Full text of Commercial and Financial Chronicle : June 30, 1917, Vol. 104, No. 2714

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IN C L U D IN G
B a n k & Q u o t a t i o n S e c tio n

R a i l w a y & I n d u s t r ia l S e c t io n

E l e c t r ic R a i l w a y S e c t i o n

R a ilw a y

B a n k e r s ' C o n v e n t io n

S ta te a n d

E a r n in g s S e c tio n

V O L . 104

oA T U R D A Y ,

JU N E

1917.

PUBLISHED W EEKLY.

One Year .............................................................................. $10 00
for Six Months.................... -........................................................ 6 00
European S u b s c r i p t i o n ( i n c l u d i n g p o s t a g e ) .................................... 13 00
European S u b s c r i p t i o n six m o n t h s (including postage)................... 7 60
A n n u a l S u b s c r i p t i o n i n L o n d o n ( i n c l u d i n g p o s t a g e ) .......................£2 14s.
O i x M o n t h s S u b s c r i p t i o h i n L o n d o n ( i n c l u d i n g p o s t a g e ) ................. £1 11a.
C a n a d ia n S u b s c r i p t i o n ( i n c l u d i n g p o s t a g e i
................................ $11 60
Svt

S u b scrip tio n in c lu d e s fo llo w in g S u p p lem e n ts—

|R ailway and I ndustrial (3 times yearly)
Electric R ailway (3 times yearly)
|bankers ’ Convention (yearly)

Terms of Advertising— Per Inch Space
Cranstonr matter per incli space (14 agate lines).............................
( Two Months
(t times).....................
'landing imsini ss t arns ' Three Montlis (2(; ttm ..................... .
(13 times).....................
.landing Business Cards six Mnnths
03)'
L Twelve Months (52 times)..................... .
Jhicaoo Office— South La Sailo Street, Teleplione Majestio 7396
39
L
ondon Office—
Edwards < Smith, 1 Drapers’ Gardens, E, O.
&
W IL L IA M

II. D A N A

20
00
2 » 0(1
f>» 00
« 7 M0

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

F r o n t , F i n e a n d D c p o y s t e r S t s , , N e w V o r l L ______________

Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Troas.; dcorge 3. Dana and Arnold G. Dana,
Vlco-Prosidents:’Arnold Q.iDana, Seo. A
ddresses'.’of all. Office of the Company.

CLEARING HOUSE RETURNS.
Tlio following table, niado up by telegraph, &o., indicates that the total hank
clearings of all tlio clearing houses of tlio United States for tlio wcok ending to-day
havo been $5,782,479,923, against $5,901,158,231 Inst wook and $4,778,891,770
the corresponding week hist year.
P er

C le a r in g s — R e tu r n s bg T e le g r a p h .
W e e k e n d in g J u n e

1917.
1910.
C e n t.
$2,803,231,234 $2,336,215,018 + 20.0
N o w Y o r k ---------------------> - .......................................
407,477,005
291,303,512 + 38.4
C h i c a g o ............................................................................
280,297,088
P h i l a d e l p h i a .................................................................
203,823,780 + 37.5
189,185,257
149,108,678 + 26.0
B o s t o n ....................................... ............................... —
*106,000,000
K a n s a s C i t y .................................................................
*63,000,000 + 68.3
105,991,914
77,895,140 + 30.1
S t . L o u i s ........................... ....................- .............. —
74,310,112
S a n F r a n c i s c o ........................................................... 49,985,502 + 48.7
09,014,680
P i t t s b u r g h .......................................................................
59,889,008 + 15.1
41,782,002
D e t r o i t ........................................................... ....................
34,975,005 + 19.5
36,748,905
B a l t i m o r e ..................................................... - .................
39,891,887 —7.9
N e w . . O r l e a n s ........................... - ..................................
33,282,814
19,098,518 + 69.0
E l e v e n ' c i t i e s , f i v e d a y s .................................
$1,147,357,101 53,329,207,344 + 24.0
027,472,984
O t h e r c i t i e s , f l v o d a y s ..........................................
471,208.927 + 33.1
Total all cities, five days.
$4,774,830,085 $3,800,476,271 + 25.0
All cities, one day.............
1,007,649,843
978,415,505
+ 3.0
$5,782,479,928 34,778,891,770 + 21.0
Tlio full details for the week covered by the above will bo given next Saturday.
Wo cannot furnish them to-day, clearings being m up by the clearing houses
ado
at noon on Saturday, and hence In the above the last day of tlio week lias to bo In
all cases estimated, as wo go to press Friday night. « Partly estimated.
Detailed figures for week ending Saturday noon, Juno 23, for four years follow:
30.

W e e k en d in g J u n e
C le a r in g s at—
1910.

$

1910.

S

N e w Y o r k .............. 3 .5 0 0 ,5 4 0 ,9 5 9 2 ,0 2 8 ,5 0 7 ,2 0 3
2 2 7 ,5 0 7 ,8 0 9
3 3 8 ,9 3 3 ,0 5 8
P h i l a d e l p h i a ------8 3 ,7 4 7 ,5 0 2
7 2 ,1 1 7 ,5 6 9
P it t s b u r g h -----------4 0 ,5 1 2 ,0 4 4
4 4 , 7 4 8 ,2 0 8
B a l t i m o r e _______
2 0 ,0 1 4 ,7 8 0
1 3 ,6 0 4 ,5 6 0
B u f f a l o . ..................
8 ,8 3 9 ,0 2 7
1 0 ,5 0 8 ,2 0 1
W a s h i n g t o n ...........
5 ,0 7 1 ,6 1 4
5 ,1 7 6 ,5 8 8
A l b a n y .....................
5 ,4 5 1 ,8 2 0
0 ,5 9 3 ,8 0 2
R o c h e s t e r _______
2 ,7 9 7 ,5 7 0
3 ,3 2 2 ,9 4 9
2 ,8 7 9 ,9 0 9
4 ,0 5 2 ,5 8 2
2 ,0 0 0 ,5 4 7
2 ,8 8 2 ,1 0 0
2 ,8 1 0 ,0 0 5
4 .2 4 2 ,2 4 7
W h e e l i n g _________
2 ,0 5 5 ,1 5 8
2 ,1 0 7 ,5 4 6
3 ,4 1 1 ,1 3 2
3 ,0 0 0 ,0 0 0
W i l m i n g t o n ...........
1 ,8 1 3 ,9 6 0
2 ,0 0 9 ,8 2 3
W i lk e s - B a r r e ____
8 0 0 ,0 0 0
G r c e n s b r g ...........
9 3 0 ,8 4 0
1 ,0 0 0 ,5 8 1
Y o r k _______________
1 ,0 0 0 ,8 3 5
1 ,3 2 8 ,1 9 7
K r lo ..........................
1 ,8 2 9 ,0 5 8
1 ,1 2 4 ,7 0 3
C h e s t e r ___
...
1 ,4 9 3 ,2 0 2
6 0 0 ,0 0 0
A l t o o n a __________
5 7 5 ,0 0 0
8 4 1 ,2 0 0
B i n g h a m t o n _____
9 2 2 ,5 0 0
L a n c a s t e r _______
1 ,6 5 2 ,9 8 8
1 ,9 3 9 ,1 6 4
4 2 1 ,1 0 4
M o n t c l a i r _______
5 0 1 ,8 4 0
T o t a l Middle. 4 ,1 0 8 , 7 4 4 , 5 4 8 3 ,0 2 7 ,3 7 9 ,9 9 0
B o s t o n ........... ..........
P r o v l d e n c o ---------H a r t f o r d ................
N e w H a v e n ...........
S p r in g f i e ld ..............
P o r t la n d ................
W o r c e s t e r ________
R i v e r _______
N o w B e d f o r d ___
H o l y o k e __________
I . o w c l l ____________

Fall

Bangor.............

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

800,000

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

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

%
+ 3 5 .7
+ 4 8 .9
+ 1 0 .1
+ 1 0 .5
+ 4 0 .7
+ 1 9 .0
— 2 .0
2 0 .9
1 8 .8
0 1 .0
+ 4 4 .0
5 1 .0
2 0 .0
5 .0
1 4 .1
+ 1 7.1
+ 5 .4
+ 3 7 .7
+ 3 2 .8
— 4 .2
+ 9 .0
+ 1 7 .4
+ 1 9 .2

■

+
+
+
+
+
+
+

23.
1915.

1914.

$

3
1 ,7 0 7 ,1 2 5 ,8 7 5 1 ,6 1 7 ,6 3 8 ,4 0 7
1 5 7 ,2 5 4 ,3 0 4
1 5 8 ,1 9 9 ,3 0 4
4 9 ,9 8 9 ,8 0 1
5 1 ,5 3 8 ,4 7 3
3 1 ,2 1 1 ,8 3 7
3 2 .1 2 S .2 0 0
1 0 ,4 2 0 ,9 9 8
1 0 ,1 3 2 ,4 8 6
7 ,0 2 5 ,1 1 0
7 ,0 6 2 ,8 2 5
5 ,2 3 0 ,2 7 0
6 ,0 4 4 ,4 6 9
3 ,8 2 0 .2 9 1
4 ,2 2 0 .0 0 9
2 ,9 5 3 ,1 0 2
2 ,9 2 4 ,0 0 7
2 ,7 2 1 ,4 8 0
2 ,6 4 0 ,8 3 1
1 ,7 0 5 ,1 2 1
1 ,8 8 3 ,8 4 7
2 ,3 8 0 ,0 2 1
2 ,0 0 0 ,2 7 8
1 ,7 3 0 ,0 1 4
1 ,88 5 ,0 5 .3
2 ,0 7 2 ,5 5 3
2 ,0 0 9 ,2 9 0
1 ,4 9 2 ,0 4 8
1 ,5 1 4 ,6 9 0
6 5 0 ,7 2 4
7 3 2 ,2 2 0
7 5 0 ,0 1 5
7 9 1 ,2 2 2
9 5 0 ,2 4 2
9 7 3 ,4 4 8
7 4 9 ,2 8 0
0 0 5 ,0 7 5
5 2 0 ,3 7 0
6 3 5 ,9 3 9
6 5 9 ,9 0 0
5 7 5 ,9 0 0
1 ,3 0 2 ,9 1 2
1 ,4 7 1 ,9 0 7
4 3 1 ,5 2 1
3 3 1 ,8 1 5

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

+ 8.0

2 7 4 ,2 5 1 ,2 7 1
2 7 1 ,2 2 9 ,2 0 2
+ 1.1 1 7 1 ,4 7 1 ,9 9 6 1 5 8 ,8 0 9 ,2 2 0
—For Canadian clearings see "Commercial and Miscellaneous News.”

T o t. N ew E n g .
N o te.

Inc. or
Dec.




1917

C i t y S e c tio n
N O . 2711

C le a r in g s at—

Terms of Subscription— Payable In Advance

sank and quotation (monthly)
K mpunos (monthly)
itate and city (semi-annually)

30

W e e k e n d in g J u n e

( P r r m t M je .

Railway

S e c t io n

In c . or
Dec.

23.

1916.
1915.
1914.
S
S
S
%
$
C h i c a g o .........................
468,403,000 373,745,813 + 25.3 282,598,137 292,221,592
C i n c i n n a t i ..................
39,547,229 35,509,000 + 11.4 '23,836,700 24,128,350
81,634,694 43,444,817 + 87.9 20,489.454 21,805,975
C l e v e l a n d __________
D e t r o i t _______________
57,958,040 45,707,098 + 26.6 25,909,219 23,022,851
24,343,084 19,034,351 + 27.9 13,414,806 14,951,134
M i l w a u k e e ________
9,700,829 + 37.8
I n d i a n a p o l i s ______
13,450,107
9,027,440
8,040,812
6,305,000
C o l u m b u s _________
10.281,200 12,107,100 —15.5
7,135,700
5,710,511
T o l e d o ............... ............
6,112,303
11,182,160 10,267,711 + 8.9
2,400,000
2,744,221
P e o r i a _______________
6,200,000
4,000,000 + 55.0
3,004,572
4,305,232 + 9.2
G r a n d R a p i d s ____
2,918,670
4,703,51!
2,159,341
3,476,841
D a y t o n _____________
1,992,408
3,961,600 —12.2
2,727,022
1,119,333
E v a n s v i l l e __________
1,610,870 + 08.7
1,149,500
F o r t W a y n e ______
1,338,181
1,235,492
1,470,311 —9.0
1,059,901
2,010,193
S p r i n g f i e l d , 1 1 1 ..
1,571,294 + 27.9
1,096,573
989,168
Y o u n g s t o w n ______
3,282,479
2,608,253 + 23.1
1,507,178
1,383,231
A k r o n _________________
0,467,000
5,098,000 + 26.9
2,004,000
2,162,000
R o c k f o r d ____________
1,474,115
1,116,191 + 32.1
960,665
878,675
L e x i n g t o n __________
585,020
760,905 —23.6
608,700
520,392
C a n t o n _______________
3,741,036
2,621,123 + 42.7
1,382,530
1,278,495
S o u t h B e n d ...............
1,343,135
1,039,825 + 29.2
797,862
685,666
D e c a t u r _____________
067,718 + 33.4
890,057
461,300
404,760
Q u n l c y _______________
810,904 + 30.1
1,054,273
633,130
596,238
864,754 + 28.0
1,106,763
645,970
S p r in g fie ld , O . . .
686,520
B l o o m i n g t o n ______
1,029,228
674,218
778,588 + 32.3
608,060
995,034
M a n s f i e l d __________
084.953 + 45.4
611,357
512,633
486,234
D a n v i l l e .........................
600,010
512,010 + 17.2
426,071
J a c k s o n _____________
639,951
1,000,000
850,000 + 17.6
445,000
435,816
247,919 + 76.7
102,575
210,362
J a c k s o n v i l l e , 111.
573,394
I k i n s l n g .................. ...
1,122,947
970,209 + 15.7
402,280
L i m a ............... ................
694,370 + 33.2
490,083
415,947
925,008
503,021
235,115
278,405 + 80.8
277,975
O w e n s b o r o ________
188,206
A n n A r b o r __________
254,167 + 38.2
180.231
341,828
77,494 + 34.5
A d r i a n _______________
67,359
60,337
104,229
754,258,114 587,625,083 +28.4 417,380,874 420,649,109
T o t.M ld .W e s t.
S a n F r a n c i s c o ____
96,952,105 57,728,730 + 67.9 40,217,525 45,374,851
L o s A n g e l e s ________
29,380,000 22,124,161 + 32.8 17,461,780 20,280,395
S e a t t l e ............... .............
20,917,476 13,815,347 + 51.4 11,359,566 12,083,942
3,335,517
3,500,000
3,990,216 + 44.4
S p o k a n o .........................
5,769,925
8,930,631 10,134,723
15,751,012 10,749,172 + 46.5
P o r t l a n d ____________
1,644,420
1,987,477
2,261,825 + 49.0
T a c o m a _____________
3,309,728
5,978,864
5,632,074
13,753,304
8,039,327 + 71.1
S a lt L a k e C i t y . .
3,094,485
3,094,495
3,983,005 + 25.9
5,014,219
O a k l a n d _____________
1,910,712
2,112,034 + 37.1
1,733,070
2,896,707
S a c r a m e n t o ________
1.619,357
1,569,983
1,798,589 + 22.0
2,194,616
S a n D i e g o __________
720,732
789,369 + 19.8
703,831
938,970
P a s a d e n a ......................
828,171
989,719 + 04.0
829,497
1,628,756
S t o c k t o n ____________
735,957
1,004,273 + 65.5
745,915
1,662,993
F r e s n o _______________
551,932
500,000
062,460 + 13.2
750,000
S a n J o s e _____________
290,026
355,000
346,237 + 49.8
518,818
N orth
Y a k im a ..
395,000
381,117
405,835 + 25.9
511,044
R e n o ................................
486.739
393,385
528,790 +27.2
672,370
L o n g B e a c h ...............
202,682,163 13+335,095 + 54.3 105,39+227 109,468,742
T o ta l P a c ific ..
131,699,698 79,516,132 + 65.6 00,066,957 43.415,258
K a n s a s C i t y ______
27,467,747 2+967,448 + 25.0 16,158,786 21,915,441
M i n n e a p o l i s ______
34,010,500 20,820,941 + 63.3 18,258,435 15,034,701
O m a h a _______________
15,323,831 14,009,533 + 9.4 12,073,482 1+315,721
S t . P a u l ..................
8,138,643
8,284,798
13,528,332 12,21+ 189 + 10.8
D e n v e r _______________
6,906,171
6,43+071
14,156.370
9,370,550 + 5+ 1
S t . J o s e p h __________
5,028,844 + 36.1
4,858,333
4,784,753
7,662,841
D c s M o i n e s ________
3,003,S09
3,02+893
3,736,378 + 55.7
5,818,753
S i o u x C i t y ..................
2,760,262
3,643,742
4,337,282 + 28.1
5,555,045
D u l u t h _______________
3,426,292
2,813,441
4,255,810 + 25.4
5,337,000
W i c h i t a ......................
1,394,327
1,370,604
1,605.571 + 45.3
2,333,239
T o p e k a .........................
1,328,717
+409,933 + 55.5
1,468,140
2,192,850
D a v e n p o r t __________
+835,346
+762,271
2,54+871 + 50.6
3,828,062
L i n c o l n ........................
+429,081
+653,201 + 4+4
1,400,000
2,337,798
C e d a r R a p i d s ____
595,211
580,358
783,225 —17.2
648,320
C o lo r a d o S p r in g s .
+206,806
+012,401
+598,481 —3.4
1,544,684
F a r g o ................................
+463,592
1,159,841
2,07+964 + 5.5
2,184,000
W a t e r l o o ___________
982,417
968,968
1,238,492 + 55.7
1,928,398
H e l e n a _______________
314,294
554,601
462,330 + 26.4
584,153
P u e b l o _______________
555,834
470,875
812,710 +23.0
1,000,000
A b e r d e e n ......................
36+613
379,171
404,542 + 63.6
661,384
F r e m o n t ____________
147,792
155,853
252,274 + 08.6
425,000
H a s t i n g s ......................
398.416
304.695
709.167 + 40.6
996,951
B i l l i n g s ..................
2.81,225,012 19+397,838 + 46.9 147,682,174 132,291,099
T o t . o th . W e s t.
126,898,025 90,880,233 + 3+0 72,36+790 10,762,284
S t . L o u i s .................. ...
36,248,424 19,558,673 + 85.3 15,479,889 14,98+180
N e w O r l e a n s ______
19,000,000 16,030.332 + 18.5 13,014,930 11,937,602
L o u i s v i l l e ..................
6,714,S I
O
7,285,810
8,160,876 + 40.9
11,500,000
H o u s t o n _____________
4,115,546
3,513,000
3,282,566 +46.2
4,800,000
G a l v e s t o n __________
7,212,075
8,915,IS
O
24,533,674 15,753,093 + 55.7
R i c h m o n d __________
9,552,213 11,058,773
22,854,912 13,407,084 + 70.5
A t l a n t a ............... ..........
7,050,492
6,061,539
7,308,092 + 59.4
11,651,033
F o r t W o r t h ...............
3,799,343
4,432,136
5,537,188 + 85.0
10,245,269
M e m p h i s ____________
2,906,134
3,439,126
5.294,287 + 23.7
6,549,973
S a v a n n a h __________
4,780,657
5,207,006
6,667,114 + 27.5
8,500,000
N a s h v i l l e ___________
3,692,232
3,250,510
4,837,729 + 27.5
6,169,629
N o r f o l k ______________
2,693,102
2,22+852
2,737,722 + 27.1
3,479,582
B i r m i n g h a m ______
2,844,099
2,276,527
3,046,977 + 19.8
3,648,294
J a c k s o n v i l l e ______
1,209,062
+25+355
+463,024 +44.8
2,118,113
A u g u s t a .........................
1,748,285
1,563,827
2,229,730 + 5.7
2,356.419
K n o x v i l l e ___________
2,122,385
2,010,700
2,949,»12 + 34.0
3,951,862
C h a t t a n o o g a ______
1,732,887
+502,569
+829,144 + 63.3
2,987,395
L i t t l e R o c k ________
+ 144,188
869,748
1,110,139 + 20.5
+338,747
M o b i l e _______________
1,615,041
+84+200
3,466,189 + 69.1
5,860,000
O k l a h o m a __________
1,446,214
+49+938
2.2S7.647 + 14.0
2,608,142
C h a r l e s t o n ..................
2,117,648
2,690,416
2,932,020 —53.2
+373,000
M a c o n ............................
2,064,192
+308,461
1,500,000 + 86.7
2,800,000
A u s t i n .............................
168,855
188,588
149,398 + 68.7
252,046
V i c k s b u r g __________
310,526
285,140
636,497 —36.0
407,333
J a c k s o n ______________
1,567,274
1,400,891
3,768,726 + 43.5
5,409,475
T u l s a ............... ................
872,957
762,350
+246,586 + 26.7
+5/9,035
M u s k o g e e __________
5,848,156 + 86.0
+087,743
D a l l a s _______________
173,707,646 173,139,928
339,996,523 239,919,164 + 4+7
T o ta l S ou th ern
5,96+158,231 4,448,886.432 + 34.0 3.008,883,620 2.935,786.423
T o t a l a l l ...............
2,394,617,272 +820,379069 ~+3+5 +30+457,745 1,288,148,016
O u ts id e N . Y

THE

2578

(Vol. 104.

C H R O N IC L E

n o w p e r m it te d t o issue n o te s a g a in s t g o ld o r g o ld
A M E N D M E N T S

TO

F E D E R A L

Q U I C K L Y

R E S E R V E

A V A I L E D

L A W

.

O F

c e r tific a te s a c q u ir e d in th e o r d in a r y c o u rse a n d th en
t o a llo w g o ld so a c q u ir e d t o c o u n t as p a rt o f tb

In d is cu ss in g la s t w e e k th e n u m e ro u s a m e n d m e n ts

40%

g o ld r eserv e w h ich th e R e s e r v e b a n k s are re­

t o th e F e d e r a l R e s e r v e B a n k in g L a w m a d e b y th e

q u ire d t o m a in ta in a g a in s t F e d e r a l R e s e r v e n o te s .

b ill w h ich b e c a m e a la w w ith th e P r e s id e n t’ s a p p r o v a l

T h e r e seem s n o lim it t o th e a m o u n t o f g o ld th a t ca n

on

b e a c q u ir e d in th a t w a y a n d a c q u ir e d in

J u n e 2 1 , w e in d ic a t e d t h a t th e se a m e n d m e n ts

ad van ce,

w ere la c k in g in c o n s e r v a t is m in t w o m a in p a rticu la rs .

th u s r e m o v in g a lto g e th e r o n e o f th e im p o r t a n t c h e c k s

I n th e fir s t p la c e it s e e m e d t o us a m is ta k e t o r e q u ire

p r o v id e d in th e o r ig in a l

th a t

issues a n d u n d u e in fla t io n .

th e

m em ber

banks

s h o u ld

h o ld

in cr e a s e d

r e se r v e s w ith th e F e d e r a l R e s e r v e b a n k s — sh o u ld in
f a c t b e o b lig e d t o tr a n sfe r th e w h o le o f th e ir

leg a l

In

th u s

p o r tr a y in g

la w a g a in s t e x ce s siv e n o te

th e

d a n g e ro u s

p o s sib ilitie s

in v o lv e d in th e n ew a m e n d m e n ts , w e h a d re fe re n ce

r e se r v e s t o th e c u s t o d y o f th e R e s e r v e b a n k s , w ith

e n tir e ly

th e r e su lt th a t th e m e m b e r b a n k s

th a t th e re w o u ld b e a n y im m e d ia te a p p lic a t io n o f

in th e C e n tra l

to

th e r e m o te r fu tu r e .

We

had

no

id ea

R e s e r v e citie s n o w h a v e t o k e e p a c tu a l n e t b a la n c e s

th e in cre a s e d p o w e rs a n d w id e r s c o p e o f a c tio n c o n ­

e q u a l t o n o t less th a n 1 3 % o f th e a g g re g a te a m o u n t

fe r r e d .

o f th e ir d e m a n d d e p o s its , a g a in s t o n ly 7 %

a c tu a lly

b e fo r e ,

th a t m e m b e r b a n k s in th e o r d in a r y R e s e r v e cities
m u s t m a in ta in an a c tu a l n e t b a la n c e e q u a l t o n o t
less th a n
a g a in s t

10%

th e

o f th e a g g re g a te d e m a n d d e p o s its ,

p r e v io u s

6% ,

and

th a t

th e

s o -c a lle d

I t w as la te n t d a n g e rs , ra th e r th a n d a n g ers
p re se n t, th a t

a r o u se d

our

a p p re h e n s io n s .

W e fin d n o w th a t it is n o t in fla t io n in e m b r y o , b u t
in fla t io n in essen ce w ith w h ich w e are c o n fr o n t e d .
G iv e n n ew p o w e rs a n d p r iv ile g e s , th e R e s e r v e b a n k s
h a v e a lr e a d y b e g u n t o u se th e n .

I n p a r tic u la r , th e

c o u n t r y b a n k s m u s t n o w m a in ta in w ith th e F e d e r a l

a c t io n o f th e F e d e r a l R e s e r v e B a n k o f th is d is tr ic t
fu rn ish es a s trik in g d e m o n s tr a tio n o f w h a t is in ­

R e s e r v e b a n k s o f th e ir r e s p e c tiv e d is tr ic ts a n a c tu a l

v o lv e d .

n e t b a la n c e o f n o t less th a n 7 %

Y o r k th a t th e p r a c tic e o r ig in a te d o f issu in g n o te s in

dem and

d e p o s its ,

a g a in s t th e

o f th e a g g re g a te

p r e v io u s

5% .

The

o b je c t io n t o th is c h a n g e — t o th is in cre a s e o f reserv e
b a la n c e s w ith th e R e s e r v e b a n k s — is th a t w h ile o n
th e o n e h a n d it g r e a tly in cre a s e s th e g o ld h o ld in g s o f
th e R e s e r v e b a n k s a n d th e r e b y a p p a r e n t ly s tre n g th e n s

I t w as in th e F e d e r a l R e s e r v e B a n k o f N e w

la rg e v o lu m e a n d th e n d e p o s itin g g o ld fo r th e n o m in a l
r e tir e m e n t o f th e s a m e , b u t w h ich it w as r e a lly in ­
te n d e d s h o u ld b e k e p t a flo a t in d e fin ite ly .
T h ere
w as n e v e r th e slig h te s t w a r ra n t o f la w fo r th e o p e r ­
a t io n , th o u g h it w a s a t t e m p t e d t o ju s t ify a n d e x ­

th e R e s e r v e s y s t e m , o n th e o th e r h a n d it is s u s c e p t ib le

te n u a te it .
F in a lly , in th e c o u rse o f th e d e b a te in
C o n g re s s o n th e a m e n d m e n ts u n d e r c o n s id e r a tio n ,

o f e a s ily b e c o m in g a w e a k e n in g in flu e n c e sin c e th e

all p re te n se th a t leg a l s a n c tio n e x iste d fo r th e a c tio n

R e s e r v e b a n k s are n o t o b lig e d t o k e e p th e se g o ld

w as a b a n d o n e d , a n d th e b a ld a d m is s io n m a d e th a t

h o ld in g s in t a c t .

T h e y m a y u se 6 5 %

p u r c h a s in g

or

b ills

m a k in g

o th e r

o f th e m

in

u n d e r th e a rra n g e m e n ts r e fe rre d t o , th e h u g e v o lu m e

in v e s tm e n ts

(a

o f n o te s th a t w as d a ily a n d w e e k ly b e in g a d d e d t o ,
w a s b e in g issu ed “ b y in d ir e c t io n .”
In th is w a y

g o ld re se r v e o f o n ly 3 5 % a g a in s t th e R e s e r v e b a n k ’s
d e p o s it

lia b ilitie s

b e in g

r e q u ir e d ),

to

th a t

e x te n t

o v e r § 4 0 0 ,0 0 0 ,0 0 0 o f n o te s h a d b e e n p u t o u t b e fo r e
th e a m e n d m e n ts , w h ich n o w fo r m p a rt o f th e la w ,

s c a t te r in g a n d d is s ip a tin g th e m o b iliz e d rese rv e s ; o r

w ere

y e t a g a in th e se g o ld h o ld in g s m a y b e u se d t o s u p p o r t

ex p ress a u th o r ity n o w ex ists t o g a th e r g o ld a n d use

a g r e a tly e n la r g e d t o t a l o f R e s e r v e n o te s , t o th a t

it as c o lla te ra l fo r th e issu a n ce o f th e n o te s .
T h e o ld m e t h o d , h o w e v e r , a t le a st h a d th e a d ­

e x te n t a lso u n d e r m in in g th e in t e g r it y o f th ese g o ld
h o ld in g s .

.

O b v io u s ly b e a r in g in m in d th e se p a r a te a n d s p e ­
cia l

uses

to

w h ich

th e

reserv es o f m e m b e r b a n k s

k e p t w ith th e F e d e r a l R e s e r v e b a n k s m a y b e p u t,

e n a c te d .

U nder

on e

of

th e se

a m e n d m e n ts

v a n ta g e o f b e in g in n o c u o u s , in a s m u ch as fo r e v e r y
d o lla r o f R e s e r v e n o te s th u s is su e d th e r e h a d t o b e
a c o r r e s p o n d in g d o lla r in g o ld .
U n d e r th e n ew
m e t h o d th is r e q u ir e m e n t n o lo n g e r e x ists.
The

a sh a r p d is tin c tio n m u s t b e m a d e b e tw e e n reserves

g o ld n o w b e c o m e s c o lla t e r a l m e r e ly , a n d th e R e s e r v e
b a n k s are u n d e r n o o b lig a t io n t o r e ta in m o r e th a n

in th e v a u lts o f th e m e m b e r b a n k s th e m s e lv e s a n d

4 0 % o f it , b e in g e n d o w e d w ith a u t h o r it y t o r e p la c e

r eserv es o r b a la n c e s m a in ta in e d

th e o th e r 6 0 % w ith e lig ib le m e r c a n tile p a p e r .
The
n ew m e t h o d g iv e s rise t o a n ew m a n ife s ta tio n o f
th a t d im in ish in g a n d a t te n u a tin g p r o ce s s as re­

banks.

V a u lt

reserv es

are

w ith

d e fin ite

th e R e s e rv e

and

ta n g ib le ,

a n d m u s t , in th e n a tu re o f th in g s , a lw a y s b e in ta c t
a n d a v a ila b le , w h erea s b a la n c e s w ith th e R e s e r v e
b a n k s are s u b je c t t o d im in u tio n a n d s p e cia l a p p r o ­
p r ia tio n in th e w a y in d ic a t e d .

F o r th a t rea son th e y

g a rd s th e g o ld h o ld in g s o f th e R e s e r v e b a n k s u p o n
w h ich w e h a v e a lw a y s la id s o m u c h stre s s.
As
a lre a d y s t a t e d , h o w e v e r , it w a s th e fe a r o f w h a t
h a p p e n th a t h as in flu e n c e d u s in o u r c r itic is m

m ig h t

c a n n e v e r b e c o n s id e r e d th e e q u a l o f v a u lt reserv es.

h e r e t o fo r e .

I n th is d is tin c tio n th e re is ju s t ific a t io n fo r m o b iliz in g

w ith in

a

part

o f th e ca sh reserv es o f th e m e m b e r b a n k s in

th e c o n t r o l o f th e R e s e r v e b a n k s , b u t n e v e r th e w h o le
o f th e m , sin ce t o le t th e R e s e r v e b a n k s e m p lo y th e
w h o le o f th e

ca sh

m u s t in e v it a b ly

reserv es o f th e m e m b e r b a n k s

lea d t o

p ron ou n ced

in fla tio n

and

c re a te o th e r e le m e n ts o f d a n g e r.
E v e n g re a te r m e n a c e o f u n d u e in fla tio n ex ists in
th e a m e n d m e n t u n d e r w h ich th e R e s e r v e b a n k s are




We

are

t w e n t y -fo u r

d u m b fo u n d e d
h ours

a fte r

to

th e

lea rn

th a t

a m e n d m e n ts

b e c a m e in c o r p o r a t e d as p a r t o f th e la w , th e d a n g e r
fe a re d b e c a m e an im m in e n t p r e se n ce .

T h e fa c t th a t

in all p r o b a b ility th e L ib e r t y L o a n o p e r a tio n s h a v e
fu rn ish e d th e o c c a s io n fo r q u ic k r e s o r t t o th e n ew
s c h e m e , d o e s n o t a lte r th e fa c t its e lf o r d im in ish
its g r a v it y .
A ll th r o u g h la st y e a r a n d all th r o u g h th e p re se n t
y e a r th e ],F e d e r a l R e s e r v e B a n k o f N e w Y o r k k e p t
s t e a d ily Y a d d in g t o ^ t h e v o lu m e o f its o u ts ta n d in g

J une 30 1917.]

THE

n o te s , u n til F r id a y o f la st w e e k th e a g g re g a te r e a c h e d
$ 2 2 3 ,3 8 0 ,0 0 0 .
B u t d u rin g th e w h o le o f th is p e r io d
u n til th e la st tw o w eek s n o t a d o lla r o f m e r c a n tile
p a p e r w as e v e r r e p o r t e d as h e ld as s e c u r it y fo r th e
o u ts t a n d in g n o te s .

25 7 9

C H R O N IC L E

T h e y w ere all r e p re s e n te d b y an

e q u iv a le n t a m o u n t o f g o ld , th a t is, b y a g o ld reserv e
of 100% .
O n J u n e 14 th e a d o p t io n b y th e H o u s e o f R e p r e ­

s h o w e d a r e d u c tio n a g a in in th e p e r c e n ta g e o f p a p e r ,
a n d an in cre a s e in th e p e r c e n ta g e o f g o ld .
B u t th e o th e r R e s e r v e b a n k s w ill n o t fa il t o ta k e
a d v a n t a g e o f th e n e w o p p o r tu n itie s p la c e d w ith in
th e ir r e a c h .
I f th e g o ld re le a s e d b y th e F e d e ra l
R e s e r v e A g e n ts — t h a t is , th e g o ld n o w h e ld , d o lla r
fo r d o lla r , a g a in s t o u ts t a n d in g n o te s — fu rn ish e d th e
fu ll m ea su re o f th e in fla t io n p o s s ib ilitie s in v o lv e d ,

s e n ta tiv e s a t W a s h in g to n o f th e c o n fe r e n c e r e p o r t

th e s itu a tio n w o u ld b e se rio u s e n o u g h .

o n th e a m e n d m e n ts m a d e it ce rta in th a t th e a m e n d ­

p o w e r p ossessed t o g a th e r u p a ll th e g o ld p a ssin g

m e n ts w o u ld q u ic k ly b e c o m e la w , a n d in a n tic ip a ­
tio n o f t h a t h a p p y e v e n t th e s ta te m e n t o f th e F e d ­

th r o u g h th e ir h a n d s , th e r e is n o lim it t o th e p r o ce s s
o f c o r r a lin g th e m e ta l s h o r t o f th e a b s o r p tio n o f th e
e n tir e s t o c k o f g o ld in th e c o u n t r y .

eral R e s e r v e B a n k o f N e w Y o r k , fo r th e first tim e

A n d h e re in lies th e d a n g e r .

in a p e r io d o f s e v e n te e n m o n th s , s h o w e d n o te s o u t
a g a in s t

m e r c a n tile

p a p e r,

A s it is, w ith

U n d e r th is m o n t h ’ s

c o n s id e r a b le

a m e n d m e n ts , a n d th o s e a d o p t e d la s t S e p te m b e r , th e

B y th e tim e th e

and

F e d e r a l R e s e r v e L a w , o r ig in a lly c a s t u p o n so u n d a n d

in

s u m , t o o , n a m e ly $ 2 5 ,0 0 0 ,0 0 0 .

a

s t a t e m e n t fo r J u n e 22 w as issu ed th e S e n a te h a d

c o n s e r v a t iv e lin e s , b e c o m e s

a lso a d o p te d th e c o n fe r e n c e r e p o r t a n d th e P r e s id e n t
h a d sig n ed th e b ill, so th a t th e r eserv e o ffic ia ls n o w
h a d .full fr e e d o m t o d o as th e y lik e d w ith th e m a ss

fla tio n

of

a v a ile d o f th e ir p o w e rs a n d th e s t a te m e n t fo r F r id a y

la st w e e k , th e 4 0 % g o ld re se rv e r e q u ir e m e n t in se rte d
in th e la w in th e fir s t p la ce w as n e v e r in te n d e d as

o f la st w e e k (J u n e 22 ) s h o w e d n o less th a n $ 1 0 0 ,­

c o lla te r a l, b u t as a b a la n c e -w h e e l t o g u a rd a g a in s t

g o ld

b e h in d

0 0 0 ,0 0 0

th e

n o te s .

o u t o f $ 2 2 3 ,0 8 0 ,0 0 0

T hey

im m e d ia te ly

o f o u ts t a n d in g n o te s

se c u re d b y c o m m e r c ia l p a p e r .

T h e re su lt w as th a t

th e m o s t g ig a n t ic

m e a su re e v e r d e v is e d b y

P r a c t ic a lly

all

th e

s a fe g u a r d s

c o n t a in e d

o r ig in a l A c t h a v e b e e n e lim in a te d .

u n d u e a n d e x ce s s iv e n o te issu es.
f a c t , th e 4 0 %

in ­

th e w it o f m a n .
in

th e

A s w e s ta te d

A s a m a tte r o f

g o ld re se r v e u n d e r th e o ld la w w as

t o th e r e q u ir e m e n t o f 1 0 0 % o f m e r c a n tile

in ste a d o f th e g o ld re se rv e a g a in s t th e n o te s b e in g

in

1 0 0 % , th e r a tio o f g o ld t o n o te s d r o p p e d t o o n ly

pa p er.

5 5 .2 9 % .

p a p e r — n e e d m a k e n o m o r e th a n 1 0 0 % .

In o th e r w o r d s th e F e d e r a l R e s e r v e o ffic ia ls

h ere— a n d b y

th e w a y , th e a c tio n

w ith

th e

re tu rn

to

a ft e r

an

a b s e n ce

h is

of a

post

of

y e a r — w e n t a lm o s t

N o w , th e t w o to g e th e r — th e g o ld a n d th e

I t is n o t d iffic u lt t o p e r c e iv e w h a t th e c o u rse o f

w as c o in c id e n t

G overnor

a d d itio n

S tr o n g

o p e r a t io n s

to

m m e d ia t e fu tu r e , is lik e ly t o b e .

th e

of

th e

F ederal

R eserv e

banks,

in

th e

A ll th e d iffe r e n t

p er c e n t o f g o ld , co lla te ra l m u s t b e

R e s e r v e b a n k s are e n g a g e d in c o n d u c t in g cle a r a n ce

h e ld in a n y e v e n t e v e n u n d e r th e a m e n d m e n ts t o

o p e r a t io n s o n a v e r y e x te n s iv e sca le fo r th e b a n k s

th e la w .

in th e ir r e s p e c tiv e d is tr ic ts .

lim it.

F o rty

T w e n t y -fo u r h ou rs a fte r th e a m e n d m e n ts

w ere e n a c te d w e fin d th e g o ld re se rv e o f th e F e d e r a l
R eserv e B a n k o f N ew Y o rk dow n to 5 5 % .
In t a b u ­

In th is w a y e n o r m o u s

a m o u n ts o f g o ld w ill p a ss th r o u g h th e h a n d s o f th e

fo llo w s :

o ffic ia ls a n d w ill b e re ta in e d b y th e m , R e s e r v e n o te s
b e in g p a id o u t in p la c e o f th e g o ld .
T h u s a huge
v o lu m e o f g o ld w ill b e c o lle c te d b e f o r e h a n d , a n d th e

NOTE SITUATION OF FED ER AL RESERVE B AN K OF
NEW YORK.

r e st w ill b e s im p le .
T h e r e q u ire m e n ts as t o e lig ib le
p a p e r w ere m a d e e a s y u n d e r th e a m e n d m e n ts o f la st

la r fo r m th e r e c o r d m a y b e g r a p h ic a lly p r e se n te d as

Federal
Reserve
Notes
Outstand’g

1917.
Jan.
Fob.
Mar.
April
M ay
Juno

5 . ...........
3________
2________
6________
4 _______
l _______
8 ________
15_______
22_ _____
_

How Secured.

Per
Cent
By Comm’l of
Paper.
Gold.

By
Gold.

S
S
$
109,255,000 109,255,000
Nil
100.00
100,832,000 100,832,000
Nil
100.00
143,301,000 143,301,000
Nil
100.00
170,808,000 170,808,000
Nil
100.00
198,103,000 198,103,000
Nil
100.00
212,703,000 212,703,000
Nil
100.00
214,994,000 214,994,000
Nil
100.00
219351 ;000 194,851,000 25,000,000 88.03
223,080,000 123,080,000 100,000,000 55.29

T h e o th e r e le v e n re se rv e b a n k s m a y b e e x p e c t e d
q u ic k ly t o fo llo w

in th e fo o t s t e p s o f

th e b a n k o f

S e p te m b e r .

P r e v io u s ly o n ly r e d is c o u n t e d p a p e r o f

a lim ite d v a r ie t y w as e lig ib le as c o lla te ra l fo r R e s e r v e
n o te s .

U n d e r th e

a m e n d m e n ts e n a c te d

la st S e p ­

te m b e r th e k in d s a n d classes o f p a p e r w ere g r e a tly
e x te n d e d a n d
n o tes

a g a in st

op en

it

w as

paper

m ade

and

p er m issib le ,

a cc ep ta n ces

to o ,

to

p u rch a sed

issu e
in

m a r k e t.

th e

W it h th e g o ld a c q u ir e d b e fo r e h a n d th e r e w ill b e
n o d iffic u lt y a b o u t p u tt in g o u t n ew a m o u n ts o f n o te s
in

p r a c tic a lly

in d e fin ite

m e a su re .

W h ere

o n ly

a

fe w m illio n s o f n o te s c o u ld b e flo a te d o n r e d is c o u n te d
p a p e r , h u n d r e d s o f m illio n s c a n b e p u t o u t o n p a p e r
a c q u ir e d in th e o p e n m a r k e t.
so e a s y , t o o !

A n d th e o p e r a t io n is

T h e n o te s issu ed u p o n o n e b a tc h o f

N e w Y o r k , th o u g h o f c o u rse o n a c o r r e s p o n d in g ly

p u rc h a s e d p a p e r w ill b e a v a ila b le t o a c q u ir e a s e c o n d

sm a ller sc a le .

b a tc h a n d th e n o te s issu ed a g a in s t th is s e c o n d b a tc h
w ill b e a v a ila b le t o b u y a th ir d b a t c h , a n d th e n o te s

In fa c t , th e y h a v e b e e n a lr e a d y d o in g

th is in so m e sm a ll m e a su re .
O n J u n e 1 $ 3 2 ,8 7 5 ,0 0 0
o u t o f $ 4 9 9 ,8 4 4 ,0 0 0 o f R e s e r v e n o te s , r e p o r t e d o u t ­
s ta n d in g b y th e tw e lv e b a n k s , w a s s e c u re d b y c o m ­

a g a in s t th is th ir d b a tc h w ill p u rc h a se a fo u r t h b a t c h ,
a n d so th e p r o ce s s ca n b e c o n t in u e d u n h a m p e r e d

m e r c ia l

out

a n d u n h in d e re d a n d w ith o u t lim it, th e g o ld h a v in g

s e c u re d w h o lly b y g o ld .
O n J u n e 22 $ 1 4 9 ,2 1 1 ,0 0 0
o u t o f $ 5 3 9 ,9 7 6 ,0 0 0 o f o u ts ta n d in g n o te s w a s se cu re d

p a p er,

a lr e a d y b e e n a c q u ir e d b y th e sim p le a c t o f p a y in g fo r

by

th e la w p r o v id e s th a t th e R e s e r v e n o te s “ sh all b e

c o m m e r c ia l

r e p re s e n te d

p a p er,

le a v in g
As

th e

o n ly
la w

of

n o te s

$ 3 9 0 ,7 0 5 ,0 0 0
now

it w ith n o te s .

I t sh o u ld a lso b e r e m e m b e re d t h a t

e x p re s sly

o b lig a tio n s o f th e U n ite d S ta te s a n d sh all b e r e c e iv ­
a b le b y all n a tio n a l a n d m e m b e r b a n k s a n d F e d e r a l

g o ld , w e m a y s u p p o s e th e p ro ce s s w ill n o w p r o c e e d a t

R e s e r v e b a n k s a n d f o r a ll ta x e s , c u s to m s a n d o th e r

a n a c c e le r a tin g p a c e . T h e R e s e r v e B a n k o f N e w Y o r k

p u b lic d u e s .”

a lr e a d y

g o ld .

$ 4 6 0 ,9 0 9 ,0 0 0

s a n c tio n s th e issu a n ce o f n o te s a g a in s t d e p o s its o f

h a v in g

by

le a v in g

g o t d o w n m e a s u ra b ly n e a r t o th e

Last

w eek ’s

s ta te m e n t

fo r

th e

tw e lv e

F ederal

lim it o f 4 0 % c a n n o t g o m u c h fu rth e r in a n y e v e n t ,

R e s e r v e b a n k s s h o w e d th a t w ith th e g o ld h e ld b y th e

a n d it w o u ld n o t b e su rp risin g if fu tu r e s ta te m e n ts

F e d e r a l R e s e r v e a g e n ts as s e c u r it y fo r o u ts ta n d in g




THE

2580

[Vol. 104

C H R O N IC L E

F e d e r a l R e s e r v e n o te s a d d e d t o th e g e n e ra l s t o c k o f
R A I L W A Y

g o ld h e ld , th e t o t a l g o ld h o ld in g s o f th e R e s e r v e
b a n k s h a d b e e n in cr e a s e d t o S I , 2 1 2 ,0 1 8 ,0 0 0 .

A

T h is

A N D

IN D U S T R IA L

S E C T IO N .

n e w n u m b e r o f o u r “ R a ilw a y a n d In d u s tr ia l

w a s b e fo r e th e tr a n sfe r t o th e R e s e r v e b a n k s o f th e

S e c t i o n ,” r e v is e d t o d a te , is se n t t o o u r su b s cr ib e rs

in cr e a s e d p e r ce n ta g e s o f th e reserv es w h ich th e m e m b e r

t o -d a y .

b a n k s w ill h e n c e fo r t h b e o b lig e d t o m a in ta in w ith
th e R e s e r v e b a n k s .
o th e r t w o

T h e b a n k s in th is c it y a n d th e

T H E

The

C e n tr a l R e s e r v e c itie s h a v e b e e n g iv e n

u n til J u n e 27 t o m a k e th e tra n sfe r a n d elsew h ere

its

w ill h a v e u n t il J u ly 15.

tio n s .

T h e s e tra n sfe rs are e x p e c t e d

F I N A N C I A L

S IT U A T IO N .

In te r -S ta te C o m m e r c e C o m m is s io n , tr u e

tr a d itio n s ,

h as

a g a in

d is a p p o in te d

to

ex p ecta ­

I t h as r efu sed t o p e r m it th e g e n e ra l a d v a n c e

t o a d d 8 3 0 0 ,0 0 0 ,0 0 0 t o th e t o t a l o f g o ld h o ld in g s ,

o f 1 5 % in ra te s .

ra isin g th e g ra n d a g g re g a te t o $ 1 ,5 0 0 ,0 0 0 ,0 0 0 .

s id e , it w a s in th e case o f th e p r e se n t a p p lic a t io n o f

Y et

th e R e s e r v e o ffic ia ls are n o t sa tis fie d , b u t are se e k in g

th e

t o p r e v a il u p o n th e S ta te b a n k s t o c o m e in t o th e s y s ­

h a v e in cre a s e d a n d still are in cre a s in g a t a p e r fe c t ly

t e m , t o o , a n d all th e m e m b e r b a n k s are a t th e sa m e
tim e b e in g u rg e d t o u se R e s e r v e n o te s as till ca sh .
B u t c o n s id e r in g w h a t an e x p e r im e n t th e R e s e r v e

fr ig h tfu l r a te .
B u t th e C o m m is s io n c a n n o t see it
th a t w a y .
T h e y issu ed a s ta te m e n t y e s te r d a y
s a y in g th a t n o g e n e ra l e x ig e n c y fo r in cre a s e d ra tes

b a n k s are e n g a g e d in , w o u ld it n o t b e m u c h th e w iser

e x is te d in th e W e s t a n d S o u th .

c o u r s e fo r th e S ta te b a n k s t o k e e p th e m s e lv e s s t r o n g ,

r a te

o u ts id e th e R e s e r v e s y s t e m ?

J u ly 1, w o u ld b e r e ca lle d , a n d th e d a te p o s tp o n e d

In th e fir st p la c e , a n y

ca rriers

I f e v e r th e m e rits w ere all on o n e

fo r

s c h e d u le s,

h ig h e r

w h ich

ra te s .

w ere

R a ilr o a d

ex p en ses

T h e r e fo r e , th e n ew
to

becom e

e ffe c t iv e

b a n k s th a t jo in th e s y s te m m u st reta in la rg e b a la n c e s

u n til O c t . 2 8 , in o r d e r t o fu rn ish tim e fo r fu rth e r

w ith th e R e s e r v e b a n k s , a n d th ese reserv es w ill b e

in v e s tig a t io n s .

s u b je c t t o d im in u tio n a n d a t te n u a tio n in th e w a y

h a d r e c e n tly o b t a in e d a u t h o r it y t o a d v a n c e ra tes on

a lr e a d y m e n tio n e d .

b itu m in o u s c o a l, c o k e a n d ir o n o r e .

In th e s e c o n d p la c e , th e fa c t

th a t th e p o s s ib ilitie s o f n o te issu es u n d e r th e R e s e r v e
s y s te m a re s o

u t t e r ly lim itle ss , su g g e s t c a u tio n in

The

E a ste rn

r o a d s , it w as n o te d ,
I f th e S o u th e r n

r o a d s d esired th e y c o u ld file n ew sch e d u le s r e la tin g
t o th ese p a r tic u la r ite m s .

T h e W e s te r n r o a d s c o u ld

a d d in g still fu rth e r t o th e fa c ilitie s fo r c o n tin u in g

file sch e d u le s fo r an a d v a n c e n o t t o e x ce e d 15 c e n ts

th e m o v e m e n t .

p e r to n fo r c o a l a n d c o k e .

I t w as a rg u e d fo r a lo n g tim e th a t

d iffic u lt y m ig h t b e fo u n d in g e ttin g e lig ib le p a p e r to

In th e m e a n tim e th e C o m m is s io n p r o fe ss e d w illin g ­

s u p p o r t th e s t r u c tu r e o f n o te issu es, b u t w ith o n ly

n ess

6 0 % o f n o te s r e q u ir e d , a g a in s t th e fo r m e r 1 0 0 % ,
a n d w ith p a p e r p u rc h a se d in th e o p e n m a rk e t a v a il­

r a ilr o a d s m a y w a n t to m a k e , b u t o f w h a t a v a il w ill

a b le fo r th e p u r p o s e , it h a s b e c o m e a p p a r e n t th a t n o
d iffic u lt y o n th a t s c o r e is lik e ly t o b e e n c o u n te r e d .
T h e F ederal R eserve B a n k o f N ew Y o rk , w e h ave
se e n , w a s a b le t o p r o d u c e $ 1 0 0 ,0 0 0 ,0 0 0 o f c o m m e r c ia l

to

h ea r

any

a d d itio n a l

a r g u m e n ts

th a t

th e

fu r t h e r h ea rin g s b e w h ere a n a d v e r s e resu lt is su re
t o b e a fo r e g o n e c o n c lu s io n ?

B u t e v e n if th ere w ere

a c h a n c e th a t th e C o m m is s io n m ig h t re v e rse its e lf,
th e loss o f fo u r m o n th s tim e w ill, in a n y e v e n t , b e a
m o s t seriou s m a tte r .

p a p e r a t o n e b o u n d , a n d as a m a tte r o f fa c t , its h o ld ­
in g s o f

p a p e r la st

w eek

a g g re g a te d

no

it

s ig n ific a n t

th a t

less th a n

M r . W a rfie ld o f th e C o n tin e n ta l T r u s t C o . o f B a lti­

o f th is

m o r e , w h o ca lled th e c o n fe r e n c e h eld in th a t c it y ,

$ 1 4 6 ,9 1 8 ,0 0 0 c o n s is te d o f p a p e r b o u g h t in th e o p e n

a m o n th a g o , o f rep resen ta tiv es o f a to ta l o f ra ilw a y

m a rk e t— la r g e ly a c c e p ta n c e s .
T h e g re a t n e e d in th is c r itic a l p e r io d o f th e w o r ld ’ s

issues e stim a te d a t th ree b illion s, h as a n n o u n c e d th e

h is t o r y is t o k e e p w ith in b o u n d in fla t io n te n d e n cie s

R a ilr o a d

$ 2 2 0 ,0 3 2 ,0 0 0 , a n d

o f all k in d s .
fla t io n ,

A n d o f all th e d iffe r e n t sp e cie s o f in ­

th e

w orst an d

is

e v il o f
m ost

paper m on ey

seriou s o f

a ll.

o ffic e rs

of

th e

N a tio n a l A s so c ia tio n

S ecu rities,

o rg a n iz ed

by

of

O w n ers

th a t

of

m e e tin g .

A n d , in v ie w o f th e a d v e r s e a c tio n o f th e I n t e r ­

is th e

S ta te C o m m e r c e C o m m is s io n o n th e ra te p e t itio n o f

is sellin g

th e ca rriers, as n o te d a b o v e , th e fa c t th a t a p e r m a ­

in fla tio n
W heat

a b o v e $2 a b u s h e l, a n d h as b e e n a b o v e $3 ; co rn

n e n t o r g a n iz a tio n h as b een e ffe c t e d m u st b e c o n ­

c o m m a n d s o v e r $1 50 a b u sh e l; c o t t o n is sellin g a t

sid e re d v e r y fo r tu n a te .

25@ 26

th e

c e n t s a p o u n d ; steel b ille ts are q u o te d

at

$ 1 00 a t o n , a g a in s t o n ly $19 a to n t w o -a n d -a -h a lf
y e a r s a g o , a n d sim ila r m a n ife s ta tio n s o f p r ic e in ­
fla tio n

e x te n d

th r o u g h

th e

w h o le

ra n g e

p r o d u c ts a n d c o m m o d itie s o f all k in d s .

of

fo o d

C u rren cy

P r e s id e n c y

of

P r e s id e n t
fo r
th e P r u d e n tia l

M r . W a r fie ld h im s e lf ta k e s

th e

o r g a n iz a tio n .

The

V ic e ­

th e E a ste rn D is t r ic t is h e a d o f
L ife o f N e w a r k ; fo r th e C e n tr a l

D is t r ic t, th e h ead o f th e Illin ois T r u s t & S a v in g s
B a n k o f C h ic a g o ; fo r th e S ou th ern D is tr ic t, th e h ea d

in fla t io n w ill o n ly a d d fu e l t o th e fla m e s , a n d m a k e
th e ta sk o f th e F e d e r a l o ffic ia ls in tr y in g t o re g u la te

o f a steel c o m p a n y o f A tla n ta ; fo r th e fa r W estern

p rice s all th e m o r e o n e r o u s .
O b v io u s ly fin a n cia l o p e r a t io n s

E x p o s itio n ; fo r th e S ou th w estern D is t r ic t, th e M a y o r
o f G a lv e s to n .
T h e e x e cu tiv e c o m m itte e o f 28 in ­

on

a

g ig a n tic

D is t r ic t,

th e

fo rm e r

clu d es

K in g s le y o f th e N . Y . L ife b ein g m o s t p r o m in e n t, a n d

la w h a v e b e en m a d e

sev en o ffic e rs o f b a n k s a n d tru st c o m p a n ie s , a m o n g

th e c h a n g e s in

th e

R eserve

in su ran ce

P a n a m a -P a cific

O s te n s ib ly ,

a t all h a za rd s .

eig h t

th e

fu lly

th r o u g h

of

of

s c a le in th e p r o s e c u t io n o f th e w a r m u st b e su c ce s s­
c a r rie d

o ffic e rs

h ead

co m p a n ie s ,

M r.

w ith th a t e n d in v ie w , b u t w h ile so m e c u r r e n c y an d

th ese b ein g th e h ea d o f th e la rgest b u t on e o f th e

c r e d it in fla t io n is u n a v o id a b le , a n d e v e n n e ce s sa r y ,

sa vin g s b a n k s o f th is S ta te .

in c o n n e c t io n w ith th e se o p e r a t io n s , th ere is a t lea st

o f 9 6 , tw o m em b ers fr o m ea ch S ta te , w as a u th o rize d

e q u a l d a n g e r o f c a r r y in g th e m o v e m e n t t o o fa r .

a t th e B a ltim o re m eetin g a n d
n o u n ce d .

stron g

body

of

in s titu tio n s

o u ts id e

A

th e R e s e r v e

s y s t e m c a r r y in g reserv es n o t s u b je c t t o d im in u tio n

M r.

W a rfie ld

defin es

A gen eral c o m m itte e
w ill s h o r tly

th is a ssocia tion

be a n ­

as restin g

o r a t t e n u a t io n , a n d w ith n o p o w e r t o c re a te e x tra

“ s q u a re ly o n th e v a s t ow n ersh ip o f ra ilroa d secu rities,

n o te is su e s, w ill a ffo r d an a d d e d b u lw a r k a t a tim e

u n iv ersa l in d is trib u tio n

w h ich

is th e

w h e n , in th e fin a n cia l w o r ld , as e lsew h ere, n o ele­

reason fo r its ex isten ce a n d fo r its s u p p o r t .”

F u lly

m e n t o f c a u t io n a n d s a fe ty s h o u ld b e n e g le c te d .

50 m illion s o f th e p e o p le o f th is c o u n tr y , h e s a y s ,




and

e x te n t,

June 30 1917.]

THE

C H R O N IC L E

“ h a v e a v e r y d efin ite o w n e r sh ip ” in r a ilw a y issu es.

2581

H e d iv id es th e m as 33 m illion s o f p o lic y h o ld e r s in

m illio n d o lla r s .
A t a n y ra te fr o m th e d a ta fo r th e
te n m o n th s e n d e d A p r il 3 0 19 17 , w e r e a c h a v e r y

m u tu a l life in su ran ce c o m p a n ie s , 8 m illion s o f sa vin g s
b a n k d ep ositors a n d 9 m illion s w h ose ow n ersh ip is
in d iv id u a l or exists th r o u g h s t o c k ow n ersh ip in fin a n ­

c o n c lu s iv e id e a o f th e a r ticle s in w h ic h e x p a n s io n
has b e e n , a n d is c o n t in u in g t o b e , m o s t m a r k e d . T h e
gain in th e o u t flo w o f e x p lo s iv e s fo r t h a t p e r io d , as

cial a n d oth e r in stitu tio n s .
T h e re is n o reason fo r
c riticisin g th is e stim a te , w h ich can n e v e r b e ex a c t

w as n o less th a n 36 6 m illio n s ; ir o n a n d steel a n d

a n d strict, a n d th e sev era l classes o f person s m e n ­

m a n u fa c tu r e s ,

tio n e d n ecessa rily b len d an d in terla p m o re o r less;

c o p p e r , 129 m illio n s ; c o t t o n , 176 m illio n s ; c h e m ic a ls ,

it m u st su ffice th a t, as a b r o a d sta te m e n t n eed in g

& c ., 85 m illio n s ; p r o v is io n s , 8 4 m illio n s ; b r e a d s tu ffs ,

little

82 m illio n s

q u a lific a tio n ,

ju s t

as

e v e ry

in d u stry

in

th e

c o u n tr y a n d th e v e r y ex isten ce o f e v e r y in d iv id u a l in
th e c o u n tr y is lin k ed w ith tra n sp o rta tio n so e v e r y

c o n tra s te d w ith th e c o r r e s p o n d in g p e r io d o f 1 9 1 5 -1 6 ,
431

and

m illio n s ;

m in e r a l

o ils ,

b r a s s,

53

231

m illio n s ;

m illio n s .

e n o rm o u s in cr e a s e s, m o r e o v e r , fo llo w
a u g m e n ta tio n la s t y e a r o v e r 1 9 1 4 -1 5 .

T h ese

c o n s p ic u o u s

in terest a n d e v e ry business is sta n d in g eith er u p o n

I t is n o t t o b e in fe r r e d , a t le a st n o t u n til th e a s p e c t

ra ilw a y issues an d cred it d ir e c tly o r u p o n so m e o th e r

o f a ffa irs in E u r o p e c h a n g e s m a te r ia lly , t h a t r e c e n t

in terest w h ich d oes sta n d th u s.
T h r e e -fifth s o f th e
sev en teen b illion s a g g reg a te o f ra ilw a y issu es, a d d s
M r . W a rfie ld , are in th e fo r m o f m o r tg a g e s , a n d th is

le g isla tiv e e n a c tm e n ts w ill s e r v e v e r y n o t ic e a b ly t o
c u r ta il th e

o u tflo w

of

m e r c h a n d is e .

The

p a ssin g

v o ic e ,

in to la w o f th e E s p io n a g e B ill h a s, o f c o u r s e , in je c t e d
in to th e fo r e ig n c o m m e r c e situ a tio n an e le m e n t o f

A n d w ith

u n c e r t a in ty as u n d e r th e p r o v is io n s o f th e A c t t h e

en tire tru th a n d tim elin ess h e sa ys th a t “ th e v o ic e

P r e s id e n t is v e s te d w ith a u t h o r it y t o r e s tr ic t e x p o r t s
a n d , p u rs u a n t t o th e s e c tio n o f th e A c t c o n fe r r in g

is

a

m a jo r ity

o w n e rsh ip ,

h ith erto

w ith o u t

w h ich th e new A s s o c ia tio n w ill rep resen t.

o f th e ow n ers o f th e carriers sh ou ld b e h ea rd a lon g
w ith th e v o ic e o f th e u sers o f tr a n sp o rta tio n in s o lv in g
th eir p r o b le m s .”
H ith e r to , th e ow n ers h a v e

n o t been h eard a n d

th a t p o w e r , a n E x p o r t s C o u n c il h a s a lr e a d y been
c o m p le t e d .

T h a t C o u n c il h as a b s o lu t e ju r is d ic t io n

o v e r th e e x p o r ts o f th e c o u n t r y a n d h as a d o p t e d a

h a v e been v e r y little th o u g h t o f; th e users a lo n e h a v e

p o lic y

h ad th e flo o r , ju s t as th e em p lo y e e s a lo n e

issu in g licen ses h as b een lo d g e d in th e B u r e a u o f

h a v e h ad

of

lice n sin g

th e

o u t flo w .

The

b u sin ess

of

it w h en m a k in g th e ir p erio d ica l d em a n d s fo r w ag e

F o r e ig n a n d D o m e s t ic C o m m e r c e , o p e r a t in g th r o u g h

in creases.

its v a r io u s b r a n c h e s in N e w Y o r k , B o s t o n , C h ic a g o ,

tin c tly

N ow

th a t th e ow n ers— w h o , le t us d is­
ev ery b od y — have

N e w O rlea n s, S t. L o u is , S an F r a n c is c o a n d S e a ttle .

b een a t last en ou g h stirred to fo r m a d efin ite o r g a n i­

r e co g n ize ,

are

v irtu a lly

T h e m isa p p re h e n sio n th a t th is e x p o r t c o n t r o l w o u ld

z a tio n , let us h o p e th e w ork w ill n o t e n d w ith o r g a n i-

a c t as a v ir tu a l e m b a r g o is b r u sh e d a s id e , h o w e v e r ,

in g b u t th a t th is g rea test p a r ty a n d in terest in th e
p r o b le m o f tra n sp orta tion w ill k e e p a lert a n d n o t

b y D r . E . E . P r a tt , C h ie f o f th e B u r e a u , w h o is

rest u n til fu ll ju s t ic e is o b t a in e d fo r th e ca rriers.
T h a t th e s tu p e n d o u s v a lu e o f th e o u t flo w o f c o m ­
m o d itie s fr o m th e U n ite d S ta te s t o fo r e ig n c o u n tr ie s ,
as a w h o le , h as n o t b een a p p r e c ia b ly a ffe c t e d b y

r e p o r te d t o h a v e sta te d t h a t n o g e n e ra l e m b a r g o is
in te n d e d e ith e r o n a n y p a r tic u la r class o f g o o d s , or
as a g a in st a n y p a rticu la r c o u n t r y .
I n o th e r w o r d s ,
e x p o rts are t o b e c o n t r o lle d a n d n o t r e s tr ic te d , e x c e p t
as a g a in st th e C e n tr a l P o w e r s , a n d th o s e w h o w o u ld
a c t as th e ir in te r m e d ia r ie s.

su b m a r in e a c t i v it y , o r th e u n d o u b t e d r e d u c tio n o f

T h e e x p o r ts in M a y 1917 a g g r e g a te d a v a lu e o f

tr a n s p o rta tio n fa c ilitie s as a c o n s e q u e n c e th e r e o f, is

$ 5 5 0 ,9 7 7 ,2 1 5 , a n d e x c e e d e d th o s e o f 1916 b y 76 m il­

cle a r ly sh ow n b y th e c o m p le t e d o ffic ia l re tu rn s fo r

lio n s , a n d 1915 b y 277 m illio n s .

th e m o n th o f M a y , w h ic h , w ith tw o e x c e p t io n s —

o f th e c a le n d a r y e a r 1917 th e m e r c h a n d is e sh ip m e n ts

F o r th e fiv e m o n th s

J a n u a ry a n d M a r c h o f th e c u r re n t y e a r — fu rn ish th e

a t 2 ,7 1 6 m illio n s w ere 70 0 m illio n s m o r e th a n la st

h e a v ie st e x p o r t to t a l o n r e c o r d fo r su ch a p e r io d .

y e a r , 1,2 83 m illio n s g re a te r th a n in 19 1 5 , a n d a c t u ­

In sta tin g th a t th is resu lt h as b e e n a tta in e d in sp ite

a lly in ex cess o f th e to t a l fo r th e fu ll fis c a l y e a r

o f th e im m en se loss o f to n n a g e

in r e ce n t m o n th s

th r o u g h ru th less su b m a r in e a t t a c k s — a loss th a t in
th e

la rg e

c a r g o -c a r r y in g

v essels

a p p r o x im a te s

1 9 1 3 - 14, o r a n y 12 m o n th s p r io r th e r e to .

F o r th e

elev en m o n th s (J u ly 1 t o M a y 3 1 ) th e a g g r e g a te a t

2 ,­

5 ,7 1 8 m illion s is, o f c o u r s e , a h ig h m a rk b y a strik in g ­

0 0 0 ,0 0 0 to n s— in d ic a te s th a t th e e x ig e n c ie s o f th e

ly la rg e a m o u n t, sh o w in g a n a u g m e n ta tio n o f 1,8 5 0

situ a tio n h a v e ca u sed th e w ith d r a w a l fr o m o th e r lan es

m illion s

o f tr a ffic o f e v e r y v essel p o s s ib le in o r d e r t o k eep

1 9 1 4 - 15.

u p to th e m a x im u m th e flo w o f m u n itio n s a n d s u p ­

M e r c h a n d is e im p o r ts w e re , as a lr e a d y s t a t e d , th e
h e a v ie st on r e c o r d fo r a n y m o n t h , a n d v e r y d e c id e d ly

p lies fr o m th e U n ite d S ta te s t o th e E n te n te P o w e rs .
W e fin d c o n fir m a tio n o f th is in r e p o r ts fr o m E u r o p e
o f th e c u ttin g d o w n o f th e s e r v ic e th e n ce to. th e F a r
E a s t a n d S o u th A m e r ic a .

N o t o n ly d id o u r e x p o r t

v a lu e s in M a y c o n tin u e p h e n o m e n a lly h e a v y , b u t
th e m e rch a n d ise im p o r ts w ere lik ew ise o f u n p r e ­
c e d e n te d

p r o p o r t io n s , e x c e e d in g in v a lu e b y so m e

11 m illio n d olla rs th e p r e v io u s h igh r e c o r d fo r a n y
m o n th , e s ta b lis h e d in M a r c h la st.

over

1915-16

o f 3 ,2 1 8

m illio n s

over

h e a v ie r th an in 1916, re a c h in g $ 2 8 0 ,5 6 1 ,9 6 4 , a g a in st
$ 2 2 9 ,1 8 8 ,9 5 7 .
F o r th e fiv e m o n th s th e in flo w o f
g o o d s a g g re g a te d a v a lu e o f 1 ,2 4 6 m illio n d o lla r s ,
o r 207 m illion s m o r e th a n fo r th e c o r r e s p o n d in g
p e r io d a y e a r a g o , a n d fo r th e e le v e n m o n th s o f th e
fisca l

year

19 16 -17

th e

tota l

at

2 ,3 5 2 )^

m illio n s

c o m p a re s w ith 1 ,9 5 2 m illio n s in 19 15 -16 a n d 1 ,5 1 6 )^
m illio n s in 1 9 1 4 -1 5 .

A s th e o ffic ia l d eta ils o f e x p o r t s fo r M a y w ill n o t

and

T h e e x p a n s io n in im p o r t s th u s

fa r in 19 16 -17 h as b e e n m o s t n o tic e a b le in c o p p e r ,

b e a v a ila b le fo r sev era l w eek s y e t , it is n o t p o s sib le

h id es a n d sk in s, In d ia r u b b e r , o ils , raw silk , a n d

t o sta te s p e c ific a lly h ow th e m o n t h ’ s to ta l w as m a d e

su g ar.
T h e e x p o r t b a la n c e fo r M a y re a c h e d 2 7 0 }^ m il­

u p , b u t it is a p e r fe c t ly te n a b le in fe re n c e th a t e x ­
p lo s iv e s a n d v a r io u s o th e r a rticle s fo r w a r u se,
to g e th e r w ith th e tr e m e n d o u s rise in p r ic e s , a c c o u n t

lion d o lla r s , as a g a in s t 2 4 5 ^ m illio n s in 1916 a n d
132 m illio n s in 19 15 .
F o r th e fiv e m o n th s o f th e

fo r m u ch th e g re a te r p a rt o f it, a n d e s p e cia lly fo r th e

ca le n d a r y e a r th e b a la n c e o f e x p o r t s is 1 ,4 7 0 m illio n s,

in crea se o v e r a y e a r a g o ,

o r 49 3 m illio n s a b o v e th a t fo r th e sim ila r p e r io d o f




w h ich

a p p r o x im a te s 76

2582

THE CHRONICLE

[VOL. 104.

the British losses were 32 vessels, of which 27 were 4
more than 1,600 tons. Advices from Rome state
that Umberto Pugliere, a naval engineer, has de­
signed a new type of so-called unsinkable cargo boat,
which has been accepted by the Italian Ministry of
Marines. The vessel has a displacement of 10,300
tons and a cargo capacity of 6,800 tons. It has a
double skin, the space between the inner and outer
hulls being filled with coal and other material in­
tended to protect the ship from mines or torpedoes.
The Italian weekly statement of shipping losses shows
that only one Italian steamship was sunk in the week
ended June 24. Arrivals at Italian ports were 583
and departures 536. Five French ships were sunk
by German submarines during the week ending
June 24. Of these, two were over 1,600 tons in size
Brazil by formal action on Thursday revoked her and the rest were under that tonnage.
decree of neutrality in the war between Germany and
British forces have finally surrounded the French
its allies on the one hand, and virtually the rest of
the world on the other. This means a decision to coal city of Lens on three sides and the surrender or
side with the United States, although an open declara­ evacuation of this important stronghold seems now
tion of war does not appear yet to have been made. merely a question of hours. Canadian troops have
A dispatch from Rio de Janeiro on June 9 stated that done remarkable work in forcing the Germans back
diplomatic exchanges with representatives of the at this point. Meanwhile, south and southwest of
Entente Powers were then in progress and that Oppy, Field Marshal Haig on Thursday struck a
practical results might be expected soon. It was sudden and important blow at the German lines,
added that warships of the Entente would be per­ capturing the enemy’s forward position over a front
mitted to visit Brazilian ports without adhering to of 3,000 yards and gaining the whole objective sought.
the time limit imposed by neutrality regulations. This is another example of the Haig plan of keeping
Advices from London yesterday quote a dispatch the enemy guessing by surprise attacks in force.
from Athens as stating that the new Government in There had been little fighting around Oppy for
Greece considers that a state of war exists between weeks. In the last few days seemingly, the British
Greece and the Central Powers. German Consuls had concentrated all their force for the encircling
at Skein and Arendal have resigned, according to drive around Lens and the Germans undoubtedly
advices from Christiania, following revelation in a have been hurriedly massing reserves to defend this
German bomb plot recently discovered in Norway in coal city. Lens now is virtually in ruins from both
which it has been asserted that Germany sent secret the German scheme of destruction and the shells
agents into Norway armed with quantities of bombs from the British forces. Ordinarily, it is a city of
to be placed on board Norwegian ships. There is 25,000 population in the centre of one of the richest
said to be an insistent demand in Norway that that coal fields of Northern France, surrounded by 200
country take a definite position on the side of the square miles of mines, which prior to the war yielded
Allies. Argentina is expected soon to follow the ex­ 15,000,000 tons of fuel a year. France, as well as
ample of Brazil. Thus is it evident that the circle of Italy, is in great need of coal. Hence, the completion
steel around the Central Powers is gradually being of victory at Lens will have unusual significance.
On the remainder of the front in France there
■completed, although how soon it can be made comappears to have been only bombardments between
peltely effective is still, unfortunately, entirely a mat­
ter of surmise. Special dispatches by way of Rotter­ the French and Germans. In Belgium the Germans
dam from Germany indicate that censorship of a most are carrying on heavy bombardments of French and
extreme character is being imposed upon the German Belgian positions at numerous points from the sea
press. Such an influential paper as the “ Frankfurter southward. In attacks south of St. Georges, the
Zeitung” is complaining that it is compelled to issue Germans entered French trenches, but later were
its political section until further notice without an ejected, suffering heavy casualties. Only minor
independent expression of opinion. The press is operations are in progress on the other fronts. In
declared to be completely muzzled and it is intimated the Russian theatre the fighting still is spirited in
that the real secret of the paper shortage is a Govern­ Galicia. In the Austro-Italian zone infantry attacks
ment move to compel the press to print bare news seemj to have ceased for the moment and only
excluding comment of all kinds. The belief is artillery duels are taking place.
expressed in Holland that next week’s meeting of the
Considerable interest has naturally centred this
Reichstag will produce startling developments.
week in the news from “ a French seaport” that
The weekly report of the British Admiralty of ship American troops are arriving in France. A dispatch
losses due to enemy submarines and mines was rather dated June 27 declared that “ the second contingent
more satisfactory this week. Twenty-one British of American troops arrived and disembarked this
vessels of more than 1,600 tons each and 7 under that morning.” The troops are said to have landed
tonnage were sent to the bottom. N o fishing vessels, amidst the frantic cheers of the people, who had
so far as is known, met disaster. The arrivals at gathered for hours in anticipation “ of duplicating
United Kingdom ports for the week totalled 2,875 yesterday’s surprise,” which presumably means that
and the sailings 2,923. There were 22 vessels un­ the first contingent landed on Wednesday. The
successfully attacked, including 7 in previous weeks, port was promptly decorated with flags in honor of
that had not been reported. In the preceding week the occasion. The publication of the news of the

191G, while for the eleven months the outward move­
ment of merchandise exceeds the influx by 3,365%
millions, against 1,916% millions last year and 983%
millions two years ago.
The gold movement of the month shows a moderate
export balance, due to rather important shipments
to Japan and Spain. The exports reached $57,­
097,419 and the imports $52,262,090, leaving the
net outflow for the month 5 % millions, which com­
pares with a net inflow of 15% millions a year ago.
For the eleven months, however, there is a balance
of imports of 661 millions, against 289 1-3 millions
in 1915-16. For the 35 months July 1 1914 to M ay 31
1917, inclusive, our net gold imports have been
approximately $1,089,000,000.




J une 30 1917.]

THE CHRONICLE

landing of these troops was criticised and deprecated
by our War Department, which, in view of the exceed­
ingly hazardous character of the trans-Atlantic trip,
desired that all movements of this character be kept
secret, since such announcement will give the enemy
valuable data with which to await succeeding detach­
ments. The number of troops that have arrived are
of course not stated, but they are understood to com­
prise detachments of the regular U. S. Army. In
addition, it was officially announced fromWashington
that a group of nearly 125 aeroplane experts sent from
this country to acquire and bring back to the United
States all possible information regarding aircraft
designing and the manufacture of both engines and
planes, have arrived safely in England. In the
delegation arc men representing legal, manufacturing,
designing, engineering, military and naval experiences
and training. Furthermore, ten units of American
woodmen, sent over from the New England States
and various organizations to turn various forests of
the United Kingdom into lumber have arrived on
English soil. They were ready on their arrival to
establish their sawmills and begin work at once,
having the necessary machinery.
The Spanish Government on Tuesday decided to
suspend constitutional guarantees, the new Premier
going to the Palace to obtain the King’s signature
authorizing such suspension. Dispatches from M ad­
rid give no special reason for this action. I he consti­
tutional guarantees have been suspended several
times since the outbreak of the wai and were restored
only recently. It is assumed, quoting advices from
Paris, that the crisis through which the country is
passing is not developing as favorably as the Premier
hoped.
As to Russia, advices from Petrograd seem some­
what more reassuring, though it is significant that
exchange rates on the Russian centre continue at
their recent low level. If the situation were really
better, it appears fair to assume that bankers would
be among the first to know and appreciate the fact
and that rubles would respond. Senator Root, head
of the American Commission, and Foreign Minister
Tcreschtenko returned to Petrograd on Thursday
after a brief visit to staff headquarters, where they
were welcomed by General Brusiloff in the name of
the Russian army, and who declared the commanderin-chief, would continue with all the powers at his
disposal not only to fight for Russia’s own cause—
that of fortifying liberty recently acquired— but at
the same time, hand in hand with America, for the
rights of all nations to shape their destinies in ac­
cordance with their desires. All this sounds very
well and undoubtedly is intended in a friendly and
honest way. But there is no question that the prob­
lem in Russia is one that must be handled with the
greatest skill and diplomacy to prevent the with­
drawal of Russia from the war and the consequent
release of the German forces that have been holding
her in check. The Provisional Government has is­
sued a decree fixing Sept. 30 for the elections of the
Constituent Assembly. Oct. 13 has been set for the
first meeting of the Assembly. With a view to the
reorganization of the economic life of the nation
and the regulation of labor questions, the Government
has resolved to create an economic council under the
Presidency of the Premier, and to include represen­
tatives of the Peasants’ and Workmen’s and Social­




2583

ists’ Council of industrial and commercial bodies,
and members of the Bourse.
The London markets have ruled quiet this week.
The Stock Exchange at that centre was closed on
Saturday; hence there could be no immediate reflec­
tion of the success of the American war loan, the
details of which were published on the morning of that
day. Dispatches cabled on Monday reported a
moderate accumulation of orders for securities over
the week end, with the Stock Exchange market in the
main steady. Later in the week, however, the ten­
dency became one of more or less irregularity, with
the volume of business narrowing down to compara­
tively small proportions. Spanish bonds were weak be­
cause of the suspension of constitutional guarantees
in Spain. A statement in the House of Commons by
Alfred Bonar Law, Chancellor of the Exchequer, on
Monday must, too, be credited with some responsi­
bility for the indecision shown by the markets.
The total national expenditure for the nine weeks
from Oct. 8 to Dec. 9 last, the Chancellor said, repre­
sented a daily average of 833,075,000. For the five
weeks from April 1 to May 5 1917 the daily average
of expenditures rose to 839,855,000, while for the
five weeks from May 6 to June 9 it was 837,660,000.
For the ten weeks from April 1 to June 9 the average
was 838,760,000 daily. The expenditure of the
United Kingdom for last week was £33,279,000 and
the revenue £7,989,000. Outstanding Treasury
bills increased £2,859,000, indicating success for the
policy of daily sales on the fixed rate of 43^%. The
revenue shows a reduction of £326,000 from last
week.
Commenting on the success of our war loan, the
London “ Times” on Monday referred to it as having
great significance and as being only an earnest of
what is still to come. The “ Times,” however, sug­
gests that danger for England is contained in the
English money situation. “ It would be a short­
sighted view of our own money market,” it says, “ to
ignore the act that an unexampled drain on the
monetary resources of the United States may still
affect it in ways not immediately obvious to those
who regard the Liberty Loan merely as supplying
cheap money for Allied war chests.” “ Confident
as we may well be, however, in the financial strength
of the United States,” continues the “ Times,” “ let
nobody here be so foolish as to think everything
has been made plain sailing for us in the matter o f
money by American co-operation. It is no substi­
tute for the efforts called for from ourselves, and
yet there is some danger of slackness here, not only
among the public, but through the idea that a pro­
vision of American money relieves us of much of our
own responsibility. If will do that, we firmly
believe, but only by willing co-operation, which will
need unchecked assistance in our own effort.”
British bankers have been watching the money
situation most carefully in view of the sale of Treas.ury bills daily by the Treasury. Two conferences
were held by London bankers to consider whether
they should not in turn follow the Government’s
action by some movement of their own. It was de­
cided to defer any reduction of the interest paid on
deposits to the public and defer also establishing a
new rate for loans granted to the money market, the
latter still being 43/2%. Credit dealers have not
been able to purchase credit bills at the Government’s
quotation. The whole matter seems to have been

2584

:

THE CHRONICLE

deferred until after to-day, when the half-yearly bal­
ance sheets will be adjusted. In some cases, to
quote one correspondent, deposits have not fully re­
covered from the effect of war loan subscriptions,
and the banks desire to avoid further depletion for
the present.
A feature in London has been the demand for
shipping shares, especially those for the Cunard,
Royal Mail, Peninsular & Oriental and FurnessWithey companies. The demand has been accom­
panied by a revival of confident rumors regard­
ing an important working agreement between the
large lines to increase the strength of British shipping
against post-bellum competition. The British Trade
Corporation’s prospectus has been issued. It offers
£2,500,000 in ten-pound shares, one million pounds
of which already has been subscribed. Declines in
crude rubber prices have been responsible for weak­
ness in the British rubber share market. It is re­
ported that large American rubber buyers, who until
recently traded through the British centre, now are
buying direct from the plantations. The London
Stock Exchange will remain closed from last night
until Tuesday morning, the banks having decided to
close on Monday in order to enable their depleted
staffs to cope with the July coupons. It has been re­
ported that a group of Japanese bankers has arranged
an issue in Japan of 50 million yen French 6% threeyear Exchequer bonds. The Bank of England has
reduced its special deposit rate on clearing bank bal­
ances to 4 % from 4 j^ % . It is felt in Lombard Street
quoting the London correspondent of the “ Evening
Post,” that we and our allies should reach a com­
mon understanding concerning gold. “ The proposi­
tion that,” the correspondent says, “ as compared
with the period before the war, the Allies should sup­
ply gold enough to raise your base of reserve pro­
portionately to your extension of new credits to the
Allies sounds reasonable. But the total sent to you
within two years already over-provides for that re­
quirement. It is up to you to prevent either hoard­
ing or unnecessary exports of the metal; otherwise no
nation or combination of nations can possibly finance
the war on a gold basis, for the attempt might easily
overtax the world’s supply. Germany alone among
the belligerents has literally hoarded gold, and Ger­
many must not be allowed ultimately to profit by
that fact.”
It is of interest to note, while on this point, that
no less than $765,000,000 in gold— the largest amount
ever stored at one time in one place, so the Govern­
ment officials say— is in the vaults of the New York
Assay * Office. This statement is made on the
authority of Edward P. Leech, the head of the com­
mittee, that is making the annual audit for the
Government in this city. The gold consists of bul­
lion and of British, French and American coin.
French war expenses also are increasing. France
. will require for the third quarter’s war expenses
$1,968,600,000, or about $43,600,000 more than for
the second quarter of 1917. This will make total
appropriations for the 38 months $19,766,400,000.
These are the totals submitted to the Senate by the
General Reporter of the Appropriations Committee.
More than 20% of the appropriations that already
have been made have not yet been disbursed, al­
though they have been allocated. Upward of
$1,200,000,000 of the total has been advanced to
France’s allies. The French Senate has this week




[VOL. 104.

adopted a bill which already has been passed by the
Chamber of Deputies taxing those who have earned
exceptional profits in consequence of the war. De­
mands are being made at various parts of France for
State control of cotton and the-suppression of specu­
lation. These demands have followed the closing of
the Havre Cotton Exchange by the Minister of Com­
merce. Hoarding by foreign speculators and non­
professionals is blamed for the high prices. One
computation published in Paris shows that in July
1914 the price of 110 lbs. of cotton at Havre was
approximately $16 and at Liverpool it was a few
cents lower. But in May 1917 the price at Havre
was $44, while it was $29 at Liverpool. England
thus was able, despite the duty, to undersell in
France to French manufacturers who already were
handicapped by the coal shortage and the German
occupation of the textile districts in Northern France.
The French prosecutor in Havre is investigating the
subject. French colonial exportations have almost
stopped and an industrial crisis is threatened with the
textile employees out of work.
The French Minister of the Interior, M . Malvy,
has, in response to a request of the Cabinet, addressed
the prefects of all departments in France, instructing
them to forbid the sale at retail of spirituous liquors
testing over 18 degrees of alcohol in cafes and saloons
except during the hours when the principal meals
are served. Adult males will be able to procure
liquors during those hours, but women and minors
under 18 years will be unable to get them at any
hour. Excluded from the scope of the regulations
are beer, wines, cider, imitation wines and liquors
and all other aromatic wines with not more than
18% of alcohol, and liquors prepared from fresh fruits
with not more than 23% of alcohol.
* The German Reichstag will resume its sitting
July 5 and a new credit of 15,000,000,000 marks
will be asked. The session is expected to occupy
a week or ten days.
Intimations a week ago that
Germany had determined to improve the exchange
valuation of the mark by the exportation of gold to
neutral countries prove to have been well founded.
The statement of the Imperial Bank as of June 23
shows a decrease of the precious metal of 76,470,000
marks, or slightly over $19,000,000 at the normal
rate of exchange. A dispatch cabled from The
Hague declares that the exchange rate of the German
mark in Holland rose on Wednesday to 33.95 guilders,
but does not furnish data as to the extent of the rise.
However, a rate of 33.95 guilders per L O German
O
marks figures out a depreciation of about 43% ,
against a depreciation of about 47j^ % indicated
by German exchange in Amsterdam last week.
Thus the improvement is substantial as a result of
the gold exportations, though, of course, it is im­
possible under these circumstances to arrive at any
completely accurate comparison. It is figured, for
instance, that when war was declared between our
own country and Germany the German mark was
ruling at a discount in New York of approximately
27% .
An organization known as the German Society
for Bourse Interests is said to have petitioned the
Prussian Minister of Commerce to re-establish
official quotations on the Berlin Stock Exchange,
on the ground that the reasons which at the begin­
ning of the war dictated suspension of the quota­
tions are no longer valid. The “ Tageblatt” re-

J une 30 1917.]

THE CHRONICLE

marks that the German Government’s standpoint
hitherto has been that official business would not
be permitted in war time because it might interfere
with the more important business of war finance.
On the other hand, open market transactions ad­
mittedly led to all sorts of abuses which resumption
of official control would abolish.

2585

deposits declined 77,818,000 francs and the Bank’s
advances were reduced 31,015.000 francs. Note cir­
culation totals 19,823,106,000 francs, comparing with
15,805,654,730 francs a year ago and 12,215,846,795
francs in 1915. Comparisons of the various items
with the statement of last week and the correspond­
ing dates in 1916 and 1915 follow:
B A N K O F F R A N C E ’S C O M P A R A T IV E S T A T E M E N T .

--------------------------- -— Status as of--------------- ------------•
Changes
There has been no change in official rates at lead­
for Week.
June 28 1917. June 29 1910.
July 1 1915.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
ing European centres from 5% in London, Paris,
In B a n k ..................... I n c .
3 ,0 1 0 ,1 7 5 3 ,2 5 3 ,2 4 5 ,3 2 5 4 ,4 9 2 ,2 0 1 ,0 9 0 3 ,9 3 1 ,5 4 9 ,0 9 5
Berlin, Vienna and Copenhagen; 5 j^ % in Italy, A b r o a d ........................ N o ch a n ge
2 ,0 3 4 ,7 7 4 ,0 7 5
2 7 1 ,0 5 5 ,0 0 8
______________
Portugal and Norway; G% in Petrograd, and 4 Y i%
T o t a l ........................ I n c . 3,0 1 0 ,1 7 5 5 ,2 8 8 ,0 2 0 ,0 0 0
4 ,7 0 3 ,2 5 0 ,7 0 5 3 ,9 3 1 ,5 4 9 ,0 9 5
S
........................... . I
1 ,307,000
3 4 3 ,9 5 3 ,0 1 7
,3 9 9
in Switzerland, Holland and Spain.
In London Dilvceoru n t s ....................In cc .. 6 0 ,1 0 2 ,0 0 0 ’ 2 5 9 ,9 8 3 ,0 0 0 4 4 7 .8 9 0 ,9 1 0 3 7 1 ,5 7 1 ,61 1
is
n
5 5 5 ,9 1 4 ,0 0 0
2 7 0 ,510
1 ,1 3 2 ,2 3 9 ,0 0 0
1 ,2 0 6 ,0 3 1 ,1 4 5
6 2 4 ,3 2 1 ,6 7 7
A d v a n c e s ................. . D e c . 3 1 ,0 1 5 ,0 0 0
the private bank rate continues to be quoted at
N o t e c i r c u l a t i o n .. .I n c . 4 5 ,1 8 0 ,0 0 0 19 ,8 2 3 ,1 0 0 ,0 0 0 1 5 ,8 0 5 ,0 5 4 ,7 3 0 1 2 ,2 1 5 ,8 4 6 ,7 9 5
4 y8% for sixty and ninety-day bills. No reports T rea su ry d e p o s i t s ..D e c . 7 7 ,8 1 8 ,0 0 0
3 3 ,5 0 8 ,0 0 0
3 8 ,2 7 0 ,9 8 7
8 2 ,0 1 3 ,8 3 5
have been received by cable of open market rates G eneral d e p o s i t s . . . I n c . 1 4 1 .028 ,00 0 2 ,8 3 3 ,4 0 6 ,0 0 0 2 ,2 7 2 ,6 4 2 ,7 6 0 2 ,3 6 5 ,2 4 3 ,0 6 6
at other European centres, so far as we have been
This week’s statement of the Imperial Bank of
able to learn. Call money in London remains as
Germany, issued as of June 23, shows some important
heretofore at 4@ 43^ % .
changes, among them a heavy reduction in the gold
item, viz., 76,470,000 marks, indicating as we show
The Bank of England announces an additional
gain in its gold item of £900,100, while the total re­ in a preceding paragraph, exports of the precious
serve was increased £340,000, there having been an metal for the purpose of steadying Berlin exchange
expansion in note circulation of £560,000. The in neutral countries. Total coin and bullion de­
proportion of reserve to liabilities advanced to clined 67,655,000 marks; Treasury notes increased
22.27% — the highest percentage yet attained this 3.404.000 marks; bills discounted advanced 112,­
year— and compares with 21.37% last week and 081,000 marks; advances were reduced 1,521,000
28.20% a year ago. Public deposits showed the fur­ marks; investments expanded 3,135,000 marks; other
ther substantial reduction of £10,979,000. Other securities registered the substantial increase of 282,­
deposits, however, were increased £5,670,000, while 630,000 marks. Notes in circulation declined 4,­
Government securities expanded £40,000. Loans 288,000 marks, while deposits recorded the large
(other securities) were reduced £5,662,000. Thread- decline of 331,974,000 marks. Other liabilities were
needle Street’s holdings of gold aggregate £57,534,­ increased 6,062,000 marks. The German Bank’s
874, comparing with £61,379,728 a year ago and gold holdings total 2,456,883,000 marks, as against
£52,091,894 in 1915. Reserves total £36,585,000, 2.465.180.000 marks in 1916 and 2,384,580,000
against £43,930,498 in 1916 and £35,905,614 the pre­ marks the year preceding. Loans and discounts
ceding year. Loans now stand at £100,225,000. aggregate 9,112,016,000 marks, which compares
This compares with £87,312,762 and £152,914,703 with 6,135,700,000 marks last year, and 4,235,­
one and two years ago, respectively. The Bank 140,000 marks in 1915. Circulation is 8,219,742,000
reports as of June 23 the amount of currency notes marks. At the corresponding date a year ago the
outstanding as £144,041,830, as against £143,933,073 total was 6,634,140,000 marks and in 1915 5,­
last week. The amount of gold held for the redemp­ 224,920,000 marks.
tion of such notes remains at £28,500,000. Our.
The weekly statement of New York associated
special correspondent is no longer able to give details
by cable of the gold movement into and out of the banks and trust companies, issued last Saturday,
Bank for the Bank week, inasmuch as the Bank has again showed radical changes in its principal items,
discontinued such reports. We append a tabular largely, of course, as a result of the unusually heavy
demands for funds which may be expected to meet
statement of comparisons:
the payment of the first installment to the Govern­
H AN K o r E N G L A N D ’S C O M P A R A T IV E S T A T E M E N T .
1017.
1910.
1915.
1914.
1913.
ment’s war loan as well as preparations for the July
June 27.
June 28.
June 30.
July 1.
July 2.
£
£
£
£
£
dividends and interest disbursements. Reserves
Circulation________ 39,399,000 35,899,230 34,030,280 29,784,295 29,029,920
Public deposits___ 39,103,000 49,278,577 81,514,428 17,071,018 14,737,272 were substantially reduced, as also were deposits.
54,550,853 40,033,003 Loans decreased 854,836,000.
O th er deposits..........125,120,000 100,371,402 140,054,115
Net demand deposits
Govt, securities____ 45,270,000 42,187,454 51,043,491 11,005,120 12,750,505
Other securities-------10Q.225.000 87,312,702 152,914,703 49,092,774 40,001,022 registered the large decrease of 8157,863,000, al­
R eserv e notes & coin
30,585,000 43,930,498 35,905,014 28,748,502 25,807,000
Re­
C o in an d b u l l i o n . . .
57,534,874 01,379,728 52,091,894 40,082,797 37,047,580 though net time deposits expanded 81,171,000.
P ro p o rtio n o f reserve
serves in “ own vaults” were reduced 852,586,000,
to liab ilities...........
2 2 .2 7 %
2 8 .2 0 %
1G .12%
4 0 .1 2 %
4 2 .0 0 %
bringing the total to 8295,111,000, of which $253,­
B a n k r a te .....................
5%
5%
5%
3%
4M %
744,000 is specie. This compares with 8449,914,000
A further increase in its gold holdings is registered a year ago, including 8377,931,000 in specie. Re­
by the Bank of France, namely 3,010,175 francs. serves in Federal Reserve vaults increased 812,387,­
This brings the total (including 2,034,774,675 francs 000, to 8277,301,000, against 8161,451,000 in 1916.
held abroad) to 5, 288,020,000 francs, comparing The reserve in other depositories was decreased
with 4,763,256,765 francs (of which 271,055,668 $172,000, to $56,451,000, as compared with $58,­
francs were held abroad) in the corresponding week a 832,000 the previous year. Circulation is now $29,­
year ago, and 3,931,549,695 francs (all in vault) 669,000, an increase of $26,000. The aggregate re­
in 1915. Silver holdings registered an^increase of serve declined $40,371,000, to 8628,863,000, which
1.307.000 francs. Note circulation was expanded contrasts with $670,197,000 held at this date last
45.180.000 francs. General deposits showed the year. Reserve requirements, however, were reduced
large increase of 141,028,000 francs, while bills dis­ $28,147,480; hence the loss in surplus reserve was
counted were increased 66,102,000 francs. Treasury only $12,223,520, which carried the total of excess




2586

reserves down to $41,827,230, the smallest total held
since the establishment of the Federal Reserve Bank,
with the exception of that reported on Dec. 2 1916,
which fell to $41,001,000. At the same time in
1916 the amount on hand was $109,502,410.
In the closing week of the month apprehension
has been frequently displayed in local money
circles. On Thursday the 18% installment of the
war loan was paid, requiring advance preparations
by the banks, who, as we showed last week, were
at the same time under the necessity of preparing'
for the July dividend and interest disbursements
which this year will reach a new high monthly
record. On Wednesday, however, intimation was
given that the banks would be permitted to carry
on deposit the payments for the loan made through
them. In addition, the Federal Reserve Bank at
New York deposited with local banks $128,000,000
of Government funds, most of which represented
Liberty Loan deposits or preliminary payments.
These funds were distributed among about 250
institutions that had been approved as depositaries
in this district, no distinction being made between
institutions which are or are not members of the
Reserve system. The depositaries pay the Govern­
ment 2 % interest and are under no obligation to
keep reserves against specific Government deposits
on account of the Liberty Loan. The distribution
of these funds relieved the tenseness of the situation,
and on Wednesday call loans on the Stock Exchange,
which had been passing at a fixed rate of 6 % , de­
clined as low as 2 % , while on Thursday 5 % was the
highest figure and most loans were at that rate.
Loan renewals on Friday were at 4 ^ % . The
feeling at the close of business yesterday was
that the most severe part of the current strain had
been successfully negotiated and that, while a return
of easy rates can hardly be expected for some time
“ the worst” had been experienced. There undoubt­
edly have been substantial out-and-out Liberty Loan
payments by large and small interests who do not
desire to take advantage of the installment privilege.
Another influence that had much to do with reliev­
ing the banking strain. was the active. importation
of gold, the British Treasury having sent an addi­
tional $24,300,000 to this centre from Canada,
making the total since Monday of last week $97,231,­
000. It appears that last week’s amount included
a $11,000,000 importation reported in duplicate;
hence a revision of the total is necessary. The
New York Clearing House Association has adopted
a resolution providing that reserve requirements for
its members should be in accordance with the per­
centage required under the Federal Reserve law as
amended on June 21 last, or (in the case of State
institutions) as required by State laws. The new
basis of calculating reserves by the Clearing House
banks will not go into effect on the bank statement
until next week. The existing form of the bank
statement will not be changed, except that the legal
reserve will be considered as 13% of demand deposits
and 3 % of time deposits, instead of 18% and 5% ,
respectively, for the member banks. The banks
will still continue to regard vault cash as part of
their reserves.
Dealing with specific money rates, loans on call
covered a range of 2 @ 6 % , as compared with 4 @ 6 %
last week. On Monday and Tuesday there was no
range, 6 % being the only rate quoted. Wednesday




[Vol. 104

THE CHRONICLE

a minimum of 2% was recorded, although the high
and.ruling figure was still 6% . On Thursday 5%
was the maximum and also the basis for renewals,
while the low was 4 % . Friday’s range was 3 @ 4 ^ %
and 4 ^ % for renewals.
Time money ruled firm and practically unchanged
until Wednesday, when the Federal Reserve Bank’s
deposit of $128,000,000 in New York banks relieved
the tension. Then an easier tone developed. All
maturities from sixty days to six months are now
quoted at 4 ^ @ 5 % , as compared with 5@ 53^% last
week. Funds were more plentiful, but business con­
tinued quiet. A year ago sixty-day money was
quoted at 3 )4 @ 3 )^ % , ninety days and four months
at 3)dj@3%°7o> and five and six months at 3 % @ 4 % .
Commercial paper discounts likewise showed de­
clines in sympathy with general relaxation in the
money market and sixty and ninety days’ endorsed
bills receivable and six months’ names of choice
character, after having advanced to 53^@5*k£% dur­
ing the earlier part of the week, receded to 5 @ 5 x i% }
/
with names less well known at 53^%. This com­
pares with 5 @ 5 }4 % and 5)^ @ 53^ % , respectively,
a week ago. Trading was extremely restricted, how­
ever, and rates practically nominal.
Banks’ and bankers’ acceptances towards the close
of the week also eased off and general reductions in
quotations were recorded, although the market was
not active. The belief is expressed that broader
operations may be looked for next month. Detailed
rates were as follows:
--------------------- Spot

Delivery--------------------Delivery
Sixty
Thirty
within
Days.
Days.
30 Days.
E lig ib le bills o f m em ber b a n k s
3K @ 314
3 1 -1 0 @ 3 H
3 3 -lG @ 3 X
314 b id
E lig ib le b ills o f n on -m em b er b an ks 3 11 @ 3 0-1 6 3 11-1G @ 314 314 @3%
4
bid
Ninety
Days.

In eligible b ills _______________ ______

5@ 414

4 M © 4 14

414 @ 4

5 )4

b id

No changes in rates were announced this week by
any of the Federal Reserve banks, as far as our
knowledge goes. Prevailing rates for various classes
of paper at the different Reserve banks are shown in
the following:
D IS C O U N T

RATES OF FED ERAL RESERVE BAN KS.
i

CLASSES
OP
DISCOUNTS AND LOANS

M
,

2
A

8
=5

<
2

ft.

3
|

■1
*

!

2

*
*

i

|

1

3

m

I

9

i

Q

|

5

i
■
3

Uerr.ber Ranks. Coll. Loans:
1 to 15 days’ maturity......... 3)4 •3

313 3

3 H 3)4 3

3
4
4
4

3
4
4
4

3)4
4
4
4

6

4)4 5

Discounts:

1 to
10 to
31 to
61 to

15 days' maturity.........
......... 4*
30
'*
"
60
'•
"
.......... 4
90
"
"
.......... 4

Agricultural and
Live-Stock Paper—

91 days to 8 months maturity 5

Trade Acceptances—

3)4
4
4
4)4

3)4
4
4
4)4

4H 5

3)4 3

3H

3)4
4
4
4
4
4)4 4
5

5

3
4

5

5

1 to 30 days' maturity------- 3)4 3)4 3)4 3
3)4 3)4 3)4 3)4 3)4 4
31 to 60
"
"
......... 3)4 3 )4 3 )4 3)4 3)4 3)4 3)4 3)4 3)4 4
.......... 3)4 3)4 3)4 4
61 to 90
"
”
4
3)4 3)4 3)4 3)4 4

Commodity Paper—

1 to 90 days' maturity......... 4

. . . 3)4 4

3M 3)4

3)4 3)4

3V, 3)4
4
4)4 4
4
4)4 4
4 H 4 * 4)4 414

4
4
4

3)4 4

4

5

5)4

3)4 314
3)4 314
3)4 314
3)4 314

Note.— R a to for ban kers' a ccep ta n ces. 2 )4 % t o 4 % .

F o r n otes, d ra fts and bills
o f exch an g e Issued o r draw n for the purpose o f b u y in g o r carryin g b o n d s, n otes or
certifica tes o f Indebtedness o f tho U . S .. and secured th e r e b y , h avin g a m a tu rity
a t tim e o f d iscou n t o f n o t m ore than 00 d a y s, 3 14 % .
• R a te o f 2 % t o 3 % on m em b er ban ks' 1-day colla tera l n otes In co n n e ctio n w ith
the loa n op era tion s o f th e G o v e rn m e n t. T h e rate last w eek h ad b een 2% t o 4 % .

With literally not a single change in rates for
sterling exchange throughout the entire week, there
is no occasion for extended review. Additional gold
has been forwarded to New York from Canada by
the British Treasury to the amount of $24,300,000,
making a total of $97,231,000 for the current move­
ment. Exports of merchandise are keeping up on an
extensive scale, the submarine activities apparently
exercising slight restraining influence. Imports, too,
are increasing. The M ay figures of imports being,
in fact, the highest of any month since the war began,
namely, $280,561,904, against $253,925,966 in April
and $270,257,139 in March and $229,188,957 in May

June 30 1917.]

of last year. We refer to our foreign trade movement
in greater detail in a preceding paragraph. This
week’s export engagements of gold have aggregated
$11,048,000, including $1,450,000 to Spain and
$9,198,000 to Japan.
As to quotations in detail, sterling on Saturday
continued to rule at Friday’s levels, namely 4 75%
for demand, 4 76 7-16 for cable transfers and 4 72
for sixty days. On Monday the volume of business
transacted was small, and rates were unchanged;
demand was still quoted at 4 75%, cable transfers
at 4 76 7-16 and sixty days at 4 72. The arrival of
an additional consignment of gold on Tuesday,
while undoubtedly exercising a steadying influence,
was without appreciable effect upon sterling rates
which remained pegged at the preceding day’s levels.
Wednesday’s market was a dull affair, with rates
still at 4 75% for demand, 4 76 7-16 for cable trans­
fers and 4 72 for sixty days. Extreme dulness
featured dealings on Thursday and at times business
was almost at a standstill; in keeping with this,
quotations were steady and still without change.
On Friday the market ruled quiet, but firm, with
demand bills quoted as heretofore at 4 75%, cable
transfers at 4 76 7-16 and sixty days at 4 72. Closing
quotations were 4 72 for sixty days, demand at 4 75%
and cable transfers at 4 76 7-16. Commercial sight
finished at 4 75%, sixty days at 4 71%, ninety days
at 4 69%, documents for payment (sixty days) at
4 71% and seven-day grain bills at 4 74%. Cotton
and grain for payment closed at 4 75%.
This week’s operations in the continental exchanges
have been largely professional in character and con­
fined within narrow limits. Fluctuations, except in
one or two instances, were without significance, and
the tone, at least as regards the belligerent countries,
was irregular. As for rubles, notwithstanding
that all indications point to a steady and satisfying
improvement in both political and economic condiditions in Russia and that the outlook for Russia’s
re-entry into the war upon an active scale in the im­
mediate future is seemingly becoming more assured,
the quotation again turned weak and touched a new
low point of 22.60 for checks. The weakness was at­
tributed mainly to a pressure of Russian offerings
upon an unresponsive market, large operators still
evincing some hesitancy in entering upon new com­
mitments in that quarter in view of the momentous
developments now pending. Exchange on Rome
attracted some attention by a sudden and sharp re­
covery from the severe declines of the previous
week, chiefly as a result of supporting orders on the
part of a large banking institution and the under­
standing that additional financial aid is soon to be
furnished Italy by this Government. Lire moved up
to 7.18 for checks, an advance of no less than
22 points, but closed at 7.26. Francs were
about steady, though trading was light and
quotations little more than nominal.
All deal­
ings in German and Austrian exchange of neces­
sity remain suspended and quotations are not
obtainable. The sterling check rate on Paris fin­
ished at 27.18 (unchanged). In New York sight
bills on the French centre closed at 5 75%, against
5 76%; cables at 5 74%, against 5 75%; commercial
sight at 5 76%, against 5 77%, and commercial sixty
days at 5 81%, against 5 83% the week preceding.
Reichsmarks, no quotations. Kronen, no quota­
tions. Lire finished at 7 26 for bankers’ sight and




25S7

THE CHRONICLE

7 25 for cables, comparing with 7 40 and 7 39 a week
ago. Rubles closed at 22.60, as against 23.30 last
week.
Very little business is passing in the neutral ex­
changes, although rates were well maintained and
in the case of Swiss francs a further advance to 4 83
for checks was recorded. This compares with the
recently prevailing levels of . 5 18 and 5 17 for sight
and cables a few weeks ago, and is attributed to
the persistent shortage in the supply of Swiss ex­
change. Spanish pesetas ruled firm, at or near the
previous close. Scandinavian rates were strong
and slightly higher. Guilders, however, remained
pegged at current figures. Bankers’ sight on Am­
sterdam closed at 413-16, against 41%; cables at
41%, against 4 13-16; commercial sight at 40 13-16,
against 40 13-16, and commercial sixty days at
40%, against 40% last week. Swiss exchange fin­
ished at 4 83 for bankers’ sight and 4 82 for cables,
as contrasted with 4 89 and 4 88 the previous week.
Greek exchange (which is now hardly neutral)
continues to be quoted at 5 03%. Copenhagen
checks closed at 28 95, against 28.85. Checks on
Sweden finished at 30 00, as compared with 30 00,
and checks on Norway finished at 29 25, against
29 30 a week ago. Spanish pesetas closed at 23 25.
This compares with 23 30 last week’s final quotation.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $1,257,000 net in cash as a result of the cur­
rency movements for the week ending June 29.
Their receipts from the interior have aggregated
$8,341,000, while the shipments have reached $7,­
084,000.
Adding the Sub-Treasury and Federal
Reserve operations and the gold imports and ex­
ports, which together occasioned a loss of $73,015,­
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 $71,758,000, as follows:
Out o f
Banks.

In to
Banks.

W eek ending June 29.

Banks' Interior movement........... —
Sub-Treasury and Fed. Reserve oper­
ations and gold Imports & exports.
T o ta l...............................- ...................

$8,341,000
52,034,000

N et Change in
Bank H oldings.

$7,084,000 Gain $1,257,000
125,049,000 Loss

73,015,000

$60,375,000 8132,133,000 Loss 571,758,000

The following table indicates the amount of bullion
in the principal European banks:
June 29 1916.

June 28 1917.
Banks o f
Gold.

£
England.. 57,534,874
Franco, .a 130,129,813
Germany. 122,844,150
148,117,000
Russia
Aus-Hun.c 51.578.000
Spain____ 60.347.000
Italy......... 33.364.000
Nethcrl 'ds 50.560.000
Nat. Bel -U 15.380.000
Swltz’land 13,670,300
Sweden . . 11.273.000
Denmark. 9.996.000
7.160.000
N orw ay..

Silver.

Total.

£

£
57,534,874
140,529,813
125,776,250
160,114,000
63.718.000
90.513.000
35.960.000
51,191,100
15.980.000
13.670,300
11.273.000
10.132.000
7,160,000

10.400.000
2,932,100
11.997.000
12.140.000
30.166.000
2,596,000
631,100
600,000
136,000

Gold.

Silver.

Total.

£
£
£
61.379,728
61,379,728
190,530,280 13",758,160 204,288,440
1,743,250 125,001,950
123,258,700
153,997,000 6,806,000 160,803,000
51.578.000 12.140.000 63.718.000
41.151.000 30.604.000 71.755.000
39.657.000 3,946,000 43.603.000
634,600 46,352,600
45.718.000
600,000 15.980.000
15.380.000
10,197,300
10,197,300
9.235.000
9.235.000
229,000 8.242.000
8.013.000
6.536.000
6.536.000

Tot. week. 711,954,137 71,598,200 783,552,337 756,631,008 70,461,010 827,092,018
Prov. week 712,385,130 70,902.650 783,287,780 756,960,356 70,439.970 827,400,326
a Gold holdings of the Bank of France this year are exclusive of £81,390,987
held abroad.
* The gold holdings of the Bank of Russia for both years In the above statement
have been revised by eliminating the so-called gold balance held abroad. On
the latest reported date, the amount so held, £211,880.000
c July 30 1914 In both years, h Aug. 6 1914 In both years.

OUR

GOVERNMENTS

A D V A N C E S TO

IT S

A L L IE S .

It is well known that the two-billion-dollar Liberty
Loan was issued at this particular time to provide
primarily, not for our own immediate war expendi­
ture but for our Government’s loans to our allies.
These payments were, in fact, the first actual war

2588

THE CHRONICLE

expenditure of the United States Government;
advances to Great Britain especially, to provide for
purchases of military supplies in this country, began
immediately after the enactment of the bond issue
law in the third week of last April. The various
issues of short-term Treasury certificates of indebted­
ness placed with the banks were put out in order to
raise the funds for these advances.
The additional loans made to England and France
on Tuesday of this week raised the total advances
of our Government to the Allies, since we ourselves
entered the war, to slightly over $1,000,000,000.
The reaching of this traditional landmark suggests
some consideration of the very remarkable situation
which these operations are creating in international
finances. They are not subsidies, as in the case of
England’s famous advances to its Continental allies
during the Napoleonic wars. The bond issue law
of April 24 provides that the Treasury be authorized,
“ on behalf of the United States, to purchase at par
from such foreign governments then engaged in war
with the enemies of the United States, their obli­
gations hereafter issued, bearing the same rate of
interest and containing in their essentials the same
terms and conditions as those of the United States
issued under authority of this Act.”
This was more explicit than in the case of the
British Government’s advances to its allies between
August 1914 and the present time, which are esti­
mated to amount to about $4,500,000,000. The
British Exchequer announced to Parliament its
general purpose of making such advances; but, if we
remember rightly, there was no specific statute
authorizing or defining the character of these loans.
It has, however, been assumed by the British Treas­
ury that such loans were offset by obligations of the
borrowing Allies, with the exception of Belgium.
It has also been argued by English financial writers
that not only would the payment of interest by the
borrowing Governments offset the service of Eng­
land’s own public debt incurred for such advances,
but that the amount of England’s public indebted­
ness, calculated as at the end of the war, should
properly be reduced by allowance for the amounts
thus due from other nations. In our own case, we
do not know how specific are the arrangements made
by our Treasury for interest payment on the bonds
of the Allies which, according to the theory of the
statute, we have purchased. But there can be no
doubt of the enormously large credits which our
Government, like England, will possess at the end
of the war, as against these other nations.
It will be a situation wholly without precedent in
history. Governments have heretofore guaranteed
loans of other Governments, though very rarely, and
usually in the case of colonies or dependencies over
whose political and financial affairs some super­
vision could be exercised. To what extent these
advances of our own Government will turn out to
have been economically wise is a somewhat open
question. All of the loans have been made on the
stipulation that the proceeds be expended in pur­
chase of materials from our markets, and in that
respect our economic interests are perhaps better
guarded than are those of England in its similar
advances. But even so, the questions remain, first,
whether the loans will actually be paid at maturity,
and second, what will be the nature of the inter­
national financial situation thus created, after the
war.




V ql . 104

Of the one billion dollar advances thus far made
to our Allies, $550,000,000 went to England and
$210,000,000 to France. Those may be regarded
as safe investments, since the open investment mar­
ket evidently so regarded the even larger borrowings
by the same Powers in 1916 and 1915. With the
$100,000,000 loan to Italy the prospect, though not
so good, is still reasonably favorable. But of the
$100,000,000 advanced to Russia it certainly must
be admitted that the market’s own verdict is not
optimistic; since the Imperial Russian 5 % % bonds,
due in December 1921 have this week sold on the
curb for less than 70—a price which Wall Street,
in the case of a railway short-term note would call
a “ receivership basis.” As for the $45,000,000 ad­
vanced to Belgium and the $3,000,000 to Serbia,
the value of these is entirely a matter of conjecture.
So it would be if hereafter we were to make ad­
vances to Rumania, for example.
The question of the governmental relations which
will follow these unprecedented fiscal transactions
is difficult to determine. The framers of the bond
issue law undertook in a general way to provide for
that later period. They stipulated that the Secre­
tary of the Treasury should be authorized “ to re­
ceive, on or before maturity, payment for any
obligation of such foreign Governments purchased
on behalf of the United States, and to sell at not
less than the purchase price any of suclr obligations,
and to apply the proceeds thereof, and any pay­
ments made by foreign Governments on account
of their said obligations, to the redemption or pur­
chase at not more than par and accrued interest
of any bonds of the United States issued under
authority of this Act.”
This opens at least a conceivable means of even­
tually straightening out the anomalous situation
which would have arisen from one Government
being the creditor of half a dozen others, and at a
time when the resources of those other Govern­
ments were most severely burdened by the financial
exhaustion of war and the problem of rehabilitation.
That the obligations of England and France might
at no very remote period be thus disposed of by the
Treasury is conceivable. Yet it must be observed
that the law authorizes sale of them only at the issue
price—that is to say, as matters now stand, they
cannot be marketed except as a 33^% bond sold
at par. No prospect seems immediately in sight
for loans even of those Governments to command
such a price with investors. England would in all
probability take early measures to redeem the Brit­
ish obligations held by our Treasury, and to ter­
minate what in its essence must be a humiliating
position to the central money market of the world.
But the prospect for marketing the obligations of
the smaller Powers in the hands of our Treasury,
or for their voluntary redemption, is not altogether
bright.
The strong probability is that a new international
situation will be found to exist, as a result of this
war financing, that it will continue for many years
after the war is over, and that it will create many
new precedents for international relations. No
doubt that situation will be bound up and associ­
ated with the new arrangements of international
commerce and industry which may easily be evolved
during the period of economic reconstruction. But
as to the nature of these possible arrangements, it is
far too early to predict. No one ventures even to

June 30 1917.]

THE CHRONICLE

say what will be the nature of the world-wide
economic situation itself. Perhaps the one re­
assuring consideration, outside of the fact that the
United States has been performing with the utmost
magnanimity its duty to civilization, lies in the
further fact that this display of our financial and
economic power, and our retention of it after the
war, will go far toward guaranteeing our position
as a world money market. Certainly that was the
result of the English subsidies to Europe during the
Napoleonic wars—whose amount was almost as
great, judged by the ideas of that time, as our own
advances to our Allies are likely to be on this
occasion.
______
“E

P L U R IB U S
THE

U N U M ”— A
WAR

LESSON

OF

LOAN.

Interesting analyses of the actual composition of
the two billion dollar war loan were to be expected
and were forthcoming. It was an unprecedented
financial undertaking, and was carried to a signal
success.
A pleasing aspect of the loan, as we view it, is
that it manifests a disposition to subordinate indi­
vidual feelings, opinions and interests to the common
good. The unity of the world wilt be of little avail if
we are to become divided at home. Now and then
there appears a slight tendency in the consideration
of war matters to refer to sections of the country
in an invidious way. That Atlantic Coast States
should be more aroused than those of the interior is
but natural and indicates no lack of true patriotism.
The eyes of the Eastern seaboard are turned to the
East—to Europe. Their business interests with that
region are intimate, and now in much confusion.
In fact, as'a nation, our long coast line is at once a
strength and a weakness. There can be no doubt
the commercial instinct incites and suggests both
thought and feeling. And one fault of all our reason­
ing upon the complications of the present situation
of world affairs, and of our own, is that we fail to
contrast the extent of our country with that of
European States. Compare the State of Texas with
Germany; California or Illinois with France; New
England with old England. Yet, at this very hour,
as evidenced by this loan, the unity and unanimity
of the people are remarkable. Why, if our people
and our States were divided and in arms, we could
stage a greater conflict than this world-war upon
our own soil. Not in numbers engaged, but in
territory involved. In our thought we should make
allowance for this. Our sundering differences are
really negligible. And while it is a duty to discuss
means and methods, to hold opinions and express
them upon our national welfare, we know how to
give our support to the general judgment, once it is
clearly expressed, and to submit to the will of the
majority, when that majority has plainly spoken.
We are recreant to the responsibilities and trust
of citizenship when we give scant consideration to
our national problems and destiny. We waste time
in criticism for its own sake. We learn by honest
interchange of opinion on processes and policies.
And we draw near to each other when we turn our
minds intensively upon our own problems. Before
us lies a pathway beset by numerous difficulties and
trials. Let us indulge in no vainglorious boasting
about what w e have done; let us make no invidious
comparisons; let us be honest and frank, one with
another. To even distribute equally the burdens of




3589

this war is a Herculean task. To conduct it in a
way to meet the outspoken approval of all is well-nigh
impossible. But our freedom of speech and opinion
carries with it mutual respect, and in the end mutual
support, not mutual suppression. Let us never in­
vade one business at the expense of another; let us
not dry up the wells of our wealth; let us not sow
the seeds of future sectional rancor and division.
For above us shines the glorious aegis of our own
republic—and to that may our devotion never die.
We look upon our vast country, and it fronts two
great oceans. Favored our egress to the world. No
problem of narrow neutral waterways is ours. We
look again, and two great mountain chains rise from
our shores, but they interpose no physical barriers to
our domestic intercourse, rather are they the friendly
water-sheds which furnish us a fertile interior unsur­
passed. No two of our States have the same shape,
extent or topography. A dual form of government
is constantly at work to provide the largest liberty
and security for all. Differences of jurisdiction are
constantly being harmonized to meet the needs of
progress. Both forms of government have powers
and purposes which can be transcended only at the
peril of our unity and our democratic ideal. And
just as sectional jealousies, in the far future view,
might divide us into warring territories, so indiffer­
ence to the limitations and requirements of a repre­
sentative democracy may destroy it.
C IV IL

VS.

M IL IT A R Y

SHOULD

BE

R U L E -W A R

R IG ID L Y

POW ERS

L IM IT E D .

No higher duty devolves upon the citizen at this
historic time than that of defining his own democ­
racy. We use the term, of course, in its broad sense.
Never was the call of patriotism greater.
But to what? My country ‘Tight or wrong” is
not enough. There is the thrill of home and coun­
try. And we sing “ My Country, ’tis of Thee,” and
“ Long may it wave, o’er the land of the free and the
home of the brave.” But there is something more.
Partisan politics we forego; sectionalism we bury.
And still democracy is undefined.
Unless, as loyal citizens, we give it definite mean­
ing, are we not in danger of following a dream into
defeat? And by this we mean it is possible to gain
the whole world and lose our own soul. For, while
our Government is not perfect, and is subject to
change in its material expression or machinery, change
provided for under our Constitution, in prin ciple we
hold, do we not, that it is the best fo r m o f government
u p on the fa ce o f the earth ? Therefore, our paramount
duty is to preserve it as it is , no matter what ex­
igencies confront us. And we hold it to be a repre­
sentative democracy in which all power resides in
the people, and is delegated by them, through ac­
cepted provisional ways of common consent, to all
its public servants.
We must not be, we feel that we will not be,
charged with raising a partisan issue, when we recall
that there have ahvays been two political parties in
this country, holding somewhat opposite theories of
our Government: the Democratic, believing in the
largest measure of local self-government and personal
liberty consistent with the public welfare; the Re­
publican, believing in a “ strong, centralized” Gov­
ernment, national in character, and perpetually in­
dependent in unity. These tendencies, influences,
or forces, as you may term them, have been called
centrifugal and centripetal, and in their operation

THE CHRONICLE

3590

have, speaking largely, preserved us from drifting
too far in either direction. While we do not attempt
exact definitions of parties, we have suggested the
line of cleavage.
At no time in the past—we feel that the statement
is fair—have these influences operated on other than
our civil affairs. We have engaged in wars, but they
have been conducted separate and apart from our
civil government. Not even when “ imperialism”
became an issue, through the acquisition of the
Philippines, did we confuse civil with military rule.
We have always regarded military force as essen­
tially subservient to civil rule and rights. And
though the Republican party has consistently advo­
cated more centralized power in the national Gov­
ernment and in its executive branch, the Democratic
party as consistently withholding it, the one leaning
to an enlarged national control of affairs and the
other to restricted State control, the dead line which
neither has ever dared to cross is investing the C h ief
E xecutive

o f the n ation

with

'powers the exercise

of

which w ould render this office su p erior to and in d ep en ­

and destroy its co­
ordinate relation to the legislative and judicial de­
partments of the Government.
Thus, when Federal commissions have been cre­
ated, whatever may have been the effect, the Re­
publican party has never declared them to be inde­
pendent of Congress and the courts; while on the
other hand, if the Democratic party has ever had
a cardinal principle, it may be said that opposition
to sumptuary laws is one of them. And to-day,
Senator Lodge, from rock-ribbed Republican New
England, and Senator Reed, from a Democratic
State of the South and West, that once boasted a
“ beastly” majority, unite their voices in the Senate of
the United States in opposition to the creation of a
food dictator, or “ administrator,” by another name,
to be appointed by the President, with practically
unlimited powers, and really responsible to no one
but himself, unless possibly it be to his master, by
virtue of his appointment. And just here is the dead
line which the “ Administration” seeks to cross. On
one side of the line, these opponents contend, lies
democracy, on the other autocracy.
Here, then, wediscover a definition of democracy
in which there is no partisan politics—there are civil
rights which not even Cnogress can invade or de­
stroy, nor the President, or his appointee, assume
control or direct—they belong to the people, and it
is the prime business of a representative democracy
to protect them i n the people. And as we have re­
peatedly attempted to point out, “ life, liberty and
the pursuit of happiness” can only result from labor,
to which all the tools of trade inherent in private
ownership of property and free domestic commerce
are necessary.
What is the occasion of this proposed investment
of power which involves a change in the structure of
our Government? The claim is put forth that it is
necessary to the successful prosecution of a foreign
war. Yet that war, it is avowed, is to make the world
safe for democracies. Senator Lodge points out that
Lincoln fought a successful war, and yet did not come
to Congress asking for these powers. We declare
it]to be the very essence of true patriotism to define
the democracy we have and which we hope to be able
to help the States of the world to have. We must not
and we dare not thus confuse the civil with the mili­
ary rule.

dent o f the civil rule o f the peop le,




[Vol. 104.

Congress has declared war, and it devolves upon
the President as Commander-in-Chief of the Army
and Navy to prosecute the war. The prosecution of
war consists in planning and executing great military
campaigns of force against the enemy. Provision is
made for securing and training an army and navy.
Congress is empowered to provide the means, the
money, for maintenance. It has done so, by provid­
ing a huge bond sale, two billions of which the people
have absorbed; and by taxation, the details of which
are not completed. Naturally, Congress, in declar­
ing war, is bound by traditional policies of defense
and aggression. The army and navy equipped and
ready for service, the President takes the lead and
directs its efforts. But his duties here are distinct
and apart from those he performs with reference to
our civil laws.
Satisfied as to the right and need of the war, all
these steps of military procedure are constitutional,
and by the same rule all else is extra-constitutional.
Whether Congress did or did not exceed its authority
in providing and directing loans to “ the Allies,” it
did not declare war for or with “ the Allies,” it de­
clared war for the United States against the Imperial
German Government. Save for processes of raising
and maintaining an army and navy, by this act it
did not invade or change the domestic life of the peo­
ple, it left our “ democracy” just where it was before
the declaration of war, and there it should remain if,
indeed, we have a democracy and intend to preserve
it.
Secretary Lane in an interview extolls President
Wilson, incidentally remarking that “ democracy is
not as efficient as autocracy.” He says: “ The the­
ory of our Constitution is that the largest possible
executive power is to be lodged in the President in
time of war, because it was realized by the Consti­
tution makers that some man must be responsible
for the j o b , and that this man could be only the Presi­
dent.” Precisely so, and the job is prosecuting the
actual war. The soldier must obey orders, “ his not
to reason why,” but the civilian in a democracy not
in service, in no such sense surrenders his liberty.
And when Congress and the civil population have
provided the “ sinews,” the rest devolves on the
President-Commander-in-Chief.
Speaking of President Wilson as a man, Secretary
Lane says: “ He believes now that a Food Control
bill is vitally necessary, and he will get it.” Well,
we do not doubt that he will get it—though in modi­
fied form. But what has “ food control,” beyond
providing food by usual means for the army, to do
with the preservation of a democratic government
with limited powers? Is it not manifest that all
these other powers and processes, both as they affect
our domestic liberty of life and our foreign State
relations, go beyond the constitutional prerogatives,
safeguards, and limitations, whether implied or di­
direct, and are a new development arising entirely
out of the peculiar conditions under which the present
war is conducted, and which yet should not be al­
lowed to transcend constitutional bounds.
We maintain that war has nothing to do with these
multiplying invasions of the civil life and personal
liberty of the people. The Secretary avers: “ There
is no use in having free institutions if men who are
politically free are to be controlled in their expression
of themselves by an arbitrary control of credit.
There must be no masters in a democracy except the
people, and these can only be masters if they are

June 30 1917.]

THE CHRONICLE

masters of themselves.” But how can they be mas­
ters of themselves with an outside power running
their business affairs? How can they be masters of
themselves when civilians must take orders from the
Commander-in-Chief of the Army when no martial
law has been declared anywhere in the country?
Why single out the free expression of individual credit
as an inviolable right of private life, and condone a
food director, administrator or dictator? Why this
confusion of the civil with the military, growing con­
stantly more confounded?
Speaking further of President Wilson, Secretary
Lane says: “ He is a man who knows where he wishes
to go, and he has the determination to get there if it
is possible, and nothing can stand in his way if his
will, backed as it always is by his conscience, makes
it possible to reach that end. To such a man it is
not a dangerous thing to give great power. He can
be depended upon to use it conservatively. He will
use whatever power is given to him too conservatively
to please many of our people. He would hold in his
hand the thunderbolts of Jove, but he would never
let one pass from his hands unless he saw that it was
vitally necessary.” Well, lightning is a hard thing
to hold, especially with the bare hands. But grant­
ing all this to be true, such investiture of power makes
him a “ master,” and there should be none, says the
Secretary, “ in a democracy.”
The plea that a state of war is justification for all
these changes must fall under a true definition of
“ democracy.” Let the war, since it must be war,
be prosecuted with vigor. This is indeed the Presi­
dent’s “ job,” because he is the Commander-in-Chief.
Behind him Congress and the people have their re­
spective duties and responsibilities. They should
not hesitate to assume them to the full, and they will
not. But in order that they m a y they must be pro­
tected in their civil liberties. And they must have
the patriotism to define them and thus preserve to
ourselves and to the world “ democracy,” as it is
embodied in our constitutional republic.
TH E RED

C RO SS C O N T R I B U T I O N S .

The Red Cross “ week” of eight days properly
ended on Monday, but in this city was extended
another day in order to bring the city up to its ex­
pected quota. The estimate on Tuesday night was
that the hundred millions had been passed by some
15%, with the possibility of some further increase
when the full returns are in. First and foremost,
says Mr. Davison, will come provision for our own
soldiers and sailors, wherever they may be. Ad­
ministration of relief work in France will be taken
over. A commission of twenty experts will be sent
to Russia to study there the needs of the Russian
people and the best means of aiding them. Policies
and plans will be made known as they are developed,
for the Red Cross belongs to the public and publicity
should attach to every movement.
The field is almost without limit, and if the pre­
diction of some that the amount will not last beyond
six months proves correct there must be a renewed
contribution, for the Red Cross makes its own appeal.
Nothing sectional or sectarian or narrow attaches to
it. It is economically valuable, for it is prevention
and conservation at their best. It is nationally
valuable, for it tends to unify nations. It is spiritu­
ally valuable, for it tends to uplift mankind. It is a
reaction of war, but it must survive war, since its
need is perpetual.




3591

Two suggestions may be drawn from these two
great recent movements, advertised and carried to
every person in the country as no movement has ever
been before. A proverb declares that blood is thicker
than water, but it is also thicker than wealth and
wealth no longer spoils its possessors; it is a tempta­
tion, as poverty also is, but the temptation is over­
come and the opportunity it brings is used. In this
great city, which to the hater of capital represents the
utmost of selfishness and greed, the response to the
call of the great loan was abundant. Banks and
banking houses gave their services, kept open through
long hours at the last, spent large sums in advertising,
and made large subscriptions; merchants and corpora­
tions vied with one another in making it possible for
their employees to take shares; retail stores joined
in the work; the city was placarded; a popular
preacher was sent by a union of banking and manu­
facturing interests through the South and the far
West to arouse the country. As for Wall Street,
there is never a day when any genuine human need
fails to evoke quick sympathy and aid in and around
the Stock Exchange, and in this Red Cross week
there has been no warmer and heartier work and
answer than in what is called “ the financial dis­
trict.”
The ranter against wealth denounces it as an abom­
ination in the hands of those who have it but would
call it appropriate and beneficent if it were in his
own. But it is beneficent now. Rich men and cor­
porations keep proving their kinship with mankind
and their sense of trusteeship by an unceasing stream
of benefactions. In this Red Cross campaign, U. S.
Steel set the example by a dividend of over five mil­
lions, of course made to stockholders,but accompanied
with the recommendation that the check be turned
over, and the idea was caught up and passed on by
corporations in many lines of business until it is now
estimated that the “ dividends” so transferred will
reach as much as 20 millions. Another proverb says
that corporations have no souls; at least, the persons
composing them are not soulless.
Mr. John D. Rockefeller Jr., as it happens, has
just given an example of the spirit of the times and the
trusteeship idea about wealth by offering to deed
to this city a tract of 50 acres extending from Broad­
way to the Hudson and bounded generally on the
north to Dyckman St., to be dedicated for use as a
public park, upon a few reasonable conditions, such
as an undertaking by the city to provide $20,000
for care and maintenance and to ask and support legis­
lation appropriating $100,000 for development and
improvement, the property to be deeded to the Pali­
sades Park Commission. This land comprises several
estates, and several parcels in it were acquired by the
donor for the purpose now stated and because he has
had, from boyhood, the thought of what a fine park
this would make. Certainly the city should accept
the gift with thanks and comply with the condi­
tions.
A few loud-spoken persons have denounced the
present war as a rich men’s war, fomented, as to the
part of this country the rein,by munitions-makers.
Using those common words because they cannot be
avoided, it is true that more poor than rich men will
take a personal part in it, because the poor outnum­
ber the rich; yet the rich man has no larger personal _
stake than his poor neighbor; both fall alike under the
reach of conscription, and both have responded to
the call for volunteers; the fortunes and misfortunes

T H E C H R O N IC L E

2592

of the field will treat both impartially. As one ex­
ample in evidence, one of the most prominent of the
young millionaires of New York, inheriting his wealth
and bearing a family name which for several genera­
tions in this country has stood, in popular estima­
tion, for idle wealth and social pride, turned his
yacht over to the Government for patrol duty and
is on it himself, taking his chances, and now we read
that his young wife, in company with a daughter of
another millionaire, has completed a course in lied
Cross training and is en route to France as a nurse,
the young matron remarking that she does not know
just where her husband is but hopes to meet him
somewhere in Europe. Is it not timely and just and
truthful to lay aside the old class hatred and admit
that wealth, like what is called “ noble” birth, im­
poses obligation, and an obligation recognized?
M ay not too drastic taxation have a reactionary
effect on private beneficence for public purposes?
That the work of social betterment by such benefi­
cence be not crippled by war demands, of whatever
nature, is the burden of an appeal to the Senate by
Prof. Lindsay of this city to exempt public gifts from
tax, and M r. Davison is quoted as approving this as
“ an intelligent plan for preventing the total break­
down and collapse of the most valuable factors in our
national life; its value to our Red Cross, with the tre­
mendous burdens that are laid upon us in this na­
tional crisis, is apparent to the War Council.” Mr.
Samuel Untermyer has written to the Senate Finance
Committee to urge specific exemption of what are
called Red Cross dividends from income tax. If, he
says, a man turns over thus $100,000 coming from
corporations in which he holds shares and his total
year’s income is $500,000, he not only deprives
himself of the $100,000 but is worse off by reason of
the dividend, having parted with it and then being
required to pay 50% tax on it. He thinks the law
should exempt such dividends and should also pro­
tect them against both the corporation tax and the
excess-profits tax, so as to avoid all possibility of
penalizing a voluntary transfer of income to the
public.
Others have suggested that a part of public gifts
be included in the allowed exemptions, or that a
lower rate be placed upon such gifts. A strong plea
may be made for this, and certainly serious considera­
tion should be given to the justice and the public
policy of not discouraging benefactions. Further, in
this time when a common stress and common impulse
are bringing men closer together, we ought to make
definite progress towards obliterating “ class” dis­
tinctions and the unreasoning hatred of the rich as
peculiarly selfish. Taken as a whole, they are not
such; and as for the possession of property, “ a man’s
a man for a’ that.”

THE

FOOD

CONTROL

B IL L .

The Lever Food Bill, which was pushed through
the House by an almost unanimous vote, late on last
Saturday, may get through the Senate to-day, ac­
cording to the announced intention. Its worst
faults as it came from committee were that it pro­
posed to regulate the middle of the line between pro­
ducer and consumer, but left the ends of the line
, (the farmer and the retailer) practically free; also
that the chief force was directed upon other articles
than food, which is the one most claimed to demand
regulation, on behalf of the consumer. These de­




[Vol. 104.

fects were not materially relieved in going through
the House, but new ones were injected, the worst
being the “ dry” amendments. There has been more
than one bill, and the confusion is not lessened by
the reporting of a bill from the Senate Finance Com­
mittee in addition to the other from the regular source.
In so shifting a situation, and with so many changes
and counter changes, which sometimes reverse an
action almost as soon as taken, it is idle to discuss
particular details.
To inject controversial matter, as one more rider,
and leave the upper branch to settle it, is evasive
and does not command respect; to pass the subject
along to the President is another evasion. If the
figures cited by the distillers from official sources
are correct and give the whole truth, the need of
seeking to conserve the food supply by any interfer­
ence with the liquor trade is slight. A second im­
portant point, that of replacing the several hundred
millions (more or less) which will be lost to the Fed­
eral revenues by an effectual stoppage of that trade
does not appear to be thought of, and this possible
injury reaches further to two more questions, which
are also not thought of, namely, the effect upon
some State and municipal revenues, and the disturb­
ance which such a sharp turn in a really large business
may cause. The proposed action is not grounded
upon either business or financial considerations,
but is caught up as an opportunity to force upon the
entire country what is properly a matter to be deter­
mined by the States, each acting for itself without
relation to any war. The excuse offered, that pro­
hibition is possessing one State after another, is the
worst excuse possible, because that is the conclusive
reason why the subject should be left to the States.
“ I am from a prohibition State, that’s my answer,”
one Senator is quoted as saying. “ As my State has
voted for prohibition” says another, “ I see no al­
ternative but for me to support this House amend­
ment, even though I feel it is inadvisable at this
time.” And one Washington correspondent says
that “ the point emphasized by the ‘drys’ is that 25
States are ‘dry’ and their Senators cannot, with con­
sistency, vote against prohibition.” This is a con­
fusion of thought, for they cannot consistently vote
otherwise, since the States have acted for them­
selves, and (notwithstanding there is the inevitable
constitutional amendment somewhere in the mill)
they have no right to expect their representatives to
join in an attempt to anticipate the choice of sister
States, under the plea of a war emergency.
After the Federal Trade Commission, created
ostensibly for discovering and suppressing unfair
methods in competition, had tired of its struggle with
the newsprint paper problem, and had asked the
Senate for a bill putting all such plants under Gov­
ernment control and operation during the war, that
body made a second confession of helplessness by
“ a final report to Congress,” recommending that all
production and distribution of coal and coke and all
transportation be pooled and operated on Govern­
ment account. This notion seems to be spreading
and to be caught up as the easy way of shunting all
difficulties, for the pending amendments offered
would include minerals, lumber, petroleum, fertili­
zers, and about all else. So, then, the Government,
having already a task of almost superhuman de­
mand in the vigorous prosecution of the war, is to
seize, control ami operate everything, leaving to
the individual initiative and energy which have made

J u n e 3 0 1 9 1 7 .J

the country great nothing except to go as it is told
from time to time and wait patiently to be clothed
and fed.
One almost despairs of trying to remonstrate with
the hysteria which is temporarily ready to accept such
an un-American attitude. Yet, waiving all that,
has anybody a guaranty, or even a well-thought
opinion, as to how these sweeping dictatorial propo­
sitions will operate, or whether they will operate at
all?
It might do no harm to recall for a moment an
incident fifty-three years back in American history.
Chiefly because of the resort to fiat money, gold
had long been at a premium, and in the year 18G4
it appeared to many that the gold speculator was a
public enemy and the time for his suppression had
come. So, on June 17 of that year, Congress at­
tempted his suppression by forbidding any contract
for gold delivery on any day subsequent to the day
of making the contract, or on any other terms than
delivery of the actual metal in full. The penalty
was drastic enough and much resembled the penalties
now proposed: fines of from $2,000 to $10,000, and
imprisonment for three to twelve months, or both,
for each offense. If statute could accomplish it,
the gold premium was surely ended. But on June 4
gold reached 190; on the 18th (the day after enact­
ment) it reached 198; on the 25th it reached 230.
The Act had disturbed foreign exchange also (by
another provision), and both gold and exchange so
rose, and the menace appeared so severe, that the law
was repealed on June 30. Perhaps if people would
only pause to think, there may be a suggestion for us
in this nearly-forgotten attempt at repressive legis­
lation, which lasted only 13 days.
For a number of weeks past the grocery interest
has been quoted as quite approving the food dic­
tatorship, and now the coal men are quoted as ap­
proving it and as almost asking to be taken in hand
and regulated. There may be something suggestive
of query in this reported meekness of submission;
whether the furnace of patriotism (not wholly to
be deemed void of power) has substituted altruism
for ordinary self-interest, or whether the wicked
speculator foresees a reckoning and hopes to mollify
treatment by surrender in advance, or whether he
has his doubts about the regulative machine’s work­
ing at all— this may be left for time to decide. Yet
one question might be raised: If all business is to
have its excess profits lopped off and its ordinary
profits trimmed, in the desire to make things easy for
the consumer, from what source will come the drastic
taxes which are so nonchalently proposed, as if the
only condition to be met in taxation were to demand
the taxes? The question could be carried a step far­
ther: for inasmuch as the consumer is either a man
engaged in some sort of production or trade on which
his living stands, or is a rich man living on his in­
vestments (which, again, are at work somewhere, or
they could not produce anything for him), or is a
wage-earner, and therefore dependent on the pros­
perity of his employer, how is the consumer to be
helped if this benevolent intervention on his behalf
mistakes emotion for sound sense and overdoes it­
self?
Yet, waiving all this, there is no room for doubt
about excellency of intentions, and we all desire abun­
dance and lower prices. While a few bits of advice
offered are more hasty than sound (for example,
that the skins of potatoes be saved for planting),




2593

THE CHRONICLE

much put forth on behalf of economy is good and
timely. It is suggested that about 5% of the bread
delivered to retailers is returned as stale, whereas
this is really a better food than when soft and warm;
so consumers are urged to watch their purchases,
that the practice of returning bread may cease. The
Delaware Lackawanna & Western R R . now offers
in parallel columns on its dining-car menus regular
and “ war” portions of each article, the smaller being
one-half to two-thirds of the other, yet deemed
ample; the road expects to save at least $60,000 a
years thus, having figured that on dining cars alone
there is probably a literal waste in the country
amounting to over $5,000,000 a year, and that the
like needless expenditure in restaurants may reach
100 millions a year. A number of large hotels and
public dining rooms in the great cities have already
taken similar action. Auxiliary No. 4, New York
County Chapter of the Economy League of the
Junior Colonial Dames of America, from its city
office at 10 21 Park Avenue, has advertised a call for
waste paper, old boxes, old rubber, bottles, tin cans,
cloth cuttings, and so on, seeking to lessen wastage
and create a fund for war relief. It is also suggested
that the return privilege for goods purchased in
stores, chiefly of dry goods and clothing, be curtailed.
Beyond doubt this has been grossty abused, and the
practice, disliked and deplored by merchants, is
endured only under stress of competition. The
remedy lies with the women, and when they have once
seriously turned their attention to waste-prevention
they can accomplish marvels.
.
Only a very cautionary word can be said for the
reported scheme of the Postmaster-General to have
retail dry goods stores turn their delivery equipment
over to him and let the Department use it in gather­
ing and delivering as a part of the work of the par­
cels post. He has observed, as have others, that
there is much duplication and waste in delivery of
milk and other articles; but this scheme (which might
involve some further injustice to the railroads)
awaits further elucidation, yet is apparently more fan­
tastic than practicable.
To hold ourselves from excitement, and resolve
to think fully and carefully before acting, would be
our wisest course, and the course most like
Americans.

A

SUGGESTION THAT THE GOVERNMENT
CONTRACT AHEAD FOR THE GROWING
COTTON CROP.
[Communicated.)

New Orleans, June 25 19 17.
In considering the present cotton situation, which
has resulted in prices for that staple reaching the
highest levels recorded since the early seventies,
the thought arises that there is need for some
Governmental agency by which the mills, the con­
sumers of the raw material and the producers in the
South can be placed directly in touch with each
other.
As every one who is at all familiar'with conditions
prevailing in the cotton market knows, the sensa­
tional advance has been chiefly due to buying of
future contracts by the mills, which are heavily
under contract to the Government, and have been
obliged to protect themselves by going into the open
market. Owing to the reported low condition of
the crop, and the high margins now demanded by
brokerage firms, speculative selling is very limited,

2594c

and hence even a small amount of trade buying has
an effect on values out of all proportion to what
would usually be the case. Under the present
system of trading in cotton, producers in the South,
who would like to take advantage of prevailing
prices to sell their prospective crops, or at least a
portion of them, are unable to do so. True, the
future market is open to them, but not one farmer out
of a hundred in the South is able to put up the marr
gins demanded by the broker in New York or New
Orleans, which, since Liverpool, under stress of
circumstances, has had to close (the Liverpool Cotton
Exchange reopened yesterday, but under restrictions
which exclude speculation), are the only two markets
now providing hedge facilities in cotton.
The Southern farmer, to whom such almost unheard
of prices as now prevail would be exceedingly tempting,
is in exactly the same position as that of the ship­
wrecked sailor who finds “ water, water all around,
but not a drop to drink.'” However much he might
like to sell his hundred or two hundred bales for deliv­
ery next October or December, when the crop move­
ment begins, he is unable, under the present system,
to do so. To this extent, therefore, the present
system of trading in cotton is defective, as, while it
provides a means for the mills to cover their future
requirements by purchases of contracts for months
ahead, the producers, on the other hand, except in
isolated instances, are unable to sell even a small
portion of their crop ahead.
In years past the speculator has performed the
function of representing the producer, and has
supplied the contracts, but under the war-time
conditions now prevailing, with the possibility of
peace looming up on the horizon unexpectedly, the
speculative element on the short side of the market
is lacking. The result is that the mills must buy
their contracts from another speculative element
which foresaw the present situation and which seems
determined to exact the greatest profit that it is
possible for them to levy on trade interests. The
effect on the market is plain. Under such conditions
cotton will go just as high as trade interests can
afford to pay, while the producers who in a few
months will have thousands of bales of the actual
article for sale, must look idly on, unable to take
advantage of the price levels now prevailing. When
cotton begins to move in a few months the pressure
of the actual staple will inevitably depress prices.
As spinners are able to replace their future contracts
with cotton itself, they will sell out their contract
hedges, and this, in turn, will serve to weaken the
market all the more.
Since it is the buying by the Government of goods
necessary for the equipment of armies that has been
one of the chief causes of the wild advance in cotton,
could not some statesmanlike plan be devised by
which the cotton producers of the South could share
in this distribution of national wealth? Certainly,
there are many patriotic farmers in the South who
would gladly sell their cotton ahead to the Govern­
ment for 25 cents per pound, even though future
contracts are now ranging considerably above that
level. Why cannot the Government, through the
Council of National Defense, deal direct with the
producers of cotton as they are now doing with the
mill interests through the “ Committee on Cotton
Goods” ? There are no insuperable difficulties in the
way of putting such a plan into operation. It may
require first-class statesmanship, but is that quality




VOL. 104

T H E C H R O N IC L E

lacking in a country which has developed into a giant
among the nations of the earth?
It is admitted that in war times Governments may
adopt measures of a radical nature to protect the
commercial and financial interests of the country.
The cotton situation that exists to-day is one of those
problems the solution of which will quickly yield to
treatment by statesmanship of the right type.
ARE

WE

TOO

John A . Sloicher, Editor
meeting of the New York
June 28 1917, delivered an
dress on the subject of this
following:

E M O T IO N A l l

of “ Leslie’s W eek ly,” at the
Press Association, at Ithaca,
interesting and instructive ad­
title, from which wo quote the

T ho peril o f the people is em otionalism . It is also the peril o f tho press.
W o write from the narrow, em otional standpoint and wo sacrifice not
only truth, but rhetoric and often grammar in doing so.
^
E m otional men and w om en, follow ing a fad and shouting for experi­
m ental reform s in fields o f endeavor o f whoso practical operations thoy aro
w oefully ignorant, organize into bodies that pester tho jiress w ith their
proddings, intimidate legislators and intrudo on executive mansions. So
wo have factories and shops regulated and supervised to death with now
laws and regulations, harsher and m oro conflicting ovory year, until tho
small manufacturer has been driven from tho field, not b y tho trusts, but
b y over-regulation.
A n y causo, good or bad, can be prom oted and popularized b y a wellorganized m ovem ent in its behalf, particularly if a fow earnest women and
a fow glib-tongued men can bo marshaled on its sido. Swept from their
feet b y the captivating cry o f “ free silv e r," voiced b y a silver-tongued
orator, six million good American citizens voted for a financial heresy o f
which thoy are now ashamed, for thoy realizo that a debased currency
w ould have plunged us into bankruptcy. A nd what would havo becom e
o f our boast that tho Am erican dollar Is tho standard o f exchange, tho world
over, in this wonderful period o f trado expansion that tho torriblo con flict
has brought us?
W hen in shamo over the conspicuous absence o f tho Am erican flag on
tho high seas, it was proposed to aid Am erican shipping witii subsidies as
other nations havo aided theirs, tho em otional and m uck-raking headliner
laughed tho proposition to scorn. N ow , in tho em ergency o f war, wo aro
on our knees, asking heaven for the ships wo so urgontly need.
Our election m ethods needed reform . T ho simpler ballot and tho se­
crecy o f It wero evidences o f progress. B u t, as usual, tho fad reformer
seized his opportunity to mix in, and wo havo had in consequence a flood
o f election reform s, from tho short b allot, which has m uch m erit, to an
attenuation o f tho referendum and recall that in som o States has m ado
them a m ost extravagant and unbearable nuisance.
T ho em otional outbreak against tho banks, tho railroads and tho cap­
tains o f industry had somo just foundation. B ut theso aro tho same cap­
tains o f Industry that have just voted $10,000,000 for R ed Cross dividends
and that aro largely responsible for tho splendid success o f tho Liberty
L oan. Abuses existed. N o ono denies it. T hoy havo boon confessed,
expiated and rom edied.
N o other cou ntry in tho world penalizes big business. T hoy aro all
proud o f it. Germ any won her com m anding com m ercial position bocauso
its Governm ent encouraged expansion, com bination and Investm ent o f
capital within its dom inion and penalized them in ovory other. W o follow
just tho opposito procedure. W o penalize business at hom o, but undor
tho W ebb bill, now on its passago in Congress with tho President s ap ­
proval, wo propose to legitimatize and encourage our big dom estic business
concerns in m aking any kind o f a com bination they find necessary to over­
com e similar com binations abroad. Isn’ t it preposterous to rotain a law
on our statute books that will handicap business at hom o, while wo amond
it so that It will not handicap our foreign trado?
1 am told that ono o f our great captains o f industry was called to W ash­
ington to help tho G overnm ent solve ono o f its m ost perjiloxlng problem s,
IIo closed his desk, gavo up his work and applied him self to tho task sot
for him at tho national capital. W hen ho had a rospito and returned to
his offico to take up tho responsibilities that had accum ulated in Ills ab­
sence, ho was confronted b y an official from W ashington, who demanded
that ho turn over not only all tho business correspondence o f his corpora­
tion, but all his own privato lotter files. N o ono had m ado com plaint
against this corporation, but som o notorioty-scoking official in W ashington
conceived tho idea that it would bo popular for him to poso as a prosecutor
o f big business. To tho credit o f tho captain o f industry, I m ay add that
this did not prevent him , I am told, from continuing to render his patriotic
service to tho sorely-troubled administration at W ashington.
An em otional cam paign carried tho imm igration illiteracy law through
tw o different Congresses over tho veto o f President T a ft and then o f Presi­
dent W ilson. It had not beon on tho statuto books four wooks boforo
President W ilson found It necessary to suspend its operation, because it
prevented M exican laborers from crossing tho border to help our hardpressed farmers plant and harvest their crops.
Senator L a Folletto’s seaman’s act was hardly signed b y I’ rcsident
W ilson before it becam o necessary to suspend som o or its provisions, in
order that our ships might sail tho seas In com jiotltlon with ships sailing
under other flags.
E m otional men and women crow d their viows on em otional legislators
and em otional editors. T hoy never q uit. T heir persistence is phenomenal.
T hey draw no lines. T hoy venture in all fields. T heir causo is always
right. There is never another side to a question but tho ono that thoy
m aintain. T h oy sigh for now worlds to conquor.
lh o y marshal their
forces with equal energy, whether it bo to favor a law to standardize tho
size o f towlcs and tho length o f sheets in boarding houses, or to put Hobson
In nom ination for tho Presidency o f tho United States while he was tho
m om entary hero o f an Interesting opisodo o f tho Spanish war.
Theso faddists aro not always harmless. T hoy aro capablo o f inflnlto
dainago, and tho danger is all tho greater bccauso m any men and women
o f fine m old aro swept from their feet hi timos o f groat em otion and lend
their Influence to undeserving causes.
A t a recent m eeting o f tho Am erican A cadem y o f M edicino in Now Y ork,
D r. Charles W . Burr, o f Philadelphia, assailed tho coddling o f degeneracy
which he asserted was tho characteristic o f m odorn civilization. H o con ­
dem ned what ho called "em otionalism in e d u ca tion ," and doclared "th a t
tho Increase in degeneracy is duo to tho fact that wo carefully preservo tho
degonerates who aro b o m . Somo races allow such peoplo to dlo. T hoy

June 30 1917.]

T H E C H R O N IC L E

woro not killed. But to-day they aro coddled. M any an Im becile b oy
gets m ore care than a well child docs. This Is not humanitarianism, but
em otionalism ,” said D r. B urr.
ROGER W . B A B S O N W A R N S OF S O C IA L IS T IC C H A N G E S
AFTER W AR.

2595

o f whicli m y friends now dem and m ore, shall be altogether wiped out.
Y o u , m y friends, will never truly get ahead until some world governm ent
is form ed to enact land, labor, tariff and other laws which shall apply
equally to all countries in connection with the production and distribution
o f goods for foreign trade. It is right for you to strive for greater produc­
tion; but before you ever get it, you must satisfy the people that this in­
creased production will benefit them as well as you.
One word m ore about Bussia in closing. D o n ’t think o f the Bussian
Socialists as believing that all nations and persons should be awarded the
same, irrespective o f what they produce. N o modern Socialist believes
tliis. All know that the m ost enterprising, intelligent and industrious
peoplo should get the greatest reward, and always will. T h ey realize that
any legislation attem pting to prevent this will bring disaster. Tho great
puiposo o f tho Bussian Socialists is to bring about internationalism, with
tho elimination o f all special privileges both for classes and for nations
In this aim they aro absolutely sound. Furthermore, the sooner organized
labor, organized capital and organized governm ent recognize this fact
tho better o ff all interests will be.
I go farther and say that your welfare and m y welfare absolutely depend
on the developm ent o f such a new era at the close o f this war. .M oreover,
I believe that sucli an era is com ing, and now am urging m y clients to pre­
pare for it. Certainly this is the only safe preparation to m ake, and I sin­
cerely hope that the speakers this evening will advise you along such p ro­
gressive and hopeful lines. Otherwise this great war will have been fought
in vain.

In an addross this week in which lie suggests that the
outcomo of the war will bo entirely different from what
people expected at tho beginning of the war, Roger W . Babson, of Wellesley Hills, M a ss., especially warned tho peoplo
of New England to bo prepared for coming Socialistic changes.
M r. Babson’s words of counsel were addressed to the Indus­
trial Trade Conference at Springfield, M ass., on June 27.
Ho cautioned his hearers in planning for trado after tho war
not to forget that this very same scramble for foreign trado
was a large factor in bringing on the present conflict. In
seeking to show that the struggle for special privileges finally
led to tho war, he pointed out that the Germans wanted
moro colonies; tho Italians and French wanted “ spheres of
influence” ; tho English greater ship subsidies and a biggor
navy, while our own manufacturers have been wanting higher U . S . L O A N S T O A L L I E S P A S S B I L L I O N - D O L L A R M A R K
The total of loans to the Allied nations by the United
tariffs, Pan-Americanism and various other “ special privi­
leges.”
“ If organized labor,” ho said, “ now demands fur­ States Government has passed the billion-dollar mark.
ther immigration restrictions and other special privileges W ith tho granting of additional credit to the British Govern­
for itself, also, tho present European war will bo followed by ment on June 26 of §15 ,000,000 and §10 ,000,000 to France,
a much moro brutal Asiatic-American war.” “ Tho world the total reached §1,0 0 8 ,0 0 0 ,0 0 0 . Great Britain has up to
will novor bo ‘safo for democracy,’ ” said M r.B ab son , “ until tho present time received §550,000,000 of this amount and
tho economic causes of war are eliminated. Peace can never Franco §21 0,00 0,0 00.
bo ‘enforced.’ Freedom, domoracy and liberty will coino
only as the result of international co-operation with equal
G R E A T B R IT A IN 'S A V E R A G E D A I L Y W A R
security and opportunity assured to all, both in foreign
E X P E N D IT U R E .
trado and domestic.” W o givo in moro detail somo of his
A daily average expenditure by Great Britain of £ 7 ,5 3 2 ,0 0 0
romarks below:
for tho five weeks from M a y 6 to June 9 was reported in a
In viow o f tho Imperialistic tondencies o f somo speakers at this m ost in­
statement presented by Bonar Law, Chancellor of the Ex­
teresting conference, I feel it a duty to utter a word o f warning. In plan­
chequer, to tho House of Commons on Juno 25. Tho Chan­
ning for trado after this war— trado both in Latin America and elsewhere—
lot us not forget that this very samo scram ble for foreign trade, which so cellor s statement also showed tho daily average expenditures
m any aro now favoring, was a large factor in bringing on the present con ­
for other periods since Oct. 8 last. For tho nine weeks from
flict. I believe in foreign trado. I personally havo largo Interests in Latin
America; but I want to extend m y interests on a basis that is fair to m y com ­ that dato to D ec. 9, he stated that the total national ex­
petitors living in other nations. Only such business, freo from all artificial penditure was on a daily average of £ 6 ,6 1 5 ,0 0 0 , while for
support is tho kind that will last. M oreover, under the great dem ocratic
leaguo o f nations which is com ing at tho end o f tills war, such business is tho five weeks from April 1 to M a y 5 1917 the statement
shows the daily average of expenditure to be £7,971 ,00 0.
tho only kind that will bo perm itted.
In a few words lot me explain what I havo in m ind. Lot me com m ence I or tho ten weeks from April 1 to June 9 the expenditure
b y tracing our presont troubles from tho beginning. During tho past
For the respective periods in the
generation a certain class, in different countries, havo succeeded in raising averaged £ 7 ,752 ,00 0.
their own wages and incomes without regard to tho means em ployed. order taken above the actual war expenditure daily, the
Considering their previous condition, they perhaps cannot bo blamed;
Chancellor stated, was £5 ,989 ,00 0, £5 ,714,000, £7,457 000
but lot us see to what their uneconom ic m ethods and efforts led. There
and £6,723,000.
havo been threo steps in tho vicious circle.
H ig h Prices D u e to H igh W a ges.
Tho increaso in expenditure for army service, said the
1. In order to pay these higher wages, rents and other costs without an
increase in production, most manufacturers havo had to ask higher prices statement, is in part attributable to payments and advances
for their goods. This has raised tho cost o f living for everybody, so that which aro ultimately recoverable. Tho expenditure for
oven these workers themselves havo greatly suffered thereby. We all havo munitions was affected by temporary causes, such as more
boon trying to lift ourselves by our bootstraps. Ilenco wo get less for
rapid delivery made on the termination of certain orders;
our money to-day than ever before.
2. As the prices o f those dom estic goods wero advanced, foreign m anufac­ but notwithstanding this, the Chancellor stated that he
turers woro able to ship in moro foreign goods and undersell tho dom estic
feared there would bo some excess, under tho heads of army
manufacturers. Then theso latter turned to their various governm ents
and asked for “ p rotection.” T he Germans wanted m oro colonies; tho Ital­ and munitions, over the figures of the Budget estimate.
ians and French wanted “ spheres o f influence” ; tho English wanted greater Tho growth of tho miscellaneous expenditure, tho statement
ship subsidies and a bigger navy; while our own manufacturers havo been added, was duo, among other things, to charges for land and
wanting higher tariffs, J’an-American ism and tho various other “ special
sea transport, including tho purchase of ships and food sup­
privileges” that havo beon mentioned at this conference.
3. This strugglo for “ special privileges" finally led to tho present tcrriblo plies and to the charges for war pensions, which are now
war, whicli has brought so much suffering to every class. A lthough in
§250,00 0,0 00 weekly and which are continuing to expand.
cortain countries, tho capitalistic class m ay havo been imm ediately responsi­
ble for tills war, yet it was not wholly their fault. T ho dem and for moro Regarding loans to the Allies, continued tho statement, the
wages, rents, and profits b y others spurred these manufacturers to seek Government was still liable during the opening weeks of the
greater foreign markets, and to defend their present ones. M oreover, if
organized labor now demands further immigration restrictions and other current year to fulfil commitments undertaken before the
special privileges for itsolf also, tho present European war will bo followed entry of America into the war.
The advantage of America’s
by a much moro brutal Asiatic-Am erican war. Then tho vicious circle will entrance, ho explained, was now being felt.
On this subject,
bo com ploto and tho white man m ay tako his turn by being a slave to tho
howover, tho London “ Tim es” issued a warning, the “ Journal
yollow man.
These very "special privileges" so earnestly recom m ended b y other of Commerce” quoting it as follows:
speakers are sending tho world to smash. Ono special privilege always leads
to another. Germany did not think about her "p la co in tho su n " until
tho English began to sing “ Britannia Buies the W a v es.” L abor leaders
did not sock laws to keep out foreign labor until manufacturers got laws to
keep out foreign goods. Germany should bo condem ned for her brutal con ­
d u ct, but wo should not forget that tho Allies themselves havo also secured
m ost o f their foreign markets b y tho very force that wo so rightly condem n.
Somo growing nations will always bo preparing for war until all special
privileges, financial subsidies, and discriminatory trado barriers aro re­
m oved so that overy raco is assured o f getting full reward for its econom ic
efficiency without going to war.
T ho world will nover bo “ safo for d em ocracy" until tho econom ic causos
o f war aro eliminated. Beaco can nover be “ enforced.” Freedom , dem oc­
racy and liberty will com e only as tho result o f international co-operation
with equal security and opportunity assured to all, both in foreign trado
and dom estic. M oreover, such peaco will probably not bo brought about
by m ilitary or naval victories. It will com e b y tho peoplo o f all nations
arising and demanding a reorganization o f tho world on co-oporattvo lines.
Ono o f tho brightest features o f this war is tho now Bussian Socialistic
governm ent, with its demand that tho workers throughout tho world should
unlto with ono anothor instead o f fighting ono against tho other. T hey
alono seem to realize that m ilitary autocracy cannot bo destroyed until
com m ercial and industrial autocracy Is destroyed also.
T he world will be safo for d em ocra cy" whon the peoplo o f a sufficient
nunibor o f countries coinbino and insist that tlioso very special privileges,




Confident as wo m ay well be in the financial strength o f the United
States, lot nobody here bo so foolish as to think everything has been m ade
plain sailing for us in the matter o f m oney, b y Am erican co-operation. It is
no substitute for tho efforts called for from ourselves, and yet there is som e
danger o f slackness here, not only am ong the public, but through the idea
tiiat a provision o f American m oney relieves us o f much o f our own responsi­
bility . It will d o that, we firm ly beiievo, but only b y willing co-operation
which will need unchecked persistence in our own effort.
It would bo a short-sighted view o f our own m oney m arket to ignore the
fact that an unexampled drain on the m onetary resources o f the United
States m ay still affect it in ways not im m ediately obvious to those who re­
gard tho L iberty Loan merely as supplying cheap m oney for Allied war
chests.
SECOND

FRENCH

E X PO R T C R E D IT P A ID .

William P . Bonbrigkt & C o ., In c., of New York, an­
nounced on June 27 that funds had been received from the
French banks participating in tho §15,000,000 French
Export Credit of March 10 1916, and to which reference has
already been made in these columns, for tho payment of the
third §5,000,000 installment under that credit due July 2 ,
1917. This completes the payment of the second of these

credits arranged by William P . Bonbright & C o ., In c.,
making a total of $30,000,000 which has been repaid by the
French banks.
HUGE

GOLD

H O L D IN G S

OF

N.

Y.

ASSAY

T he work o f tho N ew Y ork office, which is the m ost im portant branch o f
tho M in t and A ssay servico, has been done with exceptional efficiency,
particularly in view o f the cram ped facilities which were not designed for
such a volum e o f business, and with practically no increase in the working
force.
Superintendent B ovie and Benno P . W irth, Superintendent o f M elting
and R efining, havo tho institution in splendid shape, and tho report o f tho
Settlement C om m itteo now being form ulated, gives the N ow Y ork o ffice
a clean bill o f health.

The Committee, besides M r . Leech, consists of Sheridan
Ferree, of the Auditor’s Office, W ashington, D . C .; Edward
M eKernan, of the Philadelphia M in t, and Eugene Russell,
of the Bureau of tho M in t, Washington, D . C .

C O M PA R A T IV E

FIG U R E S

C A N A D IA N

OF

C O N D IT IO N

ASSETS.
M ay 31 1917. A p ri/3 0 1 9 1 7 . June 30 1914.
°°I 1 C a n a d a 7 " 0111- . . .
n

49,053,217

22:877,827

25,587,092

48.1 )2,75 4

2 8 .ll8 .8 4 1

T o t a l _____________________
D om inion notes------------------------D eposit with M ln'er o f Finance
for security o f note circulation
Deposit In central gold reserves
Due from banks----------------------Loans and discounts----------------Bonds, securities, & c__________
Call and short loans In C anada.
Call aud short loans elsewhere
than In C anada--------------------Other assets_____________ _____

71,931,044
120,238,905

74,390.440
132,804,030

40.108,952
92.114.482

0,871,015
0,871,012
41,150,000
39,500,000
177,012,284
178,498,924
988,008,143 1,007,395,309
351,131.094
330,831,771
82,737,717
78,514.798

0,067,568
3,050,000
123,608,936
925,681,906
102,344,120
67,401,484

159,150,054
75,248,538

137,120,167
71,209,738

s

S

F

e

108,092,075
77,555,054

17, 100,111

T o t a l ...............................................2 ,0 0 6 ,7 0 2 ,3 2 0 2 ,1 0 8 .4 9 6 ,1 9 3 1 ,5 7 5 ,3 0 7 ,4 1 3

L IA B IL IT IE S .

s
C a p ita l a u th o r iz e d .........................
C a p ita l s u b s c r ib e d .........................

flTnifal nald no
_____
& v e p u n d . ! : : : : : : : : .........
f

Circulation
........
Governm ent deposits— ............
Demand deposits.........................
Tim e deposits................................
Duo to banks-------- ---------- ..........
B ills payable__________________
Other liabilities....... - ...............

189,80 6 ,0 0 0
1 12 .08 1 .8 6 0

s

$

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

111 ,()tl ,03*1
1 1 3 ,4 9 3 . 0 3 3

111,627 »09«) ll*l,oll.77o
1 1 3 .4 s 5 . 9 0 3
1 1 3 .3 0 s ,898

142,653,590
7 8 ,lo l,3 7 7
050,522,223
892,502,657
35,732,524
4,020,478
18,710,686

99,138,029
145,550,619
116,146,528
44,453,738
458,067,832
054,334,971
003,050,230
874,948,724
32,420,404
41,681,795
20,090.365
5,961,040
12,656,085
24,418.709
______________________

OF SECOND IN S T A L L M E N T
LOAN

Following a discussion on Monday by tlio Liborty Loan
Committee of the N ew York District on the subject of a froe
and unrestricted market for tho Liberty Loan bonds, a state­
ment was issued by Governor Strong in which he said:
I am instructed b y the L iberty Loan C om m itteo o f this district to stato
that In tho opinion o f tho com m itteo it is im portant that thero bo a wido
and normal market for L iberty loan bonds— unrestricted as to prlco or
otherwise.

The “ Times” yesterday stated that it was learned on
Thursday that approximately $125,000,000 of the Treasury
certificates which become duo to-day had been turned in to
the bank in payment of Liberty bonds. This, it is added,
is within about $15,000,000 of the total amount of June 30
certificates distributed among tho banks of this district. It
is stated that thero have been issued $918,205,000 in Treasury
certificates of indebtedness. Of this, $318,200,000 is duo
to-day, including a $50,000,000 issue of 2s sold to the Federal
Reserve banks on March 31.
ALLOTMENTS

AND

SU B S C R IPT IO N S

TO

LIB E R T Y

LOAN.

Last week we referred to the figures of oversubscription
;o tho Liberty Loan offoring of $2,000,000,000 as mado
public in Secretary of the Treasury M cA doo’s statement
ate Friday night June 22. A s indicated by us subscrip­
tions excoeded by $1,035,226,850 the $2,000,000,000 offorng. Tho allotments over $10,000 wore also reported; both
the subscriptions and allotments under that sum, as well
is over are shown in tho annexed tablo:
S u b s c r ip tio n s .

ON LIB E R TY

BONDS.

The second installment on the $2,000,000,000 Liberty
Loan was paid this w eek, that is, on Thursday, Juno 2 8 .
Tho payment amounted to 1 8 % , but it is pointed out that
inasmuch as a number of subscribers made full payment on
June 15, when the initial installment of 2 % was due, con­
siderably less than $360,000,000 had to bo paid in the present
week. Future payments on the bonds aro due 2 0 % July 30,
3 0 % Aug. 15, and 3 0 % Aug. 30. W ith the payment of tho
second installment, the N ew York Federal Reservo Bank
yesterday (Friday) issued temporary certificates for the
bonds. On June 27 Government funds of $128,000,000, a
part of which represents tho yield from Liberty Loan pay­
ments,were deposited with the banks in the N ew York Federal
Reserve District which have been approved as depositaries
for Government funds. It is stated that while approximately
700 banks out of tho 1,000 in the district are members of the
Reserve system, only 250 banks qualified as depositaries.
Two circular letters to banks in the N ew York Reserve
District which have been approved as depositaries were sent




W e also give below the other letter on the subject:
Y ou r bank having been approved a depositary for tho United States
Governm ent to tho extent o f § ___________ .w o oncloso herewith our check
to your order for $ ___________ for tho credit o f tho “ Treasurer o f tho United
States, L iberty Loan D eposit A cco u n t,” which deposit is now m ado with
you tentatively, subject to m odifications and adjustm ents as soon as tho
final basis for tho distribution o f Governm ent deposits has been determined
upon, in accordance with Instructions from tho Treasury Departm ent.
C redit can also bo opened b y a depositary bank on its books in part or
full paym ent for subscriptions on account o f Liberty Loan bonds, providing
tho aggregate o f such credits and deposits m ado w ith It for account o f tho
"T reasurer o f tho United States, L iberty Loan D eposit A cco u n t,” does
not exceed tho total am ount for which tho bank was approved as a de­
positary.
, , ,
.
Theso deposits are subject to a rate o f 2 % per annum on tho basis o f
365 days to a year, including dato o f deposit and excluding dato o f with­
drawal.

192,86 0 ,6 6 0
5 ,4 3 4 .6 6 0

T °otr rn sw v en
fund - 8 . ! ! Pi-a- 1,822,959,541 1,863,042,986 1,330.488.083
N o te __Owing to the omission o f the cents In the official reports, the
outing's In the above do not exactly agree with the totals glvon.

PAYM EN T

F E D E R A L R E S E R V E B A N K OF N E W Y O R K .
June 26 1917.
D ear Sirs
A s you r bank has been approved as a depositary for tho
United States Governm ent to the extent o f ---------------------wo tako pleasuro
in advising you that a credit can now bo oponod b y you on your books in
tho name o f the “ Treasurer o f tho United States, L iberty Loan D eposit
A cco u n t,” in part or full paym ent for subscriptions on account o f L iberty
Loan bonds, provided that such credit does not exceed tho total amount
for which your bank has been approved as a d ep osita ry.
Should this restriction on the amount for which you m ay open a credit
result in thoro being a balance due on account o f your subscription after
tho credit is opened in the manner above described, paym ent o f such
balance must bo made b y you in accordance w ith provious instructions.
This deposit is m ade tentatively and is subject to m odifications and ad­
justm ents as soon as tho final basis for tho distribution o f Governm ent
deposits has been determ ined upon in accordance with instructions from
the Treasury D epartm ent.
This deposit is subject to interest at the rate o f 2 % per annum, on the
basis o f 365 days to a year, including date o f deposit and excluding date o f
withdrawal.

OF

BANKS.

In the following we compare tho condition of tho Canadian
banks, under tho last two monthly statements, with the re­
turn for June 30 1914:

i

out by the N ew York Reserve Bank on June 20. One of
these went to banks which havo established a credit in part
or full payment for subscriptions to Liberty Loan bonds, and
the other suggesting the opening of a credit to the banks which
have not already done so. The latter reads as follows:

O FFIC E .

The count of what is believed to be the greatest amount of
gold ever stored at one time in one place has been completed
at the Government’s Assay Office in N ew York. The hold­
ings amount to $765,000,000, and the inventory showed that
“ not a penny” was missing. Tho gold consists of bullion,
and British, French and American coins. According to
Verne M . Bovie, Superintendent of the Assay Office, the
present holdings are more than ten times the normal average
of previous years. The greatest total prior to the war, ho
said, was $80,000,000. In 1914 it was $57,300,000. This
year’s huge total is attributed to gold imports from the Allies
to meet war bills and also to abnormal local receipts.
Edward P . Leech, Chief of the Denver M in t and head of the
Settlement Committee which made tho annual audit hero,
is quoted as saying:

E

(VOL. 104 .

T H E C H R O N IC L E

2596

A l lo t m e n t s .

Up to and including $10,000_$1,296,084,850 100 per confc
Over $10,000 and up to and
including $100,000......... ..
660,103,050 OOporcont,
but not less
than $10,000
bonds
Over $100,000 and up to and
including $250,000..............
220,455,600 4 5 p c rco n t,
but not loss
than $60,000
b on ds.

Over $250,000 and up to and
. including S2,000,000..........

$1,290,684.850

336,061,850

9 9,2 0 5 ,0 0 0

601.514,900 30 per cent,
but not loss
than $112,500
bond s.

184,381,800

234,644,300 25 per cen t,
but not less
than $600,000
bond s.

58,661,250

Over $6,000,000 and up to
and including $10,000,000.
$25 000 000

46,674,160 21 per cent
50,000,000 20.22 per cent

9.801.600
10,110,000

$25!250,’0 0 0 ...........

2 5 ,2 5 0 ,0 0 0 2 0 .1 7 p e r co n t

Over $2,000,000 and up to
and including $6,000.000. y, :
i i

T o ta l..............................$3.035,226,850

5 ,0 9 3,05 0

$2,000.000.000

JU*E 30 1917.]
N E W

YORK

the

RESERVE
RESERVE

B A N K ’S

C IR C U L A R

ON

c h r o n ic l e
N E W

R E Q U IR E M E N TS.

A circular calling a tten tion to the now reserve requ ire­
m ents under the am endm en ts m ade to tho F ederal R eserve
A c t was issued on Juno 25 b y B en ja m in S tron g, G overn or
o f tho F ederal R eserve B a n k o f N ew Y o r k . T h o m em b er
banks in N e w Y o rk C ity w ero called u p on to increase their
reservo deposits w ith tho R eserve B a n k to an am ou n t equ al
to 1 3 % o f their net dem an d doposits and 3 % o f tim e d oposits
b y Juno 27, w hile m em ber banks ou tsido tho city are g iven
u n til Ju ly 15 to incrcaso their reservo deposits w ith tho
R eservo B ank to 7 % o f dem an d doposits an d 3 % o f tim e
deposits in the case o f co u n try banks, and 1 0 % o f dem an d
deposits and 3 % o f tim e deposits in the case o f reserve c ity
banks. Failure to m aintain tho ad d ition a l reservo requ ire­
m en ts in these la tter instances w ill n o t be penalized until
after Ju ly 15. T h o circular follow s:

[Circular No. 74.1
FEDERAL RESERVE RANK OF NEW YORK.
N e w Y o rk , June 25
To the Cashier:
Sir:
Reserve Requirements under the A m en d m e n t o f J une 21 1917.

1917.

Tho amended provisions of tho Federal Reserve Act now in effect govern­
ing tho reserve to bo maintained by banks which are members of the FcdcraJ
Reserve System, aro as follows:
Sec. 19. Demand deposits within tho meaning of this Act shall compriso
all doposits payable within thirty days, and time doposits shali comprise all
deposits payable after thirty days, all savings accounts and certificates of
deposit winch aro subject to not less than thirty days’ notice boforo pay­
ment, and all postal savings deposits.
“Every bank, banking association, or trust company, which is or which
becomes a member of any Federal Reserve bank, shall establish and main­
tain reserve balances with Its Federal Reservo bank as follows:
‘ W I f not in a reservo or central reservo city, as now or hereafter
defined, it shall hold and maintain with tho Federal Reservo bank of its
district an actual net balance equal to not less than 7% of tho aggrogato
amount of its demand deposits and 3% of its time deposits.
“ (b) If In a reserve city, as now or hereafter defined, it shall hold and
maintain with tho Federal Reserve bank of its district an actual not balanco
equal to not less than 10% of tho aggregate amount of its demand deposits
and 3% of its time deposits.
“ (c) If in a central reserve city, as now or hereafter defined, It shall
hold and maintain with tho Federal Reserve bank of its district an actual
not balanco equal to not less than 13% of tho aggrogato amount of its
demand doposits and 3% of its timo deposits.”
You will noto that tho ontlro legal reserve of a member bank is now to
bo maintained on deposit with tho Federal Reservo Bank, and thero is no
requirement of law as to tho amount or kind of currency to bo held by a
moinbor bank in its own vault. Consequently, tho amount to be so held
is loft to tho discretion of each member bank and may consist of Federal
Reservo notes or other currency.
Member banks in Now York City aro requested to incrcaso their reserv
deposits with tho Federal Rcsorvo Bank of New York to an amount equal t
<
13% of their net demand deposits and 3% of timo deposits not later that
Juno 27.
Member banks outsido New York City aro requested to increase the!
reserve doposits with tho Federal Reservo Bank of Now York to 7C/ o
not demand deposits and 3% of timo deposits for country banks and 1 0 ° /
of net demand deposits and 3% of time deposits for reserve city banks
not later than July 15.
It is suggested that the necessary increase in deposits may bo madi
gradually between now and tho abovo date by tho shipment of any form oi
gold coin or currency other than national bank notes. For this purpose
shipments of gold coin by express, and of gold certificates or properlj
sorted lawful money and Federal Reserve notes can bo made in accordance
with the terms of our Circular No. 54, all at our expense
Failure to maintain tho additional reserve required by’ tho am
eneleeJ
Act to bo on deposit with this bank will not bo penalized until after July 15
Respectfully,
B E N J . S T R O N G , Governor.

35 97

Every bank, banking association, or trust company which is or which
becomes a member of any Federal Reserve bank shall establish and main­
tain reserve balances with its Federal Reserve bank as follows:
“ (a) If not in a Reserve or Central Reserve city, as now or hereafter
defined, it shall hold and maintain with tho Federal Reserve bank of its
district an actual net balance equal to not less than seven per centum of
tho aggregate amount of its demand doposits and throe per centum of its
time deposits.
“ (b) If in a Reserve city, as now or hereafter defined it shall hold and
maintain with the Federal Reserve bank of its district an actual net balance
equal to not less than ten per centum of the aggregate amount of its demand
deposits and three per centum of its time deposits.
‘ (c) If in a Central Reserve city, as now or hereafter defined, it shall
hold and maintain with tho Federal Reserve bank of its district an actual
net balance equal to not less than thirteen per centum of the aggregate
amount of its demand deposits and throe per contum of its timo deposits.”
Compliance with this section will make it necessary, in most cases, for
member banks to increase their balances with the Federal Reserve banks.
It is, of course, desirable that these deposits should bo mado promptly, but
with as little disturbance to financial conditions as possible, and to accom­
plish this tho co-operation of all member banks is necessary.
Federal Reserve banks in Central Reserve cities should request their
member banks located in such cities to increase their balances with their
Federal Reserve bank in an amount sufficient to comply with the new require­
ment of the Act, not later than June 27.
In view of the fact that it is to be assumed that Reserve city banks and
country banks will be obliged to draw heavily upon their Central Reserve
city and Reserve city correspondents in order to meet demands to bo made
on account of tho installments becoming due upon subscriptions to the
Liberty Loan, country banks and Reserve city banks should bo requested
immediately to build up their balances with their respective Federal Reserve
banks by remitting cash from their own vaults as far as they can do so
without impairing their ability to care for local needs.
Tho Board considers it inadvisable to increase at this time the pressure
on Reserve and Central Reserve cities by encouraging heavy withdrawals
from those cities by correspondent banks desiring to make transfers to the
Federal Reserve banks to meet the new reserve requirements.
While tho new law becomes technically effective from this date it is, of
course, understood that a reasonable timo must bo allowed for making thenecessary transfer of reserve to meet the requirements of the Act.
If, therefore, member banks continue to maintain with the Federal
Reserve banks tho percentage of reserve required hitherto, the Federal
Reserve banks may, until July 15, reasonably refrain from imposing penalties
against member banks on account of deficiency in reserve carried with them.
That is to say, failure to transfer tho additional amount required by the new
Act need not be penalized until after July 15.
It is suggested to Federal Reserve banks that it might bo advisable for
them, in order to facilitate and expedite tho transfer of cash from vaults of
member banks to the vaults of Federal Reserve banks, to show liberality, as
far as permitted by law, in refunding to member banks the shipping expenses
of currency sent to Federal Reserve banks before June 30, and in dealing
with remittances of gold coin to be exchanged for Federal Reserve notes.
A similar policy is suggested in dealing with State banks desiring to establish
balances with Federal Reserve banks in advance of becoming either full
members or members of the clearing system.
It must be evident to all banks that it is to their own interest to strengthen
as far as possible the reserve and lending power of their Federal Reserve
banks, tho facilities of which aro likely to bo used extensively in connection
with the shifting of funds incident to tho payments to be made on account
of Liberty bond subscriptions. Every bank, member and non-member,
should, therefore, do its utmost to strengthen the gold reserve of the Federal
Reserve banks by promptly transferring such vault money as can bo spared
and by exchanging gold certificates and gold for Federal Reserve notes,
thereby helping to carry out tho policy adopted for tho public welfare of
encouraging, for purposes of general circulation, the use of Federal Reserve
notes rather than gold certificates.
It is to be hoped that banks in Federal Reserve cities will make a special
effort to co-operate with the Central Reserve cities in at once transferring
to their respective Federal Reserve banks such amount of vault money as
they can conveniently spare. In case of demand they can always replenish
their currency supply by calling upon their respective Federal Reserve
banks.
Respectfully,
(Signed) W. P. G. HARDING, Governor.
SETTLEM EN T

OF

B AN K S
RESERVE

BOARD

ON

UNDER

RESERVE
N E W

R EQ U IR E M E N T S

ACT.

F ollow in g tho a p p ro v a l b y P residen t W ilson o f tho bill
passed b y C ongress a m end ing tho F ederal R eserv e A c t the
F ederal R eserve B o a rd , in a letter addressed to tho Federal
R eserve banks on Juno 22, p o in te d o u t th a t tho R eserve
banks in C entral R escrvo cities sh ou ld requ est their m em ber
banks located in such cities to increase their balances w ith
their R eserve b a n k in an .am ount su fficien t to co m p ly w ith
tho requirem ents o f the A c t n ot later th an June 27. T h e
B o a rd adds th at w hile the n ew law b eca m e tech n ically
effe ctiv e from tho date o f its a p p ro v a l, it is u n d erstood th at a
" reasonable tim o m u st be allow ed for m a k in g tho necessary
transfer o f rcsorvo. It is henco a n n ou n ced that failure to
transfer the ad dition a l am ou n t requ ired n eed n ot bo penalized
until after Ju ly 15. T h e B o a rd ’s letter follow s:

FEDERAL RESERVE BOARD.
„.

D ea r S ir ■

W a sh in gton , June

22 1917.

Tho bill recently passed by Congress amending the Federal Reserve Act
has boen approved by the President and has become a law. A revised
draft of the federal Reserve Act as amended has been prepared and will be
forwarded to all Federal Rosorvo banks and member banks as soon as
received from the printer. Now regulations by tho Board are in tho course
of preparation and will be forwarded to you in tho very near future for
distribution among your member banks. In tho meantime, your attention
Is directed to Section 10 of tho Act in question which amends Section 19 of
tho Federal Reserve Act and provides in part as follows:
See. 19. Demand deposits within the meaning of this Act shall com
prise all deposits payable within thirty days and tlme denosits shall
comprise all deposits payable after thirty days’ ail savings acconnts an l
certificates of deposit which aro subject to noUcss than thirty davV nnthv!
beforo payment, and all I’ostal Savings deposits.
y
,
1 0




D A IL Y

THROUGH

BALAN CES
RESERVE

OF N E W

YORK

B A N K .

In these colu m n s last w eek w e referred to tlie fa c t th a t
tw en ty -six loca l ba n k in g in stitu tion s w ero th en settlin g th eir
d a ily balances a t tho N ew Y o r k C learin g H ou se th rou gh th e
F ederal R eserv e B a n k . Y e ste rd a y at th e F ed era l R eserv e
B a n k it w as stated th a t all tho lo ca l m em b er ba n k s are n ow
a v a ilin g th em selves o f the new arran gem en ts.
C H A N G IN G
CONFORM

N E W

YORK

C L E A R IN G

TO R E S E R V E A C T

HOUSE RULES

TO

A M E N D M E N T S .

A m endm ents to the con stitu tion o f tho N ew Y o r k C lear­
in g H ou se A ssocia tion to a d ju st the la tter’ s reserve require­
m ents to those required under the recen tly en acted a m en d ­
m ents to tho F ederal R eservo A c t o r the S tate law s under
w hich m em bers o f tho local clearin g b o d y operate w ere
a d op ted at a m eetin g o f the associa tion on T h u rsd a y June
28. T h e follow in g is the text o f the am endm en ts:

Amend Article III., Section 9, to read:
All members of this Association shall keep and maintain a reserve in
such proportions and in such depositaries as may be required by tho Federal
Reserve Act or the laws of the State under which they are incorporated.
Provided, however, that in determining net demand deposits no deduc­
tion bo made of deposits secured by the deposit of outstanding unmatured
stocks, bonds or other obligations of the State or City of New York, or of
deposits to the amount of the stocks, bonds or other obligations of the
State or City of New York owned and held by the bank or trust company.
And providod, that all reserve, other than cash on hand, must be main­
tained in tho Foderal Reserve Bank of New York, or in some member bank
of the Federal Reserve Bank of New York, a member of this Association, or
in any other member of this Association that maintains in the Federal
Rescrvo Bank of New York tho reserve required of member banks.
A failure on tho part of any institution to keep the reserve herein provided
for, shall render such Institution liable to discipline as provided "or in
Section 6 of this Article.

[V o l . 104.*

THE CHRONICLE

3 5 98

trib u tion is due to the larger capital w h ich tho b a n k n ow has.
Amend Articlo IX, Section 7, to read:
Every institution redeeming through a member of this Association shall T h e ca p ita l n ow stands at $ 1 2,00 0,00 0. W o g ive b olow the
keep the same reserve against its deposits (as reported weekly) as prescribed b a n k ’ s an n ou n cem en t con cern in g tho present p a ym en t:
for Clearing House members of tho same class and provided for in Article
FEDERAL RESERVE BANK OF NEW YORK.
III, Section 9, of this constitution.
N cio Y o rk , J une 30 1917.
Tho Clearing House Committee shall have power to enforce this rule.
Dear Sirs: On Dec. 31 1916 a dividend was paid by this bank for tho
period from Nov. 2 1914 to April 1 1915. Tho board of directors of this
bank has declared a second payment on account of accumulated divi­
R IC H M O N D RESERVE B A N K P A Y S T R A N SP O R T A TIO N
dends, payablo June 30 1917, at tho rato of 6% por annum for tho period
C H A R G E S O N G O LD S E N T FOR B U I L D I N G U P R E S E R V E S .
from April 1 1915 to Dec. 31 1915, both dates inclusive, oxcopt that in tho
In a circu lar directin g a tten tion to th e R eserv e B o a rd ’ s case of capital stock payments mado prior to tho duo dato of May 3 1915
le tte r respectin g th o n ew reservo requirem ents tho R ich ­ the period has been calculated from such duo dato.
Wo enclose check for $ ............ . the amount of dividend duo your bank.
m o n d F ederal R eserv e B a n k an n ou n ced th a t it w ou ld
Respectfully,
BENJ. STRONG, Governor.
u n derta k e to p a y tra n sp orta tion charges u p on g old certifi­
cates and g o ld co in sent it b etw een June 23 an d 30 for the
pu rp ose o f bu ildin g u p reserves to the requ ired a m ou n t, and
th a t g o ld co in w o u ld b e receiv ed at its fa ce valu e unless
m u tila te d . T h is is in a cco rd w ith tho suggestion o f the
F ed eral R eserve B oa rd and has p r o b a b ly been follow ed b y
th o o th er R eserv e b a n k s. W o g ive the circu lar herew ith:

Circular No. G
4.
Federal Reserve Bank o f R ichm ond,
R ichm ond,

June

23 1917.

NEW BASIS OF RESERVES.
Your attention is directed to tho accompanying copy of a letter from tho
Federal Reserve Board to this bank relating to tho amendment to tho Act
establishing new reserves to bo maintained with Federal Reserve banks.
Tho amendment went into effect upon tho signing of tho bill by tho Presi­
dent.
It Is of very great importance that member banks In establishing tho
new reserve required should do as far as possible from their own vaults in
order to avoid disturbance of tho money situation. Particular attention
is called to that portion of tho letter from the Federal Reserve Board re­
ferring to this.
At the same time it is of equal importance to transmit to tho Federal
Reservo Bank at once tho gold and gold certificates which members can
spare from their own vaults which may bo required to establish tho legal
reserve.
This bank will undertake to pay transportation charges upon gold cer­
tificates and gold coin sent to it between now and Juno 30 for the purpose
of building up reserves to tho required amount, and gold coin will bo re­
ceived at its faco valuo unless mutilated.
Under tho Act as it now stands no member bank is required to carry any
specified amount or quality of casli in vault as reserve. Tho only legal
reservo is that required to bo maintained in Federal Reserve banks.
Currency of any description will, therefore, now servo tho ordinary pur­
poses of all member banks, and only such amounts need be carried in vaults
or tills as experience has proved to bo necessary for daily operation.
Subscriptions to Liberty Bonds were very heavy in this district, and it is
evident that hca\y demands will bo mado upon Federal Reserve banks
for loans in effecting payment of subscriptions.
Member banks are therefore urged in their own interest and in tho in­
terests of the District and country to build up tho gold reservo in tho
Federal Reserve Bank and use for currency purposes Federal Reservo
notes.
This bank will pay the transportation charges on gold coin and cur­
rency shipped to it in any amount in exchange for Federal Reservo notes
to bo used as vault currency, and will likowiso pay tho return transporta­
tion on Federal Reserve notes.
Respectfully,
GEORGE J. SEAY, Governor.
B AN K S’

M E N T

OF

GOLD

C R E D IT

D E P O S IT S
BY

LONDON

FEDERAL

RESERVE

B A N K

D IV ID E N D .

GOV. H A R D IN G OF R ESER VE BO ARD URGES A L L B A N K S
TO T U R N I N G O L D H O L D I N G S TO R E S E R V E B A N K S .

To M e m b e r s o f the Federal Reserve Bank o f R ichmond:

RESERVE

C H IC A G O

T h e d irectors o f the F ederal R eserve B a n k o f C h icago a t a
m eetin g on June 27 p rovid ed fo r a div id en d on the b a n k s
s tock held b y the m em ber banks at the rate o f 6 % per a n n um ,
coverin g the p eriod from Ja n. 1 to Ju ly 1 1916.

.

D iscu ssin g tho plans o f tho F ederal R eservo B oa rd to
m ain tain a p rop er ba la nce o f credit betw een tho variou s sec­
tion s o f the co u n try during the fin an cing o f the w ar, W . P . G .
H a rd in g , G o v ern or o f the R eservo B o a rd , stated last w eek
th at all ba n k s, w hother m em bers or n o t, can help in tho
presen t crisis b y tu rnin g in to the R esorvo banks thoir av a il­
able g o ld h oldin gs in exchange for reserve n otes. M r .
H a rd in g ’ s rem arks w ero addressed to the m em bers o f the
M ich ig a n B a n k ers’ A ssocia tion , in session a t D e tr o it on
Juno 19. T h e D e tr o it “ Free P ress” q u otes him as follow s:

Tho bankers must help investors pay for tho Government war bonds
for which they havo subscribed. To fulfill this obligation all banking re­
sources must bo mobilized. Herein lies tho great opportunity of tho
Federal Reserve bank system.
While the United States must spend four billion dollars a year during the
remainder of tho war, and must finance an expenditure of six billion a year
by each of tho Allies, 99% of tho money will stay in this country, as it will
be spent here for munitions and supplies.
Consequently tho work of tho Federal Reserve system will bo the main­
tenance of a proper balance of credit between tho various sections of tho
country. A short period of unequal credits may exist whilo this work is
being mado effective, but wo aro watching the situation closely, all Reservo
banks wiring a daily statement of thoir condition to Washington.
In order to handlo the situation, tho Resorvo Board lias authorized Re­
servo Banks to rediscount eligiblo paper, which is short-time paper based on
commercial transactions, as opposed to accommodation paper, at a rato
of 3%.
Reserve Banks also aro ready to rediscount any short-timo note secured
by a Government bond. In cases of outside banks this will bo done if tho
paper is endorsed by a member bank of tho system.
All banks, whether members or not, can help in tho present crisis by
turning in their available gold holdings to tho reserve banks, taking in ex­
change reservo notes, which are now mado legal reserves. State banks
will bo doing a patriotic service by joining tho system and proceeding in
this manner.

ABROAD— P A Y ­
BRANCH

BAN KS.

T h e lo d g m e n t o f g old w ith “ foreign agen cies” w as reported
fo r th o first tim e in the h istory o f tho F ed eral R eserve banks
in their w eek ly statem en ts o f last S a tu rd a y .
The total of
su ch deposits in th o tw elv e R eserv o ba n k s o f the co u n try is
sh ow n to b e $ 5 2 ,0 0 0 ,0 0 0 . In the case o f the N ew Y o rk
F ed eral R e serv e B a n k the g o ld d ep osited w ith foreign
agen cies is re p o rted as $ 1 8 ,7 3 8 ,0 0 0 . T h o N o w Y o rk
“ T im e s ,” referrin g to th e disclosure in the N e w Y o rk R e ­
serve B a n k ’ s sta tem en t, said:

Officials of the Federal Reserve Bank declined to make public tho names
of tho “ foreign agencies,” declaring that it was a matter concerning a cus­
tomer of tho bank, and one which they could not, with propriety, discuss for
publication, but in financial circles it was assumed that tho item represented
a transfer of gold mado to the Bank of England by tho London banks, whoso
$50,000,000 credit matured on Wednesday. Some time ago reciprocal
arrangements wero perfected between tho Bank of England and tho Federal
Reserve Bank, and it is understood that tho London banks, instead of
shipping gold to this country, deposited tho metal with tho Bank or Eng­
land the latter holding the same for the account of tho Federal Reservo

OF R IC H M O N D

RESERVE

B A N K

A T

B A L T IM O R E .

A d v ice s that tho F ederal R esorvo B o a rd is rea d y to
a p p rov o tho establishm ent o f a b ran ch o f tho R ich m o n d
F ederal R eserve B a n k at B a ltim ore w ero c o n v o y e d o n th e
23 d in st. to H . B . W ilc o x , o f B a ltim ore, b y G eorge J . S ea y,
G ov ern or o f the R ich m o n d R eserve B a n k , o f w hich latter
C olon el W ilco x is a d irector. M r . S ea y ’s lotter, as pu blish ed
in the B a ltim ore “ A m erica n ” o f Juno 2 6 , said:
R ichm ond, V a ., J une

23 1917.

C ol. I I . B . W ilc ox ,
M e rc h a n ts-M ec h a n ic s’ F irst N a tion a l Bank, Baltim ore, M d .
D ea r Colonel W ilc o x .—Tho Federal Resorvo Board lias formally

advlsea
us that it is now ready to approvo tho establishment of a branch bank in
Baltimore. We, therefore, adviso you that in tho near futuro, and as
soon as possiblo, we will begin work on tho dotails of tho matter.
You are aware that extraordinary burdons imposed upon us as fiscal
agents of tho Government havo occupied us night and day and aro still
heavy upon us. As soon as theso duties aro measurably lightened wo shall
begin to work out tho plans for tho establishment of tho branch.
You aro at liberty to mako this announcement.
Yours very truly,
Tho loan which matured Wednesday was for $50,000,000, but interest
(Signed) GEORGE J. SEAY, Governor.
at tho rato of 5% for ono year brought tho total payment up to $52,500,000.
Tho day before maturity tho United States Treasury advanced to tho
British Government $35,000,000. This sum, plus tho $18,000,000 of gold P R E D I C T I O N S O F H I G H E R I N T E R E S T R A T E S A T
"with tho foreign agencies” is just a littlo in excees of tho total required
IO W A B A N K E R S ’ C O N V E N T IO N .
for meeting the obligation.
SECOND

D IV ID E N D

D E C L A R A T IO N

FEDERAL

RESERVE

OF

N E W

YORK

B A N K .

N o tic e o f the decla ra tion o f a secon d d iv id en d b y the di­
rectors o f tho F ed eral R eserv o B a n k o f N e w Y o r k is m ade
in a letter w hich goes to m em b er banks to -d a y (Juno 3 0 ).
T h e am ou n t represented in tho d istribu tion is $474,000.
T h e first d iv id e n d , p a id D e c . 30 1916, an d w h ich covered
th ejp eriod fro m N o v . 2 1914 to M a r ch 31 1915, ca lled fo r a
distribu tion o f $127 ,1 13 . T h e increased am ou n t o f the d is­




D iscu ssing “ T h o N a tio n ’ s A w a k en in g,” T h eod ore E .
B u rton , form er U . S . Son ator from O hio, an d n ow P resident
o f tho M e rch a n ts’ N a tion a l B a n k o f N ow Y o r k , in an address
before tho Iow a B a n k ers’ A ssocia tion on Juno 15 p red icted ,
a ccord in g to tho D os M o in o s “ R eg ister,” th at available
capital w ill b o en orm ou sly dim inished b y tho w ar, w hile
interest rates aro p ra ctica lly suro to rise a b o v o present ratos.
M r . B u rton also sta tod , tho “ R egister” reports, th at ovory
tim e a b on d issue is p u t ou t there is g oin g to b o a “ jo lt or
flu rry ” w h ich w ill tond to b o o s t rates still m ore th roughou t

June 30 1917.]

THE CHRONICLE

the w ar. H o u rged th e bankers to w a tch loans carefu lly
to a v o id p la cin g m o n ey in enterprises in ten d ed ex clu sively
fo r th e p ro d u ctio n o f luxuries, n o t o n ly fo r their ow n sakes
b u t fo r the sake o f th o n a tion . R eferrin g fu rther to his
rem ark s, th e “ R e g ister” says:

He spoke against the readjustment of tho tariff at this time and against
tho retroactive tax on Incomes, which ho likened to taxing a horse sold a
year ago. lie disagreed with the convention, howovor, on tho subject
of the stamp tax on bank checks, saying that it would prove very little
inconvenience to bankers or patrons and that It was a patriotic measure
to support it.
Of the excess profits tax he said that if it is to be levied very careful
consideration must be made of the basis of taxation, whether it bo on tho
excess over tho average profit for a certain period of years or on tho excess
over a certain per cent of profit.
He suggested that it might be well to save the income tax or some other
form for use after tho war has proved that we will need still further forms
to raise moro money, if such an eventuality does arise.
P eter W . G o e b e l, P residen t o f th e A m erica n B a n k ers’
A ssocia tion , a n oth er speaker a t the m eetin g, u rged the
bankers to g iv e the u tm ost con sid eration to farm ers an d
others engaged in the p rod u ction o f fo o d s or m aterials needed
b y the G o v e rn m e n t. T h e “ R eg ister” reports h im as stating
th a t th e tim e will com e soon w hen the ba n k er w h o show s
a large am ou n t o f rediscou nts w ill n o t b e lo o k e d u p on w ith
su sp icion b u t as a p a triot. H e a d d ed :

We must rediscount freely. There has been entirely too much cowardice
among bankers on this scoro, for it is just as much a function of the banker
to rediscount at certain seasons of the year as it is to take in deposits every
day of tho year. Tho war will not be won by tho sido that has the most
men, but by tho sido that can feed Its men tho longest. Therefore we must
soo to it that the men working for the Government havo all the credit
they need.
T h e A sso cia tio n w e n t on record as op p osed to the stam p
tax on b a n k ch eck s p rop osed in the w ar revenue b ill, an d
a p p ro v e d the H a rd w ick am end m en ts to the Federal R eserve
A c t . T h e resolu tion p rotestin g against the stam p tax on
b a n k check s w as p ro p osed b y W . A . H opkin s o f L a m on i,
w h o declared th at the con tem p la ted legislation w ou ld result
in p eop le ca rry in g cu rren cy in their p ock ets, w ith draw in g
largo sum s fro m circu la tion and p rob a b ly causing a cur­
re n cy fa m in e. T h e exem ption o f sm all checks from th e ta x
w o u ld , he said, necessitate tho givin g o f tw o d ifferen t ch e ck
b o o k s to d e p o sito rs. T h o A ssociation pled ged to “ the
G o v e rn m e n t o f the U n ited States a con tin u an ce o f ou r lo y ­
a lty , a persisten ce o f ou r efforts, a m ain ten an ce o f ou r tra­
dition s and the unsparing d ev otion o f ou r resources, if neces­
sa ry, to the last d o lla r.”

