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finattrml
TV
ammetria
V O L . 104
J U N E 9 1917
P u b lis h e d e v e r y S a t u r d a y m o r n in g b y W I L L I A M
B . D A N A C O M P A N Y ;
J a c o b S e ib e r t J r . P r e s id e n t a n d T r e a s .; G e o r g e S . D a n a a n d A r n o ld G . D a n a ,
V ic e -P r e s id e n ts ; A r n o ld G . D a n a , S e c . A d d r e s s e s o f a ll, O ffic e o f t h e C o m p a n y .
N O . 2711
CLEARINGS— FOR M A Y , SINCE JA N U A R Y l, A N D FOR W E E K ENDING JUNE 2
M a y.
Clearings at—
Five Months.
Week ending June 2.
Inc. or
Dec.
1910.
In c. or
Dec.
$
N e w Y o r k ____________
P h i l a d e l p h i a _________
P it t s b u r g h ------------------B a l t i m o r e ..............—
B u f f a l o .............................
W a s h i n g t o n ...................
A l b a n y -------------------------R o c h e s t e r -------------------S c r a n t o n ---------------------S y r a c u s o — .............. ..
H e a d i n g - . ........... ............
W i l m i n g t o n -----------W i lk e s - B a r r e ...........
W h e e l i n g ___________
T r e n t o n ------------------H a r r i s b u r g ------------------L a n c a s t e r -------------Y o r k ________________
E r i e ........................ ..
B i n g h a m t o n ______
G r c e n s b u r g ________
C h e s t e r .....................
F r a n k l i n __________
A l t o o n a .....................
F r e d e r ic k ---------------B eaver C o u n ty , P a ..
N o r r i s t o w n ..............
M o n t c l a i r _________
O r a n g e s ......................
H a g e r s t o w n ------------
i,5
,4
3
1
8 3 ,4 5 7 ,0 0 3
7 7 ,7 2 0 ,9 5 0
4 3 ,0 2 3 ,0 7 0
8 7 ,0 0 8 ,0 8 7
8 4 ,7 1 3 ,5 1 4
5 0 .5 9 4 .2 3 7
2 2 ,1 0 3 ,8 5 8
2 9 ,8 8 5 ,0 3 4
1 5 ,5 7 0 ,4 3 5
1 8 ,4 2 4 ,0 0 9
1 2 ,0 2 3 ,4 0 8
1 4 ,0 8 9 ,3 2 4
8 ,5 9 0 ,0 1 7
1 0 .5 0 0 .2 3 7
1 1 ,8 0 0 ,5 3 9
1 2 ,5 0 0 ', 9 2 7 ,3 4 2
1 ,0 3 0 ,0 0 8 ,3 3 2
2 7 4 ,7 5 0 ,4 7 4
1 8 1 ,5 3 9 ,0 7 8
0 9 ,7 2 1 ,7 0 7
4 2 ,8 5 0 ,9 9 9
+
4 2 .6
2 5 .1
+ 3 .0
+ 2 1 .5
+ 1 8 .1
+ 0.0
+
+
+
+
+
+
+
+
+
+
1 4 .0
1 5 .4
2 8 .0
3 8 .2
1 5 .0
1 2 .7
4 3 .4
2 3 .9
2 0 .7
1 5 .0
+ 9 .5
+ 2 8 .0
1 3 ,4 8 8 ,1 1 1
1 4 ,3 3 1 ,1 7 2
9 .1 3 2 ,8 8 2
,1 8 5 ,3 8 3
7 ,6 3 3 ,6 7 7
,5 3 8 ,6 5 2
9 ,5 7 9 ,1 4 1
,4 5 0 ,2 1 8
,1 4 5 ,9 3 0
4 ,7 3 0 ,0 2 2
12
11
8
8,
6, 0 9 9 , 4 1 8
3, 9 9 8 , 1 0 0
3, 9 6 9 , 1 3 4
5, 0 1 5 , 3 7 0
1, 5 9 4 , 7 8 8
2,, 8 3 8 , 5 5 4
1,, 4 9 2 , 4 4 2
2,, 7 9 3 , 4 2 3
2,, 5 7 5 , 8 8 4
1 0 ,1 9 7 ,0 2 7
9 ,3 0 4 ,8 2 2
5 ,1 8 4 ,3 7 8
7 ,8 0 7 ,4 9 1
4 ,3 9 7 ,9 0 0
4 ,7 0 8 ,8 0 4
0 ,2 4 3 ,0 9 7
1 ,8 7 5 ,5 9 5
3 ,1 9 8 ,8 2 9
2 ,2 0 3 ,9 0 9
3 ,2 0 4 ,3 9 5
2 ,5 9 5 ,5 8 0
2 ,2 3 4 ,2 3 4
4 ,0 7 7 ,2 4 7
2 ,8 0 8 ,3 0 8
+ 10.0
+
+
+
+
+
+
2 ,, 1 0 3 , 0 0 0
1 8 .6
2 4 .5
1 7 .6
1 2 .7
5 1 .7
1 4 .7
+ 0.8
+
3,, 0 2 8 , 5 0 4
2,, 3 2 4 , 3 8 7
—
+
3 .3
1 2 .4
2 3 .4
7 2 ,3 8 6 ,2 5 9 ,0 1 9
7 ,0 0 4 ,2 5 9 ,4 8 2
1 ,6 5 0 ,2 0 4 ,5 1 5
9 0 4 ,7 4 5 ,1 1 7
3 8 5 ,2 0 3 ,2 5 1
2 2 1 ,3 8 8 ,7 1 0
1 0 5 ,0 0 0 ,4 7 0
1 4 0 .3 7 7 .5 5 3
7 5 ,0 8 6 ,0 9 0
8 7 ,8 5 3 ,0 9 5
5 7 ,4 8 0 ,8 4 2
0 8 ,2 5 2 ,5 2 5
4 1 ,5 6 0 ,8 9 4
7 5 ,9 2 9 ,3 7 3
5 4 .0 2 7 .2 8 2
4 7 .2 0 0 .5 5 3
5 2 ,7 0 7 ,2 3 0
2 5 ,0 3 2 ,9 9 5
3 5 ,9 2 0 ,9 0 2
2 0 ,1 6 0 ,0 0 0
1 9 .4 3 1 .2 8 3
2 9 ,0 2 9 ,7 0 5
9 ,6 6 1 ,1 6 9
1 4 .2 6 0 .5 0 0
1 0 ,2 4 8 ,7 8 7
1 4 ,7 9 3 ,5 0 3
1 4 .2
1 0 ,0
2 0 ,2
1 3 ,8
6
6
6
5
0
8
7
2
.5
,7
,1
,9
0
4
8
8
0
0
9
5
+
+
+
2 0 .3
3 9 .3
2 3 .4
— 0 .4
+ 2 6 .5
+ 1 3 .8
6 0 ,1 0 4 ,9 5 8 ,0 0 2
5 ,0 2 6 ,9 4 2 ,7 8 8
1 ,3 4 1 ,6 3 7 ,1 1 2
9 0 8 ,0 5 3 ,0 8 5
3 0 4 ,4 0 4 ,9 5 7
1 9 4 ,6 0 2 ,0 4 6
1 0 6 ,8 7 0 ,4 0 9
1 2 2 ,4 4 0 ,0 5 2
0 7 ,0 8 3 ,2 2 9
7 0 ,1 5 2 ,6 2 1
4 7 ,9 8 3 ,4 3 0
5 7 ,3 8 7 ,2 4 7
3 0 ,8 5 7 ,3 0 2
5 5 ,6 3 6 ,0 0 5
4 8 ,1 6 1 ,3 8 4
3 9 ,5 0 3 ,4 0 8
4 4 ,7 5 7 ,0 7 3
2 1 ,4 3 1 ,1 1 3
2 7 ,0 0 9 ,2 7 9
1 7 ,7 3 4 ,6 0 0
1 7 ,5 2 4 ,0 0 2
2 4 ,2 8 2 ,9 5 6
7 ,6 2 6 ,7 4 0
1 2 ,1 8 5 ,0 3 8
8 ,3 8 9 ,5 7 2
1 2 ,8 4 6 ,0 3 7
1 2 ,4 2 9 ,9 2 0
8 ,9 1 6 ,7 4 4
1 0 ,5 6 6 ,0 4 0
1 1 ,0 9 9 ,3 0 6
—1.8
+ 1 9 .5
+ 12.8
+
+
+
+ 12.8
6 0 1 ,6 0 0
6 2 5 ,6 0 1
5 1 3 ,1 2 1
7 8 5 ,0 3 0
— 3 4 .7
4 9 8 ,5 8 0
5 4 3 ,3 5 9
2 1 .5
3 ,9 4 9 ,4 5 0 ,3 3 9
3 ,1 0 6 ,7 7 2 ,7 5 9
+
2 7 .1
2 ,2 4 8 .2 0 9 ,9 6 6
2 ,5 6 4 .7 1 8 ,3 5 3
1 2 .3
+ 7 .5
+ 8 .7
+ 1 6 .8
1 9 2 ,4 3 3 ,8 3 0
8 ,7 0 0 ,4 0 0
6 .5 0 0 .0 0 0
4 ,8 0 5 ,7 0 8
3 ,4 8 1 ,0 7 6
2 .0 7 3 .0 0 0
3 ,0 2 4 ,9 3 4
1 ,9 1 7 ,2 1 4
1 ,3 0 2 ,2 3 4
9 3 0 ,2 7 3
9 0 0 .0 0 0
6 0 0 .0 0 0
1 6 9 ,2 0 9 ,8 6 3
8 ,3 7 4 ,5 0 0
8 ,7 2 8 ,7 0 6
4 ,5 1 9 ,9 6 5
3 ,8 5 5 ,7 0 2
2 ,2 4 1 .3 2 2
3 ,1 2 9 ,1 8 0
1 ,3 9 5 ,0 3 0
1 ,0 8 7 ,9 3 1
9 4 6 ,7 3 7
9 0 9 ,0 2 0
6 5 9 ,2 9 9
+
1 3 .7
+ 3 .9
— 2 5 .5
+ 7 .7
— 9 .7
— 7 .5
— 3 .4
+ 3 7 .4
1 3 1 ,0 8 8 ,3 8 1
7 ,1 5 1 ,1 0 0
5 ,6 4 2 ,4 1 6
3 ,4 9 1 ,8 3 6
3 ,7 9 5 ,7 8 9
1 ,9 2 6 ,4 4 4
2 ,6 4 3 ,6 2 0
1 7 9 ,5 7 9 ,8 5 4
8 ,7 4 8 ,8 0 0
6 ,1 4 0 ,3 3 1
3 ,8 4 3 ,1 8 6
3 ,8 5 0 ,2 4 2
2 ,0 4 5 ,0 5 4
3 ,0 8 9 ,4 3 0
1 ,3 4 0 ,1 0 2
9 8 9 ,2 7 4
9 3 0 ,9 9 6
8 2 6 ,4 6 3
5 5 9 ,6 2 1
1 5 .2
— 2 .4
+ 1 9 .6
+ 2 2 .3
+ 2 4 .8
1 ,0 5
1 ,2 5
67
68
1 ,0 4
+
2 5 .0
8 3 ,0 0 7 ,4 0 1 ,6 0 8
0 8 ,8 3 0 ,7 9 7 ,6 7 7
+
1 1 .9
4 ,9 2 9 ,0 0 3 ,0 8 1
2 2 1 ,8 0 5 ,5 0 0
1 8 1 ,7 1 2 ,8 7 2
1 0 5 ,0 8 6 ,8 3 5
9 2 .5 7 4 .4 3 0
5 8 .6 8 5 ,8 4 1
7 8 ,8 0 7 ,4 2 4
4 0 ,1 2 8 ,5 9 2
3 5 .1 7 1 .4 3 0
2 3 ,2 7 5 ,1 0 8
1 9 ,4 2 0 ,0 3 3
1 4 ,0 5 0 ,4 4 0
4 9 ,1 9 1 ,0 7 8
1 1 ,1 9 6 ,6 5 2
4 ,3 8 9 ,8 7 9 ,0 0 4
2 0 0 ,3 4 2 ,8 0 0
1 0 7 ,2 4 0 ,5 1 8
9 0 ,4 0 7 ,5 3 8
9 1 ,4 3 6 ,5 0 8
4 9 ,4 5 7 ,5 0 0
7 0 ,7 4 2 ,2 5 0
3 4 ,3 8 8 ,7 2 4
2 8 ,8 2 9 ,3 0 9
2 0 ,8 2 1 ,1 0 0
1 9 ,9 7 1 ,3 8 2
1 3 ,1 7 2 ,1 7 4
4 0 ,2 7 8 ,9 0 0
8 ,8 9 9 ,4 9 7
+
+ 1.2
1 8 .7
+ 2.8
1 3 .8
+ 22.0
+ 11.8
—2.8
+ 6 .7
+ 22.1
+
+
+
1 ,2 0 0 ,0 2 4 ,5 3 4
1 ,0 7 8 ,7 2 2 ,8 8 8
+
1 1 .3
5 ,8 6 0 ,8 3 0 ,5 8 8
5 ,2 3 7 ,9 2 7 ,4 5 0
+
1 1 .9
2 2 6 ,7 2 8 ,6 6 9
2 0 5 ,1 1 7 ,3 1 5
C h i c a g o . . ................................
C i n c i n n a t i ................................
C l e v e l a n d ................................
D e t r o i t . . . ................................
M i l w a u k e e .............................
I n d i a n a p o l i s ..........................
C o l u m b u s ................................
T o l e d o ..........................................
P e o r i a ..........................................
G r a n d R a p i d s ......................
E v a n s v i l l e . . .........................
D a y t o n --------------- ---------------S p r i n g f i e l d , 1 1 1 ..................
P ort
W a y n e .................. ...
Y o u n g s t o w n ______________
R o c k f o r d ___________________
A k r o n ________________________
I s l i n g t o n ................................
S o u t h B e n d ............................
Q u i n c y __________- . ...................
C a n t o n ..........................................
B l o o m i n g t o n .........................
S p r i n g f i e l d , 0 ......................
J a c k s o n _____________________
D e c a t u r _____________________
M a n s f i e l d _________________
D a n v i l l e .......................................
J a c k s o n v i l l e , 111________
L i m a .............................................
O w e n s b o r o ........... .................
L a n s i n g .......................
F l i n t .................................................
G a r y ........... .....................................
A n n A r b o r _________________
L o r a i n . . . ................................
A d r i a n ______________
N ew
A l b a n y .........................
P a d u c a h ___________________
H a m i l t o n .................................
A u r o r a _______________________
2 ,2 1 1 ,0 7 5 ,0 5 7
1 0 5 ,9 0 4 ,2 5 4
2 9 8 ,5 4 4 ,8 3 4
2 4 4 ,1 0 2 ,0 8 7
1 0 9 ,5 9 9 ,3 0 9
6 0 ,0 0 4 ,0 0 0
4 2 .4 5 5 ,1 0 0
4 0 ,5 7 7 ,4 5 9
2 3 ,4 7 7 ,4 5 0
2 1 ,8 5 2 ,3 0 4
1 2 ,9 2 2 ,0 7 5
1 4 ,5 7 2 ,1 0 4
8 ,2 2 7 ,0 8 4
0 ,0 7 8 ,7 1 9
1 4 ,1 9 0 ,7 0 3
1 ,6 9 1 ,2 8 3 ,7 8 8
1 4 3 ,3 2 8 ,0 5 0
1 7 7 ,7 3 0 ,9 0 5
1 7 5 ,4 4 0 ,4 5 4
8 1 ,8 1 4 ,1 9 7
4 7 ,2 2 5 ,3 9 0
4 1 ,5 4 7 ,1 0 0
3 8 ,9 1 9 ,9 0 6
1 5 ,1 0 1 ,8 4 1
1 8 ,7 4 1 ,8 9 7
7 ,0 3 7 ,0 5 9
1 4 ,1 0 5 ,9 0 1
6 ,2 9 4 ,5 3 8
0 ,1 8 1 ,3 9 0
9 ,8 5 5 ,8 9 0
4 ,5 2 3 ,5 6 1
1 7 ,9 3 4 ,0 0 0
2 ,9 0 1 ,5 0 0
4 ,0 0 4 ,3 1 2
3 ,9 0 2 ,7 7 0
1 0 ,5 1 8 ,1 4 2
3 ,3 2 2 ,3 5 2
3 ,8 2 8 ,7 6 0
3 ,9 3 2 ,9 3 9
2 ,7 5 8 ,1 7 4
2 ,9 0 3 ,6 4 9
2 ,4 9 5 ,3 8 7
1 ,4 5 9 ,9 6 6
2 ,9 7 1 ,2 3 8
1 .5 1 6 ,0 1 3
4 ,7 8 5 ,8 2 3
4 ,7 7 2 ,0 8 3
2 ,5 0 0 ,3 3 5
1 ,6 8 2 ,0 4 1
5 4 8 ,2 1 9
3 0 0 ,2 0 8
„ 6 3 7 ,7 3 6
3 ,0 9 4 ,5 8 1
1 ,1 4 1 ,9 0 7
2 ,2 8 0 ,1 0 4
+
+
+
+
+
+
3 0 .7
1 5 .8
6 7 .9
3 9 .1
3 4 .0
2 7 .1
1 0 ,3 6 7 ,5 7 0 ,7 1 6
8 3 3 ,7 6 8 ,5 8 7
1 ,3 0 1 ,2 9 0 ,9 4 2
1 ,1 4 1 ,4 1 5 ,0 8 0
5 1 4 ,1 4 0 ,9 3 2
2 7 8 ,1 4 3 ,7 9 0
2 1 3 ,2 8 8 ,2 0 0
2 2 5 ,9 4 6 ,4 5 2
1 0 9 ,4 9 3 ,8 2 1
1 0 3 ,3 5 9 ,0 2 9
5 3 ,4 4 2 ,3 4 7
7 7 ,9 0 1 ,6 2 4
4 0 .0 1 9 .9 5 7
3 5 ,1 4 5 ,9 2 2
7 3 .5 8 3 .9 5 7
3 1 ,3 7 5 ,1 8 1
1 1 8 ,4 9 0 ,0 0 0
1 9 ,7 0 0 ,2 0 5
2 2 ,2 1 6 ,0 0 2
2 4 ,7 5 8 ,4 3 4
7 1 ,8 5 1 ,0 4 2
7 ,9 2 0 ,5 8 0 ,0 7 1
6 9 1 ,0 2 8 ,1 0 0
8 2 6 .8 1 5 .7 0 1
8 0 3 ,1 0 2 ,4 5 5
3 9 9 ,5 7 0 ,4 1 0
2 1 0 .9 2 7 .7 0 2
1 8 3 ,0 5 4 ,3 0 0
1 8 0 ,7 1 2 ,0 7 6
7 9 ,0 8 4 ,6 4 0
8 7 ,0 2 2 ,7 1 9
3 7 ,7 3 1 ,2 3 1
6 4 ,3 8 7 ,3 4 0
3 0 ,7 1 0 ,2 7 9
2 9 ,5 6 0 ,2 8 1
5 4 ,0 0 4 ,0 8 2
2 3 ,4 1 3 ,9 3 7
7 3 ,4 8 2 ,0 0 0
1 8 ,6 0 7 ,5 4 1
1 7 ,5 7 9 ,8 0 3
2 0 ,9 2 1 ,5 3 5
5 1 ,2 5 9 ,3 7 2
1 8 ,4 0 5 ,2 8 5
2 1 ,0 6 4 ,0 6 2
1 6 ,7 3 5 ,1 8 0
1 3 ,8 6 0 ,4 7 6
1 3 .9 3 8 .5 5 8
1 3 .1 5 2 .5 5 9
7 ,0 5 5 ,3 6 5
1 4 ,5 6 5 ,4 8 3
8 ,3 9 0 ,9 7 4
1 9 .9 0 3 .5 6 0
2 0 ,8 0 4 ,4 9 7
1 0 ,1 3 8 ,5 7 4
6 ,9 4 0 ,8 6 7
2 ,4 5 2 ,3 3 7
1 ,0 2 3 ,0 0 2
2 ,7 6 4 ,1 0 0
1 9 ,4 4 6 ,2 0 9
6 ,6 9 7 ,5 4 3
1 1 ,5 7 7 ,8 6 2
+
+
+
+
+
+
+
+
+
+
+
3 0 .8
2 0 .7
6 4 .6
4 2 .1
2 8 .7
2 8 .2
1 6 .1
2 5 .0
3 8 .5
1 8 .8
4 1 .4
4 0 9 ,4 9 8 ,0 0 4
3 1 ,9 7 8 ,3 4 9
5 8 ,7 4 4 ,7 4 4
4 4 ,8 2 1 ,0 6 4
2 1 ,5 0 6 ,8 8 8
1 0 ,8 3 9 ,0 3 8
9 ,0 0 0 ,0 0 0
8 ,0 5 3 ,1 7 6
7 .5 0 0 .0 0 0
4 ,1 2 5 ,9 6 5
2 ,6 6 0 ,2 8 6
2 ,7 7 6 ,0 2 5
1 .6 0 0 .0 0 0
1 ,1 8 3 ,6 2 1
2 ,6 3 4 ,6 3 5
1 ,3 5 8 ,4 2 1
4 .3 5 3 .0 0 0
5 0 9 ,8 4 5
3 4 4 ,0 9 3 ,5 8 9
2 7 ,7 1 5 ,1 5 0
3 7 ,3 4 9 ,7 9 0
3 3 ,8 9 9 ,9 7 1
1 5 ,8 0 5 ,3 2 3
9 ,6 3 5 ,8 3 0
9 ,5 8 1 ,7 0 0
7 ,1 6 5 ,0 0 3
6 ,5 1 5 ,8 5 7
2 4 ,0 4 2 ,0 0 0
2 ,5 8 4 ,2 0 1
5 ,0 7 8 ,5 3 0
4 ,8 0 1 ,2 0 5
1 6 ,7 3 8 ,8 0 7
4 ,9 0 3 ,1 1 1
4 ,7 1 7 ,4 2 4
4 ,7 0 0 ,8 1 1
3 ,5 6 0 ,1 3 0
4 ,0 0 5 ,0 5 1
2 ,3 1 0 ,4 0 9
1 ,9 7 0 ,1 0 2
3 ,4 4 0 ,3 1 0
2 ,2 5 1 ,3 0 4
5 ,4 4 0 ,6 7 1
7 ,0 5 3 ,0 9 4
3 ,4 8 3 ,2 5 4
1 ,7 0 0 ,9 3 5
8 4 2 ,7 4 7
4 8 4 ,7 8 4
6 8 0 ,1 1 8
4 ,8 -1 2 ,7 8 9
1 ,0 3 1 ,8 0 0
2 ,5 7 7 ,1 4 6
T o t a l M id d le W e s t .
3 ,4 0 0 ,0 1 9 ,0 4 9
2 ,5 0 0 ,2 3 0 ,6 0 4
S a n F r a n c i s c o ___________
L o s A n g e l e s _______________
S e a t t l e ..........................................
P o r t l a n d ___________________
S a l t L a k e C i t y __________
S p o k a n o __________
T a c o m a ____ ___
O a k l a n d ________
S a n D ie g o .
S a c r a m e n t o ..
P a s a d e n a ______
F r e s n o .................. I ....................
S a n J o s e .................. 1 1
S t o c k t o n .................. . 1
N orth
Y a k i m a ____
O g d e n .....................................”
l l o l s o ............................................"
R e n o ........................................ . 1
S a n t a R o s a ............................
L o n g B e a c h ............................
B a k e r s f i e l d ............................
3 9 0 ,8 7 4 ,0 8 8
1 3 4 ,4 7 0 ,0 0 0
9 0 ,7 4 4 ,9 9 8
7 4 ,1 1 4 ,3 9 2
5 4 ,0 1 9 ,3 4 8
2 6 ,3 2 7 ,0 0 0
1 3;,2 2 6 ,3 6 0
,6 5 4 ,0 8 5
,0 4 7 ,5 9 3
,0 2 5 ,7 3 2
5 ,1 4 5 ,0 0 0
2 7 8 ,7 7 8 ,8 3 9
1 0 0 ,7 5 3 ,5 5 5
8 3 ,5 4 4 ,4 0 4
5 1 ,5 5 4 ,0 8 0
3 5 ,0 4 0 ,3 4 8
2 0 ,0 0 0 ,8 8 3
9 ,5 5 8 ,0 3 8
1 8 ,2 9 9 .5 4 4
1 1 ,2 8 4 ,5 3 9
9 ,2 7 9 ,0 5 4
4 ,2 0 5 ,5 7 0
3 ,0 1 9 ,6 3 5
4 ,4 0 0 ,0 6 3
2 ,9 4 9 ,7 0 0
4 ,9 0 2 ,4 3 1
1 ,9 7 0 ,4 3 8
4 ,5 9 4 ,0 7 8
3 ,7 9 7 ,4 0 0
1 ,7 1 0 ,0 2 5
1 ,0 0 7 ,0 7 1
2 ,7 0 3 ,0 7 5
2 ,4 4 0 ,1 7 1
8 7 6 ,1 7 1 ,3 8 5
6 3 9 ,4 2 0 ,6 2 0
T o ta l P a c ific .
O th e r W estern a n d
22
10
11
6, 8 6 3 , 9 3 8
3 ,3 4 5 ,4 2 0
6, 5 4 2 , 1 9 0
2, 7 0 5 , 1 0 1
7, 7 2 5 , 2 7 7
6. 4 0 7 , 7 7 5
2, 2 1 4 , 1 3 8
1 ,1 5 0 ,0 0 0
2. 9 4 9 , 2 3 7
+ 2.2
1 9 .7
5 5 .5
+ 10.0
+
8 3 .6
+ 2 .9
+ 3 0 .7
— 1 .7
+ 4 4 .0
+ 4 4 .0
+ 3 4 .1
— 1 2 .7
+ 2 4 .9
+ 2 3 .0
+ 5 9 .1
+ 4 7 .0
+ 2 3 .2
+ 1 9 .5
+ 2 9 .1
+ 4 0 .0
— 7 .4
+ 3 5 .4
+ 1 5 .8
+ 4 8 .5
+ 1 3 .7
+ 4 7 .8
+ 3 5 .7
+ 1 .4
+ 5 0 .0
+ 3 4 .6
+ 7 .7
+ 3 1 .1
+ 4 2 .9
+ 1 3 .0
+
3 2 .5
+ 4 0 .2
+ 20.0
+ 4 2 .8
+ 4 3 .8
+ 5 1 .6
+ 3 1 .0
+ 3 8 .4
+ 2 3 .8
— 5 .5
+ 1 8 .8
+ 2 2 .3
+ 5 0 .0
+ 1 3 .4
+ 3 1 .8
+ 3 0 .9
2 5 ,0 2 2 ,0 0 4
2 5 ,2 3 5 ,0 7 4
2 2 ,3 9 0 ,3 0 4
1 8 ,3 7 4 ,7 0 2
1 9 ,0 9 0 ,1 1 2
1 2 ,8 9 5 ,0 7 7
8 ,7 0 0 ,8 9 5
1 0 ,6 0 3 ,9 4 3
1 0 ,1 8 8 ,4 1 9
2 4 ,1 4 2 ,2 9 7
3 2 ,3 9 0 ,0 2 1
1 4 ,8 8 0 ,6 3 0
7 ,9 5 3 ,8 2 4
3 ,8 9 8 ,2 1 8
2 ,2 4 0 ,9 4 7
3 ,1 1 4 ,4 2 2
2 7 ,4 S 9 ,8 0 9
8 ,3 4 1 ,1 4 5
1 2 ,9 9 3 ,5 9 0
1 0 ,0 1 9 ,5 9 3 ,3 0 5
1 ,8 0 9 ,
049,
412,
323,
205,
125,
57,
108,
53,
50,
27,
35,
3 7 8 ,0 9 2
3 4 9 ,9 0 0
2 5 1 ,3 5 2
0 4 5 ,0 7 7
8 2 4 ,3 3 0
1 1 1 ,5 2 4
6 7 7 ,4 3 8
8 0 9 ,5 5 0
0 3 5 ,3 8 9
2 6 6 ,4 4 9
7 2 1 ,2 2 4
0 5 4 ,1 2 1
8 6 7 ,2 7 0
1 2 ,0 4 5 ,8 1 0 ,9 8 0
1 .2 8 1 ,
507,
284,
239,
180,
90,
44,
86,
49,
44,
20,
21,
14,
20,
8,
21,
0 7 0 ,6 8 7
3 9 2 ,5 0 3
2 1 3 ,9 4 4
2 8 6 ,2 5 9
8 6 7 ,1 4 7
9 0 4 ,4 8 2
1 8 1 .1 9 8
5 0 3 ,0 2 7
0 5 3 ,0 1 3
0 6 3 ,7 9 9
7 7 2 ,4 7 5
5 6 6 .1 9 9
3 4 7 ,0 4 7
1 0 6 ,1 2 1
7 4 0 .2 0 0
5 3 7 ,0 3 0
6 4 4 ,0 8 6
4 4 4 ,9 6 1
3 2 3 ,8 5 9
7 0 8 ,8 9 5
5 5 8 ,5 7 8
+ 21.0
+
+
+
+
+
3 0 .3
1 8 .9
3 6 .3
3 4 .0
6 1 .2
+ 5 .9 ,
+ 2 6 .4 !
+ 1 8 .3
+ 4 0 .2
+ 3 9 .2
+ 1 9 .8
+ 3 3 .8
+ 3 1 .8
+ 3 7 .0
— 1 .9
+ 2 4 .2
+ 1 4 .4
+ 9 2 .8
+ 2 0 .9
+ 0 0 .5
+ 4 6 .8
+ 1 4 .5
+ 5 9 .0
+ 3 8 .0
+ 1 2 .7
+ 4 1 .4
+ 2 4 .5
1.100.000
9 3 7 ,6 3 6
2 ,9 4 2 ,0 4 7
1 ,1 7 0 ,1 0 3
1 ,1 1 7 ,3 9 1
9 0 0 .0 0 0
8 3 5 ,7 7 2
6 4 9 ,7 2 2
5 0 0 .0 0 0
3 5 6 ,1 7 3
7 0 0 .0 0 0
4 3 9 ,6 4 4
9 9 0 .0 0 0
0
8
4
0
8
2
+ 10.8
— 1 .7
—1.0
—
9 .0
1,011,221
1 ,1 4 5 ,9 5 5
8 5 8 ,1 0 9
6 7 8 ,6 3 8
4 7 7 ,3 1 3
6,000,000
3 ,8 1 9 ,9 7 5
1 .2 4 2 .9 2 2
2 .7 4 2 .9 2 2
1 ,2 6 0 ,4 1 2
1 ,1 9 3 ,6 6 5
1 ,8 9 7 ,7 4 0
9 0 5 .9 5 7
3 ,2 2 9 ,0 0 0
6 3 3 ,7 5 0
8 3 8 ,6 0 6
8 1 2 ,0 9 5
2 ,1 3 1 ,5 5 5
7 8 7 ,7 4 9
7 9 0 ,4 7 5
7 5 0 .0 0 0
6 1 8 ,5 0 4
5 3 6 ,3 0 4
6 3 7 ,7 9 9
3 5 3 .9 5 8
6 2 1 ,3 6 6
3 5 0 ,1 5 8
9 0 0 .0 0 0
+ 10.6
+ 1 9 .0
+ 1 5 .4
+ 5 7 .3
+ 3 2 .2
+ 3 6 .1
+ 1 2 .5
—6.1
+
+
1 2 .4
2 5 .0
+ 8.0
+ 1 1 .4
+ 1.2
+
2 7 .0
— 1 .0
+ 3 8 .8
+ 5 0 .0
+ 3 4 .8
— 1 9 .6
+ 3 1 .1
+ 1 5 .5
+ 3 8 .1
+ 4 8 .3
+ 4 1 .4
+ 20.0
+ 3 5 .1
+ 21.1
—21.6
+ 0 .7
+ 1 2 .7
+ 2 3 .3
+ 10.0
1 5 9 ,9 1 0 ,8 2 2
2 1 1 ,9 4 3 ,3 5 3
2 8 4 ,6 1 0 ,2 5 3
2 1 ,1 3 3 ,9 5 0
2 3 ,5 3 1 ,2 5 0
2 2 ,4 2 9 ,5 1 7
1 4 .8 0 9 ,7 8 1
6 ,9 3 8 ,3 9 0
5 ,5 3 9 ,4 0 0
4 ,7 9 2 ,1 2 5
2 ,8 1 5 ,1 9 4
3 ,1 2 5 ,9 7 2
1 ,3 7 5 .5 3 7
2 ,0 1 6 .3 3 9
1 ,0 7 5 ,1 4 8
1 ,1 7 1 ,5 9 7
1 ,1 8 6 ,0 7 8
8 5 7 ,4 5 8
1 .5 9 8 .0 0 0
6 4 0 ,7 0 0
6 8 2 ,4 0 0
6 6 6 ,7 0 5
1 .4 0 0 .0 0 0
6 9 0 ,1 6 2
6 9 6 ,3 4 0
5 3 9 ,9 8 6
4 5 1 ,9 2 0
4 4 3 ,3 2 0
4 8 3 ,5 7 8
2 7 0 ,6 6 0
4 8 0 ,8 3 0
3 0 6 ,9 0 1
5 1 1 ,8 4 2
3 3 9 ,9 9 2 ,5 6 3
2 5 ,3 4 5 ,8 0 0
2 1 ,4 1 2 ,5 3 5
2 5 ,5 0 5 ,4 6 8
1 6 ,8 2 5 ,7 0 2
9 ,0 2 3 ,8 1 5
7 ,7 5 2 ,8 0 0
4 ,8 0 6 ,3 6 3
4 ,2 3 4 ,7 0 7
3 ,5 8 9 ,6 7 2
1 ,3 4 3 ,6 0 5
2 ,2 0 9 ,7 0 1
1 ,3 8 9 ,1 8 9
1 ,3 1 9 ,8 7 5
1 ,3 3 3 ,6 2 6
7 2 8 ,4 5 8
1 ,4 5 2 ,0 0 0
6 8 5 ,2 6 5
7 1 4 ,5 9 3
8 9 6 ,2 7 0
1 ,7 0 2 ,3 0 3
1 ,1 7 6 ,3 6 0
8 2 2 ,5 2 7
5 0 0 .0 0 0
6 0 0 ,4 9 1
3 9 1 ,8 9 8
6 0 0 ,2 5 7
3 0 8 ,8 6 9
5 2 3 ,3 0 3
4 6 2 ,6 3 7
5 0 0 .0 0 0
+ 2 .5
2 4 8 ,2 0 3
2 6 3 ,7 3 4
" 4 0 ', 6 9 7
" 7 6 ', 4 3 9
+ 12.2
+
3 3 .0
6 3 6 ,3 1 2 ,1 1 1
5 1 8 ,6 9 8 ,5 6 2
+
2 2 .5
4 0 7 ,5 7 1 ,2 4 4
4 7 8 ,4 9 5 ,8 2 4
+ 4 1 .2
+ 2 8 .0
+ 4 5 .0
+ 3 5 .3
+ 4 7 .0
+ 3 7 .5
+ 3 0 .5
+ 2 5 .9
+ 9 .3
+ 1 4 .1
+ 3 3 .5
+ 6 5 .3
+ 1 7 .6
+ 2 8 .5
+ 4 7 .6
+ 6 0 .0
+ 4 7 .0
+ 3 7 .0
7 7 ,5 9 1 ,8 1 1
2 4 ,2 8 5 ,0 0 0
1 8 ,9 1 1 ,4 1 8
1 3 ,0 2 7 ,6 9 2
9 ,8 0 1 ,7 5 8
5 ,0 0 0 ,0 0 0
2 ,7 6 1 ,8 9 0
4 ,2 6 9 ,1 0 9
1 ,8 6 1 ,7 1 6
1 ,9 4 6 ,9 2 5
8 9 1 ,8 6 3
1 ,0 3 4 ,0 6 9
6 8 9 ,3 8 5
1 ,0 0 2 ,1 7 7
5 3 1 .7 6 9
5 6 ,1 3 7 ,2 4 9
2 0 ,4 9 4 ,9 0 5
1 3 ,0 4 1 ,9 1 4
9 ,1 1 3 ,0 0 0
6 ,9 7 5 ,9 7 0
4 ,1 6 1 ,2 6 6
1 ,8 5 7 ,6 3 1
3 ,7 0 3 .8 5 8
2 ,0 0 9 ,8 5 1
1 ,5 6 7 ,0 5 1
8 4 5 ,4 8 1
7 5 3 ,5 0 6
5 8 9 ,3 0 0
8 9 3 ,7 9 5
4 1 7 ,8 7 1
+
+
+
+
+
3 8 .2
2 0 .9
4 5 .0
4 2 .9
4 0 .5
4 2 ,0 5 9 ,2 2 3
1 6 ,8 5 4 ,3 8 1
1 1 ,6 5 1 ,5 8 6
8 ,6 7 5 ,9 6 5
5 ,2 7 6 ,3 9 0
3 ,6 8 1 ,8 7 1
1 ,9 7 7 ,5 9 1
3 ,0 9 5 ,4 5 5
1 ,7 4 3 ,0 0 9
1 ,3 3 6 ,1 1 0
6 7 3 ,0 9 6
6 8 9 ,8 7 2
5 5 0 ,0 0 0
6 9 6 ,4 0 4
5 0 ,8 0 5 ,7 9 2
2 5 0 3 4 ,3 4 4
1 5 ,1 6 4 ,8 8 0
1 1 ,3 1 2 ,4 6 0
5 ,5 9 4 ,1 7 3
5 ,0 7 8 ,7 2 3
2 ,4 8 8 ,3 8 4
3 ,8 0 3 ,1 6 3
1 ,9 8 3 ,7 3 4
1 ,0 6 0 ,9 4 0
1 ,0 7 2 ,8 1 2
+20.2
4 3 2 ,0 0 0
3 6 0 ,0 0 0
+ 1 4 .4
+ 4 5 .6
5 2 6 ',7 2 8
5 8 9 ',7 0 6
—
1*0*7
1 2 3 ,5 1 2 ,3 6 0
+
4 ,0 8 9 ,8 7 2 ,1 0 4
2 ,9 7 4 ,3 4 6 ,1 8 2
+
3 7 .5
1 6 4 ,5 6 5 ,3 1 0
12,
10,
.2
,9
,7
,8
,3
,6
+ 8 2 .2
3 7 .0
18,
7,
4,
5
5
9
2
2
8
3 6 6 ,0 0 0
2 3 .7
10,
7
1
4
3
9
1
" 8 5 ', 2 2 8
+
+ 6 8 .7
+ 2 8 .8
+ 1 4 .2
+ 9 .1
2 ,1
1 ,1
1 ,1
6
1 ,0
8
,2 7 5
,2 8 9
,6 6 8
,1 0 0
,0 2 1
,8 9 0
1 5 5 ,5 7 2
+
+ 68.2
7
3
3
7
9
6
3 7 5 ,0 0 0
16,
3 3 , 5 5 7 ,2 7 7
9 0 4 ,0 2 8
3 4 , 4 4 7 ,9 4 3
2 7 , 4 0 7 ,7 0 4
2 0 1 ,5 4 8
5 , 1 9 0 ,1 8 2
1 4 , 5 3 6 ,3 7 1
15, 3 6 9 ,3 8 3
12,
9
8
0
3
0
7
2 5 .8
E n g la n d
+
+
1 ,5
8
9
6
6
7
+20.2
+ 4 8 .7
+ 1 5 .3
— 7 .4
2 4 .2
+ 5 .5
+ 3 7 .3
+ 1 7 .0
+
4 3 3 ,9 7 7
74
67
73
50
3 0 7 ,2 9 6
2 8 6 ,2 9 3
4 3 7 ', 5 7 4
7 3 8 " ,9 3 0
3 3 .2
1 0 0 ,1 4 0 ,3 4 0
1 2 9 ,2 5 5 ,0 8 1
1 5 5 ,4 3 6 ,1 1 7
+ 12.2
+
2 7 .3
+ 20.0
3
2
6
0
,2
,8
,3
,0
9
8
3
0
1
9
7
0
So
u th e r n c le a r in g
W e ste rn .
1 ,3 3 5 ,9 8 5 ,0 1 9
9 1 2 ,9 2 3 ,7 8 1
+ 4 0 .3
0 ,2 1 2 ,8 8 4 ,4 9 7
4 ,4 5 1 ,2 4 0 ,9 9 1
+
3 9 .6
2 4 2 ,0 3 0 .6 0 9
1 7 8 ,3 4 0 ,6 8 8
+ 3 5 .7
1 5 0 ,3 4 8 ,6 4 2
T o t a l S o u t h e r n ............... ...
1 ,5 5 9 ,5 7 9 ,7 0 2
1 ,1 7 0 ,4 0 0 ,6 4 0
+
3 3 .3
7 ,0 0 9 ,1 1 0 ,7 3 0
5 ,7 2 5 ,1 7 4 ,3 1 1
+ 3 2 .9
2 9 6 ,1 8 6 ,1 8 8
2 1 5 ,2 0 5 ,3 0 2
+ 3 7 .6
1 6 9 ,4 8 2 ,9 7 8
1 9 6 ,2 5 3 ,7 2 9
---------- 2 6 , 3 1 9 , 5 0 0 , 8 7 3
2 0 ,7 2 0 ,0 3 9 ,6 2 8
+
2 7 .0
1 2 3 ,3 9 9 ,0 9 2 ,8 9 8
9 9 ,2 7 1 ,3 0 3 ,5 9 1
5 .5 1 5 ,2 7 3 ,2 2 6
4 ,3 4 7 ,7 3 0 ,9 8 6
+ 2 6 .9 ^ 3 ,2 3 5 ,6 6 3 ,9 9 2
3 ,7 3 6 ,1 0 2 ,4 5 7
2 ,0 4 1 .1 1 3 ,4 1 0
1 .0 4 2 ,1 8 3 ,4 0 5 1
+ 2 4 .3
1 ,5 1 4 ,6 4 0 ,0 4 6
T ota l
o th e r
T o ta l a ll...
O u ts id e N e w
Y o r k ...
1 0 ,7 3 6 ,0 4 3 ,8 7 0
s on
page 2310
8 ,1 5 9 ,1 1 2 ,2 8 0
+ 3 1 . 0 1 5 1 ,0 1 3 ,4 3 3 ,8 7 9 1
Clearings by Telegraph and Canadian Clearings on page 2317.
3 9 ,1 0 0 ,3 4 5 .5 8 9
8
5
9
0
0
3
+
+
1 7 .5
— 0 .5
+ 6 .5
3 7 .3
3 9 .5
+ 0 .4
+ 2 2 .9
+ 5 .2
+ 1 0 .5
+
+
.2 2 1 ,4 5 6 ,4 1 1
1 8 1 ,7 1 3 ,8 3 1
5 7 ,8 0 2 ,8 7 2
4 0 ,1 9 2 ,0 1 4
1 0 ,7 5 1 ,9 1 0
1 1 ,3 1 7 ,9 7 4
7 .6 3 3 .0 7 0
8 ,2 3 2 ,3 0 4
3 ,3 5 4 ,6 4 4
3 .9 5 4 .0 7 0
2 ,1 6 5 ,4 7 6
2 ,0 3 6 ,3 7 8
1 ,6 9 0 ,1 7 8
2 ,2 9 4 ,8 2 8
1 ,9 6 8 ,6 8 7
+ 8 *7
2 6 .7
1 7 .0
+ 22.2
8 9 9 ,9 4 0 ,8 0 1
4 1 ,7 9 7 ,5 0 0
3 7 ,2 9 7 ,9 9 8
1 9 ,7 0 1 ,9 1 3
1 7 ,7 3 6 ,0 2 4
1 0 ,4 2 5 ,0 5 3
1 5 ,5 8 0 ,7 7 9
6 ,9 4 3 ,1 0 1
0 ,0 0 8 ,7 5 8
4 ,3 9 6 ,3 1 8
4 ,3 3 4 ,4 3 8
3 ,0 7 3 ,5 9 5
9 ,3 0 0 ,7 0 0
2 ,1 1 9 ,8 5 0
+
1,761*955
—20.1
1 ,9 5 2 ,9 6 4 ,2 5 6
1 6 8 ,5 1 4 ,6 9 7
4 4 ,2 7 8 ,1 6 5
2 9 ,4 2 6 ,6 3 8
1 0 ,2 4 9 ,5 2 6
9 ,3 2 3 ,6 2 9
4 ,7 3 4 ,6 7 2
7 ,1 5 5 ,2 9 6
3 ,2 2 2 ,4 5 5
3 ,0 0 7 ,9 2 8
1 ,7 6 8 ,9 5 2
1 ,8 2 0 ,6 0 8
1 ,6 9 4 ,2 7 2
1 ,7 9 9 ,6 8 4
1 ,7 4 1 ,7 6 5
5 9 8 ',2 8 7
+
+
1 4 ,3 5 2 ,3 2 3 ,0 8 9
+ 10.6
2 ,0 1 9 ,6 0 2
1 ,0 0 4 ,0 1 8
1 ,4 0 2 ,7 5 4
7 4 8 ,4 0 0
9 5 1 ,7 7 7
1 .2 2 6 ,9 7 4
+ 2 8 .4
+ 2 4 .5
+ 1 9 .0
— 1 .3
+ 1 9 .7
+ 6 .4
0 5 0 ,0 0 0
+ 22.0
1 ,0 0 7 .0 1 5 ,2 9 9
4 5 ,2 4 2 ,4 0 0
3 0 ,1 9 8 ,0 9 3
2 1 ,5 9 9 ,2 3 2
2 1 ,2 2 0 ,0 4 8
1 2 ,1 3 0 ,1 0 4
1 4 ,8 3 8 ,5 8 4
9 ,4 9 0 ,2 1 9
7 ,5 0 8 ,5 7 0
5 ,1 5 8 ,4 3 2
4 ,0 9 8 ,8 0 3
2 ,7 8 0 ,3 3 4
1 0 ,8 4 7 ,0 0 0
2 ,4 9 0 ,2 1 0
T o ta l N ew
2 ,7 0 5 ,5 5 3 ,6 2 1
2 3 5 ,2 0 1 ,1 4 8
5 8 ,7 7 3 ,7 2 1
4 5 ,5 3 0 ,5 0 6
1 2 ,5 4 9 ,0 7 0
1 0 ,6 8 6 ,5 8 3
4 ,3 0 6 ,9 9 6
8 ,5 2 8 ,0 8 4
2 ,8 6 3 ,7 5 1
3 ,0 9 2 ,1 3 9
2 ,0 0 6 ,8 8 5
2 ,7 3 0 ,3 5 8
1 ,2 9 8 ,6 3 7
3 ,7 4 5 ,2 9 8
2 ,0 3 8 ,3 7 5
+ 1 4 .6
— 4 .8
+ 1 1 .4
+ 1 0 .3
+ 4 0 .0
+ 1 7 .6
1 7 ,9 4 7 ,1 2 1 .8 1 4
— 2 .9
+ 9 .0
+ 1 9 .0
+ 1 0 .4
— 4 .8
+ 3 0 .7
+ 2 3 .7
+ 1 7 .3
— 5 .4
— 9 .3
3 ,4 7 4 ,1 5 9 ,8 1 0
2 9 2 ,9 4 0 ,8 6 2
6 9 ,9 1 2 ,1 7 2
4 4 ,9 2 8 ,2 5 2
1 5 ,0 2 3 ,9 8 5
1 1 ,3 6 6 ,5 9 2
3 ,4 4 2 ,5 7 6
8 ,4 8 7 ,2 8 9
3 ,0 4 9 ,2 4 1
4 ,2 5 0 ,5 9 1
2 ,8 0 0 ,0 0 0
2 ,7 4 7 ,2 0 7
1 ,5 9 6 ,6 5 8
3 ,9 6 9 ,3 1 2
2 ,2 5 3 ,1 5 6
5 ,5 8 9
9 ,4 3 1
8 ,4 0 0
0 ,0 0 0
2 ,9 0 0
M i d d l e ________
+ 8.2
2 5 .2
1 9 .8
1 8 .9
+ 3 6 .5
+ 1 3 .4
+ 1 9 .3
+ 1 7 .8
+ 1 9 .5
+ 3 0 .1
+ 1 3 .7
+ 1 0 .9
B o s t o n ------------------ ---------------P r o v i d e n c e .............................
H a r t f o r d ___________________
N o w H a v e n _______________
S p r i n g f i e l d _________________
P o r t l a n d ___________________
W o r c e s t e r ...............................
F a l l I t l v c r ...............................
N ew
B e d f o r d -----------------L o w e l l _______________________
I l o l y o k o _____________________
B a n g o r ------------ ---------------------W a t e r b u r y .............................
S t a m f o r d ___________________
T ota l
%
%
2 4 .1
+
+
22, 1 2 1 , 5 6 5
20, 0 8 2 , 6 0 8
In c. or
Dec.
1917.
+
2 4 .3
1 ,2 8 2 ,0 9 9 ,7 3 6
2268
THE CHRONICLE
[Vol. 10A.
.deling all borrowing except its own, such a conngency ought to be so remote as to preclude the
"obability of its ever occurring even in these days
Government paternalism and Presidential au>cracy.
I
So, too, the easy acquiescence in suggestions of
iflation has its counterpart in the happenings in
urope, and yet inflation belongs to the deplorable
satures which arc to be avoided if possible— not
JujjE 9 1917.]
THE CHRONICLE
moratorium, nevertheless. It repeats a hint that
if contractual obligations are suspended, Govern
ment should itself provide some compensation to the
loser, and says that that seems reasonable, and yet
concludes with the following statomen: “ But whether
it is done or not, patriotism must not be penalized,
and it will be penalized if a moratorium of some sort is
not put on the nation’s statute books.”
It will be seen our contemporary makes out no
case at all for a moratorium, and itself suggests the
true remedy, namely compensation by the Govern
ment. The “ Eagle” would be the first to recognize
that this suggestion embodies a full and a complete
remedy, except that moratoriums have been the
fashion in Europe and it is easy to think that we
ought to be in style, too. It is time, however, that
we returned to normal habits of thinking.
The grain crop report of the Department of Agri
culture for June 1, issued yesterday, does not seem
to indicate a much better wheat prospect than a
month earlier, the present outlook being for a final
harvest of this important cereal but little greater than
a year ago, and consequently considerably smaller
than the bumper yield of 1915. With the abandon
ment of winter wheat area, as pointed out a month
ago, very much the largest of any year in the history
of the country— in fact 31% of the territory planted
last fall— and the condition of, that portion of the
crop remaining under cultivation very low on May 1,
it followed that a reduction in yield from even the
comparatively short outturn of 1916 should be fore
cast and that outcome is confirmed by this report of
one month later. But spring wheat, much more
freely planted than a year ago, has started out very
well, and with normal conditions hereafter promises a
yield exceeded only by the spring wheat crops of
1915 and 1912. In the aggregate, however, the
wheat crop (winter and spring varieties combined)
will, according to present calculations, reach a total
only about 16 million bushels greater than the short
yield of last year.
The area under oats this year is the largest ever
seeded in this country and with condition now re
ported good, belief is entertained in a crop larger than
that of any year except 1915. Corn will not be
reported upon officially until next month, but private
reports indicate a record planting, some putting the
expected addition to area as high as 15,000,000 acres,
of which land thrown out from winter wheat and
cotton forms the greater part.
Winter wheat, although seemingly favored by the
weather during the latter part of M ay, deteriorated
2.3 points in condition, according to the official
pronunciamento, and as a result the average for the
whole area on June 1 at 70.9 is 2.3 points lower than
for the same date last year, 14.9 points below 1915
and 11.5 points under the ten-year average. For the
whole country the Department of Agriculture esti
mates an average yield of 13.5 bushels per acre,
which applied to the 27,653,000 acres remaining
under cultivation would give a crop of winter wheat
of 373,032,000 bushels, against 481% million bushels
harvested last year and 674 millions and 684 millions,
respectively in 1915 and 1914— the last named the
high record.
The initial report on spring wheat for the season
indicates that, notwithstanding adverse weather con
ditions in some localities at time of planting as well
2269
as a short supply of seed, early intentions as regards
this crop have been fairly well carried out, there hav
ing been an increase in acreage of 6% . The status of
the crop on June 1 was quite well up to the average for
that date. In fact the condition on June 1 at 91.6
contrasts with 88.2 a year ago, and a ten-year mean
of 93.4. The area is placed at 19,039,000 acres, or
1,083,000 acres more than that of 1916. An average
yield of 14.9 bushels per acre is officially announced
as to be expected from the current condition, per
centage and normal weather hereafter, and this,
applied to the acreage as given above, points to a
total crop of about 283 million bushels, against 158
millions last year, and the 352 millions (the record)
of 1915. Combining winter and spring varieties, we
have a total area under cultivation of 46,692,000
acres, against 52,785,000 acres a year ago and an
indicated wheat production of 656 million bushels,
or some 16 million bushels more than harvested in
1916, but 369 million bushels less than the record
yield of 1915.
