d & C o . ,
N . Y ____________ ______________ 8 0 ,0 0 5
N . Y _____________________ 8 0 .1 5 2 0 0
J . S . B a c h o & C o . , N . Y . , b i d $ 8 0 ,7 8 0 f o r 5 s .
N ORTH
BRADDOCK
S C H O O L D I S T R I C T (P . O . B r a d d o c k ),
A l l e g h e n y C o u n t y , P a . — BOND SALE .— A n is s u e o f $ 8 5 ,0 0 0 4 A c
7r
c o u p o n t a x - f r e e b u i l d in g b o n d s h a s b e e n a w a r d e d t o L y o n , S in g e r & C o . a n d
W m . R . C om p ton C o.
D e n o m . $ 1 ,0 0 0 .
D a to J a n . 1 1917.
I n t . ,T. & J .
a t th o B ra d d o ck N a t. B a n k .
D u e $ 1 0 ,0 0 0 y e a r l y J a n . 1 f r o m 1 9 3 7 t o
1 9 4 4 , i n c l . a n d $ 5 ,0 0 0 J a n . 1 1 9 4 5 .
T h a s e b o n d s w e re o ffe r e d as 4 s o n
M a y 18.
O L M S T E A D C O U N T Y S C H O O L D I S T R I C T N O . 8 (P . O . R o c h e s 
t e r ) , M i n n . — BOND SALE.— O n J u n e 4 t h o $ 1 2 8 ,0 0 0 5 % c o u p o n s it e p u r c h a s e , b u i l d in g a n d e q u i p m e n t b o n d s ( V . 1 0 4 , p . 2 2 6 3 ) w e r e a w a r d e d ,
i t is s t a t e d , t o W e lls & D i c k e y C o . , o f M in n e a p o l is . $
O T T A W A C O U N T Y ( P . O . P o r t C l i n t o n ) , ' O h i o . — BONDS NOT
SOLD.— N o s a le w a s m a d e o f t h e t h r e e is su a s o f 5 % c o u p o n h i g h w a y i m p r o v e m e n t b o n d s , a g g r e g a t i n g $ 4 4 ,0 0 0 , o f f e r e d o n J u n e l 8 , i t is s t a t e d .
V . 1 0 4 , p . 2 4 7 6 .1
:T O V V IiN C O U N T Y ( P . O . S p e n c e r ) , I n d . — BOND SALE.— O n J u n e 14
t h e $ 1 0 ,5 5 6 4 A % h i g h w a y i m p t . b o n d s ( V . 1 0 4 . p . 2 3 6 9 ) w e r e a w a r d e d t o
t h e S p e n c o r N a t . B a n k o f S p e n c e r f o r $ 1 0 ,5 6 7 ( 1 0 0 .1 0 4 ) a n d i n t .
D enom .
$527 80.
D a t e M a y 15 1 9 1 7 .
In t. M . & N .
D u e $ 5 2 7 8 0 e a c h s ix
m o n t h s f r o m M a y 1 5 1 9 1 8 t o N o v . 15 1 9 2 7 . i n c lu s i v e .
O W O S S O U N IO N S C H O O L D I S T R I C T (P . O . O w o s s o ), S h ia w a s s e e
C o u n t y , M i c h . — BONDS VOTED.— R e p o r t s s t a t o t h a t a t a n e l e c t i o n h e l d
J u n o 6 a n is s u o o f 3 1 5 ,0 0 0 s c h o o l i m p t . b o n d s c a r r ie d b y a v o t e o f 3 4 t o 1 0 .
P A C I F I C C O U N T Y ( P . O . S o u t h B e n d ) , W a s h . — BONDS VOTED.—
T h o q u e s t i o n o f is s u in g $ 2 7 4 ,0 0 0 c o u p o n r o a d a n d b r i d g e - b u i ld i n g b o n d s
a t n o t e x c e e d i n g 5 % i n t e r e s t c a r r ie d , i t Is s t a t e d , a t t h o e l e c t i o n h e ld
J u n o 12.
V . 104, p . 22 6 3 .
D e n o m s . n o t le s s t h a n $ 1 0 0 n o r m o r e t h a n
$ 1 ,0 0 0 .
D a t o J u ly 1 1 9 1 7 .
I n t e r e s t s e m i- a n n u a l .
D u o $ 1 3 ,7 0 0 y e a r l y o n
J u l y 1 f r o m 1 9 1 8 t o 1 9 3 7 , in c lu s i v e .
W . E . L o v e r i n g is C o u n t y A u d i t o r .
P A L O A L T O , S a n t a C l a r a C o u n t y , C a l i f . — BOND OFFERING.—
P r o p o s a l s w ill b o r e c e i v e d u n t il J u n o 2 5 f o r $ 4 9 ,0 0 0 4 A % 1 - 2 9 - y e a r m u n i c i 
p a l g a s - p l a n t b o n d s , i t is s t a t e d .
P A R K C O U N T Y ( P . O . L i v i n g s t o n ) , M o n t . — BOND OFFERING.—
S o a lc d b i d s w ill b e r e c e iv e d u n t i l 1 0 a . m . J u l y 14 b y C h a r le s A . B u r g ,
C o u n t y C l e r k , f o r t h e $ 6 8 ,0 0 0 5 % 1 5 - 2 0 - y e a r ( o p t . ) t a x f r e e l i i g h - s c h o o l b u i l d in g b o n d s .
D e n o m s . $ 5 0 0 o r $ 1 ,0 0 0 .
D a te J u ly 1 191 7.
P r i n c ip a l
a n d s e m i- a n n u a l i n t e r e s t J . <fc J . a t t h o C o u n t y T r e a s u r e r ’s o f f i c e o r t h e
C h a s e N a t io n a l B a n k , N e w Y o r k .
C e r t ifie d c h e c k f o r $ 2 ,5 0 0 , p a y a b lo t o
th o C o u n t y T re a s u re r, r e q u ir e d .
T h e so b o n d s w ere a u th o r iz e d a t a n
e l e c t i o n h e ld J u n o 2 b y v o t e o f 7 4 2 t o 5 2 8 . O f f i c i a l c i r c u l a r s t a t e s t h a t t h e r e
is n o c o n t r o v e r s y o r l it i g a t io n p e n d i n g , o r t h r e a t e n i n g , a f f e c t i n g t h e c o r 
p o r a t e e x i s t e n c e o r t h o b o u n d a r ie s o f s a id d i s t r i c t , t h e t it l e o f i t s p r e s e n t
o f f i c i a l s t o t h e ir o f f i c e s o r t h o v a l i d i t y o f t h e s o b o n d s , t h a t n o p r e v i o u s
is s u e s o f b o n d s h a v e b e e n c o n t e s t e d , a n d t h a t t h o p r i n c ip a l a n d i n t e r e s t o f
a ll b o n d s p r e v i u s l y h a s a l w a y s b e e n p a i d p r o m p t l y a t m a t u r i t y .
T ota l
b o n d e d d e b t ( in c l u d i n g t h is i s s u e ) , $ 3 1 9 ,0 0 0 .
F lo a tin g d e b t , n o n o .
A ssessed v a lu e ( e q u a liz e d ), 1 9 1 6 , S ll.6 4 3 .0 0 0 .
PARKE COU NTY
( P . O . R o c k v i l l e ) , I n d . — BOND S A L E — O n
J u n o 18 t h o t h r e e is s u e s o f 4 A % r o a d - i m p r o v e m e n t b o n d s , a g g r e g a t in g
$ 1 8 ,5 6 0 ( V . 1 0 4 , p . 2 4 7 6 ) w e r e a w a r d e d t o t h e F l e t c h e r -A m e r i c a n N a t io n a l
B a n k o f I n d i a n a p o li s a n d I l o m e r D . B a s s e t t f o r $ 1 8 ,5 9 3 5 8 (1 0 0 .1 2 7 ) a n d
in te re s t.
J . F . W i ld & C o . b i d $ 1 8 ,5 9 1 5 0 .
‘ ^ P A S S A I C , P a s s a i c C o u n t y , N . J .— BOND SALE.— O n J u n e 1 9 t h e
t w o Is s u e s o f 4 H % c o u p o n o r r e g . b o n d s ( V . 1 0 4 , p . 2 1 5 7 ) w e r e a w a r d e d t o
O u t w a t e r & W e l ls o f J e r s e y C i t y f o r $ 1 0 8 ,5 4 1 3 5 (1 0 0 .5 0 1 ) a n d i n t . f o r
$ 1 0 8 ,0 0 0 o f b o n d s .
R . M . G r a n t & C o . b i d $ 1 0 8 ,2 9 1 51 f o r $ 1 0 8 ,0 0 0 ‘ o f
b on d s.
P A S S A I C C O U N T Y ( P . O . P a t e r s o n ) , N . J . — BOND OFFERING.—
G e o r g e W . B o t b y l , C le r k B o a r d o f F r e e h o ld e r s , w ill r e c e iv e s e a le d b i d s ,
i t i s s t a t e d , u n t il 2 p . m . J u l y 11 f o r $ 2 5 1 ,0 0 0 4 A % 8 M - y e a r a v e r a g e r o a d
bon d s.
I n t e r e s t s e m i-a n n u a l.
____
P E M B R O K E , R o b e s o n C o u n t y , N o . Caro.— BONDS NOT SOLD.—
N o b i d s w o re r e c e iv e d f o r t h e $ 1 0 ,0 0 0 2 0 - y e a r m u n i c ip a l n n h li c im p r o v e m e n t
b o n d s o f f e r e d o n J u n e 19 ( V . 1 0 4 , p . 2 2 6 3 ) .
_ _____
P E R R Y S C H O O L T O W N S H I P (P . O . L ig o n ie r ), N o b I e ~ C o u n t y ,
I n d . — BOND SALE.— On J u n e 9 t h e $ 3 6 ,0 0 0 4 A % 6 5 - 6 y r . ( a v e r .)
s c h o o l b o n d s ( V . 1 0 4 , p . 2 0 3 7 ) w e r e a w a r d e d t o O r liu J . S c h r o c k of G o s h e n
f o r $ 3 6 ,3 9 0 ( 1 0 1 .0 8 3 ) a n d i n t .
O th e r b id s w ere:
S a m u e l S p o h n , G o s h e n — $ 3 6 ,3 0 5 5 0 M i e r S t a t o B k . , L i g o n i e r -------$ 3 6 ,0 8 0
F l e t c h e r -A m e r i c a n N a t . B k . ,
B r e e d , E l l i o t t & H a r r is o n ,
I n d i a n a p o l i s ________________ 3 6 ,0 7 8
I n d i a n a p o l i s _____________ 3 6 ,2 5 0 0 0
J . F . W i l d & C o . , I n d ’ p o l is 3 6 ,2 1 6 0 0