RESULTS

A C C O M P L ISH E D
FARM

BY

LAN D

ST.

PAUL

FEDERAL

B A N K .

T h e F ed era l F arm L oan A c t w as discussed a t th e con ­
v e n tio n o f the M in n esota B a n k ers’ A ssociation a t S t. P au l
on June 21 b y E . G . Q uam m e, P residen t o f th e S t. P aul
F ed eral L a n d B a n k . M r . Q uam m e described the a ct as
th e “ M a g n a C h arta o f A g ricu ltu re” an d w o learn from the
M in n e a p o lis “ T rib u n e ” declared it to b e the greatest piece
o f co n s tru ctiv e legislation, from an agricultural sta n d p oin t,
e n a cted in this co u n try since the da ys o f the hom estead a ct.
N o t o n ly did he con ten d th at it ou gh t to result in d ou blin g
agricu ltu a l p ro d u ctio n , b u t he also averred th at it should
result in increased tran sp ortation an d b etter d istribu tion
to th e b en efit o f e v e ry b o d y . T h e paper q u oted fu rther says:

As ovidcnco that tho bank is popular, Mr. Quamme said that at the close
of business June 15 138 loan associations had completed their organization
in tho St. Paul district and had forwarded their papers to tho bank. Tho
membership of these associations totals 2,398 and the loans annlied for ao*
grogated $5,796,000.
K
Thoro aro 396 additional associations forming. The associations already
formed average 21 members and $42,000 in loans each. Within six months
after tho establishment of tho bank tho applications for loans will a<reregato $8,694,000.
In o p p o sin g the p rop osed stam p tax on checks the bankers
argued th at it w ou ld brin g a b o u t ju st the op p osite results
e x p e cte d b y th e G overn m en t, since, th ey argued, it w ou ld
ten d to discou rage deposits at a tim e w hen all the available
cash in the co u n try is needed fo r com m ercial purposes and
fo r th o business o f the G overn m en t. T h o P residen t o f the
a ssocia tion w as au th orized a t the m eetin g to a p p oin t a c o m ­
m ittee o f fiv e w h ich w ou ld b e charged w ith the d u ty o f
g ettin g the m a ch in ery o f the a ssocia tion in readiness to
respon d a t a n y tim e to the call o f the G overn m en t.
P A R T IC IP A T IO N
M A R K E T IN G

BY

IN V E S T M E N T

FEDERAL

FARM

HOUSES

IN

LO A N BONDS.

A n n ou n cem en t th a t tho F ederal F arm L oa n B o a rd h ad
co n clu d e d an arrangem ent w h ereb y a grou p o f in vestm en t
houses w o u ld particip ate in th o m arketin g o f F arm L oa n
b o n d s , w as m a d o in tho follow in g statem en t issued b y the
T rea su ry D e p a rtm e n t on June 22:




2599
Washington, June 2 1 .

The Federal Farm Loan Board, on behalf of the twelve Federal land
banks and at their request, has concluded an arrangement by which a
group of Investment Houses will participate in the marketing of Farm
Loan Bonds, soon to be issued by tho banks. The preliminary negotia­
tions have been had with Alexander Brown & Sons of Baltimore; Brown
Brothers & Co., of Philadelphia; Harris, Forbes & Co., of Now York; and
Lee, Higginson & Co., of Boston, who are among the oldest and most con­
servative houses in the country having large lists of customers and facili­
ties for the distribution of bonds to investors.
While such securities as Farm Loan Bonds are well known in Europe,
where they generally sell on a parity with Government Bonds, the Ameri­
can investor is not yet educated to them, and it is believed that by utilizing
tlie facilities of these investment houses a larger number of investors
can be reached in a shorter period of time than would otherwise be possible,
and that in this way a broad and continuing market for Farm Loan Bonds
can bo promptly established. The four houses argee to form a national
group, including houses in every land bank district, which will market
approximately half of the bonds issued by the banks during tho next six
months, up to a total of $30,000,000. The othet half will be sold directly
by the banks to investors in their respective districts. It is estimated
that tho total issues of bonds by the banks within a year will amount to
between $100,000,000 and $150,000,000 and our agricultural exigencies
require that there shall be neither uncertainty nor delay about providing
these funds for American farmers.
In response to a request from Secretary of the Treasury McAdoo, At­
torney-General Gregory mado a careful examination of the Federal Farm
Loan Act and rendered an opinion fully sustaining tho constitutionality
of tho Act, and approved especially the provisions relating to the issue of
Farm Loan Bonds, the validity of such bonds, and all their tax exemption
privileges. Later, the Investment Houses mado an exhaustive study of
tho security of the bonds, and before concluding a contract, took the opin­
ion of former Justice Charles E. Hughes, who gave his full and unqualified
approval as to the constitutionality of the Farm Loan Act; the legality of
tho bonds issued under it, and the validity of the exemption of these bonds
from all forms of taxation. The bonds will be offered to the public by the
land banks and the Investment Houses concurrently, about July 1, when
terms and other details will be announced.
W A S H IN G T O N

BANKERS

A M E N D M E N T S A N D

ON

RESERVE

PROPOSED

ACT

T A X ON

CHECKS.

D ecla rin g th at the exem p tion in the w ar reven ue bill o f
sm all checks from the stam p ta x w ill cause con fu sion , th e
W a sh in g ton B a nkers’ A ssocia tion , in a resolu tion a d op te d
a t Spokane on June 15, d ecided to m em orialize the G o v e rn ­
m en t to m ake th e ta x u niform on all cheeks w ith ou t regard
to the a m ou n t. T h e A ssocia tion also a d o p te d a resolu tion
indorsing an d p etition in g the en actm en t o f the a m end m en t
to th o F ederal R eserve A c t perm ittin g S tate banks en tering
the R eserve system to be g overn ed b y the loa n lim ita tions
p rov id ed in tho law s o f the various S tates, “ b u t lim iting
rediscou nting w ith F ederal R eserve banks to the provision s
o f the national b a n k A c t .” A fu rther resolu tion urges u p on
th e m em bers o f tho A ssocia tion ” th a t, as a further dem on s­
tration o f their pa triotism , th ey assist ou r G overn m en t in
spreading in form ation as fu lly as possible rega rding the w ar
con d ition s an d in poin tin g o u t the d u ty o f all the peoples to
g iv e their m ost liberal financial as w ell as their fu ll m oral
su p p ort to ou r G overn m en t in this w a r .”
A State B ankers Section o f the W a sh in gton B a n k ers’
A ssociation w as organized a t the m eeeting o f th e latter b o d y
b y 167 o f the State bankers, A . G . P rich a rd , V ice-P resid en t
o f the F id elity T ru st C o . o f T a co m a , is P resid en t o f th e new
Section.
LAST

CALL

W ILL

UNDER

W H IC H

N A T IO N A L B A N K S

C O M P U T E RESERVES O N OLD B A SIS .

T h e C om p troller o f the C u rren cy in a sta tem en t issued
on June 23, calling a tten tion to th e reserve requirem ents
u nder the n ew ly en acted a m end m en ts to th e F ederal R e ­
serve A c t , an n ou n ced th a t th e ca ll o f this w eek w ou ld b e
the last requiring the co m p u ta tio n o f reserves o n the old
basis. T h e C om p troller also stated th a t it h ad been sug­
gested b y the F ederal R eserve B oa rd in order th a t the
transfer o f increased balances to the R eserv e ba n k s b y
cou n try banks and R eserve c ity banks m igh t b e m a d e w ith
th e least in con ven ien ce, th at if the reserve increases re­
qu ired under th e new law w ere p rov id ed b y R eserv e c ity
banks an d cou n try banks n o t later than J u ly 15, an d the
reserves carried w ith the R eserve banks w ere m ain tained
m eanw hile a t n o t less th an the percen tage h eretofore re­
q u ired, the R eserve ba n k s m igh t om it fo r this in terven in g
p eriod th e im p osition o f penalties, fo r reserve d eficien cies,
against national banks w h ich on th at da te h ave failed to
fu lfill the requirem ents w ith regard to reserve ba la n ces.
T h e C om p troller’s statem en t follow s:
Washington, June 23 1917.

Tho Comptroller of the Currency has sent to all national banks through­
out the country the following announcement:
“The President has signed the amendment to the Federal Reserve Act
changing reserve requirements of national banks. From this date the
law requires all national banks in Central Reserve cities to maintain In
their respective Federal Reserve banks a balance of 13% of demand de­
posits, banks in Reserve cities a reserve of 10% of demand deposits, and
country banks a reserve of 7% of demand deposits. National banks in

[V q l . 104.

THE CHRONICLE

2(>00

Central Reserve cities. Reserve cities and also country banks will be re­
quired to keep a reserve on their tirno deposits of 3% with their Reserve
banks, instead of tlio 5% reservo heretofore required. National banks
are not now required to keop reserve against Government doposits (ex­
clusive of postal savings).
“The law does not requiro national banks to keep reserves other than
those they aro required to carry in their respective Reserve banks, but
each bank will, of course, naturally arrange to carry in its own vault suf­
ficient funds to meet its current cash requirements.
“Tho Federal Reserve Board has requested that national banks in
Central Reserve cities bring their balances with their Reservo banks up
to tho new requirements not later than tho 27th Inst.
“ In order that the transfer of increased balances to the Federal Reserve
banks by country banks and Reserve city banks may be made with tho
least inconvenience, tho Federal Reserve Board has suggested that if the
reserve increases required under the new law are provided by Reserve city
banks and country banks not later than July 15, and the reserves carried
with tho Federal Reservo banks are maintained meanwhile at not less than
the percentage heretofore required, the Federal Reserve banks may omit
for this intervening period the imposition of penalties, for reservo deficien­
cies, against those national banks which shall not before July 15 bring
their reserve balances with their Iteservo banks up to tho full percentage
required by the new law.”
Tho next call for reports of condition by national banks, which will bo
Issued in tho noxt forty-eight hours, will requiro tho computation of
reserves to bo made for tho last time on tho old basis.

third degree M a s o n , P a st G ra n d M a ste r o f tlje State o f N ow
Y o r k ; C h airm an o f tho M a s o n ic L ib e rty L oa n C om m ittee,
and a m em b er o f the U n ion L eague C lu b an d tho C h am ber o f
C o m m erce. H e w as b o rn in B luegrass, K y .
A s M a n a g o r o f tho C learin g H ou se M r . Sherer is succeeded
b y W illia m J a y G ilp in . M r . G ilp in has served the Clearing
H ou se since 1877. H o w as m a de teller in 1888 and has been
A ssista n t M a n a g er since 1892. H e w as associated w ith tho
loan com m ittees o f 1884, 1890, 1893, 1907 and 1914. H o is a
T ru stee o f th e B r e v o o r t S a ving B a n k an d is a m em ber o f
th e C h a m b er o f C om m erce an d B a n k ers’ C lu b o f A m erica .
C larence E . B a co n has b een a p p o in te d A ssistant M an ager
su cceeding M r . G ilp in . H e en tered th o C learing H ou so in
1893 an d has b een C h ief o f tho C o llection D ep a rtm en t o f the
C learing H ou se since its orga n ization in 1915. M r . B a con
is a m em ber o f the S tate B a r, b u t has n ever beon in a ctiv e
______ _____________________ _
p ra ctice.

T h o call o f tho C om p troller for a rep ort o f con d ition o f
tho n ation a l ba n k s, hero foresh ad ow ed , cam e Juno 25 and
fix e d the da te o f co n d itio n fo r Juno 20.

C on cern in g the com in g con v e n tio n at A tla n tic C ity o f the
A m erica n B a n k ers’ A ssocia tion th e J u ly “ J ou rn a l” o f th o
A m erica n B a n k ers’ A ssocia tion says:

VETO

OF

B IL L

CHARGES

IN T E N D E D
TO N E W

TO

YORK

IN S U R E
STATE

EXCH AN GE

BAN K S.

T h o N e w to n b ill, im posin g a fine o f $1,000 on an y “ person,
a ssocia tion o f persons or co rp o ra tio n s,” seeking to com p el a
b a n k or trust co m p a n y to forego its righ t to m ake a reasonable
charge fo r dom estic exch an ge, has b eon v e to e d the present
m o n th b y G overn or W h itm a n . R eference to th e a d op tion o f
th o bill b y b o th branches o f tho N e w Y o rk State Legislature
w as m a de in these colum ns M a y 5 , w hen w e stated th at it was
e v id e n tly designed to circu m v en t the N e w Y o rk Federal R e ­
serve B a n k in its attem p t to coerce th o sm aller State banks
in to p a yin g checks draw n u p on th em at p a r. W h en tho R e ­
serve B a n k som e w eeks ago began tho presen tation o f ch ecks
for p a ym en t at the coun tors o f protestin g ba n k s, som o o f tho
la tter retaliated b y stam pin g their ch ecks “ N o t pa ya ble
th rough an express c o m p a n y .”
T o g et arou nd th is, the
R eserve B a n k established agencies at tho places in v o lv e d .
T h e p rop osed legislation v e to e d b y the G o v ern or w ou ld have
represented an a d d ition to S ection 140 o f C h ap ter 369 o f the
B a n k in g Law o f 1914, relating to tho collection o f ch ecks.
T h o new provision w ou ld h ave read as follow s:

No person, association of persons or corporation shall, with intent to
compel a bank or trust company to forego its right to mako a reasonable
charge for domestic exchango or to compel such bank or trust company to
pay checks drawn upon it at any other place than its own offico in cash
or its equivalent, or to remit tho face valuo of checks drawn upon it at par
to any other city or villago than that in which tho offico of such bank or
trust company is located, accumulate such checks and prosont them for
payment at tho office of such bank or trust company through an express
company or other agent, or resort to other unusual mothods In tho collec­
tion of such checks; nor shall any person, association of persons or cor­
poration, with such intont, cause such checks, deposited for collection in
a Federal Reserve bank, a national banking association, bank or trust
company located in another city or village than that in which such bank
or trust company lias its offico, to bo presented for payment at tho offico
of such bank or trust company through an express company or othor
agont, or, with such intent, causo any other unusual method to bo em­
ployed in tho collection of such checks; nor shall any person, as tho agent
of any such person, association of persons or corporation, present such
checks owned by residents of other towns, villages or cities than that in
which the offico of such bank or trust company is located, present such
checks for payment at tho offico of such bank or trust company.
R E T IR E M E N T
OF N E W

OF

YORK

W IL L IA M

SIIE R E R

AS

M ANAGER

C L E A R IN G H O U S E A S S O C IA T IO N .

W illia m Shorer, M a n a g er o f the N ow Y o r k C learing H ou se
A sso cia tio n fo r th e pa st tw en ty -fiv e years, tendered his
resign a tion a t a special m eetin g o f the A ssocia tion on Juno 27.
M r . Sheror, w h ose resign a tion w ill take e ffect Ju ly 1, re­
lin q u ish es the du ties so lon g p erform ed b y him becau se o f
a d v a n cin g ye a rs. H e w ill b o eigh ty years old in Sep tem b er.
A t W e d n e sd a y ’ s m eetin g, in w h ich ap p recia tion o f his ser­
v ice s w as v o ice d , it was decid ed to con tin u e tho retiring
M a n a g o r on the p a y -ro ll. A lexa n der G ilb ert, P residen t o f
th e M a rk e t & F u lton N a tio n a l B a n k , w as am on g those w ho
la u d e d th e w o rk o f M r . Sherer.
M r . Sheror has been in a ctiv e servico in the financial dis­
trict since 1853. H is con n e ctio n w ith th o Clearing H ou so
da tes fro m 1888, w h en ho entered its service as A ssistant
M a n a g e r, in w h ich ca p a city he con tin u ed fo r fou r years,
w h en ho b e ca m e M a n a g e r. P rior to b ecom in g affiliated
Avith th e C lea rin g H ou se M r . Sherer h ad been in tho em p loy
o f tho o ld M e tr o p o lit a n B a n k , an d from 1863 to 1888 ho
h a d h eld the p ost o f A ctin g A ssistant Treasurer an d Cashier
o f the loca l S u b -T rea su ry . M r . Sherer at tho present tim o
is V ice-P resid en t o f tho M e tro p o lita n Savings B a n k ; a th irty -




C O N V E N T IO N

”

BANKERS

‘A V A R

A T

PLAN N ED

FOR

A T L A N T IC

A M E R IC A N

C IT Y.

Immediately after tho spring meeting of tho Executive Council, the chief
business of tho American Bankers’ Association becamo participation in tho
flotation of tho Liberty Loan. With that patriotic duty performed, tho
Association has now turned its attention to arrangements for tho annual
convention to bo held at Atlantic City tho week of Sopt. 24.
It will bo a “ A ar Convention.” It is not possiblo at this timo to give
V
the names of tho speakers who will bo heard at tho general sessions, as th ese
will bo finally passed upon at a meeting of tho Administrative Committco
early in July, but it can bo stated definitely that if present plans maturo tho
bankers who attend the convention will have an opportunity to make a
first-hand acquaintance with men of national and International reputation
the men who aro doing tho world’s work in the fight of democracy against
autocracy. Questions of technical banking interest undoubtedly will havo
an important place on tho program, particularly so far as tho Sections aro
concerned, but in tho general convention, at a timo when tho main business
of tho country is war, it is bclioved that tho bankers who rendered such
splendid assistance in tho first financial drive should have a chanco to see
in tho flesh men whoso names aro to-day household words and to hear in
detail tho story of tho Association’s work on tho Liberty Loan.
Of ono thing members of tho American Bankers’ Association can feel
certain: there never has been any intention of abandoning tho convention
because of tho war, as has been rumored recently, nor was tho mattor over
discussed, formally or informally. It is quite possiblo, and oven probable,
that tho entertainment program will bo curtailed, in view of tho fact that
American soldiers will bo in tho trenches by September and convention
entertainment on a largo scale will hardly bo In lceoping with tho spirit of
tho times; but as a matter of fact, Atlantic City itsolt offers such unlimited
possibilities for enjoyment that a set program is almost unnecessary.

LIB E R T Y

BOND
OF

D ATA

R EQ U IR E D

COMPTROLLER

OF

UNDER N E W

CALL

CURRENCY.

U n der this w eek’ s call o f th o C om p troller o f tho C u rren cy
m ade u pon th e national banks for a report o f co n d itio n at tho
close o f business on June 20 tho banks aro requ ired to su pply
in form ation on a n um ber o f poin ts n o t h eretofore em b od ied
in the reports. In p articu lar the L ib erty L oan issuo o c ­
casions som e o f the now d a ta, tho folloAving being questions
w hich tho new bla n k contain s rolativo th ereto:

(а) Amount of Liberty Bond subscriptions received by or through this
bank, exclusive of this bank’s own subscriptions, but, including such
subscriptions of officers, directors, employees and other customers.
(б) Amount of Liberty Bond subscription taken by this bank for its own
account.
(e)
Total amount of Liberty Bond subscriptions received and transmitted
by this bank, including subscriptions of customers, and also including
subscriptions made by this bank for its own account.
(d)
Amount of Liberty Bonds u pon which this bank has made or agreed
to mako advances, to or for customers or correspondents, whother for tho
amount of ono or more installments.
This (d) applies to tho amount of Liberty bonds upon which tho bank has
agreed to make advances and not to the am ount of the advances.
T h e C om p troller o f tho C u rron cy iu a lotter issued under
date o f June 21, p oin tin g ou t uoav features in tho rep ort, said:

TREASUItY DEPARTMENT,
Comptroller of tho Currency.
W a sh in gton , Jun e

21 1917.

T o the Cashier:

There aro enclosed three blank roports of condition and two publisher's
certificates to bo used at tho timo of tho next call for a statement of tho
condition of your bank.
Y o u r attention is called to the follow ing item s in this report, and you are re­
quested to vise special care to see that these items are properly reported.

ON FACE OF REPORT.
Item No. 1.— "L o a n s and D isc o u n ts .” The deductions under this heading
havo been separated as follows: (d) Notes and bills rediscounted (other than
bank acceptances sold.) (e) Acceptances of other banks payablo at futuro
date, guaranteed by this bank by indorsement or otherwise. (/) I oroign
*
bills of exchango or drafts sold with indorsement of this bank, not shown
under Item (d) above.
The above items (e) and (/) woro heretofore included in Rediscounts
and shown separately in a schedule on tho back of tho report. This schedule
has now been eliminated and tho items aro shown on tho face of the report.
Tho contingent liability of tho bank on .account of transactions Included
In these items is shown on the liability side of tho statement under items
55 (a), (b), (c).
Item No. 5.—United States Treasury Certificates of Indebtedness aro
included with United States bonds in this itoirt.

J une 30 1917.j

THE CHRONICLE

26 0 1

Number of
Item No. 6.— “ P a ym en t on A c c ou n t o f S ubscriptions f o r L iberty Loa n
Loans and
Aggregate
Under this item should be shown only tho amount actually paid
Discounts.
Amount.
by the bank on account of Its subscription for Liberty Loan bonds.
Loans made from December 27 1916 to date of this call, on
which the Interest or discount collected per loan amount­
Items Nos. 44 and 45.—United States Deposits, including deposits of
ed to only 50 cents or less_____________________ ________ $_________
Postal Savings funds, upon which, under the Act of April 24 1917, reserve
Note.
above total
aggregate both of
is no longer required, have been separated from deposits upon which reserve newals.—Theexample: Ifshould Include the SI,000 was made new loans and of re­
For
a 60-day note for
In January, renewed
is required to bo held.
In March for SI.000 for 60 days, curtailed S400 and renewed for $600 for 60 days
In May, this should be counted as three loans of an aggregate of $2,600.
Cashier’s attention is called especia lly to the follow in g requests:
Banks are cautioned to
Hanks aro again requested to exercise greater care in the preparation of this report shall have been prepare this statement with care and accuracy. When
received,
to
these reports in order to avoid u nnecessary correspondence and tho making up verify the reports submitted by someNational Bank Examiners will be Instructed be
banks, and if errors or discrepancies should
of new reports.
discovered which may seem to make It necessary In order to secure accuracy to
In recent reports a largo number of banks failed to enter the date in heading verify the reports submitted by all banks, the Examiners will be given Instructions
and a groat many have failed to observe the Instructions which appear on accordingly.
(31) LEGAL INTEREST RATES. (32) NUMBER OF SHAREHOLDERS.
each roport that "to avoid discrepancies tho total should be v erified .”
Schedule 8, "Loans and Discounts,” and Schedule 20, “ Bonds, Securi­ The present “legal” rate of In­
Total number of shareholders of
terest in this
bahlt____ ___________________
ties, &c.,” aro to bo abstracted from the next roport for the Comptroller’s The maximumState is......... __ ...... %
rate which it is
Number of women shareholders
Annual Report to Congress, and unless these schedules are in balance and
lawful to charge by special writ­
(Included In total)...................... ....
agree with tho corresponding items on tho faco of the report, corrected
ten contract Is____ ___________%
schedules w ill be required.
(33) CREDITING OF INTEREST ON DEPOSITS.
In making up your next report of condition lawful reserve should be com­
your
puted on tho sam e basis as heretofore, except that the reservo is not required When, according toother custom, do you credit Interest on interest­ I,
bearing deposits
than those represented by certificates of
on Government deposits.
deposit?____________ ____ ___________________________
Tho new reserve requirements (according to amendments to tho Federal Have you any deposits upon which you are liable for Interest, but
upon which no Interest was credited during the past twelve months? ..
Rcservo Act, just passed) will not take effect until after the date for which
If so, what Is the aggregate amount of such deposits upon which you
the next statement of condition will bo called.
are liablo for interest, but upon which no interest has been credited
Respectfully,
for more than a year?________________________ _________ s.
JNO. SKELTON WILLIAMS, C om ptroller.
(34) DORMANT ACCOUNTS.
B o n d s.”

W e also take occa sion here to refer to new features w h ich
were em b o d ie d in a rep ort under an earlier call o f th e C o m p ­
troller this year— th at o f M a r ch 10 requ iring a statem en t o f
con d ition o n M a r ch 5. In m akin g this call the C o m p ­
troller issued tw o circulars to the ba n k s, on e calling atten ­
tio n to n ew item s in th e b la n k form on w h ich th e y w ere
requ ired to r e p o rt, an d an oth er d irectin g th a t a c o p y o f the
statem en t b o sen t to th e F ed era l R eserv e A g e n t. W o prin t
b e lo w tho letter in d ica tin g th e n ew requ irem ents u n d er the
M a rch 5 call:

TREASURY DEPARTMENT,
Washington.
Comptroller of the Currency.

„

, _ ___

March 7 1917.

Number
Rate of
of
Aggregate Interest
Accounts. Balances. Allowed
It

bank has deposit accounts from which no withdraw­
als have been made and to which no deposit have
been credited (exclusive of any Interest credited by
tho bank on deposits) since January 1 1912, give
number and aggregate amount of such balances and
rates of Interest paid or allowed thereon, if any___

%..........

........ %

(35) SERVICE CHARGES.
National banks are notified to keep a clear record hereafter of all charges or collec­
tions made by themfrom customers or depositors for bookkeeping or other services,
exclusive of the direct charges made for exchange or collection of checks, and
exclusive of the charges made for Interest or discount, so that these figures may
hereafter be reported accurately and without inconvenience whenever called for
by this office.
.

To the Cashier:

RED CROSS FUND OF OVER $1 00 ,0 0 0 ,0 0 0 RAISED.
Thoro aro enclosed throe blank reports of condition and two publishers’
certificates to be used at tho time of tho next call for a statomont of the
T h o oversu b scrip tion o f th e h uge w a r fu n d fo r the A m eri­
condition of your bank.
Your attention Is called to tho following Items In this report, and you are ca n R e d C ross w as a n n ou n ced on T u esd a y la st, w hen the
requested to uso special care to seo that those items aro properly reported. eight d a y n ation -w ide cam p aign closed .
T h e original
ON FACE OF REPORT.
plans ca lled fo r the raising o f a fu n d o f $1 00 ,0 00 ,0 00 , b u t
R esources.

No. lc. "Acceptances of this bank purchased or discounted.”
A great many banks do not seem to have understood the instructions In
letter of December 28 in regard to this item. You aro, therefore, again ad­
vised that acceptances of your own bank purchased or discounted must
bo shown as a part of your loans and discounts under Item lc, and should
not bo entered under cither 4a or 46, nor 51a nor 516.
No. 4a. “ Customers’ liability account of ‘Acceptances’ executed by this
bank.”
No. 46. "Liability of foreign banks and bankers for drafts and bills
accepted by this bank to create dollar exchange.”
Amounts shown under these items should not exceed tho amounts shown
undor 51a or 516, as obviously tho amount of customers’ liability on ac­
count of acceptances cannot excoed tho bank’s liability thereon.
L ia bilities.

Nos. 26 and 27. “Amounts reserved for taxes and interest.”
These Items should not bo changed to include amounts reserved for other
purposos. Amounts reserved for other purposes should be reported as
such under Item 52.
U n filled Ite m s or Schedules.

Tho word ’.’None.” The printed Instructions on tho report road: ’ “ Whoro
there are no figures to go in a particular item or schedule, the word ‘None’
must be written.” Tho dittoing or inserting of a check mark or tho use
of tho word “ None” In such a manner as to cover more than ono item is not
satisfactory, and unless tho word "None" is plainly written or stamped in
each item whoro no amount is to be entered, a new report may bo required.
Schedules.

on S a tu rd a y last it w as d ecid ed to raise the m axim u m to
$ 1 1 0 ,0 0 0 ,0 0 0 to c o v e r an y d u p lica tion s. O n T u e sd a y ’ s the
n a tio n ’ s con trib u tion s w ere estim a ted b y H en ry P . D a v iso n ,
C h airm an o f the R e d C ross W a r C ou n cil a t $1 14 ,0 00 ,0 00 .
O n th e 2 5 th , w h en th e su bscription s w ere con tin u in g to
p ou r in , th e to ta l fo r 't h e c o u n try ou tsid e N e w Y o r k C ity
w as figu red at $ 6 0 ,6 5 0 ,0 0 0 , w hile N e w Y o r k ’ s to ta l w as
sligh tly u n d er $ 4 0 ,0 0 0 ,0 0 0 , th e origina l q u o ta a llotte d
to it , b u t w h ich w ith the d ecision to raise a fu n d o f $ 1 1 0 ,­
0 0 0 ,0 0 0 , w as increased to $ 5 0 ,0 0 0 ,0 0 0 . Sew ard P rosser,
C h airm an o f th e E x ecu tiv e C o m m itte e o f th e R e d C ross
W a r F u n d F in an ce C o m m itte e , in m a kin g k n ow n last
S a tu rd ay th o in ten tion to raise an a d d ition a l $ 1 0,00 0,00 0
or $ 1 1 0 ,0 0 0 ,0 0 0 , said:

Wo must have the additional $10,000,000 to cover duplications. The
corporation dividends have been counted in the New York total, but many
of tho checks will come through various cities where the stockholders live.
This makes an unavoidable duplication, which must bo allowed for in our
final estimate. Wo must have tho extra $10,000,000 to cover it. I t wi l
bo New York’s task to raise the additional $10,000,000.
M r . D a v is o n ’s statem en t o f Ju n e 2 6 , an n ou n cin g esti­

m a tes o f $ 1 14 ,0 00 ,0 00 realized fo r th o fu n d w as p rin ted in
Schedules formerly numbered 10 and 12 are omitted on tho new form.
Nos. 30 to 35 aro new schedules and aro self-oxplanatory.
th o “ T im e s” as follow s:
Banks aro cautioned to give particular care to tho filling in of these new
schedules and to avoid errors.
The returns up to 9 o’clock to-night indicate that during the past week at
Respectfully,
least $114,000,000 have been subscribed to the Red Cross War Fund. This
assumes that stockholders in companies which have declared special divi­
JOHN SKELTON WILLIAMS,
dends amounting to some $20,000,000 will turn their dividends over to the
C om ptroller.
W e also give beloAV schedules 30 to 35 in the M a r ch 5 form Red ’Cross.
Local chapters of the Red Cross are entitled to retain for their own 25%
o f rep ort, w h ich , as n oted in the a b o v e letter, w ore now item s of the total amount collected, but it is very evident that the National Red
Cross will have a generous fund with which to begin its tremendous tasks.
called fo r in tho statem en t:
The result which has been achieved Is indeed gratifying. Never before
(30)NUMBER AND AMOUNT OF DEMAND AND TIME LOANS made in the history of the world was such a fund for tho relief of human suffering
between December 27 1916 and date of tills report, both lnclustvo, upon which realized by voluntary subscription in so brief a period.
Interest was charged or collected, either In the shape of Interest, discount, or com­
This result was made possible by surprisingly generous contributions in
mission, at rates which would amount to more than the equivalent of 6% per
annum, but excluding loans upon which the Interest or discount collected on each many communities. The most inspiring, indeed the most extraordinary
noto did not exceed 50 cents. (This list Includes bought paper, as well as loans feature of the campaign, has been tho number of contributors, as well as
made directly.)
their wide geographical distribution. Many millions of our people, repre­
senting every part of the country, have given and worked to induce others
Demand.
Loans and Discounts upon
Time.
Total.
to give.
which there was charqcd
Nothing which has happened before shows so clearly as this campaign
or collected the equivalent Number
Number
Number
o f more than 6% per o f Loans Aggregate o f Loans Aggregate of Loans Aggregate
that the great heart of the American people is in this struggle with deter­
annum.
and Dis­ Amount. and Dis­ Amount. and D is­ Amount.
mination that our own men shall be cared for, that everything that can be
counts.
counts.
counts.
done shall be done to hearten and to aid the suffering peoples among our
Over 6% but less than 7%
Allies, indeed that nothing shall be left undone to win this war.
per annum..........
No time will be lost by the Red Cross in its efforts to accomplish results
7% or more but less than
with the large resources with which it has now been supplied. Some of
8% per annum___
the plans which are being developed and which we hope promptly to carry
8% or more but less than
10% per annum........
into execution are the following:
10% or m but loss than
oro
First and foremost, we shall provide, as we may be called upon by the
12% per annum........
Army and Navy, for the care and safety of our soldiers and sailors wherever
12% or more but less than
15% per annum........
they may be.
15% or more but less than
We shall provide funds whereby the American Red Cross Commission
24% per annum..-,.may take over administration of American relief work in France. Major
24 per cent per annumand
Grayson M. P. Murphy, head of the French Commission, has been ap­
over.........................
pointed by General Pershing a member of his staff, and the Red Cross




2603

THE CHRONICLE

has appropriated at M a jor M u rp h y ’s cabled request $1,000,000 to take
care o f im m ediate needs.
W e have cabled each o f the Allied Governm ents, seeking authority to in stall an Am orican R ed Cross dispensary in each o f their Im portant seaport
cities— a measure o f relief urgently needed.
W e shall send to Russia a com m ission o f som e tw enty experts, under th e
leadership o f D r. Frank Billings o f C hicago, to study the needs and the
best means o f aiding the Russian peoplo.
T he Com m ission will b e equipped with m aterials, instruments, and facili­
ties for extending im m ediate relief in urgent cases, and the R ed Cross will
meanwhile organize to render large and effective aid along the battleline and
elsewhere in Russia where there is acute distress.
W e shall send a simi­
lar com m ission to m ake a survey and likewise equipped with supplies and
instruments to extend imm ediate relief to the people o f Roum ania.
The W ar C ouncil o f the R ed Cross is deeply sensitive o f its very grave
obligation to administer the very large sum o f m oney intrusted to it with all
the wisdom and foresight which can be mustered into service.
Our policies and plans will be m ade known as they are developed. It
will bo our purpose to conduct our work with the utm ost pu b licity and to
take the public as com pletely as possible into our confidence. T he Rod
Cross belongs to the people and the W ar C ouncil wants the public to un­
derstand tho seriousness with which it regards the trust which has been
com m itted to it.

Tuesday night’s reports from Washington stated that
more than 1,000 of the larger cities had raised more than
their allotments. Among the States which exceeded their
quotas were Delaware, Massachusetts, Michigan, Minne­
sota, N ew Y ork (outside New York C ity ), Ohio, Pennsyl­
vania, Wisconsin, Connecticut, Alabama, Arkansas, Colo­
rado, W yom ing, U tah, Idaho, M aine, N ew Hampshire,
M aryland, N ew Jersey and W est Virginia. All sections
of the country passed their goals, with the possible excep­
tion of the South.
In addition to the list of corporations which M r . Prosser
made known last week had declared special Red Cross W ar
dividends, he this week also reported similar action by the
following:
C om m er’l Tru st C o ., Phlla.$10,000
Insurance C o . o f N . A m erica. 50,000
Seaboard N ational B ank____ 10,000
A ja x R ubber C o ______________ 14,200
A tlantic, G u lf & P a cific C o . . 15,000
A lliance Insurance C o ______
7,500
Bethlehem Steel C o ________ -600,000
American E xchange B a n k .. 50,000
M echanics & M etals B a n k .. 60,000

Term inal W arehouse C o — 20,000
N ational Silk D yeing C o ____ 25,000
Girard T rust C o ____________ 50,000
Bates M fg . C o ............................12,000
Ohio Leather C o ___________
8,000
Penn. N a t. Bank (P h ila .) - - - 5,000
Tradesm en’s
N atl.
Bank
( P h i l a .) ______ ____________ 5,000
St. M a ry’s M ineral Land C o. 8,000

In the case of several organizations announced last week
as having declared dividends, but for which the amounts
were not reported the amounts are as follows:
Arizona Com m ercial M ining C om pany------------------------------------------ S26.489
United D yew ood C orporation____________________________________ 130,000

The report that Cleveland H . Dodge and G eo rg e.F .
Baker would remove the conditions they had originally
attached to their gifts of $1,000,000 each to the fund, was
confirmed by tho managers of tho campaign on Monday
last. It was stated that realizing that twenty-three others
would not contribute $1,000,000 which they had made a
condition of their contribution they had formally notified
M r. Prosser that the condition was withdrawn. The team
workers of this city, in recognition of the work of M r .
Prosser in the campaign, presented him on Tuesday last
with a silver cup.
Eliot Wadsworth, Chairman of the Red Cross Fund,
on June 24 stated that new demands showed that the $100,­
000,000 fund might not last longer than six months. He
said:
T h e need for relief work in nearly all the Allied countries Is loom ing so
big that our $ 100,000,000 can easily be spent within six m onths, even though
the R ed Cross practice every econom y and glvo aid only to the m ost
w orthy causes.

A communication from the State Department at W ash­
ington warning against the inclusion in Red Cross hospital
units intended for service abroad of persons of German,
Austro-Hungarian, Turkish or Bulgarian nationality or
birth had been sent, it was made known in the “ Times”
of the 22nd to the American Red Cross districts throughout
the country by Col. J. R . Kean, of tho Medical Corps,
U. S. A-, Director General of Military Relief. Col. Kean,
in his letter as reported in tho “ Tim es,” said:
The Departm ent regards It as o f greatest Importance that hospital units
Intended for service abroad should not Include Austro-Hungarian, Bul­
garian, and Turkish nationality or birth, or persons o f German nationality
or birth. It must be remembered that, although Austria-H ungary, Bul­
garia and Turkey aro not at war with the United States and their nationals
have n ot, therefore, tho status o f alien enemies In the United States, they
have such status in the United K ingdom , France, and allied countries. It
is further to be noted that American citizens o f German, Austro-Hungarian,
Bulgarian, or Turkish birth, loyal as they m ay be to tho United States,
have from the beginning o f the war been regarded with suspicion In tho
United K ingdom , France and the allied countries. Their inclusion In
R ed Cross units for service in those countries Is a cause o f anxiety and ap­
prehension to tho officials thereof. A similar attitude Is hold toward
citizens o f the United States who were born in this country but whose
fathers were born in Germany, Austria-Hufigary, or allied countries. The




rvoL. 104

D epartm ent understands that the consular officers o f France, Great
B ritain, and their Allies have been instructed to decline to vise passports
held b y persons o f either o f the classes m entioned.
I am sure that the American R ed Cross will appreciate tho importance o f
giving due consideration to the wishes o f countries to which hospital units
m ay be sent. It is requested that Directors exercise the greatest care in
the enlistment o f tho male administrative personnel o f Red Cross base
hospitals not to include persons o f the nationalities m entioned b y the
Secretary o f State, and that ch ief nurses take the same precautions with
regard to the selection o f nurses.

In a further reference to the matter, explaining that the
restrictions to persons of foreign birth or parontage applied
only to the base hospitals of the Allies, the “ Times” printed
the following dispatch from Washington on the 23rd:
A ccording to officials o f the R ed Cross and tho State D epartm ent, re­
strictions im posed b y the United States G overnm ent on sending to E urope
in Red Cross units American citizens born in countries with which tho
United States and the E ntente Allies are at war or who were born in tho
United States o f parents from those countries, does not apply to any units
o f tho Red Cross sent with tho American forces that aro to fight in France.
The n otice given by the State Departm ent as to such persons was based on
requests from the British and French Governm ents that American Red
Cross units sent to Europe w ith tho British and French armies do n ot in­
clude persons o f the classes m entioned.
T he reason given b y the Allied Governm ents for asking tho United States
to observe this precaution was that those Governm ents adhered to such a
rule, and that to mako any exception m ight lead to serious com plications.
Officials o f the United States, it was explained, saw no objection to tho
limitation and accepted the suggestion. T he lim itation, it is explained,
applies only to the baso hospitals o f the Allied Governm ents. American
citizens who have the proper qualifications will bo accepted as m embers o f
tho American Red Cross for servico w ith U nited States troops in Europe
without regard to their descent from persons o f Teutonic birth.

On Wednesday a letter in which C ol. Theodore Roosevelt
expressed the hope that the Government will at once recede
from its position of refusing to allow Americans citizens
of enemy nationality to servo in tho Red Cross units abroad
was made public. M r. Roosevelt’s letter, prompted by
the “ Times” announcements, wore addressed on the 26th
inst. to C . A . A . M cG ee, of San Diego. In it he said in
part:
Service in the R ed Cross should bo like servico in the ranks o f tho Arm y:
no man w orthy to serve in one should be barred from service in tho other.
I f any spy or disloyal person is found in either, in tho theatro o f war, ho
should bo hung out o f hand or shot by drumhead court-m artial, without
m ercy, whether he is o f native or foreign parentage. B ut it is an intoler­
able wrong and Insult to discriminate or perm it discrimination between
loyal and devoted Americans because o f their parentage or birthplace.
If I had been allowed to raiso the four divisions o f volunteer troops which
Congress authorized m o to raise I would have asked that one o f the divisions
should be com m anded b y General K uhn, tho head o f tho W ar College; and
another divisions, or else a brigade, b y m y old head o f tho Philippine Con­
stabulary, Colonel Bandholtz. B oth are o f German parentage; both aro
Americans and nothing else, and I would eagerly and proudly havo served
undor either. Four o f the regular officers whom I havo recommended for
Colonels aro o f German parentago or descent. One o f tho few non-regu­
lars whom I would havo recomm ended for a C olon oncy, at present the
Colonel o f a National Guard regiment in Illinois, is o f German parentago,
and he told mo that 85% o f tho m en'w ho would havo com e in with him
wero o f foreign parentage. M y headquarters chaplain (not o f m y religious
creed) would havo been a rotired regular arm y officer, b o m in Germany;
m y brigade Quartermaster, a man o f German parentago.
These m en, and m any, m any others like them , aro fit to lead our armies
in war, and to hold our highest civil offices; and they stand in tho forofront o f our citizenship in tim o o f peace. T h ey aro Americans in every
fibre o f soul and b od y. I would gladly con fido tho honor o f tho flag to
their keeping, exactly as I would gladly con fido m y own honor and good
namo to their keeping. I resent any slur on their loyal Americanism as
keenly as I would resent any slur on m y own; and if they, and those in
heart like them from the highest to tho lowest, are n ot fit to represent
this country— in tho Arm y, in the R ed Cross, in any and every capacity— at
hom e or abroad, then no Americans are fit to represent us.
I earnestly hope that the Governm ent will punish with alert, instant
and unsparing severity any man o f whatever origin who is disloyal to us
or false to our Allies in any position during this war; but I no less earnestly
hope that the Governm ent will refuse to perm it any discrimination among
true and loyal Americans because o f thoir parentage, birthplace or creed.

The attitude of the Government in tho matter was finally
made clear in a statement issued by the State Department
on June 28 in which it was set out that tho restrictions
against persons of enemy birth or ancestry would not apply
to those going to England, Franco or Allied countries as
members of Red Cross units attached to the American
Army or in any way connected with the American Arm y,
but would apply only to civilian representatives of the Red
Cross. The State Department’s explanation of the matter
is as follows:
Concerning tho Red Cross question o f tho appointm ent for service in the
American Red Cross in Franco, Great Britain and Allied countrios o f Ger­
m an, Austrian or Turkish subjects or Amorican citizons o f German, Aus­
trian or Turkish parontage or birth, tho Departm ent o f State desires to
emphasize tho fact that tho loyalty and good faith o f American citizens
referred to has been and is in no dogreo questioned by this Governm ent.
Tho Red Cross will operate with tho Amorican A rm y, and under its con­
trol and direction and will also operate (independent o f American m ilitary
control) with tho armies and civilians o f tho Allied countries and under
thoir direction and control. Obviously it Is necessary to conform to tho
views o f thoso countries with whoso armies and among whoso civilians
R ed Cross units carry on thoir work. Tho question concerns only per­
sons going to tho countries mentioned as civilian representatives o f tho Red
Cross. Thero is no referonce whatsoever to persons going to thoso countries
for servico in tho army or in any way connected w ith the arm y. Tho con­
ditions which apply to tho personnel o f tho R ed Cross units should not,
therefore, bo confused as applying also to tho personnel o f tho hospital
units o f the United States arm y.

J une 30 1917.]

THE CHRONICLE

It should bo observed that while the R ed Cross was advised against the
appointm ent for service in the civilian work in the Allied countries o f per­
sons o f Gorman, Austrian, or Turkish birth, the departm ent, with regard
to persons born in the United States o f Germ an, Austrian or Turkish
parents, merely called attention to the attitude o f the foreign Governm ent.

The issuance of the above statement was preceded by a
conference which M r . Davison had on June 27 with Secre­
tary Lansing to secure a modification of the original ruling.
On that day M r . Davison issued a statement saying:
fn view o f tho earnest and whole-hearted w ay in which so m any Am eri­
cans have volunteered their services in manning these base hospital units,
this ruling o f tho Allied nations is peculiarly embarrassing to tho work
o f our R ed Cross. Tho R ed Cross has, o f course, never questioned tho
loyalty o f any Am erican citizen, no m atter what his place o f birth, offer­
ing to make tho sacrifice which any such volunteer service entails.
It is not difficult to appreciate the attitude o f tho Allied Governm ents,
responsive as they are to tho sentiment o f their peoples. Such a ruling
m ight perhaps bo applied in a country containing only a relatively small
number o f citizens o f alien birth, but to apply such an invariable rule with
reference to workers from such a peoplo as our ow n, must inevitably result
in unfair discrimination against some o f our m ost patriotic peoplo.
O bviously, no such ruling can bo applied against our troops who will bo
fighting side b y sido with tho Allies in France, and I am confident that
when the situation is fully understood, exem ption will be m ado in favor
o f those loyal Am erican citizens who are sont to participate in the humani­
tarian work our Red Cross is undertaking.
It m ay be that b y somo chance a disloyal man or wom an m ay enlist, but
I had rather take that chance than to tako tho chance o f having any o f our
peoplo dispirited or disheartened when they are really trying to help.
I am suro that it is not the purpose o f tho Allied nations to discriminate
against any loyal Am erican citizen. B ut it is o f vital im portance that tho
m atter be so arranged, not only that no discrim imnation shall bo intended,
but that there shall bo no appearanco o f discrim ination.

N. Y. BANKERS PLEDGE AID TO RED C O WAR
R SS
FUND.
A resolution in which the members of tho Now York
Stato Bankers’ Association pledged themselves to con­
tribute approximately S3,000,000 to tho Red Cross W ar
Fund was adopted at tho convention of tho association at
Lake Placid on June 22. It had been intended to recom­
mend that the dividend be fixed at 1 % , thus assuring tho
raising in this way of $2,770,742, but in tho liopo that somo
of the banks might determine upon a largor declaration no
rato was specified in tho resolution.
Tho following letter
calling attention to tho resolution was sent to tho Stato
banking institutions by Secretary Gallienof the Association
this week:
N E W Y O R K S T A T E B A N K E R S ’ A S S O C IA T IO N .
New York, June 27 1917.
To all Incorporated Banks, Trust Companies, and Incorporated Banking
Houses in the State o f New York
Gentlemen.— M r. John If. Gregory, President o f tho Central Bank o f
R ochester, N . Y ., who was olected President o f this Association at its
annual convention hold at Bake Placid last week, desires your attention
called to tho very im portant action taken in behalf o f tho R ed Cross when
tho following preamble and resolution was unanimously adopted:
“ Whereas, Tho President o f the United States has b y public proclam ation
urgontly requested that a concerted country-w ido effort bo m ado to raise a
largo sum o f m oney for war-relief purposes for tho Am erican N ational
R ed Cross: and
“ Whereas, M any New Y ork Stato banks have already declared a special,
extra dividend o f 1 % , known as a Red Cross dividend, to aid their stock ­
holders in making a contribution to such fund; and
“ Whereas, Tho N ow Y ork Stato Bankers’ Association in convention
assombled at Lake Placid, Now Y ork , this tw enty-second day o f Juno,
ninotcon hundred and sovontcon, does approvo o f such action on tho part
o f banks in this Stato: now, therefore, bo it
“ Resolved, That wo recomm end to all incorporated banks, banking houses
and trust companies in tho Stato o f New Y ork that they and each o f them
im m ediately declaro an extra dividend and that such dividends bo con­
tributed to tho N ational R od Cross Fund under tho plan as form ulated b y
tho N ational Red Cross C om m ittee, such dividend, if it is so dosirod, to bo
paid to tho R od Cross organization in tho locality where tho bank is
situated.”
$9 A great m any banking institutions throughout tho country have already
declared a 1 % extra dividend and somo ovon larger than 1 % .
A fter serious consideration on tho part o f tho convention it was thought
advisable to givo hearty approval o f this great w ork, hoping that many
industrial corporations who m ay not otherwise givo tho m atter serious
consideration will also declare a Rod Cross dividend.
T ho Finance C om m ittee o f tho Red Cross W ar Fund lias approved a set
o f form s making suggestions for corporations who wish to declaro a Rod
Cross dividend. A cop y o f these form s will bo mailed you under separate
cover.
It will bo interesting to keep a record o f thoso institutions declaring said
dividend and wo will appreciate it if those who have already done so and
thoso who d o so later will advise us.
E D W A R D J. G A L E IE N , Secretary.
A ew York State Bankers' Association.

A message suggesting tho advisability of declaring a Red
Cross dividend out of undivided profits was sent to tho
Stato banks and trust companies of tho Stato by Superin­
tendent of Banks Eugene Lamb Richards on the day of
tho adoption of the resolution. In his messago Superinten­
dent Richards said:
I suggest that you r Board o f Directors consider tho desirability o f de­
claring R ed Cross dividends out o f undivided profits in such amounts as
thought advisablo giving shareholders the option o f retaining their dividend
checks or turning them over to the R ed Cross as a contribution towards
tho great sorvico which tho peoplo o f tho United States aro called upon to
rondor to thomsolves and to their allies.

In an addross beforo the convention of tho Now York
Stato Bankers on tho subjoct of “ Facing Food Facts and tho




2 6 03

Futuro” M elvin A . Traylor, President of tho the Live Stock
Exchange National Bank of Chicago, declared there is ab­
solutely no possibility of starving Germany to the point of
consideration of satisfactory peace terms should this coun­
try fail in its task of feeding tho Allies. After scoring food
speculators, urging Government action, and denouncing
the tenant farming system, M r . Traylor stated that to his
mind the most practical solution of tho food problem is
found in the county agent or farm demonstrator. He is and,
in m y opinion, for many years will be the most available
and satisfactory connecting link between the stored up fund
of knowledge in our agricultural schools and the farmers who
need tho advantage of this knowledge and experience. M r .
Traylor urged all bankers to aid the farmers. “ This w ar,”
said M r . Traylor, “ will be won by the American farmers
and the decisive battles will be fought on the wheat fields
of Kansas and Nebraska.
Thomas W . Lamont, of J. P . Morgan & C o ., speaking
on “ W ar Time Saving” at the meeting of the New York
bankers, stated that the great problem is how to reach the
groat army of wage earners and with them create an army
of savers and investors. M r . Lamont stated that “ if the
American people were lending to their Government in the
same proportion of the national income that England lent
this year, the total for America would not be a two billion
dollar, but a fourteen billion dollar Liberty Loan.” M r .
Lamont also said:
It Is absurd to talk o f business going on as usual when wo have ten m il­
lion men subject to d raft fo r the fron t, subject to withdrawal from their
custom ary pursuits and turned into consum ers. A lready the m axim
“ Business as U sual” has becom e an absurdity. Certain industries have
been swollen far beyond their custom ary activities through the m anufac­
ture o f munitions and materials fo r our Allies. A ll tho workers in such
plants have received and have spent m ore m oney. T he country has had
this stimulus and has reaped the profits for nearly three years.
Business will continue at high pressure, but it will be business directed
toward one end. T h a t end is war. Plants which d o not or cannot
adapt thomsolves to the m anufacture o f things which are needed are bound
to suffer.

Tho annual meeting of tho Association of the State Banks
of the State of New York was also held last week at Lake
Placid. Tho meeting which took place on June 20 was a
brief one, in furtherance of the desire of the organization
to allow the State Bankers’ Association to have the greater
share of publicity.

GOVERNMENT ORDER FO 00,000,000 POUNDS OF
R
COPPER.
Orders for approximately 60,000,000 pounds of copper for
early delivery at the tentative price of 25 cents a pound were
announced on June 27 as having been placed with copper
producers by the Government. The price, it is said, is
subject to possible change later. Last M arch when the
soiling price of copper in open market was about 37 cents a
pound the principal copper producers of the country, through
tho Council of National Defense, agreed to supply the army
and navy with 45,510,000 pounds of copper at 10.0739 cents
a pound. W ith the present order over 100,000,000 pounds
will thus far have been taken by the Government. Higher
prices for the metal were forecasted in April when it was
pointed out by producers that inasmuch as the wages of
most of tho miners are based on prices received by the com­
panies, a reduction in prices would result in a lowering of
wages, with the likelihood of labor troubles. It was reported
yesterday that copper producing companies had received
notification from the Government authorities to submit their
monthly figures of production of the properties and to hold
themselves in readiness to supply the Government with its
requirements when called upon.
The sub-Committee on Copper of the Council of Nationa
Defenso, appointed last month, is composed of John D . R yan,
President of tho Anaconda Copper C o ., Chairman; M urry
Guggenheim, of M . Guggenheim Sons, New York; R . L .
Agassiz, President of the Calumet & Ilecla Mining C o .,
Boston; Charles M acN eill, President of the Utah Copper
C o ., Now York; James M cLean, Vice-President of the
Phelps-Dodgo Corporation of New Y ork, and W . A . Clark,
President of the United Verde Copper C o. of New York.

REDUCTION IN PRICE OF COAL AGREED T BY
O
BITUMINOUS OPERATORS.
Material reductions in the price of soft coal at all the
mines east of the Mississippi River, ranging from $1 to $5
a ton to tho public with a further cut of 50 cents on coal
supplied to tho Government were agreed upon on June 28
by a special committee representing 400 coal operators.

3604

THE CHRONICLE

Earlier in the day the operators had agreed to place the
price fixing in the hands of the Government, through tho
Defense Council’s Coal Production Committeo, Secretary
Lane and Commissioner Fort of tho Federal Trade Com­
mission, thus avoiding tho possibility of violating the anti­
trust laws. Tho new prices, which call for a maximum
price of $3 50 a ton for domestic coal and a maximum price
of S3 a ton for all other coal f. o. b. at tho mines, will go into
effect on July 1. Tho agreement was reached following a
three day conference in Washington called at the request
of Francis S. Peabody, Chairman of the Committee on Coal
Production of tho Council of National Defense, for the pur­
pose of discussing methods of reducing the price of coal, both
to the Government and the general public.
In addition to placing prices upon coal at the minos it was
announced after Thursday’s conference that jobbers, brok­
ers, retailers and commission men would bo permitted to
charge commissions of not more than 25 cents a ton and
that no moro than one commission should bo charged. In
other words, tho consumer will get his coal at the mine prico
plus transportation charges and 25 cents a ton. Tho agree­
ment, it is pointed out, does not affect anthracite, and tho
coal production committee announced on Juno 28 that ac­
tion on that problem had been postponed until after July 1
by agreement with tho operators. The antliracito producers,
it is said, have indicated their willingness to meet the Govern­
ment in tho same spirit manifested by tho bituminous men.
In the final conferences trade secrets between competitors,
cost prices and other confidential information wero laid on
tho table, and tho Government, acting as judgo, decided
what should bo the highest prices paid at mines, prices to
go into effect on the first of July, to stay in effect until in­
vestigations aro mado and other changes ordered. Repre­
sentatives from various States wero asked to quoto the
minimum price at which they could furnish coal. Tho Clear­
field district of Pennsylvania agreed to cut its prico for coal,
as it was loaded at tho mouth of the mino from 85 25 to $3,
with S3 50 for lump sizes. Tennossee came down from
S4 50 to S3. Virginia did likewise. W est Virginia reduced
the current contract price of $5 60 to S3, and Illinois and In­
diana reduced their prices to S2 75 for coal as it came from
the mino. Alabama reduced its price from S5 50 to S3 at
the lowest, and fixed $4 at tho highest. Maryland lowered
its estimato from S5 75 to tho standard figures. All tho re­
maining districts east of Illinois that were represented also
agreed to tho new figures, except one or two with special
conditions, which wero deferred for further consideration.
Only tho districts west of Illinois— Iowa, W yom ing, Col­
orado, Oklahoma and tho Southwest— which wero not repre­
sented, remain yet to bo accounted for, it is said, but there
is no doubt in the minds of officials that theso districts will
agree to tho price reduction. Tho figures aro said to have
met with the entire approval of Chairman Peabody of tho
Defense Council’s Committee, Secretary Lane and Com­
missioner Fort. The resolution adopted at Thursday’s
meeting is given as follows in tho “ Journal of Commorco:”
Whereas, Under tho act o f Congress approved A u g. 29 1910, providing
that a Council o f N ational Defense bo established for tho co-operation o f
tho industries and resources for tho national security and welfare, to con­
sist o f tho Secretary o f W ar, tho Secrotary o f tho N a vy, tho Secretary o f
tho Interior, tho Secretary o f Agrieulturo, tho Secretary o f C om m orco and
tho Secretary o f Labor, authority is given to tho C ouncil to organizo sub­
ordinate bodies for its assistance and co-operation; and
Whereas, Pursuant to this authority tho Council o f N ational D cfenso has
appointed Francis S. Peabody, chairman o f and with authority to appoint
a com m itteo on coal production roprosontativo o f tho coal producing dis­
tricts o f tho United States; and
Whereas, A great national em ergency now exists in tho fuel supply o f tho
nation, and as tho coal operators and minors o f tho United States dosire
to co-oporato as closely as possible with tho G overnm ent, and as tho De­
partm ent o f the Interior, tho Federal Trade Com m ission, and the C om ­
m itteo on Coal Production have given closo and intelligent stu dy to the
necessities now existing; therefore, bo it
Resolved,, That it is tho sense o f this meeting that a com m itteo o f seven
for each coal producing Stato and an additional com m itteo o f seven ap­
pointed b y the representatives o f tho anthracite industry bo appointed b y
tho representatives o f each State now attending this convention to confer
with tho Secretary o f tho Interior, tho Federal Trado Com m ission, and the
Com m ittee on Coal Production o f tho Council o f N ational Defense, to tho
end that production bo stim ulated and plans bo perfected to provldo ade­
quate means o f distribution, and, further, that these com m ittees report
forthw ith to tho Secretary o f tho Interior, tho Federal Trado Com m ission,
and tho Com m ittee on Coal Production o f tho Council o f N ational D c­
fenso, costs and conditions surrounding tho production and distribution
o f coal in each district, and that theso com m ittees aro authorized, in their
discretion, to give assent to such maximum prices for coal f. o . b . cars at
mines in tho various districts as may bo named b y tho Secretary o f tho
Interior, the Federal Trado Com m ission, and tho C om m itteo on Coal
P roduction o f tho Council o f N ational Defense.
This convention b y resolution heretofore adopted having requested tho
Secretary o f the Interior, tho Federal Trado C om m ission, and tho C om ­
m itteo on Coal Production to fix a fair and reasonable price at which tho
soveral operators in tho several coal districts o f tho United States shall sell
coal; d o hereby further authorize said Governm ent representatives, so
named in said resolution, to forthw ith Issue a statem ent fixing a tentative




VOL 104.

maximum price, which, in’ their judgm ent, is fair and reasonable as applied
to tho several coal districts, at which coal shall bo sold from and after tho
first day o f July next and until tho accurato costs have boon ascertained
and a fair and reasonable prico based thereon fixed b y said Governm ent
agencies designated under said resolution.
T o tills end, therefore, bo it
Resolved, T hat tho several States, hero represented, d o present to tho
chairman o f this convention a suggestion, for uso b y said agencies in fixing
tho price which the several interests hero ropresonted feel should bo the
fair and reasonable prico to bo so tentatively fixed b y tho said agencies.

On the opening day of tho conference, Tuesday, the 26th,
the operators, in a formal resolution pledged themselves to
sell their product at a fair and reasonable price, to bo fixed,
with the approval of the Defense Council’s Coal Committee,
by special committees of seven producers from each coal
mining Stato. These special committees wero authorized
to confer with the Defense Council’s Committeo “ to tho ond
that production be stimulated and plans bo perfected to
provide adequate means of distribution.”
The operators’ action camo at tho close of an all-day
conferonco which opened with addresses by Secretaries Lane
and Daniels, John T . Fort, of tho Federal Trado Commis­
sion, and T . L . Lewis, Assistant to tho Attornoy-Genoral,
all of whom warned tho producers that unloss thoy them­
selves established a fair selling price and proper regulation
of tho industry, their output would bo taken over by the
Government. On the 27th tho operators through a specially
appointed committee approved a proposal that coal prices
during tho war be fixed by a joint Governmental Commis­
sion, composod of tho Seerotary of tho Interior, tho Coal
Committeo of tho Council of National Defenso and tho
Federal Trado Commission. Thursday’s conference, at
which tho price agreement was reached between tho com­
mitteo and tho Government representatives, brought from
Secretary Lano a statement commending tho action of tho
operators. The “ Times” gave his romarks as follows:
This is a distinctly novel proceeding. Y ou aro pioneers in a good m ovo.
W o look back with respect and adm iration upon tlioso who crossed tho hard
and stony and waterless places and picked out tho richer spots beyond. I
hope that you will bo looked upon not only by tlioso who succeed you in
tho coal business but by the industries o f tho United States generally with
respect and admiration for tho manner in which you have acted at this
conference. Y ou have responded as to a call b y tho peoplo o f tho United
States. Y ou aro not rem oved. Y ou are ,n business. Y ou belong to tho
peoplo. M ost o f you aro men who wore not born to wealth.
W o have no castes in this country. Y ou havo com e up out o f tho soil
like the rest o f us. Y ou have shown sym pathy with tho peoplo and under­
standing o f your relation to them . That is everything in a dem ocracy.
Unless wo maintain in our minds always tho consciousness o f tho sources
o f power in this country dem ocracy is a failure.
Thero is a strong contention made that this Governm ent cannot m eet to
tho full tho demands that aro to bo m ade upon it, not only in times o f stress
but in fact at any timo.
It is contended that other Governm ents aro m oro com potont, and m oro
efficient because there is a strong hand abovo tho peoplo, threatening,
m enacing, com pelling. If wo in tho United States aro to work out our
econom ic and social problem s, as wo havo worked out our political p rob­
lems wo must work them ou t, in m y judgm ent, in tho way in which you
havo worked out this ono.
Thero is a kind o f co-operation that wo know as a public utility. A pub­
lic utility is a corporation that is at tho sorvieo o f any ono. It must rondor
tho kind o f sorvieo that it holds out to tins world in tho biggest and broadest
sense. Each o f you , running a coal m ino. Is managing a public utility be­
cause tho public is dopendont upon you.
This country is going to go forward and not backward. It is going to
keep its dem ocracy and its confidence in dem ocracy.
Y ou havo been up against an extrem ely odd situation, and you havo
m et tho situation in m agnificlent fashion. I think you have reason to bo
proud o f what you havo done. Y ou havo said to the American peoplo that
you aro not going to bo oblivious to tho rights o f tlioso from whom you
sprang. Y ou will protect thorn. T h a t is spirit o f the kind that makes
for tho success o f this country.
I f all tho industries o f tho United States will mako tho same effort thero
will bo no question as to whether our peoplo can m obilizo our resources. W o
must not work singly and alono for solfish ends in tho hope o f reaping rich
rewards that will distinguish us m erely as men who aro in industry as m ak­
ers o f m oney. W'o must work as tho mon who landed in Europo yesterday
must work— in battalions anil regimonts and com panies, with ono m ind,
ono purpose, marching forward to victory— victory not for ourselves, but
victory for tho country. W o aro tho greatest business nation on earth,
therefore we must look to tho business mon to lead and inspire us, and I
think that the word that goes out from this gathering will bo inspiriting
to all.

Director Smith of tho Geogical Survoy estimates that tho
reduced prices will mean that tho operators would got
8180,000,000 less annually for their output and that tho
saving to tho Government and tho coal consuming public
would bo oven groater.

GOVERNMENT CONTROL OF WHEAT TRADE
PLANNED—BUT NOT YET INITIATED.
A statement to tho effect that absoluto control of tho wdieat
trado in all its commercial aspects is included in tho Govern­
ment’s plans for food control, was issued by President
Griffin of tho Chicago Board of Trade on June 28. These
plans, it is stated, will bar all speculation in wheat, but tho
buying and soiling of othor grains for future delivery will bo
unrestricted. M r . Griffin’s statement was mado following
his return from Washington, whero ho, with other ropresen-

June 30 1917.]

THE CHRONICLE

tatives of grain exchanges had been in conference with
Herbert C . Hoover and others connected with the food ad­
ministration. M r . Griffin’s statement follows:

2605

workable focus b y tho conference o f States held recontly in W ashington
at tho call and under the auspices o f the Council.
Organization o f a Railroad C om m ittee to send to Russia and enlistment
o f reserve engineer regiments to aid in rehabilitating the railroads o f France.

On Tuesday and W ednesday o f this week representatives o f the grain ex­
changes o f the United States wero in conference at W ashington with H er­
bert O. H oover, F ood Adm inistrator; Julius H . Barnes, his chief assistant,
and others connected with the food administration.
T he exchanges through their representatives have given their whole­
hearted support to tho Adm inistration’s j)lan for food control. M r. H oover
and his associates havo unfolded to us their plans in great detail. N aturally
they are withholding tho announcement o f their plans and intentions until
such tim e as tho Food C ontrol Bill is enacted into law.
Consequently tho detailed plans wero submitted to us in confidence, and
I am tlioreforo not privileged at this time to make any com plete statem ent.
Novortlioloss thero are in circulation many unfounded and unauthorized
rumors affecting this situation. Therefore I have decided to announce the
plan decided upon in general, but must refrain from discussing tho m atter
in detail, as that announcem ent must necessarily com e from M r. Hoover.
The millers likewise will com e under control o f tho food administration,
and thoir wheat will bo purchased and flour distributed under the same con ­
trol.
As must bo apparent, tho operation o f this plan will preclude possibility
o f trading in wheat for future delivery. H owever, com m ission m erchants,
receivers and others acting as agents in tho purchase and sale o f sam ple
grain will bo perm itted to handle wheat on the samo basis as all other com ­
m odities.
Tho plan decided upon will perm it unrestricted com petitive buying and
soiling o f all com m odities, for prosont and future delivery, with tho excep­
tion o f wheat. Tho United States G overnm ent, through its food adm inis­
tration, will com pletely dom inate distribution o f wheat for dom estic and
export purposes. N ot only will tlioy purchase tho wheat for this G overn­
m ent, but for tho Allies and neutrals as well. The millers likewise will com e
under control o f tho food adm inistration, and their wheat will bo purchased
and flour distributed under the samo con trol.

Tho Council has in the N aval Consulting Board a board
of inventions, which just now is investigating plans to com­
bat the submarine. The Board is headed by Thomas A .
Edison.
A Commercial Economy Board, with A . W . Shaw as its
Chairman, is studying means by which commercial business
may best meet demands mado on it during the war, and how
large quantities of supplies may be diverted to Government
use without upsetting the essential services of trade. This
board is studying a plan to economize on city delivery sys­
tems and is investigating measures of economy for adoption
by retail stores. The coal problem is in the hands of a com­
mittee on coal production, headed by F . S. Peabody, of Chi­
cago. It is assisting the W ar Railroad Board in expediting
the movement of coal and in taking measures to stimulate
production.
Scientific research is being conducted by the National
Research Council. The work is under the direction of
D r. George E . Hale and D r. R . A . Millikan. The Research
Council is co-ordinating the research activities of the country
in the fields of science and engineering. It is now engaged in
studying devices to detect submarines and mines, investi­
gating range finders and instruments to detect invisible
Following M r . Griffin’s announcement, M r . Hoover on aircraft and improving wireless apparatus. A committee
Thursday issued a statement deploring tho action of M r. on shipping is working with tho Shipping Board on the
Griffin in giving out such information. M r. Hoover stated problem of increasing the country’s merchant tonnage. The
that no definito policy had been agreed upon and indicated work of State Defense Councils is co-ordinated through a
that all discussions, including that with President Griffin, department headed by George F . Porter. It has assisted in
had been of a tentative nature and that all plans are subject organizing State councils and is giving them advice as to
to radical change until the food bill is enacted and the food what the Federal Government expects of the States in assist­
administration receives a legal status. M r. Hoover’s state­ ing in the conduct of the war.
ment said:
Transportation questions are studied by a committee on
W ith regard to tho statem ent from Chicago, I regret that any statem ent
transportation. Daniel Willard, President of the Balti­
should bo Issued as to m atters discussed in preliminary conferences which
It operates through a
havo been held between ourselves and tho various trades in tho cou ntry. more & Ohio R R ., is its Chairman.
These conferences havo been called with a view to discussing with represen­ W ar Railroad Board, of which Fairfax Harrison, President
tative men in various trades tho measures which might or might not be a d op t­
of tho Southern Railway, is head. This board is running
ed in tho public interest, if and when action has been taken by Congress.
T hey havo taken placo at this early dato in order that there m ight bo no tho various transportation lines as one continental system.
delay In securing effective action by tho food administration. It is obvious The Railroad Board has given preference to fuel and is
that at presont thero is no plan that can bo sottled b y the food administra­
Food probab’ y
tion and that all discussions which havo boon necessary are o f an entirely moving coal ahead of all other commodities.
tentative order, and m ay bo subjected to radical chango at any tim e.
will bo the next commodity given preferential shipment.
T ho groat dosiro o f tho Adm inistration has been to develop measures, Coal is moved in this order: Fuel for the Government, for
with advice from representative business men, and in such a w ay that would
accom plish tho objectives o f tho food administration in curtailing specula­ the roads on which mines are located, for other steam roads
tion and meoting tho other difficulties which have grown up in trade, and and, finally, for general purposes.
The committee recom­
that these measures should be placed upon such a basis that they would not
mended tho personnel of the railroad commission now in
damage tho business machinery o f tho country beyond ready resum ption
Russia. It is engaged in discontinuing passenger trains
o f its normal functions at peace.
During these discussions the subjects havo been necessarily approached not considered essential, and expects to discourage conven­
from many angles, and which or what m ethod m ay be adopted cannot bo
tions and other meetings that would require unusual train
determined until tho food administration has been sot up b y Congress and
Other accomplishments of the Railroad Board are
until adequate consideration has been given to every com plexion o f tho servico.
subject.
given as follows:

WORK OF COUNCIL OF NATIONAL DEFENSE.
A report dealing witli the work accomplished by the Coun­
cil of National Defense, its Advisory Commission and its
committees sinco tho organization of the Council in March,
was mado public by Director W . S. Gifford on Juno 24. Tho
chief accomplishments of the Council are summed up by
M i . Gifford as follows:

Enlistment o f nine regiments o f engineers to rehabilitate the French
railway systems; an arrangement for m oving coal to the P acific C oast in
box cars to prevent an uneconom ical haul back; expeditious m ovem ent
o f food products.

Telephone and telegraph committees of the Council havo
arranged a system of co-operation between tho wire compa­
nies and the Government. Government calls are given
preference. Army and N avy purchasing has been done by
tho Committee on Supplies, of which Julius Rosenwald of
M obilization o f tho 262,000 miles o f railroads o f tho country for dofenso.
Chicago is Chairman. This committee is said to havo
C lose-knit organization o f tho telephone and telegraph companies o f
A m erica to insure to tho Governm ent tho m ost rapid and efficient wire saved tho Government millions of dollars in the purchase of
com m unication.
supplies. The Committee on Raw Supplies, headed by
Settlement of tho recent threatened national railroad strikes.
Bernard M . Baruch of New York, has organized tho pur­
General acceptance b y Iaboi and capital o f tho suggestion o f tho C oun­
It saved tho Government, accord­
cil that existing labor standards should not be changed until tho need for chase of raw materials.
such action had been determined by tho C ouncil, with tho steadying influ­ ing to the report, $10,000,000 on the purchase of a supply
ence on industry growing out o f such action.
of copper. Samuel Gompers’ Committee on Labor is en­
Procurement of 45,000,000 pounds of coppor for tho uses of tho arm y and
gaged in settling industrial disputes and maintaining existing
navy at less than one-half of tho then current market price— a saving to
tho Government of approximately 810,000,000.
labor standards. The Committee on Industrial Prepared­
Similar accomplishments as to steel, zinc and aluminum.
C om pletion o f an inventory, for m ilitary purposes, o f 27,000 American ness has obtained 27,000 detailed reports from the country’s
larger manufacturing plants as to capacity to meet the G ov­
manufacturing plants.
M on oy saving to tho Governm ent through appointm ent over tho country ernment’s industrial and military needs during the war.
o f com m ittees o f business men to assist tho Quartermaster's Departm ent of
Engineering problems are being studied by
Engineering
tho A rm y in the econom ical and efficient purchase o f supplies.
Saving to tho Governm ent o f millions o f dollars b y tho co-ordination o f Committee under D r. Hollis Godfrey.
purchases through tho agency o f the General M unitions Board.
Creation, under tho medical section o f tho C ouncil, o f a General M edical
B oard, o f m any o f tho m ost highly qualified surgeons and physicians o f
tho country.
Selection by tho samo section o f thousands o f doctors specifically qualified
for membership in the M edical Officers’ Reserve C orps, and tho standardiza­
tion , far on its way to com pletion, o f surgical instruments and supplies.
Creation b y tho Council o f tho Aircraft Production B oard, which is sot­
ting out to make 2,500 airplanes and to train 6,000 aviators this year.
•
Definito results obtained by tho C ouncil’s Com m ittee on Coal Production
in tile procurem ent and expeditious shipment o f coal, both in the civilian
and Federal interests.
Successful initiation o f a m ovem ent to co-ordinato activities on tho part
o f tho States o f tho Union for tho national dofenso, brought to a clear and




CREATION IN N. Y. OF RESOURCE MOBILIZATION
BUREAU.
The creation in New York State of a Resource Mobiliza­
tion Bureau was announced by G ov. Whitman on Juno 24
Frank A . Vanderlip, President of the National City Bank
as Chief of tho Emergency Division, will be head of the Bur
eau which has been established to deal with war situations
and to act as an Advisory Board in tho drafting and execu­
tion of war policies. Authority
,-eation of the

THE CHRONICLE

2606

Bureau is conferred in the M ilitary Census Act which em­
powers the Governor to order a census of the financial and
industrial resources of tho State as well as that of man
power. Those serving with M r . Vanderlip on the Emer­
gency Division are:
- O tto H . Kahn, o f Kuhn, Loeb & C o.
John D . R yan, President o f tho A naconda C op per C om pany.
Charles A . Stone, President Am erican International C om pany.
H arvey D . G ibson, President Liberty N ational B ank, N ew Y o rk .
Iicn ry P . D avison, o f J. P . M organ & C o.
James' W . Gerard.
R obert S. L ov ett, Chairman o f tho Union P acific R oilroad.
A . W . L oasby, Trust and D ep osit C om pany o f Syracuse.
W . G . Phelps, President o f tho First N ational B ank, Bingham ton.
J. Sloat Fassett, Vice-President o f the Second N ational Bank, Elm ira.
J. H . H erzog, V ice-President o f the N ational C om m ercial B ank, A lbany.
Franklin D . L ocko, President o f tho Fidelity T rust C om pany, B uffalo;
Georgo Eastm an, President o f the Eastman K odak C om pany, R oches­
ter.
H erbert C . H oover, W ashington, D . C ..
C aptain John F . L ucey, W ashington, D . C .
W illiam A . B rady, W orld Film C orporation.
A dolph Zu kor, Famous Players-Lasky C orporation.
P . A . Powers, Universal Film C om pany.
Arthur Jam es, M etro Pictures C orporation.
R . A . Raw land, M etro Pictures C orporation.
J . E . Brulatour.

Besides the Emergency Division other divisions and their
chairmen are:
Census, C aptain Georgo Garr H enry, o f A . Saloman & C o ., who Is in
chargo o f tho State M ilita ry Census.
Finance, Georgo F . P orter, o f J. P . M organ & C o.
D efense and Security, General George R . D yer, o f C . I. Hudson & C o.
Inform ation, J. II. Sears, President o f A ppleton & C o.
T ransportation, General W . W . W itherspoon.
F ood Products and C onservation, Charles F . W ilson, Com m issioner o f
Agriculture.
Industrial, II . D . Sayer, Industrial Com m issioner.
Instruction, Dean II. N . M acC rackon , o f Vassar Collego.
H ealth and H ospital, D r. Hermann M . Biggs, Comm issioner o f H ealth.

THE WAR REVENUE BILL.
The revision of the now W ar Revenue Bill by tho Senate
Finance Committee is reported as virtually completed, and
the Committee expects to report the bill to tho Senate on
M onday next. Tho bill, which passed tho House on M a y 23,
has been in the hands of the Senate Committee since M a y 24.
A s now before the Committee the measure provides for a
yield of $1,449,000,000 against $1,800,000,000 proposed
through the House levies. On Thursday tho Senate Com­
mittee considered the authorization of additional bonds.
Senator Stone formally proposed a bond issue of $500,000,­
000. Graduated, instead of flat taxes upon excess profits
in the bill were discussed and generally approved yesterday
by the Finance Committee. Tho rate proposed wore from
12 t o 3 5 % , withhigher rates upon “ swollen” profits. Formal
action was deferred with tho prospects that tho graduated
tax plan would be adopted as a substitute for the Houso flat
rate of 1 6 % . It was stated on Thursday that from excess
profits tho Committee plans, under its latest estimates, to
raise $300,000,000. An amendment adopted on that day
would exempt from the tax upon individuals, persons:
In offico or em ploym ent. Including that o f a com m ercial travolcr or agent
whoso rem uneration consists wholly o f a fixed and dofinito sum irrespective
o f tho am ount o f business dono or any other contingency; and a profession,
tho profits o f which depend m ainly on tho personal qualifications o f tho
Individuals * * * and in which there is not required tho investment
o f m oro than nominal capital.
■

Manufacturers and their representatives generally, it is
said, are opposing repeal proposed by the Committee of tho
drawback by which they recover from tho Government
practically all duties paid on raw materials which enter into
manufactured products which later are exported
In such
cases tho Government retains 1 % of tho duty paid as an
administration charge. Reconsideration of the sugar draw­
back provision on Juno 27 resulted in the decision of tho
Committee to adhere to its decision to ropeal the presont law
giving such allowances to refiners, totalling $19,000,000
annually.
Tho Committee is understood to have decided on the 26th
that railways whoso income in the years 1911 to 1913 was
below normal, as established in the twenty-year period pre­
vious, will bo allowed tho same exemptions (6 % ) as is givon
to other corporations having sub-normal profits during the
three-year pre-war period. Further consideration on the
27th of the provision dealing with a special tax on publishers
is said to have resulted in tho decision to retain tho 5 % tax
on publishers’ net profits of over $4,000, and an increase of
one-quarter of a cent a pound on second-class postago rates.
A protest against tho postago rates on second class mail
matter embodied in the Houso bill and tho proposed tax on
publishers profits was wired to tho Senate Finance Com ­
mittee by the Executive Committee of tho Audit Bureau




[Vol. 104. *

of Circulation on June 22 .
The Executive Committeo had
been authorized to draw up a resolution setting out the
Bureau’s opposition to the legislation at a luncheon of the
Bureau at the Hotel Astor. Frank C . H oy t, Business
Manager of tho “ Outlook,” in indicating tho sentmont of
tho Bureau, had the following to say according to tho “ Sun:”
I f tho bill as passed b y tho Houso o f Roprosontstivos should bocom o a
law it would moan tho death knell o f tho A udit Bureau becauso thoro would
bo so few papers and periodicals loft that there would bo no excuse for its
oxistonco. T ho proposed zones for second class m atter would put a largo
percontago o f tho newspapers and publications out o f business.
H appily the Senate has shown som e judgm ent in tho m atter and for­
tunately it does not seem probablo that tho bill will now becom e a law.
But you read to-d ay o f the action o f tho Senate Financo C om m ittee in ad­
vancing tho postal rates from one cent to ono and a quater conts a pound
and in addition placing a 5 % tax on publishers’ p rofits. N ow that is
clearly a reflection o f tho feeling o f animus that no doubt exists in tho minds
o f certain members o f Congress against tho publishers. Y o u have read
o f debates in which the responsibility o f tho war was placed on tho nowspapers, and as those same members havo a chanco to take a whack at tho
press they propose to lot loose.
T he publishers aro paying their fair sharo now and for Congross to bur­
den an already overburdened publishing business can in no way bo jus­
tified.

The Bureau, which was formed three yoars ago, is said
to have a membership of 1,259, representing gross circula­
tion of 60,000,000 and an annual advertising expenditure
of $100,000,000.

THE WAR EXCESS PROFITS TAX.
Tho Senate Finance Committee is still deliberating over
various phases of the excess profits tax. Apparently it has
been decided to adopt the principle of the English law and
to tax tho excess above average profits oarned in tho pre­
war period, taking the years 1911, 1912 and 1913, as tho
most likely years to give a normal averago. Tho only com­
pletely worked out proposal that has been presented to the
committee seems to be that of tho Investment Bankers’
Association of America, as presented by tho counsel for the
Association, Robert. II. Reed. Tho Association has con­
tributed the services of its counsel and of bankers of several
cities, who have collaborated with tho accountants and tax
authorities and with members of Congross in tho effort to
formulate and present to tho committeo a schemo of taxation
that will adapt tho English pre-war basis to American condi­
tions and lay a foundation upon which a productive war tax
may bo levied without serious disturbance to business and
industry. It is claimed that with a fair excess profits tax the
Government can get one-third to one-half of tho $ 1 ,800 ,00 0,­
000 called for and that Congress can reduce or eliminate some
of the more objectionable special taxes that havo been ten­
tatively decided upon. Tho proposition urged by tho in­
vestment bankers has been printed by tho committeo, and
is, it is said, being carefully considered, and tho plan as a
whole will bo urged on tho House and tho conference com­
mittee as furnishing a basis of final agreement. Tho Asso­
ciation has opposed every proposal that throatons to tax
normal profits by the use of somo arbitrary or accidental
factor or to discriminate against or favor any particular
form of organization or class of business. It is urged simply
that tho law must provide for tho determination of an actual
excess profit in 1917 over a normal pre-war earning standard,
and that if this is correctly dono a very heavy revonue can
bo obtained, without undue burden, out of tho concorns
which aro in fact making heavy gains. For this purpose
the law must be elastic, like tho English law, but it should
not, like tho English law, prescribe tho principle of taxing
new business on everything abovo a 6 or 7 % rate.
This
and other provisions of tho English law havo beon greatly
modified by special Treasury orders, undor ono of which it
is said that a rate of 2 2 % has beon allowed in a colonial
mining business.
As it is impossible to givo the American Treasury such
complete power to dispenso with tho law as that permitted
in England, the American plan must provido for its deter­
mination of a factor that will oporate justly botwoon differ­
ent concerns. The investment bankers havo urged that
new business since 1914 and now capital must bo taxed on a
parity with concerns established prior to 1914, as otherwise
the tax will discriminate vory heavily in favor of monopoly
and against the newer competitive concerns. Thoy in­
stance the several oil companies organized in tho last three
years. The plan proposed by tho bankors on this point
calls for a determination by Treasury order of tho fair normal
percentage earning on actual capital for solectod pre-war
years and that now concorns bo taxed only on thoir oxcess
abovo this percentage. Where a concern has increased its
capital since the pre-war period, it is to bo allowed tho pre-

J une 30 1917.)

THE CHRONICLE

war percentage on its new capital. New partnerships are
similarly to bo allowed a pre-war equivalent on personal
services and good-will to put them on a parity with estab­
lished partnerships. In this way new concerns and new
capital are not discriminated against and have an incentive
to compote with the older concerns, somo of which aro
monopolios, or woidd soon become monopolies, if their com­
petitors were taxed out of existence.

CREATION OF EXPORT EMBARGO COUNCIL UNDER
ESPIONAGE ACT.
A n Export Embargo Council which will administer the
export embargo provisions of the Espionage Act (signed on
June 15) was created under an Executive order of President
Wilson on June 22. The order was not, however, made
public by the State Department until June 25. Tho Council,
which will direct tho exports of foodstuffs and coal shipped
from tho United States to neutral countries, is composed of
Secretary of Stato Robert Lansing, Secretary of Commerce
William C . Redfiekl, Secretary of Agriculture David F .
Houston, and tho “ food administrator.” Tho latter will be
Herbert C . Hoover, but he was not personally named in tho
President’s proclamation because Congress has not yet
established tho Food Administration Bureau. On the 28th
inst. President Wilson notified Secretary Redfiekl that
$150,000 would be available from tho $100,000,000 war
emergency fund for tho immediate expenses of tho Exports
Council. Secrotary Redfield submitted an estimate to
Secretary M cAdoo asking for a $570,000 appropriation for
tho first year. A statement explaining what tho Exports
Council is expected to accomplish was issued by President
Wilson on Juno 25, as follows:
I t is i m p o r t a n t t h a t t h e c o u n t r y s h o u l d u n d e r s t a n d j u s t w h a t is i n t e n d e d
in t h o c o n t r o l o f e x p o r t s , w h i c h is a b o u t t o b o u n d e r t a k e n , a n d s i n c e t h o
p o w e r is v e s t e d b y t h o C o n g r e s s in t h o P r e s i d e n t , I c a n s p o a k w it h a u t h o r i t y
c o n c e r n in g i t .
T h o E x p o r t s C o u n c i l w ill b o m e r e ly a d v i s o r y t o t h o P r e s i ­
d en t.
T h e r e w il l, o f c o u r s e , b o n o p r o h i b i t i o n o f e x p o r t s .
T h o n orm a l cou rse
o f t r a d o w ill b o in t e r f e r e d w it h a s l it t l o a s p o s s i b le , a n d , s o f a r a s p o s s i b lo ,
o n l y it s a b n o r m a l c o u r s o d i r e c t e d .
T h o w h o le o b j e c t w ill b o t o d i r e c t
e x p o r t s in s u c h a w a y t h a t t h e y w ill g o f i r s t a n d b y p r e f e r e n c e w h e r o t h e y
a r o m o s t n e e d e d a n d m o s t I m m e d ia t e l y n e e d e d , a n d t e m p o r a r i l y t o w i t h ­
h o ld th e m , if n ecessa ry , w h ero th e y ca n b e st b e sp a red .
O u r p r i m a r y d u t y in t h o m a t t e r o f f o o d s t u f f s a n d lik e n e c e s s a r ie s is t o
s e o t o i t t h a t t h o p e o p l e s a s s o c ia t e d w it h u s in t h o w a r g o t a s g o n e r o u s a
p r o p o r t i o n a s p o s s i b le o f o u r s u r p l u s , b u t It w ill a ls o b o o u r w is h a n d p u r ­
p o s e t o s u p p ly th o n e u tr a l n a tio n s w h o s o p e o p le s d e p e n d u p o n u s fo r s u c h
s u p p l i e s a s n e a r l y in p r o p o r t i o n t o t h e i r n e e d a s t h e a m o u n t t o b o d i v i d e d
p e r m it s .
T h e r e w ill t h u s b o l it t l o c h e c k p u t u p o n t h o v o l u m e o f e x p o r t s , a n d t h o
p r i c e s o b t a i n e d f o r t h e m w ill n o t b e a f f e c t e d b y t h i s r e g u l a t io n .
T h i s p o l i c y w il l b o c a r r ie d o u t , n o t b y p r o h i b i t i v e r e g u l a t io n s , t h e r e f o r e ,
b u t b y a s y s t e m o f lic e n s in g e x p o r t s , w h ic h w ill b o a s s i m p ly o r g a n i z e d a n d
a d m i n i s t e r e d a s p o s s i b lo , s o a s t o c o n s t i t u t e n o im p e d im e n t t o t h o n o r m a l
flo w o f c o m m e r c e .
I n b r i e f , t h o f r e e p l a y o f t r a d e w ill n o t b o a r b i t r a r i l y
i n t e r f e r e d w it h ; i t w ill o n l y b o i n t e ll i g e n t ly a n d s y s t e m a t ic a l ly d i r e c t e d , in
t h o l ig h t o f f u l l I n f o r m a t i o n w it h r e g a r d t o n e e d s a n d m a r k e t c o n d i t i o n s
t h r o u g h o u t t h o w o r l d a n d t h o n e c e s s it ie s o f o u r p e o p l e a t h o m o a n d o u r
a r m ie s a n d t h o a r m ie s o f o u r a s s o c ia t e s a b r o a d .
T h o G o v e r n m e n t is t a k i n g , o r h a s t a k e n , s t e p s t o a s c e r t a in , f o r o x a m p l o ,
j u s t w h a t t h o a v a i l a b l e p r e s e n t s u p p l y o f w h e a t a n d c o r n is r e m a in in g f r o m
t h e c r o p s o f la s t y e a r ; t o le a r n f r o m e a c h o f t h o c o u n t r ie s e x p o r t i n g t h o s e
f o o d s t u f f s f r o m t h o U n it e d S t a t e s w h a t t h e i r p u r c h a s e s in t h i s c o u n t r y
n o w a r o a n d w h e r e t h e y a r o s t o r e d , a n d w h a t t h e i r n e e d s a r o , in o r d e r t h a t
w o m a y a d j u s t t h i n g s , s o f a r a s p o s s i b lo , t o o u r o w n n e e d s a n d f r e e s t o c k s ;
a n d t h is i n f o r m a t i o n is in c o u r s e o f b e i n g r a p i d l y s u p p l i e d .
T h o c a s o o f w h e a t a n d c o r n w ill s e r v o a s a n ill u s t r a t io n o f a ll t h o r e s t
o f s u p p lie s o f a ll k i n d s .
O u r t r a d o c a n b o s u c c e s s fu l l y a n d p r o f i t a b l y
c o n d u c t e d n o w , th o w a r p u s h e d t o a v ic to r io u s is su o , a n d th o n e e d s o f o u r
o w n p e o p l e a n d o f t h o o t h e r p e o p l e s w it h w h o m w o a r o s t ill f r e o t o t r a d o
e f f i c i e n t l y m o t o n l y b y s y s t e m a t ic d i r e c t i o n ; a n d t h a t is w h a t w ill b e
a ttem p ted .

WOODROW WILSON.

Tho executive order signed by tho President on Juno 22
creating the Council, is as follows:
DEPARTM ENT

OF

STATE.

^ ,
,
[ E x e c u t i v o O r d e r .]

June 2 5 1 9 1 7 .

B y v i r t u o o f a u t h o r i t y v e s t e d in m o b y l i t l o V I I o f t h o A c t a p p r o v e d
J u n o 1 5 1 9 1 7 , e n t i t l e d " A n A c t t o p u n is h a c t s o f in t e r f e r e n c e w it h t h o
f o r e i g n r e la t i o n s , t h o n e u t r a l it y , a n d t h o f o r e i g n c o m m e r c o o f t h o U n it e d
S t a t e s , t o p u n is h e s p i o n a g e , a n d , b e t t e r , t o e n f o r c e t h o c r im i n a l la w s o f
t h o U n it e d S t a t e s , a n d f o r o t h e r p u r p o s e s , ” I h e r e b y v e s t in t h o S e c r e t a r y
o f C o m m e r c o t h o e x e c u t i v e a d m i n i s t r a t i o n o f a l l i n s t r u c t i o n s is s u e d b y t h o
P r e s i d e n t u n d e r s a id T i t l e V I I a n d o f t h o p r o c l a m a t i o n s t h e r e u n d e r , a n d
t h o s a i d S e c r e t a r y is h e r e b y a u t h o r i z e d a n d d i r e c t e d t o t a lto s u c h m e a s u r e s
as m a y b o n e c e s s a r y t o a d m in is te r a n d e x e c u te th o s a m e a n d t o g r a n t o r
r e fu s o e x p o r t lic e n s e s t h e r e u n d e r , in a c c o r d a n c e w it h t h o s o i n s t r u c t i o n s .
I h e r e b y e s t a b l is h a n E x p o r t s C o u n c i l , t o b o c o m p o s e d o f t h e S e c r e t a r y
o f S ta to , th o S e c r e ta r y o f A g ric u ltu re , th o S e c r e ta r y o f C o m m e r c o , a n d th o
F o o d A d m i n i s t r a t o r , a n d I h e r e b y a u t h o r i z e a n d d i r e c t t h o s a id E x p o r t s
C o u n c i l , t h u s c o n s t i t u t e d , t o f o r m u l a t e , f o r t h o c o n s i d e r a t io n a n d a p p r o v a l
o f t h o P r e s i d e n t , p o l i c i e s a n d m a k e t h o r e c o m m e n d a t io n s n e c e s s a r y t o c a r r y
o u t t h o p u r p o s e s o f t h is A c t .

(Signed)

WOODROW WILSON.

The While House, June 2 2 1 9 1 7 .

Tlio Council hold its first mooting on Juno 26, when it is
said recommendations wero agreed upon which will effect a
comploto blockado of tho Contral Powers. The Council is
said to bo disposed to force tho shipment of tho 200,000,000




2 6 07

bushels of wheat in Canada before the American supply is
drawn upon. Members of tho Council stated on the 26th
that tho immediate action in prospect would be designed to
prevent any American products whatever from reaching
Germany, to conserve foodstuffs and war materials for the
use of tho United States and her allies and to bring about
a market which would permit of prices more nearly normal.
W heat and coal are tho commodities which will receive
attention at once. Tho Council, it is stated, has determined
that exporters must be entirely subservient to the wishes
of the Council during tho period of tho war. The members
have endeavored to allay apprehension among the exporters
by saying that the normal course of business will be dis­
turbed as little as possible. Exports which ordinarily have
gone to noutrals will be withheld where it is found that the
United States and the Allies need them more. Exports will
be withheld in cases where certain neutrals are acting in a
manner inimical to the interests of the Entente.
A tentative outline of the work of the Council drafted by
Secretary of Commerce Redfield was published as follows in
tho “ Official Bulletin” of June 21:
T h o g e n e r a l c o n t r o l o f e x p o r ts w ill, If t h o P r e s id e n t a p p r o v e s , b e lo d g e d
in a b o a r d t o b e k n o w n a s t h e “ E x p o r t s C o u n c i l , ” w h ic h w il l c o n s i s t o f o n e
o r m o r e r e p r e s e n t a t iv e s o f t h e D e p a r t m e n t s o f S t a t e , W a r , N a v y , C o m ­
m e r c e , a n d t h o f o o d a d m in is tr a to r , a n d s u c h o t h e r a d v is e rs a s t h e S e c r e ta r y
o f S ta to a n d th e S e c r e ta r y o f C o m m e r c e m a y s e le ct.

Secretary of State to Control.
T h o r e p r e s e n t a t iv e o f t h e D e p a r t m e n t o f S t a t e s h a ll b e t h e c h a i r m a n a n d
r e s p o n s i b le h e a d o f t h o E x p o r t s C o u n c i l , a n d t h r o u g h h i m t h e S e c r e t a r y
o f S t a t o w ill a p p r o v e o r d i s a p p r o v e m e a s u r e s u n d e r c o n s i d e r a t io n .
T h o S e c r e t a r y o f S t a t e , w it h t h o a p p r o v a l o f t h o P r e s i d e n t , a c t i n g
t h r o u g h h is r e p r e s e n t a t iv e o n t h e E x p o r t s C o u n c i l , w ill i n it i a t e m a t t e r s
a n d o t h e r w i s e c o n t r o l t h o p o l ic i e s w h ic h a r o t o b e d e t e r m in e d b y t h e
E x p o r ts C o u n c il.
T h o a d m i n i s t r a t i v e w o r k w il l b o p l a c e d w it h t h o D e p a r t m e n t o f C o m ­
m e r c o , a n d a s p e c i a l d i v i s i o n , t o b e k n o w n a s t h e d i v i s i o n o f e x p o r t lic e n s e s ,
w il l b o e s t a b l is h e d a t o n c e .
T h e c h i e f o f t h is d i v i s i o n w ill b e A s s i s t a n t
S e c r e t a r y o f t h o E x p o r t s C o u n c i l , a n d in d i r e c t c h a r g e o f t h e a d m i n i s t r a t i v e
m a c h i n e r y in is s u in g e x p o r t lic e n s e s .
E x p o r t l ic e n s e s w il l b e is s u e d b y t h e S e c r e t a r y o f C o m m e r c e in a c c o r d ­
a n c e w i t h t h o p r i n c ip l e s a n d p o l i c i e s l a id d o w n b y t h o E x p o r t s C o u n c i l .
A m o n g t h o m a t t e r s o f p o l ic i e s w h i c h w il l b e d e t e r m in e d b y t h e E x p o r t s
C o u n c il aro:

Policies to be Determined.
T h o r e c o m m e n d a t i o n o f p r o c la m a t i o n s w i t h r e fe r e n c e t o t h o c o n t r o l o f
e x p o r t f o r t h e s i g n a t u r e o f t h e P r e s i d e n t ; t h e a p p o r t i o n m e n t o f r a t io n s ,
b o t h b y a r t ic l e s a n d c o u n t r ie s ; m e t h o d s o f s e l e c t i n g c o n s i g n e e s f o r v a r i o u s
c o n t r o lle d e x p o r ts ; m e th o d s o f s e le ctin g co n s ig n o r s fo r c o n t r o lle d e x p o r ts ;
m a tte rs o f p o lic y a ffe c tin g th e e x p o r tin g o f c o a l a n d b u n k e rs.
A l l m a t t e r s o f m o r e t h a n r o u t in e i m p o r t a n c e w ill b o p a s s e d o n b y t h e
E x p o r ts C o u n c il.
T h i s w ill r e q u i r e a c o n s i d e r a b l e a m o u n t o f w o r k , a n d
t h o C o u n c i l w ill b o in s e s s io n e a c h d a y .
T h o a d m i n i s t r a t i v e w o r k w ill b e p e r f o r m e d b y t h e D i v i s i o n o f E x p o r t
L ice n s e s o f th o B u re a u o f F o r e ig n a n d D o m e s t ic C o m m e r c e .
T h e r e w ill
b o a n u m b e r o f s e c t io n s c r e a te d , s u c h as r e g is tr y , c o r r e s p o n d e n c e , w a rt r a d o i n t e ll i g e n c e , I s s u in g , a c c o u n t i n g , f i l i n g , t r a d e e x p e r t s , a n d o t h e r s f o r
c e r t a in m is c e l la n e o u s w o r k .
T h e s e t r a d e e x p e r t s w ill b e r e q u i r e d in a d ­
d it io n t o t h o s o w h o re p re s e n t t h e v a r io u s d e p a rtm e n ts o n t h e E x p o r ts
C o u n c il fo r th e p u r p o s e o f a d v is in g th e E x p o r ts C o u n c il as t o fa c ts re g a r d in g
e a c h lin o o f g o o d s u n d e r c o n s i d e r a t io n .
I t is e x p e c t e d t h a t t h e s e t r a d e
e x p e r t s w il l h a v e t h o a d v i c e a n d c o - o p e r a t i o n o f p r a c t i c a l b u s in e s s m e n ,
u s u a l l y t h r o u g h e x i s t i n g b u s in e s s o r g a n i z a t io n s .

Special War Trade Section.
A s p e c i a l w a r - t r a d e s t a t is t i c a l s e c t io n w ill b e c r e a t e d In t h o B u r e a u o f
F o r e i g n a n d D o m e s t i c C o m m e r c e , f o r t h e p u r p o s e o f m a k i n g s u c h s t a t is t i c a l
I n v e s t ig a t io n s a n d c o l l a t i n g s u c h s t a t is t i c a l f a c t s a s m a y b o r e q u i r e d f o r
t h o u s e o f t h o E x p o r t s C o u n c il .
T h o p r o c e d u r e o f is s u in g a n e x p o r t lic e n s e w il l b o a b o u t a s f o l l o w s : T h o
P r e s i d e n t ’s p r o c l a m a t i o n w ill d e s i g n a t e t h e p a r t i c u la r a r t ic l e s o r c la s s o f
a r t ic l e s u n d e r c o n t r o l a n d t h o c o u n t r ie s t o w h ic h s u c h c o n t r o l l e d a r t ic l e s
m a y b o e x p o r t e d u n d e r lic e n s e .
T h o q u a n t i t y o f t h e p a r t i c u la r c o m ­
m o d i t y t o b o e x p o r t e d u n d e r l ic e n s e w il l b o d e t e r m in e d b y t h o E x p o r t s
C o u n c i l , a n d u p o n t h e a d v i c e o f t h e d e p a r t m e n t s c o n c e r n e d a n d w it h s u c h
f a c t s a s m a y b o p r e s e n t e d b y t h e t r a d e e x p e r t d e a l i n g w it h t h a t p a r t i c u la r
c o m m o d it y .
A f t e r t h o a m o u n t h a s b e e n d e t e r m in e d , t h o D i v i s i o n o f E x p o r t L ic e n s e s
w il l t h e n r e s t r i c t t h o a m o u n t l ic e n s e d t o t h o a m o u n t d e t e r m in e d u p o n b y
th o E x p o r ts C o u n c il.
A p p l i c a t i o n s w il l b e m a d e t o t h o D i v i s i o n o f E x p o r t L i c e n s e s .
I t w il l
f ir s t b o p a s s e d u p o n a s t o q u a n t i t y a n d t h e c h a r a c t e r o f t h e c o n s i g n e e w ill
n e x t b o i n v e s t ig a t e d .
I f th e a m ou n t t o b e ex p o rte d d oes n o t ex ceed th e
q u a n t i t y la id d o w n b y t h o E x p o r t s C o u n c i l a n d t h e c o n s i g n e e is s a t i s f a c t o r y ,
t h e l ic o n s o w ill t h e n b o is s u e d .
I t is e x p e c t e d t h a t t h o e n t i r e t im e o f is s u in g
a lic o n s o w ill n o t e x c e e d t h r e e d a y s .
I t Is h o p e d t o u t i li z e t h e v a r i o u s b r a n c h o f f i c e s o f t h o B u r e a u o f F o r e i g n
a n d D o m e s t i c C o m m e r c o l o c a t e d in B o s t o n , N e w Y o r k , C h i c a g o , S e a t t l e ,
S a n F r a n c i s c o , S t . L o u is a n d N e w O r le a n s , in f a c i l i t a t i n g t h is w o r k .
T h is
w ill p e r m it t h o e x p o r t e r t o f i l e h is a p p l i c a t i o n f o r lic e n s e a t o n e o f t h e b r a n c h
o f f ic e s o f t h o B u r e a u .
T h e a g e n t in c h a r g e w ill t e le g r a p h t h o a p p l i c a t i o n
t o W a s h i n g t o n a n d r e c e i v e a d e c i s io n b y w ir e , a n d w il l t h e n b e a u t h o r i z e d
u n d e r c e r t a in r e g u l a t io n s t o is s u e a n e x p o r t l ic e n s e .

May Employ 2 5 0 Persons.
I t is e s t im a t e d t h a t a b o u t 2 5 0 p e o p l e m a y b e n e e d e d , w it h a p a y r o ll
a n n u a l ly o f $ 3 7 9 ,6 0 0 .
O t h e r e x p e n s e s , s u c h a s r e n t o f q u a r t e r s , f u r n it u r e ,
e q u i p m e n t , s u p p l i e s , p r i n t in g , A c . , w ill b r i n g t h o t o t a l r e q u i r e d a n n u a l ly
f o r t h is w o r k t o $ 5 7 0 ,0 0 0 .
B u s in e s s is e x p e c t e d t o c o m m e n c e w it h i n 4 8
h o u r s a f t e r t h o C o u n c i l is c r e a t e d .
T h o P r e s i d e n t w ill b o a s k e d t o s e t
a s id e $ 1 5 0 ,0 0 0 o f e m e r g e n c y f u n d s t o s t a r t t h e w o r k w i t h , u n t i l C o n g r e s s
c a n m a k o t h e re q u ire d a p p ro p r ia tio n s .
I n w o r k in g o u t t h e p l a n f o r a d m i n i s t e r i n g e x p o r t c o n t r o l , t h o f o l l o w i n g
p r i n c ip l e s h a v e b e e n f o ll o w e d :
T h o e x i s t i n g m a c h i n e r y o f t h e G o v e r n m e n t is b e i n g u s e d a s f a r a s p o s s i b le ;
n o n o w m a c h i n e r y , e x c e p t t h a t a b s o l u t e l y n e c e s s a r y , is c r e a t e d t o c a r r y
o n t h o r o u t i n e w o r k ; t h e r e s p o n s i b il i t y f o r t h e a d m i n i s t r a t i v e w o r k is p l a c e d
in a r e s p o n s i b le e x e c u t i v o d e p a r t m e n t ; e a c h i n t e r e s t e d e x e c u t i v e d e p a r t ­
m e n t h a s a v o i c e , s u b j e c t t o t h e ! P r e s i d e n t ’s d i r e c t c o n t r o l , in d e t e r m in i n g

THE CHRONICLE

2608

t h e p o lic ie s o f e x p o r t c o n t r o l; th e S e c r e ta r y o f S ta to , o n a c c o u n t o f th e
p o l i t i c a l s i g n if i c a n c e o f t h e c o n s i d e r a t io n o f e x p o r t s , w ill m a k e , w i t h t h e
a p p r o v a l o f t h e P r e s id e n t, th e fin a l d e c is io n as t o th e p o lic y o f e x p o r t
c o n t r o l ; t o p r o v i d o t h e m a c h i n e r y a s w il l m a k e t h e is s u in g o f lic e n s e s a s
e x p e d itio u s

as

p o s s i b le .

D r. E . E . Pratt, Chief of the Bureau of Foreign and
Domestic Commerce of the Department of Commerce made
tho following statement in N ew York on the 21st relativo
to Secretary Redfield’s announcement;
T h e s t a t e m e n t g i v e n o u t b y S e c r e t a r y R e d f i e l d in W a s h i n g t o n a n d
p r i n t e d in t h e N e w Y o r k p a p e r s o f y e s t e r d a y c o n t a i n e d t h o p r in c ip a l
p o i n t s in c o n n e c t i o n w i t h t h e a d m i n i s t r a t i o n o f t h e e x p o r t c o n t r o l , w h ic h is
a b o u t t o b e p u t i n t o o p e r a t i o n in W a s h i n g t o n .
T h e m a t t e r is n o w in t h o
h a n d s o f t h o P r e s i d e n t a n d , o f c o u r s e , i t is f o r h i m t o d e c i d e w h a t t h e
a c t u a l p r o c e d u r e w ill b e .
T h i s w il l t a k e t h e f o r m o f a n e x e c u t i v e o r d e r ,
s e t t in g u p t h e m a c h in e r y .
W h e n t h e E x p o r t s C o u n c i l , w h ic h w a s r e fe r r e d
t o i n y e s t e r d a y 's s t a t e m e n t , h a s b e e n o r g a n i z e d , w h ic h w ill b o a m a t t e r
o f t w o o r t h r e e d a y s a f t e r t h e s ig n in g o f t h o E x e c u t i v e o r d e r , t h i s b o d y
w il l r e c o m m e n d t o t h e P r e s i d e n t s u c h p r o c l a m a t i o n s a s t h e y d e e m n e c e s ­
sary.
T h e s e p r o c l a m a t i o n s w il l in c lu d e s u c h c o n t r o l s a s i t m a y s e e m d e s i r a b lo t o p l a c e , e it h e r u p o n c e r t a in a r t ic l e s a n d c o m m o d i t i e s o r o n c e r t a in
c o u n t r ie s .
O f c o u r s o , n o t h i n g o f t h is s o r t h a s b e e n d e c i d e d a s y e t , a n d
c a n n o t b e d e c i d e d u n t i l t h o c r e a t io n o f t h e E x p o r t s C o u n c i l .
T h e r e s e e m s t o b e o n e g e n e r a l m is a p p r e h e n s i o n , w h ic h I t h i n k o u g h t t o
b e s e t s t r a ig h t .
T h e p a p e rs r e fe r t o th e e x p o r t c o n t r o l as a n e m b a r g o .
A s a m a t t e r o f f a c t , n o g e n e r a l e m b a r g o is i n t e n d e d , e it h e r o n a n y p a r ­
t i c u l a r c la s s o f a r t ic le s o r a s a g a in s t a n y p a r t i c u la r c o u n t r y .
I t w ill p r o b ­
a b l y b e p o s s i b le a t a ll t im e s , u n d e r t h o o p e r a t i o n o f t h is A c t , t o o x p o r t
l im i t e d q u a n t it i e s o f a n y c o m m o d i t y t o a n y c o u n t r y .
A n y sta tem en t on
t h i s m a t t e r , o f c o u r s e , m u s t b o q u a l i f i e d b y t h o s t a t e m e n t t h a t it is t h e
c ir c u m s t a n c e s w h ic h w il l a r is e in t h e f u t u r e t h a t w il l d e t e r m in e t h o p o l i c y .
I t s h o u l d b e e m p h a t i c a l l y s t a t e d , h o w e v e r , t h a t n o g e n e r a l e m b a r g o is
in te n d e d .
T h o u n d e r l y i n g o b j e c t s o f t h o e x p o r t c o n t r o l d o n o t s e e m t o b e c le a r l y
u n d erstood .
A s I u n d e rsta n d th e m , t h e y are th re e : F ir s t, t o co n s e r v o th e
p r o d u c t s o f t h o U n it e d S t a t e s , t h e e x p o r t o f w h ic h f o r a n y r e a s o n s h o u l d
b e r e s t r ic t e d ; s e c o n d , t o c o n s e r v o to n n a g e ; t h ir d , t o p r e v e n t a n y A m e r ic a n
p r o d u c t s f r o m r e a c h i n g G e r m a n y , e it h e r d i r e c t l y o r i n d i r e c t l y .
T h is , I
b e l i e v e , c o v e r s t h e g e n e r a l p r i n c ip l e s i n v o l v e d .
I t is t h e p u r p o s e o f t h o s e w h o a r o m o s t a c t i v e l y i n t e r e s t e d in t h e a d m in is ­
t r a t io n o f t h o e x p o r t c o n t r o l , a n d p a r t i c u la r l y t h o D e p a r t m e n t o f C o m ­
m e r c e , t o r e s t r i c t t h e n o r m a l c o u r s e o f b u s in e s s a s l it t l e a s p o s s i b lo .
It
w il l b e o u r p u r p o s e t o e x p e d i t e , a s f a r a s p o s s i b l e , e x p o r t s f r o m t h o U n it e d
S t a t e s , a n d t o e l im i n a t e a n y b u r d o n s o m e r e d t a p e .
W e h a v o b e e n in
a l m o s t d a i l y c o n s u l t a t io n w it h t h e e x p o r t i n g in t e r e s t s o f t h o c o u n t r y a n d
h a v o b e e n a b l e t o m e e t p r a c t i c a l l y a ll o f t h e i r r e q u e s t s a s t o t h e p r a c t ic a l
a d m in is tr a tio n o f t h o e x p o r t c o n t r o l.
I t w ill b e p o s s i b le , I t h i n k , u n le s s u n f o r e s e e n d i f f i c u l t i e s a r is e , t o is su e
lic e n s e s in N o w Y o r k .
O f cou rso, th e w ork o f ox p ort co n tro l m u st be
c e n t r a li z e d in W a s h i n g t o n , b u t t h o N o w Y o r k o f f i c e w ill b o in c o n s t a n t
t e le g r a p h i c o r t e le p h o n i c c o m m u n i c a t i o n w it h W a s h i n g t o n a n d w ill b e a b l e
t o a d v i s o e x p o r t e r s h e r o a s t o a ll f a c t s w it h r e fe r e n c e t o p r o c e d u r e , w ill b e
a b l e t o r e c e i v e a p p li c a t io n s f o r lic e n s e s a n d t o g r a n t lic e n s e s u p o n a u t h o r ­
i z a t io n f r o m W a s h i n g t o n .
T h i s w il l u n d o u b t e d l y g r e a t l y a s s is t N e w Y o r k
ex p orters.
S im ila r a r r a n g e m e n t s w il l b o m a d e In o t h e r c it i e s w h e r e b r a n c h
o f f i c e s o f t h o B u r e a u o f F o r e i g n a n d D o m e s t i c C o m m e r c e a r e e s t a b l is h e d .

Tho Merchants’ Association of N ew York has asked the
members of the new Federal Exports Council to establish
a bureau in this city which will have authority to issue ox­
port permits under the new law.

THE ADMINISTRATION FOOD CONTROL BILL.
The second Administration food control bill, which gives
tho President broad powers to control the distribution of food,
feed and fuel for war purposes, was passed by the House on
June 23, after amendments had been written into it pro­
hibiting tho further manufacture of intoxicating liquors
during the remainder of tho war, and authorizing the Presi­
dent to commandeer existing stocks of distilled spirits. ’1 he
bill was passed by a voto of 365 to 5 , Representatives M c Lomoro, Slayden and Young of Texas, Democrats, and
Meeker, of Missouri, and W ard, of New Y ork, Republicans,
voting in tho negativo. The prohibition amendment was
adopted in Committee of the Whole aftor a bitter fight, and
when the bill later came up in the House proper the anti­
prohibition faction did not demand that they bo voted on
again. Tho prohibition amendment was offered by M r.
Barkley of Kentucky, and was adopted as a substitute for
Section 13 of tho bill which was favorably reported to tho
House on June 11,) replacing the original bill, reference to
which was made in our issue of June 9 ). Section 13 gave
tho President authority to limit or restrict the amount of
grain and foodstuffs used in the manufacture of alcoholic
beverages. The Barkley substitute eliminated all the dis­
cretionary language and wrote into the bill the following
mandatory section, with penal clause attached;
N o p e r s o n s h a ll u s e a n y f o o d s , f o o d m a t e r ia l s o r f e e d s in t h o p r o d u c t i o n
o f a l c o h o l e x c e p t f o r G o v e r n m e n t a l , in d u s t r ia l, s c i e n t i f i c , m e d i c i n a l o r
s a c r a m e n ta l p u r p o s e s o r o f a lc o h o lic b e v e r a g e s
A n y p e r s o n w h o w ill­
f u l l y v i o l a t e s t h is s e c t i o n s h a ll u p o n c o n v i c t i o n t h e r e o f b o p u n is h e d b y a
fin o n o t e x c e e d in g $ 5 ,0 0 0 o r b y im p r is o n m e n t fo r n o t m o r e th a n t w o y e a r s ,
or b oth .

Tho voto on this substituto which was taken in Committeo
of tho W hole by tellers was 132 to 114. A n amendment to
tho Barkloy substituto providing for tho manufacture of
beer or light wines was defeated by a vote of 134 to 124. An
amendment by M r. Sabatli of Illinois, also proposing to
exempt wines and beers from the prohibition section was




(VOL. 104.

defeated 133 to 88, and a motion by M r . Parker of Now Jersey,
to strike out the entire section as amended failed by a vote
of 152 to 136. On the amendment'authorizing Government
use of distilled spirits there was no roll-call, and only a fow
scattered nays were heard on tho viva voco vote. Originally
proposed by Representative W ebb of North Carolina, it was
accepted by Chairman Lever of the Agriculture Committee,
and as adopted on his motion read:
T h a t t h o P r e s i d e n t is a u t h o r i z e d , i f in h is o p i n i o n i t is n e c e s s a r y t o c o n ­
s e r v e n e c e s s it i e s , t o r e q u i r e a n y p e r s o n h a v i n g c o n t r o l o f a l c o h o l a n d d i s t il le d
s p i r it s t o t u r n o v e r t o t h e G o v e r n m e n t f o r u s e o r r e d i s t i l la t i o n s u c h p r o ­
p o r t i o n o f s a id a l c o h o l o r s p i r it s a s t h o P r e s i d e n t m a y d o o m n e c e s s a r y t o
m e o t t h e r e q u i r e m e n t s o f t h o G o v e r n m e n t in t h o m a n u f a c t u r e o f m u n i t io n s
a n d o t h e r m i l i t a r y a n d h o s p i t a l s u p p l i e s in s o f a r a s s u c h u s o o r r e d i s t i l la t i o n
w o u ld d i s p e n s o w i t h t h o n e c e s s it y o f u t i li z in g t h o p r o d u c t s a n d m a t e r ia ls
s u i t a b l e f o r f o o d s a n d f e e d s in t h o f u t u r e m a n u f a c t u r e o f a l c o h o l o r d i s t il le d
s p i r it s f o r t h e p u r p o s e s h e r e i n e n u m e r a t e d .
U p o n t h o fa il u r e o f t h e p e r s o n t o c o m p l y w it h t h o P r o s i d o n t ’ s r e q u i r e m e n t
t h o P r e s i d e n t is a u t h o r i z e d t o r e q u s i it i o n a n d t a k e p o s s e s s io n o f t h o a l c o h o l
a n d d i s t il le d s p i r it s r e q u i r e d t o b e t u r n e d o v e r a n d t o p a y f o r s a m o a j u s t
c o m p e n s a t i o n , t o b o d e t e r m in e d b y t h o P r e s i d e n t , a n d i f t h o p r i c e s o
d e t e r m in e d b e n o t s a t i s f a t c o r y t o t h o p e r s o n e n t i t l e t o r e c e i v e t h o s a m o ,
s u c h p e r s o n s h a ll b e p a i d t h e a m o u n t p r e s c r i b e d b y t h o P r e s i d e n t a n d s h a ll
b o e n t i t l e d t o s u e t h o U n it e d S t a t e s t o r e c o v e r s u c h f u r t h e r s u m a s a d d e d
t o t h o a m o u n t s o p a i d w ill b o j u s t c o m p e n s a t i o n f o r s u c h s p i r it s o r a l c o h o l
in t h o m a n n e r p r o v i d e d b y S e c t i o n 2 4 , p a r a g r a p h 2 0 , a n d S e c t i o n 1 2 5 o f t h o
J u d ic i a l C o d e .

Few important changes were made by tho Houso in the
bill on June 23 outside of the prohibition amendment. The
food control powers of the President were limited to articles
specifically mentioned in the bill instead of giving him
blanket authority; voluntary aids in tho food control work
were made subject to tho penal provision; all persons in tho
food administration, except those serving without compensa­
tion, were placed under civil sorvice, and tho President was
required to make an annual report on tho operation of tho
bill.
The bill passed by the Houso on Juno 23 was favorably
reported to that body on June 11. It represented a revision
of the original food control bill (referred to in thoso columns
on June 9 ), but was moro drastic than its precdossors. Tho
more important features of the bill as reported to the House
were:
1 . C r e a t e s a " G o v e r n m e n t c o n t r o l o f n e c e s s a r ie s ” — f o o d s , f e e d s a n d f u e l
— in c lu d in g e v e r y k n o w n s t e p a n d p r o c e s s f r o m p r o d u c l t o n t o c o n s u m p t i o n
o f s u c h n e c e s s a r ie s , v e s t in g t h i s c o n t r o l In t h o P r o s l d o n t a n d a u t h o r i z in g
t h o c r e a t io n b y h i m o f a g e n c i e s f o r t h o o x e r c is o o f s u c h p o w e r s a s a r o g r a n t e d .
2 . P r o h i b i t s h o a r d i n g o r d e s t r u c t i o n o f n e c e s s a r ie s u n d e r h e a v y p e n a lt i e s .
3 . A u th o riz e s G o v e r n m e n t p u r c h a s o , m a n u fa c tu r e o r s to r a g o o f n e ce s ­
s a r ie s in t h e d i s c r e t i o n o f t h o P r e s i d e n t .
4 . P r o v i d e s f o r t h o lic e n s i n g o f a ll b u s in e s s i n v o l v i n g n e c e s s a r ie s , I n c lu d ­
in g im p o rte r s a n d e x p o r te r s .
5 . A u t h o r i z e s t h o P r e s i d e n t in h is d i s c r e t i o n t o p r o h i b i t in w h o lo o r In
p a r t a n d fo r s u c h p e r io d o f tim e a s h o m a y d e e m n e ce s s a ry t h o u so o f f o o d ­
s tu ffs fo r th e m a n u fa c tu r e o f b e v r a g o s o f s u c h a lc o h o lic c o n t e n t a s th o
P r e s i d e n t m a y p r e s c r ib e .
6 . E m p o w e r s t h o P r e s i d e n t t o g o v e r n , s u p e r v i s e o r p r o h i b i t in w h o le
o r in p a r t o p e r a t i o n s o n s t o c k o r p r o d u c o e x c h a n g e s o r b o a r d s o f t r a d o i n ­
v o l v i n g p r i c e s o f f o o d s t u f f s a n d t o r e q u i r o p e r i o d ic a l r e p o r t s f r o m a ll s u c h
b o d i e s , d e t a i li n g t h e i r o p e r a t i o n s a n d c o n v o y i n g s u c h i n f o r m a t i o n a s t h o
P r e s i d e n t o r h is f o o d c o n t r o l a g e n t m a y r e q u i r e .
7 . P r o v i d e s a G o v e r n m e n t s u b s i d i a r y o r m in im u m p r i c o g u a r a n t e e f o r
a n y n e c e s s a r y p r o d u c t i o n f o r w h i c h t h o I ’ r o s id o n t m a y d e e m s t im u l a t i o n
b y su ch m ean s n ecessa ry.
A u t h o r i z e s t h o P r e s i d e n t in t h is c o n n e c t i o n t o
o ffe r th o p r o t e c t io n o f in cre a s e d tra n s fe r r a te s t o s u c h c o m m o d it ie s .
8 . A p p r o p r i a t e s , t o b o i m m e d i a t e l y a v a i l a b l e , $ 1 5 2 ,5 0 0 ,0 0 0 , o f w h ic h
$ 2 ,5 0 0 , 0 0 0 is f o r t h o c o n s t r u c t i o n o f a d m i n i s t r a t i v e m a c h i n e r y a n d $ 1 5 0 , ­
0 0 0 ,0 0 0 o f w h ic h is t o b o e x p o n d e d a t t h o d i r e c t i o n o f t h o P r o s l d o n t " f o r
th o p u rp o s e s o f th is A c t . "

Four sections carried in tho original bill woro eliminated by
tho committeo, but except in two instances such elimination
did not tend to curtail tho powers granted to tho President.
Tho section authorizing tho President, first, to proscribe tho
percentages of flour which aro to bo dorvied from wheat of
various classes, and, second, to roquost adulteration of whoat
flour with corn or other cereals, wero stricken out because of
fear on tho part of tho milling industry and tho Committee,
that return to old mixed flour conditions might result. Tho
maximum prico section was also stricken out by tho Agricul­
ture Committeo as a seeming concession to certain members
of the Committeo, though other sections would seom clearly
to accord tho President authority to fix prices. Tho section
authorizing him to fix standards on cortain commodities was
eliminated as impracticable. Tlireo members of tho Agricul­
ture Committee— Representatives W ard of Now York,
Wilson of Illinois and Young of Texas— voted against a
favorable report on tho bill, chiefly on tho ground that the
necessity for such drastic action as proposed has not been
demonstrated and that no man can declare authoritatively
that any such necessity exists or will exist in tho future. The
Committee on Public Information on Juno 16 mado publio
tho following letter which President Wilson addressed to M r.
Hoover, the “ Food Administrator,” authorizing him to
begin taking any stops necessary for tho organization of the
women of tho country and for co-operation with all men
engaged in tho distribution of foods:

J une 30 1917.]

THE CHRONICLE

M y Dear M r. Hoover.— I t s e e m s t o m e t h a t t h e in a u g u r a t i o n o f t h a t
p o r t i o n o f t h e p l a n f o r f o o d a d m i n i s t r a t i o n w h ic h c o n t e m p la t e s a n a t i o n a l
m o b i l i z a t i o n o f t lio g r o a t v o l u n t a r y f o r c e s o f t h e c o u n t r y w h ic h a r e r e a d y
t o w o r k t o w a r d s a v i n g f o o d a n d e l im i n a t i n g w a s t e a d m i s t o f n o f u r t h e r
d e la y .
T h e a p p r o a c h in g h a r v e s t i n g , t h e i m m e d i a t e n e c e s s it y f o r w is o u s e a n d
s a v i n g n o t o n l y in f o o d , b u t i n a ll o t h e r e x p e n d it u r e s , t h e m a n y u n d ir e c t e d
a n d o v e r l a p p i n g e f f o r t s b e i n g m a d e t o w a r d t h i s o n d , a ll p r e s s f o r n a t i o n a l
d i r e c t i o n a n d in s p i r a t i o n . W h i l e i t w o u ld i n m a n y w a y s b o d e s i r a b l e t o w a it
c o m p l e t o l e g is l a t i o n e s t a b l is h i n g t h e f o o d a d m i n i s t r a t i o n , i t a p p e a r s t o m o
t h a t s o f a r a s v o l u n t a r y e f f o r t c a n b e a s s e m b l e d w e s h o u l d n o t w a it a n y
l o n g e r , a n d t h e r e f o r e I w o u l d b o v e r y g l a d i f y o u w o u l d p r o c e e d in t h o s e
d ir e ctio n s a t o n c e .
T h e w o m e n o f t h e n a t i o n a r e a l r e a d y e a r n e s t l y s e e k in g t o d o t h e ir p a r t
in t h i s , o u r g r e a t e s t s t r u g g l e f o r t lio m a i n t e n a n c e o f o u r n a t i o n a l id e a ls ,
a n d in n o d i r e c t i o n c a n t h e y s o g r e a t l y a s s is t a s b y e n l is t i n g i n t h e s e r v ic e
o f t h e f o o d a d m i n i s t r a t i o n a n d c h e e r fu ll y a c c e p t i n g it s d i r e c t i o n a n d a d v i c e .
B y s o d o i n g t h e y w il l i n c r e a s e t h o s u r p lu s o f f o o d a v a i l a b l e f o r o u r o w n
a r m y a n d f o r e x p o r t t o t h o A l l ie s .
T o p r o v id e a d e q u a te s u p p lie s f o r th e
c o m i n g y o a r is o f a b s o l u t e l y v i t a l i m p o r t a n c e t o t h o c o n d u c t o f t h e w a r , a n d
w i t h o u t a v e r y c o n s c ie n t i o u s e l im i n a t i o n o f w a s t e a n d v e r y s t r i c t e c o n o m y
in o u r f o o d c o n s u m p t i o n w e c a n n o t h o p e t o f u l f i l t h is p r i m a r y d u t y .
I t r u s t , t h e r e f o r e , t h a t t h e w o m e n o f t h e c o u n t r y w ill n o t o n l y r e s p o n d
t o y o u r a p p e a l a n d a c c e p t th o p le d g e t o th o fo o d a d m in is tr a t io n w h ic h y o u
a r e p r o p o s i n g , b u t t h a t a ll m o n a ls o w h o a r e e n g a g e d i n t h e p e r s o n a l d i s t r i ­
b u t i o n o f f o o d s w ill c o - o p e r a t o w it h t h e s a m e e a r n e s t n e s s a n d i n t h e s a m e
s p ir it .
I g i v e y o u f u ll a u t h o r i t y t o u n d e r t a k e a n y s t e p s n e c e s s a r y f o r t h e
p r o p e r o r g a n i z a t io n a n d s t iu m l a t i o n o f t h e i r e f f o r t s .
C o r d ia lly a n d sin c e re ly y o u r s ,
W O O D R O W W IL S O N .

In compliance with the President’s request that he take
immediately, without regard to Congressional delay, the steps
necessary for the conservation of the country’s food supply,
M r . Hoover on Juno 17 issued an appeal to the women of the
country, in which he told them that they might well prove
the deciding factor in winning the war against Germany.
The women are to be enlisted as actual members of tho food
administration, and are to be enrolled during a period of
registration from July 1 to July 15 through the Council of
National Defense and tho State Defense Councils. The
appeal, according to the New York “ Tim es,” reads:
,
A s r e q u e s t e d b y t h o P r e s i d e n t , w o a s k e v e r y w o m a n in t h e U n i t e d S t a t e s
e n g a g e d in t h o p e r s o n a l c o n t r o l o f f o o d t o r e g is t e r f o r a c t u a l m e m b e r s h ip in
t h o f o o d a d m i n i s t r a t i o n , t h u s e n t e r in g d i r e c t l y i n t o t h o n a t i o n a l s e r v lc o .
W e s h a ll l a t e r o n a s k v a r i o u s c la s s o s o f m o n lik e w is e e n g a g e d i n f o o d
p r e p a r a t i o n a n d d i s t r i b u t i o n t o a ls o v o l u n t e e r t o t h o n a t i o n a l s e r v i c e In
th e ir v a r io u s b r a n c h e s .
W e m u s t o n t e r a p e r i o d o f s a c r if i c e f o r o u r c o u n t r y a n d f o r d e m o c r a c y .
M a n y m u s t g o i n t o b a t t l o , b u t m a n y c a n o n l y r e m a in a t h o m o .
T h o w o r ld ’s
f o o d s u p p l y is s h o r t a n d m a n y m u s t s u f f e r .
W o h a v e th e m a jo r b u rd en
o f f e e d in g t h o w lio lo w o r l d .
F o o d m u s t b o m a n a g e d a n d t r a n s p o r t e d in o u r
o w n c o u n t r y a n d t o o u r a llie s in s u c h a w a y a s t o g o t t h o m o s t o u t o f i t .
T h o s e w h o r e m a in a t h o m e c a n a ls o h e l p a n d c a n " f i g h t b y h e l p i n g t h o
flg h to r f ig h t ” a n d c a n “ s e r v o b y s a v in g .”
S in c o f o o d w il l d e c i d e t h o w a r , e a c h A m e r i c a n w o m a n c a n d o a r e a l
n a t i o n a l s o r v ic o b y p r o t e c t i n g t h o f o o d s u p p l y o f t h e n a t i o n .
N in o t y p e r
cen t
o f A m e r ic a n fo o d co n s u m p tio n p a sse s th r o u g h th o h a n d s o f o u r
w o in o n .
I n n o o t h e r f ie l d d o s m a ll t h i n g s , w h e n m u l t i p l e d b y o u r 1 0 0 ,­
0 0 0 ,0 0 0 p e o p l e , c o u n t f o r s o m u c h .
A s in g le p o u n d o f b r e a d s a v e d w e e k ly
f o r e a c h p e r s o n w il l in c r e a s e o u r e x p o r t s u r p lu s o f w h e a t 1 0 0 ,0 0 0 ,0 0 0
b u s h o ls , a n d a n a v e r a g o s a v in g o f t w o c o n t s o n e a ch m e a l e v e r y d a y fo r e a ch
p e r s o n w ill s a v e t o t h o n a t i o n f o r w a r p u r p o s e s $ 2 , 0 0 0 , 0 0 0 ,0 0 0 p e r a n n u m .
*
*
*
*
*
*
* »
I n a s m u c h a s b e f o r e le g is l a t i o n is c o m p l e t e d t h o f o o d a d m i n i s t r a t i o n h a s
n o r e p r e s e n t a t iv e s t h r o u g h o u t t h o c o u n t r y , t h o N a t i o n a l C o u n c i l o f D e ­
fe n s e is k i n d l y r e q u e s t i n g a ll t h e S t a t o C o u n c il s o f D o f o n s o , w i t h t h e
a s s is t a n c e o f t h o W o m e n ’s C o m m i t t e e o f t h o N a t i o n a l C o u n c i l o f D e f e n s e ,
t o u n d e rta k e th o r e g is tr a tio n .
T h is r e g i s t r a t i o n w ill b e g i n J u l y 1 a n d w ill
c o n t i n u e I n t e n s i v e ly f o r f i f t e e n d a y s , a n d w ill c o n s i s t s i m p l y in a s k in g
e v e r y w o m a n In t h e c o u n t r y t o v o l u n t e e r in t h i s i m p o r t a n t s e r v i c o b y
s ig n in g a n d m a i li n g t o t h o F o o d A d m i n i s t r a t o r , C o n s e r v a t i o n D i v i s i o n ,
W a s h i n g t o n , t h e f o ll o w i n g p l e d g e :
“ I a m g l a d t o j o i n y o u In t h o s e r v ic o
o f f o o d c o n s e r v a t i o n f o r o u r n a t i o n , a n d I h e r e b y a c c e p t m e m b e r s h ip in
t h e U n it e d S t a t e s f o o d a d m i n i s t r a t i o n , p l e d g i n g m y s e l f t o c a r r y o u t t h o
d i r e c t i o n s a n d a d v i c e o f t h o F o o d A d m i n i s t r a t o r in t h o c o n d u c t o f m y
h o u s e h o l d , i n s o f a r a s m y c ir c u m s t a n c e s p e r m i t . ”
W o n o t o n ly w a n t th o n a m e a n d a d d ress, b u t w o w a n t th e n u m b e r o f
p o r s o n s in t h o h o u s e h o l d .
W o w a n t t o k n o w w h e th e r th o h o u s e h o ld e m ­
p l o y s a c o o k , w h e t h e r It h a s a g a r d e n , a n d w o w a n t t o k n o w t h o o c c u p a t i o n
o f th o b r e a d w in n e r .
T h e r o a r o n o fo e s o r d u o s t o b o p a i d .
Tho F ood
A d m i n i s t r a t i o n w is h e s n o w t o h a v o a s m e m b e r s a ll o f t h o s e a c t u a l l y
h a n d li n g f o o d in t h o h o m o .
O n r e c e i p t o f t h o p l e d g e w o w ill s e n d o u t p r e ­
l im i n a r y i n s t r u c t i o n s a n d a h o u s e h o l d t a g t o b e h u n g in t h o w i n d o w .
Tho
I n s ig n ia o f t h o F o o d A d m i n i s t r a t i o n w ill c o n s i s t o f t h o n a t i o n a l s h ie ld ,
s u r r o u n d e d b y h e a d s o f w h e a t , a n d w o h o p e t o h a v o t h o s h i e ld d i s ­
p l a y e d in e v e r y h o m e in t h e U n it e d S t a t e s .
W o h a v e t h o p r o m is e o f s u p p o r t f r o m m a n y h u n d r e d s o f w o m e n 's o r g a n ! z a t l o n s in t h e r o c r u lt l n g o f o u r m e m b e r s a n d t h o w o m o n 's c o m m i t t e e p l a n
t o t a k o u p o n t h e m s e lv e s m u c h o f t h o r e s p o n s i b il i t y f o r t h i s w o r k .
W i t h t h o a s s i s t a n c e o f v a r i o u s t r a in e d w o m e n in t h o c o u n t r y , w e a r e
f o r m u l a t i n g c o m m i t t e e s o n d o m e s t i c e c o n o m y , a n d f r o m le a d o r s in t h e s u b ­
j e c t o f n u t r i t i o n w e a r e o r g a n i z in g c o m m i t t e e s o n f o o d c o n s e r v a t i o n a n d
u t i l i z a t i o n , a n d w e ja r o p o s o w it h t h e i r a d v i c o t o f u r n is h i n f o r m a t i o n f r o m
t i m e t o t im o t o t h o m e m b e r s o f a d m i n i s t r a t i o n a s t o t h o m a n n e r in w h ic h
t h o y c a n b e s t s e r v o t h o n a t i o n a l I n t e r e s ts i n f o o d c o n s e r v a t i o n .
W e h a v o s i x g e n e r a l p r i n c ip l e s o f i n s t r u c t i o n :
F ir s t. T o s a v e th o w h o a t.
I f w e o a t a s u s u a l f r o m o u r h a r v e s t t h is y o a r
w o w ill h a v o l l t t l o m o r o t h a n e n o u g h f o r o u r o w n s u p p l y , b u t w o c a n d i v i d e
w it h o u r a llie s i f e a c h in d i v id u a l m a k e s s o m e s a c r if i c e s b y e a t i n g a t le a s t
o n o w h o a t lo s s m e a l a d a y , s u b s t i t u t i n g c o r n b r e a d o r o t h e r c e r e a ls .
S e c o n d . W o w a n t t o s a v o th o m e a t , fo r o u r c a t t lo a n d h o g s a ro d e c r e a s in g ,
a n d w o m u s t s e n d t o o u r a l li e s , s o w o w is h e v e r y h o u s e h o l d e r t o b u y lo s s ,
t o s e r v e s m a lle r p o r t io n s a n d t o a llo w n o w a s t e .
T h i r d . W o w is h t o s a v o t h o f a t s .
W o c o n s u m e t h r e e t im e s t h e f a t s t h a t
a ro n e ce ssa ry fo r n u tr itio n , a n d w o n e e d th e m n o w fo r w a r .
W o w is h n o
b u t t o r u s e d i n c o o k i n g ; w o w a n t le s s b u t t e r s e r v e d o n t h o t a b l o ; w o w a n t
lo s s l a r d , b a c o n a n d o t h e r p o r k p r o d u c t s u s e d .
F o u r t h . A n y d e f ic i e n c i e s in f o o d s u p p l y , b y e c o n o m y a l o n g t h o a b o v o
lin e , c a n b o a m p l y c o v e r o d b y in c r e a s in g t h o u s e o f f is h , p o t a t o e s , b e a n s ,
p o a s , t u r n ip s , c a b b a g e a n d v e g e ta b le s g e n e r a lly , c o r n , b u c k w h e a t , r y e a n d
r i c e , w h ic h w e w ill h a v e in a b u n d a n c o t h i s h a r v e s t .




2609

F if t h . W e w a n t t o s a v o t r a n s p o r t a t io n .
O u r r a i lw a y s a r o u n a b le t o m e e t
t h e w a r p r e s s u r e f o r m u n i t io n s , m e n a n d c o a l , s o t h a t w o w is h e v e r y o n e t o
co n s u m e p r o d u c t s o f lo c a l o r ig in a s fa r a s p o s s ib le , t o b u y fr o m th e lo c a l
m il l e r , t h e l o c a l p a c k e r , b u y a n d e a t v e g e t a b l e s g r o w n n e a r h o m e .
A s id e
f r o m e a t i n g a n i n c r e a s e d p r o p o r t i o n o f t h e s e c o m m o d i t i e s in o r d e r t o s a v e
o n t h o s t a p l e s , i t is e x t r e m e l y i m p o r t a n t t h a t a n y s u r p l u s o f t h e s e c o m ­
m o d i t i e s s h a ll b e p r e s e r v e d o r w e ll s t o r e d f o r w in t e r u s e .
S i x t h . W o p r e a c h a n d w a n t e v e r y o n e t o p r e a c h “ t h e g o s p e l o f t h o c le a n
p l a t e " ; t o b u y le s s f o o d s t u f f s , t o s e r v e s m a l le r p o r t i o n s a n d t o s e e t h a t
n o th in g o f v a lu e g o e s in to th e g a r b a g e c a n .
'

W hen the bill was brought up in the Senate on June 18,
Senator Gore of Oklahoma, Chairman of the Committee on
Agriculture, which reported the bill on the previous Satur­
day (June 16), stated that he had asked Senator Chamber­
lain to handle the measure on the Senate floor, as the Okla­
homa Senator wanted to oppose some of its features, notably
that providing for a food controller.
The passage of the bill by the House in practically un­
amended form was forecast on June 21, when several amend­
ments offered were rejected and the House speeded up con­
sideration of the measure with an understanding that a
vote would be taken Saturday night (June 23) if possible.
General debate on the bill m the House was concluded on
June 21 and reading of the measure under the five-minute
rule was begun. Chairman Lever of the House Committee
on Agriculture on June 22 offered a drastic anti-conspiracy
amendment to the bill, which was promptly adopted as an
effective measure of reaching the food speculator and
hoarder. As adopted the amendment read:
T h a t a n y p e r s o n w h o c o n s p i r e s , c o m b i n e s , a g r e e s o r a r r a n g e s w it h
a n y o t h e r p e r s o n (a) to l im i t t h e f a c il i t i e s f o r t r a n s p o r t i n g , p r o d u c i n g ,
m a n u f a c t u r in g , s u p p l y i n g , s t o r i n g o r d e a l i n g i n a n y n e c e s s it i e s ; (6 ) t o r e s t r i c t
t h o s u p p l y o f a n y n e c e s s a r ie s ; (c ) t o r e s t r i c t t h e d i s t r i b u t i o n o f a n y n e c e s ­
s a r ie s ; (d) t o p r e v e n t , l im i t o r l e s s e n t h e m a n u f a c t u r e o r p r o d u c t i o n o f a n y
n e c e s s a r ie s , o r (e ) t o e n h a n c e t h e p r i c e o f a n y n e c e s s a r ie s , s h a ll u p o n c o n ­
v i c t i o n t h e r e o f b e f in e d n o t e x c e e d i n g $ 1 0 ,0 0 0 o r b e i m p r i s o n e d f o r n o t
m o re th a n tw o y e a rs, o r b o t h .

A motion to strike out the section giving the President au­
thority to license dealers in foods and fuel whenever he deems
such action essential for the carrying out of the A ct and the
control of the food situation, was dofeated 123 to 66. This
provision was attacked on the ground that it was unconstitu­
tional in that it delegated legislative powers to the President.
Two amendments to Section 3 were adopted, establishing
“ a Government control of necessaries.” One, offered by
Representative Montague of Virginia, provided that the
powers exercised and administered by the President in car­
rying out the purposes of the food control bill shall be “ as
hereinafter provided,” thus limiting the power of the food
administrator to the things specifically set out in the bill.
The other amendment struck from Section 3 the words “ that
none of the penalties of this A ct shall apply to this section.”
The section includes provision that the President is authorized
“ to enter into any voluntary arrangements or agreements
and use any agency or agencies, to accept the services of any
person without compensation, to co-operate with any agency
or person” in carrying out the A ct. Two other amend­
ments accepted, but not adopted, on June 22 were, first, to
eliminate the “ blanket” control power of the President
over necessaries, and limit it to the articles mentioned in
the bill, and, second, to strike out of the bill the power of
the President to prevent “ uneconomical manufacture and
inequitable distribution of necessaries.” The bill, as already
stated, was passed by the House the next day, June 23, after
the amendments accepted on the 22d were adopted, and
provision was made for nation-wide prohibition.
The House bill reached the Senate Committee on Agriculture
on the 25th. Instead of offering the bill in the Senate as a
substitute for tho measure then under debate, Senator
Chamberlain conferred with Senator Gore, Chairman of the
Agriculture Committee, on the advisability of having the
differences in the bills thrashed out in committee, with the
idea of making modification to conform with the Senate’s
idea of food control. Later the following sub-committee
was appointed by Senator Gore to work out the alterations:
Senators Gore, of Oklahoma; Smith, of South Carolina;
Smith, of Georgia; Ransdell, of Louisiania, and Chamber­
lain, of Oregon, Democrats; Kenyon, of Iowa; Wadsworth,
of New York; Warren, of W yom ing, and Gronna, of North
Dakota, Republicans. Several amendments to the bill
were introduced in the Senate on June 2 5 . Senator Lewis,
of Illinois, offered a substitute bill proposing that the Presi­
dent have general broad authority to issue regulations for
control of foodstuffs, specifically enumerating those held for
“ monopolization,” or “ unjust prices.” A number of meas­
ures which have been before the Senate as part of the war
legislation were also offered as amendments. Senator Walsh
offered his bill permitting the Government to lease coal and
oil lands. The bill giving the President power to direct

2610

THE CHRONICLE

priority in railroad shipments was offered as an amendment
by Senator Ransdell. Senator Wadsworth tacked on tho
Trading with the Enemy bill, and Senator Cummins pro­
posed amendments declaring every product, including food­
stuffs, cotton, coal and steel subject to control and requisi­
tion should it become necessary.
The Senate sub-committee, appointed by Senator Gore
on June 25, reached an agreement on June 26 on the re­
vision of the bill. Tho sub-committee changed tho bill so
as to give President Wilson the power and responsibility
of deciding whether tho nation shall be “ bone dry” during
the war. Tho action if approved would have meant that
the manufacture of whisky, for the rest of the period of the
war, would be forbidden, with authority to the- President
to take over all existing stocks of distilled spirits for pur­
poses of the war, but that beer and wine could be made and
sold if the President felt that it was “ in the public interest.”
However, tho Senate Agriculture Committee on June 27,
by a vote of 8 to 7 rejected the liquor amendment agreed
upon by tho sub-committee. Instead of giving discretion­
ary power as to beer the Agriculture Committee eliminated
allusion to beer entirely, leaving wine as tho only intoxi­
cating drink to be made during tho remainder of tho war.
The Senate Agriculture Committee on tho 27th also
adopted tho majority of the other changes recommended
by its sub-committee. Ono of these provides for Govern­
ment control of foods,feed,fuel and also iron, steel, copper,
lead and their products, farm implements and machinery,
fertilizers, hemp, sisil and jute, making the bill of a far more
radical nature than it was when it passed tho House.
As amended by the Senate Committee on Agriculture, the
House food control bill was substituted in tho Senato on
Juno 28 for the original Senate bill. President W ilson, in
an effort to settle the “ bone dry” controversy in theSonate,
yesterday conferred with Senators M artin, Lewis, Phelan
and Gerry, and suggested as a solution for tho quick passage
of tho bill, a prohibition on whiskey alono, permitting the
manufacture of beer and light wines to continuo. A dispatch
to the Now York “ Evening Sun” late yesterday said that as
a result of tho conference with the President, “ dry” leaders
in tho Senate have reached an informal agreement to modify
tho prohibition amendment of the bill, so as to allow the
manufacture of beer and light wines.

DEPARTMENT OF COMMERCE SEEKS TO CLEAR UP
CONFUSION IN FOREIGN TRADE STATISTICS.
The methods used by different Governments in computing
the values of exports and imports aro described in a bulletin
issued yesterday by tho Bureau of Foroign and Domestic
Commerce, of the Department of Commerce. A statement
issued in the matter says:
A n a c c u r a t e c o m p a r is o n o f t h o f o r e i g n t r a d o s t a t is t i c s o f t h o d i ff e r e n t
c o u n t r ie s is a l w a y s a v e r y d i f f i c u l t m a t t e r , a s t h e r e a r o a l m o s t a s m a n y
w a y s o f a r r iv in g a t v a l u e s a s t h e r o a r e c o u n t r i e s .
T h o G o v e r n m e n t ’s
b u l l e t i n t a k e s u p in d e t a i l t h o s y s t e m f o l l o w e d in e a c h c o u n t r y a n d is
e x p e c t e d t o c le a r a w a y m a n y d i f f i c u l t i e s t h a t h a v e c o n f r o n t e d t h o s e w h o
f o r o n e r e a s o n o r a n o t h e r h a v e o c c a s i o n t o s t u d y t h o w o r l d ’s c o m m e r c e .
T o ill u s t r a t e h o w c o n f u s i o n o f t e n a r is e s , t h e b u l l e t i n p o i n t s t o t h o f a c t
t h a t A m e r i c a n s t a t is t i c s s h o w in g A m e r i c a n e x p o r t s t o A r g e n t i n a d i ff e r
m a t e r ia l l y f r o m A r g e n t i n e s t a t is t i c s s h o w in g i m p o r t s f r o m A m e r i c a .
Tho
d i f f e r e n c e a r is e s f r o m t h o f a c t t h a t e x p o r t f ig u r e s in t h e U n it e d S t a t e s a r o
b a s e d o n c u r r e n t m a r k e t v a l u e s , w h e r e a s A r g e n t i n e I m p o r t f ig u r e s a r o
b a s e d o n a n o f f i c i a l r a t e f i x e d in 1 9 0 6 .
T h o b u l l e t i n is e n t i t l e d ‘ ‘M e t h o d s o f C o m p u t i n g V a lu e s in F o r e i g n T r a d o
S t a t i s t i c s , ” M is c e l la n e o u s S e r ie s N o . 5 9 , a n d c a n b o p u r c h a s e d a t 5 c e n t s a
c o p y f r o m t h o n e a r e s t d i s t r i c t o r c o - o p e r a t i v e o f f i c o o f t h o B u r e a u o f F o r e ig n
a n d D o m e s t ic C o m m e r c e o r f r o m th o S u p e rin te n d e n t o f D o c u m e n ts ,
W a s h in g to n , D . C .

WAR REGULATIONS CONCERNING IMPORTATIONAND
EXPORTATION IN EUROPEAN COUNTRIES.
The American Chamber of Commerce in Paris has called
the attention of business men to a book recently edited by
M . Marius Du Jardin, of the French Ministry of Munitions.
This book, entitled “ La Reglementation des Exportations
et des Importations pendant la Guerre,” gives a technical
and highly interesting description of the official regulations
controlling international trade, which have been enacted by
the various Governments since tho beginning of the war.
Besides containing complete lists of goods, tho import and
export of which havo been prohibited by tho Allied and
neutral powers tho book in question also gives full information
as to the procedure of obtaining licenses for tho importation
and exportation of such goods. “ La Reglementation des
Exportations et des Importations pendant la Guerre” is a
particularly interesting and valuablo book for firms engaged
in European trado; it is published by Morin & M illant,
40 Rue d ’Hautevillo, Paris— (Post free: four francs).




[Vol. 104.

COMMERCE COMMISSION GRANTS RAILROADS’ PE­
TITION FO ADVANCE IN COAL RATES.
R
As announced in our article on “ The Financial Situation,”
the Inter-State Commerco Commission yesterday denied the
petition of the railroads of tho country for a 1 5 % general
advance in freight rates. Earlier in the week, however,
an advance of 15 cents per ton in tho coal rates in Eastern
territory applied for by tho railroads as part of tho general
1 5 % increase in freight rates, was granted by the Com ­
mission. The increase in coal rates will go into effect on
July 1, according to an announcement mado by tho Com ­
mission on Juno 25. The announcement says:
O n t h o 8 t h in s ta n t a n In fo rm a l h e a r in g w a s h e ld b y t h o B o a r d o f S u s p e n ­
s i o n o n a p p l i c a t i o n s t o s u s p e n d c e r t a i n in c r e a s e d r a t e s o n b i t u m in o u s c o a l
b e t w e e n p o i n t s in o f f i c i a l c l a s s i f i c a t i o n t e r r i t o r y , p r o v i d e d f o r in t a r i f f s
o f v a r i o u s c a r r ie r s , i n d i c a t e d t o b e c o m e e f f e c t i v e J u l y 1 .
T h o C o m m i s s io n v o t e d n o t t o s u s p e n d t h o p r o t e s t e d r a t e s w h i c h b e c o m e
e ffe c t iv e J u ly 1.

The 1 5 % advance in freight rates applied to all com­
modities, except iron ore, bituminous coal and coko, for
which specific increases were filed. According to the
“ Journal of Commerce,” tho ruling mado known on the 25th
applies to bituminous coal from Pennsylvania, Maryland,
W est Virginia, Virginia, Kentucky, Tennessee and Ohio
producing fields to points east of tho Mississippi and north
of the Ohio River.

COMMERCE COMMISSIONS RULING ON EM
BARGO
PRACTICES OF BALTIMORE & OHIO.
The Inter-State Commerce Commission has ruled that the
embargo practices of the Baltimore & Ohio R R . with respect
to grain shipments “ is not inherontly unreasonable or other­
wise unlawful,” but does not accomplish tho results desired.
The decision was in tho case of tho Baltimore Chamber of
Commerco against tho Baltimore & Ohio and other carriers.
It appears from tho syllabus in tho caso that for tho last
two years carriers owning export olevators at Baltimore, M d .,
have declared embargoes from time to time on grain for
export. Two of them adopted the practice of accepting
such grain for transportation only upon assurance that a
vessel would be available to receive tho grain at tho port.
Tho complainant alleged that this practice is unreasonable,
unjustly discriminatory and unduly preferential; that the
defendants’ practices with respect to embargoes on ship­
ments of corn are likewise unlawful; that tho defendants’
practice of declaring, modifying and suspending embargoes
without sufficient notice to shippers has subjected certain
persons to undue prejudice, and that unduo prejudice also
results from the defendants’ practice of embargoing ship­
ments of grain from certain territory while contemporaneously
accepting grain from other territory. Tho Commission hold
that:
1 . U n d e r t h e t r a n s p o r t a t i o n c o n d i t i o n s w h ic h h a v o o b t a i n e d f o r m a n y
m o n t h s , a n d in v i e w o f t h o s o w h i c h t h o e x i s t i n g s t a t o o f w a r n e c e s s a r il y
c r e a t e s , a p r a c t i c e o f a c c e p t i n g s h i p m e n t s o f g r a in in b u l k f o r e x p o r t o n l y
u p o n s a t i s f a c t o r y e v i d e n c e t h a t a r r a n g e m e n t s f o r it s i m m e d i a t e e x p o r t a ­
t i o n h a v o b e e n m a d o is n o t i n h e r e n t ly u n r o a s o n a b lo o r o t h e r w i s o u n l a w fu l.
B u t t h o p r a c t i c e c o m p l a i n e d o f , a s a p p l i e d t o s h i p m e n t s o f g r a in in b u lk
t o B a l t i m o r e f o r e x p o r t , d o e s n o t a c c o m p l i s h t h o r e s u lt s d e s ir e d a n d u n d u ly
p r e f e r s t h o p e r s o n s t o w h o m p e r m it s a r o is s u e d , b e c a u s o t h o u s o m a d o o f
t h e p e r m it s is n o t a d e q u a t e l y p o l i c e d a n d s a f e g u a r d e d .
I f th o p e r m it
p r a c t i c e is m a i n t a i n e d , t h o d e f e n d a n t s s h o u l d s u b m i t w it h i n 6 0 d a y s f o r
o u r a p p r o v a l r u le s w h ic h w il l e lim i n a t e t h o u n l a w fu l f e a t u r e s o f t h o p r e s e n t
p r a c t ic e .
2 . T h e e v i d e n c o o f r e c o r d w it h r e s p e c t t o e m b a r g o e s o n c o r n Is t o o
m e a g o r t o w a r r a n t a d o f l n l t o f in d i n g a s t o t h o l a w f u ln e s s o f t h o d e f e n d a n t s ’
p r a c t ic e s in t h a t r e s p e c t .
3 . T h o a l le g a t io n s t h a t u n d u o p r o j u d i c o r e s u lt s f r o m t h o d e f e n d a n t s ’
fa il u r o t o g i v e a d v a n c o n o t i c o o f t h o ir e m b a r g o b u l l e t i n s , a n d a l s o f r o m t h o ir
p r a c t i c e o f e m b a r g o i n g g r a in s h i p p e d f r o m c e r t a in s p e c i f i e d t e r r i t o r y a r o
n o t s u s ta in e d b y th o e v id e n c o .

OFFICERS OF NATIONAL ASSOCIATION OF OWNERS
OF RAILROAD SECURITIES.
The officers and Executive Committeo of tho National
Association of Owners of Railroad Securities wero announced
on June 26. The officers are:
P re s id e n t— S . D a v ie s W a r fie ld , B a lt im o r e , M d . , P r e s id e n t o f t h o C o n t i­
n en ta l T ru s t C o .
V i c e - P r e s id e n t s — E a s t e r n d i s t r i c t : F o r r o s t F . D r y d e n , N e w a r k , N . J . ,
P r e s i d e n t . P r u d e n t ia l I n s u r a n c e C o . o f A m e r i c a .
S o u th e rn d is tric t: T . K .
G le n n , A t l a n t a , G a . , P r e s i d e n t A t l a n t i c S t e e l C o .
C e n tra l d is tric t: J o h n
J . M i t c h e l l , C h i c a g o , I I I ., P r e s i d e n t I ll i n o i s T r u s t S S a v in g s B a n k .
c
W est­
e r n d i s t r i c t : C h a r le s C . M o o r o , S a n F r a n c i s c o , C a l . , o f C h a r le s Q . M o o r o S
c
C o . , I n c . , e n g in e e r s . P r e s i d e n t P a n a m a - P a c i f i c I n t e r n a t io n a l E x p o s i t i o n .
S o u th w e s te rn d is t r ic t : I . I I . K o m p n e r , G a lv e s t o n , T e x ., P r e s id e n t T e x a s
B a n k S T r u s t C o . , P r e s i d e n t F i r s t T e x a s P r u d e n t ia l I n s u r a n c e C o . , M a y o r
c
o f G a lv e s t o n .
T re a s u re r— J . H o u g h C o t t m a n , B a lt im o r e , M d . , o f J . I I . C o t t m a n & C o .

The association, which was formed in Baltimore on M a y
23 at a conforonco attended by 600 representatives of banks,
insurance companies and individual investors, representing

J une 30 1917.]

THE CHRONICLE

$3,000,000,000 of railroad investments, has for its purpose the
stabilizing of the securities of tho carriers by maintaining
their credit. President Warfield, in announcing the offi­
cers this week, made tho following statement:
T h i s a s s o c ia t i o n r e s t s s q u a r e l y o n t h o v a s t o w n e r s h ip o f r a i lr o a d s e c u r i ­
t ie s , u n iv e r s a l in d i s t r i b u t i o n a n d e x t e n t , w h i c h is t h e r e a s o n f o r i t s e x i s t e n c e
a n d f o r it s s u p p o r t .
S u r p r i s in g a s i t is t r u e , f u l l y 5 0 , 0 0 0 , 0 0 0 p e o p l e o f t h o
c o u n t r y h a v o a v e r y d i f i n i t e o w n e r s h ip in r a i lr o a d s e c u r it i e s .
A b o u t 3 3 ,­
0 0 0 ,0 0 0 h a v o l i f e in s u r a n c e p o l i c i e s in m u t u a l c o m p a n i e s a n d 8 , 0 0 0 , 0 0 0 h a v e
d e p o s i t s in m u t u a l s a v i n g s b a n k s .
T h e r e a r e n o s to c k h o ld e r s o f th o s e in s t it u t io n s , th e ir p o lic y h o ld e r s a n d
d e p o s i t o r s m u t u a l ly o w n t h e m a n d t h e i r s e c u r it i e s , w h ic h i n c lu d e $ 2 , 2 5 0 , ­
0 0 0 ,0 0 0 i n r a ilr o a d b o n d s .
A b o u t 9 ,0 0 0 , 0 0 0 m o r e p e r s o n s o w n r a i lr o a d s e ­
c u r it i e s i n d i v i d u a l l y o r t h r o u g h s t o c k o w n e r s h ip in f i n a n c i a l a n d o t h e r i n ­
s t i t u t i o n s ; s o d o c h a r i t a b l e b o d i e s , s c h o o l s a n d c o ll e g e s .
T h e r e f o r e , a ll
q u e s t i o n s a f f e c t i n g t h o c a r r ie r s a r e o f c o n s i d e r a b l e p u b l i c m o m e n t .
T h o c r e d i t o f t h o r a i lr o a d s r e q u ir e s t h a t t h o y b o p e r m i t t e d t o e a r n a m a r ­
g in o v e r o p e r a t in g e x p e n s e s , ta x e s a n d fix e d ch a rg e s s u ffic ie n t t o p r o t e c t
p r e s e n t o w n e r s a n d a t t r a c t p r o s p e c t i v e o w n e r s o f t h e i r s e c u r it i e s .
I f n ot,
t h o c a r r ie r s c a n b o f i n a n c e d o n l y a t a c o s t c u r t a il i n g t h e i r d e v e l o p m e n t ,
le s s e n in g t h e i r e f f i c i e n c y , w it h h i g h e r o p e r a t i n g c o s t s , a ll o f w h i c h m u s t
r e a c t f i n a l l y u p o n t h o s o w h o p u r c h a s o t r a n s p o r t a t i o n a n d d o p e n d u p o n it s
e f f i c i e n c y f o r t h e d e v e l o p m e n t o f t h e i r o w n b u s in e s s o r t h e i r o w n p r o p e r t y .
T h r e e - f i f t h s o f t h o $ 1 7 ,0 0 0 ,0 0 0 ,0 0 0 a g g r e g a t e o f r a i lr o a d s e c u r it i e s c o n s i s t
o f m o r t g a g e b o n d s — a m a j o r i t y in o w n e r s h ip o f t h o r a i l r o a d s , y e t w i t h n o
v o i c o , w h ic h t h is a s s o c ia t i o n n o w w il l l a r g e ly r e p r e s e n t in a d d i t i o n t o s t o c k ­
h o ld e r s .
T h o v o i c o o f t h o o w n e r s o f t h o c a r r ie r s s h o u l d b o h e a r d a l o n g w i t h
t h o v o i c o o f t h o u s e r s o f t r a n s p o r t a t i o n in s o l v i n g t h e i r p r o b l e m s .
T l i is a s s o c ia t i o n is n o t t o b e c o m o a c r i t i c o f t h o s o in a u t h o r i t y o v e r t h o
c a r r ie r s .
I t s w is h is t o b e h e l p f u l a n d t o b o a m o n g t h o s o c o n s i d e r e d , w h e n ­
e v e r a n d w h e r e v e r q u e s t i o n s a r o d e c i d e d b y g o v e r n m e n t a l a g e n c ie s — n a t i o n a l
o r S t a t o — w h ic h a f f e c t s t h o s o i t r e p r e s e n t s .

REDUCTION IN FREIGHT CAR SHORTAGE.
A reduction in tho freight car shortago during the month
of M a y from 148,627 to 105,127 cars is reported in tho
latest statement issued by the American Railway Associa­
tion under date of Juno 20. Tho net car shortago on M a y 1
of 148,627 had been tho largest recorded sinco tho present
freight car shortago began last September. Tho improve­
ment witnessed during tho month is attributed by the Asso­
ciation to the prompt response on tho part of both shippers
and railroads to tho suggestions of tho Railroads’ W ar
Board. W e quote bolow tho statement in the matter made
public last week by the Association:
T h o s h o r t a g e o f f r e i g h t c a r s in t h o U n it e d S t a t e s w a s r e d u c e d d u r i n g t h o
m o n t h o f M a y f r o m 1 4 8 ,6 2 7 t o 1 0 5 ,1 2 7 c a r s — a l m o s t o n e - t h i r d .
T h i s m a r k e d r e d u c t i o n in o n o m o n t h , f o l l o w i n g f o u r m o n t h s o f r a p i d i n ­
c r e a s e , is a t t r ib u t e d t o t h e p r o m p t r e s p o n s e o n t h o p a r t o f b o t h s h i p p e r s
a n d r a i lr o a d s t o t h o s p e c i f i c s u g g e s t i o n s w h ic h h a v o b e e n m a d o b y t h o
R a ilr o a d s ’ W a r B o a r d as t o h o w t o s e cu re m o r o c ff e c t iv o u ses o f e x is tin g
fre ig h t e q u ip m e n t.
S o m e o f th o s e s u g g e s tio n s a ro :
L o a d c a r s 1 0 % in e x c e s s o f m a r k e d c a p a c i t y ; r e d u c e p e r c e n t a g e o f c a r s
a n d l o c o m o t i v e s u n d e r r e p a ir s ; I m p r o v e m e t h o d s o f “ f i r i n g ” l o c o m o t i v e s ;
d o f e r s c r a p p i n g l ig h t l o c o m o t i v e s ; s p e e d u p h a n d li n g o f c a r s in t e r m in a ls
b y p r o m p t d i s p a t c h o f t r a in s ; l o a d a n d u n l o a d p r o m p t l y ; a n d e n l is t c o ­
o p e r a t i o n o f s h ip p e r s , a s a w a r m e a s u r e , t o s e c u r e h e a v i e r l o a d i n g o f c a r s
T h o p r o g r e s s iv e I m p r o v e m e n t in t h o s i t u a t io n is i n d i c a t e d , in t h a t o n
M a r c h 1 r e p o r t s m a d o b y r a i lr o a d s t o t h o A m e r i c a n R a i l w a y A s s o c i a t i o n
s h o w e d a s h o r t a g o In t h o e n t i r e c o u n t r y o f 1 3 0 ,0 8 2 f r e i g h t c a r s .
The
s h o r t a g o g r o w t o 1 4 4 ,7 9 7 b y A p r i l 1 , a n d o n M a y 1 , w h e n t h o R a i l r o a d s ’
W a r B o a r d w a s j u s t s t a r t in g t o o p e r a t o a ll t h o r a i lr o a d s a s a c o n t i n e n t a l
s y s t e m w it h t h e a im o f p r o d u c i n g a r a a x m i u m n a t i o n a l t r a n s p o r t a t io n
e f f i c i e n c y , t h o s h o r t a g o h a d r e a c h e d 1 4 8 ,6 2 7 f r e i g i it c a r s .

B. V. HARRIS ON FINANCING THE WAR.

2611

W isconsin Bankers’ Association at Milwaukee on June 26.
W e quote what he said as regards “ Financing the W a r .”
T h e G o v e r n m e n t h a s p u t t h e m a r k e t in g o f L i b e r t y b o n d s v e r y l a r g e ly
u p t o th e ban k ers.
A s t h e p l a c in g o f e n o r m o u s is s u e s , f o l l o w i n g e a c h o t h e r b y o n l y a f e w
m o n th s c a n o n ly b e a s u c c e s s b y h a v in g th e g e n e ra l p u b lic a b s o r b th e m — if
t h e b a n k s a r o t o b e l o f t f r e e t o c a r r y t h e n o r m a l b u s in e s s — it is n o lig h t t a s k .
T h e p e o p l e m u s t u n d e r s t a n d t h a t t h o b a n k s c a n ’ t l o a n a ll o f t h e ir m o n e y ,
o r a n y la r g e p a r t o f i t , t o U n c le S a m , w h e n i t is a l r e a d y l o a n e d t o t h e m .
I t w o u l d s e e m t h a t in t h e t w o b i l l i o n is s u e j u s t c l o s e d , t h e b a n k s h a v e
m o r e t h a n d o n e t h e i r p a r t , m a n y o f t h e w a g e e a r n in g a n d w e a lt h i e r c la s s
a ls o d o i n g t h e i r p a r t s .
H o w e v e r , t h e g r e a t b u l k o f o u r c it iz e n s in b e t w e e n ,
in c lu d in g a v e r y la r g e m a j o r i t y o f t h e f a r m e r s , h a v e n o t c o m e in a s n u m e r ­
o u s ly o r a s e x t e n s iv e ly a s t h e y s h o u ld a n d m u s t .
L ib e r ty b o n d s are a
p a t r io tic s a v in g n o t a g ift .
U n f o r t u n a t e l y , t h e G o v e r n m e n t s l o g a n w a s i n t h e s in g u la r ; “ b u y a
b o n d , ” “ a b o n d in e v e r y h o m e , ” a n d t h o f e e li n g a n d p s y c h o l o g y o f i t s e e m s
t o b e in m a n y c a s e s t h a t o n e $ 5 0 “ b a b y b o n d ” b o u g h t is d u t y d o n e .
I t is
o n l y a s o u v e n i r , r a t h e r t h a n a n y s i z e a b le s e r v i c e .
T w o b i ll i o n d o l la r s
m e a n s a n a v e r a g e o f m o r e t h a n $ 1 0 0 f o r e v e r y f a m i l y , a n d t h e s e v e n b i ll i o n
a lre a d y p la n n e d fo r m e a n s m u c h m o r e th a n $ 3 0 0 t o t h e v a s t a v e r a g e .
I
a m t a l k in g in t h e m a t h e m a t ic s o f a p r o b l e m t h a t m u s t b e m u l t i p l i e d a n d
s o lv e d b y t h r ift a n d p a t r io tis m .
M a n y h a v e t h e f e e li n g t h a t J u n o 1 5 t h w a s t h e la s t d a y t o g e t a b o n d .
T h e y d o n o t r e a l iz e t h a t t h e y c a n a n d m u s t g o t o t h o b a n k s n o w a n d b u y ,
s o t h a t t h e b a n k s m a y b e f r e e t o a g a i n t a k e o n la r g e a m o u n t s o f t h e c o m i n g
O c t o b e r i s s u e , a s w e ll a s t a k e c a r e o f t h e l o c a l n e e d s .
T h o p e o p le m u s t b e t o ld t h a t th e s e b o n d s s h o u ld b e b o u g h t o n c r e d it ,
f r o m t h e i r w e e k ly s a v in g s a n d i n c o m e ; t h a t i t is n o t e x p e c t e d a n d t h e y c o u l d
n o t a ll b e p a i d f o r a ll a t o n c e in c a s h , f o r t h o l o a n a m o u n t e d t o a l m o s t h a l f
t h e s a v i n g s b a n k d e p o s i t s o r o n e - t e n t h t h e i n d i v i d u a l d e p o s i t s o f a ll t h e
b a n k s in t h e U n it e d S t a t e s .
Y e t t h i s l o a n h a s o n l y i n c r e a s e d o u r p e r c a p i t a d e b t in t h i s c o u n t r y le s s
t h a n $ 2 0 , w h ile G r e a t B r i t a i n 's i n c r e a s e s s i n c o w a r b e g a n a r e $ 4 1 4 .
I t is e s t im a t e d t h a t o u r 2 2 m il l io n f a m il i e s h a v e a n a v e r a g e i n c o m e 'o f
$ 1 ,8 0 0 ; t h a t w e h a v e b e e n s a v i n g $ 2 5 0 o f t h is p e r a n n u m .
I f, h ow ev er, w e
a r e t o c a r r y a w a r l o a n in p r o p o r t i o n a s t h e r e s t o f o u r a lli e s , w e m u s t s a v e
t h r e e t im e s t h is a m o u n t a n d l o a n i t a ll t o U n c le S a m .
I t is a g r e a t s e r v ic e t h a t w o a r e t o d o o u r s e l v e s , f o r w e a r e t h e G o v e r n ­
m e n t , a n d w e m u s t le a r n a t o n c e t o s a v o e v e r y p o s s i b le p o r t i o n o f o u r i n c o m e ,
b y lo a n in g it t o th e G o v e r n m e n t a t in te re s t.
W e w il l h a v e t o g e t t h is d o w n
t o a s y s t e m fo r w e m u s t s a v o f r o m w a g e s a n d lo a n t o o u r c o u n t r y fr o m fiv e
t o t w e n t y t im e s a s m u s c h a s t h e t w o b i l l i o n J u n e l o a n .

RECEPTION T ITALIAN WAR MISSION IN NEW
O
Y - R K ~
0

Greeted with a welcome no less enthusiastic than that
accorded the British and French missions last month, the
Italian W ar Mission to this country, headed by Ferdinando
di Savoia, Prince of Udine, a cousin of King Emanuel of
Italy, arrived in this city on Thursday, June 21. In much
the same manner as the tri-color of France was lavishly
displayed during the visit of tho French mission and the
Union Jack was flung to the breeze when the British Com ­
mission passed through the city, the green, white and red
colors of Italy were shown on this occasion in the decorations
throughout the city. City H all, where the official welcome
took place, was also appropriately decorated. The Prince
of Udine’s party consisted of:
T h o M a r q u is M a c c h io d i C e lle r e , t h o I t a lia n A m b a s s a d o r ; E n r ic o
A r l o t t a , M i n i s t e r o f T r a n s p o r t a t i o n ; M a r q u i s L u ig i B o r s a r c l li d i R i f r o d d o ,
U n d e r S e c r e t a r y o f F o r e i g n * A f f a ir s ; S e n a t o r G u g l i e l m o M a r c o n i o f w ir e ­
le s s f a m e ; F r a n c e s c o S a v e r i o N i t t i , m e m b e r o f t h e C h a m b e r o f D e p ­
u t ie s a n d P r o f e s s o r o f F i n a n c i a l J u r i s p r u d e n c e In t h e
U n iv e r s i t y
of
N a p le s ;
G eneral
G u g lie lm o tt i,
M ilit a r y
A tta ch e;
C om m ander
V a n n u t e l li . L i e u t , d i Z a r a , o f t h e R o y a l I t a l i a n N a v y , a i d e d o c a m p t o t h e
P r i n c e o f U d in e ; N a v a l A t t a c h e , D e p u t y A u g u s t o C i u f e l l i , f o r m e r M i n i s t e r ,
C h e v a l ie r d i P a r e n t o , S e c r e t a r y o f L e g a t i o n in t h e D i p l o m a t i c S e r v i c e ;
A l v i s o B r a g a d i n i o f t h e D e p a r t m e n t o f T r a n s p o r t a t i o n , C h e v a l ie r G u i d o
P a r d o o f t h e D e p a r t m e n t o f I n d u s t r y a n d C o m m e r c e ; C h e v a l ie r G a e t a n o
P i e t r a o f t h o D e p a r t m e n t o f A g r i c u l t u r e : a n d F r a n k L . P o l k , C o u n s e ll o r o f
th e S ta te D e p a r tm e n t; W a rre n R o b b in s a n d J o h n L . R y a n o f th e s t a ff o f
th o s a m e d e p a r t m e n t ; L ie u t . C o ls . J o h n C . G ilm o r e a n d I I . E . K im m e l
o f t h e U n it e d S t a t e s A r m y , a n d L i e u t . C o m m a n d e r W i l l i a m J e f fe r s o f t h e
U n it e d S t a t e s N a v y .

Stating tliat it is America's mission to savo herself and all
the world, B . F . Harris, President of tho First National
Bank of Champaign, 111., in an address this week declared
that “ it is up to us to furnish practically all tho now men and
money, for our allies aro almost exhausted of both. W o
havo,” ho said, “ added tremendously to tho hazards of war,
to its duration, to its costs in men and money, by not pre­
Tho party arrived at Jersey City at 3:30 o ’clock in the
paring months ago for this inevitable ond, but now wo must afternoon, and were met there by a reception committee
and will go tho limit. Our problom now ,” ho continued, “ is headed by D r. Nicholas Murray Butler and Lloyd C . Gristo so organizo our forces— our farms, fields, factories, and com. The visitors were escorted immediately to the Police
mines— that not only will thoro bo no unemployed, but that boat “ Patrol” , and wero brought across the North River to
every worker will bo employed to tho utmost advantage of the Battery, where they were welcomed by M ayor Mitchel
the nation.” Declaring that “ tho farmers aro not yot into and his reception committee.
the spirit of the war nor its economic and financial needs,”
They then proceeded up Broadway to C ity H all. M ayor
M r . Harris suggested a conferonco of tho editors of tho farm Mitchel in his address of welcome at C ity H all told the
press of America, at which all tho farm phases of tho war Italian visitors that the country was proud to be an
problom could be discussed. A s speakers thereat M r . Harris ally of Italy in the war, and that we were in it to
proposed H . P . Davison, speaking for tho Red Cross, Frank do our full share, and to continue until victory was as­
A . Vandorlip for Liberty bonds, and Herbert C . Ilooyer on sured. D r. Nicholas M urray Butler, as Chairman of the
prices, production and food control. M r . Harris also Citizens Committee, also spoke. Like M ayor Mitchel, he
declared that “ it is of transcondont importance that the referred to the happy coincidence of the aims and interests
partial mobilization of our gold and fiscal policies, attempted of both the old and new countries of the Italian-Americans,
through our Federal Reserve banks bo mado complete by and there was prolonged applause when ho spoke of the
bringing in tho other half of tho country’s banking assets Italian citizenship of Now York , in their still strong con­
now in our State banks. It is,” ho said, “ uneconomic, nections with the Old W orld, as forming “ an invisible bridge
unfair and unpatriotic to leave tho burdon on tho national over which ideas and accomplishments come and g o .” The
banks in this great crisis wlion tho strain will be enormous.” Mayor next introduced the Prince of Udine, who was cheered
M r . Harris’ remarks, under the caption “ The National for several minutes. Ho read his address from a manuscript
Defonso,” wero mado beforo the annual convention of tho in English.




2612

THE CHRONICLE

After the reception at C ity H all the party drove to W ash­
ington Square, where the Prince of Udine laid a wreath upon
the Garibaldi statute. The visitors proceeded to the Pem­
broke Jones residence on East Sixty-first Street, which was
placed at their disposal while in this city.
M ayor Mitchel gave a dinner at the Plaza Hotel on
Thursday evening, June 21, to the Italian Commission and
about eighty-five local guests, with Governor Whitman as
chief speaker of the occasion.
A t a luncheon given on June 22 by the Merchants’ Associa­
tion of New Y ork at the Hotel Astor in honor of the Italian
Commissioners, which was attended by twelve hundred
members of the Association, Senator Marconi forcibly set
forth the part which America must play in the world war.
After the luncheon at the Astor the members of the
Mission went over to Rosebank, Staten Island, and there
placed a wreath on the Garabaldi Memorial. A t night they
were the guests at an official banquest at the W aldorfAstoria, tendered by M ayor Mitchel and his committee.
The entertainment program on Saturday, June 23, included a
mammoth reception in the stadium of the College of the City
of N ew York, and a private luncheon at 60 Morningside
Heights, given by D r. Butler. The Prince of Udine and
his colleagues on June 24 visited ex-Presidont Roosevelt at
Oyster B ay . The Italian Mission left this city on the night
of June 24 and arrived in Boston the next morning.
The Italian Commission, before its arrival at N ew York,
made a tour of the South. It was originally planned to have
the reception to the distinguished Italian visitors in this city
beginning June 12 (as noted in our issue of Juno 2) but the
illness of the Prince of Udine delayed the trip. The Mission
visited Atlanta and Birmingham, June 13; N ew Orleans,
June 14; M em phis, June 15; St. Louis and Burlington, la .,
Juno 16; Chicago, June 18; Pittsburgh, June 19; Harrisburg
and Philadelphia, June 20.
Ambassador di Celleri at Washington on June 18 an­
nounced that Enrico Arlotta, Minister of Maritime and
Railway Transportation in the Italian Cabinet, and now in
this country as a member of the Italian Mission, would
remain here as head of a permanent Italian W ar Mission.
Signor Arlotta will occupy a position similar to that of Lord
Northcliffe, who heads a permanent British W ar Mission
here. The fact that an Italian scientific commission is being
sent to the United States was also made known by the
Italian Ambassador on June 18.

BELGIAN WAR MISSION

VISITS CONGRESS.

The Belgian W a r Mission to this country was received
in the Senate at Washington on June*22. The Senate took
a thirty-minute recess in order to avail itself of the oppor­
tunity of meeting the distinguished Belgian visitors, and
Vice-President Marshall appointed a committee consisting
of Senators M artin, Gallinger, Hitchcock, Saulsbury,
Pomerine, Smith of Michigan, McCum ber and Borah to
introduce the Belgian mission to the Senate. Vice-President
Marshall in presenting the Commissioners to the Senate
asserted that the war would demonstrate that treaties are
made to be kept; that a people may dare to walk “ through
the valley of the shadow of death,” touching elbows
with their convictions, but that they dare not climb to the
mountain tops of safety if thereby they walk over the dead
bodies of their high ideals. The Vice-President said:
Senators, since that far-off, unrecorded hour when our ancestors began
their slow westward movement, unnumbered and unremombered thousands
have died upon the field of battle for love, for hate, for liberty, for conquest,
as freemen or as slaves. Every note In the gamut o f human passion has
been written In the anvil chorus o f war. Many have struck the redeeming
blow for their own country, but few have unsheathed their swords without
the hope o f self-aggrandizement. It remained for little Belgium to write
a new page in the blood o f her martyred sons and daughters In the annals
of diplomacy, to inscribe thereon that the dishonor o f a people Is the aggre­
gate of the selfishness o f its citizens; that the honor o f a people Is the aggre­
gate of the self-sacrifice o f its citizens; that treaties are made to bekopt,
not broken; that a people may dare to walk through "the valley o f the
shadow of death," touching elbows with their convictions, but that thoy
dare not climb to the mountain tops o f safety if thereby they walk over the
dead bodies o f their higli ideals; that a people may safely die if thereby
they can compel an unwilling world to toss upon their new-made graves
the white lily o f a blameless life.
Here, Senators, ends all I know; and here begins what I believe: Belgium
shall arise. The long night o f weeping shall end; the morning o f a day of
joy shall break over her desolated homes, her devastated fields and her
profaned altars. When It breaks humanity will learn that when mankind
gambles with truth and honor and humanity the dice are always loaded.
T o mo, in all profane history, there Is no sadder, sweeter, subllmcr char­
acter than Sidnoy Carton. Dreamer o f dreams, ho walked his lonely,
only way. In all the history o f nations thero is no sadder, sweeter, sublimer
story than the story o f Belgium. Doer o f deeds, sho, too, has walked her
lonely, only way— via doloroso, that leads to duty, death and glory.




[Vol, lOd.

Out of the depths and across the deeps the representatives of the remnant
o f her people and the guardians of her honor have come to us this day.
I present to you the Chairman of that mission. Baron Moncheur.

Baron Ludovic Moncheur, head of the M ission , in ad­
dressing the Senate, after expressing his appreciation for
the honor of addressing that body, said:
You all know the unspeakable evils which have befallen my unfortunate
country— the unprovoked invasion, accompanied by a deliberate system
o f terror, the burning of many of our thriving cities and of innumerable
villages, the massacro of thousands of our peaceful citizens, the pillage and
devastation o f our country.
Then followed the iron hand o f foreign domination, enormous war con­
tributions exacted from all the nine provinces o f Belgium, ruinous requi­
sitions o f all sorts from our people, the seizure of the raw material of indus­
try, and even the theft of our machinery, which was sent into the country
o f our enemy for his own use; so that now the sllenco o f death reigns In our
industrial centres, which before had been the most active in Europe.
You also know, gentlemen, the way in which this regime of oppression
has been carried out— eighty thousand Belgians condemned in tho space
o f one year to various penalties for having displeased the Invader; as, for
example, the noble burgomaster of Brussels, who has been in imprison­
ment for the last two years for trying to uphold tho principle of civic liberty
which for centuries has been so dear to all Belgians.
.
You have learned also of tho deportation of our workmen into Germany—
a crime in the horrors of which, according to the opinion of ono of your
countrymen, should cause more indignation throughout tho entire world
than all the previous outrages against the sacred principles o f justice and
of humanity.
But Belgium, oven in the midst of the terriblo misfortunes which have
been brought upon her by her fidelity to treaties, and by respect for hor
plighted word, does not regret her decision, and thero is not a single Bel­
gian worthy of the name who does not now, as on the first day of war,
approve the judgment o f our Government, that it is better to die, if need
be, rather than to live without honor. Like Patrick Henry, all Belgium
say: “ Give me liberty or give mo death.”
This sentiment will bo shared by all the citizens of tho great American
nation who responded with such enthusiasm and with such unanimity to
tho noblo words of your President, when, in terms which held tho world
spellbound, he proclaimed the imprescriptible right of justice over force.
The courago of my fellow countrymen has boon strengthened also by
the sympathy for our misfortunes which has been manifested throughout
your groat land. American Initiative has bestowed most generous help
upon our starving population, and in offering from this tribune tho expres­
sion of gratitude of every Belgian heart. I wish also to rondor special
homage to that admirable organization, the Commission for Relief in
Belgium, which has done so much to save our people from starvation.
Yes, gentlemen, the sympathy of America gives us now courage, and
while King Albert, who since tho fateful day when our territory was vio­
lated has remained steadfastly at the front, continues the struggle with
indomitable energy at tho head of our army entrenched upon the last strip
of our soil that remains to us; while the Queen, that worthy companion of
a great sovereign, expends her unceasing efforts to comfort and relieve the
victims of battle, exciting enthusiasm by her contempt for tho danger to
which she exposes herself day by day, on the other sido of tho enemy’s line
o f steel stand the Belgian people, bowed beneath the yoke but never con­
quered, maintaining their unshaken patriotism in spito o f tho seductions
o f the enemy, as well as in spite of his iron rule— the Belgian population,
a martyr, whose courage is upheld by our great Cardinal Mercier, awaits
silently in the sacred union of all parties tho final hour o f delivorance.
That hour, gentlemen, will, I am convinced, bo materially hastened by
tho powerful aid o f the United States, and the time approaches when Bel­
gium, restored to full and completo independence both politically and
economically, will be able to thank in a fitting manner all thoso who have
aided her to emerge from the darkness o f the tomb into tho glorious light
of a new life.

Accompanying Baron Moncheur to the Senate were tho
following members of the Belgian Mission: General Loclerq,
Hector Carlier, M ajor Osterrieth, Count Louis d’Ursol and
Jean Mertens.
Headed by Baron Moncheur, the Belgian W ar Mission
was formally received in tho House of
Representa­
tives on June 27. In introducing Baron Moncheur, Speaker
Clark referred feelingly to the brave struggle which Bel­
gium has made, and declared that the Belgian pooplo have
lived up to their traditions of heroism and valor set by their
ancestors whom Julius Caeser declared the bravest in
Europe. Baron Moncheur said:
If years ago I admired your country in tho fullness of prosperity and won­
dered at your industrial genius and tho marvelous actlvityof your citizens,
it is with oven greater admiration that I now see your entire nation rise as
ono man to answer the voice of your President calling upon you to put
forth all your efforts and devotion for tho defense of freedom and the rights
o f mankind. All the sons o f America, without distinction of race or party,
have rallied to your flag. They think only o f their duty to their country.
They are ever ready to sacrifice their private and personal interest, and!
leaving behind them their dear ones who will bo plunged in grief and toars
on account of their absence, they rally to tho Star Spangled Banner, which,
for the first time in your history, has crossed tho ocean to float over the
battlefields o f tho Old World.
As in the Middle Ages tho knights were accustomed to hold a vigil,
watching their armor in tho chapel so you to-day aro making tho same
holy and prayerful preparation for the battle to come. Everywhere you
are carrying on work which day by day brings nearer the moment o f su­
preme victory.
While the flower of American youth is preparing itself
in your splendid training camps, your shipyards, your factories and munition
plants resound with the hum o f feverish work providing your soldiers
with the implements of war.
American aviation, that marvelous product o f tho now world, is making
ready to lond its powerful aid also to support our armies. Is it not nat­
ural, indeed, that the American Eagle from tho skies should striko tho
death blow to the enemy.
After your great stroko for liberty in 1776 you formed a society which you
called tho Order of the Cincinnati to indicato that when war was finished
you know how to beat your swords Into plow-shares, and now when war
has been forced upon you, you have given proof that you know equally
woll how to turn your plow-shares into swords. Somo twonty years ago
Prince Albert of Belgium, heir to a throne which seemed to bo safoly sholt-

June 30 1917.]

THE CHRONICLE

orod from the blast o f war camo to America, whero ho studied with the
deepest interest your marvelous country and the wonderful works of in­
dustry and commerce which you had developed in the quietudo of peace.
And now how can I express the seutimonts which fill his heroic soul when
fighting at tho head o f his troops in tho last trench on Belgian soil, ho sees
the sons o f that same industrious America land upon tho coast of Europe,
bravo champions o f tho most noblo principles and ready to lay down their
lives in defonso o f right and justico.
On a certain occasion a mighty sovereign declared “ tho Pyrenees exist no
more,” and to-day wo can say with oven more truth “ Tlicro is no longer
any ocean” — for endless friendship cemented by gratitude and joint effort
and suffering in tho cause o f justice and liberty, will forever obliterate tho
barrior o f tho seas and unite tho children o f old Belgium to tho sons of tho
young and powerful Republic o f the Now World.

R U M A N I A N WAR MISSION.
A Rumanian W ar Mission arrived in this country on
June 22 and reached Washington on June 28. D r. Basile
Lucaci is head of tho Mission, and is accompanied by Johan
M ota and Lieutenant V . Stocia. Shortly after the party
reached this country D r. Lucaci sent the folio A ving greeting
to tho State Department at Washington:
Tho patriotic National Mission sent by tho Rumanian Government, on
touching tho soil o f tho United Statos o f America, made sacred by tho spirit
of liberty, feels itself compelled to express its sentiments o f admiration and
groat esteem to tho great President o f tho glorious Republic, to his Govern­
ment, and to his generous people. Your noble and heroic act has produced
a mighty feoling o f joy and satisfaction throughout tho civilized world:
it guarantees tho final victory o f civilization and also tho existence and
development o f the small nations.
Wo find it only natural that tho Rumanians in Europe and in America,
inspired by tho example o f the great President, tako part in tho glorious
struggle o f tho civilized nations from which shall result our liberty and
national unity.
Long live tho great Republic, her President and Government. M ay her
glorious army bo crowned with tho laurels o f victory on land and on sea,
for civilization, for liberty and for tho rights o f peoples. The Rumanians
will follow whero you lead.
D R . BASILE LUCACI,
Chief o f Mission.

Tho Rumanian Mission, it is said, is not strictly of a
diplomatic character and will devote most of its time to
stimulating recruiting for tho Rumanian Army among their
countrymen in America.

CONTROL OF FRENCH MERCHANT MARINE UNDER
ONE DEPARTMENT.
A resolution placing tho work of increasing tho Fronch
Morchant Marine under tho control of one department
was passed by tho Chamber of Deputies at Paris on Juno 23.
Tho resolution was signed by forty-four members of the
Merchant Marino Committee invited the Government to
centralize tho work of building, buying, and cliartoring
merchant ships, a task which has previously been divided
among several Ministers.
The Paris dispatches of June
23 had tho folloAving to say on the Merchant Marine sit­
uation in France:
Louis Nail, Under Secretary for tho Mercantile Marino, answering
criticisms, said that tho French merchant fleet was 2,500,000 tons at tho
beginning o f tho war and since that time had lost 560,000 tons, 460,000 by
acts of war. During the same period 680,000 tons had been built or bought
and another 140,000 was on tho stocks, so that tho fleot was actually
greater now than beforo tho war, despite tho U-boat monaco.
Secretary Nail then pointed out that Germany had lost 2,500,000 tons,
50% of its entire fleet, and declared that reports that Germany was build­
ing hundreds of ships were mere bluff.
Doputy Bouisson said that tho Secretary was too optimistic, that tho
morchant fleet was in a dangerous situation, and that was duo to Govern­
ment inertia, lie said that ships must bo built at once or Franco would
not bo ablo to feed herself. Tho Deputy declared that tho question took
precedence over all others, even that o f effectives, and that England
preferred to lend France ships and build for herself. Ho concluded by
demanding that tho Government insist upon tho Allies giving Franco tho
help they owe her.
Premier Ribot then mounted tho tribune. Ilo said he recognized that
tho situation was not satisfactory but ho pointed out tho difficulties in
buying ships. Commissioner lardieu had bought somo in America and had
asked tho Irencli ship owners to buy otliors, but tho Premier said that he
must admit that they were slow about it. Tho question o f paying cash
was another difficulty and, while it would bo better to build, ho declared
that tho nation's'activity must bo concentrated on tho manufacture of
munitions. Besides, raw materials, wero scarco and skilled labor insuf­
ficient.
Minister o f Subsistence Violotte said that as thero was no longer a press­
ing need o f ships to import cereals tho desire o f tho Chamber to place the
Merchant Marine under one control could bo gratified. Ilo said that ho
would not raise tho question o f confidence as tho debato was not political.

SINKING OF BRITISH STEAMERS SOUTHLAND
A N D MANCHESTER MILLER.
The British steamer Southland Avas torpedoed and sunk
without warning on Juno 4. Sho left Liverpool en route
to Philadelphia on M a y 30 with a small general cargo and
eighty passengers, of whom six wero Americans. Dis­
patches from London on Juno 8 stated that after tho first
torpedo was fired tho gun crow on tho Southland fired ten
shots at tho submarine which, however, Avero Avitliout
offeet. Wlion tho second torpedo was fired by tho sub­




2613

marine an explosion occurred in the magazine and eight
men Avere killed. The Southland, formerly the Vaderland
of the Red Star Line, Ar a tAvin screw steamship of 11,899
\as
tons; she was launched at GlasgoAV in 1900. She was
560.8 feet long, with a 60 foot beam and 38 feet depth of
hold. Until the Avar she sailed under the Belgian flag Avhen
she Avas taken over by the British Admiralty for war service.
In addition to those killed 28 persons Avere said to be missing
as a result of the Southland’s sinking. It is said there are
five American survivors. The Southland was torpedoed
in 1915 in the Aegean Sea while on her Avay to Alexandria,
Egypt with troops. It Avas reported at that time that nine
Avere killed and twenty-two were missing. She reached
Mudros under her OAvn steam.
• The dispatches from London on June 8 also stated that
tAVO Americans Avere killed Avhen the British steamer M an ­

chester fille r , loaded Avith cotton, Avas torpedoed on June 5.

ENEMY ALIENS NO LONGER MEMBERS OF BRITISH
ORDERS OF CHIVALRY.
Announcement that orders had been issued that all enemy
aliens should cease to bo members of any British order of
chivalry to which they belonged before the outbreak of the
Avar, Avas made by Chancellor Bonar Law in the House of
Commons on June 20.

BANKING AND LEGISLATIVE NEWS.
N o sales of either bank or trust company stocks were
made this Aveek at the Stock Exchange or at auction.
Tho Federal Reserve Act amendments, approved June
21, Avhich provide for the incorporation of State banks and
trust companies into the Federal system, and materially
affect banking at such important points as the reserves of
member banks, Federal Reserve note issues, and bank and
trade acceptances, are presented in a pamphlet prepared
by the National Bank of Commerce in N oav York for its
clients. The book includes tho amendments conveniently
arranged and the complete text of the Federal Reserve Act
in its present form.
A synopsis of the changes made in the Federal Reserve
Act by the amendments which Avere approved by the Presi­
dent June 21, and Avhich went into effect immediately, is
given in a booklet, just issued by the Guaranty Trust Com­
pany of New York. A digest of the laAV and tho full text
of the new amendments are also included. The changes in
the laAV affect, among other things, the issue of Federal
Reserve notes, the reserves of member banks, and the ad­
mission of State banks and trust companies to the Federal
Reserve System.
The Supervisors of State Banking Departments at its
annual convention at Burlington, V t ., June 18-20, unani­
mously adopted a motion instructing the Secretary of the
meeting, John M . D avis, State Banking Commissioner of
Arkansas, to draft and forward a resolution to Governor
Whitman of New York, commending him for his appoint­
ment of George I . Skinner as State Superintendent of Banks
after July 1, succeeding Eugene Lamb Richards. For a
number of years M r . Skinner has addressed the annual con­
vention of the Supervisors of State Banks, and his subject
at these meetings always attracted a great deal of attention.
Practically every State Banking Department of the United
States A vas represented at the Burlington convention.
Control of the Merchants National Bank of this city, for
tho second time this year, has passed into new hands. A
NeAV York capitalist and a syndicate of Canadian financiers,
represented in tho transaction by the Royal Bank of Canada,
it became known on June 23 , havo purchased 20,001 shares
of tho Merchants National stock, or one share in excess of
half the bank’s capital, OAvned by George Coffing Warner,
Avho early in January of this year Avrested control from the
old management headed by Robert M . GalloAvay. The
consideration for control in the present transaction is under­
stood to bo in the neighborhood of 82,875 ,00 0. Theodore E .
Burton, President of the institution, it is said, will retain that
office. For the present it is believed that no changes will
bo made in the rest of the executive staff of the bank, although
it is expected that at a meeting to be held shortly three or
four now directors will bo added to the board, to represent

2614

THE CHRONICLE

[Vol. 104,

the new interests in control. The present transaction is also troller of tho Currency, the bank will become known as the
expected to increase greatly the size of the bank. It is Public National Bank.
understood that tho institution will hereafter make a specialty
The Battery Park National Bank of this city will pay on
of Canadian accounts. In that respect it will have, it is
thought, an advantage over tho agencies of Canadian banks July 2 to holders of record June 21 an extra dividend of 3 %
in this city, owing to the fact that foreign banking corpora­ in addition to tho regular semi-annual distribution of 3 %
tions are not permitted to accept deposits, while tho M er­ Tho extra payments made heretofore by the institution
chants, being a national bank, will undertake to handlo the have been 1 % .
accounts of the large Canadian companies which do business
William C . Duncan, President of tho Greenwich Bank of
hero. The Merchants National Bank was organized in 1803,
and is the third oldest bank in this city. It has a capital of this city, died suddenly on Juno 21 at Shawnee-on-the82,000 ,00 0, surplus and undivided profits of $2 ,537,013, and Delaware, P a ., in his sixty-second year. Ho was olected a
on June 20 last reported deposits of $19,243,973. Senator director of tho Greenwich Bank in 1902 and at tho same time
Burton, its President, served in tho House and Senate at succeeded the late John R . M cLean as President. M r .
Washington for twenty-two years, and during that time held Duncan was also at one time connected with the Hanover
memberships in many committees and commissions. Ho is National Bank.
a graduate of Oberlin College, a member of tho Ohio Bar,
The Citizens’ National Bank of this city has declared a
and an authority on economic questions. Other officers of
the Merchants National are Harry T . H all, Vice-President; quarterly dividend of 2 J ^ % , payable July 2 to holders of
Owen E . Paynter, Cashier, and Frank L.H ilton , George S. record June 23. This raises the annual rate to 1 0 % ,
8 % per annum having been tho previous rate.
Talbot and Irving S. Gregory, Assistant Cashiers.
Recognizing the importance of our new commercial and
financial relations with France, and desiring to assist in
every possible way those Americans who are serving this
country abroad, the Guaranty Trust Company is opening
an office in Paris similar to that which it has maintained
in London for almost twenty years. The Paris office is
in a new building at N os. 1 and 3 Rue des Italiens, within
a stone’s throw of tho Grand Boulevard, and about midway
between the Bourse and the Place de 1’Opera— the two
centres of business activity in Paris. Such institutions
as the Credit Lyonnais, the Banque do l’Union Parisienno,
the Banque Nationale do Credit, the Credit Mobilier, and
tho Banque Union de Moscou are close neighbors of the
Trust Com pany’s offices, while immediately to the left of
the building are the quarters of “ Le Tem ps,” one of the
leading Parisian newspapers. In tho building itself are the
offices of the Consul-General of tho United States. Alex­
ander Phillips has been appointed manager of the new
office; G . Hebmann, sub-manager; William G . Wendell,
Secretary, and Richard Staigg, Assistant Secretary. The
following information is furnished regarding those men:
M r. Phillips’ past expcrlenco as representative o f tho Guaranty Trust
Company in Paris, as well as his fifteen years in foroign banking in America
and former connections with the Paris offico o f tho Comptoir National
d ’Escompte, and with tho Credit Industriel, both in London and Paris,
have given him a thorough knowledge o f International banking transac­
tions, as well as o f local financial and commercial requirements in Franco.
M r. Hebmann has been manager o f various Important branches o f tho
Comptoir National d’Escompte do Paris, such as those in Lyons and Havro,
the French centres for tho silk, cotton and coffee trades. M r. Wendell
was tho Boston representative o f tho Guaranty Trust Company before
his departure for Franco. M r. Staigg, prior to his association with the
Guaranty Company in Now York, was for many years foreign exchange
clerk of tho Canal Bank and Trust Company of New Orleans; ho has been
acting recently as M r. Phillips’ secretary in Paris. Messrs. Bernard
Avegno and Robert Bienz, who have been temporarily with tho London
offico, are in charge o f tho work o f various departments in Paris. Olaf
Gieso is tho chief accountant. B . G. Smith, tho auditor o f tho company
in Now York, is now in Paris with his assistant, Lionel Mundy, installing
a system o f accounting and auditing similar to that in uso in tho main
office o f tho Guaranty Trust Company and in all its branch offices.

A t a special meeting of tho stockholders of tho Guaranty
Trust Company of N ew York on June 25 it was voted to
increase the capital stock from $20,000,000 to $25,000,000.
The new stock will be offered to the stockholders of the
company of record at the close of business Juno 25 for
subscription and payment ratably in the proportion of thoir
respective holdings, at tho rate of 2 5 % thereof, at par on
or before July 16.
Tho National C ity Bank of Now York on Juno 27 insti­
tuted suit in tho United States District Court at Trenton,
N . J ., to recover $126,631 41 from tho defunct M utual
Trust C o . of Orange, N . J. Tho papers filed charge that
E . H . Hatch, Vice-President of the company, presented
three certificates of deposit to tho National City Bank, ag­
gregating $140,000, which were indorsed by him and de­
livered to tho bank for value. A t tho time of this de­
posit tho M utual Trust had to its credit with the City Bank
$13,368 59, which tho latter institution has applied to its
claim, suing for tho balance after Banking and Insurance
Commissioner La M onte had rejected tho claim.
Stockholders of tho Public Bank of this city, at a meeting
on June 22, approved the plan for tho nationalization of the
institution. W ith the approval of tho change by tho Comp­




Benjamin E . Sm ythe, President of the Gramatan National
Bank of Bronxvillo, N . Y . , has been elected a Vice-President
of tho Scandinavian Trust C o. of this city, and will assume
his new duties next M onday. M r . Smythe is tho retiring
President of tho N ew York State Bankers’ Association.
Percival W . Trudeau, heretofore Vice-President and
Resident Manager in New York of tho Bankers & M anufac­
turers Mercantile Agency, has been appointed Credit
Manager of the Equitablo Trust C o. of this city.
The Bryant Park Bank of this city has declared an extra
dividend of 1 % along with tho regular semi-annual distri­
bution of 3 % , both payablo July 1 to holders of record
June 2 6 . Tho institution began dividend payments in
July 1916, paying 3 % at that time. Another 3% was paid
Jan. 1 1917.
Frederick W . Wurstor, woll-known business man and
former M ayor of the City of Brooklyn, died on Juno 24 at
his summer home at Belgrades Lakos, M o ., from a stroke
of paralysis. M r . Wurstor was tho twenty-fifth and last
M ayor of Brooklyn, serving from Jan. 1 1896 to Jan. 1 1898,
when Brooklyn bocamo a part of tho greater City of New
York. He was born in Plymouth, N . C ., in 1860, and came
to Brooklyn at the age of sevon, and at tho ago of twenty
established an axle foundry and factory. M r . Wurstor was
Vice-President and acting President of the Spring & Axle
Association of the United States, a founder of tho Nassau
Trust C o ., a trustee of tho Citizens Savings Bank and a direc­
tor of the Manufacturers National Bank, of Brooklyn.
A t a meeting of tho directors of tho Glen Cove Bank of
Glen Cove, N . Y . , held on Juno 21, Frederick E . Willits
resigned as President; David N . Gay resigned as Vice-Presi­
dent and was elected President. Edward T . Payne was
elected Vice-President. M r . W illits has served tho bank
as Vice-President and President since its organization
twonty-five years ago. As a mark of tho directors apprecia­
tion of theso many yoars of sorvico ho was elected Chairman
of the Board with authority and power to manago tho affairs
and business of tho bank as an oxocutivo officer and to bind
tho bank by his acts and signature with tho samo effect as
if he were President. This is a now office and is created
for this special occasion. Theso resignations and elections
become effective July 1.
The New York State National Bank of Albany has opened
a new addition to its homo at the corner of James and State
Streets. About a year ago tho Stato National Bank, which
was organized in 1803 and is tho oldest bank in Albany,
purchased tho Sponcor Trask Building with a view to en­
larging its quarters. Tho now building adjoins tho old
one. Tho latter has also undergone considerable remodel­
ing and tho two buildings have boon mado into one. Tho
bank has a capital of $500,000 and deposits on March 5
of $22,064,029. Tho officers of tho bank aro: Ledyard
Cogswell, President; J. T . Lansing and Ledyard Cogswell,
Jr., Vice-Presidents; Georgo A . W hito, Cashier; William
Bruce, J. M . Russum and E . R . Thorno, Assistant Cashiers.