The territory planted in oats this year is stated
as 43,161,000 acres, the largest in our history, and
3.9% more than was seeded in 1916. Condition on
June 1, moreover, was high, 88.8 comparing with
86.9 a year ago, and a ten-year average of 88.7. The
estimate of production, based on the condition
figures, is 32 bushels per acre, or a total crop of 1,381
million bushels, this contrasting with 1,252 million
bushels in 1916 and the record harvest of 1,549
million bushels in 1915.
Returns of bank clearings for May, both individu
ally and collectively, leave no doubt that activity in
the mercantile and industrial affairs of the United
States, so long a prominent feature of the monthly
data, continues unabated. Our foreign export trade,
stimulated by the war in Europe, keeps up to stu
pendous totals, manufacturing lines on the whole,
and especially those engaged in fulfilling contracts
for supplies, &c., for our army and navy as well as
for the Entente Powers, are being operated to the
utmost limit of capacity, the railroads are at their
wits’ ends to handle the freight traffic offering and,
further, not a small item in swelling clearings has
been the abnormally high prices ruling for nearly all
commodities. Stock Exchange speculation, too, has
been more active locally, although somewhat at the
expense of values of many share properties conse
quent upon the various disturbing rumors of the
month. With practically all factors working in the
one direction it is not surprising that the May
returns of clearings furnish an aggregate heavier
than for any preceding month of 1917 and not ma
terially less than the high monthly record of Decem
ber 1916. It is also noteworthy that of the 176
cities from which we have reports only 15 fail to
show some increase over a year ago, and though the
month’s total is not a new high record, 26 cities
report heavier figures than in any month of any
year, among them Philadelphia, Washington, Erie,
Fall River, Lowell, Cleveland, Detroit, San Fran
cisco, Seattle, Kansas City and Richmond.
Including New York, the total of clearings for
May 1917 for the 176 cities represented in our com
pilation on the first page of this issue is $26,319,500,
873 (the December 1916 record was $27,694,892,010).
against $20,720,039,628 in 1916, or an increase of
27.0% , this following a gain of 41.6% in the latter
year as compared with 1915. The augmentation at
2210
New York for the month stands at 24.1% and out
side of this city the gain is 31.6% . For the five
months of 1917 there is expansion in the aggregate
for the whole country of 24.3% as contrasted with
last year and compared with 1915 it reaches 79.1% .
At New York the gain over 1916 is 20.3% and over
1915 nearly 87% , while for the outside cities the
increases are 30.4% and 68.1% , respectively. Ana
lyzed by groups the totals for the period since Jan. 1
are larger than a year ago in all cases, the Middle,
exclusive of New York, showing a gain of 29.4% ,
New England 11.9% , the Middle West 33.0% , the
Pacific Slope 37.5% , the “ Other Western” 39.6%
and the South 32.9% .
Operations on the New York Stock Exchange in
M ay were of much larger volume than in April,
noticeably heavier than for the corresponding period
a year ago^and over four times the total for 1914.
The dealings for the month totaled 19,354,400 shares,
against 16,427,576 shares last year and 12,581,040
shares in 1915, and for the five months the transac
tions were 82,798,734 shares, against 72,231,817
and 50,925,937 shares, respectively. In 1901, how
ever, operations for the period were in excess of 156
million shares. Bond sales in M ay, on the other
hand, were smaller than those of 1916, notwith
standing much larger dealings in foreign issues of
which the Anglo-French, United Kingdom and
Dominion of Canada securities furnished much the
greater proportion. For the period from Jan. 1
to M ay 31 the transactions in all classes of bonds
reached 450 million dollars, par value, against 463
millions in 1916 and 339 millions in 1915. On the
Boston Stock Exchange the five months’ operations
were only 2,813,349 shares, against 5,521,024 shares
last year and 5,217,093 shares two years ago.
Canadian clearing house returns make a very
satisfactory exhibit for M ay as compared with last
year, gains of very noteworthy size appearing at
most points. Furthermore, the totals for Toronto,
Winnipeg, Hamilton, Halifax, Brantford and Peter
borough are not only high records for the particular
period covered, but for any month of any year as well.
The increase in the aggregate as contrasted with last
year for the 23 cities reporting comparative figures is
30.9% . For the period since Jan. 1 the total exceeds
1916 by 28.6% , with the percentages of gain con
spicuously heavy at Winnipeg, Calgary, Ilegina,
Saskatoon, Lethbridge and Medicine Hat. More
over, the aggregates for all the cities in the Eastern
Provinces, except Fort William, and at Calgary,
Regina, Lethbridge and Medicine Hat are high rec
ords for the five months’ period.
A still further gratifying reduction is to be noted
in this week’s report by the British Admiralty of
shipping losses by mines or submarines. The report
covers the seven-day period ending on June 3, and
shows only 15 vessels destroyed whose tonnage
exceeded 1,600 tons and but 3 smaller craft. This
compares with 18 of the larger class for each of the
three weeks preceding, and with 24 for week ending
May 6, 38 for April 29 and with the high record of
40 for April 22. This week’s report is actually the
lowest (18 vessels in all) since the week of March 11,
when 17 vessels were sunk, comprising 13 of the
larger and 4 of the smaller class. The number of
British ships unsuccessfully attacked last week
(including 4 attacked previously and not reported)
was 17. The figures of ship losses to date, com
[Vol. 104.
THE CHRONICLE
mencing with the week of March 4, will be'of interest
for reference, and are here given:
Vessels
Over
Vessels
Under
Vessels
Over
1,600
1,600 1,600
Week o f —
T ons.
T on s.
T o n s.
W eek o f —
9 April 22______ _____ 40
March 4_____ ......... 14
4 April 29______ _____ 38
March 11_____ _____ 13
8 May 6______ _____ 24
March 18_____ _____ 16
7 May 13—....... ......... 18
March 25_____ _____ 18
13 May 20____ - _____ 18
April 1______ _____ 18
2 May 27______ _____ 18
April 8______ _____ 17
9 Juno 3----------- ......... 15
April 15........... _____ 19
Vessels
Under
1,600
T o n s.
15
13
22
5
9
1
3
According to information received by the Norwe
gian Legation at London, 49 Norwegian steamships,
with a tonnage of 75,397, were sunk in M ay. Twentyfive lives were lost. Norway has been the greatest
neutral sufferer from the U-boat activities. There
is an insistent demand among the populace for war
with Germany. In March Norway’s losses were
second only to those of Great Britain, both in num
ber and in tonnage of craft destroyed. The Norse
maintain that the U-boats deliberately fire on the
lifeboats to prevent news of sinking reaching shore.
The German Admiralty has promised safe passage
through the barred zone to all neutral vessels in
English ports on July 1st, provided they carry dis
tinctive signs, and followed indicated routes. In
announcing this, Germany reiterates that England
has prevented the sailing of neutral vessels from
British ports on dates fixed by the German Admiralty
as safe, thus hampeiing the supply of food to neutral
countries. It adds that since the German sea bar
rier is raised only against the enemies of Germany,
“ the German naval command, despite serious military
objections, has decided once more to meet the wishes
of the neutrals who are suffering through England’s
arbitrariness, and therefore has given orders that all
neutral ships in England shall be granted safe pas
sage through the barred zone on July 1, provided
they carry distinctive signs and follow indicated
routes.”
In the French Chamber of Deputies on Thursday
Rear Admiral Lacaze, Minister of Marines, an
nounced that the proportion of submarines sunk has
increased materially. “ We are employing a very
efficient method,” lie said, “ and we are able to see
the possibility of developing this method so as to
render it more efficacious.”
The feature in the military operations this week
has been the renewal on a wide scale of the British
forward movement. Sir Douglas Haig’s forces on
Thursday dealt a sudden and severe blow against the
German line in Belgium, and was, according to latest
accounts, remarkably successful, 6,000 prisoners
having thus far been reported captured. The drive
was so successful and complete that it was found
possible to bring in action the British cavalry— forces
that are only employed in open fighting. This
indicates the breaking of the trench system. The
attack was over a front of more than nine miles,
extending from the region of Ypres southward nearly
to Armentieres. Among the points of vantage
captured was the Messines-Wytschacte ridge. The
villages of Messines and Wytschaete fell into the
hands of the British during the attack, as also did the
village of Ostaaverne and the trenches east of that
village on a front of more than five miles. Cabled
dispatches via London state that probably never in
history was an attack launched with greater prepara
tion. For four days the Wytschaete salient had been
the objective of the British guns. When the time for
the attack came the British exploded mines, said
J une 9 1917.]
THE CHRONICLE
to contain upwards of one million pounds of high
explosives, in front of the German position, the
detonation being heard, it is reported, in England,
130 miles away. With consternation reigning among
the Germans and under a curtain of fire, English,
Irish, New Zealand and Australian infantry men
with “ tanks” to aid them, started across the open,
the Germans offering only slight resistance and being
everywhere beaten off even late in the afternoon,
when they had somewhat regained their composure
and attempted a counter-attack near the southern
end of the line. This was broken by British artillery
fire. Lille is only G miles distant from Armentieres.
Advices from Paris yesterday reported that Germany
has started a counter offensive along a wide section
of the French front. The official French report
detailed violent enemy bombardment around St.
Quentin and LaFerc evidently preliminary to an
attack.
The fighting has become very severe between the
Austrians and Italians in the Carso region, each side
claiming to have taken many prisoners. Along the
Yipacco valley the Italians on Thursday delivered
several thrusts, which were repulsed, while near
Jamiano the Austrians, according to Vienna, made
substantial gains. Rome, however, asserts that the
Austrian attacks failed in the latter region, as likewise
did an offensive in force on the Trentino front. The
usual quietude on the eastern front has been broken
by the Russians near Kovel, and in the Carpathians
near Tnevi. In what were apparently minor
attacks the Russians in both places cut the wire en
tanglements of the enemy and forced them to give
ground.
Major-General John J. Pershing, with his staff,
arrived at a British port yesterday morning after an
uneventful trip. One hundred and fifty American
aviators from the Navy Flying Corps have arrived in
France. These are the first of the American fighting
forces to reach France.
A raid by a squadron of German airplanes over the
English counties of Essex and Kent, near London,
took place on Tuesday, 10 of the German aircraft
being engaged in the attack. Two persons were
reported killed and 29 injured. British aviators
succeeded in driving off the invaders, who lost two
of their machines. A British squadron, under Com
modore Tyrwhitt, heavily bombarded the German
naval base at Ostend, Belgium, and also sank a
German torpedo boat destroyer, and put to flight
five other German vessels of this class in the North
Sea, according to advices received on Tuesday. The
German base of Zecbruggo was, on Monday, bom
barded by the British fleet with heavy guns, assisted
by airships, and lasted nearly two hours. The Ger
man batteries replied forcibly, but, owing to the mist,
found it difficult to locate the British ships, and it is
not believed, that they scored a single hit. The
American steamship Mongolia fired four shots on
June 1 at a German submarine, which discharged a
torpedo at the latter, neither vessel being damaged.
The American tank steamer Silver Shell had a battle
with a submarine in the Mediterranean on May 30.
It is unknown whether the submarine was sunk by
a shot or submerged voluntarily to avcid further
punishment. The feature of the engagement was
that the American vessel was the speedier and could
have eluded the attack; instead of steaming away,
however, her captain decided to fight the battle out.
3271
Russia continues the discouraging feature of the
war situation. New complications are arising daily
and the only comfort seems to be contained in the
fact that eventually they are gotten under control.
A case in point is the revolt that took place in the
territory around the important fortress of Kronstadt
and the attempt to organize an independent republic.
However, the local committee of Soldiers’ and Work
men’s Delegates decided on Thursday to recognize
the authority of the Provisional Government, and
the so-called Krondstadt Republic unconditionally
surrendered. The peace agreement was signed by
Anapole Lamanoff, President of the Kronstadt
Council of Soldiers’ and Workmen’s Delegates. The
threatened strike in Petrograd, fixed for Wednesday
last, was averted. The Council of Soldiers’ and
Workmen’s Delegates at Petrograd on Tuesday sent
a long statement to the Socialist Parties and Central
Federations of Trades Unions of the World, repeating
its appeal of March 28 to the peoples of the world
to unite in resolute actions in favor of peace. The
Root Commission, it is officially announced from
Washington, is safe in a “ Russian port.” The
military position in Russia appears to be improving
slightly. It is reported in Washington that Japan
has transmitted a veiled warning to the Provisional
Government at Petrograd against the withdrawal
of Russia from the war. The Government at Tokio
is reported to have intimated that such action on
Russia’s part might be regarded as inimical to the
interests of Japan and that Japan, in such event,
would necessarily have to consider what steps she is
to take.
The proposed peace meeting of Socialists from all
countries in Stockholm next month seems to be
losing rapidly in point of interest and importance.
The Allied countries see in the entire movement an
ingenious piece of German intrigue. If the con
ference cannot be discredited on this line it appears
to be the plan of the British authorities to so arrange
it that the British representatives shall be strongminded and competent men who will be able to show
up the German plans in their proper light. Already
is there evidence in the German press comment of a
disposition to discourage participation in the con
ference. Meanwhile, however, there seems a de
termination on the part of all the Entente Powers to
take occasion to restate the objects of continuing the
war and the conditions under which peace would be
acceptable. Our own declaration is understood to
be contained in a statement cabled to the Russian
Government at Petrograd. This document was con
siderably delayed in its transmission and has not
yet been published. The French terms of peace
were definitely reiterated on Tuesday by Premier
Ribot and announcement is made that the British
Premier, David Lloyd George, will take occasion at
an early day to repeat the British conditions. By a
vote of 453 to 55 the French Chamber of Deputies
in secret session adopted a resolution declaring that
peace conditions must include the liberation of terri
tories occupied by Germany, the return of AlsaceLorraine to France and just reparation for damage
in the invaded regions. The resolution, which was
accepted by the Government, also favored the cre
ation of a league of nations for the maintenance of
peace. The resolution is given on a subsequent
page.
2212
THE CHRONICLE
Revolution once again appears to have broken out
in serious form in China. Nieh Shih-Chun, Military
Governor of Anhwei, in an interview in the ‘'China
Press’, at Peng-pu, on Tuesday, declared that Presi
dent Li Yuan-Hung must dismiss Parliament forth
with or he would have to go. If the President yields,
declared Nieh Shih-Chun, he will bo allowed to retain
his office; otherwise Hsu Shih-Chang, former Secretary
of State, will be made President. Nieh Shih-Chun
disclaimed any intentions of restoring the monarchy,
but gave warning that if General Chang Hsun, the
former Military Governor of Anhwei, goes to Peking
he will not make peace, but will go for the purpose of
overthrowing the President and restoring the Manchu
dynasty. He declared that he was opposed to Chang
Hsun going to Peking, and insisted that the other
military Governors only desire a new Parliament, but
that Chang Hsun desires a restoration of the mon
archy. Nieh Shih-Chun does not believe there will
be any fighting, saying that all the Peking troops,
even the Presidential bodyguard, favor the Military
Governors. He expects everything to be over within
a fortnight. After the new Parliament is elected, ho
says, war will be declared upon Germany. Our
Secretary of State, Mr. Lansing, has given formal
and emphatic denial to reports published in the
Chinese press that the United States was support
ing the revolutionary movement there, and had
even furnished funds for it. The Secretary said:
"M y attention has been called to certain charges
in Far Eastern papers that this country was sup
porting the revolutionary movement in China and
had even furnished largo sums of money for its
aid. This is absolutely false. The United States
has taken no action toward the revolution of any
sort. America’s great and constant interest in
China, as with all friendly nations, is the prevalence
of good order and domestic tranquility.” Secre
tary Lansing said he had no idea upon what the
charges were based, but that ho deplored them for
creating a false impression of this country’s good
will towards China.
Only £25,000,000 of Treasury bills were offered
for tender in London yesterday, the Government,
in view of the banks being called upon to hand over
their final war loan installment on Thursday, having
decided that it would be unwise to push the money
market too hard. The lowest tenders for the £40,
000,000 offered on Friday of last week were at £98
15s. 9^d. for three-months’ bills, £97 11s. lOd. for
six-months’ bills and £95 2s. 6d. for one-year bills.
Last week’s British revenues amounted to £7,341,000.
The total of all receipts was £130,399,000, the other
items concerned including £34,476,000 in Treasury
bills, £2,502,000 in Exchequer bonds, £10,500,000 in
war loan and £43,500,000 in temporary advances.
The week’s expenditures were £101,458,000 and the
total expenditures, including repayments, were £138,
549,000.
Despite the unsettling accounts from Russia, con
ditions on the London Stock Exchange seem more
cheerful, with prices firm, a feature that is due largely
to reinvestments of June dividends, including the
payment of £40,000,000 on the war loan. Shipping
and ammunition shares have especially been in de
mand, both of these descriptions responding to
merger rumors. It is reported that the ammunition
companies are anticipating good business after the
war as a result of some discoveries of far-reaching
[Vol . 104.
importance in chemical and engineering science dur
ing the war period. Metal company securities have
ruled irregular. The ironmasters throughout the
Midlands, Lancashire, Yorkshire, Cheshire and South
Wales advanced prices on Monday 23^%, making the
puddling rate 18s. per ton, or about 5s. above any
rate previously recorded. The average price realized
for the various grades of iron during March and April
was £15 4s. lid ., against £15 8d. for the previous
two months. Petroleum stocks have improved on
the news that the Anglo-Persian Oil Co. has pur
chased, through the public trustee, the entire under
taking of the British Petroleum Co., the Home Light
Oil Co. and the Petroleum SS. Co., the purchase
including 1,057,000 shares that have been held by the
Europaishe Petroleum Union, heretofore controlled
by the Deutsche Bank. The Anglo-Persian Oil Co.
is a quasi Government concern, as £2,000,000 of the
£3,000,000 ordinary capital is held by the British
Treasury. As to the reports of steamship mergers,
the chief one appears to be that of the New
Zealand Shipping Co., which is to be taken over by
the Peninsular & Oriental Co. on a basis of 10s. in
deferred stock of that concern and 30s. cash for each
£1 share. This proposal is equivalent to the pay
ment of over 60s. per share. The steady decrease
in the submarine casualties is another influence that
has affected shipping shares favorably. London
capital issues in May, excluding Treasury and Ex
chequer bills, aggregated £20,838,000. After the
payment of the dividend on the war loan, the money
situation at the British centre eased appreciably.
The food situation in the United Kingdom continues
the source of concern to officials, though the produce
crops arc making good progress, despite the shortage
of labor. The "Economist’s” index number, received
by cable, marks a new high record in the price of
commodities, the figure as of May 31 indicating an
advance of 33 points from the figure of April 30,
namely, from 5,379 to 5,412. Cereals and meat ad
vanced during May from 1362 to 1376jdh other food
products (tea, coffee, sugar, &c.) advanced from 642
to 648; textiles from 1240 to 12613^2■ Minerals, on
the other hand, declined from 1293 to 12863^. The
basic number of the "Economist” price is 2200.
This represents average quotations for the five-year
period 1901-1905. On this basis the current price
level represents an increase of 146%.
There was no session of the Paris Bourse last
Saturday. It will be closed again to-day and on
every succeeding Saturday until Sept. 29. Business
at the French centre seems to have settled down for
the usual summer dulncss. Prices have been some
what irregular, local strikes having affected war
stocks, while the Russian and industrial situations
combined with the recent heavy increase in the war
profits tax caused a selling movement. •The outlook
for the settlement of the strikes is considered brighter
as a result of concessions by employers. A recent
two-days’ debate in the Chamber of Deputies on the
subject of adequate control of food and coal supplies
resulted in a vote of confidence in the Government.
A bill has been drafted to increase railroad rates on
both freight and passengers to a maximum of 15%.
Official rates at leading European centres continue
to be quoted at 5% in London, Paris, Berlin, Vienna
and Copenhagen; 5)^% in Italy, Portugal and Nor
way; 6% in Petrograd and 43^% in Switzerland,
J une 9 1917.j
THE CHRONICLE
Holland and Spain. In London the private bank rate
has remained at 4 11-16 for sixty days and 4% % for
ninety days. No other reports have been received
by cable of open market rates at other European
centres, as far as we have been able to discover.
Call money in London is lower, closing at 33^@4M%,
against 4@4)4% a week ago.
3273
with 4,745,244,913 francs (of which 69,182,975 francs
were held abroad) a year ago and 3,919,626,370
francs in 1915.
The silver item was increased 142,000 francs.
Note circulation registered the notable gain of
200.461.000 francs. Bills discounted decreased 28,
504,000 francs and Treasury deposits were reduced
51.792.000 francs. Other changes were unimport
ant. Note circulation is 19,679,897,000 francs. At
this time last year the total was 15,665,234,890
francs and 12,015,728,670 francs in 1915. Compari
sons of the various items with the statement of last
week and the corresponding dates in 1916 and 1915
are as follows:
The Imperial Bank of Germany in its weekly
statement, issued as of May 31, shows the following
changes: Total coin and bullion increased 5,547,000
marks; gold expanded 43,000 marks; Treasury notes
declined 74,664,000 marks; notes of other banks de
creased 4,852,000 marks; bills discounted showed the
large expansion of 144,454,000 marks; advances de
BANK OF FRANCE’S COMPARATIVE STATEMENT.
creased 156,000 marks; investments increased 3,
Changes
------------------- Status as of------------------Week.
June 7 1917.
June 8 1916. June 10 1915.
819,000 marks; other securities were increased 9, Gold Holdings— forFrancs.
Francs.
Francs.
Francs.
267,000 marks; note circulation also registered a sub
stantial increase, viz.: 153,078,000 marks, while de Total................Inc. 4,840,050 5,278,501,325 4,745,244,913 3,919,626,370
Silver.............. ...Inc.
142,000
257,742,000
350,032,273
375.234,882
posits were reduced 102,515,000 marks; other liabili Discounts----------Dec.
28,504,000
493,657,000
399,165,197 258,362,288
Advances....... ...... Inc. 11,187,000 1,160,398,000 1,206,599,691
624,648,725
ties increased 32,852,000 marks. The German Note circulation...Inc.200,461,000 19.079,897,000 15,665,234,890 12,015,728,670
deposits..Dec. 51,792,000
75,441,000
42,213,108
44,142,104
Bank’s total holdings of gold now stand at 2,533, Treasury
General deposits...Inc. 12,591,000 2,640,700,000 2,090,454,400 2,124,591,403
215,000 marks, which compares with 2,464,400,000
marks in 1916 and 2,379,455,000 marks the year
The local money situation remains one of firmness.
preceding. Notes in circulation are 8,285,160,000, Demand loans may be said to be on a 4% basis, so
as against 6,737,766,000 marks at this time last year far as Stock Exchange business is concerned. Time
and 5,317,878,000 marks in 1915.
money rates are at least )4% higher, but no hint of
stringency seems to be contained in either the im
For the first time in several weeks the Bank of mediate or distant money position. There will, of
England announced a decline in its gold item, the course, be a natural accumulation of funds to meet
reduction, however, being only £12,661. Note the war-loan’s requirements from now on. For that
circulation declined £49,000; hence an increase in the matter, the movement may be said to really have be
total reserve of £37,000. An advance was recorded gun since subscriptions must be accompanied by 2%
in the proportion of reserves to liabilities to 20.48%, deposit. However, the entire plan of permitting sub
against 19.51% a week ago and 33.59% at the cor scriptions to remain with the banks, in most instances,
responding date last year. Public deposits were is calculated to prevent unnecessary tension. All
reduced £9,440,000. Other deposits, however, in other forms of demand are being restrained until
creased £1,317,000, and Government securities the war loan is out of the way. This is applying,
£167,000. Loans (other securities) decreased £8, in some measure, to mercantile requirements, but
306,000. The bank’s gold holdings now stand at.I especially to the new capital requirements on stock
£55,087,565, against £61,570,271 in 1916 and £59, exchange corporations, such as the railroads, &c.
385,241 the year before. Reserves total £34, In large measure, the firmness in money is being
572,000, which compares with £44,536,181 last reflected b y sentiment rather than by actual increase
year and £44,682,541 in 1915. Loans aggregate in demand. Bankers are expecting a steady demand
£106,749,000, as contrasted with £63,601,721 and for funds right along, but are confident that supplies
£136,816,139 one and two years ago, respectively. will be husbanded in a satisfactory wray. Particular
The English Bank reports as of June 2, the amount attention has been attracted to the address of Secre
of currency notes outstanding as £144,062,722, tary McAdoo in this city on Tuesday night as having
comparing with £141,384,869 a week ago. The a bearing upon money prospects. “ The Allied
amount of gold held for the redemption of such Governments and our own Government,” Mr. Me
notes is still reported at £28,500,000. Our special Adoo said, “ have got to buy here 810,000,000,000
correspondent is no longer able to give details by worth of materials and supplies—products of the
cable of the gold movement into and out of the bank farms, factories and mines—within the next twelve
for the bank week, inasmuch as the bank has dis months, if this war continues so long. The expendi
continued such reports. We append a tabular state ture of this vast sum of money will force prosperity
upon us whether we want it or not.” Lenders are
ment of comparisons:
also pointing out that we are now approaching the
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1917.
1910.
1915.
1914.
1913.
regular crop-maving season. While the Federal
J u n e0
June 7
Ju n eO
J u n e 10.
J u n e 11.
£
£
£
£
£
Reserve Act has greatly modified and scattered the
Circulation............ 38,965,000 35,481,090 33,152,700 28,695,500 27,389,115
Public deposits___ 47,998,000 50,300,669 123,341,653 16,998,894 13,81o)l30 demands for funds for this purpose, so far as New
Other deposits....... 120,797,000
82,286,419 91,442,555 41,677,506 40,143,545 York is concerned, the indirect effects of this exten
Governm’tsecurities 45,247,000 42,187,454 51,043,491 11,046,570 12,802,651
Other securities---- 106,749,000
63,601,721 136,810,139 38,055,690 31,043,627 sive demand can hardly fail to exercise a strengthen
Res’vc notes & coin 34,571,000
44,535,181 44,682,541 26,089,987 27,909,887
The issue of .$200,000,000 in Treasury
Coin and bullion... 55,087,565 61,570,271 59,385,241 30,935,487 37,849^002 ing influence.
Proportion of rcs've
certificates
of
indebtedness,
which was announced
to liabilities.......
20.48%
33.58%
20.80%
45.50%
51.75%
Bank rate.............
5%
5%
5%
3%
4 ^%
on Friday of last week, has been well over-subscribed.
The entire issue was placed through the Federal
A further increase in its gold holdings is registered Reserve banks. The certificates bear 3)4% and
by the Bank of France, namely, of 4,840,050 francs. mature July 30, which is the date of the second in
This brings the total (including 2,033,740,000 francs stallment of the Liberty Loan subscriptions. It is
held abroad) to 5,278,501,325 francs, comparing expected that another $200,000,000 of these cer
In
B a n k -------------------------- I n c .
A b r o a d ...................................D e c .
4 ,8 4 0 ,4 5 0
3 .2 4 4 ,7 6 1 ,3 2 5
400
2 ,0 3 3 ,7 4 0 ,0 0 0
4 ,6 7 6 ,0 6 1 ,9 3 7
6 9 ,1 8 2 ,9 7 5
3 ,9 1 9 ,6 2 6 ,3 7 0
_______________________
3274
[Vol. 104.
THE CHRONICLE
New York.
No changes in rates were announced by any of the
tificates will be offered next Friday, as it is the
Federal
Reserve banks as far as our knowledge goes.
Treasury’s policy to announce them bi-weekly.
Prevailing
rates for various classes of paper at the
There is an excellent demand for the certificates by
different
Reserve
banks are shown in the following:
banks and trust companies
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Last Saturday’s statement of New York Clearing
House members, which will be found in more com
a
3
plete form on a later page of this issue, showed the
1ft
CLASSES
I0
3
O
I
5
spectacular decline of $79,559,960 in reserves, at D ISC O U N T SOFA N D LO AN S
1 s a a j
5
|
•
3
2
tributable mainly to Federal Reserve Bank workings,
a
S
3
k
a.
*
S5
§
also in some measure to the subscriptions to the Lib Member Banks, Coll. Loans:
to 15 days’ maturity....... 334 3 3 334 334 334 334 334 3 3 334 334
erty Loan. The loan item was reduced $13,235,000. 1Discounts:
334 334 334 334 3 3 334 334
1 to 15 days’ maturity......
Net demand deposits registered a decrease of $73, 18 to 30 “ ’’ ....... 4'" 34 34 334
4 4 4 4 4 4 434 4 4
31 to 60 ’’
’’
....... 4 4 4 4 4 4 4 4 4 434 4 4
649,000, while net time deposits declined $21,965,000. 61 to 90 ’’ ’’ ....... 4 4 4 434 4 434 434 4 434 434 434 434
Agricultural and
Reserves in “ own vaults” increased $18,182,000, and Live-Stock Paper—
91 days to 6 months maturity 5 5 434 5 434 5 5 5 5 5 6 534
now stand at $448,720,000, of which $408,962,000 is Trade Acceptances—
1 to 30 days’ maturity----- 334 334 334 3 334 334 334 334 334 4 334 334
334 334 334 334 334 334 4 334 334
shown to be specie. Last year the total of reserves in 31 to 60 “ ’’ ___ 334 334 334
61 to 90 "
"
___ 334 334 334 4 334 334 334 334 4 4 334 334
Commodity
Paper
—
own vaults was $413,551,000, including $345,184,000 1 to 90 days’ maturity....... 4 . . . 334 4 334 334 . . . 334 4 1 4 ' 334 334
‘ specie. The reserve in Federal Reserve vaults Note .—Rate for bankers’ acceptances, 234% to 4%.
m
recorded the heavy decrease of $107,699,000, to
$208,286,000, against $159,310,000 a year ago. Re
Quotations for sterling exchange have scarcely
serves in other depositories were decreased $2,799,000, varied. There certainly is at the moment no indi
to $58,757,000, comparing with $58,165,000 in 1916. cation of an open and free market. Very little new
Circulation was expanded $1,660,000. Aggregate exchange is being created, as purchases of war sup
reserves were heavily reduced, viz.: $92,316,000. plies are being financed through credits that are being
The total now is $715,763,000, as against $631,026, advanced to the Allies by Washington. The plan
000 in 1916. The reserve required, however, de of the Treasury Department in advancing funds to
clined $12,756,040, in consequence of which surplus the Entente Powers in anticipation of their long
reserves decreased, as already noted, $79,559,960— term financing to follow the sale of bonds here is
a loss which carried the total of excess reserves down sufficient for present purposes and gold importa
to $96,869,710, and compares with over $176,429,670 tions have for the moment ended. It is in fact the
held a week ago. At this date last year the amount export movement that is attracting chief attention
on hand was $55,850,340.
and in this direction official efforts are being made
Referring to money rates in detail, call loans this to obtain assurance that the shipments of the precious
week have ranged between 3 and 4%, comparing with metal are not finding their way to enemy countries.
2 K @ 4M% last week. Monday there was no range, The State Department has made a request through
a single rate of 4% being quoted. Tuesday, Regis the Federal Reserve Board of bankers throughout
tration Day, was a Stock Exchange holiday. On the country to keep close watch on all accounts of
Wednesday 4% was still the high, with 3% low and alien enemies with a view to preventing the transfer
3% % the basis for renewals. Thursday’s range was of funds to neutral countries. The Department has
3% @4% and 3% % the ruling figure. Friday the evidence that Germans operating either as individuals
maximum was not changed from 4%, and the mini or through the instrumentality of American corpora
mum remained at 3% %, while renewals were at tions are trying to stir up trouble in Mexico and
4%. For fixed maturities the trend is still towards South America.
It is vitally necessary to their
increased firmness, and a further advance in plans, according to the Department, that they obtain
both short and long periods took place. Sixty days credits in this country. According to Washington
moved up to 43^@4%%, against 4@4)^%; ninety advices that seem to bear the earmarks of accuracy,
days to 43^@4^% , against 4 @ 4 ^ % ; four months the Department has enlisted as detective agents
to 43^@4M%, against 4 K @ 4 ^ % ; five months in this matter not only the bankers but the express
continued at 4J^@4^% , although six months’ and telegraph companies; all national bank exam
money advanced to 4^£@5%, against 43^@4^% iners have been told to examine closely all accounts
a week ago. Trading continued of small pro of Germans in the banks. In a letter to the banks the
portions, with most lenders out of the market transactions in which the State Department are inter
for the time being. The stiffening in rates was ested are divided as follows:
assigned to the large reduction in reserves shown
“ 1. Foreign exchange transactions between banks
by last Saturday’s bank statement. Last year sixty- in this country and banks in neutral countries.
day funds were quoted at 2 % @ 3 ^ % , ninety days
“ 2. Ordinary bank transactions, such as the ob
at 3@3J^%, four and five months at 3 @ 3 ^ % , and taining of credits by alien enemies resident in the
six months at 3%%. In mercantile paper the tone United States.
“ 3. Banking transactions between this country and
was firm, but without change, and sixty and ninety
Mexico or Central American and Southern American
days’ endorsed bills receivable and six months’ names
countries.”
of choice character remain as heretofore at 4% @5% ,
“ It is of course true,” said the Federal Reserve
while names not so well known still require 5 @ 5 ^ % .
Board,
“ that many accounts held by banks in this
Very little business was reported. Banks’ and bank
country
for the benefit of the alien enemies resident
ers’ acceptances were quiet and devoid of new fea
in
countries
adjacent to the United States are ordi
tures, with quotations practically unchanged. De
nary
commercial
accounts and up to the present time
tailed rates follow:
Delivery
■Spot Deliverythe
State
Department
has disclaimed any disposition
within
Thirty
Sixty
Ninety
30 Days. to interfere with the free operation of such accounts,
Days.
Days.
Days.
334 bid
33403
Eligible bills of mem. banks.3 3-16@3 1-16 3 3-16@3
being interested only in such transactions as may
Eligible bills of non-member
3 H bid
3M@3
banks............... .............. 334@334
334@334
appear to the bankers who are requested to facilitate
434 bid
4@334
Ineligible bills................ ..
434 @4
434@334
1
1I
June 9 1917.)
2215
THE CHRONICLE
the same as being of a suspicious character. The lance of their former fighting spirit were well re
Board is of the opinion that in view of your intimate ceived, but, unfortunately, were seriously offset by
contact with member banks in your district you are outbreaks of labor agitation and the unsettling oper
in a position to secure their co-operation in scrutiniz ations of the “ Reds,” the ultra-Socialists and other
ing and supervising financial transactions made or anarchist groups. Rubles, in response to these de
attempted to be made for the benefit of alien ene velopments and also to heavy selling for London
mies. Reports of suspicious transactions coming account, fluctuated violently—breaking on Wednes
to the notice of banks should be made to the Board day to a new low record, namely, 25.35. Later
by wire in order that the officials of the proper de rumors were circulated of a separate peace having
partment may be advised and immediately make been arranged wTith the Teutonic Powers which
investigations.”
• precipitated a further break to 24.80, though at the
The exportations of gold from the United States close a partial rally from this extreme low point
for May exceeded the importations by $33,176, took place. Francs ruled easier, with but slight
000. There have been reports that the ship variations in rates; as likewise did lire. Trading in
ments to Spain are finding their way into Germany these was exceptionally light. An important factor
or are being utilized on behalf of Germany for the in the prevalent dulness may be said to be
payment to neutral countries of merchandise ex the falling off in the inquiry for exchange due to the
ported into that Country.
Bankers who have large credits placed recently at the disposal of the
practical knowledge of the shipments say it is a French and Italian Governments by the United
physical impossibility in view of the maritime con States. Transactions in German and Austrian
ditions. The consignee in Spain of a considerable exchange of necessity remain suspended and quota
part of the gold is a large Spanish bank of the high tions are unobtainable. The sterling check rate on
est standing, whose manager is well known to be Paris closed at 27.18, the previous close. In New
pro-Ally. The view that gold is being transported York sight bills on the French centre finished at
from Spain to Germany by submarines received little 5 73%, against 5 72%; cables at 5 71%, against
credence in banking circles here, and the most 5 71%; commercial sight at 5 74%, against 5 73%,
plausible explanation appears to be one that Britain and commercial sixty days at 5 79%, against 5 79%
is utilizing New York balances to meet obligations a week ago. Reichmarks no quotations. Kronen
for supplies purchased from Spain. This week’s no quotations. Rubles finished at 25.10. This
gold exports have included $7,370,000, comprising compares with 26.35 on Friday of the preceding week.
$2,120,000 to Spain, $4,000,000 to Japan via San
Francisco, and $1,250,000 to South America.
In the exchanges of the neutral nations, the trend,
Referring specifically to quotations in detail, ster though showing some irregularity, has been towards
ling exchange on Saturday, comparing with Friday firmer levels. Spanish exchange moved up to an
of the preceding week, was quiet but firm, with de other new high point of 22.80 for sight bills, which is
mand bills still quoted at 4 75%@4 7 5 5 5 , cable attributed mainly to the continued demand for gold
transfers at 4 76 7-16 and sixty days at 4 72%. Mon from this centre for Spain. Swiss exchange ruled
day’s market was again exceptionally dull and but firm at previous high quotations, while the Scandi
few transactions were recorded; quotations were nqt navian exchanges were well maintained and guilders
changed from 4 76 7-16 for cable transfers and 4 72% were practically without change. Bankers’ sight on
for sixty days, although demand ruled at 4 7555 all Amsterdam finished at 41%, against 41%; cables at
day, against the previous range of 4 75%@4 7555. 41%, against 41%; commercial sight at 40 %, against
Transactions were further restricted on Tuesday by 40 11-16, and commercial sixty days at 40 7-16,
against 40% a week ago. Swiss exchange closed at
the fact that many important business concerns were 5 04 for bankers’ sight and 5 02% for cables, com
closed for the National Registration and dealings were pared with 5 06 and 5 04% the week previous.
at a low ebb; rates remained at the previous day’s Greek exchange (which as heretofore is looked upon
level. On Wednesday a slightly easier tone developed as neutral) continues to be quoted at 5 04. Copen
with demand down 5 points to 4 75%, mainly, how hagen checks finished at 28.60, against 28.60.
ever, on a poor inquiry; cable transfers and sixty days Checks on Sweden finished at 30.00, compared with
29.60, . and checks on Norway closed at 29.20, as
were quoted as heretofore at 4 76 7-16 and 4 72%, against 29.30 on Friday of last week. Spanish
respectively. Extreme dulness prevailed on Thurs pesetas, finished at 22.80, which compares with 22.45
day, business, in fact, being at times almost at a the previous close.
standstill; in keeping with this sterling quotations
were without change. On Friday the market ruled
The New York Clearing House banks, in their op
quiet and a shade easier. Closing quotations were erations with interior institutions, have lost $3,699,4 76 7-16 for cable transfers, 4 7547%@4 75% for 000 net in cash as a result of the currency movements
demand and 4 72@4 7234$ for sixty days. Commer for the week ending June 8. Their receipts from the
interior have aggregated $6,314,000, while the ship
cial sight finished at 4 75%@4 75%, sixty days at ments have reached 810,013,000. Adding the Sub
4 71%@4 7134, ninety days at 4 69%@4 69%, Treasury and Federal Reserve operations and the gold
documents for payment (sixty days) at 4 71% and exports, which together occasioned a loss of $83,382,
seven-day grain bills at 4 74%@4 74%. Cotton and 000, the combined rest. It of the flow of money into and
out of the New York banks for the week appears to
grain for payment closed at 4 75%@4 75%.
have been a loss of $87,081,000. I t should be u nder
The Continental exchanges have experienced
another dull week, with the volume of business
transacted small and the tone irregular. Attention
has once more been centred upon conditions in
Russia, which have again become disconcerting.
The efforts of M. Kerensky, the new Minister of
War, to restore the Russian troops to some semb
stood, however, that a good part o f this loss represents
transfers to the Federal Reserve Bank and therefore will
not count as a loss in reserves.
W e e k e n d in g J u n e
8.
Banks’ Interior movement___
Sub-Treas. and Fed. Res. operations
and gold exports.......... ..............
Total........................................
In to
B a nks.
50,314,000
19,029,000
O ut o f
B anks.
N et C hange In
B a n k H o ld in g s .
S10.013.000 L o s s S3,699,000
102,411,000 Loss 83,382,000
$25,343,000 SI 12,424.000 Loss 587,081,000
2216
THE CHRONICLE
[V o l .
104.
The following table indicates the amount of bullion the army and National Guard are available. But
even if these protective influences did not exist, we
in the principal European banks:
should look for no repetition of the events of the
June 8 1916.
June 71917.
Civil War draft. The United States Government
Batiks of
Total.
Silver.
Gold.
Total.
Silver.
Qold.
itself is a different affair from what it was then.
£
£
£
£
£
£
61,570,271
55,087,565 61,570,271
Objectors to the plan of compulsory military service
England.. 55,087,565
203,811,080
Francea . . 129,790,453 10,280,000 140,070,453 189.809,800 14,001,280
Germany . 126,660,750 1,695,700 128,356,450 123,220,150 1,762,100 124,982,250 are aware that effective resistance is impossible.
Russia * . . 148,029,000 12.273.000 160,302,000 162,974,000 6.241.000 169,215,000
Au8-Hun.c 51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 63.718.000 There is little reason to anticipate any serious demon
Spain___ 57.103.000 30.120.000 87.223.000 40.331.000 30.705.000 71.036.000
Italy____ 34.048.000 2,612,000 36.660.000 40.085.000 3.985.000 44.070.000 stration when the Government completes its plans.
495,600 45,736,600
585,200 50,221,200 45.241.000
Netherl ’ds 49.636.000
600,000 15.980.000
Nat.Bel. h 15.380.000
600,000 15.980.000 15.380.000
This advancing of the program for raising a large
10,270,700
13,670,300 10,270,700
Swltz’land 13,670,300
9.220.000 American army,
11.271.000 9.220.000
Sweden . . 11.271.000
and perhaps dispatching it to
7.960.000
267,666
7.753.000
Denmark . 9.595.000 “ i3i‘,666 9.726.000
6.835.000
N orw ay.. 7.163.000
7.163.000 6.835.000
Europe, brings the question nearer, what are to be
Tot. week. 709,012,068 70,436,900 779,448,968 764,267,921 70,136,980 834,404,901 the larger economic consequences of the movement.
Prev.week 707,751,061 70,043,700 777,794,761 761,841,357 69,941,000 831,782,357
a Gold holdings of tho Bank of Franpe this year are exclusive of £81,349 ,®00 Plainly enough, the withdrawal of so large a number
held abroad.
of able-bodied men from their ordinary activities
* Tho gold holdings of the Bank of Russia for both years In the above statement
have been revised by eliminating tho so-called gold balance held abroad. On
will accentuate very strikingly the situation in the
the latest reported date, the amount so held, £211,878,000.
c July 30 1914 In both years, h Aug. 0 1914 In both years.
employment field, which has already become embar
rassing. To judge the probable result, we are forced
to look to the experience of Europe in this war, not
THE REGISTRATION A N D THE DRAFT.
to
our own experience in the War of Secession.
This week’s large and orderly registration of
The
situation in the older period was exceptional.
American citizens between 21 ancl 31 years of age,
with the purpose of a future draft for army service, From 1861 to 1865, inclusive, nearly 800,000 immi
was of particular interest as indicating that the grants came to the United States— a wholly unprece
machinery of government in such matters is working dented number for those days— and there was no
smoothly. The newspapers seemed to think before drain on existing labor supplies through return of
hand that the main ground of apprehension was that immigrants to Europe. To-day, owing to the call
violence would occur and the call for registration be of European countries for military service from their
riotously resisted. Nothing of this has happened; citizens in the United States, there has actually been
judged by last Tuesday’s incidents, it might have for nearly thr$e years a substantial emigration of
been merely the registration of voters for a Presi laborers; immigration, meantime, falling to the
smallest proportions in nearly forty years, and repre
dential election.
This, however, it seems to us, is what was to be senting as a rule the less useful types of laborers.
expected. It was purely a routine procedure. No This situation, coming along with the country’s great
one who registered knew that he would be actually industrial activity— especially in munitions manufac
drafted into the service or that he would not. In ture, a new field for the United States on its present
general, the impression prevailed that at most only scale— created a troublesome scarcity of labor more
one in ten of the estimated ten million registered men than a year ago. It has been felt, indeed, not only
of military age would be called on for the army. in the great manufacturing centres, but in ordinary
What was much more to be looked for in advance business offices, in grain and cotton fields, and in
was that the Government’s machinery might break domestic service.
But if this is already the situation, how will it be
down, that the men would not present themselves
affected
by the withdrawals for the army? This
simply because of ignorance, and that the whole
thing might virtually have to be repeated. This did problem will naturally not be ignored by the Govern
ment. The European belligerents began the war by
not occur.
As to whether the actual draft for service will be ignoring it, and very soon had to revise their policy
completed with equal smoothness, that remains for entirely, and pay as careful attention to the retaining
events to determine. The only precedent in the of competent workers at the mills and of competent
United States, the draft of the Civil War, might sug laborers in the fields as to filling up the quota for
gest unpleasant implications. But there were many the armies. Even so, after tho most careful balanc
circumstances surrounding that episode of 1863 ing of the two requirements, it has remained, for
which do not exist to-day. The New York draft England, France and Germany especially, to recruit
riots of that year, which began with attacks on the the ranks of labor on a previously unimagined scale
registration places, which were followed by assaults with women. To-day the story of all Europe is not
on negroes and on newspaper offices, and which only of women working in the munition factories and
extended in a few days to the proportions of a general in the fields, but of women bank clerks, women
uprising of the lawless elements of the city, were street-car conductors, women employees in all
largely political in origin. The State and loca branches of business, and women in the agencies and
Governments had vehemently opposed the Federal ticket offices previously occupied by men. It
draft; it was in a way a party question; and the amounted to something in the nature of a revolution
political following of the opposition party in the in social methods and relationships.
Something of this process will be inevitable in the
New York of those days was largely organized from
United
States if war continues, and if one or two
elements dangerous to public order. The police
force— a very weak organization, judged by present million of our younger men are sent to the European
ideas— was inadequate to cope with the emergency, front. That the wage question itself will become
and the Federal military forces had been drawn away even more urgent a consideration, in prices of goods
and business profits, would seem to be a certainty.
from the city to the campaign at Gettysburg.
At present, State and city administration are co Whether and to what extent we shall approach
operating with the Federal plan. In the large cities, Europe’s present condition in these regards, and with
New York especially, the police force is equipped what results on American industry itself, depends
and organized in a way not conceivable in 1863, and necessarily on the duration of the war. But that,
J une 9 1917.j
THE CHRONICLE
also, is to-day surrounded with unusual uncertainties.
All calculations, both as to results of this summer’s
European campaigns and as to the possibility of
terminating the war, have been upset by the recent
turn of events in Russia. Since no one can do more
than conjecture what will be the outcome, political
or military, of that situation, it follows that predic
tion as to the war itself becomes mere guesswork.
With Russia conceivably reduced to military inac
tivity, the prospect for a large draft of American men
for the European campaign would evidently in
crease. The single clear spot in the situation is the
admitted fact that the European nations as a whole
are anxious for peace and very unwilling to go through
another winter under present conditions.
It is hardly imaginable— especially if the recent
rapid decline in submarine efficiency should continue
— that Germany, conscious of what the active pre
parations of the United States would really mean, will
not at least renew in the later autumn her previous
overtures for peace; perhaps in a form which will
make possible the consideration of them. But this
also depends on the course of events which are still
surrounded with obscurity. To-day the belligerent
Governments themselves are as uncertain on the
question of the probable next diplomatic step as is
the ordinary reader of the news. When the German
Chancellor bluntly refuses to give the Reichstag the
slightest information as to what are his own ideas,
intentions or probable conditions, it is safe to assume
that the Imperial Government itself is awaiting
developments which it is unable to foresee.
IN TIMATIONS OF PEACE.
Are there any signs in the sky which indicate the
coming of peace to a war-weary world? One could
wish that they were clear, but they are not. And
yet (we must change our figure) in the midst of
confusion that is almost chaos, there are stirrings
under the surface of events that are at least signifi
cant. Let us examine some of them.
First and foremost— Russia is no longer fighting.
We cannot estimate how far the “ second Provisional
Government” is under the influence of the “ Council
of Workmen’s and Soldiers delegates,” we do not
know to what extent sporadic anarchy exists in that
vast territory, but in spite of pressure by the Allies,
and the apparent need for a “ strong hand” at home
to force local unity by renewed foreign fighting, a
separate peace by Russia still hangs in the balance.
Now comes from Petrograd, through this
Council, a call 'to the Socialist parties and central
federations of trade unions of the world,” proposing
an international conference. This is not the Stock
holm meeting, and it would seem to be a partial
repudiation thereof, and a widening of the “ call” to
include the body of labor everywhere. A part of the
proposal reads as follows:
“ The Council of Workmen’s and Soldiers’ Delegates
is of the opinion that the speedy termination of the
war and the restoration ol international peace on the
basis required by the general interests of labor as well
as of mankind can only be achieved if the Socialist
labor parties and trade unions in all countries,
belligerent and neutral, will unite their efforts in a
stubborn and energetic tight against this universal
slaughter.
“ The first important step in that direction is the
summoning of an international conference, the main
object of which should be to arrive at an agreement
between the representatives of the Socialist prole
2211
tariat in regard to the termination of the 'party truce’
with imperialistic Governments and classes which
makes nugatory the real struggle for peace, as well
as to carry this endeavor into practical effect.”
And the ground upon which the effort is to be made
is stated to be “ Peace Without Annexations or
Indemnities on the Basis of Rights of Nations to
Decide their own Destiny.” When we attempt to
weigh this straw we cannot forget that Governments
make peace even as they make war. Add to this a
recent partial statement of “ terms” in France, as
follows:
“ The Chamber of Deputies, the direct expression
of the sovereignty of the French people,’ salutes the
Russian and other allied democracies, and indorses
the unanimous protest which the representatives of
Alsace-Lorraine, torn from France against their will,
have made to the National Assembly. It declares
that it expects from the war imposed upon Europe by
the aggression of imperialist Germany the return of
Alsace-Lorraine to the mother country, together with
liberation of invaded territories and just reparation
for damage.
“ Far removed from all thoughts of conquest and
enslavement, it expects that the efforts of the armies
of the Republic and her allies will secure, once
Prussian militarism is destroyed, durable gurantees
for peace and independence for peoples great and
small, in a league of nations such as has already been
foreshadowed.”
It is not that this statement differs from claims
made heretofore that it is significant, but that it is
made at all, and made after the entrance of the
United States into the struggle, and in view of the
silence in England, and the past protestations there
against any statement of terms at all.
Add to this a note sent by the President to the
Provisional Government of Russia, not made public
there or here, but which is believed to be a partial
statement of aims and terms on our part, and to have
an important bearing upon Russia’s future warfare.
Add to this what looks like a change in the expression
of our own national reasons for entering the conflict,
a change veering from “ world democracy” to defini
tive statements such as this from Secretary Lane:
“ Why are we fighting Germany ? The brief answer
is that ours is a war of self-defense. We did not
wish to fight Germany. She made the attack upon
us; not on our shores, but on our ships, our lives, our
rights, our future.”
And this, in the face of the statement by Asquith
in the House of Commons, commenting on our
entrance, which in substance was that our material
interests were not seriously affected nor our local
democracy imperiled, and the more recent unhappy
phrase of Mr. Wilson that we had no “ special griev
ance.” And last Sunday we had this statement from
Senator Borah:
“ It seems to me, therefore, in all candor, that we
may well suspend for a time this surfeit of talk about
democracy as an abstract principle of government to
be applied benignantly and indiscriminately to every
people wherever or however situated, and spend more
time, write more editorials, and express more views
relative to the interests and welfare of this particular
democracy of ours. Its whole future and its whole
existence are wrapped up now in the success of this
fight in which we are engaged, and it is a theme, as
it occurs to me, upon which we may well concentrate
our minds and our thought.”
But as we get thus closer to definitions, what
would become of our position if Germany should
suddenly announce an utter abandonment of the
.
3278
THE CHRONICLE
submarine frightfulness? And finally we introduce
here an interpolated but huge “ if” uttered by Secre
tary M cAdoo in a speech on the war bond subscrip
tions:
“ If this war continues for another twelve months
it is probable that the total amount of financing that
the Government will have to do to cover its own
expenditures and to extend the necessary credits to
the allied Governments will amount to $10,000,000,
000. ”
[Vol .
104.
Is the hopelessness of the continued slaughter
coming home to the heart of humanity ? Does labor
see that labor pays in the end? Will conviction
strike home on one side or the other, and the war end
as suddenly as it began? Will militarism soon fall
by its own weight? Will the Emperor William
abdicate, and mayhap end it all? Will an “ over
subscribed loan” by this country carry its message
to the masses in Germany? Will secret diplomacy
soon spring a surprise on the world ? Can the material
forever triumph over the spiritual? If there is a
good to come, has not the war demonstrated what it
is even now? And if the submarine warfare con
cludes in failure, will the end come quickly ?