2574

THE CHRONICLE

P E R T H A M B O Y , M i d d l e s e x C o u n t y , N . J . — BOND OFFERING.—
S e a t e d p r o p o s a l s w in b e r e c o iv e d u n t i l 4 p . m . J u n o 2 5 b y F r e d . G a r r o t s o n ,
C i t y T r e a s u r e r , f o r a n is s u o o f 4 H % c o u p o n ( w i t h p rivilopro o f r e g i s t r a t i o n )
? i U/?Anip a lT? 1(ictrT c lig !\? e q u i p m e n t b o n d s , n o t e x c e e d i n g $ 5 0 ,0 0 0 .
l
D enom .
f l ’°P
r9- „ ? A i ? J ^ n o 1 5 1 ! ) 17 - - I r in - a n d s e m i- a n n . i n t . — J . & D . — p a y a b o
at. n o n 6 °if C i £y Tr<v:i s u D u e I * 2 , 0 0 0 J u n o 15 IG 1 9 ; $ 3 , 0 0 0 J u n o 1 5 1 9 2 0 a n d
r nH ° n i S r n J u n fl i 1 5 f r o m .1 9 ? l t o , 1 9 : i l - in c 1 -- a n d $ 1 ,0 0 0 J u n o 15 1 9 3 2 .
C o r t . c h e c k o n a n i n c o r p o r a t e d b a n k o r t r u s t c o m p a n y f o r 2 % o f b o n d s b id
f o r r e q u ir e d .
A l l b o n t fs t o b o d e l iv e r e d a t U . S . M t g o . & T r . C o . N . Y . ,
? “ l y 2 1 9 1 7 -. P u r c h a s e r t o p a y a c c r u e d in t e r e s t .
B id s m u s t b o m a d o
o n f o r m s f u r n is h e d b y t h e c i t y .
T h o a b o v e t r u s t c o m p a n y w ill c e r t i f y a s
t o t h e g e n u in e n e s s o f t h o s ig n a t u r e s o f t h o c i t y o f f i c i a l s s i g n in g t h o b o n d s
s e a ' i m P r e s s e d t h e r e o n , a n d t h e ir le g a l it y w ill b o a p p r o v e d b y
^ ^ a ss ? ,1 °C
X ’ w h o s o o p i n i o n w ill b o f u r n is h e d p u r c h a s e r
w ith o u t c h a r g e .
B o n d e d d e b t i n c l. t h i s is s u o , $ 3 ,2 7 4 ,0 0 0 : w a t e r b o n d s
I n c lu d e d a b o v e , $ 8 7 7 ,0 0 0 : f u n d s in h a n d a n d s in k in g f u n d , $ 3 6 0 ,1 5 3 0 8 :
a s s e s s , v a . r e a l p r o p e r t y 1 9 1 6 , $ 1 7 ,7 6 0 6 3 9 : p e r s o n a l , $ 5 , 7 8 3 , 9 6 5 ; a v e r a g e
a s s e s s , v a l . o f r e a l e s t a t e la s t t h r e o y e a r s , $ 1 7 ,0 7 2 ,4 3 5 .
“
P H A R R , H i d a l g o C o u n t y , T e x . — -WARRANT SALE.— J . L . A r l i t t o f
A u s t i n r e c e n t l y p u r c h a s e d $ 1 7 ,5 0 0 6 % c i t y - h a l l a n d w a t o r - w o r k s - s y s t e m
w a rra n ts.
D a te F e b . 9 1917.
D u e s e r ia lly f r o m 1 9 2 0 t o 1 9 5 2 i n c lu s i v e .
P I C K E N S C O U N T Y ( P . O . P i c k e n s ) , S o . C a r o . — BOND OFFERING.
~ C . L . C u r e t o n C h a ir m a n o f H i g h w a y C o m m i s s i o n , w il l r e c e i v e b i d s
u n t i l J u l y 3 0 f o r $ 2 5 0 ,0 0 0 2 0 - y e a r c o u p o n r o a d i m p r o v e m e n t b o n d s a u t h o r 
iz e d b y A c t o f th e S ta to L e g is la tu r e .
D a te J u ly 2 191 7.
I n te r e s t (ra to
n o t o e x c e e d 5 % ) s e m i- a n n u a l ly a t s u c h p l a c e a s m a y b e a g r e e d u p o n
T h e se b o n d s a re ta x -e x e m p t.
C e r t ifie d c h e c k fo r $ 5 ,0 0 0 , p a y a b le t o th e
a b o v e C h a ir m a n , r e q u i r e d .
T h is c o u n t y h a s n o i n d e b t e d n e s s .
A ssessed
v a lu a t io n 1 9 1 7 , o v e r $ 4 ,0 0 0 ,0 0 0 . T h e s e b o n d s w e ro r e p o r te d s o ld o n M a y 7
t o th e P a lm e t t o N a t . B a n k o f C o lu m b ia ( V . 1 0 4 , p . 2 0 3 7 ).
y
x, f ^ E R C E C O U N T Y ( P . O . T a c o m a ) , W a s h . — BONDS A W A R D E D I N
P A R T .-O t t h e $ 1 , 0 0 0 , 0 0 0 11- 2 0 - y e a r s e r ia l c o u p o n U n it e d S t a t e s A r m y
M o b i l i z a t i o n d r a i n i n g a n d S u p p ly S t a t i o n b o n d s o f f e r e d o n M a y 3 ( V . 1 0 4
p . 1 7 2 6 ), $ 5 0 0 ,0 0 0 w a s a w a r d e d o n t h a t d a y t o t h e S t a t o o f W a s h i n g t o n a t
p a r f o r 4 M s ( n o t 4 s a s f ir s t r e p o r t e d — V . 1 0 4 , p . 2 4 7 6 ) .
T h e se b o n d s are
p a r t o f a n is s u e o f $ 2 , 0 0 0 , 0 0 0 v o t e d J a n . 6 , o f w h ic h $ 5 0 0 ,0 0 0 s e r ie s “ A "
w a s a w a r d e d o n M a r c h 2 7 t o th o S ta te o f W a s h in g to n a t p a r f o r 4 s.
- P I K E C O U N T Y ( P . O . M a g n o l i a ) f M i s s . — BOND OFFERING.— C . E .
? o r w ? n o ld.: C h a n c e r y C l e r k , w ill r e c e iv e b i d s u n t il 12 m . J u l y 2 f o r t h e
lr n A 000 T ?gr c Vlt,u r S 1
^ 0n,d s a t n o t e x c e e d i n g 6 % i n t .
D enom .
^ 1^17.
P r i n c ip a l a n d a n n u a l i n t e r e s t (J u l y ) p a y a b l e a t
^ C o u n t y T r e a s u r e r ’s o f f i c e
D u o $ 2 ,0 0 0 y e a r l y J u l y 2 f r o m 1 9 2 2 t o
1 9 3 6 , i n c lu s iv e ; s u b j e c t t o c a ll a f t e r 5 y e a r s .
C e r t i fi e d c h e c k f o r $ 1 ,0 0 0
™dn.- T,h e c o u n t y h a s n o b o n d e d d e b t .
R o a d d i s t r i c t ’s b o n d e d d e b t ,
n 11
f X « Se'en°Al een luat4n.n o f c o u n t y 1 9 1 6 , $ 7 , 6 0 0 ,0 0 0 : t o t a l v a l u e o f
Q
a ll p r o p e r t y , $ 8 ,0 0 0 , 0 0 0 .
T h o s e b o n d s w e ro a u tn o r iz e d b y v o t e o f 7 0 6 t o
6 3 4 a t a n e l e c t i o n h e 'd M a y 3 0 .
, n P ^ % - C , U N T Y C O N S O L I D A T E D S C H O O L D I S T R I C T N O . 29
O
( P . O . F i n l a y s o n ) , M i n n .— BOND SALE.— O n M a y 2 5 $ 1 2 ,0 0 0 b u i l d in g
"In rr'! c t o t h ? M i n n e s o t a L o a n & T r u s t C o . , M 'u n e a p o l i s , f o r
i
$ 1 2 ,1 3 5 ( 1 0 1 .1 2 5 ) f o r 5 > 4 s .
D a to M a y 1 1917.
I n t e r e s t s e m i- a n n u a l .
D u e M a y 1 1931.

£ ° " ds0

P I T T S B U R G H , P a . — BOND SALES.— T h e $ 8 0 ,0 0 0
1%
1 -2 0 -y e a r
s e r ia l c o u p o n o r r e g i s t e r e d ( p u r c h a s e r ’s o p t i o n ) c it y - h a l l b o n d s o f f o r e d
w it h o u t s u cce s s o n M a y 3 ( V . 10 4 , p . 1828) h a v e b e e n p u r c h a s e d b y th e
S in k in g F u n d C o m m i s s io n a t p a r a n d in t e r e s t .
O n M a y 7 a n is s u o o f $ 5 4 ,0 0 0 4 % p a r k - s i t o p u r c h a s e b o n d s w a s p u r c h a s e d
a t p a r a n d i n t e r e s t b y t h o S in k in g F u n d C o m m i s s io n .
D e n o m . $ 1 ,0 0 0 .
D a te J a n . 1 1917.
In t. J . & J .
D u o $ 6 ,0 0 0 y e a r l y f r o m 1 9 1 8 t o 1 9 2 6 , i n c l.
L o c a l p a p e r s s t a t e t h a t t h o q u e s t i o n o f is s u in g t h e $ 3 , 0 0 0 , 0 0 0 s c h o o l
b o n d s ( V . 1 0 4 , p . 2 0 3 8 ) c a r r ie d a t t h o e l e c t i o n h o l d J u n e I 8.3
J c r i
P O C A H O N T A S C O U N T Y ( P . O . P o c a h o n t a s ) , I o w a . — BOND SALE.
— O n J u n e 1 5 t h o $ 6 0 ,0 0 0 4 ) 4 % f u n d i n g b r i d g o b o n d s ( V . 1 0 4 , p . 2 3 6 9 )
w e r e a w - r d e d t o H a r r is T r u s t S S a v in g s B a n k o f C h i c a g o f o r $ 5 8 ,8 2 0
r
(9 8 .0 3 3 ) a n d J M e r e s t. 1 , P O R T O F A S T O R I A ( P . O . A s t o r i a ) , O r o . — BONDS PROPOSED —
R e p o r t s s t a t e t h a t t h e P o r t C o m m i s s io n h a s d e c i d e d t o is s u o p o r t i m p r o v e 
m en t bon d s. 4
jjhj
‘
P R I N C E G E O R G E S C O U N T Y ( P . O . U p p e r M a r l b o r o ) , M d . — BOND
Of FERING.— B i d s w ill b e o p e n e d a t 12 m . o n J u n o 2 6 b y H e n r y W . J . L .
B r i s c o e , C l e r k o f t h o B d . o f C o . C o m m r s ., f o r $ 5 , Of ( 5 % l - 2 5 - y r . s a i t a r y
c o m m is s io n i o n d s .
A u th . C h a p ter ? 1 3 , A c ts 1916.
D e n o m . $ 2 0 0 .% D a t e
J u ly .l 1917. ^ In te r e s t J . & J . j
R A L E I G H , N o . C a r o . — BOND OFFERING.— S e a le d b i d s w ill b o
r e c e iv e d u n t il 12 m . J u n e 2 5 b y J a m o s I . J o h n s o n , C o m m i s s io n e r o f P u b l i c
A c c o u n t s & F i n a n c e s , f o r $ 2 9 8 ,0 0 0 5 % c o u p o n ( w i t h p r i v il e g e o f r e g is t r a 
t io n ) f u n d i n g b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a to Jun e 1 1917.
P r in . a n d
s e m i- a n n u a l i n t . ( J . & D . ) , p a y a b l e a t t h e F i r s t N a t . B a n k o f N . Y .
D uo
y r l y . o n J u n o 1 as fo llo w s :
$ 1 5 ,0 0 0 f r o m 1 9 1 8 t o 1 9 2 2 , i n c l . ; $ 1 6 ,0 0 0 f r o m
1 9 2 3 t o 1 9 2 6 , i n c h ; $ 1 8 ,0 0 0 1 9 2 7 , 1 9 2 8 a n d 1 9 2 9 ; $ 2 0 ,0 0 0 1 9 3 0 a n d 1 9 3 1 :
$ 2 1 .0 0 0 1 9 3 2 : $ 2 2 ,0 0 0 1 9 3 3 a n d 1 9 3 4 .
C e r t, c h e c k (o r c a s h ) o n a n in c o rp o r 
a t e d b a n k o r tr u s t c o m p a n y f o r 2 % o f a m o u n t o f b o n d s b id f o r , p a y a b le t o
t h o a b o v o C o m m is s io n e r , r e q u ir e d .
P u r c h a s e r t o p a y a c c r u e d in t e r e s t .
B o n d e d d e b t , e x c l u d i n g t h is is s u e (J u n o 1 1 9 1 7 ), S I , 4 1 0 ,9 5 5 2 0 .
W a ter
d e b t , i n c l . , $ 4 7 5 ,0 0 0 .
F l o a t i n g d e b t , $ 3 0 6 ,2 0 0 .
S in k in g f u n d , $ 7 0 ,0 0 0 .
A s s e s s , v a l . 1 9 1 6 ( e s t . ) , $ 1 3 ,7 7 0 ,7 2 3 .
C i t y t a x r a t e ( p e r $ 1 , 0 0 0 ) , $ 1 2 .5 0 .
S u c c e s s f u l b i d d e r s w ill b o fu r n is h e d w it h t h o o p i n i o n o r H a w k in s , D e la f i e ld
& L o n g f e l l o w o f N e w Y o r k C i t y , t h a t t h e b o n d s a r o b i n d i n g a n d le g a l
o b l i g a t i o n s o f t h o C i t y o f R a le i g h , a n d t h o b o n d s w ill b o p r e p a r e d u n d e r t h e
s u p e r v i s io n o f t h e U n it e d S t a t e s M o r t g a g e & T r u s t C o . , w h ic h w il l c e r t i f y
a s t o t h e g e n u i n e n e s s o f t h o s ig n a t u r e s o f t h o o f f i c i a l s a n d t h o s e a l i ir p r e s s e d
t h e r e o n . • .»
R IC H S Q U A R E S C H O O L D I S T R I C T (P . O . R ic h S q u a r e ), N o r t h 
a m p t o n C o u n t y , N o . C a r o . — BONDS VOTED.— B y a v o t o o f 5 9 t o 9
t h o q u e s t i o n o f is s u in g $ 2 5 ,0 0 0 5 - 2 0 - y e a r s e r ia l b u i l d in g b o n d s a t n o t
e x c e e d i n g 6 % i n t e r e s t c a r r ie d a t t h e e l e c t i o n h e l d J u n e 1 6 .
R I V E R S I D E C O U N T Y ( P . O . R i v e r s i d e ) . C a l i f . — BOND OFFERING— P r o p o s a l s w ill b e r e c e iv e d u n t il 11 a . m . J u l y 2 0 b y D . G . M i t c h e l l , C o
T r o a s . , f o r t h o $ 6 5 ,0 0 0 6 % c o u p . I n d i o r o a d d i v i s i o n i m p t . b o n d s .
D o'
n om . $500.
D a te M a y l 1915.
In t. an n . on M a y 1 a t o ffic e o f C o . T re a sD u o $ 5 ,0 0 0 y e a r l y o n M a y 1 f r o m 1 92 1 t o 1 9 3 3 , i n c l . C e r t , c h e c k f o r 1 0 %
o f b i d , p a y a b lo t o C o . T r e a s ., r e q u ir e d .
T h is d iv is io n h a s n o b o n d e d o r
flo a t in g d e b t .
A s s e s s , v a l . $ 4 5 1 ,1 1 0 ; e s t . v a l u o , $ 6 3 1 ,5 5 4 .
A u th . S ecs.
2 7 4 5 t o 2 7 7 3 , P . C . o f C a lif.
T h e s o b o n d s w e ro a u th o r iz e d a t a n e le c t io n
h e l d M a r . 13 1 9 1 6 b y a v o t o o f 13 2 t o 1 3 .
T h i s is s u e w a s o f f e r e d w i t h o u t
s u c c e s s o n N o v . 3 1 9 1 6 . ( V . 1 0 1 , p . 1 8 3 0 .)
^ R IV E R S ID E