June 30 1917.]

THE CHRONICLE

W ith the declaration of a quarterly dividend of 2 J ^ % ,
payable June 30, the directors of the National Shawmut
Bank of Boston have placed the stock on a 1 0 % basis.
The rate had heretofore been 8 % . The institution has a
capital of $10,000,000.
Sidney W . Winslow, President of the United Shoe M a ­
chinery Corporation, and a director of the First National
Bank of Boston, died on June 18. M r . Winslow was
sixty-three years of age. He had numerous other business
connections besides those mentioned, some of the other
organizations with which he was connected being the U . S.
Smelting, Refining & Mining C o ., the Danvers Gas & Elec­
tric C o ., Campbell, Bosworth Machinery C o ., O. A . Miller
Treeing Machinery C o ., & c.. &c.

2615

Ebersole specialized in banking and general financial sub­
jects which he has taught in universities in Chicago, M il­
waukee and Minneapolis. He also had charge of the courses
for bank employees, held in Minneapolis under the auspices
of the American Institute of Banking, and the work in ele­
mentary banking offered by the Minneapolis Clearing
House Association, was outlined by him. In connection with
this work, he has made a special study of banking methods
in the First National Bank of Chicago, and in the line banks
of North D akota. The State Deposit Bank began opera­
tions in December 1913, taking over the business of the Sav­
ings Bank of Minneapolis.

Alfred G . Scattergood was appointed Assistant Treasurer
of the Provident Life & Trust C o ., of Philadelphia, at a
meeting of the directors on June 25.

In keeping with the plans under way since the first of the
year to bring about a closer working arrangement between
the Southwest National Bank of Commerce and the Com ­
merce Trust Company of Kansas C ity, M o ., the directors
of the two institutions completed the plans on June 9.
As a result, a common ownership of the stock of the two
institutions is brought about. It has been the purpose
to bring into this organization additional men and in fur­
therance thereof W . T . Kemper, formerly President of the
Commerce Trust Company, has been elected Chairman
of the Board of Directors of the Southwest National Bank
of Commerce, and Chairman of the Board of the Commerce
Trust Company. As Chairman of the Board of the South­
west National Bank of Commerce, M r . Kemper succeeds
F . P . N eal, retired. It is announced that the institutions
will continue to have the benefit of the counsel, advice and
assistance of M r . N eal. M r . Kemper withdrew as Presi­
dent of the Commerce Trust Company last January, at the
time of the announcement that the Southwest National
had acquired controlling interest in the trust company.
It was then stated that he would continue with the institu­
tion in an advisory capacity. J. W . Perry and W . S.
McLucas remain as President of the Southwest National
Bank of Commerce and of the Commerce Trust Company,
respectively. R . P . Brewer, President of the First National
Bank of McAlester, Oklahoma, has been elected a Vice­
President of the Southwest National Bank. The bank also
announces the recent election of two new Assistant Cashiers,
namely H . Y . Lemon, formerly Assistant Cashier of the
Tootle-Lemon National Bank of St. Joseph, and Frank C .
Mitchell, for the past four years connected as Examiner
with the Missouri Banking Department and prior to that
engaged in the banking business at Centralia, M o . The
two institutions have combined deposits of $81,839,024
and combined total resources of $94,175,079; the deposits
of the Southwest Narional Bank of Commerce are $ 5 2,­
066,977, while the deposits of the Commerce Trust Com ­
pany are $29,772,047. The total resources of the bank
are given as $62,218,511 and of the trust company $ 3 1,­
956,568. The bank has a capital of $4,000,000, while the
capital of the trust company is $1,000,000. The combined
capital, surplus and profits of the two are over $8,000,000.

Seven new directors were added to the board of the Metro­
politan Trust C o. of Pittsburgh at the annual meeting on
Juno 20. They are W . J. Zahniser, Waltor F . McQuiston,
M . C . Cameron, Albert J. Halter, George W . Milliken,
II. A . Kleeb and John J. Dauer.

Henry A . Hare, Vice-President of the Church Hill Bank
of Richmond, V a ., died on June 21 from the effects of an
attack of heart failure. M r . Hare was sixty-two years old.
He had been a lifelong resident of Richmond, and for many
years conducted a lumber business in that city.

D on E . Curtis has been chosen Cashier of the new Second
National Bank of M alden, M a ss., which expects to open
for business about Sept. 15 1917. M r . Curtis was formerly
Cashier of the Melrose National Bank of Melrose, M ass.,
but resigned that position when the Melrose National was
converted into the present Melrose Trust C o. in April 1916.
The new Second National Bank of Malden will have a capi­
tal of $100,000, and paid-in surplus of $25,000. It will
occupy quarters in the new Sargent Building. The follow­
ing is a list of the officers of said bank: Arthur P . H ardy,
President; Harvey L . Boutwell, First Vice-President; Charles
H . W atkins, Second Vice-President, and D on E . Curtis,
Cashier.
The board of directors is as follows:
Arthur P. Hardy,
Harvey L. Boutwell,
Charles II. Watkins,
Harold L. Bond,

Fred E. Chick,
Frank C. Follows,
Albert J. Hawke,
Israel I. ICotzen,

John V. Kimball,
Charles S. Norris,
Charles L. Woodslde,
Edmund S. Wellington.

John C . K nox, Cashier, has been elected Vice-President
of the National Bank of Germantown, Philadelphia, suc­
ceeding E . Eldridge Pennock. M r . Knox will servo the
bank in both capacities in the future. Edward Meadowcroft has been made Assistant Cashier. William Warner
Harper has been elected a director, succeeding M r . Pennock.
Jonathan Jenks, of the firm of Elder & Jenks, brush
manufacturers, has been elected a director of the Union
National Bank, of Philadelphia, Pa.
In connection with the change in the name on July 2 of
the banking firm of Graham & Co. of Philadelphia to Gra­
ham, Parsons & C o ., it is announced that there is no change
in the members of the firm, no chango in business or policy,
nor any other change except that of the firm name.

The new W est Side National Bank of Chicago, whose
organization was referred to in these columns June 2, began
business on June 11 at W est Twelfth Street and Ashland
Avenue. The new bank starts with a capital of $200,000
and surplus of $20,000. The officers are: Thomas J.
Hoaly, President; Edward R . Litzinger, Vice-President;
Leo P . Cummings, Cashier; Herman Elenbogen, Manager
of the Foreign Department. The directors and members
of the advisory committee aro: Abel D avis, Roger C .
Sullivan, Jacob Franks, Edward R . Litzinger, M ax Shulman, E . R . Ilatchitt, Edward P . Neumann, Fred G . Salerno,
Herman Elenbogen and Thomas J. Healy.
J. F . Ebersole has been made Cashier of the State Deposit
Bank of Minneapolis, succeeding Edward M attson. M r.
Ebersole, who has been a member of the Economics Faculty
of the University of Minnesota for the past six years, and
a director of the bank since its organization in 1915, has
obtained from the University one year’s leave of absonce,
during which time he will determine whether the new post
appeals to him more than his college work. A s a student
in the University of Chicago and Harvard University, M r.




The Farmers & Merchants National Bank of Los Angeles,
C al., has made the following changes in its staff; V . H .
Rossetti, Cashier of the bank, has in addition been elected
a Vice-President; A . E . Elliott, for the past thirty years
connected with the bank, has been made an Assistant
Cashier succeeding the late Gustav Heimann; G . H . Naegele
is also a newly elected Assistant Cashier. H e has been in
the service of the bank for thirteen years.
The San Francisco “ Commercial N ew s” is authority for
the statement that Ralph S. Stacy, President of the W ash­
ington Bankers’ Association, has announced the receipt
of advices on June 15 that the application of Coffman,
Dobson & C o ., bankers of Chehalis, W a sh ., for admission
to the Federal Reserve System has been approved by the
Federal Reserve Board.
Charles N . Candee, President of Gutta Percha & Rubber,
Limited, has been elected a director of the Canadian Bank of
Commerce of Toronto.

2616

THE CHRONICLE

The Standard Bank of Canada, head office Toronto, has
declared a dividend for tho current quarter ending July 31
at 3X%, being at the rate of 1 3 % per annum upon the
paid-up capital of the bank, and which will bo payable on
and after tho first of August to shareholders of record as of
the 21st of July.
__Thej Corn Exchange B ank of this city has issued the fol­
lowing letter to its stockho'ders embodyjng its plan for a
donation to the Red Cross fund, through a dividend declara­
tion:
To the Stockholders o f the Corn Exchange Bank:

It has been suggested that this Bank declare a dividend to bo dovoted
to Red Cross objects. As thero is some doubt as to tho right o f any finan­
cial institution to mako a donation of tho stockholders’ monoy for any pur­
pose of this character, the board has decided to meet the suggestion in
the following way:
Wo have declared an extra dividend o f SI per share to stockholders of
record on Juno 30 and wo will mail checks to you on that dato. This
dividend is placed In the control o f tho stockholder with full liberty of
disposition as ho or she may think best. I f tho Red Cross is favored, tho
check or its equivalent may bo remitted to tho American Rod Cross War
Relief Fund, Central Trust C o., Assistant Treasurer, 54 Wall Street,
New York City.
W ILLIAM A. NASH, Chairman.
W ALTER E. FREW , President.

THE ENGLISH GOLD A ND SILVER MARKETS.

GOLD.
Tho Bank of England gold reserve against its note issuo show's a decrease
of £16,745, as compared with last week’s return.
Gold to the valuo of 87,844,000 has been engaged for shipment in New
York, mainly for Japan.
The West African output for April 1017 amounted to £123,825, as
compared with £135,976 in April 1916 and £158,727 in March 1917.
SILVER.
The prico has ruled a fraction higher during tho week and was quoted
to-day 3824cl., tho highest touched since Feb. 16 last, when the samo prico
was recorded. Thero is no change in tho conditions reported last week,
shortness of supplies rendering the market sensitivo to any inquiry which
may be experienced. It is stated in an official French report that, owing
to tho increasing demand for silver coins, tho total minted in 1916 amounted
to 154,283,813.50 francs in nominal valuo, representing a total 78.7%
above that of 1915, and a weight of silver exceeding 20,700.000 fine ounces.
The report adds that the largo extent o f this coinage, which is applied to
replaco small paper notes in circulation, ought to maintain public confi­
dence In tho use of the small notes issued by tho chambers of commorco
as a temporary expedient during the war. As a result of entry into tho
world conflict, tho United States of America commenced to make purchases
for coinage, tho extent of which may possibly gather strength as tho military
forces of tho States increaso in number. “ Financial America” of M ay 17
gives the quantity purchased, during tho short period that has elapsed,
as 3,000,000 ounces, working out at the rato of about 400,000 ounces a
week, and states that it Is tho practice for American military and naval
forces upon foreign service, as well as in somo localities upon the Pacific
Coast, to bo paid in coin, gold for tho larger, and silver for tho smaller sums.
Tho last three Indian currency returns received by cablo givo details in
lacs of rupeos as follows:
M ay 15.
M a y 22.
M a y 3 1.
Notes In circulation____________
87,51
88,31
Reserve in silver coin and bullion
-.15,46
15,45
15,53
Gold coin and bullion in India___
..1 0,85
10,32
9,93
Gold in England_______________
. . 5,17
5,17
5,17
The stock in Bombay consists o f 2,300 bars, as compared with 2,400
bars last week. Tho stock in Shanghai on June 2 1917 consisted o f about
25,400,000 ounces in sycoo and 15,300,000 dollars, as compared with 27.­
000,000 ounces in sycee and 17,300,000 dollars on May 26 1917.
Quotations for bar silver per ounco, standard:
Juno 1_____________ 38
cash June 7______________38)4
cash
“ 2 . _ ......................38 %
“
Averago ................................ 38.135
“ 4______
.. . 3 8 3-16
"
Bank rate_____________________ 5%
5........................ 38 %
“
Bar gold, per oz. standard. 17s. 9u.
“ 6.........
38 >3
“
No quotation fixed for forward delivery.
Tho quotation to-day for cash delivery is >4(1. abovo that fixed a week ago.

ENGLISH FINANCIAL MARKETS— PER CABLE.
Tho daily closing quotations for securities, & c., at London*
as reported by cablo, have been as follows tho past week:
JS

29—

XSiJune
Sat.

S i l v e r , p e r o z _ ..................... ............. d .
C o n s o ls , 22 $
B r it is h ,

5

B r it is h ,

42$

per

W a r

392$

p e r c e n t s .................. H o l i d a y

June
M on.

25.

3 9 }$
5 4 )4

June 2 0 . J une
T ues.
W ed .
3 9 ys
3924
54 K

27 .

June 2 8 . June
F rl.
T hurs.
3 9 }$

5424

3 9 }$

H

29 .

9 4 }$

90$

5 4 24
9 4 }$

94

54
94

94

H o lid a y

942$

9t}$

c e n t s ..................

H o lid a y

9 4 if

94

(In P a r i s ) . f r s .

H o lid a y

6 0 .2 5

6 0 .2 5

2 0 .2 5

6 0 .2 5

6 0 .2 0

H o lid a y

8 8 .2 5

8 8 .2 5

8 8 .2 5

8 8 .2 5

8 8 .3 0

c e n t s ........................

per

F ren ch R en tes
F ren ch

23 .

I .o a n

5 %

(in

P a r i s ) .................. ..............................f r .

Tho price of silver in Now York on tho samo days has been:
S i l v e r I n N . Y . , p e r o z ____ c t s .

7 8 )3

782$

78

7824

7714

7 8 }$

#crmmerciaX aixtXUXiscellatietfxxs ULctxrx
DIVIDENDS.
The following shows all tho dividends announced for tho
future by large or important corporations:

Dividends announced this week are 'printed in italics:
N am e o f C om pany.
R n llr o n d s
A la b a m a

G rea t

P r e fe rr e d

W hen
Payable.

Books Closed.
D ays Inclusive.

(S te a m ).

S ou th ern

P r e f e r r e d ______

( e x t r a ) ................................................




. .

3

A u g .

28

H o ld e r s

o f

re c. J u ly

21a

A u g.

28

H o ld e r s

o f

rec.

2 in

J u ly

'

W hen
Payable

R a ilr o a d s (S te a m ) C o n c lu d e d
A lban y < S u sq u e h a n n a ................................
fc
Allegheny & W estern.....................................

4 }$
3

J u ly

A t c h is o n T o p e k a & S a n ta F e , c o m . (q u a r .)

1 }$

S ep t.

Atchison T o p ek a & S a n ta Fo , preferred . .
A tla n ta & W est P o in t......................... .........
A tlan tic C o a st I.ino R R ., comm on_____
B altim ore & Ohio, com m on_______ _____
Preferred ___________________________
Beech C reek (q u a r.)____________________

3

A u g.
J u ly
J u ly

2 }$
2

S ept

50c
4
12$

B oston & A lban y (q u a r.)............................
Boston & L o w e ll............ ...................... ...........
B oston R e ve re B each & L yn n (q u a r.)___
B u ffalo & Susquehanna, common (quar.)
P referred . . . . . . . . . . _________________
C an ad a So uth ern.......................... ....................
C an ad ian Paoifio, common (q u a r.)______

Ju n o 29a
J u ly
1

reo.
rec.

Ju n o
J u ly

19a
21a

S ep t.

of

rec.

J u ly

21a

J u ly
J u ly

2 H o ld e r s
1

o f

rec. Ju n e

J u lv

1

June
J u ly

U

J u ly

124
2

30

H o ld e r s

rec. M a y

31a

2

H o ld e r s

o f

rec.

M a y

26a

2

H o ld e r s

o f

reo.

Ju n o

15a

Ju n e

3C

H o ld e r s

o f

reo. Ju n e

15a

Ju n e

3C

H o ld e r s

o f

rec.

Ju n e

15a

Ju n o

29a

A u g.

1 H o ld e r s

o f

20a

of

rec.

June

30

H o ld e r s

o f

reo. Ju n e

22$
3

Ju n o
Ju n o

30
30

H o ld e r s

o f rec. Ju n e

30a

H o ld e r s

o f

30a

2

Ju n o

30

H o ld e r s

o f

reo. Ju n o

2

30

H o ld e r s

o f

rec.

X

Ju n e
J u ly

12$
22$

2

A u g.

1 H o ld e r s

o f

rec. Ju n e
rec.

J u ly

la

17a
19a

Ju n o

8a

2

H o ld e r s

of

rec. Ju n o

la

2

H o ld e r s

o f

reo. Ju n o

la

20

H o ld e r s

of

reo.

1

32$

A u g. 20

H o ld e r s

o f

rec.

A u g .

1

124
2

J u ly

20

H o ld e r s

o f

rec.

Ju n o

27a

Ju n e

30

J u ly

20

1

2

J u ly

22$

D e la w a r e L a c k a w a n n a & W e s t e r n ( q u a r . ) . .

22$
2

D etroit Hillsdale & So uth w estern . . . .
D etroit & M ack in ac, preferred . . . . .
D etroit R iv e r T u n n e l. . . . . . . . .
E lm ira & W illiam sport, p ref___________
G eorgia R R . & B an k in g (q u a r.)________

A u g.

H o ld e r s

o f

rec.

A u g .

J u ly

J u ly

5 Ju n e

22$
3

J u ly

2

H o ld e r s

o f

rec. Ju n e

J u ly

14

H o ld e r s

o f

J u ly

2 H o ld e r s o f r e c .
15 J u ly
2
to
1 H o ld e r s o f r e c .

5

r e o . J u ly

3 .1 6
3

J u ly

124
32$
2

J u ly

12$
2
12$
5
124

A u g.
June
Sept
J u ly
J u ly

21

10 H o ld e r s
30 H o ld e r s
1 H o ld e r s
1 J u n o 12
2 H o ld e r s

J u ly
In ly

2
2

H o ld e r s
H o ld e r s

to

o f
o f
o f

J u ly

15
5

reo. . u n o
reo. J u n o
rec. A u g .
to

J u ly

o f

reo.

Ju n e

11a

reo. Ju n o
rec. Ju n o

20a
22a
26a
30a

Ju n o
J u ly

30

H o ld e r s
H o ld e r s

of
of

reo. Ju n o
rec. Ju n o

2
14

H o ld e r s

of

reo.

H o ld e r s

of

14

June

S I .2 5

J u ly
J u ly
A u g.

19a
15a
6

o f
o f

J u ly

$ 1 .2 5

6a
20a

J u ly
J u ly

1

16

5
15a

Ju n o

124
1

12

4

Ju n o

9a

rec. Ju n o

30a

to

J u ly

15

J u ly

20a

32$
2

10

H o ld e r s

J u ly

2

H o ld e r s

o f

rec. Ju n e

S5

C o a l . .....................

M ahoning C oal R R ., com m on. . . . .
Common (extra) . . . . . . . . . .
P r e f e r r e d ........................................................
M ain e C en tra l, common (q u a r.).................
M an h attan R a ilw a y (q u a r.)____________
M ichigan C e n tra l. ............................
M ine Hill & Sch uylk ill H a v e n ________
M obile A B irm ingham , preferred_______
M orris A E ss e x _____________________ . . .
N ew London N orth ern (q u a r.)..... ...........
E x t r a .......... ....................................................
N ew Y o rk C entral R R . (q u a r.)_ _______
_
N . Y . C hicago A S t . L o u is, 1s t p ref_____
Second preferred_____________________
New Y o rk A H arlem , com. and p ref_____
N . Y . Lackaw an n a A Western (q u a r.)___

rec.
to

of
of

1 }$

C en tral R R . o f N . J . (q u a r.)___________
C en tral R ailro ad of N ew Je rs e y ( e x t r a ) ..
C hesapeake & O h i o ___________________
C hicago & N o rth W estern, com . (q u a r.).
Preferred (q u a r.)........................................
C hic. S t . P aul M in n . & O m aha, common
Preferred . . . . . . . . . . . . .
C levo. C in . C hic. & S t. Louis, pref. (qu .)
Connecting R a ilw a y (P h ila d elp h ia). . _

L y k e n s V a lley R a ilr o a d

1 H o ld e r s o f
2 Ju n o
21

1
23a
31

H o ld e r s
1 H o ld e r s
1 H o ld e r s

2 2$
4

C en tra l o f G eo r g ia R y ., c o m m o n . ......................
P r e f e r r e d ____________________________________

H arrlsb. Portsm . M t. Jo y & L a n c a s te r..
H ocking V a lle y , com m on_______________
I lli n o is C en tra l (q u a r .) ( N o . 1 2 7 ) .................
Illinois C en tral, Leased L in es..... ...............
Interborough Consol. C o rp ., pref. (quar.)
Interborough Rap id T ran sit (q u a r.)_____
Jo lie t & C hicago (q u a r.)..............................
K an aw ha A M ichigan (qu ar.) . . . _ .
K an sas C ity Southern, preferred ( q u a r.).
Lackaw an n a R I I . of N ew Je rse y (q u a r.).
Leh igh V a lle y , common and p ref. (quar.)
Little Schuylkill N a v ., R R . < C o a l..........
fc
Louisville & N a sh v ille ..................... .............

Books Closed.
D ays In clu siv e.

2 J u n o 16
to
J u ly
1 H o ld e r s o f r e o . J u n o
1 H o ld e r s o f r e c . J u ly

J u ly

32$

B elt R .R .& S lk. Y d s .,I n d l a n a p ., c o m . ( q u . ) . .
P r e fe r r e d (q u a r .) ___________________________

A u g.

I H o ld e r s

o f

r e o . J u ly

16a

J u ly

2

H o ld e r s

o f

rec. Ju n e

22a
22a

$15
22$

o f

rec.

J u ly

2

H o ld e r s

of reo. Ju n e

1 )1

J u ly

2

H o ld e r s

o f

124
2

J u ly

S I .50
2

J u ly
J u ly
J u ly

S I .75

J u ly

224
2$

J u ly
J u ly

124
2 )$

J u ly

A u g.

rec.

Ju n e

1 H o ld e r s o f r e c . J u n o
2 8 H o ld e r s o f r e c . J u n e
11 J u n o 2 3
to
J u ly
1 Ju n e
2
to
J u ly
1 M a y 30
to
Ju n e
2 J u n e 13
to
J u ly
2 J u n o 13
to
J u ly
1 H o ld e r s o f r e o . J u ly
2 June
5
to
J u ly

15a

15a
15a
29a
15
1
27
2
2
9a
2

J u ly

2

H o ld e r s o f

$ 2 .5 0

J u ly

o f

rec.

Ju n o

J u ly

2
2

H o ld e r s

124

H o ld e r s

of

reo.

Ju n o

15a

N o r fo lk A W e s t e r n , c o m m o n (q u a r .) ..............
A d ju s t m e n t p r e fe r r e d (q u a r .) ........................

124
1

S e p t . 10

H o ld e r s

o f

rec.

A u g.

31

A u g.

N orthern

18 H o ld e r s

$2

J u ly

16

A u g.

N orthern R R . of N . I I . ( q u a r.)________
N orw ich A W orcester, p ref. (q u a r.)___

124
12$
2

J u ly

P c n n s y te a n la C o m p a n y _______________________
P e n n s y lv a n ia R R . ( q u a r .) ................ ....... ............

3

2 )$

C e n tra l______________________

N o r th e r n P a c ific ( q u a r .) ______________________

Philadelphia Baltim ore A W a sh in g to n .. .
Philadelphia A T re iton (q u a r.)_________

12$
S I .60
22$
22$

P ittsb u rg h C in c in n a ti C h ica g o & S t. L o u is .

Ptttsb. F t . W ayne A C h ic., reg. guar.(qu)
Special guaranteed (q u a r.)____________
P ortlan d T erm in al (q u a r.)..........................
R e a d in g C o m p a n y , c o m m o n (q u a r .) _______

Reading C o ., 1s t pref. (q u a r.)_________
Reading C o .. 2d pref. (q u a r.).....................
Rensselaer A S a r a t o g a ............................. ......
R lc h m . F r e d , dk P o t o m ., c o m .& d lv . o b l i g . .

R om e A C lin to n .............. ............. ....................
S t. Louis A San F’ranclsco—
K . C . F t . Scott A M ., p f.tr. ctfs. (qu.)
Southern P acific (quar.) (N o. 4 3 ) ............
Southwestern R R . of G eorgia . . . . .
Toronto H am ilton A B uffalo (quar.) . .
Union P acific, common (q u a r.)...................
E x t r a ................................................................
U nited N . J . R R . A C anal C os. ( q u a r .) ..
V alley Railroad (N . Y . ) .................................

C leveland R a ilw a y (q u a r.)............................
Colum bus (G a.) E lec. C o ., pref. (No. 22)
C o lu m . N e w . A Z a n esv . E l. R y .. p r e f. (q u .)
Colum bus R y ., Pow . A L t ., pf. A (q u .).
Consolidated T ractio n of N . J .................
C on tin en tal P a ss. R y . , P h lla ..................
D uluth-Superior T ractio n , pref. (q u a r.).
Duquesne L ig h t, pref. (quar.) (N o. 10 ) .
Eastern T exas E lec. C o ., com . (N o. 3 ) . .
Preferred (N o. 1 1 ) ________________ ___
E lm ira W ater, L t . A R R ., 1s t pref. (qu.)
Second preferred (q u a r.)................... ..
E l P aso Elec. C o ., p ref. (N o. 3 0 ) ............
Ftan kford A S o ’ w ark P a ss., P h lla. (quar.)
G eo r g ia R y . A P o w e r , f i r s t p r e fe r r e d .............
Green A C oates S ts. P a s s ., P h lla ............
H e st. M an tu a A Fairm . P a ss ., P h lla.co m .
P r e f e r r e d .......................................................

o f

rec.

J u ly

ers

o f

rec. Ju n e

ers

of

rec.

ers

o f

17
of
o f

15a

31
30a

J u ly

9

Ju n e

11a

J u ly

l

rec.
rec.

Ju n e
A u g.

3 0 H o ld e r s o f r e c .
10 J u ly
1
to
3 0 H o ld e r s o f r e c .
3 H o ld e r s o f r e c .
2 H o ld e r s o f r e c .
2 H o ld e r s o f r e c .

Ju n e
J u ly

13a
10

A u g .

20a

31

ers
H o ld e r s

rec.
to

20a

25a
1

11a
11a
15a
24a
28a
25 a
30
l

32$

J u ly

1 June

1

J u ly

1

J u ly

2 June 20
to
2 H o ld e r s o f r e o .

J u ly

12$
2 )$

M a y

31a

J u ly

5 June

J u ly

5

124
2

J u ly

1$

J u ly

2 H o ld e r s o f r e c . J u n e
2 H o ld e r s o f r e e . J u n e
2 H o ld e r s o f r e e . J u n e

22$
2 )$

J u ly

J u ly

J u ly

1

J u ly

3

J u ly

124
124

A t h e n s R a ilw a y <fe E le c tr ic , p r e f. ( q u a r . ) . .

C o lu m b ia R y ., G a s A E le c tr ic , p r e f . (q u a r .)

June
J u ly
A u g.

H o ld
1 H o ld
2 H o ld
2 Juno
3 0 H o ld

rec. Ju n o

J u ly
June
J u ly
Ju n e
J u ly
Ju n e
D 4
A u g.
SI
9 H o ld e r s o f r e c . J u ly
5 0 o . S e p t . 1.3 H o l d e r s o f r e o . A u g .
6 0 o . J u ly
12 H o ld e r s o f r e c . J u n e
4
J u ly
1 Ju n o 16
to
June
42$
J u n e 3 0 lu n c 2 2
to
J u ly

W a b a s h , p r efe rr ed A ( q u a r .)...... ......................

B an go r R y . A E L , p ref. (qu.) (N o. 2 3 ) . .
B irm ingham R y . , L t . A Pow er, com . .
Preferred . . . . . . . . . . . . .
B oston A W orcester E lec . C o s., p ref____
Brazilian T r a c ., L . A P o w ., pref. ( ,u a r .).
Brooklyn Rapid T ran sit (q u a r.).................
C ap ita l T ractio n . W a sh ., D . C . (q u a r.).
C arolin a Power A L t ., pf. (qu.) (N o. 33)
C en tral Ills. P u blic Service, pref. (quar.)
C hicago C ity A C on n ect., pref. p art. c tfs.
C hicago C it y R y . (q u a r.)....... ..................
C in e. A H am ilton T r a c ., com . ( q u a r .) ..
Preferred (q u a r.).......................................
C in e. N ew po rt A C o v . L .A T r.,c o m .(q u .)
P referred (q u a r.)............................ ...........
C in cin n ati S treet R y . (q u a r.)________
C ities Service, com. A pref. (m o n th ly )..
Comm on (payable In common s t o c k ) ..
C ities Service, com. A pref. (m o n th ly )).
C om m on (payable In common s to c k ).
C ivic In v est. A In d us, (quar.) (N o. 4 ) . .

J u ly
Ju n o
A u g.

124
124

W estern R y . o f A la b a m a ............ .................
S tre e t a n d E le c t r ic R u ilw m s
Asheville Pow . A L t ., pref. (qu.) (N o. 21)

C lev ela n d A E a ste rn T r a c tio n , p r e f. (q u a r .)

Per
Cent.

Per
Cent.

i

N a m e o f C om pany.

G rea t N o r th e r n ( q u a r .) _____________ ________ _

W e reprint tho following from the weekly circular of
Samuel Montagu & Co. of London, written under dato of
Juno 7 1917:

London,
W eek ending June

[Vol. 104

J u ly

21

to

12

to

10 J u n e 21
to
2 H o ld e r s o f r e e .
31 H o l d e r s o f r e c .
2 J u n o 21
to
2

J u ly

H o ld e r s

1 H o ld e r s

J u ly

1

19a
la
la

J u ly

1

Juno

22a

J u ly

10

J u ly

1

o f

reo.

Ju n e

15a

of

roc.

Ju n e

30

124
1

J u ly

2

H o ld e r s

of

rec.

Ju n o

Ju n e

30

H o ld e r s

o f

roc.

Ju n e

23

3

Juno
J u ly

30
2

H o ld e r s

o f

rec.

Ju n o

23

H o ld e r s

of

reo.

Ju n o

23a

12$

J u ly

15

J u ly

124

J u ly

2 H o ld e r s o f r e c .
1 H o ld e r s o f r e o .
2 Juno 15
to
2 H o ld e r s o f r e o .
16 H o ld e r s o f r e c .

Juno

12$

SI

124
1 )$
S I .5 0
2
1

J u ly
J u ly
J u ly
Juno
J u ly

1 Ju n o

24

to

J u ly

to

Ju n e

29

21
21
1

to
to
to

J u ly
J u ly
J u ly

1
l
15

2

J u ly

15
15

2$

A u g.

/
1

A u g.

1

J u ly

12$

J u ly

1 }$
3

J u ly

12$

J u ly

J u ly

12$
2

J u ly

S3

June

J u ly

30a

26

J u ly

2$

Ju n e

Juno
Juno
J u ly

J u ly

J u ly
J u ly
A u g

15

Ju n o

12$

J u ly

l

Ju n o

2

124

1$
/V $

9a

J u ly

30

12$
12$

Ju n e

21

J u ly
t
to
to
2 Ju n o 17
1 H o ld e r s o f r e o .
1 H o ld e r s o f r e o .
1 H o ld e r s o f r e c .
1 H o ld e r s o f r e c .
15 H o ld e r s o f r e c .

J u ly
J u ly

15
1

Ju n o

16

Ju n o

15

J u ly

15

J u ly

31

2 H o ld e r s o f r e c . J u n e
10 J u ly
1
to
J u ly
H o ld e r s

of

rec.

15

J u ly

1 H o ld e r s o f r e c . J u n e
2 H o ld e r s o f r e o . J u n e
1 Ju n e 27
to
J u ly
2 H o ld e r s o f r e o . J u n e
1 Ju n e 26
to
June

30
2

1

M a y

30a
16a
1
15a
30
15
15
3 la

1

J u ly
A u g.

H o ld e r s o f
1 H o ld e r s o f

rec.

124

rec.

J u ly

l

22$
3

J u ly

2

H o ld e r s

o f

reo.

June

ln a

J u ly

2

H o ld e r s

o f

reo.

Juno

10a

124

Ju n o

30

124
3

Juno

Ju n o

15a

H o ld e r s o f

rec.

Juno

30

H o ld e r s

of

rec.

Ju n o

15

J u ly

9

H o ld e r s

o f

reo

Ju n o

28a

$ 4 .5 0

J u ly

1

H o ld e r s

of

reo.

June

224
S I .5 0

J u ly

20

H o ld e r s

of

J u ly

7

$1
$ 1 .5 0

Juno

23

reo. J u ly
to

J u ly

15

la
10a
8

J u ly

2

Juno

17

to

J u ly

1

J u ly

2

June

17

to

J u ly

1

THE CHRONICLE

J u n e 30 1917.J
Name o f Company.

Street and Electric Rys. (Concluded).
Illinois Traction, preferred (quar.).
Indianapolis Street Railway........
International Tract., Buffalo, common..
7% cum. 1st pref. (quar.)---4% cum. pref. (quar.)--------Interstate Railways, preferred___
Iowa lty. & Light, pref. (qu.) (No. 56).
Lancaster County Ry. A Light, pref. (guar.)
Little Rock Ry. A Elec., com. & pref..
Louisville Traction, common (quar.)
Manchester Tr., Light A Power (quar.).
Manlla Elec. RR. A Ltg. Corp. (quar.)..
Memphis Street Railway, preferred___
Mohawk Valley Co. (quar.)............

P er
Cent.

United Gas A Elec. Corp., first pref. (gu.).

United Lt. A Rys., com. (qu.) (No. 10).
Preforred (quar.) (No. 27)...............
United Il’ s. A Elcc., Ball., com. (g u a r .)--.
j

nlto ' Trno. A Elec., ''rovldence (qu.).
Utah Power A Lt., pref. (qu.) (No. 18).
Virginla Ry. A Power, preferred.............
W
ash. Balt. A Annap. El. RR.. pf. (qu.)
Washington Water Power, Spokane (qu.)
West End Street Rv., Boston, preferred .
West India Elec. Co., Ltd. (quar.)
West Penn Power, pref. (guar.) (No. 6) —
W Philadelphia Passenger Railway...
est
Wisconsin Edison (quar.)-----------Yadkin River Power, pref. (qu.) (No. 5)
York Railways, preferred (guar.)...---- Youngstown A Ohio River R y., pref. (guar.)

Books Closed.
D ays In clu sive.

1
30
3C
3C
3C
2
3(1
3(1
3(1
1
15
2
30
2
16
16
5
1
2
16
2
30
2
2
1
2
1
1
2
1
14

H o ld e r s
J u n o 21
H o ld e r s
H o ld e r s
H o ld e r s
June 20
H o ld e r s
H o ld e r s
H o ld e r s
J u n e 12
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
J u n e 21
H o ld e r s
H o ld e r s
H o ld e r s
Juno 26
J u n o 17
J u n e 17
H o ld e r s
H o ld e r s
H o ld e r s

o f reo.
to
o f rec.
o f rec.
o f reo.
to
o f rec.
o f rec.
o f rec.
to
o f reo.
o f reo.
o f reo.
o f rec.
o f rec.
o f rec.
o f rec.
o f rec.
o f rec.
of rec.
o f rec.
to
o f rec.
o f rec.
o f rec.
to
to
to
of rec.
o f rec.
o f rec.

June
J u ly
June
Juno
June
J u ly
June
June
June
Juno
J u ly
June
June
June
June
June
June
J u ly
June
J u ly
June
J u ly
June
June
June
J u ly
J u ly
J u ly
June
J u ly
June

15a
1
20
20
20
1
20
21
30
15
2a
18a
21
25a
30a
30a
30a
13
27
6
20a
1
25a
25a
10a
2
1
1
15

J u ly
2
June
7 5 c . J u ly
1
J u ly
J u ly
IX
$3
J u ly
1
J u ly
J u ly
IX
$2
J u ly
I'A J u ly
J u ly
IX
June
IX
J u ly
$(>
2
J u ly
1
J u ly
J u ly
IX
J u ly
IX
J u ly
IX
5 4 .7 5 J u ly
8 1 .5 0 J u ly
J u ly
2X
J u ly
IX
J u ly
1
J u ly
IX
5 0 o . J u ly
J u ly
IX
\ x J u ly
J u ly
3
June
IX
J u ly
1
J u ly
82
J u ly
IX
Aug.
IX
$5
J u ly
5 0 c . J u ly
J u ly
IX
6 2 X o . J u ly
June
IX

3
3C
1
14
II
2
1
2
1
2
2
30
1
3
2
2
2
2
2
2

H o ld e r s
H o ld e r s
J u n e 21
H o ld e r s
H o ld e r s
J u n e 16

o f rec.
o f reo.
to
o f reo.
o f rec.
to

June
June
June
June
June
J u ly

22a
16u
30
30
30
2

IX
3
1
2

IX
2X
I'A
IX
IX

2
1X
l

IX
1X
3
1

IX
1
87M c.
62H c.

IX
IX

20
la
20a
15a
30
1
15
1
1
15o
15a
1 5a
9a
3 0a
21a
15a
15a
3a
17
16

J u ly
2 H o ld e r s o f r e c . J u n e
A ug.
1 H o ld e r s o f r e c . J u n e
J u ly
1 I lo ld o r s o f r e c . J u n e
J u ly
2 H o ld e r s o f re c . J u n e
J u ly
2 H o ld e r s o f r e c . J u n o
J u ly
2 J u n e 19
to
J u ly
J u ly
1 H o ld e r s o f r e c . J u n e
J u ly
1 H o ld e r s o f r e c . J u n e
J u ly
2 H o ld e r s o f re o . J u n o
J u ly
2 J u n e 21
to
June
J u ly
2 J u n e 21
to
Juno
1 June 26
2 X J u ly
to
J u ly
2 H o ld e r s o f r e c . J u n e
2
J u ly
S 3 .5 0 J u ly
2 J u n e 21
to
J u ly
2
J u ly
2 H o ld e r s o f r e c ' J u n e
.
1
J u ly
2 H o ld e r s o f r e c . J u n e
3
J u ly
1 H o ld e r s o f r e o . J u n e
8
J u ly
1 H o ld e r s o f r e o . J u n e
2
J u ly
2 H o ld e r s o f r e c . J u n e
ul
J u ly
2 H o ld e r s o f r e c . J u n e
5
J u ly
2
25
J u ly
2 H o ld e r s o f r e c . J u n e
no
J u ly
2
3
J u ly
2
*5
J u ly
2 H o ld e r s o f re o . J u n o
S5
J u ly
2 H o ld e r s o f r e c . J u n o
J u ly
IX
2 June 29
to
June
3
J u n e 30 J u n o 21
to
J u ly
10
J u ly
2 J u n e 19
to
J u ly
2
J u ly
2 H o ld e r s o f re c . J u n e
3
J u ly
2 June 24
to
J u ly
4
J u ly
2 H o ld e r s o f r e c . J u n o
1
J u ly
2 H o ld e r s o f r e c . J u n e
J u ly
2 Juno 23
to
J u ly
2
J u ly
2 Juno 23
to
J u lv
12
J u ly
2 J u n o 23
to
J u ly
3
J u n o 30 H o l d e r s o f r e c . J u n o

22a
22a
25
21
21

2

of
of
of
of

rec.
reo.
rec.
rec.
to
to
o f rec.
to
to
o f rec.
o f reo.
o f rec.
o f rec.
o f rec.
o f rec.
o f rec.
o f reo.
o f rec.
to
o f rec.
o f rec.
o f rec.
o f rec.
to
to
to
o f reo.
o f rec.
o f reo.
o f rec.
o f rec.

2a
30

Juno
June
June
Juno
June
J u ly
Juno
J u ly
J u ly
June
June
June
June
June
June
June
June
J u ly
June
June
J u lv
June
June
J u ly
J u ly
A ug.
June
June
Juno
June
June

2
2
2
14
2
2
20
30
2
2
2
1
2
16
2
30
30

H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
June 24
J u n e 21
H o ld e r s
J u n e 21
J u n e 21
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
J u n e 13
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
J u n e 21
June 24
J u ly 2 2
H o ld e r s
H o l d era
H o ld e r s
H o ld e r s
H o ld e r s

2a
16a
1 5a
2
1
1
15a
30a
15
20a
23a

Banks.

America ----------------- -----------American Exchange Nat. (Red Cross d lv.).

14

u1

Atlantlc National-----------------Battery Park National---------Bronx National__________________
Bryant P a r k ..- ................... ...............
Extra ------------------------------------Chase National (quar.)........... .. _ .. .
Chatham A Phenix Nat. (quar.)........
Special Red Cross dividend-----------Chemical National (bl-montlily)____
Citizens, National (guar.) ..... ...............
'/
„
City, National (Brooklyn) (No. 130).. .
Coal A Iron National (quar.)-------------Extra_______ ________ _ • ........
Colonial .......... ------- ----------- -----Columbia ____________ ________ Commerce, Nat. Bank of (quar.)........
Corn Exchange (Red Cross dividend)..
Cuba, Bank of, in New York .........
Fifth Avenue (quar.).............. .
Special .......- .....................
Fifth National (guar.)...............
First Nat. (qu.) (payable In Liberty bds.)
FlrstSec.Co.(qu.) (payable InLiberty bds)
Flatbush, Bank of (Brooklyn) (guar.) ........
Garfield National (quar.)--------------German Exchange...................... ......
Gotham National (guar.) ....................
Greenpolnt National (Brooklyn)------Greenwich (guar.) ....................... .......
Extra Red Cross dividend__________
Hanover National_______________
6
Extra ................ - ............... .......
Importers’ A Traders’ National--------International..... ........................ .......
Irving National ( g u a r .) ... ...................
July
Liberty National (quar.)........... .
I n ly
7X
Special Red Cross dividend--------- u 2
J u ly
Manhattan Co., Bank of the (No. 222). S4
J u ly
Market A Fulton National (quar.)---- 3
J u ly
2
Mechanics (Brooklyn) (guar.) ----------­
ly
\ J u ly
Mechanics’ A Metals Nat. (Red Cross).. U
Ju
J u ly
Merchants' National--------------------- S2
4
J u ly
Metropolis, Bank of the (quar.)--------J u ly
Metropolitan (quar.)........................ 2
7
J u ly
Mutual _______________________
2l
A J u ly
Nassau National (Brooklyn).(guar. ) ........
Special Red Cross dividend...... - .........
3
J u ly
National City Company _____________
J u ly
New York, Bank of, N. B. A. (No. 267). 8
J u ly
North Side (Brooklyn) (No. 46)........ 3
J u ly
Park, National (quar.).......... ......... 5
People’s (No. 132) ................ ...... $ 1 .2 5 J u ly
Public (gu a r.)..
............. 2 X J u n e
2
J u ly
Ridgewood National (Brooklynj ..............
J u ly
Seaboard National (quar.) ............. 3
ul
J u lv
Special (Red Cross Dividend)........
3
J u ly
Second National (guar )
Stato ---------------... 3
J u ly
June
Union ExchangeNational
"
... 4
J u ly
W
ashington Heights,Bank of (quar.)... 13
Yorkvillo (nuar.).............. ................. 0
June
Trust Companies.
Bankers (quar.)_
_
J u ly
5
J u lv
Special Red Cross dividend........... 2
Brooklyn (quar.)_________ "
J u ly
5
Central (quar.).............I""
6 J u ly




3
3
3
3
3
1
4
3
ul

2
2
2
2
2
16
2
2
2
2
2
2
2
2
2
2
30
1
2
2
2
2
30
1
30
2
2
2
2

H o ld e r s
H o ld e r s
H o ld e r s
June 20
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s

H o ld e r s
J u n e 14
H o ld e r s
H o ld e r s
H o ld e r s
June 27
H o ld e r s
H o ld e r s

o f rec.
o f rec.
o f reo.
to
o f rec.
o f reo.
o f rec.
o f rec.
o f reo.
o f reo.
o f rec.

o f reo.
to
o f rec.
o f rec.
o f rec.
to
o f rec.
o f rec.

June
June
Juno
J u ly
Juno
J u ly
June
June
June
Juno
Juno

of
of
of
of

rec.
reo.
rec.
reo.

26a
26a
25a
30
30
1
23a
1
13
13
20
20a
22a
30a
30a

30a
30a
30
1
1
30a
2
20a
20
1
1
1
29a
25a
25a
27a

i

23a
14a
30a
27a
21a
23
29

June
J u ly
Juno
June
Juno
J u ly
June
Juno

Juno
Juno
June
June

T r u s t C o m p a n ie s (C o n c lu d e d ).
C o l u m b i a ( q u a r . ) ____________________________
E m p ir e ( q u a r . ) _______________________________
E q u i t a b l e ( q u a r . ) ..................................................
S p e c ia l R e d C r o s s d i v i d e n d _____________
F id e li t y ( q u a r . ) _______________________________
F r a n k lin , B r o o k ly n ( q u a r . ) ________________
F u lt o n
( N o . 5 0 ) ..................................................
G u a r a n t y ( q u a r . ) _______ ________ _____________
G u a r a n t y ( R e d C r o s s d i v i d e n d ) ...................
H u d s o ........... .............................................................
L a w y e r s ’ T i t l e A T r u s t (q u a r .) ( N o . 7 5 ) .
M a n u f a c t u r e r s ’ ( B r o o k l y n ) ( q u a r . ) _____
M e t r o p o l i t a n ( q u a r .) ( N o . 8 2 ) ...... ............
S p e c ia l R e d C r o s s d i v i d e n d . . ........... .......
N ew
Y ork
( q u a r . ) . __________ _____________
S p e c ia l R e d C r o s s d i v i d e n d _____________
P e o p le ’ s (B r o o k ly n )
( q u a r . ) . . ...................
T i t l e G u a r a n t e e A T r u s t ( q u a r . ) ..............
T r a n s a t l a n t i c ______ ___________________________
U n io n ( q u a r . ) ............................. .......... ....................
E x t r a .....................................
..................... .......
U n it e d S t a t e s _________________________________

United States Mortgage A Trust (guar.) __

3X
3
5
ul
2
3
5
5
1

3X
IX
IX
6
u l.
8
ul

3X
5
3
4
1
25
6

25a
25a
22a
22a

W hen
Payable.
June
June
June
Juno
J u ly
June
J u ly
June
June
June
J u ly
J u ly
June
June
June
June
June
June
J u ly
J u ly
J u ly
J u lv
June

3C
3C
3C
3C
2
3C
2
3C
3C
3C
2
2
30
30
30
30
30
30
2
2
2
2
30

Books Closed.
D a ys In clu siv e.
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
June 26
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
J u n e 21
J u n e 16
H o ld e r s
H o ld e r s
H o ld e r s
June 24
June 24
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s

of
of
of
of

rec.
reo.
rec.
rec.
to
o f rec.
o f rec.
o f reo.
o f rec.
to
to
o f reo.
o f rec.
o f rec.
to
to
o f reo.
o f rec.
o f rec.
o f rec.
o f reo.
o f rec.
o f rec.

June
June
June
June
J u ly
Juno
June
June
June
J u ly
J u ly
June
June
June
J u ly
J u ly
June
June
June
June
June
June
June

22a
23a
26
26
1
29a
25
22a
22a
1
2
20a
22
22
1
1
29
22
30a
23a
23a
21a
29a

F ir e I n s u r a n c e .

Continental-------------- ----------------- --------------------------

Miscellaneous

A d ir o n d a c k E l e c .P o w .,p r e f .( q u .) ( N o . 3 )
A h m e e k M i n in g (q u a r .) ( N o . 2 2 ) -------------A i r R e d u c t i o n , I n c . , c o m . ( N o . 1 ) ..............
P r e fe r r e d
( q u a r . ) ........... ................. ...............
A l a b a m a C o . , 1 st p r e f . ( a c c 't a c c u m ’ n s ) .

S I . 50 J u ly

IX
S4
■SI

IX
h 21
IX
Alliance Realty (guar.) ----- --------------- . I X
IX
A llis -C h a lm e r s M f g . , p r o f, ( q u a r . ) -----------P r e f. (o n a c c o u n t a c c u m . d i v i d e n d s ) . .
hX

A llo u e z M i n in g ( q u a r . ) ......................................
A m er. A g r lc . C h e m ., c o m .(q u .) ( N o . 2 3 ) .
P r e fe r r e d (q u a r .) ( N o . 4 8 ) . - - .............
A m e r ic a n B a n k N o t e . p r e f. ( q u a r . ) ...........
A m e r . B e e t S u g a r , p r e f. ( q u a r .) ( N o . 7 2 )
A m er. B rak e S h oo A F d y ., co m . (q u a r .).
P r e fe r r e d ( q u a r . ) __________________________
P r e fe r r e d ( e x t r a ) ..................... .........................
P r e fe r r e d (p a y a b l e In L i b e r t y b o n d s ) . .
P re f. (s p e c ia l c o n t r l b .t o R e d C r o s s A s s n )
A m e r ic a n C a n , p r e fe r r e d ( q u a r . ) ...................
P r e fe r r e d (o n a c c t . a c c u m u l a t e d d l v s .)
A m er. C a r A F d r y ., c o m . (q u .) (N o . 5 9)
C o m m o n (e x t r a ) . . . . .................................
P r e fe r r e d ( q u a r .) ( N o . 7 3 ) ..........................
A m e r ic a n C h i c l e , p r e fe r r e d ( q u a r . ) .............
A m e r ic a n C i g a r , p r e fe r r e d ( q u a r . ) _______
American District Telegraph o f N . Y ------A m e r ic a n E x p r e s s t q u a r . j ...............................
A m e r ic a n G a s ( q u a r . ) .................................. ..
A m e r . G a s A E l e c ., c o m . ( q u . ) ( N o . 2 9 ) .
C o m m o n ( p a y a b l e In c o m m o n s t o c k ) . .
P r e fe r r e d ( q u a r .) ( N o . 4 2 ) . _________ _

American Glue, preferred........... ..........
A m e r .G r a p h o p h o n e . c o m .

(q u .) (N o . 4 9)

American Hardware Corporation (guar.)-.
Special Red Cross dividend _________
American Ice, preferred (guar.) .............
A m e r . I n t e r n a t io n a l C o . ( q u a r . ) ---------------A m e r .L a F r a n c c F ir e E n . ,I n c . , p r e f . ( q u .)

American Laundry Machinery, pref. (gu.).

$3

IX
IX
75c.

IX
IX
2
1
s5
ul

IX
h lX
1
1

IX
IX
IX
1
$ 1 .5 0

2
2X
f2
IX
4

IX
2

uX
IX
75c.

IX
IX
IX
IX
IX

A m e r ic a n L in s e e d , p r e fe r r e d ( N o . 7 ) ------A m e r ic a n L o c o m o t i v e , c o m m o n ( q u a r . ) . .
P r e fe r r e d ( q u a r . ) ----------------------------- ----------A m e r . L o c o m o t i v e , c o m . ( R e d C r o s s d l v .) u l
A m e r ic a n M a c h i n e A F o u n d r y ......................
5
Amer. Malting
A 2nd pref----------------------IX
A m e r . M a n u f a c t u r i n g , c o m . ( q u a r . ) ------IX
P r e fe r r e d
( q u a r . ) ________________________
IX
American Piano, preferred (guar.) -------------IX
A m e r . P o w e r A L ig h t , p r e f. ( q u .) ( N o . 3 1 ) ■ I X
A m e r ic a n P u b l ic S e r v ic e , p r e f. ( q u a r . ) . .
A m e r ic a n P u b l ic U tilit ie s , p r e f. ( q u a r . ) . .
IX
3
\ m e rlc u n R a d i a t o r , c o m m o n ( q u a r . ) ------A m e r ic a n R a d i a t o r , c o m . ( R e d C r o s s d l v .) u l
2
A m e r ic a n R o l li n g M i ll , c o m m o n ( q u a r . ) .
3
C o m m o n ( e x t r a ) ___________________________
P r e fe r r e d ( q u a r . ) -------------- . ................ ..
IX
American Screw (g u a r.) .................................
IX
3
E x tr a -------------------------------------- -----------------------1
A m e r ic a n S e e d in g M a c h i n e , c o m . (q u a r .)
P r e fe r r e d ( q u a r . ) ............................................ IX

ls«

22a
2
22
23a
21
1
25a
25 a
30a
1
30
H o ld e r s o f reo. J u n o 30a
June 20
to
J u ly
1
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s

P er
Cent.

N a m e o f C om p any.

J u ly
June
June
June
June
J u ly
June
June
June
J u ly
J u ly
J u ly
June
J u ly
J u ly
A ug.
J u ly
Aug.
J u ly
J u ly
J u ly
Juno
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
A ug.
J u ly

I> *
3
1
1X
1
30c.
1X

Monongahela Valley Traction, com. (guar.)
Common (extra) ____________
83 l-3 c
Preferred ........... ............. .....
2'A
Montreal Tramways (guar.) ______
2
National Properties, common _____
3
Preferred ..............................

Now England Invest. & Secur., pref...
Now Orleans Ry. A Light, pref. (quar.).
New York State Rys., common (quar.).
Preferred (quar.)..................-----­
Northern Ohio Traction A Light, pref.(qu.)
Nova Scotia Tramways A Power, pref..
Omaha A Council Bluffs St. Ry .,com.(gu .).
Preferred (guar.) --------- -------------Ottawa Traction (quar.)
Philadelphia Co., com. (qu.) (No. 143)Philadelphia A Western Ry., pref. (qu.).
Plne Bluff Co., pref. (guar.) (No. 2)---Porto Rico Rys., pref. (quar.)--------Public Service Corp. of N. J. (quar.)...
Reading Traotlon............................
Republic Ry. A Light, com.(qu.) (No. 3)
Preferred (quar.) (No. 24)-----------Ridge Ave. Pass., Phlla. (quar.)------Rome (Ga.) Ry. A Elec., com. (guar.)
Scranton &W
ilkes-Barre Tr., pref. (qu.).
Second A Third Sts. Pass.. Phlla. (quar.l
South Carolina L ., Pow. & R ys., pf. (qu.).
8prIngfield(Mo.)Ry.ALt., pref. (quar.).
Springfield A Xenia R y., pref. (guar.)___
Thirteenth &Fifteenth Sts., Pass., Phlla
Toronto Railway (quar.)....................
Tri-City Ry. A Light, common (quar.)..
Preferred (quar.).............................
Twin City Rap. Tr., Minn., com. (qu.)_
Preferred (quar.)...........................
Union Passenger Ry. (Philadelphia)___
Union Traction, Philadelphia..............
United Electric Co. of N. J_____

Cent.
Payable.

26 17

ix

American Shipbuilding. common (gua r.)..
Common (extra)---------------- ---------------------------Preferred ( g u a r .) ... ---------------- ------------------A m e r . S m e lte r s S e c u r s . C o r p . , p f . A (q u .)
P r e fe r r e d B ( q u a r . ) ..........................................
A m e r . S m e l t . A R e f g .. c o r n . ( R e d C r o s s ) . .
A m e r ic a n S n u ff , c o m m o n ( q u a r . ) ............. ..
P r e fe r r e d ( q u a r . ) ---------------------------------------A m e r ic a n S te e l F o u n d r ie s ( q u a r . ) -------------A m e r . S t o r e s , 1 st
2 d p r e f . ( N o . 1 ) --------A m e r ic a n S u g a r R e f g . , c o m .A p r e f .t q u a r .)
C o m m o n a n d p r e fe r r e d ( q u a r . ) ................
A m er. S u m a tra T o b a c c o , c o m . (N o . 1 ) . .
P r e f e r r e d . . . . . . --------------- -- .....
A m e r ic a n S u r e t y ( q u a r . ) ( N o . 1 1 2 ) ------A m e r . T e l e p h o n e A T e le g r a p h ( q u a r . ) . .
t m e r i c a n T h r e a d , p r e fe r r e d ------------------------A m e r ic a n T o b a c c o , p r e fe r r e d ( q u a r . ) ------A m e r ic a n T y p e F o u n d e r s , c o m . ( q u a r . ) .
P r e fe r r e d ( q u a r . ) ___ _
. . . . . .............
A m e r ic a n W o o l e n , c o m m o n ( q u a r . ) ...........
P r e fe r r e d ( q u a r . ) ............. ................................

A

A n a c o n d a C o p p e r M ! n i n g ( R e d C r o s s d l v .)
Anglo-American Oil, Ltd .............
..
A r k a n s a s L i g h t A P o w e r , p r e f. ( q u a r . ) . .
A s s o c ia t e d D r y G o o d s . 1 st p r e f. ( N o . 1 ) . .
Associated Gas A Elec., pref. (g u a r.) ..............
A s s o c ia t e d O il ( q u a r . ) ........... ..............................
A tl. G u lf A W . I . S S . L in e s , c o m m o n _____
P r e fe r r e d ( q u a r . ) __________________________
A t la n t ic G . A W . I . S S . L in e s , c o m . (e x t .)
A t l a n t i c S t e e l, c o m m o n ( q u a r . ) ...................
C om m on
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B a lt im o r e T u b e . c o m . A p r e f. f q u a r . ) . .
B a r n h a r t B r o s .A S p I n d le r . ls tA 2 < l p f .( q u )
B a r n e t t O il A G a s ( m o n t h l y ) ( N o . 3 ) . . .
E x t r a ............................................... ......................
B a r r e t t C o m p a n y , c o m m o n ( q u a r . ) ______
P r e fe r r e d ( q u a r . ) ..................... .........................
B ell T e le p h o n e o f C a n a d a ( q u a r . ) _________
Bell T elephone of P a ., (g u a r.) .............................
B e th le h e m S t e e l, c o m m o n ( q u a r . ) ........... ..
C o m m o n , C la s s B ( q u a r . ) .............................
P r e fe r r e d ( q u a r . ) ........ ...................................
B e t h l e h e m S t e e l, C la s s A A B ( R e d C r o s s )
B illin g s A S p e n c e r ( q u a r . ) .............................
E x t r a -------------- ------------------------------------- -------Bliss ( E . I F . ) C o., com m on (g u a r.) ................
Common (extra.) ....................................................
Bonbright (1 Vm . P.) C o., 1st pref. ( g u a r .)..
B o r d e n ’ s C o n d e n s e d M i l k , c o m m o n ____

S I . 25

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J u ly
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2
10
14
14
18

H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
J u ly
7

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of
of
of

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rec.
rec.
rec.
to

June
June
June
June
J u ly

15
15a
30
30
15

J u ly 16 H o l d e r s o f r e c . J u l y 10
J u ly 16 H o l d e r s o f r e o . J u n e 3 0 a
J u ly 16 H o l d e r s o f r e c . J u n e 3 0 a
J u ly
3 H o ld e r s o f r e c . J u n e 13a
J u ly 16 H o l d e r s o f r e c . J u n e 2 2 a
J u ly 16 H o l d e r s o f r e o . J u n e 2 2 a
J u ly
2 H o ld e r s o f r e c . J u n e 15a
J u ly
2 H o ld e r s o f r e c . J u n e 16a
J u n e 30 H o l d e r s o f r e c . J u n e 2 2 a
J u n e 30 H o ld e r s o f r e c . J u n e 2 2 a
J u n e 3 0 H o ld e r s o f r e c . J u n e 2 2 a
J u n e 3 0 H o ld e r s o f r e c . J u n e 2 2 a
J u n e 3 0 H o ld e r s o f r e c . J u n e 2 2 a
J u ly
2 H o l d e r s o f r e c . J u n e 15a
J u ly
2 H o l d e r s o f r e o . J u n e 1 5a
J u ly
2 H o l d e r s o f r e c . J u n e 1 2a
J u ly
2 H o ld e r s o f r e c . J u n e 12a
J u ly
2 H o ld e r s o f r e c . J u n e 12a
J u ly
2 H o ld e r s o f re o . J u n e 22
J u ly
2 H o ld e r s o f r e c . J u n e 15a
J u ly 16 H o l d e r s o f r e o . J u n e 3 0 a
J u ly
2 H o ld e r s o f re c. M a y 3 1 o
S e p t. 1 H o ld e r s o f re o . A u g . 2 2a
J u ly
2 H o l d e r s o f r e c . J u n e 19
J u ly
2 H o ld e r s o f r e c . J u n e 19
A ug.
1 H o l d e r s o f r e c . J u ly 18
Aug.
1 H o ld e r s o f r e c . J u ly 18
J u ly
2 H o ld e r s o f r e c . J u n e 15a
J u ly
2 J u n e 23
to
J u ly
1
J u ly
2 June 23
to
J u ly
1
J u ly 2 5 H o l d e r s o f r e c . J u l y 1 6
J n e 30 H o l d e r s o f r e c . J t m e 15
J u ly
2 H o ld e r s o f r e c . J u n e 2 2 a
J u ly 16 J u ly
7
to
J u ly 1 6
J u ly
1 H o l d e r s o f r e c . J u n e 15
J u ly
3 H o ld e r s o f r e o . J u n e 2 2 a
J u ly 21 H o l d e r s o f r e o . J u ly
5a
J u ly 25 H o ld e r s o f r e o . J u n e 2 2 a
J u ly 14 H o l d e r s o f r e c . J u ly
I
A ug.
1 H o l d e r s o f r e c . J u ly 17
J u ly
1 J u n e 16
to
J u n e 30
J u ly
1 J u n e 16
to
J u n e 30
J u ly
2 June 28
to
J u ly
2
J u ly
2 H o ld e r s o f r e c . J u n e 21
J u ly
2 H o ld e r s o f r e o . J u n e 15
J u ly
2 H o ld e r s o f r e c . J u n e 20a
J u n e 30 J u n e 2 2
to
June 30
J u n e 30 H o ld e r s o f r e c . J u n e 21
J u ly 15 H o l d e r s o f r e c . J u n e 3 0 a
J u ly 15 H o l d e r s o f r e o . J u n e 3 0 a
J u ly 15 H o l d e r s o f r e o . J u n e 3 0 a
J u n e 30 H o ld e r s o f r e c . J u n e 23a
J u n e 30 H o ld e r s o f r e c . J u n e 2 3a
J u ly 15 H o l d e r s o f r e c . J u n e 3 0 a
J u ly 15 H o l d e r s o f r e c . J u n e 3 0 a
J u ly 2 0 H o l d e r s o f r e c . J u ly
5
J u ly 2 0 H o l d e r s o f r e c . J u ly
5
J u ly 2 0 H o l d e r s o f r e c . J u ly
5
J u ly
2 J u n e 16
to
J u n e 24
J u ly
2 J u n e 16
to
J u n e 24
J u ly 2 8 J u ly
3
to
J u ly
4
J u ly
2 H o ld e r s o f r e o . J u n e 1 5 a
J u ly
2 H o ld e r s o f r e c . J u n e 15a
J u n e 30 H o ld e r s o f r e o . J u n e 16a
J u ly
6 June 26
to
J u ly
9
J u ly
2 H o ld e r s o f re c J u n e
O ct.
2 H o ld e r s o f r e c . S e p t ,
A u g . 15 H o l d e r s o f r e c . A u g .
S e p t . 1 H o ld e r s o f reo. A u g . 18a
J u n e 3 0 H o ld e r s o f r e c . J u n e 2 3 a
J u ly 16 H o l d e r s o f r e c . J u n e 3 0 a
J u ly
1 M a y 16
to
M a y 31
J u ly
2 H o ld e r s o f re o . J u n e 15a
J u ly 14 H o l d e r s o f r e c . J u ly 1 0 a
J u ly 14 H o l d e r s o f r e c . J u ly 1 0 a
J u ly 16 J u n e 16
to
J u n e 27
J u ly 16 J u n e 16
to
J u n e 27
A u g . 27
J u ly 16 H o l d e r s o f r e c . J u n e 2 6 a
J u ly 16 H o l d e r s o f c o u p . N o . 13
J u ly
1 H o l d e r s o f r e c . J u n e 15
D eo.
1 H o l d e r s o f r e c . N o v 15a
J u ly 16 H o l d e r s o f r e c . J u n e 3 0
J u ly 16 H o l d e r s o f r e o . J u n e 3 0 a
A ug.
1 H o ld e r s o f re o . J u n e 2 9 a
J u ly
2 H o ld e r s o f re o . J u n e
A ug.
1 H o ld e r s o f re o . J u n e 29a
J u ly
2 June 23
to
J u ly
2
J u ly
2 June 23
to
J u ly
2
J u ly
1 H o ld e r s o f r e c . J u n e
J u ly
2 H o l d e r s o f r e c . J u n e 15
J u ly
2 J u n e 21
to
J u ly
1
Aug.
1 H o l d e r s o f r e c . J u ly 2 7 a
A ug.
1 H o l d e r s o f r e c . J u ly 15
A ug.
1 H o l d e r s o f r e c . J u ly 15
J u ly
2 H o ld e r s o f r e c . J u n e 2 0 a
J u ly 16 H o ld e r s o f r e c . J u n e 3 0 a
J u ly 14 H o l d e r s o f r e c . J u n e 3 0
J u ly 16 H o l d e r s o f r e c . J u ly 5 a
J u ly
2 H o ld e r s o f re o . J u n e
J u ly
2
o f reo.
1 5a
J u ly
2 H o ld e r s o f r e o . J u n e 1 5 a
Aug.
1 H o ld e r s o f r e c . J u l y 1 8 a
J u ly
2 June 24
to
J u ly
I
J u ly
2 June 24
to
J u ly
1
J u ly
2 June 28
to
J u n e 30
J u ly
2 June 28
to
June 30
J u ly 10 H o l d e r s o f r e c . J u n e 3 0
A u g . 15 H o l d e r s o f r e c . A u g .
1

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June

15a

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Per
Cent.

N a m e o f Com pany.
M is c e lla n e o u s (C o n t in u e d ).
B o o t h F is h e r ie s , c o m m o n ( q u a r . ) .................
F ir s t p r e fe r r e d ( q u a r . ) . . . . . . ..................
B r ie r H ill S t e e l, c o m m o n ( q u a r . ) _________

B r lt l s h - A m e r lo a n T o b a c c o , o r d i n a r y ___
B r o o k l y n U n io n G a s ( q u a r . ) ( N o . 6 5 ) ___
B r u n s w ic k - B a l k e - C o l lc n d e r , p r e f . ( q u . ) _
B u c y r u s C o . , p r e f . ( q u a r .) ( N o . 9 ) ________
B u r n s B r o s . I c e C o r p . , fir s t p r e f . ( q u . ) _
Bush T erm in al, com m on ____________________
Com m on (extra payable in scrip ) ..............
P r e f e r r e d ........................ ........................................
Bush T erm inal B uildings, preferred ..............
B u t t e A S u p e r io r M i n i n s ( q u a r . ) _________
B u t t e * S u p e r io r M i n . ( s p e c .) ( I t e d C r o s s )
C a li f o r n ia E l e c . G e n e r a t ’ g , p r e f . ( q u a r . ) .
C a li f o r n ia P a c k in g C o r p . , p r e f . ( q u a r . ) . .
C a li f o r n ia P e t r o le u m C o r p . , p r e f . (q u a r .)
C a n a d a C e m e n t, L t d ., c o m m o n ( q u a r .).
C a n a d a S t e a m s h ip L i n e s . . ________________
C a n a d ia n C o n s . R u b b e r , L t d . , p r e f . ( q u . )
C a n a d ia n C o t t o n s , L t d . , c o m . ( q u a r . ) . .

1

J u ly
J u ly
J u ly
J u ly
J u lv
6
June
J u ly
IX
1
J u ly
J u ly
IX
J u ly
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J u ly
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J u ly
2X
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J u ly
J u ly
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J u ly
IX
J u ly
1
J u ly
IX
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Juno
IX
1
J u ly

IX
IX

C a n a d ia n G e n . E l e c . , c o m . ( q u . ) ( N o . 7 2 )
C a n a d ia n L o c o m o t i v e , p r e fe r r e d ( q u a r . ) .
Canadian W esllnghouse, Ltd. (q u a r .) ______

2

Carbon Steel, com . ( g u a r . ) . . .............................
Com m on (e x tra ) _____________________________
Second preferred (a n n u a l) ______ ________
C a r d e n a s -A m e r . S u g a r , p r e f. ( q u a r .) ..
C a s e (J . I . ) T h r e s h . M a c h . , p r e f . ( q u a r .)

W hen
Payable.

IX
IX
5
IX

Canadian Crocker-iVheeler, L td .,c o m .(g u .).
P referred (g u a r.) ___________________________

June
Juno
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J u ly
J u ly
J u ly
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IX
IX
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10
10
16
16
30
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31
30
4
4
30
30
2
1
2
3
15
15
15
15
30
2
1

Books Closed.
D ays Inclu sive.

N a m e o f Com pany.

H o ld e r s o f r o e . J u n e 2 0 a
H o l d e r s o f r e c . J u n e 2 0a
Juno 21
to
J u ly
1

M is c e lla n e o u s (C o n t in u e d ).
G e n e r a l E l e c t r i c ( R e d C r o s s d i v i d e n d ) ___
G e n e r a l F ir e p r o o f in g , c o m . A p r e f. ( q u .)
G e n e r a l M o t o r s C o r p . , c o m . ( q u a r . ) ___
1u
1

S e e n o t e (f)
H o l d e r s o f r e o . J u n e 15a

G e n e r a l R a i l w a y S i g n a l , c o m . A p r e f .( q u . )
G lobe-W ernicke, p ref. (q u a r.) .............................

J u n o 21
H o ld e r s o f
H o ld e r s o f
H o ld e r s o f

J u n e 30
J u n e 20
J u n e 11a
J u ly
7

G o o d r i c h ( B . F .) C o . , c o m m o n ( q u a r . ) . .
G o o d r i c h ( B . F . ) C o . , p r e f. ( q u a r . ) _______
Gorham M a n u fa ctu rin g , p ref. (g u a r.) ______
G r a n b y C o n . M i n . , S . A P o w . , L t d . ( q u .)

rec.
rec.
rec.
rec.
rec.
rec.
to
o f rec.
o f rec.
o f rec.

Juno
June
J u ly
June
June
June
J u ly
J u ly
June
Juno

30a
15a
(117
22a
22a
20a
10
15
22a
25

G r e a t L a k e s T o w i n g , p r e fe r r e d ( q u a r . ) . .
G r e a t L a k e s T r a n s i t , c o m m o n . . ........... ..
P r e fe r r e d
( q u a r . ) ..................... ............... —
G r e a t N o r t h e r n I r o n O r e P r o p e r t ie s . . . . .
G r e a t W e s te r n S u g a r , c o m m o n ( q u a r . ) . .
C o m m o n ( e x t r a ) ........... ....... ..............................
P r e fe r r e d ( q u a r . ) ...............................................
G u a n t a n a m o S u g a r ( q u a r . ) ............................
G u lf S t a te s S t e e l, c o m m o n ( q u a r . ) ------C o m m o n ( e x t r a ) _________ _________ _______

Juno 20
to
Juno 20
to
H o ld e r s o f r e c .
H o ld e r s o f r e c .
H o ld e r s o f r e c .

Juno
June
June
Juno
Juno

30
30
15
20
20a

S e c o n d p r e fe r r e d ( q u a r . ) . . ................ .......
G u l f S t a t e s S t e e l, c o m . ( R e d C r o s s c o n t r .)
H a r b ls o n -W a lk e r R e f r a c t o r i e s , p r e f . ( q u . ) .
H a r r is b u r g ( P a . ) L t . A P o w . , p r e f . ( q u . ) .
H a r t , S c h a ff n o r A M a r x , I n c . , c o m . ( q u . )

A u g . 11

to

A u g . 14

N o v . 11
J u ly 2 6
H o ld e r s o f
H o ld e r s o f

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to
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N ov.
J u ly
Juno
June

H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
J u ly
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H o ld e r s
H o ld e r s
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to
rec.
rec.
rec.

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of
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C e n t r a l C o a l & C o k e , p r e f . ( q u a r . ) _____
C e n t r a l F o u n d r y , 1 s t p r e f . ( q u a r . ) _____

Central F oundry, ordinary pref. stock (gu.)
C e n t r a l L e a t h e r , p r e fe r r e d ( q u a r . ) ..............
C e n t r a l & S . A . T e le g r a p h ( q u a r . ) _______
C e n t r a l S t a t e s E l e c . C o r p . , p f . ( q u . ) (N o .2 0 )
C h a n d l e r M o t o r C a r ( q u a r . ) ........................
E x t r a _________ _ .____________ ____________
C h a n d l e r M o t o r C a r ( R e d C r o s s ) _______
Charcoal Iro n Co. o f A m ., com . (g u a r.) _____

Chicago Pneum atic Tool (g u a r.) _____________
C h i c a g o T e le p h o n e ( q u a r . ) ...............................
Childs C o., com m on (Red Cross d iv id en d )..
S p e c ia l ( R e d C r o s s c o n t r i b u t i o n ) ..............
C i n c i n n a t i G a s & E l e c t r i c ( q u a r . ) _______
C i t y I n v e s t in g , p r e f . ( q u a r . ) ........... ............
Cleveland Elec. Illum inating, com m on _____
P referred (g u a r.) ................ .................... ............
C l u e t t , P e a b o d y & C o . , I n o ., p f . ( q u a r . )
C o l o r a d o S p r in g s L . , I I . & P . p r e f . ( q u . ) .
C o l t ’ s P a t e n t F ir e A r m s M f g . ( q u a r . ) . .
C o m m o n w e a lt h L t . & P o w . , p f . ( q u . ) . .
C o m p u t ln g - T a b u l a t l n g - R e c o r d l n g ( q u a r .)
C o n s o l . G a s , E l . L . & P o w , B a lt , (q u a r .)
C o n s o l . I n t e r s t a t e - C a lla lia n M i n . (q u a r .)
C o n s u m e r s ' E l. L . & P .,N e w O r .,p f.( q u .)
C o n s u m e r s P o w e r (M ic h .) , p r e f. ( q u a r .) .
C o n t i n e n t a l C a n , c o m m o n ( q u a r . ) _______
P r e fe r r e d ( q u a r . ) __________________________

Continental Gas & E l. C orp ., com . (g u a r.).
Com m on (extra ) _____________________________
P referred (extra ) ___ ________ _______________
C o r n P r o d u c t s R e f in i n g , p r e f . ( q u a r . ) . .
P r e f . ( o n a c c ’ t a c c u m u l a t e d d i v s . ) _____
C r a m p ( W m . ) & S o n s S h ip * E n g . B l d g .
C r o c k e r -W h e e le r C o ., c o m m o n ( q u a r . ) . .
C o m m o n s p e c ia l R e d C r o s s d i v i d e n d ___
P r e fe r r e d
( q u a r . ) ............................................
C r u c i b l e S t e e l, p r e f. ( q u a r .) ( N o . 5 7 ) ___
P r e f. (o n a c c t . o f a c c u m u la te d d l v s . ) . .
C r u c i b l e S t e e l, p r e f . ( N o .5 8 ) ( a c c ’ t a c c u . )
C u b a C a n e S u g a r C o r p . , p r e f. ( q u a r . ) ___
C u b a n - A m e r l c a n S u g a r , c o m m o n ( q u a r .)
D a y t o n P o w e r A L ig h t , p r e f . ( q u a r . ) _____

D is t i ll e r s S e c u r it ie s C o r p o r a t i o n ( q u a r . ) .
D o d g e M a n u f a c t u r i n g , c o m m o n (q u a r .)
D o m i n i o n C a n n e r s , L t d . , p r e f. ( q u a r . ) . .
D o m in i o n G la s s . L t d . , p r e fe r r e d ( q u a r .)
D o m i n i o n S t e e l C o r p . , L t d . , c o m . (q u a r .)
D o m in i o n T e x t i l e , L t d . , c o m m o n ( q u a r . )
D r a p e r C o r p o r a t io n
( q u a r . ) ........................
D u lu t h E d is o n E l e c . , p r e f . ( q u . ) ( N o . 4 5 )
d u P o n t ( E . I , ) d e N e m . A C o . .d e b . s t o c k (q u )
d u P o n t ( E .I .) d o N e m . P o w ., c o m . ( q u .) .

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P r e f e r r e d ( q u a r . ) .......................... ....................
E i s e n l o h r ( O t t o ) A B r o s . , I n c . , p r o f, ( q u .)
E l e c t r i c a l S e c u r it ie s C o r p . , c o m . ( q u a r .)
P r e fe r r e d
( q u a r . ) _ ..........................................
Electrical Utilities C orp ., pref. (g u a r.) ____
E l e c t r i c L ig h t A P o w e r A b i n g t o n A
E l e c t r i c S t o r . B a t t ., c o m . A

p r e f. ( q u . )

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E r l o L ig h t in g , p r e fe r r e d ( q u a r . ) _______
E u r e k a P ip e L in o ( q u a r . ) ...... .......................
G a le n a -S ig n a l O il. c o m m o n ( q u a r . ) ______
P r e fe r r e d ( q u a r . ) ...............................................
G a s t o n , W lllla m s A W I g m o r e (R e d C r o s s ).
G e n e r a l A m e r i c a n T a n k C a r C o r p o r a t io n
fir s t a n d s e c o n d p r e fe r r e d ( q u a r . ) ...........
G e n e ra l B a k in g , p r e f. (q u a r .) ( N o . 2 2 ) . .
G e n e r a l C h e m i c a l, p r e fe r r e d ( q u a r . ) ____
G e n e r a l E le c t r ic ( q u a r . ) ....................................




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H o ld e r s o f r o c . J u n o 3 0 a
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D ays Inclu sive.

1
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15 H o ld e r s
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H o ld e r s o f r e o . J u n o 2 9 a
H o ld e r s o f r e c . J u ly
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I n t e r n a t io n a l S ilv e r , p r e fe r r e d ( q u a r . ) . . .
I s la n d C r e e k C o a l , c o m m o n ( q u a r . ) ------P r e fe r r e d
( q u a r . ) ............................................

H o ld e r s
J u n e 15
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June
June
J u ly
J u ly
Juno

14a
21
27
1
25
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K a n s a s G a s A E le c ., p r e f. (q u a r .) ( N o .29)
K a u f m a n n D e p a r t m e n t S t o r e s , p r e f. ( q u . )
K a y s e r (J u liu s ) A C o . , c o m m o n ( q u a r . ) .
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Juno
June
Juno
June
Juno

14
15a
28
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15a

K e n n e c o t t C o p p e r C o r p . ( q u a r .) ( N o . 6 ) .
K e n n e c o tt C o p p e r (R e d C ross c o n t r lb .) .
K e r r L a k e M i n i n g ( R e d C r o s s d l v . ) ------K e y s t o n e T ir e A R u b b e r , c o m . ( q u a r . ) . .
P r e fe r r e d
( q u a r . ) ................ ...........................
P r e fe r r e d
( e x t r a ) ........... ............ ............ —

J u n e 10
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K r e s g o (S . 3 .) C o . , c o m m o n ........................ P r e fe r r e d ( q u a r . ) . . .......................................
K r e s s (S . I I . ) A C o . , p r e fe r r e d ( q u a r .) —
L a B e lle I r o n W o r k s , c o m m o n ( q u a r . ) . . .
P r e fe r r e d ( q u a r . ) -------------------- -------------------

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J u n e 30
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L a k e T o r p e d o B o a t , fir s t p r e f e r r e d ------L a R o s e C o n s o li d a t e d M i n e s ( q u a r .) —
L a u r e n t id e C o . , L t d . ( q u a r . ) ...................—
L a w y e r s ’ M o r t g a g e ( q u a r .) ( N o . 6 3 ) -------

J u ly
22
to
Aug.
H o l d e r s o f r e o . J u ly

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IX
$ 2 .5 0 J u ly
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H o ld e r s o f r e c . J u n e 23
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June
Juno
Juno

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J u n o 17
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H o ld e r s
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20
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24
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15a
16a
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P r e fe r r e d (a c c o u n t a c c u m . d i v i d e n d s ) .
L ig g e t t A M y e r s T o b a c c o , p r e f. ( q u a r .) .
L o n e S t a r G a s ( q u a r . ) ............. .........................
L o o s e -W i le s B i s c u i t , 1 st p r e f. ( q u a r . ) . . .
L o r illa r d ( P .) C o . , c o m m o n ( q u a r . ) ------P r e fe r r e d ( q u a r . ) .................................. ............

H o ld e r s o f r e o . J u n o 2 0 a

M a cA n d re w s A F o rb e s, co m m o n (q u a r .).

H o l d e r s o f r e c . J u ly
2
Juno 24
to
J u n e 30

M a c k a y C o m p a n ie s, c o m . (q u .) (N o . 4 8 )
P r e fe r r e d ( q u a r .) ( N o . 5 4 ) ................ .......

J u n e 19
to
J u ly
2
H o ld e r s o f r e o . J u n e 12

M a g m a C o p p e r C o . ( R e d C r o s s d i v id e n d )
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H o ld e r s o f re o . J u n o
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H o ld e r s o f r e c . J u n e 15

2 H o ld e r s
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14 J u n e 3 0
M a nufa cturers’ Light A H eat (g u a r .) --------1 A u g . 22
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M a s s a c h u s ’ ts L lg l i t . C o s . , n e w c o m . (( p i .)
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M a y D e p a rtm en t S tores, p r e f. (q u a r .) ..
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M c C r o r y S t o r e s C o r p o r a t i o n , p r e f. ( q u .)
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M e x i c a n P e t r o le u m , L t d . , p r e f. ( q u a r .) .
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2X
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M i c h i g a n L ig h t C o . , p r e fe r r e d ( q u a r . ) . .
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J u n o 30 J u n o 2 8
M i c h i g a n S t a te T e l e p h o n e , p r e f . ( q u a r . ) .
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M i d d l e W e s t U t i li t ie s , c o m m o n ( q u a r . ) . _
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A ug.
M o h a w k M i n i n g . . . ............................. ............... $ 1 0
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J u ly
M o n t a n a P o w e r , c o m . ( q u a r .) ( N o . 1 9 ) . .
IX
2 H o ld e r s
J u ly
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M ontana P ow er. com . (Red Cross d lv. ) _____
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M o n t g o m e r y W a r d A C o . , p r e f. ( q u a r . ) .
IX
A u g . 15 H o l d e r s
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M o n t r e a l L i g h t , H . A P . ( q u .) ( N o . 6 5 ) .
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M o n t r e a l T e le g r a p h ( q u a r . ) ........................
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M o r t g a g e B o n d C o . ( q u a r . ) ........................
IX
J u ly
SI
1 H o ld e r s
M o t o r P r o d u c t s C o r p o r a t io n ( q u a r . ) ------J u ly 16 H o l d e r s
M o u n t a i n S t a te s T c l e p . A T e l e g . ( q u a r . ) .
IX
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J u n o 30 H o ld e r s
N a s s a u L ig h t A P o w e r ( q u a r . ) ...................
N a t i o n a l B is c u it , c o m m o n (q u ) ( N o . 76)
J u ly 14 H o l d e r «
IX

Juno 20
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s

H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s

of
of
of
of
of
of

of
of
of
of

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

rec.
rec.
rec.
rec.

Juno
J u ly
Juno
Juno
J u ly
Juno
Juno

Juno
Juno
J u ly
J u ly

11a
19
10a
2 1a

H o ld e r s o f r e c . J u n o 2 5 a
H o ld e r s o f r e c . J u n o

H o ld e r s
H o ld e r s
J u n o 21
J u n e 21
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s

J u ly
2
J u ly
2 H o ld e r s
J u ly
2
J u ly
2 H o ld e r s
2 H o ld e r s
J u ly
IX
6
A ug.
1 H o ld e r s
3
J u n o 30 H o ld e r s
2
J u n o 30 H o ld e r s
« 2 5 o . J u ly 16 H o l d e r s

I

P er
Cent.

1%

2
C e n t r a l A g u ir r e S u g a r C o s . , c o m m o n _____

E a stm a n

[Vol. 10*

THE CHRONICLE

o f rec.
o f rec.
to
to
o f rec.
o f rec.
o f rec.
of rec.

A ug.
A ug.
J u ly
J u ly
June
June
J u ly
J u ly

2 1.

.31
31
l
1
20
29a
2 la
6

o f r e c . J u n o 18a
of
of
of
of
of
of

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

2 Juno
20
to
1 H o ld e r s o f re o .
2 H o l d e r s o f re o .
11 H o l d e r s o f r c c

Juno
June
J u ly
M ay
M ay
Juno

20
20a
16
31a
31a
3 0a

J u ly
1
J u n o 16
J u n o 18a
J u n e 16a

M a n h a t t a n E l e c . S u p p ly , c o m . ( q u a r . ) . .
F ir s t a n d s e c o n d p r e fe r r e d ( q u a r . ) ____

of
of
of
of
of
of
of

rcc.
rec.
rec.
rcc.
rec.
rcc.
rec.

Juno
Juno
June
June
Juno
June
June

H o ld e r s o f r c c . J u n e 3 0 a

H o ld e r s o f re o . J u n o
H o ld e r s o f r c c . J u n o

9a
9a

H o l d e r s o f r e c . J u ly 14
H o l d e r s o f r c c . J u n o 16
o f reo. J u n e 20a
o f reo. J u n o 20a
25a
o f r c c. June 30
to
J u ly 15
to
A u g . 31
o f rec. Juno 25
25
o f rcc. Juno 20a
20a
o f rec. June ll a
11a
11a
o f rc c. Juno 20a
o f rec. Juno 20a
o f rec. June
2a
o f r e o . J u n o 1 5a
o f r e c . Ju n o 30a
o f r e c . J u ly
5a
o f r c c . J u n o 15a
to
J u ly
6
o f reo. J u n o 22
o f r e c . J u ly
of
of
of
of
of
of
of
of
of
of
of

re o .
re o .
rec.
rec.
rec.
reo.
reo.
rcc.
rcc.
rec.
rec

June
Juno
J u ly
June
J u ly
June
Juno
June
June
Juno
June

3a
3a
15a
15a
0a
21a
31
30
23
20
30a
26a

28a

Name of Company.

Per
Cent.

When
Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
2 July 2 Holders of roc. June 16
National Glue, common............................
2 July 2 Holders of rec. June 16
Preferred (quar.). — ........ ............. - ­
4
July 1 Holders of rec. July 6a
IK
Nat. Cloak &Sult. com. (quar.)(No. 2 )..
July 16 Holders of rec. June 15a
National Conduit & Cable, Ino. (No. 1) . SI
2)4 July 10 Holders of rec. June 30a
National Fuel Gas (quar.)...... ...............
1 June 30 Holders of roc. June 8a
National Lead, common (quar.) — ........
July 27 Holders of rcc. July 6a
National Lead, com. (Red Cross div.) — u 1
2)4 July 6 Holders of rec. July 2
N ation al L icorice, com m on ( N o . 30).........1)4 Juno 30 Holders of rec. June 25
National Licorice, pref. (quar.) (No. 60)
2 July 14 Holders of rec. June 30a
National Paper & Typo, common (quar.)
4
\ K July 1 Holders of rec. June 30a
Preferred (quar.)____ _______________
July 1 Holders of rec. June 15a
National Refining, preferred (quar.) — 2
4
1)4 July 2 Holders of rec. June 1
Natlonal Sugar Refining (quar.) ..
3 July 2 Holders of rec. June 22a
National Surety (quar.).............. .
July 25 Holders of rcc. July 2a
National Surety (Red Cross dividend) —
3 July 1 Holders of rec. June 20a
National Tool, common (quar.)..........
I K July 1 Holders of rec. June 20a
Preferred (q u a r .)...............................
Si June 30 Holders of rec. June 15a
Nevada Consolidated Copper (quar.) —
ul5c. July .25 Holders of rec. July 18
Special______________ . . . . . -------N ew England C om pany, 2d p r e f . . ................

New England Oil & Pipe Line, pref. (qu.)

N e w England P ow er, p ref. {q u a r .). ................

New England Telep. & Teleg. (quar.)..
New Idria Quicksilver Mining (quar.)..

N ew Jersey Zinc (quar.)------------ —
Extra ____________________ -

New York Mutual Gas Light------- — New York Title & Mortgage (quar.) —
New York Transit (quar.)....................

N iagara Falls P ower (quar. ) -----------------------

NIpe IJay Co., common (quar.)........... Nlplssing Mines (quar.)— .
North American Co. (quar.) (No. 63).

N orlh Unite M in in g (q u a r .) -----------------------

Northern Ontario Light & Power, pref—
Northern Pipe Line. .......... ........... ......... Northern States Power, common (quar.).
Preferred (quar.)-------------------Northwestern Power, preferred.

Nova Scotia Steel < Coal, I
fe
Preferred (quar.)______
Ohio Cities Gas. preferred (quar.).. . .
Ohio Fuel Supply (quar.)........
Oklahoma Producing A Refining (quar.).
Old Colony Gas, pref. (quar.)..
Osage A Oklahoma Co. (quar.) .......
Otis Elevator, common (quar.).
Preferred (quar.)... ......... .
Common (extra)..
Preferred (quar.).
Pacific Telep. & Teleg. pref. (quar.).
Pan-Amer. Petrol. A Transp., pf. (qu.).
Pennsylvania Salt M f g ................
Pettlbone-Mulllken Co.. 1st A 2d pf.(qu.)
Pierce-Arrow Motor Car, common.. .
Preferred (quar.)----- ----------------Pittsburgh Coal, pref. (quar.)-----------Pittsburgh Plate Glass, common (quar.)
Preferred (extra)_______________
Pond Creek Coal (quar.) (No. 1).
Prairie Oil A Gas (quar.).
Prairie Pipe Line (quar.).
Preferred (quar.)_________
Provldenco Gas (quar.)_____
Providence Telephone (quar.).
Public Service of Nor. Ills., com. (
Preferred (quar.)__________
Quaker Oats, common (quar.).
Preferred (quar.)...... .......
Quincy Mining (quar.).........
Ray Consolidated Copper (quar.).
Special (Red Cross dividend) .
Realty Associates (No. 29)........ .......
Reece Buttonhole Mach, (qu.) (No. 25)..
Reece Folding Machine (quar.) (N o. 33).
Regal Shoe, pref. (quar.) (No. 90)---Rco Motor Car (quar.)..................
Preferred (quar.) (No. 55).
Common (extra)............. ........ ......
Preferred (quar.)................ ..........
Roanoke Oas Light, pref. (quar.)______
Royal Baking Powder, common (quar.)
Preferred (quar.). _____________
Safety Car Heating A Lighting (quar.)..
St. Joseph Stock Yards (quar.)__
Scovlll M fg . (quar.) ...................
E x tr a ___________________
Scars. Roebuck A Co., preferred (quar.).
Securities Company---- '.---------Sharon Steel IIoop (quar.)...........

Extra (No. 8 ) ............. ..........
Shawlntgan W
ater A Power (quar.)
Sherwin-W
illiam Co. of Canada, pf. (qu)
s
Simpson Creek Coal, pref. (quar.)---Sloss-Shcfflcld Steel & Iron, pref. (quar.)
Southern N . E . Telephone (q u a r.)..

Southern Utilities, preferred (quai
South Penn oil (quar.)..............
South Porto Rico Sugar, common (quar.)
Preferred (quar.)............................
South W Pa. Pipe Lines (quar.)____
est
Southwestern Cities Electric, pref. ' ‘
Spring Valley Water (quar.)___
Standard Coupler, preferred
Standard Gas Light (N. Y.), common...
Preferred______
Standard O (Kentucky)’('quar')........
il
Standard O (Ohio) (quar.)___ '
H
Extra ...........................
Standard Screw, common.
Preferred
Preferred




2619

THE CHRONICLE

June 30 1917.]

2 July 15 Holders of rec. July la
134 July 2 June 24 to July 2
1)4 July 15 Holders of rec. July la
Juno 30 Holders of rec. June 20
IK
June 30 Holders of rec. June 25a
SI
0
4 Aug. 1 Holders of rec. July 31
0
4 July 1 Holders of rec. June 30
5 July 10 Holders of rec. June 25a
I K July 2 Holders of rcc. June 22
4 July 14 Holders of rcc. June 23
2 July 16 Holders of rec. July 6
2 July 14 Holders of rec. Juno 23a
25c July 20 July 1 to July 17
,
i
1H Inly * Holders of reo. June 15a
50c. July 28 Holders of rec. July 12a
3 July 15 Holders of rec. Juno 30
1
5 July 2 Holders of rcc. June 1
134 July 20 Holders of rec. Juno 30
1 4 July 15 Holders of rec. June 30
3
1)4 July 1Holders of rcc. June 23
3 July 2 Holders of rec. June 21a
2)4 July 14 Holders of rec. June 30a
2 July 14 Holders of rcc. June 30
2)4 July 2 Holders of rec. June 20
l K July 1 Holders of rcc. June 15a
62)4c. July 14 Holders of rcc. June 30a
1 4 July 1 Holders of rec. June 20
3
12)4o. Juno 30 Holders of reo. June 20
1)4 July 2 Holders of rcc. June 18a
2 July 10 June 30 to July 10
so July 31 Holders of rec. June 30
July 16 Holders of rcc. June 30
IK
1)4 July 16 Holders of rec. June 30
1)4 July 2 Holders of rec. June 20a
75c. July 2 Holders of rec. June 21a
50c. July 2 Holders of rec. June 21a
1 4 July 2 Holders of rco. June 21a
3
50c. July 16 Holders of rcc. July 2a
1)4 July 16 July 1 to July 16
1)4 July 2 Holders of rcc. Juno 30
l K July 1 Holders of rec. June 23a
15a
1 4 July 1 Holders of reo. June 30
3
4
2)4 July 1 Holders of rec. June
reo.
19a
1)4 July 2 Holders of rcc. June 20a
June
1 4 July 2 Holders of
3
$1.25 Aug. 1 Holders of rec. July 14
2 July 2 Holders of rcc. June 15
1)4 July 25 Holders of rec. July 9
1)4 July 2 June 16 to July 2
2 July 2 Juno 16 to July 2
2 July 2 Holders of rcc. June 27a
75c.
30
50C July 2 Holders of rec. June 23
.
1)4 July 12 Holders of rec. July 7
3 July 31 Holders of rec. Juno 30a
5 July 31 Holders of rec. June 30a
5 Aug. 15 July 22 to Aug. 15
4 Aug. 15 July 22 to Aug. 15
2 July 14 Holders of rec. June 30a
•I July 2 Holders of rec. June 20
S
Juno 30 Holders of rec. June 20
SI
1)4 Aug. 1 Holders of rec. July 14
1)4 Aug. 1 Holders of rec. July 14
1 4 July 2 Holders of rec. June 15
3
3 July 2 Holders of rec. June 26a
2)4 July 16 Holde-s of rec. July 2a
1
1)4 Aug. 3 Holders of rco. Aug. la
S June 30 Holders of rec. June 9a
o
D4 Juno 30 Holders of rec. June 15a
Si Juno 30 Holders of rec. June 15a
u20c. July 25 Holders of rec. July 14a
3 July 14 Holders of rcc. July 5
3 July 16 Holders of rcc. July 2
1 July 16 Holders of rec. July 2
134 July 2 Holders of rcc. June 21
d2)4 July 2 Holders of rcc. Juno 15a
D4 .Aug. 1 Holders of reo. July 16a
134 July 2 Holders of rcc. June 15a
3 July 2 Holders of rec. June 21
10 July 2 Holders of rec. Juno 21
1)4 July 2 Holders of reo. June 21
D4 Juno 30 Holders of rcc. June 25
2 Juno 30 Holders of rec. June 15a
D4 Juno 30 Holders of rec. June 15a
2 July 2 Holders of rec. June 15
1)4 July 1Juno 21 to Juno 30
1 July 1 July 1 to July 9
C
CJuno 21 to June 29
1)4 Juno 3
2 July 2 Holders of rec. June 23
10 July 2 Holders of rec. June 23
1)4 July 1 Holders of rec. June 15a
4
2)4 July 1 Holders of rec. Juno 30a
2 July 1
C
50c. July 20 Holders of rcc. June 30a
75c. July 20 Holders of rec. June 30a
0
134 July 1 Holders of rec. Juno 28
1 4 Juno 30 Holders of rec. June 15a
3
1)4 July 1June 22 to June 30
1 4 July 2 Holders of rcc. Juno 18a
3
D4 July 2 Holders of rcc. Juno 27
2 July 16 July 1 to July 15
1)4 July 15 Holders of rcc. June 30
4
13 July 1 Holders of rec. Juno 30a
4
134 July 2 Holders of rcc. June 18
5 Juno 30 Juno 15 to July 1
5 July 2 June 16 to July 1
2 July 2 Juno 16 to July 1
3 July 2 June 10 to July 1
1)4 July 1 Holders of rec. Juno 15a
87)4c. Juno 30 June 17 to June 30
4 Juno 30 Holders of rec. June 23a
5 June 30 June 20 to July 1
4
3 Juno 30 Juno 20 to July 1
3 July 2 Juno 16 to July 2
3 July 2 Juno 1 to Juno 20
1 July 2 Juno 1 to Juno 20
1 July 2 Holders of rec. June 15a
1K July 2 Holders of rec. June 16a
6 July 2 Holders of reo. Juno 18a
ul
July 2 Holders of rec. Juno 18a
3 July 2 Holders of rec. Juno 18a
3)4 July 2 Holders of rpc. Juno 18a

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

M iscella n eou s (C o n c lu d e d ).
1 Aug.
SteelCo. of Canada,Ltd., com .(qu.) (No.2)
Common (bonus)_______ _____ ________
)4 Aug.
1% Aug.
Preferred (quar.) (N o. 2 4 )________ 10 July
S tetson ( J . B . ) , c o m m o n __________________
4 July
P r e f e r r e d _____________________________
75c. July
Strombcrg Carburetor (qu ar.)___________
$ 1 .2 5 July
Stutz M otor Car of America (quar.)____
75c. July
Submarine Boat Corporation ( q u a r .) ___
Subway Realty (q u a r.)________________ __
1)4 July
2 July
Swift A C o. (quar.) (N o. 123)......... ..........
2 July
Tem ple Coal, preferred (qu ar.)................
214 June
Texas Com pany (quar.)...............................
Texas A Pacific Coal (quar.) (N o. 88) — 1M June
2 July
Tide W ater Oil (quar.)---------------------------July
5
E x tra------------- -----------------------------------T obacco Products Corp., pref. (q u a r .)..
13 July
4
Tonopah-Belm ont Development (quar.). 12)4c. July
Tonopah M ining of N evada (qu ar.)___
15C. July
3 July
Toronto Paper------------------------------------ 2 July
Extra---- --- ------------------ ----------------------Torrlngton C o ., preferred_____ __________ 8714c July
3 July
Common (quar.)........... — ---------------1 July
Common (extra)_____ — ----------------------July
Common (Red Cross contribution)___ ul
T r a n s u e A W illi a m s S teel F o r g . ( q u . ) ------ 51.25 July
Underwood Typewriter, com . ( q u a r .)...
1)4 July
July
Preferred (quar.).......................................
IK
Com m on (quar.)— -------------------—
1)4 Oct.
Oct.
Preferred (quar.)—
------------- . IK
2 July
Union Carbide (quar.)----------- ---------------214 July
U n io n N a tu r a l G a s (q u a r .) ........... ...............
July
United Drug, com . (quar.) (N o. 2 ) ............
IK
U n ited D r u g , 1st p r e f. ( q u a r .) .................... 8714c. Aug.
United Dyewood C orp.,com .(qu.) (N o. 2)
114 July
July
Preferred (quar.) (N o. 3 ) ---------- . ..
IK
Aug.
United D ycw 'd C or.,com .(R ed C rossdlv. )u l
July
United Fruit (quar.) (N o. 72) - ------------214 July
U n ited G a s A E le c t r ic C o ., p r e f . ..................
$1 July
United Gas Improvement (quar.)----------United Paperboard, Inc., pref. (q u a r .)..
114 July
50c. July
United Shoe Machinery, common (quar.)
July
Common (payable in Liberty b o n d s ).. s$l
Common (payable in common stock). . /S2.60 July
Preferred (quar.)------------------- ------------ 3714c July
1 July
U . S . G la s s --------------------------------------------June
IK
U. S. Gypsum , pref. (quar.)........................
July
U.S Indust. Alcohol, pref., (qu.) (N o.43)
IK

Holders of reo. July 11
Holders of rec. July 11
Holders of rec. July 11
Holders of rec. July 2
Holders of rec. July 2
Holders of rec. June 15
Holders of rec. June 27a
16 Holders of rec. June 29
2;Holders of rec. June 20a
1:Holders of rec. June 9
10 Holders of rec. June 30a
30 Holders of rec. June 11
30 June 21 to July 1
Holders of rec. June 16a
Holders of rec. June 16a
Holders of rec. June 18a
June 16 to June 21
July 1 to July 8
June 24 to June 30
June 24 to June 30
Holders of rec. June 20
Holders of rec. June 20
Holders of rec. June 20
Holders of rec. June 20
Holders of rec. July 6
Holders of rec. June 15a
Holders of rec. June 15a
Holders of rec. Sept. 15a
Holders of rec. Sept. 15a
June 21 to July 1
July 1 to July 15
Holders of rec. June 15a
Holders of rec. July 16
Holders of rec. June 14a
Holders of rec. June 14a
Holders of rec. July 2a
Holders of rec. June 23a
2
Holders of rec. June 30
Holders of rec. June 30
July 1 to July 15
Holders of rec. June 19
Holders of rec. June 19
Holders of rec. June 19
Holdeis of rec. June 19
Holders of rec. July 14
June 21 to July 1
Holders of rec. June 30a
Holders of rec. July 7
U . S . S m e lt ., R e fg . A M i n . , c o m . ( q u a r . ) . . 51.25 July
Holders of rec. July 7
P r e fe r r e d (q u a r .) ......... .................- .......... 8714c. July
July 3 to July 4
July
U. S. Steel C orp., com . (special)______ ul
Holders of rec. June 16a
10c. July
U . S. Steamship (bi-m on th ly).. . . - Holders of rec. June 16a
July
5c.
E x tr a .............................. ..............................
Holders of rec. June 20
July
United Utilities, pref. (qu ar.)________
IK
Holders of rec. July 10
U n ite d V erd e E x te n s io n M i n . (q u .) ( N o . 5)
50c. Aug.
Holders of rec. July 10
E x t r a .................... ........................... ............
25c Aug.
Holders of rec. July 10
S p e c ia l R ed C r o s s d iv id e n d _____________
u 10c. Aug.
Utah Copper (quar.)------------------------------S3.50 June Holders of rec. June 15a
Holders of rec. July 14a
Special . . . . . . . . . . . . . .
u50c. July
Holders of rec. June 20a
July
Utah Gas A Coke, preferred (qu ar.).........
IK
Holders of rec. July 14a
V a .-C a r o lin a C h e m ., c o m . (q u .) ( N o . 3 9 ) ..
K Aug.
Holders of rec. June 30a
2 July
P r e fer red (q u a r .) ( N o . 87)--------------Holders of rec. June 30
July
5
Victor Talking Machine, common (quar.)
Holders of rec. June 30
July
Preferred (quar.). - - - - - - - - IK
Holders of rec. June 30a
July
W arner(Chas.)Co. of D el.,lstA 2d pf.(qu)
IK
Holders of rec. June 20
Warren Bros. C o ., first preferred (qu ar.).
114 July
Holders of rec. June 20
July
Second preferred (q u a r .)......................
IK
Holders of rec. July 6a
Wells, F a r g o A C o . ( q u a r .) ---------------------114 July
S June Holders of rec. June 23a
2
Western Electric, common (quar.)______
Preferred (quar.)_____________________
114 June Holders of rec. June 23a
Holders of rec. June 20a
Western Union Telegraph (qu.) (N o .193)
1 4 July
1
Holders of rec. July 3
W e s t ln g h o u s e A i r B ra k e ( q u a r .) .................... SI.75 July
Holders of rec. June 30a
Westinghouse Elec. A M fg ., com . (q u .). 8714c. July
Holders of rec. June 30a
Preferred (qu ar.)____________________ 8714c July
Holders of rec. June 30a
Com m on A pref. (Red Cross dividend) ti25c July
2 Juno Holders of rec. June 23
Welsbach C o ., com mon (annual)______
Preferred ____________________________
314 June Holders of rec. June 23
Holders of rec. June 30
W e s t e r n P o w e r C o ., p r e f. ( q u a r . ) .................. SI .30 July
Holders of rec. June 30
1 July
W e s t e r n P o w e r C o r p ., p r e f. ( q u r . ) ________
June 20 to July 2
July
Westmoreland Coal (qu ar.)------------------- SI
Holders of rec. June 18a
3 July
W eyman-Bruton C o., common (q u a r .)..
Holders of rec. June 18a
2 July
Common (extra)------------------------- -------Holders of rec. June 18a
July
IK
Preferred (quar.).......................................
June 21 to July 1
2 July
Wheeling M ould A Foundry, pref. (q u .).
2 June June 17 to July 1
Wheeling Steel A Iron (quar.)....................
1 June June 17 to July 1
E x tra ......... ................ ........ .........................
SI June Holders of rec. June 16a
White M otor (q u a r.).....................................
July
Holders of rec. June 20a
Wlllys-Overland. preferred (qu ar.)...........
IK
Holders of rec. June 25a
July
Wilson A C o ., preferred (quar.)..................
IK
Holders of rec. July 3a
W olverine Copper Mining (Red C r o s s ).. u 50c. Aug.
July
Holders of rec. June 9a
Woolworth (F. W .), pref. (quar.)...........
IK
July
Holders of rec. June 20a
Worthington Pump A M ..C IassA ,pf.(qu.)
IK
Holders of rec. June 25a
W orthington Pump A M ach ., pref. B _ .
114 July
Holders of rec. June 22
Yale A Towne Manufacturing (quar.)___
214 July
214 July
Holders of rec. June 22a
Y o u n g (J . S .) C o ., c o m m o n ( q u a r .) ..............
Holders of rec. June 22a
ul July
C o m m o n (s p e c ia l R ed C r o s s d iv i d e n d ) ___
Holders of rec. June 22a
July
P re fe r r e d ( q u a r .) .......................... ..............
IK
Holders ol rec. June 20a
2 Juno
Youngstown Sheet A Tube, com . (quar.)
3 June
Holders of rec. June 20a
Common (extra)---------------------------------Holders of rec. June 20a
June
IK
Preferred (qu ar.)-------------------------------June June 9 to June 10
Yukon-Alaska Trust (quar.)......................
SI
714c. June June 9 to June 13
Yukon Gold C o. (quar.)...............................
a Transfer books not closed for this dividend, b Less British Income tax. 4 Cor­
rection. e Payable In stock. /P ayable In common stock, g Payable In scrip.
h On account of accumulated dividends. « Declared $1 50, payable 50c. each
June 20. Sept. 20 and Dec. 20: transfer books closed ten days before payment of
dividend, f All transfers received In order at London on or before June 15 will be
In time for payment of dividend to transferees, o Declared three quarterly divi­
dends on pref. stock, payable I K % as above. 114% Oct. 1 to holders of record
Sept. 10 and 1 K % Jan. 1 1918 to holders of record Dec. 10.
p Formerly the Domin­
ion Steel Foundries, s Payable In U. S. Govt. 3)4% Liberty bonds, t Declared
12% payable In quarterly Installments beginning July 1. u Special dividend for the
purpose of enabling stockholders to make contributions of the same to the Red
Cross Association $100,000,000 fund, v Declared 10% payable In quarterly Install­
ments beginning Oct. 1. w Owing to abandonment of plan to defer dividend
declaration until the close of the year, 2 1-3% was declared payable July 1 to
cover quarter to April 1, and the balance of the current year's 7% dividend was
declared payable 134% Oct 30 and 3)4% Dec. 31.

National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
For conversion of State banks:
The Public National Bank of New York, N. Y. Capital--------- S750.000
Conversion of the Public Bank of New York City.
CHARTERS ISSUED.
Original organizations:
__ ___
The First National Bank of Hot Springs, N. Alex. Capital-----$2o,000
The Nogales National Bank, Nogales, Ariz. Capital________ 50,000
Succeeds the Santa Cruz Valley Bank & Trust Co., Nogales,
Arlz.
The Union National Bank of Wichita, Kans. Capital---. —-- 200,000
Acquires the business of the Union State Bank of Wichita,
Iians.
Total capital_____________________________________ $275,000

2620

THE CHRONICLE

EXTENSIONS OF CHARTER.
The National Bank of Decorah, Iowa.
Charter oxtonded until close of business June 15 1937.
The City National Bank of Logansport, Ind.
Charter extended until close of business June 14 1937.
m
INCREASES OF CAPITAL APPROVED.
The Capital National Bank of Sacramento, Cal. Capital increased
from $200,000 to $300,000. Increase_____________ ______ -$100,000
Tho First National Bank of Mount Olive, III. Capital increased
from $25,000 to $35,000. Increase____ ______ ____________ 10,000
Tho First National Bank of Emmons, Minn. Capital increased
from $25,000 to $35,000. Increase............................ .............. 10,000
Total increase........... ................ ......... ............................... $120,000
VOLUNTARY LIQUIDATION.
The First National Bank of Wiscassot, Maine. Capital........... __ $50,000
Liq. Com.: W. D. Patterson, W. G. Hubbard and R. II. T.
Taylor, Wiscasset, Maine.

Canadian Bank Clearings.— The clearings for the week
ending June 21 at Canadian cities, in comparison with the
same week in 1916, show an increase in the aggregate of
25.5% .
Week ending June

Clearings at—

! Vol. 104.

Auction Sales.— Among other securities, the following,
not usually-dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.

Stocks.

Per Cent.

29 Pac Fire Ins., $25 ea.$35M p. sh.
10 Bankers’ Loan & Inv. (reorg.
Class A)_____ _____S100 lot
19 Cushman’s Sons, Inc., com. 55
25,000 Velvet Copper Co....lc. per sh.
5 Standard Gas I,, of N. Y., pf. 90 I

Shares.

Stocks.

Per Cent.

50 StandardGasL.ofNY.,com. 42
3 Trl-BulIlon S. & I)ev., S5 ea.
5 Baldwin Lester Corp____ 510
5 Pneumelectrlc Mach., com. lot
2 Pneumelectrlc Mach., prof.

By Messrs. R. L. Day & C o., Boston:
$ per sh.
105 Nashawena Mills.. . . . . __ 105>$
10 Ludlow Mfg. Associates___ ..136
2-2 Sagamore Mfg_________ 125-125V
g
7 CascadeWoolenMllls(Oakland) 27
6-5ths Border City M fg___ 19K-20
30 Arcadia Mills, ex-div..............116
16 Lyman Mills.........................133
2-4ths Granite Mills................... 22H
150 American Felt, pref _______ 100
2-3 Morse Twist Drill & Mach *
68

Shares.

Shares.
3 per sh.
250 Connecticut Fair Assn., Inc__20
1 Lawrence Gas........... . .......130>$
5 Collateral Loan Co., cx-dlv..-109J4
5 Montp. &Barrc Lt. &Pow., pf. 86
126 Hood Rubber, com., v. t. 0...132>
$
1 Brockton Gas Light_______ 105
Bonds.
Per cent.
$2,000 Gloucester El. Co. 5s, 1918. 99
1,000 Dartmouth Mfg. Corp. 1st
4s, 1922...................... 93\i

By Messrs. Francis Henshaw & C o., Boston:

21.

Stocks.
S per sh. Shares. Stocks.
$ per sh.
5 Nat. Shawmut Bank, ex-dlv...205
10 Massachusetts Cotton Mills... 128J$
5 Cordis Mill....................... ..128H 50 American Felt, pref. ...............100
2-5 Border City M fg........... ......19Ji
5 New Boston Music Hall. ____ 10H
Shares.

Canada—
Montreal................ .
Toronto............ ....
Winnipeg..............
Vancouver ........... ....
Ottawa............... ......
Quebec____ ______
Halifax___ ________
Hamilton..... .........
St. John....................
London.......... ....
Calgary.............
Victoria................
Edmonton........ .......
Regina____ _______
Brandon..............
Saskatoon_____
Moose Jaw_________
Lethbridge...........
Brantford........
Fort William_____
New Westminster____
Medicine Hat__
Peterborough...........
Sherbrooke..........
Kitchener..........
Totat Canada........ ..

1917.
1916.
S
$
92,632,110 72,574,668
58,958,448 51,909,202
48,249,350 35,899,010
7,825,825 0,180,879
6,502,212 5,178,455
4,280,504 3,981,181
2,989,184 2,398,205
4,807,782 3,606,278
1,996,517 1,705,777
2,030,903 1,861,849
6,332,209 3,984,900
1,538,160 1,359,918
2,487,656 1,918,330
3,077,999 2,433,370
487,155
477,308
1,716,545 1,230,758
1,057,613
901,142
909,116
450,974
838,049
589,377
1,027,120
653,838
371,255
293,084
712,944
374,261
807,833
567,376
733,811
495,336
592,943
493,852
253,023,249 201,585,394

Inc. or
Dec.

1915.

%

s

1914.
$

+27.0 47,427,927
+ 13.0 34,082,217 42,152,091
+ 34.4 16,006,823 24,827,812
+ 20.0 5,093,768 8,004,811
+ 20.7 3,680,611 3,813,911
+ 7.5 2,959,909 3,580,346
+ 24.0 2,398,548 1,641,808
+ 31.1 2,716,656 2,770,829
+ 17.1 1,502,070 1,442,911
+ 9.1 1,561,155 1,574,069
+ 58.9 2,700,481 5,755,055
+ 13.2 1,239,644 2,501,635
+ 29.7 1,701,523 3,356,590
+ 20.5 1,161,227 2,245,093
+ 2.1
384,450
467,410
+ 39.5
643,505 1,149,353
+ 17.3
028,907 1,005,790
+ 99.1
292,286
539,105
+ 42.3
446,391
588,068
+ 57.2
377,277 1,029,212
+ 26.0
248,507
308,544
+ 90.4
208,144
405,733
+ 42.3
349,976
392,862
+ 48.1
+ 20.1 —
............
+ 25.5 127,878,602 165,333,043

By Messrs. Barnes & Lofland, Philadelphia:
Slocks.
3 per sh.
4 Phlla. Bourse, com., $50 each. 5J4
26 Robert Morris Trust............... 65
34 West End Trust..............
172 V
f
1 Pa. Academy of Fine Arts.. .. 23H
1 Library Co. of Phlla............. 20
5 Broad Street Bank, 350 each. 60
5 First Nat. Bank, PhiladeIphla.221H
30 Central Tr. &Sav., 350 ea.63H-63«
25 German-Am.Tltle«fcTr,,$50ea.l02>$
16 Philadelphia Trust..... ........... 821
100 Finance of Pa.. 1st pref...........118
5 Phil. Ger. & Nor. RR.,350 ea.142

Shares.

Slocks.
$ per sh.
72
3 Tioga Trust_____
10 John B. Stetson, com___ 345-346
16 H. K. Mulford, $50 each.......68
21 Bryn Mawr Real Estate Co. .. 35
35 Provident Trust rights.......... 352

Shares.

Bonds.

Per cent.

$8,000 Phlla. City 4s. 1940..100M-100H
500 Montgomery Transit 1st &
ref. 5s, 1946................. 8 $
7 -$
14,000 Va. Southwest Coal & Tim­
ber 1st 5s, 1945______ $51 lot

Imports and Exports for the Week.— Under instruc­
tions from the Treasury Department tho issuance of weekly
totals of imports and exports of merchandise and specie by
tho 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 bo given
out.

The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on June 23:

. .
weekly bank statement, as at closo of business on June 22, reflects to some extent the effect on tho condition of tho Fedoral Reserve banks
or the amendments to tho Federal Reserve Act, approved by the President on Juno 21 1917.
oTi.ii i?2 «on
tho amendments provides that gold and gold certificates held by Federal Reserve Agents as collateral against notes issued to tho banks
„ **** bo counted as part of tho banks gold resorvo against their Federal reservo notes in actual circulation, and accordingly tho statement includes
banks reserves the amounts of gold held by tho Federal Iteservo Agents. These amounts, together with gold hold by tho banks with
H
.
ed ytat9s Treasurer for the redemption of Federal reserve notes, constitute a special’’notegold reserve,” as distinct from tho ‘‘not doposit rownn rJ:?£lposcd °.f the f?°ld and lawful money holdings of tho banks proper including amounts held in vault, with tho Federal Reservo Board and
)V , foreign agencies. In place or the former net liability on Federal reserve notes, which represented amounts of Federal resorvo notes issued to the
1
panks less amounts of notes held by the banks and gold deposited with the Federal Reserve Agents, the statement, in its new form, shows among
tno liabilities of tho banks the amounts of Federal reserve notes in actual circulation, i. e., amounts of notes received from tlio Federal Reserve Agonts
less amounts held by tho banks and in process of redemption by the Treasury. Reserves have been figured separately against net doposit liabilities
and against federal reserve notes in actual circulation. With the view of enabling the reader more readily to traco changes in tho condition of the
JM
Xierai Reserve hystemtho statements of Juno 15 and of a year ago have been reconstructed and readjusted on the new basis. Other minor changes
ariect tno iorm, rather than the substance, of tho statement, and, it is hoped, will make it easier for tho reader to follow future developments of the
Federal reserve system.
Liberty loan operations of the banks as fiscal agents of tho Government, also tho placing with tho Bank of England of 52.6 millions of "ear­
marked gold for account of tho federal Reserve banks are mainly responsible for the changes in the volume and composition of reserves, aggregate
gold reserves snowing an increase of 161.1 millions and total cash reserves—an increaso of 172.3 millions. In furtherance of their general policy of
assisting tho Liberty Loan operations of the banks in their districts tho Federal Reserve banks have increased, through open market purchases, their

xno uixiux a tuuu iwwvbijuuna «w muciwu iui mo w uk ui o/./ minions, us Din noiaings increased y.o minions,
i
u
Investments in acceptances and considerable liquidation of discounted paper, largely member banks’ collateral notes.
Government deposits, representing largely full-paid and part-paid subscriptions to tho Liberty Loan show an increase of 233.2 millions, while
incre*
member banks’ reserve deposits decreased about 64.5 millions.
iicuiuor oaiiKs
aoout U
4.D
1
There has been an addition during tho week of $12,005,000 to the volumo of outstanding Federal resorvo notes, i. o., tho not amount of notes
ssued to tho banks. Tho actual circulation of those notes stands now at $499,721,000. or about 8 millions in excess of the total shown tho weok before.

Tho figures of the consolidated statement for tho system as a wholo aro givon in the following tablo, and in addition
we present the results for each of the seven preceding weeks, together with those of tho corresponding weok of last year, thus
furnishing a useful comparison. The earlier figures have been revised in order to conform with new form adopted by tho
Federal Reserve Board as of Juno 22. In the second table we show the resources and liabilities separately for each of the
twelvo Federal Resorvo banks. The statement of Federal Resorvo Agents’ Accounts (the third table following) gives details
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and botween tho latter
and the Federal Reserve banks.
C o m b in ed R

e so u r c es an d

L i a b il it ie s

22 1917.

of th e

F ederal R

eserve

B anks

at the

C lose

of

B u s in e ss J u n e 22 1917.

15 1917. June 81917. June 1 1917. M a y 25 1917. M a y 18 1917. M a y 1 1917. M a y 4 1917. June23l916.
1
RESOURCES.
S
$
S
$
S
$
$
S
$
Gold coin and certificates In vault_
_ 492.742.000 365.020.000 330.001.000 299.225.000 334.265.000 350.269.000 336.841.000
265.643.000
Gold settlement fund_____________ 267.910.000 221.970.000 205.886.000 187.550.000 183.590.000 187.969.000 221.759.000 336,118,000 106.101.000
218,000,000
Gold with foreign agencies.............. .
52,000,000
Total gold held by banks______ 813.252.000 586.990.000 535.887.000 486.781.000 517.855.000 538.238.000 558.600.000 555.028.000 371.744.000
Gold with Federal Reserve Agent____ 390.765.000 459.942.000 475.201.000 466.969.000 456.611.000 448.311.000 438.323.000 433.089.000 166.823.000
Gold redemption fund_______ _____
3,958,000
2,730,000
8,001,000
3,053,000
2,905,000
2,754,000
1,894,000
2,669,000
2,087,000
’
Total gold reserves................... 1,212,018,000 1,050,890,000 1,013,818,000 056,803,000 977,371,000 989,303,000 ono ft70 non 990,780,000 540,461 000
Legal tender notes, silver, &c
35,680,000 24,518,000 37,093,000 36,624,000 36,892,000 27,442,000 36,149,000 39ill 5,000
14,026i000
Total reserves........................... 1,247,698,000 1,075,408,000 1,051,511,000 993.427.000 1,014,263,000 1,016,745,000 1,035,819,000 1,030,201,000 554,487,000
Bills discounted—members................ 190.984.000 202.824.000 98,021,000 50,854,000 47,587,000 44,846,000 39.534.000
20.750.000
Bills bought in open market..... ......... 244.303.000 164.525.000 135,270,000 116.100.000 107,377,000 100,177,000 97.155.000 35.916.000
68.953.000
83.871.000
Total bills on hand.................
435,287,000 367,349,000 233,291,000 166,954,000 154,964.000 145,023,000 136,689,000 119,787,000
89.703.000
U. S. Government long-term securities. 36.427.000 36.400.000 36.387.000 36.387.000 36.513.000 36.383.000 30.222.000 36.222.000
52.875.000
U. 8. Government short-term securities 78.491.000 77.728.000 83.298.000 77.495.000 81.145.000 78.004.000 81.539.000 88.047.000
4,190,000
Total U. S. securities................ 114,918,000 114,128,000 119,685,000 113,882,000 117,658,000 114,387,000 117,761,000 124,269,000
57.065.000
Municipal warrants...................
2,444,000
2,470,000
5,524,000 13,912,000 14,675,000 14,639,000 14,688,000 14.755,000
21.632.000
Total earning assets................
552.649.000 483.947.000 358.500.000 294.748.000 287.297.000 274.052.000 269.138.000 258.811.000 168,400.000
Due from other F. R. banks—net___
2,561,000
5,642,000
4,811,000
3,677,000 10.641,000
1,345,000
19,287,000
3,057,000
5,243,000
Uncollected Items___
195.820.000 294.968.000 304.730.000 177.092.000 328.779.000 192.530.000 310.685.000 184.639.000
Total deduc’ns fromgross deposits. 198.387,000 300,610,000 309,541,000 180,769,000 339,420,000 195,887,000 312,030,000 180,882,000
19,287,000
5% redemp. fund agst. F. R. bank notes
500.000
400.000
400,000
400.000
400.000
400,000
450,000
400,000
400,000
All other resources.. . .
408.000
635.000
6,588.000
6,056,000
6,424.000
5,981,000
4,387,000
6,078.000
5,412.000
Total resources...... ............ ...... 1,999,642,000 1.861.000.000 1,725,540.000 1.475,400.000 t.647.804.000 1.577.526.000 1.623.405.000 1,484,706.000 747,011,000




June

June

THE CHRONICLE

J u n e 30 1917.]

2621

22 1917. June 15 1917. June 8 1917. June 1 1917. M a y 25 1917. M a y 18 1917. M a y 11 1917. M a y 4 1917. Junc23 1916.
s
S
S
$
S
S
$
S
S
57,171,000 57,171,000 57,000,000 56.985.000 56,991,000 56,868,000 56,859,000 56,859,000; 54.863.000
262.581.000 6228.125.000 96.427.000 176.114,000 187.127.000 242.421.000 107,80S,000' 64.499.000
495.807.000
800.209.000 870.734.000 6778.771.000 721,146,000 813,326,000 748.499.000 740.726.000 743,143,000 472,613,000
137,581,000 170,424,000 181,321,000 134,142,000 170,151,000 136,750,000 134,447,000 122,701,666 ...............
1,439,597,000 1,309,739,000 1,188,217,000 951.715.000 1,059,591,000 1,072,376,000 1,117,594,000 973.772.000 537.112.000
499,721,000 491,615,000 481,409,000 464.865.000 454,402,000 440,501,000 438,218,000 428.502.000 153.038.000
1,723,000
362,000
776,000
275,000
1,833,666 70,820,000
1,781,000 10,734,000 25,573,000
2,113,000
1,854,000
2,377,000
1,999,642,000 1,801,000,000 1,728,540,000 1,475,398,000 1,647,804,000 1,577,526,000 1,623,405,000 1,484,706,000 747,011,000
71.8%
07.4%
63.3%
66 .2 %
66.9%
59.2%
61.3%
58.2%
65.5%
74.5%
72.1%
67.8%
71.2%
69.5%
63.4%
65.8%
60.6%
08.4%
1 1 0 .2 %
70.4%
72.9%
68.7%
72.1%
94.4%
6 6 .8 %
54.3%
79.8%

June
L I A B IL IT IE S .
C a p i t a l p a id I n - ..................................................
G o v e r n m e n t d e p o s i t s ........... ............................
I ) u e t o m e m b e r s — r e s e r v e a c c o u n t ------M e m b e r b a n k d e p o s it s — n e t --------------------C o l l e c t i o n I t e m s ........................ - .......................

Total gross deposits........ ...........
F. It. notes In actual circulation------F. It. bank notes In circulation, net U
ab.
All other llab., lncl. foreign Govt. credits
Total liabilities_________
Gold reserve against net deposit llab -.
Gold and lawful money reserve against
net deposit liabilities_____

June 15 1917. Junes 1917. June 1 1917. 'M a y 25 1917. M a y 18 1917.Way 11 1917. M a y 4 1917. Ap ril27 1917.
$
S
S
S
$
3
3
3
3
1-15 days bills discounted and bought. 222,344,000 189,458,000 91.288.000 47.463.000 43.844.000 40.496.000 38.850.000 41.038.000 38,021,000
392.000
8.701.000
773.000
119.000
54,000
20,000
5,000
3.081.000 11.443.000
1-15 days m
unicipal warrants.......—
60.510.000 39,000,000 30.141.000 23.770.000 22.370.000 24.028.000 22.153.000 18.397.000 20.900.000
10-30 days bills discounted and bought.
2,088,000
9.153.000
772.000
3.533.000 11.434.000
81,000
370,000
6,000
6,000
16-30 days municipal warrants--------90.445.000 79.889.000 67.153.000 57.407.000 50.808.000 44.204.000 37.442.000 34.741.000 29.620.000
31-00 days bills discounted and bought.
107.000
359,000
3.058.000 11.441.000 10.325.000
1.069.000
1 ,0 21,0 0 0
1.339.000
1.338.000
31-66 days m
unicipal warrants.........
57.930.000 54.472.000 41.134.000 34.971.000 35.145.000 33.849.000 36.378.000 24.107.000 16.735.000
61-90 days bills discounted and bought.
355.000
1.336.000
1.289.000
1.321.000
1.036.000
273,000
1,028,000
1.079.000
1.079.000
61-90 days municipal warrants...... —
1.167.000
1 .866.000
1.504.000
2.446.000
2.797.000
3.337.000
4,058,000
3.930.000
3.575.000
Over 90 daysbills discounted and bought
1.839.000
1,087,000
1.030.000
1 .102.0 00
1.046.000
1.046.000
20,000
20,000
20,000
Over 90 days municipal warrants........
Federal Reserve Notes—
Issued to the banks----------------------- 539,976,000 527,971,000 512,527,000 499,844,000 488,088,000 478,906,000 470,401,000 458,874,000 446,544,000
40,255,000 30,356,000 31,058,000 34,979,000 33,686,000 32,405,000 32,183,000 30,372,000 26,035,000
Held by banks__________________
In circulation----- ------------ .. 499.721.000 491.015.000 481.469.000 464.865.000 454.402.000 440.501.000 438.218.000 428.502.000 420.509.000
Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller........ .
903.700.000 884.080.000 852.160.000 819.520.000 810.680.000 778.440.000 761.060.000 747.580.000 724.200.000
Returned to the Comptroller________ 154.096.000 152.323.000 151.027.000 146.085.000 144,711,000 142.918.000 141.523.000 139.325.000 137.725.000
Amount chargeable to Agent____ 749.602.000 732.357.000 701,133,000 673.435.000 665.969.000 635.522.000 619.537.000 608.255.000 586.475.000
In hands of Agent........... ................ 209.020.000 204.386.000 188,000,000 173.591.000 177.881.000 156.616.000 149.130.000 149.381.000 139.931.000
Issued to Federal Reserve banks.. 539,976,000 527,971,000 512,527,000 499,844,000 488,088,000 478,900,000 470,401,000 458,874,000 446,544,000
H ow Secured—
By gold coin and certificates.......... .
187,667,000 255,074,000 273,082,000 271,365,000 264,408,000 264,635,000 201,025,000 258,885,000 253,944,000
By commercial paper.............. ......... 149,211,666 08.029.000 37.326.000 32.875.000 31.477.000 30.595.000 32.078.000 25.785.000 23.639.000
24,268,000 24.538.000 24.339.000 23.314.000 23.233.000 20.596.000 21.028.000 20.634.000 20.931.000
Gold redemption fund_______ ______
178,830,000 179,730,000 177,180,000 172,290,000 168,910,000 163,080,000 156,270,000 153,570,000 148,030,000
Federal Reserve Board. . .
Total....................................... 539,970,000 527,971,000 512,527,000 499,844,000 488,088,000 478,906,000 470,401,000 458,874,000 416,544,000
Commercial paper delivered to F.R. Agt 153,130,000 69,145,000 37,930,000 34,441,000 32,685,000 32,421,000 32,776,000 27,343,000 25,981,000
June

22 1917.

Distribution by Maturities—

a

Amount duo to other Federal Itcservo banks.

b

Amended figures Increasing correspondingly the grand total of liabilities. Titovised figures.

WEEKLY STATEAlENTof RESOURCESand LIABILITIES of EACH of the 12 FEDERAL RESERVE BAN KSat CLOSEof BUSINESS JUNE22 ’17
Boston.

Atlanta.

New York.

Chicago.

St. Louis.

San Fran.

M inneap. K an. City

Total.

S
S
$
$
$
S
S
Gold coin « ctfs. in vault 14.700.000 330,989,000 20.982.000 19.571.000 0,599,000 0.299,000 30,380,000 8 ,000,000 12,514,000 8,202,000 8.655.000 13.659.000 492.742,000
fc
Gold settlement fund.. 39.593.000 38.748.000 23.433.000 32.835.000 18,011,000 2.447.000 29,077,000,10 ,583,00011,211,000 24,735,000 14,077,000 16.560.000 267,910,000
Gold with for’nagencies 3,075,000 18.738.000 3,075,000 4,725,000 1,837,000 1.500.000 7,350,000 2 ,100,000, 2,000,000 2,500,000 1.750.000 2,750,000 52,600,000
Total gold held by bks. 58,034,000 388.475.000 54.090.000 57.131.000 27,017,000 10.240.000 72,807,000 20,749,00025,725,000 35.497.000 24,482,000 32,909,000 813,252,000
Gold with F. It. Agents. 20,714,000 123.080.000 32.355.000 34.482.000 7,419,000 10.432.000 02,028,000 9,508,00021,578,000 14.918.000 17,153,000 24,408,000 390.705,000
19,000] 8,001,000
Gold redemption fund..
48,000 5,202,000 450,000
51,000 003,000 254,000j 212.000J 207,000] 208,000 480,000] 141,000)
50,901,000 776.000 57 396.000 1212018000
Total gold reserves... 84,820,000 517,357,000 80,895
,004,000 ,129,000 ,932,000 135047000 36 584.000 47,511
12,000 106.000 125.000 35,680,000
Legal-ten.notes,sllv.,&c. 545,000 28,397,000 039
198,000 203,000 813,000| 2,527,000 983.000 132
57,521,000 1247698000
Total reserves_____ .85.371,000,545,754,000 87,534,000 91,902,000,35,332,000 27,745,000] 13757400037,567,000 47,643,000 50,913,000
Bills:
7,588,000 468.000 629.000 190.9S4.000
1llscounted—Mem s20.495.0001 73,114,000 18,400
bers 20,495,000
,024,00041 ,279,000 ,344,000,14,699,000] 5,195,000 8,743
10,443,000 083.000 632.000 244,303,000
Bought Inopen market 15,300,000440,918,000 9,180
,475,000 5,040,000 ,883,000 27,234,000 0,072,000 1,843
435.287.000
18,031,000 ,151,000,16 261.000.
Total bills on hand__ 41,795,000 220,032,000 27,580, 00020 499.000 1 ,919,000 ,227,00041 ,933,00011 267.000 10,586
0
8.842.000 ,970,000; 2 429.000, 36,427.000
U. S. long-term sccur's.. 530,000 1,300,000 549, 000 5 853.000 1 152,000 699,000 7,007,000 2 233.000 1,857
4.284.000 ,430,000; 5 747,000: 78,491,000
U. S. short-term secur's. 5,191,000, 24,790,000 0,048, 000 5 391.000 3,909,000 ,291,000 7,985,0001 3 944.000 3,412
Total U S. securities. 5,724,000 20,102,000 0,597
.
4
241.000 5,121,000 ,990,000 1 ,992,000 6 177.000 5,209,000 13,120,000 ,400,000 8 176,000114,918.000
51,000
20,000| 204,000] 2,444,000
Municipal warrants---........ j 300,000 158
1,000, 152,000] 212.000
15,000
205.000
Total earning assets.- 47,519,000 240,500,000 34,311,000 33,008,000 22,055.000 10,218,000 57,077,00017,6.56,00015,855.000 31,208,000 12,571,000 24,641,000 552,649,000
Due from other Federal
5,425,000 i
639,000! 3,568,000' n2,561,000
Reserve banks—Net 2,192,000
7,011 00044 083.000 404.000 549,000! 855,000 1,834,000 4,038
13,134,000 8,:
,318,000 1 763,000 195,826,000
1
Uncollected Item
s........ 15,125,000] 41,798,000 21,055 000 1 108.000 787.000 526,000,29 ,161,000 1 1 ,870,000 6,121
7
Total deductions from
gross deposits....... 17,017,000 41,798,000 28,000,000 31,851,000 12,251,000 12,075,000 30,016,000 13,704,000 10,159,000 18,559,000 8,957,000 15,331,000 198,387,000
5 % redemp. fund against
500.000
400,000 100,000;
Fed. lies, bank notes.
.......................
........ ! ...
408.000
58,000 127,000,
67,000 120,000( 36,000
. ..
All other resources.......
Total resources____ 150507000 834,052,000 149941000 150721000 69,038,000 50,105,000 22478700068,903,000 73,657,000 101138000 64,637,000 97,493,000 1999642000
I N A B I L I T I E S . ----Capital paid In______ 5,112,000 12,003,000 5,270,000 0,247,000 3,430,000 2 ,388,000] 7,002,000! 3,243,000 2,408.0001 3,100,000 755,000! 3 961.000 57,171,000
Government deposits— 58,840,000227,882,000 32,705,00038,350,000] 14,323,000 4,577,00034,328,000 9,102,00016,453 ,00013,852,000 241,000 27 082.000 495,807,000
Duo to m bers—Re­
em
1
serve account...........50,311,000313,418,000 51.337.000 00,153,000 25,891,000 1 098,000106350000 3 197.000 28,321 ,000 50,759,000 560,000 38 ,802,000 806,209.000
9
,000
Collection Items_____ 11,398,000, 33,071,000 18.997.000 14,144,000] 9,230,000, 5 18G 17,756,000 8 546.000 2,701 ,000] 6,941,000 962,000] 5,989,000137,581,000
Duo to F. R. banks—Net .
41.997,000
Total gross deposits.. 120555000 010,908,000 106099000 118653000l49,414,00028 ,801,000158410000 48.845,000 47,535,000 71,552,000 42,769,000,71,873,000 1439597000
F. R. notes Inact. clrcul. 24,027,000 203,373,000 38,339,000 31,777,000 10,692,00018 ,850,000 59,285.00016,875,00023,610,000 25,044,000 19,113,000 21,530,000 499,721.000
____
776,000
........ i _____ 776,000
F. It. B'k notes In clrcul., ____ I ___
All other liabilities, lncl.
'
129,000 2,377,000
44,000
foreign Govt, credits. 213,000 1,048,000 233,000
66,000
44,000
Total liabilities........ 150507000 831,052,000 149941000 150721000 69,038,000 50,105,000 2247S7000!68,963,00073,657,000 101138000 64,637,00097,493,000 1999642000
RESOURCES.

a Difference between net amounts due from and not amounts duo to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF BUSINESS JUNE 22 1917.
Boston.

New York. Phlladel'a. Cleveland.

Richmond.

Atlanta.

Chicago.

St Louts.

M inneap. Kan. City.

Dallas.

San Fran.

Total.

$
S
$
$
S
- S
«
$
S
S
$
a
$
Federal Reserve Notes—
Rcc’d fromComptrol’r 17.480.000 122,140,000 01,310,000 18,000,000 31.720.000 30,3.80,000 81,860,000 27,340,000 36,640,000 42,720,000 36,920,000 27,860,000 903.700.000
Returned to Comptr’r 10.680.000 77,860,000 9,225,000 5,8/8,000 10.850.000 6,172,000 2,292,000 5.605,000 5,951,000 0,895,000 8,932,000 3,452,000 154.098.000
Chargeable to F. It. Agt. 36.794.000 314.580.000 52.115.000 1 2 ,122,000 20,870,000 29.908.000 82.568.000 21,735,000 30,689,000 35,825,000 27,988,000 24,408,000749.602.000
209.626.000
In.hands of F. R. Agent. 10.050.000 120.900.000 11.160.000 7,640,000 3,560,000 10.405.000 18.060.000 3,860,000 5,890,000 9,540,000 8,261,000
Issued to F. R. Bank. 26,711,000223,680,000 10,655,00034,482,000 17,310,000 19,503,00004,508,000 17,875,00024,799,00026,285,000 19,727,00024,408,000 539,976,000
Held by F. It. Agent—
187.667.000
3.365.000 14,077,000 2,370,00011.110,000
2.896.000
Gold coin and ctfs___ 22,910,000 113,111,000 4.220.000 13,605,000
1,018',666 24,268,000
1.251.000
Gold redemption fund 1,834.000 10,560,000 2.275.000 1,877,000 4 19 ',566 1.450.000 558.666 513,000 6.250.000 1,488,000] 1,013,000 23,390,000 178.830.000
11.060.000] 5,030,000
25,860,000 19,000,000 7,000,000 12,080,000 61,470,000 5.690.000
With Fed. Res. Board 2 ,000,000
—
149.211.000
10 0 ,000,666 8.300.000
9,891,000 3.071.000 2,480,000 8.307.000 3.221.000 11.367.000] 2,574,000
Commercial paper...
Total.................... 20,744,000 223,680,000 10,055,000 31,482,000 17,310,000 19,503,000 64,508,000 17,875,00024,799,00026,285,000 19,727,00024,408,000 539,976,000
Amt. of commerc’l papei
........ Il53,136,000
delivered to F. It. Agt
100,058,000 8,300,000
............ 13,498,000 3,078,000 2,4.86,000 8,312,000 3,221,000 ll,429,000l 2,748,000
F. It. notes outstanding. 20,711,000 223,680,000 40,055,000 31,482,000 17,310,000 19,503,000 64,508.000 17,875,000 24,799.000 26,285,000 19,727,000 24,408,000 539,976,000
F. It. notes heldby banks 2,117,000 20,307,000 2,310,000 2,705,000 018,000 617,000 5,223.000 1,000,000 1,189,000 041,000! 614,000 2,878,000 40,255,000
F.R. notes Inact.clrc’n 21,027,000203,373,000 38,339,00031,777,000 16,092,000 18,856,00059,285.00016,875,00023,610.000 25,644,000 19.113,00021,530.000 499,721,000




2622

[Vol. 104

THE CHRONICLE

Statement of New York City Clearing House Banks and Trust Companies.— T h e follow in g detailed statem en t
snows the co n d itio n o f the N ew Y o rk C ity C learing H ou se m em bers for the w eek en din g June 23. T h e figures for the
sep arate banks are the averages o f the d a ily results. In the case o f the tota ls, actu a l figures at end o f the w eek are also
g iv e n . In ord er to furnish a com p a rison , w o h ave inserted the totals o f actu al con d ition for each o f the three g rou p s and
also th e gra nd aggregates fo r the three p recedin g w eeks.
NEW
C L E A R IN G H OU SE
M EM BERS.
W e e k E n d in g
J u n e 23 1917.
(00s omitted.)

Capital.

YORK

W EEKLY

Net
Profits.

Loans,
Discounts,
Investm'ts,
( N a t . B ’ ks M a y 1\
Ac.

Cold.

C L E A R IN G

Legal
Tenders.

Silver.

IS ta te B ’ ks F e b . 2 8 /

M em b ers o f F ed era l
R eserve B a n k .
B a n k o f N . Y . . N .B .A .
M e ro n a n ts ’ N a t . B a n k .
M e o h . A M e ta ls N a t . .
N a tio n a l C it y B a n k ___
C h em loa l N a t . B a n k . . .
A tla n tlo N a tio n a l Bank
N a t . B u toh ers’ A D r o v .
A m er. E x ch . N a t . B ank
N a t . B ank o f C om m erce
C h a th a m A P h enlx N a t.
H a n ov er N a tio n a l Bank
C itizen s’ N a t io n a l..........
M a rk e t & F u lton N a t . .
C orn E x ch a n g e B a n k . .
I m p o rte rs’ A T ra d e rs ’ . .
N a tio n a l P a rk B a n k ___
E a st R iv e r N a t . B a n k .
S econ d N a tion a l B a n k .
F irst N a tio n a l B a n k . . .
Irv in g N a tio n a l B a n k . .
N .Y .C o u n t y N a t . Bank
C h ase N a tio n a l B a n k . .
L in co ln N a tion a l B a n k .
G a rfie ld N a tion a l Bank
F ifth N a tio n a l B a n k ___
Sea b oa rd N a t . B a n k ___
L ib e r ty N a tio n a l B a n k .
C oa l A Iron N a t . B a n k .
U n ion E x ch a n g e N a t . .
N assau N a tio n a l B a n k .
B ro a d w a y T r u s t C o ___

Aceraoe.

Aceraoe. Average.

$
3 7 .1 6 2 .0
2 0 .3 9 3 .0
148 .050 .0
4 8 7 .421 .0
4 8 .2 8 0 .0
15.616.0
2 .3 5 6 .0
8 7 .4 1 3 .0
2 7 9 .2 0 8 .0
73 .3 7 4 .0
1 38 .125 .0
2 9 .5 3 8 .0
11.445.0
111.438 .0
3 2 .9 2 0 .0
154.988 .0
2 .6 0 9 .0
18.758.0
2 3 2 .5 7 1 .0
8 4 .6 4 4 .0
11.467.0
2 6 4 .4 1 0 .0
1 7.556.0
1 0.406.0
6 .2 3 3 .0
4 2 .7 7 6 .0
6 0 .6 1 9 .0
10.772.0
11.966.0
11.778.0
2 4 .2 2 4 .0

$
$
2 ,0 0 0 ,0
5 ,0 5 6 ,6
2 ,0 0 0 ,0
2 .4 7 4 .1
6-,000,0 10 .1 4 8 .5
2 5 .0 0 0 . C 4 4.2 53.5
0
3 .0 0 0 .
8 .40 2 .1
4
1.0 0 0 . 0
8 4 6 .5
3 00 .0
74,5
5 .0 0 0 .
0
5 ,1 1 5 ,5
2 5 .0 0 0 .
19 0 5 0 .5
.8
3 .5 0 0 .0
2 ,2 3 3 ,9
3 .0 0 0 .
0
1 6 ,4 8 2 ,4
2 .5 5 0 .0
2 .5 2 1 .0
1 .0 0 0 . 0
2 .077.1
3 .5 0 0 .0
7 .2 9 4 .2
7 .7 4 7 .2
1 .500.0
5 .0 0 0 .
0
1 6 .192.6
2 5 0 .0
77,8
1 .0 0 0 . 0
3 .5 4 5 .0
1 0 .0 0 0 . 0 2 6 ,2 8 5 ,0
4 .0 0 0 .
0
4 .2 9 8 .4
500 .0
1.247.5
1 0,000,0 13,197,8
1 .0 0 0 . 0
1 .983.0
1 .325.4
1,000,0
2 50 .0
413 .7
1 ,0 0 0 ,0
3 .1 2 0 .4
1 ,0 0 0 ,0
3 .8 5 6 .2
1 ,000,0
8 27 .5
1 .000,0
1.131.6
1.000,0
1.136.5
1 .500.0
1.050.6

$
2 .1 7 4 .0
733 .0
6 .8 1 0 .0
2 9 .1 4 0 .0
957 .0
8 35 .0
87 .0
3 .4 2 1 .0
5 .7 8 1 .0
3 .9 8 3 .0
10.5 6 6 .0
731.0
5 88 .0
6 .8 0 6 .0
1.440.0
7 .1 1 2 .0
82.0
1.079.0
9 .3 2 5 .0
6 .1 0 5 .0
752 .0
9 .9 9 1 .0
1 .609.0
6 35 .0
157.0
2 .4 1 8 .0
2 .4 6 8 .0
4 79 .0
433 .0
315 .0
1 .603.0

T o t a ls , a v g o . for w eek 123 ,850 ,0 2 1 4 .3 0 6 .6 2 ,4 8 8 ,5 1 6 ,0 118,615,0

Average. Average.

$
1,110,0
180,0
525.0
3 .2 5 1 .0
671.0
194.0
41.0
1.510.0
3 .3 7 3 .0
1.344.0
1 .410.0
163.0
316 .0
732 .0
1 .374.0
507 .0
32 .0
184.0
617 .0
792 .0
2 18 .0
4 .9 0 3 .0
4 76 .0
208 .0
140.0
8 79 .0
164.0
2 39 .0
182.0
141.0
2 98 .0

$
124.0
644 .0
4 .1 7 4 .0
1.587.0
8 28 .0
3 00 .0
4 5 ,0
709 .0
1.160.0
2 .1 7 0 .0
1 .364.0
1 .288.0
280 .0
2 ,6 1 6 ,0
158.0
2 .9 5 1 .0
136.0
4 58 .0
1.313.0
2 .7 7 1 .0
2 50 .0
2 .9 2 3 .0
167.0
378 .0
3 25 .0
9 38 .0
132.0
203 .0
505 .0
457 .0
7 80 .0

H O U SE

RETURN.

Nat .Bank Nat .Bank
Notes
Notes
Federal
lReserve
INot
Reserve
for State Counted
Notes
Institu­
as
[Not
tions],
Reserve]. Reserve].

$

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

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

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

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

AddlCa
Reserve Deposits
with
with
Net
Legal
Legal
Demand
Deposi­ Deposi­ Deposits.
taries.
taries.

Average. Average.
$
%
11,0
17.0
75.0
229.0
51.0
22.0
5.0
92.0
3.0
423 .0
40.0
26.0
62,0
615 .0

82 ,0
2,0
2 4 .0
2 7 .0
7.0
106,0
2 9 .0
235 ,0
19.0
19.0
21 .0
10,0
4.0
20 ,0
36 .0
83 .0

Average. Average

"2 8 " ,6
160,0
1.151.0
20,0
17.0
8,0
84.0
81.0
374 .0
177.0
20 ,0
154.0
1 .734.0
30.0
139.0
16.0
48.0
14.0
2 83 .0
27.0
4 76 .0
87.0
179.0
. 8,0
43.0
138.0
72.0
12.0
16,0
126.0

Average.

3
2 .7 8 9 .0
988.0
11.383.0
63 .0 7 9 .0
5 .7 9 0 .0
1.240.0
186.0
9 .9 9 8 .0
3 3 .8 1 1 .0
6 .0 8 6 .0
2 2 .4 8 3 .0
2 ,8 2 0 ,0
1.545.0
11.962.0
2 .7 0 8 .0
14.778.0
360 .0
1.153.0
1 6.406.0
8 .6 6 3 .0
749.0
2 2 .9 8 8 .0
1.282.0
947 .0
516 .0
5 .5 7 3 .0
11.964.0
886 .0
1 .029.0
826 ,0
1 .881.0

Net
Time
Deposits

$
30.9 9 6 .0
16.053.0
132.343 .0
4 8 0 .4 3 9 .0
40.2 9 5 .0
14.236.0
2 .0 9 8 .0
7 3 .5 3 9 .0
2 5 1 .5 6 0 .0
67 .1 5 2 .0
1 46 .481 .0
2 5 .9 3 9 .0
11.147.0
114.887 .0
2 8 .5 1 6 .0
1 41 .306 .0
2 .7 7 3 .0
15.429.0
1 53 .093 .0
9 2 .3 0 4 .0
11.484.0
2 1 7 .9 8 3 .0
17.336.0
9 .4 4 7 .0
5 .5 3 1 .0
4 5 .1 9 5 .0
60 .5 3 5 .0
1 0.021.0
11.192.0
9 .4 7 5 .0
2 4 .1 8 4 .0

$

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

::::::

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

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

National
Bank
Circula­
tion.

Average. Average.
t
$
1.238.0
60,0
4 .7 3 7 .0
8 .1 5 0 .0
086,0
651,0
4 .1 9 9 .0
5 .8 5 9 .0
5 .7 6 3 .0
"

530,6

2 ,0 3 1 ,0
711 .0
2 0 6 .0
1 7,236,0
34 ,0
2 00 ,0
45 0 ,0
2 ,2 3 3 ,0
14.0
30 .0
78 .0
241 ,0

788 .0
+ 8 4 2 ,0
3 .7 0 7 .0
+ 7 8 2 ,0
4 44 .0
150.0
4 9 .0
4 .7 9 2 .0
155.0
+ 7 7 5 ,0
140.0
1 .015.0
137.0
’ ’ 5+6
3 .5 4 0 .0
50 .0
70+0
3 .9 9 8 .0
0 40 .0
199.0
550 .0
8 94 .0
3 99 .0
2 49 .0
70.0
4 9 9 .0
4 t 3 ,0
3 99 .0
5 0 .0

2 6 ,2 4 0 ,0

32 ,1 3 4 ,0

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

2 ,3 9 5 ,0

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

_______ 2 ,2 6 2 ,9 6 9 ,0

5 5 ,3 3 7 ,0

2 9 ,6 0 4 ,0

23
16
9
2

-----____ _
......
—

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

101,138 ,0
130,084,0
157 ,310 .0
2 3 8 .8 7 2 ,0

2 5 ,4 1 8 ,0
3 0 ,4 8 0 ,0
24 ,4 9 1 ,0
26 ,5 6 4 ,0

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

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

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

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

2 ,225,791 0
2 ,3 6 5 !8 2 9 ! o
2 .3 6 0 .9 4 2 .0
............. 2 ,3 6 1 ,0 6 7 .0

5 5 ,2 2 4 ,0
5 6 ,987 )o
6 1 ,7 2 7 .0
6 1 ,8 3 8 ,0

2 9 ,6 6 9 ,0
2 9 )6 4 3 ,0
2 9 ,4 7 7 ,0
2 9 ,1 7 6 ,0

B ank o f M a n h a tta n C o .
Bank o f A m e r ic a _______
G reen w ich B a n k _______
P a olflo B a n k . ....................
P e o 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 erm a n -A m erlca n B ank
F ifth A v en u e B a n k ____
G erm a n E x ch a n g e Bank
G erm a n ia B a n k ________
B a nk o f M e t r o 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
2 00 ,0
2 ,0 0 0 ,0
2 50 ,0
750 ,0
100,0
2 00 ,0
•100,0
1 ,000,0
200 .0
1,000,0
1 .500,0

5 ,1 8 0 .2
6 ,5 9 8 ,9
1,280,4
985 ,3
468 ,7
2 .1 2 0 .2
803 ,4
8 2 4 .8
2 ,3 0 3 ,6
860 ,6
8 45 ,8
2,214,1
3 01 ,0
1 ,062,4
726 ,6

4 0 ,5 9 8 ,0
3 1 ,8 4 4 ,0
11.318,0
8 ,7 1 9 ,0
3 ,0 0 2 ,0
16,690,0
4 ,3 3 4 ,0
0 ,5 5 3 ,0
17,021,0
5 ,1 5 6 ,0
6 ,7 5 9 ,0
15,763,0
4 ,0 3 0 ,0
19,174,0
2 2 ,3 9 6 ,0

5 ,9 4 9 ,0
3 ,9 6 4 ,0
1,150,0
4 72 ,0
165,0
1,998,0
337,0
731,0
1,923,0
537 ,0
6,81,0
899 ,0
279 ,0
1 ,268,0
2 ,2 7 5 ,0

1 ,872,0
1,270,0
210 ,0
2 11 ,0
79,0
3 75 ,0
37,0
225 ,0
302 ,0
5 8 ,0
45 ,0
2 62 ,0
148,0
331 ,0
5 67 ,0

486 ,0
638 ,0
4 87 ,0
2 21 ,0
150,0
623 ,0
72,0
26 ,0
1,435,0
122,0
187,0
477 ,0
94,0
520 ,0
567 ,0

147,0
33,0
325 ,0
165,0
23 ,0
97,0
50 ,0
3,0
33,0
94,0
75,0
185 ,0
30 ,0
1.32,0
379 ,0

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

1 2,150,0

2 6 ,5 7 6 ,0

2 1 3 ,3 5 7 ,0

2 2 ,6 2 8 ,0

5 ,9 9 2 ,0

6 ,1 1 1 ,0

1 ,771,0

—

2 1 2 ,8 2 9 ,0
217 ,8 5 3 ,0
2 2 1 ,5 3 3 ,0
2 2 1 ,649 ,0

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

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

6 ,5 8 1 ,0
6 ,3 0 9 ,0
5 ,7 9 6 ,0
5 ,7 9 8 ,0

1,730,0
1.601,0
1 ,484,0
1 .408,0

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

a ctu a l
actu a l
a ctu al
actu a l

co n d itio n
co n d itio n
con d ition
c on d ition

Jun e
Jun o
Juno
Juno

2 7 7 ,301 ,0
2 6 4 ,9 1 4 ,0
269 ,4 8 9 ,0
2 0 8 ,2 8 6 ,0

S ta te B anks.

Mot Members of
Federal Reserve Hank.

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

actu a l
a ctu al
actu a l
actu a l

co n d itio n
c on d ition
c on d ition
co n d itio n

June
Juno
Juno
Jun o

23
16
9
2

2 ,6 8 8 ,0

786 ,0

789 ,0
170 0
181,0

54 ,0

4 4 ,0 2 9 ,0

12 ’0

2 46 ,0

236 ,0
2 93 ,0

52,0
5 ,9 9 8 ,0
17,969,0
5 ,0 2 0 ,0

186,0

180,0

90 7 ,0
2 34 ,0
863 ,0
1 ,181,0
--------

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

422 ,6

15! 123,0

148,0

18,470 0
2 5 ,1 8 3 ,0

35,0

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

8 ,0 8 0 ,0

1,708,0

2 1 6 ,0 9 1 ,0

417 ,0

1 ,4 5 8 ,0

2 1 8 ,9 9 8 ,0

417 ,0

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

S ,498 ,0
8 r770 0
9 ,0 5 + 0
8 ,9 7 2 ,0

2,733^0
2 2 7 ,2 4 8 ,0
3 ,0 9 8 ,0
2 3 0 ,5 0 1 ,0
--------- — —

423 )o
4 58 ,0

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

•

_______

----------- --

Not Members of
Federal Reserve Rank.
B rook ly n T r u s t C o ___
B a n kers’ T ru st C o _____
U . S M t g e A T ru s t C o
T it le G u a r. A T r u s t C o
O u a ra n ty T ru st C o ____
F id e lity T r u s t C o ..........
L a w y ers’ T it le A T ru st
C o lu m b ia T r u s t C o ___
P e o p le ’ s T ru st C o ____
N ew Y o r k T r u s t C o . . .
Fran klin T r u s t C o ..........
L in coln T ru st C o ............
M e tro p o lita n T ru st C o .

1 .500,0
11,250,0
2 .0 0 0 ,0
5 ,0 0 0 ,0
2 0 ,0 0 0 .0
1.000.0
4 .0 0 0 .0
5 .0 0 0 .0
1,000.0
3 .0 0 0 ,0
1.000.0
1.000,0
2 ,0 0 0 .0

3 6 ,0 8 5 ,0
2 6 8 ,6 6 1 ,0
6 8 ,0 5 2 ,0
4 4 ,7 4 7 ,0
3 8 8 ,1 2 4 ,0
11,454,0
2 6 ,5 1 2 ,0
8 2 ,0 6 4 ,0
2 4 ,1 0 0 ,0
70 ,9 3 5 ,0
1 9,944,0
14,422,0
5 6 ,6 3 8 ,0

1,988,0
2 2 ,4 7 2 ,0
4 ,9 1 8 ,0
2 ,3 2 7 ,0
2 9 ,5 1 7 ,0
736,0
1,406,0
5 ,0 2 1 ,0
1,629,0
5 ,5 1 1 ,0
1,469,0
842 ,0
3 ,8 0 5 ,0

5 78 ,0
1,793,0
125,0
193,0
3 61 ,0
66,0
170,0
255 ,0
104,0
334 ,0
615,0
109,0
40 4 ,0

23 9 ,0
244 ,0
182,0
109,0
672,0
79,0
44,0
781,0
27 9 ,0
37,0
251 ,0
2 69 ,0
145,0

288 ,0
480 ,0
191,0
231 ,0
8 08 ,0
3 8 ,0
67,0
2 49 ,0
2 3 4 ,0
177,0
83,0
31,0
4 44 ,0

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

5 7 .7 5 0 ,0 101.761 ,6 1 ,1 1 1,738,0

8 1 ,6 4 1 ,0

5 ,1 0 7 ,0

3 ,3 3 1 ,0

3 ,3 2 1 ,0

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

Jun o
June
Juno
Jun o

1,1 1 0 ,5 4 6 ,0 8 8 ,7 8 3 ,0
_______ 1 ,1 1 1,361,0 0 9 ,6 4 4 ,0
______ 1,131,197,0 96,8 1 2 ,0
............ 1,1 2 4 ,2 2 0 ,0 100,778 ,0

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

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

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

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

9 9 5 ,4 6 1 ,0 119 ,258 .0

_______

G ra n d A g g re g a te , a v g o . 1 93 ,750 ,0 3 4 2 .6 4 4 ,2 3 ,8 1 3 ,6 1 1 ,0 2 2 2 ,8 8 4 ,0
C o m p a ris o n p rev . w eek
+ 12,339,0 -5 2 ,1 9 8 ,0

3 7 ,3 3 9 ,0
— 4 6 ,0

4 1 ,5 7 6 ,0
— 923 ,0

5 ,0 9 2 ,0
+ 49 ,0

2 ,3 9 5 ,0
+ 107,0

5 ,7 2 2 ,0 3 2 2 ,8 9 5 ,0 20 ,1 9 6 ,0 a3 439 5 9 6 0 167,218,0
— 176,0 + 165480 -6 ,7 9 6 .0 -1 3 3 ,0 7 6 ,0 — 5 ,4 4 4 ,0

2 9 ,6 0 1 ,0
+ 13,0

23 3 ,7 6 0 ,1 6 9 ,0 2 1 4 ,0 5 6 ,0 3 6 ,3 3 7 ,0 39,081+0
— 5 4 ,8 3 6 ,0 -4 0 ,3 9 8 ,0 — 5 ,4 4 4 ,0 — 6 ,8 8 6 ,0

5 ,0 3 0 ,0
+ 142,0

2 ,2 8 1 ,0
— 2 80 ,0

5 ,5 6 5 ,0 333 ,7 5 2 ,0 20 ,5 2 8 .0 b 3 4 0 6 2 0 6 0 1 7 + 3 2 9 ,0
+ 212 ,0 + 122150 -1 2 5 4 7 0 -1 5 7 ,8 6 3 ,0 + 1,171,0

2 9 ,6 6 9 ,0
+ 20,0

16 3 ,8 1 5 ,0 0 5 ,0
9 3 ,7 9 0 ,2 8 4 ,0
2|3,6 9 4 ,7 8 6 ,0
261 3.70 8.0 21,0

4 ,8 8 8 ,0
4 ,8 5 5 ,0
4 ,9 8 6 ,0
3 ,5 5 8 .0

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

5 ,353,0
6 .2 1 9 ,0
5 ,7 2 1 ,0
8 .2 2 2 .0

2 7 .5 1 0 , 0

a ctu a l
a ctu a l
a ctu a l
a ctu a l

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

23
16
9
2

G ra n d A g g re g a te .a ctu a l c o n d itio n
C o m p a ris o n p r e v . w eek
G ra n d
u ra n a
u ra n a
G ra n d

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

a ctu al
a ctu a l
a ctu a l
a ctu a l

con d ition
oonrlltlon
co n d itio n
c on d ition

3 .7 9 9 ,5
15,919,5
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
1,334,4
533.4
5 ,2 4 9 .3

Jun o

.............
June
Juno
Jun e
M ay

a U . 8 . d ep osits d e d u cte d , $ 1 3 1 ,5 3 2 ,0 0 0 .

2 5 5 ,054 ,0
2 8 1 ,2 9 5 ,0
3 6 8 ,8 7 6 ,0
3 4 9 .9 7 0 .0

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

45 ,9 7 4 ,0
40 ,4 6 1 ,0
4 0 ,0 8 6 ,0
4 1 ,4 2 2 .0

b U . 8 . d ep osits d e d u cte d , $ 1 2 8 ,0 6 7 ,0 0 0 .

1,559,0
12,493,0
2 ,7 0 0 ,0
1,424,0
17,190,0
453 ,0
913,0
3 ,1 6 5 ,0
1,114,0
2 ,8 6 9 ,0
9 30 ,0
637 ,0
2 ,4 9 9 .0
.............

Total
Reserve.

a Reserve
Required.

32)732 0

1 8 ,255,0
63)303)0
2 2 ,2 8 5 ,0
57 )1 4 9 ,0
18,604,0

9 15 ,0
1 7,455,0
1,019,0
5 ,6 7 5 ,0
1 599)0

5 1 ,7 6 2 ,0

132,0
4 ,6 6 9 ,0
803 ,0
3 55 ,0
813 0
41 1 ,0

3 1 ,1 8 3 ,0
2 4 9 ,8 7 1 ,0
5 4 ,0 1 6 ,0
2 8 ,474 0
3 4 3 ,808 ,0

2 ,4 2 + 0

4 7 ,9 4 6 ,0 18,488,0

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

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

4 7 ,9 5 3 ,0
47 ,8 5 3 ,0
4 9 ,937,0
49 ,7 8 5 ,0

3 2 + 5 3 7 ,0
3 2 8 ,4 7 7 ,0
2 6 7 .043 ,0
3 7 7 .541 .0

19,070,0
30 .1 9 9 ,0
24 ,5 9 9 .0
3 6 G 4 2 .0

3 3,075,0
2 7 ,332,0
3 9,240,0
47,6 0 3 .0

b 3 5 6 4 0 0 9 0 170.158 0
1)35865250
b.3587029,0
b36 6 0 6 7 8 !o 2 0 + 5 1 9 .0

a
Inoludes
b
Includes

J u n o 2 3 ____
Jun e 16 . .
June 9 . .
Jun o 2 ____

3 0 6 ,8 9 + 0 0 0
3 6 0 .009 .00 0
392 .8 4 8 .0 0 0
4 4 9 ,1 3 + 0 0 0

3 2 2 .8 9 5 .0 0 0
3 0 6 .3 4 7 .0 0 0
292 .0 7 7 .0 0 0
2 8 9 .4 5 3 .0 0 0

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




629 ,7 8 6 ,0 0 0
666 ,3 5 6 ,0 0 0
6 8 4 ,925 ,00 0
7 3 8 ,5 8 + 0 0 0

_______

c In clu d es ca p ita l sot aside for foreign b ran ch es, $ 6 ,0 0 0 ,0 0 0

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

Surplus
Reserve.

Inc. or Dec.
from
Cash Reserve Reserve In
PreHousWeek In Vault. Depositaries

Total
Reserve.

b Reserve
Required.

M em b ers
Federal
S
$
S
$
S
$
S
$
$
$
R eserv e B a n k ____ 170,989,000 206 ,8 6 9 ,0 0 0 443 ,8 5 8 ,0 0 0 4 1 0 ,1 0 + 2 7 0 3 3 ,7 5 6 ,7 3 0 — 1,548,100 1 5 5 ,1 3 7 ,0 0 0 2 7 7 ,3 0 + 0 0 0 4 3 2 .438 .00 0
403 ,4 0 3 ,5 8 0
State B a n k s* ________ 3 6 .5 02.000
8 ,0 8 0 ,0 0 0 4 4 ,5 8 2 ,0 0 0 3 8 ,8 9 6 ,3 8 0
5,6 8 5 ,6 2 0 — 1 ,6 4 + 0 8 0 3 8 ,8 3 3 ,0 0 0
8,4 9 8 ,0 0 0 4 7 ,3 3 + 0 0 0 3 9 ,4 1 9 ,6 4 0
T ru st C o m p a n ie s * ___ 9 3 .4 00.000 4 7 ,9 4 6 ,0 0 0 1 4 + 3 4 0 ,0 0 0 144,080,400 d f‘2 ,734,400 — 10,204,950 10 + 1 4 + 0 0 0 4 7 ,9 5 3 ,0 0 0 149.094.000 144,212,550
T ota l
T ota l
T ota l
T ota l

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

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

A v era ges.

Cash Reserve Reserve in
in Vault. Depositaries

1,756,0

2,1‘ 0,6
2
3 ,2 4 1 ,0
735 ,0
2 ,8 4 9 ’0

5 9 3 ,0 7 8 ,0 5 0 3 6 ,7 0 7 ,9 5 0 —
616 ,2 5 3 ,9 2 0 50,1 0 2 ,0 8 0 —
623 ,9 7 5 ,8 1 0 6 0 ,9 49,190 —
624 ,7 6 7 .1 8 0 113,816.820 —

13,39 + 130
10,847,110
5 2,867,630
20,0 5 9 ,1 6 0

2 9 5 .111.000 33 3 ,752 ,00 0
347 .6 9 7 .0 0 0 32 + 5 3 7 ,0 0 0
358 .9 5 3 .0 0 0 3 2 8 ,477 ,00 0
448 .7 2 0 .0 0 0 267 .013 .00 0

6 2 8 .863 .00 0
0 6 9 ,2 3 + 0 0 0
0 8 7 .430 .00 0
715 .763 .00 0

587 ,0 3 5 ,7 7 0
6 1 5 ,183 ,25 0
618 ,710 ,80 0
6 1 8 ,893 ,29 0

Surplus
Reserve.
$

Inc. or Dec.
from
PrevtouslVeek

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

$
— 4 ,2 5 + 0 1 0
+ 20 5 ,4 4 0
— 8 ,1 7 4 ,9 5 0

4 + 8 2 7 ,2 3 0
54,0 5 0 ,7 5 0
6 8 ,7 19,200
96,869,710

— 1 2,223,520
— 1 4 ,0 68,450
— 2 8 ,1 5 0 ,5 1 0
— 7 9 ,5 5 9 ,9 0 0

D em a n d D ep osits In the case o f S ta to B anks and T ru st C om p a n ies, b u t In the case o f M em b ers o f tho F ed eral R eserv e B a nk
N e t T im e D e p o sits, w h ich w as as follow s: June 2 3 , $2 ,7 6 6 ,8 5 0 ; June 16, $2 ,8 9 5 ,8 5 0 : June 9 , $ 3 ,0 7 7 450 ' Jun o 2 $ 3 ,1 5 6 ,9 5 0
D em a n d D e p o sits In tho caso o f S ta te B anks and T ru st C om p a n ies, b u t In tho caso o f M om b ers o f tho F ederal R eserv e Bank
N et T im e D e p o sits, w hloh w as as follow s: Juno 2 3 , $2,7 6 1 ,2 0 0 ; June 16, $2,8 1 9 ,3 5 0 ; June 9 $3 036 350; Juno 2 , $3 091 9 0 0 .

T h e S tate B a n k in g D ep a rtm en t reports w eek ly figures
show ing the co n d ition o f S tate ba n k s an d tru st com p a n ies
in N e w Y o rk C ity not in the Clearing House, an d these are
show n in the fo llow in g ta ble:
S U M M A R Y O F S T A T E B A N K S A N D T R U S T C O M P A N IE S IN G R E A T E R
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 H O U SE S T A T E M E N T
( Figure." Furnished t» State Banking Department.)
Differences from
June 2 3 .
precious week.
L oa n s an d In v estm en ts_________________________________ $8 6 1 ,0 3 4 ,6 0 0 D e o . $ 1 ,1 9 2 ,4 0 0
G o ld .....................
6 5 ,0 7 5 ,0 0 0 D e c .
2 ,3 3 3 ,4 0 0
10,791,100 D e c .
2 43 ,600
C u rren cy a n d ban k n o te s .......................................................
T o t a l d e p o s its ___________________________________________1,0 0 8 ,9 1 5 ,1 0 0 D e o . 2 5 ,2 0 8 ,6 0 0
D e p o s its , elim inating a m ou n ts d u o fro m reservedep ositaries and fro m oth er ban ks and trust c o m panles In N ew Y o r k C it y , a n d exch a n g es..................
n e c ‘ I 5 ’ s 7 6 900
R eserv e on d e p o sits______ ____________________________
1 8 9 ,384 ,60 0 D e c . l5 ,8 7 o ,J 0 0
P ercentage o f reserve, 2 4 .0 % .
RESERVE.
---------State Banks--------— Trust Companies----C a s h ln v a u lts
...........
$ 1 3 ,940 ,80 0
1 1 .2 9 %
$ 6 1 ,925 ,30 0
9 .3 3 %
D e p osits in ban ks an d trust c o s . . . . 15,609,100
1 2 .6 3 %
07,9 0 9 ,4 0 0 1 4 .7 5 %
X o t a l ........................................................ $ 2 0 ,549 ,90 0

2 3 .9 2 %

$ 1 5 9,83 4,7 00

RESU LTS OF B A N K S A N D T R U S T
GREATER NEW YORK.

C O M P A N IE S

IN

Loans
and
Investments

Demand
Deposits.

Specie.

M a r. 3 1 - - 7 -.1 4 --2 1 ...
2 8 --5 -.12.
1 9 --2 8 --2 ...
9 ...
1 6 ...
June 2 3 - . -

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

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

$
4 9 2 ,9 4 7 ,2
5 1 2 ,177 ,1
5 1 1 ,5 9 3 ,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 ,1 4 5 ,7
3 8 4 ,9 8 9 ,4
3 2 9 ,5 3 5 ,0

S T A T E B A N K S A N D T R U S T C O M P A N IE S .

Stale Banks
Trust Cos.
State Banks j Trust Cos.
outside of
outside of
In
1
in
Greater N. Y. Greater N. Y. Oreater N. Y. Greater N. Y.

Week ended June 2 3 .

Other
Money.

Total
Money
Holdings.

Entire
Reserve on
Deposits.

S
70 ,2 1 4 ,9
6 6 ,0 2 9 ,0
6 5 ,5 4 6 ,0
6 2 ,5 2 9 ,3
60 ,0 1 7 ,7
5 1 ,8 2 1 ,4
4 9 ,5 7 7 ,7
54 ,0 3 0 ,7
5 2 ,6 2 9 ,4
51,0 1 1 ,1
49 ,9 1 2 ,3
5 3 ,4 6 2 ,7
5 3 ,222,1

S
5 6 3 ,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 ,6 3 8 ,7
5 0 2 .3 7 3 ,1
5 1 2 ,3 7 9 ,2
5 4 4 ,3 4 5 ,6
5 2 6 ,2 2 6 ,3
5 2 0 ,8 2 6 ,9
4 7 2 ,0 5 8 ,0
4 3 8 ,452 ,1
3 8 2 ,757 ,1

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

L oa n s an d in v e s t m e n ts ..
C h a n g e fro m la st w e e k .
G o ld

..............................
fro m last w e e k .

42.3 0 9 ,9 0 0 .

1 7 9 ,277 ,60 0

15,2 2 8 ,3 0 0

1 8 ,1 2 3 ,9 0 0

4 3 4 ,5 7 8 ,9 0 0 1 ,8 6 0 ,3 1 4 ,1 0 0
— 10,555,700 j — 1 8 ,967,100

1 78 ,756 ,90 0
+ 832 ,700

3 0 2 ,1 8 0 ,1 0 0
+ 1 ,6 7 7 ,7 0 0

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

.................. -

4 2 ,3 7 9 ,4 0 0 ' 1 4 2 ,061 ,20 0
— 4 ,6 2 3 ,2 0 0 — 1 5 ,804,100
2 0 ,5 3 8 ,5 0 0
+ 7 1 ,7 0 0 1

15,4 8 6 ,7 0 0
+ 6 4 ,9 0 0

5 4 9 ,9 2 9 ,3 0 0 3 ,1 5 5 ,6 1 3 ,4 0 0
D e p o s its __________________
C h a n g e fro m last w e e k . — 26,148,300| — 6 4 ,9 2 9 ,3 0 0
102,719 ,80 0. 3 3 3 ,8 2 3 ,6 0 0
— 3,5 9 8 ,5 0 0 . — 3 5 ,9 0 3 ,1 0 0

P . C . reserve t o d o p o s lt s .
P ercen ta g e last w e e k ..
+ In crease o v e r last w eek .

Non-Member Banks and Trust Companies.-

$
1 8 ,4 5 1 ,2 0 0

S
8 4 ,5 5 0 ,0 0 0

C u rren cy an d b a n k n o t e s C h a n g e from last w e e k .

R e se rv e on d e p o s its _____
C h a n g e fro m last w e e k .

$
12,2 3 8 ,0 0 0

$
i
2 3 .9 5 0 ,0 0 0 1

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

We omit two ciphers in all these figure*.

Week
Ended—

In a d d ition to the returns o f “ S tate ba n k s an d trust c o m ­
panies in N e w Y o r k C ity not in the Clearing House, “ furnished
b y the State B a n k in g D e p a rtm en t, th e D ep a rtm en t also
presents a statem en t co v e rin g all th e in stitu tion s o f this class
in the w hole S tate. T h e figures are co m p ile d so as to d istin ­
guish betw een th e results fo r N e w Y o r k C ity (G rea ter N e w
Y o rk ) and th ose fo r th e rest o f th e S ta te, as per th e follo w in g :
F o r defin ition s an d rules u n d er w h ich th e va riou s item s
are m a de u p , see “ C h r o n ic le ,” V . 9 8 , p . 1661.
T h e provision s o f th e law g ov ern in g th e reserve re q u ire ­
m ents o f State ba n k in g in stitu tions w ere p u blish ed in th e
“ C h ron icle” M a rch 28 1914 (V . 9 8 , p . 9 6 8 ). T h e regu la­
tions relating to calcu latin g the a m ou n t o f d ep osits an d w h a t
ded u ction s are p erm itted in th e co m p u ta tio n o f th e reserves
w ere given in th e “ C h ron icle” A p ril 4 1914 (V . 9 8 , p . 1 0 4 5 ).

2 4 .0 8 %

T h e averages o f the N ow Y o rk C ity C learing H ou se banks
an d trust com p a n ies, c o m b i n e d w ith th ose fo r the S tate banks
an d tru st com pa nies in G reater N ew Y o r k 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 pa st:
C O M B IN E D

3633

THE CHRONICLE

J une 30 1917.]

2 3 .8 %
2 3 .8 % 1

190 ,267 ,00 0 ! 3 1 2 ,9 4 6 ,0 0 0
— 1,690,700 1 — 1 ,0 5 5,500
3 0 ,0 3 5 ,3 0 0
— 2 ,7 4 2 ,6 0 0 .

3 9 ,2 4 9 ,3 0 0
— 2 ,2 4 3 ,7 0 0

1 8 .8 %
2 0 .2 % i

1 5 .7 %
1 6 .6 %

1 9 .4 %
2 1 .4 %

— D eorea se fro m last w eek .

------- ---

—

r.._ 0 ------

n on -m em b er in stitu tions w h ich are n o t in clu d ed in th e “ C learing H ou se retu rn ” on th e p recedin g page:
RETURN
C L E A R IN G
N O N -M E M B E R S .

OF N O N -M E M B E R IN S T IT U T IO N S OF N E W Y O R K C L E A R IN G
Net
ProfUs.

/N a t . b k s . M a y 11
(S ta te b k s. F e b . 28J

W e e k E n d in g
J u n e 23 1917.

Loans,
Discounts.
Invest­
ments, &c.

Legal
Tenders.

Average.
$
4 15 ,800
688,700
626,300
1,298,900
771,500
015,600
3 19 ,400

5
5 .3 2 3 .0 0 0
6 .1 67.000
6 .0 82.000
5 .4 5 1 .0 0 0
5 .4 3 6 .0 0 0
6 .5 6 3.000
5 .4 5 8 .0 0 0

Average. Average. Average.
S
S
$

Capital.

M em bers o f
F ed ’ l R eserve H 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 ., Jens. C ity
H u d son C o . N ., J .C
First N a t ., H o b o k e n
Secon d N a t .. H o b o k .

$
4 00 .000
300.000
3 00 .000
4 00 .000
2 50 .000
220 .000
125,000

Silver.

Nat .Bank Nat .Bank
Notes ( Re­ NoteslNot
serve for Counted
as
Slate In­
stitutions]I Reserve1.
Average.

Net
Time
Deposit*.

Average.
$

Average.
$

Average.
S

497",666
2 33 .000
4 ,4 0 5 ,0 0 0
2 93 .000
226 .000
345 ,000

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

Average.

Average.

Average

$
5 .000
11,000
7.000
12,000
110,000
18,000
2 .000

S
$
776.000
13.000
500.000
2 2.000
637.000
9.000
5 3.000 1,517,000
564.000
2.000
447.000
25.000
483 .000
7 ,000

165,000

$

131,000 4,9 2 4 ,0 0 0

2 85 .000
150.000
165.000
3 09 .000
2 21 .000
137,000
3 6,000

87 .0 0 0
3 2.000
8 1.000
5 65 ,000
14.000
16.000
51,000

9 3 .0 0 0
111,000
158,000
6 8.000
8 1,000
4 4 .0 0 0
9 1.000

4 ,7 3 6 ,2 0 0 40 ,4 8 0 ,0 0 0 1,303,000

846 ,000

6 46 ,000

100.000
Bank o f W a sh . H ’ ts .
400.000
C olon ia l B a n k _______
300.000
C olu m b ia B a n k -----500.000
In tern ation al B a n k .
200,000
M u tu a l B a n k .............
200,000
N ew N e th e rla n d -----500,000
W R G r a c e & C o 's B k .
100,000
Y o rk v llle B a n k ..........
M e ch a n ics’ , B k ly n .. 1,600,000
200,000
N orth S id e, B k l y n ..

44 3 ,3 0 0 2 .3 0 9 .0 0 0
142.000
9 49 .800 8 .6 4 1 .0 0 0
421 .000
6 74 .100 9 .4 9 8 .0 0 0
735.000
113 .500 4 .1 7 6 .0 0 0
3 81 .000
4 70 .100 8 .2 0 1 .0 0 0
808.000
219.000 4 .5 2 5 .0 0 0
174.000
5 51 .000 3 .9 2 5 .0 0 0
102.000
593 ,900 6 .9 7 6 .0 0 0
520 .000
8 40 .800 20,4 1 7 ,0 0 0 1,059,000
184.800 4 .5 9 6 .0 0 0
271.000

12,000
154.000
19.000
19.000
4 0.000
8 2.000
1,000
85.000
266.000
4 4.000

5 5.000
546.000
3 14 .000
3 8.000
200.000
230 .0 0 0

2 8,000
8 2,000
116,000
23.000
103.000
4 6 .000

253",666
8 11 .000
116,000

loe",666
375.000
51.000

112,000
5 49 .000
563.000
138.000
558.000
256.000
55,000
457.000
1,232,000
2 72 .000

4 ,1 0 0,000

5 ,0 4 0 ,3 0 0 7 3 ,2 6 4 ,0 0 0 4 ,6 1 3,000

7 2 2 ,0 0 0 ,2 ,5 6 3 ,0 0 0

9 30 ,000

4 ,1 9 2,000

4 4 .000
63.000

84.000
75.000

107,000

159,000

T o t a l ......................... 1,995,000

H OUSE.

Reserve Additional
DeposUs
wUh
Federal
Net
Legal wUh Legal
Reserve
Demand
Depos­
NoteslNot Depos­
Deposits.
itaries.
Reserve]. itaries.

126,000
2 27 ,000

3 .2 9 9 .0 0 0
2 .3 4 0 .0 0 0

National
Bank
Circu­
lation.
Average.
*
193.000
295 .000
120.000
396 .000
197.000
218 .0 0 0
9 5 ,0 0 0

5 ,9 9 2 ,0 0 0 1 ,5 14,000

5 ,9 9 9 ,0 0 0 3 1 ,1 0 3 ,0 0 0

S ta te B a n k s.

Not Members of the
Federal Reserve Bank.

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

1,874 ,000
9 ,1 4 4 ,000
9 ,3 8 8 ,000
3 ,8 4 3 ,000
8 ,8 3 5 ,000
4,271 ,000
2 ,1 3 0 ,000
7 ,6 1 5 ,000
2 0 ,5 3 8 ,000
4 ,529 ,000

232 .000
2 75 .000
27 4 .0 0 0
!, 190,000

4 ,3 9 9 ,0 0 0 72,1 6 7 ,0 0 0

3 ,4 3 3 ,0 0 0

424 .0 0 0
186.000

1 ,2 89,000
5 51 ,000

8 ,4 9 2 ,0 0 0
3 ,7 2 2 ,0 0 0

468 ,000
2 ,9 4 9 ,0 0 0

6 10 ,000

1 .8 40,000 1 2 ,214,000

3 ,4 1 7 ,0 0 0

13.000
4 31 .000
2 21 .000
176",666

i,6 ’o
2 ",666
19.000
1,366,000
553,000

62",666
4 00 .000

C o m p a n ie s .

Not Members of the
Federal Reserve Bank.

1,150,100 10,004,000
3 09 ,000 6 ,7 8 4,000

658,000
9 3,000

53.000
4 4.000

700,000

1 ,4 5 9,100 16,788,000

7 51 ,000

9 7,000

G ra n d a g g r e g a t e - .. . 6 .7 9 5 .0 0 0

11 2 3 5 6 0 0 130532000
I — 192,000
decrease
=
1 1 ,235,600 130724000
11,3 5 0 ,4 0 0 130463000
11.6 2 0 .2 0 0 130002000
1 1 .520.200 128867000
11 .5 2 0 .2 0 0 128396000

H a m llto n T r u s t.B k ln
M e c h a n ic s ', B a y on n e

500.000
200.000

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

Comparlson.prov.wk.

3 ,3 16,000 1,089,000
— 24,000 + 3 9,000

E x cess reserve, $34 5,36 0
G ra n d a g g r’ to J u n cl6 6 .7 9 5 .0 0 0
G ra n d a g g r ’ to Juno 9 6 .9 0 5 .0 0 0
G ra nd a g g r'to J un e 2 6 .0 9 5 .0 0 0
G ra nd a g g r’ te M a y 2 6 6 .9 9 6.000
G rand a e e r 't e M a y 19 6 .9 9 5.000
,j U s Doposits d e d u cte d . $ 2 ,9 0 5 ,0 0 0 .

1.527.000
1 .7 05.000
1.426.000
1 .5 84.000
1.551.000

3 ,3 4 0 ,0 0 0 1.050.000
3 ,2 9 8 ,0 0 0 1.020.000
3 .2 3 4 .0 0 0 1 ,0 17,000
798.000
3 .3 3 9 .0 0 0
766 .000
3 .2 7 5 .0 0 0

158.000
163.000
154.000
166.000
168,000

Philadelphia Banks.— Su m m ary o f w eek ly tota ls o f
C learing H ouse banks an d trust com p a n ies o f P h ila delph ia:
__

Loans,
Dlsc'ts <ft
Invest'ts.
J u n e 23.
$
N a t . b a n k . 3 9 4 .7 7 7 .0
T r u s t c o s . . 155 .122 .0
T o t a l -----Jun o 1 6 —
Juno
9 ...
Jun o 2 . . .
M ay 2 6 .- M a y 19—
M a y 12—
M ay
5 ...
A p r. 2 8 . . .
A p r. 2 1 - - -

..

. _-

Due
from
Banks.

/

A A n iho
A * il oa
t
\

Deposits
Bank.

Indlvld’l.

Total.

S
S
$
$
83 ,3 4 2 ,0 158 ,743 ,0 3 2 2 .7 7 4 .0 4 8 1 .5 1 7 .0
3,2 8 0 ,0 133.537.0 136 .817 .0
1,987,0

5 4 9 .8 9 9 .0 8 5 .3 2 9 .0
5 5 6 .7 6 9 .0 8 6 .8 1 2 .0
5 5 5 .9 6 6 .0 84 .7 0 0 .0
5 5 1 .4 8 6 .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 9 0 .2 1 3 .0
5 0 6 .9 3 3 .0 8 3 .3 6 7 .0
5 6 3 .6 8 1 .0 90 .0 9 5 .0
6 6 0 .2 7 9 .0 9 5 .1 1 8 .0
5 5 1 .9 4 3 .0 100 ,829 ,0

162 .023 .0
169.424.0
172.578.0
173.255.0
169.036.0
171.162.0
169.055.0
176.807 .0
179 .751 .0
187 .149 .0

45 6 .3 1 1 .0
4 7 1 .542 .0
4 7 3 .799 .0
4 7 9 .2 9 1 .0
4 7 6 .508 .0
4 8 2 .619 .0
4 8 9 .811 .0
4 9 5 .644 .0
4 9 0 .5 5 5 .0
4 9 5 .582 .0

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

9 ,7 2 6 ,0 0 0 12,238,000 all5484000 12,842,000
-3 7 1 ,0 0 0 — 5 80 ,000 -2 ,7 6 0 ,0 0 0 + 168,000

165,000
+ 7,000

Reserve
Held.

Excess
Reserve.

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

$
13,9 0 8 ,0
6 84 ,0

9 1 .4 6 5 .0
9 3 .5 6 6 .0
1 0 0 .515 .0
1 0 3 .993 .0
9 9 .1 8 8 .0
100 .950 .0
9 9 .9 8 3 .0
105 .957 .0
1 0 3 .003 .0
114 .734 .0

14.5 9 2 .0
14 .2 0 9 .0
19.546.0
2 3 .2 6 2 .0
1 8 .593.0
19.627.0
17.303.0
2 2 .2 2 5 .0
2 0 .0 9 0 .0
3 1 .1 8 6 .0

144.000
154.000
134.000
301.000
301.000

10097000
10123000
9 .8 73.000
9 .8 9 9 .0 0 0
9 .7 1 2 .0 0 0

1 2 .818.000
1 1 .949.000
12.961.000
1 4 .135.000
15.310.000

all8 24400 0
all9 76700 0
all9,809,000
a l 2 0 .388.0
al20029000

B o s t o n C le a r in g H o u s e B a n k s .— W e g ive b elow a
sum m ary sh ow in g the totals fo r all thS item s in th e B o s to n
C learing H ou se w eek ly statem en t fo r a series o f w eek s:
B O ST O N C L E A R IN G H O U SE M E M B E R S .

June 23
1917.

Change from
previous week.

June 16

June 9

1917.

1917.

C i r c u l a t io n .................................. $ 5,679 ,000 In c .
$5 ,000 $5
L oa n s, dlso’ ts & ln v estm en ts. 456,683 ,000 In c .
1,353 ,000 455
In d lv ld u a l d ep osits, ln o l.U .S . 334,483 ,000 D e c . 18,396 ,000:352
D u o to b a n k s................................ 122,824 ,000 iD e c . 12,232
204
T im e d e p o sits— ...................... 34,861 ,000 I n c .
E x ch an ges for C lea r. H o u s e - 13,471 .OOOjDec. 4 ,2 6 7
D u o from o th er b a n k s ............. 43,711 ,000 D e c . 3 ,578
136
C ash reserv e...................... ......... 2 3,860 ,000 D e c .
R eserv e In F e d . R e s 'v e B a nk 2 8,405 ,0 0 0 [D ec. 3,481
R eserv e w ith o th e r b a n k s ___ 33,651 ,0 0 0 jD e c . 4,402,
R eserv e excess In b a n k and
5,491 ,000 D e c . 1,351
F ederal R eserv e B a n k ____
E x cess w ith R eserv e A g en ts . 21,957 ,0 0 0 'D e c . 3 ,8 3 6

,674,000 $ 5 ,6 8 9 ,0 0 0
,330,000 4 5 0 .623 .00 0
,879,000 3 4 8 .245 .00 0
,056,000 130 .749 .00 0
,657,000 3 3 .8 9 5 .0 0 0
,738,000 14.081.000
,289,000 40.9 7 0 .0 0 0
,996,000 23.9 5 0 .0 0 0
,886,000 3 0 .9 1 2 .0 0 0 •
,053,000 40 .9 4 2 .0 0 0
6 ,0 8 2 ,0 0 0
,842,000
,7 9 3 ,0 0 0 ' 2 8 .7 4 7 .0 0 0

UNote.— N a tion a l ban k n oto circu la tion Juno 2 3 , $8,2 1 9 ,0 0 0 ; ex ch a n g es fo r C learing
H ou se (Included In " B a n k D e p o sits” ) , ba n k s, $ 1 8 ,4 2 0 ,0 0 0 ; tru st co m p a n ie s,
$ 2 ,0 9 7 ,0 0 0 ; to ta l, $ 2 0 ,5 1 7 ,0 0 0 . C a p ita l an d surplus a t latest d a tes: B a n k s,
$6 4 ,1 7 5 ,6 0 0 ; trust com p a n ies, $ 4 1 ,2 9 5 ,2 0 0 ; t o t a l, $ 1 0 5 ,4 7 0 ,8 0 0 .




Imports and Exports for the Week.— See^ third page
preceding.

2624

[V L 104.
O.

THE CHRONICLE
H J a ttk ers'

© a le tte .

Wall Street, Friday Night, June 29 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 io n — T h e
m o n e y m a rk et situ a tion , in clu din g rates an d tho p ossibili­
ties o f the im m edia te fu tu re, has been on e o f the dom in a n t
fa c to r s in S to ck E xch a n go op era tion s this w eek . A ll this
an d m ore w ill bo go ve rn ed b y tho degree o f e fficien cy an d
su ccessfu l w o rk in g o f th o h ith erto u ntried F ederal R eservo
system w h ich n ow prom ises to bo p re tty w ell tested ou t
w ith in , p erh a ps, the n ext few m on th s. N eedless to say the
resu lt o f this testin g, under the pressure to w h ich it is lik ely
to b o su b je cte d , is aw a ited w ith a g o o d deal o f in terest.
A t tho o p e n in g o f business on M o n d a y tho call loan rate
still s to o d at 6 % w here it had been pegged fo r a b o u t 10 da ys
an d th is rate rem ained u nchan ged until W ed n esd a y w hen
it d ro p p e d to n orm al o n liberal dep osits b y the G overn m en t
o f L ib e rty L oa n fu n ds in the banks w h ich had qu alified
th erefor.
T h o a vailab le su pply o f fu nds w as further
au gm en ted b y the receip t o f $ 2 4 ,3 0 0 ,0 0 0 g old fro m C a n a d a,
b u t tho fa c t rem ained, an d co id d n ot b o fo rg o tte n th at last
S a tu rd a y ’s b a n k statem en t sh ow ed the surplus reserve
a b o u t $1 34 ,5 0 0 ,0 0 0 sm aller than it w as a m on th a g o .
T w o G o v e rn m e n t rep orts h ave a ttra cted a tten tion this
w e e k , v iz ., th a t o f o u r in terna tion a l trado for M a y show ing
b o th ex p orts an d im p orts to h avo been v e ry h ea v y and
a lth ou gh im p orts ex ceeded all proviou s records tho balanco
in ou r fa v o r fo r tho m o n th w as nearly $ 2 7 0 ,0 0 0 ,0 0 0 . T h e
o th e r rep ort m en tion ed referred to tho w eath er and crop s,
w h ich w as d e cid e d ly fa v ora b lo and n ext w eek ’ s m on th ly
re p o rt o f estim ates an d percen tages is look ed for w ith h op e­
fu l a n ticip a tio n .
F o r e ig n E x c h a n g o .— T h o m arket fo r sterling exchango
m a y b o said to bo in a nom inal p osition , thore n ot h a v in g been
a single cha nge in rates for an y class o f sterling bills during
tho w eek . T h o g o ld im p orta tion s a m ou n ted to $ 2 4 ,30 0,00 0
an d exp orts to $ 1 1 ,6 4 8 ,0 0 0 . In tho C on tin en ta l exchanges
R u ssia n rubles again reached a new low level and Swiss ex­
ch a n ge established a now high record . O therw ise tho posi­
tio n w as a qu iet b u t stea d y on e.
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 s t e r lin g e x c h a n g o iv e r o 4 7 2 f o r
s ix t y d a y s , 4 7 5 % fo r c h e c k s a n d 4 7 6 7 -1 6 f o 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 % ; s ix ty d a y s , 4 7 1 % ; n in e ty d a y s , 4 6 9 % , a n d d o c u m e n ts
f o r p a y m e n t ( s ix t y d a y s ) , 4 7 1 % .
C o t t o n fo r p a y in o n t, 4 7 5 % , a n d
g r a in fo r p a y m e n t . 4 7 5 % .
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 is b a n k e r s ’ f r a n c s w e r e 5 8 1 % f o r
lo n g a n d 5 7 6 % fo r s h o r t.
G e rm a n y b a n k e r s ’ m a rk s , n o t 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 f o r s h o r t.
A m s t e r d a m b a n k e r s ’ g u ild e r s
w e r e 4 0 1 3 -1 6 f o r s h o r t .
E x c h a n g o a t P a ris o n L o n d o n , 2 7 . 1 8 f r .; w c o l c ’s r a n g e , 2 7 .1 8 f r . h i g h a n d
a ls o 2 7 .1 8 fr . lo w .
T h o r a n g o 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 :
S t e r lin g A c t u a l—
S ix t y D a y s .
Ch ecks.
C a b le s .
H i g h f o r t h o w e e k ___
4 72
4 75%
4 7 6 7 -1 6
L o w f o r t h o w e e k ___
4 72
4 75%
4 7 6 7 -1 6
P a r is B a n k e rs’ F r a n c s —
H ig h f o r t h o w e e k ___
5 80%
5 74
5 73
L o w f o r t h o w e e k ___
5 81%
5 75%
5 74%
G e rm a n y B an k ers' M a r k s —
________
H ig h f o r t h o w e o k ___
L o w f o r t h o w e o k ___
________
A m s t e r d a m B a n k e r s ’ G u ild e r s —
H i g h f o r t h o w e e k ___
40%
41%
41J
L o w f o r t h o w e e k ___
4 0 7 -1 6
41 3 -1 6
41%
Dom estic E x ch a n g e — C h i c a g o , 1 0 c . p e r $ 1 ,0 0 0 d i s c o u n t . D o s t o n ,
p ar.
S t . L o u is , 1 0 c . p e r $ 1 ,0 0 0 d i s c o u n t b id a n d p a r a s k e d .
San F ra n ­
c i s c o , 1 0 c . p e r $ 1 , 0 0 0 p r e m iu m .
M o n t r e a l, $ 6 2 5 p e r $ 1 ,0 0 0 p r e m iu m .
M i n n e a p o l i s , 1 5 c . p e r $ 1 ,0 0 0 p r e m iu m .
C in c in n a ti, p a r .
N e w O rle 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 t a t e a n d R a ilr o a d B o n d s .— Sales o f S tato b on d s at
th o B o a rd this w eek aro lim ited to $ 1 ,0 0 0 , N e w Y o r k State
4 j^ s a t 1 0 9 % a n d $ 1 ,0 0 0 N e w Y o r k C a n a l 4s 1960 at 100.
C on tin u in g tho m o v e m e n t n oted last w eek tho m a rk et
fo r ra ilw a y an d in du strial b on d s has b een d u ll. Sales w ere
co n sid e ra b ly less in v o lu m o an d fro m a list o f 25 m ost
a c tiv o issues o n ly 8 a d v a n ce d , th e m o v e m e n t in all cases
b ein g fra ctio n a l. A m e rica n T e l. an d T e l.
c o l. tr. 5s,
B a ltim o re & O hio c o n v . 4 % s , an d C h ic. R o c k Islan d &
P a cific ref. 4s a d v a n ce d .
In torb orou g h R a p id T ran sit
1st re f. 5s, In te rn a tio n a l M e rca n tile M a rin e s. f. 6s and
M isso u ri P a cific g en . 4s w . i. fell a w a y . M o s t o f tho b on d
m a rk et a c tiv it y w as ce n tred arou n d sales o f secu rities o f
the v a riou s foreign g o ve rn m en ts. A s usual A n g lo -F re n ch
5s, A in orica n F oreign Secu rities 5s, th o v a riou s G rea t
B rita in & Irelan d secu rities an d D o m in io n o f C a n a d a issues
w ere th o m o s t p ro m in e n t. F ren ch m u n icip a l b on d s such
as tlioso o f P a ris, L y o n s & B ord ea u x w ero also tra d ed in.
L argo sales o f th e U n itod States L ib erty 3 % s w ere re co rd e d ,
b u t sales o f oth e r U n ite d States securities an d tho b on d s o f
th o soveral States w ere v e ry lig h t. T h o new N ew Y o r k
C ity 4 % s sold a t the “ c u r b ” on a “ w hen issu ed” basis this
w eok a t p rices ran gin g b etw een 1 0 3 % an d 1 0 2 % .
U n it e d S t a t e s B o n d s .— Sales o f G ov ern m en t b on d s at
th e B o a rd aro lim ited to $1 0,000 4s reg . a t 106 an d $ 5 ,­
36 7 ,5 5 0 U . S. L ib e rty 3 % s at 100 to 100 5 -5 0 . For to­

day’s -prices of all the different issues and for the week’s range
see third page following.

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 .— T h o s tock m a rk et
has con tin u e d to exh ib it tho sam e peculiar cha ra cteristics as
fo r som o tim o p a st. M o re a tten tion w as g iven to tho rail­
ro a d shares during tho first tw o da ys o f tho w eek ow in g,
d ou b tless, to ex p e cta tio n th at a substantial a d va n co in
froigh t rates w ill bo a llow ed b y tho In ter-S ta te C om m erce
C om m ission , an d to tho h ea v y traffic n ow assured fo r at
lea st tho rem ainder o f tho y ea r. D u rin g tho latter pa rt o f
the w eek , h ow ev er, valuos o f all classes o f stock s fell a w a y,




tho industrials takin g the lead in this m ov em en t an d a ffected ,
no d o u b t, b y the discussion at W a sh in g ton o v e r prices to be
fixed fo r steel, co p p e r and oth er p rod u cts.
S tud ebaker sold o ff from 85 to 6 7 % , on ex p ecta tion o f a
red u ction in its d iv id en d . U n ited States Industrial A lco h o l
fell a w a y from 1 6 5 % to 1 5 1 % , an d Steel, after a d va n cin g
from 1 2 8 % to 1 3 2 % , closed a t 1 3 0 % . K e n n e co tt C o p p e r
d eclin ed from 4 5 % to 4 4 % , an d A n a con d a from 8 4 % to 81.
A m erica n C a r & F ou n d ry gain ed 1 % p oin ts for tho w eek .
A m o n g tho railw ay shares A tch oson m o v e d u p from 101 to
1 0 2 % , tho final figure bein g 1 0 0 % . C a na dia n P a cific and
U n ion P a cific flu ctu a ted betw een 1 6 1 % -1 5 9 an d 1 3 9 % -1 3 4 ,
re sp ectiv ely . N ow Y ork C en tral an d N orth ern P a cific
a d v a n ced from 91 and 104 to 9 3 % an d 1 0 4 % , th o final
q u ota tion s b ein g 91 and 102.
For daily volume of business see page 2633.
T h o follow in g sales h ave occu rred this w eok o f shares n ot
represented in ou r detailed list on the pages w h ich fo llo w :
STOCKS.