N o one can answer: But the world is weary,
weary, weary. And even in the very hopelessness
of the present are there not after all some indications
of a groundswell for peace?
What impels the Secretary to say “ if” ? Many fore
see a long war and say so. Has the Government any
knowledge in its possession that the people have not?
W hy, a year will just see us “ getting ready” according
to the best estimates we have. We take these things
all together and ask if they do not to a degree make
a sort of negative from which a faint imprint of
peace may be taken?
Suppose now Russia makes a separate peace, will
it not force a statement of “ terms” both in England
THE PRINCIPLES UNDERLYING TA X A TIO N .
and Germany? And is not a statement of “ terms”
The proposed burden on the publishing business
a prerequisite to any negotiations that may ensue?
by
applying a graduated “ zone” tax through the
Again, in turning to an explicit statement of aims and
postage
rates on second-class matter, particularly
causes upon the part of the United States, do we not
by
putting
a special postage rate on the advertise
to an extent state our “ terms,” and doing this place
ment
portions,
appears to have died in the Senate
ourselves where a sudden revolution in Germany
against the ruling powers would compel the United Committee the death its folly deserved; the later
States to desist, though the German people, unlike proposition is to lay an income tax of 2 % on adver
the Russian,were to determine to carry on the war? tising receipts. This form of tax would be possible
And if we were to be placed in such a position, would to assess and collect, and it is not so surely destruc
not the United States be compelled to try to induce tive as the first proposition, yet it also is unjust and
England and France to make “ peace without vic unadvisable. Publishers already pay tax on their
tory?” And still further, any and all statements or incomes, and those are being steadily lessened by the
attempted statements of “ terms” are preparatory to increased cost of paper and otherwise. Newspapers
a preliminary truce all around, they clear the may be classed along with railroads as a public in
atmosphere by showing that only certain immediate strumentality. Some persons are talking pessimis
conditions can be considered, leaving the greater aim tically, chiefly in connection with the Liberty Loan,
of democracy for the entire world to be worked out declaring that the country has not yet a realizing sense
of the fact (and of the serious meaning of the fact)
in the future.
As we have said these are but the intimations of that we are at war; but what other means than the
peace. Fierce but intermittent fighting still con press have we for arousing the country, if it is really
tinues in the West. On the other hand, the Italian not yet aroused? To all announcements and appeals
offensive seems to have come to a standstill. And from the President, to the predominantly stirring
we have a military correspondent of the London business of placing the great loan on the almost in
dispensable basis of a wide popular taking, and to
“ Times” writing:
the matter of the registration just completed, the
“ The Allied campaign in the West must be judged
newspapers have given space without stint and with
in relation to the anticipated timely co-operation of
the Russian armies, which were, early in March, two out any compensation directly, thus accomplishing a
or three times superior numerically to the Austro- work which could not possibly have been accom
Germans facing them. Thanks to the devotion of plished otherwise. The “ Government” includes, at
the Western allies a brilliant campaign by the Russian most only a few hundred men, and can neither raise
armies seemed assured, and their intervention was funds for expending nor carry on a war; it depends
timed for a certain date. But when the date came absolutely upon the people for everything, and the
no Russian intervention occurred.
support of the people for it can be had only by keep
“ Not the fact but the military consequences of the
revolution fill Russia’s Western allies with profound ing the people informed of the facts of the situation.
regret. We had a great fighting chance of bringing Without the newspapers, the Government, whatever
Germany to her knees in this year’s campaign, strong the ability of the persons composing it for the time
though she remains. If the Russian revolution being, would be nearly as helpless as without the
brought freedom to Russia, it also risked bringing railroads. Both these great instrumentalities of com
slavery to Europe, and at best it will prolong the munication and of national life should therefore stand
campaign for a year, unless the Russian armies are
able to renew promptly the mighty deeds of their as a preferred class rather than be subjected to either
punitive or unfair taxation.
past.”
This applies with equal force to all the censor
Undoubtedly the war can be prolonged. The
ship propositions, which may now be deemed virtu
question is can it be decisively won at arms by any
ally dead, although stoutly insisted upon by Mr.
one? While Germany holds together, even with the
Wilson. The public learned from the newspapers
United States on the fighting front, can Germany be
of the safe arrival of the American flotilla in the war
beaten at arms? And although the Allies be fed,
zone, and also of the arrival of the Root party in a
can Germany be starved ? We have the testimony of
Russian port, and now of our warships reaching the
M r. Gerard that she cannot be starved into sub
coast of France; but the public learned of the arrival,
mission.
June 9 1917.]
THE CHRONICLE
in each case, before it had learned of the departure.
The voluntary censorship has proved and justified
its sufficiency.
Incidentally, it might be noted just now, while
speaking of income taxes, that one objection to the
re-entry of the Federal Government upon them, in
a time of peace, was that the States could resort to
the same superficially attractive means of gathering
revenue to spend and would be quite prone to follow
the example set. In the article on “ The Financial
Situation’ ’ in our issue of April 28 we referred to the
Emerson bill then under consideration by the Legis
lature at Albany for putting a “ franchise” tax of 3 %
on the net incomes of mercantile and manufacturing
corporations. Now an unobtrusive and little-noticed
news item informs us that Governor Whitman, on
Monday last, approved the Emerson bill. This is
expected by its author to produce 30 millions a year,
two-thirds to go to the State and the remainder to
the municipalities where the subjects of it arc located.
Corporations subject to the tax will be exempt from
personal property tax, but the exemption will not
apply to money in bank, &c., and the State Comp
troller is quoted as saying that most of the revenue
produced will come from corporations which have
liitherto paid little or nothing in franchise taxes.
An additional tax of $20 a bushel (estimated to
be equivalent to over $5 a gallon on the product)
on all foodstuffs used in making distilled spirits for
use as beverages has been agreed to by the Senate
Committee. An avowed purpose is to conserve the
food supply, but the New York State Wholesale
Liquor Dealers’ Association printed an advertise
ment, a few weeks ago, which set forth that, accord
ing to the report of the Internal Revenue Commis
sioner, the wheat, barley and oats used in making
distilled liquors in 1916 was only a small fraction
of one per cent, and the corn used was only about
VA Pcr cent, of the country’s product in that year;
that the net consumption of grain was only 13 million
bushels, less than a third of one per cent of the total
product and worth less than 13 million dollars;
further, that from the product of this small fractional
part of the grain crop came a Government revenue
of $102,864,487. So they ask whether there is any
other way by which material worth 13 millions may
be utilized to provide such large revenue.
The Senate Committee is reported as estimating
that the distilled spirits already in bond will last
several years, at the present rate of consumption,
and that the tax collected on them as withdrawn will
prevent any serious curtailing of revenue, so that the
effect of this amendment, proposed by Senator Gore,
an avowed prohibitionist, will be to stop manu
facture. For several years past the liquor interests
have been trying to make head against prohibition
by citing, as their strongest card, the revenue from
the traffic, always adding that without this revenue
there must be a heavy increase in taxation. The
argument is obviously incomplete, since it takes no
account of the public expenses caused by liquor.
Considered only as a question of revenue, it is not
clear that it is expedient, in the present situation, to
undertake to put a prohibitive ktax upon distilled
liquors. But—without discussing that, and leaving
to the prohibitionists the utmost which they can
justly claim on the ground of public policy—it must
be said that all attempts to use the destructive power
which is inherent in taxation for the express purpose
of destroying are wrong in principle and establish
2279
a bad precedent which is very liable to abuse. The
primary and only indisputable function of levying
taxes is to provide needed public revenue; to lay a
tax for what is called protection and encouragement
of certain industries goes one step further and
brings in a controversy which in no country on the
globe has yet reached an irrevocable settlement; to
lay a tax which is intended and expected to yield
no revenue but, instead, to destroy something, is
not new, yet very difficult of defense. This was
done, notably, when the circulation of existing banks
was killed by a tax, more than fifty years ago; but
it should be left, at least, for times of emergency
which suspend all ordinary considerations.
Prohibition is already so nearly general by inde
pendent State action, and the trend towards trying
it seems so firmly fixed, that there seems neither
need nor p r o p r i e t y j n having the Federal Govern
ment take a hand in it. Any State which does not
believe in the expediency or the feasibility of a pro
hibitory law should be left free to regulate this part
of its own internal affairs. There is no more reason
for attempting to end the liquor business by a Fed
eral enactment or by a Constitutional amendment
than for attempting to deal thus with other questions
of policy, that of abolishing the death penalty, for
example.
______________________
W E A K ARGUMENTS AGAINST THE ADVANCE
I N RAILROAD RATES.
As the date for closing the hearing on the desired
flat 15% rate increase draws near (next week having
been mentioned as the limit) the opponents of the
increase seem to have consolidated themselves in
what they call the National Shippers’ Committee.
Mr. S. H. Cowan, representing the National Live
stock Shippers’ Protective League, told the Inter
State Commerce Commission that the increased rate
on livestock would add from 8 to 9 millions to the
gross earnings of the roads and in the end the con
sumer would have to meet this; a representative of the
Western Petroleum Refiners’ Association said an
increase would mean another blow at independent
interests, and that “ independent oil companies should
not be required to contribute to the carriers’ fund for
better equipment; we now rent or own and maintain
large numbers of tank cars which cost the railroads
nothing.”
And so on. Grant to these objectors the benefit
of whatever impressiveness may be drawn from the
association titles they assume (capital letters and
all) and there does not appear to be any serious
weight in their protests, in the present situation.
The National Shippers’ Committee is appropriately
represented by Mr. Clifford Thorne, for he is really
discredited by a persistent and habitual bias, having
been active in opposing any rate advances heretofore;
as Railroad Commissioner for Iowa he has taken
the same attitude as that apparently taken, however
unconsciously, by the Inter-State Commission itself,
namely, that of advocate on the side of the people
against the roads instead of that of an impartial
judge. Mr. Thorne’s committee, the Washington
press correspondents inform us, has opened an office
at the Capital, and has prepared some statistical
exhibits which purport to show that the roads have
been extremely prosperous and, at the very utmost,
do not need more than a 3.8% advance, provided the
experience of 1917 thus far remains constant. He
denies that the burdens upon the roads have increased
2280
THE CHRONICLE
[Vol. 104.
as claimed, and, particularly, affirms that the advance either interest or notice, be continued? This is the
in coal is applicable to only a few instances. As to question.
With the hearing, announced for yesterday, of the
this, it seems enough to recall (without taking space
new
National Association of Owners of Railroad
to re-state any of them) the figures given by the roads
Securities,
the hitherto unrepresented phase of the
to the Commission a month ago; these stand un
refuted as yet, and we do not believe a mere general subject is brought prominently forward. The Com
mittee, appointed at the Baltimore meeting, in
denial can shake them.
On the other hand, M r. John R . Glenn, Secretary cludes officers of the largest life insurance companies,
of the Illinois Manufacturers’ Association, who has officers of a half-dozen of the largest fire insurance
previously opposed rate advances before the Com companies and the head of the second largest savings
mission on a number of occasions, appeared on Tues bank of this State, who is also head of the Savings
day on behalf of the present application. Citing Bank Association of this State. Thus the insurance
figures “ by learned counsel on the other side” as to companies and the savings bank interest take the
the net earnings of the carriers in the last six months position, too long delayed, of publicly recognizing
of 1916, these figures having apparently been offered and standing for the concern of the policyholders and
as evidence of railway prosperity, notwithstanding savings depositors for whom they are trustees in the
they were lower in December than in any other life and welfare of railroads. It is a favorable omen.
month of the six, he said the total for the half-year,
although $698,336,000, was nothing very striking GOV. W H IT M A N A N D N E W YORK CENTRAL'S
when compared with the increase in the value of the
WEST SIDE IMPROVEMENT.
corn and potato crops of 1916 over 1915. This may
The three bills left in Gov. Whitman’s hands
be, and it may be quite true that the amount of the
relating
to proposed improvements by the N. Y .
rate increase asked is not large when set over against
Central
and,
much more largely and permanently,
the large things the Government is doing and pro
to
the
public
concern in those improvements, have
posing; still, all such comparisons do not go just to the
marrow of the subject, and M r. Glenn was more help been approved by him. Of the West Side improve
ful to it in his practical way of emphasizing the ment he remarks that Chapter 717 of the Laws of 1911
railway efficiency which is vital to the country’s has failed to secure practical results, despite six years
success in its tremendous task. Of what value will of agitation, and that no tracks have been removed
all our expenditure be (in building ships, for example) from streets ap a result of it nor have any better
if we cannot get our food and our manufactured freight terminals been provided. This is correct as
products to the seaboard ? Is not transportation one a bare literal statement, but the cause of the failure
of the main factors in the conduct of the war ? What is known, and, indeed, it is indicated by Gov. Whit
does it matter if we have all the munitions and food man’s own statement; the cause has been that the
that could be desired if we cannot transport it whither time has been frittered away in negotiations, in
it needs to go? This, he said, would be like having volving conditions to which the road could not
all the wealth of the world and losing one’s soul, by reasonably be expected to assent. Now, when these
which he meant having material things in unlimited have been removed or smoothed over and a ground
amount but being unable to realize the only sufficient of nearly prospective work has been reached, the
Ottinger law brings in the Public Service Commission
purpose of having them.
The objecting shippers have offered only two as a party in joint control with the Board of Estimate.
points: that they do not want to pay any more for The Commission, which had the bill prepared,
haulage of goods, and that the carriers are really evidently for the purpose of getting its own hand in,
prosperous enough and do not need any more net will of course set up as a barrier the fact that it has
income. The first of these is self-evident; nobody not consented or been heard, and “ hearings” and
wants to pay more for anything, but the situation delays will begin anew. Further, the Ottinger law
demands more, and the only question open for de provides that if the Commission and the Board of
termining is the same question underlying the tax Estimate do not get together on a final contract by
bill: whether the burden shall be redistributed to the Dec. 1 tl e Commission shall take charge of the whole
utmost, on the principle of insurance, or whether subject. Naturally, the Commission will see to it
it shall be left to lie destructively upon the interests that the two bodies do not thus get together, since
which receive its force in the first instance. The by the delay which the bill was intended to produce
allegation that the carriers are sufficiently prosperous it can get exclusive power over the subject and thus
is idle, in face of the known fact that everything enlarge itself, as all such bodies desire to do.
Strangely, Gov. Whitman perceives— or, at least,
consumed by them has been rising in cost and that
admits—
no prospect of any delay, for he says that
their chief article of consumption, that of labor, has
“
I
find
in
it no barrier to the concluding of a proper
been pushed upward by the periodical wage increases
agreement
or contract, but I do find assurances that
of the last five years, notably within the past eight
months. The carriers have no power to keep down if negotiations authorized and started in 1911 do not
the cost of all they must buy, and they are denied yield results in 1917 something more than negotia
by the law the privilege which the private dealer has tions will be set in motion.” At the same time, he
of raising his prices when those he has to pay are approves the Green bill, which creates another com
raised. The roads are using every resource in their mission of seven persons to investigate the whole
power to meet the exigencies of the times; for example, subject and report to the next legislative session. It
they are curtailing passenger service, as foreshadowed is not natural that a commission set upon an investiga
some weeks ago, in order to release locomotives and tion of a certain large matter will not put itself in the
train crews for employment on freight. Shall this way of having that matter finished up, outside of
essential instrumentality of the nation be aided, or itself and before it has opportunity to take the stage
shall the public indifference which has suffered wage with a formal report; therefore, the adding of the
increases to be extorted, without any evidence of Green law to the Ottinger does not make for ex
June 9 1917.]
THE CHRONICLE
pecliting arrangements and actual construction. Of
this Green bill Gov. Whitman says that “ I am so
desirous of an early and satisfactory solution of this
long-delayed West Side matter that it seems to me
wiser to sign than to disapprovet his bill; every means
likely to contribute to a favorable outcome of this
situation may best be had, and the availability of
the special inquiry contemplated by the present bil
may prove helpful to that end.,,
The hinted threat that if some definite result out
of negotiations begun in 1911 does not come in this
year “ there will be set in motion something more than
negotiations” can have only one meaning: that when
the Commission comes into full control it will write
its own conditions and undertake to force them upon
the Central.
As if the mishap and public loss by the halting of
the West Side improvement were not enough, Gov.
Whitman has also approved the Welsh bill, which
halts the proposed bridge at Castleton by requiring
it to be without a pier. Now the road calls off
its engineers and purchasing agents and abandons the
bridge project for the present— very probably, until
the war is over and prices have re-settled themselves.
It is reported that a plan for a bridge north of Albany
is in consideration, and this may be correct, for a
work can be in consideration for a long time without
either action or commitment.
Mayor Mitchel sees nothing but more and in
definite delay for the West Side work. The Board of
Estimate, he says, will obey the law and do the best
it can, but he does not believe the Central will yield
the one most vital position it had taken in the matter,
and he expects nothing better than a loss of all the
preliminary work of negotiation already had and an
indefinite continuance of the present situation.
This is an unhappy and most untimely outcome of
a very serious prolonged effort. Other than the dis
creditable aims of party politics, no explanation can
be suggested except the old and persistent notion
that a great railroad is at odds with instead Of one
with the public interest. If this was ever true, in
some instances, it has long ceased to be true. A
railroad cannot thrive at all unless the section it
traverses and serves thrives also; it is equally true
that the country cannot thrive unless its railroads
thrive. We ought to realize this now, unanimously
and heartily, as we are entering upon the most serious
undertaking which has ever confronted this country.
But if we do not yet realize it, we must live and
learn.
RED CROSS WEEK— JUNE 18 TO 25.
We of to-day live in a strange time. Striving to
withdraw and look on from afar, we seem to behold
a mad fighting world, but one irradiated with the
light cf a lofty dream the ideal of a large and last
ing liberty. This ideal, variously interpreted, shines
above every camp, and glows in the heart of every
people. Never has civilization risen so high, or
barbarism descended so low, as now. And the anom
alous condition obtains of sacrifice girding on the
sword, of democracy putting on the livery of au
tocracy, and of war enlisting under the banner of
peace, that freedom, which is the natural birth
right of humanity, freedom of seas and lands and
peoples, may be established and made enduring.
So say they all— while death riots across a continent
and suffering millions cry to heaven for rest and
relief.
2281
But if the world is broken, it shall be bound up.
If it wounds; it will heal. For it is the world of
Man. He who destroys alone hath power to re
build. Man is both builder and destroyer. And
never was harm done that help did not follow; and
wherever hate goes, love is found; for the divine in
man is immortal; the spiritual is the natural. And
the Red Cross in war symbolizes the imperishable
good that dwells in the heart of the world, regnant
amid ruin, supreme above sorrow, triumphant over
death.
It is proposed to solicit during the week June 18
25, one hundred millions of dollars for the work of
the American Red Cross. There would seem to be
no need to enter a plea for a quick response to this
request. In the midst of forthcoming billions for
war, millions should surely arise to repair its waste.
No matter at what national door history shall lay
this crime of the centuries, no matter what glorious
vision hangs on the horizon of the future, the in
effable privilege of helpfulness is here and now.
In De Quincy’s translation of Richter’s Dream,
an angel catches up the spirit of a mortal on a jour
ney through the infinite. Past wheeling suns and
systems they soar— universe succeeds universe—
vast spaces of darkened void are bounded by vaster
stretches of glowing worlds. Far in the nether
deeps the earth appears but a point of waning
light. And as they speed upon their ceaseless
flight, the aching spirit of the mortal cries out “ End
is there none!” and yearns to return. And all the
choiring stars echo the refrain: “ End is there
none!” So, man aspires to immortality, so peoples
seek after power and glory, so nations strive for
liberty and perpetuity— and to them all, eternity
cries out “ End is there none!” But to the mortal
man, the highest end, the greatest good, of human
life, is human love!
In this work of the American Red Cross there is
no need to explain our aims, to declare our terms.
Till the last gun is silent the object is apparent.
Till the harvest blooms again above the trenches
the appeal will be heeded. Enlistment is service.
Money is mercy. Love is life-giving. Well may a
people pause to put this cup to the lips of Sacrifice—
for peace will sometime come— and the weary will
be at rest— but indifference can only sit by its cold
hearthstone and die forsaken and in want.
If all who “ buy a bond” give but the small frac
tion of a tithe to this noble endeavor, Red Cross
Week will accomplish its purpose, and in the annals
of this troubled time, be a beacon on the hills of
hope, lighting the way to better things.
C A N A D A ’S FISCAL PROBLEM AFTER THE WAR.
Ottawa, Can., June 8 1917.
The severity of the war strain on the financial
strength of Canada has impelled the Government to
aunch a new “ thrift” campaign which, by wholesale
advertising, may cut off some of the present indul
gence in luxuries and add to bank deposits. That
the people of this country are not at all awake to the
serious post-bellum possibilities of a heavy war debt
is quite obvious to any observer. The Minister of
Finance has cried his warnings from the housetops,
but it is questionable if the purchase of non-essentials
las been affected materially.
The Dominion will have in another year a national
debt of well over $1,200,000,000, and with pension
I charges and other incidentals of carrying on war, the
2282
THE CHRONICLE
[VOL. 104.
which have suffered heavy reductions in net income
for the month of April, notwithstanding quite
marked additions to their gross earnings, and that
characteristic still remains a feature at the present
time.
It is the rising totals of expenses that furnish the
3asis for the application for a 15% increase in freight
rates which the Inter-State Commerce Commission
is considering with such provoking deliberation and
which is being so stubbornly fought by many large
shippers. The outlook for the carriers will be dismal
in the extreme if their request for the increase in rates
is not granted. As a matter of fact their prospects
will not be particularly brilliant even if the increase
is granted, since the cost of operations continues to
grow and even a 15% advance in rates will fall
considerably short of meeting the increase in expenses,
so that it is well within the range of probabilities that
net earnings will continue to shrink in some measure,
even after higher rate schedules shall be in effect.
In the present article, however, we are dealing en
tirely with the figures of gross earnings, and in view of
the strongly adverse trend of expenses it is peculiarly
gratifying to find that the upward course of the gross
revenues remains unimpaired. That is the con
clusion forced upon us by study of the early returns
of gross for the month of M ay. As only a few days
have elapsed since the close of that month the num
ber of returns as yet to hand is necessarily limited,
but the comparisons are of the same extremely
favorable nature as before. In other words, further
improvement following the striking expansion of a
year ago is the distinctive feature of the returns.
That is the more noteworthy as the roads represented
are chiefly Western grain-carrying and Southern
cotton-carrying roads, and the volume of both the
grain tonnage and the cotton tonnage was heavily
reduced in M ay. It is the growth of general trade
and business, therefore, that must be held as account
ing for the continued gain in the gross income of the
carriers. The lead ing Canadian railroad systems also
find themselves able to show new progress in gross
receipts, and these Canadian systems always form
part of our preliminary monthly compilation of gross
earnings.
Altogether the roads that have contributed returns
for the month of M ay thus far record a gain in the
aggregate of $10,947,614, or 15.49%, as compared
with the corresponding month last year. The extent
of road represented is no more than 82,766 miles, but
these preliminary figures nearly always reflect
accurately the final results to be disclosed by the com
pleted statement. The point that deserves special
emphasis is that this gain the present year follows
an even larger gain in the same month of last year.
In M ay 1916 our early compilation, comprising
RAILROAD GROSS EARNINGS FOR M A Y .
substantially
the same roads now represented, showed
The volume of railroad traffic in all parts of the
an
increase
of
no less than $18,166,882, or 31.50%.
country continues unprecedentedly large and this
Both
in
ratio
and amount the improvement then
fact is reflected in steadily rising totals of gross
recorded
far
surpassed
that of the months immediately
revenues. But, while this is very satisfactory as far
preceding,
and
the
further
substantial growth in gross
as it goes, its significance should not be overestimated.
It affords no indication of how the railroads of this revenues in 1917 on top of this extraordinay gain
country are faring at the present juncture in the in 1916 is all the more significant on that account.
world’s affairs, inasmuch as the growth in revenues is It is true that the 1916 gain came after losses in both
being attended by an even greater augmentation in of the two previous years, but in amount that gain
expenses. Hence, though the roads keep gaining in exceeded the losses of these two years combined.
their gross receipts, their net earnings are actually In 1915 the loss by our early statement was $5,938,
falling heavily behind. In our returns of earnings 253, or 8.91% , and in M ay 1914 $8,839,247, or
for current periods, given on pages 2335 and 2336 of 11.42%, while for 1916, as already stated, the increase
this issue, will be found numerous instances of roads reached $18,166,882, or 31.50% , and now for 1917
country will have to find more than $160,000,000 a
year, an extra indebtedness exceeding the total
revenues of the country in times of peace. From
some of the speeches made in Parliament, the im
pression has got abroad that from the surplus current
revenues of war time, a substantial reduction has been
made in the principal of the debt. The claim has
been based largely on optimistic book-keeping.
Only about fifty million dollars, it is claimed, have
been applied on reduction of the war debt principal
during three years past, although a surplus of fifty
millions or more has shown each year.
The Government, now battling with a scheme for
coalition or other alternative to straight party ad
ministration during the remainder of the war, has
frankly admitted, through the Minister of Finance,
that most of the obvious or traditional methods of
adding to revenues have been exhausted. Sir
Thomas White mentioned taxation of incomes but
did not disguise his conviction that such a method
would be neither palatable nor productive. It has
been reckoned that the United States income tax
prior to the declaration of war would have brought
less than $3,000,000 if applied to Canada. To
achieve results commensurate with the introduction
of a new taxing device and the machinery of collec
tion, Canada would have to take toll of incomes as
low as $2,000.
It appears to be the Government’s belief, too, that
additions to the tariff, except on luxuries, have about
reached the limit of practicability. Already the
income from imposts on American-made shoes and
many other items subject to 35 and 40% duty, has
fallen greatly, nor are the Canadian people impressed
any longer with the incidental benefits of protecting
full-grown “ infant industries.” The tariff taxes
have for the greater part reached the point where
added pressure would cause a slump in imports and
made the Federal situation worse than before.
The Excess Profits Tax, which takes 50% of
profits above 15% and 75% of profits above 20% ,
is partly exhausting its force by discouraging expan
sion of industry, but more from the fact of the de
clining munitions orders and the lowering of profits
through the iron-handed rule of the Imperial Muni
tions Board.
The Government hesitates to apply further burdens
to industry, and is even more reluctant to transfer a
tax load to the individual because of the necessity
of maintaining attractive living conditions as a mag
net to immigration. The revenues, however, must
be secured and a score of schemes even to the ex
tremities of single tax have been proposed.
THE CHRONICLE
June 9 1917.]
we have a still further gain of $10,947,614, or 15.49%.
Prior to 1914 the record had been one of larger or
smaller growth for several successive years. In M ay
1913 United States railroads had recovered in large
measure from the severe floods encountered in that
year at the close of March, and much traffic previously
delayed then came in to swell the tonnage of May,
adding greatly to current revenues. As a conse
quence, our early statement for M ay of that year
recorded a gain in gross earnings of $7,014,619, or
over 10% . In M ay 1912 the improvement was
$4,377,512, or 6.80% . In M ay 1911, when the
country was going through a period of trade reaction,
the increase was very small, being only $658,651.
But in 1910 our early statement for the month of May
was highly gratifying, recording an improvement of no
less than $8,772,771, or 16.98%. Moreover, this
followed a gain of $6,320,871, or 14.79%, in May
1909. In 1908, when the depression in business
which followed the panic of 1907 was most intense,
our early tabulation recorded a heavy loss, the falling
off being no less than $15,319,106, or 25.10%.
Prior to 1908 there was an almost uninterrupted
series of gains extending back to 1897. In the
following we show the M ay aggregates as registered
by our early compilations for each year back to 1897:
Mileage.
Year
Given.
1897___
1898___
1899___
1900___
1901___
1902___
1903___
1904___
1905___
1906___
1907___
1908___
1909___
1910___
1911___
1912___
1913___
1914__
1915___
1910___
1917___
Jan. 1 to
1897___
1898___
1899___
1900-.-.
1901---1902___
1903___
1904___
1905___
1906___
1907___
1908___
1909___
1910___
1911___
1012___
1913___
1914___
1915__
1916___
1917___
Roads M iles.
125
128
111
114
99
84
81
60
53
71
67
53
50
48
44
48
49
48
45
40
35
M ay
124
120
110
113
99
84
81
60
51
70
67
51
50
48
44
48
49
48
45
40
35
93,637
96,860
91,958
97,537
99,910
91,858
101,759
85,108
74,767
96,593
93,640
79,369
77,583
80,120
87,422
89,080
88,816
95,337
89,194
88,112
82,766
31.
93,308
96,708
91,920
97,204
99,916
91,858
101,759
85,108
74,510
90,517
93,046
72,795
77,583
80,120
87,422
89,680
88,810
95,337
89,194
88,112
82,766
N ote .—Wo do not
Gross Earnings.
Yr. pre In
ceding. crease
M iles.
92,903
95,748
90,390
95,638
96,630
90,262
99,723
82,820
73,230
94,398
92,180
77,918
70,243
83,827
85,734
89,097
80,735
94,060
87,942
86,187
81,326
92,634
95,598
90,752
95,365
99,032
90,262
99,723
82,820
72,973
94,322
92,180
71,553
70,243
83,827
85,734
89,097
80,735
94,000
87,942
80,187
81,320
Year
Given.
Year
Preceding.
Increase
Decrease
(+)
C-
$
%
3
S
%
0.72 37,604,347 36,190,355 + 1,413,992 3.91
1.10 44,342,892 38,094,312 + 5,648,580 14.59
1.73 44,509,301 41,801,285 + 2,708,010 0.40
1.98 52,845,746 47,911,099 + 4,934,647 10.29
3.39 57,403,999 52,107,814 + 5,236,185 10.03
1.70 54,942,317 50,323,090 + 4,619,227 9.17
2.04 70,028,295 62,505,093 + 7,462,602 11.92
2.76 52,134,881 54,001,002 —1,866,181 3.44
2.09 48,307,104 44,543,718 + 3,823,386 8.58
2.33 79,065,712 69,742,596 + 9,323,116 13.37
1.59 83,611,407 72,722,003 + 10,889,344 14.97
1.87 45,710,111 61,035,217 —15,319,100 25.10
1.76 49,188,578 42,867,707 + 6,320,871 14.79
2.73 60,439,775 51,667,004 + 8,772,771 16.98
1.97 63,174,606 02,515,955 + 658,651 1.01
1.81 68,767,003 64,389,491 + 4,377,512 6.80
2.39 75,041,809 68,027,250 + 7,014,019 10.30
1.36 68,545,322 77,384,569 —8,839,247 11.42
1.42 60,691,778 66,630,031 —5,938,253 8.91
2.23 75,841,360 57,074,478 + 18,166,882 31.50
1.77 81.604,160 70,650,540 + 10,947,614 15.49
0.72 179,431,982 180,894,891 —1,462,909 0.81
1.10 212,802,404 183,619,317 + 29,283,147 15.95
1.28 192,631,594 183,058,059 + 9,572,935 5.22
1.99 258,503,791 225,084,715 + 33,419,070 10.84
0.28 279,458,040 255,282,597 + 24,175,443 9.47
1.70 264,531,088 244,134,988 + 20,396,100 8.35
2.04 340,451,843 300,727,974 + 39,723,809 13.21
2.76 254,210,014 259,877,293 —5,607,279 2.18
2.09 231,262,020 217,158,045 + 14,1034)75 6.49
2.32 379,538,324 327,370,540 + 52,167,778 15.93
1.59 380,802,330 347,530,821 + 33,271,509 9.80
1.73 213,070,586 252,904,500 —39,893,974 15.77
1.76 241,351,924 210,821,652 + 24,530,272 11.33
2.73 299,497,000 256,482,994 + 43,014,000 10.77
1.97 301,409,018 30.3,005,788 + 1,343,230 0.44
1.81 329,392,723 307,755,609 + 21,037,114 7.03
2.39 354,639,100 322,020,038 + 32,613,152 10.14
1.36 338,599,080 302,123,374 —23,524,288 0.04
1.42 300,054,647 327,422,970 —27,368,323 8.30
2.23 353,680,884 283,481.581 + 70,205,303 24.70
1.77 300,387,818 326,271,097 +40,116,721 12.30
Include the Mexican roads In any of the years.
We have referred above to the contraction in both
the Western grain movement and the Southern
cotton movement. The whpat movement did not
differ greatly from that of the previous year, but
the deliveries of corn, oats and barley all fell off.
At the Western primary market the receipts of wheat
for the four weeks ending M ay 26 this year were
21,777,000 bushels, against 21,494,000 bushels for
the corresponding four weeks in M ay 1916, but the
receipts of corn were only 13,446,000 bushels, against
14,521,000; the receipts of oats 15,490,000 bushels,
against 25,637,000 bushels and the receipts of barley
3,091,000, against 5,213,000 bushels. Adding rye
the receipts for the five cereals combined in the four
weeks the present year were only 53,876,000 bushels,
against 67,556,000 bushels in the corresponding time
last year. The details of the Western grain move
ment in our usual form are shown in the following:
3383
WESTERN GRAIN RECEIPTS.
Four Weeks
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
end. May 26. (bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago—
1917............ 798,000 3,405,000 4,420,000 7,644,000 898,000 313,000
1916--........ 576,000 3,471,000 6,742,000 16,222,000 1,815,000 216,000
Milwaukee —
1917............ 141,000
755,000 1,090,000 1,198,000 937,000 137,000
1916 ........ 109,000
180,000
342,000 3,306,000 1,066,000 152,000
St. Louis—
1917 ........ 264,000 2,574,000 1,840,000 1,861,000
39,000
3,00°
22,000 44,00u
1916 ........ 345.000 2,096,000 1,834,000 1,135,000
Toledo—
1917 ......................
168,000
157,000
129,000
.......................
1916 ......................
507,000 277,000
267,000
4,000
Detroit—
1917 ........
1916 ........
26,000
26,000
289,000
321,000
1917 ........
1916 ........
68,000
40,000
238,000
15,000
1917 ........
1916 ........
137,000
148,000
Cleveland—
Peoria—
Duluth—
114,000
311,000
.
194,000
184,000
407,000
432,000
........... ........... -
345,000
449,000
20,000
13,000
.............
260,000 1,843,000
158,000 1,698,000
971,000
666,000
221,000
217,000
15,000
39,000
34,000
167,000
280,000
214,000
33,000
60,000
1917 ...................... 2,544,000
1916. -- .................
766,000
..........
..........
1917...........
1916......
401,000 904,000 696,000 206,000
291,000 2,164,000 1,879,000 176,000
Minneapolis—
29,000
Kansas City—
7,260,000
7,048,000
1917. .................... 2,970,000
1916 ...................... 4,307,000
Omaha—
1,381,000
1,575,000
725,000
150,000
.......................
.......................
.......................
1917 ...................... 1,314,000 2,006,000 1,272,000
1916......................... 2,625,000 1,267,000 679,000
....... ................
Total o f All —
1917............1,463,000 21,777,000 13,446,000 15,490,000 3,091,000 720,000
1916. ........ 1,244,000 21,494,000 14,521,000 25,637,000 5,213,000 691,000
As for the Southern cotton movement the ship
ments overland for the even month of M ay were
150,877 bales in 1917, against 196,946 bales in M ay
1916 and 194,428 bales in M ay 1915. The receipts
at the Southern outports aggregated only 251,343
bales in M ay 1917, as against 413,862 bales in M ay
1916 and 371,069 bales in M ay 1915, as will be seen
by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MAY AND FROM
JAN. 1 TO MAY 31 1917, 1916 AND 1915.
M ay.
Ports.
Galveston.............. bales.
Texas City, &c_________
New Orleans..... .............
Mobile..........................
Pensacola, &c........... ......
Savannah................,......
Brunswick_____ ______
Charleston___________
Georgetown__________
Wilmington........ ............
Norfolk........................ Newport News, &c..........
Total..... ....................
Since January
1.
1917. 1916. 1915.
1917.
1915.
1916.
91,845 107,652 137,845 753,025 894,766 1,959,445
6,689 3,361 16,906 60,673 167,138 392,430
81,892 96,636 64,228 416,398 494,469 1,055,773
5,279 22,273 2,776 22,915 71,760 75,065
850 8,651 9,420 24,333 39,069 77,714
20,880 47,598 53,782 114,428 325,921 896,228
9,170 18,500 12,500 44,670 70,700 154,000
3,783 16,903 7,583 33,898 62,172 179,773
101
205
1,857
8,605 69,612 160,933
” 550 24,291 14,284
30,124 66,662 40,030 154,734 287,557 361,131
3,099 48,865 80,677
281 1,335 11,450
251,343 413,862 371,069 1,636,778 2,532,130 5,395,026
As far as the separate roads are concerned the
Canadian systems, which were distinguished for such
large gains in M ay last year, record further large
gains the present year. For example, the Canadian
Pacific, which after large losses in 1914 and 1915,
added in 1916 no less than $4,926,000 to its total, the
present year has added another $1,881,000 to its
aggregate. The Grand Trunk Railway of Canada
had $662,634 increase in 1916, and now has $1,178,
667 increase in 1917. Among
United States
roads the Great Northern Railway reports-$1,006,311
increase the present year, on top of $2,116,139 increase
last year, following, to be sure, striking losses in both
1915 and 1914. However, the M ay 1917 total sur
passes that of the best previous May. The roads
in other sections of the country give an equally
good account of themselves. Thus in the South the
Southern Railway system has $981,823 gain and the
Louisville & Nashville $765,156 gain, while in the
Southwest the Missouri Kansas & Texas has $477,192
increase; the Denver & Rio Grande $494,100 increase;
the St. Louis Southwestern $357,000 and the Texas
& Pacific $363,820. The Illinois Central has added
$1,137,425 to its total of last year. In the following
we show all changes for the separate roads for
amounts in excess of $30,000, whether increases or
decreases. It will be seen that there is no decrease
whatever for that amount and as a matter of
fact, there are only two decreases of even lesser
amount among the 35 roads contributing returns.
[Vol . 104
THE CHRONICLE
2384
PRINCIPAL CHANGES IN QROSS EARNINGS IN MAY.
17i c r e a s e s .
I t'xcteases •
$200,192
Canadian Pacific_______ $1,881,000 Yazoo & Miss Valley___
195,081
Grand Trunk (4 roads)_ 1,178,667 Buffalo Roch & l’ittsb..
142,739
Illinois Central________ 1,137,425 Chicago Great Western.
97,712
Great Northern_______ 1,006,311 Mobile & Ohio________
75,468
Southern Railway_____
981,823 Colorado & Southern__
a54,944
Louisville & Nashville..
765,156 Atlanta Birm & Atlantic
54,355
Canadian Northern____
695,800 Chicago Indianap & Lou
45,119
Denver & Rio Grande__
494,100 Duluth Sou Shore & Atl.
33,000
Missouri Kansas & Texas
477,192 Minneapolis & St Louis.
Chesapeake & Ohio____
385,454
Texas & Pacific_______
363,820
St Louis South Western.
357,000 Representing 25 roads
in our compilation..$10,847,086
MInneap St Paul & S S M
224.728
a These figures are for threo weeks only.
T o complete our analysis we furnish the following
six year comparison of the earnings of leading roads
arranged in groups:
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
G ross E a rn in g s.
N a m e o f R oad.
1917.
1916.
I n c . (+ ) or
D e c . (—)
M ile a g e .
1917. 1916
+765,156 5,070 5,038
Louisville & Nashville 6,123,975 5,358,819
119
120
+5,075
95.980
101,055
Mineral Rango
+33,000 1,646 1,646
855,850
888,850
Minneap & St Louisi
Iowa Central___
+224 ,728 ,227 4,228
2,866.077 2,641,349
Minneap St P & S SI M
+477 ,192 ,865 3,865
Mo Kans& Texas.o.. 3,208,537 2,731,345
+97 ,712 ,160 1,122
1,182,246 1,084,534
Mobile & Ohio_____
+4 ,043 275 272
1/17,693
1/21,736
Nevada-Calif-Oregon 180
180
+ 2 ,364
46,001
48,365
Rio Grande Southern.
+357 ,000 ,753 1,753
988,000
St Louis Southwestern 1,345,000
+981 ,823 ,949 7,935
Southern Ry System. 9,297,300 8,315,477
95
98
-96
1/6,679
1/6,583
Tonn Ala & Georgia..
+363 ,820 ,944 1,944
1,796,894 1,433,074
Texas & Pacific_____
451
+ 13 949 451
1/385,177
1/399,126
Toledo St Louis & Wes
—19 ,073 786 689
981.847 1,000,920
Western Maryland__
+200 ,192 ,382 1,382
Yazoo & Miss Valley. 1,344,866 1,144,674
Total (35 roads)__ 81.604,160 70,656,546 +10.947,614|82.766 81,326
Not Increase (15.49%)
a Includes Texas Central in both years.
V These figures are for threo weeks only.
GROSS EARNINGS FROM JANUARY 1 TO MAY 31.
!;}
1912.
1913.
1914.
1915.
1916.
1917.
$
3
S
$
S
5
Canadian Pacific. 14,068,000 12,187,000 7,261,495 9,795,929 11,904,979 11,360,421
In c r ea se .
1916.
1917.
N a m e o f R oad.
1,023,152
1,127,245
1,097,042
1,087,531
1,185,814
1,328,553
Chic Grt West.*.
279,531
Dul So Sh & Atl. 361,966 310,847 250,556 281,488 308,951 5,667,710
$
Great Northern. 7,924,183 6,917,872 4,801,733 5,987,138 7,007,940
28,897
1,133,036 1,101,139
641,049 Ann Arbor_____________ 1/1,491,654
Minn & St L.a.. 888,850 855,850 719,578 701,460 702,277 1,423,834
1/1,165,942 325,712
Atlanta Birm & Atlantic..
Minn St P&SS M 2,866,077 2,641,349 2,015,941 2,200,796 2,278,496
499,285
5,017,855
5.517,140
Buffalo Roch & Pittsburgh
Northern--------- 15,564,600 12,696.200 2.868,400
Total........... 27,437,629124,104,732 16,136,83420,063,853 23,329,888 20,395,697 Canadian
Canadian Pacific------------ 57,512,647 50,833,944 6,678,703
Chesapeake & Ohio--------- 21,427,668 20,380,897 1,046,771
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
155,175
Chicago Great Western__ 6,376,808 6,221,633
a Includes Iowa Central.
Chicago Indianap & Louisv 3.678.016 3,201,863 476,153
812,556
7,027,461 6,214,905
Colorado & Southern.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
11,097,047 9,293,100 1,803,947
Denver & Rio Grande.
72,429
1/663,963 1/591,534
Donver & Salt Lake..
1912.
1913.
1914.
492,379
39,355
1915.
531,734
1916.
M a g.
1917.
Detroit & Mackinac___
Duluth South Shoro & Atl 1,657,500 1,397.898 259,602
$
S
108,192
3
$
S
Georgia Southern & Florida 1.145.017 1,036,825
3
Buff Roch &Pitts 1,370,540 1,175,459 805,357 772,031 1,016,377 871,561 Grand Trunk of Canada..'
Chic Ind & Louis 759,935 705,580 572,233 575.382 645,593 536,016
Grand Trunk Western. 24,364,445 22,252,814 2,111,631
Grand Trunk..)
Det Grand Haven & Mil
Grd Trk West. > 5,850,603 4,677,936, 4,015,302 4,309,610 4,914,004 4,303,374
Canada Atlantic—
2,529,825
DetGH& Mill
Great Northern________ 31.271,741 28,741,916
Canada Atlan. j
Illinois Central-------------- 34,182,954 28,855,468 5,327,486
Illinois Central.c 7,122,897 5,985,472 4,838,776 5,221,979 5,662,824 5,030,335 Louisville & Nashville----- 29.326.250 25.975.836 3,350,414
432,030
64,888
496,918
Pero Marquette. al,820,082 1,820.082 1,447,930 1,280,297 1,415,752 1,349,723 Mineral Rango--------- —
178,588
95,528 Minneapolis & St Louis..
93,508 108,864
4,186,010 4,364,628
84,546
98,595
Tol Peor &West. a98,595
Tol St L & West- 6527,815 523,874 384,700 347,697 389,819 314,596
Iowa Central------------ .
718,295
Western Maryl’d 981,847 1,000,920 838,250 669.382 636,922 613,812 Minneap St Paul & S S M. 12,558,288 13,276,583
Missouri Kansas & Texas. 15,895,854 13.084,543 2,811.311
396,607
5,387,659 4,991,052
Total______ 18,538,314 15,087,918 12,987,094 13,269,886 14,790,155 13,114,945 Mobile & Ohio-------------23,557
1/87,231
t/110,788
Novada-Cal ifornia-Oregon.
28,693
208,808
a Month not yet reported; taken samo as last year.
237,501
Rio Grando Southern----b Fourth week not yet reported: taken same as last year.
6,630,795 4,985,681 1,645,114
St Louis Southwestern__
c Includes earnings of Indianapolis Southern.
Southern Railway Systom 43,835,149 39,594,708 4,240,441
1,666
f/48,702
f/47.036
Tonn Alabama & Georgia. _
EARNINGS OF SOUTHERN GROUP.
8,714,287 7.611,851 1,102,436
Texas & Pacific-------297,818
Toledo St Louis & Western 2,511,276 2,213,458
607,129
5,138.998 4,531,869
Western Maryland--1912.
1914.
1913.
1915.
1916.
M a g.
1917.
Yazoo & Mississippi Valley 6.667.548 5,364,805 1,302,743
$
$
3
3
$
$
Total (35 roads)........... . 366.387,818 326.271.097 41,015,270 898.549
Ala N O * T P—
Ala &Vicksburg a151,823 151,823 127,734 136,401 157,854 104,691 Net increase (12.30%)----- ------------ ------------ 40,116,721
•42,402
129,197
140,763
122,632
136,474
al36,474
Vicks Shr & Pac
V Those figures aro down to the end of the third week only.
Ches & Ohlo.c__ 4,629,221 4,243,767 3,523,110 3,064,275 2,944,557 2,808,981
a Includes the Texas Central in both years.
Louisv & Nash.6 6,123,975 5,358,81ft 4,163,368 4,538,947 5,071,380 4,668,176
959,188
1,087,215
1,184,985
Mobile & Ohlo.. 1,182,246 1,084,534 967,550
[4,916,931 5,620,839 5,605,709 5,208,387
Southcrn Ry__1
1 412,099 413,413 471,539 412,893
Ala Great Sou. j
IS THIS THE TIME TO SAVE OR TO SPEND?
ClnNO&TP) 9,297,30q 8,315,477 ( 831,801 940,508 979,296 908,664
| 285,090 322,602 356,089 339,122 By CHARLES CRISWELL ARBUTIINOT, Professor of Economics.*
New Orl &N EI
43,144
34,890
l
38,163
46,323
Nor Alabama.)
With the coming of war there arisos a cry for economy and saving. Pa
Yazoo &Miss Val 1,344,866 1,144,674 953,529 864,302 861,188 597,970
triotic citizons aro appealed to and asked to do without a great many things
17,816,504
16,085,364
17,164,022
Total______ 22,865,90520,435,568 16,342,007
that in ordinary times havo entored Into tholr current consumption. Sacri
fices for tho good of the country aro domanded and mado. Willingness to
a Month not yet reported; taken same as last year.
b Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
reduco ono’s outlay becomes a test of public spiritedness and an ovidonco of
c Includes Chesapeake & Ohio of Indiana.
one’s
readiness to sharo tho common burden.
♦Decrease due to flood.
Hardly is this program of economy announced beforo thoro is mado a
EARNINGS OF SOUTHWESTERN GROUP.
strong protest that the contraction of consumption will injuro business and
that brisk business is essential to onablo tho country to carry tho burdon
1912.
1913.
1914.
of tho war. “ Tho country must proceed as though wo woro not at war, in
1916.
1915.
M a g.
1917.
order that wo may havo tho necessary prosperity to promoto tho war to a
S
S
S
$
3
S
Colo &Southern. 1,340,909 1,265,441 1,006,729 925,589 1,253,457 1,020,784 quick and successful conclusion. Labor must bo employed. Merchan
Denv & Rio Gr.. 2,516,400 2,022,300 1,734,188 1,779,373 1,912,734 1,885,470 dise must bo produced, distributed and usod. War duties and war expen
Mo Kan * Tex.a 3,208,537 2,731,345 2,287,569 2,220,168 2,409,627 2,086,905 ditures must bo in addition to peace duties and peace expenditures. The
St Louis So West 1,345,000 988,000 770,560 876,339 1,030,260 975,483 moro money wo spend tho moro wo will havo in our pockets to spend.
Toxas &Pacific.. 1,796,894 1,433,074 1,322,574 1,388,080 1,365,931 1,225,716 Monoy creates money.” Thus tho assertions run to tho effect that con
Total ........... 10,207,740 8,440,160 7,121,620 7,189,549 7,972,009 7,194,358 tracting expenditures for personal uso will tako away tho incentive to pro
duction and national strength will bo weakonod unless “ tho pooplo buy and
a Includes Texas Central in all the years and Wichita Falls lino from Nov. 1 1912.
keop monoy in circulation.”
What thon is tho patriot’s duty? to savo or to spend? Tho answer to
W c now insert our detailed statement comprising
tho quostion is found in tho consequences that follow saving and spending
all the roads that have thus far furnished returns for in times like the present.
Tho productive powers of this country in labor, equipment and manage
M ay. In the second table we give the comparative ment
have been for some time exerted to tho limit under tho pressuro of
earnings for the same roads for the period since the demands from Europo and for,homo consumption. Tho United States
upon entering the war is now adding its purchasing powor and buying
first of January.
military and naval supplies. Obviously tho productive forces of tho na
tion aro under great strain.
GROSS EARNINGS AND MILEAGE IN MAY.
If the people save, they do not hoard their money in a tea-pot in tho
basement. They put it into banks or life iusuranco or buy securities of
M ile a g e .
G ross E a rn in gs.
corporations
or Government bonds. Tho purchasing power is not de
N a m e o f R oad.
In c . (+ ) or
stroyed nor chloroformed. It is merely transferred for tho time. What
D
e
c
.
(—).
1917.
1916.
1916.
1917.
is turned over to banks or insurance companies is promptly invested by
them injenterprises through loans or purchases of stocks or bonds, or in
S
.?
S
236,076
293 293 Government bonds. The result is that active business concerns readily
Ann Arbor_________
274,561
+38,485
+54,944
640
640 got the capital necessary to expand tholr activities to tako care of tho
1/213,620
Atlanta Birm & Atlan
1/158,676
+ 195,081
586
Buffalo Roch & Pittsb 1,370,540 1,175,459
586
+695,800 9,296 8,270 Government’s demand for supplies, and tho Government is enabled to
Canadian Northern.. 3,784,700 3,088,000
Canadian Pacific___ 14,068,000 12,187,000 + 1,881,000 12,993 12,921 purchase the products of tlieso expanded establishments. Saving thus
+385,454 2,380 2,374 expands productive facilities and onables their managers to soil their prod
Chesapeake & Ohio.. 4,629,221 4,243,767
+ 142,739 1,496 1,427 ucts, whilo it puts at the disposal of the Government tho moans of national
Chicago Great West.. 1,328,553 1,185,814
705,580
622
622
Chicago Ind & Louisv
+ 54,355
759,935
+ 75,468 1,842 1,842 defenso. All tho while abundant employment is given to labor at tho work
Colorado & Southern. 1,310,909 1,265,441
+494,100 2,577 2,576 most important for the public welfare. Those workors who would havo
Donver & Rio Grande 2,516,400 2,022,300
+ 19,761
Denver & Salt Lake..
1/107,426
1/87,665
255 255 made goods for individual satisfaction, had tho money boon spent instead
382 392
117,276
102,729
+ 14,547
Detroit & Mackinac. _
+45,119
600 605 of being saved, aro hotter employed on products for tho Army and Navy.
Duluth So Shore & Atl
361,966
316,847
Supposo spending is practiced instead of saving, what happens?
+21,473
402 402
Georgia Sou & Florida
214,913
193,440
Spending money means that tho spender asks producers to work
Grand Trunk of Can)
Grand Trunk West! 5.856,603 4,677,936 + 1,178,667 4,533 4,533 for him either as personal servants or as tho creators of tho comDet Gr Hav & Mill
Canada Atlantic. J
♦Issued by tho Westorn Reserve University Press, 10940 Euclid Avonuo,
7.924,183 6,917,872 + 1.006,311 8.197 8,102
Great Northern_____
Illinois Central_____ 7,122,897 5,985,472 + 1,137,425 4,766 4,767 Cleveland, Ohio.
M a g.
June 9 1917.]
THE CHRONICLE
modities that ho consumes. Ho lays hands on that amount of labor power
of tho community, as well as Its capital and management, and devotes It
to his own satisfaction. He takes away tho possibility of having these
productive agents, for tho timo being, create anything that may supply
soldiers and sailors with necessary equipment. Ho turns to his own per
sonal onjoyment and uso as much of the nation's industrial forco as ho can
pay for through the purchase of its products. His practice does not result
In more business than tho saver’s policy. It simply turns tho productive
onorgies toward Ills porsonal comfort, while tho saver bonds them toward
tho public defense. When the industrial strength of tho country is hard
put to it as at present, thero is no question as to who is tho public benefactor.