SCH OOL

D IS T R IC T ,

R iv e r s id e

C ou n ty ,

C a lif.—

BONDS VOTED.— B y a v o t o o f 3 9 5 t o 5 3 t h o q u e s t i o n o f is s u in g $ 5 0 ,0 0 0
b u i l d in g b o n d s c a r r ie d , r e p o r t s s t a t e , a t a n e l e c t i o n h e l d J u n o 12 . '
R O C K IN G H A M
COUNTY
( P . O . P o r t s m o u t h ) , N . H . — BOND
OFFERING.— P r o p o s a l s w ill b o r e c o iv e d u n t il 1 0 :3 0 a . m . J u l y 1 6 ( d a t o
c h a n g e d f r o m J u l y 1 3 ) b y N o r m a n I I . B e a n o , C l e r k o f C o . C o m m r s ., f o r
$ 6 5 ,0 0 0 4 M % c o u p o n a l m s -h o u s e b o n d s ( V . 1 0 4 , p . 2 4 7 6 ) .
D enom .
$ 1 ,0 0 0 .
D a to Ju n o 1 1917.
P r in . a n d s e m i- a n n u a l i n t . p a y a b l o a t t h e
N e w H a m p s h i r e N a t . B a n k , P o r t s m o u t h , o r t h e F ir s t N a t . B a n k o f B o s 
t o n , a t o p t io n o f h o ld e r .
D u o $ 5 ,0 0 0 y r l y . D o c . 1 f r o m 1 9 1 8 t o 1 9 3 0 i n c l.
T h e b o n d s a r e e n g r a v e d u n d o r t h o s u p o r v i s lo n ’ o f a n d c e r t i f i e d a s t o g e n u i n e 
n e s s b y t h o F i r s t N a t . B a n k o f B o s t o n ; t h o ir l e g a l i t y w ill b o a p p r o v e d b y
R o p e s , G r a y , B o y d e n & P e r k i n s , w h o s e o p i n i o n w ill b o fu r n is h e d t h o p u r 
ch aser.
D e liv e r y o f b o n d s o n o r a b o u t J u ly 19 1917 (d a to c h a n g e d f r o m
J u l y 1 6 ) a t t h e F ir s t N a t . B a n k , B o s t o n .
B o n d e d d e b t , e x c l u d i n g t h is
Is s u e (J u n o 7 1 9 1 7 ), $ 1 0 5 ,0 0 0 .
A s s e s s , v a l . , 1 9 1 6 , $ 4 2 ,8 6 4 ,9 3 7 .

[Vol 104.

1 6 ,3 2 0 R o b e r t H o lt e t a l r o a d b o n d s o f J a c k s o n T w p .
D en om . $816.
D a t e J u n o 15 1 9 1 7 .
In t. M . & N .
D u o o n e b o n d o f e a c h I ssu e e a c h s ix
m o n t h s f r o m M a y 1 1 9 1 8 t o N o v . 1 5 1 9 2 7 , i n c lu s i v e .
ST.

F R A N C IS

LEVEE

D IS T R IC T ,

C r itte n d e n

C ou n ty ,

A r k .—

BOND OFFERING.— S c a le d b id s w ill b o r e c o iv e d u n t il 11 a . m . J u l y 1 0 b y
H
D . T o m lin s o n . P r e s . B o a rd o f D ir e c t o r s ( P . O . B rid g o J u n c t io n ), fo r
$ 4 0 0 ,0 0 0 5 ) 4 % c o u p o n le v e e e n la r g e m e n t b o n d s .
A u th . S p ec. A c t N o .
2 7 2 , o f G e n . A s s e m b ly o f A r k ., a p p r o v e d M a r . 26 1 9 1 7 .
D o n o m s . $ 1 ,0 0 0
or $500.
D a to J u ly 1 1917.
In t. J . S J . a t B a n k o f C om m erce S T ru st
c
c
C o . M e m p h is (o p t io n a l).
D u o s e r ia ll y f r o m 1 9 4 7 t o 1 9 6 7 .
C ert, ch eck
£ o r 2 % , p a y a b lo t o t h o B d . o f D i r e c t o r s , r e q u i r e d .
B o n d e d d e b t , i n c lu d in g
t h is is s u o , J u n o 1 5 1 9 1 7 , $ 4 ,4 0 0 , 0 0 0 .
N o B o a tin g d e b t .
A ssess, v a l.
( 1 -3 a c t u a l ) . 1 9 1 7 . $ 5 0 ,0 0 0 ,0 0 0 .
S T . F R A N C IS L E V E E D IS T R I C T , P e m is c o t,
N e w M a d r id a n d
D u n k l i n C o u n t i e s , M o .— BOND OFFERING.— S e a le d b i d s w ill b e r e c e iv e d
u n t i l 7 :3 0 p . m . J u l y 9 b y C . F . B l o k e r , S o c . - T r e a s . , f o r $ 1 5 0 ,0 0 0 5 1 4 %
le v e e -c o m p le t io n b o n d s .
D e n o m s . $ 5 0 0 a n d $ 1 ,0 0 0 .
I n t . s o m i- a n n u a l
in S t . L o u i s .
D u o s e r ia ll y b e g i n n i n g J u n o 1 1 9 2 0 .
C e rt, ch eck fo r 2 %
r e q u ir e d .
B i d d e r m u s t s a t i s f y h i m s o lf a s t o t h e l e g a l it y o f t h e b o n d s
p r i o r t o d a t e o f s a le .
S T . JO H N S V IL L E , M on tg o m e ry
— P r o p o s a l s w ill b e r e c e iv e d u n t i l 8 p .
F ir s t N a t . B a n k o f S t . J o h n s v il lo , i t is
$ 3 3 ,0 0 0 C e n t e r S t . b o n d s .
D enom .
2 7 y e a r s , i n c lu s i v e .

7 ,5 0 0 N o r t h D iv is io n S t. b o n d s .
5 t o 19 y e a rs , in c lu s iv e .

C o u n t y , N . Y .— BOND OFFERING.
m . J u l y 1 6 b y t h e V l l ia g o C l e r k a t t h e
s t a t e d , f o r t h e fo llo w in g p a v in g b o n d s :
$ 1 ,3 2 0 .
D u e $ 1 ,3 2 0 y r ly . fr o m 3 t o

D en om . $500.

D u o $500 y r ly . fr o m

S T . J O S E P H , M o .— BOND ELECTION CALLED OFF.— L o c a l p a p e r s
s t a t e t h a t t h e e l e c t i o n w h ic h w a s t o h a v e b e e n h e ld J u n e 2 6 f o r t h o p u r p o s e
o f v o t i n g $ 5 9 0 ,0 0 0 4 ) 4 % c it y - i m p r o v e m e n t b o n d s — V . 1 0 4 . p . 2 2 6 3 — -has
b e e n c a l le d o f f .
I t is f u r t h e r s t a t e d t h a t n o w o r d i n a n c e s w ill p r o b a b l y b e
p a s s e d a n d a n o t h e r e le ctio n d a to s e t .
*
S T . P A U L , M i n n . — BIDS.— T h o f o l l o w i n g a r o t h e o t h e r b i d s r o c e iv o d
f o r th o $ 1 ,0 7 5 ,0 0 0 4 ) 4 % c o u p o n o r r e g iste r e d (p u r c h a s e r ’s o p t io n ) ta x -fr e e
r e f u n d i n g b o n d s a w a r d e d j o i n t l y o n J u n o 14 t o t h o H a r r is T r u s t & S a v in g s
B a n k , E s t a b r o o k S C o . o f C h ic a g o a n d R . L . D a y & C o . o f B o s t o n , fo r
c
$ 1 ,0 8 1 ,9 9 1 ( 1 0 0 .6 5 ) a n d i n t c r o s t ( V . 1 0 4 , p . 2 4 7 6 ) :
M in n e s o t a L o a n & T r u s t C o . , M i n n e a p o l i s ____________ _______- - 1 $ 1 , 0 7 9 , 4 7 7 3 8
C o n t i n e n t a l & C o m m e r c ia l T r u s t S a v in g s B a n k , C h i c a g o . _
E . I I . R o l l in s & S o n , C h i c a g o ......... ............. ................................. ..
1
N a t i o n a l C i t y C o . , C h i c a g o ________________ .
R . M . G r a n t & C o . , C h i c a g o , b i d $ 1 9 2 ,0 9 6 f o r $ 1 9 2 ,0 0 0
S A L E S V I L L E S C H O O L D I S T R I C T (P . O . S a le s v ille ), G u e r n s e y
C o u n t y , O h i o .— BOND OFFERING.— P r o p o s a l s w ill b e r e c e iv e d b y
I*'. W . S t . C l a i r , C l e r k o f B o a r d o f E d u c a t i o n , u n t il 10 a . m . J u n o 3 0 f o r
$ 1 0 ,0 0 0 5 %
1 - 1 0 - y r . s e r ia l s c h o o l b o n d s .
I n t . s c m l- a n n .
C ert, ch eck
fo r 5 % r e q u ir e d .
„ S A N D E R S C O U N T Y S C H O O L D I S T R I C T N O . 2 (P . O . T h o m p s o n
F a l l s ) , M o n t .— BOND OFFERING.— B id s w ill b o r e c e iv e d u n t i l 5 p . m .
J u l y 9 b y T . A . B r u n e r , D i s t . C l e r k , f o r t h o $ 1 2 ,0 0 0 5 % 7 - 2 0 - y r . ( o p t . )
c o u p o n s c h o o l b o n d s a u t h o r i z e d b y v o t o o f 7 6 t o 1 7 a t t h o e l e c t i o n h e ld
J u n o 6 (V . 1 04 , p . 2 3 7 0 ).
D o n o m . $ 1 ,0 0 0 .
I n t . s e m i- a n n u a l .
C ort.
c h e c k f o r 5 % o f a m o u n t o f is s u o , p a y a b l o t o t h o C l e r k o f D i s t . C o u r t ,
r e q u ir e d .
B o n d e d d o b t , i n c lu d in g t h i s I s s u e , $ 1 8 ,0 0 0 .
F lo a tin g d e b t ,
none.
S in k in g f u n d , $ 1 , 0 2 5 .
A s s e s s e d v a l . 1 9 1 6 , $ 2 , 0 7 5 , 7 4 6 : e s t . v a l.
1 9 1 7 , $ 3 , 0 0 0 ,0 0 0 .
S A N D U S K Y C O U N T Y ( P . O . F r e m o n t ) , O h i o .— BOND SALE.— On
J u n o 18 t h o C o n t i n e n t a l S C o m m e r c ia l T r u s t S S a v in g s B a n k o f C h i c a g o
c
t
w a s a w a r d e d $ 5 3 ,0 0 0 5 % c o u p o n b o n d s f o r $ 5 3 ,0 5 1 ( 1 0 0 .0 9 8 ) a n d i n t .
F . C . H o e h lo r & C o . o f T o l e d o b i d p a r .
S A P U L P A S C H O O L D I S T R I C T (P . O . S a p u lp n ), C r e e k C o u n t y ,
O k l a . — BOND S A L E — A n is s u o o f $ 1 0 0 ,0 0 0 5 % 5 - 1 5 - y r . ( o p t . ) l d g h s c h o o l - b l d g . b o n d s w a s a w a r d e d a t 1 0 0 .3 0 a n d i n t . o n A p r i l 9 t o t h o
A m e r i c a n N a t . B a n k , S a p u lp a .
D e n o m . $ 1 ,0 0 0 .
D a t o A p ril 9 191 7.
S A W Y E R , W a r d C o u n t y , N o . D a k .— BOND OFFERING.— E . D .
S k in n e r , V illa g e C l e r k , w ill r e c e iv e s c a l e d b i d s u n t i l 8 p . m . J u l y 2 f o r
$ 3 ,0 0 0 5 % 1 5 - y r . c o u p o n f u n d i n g b o n d s .
D o n o m . $ 1 ,0 0 0 .
D a t o J u ly 2
1917.
I n t . a n n u a l ly J u l y 2 a t t h o S a w y e r S t a t e B a n k .
C e rt, ch e ck fo r
$ 1 0 0 , p a y a b l o t o t h e V i l la g o C l e r k .
T h o v i ll a g e h a s n o b o n d e d d o b t .
A s s e s s , v a l . 1 9 1 7 , $ 6 1 ,6 6 7 .
S C H E N E C T A D Y , N . Y .— CERTIFICATE OFFERING.— B i d s w ill b e
r e c e iv e d u n t il 11 a . m . J u n o 2 6 b y L e o n G . D i b b l e , C i t y C o m p t r o l l e r , f o r
$ 2 5 0 ,0 0 0 c e r t i f ic a t e s o f i n d e b t e d n e s s .
D e n o m . t o s u it p u rch a s e r.
D a te
Jun o 27 1917.
I n t e r e s t r a t o t o b o n a m e d in b i d .
D u o F o b . 2 7 1 9 1 8 in
N e w Y o r k e x c h a n g e a t t h o C i t y T r e a s u r e r ’s o f f l c o , o r a t I m p o r t e r s S
c
T r a d e r s N a t . B a n k , N . Y . , a s p u r c h a s e r m a y d e s ir o .
C e r tifie d c h e c k fo r
1 % o f c e r t i f ic a t e s b i d f o r , p a y a b lo t o C i t y C o m p t r o l l e r , r e q u i r e d .
C e r tifi
c a t e s t o b o d e l iv e r e d a n d p a i d f o r w it h i n t o n d a y s f r o m n o t l c o o f a w a r d .
P u rc h a se r t o p a y a c c r u e d In te re st.
B o n d e d d o b t J u n o 15 1 9 1 7 , $ 5 ,0 1 5 ,
3 4 4 3 5 : r o v e n u o b o n d s , $ 8 0 0 ,0 0 0 ; t o t a l d e b t , $ 5 ,8 1 5 ,3 4 4 3 5 : s i n k i n g f u n d s ,
$ 3 7 0 ,6 8 4 1 7 : a s s e s s e d v a l u a t i o n ; r e a l e s t a t o , $ 5 5 ,0 5 4 ,0 5 6 : p e r s o n a l , $ 4 , 
6 2 6 ,5 5 0 ; f r a n c h is e s , $ 2 , 6 5 6 ,3 6 8 ; t o t a l v a l u a t i o n , $ 6 2 ,3 3 6 ,9 7 4 .
S C H L E S W IG IN D E P E N D E N T S C H O O L D I S T R I C T (P . O . S c h le s 
w i g ) , C r a w f o r d C o u n t y , I o w a . — BOND OFFERING.— S e a le d p r o p o s a ls
w ill b o r e c e iv e d u n t il 3 p . m . J u n o 2 6 b y C . J . C l a u s s o n , P r e s , o f S c h o o l
D i s t . f o r t h o $ 1 0 ,0 0 0 b u i l d in g b o n d s a u t h o r i z e d b y v o t o o f 6 3 t o 3 4 a t t h o
e l e c t i o n h e l d J u n o 11 ( V . 1 0 4 , p . 2 2 6 3 ) .
D o n o m . $ 5 0 0 a n d $ 1 ,0 0 0 .
D a to
J u ly 1 1 9 1 7 .
I I . A . K l o t z Is D i s t . S e c y .
S C H R A M C I T Y , M o n t g o m e r y C o u n t y , 111.— BONDS AUTHORIZED
— O n J u n e 4 t h o V illa g e B o a r d a u t h o r i z e d t h o i s s u a n c o o f $ 5 , 0 0 0 p u b l l c l m p t . b o n d s . It is s t a t e d ."1
ii|
S C I O T O T O W N S H I P S C H O O L D I S T R I C T (P . O . W a k e fie ld ).
P i k e C o u n t y , O h i o .— BOND SALE.— T h o $ 1 5 ,0 0 0 4 ) 4 % 1 - 2 0 - y e a r s e r ia l
c o u p o n s c h o o l b o n d s o f f e r e d w it h o u t s u c c e s s o n M a y 1 ( V . 1 0 4 , p . 1 8 2 9 )
h a v o b e e n d i s p o s e d o f . vi
S H E L B Y C O U N T Y ( P . O . M e m p h i s ) , T e n n .— BOND OFFERING.—
B i d s w ill b o r e c e iv e d u n t il 12 m . J u l y 6 ( d a t o c h a n g e d f r o m J u l y 2 5 ) b y
W . A . T a y l o r , a t R o o m 1 5 1 4 , U n io n S P la n t e r s B a n k B u il d i n g , M e m p h i s ,
c
f o r $ 1 5 0 ,0 0 0 5 % s c h o o l b o n d s in a i d o f t h e B o l t o n C o l l e g o .
D on om . $500.
D a t o J u l y 10 1 9 1 7 .
P r i n . a n d s e m i- a n n u a l I n t . ( J . S J . ) , p a y a b l e a t t h e
c
C h e m ica l N a t . B a n k , N . Y . , o r a t th o B a n k o f O o m m e r c o S T r u s t C o .,
c
M e m p h is , a t o p tio n o f h o ld e r .
D u o y e a r l y o n J u l y 1 a s f o ll o w s : $ 2 ,5 0 0
f r o m 1 9 1 8 t o 1 9 2 2 i n c l . , $ 3 ,5 0 0 f r o m 1 92 3 t o 1 9 2 7 i n c l . , $ 4 ,5 0 0 f r o m 1 9 2 8
t o 1 9 3 2 i n c l. , $ 6 ,0 0 0 f r o m 1 9 3 3 t o 1 9 3 7 i n c l . , $ 7 ,5 0 0 f r o m 1 9 3 8 t o 1 9 4 2 i n c l .
a n d $ 7 ,5 0 0 f r o m 1 9 4 3 t o 1 9 4 6 i n c l.
C e r t , c h e c k f o r $ 2 ,5 0 0 r e q u i r e d . B o n d s
w ill b e le g a l ly a p p r o v e d b y R . L e o B a r t e l s , C o . A t t y . , w h o s o f a v o r a b l e
o p i n i o n w ill b o f u r n is h e d t o t h o s u c c e s s fu l b i d d e r .
B o n d e d d o b t , $ 2 ,0 9 2 ,
000.
S in k in g f u n d , $ 6 6 ,0 0 0 .
A s s e s s e d v a l u a t i o n , $ 1 0 1 ,0 0 0 ,0 0 0 .
S H E R I D A N , S h e r i d a n C o u n t y , W y o . — BOND SALE.— O n J u n o 18
t h e $ 3 0 ,0 0 0 5 % 1 0 - 3 0 - y r . ( o p t . ) c o u p o n t a x - fr e o m u n i c ip a l c o m o t e r y b o n d s
( V . 1 0 4 . p . 2 3 7 0 ) w e r e a w a r d e d t o t h o H a r r is T r u s t S S a v . B a n k o f C h ic a g o
c
i t p a r lo ss $ 1 4 1 .