Week ending June 29.

Sales
for
Week

Range for Week.
Lowest.

|

Highest.

Range since Jan. 1.
Lowest.

Highest.

Par Shares S per share.

$ per share. 5 per share S ver share.
A d a m s E x p r e ss .......... UK
20( 110 June 2C 110 Jun o 25 110
Apt 110
A m erica n S n u ff p r e f . 100
lot 9 8 )1 June 27 9 8 % Jun o 27 » 8 )4 June 101%
A m Sum at ra T o b a c c o 100 19,80( 3 4 )4 June 2: 3 9 )4 Jun o 29 30
M a y 3 9 )4 Juno
P r e fe r r e d ................. 10(
10( 98 June 2< 98 June 20 90
M ay 98
Juno
A m T e le g A C a b r e .. 10(
6( 02 June 27 02 Jun o 27 GO
M a y 60
M ar
A m T e l & T e l subs 2d pt
40( 70 Jun e 27 7 0 )4 Jun e 29 00
M ay 71
A ssets R e a liz a tio n ... 101
1(K
2 >4June 27
2 % J u n o 27
4
2 )4 June
A tla n tic ISir A A t la n . 10(
10C 1 5 % Jun e 28 15 U J u n e 28 13)4 F el 17% A p r
lia rre tt p r e f_________ lot
lot *10 0 % J u n e2 ! * 1 0 0 % J u n e 2 l z l0 0 % J u m 117
F eb
R a top iia s M in in g ____ 21
301
1 June 26
1 Juno 27
2
% Juni
B r o o k ly n U nion G a s . lot
UK 105 June 21 105 Juno 28 105
Jum 129
B row n S h o e ................. 10(
20< 7 1 )4 June 27 7 1 % Jun e 27 61
Fel 7 3 %
B ru n sw ick T e r m in a l. 100 8,70( 11)4 June 21 1 4 )4 Jun e 23
7 )4 F eb 14% Juno
Burns B r o s __________ lot
1,001 100 Juno 21 101 % Jun o 25 89
Jat 125% A p r
B u t t e r lc k ................. __l(K
201 13 June 2t 13 Juno 20 13
June 19%
Jan
C a lif P a ck in g ____ No par 1,101 38 Jun e 2? 3 8 % June 25 3 0 )4 M a y 39
Juno
C a lu m et & A r iz o n a ___1C
50C 80 Jun e 25 8 0 )4 Jun o 20 70
A pr 8 4 % M a y
C h ica g o A A lt o n ____ 10C
40C 15 Juno 20 10 Jun e 27 15
June 21
Jan
C lu e tt, P ea b A C o . . 10C
40C 05 Juno 21 07 J u n o 20 05
June 75
Jan
C on tin en ta l In su r____ 25
217 54 Juno 25 5 4 )4 J u n e 25 52
F eb *5 9 )4
Jan
D eere A C o p r e f____ 10C
101 9 0 )4 June 28 9 9 % Juno 28 9 0 %
Feb 100
Jan
D e tr o it E d is o n _____ 10C
4 ' 124 June 27 127 % Juno 20 120
M a y 145
Jan
D u lu th S S & A U pf.lO C
100
9 Juno 21
9 Jun e 29
8
M a y 11)4 M a r
E lk H orn C o a l.......... ..5 C
1,901 3 5 )4 Jun e 20 3 7 % Jun o 27 3 0 % M a y 3 8 % June
P r e fe r r e d ............ .......5C
101 40 June 22 40 Jun o 23 4 5 % June 4 0 % June
F ed era l M g A Sm ltg.lO C
101 17 Juno 29 17 Jun o 29 11% F eb 24
M ay
F ed era l M A S p r e f . . 10C
:ioc 44 )4 June 2 f 4 5 % Jun o 25 37
Jan 4 9 % M a y
I' Isher B od y C o r p . A’ o par
sot 3 0 )4 Juno 2 f 37 Juno 27 35
Jum 37
Apr
G as t o n W A W I n c . .Vo par
301 3 2 ) 1 Juno 25 33 Jun o 27 28
Feb 10
5 210 June 20 240 June 20 205
G eneral C h e m ic a l___10C
M a y 250
Jan
G eneral C ig a r p r e f . . 10C
20( 9 8 )4 Jun e 22 9 8 )4 J u n o 20 9 8 )4 June 104)4 A p r
H a skell A B a rk crC No par 1,001 39 Juno 21 40 Jun o 28 39
June 40
Juno
Int H a rv est C o r p . . .100
101 70 Juno 20 70 Jun o 20 05
June 88
P r e fe r r e d _________ 100
101 102 June 25 102 Jun o 25 102
M a y 114
K e o k u k A D cs M . . . 1 0 0
101
4 % Jun e 27
4 % Juno 27
4 )4 June
K in g s C o E lec I. A P . 100
1C 110 Jun o 20 110 Jun o 20 114
Feb 124
K ress (S I I ) p r e f____ 100
20C 105 )4Jun e 29 100 Jun o 25 105)4 June 107% Juno
L a cled e G a s _________ lo o
300 95 Jun e 29 97 Jun o 28 93
M ay 103%
Jan
L oose-W iles B is c u it. 100
300 17 Jun o 27 1 7 )4 June 20 17
June 2 7 %
Jan
M a n h a tta n (E l) R y .1 0 0
250 115 June 27 1 1 5 % Jun e 27 115
June 125%
M a n h a tta n S h ir t . . . . 100
UK) 77 Juno 25 77 Juno 25 08
M a y 81
M ar
100 55 June 28 55 Juno 28 54
M a y D e p t S tores . . 100
June 00)4
M o P a c rects full p a id .. 1,100 0 0 )4 June 25 02 Jun o 20 57
M a y 02
Juno
100 20 June 29 20 Juno 29 18
R e ce ip ts 1st p a id ___
June 20
June
N a tion a l A c m e .......... .5 0
200 34)4 June 28 35 Jun o 29 3 4 % June 35
Juno
N a t C loa k A Suit p f . 100
100 108 June 23 108 Juno 23 100)4 M a y 112%
Jan
N a t C o n d A C _ _ No par 4,400 3 3 % Jun e 29 30 )4 Jun e 25 3 3 % June 39
Juno
N O T ex A M ex v t c
4,200 2 2 % J u n c 23 2 0 % Jun o 27 15% June 2 0 % Juno
N Y C h ic A St L o u is . 100
200 20 June 25 27 Juno 20 20
June 3 8 %
Jan
N ew Y o r k D o c k ____ 100
300 10 Jun o 2S 10)4 Juno 25 12)4 M a r 19
M ay
P referred ................. 100
201) 38 June 27 39 Juno 29 34
M a y 40
Juno
N o rfo lk S o u th e rn ___100
300 2 4 % J u n o 27 2 4 ) 4 J u n o 27 2 4 % June 2 8 %
Jan
N o v a S cotia S A C . . 100
900 99 Jun e 25 1 0 0 )(J u n o 28 90
F eb 125
Jan
O w ens B o t t lc -M a c h . .2 5
300 91 Juno 25 91 )4 Jun o 23 90
A pr 98
Jan
P n clfic M a il, p r e f. .1 0 0
200 101 Juno 27 101 Juno 28 *97
M a y 101
Juno
100 20 Jun o 29 20 Juno 29 20
P a cific T e l A T e l ____ 100
June 3 4 %
Jan
P eoria A E a s te rn ___100
UK)
9 Jun o 20
9 Juno 20
8
Jan
June 12
P lc r cc -A r r o w M C . No par 1,100 41 Juno 28 4 1 *4Jun e 28 41
June 4 1 )4 Juno
P referred ...............100 1,000 97 Juno 29 98 June 2,8 97
June 98
Juno
P itts C C A St I _____100
200 7 2 )4 Jun e 27 74 June 20 00
M a y 82
Jan
P itts b S teel, p r e f . . . 100
Feb 102
320 100 Juno 27 100 Juno 28 99
Jan
Q uicksilver M in in g . 100
1
200
1 '4 June 28
1 )4 Juno 28
June
3
F eb
R o y a l D u tch ct fs d e p . . 11,s o o 6 3 % Juno 27 0 0 )4 June 28 59
M a y o o )4 M a r
St L .-S F ran p ref A . 100
300 28 June 25 29 Jun o 20 28
M a y 42
Jan
Sav age A rm s C o r p . .1 0 0 2 ,350 99)4 Jun e 29 103 June 23 72
Juno 108
Juno
Sloss-S h cff S A 1, p f 100
A p r 99
100 95 Jun e 23 95 Jun o 23 93
F ob
8 )4 June 25
9 )4 Juno 25
8 % June
S o P o r to R ic o Sug rights 1,580
9 % Juno
S u p erior S te e l............ UK) 7,700 47 Juno 23 51)4 Jun o 27 34 % M a y 51)4 Juno
200 101 June 2!) 101 June 29 9 9 % M a y 108% Juno
F irst preferred . ..1 0 0
T e x a s C o r ig h ts................. 3,0 2 0 2 1 )4 Juno 28 2 2 ) 4 Jun e 27 2 1 % June 2 2 )4 Juno
T id e w a te r O il.......... .1 0 0
275 194)4 Juno 28 190 Jun o 28 194% June 190
Juno
U n ited D r u g ________UK)
100 74 June 27 74 Juno 27 6 9 )4
Jan 80
F eb
S econ d p r e fe r r e d .. 100
UK) 8 5 % Jun o 29 8 5 )4 Juno 29 8 5 )4 M a y 91
U n ited D y c w o o d ____ 100
800 60 Juno 23 0 8 )4 Juno 20 05
June 0 8 % Juno
U n ited P a p e r b o a r d ____
300 3 8 % Jun e 25 2 8 ) 4 June 28 26
June 3 3 % M a y
U S E x p r e s s . . .......... . l o o
500 18)4 Juno 27 19 June 28 18
M ay 2U 4
Jan
W ells. F a rg o E x press lo o
100 91 June 25 94 Juno 25 04
June 14 I
Jan
W estern P a c ific ___
100
300 1 5 )1 Jun e 27 10)4 Jun o 25 12% A p r 18% M a y
Preferred . _ .......... .1 0 0
100 4 5 )4 Jun o 28 4 5 1, June 28 3 9 % M a y 47
M ay
W ilson A C o , p r e f___ 100
l o o 1 0 5 )1 Jun o 23 105 % Jun e 23 97
F eb 107
M ar

O u t s id e S e c u r i t ie s .— A s has been tho case fo r w eeks
p a st, valu es o f securities at tho B roa d Street “ c u r b ” h avo
been irregular. A etn a E x p losiv e fell aw a y from 5 to 4 %
w hile B u tterw orth -J u d son m o v e d u p fro m 45 to 5 5 , tho
fin al figure b ein g 54. C arw en Steel flu ctu a ted n a rrow ly ,
as usual, and C en tral F o u n d ry , after a d va n cin g from 33 to
3 8 , closed at 3 6 % . C h ev erolet M o to r s m o v e d betw een
99 and 105 and C urtiss A erop la n e betw een 43 and 39 %
•
H askell & B a rk er C a r C o . sh ow ed a gain o f 1 p o in t fo r tho
w eek an d L ako T o r p e d o B o a t and L im a L o c o m o tiv e flu c­
tu a ted betw een 7 % - 8 % an d 5 5 -56 re sp e ctiv e ly . T h e h igh ,
low an d last prices o f M a rlin A rm s , M a x im M u n itio n s ,
N e w Y o rk S h ipb u ildin g, Subm arine B o a t, U n ited M o to r s
and W rig h t-M a rtin A ircra ft w ero 106-102-104, 2 % - 2 % 2 % , 47L2-46-47, 3 3 % -3 2 -3 2 , 2 9 -2 6 -2 7 % , and 9 % - 7 % - 9 % .
S tan dard Oil shares wero in a ctiv e . A n g lo-A m erica n Oil
m o v e d betw een 1 9 % and 2 0 % . Sales o f B u ck e y e P ipo
Lino and S tan dard Oil o f N e w Jersey w ero registered at 99
an d 590 re sp e ctiv e ly . Stan dard Oil o f N e w Y o r k flu c­
tu ated betw een 282 and 289.
A com p leto list o f “ c u r b ” m a rk et tran sa ction s fo r tho
w eok w ill bo fou n d on page[2633.

New York Stock 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 a c o r d o f aalaa d u r i n g t h e w e e k o f a t o c k e u a u a lly I n a c t iv e ,

HIQU AND LOW SALK PRICES—PER SHARE, NOT PER CENT.
Saturday
June 23

Monday
June 25

Tuesday
June 20

Wednesday
June 27

Prlday
June 29.

Thursday
June 28

Sales/or
the
Week
Shares.

16*8
31
71

* 112
28
84%
92%
*99
93*4
*92%
48*4
101
76
116%
*38
*90
14%
*62
*25%
24%
60*4
71*8
103
11%
05
*90
*98
108
*113
71
120%
*119
122%
*193
*101
54%
*96%
* 11
30%
*62%
82*4
111
60%
0078

0
28
84%
92%
100
94
97
50
104
77Vt
116%
40%
95
14*1
65
26%
24*8
60*1
74
107
12%
66%
95
99*4
109
114
72%
121V
119%
122%
198
103
54%
99
43
30%
64%
84
112
60%
72%

*112
*143
141

115
150
142*

15%
31
71
5%
4*i
31%
85*i
92
100
94%
97
50%
105
80%
117
37*4
95
14%
64*i
26%
24%
61
74*4
101*1
11
60%
95
100%
109
114
74
121%
119%
123%
198
103
54%
99
42
31*t
65
83%
112%
02
74*i
101
118%
148
140*4 114

*13%
*28
*68%
*5%
4%»
28*i
85%
92
*99%
92
*93
49%
*102
77
*116
37*4
*90
14*i
03
*25%
24
*60
73%
104*i
10%
63
*90
*98
107%
*113
73
120
*118%
123
*193
*101
53%
*90%
42
31
*62
82%
111
*60%
72%
*96
*113
*

15*8 15*8
2814 2814
Z68% 081*
512 51*
*412
5
2 9 l2 315S
*85
80
93
93
*99
100
0 t l 2 94%
*93 . 97
49'.i 497s
101
104
78Vi 803s

110
*37
*90
14%
04
*25Vi
*233.1
01
73 Vi
*1 0 3 ij
11
0412
*90
*98
107
*113*2
72*2
119U
*1181*
123's
♦193
■10H2
53
*90
4 0 l2
31
02
82*s

110

3912
95
15*8
04*4
201*
241.1
01
741*
IOU 2
11
05
95
100U
108%
114*2
74
121
119*.i
123ls
19712
103
53*4
99
41
31
0 2 '2
831 1
111*8 1 1 2 l 2
*001 1 02
71
74*8

* 1512
*28
* 0 8 l2
5*4
4 i2
29
80
93
*98
93
*93
49
*103
77
*114
* 3 7 l2
*90
IU 4
64
*25
2312
*00
7 1 '4
*103 i2

*10

05
*90
9S*i
107
114
7 2 l2
119%
*118
123
*193
*101
53*8
*90
41
31
♦01
82*i
111*4
60%
70*8

*15% 16%
____
....
* 68% 71
5%
5%
*4%
5
28% 29
85% 86
91% 93
100
*98
93
93*i
*93
97
48% 49%
10 1 % 104%
76% 7.8%
►114
116*4
*37% 40%
95
*90
14
14%
*01
63
§25
25
*23% 24
*59% 01
70
72
*103% 101%
10
10
00
04
*90
95
*98
100%
100% 107*4
*113% 114%
70
73%
118*4 121
*118
120
I22*i 123%
*190
197%
*101
102
53
53
*90% 98
41
42
30
30%
03
*01
81% 83%
110% 112%
00% 00%
70
72

♦28%
♦6.8
5*4
*4%
29
*82%
*91%
*98%
92
*93
47%
*103
77%
*114
37%
*90
13*4
0 1%
25
22%
59%
09%
” 9%
00
*90
*98
105%
113%
70%
119
118
Zl20%
190
10 1 %
52
98
40%
30%
*01
80%
z lO l

00

09V,
*98
112
112
111
* 11 1 118 * 111
118
148
*140
145% 145% "142
13S*| 14Y*t 140*4 143% 138% 141% 137%

• B id an d asked prioes; n o sales on this d a y .




10%
31
71
5%
4%
301­
80
93
99*1
9t
97
50
105
79%
110 *i
391
95
14*4
04
20%
2 tV,
01
73%
104%
11%
05
95
99%
109%
114
731.1
121
120
123V,
197%
102
54
99
42
31%
04
84*8
114
60%
73%

t E x -rlg h ts,

p r e c e d in g

STOC KS

Highest

Lowest

R a ilr o a d *
Par
7 ,700 A tch T o p e k a * San ta F e ._ 1 0 0
Do
p ref..............................100
1,115
100 A tla n tic C oa st Line R R ___100
13.000 B a ltim ore & O h io --------------- 100
Do
p ref..............................100
303
160 B rook ly n R a p id T r a n s i t .. 100
Canadian P a cific ___________ 100
4 ,0 0 0
2 5 .0 0 0 C h esapeake & O h io _________100
C h ica g o G rea t W estern ___100
3 ,5 0 0
Do
p ref.......... .................. 100
700
0 ,3 0 0 C h ica g o M llw A S t P a u l . . 100
Do
p re f_______________ 100
900
1,100 C h ica g o & N o rth w e s te r n .. 100
Do
p ref........................ . . 1 0 0
59
2 2 ,8 0 0 C h ic R o c k Isl A P a c (new) w 1
7 % preferred w hen Is s u e d ..
9 ,3 0 0
6 % preferred w hen Is s u e d ..
0 ,1 0 0
10,300 C h R I A P a c ctfs o f dep fu ll pd
C lev C ln C h ic A S t L o u is .. 100
Do
p ref________________ 100
100 C o lo ra d o A S ou th ern _____ 100
Do
1st p r e f.....................100
100
Do
2d p r e f......................100
0 ,5 0 0 D elaw are A H u d s o n ............ 100
500 D elaw are L a ck A W e s t e r n ..50
100 D en v er A R io G ra n d e ____ 100
Do
p r e f________________ 100
900
2 0 ,1 0 0 E rie...............................................100
Do
1st p r e f...................... 100
0,7 0 0
Do
2d p r e f...................... 100
1.700
4 ,0 5 0 G rea t N orth ern p r e f............ 100
Iron O re p r o p e r t ie s ..W o par
7 .000
1,100 Illinois C e n tra l....................... 100
1,300 In tc rb o r C o n C o r p , v t c W o par
Do
p r e f...... ........................ 100
1.000
3 .7 0 0 K ansas C it y S ou th ern ____ 100
Do
p r e f...... ........................ 100
200
400 L a ke Erie A W estern _____ 100
Do
p r e f...............................100
1,500 Leh igh V a lle y ......................... .5 0
L on g Isla nd certfs o f d e p o s it ..
400 L ou isville A N a sh v ille ____ 100
1,800 M ln n ea p A St L (new)___ 100
200 M in n St P a ul A S S M ____ 100
Do
p re f........................... . 1 0 0
3 ,9 0 0 M issou ri K ansas A T e x a s . 100
Do
p re f............................... 100
3 900
4 6 ,300 M issouri P a clflc(n ew ) w henlss.
D o pref (or Inc b ond s) d o ___
900
2 3 ,5 0 0 N ew Y ork C en tra l________ 100
10,400 N Y N H 4 H a r tfo r d ______ 100
2 ,8 0 0 N Y O n ta rio A W estern ___ 100
8 ,6 0 0 N o rfo lk A W e s te rn ..............100
D o a d ju stm en t p ref___100
10,000 N orthern P a clflo....................100
4 ,5 0 0 P en n sy lv a n ia ........................ . 1 0 0
2 ,200 Pere M a rq u e tte v t e ______ 100
D o prior pref v t o ____ 100
100
D o pref v t c ___________ 100
3 0 ,5 0 0 P lttsb A W V a Interim ctfs 100
Preferred Interim c t fs ___ 100
1,900
8 7 ,900 R e a d in g _____________________ 50
D o 1st p r e f_____________ 50
300
D o 2d p r e f_____________ 50
100
1,800 St Louis A San Fran new . 100
500 St L ou is Sou th w estern _____100
Do
p ref.......................... 100
300 Seab oard Air L in e__________100
Do
p r e f______________ 100
900
16.900 Southern P a cific C o _______ 100
2 3 .900 Southern R a ilw a y __________100
Do
p ref.......................... 100
1,200
2 ,900 T ex a s A P a cific ....................... 100
2 ,0 0 0 T h ird A v en u e (N ew Y ork ) 100
ICO T w in C ity R a p id T r a n s it .. 100
2 5 ,950 U nion P a cific............................100
Do
p r e f..................... . . 1 0 0
500
1,400 U nited R a ilw a y s In v e st___ 100
Do
p r e f............
100
200
3.200 W a b a s h ..................................... 100
Do
pref A ....................... 100
15,230
Do
pref B ....................... 100
0 ,300
7 .200 W estern M a ry la n d (n e w ). 100
Do
2d p ref_____________ 100
1,300
8 ,0 0 0 W heeling A Lake E R y ___ 100
Do
p referred __________ 100
200
W isconsin C en tra l................100
I n r iu it r la l A M is c e lla n e o u s
100 A d v a n ce R urnely__________100
Do
p r e f________________ 100
100
31 '
100 A ja x R u b b er I n c ............ ..........50
70
1,100 Alaska G o ld M in es.................. 10
5*4
1,000 A laska Juneau G o ld M ln ’ g .1 0
5%
2 2 ,400 A llls-C h alm ers M fg v t c . . 100
29
Do
preferred v t c _____ 100
400
83
500 A m er A gricultural C h e m .-lO O
92
Do
p r e f_____ _________ 100
99*4
‘ Y .700 A m erican B eet S u g ar........... 100
93
Do
p ref_______________ 100
97
4 ,800 A m erican C a n _____________ 100
4.8%
Do
p r e f............................100
200
105
78% 73,000 A m erican C a r A F o u n d ry . 100
Do
p ref............................100
200
116%
300 A m erican C o tto n O il______ 100
3.8
Do
p ref............................100
95
5,250 A m erican H id e A L ea th er. 100
14
Do
p r e f.......................- .1 0 0
1,400
62
150 Am erican Ice S ecurities___ 100
25
3 ,100 A m erican L inseed__________100
23%
Do
p ref_______________ 100
600
00%
22,000 A m erican L o c o m o tiv e _____100
71
Do
p r e f________. . _____ 100
100
To'% ’ 2 ,500 A m erican M a ltin g ................100
Do
p ref............................ 100
9,587
04*i
A m er Sm elters Sec pref B .1 0 0
94
Do
pref Ser A s t a m p e d ..
238
100
3 2 .200 A m er Sm elting A R efin in g . 100
107
100
Do
p ref_______________ 100
J14%
9,2 5 0 A m erican Steel F o u n d r y .. 100
71%
119% 10.200 A m erican Sugar R e fin in g .. 100
Do
p ref............................ 100
100
118
2.5 0 0 A m er T elep h on e A T eleg __1 0 0
121
A m erican T o b a c c o ________ 100
197%
D o pref (n e w )--------------- 100
101% ''"2 6 6
3 .5 0 0 Am W oolen o f M a s s _______ 100
52%
100
D o pref_________________ 100
98
1,000 A m W riting P a per p ref___ 100
40*4
3 ,4 0 0 Am /I n c L ead A S __________25
31%
200
D o pref....................
25
03
81% 4 2 ,000 A n a con d a C o p p e r .................... 50
8 ,700 A tl G u lf A W I a s L ine ctfs 100
160*4
D o pref c e r t f s .................100
500
60
142,000 B aldw in L o c o m o t iv e ........... 100
72
D o p r e f . ............................. 100
101
400
111
100
145
141
105,100

1 Less than to o snare*,

page.

PER SHARE
Range Since Jan. 1
On basis of 100 -share lots

N EW Y O R K STOCK
EXCHANGE

$ per share $ per share $ per share
8 per share $ per share
lOO't 102*8 100*8 101
100*8 100*4
101% 10l*i 1013.4 102V
101
101
97
07
07
*97
993S
96*i 90% §97
98
98*2 *9412 ____
*109% 114 * 10012 112
110
*109
114
'10912 112
* 10012 I I 2 I4 110
74% 751.1
74% 753g
72% 73%
*73% 73%
73% 74%
74
74 l2
GOfy 70
70% *70
*70
70% *70
70*8 7038
*69% 70%
701*
59
0012 *59
*59
60
60
60
*50
0012 *59
0 0 '2 559
159
*160% 161
160
64% 150*2 lOO’ s *15912 100Vi 15812 1591* 159
01's 6238
00% 61
61% 62
0138 62%
6OV1 01*8 00 's 00*4
1 2 t8 12i2 l l ’ s JH* *11'4 12
12
121.1
*11%
11%
11% 11%
34% 3512 *33
*33
35%
34% 34%
*33
30
35% 3512
30
70
773.1 *70
*74% 75*i
75*i 76%
75% 70
7012 78
77
1113,1 1113.1 11012 l l t '2
110*1 110% 111
11
*110*4 112
110^8 1107S 11012 H I
*110
111% 111
11
111
111
110 % m
*145
150 *140
150
*110
160
*140
.50 § 150
100
37% 3 8 l2
35
35%
375s 3812
35% 37%
36% 37%
37
371,
783.t 7958
78Vj 79V|
77
77%
77% 78
78% 78*s
78% 78%
69*2 701*
0 0 l2 71
09
09*,
68% 68%
09
68% 69%
09*4
O8V 691*
1
081-1 683,1
65% 67%
65% 05*8
08
68%
07% OSI4
■38
43
*38
43
*38
43
*38
*38
41
41
*38
■083.1 70
*70
70
*0,33.1 70
*70
70
*70
76
*0S*i 70
27
27
*2612 27
27
*20>2 27
*26
27% *26
*20
27
■54
55
55
*54
*54
55
*54
*54
50
50
*10
47
47
*40
47
*40
*40
47
*40
*40
47
47
116*4
1167s i i f
115% I l f
113
113% 114
112
113
114t4 115
210
210
210 210
210
*205
*205
210
*202
210
*200
210
9
*7<2 10
*0
9
9
*6%
9
*0
9
*0
9
1512 103.1 *15>2 17
15
15% *14% 15
10
10
*14% 10
20*4 27*4
2678 27%
26*8 20%
20% 26%
20 *s 20 *i
20V, 20%
3912 40%
3914 40
39
39*4
38% 39
3S*4 39
3S78 39%
30Vi 303,1
30
291.1 3012
30
29% 29%
2912 29* i *29
30
108
108% 108
IO 8V 1071* 107% 100*4 107%
1
107% 107% 107% 108
32*4 33
3 13! 33
33%
32*4
32% 33%
31% 32%
31*4 32*4
1037S 101
103% 10338 104
103
103
103
*103
103*4 103% 103%
93S
978
9%
9*4
*9*8
9%
*9%
9*8
9%
9%
*9 l 2 10
57
56% 57
57
57*8 *56
50
56
*55% 57% *55
57%
231.1 2 3 7s
23*8 2312
22% 23%
*22
23
22 % 22 % * 22 % 22 *i
5512 55*2 *55% 56% *54
5512 55>2
*54% 56% *53% 57
57
19%
*17% 19% *17
185g 18% *1812 18*8 *16
18%
18% *10
*30
40
*30
40
*31
40
*31
40
*30
40
*30
40
66
66%
06*8 66% *60
00*4
*05
00
66
60% Z04% 64%
42
*38
42
*38
40% *39
*39
40% *38
42
*39
42
1207s I273i 128
*125% 127
128
*125% 128
"127% 128% 127*i 127*4
18
*17
18
10 l 2 10 l 2 1918 19l2 18
19%
*17
18
IS
* 1043i 100
*100
106
105
105
"100
106
105
104*4 104*1 *100
*
a
120
*112
120
____ 120
► 112 120 * 112 120
6%
6% ” 7
7 l2
71*
7*8
0 l2
6^2
7
7
7
7
*11
12
11% 11%
12
*12
1312 131* *11
1312
14
14
31*8 32*2
29% 32%
32Vi 33
29% 30
30% 31%
30% 32%
56 l2 5 0 i2 *55
57
57%
57
58
*55
57
58
*55
58
92 ls 93
9278 9334
91% 92
92*t
92% 93%
92
90% 92%
37
38*2
39*8 4 0 ' 1
37% 37%
37% 3.8%
38% 38%
39% 40%
23*4 24
237s 24Vi
23
23%
23
23% 23%
*22% 23
23%
120
12 4 124
123% 124
*124
124*1 125% 125% 125iS 1267s 124
*8212 90
*82% 85
*82
*S2l2 90
90
*82
90
*82% 85
102% 103
104
101
103% 104% IO.3 I4 104% 10314 10t
10 1 % 102 %
53*8 53*8
53*4 53*2
63'8 533g
52*4 53%
*527{j 53
53
53%
20 l 2 20 7s —
2012 211.1
—
19
20% 20*4
19
19
19%
—
0012 0012
—
*62
65
' ------58
3 4 i 2 35*s
34
3512
33% 34%
33*4 35%
33*i 34%
33% 34V
*05
0534
041* 66
64
043, 05
64
04
04
64% 04*
98
993,1
96*4 9 8 7s
97*t 99%
90
97%
90% 97%
95% 90*j
41
41
111- 41*- *4012 42
41
41
*41% 42
*40% 42
*4118 44
z43% 43% *4014 43
*41
44
*40% 44
*41
44
I 8V 181;
1
I 8 I2 18%
17*4 IS
17% 18
18% 18% *17% 18%
*31
3212 *31
3112 32
31% 31%
*30
32
32% *31
32%
*45
*45
50
50
50
*45
*45
50
14% 14% *1312 141
*1312 14U
14% 14%
13% 13% *13% 14%
30
31
29
30
30
29
*28
29*1
29% 29%
28% 28%
94% 95
95
95*8
9478 9512
93% 94%
91*1 95%
93% 94%
2.83.1 2912
28% 28*4
28
29
28
23%
27*i 27%
27% 2,8
56*i 57
5712 57%
57*4 57*4 *55
*55
56*i
57 ls
56
56
10
17
15*i 15*t
103s 16*8
*15
15*i
16% 16%
16
10
22
22
21% 23V)
*221S 23
*20% 21%
20 % 2 1 % *20
21
90
*85
90
*85
*85
89
*85
90
*85
89
86*4 86*4
138% 1381s 1391
137
137% 137%
136*4 13878 136% 137
134*1 136
79% 79%
*79
80
*79% 80
*79
80
79% 79%
7
" T
"i
*6%
*012
7
*0%
7
6% o i ­
6%
8*4
19
*15
*15
17
*15
18
15
15
*15
ls
18
IS
1253 12*4 *12*8 13
12% 12%
12% 12%
1 2 % 12 %
12*8 1 2 %
50% 51%
51
52 ls
49*i 50%
50*8 52
50% 50*4
50
50%
20*1 27%
271.1 27*8
*20% 26*4
207s 2714
26% 26%
27
27%
21% 2278
21% 21%
22*4 22 *i
21
21%
2 1 % 2 l*i
20*4 2 1 %
37*1 39*i *37
*34
38
*35
38
39% *36
39
*36
39
10
101*
15*, 10%
15% 16%
15% 15%
15% 10
15% 16%
34*8 343,! *34
34*4
34*i *34
*33% 34*4 *34
34*i *33% 34%
*48
51
51
*48
51
*49
*48
51
*18
51
51
*48
*13*t
*28
*68%

ta t

a E i - d l v . an d rig h ts,

S

2625

per share

98% M a y 9
96% M a y l 7
108 M a y 10
07% M a y 9
68% M a y 15
54 M a y 8
148% F e b 7
55 M a y 9
10 M a y 9
29 M a y 9
G9% M a y 14
109 Jun e 2
108% M a y 9
145 June21
30 M a y 9
75% M a y lO
65 M a y l 5
625% F e b 8
37 M a y 9
70 F e b 1
20 F e b 10
50% M a y 9
42 M a r l2
100 M a y 4
209 Jun e 1
5% M a y 2 5
12% M a y 2 5
22% M a y 9
34% M a y 14
20% M a y 14
103% M a y lO
27*4 F eb 3
100 F e b 3
8% M a y 15
50*4 M a y 5
18% M a y 9
52 M a y 9
15% M a y 9
3 0 M a y 17
57% M a y 9
39 M a y 26
119 M a y 4
1 4 * jM a y l5
102 M a y lO
120 M a y 28
5 M ay 4
10 M a y 0
23*4 M a y 9
51
M ar 7
86 M a y 9
32% M a y 2 4
21 M a y lO
116% M a y 9
82 M a y 2 5
98% M a y 15
51% M a y 9
17% M a y 15
53% M a y 12
2034 A p r 16
535j A p r 17
j
83% M a y 9
39*4 M a y 2 1
40 M a y 2 9
16 M a y 5
25 F e b 3
46 M a y 3
12 M a y 19
25% M a y 16
88*4 M a y 9
23 M a y 9
51% M a y l 5
13% M a y 9
17% M a y l 5
84*4 M a y 12
128% M a y 9
70% M a y 9
6% F e b 1
1 5 % J u n e l4
10% M a y lO
44% M a y 9
23 M a y 9
17% M a y 9
13 M a y 7
31% A p r 10
45% F e b 14

PER SHARE
Range for Previous
Year 1916
Lowest

Highest

S per share
3 per share } per share
107% Jan 8
100% A p r
108% O ct
1 z98% D eo
102 F e b
100% F eb
4
119 Jan
106% A p r
126 N o t
90 Jan
85 Jan .8
81% D e e
72% A ug
80 Jan
76% Jan 7
4
82 Jan
88% June
81 D ee
167% M a r2 3 *162% M a r 183% Jan
71 O ot
65*4 Jan 3
58 A p r
14% Jan 0
11% A p r
16% D eo
41% Jan 2
47% Oot
33 A p r
102% Jan
92 Jan 4
89 D e c
125% Jan 29
136% Jan
123 D e o
124% Jan 9
1 3 4 % Jan
123 D e c
172% F e b 16 1165 Apr
170 D e e
38% J une26
84% A p r 14
71 A p r 4
69% J une27
638% D e c
631 D e c
51 Jan 16
38 A p r
62*g O ct
80 Jan 29
70 F e b
86 June
30 Jan 4
24% A p r
37 O ot
57% Jan 9
48 A p r
62% O ot
46 M a r 17
57% June
40 M a r
151% Jan .0
148% D e o
156 O ot
238 M a r2 4
216 M a r 242 N o t
17 Jan 6
8% M a r
23% O ot
41 Jan 2
15 M a r
52% O ot
33 A p r
43% Jan
34*4 Jan 3
69% Jan
49% Jan 2
46 D e c
5412 Jan
39% Jan 3
40 D e o
1 2 7 % JaD
118% Jan 4
115 D e o
50% Jan
32 D e o
38% M a r 4
109% O ot
106 % Jan 2
99% A p r
21% Jan
15% D e c
17% Jan 2
77% Jan
72% Jan 2
69 D e c
32% JaD
23% A pr
25% Jan 2
64% Jan
56% D eo
58% Jan 10
10 M a y
30 D ee
25% Jan 3
65% N ot
32 A p r
63% Jan 3
87% O ot
79% Jan 2
74% Jan
133% Jan
32% Jan
119 Jan
127 A p r
11 Jan
20% Jan
34 Jan
61 Jan
103% Jan
52% Jan
29% Jan
1 38 % Jan
89% F eb
1 1 0 % Jan
57% Jan
36% Jan
73% Jan

121%
26
116
128%
3%
10
22%
47%
100%
49%
26
114
84%
108
55
36%
72

M ar
O ct
D ec
S ep t
S ep t
A pr
S ep t
S ep t
Apr
D eo
M ay
M ar
Feb
D ec
S ep t
D oc
D ec

140 O ot
30 O ct
130 O ct
137 Jan
13% D ee
24% D ee
38% D ee
64% D ee
114% O ot
77% Jan
34% D e c
147% O ot
89% M a y
1 1 8 % Jan
60 Oot
38% D e c
73% D e c

104% JaD 3
45 Jan 29
45% Jan 16
26% Jan 2
32 June26
53 Jan 4
18 Jan 3
39*1 Jan 3
98% M a r2 4
3
70% Jan 30
19% Jan 4
48% Jan 2
95 Jan 20
149% Jan 2
85 Jan 24
11% Jan 2
23% Jan 2
15% Jan 5
58 Jan 2
30% Jan 2
3
41
M a r2 7
22% Jan 2
50*s Jan 22
54% Jan 2

75% Jan
41% F eb
41% F eb
15% M a y
16 M a y
37% Bept
14 Apr
34% A p r
94% A pr
18 Apr
66 A pr
6% F eb
48 N o v
94 M a r
129% A pr
*80 S ep t
7% M a y
17 Sept
13% S ep t
41% M a r
22 A pr

115% S ep t
46 F e b
52 M ay
30% D ee
32% D e c
57 D ec
19% D ee
42% Oot
04% Jan
36% D e «
73% D e *
21% D e c
68% June
99 June
163% O ot
84% Sept
21% Jan
39*4 Jan
17 Jan
601* D ee
32% D ee

4
29
3
13
2
4
2
3
4
2
2
24
3
3
25
2
17
8
35% June 1

___________

21
46
33

D ec
D oc
Apr

27% D ee
58% D eo
66% July

21*4 D ee
18% Jan 9
14 Aug
43 Apr
37% Jan 5
30% O ct
89% D ec
80 Jan 25
63
July
26% JaD
11% Jan 4
10% D e o
10% JaD
8% M a r2 6
6% O ot
38 N ot
19 July
32% M a y 3 1
92 N o v
70% Ju ly
86% M a rlO
102 N ot
95% M a y 2
63 A p r
103% D e c
103% Jan 24
96 M a r
108% N o v
61% F eb
102% F e b 15
102 Juns
93 A p r
98 Jan 24
68 % S ep t
53 M a y 2 8
44 D eo
116*8 S ep t
111% June 6
1077§ D e c
52 July
78% D ec
80% June26
119% M a r
1 18% M a y 2 8
115% A u g
58% O ot
48% D eo
50% Jan 5
1 02 M ar
98 Jan
101% Jan 9
20% O ot
8*i June
17% M a r2 9
84% D ec
45 M a r
75 Jan 4
32*4 D e c
32^4 Jan 2
25 Jan
27% N OT
17 D e o
26% M a y 3 1
82*4 N ot
38% M a r
63% June 6
98% N o t
82% Jan 4
58 July
109 N o *
99% July
106% Jan 20
1934 M a r3 0
AS M a r3 0
97% N 0T
34% July
99% Jan 81
90*4 M a y 2 5
102 N ot
91% July
97% M a y 1C 102% M a rlO
122% N ot
88% A pr
94% F eb 2 112% June 2
118% Oot
109% A p r
117% Jan 19
z ll0 % M a y ll
73 D ee
44 Apr
52 F e b 2
75 Jun e 7
125% Oot
104 D e c
101% F eb 2 1 2 6 % June 9
115% M a y 123% O ot
116 % M ay22
121% Jan 25
116% M a y l l
128% Jan 24 *123% D eo z l3 4 % Sept
229% N OV
188 F eb
184 A p r 21 2 2 0 M a r ia
113 S ep t
106% A p r
100 A p r 24 109% Jan 18
68% N o t
37 D eo
58% June 9
37% F e b 2
102 M a r
92 Jan
94 F e b ! 100 Jun e 9
76% N ot
11 Jan
64% M a rlO
37 F e b 2
97% Apr
29% Ju ly
41% Jan 20
28 M a y (
87 N ot
72% Jan 26
59% J u ly
62 June26
105% N ot
77 Apr
87 M a y 2 6
70 F e b 1
147*4 D e c
56 July
89% F e b 2 121% Jan 22
73*4 N OT
60% D e o
54 F eb t
06 Jan
4
118% Jan
43 F e b 2
62 D ee
74*4 June25
110 M ay
99 M a y 5 102% Jan 15
98% D ee
104*4 M a y 15 136 Jan
2 a l2 7 % D ee 167% D ee
700 N OT
415 Jan
4
*119 M a r 1 515 Jan
-103 M a r 1 156 J u n e 11 . . . . . ____ - ___
12*4 M a y lO

28

A p r 11
3
5 M ay29
4% M a y 2 5
20% F e b 3
79% F eb 3
83 F e b 3
98% F e b 10
81 F e b 1
91% M a y 9
36 F e b 3
103 M a y 7
57 F eb 3
115% A p r IS
37% Junc21
92 M a ylO
10 F eb 2
55*2 M a y 7
24 F eb 2
15*4 F eb 3
48 F eb 3
02% F e b 2
102 M a y 4

66 F e b

s E x -d lv Id e n d .

6 B e fo re p a y m en t o f 1st in sta llm en t.

.New York Stock Record— Concluded— Page 2

3 6 2 6

F o r r e c o r d o f aalea d u r i n g t h e w ea k o f s t o c k s u s u a l l y i n a c t i v e , s e e

HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
June 23.
$

Monday
June 2 5 .

per share 5 per share
42*2

*20

*51
95^8

*110

*35*2

*88
2 1%

42*2

21

52
97

112
3612
92

21*4

41*t
19*2
51
95%

*110
*36

*86
21*2

42

20
51
97%

Tuesday
June 2 6 .

per share S per share
120 120 *120 123

S

*41%
19*2
51
95*4

112*2 * 111
36*2
91

36%
x89

21%

*102

10 1

43->s 43%
*90
90*2
•184
188
*100 105
23*2 24%
11% 11%
160% 160%
118*4 119*8
* 88*2 89
*51
52*2
* 1 0 U IDS
->
*83
86
40*2 41%
128*4 130*2

21*2
66*4

_ _
___

___
___

63%
*17
51%

64%
I 881
52*4

___

___

*102

101

*102

*101

101

*101
21%

42% 4334
42*2
*90
90*2 *90
182
182*4 *184
2134

11

161
116

88*2
51

23*4

11

*103s
162*2 *157
119*8 118
88*2 89
52
49%

*83
86
*85
41*2 42*8
41
128
130
*123
115
*108
*109
*122 160 *108
64
64%
63*2
18
19
19*2
54%
52*2 54*4
x l 12
112 *110
27*4 2734
27*s
82%
82% 84
39% 40%
39*2
37
37
36%

27*4 28
82% 83%
39-14 40%
3 63i 36%
*73
70
*47
49
48
48
*47*2 49
48
4434 45*s
*45
45*4 45% 45%
45
96-14 96%
97
9-D4
98
96*8 97%
*18
19
18*2 *18
17% 18
173i
*195
210
*195
210
*195
210
*195
*82% 85
*82% 85
*82% 85
82%
*64
64
64
*64
64*2
64% *64
49%
48
50*2 50*2
47*2 49
47*4
•66
68
67
67
*66
67
06
32
*31
30*4 3134
30*4 30*2
30*2
96*; 9734
97
9584 97*4
97*2
95*4
*91
95*2 *91
96
95*2 *92
*92
41
41
41
41%
41
41
41*4
62% 63*2
6334 64%
63% 61%
61%
*95
99
96
96
*95
99
*95
•111
112*2 •111
112*4 *111
112*4 112
109%
40
*95
*57
*108
23%
*143
*62
132%
*45
*5%
28*4
76*2
*33
52*4
117
76%
*101
*117
*138
54
98
2834
9134
*103*4
15
*169
27
47%
60
*170
84*2
*98
*39*2
I73t
213*2
58*4
*97
*44%
*94
•11
*86
*4538
105*2
*115
134
21
*54
165*2
*100
61
*107*2
61*4
51
12812
117*2
111*2
19
*43
110*2
*68*2
*91*2
52

40
40*4
99
*95
58
♦57
110
110
2334
23%
154
*144
64
*6212
134-% 131*2
49*2 *45
57s
5%
28*1
27%
77%
77
34
*33
53%
52
117
117
77%
77%
102*2 *101
117*8 *117
140
140
55
55%
98
*96
28%
28*2
92*2
91*2
103% 103%
22
17*2
171% *169
27
*27
48%
41%
60
60*2
192
*172
82
85*4
___
100
43*2 *39*2
18
17*2
215*4 214*2
59*2
58*2
99*2 *96
46
45*2
98*2 *94%
12% *11
90
*86
46
45
105% 105%
121
*115
134
135
21
21%
57
56*2
16634 162
105% *100
61
61
10734 107%
61%
60%
51
*50
130*4 129*4
117*2 117%
112
110*4
19
*18*2
44
43%
110*2 110
70
70
93
*92*4
52%
52%
___ ___ *65
*46
47
47%
35
35%
33*2
*92*4 95*4 *92*2
73
73
72%
127
127
*126*2
*122
124
122%
*33*4 36*2 *33%
*91*2
*91*4 93
*55
58
*55*i

40*40
99
*95
58
*57
110
*108
23%
23%
154
*145
64
62
135% 126*2
49
47*2
578
5%
28%
28*4
78 w 78
333i
33%
533i
53*2
117
118
78*2
77*2
102% *101
118
*117
141
141
56%
56%
100
96%
28%
28%
92%
91
103% 103%
20
19
172
16S%
27%
27%
42%
48
61
60*2
192
*170
S5
75*2
98*s
43%
18
173i
216
213
59*4
5733
99*2
98
46*2
98% ♦94
12% *11
90
*86
45
45%
106
105
121
*115
135% 135
22
22*2
56*2
57
165% 162
106
*100
61*4
60*2
107*2 *107
61%
61%
52
51
131*4 128%
117% 117%
111% 110*4
19% *18%
43%
43%
110
*108
70*2
70
94
92%
52%
51%
70
*65
47% *47
35
31%
93% *92
73*4
71%
12S *125
12234 *122
37
34
98
*92
60
*56

Thursday
June 28.
S

per share

43
41
41*4
40*2
19%
19% 19% *19
51
51
51
51*4
94% 96%
98*2
93%
113
* 110 1 1 2 % *110
36*4
36*2 36*2
36
89
*85
90
84*2
213 4
215S 22
21*4
50% 57%
5612
56
5234 54%
53%
52*8
40*4
40*4 42*4
40
44
*39
44
*39
109% 103*4 108*4 *108
99% *98*2 101
100
112 * 1 0 8 % ____ *108*i
32
3234
32%
31%
105% 105% 105%
88% 8534 8S78 86
10 1 *102 103
103
43
42% 44*4
42%
91
90
90*2
90
190
186*4 190
190
10 > *101 105 *101
22*2 2 1 % 23%
19*2
113,
11*2 1 1 %
1 1 -%
164
*160
164*2 162%
121
117% 12138 112%
89
*89*4 90
89*4
51
50
50
49%'
105
105
87
*85
89
86
41%
41
41
40
127
127
127
127
*108
115
115
109%
100 *120 160 *120
64%
63
04%
62*4
20 % 20
20 % *18
56-%
54
57*2
54
113*4 *108% 113% *110*!.
27%
27*4 23*j
27
82*4 8-134
83*2
82
39% 39%
40*4
387a
36%
37
38
32*2

56*8 5678
56*2 56%
53
53
52%
53*2
53*2
•
10
39% 40%
40*4 40%
44
*3734 38*4 *39
*39
*108
109*2 *108
110 *107*2
99-% 10 1 %
98*4 101
99*4
112
*108*4 ___ *108% ___
32% 33
32*2 33%
32
105
105*8 105*2 105
105*2
83*2 84%
S412 88*2
85%

'

Wednesday
June 27.

48%
40
45^4
44%
98
94%
18%
1734
210
*195
82% *81
04% *64
48*4
46
66
30*2
30*2
97*4
93
95*2
94
41%
41
64%
01*2
99
*95
112
*111*2
109% *108

41

22
51*2
95

Salesfor
the
Week
Shares

Friday
June 29.
S

per share

40%
*19
51*4
93

1 1 2 % * 110
36

35*2
76

2 U8

21

40%

21
5U.i
94*2

1 12 %
36
82

21*2

E x -d lv ld o n d




600
2,8 0 0
7 ,2 0 0
8 ,3 0 0
6 ,750
7 ,6 0 0

55*4 55%
56*2
51*2 52%
52*2
41
39% 41 ■
*39
41
44
*108
no
109*2
200
100 % 1100*4 102 % 3 .860
112 *108*2 112
850
31% 32% 2 9 ,3 0 0
321.
105% 105%
1,000
88*2 29 9 ,9 0 0
88*3 86
*102 103
103
100
41% 42% 18,900
43%
90
90*4
90%
1,475
195
191% *190
1,000
♦ 100 105
105
19% 22 % 13,400
21%
12
12
12 %
3 ,2 0 0
162
162% 162
1,100
110 % 115% 9 7 ,8 0 0
117
89
89
89%
900
46
49%
5034
8 ,300

86

40
40%
127% 128
109% *109
160 *120
61%
63%
19
20
54
55-%
113*1 *110%
26%
27%
80%
83
38%
39*2
33%
37-1i
*72
44
47*i
44*4
45%
93%
95%
18
18*4
*195
210
*81
85
64% *64
46
48
65*4 *66
*30
31
923,
96
*90
94
40%
41*8
61%
62%
99
95
112*4 *111
108%
in

-

40
128%
115
160
62%
19
56
113*4
27%
82*2
39%
34*2
46
45%
96%
19
210
82
64%
47*2
68
31%
95*4
95%
41
62%
95
112%
108*2

39% 40
38% 39*2
38*4 39
*95
99
*96
99
*96
99
57
57
*56
57
*56
58
*108
112
112
112 *109
*108
23-% 23%
23% 23%
23*4 23%
145
143*2 145 *140
146 *140
61% 61% *61
63*2
63*2 *61
122
127
110*2 123% 117*2 124
*45
49*2 *45
49*2 *44% 49
*5%
5%
5%
*5%
512
5*2
29
29
30*2
29*2
28% 29*2
77% 78*2
77*2 78
77*8 78*2
33
33% *32*2 33
33
34%
53% 55%
56*8 58
55*4 57%
♦119
119% *117
*117
119
119
*76
79
74% 76
75
75
101% 101% 100
101
*99*2 102
*117
118 *117
118 *117
118
141% 141% 141*2 111*2 140
141*4
523.1 563g
53
53*4
54
53
*98
100
*98
100
100
*98
28
28*2
28*2 28%
28*8 28%
90% 92%
90*s 91%
91*2 93*4
103% 103*2 *103*4 103*2 102% 103*4
16
17
17
19
15% 17*2
168*2
170*2 170*2 168*2 168*2 168
*25% 26*2
26-% 27
26% 27*2
42%
41
40
44%
39% 42
*57
60
57% 59
57*2 57*2
♦160
*168
191
190
191
*160
70*2 76%
67
72
61*4 68
96
06
92% 94
94
94
*39
39
31*4 38*4
*38*4 39
19
18
19
17% 17%
18
18*4
214
211% 215
208% 212
210
208
58*4
58
56% 57%
58
5S%
56
98
*96
99% *96
99*2 *96
99*2
46
*46
47
46*2 4012
46*2
9734 97% *94
97*2 97%
98*2
98*2
1234 * 11
1234 *11
123,
12% *11
90
•SO
90
86
86*4 86*4 86
4514
45
4534
45
45
45% 45*2
10534 101% 106% 104*2 105*4 104*4 101%
121
121
*115
121
*115
*115
120
136
133% 133% *133
136
135*2 *134
*21% 2234
24*2
23
22% 23*4 *22
57*2
57*2 57*2
59
57*2 57*2 *51
164
150
159
159% 164
148*4 157*4
106
*96
106
*98
106*2 *100
106
57
60*2
59*4 60*4
60*4 60%
59*s
107% *107
107% *106% 107% *1063, 1073,
60% 60%
59*2 59%
61%
60% 613S
51
49% 51
5h2
*51
51*2 *51
130*2 130*2 132% 129
131*4 128
130*2
11734 117% 118
117*4 117*2 117% 117%
111
110% 109
110% 112% 110
110*8
20% 20% *19*2 20
19*2
19% 19*2
*42
44
42*4 42%
44
44
44
*108
112 X 106*2 106*2
108% 108
112
70
71
70
72
71
72%
*70
93
93*2 93*2 *93*2 94%
*92*2 94%
51% 52% x-19% 50*2
51% 51%
52*4
*65
70
70
*05
70
♦68
73
*46
48
47*2 *46
♦46
48
48
34*2
31*2 32%
30% 32
32% 33*4
92
92*4
94
*92*4 94
92% 92%
72
6834 71
67*2 7D 4
72
72%
130
123% 126*2 *123
127
127
126
124 *120
*120
123 *120
123
123
34
34% 343 j *31% 36
34% 34%
*92
98
98
*92
*92
98
98
61*2 *55
61% *55
61*2 *55
61*2
40*1
99
59
112
23%
155
62*s
130*2
47*2
5%
30%
80
34
56*8
119
78%
103
118
141%
57
96%
2834
92*2
103%
20
170
27%
44*2
60%
192
82
98*8

200
1.700
1,200
700
7 0 ,400

100
2 ,6 0 0
3 ,500
100
3 1 ,0 0 0
2 ,400
10,300
100
9 ,3 0 0
2 6 ,7 0 0
18,600
8 ,9 0 0
100
2 ,0 0 0
12,900
15,500
1,000
100
200
11,800
600
1,200
2 0 ,9 0 0
100
5 ,300
3 5 .3 0 0
200
400
200
100
7 ,8 0 0
100
100
2 ,900
200
400
8 3 ,900
100
1,820
15,225
8 ,2 0 0
1,850
6 2 ,3 0 0
1.400
4 .4 0 0
320
2 ,363
6 ,5 0 0
200
9 ,3 0 0
5 7 ,800
1,000
7 ,450
900
2 ,400
128,800
1,800
500
1,800
10,100
4 ,400
15,800
100
1,200
200
200
2 ,0 0 0
13,100
700
5 ,6 5 0
1,100
9 8 ,200
5 ,2 0 0
100
1,850
200
,057,900
11,520
9 ,900
300
900
300
1,500
584
2 1 ,2 0 0
200
8 2 ,2 0 0
300
6 ,8 0 0
600
100
600

secon d

S T O C KS
N E W Y O lt K S T O C K
EXCHANGE

p age p re c e d in g .

PER SHARE
Range Since Jan. 1
On basis of 100 -share lots
Lowest

ln d u s t r la l& M is e .(C o n .) P a r
Bethlehem Steel pref..........100
_
Butte & Superior C o p p e r_ 10
C a lifo rn ia Petroleum v t c . 100
Do
pref_______ _____ .100
C e ntra l Lea th e r__________ 100
Do
pref..................... ...... 100
C e rro tie Pasco C o p _ N o p a r
_
C handler M o to r C a r______ 100
C h ilo C o p p e r.............................25
C h ino C o p p e r......................
5
C olorado F uel * Iro n ..........100
C olum bia Gas A Elec..........100
C o m p u tln g -T a b -R e co ru ..1 0 0
Consolidated Gas ( N Y ) ..1 0 0
Continental C a n ..... .............. 100
Do
pref.............................100
C orn Products R e fin in g ... 100
Do
pref.............................100
Crucible Steel of A m erica . 100
Do
pref.........................1 0 0
C u ba Cane S ug ar.......... N o p a r
Do
pref........... ................ 100
C u ba n-A m erican S u g a r ... 100
D o p r e f ....................... ..1 0 0
D is tille rs’ Securities C o rp.1 0 0
D om e M ines, L t d . ..................10
G eneral Electric................... 100
G eneral M otors tem c tfs -.lO O
D o pref tern ctfs............100
G ood rich C o (B F ) .............. 100
Do
pref............................. 100
G ra n b y Cons M S & P ____ 100
Greene Cananea C o p p e r .. 100
G u lf States Steel tr c t fs ...1 0 0
D o 1st pref tr ctfs____ 100
D o 2d pref tr ctfs____100
Inspiration C ons C o p p e r...2 0
Inte rna t A g ricul C o rp ____100
Do
p r e f ............................100
In te rn H arvester of N J ..1 0 0
In t M ercantile M a rin e ____100
Do
pref............................. 100
Inte rn N ic ke l (T h e ) v t C ..2 5
International P aper______ 100
Do
stam ped p r e f ____ 100
K e lly-S prln g fle kl T i r e ..........25
Kennecott C o p p e r____ N o p a r
Lackawanna Steel.................. 100
Lee R ubber & T i r o . . . N o p a r
Lo rllla rd C o ( P ) .................... 100
M ack a y C om panies............ 100
Do
p r e f .......................1 0 0
M axw ell M o to r Inc tr ctfs. 100
D o 1st pref stk tr ctfs. 100
D o 2d pref stk tr ctfs. 100
M exican Petroleum ............100
Do
pref..................
100
M iam i C o p p er_____ ______
5
M idvale Steel A O rdnance. .50
M ontana Pow er..... .............. 100
Do
pref............ ................ 100
N a tion al B iscuit.................... 100
Do
pref............................. 100
N a t E n a m ’g A S t a m p 'g ... 100
Do
p r e f ............................lo o
N a tion al Le a d.........................100
Do
pref_______________100
N e va d a Consol C o p p er_____ 5
New Y o rk A ir B rak e ..........100
N o rth Am erican C o ______ 100
O h io C ities G as (T h e )____25
O h io Fuel S u p p ly __________25
O n ta rio S ilve r M in in g ____100
Pacific M a ll....................
5
People’s G L A C ( C h ic ).. 100
Philadelphia C o (P lttsb ).--50
Pittsburgh C oal ctfs dep__100
D o pref ctfs d e p o s it.. 100
Pressed Steel C a r..................100
Do
pref..................
100
Public Serv C o rp of N J . . . 100
P ullm an C o m p a n y________100
R a ilw a y Steel S pring ..........100
Do
p r e f . . . .......................100
R a y Consolidated C o p p e r .. 10
Republic Iro n A Steel..........100
Do
p r e f ...........................100
Saxon M o to r C a r C o r p . . . 100
Sears, Roebuck A C o ..........100
Shattuck A rfz C o p p er..........10
Sinclair OH A Ite f'g _ N o p a r
_
Sloss-Sheffield Steel A Iro n 100
South Porto Rico S ug ar_ 100
_
Studcbaker C o rp ( T h e ) . . . 100
Do
pref............................. 100
S tutz M o to r of A m In c .N o p a r
Tennessee C opper A Chem w 1
T e xas C o m pan y (T h e )____100
Tobacco Products C o rp _ 100
_
Do
p r e f ...................
100
T r a nsueA W ill lams S teel N o p a r
Underwood T y p e w rite r_ 100
_
U nion Bag A Paper............ 100
U nion Bag A Paper (n e w ). 100
United A llo y Steel_____ N o p a r
U n ited C ig a r Stores_______100
Do
pref________
100
U n ited F ru it _____________ 100
U S Cast I Pipe A F d y ____100
Do
pref_______________100
U S In d u stria l A lco h o l____100
Do
pref......................
100
U n ited States R u b b e r____ 100
D o 1st preferred______ 100
U S Sm elting R e f A M _____ 50
Do
pref............................... 50
U n ited States Steel________100
Do
pref________
.100
U ta h C o p p e r_______________io
U ta h Securities v t c............ 100
Vlrglnla-C 'arollna C h e m ___100
Do
p r e f . . . ...................... 100
V irg in ia Iro n C A C ............. 100
W estern U n io n T e le g ra p h . 100
Wcstlnghouso Elec A M fg _ .5 0
D o 1st preferred_______ 50
W hite M o t o r ................
50
W lllys -O v e rla n d (T h e )..........25
D o pref sub rects fu ll pd 100
W ilson A C o , In c , v t c _ 100
_
W oolw orth (F W ) _________ 100
Do
pref............................. 100
W orthington P A M v t c.100
D o pref A v t c______ 100
D o nrpf H v f *
100

Highest

PER SHARE
Range for Precioui
Year 1916
Lowest

Highest

$ per share
$ per share
$ per share 5 per shar*
1 1 7 ij M a r 3 135 Jan 5
120 J u ly
xo6 N o ?
417* D e c
38*4 F eb 3
52*4 Jan 26
105*4 M a t
17% A p r 24
30*2 Jan 25
15 Juue
42*8 Jan
46 M a y 12
6 2L Jan 25
80>s JaD
40 June
70 F eb
49 A p r
IO U 2 J u n e ll
123 N o ?
109'a M a y l 6 1157a J an 25
H 712 N 0 ?
1087s Jan
327* M a y 9
41 F e b 20
76 June29 10434 M a r2 0
131 Jun t
88*2 A pr
20 Feb
27% M a r 12
39*4 N 0?
19*s July
48 >s Feb
63% M a r 7
74 N o ?
46*8 July
38*2 Feb
58 Juno 7
63*4 S ep t
38*8 A p r
34% F eb
47?8 A p r 4
53% D ee
30*4 S e p t
38-41 M a y 11
46 Jan 4
52*8 JaD
40*8 Ju ly
X104% M a y 10 1343a J an 18
I44»< Jan
129*4 D eo
1102*2 June29
82% Feb
75*4 Jan x l l l S ep t
108i2 M ay31
112*2 F eb 7
114 N o ?
106 F e b
34% M a y 2 9
18 F eb 2
29*4 D ec
13*4 A ug
9 6 34 A p r 11 1 1 2 % Jan 2
85 June 113*2 D ee
50i2 Feb 2
8878 June27
99*2 M a
50*4 D e o
102 Jun c2 0 117»4 Jan 3
12478 D ee
108*4 Jan
353, Feb 3
55*4 Jan 4
70*8 O ct
43 D eo
8512 Feb 14
94*2 Jan 3
100*2 Oot
91*4 D eo
159 F eb 14 205 A p r 16
2697a S ep t
152 Jan
99% M a y 10 105 M a r 8
110 June
100*8 D e o
54*j A p r
11«4 A p r 20
32 Jan 2
24 D eo
9*8 June 19
2434 Jan 0
29*2 F eb
18 D e o
1507s M a y 9 17D4 Jan 26
159 A pr
187*4 O ot
98% A p r 20 125 M a r ie
136 D e t
120 D eo
85 A p r 24
93 Jan 4
93 D e t
88*2 D eo
46 Jun c2 9
61*4 Jan 19
80 Apr
49*2 D eo
105 June27 1 12 Jan 4
110*2 D e o 116*4 M a i
7518 F eb 3
923s Jan 17
120 N o ?
80 July
40 A p r 23
47 Jan 26
68*2 N o ?
34 June
99 ij F eb 3 137 Jan 3
71 M a y 193 N 0?
102 F eb 3 110 J u n e l3
87 M a y 115 N o ?
117 F eb 10 117*2 F eb 2
72 M a i 190 N o ?
48 F eb
1
66*2 J u n o l l
74*4 N o .
42*8 A p r
297| Jan
13U F eb 6
217a M a y ‘2 2
11 A ug
57*2 June27
74 Jan
35'4 F e b 5
37 D e c
107*2 M a y 9 123 Jan 2
1267| N o ?
108*2 Jan
367a M a r2 3
1934 F eb
i 5()78 Sept
»1 3*8 F eb
95*2 M a r2 4 06IU M nr *125*8 Sept
62*8 F eb
5 6 % Jan
3 7 i2 F eb 3
473g M ar21
3 8 7s D eo
3212 June28
75*2 N o .
493a Jan 4
9*2 M a r
72 June2S
77*2 June 6
44 June29
64*2 Jan 4
85*4 S o p .
66 D eo
40 F eb 1
84*4 N o ?
50*8 M a y 2 0
40 D eo
70% F eb 3 10378 J u n e l3
64 M a y 107 N o ?
56*2 June
17*2 F eb 28
30 Jan
25*a D eo
19912 M ay21 232 Jan 19
23972 Aug
179*4 Jan
S2i4 M a y 10
91 Feb
89»4 F e b 17
78 Apr
64 M a r 14
88*4 Junt
67*2 Jan 15
647g D eo
4312 A p r 20
6114 Jan 17
99 Sept
44 D eo
63*2 A p r IS
93 JaD
74*8 Jan 18
66 D eo
29% A p r 20
607| J u n i
40 Jan 20
32 D eo
81*8 M a r 1 106*2 Jan 10
88*8 June 129*8 Jan
90 M a y 3
9 7 78 Ju n o 8
89*2 June 105*8 Jan
34 F eb 1
49*8 N o ?
43*4 A p r 30
33 Aug
54>8 M a y 9
67*2 Jun o “
9312 M a y 10 109U Jan 25
68*4 M a r I147t D eo
112 June27 117*2 M a r2 8
117*4 N o ?
109 Jan
105 M a y 1 122*2 Jan
~ 118 S ep t 131*2 O ot
112 M a y 6 127 Jan
124 June 129*s M a y
24 F eb 3
42% J u n e ll
30*2 D ee
19*4 A p r
9()i2 M a y 9
98 Jan 19
100 N o ?
90*8 D e o
52 Feb 3
63*4 M a r2 3
74*8 Sept
57 D eo
101 M a y 8 114 Jan 6
117*8 O ot
111*4 D eo
207g Feb 3
263s J u n e ll
34*8 N 0 ?
15 Jan
128 Feb 3 156 M ar21
186 N o?
118 July
757| D ee
61 M a y lO
72-is M ar21
65*2 A pr
87 F eb 3 1437s A p r 19
124*4 D ee
75 Oot
4 5 '8 M a y l 5
54 F eb 19
5 F eb 3
7 *s Feb 14
11*8 Jon
6*4 N o r
18 F eb 3
31 Aug
30*2 Jun c27
11*4 Jan
6 8 i2 M a y 2 9 106*4 Jan 18
100*8 M a y 118 O ot
48 D ee
3234 M a y 9
42 Jan 4
38 June
68*4 D ee
35 F eb 1
58 June27
25*4 July
1071s Jan 15 119 June26
100*4 A ug 115*4 D ee
88*4 N o ?
70 M a y 9
4 2 ii J u ly
83*4 Jan 26
100 J u n c2 8 *107 Jan 31
108 N o ?
97 July
118 M a y 2 2 131 Jan 6
114 Jan
137 S ep t
136 June20 167*2 Jan 26
1597! M a y 177 S ep t
43 F eb 2
61*4 N o ?
58 J u n o l 1
32 Apr
103*4 N o ?
96is Jun c2 6 101 Jan 22
95*4 M ar
23 F eb
37 N o ?
32*4 A p r 3
20 Juue
93 N o ?
60 F eb
42 Jun -5
94*->Juno 7
90 Feb
17 N o ?
101 D to
1057g M a y 2 5
84*4 Sept
037g D ee
68 Jan 4
15'2 June28
33 N 0 ?
162*2 M a y l 5 238*4 Jan 22
168*4 M a
40*4 Feb
22*8 F eb 2
29*4 M a r 9
22 D ee
5934 M ar29
393a Juno28
427s A p r 21
7434 M a r3 0
9 3 *4 N o ?
37 July
165 F e b 6 209 M ay31
240 J u n .
148 Jan
64*4 June29 110*2 Jan 17
107 J » d
100*8 D eo
14 M ar
92*2 June2S 108*8 J en 20
108*4 S o p t
31*4 June29
5334 Jan 26
79*2 Sept
48** D eo
13 F eb 2
19*2 June20
19*2 D ee
16*4 D eo
199 M a y 9 243 Jan 10
177*4 June 341*2 N o ?
48*2 F eb 3
61 J u n o l4
69*8 D e e
48*4 S ep t
lO'Ji? M ar
98 M a y 28 105 M a r 12
99 July
40 F e b 3
48*2 Juno 6
02 M a y 3 109*2 M a r 12
110 O ot
86 Jan
10 M a y lO
4*4 M a y
15*4 M a r2 2
18*2 O ct
7 D 4 M a y 17 112 Jan 22
129 N o ?
87** O ot
40% M a y 4
494t J u n e 2
91*2 Feb 3 107*2 Juno 14
69 F eb
105*4 Aug
113 Jun e 8 120-% M a r 14
120 Aug
611*2 F ob
13II4 M a y 9 154-ia Jan 22
169% Jun .
136*8 Jan
17 F eb 2
28*8 N o ?
24*3 Juue26
15*8 Jan
67*2 N o ?
54 M a y 9
63 Jan 29
■48*2 F eb
170*2 A pr
100*2 A p r 21 171*2 J u n o l3
9412 D e o
114 Jan
97'2 A p r 28 106 Junol-1
99*2 July
50*4 F e b 9
47*4 M a r
70*4 D ee
65 Jan 3
106*8 Feb
104*2 M ay21 11434 Jan 3
116*4 D ee
6734 Jan 4
67 D eo
81*2 N o ?
52-i8 M a y lO
63*2 June
50 June
49*2 A p r 23
52*4 Jan 3
*79*4 M a r
129*4 N 0?
99 F e b 1 136*8 M ay31
115 M a y 123 N o ?
1163s M a y 9 121*4 Jan 19
74*4 Ju ly
130 N o ?
97 F e b 1 118*4 M a y 2 S
16*4 June
1734 M a y 9 24*4 Jan 22
27*8 D ee
36 A pr
51 JaD
34*4 F eb 3
46 M a y 3 1
108 A p r
104i4 M a y 8 112*4 Jan Uti
114*2 D ee
41
July
46 F eb 3
77
M a r3 0
72*4 N o ?
87 M a r
90% M a y 11
105*2 O ot
9934 Jan 19
60 M a y 2 8
715* M a r
45*4 M a y 9
51*4 D eo
70 Apr
79 M a i
6712 M a y 2 1
70*8 Jan 4
52*2 Jan 18
69*8 O ot
4 3 i2 M a y 9
45 D eo
38*i Jan 18
34 D eo ■326 June
24-18 M a y lO
117 June
92 Juno28 100 M a r lO
94 D eo
58 F eb 1
84*4 M ar.30
141*4 Oot
120 M a y lO 151 Jan 22
118 Jan
123 June 126 N o ?
1223, June25 126*a Jan 17
36** Sept
23*i F e b 9
26
July
37*8 JunolO
91 A p r 16
95
July 100 Sept
97*4 J u n o l 1
W liilv
an*.
*
50 M a v 9
63 fn n e l 8

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly

2627

Bid

U. S. G overn m en t.
US
US
U S
U S
U S

2a
3s
3s
-is
4s

consol cou pon _____ (11930
registered_________ k 1918
cou p on ......................41918
registered..................192.r
>
cou pon ....... .............. .1925

U S Panama Canal 3s g ____1961

J -D
Q- J
Q- J
Q- F
q - F
Q- F
q- F
Q- F
q -N
q -M
q -F

100

A sk Low

Sale

9 8 -1 4 ____

98s4 ____
98*4____
98*4____
1 05 % ____
1051a____
90 ____
90 ____
80 -------

94% Sale
F- A
93i2 Salo
Anglo-French 5-yr 5s Ester loan. A - O
80
85
Argentine— Internal 5s of 1909.. M - S
94% 95
M -N
Chinese (Hukuang R y )— 5s of ' l l J - D t ------- 70
98'% 98%
M- S
93
93*8
F -A
85% 80%
F- A
A -O
97% 98%
90% Salo
Do
do
1
1920 A - O
95% Salo
A -O
98*8 Salo
French Repub 5> $ 3 secured loan. . - ._
F- A
j - j t 84% 80%
79% Salo
____
j - j t 74
M- N
95 Salo
94% 95
Marseilles (City of) 3-yr 6 s . . 1919 M -N
M exico— EXter loan £ 5s of 1899 q - J t 49 ____
Gold debt 4a o f 1904......... 1954 .1 -D ____ 37
93% Salo
Paris, City of, 5-year 0s____1921 A - O
79%
Tokyo City— 5s loan of 1912____ M - S t 79
97% Salo
U K of G t Brit & I 2-yr 5 s .. 1918 M - S
3-year 5>$ temp notes____1919 M -N 9 0 % Salo
95 Sale
5-ycar 5>$ temp notes____1921 M - N
99% Salo
Temporary notes 5>$s____1918 ____
99% Sale
Temporary notes 5 M s____1919 ____
t These are prices on the basis o f $5to£
State and C ity S ecu rities.
97*4 98%
N Y City— 4 K s Corp stock.190C M - S
97% 100
4 '/is Corporate stock____1904 M - S
4>$s Corporate stock____1900 A - O ------- 98*4
4>$s Corporate stock____1905 J - D 102% 103
r.i - s
4% Corporate stock......... 1959 M -N 1 94% Sale
4% Corporate stock......... 1958 M - N ____ 95%
M -N ------- 95%
M -N ------- 95
M - N 102% Salo
New 4>$s...... ............. ........ 1917 M -N ____ 100%
4>$% Corporate s t o c k ... 1957 M -N 102% 103
82
91%
3>$% Corporate s to c k ...1 9 5 4 M -N
N Y State— 4s
ifMl M - S ____ 102%
Canal Improvement 4 s . . . 1901 J - J 100 ____
Canal Improvement 4 s . . . 1902 J - .1
J - J
Canal Improvement 4 >$8-1954 J - J
J - J
Highway Im prov't 4> $s..l903 M - S 108*4 113%
J - J
Railroad.

(.4 - J
A- O
A- O
N ov
N ov
M -N
J -D
J -D
j -D
East Okla D lv 1st g 4s___1928 M - S
Rocky M tn D lv 1st 4s___1905 J - J
Trans Con Short D 1st 4s. 1958 J - J
Cal-Arlz 1st A ref 4>$s’ ’A ” 1902 M - S
S Fo Pres & Ph 1st g 5 s . . . 1942 M - S
tl C o nst I, 1st gold 4s____51952 M - S
Gen unified 4>$s......... ......1904 J - D
Ala Mid 1st gu gold 5s___1928 M - N
Bruns & W 1st gu gold 4 s. 1938 J - J
Charles & Sav 1st gold 7s. 1930 J - J
I, & N coll gold 4s........... 01952 M -N
Sav I’ & W 1st gold Os____1934 A - O
*
1st gold 5s........................ 1934 A - O
Sll Sp Oca & G gu g 4s____1918 j - j
Balt & Ohio prior 3>$s_____ 1925 j - j
Registered ....................51925 Q - J
1st 50-ycar gold 4s........... 51948 A - O
R egistered....... ............51948 Q - J
20-yr conv 4>$s................. 1933 - - - Refund & gen 5s Series A . 1995 J - D
Pitts June 1st gold 0s____1922 J - J
PJunc A M D lv 1st g 3>$8 1925 M - N
P Ij E A W Va Sys ref 4 s .. 1941 M - N
Southw Dlv 1st gold 3>$3.1925 J - J
C c n tO h lo R lstcg 4 > $ s-_ 1 9 3 0 M - S
Cl I.or A VV con 1st g 5s_ 1933 A - O
_
M onon River 1st gu g 5 s .. 1919 F - A
Ohio River R R 1st g 5s_ 1930 J - D
_
General gold 5s_______ 1937 A - O
Pitts Clev A T ol 1st g 0s._ 1922 A - O
Pitts A West 1st g Is......... 1917 J - J
Buffalo It A P gen g 5s......... 1937 M - S
M -N
All A West 1st g 4s gu------1998 A - O
Clear A M ah 1st gu g 5 s .. 1943 .1 - J
Roch A Pitts 1st gold 0 s ..1921 F - A
Consol 1st g 0s................1922 J - D
Canada Sou cons gu A 5s— 1902 A - O
Car Clinch A Ohio 1st 30-yr 5s '38 J - D
?
Central of Ga 1st gold 5 s ..p l9 4 5 1 - A
M- N
J -D
M ac A Nor D lv 1st g 5S..194G J - J
M id Ga A Atl Dlv 5s_____1947 J - J
M obile D lv 1st g 5 s .......... 1940 J - J
Con R R A B of Ga col g 5 s . . 1937 M -N
Cent of N J gcn’l gold 5s____1987 .1 - J
Registered ...........
51987 q - J
Am D ock A Imp gu 5 s ...1921 J - J
j - J
N Y A Dong Br gen g 4s 1941 M - s
Cent Vermont 1st gu e 4 s « i 9 2 n q - F
Chesa A O fund A lmDt 5s 1929 j - j
1st consol gold 5 8 ..
in to M -N
R egistered..............
i o'-Jo IYI-N
General gold 4>$s____
M- S
R egistered---------------- io02 [vi- s
20-year convertible 4 >$s 1 9 3 0 F - A
30-year conv secured 5s. . 1 9 4 6 A - O
Big Sandy 1st 4s------------J -D
<Joal River R y 1st gu 4 s .. 1945 J - D
Craig Valley 1st g 5s......... 1940 1 - j
Potts Creek Br 1st 4s____1940 j - j
It A A Dlv 1st con g 4s___1989 j - j
2d consol gold 4s........... 1989 j - j
• N o price Friday: Uteet this week,
R egistered______________ 1995
Adjustment gold 4s_____ 51995
R egistered........... ........51995
Stam ped....... ................ 51995
Oonv gold 4s....... ................ 1955
Conv 4s Issue of 1910____1900




19 2
9

19 4
4

a

45%

H igh

N o . Low

100
100*6o
90*4 M ay'17
99*4 Jan '17
99 M a y ’ 17
98% Jun o'17
100
100
105 Juno’ 17
98% Oct '15
97 July'16
90 M a y ’ 17
100 Feb '15

133
2241

H igh

7301

94*4
95
93
93%
80% M a y ’ 17
95
95
68 June’ 17
98
98
92*4 June’ 17
80% Jan '17
97%
98%
95%
96%
95*4
90%
98%
99

1
____
1
____
10
5
102 2

383
5

87 Juno’ 17
79%
79%
36
75% Apr ’ 17
95
95
13
96% Juno’ 17
50 Juuo’ 17
35
35
93%
93% 102
79 Juno’ 17
97%
97% 121
96%
97
209
94*4
95% 254
99%
99% 530
99
99% 597

100*40
99*4
99*4
99i*
101%
110
111%

90

____
____
____
10
____

90*4
99*4
99
98%
104*4
105

102%

93
90%
86%
94%
08
97
92%
80%
96%
95%
95
98%
81

98%
95
93
96%
72%
100
96%
86%
100%
100
100%
101
88*4

78
94%

9 7

40%

50

"

92
75%
95%
95
93*4
98
98%

97
79
98%
98%
98%
100%
101%

2 98 104%
98%
98%
5 98% 105*4
97%
97%
99 Juno’ 17 ____ 98% 100
23 101 111
101
101*4
102%
102%
5 101 110*4
94%
95%
18 94% 1 0 2 %
5 90% 1 0 2 %
96%
90%
98*4 Juno’ 17
1
98*4 • 0 2 %
97% Jan ’ 16
101
102%
2 0 101
110%
100 June’ 17 —
100 1 0 0 "
101*4
101*4
6 101*4 1 lots
—
88
91%
103 105
102
June’ 17 —
102 106%
—
101% 102%
1 100 106%
—
112 117%
109*4
it
109*4

40%

109*4

1

85 Aug TO
50% Juno’ 17

01
62*2
89 Salo
------- 89%
82% 83%

62% Juno’ 17
89
89%
03
92 Apr T7
80% Juno’ 17
85% N ov'10
.82% 83% 82 June'17 ____
101 102*2 lO i^
101**4
5
101 102*2 101
101
10
1 0 0 % M a y ’ 17
------- 96
94% Junc’ 17
75
84^4 85% Apr '17
84% 85% 89 Apr T7 ____
------- 92% 93% M a y ’ 17
100*4 103 100*4
100*4
2
87% 88% 87%
87*4 . 5
------- 80% 87% M a y ’ 17 __
101% 103 106 M ar’ 17
87
89
89% M a y ’ 17
133*8 _ _
129% Aug T5
79% 97% 80
80%
0
115% ____ 118% M a y’ 17 ____
1 01 % ____ 105 July 15
9 8 % ____ 99% Deo TO
90 Salo
90
91
27
- - - - 93
92 Apr T7 . . . .
80 Sale
85
80
18
- - - - 02*8 92*4 M ar’ 17 ____
89 Salo
89
89%
08
97% Salo
96*4
97%
20
100% .
112 Jan T2
85% 87% 92 M ar’ 17 ____
9 Salo
79
80
3
86% 87% 86%
80%
2
95% 98 100 Apr T7 ____
00*2____ 99% Juno’ 17 _ _ _ _
99*4____ 101% N o v ’ 10
1 0 5 % ____ 107% Feb T7
107% N o v ' 10
-------104
102 _
107 Fob T7
99% _ .
99% June’ 17
100% 103% 105% M ay’ 17
90% 99% 101*4 M ur’ 17
85 ____ 97 N o v ’ 10
100% . . .
103% Feb TO
103% 108 100% Deo T6
104*4 107% 109*4 Jan T7 ____
99% Sale
99%
99%
12
- - — 8‘4
85 M a y ’ 17 ____
100*2 105*2 108% M a y ’ 17 ____
97
9 7 % 97
97
1
78
87% 84% M a y ’ 16
100 ____ 103 M ar’ 17 ____
- - - - 1 0 1 % 97% Juno’ 17
97 ____ 104% Apr T7 ____
------- 95
94% Apr T7 ____
109*8 111*4 109 June’ 17
109 109*4 109 Juno’ 17
-------102
102 Apr T7 ____
98 101*2 IOO Juno'13
93
____ 100% Jan '13
70
80
78 Feb T7 ___
____ 93%
90% M ar'17
100% 101% 102 Juno'17 ____
104% Jan '17
83*4 Sale
83*4
83*4
4

80*4 Mar’ 17

109*4 117%
50

61%

61
91%
80%

93
88 U

81
99
99

89
IO6 I2

94*2
85*2
89
91
100*4
87%
87%
106
89%

99
86
93*4
100
104%
96*8
9512
107*2
93*4

SO
89
118% 118%
90
96%
92
95*8
85
94%
91
92%
88% 97%
90 101%
88% 194%
80
94*8
100 1 0 0
99% 99*8

107

107

Chesapeake & Ohio (C on) —
Chic & Alton H R ref g 3s___1949
Railway 1st lien 3>$s_____ 1950
Chic B & q Denver D lv 4 s .. 1922
Illinois D lv 3>$s.................. 1949
Illinois D lv 4s____________ 1949
Joint bonds.

M- N
M- S
A - O
J - J
F -A
J - J
J - J
A O
A -O

P rice
Friday
June 29
Bid
78

See Great North

M -N
lYl-N
Southwestern D iv 4s_____ 1921 M - S
General 48_____________ .1958 M - S
Chic & E 111 ref & imp 4s g ..l 9 5 5 J - J
1st consol gold Os................1934 A - O
General consol 1st 5s_____ 1937 M - N
U S M tg & Tr C o ctfs o f dep
Purch money 1st coal 5s. .1942
_
Chic & Ind C R y 1st 5s_ 1930
Chicago Great West 1st 4 s .. 1959
Chic Ind & Doulsv— Ref 6s. 1947

F -A
J - J
M- S
J - J
J - J
J - J
J - J
J - J
Chic L S & East 1st 4J^s _.1969 J - D
Chicago Milwaukee & St Paul—
G en’ l gold 4s Series A ___(T9S9 j - j
Q - .1
Permanent 4s____________1925 J - D
Gen & ref Ser A 4>$s____a20l4 A - O
Gen&ref4>$s(temporary form)
Gen ref conv Ser B 5s___a2014 F - A
Gen’ lgold 3>$sSer B ____el989 J - J
General 4>$s Series C ___e l989 J - J
25-year debenture 4s_____ 1934 J - J
Convertible 4>$s________ 1932 J - I )
Chic & D Sup D iv g 5s_ 1921 J - J
_
Chic & M o Riv D iv 5s___1926 J - J
Chic & P W 1st g 5s......... 1921 J - J
C M & Puget Sd 1st gu 4s. 1949 J - J
Dubuque D iv 1st s f 6 s .. . 1920 J - J
J - J
Da Crosse & D 1st 5s_____ 1919 J - J
Wls A M inn D lv g 5s____1921 J - J
J - J
J -I)
Cons extended 4>$s____1934 J - D
Chic & N or West Ex 4s 1886-1926 F - A
Registered..............1886-1920 F - A
General gold 3 > $ s ........... 1987 M -N
q- F
General 4s_______________ 1987 M -N
Stamped 4 s .......... .......... 1987 M -N
General 5s stamped______ 1987 M- N
Sinking fund 6s......... 1879-1929 A - O
Sinking fund 5s_____ 1879-1929 A - O
A -O
Sinking fund deb 5s........... 1933 M -N
M -N
M- S
Frem Elk & M o V 1st 6 s .. 1933 A - O
Man G B & N W 1st 3>$s. 1941 J - J
J - J
M il D S & West 1st g 6 s . . 1921 M - S
Ext & Imp s f gold 5s___1929 F - A
M- S

88%
113%
59% 00% 59%
46
47
46%
99% 101
99%
80% Sale
80%
90% 90
100U
98
99
98%

3

109*4
99
85
108%
90

109*i
105%
92
no
103

103
975ft
104%
94%
109
109
102

103

Cairo D iv 1st gold 4s____1939
Cln W A M D lv 1st g 4 s .. 1991
St D D lv 1st coll tr g 4 s .. 1990
Spr A Col D lv ls tg 4 s . . .1940
1st gold 4s____________ 1:1936

1041*
97%

Cln S A Cl cons 1st g 5s. .1923
C C C A I gen cons g Os.. 1934

118 “
104%

Peoria A East 1st cons 4s. 1940

78
79*4
94% 945a
100% 108%
83*4 94

Col Midland 1st gold 4s____1947
Trust Co certifs of deposit____
Colorado A Sou 1st g 4s____1929
Ft W A Den C 1st g 6s_ 1921
_

h

H igh

Sept’ 16
Feb *15
Juno’ 17
47
M a y ’ 17
81%
June’ 17

Range
Since
Jan. 1

N o . Low

8
5

June'17

947g
947#
98 July’ 16

59% 62*4
45% 53%
99% 100
80% 89
90
98
98%

1

H igh

99%

94*4 99

96%
89% 90% 90%
8 89
91
97%
32% Sale
32%
32%
10 30% 33
31% 35
100 104% 106 " M ar’ 17
105% 107%
SO
80
87 June'17
80*4 90
75 ____ 87 Juhe’ 17
87
90
90
85 Feb '17
85
90
50
97*4 Feb T3
25
32
32 M a r’ 17
32
41 .
67 Sale
07
67%
40 65% 73%
—
115 112*8 M a r’ 17 ____ 112% 115%
lOOig A nr '17
100*2 100*4
84*2 Apr *17
70
70 N o v ’ 10
96*2 Jan *17
90
96%
92
94
97*8 Deo TO
—

90

00*4 91
88%
84% Sale
98% Sale
73
78%
____ 95
____ 86%
91 Sale
100 ____
100% 102
102 Sale
79% 84%
103 105
100% 108
100%
100 104%
102
97%
90%
90
90
90 —
77
7858
75
—
87
—
96%
- - - - 110*8
104% —
____ 104

86% June’ 17
92% Feb TO
91 June’ 17
90 June’ 17
84
85%
9812
99*4
73% M a y ’ 17
94%
95
86*4 M a y ’ 17
90
91
103*4 Jan T7
106% Jan T7
102
102
90% Apr T7
103 M a y ’ 17

____

86%

96

____
____
53
44
____
7
____
21
____
____
5
____
____

91
89%
84
98
73%
94%
86
90
103*4
106%
100%
90%
103

96%
98%
96%
107%
82%
105%
94%
102*4
103*4
100%
104%
95%
105

100% M a y ’ 17 ____ 100% 101%
10238 M ay’ 17 ____ 102 104%
107 D eo T6
97% 101%
102% D eo T6
90% June’ 17 ____ 90% 98%
97% Jan T7 ____ 97% 97%
3 78
78
78
86%
81% Oot T6
88 June’ 17 ____ 87*4 98%
90% M a y ’ 17 —
90% 95%
117% Jan T7 ____ 116 118
111 Jan T7 . . . . 111 111
109*2 Apr *16
104 " June’ 17 - - . . 104 105%

100*4 Sale 10034
100*4
IOO 102% Oct T6
____ 101% 102 Apr ’ 17

1 100% 102*8
102

101*2 Oot *16
113% 113% 113% June’ 17
___ _ 87
88 Jan T7

103%
104*4
106%
105%
87%
M il Spar & N W 1st gu 4 s .1947 M - S
St D Peo A N W 1st gu 5s. 1948 J - J 100%
Chicago Rock Isl A Pac 6 s .. 1917 J - J ____
Registered..... ...............1 9 1 7 J - J ____
80%
Railway general gold 4s_ 1988 J - J
_
Registered............ .......... 1988 J - J . ___
71
Refunding gold 4 s . . ......... 1934 A - O
81
20-year debenture 53_____ 1932 J - J
98
Coll trust Scries P 4s_____1918 M -N
65
M- S
96%
Burl C R A N — 1st g 5s. .1934 A - O
96%
C R I F A N W 1st gu 5s. . 1921 A - O
97
J “ J
87
Consol gold 5s________ 1952 M -N
56
Ifcok A Des Moines 1st 5s. 1923 A - O
61
St Paul A K C Sh D 1st 4>$s '41 F - A
Chic St P M A O cons 6 s .. . 1930 J - D 112%
88%
Cons 6s reduced to 3>$s. .1930 J - D
92%
Debenture 5s____________1930 M - S
Ch St P A M inn 1st g O s ..1918 M -N 111
North Wisconsin 1st 6s_ 1930 J - J 111%
_
St P A S C ity 1st g 6s____1919 A - O 101%
M- S
Chle T II A So-East 1st 5 s .. 1960 J - D
106%
Chic A West Ind gen g 6s..?1932 q - M
71
Consol 50-year 4s_______ 1952 j - j
Cln II A D 2d cold 4 >$h
1937 J - J
J - J
90
27
M -N

89
103
101
100%
80%
90%
Sale
84%
98%
73
103
100
.

87 M a y’ 17
100%
100%
100 June’ 17
100% Apr T7
80*4
80*4
87 M ar’ 17
70*4
71*8
84
84
98 M a y ’ 17

96%
97%
99*4
97%
59'
55
70
63*4
Sale 112%
____ 91
97% 97%
114% 111
118
105 101%

96%
June’ 17
Oot TO
July’ 15
June’ 17
June’ 17
112%
Apr T7
97%
June’ 17
N o v ’ 10
M ay’ 17
106*2 N o v ’ lfl
80
82 " Jan T7
107 106% June’ 17
72% 70*4 June’ 17
90 M a y ’ 17

103% 107%
104% 104*4
84
3 100%
99%
100%
31 79
85%
109 69
0 70
98
1

94*4
108%
100%
100%
90
85*4
78%
84
98%
74**
90% 102%
97% 97%

55
63*4
1 112%
91
1 97%
111

62
75
118*4
91%
103
118%

101% 104
82
100
70
90

M a y ’ 17
July’ 15
M ar’ l l
July’ 14

70
85%
101
83%
79
80%
73%
84

70
Apr T7
Feb T7
M ar’ 17
Feb T7
Apr T7
Jiine’ 17
N o v ’ 16

85%
88%
102%
100%

June’ 17
M a y ’ 15
Jan T7
June’ 17

57%

57%

1

97
987
8
7% M a y ’ 17
6% M ay’ 17
87% June’ 17

82
108
77
90*4

70

90
25
88
65

90

6

10i%
94

77% 82
84
105% 107%
97
100
92% 97
96*>
102%

pD ue N ot

i03%

113% iis %
88
88

104% M ay’ 17
____ 104*4 Apr T7
111% D eo T5

70 Sale
J -D
84% 84%
J - J
98%
J -D
73% 81%
j - j
65% 82*4
j - j
74
70
M -N
74% ___ _
M- S
J - J
M -N 100*4 104%
84*4 88
q- f
q - f 83%
97 ____
j - j
j - j 106*4 ____
79
A -O
90
q- J
A - O ____ 57%
19
20
A -O
95*4 99
5%
7%
j - j
5%
0%
88%
F- A
88
79
78
J - D 1 0 0 % 102
84
A -O
93
j - j

78%
79%
78% Salo
33 78% 80%
Cuba R R 1st 50-year 5s g__1952
88%
89
88% Salo
146 84
Del Dack A Western—
94*4
84 Apr T7 ____ 84
70
82
Morris A Ess 1st gu 3>$8.2000 J - D
87
85% N o v ’ lfl
70% 80
N Y Dark A W 1st fis
1921 J - J
95 ____ 96*4 Feb TO
F -A
70% 76% 84*4 Jan T3
M -N
79
85
81% M ay’ 17
F-A
81% 8812
------- 77
73 M a y ’ 17 ___ 73
81*4
D a e Jan. Dua April. « D ue M a y . # D ue June,
D ue July, ft D ue A ug. • D ue O ct.

4

A sk Low

J - j
*

W eek's
Range or
L ast Sale

Bonds
Sold

BONDS
N . Y . ST O C K E X C H A N G E
Week ending June 29

Range
Since
Jan. 1

Interest
Period

W eek's
Range or
Last Sale

P rice
Friday
June 29

Bonds
Sold

bonds

N . Y . ST O C K E X C H A N G E
Week ending Juno 29

1 Interest
| Period

In Ja 1909 th E c a g mth do q o gb n s wsc a g d a d p e a n w —"a d In re t"—ec p fo ino e a d d fa lte b n s
n.
e x h n e e o f u tin o d a h n e , n ric s re o
n te s xet r c m n e u d o d.

101%

1

70

81*2

100*4
83%
79
80%
73%

101
87
81
83%
73%

84

85%

102% 102%
106% 116%
57%
10
2%

2

87

75
80*4
17*4

11*4

96 "

i 100% 105%

Feb TO
June’ 17

83%

88%

M ay’ 17
M a y ’ 17
Feb ’03

90%

99%

Bid

Del & Hud 1st Pa Dlv 7s -.19 17 M - S
M- S
let Hen equip g 4H 3 ......... 1922 J - J
lat & ref 4a........... .............. 1913 31- N
29-year conv 5a_________ 193-5 A - O
Alb & Suaq conv 3H 9____1940 A - O
I
Renaa & Saratoga lat 7a. .1921 V - N
Denv & R Gr lat coua g 4 a .. 1936 J - J
J - J
Improvement gold 5a____1928 J - D
lat A refunding 5a_______ 1955 F - A
R io Gr June lat gu g 5a___1939 J - D
J - J
J - J
R io Gr VVeat lat gold 4 a .. 1939 J - J
M tge & coll truat 4a A . . 19 49 A - O
M- N
J -D
J -D
M -N
Dul Mlaaabe & Nor gen 5 8 .. 1911 J - J
Dul & Iron Range la t 5a___ 1937 A - O
A -O
Dul Sou Shore A Atl g 5a_ 1937 J - J
_
Elgin Joliet A Eaat lat g 58.1911 51-N
Erie lat consol gold 7a........... 1920 M - S
N Y A Erie lat ext g 4a___19 47 M -N
M- S
3d ext gold 4 U s_______ 1923 M - S
4th ext gold 5a................1920 A - O
J -D
N Y L E 4 1 V 1st g fd 7 a .. 1920 M - S
Erie lat cons g 4a prior_ 1996 J - J
_
J *J
lat consol gen lien g 4a. 1996 J - J
J - J
Penn coll truat gold 4 a .. 1951 F - A
50-year conv 4a Serlea A 1953 A - O
A -O
Gen conv 4a Serlea D ___1952 A - O
Chic A Erie 1st gold 5 a . .. 1982 M -N
Clev A M ahon Vail g 5 a .. 1938 J - J
Erie A Jersey lat a f 6 a . .. 1955 J - J
J - J
A-O
Coal A RR 1st cur gu 6s. 1922 M -N
Dock A Impt lat ext 5 s .. 1943 J - J
M -N
N Y Suaq A VV 1st ref 5a 1937 J - J
2d gold 4 H s ___
1937 F - A
F - A
M -N
A -O
Wllk A Eaat lat gu g 5 s .. 1912 J - D
J - J
Evansv A T H lat cons 6 a .. 1921 J - J
A-O
A -O
A -O
Florida E Coa-at lat 4 Ha! . . 1959 J - D
J - J
Ft W orth A Rio Gr 1st g 4s. 1928 J - J
A-O
Great Nor C I 1 A Q coll 4 s .. 1921 J - J
Registered........... ........ A1921 Q - J
1st A ref 4 4^8 Serlea A _ 1961 J - J
_
J - .1
8t Paul M A Man 4a......... 1933 J - J
lat consol gold 6a______ 1933 J - J
R egistered......... ........ 1933 J - J
Reduced to gold 4H3.1933 J - J
J - J
M ont ext 1st gold 4 s . . . 1937 J - D
J -D
J - J
E M inn Nor D lv lat g 4a. 19 48 A - O
Minn Union 1st g 6a......... 1922 J - J
M ont C lat gu g 6a......... .1937 J - J
J - J

J - J
J -D
Feb
Debenture ctfa " B ” ___
Gulf A S I lat ref A t g 5s. .61952 J - J
Hocking Val lat cons g 4 H s . 1999 J - J
J - J
Col A H V lat ext g 4s_ 1948 A - O
_
F - A
Houston Belt A Term 1st 5a. 1937 j - j
Illinois Central lat gold 4 s .. 1951 j - j
j - j
1st gold 3 H s ........................ 1951 j - j
R egistered...................... 1951 j - j
Extended lat gold 3 H 8 ...1 9 5 1 A - O
A-O
M- S
R egistered....... .............. 1951 M - S
Collateral truat gold 4 a . .. 1952 A - 0
A-O
1st refunding 4 s ..
1955 M- N
Purchased lines 3 Ha......... 1952 J - J
L N O A Texas gold 4s_ 1953 M - N
_
M- N
Cairo Bridge gold 4a......... 1950 .1 - D
Litchfield Dlv 1st gold 3a 1951 J * J
’ Loulsv Dlv A Term g 3 H s-1953 J - J
J - J
Middle Dlv reg 5a . .
1921 F - A
Omaha Dlv lat gold 3 s .. . 1951 F - A
St Louis Dlv A Term « 3s. 1951 J - J
Gold 3 H 3 -...................... 1951 J - J
Sprlngf D lv 1st g 3H s
1951 J - J
Western lines lat g 4s____1951 F - A
F- A
J -D
Carb A Shaw lat gold 4 s .! 1932 M- S

J

J

J -D

R egistered.............
1951 J -D
Gold 3 Ha....... ................ 1951 J - D
J -D
Joint lat ref 5a Series A . 1963 J - D
Memph Dlv 1st g 4 a ... 1951 J - 0
J D
St Lou la Sou 1st gu g 4 a .. 1931 M - S
Ind 1 1 A Iowa 1st g 4s......... 1950 J 1
Int A Great Nor lat g 6s
1919 M - N
James Frank A Clear lat 4s. 1959 J -D
Kansas City Sou lat gold 3a. 1950 A O
R egistered......................
195 c A - C
Ref A Impt 5a............. Apr 1950 .1 J
J
Kansas City Term lat 4a . . I960 J
Lake Erie A West lat g 5a 1937 J - J
J - J
A- O
Leh Val N Y 1st gu g 4H s 1940 J - J
R egistered________
1910 .1 - J
Lehigh Val (Pa) cona g 4a. .2003 M -N
General cona 4 H a ...........2003 M N

J

A kL ow
s

High

90

93

88
OS's Sale
95>2 95%
94 7 96
8
90% 96
111 115
____ 114
96 100
99
93
9514
983
8

90

M ay'17 ____

97

90
81
81 ____
91% 97
78'2 84*2
62 h 64*2
851.1 Sale
821 83
3
96i3
83
100i8
96
9812
96
82t3 84*2
94
965s

101*2
101*8
101*4
99*2
107
89%

70*4 86
83
91
82
90
63

8 4 -1
3
68
59
74*2
98*2 93*2

91
93
104U 105%
100-2 10 4
94
104
1047
s
93>2

94
104
109*2
99*2

Louisiana A Ark 1st g 5 a . .. 1927
Louisville A Nashv gen 6 s . . 1930
Unified gold 4a___________1940
R egistered......... ............ 1910
Collateral truat gold 5 s . . . 1931
E II A Nash 1st g 6 s . ____1919

M- S
Q- J
M- S
J -D
M-N
j - j
j - j
M- N
J - D

A kLow
s

103% 112

114

H igh

Bonds
Sold

N o . Low

Feb ’ 17

90

100

100

100

102% 100*2
87

90

1 100

106

85

89

80
85

81
90%

85*2 85*4 Feb '17
91
98% Deo ’ 16
99*4 Oot '06

OXla
80*4 Sale" 80
85
87
Qflta ifu u
90
93 ~
91
110*2 112*4
102
106
91% 92%
90*2
100*2 106%
103*4

81
85

59
1

103
103

Feb ’ 17

85 June'17
85
94*2
June’ 17 ____ 110*2 113*4
1 0 2 % 107
102% M a y ’ 17
10
91
97%
91*4
91*2
96% Jan '17
96's 96%
103*2 June'17
103*2 106%
1 103*2 103*2
103*2
103*2

110*2

____ ____
70's 87*4

St Louis Dlv lat gold 6 s !! 1921 M - 8
2d gold 3s......... ...............1930 M - 3

103*2 M ay'17
102*2
56% 60*2 60% M ay’ 17

103*2 li)0 *
60
73*2
91*8
108% 108%

60

73*2

Atl Knox A Nor 1st g 5 s .! 1946 } ’ - b

101

8 8 I2

90

Kentucky Central gold 4s. 1987
Lex A East lat 50 yr 5s gu 1965
L A N AM A M lat g 4 Hs 19 45
L A N-South M Joint 4 a .. 1952

84
99
101
81%
95
100 102**2 100
97%
90*8
101 108*2 108%

5 4U
54
60
100>8
1067
8
104
104
1 I 23o
100"
105*4
101
100*2

68*4

68%
84
109
10678
109
107*2
1 123*
100
1061-t
102*2
10012

j - j
A-O
M- S
j - j
Q- J
N Fla A S 1st gu g 5a......... 1937 F - A
J - J
F - A

77*2
98*s
95
70*2

Gen cons gu 50-year 5a. 1903 A - O
L A Jeff Bdge Co gu g 4 s .. . 1945 M - 8
M N

71*4

108% Jan "'17
80%
99*2
99
81

106*8
107
67
28*2
100

103
108
81
28*2
102

J -D
Pacific Ext lat gold 6s
1921 A - O
1st conaol gold 5 s . . ........... 193 4 M -N

M ay’ 17 ---1 81
2 98*2
99
Oot ’ 16
M a y ’ 17
80*2
Feb '05
100
Juno’ 17
M ay’ 16
N ov ’ 16

100
99% 100*2 June’ 17
79 Apr '17 ____ 79
77
75

M- S

95% 97
95*4 99
93 IOPI4

107*2
82% 83
48
49
40*2 55

Rof A ext 50-yr 5a Ser A . . 1962 Q - F
Dea M & Ft D 1st gu 4 s .. 1035
J -D

84%
47
88

M S tP A S S M c o n g 4 s ln tg u . 1933 j - j
M- N
M S S M A A 1st g 4s Int g u .’26 j - j
94
M o Kan A Tex 1st gold 4 s .. 1990 J - D
2d gold 48.......................... (R990 F - A
lat ext gold 5s....................19 44 M - N

86%

M ar’ 10
N o v '10

113*8
103%
88
48
45
60

Dec *16
Oct '16
June’ 17
49
June’ 17
Fob ! 15

88*2
88*2 88*2
92 Jan ’ 1/
95 Apr '17
91%
95 Dec *16
68
69*2 68*8 June’ 17
40
40%
40*8 42
26% June’ 17
27% 30

____ 93
____ 115
---- - 118
—
99

99
121
118
105*2

Gen sinking fund 4 H 3 ...1 9 3 6 J - j
A-O
Dali A W aco 1st gu g 5 s .. 19 40 M - N
Kan City A Pac 1st g 4 a .. 1990 F - A

"34*j Sale
34
38
66%
09%

91

98*8

M K A Okla 1st guar 5 s . . 1942 M -N

76*8 85
58

78

22% 39%

95*2
95%
92 M ay’ 17
95 Fob"’ 17

M ay’ 10
Jan 17 ____
Dot 'Hi
Feb 11
Oot ’09
June’ 17 ____
Apr ' 17
____
____
____
____

92*2 98
108% 108%
113 121%

Texaa A Okla 1st gu g 5 a .. 1943 M
Missouri Pacific (reorg Co)
1st A refunding 5a wh las 1923

S

10 4% 115*2
10*2 15*2
80
86*2
80*4 93%

1st collateral gold 5s
R egistered...............

88

88*4

lat A ref conv 5s____

90
98%

90%
9934

F - A
Cent Br Ry 1st gu g 4 a !. 1919 F - A

85*2 85*2

Leroy A C V A L 1st g 5s. 1928 J - J
Pac R o f M o 1st ext g 4 s .. 1938 F - A
2d extended gold 5s____1938 J - J

80

80

____ . - 92
85
95
85
8558 855s
82
89%
89

94%

76*8 83
72*2 72*2
71
71
83
87*2
845s 8458
90

90

Unified A ref gold 4s

M- S
" 1920 F - A
1920 F - A
1959 M - S

,
17

21
7

3

102*2
88

87
100
76

Sale

MM ob A Ohio new gold 6 s ..
1927 J 1st ext gold 6s................h 1927 Q MMontgomery Dlv 1st g 5s. 1947 F St Louis Dlv 5a
1927 J St L A Cairo guar g 4a____1931 j Nashv Chatt A St L 1st 5a 1928 A Jasper Branch lat g Os . . 1923 J Nat R y so f Mex pr lien 4 Ha 1957 J Guaranteed general 4 8 . .. 1977 A Nat of Mex prior lien 4 Hs 1926 J A
J
New Orleans Term 1st la
1953 j N Y Cent RR conv deb 6s

S
D
J
S
A
D
j

O
J
J
O
J
O
J

Debenture gold 4s.

78
106*4 U0*2 107
100*4 104 109
63
101 101
92
89
82
86
84
101
110%
30
35
96%
65

j

1935 M -N

70

95*2
94*2
100
93
71*2

1934 M -N
M -N

F-A
F -A
F-A
J D
J - J
J
J
J * i
R egistered..............1 9 3 6 J - J
A-O

86

85
91
83
90*2
9H3t 101
805S 83
89% 90
1 96 102
____ 101*4 101*4
____ 8-4
91*2
96 102
—
> l),w Feb
>

71
70
68*2 70

1998
R egistered.............
Mich Cent, coll gold 3 Hs. 199s
R eg istered..................... 199S
Battle Cr A Stur 1st gu 3s 1989
Beech Creek lat gu g 4 s .. 1936

3
7

J -D
N J June R guar 1st 4 s . . . 1986 F - A
N Y A Harlem g 3H S___ 2000 M N
N Y A Northern 1st g -5a. 1923 A O

gDue June

A D ie July

• D la Oot.
>

68

111
105*4 Sale 105%
80
01*4
9H2
78
79*4 79

444
1

___

63*2

♦

85
92
71*8
76%
70
75

95*2 96% Apr '17
95% N o v '16
104 M a y’ in

88
92
95

97
92
98%

67%
40
20*8
55%
34

78*2
54%
31
69*2
45

85
49

93*8 99%
91
98*2
95 ~
95

61

100*2 101%
103%
2

70

86

73*2 84
107

78%

84

91%

30

2

114*2

70

Mar’ 17
M ay’ 17
A UK’ 16
Feb '13

85
D e o '16
71*8
M ar’ 17
Juno’ 17
M ar’ 17

61%

86%

60 "

Del ’ 16
Deo ’ 15
M ay'17

91*2
79

91*2

106 10612
101% 103

Sep ' 15
June’ 17
Feb ’ 16

106

87
47
45

45*4
7

Feb ’ 13
A u g ’ 16
’ 13
M ar’ 05
D hO '16
Apr '17

Apr '17

103*2
81*2

78

M ay'17
Jan '17

76
76
80% Oot '17

81%
100

69*2 69*2
70*4 71

72

701?
81
89
94*2
82*2
60%

UK)
67
7/1*
110
92*2
100%

5

M ay’ 17

60*2 Apr '17

*58*8

j

A-O
J - J
97
88

106
103

A -O
1929 j - j
j

34*2
34*2
40 N o v ’ 16
69*2 Apr '17
70*4 Mar’ 17

85%
103%

4

45*4 Fob '17

95*2 Sale
91*2 94

1

H igh

113% 114

100*2 102*2 102% Juno’ 17
105 Oot ’ 13
89%
85% 86*2 87 Apr '17
98
90

Range
Since
Jan. 1

112*4 114*8
104*8 104*8

339
9558
96
9538 June’ 17 —
8
94%
9 434

i D 'leJin.

Bid

Leh V Term Ry lat gu g 53. . 1941 A - O
A -O
Leh Val Coal Co lat gu g 5a. 1933 j - j
j - j
j - j
Leh A N Y 1st guar g 4s____1945 M - S
M- S
Long laid 1st cons gold 5a. .519.31 Q - J
Q- J
General gold 4s..................1938 J - D
M- S
Gold 4a______ _________
1932 J - D
IY1- S
J -D
20-year term deb 5a .......1937 M -N
Guar refunding gold 4 a .. . 1949 M - 8
flfl - s

W eek ’ s
Range or
Last Sale

108 111% 112*4 M ar’ 17
100!*
104% Feb ’ 17

69%

81 June'17
89 Apr '17
96 Juno’ 17
82H June’ 17
60% Juno’ 17
63 Oct ’00
851-t
86
83
83*8
89 A p r ’ 17
80S8 Feb ' 17
8978 M ar’ 17
96
96
lO U tJan ’ 17
85 Juno’ 17
9678 June’ 17

Price
Friday
June 29

N O A M 1st gold 6s......... 1930 J - J
J - J

69*4

97
88

[ V o l . 104.

9758 100>2
101% 102*2

69*4 Feb '17 ____

95 M ay'17
115 Apr '17
118 Apr ’ 17
99*2 M ay'17
10212 M ay' 16
91
91
95*2 M ar'16

BONDS
N . Y . ST O C K E X C H A N G E
Woek ending June 29

H igh

96

10734 117*2
86
90
1075s
99i8
114
100
72
90
90

101
401
18
97*2
83
95*2
80

90

8714 ____ 92 >2 Apr '17 ____
104 ____ 1083s Jan 17 ---- 112 ____ 113 June'17 ---- 130*4 M ay’06
101
1047 M ay'17
8
109% Aug ’ 16
1021$
70
79*2
10
Sale
n
11
u
_
81
80 June'17 _ _
3
80i8 84
801-t
83
9734 Jan '14
82*2 87*2 88 Feb '17
75
95
90*8 Apr '17 ____
96i8 98-ls Feb '17 . . . .
96
92 Aug ' 15
93
90
85*2 M ar’ 17 —
80
83
N o v '15
73 - _
74l2 ____ 80 June'17 —
73
80 July'09
____
....
90’> 85is M ay' 17 ____
8
95*4 Sep ' 12
87*4 86 June'17
855s Jan ’ 17 ____
70% 83
____ 82
82*2 Juno’ 17 ____
84
8 4 M ay’ 14
89 Apr ’ 17 ____
84
61
74 Feb '14
785s 76's M ay’ 17 ____
83 A u g '12
99%
192 June’ 16 ____
61 ____ 72*2 Jan ’ 17 ____
62
6912 71 M ar'17 . . . _
82
84 A p r '17 ____
75
80 Juno’ 16
80%
89'8 ____ 845s M ay’ 17

77"

Range
Since
Jan. 1

N o . Low

99% ____ 101 Anr 17 —
101's M a r '17
11
97
93
97i2
97i2
11
91
93
91
93
9
971.1 Sale
97
97*2
82 June'17 —
79ls 82
1127 Deo ’ 16
s
1067s
23
(2i2 Sale
70>2
7212
8
781 787 83 M ay'17
8
82
82 M a y '17 ---- O
55'4 57U 57-14
5/34
95
87 N o v ’ 16 ____
61% Apr ' l l
38
35*2 June'16
67
68'2 68*2 June’ 17 —
60 June'17 —
58% 63
98H M a r '17
821? 82 D eo ’ lfi
81 ' 75>2 July’ 16
83
88
Juno’ 17
105i8 Feb '17 —
1 0 0 '2 106
100% Apr '17 ---- 97‘ 2 101
100
1 OOI2 Mar'08
94
94 Jan '17 ____
81
____ 101)12 104 Jan '17 —
1 0 2 i2 107*2 105i8 M ay’ 17
95*4 9812 9312 M a r'17 - - - 91 100*8 101*4 June* 16
9 3 u 9912 97*2 June’ 17 ____
98*2 101% 101% Apr '17
9434 N o v ’ 15
84%
10212 1095s 107*2 Deo '16 —
80 June'17 ---- 77-14 80
8 1 Deo ’ 16
12
61
62
61% Sale
73
73 June’ 16
5
8
8812 891 88*2
8S>2
8
54*4
54j8
54*2 Sale
51
5 1% 5 4
54*2
41
68
68>2
68 Sale
997s 102 100's June'17 ____
____ 10678 Jan '17 —
95H
103 104*2 101'2 June'17 . . . .
103 105 103 June'17
H2ia 1 1 2 % June’ 17
100>8
100 Juno’ 17 . . . .
102i2 103 106*4 Jan '17 . . . .
I02ia M a r '17
93'4
93 10012 Jan '17
100U Deo '06
68% 74 N ov'17
108 Jan '17
105 108 Jan ’ 17 ____
70
67
67 June’ 17 ---- 23*2 Jan '17
lo o 101 100*2 June’ 17 ____
761
8
108 N o v ’ l l

• Mo price Friday: latast. md and a<ke I tills weak




W eek’ s
Range or
Last Sale

Interest
Period

Price
Friday
June 29

Bonds
Sold

BONDS
N . Y . ST O C K E X C H A N G E
W eok ending Juno 29

New Yoru Bond Record— Continued— Page 2
Interest
Period

£628

30

68

72

108 103% 113%
80
88%
09 89
98%
867$
21 79
78*,|
19 85
94*4
....
6
70*2 80
80*2
70
80
75
96%

97
____

70
86*2 89

N o v '16

91

ioo~%

t Option S tie.

89*4 Fob ’ 10
80 M ay'17
101
101

80
3 101

81*2
102*1

June 30 1917.]
BONDS
N . Y . ST O C K E X C H A N G E
W eok ending June 29

New York Bond Record—Continued— Page 3
P e
ric
F a
rid y

June 29

Rn e
ag
Sc
ine
Ja 1
n.
Lw H h
o ig

2629

P e
ric
W<'s
iec
Rn e
ag
F a
rid y
Rneo
ag r
Sc
ine
L s Sle
at a
Ju e29
n
Ja 1
n.
B
id
Lw H h N Lw H
o
lg \ o. o igh
M a y ’ 17!

BONDS
. Y . ST O C K E X C H A N G E
Week ending June 29

P C C A St L (C’on.)
Series F guar 4s gold_ 1953 J - D
_
90%
95*2
95*2 95*2
Series G 4s guar...............1957 M -N
90% 94% 95% M a y '1 7 !
95% 97
Series I cons gu 4>$s___ 1963 F - A
99% 99% 99%
99% i "~2 99% 103%
C St L A P 1st cons g 5s_ _ 1932 A - O 1013
4
103% M a y ’ 171
! 103% 103%
Peoria A Pekin Un 1st 6 s g . . 1921 Q - F 100
100 June’ 17
100 100
2d gold 4>$s....................6 1 9 2 1 M -N
87
Pere M arquette 1st Ser A 5s 1956
89
89 Sale
12
87% 95
1st Series B 4s.....................1956
71%
71% Sale
70
77%
2
1
Philippine R y 1st 30-yr s f 4s 1937 J - J
42
48'
____ 42
42
Pitts Sh A L E 1st g 5s......... 1940 A - O 105%
109
____ 109 109
1st consol gold 5a__________1943 J - J
113%
____
Reading C o gen gold 4s--------1997 J - J
90 Sale
90
23 90
96*2
R egistered..............
1997 J - J ____ 91% 90*2
____ 90*2 95
Jersey Central coll g 4s___1951 A - O
91
93
91
____ 90*2 97
Atlantic City guar 4s g ___1951 J - J
80
St Jos A Gr Isl 1st g 4s......... 1947 J - J
75
78% 80 M a r '17 ____
79
82
St Louis A San Fran (reorg Co)
Prior Lien ser A 4s.............. 1950 J - J
62% Sale
62%
63
55 62% 71%
Prior lien ser B 5s________1950 J - J
78
78*2 Sale
16 77% 88*2
Cum adjust ser A 6 s ........... 1955 J - J
6 6 % Sale
65*2
190 65*2 76
49% 49
Income series A 6 s................1960 July
49
4, 40 46% 56%
St Louis A San Fran gen 6 s . 1931 J - J 103% 110 111 j
____ 111
112%
05% 100 100%.
General gold 5s......... ..1931 J - J
. . . 1 0 0 104
78 1
St L A S F R R cons g 4s. _ 1996 J - J
____
74*2 ;
General 15-20-yr 5s____1927 M -N —
74% 75
....
~81~" 7 5
;
Trust C o ctfs of deposit. .
....
70
75
63 J
78
do
Stamped
6.3
63
90
r
Southw Dlv 1st g 5s___1947 A - O
85 —
90
90
_—
Refunding gold 4s_____ 1951 J - J —
____
Registered '. __________1951 J - J
____
Trust C o ctfs o f deposit
I____ 78% 78%
77%
do
Stamped.
____
102
K C F t S A M cons g 6 s . . 1928 M -N 101% 104-2 102
1 102
111%
K C Ft S A M R y ref g 4s. 193G A - O
71*
70*2 71% 71
69% 79%
7
90 Feb ' 1
87
K C A M R A B 1st gu 5s. 1929 A - O
90
90
69% Sale
St L S W 1st g 4s bond c t fs .. 1989 M - N
G9%
70
34 69% 80
2d g 4s income bond ctfs.pl989 J - J
59*4 63*2 59 June'l
59
65*2
7958 Sep T 6
62
621 ' h
Consol gold 4s_____ ______ 1932 J - D
62 Sale
62
72
71 N ov 16
64% 63*2
1st terml A unif 5s................ 1952 J - J
63
63
63*2 71%
'
62
68
Deo ‘ 17
98% Jan T
G ray’s Pt Ter 1st gu g 5s. 1947 J - D
68 6 8 M ar’ 17
08
68
G3
02*2
G2
8 A A A Pass 1st gu g 4s___ 1943 J - J
62
62% 65
8
68*4 69 '4 Apr '17
67
75%
100% Fen T . . . . 1 0 0 % 1 0 0 %
S F A N P Istsk fd g 5s......... 1919 J - J
62
60 Juno’ 17
57% 64
78 M a y ’ l
Seaboard Air Line g 4s_____1950 A - O
80
78
82*2
Sale
95%
97
9 3 3 4 110%
Gold 4s stamped................ 1950 A - O
76% 82%
75*4 76*4 76% June’ ]
79 Jan T7
79
79
Adjustment 5 s.................. *1949 F - A
60%
61
58 58*2 6 8
61 Sale
78 : 9112 Jan *12
Refunding 4 s ....................... 1959 A - O
63% Sale
62%
63
6
62% 70%
79% Apr T 6
Atl Birin 30-yr 1st g 4s..€l933 M - 8
86
70
87 M ar’ l ____ 8 6 % 87
Car Cent 1st con g 4s____1949 J - J
88 Jan T . . . .
88
88
____ 80
Fla Cent A Pen 1st g 5s . . 1918 J - J
99% June’ ] . . . .
92*2
uau 99%
8234------ 80 M ay'17
86
92
1st land gr ext g 5s........ 1930
- J 101
101 D ec ’ 1 ____
88% Apr '17
83% 88%
Consol gold 5s.............. 1943
- J ___ 102*2 10334 Deo T ____
74 Apr *17
____ 76
72
78%
- J
Ga A Ala Ry 1st con 5 s ..o l9 4 5
97 1 0 0 % 100 Apr T —
99% F02‘ "
- J
Ga Car A N o 1st gu g 5 s .. 1929
98 1 0 0 % 99 June’ l
99 1 0 2 %
105% M ay'16
Seab A Roan 1st 5 9 .............. 1926 - J 100*4 —
100% 100
i 100% 100%
87 July'14
Southern Pacific Co—
J - D
88 A u g '13
78%
79
901s
78% 79
Gold 4s (Cent Pac c o l l ) .. *1949
88
56 Juno’ 17
55% 60
90 Feb 14 . . . ? _7! .
55
75%
R egistered......... ...........*1949 J D
107 Aug 09
81%
82
81% 82
20-year conv 4s.................01929 M - S
42 81
88%
98%
99% 1411 96% 10412
99 Sale
20-year conv 5s.................1934 J - D
83%
84
102
83% Sale
_
Cent Pac 1st ref gu g 4s_ 1949 F - A
83% 9.3%
99% M ar’ 12
_8|
88
91
87*2 Sept’ lG
R egistered......... ............. 1949 F - A
57 Apr '16
. . 60
84% 89
86 June’ l 7
M ort guar gold 3>$s._*I929 J - D
84% 91%
997 Deo ’ 14
8
81% 34 Feb T7 ____ 84
Through St L 1st gu 4s. 1954 A - O
87*2
101 |
1100% Feb *17
79*8------- 833s Feb '14
G II A S A M A P 1st 58..1931 M -N
100*2 102
97
97 June’ l 7
95
2d exten 5s gu ar............... 1931J - J
96*2 98*2
70
6978 70
70
83
N
100% Jan ’ 16
95
Glia V G A N 1st gu g 5 s .. 1924
92% June’ 12
93% 99*2 99% Apr *17
Hous E A W T 1st g 58 .. . 1933 M -N
99*2 102*2
79 M ar 17
70
80
77
80
1st guar 58 red...............1933 M -N
100 Oot *16
78
77% Juno’ 17
76
77% 82%
H A T C 1st g 53 int g u .. .1937 J - J 103 105 104 M a y ’ 17
104 106%
96%
97'2 98%
96% 101
A -O
Gen gold 4s Int g u a r ... 1921
92*2 Sale
2
92*2
92*2
91% 96*2
114 ~
115 Apr ’ 17
115 122
Waco A N W dlv 1st g Gs ’30 M -N
105 109*2 N o v ’ 15
114 12178 122 N o v ’ lG
1 0 0 -% 101*2 Deo T6
A A N W 1st gu g 5 s ____ 1941 J - J
120% N o v ’ 16
111%
Louisiana West 1st 6 s ____ 1921 J - J 101
105% 109 Junc'14
89
893.1
89
89
97%
M organ’s La A T 1st 7 9 . .1918 A - O
105% 10434 July'16
....
94% Deo *10
1st gold 6 s ...........................1920
J 104% 105 - Jan TO J -■
86 86> 85%
4
85%
85
93%
N o o f Cal guar g 5s.......... 1938 A - O
105 Oot T6
105%
12378 M a y ’ 17
118% 134
97% 99% 99% M a y ’ 17 — - 99% 101%
Ore A Ca! 1st guar g 5 s .. . 1927 J - J
123 126 117% May'17
117% 136%
107% S cp t’ 16
So Pac of Cal— Gu g 5 s .. . 1937 M -N 107*f
123 126 125% June'17
118% 135
So Pac Coast 1st gu 4s g . . 1937 J - J
93*2 94% 93% June‘ 17 ____ 93% 96
86%,
86*2 89% 86%
86% 94
82% 82% June’ l 7 ------ j 79% 89%
80
San Fran Terml 1st 4s__ 1950 A - O
100
103 S ept 1.6'
95 N ov' 16
96
Tex A N O con gold 5 s .. . 1943 J - J
"SGSg 86% M a y ’ 17
86%
“
84%
85% '4 6 84% 9o”
85*2 Sale
So Pac R R 1st ref 4s........ 1955 J - J
" 8 7 “ Sale
87
87% I 20 87
96%
97%
98
97% Sale
Southern— 1st cons g 5s___ 1994 J - J
28' 96*2 1 0 2 %
88% 88% M ay’ 17j
88
93
1 0 0 % 100% Aug ’ 16
Registered .......................1994 J - J
62% Sale
62%
62%
62
69%
66%
67%
Ocvelop A gen 4s Ser A — 1956 A - O
44 6 6
66*2 Salo
77
60
01% 61%
61%!
61
67%
77% Apr T7 ____ 771? 78*2
68
75
M ob A Ohio coll tr g 4 s .. . 1938 M - S
90
©l«2 91% M a y ’ 17
91% 91%
9.5
98
98% Apr T7 —
Mem D lv ls t g 4>$s-5s__ 1996 J - J
98 1 0 1 %
104% 106% 101% June’ 17
IO434 110*2
71
74*2 71 June’ l 7 —
St Louis dlv 1st g 4s.........1951 J - J
71
84
109% Oot ’ 15
99% 104 102% Sep ’ lfl
Ala Cen ls t g 6 s................. 1918 J - J
107 O ct ’ 10
i 6 i%
08% 98% Apr ’ 17 ____ 98*2 08*2
Ala Gt Sou 1st cons A 5 s .. 1943 J - D
100 Jan ’ 17
99'2
100 100%
90% 91
90 M ay’ 17 ____ 90
Atl A Char A L 1st A 4 >$8 1944 J - J
96%
85
88% M a r '17
97% Sale
88% 887*
1st 30-yr 5s ser B ...........1944 J - J
97*2
97%
18: 97 103*8
86% Deo ’ 16
"7012 80
82
83*2 Jan T7 —
Atl A Danv l s t g 4 s ...........1948 J - J
83*4 84
110 111 110 M ay’ 17
J - J
80
109% i 10 *
81*2 M ar’ 16
2d 4 s ...............................1948
81% Juno’ 17
82
72
81% 87%
75 Feb T 7 ____ 75
Atl A Yad 1st g guar 4s— 19 49 A - O
75
95 Apr ’ 17
95
93% 99
E T Va A Ga D lv g 5s___ 1930 J - J 1 00 103 105 M ar’ 17
105 105
99% 100% Feb '17
95
99 10'
Con 1st gold 5s.............1956 M -N 100% 103 100*2
100*2
3 99% 108
99%
99% Sale
99%
E Ten reo lien g 5s.............193S M- S
99*2 99*2
101% M ar’ 17 . . . . 100*2 101*4
101% Apr 17
101%
101% 102%
63
Ga Midland 1st 3s.............1946 A - O
65 M a y ’ 17 ___.1 64
65
98% M ar’ 17
94%
98% 99*2
Ga Pac R y 1st g 6s........... 1922 J - J I 6 l% 106 106% Fef) T7 ___ 106% 107
95% 95
95
1 94 101
Knox A Ohio 1st g 6s------1925 J - J 1 0 1 %
1 1 02
103*2
103*2
109%
100% 101 100
101
38 100% 107-%
9934 101
M ob A Blr prior lien g 5s. 1945 J - J
106
SeptTO
9538 Sale
95%
6 95 101%
95%
72
72 Apr ’ 17
M ortgage gold 4s______ 1945 J - J
72
74
91%
01% Sale
95% 107 94% 97%
Rich A Dan deb 53 stm pd. 1927 A - O 1 00 103 100 M ay’ 17 ------ j 100 104%
95% 97 '2 Feb *17
97
97%
Rich A Meek 1st gu 4s___1948 M -N
73 Sep T2
84% Sep ’ 16
’ 95""
So Car A Ga 1st g 5s_____1919 M -N ~95 ” "99"% 98*2 June’ l 7
98 1 0 1 %
93
98% 9334 Juno’ 17
9334 l o o "
8
Virginia M ld s e rD 4 -5 s_ 1921
_
102% June’ l 1
98
102 Jan 03
Series E 5s.......................1926 M- S 1 0 1 % . . . . 103% Aug TO
86%
Series F 5s.......................1931 M- S
104*2 Dec T6 ____
99% M a r ' 17
99% 99%
General 5s___________________ 1936M -N
99%
99% 100*4 99%
l 99% 108
Va A So'w ’ n 1st gu 5s. .2003 J - J 103
105 M ar'17 ____| 105 106*2
99%
99% Jun o'17
99% 102%
1st cons 50-year 5s_ 1958 A - O
_
80
84
91 Feb T7 —
90*2 91*2
99
100% Apr ’ 17
100% 102%
W O A W 1st cy gu 4s____1924 F - A
93% M ar’ 17 ____ 9.3% 93%
90*2
82%
87 Fob (7
8/
87
Spokane Internat 1st g 5s— 1955 J - J ___
95% Mar’ 17 ____ 95
95
96
81
81%
81%
80
86%
Ter A of St L 1st g 4V$s____1939 A - O
92% 97
97 M a y ’ 17 ____ 97
101 %
86% July' 16
81%
1st con gold 5S........... 1894-1944
- A
96% ____ 100 June’ 17
100
102
85% 87% Dee ’ 16
78%
Gen refund s f g 4s.............. 1953! J - J
M ar’ 17 ____ 8 6
82*4
88*2
90% 90% June’ 17
89
90*2 97
M ar’ I ____ 99
St I. M Bridge Ter gu g 5s 1930; A - O
95*2 100
100
91% 92% Apr ’ 17
92% 93
Tex A Pac 1st gold 5s............2000 J - D
June’ I7 ____ 95
95
95%
102
91 Apr ’ 17
*82%
91
91
M ay’ 17 _ J 64
2d gold Inc 5 s . . ...........................?2000 M a60*2 70
r
_
64
9334 ~97~’ 90% M ay’ 17
96% 100*2
Apr *17 ------j 89
93
La Dlv B L ls t g 5s............ 1931 iJ - J
89
89*4
98 102% 102 A p r ’ 17
102 102
95 106% N ov'04
W MIn W A N W 1st gu 5s 1930 F - A
99% 102% 104 Deo '15
103%
T ol A O C 1st gu 5s................1935;J - J
98
i 98 104%
91% Feb '12
86'%
Western Dlv ls tg .5 s ..........1935|A - O —
98*2 100 Jan 17 ____ 100
100
90% V’ t ’ 12
86%
90 Feb T7 . . . .
General gold 5s.................. 1935 J -D j
82
90
88% Feb ’ 17
86%
88% 89%
Kan A M 1st gu g 4s......... 1990 A - O
79*2
79*2
79*2 Sale
79*2 84
4
80% 87% 88 A p r ’ 17
88 88
94% 94% Apr T 7 . . . 1, 94% 97%
2d 20-year 5s ............ ..1 9 2 7 J - J
80% 87% 90% July’ 12
60
55
T ol P A W 1st gold 4s........... 1917 .1 - J
60
60
6
53
62
99 ‘ "99
92
80
94% 99 M ar’ 17
83
T ol St L A W pr lien g 3 H s . 1925 J - J
M arT 7
80
80
83*2
93 M ay’ 14
94
50
51
■1
5
51
5<>-yeaf gold 4s.................... 1950 A - O
60
51
109 M aylO
100%
22
Coll tr 4s g Ser A --------------1917 F - A
. J
80
98% Apr '17
91%
98% 98%
87
80 t
T or Ham A Buff 1st g 4s . . h 1946 J - D
’ 17
80
87*2
94%
9912 Feb 17
98
99% j
Ulster A Del 1st con g fis— 1928 J - D
99*2 99%
’ 17
99% 100%
94%
94 Apr ’ 16
74 : ir’ l 5
1st refund g 4 s.................... 1952 A - O
78
09% 102
99% 103%
09% June’ 17
92
Union Pacific 1st g 4s........... 1947 J - Ji 92*2 8 ale
03
25 91*2 100
98 100 100 Juno’ 17
Registered......................19 47 J - J:
9.3
98*2 W2%
91
91
2 90
98*2
98
99
99 Juno’ 17
20-year conv 4s--------------- 1927 J - J! 89
99
99*2
89*2 89*2
89%
88*4 99*2
7
90%
95% Oot TO
1st A ref 4a ......................g2008 M - P
| 8.5% Sale
85%
85%
13; 85% 95%
87%
96 M ar'17
Ore R R A Nav con g 4s . 1946 J P i 87 Sale
95*2 96
87
88
3.1 87
95
• N o prioo Friday; latest bid and asked, a D ue Jan. b D ue Feb. e D ue M ay. g Due June, h Due July. * Due Aug e Due O rt p Due Nov * Due D ec ^Option sa'e
>rt
]

N Y Cent A H It lU t (Co*.)—
N Y & Pu 1st cons gu g 4a 1993 A Pine Creek reg guar 6a------ 1932 J It VV A O co n ldt ext 5s._/»I922 A It W A O T It 1st g u g 58..1918 M Hut land 1st con g 4 > $ s ..- 1941 J Og A L Cham 1st gu 4s gl948 J Itut-Canada ls tg u g 4a_1919 J St Lawr A Adlr 1st g 5s___1996 J 2d gold 6s....... ...............-1996 A Utica A Blk Itlv gu g 4 s .. 1922 J Lake Shore gold 3>$s____ 1997 J R egistered____________ 1997 J Debenture gold 4s_____ 1928 M25-yeargold 4s................ 1931 MR eglstered................ .1931 MK a A A G It 1st gu c 5s_ 1938 J _
Mahon C ’ l R lt 1st 5s____1934 J Pitts A L Erie 2d g 5 s .. .a l9 2 8 A P it t s M c K A Y l s t g u 6 s - -1932 J 2d guaranteed 6s______ 1931 J M cKees A B V 1st g 6s. 1918 J ■
Michigan Central 5s_____1931 M
R egistered.......................1931 Q
4 s ....................................... 1940 J
R egistered.................... .1940 J
J L A S 1st gold 3 H s . . . 1951 Ml s t g o l d 3 ^ s ......... ........... 1952 M20-year debenture 4s— 192!) A N Y Chic A St L 1st g 4s. .1937 A Registered----------------1937 A Debenture 4s------------1931 MWest Shoro 1st 4s guar— 2361 J Registered...................... 2361 J N Y C Lines eq tr 5 s .. 1910-22 MEqulp crust 4 H 8 -. 1917-1925 J N Y Connect lstgu 4>$s A . .1953 F N Y N H A Hartford—
Non-conv dcbon 4s______ 1947 MNon-conv debcn 3t$s------ 1947 MNon-conv deben 3V$s------ 1954 A Non-conv deben 4s--------- 1955 J Non-conv deben 4s______ 1956 MC onvdebenture3t$s......... 1956 J Conv debenture 6s----------- 1948 J Cons Ry non-conv 4s____1930 F Non-conv deben 4s____1954 J Non-conv deben 4s____1955 J Non-couv deben 4s____1955 A Non-conv deben 4s____1956 J
Harlem R-Pt Chcs 1st 4s. 1951 M
B A N Y Air Line 1st 4 s .. 1955 F
Cent New Eng 1st gu 4 s .. 1961 J
Hartford St R y 1st 4s____1930 M
Housatonlc R c o n s g 5 s . .. 1937 M
Naugatuck R R 1st 4s____1951 (V
I
N Y Prov A Boston 4 s . . . 1912 A
N Y W ’chesAB 1st ser I 4 4a *46 J
N H A Derby cons cy 5 s .. 1918 (V
I
Boston Terminal 1st 4 s .._ 1939 A
New England cons 5s___ 1945 J
Consol 4s.........................1945 J
Providence Secur deb 4 s ,. 1957 IV
!
Prov A Springfield 1st 5s. 1922 J
Providence Term 1st 4 s .. .1956 M
W A Con East 1st 4 4 a - - . 1913 J N Y O A W re f 1st g 4s___ g 1992 MRegistered $5,000 o n ly ..01992 M
General 4a___________
1955 J
Norfolk Sou 1st A ref A 5 s .. 1961 F - A
N orfA S ou 1st gold 5s........... 1941 M -N
N orf A West gen gold Os____1931 M - A
Improvement A ext g 6 s ..1934 F - A
New River 1st gold 6s____1932 A - O
N A W R y 1st cons g 4 s .. 1996 A - O
R egistered------------------- 1996 A - O
D lv’ l 1st Hen A gen « 43.1944 J - J
10-2.5-year conv 4s_____1932 J - D
10-20-year conv 4s_____1932 M - S
10-25-year conv 4 4 8 ___ 1938 M S
Pocah C A C Joint 4s. ..191 1 J - D
C C A T 1st guar gold 5s. . 1922 J - J
Sclo V A N E 1st gu g 4 s .. 1989 M - N
Nor Pacific prior Hen g 4 s . . . 1997 Q - J
Registered-------------------1997 Q - J
General Hen gold 3s_____02047 Q - F
R egistered....................*2047 Q - F
St Paul-Dulutb D lv g 4 s .. 1996 J - D
St P A N P gen gold 6s. _. 1923 F - A
Registered certificates. .1923 Q - A
St Paul A Duluth 1st 5 s .. 1931 F - F
2d 5s................................. 1917 A - O
1st consol gold 4s______ 1968 J - D
Wash Cent 1st gold 4s____1948 Q -M
Nor Pac Term C o 1st g 6 s .. 1933 J - J
Oregon-Wash 1st A ref 4s_ 1961 J - J
_
Pacific Coast Co 1st g 5s____1946 J - D
Paducah A Ills 1st s f 4 4 s . . 1955 J - J
Pennsylvania R R 1st g 4s_ 1923 M -N
_
Consol gold 5s.....................1919 M - S
Consol gold 4s..................... 1943 M -N
Consol gold 4s........... .........1948 M -N
Consol 4 4 a .........................1960 F - A
General 4 4 s _____________ 1965 J - D
General 4 4 s (wh lss)Junel ‘65
8
Alleg Val gen guar g 4 s . .. 1942
D It R R A B ’ge lstgu 48g . 1936 F - A
Phlla Balt A VV 1st g 4 s .. . 1943 M -N
Sodua Bay A Sou 1st g 5s. 1924 J - J
Sunbury A Lewis 1st g 4s. 1936 J - J
I
U N J R R A Can gen 4 s .. 1944 (V - S
Pennsylvania Co—
Guar 1st gold 4 ^ 8 -----------1921
Registered......................1921
Guar 3 ^ s coll trust reg A . 1937
Guar 3 t$s coll trust ser B.1941
Guar 3 Hs trust etfs C _ 1942
_
Guar 3 V$s trust ctfs D ____1914
Guar 15-25-year gold 4 s .. 1931
40-year guar 4s ctfs Scr E . 1952
Cln Leb A Nor gu 4s g ____1942
Cl A Mar 1st gu g 4 H s . . . 1935
C IA P gen gu 4 ^ 9 ser A . . 1942
Series B ............................ ..
Int reduced to 3 4 s ' 1 19 4 2
Scries C 3 4 s ............... 11948
Series D 3 4 s ................ 1 9 5 0
Erie A Pitts gu g 3 4 9 n 1.1940
Series C .......................... .1910
Gr R A I ex ls tg u g 4 4 s . i o n
Ohio Connect 1st gu 4s_ 1913
_
Pitts Y A Ash 1st cons 6s. 1927
Tol VV V A O gu 4 4 a A . . . 1931
Series B 1 4 s ................... 1933
Series C 4s....................... 1942
PC C A St L g u 4 4 » A . . . 1910
Series B guar__________ 1942
Series C guar................... 1912
Series D 4s guar...............1945
Series E 3 4 s guar gold . 1919




897s 94

“$2

F

[VOL. 104

New York Bond Record— Concluded— Page 4

3630
BON DS
N . Y . ST O C K E X C H A N G E
Week ending June 29

P rice
Friday
June 29

W eek's
Range or
Last Sale

” ^
3 3

Range
Since
Jan. 1

H igh N o . Low H igh
Union Pacific (C on .)—
Bid
As* Low
1 103% 108%
103%
Ore Short Line 1st g 6s____ 1922 F - A 101 104% 103%
1 103 108%
103
1st consol g 5s_________ 1916 J - J 103
104 103
3 80% 94%
87
Guar refund 4a________ 1929 J - D 87%
87?8 87
Utah & Nor gold 5s____1926 J - J
98*a-------- 102 M ar’ 16
90 Apr ’ 16
lat extended 4a______ 1933 J - J 92% 100
92
88
Vandalla cona g 4a Ser A _____ 1955 F - A 84%
88% 88% Apr ’ 17
81% 92
81% June’ 17 —
Consol 4a Series B ________ 1957 M - N 80
92
42% Aug T 5
Vera Cruz & P 1st gu 4 >$3.-1934 J - J ------- 35
3 94 100%
9434
95%
Virginian 1st 5a Series A ____1962 M -N
94^ 95
83 100 106%
100%
Wabash lat gold 5a................. 1939 M -N 100 Salo 100
1 91% 101
92
92
95
2d gold 5a________________ 1939 F - A 92
105 O ct M6
Debenture Series B _______ 1939 J - J 80
100 100%
100 Juno’ 17
lat lien equip a fd g 5s_____ 1921 M - S
80
78
78 M a y ’ 17
lat lien 50-yr g term 4a____195-1 J - J
Det & Ch Ext lat g 5a_____ 1941 J - J 100% ___ 101% M a y ’ 17 ____ 101% 105%
80 Aug T 2
D esM oln eaD lv lat g 4a. .1939 J - J
77
73
75 Apr ’ 17
76
Om Dlv 1st g 3>$a............... 1941 A - O —
84% 84%
84% Jan ’ 17
T ol & Ch Div lat g 4s_____1941 M - S
85% 86%
86% Jan T7 . . . .
76*4 79
Wash Terml 1st gu 3>$a_____1945 F - A
91% A u g ’ 15
88% 95
1st 40-yr guar 4s_________ 1945 F - A
8 67% 7534
69%
70
70 Salo
West M aryland 1st g 4a_____1952 A - O
99 10534
West N Y & Pa lat g 5s_____1937 J - J 100 103 100 Juno’ 17
85% 80
83% 86 M ar’ 17 —
Gen gold 4s______________ 1943 A - O
37 Oot TO
40
Incom e 5a_______________ j>1943 Nov
19 84% 87%
85
85%
8538 Sale
Western Pao lat aer A 5s___ 1946 M - S
100% 103
102 100% Apr T7
Wheeling & L E 1st g 5s_____1926 A - O
100 100
99% 1 0 0 F e b ’ 17
Wheel D lv lat gold 5a____1928 J - J
99% 99%
9314 99% M ar’ 17
Exten & Im pt gold 5a____1930 F - A
77
77
76%
76
Refunding 412s series A . .I9 6 0 M -.S
82
78
78% M a y ’ 17
n
R R 1st consol la......... ...... 1949 M - S
82
76
77
Trust co ctfs of deposit____ ____
88%
85
79
88% 85 M a y ’ 17
Winston-Salem S B lat 4 s .. 1960 J - J
88%
3 83
83
83
84
83
Wla Cent 50-yr 1st gen 4 a . .. 1949 J - J
91
86
86% Apr T7 —
85
Sup & Dul dlv & term lat 4a '36 M -N —
Street Railway
4 91 101%
92
90
91 -.I 92
’
Brooklyn Rapid Tran g 5 a .. 1945 A - O
73% 77%
70% 73% Apr T7
lat refund conv gold 4a___2002 J - J
27 97% 101%
98
98%
983s Salo
6-year secured notes 5s___1918 J - J
100 100% Apr ’ 17 ...... 100% 101%
Bk City 1st con 4 s .. 1916-1941 J - J
80
80
80 M a y ’ 17 —
83
B k Q C o & S c o n g u g 5 s ..l 9 4 1 M -N
99% 101 M ay’ 13
Bklyn Q C o & S lat 5s____1941 J - J
8 92 101%
92%
93
92i2 Salo
Bklyn Un El lat g 4-5a___1950 F - A
92 101%
93 M a y ’ 17
93
92
Stamped guar 4-5a_____ 1950 F - A
8034
75
78 Juno’ 17
82
77
Kings County E 1st g 4a. .1949 F - A
81% 87
81% Apr T7
78
77
Stamped guar 4a______ 1949 F - A
74%
70
70 Juno’ 17
70
Nassau Elec guar gold 4s. 1951 J - J
3 92% 9734
9234
92% 92%
Chicago Rya lat 5a............... 1927 F - A
101% 101%
91% 99% 1003g Feb T7
Conn R y & L 1st & ref g 4>$sl95l J - J
100 101%
100% Apr T7
Stamped guar 4 H s ______ 1951 J - J
80%
1 80
80%
80%
81
80
Det United 1st cons g 4 H a. - 1932 J -J
84 Jan T4
Ft Smith L t & T r lat g 5 a . .. 1936 M - S
69%
58
597 CO Juno’ 17
8
59
Hud & M anhat 5a Ser A ____1957 F - A
25%
4 13
13
13%
13 Salo
Adjust lncomo 5s________ 1957 ------100 100%
100 100 Feb T7
N Y & Jersey lat 5a______ 1932 F - A
30 61% 73%
63%
63%
63 Ir Sale
Interboro-M etrop coll 4 H a. 1956 A - O
74 91% 99%
93%
93%
Interboro Rap Tran 1st 5a. .1966 J - J
93l8 Salo
6 81% 94
82%
81% 82% 81%
Manhat R y (N Y) cona g 4s. 1990 A - O
17 82% 94%
83
83%
Stamped tax-exempt_____ 1990 A - O
8213 83
M etropolitan Street Ry—
94 100
94 M a y ’ 17
92
Bway & 7th A v 1st c g 5s. 1943 J - D
95 100
97% 95 M a y ’ 17
Col * 9th Av lat gu g 5 a .. 1993 M - S
99’ 4 99%
91% 9634 Apr T7 —
Lex A v & P F 1st gu g 5 a .. 1993 M - S —
30 M a r’ 14
M et W S El (Chic) 1st g 4 s .. 1938 F - A
100% 103
100% Juno’ 17
M llw Elec R y & Lt cons g 5s 1926 F - A . . . .
93 N o v ’ 16
Refunding & exten 4H S..1931 J - J
98
99% 101 Aug TO
Mlnneap St 1st cona g 5s___1919 J - J
89% 96%
8912 M ay’ 17 . . . .
8712 90
M ontreal Tram lat & ref 53.1941 J - J
8334 Aug T6
86
—
Now Orl R y & Lt gen 4 H 8 ..1 9 3 5 J - J
9934
99
99 M ay’ 17
N Y M unlclp Ry lat s f 5s A 1966 J - J
7134
I 54
55
55
57
56
N Y Rya lat R E & ref 4 a . . . 1942 J - J
27 22% 47%
25
26%
25l2 29
30-year adj Inc 5a_______ al942 A - O
86%
1 76
78%
78%
78% Salo
N Y State Rya 1st cona 4 H a . 1962 M -N
85% 88% N o v ’ 16
Portland R y lat A ref 5s____1930 M - N
77% 78%
78 Apr T7
75
Portld R y Lt A P lat ref 53.1942 F - A
90% 90%
90% ____ 90% Feb T 7
Portland Gen Elec 1st 5a. 1935 J - J
100 100
99% 100 Apr T7
96
St Jos R y L H A P 1st g 5 s .. 1937 M - N
102% 102%
102% M ar’ 17
St Paul City Cab cona g 5 s .. 1937 J - J
1 04% 80%
66
66
66 Sale
Third Ave lat ref 4a............... 1960 J - J
73%
56 38
40
42
40 Sale
Adj Inc 5 s - . ...................... al960 A - O
100 108
Third Ave R y 1st g 5s........... 1937 J - J lOOU 101 100 Juno’ 17
3 963t 101
97%
97 %
97U Salo
Tri-C ity R y A Lt 1st a f 5 s .. 1923 A - O
89% 90
90 M ar’ 17
85
Undergr of London 4 H s _____1933 J - J
63% M a y ’ 17 — - 635s 63%
70
—
Income 6s________________ 1948
84 Oot ’08
Union Elev (Chic) lat g 5 s .. 1949 A - O
70
70
70 M ar’ 17
75
United Rya Inv 5a Pitts Isa. 1926 M -N
01%
61% Feb T7 ____ 61
65
United Rya St L 1st g 4 a . . . . 1934 J - J
53
50
51% 50 Juno’ 17
St Louis Transit gu 5s____1924 A - O
42
12 32
34%
3212 33% 34%
United R R s San Fr s f 4 s . . . 1927 A - O
86% 93%
84
87% 80% Juno’ 17
Va R y A Pow lat A ref 5 a .. 1934 J - J

BO N DS
N . Y . ST O C K E X C H A N G E
W eek ending Juno 29

Bid

Union Elec Lt A P 1st g 5 s .. 1932
Refunding A extension 5s. 1933
United Fuel Gas 1st s f 6s___1936
Utah Power A Lt lat 5a____1944
Utica Elec L A P 1st g 5s_ 1950
_
Utica Gas A Elec ref 5s_____ 1957
Westchester Ltg gold 5a____ 1950




M- S
M -N
j - j
F- A
J - J
J -J
J - D

53
1951
M exican Petrol Ltd con 6s A 1921
1st lien A ref 6s series C ..1921

M -N
F- A
J - J
A -O
F- A
A -O
F -A
A -O
A -O
J -D
J -J
M -N
M -N

National Tube 1st 5s_______ 1952
N Y Air Brake lat conv 6 s .. 1928
Railway Steel Spring—•
Latrobe Plant 1st sf 5s— 1921 J - J
Interocean P 1st s f 5s____1931 A - O
M -N
The Texas Co conv deb 6 s .. 1931 J - J
J - J
J -J
J - J
J -D
1st A ref 5s scries A _____1947 J - J
U S Smelt Ref A M conv 63.1926 F - A
V-Car Chem 1st 15-yr 5a_ 1923 J - D
_
Conv deb 63___________ el924 A - O
J -J
A -O

J -J
M -N
J -D
M- S
J - D
F -A
F- A
J -D
J - D
A -O
A -O
M -N
J -J
A -O
M- S
M -S
J - J
A -O
J - J
J - J
M -N
M -N
M- S
J - J
M- S
M- S
J -D
J -D
Q- J
Q- J
J - J
M -N
F- A
M -N
M -N
J - J
J - J
J - J
1 M -N
M -N
J - J

W eek ’ s
R ange or
L ast Sale

A sk L ow

101*2
101%
99
99 100
89%
89% 90
1 0 0 % ------- 101
97 ____ 99
____ 101
105

M iscellaneous
Adams Ex coll tr g 4s______ 1948 M - S ------- 74%
65
68
Alaska G old M deb 6a A ____1925 M - S
65 Salo
Conv deb 6a series B _____ 1926 M - S
90 Salo
Armour A C o 1st real est 4 H s ’39 J - D
90 ____
Booth Fisheries deb a f 6s— 1926 A - O
96
96%
Braden Cop M coll tr a f 6a. 1931 F - A
Buah Terminal lat 4s_______1952 A - O ____ 87
85
8634
Conaol 5s________________ 1955 J - J
Bldgs 5a guar tax ex_____ 1900 A - O ____ 8434
Cerro de Pasco Copp env 6a 1925 M -N 109 Salo
9284 Salo
Chic U nS tat’n lat g u 4 H s A 1963 J - J
Chile Copper 10-yr conv 73.1923 M -N 123 124
100% Sale
Coll tr Aconv 6a aer A w l ____
------- 85
Com puting-Tab-Rec s f 6 s .-1941 J - J
Granby Cona M S A P con 6a A ’28 M -N 100% 103%
Stam ped_________________ 1928 M -N 1 0 0 % ____
Great Falls Pow lat a f 5 s .. 1940 M - N ____ 97%
Int Mercan Marine s f 6a___1941 A - O
90% Salo
95% Sale
Montana Power 1st 5s A ___ 1943 J - J
Morris A C o lat a f 4 H s ____1939 J - J
8 8 % 9158
M tge Bond (N Y) 4a ser 2 . . 1966 A - O
10-20-yr 5a aeries 3 ______ 1932 J - J
____ 72
N Y Dock 50-yr lat g 4a____1951 F - A
9934 102
Niagara Falla Power lat 5 s .. 1932 J - J
99% 101%
Ref A gen 6a........... ...........al932 A - O
Nlag Lock A O Pow lat 5 s .. 1954 M - N ____ 93
93% Sale
Nor States Power 25-yr 5s A 1941 A - O
Ontario Power N F lat 5a_ 1943 F - A ____ 91%
_
85
90
Ontario Transmission 5a____1945 M -N
8738 Salo
Pub Serv Corp N J gen 5 a .. 1959 A - O
90
93
Tennessee Cop 1st conv 6s. .1925 M -N
____ 1 0 0
Wash Water Power lat 5s. .1939
Wilson A Co lat 25-yr s f 63.1941 A - O 100% Salo
M a n u fa ctu rin g & In du strial
Am Ag Chein lat c 5s______ 1928 A - O 1 0 0 1 0 0 %
Conv deben 5s___________ 1924 F - A 100 Salo
91
94
Am C ot Oil debenture 5 s ...193 1 M -N
Am Hide A L 1st a f g 6s____1919 M - S 1 0 1 % 102
91% Salo
Am Sm A R lat 20-yr 5s ser A d’47
97% 97%
Am Thread lat coll tr 4a____1919 J - J
Am Tobacco 40-year g 6s___1944 A - O 119 Salo
82 ____
Gold 4s..................................1951 F - A
87 Sale
Am W rit Paper lat a f 5s____1919 J - J
M -N ____ 103
Baldw Loco Works 1st 5s..
99% Salo
A -O
Cent Leather 20-year g 5a
Conaol T ob acco g 4a________1951 F - A
97% 99%
Corn Prod R ef a f g 5a______ 1931 M -N
98
99
lat 25-year s f 5a_________ 1934 M -N
Cuban-Am Sugar coll tr 6 s .. 1918 A - O 3100% Salo
65 Sale
Distil Sec Cor conv 1st g 5s. 1927 A - O
E I du Pont Powder 4 H s _ 1936 J - D ____ 103%
_
____ 90
General Baking lat 25-yr 6a. 1936
78
81%
Gen Electric deb g 3 H s ____1942 F - A
M - S 102% Salo

G as and E lectric L ight
103 Sept’ 15
Atlanta O L Co 1st 5a____1947 J - D
101%
99% 106%
99% 103% 100% June’ 17
Bklyn Un Gas 1st cona g 5s. 1945 M -N
Coal Iron & Steel
_
19U _ _ 54 Juno’ 13
Buffalo City Gaa 1st g 5s___1947 A - O
100% 101
100% 101 Apr T7
Clncln Gas A Elec latAref 5s 1956 A - O
91
87
87% 90% Apr ’ 17 . . . .
—
Columbia G A E lat 5s......... 1927 J - J
97 Fob T 5
Columbus Gas lat gold 5 s .. 1932 J - J
7 100 129
109%
Conaol Gaa conv deb 6a____1920 Q - F 108 % Salo 108
101% 108%
102 101% Juno’ 17
ConsGasE LAP of Balt 5-yr5a‘21 M - N
101% 100% Apr T7 ____ 100% 101%
Detroit City Gaa gold 5s___1923 J - J
101% Oot TO
Detroit Gas Co cons lat g 5a 1918 F - A 101t2
100 105%
101 104 101% Juno’ 17
Dotrolt Edison lat coll tr 5s. 1933 J - J
99 102
99% June’ 17 . . . .
100
lat A ref 5a ser A _______ A1940 M - S
102 100% M ay’ 15
Eq G L N Y 1st cona g 5 s . . 1932 M - S
101 100 Feb T3
Gas A Elec Berg Co c g 5 s .. 1949 J - D
9012 94
91% ____ 90% M ay’ 17
Havana Elec conaol g 5s____1952 F - A
98 103%
98 Juno’ 17 —
93 100
Hudson C o Gas 1st g 5s____1919 M -N
8714 90% Deo T6
Kan City (M o) Gas 1st g 53.1922 A - O
96% 105%
Kings C o El L A P g 5s......... 1 9 3 7 A - O
98% ____ 96% Juno’ 17
105 11612
105 108 105 June’ 17
Purchaso money 6s______ 1997 A - O
110
1 no
110
108 ____ 110
Convertible deb 6a........... 1925 M - S
88
89%
89% 89% Apr T7
Ed El 111 Bkn lat con g 4a. 1939 J - J
14 99 102%
99%
Lac Gaa L of St L 1st g 5s..«191 9 Q - F
991.1 99% 99
9934 102%
9934 June’ 17
99%
Ref and ext 1st g 5s______ 1934 A - O
9334
1 90
90
90
90
Milwaukee Gaa L lat 4s____1927 M -N
103% 104%
102 103% Apr T7
Newark Con Gaa g 5s______ 1948 J - D
S F 10-60-yr 5a|reg
16 98% 10534
98%
99%
99 100
N Y O E L H A P g 5 s ........... 1948 J - D
88
79
Purchase money g 4s_____ 1949 F - A
78% 78% 79 Juno’ 17 —
105% June’ 17
Ed Eleo 1 lat cona g 5 s .. 1995 J
11
Telegraph & Telephone
100 101
97 100 M a y ’ 17 —
N Y A Q El L A P lat con g 5a 1930 F - A —
Pacific G A El Co— Cal G A E
9 95 101
95%
96%
9G% Salo
Corp unifying A ref 5s___1937 M -N
4 87% 93%
88%
Pacific G A E gen A ref 5 s .. 1942 J - J
873.1 88% 88%
Pac Pow A Lt lat A ref 20-yr
95
95
95 Jan T7
92
5s International Series___1930 F - A
99% Oot T5
96 100
Pat A Passaic G A El 5s____1949 M - S
115 115
110 115 Jan T7
Poop Gas A C lat cona g 6s. . 1943 A - O
95 102%
94% 95 M ay’ 17
—
Refunding gold 5s________1947 M
99 Sept’03
R egistered____________ 1947 M.
98 103%
98 Juno’ 17
97
Ch G -L A Coke lat gu g 5a 1937 J - J
100 101%
98% 100 Apr T7
Con G C o of Ch 1st gu g 5sl936 J - D
92
83
89 M ar’ ll
93
Ind Nat Gaa A OH 30-yr 5al936 M - N
100% 101%
99 100% Fob T 1
M u Fuel Gas lat gu g 5 s . . 1917 M - N
99% N o v ’ 16
97 100
Philadelphia C o conv 5s____1919 F - A
89
94%
92
90 Juno’ 17
90
Conv deben gold 5a______ 1922 M - N
1 100 102
101%
Stand Gas A El conv a f 6 a . . 1926 J - D 100% 101% 101%
97% M ay’ 17 ____ 97% 101
94 100
Syracuse Lighting lat g 5 s .. 1951 J - D
85
87%
85 Apr ’ i;
84% 90
Syracuse Light A Power 5 a .. 1954 J - J
101% 101%
101% Apr T7
98 —
Trenton G A El lat g 5s____1949 M - S
• N o price Friday; latest bid and asked. a D u e Jan. d D ue April. e D u e M a y . p D u e June. A D ue July. * D ue Aug.

e

P rice
Friday
June 29

102

102

97%
97%
90%
91%
9538
9534
90*2 June’ 17
83 Apr ’ 14
74% Juno’ 17
101

101

105*2 O ct T 6
94% Jan T7
93* 1
93%
91*2 Juno’ 17
84 Juno’ 17
8738
87%
92
92
103*2 Jan T4
100%
101%

74
70
99% 100%
____
119 Salo
99% 100%
116% Sale
99 Salo
1 0 7 % ____
1 07 % ____
------- 1 0 0
9 1 % ____
100
100%
103*4 105
102%

____
99
99%
------- 973.1
103 Salo
83 ____
82 ____
50 Salo
1 0 1 % 101^2
8.534 Salo
103*4 Salo
97% 973.»
9938 100*s
100
100%
101

100
100

N o . Low

D eo TO
N o v ’ lG
1 99
99
90
5 8934
101
Juno’ 17
Apr T7
99
102
M ar’ 17 —

74
74
68 Juno’ 17
65
05
89%
90
94 Apr ’ 17
95% June’ 17
88 Apr T7
87% Apr T7
8434
81*4
109
110%
92%
93
122 Juno’ 17
10038
10038
86
June’ 17
102 Juno’ 17

100%

100

H igh

Range
Since
Jan. 1

§2

100*2
100%

2

74
07
3 65
71 89%
____ 92
____ 95
____ 80%
___ 87%
1 84*4
0 109
92%
21
122

94*2
93*4
9034
84
80%

5

88*2

94*2
99
94*2
84
93
93

22

100%

103%

52
11

5

105
Juno’ 17
1
101%
157
9134
92
97*2 Juno’ 17 ____
5
119
119
83% Apr ’ 17
16
87
88*2
103% M a y ’ 17
99%
9934
41
81 M ar’ 17
98 Juno’ 17
98%
983.1 58
5
100
100*8
64*2
05*4 128
104 M a y ’ 17 —
85% M ar’ 16
78*2 Juno’ 17
20
101%
102%
100
Oot T3
72*2
72*2
10
9934
993.1
1
100*3 June’ 17
119
119
3
993s
99%
2
116%
117
17
99
99
4
10/ *2
107%
1
1
107%
107*2
99*2 Juno’ 17
92 Juno’ 17
23
100
100*2
103 Juno’ 17 —
93

99% 104%
993i 105
92% 9734
101*2 104*8
91% 92
95% 99*2
119 119*2
83*2 85
8034 92
103% 104*4
99% 103
81
81
99
98
90*2 99*2
100

102

59
103

70
104*2

78

81%
106%

100

71*2
993.1
98*2
118
98%
116%
97
105*2
105*2
98
90
98%
101%

8 100*3
100*4
102%
1 98*2
99
99
98
98 June’ 17 . . . .
103
103
44 1 0 2 %
8 1 34 M ay’ 17
813<
88%
88*2 M ay’ 17
49
51
15 49
1 101
101
101%
85%
86*2 190 85%
28 103
103
103*2
4 97%
97%
97*2
9938
99%
1 99
1 99%
100%
100*4
100
100
7 100

100*2 1 0 0 %

84%
85
84%
94%
94
98
89
93%
90%
118
101%
132

74% 75*2
I 100 103

101*2

97
98%
92*2 96
------- 92

101%
96*2
103
101
100

5 100 10 1
85*2 87%
98% 109*2
1093.4
2 100
9 97% 1 0 2 %
58 8 8 % 96%
10034
22 •95
90*2 93%

33
100*2
13
98*2
99
96% Jan T7
91 Apr T7 —
101 Deo T4
91
91
5
____ 91
44
78
79
773.t 78
73 M ar’ 14
00
95 Juno’ 17
89
93
35 ____ 9’J38 Feb T4
94% M ar’ 16
88*2 95
87*2 Salo
11
87*4
8734
101*2
101*2 Salo* 101
0
99 J u ly ’ 15
99*4 Salo
25
98*2
9934
32
105
105 Salo 104
34
93%
93*2
93% Salo
93 Juno’ 17
92% 93
44
100*2
100
100*2 100*4
80 Apr T7 ____
85
87
____ 1003.! 101 Juno’ 17
104% 2 0 1
104 Salo 101
1043,1 M a y ’ 17
80 Deo TO
____ 75
5
88*2
88*2
87
89
100

H igh

9931
98*2
90%
91

79*2
102
100%

129
104*8
128
103
11 0

109%
102

92
103
10 0
101

98%
101

106%
93%
90*3
64
10433
92 3
4
109
10034
103
10234
101%
104
10 2

963s
93*3

97%
91
77% 81
91%
87
100

98
93*2
91
92*2
99
84*2

95
94
103%
101%

107%
95
9534
101%
86

103%
104 107%
1043.1 107

101

85

90

101%

100

103

101*2

69
90
____

73
98%
97
9934101%
____ 883
a
93% Salo
90*2 Salo
90% Salo
97*2 973
91*2 92
____ 101*2
______ ___

87%
13 87
5 95
95*2
1 0 0 i8
7 100
99
151 95
101*2 Juno’ 17
100
73 N o v ’ lf
71 M a y ’ lfl
11
05
90
90%
98 Apr ’ 1(
100
100 M a y ’ 17
99% Apr T7 ____ 99
101*2
101% Jan T7
53 93%
93*4
93%
IS 96*2
90*2
90%
6 96
96
90%
3 97%
97%
9734
92
92
1
C 92
101*2 M a y ’ 17
101%
94 N o v ’ lfl

9234

87% 87
95%
95*2 Salo
100 103 1 0 0
98*3
98*2 Salo
87

o D ue O ot. v D ue N o v .

101

1063.1

101%

101%
101%
101%
100*4
102
1013.1
103%
9934
101*2

D ue D eo. » Option sa le.

June 30 1917.]
SHARE

P R IC E S — N O T
Tuesday
June 26

M onday
June 25

Saturday
June 23

BOSTON STOCK EXCHANGE— Stock Record
PER

CENTUM

1 W ednesday
| June 27

Sales
o f the
W eek
Shares.

P R IC E S .
Friday
June 29

Thursday
June 28

155*4 155*4
150'* 1 5 o J 156*2 156*2 156 156
62
62 1 62
GO
60
60
*60
01*2
____
.20
*106
20 *106
106 106
*100
____ ____
31
30
31*2' 31
30
30
30
3012
30
30
L O * 190
O
.90 | 190
190
____
187*2 190
*18712 190
*
5
Last Sale 4*2 M ay’ 16
____
4
* ____
■
+
_ _ ____
9
12 I
9
0
9
Last Sale 4*2 N ov’ 16
4
*
35
Last Sale 35 Jun o'17
35
Last Sale 150 M ay’ 17
*150
*150 153 *150
Last Sale 103 June’ 17
*103
103
*103
Last Sale 125 June’ 17
*120 140 120 140 *120 140 *120 140
---- - -----61
61
00
60
62
62
*01 03
60*4 61
*123*i 125 *124 125
123*1 123*4 *123*4
123U - 125 125
Last Sale 85 June’ 17
*85
*85
*85
*80
--*
97*2 * ____ 97*2 ------ -----97*2 +
* ____ 97*2
5*4
5*4
6
6
6*4
6*4
6
51.1
63s
*5U
5*2
29
30
*25
29*2 *25
30
29
28
30
27
28
37
37*4
37*4 37*2
37*2 38*2
40
39
39
40
38*4 38*4
Last Salo 103 Apr’ 17
Last Sale 114*2 Jun’ 17
*114 12____ ■11412 - - - *115 116 *115 116
28
Last Sale 26 Juno’ 17
*26
28
*26
*26
28
*26
28
____ ____
102 102
4 0 2 105 *102 105 *102 105
*102 105
____ ____
49
49
48*2 49
49
49
50*2 51
*4934 5012
63
*62
Oi
G3
63
63
*62
64*2
63
63
*63
67
158
02

...
02

159
62

--- *100

*9H2

*1*4

10

122

*54
97 U
70*2
89

111*2
*60'4
19*2

*8

185
*160*2

*100*2 101
99 14 100

74
*72
*144*2 148
2
♦.80
*80
*92

*11 5 3 4

* ____
♦100
138
*3278
*14*2
152
*64
*29
134
49
*27*2
129
*117*4
034

93*4
993.1
1*4
10
119*4
11912
123*4
54*4
97*2
74
8934
114
62
19*2
8
185
163
102
99
73
146
2

92
9212
99*4 99-*4

3278 327S 3278 327a
14*2 *13*2 14l2
153*4 153*2 155*8
65*4 00
32
*29
32
135 135
135
48*2 49
49*1
27*2 27*2
27*2
130*8 1.30*8 132*2
117*2 *117*4 117*4
0*8
6*8
0*4

*32l2 33
*13*2 14*2
151 155
65
65

93*2
99*4
*1*4
*97g
*119
119*4
:
122*4
*5358
97*2
98
*701.1
74
92 *
112*j 111*2
*00
61
19*2
18*2
*8
9
185
185
*162
100
100*2
99*8
99*2
72
73
73
144 148 *144*2
2
*.80
*.80

*91*2
993.1
■H4
13.1
10 ! *978
1203.1 *120
119*2 *118*4
123 I 122*8
►1
4*
54*2 *64
97*.i' 98
74
*70*2
*89
92
112*4 111*4
61
01
1978 *18
*8
9
185 *183
161*2 161*8
93

100 100

12034
119

157
6212

89
_ ..
no
130
101
138
33
1478
15212
0438
32
134
49*2
23*4
130*2
ll73 i
6*4

*2*4
3*4
100 100
5*2
5*2
.75
*.60
02 62
30*4 31
64*2
*63
15
15
.55
.55
43
*42
80
80
533 535
19
*18
a
*56*4 5G7
01*2 02
*134 2*2
6
6*4
12*2 12*2
*0*4
V,
85
*41*4 42
16
*14
+2
2*2
73
73*2
*90
91*2
32
32
*4*2
4*4
2
*1*2
*12*8 13
4
*3
7*4
n
*12*4 13

*86
*92
____130
■
*98 101

*92*2
99*4
*1*4
*0V8
119*4
118
123
*53*4
97*2
*70*2
112-*8
*60*4
*18
8
185
*160
*10012
97*2
73
*14412
*.80

32i2 321?
86*4 86*4 *86
*92
*92
115*8 115*4 114*2
*
130 +
100 100
99*2

64
66*
*29
32
134*2 135

*6*8

9312
99*4
1*4
10
120
119*4
123*8
54
98
70*4
89*4
112*2
02
18*2
9
185
103
100*2
100*8
73
147
2

O'

153*8
66
*29
135
48*4
2 7 ',
12878
117*2
6*4

*2*4
3*4
3*4
*2*4
*99 100
99 100
*5*4
0*4
5*4
*6*2
*.60
.75
*.00
.75
62
0278 62*2 62*2
30*2 3034 30*4 31*2'
*62*4 64
63*2 63*2
14*4 1434
14*2 14*i
.55
.55 *.56
.60
*41
43
*40*4 4112
80
79
80*s
80
535 540 *535*2 537
19
*18
*18
19
56*4 56*4
56*2 56*2
61*2 61*2
61*2 62*8
134 *178
2*2
1*4
2*4
57
8
6
578
*6
6*4
53.1
*12*2 13
12*2 13
12*2 13
*634
6*8
6*4
7*2
7*2
*6*4
85
85 j ____ 85 *
*83
*40*2 41*2 *403,i 41*2
*41*4 42
14*2 14*2
16
*14
16
*14
*2
2*2
*2
2*2
*2
2*2
72
72
72
72*8
*72
72*2
90
90
90*4
91 I 90
*89
32*4
32
32*4 *32
*32
32*4
4*2
4*2
*4*2
4*4
*4*2 4 %
1
*2 1*
2
*2
1
*2 1
*1*2
12*2 12*2 *12*2 13
12*4 1212
4
*3
4
*3
4
*3
758
7
7
7
7
7*2
*123.t 13
1234 12*4
13
13

*234
*98
5*4
*.00
62
30*4
+63
1434
+ .50
+41*2
79*2
535
18
*56*8
62
*134

3*
100
5*.
.751
02i2
31*4
64
15
.60
42
80*8
535
19
57
021
2

*278
*278 3*4
*278
3*4
*278
3*8
94
94*1
94*2 94i2 94
94*2 95
24
23*t 23*4 *233s
*23*2
*23*2 24
2*4
2*1
2*4
2*4
23i
2*4
2*4
*14*2
*14*2 15*4 *14*2 15
16
18
20*2
26*2 * - .
27
*26
85
*_ ___ 85
*7*2
7*8
7*2
7*8
7'-8
’ *838
8*8
17
17
17*4
16*4 17*2
10*2 17
1
*2 *t
*1
1
*2 *1
* l ‘/ « 1*2
2
*1*2
2
*1*2 1^4
*1*2 2
*59
91
20*4
86
*28*2
*81*4
1

00

*20*2
*3*4
*9*4
4*4

27*2
4

8*2

*4*2
* iV .
61*2
*50*2
2?8
16
+111*4
4*4

*3*2
378
44*2
♦____

P

9178
27
86*2

29
82*2
1
8*4

10

478

93*8 93*8
99*4 99*4
Last Sale 1*4 June’ 17
*978 10
121 121l2
118 118
118 118
123 123*4 120 121*4
Last Sale 52 June’ 17
973.1 98
97*2 97*4
*70».i 74
Last Sale 89 Juno’ 17
110 11212 1103*4 105*2
*60
62
+60
62
____ ____
18*2 19
8*2
8*2
185 185
*161*2 16212 161*4 16134
_ ____
100*2 100*2
97
97*4
97*8 98*4
----------- *73
*73
Last Sale 144 June’ 17
Last Sale I V . M a y '17
Last Sale 11 June’ 17
32*2 32*2
____ ____
89
*86
89
Last Sale 92 June’ 17
115*4 114 114*2 114 114*2
Last Sale 130 June’ 17
130
81)1, 1 0 0 101
...................

69*2
9178
26*2
*85*2
*28*a
81

59*2 *59
9178
92
20
2612
86
85*2
2S7 *28
8
81
82
*1
1*2
*878
8*8 9
26*4 26*4 *27
*3*4
4
*3*4
*9*2 10
9*2
4*2
434
4*8

5
*4*2
1*8
1*4
02
62
50*2
51
2'a
2*8
10
16
L
12*2 *110*4
*4*2
4v
a
*3*4
4*1
378
*3*4
44*2 *4412
.80 * ......

5912
60
9178
92
26
20*2
85*2
28*4 *28*8
81
82

12
*

134*2
483.i
*27*2
120*i
1173.1
058

135
49
28
131
1173.
0*8

6*2

7*2

June’ 17
99
99
99
99
5*4
534
*5*4
5*4
Last Salei.60 June’ 17
62
62
62*4 63
30*2 31*21 30*4 31
*62
63*2 -----14
14*4
14*2 14*2
* .55
.60
*.55
.60
40*2 40*2 *40*2 41*2
7734 77*4
77*8 79
537 539
537 537
Last Sale 19 June’ 17
56*4
56
56
*56
61
61
61*2 62
2
2*4
2*4
* 1'*4
534
5*4
5*2
5*2
12
1234 *12
12*4
*6*4
7*2
* 6*4
7*2
Last Sale 83 June’ 17
Last Sale 42*8 June’ 17
*14
15
14i2 1412
Last Sale 2
June'17
70*4 72
69*2 70*2
*89
90
90
90
32
32
31
31*4
*4*2
4% 4%
4*4

Range Since J a n . 1

BO STON STOC K
EXCH AN GE

Mining

25
25
10
25
25
25
25
5

1
*2
1212

1
*2

12l2

1*2

12

1*2

12

L ast Sale

June’ 17
7*2 7*2
6*4
7*s
i23.t ia
123., 13
Last Sale 278 June’ 17
3
3
2*4
23,t
3*4
95
93*2 94
9334 94*2
2378 ♦23*4 24
*23
23*4
234
2*4
*2*2
3
2*4
15
14*2 14*2
Last Sale 2 0 " ’ Juno" 17
2012
8.r
83*2 83*2
' 758
7*2
7*2 "*7*"4 ’ Y *2
17
17
17
17*2
17*2
Last Sale 1*4 June’ 17
1
*2
1*4
*1*2 1.1
3
1®
4 * 1*2
Last Sale 3
Juno’ 17
60
5912, *59
58
58*4
85
85*4
92 | 9178 92*
26*2' 25*4 25*4 25
25*4
87
8612' 86*2 86*2 *80
28*41 Last Sale 28*4 June’ 17
*80
81
81
81
* 1 %$ 1*2
1 1*«

81 I

8*2

27

8*2

8*2

*26

27
June’ 17
9
9*2
458
458
59*2 M ar’ 17
5*s
6*4

Sale 3*4
9*2
434

L ast Sale

5*4
5*4
5
5*2,
1*8
*1
1
*8
1 /f# i 1
*! *1
60*4
60
60
60*i 61*2, *60
51
51
50*2 51
50*8 50*8
234
2*4
2%
238
2*4!
2*4
10
*15*4 15*4
10 | 10
16
Last Sale 110*8Ju n ’ 17
____
478
5
4*1
*4*2
Last Sale 3
Juno’ 17
*4
4*8
3*2
4
*3*4
4
*3*4
4 1
44
44*2
44*i 45 1 44*1 41*4
*.50
.70
.70
.65 *.50
.60
t Assessment paid.

197
50
315
2,300
25
810
150
5
895
92

2631
Ranoe f o r P revious
Y ea r 1916
H ighest

HlgTiest

Railroads
57 Boston «fe Albany.................100 15514 June29
57*2 June20
250 Boston Elevated--------------- 100
23 Boston & Lowell--------------- 100 105 Jan 22
28*2 June 6
Boston & M aine--------------- 100
346
7 Boston <fc Providence--------100 175 M ay 22
Boston Suburban Elec C os..
9 June28
Do
pref________________
Boston & W ore Electric Cos
35 M ar23
Do
pref.............................
Chic June K y & U S Y ...1 0 0 150 Jan 5
99 June 6
Do
pref____________
Connecticut River------------100 120 Junel2
60 June28
Fitchburg pref------------------- 100
Georgia lty & Elec stampdlOO 122 Junel9
83 June 2
Do
pref_______________100
20 Maine Central____________ 100 97 Junel9
3 M ay 8
075 Mass Electric C os--------------100
20 Apr 28
D o pref stamped.............. 100
680
33 M ay24
662 N Y N 1 I & H artford..........100
Northern New Hampshire. 100 2100 M arl2
Old C olony_______________100 114*2 Junel9
2434 Feb 2
Rutland, pref— ................ 100
13 Vermont & Massachusetts. 100 100*2 June22
46*4 June 6
186 West End Street----------------- 50
Do
pref--------- -------------100 2 6 1 June21
26
M iscellaneous
84 Feb 14
98 Amer Agricul C h em ica l...100
112 D o p r e f ..-------- -----------190 98*2 Feb 13
1*8 Apr 9
Amcr Pneumatic Service. _ 50
8*4 Jan 2
Do
pref________________ 50
50
Amer Sugar Refining.......... 100 105*2 Feb 3
221
Do
pref_______________100 116 M ar 1
94
Teleg---------- 100 116*8 M ayl2
1,955 Amer Telep
40 Feb 1
American Woolen of Mass. 100
94*2 Feb 3
D o pref_______________ 100
158
67*2 May21
120 Amoakcag M anufacturing—
89 JunelO
Do
pref________________
89*2 Feb 23
3,765 Atl Gulf it W I S S L in e s.. 100
20 D o p r e f.______________ 100 55*2 Feb 9
200 Cuban Port Cem ent________10 13*4 Feb 3
7*2 Apr 13
4; East Boston Land------------- 10
95 Edison Electric Ilium -------- 100 180 June 7
30 General Electric__________ 100 151*4 M ay 9
122 M cElwaln (W II) 1st pref. 100 100 Feb 3
87 Feb 3
6,291 Massachusetts Gas C o s .-.1 0 0
71 Junc21
D o pref_______________ 100
205
100 144 Junel2
1 M arlO
10
11 Junel5
100
100
32*2 Junc26
Do
pref..
100
30 Jan 9
few Eng Cot
60 Jan 10
100
Do
pref.
100 114 June28
100 130 Juncl3
Nlpo Bay Com pany.
90 Apr 21
100
5. N ova Scotia Steel & <
100 138 June20
Pullman C om pa n y..
10
50
30 Feb 15
100
14 Jan 25
10
40
100 133 Feb 3
1,303
25
55 Feb 3
616
29 Apr 9
25
Do
pref..
100 131*8 M ay 9
364
25 x iS June19
2,405
27*2 Apr 18
25
Do
pref..
87
99*8 Feb 3
100
6,215
100 116*2 M ay 9
12 D o pref________
6 Apr 10
1,140 Ventura Consol Oil Fields. 5

Last Sale 3*i

« Ex-dividend and rights,




1501, 151
65*2 05*2
June’ 17
134 136
48*8 48*2
____
128*4 129*4

Last Sale 32

8*4
8*2
878 * 8*4
*26*2 27*41 *26*2
28
Last
4
+3*4
‘
r
4
*8*2 9*2' ♦8*2
9*2
45s
5
43s
4%

5
4*4
4*4
IV .
1*8
1*8
02
01*4 01*8
50*4
51
51
21,
2 ',
2*4
I(i
l.M, 10
110*4 *110
110*2
41,
4*4
4*4
4
*3*4
4*4
4
4
*3'l
■144, ll* i
45
.80
.70
.70

* Bid and asked prices.

1

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

STOCKS

BONDS
S«« Next Page

Alloucz_____
Amer Zinc, L
Do
pref.
Butte it Sup C op (Ltd) —
Calumet & Arizona.

10
10
10

25
25
Centennial______________
5
70 Chino Copper_____ _____
999 Copper Range Cons C o . . 25
20
155
10
2,605 D avls-D aly Copper..
10
70fi,Ea3t Butte Copper M in .
25
23 Franklin.
.1 0 0
Granby Consolidated.
.1 0 0

100 Hancock

Consolidated—

1,000
101

Do
prof.
157
160
135
80 Lake Copper C o .
La Salle C op p er..
"2,13
240
M ayflow er___________
125 M ichigan------ ----------1,103 M ohaw k........................
100 Nevada Consolidated.
706
180

25
25
1
1

25
5
25
25
25
5
25
25
25
25
5
25
5
.1 0 0

.1 0 0
4
Do
pref.
5
75
15
1,465 North Butte..
25
North L a k e...
25
25
25
Old Colony.
25
185
25
729
10
4,375
55 Q u in cy __________________ 25
Ray Consolidated Copper . 10
132 St M ary's Mineral Land. 25
275 Santa Fe G old A C o p p e r.. 10
10
1,386
10
20 Shattuck-Arizona.
- 25
25
10 Superior..............—
4,778 Superior A Boston Copper. 10
.
25
25
2,515 Trinity.
.
1
775
810
. 50
. 50
179
Do
pref.
. 5
1,257
. 5
245
. 1C
1
145 Utah M etal A Tunnel.
. 25
V lcto rla _____________
_ 25
305 Winona
________
. 25
164
25
300

A Ex-rlghts.

* Ex-dlvldend

38 Feb 6
150 Jan 5
108 Jan 27
140 M ar28
78*2 M ar22
133 Jan 17
92*2 Jan 9
100i8 M ar 7
6-*s June26
30 June26
52*4 Jan 2
105 Apr 3
135 Jan 6
34*2 Feb 13
110 Jan 15
56*2 M a rl7
74 Jan 6

172 D ec
65*2 Apr
119 D ec
34 Aug
200 Aug
4*2 Feb
3 ) D ec
4 M ar
42 Feb
150 O ct
10212 Apr
123 Sept
69*4 Sept
122 Jan
z 8 6 Jan
98 Sept
4*2 D ec
26 D ec
50 D ec
97 Jan
134*4 D ec
20 M ay
100*2 Aug
z55 Sept
69 July

Feb
8 8 I2 Jan
145 Feb
52 Feb
235*2 M ay
5 Jan
40*2 Feb
5*2 Jan
45*8 Ju ly
154 July
110 July
162 Feb
87 Feb
131*4 D ec
94 D ec
102 Jan
8*4 Aug
44 Aug
77*4 Jan
107 Sept
157 Feb
35*2 D ec
125 M ar
67*2 Jan
86
Feb

94*4 M ay 2
103i2Jan 27
2*8 Jan 9
14 M ar 8
126*4 June 9
121i2 Jan 24
128*4 Jan 25
58 June 8
100*4 June 9
74 Jan 3
97*2 Jan 5
121*2 Jan 22
66 Jan 4
20*8 June22
10 Jan 22
226 Jan 4
170*4 Jan 16
102 Jan 18
100*2 Mar23
81 Mar30
169 Jan 31
l^ M a y 5
11 Junel5
40 Jan 17
95 Mar2G
92 JuneI3
124*2 M arlO
147 Jan 19
112 Jan 11
166U Jan 25
46 Jan 3
16 M ar29
16278 Apr 16
68 June 7
35 M ay28
155*2 Jan 22
68*4 Jan 3
30*8 M ar 8
135 M ay28
121 Jan 27
87 Jan 26
8

64 Apr
95*2 M ar
*4 D ec
7 D ec
106 Apr
114*2 M a r
123 D ec
42 Aug
92 Jan
66
Jan
98 July
27 Jan
42 Jan
tc8*8 Apr
8*4 D ec
225 D ec
159*4 Apr
95 June
79 Sept
78 Sept
155 M ay
*4 N o v
10 D ec
35 N o v
23*2 July
50 Jan
120*4 D ec
102*8 Jan
102 D ec
158*2 Apr
35*2 D ec
15 Feb
125 Feb
35 Jan
28 Jan
136*2 Jan
50 June
28*2 Jan
79*4 M ar
115*4 Feb
658 Sept

102
105

1*4 Feb
91 Aug
10 DOC
*4 M ay
56 Dec
29*2 July
60 July
75s July
1*2 Aug
42 D ec
66
June
510 D ec
14 July
46 July
54*2 July
2
July
4*4 D ec
11*2 July
6 June
79 July
34*4 June
10*2 June
2
July
42 Sept
88
Jan
25 July
3*2 M ar
2*4 Feb
9*4 July
3*4 July
1*2 Aug
10 July
2
July
1*2 Jan
77*2 July
15 Jan
4*4 July
9 July
20
Dec
77 Dec
6
M ar
20
July
.50 June
l*a July
1*4 July
59 D ec
70 July
11*2 M a r
81 July
20*4 June
61*2 Jan
1*4 July
7 July
24*4 July
4 Aug
12*2 July
1*2 Jan
35 Aug
4*4 July
.15 Jan
54*8 Jan
49 Feb
27a Dec
12*2 Jan
75 June
5*4 Dec
2*4 Jan
3*4 M ar
45 Oct
1** Aug

578 D ec
125*2 N o v
26*2 Jan
213 N o v
83*2 N o v
975s Apr
8 6 *a N o v
18 N o v
5*2 Feb
105*4 M ar
101 N ov
640 N o v
27 N o v
735 a N o v
87*4 N o v
378 M ar
7*4 D ec
20 N o v
13*4 N o v
120 N o v
55*4 N o v
23*2 N ov
6*2 N o v
73*4 Dec
93*2 Dec
43 N o v
5*8 M ay
8
Apr
19*2 Feb
6*2 N o v
9 N ov
19*2 N o v
5 Feb
4*4 N o v
108 N o r
33*2 N o v
10*4 Jan
24*4 Jan
31*8 N o v
93*4 N o v
9*4 N o v
32*2 N o r
4*2 Jan
278 Apr
4 Jan
83 N o v
105 N o v
23*4 D ec
109*2 N o v
36*4 N o v
110 N o v
37 Jan
8
12*2 Feb
40*8 Feb
8*2 Jan
28*2 Jan
8*4 Oct
56*4 Jan
12*4 Jan
2*2 DO
C
81*8 N o v
53*4 Apr
5 *8 Apr
30*2 N ov
127*8 N o v
11*2 M ar
8*2 N ov
8*4 N o v
67*2 Feb
2*4 Feb

175
79
133
45
213

J&n 11
Jan 19
M ar22
M arlO
Jan 30

27*2 Jan 24

414 Jan 2
2*4 Apr 25
94 Feb 3 108 Jan 2
5 M ay25
11*2 Jan 2
1*4 Jan 2
*2 MaylO
70 M ar 6
68
Feb 3
41U Jan 26
28*2 M ay 9
73 Jan 3
63 June 7
15*4 J u n e ll
10*8 Feb 3
2*4 Jan 26
.50 Juncl5
52 Jan 26
39*4 Feb 2
85*4 Jan 26
73*2 Feb 3
525 Feb 3 590 Feb 20
27*4 Jan 16
18 M a y ll
63 M ar 7
51 Apr 23
6 8 Jan 17
57 Feb 3
3 Jan 12
1*2 Apr 23
7*4 Jan 16
• M ay 4
4*4
16 Jan 3
11*8 M ay 9
9 M ar 0
0 *8 M ay 15
92 Jan 17
78 Apr 23
40*2 Jan 3
39*4 Apr 23
20*2 Jan 19
13 M aylO
4 Mar22
178 Feb 10
76*2 Jun el 8
58 Jan 2
94 Apr 28
89 Feb 5
36 Jan 18
28 M aylO
6 Feb 15
4*4 Apr 9
4*4 Jan 27
1*4 June 8
11 Feb 2
18 Jan 2
278 M a y l 6
5 Jan 16
8*8 Junc21
5 Feb 9
15*2 Jan 17
11*2 Feb 5
3*2 Jan
6
1*4 Apr 20
5*2 Mar24
2*4 Jan 10
98 Jan 3
77 Feb 3
21*4 Feb 2
26*2 M ar 7
6 Jan
2
2*4 June21
17*2 Apr 3
11 Jan 27
22 Jan 25
30 M ar20
76 Jan 24
92*4 Mar20
8*4 Jan
2
7M t June 4
24*4 Mar28
15*2 Junel 8
2 *4 Jan 3
.90 Feb 18
27* Jan 12
1*2 M ay 4
3 Jan 31
2 Apr 23
67*4 M ar 12
55 Feb 3
95 M arl2
78*2 Feb 3
28*4 June 18
17*2 Feb 3
81 Apr 24
94*2 Feb 21
23 Feb 1 32*8 Apr 3
74*2 Feb 3
89*4 M ar 6
2 Jan
2
1 Apr 14
10 Jan 5
7*j Feb 3
247 Apr 25
8
30*8 M arlO
6*4 Jan
2
3 M ay S
8 M ay 15
16*8 M ar 6
8*4 Jan
6
4*8 M ay 5
60 Jan 15
47 Feb 2
6*4 June29
3*4 MaylO
1 M ayl2
2 M» Jan 9
67*4 Jan 4
52 Feb 2
62*2 Jan 4
49*2 Apr 18
1?* Mar2£
3*4 Jan
2
14*2 Apr 7
2H 2 Feb 20
98 Feb 1 118*8 M ay 26
4 Apr 22
6^8 Jan 16
3*2 Apr 22
6 Jan 2
3 Juncl2
5*8 Jan 25
40 Apr 24' 53*2 M ar 6
.60 June27 • 2** Jan 3

w Half-paid

198

N ov
D ec
Apr
16 M ay
125*4 O ct
124 O ct
134*2 S ept
56*4 N o v
1015a M ar
79 N o v
101*4 Feb
147*4 D ec
72*2 N ov
2578 July
13*8 Jan
250 M ar
186 O ct
10212 Sept
100*4 N o v
89 Feb
181 N o v
2*4 Jan
19 Apr
44 Feb
42 Deo
66
D ec
140 M ar
165 N o v
155U N o v
175 O ct
59 O ct
16*2 M ay
177 O ct
70 N o v
33 M ar
168*4 Aug
63*2 M ay
31 Sept
1295a N o v
122*4 N o v
13 Jan
3*4

*4632

THE CHRONICLE

[V o l . 104,
Friday
Last W eek’ s Range
Sale.
o f P rices.
P rice. L ow .
H igh

Outside Stock Exchanges
(C on cl . ) —

B o n d s

Boston Bond Record.— Transactions in bonds at Bos­
ton Stock Exchange June 23 to June 29, both inclusive:

C o 6 s .................. ...

C osd en A
C osd en

Par

G a s

6s

9 6 J*

100

c e r t f s ..

E lk h o r n C o a l C o r p 6 s . 1 9 25

Friday
Last W eek ’s Range
Sale
P rice. L ow .
H igh.

B o n d s —

994*

964*

5 2 ,5 0 0

1004*

964*
100

1 9 ,0 0 0

100

4 .0 0 0

2.000
2 ,000
1,000
1,000
1,000
1,000
2,000
1,000
1,000
1,000
22,000
2 ,000

E l k h o r n F u e l 5 s .................. 1 9 1 8

Sales
fo r
W eek .

Range sin ce Jan.

1.

101

101

F a ir A

1004*

1004*

100

100

C la r k s T r a c 5 s . 1 9 3 8

C .a C a r A

Low.

H igh.

N o r 1st 5 s .. 1929

S L ib e r ty L o a n 3 4 * s 1947

A m

A g r lc C h e m

100
99

5 s ____ 1 9 2 4

5 s .................................................1 9 2 8

__ _ _

A m T e l A T e l c o ll 4 s .1 9 2 9
5 s t e m p o r a r y r e c e i p t s ____
A tlG

A

C e n tra l

99J*
87

100

$ 2 4 3 ,8 0 0

1004*
100

2 2 ,5 0 0
4 ,0 0 0

874*
984*

8 ,0 0 0
2 ,0 0 0

100
99

June

P e n n s y l In c o m e 4 s ’51

25

25

99

1044*

Jan

M t V -W o o d b n otes 6s 1918

100

100

87

June

924*
102

Jan

N o B a l t T r a c 5 s ....................1 9 4 2

1014*
92

1014*
92

1004*

1004*

M a y

Jan

M d A

.1 9 5 9

79

984*
784*

79

6 ,0 0 0

984*
78

M a y

73

73

73

7 ,0 0 0

73

Ju n e

854*
80

5 ,0 0 0

M a y

1024*

Ju n e

994*

Jan

I n c o m e 4 s .......................... . 1 9 4 9

804*
62

804*
62

M a y

984*

Jan

F u n d in g

86

86

Ju n e

954*

Range sin ce Jan.
Low.

1.

H igh .

M a y
June

1094*

F eb

1014*

100J*

F eb

1074*

Jan

994*

M a y

1014*

F eb

994*
984*

June
M a y

1034*
100

Jan
Jan

June

F eb
Jan

964*
100
9 9

99

104

Jan
fJ u n e
Jan

96

June

1014*
100

25

June

324*

Jan

984*

F eb

1014*
92

June
June

1004*
106

Ju n o
F eb

F eb

I S S

L 5s

9 8 4*

C .t N o r - C

A

Q 4 s . ..1 9 2 1

954*
92

954*
92

2 ,0 0 0
1 ,0 0 0

964*
954*
91

87

87

5 ,0 0 0

87

B

M a s s G a s 4 4 * s . _____

.1 9 2 9

4 4 * s ...................................... . . 1 9 3 1
M is s R iv e r P o w e r 5 s . . 1951

70

C reek
C o

C oa l 6 s .. 1923

105

1 s t 5 s . . . .1 9 4 4

100

70

2 ,0 0 0

69

M a y

99

1 ,0 0 0

98

M a y

80

8 ,0 0 0

79

Jan

105

105

9 ,0 0 0

101

M ar

T e l 5 s . 1932

1004*
1034*

3 1 ,5 0 0

994*

M a y

1034*

2 ,0 0 0

1044*
96

S S m e lt R A M
con v 6 s.
S S t e e l C o r p 5 s ______1 9 6 3
T el A

69
99
80

N E T e le p h o n e 5 s . . . . 1932
N e w R iv e r 5 s
. ..1 9 3 4

994*

1044*
96

2 ,0 0 0

1034*
104

Ju n e
M a y

5 ,0 0 0

95

June!

Jan

E le c t r ic R y

V erm on t 4 s .. 1920

W

984*

M ar

78

M a r

1024*
82

F eb

1124*
102J*

Juno
Jan
Jan

109

M ar

1064*
1004*

Jan

transactions at the Pittsburgh Stock Exchange from June 23
to June 29, both inclusive, compiled from the official salos
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par valuo.

S to c k s -

Friday
Sales
Last W eek ’s Range
fo r
Sale
o f P rices.
W eek.
P ar. P rice. Low.
H igh . Shares

A m er Sew er P ip e .......... 100
A m er W in d G lass M a c h 100
P r e fe r r e d ....................... 100
A m W in d G lass p r e f___ 100
C a b le C o n so l M in in g ____ l
C a n ey R iv e r G a s ______ 25
C olu m b ia G a s A E l e c . . 100
C ru cib le Steel c o m ____ 100
Preferred ....................... 100
H a r b -W a lk R c fr a c c o m 100
In d ep en d en t B r e w in g ..50
P referred ......................... 50
L a B elle Iron W o r k s . . . 100
P r e fe r r e d ....................... 100
L on e S tar G a s ...................100
M fr s L igh t A H e a t ........... 50
O h io F u el O il.......... ...............1
O h io F u el S u p p ly _______ 25
O k la h om a N a tu ra l G a s 100
O sage A O k la h om a C o . 100
P ittsb B rew in g c o m ____ 50
P r e fe r r e d _____________ 50
P itts C o n M M A T ______ 1
P lttsb -J erom o C o p p e r ___1
P ittsb M t S hasta C o p p e r . 1
P ittsb u rg h Oil & G a s . . 100
P u re OH c o m m o n ____
.5
R iv e r Side W e st OH p f . .2 5
R oss M in in g & M i l l i n g . . . I
San T o y M in in g ............... .1
S tan d S a n lt’ y M fg c o m 100
U n ion N atu ra l G a s ____ 100
U S G la s s ............................ 100
U S Steel C o r p c o m ___ 100
W estln g h ou se A ir B ra k e 50
W c s tln g h ’se E lec & M f g . 50
B on ds—
C en t D ls t T e le p h 5 s . . 1943
In d e p B rew in g 6 s ____ 1955
P ittsb C oa l d eb 5 s ____ 1931

17
544*
102

534*
101

108

108

7 c.
484*
40

17

95

M a y

10

105

Jan

7c.

7 ,7 0 0

M ay

5c.

Jan

194*
62

Jan

1244*

Jan

110

Jan

H e .

Jan

M a r

4 8 4*
40

30

4 3 4*

F eb

50

M a r

100

354*

F eb

87

285

A pr

4 7 4*
87

Juno

50

594*
103

12

122

103

130

130

14*
8

275

1024*
108

1.

H igh.

M a y

1 ,3 1 0

854*
103
24*
9

Low.
164*
45

554*

6 c.
484*
40

350

Range sin ce Jan.

24*
10

805

14*
8

570

June

A pr
M ar

1124*
130

M ar

June

34*

Jan

June

Jan

Jan

116

F eb

123

10

714*
123

174*
116

June

1284*

Jan

95
624*

108
123

113

96

170

904*

Jan

994*

June
A p r

Ju n o

474*
994*
24*

June

474*

731

56

Jan

87

Jan

102

1304*
2

35
470

434*
z9 5
119

Jan

9 9 4*

1304*

10c

290
210

624*

18l
A

Jan

133

M a r
A pr

624*
l.S

14*
94*
8c

634*

1 ,0 5 0

10
10c

60
1 2 ,0 2 5

14*
10
8C

70c

60c

74o

1 8 ,8 0 0

47c

43c

43c

50c

1 2 ,1 0 0

40c

54*
__________
__________
__________

54*

617

234*
15

234*
15

683

15c
15c

172

150
172
38

1284*
117
50

1284*
117
50

10

15c

2 ,4 0 0

16c

2 ,2 0 0

44*
194*
15

734*

Juno

4 4*

Jan

M a y
F eb

184*
15c

Jan

M a y
M a y
M a y

Jan

1 .5 5

Jan
Jan

1 .2 0
174*

M a r

F eb

254*

M ar

M a r

1174*
28c

Jan

12c

A pr

12c

M a y

21c

Jan
M a y

150

300

1 4 6 4*

A pr

150

June

172

70

1684*
33

M a y

185

Jan

404*

1 ,2 0 8

June

460

102

M a y
F eb

4 0 4*

1324*

1364*

M a y

1174*

237

112

M a y

1574*

F eb

584*

M a y

524*

840

454*

M a y

P en n sy

W

S ca b A

Pittsburgh Stock Exchange.— The complete record of

x

96

M a y

5 s. 1940

W estern

96

Ju n e

S Y

U
U

99

1st 5s 1931

984*

U

S w ift A

99
99

M d

100
104

C h ic J u n e A

P on d

K i r b y L u m b e r C o n t r 6 s '2 3
M a r y l a n d D r e d g e 6 s ____

U

Sales
fo r
W eek .

A

P

5 s _______ 1 9 4 0

92

R o a n 5 s ................... i 9 2 6

U n it e d E L A P 4 H 3 . .1 9 2 9
U n i t e d R y A E 4 s ______ 1 9 4 9
5s

88

"§644

s m a ll.. 1936

1014*

1014*
364*
99

Par

S to ck s —

A m e ric a n G a s o f N J . _
A m e ric a n R y s p r e f ____
A m e ric a n S t o r e s ___N o
B a ld w in L o c o m o t i v e ..
P r e f e r r e d ___________
B u ff A S u sa C o rp v t c
P r e fe r r e d v t c _____
C a m b r ia I r o n ................
C a m b r ia S t e e l________
C o n s o l T r a c o f N J ___
E a s t P e n n s y lv a n ia ___
E le c S to r a g e B a t t e r y .
G e n e r a l A s p h a lt ...........
P r e f e r r e d ...... .................
In s u ra n c e C o o f N A . .
J G B r ill C o _____ ______
K e y s t o n e T e le p h o n e ___
L a k e S u p e r io r C o r p ___
L c n lg h N a v ig a t io n ____
L e h ig h V a ll e y _________
L e h ig h V a l T r a n s i t . .
M td v a lo S te e l A O r d ___
M ln e h ill A S I I ________
N o r t h P e n n s y lv a n ia ___
P e n n s y l S a lt M f g _____
P e n n s y lv a n ia __________
P h ila d e lp h ia C o ( P itts )
P r e f ( c u m u la tiv e 6 % )
P h ila d e lp h ia E l e c t r i c . .
P h lla R a p id T r a n s i t ___
V o tin g tr u s t r c c t s . . .
P h ila d e lp h ia T r a c t io n .
P h lla A W e ste rn p r e f . .
R e a d i n g ________________
T o n o - B e lm o n t D e v c l . .
T o n o p a h M in in g ..............
U n io n T r a c t io n ................
U n ite d G a s I m p t _____
U S S te e l C o r p o r a t io n .
W a r w ic k Ir o n A S t e e l.
W e lsb a c h C o .....................
W e stm o re la n d C o a l___
W m C r a m p A S o n s ____
Y o r k R a ilw a y s p r e f ___

$ 1 ,0 0 0

101

M a y

364*
99

3 ,0 0 0

36

A pr

504*

Jan

2 ,0 0 0

99

Jan

1004*

M a r

103

Jan

1004*

Ju n e

June

954*
844*

Jan
Jan

674*
90

Jan
Jan

804*

M a y

5 ,0 0 0

62

June

600

83

M a y

1134*

1134*
90

115
91

60

Range sin ce J a n .