Tho savor is likely to help savo more than his money. Ho forogoos present
porsonal comforts and puts at the disposal of the country tho capital and
labor ossontial to tho economic activities through which war is supported.
Saving in tho presont crisis does not slacken economic activity. It
diverts men and capital from tho production of personal comforts and
luxuries to the creation of war equipment. It cuts down the luxury trados
and builds up tho necessary trados. It reduces tho disponsablo and in
creases tho indispensable typos of goods. It turns men from tho creation
of what can be dono without to tho croatlon of what cannot bo done with
out. Weavers of fancy fabrics will be turned to making cloth for soldiers’
uniforms. Seamstresses whoso fine noodlo-work might have gono into
superfluous gowns will bo employed In sowing materials for aerial observation
balloons. Tho mechanic who would have worked upon a limousino will bo
put to making ambulances. Tho saddlo-horso that might havo cantered
through tho parks a few afternoons a week will bo turned over to tho cavalry
officor for service in tho fiold. Tho tent that might havo been carriod off
on a fishing trip will shelter a group of soldiers. Tho shoemaker who
might havo boon employed at fashion's dictates will bo occupiod in turning
out tho dozen pairs of shoes a soldier needs each year.
Tho transition from the accustomed lines of business is one of tho painful
rosults of war and works hardship in tho fields abandoned or reduced in
size. But it would bo a blunder to believe that tho general welfare doponds
upon these dispensable lines of business. They will bo sacrificed to tho
greater interest. The soonor this is rocognlzed and prepared for tho less
will bo the damage done. “ Business as usual” taken literally Is a dolusivo
slogan. Thero is no uso in hiding one’s head in tho sand and trying thus
to avoid tho inevitable.
Some of tho persons who have tried to discredit tho economy movomont
by calling it “ hysterical" havo thomsolvcs suggested that Stato legislatures
allow tho Governors to relax tho labor laws in order that thoro might bo an
Incroaso in tho output of goods sufficient to provide tho additional commodi
ties domanded by tho Government. Certain typos of economy may scorn
Irrational, unnecessary hardship may bo Inflicted in cases and stops havo
to bo retraced, but tho unwisdom in this field is as nothing compared with
the danger concealed in tho proposal to break down tho safeguards against
excessive fatiguo and over-strain of tho men, women and young people in
industry. England’s recent experience in this matter is a warning. Tho
labor resources of tho country ought not to bo overworked in making what
is not of vital importance when it is so difficult to find enough producers to
create what is essontial to tho lifo of tho nation and our allies. Wo need a
speedy, sonsiblo readjustment of our productive activities, hard though tho
change will bo upon many lines of business, and, temporarily, upon tho
workers themselves.
Thero is not sufficient productive power In tho country now to support
luxury and war at the samo time.
FOURTH ISSUE OF TREASURY CERTIFICATES OF
INDEBTEDNESS HEAVILY OVERSUBSCRIBED.
Secretary of tho Treasury M cAdoo on Juno 1 authorized
the twelve Federal Reserve banks to recoivo subscriptions
to the fourth issuo of Treasury certificates of indebtedness,
authorized under tho W ar Bond Act of April 24 last. Tho
amount offored was §200,000,000, dated June 8 with the
interest rate 3 M % and to maturo July 30 . Books were
closed on Juno G, two days ahead of timo, as the offoring
was heavily oversubscribed. Iho oxtent of tho oversubscrip
tion has not been made public, but estimates placo it as
high as one-third. The third issue of certificates (referred
to in these columns on M ay 19) also for §200,000,000 was
oversubscribed, it is said, approximately 4 0 % . Dispatches
from Washington on Juno G stated that anothor issuo of
§200,000,000 of certificates would probably be offered within
tho next ten days.
_______________
U. S. TO SHOW THAT WE ARE NOT ACCUMULA
TING SELFISHLY—PRESIDENT
WILSON’S ADDRESS.
A speech by President Wilson in which while noting that
wo “ havo prospered with a sort of heedloss and irresponsible
prosperity’’ ho observed that “ wo aro going to lay all our
wealth, if necessary, and spond all our blood, if need bo, to
show that wo were not accumulating that wealth selfishly,
but wore accumulating it for tho service of mankind,” was
ono of tho features of tho twenty-soventh annual reunion
of tho United Confederate Veterans at Washington on tho
5th inst. The occasion, it is said, marked the first timo
that the rounion had been held north of M ason and Dixon’s
lino. In greeting the voterans the President declared that
the day was ono of gladness because of the sacred memories
and of a rededication of a united country to those principles
that havo made America great among tho nations of tho
earth. The President said ho felt thoro was significance
in tho coincidence that at tho moment ho was welcoming
thorn to tho capitol, men, young as they were in the old days,
woro registering for sorvico to keep tho world freo. Tho
President’s address follows:
I esteem It a very great pleasure and a real privilege to extend to the men
who aro attending this reunion tho very cordial greetings of tho Government
of tho United States.
2285
I suppose that as you mix with one another you chiefly find these to be
days of memory, when your thoughts go back and recall those days of
struggle in which your hearts were strained, in which the whole nation
seemed in grapple, and I dare say that you are thrilled as you remember
tho heroic things that were then done. You are glad to remember that
heroic things were done on both sides, and that men in those days fought
in something like the old spirit of chivalric gallantry. There are many
memories of the Civil War that thrill along the blood and make one proud
to havo been sprung of a race that could produce such bravery and con
stancy; and yet tho world does not live on memories. The world Is con
stantly making Its toilsome way forward Into now and different days, and
I believe that one of the things that contributes satisfaction to a reunion
like this and a welcome like this is that this is also a day of oblivion. There are
somo things that we have thankfully buried and among them are tho great
passions of divisions which once threatened to rend this nation in twain.
Tho passion of admiration we still entertain for tho heroic figures of those
old days, but the passion of separation, the passion of difference of
principle, is gone—gono out of our minds, gone out of our hearts, and one
of the things that will thrill this country as it reads of this rounion is that it
will read also of a rededication on the part of all of us to the great nation
which we serve in common.
These are days of oblivion as well as of memory; for we are forgetting the
things that once held us asunder. Not only that, but they are days of re
joicing. because wo now at last see why this great nation was kept united,
for wo aro beginning to see the great world purpose which it was meant to
servo. Many men, I know, particularly of your own generation, have
wondered at some of the dealings of Providence, but the wise heart
never questions the dealings of Providence because the great, long
plan as It unfolds has a majesty about it and a definiteness
of purpose, an elevation of ideal, which wo were incapable of
conceiving as we tried to work things out with our own short sight and weak
strength. And now that we see ourselves part of a nation united, power
ful, groat In spirit and in purpose, we know the great ends which God, in His
mysterious providence, wrought through our instrumentality, because at
tho hoart of tho men of the North and of tho South thero was the same love
of self-government and of liberty, and now we are to bo an instrument in
tho hands of God to see that liberty is made secure for mankind.
At the day of our greatest division there was ono common passion amongst
us, and that was the passion for human freedom. Wo did not know that
God was working out in His own way the method by which we should best
servo human freedom—by making this nation a great, united, Indivisible,
indestructible instrument in His hands for the accomplishment of these
great things.
As I came along tho streets a few minutes ago my hoart was full of the
thought that this is Registration Day. Will you not support me in feeling
that thero is somo significance un this coincidence, that this day, when I
come to welcome you to the national capital, is a day when men, young as
you woro in those old days, when you gathered together to fight, are now
registering their names as evidence of this great idea, that in a democracy
tho duty to servo and the privilege to serve falls upon all alike? There is
something very fine, my fellow-citizens, in the spirit of the volunteer, but
deeper than the volunteer spirit is tho spirit of obligation. There is not
a man of us who must not hold himself ready to be summoned to the duty
of supporting tho great Government under which we live. No really
thoughtful and patriotic man is jealous of that obligation. No man who
really understands the privilege and the dignity of being an American
citizen quarrels for a moment with tho idea that the Congress of the United
States has tho right to call upon whom It will to serve the nation. These
solemn lines of young men going to-day all over the Union to the places of
registration ought to bo a signal to the world, to those who dare flour the
dignity and honor and rights of the United States, that all her manhood
will flock to that standard under which wo all delight to servo, and that he
who challenges the rights and principles of tho United States challenges
tho united strength and devotion of a nation.
Thero are not many things that one desires about war, my fellow-citizens,
but you havo come through war, you know how you have been chastened by
it, and there comes a time when it is good for a nation to know that it must
sacrifice if need be everything that it has to vindicate the principles which
it professes. Wo have prospered with a sort of heedless and irresponsible
prosperity. Now we are going to lay all our wealth, if necessary, and spend
all our blood, if need be, to show that we were not accumulating that
wealth selfishly, but were accumulating it for tho service of mankind. Men
all over tho world havo thought of the United States as a trading and
money-getting people, whereas we who havo lived at home know the ideals
with which the hearts of this people have thrilled; we know the sober con
victions which have lain at tho basis of our life all tho timo, and wo know
tho power and devotion which can bo spent in heroic ways for tho service
of those ideals that we havo treasured. We have been allowed to become
strong in tho Providence of God that our strength might bo used to prove,
not our selfishness, but our greatness, and if there is any ground for thank
fulness in a day like this, I am thankful for tho privilege of self-sacrifice,
which is tho only privilege that lends dignity to tho human spirit.
And so It seems to me that wo may regard this as a very happy day, be
cause a day of reunion, a day of noble memories, a day of dedication, a
day of tho ronowal of the spirit which has made America great among the
peoples of tho world
U. S. LOANS ADDITIONAL §100,000,000 TO FRANCEFRENCH WAR FINANCE.
Tho United States Government on Juno 2 advanced
another §100,000,000 loan to the French Republic. The
first loan of $100,000,000 was approved by President Wilson
on M a y 1 (as noted in our issue of M a y 5), and was con
summated on M a y 8 with the handing over to the French
Ambassador at Washington of a Treasury warrant for
§ 100 ,000 ,000 .
Dispatches from Paris on June 7 stated That Fx-ance has
thus far advanced to her allies or friendly States 3,8 7 5 ,00 0,
000 francs and that a bill had been introduced in the Cham
ber by tho Minister of Finance, with the approval of Presi
dent Poincare, asking for autlioritv to loan to Frances
allies and friends additional sums amounting to 2,1 3 8 ,
000,000 francs. This would bring the total advances by
France up to more than 6,000,000,000 francs.
2286
THE CHRONICLE
SECRETARY McADOO'S NEW YORK SPEECH TO
FURTHER LIBERTY LOAN—SELF-GOVERN
MENT FOR GERMANY.
Secretary of the Treasury M cA d oo’s speeches in N ow York
last M onday night, designed to enlist popular interest in tho
Liberty Loan bond offering of 82 ,000,000,000, brought huge
audiences to both Carnegie Hall and Cooper Union, where
M r . M cA d oo’s talks were given. Counseling his hearers
that tho first thing we must do is to raise tho money to equip
our armies and put them in the field, and to extend credit
to the great nations of Europe which aro co-operating with
us, M r . M cAdoo stated that tho more effective for battle
wo make tho soldiers of the Allies “ the more wo enable them
to fight and to fight hard, the more quickly this war will
come to an end, and tho less chance thero will bo that we
shall have to send a great army of our own youth to Europe.”
Alluding to the “ grumbling” heard about taxation, Secretary
M cAdoo asked if it could be possible “ that in this rich
country, when our sons aro going to tho front to givo their
lives for us, thero should bo any quibbling about tho neces
sary taxation to tako care of them upon tho field of b attle?”
“ Are w e,” ho said, “ going to be moro tender with our dollars
than wo aro with the lives of our sons?” If this war con
tinues for another twelve months, said M r . M cA d oo, it is
probablo that the total amount of financing that tho Govern
ment will have to do to cover its own expenditures and to
extend tho necessary credit to the Allied Governments will
amount to 810,000,000,000, and ho pointed out that “ it is
proposed that only 1 8 % of this colossal sum, namely 81,800,
000,000, shall bo raised by new taxation.” Secretary M c
Adoo took occasion to state that “ there is in tho American
heart no feeling of hostility to tho Gorman people.” Ho
continued:
W o are hostile t o , and our war Is w ith, tho autocracy o f Germ any, a
m ilitary autocracy which has enslaved tho German peoplo themselves,
has denied them liberty, has provonted thorn from enjoying tho blessings
o f free governm ent. I pray G od that when Am erica sits at tho council
table o f tho nations and has a voice In tho settlem ent o f this great con flict
wo shall bo ablo t o exert our power and Influence In favor o f self-govornmont
for Germany as well as for every other nation.
There Is left only ono dangerous m ilitary autocracy In tho w orld, and that
Is the autocracy o f tho German Kaiser. Germany m ust bo dojunkerized
and dem ocratized if the world Is to bo m ade safe.
As to what would happen if Gormany should bo victorious,
“ as she would b e,” ho romarked, “ if she could bring France
and England to their knees?” M r . M cAdoo said:
She would tako the entire British and French fleets, release her own great
fle e t, which has been tied up in tho B altic during tho war, and com bining
theso with the m ost destructive submarine fleet on earth— becauso sho has
it— sho would com e hero and put tho Iron heel o f conqueror upon your
shores.
Dwight W . Morrow of J. P . Morgan & C o ., Frank A .
Vanderlip, President of tho National City Bank, E . H .
Outorbridge, President of tho Now York Chamber of Com
merce, and M ajor Charles W . Gordon (“ Ralph Connor” )
of the Cameron Highlanders wore also speakers at tho Car
negie Hall gathering, which was presided over by M ayor
M itchol. Oscar Straus presided at the Cooper Union meet
ing. M r . Straus, in introducing tho speaker, was quoted
in the “ Times” as saying:
T ho liberty o f our cou ntry Is at stako on tho b utcher’s block. T ho axo
Is held b y tho Kaiser. America has entered tho war to rescuo tho world
from that axo and to destroy tho barbaric power that wields it; to mako
Germany herself safo for liberty and for dem ocracy.
W e give bolow in largo part Secrotary M cA d oo’s speech,
as delivered at Carnegie Hall (which was substantially tho
samo as his address at Cooper Union):
Fellow Countrymen — W hatever differences thero m ay havo been about
this war before It happened— and thero wero honest differences o f opinion
about it— I am not so intolerant that I cannot respect or givo Impartial
consideration to tho views o f thoso who differ with mo— I say that whatever
thoso differences m ay havo been, this is no tim o to discuss them or to think
o f them . Y ou r representatives in tho Congress o f tho United States, tho
m en you sent thero to speak for you , after having been Informed b y your
President o f tho Issues involved in this supremo contest in tho w orld’s
history, declared, b y practically unanimous vote, that tho rights and lib
erties o f tho American peoplo had been put in Jeopardy b y tho aggressions
o f a foreign Power. It makes no difference b y what namo that foreign
Power m ay bo called. Tho fact that It has com m itted repeated aggres
sions upon American rights, that It has subjected this nation to indignltlos
and wrongs which no self-respecting nation could afford to onduro, that
war has resulted, and that wo aro in it, moans that every citizon, no m atter
what his birth or origin, owes fealty to tho flag. T ho hour o f test and trial
Is hero. I know that every American citizon, eivery true freem an, will
respond to tho call o f his country In this crisis.
I know how to sym pathize with tho mon o f German origin In this situ
ation. I was born In tho South in October 1863, In tho latter part o f tho
C ivil W ar. M y father fought on tho Southern sido; somo o f his peoplo
fought on tho N orthern sklo. T hey had their differences o f opinion about
thoso grave issues that finally throw tho country into convulsions.
I
know with what heart-burnings, with what anguish, thoy had to faco tho
Issue o f a divided country.
It is no timo to think o f tho past, or to lndulgo In com plaint or recrimi
nation. There is only ono thing to d o , and that is to m obilize, to organize,
the m ight o f this nation. Our country is engaged in a righteous war and
[Vol . 104.
wo must assert our power so effectively that wo m ay soon bring this hor
rible cam ago in Europe to an end. F or hum anity’s sake, wo aro Just as
anxious to end the slaughter o f Germans as wo aro t o ond tho slaughter o f
English and French and Russians and Belgians and Serbians and Italians.
Our hearts bleed as m uch for tho widows and orphans o f ono cou ntry as o f
another. Tho sooner wo stop this crimo against civilization, tho sooner
wo shall stop tho sacrifice o f American lives and tho loss o f American
treasuro, and tho sooner wo shall bo ablo to ro-cstablish poaco, liberty and
justice throughout tho world.
There aro times in tho history o f every nation when tho hand o f an unsoon
Pow er directs things, when Individuals aro absolutely im potent to control
the course o f great events. This is ono o f thoso supremo crises In tho w orld’s
history, one o f thoso great convulsions o f civilization ou t o f which pro
digious events aro born, events that profoundly affect tho futuro o f the
human race for ages. I believe that G od has called this nation into this
struggle because l i e had a m ighty purposo to serve.
Here wo find ourselves, a great peoplo, at war with another great people
for whom wo havo, throughout our history, entertained nothing but senti
m ents o f friendship. There is in th o American heart no feeling o f hostility
to tho German peoplo. W o are hostilo t o , and our war is w ith, th o autoc
racy o f Germany, a m ilitary autocracy which has onslaved th o Gorman
peoplo them selves, has donied thorn Iibeiyty, has provonted them from
enjoying tho blessings o f free governm ent. I pray Go'd that when America
sits at th o council table o f tho nations, and has a volco in tho sottlcm ont
o f this great con flict, wo shall bo ablo to exert our power and influonco in
favor o f self-government for Germany as well as for every other nation.
D em ocracy must have freo play throughout tho w orld, not only for tho
benefit o f all tho peoples o f tho earth, but in order that stablo bases o f peaco
for th o future m ay bo secured. W e shall never havo stablo poaco unless
tho autocratic nations shall becom o dem ocratic and all responsible peoples
shall becom o self-governed. Self-governed peoples aro pacific, solf-govcm od
peoples aro deliberative in their judgm ents, self-governed peoples d o not
seek war. Self-governed peoples aro to o humano and Intelligent to engage
in tho brutalizing processes o f war unless com pelled t o it b y extreme p rov o
cation. W hero thero is dem ocracy and self-government, nations cannot
bo hurled into war b y tho arbitrary will o f any individual. T hoy dem and
deliberation on tho part o f their representatives. T hoy demand that tho
provocation shall bo so extremo that there is no other honorablo resort
except war. I f all tho great nations were to-d ay solf-govem ed, w ith delib
erative. representative bodies, liko tho Congress o f tho United States—
so that if tho issuo o f peaco or war aroso, thoy could debate it, could assess
tho wrongs, and could determine whothor or not thoy wore justified in that
extreme resort— i f that were tho caso, m y friends, do you believe that tho
world over would bo forced Into another ono o f thoso colossal crimes that
is now being perpetrated against hum anity?
W ithin tho past five years ono o f tho greatest autocracies o f tho world
— China— has becom e a republic. Our dem ocracy and our ideals havo
profoundly influenced the Chinese peoplo. W o wore among tho first o f tho
great nations to extend tho right hand o f fellowship to tho struggling re
public o f China. W o gavo her our friendship and support, and republican
institutions havo taken root: thoy aro now strongly and deeply Implanted
in tho soil o f China. So that dem ocracy, oven in that groat Em pire, is
growing every day In strength and Influonco and power. Isn’t that a splen
did thing to havo achieved already ? W ithin tho past throo m onths another
great m ilitary autocracy, that o f Russia, has disappeared. T ho peoplo
havo sot up self-govcm m ont. W o wero tho first o f tho groat nations to
recognizo Russia, just as wo wero among tho first to rccognizo China.
W ithin tho past few days this Governm ent has extended substantial assist
ance to Russia: we have granted her a credit o f ono hundred million dollars.
W o want her to understand that our professions aro not merely lip service,
but that wo mean exactly what wo say when wo toll tho world that this
nation is consecrated to tho dem ocratic ideal and that wo Intend to support
that principle and to uphold it b y our influence and power wherever pos
sible throughout the civilized world.
There is left only one dangerous m ilitary autocracy in tho world, and that
Is tho autocracy o f the German Kaiser. Germany must bo dejunkcrlzed
and dem ocratized if tho world is to bo made safo. D o you realizo that for
tw o years and a half tho rights o f American citizens upon tho high seas
have been wantonly violated b y this m ilitary autocracy in the faco o f re
peated warnings b y our Governm ent? Y our groat President, witli unex
ampled patienco, suffered theso unparalleled wrongs and indignities to
continue until the honor and dignity o f tho nation could endure them no
longer.
W h y is it that wo havo not felt sooner tho extent o f this m enace? It is
becauso wo havo been lulled Into a falso sense o f security b y tho threo thou
sand miles o f water between us and E uropo. For a long timo that was
enough, but modern science and invention havo narrowed tho A tlantic
to such an extent that it Is little m ore to-d ay , so far as m odern warfare is
concerned, than a river. T ho A tlantic has been contracted b y tho subm a
rine, the flying machine and tho wireless telegraph. Gorman submarines
havo crossed the ocean. Only last summer ono o f thorn visited tho harbor
o f N ew port, was received hospitably b y our peoplo becauso wo wero then
at poaco with Germ any, loft within a short tim o and sank merchantmen
o ff tho N ew England coast. T ho flying macliino lias not yet crossed tho
Atlantic sim ply becauso m ilitary necessity has not required it. B ut if
Germany succeeds in crushing tho Allies in Europo you will sco flying m a
chines cross tho A tlantic. T ho wireless telegraph has increased tho flex
ibility and formidableness o f ocean warfare, and is, o f Itsolf, an additional
peril to unarmed nations. W o havo always boon an unarmed nation bocauso wo folt that wo wero secure. Our love o f dem ocracy lias boon so
great that wo did not want to tako even a chance o f militarism. W o can
no longer delude ourselves. D o you know what would happen if Gormany
should bo victorious, as sho would bo if sho could bring Franco and England
to their knees? Sho would tako tho entire British and French fleets, re
lease her own great fleet, which has been tied up in tho Baltic during tho
war, and com bining theso with tho m ost destructive submarine fleet on
earth— becauso sho lias it— sho would com o hero and put tho iron heel o f
conqueror upon your shores. W o should havo to fall back to tho intorlor,
and there is no telling how long it would tako to expel tho onom y, if wo over
did . I f wo cou ld n ’t d o It prom ptly, d o you know what would happen to
A m erica? W o should havo to m ako tho m ost humilitating terms that any
great nation over m ado to got peaco. W o should have to pay an indem nity
that w ould represent probably half tho wealth o f Am erica, which is $250,
000,000.000, and you would havo taxation upon your shoulders to meet
that Indem nity for a century to com o. I am not trying to alarm you .
It Is not m y purposo to oxaggerato; I would not misrepresent. I only want
to m ake you realizo, if you do not already roallzo, that you aro in the midst
o f ono o f the greatest wars o f all tim o. Becauso you aro not actually con
tiguous to it in a physical sonso as tho nations in Europo aro, d o not think
that you aro not concerned and that your future security and safety aro
not imm ediately Involved. This is something you m ust realizo if you
would know what to d o in tho presont situation.
T ho first thing wo must d o Is to raise tho m oney to equip our armios
and put them in the field and to oxtend credit to tho great nations o f Europe
J une 9 1917.]
THE CHRONICLE
which are co-operating with us. V? W o must give thorn credit to enable them
to purchaso hero tho necessary supplies and m unitions o f war, in order that
thoy m ay mako their soldiors m ost effective for battlo. Tho m oro effective
wo make them , tho m ore wo onablo thorn to fight and to fight hard, tho more
quickly this war will com o to an end, and tho loss chanco thoro will bo that
wo shall have to send a groat arm y o f our own you th to E urope, and G od
knows wo want to avoid that if wo honorably can. B ut you ca n ’t fight
wars on paper and you can’t fight wars b y absenco from tho battlofiold.
N ow that wo aro in this war, every patriot must respond to tho call o f his
flag and fight in tho sacred cause o f liborty.
W o liavo offored this great L iberty Loan. W hat does it m oan? It
moans that your Governm ent offers you a privilege; it asks you men and
wom en not to give something to you r G overnm ent, but to buy tho best
investment on earth, tho safest thing you can possibly possess, something
that is safo as currency and yet bettor than currency becauso currency does
not bear interest while theso bonds d o bear interest at 3 ^ 2 % . It asks you
to buy within your means in order that tho Governm ent m ay bo supplied
w ith tho m oney to properly equip our brave men who have to go upon tho
field o f battlo to protect you r lives, your liberty and your property. Tho
loast that those who cannot fight upon tho battlefield can d o is to supply
tho moans that will onablo tho Governm ent to givo to our soldiers tho arms
with which thoy can fight, to givo them tho best equipm ent that American
ingenuity and skill can produco, to supply thorn with everything that will
m ako thorn effective units, not alono that thoy m ay have a chanco to defend
thomsolvos and inflict all tho damage they can upon tho enem y in order
to bring tho war to a quick conclusion, but that thoy m ay sell their lives
as dearly as possible if they liavo to mako tho supreme sacrifice for liberty.
Aro you willing to do it? Aro you willing in this w ay to enlist in tho sacred
causo o f liborty? Aro you willing to back your soldiers in tho field? Of
courso you aro. I know it.
Wars involvo sacrifices o f property as well as o f life. W hile wo must
not bo unfair to property, wliilo wo must bo scrupulously just in tho Imposi
tion o f taxation and in tho treatm ent o f all tho econom ic questions which
gain added im portance during war tim e, property must boar its just share
o f tho burden. W o must find tho m ost equitable possiblo basis o f dis
tributing the new taxation in order that overy ono shall bear his just share,
but naturally, m y friends, those who liavo tho m ost property should pay
tho m ost taxes. I do not beliovo in class legislation. I am no m oro in
favor o f having any ono class o f our peoplo fight this battlo for liberty than
I am in favor o f fighting alono tho battle for all the peoplo. Liberty is just
as essential to ovory man, wom an and child in Am erica, whether thoy own
property or not. T ho reason that property ought to boar a larger sliaro Is
that tho stake o f property is greater. The poor man has only his life and
liborty to fight for, but tho rich m an has his property as well as his lifo and
liborty to fight for. W o have got to stand for tho roasonablo sacrifices of
property that must bo m ado, just as wo liavo got to stand for the sacrifices
o f our gallant sons that must bo mado in order to carry this war to a right
conclusion.
I f this war continues for another twelve m onths it is probable that tho
total am ount o f financing that tho Governm ent will have to d o to cover its
own expenditures and to oxtend tho necessary credits to tho Allied G overn
ments will am ount to $10,000,000,000. It is proposed that only 18%
o f this colossal sum , nam ely $1,800,000,000, shall bo raised b y now taxation.
W hen ono considers the magnitude o f tills task and tho probable econom ic
offects o f tho sale o f $8,200,000,000 o f bonds within twolvo m onths and tho
oxpondituro o f tho proceeds in tho purchase o f supplies in this cou n try, it
docs not seem prudent or wiso to provido b y now taxation a less amount
than $1,800,000.000. Such taxation will have a wholesome influence upon
tho soundness o f our financial and business situation, which will grow moro
and m oro apparent as tho m onths go b y . Tho cou ntry was never so able
as now to bear tho ncccssray taxation. It can bo applied without hurt
to business and without hardships to tho peoplo.
Thero Is always a serious danger o f hurtful inflation in war tim e when
such great bond issues must bo m ade. A roasonablo am ount o f wholesomo
taxation, properly distributed, is tho best corrective. It is, o f courso,
ossontial that thero shall bo a largo and healthful expansion o f credit during
tho period o f tho war. That will com o abou t inevitably from tho great
financial operations o f tho Governm ent and tho enlarged business o f tho
country.
But wo must not mako tho grave mistake o f imposing too llttlo taxation
at tho outset through tim idity or hesitation, or In dcforenco to tho unreason
able and solflsh com plaints o f those who, in tho long run, will profit m ost by
tho enhanced prosperity o f tho country. T ho worst m istako mado b y the
Federal Governm ent at tho outbreak o f tho Civil W ar was its failure to
lmposo taxation vigorously and sufficiently. This loti to a train o f evils,
hurtful to tho credit o f tho Governm ent, and resulted in unnecessary sacri
fices o f human lifo and treasure. Tho Northern peoplo woro not only
willing but oagor to bear largo burdens o f taxation in order to strengthen
tho Governm ent's credit and to provido it with tho necessary funds for tho
conduct o f tho war. Lot us not repeat that mistako. Lot us profit by
tiiat exporlonco. T o mo it is a sad spectacle to seo com m ittees o f various
kinds coining to W ashington and urging Congress that tho particular inter
est thoy roprosont be reliovcd o f taxation, or that taxation bo transferred
largely from thorn to soinobody else loss able to boar it, whon, at tho same
tim e, our gallant boys aro walking uncomplainingly to tho registration
officors throughout tho land, signifying their willingness to die, if need bo,
in tlioir cou ntry’s causo.
W hile tho Governm ent o f tho United States has now said that it will no
longer roly upon tho volunteer system to supply tho men who must fight
in tho field, do you roallzo, m y frionds, that wo aro relying upon the volun
teer to supply the m oney to onablo tho Governm ent to equip and maintain
our soldiers in tho field? Tlio volunteers o f m oney must not— as I bollove
that thoy will not— bo less patriotic than tho men who sacrifice their lives
for liborty. I d o not want tho volunteer system for raising tho m oney to
support our soldiors and sailors in this groat war for dem ocracy and solfgovornm ont to fall. W o shall not f«all if overy ono does his d u ty , but I
warn you that theso great things d o not achievo thomsolvos.
T hoy can only bo achieved through tho com bined energy, determ ination
and spirit o f tho American peoplo. It Is not enough o f an answer to tho
challenge thrown down to us that wo subscribe grudgingly or barely two
billion dollars or Liberty bonds. W o must oversubscribe this loan. Our
answer to tho m ilitary autocracies o f tho earth must bo that tho American
peoplo havo billions to sacrifico In tho cause o f liberty and soir-government
throughout tho world.
Somo peoplo profess apprehension about tho future o f buslnoss. W hy,
gontlom on, prosperity in tho next twelve months will bo greater than it
lias over been in our history. Y ou cannot provi nt 16 If ?S\i tryi
Allied Governments and our own Government havo goo to uuy no.-e ton
h lllion dollars’ worth o f materials and supplies— products o f your farms,
your factories and your mines— within tho next tweivo m onths, if this war
continues that long. T ho oxpondituro o f that vast sum o f m oney will force
prosperity upon us whether wo want it or not. Tho only thing that could
stop prosperity would bo tho refusal o f tho peoplo to support tho roason
ablo moasures o f taxation that aro needed, and to buy tho bonds o f tho
2281
Governm ent. Through theso*two"’ sourcos"your Governm ent will receive
the m oney to pay for tho required supplies. I f the Governm ent could not
raiso tho m oney b y taxation and b y tho sale o f bonds to enable it to buy
your products, then you would have no m arket, and hard times and disas
ter would result. T hat is the only thing that can stop prosperity. As I
know that tho American pooplo will cheerfully bear the additional taxation
and provido tho necessary credits, I havo no fears about continued prosperity.
Let us on tho 15th day o f Juno roll up a subscription which will be an
unmistakable answer to tho enemies o f our country. And on the 14th d ay
o f Juno— Flag D ay— let us go out and kneel reverently to that flag, the
supremacy o f which is to-d ay the hope o f civilization, that flag the very
colors o f which thrill our hearts and ennoble our souls, and let us pledge
ourselves anew to liberty and dem ocracy and self-government in tho world,
and swear that tho flame o f liberty shall never be extinguished while there
is a drop o f blood in the veins o f any American freeman.
BENJAMIN STRONG SHOWS HOW INSIGNIFICANT IS
LOSS OF INTEREST FROM PURCHASE OF LIBERTY
BONDS.
In answering the objections of those who hesitate to invest
in a Liberty bond because of the fear of losing the difference
botweon tho 3 H % interest on the bonds and the 4 % , or 4
%
which they might otherwise realize, Benjamin Strong, in a
statement made public on the 6th inst., said that such people
had never really stopped to consider just how little money
was involved. “ Your patriotism” , said M r . Strong, to those
making this plea, “ will cost you (in tho purchaso of a S50
bond) just a quarter each year.” M r. Strong is Chairman
of the local Liberty Loan Committee and Govei’nor of the
Federal Reserve Bank of New York. In his further state
ment answering criticisms regarding the interest return on
tho Liberty bonds, he said:
While tho campaign to place the $2,000,000,000 worth of Liberty bonds
is being carried into overy nook and corner of the United States, the state
ment has been made that in such times as these tho duty of overy man with
a small income is to make his money go as far as possible to provide for his
own dependents. Therefore, in certain places, tho argument has been
raised, that the Liberty Loan, carrying with it an interest of only 3J£%,
which is from onc-half to one per cent less than can be obtained, should be
subscribed to solely by tho wealthy. It is declared that the rich alone can
afford to lose the interest on their money, an amount which might help
tho man of a small income make both ends meet.
Tho persons who make this assertion, I am sure, have never really con
sidered how littlo their Government asks of them in this crisis. It asks so
very littlo, that even though that little were not weighed in the scales
against patriotism and the necessity of every man supporting the United
States in her fight for democracy, the question should not bo considered
for a moment.
Here aro a few figures which, I am sure, will put the matter in an entirely
different light so far as this interest on a fifty or a hundred dollar bond is
concerned. Say a man has fifty dollars, which has been drawing its 4%
year in and year out; that is, ho has been getting $2 each year; his money is
fairly safo, it has been working for him, but has not necessarily represented
a single patriotic thought on his part. Now, tho samo man takes this fifty
dollars and invests it in a fifty dollar Liberty bond, lie is, first of all,
getting actively behind tho Government and is just as surely doing his share
as tho unmarried, younger man, who is facing tho enemy from the trenches
or tho decks of a warship. lie is losing by the transaction, in terms of
money, just 25 cents a year, approximately 2 cents a month.
This is a fact. The Liberty bonds will each bear interest at 3 }A % .
giving the holder of the smallest of them tho fifty dollar one, an income of
$1 75 a year.
Nor is this all. The Liberty bonds aro exempt from all sorts of Federal,
State and local taxation, except in tho case of inheritance taxes. And if.
during tho courso of tho war, the Government should find it necessary to
borrow any money at a higher rate, then these first bonds can bo turned in,
dollar for dollar, for bonds bearing tho higher rate of interest.
Tho Liberty bonds aro declared by every banker in the country to be as
good as gold. Thoy are better than cash in your pocket becauso they are
earning interest all tho time. They aro issued for tho noblest purposo to
which monoy could possibly be put, the support of tho American Govern
ment in living up to American ideals. Tho interest, which is tho very
smallest item in tho situation, is sufficient to keep tho American who sub
scribed from losing any but a fraction of his Income, a quarter a year for
each fifty dollar bond purchased for his country's cause.
SECRETARY MCADOO URGES CONTINUANCE OF
LIBERTY LOAN CAMPAIGN WITH UTMOST VIGOR.
A statement, in which he urged the continuance ‘with the
utmost vigor,” of tho Liberty Loan campaign, was issued by
Secrotary of the Treasury M cAdoo on June 5. M r . M cAdoo
pointed out that it was not intended that tho tentative allot
ment of tho bonds among the Federal Reserve districts and
various cities announced some time ago, should bo considered
as representing maximum requirements. “ Whether they
havo roached tho tentative allotment or n ot,” he said, “ it is
imperative that tho loan shall be largely oversubscribed, and
this cannot be accomplished unless the intensive campaign
for bond subscriptions is continued with the utmost earnestnoss and enthusiasm.” His statement follows:
I regret to find that there is a disposition to stop the campaign for further
subscriptions after a city has reached the tentative allotm ent. It is m ost
Important that there shall be no cessation o f tho w ork, even in those cities
w hich havo already responded so prom p tly and patriotically.
A tentative allotm ent o f L iberty bonds to be subscribed b y Federal R e
serve districts and various cities throughout the U nited States was pub
lished a short tim e ago. It was not intended that these am ounts should be
considered as all that tho Federal Reserve districts and cities in question
should subscribe. It was m erely an indication as to how the loan could be
distributed if overy district and every city m entioned subscribed the full
am ount indicated.
I earnestly hope that the work will be continued everywhere with tho
utm ost vigor until the subscription closes on June 15. W hether a Federal
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THE CHRONICLE
R eserve district or city has reached the tentative allotm ent or n ot, it is
m perative that tho loan shall be largely oversubscribed, and this cannot bo
accom plished unless the intensive cam paign for bond subscriptions is con
tinued with tho utm ost earnestness and enthusiasm. T h e results thus far
are im m ensely gratifying, and if there is no letup in the work success is
certain.
__________________________________
GOVERNOR WHITMAN’S APPEAL TO PUBLIC IN
LIBERTY LOAN CAMPAIGN.
Governor W hitman on Juno 5 (registration day for men
eligible for conscription draft) made the following statement
in which he appealed to the public, now that one of the pri
mary duties of tho war had been fulfilled, to supplement the
draft with generous subscription to the Liberty Loan:
The young men o f the country have com e forward loyally and accopted
tho opportunity to serve the causo o f liberty on the battle fronts o f Europe.
T he Governm ent will now proceed to m ake selections from this vast en
rollm ent and in the course o f a few m onths a small percentage will bo
chosen. In tho meantime we must raise tho m oney to equip thoso men
and send them abroad. This cannot be done unless tho Liberty Loan is
generously subscribed. Only ton days m ore remain in which to tako thos
bonds. W o cannot wait until our soldiers go abroad before providing tho
m oney to support them . W e are at war and our first duty is in connection
with this Liberty Loan. E very man and woman in this Stato should got
behind it im m ediately and go to tho banks or trust com panies and subscribe
for as m any bonds as they can possibly tako. It is impossible to over
emphasize tho disgraco in the eyes o'f the world and the injury to the cause
which would attend upon a failure upon our part to d o generously and with
enthusiasm tho first thing wo [have been asked actually to d o in this world
war.
_________________ _______________
SAFEGUARDING SMALL HOLDERS OF LIBERTY LOAN
BONDS.
For the benefit of purchasers of Liberty bonds who have
no safe deposit boxes or bank connections, the Liberty Loan
Committee announces:
1. T h e N ew Y ork Stato Safe D eposit A ssociation has recom m ended to
all its m embers that they take cu stod y o f one $50 bond or one $100 bond
for anyono without charge.
2. T h e savings banks, under authorization o f tho Banking Departm ent,
are enabled to receive subscriptions to be paid for out o f future savings
rather than w ith m oney withdrawn from the banks, tho savings banks
m aking provision for weekly paym ents and in tho m eantim e taking caro
o f the bonds and adjusting the question o f interest when final paym ent is
m ade.
3. T h e Clearing IIouso A ssociation and tho Liberty Loan C om m ittee
have recom m ended to all banks and trust com panies that they take cu stody
fo r anyone o f Liberty bonds w ithout charge in amounts up to $1,000.
Y o u buy you r bond. T h o banks, trust com panies and safe deposit com
panies will d o the rest.
EFFORTS OF NEW YORK SAVINGS AND LOAN ASSO
CIATIONS TO PROMOTE LIBERTY LOAN.
In pointing out that the savings and loan associations of
New York State, whose resources aggregate about $80,
000,000, are taking an active part in the efforts boing made
to make the Liberty Bond issue a success. A statement
issued by the Banking Department at Albany this week said:
W ith tho co-operation o f State Superintendent o f Banks, Eugcno Lamb
Richards, tho savings and loan associations succeeded in having tho Legis
lature pass and tho G overnor sign a bill which perm its these associations
to participate in tho Liberty Loan and other bonds, to be issued b y tho
United States Governm ent. This new law authorizes savings and loan
associations o f tho Stato to issue ‘ ‘National Defenso Savings Shares” hav
ing a matured valuo o f $100 each. This law provides that all m onoys
received upon this class o f shares shall bo Invested b y tho savings and loan
associations receiving them in United States bonds or other obligations,
and tho incom o from tho bonds distributed am ong tho holders o f this par
ticular class o f shares.
T ho N ow Y ork State and M etropolitan Leagues o f Savings and Loan
Associations aro conducting, with pronounced success, an a ctive cam
paign to induco the savings and loan associations throughout tho State to
participate to their fullest extent in tho flotation o f tho Liberty Bond issuo.
W ith this end in view tho officers o f tho Stato and M etropolitan Leagues
have sent a circular lotter to tho local associations calling their attention
to tho enactment o f tho now law and pointing out that it is thoir patriotic
duty to co-operate with tho N ational Governm ent in floating this new
bond issuo. Am ong other things, tho letter says:
T he Com m itteo, appointed b y tho Presidents o f tho State and M etrop oli
tan Leagues o f Savings and Loan A ssociations, invites attention to tho
im portant fact that tho bill authorizing tho issuo o f N ational Defenso
shares by these associations has becom e a law, so that every association
in the Stato is now in possession o f tho authority and tho opportunity to
join in the patriotic service o f selling to their members United States
Governm ent bonds o f tho Liberty Loan o f 1917.
T ho C om m itteo suggests that each association, without delay, subscribe
through its local bank or d irectly for such am ount o f tho L iberty Loan in
$50 and $100 bond denom inations as the officers o f tiie association think
they can dispose o f to their m embership or otherwise. A number o f asso
ciations o f the M etropolitan D istrict aro already engaged in this w ork, and
a form o f subscription blank has been prepared, a cop y o f which accom
panies this circular, which it is suggested is available for tho uso o f a llo f
the associations o f tho State.
Upon applications to tho Secretary o f the State League, M r . M cE w an ,
tho C om m itteo will supply application blanks in such quantities as m ay bo
needed b y each association.
T he C om m itteo strongly urges co-operation with the Governm ent and
w ith our Leagues in this patriotic service as we have no doubt that the
m em bership o f your association will be glad to respond when thoy discover
how sim ple and easy it is to buy a Liberty Loan B ond.
T h o conditions, as outlined b y the State and M etropolitan Leagues,
follow :
T ho paid up value o f each N ational D efenso share is $100. Paym ents
m ay be m ado in such amounts and at such times during theassociation’s
offico hours as m ay suit the subscriber: but it is understood that tho sub
scriber will pay ui> his subscription as soon as practicable, and at latest
w ithin ono year from June 15 1917. For each $100 accum ulated b y him
in this w ay tho association will give him United States Governm ent bonds
o f the Liberty Loan o f 1917, bearing interest at the rato o f 3 H % per an
num calculated from tho dato when tho subscription is com pleted. T ho
association will allow interest upon partial paym ents (upon m onthly bal
ances) at tho samo rate (S'A % ) as tho interest paid b y the Governm ent
upon tho bonds. B ut interest will not bo allowed on balances o f less than
[Vol . 104
10. T ho subscriber who fails within ono year to com p leto his subscription
will bo entitled to receive a $50 L iberty Loan bond if his paym ents equal
tho price thereof, and to withdraw all balances to the credit o f his sub
scription, with tho interest credited as aforesaid w ithout deduction, in
accordance with law.
FRANK C. MORTIMER ON “OUR WAR BONDS AND
THE PEOPLE’S PURSE.”
Declaring that with the entranco of tho United States into
the war comes an epoch of mobilization, Frank C . Mortimer,
Pacific Coast representative of tho National City Bank of
New York, in an address before the Oregon Bankers’ Associa
tion at Marshfield (Ore.) yesterday (June 8) declared that
“ our marshalling of strength must bo complete. It m ust,”
he said,“ bo thorough and decisive. Through deliberate and
systematic planning, through skillful organization, wo must
bring to bear tho power of our money and our m en.” “ In
every quarter,” he continued, “ wo must conserve and organize
our strongth. N ot only in our army and our navy; as well
in agriculture, in our mills and factories, wo must organize,
wo must have drill and discipline, in ordor to attain our
maximum efficiency. The vital activities of our industrial,
business, and commercial lifo must go on with redoubled
vigor, and all of this involves finance and at tho contro stand
the banks. Our country, with its vast wealth and resources,
has the potential strength to win tho battle for democracy.
This strength must be transmuted into action through the
medium furnished by well-organized and public-spirited
finance.” Pointing out that tho most important step in our
financial mobilization is the Liberty Loan, M r . Mortimer
said in part:
It is well nam ed, because this issue o f tw o billions o f dollars represents
a d efinite blow struck for d em ocracy. T h is sum seems vast, and yet wo
must rem em ber that it is in keeping with tho universal nature o f the causo
for w hich wo are contending and with tho vast scalo o f operations upon which
tho present war is being conducted. W o m ust rem em ber, too, that it is a
means o f distributing over a period o f tim o a part o f tho cost o f the war and
placing upon the next generation a just portion o f the burden which they
should gladly bear in view o f tho presont generation’s service in bom bating
forces m ost inim ical to peace and civilization. Com pared with tho issues
o f national bonds b y Great B ritain, whoso people subscribed fiv o billion
dollars to a war loan in February, and tho German G overnm ent, w hich last
O ctober offered its fifth war loan, to which subscriptions amounted to over
two and a half billions, and its sixth loan, just closed, with subscriptions
reported at over three billion dollars, this present Issuo in tho U nited States,
so great in population and so unlim ited in resources, represents a relatively
m oderato tax upon our strength.
A nd indeed this issuance o f bonds constitutes a benefit rather than a
burden. T h ey represent a safe and securo investm ent, backed b y tho
entire credit o f the Governm ent o f tho U nited States. A nd through tho
purchase o f these bonds, in rendering available for war purposes these two
billion dollars, wo shall at this particular tim e bo furnishing indispcnsablo
aid in tho war to w hich wo aro com m itted. F or this will bo tho means o f
furnishing supplies to the soldiers o f thoso nations allied w ith us andalready
ou the battlefields o f Europe contending for tho principles that brought us
into tho war, and it will also bo the means o f stim ulating in this country tho
production w hich is necessary to support the forces which wo oursolves must
marshal in order, with strength and decisiveness, to bear tho brunt o f
b a t t l e . ______________________________ __
JO H N
E. GARDIN ON “LIBERTY BONDS FOR TIIE
BUSINESS WOMAN.”
“ Liberty Bonds for the Business W o m an ” was tho title
under which John E . Gardin, Vice-President of thoNational
City Bank of N ew York, delivered an address in Newark
yesterday (tho 8th inst.) under tho auspices of tho Contempor
ary Club. “ It is to the women of this country of ours,”
said M r . Gardin, “ that wo havo to look for tho support of
the firing lino, whether it is tho surrender of that which she
holds dearest to her heart, or whether it is material assistance;
and realizing this to tho fullest oxtent your country is now
appealing to you in its hour of need for support which you
will not fail to give.” “ Distant many thousand miles from
the scene of action, he continued, we havo been lulled into
a false sense of security and fully entertain tho opinion that
the horrors of war will not approach our shores.” He
added:
There never was a greater m istake, and if wo continuo to maintain this
attitude o f lethargy we som e day will havo a rudo awakoning, and our fate
will bo that o f Belgium , whero thoy havo driven tho men into slavery and
tho wom on into something that is a thousand times worso:; it will bo that
o f Northern Franco, where devastation and ruthlessness havo boon want
only inflicted. Let Rum ania and Arm enia tell tho tale and then ponder
whether such conditions would be to your liking.
Our foe knows no honor nor hum anity, and considers tho m ost sacred
obligations as mere scraps o f papor. Ho wages war upon innocent w om en
and children and tho press gloats over tho success o f tho Zeppelins in
murdering non-com batants. Contrast tho attitude o f our allies w ho co n
sider themselves in honor bound to rofrain from retaliating in kind. T hoir
aerial equipm ent is far superior to that o f tho Gorman arm y and a fow hours
would taken them ovor som o o f tho m ost populous cities o f Germ any whero
reprisals could bo had that w ould stagger tho im agination. Thank G od
our friends havo succeeded in resisting tho tem ptation.
W o Americans will also make war only in an honorable manner, but
nevertheless it must bo war to tho hilt if wo desire to maintain our freedom
and tho sanctity o f our hom es.
This war is being waged for tho liberty o f tho w orld; it is being waged
for freedom o f thought; for tho liberation o f tho enslaved peoplo o f B elgium ,
N orthern France, R um ania, who were too weak to offer effectivo resistance
Ju n e 9 1917.]
THE CHRONICLE
to the incursions o f the Hun. It is being waged for the purpose of demon
strating that right and justico is above all else tho lode star of civilization.
It is being waged to protect the principle that governments can only exist
with tho consent o f tho governed.
Tho dobt o f this country is a mere bagatelle, maintained principally for
economic reasons and could havo beon wiped out long ago, had it boon
deemed wiso to do so. Tho burden o f responsibility upon tho citizens
amounted only to $10 per capita— truly a neegligiblo figure for a nation
Inherently so powerful and largo.
The proposed debt or ono ten time Its size imposes no undue burden upon
tho peoplo and oven If it did, it would bo cheerfully borne particularly if
wo keep In view tho object that we are seeking to attain.
This Liberty Loan will give everyone a closer relation to our Government
it will teach us thrift as well as many other things in which wo are now sadly
deficient. It is a mortgage upon our future savings and many a person will
later on be thankful that the opportunity has been given to us to provide
for a rainy day.
This war can only bo won with the power of the peoplo and all must come
forward to do their bit. If you cannot take $10,000, you can take $10 and
many times $10 will ultimately mako $10,000.
Tho principal as well as tho interest Is guaranteed by yourself and what
better security could you expect— or could you want ?
SU BS CR IPT IO N S
TO
THE
L IB E R T Y
LOAN.
A mass meeting in the interest of the Liberty Loan was
held on tho Stock Exchange floor yesterday afternoon at
3:45 p . m . It was the first time since the erection of the
prosont building that the floor has been thrown open to tho
public. Honry G . S. N oble, President of the Exchange,
presided, and tho 7th Regiment Band played patriotic airs.
Frank A . Vanderlip, President of the National C ity Bank;
Dwight W . Morrow, of J. P . Morgan & C o ., and Police Com
missioner Arthur W oods, were the speakers.
The mombers of the N ew York Stock Exchange announce
in an advertisement on another pago to-day that a largo
majority of tho New York Stock Exchange houses have
adopted a partial payment plan which will make it possible
for any individual to invest his savings in the Liberty Loan of
1917. The members of the Exchange unreservedly place
themselves at the service of the Government to provide
dollars as well as mon and appeal to every American to help
mako tho Liberty Loan subscription worthy of tho nation.
Tho Exchange urges everyone as a matter of patriotism,
self interest and self preservation to subscribe as generously as
thoy can to this loan and says that to assure the success of
the Liberty Loan, every individual must do his part. Tho
appeal is signed by the Liberty Loan Sub-Committee of the
N ew Y ork Stock Exchange houses, and it is heartily approved
and endorsod by tho Governing Committee over its Presi
dent’s signature. Detailed information will be furnished by
applying to any member of tho Now York Stock Exchange,
all the firms will place all their facilities at the disposal of
subscribers without charge, no matter how small or’ largo
the subscription may be.
On Thursday half a ton of Liberty Loan literature was
dropped upon N ew York from the Battery to the Bronx by
aviators in ton huge biplanos used by tho Government in
aviation instruction. Tho sheets thrown down were stamped
across tho face:
This was dropped by a U. S. Government Aviator.
a German bomb. To avoid bombs buy bonds.
It might have been
A t a patriotic meeting of tho Associated Advertising Clubs
in St. Louis on June 6, it is stated that 429 pages of free
advertising spaco in tho newspapers was subscribed by the
convention to help sell Liberty bonds and to raise $100,000,
000 for the Red Cross.
Through an arrangement made by tho Chicago & North
Western R y . C o. with tho Merchants Loan & Trust C o. of
Chicago, tho 60,000 employees of the North Western system
are being given an opportunity to subscribe to the Liberty
Loan on the installment plan.
Under supervision of this
plan, tho men aro given until N o v . 1917 to pay for the bonds;
one-seventh of tho cost of tho bonds being applied for being
deducted from tho salary of the employeo in each month
from now until Novembor. Every employee and official
in tho Now York offico of tho Chicago & N orthw estern R y .
C o. has made application for bonds.