R O S E A U C O U N T Y S C H O O L D I S T R I C T N O . 12 (P . O . W a r r o a d ) ,
M i n n . — BOND SALE.— C . I I . C o f f i n , o f C h i c a g o , h a v o b e e n a w a r d e d
$ 5 0 ,0 0 0 6 % 20 - y e a r b u i l d in g b o n d s a t 1 0 3 .7 3 6 .
D e n o m . $ 1 ,0 0 0 .
D a to
J u ly 1 1 9 1 7 .
In terest J . & J .

S H E R M A N , G r a y s o n C o u n t y , T e x a s . — BOND OFFERING.— S e a le d
b i d s w ill b o r e c e iv e d u n t il 2 p . m . J u l y 2 b y W . G . B a n k s , C i t y C l e r k , f o r
t h e $ 3 0 ,0 0 0 5 % g o l d h i g h - s c h o o l- b u i l d in g b o n d s v o t e d M a y 3 1 .
D onom .
$ 1 ,0 0 0 .
D a te J u ly 1 1917.
P r in . a n d s e m i- a n n u a l In t. p a y a b l o a t t h o
N a t io n a l P a r k B a n k , N . Y .
D u o $ 1 ,0 0 0 y e a r l y J u l y 1 f r o m 1 9 1 8 t o 1 9 4 7
I n c l.
C o r t . c h e c k f o r $ 1 , 0 0 0 , p a y a b lo t o t h o c i t y , r e q u i r e d .
B on ded d o b t,
i n c lu d in g t h is is s u e , $ 9 1 4 ,5 0 0 .
N o flo a t in g d e b t .
I n t . a n d s in k in g fu n d s
M a y 3 1 1 9 1 7 , $ 5 1 ,5 0 7 3 7 .
A s s e s s e d v a l u a t i o n , e q u a li z e d , 1 9 1 6 , $ 9 , 3 7 1 , 
2 7 0 ; e s t . v a l u o o f a ll t a x a b l o p r o p e r t y , $ 1 5 ,0 0 0 ,0 0 0 .
V a lu o o f p r o p e r t y
o w n e d b y c i t y , $ 7 8 0 ,9 5 8 9 8 .
T o t a l ta x r a to p o r $ 1 ,0 0 0 , 1 91 6, $ 1 8 10.
O f f ic i a l c ir c u l a r s t a t e s t h a t t h e r o is n o c o n t r o v e r s y o r l i t i g a t i o n p e n d in g
o r t h r e a t e n e d c o n c e r n in g t h o v a l i d i t y o f t h o s e b o n d s , b o u n d a r ie s o f t h o c i t y
o r t h o t it l o o f t h o p r e s e n t o f f i c i a l s t o t h o ir r e s p e c t iv e o f f i c e s , a n d t h a t n o
p r e v i o u s b o n d Issu es h a v e b o o n c o n t e s t e d d u r i n g t h o la s t t o n y e a r s ; a ls o
t h a t t h e r e h a s n o v e r b e e n a n y d e f a u l t in p a y m o n t o f c i t y 's o b l i g a t i o n s e it h e r
a s t o p r i n c ip a l o r in t e r e s t .
T h o b o n d s w ill h a v o t h o a p p r o v a l o f t h o A t t o r 
n e y - G e n e r a l o f T o x a s a n d o f C h a r le s B . W o o d o f C h i c a g o .
C o in p lo to
c e r t i f ie d t r a n s c r ip t w ill b o fu r n is h e d t h o p u r c h a s e r .

R U S H C O U N T Y ( P . O . R u s h v i l l e ) , I n d . — BOND OFFERING .—
S e a le d b i d s w ill b e r e c e iv e d u n t i l 2 p . m . J u l y 3 b y J o h n O . W i ll ia m s , C o u n t y
T r e a s u r e r , fo r th e fo llo w in g 4 ) 4 % r o a d -im p r o v e m e n t b o n d s :
$ 1 0 ,6 0 0 T . L . B e h o r e t a l r o a d b o n d s o f C e n t e r T w p .
D en om . $530.

S H E R M A N C O U N T Y S C H O O L D I S T R I C T N O . 1 7 , O r e.— BONDS
TO BE OFFERED SHORTLY.— T h is d i s t r i c t w ill o f f o r f o r s a le a b o u t J u l y I
$ 2 0 ,0 0 0 5 % c o u p o n s c h o o l b o n d s .
I n t . s e m i- a n n u a l .
D u o in 2 0 y o a r s ,
s u b j e c t t o c a ll $ 5 0 0 o r m u lt ip le s t h o r e o f a f t e r 5 y e a r s .

R O C K L A N D (T o w n ) U N IO N F R E E S C H O O L D IS T R I C T N O . 1
( P . O . R o s c o e ) , S u l l i v a n C o u n t y , N . Y . — DESCRIPTION OF BONDS.—
T h o $ 3 5 ,0 0 0 s c h o o l b o n d s r e c e n t ly a w a r d e d a t 1 0 4 t o t h o F ir s t N a t . B a n k
o f R o s c o e (V. 1 0 4 , p . 2 4 7 6 ) b o a r I n t . a t t h e r a t o o f 5 % a n d a r e in t h o d e n o m .
D a t o J u ly 1 19 1 7 .
- - — u o $ 1 ,5 0 0 y e a r l y b e g i n n i n g
o f $500.
In t. J. & J.
D
1920.




THE CHRONICLE

J une 23 1917.!

2575

SH REW SBU RY,
W orcester
C ou n ty ,
M a s s . — NOTE
SALE .— O n
J u n o 11 S I 1 0 0 0 w a t e r - m a i n - e x t . n o t e s w e r e a w a r d e d t o t h e P a r k T r u s t C o .
o f W o rcester a t p ar fo r 4 M s.
D en o m . S I .000.
D a t e J u n o 14 1 9 1 7 .
In t.
J. & D .
D u e S I . 0 0 0 y r l y . J u n o 14 f r o m 1 9 1 8 t o 1 9 2 8 i n c l u s i v e .

W A R R E N C O U N T Y ( P . O . V i c k s b u r g ) , M i s s . — BOND SALE.— T h e
$ 2 0 ,0 0 0 5 % a g r i c u lt u r a l h i g h - s c h o o l b o n d s o f f e r e d o n M a y 9 ( V . 1 0 4 , p .
1 6 2 4 ) w ere a w a r d e d o n t h a t d a y t o t h e I n t e r s ta te T r u s t & B a n k in g C o . o f
N e w O r le a n s a t 1 0 0 .0 2 5 a n d i n t e r e s t .

S I D N E Y , R i c h l a n d C o u n t y , M o n t . — BOND SALE .— O n J u n o 1 8 t h e
$ 1 0 ,0 0 0 0 % 1 0 - 2 0 - y e a r ( o p t . ) c o u p o n w a t e r b o n d s ( V . 1 0 4 , p . 2 2 0 4 ) w e r o
a w a r d e d t o K a lm a n , M a t t c s o n & W o o d , o f S t . P a u l , a t 1 0 1 .8 0 a n d in t e r e s t .
O t h e r b id s w o r e :
C . I I . C o f f i n , C h i c a g o . . * .$ 1 0 ,2 0 1 0 0 | K o e le r B r o s . , D e n v e r ------- $ 1 0 ,1 0 0 0 0
D u r f e o , N ile s & C o . , T o l . 1 0 ,0 2 7 0 0
B osw orth , C h a n u to & C o .,
D e n v e r ___________________ 1 0 ,1 8 0 0 0 S w e e t , C a u s e y , F o s t e r &
9 ,8 1 1 5 0
C o . , D e n v e r _____________
M in n e s o t a L o a n & T r u s t
9 ,5 0 0 00
C o . , M i n n e a p o l i s ________ 1 0 ,1 5 2 7 5 I t . A . K e a n & C o . , C h i c . .
♦ F la t

W A S H I N G T O N C O U N T Y ( P . O . S a l e m ) , I n d . — BOND SALE.— O n
J u n e 18 t h o $ 5 ,4 0 0 4 ) 4 % R o y E . H a r d in o t a l . l i i g h w a y - i m p t . b o n d s — V .
1 0 4 , p . 2 3 7 1 — w e r e a w a r d e d t o t h o B a n k o f S a le m f o r $ 5 , 4 1 2 — 1 0 0 .2 2 2 — a n d
in te re s t.
O th e r b id s w e re :
J . F . W ild & C o . , I n d p l s ..$ 5 ,4 0 9 5 0 1 F a rm e rs’ S ta te B a n k , S a F l o t c h e r A m e r . N a t . B a n k - 5 ,4 0 6 001
l e m _________________________ $ 5 ,4 0 8 0 0

S K O W H E G A N , S o m e r s e t C o u n t y , M e .— LOAN OFFERING.— R e 
p o r t s s t a t o t h a t t ile T o w n T r e a s . w ill r e c e iv e b i d s u n t il 1 0 :3 0 a . m . t o - d a y
( J u n e 2 3 ) f o r a t e m p o r a r y l o a n o f $ 4 0 ,0 0 0 in a n t i c i p a t i o n o f t a x e s , d a t e d
J u n o 25 a n d p a y a b lo D e c . 2 4 1917.
S N O H O M I S H C O U N T Y ( P . O . E v e r e t t ) , W a s h . — BOND SALE.—
O n J u n o 18 t h e $ 1 5 0 ,0 0 0 5 - 2 0 - y r . ( o p t . ) g o l d r o a d b o n d s ( V . 1 0 4 , p . 2 3 7 0 )
w e ro a w a rd e d t o th e F irs t N a t . B a n k o f E v e r e t t a t p a r fo r 4 M s .
S N O W C R E E K D R A I N A G E D I S T R I C T (P . O . S t a t e s v i ll e ) , I r e d e ll
C o u n t y , N o . C a r o . — BONDS NOT SOLD.— N o s a le h a s y e t b e e n m a d o o f
t h e $ 3 6 ,0 0 0 0 % d r a in a g o b o n d s o f f e r e d o n M a y 8 ( V . 1 0 4 , p . 1 8 2 9 ).
SPOKAN E

COUNTY

SCHOOL

D IS T R IC T

NO.