1134*

1.

H igh .

Low.
June

121

June

36

35

June

714*

6 7 44

7 2 4*

640

49

F eb

37
724*

100

F eb

F ob

98

35

39
154

90

3544

1024*

Jan
M a y
Ju n o

1004*

1004*

20

544*
50

544*
50

544*
50

55

544*

June

66

Jan

37

49

M a y

Jan

45

45

45

95

58
46

160

434*
100

M a y
F eb

163

F eb

M a r
Ju n o

50

70

M a y

74

Jan

61

June

61

Ju n o

61

584*

M a y

674*

Jan

204*
594*

2044
61

2
10
10

6 l

61

204*

June

294*

Jan
Jan

26

121

June
June

704*

25

594*
25

274*
13

19

73

61

25

160

73

2944

470

24

M ar

274*
33

F eb
Jan

13

134*

40

11

M a y

14

Jan
M a r

24

F eb

24

754*

June

85

669

58

M a y

794*

Jan

100

21

F eb

274*

F eb
Ju n o

194*

194*

204*

1 ,9 7 0

7744

774*

774*

89

1644*

*6444

664*

224*

2244

224*
644*

520
42

6144
564*

564*

904*
96

904*
97

524*
33
384*
294*

534*
344*

384*

39

294*
294*

30
294*

"2 9 4 *

46
2 ,0 8 5

76
3444

9 6 44

9 5 4*
994*
4 4 * 4 7 -1 6
6
6 1 1 -1 6

42

42

*774*
11274*

Z1274*

1774*

3444

424*
79
1324*

55

M a y

674*

564*
901*
92

June
June
M a y

584*
94
100

Jan

M a y
Jan
Ju n o

5 7 4*

Jan

414*
43

Jan
Jan

514*
33

M ay
M a y

205
1 ,7 8 2

374*

A pr

294*

M a y

344*

15

284*
274*

M a y
A pr

344*

Jan

76

June

344*
84

Jan
Jan

34

M a y

3 4 4*

Juno

280

4 ,2 3 0
105

344*
44*

3

15

20
1 ,2 6 3

2 ,110
1 ,2 3 4
75
1 ,6 1 8
3 6 ,3 7 3

Jan

M a y

1034*

M a y

44*

Jan

54*
42

Jan
A pr

74*
4 7 4*

M a r
Jan

764*

M a y

844*
4

995.*

i,' C|,
F eb

217

Jan

914*

M a r

1344*

M a y
Jan
Ju n o

122

Jan

94*
44

76

76

14

A pr

SO

F eb

82

82

30

F eb

92

A p r

37

374*

12

F eb

39

Jan

i4 3

94*
z44

100

Ju n e

92

92

7 .0 0 0

92

Juno

974*

Jan

1st 5 s . 1940

102

102

102

Juno

P e o p le s tr c t fs 4 s ’4 5

78

78

6 .000
6,000
2 ,000
1.000
1,000

78

Ju n e

1044*
84

Jan
Jan

A m er G as A

E le c 5 S ..2 0 0 7

B a ld w in L o c o m
E le c A
L e h ig h

transactions at the Baltimore Stock Exchange from June 23
to Juno 29, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks aro all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Friday
Sales
Last IVeek’s Range
fo r
Sale
o f P rices.
W eek.
P ar. Pr ice. Low.
H igh. Shares.




Jan

June

88

Friday
Sales
Last W eek's Range
fo r
Sale
o f P rices.
W eek .
P rice. L ow .
H igh Shares.

100

A

N

E

92

5 s ________1 9 5 1

60

60

62
6

54*
50
92

50
92

42

42

94

95

53
135
47
19
5
17
10

109

1094*
124*

285

114*

1 2 4*
1 2 4*

44*

44*

44*

114*

984*
lit )
12

1104*
109

984*
111

4 4*
3 6 4*

114*
44*
36
__________

354*
37
204*
64

Low.
49

June

54*
50
92

June

42

June

90

M a y

June

67
94*
56
92
40
1234*
109

June
M ar
Juno
Juno
Jan
Jan

984*

June

215

1094*

M a y

45

1004*
12
114*

M a y

184*

Jan

1 ,7 6 7

June

134*

1 ,2 3 5

114*

June

134*

44*

A pr

54*

June

44*

344*
*

224

June
F eb

4 4 4*
3 8 1*

174*
60

M a r

234*

A pr

M ar

074*
75

June

683
50
5
56

60

F eb

78

41

72

M a y

127
114

R e a d in g

gen

4 s __________i 9 9 7

4 .0 0 0

954*

1 8 ,0 0 0

994*
90

994*
90

1 .000

1004*
1004*

1004*
101

834*
90
91

834*
90
91

5 .0 0 0
5 6 .0 0 0

2 ,200
2.0 0 0

June
M a y

1044*
914*

Jan
Jan

964*
1024*

M a y
Ju n e

102

Jan

944*

Juno

98

M a y
F eb
June

102
1 0 2 4*

M a y

834*

Juno
June

834*
964*

Juno
Jan

90
101

1004*

1004*

5 .0 0 0

1 0 0 4*

734*
09

734*
69

W e l s b a c h C o 5 s ..................1 9 3 0

98

98

10.000
6.000
1,000

984*
95

984*
95

Y ork

R a ilw a y s

1st 5 s . 1937

________

400

8 ,000

A p r
Jan
M a r

M a y

2.000
1 ,000

S m a l l ........................................1 9 3 0

Jan

984*
9 9 4*
94

884*
1001*

3 .0 0 0

91

1064*

1004*

101

90

June

1014*
83

101

c o l l a t 4 s ____________ 1 9 5 1

S p a n is h A m I r o n 6 S ..1 9 2 7
S t a n d a r d G A E 6 s ____ 1 9 2 6

904*

A pr
M a y
M ar

70

A p r

A pr

97

Jan

1024*
102

M a r
A p r

734*

Ju n o

6 7 4*

M a y

74

Jan

974*
97
95

F eb
June
June

994*

Jan

994*

Jan

99

Jan

* E x -d lv ld e n d .

Jan
Jan

Chicago Stock Exchange.— Comploto record of transac­
tions at Chicago Stock Exchango from June 23 to June 29,
both inclusive, compiled from the official sales lists, is as
follows:
■

Jan

Jan

Jan

C h ic

604*
81

M ar

19
72

Ju n e

89

704*

714*
284*

S h i p b u i l d i n g ______ 1 0 0

P r e fe rr e d
B ooth
C al A

13

30
24

M ar

A m er

Jan

13

68
85

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

P r e fe rr e d

.................................1 0 0

C h ic C a n a l A

D .1 0 0

June

84

Jan

C h ic R y s p a r t c t f

M a y

324*

F eb

C h ic a g o T it le

155

M a y
June

354*
1 7 4*

Jan

60

274*
15

June

C o m m o n w e a lth -E d ls o n 100
C u d a h y P a ck C o c o m .. 100

60

39

June

424*

June

D eere A

100

$ 1 ,0 0 0

100

June

100

June

98

98

3 ,0 0 0

9 .8

June

104

Jan

994*
93

994*
93

5 ,0 0 0

994*
914*

M a y

1004*
97

Jan

2 ,0 0 0

964*

97

8 ,0 0 0

964*

June

100
106

2 ,0 0 0

1 0 2 4*

June

__________

914*

3 ,0 0 0
1 1 ,3 0 0

914*
100

M a y

1004*
87

914*
101

M a y

__________

June

2 ,0 0 0

106

1 3 ,0 0 0

87
1 0 2 4*

M a y

200
122
120

A ir P r o d

C o

c o m ____

L i g h t ___________________

884*
57
76
694*
15

L ow .

1.

igh.

3044

F ob

i9 2

A pr

96

60

Jan

130

A p r

60

81

F eb

94

A p r

100
10.p
10

49
60

M a r

574*

Ju n o

F eb

78

Ju n e

66
12
200

Juno

71

June

2204*

F eb

1204*

M a y

1424*

Jan

191

200

60

121

123

107
847

120

1224*

100
1194*
63

12
106

764*
136

804*
142

P e o p l e 's G a s L A
P r e s t-O -L lte

C o ,

C o k e . 100
I n o ..

P u b S e r v o f N o r 111 c o m l O O
M ar

P r e f e r r e d ................................1 0 0

774*
142
93

784*
300

A pr

284

Jan

M a r

M a y

9

F eb

Ju n o

60

8

9 6 4*

A pr

1004*

250

650

1 0 7 4*

1 2 9 4*

33

12

50
31

2 ,5 6 4

Jan

1324*

30

71
46

F eb

F eb

3 ,2 7 0

12

Jan

M a y

35

44

25

Juno

964*

262

71

P a g e W o v e n W ire F e n c e 2 0

F eb

90

1134*

30

W e s t U t i l p r e f ______

P r e f e r r e d ..........................................
M id d le

1084*

M a y

258

63
262

39

110

200

994*
117

M a t c h __________1 0 0
C o r p ........... ....................

A pr

110

Range since Jan.

755

2 ,7 5 5

M i t c h e l l M o t o r C o .....................

Jan

9 3 !*

87

L in d e

L in d s a y

T r u s t. 100

874*
5 6 4*
734*

C o , p r e f ................ 1 0 0

D ia m o n d
H a rtm a n
100

A

90
944*
114

694*
13

“2 " ..

704*

1 0 2 4*

884*
57

P n e u m a tic T o o l . . 10 0

264*

84
944*
114

C h ic R y s p a r t c t f “ 1” . .

78

1 0 2 4*

894*

100

F i s h e r i e s c o m ____ 1 0 0

100

F eb

Sales
fo r
W eek .
Shares

June

Jan

15

68
81

Friday
Last W eek's Range
Sale
o f P rices.
Par. P rice. Low.
H igh.

S to ck s

M ar

68

1054*

90
1004*

F i r s t 4 s . n o w ..................1 9 6 6

79

81

42

1st 5s, n o w . 1966

S m a l l ........................................ 1 9 6 6

M a y

25

154*

P h il E le c

Jan

44*

37

40

P h il C o c o n s A c o ll t r 5 s _ ’ 5 l

June

300
546

F eb

78

16

’65

B c t f s 4 s ______1 9 2 1 ....................

9644
1 0 2 4*

1 0 0 .5

June

204*
64

2941
16

10244

gen 4 4*s ser A

A

1014*
84

964*
1 0 2 4*

U n ite d R y s g tr c t f 4 s . 1 9 1 9
U n ite d R y s I n v e s t 5 s . 1 9 2 6

1.

H igh.

M a y

• 75

284*
29

L e h ig h V a l C o a l 1 st 5 s 1 9 3 3

J -C

Range since Jan.

75
15

964*

P W

5 2 1 ,3 0 0

94J*

G e n c o n s o l 4 ) * s _______2 0 0 3
P en n R R

100

1014*
84

L e h ig h V a l g e n c o n s 4 s 2 0 0 3

B o n d * —U S L ib erty L oa n 34*8 1947
A tla n A C h a rlotte 1st 5s’ 44
B a lt E le ctric sta m p ed 5s'47
C h ica g o R y 1st 5 s____ 1927
C o a l A Iron 1st 5 s ____ 1920
C on solid a ted G as 5 s . . 1939
G eneral 4 4 *8 ........... .1 9 5 4
C on sol G a s, E L A P notes
C o n so l C o a l ref 4 4 * 8 .-1 9 3 4
C o n v ertib le 6s .......... 1923

954*

100

Philadelphia Stock Exchange.— The complete record
of transactions 'at the Philadelphia Stock Exchange from
Juno 23 to Juno 29, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks aro all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.

U S L ib e r ty I .o a n 3 4 * s 1947

1014*

E x -d lv ld e n d .

S to ck s —

3 2 ,0 0 0

B o n d s—

Baltimore Stock Exchange.— Complete record of the

A la b a m a C o ____________ 100
A tla n tic P e tro le u m _______
B a ltim ore G as A p p ll M fg
P r e fe r r e d .......... ................
B a lt E lectric p r e f_______50
B a ltim ore T u b e ................ 100
P r e fe r r e d ____________ 100
C on sol G as E I, & P o w . 100
C o n solid a tion C o a l____ 100
C osd en & C o ......................... 5
C e r t ific a t e s .................
C osd en G a s certifica tes
P r e fe r r e d ............................5
C e r t ific a t e s .............
D a v is o n C h e m lc a l..n o par
E lk h orn C o a l C o r p .......... 50
H o u s to n O il trust c t fs .1 0 0
Preferred tru st c t f s . . 100
M o n o n V a il T r a c .......... 100
P r e fe r r e d ........................100
M t V -W o o d b M ills v t rlOO
P referred v t r .............100
N orth ern C e n tra l............ 50
P en nsyl W a ter A Pow erlO O
S eab oard A ir L ine p r e f. 100
U n ited R y A E l e c t r ic .. .5 0
W a sh B a lt A A n n a p o lis ___
P r e fe r r e d ......................... 50

88

164*

F eb

Juno
Juno

Jan

12

654*
44
6

M a y
Ju n e
M a y

78

684*

June

10

F eb

Jan
Jan

35

M a r

534*

M a r

104*
106

Ju n o
Jan

2 ,1 8 9

102

93

93

75

85

M a y

1464*
114

Jan
Jan

98

984*

18

95

M a y

1 0 2 4*

Jan

J u n e 30 1917.]

THE CHRONICLE

Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
S t o c k s ( Concl'd) — Par. Price. Low.
High. Shares.
..10 0
..10 0
.100
.100
.100
1.100
.100

169

63 X
152
204%
17%
28

. to o
R ig h ts w l .

.100
.100
.10 0

73X
115

ref__

.100
.100

131X 131X

115

115%
68
73%
*103 X 105%

72
103 X

1939
1926
1927
1921
1927
1923
1943
1946
s ’ 38
»s ’ 56
1924
1944
1941
* E x -d iv id e n d ,

290
105
1
X
1 6 7 % 171 %
65
70
90
91
58
7!
151
1 55 %
197
205
16%
17%
28
29
78
73 X

X

90
91%
92%
98
92

91X
92 X
98
99 X

99X
99X
96 X

09X

65
90
84

90
91%
92%
98
92%
100
100
97%
65
90
84
100 %

*4 ,0 0 0

2,000
3,000

2,000
4 ,0 0 0
18,000
2 3 ,000
4 ,0 0 0

1,000
1,000
5,000
4 2 ,0 0 0

99X
100 % 101

99 X

b E x -5 0 % s to c k d iv id e n d ,

Range since Jan. 1.
Low.

High.

20 290
M ay
67 104
June
1,648
% June
1,883 c l6 3
M ay
213
50
F eb
52
88 % M a y
8 ,127
58
June
4 ,575 1 32 % F eb
2 ,980 169
F eb
4 ,169
15
June
401
2 6 % June
265
73
Jan
100 1 1 0 % M a r
246 115
M ar
1,850
58
Jan
40 10 2 % M a y

290
104

105

____

£.000

26 3 3

90
91
92%
98
92
99%
99%
96%
65
89%
84
99%
10 0 %

340
115

Jan
F eb

2
239
73
96

Jan
M ar

101

165 % M a y
210
Apr
17% Juno
34%
81
134% M a y
117 %
84%
107 % M a r

June
F eb
June
Apr
June
June
Jun e
Jun e
M ay
M ay
June
June
M ay

94%
94%
99%
99
97%
10 2%
1 03 %
100 %
70%
96%
89%

F eb

F eb
Jan
Jan

102

Jan
Jan

103%

c E x -2 5 % s to c k d iv id e n d .

S t o c k s — ( Concl. )

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par . Price. Low. High. Shares.

O h io C ities G a s r . w 1
R ig h ts r _________________
(P ierce-A rrow M o t C a r r ( t )
R ep u b lic M o t o r T r k r ( f )
St L R M t & P a o C o r . . 100
Sm Ith(A O ) C o r p r ( N o par)
Sm ith A T e r r y T ra n s p f 100
Steel A llo y s C o r p r ............5
Subm arine B o a t . . ( n o par)
T o d d S h ipya rd s r . ( n o par)
T ria n gle F ilm C o rp v t c . 5
U nited E A erop la n e r ___ 5
U nited M o t o r s r . . ( n o par)
U n ited P r o fit S h a r in g .. . . 1
U S A ircra ft C o r p . - r ____ 5
U S L igh t A H e a t ____ r .1 0
U S S tea m sh ip .................... 10
W orld F ilm C o r p ’ n v t 0.6
W rlg h t-M a rtln A lro r . . ( t )
Z in c C on cen tra tin g r _ . . 1 0
F o r m e r S t a n d a r d OH
S u b s id ia r ie s
A n g lo -A m e r O ll................. £1
B u ck ey e P ip e L in e .......... 50
N orth ern P ip e L i n e . . . 100
O h io O i l . ............................. 25
Prlalre P ip e L in e . . . 100
S ou th P en n O il............... 100
S tandard O il o f N J ____ 100
S tandard OH o f N Y . . . 100

58
65 %

6%
32
1%
3%
27%
5 -1 6
6%
"

4%
X
9%
2%

19X

272

56
e i%

58 X

4 ,000
67X 15.200
300
41X *42
72
72
100
33
*34
200
34
34
20
10
10%
1,005
6%
2 ,700
6X
31X 33X 12.700
85
86
228
IX
2X 35.700
3
3X
2 .200
26
29X 19,000
5 -1 6
500
X
6X
6X
2 ,6 0 0
1
IX
1,600
4%
4X
3 ,6 0 0
X
X
1,300
7X
9X 141,100
2X
2X
6 ,500

19
99
97
340
272
275
590
282

20 X
99
97
340
272
275
590
289

13,500
10
10
5
70
10
15
40

Range since Jan. T .
Low.
56
June
6 1 X June
37 X M a y
*62
F eb
29 X F eb
34
Junt
8X M a r
6X Jan
1 8 % F eb
77
Feb
IX A pr
3
Jun e
26
June
5 -1 6 Jun e
5
M ay
IX June
4X Apr
X Apr
4X M a y
2H M ay

16
98
97
333
260
275
580
270

F eb
June
June
Apr
June
June
M ay
Jan

High.
58 X June
67%
54
75
36
42
12
9%
35
87

3X
3X
49

X
6X
2

6X
1

16X
4X

21
122
106
435
444
610
800
345

Jun e
Jan
M ay
M ay
Jan
M ay
Jan
M ay
M ay
Jan
Jun e
Jan
Jan
Jun e
F eb
M ar
Jan
Jan
Jan

Jun e
Jan
M ar
Jan
Jan
Jan
Jan
Jan

O t h e r O il S t o c k s

Volume of Business at Stock Exchanges
T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K
D A IL Y . W E E K L Y A N D Y E A R L Y .

Week ending
June 29 1917.

Stocks.
Shares.

Railroad,

EXCHANGE

Slate, Mun.
& Foreign
Bonds.

A c .,

U. S.
Bonds.

Par Value.

Bonds.

*2 9 ,4 9 9 ,7 0 0
7 1 ,8 5 6 ,4 0 0
71,6 1 2 ,0 0 0
85,5 0 6 ,5 0 0
69,5 2 6 ,9 0 0
60,3 3 3 ,8 0 0

*5 43 ,500
1.205.000
1.315.000
1,293,500
1.260.000
909 ,500

* 1 ,1 2 5 ,0 0 0 *1 ,4 9 1 ,2 5 0
8 35 .000
8 56 ,800
5 83 .000
99 8 ,5 5 0
1,141,000 2 ,2 1 6 ,0 0 0
449.000
742,900
654.000 1,145,150

4 ,0 7 5 ,1 8 3 * 3 8 8 ,3 3 5 ,3 0 0

* 6 ,5 2 6 ,5 0 0

* 4 ,7 8 7 ,0 0 0 's7 ,4 5 0 ,6 5 0

S a t u r d a y ..................
M o n d a y .........................
T u e sd a y .......... ..............
W e d n e s d a y ..................
T h u rsd a y ................. ....
F r i d a y ...................... ....

309,837
752,684
753,985
895,990
725,299
637 ,388

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

Sales at
New York Stock
Exchange.

Week ending June 2 9 .
1917.

Jan. 1 to June 29.

1916.

1916.

S tock s— N o . s h a r e s ._ .
2 ,7 3 5 ,7 3 8
4 ,0 7 5 ,1 8 3
Par v a l u e ...... ............ *38 8 ,3 3 5 ,3 0 0 *23 3 ,1 3 8 ,9 2 0
D ank shares, p a r _____
*300

101 ,486 ,58 7
*9 ,2 2 9 ,8 8 6 ,5 0 5
*54 ,3 0 0

Bonds.

84 ,9 5 5 ,6 5 0
* 7 ,3 9 6 ,5 4 6 ,5 9 0
$15 0,10 0

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

*6 ,0 0 0
2 ,9 3 9 ,5 0 0
12,570,000

*9 ,0 2 1 ,2 0 0
191 .030 .50 0
3 0 6 .7 4 5 .5 0 0

*6 1 2 ,9 5 0
130 ,441,000
4 1 6 ,702 ,50 0

T o t a l b o n d s . .............I *1 8 ,7 6 4 .1 5 0

* 1 5 ,5 1 5 ,5 0 0

* 5 0 6 ,7 9 7 ,2 0 0

* 5 4 7 ,7 5 6 .4 5 0

G o v ern m en t b o n d s ___
S ta te, m u n ., A c ., b d s .
R R . an d m lsc. b o n d s .

D A IL Y

T R A N S A C T IO N S A T T H E B O ST O N . P H IL A D E L P H IA
B A L T IM O R E S T O C K E X C H A N G E S .

Week ending
June 29 1917.

Boston.
Shares.

Philadelphia.

Bond Sales.

S a t u r d a y ..................
M o n d a y __________
T u e sd a y _______
W e d n e s d a y _______
T h u rsd a y .................
F r i d a y ____

11,759
8 ,340
10,449
16,457
10,629
11,014

* 110,000
104,000
3 7 .0 0 0
2 6,800
6 3.000
2 6.000

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

6 8.648

*3 6 0 .8 0 0

AND

Baltimore.

|

Shares. 1Bond Sales. Shares. BondSales.
S 447
no f
\
Cl / 7HA
O(Tx 1
*1 7 ,/UU
oow
5 26 ,400
19 H49
7 917
15,261
11,979
7,057

59.003

29,900
2 6.500
3 5 ,8 0 0
5 0.500
13,000

566
2 ,098
1,092
845
1,250
6 .190

*173 .400 l

24,700
42.000
3 3.000
26,500
16.000
*1 6 8 ,6 0 0

New York “ Curb” Market.—Below we give a record of
the transactions in the outside seourity market from June 23
to Juno 29, both inclusive. It covers the week ending Fri­
day afternoon:
Friday
Sales
Last Week's Range for
Sale
of Prices
Week
par. Price. Low. High. Shares.

Week ending June 29.
S tock s—

A etna E x p losiv es r (n o par)
P referred r.................... l o o
Air R e d u c tio n C o r (n o par)
A m er In t C o rp *50 p d .1 0 0
A m e r T in & T u n g sten r . . 1
A m er W rit P a p er, c o m . 100
A tla n tic S teel-------------- 100
B o y d M o t o rs r ................. 10
B rlt-A m T o b ord b e a r . . £ l
B u tterw orth -J u d son r ( t )
C a rb on S teel, co m r . . . ! 0 0
C a r L tg & P o w e r .r _____ 25
C a rw en Steel T o o l .......... 10
(C en tra l F ou n d ry oom rlOO
f P re fe rre d , r .................. 100
C h a rcoa l Iron o f A m . . . 10
C h e v ro le t M o t o r .............100
C ities Service w 1 r ____ 100
C u rtiss A e ro p & M oom ( f )
R i g h t s ..........
E astern Aniline A C h om r 5
E m erson P h o n o g r a p h .
5
E v e re tt H ea n ey A C o r l2 0
M insk A B ark C a r (n o par)
In tercon tin en ta l R u b b 100
In tern et T ra d in g C o r p r l
P referred r .......................... i
Lake T o r p e d o B o 't c o m . l o
L im a L o c o m , c o m . r ___ l o o
M a n h a tta n T ra n sit — 20
M a rco n i W lrel T e l o f A m . 5
M a rlin A rm s v t o (n o par)
M a x im M u n ition s r ------10
(N a tion a l A cm e r _______ 50
N Y S h lp b ld g C o r p . r . ( t )
N o rth A m P u lp A P a p e r (t )




4%
85
56

X
.............
.............
54
104
3

12
36H
_______
98
29
38%
%
5%

6
22%
11%
X
1

4%
27
83
50%
%

5
30
90
56

%
3%
150
150
3%
3%
17%
18
50
55
*102
106
3
3%
1 1 % 12%
35
38
54% 56%
8%
8%
96
105
2 8 % 30
3 8 % 43
1
%
6
5%
0
6%
22% 22%
40
39
11
11%
%
X

1

______
______
%
2%

7%
55
%
2%

—
............
5

35
47
5

1
8%

56

X
3%

*100
106
2*
2%
2%
36
47%
5%

15,500
700
4 ,030
4 ,010
3 ,000

100
10
1,800

1,200
1,500
538
3,100
14,495
7,800

8,200
100
19,400
9 ,910
8 ,500
2 ,600
6 ,300
2 ,690
2,300
1,150
400
2,700
3 ,050
1,300
300
4,300
3,200
1,650
33,000
510
600
1,500

Range since Jan. 1.
Low.
2
14%
65
47%
%
3
126
1%
17 %
40
85
2%
10
16%
35
6%

88

28%
16
%
4%

6

20%
36
10%
%
1
6%
47%
%
2%
*47
1%
31
*3 8 %
4

High.

Apr
7%
June
37
M ar
07%
M ay
57
June
1
M ay
5%
Jan 150
June
4%
June
21
Apr
56
M a y 109
F eb
3%
F eb
14
M ar
38
F eb
57
A pr
9%
Feb 146
Juno
30
Feb
45
1
June
June
6
M ay
13 %
Apr
23 %
M ay
45
M ay
13
June
X
Apr
1%
M ay
10 %
Jan
62%
F ob
1
June
3%
Jan 106
M ay
4%
38%
M ay
F eb *4 7 %
M ay
9%

* eb
F eb
June
Jan
Jun o
F eb
Jun e
June
Jan
Jan
Jan
June
M ar
June
June
June
Jan
June
June
June
June
Jan
Juno
M ar
Jan
M ay
M ay
F eb
M ar
M ar
June
June
Feb
Jan
M ay
Jan

Allen O l l . r . ........................... 1
610
6 5c
6 5c
3 6.800
45o
A m er V en tu ra OH r .......... 1
19c
18c
2 0c
12.300
13c
B a rn ett OH A G a s r .......... 1
2
2X
2X
2X 13.100
B o s to n -W y o m ln g OH r . . . 1
19c
16o
19c
2 0,000
160
C on sol M e x O il C o r p ____ 1
5 3c
5 2c
6 3c
52c
1,750
C osd en A C o r ...................... 5
12
12%
2,000
11X
C e r t i fi c a t e s ............
_
2 .500
11 % 12
11X
C osd en O il A G as c o m r . . 5
2 ,800
11 X
1 1 % 12%
C e r t i fi c a t e s ................. __
6 .900
11X
P referred r . . ............... . . 5
100
4X
4X
4X
C r o s b y P e tro l (p ro sp ’ t) r 1
58c
5 1c
62c
28o
2 0,465
C u m b erla n d P rod A R e f r 1 1 5 -1 6 1 5 -1 6 1 1-16 4 7.500 1 5 -1 6
E lk B asin P etroleu m r ___ 5
1.500
9X
9X
7X
9X
E lkland O il A G as r .......... 1
5 -1 6
14.500
X
X
E sm eralda OH A G as r . . . l
2
IX
2 % 61,700
70c
F ederal O il r ...................... .5
5%
4X
5X 11,900
4X
In tern a t P etroleu m r . . . £ i
13
11
3 ,100
12X 13X
K e n o v a O i l . . ...................... 1
9 -3 2
X 9 -3 2
4 .000
X
K eyBtone C o n Oil C o r r 10
9X
5%
8X
9X 22,125
K n lc k e r b -W y o P e t p rof r 10
2 ,6 3 0
9
9X
9X
9X
L ost C ity OH r ____________ 1
51c
4 7c
58.800
IX
IX
M e rritt OI1 C o r p r .......... 10
2SX 2 6 %
1.900
25X
UK
M e tro p o lita n P etroleu m 25
1 % 2 5 -1 6 53.500
IX
X
M id w est O il r ...................... 1
760
7 5c
7 8c
55c
13,600
P referred r .........................1
9 6c
950
98c
4.900
86c
M id w e st R e fin in g r ____ 50 ______
134
136
450 115
N a t OH A R e f g . r . .............5
3%
1.000
3%
3X
N Y -O k la h om a OH r _____ 1
4.000
X
% 1 1 -1 6
X
N Y A T e x a s O il r ............... 1
2
2
300 1 3-1 6
O k la h om a OH co m r _____ 1
7 c"
7c
7 % C 18.300
7c
.......... 1
Preferred
640
6 4c
6 4c
60c
2 .000
O k la h om a P ro d A R e f ___ 6
10 %
9%
10 %
5 ,600
8X
O m a r OH A G as c o m ____ 1
30c
33c
35c
30o
13,400
O sa g e-H om ln y O il r .......... 5
6 .300
8
7%
8%
7X
P en n sy lv a n ia G a s o lin e .. . 1
7 -1 6
1,700
%
%
Sap ulp a R efin in g r .............5
10
10
9%
14,250
8%
S eq u oy a h O il A R e f .......... 1
*1
1% * 1 3 -1 6 1 5 -1 6 30.800
Sinclair G u lf C o r p r ____ ( t )
25
27
25
25
4 .300
(T ex a s C o r ig h t s .r ...............
22
23
21%
1,720
U nited W estern OH r ____ 1 1 1 -1 6
4 9c
75c
70.100
42c
U ta h P etroleu m (p ro sp ’ t) 1
4 0c
38 c
41c
27o
6.400
V a cu u m G a s A O , L t d _ _ _ l
5 -1 6
4 .900
% 5 -1 6
X
V ictoria O il new stk r _ .1 0
8%
7%
8%
4 .400
7X
W est S ta tes P e t r o l. ____ 1
1
1
13,000
X
X

ux 12X

1

June
June
June
June
June
M ay
June
M ay
June
M ay
M ay
June
Jan
Apr
F eb
F eb
Jan
M ay
Apr
June
M ay
Jan
M ay
Jan
Jan
M ay
M ay
June
Jan
M ay
M ay
M ay
M ay
Jan
June
M ay
June
June
Jun e
June
M ay
M ay
June
M ay

6 5o J u n e
31o
Feb
4M A pr
1 9c J u n e
IX Jan
18%
Jan
12
June
16%
Jan
13 X June
5X Jan
6 2 c June
1 1-16 June
14X M a r
9-1 0 A p r
3
F eb
6X M a r
15M M a r
X Jan
9X June
9X June
IX June

31X Mar
4X Jan
880 Jun e

1.1 0
145

M ay
M ay

3X M a y
IX M a r
3
16o
1
14%
75o
10 X

F eb
Jan
Jan
Jan
Jan
M ar
IX Jan
12 X M a r
2%
Jan
40X A p r
26
M ay
1H
Jan
6 3c
Jan
1 1 -1 6 Jan
11X A p r
1 3-16 A p r

M in in g S t o c k s
H
A cm e C o p H ill M in es r . 10
1%
1%
1%
IX June
A la sk a -B rlt C o l M e t a ls . . 1
%
%
% 63,200
X M ar
X Jan
A laska M in es C o r p (n o par) 1 3 -1 6
%
% 18,250
X M ay
IX A p r
A laska S ta n d a rd C o p r . . l
35c
3 4c
3 6c
10,600
3-1 6 Jan
52o
Apr
A rlz B lngh C o p p e r ......... 5
5%
5%
6%
4 ,600
5 % June
6X Jan
A tla n ta M in es r ...................1
10 c
10 c
11c
15,100
20c
Jan
9 % 0 Jan
A u stln -A m a zon r ................ 1 _______
500
%
X
% M a y 1 15-16 A p r
B ig J im ............................. .1 0 c
200 1 1 -1 6 M a y
%
X
IX Jan
B ig L ed ge C o p p e r C o . . . l
2
2%
2
2 % 31,400
June
6X Jan
B ingh am M in e s .................10
12 %
1 2 % 13
1.600
9% Apr
13X June
B o o th r ..........................
8c
8c
1,000
7c M a y
12c
Jan
B oston A M o n ta n a D e v . -6
58c
58 c *64c
2 8 ,9 0 0
680
Apr
80o
Jan
B radshaw C o p p e r M r . . . 1 1 5 -1 6
%
3 ,600
1%
% M ay
IX June
B u ffa lo M in es, L t d .............1
1,400
1%
1%
1%
1 % F eb
IX Jan
B u tte C o p A Z in c v t o . . . 5
10
9%
11%
6,500
F eb
7%
14X June
B u tte -D e tr o lt C o p A Z ___ 1
7 -1 6
%
9,500
*2
Jan
%
% Apr
C a led on ia M i n i n g . . .
5 7c
56c
5 9c
12,970 •48o
Jan
70c
Apr
C a lu m et A J erom e C o p r 1 1 9-16
1%
1 % 15,600
1 % A pr
2X Jan
C a n a d a C o p p e r L t d .......... 5 2 5-16
2 % 2 7-16
7,000
3
June
1 % F eb
C a sh B o y ................................ 1
8c
7 % .B 8 % c 2 6,000
60
Jan
16c
M ar
C o c o R iv e r M in in g r ____ 1 1 7-16
1%
9,000
1%
1 % M ay
1 % Apr
C on sol A rizon a S m e lt____ 6
2%
2 % 2 5-16 16,500
1 % Jan 2 11-16 M a r
C on solid a ted C o p M in e s .5
6
5%
900
Feb
3
7X Jun e
C o n sol-H om estea d r .......... 1
5 -1 0
3 ,100
X M ar
% 5 -1 6
% June
C resson C o n G o ld M A M 1
5
5
5%
2 ,800
4 % June
7X Jan
C ry sta l C o p p e r C o .............1
1 % 1 1-16 1 3-16 16,000
66c M a r
IX June
D u n d ee A rizon a C o p 1___ 1 ______
1
200
1%
2X Jan
X M ay
E astern C o p p e r r _________1
5 5c
5 7c
5 1c June
5,700
57o June
E m m a C o p p e r r .............. . 1
1
1 5 -1 6 1 1-16 104,485
2X Jan
% M ay
F erber C o p p e r .x ...................1
6 2c
6 0c
6 3c
17,700
5 0c M a y
6 3c June
First N a tion a l C o p p e r ___6
2%
2%
1,300
2%
2 % Apr
3X Jan
G lo b e -D o m in io n C o p p e r . 1
1,600
%
5 -1 6 M a y
%
%
X Jan
G old field C o n s o lid a te d . 10
5 1c
*49c
52c
11,650
48c M a y •77o
Jan
G old field M e rg e r r .............1
6c
5c
6c
11,000
4% cM a y
lOo
F eb
G rea t B en d r ......................... 1
6c
7c
7,500
4 % c M ay
lie
M ar
G reen M o n s te r M in r ____ 1 1 1-16
1 1 1-16 5 ,500
1
M ay
2X Jan
H a r g r a v e s ...............................1
11c
12 c
llo
M ay
7,000
2 5c
M ar
H ecla M in in g .................... 25c
9
7o
8 % *9
6,435
F eb
*9
June
H u dson B a y Z ln o M in e s .5
7,100 I 1-16 M a y
1%
1 % 1 5-16
IX June
Iron B lossom r .................. 10c 1 1-16
*1
9 3c
Apr
7 ,150
1%
1 X Jan
J erom e V erd e C o p i .......... 1 _______
1%
8,300
3
M ar
1%
1 % June
Jim B u tler r ----------------------- 1
77c
8 3c
8 7c
69c
M ar
17,100
880 M a y
J o s e v lg -K e n n e c o tt C o p . _ l
5 -1 6
5 -1 6
3 ,200
%
X Apr
X M ay
J u m b o E x te n sio n ................ 1
3 1c
3 2c
36 c
31o June
49o
M ar
12,800
J u m b o M in o f N ew M r . . 1
1
1
%
13,700
1
June
X June
K e rr L a k e . . ...................
5
4%
4%
5
Feb
25 4 7-16 A p r
K ew anu s r ........ ...................... 1
13c 1 4 % c
25c
Feb
3 ,700 1 2 % c M a y
L ou isiana C o n s o l.............10c 1 3-16
80o
Feb
I X June
1 % 16,100
»%
M a g m a C h ie f r .......... .......... 1
43o
4 3c June
1,500
X Jan
%
M a g m a C o p p e r -----------------6
45
43
46
Jan
40
900
5 9 X M ar
M a g m a tlo C o p p e r r . . . l 0 c
2 3c
22 c
25c
190
M ar
3 5o
Jan
3 ,500
M a g n a te C o p p e r ................ 1 1 5 -1 6 1 5 -1 6 1 5 -1 6 18,700
A pr
750
1
June
M arsh M in in g r . . ..............1
16C
1 5 % o 16c
Jan
9o
23o
Apr
14,200
M a ry sv ille G o ld M in ____ 1
1
1,140 1 1 -1 6 M a y
IX M a r
X * 1 1-16
M a son V a lle y .......................6
7%
F eb
6%
5
8 % June
7 % 2 1,500
M cK In ley -D a rra g h -S a v . 1
50c
50c
5 0c
46o
Apr
57o
F eb
500
M ilfo r d C o p p e r r ................ 1 1 7-16
9 0c
Apr
7,500
1%
IX June
1%
M oh ica n C o p p e r , r _______1
650 June
% 1 1 -1 6
% 20,200
IX M a r
M o th e r L o d e r ___________ 1 2 6 % c
26c
26c M a y
2 7c
46c
Jan
19,200

Sales
Friday
Last Week's Range for
Week
of Prices
Sale
High. Shares.
M in in g (Concluded)Par. Price. Low.
N a n c y n a n k s -M o n t a n a r 1
N a tio n a l Zin o A L ea d r . . l

1

X

1
7 4c

O h io C o p p e r new w 1 r . . l
P o rtla n d C on s C o p _______ r
R a y H ercu les r ............... . . 5
R e d W a rrior r .......................1
R e x C o a s o lld a t e d ________ 1
R ic h m o n d C o p p e r r _____ 1

S en orlto C o p p e r .................. i
Silver K in g o l A r iz o n a — 1

7 0c
10 c

7 -1 6

7 -1 6

7 -1 6

IX

IX
7X
IX

X

1
7X
IX
36o
3X
X

X

N e w r a y M in es L t d r ------ 1
N Y Z in c r ..............................1
N lck la s M in in g ....................1

X

1 9-16
3 9c
2 5c
55c

IX

7 -3 2

X

U n ited M in e s o f A r iz o n a . 1
U S T u n g s t e n .r ..................1

X
21c

47c
4

IX

10X
IX

10 X
IX

3 -1 6
10 c
2 3 -3 2
5 -1 6
36c

6
2 8c
1 3 -1 6
4%

X

3 8c

S tan d ard S ilv e r-L e a d ____ 1
X
S tew a rt M in in g ............ . . 1
X
3 7c
Success M in in g r .......... .......1
Su p erior C o p (p r o s p ’ t) ( t )
IX
IX
4%
T o n o p a h B e lm o n t D e v e l r 1
4X
T o n o p a h E x ten sion M l n . l 2 9-16 2 5-16
T r l-B u lllo n S A D ________ 5
T r o y -A r lz o n a C o p C o r . . l
U n ited C o p p e r M i n i n g .. 1

120

26 c
580
53 c
23 c
5 -1 6
40c

25c
5 4c
51o
18c

X

2 5c
1 3 -1 6

4X
X
20 c
38

4X
3X

*x

lie

X
X

3 8c

IX
4%
2X
6X

5 -1 6
2 9c

Yerrlngton M t C o p _____ 1

3 0c

70o

99

B a lt A O h io 6 % 1 -y r notes
5% 2 -y ea r n o t e s ____ '___

98 X
osx

Beth Steel 5% n o t e s ..1919
N Y C it y 4 H s w

1 r .............

103
84

5H s
............... 1921
Sou th ern R y 5 % n o t e s l9 1 9

71o
650
18c

250

01X
98 X
98 X
98X
96

102X
82 X
70 X
97X

M ay
June
X M ay
X Apr
Apr
1
M ay
7
H F eb
3 3c June
3% M a y
X Apr
2 5c June
53c June
Apr
50c
16c June
3 -1 6 M a y
3 7c June
8X M a y
Apr
1
X M ay
10 c M a r
X F eb
X Apr
32 c June
M ay
1
4
M ay
2 M ay
5 H F eb
•A M a y
,
20 c June
13-16 A p r
3X M ay
X Apr
F eb
*18o
33 X F eb
4X Feb
2X Jan
Apr
65o
22 c June
Apr
69c
Apr
62o
18o June
Feb
21o
45c
9c

4,900
4 ,700
8,700

1,000
750
42,400
130,500

200
5 ,100
5,200
14,500

8,100
12,000
2 ,900
1,300

200
8 ,275
2 5,100

2,000
2,000
7 ,800
11,800
2 ,500
1,600
11,800
860
500

8,200
5 ,200
2 ,710
17,800
16,400

4X
3X
5X

400
400
10,840
71,250

25 c
38

25c

20 c

8O0 June

22,000

X
4X
X

6X 4 9-10
21c
29 c

U ta h N a t M in e s r .............1
V erd e In sp ira tion r _______1
W e s t E n d C o n s o lid a t e d -.5
W e lb e rt M in in g ................1

Loio.

2 ,6 0 0

70c
llo

73o
7 2c
2 3c
3 4c

New Yoik City Realty and Surety Companies

Range sinceJan. 1.

Week ending June 2 9 .

200

2,100
13,700
23,100
43 ,9 2 8

92
$ 11,000
99
64,000
2.00C
OSH
98 H 38.00C
97
14.00C
103 H 7 6 ,000
84
36.00C
73
119.00C
9 7 ^ 14,000 1

90

98 X
98 X
97 X

96
101

79 X
69

97 X

M ay
June
June
M ay
M ay
June
M ay
June
June

High.

Bid

Apr
76c June
1 2 o June
I X Jan
X Apr
2
M ay
8X Jan
1 % June
IX Apr
Jan
5
1 9-1 6 F e b
Jan
5 6c
IX M a y
72o M a y
X Jan
X Jan
* 1 3 -1 6 M a r
Jan
16
2
M ay
13-16 Jan
Jan
2 6c
X Jan
1 7 -3 2 M a r
Jan
60c
1 H June
4 X Jan
4X F eb
M ar
7
X Jan
M ar
62o
1 5 -1 6 M a y
5H Jan
I X Jan
Jan
26c
41X Juno
M ar
6
3 X Jan
5X Juno
300 June
78c M a y
Apr
84o
24o June
6O0 M a r

IX

100 H
99

98 X
98X

109
103 X

98X
94%
99

Jan
June
Juno
Feb
Jan
June
Jan
Jan
F eb

• O d d lota , t N o p a r v a lu e . < L isted as a p ro sp e o t. 1 L iste d o n th e S to o k E x ­
ch a n g e this w eek , w here a d d itio n a l tra n sa ction s w ill b e fo u n d , o N e w s to o k . r U n U sted.
r lg h ts.

u E x -ca s h a n d s to c k d iv id e n d s,

to W h e n Issued,

z E x -d lv ld e n d .

y Ex-

a E x -s t o c k d iv id e n d .

C U R R E N T N O T IC E .

— Following the custom of many year’s standing, many of the largo
banking houses and institutions are publishing in to-day’s issue of the
“ Chronicle” a list of their July 1 coupon payments. These lists include
the coupon payments to bo made by the Guaranty Trust C o., A . B . Loach
& Co., Harris, Forbes & Co., Kountze Brothers, Now York Trust Co.,
Irving National Bank, Winslow, Lanier & Co., Farmers’ Loan & Trust Co.
and the Stone & Webster organization of Boston.
— For mid-year investment tho firm of John Nickerson Jr., 61 Broadway,
this city, Boston and St. Louis is featuring in its wookly page advertise­
ment a list of suggestions among preferred stocks of public utility companies
which they rocommond. In many States this class of security is tax-free
and at prosont prices these preferred stocks offor to the investov a high
yield, and in the opinion of the bankers ample protection in property and
earnings. See to-day’s advertisement.
— For record purposes only, all the stock having been sold, Millott, Roe
& Hagen and Pritchitt & Co. of this city are jointly advertising their recent
offering of tho capital stock of tho National Conduit & Cable Co., Inc.,
without nominal or par value. For full dotails of this investment see
to-day’s advertisement elsewhere in tho “ Chronicle.”

New York City Banks and Trust Companies
8 « n k s -N .Y .

[V o l . 104

THE CHRONICLE

2634

Bid

540
A m erica * —
A m er E x c h . 235
175
A t la n t ic ____
B a ttery Park 150
400
B ow ery * —
B ronx B o ro * 150
B ron x N a t ..
160
B rya n tP ark* 145
90
B u tch A D r .
C h a s e _______ 355
C h a t A Phen 235
Ch elsea E x* 100
C h e m ic a l___ 385
C it iz e n s ____
197
447
C i t y ________
C o a l A I r o n . 210
C o l o n i a l * .. . 450
C olu m b ia * . 315
169
C o m m e r c e ..
315
C o rn E xch *
C o s m o p o l’ n*
85
60
E a st R iv e r ..
150
F id elity « . . .
F ifth A v e * .. 4 20 0
200
F i f t h ..........
990
F ir s t _______
180
G a r fie ld . . .
G erm -A m er* 135
G erm an Ex* 390
200
G erm an ia •
G oth a m .
220
G re e n w ich * . 310
H an over.
690
240
H arr! man
Im p A T ra d
500
Irvin g
220
L ib erty
965
L in coln
300

Ask
555
240
182
165

200
175
160
100
305
240

120
395
205
455

220

____

171
320
95
70
4700 ‘
225
1015
186
140
400
225
325
700
515’
225

1000
320

Bid
B anks.
M a n h a tta n • 330
____
M a rk A F u lt
M e ch A M e t 297
M erch an ts . 245
M e tro p o lis * . 275
M c tr o p o l’ n • 180
M u t u a l* ___
375
New N e t h * . 215
N ew Y o r k C o 350
N ew Y o r k . . 400
270
P a cific * ____
P a r k ............... 440
P e o p le ’ s * ___ 200
P rod E x c h * . 188
P u bllo « ____ 230
8ea b oa rd ___ 455
S e c o n d .......... 395
S h e r m a n ___ 120
100
S ta te * ..........
23d W a r d * . 115
150
U nion E x ch .
U n it States* 500
W ash H ’ t s * . 275
W estch A v * 190
W est S id e * . 200
Y ork v llle * . . 590
Brooklyn

C on ey Isl’d*
F ir s t ________
F latbu sb . . .
G reen poln t
H illside
H om estead •
M e c h a n ic s * .
M on ta u k *.
N a s s a u ...
N a tlo n 'l C ity
N o rth Side*
P e op le’ s ___

125
255
140
155
110

i New stock




220
198
240
____
415
130

110
130
160

___
___
___
..

610
135
270
155
165

120

125
90

115
130
105

200

210

265
175
130

T r u s t G o 's .

Bid

A sit

B ankers T r .
B ’ w ay T ru st
C en tralT ru st
C olu m b ia t .
C om m ercia l.
E m p i r e ____
E q u ita b le T r
F a rm L A T r
F i d e l it y ____
F u l t o n ..........
G u a ra n ty T r
H u d s o n ____
Law T it A T r
L incoln T r . .
M etrop olita n
M u t ’ l (W est­
chester) . .
N Y L ife Ins
A T ru st. .
N Y T r u s t ..
T lt le G u A T r
T ra n sa tla n ’o
U nion T ru st
U S M tg A T r
U n ltedS tates
W e s tch e s te r .

44 0
160
775
280

450
165
785
290

New York

100
290
362
445
208

200

355
135

110

____
380
125
925
598
345
....
390
430

t E i-rlg h t*

275

____
300
368
460
215
275
365
142
115
103
395
____
950
608
355
155
410
440

1000

1020

130

140

590
245
265
650

610
255
275

Brooklyn
B rook ly n T r
Franklin . . .
H a m ilto n ___
K ings C o . . .
M a n u fa c t’ rs
P e o p le 's ____
Q ueens C o . .

200

• Banks marked with a (*) are State banks
r « n o » cm-, week

Ask
340
255
305
__
300
190
____
225
450
____
_
.
480

....
285
75

....
150
295

86

140

♦ Bale at auetlon or at Btoek E x i E x l- 0 0 % stook d iv id e n d .

A lliance R 't y
A m er Surety
B on d A M O
C a su a lty C o
C ity In v e st g
P referred . .

70
123
240

~H~
58

Bid

Alit
77
128
250
Te"
65

L a w yers M tg
M tg e B o n d .
N a t S u r e ty .
N Y T it le A
M t g e ____

135
103

220

83

93

BU

Aik

125
98
215

R e a lt y A ssoc
(B r o o k ly n )
U S C a su a lty
U S T i t le G A I
W es A B ron x
T it le A M G

90

A ll
95

200

..

165

175

___

85

Quotations for Sundry Securities
A ll b o n d p rice s are “ a n d In te r e s t” e x c e p t w h ere m arked “ f
S t a n d a r d O il S t o c k s

PerShare
Par Bid. Ask.

A n g lo -A m e rica n OH n e w . £1 *19
10i2
A tla n tic R e fin in g ................ 100 900 920
B orn e-S ery m ser C o _____ 100 410 410
B u ck e y e P ip e L ine C o . . . 50 *100 102
C h eseb rou g h M fg n e w . . . 100 390 410
C o lo n ia l O il............................100
50
70
C o n tin en ta l O i l . . ................100 490 510
C rescen t P ip e L in e C o . . . 50 *38
40
C u m b erla n d P ipe L i n e . . 100 155 165
E u rek a P ip e L in e C o ____ 100 210 215
G alen a-S ign al OH c o m ___ 100 148
152
P re fe rre d ............................ 100 139 142
Illin ois P ip e L in e ................ 100 208 213
In d ia n a P ip e L ine C o ____ 50 *96
99
In tern a tion a l P e tr o le u m . £1 *13
13%
N a tio n a l T ra n sit C o . - .1 2 .5 0 *14
16
N e w Y o r k T ra n sit C o . . . 100 185 100
N o rth e rn P ip e L in e C o . .1 0 0
96
99
O h io O il C o ........................... 25 *338 343
P e n n -M e x F u el C o ............. 25 *45
50
P ierce O il C o r p o r a tio n
25 *12
12*2
P rairie O il & G a s ................100 495 505
P rairie P ip e L in e ................100 2 7 0 275
S olar R e fin in g ....................... 100 325 340
Sou th ern P ip e L in o C o . . 100 193 197
S ou th P en n OH.....................100 283 288
S ou th w est P a P ip e L in e s . 100 108 113
S tan d ard O il (C aU fornla) 100 258 262
S ta n d a rd O il ( I n d ia n a ) .. 100 745 755
S ta n d a rd O il (K a n sa s)___100 475 500
S ta n d a rd O il (K e n tu c k y ) 100 345 355
S tan d ard O il (N eb ra sk a ) 100 505 520
S ta n d a rd Oil o f N e w J e r .1 0 0 587 593
S tan d ard O il o f N o w Y ’ k 100 280 285
S tan d ard O il (O h io ).......... 100 430 440
S w a n * F i n c h _________
100
95 105
U n ion T a n k L in e C o ____ 100
92
94
V a cu u m O il............................ 100 350 360
34
W a sh in g ton O il.................... 10 *30
B on ds.
Per Cent.
P ierce O il C o r p oon v 6 8 .1 9 2 4
82
84
O r d n a n c e S t o c k s — Per Share.
A etn a E x p losiv es p r e f___100
27
30
A m erica n & B ritish M f g . 100 ---------------P r e fe r re d ______________ 1 0 0 ------158
A tla s P o w d e r c o m m o n ___ 100 154
P r e fe rre d _______________ 100
98 101
126
B a b c o c k & W ilc o x ............100 Z124
B liss (E W ) C o c o m m o n . 50 *500 535
83
P re fe rre d ...... ................... 50 *75
B u ffa lo C o p p e r & B ra ss.......... ........
C a n a d a F d y s & F o r g in g s . 100 125
C a n ad ian E x p losiv es c o m 100 400
P referred _______________ 100 104
C a rb o n Steel c o m m o n ___ 100 102 105
96
93
1st preferred ........ ............ 100
68
64
2d preferred ....................... 100
C o l t ’s P a te n t F ire A rm s
M f g .............................
100 106 109
d u P o n t (E I ) d e N em ou rs
A C o c o m m o n __________ 100 258 261
D eb en tu re s t o c k .............100
55
63
E m p ire S teel & Iron c o m . 100
91
86
P re fe rre d ............................ 100
H ercu les P o w d e r c o m ___100 246 250
100 116 119
P referred ................
8
H o p k in s & A llen A r m s . . 100
35
P re fe rre d _______________ 100
55
50
M illlk en B ro s p r e fe r r e d .. 100
N lles-B em en t-P on d c o m . 100 150 158
P r e fe r re d ...........................100
______
P en n S eab oard S teel (n o par)
47
52
P h elps D o d g o & C o ____100
3 0 0 310
S oovlll M a n u f a c t u r in g ... 100 635 650
T h o m a s I r o n ........................
50 20 40
W in ch ester R e p e a t A rm s. 1 0 0 1000 1250
W o o d w a rd I r o n __________ 100
60 68
P u b li c U t ilit ie s
A m er G as & E leo c o m ___ 6 0 * 1 1 5 117
P re fe rre d ............................ 50 *48 49%
A m er L t A T r a o c o m ____ 100 318 321
P re fe rre d ......................... .1 0 0 109 111
A m er P ow er A L t c o m ___100 67
69
P referred ............................ 100 87
89>2
A m er P u b llo U tilities com lO O 28
32
P r e fe r re d .............................100 64
67
C ities S ervice C o c o m . . . 100 277 281
P re fe rre d ............................ 100 85% 86
C o m ’ w 'lth P o w R y A L . 1 0 0 48
50
P re fe rre d ............. ...............100 76
7712
E le c B on d A Share p r e f . . 100 d99% 100%
E l P a so E leo C o c o m ____ 100 103
107
F ed era l L ig h t A T r a c t io n .100 12
13
P re fe r re d _______________ 100 45
49
G a lv -H o u s E leo C o p r e f. 1 0 0 ------- 75
G rea t W est P o w 5s 19 4 6 .J A J 84
85
M ississip pi R iv P o w c o m . 100 10% 12
P r e fe r re d ............. ...............100 31
34
F irst M t g e 58 1 9 5 1 . . . JA J 69
70
N o r t h ’ n S tates P o w c o m . 100 95
97
P re fe rre d ----------------------- 100
96
98
N o rth T e x a s E lec C o pref 100
78
83
P a cific G as A E leo c o m . .1 0 0
57
59
1st preferred .....................100
89
90
P u g e t Sd T r L A P c o m . 100
20
25
P r e fe r re d ________
100
70
73
R e p u b lic R y A L ig h t ____ 100
35
37
P re fe rre d ............................ 100
66
68
S ou th C a lif E d ison c o m . . 100
85
87
P re fe rre d ............................ 100 102 105
S ou th w est P o w A L p r e f. 100 d95 100
Stand ard G a s A E l ( D e l ) . 50 *10
12
P re fe rre d ............................ 50 *35 36
T en nessee R y L A P c o m l O O
5*2 6 I2
P re fe rre d _________
100
28
30
U n ited G as A E leo C o r p . 100
5
9
1st preferred ___________ 100
60
65
2d preferred .....................100;
0
10
U n ited L t A R y s 00m _____100
38
40
1st p referred ...................100 67% 69
W estern P ow er c o m m o n . 100
14
15
P re fe rre d ............................ 100
55
58
• P er share. 6 B asis,
/ F l a t Price
a N om in al

R R . E q u ip m e n t s —

PerCt, Basis
Bid. Ask.

B a ltim o re A O h io 4 H s . .
B u ff R o c h A P ittsD urgh 4 H s
E q u ip m e n t 4 s _____ ______ _
C a n a d ia n P a cific 4% b.............
C a ro C lin ch field A O h io 5 s . .
C en tra l o f G eorg ia 5 s .......... ..
E q u ip m e n t 4 H s .......... .........
C h ic a g o A A lto n 4 s ..................
C h ica g o A E a stern 111 5 H s . .
E q u ip m e n t 4 H s ....................
C h lo In d & L ou lsv 4 H s _____
C h ic S t L ou is A N O 5 s ..........
C h ica g o A N W 4 M 8 ...............
C h ica g o R I A P a c 4 H s _____
C o lo r a d o A S ou th ern 6s ____
E rie 5 s ________________________
E q u ip m en t 4 H S - - ________
E q u ip m en t 4 s .........................
H ook in g V a lley 4 s __________
E q u ip m e n t 6s _____________
Illin ois C en tral 5 s .......................
E q u ip m en t 4 H s ....................
K a n a w h a A M ich ig a n 4 H s . .
L ou lsville A N a sh v ille 5 s ------M ich ig a n C en tral 5 s ...............
M in n S t P A S S M 4 H s ____
M issou ri K a n sa s A T e x a s 5 s .
M issou ri P a cific 5 s ............... ..
M o b ile A O h io 5 s ......................
E q u ip m en t 4 H s ....................
N e w Y ork C en tral L ines 6s . .
E q u ip m en t 4 H s ....................
N Y O n ta rio A W e s t 4 ^ 8 . . .
N o rfo lk A W estorn 4 H s ____
E q u ip m en t 4 s ........................
P en n sy lv a n ia R R 4 H s _____
E q u ip m e n t 4 s ........ ................
S t L ou is Iron M t A Sou 5 s . .
St L ou is A San F ra n cisco 5a.
S eab oard A ir L in o 5 s...............
E q u ip m en t 4 H s ....................
S ou th ern P a clflo C o 4 H s . - .
S ou th ern R a ilw a y 4 H s _____
T o le d o A O h io C en tra l 4 s . . .
T o b a c c o S t o c k s — Per

5.0 0
5 .1 0
5.1 0
5.5 0
5 .9 0
5.4 0
5.40
5 .75
6 .5 0
6 .50
5 .35
5 .00
4 .8 5
5 .8 0
5 .5 0
5 .3 0
6 .30
5 .3 0
5 .20
5 .2 0
5 .0 0
5 .00
5 .30
4 .95
5 .0 0
4 .95
0 .15

6.00
5.40
5.4 0
5.2 0
5.2 0
5.2 0
4 .8 0
4 .8 0
4.8 0
4 .8 0
5.8 0
6.0 0
6.40
5 .4 0
4 .9 6
6 .25
5.2 5

4 .7 5
4 .8 0
4 .8 0
5 .10
5 .0 0
5.0 0
5 .0 0
5 .0 0
6 .5 0
5 .5 0
5.0 0
4 .7 5
4 .5 0
6.20
5.0 0
5.0 0
5.0 0
5 .0 0
4 .9 0
4 .9 0
4 .7 5
4.7 5
5.0 0
4 .6 5
4 .7 0
4 .7 0
5 .1 5
5.1 0
5.0 0
5 .0 0
4 .8 0
4 .8 0
4 .9 0
4 .6 0
4 .6 0
4.5 0
4 .6 0
5 .0 0
5.00
5 .00
5.0 0
4 .7 5
5 .0 0
4 .9 0

Sha re.
Par Bid. Aik.

A m erica n C ig a r c o m m o n . 100 108
05
P r e fe r re d ............. ...............100
80
A m er M a ch in e A F d r y .,1 0 0
B ritish -A m er T o b a o o r d . . £ l *17
O rd in a ry , b ea rer.............£1 *1712
C o n le y F o il............................ 100 250
J oh n son T in F o il A M e t . 100 100
M a o A n d re w s A F o r b e s .. 100 205
98
P re fe rre d ..................... . . . 1 0 0
R e y n o ld s (R J ) T o b a c c o . 100 500
P r e fe rre d ........ ....................100 107
Y o u n g (J S ) C o ...................100 160
P re fe rre d ............................ 100 105

112
100
90
18
19
300
130
215
103
530
112
176
110

S h o r t - T e r m N o t e s — Per Cent.
A m or C o t O il 5s 1 9 1 7 -M A N
U97g 100l8
0978 100l8
A m er L o c o m 5s J u ly T 7 .J - J
99% 9 9 ?8
A m er T e l A T e l 4 H a 1918—
99ig
09
B a lto A O h io 5s 1918
981 98*2
5s 191 9................. ..
98%
08
B eth Steel 6s 1 9 1 9 . . F A A 15
C a n a d ia n P a o 6s 1 9 2 4 .M A S 2 1 0 U 8 10U 2
98% 99%
C h lo A W e s t In d 6s '1 7 -M A S
97
97%
Erie R R 5s 1 91 9------------- A -O
98% 98%
G eneral R u b b e r 5s 1 9 1 8 .J A D
097S 100%
H o ck in g V a lley 5s 1 9 1 7 . M -N
In t H a r v 6s F e b 15 ’ 1 8 .F -A
9934 100%
0 8 i2 99%
K C R y s 5 H s 1918.......... J A J
99
08
K C T e rm It y 4 H s ’ 1 8 -M A N
0712 99
4 H s 1 92 1_____________ J A J
99
98
L a cled e G a s L 5s 1 9 1 9 .-F & A
9834 99%
M io h C en t 5s 1918
M o r g a n A W r lg h t 5s D e o 1 T 8 0978 100%
99
99%
N Y C en tra l 4 H s .M a y 1918
9534 96%
N Y N I I A H 5 s_A p r 15 1918
Penn C o 4 H s 1 9 2 1 .. J A D 15
98'2 99%
081 99
Pub S cr C o r p N J 5s T 9 . M AS
85
81
R em A rm s U .M .C .5 S T 9 F A A
0 7 '8 97%
Southern R y 5s 1 9 1 9 ..M -S 2
997g 100%
U nited F ru it 5s 1 9 1 8 .. .M -N
93
91
U ta h Sec C o rp 6s ’ 2 2 .M -S 15
W inches R op A rm sS sT S .M A S
07 T 98
N ew Y o r k C ity N o te s —
100 100%
6s Sopt 1 1 9 1 7 ..........................
C a n a d ia n G o v t. N o te s —
9978 100%
5s A u g 1 191 7.................... F A A
In d u s tr ia l
a n d M is c e lla n e o u s
.100 327 331
62
.100 60
70
100 68
84
88
TOO
TOO 100 103
TOO 135 138
39
41
TOO
89
TOO
91
TOO 102 103
TOO 103 104%
TOO 175 185
1
2
TOO
3
6
TOO
J -D / 5 0
55
1 1 % 1134
TOO
TOO 160 __
64
TOO
57
A -O
76
78%
TOO 100 103
. 50 *77
83
59
55
TOO
86
84
TOO
R e m in g ton T y p e w r ite r
13%
13
TOO
73
100 70
45
100 43
TOO 147 152

d Purohaaer also p ays aooruod d iv id e n d
t E x -d lv ld e n d
v K i-r l« h t «

100 100

102

t N ew s to o k .

2635

THE CHRONICLE

J u n e 30 1917.)

ittucstmeni smd IjjUwtoad liiidligjcnoc.
RAILROAD

GROSS

EARNINGS.

T h e follow in g ta ble sh ow s the gross earnings o f various S T E A M railroad from w hloh regular w eekly o r m on th ly returns
oan be o b ta in e d . T h e first tw o colu m n s o f figures g ive the gross earnings for the la test week or m o n th , an d the last tw o
oolu m n s the earnings for the p eriod from Ju ly 1 to an d in cluding the latest w eek or m o n th .
W e a d d a su p p lem en tary
statem en t to sh ow the fiscal year totals o f those roads w hose fiscal year does n ot begin w ith J u ly , b u t oov ers som e o t h e r
p eriod .
The returns of the electric railways are brought together separately on a subsequent page.
Latest Oross Earnings.
Week or
Month
A la N O & T e x P a c
A l a & V i c k s b u r g . M a y ______
V i c k s S h r e v & P . M a y ______
A n n A r b o r : _________ 2 d w k J u n o
A tch T op ek a & S Pe M a y
A t l a n t a B ir in & A t l 2 d w k J u n e
A t l a n t a & W e s t P t . A p r i l ............
A t l a n t i c C o a s t L i n e A p r i l ---------O h a r lo s t & \V C a r A p r i l ---------L o u [ l e n d & S t L A p r i l --------a B a lt i m o r e & O h i o . M a y ---------B & O C h T e r It It A p r i l ............
B a n g o r & A r o o s t o o k A p r i l ---------B e s s o m e r & L E r i e . A p r i l ---------B i r m in g h a m S o u t h . M a y ............
B o s t o n & M a i n e ___ M a y ----------B u ff ito c h & P itts b . 3 d w k Ju n e
B u f f a l o & S u s q It I t . M a y ____
C a n a d ia n N o r S y s t . 3 d w k J u n o
C a n a d i a n P a c i f i c __ 3 d w k J u n o
C a r o C l i n c h f & O h io A p r i l ............
C e n t r a l o f G e o r g i a . A p r i l ---------C e n t o f N e w J o r s o y A p r i l ---------C e n t N o w E n g l a n d . A p r i l ---------C e n t r a l V o r m o n t . . A p r i l ---------C h c s & O h io L i n e s . 3 d w k J u n o
C h i c a g o & A l t o n — A p r i l ---------C h i c B u r l & Q u in c y A p r i l ............
b C h i c a g o & E a s t 111 A p r i l --------c C h ic G re a t W e s t . 2d w k J u n o
C h ic I n d & L o u is v . 3 d w k J u n e
C h i c a g o J u n e It I t . . A p r i l ---------C h ic M i l w & S t P . . A p r i l ............
d C h i c & N o r t h W e s t A p r i l ............
C h i c P o o r i a & S t L . A p r i l ______
C h ic l t o c k 1st & P a c A p r i l ______
C h i c It I & G u l f . . A p r il
d C h i c S t P M & O m A p r i l ............
C h i c T o r r e II & S E A p r i l ______
O in H a m & D a y t o n A p r i l ______
C o l o r a d o M i d l a n d . A p r i l ______
e C o lo r a d o & S o u th . 3 d w k Jun e
C o r n w a l l ...................... A p r il
C o r n w a l l * L e b a n o n A p r i l ---------C u b a I t a i i r o a d _____A p r i l ----------D e la w a r e & H u d s o n A p r i l --------D e l L a c k & W e s t . . A p r il . . —
D o n v & ltio G ra n d e 3 d w k Jun o
D e n v e r & S a lt L a k e 2 d w k J u n o
D e tr o it & M a c k in a c 3 d w k Ju n e
D o t r o i t T o l & I r o n t A p r i l ---------D o t & T o l S h o r e L . A p r i l ............
D u l & I r o n I t a n g o . . A p r i l ............
D u l M is s a b e & N o r A p r i l ---------D u l S o u S h ore & A tl 3 d w k Ju n o
D u lu t h W in n & P a c A p r i l ............
E l g i n J o l ie t & E a s t . A p r i l ............
E l P a s o & S o W o s t . A p r i l ---------E r i o .............. .................. A p r i l ..............
F l o r id a E a s t C o a s t . A p r i l ............
F o n d a J o h n s & G l o v M a y ---------G e o rg ia I t a iir o a d .. A p r i l - - - - ­
G r a n d T r u n k P a c . . 4 th w k M a y
G ra n d T ru n k S y s t. 3d w k Ju n e
G ra n d T r u n k Ity 1st w k J u n o
G r a n d T r k W e s t . 1 st w k J u n o
D o t G r I I & M i l w 1st w k J u n o
G r o a t N o r t h S y s t o in M a y
G u l f M o b i l o * N o r . A p r i l ---------G u l f & S h ip I s la n d . A p r l ............
H o c k i n g V a l l e y ------- A p r i l -----------I llin o is O o n t r a l ------- M a y ..............
I n t o r n a t & G r t N o r A p r i l ---------K a n s a s C i t y S o u t h . M a y ---------L e h ig h & H u d I t l v . A p r i l ............
L o h ig h & N e w E n g . A p r ............
L e h ig h V a ll e y ............A p r i l ..............
L o s A n g e lo s & S L . . , A p r i l --------L o u is i a n a * A r k a n . M a r c h ----L o u is i a n a I t y * N a v A p r i l --------/ L o u is v i ll e & N a s h v 3 d w k J u n o
M a i n e C e n t r a l ______ i M a y ---------M a r y l a n d & P e n n . . | M a y --------M i d l a n d V a ll e y _____A p r i l _______
M in e r a l I t a n g o _____'3 d w k J u n o
M i n n c a p & S t L o u is 3 d w k J u n o
M i n n S t I* & S S M . 3 d w k J u n o
M is s is s ip p i C e n t r a l . A p r il
a M o K an & T ox a s. 3 d w k Juno
h M is s o u r i P a c i f i c . . A p r i l ............
j N e w Y o r k C o n t r a l A p r i l ______
B o s t o n & A l b a n y A p r i l ---------n L a k o E r io & W . A p r i l ............
M i c h i g a n C o n t r a l A p r i l ............
C l o v e O C & S t L A p r i l ............
C i n c i n n a t i N o r t h . A p r i l ---------P i t t s & L a k e E r io A p r i l ______
T o l & O h io C o n t . A p r i l ............
K a n a w h a & M ic h A p r i l ______
T o t a ll lin e s a b o v e A p r i l ............

Current
Year.

Previous
Year.

J u ly 1

$
$
1 5 1 ,8 2 3 1 ,7 9 1 ,2 6 3
1 6 2 .5 8 3
1 3 6 ,4 7 4 1 ,8 5 6 ,5 7 2
1 5 5 ,0 5 5
5 3 ,3 7 7 2 , 7 4 3 , 9 5 5
6 1 .1 1 0
13825290 11967919 142370093
5 2 .0 7 5 3 , 5 9 3 ,6 2 1
6 2 .3 0 0
1 1 9 ,3 3 4 1 ,3 0 5 ,5 7 6
1 3 0 .7 2 5
3 .6 1 7 ,5 3 0 3 . 2 6 5 ,1 4 4 3 3 , 4 5 2 , 5 7 9
1 7 7 ,5 7 2 1 ,7 4 9 ,9 5 1
1 7 2 .0 7 6
1 .5 8 6 ,2 4 4
1 3 8 ,3 4 1
1 6 3 ,2 9 3
11473255 10201713 111238079
1 , 5 6 2 ,4 9 3
1 5 8 ,3 2 1
1 7 1 ,1 8 5
3 8 0 ,3 8 2 3 ,6 2 3 , 0 0 6
4 5 1 ,8 1 1
5 1 7 .3 0 0 8 , 8 6 4 ,8 5 3
6 6 4 ,7 8 7
9 3 6 ,9 4 7
9 2 ,9 1 2
9 9 .7 9 6
5 ,0 9 6 ,8 1 9 4 , 7 7 5 ,1 0 9 5 2 , 0 0 9 , 3 6 8
3 0 3 ,6 7 5
2 6 9 ,5 8 7 1 3 . 0 * 4 ,8 5 2
1 5 2 ,7 6 2
1 1 8 ,5 6 9 1 , 5 2 8 ,4 3 2
9 1 1 ,4 0 0
7 4 4 .3 0 0 3 9 , 9 3 3 . 0 0 0
2 , 9 3 9 ,0 0 0 2 ,6 3 1 ,0 0 0 ] 1 4 3 5 8 4 7 6 2
2 7 9 ,5 8 6 2 . 9 2 7 , 4 7 8
3 5 9 ,0 6 4
9 9 0 ,5 3 1 1 2 ,3 9 2 ,1 8 3
1 ,1 7 9 .4 7 9
2 ,9 2 0 ,8 5 5 2 , 6 7 7 ,8 5 4 2 9 ,0 1 5 ,8 5 6
4 4 1 .0 6 8 1 4 , 5 1 2 , 3 1 7
4 8 8 ,5 4 1
3 8 7 ,1 7 4 3 , 5 9 1 , 3 2 8
3 7 5 .5 8 3
9 7 4 ,8 6 8 4 9 ,5 7 8 ,3 1 2
9 9 9 ,8 4 2
1 ,6 0 0 ,2 0 0 1 ,2 5 2 ,3 4 6 1 5 ,7 9 1 ,6 5 6
9 ,7 5 4 ,9 9 2 8 , 0 6 0 , 0 5 7 , 9 6 , 7 2 1 , 5 8 9
1 ,6 5 9 ,6 5 1 1 ,1 5 3 ,1 6 1 1 1 5 ,2 5 7 ,2 6 5
3 3 4 ,2 8 0 1 5 ,7 0 3 ,5 4 1
3 7 4 ,1 4 9
1 6 4 ,0 3 3 1 8 . 5 0 9 , 0 1 8
1 6 7 ,4 8 0
2 2 7 ,3 4 2 1 2 , 3 4 4 ,4 1 3
2 7 5 .6 1 6
9 , 3 3 0 ,9 0 9 8 , 7 4 8 , 5 5 8 9 2 , 3 1 9 ,8 2 9
8 ,4 5 6 ,3 6 3 7 .5 1 4 , 2 6 2 8 6 .3 4 1 .6 0 7
1 3 6 ,7 5 0 1 ,6 1 8 ,8 3 1
1 7 0 ,4 9 8
6 , 7 0 1 ,2 6 9 5 .7 6 1 .9 7 7 6 8 , 5 7 1 ,3 5 0
2 4 2 ,1 6 8 : 3 , 1 2 2 , 8 5 7
2 9 5 ,8 9 6
1 .8 6 9 ,4 6 5 1 ,6 9 7 ,6 0 0 1 8 ,0 3 8 ,2 5 9
2 6 1 .2 0 2 ' 143)4421 2 . 6 3 1 . 7 2 6
7 3 3 .8 6 6 8 , 7 2 9 , 5 2 4
8 5 5 .7 4 3
1 0 9 .6 8 2 1 ,4 0 4 ,6 5 5
9 6 ,9 3 0
2 7 5 ,0 0 7 1 6 ,9 9 6 ,5 0 0
3 0 6 ,3 2 8
2 6 .5 7 7 1
2 4 1 ,8 9 4
2 6 .7 9 6
4 1 ,2 6 5
4 4 3 ,1 7 8
4 5 .8 7 0
7 7 7 ,6 6 0 5 , 0 8 2 , 6 1 8
5 2 0 .5 8 4
2 ,2 9 4 ,2 5 0 2 , 1 8 4 ,8 4 4 2 2 , 2 8 6 ,2 2 3
4 )3 2 6 )0 8 4 3 , 7 2 0 ,7 3 4 4 4 ,0 8 3 ,7 1 3
5 5 2 .1 0 0
4 8 9 ,7 0 0 2 8 , 8 3 3 , 8 7 0
4 8 ,7 3 0
4 4 ,7 7 2 1 ,8 8 6 ,8 3 7
2 4 ,0 7 1
2 2 ,8 1 3 ! 1 ,2 5 0 ,9 1 6
2 1 0 ,3 4 4
1 8 0 ,3 7 0 2 , 0 4 1 , 6 0 8
1 5 2 ,6 0 7
1 4 1 ,0 1 2 1 , 4 5 9 ,6 3 2
1 6 2 ,6 6 2
3 4 8 ,9 4 8 5 , 0 2 4 ,7 6 2
2 8 6 ,7 9 9
5 2 6 ,1 0 8 1 0 ,5 1 2 ,9 3 1
8 1 ,7 5 3
8 3 ,6 8 8 3 , 9 2 8 , 7 5 6
2 2 0 ,7 8 9
1 7 2 ,3 7 7
1 ,6 9 0 ,5 8 1
1 ,3 0 6 ,3 9 9 1 ,2 0 5 ,0 3 2 1 1 , 8 7 4 ,5 9 8
1 ,2 6 4 ,7 6 4 ! 9 6 4 ,8 9 8 1 1 ,8 1 8 ,7 3 4
6 , 3 4 2 , 4 6 2 6 ,0 2 7 . 8 9 3 6 1 , 2 6 4 ,8 2 2
7 5 4 ,4 5 1
9 2 2 ,5 4 9 7 , 3 6 5 , 9 6 2
9 0 ,1 3 6 ,
9 1 ,1 6 4
9 4 1 ,5 1 8
3 0 8 ,4 0 5
2 6 9 ,3 1 4 3 , 0 8 4 , 6 0 0
1 5 1 ,1 5 8
1 2 6 ,9 2 8 4 , 8 8 6 , 1 3 5
1 ,4 4 1 ,4 2 4 1 , 1 5 2 ,4 4 0 6 1 , 4 7 6 , 0 3 0
1 ,0 4 0 ,7 5 9
8 2 9 ,8 3 1 4 6 , 5 8 8 , 7 9 8
2 1 5 ,9 8 9
2 0 1 ,3 9 5 8 , 5 1 4 , 4 2 2
7 6 ,3 9 9 1
7 5 ,8 2 5 3 , 0 4 3 ,3 7 1
7 . 9 2 4 ,1 8 3 6 , 9 n , 8 7 2 7 8 , 5 4 8 ,7 6 3
1 6 6 ,1 7 1
1 8 7 ,4 9 0 1 ,6 7 8 .1 6 4
1 5 5 .3 3 1
1 7 3 ,6 4 1
1 ,6 3 8 ,7 3 6
_ 7 2 5 .0 2 5 1 4 7 9 ,6 9 1 7 , 3 6 4 , 4 7 5
7 . 1 2 2 , 8 9 7 5 , 9 8 5 ,4 7 2 7 3 .1 6 2 ,2 3 7
9 3 6 ,5 0 8 1
7 9 8 ,4 2 6 9 , 7 0 3 , 4 0 5
1 ,1 1 4 ,6 2 1
9 4 0 ,7 7 2 11 3 5 0 3 2 5
1 9 8 ,3 2 5
1 8 2 ,6 0 7
1 .8 3 1 .1 8 0
2 8 1 ,5 2 9 1 2 3 3 .6 0 0 2 6 1 4 221
4 , 0 9 2 , 0 1 8 3 ,6 9 2 ,0 0 1 4 1 0 9 5 56 1
1 ,0 8 8 ,8 6 4 1 .0 1 9 .9 4 9 , 9 8 4 7
0
1 2 3 .0 4 3
1 4 2 .8 0 9 1 1 15 3 0 3

4 6 ,2 5 9
2 3 1 ,3 7 8
2 2 ,5 5 5
2 3 1 ,8 0 7
6 9 1 ,0 5 8
5 4 .8 9 2
6 6 7 ,0 4 6
6 , 1 6 0 ,7 5 8
17030831
1 ,8 7 2 ,7 1 9
6 2 9 ,1 4 6
4 , 3 7 5 ,3 4 8
4 ,1 8 1 ,7 1 3
1 7 5 ,9 4 5
1 ,8 1 4 ,9 2 6
5 4 3 ,7 0 8
2 3 4 ,0 8 2
30858418

Latest Oross Earnings

to Latest Date.

Current
Year.

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

1’818.310 is.oeo.ioe

5 8 5 ,0 9 1 6 , 5 4 1 , 7 7 3
3 , 8 3 7 , 8 9 8 !4 0 , 5 8 9 )3 8 9

3 9 3 ,7 6 2 5 , 5 0 2 , 9 4 8
2 6 9 ,2 7 6 2 , 6 8 6 , 9 8 8
2 8 6 8 4 6 6 3 !3 0 2 7 9 7 8 3 5

ROADS.

Previous
Year.

J u ly 1

to Latest Datv

Week or
Month.

Current
Year.

M a y ______
2d w k June
A p r i l ______
A p r i l ............
A p r i l ______
M a y ---------A p r i l ______
A p r i l ______
M a y ---------A p r i l ______
A p r i l ______
A p r i l ______
A p r i l ............
A p r i l ............
A p r i l ______
A p r i l ______
A p r i l ______
A p r i l ............
A p r i l ............
A p r i l ______
A p r i l ______
A p r i l ............
A p r i l ______

1 ,2 7 2 ,2 8 6
8 ,0 1 9
1 1 8 ,7 0 3
1 ,4 2 3 ,4 2 7
7 , 0 4 6 ,5 9 2
7 5 6 ,2 6 3
3 0 5 ,8 0 4
4 4 3 ,5 9 9
5 ,5 2 2 ,8 8 1
7 ,6 7 9 ,4 6 1
3 4 7 ,3 1 1
3 3 5 .9 1 9
20746631
8 3 ,7 2 6
4 1 5 .6 6 2
1 , 1 8 6 ,5 6 8
7 3 ,4 0 4
3 8 7 ,5 0 8
2 , 5 4 6 ,3 0 4
6 2 8 ,5 1 2
6 ,0 5 0 ,7 4 1
5 3 8 ,2 4 6
6 , 2 2 5 ,9 3 3

1 ,1 0 7 ,3 5 1 1 3 ,0 9 2 ,5 2 2
9 ,4 1 2
3 8 8 ,8 6 2
1 6 6 ,7 6 1
1 ,3 6 3 ,8 8 3
1 ,3 0 6 ,0 6 2 1 3 , 1 1 5 ,2 7 5
6 ,6 3 8 ,1 3 1 6 8 ,3 5 0 ,1 3 4
7 2 2 ,2 1 2 7 , 9 4 9 , 2 7 5
3 3 0 ,5 3 0 3 , 0 8 0 , 4 9 2
4 0 7 ,3 0 8 4 , 3 2 1 , 4 0 9
5 , 2 9 3 , 5 4 0 5 5 ,5 1 6 ,5 1 3
6 ,4 5 0 , 0 9 6 6 9 ,7 4 7 ,2 2 0
3 2 7 ,8 5 5 3 , 8 3 8 , 3 9 5
5 8 1 ,5 0 0 5 . 1 7 7 , 9 8 9
18825483 196785668
7 3 ,6 0 8 1 ,0 3 8 ,4 6 4
3 1 2 ,5 0 2 3 , 3 4 3 , 5 0 3
1 ,1 1 3 ,6 6 1 1 2 ,4 7 9 ,8 9 1
7 9 6 ,0 0 5
6 3 ,2 9 3
4 0 5 ,5 2 3 4 , 2 1 7 , 3 6 3
2 , 1 3 3 ,1 9 4 2 2 , 6 6 2 , 1 1 8
6 1 4 ,4 4 5 ' 6 ,6 8 5 , 9 5 9
5 .9 4 6 . 1 6 8 6 1 ,6 9 5 ,5 9 0
4 7 6 ,2 1 4 1 5 .1 3 7 ,0 2 4
4 . 9 7 0 . 0 3 0 5 6 .4 3 9 ,6 4 6

1 1 ,6 6 7 ,5 8 7
3 4 2 ,9 8 8
1 , 5 1 6 ,4 9 4
1 1 ,8 7 3 ,7 0 7
6 2 ,3 6 5 ,0 9 6
8 ,2 1 6 ,2 3 4
3 ,6 6 8 ,0 9 0
3 ,7 9 3 , 4 4 4
5 2 ,3 1 6 ,6 9 9
6 2 ,7 4 1 , 4 9 8
3 ,4 7 9 , 1 1 5
6 .0 6 1 , 6 7 6
180936668
9 2 9 ,4 8 0
2 ,9 1 0 ,7 5 6
1 1 ,4 8 6 ,5 0 7
7 4 1 ,4 3 6
3 ,8 0 1 ,0 7 3
1 9 ,3 3 4 ,9 5 4
6 ,2 4 2 ,7 9 4
5 7 ,4 2 7 ,1 9 8
4 ,6 6 9 ,7 8 2
4 9 ,3 4 5 ,8 9 4

A p r i l ............
A p r i l ______
A p r i l ______
A p r i l ............

26416756
13004350
39421105
2 .0 2 6 ,6 8 7

2 3 8 6 2 9 5 4 '2 5 1 4 0 6 0 4 1
11549 299 124873 958
35412 252 376 2 7 9 9 9 8
1 ,8 7 5 ,6 2 7 1 9 ,1 8 1 ,5 1 4

229459605
112886961
342346566
1 7 ,6 0 8 ,6 0 9

A p r il .
A p ril .
A p r il .
A p r il .
2d w k June
A p r il .
A p ril .
M ay .
A p r il .
A p r il .
3d w k June
A p r il .
M ay .
3d w k June
A p r il .
A p r il .
A p r il .
3a w k June
3d w k June
A p r il .
3d wk June
A p r il .
A p ril .
A p r il .
3d wk June
M ay .
2d w k June
A o r il .
■May .
M ay .
M ay .
3d w k June
A p r il .
A p r il .
A p r il .
M ay .

5 ,2 4 8 . 2 8 9
3 , 3 2 8 .0 6 0
8 ,5 7 6 , 3 4 9
4 0 5 ,3 5 4
9 ,7 8 9
3 5 9 ,0 0 8
2 3 3 ,8 8 8
2 9 9 ,6 5 2
3 , 3 9 5 ,5 3 6
4 ,5 2 4 .0 8 1
3 3 1 ,0 0 0
2 ,4 6 0 .7 9 0
16410014
2 , 0 8 0 ,0 4 8
5 5 3 ,0 3 7
1 ,0 7 1 ,7 0 0
3 6 1 ,0 0 3
2 9 7 ,5 4 9
4 9 ,3 4 4
5 0 4 ,1 7 4
3 ,0 7 8
1 4 4 ,6 8 2
2 8 0 ,9 4 4
2 4 2 ,5 3 2
3 8 6 .6 6 3
1 0 6 ,6 2 4
1 4 3 ,3 5 6
7 0 .1 4 2
11432795
1 ,0 4 4 ,9 4 3
3 , 5 1 5 ,9 6 7
2 1 9 ,8 5 2
8 0 1 ,2 5 1
1 2 5 ,8 6 8
7 4 0 ,5 0 2
1 ,4 3 5 ,7 6 2

4 , 8 0 5 , 0 0 0 5 2 , 2 7 5 ,0 7 9
2 . 4 0 7 . 8 1 4 3 7 ,7 1 5 ,7 8 5
7 .2 1 2 .8 1 4 8 9 ,9 9 0 ,8 6 4
3 4 6 ,0 4 4 3 , 3 3 2 , 2 3 4
5 8 4 ,2 1 6
1 0 .7 0 6
3 7 8 ,3 9 0 3 , 3 9 8 , 2 6 5
1 5 4 ,0 9 5 1 ,9 4 3 ,8 8 9
2 1 7 ,3 8 3 4 ,3 7 9 , 4 4 0
2 ,7 5 3 , 9 0 4 3 3 ,6 8 1 ,1 0 6
4 . 0 9 4 ,2 8 7 4 6 , 8 5 4 ,0 7 9
2 1 7 ,0 0 0 1 5 ,4 7 1 ,9 4 8
2 ,1 8 2 , 7 2 0 2 2 . 4 0 6 ,4 1 9
12880344 165821221
1 ,7 4 9 ,8 5 7 1 1 0 2 3 0 4 5 5 9
4 7 6 ,5 4 5 5 ,1 1 8 ,5 3 7
9 4 0 ,9 6 3 ,1 0 ,2 1 4 ,0 5 2
3 0 8 .5 8 4 ! 3 , 5 8 6 , 3 7 4
2 3 7 ,4 7 9 1 2 , 4 6 1 , 4 2 0
4 5 ,3 1 2 2 , 7 3 5 ,5 3 1
3 8 1 ,2 4 7 4 .8 0 1 , 2 7 4
1 1 8 ,0 5 4
2 ,2 6 9
1 4 1 ,2 8 2 1 ,4 5 0 .4 5 5
3 0 9 ,5 4 7 2 ,6 3 7 ,9 8 1
1 8 3 ,9 0 4 2 , 3 3 8 , 7 9 2
3 3 7 ,3 0 3 2 1 ,7 3 9 ,7 3 3
9 8 .5 9 5 1 ,1 4 3 ,6 5 0
1 2 4 .7 4 2 6 . 0 4 6 .1 4 3
9 5 8 ,4 3 4
6 6 .4 2 1
8 , 7 3 4 ,0 2 6 1 1 1 0 9 8 2 6 0
6 7 9 ,5 7 6 9 , 0 8 8 ,8 0 6
3 ,0 7 1 . 6 9 6 3 5 , 7 9 5 . 7 0 5
2 2 9 ,6 0 5 1 2 .2 4 9 ,0 0 3
6 8 6 ,7 9 2 7 ,3 8 3 , 8 0 8
1 0 9 ,0 6 6
1 ,2 2 3 ,7 5 8
7 5 5 ,7 3 0 7 ,9 1 9 , 4 0 8
1 ,1 4 4 ,6 7 4 1 5 ,3 9 3 ,8 7 6

4 8 ,1 6 1 ,5 5 0
3 1 ,0 0 8 ,2 9 2
7 9 , 1 6 9 ,8 4 3
2 ,6 7 1 ,5 7 0
5 3 4 .2 2 6
3 ,1 8 2 ,3 7 2
1 ,4 9 8 ,4 0 8
2 , 3 9 3 ,1 6 4
2 7 , 1 2 8 ,6 4 3
3 9 ,8 9 6 .0 8 8
1 1 . 9 3 3 ,5 2 5
2 0 ,4 9 0 ,0 0 0
139126559
9 0 ,0 0 0 ,8 5 3
4 ,5 7 8 ,0 4 4
9 ,0 6 0 ,9 4 1
3 ,1 3 7 ,3 1 5
1 1 ,5 4 9 ,1 7 5
2 ,3 8 5 ,6 0 9
4 , 1 0 0 ,1 9 1

Previous
Year.

Current
Year.

Previous
Year

%
1 ,5 7 8 ,0 9 9
1 ,5 3 4 ,3 4 4
2 , 5 5 0 .1 0 6
121827992
2 ,9 1 8 ,5 6 9
1 , 1 4 6 ,5 0 8
2 8 ,6 7 2 ,5 9 2
1 , 5 8 6 ,1 2 7
1 , 3 3 6 .2 4 5
101323263
1 ,4 5 6 ,0 7 7
3 ,1 3 2 ,6 5 9
8 .4 9 8 ,5 7 9
9 0 3 ,3 7 5
4 7 ,3 8 3 , 2 1 6
1 1 ,7 2 3 .4 1 8
1 ,5 4 4 ,3 7 4
3 2 ,3 0 2 .2 0 0
125523275
2 ,5 2 1 ,7 8 3
1 0 .6 2 9 .5 0 6
2 8 , 5 0 9 .5 4 2
3 ,9 5 4 ,8 2 6
3 ,5 3 3 ,8 4 8
4 6 ,7 8 4 ,0 4 3
1 3 ,4 8 4 ,6 6 2
8 5 ,4 7 8 ,8 6 2
1 3 ,7 9 6 ,9 5 4
1 4 ,4 1 5 ,9 9 4
7 ,4 9 6 ,6 9 8
2 ,0 2 8 ,1 4 8
8 7 , 3 7 2 ,2 7 3
7 7 .7 0 4 ,9 3 9
1 ,4 5 6 .4 5 3
6 0 ,2 2 7 ,5 7 9
2 , 6 5 1 ,4 2 1
1 6 ,7 2 4 ,0 2 0
2 ,1 4 4 ,2 5 6
8 ,6 9 5 ,0 6 9
1 .2 8 4 ,4 8 3
1 5 ,3 2 4 ,8 8 8
1 6 8 ,6 8 7
3 8 2 ,2 7 5
5 ,5 3 0 ,5 8 1
2 1 ,4 3 7 ,0 9 4
4 0 ,4 5 8 ,6 5 5
2 4 ,2 0 2 ,9 2 0
1 ,8 0 3 ,3 0 8
1 . 1 2 7 .8 9 8
1 .8 1 4 ,0 1 7
1 .4 4 4 ,9 6 1
4 . 5 2 8 ,1 1 3
7 , 7 3 9 .0 5 1
3 ,3 8 8 , 3 8 7
1 ,4 2 1 ,1 3 0
1 0 ,8 9 3 ,9 3 7
8 ,6 1 2 , 9 0 5
5 9 .9 4 7 .5 0 6
5 ,9 3 0 ,8 6 8
8 7 1 ,2 2 9
2 .6 5 6 ,5 5 5
5 , 3 8 9 ,9 1 9
5 2 ,9 9 1 ,3 1 8
3 9 ,1 6 8 ,0 3 6
8 ,2 6 6 ,9 0 3
3 ,0 5 6 .2 8 1
7 4 , 1 0 0 ,0 1 4
1 .6 7 5 ,3 0 4
1 ,6 3 7 ,5 7 8
5 . 8 7 4 ,9 7 3
6 3 , 1 7 1 ,8 2 8
7 ,8 9 3 ,5 7 1
9 ,6 7 2 ,4 8 5
1 ,7 2 7 ,2 6 9
2 ,8 3 9 ,7 1 4
3 8 .8 3 5 .2 1 5
9 ,1 3 6 ,6 6 8
1 ,2 5 8 .8 2 4
1 , 8 5 0 .5 3 6
5 8 ,8 0 2 ,0 2 3
,1 0 ,8 9 5 ,4 8 8
4 3 8 ,7 1 7
1 , 5 3 7 ,4 0 8
1 ,0 4 8 ,9 3 3
1 0 , 5 3 1 ,5 6 4
3 3 , 5 9 1 ,4 2 6
6 7 8 ,3 2 7
3 1 .6 2 6 .2 1 6
5 3 , 3 5 3 .5 4 8
155236093
1 6 ,2 1 3 ,9 1 5
5 ,7 1 9 . 7 4 5
3 4 ,1 4 8 ,2 9 7
3 5 ,8 0 5 ,3 5 6
1 ,4 9 8 ,8 8 1
1 8 ,6 5 5 ,3 3 0
4 ,4 1 0 , 9 5 0
2 , 9 8 5 .8 1 7
274674391

N ash v C h a tt & St L
N e v a d a -C a l- O re g o n
N e w O rl G r e a t N o r
N Y C h i c & S t L o u is
N Y N II & H a r t f . .
N Y O n t & W e ste rn
N Y S u sq & W e s t ..
N o rfo lk S o u t h e r n ..
N o rfo lk & W e s te rn .
N o r t h e r n P a c i f i c ___
N o r t h w o s t ’n P a c ific
P a c i f i c C o a s t C o ___
p P e n n s y lv a n ia RR.
B a lt C h e s & A t l . .
C u m b e r l a n d V a il
L u n g I s l a n d ...........
M a r y 'd D e l & V a
N Y P h lla & N o r f
P h il B a lt & W a s h
W J e rse y & S eash
P e n n s y lv a n ia Co___
G ra n d R a p & In d
I P itts O O & S t L .
T o t a l lin e s —
E a s t P i t t s & E r ie
W e s t P i t t s & E r ie
A ll E a s t S W e s t .
c
P o r e M a r q u e t t e ___
R e a d in g C o —
P h il a & R e a d i n g .
C o a l & Iro n C o . .
T o t a l b o t h c o s ___
R ic h F red & P o to m
R io G ra n d e S o u t h ..
R u t l a n d _____________
S t J o s & G ra n d I s l.
St L B row nsv & M .
S t L Iro n M t & S o .
S t L o u is — S a n F r a n
S t L o u is S o u t h w e s t .
S o a b o a rd A ir L i n e . .
S o u t h e r n P a c i f i c ___
k S o u th ern lt y S y s t .
A la G ro a t S o u t h .
C in e N O & T e x P
N o w O rl & N E . _
M o b ile * O h io ...
G e o rg ia S o & F la .
S p o k P o r t & S e a t t le
T e n n A la & G e o rg ia
T en n essee C e n tr a l.
T e r m R R A s s n ,S t L
St L M B T e r m ..
T e x a s * P a c i f i c _____
T o le d o P oor & W est
T o lo d o St L & W ost
T r in & B ra zo s V a il.
U n io n P a c i f i c S y s t .
V i r g i n i a n ____________
W a b a s h _____________
W estern M a r y la n d .
W e s t e r n P a c i f i c _____
W estern R y o f A la .
W h e e l & L a k e E r ie .
Y a z o o & M is s V a l l .

Period

Various Fiscal Yews
B u f f a l o * S u s q u e h a n n a R R ------D e la w a r e & H u d s o n _____________
E r i o ........................... .. .............- ................
N e w Y o r k C e n t r a l . J .........................
B o s t o n & A l b a n y ----------------------L a k o E r ie & W e s t e r n . n --------M ic h i g a n C e n t r a l . ...................C l e v e C i n e C h ic & S t L o u i s . .
C i n c i n n a t i N o r t h e r n ---------------P i t t s b u r g h & L a k e E r i e ---------T o l e d o & O h io C e n t r a l . ............
K a n a w h a & M i c h i g a n -----------T o t a l all l i n e s . . . ........... ..........
N e w Y o r k C h ic a g o & S t L o u i s . .
N Y S u sq u eh an n a & W e s t e r n ..
p P e n n s y lv a n ia Railroad--------B a lt im o r e C h e s a p & A t l a n t i c
C u m b e r l a n d V a l l e y -----------------L o n g I s l a n d ____________________
M a r v ’ d D e la w a r e & V ir g in ia
N Y P h ila d e lp h ia & N o r f o l k .
P h ila B a lt i m o r e & W a s h l n g 'n
W e s t J e r s e y & S e a s h o r e --------P e n n s y lv a n ia Com pany -------------G r a n d R a p id s & I n d i a n a ------I P i t t s b C i n e C h i c * S t L o u is .
T o t a l lin e s — E a s t P it t s & E r ie
— W e s t P i t t s * E r ie
— A ll lin e s E & W .
R u t l a n d ____________________________

101,021

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

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

1 to
1
1
1
1
1
1
1
1
1
1
1
1
1
1 to
1 to
1
1
1
1
1
1
1
1
1
1
1
1
1
1

M ay
A p r il
A p r il
A p ril
A p ril
A p r il
A p r il
A p r il
A p r il
A p r il
A p r il
A p ril
A p ril
A p r il
A p r il
A p r il
A p ril
A p ril
A p ril
A p r il
A p ril
A p ril
A p r il
A p r il
A p r il
A p r il
A p ril
A p ril
A p ril
A p ril

$ 6 7 2 ,8 8 6
8 ,6 7 1 ,8 5 7
2 3 , 0 6 7 ,1 1 3
6 3 , 7 2 4 ,5 8 6
6 ,7 5 5 .4 6 9
2 ,6 0 5 ,4 3 7
1 6 ,0 7 2 ,5 8 2
1 5 .6 1 9 .7 8 1
6 9 9 ,9 2 7
7 ,3 5 8 ,1 4 5
2 , 0 5 2 ,7 3 3
9 8 2 ,2 4 0
115870882
5 , 2 5 1 ,2 8 7
1 , 2 9 4 ,9 7 2
7 8 , 1 5 1 ,3 2 9
2 6 6 ,7 0 6
1 ,4 3 7 ,8 1 1
4 ,2 1 5 ,3 9 5
2 3 6 ,4 1 6
1 .4 9 9 ,2 0 8
9 ,2 0 2 , 0 4 4
2 , 1 9 6 ,3 3 6
2 1 ,7 4 0 ,7 7 4
2 ,0 0 7 .0 6 5
2 2 ,9 8 3 ,5 9 5
3 0 9 8 , 4 7 3 ,1 1 1
3 0 :4 7 , 4 0 1 , 1 1 8
30 145874229
301 1 ,3 2 1 ,4 6 1

$ 6 8 6 ,0 3 8
8 .4 8 5 ,0 2 9
2 3 ,1 2 4 ,8 2 8
6 3 ,0 7 6 ,7 8 9
6 ,6 3 7 , 5 5 6
2 ,2 4 6 , 2 3 7
1 4 , 1 6 5 ,6 8 8
1 4 , 4 8 3 ,5 3 0
5 7 7 ,7 2 1
7 ,4 9 7 , 2 0 6
1 ,7 6 0 ,6 6 2
1 ,1 7 2 ,5 3 1
111617919
5 . 0 1 9 ,0 3 3
1 ,5 6 4 ,0 8 4
7 2 ,4 6 7 ,5 0 5
2 6 1 ,8 1 5
1 .2 1 1 .5 3 0
3 ,9 8 5 ,7 2 7
2 1 5 ,9 5 6
1 ,5 1 2 ,3 3 9
7 ,7 4 0 , 4 3 5
2 . 0 7 8 .5 3 1
2 1 ,7 8 5 ,7 4 2
1 ,8 0 5 ,3 8 3
2 0 , 0 6 9 ,5 4 3
9 0 ,6 5 8 ,9 5 0
4 4 ,2 3 4 ,9 4 5
134893 895
1 , 2 6 6 ,1 2 6

AGGREGATES OF GROSS EARNINGS— Weekly and M onthly.
•
2d
3d
4 th
1st
2d
3d
4 th
1st
2d
3d

Weekly Summaries.

w eek
w eek
w eek
w ook
w eek
w eek
w eek
w ook
w eek
w oek

Apr
Apr
Apr
M ay
M ay
M ay
M ay
June
Juno
June

(3 2
(3 1
(3 0
(3 2
(3 2
(3 1
(3 0
(2 7
(2 8
(2 6

r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____

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

Previous
Year.
$
1 2 ,6 4 8 ,3 5 8
1 2 .3 8 2 ,6 2 3
1 5 , 6 9 2 ,8 8 8
1 2 ,5 8 1 ,4 9 2
1 2 , 7 4 7 ,7 7 6
1 2 ,8 1 2 ,6 9 7
1 8 ,6 0 8 ,5 4 9
1 2 ,2 8 9 ,0 0 2
1 2 ,8 2 7 ,6 9 6
1 2 ,3 0 8 ,0 4 9

Increase or
Decrease.

%

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

*

Monthly Summaries.

Mileage.

Cur. Yr. Prev. Yr.

A u g u s t ____ .2 4 5 , 5 1 6
S e p t e m b e r . .2 4 8 , 1 5 6
O c to b e r . . . .2 1 6 ,6 8 3
N o v e m b e r . .2 4 8 ,8 6 3
D o c e m b e r . .2 1 6 ,8 1 1
J a n u a r y ... .2 4 8 ,4 7 7
F e b r u a r y .. .2 4 9 ,7 9 5
M a r c h ____ .2 4 8 , 1 8 5
A p r i l ______ . . 2 4 8 , 7 2 3
M a y_____ . 8 2 ,7 6 6

Current
Year.

Previous
Year.

$
2 4 4 ,7 6 5 3 3 3 ,4 6 0 ,4 5 7 2 7 8
2 4 7 , 4 6 6 3 3 2 8 8 8 ,9 9 0 2 9 4
2 4 6 0 0 0 3 4 5 7 9 0 ,8 9 9 3 1 0
2 4 8 .0 5 8 3 3 0 , 2 5 8 , 7 1 5 3 0 8
2 1 5 ,6 6 9 2 6 2 , ,1 7 1 .1 6 9 , 2 4 2
2 4 7 ,3 2 7 3 0 7 , ,9 6 1 .0 7 4 2 6 7
2 4 8 ,7 3 8 :2 7 1 , 9 2 8 ,0 6 6 2 6 9
2 4 7 ,317 ] 3 2 1, 3 1 7 ,5 6 0 2 9 4
2 4 8 . 1 2 0 3 2 6 , 5 6 0 .2 8 7 2 8 8
8 1 , 3 2 6 1 8 1 , 6 0 4 ,1 6 0 7 0

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

Increase or
Decrease.
+ 5 4 ,6 7 3 ,4 3 6
+ 3 8 ,5 5 5 ,5 4 1
+ 3 5 ,0 5 0 ,7 8 8
+ 2 3 ,6 5 2 ,2 7 4
+ 2 0 ,1 0 6 ,9 3 4
+ 4 0 ,8 4 5 .7 8 5
+ 2 ,6 5 5 ,6 8 4
+ 2 7 ,2 4 9 ,2 1 5
+ 3 7 ,8 1 9 ,6 3 4
+ 1 0 .9 4 7 ,6 1 4

1 9 .6 8
1311

11.23
7 .7 1
8 .3 1
1 5 .2 9
0 .9 9
9 .2 7
1 3 .1 0
1 5 .4 6

o I n c lu d e s C l e v e l a n d L o r a i n A W h e e lin g R y . b I n c lu d e s E v a n s v i ll e A T e r r e H a u t e , c I n c lu d e s M a s o n C i t y A F o r t D o d g e a n d t h e W i s c o n s i n
M in n e s o t a A P a c ific ,
d I n c lu d e s n o t o n l y o p e r a t i n g r e v e n u e , b u t a l s o a ll o t h e r r e c e i p t s , e D o e s n o t i n c l u d e e a r n in g s o f C o l o r a d o S p r in g s & C r i p p l a
C re e k D is t r ic t R y .
/ I n c l u d e s L o u is v i ll e & A t l a n t i c a n d t h e F r a n k f o r t A C i n c i n n a t i ,
g I n c l u d e s t h e T e x a s C e n t r a l a n d t h e W i c h i t a F a lls l in e s .
h I n c lu d e s t h e S t . L o u is I r o n M o u n t a i n A S o u t h e r n . ) I n c lu d e s t h e L a k e S h o r e & M i c h i g a n S o u t h e r n R y . , C h i c a g o I n d i a n a & S o u t h e r n R R . . a n d
D u n k i r k A l l e g h e n y V a ll e y & P i t t s b u r g h R R .
k I n c lu d e s t h e A l a b a m a G r o a t S o u t h e r n , C i n e . N e w O r le a n s A T e x a s P a c i f i c . N e w O r le a n s A N o r t h e a s t e r n
a n d t h e N o r . A la b a m a
I I n c lu d e s V a a d a lla R R
n I n c lu d e s N i r . O h io R R . p I n c lu d e s N o r t h e r n C e n t r a l . * W e n o lo n g e r I n c lu d e M e x i c a n r o a d s in
a n y o f o u r t o t a ls .




THE CHRONICLE

2636

t" Latest Gross Earnings by Weeks.— In the table which

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.

follows we sum up separately the earnings for the third week
of June. The tablo covers 26 roads and shows 1 4 .8 6 %
increase in the aggregate over the same week last year.

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

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

1 ,1 5 2 ,4 4 0

2 8 8 ,9 8 4

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

2 4 1 ,8 3 0

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

$

3 5 ,8 7 1
7 5 ,2 9 4
6 0 ,0 7 0
3 ,0 9 1
1 1 4 ,0 0 0
3 3 0 .1 9 1
809
4 9 ,3 6 0

1 ,9 3 5
4 ,0 3 2

1 ,3 0 3
7 ,6 9 6

9 ,7 5 3

1 4 ,1 3 8 ,8 7 7 1 2 ,3 0 8 ,0 4 9 1 ,8 4 3 ,8 1 9
—
—
1 , 8 3 0 ,8 2 8

N e t in c r e a s o ( 1 4 . 8 6 % ) -

1 2 ,9 9 1
..................

N et E arnings M o n th ly to L a te st D a te s.— The tablo
following shows the gross and net earnings with charges and
surplus of S T E A M railroads and industrial companies re­
ported this week:
-------- Gross

Current
Year.

Roads.

Earnings—
Previous
Year.

------- Net

Current
Year.

Earnings------Previous
Year.

$
$
$
A t c h T o p S a n t a F o . b . M a y 1 3 ,8 2 5 .2 9 0 1 1 ,9 6 7 ,9 1 9 / 4 , 9 0 6 ,2 3 6 1 4 ,8 5 4 ,7 1 3
J u l y 1 t o M a y 3 1 . . . . . 1 1 2 , 3 7 0 ,0 9 2 1 2 1 8 2 7 ,9 9 2 J 5 4 ,8 9 3 ,8 8 8 1 4 5 ,8 1 4 ,5 7 1
B a lt i m o r e &' O h io * .b ___ M a y 1 1 , 4 7 3 ,2 5 5 " lO ,2 0 1 /7 1 3
3 ,1 7 0 , 8 0 0
2 ,8 5 5 ,4 1 1
to J a n 1 t o M a y 3 1 .............. 4 9 ,8 9 7 ,5 7 3 4 5 , 2 8 2 , 9 5 8 ^ 1 1 ,5 7 7 ,6 0 3 .1 0 ,9 4 2 ,5 0 4
C a n a d ia n N o r S y s t e m .. M a y 3 ,7 8 4 ,7 0 0
3 ,0 8 8 ,9 0 0
1 , 0 5 4 , 4 0 0 . U 7 2 7 T §5 &
I
J u l y 1 t o M a y 3 1 .............. 3 7 , 1 9 6 , 1 0 0 3 0 , 0 4 7 , 8 0 0 '9 , 3 1 6 , 8 0 0 _ 7 , 5 5 2 , 8 0 0
C a n a d i a n P a c i f i c . a _____M a y 1 4 , 3 5 5 ,1 5 0 1 2 ,4 7 2 ,1 6 7
4 ,5 5 1 ,7 2 0
4 ,3 7 2 ,2 8 3
J a n 1 t o M a y 3 1 . ............5 7 , 7 9 9 , 7 9 7 5 1 , 1 1 9 , 1 1 2 1 7 ,0 8 1 ,5 4 3 1 5 ,9 1 2 ,1 0 0
I llin o is C e n t r a l . a _____ M a y
7 ,3 7 9 ,9 2 7
5 ,9 8 5 ,4 7 2
‘ T ,7 3 4 ,8 2 0 1 ,2 8 8 ,7 3 3
5 , 7 5 8 ,4 5 6
J a n 1 t o M a y 3 1 .............. 3 4 , 4 3 9 , 9 8 5 2 8 , 8 5 5 , 4 6 8 . 7 , 9 3 2 , 3 4 5
M a i n e C e n t r a l ____________ M a y 1 , 2 4 4 ,0 1 2
2 7 2 ,5 3 6
1 , 0 4 3 ,1 2 5
3 0 7 ,9 5 3
2 ,8 2 9 , 7 0 8
2 ,9 1 1 ,9 9 7
J u l y 1 t o M a y 3 1 ________1 2 ,4 1 5 ,4 3 9 1 0 ,8 9 5 ,4 8 8
3 0 0 ,5 4 2
3 6 2 ,9 1 6
N a s h v C h a t t & S t L . b . M a y 1 ,2 7 2 ,2 8 6
1 ,1 0 7 ,3 5 1
1 , 3 0 8 ,3 8 2
1 ,4 4 8 ,2 2 2
J a n 1 t o M a y 3 1 ________ 5 ,9 7 5 , 4 1 0
5 ,3 9 9 ,3 7 6
4 , 0 9 4 ,7 0 1
5 , 9 9 1 ,7 5 6
S o u t h e r n P a c i f i c . a _____M a y 1 6 ,4 1 0 ,0 1 4 1 2 ,8 8 0 ,3 4 4
r J a n . I t o M a y 3 1 .............. 7 4 , 9 9 0 , 7 1 5 5 9 .0 2 9 ,2 4 7 2 2 , 8 6 1 , 9 5 5 1 5 .6 2 2 ,1 9 0
>
U n io n P a c i f i c . a . ................ M a y 1 1 , 4 3 2 ,7 9 5
8 ,7 3 4 ,0 2 6
4 , 2 3 6 , 5 4 6 3 ,3 8 5 ,5 4 7
l J a n 1 t o M a y 3 1 ________4 7 ,3 8 2 ,6 2 9 4 1 , 3 4 6 , 9 1 5 1 4 ,3 9 6 ,5 5 3 1 4 ,8 9 4 ,7 4 6
V ir g in ia n I t y . a ................... M a y 1 ,0 4 4 ,9 4 3
6 7 9 ,5 7 6
5 0 3 ,9 2 2
3 1 7 ,3 6 3
J a n 1 t o M a y 3 1 ------------ 4 ,4 0 8 ,5 0 1
3 ,5 3 6 ,1 5 7
1 ,9 2 8 ,3 7 8
1 ,7 2 4 ,0 7 7
1 ,0 0 2 ,7 4 1
W a b a s h . b - _ .................... . M a y 3 , 5 1 5 , 9 6 7
3 ,0 7 1 ,6 9 6
--------- -------1 , 1 2 4 ,4 9 4
4 ,7 4 8 ,8 1 8
J a n 1 t o M a y 3 1 ________ 1 5 ,9 0 1 ,6 1 8 1 4 ,8 3 4 ,9 5 4
4 , 6 8 4 ,6 5 4
i •3 2 0 ,8 2 8
Y a z o o & M is s V a i - a . . . M a y
1 ,4 3 5 ,7 6 2
1 ,1 4 4 ,6 7 4
3 3 0 ,4 9 2
1 ,3 1 5 ,3 7 4
6 ,7 5 8 ,4 4 5
5 , 3 6 4 ,8 0 5
1 ,4 2 8 ,2 3 4
_► J a n i l t o M a y 3 1 ..............
a '.N e t ’ e a r n in g s h e r o g i v e n a r o a f t e r d e d u c t i n g t a x e s ,
b N e t e a r n in g s h e r o g i v e n a r e b o f o r o d e d u c t i n g t a x e s . I
r ' F o r M a y t a x e s a n d u n c o l le c t i b l e r a i lw a y r e v e n u e a m o u n t e d t o § 6 0 2 , ­
1 6 6 , a g a in s t $ 5 3 7 ,4 8 3 in 1 9 1 6 ; a f t e r d e d u c t i n g w h ic h , n e t f o r M a y 1 9 1 7
w a s $ 4 , 3 0 4 , 0 7 0 , a g a in s t $ 4 , 3 1 7 , 2 3 0 la s t y e a r .
F r o m J u l y 1 t o M a y 31
t a x e s , & c . , w e r e $ 6 , 5 6 4 ,9 8 9 in 1 9 1 7 , a g a in s t $ 5 , 7 3 6 , 7 9 6 In 1 9 1 6 .
The
p e r c e n t o f r e t u r n o n p r o p e r t y in v e s t m e n t w a s 6 .7 7 f o r t h o 12 m o n t h s e n d in g
M a y _ 3 1 * 1 9 1 7 , a g a in s t 5 .8 7 f o r t h e s a m o p e r i o d la s t y e a r . :fJ
■ I -q
'

Gross
Earnings.

Net after
Taxes.

$
7 5 6 ,2 6 3
n 7 2 2 ,2 1 2
3 ,3 0 4 ,9 1 9
3 ,4 2 3 .7 9 1

N . Y kO n t ;& W e s t . . . M a y T 7
T6
5 m o s ’ 17
T6

In c o m e

$

?
C a m b ria Sc Inuiana—
A p r .’ 17
24,805
3,158
•16
19,560
684
4 mos ’ 17
97,959
15,098
’ 10
87,980
13,473
N o rfo lk & W estern—
M a y '17 5,522,881 1,920,535
’ 16 5,293,540 2,463,232
5 mos ’ 17 25,208,590 9,673,327
'16 24.154,172 10,749,481

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

To tal J ‘ C h a rg e s 1
In c o m e .
< Tax es.
fe

$

40,613
20,419
150,489
72,091

S

43,771
21,103
165,587
85,564

13,324
7,771
52,923
31,694

Balance,
Surplus.
$
8 7 ,9 2 3
6 6 ,7 0 7
1 2 4 ,4 5 4
9 5 ,1 1 7
lt n la n c e .
S u r p lu s .

«

30,447
13,332
112,664
53,870

436,571 2,357,106
148,675 2,611,907
1,768,186 U ,441,613
817,301 11,566,782

571,169
509,335
2,880,900
2,626,095

G ro ss
In c o m e .
%

F ix e d
C h a rge s.

103,197
112,192
465,536
386,053

1,111.490
1,601,065
3,955,353
5,952,923

199,921
911,569
627,170
973,895
5,042,983 tlf 1,087,630
4,783,320 1,169,603

80,074
81,212
539,979
500,851

299,656
364,275
1,367,491
1,756,958

185,789
178,092
893,989
885,413

113,867
186,183
473,502
871,545

48,547
43.127
302,888
213,217

81,052
61,582
395,135
368,851

23,487
24,189
117,590
122,672

57,565
37,393
277,545
246,179

202,383

94, 58
87,557
918,261
803,219

107,625
372,717
495,785
2,053,822

G ro ss
E a r n in g s .

N e t a fte r
Tax es.

O ther
In c o m e .

$

«

$

836
' 10*201
6,108

$

______

1,414,046
2,857,041

C O M P A N I E S .3
- March1916.
1917.
$
Southern Express C o ­
$
T o t a l f r o m t r a n s p o r t a t ______ . 1 ,7 8 1 ,3 9 0
1 ,6 3 2 ,9 1 3
E x p r e s s p r i v il e g e s — D r ______ .
9 2 0 ,2 2 9
8 7 1 ,4 3 6
R e v e n u o f r o m t r a n s p o r t a ’ ni
8 0 1 ,1 6 0
7 6 1 ,4 7 7
O p o r . o t h e r t h a n t r a n s p o r t a ..
3 1 ,1 4 2
3 9 ,5 0 2

1,785,937
2,102,572
8,560,613
8,940,687
B a la n c e ,
S u r p lu s

$

EXPRESS

.

* N e t o p e r a tin g r o v o n u e .
U n c o l l e c . r e v . f r o m t r a il s ___ .
E x p r e s s t a x e s __________
.
O p e r a t in g i n c o m o __________




Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
$
A d ir o n d E l P o w C o r p A p r i l ______
5 1 1 ,0 5 8
1 1 7 ,5 7 6
1 2 6 ,4 3 1
5 4 6 ,3 4 9
1 1 7 ,4 9 8
2 6 ,0 8 0
A t l a n t i c S h o r e R y ___ M a y ______
112, ,7 2 5
1 4 ,8 8 5
5 9 4 ,4 7 0
1 6 3 .7 4 6 1 5 4 ,8 3 0
c A u r E l g i n St C h i c R y A p r i l ______
6 3 3 ,2 6 3
7 0 ,6 3 2
2 5 5 ,1 3 8
6 2 ,6 5 4
B a n g o r R y Sc E le c t r ic A p r i l ______
2 8 5 ,2 9 5
6 6 ,9 2 4
76, ,5 3 3
1 5 ,7 4 7
1 8 ,9 8 8
B a t o n R o u g e E l e c C o A p r i l ______
1 8 6 ,2 6 5
168, ,9 2 6
6 2 ,1 1 4
5 9 ,2 3 8
B e l t L R y C o r p ( N Y C ) M a r c h _____
2 9 0 ,8 4 2
3 3 0 , ,9 7 9
8 5 .4 9 7
7 8 ,4 4 5
B e r k s h ir e S t r e e t R y . A p r i l ______
B r a z iiia n T r a c , L & P A p r i l ______ / 7 4 5 3 0 0 0 1 6 8 8 2 0 0 0 / 2 9 1 4 0 ,0 0 0 1 2 6 6 9 7 ,0 0 0
3 0 ,8 5 8
3 3 ,9 2 6
8 ,4 0 3
8 ,7 8 3
B r o c k St P l y m S t R y . A p r i l ______
B k ly n R a p T r a n S y s t M a r c h _____ 2 4 9 2 ,6 1 4 2 3 1 5 ,7 7 9 7 ,1 1 7 , ,0 3 8 6 , 6 7 3 , 3 3 6
138, ,854
1 1 8 ,8 6 0
2 8 ,2 3 5
C a p e B r e t o n E l e c C o A p r i l ______
3 4 .5 0 9
9 6 ,5 0 7
9 8 , ,641
C e n t M i s s V E l P r o p . A p r i l ______
2 4 ,1 7 9
2 4 ,3 7 8
3 9 7 ,6 8 1
C h a t t a n o o g a R y St L t A p r i l ............ 1 1 1 ,8 4 0
4 2 7 , ,7 5 7
9 9 ,9 8 3
C it io s S e r v i c e C o _____ M a y
1 5 6 5 ,4 2 6 7 0 9 .0 8 5 8 ,4 3 2 , ,2 3 6 3 , 3 2 4 , 3 0 6
1 1 9 ,9 7 5
4 3 ,1 1 8
143 ,2 9 3
C l o v e P a in e s v St E a s t A p r i l ______
3 2 ,6 2 0
4 0 9 ,6 4 1
4 4 8 , ,1 8 6
1 1 6 ,8 1 3 1 0 6 ,6 1 2
C l e v e S o u t h w St C o l . A p r i l ______
8 6 1 .6 2 5 6 5 8 ,9 0 8 4 ,9 4 4 , ,4 3 8 4 , 1 3 6 , 4 4 9
^ C o l u m b i a G a s St E l . M ay____
6 4 .8 7 8
2 6 8 .1 8 3
3 4 2 , ,1 6 2
8 3 ,7 1 7
C o l u m b u s ( G a ) E l C o A p r i l ______
C o l u m (O ) R y , L St P A p r i l ______
3 0 4 ,8 1 9 2 8 5 ,0 0 6 1 ,2 9 1 , ,0 9 7 1 ,1 5 1 ,2 1 7
C o m ’ w ’ tli P R y & L t . M a y ______ 1 5 1 2 ,0 1 4 1 3 2 8 ,0 7 0 7 ,7 2 1 ,9 6 6 6 , 7 6 5 , 5 3 7
7 7 6 ,8 0 9 7 4 4 ,1 7 0 3 ,0 9 0 , ,9 1 2 2 ,8 7 8 ,5 5 2
C o n n e c t i c u t C o ______ A p r i l ______
C o n s u m P o w ( M i c h ) . M ay____
4 4 4 ,1 5 3 3 6 1 ,9 3 8 2 ,2 9 7 ,0 7 3 1 ,8 9 4 ,5 6 3
8 3 2 ,9 0 0
C u m b C o (M o ). P Sc L A p r i l ______
9 2 5 , ,8 2 0
2 3 3 ,4 3 9 2 1 1 ,9 4 4
6 4 7 ,9 8 8
7 4 1 , ,0 6 9
1 5 1 ,2 6 9
D a ll a s E l e c t r i c C o ___ A p r i l ______
1 7 2 ,9 2 7
6 5 4 ,4 6 1
D a y t o n P o w St L t ___ M a y ______
6 7 3 , ,2 0 8
1 3 6 ,5 9 5 1 2 2 ,5 8 8
a D o t r o i t E d i s o n _____ M a y ______ 9 6 2 ,6 3 0 7 6 1 ,8 6 4 5 ,1 2 8 , ,7 3 5 4 , 1 3 3 , 5 2 0
D o t r o i t U n it e d L in e s A p r i l ______ 1 4 5 6 ,3 8 4 1 3 0 4 ,2 3 3 5 ,6 8 1 , ,834 4 ,9 0 4 , 8 1 5
D D E B St B a t t ( R e c ) M a r c h _____
1 1 7 ,9 8 4
4 0 .0 0 7
3 7 ,4 5 2
104, ,681
5 3 8 .6 8 7
1 0 7 ,9 2 1
D u lu t h - S u p e r io r T r a c M a y ______
6 3 6 ,1 5 3
1 2 5 ,5 5 0
E a s t S t L o u is St S u b . A p r i l ______
9 2 6 .3 7 3
1 ,1 4 6 ,0 9 6
2 9 8 ,2 7 9 2 3 7 ,6 4 6
2 5 5 ,6 0 4
3 0 3 ,8 0 8
6 2 ,9 9 6
E a s t e r n T e x a s E l e c . . A p r i l ______
7 5 ,3 8 7
3 6 8 ,7 1 9
4 3 7 ,1 6 0
8 5 ,7 9 9
E l P a s o E l e c t r ic C o . . A p r il
1 0 1 .3 7 9
4 6 5 .7 4 2
4 1 5 ,9 8 4
4 2 d S t M St S t N A v e M a r c h _____
1 4 6 ,9 3 6 1 5 5 ,1 8 3
9 3 2 ,4 5 6
8 6 1 ,7 8 8
2 1 9 ,5 3 1 2 0 3 ,1 7 5
g F e d e r a l L t St T r a c . A p r i l ______
6 1 2 ,0 1 3
6 1 9 .5 2 9
1 5 0 ,6 9 9 1 5 1 ,4 1 7
G a l v - H o u s E l e c C o . . A p r i l ______
4 1 9 ,9 1 1
4 3 2 ,7 9 8
G r a n d R a p i d s R y C o A p r i l ______
1 0 3 ,0 2 5 1 0 3 ,0 4 7
G r e a t W e s t P o w S y s t A p r i l ______
3 2 7 .0 7 1 2 9 3 .5 1 9 1 ,3 1 3 ,5 1 0 1 , 2 1 7 .6 8 2
1 4 8 ,3 7 0
1 7 6 ,5 0 5
3 9 ,3 0 6
4 4 ,9 7 9
U a g e r s ’ n St F r e d R y . A p r i l ______
4 5 1 ,3 7 9
4 5 8 ,1 5 1
H a r r i s b u r g R a il w a y s M a y ______
9 3 ,4 3 1
9 5 .7 6 5
5 3 4 ,6 1 3 4 6 6 ,5 5 4 2 ,1 3 1 .8 2 3 1 ,9 1 8 ,7 8 7
H a v a n a E l R y , L St P A p r i l ______
2 1 4 ,5 1 1
2 2 9 .5 7 3
5 5 ,0 3 9
5 6 ,7 6 0
H o n o lu lu R T & L a n d A p r i l ______
1 0 3 ,9 5 9
1 1 6 ,0 3 5
2 7 .7 6 6
3 1 ,5 3 6
H o u g h t o n C o T r C o . A p r i l _______
b H u d s o n & M a n h a t . M a y ______ 5 2 3 .1 4 7 5 0 2 ,5 4 4 2 , 6 3 0 ,6 6 1 2 , 4 8 4 , 2 5 5
I llin o is T r a c t i o n _____ M a y ______ 1 0 5 4 ,4 4 5 9 4 9 ,9 8 6 5 ,3 8 8 , ,3 0 9 4 , 9 2 1 , 1 3 1
I n t o r b o r o R a p T r a n . M a y ______ 3 5 1 1 ,4 9 7 3 2 3 1 .0 0 8 1 7 ,5 8 5 ,8 8 4 1 6 ,1 0 0 ,7 1 6
2 1 2 ,5 0 7
2 3 3 ,2 7 8
5 4 ,5 9 3
5 8 ,6 7 5
J a c k s o n v i l l e T r a c C o A p r i l ______
7 8 ,8 4 2
1 9 ,9 3 0
7 8 , ,0 9 0
1 9 ,4 0 4
K e o k u k E l e c t r i c C o . A p r i l ______
3 7 ,8 1 7
1 0 ,8 7 5
4 4 , ,1 1 9
9 ,7 5 9
K e y W e s t E l e c t r i c ___ A p r i l ______
4 5 3 ,1 4 4
L a k e S h o r o E l e c R y . A p r i l ______
5 1 8 ,3 9 5
1 3 8 ,1 0 5 1 1 8 ,6 2 2
9 6 0 ,3 5 4
2 3 1 ,6 1 0 2 0 6 .3 1 1
L e h ig h V a ll e y T r a n s i t
1 ,0 8 2 ,1 5 5
2 1 9 ,0 6 1
L e w i s t A u g St W a t e r v A p r i l ______
2 5 1 ,7 7 6
6 0 ,4 0 0
6 8 ,0 5 3
4 6 .3 2 1
1 5 .8 3 2
1 7 ,2 8 2
L o n g I s la n d E l e c t r i c . M a r c h _____
4 8 , ,3 0 9
7 2 8 ,3 5 7
L o u ls v l ll e R a i l w a y . . M a r c h ___
7 4 8 , ,541
2 6 1 .4 7 8 2 5 0 ,5 7 1
M i l w E l R y St L t C o . M a y ______
6 4 4 ,4 9 4 5 5 1 ,7 9 7 3 ,2 5 5 .3 7 5 2 ,8 8 5 ,5 5 8
6 6 1 .6 9 8
1 7 0 ,7 0 5
8 3 7 ,4 5 7
1 4 3 ,8 5 4
M i l w L t , l i t St T r C o M a y ______
6 1 7 .5 3 4
1 2 1 .5 8 6 1 ,0 0 2 ,9 5 7
2 3 2 .3 7 5
M o n o n g a h o l a V a il T r M a y ______
7 6 9 ,5 8 2
1 9 3 ,6 4 1
2 0 1 ,5 9 1
N a s h v i ll e R y St L i g h t A p r i l ______
8 1 0 ,3 8 1
9 2 ,8 7 3
2 9 7 ,4 6 6
3 4 8 ,9 0 6
7 9 ,6 4 7
N e w p N & H R y G & E A p r i l ______
1 7 8 ,6 0 8
1 8 0 .5 1 5
6 0 ,8 1 8
N Y C i t y I n t o r b o r o . . M a r c h _____
6 2 .4 4 7
8 4 ,8 2 3
2 9 ,2 1 6
3 1 ,3 9 0
N Y St L o n g I s l a n d . . M a r c h _____
8 8 ,4 6 9
3 4 ,1 6 0
3 3 ,3 0 4
1 1 ,4 3 1
1 1 ,7 7 9
N Y & N o r t h S h o r e . . M a r c h _____
3 2 1 ,3 2 8
2 9 5 ,5 4 2
1 1 1 ,9 0 5
N Y St Q u e e n s C o ___ M a r c h _____
9 8 ,0 1 6
N e w Y o r k R a i l w a y s . A p r i l ______ 1 0 3 3 ,6 0 8 1 1 3 5 .8 0 2 3 . 9 9 6 ,2 5 1 4 , 4 0 5 , 5 3 6
9 8 ,5 5 5
N Y St S t a m f o r d I t y . A p r i l ______
104 ,7 5 8
2 7 .1 3 5
2 7 .4 4 7
1 6 2 ,8 5 2
N Y W o s t c h o s Sc B o s t A p r i l ______
1 7 8 .6 2 9
4 4 .8 3 3
4 8 ,1 0 0
4 8 ,0 1 6
4 9 ,6 5 1
1 7 ,2 8 2
1 7 ,3 3 4
N o r t h a m p t o n T r a c . . M a r c h ___
1 ,9 6 7 ,8 9 7
5 3 9 ,6 2 0 4 2 5 ,9 4 3 2 ,5 9 4 ,3 7 3
N o r O h io T r a c St L t . M a y ______
6 0 5 .9 3 8
7 0 4 ,5 8 2
1 7 5 ,3 5 9 1 4 6 .4 9 4
N o r t h T o x a s E l e c t r ic A p r i l ______
1 6 ,5 9 1
6 ,0 0 3
6 ,4 9 3
17 ,0 1 5
O c e a n E l e c t r i c ( L I ) . M a r c h _____
2 7 6 ,1 9 1 2 5 5 ,8 2 8 1 ,0 9 1 ,3 9 9 1 , 0 1 7 ,2 4 4
P a c i f i c L t St P C o r n .. A p r i l ______
1 0 3 ,1 8 0
1 0 3 .5 9 8
2 4 ,3 8 4
2 3 ,8 6 6
g P a d u c a h T r St L t C o A p r i l ______
9 3 ,2 1 6
1 0 3 ,2 3 4
2 3 ,3 9 1
2 4 ,0 5 8
P e n s a c o l a E l e c t r i c C o A p r i l ______
2 5 7 0 ,4 4 0 2 3 9 1 ,3 7 0 1 2 ,1 7 0 ,6 8 9 1 1 ,1 0 9 ,4 0 0
P h ila R a p id T r a n s i t .
1 9 5 ,8 5 4
P h ila St W e s t e r n R y . M a y ______
2 1 0 ,2 4 6
4 6 ,0 1 1
4 7 ,7 7 8
P o r t (O r e ) R y . L & P C o . A p r i l ______
4 7 3 ,3 5 8 4 4 7 ,9 6 7 1 ,8 9 7 ,9 7 5 1 ,7 6 3 ,0 8 9
g P u g e t S d T r L & P . A p r i l ______ 7 5 4 ,6 8 7 6 4 5 .0 8 8 3 .0 3 1 ,1 5 4 2 ,5 6 7 .2 5 8
1 ,8 5 4 ,0 2 5 1 ,6 1 2 ,8 9 4
3 7 1 .7 4 6 3 2 6 ,4 0 1
R e p u b l i c R y St L t . . M a y ______
1 ,8 2 7 ,9 3 8 1 , 7 3 5 ,2 0 8
4 5 9 ,6 1 8 4 4 4 ,8 2 7
t h o d o I s la n d C o _____ A p r i l ______
8 3 ,1 0 1
9 4 ,041
2 8 ,6 1 2
3 3 ,3 2 9
M a r c h _____
R ic h m o n d L t & R R
5 6 3 ,0 0 6
6 2 6 ,8 9 2
1 1 7 ,9 6 0 1 0 6 ,2 6 1
S t J o s R y , L , II St P . M a y ______
1 3 5 ,5 4 9
133 ,4 4 4
4 2 ,9 7 4
4 0 ,0 2 1
S a n t i a g o E l e c L t & T r M a r c h ___
2 5 6 .6 9 9
2 9 8 ,5 6 8
6 4 ,8 9 8
7 6 ,9 6 8
S a v a n n a h E l e c t r i c C o A p r i l ______
1 8 7 ,3 5 9
179 ,9 8 8
6 1 .3 0 0
S e c o n d A v e n u e ( R e c ) M a r c h _____
6 3 ,1 8 4
5 3 ,2 2 2
1 8 ,0 1 8
4 9 .7 8 3
S o u t h e r n B o u l e v a r d . M a r c h _____
1 7 ,6 1 9
S o u t h e r n C a l E d is o n A p r i l ______ 4 3 4 ,6 3 2 4 0 1 ,2 8 6 1 ,6 6 0 ,4 0 3 1 ,6 1 5 ,4 9 5
6 2 ,9 9 6
2 1 ,9 2 1
6 7 ,4 8 0
2 3 ,7 6 4
S t a t e n I s l 'd M i d l a n d . M a r c h _____
3 3 8 ,1 3 7
3 5 4 ,7 0 3
7 8 ,9 6 0
8 2 ,2 6 2
T a m p a E l e c t r i c C o . . A p r i l ______
T h ir d A v e n u e M a r c h _____ 3 4 3 ,4 4 9 3 4 1 ,4 1 9 1 ,0 1 1 ,7 9 4 1 ,0 0 9 ,0 5 9
T w in C it y R a p T r a n . M a y . .
8 4 1 ,7 6 5 8 4 9 ,0 5 7 4 ,3 2 2 ,7 4 9 4 , 1 5 6 , 2 2 5
6 5 8 ,5 7 9
6 7 7 ,0 4 4
U n io n R y C o o f N Y C M a r c h _____ 2 3 2 .6 2 6 2 1 9 ,5 3 3
5 1 5 ,2 5 0 4 7 8 ,6 0 1 2 ,5 4 1 ,0 3 8 2 ,3 7 4 ,9 8 3
V i r g i n ia R y St P o w e r - M a y
3 5 1 ,1 9 3
4 0 1 ,4 8 5
7 7 ,7 5 3
8 6 .4 9 7
W a s h B a lt St A n n a p . M a y ............
1 2 0 ,3 1 6
4 2 .1 3 5
4 0 ,5 9 1
W e s t c h e s t e r E l e c t r i c . M a r c h _____
1 1 8 .6 9 4
7 2 .6 9 0
W e s t c h e s t e r S t R R . . A p r i l _________
7 0 ,6 6 6
2 0 ,2 5 4
2 0 ,0 7 1
1 ,1 7 6 ,9 2 8
t /W o s t P e n n P o w e r . , M a y ............ 3 2 0 ,8 4 8 2 2 9 ,9 5 1
1 ,6 0 3 ,2 7 3
o W e s t P e n n R y s C o . M a y ______
6 3 7 ,1 1 7 5 0 6 .5 2 0 3 ,0 3 6 ,0 2 4 2 ,4 4 3 .0 2 7
1 7 9 ,3 3 3
1 7 8 ,0 2 9
5 9 ,2 5 8
6 3 ,2 0 8
Y o n k e r s R a i l r o a d ___ M a r c h _____
3 9 6 ,5 1 5
4 3 1 .7 0 3
Y o r k R a i l w a y s _______ M a y ______
7 6 ,8 0 6
8 4 ,2 1 1
1 0 0 ,2 6 3
1 0 5 .9 2 6
2 6 .3 0 1
2 7 .5 2 3
Y o u n g s t o w n St O h i o . A p r i l ______
b R e p r e s e n t s I n c o m e f r o m a ll s o u r c e s , c T h e s e f ig u r e s a r e f o r c o n s o l l g I n c lu d e s c o n s t i t u e n t
d a t e d c o m p a n y . / E a r n in g s n o w g i v e n In m llr o ls .
c o m p a n ie s .

?

Electric Railway and Other Public Utility Net Earn­
ings.—Tho following tablo gives tho roturns of ELECTRIC
railway and other public utility gross and not earnings with
charges and surplus reported this week:
-------- Gross

Current
Year.

Companies.

s

-July 1 to March 3 1 —
1 9 1 6 -1 7 .
$
4 ,9 7 1 ,8 5 6
2 ,5 8 4 , 4 3 2

1 9 1 5 -1 6 .
$
4 ,4 4 1 ,5 8 4
2 ,3 2 8 ,0 6 0

2 ,3 8 7 , 4 2 4
1 1 1 ,9 1 9

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

9 0 0 ,7 2 2
(3 8 1 ,7 4 2

7 9 2 ,6 1 9
5 9 1 ,7 9 2

2 ,4 9 9 ,3 4 3
1 ,9 8 6 ,8 4 8

2 1 8 ,9 8 0
241
1 5 .4 1 8

2 0 0 ,8 2 6
81
1 5 .8 7 7

5 1 2 ,4 9 5
654
4 7 ,3 0 2

2 ,1 9 9 ,9 3 4
1 ,6 9 5 ,1 9 1
5 0 4 ,7 4 2
383
4 5 ,6 5 3

2 0 3 ,3 0 2

1 8 4 ,8 6 7

4 6 4 ,5 3 8

4 5 8 ,7 0 5

Earnings------------------ Net Earnings-------- Previous
Current
Previous
Year.
Year.
Year.

s

A la b a m a P o w e r C o . a . - M a y
1 6 2 ,2 0 2
1 2 6 ,0 8 3
Jan 1 to
M ay
31
7 8 1 ,7 5 2
5 6 9 ,0 6 0
A m e r ic a n P o w e r S L ig h t
t
(s u b s id ia r y c o s o n l y ) . M a y
8 6 0 ,6 9 6
7 7 6 ,4 1 7
Jan 1 to
M ay
3 1 4 ,0 2 4 ,2 5 4 3 ,6 4 9 ,7 9 4
A tla n tic S h oro R y . b . . - M a y
1 4 ,8 8 5
2 6 ,0 8 0
Jan 1 to
M ay
31
1 1 2 ,7 2 5
1 1 7 ,4 9 8
B e l l T e l e p h o n o o f P a . . . M a y 1 , 1 7 5 ,6 2 0
1 ,0 6 3 ,2 2 7
J a n l t o M a y 3 1 ................ 5 , 7 6 3 , 1 0 7 5 , 0 9 4 , 9 5 3
6 4 5 ,7 3 7
6 1 1 ,0 5 3
C e n t r a l D is t T e l ................. M a y
J a n 1 t o M a y 3 1 ________ 3 , 1 4 3 ,5 9 1 2 ,9 5 3 ,3 8 1
C h o s & P o t o m T e l ______ M a y
3 6 4 ,9 5 3
3 2 5 ,9 4 2
J a n 1 t o M a y 3 1 ................ 1 ,7 3 2 ,2 8 6 1 ,5 7 2 ,5 1 1
I ll i n o i s T r a c t i o n . a ______ M a y 1 , 0 5 4 , 4 4 5
9 4 9 ,9 8 6
J a n 1 t o M a y 3 1 ................ 5 . 3 8 8 , 3 0 9 4 ,9 2 1 ,1 3 1
M o u n t a i n S t a t e s T e l ___ M a y
8 2 9 .8 3 8
6 8 6 ,4 6 0
J a n 1 t o M a y 3 1 ................. 3 , 9 8 0 , 7 1 6 3 ,3 1 7 ,1 5 3
N e w Y o r k T e l e p h o n e . . M a y 5 ,0 7 1 ,5 2 9 4 , 4 4 5 , 0 8 8
J a n 1 t o M ay 3 1 .............. 2 4 ,6 8 5 ,8 0 2 2 1 , 5 1 6 ,3 0 7
P a c i f i c T e l A T e l ..................A p r 1 ,8 5 6 ,6 0 5
1 ,6 3 7 ,2 8 8
J a n 1 t o A p r 3 0 ................ 7 , 1 5 1 , 5 8 3 6 ,3 7 6 .7 5 7
.

Boston & M aine—
M a y ’ 17 5,096,S19 1,008,293
’16 4,775,109 1,488,873
5 mos '17 23,066,948 3,489,817
'10 21,748,915 5,566,870
B uffalo R och St Pitts—
M a y '17 1,291,602
219,582
’ 16 1,094,247
283,063
Sjm os ’ 17 5.438,203
827.512
’ 16 4,936,643 1,256,107
B uffalo &J,3usquehanna—
M a y ’ 17
152,762
32,505
’ 16
18,455
118,569
5 mos ’ 17
672,886
92,247
’ 10
155,634
686,038
C u ba R R —
A p r ’ 17
520,584
201,547
’ 18
460,271
777,660
10 mos '17 5,082,618 1,403,845
’ 16 5,830,581 2,850,933

Fixed
Charges.

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

5O ther 1

G ro ss
N t:
E a r n in g s . E a r n in g s .

Current , Previous
Year.
Year.

Increase. Decrease.

1916.

$
B u ffa lo R o c h e s t e r & P itts b u r g h
3 0 3 ,6 7 5
C a n a d i a n N o r t h e r n _______________
9 1 1 ,4 0 0
C a n a d i a n P a c i f i c ......... ........................ 2 . 9 3 9 , 0 0 0
C h e s a p e a k e & O h i o _______________
9 9 9 ,8 4 2
1 6 7 ,4 8 0
C h i c a g o I n d & L o u i s v i l l e ________
C o l o r a d o & S o u t h e r n ____________
3 0 6 ,3 2 8
D e n v e r & R i o G r a n d e ____________
5 5 2 ,1 0 0
D e t r o i t St M a c k i n a c _____________
2 4 ,0 7 1
D u l u t h S o u t h S h o r o & A t l ______
8 1 ,7 5 3
G e o r g i a S o u t h e r n & F l o r i d a _____
4 9 .3 4 4
G r a n d T r u n k o f C a n a d a ________ 1
G r a n d T r u n k W e s t e r n _______ 1 1 ,4 4 1 ,4 2 4
D e t r o i t G r H a v Sc M i l w _____
C a n a d a A t l a n t i c ______________ J
L o u is v i ll e & N a s h v i l l e ___________ 1 ,4 1 8 ,5 6 0
M i n e r a l R a n g e _____________________
2 2 ,5 5 5
M i n n e a p o l i s & S t L o u i s ________ 1
2 3 1 ,8 0 7
I o w a C e n t r a l __________________ /
M in n e a p o l is S t P a u l & S S M _ .
6 9 1 ,0 5 8
M is s o u r i K a n s a s S T e x a s _______
c
6 6 7 ,0 4 6
M o b i l e & O h i o _____________________
2 9 7 ,5 4 9
R i o G r a n d e S o u t h e r n ____________
1 3 ,2 4 4
3 3 1 ,0 0 0
S t L o u is S o u t h e r n ________________
S o u t h e r n R a i l w a y S y s t e m ______ 2 , 0 8 0 , 0 4 8
T e n n A l a & G e o r g i a _____________
3 ,0 7 8
3 8 6 ,6 6 3
T e x a s S P a c i f i c ....................................
c
2 1 9 ,8 5 2
W e s t e r n M a r y l a n d _______________

Latest Gross Earnings.
Week or
Month.

.

1917.

Name of Road
or Company.

.

Third Week of June.

[V o l . 104

s

1 0 5 ,1 3 9
5 3 0 ,5 1 6

s

7 5 ,1 3 6
3 5 6 ,5 1 8

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

----- Gross
Current
Y ea r.

C om pa n ies.

E a rnin gs ------------ N e t E a rnin gs ----Previous
Current
Previous
Y ea r$
ycarj
Fearj

I> NaturSlhGasd“ p
h
Ita"-rMay 843,821
673,567
471.063
381,654
Apr 1 to May 31......... 1,750,172 1,531,080 1,000,666
974.911
Oil dopartmont........... May
53,756
30,501
45,385
23,221
Apr 1 to May 31_____
101,077
50,599
82,024
37,133
Coal department___ May
160,468
-------106,461
- -------Apr 1 to May 31.........
287,719
_____
185,741 .......... Klee Lt & Pow dept..May 688,918
506,348
221.370
246,196
457,838
501,979
Apr 1 to May 31_____ 1,369,556 1,035,807
Street Railway dept..May 1,216,886 1,091,079 346,489
350,871
Apr 1 to May 31_____ 2,386,915 2,214,502
673,734
774,778
Porto Rico Rys_______ May
77,541
75,633
37,043
Jan 1 to May 31____
370.402
360,524
162,797
186,929
Southern Now U Tel.May 401,918
ni?
363,269
81,366
79,235
Jan 1 to May 31....... 1,936,810 1,738,697
408,430 413,337
Southwestern Pow & Lt (sub. „„„
... ...
sidiary cos only)_____May 344,399
309,251
146,100
138,821
Jan 1 to May 31____ . 1,888,565 1,586,635
863,257 807,452
8J0,676 c256,084 c305,585
Wisconsin Edison a___ May 966,074
June 1 to May 31_____ 10,997,148 9,264,397 c4,059,034 c3,8-2,233
a Net earnings hero given are after deducting taxes,
b Net earnings here given aro before deducting taxes,
c The balance available for the Wisconsin Edison Co., Inc., and depre­
ciation of subsidiary companies, was 893,176 for May 1917 against 8170.402
in m e . and for the twelve .months to May 31 was 82,388,212, against
$2,199,137 last year.
Gross
E a rn in gs.

N e t after
T a xes.

Fixed
C harges.

Balance,
S urp lus.

8
$
$
$
Clovoland Elec IlI-.May T7
517,151 173,019
49,230
123,789
'16
393,702 185,034
36,641
148,393
5 mos T7 2,751,375
718,374
239,567
478,807
'16 2,155,799 1,063,937
182,882
881,055
Clov Painesv & E..Apr '17
43,118
20,690
12,516
8,174
'16
32,620
13,044
11,463
2,181
4 mos '17
143,293
56,813
46,777
10,036
'16
119,975
48,112
44,621
3,491
Colorado Power— May '17
96,375
54,899
...........
- .........
'16
82,224
49,193
...........................
12 mos'17 1,124,628 626,930
336,337 *332,628
'16
876,814 518,079
394,461 *253,866
f M ay'17 1,512,014
667,026
524,190
142,836
Commonwealth |
'16 1,328,070 696,308
496,247
200,061
Pow, Ry & Lt{5 mos T7 7,721,966 3,517,017 2,609,649 907,368
l
'16 6,765,537 3,567,561 2,456,905 1,110,656
Duluth-Super Trac.May'17
125,550
38,469
15,020
*25,319
’ 16
107,921
34.076
14,516 *20,795
5 mas'17
636,153 194,757
73,142 *130,951
’16
538,687 152,442
71,266
*87,794
Federal Lt & Trac..Apr'17
219,531
71,199
40.574
21,625
'16
203,175
68,089
48,723
19,366
4 mos '17
932,456 328,783
198,435
130,348
'16
861,788 286,947
195,396
91,551
Ft Worth Pow & Lt.May '17
68,814
36,298
0.559
26,739
'16
64,070
34,538
10.093
24.445
12 mos'17
890,042 518,865
118,170 400,695
'16
822,047 483,482
114,883 368,599
f May T7
523,147 268,038
216,802
51,236
Hudson & Manh
'16 502,544
279,916
219,395
60,521
(ail sources). (5 mos '17 2,630,661 1,420,774 1,085,980
334,794
1
'16 2,484,255 1,404,121 1,073,377
330,744
Kansas Gas & Elec .M ay'17
134,985
35,220
21,290
13,930
T6
118,628
43,551
18,090
25 461
12 mos'17 1,691,369 543,993
230,442
313 551
T6 1.427,187 552,337
205,359
340jj78
( M ay'17
220,587 135,579
49,513
86,066
NowEnglandCo
'16
173,356 118,991
52,144
60,847
Power System15 mos '17 1,035,190 558,328
247,332
310 996
[ TO
832,015
556,873
246,951 309,922
Pacific Pow & Lt-.May '17 127,055
67,951
37,367
30,584
„ .}§
, 112.420
55,204
32,729
22,475
12 mos 17 1,522,404 749,364
412,151 337,213
16 1,445,743 731,036
388,885 342,151
Portl'd Gas & Coko.May T7
102,617
42,937
26,806
16,131
16
97,733
44,536
26,495
18,04t
12 mos 17
.279,142 602,588
32f,;045 276,543
16 1,2b 1,363 010,238
316,162 300,076
Texas Power & L t-.M ay'17
180,081
65,228
43,988
21 240
10
157,759
63,363
39,239
24 124
12 mos’17 2,368,301 1.027,044
47i:<556 s U ' M t
16 2,017,899 833,678
374,730 458,948
WostPonnPower( May T7
320,848
92,540
38.341
54,199
and subsidiary
16
229,951
98,913
38,343
60,600
companies ...|5 mos 17 1,003.273 600,042
191,710 408,332
16 1,17b,928 568,591
188.231 380,360
West Ponn Rysf M ay'17
637,117 243,851
170,607
73,244
and subsidiary |
16
506,520 233,032
172,882
60,150
companies ...15 mos '17 3.036,024 {.272,170
855,986 416,190
l
16 3,443,027 1,222,191
837,085
385,106
Gross
N et
F ixed C hgs. Balance,
E a rn in gs.

Now York Dock Co-May T7
16
5 m°s :}7
16
Nor Ohio Tr & Lt.May '17
10
5 m°s ;i7
10
Twin City Rap Tr.May T7
„
I®
5 mos 17
16
Wash Balt&Annap-May T7
16
5 mos 17
'16
x After allowing for other

E a rn in gs.

A T axes.

417,475 225.001
286,249
133,730
.817.392 920.642
l,292,6o7 595,131
630-620 209,438
425,913
212,857
2.594,373 1.024.782
1,907,897 1,011,918
841,765 309.837
849,057 333,792
4,322,749 {.456,91b
4,156,225 1,525,083
86,497
37,728
a1 7
A oI
401,485 155,324
351,193 153,982
income received.

116,332
72 359
448M I

361,609
128,886
115 072
e&OSS
577,477
149,943
145,206
730,414
713,387
26,941
25,658
132,590
127,155

Surplus.

108,669
01 371
472i602
233,523
80,552
97 785
392.749
434,441
159,894
188,580
726,502
811,696
*12,730
*14,294
*33,460
*39,192

ANNUAL REPORTS
R utlan d Railroad.
(5O Annual Report—Year ending Dec. 31 1916.)
lh
Presidont Alfred H . Smith says in substance:
Results. —Tho total operating rovenuos wero $4,035,656, the largest in the
history of tho company and an increaso of $486,064 over 1915. Freight
rovonuo was $2,247,977, an increase of $309,955 and passenger revenue was
$1,244,051, an increaso of $68,803. Tho operating expenses wore $2,723,­
190, an increaso of $251,078, principally: Maintenance of equipment,
$114,462, and transportation expenses, $121,300. Not rovonuo from
railway operation was $1,312,466, an increaso of $234,986.
Im p rovem ents. —From tho balance $242,144, unoxpendod Doc. 31 1915,
$118,216 lias been mado during tho year, leaving a balanco unex­




2637

THE CHRONICLE

J u n e 30 1917.]

pended! Dec. 31 1916 of $123,928, and adding $166,825 appropriated
from net income of 1916, makes a total available of $290,754.
N e w Station. —Tho
new union passenger station at Burlington, Vt.,
which was built jointly by tho Central Vermont Ry., and this company,
was opened for operation Jan. 23 1916.
Rutland Transit C o . —Operation of the boats of tho Rutland Transit Co.,
of which the Rutland RR. is the sold stockholder, was discontinued during
tho year under order of tho I. S. C. Commission, and the boats were sold.
Loa ns, & c .. P ayable. —The company’s liability for loans and bills payable,
amounting to $378,000. has been liquidated during tho year.
O P E R A T IN G S T A T IS T IC S .
Operations —
1916.
1913.
1914.
1915Miles oporated-. -----468
468
468
468
Passengers carriod____ 1,543.695 1,518,034
1,710,685 1,799,457
Pass, carried one mile.. 53,197,564 48,687,239 53,753,095 56,882,997
Rate per pass, per mile.
2.34 cts.
2.20 cts.
2.41 cts.
2.08 cts.
Tons rev. freight carried 2,627,052 2,128,491
2,295,470 2,466,554
Tons rov. frt. carr. 1 m_:283.748,101 241,915,879 256,741,734 252,581,298
Rato per ton per mile..
0.79 cts.
0.82 cts.
0.80 cts.
0.77 cts.
IN C O M E A C C O U N T .

1916.
E arnin gs —
Froight______________ .$2,247,977
Passongor____ _____ . 1,244,051
Mail, express, <fcc. ----- - 474,005
Other than transport’n. .
69,623
Total oper. revenue.. -$4,035,656
E xpen ses —
Maintenance o f way, & c . $425,550
Maintenance of oquip’t. . 680,500
Traffic expenses____ . . 117,618
Transportation----------- . 1,402,289
97,233
General, &c__________ .
Total expenses------ .$2,723,190
Per cent op. oxp. to earn.
(67.48)
Net operating revenue. . .$1,312,466
Taxes accrued, &c____ . 207,192
Operating income. . .$1,105,274
Divs., int., rents, &c__ . 229.825
Gross corporate income$l,335,099
Deduct —•
Rentals leased lines____
$19,000
Joint facilities, rents, &c.
10,100
Interest on bonds______ 487,618
Othor interest, &c_____
8,494
Improvements, &c_____
166,824
Dividends (2%)_______
179,088
Total deductions____ $871,125
Walanco, surplus_______ $463,974

1915.
1913.
1914.
$1,938,022 $1,980,805 $2,066,203
1,175,248 1.119,475 1,250,716
374,833
381,224
358,784
61,488
67,031
61,455
$3,549,591 $3,526,095 $3,759,598
$434,210
$440,994
$459,091
566,037
621,309
766,706
108,174
98,485
109,459
1,280,989 1,481,302 1,477,679
82,701
84,886
77,859
$2,472,112 $2,726,976 $2,890,794
(69.65)
(77.34)
(76.89)
$1,077,479
$799,119
$868,804
203,290
206,673
204,715
$874,189
$592,446
$664,089
165,702
160,452
182,614
$1,056,803
$758,148
$824,541
$19,000
$19,000
$19,000
10,804
11,218
11,540
500,454
499,824
494,011
23,462
24,512
36,808
270,407
204,008
39,274
$600,633
$456,170

$758,148
None
B A L A N C E S H E E T D E C E M B E R 31.
1916.
1915.
1916.
Assets—
Liabilities—
S
$
S
Road & cquipmcnt22,451,680 22,344,722 Common stock__ 199,400
Preferred stock__ 9,057,600
Inv. Inaflil. cos.—
848,951 Bonds(sce “Ry. &.
Stocks ........... 548,951
100,000 Ind.” Section).. 11,379,000
Bonds ...........
100,000
410.000 507,500 Loans & bills pay.
322
Other Invest'ts.
28,997 Accounts &wages. 190,712
59,589
Traffic bal. pay..
Sccur.iss’d or ass'd.
91,637
632,400 Int., &c., accrued632,400
unpledged___
at
Cash........... .... 696,688
519,922 Unm .divs.decl’d. 179,088
360,011 Deprec'n (equip.). 849,587
Material &supp. _ 557,714
58,355
50,445 Mat'd Int. & dlvs. 193,272
Agents * cond'rs
Sundry coll, acc’ts 196,551
206,657 Oper. rcserves.&c. 142,297
Miscellaneous_
_
288,678 255,768 Approp. surplus.- 2,167,364
Profit and loss___ *1,431,794
Total........ . 25.941,340 25,855.374 Total............. 25,941,340

$824,541
None
1915.
S
199,400
9,057,600
11.527,000
378,000
154,050
85,809
95,108
780,347
193,272
136,265
2,000,540
1,247,983

* After crediting sundry adjustments, $19,837, and deducting $300,000
adjustment of Rutland Transit Co. stock held in treasury to its estimated
valuo.—V. 104. p. 1437, 1347.

The Lake Erie & W estern R ailroad Com pany.
(30 th Annual Report—Year ended Dec. 31 1916.)
Presidont Alfred H . Smith says in substance:

The operating revenues for the year wero the largest in tho history of tho
company, reflecting the activity of business and the capacity of the prop­
erty to efficientiv handle more traffic than has heretofore offered. The
increase in operating expenses was largoly tho result of tho greater volume
of business handled and higher costs of material and labor. During the
vear an important interchange was effected with the Chicago & Eastern
Illinois RR., near Rankin, which has substantially added to the business
of the company.
Charges to road and equipment account during the year aggregated
$120,260. and in addition the company oxpended $6,295 for improvements
upon its leased property, tho Northern Ohio Ry.
On July 31 1916 tho company issued $1,100,000 4H% equipment trust
certificates, the amount not to exceed 80% of the cost of 1.000 freight-train
cars. These certificates are to bo paid in ten annual installments, tho first
installment will bo payable Jan. 1 1918 (V. 104, p. 256.)
OPERA T IN G S T A T IS T IC S .

1913.
1916.
1915.
1914.
906
900
900
906
Miles operated Dec. 311,700,813
.
I’ assengers carriod------ 1,320,579 1,334,956 1,474,622
Passengers one mile___ 40,118,466 39.404,793 42,885,584 48,225,751
1.83 cts.
1.83 cts.
1.83 cts.
1.84 cts.
Rato per pass, per mile.
‘ "" '
$0.75
$0.77
$0.77
$0.80
Earns, per pass, train m.
Rev. fr t (tons) carried 6,682.412 5,785,464 5,408,286 5,611,434
Rev. fr’t (tons) 1 milo_.922.60S,056 765,454,861 687,234,692 728.097,413
Rato per ton per mile__ 0.682 cts. 0.682 cts. 0.656 cts. 0.648 cts.
Earns, per fr’t train m._
$2.92
$2.62
$2.32
$2.43
Earns, per mile of road.
$8,227
$6,933
$6,187
$6,553
Av. train-load (rev.) tons
428.06
384.45
353.82
374-83
Operations —

E A R N I N G S , C H A R G E S ,A c .

1916.
1913.
1915.
1914.
$6,294,928 $5,218,532 $4,511,573 $4,724,148
Freight_________
880.967
735,663
787,746
720,109
Passonger______
257,549
276,502
Mail, express and miscel.
.
296,097
260,634
45,903
53,026
Other than transportat'ni
40,372
77,496
Total opor. revenue.. $7,404,184 $6,239,647 $5,602,771 $5,934,643
E xpen ses —
$955,321
$781,782
$785,010
Maint. way & structures $748,524
1,232,591
1,198,005 1,030,424
Malnt. o f equipment__ 1,219.761
159,612
147,789
165,978
Traffic oxpenscs______
165,024
Transportation expenses: 2,403.736 2,235,389 2,335,132 2.353,033
143,678
144,557
149,981
General expenses_____
152,223
Total expenses_____ $4,689,268 $4,512,946 $4,453,856 $4,851,480
(72.33)
(81.75)
(79.49)
Per cent exp. to earns..
(63.33)
Not operating rovonue. . $2,714,916 $1,726,701 $1,148,915 $1,083,163
257,779
303,956
281,460
281,512
Taxes accrued________
$825,384
$867,403
Operating income___ $2,410,960 $1,445,241
119,435
126.438
123,474
126,562
Rents, interest. &c____
$990,877
$944,819
Grosscorp. income__ $2,537,398 $1,571,803
$125,000
$125,000
$125,000
$125,000
Rent leased roads_____
454,246
396,805
278,313
Illro of equipment, &c_ .
288.929
543.750
543,750
543,750
543,750
Intorest on bonds_____
95,324
95.754
Other interest________
70,368
97,574
Total deductions___ $1,017,431
$1,055,253 $1,218,750 $1,160,880
Balance, sur. or def-.sur.$1,519,967sur.$516.550def.$227,873def.$216.061
E arnin gs —

2638

THE CHRONICLE

31.
1916.
1915.
$
$
Common stock__11,840,000 11.840.000
Preferred stock__11,840,000 11.840.000
Mortgage bonds.. 10,875,000 10.875.000
Loans & bills pay. 1,063,427 1,526,975
734,084
Acc’ts & wages__ 411,349
Mlscel. acc'ts pay. 197,638
180,679
275,575
Matured Interest- 282,200
372,586
Accr’d taxes, Ac.. 348,923
Deprec. (equip.).. 312,756
227,059
Add. to prop., Inc.,
403,170
since J’ne 30 '07 408,157
11,569
Profit and los3__al,497,659
Total.............39,077,109 38,286,698 Total..............39,077,109 38,286,698
a After deducting unaccrued depreciation, &c., aggregating $33,877.
—V. 104, p. 1591, 256.
GENERAL BALA N C E SH EET DEC.

1916.
1915.
$
S
Road &equlpment36,599,7l4 36,474,177
Inv. In affll. cos
263,774 253,927
Other Investm
ents
27,000
17,000
Cash................ 1,040,33.5 438,537
Special deposits
12,025 267,900
Material & suppl’s 638,955
435,713
Ag'ts & cond’rs &
oth. aco’ts rec.. 356,608
284,610
Miscellaneous..
146,367
102,359
Other del’d debit
2,474
Items_____
2,333
Assets—

Liabilities—

W in n ipeg E lectric Railw ay.
(24 th Annual Report—Year ended Dec. 31 1916.)
President Sir William Mackenzie says in substance:

The net income this year compared with the figures for 1915 show a
decrease of $35,742, owing to very substantial increases in tho cost of all
materials necessary in the operation of the railway, gas and lighting depart­
ments, as well as to the serious competition of tho jitneys in the city, the
results for the year have been disasppointing. For those and other reasons
dividends on tho capital stock were suspended.
It was felt that, due to financial conditions and the impossibility of dislosing of long-term securities at satisfactory prices to retire temporary
oans, a discontinuance of dividends for tho time being would strengthen
the company’s financial position and hasten tho date for the resumption
of dividend payments.
A thorough appraisal of your properties by Tho J. G. White Engineering
Corporation of New York goes to show that the properties have been well
taken care of. The board havo adopted tho appraisal and are pleasod to
state that all depreciation has been taken care of to date.
Tho classification of accounts in our system of .accounting has been
altered to meet the requirements of tho Public Utilities Commission.
I N C O M E A C C O U N T FO R Y E A R S E N D E D D E C . 31.
1916.
1916.
1915.
1915.
lnt. on deb. stock,
Gross earnings.. $3,311,109
bonds, Ac___ $643,991 $037,263
Operating charges. 1,939,041
Not In
60,000
99,303
Net earnings... $1,372,128
1915
City percent, Ao.. 110,227
91,570
99,009
Taxes................
47,099
Mlscell. Income..
26,011 Report Miscellaneous___
Gross Income. $1,398,139 $1,331,737 Net income___ $445,251 $496,102
The company paid in 1915 dividends aggregating 9 X % , amounting to
A
$855,000 out of accumulated surplus.
President Mackenzie speaks of the decrease In net incomo for the year
1916 as $35,742, which indicated that the foregoing comparison is not pre­
cisely correct, due, presumably, to tho changos in tho method of accounting
required by the Public Utilities Commission.
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 , $27,063,835).
Phys. prop, at reprod’n cost.$24,395,159 Common stock_________ $9,000,000
Sinking fund Investm
ent:
Debenture stock_________ x4,380,000
Investment__________
60,000 5% First mortgage bonds__ 1,000,000
Cash........ .................. .
63,403 First refunding Mtge. 5s___y4,000,000
Advances to and stock held In
6% notes due Jan. ’17 A T8_ 1,500,000
subsidiary cos. at cost___ 1,772,869 Notes payable__________ zl,540,000
Cash In bank, Ac________
89,327
36,836 Accounts payable________
Cash (special account)____
110,227
129,525 City percentage, &c______
Notes receivable_________
196,788
2,965 Miscellaneous__________
Consumers’ Ac., accounts re­
Accrued Interest charges, Ac.
104,956
ceivable, less reserve for
Bond lnt. (pay. Jan. 1 1917;
153,254 since paid)___________
doubtful accounts______
125,000
360,743 Def’d ltab. pavement charges n725,468
Materials and supplies____
Prepaid and deferred charges
89,081 Sinking fund, &c., reserve__
290,213
Depreciation reserve........ 2,873,780
Surplus___________
1,128,076
x Tho total issue was £1,300,000; £400,000 is pledged with trustees to
secure $1,500,000 6% gold notes, y Outstanding $5,000,000, less $940,000
held in escrow to redeem Winnipeg Electric St. Ry. bonds, and $60,000
held by sinking fund trustees, z Denotes notes payable to bankers partly
secured by underlying bonds, a Payable in installments 1917-1934.
Contingent liability in respect of the principal and interest of Winnipeg
Selkirk & Lake Winnipeg Ry. bonds, $1,400,000: Suburban Rapid Transit
Co. bonds, $500,000; and on demand note of Winnipeg River Powor Co.,
$200,000.
The profit and loss surplus Dec. 31 1915 was adjusted from $782,598 to
$682.824.—V. 104, p. 1900.

?

United States R ealty & Im provem ent Co., New Y ork
(13 th

Annual Report—Year ended April

30 1917.)

Pres. Wilson S. Kinnear, N . Y . , June 13, wrote in subst.:
R esults.- —The

earnings of tho company from Its investments for tho
year ended April 30 1917, combined with those of its subsidiary, tho Georgo
A. Fuller Co., after providing for Interest on tho company’s debenture
bonds, amounted to $493,392 [against $60(1,849 in voar 1915-16.]
Duo principally to tho unforeseen abnormal increase in tho cost of labor
and supplies and to other conditions over which wo had no control, the
company is now faced with tho fact that it will suffer an ultimate loss upon
tho contracts into which the company entered with tho city of Now York
for tho construction of threo sections of tho rapid transit subway lines,
which loss will impair tho company’s assets probably to tho extent of
$2,954,000. This probable loss has been takenintoaccountasshownbytho
financial statements annexed to this roport. It is expected that ono of
these contracts will bo completed on or about Dec. 1 1917, another on or
about Dec. 15 1917, and the third on or about May 1 1918. Tho per­
centage of payments retained by the city of Now York as security for tho
fulfillment of tho threo contracts now aggregates $852,000 and is partly
represented by tho N. Y. City corporate stock shown on the balance
sheet. As each contract is completed, tho amount of such retained per­
centage thereunder should bo received by tho company from the city.
Outlook. —While tho company’s resources havo beon severely taxed by
tho unfortunate conditions in connection with the contracts with the city
of New' York, yet it is confidently believed that thero will bo a considerably
increased income for tho coming year from its productive investments and
from the Georgo A. Fuller Co., which has large and profitable contracts
in hand.
Balance Sheet. —On tho annexed balance sheet the real estate invest­
ments of tlie company are shown at their book value. As it has become
apparent during the past year that with respect to somo of tho real estate
investments of tho company thero existed a depreciation in value from tho
book valuo, a ro-valuation of certain of this real estate has been made.
As in former years tho company’s interest in tho 43rd St. Realty Co.
(which owns tho Now York Hippodrome) and in tho Hotel Operating
Associates (which owns the Hotel Breslin) is included undor the head of
investments. The valuo of tho company’s interest therein, represented
by equities in the properties, has been written down substantially.
Tho total difference between re-valuations made and the book valuo
amounts to $9,556,097.
Any real estato appreciation, either through salo or return to produc­
tiveness of any of tho investments so re-valued, will bo applicable to a
betterment of tho company’s condition.
U n fin ish ed B u sin ess, A c . —-During tho year the Georgo A. Fuller Co.
entered into 53 now contracts aggregating $24,799,715 and executed work
to tho amount of $16,624,235. There was $24,385,277 of unfinished
business of the Georgo A. Fuller Co. as of April 30 1917, an increaso of
$8,175,480 as of April 30 1916.
D irectors. —On June 1 the number of directors was reduced to 9.




IN C O M E A C C O U N T

30.
1914-15.

Y E A R E N D IN G A P R IL

1916-17.

1915-16.

1913-14.
Interest receivable_______
$201,334
Incomo from investments—
m s
Real estato_______
1,463,721
Security of realty cos
787,966 $1,614,670 $1,744,566
320,011
s.-J
Other stocks & bonds .
33,910
Construe., Ac., contr’ts..'.. 504,903
986,168 1,137,594 1,384,178
Profit on realization of real
estate & securities_____ 139,474
16,455
- ........
22,344
Total income................ $2,432,343 $2,600,838 $2,904,504 $3,419,609
D ed uction s —
Interest paid and accrued..1
$774,335
Expenses of unproductive..}$757,672 $842,777 $812,769
31,419
real estate_____________J
Deprec’n of bldgs., &c........
39,137 59,852
58,094
54,924
General & corp. expenses__ 545,642 500,861
629,005
639,893
Total deductions.............$1,342,451 $1,403,490 $1,499,868 $1,500,571
Net incomo_____________ $1,089,892 $1,197,349 $1,404,636 $1,919,038
Interest on debenture bonds. 596,500
596,500 $596,500 $596,500
Dividends_____________________
_____ (2^)363,663(5%)808,140
Surplus ......................... $493,392 $600,849 $444,473 $514,398
To tho above surplus in 1916-17 there was added previous surplus,
$1,217,625, and $1,584,193, representing “ balance of surplus earnings
heretofore reserved for depreciation and contingencies,” and from the
total ($3,295,210) thero was deducted $2,954,000 estimated loss on sub­
way contracts, leaving a balance of $341,210.
CONSOLIDATED BALANCE SHEET APRIL 30.
A s s e ts —
1917.
1916.
Real estate and buildings_____________________$35,794,092 $36,302,238
Less mortgages thereon_____________________ 14,443,000 15,073,000
Loss reserve for depreciation of buildings______
542,753 1,613,539
Balance .......................................................$20,808,338 $19,615,699
Other real estate investments represented by seceurities of or advances to controlled or affiliated
companies_______________________________ $8,057,293
6,965,084
Loans on mortgage________________________
168,000
1,640,309
New York City corporate stock______________
836,0291
Investments in other stocks and bonds________
582,602/ 1,282,950
L e ss reserve for depreciation in value___________
_____
389,721
Total capital assets......... ...................
$30,452,262$29,114,321
Building plant, materials, &c________________
267,498
254,243
Deferred operat. charges, unox. insurance & taxos.
210,234
98,822
Bills receivable, $234,700; agst. $467,907 in 1916;
accts. receivable, $306,691: agst.. $2,397,378 in
1916; interest and dividends accrued, $35,204;
total $576,595: less reserve, $103,218_________
473,377 2,724,076
Cash at banks or on hand___________________
936,900
889,124
Building contract accounts, less payments recoived
in advance______________________________
121,865
Total assets___ ____ ______ ______ _______ $32,462,136 $33,080,587
Deduct: Reserve for adjustment in values of real
( No corroestate and other investments________________ 9,556,0971 sponding
---------------1 items for
Balance ....................... .............................$22,906,039
1916.
Deficit: Capitalassetladjustment (deducted above),
$9,556,097; less balance of surplus earnings (see
9,214,886(
contra), $341,211.____ ____ _____ ________ . 9,214,886
.$32,120,925 $33,080,587
L ia bilities —
.$16,162,800 16,162,800
- 11,930,000 11,930,000
>
)

$15,073,000 in 1916 (see contra).
Bills payable (partly secured by col
Accounts payable___________. . .
Taxes and Interest accrued_______

-

.
.
.
'.

2,200,000
271,470
704,146
794,296
9,737
48,477

2,100,000
401,376
711,440

45,994
511,351
1,217,626
.832,120,925 $33,080,587

Rents received in advance.
351 for contingencies).
Surplus, April 30 1916__
-V. 104, p. 2457, 2349.

Canadian C onsolidated R ubber Co., L td., M ontreal.
( l l//i Annual Report—Year ending Dec. 31 1916.)
Pres. W . II. Robinson, Montroal, April 3, wroto in subst.:

Tho volumo of business dono in 1916 was tho largost in our history,
duo partially to Increased selling values of your products, a lioavy Increase
In automobllo tiro sales, orders for war equipment, and tho development
of a largo export trade. Tho Increaso of nearly $2,000,000 in Inventories
(priced at cost) was necessitated first, by Increased cost prices of all ma­
terials, and secondly, by tho need of protecting stability In production of
all your factories by actual possession of raw materials well In advanco of
their consumption, in view of freight embargoes. These conditions aro
not likely to allow releaso of extra funds so used for 1917. The Granby
factory was reopened and assisted materially in enabling us to fill tho In­
creased volumo of export and othor business. All your factories operated
at the fullest oxtent that available and suitable help would allow.
Somo minor extensions wero mado, and now there Is ample factory capacity
for a further Increased business, provided a sufficient number of workers
can bo obtained.
Tho business dono thus far for 1917, and advanco orders recoived, justify
your directors In anticipating a continuance of tho confidence which tho
trade has in tho past given to your company.
C O M B IN E D

IN C O M E

ACCOUNT

FO R C A L E N D A R

YEARS.

1916.
1915.
1914.
1913.
Net sales..................... $12,094,695 $7,522,148 $6,245,819 $6,788,859
♦Cost of goods, Ac....... 11,189,490 6,987,169 5,805,506 6,398,210
Net profits............... $905,205 $534,979
$440,313
$390,649
War taxes___________
77,625
---------------------Dividends paid.............
209,979
192,124
222,688
250,907
Balance, surplus........ $617,601
$342,855
$217,625
$139,742
♦Includes cost of goods sold, selling and general expenses, taxes, Interest
on borrowed money, repairs, depreciations, provisions for bad debts and
tiro replacements (net).
SHEET
DECEM BER
31.
C O M B IN E D
BALANCE
1916.
1915.
1916.
1915.
Liabilities—
$
$
Assets—
S
$
Property A plants. 6,256,952 5,607,514 Common stock... 2,805,500 2,805,500
Preferred stock__ 3,000,000 3,000,000
Investments, incl.
good-will........ 4,511,095 4,218,056 Bonds—
0% duo Oct. ’46 2,590,500 2,597,000
Manufact’d goods
and materials.. 5,372,588 3,432,740 5% dcb.Dec.1'18 2,500,000 2,500,000
871,297
71,181 Bills payable.__ 2,771,245
Cash..................
.89,013
460,488
Acc'ts payable,Ac. 1,108,537
Accounts and bills
172,081
receivable___ 2,319,130 1,400,493 Deprec. A rcs’vo.. 846,225
270,076 Surplus_______ 3,307,000 2,090,299
Miscellaneous___ 447,098
Total........... . 18,995,906 15,096,665 Total_______ 18,995,900 15,096,605
—V. 104, pi 2554, 1389.

2639

THE CHRONICLE

J u n e 30 1917.]

C O N SO L ID AT ED IN C O M E A C C O U N T (IN C L U D IN G S A M E C O M P A N IE S ).

R obert Gair Co., B rooklyn, N. Y.

(Report for 14 Months ending March 31

1917.)
Treas. Lawronco Beattie Jr., M a y 21, says in substanco:

Calendar Years.
1916.
1915.
Trad., &c„ profit.SI,817,717 SI,124,154
Miscell. income..
37,790
25,687
Interest earned__
2,383
6,566 Prem. on bds.
Gross profits
(see above)__ .Sl,857,890 SI,156,408

1916.
1915.
. $201,786 $187,156
26,000
.
27,000
38,592
!.
32,685
75,094
.
84,736
.
39,306
4,620
-SI,472,377 S824.946
.81,376,121 S753,802
paid by International Cotton Mills________________
240,000
240,000
Net profit earned and accrued to Internat. Co. M. (above)-SI,130,121 S513.802
Note. —Of the accrued profit for the year (as above); SI,376,121 In 1916 and
S753.802 In 1915, only 3090,372 against 8390,979 respectively was received by I.C.M.

On account of tho unusually largo amount of work in tho manufacturing
departments and tho very hoavy stock of materials and supplies on hand it
was doomod advisable to postpono tho closing of tho hooks until March 31.
Therefore, tho report prosonted is for 14 months instoad of for tho regular
^S
* fiesuW While not in any way participating in an incroaso of business
s?—'
directly attributable to tho war, tho impetus, common to all manufacturing
industries, has had its influence in creating an increased demand for our
products, and tho company has prospered accordingly.
Tho not sales havo excoeded tnoso of the previous fiscal year by 50%,
wliilo tho profits for this 14 months’ period havo boon $727,335, or at tho
rato or $623,430 for 12 months, as compared with $403,684 lor the previous
year, an incroaso of 55%. Tho profits of tho business havo boon used to
pay tho proforrod dividends and tho balance re-investod in tho plant, and
applied to working capital.
,
.
R ESU LTS (B Y QU ARTERS) FOR C A L . Y E A R 1916 (E X C L U D IN G S U B . COS.).
D epreciation , A c . —There has been sot up from surplus oarnmgs a resorve
of $301,583 for depreciation of buildings and machinery , lhero has boon
------------- Quarters ending---------------- CalendarYears—
appropriated $325,000 for tho reduction of good-will, which has now boon
M ar. 31 June 30 Sept. 30 Dec. 31
1916.
1916.
1916.
1916.
1916.
1915.
written down from $2,000,000 to $1,250,000.
A d d itio n s , A c . — Additions to two 12-story buildings. Nos. 5 and 6, havo
Gross profits.................8189,940 S203.554 S228.882 $243,877 S866.253 S546.185
been completed and tho incroasod floor space has enabled us to concentrate) Net profits........ ......... 145,661 159,118 179,491 196,994 681,264 380,641
tho production departments so as to permit of the most economical handling Dlvld’ds received (below) ------- ------- ------9,108
9,108 16,338
of stock and materials. Railroad terminal facilities have boon extended
to our plant and freight cars aro now delivered within our buildings, prac­
Total...................... -S145.661 S159.118 3179,491 S206.102 3690,372 8396,979
tically at our olovators, resulting in a considerable reduction of trucking and Interest on 6% notes___ 60,000 60,000 60,000 60,000 240,000 240,000
handling oxponsos. A largo dock, immediately adjacent to our plant, has
rocontly been acquired, thus providing adequate facilities tor oxcollont
Balance (below)...........$85,661 $99,118 $119,491 $146,102 $450,3723150,979
water transportation, and wo havo completed the erection of a firoproof
IN C O M E A C C O U N T FOR C A L E N D A R YE AR S (E X C L U D IN G SUB. COS.).
N f B i l l s lPai/aWe'—The enormous Incroaso in business and the marked ad­
vance in raw materials has necessitated a much larger stock on hand with
1916.
1915.
1916.
1915.
a corresponding incroaso in floating indobtednoss. Our cash recoipts aro Mfg., &c., profit...... $771,646 $470,765 Net profits------------ 8681,264 $380,641
now beginning to reflect tho sales at tho advanced prices, and wo therefore Interest earned____ 56,871 49,732 Dividend received on
anticipate a continued reduction in tho amount of this floating dobt.
Miscellaneous Income. 37,737 25,687 Bay State Cot. Corp 9,108 16,338
Outlook. —There has boon no curtailment in our business and orders con­
tinue to bo booked under favorablo prices and conditions. Prosont indi­
Total................... $690,372 S396.979
Gross profit (above)
cations aro that tho current year will bo another very busy and pros­ Depreciation reserve. $860,254 S546.184 Int. on 6% notes . . 240,000 240,000
132,568 113,024
perous period.
Current interest... .. 52,421 52,519 Preferred dividends ,.x231,312 ____
I N C O M E A C C O U N T fr o m F eb. 6 1916 to M a r . 31 1917 (about 14 M o n t h s ).
Net profits (above).S081,264 $380,6411 Surplus................5219,060 S156.979
14 M o n th s ----------- Y ea rs ending F eb. 5-----------1916-17.
1916.
1915.
1914.
x In 1910 the company also paid S428.848 preferred dividends In arrears.
Net oarnings________
$727,335
$403,684
$321,722 $402,273
Proforrod dividonds___
193,354
173,600
173,600
140,000
B A L A N C E S H E E T A S OF D EC EM B ER 31.
$230,084
$148,122 $262,273
Balanco, surplus........ $533,981
A
ssets—
1916.
1915.
Real estate, bldgs., plant < machinery Dec. 31 1915, S3,fc
BALAN CE SHEET.
024,375; additions, improvements, &c., to date, $648,459 $4,272,834 $3,024,375
M a r. 31T7. Feb. 5’16.
Afar.31’17. Feb.5'16.
Securities of sub. cos.—Bay State Cotton Corp., 3,215
$
Liabilities—
S
Assets—
S
shares 2d pref. (entire issue), 8321,500, and 3,906 shares
7% cum. pf. stock. 2,880,000 2,480,000
Real estate, land
common stock (entire Issue), S390,600; total..............
712,100
795,500
and buildings . 3,333,140 2,807,278 Common stock... 5,000,000 5,000,000
Boston Yarn Co., 1,000 shares common stock (entire lss.)
200,000
200,000
_
H payablo and
ills
Plant, machinery,
Good-will aocount.. ................................................... 4,670,813 5,170.813
243,301 Securities representing ownership: 4,701 shares Cosmos Cot­
dies, Ac_____ 2,591,705 2,552,250 accrued Interest 1,140,192
Accounts pay’le &
Good-will, patent
ton Co., Ltd., stock (par $170,400), S399.840; 2,661
accr. pay-rolls.. 591,115
398,092
rights,
trade­
shares Im
perial Cotton Co., Ltd., pref. (par 3266,100),
8,528
m
arks, Ac. - - 1,250,000 1,575,000 Advanced rents..
S235,725;, and 914 shares Im
‘
perial Cotton Co., Ltd.,
3,79 i
Employ.Ass’n dcp.
3,101
Stock mfd. on con­
common (par $91,400), S22.850; total................
658,415
639,590
9,028
Accrued taxes---tract . _____ 530,734 514,733
J. Spencer Turner Co., entire issue of common (par SI,795,Surplus x—
Goods in process of
002) and (also In 1915) 610 shares pref. stk. (parS61,000)
175,000
210,066
471,928 335,347 Approp. for retire­ 77.044
manufacture__
securities, 617
pref. and 617 shares common
m of pf. stock
ent
50,350 Miscell. of Washingtonshares (par 3123,400), S67.870; sun­
Raw m
aterials and
stock
Mills
484,207
355,365
supp. (at cost). 1,011,855 401,752 Unappropriated . 330,497
dry other securities (nom value), SI,500; total------- ---------inal
69,370
Accts. & bills rcc. 075,693
Mt. Vcrnon-Woodberry Mills, Inc., 20,000 shares common
40,006
120,400
Cash_ ______
_
(par S2,000,000), S500.000; (also In 1915) Draycott Mills
9,022
10,202
Miscellaneous___
500,000
700,000
securities, S200.000; total.......................................21,505
33,050
Deferred charges.
Amount due from Bay State Cotton Corp., 5078,488; from
874,457
Boston Yarn Co., S236,214; total.............
Totai ............. 10,044.207 8,073,585 Total........... .10,044,207 8,073,585 Treasury common stock____ ______________ . .. .. . 914,702
.......
330,999
x Aftor deducting for tho poriod onding Mar. 31 1917 $301,583 deprecia­
Cash, $453,049, J. Spencer Turner Co. account sales,
tion on buildings and machinery, $325,000 amount written off good-will
$130,484; sundry accounts receivable, $10,273; total—
599,806
288,090
and $33,821 sundry adjustment.—V. 104, p. 2237.
Inventory—Cotton, yarn, &c., $464,890; goods In process,
$380,500; fin. goods, S263.842; supplies, $100,311; total. 1.215,543 1,730,634
Prepaid Insurance and estimated dividends receivable....
50,240
33,366
In tern ation al C otton Mills (M assachusetts C orpor’n ). Deficit................... ......................................................... ....... 3,558,529
Total. ............
$13,969,453 $18,225,789
(Report for Fiscal Year ended Dec. 31 1916.)
Liabilities—
P H Y S IC A L PROPERTIES O W N E D A N D CONTROLLED.
Preferred stock (7% cumulative) Issued------------ ------- S3,545,700 $3,063,200
- Spindles*4,834,500 10,000,000
----Looms--- Common stock issued----------Properties Owned In Fee Simple—
1910.
1916. 1915. Five-year 6% notes due Juno 1 1918------------------------- 4,000,000 4,000,000
Stark Mills, Manchester, N. II...................... 104,090
2,295 2,295 Notes payable, $500,000; accrued interest on notes, $20,000;
La Grango Mill, La Grange, Ga..................... 9,984
accounts payable, S312.548; total------------------------882,548 1,049,298
130
100
Hogansvtllo Mill, Ilogansvlllc, Ga................. xl0,308
267
80
50 Reserve for outstanding underlying pref. stk., Cons.C.D.Co. ---------Properties Controlled—
Rcservo for depreciation of plant, machinery, &c--------245,592
113,024
Bay State Cotton Corporation:
Surplus (see foot-noto a below)____ . . . . . . . . . . . -------a461,113 -------W
arner Mill, Ncvvhuryport, Mass. -•
........... 21,024
20,520
Lo Roy Mill, Lo Roy, N. Y -------- ------ --- 10,080
Total. .................................................................... $13,909,453 518,225,789
9,120
Lowell Mill, Lowell, Mass.............. - ....... . .......
x310 204
♦After deducting $165,500 held In treasury, a The debit balanoe Jan. 1 1916
Cosmos Cotton Co., Ltd., Yarmouth, N. S---- 18,388
18,068
173
173
Im
perial Cotton Co., Ltd., Hamilton, Ont------ 11,220 10,200
151
151 was $3,558,529 and the surplus for 1916 $219,060. After adding sundry debits,
viz.: $500,000 written off good-will ucct., $428,848 pref. divs. in arrears paid,
Total...................................................... 185,760 177,172
3,145 2,973 and $105,071 adjustments, &c., and crediting $5,000,000 by reducing the par value
x Extensions to theso properties were completed during tho year, but, owing to of 100,000 shares of common stock outstanding from S100 to S50 per share (V.
difficulties encountered In connection with deliveries of machinery, It was Impos­ 102, p. 2170), less S165.500 of common stock in the treasury, the total surplus
Dec. 31 1916 was $461,113.
sible to operate them to their full capacity.
SALES A N D PR ODU CTION OF F IN IS H E D GOODS (In Pounds).
IN C O M E ACCO U N TS OF S U B S ID IA R Y COS. FOR C A L E N D A R Y E A R 1916
-S a lesof F tntshedGoods- -Production o f Fin. G d s.1916.
1915.
1910.
*
1915.
Stark M ills ..............................................15,754,000
1 4,137,000
14,467,000 14,024,500
3,4 9 3 ,0 0 0
I,a G ra n go M ills _______. . . . . 3 ,7 2 1 ,0 0 0
3.265.000 3.198.500
H ogan svillo M il l . _
---------- - 3,1 0 5 ,0 0 0
2 ,4 8 2 ,0 0 0
2.843.000 1.890.500
B a y Stato C o t t o n C o r p o r a tio n . . 6,5 8 7 ,0 0 0
5 ,4 0 2 ,5 0 0
6.754.000 4,967,000
C osm os C o t t o n C o ., L t d -------------- 3 ,7 4 0 ,0 0 0
3 ,3 3 7 ,5 0 0
3.579.000 3.191.500
Im perial C o tto n C o ., L t d ............... 2 ,1 6 4 ,0 0 0
2 ,3 6 3 ,5 0 0
2.035.000 2.247.500
G ra n d t o t a l------------ --------------- .3 5 ,0 7 1 ,0 0 0
STOCKS A N D

3 1 ,2 1 5 ,5 0 0

3 2 ,9 4 3 ,0 0 0

2 9 ,5 1 9 ,5 0 0

BONDS OF S U B S ID IA R Y C O M P A N IE S D E C . 31

1910.

Outper Cent Owned
Percent
standing,
by Internal.
Own. by
B a y Stato C o t t o n C orp ora tion :
Par value.
Cotton M ills.
Public
Elrst preferred 7 % cu m u la tiv e........................ SoOO.OOO
............
100 %
Second preferred s t o c k ----------------------------- - 42 1 ,5 0 0
100%
_______
C o m m o n s t o c k . . ------------ -------------------------- 3 9 0 ,6 0 0
100%
_______
C om b in ed p ercen ta g e---------- - - - ............
0 8 .7 5 %
41.25%
B o s to n Y a rn C o m p a n y ............................- ........... - ^JJO.OOO
100%
C o sm o s C o tto n C o ., L t d ., capital s t o c k . . . . . . 6 00 ,000
7 8 .4 %
21.6%
d eb en tu reb on d sO % 2 8 2 ,0 0 0
_______
100%
Im perial C o t t o n C o . , L t d ., pref. 7 % c u m -------- 35 0 ,0 0 0
7 6 .0 3 %
23.97%
co m m o n stock . . . 2 5 0 ,0 0 0
3 6 .5 6 %
63.44%
6 9 .5 8 %
______ _
Combined p e r c e n ta g e ............
40.42%
T h o co m p a n y also ow n s all tho outstanding co m m o n s to o k o f th o J . S pen cer
T u rn er C o . , w h ich s to c k Is n ow w ith ou t v otin g p ow er.
C O M B IN E D R ESU LTS (B Y QUARTERS) FOR C A L E N D A R Y E A R 1910.
(International Cotton M ills, Bag State Colton Corporation, Boston Yarn C o., Imperial
Cotton C o., Ltd., and Cosmos Cotton C o., Ltd., included.)
-Quarters ending— --- — — Calendar Years—
— M a r. 31 June 30 Sept. 30 Dec. 31

1910.
1910. 1910. 1910. 1910.
1915.
S
$
$
S
.S
.
*
Grossprofits...................... 370,791 390,847 512,577 577,670 1,857,890 1,150,408
Net profits........................282,080 292,750 419,013 478,528 1,472,377 824,940
l’ropor.aocr.to I.C.M.(below)203,085 271,959 391,619 449,458 1,376,121 753,802
Intorcst on 0% notes......... 60,000 60,000 60,000 60,000 240,000 240,000
Balanco (below)............. 203,085 211,959 331,019 389,458 1,130,121 613,802




Bay Slate

.
Colton Co.
Net profits----- -- -------------------1 $466,076
Depreciation--------- -----------------/
Adjustment of good-will ------------ 300,000
Debentures redeemed...................................
First preferred dividends________ (7)35,000
Balance, surplus......................... S131.076

Boston
CosmosCot. Im p'l Cot.
Yarn. Co.
C o., Ltd.
C o., Ltd.
I S134.100
S119.992
S70.945

In­
In­
l ........-1
cluded
........ ) cluded
above.
........ ) above.
(3)3,000
(2)4)8,750
$131,100 $119,992
$62,195
B A L A N C E SH EETS OF S U B S ID IA R Y C O M P A N IE S A S OF D EC EM B ER 31 1916.
Bay State

Boston

Cosmos Cot.

Im p'l Cot.

Assets —
CottonCorp. "
' C o., Ltd.
Yarn ~
Co.
C o., Ltd.
Plant, machinery, &c_______
$1,297,558 ............ySl,053,485 S832.069
Good-will account- - - . . . . . . . . . 300,000
Investments_______ ___________ ____ _
2,040
Duo from Boston Yarn Co_______
22,443
1,854
4,942
Cash___ .. .. .. .. -----------------18,573 $21,115
615,324
Accounts receivable, &o_______
20,961
61,703
48,106
Inventory_ _ . - . . . . . . . . . . . . 1,352,262
_
393,412
313,282
Unexplrcd insurance___ ___ _ .. ..
7,584
833
11,294
999
Total.........................................$3,019,381 $637,272 $1,521,749 $1,201,438
Liabilities—

.

First preferred 7% cumulative.. . - $500,000 __ ___ ______ $350,000
Second preferred 7% non-cumulatlve 321,500 .................................. .........
Common stock............................... 390,000 $100,000 S600.000 250,000
Debentures__________________ - ............................ d282,000 ______
Amounts due to—Internat. Cot. Mills 678,488 236,214 ______ ______
Bay State Cotton Corporation.................
22,443
Accounts payable, &o . -------------- 766,197
254 238,489 c321,734
Accrued taxes, &o-------------------18,717
2,923
Depreciation, &o----------------------50,000 ---------y
Surplus....
____. . . . . . . 293,880
275,437 401,260 279,704
Total.........................................$3,019,381 $637,272 $1,521,749 $1,201,438
c Includes bankers’ note payable, $295,000, and accounts payable, $26,734.
d Includes first issue debentures, $90,000, and Series “B” debentures, $192,000.
y After deducting depreciation, $50,312.—V. 104, p. 2238.

fVoL. 1
04

THE CHRONICLE

2640
Central F oun dry

Co., New York.

(Report for Fiscal Year ending Dec.

31 1916.)
Pres. W addill Catchings, N . Y . (who was recently suc­
ceeded as President by do Courcey Cleveland), on April 5
wrote in substance:

In 1916 the Central Foundry Co. and tho Central Iron A Coal Co. earnod
$675,710. after making all charges and deductions. Capital expenditures
and development work during the year were relatively small, as the work
Which was done in recont years at the coal mines, oro minos, furnace plant
and foundries adequately prepared us for the presont actlvo condition.
While thero was active demand for all of our products, the demand for
Universal pipe exceeded our capacity and is a gratifying indication of tho
position that this special product occupies among users of gas and water pipe.
The company has issued $574,000 of first pref. stock, which has enabled
it to repay the largo floating loan negotiated several years ago at the time
the Holt plant was constructed. The company Is now without floating
debt, and by retaining its earnings in tho treasury is amply supplied with
working capital to meet all tho requirements of its business, oven on tho
present basis of greatly enhanced values (V. 103, p. 2430),
Tho outlook is excellent. Tho earnings for tho first quarter of 1917 have
been large. Both tho Central Foundry Co. and the Central Iron & Coal
Co. have on the one hand substantial orders at very satisfactory prices, and
on tho other available capacity to be disposed of from time to timo in the con­
stantly advancing market. Tho rehabilitation of the principal properties
of the company during the last few years, and the recent issue of first pref.
stock places the company on a permanently strong basis, both physically
and financially.
C O N S O L I D A T E D I N C O M E A C C O U N T Y E A R E N D E D D E C . 31 1916.
Total earnings, after deducting cost of operations, including ordin­
ary repairs and maintenance and upkeep, expenses of sales and
general offices and provision for taxes, doubtful accounts and
adjustments of Inventories_______________________________$874,477
Other income, consisting of rent, storo profits, interest on bank
balancos, securities and accounts, discounts and othor mlsc. items 96,629
Total-......... .............................................. - .................... ...... $971,106
Less sinking fund and depreciation_________________________ 112,463
Interest on bonds and proportion of bond discounts applicable to
year: Central Foundry Co., $65,353; Central Iron & Coal Co.,
$45,469........... - .................................. .................................... 110,822
Interest on loans and bills payable_________________________ 72.111
Net profit for the calendar year 1916______________________ $675,710
B A L A N C E SH EETS.
-Central Foundrj Co. --- Cent.I t . A:Coal Co.--- Cent. Radiator-

«Dec.30’16 »Dec.31T5 Z>ec.31’16 Dec.31’15.D
ec.31’l6 .D
ec.31’1
5
$
$
$
$
Real estate, buildings,
$
s
machinery, Ac___ 1,792,773 1,695,3131 2,396,148 2,370,115/ 70,153 50,530
Patents and good-will - 5,623,095 5,623,095]
Investments______ b1,441,575 1,461,125
Treasury bonds (par). 344,000 '361,000 175,000 175,000
725,748
Advanced to sub. cos. 404,089
721
197
487
Cash in sinking fund. _
825
82 5,046
35,609
31,905
66,805
Cash on hand, Ac___
73,358
Notes & accts. recelv. 609,654 386,550 177,943 139,702 3,088 41,341
414,648 360,727 342,254 32,173 11,006
Inventories_______ 758,849
____
151,730. 162,956
DIsc’t, Ac., on bonds...............
250
250
3,942
11,629
31,257
Prepaid Insurance, Ac.
46,637
311,958 717,870 115,682 91,989
Total................... 11 ,094,855 10,746,634 3,613,545 3,971,257 221,428 200,163
Liabilities—
Common stock____ 3, 600.000 3,600,000 1,000,000 1,000,000 200,000 200,000
Preferred stock........ 4, 600.000 4,000,000
1,225,000 1,248,000
1st M. 6% sink. fund. 1
,
404,089 718,205
Adv. (Cent. Fdy. Co.) i3
201,008 128,813 209,495 " 3,981
Accounts payable, Ac­ 252,347
597
40,981
cent. Iron A Coal Co.
5,040 17,047
Central Foundry Co.. .
35,500
Central Radiator Co. 274,880 160.200
Adv. from pig Iron— .
Notes payable and ac­
400
150
459,682 283,487 342,910
crued accounts___ 440,146
148,423
Depreciation reserve. . 205,061
Reserve for exhaustion
223,348 235,233
of m
inerals______ .
864 73,928 43,174
864
Other reserves_____
Profit and loss.......... 524,360 254,561
Total................... 11,094,855 10,746,634 3,613,545 3,971,257 221,428 200,163
♦The Central Foundry Co. has contingent liabilities as endorsers of notes of Central
Iron A Coal Co., $175,000. b Investments of the Central Foundry Co. ($1,441,575)
Include 10,000 shares Central Iron A Coal Co. at par, $1,000,000; 2,000 shares Cen­
tral Radiator Co., $78,000; 100 shares Central Foundry Co. of New Jersey, $10,000;
and $412,000 1st M. 6s Central Iron A Coal Co. at 83.319% and accrued interest,
$353,575.
Note. —Tho balance sheet of Dec. 31 1916 of tho Central Foundry Co. of N. J.
shows as follows: Assets—Buildings, Ac., $3,651, and current assets, $18,068; offset
by liabilities—Capital stock, $10,000; Central Foundry Co. current account, $3,713;
depreciation reserve, $1,500, and profit and loss surplus, $6,506.—V. 104, p. 255-1,
1705.
.
Asiets—

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS,
R ates.— / .S. C Commission Postpones Action on Increase•
.

For article on tho action of the Commission denying tho advanco in ratos
see “ Financial Situation” on a provious page.—V. 104, p. 2453, 1703

A nn Arbor R R .— New Officer.—

E. F. Blomoyor has boon eloctod Genoral Manager, succeeding A. W.
Towsley.—V. 103, p. 1880.

A tlanta Birmingham & A tlan tic R y.— Annual Report.—
The annual report for 1916 will bo cited at length next week.
Cal. Y e a r s —

1916.
1915.
1916.
1915.
Gross earns..$3,339,840 $2,852,042 Gross incomo____$725,323 $342,205
Oper. ex p .... 2,555,181 2.405,046 Iliroofequipt___ _____ $94,659
Taxes
“
..
162,516
159,074 Rents__________ $16,665 14,788
Interest on funded
Oper. incomo. $622,143 $287,922 debt_________ 417,593 204,500
Other int., Ac___
4,172
743
21,121
Ilireof oquipt.
Other income.
54,283
82,059
. Tot. deductions$438,424 $314,’690
Gross income. $725,323 $342,205 Balance, surplus.$286,899 $27,575
Atlanta Birm. A Atl. Ry., as successor by purchase under foreclosure
sale of the properties of the Atl. Birm. A At. RR., Georgia Term. Co. and
tho Alabama Term. RR. began operations midnight Dec. 31 1915. The
year 1915 is shown for the RR. Co. on basis of fixed charge of tho Ry. Co.
—V. 104, p. 2116, 663.

Baltimore & Ohio R R . — Secured G Notes Sold.— Kuhn,
old
Locb & Co. and Spoyer & Co.sold this week (offoring price,
9 8 % for average maturities) 815,000,000 5 % Secured Gold
notes, $7,500,000 Series A maturing July 1 1918 and $7,500,­
000 Series B maturing July 1 1919. Interest J. & J ., coupon
notes, denom. $1,000. Notes of either or both series are re­
deemable as a whole at par and int., on any int. date, on 30
days’ notice.
Collateral Securing Iss u e D ep osited with U . S. M t g e . & Trust C o .. Trustee.

B. A O. RR. Ref. A Gen. Mtge. 5% gold bonds due 1995__$10,000,000
Reading Company stock—$3,000,000 first prof., $3,000,000
second pref. and $3,000,000 common, total par valuo-------- 9,000,000
With tho privilege of substituting additional Refunding A Gen. Mtge
bonds for tho Reading Co. stocks. Tho collateral security must at all
times bo equal at market price to not less than 120% of tho notes out­
standing. Withdrawals of collateral .are to bo permitted in proportion to
tho faco amount of any notes rotirod and canceled.
The issuance of the notes is subject to the approval of tho Maryland
Public Service Commission.