2389
Trust C o .; $12,000,000 by tho National Park Bank; $1 0,00 0,
000 by the Corn Exchange Bank, the Bank of the Manhattan
C o ., N . B . A ., and the N ew York Trust C o .; in the latter
case one-half of tho amount was taken on the company’s
own account; $5,000,000 by E . I . du Pont de Nemours
& C o ., Henry Ford, Ex-United States Senator W . A . Clark,
the Atchison Topeka & Santa Fe R y . and the General
Electric C o .; $4,000,000 b y Hornblower & Weeks; $3,000,000
subscribed by the Second National Bank of Boston, the
Citizens National Bank of N ew York , Charles M . Schwab
and the Marshall Field Estate; $2,500,000 by the Fourth
Atlantic National Bank of Boston, M ontgom ery, Clothier &
Tyler and the Midvale Steel & Ordnance C o .; $2,400,000 by
the National Union Bank of Boston; $2,250,000 by the
Metropolitan Life Insurance C o .; $2,000,000 by M rs. Russel
Sage and Vincent Astor; $1 ,845,000 applied for by Moore &
Schley; $1,500,000 by the Industrial Trust C o. of Providence,
R . I ., Lehman B ros., Stanley] Field, J. S. Bache & C o. and
American M etals C o ., L td .; $1,250,000 by the St. Louis M er
chants’ Exchange; a similar amount by the employees of the
Ford M otor C o .; $1,000,000 by the Ray Consolidated Copper
C o ., Chino Copper C o ., N evada Consolidated Copper C o .,
Atlantic Gulf & W est Indies SS. C o ., United States Rubber
C o ., Gaston, Williams & Wigmore, Halle & Stieglitz, Sears,
Roebuck & Co. Levy M ayer, P . Lorillard & Co.,Interborough
Rapid Transit C o ., International Nickel C o ., Robert W alton
Goelet, Johnson & Higgins, Kennecott Copper Corp., W m .
A . Read & C o ., F . S. Smithers & C o ., Harry Payne W hitney,
August Belmont & C o ., Henry Evans, President of the
Continental Life Insurance C o ., G . H . Sanford, M ackay
Companies, Studebaker C orp., Copper Range Consolidated,
Thomas F . Ryan, and Clark, Dodge & C o.
F O R M FOR H Y P O T H E C A T I N G L I B E R T Y L O A N B O N D S .
It was made known on the 2d inst. that the Liberty Loan
Committee had approved the following form of agreement,
which will permit banks to re-hypothecate Government
bonds pledged with the banks to secure notes of customers
as collateral for Government deposits:
It is hereby agreed that t h e _____________________ bank shall have the
right to transfer and re-hypothccatc tho collateral security named herein.
together with any collateral added to or substituted for the same, to the
Government o f the United States, or to the Federal Reservo Bank of New
York as fiscal agent of the United States, as security for deposits received
or to bo received by the said bank from the United States or from the
Federal Reserve Bank o f New York.
The Committee also agreed that it should impress upon
each officer and employee engaged in handling subscriptions
that the information contained in the subscription blanks and
lists is of tho most confidential character, and that no use
of the information thus acquired by copies of lists or other
wise should be made, except in the line of duty as fiscal agents
for the Government.
The Liberty Loan Committee of tho local Federal Reserve
District under date of June 1 announced that banks and trust
companies in the district as well as the press will be notified
that persons desiring to use the short-term certificates of
indebtedness in payment for the Liberty Loan bonds must
make a formal subscription to the bonds, as the certificates
of indebtedness are not directly convertible into the bonds
except in payment of formal subscriptions. It is pointed out
that this refers to the short-term certificate of indebtedness
issued by the Treasury Department, and not to the $10 cer
tificates issued to facilitate the purchase of Liberty Loan
bonds.
U R G IN G A C C E P T A N C E OF P U B L IC
AS
COLLATERAL
U T IL IT Y
FOR G O V E R N M E N T
IS S U E S
D E PO SIT S .
The failure of tho Treasury Department to provide for the
acceptance of publio utility issues as collateral to secure
Government deposits, has resulted in the lodging of a protest
with Secretary of tho Treasury M cAdoo by W . E . Stanley,
one pf tho Western Managers at Chicago of E . W . Clark &
C o . In M r . Stanley’s view, there is no reason why the better
class of these issues should not be accepted as security for
Government deposits in just the same manner as the better
class of railroad bonds are acceptable; he urges that the
matter be given consideration, and if necessary, that a special
ruling in favor of public utility issues bo made. W e quote
his letter to M r . M cAdoo below:
It was announced yesterday that tho firm of J. P . Morgan
& C o. has subscribed $50,000,000 to tho Liberty Loan. Of
this amount Drexol & C o . of Philadelphia, it is said, con
tributed $10,000,000. Among other announcements of the
Chicago, June 4 1917.
week aro a subscription of $32,000,000 by tho Bankers Trust H on. W . 0 .M cA doo, Secretary o f the Treasury, Washington,
D . C.
C o . of this city; $38,000,000 by the National Bank of Com Dear Sir .— I wish to mako a protest in behalf of high grade public utility
issuos,
which
havo
not
been
included
as
acceptable
collateral
in tho circular
morco in Now York, for itself and customers (this includos
Issued by your department under dato of M ay 29 1917, entitled "Liberty
$10,000,000 previously reported); $26,000,000 by tho Central I Loan; doposits of Government funds In connoctiqji with tho Liberty Loan.”
3390
THE CHRONICLE
N ational banks, savings banks and trust companies are holdors o f m any
millions o f public utility issues, and thoro is no roason w h y tho hotter class
o f these issuos should not bo accepted as socurity for Governm ent doposits
In just the same manner as the bottor class railroad bonds aro acceptable.
T ho records o f public utility bonds, both for stability in earnings and
stability in prico, have provon their merit over a period o f yoars and it does
n o t seem fair either to tho institutions owning these bonds or to the com
panies Issuing thorn that they should not bo accepted under any classifi
cation as collateral for United States Governm ent deposits.
Especially is it unfair when you accopt railroad bonds which aro a direct
m ortgage (b y that I tako it to be a first m ortgage) providing they aro not
selling at a market price to yield m ore than 5 M % - It is m y humblo
opinion that any first mortgage railroad bond selling to-d ay to not 5 }4 %
would not com paro favorably with even the second grade public utility
issuos, and further, a first m ortgago railroad bond selling at a prico to not
5 ) 4 % , is on tho face o f it, unsuitable for general investment purposes, and
should not qualify the bond to becom e acceptable security for Governm ent
deposits.
I t does not soem fair, in fact it is not fair, that high grado public utility
bonds bo left out o f your classification for security acceptable as collateral
to secure Governm ent doposits. M ay I ask, therefore, that your D epart
m ent givo this matter furthor consideration and if nocessary mako a special
ruling and a classification in favor o f public utility issues.
V ery truly yours,
W . E. STAN LEY.
SUBSCRIPTIONS TO LIBERTY LOAN OF BANKS OUT
SIDE NEW YORK CITY.
On June 1 Governor Strong of tho Federal Reserve Bank
of Now York announced that in response to requests from
banks outside N ew York City, lists of the amount of sub
scriptions of such banks would be prepared for use primarily
by district and local committees, subject to tho discretion
of the Liberty Loan Committee, as to tho use to bo made of
the same. W e givo the circular below:
Circular N o. 69.
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 .
Neio York, June lsl 1917.
To the Cashier:
Sir.— H aving received requests from m any banks outsklo o f N ew Y ork
C ity for Information as to tho amounts o f subscriptions to Liberty Loan
bonds received from other cities and towns in their neighborhood wo havo
arranged to prepare a list showing:
(a) T ho sum which each city or town is expected to furnish, based on its
bank resources and their relation to the aggregate subscriptions expected
from this D istrict, and
(b) T ho amount o f subscriptions received from each city or town outsido o f N ew Y ork C ity.
Such lists will bo prepared from time to tim e primarily for use, in wliolo
or in part, b y district and local com m ittees subject to tho discretion o f tho
L iberty Loan C om m itteo, as to tho use to bo m ade of, or p ublicity to bo
given to, the figures propared.
T ho first list will include all actual subscriptions reported to tho Liberty
Loan C om m itteo, R oom 518, E quitable Building, N ew Y ork C ity , up to
and including tho morning mail o f M on day, June 4th. This will givo you
an opportunity to report your subscriptions already received in case you
havo not already done so.
Respectfully yours,
B E N J A M IN S T R O N G ,
________________________
Governor.
NEW YORK RESERVE BANK ANNOUNCES 3 ^ % RATE
FOR PAPER USED IN PURCHASE OF LIBERTY BONDS.
Concerning tho establishment by it two weeks ago of a
special rediscount rate of 3 J ^ % for paper given for the pur
pose of purchasing Liberty Loan bonds, the New York
Federal Reserve Bank issued the following circular. It is
pointed out that while the desirability of having this special
rate remain stable is fully recognized, its establishment at
tho present time and under existing conditions, should not
bo taken as an indication that it will remain unchanged if
circumstances require a different course.
Circular N o. 64.
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 .
New York, M ay 22 1917.
To the Cashier:
Sir.— This bank has to-d ay established a special rate o f rediscount o f
3 y i% lor paper given for tho purpose o f purchasing Liberty Loan bonds
o f the Governm ent about to bo issued, such paper having a m aturity o f
not exceeding ninety days. This special rato will only apply to tho re
discount o f paper which has been secured b y a pledgo from tho customer
to tho member bank o f United States bonds or interim recoipts therefor
or United States certificates o f indebtedness.
It is clearly desirable that the com ing issue o f bonds should bo absorbed
by tho ultimate investor as rapidly as possible, and It will, therefore, bo
tho policy o f this bank to aid its member banks freely, If desired, in order
that they in turn m ay givo their customers every facility for purchasing
tho bonds, permitting them , if nocessary, to take a reasonable tirno to make
com piote paym ent therefor.
W hile tho desirability o f having this special rato remain stablo is fully
rccognizod, its establishment at tho present tim o and under existing con
ditions should not bo taken as an indication that it will remain unchanged
I f circum stances require a different courso.
Advances to membor banks may also bo mado b y this bank for periods
o f ndt exceeding fifteen days, upon notes o f member banks secured b y such
Governm ent obligations.
T he rates o f discount o f this bank, effective from this date until further
notice aro, therefore, as follows:
F or notes, drafts and bills o f exchange, including promissory notes se
cured by collateral consisting o f oliglble paper or bonds, notes and cer
tificates o f indebtedness o f tho United States, having a m aturity at time
o f discount o f not m ore than 15 days, 3 % .
For notes, drafts and bills o f oxchange, having a m aturity at time o f dis
count o f m ore than 15 days and not more than 90 days, 4 % .
For agricultural paper having a m aturity at tim o o f discount o f moro
than 90 days and not m ora than six m onths, 5 % .
}Vol . 104.
Special Rates.
F or notes, drafts and bills o f exchange issued or drawn for tho purpose
o f buying or carrying bonds, notes or certificates o f indebtedness o f the
United States, having a m aturity at tim e o f discount o f not m oro than
90 days, 3 H % F or trade acceptances having a m aturity at tim o o f discount o f not more
than 90 days, 3 H % .
R espectfully,
R . II. T R E M A N ,
Deputy Governor.
NEW YORK RESERVE BANK SUBMITS APPLICATION
FORMS FOR DESIGNATION A S DEPOSITARY FOR
LIBERTY LOAN FUNDS.
A circular dealing with the application of banks for desig
nation as depositary of funds in connection with the Liberty
loan has been issued as follows by the Federal Reserve Bank
of New York:
Circular N o. 68.
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 .
.
New York, M ay 31 1917.
To the Cashier:
Sir .— In connection with the Treasury Departm ent Circular N o. 81
(Liberty Loan Circular N o. 3) o f which tho Departm ent has sent you a
co p y , your special attention is called to tho following:
(1) Enclosed horewitli is a form upon which you m ay mako application
for designation as depositary o f funds in connection w ith tho Liberty Loan;
and upon which you should answer questions (a), (b ), and (c), it being
understood that your answers aro approxim ate.
(2)
Lists o f bonds or commercial paper to bo offered as socurity for such
deposits should bo typewritten on paper o f tho usual letter sizo (about
834” x l l ” ). C arbon copies m ay bo used provided they aro legiblo. Each
list should contain tho namo o f the bank and tho signature o f an officer.
(3) Four copies o f tho application and four copies o f tho list o f securities
should be furnished.
(4) Bonds should bo listed alphabetically in sufficient dotail to set forth
clearly tho exact issuo. T he full namo, rato and m aturity o f tho bonds
should be stated,
(5) Comm ercial paper should bo listed in tho order o f m aturity, giving
tho name and address o f tho maker and indorsor and tho m aturity o f the
paper.
(6) Y ou will bo advised later concerning custody o f those o f your securi
ties which aro approved as security for United States doposits.
(7) Please forward your application and list o f securities as soon as
possible to Federal Reservo Bank o f N ow Y ork, Governm ent Deposit
Departm ent, 50 Wall Street, New Y ork C ity.
R espectfully yours,
B E N J A M IN S T R O N G ,
Governor.
Tho following is the form roforred to abovo:
Form A — Liberty Loan.
To the Secretary o f the Treasury, Washington, D . C.:
■
Sir.— I am directed b y tho Board o f Directors o f the---------------------------- o f
_________________ ■___to stato that said bank (or trust com pany) will have
paym ents to mako on subscriptions m ado b y and through it for bonds o f
the Liberty Loan and to request you to designate it as a Governm ent de
positary under authority o f tho A ct approved April 24 1917, and pursuant
to Treasury Departm ent Circular N o. 79, dated M a y 16 1917, and Treas
ury Departm ent Circular N o. 81, dated M a y 29, 1917.
T he board o f directors o f said_____________________has authorized tho
deposit and pledge o f tho securities described in tho attached list as collateral
security for any deposit m ado pursuant to this application.
....... ..............................o f .......... ...............
by ..................................................................
(Titlo) .....................................................
(a) Tho amount o f bonds o f tho Liberty Loan subscribed for by or
through such bank or trust com pany will bo 8______________
(b) T ho amount o f paym ents to bo m ado by such bank or trust com
pany on such subscriptions on or before Juno 28 will b o $ --------------------- (c) T ho amount o f such payments to bo m ado in cash is $ --------------------and tho amount o f such paym onts to bo mado in Treasury certificates o f
indebtedness is S______________
GOVERNOR STRONG AGAIN TAKES UP DUTIES AT
NEW YORK RESERVE BANK.
Governor Benjamin Strong of the Federal Reserve Bank of
Now York has again taken up his duties at tho Bank. G ov.
Strong was away on a year’s loavo of absence on account
of ill health. A few weoks ago (as notod in our issuo of M a y
19) upon the arrival in this country of Lord Cunliffe, Gover
nor of the Bank of England, M r. Strong unexpectedly re
turned to his desk. While hero ho took activo part in tho
conferences dealing with tho floating of tho Liberty Loan
and was mado Chairman of tho General Liborty Loan Com
mittee for the Now York Foderal Rosorvo District. He
returned to the W est to continuo his rospite a short while
longer, but has now completed his vacation.
SUMMARY OF REGULATIONS RELATING TO PAPER
ELIGIBLE FOR REDISCOUNT BY RESERVE BANKS.
Tho Federal Reservo Bank of Now York has this week mado
public several circulars, one of which summarizes tho regula
tions of the Federal lteservo Board relating to paper eligiblo
for rediscount with or purcliaso by Federal Reserve banks.
W o reprint tho circular herewith:
T ho regulations o f tho Federal Reserve Board mako tho follow ing defini
tion o f paper eligiblo for rediscount with Fodoral R escrvo banks:
“ A bill the proceeds o f which havo beon used or aro to bo used in produc
ing, purchasing, carrying or marketing goods in ono or m oro o f tho stops of
tho process o f production, manufacturing and distribution.”
A ny note, draft or bill o f exchango Is eligible if:
J une 9 1917.]
THE CHRONICLE
( а ) I t h a s a m a t u r i t y a t t h e t i m e i t is o f f o r o d a s s e c u r i t y f o r d e p o s i t s o f
n o t m o r e t h a n 9 0 d a y s , e x c l u s iv e o f d a y s o f g r a c e ; b u t i f d r a w n o r is s u e d
f o r a g r i c u lt u r a l p u r p o s e s , o r b a s e d o n l i v e s t o c k , i t m a y h a v o a m a t u r i t y
a t t h e t i m e i t is o f f e r e d a s s e c u r i t y f o r d e p o s i t s o f n o t m o r e t h a n s i x m o n t h s ,
e x c l u s iv e o f d a y s o f g r a c e .
(б ) I t a r o s e o u t o f a c t u a l c o m m e r c i a l t r a n s a c t io n s ; t h a t is , i t m u s t b o a
n o t e , d r a f t o r b ill o f e x c h a n g e w h ic h h a s b o o n is s u e d o r d r a w n f o r a g r i c u l
t u r a l , i n d u s t r ia l o r c o m m e r c i a l p u r p o s e s , o r t h e p r o c e e d s o f w h ic h h a v e
b een , o r aro to b e , u sed fo r su ch p u rp oses; b u t it m u st n o t b e a n o te , d r a ft
o r b ill o f e x c h a n g e , t h e p r o c e e d s o f w h ic h h a v o b e e n u s e d f o r p e r m a n e n t
o r f i x e d i n v e s t m e n t s o f a n y k i n d , s u c h a s l a n d , b u i l d in g s o r m a c h i n e r y .
I t m a y , h o w e v e r , b o s e c u r e d b y a p le d g e o f g o o d s o r c o lla t e r a l, p r o v id e d it
is o t h e r w i s e e l ig i b l e .
(c ) I t w a s n o t i s s u e d f o r c a r r y in g o r t r a d i n g in s t o c k s , b o n d s o r o t h e r
i n v e s t m e n t s e c u r it i e s , e x c o p t b o n d s a n d n o t e s o f t h e G o v e r n m e n t o f t h e
U n it e d S ta te s .
(d ) T h o a g g r e g a t e o f n o t e s , d r a f t s a n d b i ll s b e a r i n g t h e s i g n a t u r e o r i n
d o r s e m e n t o f a n y o n e b o r r o w e r , w h e t h e r a p o r s o n , c o m p a n y , f ir m o r c o r p o r
a t io n , o ffe r e d b y a n y o n o b a n k d o e s n o t e x c e e d 1 0 % o f t h o u n im p a ir e d
c a p i t a l a n d s u r p lu s o f s u c h b a n k ; b u t t h is r e s t r i c t io n s h a ll n o t a p p l y t o b i lls
o f o x c l ia n g o d r a w n i n g o o d f a i t h a g a in s t a c t u a l l y e x i s t i n g v a l u o e .
I n t h o c a s o o f a n o t o m a d o b y a p e r s o n , c o m p a n y , fir m o r c o r p o r a t io n e n
g a g e d in c o m m e r c i a l , in d u s t r ia l o r a g r i c u lt u r a l p u r s u i t s , t h e e l i g i b i l i t y m a y
b e d e t e r m in e d f r o m t h o fin a n c ia l s t a t e m e n t o f c o n d i t i o n f u r n is h e d .
I f th o
s t a t e m e n t s h o w s a r e a s o n a b le e x c e s s o f q u i c k a s s e t s o v e r c u r r e n t l i a b i l i t i e s , i t
is s u f f i c ie n t e v i d e n c o t h a t it s p r o c e e d s h a v o b e e n u s e d in t h e m a n n e r d e
s c r i b e d , a n d n o t f o r l a n d , b u i l d in g s , o r m a c h i n e r y , a n d t h e n o t e is e l ig i b l e .
I f th o s ta te m e n t o f c o n d it io n d o e s n o t s h o w s u c h r e a s o n a b le e x ce s s o f q u ic k
a s s e t s o v e r c u r r e n t l ia b il i t i e s , t h e n o t o is n o t e l ig i b l e a l t h o u g h i t m a y b o
e n tire ly g o o d .
T h o e l ig i b i li t y o f p a p e r m a y a ls o s i m i l a r ly b o d e t e r m in e d b y t h o s t a t e m e n t
o f th o p e r s o n , fir m o r c o r p o r a t io n o n th o s tr e n g th o f w h o s o c r e d it t h o p a p e r
is p u r c h a s e d o r d i s c o u n t e d .
I n th e ca s e o f a n o t o m a d o b y a p e r s o n , fir m o r c o r p o r a t io n n o t e n g a g e d
in c o m m e r c o , I n d u s t r y o r a g r i c u lt u r e , o r w h i c h , b e i n g s o e n g a g e d , d o e s n o t
m a k e a s t a t e m e n t , t h o e l i g i b i l i t y o f t h o n o t o m a y b o d e t e r m in e d b y t h o p u r
p o s e f o r w h ic h i t s p r o c e e d s a r o u s e d .
I f th e y aro u sed fo r sea son a l o r te m
p o r a r y a d v a n c e s t o c a r r y th o tu r n o v e r o f m e r ch a n d is e , th o o p e n c r e d it s ,
o r t h o o p e r a t i n g c o s t s , o f a n a g r i c u lt u r a l , in d u s t r ia l o r c o m m e r c i a l e n t e r p r is e
in w h ic h t h e d i s c o u n t e r is in t e r e s t e d , t h o n o t o is e l ig i b l e w h e r e t h o a m o u n t
d o c s n o t e x c e e d $ 5 , 0 0 0 o r is le s s t h a n 1 0 % o f t h e p a i d - i n c a p i t a l o f t h o m e m
ber ban k.
•
T h o n o t e s o f p r o f e s s i o n a l m e n o r p e r s o n s n o t e n g a g e d in b u s in e s s a r o n o t
c li g l b l o u n le s s t h e i r p r o c e e d s a r o u s e d f o r a d v a n c e s o f t h o a b o v o c h a r a c t e r
t o c o m m e r c i a l , I n d u s t r ia l o r a g r i c u lt u r a l e n t e r p r is e s in w h ic h t h e y a r e i n
te re ste d .
T h o n o t e s o f f a r m e r s a r e e l ig i b l e i f t h o p r o c e e d s a r o u s e d f o r s o e d , f e r
t il i z e r , l i v e s t o c k , f e e d , t o o l s , s e a s o n a l o p e r a t i n g e x p e n s e s , & c . , b u t a r o n o t
o l lg i b l o I f t h e ir p r o c e e d s a r o u s e d f o r l a n d , b u i l d in g s o r m a c h i n e r y .
T h o r e g u l a t io n s o f t h o F e d e r a l R e s e r v o B o a r d m a k o t h o f o l l o w i n g d e f in i
t i o n o f b a n k e r s ’ a c c e p t a n c e s w h ic h a r o t h o p r i n c ip a l f o r m o f p a p e r o l lg i b l o
fo r p u rch a se b y F ed era l R e s o r v o b a n k s:
A b a n k e r s ’ a c c e p t a n c e is a n a c c e p t e d b i l l o f e x c h a n g e o f w h i c h t h o a c
c e p t o r is a b a n k o r t r u s t c o m p a n y , o r a f i r m , p e r s o n , c o m p a n y o r c o r p o r a
t io n e n g a g e d in t h o b u s in e s s o f g r a n t i n g b a n k e r s ’ a c c e p t a n c e c r e d i t s , a n d t o
b o o l lg i b l o m u s t h a v o a m a t u r i t y a t t h o t lm o i t is o f f e r e d a s s e c u r i t y f o r d e
p o s i t s o f n o t m o r o t h a n t h r e e m o n t h s , e x c l u s iv e o f d a y s o f g r a c e .
It m ust
h a v o b e e n d ra w n u n d e r a c r e d it o p o n e d fo r th o p u r p o s o o f c o n d u c t in g o r
s e t t li n g a c c o u n t s r e s u lt in g f r o m a t r a n s a c t io n o r t r a n s a c t io n s i n v o l v i n g :
(1 ) T h e s h i p m e n t o f g o o d s b e t w e e n t h o U . S . a n d a n y f o r e i g n c o u n t r y ,
o r b e t w e e n t h o U . S . a n d a n y o f i t s d e p e n d e n c ie s o r in s u la r p o s s e s s io n s , o r
b e t w e e n f o r e i g n c o u n t r ie s .
(2 ) T h e s h i p m e n t o f g o o d s w it h i n t h o U . S . , p r o v i d e d t h e b i ll a t t h o t im e
o f it s a c c e p t a n c e is a c c o m p a n i e d b y s h i p p i n g d o c u m e n t s .
"
(.5) I lie s t o r a g e w it h i n t h o U . 8 . o f r e a d i l y m a r k e t a b l e g o o d s , p r o v i d e d
t h o a c c e p t o r o f t h o b i l l Is s e c u r e d b y w a r e h o u s e , t e r m i n a l , o r o t h e r s im ila r
r e c e ip t .
3291
G e r m a n y k n o w s t h a t w a a r e c a l li n g f o r t h o r e c r u it i n g o f a m il l io n m e n , b u t
s h o Is g o i n g t o s t o p a n d s e e w h e t h e r w e a r o g o i n g t o b a c k u p t h o s e m il l io n
m e n w i t h a ll t h i n g s n e e d f u l in t h e w a y w e s h o u l d .
G e r m a n y ’s o w n r e
so u rce s a re b e g in n in g t o w a n e .
S h o is w a t c h i n g c a r e f u l l y t o s e e w h e t h e r
t h o s e r e s o u r c e s w il l h o l d o u t o r w h e t h e r w o a r o c o m i n g f o r w a r d w i t h Ja
m ig h t y e ffo r t t o -d a y a n d p u t th is lo a n o v e r w it h s u c h tr e m e n d o u s su cce s s
a s t o s h o w t h a t w o c a n a c c o m p li s h t h e f i r s t s t e p o f t h o w a r in t h e w a y In
w h ic h i t s h o u l d b o d o n e .
A n d t h e n , w h a t is t h o w a y t h a t w e c a n h e l p ?
W h a t c o n c r e te t h in g c a n w o h e ro d o t o m a k o th is lo a n t h e s u p e r b s u cce s s
t h a t it m u s t b e ?
W e i l , f i r s t o f a l l, a ll o f u s h e r o m u s t i n d i v i d u a l l y s u b
s c r ib e f o r m o r e t h a n w e d r e a m e d w a s p o s s i b le a f e w w e e k s a g o .
A n d t h e n e x t s t e p , o f c o u r s e , is o r g a n i z a t io n .
Y o u r “ B u lle t in ," fr o m
w h ic h y o u r P r e s i d e n t r e a d t h e r e s o lu t i o n s , h a s a l r e a d y o u t l i n e d v a r i o u s
m e t h o d s b y w h ic h y o u , w h o a r o e m p l o y e r s o f w a g e e a r n e r s a n d l a b o r , s o m e
o f y o u c a n s u b s c r ib e f o r t h o s e b o n d s a n d c a r r y t h e m f o r y o u r e m p l o y e e s .
B u t t h o c h i e f t h i n g is n o t o n l y t o d o t h a t , b u t t o b e m is s io n a r ie s , e v e r y o n e
o f y o u , e v e r y o n e o f u s , t o s h o w t h o s o w a g e e a rn ers a n d e m p lo y e e s w h y t h e y
s h o u l d s u b s c r ib e ; w h y t h e y s h o u l d g o t h e l im i t i n t h e n e x t s ix m o n t h s in
o r d e r t o h e lp o u t t h i s m a t t e r , a n d I t h i n k e v e r y o n e o f u s f r o m t h i s t i m e o n
f o r t h o n e x t t w o w e e k s m u s t g o f o r t h a n d m a k e h is c h i e f b u s in e s s o f t h e
d a y n o t m o n e y - m a k i n g in h is o w n p a r t i c u la r l in o o f I n d u s t r y , b u t t h e s u c
c e s s o f t h is l o a n in h is o w n s h o p , in h is o w n o f f i c e , a n d In h is o w n f a c t o r y .
M r . V and erlip in his speech im pressed u p on th e m eetin g
the giga n tic m a gn itu de o f th e task w h ich the c o u n try has
entered u p on . N o tin g th a t “ such a gath ering as this in the
m idst o f a b u sy d a y seem s to m e o f trom en dou s sign ifica n ce ,”
M r . V a nd erlip con tin u ed :
I t is s i g n if i c a n t o f t w o t h i n g s ; f i r s t , t h o w id e s p r e a d i n t e r e s t , t h e w id o a w a k e n e s s , o f N e w Y o r k a n d N e w Y o r k b u s in e s s m e n , f o r t h i s g r e a t t a s k
t h a t w o h a v o in f r o n t o f u s , a n d i t is s i g n if i c a n t , t o o , p e r h a p s , o f s o m e l a c k
o f u n d e r s t a n d in g , s o m e d e s ir e t o k n o w s o m e t h in g m o r e a b o u t w h a t is n e c e s
s a r y t o d o , w h y i t is n e c e s s a r y t o d o It, a n d h o w i t is b e s t t o b e d o n e .
A s t o t h e n e c e s s it y , I d o n o t c o n c e i v e t h a t i t is n e e d f u l f o r m e t o s a y a
g re a t d e a l.
B u t I b e l ie v e i f w o c o u l d t a k o w h a t is in t h o m in d o f t h e m a n
w h o h o l d s t h e m o s t s e r io u s v i e w o f t h e n e c e s s it y , w o w o u l d n o t b o o v e r t h e
m ark .
W a r is a d i f f e r e n t t h i n g t h a n It e v e r w a s b e f o r e .
I t m easu res th o
s tr e n g th o f a n a tio n a s it n e v e r d id b e fo r e , it g o e s fa r b e y o n d a n y m a t t e r
o f s o ld ie r s in t h e t r e n c h e s , o r o f m e n w e a r in g u n i f o r m s .
I t m eans th o co m
p l e t e o r g a n i z a t io n o f a n a t i o n , i t m o a n s t h o i n d u s t r ia l o r g a n i z a t io n t h a t w ill
s u p p l y t h o s o m e n w i t h e q u i p m e n t , a n d w i t h a ll t h o n e c e s s a r y t h i n g s w h ic h
m o d e r n w a r fa r e m e a n s , a n d m o d e r n w a r fa r e m e a n s s o m e t h in g i n t h e w a y
o f e q u i p m e n t , s o m e t h in g in t h o w a y o f e x p e n d it u r e , f o r t h a t e q u i p m e n t ,
su ch as w o h a v e n e v e r k n o w n b e fo r e .
I t m e a n s , a l s o , fin a n c ia l o r g a n i z a
t i o n , f o r t h a t is t h e v e r y b a c k b o n e o f in d u s t r ia l o r g a n i z a t io n .
T h o s o w h o k n o w s o m e t h in g o f t h o p la n s o f t h e G o v e r n m e n t h a v o p e r h a p s
o n l y a s l ig h t c o n c e p t i o n , b u t a t le a s t a c o n c e p t i o n c le a r e n o u g h t o w a r r a n t
t h e u n d e r s t a n d in g t h a t w e a r e g o i n g t o n e e d s u m s o f m o n e y s u c h a s w e r e
n e v e r d r e a m e d o f in a n y u n d e r t a k in g w e h a v e e v e r b e e n e n g a g e d in b e f o r e .
W o m a y a s w e ll s e r io u s l y s a y t h a t t h i s f ir s t t w o b i ll i o n d o l la r s is b u t t h e
s t a r t , b u t t h a t o n l y m a k e s i t a il t h o m o r o n e c e s s a r y t h a t w e s h a ll b e i n e v e r y
w a y s u c c e s s fu l w i t h t h i s f ir s t t w o b i ll i o n d o l la r s .
B u t t w o b i ll i o n d o l la r s ,
w h il e i t m a y b e e a s y , a s M r . L a m o n t s a y s , a n d w o u l d b o e a s y i f w e u n d e r
s t o o d t h o n e c e s s it ie s f o r i t , is s t il l a s u m s o v a s t t h a t w e c a n n o t r e g a r d t h e
f i n a n c in g in t h o l ig h t o f a n y p r e v i o u s o p e r a t i o n s t h a t w e h a v o h a d h e r e .
I f w e w e r o t o s u b s c r ib e t o t h i s l o a n b y t h o u s u a l p r o c e s s e s , t h a t is , b y
w it h d r a w a ls f r o m b a n k s , w o m i g h t , i f t h o lo a n w e r e t a k e n in t h a t w a y , f a c e
a c r is is o f c o n t r a c t i o n .
N o w , it ca n n o t b o ta k en th a t w a y .
T o j u s t illu s t r a t e a l i t t l e o f w h a t t h e s e f ig u r e s m e a n , l e t m e c a l l t o y o u r
a t t e n t i o n t h a t a ll t h o s a v i n g s in a ll t h e s a v i n g s b a n k s o f t h e c o u n t r y a g g r e
g a t e b u t f i v e b i ll i o n d o l la r s , t h a t t h e r o is le s s t h a n t w o b i ll i o n s o f c a s h in
t h e v a u l t s o f a ll t h o b a n k s in t h e c o u n t r y .
T h e t h i n g Is i m p o s s i b l e i n t h o u s u a l w a y .
I h a v e u s e d t h e i ll u s t r a t io n In
a n u m b e r o f t a l k s t h a t I h a v o m a d e , t h a t t h o w e a lt h o f t h e c o u n t r y , a ll t h e
s a v in g s o f t h e p a s t , a r o a l r e a d y i n v e s t e d , t h e y a r e a p a r t o f t h e f i x e d w e a lt h
N o w , t h a t is t r u e w it h t h e e x c e p t i o n o f b u t a m o d e r a t e
(4 )
T h o s t o r a g e w it h i n t h o U . 8 . o f g o o d s w h i c h h a v o b e e n a c t u a l l y s o l d o, f t h o c o u n t r y .
m a r g in .
p r o v i d e d t h e a c c e p t o r o f t h o b i ll is s e c u r e d b y t h o p l e d g e o f s u c h g o o d s .
T
h
is
w
a
r
h
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t t o b o fo u g h t f r o m t h e s a v in g s o f t h e fu t u r e .
T h a t is
S a t is fa c t o r y e v id e n c o o f e lig ib ilit y m a y c o n s is t o f a s ta m p o r c e r tific a t e
th o tex t th a t I w a n t t o sp eak u p o n .
T h o s a v in g s o f th o fu t u r e a re w h e re th e
a f f i x e d b y t h o a c c e p t o r , in f o r m s a t i s f a c t o r y t o t h o F e d e r a l R e s o r v o b a n k ,
f in a n c in g w ill c o m e f r o m f o r t h i s w a r .
T h o s a v i n g s o f t h e p a s t a r e in r a il
b u t n o e v i d e n c e o f e l ig i b i li t y is r e q u i r e d w i t h r e s p e c t t o a b i l l a c c e p t e d b y a
r o a d s , in f a r m s , in h o u s e s , in f a c t o r i e s . In i n s t r u m e n t s o f p r o d u c t i o n a n d o f
___________________________
n a tio n a l b a n k .
t r a n s p o r t a t i o n , a n d w o c a n n o t s u b s c r ib e r a i lr o a d s , o r f a r m s , o r h o u s e s t o
t h e lo a n .
W e h a v e g o t t o s u b s c r ib e n o t w h a t h a s b e e n s a v e d , b u t w h a t w e
D ISC U S SIO N ON FL O A T IN G OF L IB E R T Y LO A N B Y
aro g o in g t o s a v e .
B u t w e n e e d t w o b i ll i o n d o l la r s n o w , a n d t h e s a v in g s o f
t h o f u t u r e a r e s t il l In t h o f u t u r e .
T h a t m ean s th en th a t w e m u st e m p lo y
M ESSRS. K A I IN , L A M O N T A N D V A N D E R L IP .
t h o in s t r u m e n t o f b a n k c r e d i t ; t h a t w e m u s t e x p a n d lo a n s , a n d m e n m u s t
A s n o te d in these colu m n s la st w eek , tho L ib e rty L oa n was s u b s c r ib e n o t in t h e m e a s u r e o f w h a t t h e y m a y f e e l t h e y h a v e id le a n d
discussed b efore tho M e rch a n ts’ A ssocia tion o f N ow Y o r k r e a d y f o r in v e s t m e n t , b u t w h a t t h e y m a y f e e l t h e y m a y s a f e l y p l e d g e o u t
on Juno 1 b y O tto H . K a h n o f K u h n , L o o b & C o ., F ran k A . o f t h e i r f u t u r e s a v i n g s , o u t o f t h e i r f u t u r e a c c u m u l a t io n . * * *
I t h i n k w o a r o g o i n g t o h a v e c o m e o u t o f t h i s w a r b y - p r o d u c t s t h a t w ill
V a n d o rlip , P residen t o f tho N a tio n a l C ity B a n k , an d T h om a s p e r h a p s b e w o r t h t o u s a ll t h a t t h o w a r w ill c o s t . O n e o f t h o c h i e f b y
W . L a m o n t o f J . P . M o rg a n & C o . M r . K a h n , w h oso re p r o d u c t s w ill b o a n a t i o n a l le s s o n in t h r i f t , a n d a n a t i o n a l le s s o n in i n v e s t
m arks w ero given in pa rt in o u r is su o o f a w eek a g o , described m e n t s . T h e f ir s t g r e a t l o a n in G r e a t B r i t a i n w a s s u b s c r ib e d f o r b y le ss
t h a n 2 0 0 ,0 0 0 p e o p l e ; t h e la s t lo a n w a s s u b s c r ib e d f o r b y 8 ,0 0 0 , 0 0 0 .
T h a t is
th e loa n as tho first A m erica n b a t t lo o f the w a r ,” an d declared t h o s o r t o f t h i n g w e w a n t h e r e , t h e t e a c h i n g o f t h i s le s s o n o f t h r i f t a n d In
th a t an overw h elm in g success in floa tin g tho loa n w ou ld bo v e s t m e n t t o m il l io n s o f p e o p l e , a n d i f w e c a n t e a c h i t w e w ill h a v e c r e a t e d
p e r m a n e n t s p r in g s o f w e a lt h t h a t w ill b o a s o u r c e o f I n c o m e t o t h e n a t i o n
a lm ost equal to a v icto rio u s b a ttle . T h e m ootin g o f tho t h r o u g h f u t u r e y e a r s , t h a t w ill c o m p e n s a t e in la r g e m e a s u r e f o r t h e g r e a t
M e rch a n ts’ A ssocia tion w as called pu rsuant to resolutions c o s t o f t h e e f f o r t in w h ic h w o a r e n o w e n g a g e d .
a d o p te d o n M a y 29, w hen it w as d ecid ed to ask tho financiers
to d escribe to m em bers o f tho A ssocia tion h ow to assist in the
flo t a tio n 'o f tho loa n , esp ecia lly a m on g their em p loyees.
M r . L a m o n t in his speech referred to tho e ffe ct o n G erm an y
o f o u r gon erou sly subscribin g to tho L ib e rty L o a n . In his
rom arks o n th o su b ject ho said:
T h is is t h o f i r s t c o n c r e t e o p p o r t u n i t y t h a t w o h a v o h a d t o t a k o a s t e p in
h e l p i n g t o w in t h is w a r .
E v e r y b o d y h a s b o o n a s k i n g h i m s e lf s i n c e t h o 1 s t o f
A p r i l w h a t h o c o u l d d o t o d o h is s h a r e in t h is w a r .
T h o a n sw er t o -d a y is
th e L ib e r ty L o a n .
T h o t a s k o u g h t n o t t o a p p e a r d i f f i c u l t , b u t i t is h a r d .
I t is h a r d f o r
s o v cra l r e a s o n s , b u t c h ie fly b e ca u s e th is c o u n t r y h a s n o t y e t w a k e d u p
t o w h a t it h a s g o t t o d o .
T h a t s p i r it o f r is in g t o t h o e m e r g e n c ie s , I t h i n k .
Is s h o w n m o r e in N e w Y o r k e v e n t h a n i t h a s b e e n in t h o M i d d l e W e s t a s
y e t.
T h o S ecreta ry o f th o T re a su ry h as ju s t retu rn ed fro m a to u r th ero and
lia s b o o n s t ir r in g t h e m u p t h e r o , b u t t h o c o u n t r y a s a w h o l e h a s n o t ris e n
t o t h o f a c t t h a t t h i s lo a n h a s g o t t o b e m a d e , a n d t h e r e a s o n i t h a s g o t t o b e
m a d o , o n o g r e a t r e a s o n , is t h a t G e r m a n y h a s h e r e a g lo o y o u p o n u s .
G er
m a n y Is w a t c h i n g t o s e e w h e t h e r w e a r o g o i n g t o m a k o a m i g h t y e f f o r t in t h e
v e r y f ir s t s t e p o f t h o w a r .
S h o is g o i n g t o g a u g e o u r a b i l i t y t o f i g h t In t h o t r e n c h e s b y t h e w a y In
w h ic h w o t a k e h o l d o f t h i s l o a n .
W o are g o in g t o g e t a n o th e r b y -p r o d u c t , a b y -p r o d u c t o f a re co g n itio n
o f t h e d u tie s o f d e m o c r a c y , o r t h e d u tie s t o d e m o c r a c y .
W o a re fig h tin g t h e
f ig h t t o m a k e t h e w o rld s a fe fo r d e m o c r a c y , a n d w e a re g o in g t o c o m e t o see
m o r o c le a r l y t h a n w o h a v e r e c o g n i z e d in r e c e n t y e a r s o u r p e r s o n a l r e la t i o n
t o G o v e r n m e n t , o u r d u t i e s o f c it i z e n s h i p , a n a d d it i o n a l b y - p r o d u c t a lo n e
t h a t w ill b e a s a v i n g g r a c e t h a t w ill b e w o r t h t o t h e n a t i o n ’ a ll t h e g r e a t e f f o r t
t h a t w o a r e g o i n g t o m a k e w ill c o s t .
S o t h a t I d o n o t l o o k w i t h p e s s im is m , a l t h o u g h I d o w it h d e e p c o n c e r n
a n d s e r io u s n e s s , a t t h o f u t u r e o f A m e r i c a .
T h e e ffo r t th a t w e m u s t m a k e
I c o n c e i v e is g r e a t e r t h a n a l m o s t a n y o n e h a s r e c o g n i z e d .
T h e trem en d ou s
t a s k a h e a d o f u s w ill t r y o u r s o u l s , w ill t r y e v e r y r e s o u r c e w e h a v e g o t .
The
w a r is a l o n g w a y s f r o m w o n .
W e h a v e c o m e in in a t i m e w h e n w e w e r e
n e e d e d s o r e ly .
______________________________________
PAUL
M .
WARBURG
HONORED
BY
N E W
YORK
U N I
V E R S IT Y.
T h o degree o f D o c t o r o f C om m ercia l Science has been c o n
ferred u p on P a u l M . W a rb u rg , V ice-C h a irm a n o f the F ederal
R eserve B oa rd a t W a sh in g ton , b y N o w Y o rk U n iv e rsity ,
in recog n ition o f his services to the U n ited States G o v e rn
m en t in the field o f fin a n ce. T h e con ferrin g o f the degree
to o k p la ce a t a p riv a te din n er g iven b y C h an cellor E lm er’ E .
2202
[Vol. 10a.
THE CHRONICLE
B row n o f the U n iv e rs ity , a t th e H o te l B iltm ore on T u esd a y
e v e n in g , Juno 5, at w h ich M r . W a rb u rg an d seven oth er
ca n d id a tes fo r degrees w ere p reson t. T h e degree w as to
h avo been con ferred u p on M r . W a rb u rg a t the com m en ce
m en t exercises o f the u n iv ersity on Juno 6, b u t as he was
ca lled to W a sh in g to n it w as d ecid ed to con fe r tho degree
the ev en in g before.
N. Y. RESERVE BANK SHOWS THAT TRADE AC
CEPTANCE DIFFERS FROM ORDINARY COL
LECTION DRAFT.
I n a circu la r issued on M a y 29 R . H . T rem a n , D e p u ty
G o v e rn o r o f tho F ed eral R eserv o B a n k o f N e w Y o r k refers
to th e fa c t th at trad e a ccep ta n ces are in som e instances
h a n d led b y th o bank s “ ox a ctly as if th ey w ere ord in a ry un
a cce p te d ‘ co lle ctio n d r a fts ,’ ” an d calls a tte n tio n to the fa c t
th a t “ a trade a cce p ta n ce is an a cce p te d d ra ft w h ich con
stitu tes a v a lid prom ise to p a y o n a sp ecified d a te .”
The
circu lar follow s:
FEDERAL RESERVE BA N K OF N EW Y O R K .
New York, May 2 9 1 9 1 7 .
C o lle c tio n o f T ra d e A c c e p ta n c e s .
To the Cashier:
Sir:— T h o T r a d e A c c e p t a n c e S y s t e m Is b e i n g r a p i d l y a d o p t e d b y c o m
m e r c i a l h o u s e s a n d i t is p r o b a b l o , t h e r e f o r e , t h a t t r a d o a c c e p t a n c e s w il l
c o m e i n t o y o u r h a n d s i n in c r e a s in g n u m b e r s , f o r c o l l e c t i o n .
It has com e
t o o u r a t t e n t i o n t h a t s o m e b a n k s r e c e iv i n g t r a d o a c c e p t a n c e s f o r c o l l e c t i o n
h a v e f a i l e d t o o b s e r v e t h o c h a r a c t e r o f t h e in s t r u m e n t a n d h a v o h a n d le d
t h e m o x a c tly as i f t h e y w e re o r d in a r y u n a cc e p te d " c o lle c t io n d r a f t s ," a n d
in s o m e c a s e s t r a d o a c c e p ta n c e s h a v o b e e n r e t u r n e d w it h s u c h n o t a t io n s as
" n e v e r p a y s d r a f t s , " " n o a t t e n t i o n p a i d , " a n d s im ila r n o t a t i o n s .
T h e f a c t s h o u l d n o t b o o v e r l o o k e d t h a t a t r a d o a c c e p t a n c e Is a n a c c e p t e d
d r a f t w h ic h c o n s t i t u t e s a v a l i d p r o m is e t o p a y o n a s p e c i f i e d d a t e — a
n e g o t i a b l e i n s t r u m e n t a s b i n d i n g u p o n t h e a c c e p t o r a s Ills p r o m i s s o r y n o t o ;
a n d t h a t a ll s u c h i t e m s a r o , i n f a c t , s u b j e c t t o p r o t e s t u n le s s o t h e r w i s e
in s tru cte d .
I t s h o u ld b e s u ffic ie n t t o a d v is e t h e d r a w e e o r a c c e p t o r t h a t y o u r b a n k
h o l d s h is “ t r a d e a c c e p t a n c e , ” s i n c o n o o n e i s l i k e l y t o h a v o s i g n e d s u c h a n
a c c e p t a n c e w it h o u t r e c o g n iz in g its c h a r a c te r .
C a r o s h o u l d b o t a k ,o n , h o w
e v e r , w h e n y o u n o t i f y t h e a c c e p t o r t h a t y o u h o l d h is a c c e p t a n c e , t h a t h o
u n d e r s t a n d s i t is a n a c c e p t e d d r a f t w i t h a d e f i n i t e m a t u r i t y .
W i l l y o u p l e a s e s e o t h a t t h i s l e t t e r is b r o u g h t t o t h o a t t e n t i o n o f y o u r
c o l l e c t i o n d e p a r t m e n t s o t h a t , in t h o i n t e r e s t o f t h o g o o d s e r v ic e w h ic h y o u r
b a n k , o f c o u r s e , w is h e s t o r e n d e r , y o u w il l b e p r e p a r e d t o h a n d le s u c h i t e m s
c o r r e c tly w h en ever th e y roach y o u r h a n d s.
W i t h f u ll r e c o g n itio n o f t h o im p o r t a n c e o f d e v e lo p in g e v e r y a v a ila b le
o u r c o o f a d d it io n a l c r e d it fo r u s o in t h o c r it ic a l p e r io d u p o n w h ic h w e aro
e n t e r i n g , m a y w e s u g g e s t t h a t y o u a ls o u s o y o u r i n f l u e n c e w i t h c o m m e r c i a l
e o u s o s to s e c u r e t h o a d o p t io n o f t h o T r a d e A c c p e t a n c o S y s te m in p la c o
h f th o o p e n b o o k a ccou n t.
F o r y o u r in fo r m a t io n w e e n c lo s o s a m p le fo r m o f t r a d e a c c e p t a n c e .
Y o u rs v e r y t r u ly ,
R . II. T R E M A N .
Deputy Governor.
N. Y. RESERVE BANK ON CONDITIONS FOR DRAWING
“ EXCHANGE DRAFTS” AND “ TRANSFER DRAFTS.”
C o n d itio n s u nder w h ich tw o n ow form s o f d ra ft— F ederal
R e se rv e E xch a n ge D ra fts an d F ed eral R esorv o T ran sfer
D ra fts — m a y be draw n b y m em ber ba nks on R eserv e banks
are set o u t in a circu lar issued b y tho F ederal R eserv e B a n k
o f N o w Y o r k on M a y 3 1 . T h e a m ou n t o f tho first o f theso
drafts is lim ited to $250, w hile th e a m ou n t o f tho secon d
m u st b o in excess o f th a t figu re. T h o plan ou tlin ed tho
R e serv e B a n k sa ys, is n o t in ten d ed in a n y w a y to interfere
w ith the present fo rm o f b a n k d ra ft n o w in use b y m em ber
b a n k s, n o r is it in ten ded to m o d ify the sy stem o f telegraph ic
transfers n o w in o p e ra tio n , b u t rather to su pplem en t them
a n d to facilitate p a ym en ts an d transfers th a t d o n o t n eed to
b o m a de b y telegraph . H o w e v e r, som e o f th e oth er F ederal
R e serv e b a n k s aro n o t so disin gen uou s. T h u s tho F ederal
R eserv e B a n k o f San F ra n cisco, in a sim ilar circu lar w ith
referen ce to theso d ra fts, speaks o f thorn as bein g in ten ded
“ to supplem en t and replace exch an ge facilities h eretofore
su fficien t b u t n ow a b o u t to be to a certain exten t im paired b y
fin al transfer o f reserves to F ed eral R eserv e B a n k .”
Tho
circu lar a d d s th at “ it is ex p ected th a t m em b er banks w ill
sell drafts u p o n F ed eral R eserv e B a nks u nder term s and
co n d itio n s tho sam e as those u n der w h ich drafts u p o n their
other out-of-town correspondents h avo h eretofore been sold , and
th a t
th e y w ill m a k e the usual exch an ge charge in each
in stan ce to th e purchaser o f such drafts.
Su ch charges aro
o p tio n a l w ith tho issuing m em ber b a n k s .”
In oth er w ord s,
th e R e serv e banks aro arran gin g to step in to tho shoos o f tho
o u t-o f-to w n corresp on d en ts. T h o circu lar o f tho N e w Y o r k
F ed eral R eserve B a n k dealin g w ith th e use o f tho n ow drafts
is an n exed:
FEDERAL
RESERVE
BANK
OF
NEW
YORK.
New York, May 3 1 1 9 1 7 .
To the Cashier
Sir.— B y d i r e c t i o n o f t h o F e d e r a l R e s e r v o B o a r d a r r a n g e m e n t s h a v o b o o n
m a d e w h e r e b y a m e m b e r b a n k m a y d r a w o n Its F e d o ra l R e s o r v o b a n k ,
u n d e r r e s t r i c t io n s a n d r e g u l a t io n s a s o u t l i n e d h e r o i n , t w o f o r m s o f d r a f t s
in a d d i t i o n t o t h o o n o n o w in u s o .
O n o o f t h e s o d r a f t s w ill b o k n o w n a s
"F e d e r a l R e se rv e E x ch a n g e D r a ft " a n d th o o th e r as “ F ed era l R o se rv o
T ra n sfe r D r a ft .”
O n a n d a ft e r J u n o 1 1917 th o s e d r a fts m a y b o d r a w n u n d e r t h o f o llo w in g
c o n d it io n s :
Federal Reserve Exchange Drafts.
1 . A s p e c i a l d i s t i n c t i v e f o r m o f d r a f t t o b o u s e d w h ic h w ill b o fu r n is h e d
a t c o s t b y th o F ed era l R e s e rv e B a n k o f N o w Y o r k .
2 . N o s u c h d r a f t s h a ll b o d r a w n in a n a m o u n t in o x c e s s o f $ 2 5 0 .
3 . M a il a d v ic e o f th o t o t a l a m o u n t o f s u ch d r a fts d ra w n e a ch d a y t o b o
g i v e n t h o F e d e r a l R e s e r v o b a n k o n t h o f o r m f u r n is h e d w i t h t h o b l a n k
d ra fts.
4 . T h o a m o u n t o f t h i s a d v i c o w ill b o c h a r g e d o n r e c e ip t t o t h o m e m b e r
b a n k ’ s a c c o u n t a n d t h o f u n d s p l a c e d In a s p e c i a l a c c o u n t a g a in s t w h i c h t h o
d r a f t s w ill b o c h a r g e d w h e n p r e s e n t e d f o r p a y m e n t .
5 . A H F e d e r a l R e s e r v e b a n k s w ill r e c e iv o t h o s e d r a f t s f o r i m m e d i a t e
a v a i l a b i l i t y a t p a r b u t t h e y w ill b o p a y a b l o o n l y a t t h o F e d e r a l R e s e r v e
b a n k o n w h ic h t h e y a r o d r a w n .
Federal Reserve Transfer Drafts.
1. A d i f f e r e n t s p e c i a l d i s t i n c t i v e f o r m o f d r a f t t o b o u s e d w h ic h w il l b o
fu r n is h e d a t c o s t b y t h o F e d e r a l R e s o r v o b a n k .
2 . S u c h d r a f t s s h a ll b o d r a w n o n l y in a m o u n t s in e x c e s s o f $ 2 5 0 .
3 . S u c h d r a f t s s h a ll b e d r a w n o n t h e F e d e r a l R e s e r v o B a n k o f N e w Y o r k
a n d m a d e p a y a b l e a t a n y o n o o t h e r F e d e r a l R e s e r v e b a n k s p e c i f i e d in t h o
d ra ft.