143,

W a s h .—

BOND SALE.— O n J u n o 9 t h e $ 2 7 ,0 0 0 5 - 2 0 - y r . ( o p t . ) b u i l d i n g b o n d s ( V .
1 0 4 , p . 2 3 7 0 ) w e r e a w a r d e d t o I r v in g W h i t e li o u s o C o . o f S p o k a n e f o r $ 2 7 ,3 5 0
(1 0 1 .2 9 4 ) a n d b l a n k b o n d s a s 5 ) 4 s .
O th e r b id s w e ro :
S t a t e B o a r d o f F i n a n c e ----------------------------- P a r f o r 5 s a n d b l a n k b o n d s
H p o k a n o & E a s t e r n T r u s t C o ----------------- $ 2 7 ,1 1 7 f o r 5 ) 4 s a n d b l a n k b o n d s
F e r r is & I l a r d g r o v o , S p o k a n 6 --------------- $ 2 7 ,0 3 5 f o r 5 M s a n d b l a n k b o n d s
S P R I N G F I E L D , H a m p d e n C o u n t y , M a s s . — TEMPORARY LO AN .—
O n J u n o 21 a l o a n o f $ 3 0 0 ,0 0 0 in a n t i c i p a t i o n o f r e v o n u o , d u e N o v . 9 1 9 1 7 ,
w a s n e g o t i a t e d , it is r e p o r t e d , w it h S . N . B o n d & C o . o f N o w Y o r k a t
5 .0 6 2 -3 d i s c o u n t .
S P R IN G F IE L D ,
G reen e
C ou n ty ,
M o .— BOND ELECTION RE
SCINDED.— -T h e e l e c t i o n w h ic h w a s t o h a v e t a k e n p l a c o o n J u n o Hi t o
v o t e o n t h e q u e s t i o n o f is s u in g $ 5 0 0 ,0 0 0 m u n i c ip a l c l o c t r i c - l i g h t - p l a n t
b o n d s w a s c a l le d o f f b y t h e C i t y C o u n c i l .
S T E I L A C O O M , P i e r c e C o u n t y , W a s h . — BOND SALE.— O n J u n o 11
$ 20,000 10 - 20 - y r . ( o p t . ) w a t o r - w o r k s - p l a n t b o n d s w e r o a w a r d e d t o t h e
S ta to o f W a s h in g to n a t p a r fo r 4 M s .
T h e s o b o n d s w e ro a u th o r iz e d b y
v o t e o f 1 9 2 t o 17 a t a n e l e c t i o n h e l d M a y 1 6 .
S T IL L W A T E R C O U N T Y S C H O O L D I S T R I C T N O . 5 (P . O . P a rk
C i t y ) , M o n t . — BOND SALE.— On M a y 2 5 t h e $ 1 3 ,5 0 0 5 - 2 0 - y e a r ( o p t . )
g o l d t a x - f r e o b u i l d in g b o n d s ( V . 1 0 4 , p . 1 9 3 2 ) , w o r e a w a r d e d , i t is s t a t e d ,
t o L . E . T o r r e n c e , r e p r e s e n t in g a B i llin g s b o n d b r o k e r a g e f i r m a s 5 s .
S U G A R C R E E K T O W N S H I P (P . O . T a n g ie r ) , P a rk e C o u n t y , I n d .— •

— BOND OFFERING.— R o b e r t L . H o p k i n s , T o w n s h i p T r u s t e e , w ill r e c e iv e
b i d s , it is s t a t e d , u n t il 10 a . m . J u l y 12 f o r $ 6 ,0 0 0 s c h o o l t o w n s h ip a n d
$ 6 ,0 0 0 c iv il t o w n s h ip 4 ) 4 % b o n d s .
S U T T E R C O U N T Y ( P . O . Y u b a C i t y ) , C a l i f .— DESCRIPTION OF
BONDS.— T h o $ 2 0 ,0 0 0 c o u n t y - h o s p i t a l b o n d s a w a r d e d a t 1 0 0 .5 0 o n M a y 2 6
t o t h o N o r t h e r n C a li f o r n ia B a n k o f S a v . o f M a r y s v i l l o — V . 1 0 4 , p . 2 3 7 0 —
b e a r in t . a t t h o r a t e o f 4 M % a n d a r e In t h o d e n o m . o f $ 5 0 0 .
D a to M a r 1
1917.
In t. M . & 8 .
D u o s o r ia ll y e n d in g 1 9 3 3 .
S U T T E R C O U N T Y R E C L A M A T I O N D I S T R I C T N O . 1001 (P . O Y u b a C i t y ) , C a l i f . — BONDS NOT YET OFFERED.— Tip t o J u n e 9 n o
d a t o h a d b e e n s e t f o r t h e o f f e r i n g o f t h o $ 5 0 0 ,0 0 0 6 % c o u p o n f u n d i n g a n d
d r a i n a g o - s y s t o m - c o m p l c t i o n b o n d s v o t e d M a r c h 3 ( V . 1 0 4 , p . 1 1 8 2 ).
D o n n m a . (2 5 0 ) $ 5 0 0 , ( 3 7 5 ) $ 1 , 0 0 0 .
D a te J u ly 1 191 7.
In t. J. & J. at
th o C o . T re a s. o ffic e .
D u o s e r ia ll y f r o m 5 t o 2 0 y r s .
T h e so b o n d s aro
ta x -o x o m p t.
O . K . W i ll ia m s is S e c . B d . o f D i s t . T r u s t e e s .
T h eso bon d s
w ill p r o b a b l y b o o f f e r e d f o r s a lo t h o l a t t e r p a r t o f J u l y .
S W A M P S C O T T , E s s e x C o u n t y , M a s s . — NOTE OFFERING.— W i l l i a m
I I . B a t e s , T o w n T r e a s u r e r , w ill r e c e iv e b i d s u n t i l 8 p . m . J u n o 2 6 f o r
.$ 1 2 ,0 0 0 1 - 2 4 - y e a r ( s e r ia l) s o w e r : $ 4 , 5 0 0 1 - 9 - y e a r ( s e r ia l) w a t e r a n d $ 2 , 5 0 0
1 - 4 - y e a r (s e r ia l) s c h o o l 4 M % c o u p o n n o t e s . D a t o J u n o 1 1 9 1 7 . P r in c ip a l
a n d i n t e r e s t p a y a b l o a t t h o F ir s t N a t io n a l B a n k o f B o s t o n .
Tho above
n o t e s w ill b o c e r t i f i e d b y t h o M a s s a c h u s e t t s B u r e a u o f S t a t i s t i c s .
T A L L A D E G A , T a l l a d e g a C o u n t y , A l a . — BOND OFFERING.— S e a l e d
b id s w ill b o r e c e iv e d u n t il 2 p . in . J u l y 10 b y A . G . W e l d o n , C i t y C l o r k a n d
T a x C o lle c to r
f o r $ 3 5 ,0 0 0 5 %
3 0 -y r . g o ld w a te r-w o rk s b o n d s
D a to
J u ly 1 1917.
I n t . s e m i- a n n u a l a t t h o N a t io n a l P a r k B a n k , N . Y .
C ert,
c h e c k f o r $ 5 0 0 , p a y a b l o t o t h e B o a r d o f C i t y C o m m i s s io n e r s , r e q u i r e d .
T I L L A M O O K C O U N T Y ( P . O . T i l l a m o o k ) , O r e . — BONDS VOTED.—
T h o e le c t io n h o ld J u n o 4 r e s u lt e d in a v o t e o f 1 ,4 9 6 t o 6 7 8 in f a v o r o f t h o
p r o p o s i t io n t o is s u o $ 4 1 2 ,0 0 0 5 % r o a d - i m p r o v e m e n t b o n d s .
T I R O C O N S O L I D A T E D S C H O O L D I S T R I C T (P . O . T i r o ) , C r a w 
f o r d C o u n t y , O h i o . — BONDS NOT YET SOLD.— T i l e C l o r k B o a r d o f
E d u c a t i o n a d v i s e s u s t h a t n o s a l e h a s y e t b e e n m a d e o f t h e S 1 0 .0 0 0 5 %
c o u p o n s c h o o l b o n d s o ffe r e d b u t n o t s o ld o n A p r il 2 4 , o w in g t o in ju n c tio n
p r o c e e d in g s h a v in g b e e n a llo w e d a g a in s t d is p o s a l o f th o s a m e .— V . 1 0 4 , p .
1727.
T R O O P E R S C H O O L D IS T R IC T
(P . O . T r o o p e r ), M o n t g o m e r y
C o u n t y , I a .— BONDS AUTHORIZED. — R e p o r t s s t a t o t h a t t h o S c h o o l
B o a r d h a s a u t h o r i z e d t h o i s s u a n c o o f $ 1 4 ,0 0 0 s c h o o l - c o m p l e t i o n b o n d s .
T U N I C A C O U N T Y ( P . O . T u n i c a ) , M i s s . — BOND OFFERING.—
T u r n e r W i ll ia m s , C h a n c e r y C l e r k , w ill r e c e i v e b i d s u n t i l J u l y 2 f o r $ 7 0 ,0 0 0
D i s t . N o . 1, $ 9 0 ,0 0 0 D i s t . N o . 2 a n d $ 6 6 ,0 0 0 D i s t . N o . 3 r o a d - i m p t . b o n d s .

W A S H IN G T O N S C H O O L D IS T R I C T , S ta n is la u s C o u n ty ,

C a lif.—

BOND SALE.— O n J u n o 12 $ 5 , 5 0 0 5 % b u i l d i n g b o n d s w e r e a w a r d e d t o t h e
B a n k o f I t a l y , M o d e s t o , a t 1 0 0 .6 3 8 .
D enom . $500.
In t. J. & D .
D u e $ 5 0 0 y r ly . fr o m 1920 t o 1930 in c l.

D a t e J u n o 12 1 9 1 7 .