Paym of $650,000 Bonds of Form Pittsburgh<fe W
ent
er
estern Ry.

Wo aro advised that tho Pittsburgh A Western Ry. $650,000 First Consol.
Mtgo. 4% bonds of 1887, which mature July 1 1917, will bo paid off on
that dato.—V. 104, p. 2450, 2224.

B angor & A roostook R R . —

Coupon Payment.—

Coupons on tho Consolidated Refunding 4s ($8,431,000 outstanding) are
payable at tho offices of Leo, Iligginson A Co. in Boston and at tho office
of Brown Brothers A Co., 59 Wall St., N. Y.—V. 104, p. 1898. 1700.

B oston & Maine R R . —Status of Reorganization Plan.—
Referring to the preliminary plan fully outlined in the
“ Chroniclo” of M a y 19, p. 2009, the “ BostonNewsBureau”
of June 22 says:

The impression has undoubtedly prevailed that the Boston A Maine
reorganization has been temporarily shelved, awaiting more favorable con­
ditions before going ahead with the proposed plan.
The Reorganization Managers and their counsel, however, are working
on the contract to put the reorganization in force, provided it is approved
finally by stockholders of Boston A Maine and leased lines. A stupendous
task is involved in straightening out all these contractural relations In the
consolidation of a complicated system like tho Boston A Maine, with some
25 directly and indirectly loased lines.
It is very improbablo that any radical changes will bo mado in tho Boston
A Maine plan, as tho New Hampshire enabling legislation leaves littlo lee­
way for change.
Directors of Boston A Maine and the sovon directly leased lines havo voted
in favor of the plan. In tho case of tho Concord A Montreal, stockholders
voted only to refer tho plan to tho New Hampshire Legislature. Stock­
holders of Boston A Maine and leased lines will not vote until tho contract
embodying tho plan is in final form.
The reorganization plan, it will bo recalled, proposes to merge tho seven
directly leased lines into tho Boston A Maine by giving now Boston A Maino
first preferred stock, of which a total of $47,872,300 will bo Issued, In ex­
change for stocks of the leased roads on a sharo-for-sharo basis. The sub­
leased lines remain undisturbed. Tho plan allows for continuance of cor­
porate existence of tho Boston A Maino RR. and any or all of tho subsidi­
Hale & K ilbu rn Co., P hiladelphia, Pa.
ary companies so long as for any purpose it may bo necessary or dcsirablo.
(Gth A n n u a l R e p o r t— Y e a r e n d in g D e c . 31 1916.)
In some cases it may be found expedient to do this.
It is understood that holders of Boston A Maino preferred stock, of which
President Joseph A . Bowor says in substance:
recently sought through counsel havo provision
Tho net shipments of your plant during tho fiscal year 1916 aggregated thero is but $3,149,800,they might receive dividends iftoearned. They
mado in the plan that
$3 130 810. upon which net earnings, exclusive of int. charges, amounted to claimed that tho old stock, which was issued in exchange when Bos­
to’$384,912. While tho showing appears very favorable in comparison ton A Maine acquired the old Eastern ItR., carried such a right. Tho Bos­
with 1915, tho period just closed has marked many changes in organization,
on tho
operating equipment and development of products better suited to the exist­ ton A Maine directors, however, held that declaration of dividends under­
preferred should be entirely within tho
ing facilities and manufacturing conditions than were some of the un­ stood that this point has not yet beendiscretion of directors. It is
settled.
profitable products which havo been eliminated. Tho products at present
It
aro steam and electric railway car seats, interior finish for railway cars, After will probably bo some weeks before the contract is in final form.
that it is anticipated that the next step will bo for tho Federal trustees
enclosed automobile bodies, automobile stampings and parts, woven cano, of New Haven’s Boston A Maine stock to apply to tho United States Court
gas ranges and miscellaneous.
.
,
.
.
for the Southern District of Now York for instructions as to how to vote tho
Resulting upon tho appraisal of tho plant and equipment, and upon
This will precede any meeting of
A Maine
losses sustained in tho completion of orders undertaken during the previous New Haven holdings. the plan, since a vote of two-thirdsBostoncombined
of the
year, about 73% of tho year’s earnings were necessarily appropriated for stockholders to vote onstock of the Boston A Maino is nocossary to put any
common and preferred
tho adjustment of property values, about 21% was applied to interest and plan of reorganization through. The New Haven holdings amount to over
miscellaneous charges, and about 6% remained for surplus.
the combined
Prospective of tho year 1917, your company has on its books unruled 52% of reorganizationpreferred and common stock of tho Boston A Maine.
The
committee
members from the Bos­
orders aggregating about $3,250,000, which is in excess of the total ship­ ton A Maine, namely, Henry B.comprises threo S. Cook and Charles l*.
Charles
ments made during tho year 1916. In addition, it is oxpocted that con­ Hall, and one member each fromDay, Concord A Montreal, Fitchburg,
the
siderable business will bo currently available, so that It is anticipated that Connecticut River and the Boston A Lowell, a total of soveil members.—
the plant should operate at full capacity during most of the ensuing year.
The maturity of tho company’s coupon notes on April 1 1917, together V. 104, p. 2451. 2116.
with the increased volume of business, calls for a readjustment of the com­
B oston Suburban E lectric C os. — Dividend Deferred.—
pany’s finances, and your board has appointed a special committee to
This company has deferred tho dividend on its pref. stock, which is cumu­
consider tho same.
lative at tho rate of $4 per year.—V. 103, p. 1209.
E A R N I N G S FO R Y E A R S E N D E D D E C . 31.
C hicago & Eastern Illin ois RR .—Interest Payment.—
1915.
1916. |
1915.
i9l6.
Total net sales.. $1,938,075 $3,130,810 : Mlscel. revenue.
$39,926
$40,<49
Receiver William J. Jackson has notified holders of receivers’ certificates
Net earnings...(lef. 106,841 sur. 344,163 |
Total Income... def .66,915 sur.384,912 that he has arranged to pay at Equitable Trust Co., N. Y., July 1 1917, the
Interest and miscellaneous charges---------------------------------------- $81,182 semi-annual interest then due on $6,000,000 outstanding receivers’ certifi­
cates issued by him dated July 1 1916.
Adjustment of working assets, per inventory, $151,331; of Prop­
As tho Court has set July 17 1917 as the date of salo of the railroad
erty values, per appraisal, $129,353----------------------------------- 280,684
property and tho receiver is advised that an early reorganization Is con­
.$23,045 templated, under the management of Kuhn, Loeb A Co., which will make
Transferred to surplus account for year 1916
provision for the retirement of the receivers certificates, no immediate
B A L A N C E S H E E T D E C 31.
arrangements have been made for the payment of tho principal or tho ex­
1915.
1916.
1916.
1915.
tension or renewal of said certificates, which will continue to bear interest
S
Liabilities—
$
$
S
Assets —
Preferred stock— 4,323,400 4.323,400 at the rate of 6% per annum until paid.—V. 104, p. 2502, 2235.
Plant A equipment 2,140,2411
Mise. investments 405,951) 8,206,600 Common stock— 4,000,000 4,000,000
Chicago Milwaukee & St. Paul R y.— Listing —Tho
750.000
5% coupon notes. 750.000
Pat’ts A goodwill . 5,885,098)
310.000 N . Y . Stock Exchange on June 27 authorized tho listing of
Inventories........ 1,084,449 665,083 Notes payable---- 700.000
98,328 $25,000,000 additional General & Refunding M tge. 4 ^ %
541,018 453,049 Accounts payable. 317,911
Receivables____
50,000
150,169 Ground rent___
Cash................. 109.167
24,614
1,569 bonds, Series A , duo Jan. 1 2014, when and as issued, in
8,396 Profit and loss...
Int.Alns. prep.,Ac. ........ .
Total_______10,165.925 9,483,298
—V. 104, p. 1148, 1049.




Total......

.10,165,925 9,483,298

exchange for outstanding temporary bonds, making a total
listed of $43,089,000. These additional bonds woro placed

June 30 1917.1

THE CHRONICLE

by Kuhn, Loeb & Co. and the National City C o. early in the
year. See V . 104, p. 451, 361.— V . 104, p. 2552, 2116.

C hicago R ock Island & P acific R y.— Receivership Ends.
-—The receivership ended on midnight June 24, the com­
pany resuming possession. The directors, & c., are:
Directors.- —J. J. Shedd, Chairman; N. L. Amster, Chas. Hayden, E. K.
Boisot, S. W. Scott, Beman G. Dawes, Nathaniel French, E. D. Hulbert,
J. it. Morron, J. W. Burdick, James Speyer, J. E. Gorman (the now Presi­
dent) and James A. Patten.
Mr. Scott has succeeded Seward Prosser as a director; Beman G. Dawes
succeeds his brother, C. G. Dawes, who resinned to no as an officer in the
U. S. Army, and Mr. Patten succeeds S. Davies Warfield of Baltimore,
who resigned.
Executive C om m ittee. —N. L. Amster, Chairman; Beman G. Dawes,
James A. Patten, E. IC Boisot, James E. Gorman, Nathaniel French
.
and E. I). Hulbert.
Fin ance C om m ittee.— E . D. Hulbert, Chairman; Charles Hayden, J. It.
Morron, S. W. Scott and James Speyer.

N . L . Amster, Chairman of executive committee, says:

The restoration of the property to the stockholders marks a satisfactory
culmination of a long uphill struggle, which the minority stockholders
have had in their fight for self-protection. It was a hard and strenuous
fight, lasting nearly three years, but tho achievements were worth the
efforts. Every valid creditor received his full due, every bondholder
protected, every stockholder receiving his original stock and a good 7 %
investment for the new money invested.
In a nutshell, tho stockholders’ protective committee, of which I am
Chairman, obtained for the original collateral bondholders:
(1) An equitable distribution of the old railway stock that secured their
(2) instituted suit and obtained for the company a settlement equal to
$2,500,000 and cost from the old directors.
(3) Beached an adjustment with the debenture bondholders whereby
tho bonds were exchanged into 6% pref. stock.
(4) Obtained for tho stockholders for their cash assessment pref. stock
carrying 1% more dividend than that stock issued in exchango for tho de­
benture bonds. (This 1% extra makes tho prof, stock given to tho stock­
holders for their cash worth $17 per share more than tho 6% stock given
in exchange for tho debonturo bonds, or over $5,000,000 to tho stockholders
on the $30,000,000 they subscribed.)
(5) Opposed and defeated efforts to declaro tho Itofundlng Mortgage
duo and to sell the railway property under that mortgage, which, if success­
ful, would not only have wiped out the stockholders’ equity but would have
dissipated tho equity of the debenture bonds as well.
(6) Tho company's charter has been so modified as to elect the entire
board annually instead of only a third of the board. This will insure the
minority stockholders representation on the board of directors.
(7) Tho property goes back into tho hands of the stockholders in the best
physical condition and with more and better equipment than ever in its
history. Funded debt is reduced some $25,000,000 and annual fixed charges
aro reduced about $2,000,000. This company has no floating debt, and
has over $40,000,000 in good marketable bonds free in its treasury for
working capital and extensions and improvements. It has no important
maturities or financing to take care of until 1934.
Tho stockholders have great cause for congratulating themselves on tho
most happy culmination of all their troubles. (Comparo V- 104, p. 2451.]

Bonds for Refunding $12,500,000 ls< M. 6s, Due July 1—
Annual Report.— The Illinois P . S. Commission has approved

the proposed issuance of $12,500,000 First & Ref. M tge.
bonds for the purpose of refunding tho 1st M . 6s which
will bo paid off on July 2.
It appears doubtful whether
tho additional bonds will be sold at present; at {last ac­
counts there were $111,140,000 of the issue outstanding.
— V . 104, p. 2451, 2342.

C in cin n ati H am ilton & D ayton

R y .-

-Sale S Aside.—
et

Judge Howard Hollister in the U. H District Court at Cincinnati has set
.
aside tho sales of tho Ironton and Delphos divisions of this company on tho
ground that the Court had no authority to order tho salo of these two
properties in parcels. Tho properties will bo resold as an entirety.
Tho sale of tho main lino was recently confirmed.—V. 104, p. 2451, 2342.

C in cin n ati Indianapolis & W estern R y.— Report.__

*
A brief income account was published in this column last week page 2552
Tho r and further (lata for the late fiscal year will be published at length
text
(1
)
another u'ook _v 1 ,1 m P’vq1 ‘>ini
week.—V. 104, p. 2552, 2451.

Colum bus Delaware & M arion E lectric C o.— Securities.

The Ohio P. U.C om m issio n has authorized the company to issue $700,000
common stock, $650,000 7% pref. stock and $1,994 000 5% 20-ycar bonds
a nu’rtg1 on. the erlt‘re Property and franchises. Of the bonds
aKe
$1,533,000 are to be exchanged for underlying bonds of tho old company
and $100,000 sold, the proceeds to bo used for impts., Ac.—V. 104, p. 2451.

Denver & Rio Grande R R .— Appeal

Taken.— An

appeal
was taken June 26 in the U . S. Circuit Court of Appoals
from tho judgment recently rendered by Judge Hand in the
U . S. District Court at N . Y . in favor of the Equitable Trust
Co. Seo judgment, V . 104, p. 2116.
Com ittee for Rio Grande Junction Ry. Bonds.__ See that
m
company below.— V . 104, p. 2552, 2235.

Elmira Water, Light &

RR. — Parent Com
pany Purchase.—

See International Traction Co, of Buffalo bedow.—l

i o j f p. 2452

Grand Rapids & Indiana R y.— Earnings.__
Cal.

Gross.

N e t after

Other

In terest on

Other

Unlanre

*i
"inn ir-iTnc u n d -D ebt. $768,101 $57,700
19 b-----35.H97.566 $1,201,300 863,106 F$.138,605 D e d u c t s . Surplus'.
You™ '

• "t e

£ UM 7n rl'r
a

& a s s ."

a s s

In tern ational T raction Co. of B u ffa lo.—-Purchase.—

This company, of whose capital stock 60% is owned by tho United Gas &
Electric Corp., has purchased for $150,000, in the interest of that corpora^

The
this
of r
<
Kansas City Mexico & Orient plan, now abandoned) has bee^wlthdrawm
Seo plans in V. 102, p. 251, 153, V. 103, p. 2340.

M ahoning

&

2641

M tge. 5 % gold bonds of 1915, due N o v . 1 1920, but callable
as a whole (but not in part) at 101 and int. on 60 days’ no­
tice. The bankers report:
Capitclization o f the C om pa n y unu S ubsidiaries.

_ « 5 iqq non
5 % bonds underlying companies___________________
Mahoning & Shenango Ry. & Lt. Co. 5s (lncl. $500,000 bonds
now offered)_______________
_ ..
q in n nnn
i | 128600
Stock ($3,500,000 is 7% preferred stock)___ _
Com parative Statement o f E a rnin gs o f C om pa n y a nd Subsidiary C om pan ies
12 M o n th s ended M a y 3i—
1916-17. 1915-16. Increase
% ■

Gross earnings......................
$4,226,126 $3,521,696 $704,430 20 00
Income available for interest---------- 1,688,809 1,486,010 202 7 9 9 13 6 5
Interest................ - ............
698,224
658,283 39^41 6J)6
PotiSS

a s r is s ,

‘VJ

statement with map in “ Electric Ry. Section,” p . 126.— V. 104, p 2452,

M issouri Pacific R R .— New Securities Ready.—Kuhn
Loeb & C o ., as Reorganization Managers, announce that
the Missouri Pacific System has now been reorganized
and that the new securities are ready for distribution’
Depositors of the stock and bonds of the old company
affected by the reorganization m ay now receive their new
securities in definitive form upon presentation of their cer­
tificates of deposit to the respective depositaries by which
they were issued. (See adv. pages.) The System con­
sisting of about 7,000 miles- of line and traversing’ eight
States, is being operated by the new Missouri Pacific R R
C o ., the receiverships having been lifted from the prop­
erties acquired by it.tf
1

The entire common and preferred stocks of the company uacn
lodged under a five-year voting trust, of which Otto H. Kahn lames iv
r
Wallace and Robert Winsor are voting trustees. Application will shortly
be made to list the stock trust certificates, as well as the bonds of thoTa,
company, on the New York Stock Exchange.
°
Directorate o f the N e w C om pany Chosen Pursuant

Benjamin F. Bush.
William H. Lee,
Nicholas F. Brady,
John H. MeClement,
Harry Bronner,
’* * T *Marston,
■ ---Edgar L. ' — —
Carl R. Gray.
J. T. Milliken,
Alexander J. Hemphill, Finley J. Shepard,
Charles E. Ingersoll,
E. C. Simmons
ITesident,Cr1 1 ° B*usfaC CommiUee ° f N ew
C

to Plan o f ReoraanizaUnn

Cornelius Vanderbift
O. Minot Weld
’
*”
Albert " — ’
H. Wiggin
W II. Williams
Wllliams
W.

C om P a n y

fo r Ensuing Year.

Vice-Presidents. Finley J. Shepard, New York; A. Robertson (in charge
of operation): John G. Drew (in charge of accounts); J. M. JohnsonEdward J. White (alsogeneral solicitor); H. M. Adams (in charge traffic! ’
Secretary and Treasurer. H. L. Utter.
U cnarge traffic).
General Counsel, Cravath A Henderson.
Finance Committee—Harry Bronner, Chairman; B. F Bush NiVhnia* b>
Brad^. A.i^HempM!, John H. MeClement. Finley K Shepam^and
The following authoritative statement is made regarding
the reorganization:

The receivership, which has now given place to the reorganized c o m
pany, has been unique in its freedom from litigation (although six mnrt
gages were foreclosed). and particularly in that no receivers’ certificates
have been issued. During the receivership, which lasted one year and ten
months, the receiver, besides providing for unusually heavy maintenance
expenses, was authorized by the court to expend nearly $io onn nnrf for
improvements, betterments and new equipment.
.uw.wu lor
Another unusual feature of the reorganization is that the U S District
Court, presided over by Circuit Judge William C. Hook, after giving all
interests affected an opportunity to be heard, overruled the few objections
which were made and entered an order specifically approving the reorgani­
zation as fair and equitable.
As a result of the reorganization about $69,000,000 of the old bonds have
been converted into 5% preferred stock, and the annual fixed charges have
been reduced by over $3,000,000. The reorganization piovided the f u n d s
by which was retired the $25,000,000 secured note issue which was c r e S
in 1911 and constituted an insuperable obstacle to tho proper financing
of the old company.
*
v
u™ s
In addition, the reorganization has provided for the current cash reouirements of the new company and for the consolidation Into large issura of
various in nor bond issues which nad but a limited market and were not
readily salable—characteristics which injured the credit or t h e old oom
Pany. whereas the new issues should command a ready and active market
The future capital needs of the company are provided for by the iTeaiion
of a new First A Refunding Mortgage, which reserves bonds for the refund­
ing of existing obligations and provides for the issue of bonds for improve­
ments, betterments and additions as may from time to time be required
The mortgage recites that it is a direct mortgage on about 6,148 milwof
° f a b ° Ut 6 ’6 90 m iles subject* t o

M onongahela Valley T ra ction Co .—Extra

Dividend —

0,1 ,h"
le
A dividend of 83 1-3% has also been declared on the pref stock n a v a h le
July 5 to holders of record June 30. Tho directors declared this ’dividend
on the preferred stock to adjust the distribution on this class of stock made
necessary by the merger of the company with the Kanawha Traction Co
This dividend is for two months.—V. 104, p. 2553, 1899.
^ ’

New Jersey & Pennsylvania T ra ction C o., T renton
N. J . — S tock R
e
d
u
c
e
d
’
This company has filed a certificate with tho Secretary of State of N J
reducing the authorized capital stock to $500,000, divided into 5 000 shares'
—V. 104, p. 257.

New Orleans Texas & M exico Ry. (G ulf Coast Lines).

— A n n u a l Report.— The annual report for 1916 will be cited
at length another w eek. ,
r

- 1916.
1915.
,
1916.
1915.
$6,410,378 $4,796,249 „
Gross income----$2,019,756 $1,021,824
$4,321,277 $3,674,833 Rents, Ac-------- $311,369 3356,163
. 142,291
Taxes, Ac.
146,690 Interest on funded
debt------------ 462,044
289,263
$1,946,810 $974,726 Other int., Ac---23,224
59,643
Other income_
_
72,946
47,098
Total deduc’ns. $796,637 $780,619
$2,019,756 $1,021,824 Balance, surplus..$1,223,118 $241,206
—V. 104. p. 1146, 863.

N orthern Pacific R y. — New Director.—

Ilowara Elliott President of this road prior to Sept. 1913. when he re­
signed to become Pr^ident of the N. Y. N. H. A H. Ur ., lias been elected

Shenango Ry. & Light Co.— Additional

Bonds Offered—A syndicate

composed of Lee, Iligginson &
C o ., N . Y . , and Drexel & C o ., Reilly, Brock & C o. and
C rah am & C o., Phila., aro offering at 9 7 ^ and int., to yield
l
5 .8 0 % , an additional block of $500,000 First & Consol.




Pennsylvania Co. —Dividend Reduced.— A semi-annual
dividend of 3 % has been declared on the $80,000 000 stock
(all of which is owned by the Penn. R R .), payable June 30

2642

to holders of record June 25. This compares with 4 % each
in June and D ec. 1916 and since 1903 as follows:
D IVIDEN DS.— I ’03. ’04-’05. *06. ’07. ’08. ’09. ’ 10-’ 13. ’ 14. ’ 15. '16.
P e rce n t____________ \ 4
5
6
7
7
8 7 yrly.
In Jan. 1916 33 1-3% In stock.— V. 104. p. 2343, 2003.

4

6

Pennsylvania RR.— Financial Data.— W e ‘ have
favored with the following particulars:

8

been

Changes in A m o u n ts o f Bonds —

Consol Mtgo. (of 1873) Sterling 3H s o f 1895, reduced to — . . .
£523,000
do
do
3ii % o f same issue stamped ‘‘payable in dol­
lars,” amount Issued____________________
$275,000
Consol. Mtge. 4 % Sterling bonds o f 1908, reduced to _________ £1,108,600
do
do
4s o f same issue, stamped “ payable in dol­
lars,” increased to ______________________ $14,457,000
The S. W . Pennsylvania 1st M . 7s o f 1877, $862,000, were paid off
Feb. 1 1917. There are now outstanding $800,000 equipment trust 4s of
1907 and $3,300,000 4s of 1910. The mileago under the Consol. Mtgo.
is now 1,463, and under the General Mtgo. o f 1915 is 2,834 miles.
This information was received too late for our current Supplement.
See also Pennsylvania Company above and Pittsburgh, Cm., Chicago &
St. Louis below.

Telegra-ph Service.— See Western Union Telegraph Co.
under “ Industrials” below.— V . 104, p. 2343, 2337, 2235.
Pere Marquette RR.—Receiver Dismissed.—

Judge Arthur J. Tuttlo in the U. S. District Court at Detroit on June 14
ssued an order dismissing the railroad company from a recoivership. The
new company took possession o f the proporty April 13 1917. See V. 104,
p. 1593. Compare V. 104, p. 2453, 2343.

Pittsburgh Cincinnati Chicago & St. Louis Ry.—

Dividend.— A dividend of 2J ^ % has been declared on the
stock, payable A u g. 30 to holders of record Aug. 20. This is
the first dividend on the consolidated stock of the Vandalia
R R .a n d Pitts. Cin. C h ic.& St. L . R y .— V . 104, p. 1892 ,1 49 0.

Poughkeepsie City & Wappingers Fall Electric Ry.—

This company has filed a certificate changing its namo from the abovo to
“ Poughkeepsie & Wappingers Falls Ry. C o .” — V. 104, p. 1801, 1388.

Poughkeepsie & Wappingers Falls

fVOL. 104.

THE CHRONICLE

R y . —New Name.—

See Poughkeepsie City & Wappingers Falls Electric Ry. above.

Rio Grande Junction Ry.—Protective Com ittee.—A
m

will bo approximately $2,500,000. This will mean a largo tonnage o f
general merchandise for tho railway.
Earnings .— Tho industries at tho terminal should produce a rovenuo of
$300,000, this in addition to regular business amounting to about $350,000.
Theso figures do not include through business to and from Florida. Gross
earnings o f $800,000 are predicted by Aug. 1 1918. This is at the rate
o f about $5,500 per mile. Gross earnings o f tho system at present aro
about 100% larger than last year.
[This company has increased its authorized capital stock from $500,000
to $2,250,000, o f which $1,250,000 is to be 7% non-cum. prof, stock until
Oct. 1 1920 and cumulative thereafter, and tho remaining $1,000,000 will
be common stock.
Authority to issuo the new stock have been granted
by tho Georgia R R . Commission and application is pending for permission
to issue $2,500,000 bonds in connection with the purchase of tho Savannah
& Northwestern and for additional working capital, &c. John II. Hunter
has been President of both companies.
Tho Savannah & Atlanta Ry. on June 8 virtually purchased tho Savannah
& Northwestern R y. and will operate It under the namo o f tho Savannah &
Atlanta Ry.]— Y. 104, p. 2012.

Snowbird Valley RR.— Sale.—

S.
F. Chapman is receiving tenders until July 1 for tho salo of this com­
pany’s property, consisting of 20 miles of narrow-gauge railroad, 2 locomo­
tives, 30 logging cars, shop tools, &c. It will be sold as a wholo for cash.—
V. 86, p. 481.

Tennessee Central RR.—Sale July 2.—

Special Master E. L. Doak will offer tho Tennosseo Central RR. property
for salo on July 2, on the same terms upon which it was offered ou Juno 2
last. If tho bids aro insufficient, he will adjourn the salo to Sept. 8 1917,
and so report to tho court. The receivers have obtained authority to
borrow $30,000 with which to pay tho Nashville Terminal rent falling due
July 1 1917, in case there is no salo of the railroad on July 2.
It Is thought, howovor, that tho property will bo purchased by the
Illinois Central R R .— V. 104, p. 1900, 1389.

Terminal RR. Assn, of St. Louis.—Bonds.—

This company has applied to the Missouri P. S. Commission for authority
to Issue $883,000 additional General Mtge. bonds, the proceeds tb be used
for additions, &c.— V. 100, p. 1079.

Toledo & Cincinnati RR.— Mortgage.—

This company, successor of tho Cincinnati Hamilton & Dayton R y. per
plan in V. 102, p. 1059, 1346, has filed mortgages with (a) tho Bankers
Trust Co., N. Y ., as trustee, securing an issue of $35,000,000 First & Ref.
Mtgo. 5% bonds; and (6) tho U. 8. Mtge. & Trust Co., N. Y ., as trustee,
securing an issuo of 5% Adjustment & Improvement bonds.
See Cincinnati Hamilton & Dayton Ry. above and plan in V. 102, p.
1059, 1346, 1895. also V. 104, p. 2453.

Union Pacific RR.— New Vice-President.—

judgment for more than $32,272,000 having been directed
against the Denver & Rio Grande R R . (V . 104, p. 2116), the
following named committee, by advertisement on another
page, requests deposit of the 1st M tg e . 5s of this company
with the Franklin Trust C o ., 46 W all S t ., as depositary:

William M . Jeffers has been elected a Vice-Prosidont in addition to his
offico o f General Manager.— V. 104, p. 1900, 1793.

Further Notice to 1st M. Bondholders.— F . J. Lisman & C o.,
61 Broadway, N ew York, announce (see advertising pages):

committee representing the stockholders, with headquarters
at Room 1631, 120 Broadway, N . Y . City, in circular dated
Juno 19, says in brief:

Utah Light & Traction Co.—Report.—

Sqo Utah Securities Corp. under "Annual Reports” in V.' 104, p. 2550.—
V. 104, p. 2012.

Utah Power & Light Co.—Report.—
C om m ittee. — L. Edmund Zacher, Treas. Travelers’ Insurance Co., Hart­
Soo Utah Securities Corp. under “ Annual Reports” in V. 104, p. 2550.—
ford, Conn.; J. Herbert Case, Vico-Pres. Farmers’ Loan & Trust Co.,
N . Y .; Edward C. Delafleld, Pres. Franklin Trust Co., N. Y ., with E. S. V. 104, p. 2012.
Blagden, Secretary, 46 Wall St., N . Y . Delafield, Howe, Thomo &
Rogers, Counsel.
The bonds In question aro duo Dec. 1 1933 and are guaranteed jointly
INDUSTRIAL AND MISCELLANEOUS.
and severally as to principal and interest by the Donver & Rio Grande
R R ., and also by tho old Colorado Midland R y., which was recently sold
Aetna Explosives Co., Inc.—New Committee.— The new
at foreclosure. (V. 104, p. 1701).
The undersigned, representing a majority o f tho above issuo, do not deem
it necessary to deposit those bonds with any committee at this time.
I f at any tlmo tho bonds should need protection wo will communicato with
all the holders.— V. 97, p. 888.

Rochester Syracuse & Eastern RR.—Plan Operative.—

The plan of reorganization dated May 18 1917, prepared by tho 1st Mtgo.
Bondholders' Protective Committee, Arthur W . Loaby of Syracuse,
Chairman, has received the assent o f tho holders of certificates o f deposit
representing $4,564,000 o f the bonds. None o f the certificate holders hav­
ing dissented therefrom, the committee on June 21 1917 declared said
plan effective and binding upon all holders of said certificates o f deposit.
— V. 104, p. 2119, 2011.

Savannah & Atlanta Railway.—Consolidation—Bonds

Offered.— W illiam

M orris Imbrie & C o. are offering $2,500,­
000 new First & _ Consolidated M ortgage 6 % convertible
gold bonds covering the ontire property of this com ­
pany as recently enlarged and recapitalized following the
absorption o f the allied line, the Savannah & Northwestern,
with its tidewater terminals, &c.

The bonds aro dated July 16 1917, due M ay 1 1935, but callable at 105
on any interest date on four weeks’ notice. Also convertible into common
stock at par, at option o f holder, at any time after July 15 1919. Interest
J. & J. 15. Denom. $500, $1,000 c*. Trustee, Franklin Trust Co., N. Y.
D i g e s t o f A u t h o r i t a t i v e C i r c u l a r D a t e d J u n e 26 1 917.

C o m p a n y . — Tho railway, completed in Aug. 1916, was operated as part
o f the Savannah & Northwestern R y., which it has since taken over, and
now, through Its connection with tho Georgia R R ., which is jointly leased
and operated by the Louisvlllo & Nashville and tho Atlantic Coast LinoRRs.
forms part of tho shortost route from Atlanta to Savannah. It provides an
outlet for these roads from tho Middlo West and the Ohio and Mississippi
valleys to tho Atlantic seaboard, and is a vital link in a route between
Florida and Northern points.
A large tonnage o f freight originates at tho Port Wentworth terminal.
Tho Savannah Warehouse & Compress C o., near Port Wentworth, whose
lant cost $1,000,000, provides tho road with cotton terminals and waroouses and should yield a largo traffic. Tho company’s traffic consists
principally o f cotton, lumber, naval stores, garden truck, refined sugar,
wood pulp, shipbuilding materials, fertilizer, general merchandise, etc.

S

C apitalization —
A u th orized . Outst'g.
First & Consol. 6 s............................
$5,000,000 $2,500,000
Underlying 5% bonds....................... ............................... .....
865,000
Equipment Trusts........................................... ......................
46,199
7% preferred stock (cumulative after threo years).. 1,250,000 1,250,000
Common stock......................
1,000,000 1,000,000
S ecu rity. —A first mortgage on 144 miles of standard gauge steam rail"
road and railroad and warehouse terminal property in Savannah, and on all
tho stock of the Port Wentworth Terminal Corp., which has no bonded
debt; subject only to $865,000 bonds on part of the road. Additional bonds
may bo issued only to 85% of actual cost of extensions and permanent im­
provements, when net earnings are twice tho interest on all bonds issued
and outstanding under this mortgage, including thoso to be Issued.
A s s e t s . —Those consist of (a) 144 miles of railway, valued, with oquipmont, at $3,814,000; (6 ) terminal property in Savannah, $540,000; (c) Port
Wentworth Terminal stock, $1,500,000; total, $5,854,000.
P roperties Located on T erm in a l L a n d s, T h eir Capitalization a nd E stim ated
Gross A n n u a l B u sin ess to R ailw a y.
T o n s.
C om pa n y —■
C apitalization.

Port Wentworth Lumber Co. (V. 102, p. 1351)___ $1,900,000
2 0 0 ,0 0 0
Savannah Sugar Refining Corp. (V. 104, p. 262)... 2,750,000
217,500
Atlantic Paper & Pulp Corp. (V. 104, p. 455)........ 500,000
50.000
Terry Shipbuilding Corporation..............................
46,000
_____
50.000
The railway is now receiving a steady increase in earnings from the
freight originating in these enterprises.
A town is being built on land now owned by the Port W entw orth T erm in a l
C orpora tion , to accommodate tho workmen omployed In the plants men­
tioned above. The plans call for four to five miles of paved streets, sowers,
schools, churches, stores and threo hotols. Tho number of men omployed
at Port Wentworth will be about 3,000, and the annual pay-roll there




The undersigned, owners o f a large amount o f stock in tho com pany have
agreed to act as a com m ittee in t h e interests o f tho stockholders and to
co-operate with the receivers in working out a plan o f reorganization.
Tho receivers, wo understand, are contem plating shutting down tho large
smokeless pow der factory in Canada now running at a loss; liavo adjusted
somo o f the unsatisfactory contracts for raw materials; have reorganized
tho offico force; have greatly reduced tho salary list; and aro negotiating
with tho French G overnm ent for paym ont to tho com pany for powder at
tho factory instead o f when delivered at tho ship, which, if consum m ated,
will bo a groat help to tho financial management.
Owing to tho present condition o f the raw material markots, from which
materials the products o f your com pany are m ade, it is absolutely necessary
(if the good-w ill o f tho business is to be saved as a going concern) that the
com pany bo taken out o f the receivership at an early dato.
Tho receivers in a petition recently submitted b y them in an application
to purchaso nitrate or soda and bleached cotton to carry on tho manufacture
o f powder for the French Governm ent to Jan. 1918, stated that M r. W ollonborg, their General M anager, had inform ed them that tho operations o f tho
receivers from April 20 to Juno 1 indicated an estimated profit, after tho
usual depreciation with respect to commercial plants but boforo tho amor­
tization o f war plants, o f at least $250,000, and further stated that M r.
W ollenberg inform ed the receiver that aftor Juno I 1917 and until the end
o f 1917, if tho nltrato o f soda and cotton coverod b y the petition were
purchased and tho remaining 25% o f tho materials necessary for tho com ­
pa n y’s business and then unbought, could bo purchased at tho then provailing prices, and if no m ajor accidents occurred at the plants and the
transportation situation remained normal, then, based on tho full production
required b y tho contracts, there should bo realized from tho com bined
military and dom estic business, a not p rofit o f $350,000 per m onth, after
depreciation o f dom estic plants but before tho am ortization o f military
plants, but that as a m atter o f business caution such estimated p rofit o f
$350,000 per m onth should bo reduced to $250,000.
T ho A uditor’s report o f April 19 1917 shows when tho receivers took
possession that thero was about $7,000,000 invosted in quick assets in war
business and about $3,000,000 invested in quick assets in tho commercial
business. Tho com pany on April 17 1917 owed $2,283,300 o f bonds,
$1,741,342 o f notes and $2,867,133 accounts payable, which Is approxi­
m ately tho same as tho amount invested In war business outside o f factories,
and when tho war business is terminated theso quick assets will pay o ff
these debts and leavo for the stockholders their plants with about $3,000,000
in quick assets to carry on tho commercial buslnoss.
T he com pany has ten commercial plants, located In Pennsylvania (3 ),
Ohio (2), Indiana, Illinois, New Y ork, M ichigan and Alabam a. Theso
plants have been groatiy neglected in trying to carry out tho war contracts
but are now producing about 4,000,000 lbs. o f commercial dynam ite per
m onth. N aturally, owing to the recoivership, it has been difficult to main­
tain tho organization. Tho com pany ,is com posed o f approxim ately 2,630
stockholders, o f whom 2,000 own from 1 to 100 shares oach.
(The com m ittee asks signatures to broad powers o f attorney to onable
them to act for the stockholders as in the discretion o f tho com m itteo m ay
seem advisablo, but without power to sell or pledge tho stock so represented./

Stockholders committeo: Henry Auchu (formorly Pros. Keystone Nat.
Powder Co.), Asa K. Do Witt (State Senator), Justus Von Lengerko (for­
merly Pres. National Powder Co.), F. E. Baldwin (Stato Senator), John
Rico (formorly Pres. Pluto Powdor Co.), with Thos. H. Hammond as
Secrotary.—V. 104, p. 2013, 1802.

Creditors Must File Claim by Aug.
s

28—

All creditors o f this company and others asserting claims are required to
file their claims with tho receivers, George O. Holt and Bonjamin B. Odell
at 120 Broadway, N . Y ., on or before Aug. 28 next.

American Car & Foundry

C o.—

New Directors— Report.

John Sherman Hoyt and W . C. Dlckerman havo boon elected directors
to succeed Thomas H. West and W. N. McMillan, respectively.— V. 104,
p. 865.
■

American Gas Co., Philadelphia.—New Stock.—

The $1,354,400 new stock having beon underwritten, is offerod at par to
shareholders o f record June 23 in amounts equal to 21 % o f present holdings,
but with the hope that they will permit 1% o f tho 21% to bo sot asido for
subscriptions by employees. Subscriptions are payablo either 25% July 17,
25% Oct. 1 and 50% on Nov. 30; or in full on July 17 1917, in oxchango for
8% negotiable temporary receipts bearing Interest at 8% p. a. until Dec. 1

June 30 1917.]

THE CHRONICLE

certificates of stock will bo issued. Only 6 % interest
will iplWPWIWn the partial payments. Fractional warrants can bo used
only in subscribing for full shares. Compare V. 104, p. 2054, G05.

2643

Cramp (Wm.) & Sons Ship & Engine Building Co.—

Notes Extended.—Balance Sheet of April 30.—

This company, which a year ago sold an issue of $1,500,000 one-year 5%
collateral notes with privilege of renewal, has renewed the issue for six
months. For details see V. 103, p. 63.
1917.
1916.
1917.
1916.
Liabilities—
$
$
Assets—
S
S
Capital stock___ 6,098,000 6,098,000
Real estate, ma­
chinery, Ac___15,250,912 14,230,934 Bds., notesAmtgs. 5,426,444 4,030,444
Bills payable___
____
350,000
Bills and accounts.
receivable....... 2,512,556 1,423,182 Mdse, not due__ 581,307
567,079
American Malting Co.—Dividend Increased.—
Materials A supp. 1,035,833 802,263 Wages due May.. 138,486
47,536
A quarterly dividend of 146% 1m been declared on the 1st and 2d pref. Cash... .............. 435,192
s
367,307 Accrued Interest..
40,188
59,762
stocks, payable Aug. 1 to holders of record July 17. In May last 1% was Deferred assets__
7,679
6,081 Profit and loss___ 6,957,746 5,676,946
paid on this stock.—V. 104, p. 2344, 1594.
Total.............19,242,172 16,829,767 Total............. 19,242,172 16,829,767
American Shipbuilding Co.—Extra Dividends.—
. —V. 104. p. 2236, 1147.
An oxtra dividend of 3% and a •'Rod Cross" dividend of 1% has been
Curtiss Aeroplane & Motor Corp.—New Common Stock
declared on the common stock in addition to the regular quarterly 1 H%
on tho common stock, all payablo July 20 to holders of record July 5.—V. Offering to Stockholders at $35 a Share—Mr. Willys a Voting
104, p. 1265.

American Hide & Leather Co.— Director— Plan.—

C. E. Danforth, of Van Emburgli & Attorbury, has been elected a direc­
tor to succoed Win. Stuart Cox, resigned.
Holdors of a considerable amount of the stock, wo understand, are con­
sidering plans for the settlement of the accumulated dividends on the profshares but no dofinite statement as to the matter is available at presentSee V. 104, p. 1900.

Androscoggin Mills, Lewiston, Me.—R Cross Div.—
ed

A spocial “ Red Cross” dividend of 1% has boon declared on tho $t ,000,000
stock (par $100), in addition to tho regular semi-annual 5%, both payablo
July 2 to holders of record Juno 22.—V. 84, p. 53.

Trustee— Plans—Regular Dividend.— Vice-Pres. C . M . Keys
has favored the “ Chronicle” with the following authoritative
data as to official action taken on Juno 27:

N e w Stock. —Tho directors and voting trustees authorized the issue of
63.000 additional shares of common stock, having no par value. Certifi­
cates for this stock will be offered to holdors of voting trust certificates for
A “ Rod Cross” dividend of 1% has been declared on tho stock, payable both preferred and common stock pro rata at tho rate of 30% of present
Juno 30 to stock of record June 22.—V. 91, p. 872.
holdings. Stock will be offered to stockholders of record at the close of
business July 3 1917 at $35 per share, and payment for the same will be
(E. W .) Bliss C o., New Y o rk .■ Extra Com on Dividend. due before tho close of business July 18. Due notice will be mailed to voting
—
m
An extra dividend of 11 J4% has been declared on the common stock out trust certificate holders.
•
of accumulated net earnings, in addition to the regular quarterly 1 44% on
The purpose of the issuo is to raise additional working capital, on account
tho common and 2% on tho pref. stocks, all payablo July 2 to holders of of an additional $2 0 ,0 0 0 ,0 0 0 of orders in hand.
record Juno 27.—V. 104, p. 1901, 1705.
Voting Trust— N e w D irector. —Mr. J. N. Willys of Toledo was elected a
voting trustee to succeed Mr. Jamos Imbrie, resigned, and Mr. James E.
B luefiolds Steam ship C o ., L td .— Decision.—
Kcppcrley, Vice-President of tho Willys-Overland Co., was elected a direc­
Sec United Fruit Co. below.—V. 102, p. 1438.
tor to succeed C. G. Meyer, resigned.
P la ns. —Plans were discussed for tho expansion of the plant and the estab­
C arbon Steel C o.— Extra Dividends.— •
lishment of the best possible experimental plant, under the personal charge
Two extra dividends of 246% each havo been declared on tho stock, and direction of Mr. Curtiss. Mr. Curtiss stated that ho is hurrying the
payable Aug. and Nov. 15 to holders of record Aug. and Nov. 10, respec­ designs of a now fighting aeroplane to develop a spoed of 150 miles per hour.
tively.—V. 104, p. 2236, 1901.
D iv id en d . —The regular semi-annual dividend of 3>4% was declared on
tho preferred stock, payable July 16 to stockholders of record of July 2.
C en tral F o u n d ry C o ., N . Y .—Listed—Report.— The
[ Tho company has filed a certificate at Albany increasing the authorized
N . Y . Stock Exchange has authorized:
amount of its "declared capital” from $6,750,000, represented by $6,000,000
7% cum. pref. stock
(1) Immediate listing of $1,085,000 1st M 6 s with authority to add on value, to $7,515,000, in $100 shares and 150,000 common shares of no par
this last amount to bo represented by the $6,000,000
or beforo Jan. 1 1914, $344,000 of said bonds, if and when sold, and (2) pref. stock and 303,000 shares of common of no par value. Of tho new
tho listing of engraved certificates for $4,600,000 ordinary pref. non-cumu- common shares, 63,000 are offered as above stated and the remaining
lativo stock and $3,600,000 common stock, when and as exchanged for 90.000 shares will remain unissued. While the common shares have no
present outstanding certificates.
par or face value they are rated under the New York law at $5 each, together
Earnings.— For year 1916 and 20 weeks to M a y 19 1917: with tho pref. stock at its face amount, in ascertaining the “declared
capital.”J Compare V. 104, p. 2555, 2014.
P eriod.
T ot. In c .
In t . R ec'd. B ’d , <H.c., In t . D e g r e e ..
S urplus.
Cal. year 1916..$352,995
$61,647
$88,205
$56,638
$269,798
Detroit Iron & Steel Co.— Dividends.—Stock Increase.—
20 weeks 1917.- 194,569
20,215
28,526
32,442
*153,816
A cash dividend of 10% has been declared on the common stock, payable
* Subject to such excess profits and income tax imposed by Government.
2K% quarterly beginning July 16.
Tho company dcp»-e<l last week an initial dividend of 144% on tho $4,­
The stockholders have approved the recommendation of the directors that
600,000 ordinal-R'eferred stock, payablo July 16, to holders of record tho common stock be increased from $750,000 to$l,500,000 by thetransfer
Juno 30. On tlpj l>;t pref. stock created Jan. 8 1917 (auth. $600,000 out­ of $750,000 from accumulated earnings and that tho new stock bo issued to
standing, $5747’ 30—
-V. 103, p. 2430), a quarterly dividend of 2% was
paid April 15 and a further dividend of 2%, is payablo July 16. No divi­ stockholders as a 100% stock dividend payablo July 2.—V. 104, p. 75.
dends havo been paid on the common stock. Sec annual report on a pre­
Eastman Kodak Co., Rochester, N. Y.— Extra Div.—
ceding jiago.—V. 104, p. 2554, 1804.
An extra dividend of 5% has been declared on the common stock, paya­
C en tral & S ou th A m erican Telegraph C o .— Earns.— ble Sept. 1 to holders of record July 31. The regular quarterly dividends of
1 H% on the pref. and 2 H% on the common have been declared, payable
F or 3 and 6 M o s . ending J un e 30 (Partly E st.)
Oct. 1 to holders of record Aug. 31.—V. 104, p. 2115, 1492.
N et.
D ivid en d s.
'
P eriod—
Gross.
B alance.
T o t. S u r.
1917 (3 mos.)$1,0 7 5 ,000 $875,000 (146)$209,863 $665,137 $4,216,604
Federal Sugar Refining Co., N . Y.— Annual Meeting—
1916 (3 mos. ( 790,000
591,000 (146) 143,565
447,435 6,283,206
1917 (6 mos.)$2,(1 12 ,0 0 0 $1,620,000 (3%)$353,428 $1,266,572 $4,216,604 New Directors—Right of Stockholders to Subscribe for Stock of
1916 (6 mos.) 1,5.75,000 1,208,500 (3%) 287,130
921,370 6,283 206 Mackay Interest— Earnings, &c.— A t the postponed annual
—V. 104, p. 126(}, 1047.

B ates M a n u fa ctu rin g C o.—

R Cross Distribution.—
ed

Childs (Restaurant) Co.—R Cross Dividend.—
ed

A “ Kcd Cross” dividend of 46 of 1 % has been declared on tho common
stock, payablo Jd'V 9 to holders of record July 5.—V. 104, p. 2236, 865.

meeting held June 26 the following directors, representing
tho old management, wereeleeted by a vote of 90,590 shares.

Ernest A. Bigelow, Lewis L. Clarke, Abner H. Platt, Pierre J. Smith,
Claus A. Spreckels, Alvin W. ICrech and Rudolph Sprockets. [The new
directors aro Messrs. ICrech, Bigelow and Rudolph Spreckels.]
Referring to tho purchase of tho stock held
interests,
ended[ March 3 1 .— Pres. Daniel Guggenheim, in a circular, supposed to aggregate about $2,500,000 (V. 104,by tho Mackay Spreckels
p. 2556). Pres.
says in substance:
is quoted as saying in substance: “ Prior to tho annual meeting called for
18 I was certain
shares
The following shows results of operations of Chile Exploration Co. for June promised to mo atof 48,700 shares by proxy, and 4,000 more to buy
wero
tho meeting. Then tho opposition offered
tho quarter ended March 31 1917:
my stock at $100 per share or sell me theirs at $90 per sharo. I decided to
Production by Quarters (.in L b s .)—
Total.
A v e .M t h l y .
accept their offer. A syndicate has underwritten tho stock and it will be
First quarter 1917, ending March 31:
to stockholders
(Jan., 7.756,737; Feb.,6.056 024; Mar.,8,713,035).22,525,796 7,508,599 offered arrangement by in tho near future.” & Co., sugar brokers, buy
Tho
which Smith, Shipper
Fourth.quarter 1916, ending Dec. 31:
sugar for
Federal company
Spreck­
(Oct.,4,541,790; Nov.,4,098,872; Dec.,6,137,714). 14,778,376 4,926,125 rawdescribed thehaving been veryand sell tne rofined product Pros.its early
els
as
to the Federal Co.
Against tlio Doc. 1916 production of 6,137,714 pounds an adjustment days and to dispense with it ho felt helpfulbo unwise and unjust.in His 10%
[deduction] of 3,883,104 lbs. was made for “copper in process,” and tho interest in this firm cost him about would and for some years the brokers
$25,000
total reported production for 1916 was reduced accordingly, so that produc­
$50,000 per annum. Ho proposos
tion after Jan. 1 1917 would bo stated on tho basis of finished copper ready mado aboutview of tne criticism caused by it. to sever his connection with
for shipment instead of stating it, as proviousiy, on a basis of all copper tho firm in
mado, whether in finished or partly finished form. Owing to tho adjust­
The financial statement presented at the meeting com­
ment as explained above tho financial results for tho fourth quarter of 1916 pares as follows:
as shown below, are based on a production of 10,895,272 lbs.
’
Tho total quantity of oro treated during tho quarter was 588,879 dry
In com e A ccou n t f o r Y ea rs ending M a y 26 1917 and M a y 29 1916.
tho averago grado of same was 1 .8 8 % copper, as compared with
Years ending— M ag 26'17. M ag 29 '16.
Years ending—
623,490 dry tons :j§d 1.70% copper, respectively, for tho fourth quarter of Profit .............. S3.227,464 S1,469,710 Net profit_____M a y 26 ’17. M ag 29 T6 .
$2,823,504 $1,070,614
1 n'/No phe aversCo net saving for tho quarter was 83.32%, as compared Interest.............. $363,629 S313.032 Pref. diva. (6 %)..
199,368
199,368
with 73.42% for-tho provlous quarter.
Income tax, &c_
40,331
86,064 Balance, surplus..$2,624,136 $871,246
The cost of ,.ne copper produced at tho plant for tho quarter was 9 01 cts
On June 15 1917 a quarterly dividend of 1% % was paid on the $6,677,200
per lb., as co— * red • ,*u 12.29 cts. *— — previous quarter. The totai
•* ---* with
~
•
for tho
delivered n
if copper produced for tho quarter, including delivery, common stock. This is the first payment on this stock since Oct. 1913,
soiling, mis'
jeous expenses and taxes, and after crediting miscellaneous when 1 M % was paid. V. 104, p. 2237.
earnings, w
:
Balance Sheet M a y 26 1917 and J u ly 29 1911.
.71 cts. per lb. as compared with 16.17 cts. for tho previous
quarter,
M a y 26 T7. July 29 ’ll.
Tgo difference of approximately 3.75 cts. per lb. between
M a g 26 ’17. July 29 ’ll.
tho plant
Assets—
$
$
Liabilities—
$
$ fe
w
- , 1 vered cost is duo to tho abnormal ocean freights and inPlant property,
existing under war conditions.
Common stock... 6,677,200 6,677,200
machinery, Ac.,
Preferred stock__ 3,322,800 3,322,800
F in ancial Results o f the Operations fo r the Txco Quarters.
(book value)... 11,829,462 10,840,175 Notes due 1920.. 2,000,000
____
I - . :om c — 1st Q u .'1 7 . dth Q u .’..n. . D e d u c .—
.
i.» n „ ,
M />.. lG
1st Q u : 17. 4 7 Q u .'lG
<»
Cash........... ...... 1,706.680 947,692 Acc’ts pay’Ie, Ac. 1,839,965)
operating
Int. on bonds
xncomo___ $3,165,795 $1,029,343 . a n d loans.. $420,321 $404,554 Acc’ts rccciv., Ac. 5,471,224 2,005,018 Bills payable___ 5,207,500) 8,963,080
,
Sugar, raw, ref’d
Misc. incoino.
17,616
Raw sugar drafts. 1,400,000)
1,6081
Depr., ros’vo,
&in process, Ac. 6,106,120 6,323,437 Surplus.............. 4,666,021 1,153,242
193,245
' ^_______ ___ _____ | plant & cq’t 193,245
Total.............25,113,486 20,116,322 Total............. 25,113,486 20,116,322
Total ineomo_$Il, 18.3,411 $1,031,0111Bal., und.prof$2,569,845 $433,212
The company’s last financial statement was issued in Aug. 1911, covering
Tho above earnings aro computed on tho basis of 26.87 cts. per lb. for
a period of 17 months to July 31 1911.—V. 104, p. 2556. 2346.
quarter *of
p°
2236.h 2 5 -fi3 CtS' per lb’ for tho fourUl
General Cigar Co., Inc., N. Y.— Officer— Director.—
C on so lid a tio n C oal Co. o f M arylan d.— StocK—
Alfrod Esberg, First Vice-President, will retire from that office Aug. 1,
in Y<ySserhY^md
S
m'r*i'1 S
K t.0ck Is, now 835,121,304, including $5,970 but will continue as a director.—V. 104, p. 1148, 8 6 6 .
Indus S^uinn in Ki'h !\ % s9rlP- sin.co the publication of our "liy. &
General Gas & Electric Co., New York City.—Coal
version ofc ! " / 1 mJvwMhl V l,as becn is’1 uetl additional scrip in tho confor '‘Rv < ^dms SeeGon &issued to-day.]—V. 104, p. 1804, 1262. lato Shortage and O
ther Exceptional Conditions Pending Advance in
ior ivy. & inaus. section, °,n(is’ amounting to $13,924. [Data too
x

Chile Copper Co.—Production and Earnings for Quarter

C o n tin e n ta l C an C o .— New

Chicago Plant.—

Rates Cause Directors to Defer Payment of Cum
ulative Preferred

a trac^of 2 0 n
a«esnin
V1 !8 company has purchased for $1 0 0 ,0 0 0 , Dividend.— In a circular addressed to the holders of the
erected a modern taMtnrv minrIal.CI? ' ng District upon which will bo cumulative preferred stock President W . S. Barstow, as of
enntoininJ Z n M nm nnn7 m and reinforced concrete factory building June 21, says in substance:
,JJ
W bo omploycl-V 104° 5^2565, 2455. S aC '*'*** th°U alld pers0ns
IU
P 0’
S
Our subsidiary companies in common with tho majority of public utility
companies have experienced an unprecedented coal situation. Notwith­
C o n tin e n ta l Paper B ag C o .—Extra Dividends.—
standing coal contracts with responsible operators, the congested freight
transportation and labor difficulties at the mine early in the year compelled
declared oxtra dividends or 1 % cadi on tho common nnH nppf ctnphq tho purchase of a large amount of “spot” coal at high prices made necessary
to meet daily requirements.
The gross revenues of our subsidiaries are increasing steadily over last
June30?-,vngr04?lS45^.U ° f ^
S
W bTe N o^ T tS h ^ tog ^ K d
year and large power contracts aggregating several thousand horse-power




2644

THE CHRONICLE

have been recently closed and will bo connected during tho next 90 days.
This now business is for tho most part obtained on long-term contracts,
safeguarded by provisions for tho readjustment of rates to take caro of tho
changing cost of fuel. Furthermore, public sorvico commissions aro now
generally approving increases in rates along tho samo or equally favorable
lines where such rates aro clearly shown to bo productive of a loss to tho
company. Tho companies have not, howover, received the actual benefit
of any such increases up to tho present time.
For tho first four months of this year tho increaso in tho gross revenues
of the subsidiary companies has been §76,160 over 1916 (without tho benefit
of the large amount of new business recently contracted for), but tho increase
in operating expenses and taxes, which, under normal conditions should
not have exceeded §46,000, were actually §134,606.
As soon as it becamo evidont in February that tho incroase in tho price
of coal was not a temporary fluctuation, but would probably extond over a
considerable period, every offort was made to offset this abnormal increaso
in expenso. This finally resulted in interests affiliated with tho company
purchasing and financing a producing coal mine. Beginning with Juno 1
coal was shipped from this mino to several of tho properties and it is expected
that tho output can bo sufficiently increased so that if necessary tho larger
part of the coal required can be supplied to tho companies from this source.
Tho directors expect that with these shipments, tho increaso in power
business on now contracts at higher rates, new economies effected in labor
and material and through tho efficiency of tho now power plants recently
started, tho present high expenses can bo finally reduced to a moro normal
basis.
All financial reorganizations of tho properties acquired from tho Atlantic
Gas & Electric Co., which included tho refinancing of tho Binghamton
Light, IIeat& Power Co. (V. 102, p. 1989, 1899), tho Pennsylvania Utilities
Co. (V .102, p. 2179, 2259), and tho formation and financing of tho Now
Jersey Power & Light Co. (V. 104, p. 2347), have already been successfully
accomplished, and all expenditures aro being kept at tho minimum absolute­
ly necessary to keep paco with tho demands of increased business.
Up to a short time ago tho board believed that tho discontinuing of tho
dividends on the cumulative preferred stock would not bo necessary. In
view, howover, of tho actual results during tho first part of this year, tho
directors feel it is clearly their duty to defer tho declaration of tho quarterly
preferred dividend stock duo July 1. Tho dividends on this stock, how­
ever, aro cumulative and as soon as tho affairs of tho company roturn to a
more normal basis must bo mado up beforo any dividends can bo paid on
any other stocks of tho company. Comparo V. 104, p. 2551, 2346.
G en eral M otors C o .—Retirem
ent

of Preferred Stock.—

r Tho company gives notice that, pursuant to action of tho stockholders,
tho pref. stock lias been retired at par ( § 1 0 0 per sharo) and accrued divs.
to Aug. 1 1917 (§1 75 per share). Holdorsof pref. stock, upon presenta­
tion of their certificates, properly endorsed, to tho Central Trust Co.,
N. Y., will receive $101 75 for each sharo represented by tho certificates.—
Y. 104, p. 2556. 1390.
G u lf States Steel C o., N . Y .—To Retire 1st Pref. New
meeting of the holders of Stock Trust Certificates
has been called by the Voting Trustees to bo held Aug. 31
1917 to act upon tho mattter of the proposed redemption of
tho First Preferred Stock of tho company.

Stock.— A

Digest of Statement by Pres. James Bowron, N. Y., June 25 1917.
On May 31 1917 thero were outstanding in tho hands of tho public stock
trust certificates representing $2,000,000 first prof., §1,265,200 2d pref. and
$7,734,800 par value common stock. In addition, tho company holds in
its treasury stock trust certificates representing $1 ,0 0 0 ,0 0 0 first prof.,
$1,000,000 2d prof, and $2,500,000 common stock.
Tho board of directors has determined that it is advisablo to redeem tho
first pref. stock on Jan. 2 1918 at 110 and divs. as provided in tho certifi­
cate of incorporation, calling for $2 ,2 0 0 ,0 0 0 , oxclusivo of tho dividends
payablo up to timo of redemption.
Tho results of operations sinco Dec. 31 1916 have boon satisfactory, tho
net earnings from operations for tho first fivo months of 1917, beforo
deductions for depreciation, taxes and other reserves, amounting to $1 ,­
665,711, as against §821,773 for tho corresponding months of 1916. Tho
balanco sheet shows net current assets on May 31 1917 of §3,692,082. The
increasing business and tho necessity of further expenditures for contem­
plated improvements requiro that the working capital should bo maintained
at loast at substantially its presont figure.
Tho board has therefore determined to offer to holders of stock trust
certificates as tho samo appear of record on Oct. 1 1917, the right to sub­
scribe for, at such timo and at such prico and upon such terms as may
hereafter but prior to Oct. 1 1917, bo fixed by tho board, stock trust certifi­
cates now in tho treasury, representing 2 2 ,0 0 0 shares of its common stock
of tho par value of $ 1 0 0 each, or such lesser number as tho board may in its
discretion dotormino—each such holder of outstanding stock trust certifi­
cates, first prof., second prof, or common, of record at tho close of business
on Oct. 1 1917, to have tho right to subscribo therefor pro rata in caso of over­
subscription. Transferable subscription warrants evidencing such rights of
subscription will bo issued as soon as practicable after Oct. 1 1917. (Tho
proceeds of this new common will bo usod to pay off said 1 st pref. stock.]
Statement o f Surplus M a y 31 1917.
Balanco Dec. 31 1916____________________ _______ ______ $2,656,549
Earnings first fivo months year 1917______________________ 1,665,711
Total........................... ....................... .............................. §4,322,260
L e ss. —Bad dobts, $2,500; depreciation, §30,000; Federal incomo
tax, $31,668; excess profits tax, §100,000; total___________
164,168
Divs. paid, $207,458; divs. provided for to bo paid, $401,470.. 608,929
' Balanco May 31 1917......... ................................... ......... ..§3,459,163
—V. 104, p. 2455, 2015.
H am m ond Packin g C o ., C h ica g o .—Stock

Increase.—

This company has increased Its authorized capital stock from §1,750,000
to $2,500,060, all of which is common stock. Tho new stock is issued to
provide additional working capital.—V. 104, p. 2455.
H a sk e ll & Barker Car C o., I n c .—Slock Listed.—

(Vol . 104.

H op k in s & A llen Arm s C o.—

Receive

Judge E. S. Thomas in the U. S. District Court ' Hartford on Ju.. . 7
appointed V.-Prcs. Edwin W. Higgins Comptro) , William .1. Garvey
and Lewis D. Parker of Hartford receivers on ar lication of Billingers &
Spencer Co.—V. 101. p. 697.
H o w a rd -S m ith Paper C o .—

Initial H
vidend—

An initial dividend of 2% has been declared < tho common stock in
.c
addition to tho regular quarterly l 3 % on tho pref. stock.—V. 104,p. 77.
A
Id ah o Power C o.—

Exchange of Bond'

The Bankers Trust Co., 16 Wall St., N. Y., is delivering definitive first
mortgago 30-year 5% gold bonds of this company in exchange for out­
standing temporary certificates. V. 104, p. 180 , 1268.
In d ia n R efin in g C o ., New Y o rk .—

Bonds.—

In te r n a tio n a l A gricu ltu ra l C orp.—

bonds— Officer.—

The outstanding indebtedness now includes: First Mtge. 6 % gold bonds
of 1911, §1,057,000; 2d Mtge. 7% notes of 1913, §9 '9,600. (Data too late
for "Ry. & Indus. Section” issued to-day.—Ed.]— . 104, p. 2233, 2121.
The outstanding amount of tho First Mtgo. and Collateral Trust sinking
fund bonds has been reduced, and is now $10,723, n0 .
J.
J. Watson Jr. has been elected Vice-Presidont It .ddition to Treasurer.
[Information received too late for “ By. & Indus. § on” Issued to-day.—
•
Ed.]—V. 104, p. 2347, 366.
J oslin -S ch m id t C o., C in c in n a ti.—

RiuCross Dividend.—
<

An extra “ Bed Cross” dividend of 1% has been declared on tho common
stock, pmyablo July 2 to holders of record Juno 12.—V. 95, p. 1211.
M ah on in g Valley W a te r C o., Y o u n g sto w n , O .—

Called.

Thirteen (§13,000) First gold 6 % bonds, dated March 1 1914, have been
called for paymont Sept. 1 at 101- and int. at tho Dollar Savings & Trust
Co., Youngstown, or First National Bank. Cleveland.—V. 99, p. 52.
M a n h a tta n E lectrical Su p ply C o., I n c .— Listing—

Rep’t

Tho New York Stock Exchango lias admitted to list $1,121,500 7%
cumulative first pref. stock ami §2,856,800 comir > stock with authority
n
to add §328,500 pref. stock and $143,200 common stock on official notice
of issuance in exchange for present outstanding ‘t'emporsy certificates,
making the total amount authorized to bo listed of common stock §3 ,0 0 0 ,0 0 0
and preferred $1,450,000.
•

Earnings.— For years 1910 to
D ec. 31 1916 (now company):
C al. Y ea r —

1916 aud 6 months to

I C al. Yea r — N et Sales. N e t P rof.
1910 (year)-$1,972,679 §104,317(1914
(year)... §2,976,778 $241,737
1911 (year)------ 2,112,494 233,66811915 (year)_ 3,644,037
540,974
1912 (year)------ 2,543,743 249,124| 1916 (year). . 4,682,058 794,192
1913 (year)------ 3,082,013 226,40211916 (last 6 n, ) 2,539.250 429,915
See offering in V. 103, p. 1596. Tho now co >any took possession
Juno 30 1916.—V. 104, p. 2347, 956.
N e t Sales. N e t P rof.

M a ssach u setts Gas C os.— Dividend, creased.—Merger
trustees of this
apany havo in­
creased the dividend on tho $25,000,000 fr, anion stock from
a 5 % to a 7 % per annum basis by voting
aside $ 1 ,750,­
000 for common dividends during the fib
eVr to ond June
30 1918. Tho dividends aro payablo c
.
-orly, beginning
Aug. 1 1917. A “ Red Cross” dividend <
cents per share
has also been’Jdeclared, payablo July 15 ti .oldors of June 28.

Reported Pending.— Tho

A Boston paper says: It Is understood that so.
im
portant changes aro
contemplated In tho corporate organization of
Massachusetts Gas
system. Thcso changes will probably Involvo tb formation of a now
§25,000,000 company which will tako over tho c;
cial companies of
tho Massachusetts Gas system, with tho oxcoptioti
. a in which Massachusetts Gas is not tho solo owner. This would t
.
, therefore, that tho
New England Gas & Coke Co., Now England Ci <>c Coke Co., and tho
Boston Tow Boat Co. will disappear into tho pro
d now company, leaving present Massachusetts Gas companies with
shares of tho Boston
Consolidated,__________ Gas Co., Newton & V >rtown Gas Light Co.,
_ East Boston
_
I ______ _
Citizens Gas Light Co. of Quincy, 60% of J. II. , Coal Co., 47H% of
Now England Mfg. Co. stock and tho now company :25,000.000 stock.
Broadly speaking, tho proposed changes will mo / substitute one now
company for three oxisting companies. It will bo adlly appreciated that
tho arrangement will tend towards greater unity and 'mpllfication of oper­
ations, giving to tho Massachusetts Gas system loss a sprawling appear­
ance. Tho new company is oxpected to tako over tho three existing com­
panies as of July 1.—V. 104, p. 2122, 1805.

Earnings.— Of controlled cos. for M a y and tho 11 months
to M a y 31 1917:

— M on th o f M a y -------11 M o s . to M a y 31—
E a rn in gs o f Sub. C o s .—
1917.
1916. „ i916>-17. 1915-16.
Boston Consolidated Gas Co___ $91,557 $108,671 $1,289,088 $1,317,871
East Boston Gas C o,................ .
977
1,926
41,481
56,531
41.481
Citizens’ Gas Light Co________.
__
302
2,690
32,128
34,453
Newton & Watertown Gas I,.Co,. 2,996
2,027
79,890
79,222
Now England Gas & Coko C o ... 128,715 78,098
865,264
683,575
New England Coal & Coko Co__. 182,164 62,85,0
644,528
3,8.
Federal Coal & Coke Co_______ . 41,264
4 1,264
358,116
Boston Tow Boat Co_________
9,817
7,5
>8,968
57,443

—V. 104, p. 2122' 1805'.

$457,792 $267,6

M ercantile Stores C orp o ration .—

Distribution July 6— 9 .9 0 % on Principa
5 % on other Series.— President Aloxam

■Tjb.463

Sale—Initial
X Series 1—
cs
n circular

Tho Now York Stock Exchango has listed: 206,199 shares of stock
without nominal or par value, and lias agreed to add (a) 13,801 shares on dated N . Y . , Juno 21, says in substanco.
We havo succeeded in disposing of tho entiro §6
pital stock of
issuanco in oxchange for outstanding temporary certificates; (5) on or
lo: §2 ,0 0 0 ,beforo Jan. 1 1918 a further 30.000 shares on issuanco and payment in full, tho II. B. Claflin Corporation for tho sum of $6,30(,..
§ 2 30Q cop
making tho total amount authorized to bo listed 250,000 shares. The 000 on Juno 18 1917; §2,000,000 on or boforo Oct.
company, we learn, has no present Intention to issue the 30,000 shares last on or beforo Nov. 15 1917, all with interest from .
annum. Syiulicato Managers notes havo boon roc
mentioned, and these were included in tho authorization merely that tho
payments, secured by deposit with Bankers Trust C
latter might cover the full issuo as against future contingencies.
Dividend No. 1, 75 cts. per share, was paid on Jan. 2 1917, and No. 2, of the capital stock of tho II. B. Claflin Corporation
One-sixth of this capital stock, or §1,000,000 th
75 cts.. on April 2 1917: No. 3, also 75 cts., will bo paid July 2 1917.
jj
-a•For four months ending May 31 1917 tho gross earnings were §495,680; tho indenture of Dec. 1 1914, pledged to secure Moi
•ig fivonet earnings, subject to adjustment of actual inventory at ond of fiscal year, tion Notes of Series No. 1, amounting to $6,713,2'
. proceeds,
were §392,153, as compared with §829,617 for tho year ended Jan. 31 1917. sixths of the stock was hold as an unpledged or "fro* '■y
as realized, being available for payment on all of
standing notes,
Comparo annual report. V. 104, p. 1390, 2556.
amounting to §33,345.075.
For almost tho entiro period sinco the organizatl ■ tho H. B. Claflin
M
H ooker E lectroch em ical C o.— Notes Called.—
s
It is now announced that this company’s 5 % gold notes called for pay­ Corporation—tho wholesale establishment—its bu .'.up lias been profitment July 1. will bo paid off at 102% and interest, instead of 101% as it able. However, it has been dcomod our duty to . viso of this holding
as promptly as practicable, on bolialf of tho crodl! cs under tho Claflin
was printed in tho first advertisement. See V. 104, p. 2347.
reorganization plan.
lO.*
succcs;
.ccontly a group
Hom e T elep h o n e & Telegraph C o., P o rtla n d , Ore.— of Persistent efforts wore mado, but without continl -o of this important
merchants in New York interested in tho
Judgo Woiverton in tho U. S. District Court at Portland, Oro., on Juno wholesale houso formed a syndicate and finally mad’ fils offer of $6,300,­
21 appointed ox-Gov. Oswald West receiver for this property on applica­ 000. Tho Syndicate Mauagers aro John P. Stovoi;
.jrtram II. Borden,
tion by Samuel Hill, ex-Prosidont and director. This action was friendly, and J. Harjpor I’oor, who aro all members of tho by
of Directors of tho
and, it is stated, was based on an unpaid promissory note for §50,000 ad­ II. B. Claflin Corporation which lias had charge of
. wholesale establish­
vanced by Mr. Hill on Aug. 10 1914, on which neither principal nor interest ment. Neither tnoy nor any of tho purchasing sy ‘yato aro trustees or
has been paid.
directors of tho Mercantile Stores Corporation. ’
'
Default occurred (V. 103, j>. 1595) in tho Oct. 1916 interest on the
Mercantile Stores Corporation is now ablo to ,
and its board of
(about) §3,000,000 5% First Lion bonds duo 1935. Tho capital stock is directors have authorized tho distribution on or afi faly 6 of 5 % on the
roported as §2,700,000. A reorganization is under contemplation.
principal of all of its outstanding notes. To reco.
Ills distribution tho
Tho Portland “ Oregonian” of recent date states that tho company has holders (who must bo registered) should send their
A t o Bankers Trust
11,000 subscribers, of which number.3,000 aro now since Jan. 1 last. j_Com- Co., 16 Wall St.
paro V. 103, p. 1595.
As ono-sixtli of tho capital stock of tho IT. B* aflln Corporation is
pledged as collateral for Series No. 1of tho notos.on' rth of tho moneys so
“ H o n o lu lu "P la n ta tio n C o.— Extra Dividend.—
far received from this salo, namely, $333,333, lias p
>'•>61 to tho trustees
An extra dividend of §1 per sharo has boon declared on tho'stock,*in who will pay tliorofrom 4 .9 % on the faco of tho
l at
addition to tho monthly dividend of 60 cents per sharo, both payablo July 10 Bankers Trust Co. on and after July 6 1917, makir,
be paid on tho faco of tho notes of Series No. 1. Co:
to holders of record June 30.—V. 104, p. 1493.




June

30 1917.]

2645

THE CHRONICLE

^legraph Co.—Earnings- -3 and 6 Mos. to

June 30 (Pa y Estimated).—

H a l., S ur.
D iv id en d s.
Period —
"G ro ss.
N et.
M e x .G o v t .
$317,000 $12,000 (2H)$124,877 $180,123
1017 (3 mos.)__ '-*875,000
1 9 1 6 (3mos.)___ 271,000
226,000
7,000 (2 Vi) 89.735 129,265
(5)$214,613 $354,787
1017 (0 mos.)__ ,.$096,900 $588,400 $19,000
5) 179,470 266.245
1916 (6mos.)__. ‘ ;541,715
459,715 14.000
The total surplus Juno 30 1917 was $4,373,440.- V. 104, p. 1268. 1049.

Midway C^s Co.—Accumulated Dividends—

An Initial di , ,6nd of $14 per sharo has been declared on the stock on
account of accumjiiations, payable July 15 to holdors of record Juno 20.
This disbursement represents cumulative dividends to June 30 1917.—
V. 104, p. 1903.‘

400 tank cars to add to Pure Oil Co. equipment. A new refinery in the
Cabin Creek district is to be built with a daily capacity of 4,000 gallons
gasoline. Compare V. 104, p. 2348, 2227, 2122.
Owens B ottle-M a ch in e C o.—

Com on Stock Listed.—
m

The New York Stock Exchange has listed $1,500,000 additional common
stock, making tho total amount listed $10,550,000, fully paid. This addi­
tional stock was issued in accordance with vote of shareholders for sale
to employees at not less than par.—V. 104, p. 2456, 2122.
Pacific M ills.—

Red Cross Dividends.—

A special "Red Cross” dividend of 1% has been declared on the stock,
payablo July 2 to holders of record June 25.—V. 104, p. 565.
P en nsylvan ia Salt M fg. C o.—

Dividend Increased.—

A quarterly dividend of 2 ' A % has been declared on the stock, payable
July 14 to holders of record June 30. This compares with 2% quarterly
increases
annual rato from
10%.
A special dividend of 25 cents per sharo has been declared on the stock since Jan. 1915 and Moore Jr. tho quoted as saying: 8“% to it not been for
President
is
Had
for tho benefit of'the Red Cross, payable July 20 to holders of record July 6. the present Joseph shortage of important foreign raw materials, which
serious
—V. 104, p. 24 i, 2347.
reduces output, and the heavy taxation proposed by the Government,
the directors would undoubtedly have declared at the rate of 12%. To
Montreal Water & Power Co.—Earnings.
1916-17. 1915-16. preserve the company free of debt, there must be a sufficient margin above
A p r . 30 Y e a r s ; 1916-17. 1915-16.
make the
constantly needed
Gross profits.., . -$815,702 $775,519 Reserves. &c____ $34,408 $41,499 the dividend to and which betterments profits. Any greatin progressing
’
to
extensions of
Net profits.. ,.$468,220 $454,340 Depreciation, &c_ 75,478 60,000 manufacturing, of course, add for the increase of the capital. The desire
call
an
Bond int., &e. a -268.791 250,273 Surplus_________ $89,542 $102,5b7 the plants would, is to restore the former dividend of 1 2 % in full, when it
of tho management
—V. 104. p. 20, .
can bo done prudently and with reasonable assurance of stability.”—
V. 104, p. 2016, 1494.
National 'Acme Co., Cleveland.—Listed—Earnings.
The New York Stock Exchango has authorized tho listing of $16,680,200
P en n sylvan ia Sugar C o . —Stock Increase.—
capital stock (par $50), with authority to add $8,319,800, on notice of issu­
The shareholders voted June 26 to increase the authorized
ance in exchange for present outstanding temporary certificates, making from S2,600,000 to $5 ,0 0 0 ,0 0 0 to provide, it is said, “ for the capital stock
development
the total listed $25,000,000; tho total authorized issuo is all outstanding
of the property.” Compare V. 104, p. 1707.
in hands ot
c o m p a n y fo r C al. Y ea rs ----- OldCo.Jan l D e c A ’ ldto
Pepperell Mfg. C o. —Extra Dividend.—
1912.
1913.
1914.
1915. t o D e c A ,16.Afar.31’17
An extra dividend of $1 per sharo has been declared on the $7,668,000
E a rn in gs —
$
$
$
$
$
(N e w C o )
Sales.. . . . . . 3,439,297 3,606,529 4,585,334 8,447,228 16,673,581 6,258.332 stock, payable July 3 to holders of record Juno 22.—V. 104, p. 367.
Net profits.. 688.379 644.607 910,394 2,804.296 5,450,812 1,657,883
P h elps-D odge C orp. —New Officers.— Director.—
Tho above statement includes the results of operations of tho Windsor
Pres. James Douglas is now Chairman of the Board and Walter
Machine Co. pisi ft, whose property tho Nat. Acme Mfg. Co. acquired in President. Tho latter has also been elected a director, succeedingDouglas
George
Dec. 1915 through tho purchase of its capital stock for $3,575,000.
The National Acme Co. (new co.) paid its initial quarterly dividend of Notman.—V. 104, p. 2456.
m % . calling fe1 $375,000, on Mar. 1 1917 and a second dividend of W %
Pierce-Arrow Motor Car C o .— Listing—Income Account.
on Juno 1 19?'
The N. Y. Stock Exchange has listed (a) $6,257,400 8 % cumulative pre­
Tlio statement mado to tho Now York Stock Exchange, in ferred stock (par $1 0 0 ): (6 ) 166,268 shares of common stock without par
value, and has consented to add from time
$3,792,600 of said pre­
connection with the listing of the stock, will be published in ferred stock and 83,732 shares of commonto time upon official notice in
stock
full in next week’s issue of the “ Chronicle.” — V . 104, p. 2456. exchange for outstanding temporary certificates. Authority is also given
to list from time to timo additional sharas of common stock for the con­
National Aniline & Chemical Co., Inc., N. Y.—Prop­ version of said preferred stock, as provided by the charter.
In com e A c c t .—4 M o s . to A p r i l 30 1917 and C a l. Y e a r 1916 (Inc/. Old C o .) .
erties to be G 'ned in Fee by New Company.—
M o s . '1 7 . Yea r 1916.1
In connectfc ‘ (vith tho statement published in theso columns in lastwcek’s Net, aft. taxes4$1,502,833 $4,492,554 Depreciation .4 M o s . "1 7 . Y ea r 1916.
$156,444 S352.545
issuo regard111 ’ 0 “ amalgamation of tho coal-tar color, intermediate and Interest____
69,750|Net profits...$1,341,132 $4,070,259
raw material c eras,’’ wo understand that tho properties taken over will Net profits to Dec. 5,257 (old company)________
7 1916
_____ 3,770,266
v by tho now company.—V. 104, p. 2557, 1494.
be owned ou*
Balance of net profits
bnduit & Cable Co., Inc., Hastings-on-the- Preferred dividends paidof8 new company--------------$1,341,132 $299,993
Natioi.
( % per annum)------------ (2)200,000
z57,778
Hudson.—' 'e of Stock Announced.— M illet, Roo & Hagen
Balance, surplus of new company_____________$1,141,132 $242,215
C o. announce by advertisement on another
and Prickb'
pago tko jjfi Sf their entire block (175,000 shares) of this
x Dividends on $100,000 8 % pref. stock Dec. 5 1916 to Jan. 1 1917.
company’s ’ ' Utal stock, for which they invited subscrip- —V. 104, p. 2122. 957.

Montana Power Co.—R Cross Dividend.—
ed

tions at $3;
________o
standing is"

’share. Tho total issuo authorized and out­
Ml,000 shares, without par value. The com­
pany has sh,
dded to tho property and business of tho pros­
perous N ath fal Conduit & Cablo C o ., the National Brass &
Copper ^
Co. and tho Now York & Hastings Steamboat
C o. Tho
.tpany manufactures cables and wire, brass
rods, & c., a r ^operates barges, tugs, &c.
Comploto
tails of tho organization of tho successor
company, it2 iisiness, proportios, bondod dobt, & c., may
,
bo found in f 104, p. 1391, 1494.— V . 104, p. 2456, 2347.

New BruVkwick Power Co.—Stock Offered.—

Nesbitt, Thompson & Co., Montroal and Hamilton, Ont., are offering,
at par and div., a block of $250,000 7% Cumulative First Pref. (a. & d.)
stock, being tho remaining part of an issuo of $1 ,0 0 0 ,0 0 0 , tho balanco of
which has been sold. Seo V. 104, p. 952.

New Idria Quicksilver Mining Co.—New Director.—

P ittsb u rg h P late G lass C o . —Extra Dividend.—

An extra dividend of 1V % has been declared on the pref. stock in addi­
tion to the regular quarterly 1 M% on tho common, stock, both payable
July 2 to holders of record Juno 15. There has been no extra dividend de­
clared on tho common stock as reported two weeks ago.—V. 104, p. 1143,
1049, 8 6 8 .
Producers'^ T ra n sp o rta tio n Co. (C a lif.).—

See Union Oil Co. below.—V. 104, p.'566.~v3
Pure O il C o. —Conditions

Exchange.—

of Sale to Ohio Cities G Co.—
as

See Ohio Cities Gas Co. above.—V. 104, p. 2348, 2122.

S eam an -S leeth (Steel) C o ., P ittsb u r g h .—

Control.—

William Morris Imbrio & Co. havo purchased control of this company,
one of the oldest and best-known manufacturers of steel rolls, plates and
shapes. This firm, which was established about 50 years ago, has produced
steel rolls for tho principal steel plants in tho U. S. It has also done a large
export business and is at present sending rolls to Japan and Canada.
S ears-R oebu ck & C o .—

Sales2for June and Half Year.—

1917.
J un e 1916.
In crea se. IT7. 6 m o s . t o J u n e 3 0 'l 6 .
In crea se.
$9,987,418 $9,424,881 $562,537 |$84,893,437 $65,735,793 $19,157,644
it is stated that the June sales do not include the last three days of the
month, as the company is now taking its mid-year inventory., which is
New Jersey Zinc Co .—Extra Dividend.—
An oxtra dividend of 4% has been declared on tho stock, payablo July 10 exceptionally heavy. This explains tho small increase in June over a year
ago.—V. 104, p. 2348, 1805.
to holders of r cord June 30. A liko amount was paid in April and Juno
last. Tho regular quarterly 4% has also been declared, payablo Aug. 10
S o u th e rn C alifo rn ia G as C o. —Additional Bonds O
f­
to holders of record July 31.—V. 104, p. 2238, 1805.

Charles B. Wiggin, Vice-President of tho Merchants’ National Bank of
Boston, has been elected a director to fill a vacancy.—V. 104, p. 1049.

Newton

&

,\Vatertown (Mass.) Gas Co.—Extra Div.—

An oxtra di
-..(l of 2% has been declared on tho stock in addition to
tho regular qi. erly 2 V % , both payablo Juno 29 to holders of record
~
Juno 28. See ■^achusetts Gas Co. above and V. 76, p. 438.

Mow Yen

A somi-.v'1
July 10 to
and 9% fd ,

"utual Gas Light Co.—Dividend Increased.

ividond of 5% has been declarod on tho stock, payable
jOf record June 25. This compares with 4% in Jan. last
bar 1916.—V. 97. p. 608.

fered.— The

National City Company, N . Y . , & c., is offering
at par and int. 82,500,000 First M tge. 6 % gold bonds of
1910, duo N o v . 1 1950, but redeemable as a whole but not
in part except for sinking fund, at 105 and int. upon G days
O
notice. D en om .81,000 c * & r. Trustee Equitable T r. C o.

Data from Letter of A. B. Macbeth, Vice-Pres. & Gen. Manager,
Los Angeles, June 20 1917.
Organization.— Organized in 1910 and acquired the Domestic Gas Co.
of Los Angeles, the Riverside Light & Fuel Co., and the gas properties of
■New
fidison Co.—Rate Reduced.—
tho San Bernardino Gas & Electric Co. Supplies gas for light, heat and
This comp
> Juno 27 accepted tho decision of the P. S. Commission fuel purposes in Los Angeles, Riverside, San Bernardino and 17 other cities
'n
that it reduqt,,(l_. maximum rato for______________________________ and towns. Population of territory over 600,000.
__________ electric current to 7 cents on July 1.
Tho ComniNi, ...4 allowed the company to continue tho existing option to
Outstanding Capitalization U p o n Com pletion o f Present F in a ncing.
restore the pjf] ,,.ito of 8 cents on Jan. 1 next should tho present reduction Common stock, $6,000,000; pref. stock, 6 % cum., $875,000-----$6,875,000
result adveix., . ,| It is stated that this reduction will save consumers in First Mtge. 6 % gold bonds, duo 1950 (auth. $10,000,000)-------- 3,382.000
Manhattan,i>- r.vtho Bronx at least $750,000 during tho remaining half-year. Riverside Light & Fuel Co. 1st 5s, duo i923--------------------------30,000
Compare V., ?> , p.'2347, 2448.
1
Security, A c .—A first mortgage on all tho property now owned or heroafter acquired, subject only to $30,000 underlying divisional bonds. Tho
New Y c
T elep h o n e C o .— Merger.—
proceeds of tho present issuo will retire existing obligations. Additional
The New J', > P. U. Commission has approvod tho merger of tho Atlan­
y
85%
of additions, extensions,
tic Coast Tel' pone Co. (a subsidiary of tho American Telephone & Telo- bonds may be issued forstock, of cost companies which may be &c., and of
acquiring all the capital
&c., of
advantage­
graph Co.) -i,. r ho New York Telepliono Co.—V. 104, p. 557.
ously used with tho present system, when net earnings from gas operations
are 1 V times the annual interest charges on bonds, includ. those proposed.
N orth ’A m erican C o .— Sub. Co. Bond Offering.—
P rop erly. —The company owns and operates a modern gas plant in Los
' .See Union,
;tric Light & Power Co. below.—V. 104, p.1903, 1699.
Angeles capable of producing 8,000,000 cu. ft. of gas per day. Also a
gas plant at Colton for manufacturing gas from petroleum and capable of
New York Utilities, Inc.—Stock Increase.—
Northo
2,000,000 cu.
/ has filed a certificate at Albany increasing its capital producing holder at San ft. daily. In addition, tho company owns a reserve
This conn,
plant and
Bernardino and another holder at Riverside. The
-stock fron.t .. J0.000 to $8.000,000.—V. 102, p. 614.
distribution system consists of 652 miles of mains serving over 36,700 con­
Oino
exclusive of the wholesale business.
....
;S Gas Co.— Term of Purchase of Pure Oil Co. sumers,company further owns an oil lease in the Midway field, . in Kern
s
The
—Offer of' S c k . —
County, Calir., about 125 miles from Los Angelos, which produced in 1916
In connec
with tho purchase of tho control of tho Puro Oil Co. (a) tho over 100,000 barrels of oil. Tho company has a contract with the Midway
shareholders
Gas Co. whereby it has first call for its requirements of natural gas.
tJ
io Ohio Cities
to subscribe ; or before July Gas Co., of record July 8, will have tho right
28 at par to 800,000 new shares at the rate
"
E arnin gs for the Twelve M o n th s ended M a y 31.
of two now
vs, par $25, for each sharo now held, and (b) stockholders * 1916.
1917. 1
1916.
1917.
of tho Puro ’
o. will bo offered 100,000 shares at $60, which amount has Gross oarning3-$898,513 $1,171,482[Other income.. $74,056 *$132,937
been under
m by a syndicate. This syndicate is also to purchase an Net. after taxes. 287,112
403.924]Total net mcone. 361,168
536,861
additional l1
0 shares, making tho total of now stock 1,000,000 shares, Annual interest requirements on all outstanding bonds----------204,420
or $25,000,°
which amount tho capitalization of tho Ohio company
* Includes $119,412 46 revenue from sale of oil and $13,525 interest on
to bo Inc
Midway Gas Co. bonds.
_
. „ .
1 Tho Ohio C >anv is purchasing tho Puro Oil stock at $24 50per sharo,
3
k
C ontrol .—[This company and also tho Midway Gas Co., are controlled
oital raised over and above this amount required to pay by the Pacific Light & Power Corp., which is being merged with the
and
for the 1-u.
, . Stock, namely $2,222,590, tho company, it is stated, will Southern California Edison Co. See above.] For further details see
in connecting up tho Puro Oil pipe lines with tho Ohio V. 91, p. 1777.—V. 101, p. 218.__________________________________
,in tho Eastern proportios, a now lino to bo run between
C/«» m i . o r I n v o c f m o n t N o w s .
D U 2656.
. Va., and Cabin Crock, W. Va., and will also purchaso




3646

THE CHRONICLE
L ep orte

iw tl

[Vol. 104

I p c x ir r a c u ts .

PACIFIC GAS AND ELECTRIC COMPANY
E L E V E N T H A N N U A L R E P O R T — F IS C A L Y E A R E N D E D D E C E M B E R 31 1916.

To the Stockholders:

San Francisco, Cal., April

1 1917.

The operating revenues of the Electric, Gas and Water
Departments were derived as follows:

Your Board of Directors submits herewith a statement of
the affairs of the Company for the year 1916:

+ In crea se.
Electric D epartm ent 1916.
1915.
— D ecre’se.
Commercial and Residential Business. $4,355,221 $4,486,451 —$131,230
IN C O M E A C C O U N T .
832,741
787,612 +45,129
In crea se (+ ) or State, County and Municipal Business
Sales of Power—
1916.
1915. D ecrease (—).
Agricultural Industry____________
354,171 +230,130
584,301
s
s
s
Mining Industry_______________
650,740 +50,210
700,950
Gross Operating Revenue--------18.604,608 52 18,138,930 26 +465,678 26
Transportation Industry_________
822,220
870,326 —48,106
Gross Operating Rovenuo de­
Manufacturing Industry_________ 1,883,630 1,663,099 +220,531
rived from contract with Pan­
Other Electric Light and Power
ama Pacific International Ex­
Corporations________________
301,421
306,059
—4,638
position--------------10,889 09
391,370 78 —380,481 69
Commercial and Miscellaneous__ _
606,356
513,460 +92,896
Total Gross Operat’g Rovenuol8,615,497 61 18,530,301 04 +85,196 57 Panama Pacific International Exposi­
tion—Light and Power_____ _____
7,050
291,146 —284,096
D ed uct —
Temporary Lighting and Powor_____
6,142
1,418
+4,724
Operating and Administrative
Expenses........................... 7,233,201 30 7,157,261 71
+75,93959
Totals................ ...................... ...$10,100,032 $9,924,482 +$175,550
Taxes-------------------972,565 17
849,444 53 +123,120 64
Maintenance and Reserve for
Depreciation......................
2,375,115 44 2,350,886 37
+24,22907 Gas D epartm ent —
Uncollectible Accounts and Cas­
State, County and Municipal Business $283,523
$270,992 +$12,531
ualties Reserves.......... ........
228,000 00
228,000 00 ................. Commercial and Residential Business.
7,122,745 7,162,484 —39,739
Sales to othor Gas Companies___ ___
28,148
26,485
+ 1,663
Total Deductions............ ..10,808,881 91 10,585,592 61 +223,289 30 Panama-Pacific International Expo­
Net Earnings from Operation... 7,806,615 70 7.944,708 43 —138,092 73
sition____ ____ ___ _ ________
3,839
100,224 —96,385
Add Profit on Merchandise Sales
and Other Miscellaneous In­
509,886
00
413,878 87
+96,00713 Totals________________________ $7,438,255 $7,560,185 —$121,930
come----------------------Total Net Income................ 8,316,501 70
Bond and Other Interest. 3,844,933
71
Balance------ -------'............ . 4,471,567 99
Bond Discount and Expense...
173,186 01
Balanco to Surplus............. . . 4,298,381 98

8,358,587 30 —42,085 60
W ater D
3,985,410 52—140,476 81 Municipal epartm ent —
Business______________
Irrigation_______________________
4,373,176 78 +98,391 21 Commercial and Domestic Business..
160,410 43
+12,77558 Power__________________________
4,212,766 35
+85,61563 Totals.

SU R P LU S A C C O U N T .

$24,940
$25,564
119,477i
123,552
226,168:
215,736
56,9311
55,365
$427,516
$420,217

—$ 624
—4,075
+ 10,432
+ 1,566
+$7,299

Fifty-three per cent of tho year’s gross (including mis­

.

In crea se (+ ) or
cellaneous income) was derived from sales of electricity,
1916.
1915. D ecrease (—).
3 9 % from sales of gas, 2 % from street railway operation
Balanco from Income Account.. 4,298,381 98 4,212*766 35 +85,615 63 and 6 % from sales of steam and water for irrigation and
Miscellaneous Adjustments___ Cr.54,407 58 D r . 167,017 16 +221,424 74
domestic purposes, from profits on merchandise sales and
4,352,789 56 4,045,749 19 +307,040 37 other miscellaneous sources. Similar data with respect
D ed uct D ividen d s —
Preferred Stocks (6 %)---- 1,374,637
73 1,000,716 70 +373,921 03 to tho period 1907-1910 are given in tho following statement:
Common Stock________ *1,708,168
29 *1,930,073 60—221,905 31
SOURCES OF GROSS REVENUE- -Including Miscellaneous Income
Balance................................ 1,269,983 54 1,114,95889 +155,024 65
Yea r —
Electricity.
Gas.
R ailw a y. A l l Other.
Total.
L ess Reserves —
1907
.......$6,316,629 $4,086,372 $431,800 $507,339 $11,342,140
For Rovenuo involved in Pond­
...... 7,059.088
4,494,945
1908
414,326 688,946 12,657,305
ing Rato Litigation.. .
351,547
54
398,288 23 —46,740 69 1909
...... 7.678,665 4,860,034
452,396 600,193 13.491.288
......
Balanco to Corporate Surplus 918,436 00
716,670 66 +201,765 34 1910.................. 7,899,224 5,202,284 509,152 433,936 14,044,596
1911
7,823,903 6.735,219
533,520 611.967 14,604,609
1912
...... 7,672,570 5,805,865
547,187 719,029 14.744.651
* 5% in cash in 1916—6% in Common Stock at par in 1915.
1913
...... 8,230,782 6.547,595
572,913 851,047 16.202,337
1914
...... 8,759,449 7.015.408
556,908 888,738 17.220.503
...... 9,924,482 7,560,185
425,338 1,034,174 18,944,179
N O T E S O N IN C O M E A N D SU R P LU S A C C O U N T S - 1915
1916 ............... .10,100,032
7,438,255
442,303 1,144,794 19,125,384
GROSS EARNINGS.
Gain 9 years..$3,783,403 $3,351,883 $10,503 $637,455 $7,783,244
The following statement shows the gross operating rov.
PERCENTAGE OF TOTAL GROSS REVENUE FROM
enues and proportion of the year’s total earned in each
Yea r —
R ailw a y. A l l Other.
E lectricity.
G a s.
month of 1916 and in the corresponding months of the pre­
Tota l ,
.04
1907......... . . .
.56
.36
.04
10 0
ceding year:
1908_____ . . .
.03
.56
.36
.05
10 0
1909_____ . . .
.03
.57
.36
.04
10 0
1910......... . . .
.04
.56
.37
.03
10 0
1911_____ . . .
.04
.39
.54
.03
10 0
P roportionof Y ea r’s
1912_____ --.04
.52
.39
.05
10 0
G ross Earned in
1913......... . . .
.51
.40
.04
.05
10 0
+ In crea se.
Each M o n th .
1914......... . . .
.03
.51
.41
10 0
.05
M o n th s.
1916.
1915.
— D ecrease.
1915......... . . .
.53
.0 2
.40
.05
10 0
1916.
1915.
1916_____ . . .
.53
.0 2
.39
.06
10 0
January__ $1,762,713 49 $1,670,784 87 +$91,928 62 9.47% 9.02%
Of the total gross operating rovenuo in 1916, 9 4 % was
February..
1,600,035 35 1,488,543 00 + 111,492 35 8.60% 8.03%
March___
1,515,158 85 1,589,998 76 —74,839 91 8.14% 8.58% derived from private consumers and tho remaining 6 % from
1,486,527 98 1,512,103 34 —25,575 36 8 .0 0 % 8.16% the State, Counties, Municipalities and other Governmental
1,457.548 16 1,488,108 25 —30,560 09 7.88% 8.03%
1,519,517 11 1,453,959 86 +65,557 25 8.15% 7.84% subdivisions, for street lighting and other public purposes.
1,424,228 10 1,482,706 79 —58,478 69 7.64% 8 .0 0 % Compared with last year the division botweon public and
July_____
August___
1,462,480 77 1,478,867 12 —16,386 35 7.85% 7.98%
September. 1,563,418 22 1,558,689 19 + 4,729 03 8.37% 8.42% privato business shows no cliango.
Octobor__
1,541,633 16 1,567,353 25 —25,720 09 8.27% 8.46%
In 1915 sales of gas and electricity to tho Panama-Pacific
Novembor. 1,613,110 04 1,616,245 42 —3,135 38 8.67% 8.72% International Exposition Company in San Francisco
December . 1,669,126 38 1,622,941 19 +46,185 19 8.96% 8.76%
amounted to $391,371. This rovenuo practically ceased
$18,615,497 61 $18,530,301 04 +$85,196 57 1 0 0 .0 0 % 1 0 0 .0 0 % with the closing of tho Exposition in December 1915. In ad­

The gross revenues of each department and the increases
or decreases in comparison with the preceding year were as
follows:
G ross.

1916.

G ross.

1915.

From Sales of Electricity (excluding
Exposition Revenue)____________ $10,092,982 $9,633,336
From Sales of Gas (excluding Exposi­
tion Revenue)________ ______
7,434,417 7,459,960
From Sales of Water for Irrigation and
Domestic Uses_________________
427,516
420,217
From Sales of Steam for Heating____
207,391
200,079
From Operation of Sacramonto Street
442,303
425,338
Total (excluding Exposition Reve$18,604,609 $18,138,930
From Salos of Electricity and Gas to
Exposition____________________
10,889
391,371
Total Gross Operating Rovenuo___ $18,615,498 $18,530,301
Profit on Merchandise Sales and Other
Miscellaneous Income___________
509,886
413,878
Total Gross Incomo____________ $19,125,384 $18,944,179




+ In crea se.
— D ec re’se.
+$459,646
—25,543
+7,299
+7,312
+ 16,965
+$465,679
—380,482
+$85,197
+96,008
+$181,205

dition, thero was a further loss of rovonuo, whicli extended
well into 1916, duo to the moro gradual recession in many
lines of business in which unusual activity had been induced
by tho Exposition, or which woro dependent entirely upon
it and were discontinued after its closo. Tho oxtent and ap­
proximate duration of this reactionary influence is indicated/
by the fact that in tho first six months of 1916 tho ned.Ad­
dition of customers was only 3,370. In tho last six months
the net addition was 14,879, exceeding by 2,701 tho n/j*u
addition of customers in tho last six months of 1915. , Txa •'he
first six months of 1916 now customers woro addoJ7 , U 10
<
average daily rato of 18.6, as against 80.8 in the
Slx
months, tho average rato for tho ontiro year being 49 •
J■.
Eliminating from tho comparison tho revenue/ derived
in 1915 from tho contract with tho Exposition ^ompany,
gross operating revonues increased $465,679. E l/u in a tm g
the entiro San Francisco district from tho c o m p a i:/?n \ £r°?s
operating revenues on tho remainder of tho systti^. y’1< r<
> aSed
moro than $623,000. Of this increase approximately
S452.000 was in tho olectric department, $145,000 in tho
gas department and $26,000 in othor departments.

THE CHRONICLE

J u n e 30 1917.]
STATEM EN T

OF C O N S U M E R S .

Gas
Consumers.

December 3 1 st—
1 9 0 7 - - - ......................................... - 1 2 2 , 3 0 4
1 9 0 8 ................................................. 1 3 1 ,2 3 5
1 9 0 9 .........................
1 3 9 ,5 0 3
1 9 1 0 ............
1 5 2 ,3 9 5
1 9 1 1 ---------------- ---------- ---------------1 7 6 ,1 3 1
1 9 1 2 ...........- .................................. 1 9 4 ,9 1 4
1 9 1 3 .........
2 0 8 ,2 6 9
1 9 1 4 -------------2 2 0 ,3 6 0
1 9 1 5 . ..................................................2 2 7 ,5 8 6
1 9 1 6 __________ _________________ 2 3 2 ,7 4 8
G a in in 1 9 1 6 ...............................5 ,1 6 2
G a in In 9 y e a r s ______________. 1 1 0 , 4 4 4
A v o r a g o g a in p e r y e a r _____ - 1 2 ,2 7 1
A v e ra g e gross rovon u o p er
c o n s u m o r in 1 9 1 6 _________ $ 3 1 9 5

Electric
Consumers.

Water
Consumers.

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

5 ,5 3 9
5 ,7 5 3
6 ,3 6 0
6 ,7 2 6
7 ,2 5 7
8 ,0 2 7
8 ,4 7 9
9 ,0 5 1
9 ,4 3 2
1 0 ,0 2 5
593
4 ,4 8 6

1 2 ,4 8 i
1 2 3 ,8 5 8
1 3 ,7 6 2
$ 5 6 54

Steam
Consumers.

498

101
211
281
337
378
391
13
391
43

$42 65

$ 5 3 0 41

Total
Consumers.
1 8 2 ,6 1 5
1 9 9 ,0 1 4
2 1 6 ,3 7 8
2 4 2 ,1 2 6
2 8 5 ,5 1 3
3 2 0 ,2 1 7
3 4 9 ,3 8 4
3 7 8 ,7 0 5
4 0 3 ,5 4 5
4 2 1 ,7 9 4
1 8 ,2 4 9
2 3 9 ,1 7 9
2 6 ,5 7 5
$43 08

O P E R A T IN G E X P E N S E S A N D T A X E S .
T o ta l oxpenses, in cluding m a in ten an ce, taxes an d re­
serves fo r u n collectib lo a ccou n ts and casualties, b u t ex­
clu d in g d ep recia tion , increased $353,289 3 0 . O f this in ­
crease $123,120 was brou gh t a b o u t b y greater ta xes. In
1910 taxes were $382,880. In 1916 th ey w ere $9 72 ,5 65 , an
increaso o f $589,685, or 1 5 4 % in six y ea rs. D u rin g this
p eriod gross revenues increased 3 6 % an d n ot revenues
4 8 % . Still larger taxes aro certain for the onsuing y ea r,
irrespective o f a n y increaso th a t m a y b o b rou g h t a b o u t b y
w ar taxes or b y larger gross earnings, duo to tho dou b lin g
o f th o F ederal in com e ta x , to the n ew F ederal s to ck ca p i­
ta liza tion ta x, and to an increaso in tho S ta te’ s gross reven ue
ta x rato from 5 .2 5 % to 5 .6 0 % . O w ing to th o v ery m o d ­
erate rato o f return w h ich , under regu la tion , p u b lic utilities
aro p erm itted to earn, tho third an d m ost recen t fo rm o f
F ederal ta x, generally kn ow n as tho oxcess profits ta x, m a y
n o t p ro v o a serious bu rden .
O perating expenses w ero also su bsta n tially increased b y
higher prices paid for oil used in tho m a nu factu re o f gas
an d in the generation o f electricity b y steam .
Larger expenditures w ere also m ade for securing new
business, a p p rox im a tely $233,000 h aving boon exp en d ed
fo r this p u rp ose, an increaso o f a b o u t $57,000 com p a rod
w ith the p receding year.
M a in ten a n ce costs increased $154,229, duo in a largo
. m easure to higher prices for m aterials an d su pplies. On
th e basis o f the actu a l purchases in 1916 o f tw en ty -n in e
representative articles there has boon an averago a d va n co
o f 1 0 1 % , com p a rin g present d a y prices w ith p re-w a r prices.
Su b sta n tially th roe-fou th s o f this a d va n ce has boon during
th o last y ea r.
M A IN T E N A N C E A N D D E P R E C IA T IO N .
T h oro w as charged to m ain ten an ce du ring tho y ea r $1,
125, L15, in a d d ition to w h ich $1 ,2 5 0 ,0 0 0 w as sot u p in op er­
atin g oxpenses as a reservo for d ep recia tion , m a kin g tho
to ta l u pk eep p rovision $2 ,375 ,1 15 or 1 2 .4 2 % o f tho gross
rovon u o for tho y ea r, com p a red w ith 1 2 .4 1 % in 1915. T h o
fo re go in g a m o u n t was disposed o f as follow s:
E x p e n d e d f o r m a i n t e n a n c e ______________________________________________ $ 1 , 1 2 5 ,1 1 5 4 4
P a i d o u t o f i n c o m e , t h r o u g h t h o m e d iu m o f d e p r e c i a t io n r e ­
s e r v e , f o r (a ) r e p l a c e m e n t s a n d r e n o w a ls , a n d ( b ) a d d i ­
t io n s , b e t t e r m e n t s a n d i m p r o v e m e n t s in s u b s t i t u t i o n f o r
p l a n t a b a n d o n e d a n d n o t r e p l a c e d o r r e n e w e d _______________
1 , 0 1 9 ,9 5 0 4 0
A d d e d t o d e p r e c i a t io n r e s e r v o ____________________________________
2 3 0 ,0 4 9 6 0
T o t a l --------- --------------------------- ---------------------------------- ------------------------- $ 2 , 3 7 5 , 1 1 5 4 4

In tlio oleven years sinco tho orga n iza tion o f tho co m p a n y
tho fo llow in g a m ou n ts h ave been ex p on d od fo r m a in ten an ce
o r sot asido fo r d ep recia tion an d reh a b ilita tion :
M a i n t e n a n c e e x p e n d it u r e s ---------------------------------------$ 1 2 ,0 7 9 ,8 8 1
A p p r o p r i a t e d f o r d e p r e c i a t io n .....................................
1 6 ,0 5 7 ,5 0 9
T o t a l .........................................- .............................................................................$ 2 8 ,1 3 7 ,3 9 0
A v e r a g o p o r y e a r .............................. - - - ............... - - . .................................. ..
$ 2 ,5 5 7 ,9 4 4

49
24
73
61

T h o c o m p a n y ’s properties are in g o o d co n d itio n as a rosu lt o f its lon g con tin u ed policy, o f p rov id in g ad equ ately
o u t o f revenues fo r their p reserva tion , an d tho high
stan dard o f its sorvico has boon m a in tained th rou gh ou t tho
territory sorved b y it.
N E T IN C O M E .
In flu en ced b y tho cessation o f E x p osition rovon uo an d b y
high or operatin g expenses, m ain ten an ce costs an d taxes,
alrea dy explained elsew here, n ot oarnings from op era tion
decreased $138,092 73. T h is docroaso w as m oro than
o ffso t b y a.n increaso o f $96,007 13 in p rofits from sales o f
m erchandise and oth er m iscellaneous in com o, and b y a
decreaso o f $127,701 23 in b on d interest an d d iscou n t, lea v­
ing $85,615 63 m oro to bo carried to surplus a cco u n t than in
tho p receding y ea r.
N o t operating rovonuos (exclu din g m iscellaneous in com o
an d boforo ded u ctin g dep recia tion ) b y m on th s an d tho
p ro p o rtio n o f tho y e a r’s tota l earned in oach m on th aro show n
in tlio fo llow in g table:____________________ ____________________

1915.

1916.

+ In crea se.

Proporl'n o f Years'
N et Earned in
Each M on th .

— D ecrease.

1916.
January.
1 ebruary___
‘
Marcli . _
April....................
M ay____________
June........ .................
J u ly................ .........
August-----------------September................
October_________
November. . . .
.
December____ ____

S911,995
831,414
717,781
723,412
701,751
778,756
690,201
680,034
773,737
712,112
747,482
787,904

15
91
70
91
59
15
40
71
97
11
18
89

$886,678 38 + $25,316 77 10.01%
754,031 41
+ 77,413 50 9.19%
817.8D0 65 — 100,114 95 7.93%
767,124 89 — 43,711 95 7.99%
742,682 58 — 40,930 99 7.75%
725,741 15
+ 53,015 00 8.00%
717,545 34 — 27,343 91 7.03%
695,563 19 — 15,528 48 7.51%
777,335 42
— 3,59/ 45 8.55%
790,08.3 25 — 77,971 14 7.87%
823,131 00 — 75,051 82 8.26%
826,892 17 — 38,987 28 8.71%

1915.
9.52%
8.08%
8.77%
8.22%
7.90%
7.78%
7.70%
7.46%
8.34%
8.47%
8.83%
8.87%

$9,050,015 70 $9,324,708 43 — $268,092 73 100.00% 100.00%




2647

C O N S E R V A T IO N OF A S S E T S .
A s show n in the first o f the tw o follow in g ta bles, the net
earnings o f these prop erties, after b o n d in terest, h ave aggre­
g a ted $3 7 ,3 7 1 ,3 9 8 in the eleven years since this C o m p a n y ’s
orga n ization . I t w ill b e n o te d fro m the secon d ta b le,
g ivin g the a p p rox im a te disp osition o f these earnings, th a t
th ree-fou rth s o f the to ta l a m ou n t w as retained in the b u si­
ness and o n ly o n e-fou rth p a id to stock h old ers in cash d iv i­
dends.

Year.

Gross
Revenue
Inclu ding
Miscellaneous
In com e.

Mainte­
nance,Oper­
ating Ex­
penses and
Reserves.

$8,947,162
.
1 1,342,140
..
1 2,657,305
-.
1 3,491,288
.
14,044,596
14,604,609
14,744,651
1 6,202,337
17,220,503
.
1 8,944,180
19,125,384
.

$4,1 3 9 ,2 3 3
5 ,9 7 8 ,9 6 7
6,5 1 7 ,9 3 0
7 ,2 1 1,517
7,538,461
7,6 9 7 ,3 7 0
7 ,8 0 8,592
8 ,6 5 5,044
8,1 7 0 ,8 7 4
8,3 5 6 ,1 4 8
8,5 8 6 ,3 1 8

1 9 0 6 ..
190719081 9 0 9 ..
1910.
1 9 1 1 --­
1 9 1 2 ...
1 9 1 3 --.
1 9 1 4 ..
1 9 1 5 -..
1 9 1 6 ..

Taxes.

$283,88 6
247 ,262
2 7 4 ,789
3 2 0 ,059
3 8 2 ,8 8 0
516 ,702
6 2 2 ,969
676,163
743 ,047
8 4 9 ,445
972 ,565

N et

Earnings.
$ 4 ,5 2 4 ,0 4 3
5 ,1 1 5 ,9 1 1
5 .8 6 4 .5 8 6
5 ,9 5 9 ,7 1 2
6 ,1 2 3 ,2 5 5
6 ,3 9 0 ,5 3 7
6 ,3 1 3 ,0 9 0
6 ,8 7 1 ,1 3 0
8 ,3 0 6 ,5 8 2
9 .7 3 8 .5 8 7
9 ,566,501

Balance.

interest.

$ 2 ,7 8 4 ,9 0 8
2 ,8 5 4 ,2 6 4
3 ,021,722
2,9 8 8 ,5 2 1
3 ,0 0 6 ,2 5 6
3 ,2 5 4 ,1 3 3
3 ,5 6 8 ,9 4 3
3 ,9 0 2 ,0 4 5
4,1 9 1 ,4 0 1
3 ,9 8 5 .4 1 0
3 ,8 4 4 ,9 3 3

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

$ 1 6 1,32 4,1 55 $80 ,660 ,45 4 $5,889,767 S74,77 3,93 4 $37 ,4 0 2 ,5 3 6 $ 3 7 ,3 7 1 ,3 9 8
T o r o t ir o b o n d s ____________________________________________________________$ 7 ,8 3 7 , 0 0 0
9 , 9 l 8 ,0 0 O
R e i n v e s t e d in P r o p e r t y _________________________________________________
F o r R e p la c e m e n t s a n d R e h a b i l i t a t i o n _______________________________
9 ,2 7 9 ,0 0 0
C a s h D i v i d e n d s __________________________________________________________
9 ,3 2 4 ,0 0 0
1 ,0 1 3 ,0 0 0
O t h e r P u r p o s e s ___________________________________________________________
T o t a l ............................................................................................................................$ 3 7 ,3 7 1 ,0 0 0

RESERVES.
F rom the 1916 surplus a reserve o f $3 51 ,5 47 54 w as set
u p to c o v e r reven ue in v o lv e d in litig a tion o v e r gas rates in
San F ra n cisco an d S a cram ento.
R eserves at D e c . 31 1916, after ch a rgin g o ff realized
losses, s tood as follow s, com p a red w ith D e c . 31 1915:
Dec. 3 1

Dec. 31

1916.

Description of Reserves—

1915.

F o r D e p r e c i a t i o n _______________ $ 3 , 0 0 2 , 8 9 7
In su ra n ce a n d C a s u a lty F u n d s .
8 7 ,5 9 0
U n c o ll e c t ib l e A c c o u n t s R e s e r v e
1 3 2 ,2 3 9
R e s e r v e f o r E a r n in g s in L i t ig a ­
t io n _______________________________ 1 ,5 6 5 ,9 3 1
T o ta ls

+ Increase.
Decrease.

—

61 $ 2 , 7 7 2 , 8 4 8 01 + $ 2 3 0 , 0 4 9 6 0
6 3 ,9 4 0 4 9
+ 2 3 ,6 4 9 8 0
29
1 3 2 ,8 5 3 2 6
— 613 44
82
34

+ 3 5 1 ,5 4 7 54

1 , 2 1 4 ,3 8 3 8 0

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

A C C O U N T A N T S ’ C E R T IF IC A T E S .
M essrs. P rice, W a terh ou se & C o ., certified p u b lic a c­
cou n ta n ts, h ave m ade the usual a u d it o f the C o m p a n y ’ s
b o o k s an d their certified statem en ts coverin g In com e A c ­
c o u n t, Surplus A c co u n t, an d B a lan ce Sheet at D e c . 31 1916
fo llo w :
IN C O M E A C C O U N T — Y E A R
G ross

E N D IN G

D E C E M B E R 31

1916.

R o v e n u o _______________________________________________________ $ 1 8 ,6 1 5 ,4 9 7 61

Deduct—
M a i n t e n a n c e _____________________________________________$ 1 ,1 2 5 ,1 1 5 4 4
O p e r a t in g , D i s t r ib u t io n a n d A d m i n i s t r a t i o n
E x p e n s e s ______________________________________________ 8 , 4 3 3 , 7 6 6 4 7
D e p r e c i a t i o n _________________________________________ 1 , 2 5 0 ,0 0 0 0 0
Add —
M is c e l la n e o u s I n c o m e ______________________________________________
Deduct—
I n t e r e s t o n B o n d s O u t s t a n d in g __________________$ 3 , 8 7 3 ,6 5 9 0 4
I n t e r e s t o n B o n d s in S in k in g F u n d _____________
1 8 3 ,9 5 6 6 3
I n t e r e s t o n I n s t a llm e n t s F ir s t P r e f e r r e d S t o c k .
8 ,9 2 7 60
Less— I n t e r e s t c h a r g e d t o C o n s t r u c t i o n ________

1 0 ,8 0 8 ,8 8 1 9 1

$ 7 ,8 0 6 ,6 1 5 70
5 0 9 ,8 8 6 0 0
$ 8 ,3 1 6 ,5 0 1 7 0

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

P r o p o r tio n fo r y e a r 1916 o f D is c o u n t a n d E x ­
p e n s e s o n G e n e r a l a n d R e f u n d in g B o n d s ___

1 7 3 ,1 8 6 0 1

4 ,0 1 8 ,1 1 9 72

N e t I n c o m e c a r r ie d d o w n _______________ _______________________ $ 4 ,2 9 8 ,3 8 1 9 8
SU RPLU S A C C O U N T .
B a la n c o J a n u a r y 1 1 9 1 6 _____________________________________________ $ 5 , 1 2 0 ,6 7 7 7 3
N o t I n c o m o f r o m a b o v e ___________________________ $ 4 ,2 9 8 ,3 8 1 9 8

A ddM is c e l la n e o u s A d ju s t m e n t s _____________________

Deduct—
R e se rv e fo r a m o u n ts ch a rg e d to C on su m ers
in 1 9 1 6 in e x c e s s o f r a t e s a l lo w e d b y C i t y
O r d in a n c e s _________________________________________

5 4 ,4 0 7 5 8
$ 4 , 3 5 2 ,7 8 9 5 6

3 5 1 ,5 4 7 5 4

Deduct— Dividends—
O n P r e f e r r e d S t o c k s ________________________________ $ 1 ,3 7 4 ,6 3 7 7 3
O n C o n u n o n S t o c k _________________________________ 1 ,7 0 8 ,1 6 8 2 9

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

3 ,0 8 2 , 8 0 6 0 2

B a la n c o t o B a la n c e S h e e t _______________________________________ $ 6 ,0 3 9 ,1 1 3 7 3
R e p re s e n te d b y :
A m o u n t i n v e s t e d in S in k in g F u n d s __________ $ 1 , 8 8 6 ,3 1 2 6 6
B a la n c o U n a p p r o p r i a t e d _______________________ 4 , 1 5 2 ,8 0 1 0 7
S 6 .0 3 9 .1 1 3 7 3

W o h ave au dited the b o o k s o f the P a cific G as & E lectric
C o m p a n y fo r tho yea r ending D e c . 31 1916, and ce rtify th at
in our op in ion the a b o v e in com e A c co u n t and Surplus A c ­
c o u n t are fair and co rrect statem en ts o f the op eration s o f
tho C o m p a n y for the year.
( S ig n e d ) P R I C E , W A T E R H O U S E & C O .

San Francisco, Cal., March

23, 1917.

[Vol. 104.

THE CHRONICLE

2G4S

B A L A N C E S H E E T , D E C E M B E R 31, 1916
ASSETS.
C a p it a l A ss e ts —
P l a n t s a n d P r o p e r t i e s __________________________________________________________________________________________________________________________________________ S 1 3 2 .9 4 0 .1 0 5
D i s c o u n t a n d E x p e n s e s o n C a p i t a l S t o c k I s s u e d -----------------------------------------------------------------------------------------------------------------------------------------------------------3 ,9 1 8 ,3 4 3
In v estm en ts.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1 -------1 3 ,9 6 7
T r u s te e s o f S in k in g F u n d s—
C a s h ____________________________________________________ _______________________________ ___________ _________________________________- .....................
$ 4 8 ,8 9 9 81
I n t e r e s t A c c r u e d o n B o n d s h e l d in S i n k i n g F u n d s _____________________________________________________________________________________
5 2 ,4 2 9 1 9
1 0 1 ,3 2 9
D e fe r r e d C h a r g e s —
D i s c o u n t a n d E x p e n s e s o n G e n e r a l a n d R e f u n d i n g B o n d s -------------------------------------------------------------------------------------------------------------------- . $ 4 ,3 3 0 ,1 5 0 0 7
U n e x p l r e d T a x e s a n d U n d i s t r i b u t e d S u s p e n s e I t e m s ----------------------------------------------------------------------------------------------------------------------------4 6 8 ,5 4 8 7 7

89
92
54
00

4 ,7 9 8 ,6 9 8 8 4

C u rr e n t A ssets—
M a t e r i a l s a n d S u p p li e s o n h a n d a n d in t r a n s i t ___________________________________________________________________________________________ $ 1 ,6 2 0 ,2 5 2 0 9
A d v a n c e s t o a n d S e c u r it ie s o f O r o E l e c t r i c C o r p o r a t i o n a n d S u b s id i a r y C o m p a n i e s --------------------------------------------------------------------- 1 , 7 9 8 ,9 7 0 8 2
I n s t a l lm e n t s r e c e i v a b l e f r o m S u b s c r i b e r s t o F i r s t P r e f e r r e d S t o c k --------------------------------------------------------------------------------------------------6 0 ,9 2 5 8 5
B i l ls R e c e i v a b l e _______________ ____________ _____ __________________ ________________________ __________i ------------------- ------------- $ 2 6 4 ,8 0 1 4 3
A c c o u n t s R e c e i v a b l e ________________________________________________________________________________________________________ 2 ,0 5 3 , 6 4 7 0 8

.

$ 2 , 3 1 8 , 4 4 8 51

Less— R e s e r v e f o r B a d D e b t s _________________________________________________________________________________________________ 1 3 2 ,2 3 9 8 2 2 , 1 8 6 , 2 0 8 6 9
C a s h .................................................................................................................................................................... - ............................................................... ............................

2 ,4 8 1 , 3 9 4 0 1

8 .1 4 7 ,7 5 1 4 6

T r e a s u r y B o n d s s u b je c t t o s a le , n o t in c lu d e d in A s s e ts o r L ia b ilit ie s :
__
■
______
G e n e r a l a n d R e f u n d i n g B o n d s _____________________________________________________________________________________________________________* $ 1 ,0 0 0 ,0 0 0 0 0
B o n d s o f S u b s id i a r y C o m p a n i e s ___________________________________________________________________________________________________________
8 0 ,5 0 0 0 0
8 1 ,0 8 0 ,5 0 0

00

* $ 8 7 5 ,0 0 0 0 0 G e n e r a l a n d R e f u n d i n g B o n d s p l e d g e d in S a n F r a n c i s c o R a t e C a s e s .
$ 1 4 9 ,9 2 0 ,1 9 6 6 5
L IA B IL IT IE S .
C a p it a l S t o c k o f P a c if ic G a s & E le c t r ic C o m p a n y —
C om m on:
I s s u e d .............. ............. ...................................................... .................................................................................... ........................................................................ . $ 6 5 , 7 3 2 , 7 2 4 6 6
Less— O w n e d b y S u b s id i a r y C o m p a n i e s ___________________________________________________________________________________________ 3 1 , 6 9 6 , 8 6 6 6 6
$ 3 4 ,0 3 5 ,8 5 8 0 0
F i r s t P r e f e r r e d . . . ........................................................................................................................................................................ - ....................................................... 2 3 , 6 4 9 , 1 3 0 0 0
O r i g i n a l P r e f e r r e d ................. .............................................................................. ............... ............... - - ..................- - ............................... ........................................
3 0 2 ,8 0 0 0 0 $ 5 7 ,9 8 7 ,7 8 8 0 0
C a p it a l S t o c k o f S u b s i d i a r y C o m p a n ie s n o t h o ld b y th e P a c if ic G a s & E le c t r ic C o m p a n y , a n d U n p a id D iv id e n d s th e r e o n
F u n d e d D eb t—
P a c i f i c G a s & E l e c t r i c C o m p a n y — G e n e r a l a n d R e f u n d i n g 5 % B o n d s ------------------------------------------------------------------------------------------ $ 2 9 ,9 8 2 ,0 0 0 0 0
B o n d s o f S u b s id i a r y C o m p a n i e s ----------------------------------------------------- ------------------------------------------------------------------------------------------------------------- 4 7 ,2 1 4 ,8 0 0 0 0

2 7 ,9 7 7 58
7 7 ,1 9 6 ,8 0 0 0 0

C u r r e n t L ia b ilit ie s —
__
A c c o u n t s P a y a b l o a n d U n a u d i t e d B i l l s ......................... ................................. .......... .......................... .......................................... — .................................. $ 1 ,0 8 4 ,9 1 3 7 3
D r a f t s O u t s t a n d in g _________________________________________________________________________________________________________________________
3 1 2 ,8 8 1 5 2
M e t e r a n d L i n e D e p o s i t s .......................................
3 5 6 ,9 6 9 5 8
U n p a i d C o u p o n s a n d D i v i d e n d s __________________________________________________________________________________________________________
6 1 ,4 0 8 8 3
1 ,2 8 8 ,1 1 1 0 6
I n t e r e s t A c c r u e d b u t n o t d u e _________________________________________________________________________________________________ .-----------------T a x e s A c c r u e d b u t n o t d u e _________________________________________________________________________________________________________________
4 8 0 ,5 3 8 4 3
D iv i d e n d s D e c l a r e d _________________________________________________________________________________________________________________________
4 2 7 ,2 7 4 9 5

4 ,0 1 2 ,0 9 8 10

R eserves^ - *
D e p r e c i a t i o n ____________________________________________________________________________________________________________________________________$ 9 ,4 1 3 ,4 7 1 8 4
Deduct— - R e p l a c e m e n t s a n d L o s s o n P r o p e r t y S o l d o r A b a n d o n e d :
__
A t J a n u a r y 1 1 9 1 6 ____________________ ________________ - ..................................................... ....................................................... $ 5 , 3 9 0 , 6 2 3 8 3
C h a r g e d d u r i n g y e a r ____________________________________________________________________________________________________1 , 0 1 9 , 9 5 0 4 0
6 ,4 1 0 ,5 7 4 23
I n s u r a n c e a n d C a s u a l t y F u n d s ___________________________________________________________________________________________________________
R e s e r v e f o r a m o u n t s c h a r g e d d u r i n g 1 9 1 3 , 1 9 1 4 , 1 9 1 5 a n d 1 9 1 6 t o C o n s u m e r s i n e x c e s s o f R a t e s a l lo w e d b y C i t y
O r d in a n c e s ______________

$ 3 , 0 0 2 , 8 9 7 61
8 7 ,5 9 0 2 9
1 ,5 6 5 ,9 3 1 3 4

S u r p lu s —
I n v e s t e d in S i n k i n g F u n d s __________________________________________________________________________________________________________________ $ 1 , 8 8 6 , 3 1 2 6 6
B a l a n c e U n a p p r o p r i a t e d ____________________________________________________________________________________________________________________
4 ,1 5 2 ,8 0 1 0 7

______ _
4 ,6 5 6 ,4 1 9 2 4

6 ,0 3 9 ,1 1 3 7 3
$ 1 4 9 ,9 2 0 , 1 9 6 6 5

We have audited the books of the Pacific Oas c& Electric Company for the year endin') December 3 1 1 9 1 6 , and certify that in our opinion the above Balance
Sheet is properly drawn up so as to show the true financial position of the Company at December 3 1 1 9 1 6 .
^ PRICE W iTERIIOUSE & CO
San Francisco, Cal., March 2 3 1 9 1 7 .

N O TE S ON B A LA N C E SH E E T.
P L A N T S A N D P R O P E R T IE S .
T h i s a c c o u n t , a t t h e c l o s e o f t h e p r e v i o u s f is c a l y e a r ,
s t o o d a t .............. .............................................................................. ............... $ 1 2 9 ,2 8 1 ,3 6 0 0 0
G ro s s E x p e n d itu r e s f o r a d d it io n s , b e tte r ­
m e n ts a n d im p r o v e m e n ts d u r in g th e y e a r
1 9 1 6 a m o u n t e d t o _____________________________ $ 4 , 6 7 8 , 6 9 6 2 9
O f w h ic h t h e r e w a s c h a r g e d t o O p e r a t in g E x ­
p e n s e s t h r o u g h t h o m e d iu m o f D e p r e c ia ­
t i o n R e s e r v e ___________________________________ 1 , 0 1 9 ,9 5 0 4 0
L e a v in g b a l a n c e c a r r ie d t o “ P l a n t s a n d P r o p e r t i e s A c c o u n t ”

3 ,6 5 8 ,7 4 5 89

T h e t o t a l o f w h ic h a t D e c e m b e r 3 1 1 9 1 6 s t o o d a t _________ $ 1 3 2 ,9 4 0 ,1 0 5 8 9

T h o C o m p a n y ’s expenditu res fo r the con stru ction and
a cqu isition o f a d d ition a l p rop erty du ring the past eleven
years since its in co rp o ra tion , h ave aggregated $ 0 0 ,1 5 2 ,­
910 42 . T h e fo llo w in g ta b le a ccou n ts fo r these expendi­
tures b y years:
Year—
1 9 0 6 ......................... ..
1 9 0 7 .................................
1908
1 9 0 9 ........................ ..
1 9 1 0 .................................
1 9 1 1 .................................
1 9 1 2 __________________
1 9 1 3 __________________
1 9 1 4 ................................
1 9 1 5 ................................
1916

Construction.

Other Properties
Acquired.

______ $ 3 ,8 6 0 ,2 4 3 8 4
______
3 ,6 7 4 , 4 7 4 6 9
2 ,0 9 9 , 9 9 6 91
............
1 .7 4 6 .7 0 5 6 4
............
2 ,8 7 9 ,1 5 8 4 5
............
2 ,2 4 8 ,5 2 1 31
............
7 .4 9 5 .7 6 3 69
............
7 ,4 0 6 ,4 1 5 80
............
2 ,7 3 3 .9 4 9 35
______
2 , 0 8 9 . 4 4 7 17
3 ,6 7 8 ,7 4 5 8 9

$ 1 3 ,8 2 0 ,1 2 5 0 0
4 7 ,8 6 1 17

T o t a l _______________ ............$ 3 9 ,9 1 3 ,4 2 2 7 4

$ 2 0 ,2 3 9 ,4 8 7 6 8

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

46
29
31
15
36
50
44

Total.
$ 1 7 ,6 8 0 ,3 6 8
3 ,7 2 2 ,3 3 5
2 ,0 9 9 ,9 9 6
1 ,8 3 7 ,3 3 8
3 ,4 7 2 .9 2 4
7 ,0 1 7 ,4 7 0
7 ,9 0 0 ,0 4 8
7 ,7 9 5 ,6 2 4
2 ,7 3 8 ,1 3 0
2 ,2 0 9 ,9 2 5
* 3 ,6 7 8 ,7 4 5

84
86
91
10
74
62
84
Hi
85
61
89

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

♦ C h a r g e d t o “ P l a n t s a n d P r o p e r t i e s ” $ 3 ,6 5 8 , 7 4 5 8 9 (a s s h o w n a b o v e )
a n d t o “ I n v e s t m e n t in S y s t e m C o r p o r a t i o n s ” $ 2 0 ,0 0 0 0 0 .

P u rsu a n t to c o n tra ct entered in to on J a n . 15 1916 w ith the
O ro E le ctric C o rp o ra tio n , the purchase o f the p u b lic u tility
properties o f tho la tter co m p a n y w as p ra ctica lly con su m ­
m a ted du ring th o ye a r, alth ou gh title w as n o t form a lly
passed until M a rch 17 1917, follow in g final a u th ority o f the
R a ilro a d C om m ission o f th e S tate o f C a lifornia granted
M a r ch 7 1917. T h o n ew ly a cqu ired properties consist o f
a gas generating an d distribu tin g pla n t in the C ity o f O rov ille , tw o h y d ro -e le ctric plants w ith ap pu rten an t trans­
m ission lines a n d distribu tion system s centered m ain ly
arou n d O roville an d S to ck to n , an d d om estic w ater su pply
an d irriga tion system s su p p lyin g O roville an d v icin ity ; also




u n d ev elop ed h y d ro-electric pow er properties in T e h a m a and
P lu m a s C ou n ties w h ich w ill form a large and va lu a b le a d ­
d ition to this C o m p a n y ’ s reserve w ater pow er resources
to b e d ev elop ed in fu tu re as its needs m a y requ ire. T h o O ro
E le ctric C o rp ora tion , u p to the da te o f its a cq u isition an d
fo r a num ber o f years prior th ereto, h ad been a largo pu r­
chaser o f pow er from this C o m p a n y . Its business fie ld and
area o f operation s b ein g con tigu ou s to and to som e exten t
a ctu a lly overla p p in g th a t o f this C o m p a n y , th e con solid a ­
tion o f the tw o properties “was a logical d ev elop m en t an d w ill
resu lt in substantial econ om ies. T h e m erger w ill also
p orm it o f the m ore econ om ica l an d efficien t u se, fo r p ow er
an d irriga tion p u rposes, o f the w ater resources o f the tw o
com p a n ies. T h o lines o f the O ro C o m p a n y rea ch im p or­
ta n t g old dredgin g fields an d agricu ltural territory in w hich
it is b olieved a sa tisfa ctory a m ou n t o f new business m a y b o
d e v e lo p e d .
,
F ollow in g are th e ch ief fin an cial fa cts o f the tran sa ction :
C a s h c o s t o f t h e a c q u i r e d p h y s i c a l p r o p e r t ie s a s o f O c t o b o r 1 1 9 1 5 ,
f i f t y p o r c e n t o f w h ic h r e p r e s e n t s r o c e n t c o n s t r u c t i o n :
O p e r a t iv e p r o p e r t i e s _____________________________________ $ 2 ,1 9 5 , 5 3 5
U n d e v e l o p e d h y d r o - e l e c t r i c p r o p e r t ie s ________________ 1 ,3 4 6 ,3 5 2
--------—
$ 3 ,5 4 1 ,8 8 7
V a l u e o f p h y s i c a l p r o p e r t y a t O c t o b e r 1 1 9 1 5 , a s a p p r a is e d b y

engineers:

R e p r o d u c t i o n v a l u e o f p h y s i c a l p r o p e r t i e s ________________________$ 3 ,3 0 3 ,1 5 9
R e p r o d u c t i o n v a l u e o f p h y s i c a l p r o p e r t ie s le s s a c c r u e d d e p r o e i a t i o n ___________________________
3 ,0 1 9 ,3 6 4
C o s t o f p r o p e r t y t o t h is c o m p a n y , s u b j e c t t o m in o r a d j u s t m e n t s . 1 ,5 0 0 ,0 0 0
N e t i n c o m e o f a c q u i r o d p r o p e r t ie s in 1 9 1 6 ------- -------------- -- — - —
1 0 4 ,6 0 5
E s t i m a t e d n e t i n c o m o , a l lo w i n g f o r e c o n o m ie s r e s u l t i n g f r o m
c o n s o l i d a t i o n ------------------------1 5 0 ,0 0 0

T h o c o st o f tho O ro properties a t D e c . 31 1915 is n o t
in clu d ed in tho a b o v e statem en t o f con stru ction during
1910, b u t is carried on the ba la n ce sheet in tho item “ A d ­
v a n ces to an d securities o f O ro E lectric C orp o ra tio n and
su bsidiary co m p a n ie s .”
FUNDED D EBT.
B o n d s ou tstan d in g in the hands o f the p u b lic increased
$ 1 ,0 2 4 ,0 0 0 .
T h e entire issue o f $1 ,0 0 0 ,0 0 0 pa r valu e o f O akland G as,
L ig h t an d H ea t C om p a n y 5 % B on d s m atu red on M a rch
10 1916. T h rou gh tho op era tion o f sinking fu n d s $440,000
o f tho issue h ad been rotired b efore m a tu rity , an d the bal­
an ce, am ou n tin g to $560 ,0 00 , w as paid a t m a tu rity from

THE CHRONICLE

J une 30 1917.]

o f G eneral an d R efu n d in g M o rtg a g e 5 % B on d s w h ich had
b een issued a gainst new con stru ction .
T h e follow in g statem en t show s the c o m p a n y ’ s fu n d e d
d e b t ou tstan d in g in th e hands o f th e p u b lic a t D o c . 31 1916
an d the changes th a t h a v e ta ken pla ce in th e v a riou s issues
du ring the year:

w ork in g fu n d s tem p ora rily a d va n ced fo r th a t p u rp oso. O n
O c t . 4 1916 the R a ilroa d C om m ission in its O rder N o . 3762
au th orized the issuanco and sale o f G eneral an d R efu n d in g
M o rtg a g e 5 % B o n d s to reim burse the treasury fo r this
a d v a n ce .
In Ja n u a ry 1916 sale w as m ade o f $1 ,9 0 0 ,0 0 0 par v a lu e

Due
Date.

Rate.

ISSUES.

1 1942
Jan.
N o v . 1 1937
M a r . 1 1933
S e p t. 1 1930
A p r i l 1 1931
O ct.
1 1928
1 1929
June
1 1930
M ay
1 1931
A ug.
M a r . 16 1916
N o v . 1 1927
S e r ia lly 1 9 1 2 -2 2
M a r . 15 193 8
J u ly
1 1932
1 1923
J u ly
S e p t. 1 1939
1 1938
A ug.
S e p t. 1 1922
N o v . 1 1933
S e p t. 1 1930
N o v . 3 1921
1 1934
June
D oc.
1 1941

T ota l B on d s.

T h e su b jo in e d ta ble brings o u t clearly the strong an d c o n ­
stan tly im p ro v in g p osition o f this C o m p a n y ’ s b o n d s . It
w ill bo n o te d th at w hile th e valu e o f th e p rop erty securing
these b on d s was increased b y $16,422,425 during th e fou r
years en d ed D e c . 31 1916, due to con stru ction o f pla n t
a d d ition s an d th e acqu isition o f oth er prop erties, th e to ta l
par valu e o f b on d s o f all issues ou tstan din g in the hands o f
tho p u b lic increased du ring the sam e p eriod b y o n ly $ 1 ,­
29 8,00 0. In oth er w ord s, fo r ev e ry dollar o f increase in
b o n d s , a d d ition a l p rop erty o f th e valu e o f $12 65 w as a d d ed

Increase.

Decrease.

Year.

$ 1 ,2 9 8 ,0 0 0

I

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

$ 1 6 ,4 2 2 ,4 2 5

$ 4 ,3 8 0 ,7 3 3

$ 3 ,2 5 3 ,4 1 1

T h o increase o f $11,062,730 in tho a m ou n t o f first pre­
ferred sto ck ou tstan din g w as b rou gh t a b o u t to the exten t
o f $9,939 ,6 30 b y th o oxch an go o f old preferred sto ck fo r the
now issue, a t tho rate o f 1.025 shares o f tho first preferred
fo r each share o f tho o ld preferred, as ou tlin ed in letter to
stock h old ers, d a ted June 3 1914, an d to th e exten t o f $ 1 ,­
123,100 b y ad d ition a l sales o f treasury sto ck . T h o tim e
fo r theso exch an ges h avin g expired on D e c. 31 1916, a fu r­
ther exten sion to Juno 30 1917 w as au th orized b y the R a il­
roa d C om m ission .
. . .
.
T h e C o m p a n y has con tin u ed its p o licy o f selling its first
preferred s to ck , oither fo r cash o r on a con v en ien t in stall­
m en t basis, d irectly to its custom ers an d em p loyees. T h is
sto ck is n o w recogn ized as on e o f the stan dard in vestm en t
issues, pa rticu la rly in the C a liforn ia m a rket, to w h ich it is
especially a d a p ted ow in g to its freed om from loca l ta xa tion ,
besides its im m u n ity from tho n orm al Federal in com e ta x.
T h is sto ck is n ow w ell distribu ted , there being com p a ra ­
tiv e ly few single holdings o f large am ou n ts, an d tho bu lk
o f it is b ein g held fo r perm anent in vestm en t. T h o par
valu o sold during 1916 w as $ 1 ,1 23 ,1 00 , for w hich an averago
o f $91 92 per sliaro w as realized as com p a red w ith tho initial
offerin g price in 1914 o f $82 50 per share.

Month—

J a n u a r y ___
F eb ru a ry . .
M a r c h ______
Apr
a
Ml a : y .............
J u n o _______
J u l y ..............
A u g u s t ____
S e p te m b e r.
O ctob er
N ovem ber .
D e c e m b e r ..
T o t a l ...................................................................

131
99
125
35
2
1
1
2
25
59
39
98
617

9 8 .0 0 0
1 ,5 0 0
6 ,0 0 0
6 6 .0 0 0
8 ,0 0 0

' 51666
1 8 ,5 0 0

Per Cent of
Net Required
for Bond
Interest.

D U R IN G

1916.

Par Value of
Stock Sold.
$ 2 1 5 ,7 0 0
1 6 2 ,5 0 0
4 2 2 ,6 0 0
2 5 ,0 0 0
1 .3 0 0
300
100
1 .3 0 0
4 5 ,5 0 0
7 5 ,9 0 0
4 1 ,6 0 0
1 3 1 ,3 0 0

00
00
00
00
00
00
00
00
00
00
00
00

$ 1 ,1 2 3 ,1 0 0 0 0

T h o geograph ical distrib u tion o f the C o m p a n y ’ s share
ca p ita l as o f D e c. 31 1916 (elim inating d u p lica tion s, b u t
in clu d in g all F irst P referred S to ck issued an d su bscrib ed
fo r) w as as follow s:

6 0 .1 %
5 5 .0 %
4 5 .2 %
3 9 .1 %
4 0 .3 %

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

Number of

Holders.
Shares.
P a c ific C o a s t:
C a l i f o r n i a ___________
4 ,7 1 3
2 7 9 ,4 6 7 .4 2
9 ,6 6 4 .1 1
O u t s i d o o f C a l i f o r n i a ___________________
110
3 7 ,9 0 7 .0 7
M i d d l e S t a t e s ______________________________
573
2 1 6 ,7 5 4 .1 9
E a s t e r n C o a s t _______________________________ 2 ,1 7 1
F o r e i g n _______________________________________
313
3 6 ,0 8 5 .0 9
T o t a l ______________________________

.* 7 ,8 8 0

5 7 9 ,8 7 7 .8 8

Par Value.
$ 2 7 ,9 4 6 ,7 4 2
9 6 6 ,4 1 1
3 ,7 9 0 .7 0 7
2 1 ,6 7 5 , 4 1 9
3 .6 0 8 ,5 0 9

00
00
00
00
00

$ 5 7 ,9 8 7 ,7 8 8 0 0

* O f t h e s e 2 ,7 1 9 w o r e w o m e n .

C U R R E N T ASSETS A N D

+ $ 1 ,3 6 5 ,5 3 0

♦ I n c lu d e s s t o c k s u b s c r ib e d f o r b u t n o t f u l l y p a i d .

SALES

2 6 ,0 0 0

$ 6 7 ,0 2 5

Net Earnings
before
Depreciation.

Division—

$ 5 6 ,6 2 2 ,2 5 8

Number of
Sales.

2 ,0 0 0
6 8 8 ,0 0 0

Per Cent of
Annual interest
Gross Required
on all Bonds
for Bond
Outstanding
Interest.
December 3 1 .

$ 6 ,3 1 3 ,0 9 0
6 ,8 7 1 ,1 3 0
8 ,3 0 6 ,5 8 2
9 ,7 3 8 ,5 8 7
9 , 5 6 6 ,5 0 1

December 3 1 December 3 1
+ Increase.
1916.
1915.
— Decrease.'
F ir s t
P r e fe r re d
S tock — 6 %
,
______
, _
C u m u l a t i v e ....................
* $ 2 3 ,6 4 9 ,1 3 0
* $ 1 2 ,5 8 6 ,4 0 0 + $ 1 1 , 0 6 2 , 7 3 0
O rig in a l P r e fe r re d
S tock — 6 %
__ ___ „
C u m u l a t i v e . . .....................................
3 0 2 ,8 0 0
1 0 .0 0 0 ,0 0 0
— 9 ,6 9 7 .2 0 0
C o m m o n S t o c k _____________________
3 4 ,0 3 5 ,8 5 8
3 4 ,0 3 5 ,8 5 8

STOCK

7 ,0 0 0

a n d the increased e q u ity o f $15,12 4,42 5 is eq u iv a len t to
2 0 % o f tho to ta l fu n d ed d e b t.
In a d d ition to a d d in g $1 6,42 2,42 5 to th e v a lu o o f its
perm anen t p la n t, the C o m p a n y du ring th e sam e p e rio d
also increased its n et w orkin g assets b y m ore th an fou r m il­
lio n dollars. A s com p a red w ith an increase o f $67,025 in
annual interest charges, gross earnings during th o fo u r
years increased $4,380,733 an d n et earn in gs$ 3 ,2 5 3 ,4 1 1 . T h is
increase in n et earnings is equ ivalen t to 8 4 .6 % o f th e to ta l
an n ual interest in 1916.

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

C A P IT A L S T O C K .

PREFERRED

$ 1 ,0 2 4 ,0 0 0

Gross
Earnings all
Sources.

Changes in the am ou n t o f ca p ita l sto ck ou tsta n d in g in
tho hands o f tho p u b lic w ere as follow s:

$ 5 7 ,9 8 7 ,7 8 8

$ 7 6 ,1 7 2 ,8 0 0

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

$ 7 5 ,8 9 8 ,8 0 0
7 5 .4 8 5 .8 0 0
7 5 ,0 5 6 ,3 0 0
7 6 .1 7 2 .8 0 0
7 7 .1 9 0 .8 0 0
I n c r e a s e ......... ............................... - - -

$ 1 ,9 0 0 , 0 0 0
5 0 ,0 0 0

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

$ 2 8 ,0 8 2 , ,0 0 0
1 9 ,6 9 8 , 0 0 0
4 .5 1 7 , 0 0 0
1 ,3 0 8 , ,0 0 0
682, 0 0 0
1 71 , ,0 0 0
1 86 , 0 0 0
1 ,9 3 8 , 0 0 0
729, 0 0 0
688, 000
2 ,1 4 9 , 0 0 0
1 65 , 0 0 0
7 1 3 , ,0 0 0
1 ,5 4 5 , ,0 0 0
1 ,4 9 5 ,0 0 0
2 , 2 3 5 ,3 0 0
224 000
2 9 ,5 0 0
7 , 0 8 5 ,0 0 0
5 1 7 , ,0 0 0
6 2 3 ,0 0 0
1 8 8 ,0 0 0
1 ,2 0 5 ,0 0 0

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

Cost of
Plant
Additions.

Bonds
Outstanding
December 3 1 .

1912
1913
1914
1915
1916




Outstanding
Outstanding
Dec. 3 1 1 9 1 6 . Dec. 3 1 1 9 1 5

$ 7 7 ,1 9 6 ,8 0 0

P . G . & E . C o . G e n e r a l R e f u n d i n g -----------------C . G . & K . C o r p . U n ify in g a n d R e f u n d in g - - C . G . & E . C o r p . G o n . M t g e . & C o ll. T r u s t .
B a y C o . ’s P o w e r C o . 1st C o n s . M o r t g a g e —
B a y C o . ’ s P o w e r C o . 2 n d M o r t g a g e ---------------N e v a d a C o . E l e c t r i c P o w e r C o -----------------------Y u b a E l e c t r i c P o w e r C o ------------------------------------V a ilo y C o u n t ie s P o w e r C o . 1st M o r t g a g e
C a l . C e n t r a l G a s & E l e c t r i c C o -----------------------O a k l a n d G a s , L i g h t & H e a t C o -----------------------S a c r a m e n t o E l e c t r i c G a s & R y . C o -----------------C e n t r a l E l e c t r i c R y . C o ------------------------------------B l u o L a k e s W a t e r C o ___________________________
U n i t e d G a s & E l e c t r i c C o ----------------------------------S o u t h Y u b a W a t e r C o . C o n s . M o r t g a g e ----------S t a n d a r d E l e c t r i c C o . o f C a l i f o r n i a .............. ..
S u b u r b a n L i g h t & P o w e r C o ........... - ....................
L i v e r m o r e A v a t e r & P o w e r C o -------------------------S a n F r a n c i s c o G a s & E l e c t r i c C o ---------------------P a c i f i c G a s I m p r o v e m e n t C o ----------------------------E d i s o n L i g h t & P o w e r C o ----------------------------------M u t u a l E l e c t r i c L i g h t C o . . ---------------------- -------M e t r o p o l i t a n G a s C o r p o r a t i o n --------------------------

F IR S T

2649

L IA B IL IT IE S .

N e t w ork in g assets a t D e c . 31 1916, c o m p u te d on the
basis o f tho excess o f curren t assets ov er curren t lia bilities,
w ore $7 ,0 8 7 ,0 3 9 , against w h ich there w as a con tin g e n t
lia b ility o f $1 ,565 ,9 31 representing reven ues in v o lv e d in
ionding rate litig a tion , as against a sim ilar con tin g e n t
ia b ility a t tho close o f th e p recedin g year o f $ 1 ,2 1 4 ,3 8 3 .
T h e decrease in cash is a ccou n ted fo r b y expenditu res fo r
con stru ction an d in vestm en t in the p u b lic u tility properties
o f tho O ro E lectric C orp o ra tio n , fo r w h ich the treasury at
tho close o f the yea r had n o t y e t been reim bursed th rough
the sale o f securities. D etails o f curren t assets an d curren t
liabilities and changes in the various item s are sh ow n in the
follow in g ta bu la tion :

f

CURRENT

ASSETS.

Dec 31
Dec. 31
+ Increase
— Decrease
1915
Items—
1916
+ $ 2 0 0 ,8 1 0
M a t o r ia l s a n d S u p p l i e s . ................................. $ 1 ,6 2 0 ,2 5 2 $ 1 , 4 1 9 , 4 4 2
B i l l s a n d A c c o u n t s R e c e i v a b l e (L e s s
2 ,0 2 9 ,2 8 1
+ 1 5 6 ,9 2 8
R c s o r v o f o r U n c o ll e c t ib l e A c c o u n t s ) 2 , 1 8 6 ,2 0 9
D u o o n F ir s t P re fe rre d S t o c k S u b ­
1 1 2 ,5 2 2
— 5 1 ,5 9 6
s c r i p t i o n _________________________________
6 0 ,9 2 6
U n d e r ly in g B o n d s b o u g h t in a d v a n c e
5 4 1 ,0 0 0
— 1 6 0 ,5 0 0
f o r S in k in g F u n d s .........................................
8 0 ,5 0 0
A d v a n c e s a n d S e c u r it ie s o f O r o E l e c ­
+ 1 ,7 9 8 ,9 7 1
t r ic C o r p o r a t i o n _______________________ 1 .7 9 S .9 7 1
G e n e r a l & R e f u n d in g 5 % B o n d s is s u e d
1 ,0 0 0 ,0 0 0
a g a in s t C o n s t r u c t i o n __________________ 1 ,0 0 0 ,0 0 0
4 ,2 5 4 ,3 0 3
— 1 ,7 7 2 ,9 0 9
C a s h .......................
2 ,4 8 1 .3 9 4
+ 1 ,4 2 3 ,9 0 3
4 4 6 ,9 8 3
A d v a n c e s t o C o n s t r u c t i o n A c c o u n t ___ 1 , 8 7 0 ,8 8 6
T o t a l A s s e t s ........................................... . . . $ 1 1 , 0 9 9 , 1 3 8 $ 9 ,8 0 3 ,5 3 1
CURRENT

+ $ 1 ,2 9 5 ,6 0 7

L IA B IL IT IE S

- Dec 3 1
Items—
1916
A c c o u n t s P a y a b l e ________________________ S 1 .0 S 4 .9 1 4
D r a f t s O u t s t a n d i n g . . ..................................
3 1 2 ,8 8 2
M e t e r a n d L i n o D e p o s i t s ________________
3 5 6 ,9 7 0
U n p a id C o u p o n s a n d D i v i d e n d s _______
0 1 ,4 0 9
I n t e r e s t A c c r u e d b u t n o t d u e __________ 1 .2 8 8 ,1 1 1
T a x e s A c c r u e d b u t n o t d u e _____________
4 8 0 ,5 3 8
D iv i d e n d s D e c l a r e d a n d U n p a i d --------4 2 t ,2 t 5

Dec 3 1
1915.
S 9 2 0 .4 8 2
2 9 5 ,1 2 0
5 0 1 ,3 9 2
6 6 ,1 8 4
1 ,2 5 1 ,3 2 9
4 3 2 ,2 5 9
----------------

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

T o t a l L i a b i l it i e s ...........................................$ 4 ,0 1 2 ,0 9 9
N e t W o r k i n g A s s e t s _____________________ $ 7 ,0 8 7 ,0 3 9

$ 3 ,4 6 6 ,7 6 6
$ 6 ,3 3 6 ,7 6 5

+ $ 5 4 5 ,3 3 3
+ $ 7 5 0 ,2 7 4

M E A N S OF FU TU R E

+ Increase.

F IN A N C IN G .

In th o eleven years o f its corp ora te existence this C o m ­
p a n y , d irectly an d th rough its bankers, has sold fo r cash

2650

THE CHRONICLE

securities o f the aggregate par value of $83,444,500. Of
the proceeds, aggregating $73,261,072, the m ajor portion
has been expended for the enlargement and im provem ent of
the C om pany’s facilities, and the remainder for the pay­
ment or refunding o f capital obligations.
These figres
are the best indication of the future capital needs o f the
C om pany, as its business will undoubtedly continue to ex­
pand in a ratio commensurate with the growth and develop­
ment o f the population and industries in the territory served
b y it. T hey also serve to emphasize the value of having a
broad and comprehensive financial plan, adequate for a
number of years, under which new capital m ay be obtained
in proper proportions, from the sale o f both stocks and
bonds w ithout the necessity for the creation and introduc­
tion to the investing public of new and progressively weaker
form s of security— always an uncertain and costly proce­
dure. T o meet its future needs for new capital the Com ­
pany will have available, when and as required, and when
and as authorized b y the Railroad Commission, the follow­
ing securities issuable only for extensions, additions, bet­
terments, im provem ents and the refunding of existing
obligations, as specified in the Public Utilities A ct of Cali­
fornia and in accordance with the restrictions imposed under
its General and Refunding M ortgage with respect to future
bond issues.
G e n e r a l a n d R e fu n d in g 5 % B o n d s —
Reserved for retirement or all underlying bonds
Issues.....................
--S 4 7 .2 U .8 0 0
Reserved for additions, betterments and Improve­
ments at 00% of cost___________________________ 70,988.200
In Treasury, available for general corporate pur­
poses___________________________________________
1,000,000
------------------$119,203,000
Outstanding in hands of public_______________________________
29,982,000
Canceled through operation of sinking funds_____________
815,000

Total authorized issue_____________________________

..$150,000,000

[VOL. l()d

First Preferred 6 % Stock—
R e s e r v e d f o r e x c h a n g e f o r o r ig in a l p r e f e r r e d s t o c k .
$ 3 1 0 ,3 7 0
R e s e r v e d fo r a d d it io n s , b e t t e r m e n ts , im p r o v e ­
m e n t s , e t c _________________________ _____________________ 2 6 ,0 4 0 ,5 0 0
--------------------- $ 2 6 ,3 5 0 ,8 7 0
2 3 ,6 4 9 ,1 3 0
O u t s t a n d in g i n h a n d s o f p u b l i c ............ .............
T o t a l a u t h o r i z e d i s s u e .............................................................................. ..
$ 5 0 ,0 0 0 ,0 0 0
Common Stock ( I n c l u d i n g s t o c k o w n e d b y s u b s i d i a r y c o m ­
p a n ie s ) —
A v a i l a b l e f o r f u t u r o c o r p o r a t e p u r p o s e s ___________
$ 6 5 ,9 6 4 ,1 4 2
O u t s t a n d in g in h a n d s o f p u b l i c _____________________________________
3 4 ,0 3 5 ,8 5 8
T o t a l a u t h o r i z e d I s s u e ...................... ..............................................................$ 1 0 0 ,0 0 0 ,0 0 0

S IN K IN G F U N D S .
A ssets o f sinking fu n d s, represented b y alive an d can celed
b o n d s an d u n in v ested cash a t D e c . 31 1916, com p a red w ith
assets h eld a t th e sam e da te o f the preced in g y e a r, w ere as
follow s:
Bonds,
Par Value.

Cash and
Accrued Interest.

D e c e m b e r 3 1 1 9 1 6 . ...................$ 9 , 6 3 3 , 1 9 0 0 0
D e c e m b e r 3 1 1 9 1 5 . . ............... 8 , 8 6 0 . 6 9 0 0 0
I n c r e a s e _______ _______

$ 7 7 2 ,5 0 0

00

Total.

$ 9 5 ,9 9 4 7 5
6 6 ,0 4 3 5 4

$ 9 ,7 2 9 , 1 8 4 7 5
8 ,9 2 6 ,7 3 3 54

$ 2 9 ,9 5 1 21

$ 8 0 2 ,4 5 1

21

T h e follow in g ta b les present th e fa cts in d ica ted w ith re­
sp ect to th e sinking fu nds o f this C o m p a n y from the in cep ­
tion o f th e earliest in 1901 d ow n to D e c . 31 1916, a t w h ich
la tter da te n o m a tu red sinking fu n d ob lig a tion rem ained
unsatisfied:

First.— S t a t e m e n t s h o w in g w it h r e s p e c t t o t h e $ 9 ,6 3 3 , 1 9 0 p a r v a l u e o f
b o n d s h e l d in s i n k in g f u n d s , t h e d e s c r ip t i o n o f t h e b o n d s r e t ir e d , a m o u n t
o f e a c h is su e r e t ir e d , t h e c a s h c o s t , a g g r e g a t i n g $ 9 , 3 5 5 , 9 0 5 0 5 , a n d t h e
a n n u a l i n t e r e s t s a v i n g t o t h e c o m p a n y b y r e a s o n o f t h e s e b o n d r e t ir e m e n t s ,
a m o u n t i n g t o $ 4 6 5 ,2 8 4 5 0 .
Second.— S t a t e m e n t s h o w in g d e r i v a t io n o f f u n d s f o r t h e r e t ir e m e n t o f
t h e $ 9 , 6 3 3 , 1 9 0 o f b o n d s n o w h e l d in s i n k in g f u n d s , e x p r e s s e d in p a r v a l u e
o f t h e b o n d s , a s f o ll o w s :
F r o m b o n d s a le s o r e x c h a n g e s ________________________ _____________
$ 4 9 3 ,0 0 0 0 0
F r o m p r o c e e d s o f c o m m o n s t o c k s a l e s ___________________________ 1 , 0 4 1 , 2 0 0 0 0
F r o m s u r p lu s p r o f i t s __________ ______________________________________ 8 , 0 9 8 , 9 9 0 0 0
T o t a l . . ..................................................................................................................... $ 9 , 6 3 3 , 1 9 0 0 0

SIN K IN G F UND ASSETS D E C E M B E R 31 1916, SEG R EG ATED ACC O R D IN G TO SECURITIES IIELD .
Par Value
of
Bonds Held.

DESCRIPTION OF BONDS I N SIN K IN G FU N D S.
P a c ific G a s & E le c tr ic C o . G e n e ra l & R e fu n d in g -----------------------------------------------------------------5 %
P a c ific G a s & E le c tr ic C o . D e b e n tu r e s ( 1 9 0 5 ) ---------------------------------------------------------------------6 %
P a c ific G as & E le c tr ic C o . G e n . M t g . & C o l. T r ______________________________ ______ — 5 %
C a lifo r n ia G a s & E le c tr ic C o r p . U . & R _____________ ____________________________________5 %
C a lifo r n ia G a s & E le c . C o r p . G e n . M t g e . & C o l. T r -------------------- --------------- ------------------- 5 %
B a y C o u n tie s P o w e r C o . 1st M o r t g a g e _____________________________________________________ 5 %
B a y C o u n tie s P o w e r C o . 2 n d M o r tg a g e
---------------------------------------------------------------------------6 %
C a lifo r n ia C e n tra l G a s & E le c tr ic C o _________________________ __________ __________________ 5 %
S a c ra m e n to E le c t r ic , G a s & R y . C o . . _______ ________________________________________ - — 5 %
S to c k to n W a te r C o ___________________________________________________________________________ 6 %
U n ite d G a s & E le c tr ic C o ____________________ _______________________________________________5 %
San F ra n c is co G a s & E le c tr ic C o _________________________________________________________4 K %
P a c ific G a s Im p r o v e m e n t C o _______________________________________________________________ 4 %
M u tu a l E le c tr ic L ig h t C o ____________________________________________________________________ 5 %
B lu e L a k es W a te r C o ________________________________________________________________________ 6 %
S o u th Y u b a W a te r C o ............. ........................................................................................................ ........... 0 %
M e t r o p o lita n G a s C o r p o r a t io n _____________ _______ __________ ______________________________5 %
S u b u rb a n L ig h t & P o w e r C o ________________________________________________________________ 6 %
F re sn o G a s & E le c tr ic C o ___________________________________________________________________ 6 %
O a k la n d G a s L ig h t & H e a t C o ______________________________________________________________ 5 %
S ta n d a rd E le c tr ic C o . o f C a lifo r n ia _____________________________ _______________ _______ — 5 %

$ 8 1 5 ,0 0 0
4 0 0 .0 0 0
1 ,6 9 7 ,4 9 0
7 1 4 .0 0 0
9 9 1 .0 0 0
5 8 5 .0 0 0
6 8 ,0 0 0
5 6 2 .0 0 0
2 7 1 .0 0 0
2 1 1 .0 0 0
1 12 ,00 0
4 5 5 ,0 0 0 .
1 ,2 3 3 ,0 0 0
4 2 0 .0 0 0
7 6 ,6 0 0
6 7 .0 0 0
1 2.0 00
6 ,0 0 0
163 .00 0
2 7 ,5 0 0
4 6 ,0 0 0
4 4 0 .0 0 0
2 6 1 ,7 0 0

Cash Cost
of
Bonds Held.
$ 7 8 0 ,9 9 8
4 0 0 .0 0 0
1,5 2 8,42 1
6 7 5 ,2 2 3
9 3 1 ,2 1 2
594,281
7 1 ,0 2 0
5 6 6 ,5 4 0
2 7 8 ,4 4 2
2 1 3 ,7 9 9
1 17 ,60 5
4 5 3 ,2 2 8
1 ,2 6 6 ,3 2 2
3 9 1 ,1 3 9
7 7 ,4 37
6 4 ,7 1 5
1 1.4 27
5 ,0 6 2
153,341
2 7 ,5 0 0
5 3,2 33
4 4 0 .0 0 0
2 5 4 ,9 5 2

Annual Int. Savina
to Company by
Reason of
Bond Retirements.

30
00
85
05
61
40
00
00
50
75
55
74
75
00
50
00
50
50
25
00
30
00
50

$ 4 0 ,7 5 0
2 4 .0 0 0
8 4 ,8 7 4
3 5 ,7 0 0
4 9 .5 5 0
2 9 ,2 5 0
4 ,0 8 0
2 8 ,1 0 0
13.5 50
1 0.5 50
6 ,7 2 0
2 2 ,7 5 0
5 5 ,4 8 5
1 6,8 00
4 ,5 9 0
3 ,3 5 0
7 20
3 00
8 ,1 5 0
1,650
2 ,7 6 0
2 2 .0 0 0
1 3 ,0 85

00
00
50
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00

$ 9 ,6 3 3 ,1 9 0

$ 9 ,3 5 5 ,9 0 5 05

$ 4 7 8 ,7 6 4 50
13,4 80 00

$ 9 ,6 3 3 ,1 9 0

$ 9 ,3 5 5 ,9 0 5 05

$ 4 6 5 ,2 8 4 60

Less A n n u a l In te re s t o n B o n d s issu ed in liou o f B o n d s r e tir e d _____________________________
T o t a l _________________ _______ _____ ______ ____________ __________________ _______________ _____

BONDS R E T IR E D IN SIN K IN G FUNDS TO D E C . 31 1916, A N D
M E A N S B Y W H IC H R E T IR E M E N T S W E R E EF FEC TED .
M e a n s b y W h ic h R e tir e m e n ts W e r e E ffe c te d .
(.E x p res se d i n P a r V a lu e B o n d s ) .
Y ear.

P a r V a lu e
B o n d s R e tir e d .

1901
1902
1903 . .
1904 .
1905 ____
1906 .
1907
1908 ..................
1909 ____
1 9 1 0 ___
1911 . .
1912 . .
1 9 1 3 ____
1 9 1 4 ___
J 9 1 5 ____
1916 .

E x c h a n g ed f o r
O th er B o n d s .

$20,000
45.000
43.000
202,000
164.000
736.000
440.000
756,245
977,160
825.000
875,085
1,015,200
514.000
378.500
1,869.500
772.500

C o m m o n S lock
M oney.

S u r p lu s
P r o fi t s .

$20,000
20.000
20,000
21,000

$25,000
23.000
181,000
164.000
716.000
440.000
735,245
806,160
736.000
764,085
17.000
471.000
378.500
1,869,500
772.500

20,000
21,000
171.000
89,000
111.000

$998,200
43,000

$1,041,200 1 $8,098,990
Total_______
$9,633,190
$493,000
N o t e . —Bonds retired in Sinking Funds are not included in Funded Debt
shown on Balance Sheet on a previous page. All underlying bond issues
are closed to future sales or exchanges for sinking fund purposes.

P H Y S IC A L A N D O P E R A T IN G S T A T IS T IC S .
ELECTR IC G E N E R A T IN G STATISTICS

ELECTR IC D IST R IBU T IO N STATISTICS.

P ea k
S ystem
L oa d D e m a n d
F a c to r
on
fo r
S ystem
ju t
in
I n s ta lla tio n
I n s ta lla tio n Y e a r .
I n s ta lla tio n
II. P.
in l l .P . N o .
i n I I . P . (P e r C l .)
N o.
in I I .P . N o .
H yd roE le c tr ic
P la n ts .

Y ea r—
1911____ ______ 11
1912____ ............9
1913____ ............10
1914------ ............10
1915____ ______ 10
1916____ ............11

92.973
90.227
123.740
121.059
t22.400
155,027

S te a m E le c tr ic
P la n ts .

4
4
4
4
4
3

58,266
94,100
110,188
109.517
109,517
106,568

A ll
G en e ra tin g
P la n ts .

15
13
14
14
14
14

151,239
184,327
233.928
230,576
231.917
261,595

57.4
58.6
59.0
60.6
59.4
62.0

141,469
145.000
160,819
166.273
187,051
189,019

During the year the installed capacity o f electric plants
has been m aterially increased b y the addition of power
houses N os. 4 and 5, known as the N . W . Halsey and James
H . W ise plants respectively, located on the South Yuba
system . Theso plants have a com bined installed capacity
o f approximately 33,500 horse-power, or about the capacity




of the present D rum Power House installation, the water
from which operates the two new plants. In connection
with these new plants there has been built and placed in
operation a new 100,000 volt steel tower transmission line
identical in construction with the Drum-Cordelia-San
Francisco line already built and in operation. The now
line connects the Halsey and Wise plants with tho Drum
lino and also with the Electra Standard line east of Stockton.
This work is in accordance with tho general plan outlined
in the Annual R eport for the year 1913. Tho Com pany
now has in contem plation the construction of a fourth plant
on the samo system with an approximate initial capacity
of 35,000 h . p . Preliminary surveys for this installation
are now being carried ou t.
#
#
N otable among the other construction projects carried
out during tho year was the work of increasing tho height
o f Spaulding D am b y 35 feet, bringing it to a total height
of 260 feet, and increasing the impounding capacity of Lake
Spaulding b y 5 0 % to a present capacity of 61,100 acre feet.
This work represents a further step in the development
program of the South Yuba-Bear River System and the
additional water supply not only affords increased facilities
for power developm ent throughout the South Yuba-Bear
R iver System, but will increase tho average available output
during the short water season.

Y ear—

M ile s o f M ile s o f N u m b er N u m b er
M ile s o f
U n d er­
N u m b e r O ver­
of
1 of
H ig h
S treet | S treet
h ea d
grou n d
T en sio n
of
T r a n s ­ S u b -sta ­ D i s t r i ­ D i s t r i ­ L a m p s ’ L a m p s
A r cs . I In ca n ­
b u tio n
b u tio n
m is s io n ti o n s .
L in e s .
d esces.
L in e s .
L in e s .

105
.......... 1,319
1911
139
1,371
1912
..................... .....................
146
1913
......... 1,531
140
1914
....... .. 1,534
146
1 9 1 5 ................... 1,544
150
1916------------------- 1.620

2,233
2,815
3.484
3.685
3,836
4.030

65.8
67.0
74.9
81.4
82.7
88.6

6.119
6,052
6,721
6,545
6,001
5,171

10,191
12,122
21,321
27,460
33,978
35.070

T o ta l
C on n ec­
ted L o a d
on
S ystem
in I I .P .

308,041
369,676
425.783
478,598
525,541
599,343

Thero was an increase during the year o f 283 milos of
lines in the transmission and distribution systoms, the
aggregate mileage in operation at the close of the yoar being
5,739.

J une 30 1917.]

2651

THE CHRONICLE

W A T E R D E P A R T M E N T (P u m p in g S y s te m ).
The connected load in motors, appliances and lamps on
tho systom increased to 599,343 horse power, this load
Miles of
Number of
being 73,802 horse power of 14% greater than in the pre­ Year—
Distribution
Gallons of Water
Pumping
Mains.
Pumped.
Stations.
ceding year. The decrease in the number of arc lights used
for street lighting and the increase in the number of incan­ 1911___________________
55.79
3
1,201,358,695
62.77
3
descent lights used for this purpose represents the further 1912__________ _____ _
1,326,628,526
69.92
1,510,417,976
4
transition from one form of lighting to another, the amount 1913___________________
4
75.93
1,623.607,351
1 9 1 4 .................................
108.73
of gross revenue during tho year from street lighting having, 1915___________
4
1,650,419,301
115.09
1,803,259,546
4
as a matter of fact, increased by $27,947 35, as compared 1916--...............................
with the preceding year.
GENERAL.
.
Tho Company was called upon to supply with electrical
Reference has heretofore been made to litigation in the
energy San Francisco’s new “Path of Gold” lighting system
on Market Street, tho system setting a new standard of ex­ Federal Court respecting electric rates in San Francisco
cellence in street illumination and presenting an impres­ for the year ended June 30 1914, and gas rates for the years
sively artistic design of lighting unit. For the purpose of ended June 30 1914, 1915 and 1916. These suits are still
supplying this energy it was necessary to install over 60,000 pending, and will probably be brought to an issue daring
feet of underground cable and twelve 75 light arc trans- the coming year. Effective Aug. 5 1915 the Railroad Com­
mission of the State of California assumed jurisdiction over
S T E A M E L E C T R IC S T A T IO N S .
public utility rates in all municipalities which had not,
Fuel Oil Used
K . W . Hours
K . W. Hours
prior to that date, voluntarily subjected the regulation of
Generated
Barrels.
per Barrel.
Year—
the public utilities within their borders to the Commission.
108.157,064
As a consequence of this change in the law and upon the
186.66
579.433
1911 ____________
100,749.286
529,193
190.38
1912 ___________
initiative of the City of San Francisco, the determination
163.886.492
1913______________
202.40
809,700
of our gas and electric rates for tho period subsequent to
101,639,560
184.98
549.451
1914______________
1915 ____________
166.916.794
786,073
212.34
Aug. 5 1915 has been transferred to the Railroad Com­
163,130.488
218.69
745,954
1916____________
mission, since when hearings of the matter have been pro­
Largely due to the cessation of tho demand for electrical ceeding actively, without, however, any decision having
energy by the Panama-Pacific International Exposition as yet been rendered.
thero was a decrease of 3,786,306 kilowatt hours, or a little
The erection of a new eight-story Class “ A” steel and
over 2 % , in the amount of current generated by steam. concrete office building in San Francisco, adjoining the
The efficiency of steam plants, measured by the kilowatt present general office building and constituting an enlarge­
hours of energy per barrel of oil, showed a further increase ment thereof, was completed. A new office building was
during the year and marks the best performance so far at­ also completed in the City of San Rafael. A new lot was
tained.
purchased in the City of Oakland in anticipation of the need
G A S D E P A R T M E N T S T A T IS T IC S .
in the very near future for a larger office building, due to
the rapid growth of our business in that district. This lot
No. of Total Daily Ca­ Miles of No. of Gas No. Gas
is well located for our purposes, and was purchased at a
Year.
Cubic Feet
Street
Gas pacity of Gener­
Servi­
Gas
Sold.
Plants. ators, Cubic Ft. Mains.
ces Laid. Lamps
very reasonable price. The Company now occupies its
171.934 8,342 5.751.000. 000 own office buildings in San Francisco, Oakland, Berkeley,
191 1 ..
16
1,917.71
34.680.000
1912..
2,201.00 168,486 8,442 6.691.000. 000 Sacramento, San Rafael and Martinez.
17
43.130.000
1913
___________
2,374.18 „ 182,914 8.924 7.430.000. 000
17
43.130.000
Payments under the Workmen’s Compensation Act,
183,089 9,939 7.648.000. 000
2,516.25
1914
___________
43.130.000
17
190,354 10,102 8.326.000. 000 which became effective Jan. 1 1914 aggregated $85,385 69,
2.645.62
1915 _ .
54.220.000
16
196.818 10,128 8.174.000. 000
2.779.27
1916-.
54.400.000
16
including the cost of conducting tho department charged
Tho gas distribution system includes 2,779 miles of mains, with this branch of the Company’s affairs. This compares
an increaso of 134 miles during tho year, also there were at with $78,734 49 during the year 1913, immediately pre­
tho end of the year 196,818 services and 245,829 meters.
ceding the effective date of the act, and with $57,846 48
8 174,000,000 cubic foot of gas wore sold in 1916, com­ ten years ago. Considering the fact that during this period
pared with 8,326,000,000 in 1915 and 7,648,000,000 in the Company’s business has more than doubled, our antici­
1914, tho 1915 figure including 137,406,800 cubic feet sold pation, as expressed in a former report, that this just and
to the Panama-Pacific International Exposition. The past humane legislation would not prove burdensome has been
year’s sales show an increase of 11
over 1914.
fully justified. The efforts of tho management, directed
Many improvements have been made during the year. through its “ Safety First Committee,” to render employ­
To tho San Jose plant has been added a new oil gas genera­ ment in this Company’s service as safe as possible have been
tor of 2,000,000 cubic feet per day capacity, similar to re­ continued throughout the year and have undoubtedly con­
cent installations in Oakland and San Francisco and of the tributed in a substantial measure toward keeping accidents
new improved process, the basic patents for which the and injuries at a minimum.
Company controls within the territory covered by its oper­
For a number of years it had been the policy of the Com­
ations.
pany to pension employees who became incapacitated
Tho Santa Rosa generating plant has beon extensively through injuries or by reason of the infirmities of age. De­
changed and placed in first-class condition. The 4-inch siring to standardize its practice in this^ respect, and to es­
welded line through which the plant supplies gas to the tablish rules applicable without discrimination to all of its
city of Petaluma seventeen miles away has been completed, employees, your Board formally adopted a pension system
replacing a 2-incli line and greatly improving operating effective Feb. 1 1916. Pension allowances are based upon
conditions.
length of employment and wages received while in active
service, 1J^% of the average regular monthly pay received
S A C R A M E N T O S T R E E T R A IL W A Y S Y S T E M .
for the last ten years preceding retirement being allowed,
Miles of
Average
no pension, however, being permitted to fall below $15 per
Cars
Total
Street
Car
PassenGross
Car
month. At the close of the year 27 employees, drawing
Railway Owned. Passengers Mileage. Hours. gers per Revenue.
Year—
Carried.
Track.
Day.
pensions aggregating $14,568, were on this roll of honor.
62 11,464,696 2,279,998 293,107 31,410 533.520 By means of service buttons presented to employees in recog­
38.9
---------------1911
11,926.098 2.301,342 276,438 32,674 547,187 nition of long continued service, and through the co-opera­
62
40.0
1912
---------------60 12,508,744 2.469,745 301,930 34,270 572.913
42.0
1913
---------------60 12,256,142 2,481,968 303,263 33,578 556.908 tion and support extended to its Employees’ Association,
1914
---------------42.9
66 9,485,490 2,684,508 294,739 25,988 425,338 the Company has further sought to promote the spirit of
1915
---------------43.1
66 10.044,428 2.919,041 1299,873 27,444 442,303 good-fellowship and loyalty among the men and women
1916
___________
43.9
Operations on the Sacramento Street Railway systom for who are so effectively devoting themselves to its interest.
The total paid in wages during the year was $5,912,­
tho year show a distinct improvement over tho previous
#
year’s business when the competition of “ jitnoy buses” 898 53.
Acknowledgment is due the officers and employees of
was seriously .affecting revenues. Both tho number of
passongors carried and the revenue show approximately tho Company for their loyal and efficient services.
For the Board of Directors,
1 0 y 2 % increase in 1916 over 1914, as against more than
FRANK G. DRUM,
22% decreaso in 1915 ovor 1914. This indicates a waning
P r e sid e n t.
activity on the part of “ jitneys” in Sacramento.

CHICAGO T E R R E HAUTE & SOUTHEASTERN

R A IL W A Y COMPANY

SUPPLEMENT TO FIFTH ANNUAL REPORT— FOR THE YEAR ENDED DECEMBER 31 1916.
C h ica g o , I I I ., J u n e
T o th e

1 1917.

S to c k h o ld e r s:

By resolution of the Board of Directors, tho by-laws of
this company have been amended, changing the fiscal year
of tho company from a year ending June 30th to a year end­
ing Decomber 31st to correspond with the year adopted by
tho Intor-Stato Commerco Commission, which by an order
datod Novombor 24th 1916, now requires all common car­
riers to make their annual reports to that body for calendar
- years.




This Supplemental Report is made for the year ended
December 31st 1916, and is therefore inclusive of the first
six months of the calendar year 1916, which was also in­
cluded in the Fifth Annual Report of tho company for the
year ended June 30th 1916.
An Income Account statement for tho last six months of
tho calendar year 1916 is shown separately as a part of this
report.
j
M . J. CARPENTER,
P r e s i d e n t , jj

G E N E R A L B A L A N C E S H E E T , C O N D E N S E D , D E C E M B E R 3 1 191G .

ASSET SIDE.

TnrpRfm ts
rr)
R o a d t o J u n o 3 0 1 9 1 4 .......................
$ 1 9 ,6 9 2 ,7 5 2 2 9
E q u i p m e n t t o J u n o 3 0 1 9 1 4 ______________________
5 ,1 4 8 ,2 8 5 24
R o a d a n d E q u i p m o n t s in c e J u n o 3 0 1 9 1 4 ------C r . 1 ,1 5 9 6 2
T o t a l ____________
$ 2 4 ,8 3 9 ,8 7 7 91
D e p o s i t s iu L i o u o f M o r t g a g e d P r o p e r t y S o l d .
1 6 ,1 7 7 18
4 2 ,5 3 2 6 7
M is c e l la n e o u s P h y s ic a l P r o p e r t y _______________
M i s c e l la n e o u s S e c u r it ie s _________________________
1 3 7 ,0 0 9 0 0
---------------------------- $ 2 5 ,0 3 5 ,5 9 6
Current Assets—
C a s h ______________
$ 5 9 1 ,9 6 5 0 6
S p e c ia l D e p o s i t s ___________________________________
2 9 ,1 2 2 9 4
T r a f f i c a n d C a r S e r v ic e B a la n c e s R e c e i v a b l e .
8 9 ,1 0 9 49
N e t B a la n c e R e c e i v a b l e f r o m A g e n t s a n d
C o n d u c t o r s ______________________________________
4 7 , 9 8 7 51
6 4 ,1 7 2 6 8
M is c e l la n e o u s A c c o u n t s R e c e i v a b l e ____________
M a t e r i a l a n d S u p p li e s ____________________________
2 2 4 ,7 4 7 4 2
O t h e r C u r r e n t A s s e t s _____________________________
1 ,8 7 6 4 3
---------------------------- $ 1 ,0 4 8 ,9 8 1
Deferred Assets— •
W o r k i n g F u n d A d v a n c e s _________________________
$982
Unadjusted Debits—
_
D i s c o u n t o n F u n d e d D e b t ________________________
$ 8 9 ,6 5 6 21
O t h e r U n a d ju s t e d D o b i t s _______________________
5 3 ,0 5 6 3 2
---------------------------$ 1 4 2 ,7 1 2

76

I N C O M E A C C O U N T Y E A R E N D E D D E C E M B E R 31 1 9 1 6 ,
C O M P A R E D W IT H P R E V IO U S Y E A R .
Increase ( + ) , or
Operating Revenues—
1916.
1915.
Decrease (— ) .
F r e i g h t . . . ......................... .....................$ 2 , 5 4 2 ,9 8 9 5 8 $ 2 , 0 2 4 , 0 6 3 7 3 + $ 5 1 8 , 9 2 5 8 5
+ 1 4 ,1 2 4 81
1 9 7 ,3 6 9 7 8
1 8 3 ,2 4 4 9 7
P a ssen g er.
— 305 42
1 ,9 0 8 7 7
1 ,6 0 3 3 5
E x c o s s B a g g a g o __________________
+ 972 68
1 2 ,6 6 4 21
1 1 ,6 9 1 5 3
M a i l ...........................................................
+ 7 7 8 32
E x p r e s s _____________________________
1 2 ,8 5 9 8 4
1 2 ,0 8 1 5 2
+ 8 ,2 8 3 59
2 5 ,8 0 6 4 9
1 7 ,5 2 2 9 0
S w it c h i n g __________________________
+ 4 , 2 4 5 14
H o t e l a n d R e s t a u r a n t ___________
1 3 ,0 3 5 9 9
8 ,7 9 0 85
2 ,8 2 4 0 0
+ 2 ,1 7 5 50
D e m u r r a g e _________________________
4 ,9 9 9 50
+ 68 2 63
2 ,4 3 1 7 6
1 ,7 4 9 13
A l l o t h e r R o v e n u o A c c o u n t s ___
T o t a l _____________ ____________ $ 2 , 8 1 3 , 7 6 0 5 0 $ 2 , 2 6 3 , 8 7 7 4 0 + $ 5 4 9 , 8 8 3 10

Operating Expenses—

53
57

53

T o t a l ___________
$ 2 6 ,2 2 8 ,2 7 3 3 9
I n c o m e B o n d I n t e r o s t D e f e r r e d — C o n t r a __________________________ $ 1 ,1 3 5 ,2 1 7 9 2
G ra n d

M a in te n a n c e o f W a y a n d S tru c­
t u r e s _____________________________
M a i n t e n a n c e o f E q u i p m e n t _____
T r a f f i c ____________________
T r a n s p o r t a t i o n — R a il L i n e _____
M is c e l la n e o u s O p e r a t io n s ______
G e n e r a l _____________________________
T ra n sp o rta tio n fo r In v e s tm e n t
— C r ......................................................

T o t a l _____________________________________________________ $ 2 7 ,3 6 3 ,4 9 1 31

$ 4 , 3 0 0 ,0 0 0 0 0

00

O p e r a t in g I n c o m e _____________ .

00
00
00
$ 1 ,3 3 0 ,0 0 0 0 0

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

00
53
65
89
25
23
39
$ 5 6 7 ,6 7 6 9 4

$ 5 8 1 ,0 7 2 4 2

$ 3 9 8 ,6 5 7
1 ,0 9 1
12
798
1 4 ,4 6 4
4 ,6 2 4

$ 2 2 9 ,0 7 4
1 ,9 0 1
13
229
1 4 ,3 4 0
5 ,1 3 4

47
25
66
79
80
41

7 ,7 4 2 61
2 ,5 8 5 9 5
$ 4 2 9 ,9 7 7 9 4
$ 9 4 6 ,0 6 1 14

+ $ 5 9 2 ,9 3 5 89
— 4 3 ,0 5 2 7 9
+ 2 1 ,9 3 8 08
— 1 65
— $ 6 4 ,9 8 9 2 2

54 + $ 1 6 9 ,5 8 2
— 809
09
—
41
+ 568
98
+ 124
12
— 510
79

93
84
75
81
68
38

+ 4 ,5 0 8 82
+ 8 4 7 99

3 ,2 3 3 7 9
1 ,7 3 7 9 6

$ 2 5 5 ,6 6 5 6 8 + $ 1 7 4 , 3 1 2 2 6
$ 8 3 6 ,7 3 8 10 + $ 1 0 9 , 3 2 3 0 4
— $380
— 57
— 92
— 842
— 52
+396
+595
+ 2 ,9 9 0
— 134

00
61
00
61
00

17
95
48
91
00
33
30
33
01

C r .$ 1 7 9
20
71
2 6 ,0 7 3

17
66
52
70

$201
78
164
2 6 ,9 1 6
52

396
9 0 .1 9 5
5 ,7 3 6
635

33
22
18
47

8 9 ,5 9 9 92
2 ,7 4 5 8 5
769 48

3 0 1 ,3 6 0 0 0

3 0 1 ,3 6 0 0 0

1 2 ,5 0 0 0 0
2 1 2 ,2 0 0 0 0

1 2 ,5 0 0 0 0
2 1 2 ,2 0 0 0 0

3 2 ,2 5 0 0 0
7 9 ,2 0 1 2 5

3 6 ,7 5 0 0 0

— 4 ,5 0 0 0 0
+ 7 9 ,2 0 1 25

T o t a l . . ................. ....................
$ 7 6 0 ,4 6 1 16
$ 6 8 3 ,3 3 7 4 7
I n c o m o B a l a n c e __________________ $ 1 8 5 ,5 9 9 9 8
$ 1 5 3 ,4 0 0 6 3
S e o B a la n c e S h e e t f o r in t e r e s t a c c r u a ls o n I n c o m o B o n d s .

+ .$ 7 7 ,1 2 3 6 9
+ $ 3 2 ,1 9 9 35

R e n t f o r L o c o m o t i v e s ____________
R e n t fo r P a sse n g e r T r a in C a r s .
R e n t f o r W o r k E q u i p m e n t _____
J o i n t F a c i l it y R e n t s _____________
M is c e l la n e o u s R e n t s _____________
M is c e l la n e o u s T a x A c c r u a l s ___
I n t e r e s t o n U n fu n d e d D e b t _____
A m o r t i z a t i o n o f D i s c o u n t ______
M is c e l la n e o u s I n c o m e C h a r g e s .
In te re st o n F u n d e d D o b t —
Sou.
I n d . F ir s t M o r t g a g o
B o n d s _________________________
B e d . B e l t F ir s t M o r t g a g o
B o n d s ..............................................
F ir s t & R e f . M o r t g a g e B o n d s
F iv e
p e r c e n t E q u ip m e n t
G o l d B o n d s __________________
I n c o m o M o r t g a g o B o n d s -------

* F o r p a r t ic u la r s a s t o e x t e n t o f lie n o n v a r i o u s p r o p e r t ie s ro r e r t o t r u s t
d e e d s s e c u r in g t h e s a m e .

FUNDED

$ 5 6 9 ,2 8 6 8 7

DEBT.

F ob.

1 195 1

$ 7 ,5 3 7 ,0 0 0

$ 7 ,5 3 7 ,0 0 0

J u ly

1 1938

3 5 0 ,0 0 0

D ec.

D e c . 1 1960

2 0 ,0 0 0 , 0 0 0

6 .3 3 4 .0 0 0

6 ,5 0 0 , 0 0 0

6 .5 0 0 .0 0 0

Total Par Value
Held by Company.

1

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

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

Total Par Value Not
IleUl by Company.

Pledged as In Hands In Hands
In
Treasury . Collateral. of Trustee of Public.

Interest.
Rale.

When Payable.

$ 7 ,5 3 4 ,0 0 0

4%

F o b . 1 s t & A u g . 1 st

2 5 0 ,0 0 0

5%

Jan.

1 1 1 ,0 0 0 $ 1 ,9 7 9 ,0 0 0

4 ,2 4 4 ,0 0 0

5%

J u n o 1st & D e c . 1st

1 6 3 ,9 4 5

6 ,3 3 6 , 0 5 5

5%

M a r . 1st & S e p t . 1st

$ 3 ,0 0 0

3 5 0 ,0 0 0

___________

$ 7 ,0 9 4 0 6

B a la n c e D e c e m b e r 3 1 1 9 1 6 _________________________________________________ $ 5 6 2 ,1 9 2 81

Total
Total
Par Value Par Value
Authorized Outstanding

D e c. 1 1960

■
1 2 7 -5 '14 4 0

•
M is c e l la n e o u s D o b i t s _______________________________________________

1 1 90 1

1 1910

1916.

Deduct—

J u n o 3 0 1898
1 1910

31

---------------------

T o t a l ____________________________________________________ $ 2 7 ,3 6 3 ,4 9 1 31

Date of
Maturity.

DECEM BER

B a la n c o f o r s ix m o n t h s e n d e d D e c e m b e r 3 1
1 9 1 6 , f r o m I n c o m o A c c o u n t ________________ $ 1 2 6 ,5 2 0 7 0
M is c e l la n e o u s C r e d i t s __________________________
1 ,0 2 3 7 0

T o t a l ...................................... ............... ............................... - ..........................$ 2 6 ,2 2 8 ,2 7 3 3 9
I n c o m e B o n d In te re s t n o t D e cla r e d —
„
__
C o n t r a ______________________________________________________________
1 ,1 3 5 ,2 1 7 9 2

Date of
Issue.

LOSS

Add.—

$ 5 6 2 ,1 9 2 81

Term.

AND

B a la n c e J u n o 3 0 1 9 1 6 _____________________________________________________$ 4 4 1 ,7 4 2 4 7
$ 5 0 4 ,1 3 1 0 0

----------

— 1 ,8 3 6 14
99
41
31
68

$ 5 1 6 ,0 8 3 2 0

’
.

P R O F IT

$ 1 4 2 ,6 9 1 0 0
2 8 6 ,8 3 6 81
7 4 ,6 0 3 1 9

Corporate Surplus—
P r o f i t a n d L o s s — -C r e d it B a l a n c e .

T o t a l ----------—

06
44
79
85
55
66

$217 64

O t h e r D o fe r r e d L i a b i l it i e s _____________
Unadjusted Credits—
T a x L i a b i l i t y . . ______ ___________________
A c c r u e d D e p r e cia tio n — E q u ip m e n t.
O t h e r U n a d j u s t e d C r e d i t s _____________

D oc.

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

80
76
61
35
11
46

Deductions From Gross Income—
00

Deferred Liabilities—

Fob.

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

C r . 1 ,8 3 6 14

T o t a l .............................. ..................
G r o s s I n c o m o _____________________

00

$ 1 8 ,9 6 4 ,0 5 5 0 0
L o a n s s e cu re d b y B o n d s P le d g e d a s a b o v o .
Current Liabilities—
L o a n s a n d B ills P a y a b l e ______________________
T r a f f i c a n d C a r S e r v ic e B a la n c e s P a y a b l o .
A u d i t e d A c c o u n t s a n d W a g e s P a y a b l o ------M is c e l la n e o u s A c c o u n t s P a y a b l o ____________
I n t e r o s t M a t u r e d U n p a i d _____________________
U n m a t u r e d I n t e r e s t A c c r u e d ________________
O t h e r C u r r e n t L i a b i l it i e s ______________________

H ir e o f F r e i g h t C a r s —
C r e d i t B a l a n c e ______ ________ .
R e n t f r o m L o c o m o t i v e s ________ .
3
.
.
M is c e l la n e o u s R e n t I n c o m o . . . .
it le s a n d A c c o u n t s .
M i s c e l l a n e o u s _______

Secured Loans—

S ou th ern
In d ia n a
F ir s t
M o r t g a g e G o ld B o n d s . .
B o d fo r d B e lt F ir t M o r t ­
g a g o G o ld B o n d s . . . . .
C . T . H . & S. E. R v.
F ir s t a n d R e fu n d in g 5 0 y o a r G o ld B o n d s . . . . . . .
I n c o m o M o r tg a g o 5 0 -y o a r
G o l d B o n d s _______________
(In te r e s t p a id if e a rn e d )

86
20
30
20
66
80

Non-Operating Income—

Stock—
C a p it a l S t o c k , C o m m o n __________________________
* L o n g - T e r m Debt—
F i r s t a n d R e f u n d in g M o r t g a g o
5 0 - y e a r G o l d B o n d s _______________$ 6 , 3 3 4 ,0 0 0 0 0
L e s s h e ld b y C o m p a n y a n d
P l e d g e d f o r L o a n s _________________ 2 , 0 9 0 , 0 0 0 0 0
$ 4 ,2 4 4 ,0 0 0
I n c o m e M o r tg a g o 5 0 -y e a r G o ld
B o n d s ________________________________ $ 6 ,5 0 0 ,0 0 0 0 0
L e s s h e l d b y C o m p a n y ______________
1 6 3 ,9 4 5 0 0
$ 6 ,3 3 6 ,0 5 5
S o u th e rn In d ia n a F irs t M o r t ­
g a g o 4 p e r c e n t G o l d B o n d s . . $ 7 ,5 3 7 , 0 0 0 0 0
L e s s h e ld b y C o m p a n y ___________
3 ,0 0 0 0 0
$ 7 ,5 3 4 ,0 0 0
B e d f o r d B o l t F ir s t M o r t g a g e
5 p e r c o n t G o l d B o n d s ________ $ 3 5 0 ,0 0 0 0 0
L e s s R e f u n d e d — h e ld b y T r u s t e e
1 0 0 ,0 0 0 0 0
$ 2 5 0 ,0 0 0
5 p e r c e n t E q u ip m e n t G o l d B o n d s —
5 3 0 ,0 0 0
F r e i g h t C a r s ____________________________________
5 p e r c e n t Equipment G o l d B o n d s —
7 0 ,0 0 0
L o c o m o t i v e s ____________________________________

Designation of Bond
or Obligation.

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

T o t a l .....................
$ 2 , 1 4 8 , 3 1 9 8 8 $ 1 , 5 5 5 ,3 8 3
N e t R e v e n u e f r o m O p e r a t io n s .
$ 6 6 5 ,4 4 0 6 2
$ 7 0 8 ,4 9 3
R a i l w a y T a x A c c r u a l s __________
1 4 9 ,0 7 9 3 9
1 2 7 ,1 4 1
U n c o lle c t ib lo R a ilw a y R o v o n u o s
27803
279

L IA B IL IT Y SIDE.

G ra n d

[Vol. 104.

THE CHRONICLE

2653

$ 1 0 0 ,0 0 0

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

$ 1 0 0 ,0 0 0 $ 1 8 ,3 6 4 ,0 5 5

1st & J u ly

1st

--

S eo n o t e u n d e r G o n e ra l B a la n c o S h e e t.
E Q U IP M E N T T R U S T

O B L IG A T IO N S .

Principal
Designation.
F i v o P e r C e n t E q u ip m e n t G o l d
B on ds.
F r e ig h t C a r s . . ______
F i v o P e r C o n t E q u ip m e n t G o l d
B o n d s . L o c o m o t i v e s ____________

Date of Issue.

Term.

Number of
Payments.

A p r il 1 1913

10 y e a r s

20

J u ly

10 y e a r s

10

1 1 91 3

Equipment Covered.
9 0 0 a ll s t e e l s e l f c lo a r i n g h o p p e r c a r s o f 1 0 0 ,0 0 0
p o u n d s c a p a c i t y -------------------------------------------- -- —
5 A m e r ic a n su p e rh e a te r c o n s o lid a tio n fre ig h t lo c o ­
m o t i v e s a n d t w o B a ld w i n s w i t c h i n g l o c o ­
m o t i v e s , s u p e r h e a t e r t y p o _________________________

Original
Amount.

1 Amount
| Outst’ding
1

$ 8 1 0 ,0 0 0
$ 1 0 0 ,0 0 0 ,
$ 9 1 0 ,0 0 0 1

— S . W . S t r a u s & C o . , I n c . , o f N o w Y o r k a n d C h i c a g o , in a n a d v e r t is e ­
m e n t o n a n o t h e r p a g e r e q u e s t “ C h r o n ic l e ” r o a d e r s t o w r i t o f o r t h o ir J u ly
I n v e s t m e n t l is t .
T h e c ir c u l a r d e s c r ib e s in v e s t m e n t s w h ic h y i e l d Sl t o 6 %
A
in t e r e s t .
E a c h b o n d is s u o is s e c u r e d b y a h i g h - g r a d o b u i l d in g a n d la n d in
o n e o f t h o w e ll -k n o w n c it i e s o f t h o U . S .

T h i s d e s c r ip t i v e g u l d o f o r t h e

i n v e s t o r i n t e r e s t e d in t h o b a n k e r s ’ o f f e r i n g s w ill b o s u p p l i e d t o in q u ir e r s
a s k in g f o r “ N o . A - 1 0 1 . ”
■ R . M . G r a n t & C o . , 3 1 N a s s a u S t . , t h is c i t y , a n n o u n c e w it h r e g r o t
—
t h o w it h d r a w a l t o - d a y o f S o n e c a D . E l d r e d g o f r o m t h o f ir m .




$ 5 3 0 ,0 0 0
$ 7 0 ,0 0 0
$ 6 0 0 ,0 0 0

— I l o d e n p y l , H a r d y & C o . , I n c . , 14 W a l l S t . , a n n o u n c e t h o e l e c t i o n o f
H a r r y M . T i n g l e a s V i c e - P r e s id e n t a n d d i r e c t o r , s u c c e e d i n g A . I I . J o h n s o n ,
r e s ig n e d .
M r . T i n g l e w il l h a v o c h a r g e o f t h e s e c u r it i e s d e p a r t m e n t
P r e v i o u s t o h is a p p o i n t m e n t h o w a s f o r t h r e o a n d a h a l f y e a r s R o s i d e n t
M a n a g e r o f th o C h ic a g o o f f i c e o f I lo d e n p y l, H a r d y & C o . , a n d , p r io r t o
t h a t , w a s w it h t h e F ir s t & O ld D o t r o i t N a t i o n a l B a n k a n d t h e H a r r is T r u s t
& S a v in g s B a n k o f C h i c a g o .
— D u n c a n J . H a ll , u n t i l r e c o n t l y M a n a g e r o f t h o C h i c a g o o f f i c o o f
W i ll ia m R . S t a a t s & C o . , h a s b e c o m o a s s o c ia t e d w it h t h o i n v e s t m e n t
b a n k in g h o u s e o f A m o s , E m e r i c k & C o . , C h i c a g o .

2653

THE CHRONICLE

J u n e 30 1917.]

W. H. McELWAIN COMPANY
ANNUAL REPORT— FOR THE

354
To

th e

F IS C A L Y E A R

C o n g r e s s S tr e e t, B o s t o n , M a s s a c h u s e t t s .
J u n e 25 1917.

S to ck h o ld er s:

T h e B o a rd o f D irectors subm its the follow in g rep ort o f
th e business o f W . I I . M cE lw a in C o m p a n y fo r tlio fiscal
y e a r en din g M a y 31 1917, togeth er w ith a statem en t o f the
fin an cial co n d ition o f the C om p a n y a t th a t d a te.
IN C O M E A C C O U N T .
U n d i v i d e d S u r p lu s M a y 3 1 1 9 1 6 ............................- .......................... ..
Add —
N o t e a r n in g s f o r t h e y o a r a f t e r d e d u c t i n g d e p r e c i a t i o n _________

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

Deduct—
S p e c i a l a p p r o p r i a t i o n t o P l a n t A c c o u n t — ................$ 1 0 0 ,0 0 0 0 0
M a n a g e r s 'p r o f i t - s h a r i n g d i s t r i b u t i o n ....................
2 1 6 ,8 5 8 7 7
D iv i d e n d s :
F i r s t P r e f e r r e d S t o c k , 6 % ---------------- $ 2 8 2 ,7 5 0 0 0
S e c o n d P r e f e r r e d S t o c k , 9 % ------------ 1 8 0 ,0 0 0 0 0
C o m m o n S t o c k , 1 2 % ------------------------- 2 4 0 ,0 0 0 0 0

1 ,0 1 6 , 7 3 2 5 5
$ 1 ,7 1 9 ,6 8 5 65

B A L A N C E S H E E T M A Y 31 1917.
_ , , 4
.
ASSETS.
Q u ic k A s s e t s :
C a s h . . . ................................................................................. $ 2 2 0 ,2 9 6 3 5
R e c o i v a b l o s ___
.
________ 6 , 2 2 2 , 2 9 5 5 9
M e r c h a n d i s e ____ I . ' ______ I I ..................................... 8 , 5 2 6 ,5 2 1 9 0
-------- ------------------ $ 1 4 ,9 6 9 ,1 1 3 8 4
3 7 7 ,5 1 2 0 0
S e c u r i t i e s ................................. ............................ .................... - .............................
P l a n t A c c o u n t ____________________________________________________________
3 , 2 0 0 , 8 4 3 16
T o t a l .........................................................................................................................$ 1 8 ,5 4 7 ,4 6 9 0 0

LIA B IL IT IE S.
C u r r e n t L i a b i l it i e s :
D e b t s ................................................................................... - ................................$ 7 , 7 2 7 , 7 8 3 3 5
C a p it a l L ia b i l it i e s :
F i r s t P r e f e r r e d S t o c k _____________________________$ 4 ,6 0 0 , 0 0 0 0 0
S e c o n d P r e f e r r e d S t o c k --------------------------------------- 2 , 0 0 0 , 0 0 0 0 0
C o m m o n S t o c k ------------------------------------------------------ 2 , 5 0 0 , 0 0 0 0 0
— -------- ------------- $ 9 , 1 0 0 , 0 0 0 0 0
S u r p l u s .............................................. ..........................................................- .............
1 , 7 1 9 ,6 8 5 6 5
. T o t a l ............................- ....................... - --------------------- ------------------------------ $ 1 8 ,5 4 7 ,4 6 9 0 0
W O R K IN G C A P IT A L .