4 . M e m b e r b a n k s s h a ll b o r e q u i r e d t o g i v e a d v i c o b y m a il t o t h o F e d e r a l
R esorv o B a n k o f N e w Y o r k o f th o n u m b ers, a m ou n ts a n d to ta l m a d e
p a y a b lo a t e a c h F e d e ra l R e s e r v e b a n k o f d r a ft s d r a w n e a c h d a y .
T h is
a d v i c o s h a ll b o u n d e r a n a u t h o r i z e d s i g n a t u r o a n d a d u p li c a t e s h a ll b o
f o r w a r d e d t o t h o F e d e r a l R e s e r v e b a n k a t w h ic h t h o d r a f t s a r o m a d e p a y
a b lo , t h o d u p l i c a t o a d v i c o t o c o n t a i n t h e s i g n a t u r e in i n k o f o f f i c e r s s ig n in g
th o d ra fts.
5 . T h o t o t a l a m o u n t o f t h e s e a d v i c e s w ill b o c h a r g e d o n r o c o ip t t o t h o
m e m b e r b a n k ’s a c c o u n t .
6 . T h o a d v i c e s w ill b e c o n f i r m e d b y t h o F e d e r a l R e s e r v o B a n k o f N o w
Y o r k t o t h o F e d e r a l R e s e r v o b a n k a t w h ic h t h o d r a f t h a s b e o n m a d e p a y a b l o ,
b y t e le g r a p h a s F e d e r a l R e s e r v e b a n k s w ill h a v o n o a u t h o r i t y t o p a y t h e s e
d r a f t s u n t i l t h o a d v i c e o f t h o s a m e h a s b e o n r e c e iv e d .
T h o p l a n a s o u t l i n e d is n o t in t o ii d e d in a n y w a y t o in t o r f o r o w i t h t h o
p r e s e n t f o r m o f b a n k d r a f t n o w in u s o b y m e m b e r b a n k s , n o r is it i n t e n d e d
t o m o d i f y t h o s y s t e m o f t e le g r a p h i c t r a n s fe r s n o w in o p e r a t i o n , b u b r a t h e r
t o s u p p le m e n t a n d t o fa c ilita te p a y m e n ts a n d tra n s fe rs t h a t d o n o t n e e d
t o b o m a d e b y t e le g r a p h .
T h o p r i v il e g e o f d r a w in g F e d e r a l R e s e r v e e x c h a n g e d r a f t s a n d F e d e r a l
R e s o r v o t r a n s f e r d r a f t s w ill b o e x t e n d e d t o a n y m e m b e r b a n k a g r e e in g t o
u s o t h o f o r m s a n d t o b o g o v e r n e d b y t h o r e s t r i c t io n s a n d r e g u la t io n s a s
o u t l in e d a b o v e .
W o e n c l o s e s p e c i m e n p r i n t e d d r a f t s s h o w in g t h o f o r m in w h ic h t h o s o
d r a f t s w ill b o d r a w n .
I t is p r o p o s e d t o h a v o t h e m l i t h o g r a p h e d o n F e d o r a l
R o s e r v o s a f e t y p a p e r o f t h o s a m e c o lo r s a s t h o p r i n t e d s p e c im e n s .
T h o f o l l o w i n g p r ic e s h a v o b e e n q u o t e d b y a l o c a l p r i n t e r f o r c h e c k s in
p a d s w it h o u t s tu b s .
T h o q u o t a t i o n s in c lu d e im p r i n t i n g t h o n a m o o f t h o
m e m b e r b a n k a t t h o t o p as In d ic a te d , th o n u m b e rin g o f th o d r a fts as
d e s ir e d a n d a n e q u a l n u m b e r o f a d v i c e f o r m s in e a c h c a s o .
T h o p rin te r
w ill s h i p a n d b i ll d i r e c t f o r o r d e r s p l a c e d t h r o u g h u s .
I f y o u d e s ir o t o m a k e u s o o f t h e F e d e r a l R e s o r v o o x c h a n g o o r t r a n s f e r
d r a f t s p le& se s i g n t h e e n c l o s e d o r d e r f o r t h o f o r m s a n d r e t u r n t h o s a m e t o
u s , o n r e c e ip t o f w h ic h t h e f o r m s w ill b o p r e p a r e d a n d s e n t t o y o u a s p r o m p t
l y a s p o s s i b le .
R e s p e c t fu lly ,
R . II. T R E M A N ,
Deputy Governor.
Price List.
1 0 0 E x c h a n g o d r a f t s a n d a d v i c e s __________________________________________ S I 9 0
200
“
2 35
300
"
............................*
.............................................................................. 3 2 5
.............................
...............................- .................. ..........................4 10
500
"
1 .0 0 0
“
.............................
.......................- .....................................................7 0 0
1 0 0 T r a n s f e r d r a f t s a n d a d v i c e s __________________________________________ 2 15
200
“
2 75
300
“
4 50
500
“
.............................
................ - ......................................................... 5 7 5
1 .0 0 0
"
“
"
"
.............................................................................. 1 0 0 0
COUNCIL OF NATIONAL DEFENSE URGES EXTEN
SION OF FEDERAL RESERVE SYSTEM.
T h o a p p oin tm en t b y the sovoral S tato C ou n cils of D ofon se
o f a com m ittee o f bankers fo r tho pu rpose o f m akin g a can
vass o f the States w ith a v iew to brin gin g to tho atten tion
o f all the S tate ba n k s an d trust com pa n ies tho dosirability
o f en tering the F edoral R esorv o S ystem , has been recom
m en ded b y th e C ou n cil o f N a tion a l D ofon se. W liero tho
State law does n o t perm it o f this, it is u rged th a t such am end
m ents as aro n ecessary b o presented fo r consideration a t tho
n ext session o f tho L egislatu re. (T h e C ou n cil o f N a tion a l
D efen se, it is pertin en t to n o tico , consists o f tho Secretaries
o f W a r, N a v y , In terior, A gricu ltu re, C om m orco and L a b o r.
E lsew here in to -d a y ’ s issue o f ou r p a per w o pu blish a state
m en t detailing its fu n ction s.)
T h e recom m en d ation s o f
the C ou n cil are prin ted as follow s in tho June 2 num ber o f
the “ O fficial B u lletin ” pu blish ed a t W a sh in g ton :
To the Several State Councils of Defense:
Y o u r a t t e n t io n is c a l le d t o t h o I m p o r t a n c e , a t t h is t i m o , o f e x t e n d in g t h o
F e d e r a l R o s e r v o S y s t e m b y b r i n g i n g i n t o t h a t s y s t e m , s o f a r a s p o s s i b le ,
t h o v a r i o u s S t a t o b a n k s a n d t r u s t c o m p a n i e s w it h i n y o u r r e s p e c t iv e S t a t e s .
W i t h r e g a r d t o t h i s m a t t e r t h e S e c r e t a r y o f t h o T r e a s u r y r e c o n t l y s a id
t o t h e A m e r i c a n B a n k e r s ’ A s s o c i a t io n :
“ I r e g a r d t h is a s o n o o f t h o s u p r e m e l y p a t r i o t i c d u t i e s o f t h o h o u r .
Tho
t im o m a y c o m o w h e n t h o f in a n c ia l r e s o u r c e s o f t h o c o u n t r y w ill n o t b o c o m
m e n s u r a t e w i t h t h o n a t i o n a l p u r p o s o i f t h o n a t i o n r e m a in s h a l f S t a t o b a n k
a n d h a l f n a t i o n a l b a n k in i t s o r g a n i z a t io n .
T h o S t a t o b a n k s w ill f in d
g r e a t e r s e c u r i t y f o r t h e m s o lv o s I f d is a s t e r s h o u l d t h r e a t e n i f t h e y a r o m e m
b e r s o f t h o F e d e r a l R o s e r v o S y s t e m , a n d t h o F e d e r a l R o s e r v o S y s t e m I t s e lf
w ill b o i r r e s is t ib ly s t r o n g i f t h o S t a t o b a n k s u n l t o w i t h t h o n a t i o n a l b a n k s
In m a k i n g It a s u p r e m e l y u s e fu l n a t i o n a l I n s t r u m e n t .
I co m m e n d th is
q u e s t i o n t o y o u r e a r n e s t a n d p a t r i o t i c c o n s i d e r a t io n , w i t h t h o s ln c o r o h o p o
t h a t l o v o o f o u r c o m m o n c o u n t r y m a y s u r m o u n t e v e r y o t h e r c o n s i d e r a t io n
a n d b r i n g a b o u t t h i s e x t r e m e ly d e s lr a b lo r e s u l t . ”
F o r t h i s p u r p o s o t h o f o ll o w i n g a c t i o n Is r 'o e o m m o n d e d t o t h o s o v o r a l
S t a t o C o u n c i l s o f D e fe n s e :
J une 9 1917.]
THE CHRONICLE
2293
1 . T h a t a c o m m i t t e e b e a p p o in t e d t o h a v e c h a r g o o f t h i s s p e c i a l s u b j e c t
a n d t h a t lo a d in g b a n k e r s o f y o u r S t a t e w h o a r e In t h o r o u g h s y m p a t h y w it h
t h e F e d e ra l R e s e rv e S y s te m b o p u t u p o n th is c o m m it t e e .
2 . T h a t t h is c o m m i t t e e m a k e a c a n v a s s o f t h e s u b j e c t In t h e S t a t e , a n d
b r i n g p r o m i n e n t l y t o t h e a t t e n t i o n o f a ll S t a t e b a n k s a n d t r u s t c o m p a n i e s
t h e d e s i r a b i li t y o f t h e ir e n t e r in g t h e F e d e r a l R e s e r v e S y s t e m .
3 . T h a t I f t h e S t a t o la w o f a n y p a r t i c u la r S t a t o d o e s n o t a l lo w t h i s t o b e
d o n e , o r n e e d s a m e n d m e n t s In o r d e r t o m a k e i t m o r e a d v a n t a g e o u s f o r t h e
b a n k s t o e n te r t h e F e d e ra l R e s e r v e S y s te m , t h a t th e c o m m it t e e co n s id e r
s u c h a m e n d m e n t s t o t h e la w s a s w il l b e d e s ir a b le f o r t h i s p u r p o s e , In o r d e r
t o p r e s e n t s u c h a m e n d m e n t s f o r t h e c o n s i d e r a t io n o f t h e L e g i s l a t u r e a t I t s
n e x t s e s s io n .
4 . T h a t r e p o r t b e m a d e f r o m t i m e t o t im e t o t h e C o u n c il o f N a t i o n a l
D e fe n s e a s t o t h e p r o g r e s s w h ic h is b e in g m a d e a n d a s t o t h e d i f f i c u l t i e s ,
q u e s t i o n s o r s u g g e s t i o n s w h ic h a r is e in c o n n e c t i o n w it h t h is w o r k .
I n c lo s e d is a s t a t e m e n t a p p r o v e d b y t h e F e d e r a l R e s e r v e B o a r d o u t l in i n g
c e r t a in r e a s o n s w h y S t a t e b a n k s a n d t r u s t c o m p a n i e s s h o u l d j o i n t h e F e d
eral R e s e rv e S y ste m .
F u r t h e r i n f o r m a t i o n w ill b e s e n t t o y o u l a t e r a n d
a t a n y t im e u p o n re q u e s t.
Y o u rs v e r y tr u ly ,
W . S . G I F F O R D , Director.
s p e c i a l l y q u a l i f i e d , i n t h e o p i n i o n o f t h e C o u n c i l , f o r t h o 'p e r f o r m a n c e o f t h e
d u tie s w h ic h th e A c t e n u m e r a te s .
T h e la w f u r t h e r p r o v i d e d f o r t h e
e m p lo y m e n t o f a p a id d ir e c t o r t o s e r v e b o t h C o u n c il a n d A d v is o r y C o m
m is s io n .
" T h e C o u n c i l o f N a t i o n a l D e f e n s e , t h e r e f o r e , is a n o r g a n i z e d G o v e r n m e n t
b o d y c o n s i s t i n g o f s i x C a b i n e t o f f i c e r s w i t h a p a i d d i r e c t o r , a n d is r e s p o n s i b le
t o t h e P r e s i d e n t f o r a c t i o n i n a c c o r d a n c e w i t h t h o l a w , w h il e t h e A d v i s o r y
C o m m i s s io n is a b o d y o f s e v e n c i v i l i a n s a p p o i n t e d b y t h o P r e s i d e n t , w h o
s e r v e in a n a d v is o r y c a p a c it y w it h o u t c o m p e n s a t io n .
T h e sam e issue o f the “ O fficial B u lletin ” also prin ts along
w ith th e a b o v e a statem en t a p p ro v e d b y the R eserv e B o a rd ,
in w h ich th e B o a rd poin ts o u t th at a p p rox im a tely tw o-th irds
o f the c o u n try are n on -m em b er b a n k s, those w hich h ave
b e co m e m em bers n um bering less than 100. W e q u ote this
statem en t below :
“ A s s t a t e d b y th e A c t , th e d u tie s o f th e C o u n c il o f N a t io n a l D e fe n s e a re
a s f o llo w s :
Statement Approved by Reserve Board.
1 . W h l l o a t t h o p r e s e n t t i m e a ll n a t i o n a l b a n k s a r e m e m b e r s o f t h e F e d
e r a l R e s e r v e S y s t e m , le s s t h a n 1 0 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 i e s h a v e
b ecom e m em bers.
A s a r e s u lt, a p p r o x im a t e ly t w o -t h ir d s o f t h e b a n k s
o f t h o c o u n t r y a re n o n -m e m b e r b a n k s a n d t h e F e d e ra l R e s e r v e S y s te m ,
w h ic h is t h o b u lw a r k o f t h e c o u n t r y ’s fin a n c ia l r e s p o n s i b il i t y i n t h e s e t im e s
o f s t r e s s , la c k s n o t o n l y t w o - t h i r d s o f t h e b a n k s o f t h e c o u n t r y , b u t a ls o
a b o u t o n e - h a l f o f Its b a n k in g r e s o u r c e s .
I t is o f v i t a l i m p o r t a n c e , t h e r e
f o r e , p a r t i c u la r l y a t t h i s t i m o o f n a t i o n a l c r is is , t h a t e v e r y S t a t o b a n k a n d
tru s t c o m p a n y s h o u ld c o n t r ib u te its s h a re t o t h o s u p p o r t o f t h e s y s te m
w h ic h , in t h e fin a l a n a ly s is , is t h e s a f e g u a r d o f a ll.
2 . A t a r e c e n t m e e t in g o f t h e e x e c u t i v e c o m m i t t e e o f t h e A m e r i c a n
B a n k e r s ’ A s s o c i a t i o n , t h e t r u s t c o m p a n y s e c t i o n a n d a ls o t h o S t a t o b a n k
s e c t i o n a d o p t e d r e s o lu t io n s f u l l y i n d o r s in g t h e F e d e r a l R e s e r v e S y s t e m ,
a n d r o c o m m e n d in g t h a t S t a t e b a n k s a n d t r u s t c o m p a n i e s f a v o r le g is l a t i o n
w h ic h w il l p e r m it t h e m t o c o - o p e r a t e w i t h t h o F e d e r a l R e s e r v e b a n k s .
3 . U n d e r th o term s o f t h o F ed era l R e s e r v e A c t , F ed era l R c s e r v o b a n k s
a r e a u t h o r i z e d t o r e d i s c o u n t f o r t h e ir m e m b e r b a n k s , n o t e s , d r a f t s a n d b ills
o f e x c h a n g e d r a w n f o r a c o m m e r c i a l p u r p o s e o r is s u e d f o r t h e p u r p o s e o f
c a r r y in g o r t r a d i n g in n o t e s o r b o n d s o f t h e U n it e d S t a t e s .
A ny bank,
t h e r e f o r e , w h ic h is a m e m b e r a n d w h ic h p o s s e s s e s a s s e t s o f t h i s c h a r a c t e r
m a y b e a s s u r e d o f t h o r ig h t t o c o n v e r t t h e s e a s s e t s i n t o c a s h a t a n y t i m e .
T h e F e d e r a l R e s e r v e b a n k s a r e a u t h o r i z e d t o is s u o F e d e r a l R e s e r v e n o t e s
o n t h e s e c u r it y o f n o t e s , d r a f t s a n d b ills o f e x c h a n g e o f t h o k i n d d e s c r ib e d ,
a n d t h i s f a c t in s u r e s a le g it i m a t e e x p a n s io n o f c u r r e n c y in p r o p o r t i o n t o
th o n e e d s o f t h e c o m m e r c ia l c o m m u n it y , a v a ila b le fo r t h e u s e o f m e m b e r
ban ks.
4 . T h o F e d e r a l R e s e r v e A c t a m e n d e d t h o n a t i o n a l b a n k in g A c t s o a s t o
r e d u c o t h o r e s e r v e s r e q u i r e d t o b o h o ld b y n a t i o n a l b a n k s .
T h is r e d u c t io n
w a s p r o p e r l y a n d s a f e ly a u t h o r i z e d b e c a u s o o f t h o g r e a t l y in c r e a s e d s t r e n g t h
g i v e n t o m o m b e r b a n k s I n c id o n t t o t h e c o n c e n t r a t i o n o f t h e i r r e s e r v e s in
th o F ed era l R eserv e b a n k s.
I n a n e f f o r t t o a f f o r d t h e ir S t a t o b a n k s a n d
t r u s t c o m p a n i e s a c o r r e s p o n d i n g r e la x a t io n i n t h e i r r e s e r v e r e q u i r e m e n t s
c e r t a in S t a t e s h a v o r e d u c e d t h o s e r e s e r v e s t o t h e s a m o f ig u r e s f i x e d b y t h e
F e d e ra l R o s e r v o A c t , b u t t h e y h a v o d o n e s o w it h o u t a ffo r d in g t o t h e ir
S t a t o b a n k s t h e c o r r e s p o n d i n g p r o t e c t i o n g i v e n t o m e m b e r b a n k s in t h o
F ed era l R e s e rv e S y ste m .
5 . U n d e r t h o p r o v i s io n s o f la w a S t a t o b a n k o r t r u s t c o m p a n y w h ic h
b e c o m e s a m e m b e r o f t h o F e d e r a l R e s e r v e S y s t e m m a y r e t a in a ll o f t h e
p o w e r s g r a n t e d t o i t u n d e r i t s S t a t o c h a r t e r , e x c e p t a s t h e y m a y b o e x p r e s s ly
d e f in e d b y c e r t a in p r o v i s io n s o f t h o F e d e r a l R e s e r v e A c t a n d b y t h e c o n
d i t io n s i m p o s e d b y t h o F e d e r a l R e s e r v o B o a r d a s a c o n d i t i o n o f a d m i s s io n .
T h o u g h S t a t o b a n k s a n d t r u s t c o m p a n i e s w h ic h b e c o m e m o m b e r s a r o s u b
je c t t o e x a m in a tio n b y t h e F e d e ra l R o s e r v o B o a r d , n e v e r th e le s s t h o B o a rd
Is a u t h o r i z e d a n d h a s e x p r e s s e d i t s w illin g n e s s t o a c c e p t S t a t o b a n k e x a m i
n a t i o n s i n lie u o f t h o s e w h ic h w o u ld o t h e r w i s e b o c o n d u c t e d u n d e r F e d e r a l
a u t h o r it y , p r o v id e d s u ch S ta to e x a m in a tio n s a ro o f a c h a r a c t e r s a t is fa c t o r y
t o th e B oa rd .
6 . A c c o r d i n g t o d a t a c o m p il e d b y t h o F e d e r a l R e s e r v e B o a r d , s o m e 4 1 o f
t h o 4 8 S t a t e s e it h e r e x p r e s s ly o r im p li e d l y a u t h o r i z e S t a t o b a n k s a n d t r u s t
c o m p a n i e s t o b e c o m o m e m b e r s o f t h e F e d e r a l R e s e r v e S y s t e m , b u t in a f o w
o f t h o s e S t a t e s d e p o s i t s w it h F e d e r a l R e s o r v o b a n k s d o n o t c o u n t a s p a r t
o f t h o r o s e r v e s r e q u i r e d b y t h e S t a t e la w s .
I t is e a r n e s t l y s u g g e s t e d t h a t
w h e r e v e r t h a t Is t h o c a s o s t o p s s h o u l d b e t a k e n b y t h o p r o p e r a u t h o r i t ie s
t o a m o n d t h o la w s o a s t o p e r m it t h e s e d e p o s i t s t o c o u n t a s p a r t o f t h o le g a l
r e s e r v e s , a n d t h u s t o r o m o v o w h a t is o t h e r w i s e a v e r y s e r io u s h a n d ic a p o n
S t a t e b a n k s o r t r u s t c o m p a n i e s l o c a t e d in t h o s e f o w S t a t e s .
PERSONNEL
A N D
FU N C TIO N S
N A T IO N A L
OF
THE
C O U N C IL
OF
DEFENSE.
A n answ er to tlie q u estion w h ich is rep ea ted ly com in g u p
as to w h o con stitu te tho C ou n cil o f N a tion a l D efen se w as
fu rn ish ed in tho new W a sh in g ton p u b lica tion “ O fficial
B u lle tin ,” in its issue o f M a y 31. W e reprin t b elow the an
n o u n cem en t in tho m atter:
I n o r d e r t o c le a r u p t h e m is u n d e r s t a n d i n g w h i c h a p p a r e n t l y s t il l e x i s t s In
s o m e q u a r t e r s a s t o t h o o r g a n i z a t io n a n d f u n c t i o n s o f t h e C o u n c i l o f N a t i o n a l
D e f o n s o , t h o r e la t i o n s b e t w e e n t h o C o u n c i l a n d t h e A d v i s o r y C o m m i s s io n
a n d b e t w e e n t h o C o u n c i l a n d t h o G o v e r n m e n t . \V. &. G i f f o r d , D i r e c t o r o f
t h e C o u n c i l a n d t h e A d v i s o r y C o m m i s s io n , t o - d a y m a d e t h o f o l l o w i n g
sta tem en t:
“ T h o C o u n c il o f N a t io n a l D e fe n s e w a s c r e a te d in a n A c t a p p r o v e d o n
A u g . 29 1910.
T h o C o u n c i l c o n s i s t s o f t h e S e c r e t a r ie s o f W a r , N a v y ,
In t e r io r , A g ric u ltu re , C o m m c r c o , a n d L a b o r .
T h o C h a ir m a n o f t h o C o u n c il
is t h o S e c r e t a r y o f W a r .
T h e p u r p o s o f o r w h ic h t h o C o u n c i l w a s c r e a t e d
is s t a t e d in t h o A c t a s ‘ T h e c o - o r d i n a t i o n o f i n d u s t r ie s a n d r e s o u r c e s f o r
th e n a tio n a l s e c u r it y a n d w e lf a r e .’
The Advisory Commission.
" T o a d v i s e t h o C o u n c i l i n c a r r y i n g o u t t h o s e d u t i e s t h e la w p r o v i d e d t h a t
th o P r e s id e n t a p p o in t a n A d v is o r y C o m m is s io n , c o n s is tin g o f n o t m o r e th a n
s e v e n p e r s o n s , e a c h o f w h o m s h o u ld h a v o s p e c ia l k n o w le d g e o f s o m e in d u s tr y
p u b lic u t ilit y , o r th e d e v e lo p m e n t o f s o m o n a tu ra l r e s o u r c e , o r b o o th e r w is e
Work of the Commission.
" T h e A c t c r e a t i n g t h e C o u n c i l f u r t h e r s t a t e d t h a t t h e C o u n c i l ‘ s h a ll
p r o v id e fo r th e w o rk o f t h e A d v is o r y C o m m is s io n t o t h e e n d t h a t th e s p e c ia l
k n o w l e d g e o f s u c h C o m m i s s io n m a y b e d e v e l o p e d b y s u i t a b l e i n v e s t i g a t i o n ,
r e s e a rch , a n d In q u ir y a n d m a d e a v a ila b le in c o n fe r e n c e a n d r e p o r t f o r th e
u s e o f th e C o u n c il; a n d th e C o u n c il m a y o r g a n iz e s u b o r d in a t e b o d ie s fo r
i t s a s s is t a n c e i n s p e c i a l i n v e s t i g a t i o n s , e i t h e r b y t h e e m p l o y m e n t o f e x p e r t s
o r b y th e c r e a t io n o f c o m m it t e e s o f s p e c ia lly q u a lifie d p e r s o n s t o s e r v e
w i t h o u t c o m p e n s a t i o n , b u t t o d i r e c t t h e i n v e s t ig a t i o n s o f e x p e r t s s o e m
p lo y e d .’
Duties of Council.
“ ‘ T o s u p e r v is e a n d d ir e c t in v e s t ig a tio n s a n d m a k e r e c o m m e n d a t io n s t o
th e P r e s id e n t a n d h e a d s o f e x e c u t iv e d e p a rtm e n ts a s t o th o lo c a t io n o f
r a i lr o a d s w i t h r e fe r e n c e t o t h e f r o n t i e r o f t h e U n i t e d S t a t e s , s o a s t o r e n d e r
p o s s ib le e x p e d it io n s , c o n c e n t r a t io n o f t r o o p s , a n d s u p p lie s t o p o in t s o f
d e f o n s o ; t h o c o - o r d i n a t i o n o f m i l i t a r y , i n d u s t r ia l, a n d c o m m e r c i a l p u r p o s e s
i n t h e l o c a t i o n o f e x t e n s i v e h i g h w a y s a n d b r a n c h l in e s o f r a i l r o a d ; t h e
u t i li z a t io n o f w a t e r w a y s ; t h e m o b i l i z a t i o n o f m i l i t a r y a n d n a v a l r e s o u r c e s
f o r d e f e n s e ; t h e in c r e a s e o f d o m e s t i c p r o d u c t i o n o f a r t ic l e s a n d m a t e r ia l s
e s s e n t ia l t o t h e s u p p o r t o f a r m ie s a n d o f t h e p e o p l e d u r i n g t h o i n t e r r u p t i o n
o f fo r e ig n c o m m e r c e ; th e d e v e lo p m e n t o f s e a g o in g t r a n s p o r t a t io n ; d a t a a s
t o a m o u n t s , lo c a t io n , m e t h o d , a n d m e a n s o f p r o d u c t io n a n d a v a ila b ilit y
o f m il i t a r y s u p p l i e s ; t h e g i v i n g o f i n f o r m a t i o n t o p r o d u c e r s a n d m a n u
f a c t u r e r s a s t o t h e c la s s o f s u p p l i e s n e e d e d b y t h e m i l i t a r y a n d o t h e r s e r v ic e s
o f t h o G o v e r n m e n t , t h e r e q u i r e m e n t s r e la t i n g t h e r e t o , a n d t h e c r e a t i o n
o f r e la t i o n s w h i c h w ill r e n d e r p o s s i b le i n t im e o f n e e d t h o i m m e d i a t e c o n
c e n t r a t io n a n d u t iliz a t io n o f th e r e s o u r c e s o f t h o n a t io n .’ ”
H.
PARKER
W IL L IS
ON
C O M M E R C IA L
AD VAN TAG ES
OF
PAPER.
In a discussion o f “ T h o M a n u fa ctu rer an d th e B a n k ” at
th e annual co n v en tion o f the N a tio n a l A ssocia tion o f M a n u
facturers o n M a y 16, H . P ark er W illis, o f the F ederal R eserve
B o a rd , dw elt u p on th e su bstitu tion o f com m ercia l pa p er fo r
op en a ccou n ts an d th e em p loy m en t o f th e trad e a ccep ta n ce
an d ba n kers’ a ccep ta n ces as a m ed iu m fo r exten din g cre d it.
In part he said:
A t t h e b o t t o m o f a ll b e t t e r b a n k in g a n d c o m m e r c i a l m e t h o d s i n t h e U n it e d
S t a t e s t o - d a y lie s t h o p r o b l e m o f i m p r o v e d c o n t r o l o f c r e d it a n d t h e a d o p t i o n
o f b e t t e r m e t h o d s o f is s u in g c o m m e r c i a l p a p e r .
I t is e n c o u r a g i n g t h a t t h e
b u s in e s s m e n o f t h o c o u n t r y h a v e s o p r o m p t l y i n t e r e s t e d t h e m s e lv e s i n
t ills q u e s t i o n o f h o t t e r c r e d it a n d b e t t e r b a n k p a p e r .
W h e n th e F ed era l
R e s e r v e A c t w a s f ir s t p a s s e d m a n y t h o u g h t t h a t i t w a s o f in t e r e s t p r im a r ily
t o b a n k e r s a n d t h a t s u c h r e fo r m s a n d i m p r o v e m e n t s a s c o u l d b e i n t r o d u c e d
w o u ld c o m e t h r o u g h th e e ffo r t o f b a n k e rs.
E x p e r ie n c e Is s h o w in g u s m o r e
a n d m o r e t h a t , h e lp fu l a n d n e ce ssa ry a s th e a id a n d s y m p a t h y o f th o b a n k e r
is , w o m u s t l o o k t o t h e b u s in e s s m a n h i m s e lf f o r t h e i n it i a t i v e t h a t w il l
b r i n g a b o u t b e t t o r m e t h o d s in t h e t w o p a r t i c u la r s I h a v e s p o k e n o f .
So,
a s t im o g o e s o n . It h a s b e e n r e c o g n i z e d t h a t i f t h e r e is t o b e a n y i m p o r t a n t
i m p r o v e m e n t i n A m e r i c a n m e t h o d s o f f in a n c in g b u s in e s s , t h e m o v e m e n t
m u s t b e ta k e n in h a n d b y y o u r s e lv e s .
A s t h in g s h a v e d e v e l o p e d , t h e
c o n c r e t e is s u e p r e s e n t e d t o t h e b u s in e s s p u b l i c h a s b e e n t h i s :
A re y o u
w il li n g t o s u b s t i t u t e c o m m e r c i a l p a p e r f o r y o u r o p e n a c c o u n t s , a n d w ill y o u
•in t h is p r o c e s s e m p l o y t h e t r a d e a c c e p t a n c e a n d b a n k e r ’ s a c c e p t a n c e a s
y o u r m e d ia o f e x te n d in g c r e d it ?
I a m h a p p y t o k n o w th a t th is q u e s tio n
lia s b o o n a n s w e r e d i n t h e a f f i r m a t i v e b y s o m e o f t h e m o s t p r o g r e s s iv e
m a n u fa ctu re rs in th e c o u n t r y .
T h e y h a v o s e t t h e m s e lv e s a c t i v e l y t o w o r k
t o a d o p t t h is a c c e p t a n c e p a p e r in a c t u a l p r a c t i c e , a n d , a l t h o u g h t h e m o v e
m e n t is t h u s f a r v e r y y o u n g , i t lia s l a s t e d l o n g e n o u g h t o m a k e p la in t h e
f a c t t h a t t h e r e is a g e n u in e a p p r e c i a t io n o f w h a t m a y b e d o n e a n d a g e n u in e
d i s p o s it i o n t o d o i t .
I t h a s , m o r e o v e r , la s te d lo n g e n o u g h t o s h o w th a t th e
u s o o f t h o a c c e p t a n c e p a p e r is b e n e f i c i a l , a n d t h e r e a r e m a n y m a n u f a c t u r e r s
w h o t o - d a y t e s t i f y t o t h o a id t h e y a r e r e a liz in g f r o m t h e s u b s t i t u t i o n o f
a c c e p t a n c e s f o r t h e ir o p e n a c c o u n t s .
T h o a d v a n ta g e s o f th e tra d e a c c e p ta n c e f r o m th e n a rro w e st s ta n d p o in t
h a v o b een s o o fte n set fo rth th a t I d o n o t n eed t o rep ea t th e m .
I am now
s p e a k in g o f t h o h e lp t o b e r e a liz e d f r o m t h o b r o a d e r a n d m o r e t h o r o u g h
a p p li c a t io n o f t h o u n d e r ly in g p r i n c ip l e o f t h e a c c e p t a n c e .
In a gen eral
w a y i t d i r e c t l y a id s t h e m a n u f a c t u r e r a n d s h i p p e r b y d i m in is h in g t h e e x t e n t
o f h is d e p e n d e n c e u p o n t h e b a n k .
l i e d oes n o t n eed t o ask fo r th e fa v o r
o r s u p p o r t o f a n y s in g le i n s t it u t i o n .
l i e g e t s t h e a s s is t a n c e o f e v e r y
i n s t it u t i o n w h o n e v e r h e is a b l e t o p r e s e n t p a p e r e v i d e n c i n g t h e e x is t e n c e
o f a b o n a f id o c o m m e r c i a l t r a n s a c t io n .
B e t t e r s t il l , h e e n a b le s h is c u s t o m e r
( i f t h e id e a o f t h o b a n k a c c e p t a n c e h a s b e e n c a r r ie d t h r o u g h in g o o d f a i t h ,
a s a l r e a d y e x p la in e d ) t o f in a n c e h i m s e lf a t h is o w n b a n k , a n d t h e r e b y h o
e lim in a t e s l o n g r a n g e c r e d it s a n d t h e n e c e s s it y o f c o s t l y a n d e l a b o r a t e
i n v e s t ig a t i o n s o f c r o d i t o n h is o w n p a r t .
H o is a b l e t o r e d u c e t h o c o s t o f
t h e g o o d s t o t h e b u y e r w h e n e v e r t h a t b u y e r is i n p o s i t io n t o p r e s e n t h i m
w it h a n a c c e p t a n c e t h a t g u a r a n t e e s h i m a g a in s t l o s s , b e c a u s e h e is t h e r e b y
a b l e t o a v o i d a n y n e c e s s it y o f e n s u r in g h i m s e lf a g a in s t b a d d e b t s b y m a k i n g
e x c e s s iv e a d d it i o n s t o t h e s e llin g p r i c e o f t h e c o m m o d i t y h e is d i s p o s in g o f .
I I o w ill s u c c e e d in e lim in a t in g f r o m t h e b u s in e s s o f t h o c o u n t r y a la r g e
e le m e n t o f b a d c r e d i t , a n d in h a b it u a t i n g t h e b a n k s o f t h e n a t i o n t o t h e
e x te n s io n o f c r e d it u p o n u n ifo rm te rm s w h e n e v e r th e re m a y b e s u b m it te d
t o t h e m c o n c r e t e e v i d e n c e o f t h e e x i s t e n c e o f a r e a l t r a n s a c t io n w a r r a n t in g
t h o e x t e n s io n o f s u c h c r e d it .
I n t h e l o n g r u n b o t h p r o d u c e r a n d b a n k e r w ill
m a k e g r e a t s a v in g s in t h is w a y .
T h e r e is n o t h i n g i n t h e p l a n t h a t in a n y
w a y i n t e r fe r e s w it h o r n e c e s s it a t e s t h e d i s c o n t in u a n c e o f t h o c a s h d i s c o u n t
s y s t o m , a l t h o u g h i t p e r m it s t h e e l im i n a t i o n o f t h a t s y s t e m m o r e e a s i ly a n d
w it h le s s f r i c t i o n t h a n a n y o t h e r p l a n t h a t h a s h e r e t o fo r e b e e n d e v i s e d .
SECRETARY
M cADOO
FARMERS
TO
URGES
PROMOTE
BANKERS
CROP
TO
A ID
R A IS IN G .
In suggesting to bankers a n d others to m a ke an orga n ized
stu d y o f loans to farm ers fo r increased p ro d u ctio n , S ecretary
o f the T reasu ry M c A d o o p oin ts o u t th at th e F ederal R eserv e
A c t gives to fa rm pa per a preferred status, an d states tha^
2294
[Vol. 104
THE CHRONICLE
it is assu m ed th a t m em ber b a n k s everyw h ere w ill b e solici
tou s to g iv e to th e farm ers th e fu ll a d va n ta g e o f this prefer
en ce, to w h ich th e y are n ow m ore th an ev er en titled . T h e
S ecre ta ry ’ s co m m u n ica tion , m a de p u b lic on M a y 22, follow s:
To All Bankers of the United States:
T h e m a t t e r o f i n c r e a s in g o u r f o o d p r o d u c t s is o n o w h i c h c o m m a n d s , a n d
s h o u l d c o m m a n d , t h e m o s t s e r io u s c o n s i d e r a t io n o f a l l b a n k e r s .
T h e r o is
g r o a t a c t i v i t y e v e r y w h e r e i n t h e m a t t e r o f u r g in g u p o n fa r m e r s a n d l a n d
o w n e r s t h e d e s i r a b i li t y o f p l a n t i n g e v e r y a c r e w h ic h is a v a i l a b l e f o r p l a n t i n g ,
a n d o f p r o d u c i n g , i f p o s s i b le , r e c o r d c r o p s .
T h i s is a n a t i o n a l n e c e s s it y .
W e m u s t n o t o n ly fe e d o u r o w n p e o p le , b u t w o m u s t fe e d t h e p e o p le s a n d
t h e a r m ie s w it h w h ic h w e a r e c o - o p e r a t i n g i n t h i s g r e a t e s t o f a ll w a r s .
T h e w a r m u s t b e c a r r ie d o n u n t i l a v i c t o r y f o r u n i v e r s a l l i b e r t y is w o n .
It
m u s t b e w o n o n t h e f a r m s , i n a s e n s e q u i t e a s r e a l a s t h a t i n w h ic h w e
s p e a k o f w in n in g v i c t o r i e s o n t h e b a t t l e f i e l d s o r t h e o c e a n .
T h e f a r m e r s o f t h e U n it e d S t a t e s w i l l , a s a m a t t e r o f f a c t , n e e d la r g e
s u p p lie s o f m o n e y i f t h e y a r e t o in t e n s if y a n d b r o a d e n t h e ir p r o d u c t i o n .
T h e r o a r e v a s t a r e a s o f la n d in s o m e p a r t s o f t h e c o u n t r y w h ic h a r e n o t
u n d e r c u l t i v a t i o n , b u t w h i c h m i g h t b e c u l t i v a t e d w it h t h o p r o p e r s u p p lie s
o f s e e d , a n d th o p r o p e r la b o r -s a v in g m a c h in e r y .
I n o t h e r s e c t io n s t h e r e
a r e s m a lle r a r e a s t h a t m a y b e p u t u n d e r c u l t i v a t i o n , o r c u l t i v a t e d m o r e i n
t e n s i v e ly .
A ll th e s e la n d s s h o u ld b e b r o u g h t u n d e r c u ltiv a t io n , a n d fu n d s
s h o u ld b e a d v a n c e d f o r th o p u r p o s e .
S e e d s a r e v e r y h i g h a n d m o n e y s h o u l d b e f u r n is h e d t o h e l p t h e fa r m e r
secu re th e m .
L a b o r is s c a r c e a n d w a g e s a r e h i g h , a n d t h e p a y m e n t o f
l a b o r r e q u ir e s c a s h .
M a n y fa r m s a re s h o r t o f p o w e r , b o t h h o r s e -p o w e r a n d m a ch in e p o w e r ,
a n d a t a t im e w h e n m a n p o w e r is a l s o s c a r c e , t h e s e d e m a n d s o f t h e fa r m o r s
c o n s t i t u t e a n a t i o n a l p r o b l e m , u p o n w h ic h i t is d e s ir a b le t h a t t h e b a n k e r s
o f t h o U n it e d S t a t e s s h a ll f i x t h e ir a t t e n t io n .
T h e F e d e r a l R e s e r v e A c t g i v e s t o f a r m p a p e r a p r e f e r r e d s t a t u s , a n d i t is
a s s u m e d t h a t m e m b e r b a n k s e v e r y w h e r e w il l b e s o l ic i t o u s t o g i v e t o t h e
fa r m e r s t h e f u ll a d v a n t a g e o f t h i s p r e f e r e n c e t o w h ic h t h e y a r e n o w m o r e
th a n o v e r e n title d .
T h e F e d e ra l F a rm L o a n A c t h a s p r o v id e d a m ea n s
b y w h ic h f a r m e r s i n m a n y p a r t s o f t h e c o u n t r y a r e v e r y r a p i d l y p r o v i d i n g
t h e m s e lv e s w i t h l o n g - t i m e lo a n s a t 5 % i n t e r e s t o n a n a m o r t iz a t i o n p l a n ,
w h ic h ro n d e rs p a y m e n ts e a s y .
M a n y o f th e p re s e n t e x tr a o r d in a r y a n d
s e a s o n a l n e e d s o f t h e f a r m e r s c a n n o t b o m e t , h o w e v e r , e it h e r t h r o u g h t h e
F e d e ra l R e se rv e S y ste m o r th e F e d e ra l F a rm L o a n S y ste m .
T h o th in g
n e e d e d n o w is a n e x t r a o r d i n a r y a c t i v i t y o n t h e p a r t o f t h e f in a n c ia l in t e r e s t s
o f t h o c o u n t r y i n s e e k in g o u t p l a c e s w h e r e s h o r t - t i m e p e r s o n a l lo a n s m a y
b e m a d e f o r t h e e x p r e s s p u r p o s e o f e x t e n d i n g a g r i c u lt u r a l o p e r a t i o n s b e y o n d
t h e ir n o r m a l l im i t s .
M u c h h a s a lr e a d y b e e n d o n e t h r o u g h te m p o r a r y a g re e m e n ts a m o n g
fa r m e r s a n d w it h b a n k e r s , b y w h ic h lo a n s a r o m a d e w it h g r e a t e r s a f e t y
a n d w it h le s s e x p e n s e t o t h o b a n k s t h a n Is t h e c a s e w i t h t h e i s o la t e d i n d i
v id u a l lo a n .
F a rm e rs ’ b u lle tin N o . 6 5 4 o f th e D e p a r t m e n t o f A g ric u ltu re ,
e n t i t l e d , “ H o w t h o F a r m e r s M a y I m p r o v e T h e ir P e r s o n a l C r e d i t , ” o f fe r s
e x c e l le n t s u g g e s t i o n s a s t o m e t h o d s o f m a k i n g s u c h lo a n s .
O r g a n iz a t io n s
f o r in c r e a s in g p r o d u c t i o n w il l f i n d in t h e v a r i o u s p l a n s w h i c h h a v e b e e n
s u c c e s s f u l l y u s e d f o r c o l l e c t i v e b o r r o w i n g e x c e l le n t m a c h i n e r y t o b e u s e d
f o r th is p u r p o s e .
T h e c r e d it u n i o n is in u s e i n M a s s a c h u s e t t s , C o n n e c t i c u t ,
N o w J e rs e y a n d N o r t h C a ro lin a .
T h e s e c r e d it u n i o n s f o r
fa rm e rs are
u s u a l l y f o r m e d u n d e r s p e c ia l l a w s , w h ic h w il l n o t b o f o u n d o n t h e s t a t u t e
b o o k s o f a ll S ta te s .
W h e r e t h e la w s e x p r e s s ly p r o v i d e f o r t h e m , t h e y f o r m
o n e o f t h e b e s t a g e n c ie s f o r s h o r t - t i m e p e r s o n a l r u r a l c r e d it s .
W h e re th e
la w s d o n o t e x p r e s s ly p r o v i d e f o r t h e m , t h e y m ig h t b e f o r m e d b y v o l u n
t a r y a s s o c ia t i o n s .
I s u g g e s t t o b a n k e r s a n d a ll o t h e r s t o m a k e a n o r g a n i z e d s t u d y o f t h e
q u e s t i o n o f m a k i n g lo a n s t o f a r m e r s f o r i n c r e a s e d p r o d u c t i o n .
T h is h a s
a l r e a d y b e e n d o n e i n s o m e l o c a li t ie s , a n d w h e r e i t h a s b e e n d o n e t h i s l e t t e r
d o e s n o t a p p ly .
W h e r e v e r i t is f o u n d t h a t t h e p r o b l e m c a n b e s o l v e d t h r o u g h l o n g - t i m e
a m o r t iz e d l o a n s o n f a r m m o r t g a g e s , l o c a l a s s o c ia t io n s m a y b e f o r m e d a n d
m o n e y b o rro w e d u n d er th e F ed era l F a rm L o a n A c t .
I n f o r m a t i o n w it h
r e fe r e n c e t o t h is m a y b e o b t a i n e d f r o m t h e F e d e r a l F a r m L o a n B o a r d ,
T r e a s u r y B u il d i n g , W a s h i n g t o n , o r f r o m t h e F e d e r a l L o a n B a n k o f y o u r
d is t r ic t
W h e r e t h e d e m a n d is f o r s h o r t - t i m e c r e d i t , i t s h o u l d b o m e t b y lo c a l
b a n k s , a n d i t c a n b e m e t w i t h e n t ir e s a f e t y t h r o u g h t h i s " c r e d i t u n i o n ” o r
c o lle c t iv e b o r r o w in g s y s te m .
A s p e c ia l a u t h o r i z a t io n b y s t a t u t e la w Is n o t
g e n e ra lly n e ce s s a ry .
W h e r e b a n k e r s a r e in d o u b t o n t h o q u o s t i o n o f s e
c u r i t y , a p p l i c a t i o n t o t h e F e d e r a l L a n d B a n k o f t h e i r d i s t r i c t w il l p l a c e
a t t h e ir d i s p o s a l , w it h o u t c o s t , t h e j u d g m e n t o f e x p e r t a p p r a is e r s .
T h o r e s e r v e s o f f o o d In t h o w o r l d a r e l o w .
Y o u r cou n try needs you r
s e r v ic e s a n d y o u r m o n e y .
Y o u c a n d o n o t h i n g w it h y o u r m o n e y m o r e u s e
f u l t h a n t o l o a n i t f o r i n c r e a s e d a g r ic u lt u r a l p r o d u c t i o n .
E v en under
n o r m a l c o n d i t i o n s s u c h lo a n s w il l b e f o u n d s a f o a n d p r o f i t a b l e .
G r e a t o r g a n i z a t io n s a r e a t w o r k t o fu r n is h l a b o r .
T h e e x t e n s io n o f
c r e d it is b e s t m e t t h r o u g h l o c a l o r g a n i z a t io n s h a v i n g c l o s e s u p e r v i s io n o v e r
t h o m a t t e r in h a n d , a n d i t is s u g g e s t e d t h a t t h e b a n k s o f t h e c o u n t r y , b o t h
n a t i o n a l a n d S t a t e , e it h e r s i n g ly o r in l o c a l g r o u p s , a r r a n g e t o m e o t t h is
3T h a t f o r th e f ir s t y e a r o f th e w a r n o In c o m e t a x im p o s e d s h o u ld
e x c e e d 2 5 % o f a n y i n d i v id u a l i n c o m e .
S u rta x es m a y b o o f g ro a te r p e r
c e n t a g e t h a n 2 5 % , b u t t h e r e s u l t a n t t a x s h o u l d n o t In it s t o t a l e x c e e d s u c h
a m ou n t.
O n o o f th e re a s o n s w h ic h le a d s y o u r c o m m it t e o t o th is o p in io n
is t h a t t h o s e u p o n w h o m t h e I n c o m e t a x is i m p o s e d a r e l a r g e ly t h o s e u p o n
w h o m t h e G o v e r n m e n t m u s t r e ly t o p u r c h a s e i t s b o n d s .
4.
T h a t s t a m p t a x e s s h o u l d b o f r e e l y r e s o r t e d t o ; f o l l o w i n g t h e s a t is
f a c t o r y e x p e r ie n c e s d u r i n g t h e S p a n is h -A m e r i c a n W a r .
5.
T h a t e m p h a s is s h o u l d f u r t h e r b e la id u p o n t a x e s u p o n c o n s u m p t i o n ,
w i t h a v i e w t o c o n s e r v i n g f o r o u r s e l v e s a n d o u r a llie s a ll a v a i l a b l e r e s o u r c e s
o f r a w m a t e r ia l a n d f in i s h e d p r o d u c t .
T h ese suggestions w ere preced ed b y th e follow in g state
m en t in th e rep ort:
Y o u r C o m m it te o o n S ta te a n d M u n ic ip a l T a x a t io n h a s b e e n fo llo w in g
t h o d i s c u s s io n s in t h e H o u s e o f R e p r e s e n t a t i v e s a n d b y t h e S e n a t e C o m
m it t e e o n t h e w a r r e v e n u e m e a s u re .
Y o u r c o m m i t t e e r e a liz e s t h a t t h o b u r d e n o f t a x a t i o n m u s t f a ll v e r y l a r g o ly
u p o n t h o s e w i t h la r g e i n c o m e s , a n d i t b e l ie v e s t h a t t h e w e a l t h y w ill c h e e r
fu lly re s p o n d .
W e a re c o n v in c e d th a t b o t h t h o H o u s e a n d t h e S e n a te
a re lo y a lly a n d fa it h fu lly t r y in g t o w o rk o u t a s o u n d a n d re a s o n a b le m e a s
u r e , a n d i t is t h e d e s ir e o f y o u r c o m m i t t e o t o c o - o p e r a t e . W i t h t h a t e n d in
v i e w , w e o f f e r t h e f o l l o w i n g c r it i c is m s a n d s u g g e s t i o n s .
I n o u r o p i n i o n t h e H o u s e b i ll , a s a w a r r e v e n u e m o a s u r o . Is u n s a t i s f a c t o r y ,
a n d t h o o b j e c t i o n s t o i t a r e w e ll s t a t e d b y P r o f e s s o r E d w i n R . A . S e lig m a n
i n t h o f o ll o w i n g s u m m a r y :
1.
I t p u r s u e s a n e r r o n e o u s p r i n c ip l e In i m p o s in g r e t r o a c t i v e t a x e s .
2.
I t s e l e c t s a n u n j u s t a n d u n w o r k a b l e c r it e r i o n f o r t h e e x c e s s - p r o f i t s t a x .
3.
I t p r o c e e d s t o a n u n h e a r d - o f - h e ig h t i n t h o i n c o m e t a x .
4.
I t im p o s e s u n w a rra n te d b u r d e n s u p o n t h e c o n s u m p t io n o f t h e c o m
m u n ity .
5.
I t is c a l c u la t e d t o t h r o w b u s in e s s i n t o c o n f u s i o n b y l e v y i n g t a x e s o n
g r o s s r e c e ip t s in s t e a d o f u p o n c o m m o d i t i e s .
6.
I t fa lls t o m a k e a p r o p e r u s e o f s t a m p t a x e s .
7.
I t f o l l o w s a n u n s c i e n t if i c s y s t e m i n i t s f l a t r a t e o n i m p o r t s . •
8.
I t I n c lu d e s a m u l t i p l i c i t y o f p e t t y a n d u n l u c r a t iv e t a x e s , t h e v o x a t l o u s n e s s ' o f w h ic h is o u t o f a ll p r o n o r t i o n t o t h o r e v e n u e t h e y p r o d u c e .
T h e rep ort w ou n d u p w ith tho follow in g resolu tion s:
Resolved, T h a t t h e C h a m b e r o f C o m m e r c e o f t h o S t a t e o f N o w Y o r k
c o m m e n d s t h e a c t i o n o f t h e F i n a n c e C o m m i t t e e o f t h o U n it e d S t a t e s S e n a t e
In e l im i n a t i n g m a n y o f t h e d e s t r u c t iv e a rid I n d e fe n s ib le f e a t u r e s o f t h e
H o u s e b i l l , a n d u r g e s t h a t t h e c o m m i t t e e w ill o v o l v o a w e ll -b a la n c e d a n d
f in a n c la l l y - s o u n d r e v e n u e b i ll a l o n g t h e a b o v e lin e s , w h ic h w il l c o n d u c e t o
t h o fu tu r e p r o s p e r ity o f o u r c o u n t r y .
Resolved, further. T h a t c o p i e s o f t h i s r e p o r t a n d r e s o lu t i o n s b e s o n t t o t h e
P r e s id e n t o f t h e U n it e d S ta te s , t o th o m e m b e r s o f th o C a b ln o t, a n d t o
m e m b e r s o f t h e U n it e d S t a t e s S e n a t o a n d t h e H o u s e o f R e p r e s e n t a t i v e s .
THE
W AR
REVENUE
B IL L.
In ou r issue o f M a y 26 w e referred to the fa c t th a t w ith the
pla cin g o f the W a r R ev en u e bill in the h an ds o f tho Senate
C o m m ittee, it w as rep orted th a t red u ction o f tho gross tax
le v y (the H ou se bill w ou ld raise n early $2 ,0 0 0 ,0 0 0 ,0 0 0 ) o f
the bill b y a b o u t o n e-th ird , or to a b o u t $ 1 ,2 5 0 ,0 0 0 ,0 0 0 , was
fa v ored b y m os t o f th e com m itteem en . C h airm an Sim
m ons th en an n ou n ced th a t th e com m itteo h ad agreed to the
follow in g changes:
T o s t r ik e o u t t h o a d d i t i o n a l r e t r o a c t i v e i n c o m e t a x o n i n c o m e s e a r n e d
in
1916;
T o s t r ik e o u t a l l p r o v i s i o n s f o r in c r e a s e d s e c o n d c la s s m a i l r a t e s u n d e r
th e z o n o s y s te m , a n d s u b s titu te a lo w d ir e c t ta x (p r o b a b ly a b o u t 2 % ) o n
a ll a d v e r t i s in g , i n c l u d i n g t h a t In n e w s p a p e r s a n d m a g a z in e s a n d o f b i ll
b o a rd s, p osters a n d street ca rs; a n d
T o s u b s titu te fo r t h o H o u s e e x ce s s p r o fit s t a x o n p r o fit s o v e r 8 % o f in
v e s t e d c a p it a l, a n e x c e s s p r o fit s t a x b a s e d In ste a d o n a v e r a g e p r o fit s fo r
a p e r io d o f y e a r s , n o t m o r e th a n fiv e .