W A S H IN G T O N S C H O O L T O W N S H I P (P . O . F ic k le ), C l i n t o n
C o u n t y , I n d . — BOND OFFERING.— P r o p o s a l s w ill b e r e c e i v e d u n t il
2 p . m . J u ly 9 b y J . M a r c u s S m i t h , T o w n s h i p T r u s t e e , f o r $ 1 0 ,0 0 0 4 ) 4 %
s c h o o l-b u ild in g b o n d s .
D enom . $500.
D a t e J u ly 1 191 7.
In t. J. & J.
D u o $ 1 ,0 0 0 y e a r l y o n J u l y 1 .
•
W A T E R V L I E T , A l b a n y C o u n t y , N . Y — BOND OFFERING.— S e a le d
b i d s w ill b e r e c e i v e d u n t il 8 p . m . J u n o 2 6 b y J o s e p h G . C o n n o r s , C i t y
C h a m b e r la i n , f o r $ 2 5 ,0 0 0 4 ) 4 % r e g i s t e r e d r e f u n d i n g w a t e r b o n d s . D e n o m .
S I ,250.
D a te J u ly 1 1917.
P r i n c i p a l a n d s e m i- a n n u a l i n t e r e s t p a y a b l e
a t th e H a n o v e r N a t io n a l B a n k , N . Y .
D u o $ 1 ,2 5 0 y e a r ly o n J u ly 1 fr o m
1918 t o 1 9 3 7 , in c lu s iv e .
C e r tifie d c h e c k u p o n a s o lv e n t in c o r p o r a te d b a n k
o r tru st c o m p a n y fo r 2 % o f b o n d s b id fo r , p a y a b le t o a b o v e C it y C h a m b e r 
la in , r e q u ir e d .
B o n d s w ill b e d e l i v e r e d t o t h e p u r c h a s e r o n J u l y 2 a t C i t y
C h a m b e r la i n ’ s o f f i c e .
B id s m u s t b e u n c o n d it io n a l a n d u p o n b la n k s fu r 
n is h e d b y t h e c i t y .
T h e l e g a l it y o f t h e s e b o n d s w il l b o e x a m i n e d b y C a l d 
w e ll & M a s s l i c h , o f N . Y . C i t y , w h o s e f a v o r a b l e o p i t i i o n w ill b e f u r n is h e d
p u rch aser.
B o n d e d d e b t , $ 4 0 3 ,3 7 7 4 6 : w a t e r b o n d s ( a d d i t i o n a l ) , $ 6 2 5 ,0 0 0 :
f l o a t i n g d e b t , $ 5 1 ,0 7 9 8 4 ; s i n k i n g f u n d , $ 6 6 ,4 4 3 2 7 .
A sse sse d v a lu a tio n
1 9 1 7 : R e a l e s t a t e , $ 5 , 0 4 2 , 8 9 0 ; s p e c i a l f r a n c h i s e s , $ 7 8 5 ,1 3 5 : p e r s o n a l ,
$ 1 8 ,5 0 0 ; g r o u n d r e n t s , $ 9 , 1 7 0 .
W E A T H E R L Y , C a r b o n C o u n t y , Pa.— BOND SALE.— T h e $ 5 ,0 0 0
4 )4 % p a rk b o n d s (V . 104, p . 8 8 4 ) w e re p u rch a s e d a t p a r o n A p r il 1 b y lo ca l
in v e s to rs .
D en o m . S100.
D a t o A p r il 1 1 9 1 7 .
In t. A . & O .
D ue
A p r il 1 1 9 3 6 , s u b je c t t o c a ll a ft e r 5 y e a r s .
W E B S T E R C O U N T Y ( P . O . W a l t h a l l ) , M i s s . — BONDS PROPOSED.
— T h o B o a r d o f C o u n t y S u p e r v is o r s p a s s e d a n o r d e r , i t Is s t a t e d , p r o p o s i n g
a t it s r e g u l a r J u l y m e e t in g t o i s s u e $ 5 0 ,0 0 0 5 % S u p e r v i s o r s ’ D i s t r i c t N o . 1
a n d $ 4 , 0 0 0 5 % S u p e r v is o r s ’ D i s t r i c t N o . 2 r o a d - i m p r o v e m e n t b o n d s .
W E L D O N IN D E P E N D E N T S C H O O L D I S T R I C T (P . O . W e ld o n ),
D e c a t u r C o u n t y , I o w a . — BOND SALE.— S c h a n k o & C o . , o f M a s o n C i t y ,
h a v e p u r c h a s e d $ 1 9 ,0 0 0 5 % b u i l d i n g b o n d s .
D en om . $500.
In t. J . & D .
D u e $ 5 0 0 y e a r l y J u n e 15 f r o m 1 9 2 0 t o 1 9 2 7 , i n c l u s i v e ; $ 1 , 0 0 0 y e a r l y
J u n o 15 f r o m 1 9 2 8 t o 1 9 3 6 . i n c l u s i v e , a n d $ 6 , 0 0 0 J u n o 1 5 1 9 3 7 .
W E S S IN G T O N S P R I N G S S C H O O L D I S T R I C T (P . O . W e s s in g t o n
S p r i n g s ) , J e r a u l d C o u n t y , S o . D a k . — DESCRIPTION OF BONDS.— T h e
$ 3 0 ,0 0 0 5 % h i g h - s c h o o l - b u i l d i n g b o n d s r e c e n t l y a w a r d e d a t p a r t o W e l ls &
D i c k e y C o . o f M in n e a p o l is ( V . 1 0 4 , p . 2 4 7 7 ) a r e in t h e d e n o m . o f S I , 0 0 0
an d d a ted M a y 1 1917.
In t. J . & D .
D u e s e r ia lly f r o m 192 7 t o 1 9 3 7 .
W E S T A L L I S , M i l w a u k e e C o u n t y , W i s . — BOND OFFERING.—
S e a le d b i d s w ill b e r e c e i v e d u n t i l 2 p . m . J u l y 7 b y A . L . W i c h n e r , C i t y
C le r k , fo r th o f o llo w in g 5 % c o u p o n b o n d s :
S 1 0 .0 0 0
w a ter b o n d s.
D e n o m . $ 1 ,0 0 0 .
D u o $ 1 ,0 0 0 y e a r ly M a r c h 1 fr o m
f r o m 191 8 t o 1 9 2 7 , in c lu s iv e .
1 5 .0 0 0 s t o r m s e w e r b o n d s .
D e n o m s . (5 ) $ 1 ,0 0 0 , (5 ) $ 2 ,0 0 0 .
D uo
$ 1 ,0 0 0 y e a r ly M a r c h 1 f r o m 1 9 1 8 t o 1 9 2 2 , i n c lu s iv e , a n d $ 2 ,0 0 0
y e a r ly M a r c h 1 fr o m 1923 t o 1 9 2 7 . in c lu s iv e .
2 5 .0 0 0 se w e r b o n d s .
D e n o m s . (1 1 ) $ 1 ,0 0 0 , (7 ) $ 2 ,0 0 0 .
D u e $ 1 ,0 0 0
y e a r ly M a r c h 1 fr o m 1 9 1 8 t o 1 9 2 8 , in c lu s iv e , a n d $ 2 ,0 0 0 y e a r ly
M a r c h 1 f r o m 1929 t o 1 9 3 5 , in c lu s iv e .
D a to M a rch 1 1917.
In t. M . & S.
C e r tifie d c h e c k fo r 5 % o f b o n d s
b id f o r , r e q u ir e d .
B o n d e d d e b t J a n . 1 1 9 1 7 , S 4 1 4 .4 5 0 .
A ssessed v a lu a 
t i o n 1 9 1 6 , $ 1 7 ,3 0 5 ,8 4 5 .
W E S T B E R W I C K ( P . O . B e r w i c k ) , C o l u m b i a C o u n t y , P a . — BOND
SALE.— T h o t w o is s u e s o f 4 ) 4 % t a x - f r e o p a v i n g b o n d s , a g g r e g a t i n g $ 5 0 ,
0 0 0 , o f f e r e d o n M a y 10— V . l O l , p . 1 8 3 0 — w e r e a w a r d e d o n t h a t d a y t o
t h e W y o m i n g V a ll e y T r u s t C o . o f W i lk e s B a r r e , a t 1 0 0 .6 0 .
W E S T C H E S T E R C O U N T Y ( P . O . W h i t e P l a i n s ) , N . Y . — BOND
OFFERING.— P r o p o s a l s w ill b o r e c e i v e d u n t i l 12 m . J u n o 2 5 b y R o b t . A .
P a t t e r s o n . C o . C o m p t . , f o r $ 1 8 ,0 0 0 4 ) 4 % r e g i s t e r e d b r i d g o b o n d s .
D enom
$ 1 ,0 0 0 .
D a te J u ly 2 1917.
I n t . J . & J ., p a y a b le a t th e o f f i c e o f th e C o u n 
ty T reasurer.
D u e S 3 ,0 0 0 e a c h y e a r o n J u l y 1 f r o m 1 9 1 8 t o 1 9 2 3 , i n c l u s i v e .
C e r t ifie d c h e c k o n a n a tio n a l b a n k o r t r u s t c o m p a n y o r a S ta te b a n k fo r
3 % o f b o n d s b id f o r , p a y a b le t o W m . A r c h e r , C o u n t y T r e a s u r e r , r e q u ir e d .
B o n d s t o b o d e l iv e r e d a n d p a i d f o r a t o f f i c e o f C o u n t y T r e a s u r e r a t 12 m .
J u l y 2 u n le s s a s u b s e q u e n t d a t e s h a ll b e m u t u a l l y a g r e e d u p o n .
P u rch a ser
t o p a y a c c r u e d in te re s t.
T h e s e b o n d s w ill b e c e r t i f i e d a s t o g e n u i n e n e s s b y
t h e U . S . M t g o . & T r u s t C o . , w h o w ill a l s o c e r t i f y a s t o t h o s i g n a t u r e s o f
t h o c o u n t y o f f i c i a l s a n d t h e s e a l im p r e s s e d t h e r e o n , a n d l e g a l i t y w ill b e
a p p r o v e d b y H a w k in s , D e l a f i e l d & L o n g f e l l o w , o f N . Y . C i t y , a c o p y o f
w h o s o o p i n i o n w ill b e f u r n is h e d p u r c h a s e r .
B o n d e d d e b t ( e x c l u d i n g t h is
I s s u e ), $ 9 , 0 3 4 , 8 7 0 5 1 ; f l o a t i n g d e b t , $ 7 2 6 ,3 6 1 8 7 ; a s s e s s e d v a l u a t i o n 1 9 1 7 :
r e a l e s t a t e , $ 4 4 0 ,2 5 9 ,2 4 8 ; p e r s o n a l , $ 8 , 0 1 6 , 9 5 3 .
W E S T F I E L D , H a m p d e n C o u n t y , M a s s . — BOND OFFERING.— T h e
T r e a s u r e r , i t is s t a t e d , w ill r e c e i v e b i d s u n t i l 1 0 a . m . J u n o 2 8 f o r $ 8 ,5 0 0
4 ) 4 % 1 - 5 - y e a r (s e r ia l) b o n d s .
W E S T O R A N G E , E s s e x C o u n t y , N . J .— BONDS PROPOSED.—
R e p o r t s s t a t e t h a t a n o r d i n a n c e p r o v i d i n g f o r t h o i s s u a n c e o f $ 2 3 ,0 0 0 5 %
t o w n -h a ll s i t e - p u r c h a s e b o n d s w a s p a s s e d o n f i r s t r e a d i n g b y t h o T o w n
C o u n c il o n J u n o 19.
T h e o r d i n a n c e w ill b e u p f o r s e c o n d r e a d i n g o n J u l y 1 7 .