T h e n ot w ork in g ca p ita l, as show n in th e ba la n ce shoot,
am ou n ts to 87,241,330 49, an increase ov er th e previous
year o f 81,016,751 3 7 , or 2 8 % . T h is does n o t in clude
securities.
On a cco u n t o f general business con d ition s it has been
th ou gh t advisable to purchase in a d va n ce a la rg e q u a n tity
o f m aterials fo r th e filling o f orders in the a m ou n t o f a b o u t
81 2,0 0 0 ,0 0 0 , n ow on tho b o o k s fo r fa ll d eliv ery . T h is
insures b o th su p p ly an d p r o fit. F o r this reason the m er­
ch a ndise o n hand is larger than heretofore an d the deb ts
o f th o C o m p a n y show a correspon din g increaso.
T h o n ot q u ick assets o f the C o m p a n y , a fter d ed u ctin g
833,000 to co v e r divid en d s o n F irst an d Secon d Preferred
S to ck at six per cen t per annum a ccru ed fo r the m on th o f
M a y 1917, am ou n t to 87,208 ,3 30 49 . T h o n et q u ick assets
or share o f F irst Preferred S to ck ou tsta n d in g a m ou n ted
l a y 31 1917 to 8156 70 as com p a red w ith 8117 70 last yea r.
T h o n et tangible assots (in cluding securities) am ou n ted
M a y 31 1917 to $234 49 per share o f F irst P referred S tock
ou tsta n d in g as com p a red w ith $198 27 per share last y ea r.

S

PLANT.

D u rin g tho year tho C o m p a n y has cha rged to E xpen so the
a m o u n t o f $469,946 12 coverin g repairs, renew als an d a
lib era l allow an ce fo r d ep recia tion .
In a d d itio n , a special a p p rop ria tion for P la n t A cco u n t
in th o a m ou n t o f $100,000 00 has been m a de from net
earnings.
T h e re has also been charged to expense $146,910 00 for
L asts, D ies an d P atterns.
s e c u r it ie s

.

T h is item in the balanco shoot represents a t a con serv a tive
v a lu a tio n securities o f corp ora tion s d istribu ting th e C o m ­
p a n y ’s p ro d u ct, m anu factu ring the C o m p a n y ’ s supplies or
ow n in g factories leased b y th e C o m p a n y .
N E T E A R N IN G S .

T h e n et earnings o f the C o m p a n y ex ceed b y m ore than
1 0 0 % a n y oth er yoar in its h istory.
In arrivin g at net earnings in ven tories h a v e b een taken
o n a con serv a tive basis, all m erchandise being valu ed at
c o st o r loss, w ith a m aterial allow an ce for a n y possib le
d eclin e in m a rk ot. T h e replacem en t valu o exceeds b y ov er
$ 1 ,000 ,0 00 the in ven tory figures.
SALES.

Sales fo r the fiscal year covered b y this ro p o rt, in cluding
all dep a rtm en ts b u t w ith ou t d u p lica tion s, trade discounts
or retu rn s, aggregate $28,140,984 8 2 . T h is figure is tho
largest in th o h istory o f tho C o m p a n y an d has been lim ited




on ly b y the ca p a city o f ou r p la n ts, w h ich h a v e op era ted
a t m axim u m p ro d u ctio n .
R E T IR E M E N T O F F IR S T P R E F E R R E D S T O C K .

D u rin g th e y ea r th e C o m p a n y has pu rch ased an d retired
1,500 shares o f its F irst P referred S tock u nder th e p ro v isio n
o f its b y -la w s (A rticle I I , S ection 3 ) th a t requires th e ex­
pen diture in th o purchase o f su ch s to ck o f a t least ten per
cent o f th e n et earnings rem ainin g a fter th e p a ym e n t o f
d ividen ds o n F irst Preferred S to ck . Since th e close o f the
year it has ap peared th at the earnings o f the C o m p a n y are
such as to require an a d d ition a l pu rch ase. T h e Treasurer
has therefore secured 500 shares, an d th e D irecto rs w ill
recom m en d to th e annual m eetin g th a t th e y b e can celed
an d retired in a ccord a n ce w ith th e b y -la w s.
IN C R E A S E O F C O M M O N S T O C K .

1
J
,
$ 7 0 2 .7 5 0 0 0
L o s s d iv id e n d s r e c e iv e d a n d a d ­
ju s te d o n s t o c k b o u g h t fo r r e t ir e ­
' m e n t a n d p r o f i t s h a r i n g __________
2 ,8 7 6 22
--------------------- 6 9 9 ,8 7 3 7 8
U n d i v i d e d S u r p lu s M a y 3 1 1 9 1 7 ...............

E N D I N G M A Y 31 1917.

D u rin g th e year there h ave been issued fo r cash a t pa r
5,0 00 shares o f C o m m o n S tock o f an aggregate pa r valu e o f
$500,000.
_
T h is has m ade possib le a w id er d istribu tion o f C o m m o n
S tock than h eretofore an d has g iv en an o p p o rtu n ity to th ose
in charge o f im p orta n t d epa rtm en ts to acqu ire a m ore v ita l
interest an d p a rticip a tion in th e success o f the C o m p a n y .
STOCKH OLDERS.

T h e record holders o f F irst a n d S econ d P referred S to ck
n ow n um ber 2,1 23; the average o f their h oldin gs is 3 1 .08
shares.
EM PLO YEES.

T h e C o m p a n y n ow em p loys a b o u t 7,5 00 p erson s. D u rin g
th e yea r it has v olu n ta rily red u ced th e hours o f la b o r in its
N ew H am pshire factories fro m 55 to 52 per w eek . T h is
change has n o t resulted in red u ced o u tp u t.
D u rin g the y ea r, due to increased rates an d im p ro v e d
w orkin g con d ition s, the average annual w ages o f ou r em ­
ployees h ave been m a terially in creased, so th a t th e y are
n ow o v e r 33 1 -3 % higher th an in th e p eriod im m edia tely
prior to the w ar.
P R O F IT S H A R IN G .

In recog n ition o f the valu e o f the services rendered b y its
organization the C o m p a n y has in stitu ted a pla n w h ereb y
a pa rt o f its p r o fit is distribu ted am on g ex ecu tiv es, superin­
tendents an d forem en in p ro p o rtio n to their salaries. T h e
n u m ber so p a rticip a tin g in the earnings o f th e pa st y e a r is
187, and the a m ou n t distribu ted $216,858 77.
FORECAST.

In view o f th e con d ition s arising fro m th o w a r, it is d ifficu lt
to foreca st the y ea r u p on w h ich w e are en terin g. T h e fa cts ,
as th ey ap pear a t p resen t, lea d us to e x p ect a con tin u a tion
o f substantial earnings. W e ow n raw an d fin ish ed m aterials
a t prices th at w e b elieve ju s tify this p red iction . Our fa c to r y
ca p a city fo r the first six m on th s is assured a t a n orm al p ro fit.
A ll ou r w holesale houses h a v e b o o k e d a large v olu m e o f
business for the com in g season.
C O N C L U S IO N .

T h e b ook s an d a ccou n ts o f th e C o m p a n y are con tin u o u sly
au dited b y M essrs. H a rv ey S . C h ase & C o m p a n y , C ertified
P u b lic A ccou n ta n ts, an d th eir certifica te is presen ted here­
w ith .
T h o D irectors w ish to a ck n ow led ge the efficie n t c o ­
op eration o f m anagers an d em p loyees w h ich has m a de
possible the results th at are hero rep orted .
B y order o f th e B oa rd o f D ire cto rs.
J. F R A N K L IN M e E L W A IN ,
P r e sid e n t.

C E R T IF IC A T E OF C E R T IF IE D
ACCOU N TAN TS.

P U B L IC

B o sto n , M a s s a c h u se tts , J u n e
T h e B oa rd o f D irec to r s, W .
M a s s a c h u se tts .

II.

M c E lw a in

25 1917.

C o m p a n y , B o ston ,

W e h ave exam ined th e b o o k s an d a ccou n ts o f W . I I .
M cE lw a in C om p a n y fo r the fisca l year en ded M a y 31 1917.
T h e cash , n otes receivab le an d securities h a v e been v erified
b y a ctu al cou n t a n d in spection or b y certificates fro m th e
depositaries. T h e am ou n t a t w h ich the n otes a n d a cco u n ts
receiv a b le are in clu d ed in th e ba la n ce sheet in ou r o p in ion
represents their realizable v alu e. T h e aggregate va lu e at
w h ich th e securities are carried w e believe is con serv a tiv e .
W e lia vo satisfied ourselves th a t th e m erchandise has been
carofu lly an d con serv a tively in ven toried .
W e h ave considered ca refu lly th o charges to ca p ita l a c ­
cou n t m a de du ring th e year a n d b elieve th e valu e o f the
pla nt to be stated con serv a tiv ely in th e B a lan ce Sheet.
W e h ereby certify th at in ou r op in ion th e In com e A c co u n t,
B a lan co Sheet an d the oth er in form a tion con ta in ed in th e
foregoin g fin an cial report a ccu ra tely record tho co n d itio n
o f th e C o m p a n y ’ s affairs o n M a y 31 1917, an d th e result
o f its op eration s fo r the fisca l year en ded a t th a t d a te.
H A R V E Y S. C H A SE & C O M P A N Y .

C e r tifie d P u b l i c A c c o u n t a n t s .

2654

THE CHRONICLE

(Vol. 104.

INTERSTATE ELECTRIC CORPORATION
AN N U AL REPORT— FOR THE YE A R EN DED

•

O f fi c e o f I n t e r s t a t e E le c t r ic C o r p o r a t i o n
W a s h in g to n L ife B u ild in g
N ew

To

Y o r k C ity

th e S to ck h o ld er s o f I n t e r s t a t e E le c t r ic

C o r p o r a tio n :

Y o u r directors su bm it herw ith th e fou rth annual rep ort
con ta in in g th e ba la n ce sheet settin g forth the fin an cial con ­
d itio n o f y o u r C o m p a n y as o f D e cem b er 31 1916, togeth er
w ith con so lid a te d in com e statem en t o f the y e a r ended
D e ce m b e r 31 1916.
T h e fo re go in g h a v e b e e n certified to b y M essrs. A rth u r
Y o u n g & C o m p a n y , C ertified P u b lic A cco u n ta n ts, after
h a v in g m a de a d etailed exam ination o f the b o o k s o f the
In tersta te E le ctric C o rp o ra tion as w ell as th e b o o k s o f each
o f its su bsidiary op era tin g com p a n ies.
< T h e gross earnings fo r the yea r, ba sed on th e fu ll y e a r’ s
in com e o f all o f the su bsidiary properties n ow con trolled
b y th e In tersta te E le ctric C o rp ora tion , show s an increase
o f o v e r 1 5 % o v e r the y e a r 1915. T h e sam e rate o f increase
is con tin u in g u p to tw elve m on th s en din g A p ril 30 1917,
b ein g the la test figures availab le a t th e date this rep ort
is b e in g su b m itte d to y o u .
T h e n et earnings fo r the yea r 1916 also sh ow ed an in­
crease o f a p p ro x im a te ly 1 5 % ov er the year 1915, alth ough
som e o f the in vestm en ts h ad n o t a t th e close o f the year
b e co m e fu lly p ro d u ctiv e , such as th e T exas T ran sm ission
L in e. T h is in vestm en t alone sh ou ld m aterially reduce
th e o p era tin g costs du ring the y ea r 1917 as th e curren t is
rod u ce d e co n o m ica lly in the San A n gelo (T ex a s) C en tral
ta tion as co m p a re d w ith the form er higher costs a t B a l­
lin ger, W in ters an d M ile s . F u rth erm ore, th rough the op er­
a tion o f tw e n ty -fo u r h our service in som e o f tho sm aller
situ ations it enables the C o m p a n y to o b ta in a substantial
a m ou n t o f p ro fita b le m o to r lo a d , as w ell as in com e from
fan s w h ich in th a t section are used v e ry exten sively.
I t w ill b o n o te d fro m th e ba la n ce sheet su b m itted b y
M essrs. A rth u r Y o u n g & C o m p a n y th a t the C o m p a n y
closed its fisca l yea r free from floa tin g d e b t, its curren t as­
sets b ein g alm ost tw ice its current an d accru ed liabilities.
Y o u r su bsidiary com pa n ies o n D e cem b er 31 1916 had
a ctu al p h ysica l p ro p e rty exclu sive o f franchise values grea tly
in excess o f their resp ective ou tstan din g ca p ita liza tion .
T h ese C om pan ies are th erefore in a v e ry stron g p osition
sh ou ld it ever b e co m e necessary to m ake a p p lica tion fo r in­
creased rates. F u rth erm ore, the G ov e rn m e n t’s excess
rofits ta x la w , re ce n tly en a cted , w ill n ot a ffe ct the earnings
ecause o f th e large am ou n t o f replacem en t v a lu e o f the
su bsidiary com p a n ies’ p h ysical p ro p e rty .
T h e relations o f the com pa n ies w ith the com m u n ities
w h ich th e y serve con tin u e to b e sa tisfa ctory. T h e c o m ­
panies are all op era tin g u nder fa v ora b le an d lon g-term fran ­
chises, free fro m onerous con d ition s. T h o ph ysical p ro p ­
e rty o f the con tro lle d com pa nies is bein g fu lly m ain tained,
an d e v ery e ffo rt is b ein g m ade tow ards bringing th o opera­
tions to a h igh state o f e fficien cy . L ike all pu b lic utilities,
y o u r com pa n ies h ave been som ew h at affected b y th e higher
op era tin g costs fo r b o th la b or an d supplies, b u t the m a jo rity
o f th em will n o t b e seriously affected b y the increased fuel
co st fo r reasons hereinafter set fo rth .
T h e C o rry and U n ion C ity C om pan ies pu rch ase current
fro m tho E rie L ig h tin g C o m p a n y u nder a lon g-term co n ­
tra ct at a v e ry fa v ora b le co st per K .W . I I . , con seq u en tly
there w ill b e a b solu tely n o increase in the p ro d u ctio n cost
in th ose tw o situ ations.
L ared o uses lignite fo r fu el w h ich is ob ta in ed in the im m e­
diate v icin ity , therefore this c o m p a n y ’s generating costs
sh ou ld n o t b o m aterially a ffected .
A t G rea t B e n d D iesel Oil engines are in u se. T h e oil is p u r­
chased under co n tra ct, con seq u en tly it is n o t a n ticip a ted th at
G rea t B e n d p ro d u ctio n costs w ill b e im m edia tely in creased.
H oisin g ton w ill likew ise n o t b e m aterially a ffected on
a cco u n t o f o b ta in in g current from G rea t B en d o v e r trans­
m ission lines co n n ectin g these tw o cities.
A t T re n to n ( M o .) curren t is generated th rough tho o p ­
eration o f re ce n tly installed D iesel engines and this co m ­
p a n y w ill also b e co m p a ra tiv ely im m une fro m h igher p ro­
d u ctio n costs.
San A n gelo uses M e x ica n cru de oil u nder the boilers, and
is therefore n o t depen den t u p on h igh -priced oil shipped
in fro m a great dista n ce. T h e oil is pu rch ased u nder co n ­
tra ct an d this subsidiary w ill fo r som e tim e n o t b e grea tly
a ffe cte d o n a cco u n t o f increased fu el c o s t. In asm u ch as
San A n gelo is n ow prod u cin g an d su pplyin g o v o r the re­
ce n tly co m p le te d 52 miles transm ission system all o f the
curren t used in B allin ger, W in ters, M iles, R ow on a and a
n u m ber o f oth er com m u n ities along the lines, these situations
w ill likew ise n o t h ave to co n ten d w ith excessive fuel costs.
T h e com m u n ities served are en joy in g perm anen t pros­
p erity due to stea d y and sou n d im p rov em en t in fu ndam en tal
con d itio n s, n on e o f the p rosp erity in the territories served
b ein g due to a b norm a l tem p ora ry m u n ition or w ar su pply
business. W e h a v e th erefore ev ery reason to b elieve th at




D E C E M B E R 31 1916.

even in v iew o f in creased p rod u ction costs fo r b o th la b or
and m aterial w e can n evertheless co n fid en tly lo o k forw a rd
to the sam e sa tisfa ctory increases in b o th gross and n et
earnings fo r the year 1917 ov e r 1916 as w e h a v e in tho p a st.
D ela y s in d elivery o f m aterial an d transm ission line
eq u ip m en t preven ted th e early com p letion o f im p orta n t
w ork w h ich w ou ld h ave p rod u ced fu rther savings an d in­
creased n et earnings in 1916, b u t w h ich w ill n ow b e reflected
in the 1917 in com e.
B y referring to th e com p a ra tiv e statistics in this rep ort
y o u w ill n ote the v e ry sa tisfa ctory percen ta ge o f increase
as to station o u tp u t as w ell as to the num bor o f consum ers.
N o n e o f th e territory served has reached the satu ration
p oin t an d the C om p a n y can rea son a b ly lo o k forw a rd to
ta kin g on ad d ition a l business in virgin territory a t high
rates a lon g transm ission lines.
I t is w ith sincerest regret th at w e rop ort the death o f
M r . G e o . S. H a ley , V ice-P resid en t o f this C o m p a n y an d
P residen t o f the G eneral E n gineerin g & M a n a g em en t C o r­
p ora tion . M r . H a le y ’ s stron g person ality an d sincere
efforts w on fo r h im extrem e lo y a lty an d enth usiastic sup­
p o rt o f all o f the em p loyees. H is su dden dea th w as a grea t
sh ock to all o f his associates.
Y o u r directors desire to express th eir h igh ap p recia tion
fo r the lo y a lty and efficien cy o f y o u r officors, em p loyees
an d m anagers o f the variou s subsidiary com pa n ies ow n ed
an d take pleasure in m a kin g this a ck n ow led gm en t.
B y order o f the B oa rd o f D irectors.
N . P . Z E C H , V i c e -P r e s i d e n t .

G en era l E n g in e e r in g & M a n a g e m e n t C o rp o ra tio n

141

B r o a d w a y , N e xo Y o r k

T e le p h o n e s :

C ode:

G o rtla n d t 7 3 0 5 , 7 3 0 6 , 7 3 0 7
SU BJECT: P R O P E R T Y

M o n t g o m e r y 5 th
IM P R O V E M E N T S .

J u n e 4 1917.
141 B r o a d w a y , N e w Y o r k C i t y .
the ordin ary im p rovem en ts,
betterm en ts and extensions due to the natural g row th o f
th e com m u n ities served, w e herew ith transm it a b riof sum ­
m a ry o f th e m ore im p orta n t w o rk u ndertaken du ring the
yea r 1916.
I n t e r s ta te E le c tr ic C o r p o r a t i o n ,
G e n tle m e n : — In a d d ition to

SAN

A N G E L O W A T E R . L IG H T & P O W E R C O M P A N Y
B A L L IN G E R L IG H T , P O W E R & IC E C O M P A N Y
W IN T E R S L IG H T & P O W E R C O M P A N Y

A 2 2 ,0 0 0 -v olt transm ission line a p p rox im a tely 52 m iles
lon g w as com p leted in M a r ch 1917, an d is in sorvjco a t the
da te o f this rep ort. T h is line con n ects San A n gelo w ith
H a rriet, M iles, R ow en a , B a llin ger, H a tch e d , W in ters an d
som e sm aller T exas com m u n ities. T h o bu ild in g o f this
T ransm ission L ine has p erm itted the closin g d ow n o f the
electric generating plants a t B allin ger, W in ters an d M iles,
an d has also enabled us to furnish 24 -hou r service to oth er
tow n s m en tion ed a b o v e .
A 1,000 G .P .M . cen trifu gal pu m p d irect con n ected to a
75 h .p . G eneral E lectric m o to r w as ad d ed to tho pu m pin g
equ ipm ent a t San A n g elo. T h is p u m p has la rgely increased
the ca p a city o f the w ater pla nt an d has also decreased the
operating ratio o f this p ro p e rty .
P A L E S T IN E W A T E R W O R K S C O M P A N Y
P A L E S T IN E IC E C O M P A N Y

A 200 K .V .A . low -pressure K err T u rb o G en erator w as
in stalled in the ice plant a t P alestine. Steam fo r this u n it
is ob ta in ed b y using exhaust steam from the ice m achines
and curront is generated an d sold to the W a ter C o m p a n y
fo r operatin g centrifu gal p u m ps. D u rin g the year 1916
tw o 500 G .P .M . an d on e 750 G .P .M . pu m ps w ero in stalled
in the tw o p u m p in g stations o f the W a ter C o m p a n y . A
dou b le transm ission line w as b u ilt con n ectin g tho tw o pu m p ­
ing stations and the ice p la n t. T h ose im p rovem en ts h ave
perm itted the shutting d ow n o f tho steam pla n ts used pre­
v iou sly in pu m pin g w ater an d h ave also elim inated tho neces­
sity o f hauling coa l a dista n ce o f a b o u t three m iles to the
tw o pu m pin g pla n ts, w h ich are n o t loca ted on railroad
sidings. D u rin g the year a p p rox im a tely 1,000 w ater m eters
w ere in stalled, so th at p ra ctica lly all custom ers are n ow on
a m eter basis.
G R E A T B E N D W A T E R & E L E C T R IC C O M P A N Y
H O IS IN G T O N E L E C T R IC & IC E C O M P A N Y

D u rin g the la tter pa rt o f 1915 a sovero c y clo n e d estroyed
the buildin gs in w hich tho electrical an d p u m p in g eq u ip ­
m ents were h ou sed .
T h o bu ildin g o f a m od ern b rick an d
con crete pow or house w h ich h ad previou sly beon con tem ­
p la ted , w as begu n a t o n ce an d w as com p leted du ring the
early pa rt o f 1916. T w o now D iesel Oil engines h avin g
a ca p a city o f 280 H .P . ea ch , direct con n ected to a G eneral
E lectric generator, each h a v in g a ca p a city o f 240 K .V .A .,

THE CHRONICLE

J une 30 1917.]

w e re installed in this p la n t, togeth er w ith a new G eneral
E le ctric sw itch b oa rd . T w o 500 G .P .M . cen trifu gal pu m ps
each d irect co n n ected to 75 I I .P . G eneral E lectric m otors
w ore also in stalled. B o th the electrical an d p u m p in g eq u ip ­
m en t is n o w h ou sed in th e sam e b u ild in g, w hich requires
a m in im u m a m ou n t o f la b o r. T h e op era tion o f th e Oil
E n gin es has b een v e ry sa tisfa ctory and has su bsta ntially
red u ced o p era tin g costs.
T h e c a p a city o f th e transm ission lines su p p lyin g p ow er
to the H o isin g ton E le ctric & Ice C o m p a n y fro m th e G rea t
B o n d W a te r & E lectric C om p a n y w as m a terially increased
b y ch a n gin g it from 13,200 v olts to 16,500 v o lts . Larger
tran sform ers w ere also in stalled. T h ese im p rov em en ts w ill
a m p ly p ro v id e for the grow in g requ irem ents o f the H oisin g ­
to n E le ctric & Ice C o m p a n y fo r a n u m ber o f years.
A 100 K .W . generator direct con n ected to a steam engine
w as re m o v e d from the G reat B en d W a te r & E le ctric C o m ­
p a n y p la n t w hen the D iesel Oil engines w ere p u t in to service
an d th is direct con n ected u n it w as installed in th e H oisin g ton
p la n t to p ro v id e em ergen cy service th ere.
TRENTON

G AS & E L E C T R IC

COM PANY

T o p ro v id e fo r the grow in g requ irem ents a t this p la n t
i t was necessary to pu rch ase a d d ition a l generating eq u ip ­
m e n t. W ith a v iew o f op era tin g th e p la n t at a high m ark
o f e fficie n cy , it w as d ecid ed to install D iesol Oil engines.
T w o now 240 H .P . engines m a n u factu red b y the B u sch
Sulzor B ro s. D iesel E n gin e C o m p a n y each d irect co n ­
n ected to a 200 K .V .A . G eneral E lectric gen erator, togoth er
w ith a new G oneral E lectric sw itch b oa rd , w ore purchased
an d p u t in to service du ring 1916. T o house this equ ipm en t
a m od ern b rick an d con crete engine room a p p roxim a tely
40 fe e t square w as b u ilt. T h o old steam plant w as retained
fo r em ergen cy service. T h e oil engino units w ere p u t in
op e ra tio n in A p ril and the saving effected in fuel an d la b or
fo r tho last nine m on th s o f 1916 alono am ou n ted to a p p rox i­
m a te ly $ 3 ,800 00— n otw ith stan din g the a b n orm a lly high
prices o f fu el oil during this p eriod .
.
,
A now ice p la nt o f ton tons d a ily c a p a c it y , togeth er w ith
an ico stora ge v a u lt o f 250 tons c a p a city , w as b u ilt a d join in g
the p ow er p la n t. A ll o f these buildings are o f b rick an d c o n ­
crete co n s tru ctio n . A forty-th ou sa n d c u b ic fo o t gas h old er
w as also a d d ed to the gas p la nt equ ip m en t.
H a v in g supervised tho operations and im p rov em en ts fo r a
n u m ber o f years, w e are th orou g h ly fam iliar w ith all o f tho
op era tin g details o f y ou r subsidiaries, an d it is ou r op in ion
th at b y fo llow in g tho variou s recom m en d a tion s w h ich w e
h avo m ade as to exten sion s, im p rovem en ts and con solid a ­
tion s, a considerable ad dition a l p rofita b le roven uo w ill b o
o b ta in e d . T h is, togoth er w ith grea tly increased efficien cy
in o p era tion as a fu rther result o f ou r recom m en d a tion s, w ill
result in v e ry sa tisfa ctory increases in b o th tho gross and
n et earnings o f these com pa n ies during the curren t y ea r.
V e ry tru ly y ou rs,
F R A N K Y . L O W , P r esid en t.

2655

been d ep osited to retire sam e in a ccord a n ce w ith th e p ro ­
vision s o f th e T ru s t D eed s.
R e s p e ctfu lly su b m itted ,
W . C . H A R T Y , T rea su re r.
ARTH U R YOUNG & COM PANY
C e r tifie d P u b lic A c c o u n t a n ts
1 0 5 S o u t h L a S a lle S t r e e t

.
C h ica go, A p r i l 25 1917.
W o h ave a u d ited th e a ccou n ts o f th e In tersta te E le ctric
C orp ora tion an d its su bsidiary com p a n ies from the da te o f
the in corp ora tion o f the pa ren t co m p a n y in A p ril 1913, an d
the dates a t w h ich the several su bsidiary com p a n ies w ere
acqu ired, an d c e rtify th a t, b a sed on the appraisals o f the
engineers o f the p roperties th a t h a v e been set u p o n th e
b ook s o f the su bsidiary com p a n ies, the a tta ch ed B alan ce
Sheet and In com e A c co u n t presen t a fa ir an d reason able
statem ent o f th e fin an cial co n d itio n o f th e co m p a n y as at
D ecem b er 31 1916, an d o f th e earnings fo r th e y ea r en din g
on th a t da te.
(S ig n e d ) A R T H U R Y O U N G & C O ..

C ertified P u b lic A c c o u n ta n ts .
Note.— I t w ill b e n o t e d t h a t t h e s u r p lu s e a r n in g s a s f i n a l l y r e p o r t e d a n d
c e r t i f ie d t o b y M e s s r s . A r t h u r Y o u n g & C o m p a n y a r e $ 9 3 3 8 1 m o r e t h a n
t h o s e q u o t e d in o u r c ir c u l a r l e t t e r d a t e d A p r i l 2 3 1 9 1 7 .
T h o f ig u r e s u s e d
b y u s in o u r l e t t e r w e r e a t t h a t t i m e t e n t a t i v e l y s u b m i t t e d t o u s b y M e s s r s .
A r t h u r Y o u n g & C o m p a n y a n d p r i o r t o t h e c o m p l e t i o n b y t h e m o f t h e f in a l
rep orts.
M . B . W E B S T E R , Comptroller.

IN T E R S T A T E
E L E C T R IC
C O R P O R A T IO N
AND
S U B S ID IA R Y
C O M P A N IE S C O N S O L ID A T E D
IN C O M E
ACCOUNT
FOR

YEAR

E N D IN G

DECEM BER

31

1916.

G r o s s I n c o m e , i n c lu d in g M e r c h a n d i s e a n d J o b b i n g S a l e s ________$ 6 6 0 ,5 5 1 0 7
Less— D i s c o u n t s a n d A l l o w a n c e s _______________________________ 1 8 ,6 3 3 4 9
O t h e r I n c o m e , I n t e r e s t a n d D is c o u n t s .

.

T o t a l G r o s s E a r n in g s .

$ 6 4 1 ,9 1 7 5 8
7 ,5 8 2 3 7

______________ $ 6 4 9 ,4 9 9 9 5

Operating Expenses—
P r o d u c t i o n __________________________________
P u r c h a s e d P o w e r ___________________________
T r a n s m i s s i o n _______________________________
D i s t r i b u t i o n _________________________________
U t i l i z a t i o n __________________________________
C o m m e r c i a l E x p e n s e _____________________
N e w B u s in e s s E x p e n s e ____________________
G e n e r a l E x p e n s e ________________ :__________
T a x e s _________________________________________
C o s t o f M e r c h a n d i s e a n d J o b b i n g S a le s .

.
.
.
.
.
.
.
.
.

$ 1 5 4 ,3 4 0 2 1
2 6 ,2 0 3 73
1 ,8 6 5 0 4
2 9 ,3 5 1 03
2 ,3 2 2 57
2 ,5 0 7 5 0
3 , 3 7 6 17
9 3 ,3 3 5 68
2 1 ,4 2 4 6 5
5 1 ,1 8 5 2 8
---------------------- 3 8 5 .9 1 1 8 6

N o t E a r n i n g s ___________________________________________________________ $ 2 6 3 ,5 8 8 0 9
I n t e r e s t P a i d o n B o n d s a n d N o t e s o f S u b s id i a r y C o m p a n i e s ,
I n t e r e s t a c c r u in g t o I n t e r s t a t e E l e c t r i c C o r p o r a t i o n d e d u c t e d $ 5 3 ,1 2 9 8 3
In te r e s t o n I n te r s ta te E le c t r ic C o r p o r a t io n ’ s

$ 2 1 0 ,4 5 8 2 6
6 2 ,4 5 1 8 2

6% B o n d s ________

N e t I n c o m e a v a i l a b l e f o r D i v i d e n d s _______________________________ $ 1 4 8 ,0 0 6 4 4
5 4 ,8 9 4 01

Deduct— D i v i d e n d s o n P r e f e r r e d S t o c k p a i d a n d a c c r u e d ________

N e t I n c o m e _______________________________________________________________ $ 9 3 ,1 1 2 4 3
L o s s C o m m o n S t o c k D i v i d e n d _________________________________________
2 0 ,0 0 0 0 0

O ffice o f In tersta te E lectric C o rp o ra tio n
W a sh in g to n L ife B u ild in g
N e w Y o rk C ity
T o the Stockholders o f In tersta te E lectric C o rp o ra tion :

$ 7 3 ,1 1 2 4 3

B a l a n c e c a r r i e d t o S u r p lu s .
IN T E R S T A T E

E L E C T R IC

C O R P O R A T IO N

AND

S U B S ID IA R Y

C O M P A N IE S B A L A N C E S H E E T D E C E M B E R 31

1916.

T h e fin an cial co n d itio n o f tho In tersta te E lectric C o r­
ASSETS.
p ora tio n is v ory g ra tify in g, th o C o m p a n y bein g entirely Properties, Plants and Franchises, & c., b e i n g c o s t o f a c q u i r in g
P r o p e r t i e s o f S u b s id i a r y C o m p a n i e s , G e n e r a l O f f i c e F u r n i ­
freo from floa tin g d o b t or sh ort-tim e ob liga tion s. A ll
tu r e a n d A d v a n c e P a y m e n ts o n a c c o u n t o f n e w P r o p e r t ie s .$ 3 ,9 1 8 ,7 0 7 01
o b lig a tio n s o f the C o m p a n y in resp ect to a ccou n ts pa ya blo
7 ,0 5 0 0 0
an d fixed charges on D ecem b or 31 1916 h a v e since been Sinking Fund— S a n A n g e l o L i g h t & P o w e r C o m p a n y ___________
p a id , w hile tho C u rren t W ork in g In debtedness is on a nor­ Inventories and Current Assets—
M a t e r i a l , S u p p li e s , F u e l, e t c . , o n h a n d ________
$ 4 9 ,0 8 6 2 7
m al basis and is largely exceeded b y tho curron t assets.
C a s h o n h a n d a n d in b a n k s _____
$ 6 0 ,1 8 4 9 9
T h o cash expenditu res during th e y ea r in ad d ition s and
C a s h in t r a n s i t ___________________
2 0 ,6 0 9 8 7
N o te s a n d A c c o u n ts R e c e iv a b le
im p rov em en ts a m ou n ted to ov er $3 90,000 00, tho larger
a n d C i t y W a r r a n t s ____________
8 9 ,7 6 9 57
pa rt o f w h ich w as duo to tho installation o f D iesel Oil en­
-------------------------1 7 0 ,5 6 4 4 3
gines in the G rea t B on d and T ren ton plants, tho a d d ition
-------------------------2 1 9 ,6 5 0 7 0
8 ,1 9 1 04
o f a now ico pla nt a t T re n to n and tho com p le tio n o f tho Prepaid Insurance and Expenses------------------------------------------------------transm ission lines betw een San A n g olo an d W in ters, T exa s,
$ 4 ,1 5 3 :5 9 8 7 5
an d betw een T ron ton an d L a red o, M o .
D u rin g tho yea r tho C o m p a n y sold $3 00,000 o f its P re­
LIA B IL ITIE S A N D C APITAL.
ferred S to ck and $1 00,000 o f its b o n d s .
Capital Stock—
P r e f e r r e d ____________________________________________ $ 7 5 9 ,0 0 0 0 0
D u e to expenditures in m a kin g tho plants p ra ctica lly fire­
1 ,0 0 0 ,0 0 0 0 0
p r o o f an d increasing tho w ater pressuro a t all tho w ater l» C o m m o n ____________________________________________--------------------------$ 1 , 7 5 9 , 0 0 0 0 0
p la nts, w e h ave redu ced ou r insurance rato from $1 15 to Stocks ofSubsidiary Companies_Not Owned— Par Value____________ 2 5 , 5 0 0 0 0
$1 00 during tho y ea r. A ll com p a n ies aro fu lly covered Funded Debt— ~ f e ;
.
b y fire insurance as w ell as boiler and p u b lic and em p loyees’ 1 P r i o r L i e n * B o n d s a n d C o u p o n N o t e s in
h a n d s o f P u b l i c ....................................- .................. ..
$ 8 4 3 ,7 1 0 0 0
i.
:J
lia b ility . T h e com pa nies also carry torn a d o insurance w hore
In te r s ta te E le c t r ic C o r p o r a tio n 6 % C o lla t ­
it is deem ed necessary. B y ca rryin g blan k ot insurance
e r a l S i n k i n g F u n d G o l d B o n d s ----------------------- 1 ,2 4 1 ,0 0 0 0 0
2 ,0 8 4 ,7 1 0 0 0
p o licies, substantial savings in prem ium s h avo been of footed .
Q uarterly D ivid en d s o f 1 %% each w ero declared on tho Current and Accrued Liabilities—
V o u c h e r s a n d A c c o u n t s P a y a b l e ________________
S 5 0 .2 0 4 7 1
P roforred S to ck and p a id on tho first d a y o f M a r ch , Juno,
C u s to m e r s ’ D e p o s it s , e t c .
2 ,7 4 4 56
S ep tem b er and D ecem b or, a m ou n tin g to $54,89 4 01, an d
I n t e r e s t A c c r u e d __________________
$ 4 3 ,0 3 2 8 6
T a x e s A c c r u e d _____________________
1 0 ,7 4 4 3 3
d ivid en d s aggregating 2 % w ero declared an d pa id during
S u n d r y A c c r u a l s __________________
913 47
tho year on $ 1 ,000 ,0 00 C om m on S tock am ou n tin g to $2 0,00 0.
D i v i d e n d s A c c r u e d _______________
6 ,4 6 8 3 3
6 1 ,1 5 8 9 9
T h o In terstate E lectric C orp ora tion M o rtg a g e is closed
1 1 4 ,1 0 8 2 6
a t $2 ,0 0 0 ,0 0 0 and no further In tersta te E lectric C orp ora ­ Sundry Reserves.
2 ,6 3 5 76
tion B o n d s can b o issued ex cep t as tho U n d erlyin g B on d s
Undivided Profits—
aro red u ced b y Sinking F u n d or oth erw ise. T h e refore tho
B a l a n c e J a n u a r y 1 1 9 1 0 ---------------------------------------$ 9 4 ,5 3 2 31
B o n d In terest C hargo' ca n n ot bo in creased.
N e t I n c o m e fo r y e a r 1916 a fte r
d e d u c tin g
P r e fe r re d
S tock
O f th o to ta l A u th orized P referred S to ck o f $ 1 ,000 ,0 00
D i v i d e n d ............................................
$ 9 3 ,1 1 2 4 3
thoro w as issued on D ecom b or 21 1916, $ 9 66 ,0 00 , o f w hich
Less— C o m m o n S t o c k D i v i d e n d
2 0 ,0 0 0 00
$7 59,000 w as a ctu a lly ou tstan d in g an d $2 07 ,0 00 w as hold
-------------------------7 3 ,1 1 2 4 3
1 6 7 ,6 4 4 7 4
in the T rea su ry.
D u rin g tho yea r u n derlyin g B on d s aggregating $1 4,65 0 00
$ 4 ,1 5 3 ,5 9 8 7 5
p a r value h ave either aotu a lly been retired or fu n ds h a v e




3656

THE CHRONICLE

IN T E R S T A T E

E L E C T R IC

C O R P O R A T IO N

S T A T IS T IC S .

DECEM BER

Electric
Consumers.
C o r r y C i t y E l e c t r i c L i g h t C o ______ ____
U n io n C i t y E l e c t r i c L i g h t C o __________

Water
Consumers.
_____
_____
—

461
...
756
...1 ,3 4 6
...
492

T renton Gas & Electric C om p any____

B a ll i n g e r L i g h t , P o w e r & I c e C o _______
P e o p l e s G a s & E l e c t r i c C o ______________
S a n A n g o lo W a te r , L ig h t & P o w e r C o
W i n t e r s L i g h t & P o w e r C o ______________
L a r e d o W a t e r C o __________________________
P a le s t i n e W a t e r W o r k s C o ______________
G r e a t B e n d W a t e r & E l e c t r i c C o ______
H o i s i n g t o n E l e c t r i c & I c e C o __________

H I i ‘,7 6 1
...
182
898
468

31

1916. O F

1 ,9 9 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 .

Miles of
Gas
Miles of Local High Tension
Miles
Miles
Consumers.
Pole. Lines. Transm. Line. Gas Mains. Water Mains.
___
___
517

391
---

1 ,8 7 5
1 ,5 5 5
500
—

[Vol. 104.

___
___
—

37
144 4
22
11

174*
744

104 4

52***

i i "
—

I I I I
______

4 2 "'
8

1144*
13**

I I I I
______

11

—

—
—

2 8 "
23 «
2644
944

6 ,3 0 7
5 ,9 2 2
908
15914
8714
2 1 44
87M
♦ C u r r e n t is g e n e r a t e d a t E r i e , P a . , a n d t r a n s m it t e d t o U n io n C i t y a n d C o r r y .
♦ ♦ C u r r e n t is g e n e r a t e d a t T r e n t o n a n d t r a n s m it t e d b y u s t o L a r e d o w h e r e w e s e ll i t o n a w h o le s a l e b a s i s .
♦ ♦ ♦ O w n e d b y T e x a s E l e c t r i c & P o w e r C o . , a 's u b s id ia r y c o n t r o l l e d c o m p a n y .
C u r r e n t g e n e r a t e d a t t h o S a n A n g e l o S t a t i o n is t r a n s m it t e d o v e r t h i s
l i n o t o M i l e s , H a r r i o t , R o w e n a , B a ll i n g e r , H a t c h e d a n d W i n t e r s .
T o t a l H . P . E n g in o C a p a c i t y u s e d f o r G e n e r a t io n o f E l e c t r i c C u r r o n t ______________________________________________________________________________ _
_
4 ,0 4 5 H .P .
D a i l y C a p a c i t y o f I c o P l a n t s _______________•__________________________________________________________________________________________________ _____
..
15 0 T o n s .
D a i l y C a p a c i t y o f G a s P l a n t s . . ________________________________ _______________ _______________ _________________________ _________________ ____________________ 2 2 5 ,0 0 0 C u . F t .
M IS C E L L A N E O U S S T A T IS T IC S

(IN C L U D IN G

F O R C O M P A R IS O N

Year Ended December 3 1 s f—
K .W . H . P u rc h a se d o r G e n era ted .
C u b i c F e e t G a s S o l d ________________
G a l l o n s W a t e r P u m p e d ___________
E l e c t r i c C o n s u m e r s ________________
G a s C o n s u m e r s _____________________
W a t e r C o n s u m e r s ___________________

1916.
5 ,2 6 1 ,8 7 4
1 2 ,2 6 0 ,5 0 0
1 ,5 3 1 .0 1 7 ,5 0 6
.
6 ,3 0 7
908
5 ,9 2 3

Bond, Retirement.—

S h a r o n S t e e l H o o p C o .—

T h o o u ts ta n d in g b o n d s o f th o Y o u n g s t o w n Ir o n & S to o l C o ., w h o s e
c a p i t a l s t o c k w a s r e c e n t l y a c q u i r e d b y t h is c o m p a n y , w il l, i t Is r o p o r t e d ,
b o r e t ir e d J u l y 1 .
Seo V . 104, p . 8 6 8 , 1050.

Sub Co. Bonds Called.—

S h e n a n g o F u r n a c e C o .—

A H t h o o u t s t a n d i n g ( 8 5 9 ,0 0 0 ) F ir s t M t g o . 5 % g o l d b o n d s , d a t e d M d y 1
1 9 0 9 , o f t h e S h e n a n g o S t e a m s h ip & T r a n s p o r t a t i o n C o . h a v o b e e n c a lle 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 U n io n T r u s t C o . , D e t r o i t . — V . 1 0 4 ,
p . 1495.

S p a r k s - W it h i n g t o n C o .—

Dividend Deferred.—

T h e d ir e cto r s h a v e d e c id e d t o d e fe r th o re g u la r q u a r te r ly d iv id e n d o n
t h e c o m m o n s t o c k , d u e J u l y 1 , b e c a u s o o f t h o d i s t u r b a n c e f e l t in m a n y
q u a rte r s o f th o a u t o m o b ile in d u s tr y , th o c o m p a n y ’s n o t h a v in g d r o p p e d
f r o m S 1 0 .0 0 0 t o 8 2 , 0 0 0 in M a y .
T h o d i r e c t o r s b e l io v o t h a t t h e f u l l 6 %
d i v i d e n d w il l b o p a i d f o r t h o y e a r 1 9 1 7 .

S t a n d a r d F a b r ic C o ., F a ll R iv e r .—

Extra Dividend.—

A n o x t r a d i v i d e n d o f 2 % 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 l 'n% o n t h o p r o f , a n d 1 ) 4 % o n t h o c o m . s t o c k s ,
a ll p a y a b l e J u n o 3 0 t o h o l d e r s o f r e c o r d J u n o 2 0 .

S t a n d a r d O il C o . o f O h io .—

Red Cross Donation.—

T h e s h a r e h o l d e r s w ill v o t e J u l y 9 o n r a t i f y i n g t h o a c t i o n o f t h e d i r e c t o r s
t o d o n a t o 8 7 0 ,0 0 0 t o t h o C l e v e l a n d R e d C r o s s C o u n c i l . — V . 1 0 4 , p . 1 3 9 2 ,7 6 9

S t u d e b a k e r C o r p o r a t i o n (N . J . ) . —

Acquisition.—

I t is r o p o r t e d t h a t t h is c o m p a n y h a s a c q u i r e d t h o S t a v e r W a g o n W o r k s o f
C h i c a g o , f o r m e r l y c o n t r o l l e d b y t h o I n t e r n a t io n a l H a r v e s t e r C o . , a n d is
n o w b e in g u s e d .as a n a s s e m b l in g p l a n t . — V . 1 0 4 , p . 9 4 9 .

S t u t z M o t o r C a r C o . o f A m e r ic a , I n c . —

Directors, &c.—

W i ll ia m N . T h o m p s o n h a s b e e n e l e c t e d T r e a s u r e r t o s u c c e e d G e o r g o H .
S a y l o r , r e s ig n e d .
A ir . T h o m p s o n a n d J o h n J . W a ts o n J r . s u c c e e d It. E .
M a y p o le a n d I I . F . C a m p b e ll a s d ir e c t o r s .
A n e x e c u tiv e c o m m it t e o h a s b e e n fo r m e d c o m p o s e d o f H a r ry C . S tu tz ,
A lla n A . R y a n a n d S h e rb u rn o P r e s c o t t .— V . 104 , p . 4 5 8 , 6 6 1 .

S u lliv a n M a c h in e r y C o .—

Extra Dividend.—

A n o 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 e d o n t h o 8 3 , 8 4 6 , 8 0 0 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 t e r l y 1 ) 4 % , b o t h p a y a b l e J u l y 16 t o h o l d e r s
o f re co rd J u ly 2 .— V . 104, p . 13 9 2 , 1270.

T e x a s C o ., H o u s t o n , T e x .—

Capital Stock Increased.—

T h o s h a r e h o ld e r s o n J u n e 2 6 r a t if i e d t h e in c r e a s e in t h o 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 8 5 5 ,5 0 0 ,0 0 0 t o ,8 6 9 ,3 7 5 ,0 0 0 , t h is 2 5 % n e w s t o c k t o b o
o f f e r e d a t p a r , .8 100, p r o r a t a , t o t h o s t o c k h o l d e r s o f r e c o r d a t c l o s o o f
b u s in e s s J u l y 1 0 , s u b s c r ip t i o n s p a y a b l e 3 0 % A u g . 1 5 , 3 0 % O c t . 5 1 9 1 7
an d 4 0 % Jan . 5 1918.
T h o p r o p o s i t io n s r e g a r d i n g t h o s e p a r a t e i n c o r p o r a ­
t i o n o f t h o p i p o lin e p r o p e r t ie s a n d t h o c h a r t e r a m e n d m e n t t o p e r m it t h o
c o m p a n y t o o n g a g o in g a s a n d o il p r o d u c i n g w e r o a ls o a p p r o v e d . — V . 1 0 4 .
p . 2558, 2348.

T id e W a t e r O il C o .—

Listed Earnings.—

T h o N o w Y o r k S t o c k E x c h a n g o h a s lis t e d t h e 8 3 1 ,9 0 0 ,0 0 0 c a p . s t o c k .
C o n s o lid a t e d in c o m o a c c o u n t fo r f o u r m o n th s e n d e d A p ril 30
1 9 1 7 ( i n c l . s u b . c o s . ) ; t o t a l v o l u m o o f b u s in e s s , $ 9 ,0 0 4 ,4 8 2 ;
n o t e a r n in g s , a f t e r o p e r . e x p e n s e s , & c . , $ 4 ,2 2 4 ,6 8 8 ; d e p r e ­
c i a t i o n c h a r g e d o f f ______________________________________________________ $ 6 0 5 ,8 4 7
N o t i n c o m o ____________________________________________________ _____________ .$ 3 ,6 1 8 ,8 4 1
R o g u la r q u a r t e r l y d i v i d e n d s o f 2 % h a v o b o o n p a i d s i n c o 1 9 0 9 o n t h o
o u t s t a n d i n g s t o c k ( n o w a m o u n t i n g t o .$ 3 1 ,9 0 0 ,0 0 0 ) w it h e x t r a c a s h d i v i ­
d e n d s o f 1 % o n J u ly 1 1916 and" J a n . 2 1 9 1 7 , a n d 5 % p a y a b lo J u ly 2 .
In
1 9 1 7 a s t o c k d i v i d e n d o f 1 0 % w a s d e c l a r e d in c o n n e c t io n w it h t h e in c r e a s e
in t h o 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 .$ 3 0 ,0 0 0 ,0 0 0 t o * 4 0 ,0 0 0 ,0 0 0 , p a y a b lo
t o h o ld e r s o f r e c o r d F e b . 2 8 .
S e o a n n u a l r e p o r t p u b li s h e d in f u l l V . 1 0 4 ,
p . 1259. 2 3 4 9 .

T o o k e B r o s ., L t d . —

Accumulated Dividend.—

A 'd i v i d o n d o f 1 H % h a s b e e n d e c l a r e d o n t h e p r o 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 o J u l y 14 t o h o l d e r s o f r e c o r d J u n o 3 0 a n d l e a v i n g
a b o u t 5 )4 % a c c u m u la t e d .— V . 1 0 3 , p . 2 0 8 4 .

T o r r in g to n

C o m p a n y .—

F U L L P E R IO D A L L P R O P E R T IE S N O W

New Company.—

O W N E D ).

1915.
3 ,9 7 3 , 3 0 3
1 0 ,8 5 4 ,4 0 0
1 ,1 9 1 ,2 3 5 ,8 8 2
5 ,0 2 6
746
5 ,4 2 0

Per Cent. Increase.
3 2 .4
1 2 .9
2 8 .5
2 5 .5
2 1 .8
9 .2

T h o P r o d u c e r s ’ T r a n s p o r t a t i o n C o . h a s o u t s t a n d i n g s o m o $ 8 8 8 ,0 0 0 F ir s t
M tg e . 5 % b on d s.
S e o b a l a n c o s h e o t , .Sic., V . 1 0 4 , p . 6 5 9 , 1 4 9 5 .— V . 1 0 4 ,
p . 1806, 2349, 2558.

United Fruit Co.— Verdict Affirmed.— J u dgo W o o lo y , in
tho U . S. C ircu it C ou rt at P h ila d elp h ia , on Juno 26 filed an
op in ion con firm in g th o decision o f tho U . S. D istrict C ou rt
in fa v o r o f tho co m p a n y in tho suit b ro u g h t b y tho B lu ofiold s
Steam ship C o . fo r 8 1 5 ,00 0,00 0 triple dam ages u n der tho
Sherm an a n ti-tru st la w . Ju dgo W o o lo y in his op in ion h old:
A p a r t y t o a c o n s p i r a c y a g a in s t t h o t r u s t l a w s h a s n o r e d r e s s a g a in s t t h o
o t h e r p a r t y t o t h e a g r e e m e n t i f it is i n ju r e d o r u f fo r s l o s s b y t h e a c t io n s
o f it s c o - c o n s p i r a t o r s .
I n s u s t a in in g its a v e r m e n t t h a t t h o d e f e n d a n t w a s a n u n l a w fu l c o m b i n a ­
t io n in r e s t r a in t o f t r a d o a n d a n u n l a w fu l c o m b i n a t i o n , t h o p l a i n t i f f s h o w e d
t h a t it w a s i t s e l f a p a r t y t o t h a t c o m b i n a t i o n a n d a p a r t o f t h o m o n o p o l y .
C o m p a r e V . 102, p . 1442 — V . 104, p . 2 1 2 3 , 9 5 8 .

United Fuel & Supply Co. (Building Materials, &c.),
Detroit.— Bond, Offering.— T h o F o r t D ea rb orn T ru st & Sav­
ings B a n k , C h ica g o, and W . G . Souders & C o . aro offerin g
at par an d in t. 81 ,5 0 0 ,0 0 0 F irst M tg o . 6 % g old b on d s o f 1917.
D a t e d F o b . 1 1 9 1 7 , d u o $ 5 0 ,0 0 0 a n n u a l ly F o b . 1 1 9 2 0 -1 9 3 6 , i n c l . , a n d
$ 6 5 0 ,0 0 0 1 9 3 7 .
In te re s t F . & A . w it h o u t d e d u c t io n fo r th o p re se n t n o rm a l
F ed era l In com o ta x .
T a x - o x e m p t in M i c h .
T r u s t e e , S e c u r ity T r u s t C o .,
D e t r o i t . C a ll a b l o a t 101 o n a n y i n t . d a t o . D o n o m . .$100, $ 5 0 0 , $ 1 ,0 0 0 c * .
D a ta fro m L e t t e r o f P r e s . C . N . R a y , D e t r o it , M ic h ., M a r c h 30 191 7.
The Company.— I n c o r p o r a t e d in 1 8 9 8 in M i c h , a n d o p e r a t e d f o r m a n y
y e a r s a s t h o O . I I . L i t t le C o . , t h e la r g e s t d e a le r in b u i l d in g m a t e r ia l a n d
s u p p lie s in D e t r o i t , h a v i n g h a n d le d in 1 9 1 6 o v e r 4 0 ,0 0 0 c a r lo a d s o f m a t e r ia l s ;
7 5 % o f t h o b u s in e s s is b u ild in g m a t e r i a l , t h o b a l a n c o fu e l.
Properties.— O w n s a n d o p e r a t e s 1 5 la r g o s u p p l y y a r d s in D o t r o i t a n d 7
s a n d a n d g r a v e l p it s w it h in 4 0 m ile s o f D o t r o i t — a 5 0 y o a r s ’ s u p p l y f o r n o r ­
m al needs.
A l s o o p o r a t e s u n d e r l o n g t im e Ioa sos s a n d a n d g r a v e l b e d s in
L a k e E r i o , L a k o S t . C l a i r , L a k o H u r o n a n d t h o S t . C la ir R i v e r , t h o m a t e r ia l
f r o m w h ic h is lo a d e d i n t o t h o c o m p a n y ’s f le e t o f 1 5 s t e a m b o a t s b y m o d e r n
e q u ip m e n t.
F u r t h e r o w n s s e v e r a l v a l u a b l o d o c k p r o p e r t ie s o n t h o D o t r o i t
R iv e r .
E m p l o y e e s n u m b e r 1 ,4 0 0 .
O p o ra te s 8 0 a u t o m o b ilo tru ck s a n d
o v e r 2 0 0 te a m s .
Capitalization— ■
Authorized. Outst'g.
P r e f e r r e d s t o c k . . .............. ............................................................... .$ 1 ,2 5 0 ,0 0 0 $ 1 , 1 4 9 , 2 0 0
C o m m o n s t o c k .......................................................................
1 ,2 5 0 ,0 0 0
1 ,1 2 1 ,9 0 0
F ir s t M o r t g a g o 6 % g o l d b o n d s (t h is i s s u o ) ..................... 1 ,5 0 0 ,0 0 0 1 , 5 0 0 ,0 0 0
t These Bonds.— I s s u e d t o p r o v i d e f o r e x is t in g d e b t , a c q u i s i t i o n s a n d a d d i ­
t io n a l w o r k in g c a p i t a l.
A c lo s e d f ir s t m o r t g a g o o n a ll f i x e d a s s e t s n o w
o w n e d o r h e re a fte r a c q u ir e d .
Valuation, Exclusive of Good-Will.— L a n d a p p r a is e d a t $ 2 ,1 4 8 ,5 5 9 ;
b u i l d in g s a n d im p r o v e m e n t s , $ 4 1 3 ,0 3 2 ; m a c h i n e r y , e q u i p m e n t , & c . ,
$ 6 5 9 ,7 1 9 ; v e s s e ls , $ 4 2 5 ,5 0 0 ; t o t a l , $ 3 , 6 1 6 , 8 1 0 , t o w h ic h a d d s a y $ 2 5 0 ,0 0 0
fo r im p ro v e m e n ts fr o m t h o p r o c e e d s o f th o s o b o n d s .
C u rre n t assots
a d d it i o n a l a g g r e g a t e o v e r $ 1 , 0 0 0 , 0 0 0 .
Gross Sales and for Years 1 91 1 to 1 9 1 6 .
1911.
1912.
1913.
1914.
1915.
1916.
$ 1 ,0 0 2 ,8 2 9
$ 1 ,4 2 0 ,0 6 4 $ 2 , 0 0 2 , 7 1 5
$ 3 ,1 7 3 ,2 5 3
$ 3 ,7 4 5 ,9 7 3
$ 4 ,7 2 6 ,9 8 7
N e t e a r n in g s a v a i l a b l e f o r in t e r e s t f o r y e a r e n d in g F o b . 2 8 1 9 1 7 , a f t o r
a llo w in g $ 9 2 ,9 0 8 f o r d e p r e c i a t io n , w e ro $ 3 1 6 ,8 8 2 .

United Gas & Electric Corp.— Sub. Co. Purchase.—
Soe In te r n a t. T r a c tio n C o . o f B u ffa lo a b o v e .— V . 104, p . 2 0 1 2 , 1 4 9 0 .

United States Glass Co.— Dividends Resumed.— A d iv i­
den d o f 81 per share has been doclared o n tho s to ck , p a y a b lo
J u ly 25 to h olders o f record J u ly 14. T h is is tho first p a y ­
m ent since A p ril L911, w hen 1 % w as p a id .— V . 103, p . 1030.
United Verde Extension Mining Co.— Extra Dividend.—
A n e x tr a d iv id e n d o f 25 c e n ts p e r sh a ro h a s b e e n d e c la r e d o n th 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 t e r l y 5 0 c e n t s p e r s h a r e , b o t h p a y a b l e A u g . 1
t o h o l d e r s o f r c c o r t l J u l y 10.
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 10 c e n t s
p e r s h a r o ( e q u a l t o $ 1 0 5 ,0 0 0 ) h a s b e e n d e c l a r e d o n t h o s t o c k , p a y a b l e
th e sa m o d a t e .— V . 104, p . 1392, 76 9 .

T h e s h a r e h o ld e r s w ill v o t e J u l y 2 o n a p p r o v i n g t h e s a lo o f t h e c o m p a n y
o t h e n o w c o m p a n y r e c o n t l y i n c o r p o r a t e d i n C o n n e c t i c u t w it h 8 1 1 ,0 0 0 .0 0 0
. u t h o r i z e d c a p i t a l s t o c k , o f w h ic h 4 0 0 ,0 0 0 s h a r e s w ill b o c o m m o n a n d
H e n r y B . E n d i c o t t a n d D a n i e l G . W h i g h a v o b e e n o lo e t o d d i r e c t o r s t o
4 0 ,0 0 0
s h a r e s p r e f . , e a c h c la s s h a v i n g a p a r v a l u e o f $ 2 5 .
C o m p a r e V . 1 0 4 , fill v a c a n c ie s .— V . 1 04 , p . 1 3 8 6 , 127 0 .
p . 2349. 2457.

U. S. Smelting, Refining & Mining Co.— New Directors.

& W illia m s S t e e l F o r g in g C o r p .— Dividend
qu a rterly d iv id en d o f SI 25 per sliaro has been
d ecla red o n tho s to ck , p a ya b le J u ly 1(5 to holders o f record
J u ly G. T h is com p a res w ith SI per share in J a n . an d A p ril
l a s t — V . 104, p . 20 16 , 368.
T r ia n g le F ilm C o r p ., N . Y . — New Vice-President —
T ran su e

Increased.— A

I I . O . D a v is h a s b e e n e le c te d V ic o -P r e s . a n d G e n . M g r .
T h is c o m p a n y
r e c e n t ly a c q u ir e d th o s t o c k o f s e v e ra l m o t io n p ic tu r e c o r p o r a t io n s .
Seo
V . 1 0 4 , p . 1 2 7 0 , 1 1 6 8 .— V . 1 0 4 , p . 2 2 5 0 .

U n io n O il C o .— Dividend Deferred.— A press rop ort says
tho directors h avo d ecided to defer tho d ividen d for the
secon d quarter o f 1917 until tho 6 m on th s’ earnings state­
m en t as o f June 30 is issued.
Offer to Exchange Stock, 8 for 8, for Producers' Co. Shares.—

T h is c o m p a n y , h o l d i n g a b o u t 71% o f t h o $7,000,000 a u t h o r i z e d a n d o u t ­
s ta n d in g c a p ita l s t o c k o f th o P r o d u c e r s ’ T r a n s p o rta tio n C o . , h a s o ffo r e d th e
h o ld e r s o f t h o r e m a in in g 2 9 % t o g i v o in o x c h a n g o f o r t h e ir h o ld in g s s h a r e s o f
U n io n O il C o . s t o c k o n a $ f o r -$ b a s is .
H o ld e r s o f P r o d u c e r s s t o c k d e p o s i t ­
i n g t h e ir s h a r e s p r i o r t o t h o c lo s i n g o f t h o b o o k s o f t h o U n io n O il C o . fo r
d i v i d e n d p u r p o s e s o n J u l y 10 w ill b o e n t i t l e d t o t h o U n io n O il C o . d i v i d o n d
a n d n o t t h e r o g u la r d i v i d e n d o n t h o P r o d u c e r s ’ C o . s t o c k , w h ic h w ill b o
o x - d i v id e n d a t t h a t d a t e .




Westinghouse Electric & Mfg. Co.— Listing.—

T h e N . Y . S t o c k E x c h a n g e h a s a u t h o r i z e d t h e lis t in g o f $ 1 8 6 ,0 5 0 a d d i ­
t io n a l c o m m o n s t o c k w h e n e v e r is s u e d a n d p a id f o r in f u ll ; t h o t o t a l a m o u n t
a u t h o r i z e d t o b o lis t e d $ 7 1 ,0 0 0 ,0 0 0 . — V . 1 0 4 , p . 2 5 6 2 , 2 4 5 7 .

Washburn Wire Co., Phillipsdale, R. I.— Stock Called.—
T h is c o m p a n y h a s c a llo d f o r r e d e m p t io n t o - d a y ( J u n o 3 0 ) a t $ 1 3 0 p e r
s h a r o , a ll o f its $ 2 ,5 0 0 ,0 0 0 p r o f , s t o c k w h ic h w a s o r ig in a ll y is su e d a t $ 1 0 5
p er sh aro.
I n t h is c o n n e c t io n It Is o x n o c t o d a s p e c ia l d i v i d o n d o n t h o
$ 1 , 2 5 0 , 0 0 0 c o m m o n w ill o v o n t u a l l y b o f o r t h c o m i n g , p o s s i b ly o f 1 0 0 % .
P r e s id e n t P h illip s is q u o t e d a s s a y i n g t h a t t h o p r e f e r r e d s t o c k h o l d e r s w ill
h a v o a n o p p o r t u n i t y t o r o -i n v o s t t h e m o n e y c o m i n g f r o m t h is p a y m o n t in
t h o s t o c k o f t h o n e w c o m p a n y , t h o d e t a i ls o f t h o p l a n t o b o a n n o u n c e d o n
o r a b o u t J u ly 2 . — V . 1 0 1 , p . 2 0 7 9 .

Western Union Telegraph Co.— Service Resumed.
A r r a n g e m e n t s h a v o b e e n v i r t u a l l y c o m p l e t e d w h o r o b y t h i s c o m p a n y w ill
a g a i n o p e r a t o w ir o s e r v ic e a l o n g t h o lin o s o f t h e P e n n s y lv a n ia R R . f r o m
P itts b u r g h t o N e w Y o r k .
T h o r a i lr o a d c o m p a n y in 190 2 r e m o v e d t h o t e le ­
g r a p h c o m p a n y ’s e q u i p m e n t a s t h o r e s u lt o f c e r t a in l it i g a t io n , b u t n o w a
n e w a n d s a t i s f a c t o r y c o n t r a c t b e i n g a g r o e d u p o n , t h o c o m p a n y w ill r e s u m e
it s s e r v ic e .
ft is a n n o u n c e d t h a t t h o t e le g r a p h c o m p a n y w il l t a k e o v e r u n d e r le a s e t h o
r a i l r o a d ’s w ir o e q u i p m e n t a n d h a s a r r a n g e d t o a c q u i r o t h o b u s in e s s o f t h o
P o s t a l T e l e g r a p h C o . o n t h e P e n n s y l v a n i a ’s U nas, w h ic h c o m p a n y h a s b o o n
t h e o n l y o n e o p e r a t i n g s u c h s e r v ic e in r e c e n t y o a r s . — V . 1 0 4 , i>- 2 4 5 7 , 2 3 4 9 .

Youngstown Iron & Steel Co.— Bonds.—
S e o S h a ro n S teel H o o p C o . a b o v o .— V . 1 0 4 , p . 8 7 0 , 1 0 6 6 .

THE CHRONICLE

June 30 1917.J

m xc

< & o m m c v tu x l

'J p rn jes

COMMERCIAL EPITOME

Friday Night, June 29

1917.
Moro seasonable weather has helped the crops and stimu­
lated retail trado. Harvesting of winter wheat has begun in
Kansas and Ohio. Corn is generally doing well. Govern­
ment buying continues on a large scale and it undoubtedly
gives a powerful stimulus to many different manufactures.
W ith tho moving of the new crops, prices for food are in many
cases lower. M ilitary needs impart new activity to tho trade
in lumber, hardware and many other materials. The indus­
tries are going ahead at high pressuro in a hundred different
channels of activity. But for the scarcity of labor and of
raw materials, they would be even more active than they are.
Tho building trades have been helped by tho building of
cantonments for troops. There is a big demand for coal.
Collections at tho South are reported better, owing to the
high price of cotton. Car shortage is not so acute. M oney
is in good demand at easier rates. Tho fruit crops are larger,
vegetables are improving, and home gardens are said to be
playing an important part in supplying markets with vege­
tables in leading cities. H ay and grass crops over most of
tho country are looking well.
On tho other hand, there is
moro or less uneasiness over the question of Government con­
trol of such commodities as iron, wheat, steel, wool and coal.
Conjecturo is rife as to just how drastic tho control will bo,
especially in tho matter of fixing prices. This is to many
tho skeleton at the feast. Tho Liverpool Cotton Exchango
has re-opened, but under restrictions which exclude specula­
tion, and prices are to bo fixed daily by a committee of tho
Exchango. Government purchases of duck khaki, & c.,
have helped tho cotton mills, and they are making big profits.
But tho civilian clothing trade suffers, because so -many
thousands are donning army and navy uniforms. In other
words, thoro is a manifest tendency towards control of
different branches of trado at home and abroad, which,
while justifiable
in
theso
times of war, naturally
creates
a
feeling
of
uncertainty
and
uneasiness
throughout
largo
ramifications
of
business.
Furthermore, there is still a very noticeable tondency
towards economy, owing to the inordinate cost of living. It
is said that thoro is to be a return to tho 5-cont loaf in this
city, but prices of necessities often seem to advanco moro
readily than they decline. Once prices aro up tho small
dealer or retailer is apt to cling to them as long as possible.
Tho week’s failures, moreover, look rathor largo. Tho
condition of tho cotton crop is said to bo tho worst on record
for this timo of tho year. Tho plant is small and is reported
to bo two to four weeks lato, while drought provails in Texas.
Tho price during tho week has reached tho highest on record
on a gold basis. W ith tho big Government demand, it all
makes for dear clothing. Undoubtedly there is a spirit of
conservatism. Private business stands back, as Government
buying presses forward. But on the whole, tho business
situation is sound, all tho more so because a spirit of caution
is everywhere apparent.
L A R D lower; prime Western, 21.70c.; refined to the Con­
tinent, 22.30c.; South America, 23c.; Brazil, 24c. Futures
declined with grain and hogs and also because tho expected
demand from the Belgian Rolief Committee failed to appear.
An export embargo also is moro or loss feared. Liverpool
reports tho market thoro quiet with prices maintained.
To-day prices declined on liquidation and lowor prices for
hogs.

DAILY CLOSING PRICES OF LARD FUTURES IN C H I C A G O ’
Sat.
M on.
T u es.
W ed.
T h u rs.
b'ri.
July delivery_____ Ct8.21.57
21.50 21.10 21.22 21.25 21.05
September delivery-----21.80
21.75 21.35 21.47 21.50 21.27
P O R K firm; mess, $ 4 2 @ $ 4 2 50, clear $42 5 0 @ $ 4 4 50.
Beef products firm, mess $ 3 0 @ $ 3 1 ; oxtra India moss, $ 4 9 @
$50. Cut moats lower; pickled hams, 10 to 20 lbs., 2 0 H @
2 2 H ° 4 pickled bollies, 2 8 H @ 2 9 H c . Liverpool reported tho
market then dull, but steady, with supplios moderate, but
consumption limited. American holders aro firm and actual
clearances lighter. Butter, creamery, 3 8 H @ 3 9 c . Cheese,
Stato, 2 3 H e. Eggs, fresh,. 3 6 @ 3 7 c .
C O FFE E dull; N o . 7 Rio, 9 H e .; N o . 4 Santos, 1 0 @ 1 0 H c .;
fair to good Cucuta, 11 @ 1 1 H e . Futures declined, partly
owing to July liquidation, the unsatisfactory spot demand
and tho big crop. There is believed to be little likelihood of
tho Brazilian Government resorting to valorization as a
panacea. The total quantity in sight is 2,085,101 bags,
against 1,363,745 a year ago. Food control legislation is
certainly not a factor generally regarded as likely to cause
higher prices. To-day prices closed unchanged to 3 points
higher, with sales stated at 28,500 bags. Prices aro lower
for tho week. Closing quotations follow:

July___ cts.7.45@7.47 N o v e m b e r c t s 7 . 7 2 @ 7 . 7 3 March . . cts.7.91@7.92
August....... 7.55 («)7.56 Decombor— 7 . 76 @8.77 April......... . 7.96@7.97
Soptombcr . . 7.61@7.65 January-----7.81(3)7.82 May............ 8.01@8.02
October----- 7.68@7.69 Feb.............7.86@7.87
S U G A R higher; centrifugal, 90-degrees tost, 6.3 3c.; molassos, 89-degrees test, 5.5 8c.; granulated, 7 .5 0 @ 8 c .
Futures advanced in response to higher prices for raw on the
spot, and also on tlio idea that as tho weather is warmer, tho
consumption will increaso with the increased consumption of
fruits. The Cuban crop is estimated at about 3,000,000 tons.
Last week’s recipts at Cuban ports reached tho unexpectedly
largo total of 34,895 tons, against 35,367 in tho provious
week and 27,098 last year. Foreign demand is lightor. Tho




2657

domestic demand for granulated is beginning to increase.
To-day prices ended 1 to 6 points lower, with sales stated at
39,300 tons and leading Cuban operators buying. There is
a noticeable net rise for tho week. Prices follow:

July . cts 5.36(< 5.381November cts 5.53(5..r
'.55 March ...cts 4.8904.91
August . .5.4605.48 December 5.39(6 5.41 April______ 4.91@4.93
September..5.53@5.54 !January . cts.5.08@5.10 May______ 4.93@4.95
Gctober___ 5.53@5.54 IFebruary___ 4.89@4.91
O ILS.— Linseed firm; city, raw, American seed, $1 1 5 @
$1 17. City, boiled, American seed, $1 1G@$1 18; Calcut­
ta, $1 40. Lard, prime, $1 90. Cocoanut, Cochin, 19d.;
Ceylon, 18c.
Corn, 14.81c.
Palm , Lagos, 19c.
Soya
bean, 1 4 H @ 1 5 c . Cod, domestic, 8 4 @ 8 6 c . Spirits of
turpentine, 4 2 H @ 4 3 c . Strained rosin, common to good,
6.00c. Cottonseed oil lower on the spot at 15.85c. Closing
prices follow:

July cts. 1 5.85@ 15.88 IOct cts. 15.79© 15.801Jan
cts. 15.59@15.60
August . .15.85(6)15.86 iNovember. 15.56@15.57 February..15.60® 15.65
Sept..........15.81 @ 15.821December .15.57@ 15.601

P E T R O L E U M firm; refined in barrels, $10 2 5 @ $ 1 1 25;
bulk, $5 5 0 @ $ 6 50; cases, $12 7 5 @ $ 1 3 75. N aphtha, 73 to
76 degrees, in 100-gallon drums and over,'4 4 H e- 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 .
Scarcity of tonnage is delaying shipments. In the Eastern
field production makes a pretty good showing. Another
Wyoming gusher is reported. Mexico has removed the im­
port duty on gasoline. Southeastern Ohio fields show some
improvement. Things aro dull in the W est Virginia fields.

Pennsylvania dark S3 10 North Lima_____SI 88 Illinois, above 30
Uabell___________ 2 37 South Lima_____ l 88 degrees-----------SI 92
Mercer black____ 2 18 Indiana__________ 1 78 Kansas and Okla­
Crichton_______ 1 40 Princeton_______ 1 92 homa________ 1 70
Corning________ 2 46 Somerset, 32 deg.. 2 20 Caddo La., light.. 1 90
Wooster________ 2 18 Ragland________ 1 00 Caddo La., heavy. 1 00
Thrall................ 1 70 Electra_________ 1 70 Canada_________ 2 28
Strawn_________ 1 70 Moran_________ 1 70 Humble________ 1 00
..170
___Plymouth..___
1 88 Henrietta__
De Soto.
. 1 80
T O B A C C O has been quiet latterly, but firm , The cost
The crop
is so high that buying is within restricted limits
is lato. In Connecticut it looks as though it might be short.
Still it is a fact that the weather latterly has been more favor­
able. Possibly a pretty good crop may yet be raised. A t
the latest inscription mearly 4,000 bales of Sumatra were
soid here at prices ranging from $1 85 to $3 93 in bond.
Tho quality was good. Theso prices were higher than were
generally expected. New Cuban tobacco is in fair demand
at firm prices. The U . S. Government report said: “ Heavy
rains, accompanied by hail, delayed the resetting of to­
bacco in Wisconsin. Setting w as completed in Now Eng­
r
land, but is still in progress in Ohio. Cultivation is being
pushed in Kentucky, although rain is needed in this State,
and tho condition of the crop is only fair, and its condition is
fair in North Carolina, where some wilt was reported. It is
doing well in Virginia and Tennessee, but damage by cut­
worms was reported from tho first-named States, and it is
late in the latter.”
C O P P E R lower; Lake here on the spot, 3 0 H @ 3 1 H c .;
electrolytic, 3 2 H @ 3 2 H e * for third quarter, electrolytic,
3 0 @ 3 1 c . The Government is said to have bought 60 ,­
000,000 lbs. at 25 cents as a temporary .supply. It is in­
timated that later on much larger purchases will have to be
made, as the above quantity will be, it is said, to meet tho
requirements for only ono month. Tin lower; spot, 6 2 H @
62 H e. Latterly the tone has been firmer, and London has
also been steadier on the spot. Arrivals are 1,520 tons;
afloat 3,081 tons. Trado hero is, however, undoubtedly
quiet. Spelter lower at 9 @ 9 H e. It is believed that the
Government will have to re-enter the market in the future.
The last buying order from the source was for 10,000 tons.
Lead easier on the spot at l l H @ l l H e .
The Government
has bought a month’s supply at 8 cents, or, in other words,
8,000 tons, being the requirements for July. Business with
privato consumers has been dull. Pig iron has been in steady
domand. Constant advances in prices are powerless to
stop it. It is stated that tho Federal Government and their
Allies aro in negotiation for very large tonnages for which
prices will be fixed later. Largo quantities of Southern
basic have brought $50 Birmingham for the latter part of
1917 and the first quarter of 1918. Northern basic has been
$54 Valley. Generally pig iron has risen $1 to $3. It is
hinted that somo of the buying for 1917 delivery has been
on speculation. Also it is suggested that pig iron prices
may come under consideration in any plan to regulate steel
quotations. Meantime, however, the local demand for
pig iron is active. It is said that largo sales of Bssemer
had been made at $60 for extended delivery. Foundry iron
in the East is now $50 to $53 for N o . 2 X for any shipment.
Scrap iron is advancing.
S T E E L prices have been advanced by Government buying.
M ost of the business, in fact, is with the Government,
Private consumers cannot pay present prices, so they have
withdrawn. Cast iron pipe and sheet bars are $5 higher.
Y e t, the thought of a possible Government control of iron
and steel products is certainly a more or less disturbing
factor. There is a certain amount of uneasiness as to just
what the Government intends to do in the fixing of prices.
N ot a little business is being done on which action by the
Government as to prices is deferred. Large purchases have
been made of wire nails for the army at $3 20. Light rails
aro $5 higher at Chicago. Ship plates are in urgent demand
from Japan. In general it may be said that steel is very ac­
tive, but this is in a measure offset by the uncertainty as to
what prices the Government intends to pay.

[Vo l . 104.

THE CHRONICLE

2658

On Shipboard, Not Cleared fo r—

COTTON

Friday Night, June 29 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
65,302j bales, against 74,408 bales last week and 68,656
bales the previous week, making tho total receipts since
Aug. 1 1916 6,687,761 bales, against 6,931,522 bales for the
same period of 1915-16, showing a decrease since A u g. 1 1916
of 243,761 bales.
Sat.

Galveston_____
Texas City____
Aransas Pass,&c.
New Orleans___
Mobilo.............Pensacola_____
Jacksonville___
Savannah_____
Brunswick .
.
Charleston____
Wilmington___
Norfolk___ _
N’port Nows, &c
Now York___ Boston________
Baltimore_____
Philadelphia___
Totals this week.

M on.

2,886

—
—

T h u rs.

1,422

4,177

1,899

—

W ed.

T u e s.

2,954

—

—

—

F r i.

Total.

1,830 15,168
—

—

975
137

2,370
240

4.112
623

2,014
390

1,907
255

3,168 14,546
278 1,923

3,322
221
32
730

1,527
10
1,108

3,094
53
429

1,728
898
612

3,599
16
835

4,452 17,722
6,000, 6,000
72 1,264
l
33
1,159 4,873
117
117
44
594
3,062 3,062

203
—

8,506

117

30

200
—

—

—

7,154 12,688

—

7.094

——

—

9,677 20,183 65,302

The following shows the week’s total receipts, tho total
since Aug. 1 1916 and tho stocks to-night, compared with
last year:

1916-17.

Galveston______
Texas City_____
Aransas Pass, &c.
New Orleans. ..
Mobilo...............
Jacksonville____
Savannah. ____
Brunswick_____
Charleston_____
Georgetown___
Wilmington____
Norfolk________
Now York_____
Boston _ ______
Baltimore______
Philadelphia___
Totals_______

1915-16.

This Since Aug
Week.
1 1916.

Receipts to
June 29.

This Since Aug
Week.
1 1915.

Stock.

1917.
15,168 2,604,567 24,703 2,367,378 167,194
243,337
19,848
350 299,135
58,988
41,447
49,991
85,393
14,546 1,495,005 16,712 1,351,221 201,976
10,419
1,923 103,824 2,244 152,801
31,381
61,189
60,081
7,600
965 42,604
17,722 856,857 9,845 1,012,492
78,646
6,000 143,170 1,000 133,900
12,500
1,264 171,811
16,642
48 256,272
728
50,692
33
87,189 3,022 216,897
4,873 529,924 5,951 649,515 87,856
15,468
82,982
117
35,444
26,938
71,268
88,594 2,295
9,142
594
84,363
3,062 123,986
146 46,164
36,277
2,562
—
—
6,196
5,685
65,302 6,687,761 67,281 6,931,522 776,256

1916.
136,389
8,353
66
210,679
15,874
1,217
97.497
4,000
36,255
51,511
53,752
159,803
9,963
3,556
925
789,840

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:

1914.
1912.
1917.
1913.
1916.
1915.
Galveston__
15,168
11,753
5,504
24,703
15,632
6.920
731
TexasCity,&c
320
350
71
5,379
8,359
5,638
6,341
Now Orleans.
14,546
16,712
1,517
234
483
972
1,923
2,244
Mobilo_____
3,448
17,722
3,414
1,295
2,384
Savannah __
9,845
Brunswick
6,000
190
1,000
333
Charleston,&c
1,264
48
420
62
890
21
Wilmington. _
33
418
ill
392
3,022
Norfolk____
1,346
4,873
1,690
1,157
1,939
5,951
N’port N.,&c.
1J7
7,194
532
928
864
3,406
All others___
3,656
16,946
21,534
65,302
32,609
Total this wk.
67,281
27,800
Sinco Aug. 1. 6,687,761 6,931.522 10307767 10472891 9,668,737 11740587

Receipts at—

The exports for tho week ending this evening roach a total
of 39,054 bales, of which 12,194 were to Great Britain,
15,736 to Franco and 11,124 to other destinations. Exports
for tho week and since Aug. 1 1916 are as follows:
W eek ending June 29 1917.
Exported to —
E xports
from —

Great
Britain. F rance. Other.

Total.

From A u g . 1 1916 ot J u n e 29 1917.
E xported to —
Great
B rita in.

F ra nce.

935,787
78,617
40,667

136,718
115,532

4,786

216,196

10,950

10,950
8,203

550,519
65,911
36,676
161,102
121,131
16,307
5,000
54,512
913
162,577
106,400
146,448
36,253
148

3,991

Brunswick .
Charleston.

11,124 15,115

4,786

G alveston..
Texas C ity .
Port Arthur
Eagle Pass.
NewOrleans

8,203

N ’ p’ t News
New Y ork .
PhllaUel'ia .
P ortl'd, M e.
W ashlngt ’n
T otal____

129,349
19,355
47,066
243,289
18,939
2,384

Other.

Total.

480,709 1,553,214
28,725 222,874
10,667
500
500
241,224 1,007,939
66,311
400
100
36,776
106,443 396,894
121,134
19,207
2,966
80,736
56,381
1,300 102,878
913
269,057 674,923
3,173 128,512
4,446 153,178
40,830
4,577
148
178,935 178,935
366,118 366,118
150
150

12,194 15,736 11,124 39,054 2,518,971

928,828 1,745,138 5,192,937

7,539 47,824 133,526 2,599,395
1,778 31,423 58,266 3,747,265

837,505 2,085,048 5,521,948
656,149 3,744,101 8,147,517

T o t . '15-'16 78,163
T o t. ’ 14-’ 15 25.065

In addition to above exports, our telegrams to-night also
givo us the following amounts of cotton on shipboard, not
cleared, at tho ports named. W e add similar figures for
N ew Y o rk .




June 29 at—

Great 1
Britain. France.

Ger­
many.

Galveston___ 24,578 _____
Now Orleans.. 4,927 .........
__________

New York___
Other ports__
Total 1917..
Total 1916..
Total 1915..

!

Coast­
wise.

Total.

Leaving
Stock.

6,098
8,441

. . .

8,018
1,000 2,000
4,000 1,000
42,523 3,000
63,472 19,206
16,967 3,246

Other
Cont’t.

10 0
10 0

8,500 39,176 128,018
1,112 14,480 187,496
2,000 2.000 76,646
200
16,442
200
8,018
2,401
1,129 1,129 86,727
3.000 68,268
5.000 137,255
14,539 12.941 73,003 703,253
35,335 9,455 127,568 662,272
30,183 31,071 81,567 763,404

Speculation in cotton for future delivery has been small,
but prices havo risen to a new high level on persistent trade
demand and bad crop reports. The demand has come from
American, English, Canadian and Japanese sources. The
aim, it will bo readily understood, is to hedge against en­
gagements to supply tho several governments with large
quantities of goods in connection with the war. Also,
drought in Texas, Louisiana and parts of Oklahoma and
Georgia has played a part in raising prices. So has tho
gloomy tenor of many of the crop reports. They may havo been
exaggerated, as usual, but the general idea is that there is
large measure of truth in them. And certainly they liavb
caused a good deal of uneasiness. Various crop reports
havo appeared, all showing tho worst condition on record for
this time of tho year. For years past there has been an im­
provement in June. Sometimes it has been quite marked.
This year, if wo aro to accept the reports already published,
it will either be very small, reckoning from last m onth’s
condition of 6 9 .5 , or else there will actually bo some decrease
from that percentage, which was tho lowest on record. As
for tho acreage, there are all sorts of opinions on that ques­
tion. Our own investigations indicate that there will bo
a trifling increase. Some reports latterly published estimato
a decrease of 4 to 5 .1 % . It remains to bo seen what tho
Government figures will bo. One thing is clear onough.
That is that tho season is two to three weeks lato. Tho
plant is unusually small. It is said to havo a good tap root
inmany sections. If this is tho caso,it m ay yet have an im­
portant bearing on the size of tho crop. But just now every­
body is thinking of tho lateness of tho season, tho low con­
dition of the plant as it is generally reported, and tho posibility that tho crop may turn out to be a small one for tho
third year in succession. A t tho same time, tho American
consumption is largo, and tho prediction is that it will be
larger during tho season which will open in about a month.
Tho Government continues to buy large quantities of cotton
goods, and most people beliovo that it will continue to do so
from time to timo for an extended period. Meanwhilo, con­
tracts continue scarce. Tho sharp competition for them has
driven up tho price. A t tho same timo thero has beon more
or less speculation, as a matter of course. Wall Street, tho
W est and to somo extent the South havo been buying. Local
traders who have tried tho short side havo been frequently
forced to cover. Spot markots have been steadily rising.
Quito a little cotton has been coming hero for export. Ocean
freights from Now York to Liverpool aro 86 per 100 lbs. for
July and August sailings. It is supposed that tho Govern­
ment will havo the preference in tho use of ocean tonnago for
somo timo to como. It will want a good deal to transport
men, munitions and food. A t the samo timo, cotton, it is
maintained, is a necessity across tho water, and Liverpool
stocks aro down to an abnormally low stage. They must bo
replenished sooner or later. It is now stated that tho British
Government has decided to establish a board representing
all interests in the cotton industry for tho control of supplies
of tho raw articlo. Even so, it is urgod, tho Allies havo got
to havo American cotton. Exports are small, but it is bolioved that they aro larger than appears on tho surface.
On tho other hand, however, prices havo reacted from timo
to time on somo improvement in tho weather or from tins,
that or tho other cause. Rains in Texas and Georgia havo
had somo effect. Tho latest Government wookly weathor
roport was not so bad as many had expected. The consensus
is that tho plant, though small, is healthy, vigorous and woll
cultivated.
Somo think there is still a chance to
raise a
pretty
good
crop.
They
argue
that
if
the foreign market is to be curtailed, oven a yield
of 12,000,000 to 13,000,000 bales might prove moro or
less burdensome. On Thursday it was announced that tho
Liverpool Exchange will be reopened to-day under con­
ditions which will eliminate speculation. Old speculative
engagements may be liquidated, but no new ones entorod
into. Spinners and importers will bo allowed to hodgo, but
prices, it appears, vill bo fixed daily by a committoo of the
Liverpool Exchange. Presumably, this means that a
maximum prico will bo fixed. In any case, it looks as though
a quiotus will be put on tho sensational advances, which havo
recently characterized that markot, and havo dono so much
to hasten tho rise in Now York. Mindful of all this, thero
was considerable long liquidation. On Thursday thoro was
also a rumor that tho Government had fixod a prico on wool.
Tho inforonco drawn was that it will bo only a stop to fix a
prico on cotton. This, undoubtedly, causod moro or loss
soiling for a time.
Then it was announced that tho
Government has simply askod somo Boston firms to namo
a prico on wool waste.
It was also stated that a com­
mittee of Boston merchants had como to Now York to
fix a prioo at which wool waste will be offorod to tho G ov -

ernraent. It seems reasonable to suppose, however, that
no exorbitant price will be tolerated for this article. Some
thought the incident suggestive. Also it is maintained
that the cotton crop prospects of late has in some sections
improved. To-day prices wero irrogular. They advanced
early, then reacted sharply only to rally again, leaving net
changes for tho day slight. Liberpool reopened under re­
stricted trading, which excludos speculation. A committee
of the Exchange fixes prices daily, based on those current
in tho Southern States, though it roserves the right to fix
them on a lower basis. Trading will be confined entirely
to hedging in transactions relating to tho legitimate cotton
trade. The trading hero was the smallest for some time
past. Tho developments in Liverpool undoubtedly acted
as a damper. Some leading bulls wore understood to have
sold out or to have reducod their lines on tho eve of the
Government roport on M onday. Beneficial rams fell in
the eastern sections, but drought was still reported over
part of Texas.
In tho afternoon covering of shorts and
some renewal of trade buying, together with a cessation ot
liquidation, caused tho rally mentioned. Middling upland
closed 27.15c., showing an advance for the week of 60
P°Tho official quotation for middling upland cotton in the
Now York market each day for the past week has been:
June 23 to June 29—
Sat. Mon. Tues. Wed. Thurs. Fri.
Middling uplands............. ...27.15 25.60 27.15 27.40 27.15 27.15

N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
Tho quotations for middling upland at New York on
June 29 for each of tho past 32 yoars have been as follows:

1917-C-. ...27.15
1910----- ...13.15
1915----- . . . 9.60
1914___ ...13.25
1913___ . . . 12.50
1912___ ...11.65
1911___ ...14.80
1910___ ...15.05

1909-c..
1908___
1907___
1906___
1905___
1904___
1903___
1902___

-.12.00
...11.50
...13.25
. . . 10.80
. . . 9.90
...10.85
...13.25
. . . 9.25

1901.0—
1900.......
1899.......
1898.......
1897___
1896___
1895___
1894.......

. . 8.81
..10.00
. . 6.06
. . 6.38
. . 7.81
. . 7.44
. . 7.00
. . 7.25

1893.c .. . . . 7.88
1892___ . . . 7.38
1891___ . . . 8.38
1890___ ...12.00
1889___ ...11.00
1888___ __ 10.19
1887___ ...10.94
1886----- . . . 9.38

M A R K E T A N D SA LES A T N E W Y O R K .
Spot M a rket
Closed.

Saturday__
Monday__
Tuesday__
Wednesday.
Thursday ..
Friday____
Total.

Futures
M a rket
C losed .

Steady, 60 pts. adv.
Quiet, 55 pts. dec..
Quiet, 55 pts. adv..
Quiet, 25 pts. adv..
Quiet, 25 pts. dec..

Irrogular_____
Irregular ____
Steady_______
Steady______.'.
Irregular_____

SALES.
S p o t.

Contract

Total.

::::
—

::::
___
— -

Saturday, M on d ay, Tuesday, W ed'day, Thursd'y, F riday,
June 23. June 25. June 26. June 27. June 28. June 29.

....

W eek.

July —

Range....... 26.35-.88 25.94-.60 25.85-/91 20.80-.28 26.58-.il 26.55-.95 25.85-128
Closing___ 20.77-.78 25.96-.00 26.65-.67 26.90-.93 26.75 — 26.76 — —
Range___ 26.62-.79 26.36-.51 26.15 — 27.02 — 20.60-.10 26.70-.82 26.15-.10
Closing___ 26.70-.74 25.96-.00 26.68 — 26.90 — 26.78-.83 26.81-.83 —
September —
Range___ -- -- -- 26.25 — 26.00-.07 26.75-.05 26.95 — -- _ -- 26.00-105
_
Closing_ 26.72 — 25.94 — 26.57 — 26.69 — 26.54 — 26.51 — —
October—
25.82-i00
Range....... 26.48-.78 25.82-.50 25.90-.70 26.55-.00 26.15-.84 26.16-.65 —
Closing_ 26.63-.67 25.82-.88 26.44-.45 26.58-.60 26.42-.47 26.39-.40
_
Novem ber —
Range___
Closing_ 26.65 — 25.85 — 26.47 — 26.61 — 26.45 — 26.42 — -- -- -_
December—
Range....... 26.65-.94 25.96-.60 26.12-.83 26.65-. 14 26.30-.00 26.30-.75 25.96-114
Closing_ 26.73-.77 25.96-.99 26.56-.58 26.70- .74 26.59-.62 26.54-.66 —
_
January—
26.03-118
Range___ 26.70-.98 26.03-.67 26.19-.88 26.75-.18 26.35-.99 26.36-.84 —
_
Closing_ 26.81-.83 26.03-.07 26.63-.66 26.75-.76 26.64-.65 26.64-.66
March —
26.20-137
Range___ 26.84-. 12 28.20-.9C 26.37-.00 27.00-.37 26.70-.19 26.66-.91 —
Closing___ 26.99-.00 2G.20-.25 26.81-.82 26.93-.95 26.80-.81 26.81 —
A u yu st —

M ay—

26.93 — 26.54-.45
Itango___ 26.94-.25 26.72-.95 26.54-.05 27.35-.45 —
—
C l o s i n g ___ 27.12-.14 26.32-.37 26.92-.94 27.05 — 26.92 — 26.02 —
1 27c.

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
Now Orleans cotton market for tho past week have boon as
follows:
Saturday, M o n d a y , Tu esda y, W ed'dau, Thursd'y, F rid a y,
Jun e 23. J une 25. Jun e 26. Jun e 27. J une 28. J u n e 29.
June —

Range.........
Closing.........
Range -------Closing.........
A u q u st —
Closing_____
Septem ber —
Closing_____
October—
Range _____
Closing_____
D ecem ber —
Range _____
Closing__
J anuary —
Range .........
Closing-------M a rch —
Range _____
Closing-------M ay—
Range -------Closing-------Tone —
Spot_______
Options____
July —




T H E V I S I B L E S U P P L Y O F C O T T O N to -n ig h t, a s m a d e
u p b y c a b l e a n d t e le g r a p h , is a s f o l l o w s .
F o r e ig n s to c k s ,
a s w e ll a s t h e a f lo a t , a r e t h is w e e k ’ s r e t u r n s , a n d c o n s e q u e n t ly
a ll fo r e ig n fig u r e s a r e b r o u g h t d o w n t o T h u r s d a y e v e n in g .
B u t t o m a k e th e t o ta l th e c o m p le te fig u r e s f o r t o -n ig h t
(F r id a y ), w e a d d th e ite m o f e x p o r ts fr o m th e U n ite d S ta te s ,
in c lu d in g in it t h e e x p o r t s o f F r id a y o n ly .
June 20—
1917.
1916.
1915.
1914.
S to c k a t L i v e r p o o l ________ b a le s . 4 0 1 ,0 0 0
6 5 8 ,0 0 0 1 ,7 4 0 ,0 0 0
9 3 5 ,0 0 0
S to c k a t L o n d o n ...............................
2 5 ,0 0 0
3 8 ,0 0 0
4 2 ,0 0 0
5 ,0 0 0
S to c k a t M a n c h e s t e r ______ ______
3 1 ,0 0 0
5 2 ,0 0 0
1 4 4 ,00 0
7 7 ,0 0 0
T o t a l G r e a t B r ita in ____________
S to c k at H a m b u r g _______________
S to c k a t B r e m e n _________________
S to c k a t H a v r e __________________
S to c k a t M a r s e ille s ..........................
S to c k a t B a r c e l o n a ______________
S to c k at G e n o a __________________
S to c k a t T r ie s te ...............
T o t a l C o n tin e n ta l s t o c k s ________

4 5 7 ,0 0 0
* 1 ,0 0 0
* 1 ,0 0 0
191,000
7 ,0 0 0
9 3 ,0 0 0
2 9,0 00
* 1 ,0 0 0
3 2 2 ,0 0 0

7 4 8 ,0 0 0 1 ,9 2 6 ,0 0 0 1 ,0 1 7 ,0 0 0
* 1 ,0 0 0
* 4 ,0 0 0
3 9 ,0 0 0
* 1 ,0 0 0 *1 8 2 ,0 0 0 3 9 3 ,0 0 0
2 6 1 ,0 0 0
3 0 2 ,0 0 0 2 8 6 ,0 0 0
1 3,0 00
1 8,000
3 ,0 0 0
a 7 2 .0 0 0
5 1 ,0 0 0
3 1 ,0 0 0
142 ,00 0
4 1 1 ,0 0 0
2 8 ,0 0 0
* 1 ,0 0 0
* 3 ,6 0 0
5 8 ,0 0 0
4 9 1 ,0 0 0

9 7 1 ,0 0 0

8 3 8 ,0 0 0

T o t a l E u ro p e a n s t o c k s -------------- 7 7 9 ,0 0 0 1 ,2 3 9 ,0 0 0 2 ,8 9 7 ,0 0 0 1 ,8 5 5 ,0 0 0
In d ia c o t t o n a flo a t fo r E u r o p e ____
3 3 ,0 0 0
5 1 ,0 0 0
8 7 ,0 0 0
2 1 2 ,0 0 0
A m e r . c o t t o n a flo a t fo r E u r o p e ..
9 1 ,0 0 0
3 4 2 ,4 4 0
197 ,27 5
1 59,878
E g y p t,B ra z il,& c.,a flo a t fo r E u r ’p e
3 5 ,0 0 0
2 2 ,0 0 0
22,0 00
3 6 ,0 0 0
S to c k in A le x a n d ria , E g y p t ............
9 6,0 00
3 4 ,0 0 0
165 ,00 0
138 ,00 0
S to c k in B o m b a y , I n d ia ---------------- 9 3 6 ,0 0 0
8 7 9 ,0 0 0
9 1 8 ,0 0 0
9 3 4 ,0 0 0
S to c k in U . S . p o r t s ----------------------- 7 7 6 ,2 5 6
7 8 9 ,8 4 0
8 4 5 ,03 1
3 3 5 .8 6 3
S to c k in U . S . in te rio r t o w n s ____ 5 7 7 ,6 0 9
4 7 5 ,3 1 9
5 2 8 ,7 5 3
1 7 4 ,65 2
U . S . e xp o rts t o - d a y . ............. ............
8 ,2 0 3
11,0 57
12,2 50
2 ,1 4 7
T o t a l vis ib le s u p p ly .........................3 ,3 3 5 ,0 6 8 3 ,8 4 3 ,6 5 6 5 ,6 7 2 ,3 1 9 3 ,8 4 7 ,5 4 0
O f th o a b o v e , to ta ls o f A m e r ic a n a n d o t h e r d e s c r ip tio n s are as fo llo w s

Am erican—

L iv e r p o o l s t o c k . ............. . . . b a l e s .
M a n c h e ste r s t o c k __________________
C o n tin e n tal s t o c k ___________________
A m e rican a flo a t fo r E u r o p e ______
U . U . p o rts s t o c k s ......................
U . S . in te rio r s t o c k s ......................
U . S . e xp o rts t o - d a y ____________

2 9 9 ,0 0 0
1 9,000
*2 6 0 ,0 0 0
9 4,0 00
7 7 6 ,25 6
5 4 7 ,60 9
8 ,2 0 3

5 3 6 ,0 0 0 1 ,4 7 6 ,0 0 0
4 4 ,0 0 0
126 ,00 0
* 3 8 9 .0 0 0 *7 8 8 .0 0 0
3 4 2 ,4 4 0
197 ,27 5
7 8 9 ,8 4 0
8 4 5 ,03 1
4 7 5 ,3 1 9
5 2 8 ,75 3
11,0 57
12,2 50

7 2 3 ,0 0 0
5 2 ,0 0 0
6 9 1 .0 0 0
159 ,87 8
3 3 5 ,8 6 3
1 7 4 ,65 2
2 ,1 4 7

T o t a l A m e r ic a n ________________ 2 ,0 3 1 ,0 6 8 2 ,5 8 7 ,6 5 6 3 ,9 7 3 ,3 0 9 2 ,1 3 8 ,5 4 0

East Indian, Brazil, & c .—

L iv e r p o o l s t o c k ......................................
L o n d o n s t o c k ______________________
M a n c h e ste r s t o c k __________________
C o n tin e n ta l s t o c k __________________
In d ia a flo a t fo r E u r o p e ___________
E g y p t , B ra zil, & c ., a f lo a t ________
S to c k in A le x a n d ria , E g y p t ______
S to c k in B o m b a y , In d ia __________

1 02,000
2 5,0 00
1 2,0 00
* 6 2,0 00
3 3,0 00
3 5 ,0 0 0
7 6 ,0 0 0
9 3 6 ,0 0 0

„

1 2 2 ,00 0
2 6 4 .0 0 0
3 8 ,0 0 0
4 2 ,0 0 0
8 ,0 0 0
1 8,0 00
*1 0 2 ,0 0 0 *1 8 3 ,0 0 0
5 1 ,0 0 0
8 7 ,0 0 0
2 2 ,0 0 0
2 2 ,0 0 0
3 4 ,0 0 0
165 ,00 0
8 7 9 ,0 0 0
9 1 8 .0 0 0

2 1 2 ,0 0 0
5 ,0 0 0
2 5 ,0 0 0
147 ,00 0
2 1 2 ,0 0 0
3 6 ,0 0 0
1 3 8 ,00 0
9 3 4 .0 0 0

T o t a l E ast In d ia , & c ...................... 1 ,3 0 1 ,0 0 0 1 ,2 5 6 ,0 0 0 1 ,6 9 9 ,0 0 0 1 ,7 0 9 ,0 0 0
T o t a l A m e r ic a n .............................. 2 ,0 3 1 ,0 6 8 2 ,5 8 7 ,6 5 6 3 ,9 7 3 ,3 0 9 2 ,1 3 8 .5 4 0

F U T U R E S .— The highost, lowest and closing prices at
New York for tho past week have been as follows:

/2 6 c .

2659

THE CHRONICLE

J u n e 30 1917.]

25.70-.80 24.70-.75 _ _ _ _______ _______ —
25.71-.90 24.80-.51 25.00— 25.68-20 25.89-.15 25.50—
00
70
25.75-.88 24.80-.84 25.57-.59 20.10— 25.91— 26.01-.05
20
90
_______ 25.79-.20
25.90 — 25.30-.39
25.90-.00 24.85-.95 25.62-.68 26.00-10 25.80-.85 25.85-.95
95
95
26.15-.25 25.15-.20 25.90— 26.09-15 25.91— 25.87-.90
87
80
19
25.70-.07 24.90-.77 25.10— 25.70— 25.31-.22 25.43—
73
25.95-.01 24.95-.97 25.70-72 25.89-.97 25.71— 25.67-.69
89
40
40
26-00-.24 25.10-93 25.56-.06 25.98— 25.51— 25.51—
92
10
26.15-.20 25.16-18 25.90-92 26.09— 25.90— 25.87-.69
60
26.25-.40 25.35-.08 25.56-.29 26.00— 25.78-.47 25.86-.31
09
10
26.31-.35 25.35-.37 26.09-.il 26.35-.38 26.08— 26.07—
O26.04—
38
26.30-.52 25.93-.03 25.72-.25 26.37-.68 25.82-.S
23
26.46-.50 25.44-45 20.19-21 26.45-.47 26.21— 26.17-20
26.56-.60 25.55-.60 26.29-.32 26.55-.60 20.32-.36 26.31-34
Firm. Steady. Steady. Steady. Steady. Steady.
Steady. Ba’ly sty Steady. Strong. Steady. Ba’ly sty

T o t a l v isible s u p p ly _____________ 3 ,3 3 6 ,0 6 8 3 ,8 4 3 ,6 5 6 5 ,6 7 2 ,3 0 9 3 ,8 4 7 .5 4 0
M id d lin g U p la n d, L iv e r p o o l______
1 9 .4 5 d .
8 .1 6 d .
5 .2 0 d .
7 .4 6 d .
M id d lin g U p la n d . N e w Y o r k ------2 7 .1 5 c .
1 3 .1 5 c .
9 .6 0 c .
1 3 .2 5 c .
E g y p t , G o o d B ro w n , L i v e r p o o l . . 2 9 .6 0 d .
1 2 .3 0 d .
7 .2 5 d .
9 .6 0 d .
P e ru v ia n , R o u g h G o o d , L iv e r p o o l 2 5 .0 0 d .
1 3 .7 5 d .
1 0 .7 5 d .
8 .8 5 d .
B r o a c h , F in e , L iv e r p o o l__________
1 8 .8 0 d .
7 .9 0 d .
5 .1 0 d . 6 3 -1 6 d .
1 8 .9 8 d .
7 -9 2 d .
5 .2 2 d .
6H d.
T in n o v e lly , G o o d , L iv e r p o o l____
* E s tim a te d , a R e v ise d .
C o n t in e n t a l im p o r ts fo r p a s t w e e k h a v e b e e n 5 8 ,0 0 0 b a le s .
T h e a b o v e fig u r e s fo r 1 9 1 7 s h o w a d e c r e a s e fr o m la s t w e e k
o f 1 1 2 ,0 2 7 b a le s , a lo s s o f 5 0 8 ,5 8 8 b a le s f r o m 1 9 1 6 , a d e c lin e
o f 2 ,3 3 7 ,2 4 1 b a le s f r o m l 9 1 5 a n d a fa llin g o f f o f 5 1 2 ,4 7 2 b a le s
fr o m 1 9 1 4 .
A T T H E I N T E R I O R T O W N S ’ t h e m o v e m e n t — t h a t is ,
t h e r e c e ip t s f o r t h e w e e k a n d s in c e A u g . 1 , t h e s h ip m e n t s f o r
th e w e e k a n d th e s t o c k s it o -n ig h t , a n d th e s a m e ite m s f o r th e
c o r r e s p o n d i n g p e r i o d o f t h e p r e v io u s y e a r — is s e t o u t in
d e ta il b e lo w .
M ovem ent to June 29 1917.
T ow ns.

R eceipts.
W eek .

Season.

S hip-

Stocks.
June

W eek.

29.

M ovem ent to June 30 1916.
R eceipts.
W eek .

Season.

S hip-

Slocks

W eek.

30.

r
17,795
7,146
9,891
754 19,544
1,061 126,016 1,674 44,840
59,178
122
576 16.745
172
1,723
52,335
419 2,720
1,192 3,898
2
594 170,119
2,545 14,933
1,850 10,955
1,338 20,000
1,729 7,758
265 111,641
832
21,327
229
53
9
804
2,000 10,726
410 122,578
1,700 11,550
4,849 175,308
9,783 38,122
8,619 44,357
11,055 40,645
1,238 384,502 4,292 76,555
65,109 2,940 18,614
1,325 5,035'
125
2,136 12,088'
79
44,681
280 4,872
924 3,296|
64,357
440
627 4,787
41 119,435 1,788 5,944
494 5,408
94
17,200
192
347
691
1,822
62,827
25
247 3,400
1,000 14,000
500 107,699
381 6,314
800 16,000
52,465 2,144 7,717
556
620 4,879
274
24,619
367 3,312
528 4,421
141
26,887
116
871
248
456
30,164
366 4,155
289 2,942
6,201 724,455 6,631 12,254
16,868 15,804
847 101,215 1,497 10,041
900 5,700
13,644
111
27
275
50
84
3,557 15,802
4,529 277,351 4,571 12,258
2
1,000
44,965
62
300
995
90,749
350
800
39
815 3,522
54
12,615
28.779
1,099
9
3,036
1,940 17,603
1,237 139,094) 2,396 12,401
1 9 ,1 3 1 ...........
101 2,000
3,978
3,534 955,496 8,457 77,714
22,113 225,784
6,684
--------1
297
1,066
200; 1.000
69,405
77
20,512
54
155
195
669
27,976
19
426
98,986
891
1,573 4,488
1,629 7,647
29,261
SO
71
14,768 55,284 14,199 2,072,837 20,088 41,549
100
147 2,872
95,758
100
450
50 ............
51,082
87
5
Total, 41 towns 54,427 7.883,524101.220577.609 42,522 6.736.264! 76.851 475.319
N o te .— Our Interior Tow ns T able has been extended by the addition o f 8 towns.
This has made necessary the revision o f the Visible Supply Table and a number
of other tables.
t
#

Ala., E u fau la..
9,870
M ontgom ery..
46,361
518
22
Selma..............
21,757
73,699
Ark., Helena*.
90
Little R o c k ..
662 234,133
Pine B luff___
200 152,806
19,202
G a., A lb a n y ...
0
710 103,343
Athens______
4,054 325,551
Atlanta...........
1,006 373,943
Augusta-------62,352
60
Columbus-----1,152 170,899
M acon............
59,214
276
R om e..............
37 149,235
La., Shreveport
7,071
Mlss„Columbus
31
Greenville . . .
56,250
Greenwood_
_
300 113,354
M erid ian -----729
24,188
34,772
N atch ez-------20
Vicksburg-----16,617
399
19,218
Yazoo C ity . .
M o ., St. Louis. 16,189 873,094
82,758
N .C .,G r’nsboro
600
12,120
312
O ., Cincinnati.
3,859 183,158
52,543
Okla., Ardmore
81,339
C h ickash a___
150
29,597
H ugo------------39,968
O k la h om a_
_
499
775 144,380
S .C ., Greenville
16,432
Greenwood_
_
Tenn.,Memphis 11,780 1,304,000
2,370
Nashville____
62,158
T ex., A b ilen e..
24,210
48
B ren h am ___;
44,006
3
Clarksville___
875 128,703
D allas_______
39,649
Honey G rove.
8.647 2,501,034
H ouston_____
405; 144,54S
Paris________
13
43,622
San A n to n io ..

The above totals show that the interior stocks have de­
the week 46,793 bales and are to-night 102,290
bales more than at tho same time last year. The receipts at
all towns have been 11,905 bales more than the same week
last year.

creased during

«660

THE CHRONICLE

O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
S IN C E A U G . 1.

------1916-17

Jun e 29—
Ship p ed —•

W eek .

Via St. Louis........... ..........
Via Mounds, &c_________
Via Rock Island_________
Via Louisville___________
Via Cincinnati___________

Since
A u g . 1.

10,868 860,229
2,485 208,823
6,608
1,989 121,280
807
63,423
5,381 349,773
5,918 743,717
33,448 2,419,853
D educt sh ip m en ts3,656 253,709
2,819 159,929
12,779 483,815
19,254 897,453
14,194 1,522,400
* Including movemont by rail to Canada.

-1915-16-----Since
A u g . 1.
6,631 729(338
978 316,101
25
0,981
814 144,308
2,010 138,040
1,961 163,004
13,984 045,803
26,409 2,144,895
2,441 160,027
3,140 189,203
11,433 310,778
17,014 660,008
9,395 1,484,887
W eek.

The foregoing shows the week’s net overland movement
has been 14,194 bales, against 9,395 balos for the week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 37,513 balos.

-— -1916-17------- ------- 1915-16—
Since
Since
W eek .
A u g . 1.
W eek .
A u g . 1.
Receipts at ports to Juno 29........ 65,302 6,687,761
67,281 6,931,522
Not overland to Juno 29......... . 14,194 1,522,400
9,395 1,484,887
Southern consumption to Juno 29 - 91,000 3,963,000 86,000 3,671,000
- 170,496 12,173,161 162,076 12.087,409
-*46,793
223,875 *34,329
al,858
-123,703
128,347
12,397,036
12,085.551
North, spinners’ takings to Juno29 68,422 2,867,770
9,749 3,104,832
* Decrease during week, a Less than August 1.
I n Sight and S pin ners’
Takirigs.

M ovem ent into sight in previous years:

_
Week —
Bales. Since A u g . 1—
Hales.
1915—July 2...........................79,706 1914-15—July 2........... .15,008,084
1914—July 3......................-..66,043 1913-14—July 3_______ 14,653,752
1918—July 4 - - - ..................... 65,126 1912-13—July 4_______ 13,785,699
Q U O T A T IO N S FO R M I D D L I N G C O T T O N A T O T H E R
M ARKETS.
C lo s in g
W e e k e n d in g
J u n e 29.

Galvoston____
New Orleans__
Mobile_______
Savannah ____
Charleston____
Wilmington___
Norfolk___ _
Baltimore____
Philadelphia__
Augusta______
Memphis_____
Dallas ......... .
Houston______
Little Rock___

Q u o ta tio n s f o r

M i d d lin g

C o lto n o n —

S a tu rd a y, M o n d a y . T u e s d a y . W e d ’ d a y . T h u r s d ’y .

26.45
25.25
25.00
26 y2
26
20
20.13
20.00
27.40
26.25
25.50
26.40
2525

25.80
25.25
25.00
26 X
20
25 Vs
25.88
20.50
26.85
20.13
25.50
25.10
25.60
25.25

26.30
25.50
25.25
2644
26
26
26.25
20.50
27.50
26.38
25.75
25.80
26.20
25.50

26.50
25.88
25.38
i r

20
26.50
26.75
27.65
26.50
26.00
26.05
26.20
26.00

26.50
20.00
25.50
26 l
A
26
26
26.25
26.75
27.40
26.50
26.00
25.85
26.00
25.75

F r id a y .

26.50
26.00
25. 75
26J4
26
26
26.25
26.75
27.40
26.38
26.00
25.85
26.00
25.75

L IV E R P O O L C O T T O N E X C H A N G E T E M P O R A R ­
IL Y C L O S E D .— On Wednesday, Juno 20, the Now York
Cotton Exchange was advised of the temporary suspension in
dealings in futuros on the Liverpool market in the following
cablegram: “ Pending consultation to-morrow with the Presi­
dent of the Board of Trade and in accordance with his wishes,
the directors have decided that the futures markets, both
American and Egyptian, bo closed temporarily.” As a
result of the consultation tho Board of Trade issued on tho
28th an order under the Defense of tho Realm A c t, forbid­
ding, oxcopt under licenso, any purchaso or salo of raw
cotton. Following this, the Liverpool Cotton Association
at a mooting held the same day adopted its now rules regu­
lating trades in futures, which honceforth is to bo confined
to buying by spinners or importers against sales of actual
cotton. “ Straddles” or speculative dealings are forbidden.
The prices of futures will bo advanced or reduced from time
to timo by tho committeo on tho basis of prices prevailing in
the Southern States of tho United States for American futures
and in Alexandria for Egyptian futuros. Tho futuros market
reoponed this morning at fixed prices, which wore thoso pre­
vailing at tho close on tho 20th.
(
$
llA V RE C O T T O N A lA R l^B ’l1 C L O S E D .— .According to
an announcement from tho Department of Commerco, the
cotton futures market at Havre has been closed. Under
dato of Juno 26 tho Department published the following
cable from tho American Consul at Havre: “ Governmental
docroe closes temporarily from to-day Havro cotton future
m arket and forbids publication of local cotton quotations.”
y W U A 'i l li E R K F P O lt'l's B Y T E E l' g R A P II.— Our tel~
graphic advices this evening from tho South aro on the whole
favorable. Bonoficial rains havo fallen in many sections and
an improvement in tho crop is notod, but so mo districts are
still in need of moisture. From Texas wo are advised that
much of the State has boon benefited by rain but that in
other localities the drought is unbroken.
Galveston, Tex.— Precipitation occurring in tho central por­
tion of the Stato and in different localities in the Southwest­
ern section was beneficial for cotton, but in some places was
insufficient to break tho drought. The plant is standing
tho drought well but is not making much headway and lateplanted cotton is dying out in some localities. It has
rainod on two days of tho week, tho rainfall reaching sixtyfour hundredths of an inch.
The thormometor has aver­
aged 82, tho highest being 88 and tho lowest 76.
Abilene, Tex.— Dry all tho weok. The thermometer has
avoraged 82, tho highest boing 98 and tho lowest 66.




(V©L. 104

Brenham, Tex.— Thero has been rain on four days during
tho week, the rainfall boing seventy-two hundredths of an
inch. Thormometor has ranged from 72 to 99, averaging 86.
Brownsville, Tex.— Dry all the week. Minimum ther­
mometer 74, highest 96( average 85.
Dallas, Tex.— Wo have had rain on two days during the
weok, tho rainfall being forty-four hundredths of an inch.
Tho thermometer has ranged from 70 to 97, averaging 84;
Fort W orth, T ex. — It has rained on two days of tho week,
the precipitation being one inch and sevonty-six hundredths.
Average thermometer 82, highest 96, lowest 68.
Henrietta, Tex.— Wo have had rain on one day tho past
week, tho rainfall being one inch and twenty-five hundredths.
The thermometer has averaged 83, the highost boing 104
and tho lowest 61.
Kerrville, Tex.— Wo have had rain on one day during the
week, tho rainfall being one inch and sixty hundredths. Tho
thermometer has ranged from 64 to 97, averaging 86.
Lam-pasas, Tex.— Wo havo had rain on one day during tho
week, to tho extent of forty-five hundredths of an inch.
Average thermometer 85, highest 102, lowest 62.
Longview, Tex.— Wo havo had no rain tho past week. Tho
thormometor has averaged 87, tho highest being 101 and
tho lowest 72.
Nacogdoches, Tex.— Thero has been no rain during tho
week. Tho thermometer has ranged from 67 to 95, aver­
aging 81.
Palestine, Tex.— It has rainod on ono day of tho week, tho
rainfall reaching sixty-eight hundredths of an inch. Mini­
mum thermometer 70, highest 96, averaging 83.
San Antonio, Tex.— It has rained on one day of tho week,
tho rainfall roaching two hundredths of an inch. The thormometer has avoraged 84, ranging from 70 to 98.
Weatherford, 'Tex.— There has been no rain during tho week.
Tho thermometer has ranged from 69 to 100, averaging 85.
Ardm ore, Okla.— Tho week’s rainfall has beon sixty-oight
hundredths of an inch, on five days. Averago thormometor
81, highost 101 and lowest 62.
Eldorado, A r k . — Wo have had rain on one day of tho past
week, tho rainfall being seventy hundredths of an inch. Tho
thermometer has averaged 82, ranging from 67 to 97.
Little Bock, A rk . — Wo have had rain on two days during
tho week, tho rainfall boing sixteen hundredths of an inch.
The thermometer has ranged from 68 to 92, averaging 80.
Neiv Orleans, L a . —There has been rain on two days of tho
weok, to tho extent of ono inch and ninety-ono hundredths.
The thermometer has averaged 82, the highest being 92 and
the lowest 72.
Alexandria, L a . — We have had rain on two days of the
week, tho rainfall reaching ninety hundredths of an inch.
Tho thermometer has averaged 83, ranging from 68 to 98.
Shreveport, L a . —There has been a trace of rain on ono day
during the week. The thermometer has ranged from 71 to
96, averaging 83.
Columbus, M is s . — Wo have had rain on ono day during
tho week, to tho extont of fifty-sevon hundredths of an inch.
Averago thermometor 85, highest 103, lowest 67.
Vicksburg, M is s . — Rain has fallou on two days during tho
weok, tho precipitation reaching twenty-four hundredths of
an inch. Tho thermometor has averaged 80, ranging from
68 to 93.
M obile, A la . — Several heavy rains and many scattered
showers in tho interior havo improved tho condition of cot­
ton. Tho plant is now growing and fruiting nicoly. Wcovils
aro making slow progress. Thore has been rain on two days
during tho week, to the extent of eleven hundredths of an
inch. Thermometer has ranged from 69 to 96, averaging 81.
Selma, A la . — Wo havo had rain on two days during tho
week, the preceipitation being ono inch and oighty hun­
dredths. Tho thermometer has averaged 82, tho highost
boing 96 and tho lowest 69.
M ad ison, Fla.— Wo havo had rain on three days of tho
week, the rainfall reaching ono inch and forty-live hun­
dredths. Tho thermometer has averaged 81, ranging from
69 to 95.
Albany, Ga.— It has rained on two days of tho week, the
rainfall reaching twenty-five hundredths of an inch. Mini­
mum thermometer 85, highest 102, average 68.
Atlanta, Ga.— Thero has been rain on ono day of tho week,
to the extent of thirteen hundredths of an inch. The ther­
mometer has avoraged 80, tho highost being 95 and tho
lowest 65.
Savannah, Ga.— Rain has fallen on ono day during tho
weok, tho precipitation reaching one hundredth of an inch.
Thermometor has averaged 81, ranging from 68 to 95.
Charleston, S. C .— There lias been ram on ono day during
tho weok, to tho extent of ono hundredth of an inch. Tho
thermometer has ranged from 75 to 87, averaging 81.
Greenville, S. C.— It has rained on ono day of tho weok,
tho rainfall roaching eleven hundredths of an inch. Tho
thermometer has averaged 80, ranging from 60 to 100.
Charlotte, N . C.— Thero has beon rain on two days of tho
week, to tho extont of ono inch and thirty hundredths. Tho
thermometer has avoraged 80, ranging from 67 to 94.
Weldon, N . C.— There has been rain on four days during
tho week, tho rainfall being twenty hundredths of an inch.
The thermometer has ranged from 62 to 100, averaging 81.
M em ph is, Term.— Weather dry, hot and forcing, and
cotton shows much improvement. Wo havo had no rain
during tho weok. Tho thormometor has avoragod 82, tho
highost boing 94 and tho lowest 72.

J u n e 30 1917.1

THE CHRONICLE

2661

W O R L D ’S SUPPLY AN D TAKINGS OP COTTON.

COTTON LINTERS FRO M THE 191G-17 CROP.—
The Bureau of the Census announced on June 22 that the
Cotton Takings.
1915-16.
1916-17.
quantity of linters secured from the 1916-17 crop during the
Week and Season.
period from Aug. 1 1916 to M ay 31 1917 was 1,278,768
Season.
W eek .
W eek .
Season.
bales of 500 lbs. each, this comparing with 930,469 bales for
4,021,991
3.447,095
4,664,410 tho same period last year, 856,900 bales in 1914-15 and
Visible supply Aug. 1-----------3,183,251
American in sight to June 29__ 123*703 12,397,036 128,347 12,085,551 638,881 bales in 1913-14.

24.000 3,067,000
Bombay receipts to June 28__ 643.000 2,775,000
13.000 390.000
Other India ship’ts to June 28-67.000 243.000
500 613.000
Alexandria receipts to June 2 7 . .
61.000 682.000
3,500 265.000
Other supply to June 27*___ 610.000 282,000
Total supply_____________ 3,631,798 19,562,287 4,191,338 21.084,961
D ed u ct —
Visible supply June 29............. 3,335,068 3,335,068 3,843,656 3,843,656
Total takings to June 29.a----- 296.730 16.227.219 347.682 17.241.305
Of which American________ 257.730 12.451.219 224.682 12.788.305
Of which other_____ _____
39,000 3,776,000 123,000 4.453.000
* Embraces rocolpts in Europe from BraziL Smyrna, West Indies, &c.
a This total ombfaces the estimated consumption by Southern mills,
3.963,000. bales in 1916-17 and 3,671.000 bales, in 1915-16—takings not
being available—and the aggregate amounts taken by Northern and foreign
spinners, 12,264,219 bales in 1916-17 and 13,578,320 bales in 1915-16, of
which 8,488,219 bales and 9,109,320 bales American, b Estimated.

BOM BAY COTTON M OVEM EN T.
June

1916-17.

7.

Week.

PomOay_________

1915-16.

Since
Aug. 1.

Week.

1914-15.

Since
Aug. 1.

Week.

Since
Aug. 1.

___ 47,000 2,565.000 45,000 2,968,000 45,000 2,454,000

A LE X A N D R IA RECEIPTS AND SHIPM ENTS.
1916-17.

1915-16.

1914-15.

5,547
5.033,108

7,640
4,571,298

21,000
6,239,858

Since
W e e k .'A u g . 1.

1 Since
W eek . A u g . 1.

Since
W eek . A u g . 1.

A lexa n d ria , E gyp t,
M a y 30.

(cantars)—
This woek._..................
Since Aug. 1---------------

R e c e i p ts

E x p o r t s (bales)—

To Liverpool__________ -----'194,865 2,616 200,5571 ----- 192,620
To Manchester. _ _____ 2,096 128,497 ----- 128,851 ----- 140,577
To Continent and India. 4,997:119,479 5.722 168,922 3,500 268,979
To America....... .......... . ----- 120,731 1,336 192,080, ___ 141,458
Total exports_______ 7,093 563,572 9,674 690,410! 3,500 753,634
N o t e .—A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the weok ending May 30 woro
6,547 cantars and the foreign shipments /,093 bales.

M A N C H ESTER M A R K E T .— Our roport rocoived by
cable to-night from Manchester states that some business
is being done in yarns and bleaching and finishing cloths.
Wo givo prices for to-day below and leave those for previous
weeks of this and last year for comparison:

32$ Cop
Twist.

May d.
11 1614
18 16H
25 17li
June
1 17H
8 18^
15 21
22 2314
29 2414

9
©
©
©
©
©
©

1917.
8H bs.

Skirt- Col'n
ings, common M id .
to finest.
Up’ s.

s. d.
<. 8. d.
1
18 9 414@121014
18M 9 6 @13 0
1854 10 0 @13 9
1814 10 l @131014
2014 1010M@141014
23 12 5 @16 6
26 13-10'2@19 0
2614 131014@19 0

1916.
814 6*.

Skirtings, common
to finest.

32i Cop
Twist.

d. d.
12.80 125
4
13.26 1254
13.90 1254
14.53 1254
15.51 1254
17.06 1214
19.45 1214
19.45 1214

@
9
@
©
©
@
@
@

d. 8.
1354 7
1354 7
1354 7
1354 7
1354 7
1354 7
1314 7
1314 7

(1.

3 ©9
414 99
41499
41499
414 @9
314@9
2 @9
2 @9

M ia .
U p's.

414
6
6
6
6
5
4
4

(1
.
8.44
8.74
8.47
8.43
8.42
8.25
8.29
8.18

Government to observe secrecy as to tho destination of cotton
leaving United States ports, our usual details of shipment aro
suspended until further notice.
L IV E R P O O L .— B y cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, & c., at that port:

.
„ ,
,
nnn
Sales of tho week------------------- Jo n e
39,000
Of which speculators took----2,000
1.000
Of which oxportors took-------Sales, American_____________
33'999
Actual export_______________
2,000
Total stock_________________ 488,000
Of which American_________ 369,000
T otal imports of tho week_____
23,000
Of which American_________
19,000
Amount afloat_______________ 109,000
Of which Amorlcan_________
64,000

Ju? ?

54.000
7.000
44~66(j
4.000
70.000
445.000
333.000
31.000
17.000
107.000
73.000

June 2 2 .

37,000

30.000
1,000
59.000
414.000
310.000
28.000
28,000
90.000
56.000

29.
39,000

J un e

30.000
400
63.000
401.000
299.000
50.000
41.000

Tho tone of the Liverpool market for spots and futures
Iach day of the past week and tho daily closing prices of
spot cotton have been as follows:
Saturday.

Spot.

Market, [
12:15 <
P. M. 1
Mld.Upl’ds
Sales____ HOLI­
Speo.&exp. DAY.
Futures.

Market
opened
Market,
4
P. M.

Monday.

Tuesday.

Quiet.

Quiet.

Quiet.

19.45

19.45
5,000

10.45
5,000

6,000

Wednesday. Thursday.

Friday.

Moderate
No
demand. Business.
19.45
19.45
7,000
*3,000

\
/
f
\
1

Tho futures markot re-opened on Friday, Juno 29, with
the following fixod prices: Juno, 18.75d.; July-Aug., 18.30d.;
O ct .-N ov., 17.25d.; Jan.-Fob., 16.60d.; Mar .-April, 16.42d.;
and May-Juno, 16.2Gd.— unchanged from the close on Juno
20th, when the Exchange closed.




BREADSTUFFS
Friday Night, June 29 1917.
Flour has been more or less depressed in sympathy with
a decline in wheat, better crop prospects, legislation to limit
food exports and the smallness of the domestic demand
pending further developments. The decline in North­
western wheat markets has been quite a potent factor.
Last Monday, Minneapolis cash prices dropped 20 to 25
cents. Definite action on the question of food control is
naturally awaited with great interest. Later in tho week,
new soft winter wheat straights were offered at around $10,
with about $9 to $9 50 in June generally bid. Kansas
straights have generally been quoted at something like
$10 75 to $11. Exporters have bought old spring-wheat
flour of the lower grades more freely. Liverpool has re­
ported the market easier, with more liberal local mill offer­
ings and free arrivals of foreign wheat. On the other hand,
these advicos concede that American and Canadian arrivals
are held at high prices, the demand continuing good. Also
it appears that despite some increase in the arrivals of foreign
wheat, supplies of flour at Liverpool aro light. South­
western mills have been offering new flour in Chicago, it is
stated, at much lower prices than dealers were asking for
old flour. The output for the week, at Minneapolis, Duluth
and Milwaukee was 248,000 barrels, against 311,000 barrels
in the previous week, and 357,000 barrels for the same week
last year.
Wheat has declined, owing to better crop news, the action
in establishing an export committee, and the belief that food
control legislation is only a question of time. There is an
idea that possibly much wheat sold to neutrals will not be
allowed to leave tho country. Certainly there is a suspi­
cion that corn sold for export may not leave America. It
romains to be seen whether this will prove true in the case
of wheat. In any event, it is believed that exports will be
curtailed. Tho idea is that Canada will bo asked to supply
tho Allies for a time until the United States Government can
get a line on just what ought to be done about parting with
any more of our own wheat to Europe, especially to neutral
nations. Meanwhile crop reports are in the mam favorable
from tho. Northwest. Harvesting is expected to bo general
in Kansas next week. It has already commenced in that
State. Harvesting of winter wheat is well under way in all
Southern States. The winter wheat harvest is about ten
days late in Kansas. Meanwhile country offerings are in­
creasing. The question is asked, too, if the Government
takes control of exports, how is domestic business to
bo managed?
Tho uncertainty about the whole situa­
tion certainly militates distinctly against business. Trad­
ing lias been on a small scale. Of late, as already inti­
mated, the weekly weather and crop news has been favorablo, not only for spring wheat, but also for winter. Har­
vesting in some cases is turning out to be better than had been
oxpectod. Also the quality of the new wheat so far is said
to bo exceptionally high. Recent rains have greatly bene­
fited spring wheat and holders at the Northwest show more
inclination to sell. New and old crops are coming to­
gether on a gradually lowering basis of prices. While
country offerings aro increasing, there is little demand for
wheat to arrive. Argentina has reported the .weather very
favorable, and Buenos Aires prices have felt the pressure of
a poor demand and a good crop outlook. Italian official
reports state that there will be no shortage of wheat during
the- coming season. The harvesting is now expected to be
good thero and it is claimed that with strict economy, im­
port needs will be only moderate. In Franco the weather
is favorable, though tho fact is not disputed that the plant
is small. Liverpool advices take the ground that the gen­
eral situation is more favorable from the point of view of
immediate supply. They add that arrivals continue liberal
at fair prices and that the consumption has been reduced.
They state that with rigid enforcement of economy the world
over and improving crop prospects, the approaching season
will find supplies adequate. Meanwhile purchases are being
mado on a conservative scale. In India arrivals at the ports
continue largo and one estimate of the yield is 382,000,000
bushels, against 320,000,000 bushels last year. Also the
wheat is of good quality. On the other hand, it is none the
loss truo that tho North American available supply last week
fell off 4,529,000 bushels, against a decrease in the same week
last yoar of 689,000 bushels. The total is now only 42,602,­
000 bushels, against 103,499,000 at this time last year.
Tho French crop is estimated at 144,000,000 bushels, or
about half tho normal. France will have to import heavily.
Italy will call upon America and Australia to supply its
wants for tho present. Italian supplies are light and prices
are high. In Russia the winter wheat outlook is unfavor­
able. That for spring wheat is only fair. Much replanting
will bo necessary. To-day prices advanced and reacted.
Fear of Government control is a large factor. Chicago
olovator interests havo offered their plants to the Govern­
ment. It is intimated from Washington that speculation

THE CHRONICLE

2662

m a y b e e n tirely s to p p e d . T h e c o n tro l o f the w h ea t trad o b y
th e F ed eral a u th orities, it is said in W a sh in g ton d isp a tch es,
is to b e a b so lu te .
D A I L Y C L O S IN G P R IC E S O P W H E A T F U T U R E S IN

Sal. Mon.

N o . 2 r e d .................................... .............c t s _______
D A IL Y

C L O S IN G

P R IC E S

OP

260

W HEAT

260

J u l y d e l i v e r y in e l o v a t o r _______ c t s . 2 1 4
S e p t e m b e r d e l i v e r y in e l e v a t o r _____1 8 7

260

FU TURES

Sat. Mon.
210
185

NEW YORK.

Tues. Wed. Thurs.
255

IN

205
183

255

CHICAGO.

Tues. Wed. Thurs.
209
184

Fri.

201
181%

Fri.

201
181%

[V o l . 104.

T h e follow in g are closin g q u ota tion s:
W i n t e r , l o w g r a d e s _____$ 8
W i n t e r p a t e n t s ___________ 11
W in t e r s t r a i g h t s __________11
W i n t e r c l e a r s _____________ 11
S p r in g p a t e n t s ___________ 12
S p r in g s t r a ig h t s __________ 1 2
S p r lD g c l e a r s ______________ 11

FLOU R
5 0 @ 1 0 5 0 S p r i n g , lo w g r a d e s ______ $ 6
9 0 @ 1 2 2 5 K a n s a s s t r a ig h t s , s a c k s . 1 2
5 ) @ 1 1 7 5 K a n s a s c le a r s , s a c k s ___ 1 0
1 5 @ 1 1 4 0 C i t y p a t e n t s _____________
5 0 @ 1 2 7 5 R y e f l o u r _________________11
15 @ 1 2 4 0 B u c k w h e a t f l o u r ________
2 5 @ I 1 5 0 G r a h a m f l o u r ____________ 9

5 0 @ 1 0 00
2 5 @ 1 2 50
7 5 @ 1 1 75
14 5 0
00 @ 1 2 00
_____ -t
00 @ 1 1 5 5 0

G R A IN
C o r n , p e r b u s h e l—
W h e a t , p e r b u s h e l— f . o . b . —
N o . 3 m i x e d _________ f . o . b . $ l 8 4
N . S p r i n g , N o . 1 , n e w _____ $ 2 6 4
N o . 2 y e l lo w k i ln d r i e d ___ 1 8 6
N . S p r i n g , N o . 2 _____________________
N o . 3 y e l l o w ________________ 1 8 5
R e d w in t e r . N o . 2 , n e w ___ 2 5 5
A r g e n t i n a _____________________ n o m .
H a r d w in t e r . N o . 2 ______ n o m .
R y e , p o r b u s h e l—
O a ts , p e r b u s h e l, n e w —
cts.
N e w Y o r k __________ c . 1. f . $ 2 41
S t a n d a r d ___________________
75%
W e s t e r n _____________c . 1. f . $ 2 4 9
N o . 2 . w h i t e .........................
76
B a r l e y , m a l t i n g _________ $ 1 5 5 @ $ l 7 0
N o . 3 . w h i t e ___ 1 ...............
75
B a r l e y , f e e d i n g ______ _
$1 41
N o . 4 . w h i t e _____________
74%

In d ia n corn a d va n ced fo r a tim e, an d then r e a c te d ,o w in g
to m ore fa v ora b le w eath er, fears o f an em b argo on exp orts
an d the effects o f p ro h ib itio n . A t C h ica g o th ey h ave had an
idea th at neutral cou n tries m igh t n o t be allow ed to receive
all the co rn th at th ey h ave b o u g h t. T h e new ex p ort em b a rg o
com m ission is exp ected to keep a keen ey e on ex p orts.
It is
su sp ected th at a g o o d deal o f gra in exp orted fro m the U n ited
T h e statem en ts o f the m ov em en t o f bread stu ffs to m arket
States has, in on e w a y o r a n oth er, fou n d its w a y in to en em y in d ica ted b elow are prepared b y us from figures colle cte d b y
cou n tries. T h e G overn m en t is d eterm ined to p u t a stop to the N ew Y o r k P ro d u co E x ch a n g o. T h e roceip ts a t W estern
this. C erta in ly the W a sh in gton new s w as con sidered a lake an d river p orts fo r tho w eek en din g last S a tu rd ay and
bearish fa cto r. L ast M o n d a y thero w as a ru m or that 2 ,0 0 0 ,­ since A u g . 1 fo r each o f tho last throe years h ave been :
000 bushels o f cash co rn , said to h ave been b ou g h t b y the
D u t c h G ove rn m e n t, w ou ld n ot b e allow ed to be takon o u t R e c e ip ts at—
B a r le y .
C orn.
O a ts.
R ye.
F lo u r .
W h ea t.
o f the c o u n try . L argo operators in C h ica g o have been
h A lb 3
.b
sh . 32 lb
sh .
lb
. 00 lb s.
soiling, b o th on the em b argo m ov em on t and the idea th at C h ic a g o .......... b b ls.W O lb s. b u sh426 .000 b u 2,0 050,0 0s. b u 2,0 9 2 ,0 0s. b u s2538.000. b u sh4 5d lb s.
.000
0
0
0
154,000
p ro h ib itio n m a y cu rta il the d om estic con s u m p tion . A rgen ­ M in n ea p olis .
192.000
3 0 .000
159.000
162,000
1 ,159,000
149.000
23.000
9,000
1,000
th
tina has reported sp o t prices low er, w ith the q u a lity p o o r. D u lu a u _______
444 ,666
670.000
177.000
19.000
M llw
k eo . .
88,000
9 .000
O n the oth e r h an d, the availab le supplies in this co u n try d e­ T o l e d o .............
20,000
19.000
41.000
17.000
39.000
42.000
0,666
crea sed last w eek 46 6,00 0 bushels, an d the tota l is now on ly D e t r o i t ,..........
1,000
27.000
84.000
11.000
C l e v e l a n d ___
5 ,1 3 7 ,0 0 0
bushels, against 9 ,5 0 7 ,0 0 0 last yea r and 7 ,9 3 6 ,0 0 0 S t. L o u is ____
400 .000
285 .000
571.000
13.000
52.000
1.000
795.000
31.000
307.000
27.000
18.000
tw o years a g o . E a rly in th e week N o . 2 grado sold as high P e o r i a _______
163.000
86.000
339 .000
K
sas C lt y .
as SI 75, the highest price o f the season, an d cash corn w as O ana h a _______
997 .000
105.000
131.000
m
then 18 cents o v e r J u ly . T h e Sou th w est has n eeded rain,
071 .000
9 2 .000
k
260.000
an d to all ap pearan ce has n ot had qu ite en ou g h . C h ica g o T o t . oww .k .1917 338 .000 2.6 4 6 .0 0 0 5.0 6 8 .0 0 0 4.2 2 4 .0 0 0 1 ,772,000
3.5 7 0 .0 0 0
2 0 1 ,000
2.4 2 3 .0 0 0
Sam
’ 18
4.7 5 2 .0 0 0
918.000
op era tors h ave been b u y in g Sep tem b er. T h e firm ness o f Sam o w k . ’ 15 300 .000 2.8 8 8 .0 0 0 3.4 5 4 .0 0 0 2 .739.000
92.000
cash corn and high cu rren t prem ium s h avo in clin ed n ot a few Sinco A u g . 1­
to take the b u y in g side. C on sidera ble da m age has boen
1910-17 . . . 17.418.000 3 4 1 .185 .00 0 500 .503 .00 0 253 .171 .00 0 8 1 .7 38.000 2 0 .0 5 4 .0 0 0
1915-16 . . . 18.075.000 481 .5 0 9 .0 0 0 209 .886 .00 0 202 .100 .00 0 108511000 2 1 .8 5 2 .0 0 0
d on o to the cro p in C entral T ex a s, b y p rolon ged d rou g h t,
1911-15 . . . 18.428.000 3 7 4 .084 .00 0 2 2 6 .724 .00 0 253 ,491 ,00 0 8 3 .4 86.000 19.019.000
an d d ry w eath er is a m en ace in parts o f K an sa s, a lth ou gh
rece n t rains in b o th T exas an d O klah om a h ave been ben eficial
T o ta l receip ts o f flou r an d grain at tho seaboard p orts fo r
L iv e rp o o l has rep orted pricos firm w ith a g o o d general d e­ tho w eek en ded June 23 1917 follow :
m a n d . T h e C on tin e n t has been takin g liberal q u an tities.
A rgen tin a sh ipm ents h ave boen lig h t. A ll this has ton ded to R e c e ip ts at—
O a ts.
B a r le y .
R ye.
W h ea t.
C orn.
F lo u r .
p reven t an y v e ry m a rk od declin e in corn ; in fa c t, la tterly ,
B u s h els .
B u s h els .
B u s h els .
B u s h els .
B u s h els .
prices h ave been stron ger, despite tho fa c t th at som e experi­ N e w Y o r k ___ B a rre ls.
402 ,000
55.000
3.0 8 3 .0 0 0
798.000
170,000
181,000
503.000
1,000
1.145.000
81,000
49.000
39.000
en ced peop le are in clin ed to believe th at tho general ten d en cy P h ila d elp h ia .
5,000
524.000
710,000
540,000
4 7 .000
86.000
ltim
—
o f pricos under restricted ex p orts, p roh ib ition and the largo Ilap o rt oroe w s .
1,195,000
N’
N
710.000
207,660
cro p m u st b o , in the lon g run , d ow n w a rd . T o -d a y prices N o w O rleans*
477 .000
53.000
800.000
25,000
281,000
459 .000
4 8 1 ,000
d eclin ed as a rule. Shipm ents to H olla n d , it is sta ted , havo M o n t r e a l____
42,000
1,000
21.000
B o s t o n _______
b een su sp ended . J u ly co rn w as tho b est su stained. O pinion
7 4 9 ,000
151,000
leans to tho view th at w ith G overn m en t c o n tro l, at least o f T o t . w k . 1917 8 5 0 ,000 6,4 7 8 ,0 0 0 1,041,000 4 ,5 7 8,000 8,4 8 7 ,0 0 0 6 ,1 9 0 ,0 0 0
Sin ce J a n .1 ’ 17 10,571,000 123,707,000 3 4 ,2 10,000 67,332,000
ex p o rts, m u ch higher prices aro im p rob a b le. P rices in Ju ly
4 ,0 1 3,000
425 ,000
816 ,000
529,000
8 ,0 8 8,000
497,000
aro higher fo r the w eek , h ow ev er.
A n export dem an d was W e e k 1 9 1 0 .. .
S ince J a n .1 ’ 16 12,981,000 193,831,000 2 8 .8 87,000 8 8 ,9 08,000 15,677,000 7,1 8 8 ,0 0 0
. re p o rte d .
D A I L Y C L O S IN G P R IC E S O P N O . 2 M I X E D

C O R N IN N EW Y O R K .

Sat. Mon. Tues.

Wed. Thurs. Fri.

N o . 2 y e l l o w ......................................... c t s . 1 8 3 % 1 8 5 % 1 8 2 % 1 8 3 %
D A I L Y C L O S IN G P R IC E S O P C O R N F U T U R E S IN

185

J u l y d e l i v e r y i n e l e v a t o r ________c t s , 1 5 5 %
S e p t e m b e r d e l i v e r y In e l e v a t o r _____1 4 7 %

156%
147%

Sat. Mon. Tues.
157%
148%

154%
145%

186

CHICAGO.

Wed. Thurs. Fri.

156%
147%

C L O S IN G

P R IC E S

OP

OATS

IN

Sat. Mon. Tues.

NEW YORK.

Wed. Thurs. Fri.

S t a n d a r d s .............. ...............................c t s . 7 4 %
74%
74
74%
75%
75%
N o . 2 w h i t e . . . ......................................
74%
74%
74%
74%
76
76
D A I L Y C L O S I N G P R I C E S O P O A T S F U T U R E S I N CHICAGO.

Sat. Mond. Tues.

J u l y d e l i v e r y in e l o v a t o r _______ c t s . 6 3
S e p t e m b e r d e l i v e r y in e l o v a t o r ------- 5 3 %




62%
53

62%
52%

Wed. Thurs. Fri.

63%
53

64%
54%

T h e ex p orts fro m the sevoral seaboard ports for tho w eek
en din g Juno 23 aro sh ow n in the annexed statem en t:

157
146%

O ats d eclin ed fo r a tim e in s y m p a th y w ith oth er grains,
an d also b ecau so o f fa v o ra b le c ro p rep orts an d a fear th at
b a rle y w ill co m e in co m p e titio n w ith oa ts if tho p roh ib itio n
featu re o f the F o o d C o n tr o l bill passes tho U n ited States
S en a te. It is p o in te d o u t th a t som o 7 2 ,0 0 0 ,0 0 0 bushels o f
b a rle y are u sed fo r b rew in g. I f it is ruled o u t, it w ill be
o f little use e x ce p t fo r fe ed . H a rv estin g o f oats has begun
in sou th ern K an sa s. L iv erp ool has reported tho m arket
d u ll b u t ste a d y , w ith arrivals liberal. On the oth er hand,
h o w e v e r, the sp o t dem an d thero, as distinguished from that
fo r fu tu res, has been b etter. T h o C on tin en t has been bu y in g
freely fro m exp ortin g cou n tries, w ith a v iew o f bu ild in g up
its sto ck s . T h e m ilita ry needs in E u ro p e aro o f courso
la rgo an d v e ry im p o rta n t. A t tho sam e tim e, it is stated
th a t A rgen tin e clearan ces aro v ery light A t L iv erp ool
ba rley and rye h a v e been v e ry fir m , w ith lim ited arrivals,
lig h t supplies an d a g o o d dem an d. In this cou n try thoro
has been n o t a little exp ort deem an d, despite tho action
at W a sh in g ton lo o k in g to an em b argo on exports. On
T u e sd a y tho e x p ort sales wero reported at 80 0,00 0 bushels.
T h is w ith a decreaso o f o v er 5 ,0 0 0 ,0 0 0 bushels in tho a v a il­
ab le su p p ly in N o r th A m orica , had a m oro or less steadyin g
effe ct. T h e ex a ct decrease was 5 ,0 63,00 0 bushols an d cer­
ta in ly this a fford ed a sharp con tra st w ith the increaso in
the sam o w eek last year o f 586,000 bushels. T h e total
N o rth A m erica n su pply is n ow 30 ,6 6 1 ,0 0 0 against 3 1 ,7 6 3 ,­
000 a y ea r a g o . T h o short interest in Ju ly is said to b o large.
I t is also claim ed that tho industries interested in oats are
carryin g sm all supplies. F in ally, co u n try offerin gs h avo,
as a rule, been m od ora to o r sm all, and prem ium s in tho sam ­
ple m a rk et at C h icago w ere still a feature. T o -d a y prices,
thou gh sligh tly higher a t on e tim e, ended low er.
Y et th ey
are higher for the w eek . D ry w eather is needed in parts
o f tho b e lt. A fair exp ort dem and was rop ortted .
S tocks
aro decreasin g. A t M in n ea p olis there is a fallin g o ff o f
1,1 00,00 0 bushels fo r the w eek.
D A IL Y

♦ R eceipts d o n o t Include g a in passing th rou gh N o w O rleans lo r fo reig n p orts on
th rou g h bills o f la d in g .

64%
54%

E x p o r ts fr o m —

F lo u r .
b a rr els .

C orn.
b u sh e ls.

W h e a l.
b u sh e ls.

O a ts.
b u sh e ls.

B a rley .
P ea s.
R y e.
b u sh e ls. b u sh e ls. b u sh e ls.

N ew Y o r k _________ 3,4 6 5 ,0 5 9
500 ,395
B o s t o n _____________
523 ,266
B a lt im o r e _________
N e w p o rt N e w s ____

8,0 4 5

19,613

2 4 0 ,056

T o t a l w e e k _____ 4 ,4 8 8,720
W eek 191 0............ .. 7,9 0 0 ,7 8 5

3 5 5 ,730 228 ,380 1,407,691
8,045
450,232 432 ,073 3 ,304,432 474*587 739,822

19,613
2 .415

109,674 228 ,380

272,691
1,195,666

-----

T h o destin ation o f these exports for tho w eek an d since
Ju ly 1 1916 is as b elow :
C orn.

W h ea t.

F lo u r .
E x p o r ts f o r W e e k
a n d S in ce
J u ly 1 to—

S in ce
J u ly 1

W eek
J u n e 23

S in ce
J u ly 1

W eek
J u n e 23

S in ce
J u ly 1

W eek
J u n e 23

1917.

1910.

1917.

1916.

1917.

1910.

B a rre ls.

B a rre ls.

B u s h els .

B u s h els .

B u s h els .

B u s h els .

3,922,731
4 ,8 9 3,292
1.324.776
1.719.776
15,839
194,697

2,7 5 7 ,7 3 8 119,919,771
1,716,109 129,590,400
241,045
14,573
15,050
3,000
*0*0*,660

8,191 24,1 0 0 ,3 0 7
329 ,183 21,5 4 0 ,1 0 7
973 1,367,940
15,463 1,921,813
3 ,8 2 4
" *l',920
3 0 ,079

T o t a l .................... 228 ,380 12,071,111
T o t a l 191 5-1 6____ 432 ,078 15,851,027

4 ,4 8 8 ,7 2 0 249 .827 ,58 0
7 .9 0 0,785 345 ,029 ,04 0

355 ,730 48,9 7 0 ,0 7 0
450 ,232 3 0 ,2 10,033

U n ited K in g d o m .
C o n tin e n t________
S o . & C e n t. A m er.
W e s t I n d ie s .. . .
B r lt .N o .A m .C o ls .
O th er co u n trie s. .

89,213
12,105
41,241
77,939
7*822

T h e w o rld ’ s shipm ents o f w h ea t and co rn fo r tho w ook
on din g June 23 1917 an d since J u ly 1 1916 an d 1915 aro
___________________
sh ow n in the follow in g :
C orn .

W h ea t.
E x p o r ts .

1916-17.

a l9 1 5 -1 0

W eek
J u n e 23.
B u s h els .

N o rth A m er*
D a n u b e ____
A rg en tin a . .
A u stralia —
O th . c o u n tr's

S in ce
J u ly 1.

S in ce
J u ly 1.

B u s h els .

B u s h els .

1916-17.
W eek
J u n e 23.
B u s h els .

a l9 1 5 -1 6 .

S in ce
J u ly 1.

S in ce
J u ly 1.

B u s h els .

B u s h els .

8 ,243,000 348 ,329 ,00 0 451,700,000
6,2 6 2 ,0 0 0
4,1 1 2 ,0 0 0

870,000

52,0 7 5 ,0 0 0 2 0 ,4 0 1 ,0 0 0
281 ,000

3*04*666 65,”l63*,o6o 53*.862,666
1,286,000 4 3.818.000 32.101.000
780,000 3 0.490.000 10.264.000
4 ,530,000
0 ,012,000

4*1*2,666

09",04*0,666 140,*0*0*0*666

T o t a l ____ 10,619,000 498 ,604 ,00 0 563 ,120 ,00 0

*40,666

4 ,183,000

12.787,000

1,322,000 156,185,000 185,248,000

* N o rth A m erica .— T h e C a n a d ia n G ov ern m en t has o ffic ia lly proh ib ited the
Issuance o f b o t h m anifests an d ex p orts until a fte r ten d a y s . T h is Is e ffectiv e
d u rin g the c on tin u a n ce o f the w ar.
a R e v ise d .

THE CHRONICLE

J u n e 30 1917.]

T lio q u a n tity o f w h ea t an d co rn a floa t fo r E u rop e on dates
m en tioned w as as follow s:
______________________________
C orn .

W h ea t.

2663

m u c h t o o c o o l In t h o e x t r e m e n o r t h a n d t h e g r o w t h o f c o r n w a s r e t a r d e d In
t h e u p p e r M is s i s s ip p i V a l l e y a s w e ll a s in t h o N o r t h e a s t e r n S t a t e s .
M u ch
r o p l a n t in g o f s w e e t c o r n w il l b o n e c e s s a r y in m a i z e .

THE DRY GOODS TRADE

U n ited
K in g d o m .

C o n t in e n t .

T o ta l.

B u s h els .

B u s h els .

B u s h e ls .

New York, Friday Night, June 29 1917.
W h en com p a rin g business in th o d ry g ood s m arkets w ith
B u s h els .
B u s h e ls . | B u s h e ls .
th at w h ich has b een transpiring during the p a st m on th or
June 23 1917.. Not avail able
so, trade at presen t is rath er q u ie t. T h e v olu m e, h o w e v e r,
June 16 1917.. Not avail able
13.277.000
57.864.000
June 24 1916..
is w ell a b o v e th a t o f tho corresp on d in g p eriod in n orm al
19.947.000
44.224.000
June 26 1915..
years. T h e m a rket appears to b e u n d ergoin g a resting
T h e visib le su p p ly o f grain, com prisin g tho stock s in spell w ith b o th bu y ers and m a nu factu rers en d eavorin g to
granary a t prin cipal poin ts o f accum ula tion , a t lake and get a clearer view o f the fu tu re. M ills are b o o k e d w ell
seaboard p orts June 23 1917 w as as follow s:
ahead an d hesitate to a ccep t fu rth er business u n til th e y are
m ore assured as to w hether th ey w ill b e ab le to secure suf­
G R A I N STOCKS.
Corn.
Oats.
Rye.
Barley. ficien t supplies o f raw m aterial to m a n u factu rer the g o o d s
Wheat.
bush.
bush.
bush.
bush.
bush.
U n ited S tates —
w ith . D em a n d since the U n ited States en tered in to the
225.000 2.009.000
101,000
514,000
3,031,000
New Y ork ....................
9,000
469.000
3,000
E u rop ean w ar has exceeded p ro d u ctio n an d has grea tly
168,000
53,000
458.000
2,000 redu ced surplus stock s, and m anu factu rers h a v e such a
16,000
962,000
l ’h lla dclpb la................
868.000
671.000
. 953,000
85,000
467,000
B altim ore. ......................
large a m ou n t o f business on their b o o k s fo r G overn m e n t
500.000
476.000 1.778.000
539,000
303,000
New Orleans_________
a cco u n t th at ord in ary business w ill h ave to b e scaled d o w n .
1,726,000
125.000
F u rtherm ore m ills are b ecom in g grea tly con cern ed as to
3,667,000
5,000
135.000
54.000
98,000
1,000
20,000
42.000
their a b ility to keep up their present rate o f p ro d u ctio n as
.
209,000
12,000
101,000
58,000
la b or con d ition s are n ot im p rov in g and in fa c t are grow in g
47.000
8,000
154,000
427.000 2.115.000
C h ic a g o _______________ . . .
14.000
33.000 w orse in som e localities.
28,000
281,000
109.000
M ilwaukee___________ _____
Skilled operatives are b e co m in g
1,000
58.000
241.000
_____
634,000
d ifficu lt to ob ta in , an d tho n um ber availab le is ex p e cte d to
34.000
303,000
2,000 2.183.000
M inneapolis__________ _____ 2,723,000
1,000
180.000
18.000
80,000
87,000
bo fu rth er red u ced b y the co n s crip tion . T h e raw m aterial
St. Louis____________ .........
4,000
34.000
114.000
_____
265,000
situ ation is also ad d in g to th e trou bles o f m ills, as supplies
193.000
115.000
10,000
are lig h t, o u tlo o k for the new c o tto n c ro p n o t an y to o fa v o r ­
146.000
423.000
28,000
1,000
4,000
76.000
.........
43,000
able w hile prices aro high w ith p rosp ects o f their con tin u in g
39.000
228,000
A t present m ills everyw h ere are w ork in g on a reco rd
10.000 so.
166,000
breaking scale and the percen tage o f idle spindles is v e ry
3,243,000 11,531,000
663,000 1,417,000
Total June 23 1917. ____*15,659,000
sm all. T h e thing is, w ill th ey b e ab le to co n tin u e ? P rices
Total Juno 16 1917. ____*20,142,000
523,000 1,435,000
3,437,000 13,792,000
Total June 24 1916. ......... 42,647,000 7,768,000 14,066,000" ’ 501,000 1,940.000
fo r all classes o f g o o d s con tin u e to b e firm ly m ain tained at
k, ‘ Including uanaaian wheat now duty free.
recen t high levels. Y a rn s, in sy m p a th y w ith the strength
N o t e . — Bonded grain not Included above: Oats, 1,967,000 New York, 301,000
o f raw m a terial, are also v e ry stron g ly held an d a ccord in g
Boston, 05,000 Baltimore, 1,200,000 Buffalo, 284,000 Duluth: total, 3,823,000
bushels, against 0,265,000 In 1916; and barley, 285,000 New York, 5,000 Baltimore,
to rep orts, spinners in m a ny cases are u na ble to sa tisfy the
105,000 Buffalo, 30,000 Duluth; total, 185,000, against 359,000 in 1910.
needs o f m a nu factu rers. It is estim a ted th a t fu lly 2 0 ,­
Canadian—
,
•
>
.
'* ju.
w* '
000,000 p ou n d s o f yarns w ill b e n eeded to m eet th e G o v e r n ­
M ontreal.................
1,327,000
969,000 3,761,000
216,000
288,000
Ft. William
Pt. Arthur.. 6,643,000
---------- 5,776,000
................................
m en t’s requ irem ents o f d u ck a lon e. R eta il business th rough ­
Other Canadian___________ 3,028,000
- .........
4,407,000
............................. ou t the c o u n tr y , despite the m ore fa v o ra b lo w eath er, has
210,000
288,000 been less a ctiv e du ring the w eek , an d it is b e com in g m ore
Total Juno 23 1917............. 10,998,000
969,000 13,939,000
215,000
248,000
Total June 16 1917_______ 10,384,000 1,161,000 16,902,000
e v id e n t th a t the high prices are begin ning to restrict trad e.
64,000
109,000
130,000 12,020,000
Total Juno 24 1910*........... 24,187,000
A fair dem an d fo r g ood s is rep orted for ex p ort a cco u n t
♦Including Canadian at Buffalo and Duluth.
n otw ith sta n d in g th e high level o f prices, b u t business co n ­
Summary—
003.000 1,417,000
15.059.000 3,243,000 11,531,000
American.........
tinues to b e interfered w ith b y the sca rcity o f shipping
216.000
288,000
10.998.000
909,000 13,939,000
Canadian.........
facilities.
20.057.000 4,212,000 25,470,000
879.000 1,705,000
T o ta l Ju n o 23 1917.
D O M E S T I C C O T T O N G O O D S .— A sid e from a m od era te
30.520.000 4,598,000 30,694,000
738.000 1,683,000
T o tn l J u n o 10 1 9 1 7 .
66.834.000 7,898,000 26,086,000
505.000 2,049,000
T o ta l Ju n o 24 1910.
ex p ort in q u iry, dem and fo r staple c o tto n s has been qu iet
during th o w eek . T h e less a c tiv ity , h ow ev er, is b elieved
W E A T H E R B U L L E T I N F O R W E E K E N D I N G J U N E to b e du e la rgely to the sold u p co n d itio n o f m ills an d their
2 6 .— T h o influences o f w eath er on tho crop s as sum m arized rofusal to a cce p t ad d ition a l business. M a n y are fu lly o c ­
in tho w eath er bu llotin issued b y the D ep a rtm en t o f A g ri­ cu p ied in m eetin g the requirem ents o f the G o v ern m e n t and
aro discou ragin g orders th rough ord in a ry chann els. G o o d s
cu ltu re fo r the w eek en din g June 26 w ore as follow s:
fo r p ro m p t delivery aro b e com in g v e ry d ifficu lt to o b ta in ,
W I N T E R W H E A T .— T h e w e a th e r d u r in g th o w e e k w a s g e n e r a lly f a v o r ­
a b l e f o r t h o h a r v e s t i n g a n d r ip o n in g o f w in t e r w h e a t In t h o c e n t r a l d i s t r i c t .
and stock s o f all lines o f fab rics are ra p id ly decreasin g.
H a r v e s t i n g w a s p r a c t i c a l l y c o m p l e t e d in T e x a s , a n d t h r e s h i n g is u n d e r
F u rtherm ore m a n y fabrics h ave b een en tirely w ith draw n
w a y in T e x a s , a n d w a s b e g u n In O k la h o m a a n d A r k a n s a s .
H a r v e s tin g
from sale, w hile others are held on a strictly “ at v a lu e ”
w a s fin i s h e d in b o t h c e n t r a l c o u n t i e s o f N o r t h C a r o l i n a , a n d w a s b o g u n in
t h e n o r t h e r n p o r t io n o f N o r t h C a r o l i n a d u r i n g t h o w e e k .
T lio " h a r v e s t
basis. T h e high prices, to o , are h avin g a ten d en cy to ch eck
w a s b e g u n in N o r t h e r n a n d E a s t e r n T o n n e s s o o o n t h e 2 0 t h .
T h o harvest
business, pa rticu la rly retail. T h o record rise in c o tto n is
a d v a n c e d a s fa r n o r t h a s O r a n g e C o u n t y , V a . , o n t h e 22(1, a n d In g o n e r a l
w h e a t h e a d s a r e w e ll f i l l e d a n d h e a v y in t h i s S t a t e .
T h o c r o p is r ip o n in g in
increasing the c o st o f livin g in m a n y d irection s w h ich is
S o u t h e r n O h io , I n d i a n a a n d I ll i n o i s a n d b e g i n n i n g t o r ip e n in a ll n o r t h ­
bein g esp ecially felt am ong the poorer classes. F o r in stan ce,
e a s t e r n c o u n t i e s o f K a n s a s , w h e r e h a r v e s t is n o t m o r e t h a n a w e e k o r t w o
d is ta n t.
T l i o w h e a t w a s i m p r o v e d a n d h e a d in g w e ll in t h o n o r t h e r n p a r t s
table clo th s, sheetings and m a n y oth er lines w hich are
o f t h o w in t e r w h e a t a r e a , in c lu d in g P e n n s y l v a n i a , M ic h i g a n a n d N o r t h e r n
actu al necessities are a d va n cin g as tho c o st o f the raw m a­
I llin o is .
T h o c o n d i t i o n w a s s a t i s f a c t o r y in M i s s o u r i , a n d w h il e t h e c r o p is
h e a d in g l a t e in I o w a it Is m a k i n g g o o d g r o w t h .
T h ere w as som o dam age
terial con tin u es to g o u p . T h erefore, it is natural th at
b y d r y w e a t h e r in S o u t h w e s t e r n N e b r a s k a .
th ey sh ou ld b e used m oro ca refu lly an d m ade to last longer
S l ’ K I N G W H E A T . — T h o c o o l w e a t h e r w h ic h p r e v a i l s in m o s t o f t h o
s p r in g w h e a t a r e a d u r i n g t h e w e e k w a s g e n e r a l l y f a v o r a b l o f o r t h is c r o p .
than w hen th ey ca n be ob ta in ed for less m o n e y . D em a n d
T h o s c a t t e r e d s h o w e r s w h ic h o c c u r r e d w o r e a l s o b e n e f i c i a l in m o s t s e c t io n s
for h ea v y g ood s from b a ggin g m anu factu rers has fallen o ff
a n d o a r ly s o w n w h e a t w a s m a k i n g g o o d g r o w t h in N o r t h D a k o t a .
Som o
as prices h ave reached a level to o close to bu rlaps to m ake
l a t e s o w n is n e e d i n g r a in b a d l y , h o w e v e r , in s o m e s e c t io n s o f t h e S t a t o a s
t h e r e w a s t o o lit t l e r a in f o r t h e v e s t d e v e l o p m e n t o f t h o c r o p .
S p r in g w h e a t
thorn a ttra ctiv e. G ra y g ood s m arkets w hile v e ry firm ly
w a s g r e a t l y i m p r o v e d in t h o s o u t h e r n p o r t io n s o f t h a t S t a t o .
T h e pros­
held h ave likew ise ruled q u ie t. W ith c o tto n m ov in g arou nd
p e c t s a r e f i n e f o r s p r in g w h e a t in S o u t h D a k o t a a n d t h o c r o p is h e a d in g in
t h o s o u t h e r n s e c t io n s .
T h o c r o p is l a t o in M o n t a n a , b u t it is In g e n e r a l l y
from on e p rice to an oth er, b u y ers h ave been in clin ed to
g o o d c o n d it io n .
h old o ff until th e situ ation b ecom es m ore settled . G ra y
C O T T O N . — T h e t e m p e r a t u r e w a s s o m o w h a t a b o v o t h e n o r m a l in t h o
g re a te r p a r t o f th o c o t t o n b e lt , a n d th o n ig h ts w e re m u ch w a rm e r th a n
g ood s, 3 8 -in ch stan dard, aro q u o te d a t 11c.
d u r i n g t lio w e e k o f J u n o 1 9 .
T h o d i f f e r e n c e in n ig h t t e m p e r a t u r e s w a s
W O O L E N G O O D S .— T h e ch ief featu re in m arkets fo r
e s p e c i a ll y m a r k e d a n d s o f a r a s t h e t e m p e r a t u r e is c o n c e r n e d t h o w e a t h e r
w a s f a v o r a b l o f o r t h e g r o w t h o f c o t t o n o x c o p t t h a t t h o f ir s t p a r t w a s s o m o ­
w oolen s an d w orsteds has been the open in g o f certain lines
w h a t t o o c o o l in t h o e x t r e m e E a s t e r n S t a t e s .
In th e n o r th e r n p a r t o f th o
o f dress g o o d s fo r n ext spring and su m m er. B u yers a tten d ed
c o t t o n b e l t l a c k o f r a i lf a l l w a s f a v o r a b l o a n d t h o w o r k o f c u l t i v a t i o n p r o ­
gressed s a tis fa c to r ily .
C o t t o n s t o o d t h o d r y w e a t h e r in t h o e x t r e m o
tho open in gs in large num bers, an d a ccord in g to reports a
s o u t h o r n p a r t s o f t h e d i s t r i c t b e t t e r t h a n m o s t o t h o r c r o p s , b u t it is m a k i n g
g o o d business w as b ook ed a t prices m u ch higher than a year
s l o w g r o w t h , a n d l a t o p l a n t e d is d y i n g in s o m e lo c a li t ie s in T e x a s .
As a
w h o le t h o c r o p is b a c k w a r d in t h a t S t a t o , t h o f i r s t b a le w a s m a r k e t e d a t
a g o. A sid e from tho new op en in gs, dem an d has been q u iet,
E a s t e r n T e x a s o n t h o 2 5 t l i.
t h e f i r s t w a s m a r k e t e d in 1 9 1 6 o n J u n o 1 0 .
a lth ou gh there is still a fair in q u iry from G overn m en t agen ts.
I n L o u is ia n a t h e c r o p is s m a ll a n d s e e d i n g p o o r l y , a n d i t c o n t in u e s e v e r y ­
w h e r e s m a ll in M is s i s s ip p i.
I n A l a b a m a , w h il e t h o p l a n t w a s s m a l l, c o t t o n
C u tters-u p are said to b e doin g v e ry little in the m a rk et,
h a s a f a ir s t a n d a n d s q u a r e s a r e f o r m i n g in s o u t h e r n a n d c e n t r a l p o r t i o n s .
w hile retail trade is also q u iet. P rices in general are firm ly
I n G e o r g i a t h e c o t t o n w a s w it h s t a n d i n g t h e d r o u g h t w e ll a n d t h o u g h s m a ll
w a s g r o w in g n ic e ly .
I t w a s b l o o m in g g e n e r a l l y in t h a t S t a t o .
I n F l o r id a
m ain tained in sy m p a th y w ith the raw m aterial situ ation .
t h e c o t t o n is b a c k w a r d , b u t t h e c r o p is g e n e r a l l y d o i n g w e ll .
In N orth
F O R E I G N D R Y G O O D S -.Q u e itn e s s has preva iled in linen
C a r o l i n a t h o p l a n t s a r o s m a ll b u t i m p r o v i n g , a n d m o s t l y o f g o o d c o l o r .
In
A r iz o n a th o h o t w e a th o r w as fa v o r a b lo f o r th o fu r th o r im p ro v e m e n t o f
m arkets, w ith o n ly a m od era te dem an d n oted fo r h ou seh old
c o t t o n a n d it w a s b l o o m in g a t t h o e n d o f t h o w e e k .
T h e re w ere s o m o
g o o d s from sum m er resorts, an d som e in q u iry fro m the G o v ­
c o m p la in t s o f i n ju r y b y l ic e in N o r t h C a r o l i n a a n d M is s is s ip p i a n d b o l l
w e e v il a r o in d i c a t e d in s o m o l o c a li t ie s in t h o l o w e r M is s i s s ip p i v a l l e y a n d in
ernm ent fo r cloth s used in the m a n u factu re o f aeroplanes.
S o u th e rn G e o rg ia a n d A la b a m a .
P rices fo r all lines o f linens con tin u e v e ry firm w ith fu rther
C O R N . — W i t h m u c h w a r m e r w e a t h e r a n d l ig h t s c a t t e r e d s h o w e r s w h ic h
p r e v a i l e d in t h o c o n t r a l p a r t o f t h o c o u n t r y , t h o c o n d i t i o n s w o r o v e r y
u pw a rd revision s in tim ated as tho B elfast m a rket is rep orted
fa v o r a b le fo r th o d e v e lo p m e n t o f th o co r n c r o p .
I n I ll i n o i s , It w a s t h o m o s t
to bo a d va n cin g. A rrivals h ave im p rov ed during the w eek ,
l a v o r a b l o w e e k o f t h e s e a s o n , e x c e p t w h e r e r a in w a s n e e d e d in e x t r e m e
sou th .
I n I o w a t h o c o n d i t i o n s w e r o e x c e p t i o n a l l y f a v o r a b l e a n d r a p id
b u t as tho supplies h ave passed ra p id ly in to the hands o f
p r o g r e s s w a s m a d e in c u l t i v a t i o n , s o m o f i e l d s h a v i n g b e e n p l o w o d t h o
distribu ters an d consum ers, stock s h ave fa iled to sh ow an y
s o c o iu l t im e .
C o n s id e r a b le r e p la n t in g w a s d o n o in t h o l o w l a n d s in t h e
m aterial increase. R etail business in dress linens is falling
M is s o u r i , C e n t r a l M is s i s s ip p i a n d O h io R i v e r v a l l e y s .
I n N e b r a s k a th o
s t a n d o f c o r n Is u n u s u a l ly g o o d a n d it m a d e - r a p i d g r o w t h , b u t it is s t ill
b olow ex p ecta tion s as c o tto n substitu tes are bein g used in
s m a l l.
I n K a n s a s t h o c r o p is b a c k w a r d , b u t is s t a n d i n g t h e d r y w e a t h e r
thoir p la ce in m a n y cases. A s a result o f the increasing
b e t t o r t h a n w o u ld b o e x p e c t e d .
I n O k la h o m a t h o r e w a s s o m e d a m a g e b y
d r o u g h t a n d h o t w in d s , b u t o n t h e w h o lo c o r n Is s t il l p r o m is i n g a n d m a d e
dem an d fo r the la tter, prices fo r these are also a d va n cin g.
so m e im p ro v e m e n t.
I t w a s t a s s c ll l n g in t h o s o u t h e r n p a r t o f t h o S t a t e .
B urlaps con tin u e to be in a ctiv e d em an d w ith supplies
I lie s h o w e r s a t t h e c lo s o o f t h e w e e k w e r o i n s u f f i c ie n t t o b r e a k t h o d r o u g h t
m 'l o x a s a n d c a m e t o o l a t o f o r s o m e o f t lio c o r n .
C o n s id e r a b le d a m a g e
ligh t. P rices are firm w ith lig h t w eigh ts q u o te d a t 1 0 .00c.
w a s d o n e In o t h e r S o u t h o r n S t a t o s w h e r e t h e d r o u g h t p r e v a i l e d a n d u p l a n d
and h ea v y w eigh ts at 13.00c.
c o r n is r e p o r t e d t o b e f ir i n g b a d l y in s o u t h e a s t e r n d i s t r i c t s .
T h o n ig h t s w o r o
U n tie d
K in g d o m .




C o n t in e n t .

T o ta l.

2664

S

THE CHRONICLE

Ct
i

t a t ea w e
N

e w s

y
I t e m

De

[V o l . 104.

m on w ealth in w ar. T h e m easure origina lly fixed th o m a xi­
at $ 2 0,00 0,00 0, b u t after careful con s id era tion b y
^ 8 Senate, it w as th ou gh t th at a m a xim u m
o f $ 5 ,000 ,0 00 was su fficien t to m eet an y em erg en cy, in v iew
o.f
fp c t th at tho L egislature has m ado a cash a p p ro p ria ­
tion o f 82 ,000 ,0 00 fo r w ar em ergen cy pu rposes.
If no
changes are m a d e in the bill w h ich has been sent to th e
H ou se, th e new b on d s, w hen issued, w ill bear S]/2% in torest.

p a r t m e m u mt
n

s .

Canada (Dominion of).— N ew Loan to Great Britain—
Canadian Pacific Ry. Lends to Canada fo r W a r Purposes .—

Soo roforen ce to b o th o f those in ou r od itoria l colu m n s last
w eek .

France (Republic of).— Second Export Credit to be Re­
paid. — R e feren ce to this is m ado in ou r editorial colum ns

Bond Proposals and Negotiations this week

this w eek .

h a v e b e e n as fo llo w s :

Illinois.— Legislature Ad jou rn s. — T h e 50th G eneral A s­
sem b ly en ded its session a t 7:30 a. m . Juno 17. T h o m em bers
w ore to h ave retu rn ed messages from tho G o v e rn o r
and then a d jou rn sine die.
T h e fou r m easuros fa v o r­
a b ly a cte d u p on w h ich , it is said, aro o f tho m ost far-reach in g
im p orta n ce, aro:

1 S C H O O L D I S T R I C T , I m p e r i a l C o u n t y , C a l i f . — BOND
OFFERING. - I r o p o s a l s w ill b o r e c o iv e d u n t il 2 p . m . J u l y 2 b y M . S .
k nLi
° l B o,arcl o f C o u n t y S u p e r v is o r s ( P . O . E l C e n t r o ) , f o r $ 6 , 0 0 0

J o i n t r e s o lu t i o n p r o p o s i n g s u b m i s s io n t o t h o v o t e r s o f t h o q u e s t i o n o f
h o ld in g a c o n s t it u t io n a l c o n v e n t io n .
A d m i n i s t r a t i v e c o d o b ill c o n s o l id a t i n g o v e r l a p p i n g S t a t o b o a r d s , c o m ­
m is s io n s a n d o t h e r a g e n c io s a n d c r e a t in g n e w d e p a r t m e n t s o f f in a n c e ,
a g r i c u lt u r e , t r a d e a n d c o m m e r c e , p u b li c w e lf a r e , l a b o r , m in e s a n d m in e r a ls ,
p u b l i c w o r k s a n d b u ild in g s , h e a lt h a n d r e g i s t r a t i o n a n d e d u c a t i o n .
1 r iv a t o b a n k r e g u la t io n b ill r e q u ir in g a ll p r i v a t e b a n k s t o [in c o r p o r a t e
a n a c o m o u n d e r S t a t e s u p e r v i s io n b y J a n . 1 1 9 2 1 .
S l x t y - m i l ll o n - d o l la r b o n d is s u e p r o v i d i n g f o r t h o c o n s t r u c t i o n o f 4 4 0 0
m ile s o f h a r d r o a d s , a n d c o m p a n i o n b ill r a is in g a u t o m o b i l e lic e n s e fe e s t o
f in a n c e t h o b o n d is s u e .

T h e adm in istra tive co d e bill is the o n ly on e, it is said, o f
th e fo u r pleasures w h ich becom es effectiv e Ju ly 1. T h e
oth or three aro su b je ct to referen dum at the N o v e m b e r 1918
election .

Massachusetts.— Incom e Tax Law Declared Constitutional
by Stale Supreme Court.— ' h e in com o ta x law o f M a ssa ­
T
ch u setts (C h a p ter 2G9, G eneral A c ts o f 1916) a p p ro v e d b y
G o v e rn o r M c C a ll o n M a y 26 1916 an d referred to at len gth
in these colu m n s on M a y 20 1916, has been d eclared c o n ­
stitu tion a l b y tho S tato Suprom e C o u rt, an d as a result
w rits o f m a nd am u s w ill be issued, it is said, to co m p e l E liot
T . P u tn a m o f M ilto n , an d Susan E . G arfield o f B o s to n , to
filo co m p le te returns w ith the S tato T a x C om m ission o f
in com e receiv ed b y th em in 1916.
A cco rd in g to the B o s to n “ T ra n scrip t” o f Juno 28 tho
qu estion s con sid ered b y th e C ou rt w ere (1) w h eth er excesses
o f gains o v e r losses in the purchase and sale o f in ta ngib le
p ro p e rty b y on e n o t en gaged in tho .business o f dealing in
su ch p ro p e rty ; (2) w hether gains derived from tho sale o f
rights to su bscrib e fo r new shares o f s tock issued b y an exist­
in g co rp o ra tio n ; (3) w hether a s to ck d iv id on d declared an d
issued b y a co rp o ra tio n , after the statute b eca m o e ffe ctiv e ,
o u t o f an a ccu m u la tion o f profits earned an d in vested in its
business,_ b ofore tho statute was en a cted ; an d (4) w hether
a cash d iv id on d declared an d passed after th o law b eca m o
effe ctiv e , o u t o f profits earned before the sta tu to w en t in to
o p e ra tio n , aro severally taxable as in com o.
T h e m a jo rity o f tho C o u rt, it is said, answ ered tho first
three qu estion s in th o a ffirm a tive, an d tho C ou rt w as
u n a n im ou sly in th e a ffirm a tive on tho last q u estion .

Maryland.— Special Session of Legislature A d jo u rn s. — T h e
L egislatu re, w h ich c o n v e n e d in sp ecia l session Juno 12,
a d jo u rn e d sine dio on Ju n e 27.
W om an Suffrage Defeated by H ou se. — T h o H ou se o f D ele­
gates o n Juno 21 defea ted fo r th o tim o being w om a n suf­
frage fo r M a ry la n d , b y a v o to o f 56 to 4 1 , it is sta ted .
Missouri.— Loan Arranged to Pay State Deficiencies .—
T h e State Treasurer sends us tho follow in g lotter g ivin g tho
facts in con n e ctio n w ith tho $2 ,000 ,0 00 loan arranged for
b y the G o ve rn o r on acco u n t o f tho S tate, w ith the Clearing
H ouse banks o f S t. L ou is, for tho p a ym en t o f certa in d e ­
ficien cies. T h e C learing H ou se banks agreed to a cce p t tho
S ta to ’s liabilities fo r th at a m ou n t, tho liabilities to bo in
the form o f sta tu tory w arrants. T h ese w arrants are n ow
being issued an d bear 4 % interest and w ill bo da ted J u ly 2,
p a ya b le from tim o to tim e, tho w h ole to be p a id n ot later
than D e c. 31 1918, an d as fast as the revenues m a y bo
available fo r their p a y m e n t. T h o S tato T reasu rer’s letter
follo w s:
William 71. Dana Co., New York
In r c P 'y t o y o u r s o f Ju n o 21 r o la tiv o t o t h e m a tte r o f th e
$ 2 ,0 0 0 ,0 0 0 loan c o n te m p la te d b y th e G o v e r n o r , b e g t o a d v ise as fo llo w s :
-J iS S I

A t t h e b e g i n n i n g o f t h o p r e s e n t y e a r , J a n . 1 1 9 1 7 , t h o G o v e r n o r a s w e ll
a s t h o p r e s e n t a d m i n i s t r a t i o n , f a c e d a d e f i c i t o f a b o u t .'5 2 ,0 0 0 ,0 0 0 o n a c ­
c o u n t o f u n p a id c la im s d u r i n g t h o y o a r s 1 9 1 .5 -1 9 1 0 a n d in o r d e r t o m e e t
t h i s t h e G o v e r n o r a g r e e d w i t h t h o C l e a r i n g H o u s e b a n k s o f S t . L o u is f o r
a lo a n o f $ 2 ,0 0 0 ,0 0 0 .
O r in o t h e r w o r d s , t h o C l e a r i n g H o u s o b a n k s a g r e e d
t o a c c e p t t h o S t a t e ’s lia b il i t i e s f o r t h a t a m o u n t , t h e lia b il i t i e s t o b o in t h e
f o r m o f s t a t u t o r y w a r r a n t s , u s u a l l y i s s u e d b y t h e S t a t o in t h o p a y m e n t o f
its o b lig a t io n s .
T h e s e w a r r a n t s a r e n o w b e i n g is s u e d a n d w il l b o a r d a t e J u l y 2 , p a y a b l e
f r o m t i m e t o t im o , t h e w h o le t o b o p a i d n o t l a t e r t h a n D e c . 3 1 1 9 1 8 , a n d
a s fa s t as th e re v e n u e s m a y b o a v a ila b le f o r t h e ir p a y m o n t .
T h ese w a r­
r a n ts , o r o b lig a t io n s , a ro t o b e a r in te re s t a t t h e r a te o f 4 % f r o m d a t e o f
is s u o u n t i l c a l l e d f o r p a y m e n t .
B e h o v in g t h a t t h i s f u l l y c o v e r s t h o g r o u n d in t h e m a t t e r o f t h e s e d e ­
f ic i e n c ie s a n d a r r a n g e m e n t f o r t h e i r p a y m e n t , I b e g t o r e m a in ,
.
Y o u r s v e r y t r u ly ,
(S ig n e d )
G . II. M I D D L E K A M P .

Slate Treasurer.

Norfolk, Va.— Com m ission Form o f Government A d opted .—
B y a v o to o f 1,895 to 149 tlio qu estion o f estab lishin g the
com m ission form o f g o ve rn m en t ca rriod , it is sta ted , a t tho
electio n h eld Ju n o 19.

Pennsylvania.— Senate Passes $ 5 ,000 ,0 00 Bond M easure.
— T h e State S on a to o n Juno 20 passed a b ill, it is stated,
au th orizin g tho S tato to b orrow m o n e y b y the issuance o f
b o n d s , n o t ex ce e d in g $5 ,0 0 0 ,0 0 0 , for tho purpose o f repelling
in va sion , suppressing in su rrection s, and defen din g tho C o m ­




6 % b u i l d in g b o n d s v o t e d
P r i n c ip a l a n d s e m i- a n n u a l
S
y f f lyc » om. J u n e
ch e ck fo r 5 % o f a m o u n t
s s r &

i i - f r ^ S i z ®

Juno 4.
D on o m . 5600.
D a t o J u n o 18 1917
in t e r e s t p a y a b le a t t h e C o u n t y T r e a s u r y .
Due
1 ? 2 8 t o 1 9 3 9 , I n c lu s iv e .
C e r t ifie d o r c a s h ie r ’s
o f b i d , p a y a b l e t o t h e C h a ir m a n o f B o a r d o f

“ r3 M . i M ° n<1M “

* ■ 5 2 -7 5 0 -

a “ “ ~ >

« ■ “

-

A L L A M A K E E C O U N T Y ( P . O . W a u k o n ) , I o w a . — BOND SALE. —
?iVoN Un0 2 2 t h o # 1 1 8 ,0 0 0 4 K % c o u p o n b r i d g o f u n d i n g b o n d s ( V . 1 0 4 , p .
2 4 7 2 } w ere a w a rd ed to G e o . M . B e c h te l & O o . o f D a v e n p o r t a t p a r .
The
H a r r is T r u s t & S a v . B a n k o f C h i c a g o b i d 5 1 1 4 ,0 0 5 .
D e n o m . $ 1 ,0 0 0 .
100*1 Ji o o o 1 i . n o o ^ ’
N D u o o n M a y 1 a s fo llo w s : 5 5 ,0 0 0 1 9 2 0 ,
J 9 2 1 , 1 9 2 2 a n d 1 9 2 3 ’ 8 6 , 0 0 0 y e a r l y f r o m 1 9 2 4 t o 1 93 1 i n c l . , 5 8 , 0 0 0 y o a r l y
U w n 1932 t o 1937 in c l.
T o t a l a c t u a l v a l u e o f a ll p r o p e r t y i 9 1 6 , $ 2 7 , 9 0 6 , A L l - E N T O W N , L e h i g h C o u n t y , P a . — BOND OFFERING .— P r o p o s a l s
« o > 9b ? n r f A
e<lV ed u n t l
” a ; m . J u ly 3 , b y A . L . R e ic h e n b a ch , M a y o r , fo r
5 2 1 2 ,5 0 0
4 % co u p o n sew er b o n d s.
D e n o m s . 3 7 5 f o r 5 5 0 0 a n d l O O fo r * 2 5 0
D a to J u ly 2 1917.
I n t . J . & .1.
D u o 5 2 0 ,5 0 0 J u ly 2 1<
)‘>2* 8 2 5 0 0 0 T u lv 9
< n o J u l v V l U 72 19 3 2 ; $ 3 7 ,0 0 0 J u l y 2 1 9 3 7 : 5 4 5 ,0 0 0 J u l y 2 U ) 4 2 ? a n d
oyt
f 6 4 ,5 0 0 J u l y 2 1 9 4 7 .
C e r t , c h e c k fo r 5 % o f th e a m o u n t o f b id , p a y a b l e t o
th o C it y o f A lle n t o w n , r e q u ir e d .
B o n d s are fre e o f S ta te t a x .
A L L IA N C E , S ta rk C o u n t y , O h io .—

BOND SALE .— T h o S i n k i n g F u n d

im p ro ^ m icn tD
bo"n(lslrCbaSCC^’ a c c o r c B u g t o l o c a l p a p e r s , a n i s s u o o f $ 5 , 2 7 6
A N D E R S O N -C O T T O N W O O D
IR R IG A T IO N
D IS T R IC T
(P .
O.
A n d e r s o n ) , S h a s t a C o u n t y , C a l i f . — BOND OFFERING.— B i d s w il l b e
r e c e iv e d u n t il J u l y 6 b y t h e B o a r d o f D ir e c t o r s f o r $ 3 6 8 ,0 0 0 o f t h o $ 5 7 5 0 0 0
i r r i g a t i o n s y s t e m i m p r o v e m e n t b o n d s v o t e d M a y 11 ( V . 1 0 4 . p . 2 1 5 4 ) .
r * £ ,R C H E R C O U N T Y ( P . O . A r c h e r C i t y ) , T e x . — W ARRANT OFFER*
s ‘ M e l u g i n , C o u n t y J u d g e , w ill r e c e l v o b i d s u n t il J u l y 9 f o r
$ 6 0 ,0 0 0 6 %
1 -2 0 -y r . r o a d a n d b r id g e w a rra n ts.
D on om . $500.
In t.
s e m i-a n n u a l
C e r t , c h e c k jfo r 5 5 0 0 , r e q u ir e d . B o n d e d d o b t , $ 7 ,0 0 0 .
N o
flo a t in g d e b t ,
t a x a b le v a lu e , $ 7 ,0 0 0 ,0 0 0 .
P u r c h a s e r t o f u r n is h c o u r t
o rd e rs a n d p r in t w a rra n ts.
''t v i r r n
S miH ° ° L D I S T R I C T . R i v e r s i d e C o u n t y , C a l i f . —
' T o c m q l!c s .t T ‘ „ ° ^ is? uj n ? t h o $ 5 0 ,0 0 0 s c h o o l - b u i l d i n g
b o n d s ( V . 1 0 4 , p . 2 2 6 0 ) , c a r r ie d , i t is s t a t e d , a t t h e e l e c t i o n h e l d J u n e 1 2 .
A S C E N S I O N P A R I S H , L a .— 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 11 o f t h e 8 3 0 ,0 0 0 5 % R o a d D l s t .
N o . 2 h ig h w a y -co n s tr u c tio n b o n d s (V . 104, p . 2 5 7 0 ).
P r o p o s a ls f o r th e s e
b o n d s w ill b e r e c e iv e d u n t il 11 a . m . o n t h a t d a y b y L e o n N o w m a n , I ’ r e s .
B o a rd o f D ls t . S u p e rs. (P . O . G e is m a r ).
D on om . $300.
D a to J u ly 1 1917
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 l e a t a n y b a n k , o p t i o n a l t o p u r ­
chaser.
D u e o n J u l y 1 a s f o l l o w s : $ 9 0 0 , 1 9 1 8 : 1 9 1 9 J 1 9 2 0 a n r t 1 9 2 1 ; $1 2 0 0
1 9 2 2 , 1 9 2 3 , 1 92 4 a n d 192 5 ; $ 1 ,5 0 0 , 1 92 6, 192 7, 1928 a n d 1 9 2 9 ; $ 1 ,8 0 0
y e a r ly fr o m 1930 t o 1 9 3 4 , in c l.; $ 2 ,1 0 0 , 1 93 5 a n d 193 6 : $ 2 ,4 0 0 , 1 9 3 7 .
C e r t , c h e c k f o r 2 A % o f a m o u n t o f is s u o , p a y a b t o t o t h o T r o a s . B d . o f D i s .
S u p e r s ., r e q u ir 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 e , 5 8 0 ,0 0 0 . N o f l o a t J‘ s s e s s - v a l . o f r e a l e s t a t e a n d p e r s o n a l p r o p e r t y in d i s t r i c t 1 9 1 6
$ 8 3 7 ,5 7 0 ; a c t u a l t r u e v a l u e ( e s t . ) , $ 3 ,5 0 0 , 0 0 0 .
A S H L A N D , B o y d C o u n t y , K y . — BOND OFFERING .— S e a l e d b i d s w il
b e r e c e i v e d u n t il 7 n . m . J u l y 2 b y W . A . M a n n i n g , C i t y C l e r k , f o r $ 1 0 0 ,0 0 0
o f a n i s s u o o f $ 2 0 0 ,0 0 0 5 % c o u p o n s c h o o l b u i l d in g b o n d s v o t e d N o v . 7
1916.
D enom . $500.
D a te Ju n e 1 1917.
I n t . .1. & 1 ) . a t t h o M e r c h a n t s ’
B a n k & T r u s t C o . , A s h la n d .
D u o $ 5 ,0 0 0 y o a r ly J u n o 1 fr o m 1 9 1 8 t o 1 9 3 7
I n c l.
C e r t , c h e c k f o r $ 5 ,0 0 0 , p a y a b lo t o W . H . C la y , C it y T r e a s ., r e q u ir e d .
T e n d a y s w ill b e a l lo w e d t h e s u c c e s s f u l b i d d e r f o l l o w i n g t h e d a y o n w h ic h
b i d s a r e r e c e i v e d t o i n v e s t i g a t e t h e l e g a l it y a n d v a l i d i t y o f t h o s e b o n d s .
P u rch a se r t o p a y a c c r u e d in t.
B o n d e d d e b t M a y 2 2 1 9 1 7 , 5 5 1 ,0 0 0 . C a s h
v a lu e o f s in k in g fu n d , 5 7 ,3 8 4 3 6 .
A s s e s s , v a l. 1 9 1 6 , $ 6 ,5 0 1 ,0 2 9 ; a c t u a l
v a l u e o f t a x a b l e p r o p e r t y ( o s t . ) , 5 1 5 ,0 0 0 ,0 0 0 .
T h e se b o n d s w e re o ffe r e d
w it h o u t s u c c e s s a s 4 M s o n J u n e 4 ( V . 1 0 4 , p . 2 4 7 2 ).
A T L A N T I C C O U N T Y ( P . O . A t l a n t i c C i t y ) , N . J . — BONDS NOT TO
BE RE-OFFERED .— T h o C o u n t y C o l l e c t o r a d v i s e s u s t h a t t h e $ 6 9 4 ,0 0 0 4 %
r o a d b o n d s o f f e r e d w i t h o u t s u c c o s s o n D e c . 11 1 9 1 0 ( V . 1 0 4
n o t b o r e -o ffe r e d .

p . 7 7 7 ) w il l

D I S T R I C T (P . O . A t o k a ), A t o k a C o u n t y , O k la .
HyND SALE.— E . D . E d w a r d s o f O k la h o m a C i t y h a s p u r c h a s e d a n I s s u e
o f $ 2 8 ,0 0 0 s c h o o l b o n d s a t 1 0 1 .
A U R O R A S C H O O L D I S T R I C T (P . O . A u r o r a ), H a m ilt o n C o u n t y ,
N e b . — BOND OFFERING .— S e a le d b i d s w ill b o r e c e i v e d u n t i l 8 p . m . J u l y 2'
b y F . E . E d g o r t o n , S e e . B d . o f E d . , f o r $ 4 0 ,0 0 0 4 % 2 0 - y o a r c o u p o n b u i l d ­
in g b o n d s .
A iith . S e c . 6 9 7 1 , R e v . S ta t. o f 191 3.
D e n o m . 5 1 ,0 0 0 .
D a to
Jun o 1 1917.
I n t . a im . o n J u n e 1 a t th e S ta to T r e a s u r y .
D u o Jun e 1 1937.
C e r t , c h e c k fo r 1% . p a y a b le t o th e B d . o f E d ., r e q u ir e d .
B ondod d eb t,
e x c l u d i n g t h is Is s u e (J u n e 2 2 1 9 1 7 ), $ 3 0 ,0 0 0 .
N o f lo a t in g d e b t .
T a x le v y
v a l u e ( 1 - 5 a c t u a l ) , $ 8 5 0 ,0 0 0 .
y
A V O C A , C a s s C o u n t y , N e b . — WARRANTS VOTED.— At a s p e c i a l
e l e c t i o n o n J u n o 2 0 , $ 5 ,0 0 0 w a r r a n t s w o r e f a v o r a b l y v o t e d , a c c o r d i n g t o
r e p o r t s , f o r t h o e s t a b l is h m e n t o f a n e l o c t r l c - l lg h t s y s t e m .
B A C O N C O U N T Y ( P . O . A l m a ) , G a . — BOND OFFERING ___ B i d s w il l
b o r e c e i v e d a t a n y t im e b y t h o C o u n t y C l e r k f o r t h o 5 6 0 ,0 0 0 r o a d . $ 3 0 ,0 0 0
c o u r t - h o u s e a n d 5 1 0 ,0 0 0 J a i l -e r e c t io n 5 % b o n d s a u t h o r i z e d b y v o t o o f 2 5 8
t o 190 a t th o o lo c t io n h o ld J u n e 1 4 .
D u o 5 5 , 0 0 0 y e a r l y r r o m 11 t o 3 0 y e a r s .
I n c lu s iv e .
B A X T E R C R E E K IR R IG A T IO N
D I S T R I C T , C a l i f . — BOND OF­
FERING .— 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 il 2 p . m . J u l y 1 0 b y t h e
S e c r e ta r y B o a r d o f D ir e c t o r s ( P . O . L a ss e n )
irr ig a tio n s y s te m im p r o v e m e n t b o n d s .

it

is s t a t e d , f o r $ 3 0 0 , 0 0 0

B A Y L IS S
SCH O OL
D IS T R IC T ,
G le n
C o u n t y , C a l i f . — BOND
ELECTION .— O n J u l y 7 a n e l e c t i o n w ill b o h e ld t o v o t o o n a p r o p o s i t i o n
t o is s u e $ 7 , 0 0 0 s c h o o l a d d it i o n a n d i m p r o v e m e n t b o n d s , it is s t a t e d .
B A Y O U M E T O D R A IN A G E D IS T R IC T N O . 1 (P . O . L o n o k e ).
L o n o k e C o u n t y , A r 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 il 12 m . J u l y 2 b y M . L . F . C o x , S e c y . B d . o f D is t . O o m m r s . , f o r * 3 7 0 , 000 dram ago b on d s.
B id s a re r e q u e s te d o n b o n d s b e a r in g 5 % , 5 U % a n d
6 % in t .
C e r t , c h e c k o n s o m e r e p u t a b lo b a n k f o r $ 5 ,0 0 0 , r e q u ir e d .
B E L M O N T G R A D E D S C H O O L D IS T R IC T , G a sto n C o u n ty , N o ,
C a r 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 12 m . t o - d a y ,
J u n e 3 0 . b y F . P . H a ll, C o u n t y S u p t. o f S c h o o ls (P . O . B e l m o n t ) , fo r $ 1 0 ,­
0 0 0 b % 3 0 -y e a r s c h o o l b o n d s .
B o n d e d d e b t ,, I n c lu d in g t h is I s s u e , $ 3 5 ,0 0 0 1
b lo a t in g d e b t a b o u t $ 1 ,5 0 0 .
A s s e s s , v a l. 1 9 1 7 , $ 1 ,8 0 0 ,0 0 0 .
, BOYNE
C I T Y , C h a r le v o ix
C ou n ty ,
M i c h . — BOND SALE. — O n
J u n o 19 a n I s s u o o f $ 2 5 ,0 0 0 5 % s t r e o t a n d b r i d g e b o n d s w a s a w a r d e d t o
J o h n b . M c L e a n & C o . o f D e t r o i t a t p a r le s s e x p e n s e s .
D e n o m . * 1 ,0 0 0 .
D a t e J u ly l 1917.
I n t . a im . o n S o p t. 2 0 .
D u e 8 1 ,0 0 0 y e a r ly f r o m 1 9 2 3
t o 1 9 2 9 . In c l a n d $ 2 , 0 0 0 y e a r l y f r o m 1 9 3 0 t o 1 93 8 I n c l.
A s i m i l a r Issu o o f b o n d s w a s r e p o r t e d s o l d o n A p r i l 5 t o t h e I l a n c h e t *
B o n d C o . o f C h ic a g o a s l ^ s . — V . 10 1 , p . 1 5 1 5 .
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 . — TEMPORARY LOAN.
— O n J u n o 2 6 a l o a n o f $ 1 5 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 2 7
1 0 1 7 , a n d d u o O c t . 2 7 1 9 1 7 , w a s n e g o t i a t e d w it h 8 . N . B o n d & C o . , N e w
Y o r k , a t 5 .3 9 % d i s c o u n t .
T h e r e w o r o n o o t h e r b id d e r s .

THE CHRONICLE

J u n e 30 1917.]

BROCKTON,
Mass.— TEMPORARY LOAN.— T h o C i t y T r e a s u r e r
h a s a w a r d 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 ip a t i o n o f r e v e n u e ,
d a t e d J u n e 2 7 , a n d m a t u r in g N o v . 7 t o t h o H o m o N a t . B a n k , B r o c k t o n ,
a t 5 % d is c o u n t .
V . 104, p . 2570.
B R O O K L Y N T O W N S H I P (P . O . C le v e la n d ), C u y a h o g a C o u n t y ,
O h i o . — BONDS NOT TO HE RE-OFFERED .— -T h o C l e r k B o a r d o f T r u s t e e s
a d v is e s u s t h a t t h o * 5 , 0 0 0 5 % b o n d s o f f o r e d w it 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 4 1 1 ) w ill n o t b o p l a c e d o n t h o m a r k o t a g a i n .
B U C H A N A N S C H O O L D IS T R IC T
(P . O . B u c h a n a n ), B e r r ie n
C o u n t y , M i c h . — BONDS NOT YET ISSUED.— T h e $ 1 5 ,0 0 0 -}M% s c h o o l
b o n d s v o t e d A p r il 18 ( V . 1 0 4 . p . 1825) h a v e n o t y e t b e e n Is s u e d , w e a r e a d ­
v is e d .
C A L I F O R N I A . — BOND OFFERING.— F r i e n d W . R i c h a r d s o n , S t a t e
T r e a s u r e r , w ill s e ll a t p u b l i c a u c t i o n o n J u l y 2 6 a t S a c r a m e n t o , It Is s t a t e d ,
$ 5 ,0 0 0 ,0 0 0 4 > * % h i g h w a y b o n d s .
D o n o m . $ 1 ,0 0 0 .
D a t e J u ly 3 1917.
C A L U M E T C O U N T Y ( P . O . C h i l t o n ) , W ise.— BONDS D EFEATED .—
W o h a v e Just, b e e n I n f o r m e d t h a t t h e $ 5 0 0 ,0 0 0 r o a d b o n d s f a i l e d t o c a r r y a t
th o e le ctio n h e ld A p ril 4 .— V . 104, p . 5 7 7 .
CARBONDALE,
L a ck a w a n n a
C o u n ty ,
Pa.— BOND SALE.— On
J u n e 2 5 t h e $ 5 5 ,0 0 0 4 % 1 2 - y e a r (a v e r a g e ) 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
( V . 1 0 4 , p . 2 4 7 3 ) w e r e a w a r d e d t o t h o F i r s t N a t i o n a l R a n lc o f O a r b o n d a l o
a t p a r a n d In te re s t.
T h e re w o re n o o th e r b id d e r s .
C A R R O L L C O U N T Y ( P . O . D e l p h i ) , Ind.— BOND SALE.— O n
J u n o 1 9 t h e f i v e is s u e s o f 4 H % 5 2 - 3 - y e a r ( a v e r a g e ) h i g h w a y i m p r o v e m e n t
b o n d s a ir e r e z a t in g $ 5 7 ,5 0 0 . w e r e a w a r d e d a s f o l l o w s : T o C . I t . F l o r a ,
$ 1*3 6 0 0 ^ s s u e f o r $ 1 3 6 1 1 , e q u a l t o 1 0 0 .0 8 ; $ 1 2 ,5 0 0 is s u o a t 1 0 0 .3 6 8 .
To
W m J G u c k ie n $ 1 1 ,6 0 0 is su e a t 1 0 0 .3 0 .
T o B r e e d , E llio t t & H a r ris o n ,
I n d i a n a p o li s * 1 2 , 0 0 0 is s u e f o r $ 1 2 ,0 0 2 , e q u a l t o 1 0 0 .0 1 6 . T o t h e F l o t c li c r A m e r l c a n N a t io n a l B a n k . I n d i a n a p o li s , $ 7 ,8 0 0 is su e f o r $ 7 ,8 0 1 2 5 , e q u a l t o
1 0 0 .0 1 6 .
D a t e J u n e 5 1917In t- M . & N .

2665

D U B L I N , B u c k s C o u n t y , Pa.— DESCRIPTION OF BONDS.— T h e
$ 5 , 0 0 0 4 % s e r ia l s t r e e t - i m p t - b o n d s a w a r d e d a t p a r o n M a r . 3 0 t o t h e F i r s t
N a t . B a n k o f P e r k a s i e ( V . 1 0 4 , p . 2 5 7 1 ) a r e In t h e d e n o m . o f $ 1 0 0 a n d d a t e d
A p ril 1 1 9 1 7 .
In t. A p r. & O ct.