Since M a y 26 the w ork o f revision b y th e co m m itte e fro m
d a y to d a y has in clu d ed a n u m b er o f im p orta n t changes.
T h e elim in ation o f the 5 % ta x on m a n u factu rers’ gross
sales in m a n y industries w as d ecid ed u p on b y th e co m m itte e
on M a y 2 6 . T h e in com e tax section as first draw n, in clu d
ing the 2 % n orm al ta x an d tho H ou se c o m m itte e ’ s su rtaxes,
also w ere a d o p te d b y th e Senate co m m itte o . I t stru ck o u t,
h ow ev er, the increased surtaxes on in com es ov e r $40,000
ad d ed in the H ou se on a m end m en ts b y R ep resen ta tive L en em ergen cy.
M u c h c a n b e d o n o t h is y e a r i n t h o w a y o f f in a n c in g s p r in g w h e a t a n d
r o o t o f W iscon sin . T h e retroa ctiv e 33 1 -3 % u pon in com es
p o t a t o e s , a n d c u ltiv a tin g c r o p s p la n te d in e a r ly s u m m e r.
I n a d d it i o n t o
ta xed in 1916 h ad p reviou sly been elim in ated b y th e c o m
t h i s , t h e f i g h t m u s t b e c a r r ie d o n n e x t y e a r a s w e ll a s t h i s .
T h e r e Is t im e
m ittee.
t o d o m u c h , b u t a b s o l u t e l y n o t im e t o b o l o s t .
M a y I b e g y o u t o e n lis t in t h i s p a t r i o t i c a n d u s e fu l w o r k ?
O n M a y 28 the com m ittee d ecid ed to exom p t from ta xa
W . G . M cA D O O .
tion m a n y articles lev ied u p on b y th e H ou se, to su bstitu te
stam p taxes fo r th e m a n u factu rers’ gross sales plan o f the
T H E W A R R E V E N U E B IL L A N D R E C O M M E N D A T IO N S
H ou se, an d to con sid er n ew taxes u p on secon d class m ail
OF N E W
YO R K C H A M B E R OF C O M M ER C E .
m a tter. T h o la tter w ere a d v o ca te d b y S en ator H a rd w ick
T h e W a r R e v en u e B ill passed b y the H ou se on M a y 23 an d P o s t O ffice D ep a rtm en t h eads, an d are based u p on the
is still u n d erg oin g revision at th e hands o f th e Senate F in an ce ad vertisin g space in p u b lica tion s. I t w as agreed th at there
C o m m itte e . C erta in changes in the pen d in g legislation h ave sh ou ld b e n o d irect ta xa tion on jo w e lry , m otion p ictu re film s,
b een urged in a re p o rt presen ted to the N e w Y o r k C h am ber chew in g gu m an d pianos an d self-p la y ed m usical in stru m en ts.
o f C om m e rce o n June 7 b y its C o m m ittee o n S tate an d F o r th e H ou se gross m anu factu rers sales tax o f 5 % , tho c o m
M u n icip a l T a x a tio n an d u nanim ou sly a d o p te d b y tho m ittee determ ined to su bstitu te stam p taxes on th e fo llo w
C h a m b er o n th a t d a y . T h e co m m itte e , o f w h ich Isaac N . in g: M ech a n ica l m u sica l in stru m en ts, in clu din g talkin g
Seligm an is C h airm an , em phasizes its o p p o s itio n to retro m a ch in e record s; a th letic g o o d s , perfu m es, cosm etics and
a ctiv e taxes o f an y k in d an d m akes th e follow in g con stru ctiv e p a ten t m ed icin es. F o r th e H ou se 5 % ta x on y a ch ts an d oth er
pleasure b oa ts , a n ew ta x based u pon ton n age o r len gth was
suggestions:
con sidered.
1.
T h a t t h e a m o u n t r a is e d b y n e w t a x a t i o n s h o u l d n o t e x c e e d 2 0 % o f
A lth ou g h the co m m ittee h ad p reviou sly d ecid ed to strike
t h e e s t im a t e d e x p e n d it u r e s f o r w a r p u r p o s e s d u r i n g a n y o n e y e a r , e x c l u d i n g
lo a n s t o A l l ie s .
o u t the H ou se increases o n secon d-class m ail m a tter under a
2.
T h a t t h e e x c e s s -p r o f i t s t a x s h o u l d b o b a s e d o n t h e a v e r a g o p r o f it s
zone system , it reop en ed th e qu estion o f increased reven ue
o f a p r e -w a r p e r io d o f th re e y e a r s , 1 9 1 4 , 1 9 1 5 , 1 91 6.
J une 9 1917.]
THE CHRONICLE
fro m new spapers an d m agazines o n M a y 28 b y receiv in g a new
p rop osa l o f Senator H a rd w ick , b a ck ed b y the P o s t O ffice
D e p a rtm e n t, F irst A ssistant P ostm a ster-G en eral C o o m b s
an d S e con d A ssista nt S tew art, in a d d ition to M r . H a rd w ick ,
w ere heard b y the com m ittee on th a t d a y .
S en ator H a rd w ick ’ s am end m en t p rovid es th at the existing
rate o f on e cen t a p o u n d b e retained o n new s m a tter o f secon d class p u b lica tio n s, b u t p rop osed a gra d u a ted ta x u p on the
parts o f such p u b lica tion s d e v o te d to a d vertisin g. H e told
the co m m itte e that b y this m eth od $2 0,00 0,00 0 o f a d d ition a l
reven ue th is [year co u ld bo raised. F o r th e first y e a r he
p ro p o se d a ta x o f 3 % u pon ad vertisin g in secon d -cla ss p u b
lica tion s, o f six cents a p ou n d begin ning J u ly 1 1918 a n d o f
8 cents a p o u n d th ereafter.
A t an in form a l con feren ce betw een C h airm an Sim m on s
an d th e o th e r m em bers o f the com m ittee an d representatives
o f n ew spapers an d oth er p u b lica tion s on June 2 , w ar ta xa tion
o f pu blish ers’ ad vertisin g receip ts rath er th an increase o f
their p ostage rates was v ig o ro u sly u rged. N ew sp a p er,
m agazin e, trad e, religious, farm an d m a n y oth er pu blish in g
interests jo in e d in the plea. S en a tor Sim m on s, C h airm an o f
the F in an ce C om m ittee; Sen ator P en rose, senior R ep u b lica n
m em b er, an d Sen ator S m o o t receiv ed th e pu blish ers’ repre
sen ta tives. T h e publishers w ere asked to suggest a ta xa tion
pla n , an d the u nanim ou s recom m en d a tion o f le v y in g u p on
ad vertisin g re ceip ts w as th e result after an h o u r’s discu ssion .
I t w as ch a rged th a t th e increased postage rates w ou ld p u t
m a n y pu blish ers o u t o f business an d cou ld n o t be passed
a lo n g , the co m m itte e w as to ld , w hile a tax o n ad vertisin g
receip ts co u ld be m et b y increased ad vertisin g rates. T h e
plan p ro p o se d b y Senator H a rd w ick , an d en dorsed b y the
P o s t o ffic e D e p a rtm en t, to lea ve present p osta g e rates on
new s p o rtio n s o f pu b lica tion s an d h ea v ily increase that on
th o a d vertisin g carriod , was con d em n ed b y the publishers
as m ore detrim ental to their interests th an th o H ou se zon e
sy stem , alrea d y re je cted b y the co m m itte e . In asking the
p u blish ers’ v ie w s, Sen ator Sim m ons m a do it clear th at the
co m m itte e w as determ ined to le v y w ar taxes o f som e sort
u p on pu blish ers. H o suggested a com b in a tion p ostage an d
ad vertisin g ta x , b u t th e publishers p rotested against a n y
ch a n ge w h a tever in m ail rates. S en ator Sim m on s p o in te d ou t
th at letter rates are to be increased on e-h a lf, p ost card rates
d o u b lo d , an d pa rcel p ost shipm ents ta xed, a d d in g th a t there
w as a stron g sen tim en t in C ongress against ex cep tin g secon d class m ail en tirely fro m the increase.
E lb ert I I . B a k er o f the C levela n d “ P lain D e a le r ,” an d C h air
m an o f the L egisla tive C om m ittee o f th e A m erica n N ew s
paper P u b lish ers’ A s socia tion , told the com m ittee th a t new s
papers are n o t desirous o f escaping a ta x, an d a d d ed :
B u t w o w o u l d r a t h e r h a v e a d i r e c t t a x o n a d v e r t i s in g r e c e i p t s a t a f a ir
r a t e t h a n a n y c h a n g o In t h o p o s t a g e r a t e s .
S u ch a c h a n g e m ig h t b e c o m e
p erm a n en t.
A l l o f u s p r e f e r t o h a v e t h o p o s t a g e q u e s t i o n t o b o h a n d le d
s e p a r a t e l y f r o m w a r t a x l e g is l a t i o n .
.
“ T h is seem s to be the p sy ch olog ica l tim e ,” said Senator
S im m on s, “ fo r publishers to a cce p t a postage raise th at is
in evita b le. P rin t paper prices aro high an d the increaso de
cid e d on m igh t b e less n ow th an w hen con d ition s aro
ch a n g e d .” A d ra ft o f an am end m en t suggested b y Senator
Sim m on s p ro p o se d to increase secon d-class rates b y 25 or
5 0 % — to l M o r l ^ cents a p o u n d — w ith a ta x on ad vertis
ing receip ts o f 13^ % . T h is plan q u ick ly w as d isa p p rov ed b y
tho pu blish ers. “ I t is n o t w ise o r A m erica n to increaso sec
on d-class p o s ta g e ,” said A llen H . R ich a rd son o f N e w Y o rk ,
representing tho A m erica n P eriod ica l P u blish ers’ A ssocia
tio n . “ I t is n o t ju stified even b y w ar con d ition s, an d w ou ld
b e m ost u n s a tisfa cto ry .” M r . R ich a rd son cited th o P o s t
o ffic e D e p a rtm e n t’ s surplus last yea r, oven w ith m ailing on
secon d-class pu blica tion s a t a m a xim u m . R epresen ting
trad o an d business p u b lica tion s, J . B . B a ld w in o f N ew
Y o r k said w hile such pu blica tion s m ako co m p a ra tiv e ly sm all
use o f tho m ails, an d w hile an ad vertisin g ta x w ou ld im pose
a h eavier bu rden than a postage ta x, publishers o f that class,
in b eh alf o f th e general publishing situ a tion , w ou ld rather
a cco p t th e ta x o n ad vertisin g.
J oh n A . Sleicher o f N e w Y o rk an d oth er representatives
o f w eek ly m agazines h a vin g w ido circu la tion , said their
p u b lica tion s also preferred an ad vertisin g ta x.
R epresen tin g fa rm in g jou rna ls, E . T . M e re d ith o f D es
M o in e s an d C larence P o o o f R a leigh , N . C ., also a d v o ca te d
an a d vertisin g ta x. M r . M e re d ith said he represented fift y fiv e farm jou rn a ls w h ich h ad , togeth er, m a d e $581 ,0 00 p rofit
last yea r an d h ad pa id $569,000 in p osta ge. H o said:
A p o s ta g e in c re a s o w o u ld b u s t u s — a b s o lu t e ly .
W e w o u ld a c c e p t a n
a d v e r t i s in g t a x , h o p i n g t o g o t b y , b u t a p o s t a g e I n c r e a s o w o u l d m o a n
ba n k ru p tcy .
A n d , a t t h a t , a t a x o f 1 % o n a d v e r t i s in g m o a n s a n a c t u a l
o f 2 0 % o n o u r p r o fit s , a s t h e y a ro n o t o n ly a b o u t 1 0 % .
2295
M r . P o e suggested th at pu blish ers receiv in g less than
$ 2 ,000 annually from ad vertisin g b e exem p ted from ta xa tion .
O n June 4 the com m ittee v o te d ten ta tiv ely against in
creasing secon d-class postage rates. A fla t 2 % ta x o f a d v e r
tising receipts w as instead agreed u p o n . S en a tor L a F o llette later presented an am en d m en t exem p tin g certain classes
o f pu blica tion s from the ad vertisin g ta x. P u blish ers re
ceiv in g less than $2,000 an n ually fro m ad vertisin g w ere sug
gested for exem p tion .
T h e taxation o f new spapers, m agazines an d oth er p u b lica
tion s was reopened on June 5 , w hen several m em bers o f the
com m ittee in form ally receiv ed a delega tion o f P ittsb u rg h
n ew spaper publishers h eaded b y form er S en a tor O liver, w h o
urged the ad op tion o f the H ou se zon e p la n . T h e com m itte e
to o k under ad visem en t the argum ents m a d e b y th e P itts
bu rgh publishers against the p rop osed su b stitu te ta x o f 2 %
u p on pu blish ers’ a d vertisin g receip ts. T h e P ittsb u rg h
representatives preferred the zon e system p osta g e in crease,
con dem n ed a t p reviou s hearings b y represen tatives o f the
A m erica n N ew spa per P u b lish ers’ A sso cia tio n an d oth er
representatives o f m a n y classes o f p u b lica tio n s.
O n M a y 29 the com m ittee reached a decision o n a n u m b er
o f questions in the redra ftin g o f the W a r R ev en u e B ill, its
revision s on th at d a y in clu d in g :
E l i m in a t i o n o f t h e g e n e r a l t a r i f f t a x o f 1 0 % a d v a l o r e m o n a ll i m p o r t s
( e s t i m a t e d t o r a is e $ 2 0 6 ,0 0 0 ,0 0 0 ) , a n d s u b s t i t u t i o n o f e x c i s e o r c o n s u m p
t io n ta x e s o n s u g a r , c o ff e e , t e a a n d c o c o a .
R e d u c t i o n o f t h e H o u s e i n c r e a s e o f t a x e s o n c i g a r s , c i g a r e t t e s a n d a ll
o t h e r t o b a c c o p r o d u c t s fr o m a b o u t 1 0 0 % t o 6 0 % , w it h n o e s tim a te d r e d u c
t i o n In t h o $ 7 8 ,2 0 0 ,0 0 0 d e s i g n e d t o b e b r o u g h t in u n d e r t h e H o u s e r a t e s .
E l i m in a t i o n o f t h e t a x e s o f 5 % o n c o n s u m e r s ’ e l e c t r i c l i g h t a n d p o w e r ,
g a s a n d t e le p h o n e b i l l s , e s t im a t e d b y t h e H o u s e t o r a is e i n a ll $ 3 0 ,0 0 0 ,0 0 0 .
T h e c o m m i t t e e , h o w e v e r , p r o p o s e d t o r e t a in t h e t a x o n t e le g r a p h a n d l o n g
d i s t a n c e t e le p h o n e m e s s a g e s .
E l i m in a t i o n o f t a x e s o n a ll i n s u r a n c e . I n v o l v i n g r e v e n u e l o s s o f $ 5 , 0 0 0 , 0 0 0 .
A d d i t i o n o f a n e w p e r p o u n d t a x u p o n c o n f e c t i o n e r y , e s t i m a t e d t o r a is e
f r o m $ 1 0 ,0 0 0 ,0 0 0 t o $ 1 5 ,0 0 0 ,0 0 0 , t o b e p a i d b y m a n u f a c t u r e r s .
R e d u c t io n o f ta x e s o n s o f t d r in k s a n d th e ir in g r e d ie n ts t o m a k e th e
t o t a l l e v y a b o u t $ 1 5 ,0 0 0 ,0 0 0 i n s t e a d o f $ 2 0 ,0 0 0 ,0 0 0 .
T h e.com m ittee fix ed the n ew excise ta x on sugar a t K ce n t
a p o u n d , an d th at on c o co a a t 3 cents a p o u n d , estim a ted to
y ie ld , resp ectiv ely , $ 4 5,00 0,00 0 an d $ 7 ,0 0 0 ,0 0 0 . T h e ex
cise tax on co ffe e w as fixed at 2 cents a p ou n d on M a y 31
an d on tea 5 cen ts. T h e excise taxes w ere a d o p te d b y the
co m m ittee as a substitu te fo r tho general 1 0 % ta riff increase
o f the H ou se. I t w as estim ated th at the reven ues w o u ld be
som ew h at less than the $2 0 0 ,0 0 0 ,0 0 0 estim a ted from the
p rop osed ta riff le v y an d m igh t reach o n ly $ 1 5 0 ,0 00 ,0 00 .
O n M a y 31 oth er redu ction s from th e H ou se taxes an d fu r
ther su bstitu tion s w ere a d o p te d ; a m on g these w ere:
A n e w ta x o n p a rce l p o s t p a ck a g e s o f 1 c e n t o n e a c h 2 5 c e n ts o r fr a c tio n
p a id b y s h ip p e r s , a n d a d o p t io n o f th e s a m e r a t e f o r e x p re s s p a c k a g e s a s a
s u b s t itu te fo r th e H o u s e l e v y o f 6 % u p o n e x p re s s t r a n s p o r t a t io n .
The
s h ip p e r w o u ld p a y t h e ta x .
R e d u c t io n b y o n e -h a lf, o r t o 5 % , o f t a x e s o n a m o u n ts p a id f o r la n d o r
w a t e r t r a n s p o r t a t io n , in c lu d in g c h a r g e f o r b e r th s o r p a r lo r -c a r c h a ir s ,
e n t a i li n g a lo s s o f r e v e n u e o f $ 3 5 ,0 0 0 ,0 0 0 .
R e p e a l o f th e e x is tin g la w le v y in g a 1 2 J 4 % t a x o n w a r m u n it io n s , n o w
b r i n g i n g in $ 2 5 ,0 0 0 ,0 0 0 r e v e n u e , b e c a u s e o f t h e s u b s t i t u t e p l a n f o r i n c r e a s
in g m a n u fa c tu r e r s ’ e x ce s s p r o fit s ta x e s .
A n oth er change designed to m a in tain co m p e titio n decid ed
u p on on M a y 31 m a de the 3 % ta x on freigh t tran sp ortation
b y railroad or w ater a p p ly also to freigh t carried b y m o to r
v eh icle or oth er m ech a n ica l m eans o f tran sp ortation w h ich
co m p e te w ith railroads o r steam ships. T a x a tio n o f ra d io
m essages a t the sam e rate im posed u p on lon g d ista n ce tele
g ra p h an d telephon e m essages— fiv e cents o n each m essage
costin g 15 cen ts or m ore— was likew ise d ecid ed u p o n , to
equ alize ta xa tion o f all form s o f lon g d ista n ce co m m u n ica tio n .
O n Ju n e 1 the exem ption o f p op u la r-p riced m o v in g p ictu re
theatres fro m am usem ent taxes an d th e le v y in g o f a n ew F e d
eral license tax o n a u tom ob ile ow n ers, ran gin g from $7 50
to $2 5, w ith red u ction s fo r cars used a year or m ore, w ere
agreed on b y the co m m ittee. T h e a u to m o b ile ta x is ca lcu
la ted to raise $ 4 1,00 0,00 0 reven u e. U n der the c o m m itte e ’ s
am en d m en t all m o v in g p ictu re theatres ch a rgin g less than
25 cents ad m ission w ou ld escape the tax o f on e ce n t on each
d im e pa id im p osed b y the H ou se m easure. I t w as d ecid ed
to retain the H ou se pla n o f ta xin g oth er p la ces w here a d m is
sion is ch a rged. T reasu ry experts estim a te th a t there are
1.4 00.00 0 ow ners o f a u tom ob iles su b je ct to th e $7 50 ta x ,
7 6 0.00 0 su b je ct to the $10 le v y , 1,2 1 9 ,0 0 0 in the $15 class an d
23 1.00 0 su b ject to the $20 ra te. T h e license ta xes, p a y a b le
b y m o to r v eh icle ow ners d ire ct, take the p la ce o f th e H ou se
ta x o f 5 % u p on m a n u factu rers o f such v eh icles. I t is stip u
la ted th a t these sp ecia l taxes shall n o t a p p ly to m a n u fa c
turers an d dealers as to u n sold a u tom oib les an d m o to rcy cle s
h eld fo r sale, or to ow ners o f a u tom ob iles or m o to rcy cle s
used exclu sively fo r business.
A fte r the com m ittee had d ecid ed u p on the a b o v e ta xes, a
n ow F ederal license tax u p on a u tom ob iles o f 1 % o f their
2296
THE CHRONICLE
[Vol. 104
original retail purchase price, to be paid by owners, was adopted, except those on surety and indemnity bonds .which
under consideration by the committee on June 5. H ie sub were exempted. The committee decided, however, to re
stitute tax was proposed by Senator La Follette; his proposal duce the House tax of eight cents a pack of playing cards to
provided for a 1 0 % reduction in the tax each year the auto three cents for decks costing less than 15 cents. Tho com
mittee struck out all House taxes on dues of social, athletio
mobiles had been in use up to a period of five years.
An amendment to the income tax section written into the and sporting clubs, from which $ 10 ,000,000 in revenuo was
bill on June 1 would repeal the provision of the Underwood expected, with the understanding that some other form of
Act of 1913, providing for collection of income taxes at their tax may be imposed.
In protesting against the exemption from the tax of checks
source, and require those receiving the taxable incomes to
make direct payment of taxes to the Treasury. As a sub under $5, B. E. Smythe, President of tho New York State
stitute for the present requirement of collection at the source, Bankers’ Association, yesterday telegraphed Senator Calder
.
the committee adopted a now principle of “ information at the as follows:
Tho member banks of the New York State Hankers Association aro being
source” — requiring corporations and others under heavy advised
to-day as follows: “ We are advised that the Senato Finance Com
penalties to report to the Treasury Department the names mittee has approved a 2-cen.t stamp tax on checks, but exompts those under
$5.
Tho
tax has been expected and is all right. But tho exemption is
of persons and amounts of income subject to taxation.
wrong. It will lead to a largo increase in tho number of small checks,
It is stated that the committee believes this plan will prevent which aro a burden already. Please ’phone your group members las far
much evasion, increase income tax revenues considerably, as possible to telegraph or writo to tho(Sonato Flnanco Committeo approving
and promote honesty of the law’s operation and enforce its tax, but protesting against exemption of any checks."
We feel sure that you will see tho reasonableness of this suggestion, and
ment. Reports will be required on all incomes in excess of ask your assistance in having the exemption eliminated.
$800 annually. The committee has not yet disposed of the
Senator Simmons stated on tho 7th inst. that ho adhered
income and excess profits tax provision.
to his former estimate that the committeo probably would
The committee in changing cigar taxes, decided on June 1 complete tho revised bill with an aggregate tax levy of
to exempt from any tax increase cigars made to sell for less around $1,500,000 to-night (Saturday) and present it to
than four cents each. Increases in taxes on cigars agreed tho Senate about the middle of next week.
upon were as follows: Upon cigars made to sell from 4 to 7
It was stated that authorization for a billion-dollar bond
cents each, $1 a thousand; those selling between 7 and 12y2 issue might be written into the war tax bill by tho Senato
cents, $3 a thousand; between l2]/2 and 20 cents, $5 a thou Finance Committee when it completes re-drafting tho meas
sand; and over 20 cents, $7 a thousand. The House rates ure. It was authoritatively stated that this courso might
generally were about the same, but based upon different be decided upon because tho $1,500,000,000 which tho bill
standards.
as re-clrafted is designed to bring in through taxation would
In concluding work upon the tobacco schedule, the com fail by nearly a billion to provide tho money needed in addi
mittee on Juno 5 decided that the increased taxes, previously tion to bond issues already authorized to finance tho first
announced, upon cigars and cigarettes, should becomo ef
year of war.
fective within 10 days after passago of the bill, instead of 30
days, as proposed in tho Houes measure. It was also de
Announcement that the sugar trade generally approved
cided to oxempt from taxes on cigarette papers all packages
the adoption by tho Senate Finance Committeo of a half-cont
of less than 25 sheets, tho size of free packages generally dis
a pound excise tax on sugar in placo of tho 10 % ad valorem
tributed with tobacco.
tariff advance proposed in tho House bill, was mado this
Tho committee decided on June 1 to repeal existing tariff
week by Frank C. Lowry, of tho Federal Sugar Refining Co.
provisions allowing “ drawbacks” to sugar refiners. Senator
The “ Journal of Commerce,” in stating this on tho 4th inst.
Broussard of Louisiana urged the action. Tho change, it
was said, would operate to benefit domestic sugar producers quoted M r. Lowry as also saying:
Despite some opposition in tho upper body, I bolievo tlioro is a strong
and incidentally reduce Federal revenues about $16,000,000. likelihood of the excise measure becoming law, as tho sentiment in favor of
Tho “ drawbacks” are virtually repayments of customs duties it among tho Democratic members of tho Sonato is too great to bo over
to refiners after they refine and export imported raw sugar. come. Furthermore, it is known that strong interests in tho IIouso recog
nize tho merits of tho exciso tax and an effort was mado In tho IIouso to
Officers of tho American Sugar Refining Co. protested on amend tho bill so as to carry this measure. Tho attempt was unsuccess
June 6 against the committee’s plan to repeal the law allow ful only because of a parliamentary ruling. It Is, thereforo, probable that
ing re-export or drawback allowances on sugar imported. tho action of tho Sonato Committeo will bo welcomed by a largo number
of tho IIouso members.
Senator Simmons said later tho question would bo subject to
At current rates a 10% ad valorem tariff advance would Increase tlio
price of sugar half a cent a pound and yield tho Government .'J19.000.000
reconsideration.
while tho oxciso tax of tho saino amount would yield $40,000,000.
Prohibition legislation was approved by the Senate Finance annually,
Thus, at tho same cost to tho public, tho exciso levy brings into tho Federal
Committee on June 4 as a new featuro of tho war tax bill. Treasury $27,000,000 moro yearly than an equivalent tariff.
This is because tho exciso payments go directly to tho Government and
Prohibitive taxes upon distillation of whiskey and other spir
all sugars consumed, whereas tho import tariff applies to only 40%
its for beverage purposes, with a ban upon their importation cover
of tho total, although it serves to increase tho prico of all sugar used.
were agreed upon by a substantial majority of tho commit
tee. Taxes fixed by the House on beer and wines wore left
unchanged, though they were not finally approved. Cur
IT TO H . K A H N FURTHER AMPLIFIES VIEWS ON
tailment of liquor consumption during the war and conserva
WAR TAXATION.
tion of foodstuffs used in manufacturing distilled spirits,
Otto II. Kahn, in his recent comments on war taxation
Chairman Simmons said, constituted tho dual object of the
(which now appear in pamphlet form), mado reference to
committee in adopting tho substitutes for the House rates.
:ho fact that no Federal income tax exists in Canada, and
Manufacture of alcohol for industrial .mechanical or medicinal
’urther stated that he understood it to be “ tho deliberate
pui’poses would not bo affected. In addition to tho present
policy of tho Dominion Government not to imposo an income
tax of $2 20 per gallon on the liquor, a tax of $20 per bushel
(Jrom $5 to $9 a gallon) upon all grain, coreal or other food tax in order to attract capital to Canada.” In roply to a
letter from a correspondent who took exception to his viows,
stuffs used in manufacturing whiskey or other distilled spir
ind who suggested that it would bo as easy for the United
its for use as beverages, was written into the bill. Increased
States to frame legislation to prevent American capital from
taxes of $5 per gallon upon molasses, syrups and substitutes
used in distillation for beverage purposes were also agreed drifting into Canada to escape tho burdon of war taxation
is to prevent those who want to avoid conscription from
upon. Permits for exportation would be given only for war
purposes upon application by a nation at war with Germany. dipping across tho border, M r. Kahn has taken occasion to
As supplementary legislation tho committee further approved amplify his viows on the subject and at the same time to
an amendment prohibiting importation into this country, "•orrect tho impression that his remarks were intendod as a
Porto Rico and tho Philippines of distilled spirits made from suggestion for tho evasion by wealthy men of taxation
any foodstuffs except for industrial, mechanical or scientific during tho war. His comparison with conditions in Canada
purposes. Senator Gore, of Oklahoma, a prohibition advo was made, ho writes, because he thought it “ a point and a
cate, was tho author of tho liquor amendments. Belief in fact of sufficient importance, as bearing upon our own taxa
the committeo that little or no revenuo loss will result is tion program, to deserve to be mado generally known.
,,.,017
based upon the fact that whiskey and other distilled spirits Tho letter was in full as follows:
N e w Y o rk , Jun e 4 1917.
already manufactured may bo withdrawn, upon payment of
D ea r S ir — 1 beg to acknowledge recolpt of your letter of May 31 and
thank you for having taken tho trouble to writo to mo and for tho frankuosa
$2 20 per gallon for general consumption.
New stamp taxes of two cents on bank chocks and drafts
yo” In tin principle « your conceptions ot the duties
of more than $5 , to raise from $8 ,000,000 to $ 10 ,0 0 0 ,0 0 0 , were or ™ ™ y cT rjtow a rd . tho coL.ry! Th.y must bo willing not only to
written into tho bill on June 7. All other documentary stamp surrender such part of their income as tho necessities of tlio country require,
they must not only be ready to relinquish their affairs and to put their
taxes of the House bill, estimated to raise $33,000,000, were
Jun e 9 1917.]
THE CHRONICLE
2297
time, their energies, capacities and experience at the disposal of the Govern
The United Mine Workers of America fully realizing its obligation to the
ment in timo of war, but they must bo prepared to offer their very lives if Government of the United States, has pursued from tho beginning of the
tho country calls for them. Those are tho duties, of course, of every present stato of affairs a policy of co-operation. This is our declared policy
citizen, but they are doubly tho duties of thoso who havo won success. I and purpose. Wo wish to bo helpful in the fullest sense and in every way
am firmly convinced that capitalists as a class will not fail in them during wo can. More than 1,000,000 men aro employed in and around tho coal
tho war.
mines of the United States. They aro engaged in mining and
My articlo on war taxation was not -written with any ldoa of questioning producing coal, a commodity essential to the national success.
theso uncontrovertiblo truths, but solely with tho purposo of contributing Without tho energy which coal supplies our armies would bo
to tho discussion of tho taxation proposals certain considerations which I helpless and the nation would become paralyzed. Tho present
believe to bo well founded in economics and history no loss than In experi war has created such an urgent need for coal that tho National
ence and reason, and tho disregard of which would bo apt, I think, to lead Government realizes the necessity of developing mining operations to their
to conscquonces gravely detrimental to tho Commonwealth.
maximum capacity. This can only be accomplished by tho promotion of
Tho question to which my articlo addressed itself was not what sacrifices tho greatest individual efficiency among thoso engaged in coal production.
capital should and would bo willing to bear if called upon, but what taxes Wo hold this can be accomplished in a most satisfactory manner if the
it was fair, reasonable and, abovo all, to the public advantage to impose on workers are assured they will not be exploited by those who wish to reap
capital, seeing that thero Is a point at which tho country’s economic equi excessive war profits, and that thoy will bo accorded justice, the enjoyment
librium would be thrown out of gear and at which tho incentive to use of liberty, and the exercise of their normal activities along legitimate lines.
capital constructively and productively and to take thoso business risks
As a result of years of struggle the Mine Workers of America have raised
which aro incident to all business activity, would bo killed.
their standards of life and living. In order to safeguard these standards of
I greatly regret if what I said on tho subject of Canada being freo from life and labor, and to present clearly at all times the workers’ point of view,
incomo tax gavo you tho Impression of being a suggestion for tho ovasion tho International Executive Board of the United Mine Workers of America
by wealthy men of taxation during the war. Tho fact that capital Is not feels fully warranted in demanding representation upon commissions ap
subject to Incomo tax in Canada was, of course, well known to men of pointed by authority of tho Federal Government which deal with coal
wealth. I thought it a point and a fact of sufficient Importance as bearing production and coal mine operations.
upon our own taxation program to deservo to bo made generally known.
We protest against restrictions which prevent our great organization
That this might bo considered as either a suggestion or a throat of what from exercising its normal functions.
capital might do during tho war novor, I confess, entered my mind, for it
We are inspired to make this declaration, first, because we deem it nec
would, of courso, bo little short of treason for capital and capitalists to essary that the attitude of tho United Mino Workers' organization at this
take advantage of Canada’s propinquity whilo tho war Is on.
critical period may be correctly understood: second, because it is made ab
You speak of tho possibility of legislation to provent this. If capital solutely necessary by tho creation of a committee on coal production of
meant to leavo tho country to evade taxation, thero would havo been tho Council of National Defense, upon which not a single representative
amplo timo and opportunity for it to do so during tho past four weeks. of the mino workers has been appointed; third, a lengthy statement has
Tho prico of exchange would indicato if that had been dono to any appre been issued by tho committee in which suggestions are made and plans
ciable extent, and proves, as a matter of fact, that it is not boing dono. outlined which if enforced would stifle tho legitimate purpose of the trade
If it woro being dono, I quito agreo with you that legislation should bo sought union movement as represented by tho United Mine Workers of America.
to prevent and to punish tho attempt. But I am ontiroly certain that mon It would lead to sullen resentment in the mining communities of our coun
eyed men will not think of ovading whatever sacrifice may bo required of try and Inevitable disruption of the industrial peace which is so greatly
them by their country under war conditions.
to bo desired during this crisis.
What I meant to lntimato in saying that capital and men of enterprise
The “ Sun” in its issue of M ay 27 reported that an em
would seek Canada if there was no incomo tax, or only a modcrato one, in
that country, whilst America at this timo imposed excessive and practically phatic protest against the action of the Council of National
punitivo incomo taxation, was this:
Defense’s Committee on Coal Production in “ setting aside
Capital has a long memory. Capital is proverbially timid. I am not
referring only to largo aggregations of capital but to all capital. I am not a complete national agreement between mine workers and
referring only to tho capital and capitalists of to-day, but to thoso who mine owners” had been sent to President Wilson and the
accumulate capital by practicing thrift and to thoso who by invention, by Council by M r. White. Tho “ Sun” quoted M r. White as
conspicuous organizing or other ability, by originality of method, &c., aro
Instruments in tho creation of capital and will bo, presumably, amongst tho saying:
futuro owners of capital. Tho possessors of capital, present and future,
It would be most bitterly ironical and dangerous to overthrow now the
would not easily forget if, in tho very first year of tho war capital in this splendid and enduring peace which the mine workers and the great body
country were to bo taxed at far higher rates than provail in any European of mino owners have attained in order to place such men as J. P. Welborn,
country after three years of war. Even if such extraordinary taxation was tho Rockefeller agent of tho Colorado Fuel & Iron Co., in dictatorship
removed at once after tho termination of tho war, capital would remain again of the Colorado and Northwestern field, and such men as Erskine
disquieted by the fear that tho machinery of excessively high incomo Ramsey of the Steel Corporation in dictatorship of tho Birmingham and
taxation, onco used and found easy of motion, might bo used again for other Southern districts.
purposes of a loss serious emergency than now exists. Thoso seeking
According to the “ Sun” M r. White declared the industry
capital for other countries—and thero is bound-to bo a very keen contest
for capital after tho war—will not fail to make use of theso arguments. to be threatened with disruption as a result of the Com
Moreover, experience has proved that very high rates of incomo taxation, mittee's action and added:
onco adopted, aro not easily reduced to tho level from which they started.
Speaking on behalf of the half million workers of our organization and
Therefore, in tho caso to which my argument was addressed, 1. o., unduly
high incomo taxation in this country and no, or only very moderate, income assuming to speak only for them, I hasten to call your attention to the fact
that
tho two notable conferences of the central competitive field and the
taxation in Canada, thero can bo little doubt that after tho war thero would
bo an outflux of capital to Canada, and that—which is still moro Im anthracite field offered to you as an auxiliary to your own council Joint
portant men of entoepriso, especially young men, will bo apt to seek In committees of operators and workers to direct tho production of coal on
that and other countries fields for their activities if tho reward of enter tho basis of mutual interest and mutual confidence and efficiency.
Doubtless through tho immense pressure of duties resting upon you that
prise Is too greatly diminished in America as compared to what It is eisowhero. Such men would bo doing nothing olso than what many thousands offer has been completely ignored and this vital, basic industry is threat
of American-born farmers havo dono within recent years in transferring ened with complete disruption. If not protested against in time and if
not successfully resisted at onco your Committeo on Coal Production would
themselves, their capital and their working capacity to Canada.
Not a singlo ono of tho loading European nations, after three years of place the great coal areas of tho nation at the dictation of avowed enemies
tho most exhausting war, has an incomo taxation schedulo anywhere near of union labor, with all the calamities that would entail. It would defeat
as high as that adopted by the House of Representatives: neither Republican tho maintenance throughout the war of those union labor standards of
Franco, nor democratic England, nor autocratic Gormany. Of these Justice and efficiency which tho President of the United States only a week
two ago so nobly pledged himself and this Government to maintain.
threo countries, England has imposed tho highost incomo taxation; yet tho orThis
great patriotic and solid organization of the workers of the basic
maximum rate in England is 50% less than tho maximum rate in tho House
bill. Tho Cabinets in thoso countries havo undergone many changes in industry of the war stands ready to dig from the earth all the coal that could
possibly
used for all the needs of tho nation. Figuratively and yet
tho courso of tho war. They Includo Socialists and representatives of labor. accuratelybespeaking,
It can bury tho whole land in coal a foot deep. It is
In tho determination of their taxation program thoy havo had tho assistance
of tho best economic brains in Europo. Thoy havo had far longer experi able and eager to double all records In tho production and distribution of
ence than wo in tho science of government financing. Yet not ono of theso coal if it is given the necessary facilities and the right spirit of co-operation
countries has deemed it wiso and advantageous to tho Stato to imposo and help.
rates of Incomo taxation oven approaching thoso fixed by tho Houso of
Representatives. Surely this fact and tho economic considerations under
B IL L A M E N D IN G W A R R IS K IN S U R A N C E A C T
lying it aro deserving to bo seriously weighed by our legislators.
I yield to no ono in my destro to seo tho burden upon tho poor and thoso
P A SSE D B Y CONGRESS.
of modcrato moans lightened to tho utmost oxtont possible. It Is only my
The Administration bill amending tho War Risk Insurance
strong conviction that certain measures, which wero being urged upon
Congress and apparently meeting with favor, whilo seemingly tending to Act of Sept. 2 1914 was passed by the Senate without debate
that desirable consummation, woro in fact bound, in tlioir longer effect, to on M ay 22. A bill differing in some particulars from the
bring about tho opposito result and to bo harmful to tho community at
largo, rich and poor alike—it is only that conviction which emboldened Senate measure was passed without a roll call by the House on
mo to stato my views publicly in faco of the risk, which I fully recognized, Juno 2. Tho bill as passed by the House carries out the
of having my motives and objects misunderstood or misconstrued.
I trust you will forgive mo for inflicting so long a letter upon you, and I recommendations of the Treasury Department. It is
believed that the Senate will accept the House amendments,
beg to remain,
Very faithfully yours,
_____________
OTTO II. KAHN.
inasmuch as the Senate bill differs only in verbiage. The
U N IT E D
M IN E
WORKERS
C O M M IT T E E
DEFENSE
PROTEST
OF
A G A IN S T
COAL
N A T IO N A L
C O U N C IL.
A demand that tho United Mino Workers of America bo
represented on tho Committee on Coal Production of tho
Council of National Defense has been mado upon President
Wilson by John P. White, President of tho organization.
In his statement to President Wilson, M r. White (wo learn
from tho “ Times” in its issuo of Juno 3) writes as follows:
new legislation would permit the writing of war risk insur
ance upon the life and limb of the masters, officers and crews
of American merchantmen, and would allow the pooling of
this insurance with war risk insurance agencies of the Allied
000 to be used by the Bureau in paying losses and claims.
The Bureau is empowered to adopt forms of war risk policies
and to fix what it regards as reasonable rates of premium.
These rates may be changed as conditions justify. With an
increase in submarine activity the rates would be raised, but
Wo are willing to fight for tho Government of tho United States to estab with a slackening of U-boat warfare they would be cut down.
lish world democracy, but wo must insist as a matter of sincerity that wo be
allowod to rotaln somo measuro of that democracy of which wo so proudly The rates of insurance for officers and crows of vessels are
boast, in tho mining region of our nation.
provided as follows in the Senate bill:
2298
THE CHRONICLE
[Vol. 104.
(a) In case of death, permanent disability which prevonts the person in without a record vote. The bill, as passed by tho Ilouso,
jured from performing any and every kind of duty portaining to his occupa is in somo essentials different from that passed by the
tion, or tho loss of both hands, both arms, both feet, both legs, or both oyes, Senate. A motion to recommit tho Ilouso bill to the Com
for tho payment of an amount equivalent to one year’s earnings, or to twelve
times tho monthly earnings of the insured, as fixed in tho articles for tho mittee on Agriculture was rejected by the House on M ay 28
voyage (hereinafter referred to as tho principal sum), but in no caso shall by a vote of 220 to 81. The bill, as it passed tho House,
such amount bo more than $5,000 or less than $1,500;
tr.» (b) In case of any of tho following losses, for tho payment of tho percen carried appropriations of approximately $14,770,000 for the
tage of tho principal sum indicated in tho following tables: Ono hand, 50%; food survey and for increasing production, conserving supply
one arm, 65%; ono foot, 50%; ono leg, 65%; ono oyo, 45%; total destruc and preventing waste of food. Tho principal appropriations
tion of hearing, 50%.
_
_
are distributed as follows: For prevention and eradication
In the event of capture of a vessel and detention of officers
and crews, the bill provides that they are to receive during
the time of detention compensation at tho same wage as
when employed on the ship. The bill further provides that
if tho owner of any vessel fails to insure his ship and men boforo leaving port, the War Risk Bureau may arrange for
complete insurance, charging it up to the vessels’ owners.
This makes insurance of both ships and crews compulsory.
Tho bill also fixes a penalty not exceeding $1,000 for failure
of an owner to insuro his crow and ship. The establishment
by the War Risk Bureau of an advisory board of three mem
bers is also provided for in tho bill as it passed the Senate.
Tho advisory board is to be made up of men skilled in the
practice of war risk insurance, who are to aid the Bureau in
fixing rates of premium and to adjust claims for losses. The
Director of the,War Risk Bureau is to get a salary of $7,500,
anTncrease of $2,500>'yoar over his present salary, and tho
three members of his advisory board are to be compensated
for the work they perform at a rate not exceeding $20 a day,
while actually engaged. To maintain tho Bureau, $250,000
is authorized in tho bill; this is in addition to tho $50,000,000,
which latter is set apart entirely for insurance payments.
In a report accompanying the bill in the Senate on M ay 22,
tho purposes of the measure were explained. Tho statement
in part, according to tho New York ’limes, reads as follows.
Tho bill Is to create an Insurance tho premium to be carried by tho ship
owner, protecting the master, officers and crow of American vessels engaged
in sailing through dangerous waters, against loss of life or personal injury
caused by tho risks of war and to givo thorn compensation should thoy bo de
tained as prisoners by tho onomy; to assist in the prosecution of tho war by
providing tho fullest facilities for insurance against risks of war for vessels
and their cargoes destined to countries at war with Germany; to supplement
tho existing insurance market, stabilize rates and, as a consequonco, assist
the foreign commerce of tho United States.
With those ends in viow tho bill, if enacted, would mako It posslblo for the
United States to enter into a reciprocal reinsurance arrangement with coun
tries which aro at war with Germany to mutual advantage.
Seamon sailing on American vessols to the war zono aro at tho present time
exposed to loss of life and personal injury, and it is manifestly necessary that
these men, on whose services so much doponds, should bo oncouraged to seek
or continue in the employment of such vessels by being assured by tho Gov
ernment of proper and reasonable indemnity in event of loss of life or per
sonal injury by war risks and of compensation in tho event of capturo and
detention by the enemy.
fc The importance and necessity of such insurance through tho war zono Is
so'groat that tho bill provides that when it appears to the Secretary of the
Treasury desirable in tho national interest ho may require owners to effect
such Insurance at their own oxpenso. In the event of tho owners failing to
do so, tho Secretary of tho Treasury is authorized to effect such insurance
at tho owners’ expenso.
A bill extending the provisions of tho War Risk Insurance
Bureau until Sept. 2 1918, and increasing from $5,000,000 to
$15,000^000 the appropriation for insurance payments by
tho Bureau, was signed by the President on March 3. Wo
gave the toxt of this bill and a table showing tho operations
of the Bureau from Sept. 2 1914 to Fob. 9 1917 in our issue
of March 24.
Announcement was mado on M ay 20 that, owing to tho
increase in Government war risk insurance business, Director
William C. Do Lanoy of tho War Risk Buroau had found it
necessary to employ a gonoral superintendent of office details,
and that Edgar Mabie had been chosen to fill tho now posi
tion. Prior to tho first of this year M r. Do Lanoy’s bureau
consisted of himself, ono assistant, four clerks and a messen
ger. Now ho has two assistants, a superintendent of office
details, twenty-two clerks and two mossengers. Tho in
crease in his office staff, it is stated, has been duo to the
growth of the insurance business done by tho Bureau since
the United States became a belligerent nation. As showing
the recent development in business, the_premiums in j^ n u ary7"according~ to the “ Journal of 'Commerce” of this city,
amounted to $175,000, whilo in April tho Bureau wroto 1,074
policies, which carriod premiums exceeding a total of $2,772,
000. During the first half of M ay the Buroau, it is said,
wrote more than 600 policies, the premiums on which to
taled approximately $1,775,000.
THE
A D M IN IS T R A T IO N ’S
FOOD
CONTROL
B IL LS .
The first of tho Administration’s food control bills, pro
viding for an immediate investigation of tho country’s food
resources and for measures to stimulate production, was
passed by tho House on M ay 28 and by tho Sonato on Juno 2,
of diseases and pests of livestock, and tho conservation of
meat, poultry, dairy and other animal products, $855,000;
For seeds for farmers, $5,778,000; For eradication of plant
pests and diseases, $441,000; For gathering information in
taking the food census; for enlarging the market nows service,
for preventing waste and directing the market movements
or distribution of perishablo products, $2,522,000. The
bill passed by tho Senate on Juno 2 also provides for a com
prehensive servoy of food resources and for tho stimulation
of agriculture, but carries total appropriations of approxi
mately $11,000,000, as compared with tho appropriation
of $14,770,000 provided for by tho House. The Sonate bill
also differs from the House measure in that it includes an
amendment making it a felony to hoard, store or destroy
food,fuel or other necessaries of lifo, to limit supply or affect
prices. Violation of this soction would bo punishable by
imprisonment in the penitentiary for not less than six months
nor more than three years. Holding by farmors or others
of products of land cultivated by them, is exempted from the
provisions of this section. The Sonato also adopted an
amendment to its bill vesting in tho President tho power to
order tho discontinuance of dealings in futures in or about
any grain exchange, if it is found that such future dealings
“ unduly and unreasonably raise or enhance tho price of
wheat or other food cereals, to tho injury of tho people of
the United States.” This amendment, written by Senator
Nelson, and voted into the bill by tho Senato just before
passage by a vote of 37 to 17, provides:
If at any time during tho pendency of tho existing war betwoon tho United
States and tho German Empire the President of tho United States shall find
that dealings in futures in or about any grain oxcliango unduly or unreason
ably raise or enhance tho price of wheat or other food cereals, to tho injury
of tho peoplo of tho United States, ho may at onco request tho traders in
such cxchango to discontinue for a timo specified by him all dealings in
futures.
In caso such request is not promptly complied with, then ho is hereby
empowered to order such dealings in futures, as last aforesaid, to bo entirely
suspended and discontinued for such limited timo as ho may direct, and if
such order Is not promptly complied with, ho may by proclamation doclaro
such exchange closed; and thereafter it shall bo unlawful to utilizo or permit
to bo utilized such building or room as a grain oxchango or for any person
being a trader in grain on such oxchango to engago in tho business thorotofore conducted on or at such closed oxchango.
Any person violating any of tlio provisions of this act shall bo punished,
by a fino of not less than $500 or by Imprisonment for not moro than ono
year, or by both such fino and Imprisonment.
Tho Sonato also voted to curtail tho inquisitorial power
given tho Secretary of Agriculture in tho investigation of
food resources. Tho House bill would compel tho attend
ance of witnesses and tho submission of books and other
records, under heavy ponalty, while tho Sonato mado this
provision to read that it is tho duty of any person, when
requested by tho Secretary to answer all questions necessary
for tho conduct of tho food investigation. Tho Sonato, like
tho House, appropriated $2,522,000 to'carry on tho food
survey. The section authorizing tho Govornmont to soli
seeds to tho farmers also was amended by tho Sonato to pro
vide that sales bo made for cash only. Tho power to compol
persons having seeds at thoir disposal to furnish thorn to tho
Government was greatly curtailed by tho Sonato, which
appropriated $2,500,000 for tho work. Tho Senato bill fur
ther differs from tho House measure in that it does not con
tain an appropriation for tho eradication of live stock diseases,
and that it appropriates $880,000 to stimulate livo stock pro
duction. The bill is now in conference.
Tho second Administration food control bill, which pro
vides for tho creation of an omergoncy food agency, and tho
appointment of a “ Food Administrator,” to oporato under tho
direction of tho President, was favorably reported to tho
House on M ay 7. As it whs originally presented to tho
House the bill vested in tho President the power to tako tho
following measures whenover, in his opinion, tho national
emergency required it:
To fix maximum and minimum prices for food, clothing, fuel and othor
necessities, and tho articles required for thoir production.
To prescribe regulations to govern tho production of those commodities,
and, if necessary, to requisition tho producing factories, mines, or other
establishments.
. .
,
To compel holders of necessities to roloaso them In amounts Insuring
equitable distribution.
To regulate exchanges in such a way as to olimlnato market manipulation.
June 9 1917.]
THE CHRONICLE
To compel railroads to givo preference to the movement of necessities.
To levy such Importation duties as ho finds necessary to prevent excessive
"dumping” of foreign products.
To impose limitations or prohibitions upon tho uso of grain in tlio manu
facture of liquor.
2299
purchase of the Jamestown Exposition was bitterly attacked
by member after member on tho Republican side, who de
clared that the Jamestown site was not adaptable for a naval
base, that it could not be defended from an attacking fleet,
A Senate sub-committee on M ay 11 introduced in the that the fleet now could not lie in Hampton Roads, for fear
Senate a bill differing from the House legislation. It em of a submarine-fired torpedo, but was well up into tho rivers
powered tho Secretary of Agriculture to establish grades for flowing into the bay. Representative Bathrick of Ohio, a
all food products and specific mixtures for wheat products, Democrat, declared that a lobby had been working for years
to license tho manufacture, storage or distribution of foods, to unload this property on the Government. He urged that
feeds and fuels, to prevent waste or deterioration of any tho property be leased, if considered necessary, for the period
necessities; to prevent combinations, to limit transportation, of the war, after which, if a real need for it should develop,
production, manufacture or other means of restraining trade. tho navy could then buy the land at a fair price. The main
President Wilson, in order to stimulate prompt action upon attack on the proposal, however, was based on the $1,400,
the food control bills, held a conference at tho White House 000, the price asked for the property. It was said that $600,
on M ay 15 with members of the Senate and House Agri 000 of this money was to be used to pay for the old Exposition
cultural Committees. At tho conference tho President and other buildings erected during the fair. Chairman
clearly indicated to tho Congressmen what ho desired enacted Padgett of the Naval Affairs Committee was quoted by
into law in tho food control bills. Tho President, in answer opponents of the plan as having said last December these
to reports that there had been too much alarmist talk about buildings would be of little use to the navy. The House on
food conditions, stated emphatically to tho committeemen Juno 1 adopted the conference report on the bill, without
that it would bo difficult to express in parliamentary lan another disputed Senate amendment, namely, that directing
guage what should be done with any one who would speculate
the expenditure of $750,000,000 for the purchase and construc
in food products in a situation like tho present. Tho plans
tion of an American merchant marine, and asked for a further
for remodeling tho bills included the changing of tho second
conference. After the Senate had agreed to its confereesj
food bill to give tho President tho regulatory powers which
report (Ton? June 1,[ Senator Martin moved that the Senate
tho bill vests in tho Secretary of Agriculture, and to authorize
insist further upon its amendments and agree to the further
tho creation of a food agency to operate under tho direction
conference asked for by the House. The motion was adopted
of the President. President Wilson, on M ay 18 (as noted in
and the bill was then sent to conference a second time. The
our issue of May 20), announced that ho had appointed
conferees, however, the next day came to an understanding
Herbert C. Hoover to bo head of tho food administration
after having re-shaped in some particulars the shipping
board, and that M r. Hoover had accepted tho position on
legislation. The second conference report was agreed to by
condition that neither ho nor his assistants on tho board
the Senato on June 2, but the House, as already stated,
(except clerical help) receivo compensation for their sorvices.
insisted on still another conference because of its objection
Elsewhero in our issuo to-day wo givo a statement by Mr.
to tho Jamestown purchase. Tho bill was originally passed
Hoover outlining his plans for carrying out the food adminis
by the House on M ay 2 by a vote of 362 to 1, the disagreeing
tration program.
vote being cast by Meyer London, Socialist, of New York.