W H I T E C O U N T Y ( P . O . M o n t i c e l l o ) , I n d . — BOND OFFERING.—
O . C . M i d d i e s t a d t , C o . T r e a s . , w ill r e c e i v e b i d s u n t i l 1 0 a . m . J u n o 3 0 f o r
t h e f o ll o w i n g 4 ) 4 % 1 0 - y r . h i g h w a y - i m p t . b o n d s :
$ 1 6 ,5 0 0 G e o . M a t t h e w s h i g h w a y - i m p t . b o n d s o f P r i n c e t o n a n d W e s t
P o in t T w p s .
D enom . $825.
6 ,4 0 0 P e te r I le p p h ig h w a y -im p t . b o n d s o f L ib e r t y T w p .
D en om . $320.
D a to J u n e 5 1917.
In t. M . & N .
D u e o n e b o n d o f e a c h i s s u e e a c h s ix
P * U n i o n ) , F r a n k l i n C o u n t y , M o*
m o n t h s f r o m M a y 15 1 9 1 8 t o N o v . 1 5 1 9 2 7 i n c l .
— BOND O il BRING.— S e a le d b i d s w ill b o r e c e i v e d u n t il 6 p . m . J u n o 3 0
W IL L IA M S P O R T ,
L y c o m in g
C ou n ty ,
P a . — BOND
SALE.— O n
b y C la r k B r o w n , S e c . B d . o f D i r e c t o r s , f o r $ 2 0 ,0 0 0 5 % c o u p o n h i g h - s c h o o l
J u n o 18 t h e $ 6 0 ,0 0 0 4 % 1 0 - 3 0 - y r . ( o p t . ) t a x - f r e o c o u p o n s t r e e t - i m p t . b o n d s
b ld g , b o n d s.
D enom . $500.
D a t e J u ly Hi 1 9 1 7 .
P r in , a n d a n n u a l in t.
( V . 1 0 4 , p . 2 4 7 7 ) w e r e a w a r d e d t o C h a r le s W . S o n e s a t p a r .
( J u l y 16) p a y a b l o a t t h o D i s t . T r e a s . o f f i c o .
D u o $ 1 ,0 0 0 J a n . 16 1 9 1 8 a n d
W O R C E S T E R , W o r c e s t e r C o u n t y , Mass.— TEMPORARY LOAN.—
5 2 ,0 0 0
y r l y . J a n . 11) f r o m 1 9 1 9 t o 1 9 3 6 i n c h a n d $ 3 , 0 0 0 J a n . 16 1 9 3 7 .
C ert,
T h is c i t y h a s n e g o t i a t e d a t e m p o r a r y l o a n o f $ 1 0 0 ,0 0 0 in a n t i c i p a t i o n o f
c h e c k fo r $ 1 , 0 0 0 , p a y a b l o t o t h e D i s t . T r e a s . , r e q u i r e d .
T h o d is tric t has
r o v e n u o , t o b o d a t e d n o t l a t e r t h a n J u n o 2 1 1 9 1 7 , a n d m a t u r in g N o v . 7
n o in d e b te d n e ss.
A s s e s s , v a l . 1 9 1 6 , $ 5 2 3 ,1 9 5 .
T a x ra te (p e r $ 1 ,0 0 0 ), $ 2 0 .
1 9 1 7 , w it h t h o P a r k T r u s t C o . o f W o r c e s t e r a t 4 ) 4 % d i s c o u n t .
O th e r
A l l b id d e r s s h a ll m a k e t h e ir o w n i n v e s t ig a t i o n a s t o t h o l o g a l it y o f t h e b o n d s .
b id d e rs w e re :
U N IO N V IL L E F IR E A N D W A T E R D IS T R IC T (P . O . E a s to n )1
S . N . B o n d & C o . , N e w Y o r k . 4 . 8 4 % |H o o d & B o l l e s , N e w Y o r k ___ 5 .9 0 %
B r i s t o l C o u n t y , M a s s . — BOND SALE.— q 'h o $ 5 , 0 0 0 4 ) 4 % w a t e r b o n d s
S o lo m o n B r o s . & I I u t z le r ,N .Y .5 .1 8 % I
( V . 104, p . 9 8 1 ) w ero a w a r d e d a t p a r o n M a y 2 2 t o H a r ry O . G r a ft o n JrW R I G H T A N D H E N N E P IN C O U N T IE S J O IN T S C H O O L D IS 
o f B oston .
D en om . $500.
D a to M a y l 1 9 1 7 ,
i„t. M . & N .
D uo
T R I C T N O . 1 2 , M i n n . — BOND SALE.— W e l ls & D i c k e y C o . , o f M i n n e a p 
$ 5 0 0 y r ly . M a y 1 fro m 1918 t o 1927 in c h
o l i s , h a v o b e e n a w a r d e d $ 1 5 ,0 0 0 5 % b u i l d i n g b o n d s f o r $ 1 5 ,1 0 0 , e q u a l t o
U N I V E R S IT Y P L A C E S C H O O L D I S T R I C T N O . 87 (P . O . U n iv e r 
1 0 0 .6 6 6 .
D e n o m s . $ 5 0 0 a n d $ 1 ,0 0 0 .
D a to Jun e 1 1917.
In t. J . & D .
s i t y P l a c o ) , L a n c a s t e r C o u n t y , N o b . — BOND SALE.— W . E . B a r k l e y ,
D u e s e r ia ll y f r o m 1 t o 15 y e a r s .
P r e s i d e n t o f t h o L i n c o l n T r u s t C o . , o f L i n c o l n , w a s a w a r d e d a t 101 o n
Y A V A P A I C O U N T Y S C H O O L D I S T R I C T N O . 36 (P . O . J e r o m e
A p r i l 1 6 , $ 4 0 ,0 0 0 5 % b u i l d in g b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a to M a y 1
J u n c t i o n ) , A r i z . — BOND ELECTION.— A n e l e c t i o n w ill b e h e ld t o - d a y
1917.
In terest M . & N .
D u o $ 1 0 ,0 0 0 M a y 1 1 9 2 2 , 1 9 2 7 , 1 9 3 2 a n d 1 9 3 7 .
( J u n o 2 3 ) t o v o t e o n t h e q u e s t i o n o f is s u in g $ 1 5 ,0 0 0 6 % b u i l d i n g b o n d s .
D e n o m . $ 1 ,0 0 0 .
I n t e r e s t s e m i- a n n u a l .
D u o in 2 0 y e a r s , s u b j e c t t o
U P L A N D , S a n B e r n a r d i n o C o u n t y , C a l i f . — BONDS VOTED.— A t a n
c a ll $ 1 ,0 0 0 y e a r ly b e g in n in g 5 y e a r s a ft e r d a t e o f is su e .
e l e c t i o n h o ld J u n o 8 t h o q u e s t i o n o f i s s u in g $ 2 4 ,0 0 0 s o w e r - s y s t e m b o n d s
c a r r ie d , i t is s t a t e d . — V . 1 0 4 , p . 1 9 3 2 .
Y O R K T O W N ( T o w n ) , W e s t c h e s t e r C o u n t y , N . Y . — BOND SALE.—
I I . A . K a h l e r & C o . o f N . Y . w e r e a w a r d e d a t p a r f o r 4 .9 5 s o n A p r i l 1 0 t h e
V A N B U R E N T O W N S H I P S C H O O L D I S T R I C T (P . O . D a y t o n
$ 1 0 ,0 0 0 2 0 - v r . b o n d s f o r m is c e lla n e o u s e x p e n s e s ( V . 1 0 4 , p . 1 9 3 4 ) .
D enom .
R . F . D . N o . 1 2 ) , M o n t g o m e r y C o u n t y , O h i o . — BONDS VOTED.— T h o
$500.
D a t e A p r il 10 1 91 7.
In t. A . & O .
v o t e c a s t a t t h o e l e c t i o n h e ld M a y 2 4 f o r t h o $ 2 5 ,0 0 0 5 % s c h o o l - b u i l d i n g
Y O R K V I L L E ( V i l l a g e ) , O n e i d a C o u n t y , N . Y .— BONDS DEFEATED
b o n d s w as 142 t o 8 3 .
V . 104, p . 2 4 7 7 .
I n t e r e s t s e m i- a n n u a l .
D u o part
— W o h a v e j u s t b e e n a d v i s e d t h a t t h e q u e s t i o n o f is s u in g $ 2 ,4 0 0 p a v i n g
e a c h s ix m o n t h s f r o m 1 9 1 9 t o 1 9 3 7 , i n c l u s i v e .
T h e s o b o n d s w ill b o
b o n d s w a s d e fe a t e d a t th e e le c t io n h e ld M a r c h 2 0 ( V . 1 0 4 , p . 1 6 8 0 ).
o f f e r e d f o r s a lo s o m e t im e n e x t m o n t h .
Z E B U L O N , W a k e C o u n t y , N o . C a r o .— BOND OFFERING.— S e a le d
V I G O C O U N T Y ( P . O . T e r r e H a u t e ) , I n d . — BOND SALE.— O n J u n o
b id s w ill b e r e c e iv e d u n t il 11 a . m . J u n o 2 5 b y J . F . C o l t r a n o , C l e r k o f
1 8 t h o t w o is s u e s o f 4 ) 4 % h i g h w a y - i m p r o v e m e n t b o n d s , a g g r e g a t i n g
B o a r d o f T o w n C o m m i s s io n e r s , f o r $ 6 ,0 0 0 6 % 2 0 - y e a r c o u p o n l ig h t - p l a n t $ 1 3 5 ,0 0 0 — V . 1 0 4 , p . 2 4 7 7 — w e r o a w a r d e d t o J . F . W i ld & C o . o f I n d i a n a p 
c o m p lo t io n b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a t e J u ly 1 1 9 1 7 .
In t. J . & J . at
o lis f o r $ 1 3 5 , 057 — 1 0 0 .0 1 2 — a n d i n t .
T h e r o w e ro n o o th e r b id d e r s .
th o H a n o v e r N a t . B a n k , N . Y .
D u e J u ly 1 1937.
C e r t ifie d c h e c k fo r
$ 2 0 0 , p a y a b lo t o th o “ T o w n ,” r e q u ir e d .
B o n d e d d e b t (J u n e 1 8 1 9 1 7 ),
W A L L I N G F O R D , N e w H a v e n C o u n t y , C o n n .— BONDS NOT SOLD.
F lo a tin g d e b t , $ 6 0 0 .
S in k in g f u n d , $ 5 1 3 1 5 .
A s s e s s e d v a lu a 
— N o b i d s w e r o r e c e iv e d f o r t h e $ 7 0 ,0 0 0 4 % 1 7 - y e a r ( a v e r a g e ) c o u p o n t a x - 1 $ 1 0 ,0 0 0 .
t io n 1 9 1 7 , $ 4 0 0 ,0 0 0 .
T o w n ta x r a te (p e r $ 1 ,0 0 0 ), $7 5 0 .
f r e o r e f u n d i n g b o n d s o f f e r e d o n J u n o 19 ( V . 1 0 4 , p . 2 4 7 7 ) .
U H R I C H S V I L L E , T u s c a r a w a s C o u n t y , O h i o . — BOND SALE. — O n
J u n o 12 t h o $ 6 , 2 0 0 5 % 1 - 1 2 - y e a r s e r ia l c o m o t c r y ( v i l l a g e ’ s p o r t i o n ) b o n d s
( V . 1 0 4 , p . 2 2 6 4 ) w e r e a w a r d e d , i t is s t a t e d , t o t h o U n io n B a n k o f U h r ic h s v i ll o f o r $ 6 , 2 3 5 ( 1 0 0 . 5 6 4 ) a n d i n t e r e s t .




25 76

(VOL. 10A

THE CHRONICLE

C a n a d a , Its P r o v i n c e s a n d M u n i c i p a l i t i e s .
E S T E V A N , S a s k . — DEBENTURE SALE .— M a c n e i ll & Y o u n g o f T o r o n t o
h a v o p u r c h a s e d a n is s u e o f $ 6 ,5 0 0 d e b e n t u r e s .
F A U L K N E R S C H O O L D I S T R I C T N O . 5 3 , Sask.— DEBENTURE
SALE .— A n i s s u e o f $ 1 ,2 0 0 s c h o o l d e b e n t u r e s h a s b e e n s o l d t o A . S w it z e r
o f G r e n fe ll.

I N G E R S O L L , O n t . — DEBENTURE SALE .— R e p o r t s s t a t o t h a t a n
is s u e o f $ 1 6 ,0 5 0 5 ) 4 % s t r e e t - p a v i n g d e b e n t u r e s h a s b e e n s o l d t o l o c a l i n 
vestors.
K I T C H E N E R , O n t . - DEBENTURES AUTHORIZED .— A c c o r d i n g t o
r e p o r t s , b y - la w s p r o v id in g f o r th o is su a n c e o f § 7 ,0 0 0 d e b e n tu r e s f o r th e
p a y m e n t o f t h e i n s u r a n c e p r e m iu m s o n t h o l iv e s o f t h e s o l d ie r s f r o m t h is
c i t y , a n d a l s o f o r t h e i s s u a n c e o f $ 2 0 ,0 0 0 d e b e n t u r e s , t h e s u m s u b s c r ib e d
b y th o c it y t o th e C a n a d ia n P a tr io t ic a n d R e d C ro s s fu n d s h a v e b e e n p a s s e d .

G R E E N B A Y S C H O O L D I S T R I C T , M a n . - DEBENTURE SALE.—
A n is s u e o f $ 1 , 8 0 0 7 % 1 5 - y e a r s c h o o l d e b e n t u r e s w a s r e c e n t l y p u r c h a s e d ,
r e p o r t s s t a t o , b y J . A . T h o m p s o n , o f 'W in n ip e g .

L I M E R I C K S C H O O L D I S T R I C T N O . 3 6 8 6 , Sask.— DEBENTURE
SALE .— N a y & J a m e s o f R e g in a h a s p u r c h a s e d a n is s u o o f $ 8 ,0 0 0 s c h o o l
d e b e n tu re s .

H A L I F A X , N . S . — DEBENTURE OR. STOCK OFFERING .— S e p a r a t o
t e n d e r s w ill b o r e c e i v e d u n t i l 12 m . J u n o 2 8 b y J a m e s J . H o p e w e l l . C i t y
T rea su rer, fo r th e 5%
d e b e n tu re s o r s t o c k o f th e C it y o f H a lifa x , in
w h o le o r in p a r t , s u ffic ie n t t o p r o d u c e a t t h e p r ic e o ffe r e d th e s u m o f $ 1 9 9 ,
5 0 0 , p lu s l o a n e x p e n s e s :
C o n s t r u c t i o n o f p e r m a n e n t s i d e w a l k s ( p a r t ) ____________________________ $ 2 0 ,0 0 0
P u r c h a s e m o t o r f i r e e n g i n o ___________________________________________________ 1 2 ,5 0 0
(U n d e r C h a p . 4 7 A c t s 1915)
C o n s t r u c t i o n o f p u b l i c s e w e r s ( b a l a n c e ) ___________________________________ 9 0 , 0 0 0
(U n d e r C h a p . 3 8 , A c t s 1916)
C o n s t r u c t i o n o f p u b l i c s e w e r s ( p a r t ) ______________________________________ 5 5 ,0 0 0
C o n s tr u c t io n o f p u b lic c o m fo r t s t a t io n , in a d d it io n t o a m o u n t
p r e v i o u s l y a u t h o r i z e d , r io t e x c e e d i n g ___________________________________
2 ,0 0 0
C o n s tr u c t io n a n d e q u ip m e n t o f a p u b lic a b a tt o ir in a d d it io n t o
a m o u n t p r e v i o u s l y a u t h o r i z e d , n o t e x c e e d i n g _________________________ 2 0 , 0 0 0
(U n d e r A c t s 1917)
B id s are r e q u e ste d u n d e r th e fo llo w in g te rm s:

M A N S O N C O N S O L I D A T E D S C H O O L D I S T R I C T , Man.— DEBEN
TURE SALE .— A n is s u e o f $ 7 , 0 0 0 6 ) 4 % s c h o o l 2 0 - y o a r d e b e n t u r e s w a s
r e c e n t l y , i t is s t a t e d , p u r c h a s e d b y J . A . T h o m p s o n , o f W i n n i p e g .

Terms under Tender for Loan with Sinking Fund Provided.

T e r m t o ru n 3 4 y e a rs fr o m 1st J u ly 1 9 1 7 .
C o u p o n d e b e n tu r e s fo r $ 1 ,0 0 0
e a c h o r s t o c k c e r t i f i c a t e s o f m u l t i p l e s o f $ 1 0 0 w ill b o g i v e n , p a y a b l o in
l a w f u l m o n e y o f C a n a d a , o r in g o l d o f t h o p r o s e n t s t a n d a r d w e ig h t a n d
f in e n e s s .
D e b e n tu r e s c a n b o re g is te re d as t o p r in c ip a l.
I n t e r e s t p a y a b l e h a l f - y e a r l y , in l a w f u l m o n e y o f C a n a d a , o r i n g o l d o f
t h e p r e s e n t w e ig h t a n d f in e n e s s , o n t h e 1 s t J a n u a r y a n d 1 st J u l y .
P r i n c ip a l
p a y a b lo 1st J u ly 1 9 5 1 .
E n g r a v e r ’s p l a t o r e a d y ,
b u t d e b e n tu re s a ro n o t p r in te d .
D e liv e r y
w ith in o n e m o n t h .
A g e n e r a l s i n k i n g f u n d is p r o v i d e d b y la w ( S e c . 1 1 , C h a p . 5 1 , A c t s 1 9 0 2 )
f o r t h o r e d e m p t io n o f th o fu n d e d d o b t o f th e c it y .
Terms under Tender of 3 0 Equal Annual Installments.
P e r io d 3 0 y e a r s , t o d a t e fr o m J u ly 1st 1 9 1 7 .
R a te o f in te re st 5% p e r a n n u m .
P r i n c ip a l a n d i n t . p a y a b l e a t t h e C i t y T r e a s . o f f i c o o r a t t h o a g e n c ie s o f
t h e R o y a l B a n k o f C a n a d a a t M o n t r e a l, T o r o n t o , o r a t N e w Y o r k .
P u r
ch a s e r t o p a y a c c r u e d in te re s t.