DULUTH, M i n n . — BOND S A L E — O n J u n e 1 8 t h e $ 5 0 ,0 0 0 4 ) 4 %
1 - 5 - y r . s e r ia l g o l d c o u p o n b r i d g e - r e p a ir i n g b o n d s ( V . 1 0 4 , p . 2 2 6 1 ) w e r e
a w a rd e d t o N . J . U p h a m C o . o f D u lu th a t p a r a n d in t .
O th e r b id s w ere:
H a r r is T r u s t & S a v . B a n k , C h i c a g o , p a r a n d I n t ., le ss $ 6 0 5 f o r a t t y 's fe e s
a n d p re p a rin g b o n d s .
M i n n e s o t a L o a n & T r u s t C o . , M in n e a p o l is , p a r a n d I n t . , le s s $ 6 5 0 f o r
a t t y ’s fe e s a n d p r e p a r i n g b o n d s .
E A S T H A R T F O R D , H a r t f o r d C o u n t y , C o n n . — BONDS VOTED.—
T h e q u e s t i o n o f Is s u in g t h e $ 2 0 0 ,0 0 0 4 H % s c h o o l - b u il d i n g b o n d s ( V . 1 0 4 ,
p . 2 4 7 3 ) 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 2 1 .
D u e $ 1 0 ,0 0 0 y e a r l y N o v .
1 9 2 7 t o 1 9 4 6 in c lu s i v e .
. E A S T O N , N o r t h a m p t o n C o u n t y , P a . — BOND OFFERING.— M . B .
H u is iz e r , C i t 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 il 1 0 a . m . J u l y 2 f o r $ 3 0 ,0 0 0
4 % 1 0 -y e a r t a x -fr e e c o u p o n str e e t b o n d s .
D e n o m . (5 0 ) $ 1 0 0 a n d (5 0 )
$500.
D a te J u ly 2 1 9 1 7 .
In t. J . & J .
C e r tifie d c h e c k f o r 3 % 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 e a b o v e T r e a s u r e r , r e q u ir e d .
EAST
PALM ETTO
AND
R A IL R O A D
D R A IN A G E
D IS T R IC T ,
M a n a t e e C o u n t y , F l a . — BOND SALE.— T h o $ 1 5 ,0 0 0 6 % 6 - y r . ( a v e r .)
b o n d s o f f e r e d o n J u n e 10 ( V . 1 0 4 , p . 2 1 5 5 ) h a v e b e e n s o l d t o F o s t e r & L o n g
o f J a c k s o n v il l e a t 9 5 f l a t .
E A U C L A I R E C O U N T Y ( P . O . E a u C l a i r e ) , W i s .— BONDS DE­
FEATED .— W e h a v e j u s t b e e n i n f o r m e d t h a t t h e $ 7 5 0 ,0 0 0 r o a d - c o n s t r .
b o n d s f a il e d t o c a r r y a t t h e e l e c t i o n h e l d A p r i l 3 ( V . 1Q 4, p . 5 7 7 ) .
E D G E W O O D ( P . O . W h e e l i n g ) , W . V a .— BOND ELECTION.— A n
e l e c t i o n w ill b e h e l d J u l y 7 , i t Is s t a t e d , t o v o t e o n t h o q u e s t i o n o f I s s u in g
$ 5 4 ,0 0 0 b o n d s .

C A S S C O U N T Y ( P . O . W a l k e r ) , M i n n . — BOND OFFERING.— C . D .
B a c o n , 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 i l J u l y 1 0 f o r $ 1 1 ,0 0 0 4 K %
b rid g e b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te A u g . 1 1917.
In t. F . & A .
D ue
$ 1 ,0 0 0 y e a r ly a fte r 5 y e a r 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 .— BOND SALE.
— O n J u n e 2 7 t h e $ 5 0 ,0 0 0 5 % 2 5 - y r . W y t h e M a g . D i s t . r o a d - i m p t . b o n d s
( V . 104, p . 2 5 7 1 ) w e re a w a rd e d t o F re d e r ic k E . N o lt in g & C o . o f R ic h ­
m o n d a t 1 0 0 .0 1 2 a n d i n t .
J . C . M a y e r & C o . o f C in c in n a ti b id p a r .

C H A M P A I G N C O U N T Y ( P . O . U r b a n a ) , III .— NO BOND ELECTION
A T PRESENT.— F r e d H e s s , C o u n t y C l e r k , a d v i s e s u s t h a t n o a c t i o n t o ­

E L K H O R N S C H O O L D IS T R IC T , M o n te r e y C o u n t y , C a lif.—
BOND ELECTION.— A n e l e c t i o n w ill b e h e l d J u l y 2 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 $ 3 ,0 0 0 s c h o o l b o n d s .

w a r d s t h o i s s u a n c e o f t h e $ 1 , 6 5 0 , 0 0 0 r o a d b o n d s ( V . 1 0 4 , p . 3 7 8 ) w il l b o
ta k e n u n til S e p t e m b e r .
C H E S T E R H IL L , M org a n
C ou n ty ,
O h i o . — BOND OFFERING.—
O li v e r , E d g e r t o n , V i l la g e C l e r k , w il l r e c c i v o b i d s u n t i l 1 p . m . J u l y 6 f o r
* 7 ,0 0 0 5 % c o u p o n h ig h w a y b o n d s .
A u t h . S e c s . 1 1 7 8 a n d 1 2 3 1 -4 , G e n .
C o d e , a ls o e le c t io n h e ld A p r il 1 0 .
D o n o r n s . 14 f o r $ 2 0 0 a n d 14 f o r $ 3 0 0 .
D a te S ep t. 1 1917.
P r i n . a n d s e m i- a n n . i n t . 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 C h e s t e r h i l l.
D u o $ 5 0 0 e a c h s ix m o n th s f r o m S e p t . 1 19 1 8 t o
M a r. 1 1925.
C e r tifie d c h e c k fo r 5 % o f a m o u n t o f b o n d s b id fo r re q u ir e d .
P u rch a se r t o p a y a c c r u e d in te re s t.
C L E A R F I E L D C O U N T Y ( P . O . C l e a r f i e l d ) , P a . — BOND SALE.—
O f a n is s u o o f $ 1 1 0 ,0 0 0 b o n d s o f f e r e d o n J u rio 1 5 . $ 1 ,0 0 0 w e r e a w a r d e d t o
J o h n L . L l g h t n e r a t 1 0 3 a n d t h e r e m a in d e r o f t h e b o n d s ( $ 1 0 9 ,0 0 0 ) t o t h e
C l e a r f ie l d N a t i o n a l B a n k a n d C l e a r f ie l d T r u s t C o . , J o in t ly , f o r $ 1 1 0 ,6 0 0
( 1 0 0 .5 4 5 ) a n d i n t e r e s t .
C L E V E L A N D C I T Y S C H O O L D I S T R I C T (P . O . C le v e la n d ) O h io .—
BOND NOT SOLD.— N o s a lo w a s m a d e o f t h o $ 5 0 0 ,0 0 0 4 ) 4 % 1- 2 0 - y e a r
s e r ia l c o u p o n b u i l d in g b o n d s o f f o r e d o n J u n e 2 5 ( V . 1 0 4 , p . 2 2 6 0 .)
C L IN T O N
S C H O O L T O W N S H IP
(P . O . C lin t o n ) , V e r m ilio n
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 o 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 3 o f t h o is s u e o f $ 4 ^ 0 4 H % s c h o o l - b u i l d i n g b o n d s
_ V 104 0 2 4 7 3 .
_
B i d s f o r t h e s e b o n d s w il l b e r e c e i v e d u n t i l 11 a . m . o n
th a t d a y b y A lfr e d D u n k le y , T w p . T r u s te e .
D en om . 3400
D a te J u ly 3
1917.
In t. J . & J.
D u o $ 4 0 0 y e a r ly o n J u ly 3 f r o m 1 9 1 8 t o 1 9 2 7 . in c l.
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 O F F E R I N G .— F u r t h e r d e t a i ls a r c a t h a n d r e l a t i v e t o t h o
_
o f f e r i n g o n J u l y 3 o f t h o $ 1 0 0 ,0 0 0 5 % s i t o - p u r c h a s o , 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 (V . 104, p . 2 5 7 0 ).
P r o p o s a ls fo r th e s e b o n d s w ill b e r e c e iv e d
u n til 2 p . in . o n th a t d a y b y D . M . B a r n w e ll, C o . C le r k ( P . O . F r e s n o ).
D e n o m . $ 1 ,0 0 0 .
D a te Jun o 4 1917.
P r i n . a n d s e m i- a n n . i n t . ( J . & D . )
p a y a b le a t th e C o u n t y T r o a s . o f f i c e .
D u e $ 5 ,0 0 0 y e a r ly J u n e 4 f r o m 191 8
t o 1 9 3 7 in c l.
C e r t , c h e c k f o r 5 % o f a m o u n t o f b i d , p a y a b l e t o t h e C h a ir m a n
B d . o f C o . S u p e r s ., r e q u ir e d .
B o n d e d d e b t , $ 1 0 ,0 0 0 .
A ssessed v a l.
( n o n - o p e r a t l v o ) , e q u a li z e d 1 9 1 6 -1 9 1 7 , $ 8 , 2 5 4 , 4 5 8 .
T h o o p in io n o f M a s o n
& L o c h c o r S a n F r a n c i s c o , a t t o r n e y s , s t a t i n g t h a t s a i d b o n d s a r e in a l l r e ­
s p e c t s a b i n d i n g a n d l e g a l o b l i g a t i o n u p o n s a id c o u n t y , w i l l b o f u r n is h e d t o
a n y p u r c h a s e r o f s a id b o n d s .
C O L U M B IA
C IT Y ,
W h itle y
C ou n ty ,
I n d . — BOND SALE.— On
J u n e 2 0 t h o 5 2 4 ,0 0 0 4 M % 1 4 - y e a r c i t y - h a l l b o n d s ( V . 1 0 4 , p . 2 3 6 7 ) w e re
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 a t p a r a n d i n t .
D en om . $500.
D a te Ju n o 1 1917.
In t. J. & D .
C O M M E R C E , O tta w a
C o u n t y , O k l a . — BOND OFFERING.— P r o ­
p o s a l s w ill b e r o c o i v c d u n t i l J u l y 2 b y J . S . D e n t o n , M a y o r , f o r t h o $ 2 5 ,0 0 0
s e w e r a g e s y s t e m a n d S o .0 0 0 w a t e r w o r k s e x t . b o n d s a u t h o r i z e d b y v o t e o f
8 5 t o 2 2 a t a n e le c t io n h e ld J u n e 2 1 .
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 SALE.— O n J u n o 2 5
t h e $ 2 0 ,0 0 0 4 % 2 - 6 - y e a r s e r ia l b o n d s ( V . 1 0 4 , p . 2 5 7 0 ) w e r e a w a r d e d , a s
f o l l o w s : $ 5 , 0 0 0 t o t h e m u n i c ip a l w a t e r - w o r k s a t p a r a n d i n t . a n d $ 1 5 ,0 0 0
t o E . H . R o l l in s & S o n s o f B o s t o n a t 9 8 . 2 7 9 a n d i n t .
O th e r b id s w ero:
H a r r is , F o r b e s & C o . , a ll o r n o n e a t .............................. .................... 9 8 .5 7 6 a n d i n t .
M o r r i l l, O ld h a m , a ll o r n o n e a t .............................................. .................. 9 8 .5 6 9 a n d i n t .
C O U N C IL
BLUFFS,
P o t t a w a t o m ie
C ou n ty ,
I o w a . — BONDS
AUTIIORIZED.— R e p o r t s s t a t e t h a t t h o C i t y C o u n c i l h a s a d o p t e d a r e s o ­
l u t io n a u t h o r i z in g t h e I s s u a n c e o f $ 1 0 ,0 0 0 f u n d i n g b o n d s .
D A R I E N , F a i r f i e l d C o u n t y , C on n .— BOND S A L E — O n J u n e 2 6 t h o
$ 7 5 ,0 0 0 4 H % 1 - 1 5 - y r . s e r ia l s c h o o l b o n d s ( V . 1 0 4 , p . 2 4 7 3 ) w e r o a w a r d e d
t o H a r r is , F o r b e s & C o . o f N e w \ o r k f o r $ 7 5 ,0 5 0 ( 1 0 0 .0 6 6 ) a n d i n t .
D E C A T U R S C H O O L C I T Y (P . O ..D e c a t u r ) , A d a m s C o u
BOND SALE.— On J u n o 21 t h e $ 3 5 ,0 0 0 4 ) 4 % s c h o o l b o n d s
2 2 6 0 ) w e r e a w a r d e d t o t h e O ld A d a m s C o . B a n k o f D e c a t u r a t
J . F . W i l d & C o . o f I n d i a n a p o li s b i d $ 3 5 ,0 0 5 , p r o v i d i n g t h o
.
T r u s t e e s m a k e t h e b o n d s in e v e n d e n o m i n a t i o n s .

n t y , I n d .—
(V . 104, p .
p a r a n d in t .
13d. o f S c h .

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 OFFERING .—
R o g e r D a o u s t , 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 12 m . J u l y 2 f o r
* 3 3 , 0 0 0 S t o v e r R o a d I m p t . N o . 3 2 a n d $ 3 3 ,0 0 0 A r c h b o l d - D e f i a n c o R o a d

c h e c k o n a lo c a l b a n k f o r $ 5 0 0 , p a y a b le t o th o C o u n t y A u d it o r , re q u ire d
w it h b i d .
B o n d s t o b o d e l iv e r e d a t t h e C o u n t y T r e a s u r y J u l y 2 0 1 9 1 7 .
P u rc h a se r t o p a y a c c r u e d In te re s t.
B l a n k b o n d s w ill b e fu r n is h e d b y
co u n ty .
C o n d i t i o n a l b i d s w ill n o t b o r e c e iv e d a n d a il b i d d e r s w ill b o
r e q u i r e d t o s a t i s f y t h e m s e lv e s a s t o l e g a l i t y o f t h e is s u e s .__________

~BONI) SALE.— On J u n e £.5 t h e t w o Issu es o i 6% r o a d - l m p t . b o n d s , a g g r e ­
g a t i n g $ 8 1 ,8 0 0 ( V . 1 0 4 , p . 2 4 7 3 ) w e r e a w a r d e d t o W e i l, R o t h & C o . o f
C i n c i n n a t i f o r $ 8 1 ,8 6 4 (1 0 0 .0 7 8 ) a n d i n t .
T h o r o w e r o n o o t h e r b id d e r s
D E T R O I T , M i c h . — BONDS
s t a t e d , f o r t h o $ 1 ,5 0 0 ,0 0 0 4 %
J u n o 26 (V . 104 , p . 2 3 6 7 ).

NOT SOLD.— N o b i d s w e r o r e c e i v e d , i t is
3 0 -y e a r c o u p o n

w a t e r b o n d s o ffe r e d o n

D I K E S C H O O L D I S T R I C T (P . O . D ik e ), G r u n d y C o u n t y , I o w a .—

BOND ELECTION.— A n e l e c t i o n w ill b o h e l d J u l y 6 t o v o t e o n t h e q u e s t i o n
o f I s s u in g $ 7 0 ,0 0 0 b u i l d in g b o n d s , r e p o r t s s t a t o .
D O O R C O U N T Y ( P . O . S t u r g e o n ) , W i s . — BONDS REFUSED.— ' h o
T
I l a n c l i o t t B o n d C o . o r C h i c a g o h a s r e fu s e d t o a c c e p t t h e $ 2 5 ,0 0 0 5 % o ilin g
b o n d s a w a r d e d t o i t o n A p r i l 2 ( V . 1 0 4 , p . 1 1 7 8 ) o n a c c o u n t o f t h e is su e
h a v i n g b e e n d e c l a r e d ille g a l b y it s a t t o r n o y .
D O U G L A S C O U N T Y ( P . O . S u p e r i o r ) , W i s e . — NO BOND ELEC­
TION.— T h e C o u n t y C l e r k a d v i s e s u s t h a t n o e l e c t i o n w il l b e h e l d t o s u b ­
m i t t o t h e v o t e r s t h e p r o p o s i t i o n t o is s u e t h e $ 5 0 0 ,0 0 0 r o a d - c o n s t r u c t i o n
b o n d s ( V . 1 0 4 . p . 1 7 2 3 ).
D O V E R T O W N S H IP (P . O . C a d m u s ), L e n a w e e C o u n t y , M ic h .—
BOND SALE.— O n J u n e 1 5 t h o $ 2 5 ,0 0 0 1 'A% r o a d b o n d s ( V . 1 0 4 , p . 1 6 1 9 )
w e ro a w a rd e d t o th e A d ria n S ta te S a v . B a n k , A d r ia n , a t p a r .
D enom .
$ 1 ,0 0 0 .
D u e 1932.




E L L S W O R T H , P i e r c e C o u n t y , W i s .— BOND SALE.— T h e * 4 . 0 0 0 5 %
w a te r-w o rk s b o n d s v o t e d A p r il 3 ( V . 10 4 , p . 1178) h a v e b e e n s o ld t o lo c a l
In v estors.
E L M IR A T O W N S H I P (P . O . E lm ir a ), O t s e g o C o u n t y , M ic h .—
BONDS PURCHASED.— T h e A n t r i m C o u n t y S t a t e S a v . B a n k o f M a n c e l o n a h a s p u r c h a s e d t h e $ 5 ,0 0 0 5 % 2 - 5 - y r . s e r ia l r o a d - c o n s t r . b o n d s — V . 1 0 3 ,
p .2 3 5 8 .
D e n o m . $ 1 ,0 0 0 .
D a te J u ly 5 191 6.
In t. J . & J.
E M M E T C O U N T Y ( P . O . P e t o s k e y ) , M i c h . — BONDS D EFEATED .—
W e 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 t h e $ 4 , 0 0 0 f a i r ­
g r o u n d - s i t e - p u r c h a s e b o n d s f a il e d t o c a r r y a t t h o e l e c t i o n h e l d A p r i l 2
( V . 1 04 , p . 8 8 0 ).
T h e v o t e w a s 1 ,5 1 9 “ f o r ” a n d 2 , 0 5 8 " a g a i n s t . ”
E P W O R T H 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 . E p w o r t h ) ,
D u b u q u e C o u n t y , I o w a . — M A T U R IT Y OF BONDS.— T h o $ 3 0 ,0 0 0 5 %
s i t e - p u r c h a s e a n d b u i l d in g b o n d s a w a r d e d a t 1 0 0 .3 4 o n J u n e 7 t o t h o H a r r is
T r u s t & S a v s. B a n k o f C h ic a g o (V . 10 4 , p . 2 4 7 3 ) m a tu r e o n J u n e 1 as
f o ll o w s :
$ 5 0 0 y r l y . f r o m 1 92 1 t o 1 9 2 7 , i n c l . ; $ 1 ,0 0 0 y r l y . f r o m 1 9 2 8 t o
1 9 3 3 , i n c l . : $ 1 ,5 0 0 1 9 3 4 . 1 9 3 5 a n d 1 9 3 6 . a n d $ 1 6 ,0 0 0 1 9 3 7 .
F A L L R I V E R , B r i s t o l C o u n t y , Mass.— BIDS REJECTED.— W e le a r n
t h a t a il b i d s r e c e i v e d o n J u n o 2 7 f o r a t e m p o r a r y l o a n o f $ 3 0 0 ,0 0 0 , d a t e d
J u n e 2 8 1 9 1 7 a n d d u e N o v . 15 1 9 1 7 . w e re r e je c t e d .
F A R M V I L L E , P r i n c e E d w a r d C o u n t y , V a .— 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 2 m . J u l y l l b y H . 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 , f o r $ 3 0 ,0 0 0 o f a n i s s u e o f $ 5 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 . S e r ie s “ D , ” v o t e d A p r i l 2 4 .
D en om . $500.
D a te
J u ly 1 191 7 .
I n t . s e m i- a n n u a l a t t h e F ir s t N a t . B a n k , R i c h m o n d .
T h ese
b o n d s are e x e m p t fr o m to w n ta x es.
B id s a re a ls o r e q u e s te d o n t h e e n tire
Is s u o o f $ 5 0 ,0 0 0 .
F A Y E T T E , J e f f e r s o n C o u n t y , M i s s . — 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 8 p . m . A u g . 7 b y E . I I . R e b e r , T o w n C l e r k , f o r
t h e $ 1 7 ,0 0 0 5 % 2 0 - y e a r c o u p o n t a x - f r e e e l e c t r i c - l i g h t p l a n t i n s t a ll a t i o n
a n d w a te r-w o rk s s y s te m im p t. b o n d s v o t e d M a y 2 9 (V . 104 , p . 2 4 7 3 ).
A u th . S e c. 3 4 1 5 . C h a p . 9 9 , C o d e o f M is s ., 19 0 6 .
D en om . $500.
D a te
A u g . 1 1917.
In t. an n . on A u g . 1 at th e T o w n T re a s. o ffic e .
C ert, ch eck
f o r 10 % , p a y a b le t o t h e T o w n T r e a s ., r e q u ir e d .
B o n d e d d e b t , in c lu d in g
t h i s is s u e , J u n e 2 0 1 9 1 7 . $ 3 2 ,0 0 0 .
N o flo a t in g d e b t .
A ssess, v a l. 191 6,
$ 3 2 2 ,9 0 4 .
T o t a l t a x r a te (p e r $ 1 ,0 0 0 ), $ 3 5 5 0 .
F L O O D W O O D , S t . L o u i s C o u n t y , M i n n . — BONDS NOT Y E T OF­
FERED.— N o d a t e h a s y e t b e e n s e t , w o a r e a d v i s e d , f o r t h e o f f e r i n g o f t h e
$ 2 ,0 0 0 v i lla g e - h a ll b o n d s v o t e d M a r c h 1 4 ( V . 1 0 4 , p . 1 1 7 8 ).
FLOYD
(T o w n ) S C H O O L D I S T R I C T N O . 1, O n e id a C o u n t y ,
N . Y .— BOND SALE.— O n J u n e 2 2 t h e $ 1 ,8 5 0 6 % b u i l d in g b o n d s ( V . 1 0 4 ,
p . 2 4 7 4 ) w e r e a w z r d e d a t p a r a n d i n t . a s f o ll o w s : $ 5 5 0 t o G . H . W h i t t a c k e r
o f M a r c y a n d $ 1 ,3 0 0 t o F . I I . D o o l i t t l e o f U t i c a .
F O N D D U L A C C O U N T Y ( P . O . F o n d d u L a c ) , W i s . — NO BONDS
TO BE ISSUED THIS YEAR.— T h e C o u n t y C le r k a d v i s e s u s t h a t t h e
q u e s t i o n o f is s u in g t h e $ 1 ,0 0 0 ,0 0 0 r o a d b o n d s ( V . 1 0 4 , p . 4 7 2 ) w ill n o t b e
s u b m i t t e d t o t h e v o t e r s t h is y e a r .
A l f r e d S . W i lk i n s o n Is C o u n t y C l e r k .
F O U N T A I N C O U N T Y ( P . O . C o v i n g t o n ) , I n d . — BOND OFFERING.
— L e e , P h i l p o t t , C o . 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 . J u l y 7 f o r
$ 1 2 ,5 0 0 4 ) 4 % J . G o r d o n M o f f e t t e t a l . h i g h w a y - l m p t . b o n d s o f J a c k s o n
Tw p.
D on om . $625.
D a te J u n e 15 1 9 1 7 .
In t. M . & N .
D u e $625
e a c h s ix 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.
F R A N K E N M U T H , S a g in a w
C o u n t y , M i c h . — BOND
SALE.— 'T h e
$ 5 ,0 0 0 5 % _ s e w e r b o n d s ( V . 1 0 4 , p . 1 4 1 2 ) h a v e b e e n p u r c h a s e d b y l o c a l In­
v estors.
D a te M a y 1 1917.
In t. a n n . o n M a y 1.
D u e s e r ia ll y f r o m
2 to 4 years.
F R A N K L I N C O U N T Y ( P . O . C o l u m b u s ) , O h i o . — BOND OFFERING.
— J o h n S c o t t , C l e r k o f B o a r d o f C o u n t y C o m m i s s io n e r s , w il l r e c e i v e
p r o p o s a l s u n t il 1 0 a . m . J u l y 12 f o r $ 1 5 ,0 0 0 5 % h i g h w a y i m p r o v e m e n t b o n d s
A u t h . , S e c s . 1 1 7 8 t o 1 2 3 1 -3 , G e n . C o d e .
D on om . $500.
D a te J u ly 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 . & J . ) p a y a b l e a t t h e o f f i c e o f t h e
C o u n ty T reasurer.
D u o $ 3 ,0 0 0 y e a r ly o n J u ly 1 fr o m 1 9 1 8 t o 1 9 2 2 , I n c l.
C e r t ifie d c h e c k (o r ca s h ) o n a s o lv e n t n a tio n a l b a n k o r t r u s t c o m p a n y f o r
1% o f b o n d s b id f o r , p a y a b le t o th e B o a r d o f C o u n t y C o m m is s io n e r s , r e ­
q u ir e d .
A c o m p l e t e t r a n s c r ip t o f a ll p r o c e e d i n g s h a d i n t h e i s s u a n c e o f
t n e s o b o n d s w ill b e f u r n is h e d s u c c e s s f u l b i d d e r a t t im e o f a w a r d , a n d b id s
c o n d it io n e d o n t h e a c c e p t a n c e o f b o n d s b id u p o n o n ly u p o n th e a p p r o v a l
o f s a id p r o c e e d i n g s b y t h e a t t o r n e y o f t h e b i d d e r w ill b e a c c e p t e d a n d c o n ­
s i d e r e d , a n d a r e a s o n a b l e l e n g t h o f t im e w ill b e a l lo w e d p u r c h a s e r f o r e x a m ­
in a t io n o f s a m e .
B o n d s w ill b e p r e p a r e d , s i g n e d a n d r e a d y f o r d e l i v e r y o n
t h e d a y o f s a le .
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 .
BOND SALE.— O n J u n e 19 t h e t h r e e Is s u e s o f 5 % r o a d b o n d s , a g g r e ­
g a t i n g $ 9 0 ,7 0 0 ( V . 1 0 4 , p . 2 4 7 4 ) , w e r e a w a r d e d t o t h e O h io N a t i o n a l B a n k
o f C o l u m b u s f o r $ 9 1 ,0 1 2 7 5 ( 1 0 0 . 3 4 4 ) a n d I n t e r e s t .
O th e r b id s w ere:
S e a s o n g o o d & M a y e r , C i n c i n n a t i ______________________ $ 9 0 ,9 5 9 0 0 a n d i n t e r e s t
N e w F i r s t N a t i o n a l B a n k , C o l u m b u s ------------------------- 9 0 ,8 1 1 0 0 a n d i n t e r e s t
P r o v i d e n t S a v in g s B a n k & T r u s t C o . . C i n c i n n a t i . . 9 0 , 7 3 7 0 5 a n d I n t e r e s t
F R E D E R I C K S B U R G , W a y n e C o u n t y , O h i o . — BOND OFFERING.—
J . P . C r a m e r , V i l . C l e r k , w ill r e c e iv e p r o p o s a l s u n t i l 1 2 m . J u l y 7 f o r $ 7 , 5 0 0
5%
1 - 1 5 - y e a r s t r e e t - i m p t . ( v i l l a g e ’s p o r t i o n ) b o n d s .
A u th . S ec. 3939,
G en. C ode.
D enom . $500.
D a t o A p ril 1 1 9 1 7 .
I n t . s e m i-a n n .
C ert,
c h e c k fo r 2 % 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 t h e V il. T r e a s ..
re q u ir e d .
B o n d s t o b e d e l iv e r e d a n d p a i d f o r w it h i n 1 0 d a y s f r o m t i m e o f
aw ard.
P u rch a se r t o p a y a c c r u e d in t .
G A L L A T IN C O U N T Y S C H O O L D IS T R I C T N O . 1 (P . O . L o g a n ),
M o n t . — 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 11 a . m .
J u l y 2 3 b y P e a r l G . S t e i c h e n , D i s t . C l e r k , f o r $ 1 0 ,0 0 0 8 - 1 0 - y e a r ( o p t . )
b u ild in g b o n d s a t n o t e x c e e d in g 6 % in t .
D enom . $200.
D a te A u g . 23
1917.
I n t . a n n u a l ly .
G A N G E S T O W N S H IP (P . O . G a n g e s ), A lle g a n C o u n t y , M ic h ,—
BOND SALE.— T h e $ 5 0 ,0 0 0 r o a d b o n d s a u t h o r i z e d b y v o t e o f 2 2 5 t o 3 4
a t th e e le ctio n A p ril 2 (V . 1 0 4 , p . 13 1 0 ) h a v e b e e n s o ld .
G A R D N E R , W o r c e s t e r C o u n t y , M a s s . — BOND SALE.— O n J u n e 2 6
$ 2 0 ,0 0 0 4 H % 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 m a t u r in g $ 1 , 0 0 0 J u l y 1
1 9 1 8 t o 1 9 3 7 . i n c l . . w e r e a w a r d e d , i t is s t a t e d , t o B l o d g e t & C o . a t 1 0 1 . 1 6 8 .

2666

G A R Y , L a k e C o u n t y , I n d . — BOND SALE DEFERRED.— T h e s a le o f
t h e $ 2 7 ,0 0 0 4 ) 4 % f i r e - d e p a r t m e n t b o n d s w h ic h w a s t o h a v e t a k e n p l a c e
J u n e 1 5 ( V . 1 0 4 , p . 2 2 6 1 ) h a s b e e n d e f e r r e d , i t is s t a t e d , u n t i l J u l y 1 2 , a s
a n i n c r e a s e o f $ 1 , 5 0 0 lia s b e e n m a d e i n t h e a m o u n t o f t h e i s s u e .
G eo. II.
M a n l o v o is C i t y C o m p t r o l l e r .
353
G E A U G A C O U N T Y ( P . O . C h a r d o n ) , 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 i l 12 m . J u l y 2 3 b y A . A . F o\ v ler, C o u n t y
A u d i t o r , f o r $ 2 2 ,0 0 0 5 % c o u p o n r e fu n d i n g b o n d s .
A u t h ., S e c . 5 6 5 6 , G e n .
C ode.
D o n o m . $ 1 ,0 0 0 .
D a t e A p ril 1 1 9 1 7 .
I n t e r e s t s e m i- a n n u a lly
( A . & O .) 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 e $ 2 ,0 0 0 y e a r ly o n A p r il 1
f r o m 1 9 2 7 t o 1 9 3 1 , i n c lu s i v e , a n d $ 3 ,0 0 0 y e a r l y o n A p r i l 1 f r o m 1 9 3 2 t o
1 9 3 5 , i n c lu s i v e .
C e r tifie d c h e c k fo r 1 0 % 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 T re a su re r, re q u ir e d .
B o n d s t o b e d e l iv e r e d a n d p a i d f o r w it h in
t e n d a y s f r o m t im 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 t e r e s t .

.aa iwim■■■■ m m wnm m■
riiw
■ i - mm m
.

i.

G L E N C O E ; M c L e o d C o u n t y , M i n n . — BOND SALE.— T h e $ 2 5 ,0 0 0
4 % 5 -2 0 -y r . (o p t .) r e fu n d in g b o n d s (V . 1 03 , p . 1 9 1 1) w e re s o ld o n J a n . 1
t o th e S ta te o f M in n e s o t a .
D en om . $500.
D a te Jan . 1 1917.
I n t . J .& J .
G L O V E R S V I L L E , F u l t o n C o u n t y , N . Y . — BONDS PROPOSED.—
' T h e B o a r d o f E d u c a t i o n is c o n s i d e r in g t h e is s u a n c e o f $ 1 2 0 ,0 0 0 g r a m m a r s c h o o l b u i l d in g b o n d s , a c c o r d in g t o l o c a l p a p e r s .
G R A N T C O U N T Y ( P . O . M a r i o n ) , I n d . — BOND SALE.— R e p o r t s
s t a t e t h a t t h r e e is s u e s o f 4 1 4 % 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 i n g
$ 2 8 ,6 7 9 , w e r e r o c e n t ly a w a r d e d a s f o ll o w s : $ 1 5 ,8 0 0 Issu e t o B r e e d , E l l i o t t
& I l a r r i s o n , f o r $ 1 5 ,8 0 8 , e q u a l t o 1 0 0 .0 5 ; $ 5 ,6 4 3 is su e t o t h e G r a n d T r u s t
& S a v in g s C o . o f M a r i o n f o r $ 5 ,6 7 4 6 0 , e q u a l t o 1 0 0 .5 6 1 a n d t h e $ 7 ,2 3 6
is s u e t o G e o . W e b s t e r J r . , o f M a r i o n , f o r $ 7 ,2 5 1 7 5 , e q u a l t o 1 0 0 .2 1 7 .
G R E E N V I L L E , D a r k e C o u n t y , O h i o . — BOND OFFERING.— B id s
w ill b e r e c e i v e d u n t il 12 m . J u l y 2 5 b y C . I t . J o b e s , C i t y A n d . , f o r $ 6 0 ,0 0 0
4 1 4 % w a t e r -w o r k s -im p t . b o n d s .
A u th . S ec. 39 3 9 , G en . C o d e .
D enom .
$500.
D a te Ju n o 1 1917.
I n t . s e m i- a n n .
D u o $ 3 ,0 0 0 S e p t . 1 1 9 2 6 ,
$ 7 , 0 0 0 S e p t . 1 1 9 2 7 , $ 8 ,0 0 0 e a c h y e a r o n S e p t . 1 f r o m 1 9 2 8 t o 1 93 3 i n c h ,
a n d $ 2 ,0 0 0 S e p t. 1 1 9 3 4 .
C e r t , c h e c k f o r 3 % 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 e C it y T r e a s ., 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 w i t h i n 1 0 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 t.
G R E E N V IL L E
C IT Y
SCH O OL
D I S T R I C T (P . O . G r e e n v ille ),
D a r k e C o u n t y , O h i 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 1 2 m . J u l y 2 0 b y F . E . W i l s o n , C l e r k o f t h e 13d. o f E d . , f o r $ 1 0 ,0 0 0
5 % c o u p o n s c h o o l iin p t. b o n d s.
A u th . S e cs. 7 6 2 5 t o 7 6 2 7 , in c l., G e n .
C ode.
D en om . $500.
D a to Ju n e 1 1917.
P r i n . a n d s e m i- a n n . i n t .
( M . & S .) p a y a b lo a t t h e o f f i c e o f t h e T r e a s . B d . o f E d .
D u e $ 1 ,0 0 0 o n
S e p t . 1 1 9 2 0 a n d 1 92 1 a n d $ 4 , 0 0 0 S e p t . 1 1 9 2 2 a n d 1 9 2 3 .
C e r t, ch e ck fo r
5 % 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 lo t o th e T r e a s . B d . o f E d ., re ­
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 w it h i n 1 0 d a y s f r o m t lm o o f
aw ard.
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 .
H A M I L T O N , B u t l e r C o u n t y , O h i o . — BOND SALE.— T h e $ 4 0 ,0 0 b
4 K % 6 - 1 5 - y e a r s e r ia l g a s - w o r k s 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 M a y 10
( V . 1 0 4 , p . 2 0 3 5 ) w e r e p u r c h a s e d o n J u n e 19 b y t h e S in k in g F u n d T r u s t e e s .
H A M I L T O N C O U N T Y ( P . O . N o b l e a v i l l e ) , I n d . — BOND OFFER­
IN G.— 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 11 a . m . J u l y 5 b y L . G . H e in z ,
C o . T r e a s . , f o r $ 4 ,8 8 0 T . A . P a in t e r e t a l . r o a d a n d $ 6 , 8 2 0 M a r t i n H o o v e r
roa d 4 )4 % b o n d s.
In t. M . & N .
D u o p a r t o f e a c h is s u o e a c h s ix m o n t h s
b e g i n n i n g M a y 15 1 9 1 8 .
H A R R I S O N C O U N T Y ( P . O . C o r y d o n ) , Ind.— BONDS A W A R D E D
I N PART.— O f t h o t w o is s u e s o f 4 % 5 2 - 3 - y r . ( a v e r .) 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 $ 2 4 ,8 0 0 , o f f e r e d o n J u n e 2 5 ( V . 1 0 4 , p . 2 4 7 4 ) . t h e $ 4 , 4 0 0 is s u e
w a s a w a r d e d t o t h o C o r y d o n N a t . B a n k , i t is s t a t e d , a t p a r .
N o b id s
w e r e s u b m i t t e d f o r t h e $ 2 0 ,4 0 0 i s s u e .
__
H A R T F O R D , C o n n . — BONDS PROPOSED.— L o c a l p a p e r s s t a t e t h a t
t h o B o a r d o f F in a n c e h a s v o t e d t o a s k t h e B o a r d o f A l d e r m e n f o r a u t h o r i t y
t o s e ll $ 4 0 0 ,0 0 0 a d d it i o n a l w a t e r b o n d s .
C h a r le s H . S l o c u m is C i t y T r e a s .
H A R T F O R D , V a n B u r e n C o u n t y , M i c h . — BOND SALE.— T h e W e s t
M i c h i g a n S a v . B a n k o f B a n g o r h a s p u r c h a s e d t h e $ 1 0 ,0 0 0 v illa g e p r is o n
s it e p u r c h a s e a n d c o n s t r . b o n d s v o t e d N o v . 2 3 1 9 1 6 ( V . 1 0 3 , p . 2 1 7 4 ).
H E A L D S B U R G S C H O O L D I S T R I C T (P . O . H e a ld s b u r g ), S o n o r a
C o u n t y , C a l i f . — BONDS VOTED.— T h e $ 1 0 0 ,0 0 0 h i g h - s c h o o l s i t e - p u r ­
c h a s e a n d c o n s t r u c tio n b o n d s w e ro f a v o r a b ly v o t e d a t th e e le c t io n h e ld o n
June 18.
V . 1 0 4 ,p . 2 47 4.
H E N D R I C K S C O U N T Y ( P . O . D a n v i l l e ) , I n d . — BOND SALE.— O n
J u n e 2 5 t h o $ 2 2 ,0 0 0 4 ) 4 % h i g h w a y - i m p t . b o n d s ( V . 1 0 4 , p . 2 4 7 4 ) w e r o
a w a r d e d t o H e n r y H a d l e y o f D a n v i ll e a t 1 0 0 .2 5 .
J . F . W i l d & C o . b id
$ 2 2 ,0 1 1 1 1 .
D o n o m . $ 1 ,1 0 0 .
D a t o M a y 15 1 9 1 7 .
In t. M . & N .
H E R M O S A B E A C H , L o s A n g e l e s C o u n t y , C a l i f . — BOND ELEC­
TION.— T h e q u e s t i o n o f i s s u in g t h e $ 1 0 0 ,0 0 0 h a r b o r - i m p t . b o n d s ( V . 1 0 4 ,
p . 2 2 6 1 ) w ill b o s u b m i t t e d t o t h e v o t e r s o n J u l y 1 0 , i t is s t a t e d .
H I G H L A N D C O U N T Y ( P . O . H i l l s b o r o ) , 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 1 p . m . J u l y 2 b y J o h n T . R i d g w a y , C o . A u d . .
f o r $ 1 2 ,0 0 0 5 % h i g h w a y - c o n s t r u c t i o n b o n d s .
A u t h . S e c s . 1 2 2 2 -1 a n d 1 2 2 3 .
G en. C od e.
D en om . $500.
D a t o J u ly 2 191 7.
In t. M . & S.
D uo
$ 3 ,0 0 0 o n M a r . 1 a n d 8 o p t . 1 1 9 1 8 a n d 1 9 1 9 .
C e r t , c h e c k f o r 5 % 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 l e t o t h e C o . T r e a s . , r e q u i r e d .
B onds to bo
d e l iv e r e d a n d p a i d f o r w it h i n 5 d a y s f r o m t i m o o f a w a r d .
P u rch a ser to
p a y a c c r u e d in t.
BONDS NOT SOLD.— N o s a le w a s m a d e o f t h e $ 5 , 2 6 4 21 5 % c o u p o n
r o a d b o n d s o ffe r e d o n J u n e 1 (V . 10 4 , p . 2 1 5 5 ).
H I G H L A N D P A R K , W a y n e C o u n t y , M i c h . — BOND SALE.— T h e
$ 5 0 ,0 0 0 2 0 - y r . p o l ic e - s t a t io n - c o n s t r . b o n d s o f f e r e d o n M a y 21 w e r o a w a r d e d
a t p a r f o r 5s o n M a y 2 8 t o J o h n F . M c L e a n & C o . o f D e t r o i t .
D enom .
$ 1 ,0 0 0 .
D a to Juno 1 1917.
In t. J. & D .
D u e Jun e 1 1937.
_______
H O B O K E N , N . J .— BID REJECTED .— T h e o n l y b i d r e c e i v e d , i t Is
s t a t e d , f o r t h e t w o is s u e s o f 4 ) 4 % 5 0 - y e a r 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 ) b o n d s , a g g r e g a t i n g $ 6 7 9 ,1 7 6 6 1 . o f f e r e d o n J u n e 2 7 ( V . 1 0 4 ,
p . 2 4 7 4 ), w a s s u b m it te d b y F o ls o m & A d a m s , o f N o w Y o r k , w h o o ffe r e d to
t a lc o $ 5 0 ,0 0 0 o f t h e $ 1 7 9 ,1 7 6 6 1 is s u e a t 1 0 0 .1 2 5 , le s s $ 1 5 0 f o r e x p e n s e s .
T h e o f f e r w a s r e je c t e d .
H O Q U IA M ,
G ra ys
H a r b o r C o u n t y , W a s h . — BOND SALE.— O n
J u n e 1 $ 1 7 0 ,0 0 0 1 - 2 0 - y r . ( o p t . ) f u n d i n g b o n d s w e 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 in g to n a t p a r fo r 4 ) 4 s .
D e n o m . $ 1 ,0 0 0 .
D a to Ju n e 1 1917.
In t.
J. & D .
D u o J u n e 1 1 9 3 7 , s u b j e c t t o c a ll a t a n y t im e a f t e r o n e y e a r .
H O R S E H E A V E N I R R I G A T I O N D I S T R I C T (P . O . P r o s T e r ), B e n ­
t o n C o u n t y , W a s h . — BONDS VOTED.— T h o q u e s t i o n o f is s u in g $ 1 8 ,9 0 0 , ­
0 0 0 i r r i g a t i o n s y s t e m i m p r o v e m e n t 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 e ld J u n e 1 6 .
H O W A R D C O U N T Y ( P . O . K o k o m o ) , I n d . — BOND SALE.— O n
J u n e 2 5 t h e $ 3 ,2 0 0 4 ) 4 % h i g h w a y - i m p t . b o n d s — V . 1 0 4 , p . 2 4 7 4 — w e ro
a w a r d e d t o J . F . W ild 3c C o . o f I n d i a n a p o li s a t p a r a u d a c c r u e d i n t e r e s t .
T h e r e w e re n o o t h e r b id d e r s .
H U B B A R D , T r u m b u l l C o u n t y , O h i 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 l y 16 b y J . W . P o w e r s , V il. C l e r k , f o r
$ 1 2 ,0 0 0 5 % c o u p o n w a t e r - w o r k s b o n d s .
A u th . S ec. 3939, G en . C o d e .
D en om . $500.
D a te Jun o 1 1917.
I n t . A . & O . p a y a b lo a t t h o H u b b a r d
B a n k in g C o .
D u e $ 5 0 0 e a c h s ix m o n t h s f r o m A p r i l 1 1 9 1 8 t o O c t . 1 1 9 2 9 .
C e r t , c h e c k f o r $ 3 0 0 , p a y a b l o t o t h o V il. T r e a s . , r e q u i r e d .
B on ds to bo
d e l iv e r e d a n d p a id f o r w it h in 10 d a y s f r o m t im o o f a w a r d .
P u rch a ser
t o p a y a c c r u e d in t.
A ll b i d s m u s t b e u n c o n d it i o n a l a n d b id d e r s d e s ir in g
a t r a n s c r ip t o f p r o c e e d in g s o f c o u n c i l , & c . , w ill b o fu r n is h e d t h o s a m e a t
a n y t im o u p o n p a y m e n t o f $ 3 t o c o v e r t h o c o s t o f m a k i n g t r a n s c r ip t .
I N D I A N A P O L I S , I n d . — BOND OFFERING.— B i d s w ill b o r c c e l v o d
u n t il 12 m . J u l y 2 b y R . I I . S u lliv a n , C i t y C o m p t r o l le r , f o r $ 4 ,0 0 0 4 ) 4 %
f lo o d - p r e v e n t i o n c o u p o n b o n d s .
D e n o m . S I ,000.
D a to J u n o 1 1917.
P r i n . a n d s e m i- a n n . i n t . — J . & J . — p a y a b lo a t t h e M e r c h a n t s ’ N a t . B a n k ,
I n d i a n a p o li s .
D u e Jan . 1 1919.
C e r t, c h e ck o n s o m e s o lv e n t b a n k o f
I n d i a n a p o li s f o r 2 ) 4 % o f t h 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 le t o E d w a r d
G.
S o u r b i o r , C i t y 'l ’ r o a s ., r e q u i r e d .
D e l i v e r y o f b o n d s t o b o m a d e w it h in
3 0 d a y s fro m J u ly 2 .
C e r t , c o p y o f t h o o r d i n a n c e a n d le g a l o p i n i o n o f
S m i t h , R e m s t c r , H o r n b r o o k & S m i t h o n t h o v a l i d i t y o f t h e s o b o n d s w ill
b o f u r n is h e d p u r c h a s e r .
I R O N T O N , L a w r e n c e C o u n t y , O h i o . — BOND ORDINANCE DE­
FE A T E D . — T h o o r d i n a n c e p r o v i d i n g f o r t h o h o l d i n g o f a n e l e c t i o n o n
M a y 15 t o v o t o o n t h o q u e s t i o n o f is s u in g $ 5 0 ,0 0 0 d e f i c i e n c y b o n d s ( V . 1 0 4 .
p .,1 7 2 4 ) w a s d e fe a te d b y th o C it y C o u n c il.
,• >. ( ,- -i
J A C K S O N , H i n d s C o u n t y , M i s s . — BOND OFFERING.— S e a le d b id 3
w ill b e r e c e i v e d u n t il 1 0 a . m . J u l y 17 b y A . W . T o b i a s , C i t y C l e r k , f o r




[Vol. 104

THE CHRONICLE

$ 1 5 ,0 0 0 5 %
t a x -fr e o c o u p o n s c h o o l r e fu n d in g b o n d s .
D en om . $500.
D a to A u g . 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 o a t t h e C o n ­
t in e n t a l & C o m m e r c ia l N a t . B a n k , C h i c a g o .
D u o $500 e v e ry tw o years
A u g . 1 f r o m 1 91 8 t o 1 9 3 6 , i n c l., a n d $ 1 ,0 0 0 e v e r y t w o y e a r s fr o m A u g . 1
191 9 t o 19 3 7 in c l.
C e r t , c h e c k fo r 2 % o f b o n d s b id f o r , p a y a b le t o th e
C it y C le r k , r e q u ir e d .
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 (a s o f J u l y 1 1 9 1 7 ),
$ 1 , 7 0 7 , 2 0 0 ; w a t e r d e b t , i n c l u d e d , $ 5 3 6 ,0 0 0 .
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 7 , $ 1 3 ,2 2 6 ,0 0 0 5 0 .
T h e le g a l o p i n i o n o f W o o d & O a k l e y o f C h i c a g o
a s t o t h e v a l i d i t y o f t h e b o n d s w ill b e f u r n is h e d t h e s u c c e s s fu l b i d d e r b y t h o
c it y .
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 e 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 o n d ­
in g o r th r e a te n e d c o n c e r n in g th e is su a n ce o f th e s e b o n d s o r a ffe c t in g th o
c o r p o r a t e e x i s t e n c e o r t h e b o u n d a r ie s o f t h o c i t y , a n d 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 o u s l y is s u e d h a 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 .
J A C K S O N C O U N T Y R O A D IM P R O V E M E N T D IS T R I C T N O . 1,
A r k .— BOND SALE.— A n is su e o f $ 6 5 ,0 0 0 5 ) 4 % r o a d b o n d s h a s b e e n
a w a r d e d , i t is s t a t e d , t o S t . L o u is p a r t ie s a t 9 9 .
J A C K S O 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 . S t . P a r is ),
C h a m p a i g n C o u n t y , O h i o . — BOND SALE.— O n J u n o 2 t h e $ 5 , 0 0 0 5 %
b u i l d in g b o n d s ( V . 1 0 4 , p . 2 1 5 5 ) w e r e a w a r d e d t o D a v i e s - B e r t r a m C o . o f
C in c in n a ti a t p a r .
D en om . $500.
D a to Jun o 1 1917.
In t. J. & D .
D uo
$ 5 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.
J A S P E R C O U N T Y ( P . O . R e n s s e l a e r ) , I n d . — BOND SALE.— O n
J u n e 2 2 t h e f i v e is s u e s o f 4 ) 4 % r o a d - i m p t . b o n d s , a g g r e g a t i n g $ 4 5 ,4 0 0
( V . 10 4 , p . 2 4 7 4 ), w e re a w a r d e d t o J . F . W ild & .C o . o f I n d ia n a p o lis fo r
$ 4 5 ,4 1 7 9 5 , e q u a l t o 1 0 0 .0 3 9 .
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.—
A d d i t i o n a l i n f o r m a t i o n is 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 2 o f t h o
$ 1 2 ,0 0 0 5 % 5 - 3 0 - y r . c o u p o n t a x - fr e e b r i d g e i in p t . b o n d s ( V . 1 0 4 , p . 2 5 7 2 ).
P r o p o s a l s f o r t h e s o b o n d s w ill b o r e c e iv e d u n t il 12 m . o n t h a t d a y b y M . C .
H arper, C o . T reas.
D en om . $100.
D a to J u ly 2 1 9 1 7 .
I n t . p a y a b le
a t t h e J e f fe r s o n C o . B a n k , F a y e t t e .
N o d e p o s it r e q u ir e d .
B on ded d eb t,
e x c l u d i n g t h is is su e ( J u n o 2 2 1 9 1 7 ), $ 4 0 ,0 0 0 .
F l o a t i n g d e b t , $ 1 6 ,0 0 0 .
T o t a l a ssess, v a l. 1 9 1 6 , $ 3 ,2 2 5 ,0 0 0 .
T o t a l t a x r a t o ( p e r $ 1 ,0 0 0 ) $ 2 4 .
J O H N S O N C O U N T Y ( P . O . F r a n k l i n ) , I n d . — BOND S A L E — O n
J u n e 2 0 th o $ 6 ,5 0 0 4 ) 4 %
5 2 -3 -y e a r (a v e r a g e ) r o a d -im p r o v e m e n t b o n d s
V . 1 0 4 , p . 2 4 7 4 ) w ere a w a r d e d t o H o m e r D . B a s s o tt fo r $ 0 ,5 1 6 2 6 ,
1 0 0 .2 5 ) a n d i n t e r e s t . T h e F l o t c h e r - A m e r i c a n N a t io n a l B a n k b id $ 6 ,5 1 0 1 0 .
J O H N S T O N (P . O .
SALE.— B l o d g e t & C o .
t h o $ 7 ,5 0 0 4 ) 4 % 1 5 - y r .
(1 ) $ 5 0 0 .
D a to M a y

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 . — BOND
o f B o s t o n w o re a w a rd e d a t 9 9 a n d in t. o n M a y 4
s c h o o l b o n d s (V . 104, p . 9 7 8 ).
D o n o m . (7 ) $ 1 ,0 0 0 ,
1 1917.
In t. M . & N .
D u o M a y 1 1932.

J O N E S B O R O , C r a i g h e a d C o u n t y , A r k . — BOND SALE.— O n J u n e 2 2
$ 2 5 1 ,0 0 0 5 % 2 0 - y r . p a v i n g b o n d s w o r e a w a r d e d , i t is s t a t e d , t o W h i t a k e r
& C o . o f S t . L o u is a t 9 5 ; p u r c h a s e r t o p a y a ll e x p e n s e s o f o n g r a v i n g , l a w y e r s ’
fe e s , & c.
K A L A M A Z O O , K a l a m a z o o C o u n t y , M i c h . — 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 1 1 a . in . J u l y 3 b y W . E . M c M a r t i n , C i t y
C l e r k , f o r S 3 5 .0 0 0 c i t y - i m p t . a n d $ 5 0 ,0 0 0 s t r e o t - l m p t . 4 ) 4 %
1 0 -y e a r
b on d s.
D a to J u ly 1 1917.
P r in . a n d in t . p a y a b l o a t t h o o f f i c o o f t h e C i t y
T reasu rer.
C e r tifie d c h e c k fo r 5 % o f th o a m o u n t o f b o n d s b id fo r re q u ire d .
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 e h a s n o v o r b o o n a d e f a u l t o r c o m p r o m i s e
in t h e p a y m e n t o f a n y o f t h e c i t y ’s o b l ig a t io n s , t h a t n o is s u o o f b o n d s h a s
e v e r b e e n c o n t e s t e d a n d t h a t t h o r o is n o l it i g a t io n o r c o n t r o v e r s y c o n c e r n in g
t h e v a l i d i t y o f b o n d s , t h e c o r p o r a t e o x i s t o n c o o r b o u n d a r ie s o f t h o m u n i c i ­
p a l i t y o r t h o t it l e o f t h o p r e s e n t o f f i c e r s t o t h e ir r e s p e c t iv e o f f i c e s , p o n d in g
o r th re a te n e d .
P u r c h a s e r t o p r i n t a n d fu r n is h b o n d s a n d t o b e a r e x p e n s e
o f a t t o r n e y ’s o p i n i o n .
T o t a l b o n d e d d e b t J u l y l 1 91 7 ( in c l u d i n g t h o s e
is s u e s ), $ 1 ,0 6 6 ,6 1 0 ; a s s e s s , d e b t . , i n c h , $ 3 5 6 ,1 2 4 ; s in k in g f u n d , $ 9 2 ,6 2 5 ;
c a s h o n h a n d , $ 7 ,7 4 4 ; a s s e s s e d v a l . ( r e a l a n d p o r s o n a l ) , $ 4 9 ,9 0 9 ,2 2 0 ; r o a l
v a l u e ( e s t . ) , $ 5 0 ,0 0 0 ,0 0 0 .
K A L A M A Z O O C O U N T Y ( P . O . K a l a m a z o o ) , M i c h . — BONDS DE­
FEATED . — W e h a v e j u s t b e e n i n f o r m e d t h a t t h o p r o p o s i t i o n t o is s u o
$ 1 ,0 0 0 ,0 0 0 4 ) 4 %
h e ld A p ril 2 .

r o a d b o n d s ( V . 1 0 4 , p . 9 7 8 ) f a il e d t o c a r r y a t t h o e l e c t i o n

K A N A B E C C O U N T Y IN D E P E N D E N T S C H O O L D I S T R I C T N O . 1
( P . O . M o r a ) , M i n n . — BONDS VOTED.— T h o q u e s t i o n o f i s s u in g t h o
$ 2 0 ,0 0 0 4 %
h i g h - s c h o o l - b l d g . - i m p t . b o n d s t o t h e S t a t e o f M in n e s o t a
c a r r ie d b y a v o t e o f 2 0 t o 0 a t t h e e l e c t i o n h e l d J u n e 19 ( V . 1 0 4 , p . 2 4 7 5 ) .
D u e o n J u ly 1 a s fo llo w s : $ 2 ,0 0 0 1923 a n d 1 9 2 4 ; $ 1 ,0 0 0 y e a r ly f r o m 1 9 2 5
t o 1 9 3 1 , i n c l . ; $ 3 ,0 0 0 1 9 3 2 ; $ 4 , 0 0 0 1 9 3 3 , a n d $ 2 , 0 0 0 1 9 3 4 .
O . E . W i ll ia m s
is S e c r e t a r y o f B o a r d o f E d u c a t i o n .
K A N S A S C I T Y , M o . — 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 13 b y G o o r g o I I . E d w a r d s , M a y o r , a n d E u g e n e
H.
B l a k e , C i t y C o m p t r o l l e r , f o r $ 5 0 ,0 0 0 w o r k h o u s e a n d h o u s e o f c o r r e c .
t io n a n d $ 1 0 0 ,0 0 0 s e w e r . S e c o n d I s s u o , 4 ) 4 %
2 0 -y c a r b o n d s .
D enom $ 1 ,0 0 0 .
D a te J u ly 1 19 1 5 .
I n t e r e s t s e m i - a n n ., p a y a b l o a t t h o C i t y
T re a s u re r’s o ffic o o r a t th o C h a se N a t . B a n k o f N o w Y o r k , a t th o o p t io n
o f th o h o ld e r .
D e l i v e r y o f b o n d s w ill b o m a d e a t 1 0 a . m . J u l y 2 0 1 9 1 7 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 .
A d u ly c e r tifie d c h e c k u p o n a s o lv e n t b a n k
o r t r u s t c o m p a n y d o i n g b u s in e s s in K a n s a s C i t y , M o . , f o r 2 % o f b o n d s b id
f o r , p a y a b lo t o t h e C it y C o m p t r o lle r , r e q u ir o d .
B id s m u s t b o m a d e o n a
b l a n k f o r m f u r n is h e d u p o n a p p l i c a t i o n t o t h o C i t y C o m p t r o l l e r o r t o D i l l o n ,
T h o m s o n & C la y , N ew Y o r k .
T h o l e g a l it y o f t h o b o n d s w ill b o a p p r o v e d
b y t h o a b o v o a t t o r n e y s , w h o s e o p i n i o n , o r d u p l i c a t e t h e r e o f , w ill b o d e l i v
ered to th o p u rch a ser.
T h o s e f i r s t t w o is s u e s a r o p a r t o f $ 4 , 5 6 0 , 0 0 0 b o n d s
v oted Jun o 1 1915.

V . 100, p . 1948.

The official notice of this bond offering will be found among the advertise
ments elsewhere in this Department.
K E N D R I C K , L a t a h C o u n t y , I d a h o . — BOND SALE.— O n J u n o 1 a n
s s u o o f $ 5 ,0 0 0 5 ) 4 % 1 0 - 2 0 - y r . ( o p t . ) w a t e r - w o r l c s -s y s t c m p u r c h a s o b o n d s
w a s a w a r d e d t o t h e K e n d r ic k S t a t o B a n k a t p a r .
D e n o m . $ 1 ,0 0 0 .
D a to
J u ly 1 1 91 7.
In t. J . & J.
K N O X V I L L E , K n o x C o u n t y , T e n n .— BOND SALE.— O n J u n e 2 0 t h o
f o l l o w i n g 5 % c o u p o n b o n d s , a g g r e g a t i n g $ 1 9 5 ,0 0 0 , w e r o a w a r d e d , r e p o r t s
s t a t e , t o t h e H a r r is T r u s t & S a v . B a n k , C h i c a g o , f o r $ 1 9 7 ,0 6 8 ( 1 0 1 .0 6 ) a n d
in t .
P u rch a se r t o p r in t b o n d s :
$ 9 5 ,0 0 0 r e f u n d i n g b o n d s .
D u o J u ly 1 1947.
1 0 0 .0 0 0 f ir e a n d p o l i c o b o n d s .
D u o $ 1 0 ,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 2 7 , i n c lu s i v e .
D e n o m . $ 1 ,0 0 0 .
D a t o J u ly 1 1 9 1 7 .
B r i n , a n d s o m l- a n n u a l i n t . , p a y ­
a b lo a t th o H a n o v e r N a t . B a n k , N . Y .
L A C R O S S E , L a C r o s s e C o u n t y , W i s .— NO ACTION YET T A K E N .—
W e a r e i n f o r m e d t h a t n o a c t i o n h a s y e t b e e n t a k e n l o o k in g t o w a r d s t h e
is s u a n c e o f t h e $ 2 5 ,0 0 0 w a t e r - m a i n -i m p t . b o n d s ( V . 1 0 4 , p . 1 1 7 9 ).
W . J.
F r ie s is C i t y C o m p t r o l le r .
L A K E A R T H U R D R A I N A G E D I S T R I C T ( P . O . A r t e s i a ) , N . M e x .—
BIDS REJECTED.— A l l b id s r e c e iv e d f o r t h o $ 2 0 0 ,0 0 0 d r a i n a g e b o n d s
o ffe r e d o n J u n e 15 ( V . 1 0 4 , p . 2 3 6 8 ) w o ro r o jc c t e d .
L A K E C O U N T Y ( P . O . C r o w n P o i n t ) , I n d . — BOND OFFERING —
B i d s w il l b o r e c e i v e d u n t i l 10 a . m . J u l y 3 b y M . J . B r o w n , C o . I r e a s . ,
f o r $ 2 4 ,0 0 0 F r a n k H . H a lf m a n e t a l . r o a d a n d $ 6 0 ,0 0 0 L . E . B a r n e s e t a l .
roa d 4 )4 % b o n d s.
D enom . $600.
D a t o M a y 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 e e a c h s i x m o n t h s b o g i n n i n g M a y 1 5 1 9 1 8 .
1 ran s c r i p t w it h a p p r o v e d o p i n i o n o f M a t s o n , K a n o & R o s s w il l a c c o m p a n y
t h o b o n d s a n d n o b i d s w ill b o r e c e i v e d e x c e p t f o r i m m e d i a t e c a s h .
L A K E W O O D T O W N S H I P (P . O . L a k e w o o d ), O c e a n C o u n t y , N . J .
$ 6 0 ,0 0 0 4 ) 4 %
1 - 2 0 - y r . s e r ia l g o l d s t r e e t - i m p t .
b o n d s o f f e r e d o n J u n o 1 ( V . 1 0 4 , p . 2 1 5 6 ) h a v o b e e n s o ld a t p r i v a t e s a lo
t o A . B . L e a ch & C o ., N . Y ., a t p a r a n d in t .
D u o $ 3 ,0 0 0 y r l y . f r o m 1 9 1 8
t o 1 9 3 7 i n c lu s iv e .

— BOND SALE.— T h e

L A R K S V I L L E , L u z e r n e C o u n t y , P a .— BONDS NOT YET OFFERED.
— S te p h e n E lk o , B o r o . C le r k , a d v is e s us th a t n o d a to h a s y e t b e e n s o t fo r
t h e o f f e r i n g o f t h e $ 1 3 0 ,0 0 0 b o n d s v o t e d in N o v . 1 9 1 6 .— V . 1 0 4 , p . 2 0 0 7 .
L E E L A N A U T O W N S H IP (P . O . N o r t h p o r t ), L e e la n a u C o u n t y ,
M i c h . — BOND SALE.— O n J u n o 2 0 t h o $ 6 , 0 0 0 5 % r o a d b o n d s ( V . 1 0 4 , p .
2 2 6 2 ) w e r e a w a r d e d t o G . W . L . G e e ll g a n d A i r s . A u g u s t o B a r t h a t p a r .
L E I P S I C , P u t n a m C o u n t y , O h i o . — BOND OFFERING.— B id s w ill
b o r e c e iv e d u n t il 12 m . J u l y 2 b y C . J . E r i c s o n , V i l . C l e r k , f o r $ 2 ,4 0 0 o f
a n is su o o f $ 9 ,6 0 0 5 % w a t e r - w o r k s r o fu n d it ig b o n d s .
A u th . S oc. 3 9 1 6 ,

June 30 1917.

2667

THE CHRONICLE

^
n o n Am g s n n
D a t e J u ly 1 1 9 1 6 .
I n t . s e m i- a n n .
D u o $800
19 20 1 9 2 1 a n d 1 9 2 2 . O o r t , c h o c k f o r 5 1 0 0 , p a y a b l e t o t h e V l l .
o n J u ly 1 i O ^ i a ^ a n g
d o l iv e r c 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 r e a s . , 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 .
t im e o f a w a r d .

M E D I A P O L I S , D e s M o i n e s C o u n t y , I o w a . — BONDS DEFEATED .—
T l i o q u e s t i o n o f is s u in g $ 4 , 0 0 0 s t r e e t b o n d s f a il e d t o c a r r y a t a n e l e c t i o n
h e ld J u n o 2 5 .
T h e v o t e w a s 6 “ f o r ” a n d 9 4 “ a g a in s t.’

M E N T O R T O W N S H I P , L a k e C o u n t y , O h i o . — BOND OFFERING .—
' u n t i l 12 m . J u l y 2 1 b y E . S . H a r r i n g t o n , T o w n c o u p o n r o a d - i m p t . ( t o w n s h i p 's p o r t io n ,) b o n d s .
.................
.....................
.
.
_ ______ _____
_____________ 1 1 1 9 1 7 .
P r i n . a n d s e m i- a n n . i n t .—
& S .— L
.
.
t o V o iV i n c l.
C e r t , c h o c k f o r $ 2 0 0 , p a y a b l e t o t h o V II. T r e a s . , r e q u i r e d . I p a y a b l e a t t h e P a in e s v i l le N a t . B a n k , P a l n e s v i l l e .
D u e $ 1 ,5 0 0 e a c h y e a r
R o n d s t o b e d o l iv e r c d a n d p a i d f o r w it h in 10 d a y s f r o m t i m e o f a w a r d .
S e p t. 1 f r o m 1 9 1 8 t o 1 9 2 5 , i n c h , a n d $ 2 ,0 0 0 S e p t. 1 1 9 2 6 .
C e r t ifie d
j o r as e to
n iu H on f.A f u r n is h t h o b l a n k b o n d s r e a d y
J.
__ a n
. an
, .n
f n , $ 2 0 0 p a v a b lo t o t h e B o a r d o f
c h e c k o n „ „ „ y h bn i , k ...in i ,Lia k e C o u n t y f o r « 9 n n , n n y a h l e t o t h e B o a r d o f
Pj u n c h a smir in. p a y a c c r u e d i n t .
B i d d e r t o f u r n is h t h o b l a n k b o n d s r e a d y
T r u s te e s , r e q u ir e d .
P u rch a se r t o p a y a c c r u e d in te re s t.
B on ds to be de­
f o r s ig n a t u r e o f s a id v i l l a g e .
_
l iv e r e d a t a b o v e b a n k .
•
L F R O Y T O W N S H I P (P . O . L e R o y ), O s c e o la C o u n t y , M ic h .—
M I A M I S C H O O L D I S T R I C T , G i l a C o u n t y , Arix.— BOND OFFER­
BONDS A W A R D E D I N PART .— O f t h e $ 1 3 ,0 0 0 h i g h w a y - i m p t . b o n d s
v o t e c l in F o b ( V . 1 0 4 . p . 5 7 8 ) , $ 2,0 0 0 w a s a w a r d e .d a t Piar in M a y t o t h e
IN G .— P r o p o s a ls w ill b e r e c e iv e d u n t i l 1 0 a . m . J u l y 2 b y F r a n k L . G a t e s ,
L o R o y E x ch a n g e B a n k .
D u e M a y 1918.
R . H - A l i e n is I w p . C l e r k .
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 . G l o b e ) , i t is s t a t e d , f o r $ 4 1 ,0 0 0
sch ool bon d s.
T O W N S H IP R U R A L S C H O O L D I S T R I C T (P . O . G ill es«
* m i x © T 9 ^ N b H i i k u . a ft0N D 0 FF e RTNG.— S e a le d b i d s w il l b o
k
M I D D L E B U R Y T O W N S H I P , E l k h a r t C o u n t y , I n d . — BOND ELEC­
p i e v i l l e ) , Ross County, O h
.
T h o m a s , C le r k a n d T r e a s u r e r , B o a r d
TION .— R e p o r t s s t a t e t h a t a n e l e c t i o n w il l b e h e ld J u l y 6 t o v o t e o n t h e
r e c e i v e d u n t il
O V / s o O O O 5 % c o u p o n h ig h s c h o o l - b u i l d i n g b o n d s a u t h o r q u e s t i o n o f is s u in g h i g h w a y - i m p t . b o n d s .
o f E d u c a t i o n , f o r t h e $ 9 ,0 0 0 o / c L ^ U P " ” *
S 9.. D e n o m . $ 5 0 0 .
>
D a te
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 . — LOAN NOT
.
D
A W A R D E D __ T h e C o u n t y T r e a s u r e r , i t is s t a t e d , h a s d e c i d e d t o m a k e n o
________
paya
a w a r d s o f t li o t e m p o r a r y l o a n o f S 2 0 0 .0 0 0 , b i d s f o r w h i c h W ere r e c e i v e d
r o n r i' r n m iiro d
B o n d e d d e b t J u n e 18 1 9 1 / , S I ,5 0 0 .
u n til J u n e 2 3 .— V . 1 0 4 , p . 2 5 7 2 .
^ lu a t io n 1 9 ie ! I l,0 3 i;5 9 0
T o t a l ta x ra te (p e r $ 1 ,0 0 0 ), $ 1 1 .
M I L F O R D , N e w H a v e n C o u n t y , C o n n . — BOND SALE .— O n J u n e 2 3
I IM F 8 T O N F S C H O O L D I S T R I C T (P . O . L im e s t o n e ), C la r io n
t h e $ 1 5 0 ,0 0 0 4 A % 4 - 18 - y e a r s e r ia l p l d c o u p o n s c h o o l b o n d s ( \ . 1 0 4 , p .
P a — BONDS VOTED.— A t a n e l e c t i o n h e l d J u n o 21 t h e q u e s t i o n
2 0 3 6 ) w e r e a w a r d e d t o H a r r i s , F o r b e s & C o . o f N . Y . f o r $ 1 5 0 ,1 5 2 6 0
o f i » m i n g $ 1 5 ,0 0 0 h i g h - s c h o o l b l d g , 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
non i o n a n d i n t
R o y T . H . B a rn e s & C o . o f H a r tfo r d b id as fo llo w s :
o f 57 to 5 1 .
$ 1 0 0 0 0 d u e J u l v 1 192 1'. a t 1 0 1 .0 4 ; $ 1 0 ,0 0 0 d u e J u l y 1 1 9 2 4 a t 1 0 1 .1 9 , a n d
S i o i o o o d u e J u l y 1 1 9 2 5 a t 1 0 1 .3 3 .
M IL F O R D T O W N S H IP R U R A L S C H O O L D IS T R IC T (P . O . S o m e r ­
v i l l e ) . B u t l e r C o u n t y , O h i o . — BOND t ^ F E B / N G . — S e a le d p r o p o s a l s w ill
D e n o m .‘ $ 1 ,5 0 0 .
D a te
'p u b U c ^ s q u a r c p a v i n g n o t e s — V . 1 0 4 , p . 2 4 7 5 .
b o r e c e i v e d u n t i l 12 m . J u l y 7 b y \V . I I . C o n a r i o c , C l e r k o f t h e lid. o f E d . ,
—i c e .
D u e $ 1 ,5 0 0 y e a r ly
M a y 1 1917.
I n t . M . & N . a t t h e T r u s t e e ’s o f f
fo r $ 5 ,0 0 0 5 % s c h o o l b o n d s .
A u t h . S e cs. 565 6 t o o 9 5 9 -2 1 , G e n . C o d e .
C e r t ifie d c h e c k fo r $ 5 0 0 , p a y a b le t o th e
D en om . $500.
D a t e d a y o f s a le .
P r i n . aQ d s e m i - a n n . i
p a y a b le a t t h e S o m e r v i ll e N a t . B a n k .
D u e $ o 0 0 y e a r ly o n S e p t. 1 fro m
1921 t o 1 9 3 0 i n c l .
C e r t, c h e c k fo r 5% o f th e a m o u n t o f b o n d s b id fo r ,
p a y a b le t o th e B o a r d o f E d u c a t io n , r e q u ir e d .
L IN N D A L E (P . O . G r e s h a m ), C u y a h o g a C o u n t y , O h io .— B O N D
M IL L T O W N S H I P (P . O . U h r ic h s v ille ), T u s c a r a w a s C o u n t y , O h io .
OFFERING __ A L W u r s t n c r , V illa 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 .
— BOND SALE .— O n J u n e 12 t h e $ 3 , 3 0 0 5 % 1 - 6 - y r . s e r . c e m e t e r y ( t w p s .
sh a re ) b o n d s ( V . 10 4 , p . 2 2 6 2 ) w e re a w a r d e d t o th e C o m m e r c ia l B a n k o f
^ U ^ e w ^ o & t T v i l f a g ^ p°ortPi o n ) b b S n d s .
D en om . $120.
D u e $360.
U h r ic h s v i l le f o r $ 3 ,3 2 5 (1 0 0 .7 5 7 ) a n d i n t .
$ L ,2 0 0 s e w e r c o n s t ^ W i n a g e ^ ^a c h y o a r o n J u n 0 3 0 f r o m 1Q 21 t o 1 9 2 7 , i n c l.
M I L W A U K E E , W ise.— BOND SALE .— O n J u n e 21 $ 2 1 0 ,0 0 0 4 J 4 %
11 3 9 0 s t r e e t i m p t . (a s s e s s .) b o n d s c o n s i s t i n g o f f i v e s c r ie s a s f o ll o w s :
1 - 2 0 - y r . s e r ia l s e w e r a g e -s y s t e m b o n d s 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
1 1 ,5 9 9 | 2 7 3 6 , $ 4 ,2 6 0 , $ 1 ,4 8 4 , $ 1 ,3 7 0 a n d $ 1 , 5 4 0 . D u o p a r t o f e a c h s c r ie s
S e c o n d W a r d S a v . B a n k o f M il w a u k e e f o r $ 2 4 1 ,1 0 0 , e q u a l t o 1 0 0 .4 5 8 .
D a t e H 'u n o 's o ’ 1 9 F 7 - ^ V r i n . a n d s e m i- a n n . i n t . , p a y a b l o a t t h e U n it e d
B a n k i n g & S a v in g s C o . , C l e v e l a n d .
C ert, ch eck fo r 2 % o f th e a m ou n t o f
B on ds to bo
b o n d s b i d f o r , p a y a b l e t o t h o V i l la g e T r e a s u r e r , r e q u ir e d
d o l iv e r c 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 in io o f a w a r d .
L IT T L E F A L L S (V illa g e ), C a tt a r a u g u s C o u n t y , N . Y .
A O BONDS
OFFERED .— T h e V i l la g e C l e r k a d v i s e s u s t h a t t h e o f f e r i n g o n J u n e 2 3
w a s n o t t o r e c e iv e b i d s f o r t h o s a le o f t h o $ 1 4 ,0 0 0 p a v i n g b o n d s , a s s t a t e d
in V . 1 0 4 , p . 2 4 7 5 , b u t t o le t t h o c o n t r a c t fo r p a v in g .
L I T T L E P I T T S B U R G C A N A L D R A I N A G E D } S T 5 J L ^ J ,'
C o u n t y , F l a . — B O N D SALE .— T h e $ 8 ,0 0 0 6 % b0.ndT ’ J g f n f T i^ sn n ^ ?1 1 n
s
( V . 1 0 4 , p . 2 1 5 6 ) h a v e b e e n a w a r d e d t o F o s t e r & L o n g o f J a c k s o n v il l e
a t 9 5 f la t .

M IN N E A P O L IS ,

M in n .— B O N D

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 3 p . m . J u l y 16 b y t h e C o m m i t t e o o n W a y s a n d M e a n s o f t h o
C i t y C o u n c i l , a t t h e o f f i c e o f D a n C . B r o w n , C i t y C o m p t r o l le r , f o r $ 1 0 ,0 0 0
a p p r a is a l , $ 1 5 ,0 0 0 m u n i c ip a l b a t h , $ 1 0 0 ,0 0 0 a r m o r y , $ 1 7 5 ,0 0 0 h o s p i t a l ,
$ 2 5 ,0 0 0 w o r k h o u s e , $ 2 5 ,0 0 0 r iv e r t e r m i n a l , $ 5 5 ,0 0 0 p e r m a n e n t i m p r o v e ­
m e n t f u n d a n d $ 1 7 5 ,0 0 0 p a r k 4 % b o n d s .
D a te J u ly 1 191 7.
I n t . s e m i­
a n n u a l.
D u e a t a t im e n o t le s s t h a n 1 y e a r n o r m o r e t h a n 3 0 y o a r s f r o m t h e
d a to t h e r e o f, a s d e s ire d b y p u rch a s e r.
N o p r o p o s a l w ill b e e n t e r t a in e d
f o r a n y o f t h o a b o v e b o n d s f o r a s u m le s s t h a n 9 5 % o f t h e p a r v a l u e t h e r e o f
a n d a c c r u e d i n t e r e s t o n s a m e t o d a t e o f d e l iv e r y .
C e r t ifie d c h e c k fo r 2 %
o f b o n d s b id f o r , p a y a b le t o th e C it y T re a s u re r, r e q u ir e d .

The official notice of this bond offering will appear next week among the
advertisements elsewhere in this Department.

$ 9 0 ,0 0 0 IA % w a t e r w o r k s - i m p t . c o u p o n b o n d s .
A u lh . „ c 4 J 4 J , G e n .
I n t . M . & S ., p a y a b lo
M I T C H E L L , L a w r e n c e C o u n t y , I n d . — BOND SALE .— -O n J u n e 1 5
C ode.
D e n o m . 8 1 ,0 0 0 .
D a t e M a r c h !•>
at”
co
e
k in g
D m o $ 5 ,0 0 0 A e a r l yL oin‘ S e T t .’ 1 I t h o $ 9 , 3 0 0 r e f u n d i n g b o n d s ( V . 1 0 4 , p . 7 8 0 ) w e r e a w a r d e d t o M i l l e r & C o .
p
a t t h e o f f i e e o f t h o *S i n k i n g - F u n d T r u s t e e s .
t ru
,
c u
“ “ “ y " f ’A
---------C e r t i f iie d c h o c k d r a w n 0^
f- r o m 1 9 2 6 t o 1 9 4 3 . - n c i.
i
l.
if e d
e k
n a n y L orM n b a n k or
o f I n d ia n a p o lis a t p a r fo r 5 s .
D en om . $500.
a n y n a t i o n a l b a n k outside, o f ^ s a i d c i t ^ f w ^ O i L ^ ^
w it llil/ |n
M IT C H E L L 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 . M it c h e ll),
r r e a s u r c r . r e q u ir e d .
B o n V to b e ^ d iw r M
Davison County, So. D a k .— BOND SALE .— O n J u n e 2 2 t h e $ 1 0 0 ,0 0 0
A c o m p le t e tr a n s c r ip t
5 % 1 0 -2 0 -y r . ( o p t .) s c h o o l b ld g , b o n d s ( V . 1 04 , p . 2 4 7 5 ) w e re a w a r d e d t o
h m f V e l a t i v o t o ’t h e I s s u a n c e * ^
w ill b o f u r n is h e d t h o s u c ­
t h o M it c h e l l T r u s t C o . a t 1 0 0 .3 2 6 a n d i n t . , p u r c h a s e r t o f u r n is h b l a n k
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 .
bon d s.
O th e r b id s w ere:
_ ______
„
,
,
D u r fe e , N ila s & C o . , T o l e d o , b i d o n $ 2 5 ,0 0 0 o f t h e $ 1 0 0 ,0 0 0 b o n d s a t
L O W E L L , M i d d l e s e x C o u n t y , M a s s . — TEMPORARY LO AN .— T h o
p a r , a c c r u e d in t e r e s t a n d a p r e m iu m o f $ 2 5 .
B o a r d o f E d . t o a l lo w SoOO
T r e a s u r e r o n J u n o 2 6 , a c c o r d in g t o r e p o r t s , a w a r d e d t h e t e m p o r a r y lo a n
o f 8 2 0 0 0 0 0 in a n t i c i p a t i o n o f r o v e n u o d a t e d J u n o 2 7 1 9 1 7 , a n d p a y a b l e
f o r a t t o r n e y ’s fe e s , b l a n k b o n d s a n d o t h e r e x p e n s e s .
. . .
.
, _
S t e r n B r o t h e r s & C o . , K a n s a s C i t y , M o . , p a r , a c c r u e d in t e r e s t a n d f u r ­
A p r i l 2 6 1 9 1 8 t o t h e O ld C o l o n y T r u s t C o . a t 5 % d i s c o u n t — V . 1 0 4 , p . 2 5 7 2 .
n is h b l a n k b o n d s .
B o a r d t o a llo w $ 1 ,4 2 4 f o r le g a l a n d o t h e r e x p e n s e s .
T h e o n l y o t h e r b i d d e r , i t is s t a t e d , w a s S . N . B o n d & C o . a t 5 . 5 0 % d i s c o u n t .
F ir s t T r u s t & S a v in g s B a n k , M i t c h e l l , p a r , a c c r u e d in t e r e s t a n d a
L O W E L L G R A D E D S C H O O L D IS T R IC T , G a sto n C o u n ty , N o.
p r e m iu m o f $ 1 0 .
B o a r d t o a llo w S I , 0 0 0 f o r b l a n k b o n d s a n d a t t o r n e y s
r a r o ._ BOND OFFERING .— S e a le d b i d s w ill b o r e c e i v e d u n t i l 12 m . t o ­
_
fC<O u m m ln e s P r u d d e n & C o . . T o l e d o , p a r , a c c r u e d in t e r e s t a n d a p r e m iu m
d a y (J u n o 3 0 ) b y T . P . H a ll, C o u n t y S u p t. o f S c h o o ls ( P . O . B e lm o n t ) fo r
o f 810.
B o a r d t o a l lo w S I ,8 5 0 f o r a t t o r n e y ’ s fe e s , b l a n k b o n d s , & c .
8 2 0 0 0 0 6 % 20 - y c a r c o u p o n s c h o o l b o n d s .
D e n o m . t o s u it p u r c h a s e r .
C o m m e r c ia l & S a v in g s B a n k , M i t c h e l l , p a r a n d a c c r u e d i n t e r e s t .
B oa rd
D a t o J u ly 1 1917.
I n t . J . & .1. a t p l a c o d e s i g n a t e d b y p u r c h a s e r .
C ert,
c h e c k fo r $ 1 ,0 0 0 , p a y a b lo t o C a r l F in g e r , T r e a s ., r e q u ir e d .
T h i s d is t r ic t * t o a llo w $ 5 6 0 f o r a t t o r n e y ’s fe e s , b l a n k b o n d s , & c .
® , Ca
E ls to n & C o
C h i c a g o , p a r , a c c r u e d in t e r e s t a n d a p r e m iu m o f $ 1 6 0 .
has n o d eb t.
A sse ss, v a l. 1 9 1 7 , $ 1 ,0 0 0 ,0 0 0 .
T o t a l ta x r a te (p e r $ 1 ,0 0 0 ),
B o a r d t o a l lo w $ 1 ,0 0 0 f o r a t t o r n e y ’s fe e s b l a n k b o n d s & c .
$14 50.
K a lm a n , M a t t e s o n & W o o d a n d M e r c h a n t s T r u s t & S a v in g s B a n k o f
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 t . P a u l , M i n n . , p a r a n d a c c r u e d in t e r e s t .
B o a r d t o a l lo w 8 3 ,0 0 0 i o r
F u r t h e r d e t a i ls a r o 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 10 o f t h o $ 5 1 ,0 0 0
a t t o r n e y ’s f e e s , b l a n k b o n d s , & c .
. . .
. .
T ,
, e
F ir s t 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 , a c c r u e d i n t e r e s t t o J u l y 1 5
1 9 1 7 , a n d a p r e m iu m o f $ 1 0 0 a n d f u r n is h b l a n k b o n d s .
in N o w Y o r k .
D u e $ 3 , 0 0 0 y e a r l y f r o m 1 9 2 7 t o 1 9 4 3 ,‘ i n c l .
C e r t ifie d
c h e c k (o r c a s h ) o n a n in c o r p o r a te d b a n k o r t r u s t c o m p a n y fo r $ 1 ,0 2 0 ,
n a v a b lo t o th e C le r k a n d T r e a s u r e r , r e q u ir e d .
B o n d e d d e b t , i n c lu d in g t h is
fe u o
J u n e 1 1 9 1 7 , $ 2 3 0 ,0 0 0 .
F l o a t i n g d o b t , $ 3 8 ,7 0 8 .
S in k in g f u n d ,
$ 5 7 ,7 3 8 8 5 .
A s s e s s e d v a l u a t i o n , r e a l a n d p e r s o n a l , 1 9 1 6 , S i , 6 1 1 ,0 6 9 .
T o w n ta x r a te , p e r $ 1 ,0 0 0 , $ 1 6 8 0 .
IY N C H B U R G ,
H ig h la n d
C ou n ty ,
O hio ----- BOND SALE.— T h o
F a r m e r s ’ E x c h a n g e B a n k o f L y n c h b u r g w a s t h e s u c c e s s fu l b i d d e r o n
J u n o 18 f o r t h o $ 9 ,0 0 0 5 % c o u p o n p u b l i c - b u i l d i n g b o n d s o f f e r e d o n t h a t
d a y ( V . 1 0 4 , p . 2 2 6 2 ) , f o r $ 9 ,0 2 5 ( 1 0 0 .2 7 7 ) a n d a c c r u e d in t e r e s t , i t Is s t a t e d .

McMINNVILLE, Yamhill County, O r e . — BOND SALE.— O n J u n e 12
s i 185 2 8 6 %
1 -1 0 -v o a r o p t . s t r e e t-p a v in g b o n d s w e re a w a r d e d t o th o
O r e g o n F ir o R e l i e f A s s o c i a t i o n f o r $ 3 , 3 0 0 , e q u a l t o 1 0 3 .6 0 1 .
D e n o m . $500.
D a te J u ly 1 191 7.
In t. J. & J.
MANCHESTER RURAL SCHOOL DISTRICT (P . O. Reinersville),
Morgan County, Ohio.— B O N D Oh FERING.— 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 7 b y V i c t o r B . W a l t e r s , C l e r k o f t h o B o a r d o
E d u c a t i o n , f o r $ 1 ,0 0 0 5 % c o u p o n s c h o o l b o n d s .
A u t h ., S e cs. 2 2 9 4 , 7 6 2 6
a n d 7629 e t s e q ., G o n . C o d o .
D en om . $100.
D a te J u n o l 1917.
P rin ­
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 l o a t t h o C i t i z e n s ’ N a t io n a l
B a n k M c C o n n o lls v ille .
D u o $ 1 0 0 e a c h .six m o n t h s f r o m J u n o 1 1 9 1 9 t o
J u n o i 1923. a n d $1 0 0 J u n o 1 1924.
C e r t ifie d c h e c k fo r 2 % o f th o a m o u n t
o f b o n d s b id fo r , p a y a b le t o th e a b o v o C lo r k , r e q u ir e d .
B on ds to bo
d e l iv e r e d a n d p a i d f o r w it h in t e n d a y s f r o m t i m e o f a w a r d .
P u rch a ser to
p a y a ccru e d in te re st.

MARINETTE, Marinette County, Wis .— BONDS NOT YE T OF­
F E R E D — -U d t o J u n e 21 n o d a t o h a d 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 h a r b o r a n d d o c k fa c ilitie s -im p t . b o n d s v o t e d A p r il 3 — V . 1 0 4 , p . 1725
J o h n W o o d is C i t y C l o r k .

MARION COUNTY (P. O. Marion), Ohio.— BOND OFFERING.H a r r y E . M a s o n , C o . A m i . , w ill r e c e iv e b i d s u n t i l 1 2 m . J u l y 2 f o r $ 1 6 ,8 2 5
5% co u p o n roa d assess, b o n d s.
A t i t h . S e c . j>9 2 9 , G e n . C o d e .
D on om s.
3 3 f o r $5 0 0 a n d 1 f o r $ 3 2 5 .
D a t o A p r il 10 1 9 1 7 .
In t. A . & O .
D uo 2
b o n d s e a c h s ix m o n t h s f r o m A p r i l 1 0 1 9 1 8 t o A p r i l 1 0 1 9 2 6 .
C ert, ch ock
o n s o m e s o l v e n t b a n k in M a r i o n C o u n t y f o r $ 1 0 0 , p a y a b l e t o t h o a b o v e
C o . A n d . , 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 n d p a i d f o r w it h i n 1 0 d a y s f r o m
t im e o f a w a r d .
M A R I O N A N D C R A W F O R D C O U N T I E S , O h i o . — B O N D OFFERING.
— H a r r y E . M a s o n , C o u n t y A u d i t o r , ( P . O . M a r i o n ) w ill r e c o i v 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 1 0 f o r $ 1 5 ,9 2 5 5 % r o a d b o n d s .
I h e s o b o n d s w ere
o ffe r e d w it h o u t s u c c e s s a s 4 H s o n J u n o 18.

MARTIN COUNTY (P. O. Shoals), I n d .-- BOND SALE.— On June>23

t h o $ 8 ,0 0 0 4 A % h i g h w a y - i m p t . bonds— V . 1 0 4 , p . 2 3 6 8 — w e r o a w a r d e d
t o t h o M a r t i n C o u n t y B a n k o f S h o a ls f o r $ 8 , 0 1 7 , e q u a l t o 1 0 0 .2 1 2 .

MEDFORD, Middlesex County, Mass.— TEMPORARY LOAN.— T h e
t e m p o r a r y l o a n o f $ 5 0 ,0 0 0 , in 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 o b . 14
1 9 1 8 , h a s b e e n a w a r d e d , t o F . 8 . M o s e le y & C o . a t 5 .2 2 % d is c o u n t , th o
o n ly b id r e c e iv e d .— V . 1 0 4 , p . 2 5 7 2 .




M O N R O E C O U N T Y (P . O . B lo o m i n g t o n ) , I n d .
BOND SALE.— On
J u n e 2 5 t h e t h r e e is s u e s of A'A % h i g h w a y - i m p t . b o n d s , a g g r e g a t in g $ 2 5 ,0 5 0
V 104 p 2 4 7 5 ) w e r o 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
125,063 2 5 , e q u a l ’ t o 1 0 0 .0 5 2 .
D a te Ju n e 25 1915.
In t. M l & N .
M O N T G O M E R Y C O U N T Y ( P . O . D a y t o n ) , O h i o . — B O N D SALE.—
O n J u n o 2 2 t h e $ 1 5 ,0 0 0 o % t - 8 - y e a r s e r ia l e m e r g e n c y b r i d g e 'b o n d s ( V 1 0 4 .
p t 2 4 7 5 ) w e r e a w a r d e d t o T i l l o t s o n & A V o lc o t t C o . o f C l e v e l a n d a t 1 0 0 .2 8
a n d in t .
O th e r b id s w e re :
« ic a iq
P r o v i d e n t S a v in g s B a n k & T r u s t C o . , C i n c i n n a t i ......................................... $ 1 5 ,0 1 8
O t i s & C o . , C l e v e l a n d - - - - - - - - - - - - - - - - ................. .......................................JO’ JJIjj
D a y t o n S a v in g s B a n k & T r u s t C o . , D a y t o n ------------------------------------------ 1 5 ,0 0 2
M O N T I C E L L O , G r e e n C o u n t y , W i s e . — BONDS PROPOSED. — T h i s
c i t y is c o n t e m p l a t i n g t h e i s s u a n c e o f $ 4 ,0 0 0 b o n d s .
W . A . L o v e l a n d is

at)iOND fS A Ll .— ‘T h e $ 1 2 ,0 0 0 5 %
E

1 - 1 2 - y e a r s e r ia l c o u p o n e l e c t r i c - l i g h t
b o n d s o f f e r e d o n M a y 18 ( V . 1 0 4 , p . 1 8 2 8 ) h a v e b e e n s o l d t o l o c a l i n v e s t o r s .
M O R G A N C O U N T Y ( P . O . M c C o n n e l s v i l l e ) , O h i o . — BIDS RE­
JECTED — T h e f o l l o w i n g b i d s r e c e i v e d f o r t h e $ 2 4 ,0 0 0 5 % h i g h w a y b o n d s
o f f e r e d o n J u n e 2 3 — V . 1 0 4 . p . 2 4 7 5 — w e r e r e je c t e d :
D u r f e o , N il o s & C o . , T o l e d o - $ 2 4 .0 0 5 | W e i l . R o t h & C o . , C i n e ------- $ 2 4 ,0 0 0
M O R R I S O N C O U N T Y ( P . O . L i t t l e F a l l s ) , M i n n . — BOND SALE.—
T h o $ 7 0 ,0 0 0 2 0 - y e a r c o u p o n f u n d i n g 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 F e b . 6
(V . 104, p . 7 8 0 ) h a v e b e e n s o ld t o th e S ta te o f M in n e s o ta a s 4 s.
M O U N T O L IV E S C H O O L D IS T R IC T , F r e s n o C o u n t y , C a lif.—
7?O N I ) OFFERING .— F u r t h e r d e t a i l s a r e a t h a n d r e l a t i v e t o t h e o f f e r i n g o n
J u l y 3 o f t h e $ 4 , 2 0 0 6 % b u i l d in g b o n d s ( V . 1 0 4 , p . 2 5 7 3 ) .
P r o p o s a ls f o r
t h o s e b o n d s w ill b e r e c e i v e d u n t i l 2 p . m . o n t h a t d a y b y D . M . B a r n w e l l,
C o . C le r k ( P . O . F r e s n o ).
D en om . $840.
D a te Ju n e 4 1917.
I rm . and
a n n u a l i n t . (J u n o 4 ) p a y a b l e a t t h e C o . T r e a s . o f f i c e .
D u e $ 8 4 0 y e a r ly
J u n e 4 fr o m 1918 t o 1 9 2 2 . in c l.
C e r t, ch e c k fo r 10% o f a m o u n t o f b id , p a y a a b l e t o t h o C h a ir m a n B d . o f C o . S u p e r s . , r e q u i r e d .
A sse ss, v a l. n o n -o p e r a t i v o p r o p . , e q u a li z e d 1 9 1 6 -1 9 1 7 , $ 1 8 5 ,0 2 5 .
M O U N T P E N N , B e r k s C o u n t y , P a . — BONDS SOLD LOCALLY .— T h e
B o r o u g h S e c r e t a r y a d v i s e s u s t h a t t h e 3 1 5 ,0 0 0 s t r e e t b o n d s ( V . 1 0 3 , p . 2 3 5 9 )
a ro b e in g s o ld t o lo c a l in v e s to rs .
M T . V E R N O N , K n o x C o u n t y , O h i o . — B O N D SALE .— O n J u n o 1 6 t h e
f o u r is su e s o f 5 % s t r e e t i m p t . a s s e s s , b o n d s , a g g r e g a t i n g $ 2 ,0 9 0 , 2 9 (V . 1 0 4 .
n 2 1 5 7 ). w o re a w a rd e d t o th e K n o x C o . S a v . B a n k o f A lt . V e rn o n fo r
$ 2 ,0 9 1 2 9 ( 1 0 0 .0 4 8 ) a n d i n t .
T h e r e w e ro n o o th e r b id d e r s .
M U N C H ( T o w n ) ( P . O . H i n c k l e y ) , P i n e C o u n t y , M i n n . — BOND
SALE .— A n is s u e o f $ 1 , 0 0 0 5 % 5 - y r . b o n d s w a s a w a r d e d o n M a y 16 t o
I n t e r e s t a n n u a l ly .
A n to n K a ce r.
1N A H v I L E
N A S M V i L L L , B a r r y C o u n t y , M i c h . — BOND OFFERING.— F . K .
N e l s o n . V iilla g e O l e r k , w ill r e c e i v e b i d s u u wi » • »«.. 9 f o r $ .2 2 „ 4 0 0 5 % p a v i n g
V l la
C le
a
n t l J u ly
, ,
bonds
D en om . $500.
D a te A u g . 1 1917.
In t. M . & S.
D u e $ 1 ,4 0 0
o n S e p t 1 1 9 1 8 a n d $ 1 ,0 0 0 e a c h y e a r o n S e p t . 1 f r o m 1 9 1 9 t o 1 9 3 9 , i n c l .
T o t a l d e b t ( i n c l . t h is I s s u e ). S 2 6 .4 0 0 .
A sse sse d v a lu a t io n , rea l a n d p e r ­
s o n a l, 1 9 1 6 , $ 1 ,1 2 0 ,0 0 0 .

26 6 8

THE CHRONICLE

.N A S H V I L L E . T e n n . - TEMPORARY LOAN.— R e p o r t s s t a t e t h a t a n

But,er County, Pa. — B O N D S V O T E D . — B y a v o t e o f
h e l d ° J u n e *1 0 (lu e s t i o n o f ls s u i n g $ 1 0 ,0 0 0 r o a d b o n d s c a r r ie d a t t h e e l e c t i o n

is s u e o f $ 2 5 0 ,0 0 0 o f r e v e n u e a n t i c ip a t i o n n o t e s , d a t e d J u n e 2 0 1 9 1 7 , d u e in
h m o n th s , h a v e b e e n a w a rd e d t o lo ca l b a n k s.

PROPOSED.— L o c a l p a p e r s s t a t e t h a t a t t h e m e e t in g ,
o f t h o C i t y C o m m i s s io n e r o n J u n e 19 b ills w e re i n t r o d u c e d p r o v i d i n g f o r t h e
« : SQ n S of. t h ! f o l l o w i n g b o n d s :
$ 2 5 ,0 0 0 p o l ic e : $ 2 2 0 ,0 0 0 v i a d u c t i m p t . ;
I J § ,XXX0 «?t r e ? t o p e n i n g a n d i m p t . : $ 5 5 ,0 0 0 f ir e - h a l l b u i l d in g a n d e q u i p t . ;
$ 4 5 ,0 0 0 h o s p i t a l ; $ 1 ,0 0 0 , 0 0 0 s a n i t a r y s e w e r ; $ 2 5 ,0 0 0 C a r n e g ie l ib r a r y :
$ 1 2 5 ,0 0 0 g r a m m a r s c h o o l b l d g . ; $ 5 5 ,0 0 0 e l e c t r i c - l ig h t - b o i l e r , a n d $ 2 5 ,0 0 0
g l it t e r c o n s t r u c t i o n b o n d s .
T h e b ills w e r e p a s s e d o n f ir s t r e a d i n g .
T hey
w ill p a s s s e c o n d r e a d i n g a t t h e n e x t m e e t in g a n d w ill l a y o v e r n i n e t y d a y s
w h e n t h e y w ill p a s s t h i r d r e a d i n g a n d t h e n b e s u b m i t t e d t o ' t h o q u a li fi e d
v o t e r s a t t h o g e n e r a l e l e c t i o n in S e p t e m b e r f o r r a t i f i c a t i o n .
NAVAJO C O U N T Y (P. O. Holbrook), Ariz. — POND SALE.— R e c e n t l y
C h i c a g o a t ^ f 1^ ? ’ 0 0 °

b o n d s w erc aw a rd cd

t o P o w e ll,

G arard &

C o. of

NEIWARK, N. J.— -BOND S A L E .— O n J u n e 2 7 $ 7 5 ,0 0 0 4 K % 6- m o n t h s ’
r e n e w a l b o n d s w e r e s o l d . It is s t a t e d , t o t h e I r o n b o u n d T r u s t C o . o f N e w a r k .

c iu n RTv

TONAWANDA,

Niagara County,

N. Y .— BONDS NOT

ySZPtTnr0 ? o , e w a s ™ d e o f t h e $ 4 2 ,0 0 0 4 % s t r e e t i m p t . b o n d s o f f e r e d o n
J u n e 2 6 ( V . 1 0 4 , p . 2 4 7 6 ).
T h o b o n d s w ill b e r o -a d v e r t is e d .
.

Allegheny C ounty, P a .— BOND SALE.— L y o n . Slrgo

i^ in tlv
nnnUI ? ? f c - a *d L e e ’ H 1? fd n s « n & C o . o f N e w Y o r k , w e r e a w a r d e d
j o i n t l y $ 2 5 ,0 0 0 4 M % t a x - e x e m p t b o n d s .
D a te M a y 1 1917.

OCEAN VIEW

SCH OOL

D IST R IC T

(P.

O.

Oxnard),

Ventura

Calif.— B O N D S VOTED.— T h i s d i s t r i c t a t a r e c e n t e l e c t i o n
p ° 2 2 6 3 * fc S s t a t e d ’ t o *s s u o t h e -$ 4 ,0 0 0 b u i l d i n g b o n d s m e n t i o n e d i n V . 1 0 4
„„P .C LE C O U N T Y (P. O . Oregon), 111.— NO BOND ELECTION.— W e
w lll hn?Hr? n C w t i h e C o u n t y C l e r k t h a t t h o r e p o r t s s t a t i n g t h a t t h i s c o u n t y
l
^ 1
OQ o?t l 0 n t o v o t e o n t h e P r o p o s i t i o n t o is s u e $ 5 0 0 ,0 0 0 r o a d b o n d s
\v .
p . « o 2) are erron eou s.
C O U N T Y (P. O. Vega), T ex.— BOND OFFERING.— S e a le d
bw r e c e i v e d u n t i l 9 a . m . J u l y 1 6 b y t h e B o a r d o f C o . C o m ’ e r s f o r
$ 6 0 ,0 0 0 5 % 4 0 - y r . r o a d b o n d s . D e n o m . $ 1 , 0 0 0 , D a t e M a r . 2 7 1 9 1 7 . P r i n .
+hn Q,nrl Uair. n t ' ( M a r c h 2 7 ) . p a y a b l e 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 , a t
‘\.T0 f v C e’
Jh o uF1r s t S t a t e B a n k o f V e g a o r a t t h e
t t
n i E ty^ Bo n k ’ ,N V,Y ’
9 er,t ’ c h e c k f o r 2 % o f b o n d s b i d f o r , p a y a b l e

2^ 5 7)’ .re<:iU^ret^' A
,SSUe ° f b ° n d S
O T T A W A , La Salle C ounty, Ills.— BONDS NOT YE T OFFERED.—
h ,%n s e t M ® o f f e r i n g o f t h o $ 5 0 ,0 0 0 5 % h o s p i t a l b o n d s
e A
v o t e d A p r il 6 ( V . 1 0 4 . p . 1 6 2 2 ).
P . A . G t d in g is C i t y T r e a s u r e r .
C I Th
C O U N T Y (P. O. Miami), O kla.— BOND ELECTION.— At
an eiection to be held July 12 the question or issuing $400,000 road bonds
will, it is stated, bo submitted to tho voters of the county.
^ a s ^ o f ^ r e d ^ o n ^ ^ n e ^ ^ v ! O1 0 4 ! i f.

vnP ^ n °
rA
SPECIAL ROAD D ISTR ICT NO. 4, F l a . - B O I V D S
bondfDlt~sTs
1tatedStr Ct ° D June 15 V° ted t0 188110 S10’000 W8hway impt
W, P^ 9 C „COUNT Y (?* ° ’ Paterson), N. J .— BOND OFFERING.—
Further details are at hand rolativo to the offering on July 11 of t h e ------Z
(w n b P^ l v ; ° / rt,& > r o a d b o n d s n o t t o e x c e e d $ 2 5 1 ,0 0 0 — V . i u -i.
d a v h v Can T
n n * h 0ri t h e s o b o n c ls w ill b p r e c e iv e d u n t il 2 p . m . o n t h a t
n o f f G l ? ^ 5 r , m W i n ,e rli . 0' B o a r ,d o f C h o s e n F r e e h o l d e r s .
D enom .
D a t e J u n ® 1 1 0 1 7 . P r i n . a n d s e m i- a n n . i n t . — J . & D . — p a y a b l e
to
P a te rso n .
D u r° ■ 1 0 -000 y e a r l y o n J u n o 1 f r o m 1 9 1 8
?
jr •
.
i
-I ,1 'y .*
1 f ° m i 922
(Je r tla o d r 5 i I £ d ? ^ a.r if_ °,n J u n e i l r o m 1y z z t o i y ,3 z ,, m e t .
1 9 j 2 i n c l.
C e tio f b o n d s kh ?d f Z L ^ J p 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 t h o a m o u n t
T h oT T q bi r / o r ' f f i a %
to
B o a rd o f C h o s e n F re e h o ld e rs , ro q u ire d .
£ b ® C y S - M t g e . & T r . C o . 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 e s l g n a thfwYrUnti?,? ” , TTJa ? s ig n in g , t h e b o n d s a n d t h o s e a l im p r e s s e d t h o r o o n , a n d
c
a
n
?
)
I.!) w k l r)fl ’ D o l a f ic ld & L o n g f e l l o w t h a t t n e b o n d s a r e b i n d i n g
d e h t l e sul IRQ 1? o n 0 r ? o £ .t h e c o u n t y , w ill b o fu r n is h e d p u r c h a s e r .
Funded
v ^ m -d i™ ’ 1
" ! ° d : f n ° a t ' n £ d e b t V 8 8 7 6 -6 0 0 ; s i n k in g f u n d , n o n e ; a s s e s s e d
y a ^ a t l p n . r e a l e s t a t e , $ 1 6 2 ,0 3 2 ,6 2 1 ; p e r s o n a l , $ 3 5 ,4 7 3 ,2 4 9 .
R ea l esta te
o w n e d b y c o u n t y , $ 7 0 8 ,0 0 0 .
P e r s o n a l p r o p e r t y o w n e d b y c o u n t y , $ 8 7 ,2 0 0
t PER R Y
COUNTY (P. O. Cannelton), Ind.— BOND SALE.__ O n
d'u ” ° 2 2 t h e $ 9 , 3 5 0 4 H % 5 2 - 3 - y e a r ( a v e r . ) h i g h w a y - l m p t . b o n d s ( V . 1 0 4 ,
? i ’ nn 4n 49 t
a " ' a r d ^,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 $ 9 ,3 5 4
(1 0 0 .0 4 2 ) a n d in t .
T h e r e w e re n o o t h e r b id d e r s .

PERRY SCHOOL TOWNSHIP (P. O. Southport). Marion Countv

l " d -— B O N D OFFERING .— R e p o r t s s t a t e t h a t D . W . V o h r i e s , T w 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 2 p . m . J u l y 14 f o r $ 2 7 ,0 0 0 4 >4% s c h o o l b o n d s .

T
tOWNSHIP RURAL SCHOOL DISTRICT, Ohio.— BOND
M U i . - o n J u n e 2 3 . a c c o r d i n g t o r e p o r t s , t h e M e t r o p o l i t a n B a n k o f L im a
S a?na 'Var w d f 2 '449 & ? L b o n £ s, o f t h is d i s t r i c t .
D e n o m . 5 fo r $400 an d 1 fo r
1918
D a te J u n e 1 1 91 7.
I n t . s e m i- a n n .
D u e 3 b o n d s M a r . 1 an d S ep t. 1

PERTH AMBOY, Middlesex County, N. J .— BONDS NOT SOLD.— N o
™ e .r(f ei1 £? 1 ^
e.r
V
t h ° is s u e o f 4 y2 % c o u p o n ( w i t h p r i v i l e g e o f r e g is t r a ™ i , ^ 9 -C |
v e l e c t r i c - l i v h t 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 o f f e r e d
o n J u n e 2 5 ( V . 1 04 , p . 2 5 7 4 ).
PETERSON SCHOOL DISTRICT (P. O. Peterson), Clay County,
hO n -T r B0y D OPPPRING.— 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 VJ u l y 2 b y
W

H.

G . M o r r i s o n , S e c . B d . o f E d . , f o r t h e $ 5 0 ,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 a u th o r iz e d b y v o t e o f 9 6 t o 14 a t a n e fe ctlo n h e ld J u n e 25
D u o s e r ia lly f r o m 1 9 2 6 t o 1 9 3 7 in c l.
. . PI™ A N , Gloucester County, N. 3.— BOND SALE .— R e p o r t s s t a t e
t h a t t h o is s u o o f 4 '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 is t r a t io n ) w a t e r
n ° 0A 7 R\0 t n ? K X c e e d S '1 8 ,0 0 0 , o f f e r e d w it h o u t s u c c e s s o n J u n e 11 ( V . 1 0 4 ,
W ttr 6o
a c c e p t e c * in P a r e n t f o r t h o w a t e r s y s t e m b y t h o P it m a n

M i™ L
J5nn#nN i L ? C^ P 0 £, DISTRICT NO. 53 (P. O. Beltrami),
J
o ffe r e d nn A t e
e ? h ° ® 1 9 ’ P ° ° u 5 ^ , ,n ii l d i n g a n d e q u i p m e n t b o n d s
i
Paul
r& n om
u
S
b e A n ;s o I d t o t h o C a p i t a l T r u s t & S a v . B a n k o f S t .
n a v ih iA
1 D a t ® M a y 1 1 9 1 7 . P r in . a n d s o m i-a n n . in t .
p a y a b le a t th e a b o v e b a n k .
D u o M a y 1 1932.

fVoL. 104.

(lOoloS? “ n d T S A t - v W
lS.%8STO9,. I° '1' “ “ P U r° r 59-°°375
OS
PUTNAM COUNTY (P. O. Brewster), N. Y . —

B O N D

O F F E R IN G

The official notice of this bond offering will be found among the advertise­
ments elsewhere in this Department.

RALEIGH, No. C a r o . — B O N D S A L E . — O n J u n e 2 5 t h e $ 2 9 8 ,0 0 0 5 %
( ;v I t b p r > A o f IX ? f ) B in d in g b o n d s ( V . 1 0 4 , p . 2 5 7 4 ) w e r e a w a r d e d
V3 A - B . L e a c h & C o o f N e w Y o r k a t 1 0 0 .1 2 7 a n d i n t .
O th e r b id s w e re :
M a y e r & C o . , C i n c i n . . $ 2 9 4 ,2 7 5 H a r r is , F o r b e s & C o . , N . Y . ,
J o h n N u v e e n & C o . , C h i c . _ 2 9 2 ,0 4 0 1
$ 10 0 ,0 8 1 f o r ......... .............
$100 000
REVERE, Suffolk County, Mass . — N O T E O F F E R I N G . — G . A r t h u r
T o p l o y , C i t y T r e a s . , w ill r e c e iv e b i d s u n t il 10 a . m . J u l y 3 f o r $ 2 5 ,0 0 0 4 1 4 %
t o W o n a n d d r a in a g e n o t e s .
n
D a t e A p ril 23 1 9 1 7 .
D u e $ 3 ,0 0 0 in 1 9 1 8 a n d
h v’ th ?
f \?im
I ? 29,’ lrlcJT h o a b o v e n o t e s w ill b o c e r t i f ie d
b y th e F o u rth A tla n tic N a t . B a n k o f B o s to n .

1917. " In t. A . &

O.

D u e A p ril 1 5 T 9 3 5 .'

f

R I C H L A N D T O W N S H I P S C H O O L D I S T R I C T (P . O . R u s h v ille ),
C o u n t y , O hio.— BOND OFFERING.— R . W . H y d e , C le r k o f
B d - o f E d . , w ill r e c e iv e b id s u n t il 3 p . m . J u l y 1 5 f o r $ 3 5 0 0 5 % 5 - y e a r
sch ool bon d s.
A u th . S ec. 2294 G en . C o d e .
D en om . $700.
I n t . s e m i- a n m
r c ’o r r p M
,B, L A N D , R o c k I s l a n d C o u n t y , I I I .— NO BONDS TO BE
V W o a/ . ° a d v i s e d b y t h o C i t y C l e r k t h a t t h o $ 4 0 ,0 0 0 f i r e e q u i p ­
m e n t b o n d s m e n t io n e d in V . 1 0 4 , p . 6 8 3 , w ill n o t b e is s u e d .
1 ^

ROCKINGHAM COUNTY (P. O. Portsmouth), N. H.— BOND
OF!ERINQ .— P r o p o s a ls w ill b e r e c e iv e d u n t il 1 0 :3 0 a . m . J u l y 17 ( d a t e
c h ftn g e d f r o m J u l y 1 6 ) b y N o r m a n I I . B e a n o . C l e r k o f C o u n t y C o m m r s .,
« T n n r 5 ’ 0(r w HT% c o u p o n a lm s -h o u s e b o n d s ( V . 1 0 4 , p . 2 5 7 4 ) .
A
D enom .
r c ’° 2 ? '
H a te Jun o 1 1917.
P r i n c ip a l a n d s e m i- a n n u a l in t e r e s t p a y a b le a t
t h e N e w H a m p s h ir e N a t . B a n k , P o r t s m o u t h , o r t h o F ir s t N a t . B a n k o f
afc m ,‘ ° u o f h o l d e r .
V,1
D u o $ 5 ,0 0 0 y e a r l y D e c . 1 f r o m 1 9 1 8 t o 1 9 3 0
in c lu s i v e .
I h o b o n d s a r e e n g r a v e d u n d e r t h e s u p e r v i s io n o f a n d c e r t i f ie d
a s t o g e n u in e n e s s b y t h o F ir e t N a t . B a n k o f B o s t o n ; t h e ir le g a l it y w ill b e
a p p r o v e d b y R o p e s , G r a y B o y d o n & P e r k in s , w h o s o o p i n i o n w ill b e f u r n ls h o d t h e p u r c h a s e r .
D e l i v e r y o f b o n d s o n o r a b o u t J u l y 19 1 9 1 7 a t t h e
Mra®. 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 o ( J u n o 7
1 9 1 7 ), $ 1 0 5 ,0 0 0 .
A s s e s s e d v a l u a t i o n 1 9 1 6 , $ 4 2 ,8 6 4 ,9 3 7 .
ROME SEPARATE SCHOOL DISTRICT (P. O. Romo), Sunflower

County, Miss.— BOND OFFERING .— B id s ( s e a le d o r v e r b a l ) w ill b o r c p c l v c d u n t ll l 2 m . J u l y 3 b y W . M . B i g g s , M a y o r , f o r $ 1 2 ,0 0 0 6 % c o u p o n
V l d " g b ? T ? ^ D e n o m . SlO O .
D a t e J u ly 15 1 9 1 7 .
I n t e r e s t a n n u a l ly In
C e rM fS i
® 1 -0 9 0 ^ e a r ly J a n - 1 f r o m 1 9 2 3 t o 1 9 3 4 , I n c lu s iv e .
p c ^ B B cd c h e c k fo r $ 6 0 0 r e q u ir e d .
I h o d i s t r i c t h a s no i n d e b t e d n e s s .
It
o K T y ' 5 by^ R o S ^ G a 3— ^

^

“

* 2 4 7 6 . th<3S0 b ° ndS WOr° b e ‘ D8 ° ff0 r 0 d

n^?IFxrnSC,?»OC)L ,DIS!J R C'r- ,f«P«Hal
J

County,

Cnlif.-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 2 p . m . J u l y 2 b y M

S
C o ° k . C l e r k 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 . E l C e n t r o ) , f o r $ 2 5 0 0
6 % b u i l d in g b o n d s v o t e d J u n e 2 .
D en om . $500.
D a t e J u n o 18 1 9 1 7
1 r in . a n d s e m i- a n n u a l I n t . p a y a b l e a t t h o C o u n t y T r e a s u r y .
D u o $500
y e a d .v f r o m J u n o I S f r o m 192 1 t o 1 9 2 5 . i n c l .
C e r t , o r ca s h ie r’s c h e c k fo r
5 % o f a m o u n t o f b i d , p a y a b l e t o t h o C h a ir m a n o f B o a r d o f C o u n t y S u p e r [ o q u a l iz w ^ /^ S M S . 17^

d eb t’

®2 ’ 8 0 0 ’

A ssessed

v a lu a tio n ,

1 9 1 6 -1 7

RUSSELL TOWNSHIP (P. O. Novelty), Geauea Countv O hio—

BONDS NOT TO BE SOLD A T P R E S E N C E T l“

C h iv in g ftV p °^ C le r k ,
a d v is e s u s t h a t a c t io n t o w a r d s t h o o f f e r i n g o f t h o $ 2 6 ,0 0 0 5 % 1 - 1 0 - y e a r
s,c r ‘ a ‘ r ? a d b o n d s v o t e d N o v . 7 ( V . 1 0 3 , p . 2 0 0 8 ) h a s b e e n p o s t p o n e d i n ­
d e f i n i t e l y o n a c c o u n t o f t h e w a r a n d t h o h i g h p r i c e s o f m a t e r ia l.

ST. FRANCIS LEVEE DISTRICT, Pemiscot, New Madrid and

Dunklin County, Mo.— BOND OFFERING .— A d d i t i o n a l i n f o r m a t i o n is
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 l y 9 o f t h o $ 1 5 0 ,0 0 0 5 M % c o u p o n
w u P K ^ r S ? o f U<Hi o n t n ° 7 o n ( V ’ 1 0 t - .P - 2 5 7 4 ) .
n
P r o p o s a ls fo r t f i ^ o b o n d s
w ill b e r e c e iv e d u n t il 7 :3 0 p . m . o n t h a t d a y b y C . F . B l o k e r , S e c y . - T r e a s .
(P O . C a r u t h e r e v il lo ) .
D e n o m s . $ 5 0 0 a n d $ 1 ,0 0 0 .
D a te Ju n o 1 1917.
I n t . J . & D . a t t h e S t . L o u is U n io n T r u s t C o . a t S t . L o u i s .
D u o on Juno 1
T o n l 1 ’,5^
y e a r , y f r o m 1 9 2 0 t o 1 9 2 5 , i n c lu s i v e ; $ 1 0 ,5 0 0 1 9 2 6 ;
| } 2 . 0 0 0 1 9 2 7 , 1 9 2 8 , 1 9 2 9 a n d 1 9 3 0 ; $ 1 5 ,0 0 0 1 93 1 a n d 1 9 3 2 ; $ 1 6 ,5 0 0 1 9 3 3 ;
$ 1 8 ,0 0 0 1 9 3 4 a n d 1 9 3 5 .
C e r t i f i e d c h e c k f o r $ 3 , 0 0 0 , p a y a b le t o t h o S e c y . I r e a s ., r e q u ir e d .
B i d d e r s t o s a t i s f y t h e m s e lv e s a s t o l e g a l it y o f t h o
T oS ’ f iS lS

S

r

8 “ fe .0 9 M o “
rd

8 .<,b‘ ’

b* a M b ‘ M a b 5 “ - S ' - W O O O -

ST. JOHN THE BAPTIST PARISH (P. O. Edgard). L a __ BOND

O F F E R m G - B i d s w ill b e r e c e iv e d u n t i l 11 a . r m J u l y l O b y t h e P o l l ^
J u r y f o r $ 1 8 0 ,0 0 0 r o a d b o n d s v o t e d J u n e 4 .
D u e y r ly . o n A u g . 1 as fo lL nAr,3 ? ’ n 0 ° , n o ^ rn 1 9 1 8 t o 1 9 2 5 i n c l . , $ 4 , 0 0 0 f r o m 1 9 2 6 t o 1 9 2 9 i n c l . ,
o-W
f n ’in9 ? ^ n T o 1.9 3 ? ^ 1 9 3 3 i n c l . , $ 6 , 0 0 0 f r o m 1 9 3 4 t o 1 9 3 9 I n c h , $ 7 ,0 0 0 f r o m
1048 « i 1 n A o n ' i e ' . e 8 ’ 0^ 0 ’ 1 9 ¥ a,n d
i9
' A 9 ° 0 0 ' l 0 4 6 - 8 1 0 .0 0 0 . 1 9 4 7 a n d
X
1 ,943, ;?J 1 .0 0 0 , 1 9 4 9 .
C e r t , c h e c k fo r $ 6 ,0 0 0 , p a y a b lo t o th o P r e s id e n t o f
B o 'l c e J u r y , r e q u i r e d .
A ll b id s m u s t b o u n c o n d it io n a l.
T h o pu rch aser
w in b e fu r n is h e d a p r o p e r l e g a l o p i n i o n a s t o t h e v a l i d i t y o f t h e b o n d s a t
tn o e x p e n s e o f th o p a r is h .
A ss e s s e d v a l. 1916 o v o r $ 3 ,5 7 9 ,0 3 1 .

,XILIrAGE’ Montgomery County, N. Y .— BOND

w ^ / i ^ A v . r _^ ? a l, d e l d ! , w,1i ,1?° r, c e l v c (I u n t il 8 p . m . J u l y 16 b y L . G .
e b
c
ecio o o ^ 1’ V , L C l e r k , f o r t h e f o ll o w i n g ( r e g .) s t r e e t - p a v i n g b o n d s .
$ 3 3 ,0 0 0 s t r e e t p a v i n g b o n d s .
D o n o m . $ 1 ,5 2 0 .
D u e $ 1 ,3 2 0 e a c h y e a r o n
A u g . 1 t r o m 1 9 2 0 t o 1 9 4 4 , i n c l.
$ 7 ,5 0 0 s t r e o t - p a v i n g b o n d s .
D on om . $500.
D u o $500 each year on
„
.A u g . 1 fr o m 1922 t o 1 9 3 6 , in c l.
y
oli5 e,„ ,S S
„“
101-16S- D»“ J“ “ 1
D M o A u g . 1 1917.
I n t . a n n ., p a y a b lo a t t h e F i r s t N a t . B a n k , S t . J o h n s l ’, 1 9 l $ 4 ,1 0 0 A p r - 1 '2 1 1 8 8 ,0 0 0 A p r . 1 ’2 3 [ $ 8 , 5 0 0
Apr
1’25
ooq 0 '* B o n d e d d e b t J u n e 2 6 1 9 1 7 , $ 1 0 0 ,8 4 0 .
A s s e s s , v a l . 1 9 1 7 , $ 1 ,1 9 1 J ’800 O ct.
1
19
8 ,1 0 0 O c t .1
'2 1 9 , 0 0 0
O c t .1
’ 2 3 9 ,5 0 0 9 2c8 ;1’ 2 5 t a l t a x r a t o ( p e r $ 1 , 0 0 0 ) , $ 2 0 .3 5 .
O t to
’
4 ,0 0 0
A p r. 1
2 0 1 7 ,6 0 0 A p r .1
' 2 2 1 ,5 0 0
8
A p r .1
'2 4 1 5 0 0 A n r 1’ 2 6
8m ^ 0 O c t . 1
' 2 0 11 2 ,1 0 0 O c t . 1
’ 2 2 1 ,5 0 0
9
O c t .1
’ 2 4 1 ,5 0 0 OST. 6
3
c t 1’2 JOSEPH COUNTY (P. O. South Bend), Ind.__ BOND OFFERINGS.— Sealed b id s w ll l'b e 'r e c e i v e d u n t l l l l l : 3 0 a . m . J u l y 1 0 b y E d w a r d F .
T h e s a le o f $ 1 2 0 ,0 0 0 o f t h e s e b o n d s w a s r e p o r t e d in V . 1 0 4 , p . 2 4 7 6 .
K e ll e r , C o . T r e a s . , f o r $ 9 ,0 0 0 4 1 4 % E u w a r d 11. B y r k i t t o t a l. h i g h w a y h ^ p t. h on d s o f P en n T w p .
D en om . $450.
D a t o J u ly 1 1917.
In t.
„ P
.GJVT DF ASTORIA (P. O. Astoria), Ore.— BOND OFFERING —
M ■& N .
D u o $ 4 5 0 e a c h s ix 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.
f o r ^ e n n dn n o r i / ° recelJ e.« u n t i l 2 p . m . J u l y 2 b y t h e P o r t C o m m i s s io n ,
A rth u . F . W o lf, C o .
A u d . , w ill r e c o i v e p r o p o s a l s u n t i l 11 a . m .
f o r SoOO OOO 5 %
p o r t im p ro v e m e n t b o n d s.
D e n o m s . $ 1 ,0 0 0 .
D a te
A u g . 2 f o r $ 8 5 ,0 0 0 4 % b r i d g o b o n d s .
I n t . .r. & D .
D u o '$ 2 5 ,0 0 0 J u n e 2 0
Jan . I 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 e a t t h e O r e g o n fis c a l
1 9 2 7 a n d $ 3 0 ,0 0 0 o n J u n o 2 0 1 93 1 a n d 1 9 3 2 .
a g e n c y , nN. Y . C i t y .
D u e $ 5 0 0 ,0 0 J a n . i 1 9 3 7 . 1 9 3 8 , 1 9 4 0 1 9 4 2 1 9 4 3

L i 1? ’310-o
t

i
f
}S 4^h 1 9 4 9 a n d 1 9 5 0 . C e r t , c h e c k f o r 5 % o f a m o u n t o f b i d ’
p a y a b le t o th o P o r t C o m m is s io n , r e q u ir e d .
D e li v e r ie s t o b e m a d e in
p a y m e n t s o f $ 10 ° , 000 e a c h o n J u l y 1 , A u g . 1 . S e p t . 1 , O c t . 1 a n d N o v . 1
B o s t o n L e g 1U y p a s s e d u p o n b y S t o r e y , T h o r n d i k e , P a lm e r & D o d g e .

POSEY COUNTY (P. O. Mt. Vernon), Ind.— BOND OFFERING.__
M 7 « n j u w haT d t , KCu ' T r e a s . , w ill r e c e i v e b i d s u n t i l 2 p . m . J u l y 5 f o r
r
D e i n m 4$ ^ i Ja£ o li
° ^ a l • h ig h w a y im p t. b o n d s o f B e th e l T w p .
m T t o N o v . ’ 15D
1927JIncL 6 1917‘

D u ° 8339 oach slx m onths from M a y 15

r P
A°Tn?SI> G r?r?t County, Wise — BONDS NOT YE T OFFERED.—

s§;?«osliS S ?-.Jre ^

1>
917- '«•

PRINCE GEORGES COUNTY (P. O. Upper Marlhor^

Md __

9 o ™ \ ° 2 ® t b e 8 5 ,0 0 0 5% 1 - 2 5 - y r . s a n i t a r y c o m m i s s i o n
b o n d s ( V . 1 0 4 , p . 2 5 7 4 ) w e r o a w a r d e d t o t h e F ir s t N a t . B a n k o f S o u t h e r n
S

' M

P P er

M a r lb o r o ’

at




101 ’05

apd

Tho

P r in c e

G eorges

.—

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 12 m . J u l y 1 6 b y E d w a r d D . S t a n n a r d ,
C o . T r e a s . , f o r $ 3 0 ,0 0 0 4 > $ % h i g h w a y - i m p t . b o n d s .
D a te A u g . 1 1917.
P r i n . a n d s o m i- a n n . i n t . ( F . & A . ) p a y a b l e in N . Y . e x c h a n g e a t t h o C o .
T r e a s . o f f ic e , o r a t th e F ir s t N a t . B a n k , B r e w s to r.
D u e $ 2 ,0 0 0 y r l y .
A u g . 1 fr o m 19 1 8 t o 193 2 in c l.
C e r t , c h e c k f o r 2% o f t o t a l a m o u n t is s u e d
r e q u ir e d .

ST. LOUIS, Gratiot County, Mich.— BONDS D E F E A T E D —
h a v e J u st b e e n i n f o r m e d t h a t t h o $ 2 5 ,0 0 0 w a t e r - i m p r o v e m e n t
( V . 1 0 4 , p . 9 8 1 ) f a il e d t o c a r r y a t t h o A p r i l e l e c t i o n .

We
bonds

f. ST. LOUIS, Mo .— BONDS PROPOSED.— I t Is s t a t e d in l o c a l p a p e r s
t h a t a b ill c a l li n g a n e l e c t i o n f o r N o v . 6 t o s u b m i t t o t h o v o t e r s a p r o p o s e d
g e n e r a l i m p r o v e m e n t b o n d is su e f o r $ 1 8 ,8 4 0 ,0 0 0 , w a s i n t r o d u c e d in t h e
B o a rd o r A ld e r m e n o n J u n o 2 2 .
T h e m e a s u re ite m iz e s th e fu n d s t o b e
•established a s f o ll o w s :
R e c o n s t r u c t io n o f R i v e r D o s P e r e s .....................
$ 9 ,9 1 5 ,0 0 0
P u b li c s e w e r s __________________________ ______________
_____
2 ,8 2 5 0 0 0
P a r k s a n d p l a y g r o u n d s ..................................................................
2 , 1 0 0 ,0 0 0
M u n i c ip a l c o n v e n t i o n h a l l ___________________________ _________________
2 ,0 0 0 0 0 0
M u n i c ip a l f a r m __________________________________________________________
350 n o n
D e v e l o p m e n t o f K o c h H o s p i t a l -----------------------------1 __________________
150 0 0 0
F r e e b r i d g e a p p r o a c h ______________________________
_____________
1 000 000
'.5 0 0 J )0 0
B r i d g e s , v i a d u c t s a n d s t r e e t o p e n i n g s ________________________________
T o t a l .............................................................................................................................. $ 1 8 ,8 4 0 ,0 0 0
S T . PAUL, M i n n .— BONDS VOTED .— 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 o $ 3 , 0 0 0 , 0 0 0 s c h o o l b o n d s ( Y . 1 0 4 , p . 2 0 3 8 ) c a r r ie d
a t t h e e le ctio n h e ld J u n e 18.

2669

THE CHRONICLE

J une 30 1917.]

- BOND OFFERING .— P r o p o s a l s f o r t h e s e b o n d s

j). 2 5 7 5 ) w e r e a w a r d e d t o R . L . D a y & C o . o f B o s t o n a t 1 0 1 .1 9 .

O th e r

B l o d g e t f * C o . , B o s t o n ______ 1 0 0 .4 4 9 1 F o u r t h A t l a n t i c B a n k , B o s t o n . . 1 0 0
JQH 0 0 0 5 % K O aci JLUScrico i n u . o u i g u w d y - t u u s w .
• Y m o f a S n*k
D e rlo m . $ 5 0 0 .
D u e o n A u g . 1 as fo llo w s : $ 5 0 0 y r ly . f r o m 1 91 8 t o 192a
I n c ™ $ 1 ,0 0 0 y r ly . fr o m 1 9 2 0 t o 1931 in c l.. $ 1 .5 0 0 y r l y .f r o m 1932 t o 1 9 3 o
n c ! and $ 2 , 0 0 0 y r l y . f r o m 1 9 3 0 t o 1 9 4 2 i n c l .
C e r t , c h e c k f o r $ 1 ,2 0 0 ,
p a y a b l e t o t h e P r e s id e n t o f t h e D i s t r i c t S u p e r v is o r s , r e q u i r e d .
B id s m u st
be u n c o n d i t i o n a l . P u r c h a s e r w ill b o f u r n is h e d a p r o p e r le g a l
‘ 3
to th o v a lid it y o f t h e b o n d s , a t t h e o x p e n so o f th o R o a cf D is t r ic t .
A ssessed
v a lu o o f D i s t r i c t , $ 3 7 1 ,3 0 9 .

SALEM SCHOOL DISTRICT (P. O. Salem), Westmoreland County,

Pa.— ROND SALE.— L y o n , S in g e r & C o . o f P i t t s b u r g h h a v e b e e n a w a r d e d ,
a c c o r d i n g t o l o c a l p a p e r s , 8 3 0 ,0 0 0 \ X % t a x -e x o m p fc b o n d s .
A
< - «
1917.

SAMPSON COUNTY (P. O. Clinton), No. Cap° .^ O N D

SWEET GRASS COUNTY SCHOOL DISTRICT NO. 1 (P. O. Big
Timber), Mont .— BOND SALE.— T h o $ 2 0 ,0 0 0 1 0 - 1 5 - y e a r ( o p t . ) b u i l d in g
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 2 ) w o r e a w a r d e d o n t h a t d a y t o t h e
S ta te o f M o n ta n a a t p a r fo r 4 J £ s.
D e n o m . $ 1 ,0 0 0 .
D a t e M a y 15 1 9 1 < .
In t. M . & N .

SWISSVALE SCHOOL DISTRICT (P. O. Swissvale), Allegheny

County, Pa.— BONDS NOT YE T ISSUED.— T h e D i s t r i c t S u p t . a d v is e s
u s t h a t a c t i o n t o w a r d s t h e o f f e r i n g o f t h e $ 2 0 0 ,0 0 0 s c h o o l b o n d s v o t e d
N o v . 7 1916 ( V . 1 03 , p . 191 3) h a s b e e n p o s t p o n e d in d e fin it e ly .

SYRACUSE, N. Y . — BONDS PROPOSED.— L o c a l p a p e r s s t a t e t h a t t h e
M a y o r a n d C o m m o n C o u n c i l h a v e b e e n r e q u e s t e d t o a u t h o r i z e t h e is s u a n c e
o f S 1 0 0 .0 0 0 i n t e r c e p t i n g - s e w e r b o n d s .
TARRYTOWN, Westchester County, N. Y .— BOND OFFERING.—

— J . U . P a c k e r , R e g is t e r o f D e e d s , w il l s e ll a t p u b l i c a u c t i o n a t 12 m . J u l y J
* 2 5 ,0 0 0 5 %

2 0 -y e a r r o a d b o n d s .
c o u n
SA N D U S K Y L O U IN t y ( P . O
1 Y fr
c a m h iic w

^ r, r, r, r ir , r^1
F r e m n t).
r r e m o «■'w* O h io #

, I30ND k R S m it h
F r a n OFFEtyTNG*

c o u p o n 1f c o t m t y p o r t i o n ) s t r e e t _ i m p t .
C o u n t y A u d it o r , fo r $5^555 ^
^
“ ^ “ n o m s V 'io f o r $ 5 0 0 a n d 1 f o r $ 5 5 5 .
b o n d s a u t h . S e c . 6 9 2 9 . G e n - C o d e . h£ « * | c e o f t h o C o . T r c a s . D u o $ 5 0 0
D a te J u ly 1 101 7.
In t. M . & j .
~
M a r c h 1 5 1 9 2 2 , i n c l. a n d $ 1 ,0 5 5
e a c h s ix m o n th s f r o m M a r c h
' „,i „ n ,i
fnp w i t h i n 10 d a v s f r o m
^
‘ • 1 5 1922.
ra c c ^ ^ P^ * ‘ ^ B o n d e d * d e b t U n c i. t ^ S
is s u o ) ? *$37 7^5 87; assessed v a l . , 1 9 1 6 , $ 6 7 ,1 5 6 .1 0 0 0 .
S ta te a n d c o u n t y t a x

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 . m . J u l y 5 b y J . W y c k o f f C o l e , V U .
C l e r k , f o r $ 1 8 0 ,0 0 0 s t r e e t - i m p t . b o n d s a t n o t e x c e e d i n g 4 A % i n t .
D enom .
$ 1 ,0 0 0 .
D a te S ep t. 1 1917.
In t. M . & S.
D u e $ 9 ,0 0 0 e a c h y e a r o n
S e p t. 1 fr o m 1918 t o 1937 in c l.
A n u n c o n d it io n a l c e r t , 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 tr u s t c o m p a n y f o r $ 3 ,6 0 0 , p a y a b le t o th e V il. T r e a s .,
re q u ire d .
B o n d s t o b o d e l iv e r e d o n o r b e f o r e S e p t . 1 .
T h e se b o n d s w ere
v oted M a rch 20.

TIPPECANOE COUNTY (P. O. Lafayette), Ind.— BOND OFFERING.
_ S e a le d b id s w ill b e r e c e iv e d u n t il 2 p . m . J u l y 6 , i t is s t a t e d , b y H a r r y G .
_
L e s lie , C o u n t y T r e a s u r e r , f o r $ 4 ,7 0 0 a n d $ 4 , 7 0 0 4 J 4 % h i g h w a y - im p t . b o n d s .

r a te (p e r $ 1 ,0 0 0 ), $3 3 5 .
qrH F N F C T A D Y
N . Y .— CERTIFICATE SALE .— O n J u n o 2 6 t h o
n o n C e r t i f ic a t e s o f in d e b t e d n e s s d a t e d J u n o 2 7 1 9 1 7 a n d d u o b o b . 2 /
* 2 5 0 ,0 0 0 ^ t i f , 25 7 4 ) w o r e a w a r d e d t o S . N . B o n d & C o . o f N o w Y o r k
i t p a r a n d i n t . V 5 6 2 5 s.
T h e re w ere n o o th e r b id d e r s .

TOLEDO, Ohio.— BONDS NOT SOLD.— N o b i d s w e r e r e c e i v e d , i t is
s t a t e d , f o r t h e $ 1 0 0 ,0 0 0 w o r k h o u s e a n d $ 1 5 0 ,0 0 0 p a r k 4 % b o n d s o f f e r e d
on June 20.

c p H I F I C H E R C O U N T Y ( P . O . E l d o r a d o ) , T e x . — BONDS NOT SOLD
— No 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 e $ 6 0 ,0 0 0 4 % 1 0 - 4 0 - y r . ( o p t . )
court-house b o n d s o f f e r e d o n J u n o 11 ( V . 1 0 4 , p . 2 3 7 0 ) . T h o b o n d s w ill
n o w b o s o l d a t p r i v a t e s a le .

( V . 1 0 4 , p . 1 8 2 9 ) w e r e a w a r d e d t o M a t h e n y , D i x o n & C o . , o f S p r i n g f ie l d ,
a t p a r. ' D u e in 1 93 7.

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 IS 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 SALE.— O n J u n o 2 6 t h o $ 1 0 ,0 0 0
b u n d in g b o n d s ( V . 1 0 4 , p . 2 5 7 4 ) w e r e a w a r d e d t o B a x t e r B r a s . & C o . a t
p a r fo r 5s.
S E A T T L E , W a s h . — BOND SALE.— O n J u n o 16 t h o f o u r is su e s o f g o l d
c o u p o n b o n d s , a g g r e g a t i n g $ 4 0 0 ,0 0 0 ( V . 1 0 4 , p . 1 8 2 9 ) w e r e a w a r d e d t o
J o h n E . P r i c e & C o . a n d E . I I . R o l l in s a s f o ll o w s :
* 2 0 0 ,0 0 0 ( t h r e o is su e s ) r e fu n d i n g b o n d s a t 1 0 1 .0 8 5 a n d In t e r e s t f o r 5s
2 0 0 ,0 0 0
1 1 -2 0 -y o a r s e r ia l b r i d g e b o n d s , S o ria s " B , ” a t 1 0 1 .4 4 a n d In)
f o r 5 s.

TOLONO SCHOOL DISTRICT NO. 59 (P O. Tolono), Champaign
County, 111.— BOND SALE.— O n J u n o 7 t h o $ 1 0 ,0 0 0 5 % b u i l d in g b o n d s
UNION TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Wash­

ington C . HO. Fayette County, Ohio.— BOND OFFERING.— B i d s w ill
b e r e c e iv e d u n t il 12 m . J u l y 2 b y R . R . M a d d o x C l e r k o f t h e B d . o f E d . ,
f o r $ 5 0 ,0 0 0 5 % c o u p o n s c h o o l b l d g , b o n d s .
A u th . S ecs. 22 9 4 , 229 5 a n d
7 6 2 5 t o 7 6 2 8 In cl
G en. C od e.
D en om . $500.
D a te M a y 2 1917.
In t.
M & S . D u e * 5 0 0 e a c h s ix m o n t h s f r o m M a r 1 1 9 1 8 t o S e p t . 1 1 9 1 9 ;
81 0 0 0 e a c h s ix m o n t h s f r o m M a r . 1 1 9 2 0 t o S e p t . 1 1 9 2 7 , $ 1 , 5 0 0 e a c h s ix
m o n t h s f r o m M a r . 1 1 9 1 8 t o S e p t . 1 1 9 3 5 a n d $ 2 ,0 0 0 e a c h s ix m o n t h s f r o m
M a r . 1 1936 to S ep t. 1 1937.
C e rt, ch o ck fo r 2 % 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 l e t o A . W . C l o u s e r , F r o s t , o f t h e B d . o f F .d .. r e q u i r e d .
B o n d s t o b e 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 im 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 t e r e s t .
VIGO COUNTY (P. O. Terre Haute), Ind.— 30ND SALE.— On

A%

S H A K E R H E I G H T S V I L L A G E S C H O O L D I S T R I C T (P . O . C le v e ­
l a n d ) , C u y a h o g a C o u n t y , O h i o . — BOND SALE.— N o b i d s w e r e r e c e i v e d
f o r t h o $ 3 0 0 ,0 0 0
c o u p o n s c h o o l b o n d s o ffe r e d o n M a y 9 ( V . 104, p .
1 6 2 3 ).
T h o b o n d s w e r o s u b s e q u e n t ly s o l d t o t h e S in k in g F u n d o f t h o
V i l la g e o f S h a k e r H e ig h t s a t p a r f o r 5 s .

J u n o 2 3 t h e $ 1 2 ,5 0 0 4
h ig h w a y im p ro v e m e n t b o n d s ( V . 10 4 , p . 2 4 7 7 )
w e r e a w a r d e d t o t h e F ir s t N a t . B a n k o f T e r r e H a u t e a t 1 0 0 .2 0 a n d in t e r e s t .
J . F . W i l d & C o . b i d $ 1 2 ,5 0 2 5 0 .

SH AW ANO,
Shaw ano
C ou n ty ,
W i s . — BONDS M A Y NOT BEISSU E D .— T h o C i t y 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 2 2 , t h a t * 6 0 , 0 0 0
4 4$ %
2 0 - y e a r c o u p o n h y d r o - o l e c t r i c - l ig h t - p l a n t - e r e c t l o n
bonds v o te d
M a y 12 1 9 1 6 ( V . 1 0 3 , p . 2 4 4 8 ) , w ill p r o b a b l y n o t b o Is s u e d .

t h o S t a t e o f M in n e s o t a t h o $ 2 0 0 ,0 0 0 h i g h - s c h o o l - b l d g ,
p . 2 0 3 8 ) c a r r io d a t t h o e l e c t i o n h o l d M a y 2 6 .

4A%

SH AW N EE
P e r r v Countv. O h i o . — 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 12 m . .Tuly lO b y W m . S h u s t e r , V i l . C l e r k , f o r
e a c h v e -ir n n °S n n t 1 f r o m 1 9 1 8 t o 1 9 3 7 , i n c l.
C e r t, c h o c k o n s o m o s o lv o n t
b a n k o f O h io fo r 5 % o f b id , re q u ire 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
w it h in i n davs f r o m t lm o o f a w a r d .
P u rch a se r t o p a y a c c r u e d ln t.
B o n d e d d e b t J i T o 2 2 1 9 1 7 ( e x c lu d in g t h is I s s u e ). * 3 3 . 8 0 0 ; f l o a t i n g d e b t ,
$ 3 , 0 7 2 4 2 ; s i n k i n g f u n d , $ 2 , 2 0 0 ; a s s e s s , v a l . 1 9 1 6 , $ 9 7 8 ,4 7 5 .
c u r i R Y V I L L E , S h e l b y C o u n t y , I n d . — BOND OFFERING.— W . S .
T on es C i t v C l e r k , w ill r e c e iv e b i d s u n t i l 11 a . m . A u g . 1 f o r $ 1 4 ,5 0 0
r f f i d i n i b o m ls
D en om . $500.
D a to S ep t. 1 1917.
In t. M . & N .
D u o $ 5 0 0 e a e h s ix m o n t h s o n M a y 15 f r o m 1 9 1 9 t o 1 9 3 3 I n c l.
C ert, ch eck
f o r $ 3 0 0 r e q u ir e d .

4'A%

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 . — BIDS.— T h o f o l l o w i n g a r e t h e
o t h e r b i d s r e c e iv e d f o r t h o $ 3 0 ,0 0 0 5 % 1 0 - 3 0 - y e a r ( o p t . ) c o u p o n t a x - f r e e
m u n i c ip a l c e m e t e r y b o n d s a w a r d e d o n J u n o 1 8 t o t h o H a r r is T r u s t & S a v .
B a n k o f C h i c a g o a t p a r a n d in t e r e s t la ss $ 1 4 1 ( V . 1 0 4 , p . 2 5 7 4 ) :
J . R . S u t h e r lin & C o . , K a n s a s C i t y — P a r la ss $ 9 0 0 .
I n t e r n a t io n a l T r u s t C o . , D e n v e r — P a r lo ss $ 1 , 2 0 0 .
S w o e t , C a u s o y , F o s t e r & C o . , D e n v e r — $ 2 8 ,3 5 2 .
O s w a l d F . B o n w o l l & C o . , D e n v e r — P a r la ss $ 1 ,7 2 5 .
B o s w o r t h , C h a n u t o & C o . , D o n v e r — P a r le s s $ 1 ,8 0 0 .
K e o lc r B r o s . , D o n v e r — P a r le ss $ 2 ,0 6 9 .
T h o B o lla n I n v e s t m e n t C o . , D o n v e r , b i d f o r 1 0 - 2 0 - y o a r ( o p t . ) b o n d s .
S O U T H B R O W N S V IL L E (P . O . B r o w n s v ille ), F a y e tt e C o u n t y ,
P a . — BOND OFFERING.— B id s w ill b o r e c e i v e d u n t i l 8 p . m . J u l y 2 b y
T.
A . W a g g o n e r , B o r o u g h S e c r e t a r y , f o r $ 5 0 ,0 0 0 c o u p o n s t r e e t i m p t . b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a t o A p ril 1 1 9 1 7 .
l n t . A . & O . a t N a t . D e p o s it B a n k ,
B o w n s v IU e . D u e $ 1 ,0 0 0 y r ly . f r o m 191 8 t o 1 9 2 4 , In c h ; $ 1 ,0 0 0 in e a c h o f t h e
y e a r s 1 9 2 6 , 1 9 2 7 , 1 9 2 9 , 193 1 a n d 1 9 3 3 ; $ 2 , 0 0 0 In e a c h o f t h o y e a r s 1 9 2 5 ,
1 9 2 8 . 1 9 3 0 a n d 1 9 3 2 ; $ 2 , 0 0 0 y r l y . f r o m 1 9 3 4 t o 1 9 4 4 , i n c h ; $ 5 ,0 0 0 in 1 9 4 5 ,
a n d $ 3 , 0 0 0 in 1 9 4 6 .
T h e se b o n d s a re e x e m p t fro m S ta te ta x .
B onded
d e b t J a n . 1 1 9 1 7 . * 4 0 , 6 0 0 ; f l o a t i n g d e b t , $ 1 4 ,0 0 0 ; a s s e s s e d v a l . , $ 1 ,5 6 1 , 0 0 0 .
•‘t f S O U T H O R A N G E , E s s e x C o u n t y , N . J . — BOND OFFERING.— V illa g e
T r e a s u r e r F r a n k F e n n e r w ill r e c e iv e p r o p o s a l s , it is s t a t e d , u n t i l 8 p . m .
J u l y 16 f o r t h o f o l l o w i n g
b o n d s : $ 3 5 ,0 0 0 1 - 3 5 - y r . s e r ia l s o w e r ; $ 2 6 ,0 0 0
1 - 10 - v r s o r la l a s s e s s m e n t ; $ 2 3 ,0 0 0 1 - 2 3 - y r . s e r ia l g r a d e - c r o s s i n g ; $ 1 9 ,0 0 0
1 - 1 9 - y r s o r la l w a t e r a n d $ 1 2 ,0 0 0 4 J * - y r . a v o r a g o s t r e e t .
I n t . s e m i- a n n .
C e r t i f i e d c h e c k f o r 2 % r e q u ir e d .

4A%

r S P E N C E R C O U N T Y " ( P N O . R o c k p o r t ) , M n d . — BONli^SALE.— O n
J u n o 15 t h o t w o is su e s o f 4 A % r o a d .-im p t . b o n d s ( V . 1 0 4 , P- 2 1 5 8 ) w e r o
a w a r d e d a s fo ll o w s : $ 1 1 ,2 0 0 is su o t o t h o F r a n k li n B a n k o f R o c k p o r t f o r
$ 1 1 ,*> 15, e q u a l t o 1 0 0 .1 3 3 a n d t h o $ 8 ,0 0 0 Issu e t o A u g u s t D r c s c h e l a t

100.25.
SPOONER, W ashburn C ounty, W is.— NO ACTION YET T A K E N .—
Tho C i t y C l e r k a d v is e s u s t h a t n o a c t i o n w ill b o t a k e n t o w a r d s t h o Is s u a n c e
of $ 2 5 ,0 0 0 b o n d s a n d $ 7 5 ,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 f o r t h o p u r p o s o
o f d e v e l o p i n g h y d r o - e l e c t r i c p r o p e r t ie s o n t h o N a m c k a g o n R i v e r .
p. 6 8 0 , u n t il a f t e r t h o w a r .

V . 104,

STAMFORD <T.), C onn.— BOND SALE.— On J u n e 2 6 t h o $ 7 5 ,0 0 0
4 A % 1 5 - y r . c o u p o n o r r e g is t e r e d t a x - f r e o p u b l i c r o a d i m p t . .................... . 1 0 4 ,
b o n d s (V
n 2 3 7 0 ) w e r e a w a r d e d t o H a r r is , F o r b e s & C o . , N . Y . , a n d t h o F ir s t N a t .
R a n k o f S t a m f o r d a t 1 0 1 .3 5 2 .
O t h e r b id s w e r e :
R L . D a y & O o . , B o s t - -$ 7 5 ,8 1 7 5 0 F ir s t N a t . B a n k , S ta m M o r rill
O ld h a m & C o . ,
, L , f o r ( l ( s e p a r a t e b i d ) ------- $ 7 5 ,1 4 0 0 0
B o s t o n ____________________ 7 5 ,4 3 5 001 a t i o n a l C i t y C o ___________ 7 5 ,0 6 9 7 5
N
S U G A R CREEK TOW NSH IP (P. O. Tangier), Parke County, Ind .—
BOND OFFERING .— F u r t h e r d e t a ils 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 Jul y 12 for tho following 4 K % b o n d s :
* 6 , 0 0 0 s c h o o l - t w p . b o n d s . D u o $ 3 0 0 y l y . o n J a n . 1 f r o m 1 9 1 8 t o 1 9 3 7 , i n c l.
6 , 0 0 0 c i v l l - t w p . b o n d s . D u o $ 3 0 0 y l y . o n J u l y 1 f r o m 1 9 1 8 t o 1 9 3 7 , i n c l.
P r o p o s a l s f o r t h e s e b o n d s w ill b o r e c e iv e d u n t il 10 a . m . o n t h a t d a y b y
R o b e r t L . H o p k in s T w p . T r u s t e e .
D en om . $300.
D a to J u ly 1 1917.

f * SUMMIT, Cook County, III.— BONDS NOT YET OFFERED .— N o
d a t e h a s y e t b o o n s o t f o r t h o o f fe r i n g o f t h o $ 6 , 0 0 0 5 % c le c t r t c -l ig h t -i n s t a l la t i o n b o n d s v o t e d in A p r i l ( V . 1 0 4 , p . 1 7 2 7 ).
D on om . $500.
D a to S ep t. 1
1917.
D u o s e r ia lly f r o m 1 9 2 5 t o 1 9 3 7 . in c lu s i v e .

VIRGINIA INDEPENDENT SCHOOL DISTRICT (P. O. Virginia),
St. Louis County, Min n.— BONDS VOTED.— T h o q u e s t i o n o f is s u in g t o
bonds

(V .

104,

WAPAKONETA, Auglaize County, Ohio.— 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 12 m . J u l y 16 b y E l m e r E . N e w c o m e r .
C i t y A u d i t o r , f o r t h o f o ll o w i n g 5 % s t r e e t c o u p o n b o n d s :
$ 1 7 5 0 0 D e f i a n c e s t r e e t - i m p t . ( c i t y s p o r t io n ) b o n d s .
D e n o m . (1 0 ) 5 7 5 0 ,
(2 0 ) $ 5 0 0 .
D u o $ 1 ,7 5 0 e a c h y e a r o n J u l y 1 f r o m 1 9 2 0 t o 1 9 2 9 I n c l.
2 9 ,0 0 0
D e fia n c e s tr e e t-im p t. a sse ssm e n t b o n d s .
D e n o m . (2 0 ) $ 1 ,0 0 0 .
(1 0 ) $ 9 0 0 .
D u o $ 2 ,9 0 0 e a c h y e a r o n J u l y 1 f r o m 1 9 1 9 t o 1 9 2 8 i n c l.
D a to J u ly 1 1917.
P r in c ip a l a n d s e m i- a n n u a l in t e r e s t ( J . & J . ) p a y a b le
a t th o o ffic e o f th o C ity T rea su rer.
A d e p o s i t In c a s h f o r $ 1 0 0 r e q u i r e d
w it h e a c h i s s u e .
B o n d s w ill b o r e a d y f o r d e l i v e r y o n d a y o f s a le .
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.
B o n d e d d e b t J u n e 1 1 9 1 7 ( n o t in c lu d in g
t h is is s u o ), $ 1 2 0 ,6 5 5 ; a s s e s s m e n t d e b t ( i n c l u d e d ) , * 5 9 , 3 3 0 ; f lo a t i n g d e b t ,
n on e- c e r tific a t e d e b t $6 9 0 9 .
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 e , $ 3 ,6 6 4 ,b 2 U ,
P °on a l
$ 2 2 6 8 .3 3 0 ;’ t o t a l v a l u a t i o n 1 9 1 6 , $ 5 , 9 3 2 , 9 5 0
S in k in g fu n d h
$ 2 ,5 7 5 3 3 .
O ff ic i a l c ir c u la r s t a t e s t h a t t h e r e is n o p o n d in g o r t h r e a t e n e d
l it i g a t io n a g a in s t t h e s e b o n d s , a n d t h a t t h e c i t y h a s n e v e r d e f a u l t e d in t h e
p a y m e n t o f b o n d s o r in te re s t s in ce 1 84 9.

WARREN, Trumbull County, O hio.— BONDS NOT SOLD.— No
b i d s w e r e r e c e iv e d f o r t h o t h r e o is s u e s o f 4
o f f e r e d o n M a y 1 9 ( V . 1 0 4 , p . 1 5 2 1 ).

A%

b o n d s , a g g r e g a t i n g $ 6 2 ,5 0 0 .

WARREN COUNTY (P. O. Warren), Pa.— NO A CTIO N YET

T A K E N .— No a c t i o n h a s y e t b e e n t a k e n t o w a r d s t h e c a l l i n g o f t h e e l e c t i o n
t o v o t e o n t h e p r o p o s i t i o n t o I ssu o t h e $ 3 0 0 ,0 0 0 r o a d b o n d s ( V . 1 0 4 , p . 1 3 1 4 ).

WASHINGTON COUNTY (P. O. West Bend), Wis.

BOND ELEC­

TION POSTPONED.— R . O . K r a e m e r , C o u n t y C l e r k , i n f o r m s u s t h a t t h e
r e fe r e n d u m o n t h o p r o p o s i t io n t o is s u o t h e $ 5 0 0 ,0 0 0 r o a d - i m p r o v e m e n t
b o n d s (V . 104 , p . 2 17 7) h a s b e e n p o s t p o n e d in d e fin it e ly .

WASHINGTON SCHOOL TOWNSHIP (P. O. Kingsbury), Laporte
County, Ind.— WARRANT OFFERING.— G u y B . H o lm e s T o w n s h i p
T r u s t e e w ill r e c e iv e p r o p o s a ls b e t w e e n 1 0 a n d 11 a . m . J u l y 6 ( a n d f r o n i
d a v t o d a y t h e r e a f t e r u n t il s o l d ) f o r $ 1 2 ,0 0 0 5 % s c h o o l w a r r a n t s .
D enom .
*500
D a t e J u ly 6 1917.
I n t e r e s t p a y a b le a n n u a l ly .
D u e in n o t e x ­
ce e d in g fiv e y e a r s .
C e r tifie d c h e c k fo r 5 % o f t h e a m o u n t p r o p o s e d t o b o
p a id f o r s a id w a r r a n t s , r e q u i r e d .

WASHINGTON SCHOOL TOWNSHIP (P. O. Columbia City),
Whitlev County, Ind.— BOND OFFERING.— P r o p o s a l s w ill b e r e c e i v e d
b e t w e e n 1 p . m . a n d 4 p . m . J u l y 21 b y D r u r y V . W h i t e , T w p . T r u s t e e ,
fo r $29 000 4 A % sch ool b o n d s.
D en om . $500.
I n t . s e m i- a n n .
D ue
$ 2 ,0 0 0 e a c h y e a r f r o m 1 9 1 8 t o 1 9 2 8 i n c l .
T h e s e b o n d s w e re o ffe r e d M a y 26
b u t a ll b i d s w e r e r e j e c t e d .
WATERTOWN, Middlesex County, Mass.— TEMPORARY LO AN .—
O n J u n o 2 8 a t e m p o r a r y l o a n o f $ 5 0 ,0 0 0 in 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
D e c . 2 0 1 9 1 7 , w a s n e g o t i a t e d , r e p o r t s s t a t e , w it h R . L . D a y & C o . a t 5 . 2 0 % .

WATERTOWN, Jefferson County, N. Y . — BOND SALE.— O n J u n e 2 5
th o fo llo w in g 4 A % 3 0 -y r . r e g . b o n d s (V . 104 , p . 2 4 7 7 ) w e re a w a rd e d t o th e
N o r th e r n N e w Y o r k T r u s t C o . o f W a te r to w n a t p a r a n d in t .:
« e o 5 0 0 b r id g e b o n d s .
D a t o J u ly 1 191 5.
D u e J u ly 1 1 9 4 5 .
8 L 0 0 0 sch ool b on d s.
D a te J u ly 1 1 9 1 7 .
D u e J u ly 1 194 7.
T h e re w e re n o o t h e r b id d e r s .
WATERV1LLE, Kennebec County, Me.— BOND OFFERING.— Pro-

a t ’t h e F ir s t N a t . B a n k c f B o s t o n .
D u e J u ly 1 1 9 3 7 .
T h e s e b o n d s w ill
h o c e r t i f ie d a s t o g e n u in e n e s s b y t h o a b o v e b a n k a n d t h e i r le g a l it y w il l b©
a n D 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 in s o f B o s t o n , w h o s o o p i n i o n
w ill b e f u r n is h e d t h e p u r c h a s e r .
B o n d s t o b e d e l iv e r e d o n J u l y 2 a t a b o v e
bank
B o n d e d d e b t . $ 4 0 6 ,0 0 0 ; a s s e s s , v a l . 1 9 1 6 , $ 8 ,2 1 9 , 5 3 1 .
W A YN E CO U N TY ( P . O. Richm ond), Ind .— BOND OFFERING.—
E d w a r d J . W e i d n e r . C o . T r e a s . , w ill r e c e iv e b i d s u n t i l 12 m . J u l y 16 f o r
$ 4 8 ,0 0 0 4 A % T h o m a s G . D u n b a r e t a l . h i g h w a y i m p t . b o n d s o f C e n t e r
Twp
D en om $300.
D a t e J u l y 16 1 9 1 7 .
In t. M . & N .
D u e $ 1 ,2 0 0
P u re
e a c £ s ix 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 .
P u rch a ser to
p a y a c c r u e d in t.
T r a n s c r i p t o f p r o c e e d i n g s w ill b o f u r n is h e d t o t h e s u c c e s s fu l b id d e r w it h o u t c o s t .
W AYN ESB O R O , Franklin County, P a .— BOND SALE .— O n J u n e 21
t h e 8 1 0 0 0 0 0 4 A % c o u p o n t a x - f r e e m u n i c ip a l i m p r o v e m e n t a n d r e fu n d i n g
b o n d s w e r e a w a r d e d t o H a r r is , F o r b e s & C o . , o f N . Y . , a t 1 0 1 .7 1 1 a n d i n t .
O th e r

b id s

w ere:

------------------ --------------------

a -------M

^

P h ila .-S 1 0 0 .7 4 5

f^SU N N Y SID E SCHOOL D IST R IC T , Riverside C ounty, C alif.—
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 11 a . m . J u l y 5
b y ' A . B . P ilc h , C le r k B d o f C o u n t y S u p e r v is o r s ( P . O . R i v e r s i d e ) , f o r
$ 3 ,0 0 0 6 % s c h o o l b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a to Jun o 20 1917.
In t.
s e m i- a n n u a l .
D u o $ 1 ,0 0 0 J u n o 2 0 1 9 2 0 , 1921 a n d 1 9 2 2 .
C e r t, c h e c k fo r
1 0 % o f a m o u n t o f b i d , p a y a b le t o t h o a b o v e C l e r k , r e q u i r e d .
B onded
d e b t , $ 4 ,0 0 0 .
A s s a s s . v a l . (la ss o p e r a t i v e p r o p e r t y ) , $ 1 4 0 ,3 6 0 .
•

SW AM PSCOTT, Essex County, Mass.— NOTE SALE .— O nJPJuno 2 6
t h o $ 1 2 ,0 0 0 1 - 2 4 - y r . s o r la l s o w e r , $ 4 ,5 0 0 1 - 9 - y r . s e r ia l w a t e r a n d $ 2 , 0 0 0
< $ 2 ,5 0 0 a s f i r s t 'r e p o r t e d ) 1 - 4 - y r . s e r ia l s c h o o l 4 A % c o u p o n n o t e s ( V . 104




1947.

B o n d e d d e b t . I n c lu d in g t h is is s u e , $ 1 7 2 ,0 0 0 .

F lo a tin g d e b t , $ 2 8 ,

W ELLIN G TO N , Collingsworth County, Texas .— BOND SALE.—
T h e S o u t h e r n S e c u r it ie s C o . , o f H o u s t o n , h a s b e e n a w a r d e d a t p a r $ 2 / ,5 0 0
5 % 10 - 40 - y e a r ( o p t . ) w a t e r - w o r k s b o n d s .
D en om . $500.
D a te S ep t. 1
1916.
I n t e r e s t a n n u a l ly in F e b r u a r y .

W ESTCHESTER CO U N T Y (P. O. W hite Plains), N. Y .— BOND
SALE .— O n J u n o 2 5 t h o $ 1 8 ,0 0 0 4 A % 1 - 6 - y r . s e r ia l r e g is t e r e d b r i d g e

2670

THE CHRONICLE

b o n d s (V . 104, p . 2 5 7 5 ) w ore a w a rd e d t o J . S . B a ch e & C o ., N e w Y o r k
f o r $ 1 8 ,0 0 9 7 5 — e q u a l t o 1 0 0 .0 5 4 .

[Vol. 104.

$ 1 8 0 ,0 0 0 5 %
3 5 - y e a r m u n i c ip a l w a t e r - w o r k s b o n d s .
I n t o r e s t s e m la n n u a l.
C e r t ifie d c h 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 W . R .
S p h a r, C it y T re a s u r e r , re q u ire d .
T h e v a l i d i t y o f t h e s o b o n d s w a s u p h o ld in a r e c e n t d e c i s io n b y t h o K e n ­
t u c k y C o u r t o f A p p e a ls .
S ee V . 104, p . 1722.

W E S T E R V I L L E , F r a n k l i n C o u n t y , O h i o . — BOND OFFERING .—
®
• B e n n e t t , V i l la g e C l e r k , w ill r e c e i v o b i d s u n t i l 12 m . J u l y 1 4 f o r
$ 4 ,0 0 0 5 % s t r e e t-im p r o v e m e n t a ss e s s m e n t b o n d s .
D en om . $400.
D a te,
d a y o f s a le .
D u o in e q u a l in s t a ll m e n t s f o r a p e r i o d o f t e n y e a r s .
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.
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 SALE.— O n J u n o 2 8
t h e f o l l o w i n g 4 J £ % c o u p o n b o n d s , a g g r e g a t i n g $ 8 ,5 0 0 , w e r e a w a r d e d t o
R . L . D a y & C o . o f B o s t o n a t 1 0 0 .0 0 a n d i n t .:
$ 6 ,5 0 0 b r id g e b o n d s .
D e n o m s. S I .000 a n d $ 5 0 0 .
D u o S I ,500 Ju n o 1
1 9 1 8 a n d $ 1 ,0 0 0 J u n o 1 1 9 1 9 t o 1 9 2 3 i n c l.
2 ,0 0 0
p r o te c tio n b o n d s.
D e n o m . $ 1 ,0 0 0 .
D u o $ 1 ,0 0 0 J u n o 1 191 8
an d 1919.
A d a m s & C o . o f B o s t o n b i d 1 0 0 .0 4 .
D a te Jun o 1 1917.
P r i n . 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 lio
F ir s t N a t . B a n k , B o s t o n .
T h e s e b o n d s a r e t a x - e x e m p t in M a s s .
B onded
d e b t , i n c lu d in g t h e s e is s u e s , $ 5 5 4 ,0 0 0 .
W a t e r d e b t , $ 3 5 ,0 0 0 .
A ssess,
v a l . 1 9 1 6 , $ 1 2 ,8 4 8 ,8 0 8 3 0 .
W E S T W A R W I C K ( P . O . R i v e r p o i n t ) , K e n t C o u n t y , R . I . — NO
BONDS TO BE ISSUED. — T h e A c t p r o v i d i n g f o r t h e i s s u a n c e o f t h e $ 1 0 0 , ­
0 0 0 t o w n - h a ll b o n d s ( V . 1 0 4 , p . 2 8 3 ) w a s d e f e a t e d b y t h e S t a t e L e g i s l a t u r e .
W H IT E O A K R U R A L IN D E P E N D E N T S C H O O L D IS T R IC T N O . 8,
K e o k u k C o u n t y , I o w a . — BOND OFFERING.— C h a r le s B r o l l i a r , D is t r i c t
T r e a s u r e r , w ill s e ll a t p u b l i c a u c t i o n a t 1 p . m . t o - d a v (J u n o 3 0 ) a t th e
K e o k u k C o u n t y S t a t e B a n k in S i g o u r n e y . S I , 2 0 0 4 PS % b u i l d in g b o n d s .
D en om . $400.
D a t o J u ly 1 1917.
I n t e r e s t s c im - a n n u a l.
D u o S100
J u ly 1 1 9 2 0 , 1923 a n d 192 6.
C e r tifie d c h e c k fo r $ 1 0 0 , p a y a b le t o th e
D is t r ic t T r e a s u r e r , r e q u ir e d .
T h is d is tric t h a s n o in d e b te d n e s s .
W I C H I T A C O U N T Y ( P . O . W i c h i t a F a l l s ) , T e x a s . — BOND OFFER­
IN G .— S c a l e d b i d s w ill b e r e c e iv e d u n t il 9 a . m . J u l y 10 b y H a r v e y H a r r is ,

C O U N T Y ( P - O . R o c k f o r d ) , I I I .— NO BONDS TO BE
ISSUED.— U s in g n e w s p a p e r r o p o r t s , w e s t a t e d in V . 1 0 3 , p . 2 3 6 1 , t h a t t h is
c o u n t y is c o n t e m p la t i n g t h o is s u a n c e o f $ 1 , 5 0 0 , 0 0 0 r o a d b o n d s .
W o are
n o w i n fo r m e d t h a t t h e s o r e p o r t s a r e e r r o n e o u s .
W O O D C O U N T Y ( P . O . B o w l i n g G r e e n ) , O h i o . — BOND OFFERING.
T *
, O iU e s p io , C o . A u d . , w ill r e c e iv e p r o p o s a ls u n t il 1 p . m . J u l y 2 , i t is
s t a t e d , f o r $ 7 0 ,0 0 0 5 % 2 5 - 6 - y r . a v e r a g o r o a d b o n d s .
I n t . s o m i- a n n .
C e r t , c h e c k f o r $ 1 ,0 0 0 r e q u i r e d .
r Y O U N G S T O W N , M a h o n i n g C o u n t y , O h i o . — BOND OFFERING .—
J . K . E d w a r d s , C i t y A u d . , w ill r e c e iv e p r o p o s a l s u n t i l 12 i n . J u l y 9 f o r t h o
f o l l o w i n g 5 % c o u p , o r r e g . ( p u r c h a s e r ’s o p t i o n ) b o n d s :
? 8 ,0 0 0 h o s p ita l b o n d s .
D u e $ 2 ,0 0 0 y r l y . o n O c t . 1 fr o m 1 9 2 0 t o 1 9 2 3 in c l.
1 5 .0 0 0 s t r e e t - i m p t . c i t y ’s p o r t i o n .
D u e $ 2 ,0 0 0 y r l y . o n O c t . 1 f r o m 1 9 2 0
t o 1 9 2 5 i n c l . a u d $ 3 ,0 0 0 O c t . 1 1 9 2 6 .
7 .0 0 0 p o l ic e s t a t io n o q u ip . b o n d s . D u o $ 2 ,0 0 0 o n O c t . 1 1 9 1 9 a n d 1 9 2 0
a n d $ 3 ,0 0 0 O c t . 1 1 9 2 1 .
2 3 .0 0 0 s u b -p o lic e s t a t io n b o n d s .
D u o $ 4 ,0 0 0 y r l y . o n O c t . 1 f r o m 1 9 1 9
t o 1 9 2 3 i n c l . a n d S 3 ,0 0 0 O c t . 1 1 9 2 4 .
3 2 . 0 0 0 c i t y ’s p o r t i o n i m p t . b o n d s .
D u e $ 5 ,0 0 0 y r l y . o n O c t . 1 fr o m 1 9 1 9
,
J,° 1 9 2 4 i n c l - a n d 8 2 , 0 0 0 O c t . 1 1 9 2 5 .
1 .0 0 0 fir o s ta t io n -s it e b o n d s .
D u o O ct. 1 1919.
7 .0 0 0 p u b lic -c o m fo r t -s t a t io n b o n d s .
D u o $ 2 ,0 0 0 o n O c t . 1 1 9 2 0 , 1921
a n d $ 3 ,0 0 0 O c t . 1 192 2 .
.
9 9 , 2 6 0 (1 9 is s u e s ) s t r e e t a n d s e w e r b o n d s .
D u o p a r t o f e a c h is s u o e a c h
y e a r o n O c t . 1 f r o m 191 8 t o 1922 in c l.
.
.. L ,a v °T ’ u , - 16 1 9 1 7 .
v
P r in . a n d s e m i- a n n . i n t . p a y a b l o a t t h o o f f i c e o f
t h e S in k in g F u n d T r u s te e s .
C e r t, c h o c k o n a s o lv o n t b a n k fo r 2 % o f
e a c h b lo c k o f b o n d s b id f o r , p a y a b lo t o th o a b o v o C it y A u d ., r e q u ir e d .
P u rch a se r t o ta k o b o n d s n o t la te r th a n J u ly 16.

C o u n t y J u d g e , f o r t h o $ 7 5 0 ,0 0 0 5 % 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
161 6 t o 42 2 a t a n e le c tio n h e ld M a y 24 1917.
D e n o m . 8 1 ,0 0 0 .
D a te J u ly
10 1 9 1 7 .
P r i n . a n d s e m i- a n n u a l in t . ( A . & O . ) , p a y a b lo t o t h e H a n o v e r
N a t . B a n k , N . Y . , o r t h e C o . T r e a s . o f f i c e , W i c h i t a F a ll s .
D u e .$19 0 0 0
y r l y . A p r i l 10 f r o m 1 9 1 8 t o 1 9 2 7 . i n c l . , a n d $ 5 6 0 ,0 0 0 A p r i l 10 1 9 5 7 . s u b j e c t
t o c a ll a f t e r 10 y e a r s .
C a s h ie r 's c r c e r t , c h e c k o n s o m e T e x a s n a t i o n a l
b a n k f o r .$ 2 5 ,0 0 0 , 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 e , $ 1 , 1 3 1 , 0 0 0 .
N o o th e r in d e b te d n e ss.
S in k in g f u n d , $ 3 7 ,5 5 3 0 9 .
T a x a b l e v a l u e s o f a ll
p r o p e r t y 1 9 1 6 , $ 2 1 ,7 1 5 ,9 4 0 ; e s t . v a lu e s , $ 6 0 ,0 0 0 ,0 0 0 .
S a lo t o b o s u b j e c t
t o th o a p p r o v a l o f th o A t t o r n e y -G e n e r a l o f th e b o n d s .

BARTON
T O W N S H IP ,
O n t .— DEBENTURES PROPOSED.— This
t o w n s h i p h a s d e c i d e d t o is s u e $ 3 9 ,0 0 0 s c h o o l d e b e n t u r e s , a c c o r d i n g t o r e ­
p orts.

W 1 L L S H I R E , V a n W e r t C o u n t y , O h i o . — BOND OFFERING.— B id s
w il l b o r e c e i v e d u n t il J u l y 2 , i t is s t a t e d , f o r $ 2 3 ,0 0 0 5 % s t r e e t - i m p r o v e m e n t
bon d s.
D en om . $500.

B O N A R L A W S C H O O L D I S T R I C T , M a n — DEBENTURE
C.
H . B u r g e s s & C o . o f T o r o n t o r e c e n t l y p u r c h a s e d $ 1 ,8 0 0 7 %
m e n t s ch o o l d e b e n tu re s.

(,Miouada, Its P r o v in c e s an d Vlm aiciipaittiesj.

W I N C H E S T E R , C l a r k C o u n t y , K y . — BOND OFFERING.— S e a l e 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 l y 6 b y S . B . T r a c y , C i t y C l e r k , f o r

...................................^

CITY

B lt n o i s T r a s t & S a v i s i ^ s B a n lc

and

U n d iv id ed

OF

™

_ L 0 A P i S . . _________________

K ANSAS

CITY,

M ISS O U R I

$ 3 0 ,0 0 0

CHICAGO
S u rp lu s

1 0 -in s t a ll­

W I N N I P E G W A T E R D I S T R I C T , Man.— DEBENTURES
NOT SOLD.— N o b i d s w o r e r e c e iv e d , it is s t a t e d , f o r t h o $ 2 , 0 0 0 , 0 0 0 5 %

___________________TRUST COMPANIES

C a p ita l,

SALE .—

W O R K H O U SE S AND H O U SES OF
C O R R E C T IO N B O N D S.

P ro fits

•

-

$ 1 6 ,4 0 0 ,0 0 0

j

$ 1 0 0 , 0 0 0

SEW E R B O N D S, SECOND ISSU E.
P ays In terest on T im e

H as on hand at all tim es a va riety o f ex­

D e p o sits, C u rren t and R eserve
A cco u n ts .
ch a n ge.

oellent securities.

D eals In F oreign E x -

G overn m en t, M u n icip a l and

T ran saots a G eneral T ru st Business.

Acts as
E xecutor,
Trustee,
A dm inistrator,
G uardian,
Receiver,
Registrar and
Transfer A gent.

B u y s and sella

G ir a r d

C orp ora tion B on da.

T ru st C o m p a n y
PHILADELPHIA
Chartered 1836

CAPITAL and SURPLUS, $10,000,000

Interest allowed
on deposits.

E. B„ Morris, President.

$ 3 0 ,0 0 0

Putnam County, New York
BO N D S
S e a le d b i d s w ill b e r e c e iv e d b y t h e u n d o r s l g n e d
u p to tw e lv o o ’c lo c k n o o n J U L Y 10, 1 91 7, fo r th e
pu rch aso
of
$ 3 0 ,0 0 0
H ig h w a y
Im provem en t
B o n d s , t o b o issu e d b y th e C o u n t y o f P u tn a m ,
N ow Y ork .
B o n d s w ill b e p a y a b l o $ 2 ,0 0 0 o n t h o fir s t d a y
o f A u g u s t in e a c h y e a r f r o m 1 9 1 8 t o 1 9 3 2 , b o t h
I n c lu s iv e , a n d w ill b o a r in t e r e s t a t F o u r a n d
o n e - h a l f p e r c e n t p e r a n n u m , p a y a b lo s e in l
a n n u a l ly o n t h o f ir s t d a y s o f F e b r u a r y a n d
A u gu st.
P r i n c ip a l a n d in t e r e s t p a y a b l e in N o w Y o r k
E x ch a n g o a t th o o ffic e o f th e C o u n ty T re a su re r,
o r a t t h e F i r s t N a t io n a l B a n k , B r e w s t e r , N o w
Y ork.
A ll b i d s m u s t b e a c c o m p a n i e d b y a c e r t i f i e d
ch e c k fo r T w o p e r ce n t o f th o to ta l a m ou n t
is s u e d .
T h e r ig h t is r e s e r v e d t o r e j e c t a n y a n d a ll b i d s .
B o n d s w ill b e d a t e d A u g u s t 1 , 1 9 1 7 .
D a te d B re w ste r, N . Y ., Ju n o 2 7 , 1917.
EDW ARD D. STAN NARD,
C o u n t y T re a s u re r o f P u tn a m C o u n t y .

T h e F ir s t N a t i o n a l B a n k o f W a i lu k u . l o c a t e d
a t W a i l u k u , 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 l o s i n g Its a f fa 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 s o f t h e A s s o c i a t io n a r e 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 e n o t e s a n d o t h e r c la im s fo r p a y m o u t
(S i g n e d ) C . D . L U F K I N .
D a t e d M a y 1, 1 9 1 7 .
V Ice -P re s . & M a n a g e r




I f T h e r e Is

M a r k e t W e C a n F in d It

We hold sales of stocks
and bonds every Wednesday,
charging SI entrance fee
for each item. Our weekly
catalogues and postal card servi**
reach every m arket. W e take
pleasure in furnishing qu otation s.

B arnes

&

S tock B rok ers

L o fla n d

& A u ctio n e e r s

147 S. 4th St.,

Philadelphia

F. WM. KRAFT
LAW YER.

S pecializing in Exam ination of

Municipal and Corporation Bond*
617-520 HAR R IS T R U ST BU ILD IN G
111 W EST M ONROE STREET

CHICAGO, ILL.

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 b y t h o u n d e r ­
s ig n e d , th e M a y o r a n d th o C it y C o m p t r o lle r o f
K a n s a s C i t y , M is s o u r i , u n t il J U L Y 1 3 , 1 9 1 7 ,
A T 1 0 O ’ C L O C K A . M ., f o r t h o p u r c h a s o o f a il
o r a n y p a r t o f t h o f o ll o w i n g n a m e d b o n d s o f t h e
C i t y o f K a n s a s C i t y , M is s o u r i , In t h o f o ll o w i n g
n a m ed a m o u n ts:
W o r k h o u s e s a u d H o u s e s o f C o r r e c t io n
B o n d s ......................... .................................................. $ 5 0 ,0 0 0
K a n s a s C i t y S o w e r B o n d s , S e c o n d I s s u o . . 1 0 0 ,0 0 0
A l l o f s a id b o n d s a r e in d e n o m i n a t i o n s o f o n e
t h o u s a n d d o lla r s e a c h , a n d b o a r in t o r e s t a t t h o
r a t e o f f o u r .and o n e - h a l f p o r c e n t p e r a n n u m .
T h o W o r k h o u s e s a n d H ou sos o f C o r r e c t io n B o n d s ,
N o s . 7 6 t o 1 2 5 , i n c lu s iv o , a n d t h o K a n s a s C i t y
S e w e r B o n d s , S e c o n d I s s u e , N o s . 101 t o 2 0 0 , in ­
c lu s iv o , a r e d a t e d J u l y 1, 1 9 1 5 , a n d m a t u r e
J u l y 1, 1 9 3 5 .
I n t e r e s t is p a y a b lo a t t h o o f f i c e
o f t h o C i t y T r e a s u r e r in K a n s a s C i t y , M is s o u r i ,
o r a t t h o C h a s o N a t io n a l B a n k o f N o w Y o r k C i t y ,
in t h o C i t y a n d S t a t e o f N e w Y o r k , a t t h o o p t i o n
o f th o h o ld e r .
N o b i d w ill b o r e c e iv e d w h ic h is in w h o lo o r In
p a r t less t h a n p a r .
T h o le g a l it y o f t h o b o n d s w ill
b o a p p r o v e d b y t h o f ir m o f M e s s r s . D i l l o n , T h o m ­
s o n & C la y , o r N o w Y o r k C it y , w h o so o p in io n , o r
d u p li c a t e t h o r e o f , a s t o t h o le g a l it y o f s a id b o n d s ,
w ill b o d e l iv e r e d t o t h o p u r c h a s e r o r p u r c h a s e r s
o f s a id b o n d s .
E a ch b id m u s t b o m a d e o n a b la n k fo r m fu r ­
n is h e d b y t h o c i t y , a n d m u s t b o a c c o m p a n i e d b y
a d u l y c e r t i f ie d c h e c k o n a s o l v e n t b a n k o r t r u s t
c o m p a n y d o i n g b u s in e s s in K a n s a s C i t y , M is s o u r i ,
p a y a b lo t o th o o r d e r o f th o C it y C o m p t r o lle r o f
K a n s a s C it y , M is s o u r i, fo r t w o p e r c e n t o f th e
p a r v a i u o o f tiro b o n d s b id f o r .
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 id s w ill b e r e c o iv o d a t t h o o f f i c o o f t h o M a y o r ,
C i t y H a ll, K a n s a s C i t y . M i s s o u r i , b u t n o b id
w ill b o e n t i t l e d t o c o n s i d e r a t io n u n le s s s o r o c e iv o d
b y ^ or b e f o r o t h o h o u r a b o v o s p o c i fi o d f o r r e c e iv i n g
D e l i v e r y o f t h o b o n d s w ill b o m a d e J u l y 2 0 ,
1 9 1 7 . a t 10 o ’ c l o c k a . m . , a t t h o o f f i c o o f t h o C i t y
C o m p t r o l l e r . C i t y H a ll, K a n s a s C i t y , M is s o u r i .
P r i n t e d c ir c u la r s c o n t a i n in g m o r e d o f i n i t o a n d
d e t a i le d i n fo r m a t i o n w it h r e fe r e n c e t o s a id b o n d s ,
a n d b l a n k f o r m s f o r b id s , c a n b o h a d o n a p p li c a ­
t io n t o t h o C i t y C o m p t r o l le r o f K a n s a s C i t y ,
M is s o u r i , o r t o M e s s r s . D i l l o n , T h o m s o n & C l a y ,
E q u it a b lo B u il d i n g , 1 2 0 B r o a d w a y , N o w Y o r k
C ity .
GEORGE H. EDW ARDS,
M a y o r o f K a n s a s C i t y , M ia s o u r i.
E U G E N E II. B L A K E ,
C o m p t r o l l e r o f K a n s a s C i t y , M is s o u r i .

T h e F ir s t N a t io n a l B a n k o f P a la , 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 H 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 f t h e A s s o c i a t io n a r e 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 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 ig n e d ) O . D . L U F K I N .
D a te d M a y 1 st. 191 7.
V ic o -P m 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 u ln a , 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 il 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 f t h e A s s o c i a t io n a r e h o r e 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 ig n e d ) C . D . L U F K I N .
D a ted M a y I, 1917.
V ic e -P r o s . & M a n a g e r .

R O S T H E R N , S a s k .— DEBENTURE SALE.— W . L . M c K i n n o n & C o
o f T o r o n t o h a v e b e e n a w a r d e d , r e p o r t s s t a t e , a n is s u e o f $ 2 3 ,0 0 0 7 %
2 0 i n s t a ll m e n t e l e c t r i c - l i g h t d e b e n t u r e s .
S H E R B R O O K E P R O T E S T A N T S C H O O L C O M M IS S IO N (P . O .
S h e r b r o o k e ) , Q u e . — DEBENTURE OFFERING.— C . O . P a lm e r , S e c . T r e a s . , w ill r e c e i v e b i d s u n t i l 8 :3 0 p . m . J u l y 4 f o r $ 7 5 ,0 0 0 5 ) 4 % 3 0 - y e a
s e r ia l s c h o o l d e b e n t u r e s .

5 -y c a r g o ld c o u p o n w a te r-w o rk s -s y s te m d e b e n tu re s o ffe r e d o n J u n o 20
( V . 1 0 4 , p . 2 4 7 8 .)
H A L T O N C O U N T Y ( P . O . M i l t o n ) , O n t .— DEBENTURE OFFERING
___W m . P a n t o n , C o u n t y C l e r k , w il l r e c e iv e t e n d e r s u n t i l J u l y 10 f o r $ 7 4 ,0 0 0
5 % 20 - y e a r d e b e n t u r e s .
M O L E S W O R T H 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 , M a n .—
DEBENTURE SALE.— I I . O ’ H a r a & C o . o f T o r o n t o w o r e r e c e n t l y a w a r d e d
a n is s u e o f $ 4 , 0 0 0 7 % 2 0 - i n s t a ll m e n t d e b e n t u r e s .

SO M M E S C H O O L
D I S T R I C T , M a n .— DEBENTURE
SALE.— a S
J
is s u o o f $ 1 , 4 0 0 7 % 1 0 - i n s t a ll m e n t s c h o o l d e b e n t u r e s h a s b e e n p u r c h a s e d
i t is s t a t e d , b y C . I I . B u r g e s s & C o . o f T o r o n t o .

M O N T R E A L , Q u e . — NO BIDS RECEIVED r - A c c o r d i n g t o t h e M o n t r e a l
" G a z e t t e , ” n o b i d s w e r e r e c e iv e d o n J u n o 2 0 f o r t h e l o a n o f $ 1 , 4 0 0 , 0 0 0
b e a r i n g 5 % i n t . a n d m a t u r i n g i n 2 0 y e a r s , w h ic h t h e L e g i s l a t u r e a u t h o r ­
i z e d t h e c i t y t o r a is e t o c o v e r t h e d e f i c i t f o r t h e c u r r e n t y e a r .
V . 104,
p . 1831.
N O R F O l K C O U N T Y ( P O . S i m c o e ) , O n t .— DEBENTURE OFF1?/JjiV O .- B i d s w i l l b e r e c e i v e d iuntil 2 p . m . t o - d a y (J u n o 3 0 ) b y E . B o u g h n e r ,
O o ii t if v (Merle f o r $ 7 5 0 0 0 5 % 1 5 in s t a llm e n t p a t r i o t i c p u r p o s o d e b e n t u r e s .
D e b e n t u r e s t o b e d e liv c r e d t S p u rch a s e r a t M o ls o n s B a n k S im c o e .
T o ta l
d e b e n t u r e d e b t ( in c h t h is i s s u o ) , $ 1 5 0 ,0 0 0 .
E q u a l iz e d a s s e s s m e n t f o r
t a x a t i o n , $ 1 4 ,2 3 0 .
N O R T H B A Y . O n t . — DEBENTURE SALE.— On J u n e 15 t h e t h r e o
issu ° o ! 6 % d e b e n t u r e s a g g r e g a t i n g $ 5 2 ,4 7 2 9 4 ( V 1 0 4 , p 2 2 6 5 ) w e r e
a w a r d e d t o A . E . A m e s & C o . o f T o r o n t o f o r $ 5 0 ,8 3 0 5 4 , e q u a l t o 9 6 . 8 7 .

T H A R O L D , O n t . — DEBENTURE OFFERING.— B i d s w ill
u n t il 8 :3 0 p . m . J u l y 2 b y D . J . C . M u n r o , T o w n T r e a s u r e r ,
6 % 3 0 -y e a r in s t a llm e n t d e b e n tu r e s .

V I R D E N , M a n . — DEBENTURE OFFERING.— W m . W h i t e f o r d , T o w d
S e c y . & T r e a s . , w ill r e c e i v e b i d s u n t i l J u l y 6 , i t is s t a t e d , f o r $ 7 , 0 0 0 6 %
2 5 - i n s t a ll i n e n t s u b w a y d e b e n t u r e s .
W E L L A N D , O n t .— DEBENTURES A W A R D E D I N PART.— R e p o r t s
s t a t e t h a t o f t h e $ 4 0 ,0 0 0 5 ) 4 % 2 0 - y r . h y d r o - e l e c t r i c - s y s t e m d e b e n t u r e s
o f f e r e d w i t h o u t s u c c e s s o n M a y 17 ( V . 1 0 4 , p . 2 1 6 0 ) $ 6 , 0 0 0 h a s b e e n d i s ­
p osed o f.
T h e r e m a in d e r ( $ 3 4 ,0 0 0 ) w i l l p r o b a b l y b e t a k e n b y t h e C i t y
S in k in g F u n d .

FINANCIAL

FINANCIAL

F ir s t F e d e r a l R e s e r v e
T ru st C om p an y

We believe it is worthy of
mention that the first Trust
Company in Now York to
becomo a member of the Fed­
eral Reserve System was the
T ru st

C om p a n y

which joined in August, 1915.
To-day this Institution still
remains the only Trust Com­
pany member in the State of
Now York.
O u r

d e p o s its

1915,
O n

w ere

M ay

o n

A u g u st

in c r e a s e d

1917,
to

th e y

THE LONDON CITY & MIDLAND
BANK LIMITED
w i t h

o v e r

G r e a t

1 , 0 0 0

B r a n c h e s

B r it a in ,

s e r v i c e s

a t

O f f i c e r s

o f

p l a c e s

t h e
t h e

in
its

d i s p o s a l
U n i t e d

o f

S t a t e s

1,

A r m y

$ 2 0 ,5 8 5 ,0 0 0 .
1,

b e r e c e iv e d
f o r $ 4 0 ,4 0 0

T R I A L , B . C .— DEBENTURE SALE.— O n J u n e 18 t h e $ 8 0 ,0 0 0 6 %
2 0 -y e a r w a te r-w o rk s -e x te n s io n d e b e n tu re s ( V . 1 0 4 , p . 2 2 6 5 ) w e re a w a r d e
t o S w e e t, C a u s e y , F o s t e r & C o . , o f D e n v e r , a t 9 3 .5 0 a n d in te r e s t.
D enom
$500.
D a te J u ly 1 1917.
In t. J . & J.
D u e J u ly 1 193 7.

B ren t ^ o x o n & 'c o
$ 5 0 ,2 4 0 5 0 1 R . C . M a t t h e w s & C o . . . . $ 4 9 , 7 5 3 9 5
M f ? D ’o n a l d B u l l o c k & C o 5 0 , 1 9 0 0 0 1C . I I . B u r g e s s & C o ------------ 4 9 , 3 8 7 5 3

B ro a d w a y

2671

THE CHRONICLE

June 30 1917.]

a n d

N a v y .

h ad

$ 3 0 ,9 5 4 ,0 0 0 .

This growth indicates that our
patrons have confirmed our
judgment in joining tho system,
of which all national banks in
tho country aro also members.

H ead

O ffic e :

5 , T H R E A D N E E D L E S T R E E T , L O N D O N , E .C .2 .

Sir EDWARD H. HOLDEN, Bart., Chairm an

B ro a d w a y T ru st C om p an y
F R E D E R I C G . L E E , P r e s id e n t
W o o lw o r th
N ew

B u ild in g ,

R U S S I A N -D U T C H
(R U S S K O -G O L L A N D S K I

Y o rk

PETROGRAD
Newski Prospekt 21

B A N K

BANK)

MOSCOW
Ilinka Ipatew ski Pereoulok 3

Telegraphic Addresses (Petrograd 1"Petrodam''
(Moscow. J

Paid up Capital___________ ______ __Rs. 10,000,000
Reserve Fund............... .... ................. “ 1,000,000
T h e B a n k f in a n c e s e x p o r t s a n d I m p o r t s , Is p r e p a r e d t o o p e n r e im b u r s e m e n t c r e d i t s , b u y s
a n d c o l l e c t s b ills , fu r n is h e s I n f o r m a t i o n o n c o m m e r c i a l m a t t e r s a n d Is e s p e c i a ll y o r g a n iz e d

S T O

N

E & W

E B S T E R

o r t h e d e v e l o p m e n t o f t r a d e w it h R u s s i a .

EVERY DESCRIPTION OF BANKING BUSINESS TRANSACTED
FINANCE public utility developments.
BU Y AND SELL securities.

THE HANDLING OF COLONIAL PRODUCTS A SPECIALTY
INTEREST ON CURRENT ACCOUNT ALLOWED AT 4% PER ANNUM

DESIGN Bteam power stations, hydro­
electric developments, transmission
lines, city and intcrurban railways,
gas plants, Industrial plants and
buildings.

L O N D O N
and

CONSTRUCT cither from our own de­
signs or from designs of other engi­
neers or architects.
REPORT on public utility properties,
proposed extensions or new projects.
M ANAGE railway, H&ht, power and gas
companies.

S O U T H
W E S T E R N
B A N K
170 Fenchurch Street, London
Ltd*
p la ce their services at the disposal o f bankers fo r m akin g

Payments to American Military and Naval Men
NEW YORK

BOSTON

CHICAGO

RAYMOND 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 r e U . S . S u p re m e C o u r t , U . S . C o u r t
o f C la im s , D . O . C o u r t o f A p p e a ls , D . O . S u p re m e
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 ss io n a l C o m m it te e s , F e d e ra l R e ­
se 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 .
C a b le “ R a y h u d .!




an d fo r G eneral B a n k in g M a tte rs .
A rran gem en ts can be m ade for a n y p oin t in

Great Britain, France, Spain, Italy, Portugal, Russia,
Egypt, &c.,
T h rou g h their ba n k in g au xiliary

COX & Co.,

(France) L td.,

22 Rue

Louis le G rand,

Paris

w h ich has bran ches a t all the ch ief m ilitary bases, th ey are in a special
p osition to o ffe r facilities in F ra n ce.
G eneral

M a n a ger:

Sir H erbert Ham bling

26 1 2

THE CHRONICLE

IVOL. 104.

^ fin a n cia l

fa c to r s

A T L A N T IC M U T U A L IN S U R A N C E C O M P A N Y
M e Trustees, tn conformity with the Charter o f the Company, submit the folio w in ystatem en ^ofits^fair^on 'th e
31st of December, 1916.
The Company’s business has been confined to marine and inland transportation insurance.

Premiums on such risks from the 1st January, 1916, tc the 31st December, 1916__
S 087 174 02
8
Premiums on Policies not marked off 1st January, 1916___________ ____________ . . . 903,703i66
Total Premiums........................................................................................................ $8,990,877.68
■fremlums marked o ff from 1st January, 1916, to 31st D ecem ber. 1916......... ........................ $ 7 , 8 6 5 , 0 9 2 . 2 5

-nterest on the Investments of theCompanyreceived during the year $337,271 78
Interest on Deposits in Banks and Trust Companies, etc............. 103,475.76
Rent received less Taxes and Expenses____________________ 109,638.08 $ 550,385.62
iboeses paid during tho year.................................................................... $3,360,156 87
Les3 ’ Salvages............................$322,138.57
'
Re-Insurances..................... 580,832.53 $ 908,971.10
$2,451,185.77
«e-lnsurance Premiums and Returns of Premiums______ _____________ $1,389,298.73
Expenses, including compensation of officers and clerks, taxes, stationery,
advertisements, e t c ........._____________________ . .
$ 740 899 72
dividend ot interest of Six per cent, on tho outstanding certificates of profits will be paid to th«
holders thereof, or their legal representatives, on and after Tuesday the sixth of February next
> . The outstanding certificates of the issue ot lull will be redeem ahd paid to the holders thereof, or
„
ed
iheir legal representatives, on and after Tuesday the sixth of February next, from which date ail
®terest thereon will cease. The certificates to be produced at the tim of payment and canceled.
e
A dividend or forty per cent, is declared on the earned prem s of the Company for the year ending
ium
31st December, 1916, which are entitled to participate In dividend, for which, upon application, certificates
will oe Issued on and after Tuesday the first of May next.
B y or d e r o f th e B oa rd ,

EDMUND L. BAYLIES,
IOHN N. BEACH,
NICHOLAS BIDDLE.
JAMES BROWN,
JOHN CLAFLIN,
GEORGE C. CLARK.
CLEVELAND H. DODGE
CORNELIUS ELDERT,
RICHARD H. EWART,
G. STANTON FLOYD-JONES.
PHILIP A. S. FRANKLIN,.
HERBERT L, GRIGGS

JA M E S

T A L C O T T ,

225 Fourth Avenue, New York City
Founded 1854
Tel. Gramercy 4796 Cable Address Quomaktf
Transact* a general textile commission
business. Finances the entire produc­
tion of woolen, cotton, silk, underwear
and other mills and all lines of trade.
Discounts bills receivable with or with­
out guarantee. Acts as factor and fur­
nishes selling and storage facilities for
manufacturers, selling agents, mer­
chants, Ac.
Solicits Correspondence from Manufaoturers for the sale and financing of
their ENTIRE PRODUCT
E n g in e e r s
THE

J -G W H IT E COMPANIES

G . ST A N TO N F L O Y D -JO N E S, S ecretary,
T R U S T E E S.

ANSON W, HARD,
ANTON A. RAVEN.
SAMUEL T. HUBBARD,
JOHN J. RIKER,
LEWIS CASS LEDYARD,
DOUGLAS ROBINSON.
WILLIAM H. LEFFERTS,
JUSTUS ItUPERTI
CHARLES D. LEVERICH,
WILLIAM JAY SOHIEFFELUL
GEORGE II. MACY,
SAMUEL SLOAN,
NICHOLAS F. PALMER.
WILLIAM SLOANE.
WALTER WOOD PARSONS. LOUIS STERN,
_____________
CHARLES A. PEABODY,
WILLIAM A. STREET,
JAMES H. POST,
GEORGE E. TURNURE,
CHARLES M. PRATT,
GEORGE C. VAN TUYL, Jr,
DALLAS B. PRATT,
RICHARD H. WILLIAMS!.
A. A. RAVEN, C hairm an o f the Board.
CORNELIUS ELDERT, President.
WALTER WOOD PARSONS. Vice-President
CHARLES E. FAY, 2d Vice-President.

AS S E T S .

L I A B IL IT I E S .

lO
ntted States and State of New York
Estimated Losses and Losses Unset­
Bonds ...................................... $ 670,000,00 tled in process of Adjustment___ 3 3,632,239.0C
Stock and Warrants of tho City of
Prem s on Unterminated Risks... 1,135,785.43
ium
New York and Stocks of Trust
Certificates of Profits and Interest
Companies and Banks.......... ...... 1,773,550.00 Unpaid........... ....................... .
266,399.25
Stocks and Bonds of Railroads____ 3,588,575.20 Return Prem s Unpaid..............
ium
106,624.24
Other Securities.................. .........
367,185.00 Taxes Unpaid.______ _________
174,943.90
Special Deposits In Banks and Trust
Re-insuranco Prem s on Termi­
ium
Companies_____ ____________ 2.000,000.00 nated Risks.............................
373,669.04
Real Estate cor. Wall Street, W
illiam
Claims not Settled, including Com­
Street and Exchange Place........ 3,900.000.00 pensation, etc................... .........
153.309.94
Real Estate on Staten Island (held
Certificates of Profits Ordered Re­
under provisions of Chapter 481.
deemed, W
ithheld for Unpaid Pre­
Laws of 1887)_______________
75,000.00 miums____________________
22,557.84
Premium N o t e s ................__
866,035.06 Income Tax W
ithheld at tho Source ”
1,210.29
Bills Receivable_______ ____ ____ 1,068,547.73 Suspense Account............
"
5,899.75
Cash In hands of European Bankers
Certificates of Profits Outstanding... 7.668.850.00
to pay losses under policies payablo
In foreign countries___________
206,311.98
Cash in Bank_. . . _____ _______ , 2,808,785.77
loans . . . . . . . _______ . . . . . . " I ”
135,000.00
$17,458,990.74
$13,546,488.68
Thus leaving a balance of........................................ ........... ....... ..............
$3,912 502 06
Accrued Interest on the 31st day of December, 1916, amounted to___ . . .
. $4 9 ‘28 0 ’30
Rents due and accrued on the 31st day of December, 1916, amounted to
$25 933 03
Re-insurance due or accrued. In companies authorized in New York, on the 3latf’ day" of
'
December, 1916, amounted to........ ....................................................
$ 245,472 80
Note: The Insurance Department hasestimated the value of the Real Estate on Staton Island
in excess of the Book Value given above, at.....................................
. $ 63 700 on
The Insurance Department’s valuation of Stocks, Bonds and other Securities exceeds the
'
Company’s valuation by......................................................................................$1,988,969.90
On the basis of these Increased valuations the balance would be.................... ....... .......$6,285,864.09

Purchasers
Contractors
Managers

Financiea
Engineers
Operators
of

Public Utility and Industrial
Properties

REPORTS—VALUATIONS-ESTIMATES

43 EXCHANGE PLACE, NEW YORK
LONDON

CHICAGO

G en eral

E n g in e e r in g

&

M a n a g e m e n t C o r p o r a tio n
141 BROADWAY, NEW YORK.

Expert Operators and Engineers
of
Electric Light, Power, Water, Gas*
Ice and Street Railway Properties,
We are prepared at times to
offer Entire Issues of Pub­
lic Utility First Mortgage
Bonds and Preferred Stocks.

Valuations,

Reports and
Engineering.

General

Alien S. Miller

Alex. O. Humphreys

HUMPHREYS&MILLER, Inc.
ENGINEERS

P o w e r— L ig h t— G a s
NEW YORK

165 BROADWAY
M o u n ta in

S ta tes

W e B uy and

T e le p h o n e
BELL SYSTEM IN COLORADC
NEW MEXICO, ARIZONA, UTAH.
WYOMING, IDAHO AND MONTANA

S ell

DANIEL W . MEAD )
F.W.SCHEIDENHELMi

C on su lting
Engineers

C ity o f S t. L o u is
and other high-grade
municipals of the
Middle West.
We also specialize In
Drainage bonds of the
Mississippi Valley.
Correspondence Invited

BO ETTCH ER, PORTER
CO M PAN Y

DENVER

Hydro-electric developments, dams, water
supply, flood control and reclamation works
120 BROADWAY
NEW YORK

BOND DEPARTMENT

7% STOCK
No Bonds—No Preferred Shares

INVESTIGATIONS, REPORTS, DESIGNS
AND CONSTRUCTION.

COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised ■

M
ississippi Valley Trust Co.
BANKERS TRU ST

C a p it a l, S u r p lu s a n d P r o fits
o v er

COM PANY

$8,000,000

ST. LOUIS

Acts as Trustee and
Agent for Persons and
Corporations.

if lt m n g (E n g in eers
H . M , C H A N C E &, C O .
Mining Engineers and Geologists

Drexel Bldg*

Adrian H . M uller & Son
A U C T IO N E E R S
Office, No. 55 WILLIAM STREET
Corner Pine Street
R e g u la r

H . D . W a lb r id g e &

G EO . B.

EDW ARDS

C o BROKER
.

T r lb u n e ^ B u ild in g , N E W Y O R K . N . Y .

14 Wall Street, New York
P u b lic

U t ilit y

S e c u r itie s




PHILADELPHIA

F O R S A L E .— T i m b e r , C o a l, I r o n , R a n c h a n d
o t h e r p r o p e r tie s .
C o n fid e n t ia l
N e g o tia tio n s .
I n v e s t i g a t io n s ,
S e ttle m e n ts . P u r c h a s e s o f P r o p e r ty ,
U n ited S ta te s, W es
Indies C a n a d a . M e x ic o

t

W e e k ly

S a le s

OF

S T O C K S and B O N D S
EVERY W EDNESDAY
At the Exchange gale sRooms
14-16 Vesey Street

In