HAMILTON, Ont.— DEBENTURE SALE .— T h is c i t y h a s d i s p o s o d o f
$ 3 5 ,2 0 0 5 % d e b e n t u r e s t o l o c a l i n v e s t o r s a t p a r .
D on om s. $100, $500 and
$ 1 ,0 0 0 .
W . R . L e c k i o is C i t y T r e a s u r e r .
T R U S T

M A P L E S L O P E S C H O O L D I S T R I C T N O . 3 8 4 9 , S a s k . — DEBEN
TURE SALE .— A n is s u e o f $ 1 ,5 0 0 s c h o o l d e b e n t u r e s h a s b e e n s o l d t o t h o
M a n . L ife A ssu r. C o . o f T o r o n t o .
N O R F O L K C O U N T Y ( P . O . S i m c o e ) , O n t . — DEBENTURES A U 
THORIZED .— R e p o r t s s t a t e t h a t a b y - l a w p r o v i d i n g f o r t h e is s u a n c e o f
$ 7 5 ,0 0 0 d e b e n t u r e s f o r p a t r i o t i c p u r p o s e s lia s b e e n a u t h o r i z e d b y t h o
C o u n t y C o u n c il.
O U K R A I N A S C H O O L D I S T R I C T , M a n . - DEBENTURE SALE.—
A c c o r d i n g t o r e p o r t s , a n is s u e o f $ 1 , 7 0 0 7 % 1 5 -y e a r s c h o o l d e b e n t u r e s w a s
r e c e n t ly p u r c h a s e d b y J . A . T h o m p s o n , o f W in n ip e g .
R A D I S S O N , S a s k .— DEBENTURE OFFERING.— D . J . G o l d , S c c r o t a r y - T r e a s u r e r , w ill r e c e iv e b i d s u n t i l J u l y 15 f o r $ 7 ,9 9 1 7 0 s i d e w a l k a n d
$ 2 ,9 6 9 12 c u r b 7 % d e b e n t u r e s .
P r i n c ip a l a n d i n t e r e s t p a y a b l o in 2 0
a n n u a l in s t a llm e n t s .
R U S S E L , M a n .— DEBENTURE SALE .— O n J u n o 6 $ 1 , 0 0 0 6 % 2 0 - y e a r
o le c t r ic -lig h t -p la n t -e x t . d e b e n tu re s — Y . 1 0 4 , p . 22 6 5 — w e re a w a r d e d t o
N a y & J a m e s o f R e g in a a t 9 2 . 6 1 5 a n d i n t .
D a to M a y 3 1916.
In terest
a n n u a l in M a y .
•
S T . H Y A C I N T H E , Q u e . — DEBENTURE SALE .— A n is s u e o f $ 1 2 5 ,0 0 0
5 ) 4 % 1 - 1 2 - y e a r ( s e r ia l) d e b e n t u r e s h a s b e e n s o l d , i t is s t a t e d , t o C r e d i t
C a n a d ia n I n c o r p o r e .
S T . L A U R E N T , Q u e . — LOAN ELECTION PROPOSED— An e l e c t i o n
w ill p r o b a b l y b e c a l le d s h o r t l y t o s u b m i t t o a v o t e a b y - l a w p r o v i d i n g f o r
a lo a n o f $ 2 6 4 ,0 0 0 f o r t h e c o n s o l i d a t i o n o f t h o f l o a t i n g d e b t , t h o r e d e m p t i o n
o f t h e fr a n c h is e g r a n t e d t h e M o n t r e a l P u b l i c S e r v i c o C o r p o r a t i o n a n d p a y 
m e n t s o f c e r t a in w o r k s .
S U D B U R Y , O n t.— DEBENTURES NOT SOLD— W IT H D R A W N .—
N o s a t i s f a c t o r y b i d s w e r e r e c e iv e d f o r t h o f i v e is su e s o f 5 % c o u p o n d e b e n 
t u r e s , a g g r e g a t i n g $ 6 0 ,6 0 3 , o f f e r e d o n J u n o 14— V . 1 0 4 , p . 2 2 6 5 .
The
d e b e n t u r e s h a v e b e e n w it h d r a w n f r o m t h o m a r k e t .

NEW LOANS

C O M P A N IE S

$ 1 5 0 ,0 0 0
l l l i i i o i s T r a s t & S a v io o s Ifc in K

H
ighw B
ay ridge over Arkansas R
iver

C H IC A G O

C
apital, Surplus an U
d ndivided P
rofits

-

•

$16,400,000

Pays Interest on Time
Has on hand at all times a variety of ex
Deposits, Current and Reserve
oellent securities. Buys and sell#
Aooounts. Deals In Foreign ExGovernment, Municipal and
ohange. Transacts a General Trust Business.
Corporation Bonds.

Acta as
E xecutor,

G ir a r d

C o m p a n y

Chartered 1836

E. B. Morris, President.

WM.
in

KRAFT
E x a m in a tio n

TOW N

$ 7 5 ,0 0 0
OF D A R I E N , CONN.

T A X EXEMPT SCHOOL BONDS
P r o p o s a l s w il l b o r c c o i v e d b y t h o B o a r d o f
F i n a n c e , T o w n o f D a r ie n . C o n n . , a t t h o o f f i c o
o f t h e T o w n C l o r k , u n t i l 12 o ’c l o c k n o o n J u n o 2 6 ,
1 9 1 7 , f o r p u r c lia s o o f $ 7 5 ,0 0 0 4 ) 4 % S c h o o l b o n d s ,
d a t e d J u l y 2 , 1 9 1 7 , d u o s e r ia ll y $ 5 ,0 0 0 J u l y 1,
1 9 1 8 -3 2 .
B o n d s w il l b o c e r t i f ie d b y t h o H o m o B a n k &
T r u s t C o . o f D a r ie n , a n d t h o l e g a l it y o f t h o Issu o
a p p r o v e d b y S c o f i e l d & J e n n in g s , S t a m f o r d ,
C o n n ., co u n s e l fo r to w n .
B i d s t o b o s e a le d a n d a c c o m p a n i e d b y c e r t i f ie d
c h e c k fo r t w o p e r ce n tu m ( 2 % ) o f p a r v a lu e o f
b o n d s b id fo r .
N o b i d f o r le s s t h a n p a r a n d a c c r u e d i n t e r e s t
w il l b o c o n s i d e r e d .
, ,
T h o r ig h t is r e s e r v e d t o r e je c t a n y a n d a ll b i d s .
B O A R D O F F IN A N C E ,
T o w n o f D a r io n , C o n n ■"

LAWYER.
S p e c ia liz in g

S e a le d b i d s w il l b e r e c e iv e d b y B o a r d o f C o m 
m is s io n e r s , C o n w a y C o u n t y
B r id g e D is t r ic t ,
M o r r i l t o n , A r k a n s a s , u n t il 1 0 A . M ., F R I D A Y ,
J U N E 2 9 T H , 1 9 1 7 , f o r t h e p u r c lia s o o f 3 1 5 0 , 
0 0 0 0 0 B r id g o D is t r ic t B o n d s b e a r in g s ix p e r c e n t
p e r a n n u m , p a y a b lo s e m i- a n n u a l ly . J a n u a r y 1 5 th
a n d J u l y 1 5 t li, in d e n o m i n a t i o n : o f $ 1 ,0 0 0 0 0
e a c h , d a t e d J u ly 1 5 th , 1 9 1 7 , d u e J u ly 1 5 th , 1 9 3 7 .
Issu e d u n d e r A c t N o . 7 1 , A rk a n s a s L e g is la tu r e ,
c r e a t in g p r i o r c h a r g e a n d lio n a g a in s t a ll r e a l
e s t a t e o f d i s t r i c t , a p p r o x i m a t e ly 5 0 0 s q u a r e m ile s .
S o lo f i x e d b r i d g o c r o s s i n g r iv e r f o r a b o u t 1 5 0
m ile s : s e r v in g la r g o p o p u l a t i o n ; t o ll s c o l l e c t e d a r o
p l e d g e d f o r p a y m e n t o f i n t o r o s t a n d p r i n c ip a l
o f bon d s.
P r i n c ip a l a n d in t o r e s t s h a ll b o p a y a b l o a t a
b a n k in g h o u s e o r t r u s t c o m p a n y in N o w Y o r k
C i t y , S t . L o u is , M is s o u r i , o r M o r r i l t o n , A r k a n s a s ,
a t th o o p t io n o f th e h o ld e r s .
B i d s w il l b o r e 
c e iv e d f o r t h e w h o l e o r p a r t s o f t h e b o n d s .
E a ch
b i d d e r m u s t d e p o s i t w it h h is b i d a c e r t i f i e d c h e c k
o n a n a t io n a l b a n k f o r n o t le s s t h a n o n e p e r c o n t
o f t h o a m o u n t b id a s a g u a r a n t e e t o c o m p l y w it h
th e p r o p o s a l.
I f a w a rd e d th o b o n d s , th o b a la n ce
o f p a y m e n t s h a ll b o m a d e o n d e l i v o r y o f t h e b o n d s .
T h o B o a r d o f C o m m i s s io n e r s r e s e r v e s t h e r ig h t
t o r e je c t a n y a n d a ll b i d s .
F o r fu r t h e r i n f o r m a 
t io n r e g a r u in g s e c u r it y , a u t h o r i t y , e t c . , a d d r e s s
M r . J . J . S c r o g g i n s , C h a ir m a n , o r M r . G e o r g e O .
M a r t in , S e c r e ta r y , M o r r ilt o n , A rk a n s a s .

C A P I T A L a n d S U R P L U S , $ 10 , 000,000

Interest allowed
on deposits.

F.

T r u st

P H IL A D E L P H IA

A dm inistrator,
G uardian,
Receiver,
Registrar and
Transfer A gent.

S IX PER CENT. SERIAL BRIDGE
D ISTR ICT BONDS

o f

Municipal and Corporation Bonds
517-520 HARRIS TRUST BUILDING
111 WEST MONROE STREET

CHICAGO, ILL.
RAYM OND M. HUDSON
A T T O R N E Y

BOND BUILDING

A T

L A W

WASHINGTON, D. C.

P r a c tice b e fo re U . S . S u p re m e C o u r t , U . S . C o u rt
o f C la im s , D . C . C o u r t o f A p p e a ls , D . O . S u p re m o
C o u r t , V a . a n d M d . C o u rts , E x e cu tiv e D e p a r t
m e n ts . C o n g re s s io n a l C o m m it te e s . F e d e ra l R e 
s e rv e B o a r d , F e d e ra l T r a d e C o m m is s io n , I n t e r 
S ta te C o m m e r c e C o m m is s io n .
CaJble “ E a y b u d .*

H . D . W a lb r id g e & C o .
14 W all S treet, New Y ork

P u b lic U tility S e c u r itie s




E
urope’s W or O W
ar
ur ar?
F o r o v e r t w o y e a r s i n v e s t in g h a s b e o n o n a
b a s is o f E u r o p e a n W a r .
R e m e m b e r it m a k e *
a d i f f e r e n c e w h e t h e r y o u a r e I n v e s t in g w h e n
w e h a v e a w a r o f o u r o w n o r s o m e b o d y e ls e I*
h a v in g a w a r.
H a v e y o u c h a n g e d y o u r in v e s t m e n t s t o m e e t
t h e n e w A m e r i c a n - U o h e n a o ll a r n W a r c o n 
d it io n s f
W e w ill m a ll o u r l a t e s t B u ll e t in o n r e q u e s t .

Address Dept. FC-15 of the

B
abson Statistical O
rganization

WELLESLEY HILLS, MASS.
Largest Organization of Its Character
In the World.

T h e F ir s t N a t io n a l B a n k o f P a i a , l o c a t e d a t
P a ia , M a u i . In t h e T e r r i t o r y o f H a w a ii , is c lo s i n g
its a f fa ir s .
A l l n o t e h o l d e r s a n d o t h e r c r e d it o r s
o r t h e A s s o c i a t io n a ro h e r e b y n o t i f i e d t o p r o s e n t
t h o n o t e s a n d o t h e r c la im s f o r p a y m e n t .
(S i g n e d ) C . D . L U F K I N ,
D a te d M a y 1 st. 1917.
V ic e -P r o s . & M a n a g e r .
T h e L a h a ln a N a t io n a l B a n k , l o c a t e d a t L a h a ln a , M a u l , In t h o T e r r i t o r y o f H a w a ii , is
c lo s i n g i t s a f f a ir s .
A ll n o te h o ld e r s a n d o th e r
c r e d it o r * o f t h e A s s o c i a t io n a r o h o r o b y n o t i f i e d
t o p r e s e n t t h e n o t e s a n d o t h e r c la im s f o r p a y m e n t .
(S i g n e d ) C . D . L U F K I N .
D a te d M a y 1, 1 9 17.
V ice- P r o s . & M a n a g e r .
T h e F ir s t N a t io n a l B a n k o f W a i lu k h , l o c a t e d
a t W a l lu k u , M a u l , In t h e T e r r i t o r y o f H a w a ii,
Is c lo s i n g Its a f fa ir s .
A l l n o t e h o l d e r s a n d o t lio r
c r e d it o r s o f t h o A s s o c i a t io n a r o h e r e b y n o t i f i e d t o
p r e s e n t t h o n o t e s a n d o t h e r c la im s f o r p a y m e n t .
( S ig n e d ) O . D . L U F K I N ,
D a te d M a y 1 . 1917.
V lc e -P r e s . & M a n a g o r .
Full text of Commercial and Financial Chronicle : June 23, 1917, Vol. 104, No. 2713

FRASER