As passed by the House on M ay 2, the bill carried total ap
E*?-Tlie Senate, on M ay 1, by a vote of 52 to 8, passed a bill
propriations of $2,827,653,653, of which $2,320,591,907 was
appropriating $10,000,000 for tho purchaso by tho Govern
for
the military establishment and $503,399,673 for tho navy,
ment of nitrates for fertilizing purposes and their distribution
at cost to farmers of tho Atlantic seaboard. Increase in pro tho remainder going to other Departments of the Government
duction of food crops, mostly in South Atlantic States, is for miscellaneous purposes, including extraordinary expenses
the object sought. The bill provided for transportation of duo to the war. The bill was originally based upon estimates
nitrates from Chilo in Government vessels and their sale by (referred to in our issue of April 7) made by Secretary of the
Federal authorities to farmers. Many Southern farmors and Treasury M cAdoo, with the approval of the President.
agricultural organizations indorsed tho measuro. Senators The House Appropriations Committee eliminated more than
Smith of South Carolina and Smith of Georgia told tho $700,000,000 of the estimate of Secretary M cAdoo by paring
Sonato that the Government could buy nitrates now stored down tho amounts requested to the point of urgent necessity.
in this country, soli them to tho farmors, and later Toplace Tho bill as passed by the House carried an appropriation of
$231,000,000 for clothing and camp equipment, $130,000,000
thorn by bringing in more from Chilo.
for
ordnance stores, $39,000,000 for automatic machine
Sovcral Senators, on expressing their fears that nitrate
supplies needed for manufacture of powder might be dcploted, guns, $3,850,000 for civilian training camps, $609,000,000
woro told that present supplies wero sufficient for two years. for coast and insular fortifications and $4,320,000 for forti
Tho South Carolina Senator declared that by making nitrates fying the Panama Canal. More than $125,000,000 was
available at reduced prices tho corn and cotton crops of tho added to the bill by an amendment increasing the pay of
South Atlantic seaboard cmdd bo increased from 50 to 100%. onlisted men from $15 to $30 a month, a proposal already
The proposed appropriation, ho said, had tho approval of accepted by both Senato and House as part of the army
Selective Draft Bill (referred to in our columns on M ay 26),
Secretary Houston.
but transferred to the appropriation measure to facilitate
final enactment. Tho Senate Appropriations Committee
Tho Federal Trade Commission, directed by President
in reporting the bill to the Senato on M ay 15 added $563,
Wilson to investigate with the Department of Agriculture
tho causes of high food prices, began its inquiry on April 30 392,000 to the measure which passed the House, thus pro
at Washington, with a hearing at which representatives of viding in all appropriations of $3,390,046,000. Tho most
State food commissions told of food conditions throughout important change in the House bill by the Senate Committee
tho country. In outlining tho ptirposes and scopo of tho was tho inclusion of $750,000,000, of which $400,000,000
inquiry, members of tho Commission said that their first aim would be immediately available, for the purchase and con
would bo to remedy unlawful and uneconomic conditions. struction of an American merchant marine. Of the $400,
Tho Commission, clothed with inquisitorial and corrective 000,000 appropriation, $250,000,000£will bo used for new
powers, is working in close co-operation with tho Department construction and slightly less than $150,000,000 for purchase
of Agriculture, giving particular attention to violations of of ships wherever available, including those now being built
for the British Government and other foreign countries.
anti-trust laws in food distribution.
The other $350,000,000 appropriated is for subsequent use
and not immediately available. Among the appropriations
U R G E N T D E F IC IE N C IE S A P P R O P R IA T IO N B IL L.
provided for by the Senate Committee are $500,000jx>r the
Tho Administration’s war budgot bill, carrying appropria Council of National Defense; $1,000,000 for detention of
tions of over $3,000,000,000, to meet tho cost of Government interned Germans; $26,000,000 for army machine guns,
expenditures necessary for our national defense, was sent and $35,000,000 for heavy army ordnance. T hejbill as
back to conforonco for the third time on Juno 7 after tho roported by tho Senate Appropriations Committee authorized
House had rejected tho report of its conforoos accepting a tho Government to commandeer shipyards, factories or the
Sonate amendment for an appropriation of $3,000,000 for products of such factories and to take over existing ship
tho purchaso of tho site of tho Jamestown Exposition as a building contracts of private individuals or foreign Govern
naval training station and naval base. Tho voto in tho ments. Construction facilities taken over are to be paid for
IIouso against the Jamestown amendment was 184 to 114. at a reasonable price. Refusal of persons to deliver re
Tho IIouso instructed its conforoes to disagree to tho Senato quisitioned factories or establishments would be met by
amondmont which thoy had accepted on Juno 2. Tho prosecution. The principal commandeering section reads:
2300
THE CHRONICLE
[Vol. 104.
Tho President Is authorized . . .
to requisition and take over for reforms may come from tho experience gained by the food
uso or operation by tho United States any factory or any part thereof, administration. Sentiment among farmers is strong, they
without taking possession of tho entiro factory, whether the United States
has or has not any contract or agreement with the owner or occupier of said, for Federal operation of grain exchanges and Federal
ownership and operation of grain elevators and other storage
such factory.
Another section to carry out the shipbuilding program
provides for compulsory contracts at a reasonable price,
adding: “ If any person, owning, leasing or operating any
factory . . . shall refuse or fail to give to the United
States such preference in the execution of such order . . .
the President may take immediate possession of any factory
or any part without taking possession of the entire factory
and may use the same . . .
in such manner as he may
consider necessary and expedient.” After debating loss
than three days on the measure, tho Senate on M ay 19
passed the bill without a roll-call. This was after the total
amount of appropriations had been cut down from $3,390,
000,000 to $3,342,000,000, the reduction being made in the
appropriation for army horses. Senator Weeks, who offerod
an amendment cutting that item from $73,000,000 to $25,
000,000, explained that the War Department had found it
would not need as much as it originally thought, as it would
not be necessary to sond cavalry for a time at least, to France.
The Senate also included in tho bill a rider limiting the
operation of the Army Selective Draft Bill to “ four months
after the present war with Germany,” instead of “ the
existing emergency” as provided in the bill itself. An
amendment was offered by Senator Hoke Smith of Georgia
on M ay 19 providing for an appropriation of $100,000,000
to allow tho Government to supply freight cars to the rail
roads to relievo the car-shortago problem. “ The country’s
transportation is in bad shape,” said Senator Smith, “ and
the Government must step in and help tho railroads. If wo
don’t we shall faco a crisis in tho transportation of food and
the country will suffer.” Sonator Robinson of Arkansas
agreed that the railroads had shown themselves unequal to
meet transportation needs and he admitted that something
must bo done to relieve the congestion. “ But to buy cars
for the railroads,” he continued, “ simply moans Govern
ment partnership with tho roads. If railroad conditions do
not improve we may have to come to Government owner
ship, but it is a question that cannot be disposed of in this
bill. The problom of Government ownership must be de
cided upon by the people, and it will come before them
sooner perhaps than we realize.” Senator Robinson then
went on to point out that $100,000,000 would, in fact, be
too small an amount to meet tho situation, and that the rail
roads actually need $2,500,000,000 if they are to sufficiently
equip themselves to take care of transportation requirements.
“ They have quit buying freight cars,” tho Senator went on.
“ Tho present condition is due to the fact that the railroads
are trying to move the commerce of 1917 with a 1914 car
supply.” Senator Smith, sponsor of tho amendment, main
tained it would be cheaper to supply $100,000,000 of freight
cars to the railroads than to allow them to put on tho pro
posed 15% of rate increases, involving a charge of from
$300,000,000 to $400,000,000 more in transportation cost.
Senator Smith, however, yielded to a suggestion that the
matter was one for tho Inter-State Commerce Commission
to look into, and withdrew his amendment.
The conferees on tho bill, as stated above, reached a final
agreement on tho measure on Juno 2, after having reshaped
the shipping legislation so that the President would diroct
and bo responsible for tho acquisition of the merchant vessels,
and specifying that the Emergency Fleet Corporation, hoadod
by General Goothals, as well as the Government Shipping
Board must bo used in carrying out the Administration
shipping program. Tho conferees also struck out of tho
bill an appropriation of $10,000,000 to be spent in tho dis
cretion of the Secretary of War.
facilities used in inter-State trado. It became known on
the 1st inst. that Emile Level, Food Commissioner for the
permanent French Mission in tho United States, had pre
sented to Herbert C. Hoover statistics of France’s grain
needs for the next year. His country, ho said, would re
quire about 160,000,000 bushels of grain (as much of it
wheat as can bo supplied), England’s needs being placed by
him at 300,000,000 bushels, and Italy’s 100,000,000— or
560.000. 000 in all. The French do not eat cornbrcad, but
aro now mixing a heavy percentage of cornmeal with thoir
wheat flour in milling. They are milling 85% of tho wholo
wheat kernel.
Supplementing the announcement of M r. Level’s estimato
that 560,000,000 bushols of grain would bo needed by the
Allies, M r. Hoovor on Juno 2 mado public a statement in
which he placed tho grain requirements of tho Allies and the
European neutrals during tho next twelvo months at 971,
000,000 bushels— this being in addition to tho local produc
tion in tho various countries. M r. Hoovor belioves tho
United States and Canada can oxport this year at least
600.000. 000 bushels of grain. If tho winter whoat crop im
proves and the spring crop is larger than normal, ho bolieves
this may bo increased to 800,000,000. Shipment of that
much grain, much of it wheat, however, will force Ainorican
consumers to eat less wheat than usual and eat more of other
coreals. M r. Hoover’s statement follows:
In viow of tho statement of tho Allies’ grain requirement out of tho next
harvest given by Mr. Lovel of the French Mission to tho press as amount
ing to 560,000,000 bushels, and its apparent conflict with tho figures of
1.000.
000.000 bushels given out by myself, it seems desirable to mention
that Mr. Lovel assures me that ho included in his figures only tho grain
necessary for the bread supply and did not lncludo tho fodder grains.
Those aro just as necessary to tho Allies for tho maintenance of thoir dairy
and moat supplies and tho feeding of thoir cavalry horses as is tho grain
for tho bread supply of tho people.
Tho requirements for Imports of tho broad grains—that is, tho supplies
required in addition to local production in tho various countries, as de
termined by a study mado by mysolf and staff in each country in Europo,
with tho collaboration of tho Food Ministers of thoso various countries, are
as follows:
Bread Grains. Fodder G rain s.
B ushels.
B ushels.
United Kingdom_______________________ 225,000,000
Franco ___ ______ _____ _____ __ __ ___ 175,000,000
Italy __
90,000,000
Belgium and Portugal___________________ 50,000,000
European neutrals______________________ 10,000,000
Ex-European neutrals___________________ 5,000,000
170,000,000
70.000.
000
60.000.
000
116,000,000
Total ...........................................- ........ .555,000,000
416,000,000
This totals 971,000,000 bushels, to which will need to bo made sorno addi
tion to compensate for submarine sinkings.
It will, of course, be Impossible for North America to furnish all of this
quantity, although tho major load must fall upon us. In any event, it
emphasizes tho necessity of control of our exports, in ordor to control prices
and protect our supply, and tho necessity for conservation and elimination
of waste in order to Increase the volume of our exports.
In denying on the 2d inst. a roport that tho food ad
ministration would buy tho country’s grain crop for distri
bution M r. Hoover said:
I can say positively that thero is no such step under consideration. Wo
aro going to proceed with this work step by step, with tho purposo always
In view of stabilizing the market.
Suggestions whereby tho public could co-oporato by re
ducing tho consumption of cereals, sugar and meat during
tho months of July, August and September and tho use of
more vegetables, without tho adoption of a vegetarian diot,
wero outlined in a statement from M r. Hoover’s offices on
the 2nd.
Such a course, M r. Hoover said, would effect a saving of
20,000,000 bushels of wheat, 125,000 tons of sugar, and
700,000 beeves. The statement read:
Wo want tho American pooplo to incroaso tho proportion of vegetables In
their diet during tho coming summor for many reasons. Vegetables, in
cluding potatoes, compose but a small fraction of tho diet of Americans,
considered as a nation. Of our total foodstuffs in terms of units, only
about 14% is supplied in tho form of vegetables, whilo some 40% arises
GOVERNM ENT
TO P R O T E C T F A R M E R S — A L L I E S '
from cereal products, including broad, 20% from various animal products,
G R A IN
R EQ U IR E M E N TS.
and 13% from sugar.
Tho widespread agitation throughout tho country to incroaso production
Assurance that the Government would protect farmers
foodstuffs has resulted in a largo expansion of tho gardon area, and with
in marketing their crops and that prices would be guaranteed of
normal weather conditions we may hopo for a groatly increased supply of
high enough to stimulate production wore convoyed by gardon vegetables. Thcso may bo disposed of either by direct consump
President Wilson to spring wheat growers of tho Northwest tion during tho summer months or conservation for winter uso. Much tho
moro simple and direct thing to do is to Incroaso tho proportion of vegeta
in a personal interview on Juno 1. The farmors’ represen bles in our diet during the montlis of July, August and Sptombor and thus
tatives were told that tho Government hopes permanent savo a portion of the cereals, meat and sugar for winter uso.
To double tho proportion of vegetables and thus diminish proportionally
marketing reforms may grow out of war-time measures.
the drain of bread and meat supplies in no way suggests vegetarianism; pub
It is stated that the President advised tho delegation that it lic hoalth will not only bo normal’but especially during tho summor months
is not the present intention to fix minimum prices, as the will oven be improved if tho proportion of vegetables in tho gonoral diot is
Government behoves production prices will romain high doubled. Such a diet would contain a largo amount of mineral salts and
vitamines, the albuminous substances would be balancod, and tho diet
without putting this measure into effect. Tho callers told would contain so large an amount of inert material as to form a mass of
the President that farmers are anxious that grain markot advantageous proportions in tho digestivo tract.
THE CHRONICLE
J une 9 1917.]
T h o o t h e r a l t e r n a t iv e w o u ld b o t o c o n s e r v e t h e v e g e t a b l e s f o r w in t e r u s o .
W h i l e e v e r y t h i n g s h o u l d b o d o n e t h a t is p o s s l b lo i n t h o w a y o f d r y i n g v e g e
t a b l e s i t m u s t b o b o r n e in m in d t h a t o w in g t o t h o s h o r t a g e in t i n t h o n o r m a l
c a n n i n g c a p a c i t y o f t h e c o u n t r y w ill b o g r e a t l y r e d u c e d in i t s a p p l i c a t i o n t o
v e g e ta b le s .
^
,,
.
T h o i n c r e a s e in v e g e t a b l e p r o d u c t i o n is , o f c o u r s e , n o t u n i f o r m t h r o u g h
o u t t h o w h o le c o u n t r y , a n d p r i c e c o n d i t i o n s in t h o la r g e r c it i e s m a y n o t p e r
m i t o f s o la r g e a p r o p o r t i o n o f s u b s t i t u t i o n o f v e g e t a b l e s a s in t h e c o u n t r y
d i s t r i c t s a n d s m a lle r t o w n s .
I t is o v e n m o r e i m p o r t a n t , t h e r o fo r o , t h a t in
t h o c o u n t r y d i s t r i c t s a n d s m a lle r t o w n s v e g e t a b l e s s h o u l d b o s u b s t i t u t e d
f o r t h o s t a p l e s , b e c a u s e t h i s w ill g r e a t l y r e li e v o t h o q u e s t i o n o f t r a n s p o r t a
tio n .
I f t h o r u r a l p o p u l a t i o n , i n c lu d in g in t h i s t e r m t h o la r g e r t o w n s a n d
s m a lle r c i t i e s , w o u l d d u r i n g t h e m o n t h s o f J u l y , A u g u s t a n d S e p t e m b e r
re d u ce t h o co n s u m p tio n o f su g a r o n e o u n c e , b re a d fo u r o u n c e s , a n d m e a t
o n e a n d a h a lf o u n c e s a d a y , a n d v e g e ta b le s w e re s u b s t itu te d in s te a d , t h o
e c o n o m y w o u l d r e p r e s e n t t h o s a v i n g o f 2 0 , 0 0 0 , 0 0 0 b u s h e ls o f w h e a t , 1 2 5 ,
0 0 0 t o n s o f s u g a r a n d 7 0 0 ,0 0 0 b e o v e s .
F u r t h e r m o r e , w o m u s t r e a liz e t h a t i f i t is n e c e s s a r y t h a t w o c o n s u m o
p e r l s h a b l o f o o d s t u f f s , w o s h o u ld c o n s u m e t h e m a s n e a r t h e s o u r c e a s p o s
s i b le , a n d w e s h o u l d c o n s e r v e s t a p l e f o o d s t u f f s a s f a r a s p o s s i b le f o r w i n
t e r u s o a n d f o r e x p o r t t o o u r a llie s .
T h o co -o rd in a tio n o f allied fo o d purchases w ill b e esta b
lished as soon as tho fo o d bills an d the e x p ort lim ita tion s a ct
b e co m e law s. A t presen t th e A llies an d n outral cou n tries
aro purch asing in largo qu an tities for fu tu re d e liv e ry . T h ere
is n o guarantee, it is sta ted , th a t all these deliveries w ill bo
m a d o , as this G o ve rn m en t m a y h old up con tra cts to assure
o f an a d equ ate fo o d su p p ly a t h om o. T h e fo o d ad m in istra
tio n , as soon as it is crea tod , w ill begin to pass on these pu r
chases to p ro te ct A m erica n consum ers.
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PROGRAM.
S h o rtly after P residen t W ilson issued Jiis statem en t on
M a y 19 (referred to in these colum ns on M a y 26 ) explain
in g th e scop e and pu rpose o f tho A d m in istra tion s fo o d
co n tro l legislation an d an n oun cing th at he h a d chosen as
F o o d A d m in istra tor H erbert C . H o o v e r, C hairm an o f tho
C o m m itte e o n F o o d S u p p ly an d P rices, created b y tho
C o u n cil o f N a tio n a l D efen se, an d w ell kn ow n fo r his w ork
as h ead o f the A m erica n C om m ission fo r R e lie f in B elgiu m ,
M r . H o o v e r m a do pu blic a declaration o f prin cip les o u t
lin in g his plans fo r feeding tho A llies w hile still con servin g
su fficien t fo o d supplies for con su m p tion h ere. M r . H o o v e r s
statem en t read as follow s:
I n a c c e p t i n g P r e s i d e n t W i l s o n 's r e q u e s t t h a t I s h o u l d b e c o m o h e a d o f t h o
n o w f o o d a d m i n i s t r a t i o n i t is e n t i r e l y u p o n t h o a s s u m p t i o n t h a t C o n g r e s s
w ill g r a n t b r o a d p o w e r s t o t h e P r e s i d e n t o n w h ic h a c o m p e t e n t a d m in is
t r a t io n c a n b o s e t u p .
I h o l d s t r o n g l y t o t h o v i o w t h a t w h ile la r g o p o w e r s a r o n e c e s s a r y f o r
m i n o r i t y c a s e s t h e y w ill p r o b a b l y n e e d b u t l it t l e a p p l i c a t i o n , f o r t h o v a s t
m a j o r i t y o f t h o p r o d u c i n g a n d d i s t r i b u t i n g e le m e n t s in t h o c o u n t r y a r o o n l y
t o o w illin g a n d a n x io u s t o s e r v o o u r n a t i o n a l n e c e s s it ie s . I h a v e r e p r e s e n t e d
t o t h o P r e s i d e n t f i v e c a r d in a l p r i n c ip l e s o f f o o d a d m i n i s t r a t i o n .
F i r s t — T h a t t h o f o o d p r o b l e m is o n e o f w is e a d m i n i s t r a t i o n a n d n o t e x
p re sse d b y th o w o r d s " d i c t a t o r ” o r “ c o n t r o ll e r ," b u t " f o o d a d m in is tr a t o r ."
S e c o n d — T h a t t h i s A d m i n i s t r a t i o n c a n b o la r g e ly c a r r ie d o u t t h r o u g h
t h e c o - o r d i n a t i o n a n d r e g u l a t io n o f t h o e x i s t i n g le g it i m a t e d i s t r i b u t i v e
a g e n c ie s s u p p l e m e n t e d b y c e r t a in e m e r g e n c y b o d i e s c o m p o s e d o f r e p r e s e n
t a t iv e s o f t h o p r o d u c e r s , d i s t r i b u t o r s a n d c o n s u m e r s .
T liii-tl__ T h o o r g a n i z a t io n o f t h o c o m m u n i t y f o r v o l u n t a r y c o n s e r v a t i o n
o f fo o d s t u ffs .
F o u r t h __ T h a t a ll i m p o r t a n t p o s i t io n s , s o fa r a s m a y b o , s h a ll b o f il l e d
w it h v o lu n te e r s .
F i f t h __ T h e in d e p e n d e n t r e s p o n s i b il i t y o f t h o f o o d a d m i n i s t r a t i o n d i
r e c t l y u n d e r t h o P r e s i d e n t , w it h t h o c o - o p e r a t i o n o f t h o g r e a t a n d a d m i r a b l o o r g a n i z a t io n 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 , t h o D e p a r t m e n t o f
O o m m o r c o , t h o F e d e r a l T r a d o C o m m i s s io n , a n d t h o r a i lw a y e x e c u t i v e s .
I c o n c e i v e t h a t t h o o s s e n c o o f a ll w a r a d m i n i s t r a t i o n fa lls i n t o t w o p h a s e s :
F i r s t — C e n t r a l i z e d a n d s ln g lo r e s p o n s i b il i t y .
S e c o n d — T h o d e l e g a t i o n o f t h i s r e s p o n s i b il i t y t o d e c e n t r a l iz e d a d m in is
t r a t iv e o rg a n s .
I n a g e n e r a l w a y It m a y b o s t a t e d t h a t t h i s c o u n t r y n o r m a l l y p r o d u c e s a
s u r p lu s o f m o s t c o m m o d it i e s , a n d t h a t o u r p r o b l e m is t o s o c u r o t h o e f f e c t i v e
a n d e c o n o m ic a l d i s t r i b u t i o n o f t h e s e s u p p lie s ; t o l n d u c o a s la r g o a n e x p o r t
s u r p lu s f o r t h o b e n e f i t o f o u r a llie s a s w o c a n ; t o p r o t e c t o u r o w n r e q u ir e
m e n t s ; t o a s k t h o w h o le c o m m u n i t y t o a s s is t u s In b u i l d in g u p t h i s s u r p lu s
b y o v e r y e ffo r t o f e c o n o m y t h a t w o c a n d e v is e , a n d to s o t u p s u c h m a c h in
e r y a s w ill fu r n is h t h is b a l a n c o w h e e l o n p r ic e s .
A t b e s t t h o f o o d o f o u r a llie s w ill b o a p r i v a t io n l o a f , a n d o v e r y o u n c e w «
c a n a d d t o It is a c o n t r i b u t i o n t o h e r s t r e n g t h a n d c o n s t a n c y in t h o w a r .
I t h i n k t h a t i t is r e c o g n i z e d b y a ll t h i n k i n g m e n t h a t t h o w o r l d w a r a n d
t h o o c o n o m i c f o r c e s w h ic h h a v o b e e n s e t u p h a v e d i s o r g a n i z e d t h o o r d i n a r y
b a l a n c o s a n d c h o c k s o n p r ic e s .
F o r in s ta n c e , t h o p r ic e o f w h e a t in n o rm a l
t im e s Is a f a c t o r , n o t o n l y o f s u p p l y in t h o U n it e d S t a t e s , b u t a ll t h e s u p p lie s
i n o v e r y c o u n t r y in t h o w o r ld .
T o - d a y t h o s u p p l i e s o f R u s s ia , G e r m a n y , A u s t r i a , B u l g a r i a , a n d R u
m a n i a n o l o n g o r e n t e r u p o n t h o e s t a b l is h m e n t o f t h i s b a l a n c o , t h o c r o p
f a il u r o I n S o u t h A m e r i c a h a s e l im i n a t e d t h o s e S t a t e s ; t h o l o n g h a u l f r o m
A u s t r a l i a h a s d im in i s h e d t h o fr e o f l o w f r o m t h a t q u a r t e r , a n d t h o s u p p lie s
in E n g la n d , F r a n c o a n d I t a l y a r o in t h o p h y s i c a l p o s s e s s io n o f t h o G o v e r n
m e n t a n d t h e r e fo r e d o n o t e n t e r i n t o t h e c o m m o n p o o l o f p r i c e b a l a n c i n g .
T h o c o n s e q u o n c o is t h a t a s u d d e n d e m a n d o r c o n c e r t e d e f f o r t o f s p e c u l a
t i o n c a n e n t i r e l y u p s e t p r i c e c o n d i t i o n s i n t h o U n it e d S t a t e s t o a d e g r e e
h i t h e r t o u n k n o w n , a n d It is n e c e s s a r y f o r u s t o d o v l s o w i t h t h o b e s t t h o u g h t
o f t h i s c o u n t r y a t e m p o r a r y b a l a n c o b y w h ic h w o c a n e s t a b l is h s t a b i l i t y o f
p r i c o s In t h o g r o a t s t a p l e s , b e a r in g in m in d a lw a y s t h a t w o m u s t m a i n t a in
a p r i c o t h a t w ill s t im u l a t o p r o d u c t i o n b y a s s u r in g g o o d r e t u r n t o t h o p r o
d u c e r , a n d a t t h o s a m o t i m e w ill d im in is h t h o c o s t o f l i v i n g , lo s t w o f a c o
s o c ia l r e a d j u s t m e n t s , s t r lk o d i s t u r b a n c e s , w i t h c o n s e q u e n t lo s s o f n a t i o n a l
e ffic ie n c y .
M y p r e s e n t v i o w is t o d i v i d e t h e f o o d a d m i n i s t r a t i o n i n t o f o u r
groat bran ch es.
I n t h o f ir s t b r a n c h w o s h o u l d s o t u p a c e r t a in n u m b e r o f s e p a r a t e e x e c u
t i v e b o d i e s f o r r e g u l a t io n a n d a d m i n i s t r a t i o n o f c e r t a in c r i t i c a l c o m m o d i
t ie s . a n d t h a t t h e s e s h o u l d b o o r g a n i z e d o n t h o n o r m a l lin e s o f o u r c o m
2301
m e r c ia l i n s t it u t i o n s w i t h a b o a r d o f d i r e c t o r s , a P r e s i d e n t a n d e x e c u t i v e
o f f i c e r s w h o w il l w o r k o u t p r o b l e m s i n v o l v e d in t h e s e c o m m o d i t i e s a n d w ill
i n s t it u t e s u c h m e a s u r e s a s m a y b o n e c e s s a r y t o s t a b l il i z e p r i c o s a n d d i s
t r i b u t i o n , a n d t h a t t h e s e b o d i e s s h o u l d b o s o c o n s t i t u t e d o f t h e l e a d e r s ja f
t h e c o u n t r y , p r o d u c e r s , d i s t r i b u t e r s , b a n k e r s a n d c o n s u m e r s a lik e .
I t h a s b e e n t h e e x p e r ie n c e o f a ll E u r o p e a n f o o d c o n t r o l t h a t r e s u l t s c a n
b e s t b o a c c o m p li s h e d b y a c t i n g t h r o u g h o r b y r e g u l a t io n o f t h e o r d i n a r y d i s
t r i b u t i n g a g e n c ie s In t h o c o m m u n i t y p l a c in g s u c h r e s t r i c t io n s w h i c h w ill
c a u s o a m in im u m s a c r if i c e o n t h e p a r t o f t h o l e g i t i m a t e d i s t r i b u t e r a n d w ill
e lim i n a t e b r o a d n a t i o n a l w a s t e , u n n e c e s s a r y h o a r d i n g a n d t h e s h e e r s p e c u
l a t o r in f o o d s t u f f s .
W i t h t h o g o o d w il l o f t h e d i s t r i b u t i n g c o m m u n i t y i t is
p o s s i b le t o d o t h is w i t h o u t d i s r u p t i o n o f t h e e s s e n t ia l c o m m e r c e o f t h e c o u n
try .
T h o s e c o n d b r a n c h o f a d m i n i s t r a t i o n lie s in t h e c o - o p e r a t i o n o f t h o G o v
e r n o r s a n d S t a t e a d m i n i s t r a t i o n s t h r o u g h t h e e s t a b l is h m e n t o f S t a t e f o o d
a d m i n i s t r a t i o n s w h o w ill a c t o n b e h a l f o f t h o N a t i o n a l E x e c u t i v e i n n a
t i o n a l m a t t e r s , a n d w h o w il l t h e m s e lv e s h a n d le l o c a l p r o b l e m s ; t h r o u g h
t h e m a n d t h e i r a s s is t a n t s t o s e c u r e c o - o r d i n a t i o n in d i s t r i b u t i o n f r o m o n e
s e c t io n o f t h e c o u n t r y t o a n o t h e r , a n d t o u s e t h e p o w e r s a g a i n s t i l l e g i t i m a t e
h o a r d i n g w h ic h C o n g r e s s is b e i n g a s k e d t o v e s t in t h e f o o d a d m i n i s t r a t i o n .
F u r t h e r m o r e , i t d e v o l v e s o n t h e S t a t e s t o s t o p w a s t e in p u b l i c p l a c e s .
T h e s e p o w e r s b e i n g a s k e d f o r a r o c o n s i d e r a b l e In o r d e r t h a t w o m a y f o r c e
In to th o m a r k e t e v e r y fo r m o f f o o d s t u ff o v e r a n d a b o v e w h ic h s u c h s t o c k as
n o r m a l ly a n d l e g it i m a t e ly b e l o n g s t o a n y p a r t i c u la r b u s in e s s f o r i t s p r o p e r
c o n d u c t , a n d t o p r e v e n t a n y w it h h o ld in g , d ir e c t ly o r in d ir e c t ly , o f f o o d s u p
p lie s f r o m t h e m a r k e t .
T h o t h i r d e q u a ll y i m p o r t a n t d e p a r t m e n t is o n e o f d o m e s t i c e c o n o m y .
A s 9 0 % o f t h e u l t im a t e f o o d c o n s u m p t i o n o f t h e c o u n t r y Is i n t h e h a n d s o f
t h o w o m e n o f t h o c o u n t r y , w e w ill s h o r t l y p l a c e b e f o r e t h e m a p l a n o f o r
g a n i z a t i o n in c lu d in g p o l ic i e s a s t o t h o e lim i n a t i o n o f w a s t e s , t h o r e d u c t i o n
o f c o n s u m p t io n , t h e s u b s titu tio n o f lo ca l c o m m o d it ie s fo r t h o s e f r o m f u r
t h e r a f ie l d , t h e s u b s t i t u t i o n o f o v e r a b u n d a n t c o m m o d i t i e s f o r t h o s e w h ic h
w o w is h t o e x p o r t t o o u r a llie s , a n d I n s t r u c t io n in t h e in t e ll i g e n t p u r c h a s e
a n d u s e o f f o o d s t u f f s a n d t o s e t p u b l i c o p i n i o n a g a in s t w a s t e a n d e x t r a v a
g a n c e in p u b l i c p l a c e s .
W o d o n o t a s k t h a t t h e A m e r i c a n p e o p l e s h o u l d s t a r v e t h e m s e lv e s , b u t
t h a t t h e y s h o u l d e a t p l e n t y , w is e l y , a n d w i t h o u t w a s t e .
■
I t is m y p r e s e n t i d e a t o p r o p o s e a p l a n t o t h e A m e r i c a n w o m e n b y w h ic h
w e a s k o v e r y w o m a n In c o n t r o l o f t h o h o u s e h o l d t o j o i n a s a n a c t u a l n u m b e r
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 g i v e u s a p l e d g e t h a t s h e w il l, s o f a r a s h e r
m e a n s a n d c ir c u m s t a n c e s p e r m it , c a r r y o u t t h e i n s t r u c t i o n s w h i c h w e w ill
g i v e h e r In d e t a i l f r o m t i m e t o t i m e .
W o h o p e t o s e t u p s u c h a n o r g a n i z a t io n o v e r a n d a b o v e t h i s v a s t a r m y o f
s u p p o r t e r s a s w ill g i v e It e f f i c i e n c y a n d I n t e llig e n c e in a c t i o n .
T h e r e is n o
s e r v i c e in t h i s w a r o n b e h a l f o f o u r o w n c o u n t r y a n d o u r a llie s In w h ic h t h e
w o m e n o f t h o c o u n t r y c a n s o w e ll e n lis t t h e m s e lv e s a s in t h i s s e r v i c e , a n d t h e
s u c c e s s 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 r e s t v e r y la r g e ly u p o n t h e s u p p o r t
w h ic h w e r e c e i v e f r o m t h e m .
T h o f o u r t h b r a n c h o f t h o A d m in is tra tio n m u s t b o t h a t o f c o -o p e r a tio n
w i t h o u r a llie s , in m a n y i m p o r t a n t q u e s t i o n s i n v o l v i n g e x p o r t s f r o m t h i s
c o u n t r y a n d o u r c o m m o n im p o r t fr o m o th e r c o u n t r ie s .
F u rth erm ore, w e
w ill p r o b a b l y n e e d t o u n d e r t a k e t h e c o n t r o l o f t h e p u r c h a s i n g in t h i s c o u n
t r y o n h e r b e h a lf a n d o n b e h a lf o f s u ch n e u tra l s h ip m e n ts as a re p e r m it t e d b y
t h o G o v e r n m e n t in o r d e r t o e lim i n a t e c o m p e t i t i o n a n d f o r c i n g o f o u r p r i c e s .
I h a v o re p r e s e n te d t o th e P r e s id e n t t h a t I a m c o n fid e n t t h a t t h e w h o le o f
t h is s e r v ic e c a n b o c a r r ie d o u t b y t h o m e n a n d w o m e n o f t h i s c o u n t r y o n a
v o l u n t e e r b a s i s , a n d t h a t I c a n s e e n o o t h e r m e a n s b y w h ic h t h e p r o b l e m s
c a n b o a d e q u a t e ly s o lv e d in th e U n it e d S ta te s .
I f th is c a n n o t b e d o n e I
s h a ll c e r t a i n l y a n d w i l l i n g l y s u r r e n d e r t h o t a s k t o s o m e o t h e r m e t h o d o f
a d m in is tr a tio n .
I b e l ie v e t h a t t h e w h o l e f o u n d a t i o n o f d e m o c r a c y lie s in t h e i n d i v id u a l
i n i t i a t i v e o f i t s p e o p l e a n d t h e i r w illin g n e s s t o s e r v e t h e in t e r e s t s o f t h e
n a t i o n w i t h c o m p l e t e s e l f - e f f a c e m e n t in t h e t i m e o f e m e r g e n c y .
I h o ld
t h a t d e m o c r a c y c a n y i e l d t o d i s c ip l i n e a n d t h a t w o c a n s o l v e t h i s f o o d
p r o b l e m f o r o w n p e o p l e a n d f o r o u r a llie s in t h i s w a y , a n d t h a t t o h a v e
d o n e s o w il l h a v o b e e n a g r e a t e r s e r v i c e t h a n o u r I m m e d ia t e o b j e c t i v e , f o r
w o h a v o d e m o n s t r a t e d t h o r ig h t n e s s o f o u r f a i t h a n d o u r a b i l i t y t o d e f e n d
o u rs e lv e s w it h o u t b e in g P ru s s ia n iz e d .
P r o b a b l y m o r e s e r io u s l y t h a n a n y o n e e ls e i n t h e c o u n t r y , I r e c o g n i z e t h e
d i f f i c u l t i e s a n d p o s s i b i l i t y o f f a il u r o i n t h is w o r k a n d I a p p e a l t o t h e p a
t r i o t i s m o f m y c o u n t r y m e n f o r t h e ir s u p p o r t .
I h a v o n o in s t in c t t o b e a
fo o d d ic ta to r .
M y a m b i t i o n is t o s e e m y o w n p e o p l e s o l v e t h e i r o w n p r o b
le m .
T h o s e m e n a n d w o m e n w h o c a n n o t s e r v e in t h e t r e n c h e s o r th e s h o p s
c a n s h o w t h e i r p a t r i o t s i m i n n o w a y s o f u l l y a s in t h i s s e r v i c e , a n d I f e e l t h a t
w o h a v e a s m u c h r ig h t t o c a l l u p o n t h e m t o s e r v e i n t h i s a d m i n i s t r a t i o n
a s w o h a v e a r ig h t t o c a l l u p o n o u r m e n t o s o r v e in t h e t r e n c h e s .
M r . H o o v e r on M a y 24 receiv ed fro m th e G ov ern o rs o f
m ore th an h alf the States assurances o f h ea rty su p p o rt in
th o plans fo r orga nized co n tro l o f fo o d d istrib u tion . T h ese
pled ges cam o in response to telegram s sent b y M r . H o o v e r,
w h o u rged the selection b y each State o f a d ep a rtm en t o f
fo o d ad m in istra tion to w o rk in co-o p e ra tio n w ith the F ederal
b od ies a t W a sh in g ton . M r . H o o v e r also receiv ed offers to
serve w ith ou t com p en sa tion in tho n ation a l fo o d adm in is
tra tion . A lth ou g h n o nam es w ere m a de p u b lic, it is said
th a t a m on g the volu n teers w ore m a n y prom in en t an d a b le
business m en fro m variou s parts o f the c o u n tr y . M r .
H o o v e r w as in con feren ce w ith P residen t W ilson o n M a y 24
regarding th o details o f th e orga n ization o f th e fo o d a d
m inistration w h ich w ill b e d iv id ed in to fou r bran ch es. T h e
first b ra n ch w ill com p rise ex ecu tiv e b od ies to regu late certain
co m m o d itie s . T h e m em bersh ip o f the ex ecu tiv e b od ies w ill
com prise leadin g produ cers, distribu tors, bankers an d c o n
sum ers. T h o secon d b ra n ch w ill h an dle m a tters o f c o
op era tion w ith the States, d irect loca l d istrib u tion o f fo o d
stu ffs, an d seek to p reven t illegal p ra ctices. T h e third
b ra n ch will deal w ith qu estion s o f d om estic e co n o m y an d
w ill p u t b eforo the w om en o f the co u n try a pla n o f orga n iza
tion to con serve fo o d s in the h ou seh old. T h o fo u rth b ran ch
w ill h avo to d o w ith fo o d exp orts and p ro b a b ly w ill assist in
b u y in g for the A llies an d neutral cou n tries. A statem en t
issued from M r . H o o v e r ’ s o ffice on M a y 29 in response to
tho hundreds o f offers o f v olu n ta ry service w h ich M r . H o o v e r
h ad received fro m prom in en t m en read:
2302
THE CHRONICLE
T h e s p o n t a n e o u s o ffe r s o f v o lu n t e e r s e r v ic e t h a t h a v e c o m o t o M r .
I l o o v o r s i n c e t h e f i r s t m e n t i o n o f h is c o n n e c t i o n w i t h t h o p r o p o s e d f o o d
a d m in is tr a tio n h a v e b e e n m o s t g r a tify in g .
P r a c t ic a lly e v e r y p a r t o f th o
U n i t e d S t a t e s a n d e v e r y i n d u s t r y a n d o c c u p a t i o n lia s b e e n l a r g e ly r e p r e
sen ted .
W h e n i t is r e a l iz e d t h a t t h e s o o f f e r s w e r e f o r f r e e s e r v ic e t o t h o
n a t i o n f o r a n i n d e f in i t e p e r i o d , d e p e n d in g u p o n t h o d u r a t i o n o f t h e w a r ,
t h e r e s p o n s e o f m a n y o f t h o b e s t t r a in e d m e n a n d w o m e n o f t h o c o u n t r y t o
a n u n s p o k e n c a l l is in s p i r i n g a n d e n c o u r a g i n g .
T h o a ctu a l n u m b er o f
w o r k e r s r e q u i r e d f o r t h o c e n t r a l a d m i n i s t r a t i o n w ill n o t b o v e r y g r e a t , b u t
w h e n C o n g r e s s a c t s a w il li n g a n d s u p e r i o r s t a f f o f a s s is t a n t s s h o u l d b o a t M r .
H o o v e r ’s c o m m a n d .
S i n c e t h o f o o d a d m i n i s t r a t i o n w il l t r y t o u s e a ll
e x i s t i n g a g e n c i e s c o n c e r n e d w it h i t s w o r k a n d t o b r i n g in a ll t h o w o m e n
a n d t h e m e n o f t h e c o u n t r y a s s o c ia t e d w it h f o o d d i s t r i b u t i o n a n d c o n s u m p
t i o n , t h o a c t u a l n u m b e r o f A m e r i c a n s t a k i n g p a r t in t h e f o o d a d m i n i s t r a
t i o n w il l b o v e r y la r g e .
D u r i n g t h e p r e l im i n a r y p e r i o d a c a r e f u l s u r v e y is b e i n g m a d e o f a ll o f
t h e o f f e r s m a d o in o r d e r t o b r i n g i n t o s e r v i c e t h o s e m o s t n e e d e d n o w .
The
f i n o s p i r it o f t h o c o m m u n i c a t i o n s r e c e i v e d m a k e s i t e v i d e n t t h a t a g r e a t
s u r p lu s o f v o l u n t e e r s w il l g l a d l y h o l d t h e m s e lv e s a v a i l a b l e f o r c a l ls a t a n y
t im e .
S o c o m p l e t e a r o t h o p r o b l e m s a n d s o w id e s p r e a d t h o r a n g e o f p o s
s i b il i t i e s t h a t a l l o f t h o s e w h o a r o w il li n g s e e m l i k e l y t o b o a b l e t o r e n d e r
s o m o s e r v ic e s o o n e r o r la te r.
C l a s s i f i c a t io n s o f a ll v o l u n t e e r s a r o b e i n g
m a d e f o r p r e s e n t a n d fu t u r e r e fe r e n c e , a n d M r . H o o v e r w o u ld a p p re c ia te
b e i n g i n f o r m e d o f c h a n g e s t h a t a r o l i k e l y t o t a k o p l a c e in t h o p l a n s o f t h o s e
w h o a l r e a d y h a v e v o l u n t e e r e d f o r s e r v ic e w i t h h i m .
F o l l o w i n g h is i d e a o f t h e g r e a t e s t p o s s i b le d e c e n t r a l i z a t i o n o f t h o f o o d
a d m i n i s t r a t i o n , M r . H o o v e r p l a n s t o s u b m i t t h o n a m e s o f a ll t h o s e w h o s o
s e r v ic e s c a n n o t b o u s e d b y t h e c e n t r a l b o d y t o t h o v a r i o u s S t a t e o r g a n i z a
tio n s h a v in g t o d o w it h t h e f o o d p r o b le m s .
SP E C U L A T IO N
IN
CORN,
TURES”
IN
BUTTER
C H IC A G O
A N D
EGGS
“F U
CURBED.
T h e C h ica g o B o a rd o f T ra d e on the 4th in st. b y p la cin g
a m a xim u m price o f SI 05 per bushel on corn futures on and
a fter Ju n o 6 has, it is said, p ra ctica lly elim in ated sp ecu lation
in grains. T h e B o a rd had p reviou sly taken sim ilar a ction
in regard to w heat and o a ts, as w as n o te d in ou r issue o f
M a y 19. T h e resolu tion p la cin g a m a xim u m p rice on corn
reads as fo llo w s:
Resolved, T h a t o n a n d a f t e r W e d n e s d a y , J u n o 6 1 9 1 7 , u n t i l f u r t h e r
n o t i c e , m o m b e r s o f t h is B o a r d in m a k i n g c o n t r a c t s f o r t h e p u r c h a s e , o r f o r
t h o s a l e , b y g r a d e a l o n e , o f c o r n t o b e d e l i v e r e d in s t o r e , e it h e r f o r i m m e d i a t e
o r f o r f u t u r e d e l i v e r y , s h a ll n o t in e n t e r in g i n t o s u c h c o n t r a c t s e x c e e d t h e
p r ic o o f $1 6 5 p e r b u s h e l.
B e it fu r th e r
Resolved, T h a t a n y m e m b e r t r a d i n g in v i o l a t i o n o f t h o f o r e g o i n g s h a ll b o
d e e m e d t o h a v e c o m m it t e d a g r a v e o ffe n s e a g a in s t t h o g o o d n a m e o f th e
a s s o c ia tio n .
P residen t Joseph P . G riffin o f the C h ica g o B oa rd o f
T ra d e stated on the sam e d a y (Juno 4 ) th at the B o a r d ’s
a ctio n was taken fo r p reven ta tiv e reasons and was sim p ly in
su p p ort o f the p o licy o f P residen t W ilson an d h is advisers.
H is statem en t, a cco rd in g to the C h ica g o “ P o s t ,” is as
fo llo w s:
A t t h e s p e c i a l m e e t in g o f t h o b o a r d o f d i r e c t o r s o f t h i s B o a r d , h e l d t o
d a y , i t w a s d e c i d e d , u n t il f u r t h e r n o t i c e , t o p l a c e t h o m a x i m u m p r i c o o f
$ 1 6 5 o n a ll c o n t r a c t s in c o r n f o r f u t u r e d e l i v e r y .
S o t h a t th is a c t io n m a y
b o p r o p e r l y i n t e r p r e t e d a n d u n d e r s t o o d , I w is h t o a n n o u n c e t h a t t h o
d i r e c t o r s w e r e p r o m p t e d in t h i s s t o p f o r p u r e l y p r e v o n t i v o r o a s o n s .
W h i le
i t is a f a c t t h a t g o v e r n m e n t s a n d c o n s u m e r s a r o l ib o r a l b u y e r s o f c o r n f o r
p r e s e n t a n d f u t u r e d e l i v e r y , t h o r o is n o p r e s e n t i n d i c a t i o n t h a t t h i s b u y i n g
h a s r e a c h e d p r o p o r t i o n s t h a t m i g h t r e s u l t in u n d u l y e n h a n c in g v a l u e s .
I t is t h o p o l i c y o f t h o A d m i n i s t r a t i o n a t W a s h i n g t o n t o p r e v e n t t h o
p r i c e s o f f o o d s t u f f s r e a c h i n g a n a b n o r m a l l y h ig h l o v c l , a n d t h e a c t i o n o f
t h o d i r e c t o r y t o - d a y is s i m p l y in s u p p o r t o f t h o p o l i c y o f P r e s i d e n t W i l s o n
a n d h is a d v i s e r s .
T h o C h ica g o B u tter an d E g g B oa rd at a m eetin g on
June 1 a d o p te d u na n im ou sly a resolu tion w h ich ab olished
trad ing in eggs and b u tter fu tu res. Sales on call are lim ited
to sp ot transactions b y tho resolu tion . T h o C h ica g o “ H er
a ld ” on the 5th inst. stated th at w hen tho a ction o f the B oa rd
w as m a de kn ow n bu tter an d egg m en rosorted to trad ing
in “ fu tu res” in the lo b b y o f the H o te l Sherm an w ith ou t in ter
feren ce, their op eration s bein g p ra ctica lly “ c u r b ” tr des.
In d ictm e n ts against tw en ty -fiv e in d iv id u a ls and firm s
w ere returned b efore Ju dge L a n d is in tho U n ited States
D istrict C o u rt on June 2 , on charges o f h a v in g a ttem p ted to
crea te a m o n o p o ly o f eggs in the C h ica g o m a rk et. I t is
rep orted th at oth er in d ictm en ts are lik ely to be retu rn ed b y
th e F ederal G rand Ju ry against m em bers o f the B u tte r and
E g g B o a rd .
R o b e rt W . C h ild s, Special A ssistant A ttorn ey -G en era l,
w h o is co n d u ctin g tho fo o d situation in q u iry in C h ica g o , has
been jo in e d b y O liver E . P a g in , G overn m en t in d ictm en t
exp ert, w h o , it is said, w ill co -op era to in the w ork .
A SSO C IA TIO N OF
COM M ON
C R E D IT
SENSE
IN
M E N
COUNSELS
PRESENT
N E E D OF
E X IG E N C Y .
W h ile a d m ittin g th at w ar con d ition s m u st o f necessity
suggest e con om ies, J . I I . T re g o e , S ecretary an d Treasurer
o f tho N a tio n a l A sso cia tion o f C red it M e n , p oin ts o u t to
m em bers, in a circu lar letter issued June 1, th a t “ the na
tio n ’ s sa fety is b o u n d u p in tho evenness and p rosp erity of
ou r com m e rco and this sa fety w ill bo b etter con serv ed if w e
tak e each necessary step in ou r p u b lic and com m ercial life
in an ord erly fa s h io n .”
W e q u o te from tho circu lar as
follow s:
[Vol. 104
A r g u m e n ts a re f ly in g b a c k a n d fo r t h a b o u t th o e c o n o m ie s th a t s h o u ld
b o p r a c t ic e d b y o u r p e o p le u n d e r w a r c o n d it io n s .
H e r o a g a in t h o c o n
t a g i o n o f a n id e a o r s u g g e s t i o n is f o r c e f u l l y i ll u s t r a t e d .
I t is t h o s a m e c o n
t a g i o n w h ic h o v e r c o m e s h u m a n r e a s o n a n d c o n t r o l a n d b r i n g s f in a n c ia l
p a n ic o n u s .
W a r c o n d i t i o n s m u s t o f a n e c e s s it y s u g g e s t e c o n o m i e s , b u t
t h o n a t i o n ’ s s a f e t y is b o u n d u p in t h e e v e n n e s s a n d p r o s p e r i t y o f o u r c o m
m e r c o a n d t h i s s a f e t y w il l b e b e t t e r c o n s e r v e d i f w o t a k o e a c h n e c e s s a r y
s t e p in o u r p u b l i c a n d c o m m e r c i a l l if e in a n o r d e r l y f a s h i o n .
T h oro m ust
b o d i s c r i m in a t io n b e t w e e n e s s e n t ia ls a n d n o n - e s s e n t ia ls , b u t b y n o m e a n s
a n y t e n d e n c y t o f li g h t i n e s s o r t o t h e e x p r e s s i o n o f a n y b u t s t r i c t c o m m o n
sen se.
T h e r o m u s t b o a n e v e n n e s s in o u r l i f o , a f l o w o f c o m m o d i t i e s f r o m
p r o d u c e r t o c o n s u m e r , y e t a r e a r r a n g e m e n t o f o u r in d u s t r ie s s o t h a t s u p
p l ie s v i t a l l y n e e d e d f o r t h e m il i t a r y a n d n a v a l s e r v ic e m a y b o a d e q u a t e l y
p r o v id e d , b u t e v e r y re a rra n g e m e n t m u s t b o p u t t h o u g h w it h t h e g r e a te s t
c o m p o s u r e a n d p r u d e n ce a n d d o m in a te d b y c o m m o n sen se.
T h o d e c l a r a t i o n o f w a r f o u n d m a n y o f o u r r e t a il m e r c h a n t s w it h la r g e
s t o c k s o f m e r ch a n d is e .
M a n y o f t h e m m a y b e c o m e p a n i c s t r ic k e n a n d
lo s e t h e i r s e l f c o n t r o l , i f w o e n t e r u p o n e c o n o m ie s in a d i s o r d e r l y f a s h i o n .
T h i s s i t u a t i o n c a l ls f o r g r e a t s k ill f r o m t h o c r e d i t m a n .
H o m u st bo an
a d v i s e r o f h is c u s t o m e r s ; h o m u s t c o m p o s e t h e m le s t f e a r a n d d o u b t g a in
th e m a stery .
H e m u s t a s s u r e t h e m t o t h o e n d t h a t o u r c r e d i t a f fa ir s
m a y b e s u r r o u n d e d b y e v e r y s a f e - g u a r d a n d t h o s in o w s o f c o m m o r c o , j u s t
a s e s s e n t ia l a s t h o p u t t i n g o f a r m ie s i n t o t h e f i e l d , s h a ll n o t b o w e a k e n e d .
L e t u s s a y a g a in t h a t t h i s is t h o p e r i o d w h e n c o m m o n s o n s o s h o u l d r e ig n .
*
*
*
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W h ilo s p e a k in g o f th o w a r a s o n e fo r th o d o fo n s o o f lib e r t y a n d h u m a n
r ig h t s , y e t in t h o f in a l s i t u a t io n i t is a w a r a g a i n s t w a s t o .
F r o m it th e re
s h o u l d f l o w s o m e b e n e f i c i a l r e s u lt s t o o u r o n t l r o s o c ia l a n d c o m m e r c i a l
s tru ctu re .
T h e s e r io u s n e s s o f c o n d i t i o n s a n d t h o n e e d o f d e f i n i t e p r o p a r a *
t i o n l e a d s u s t o r e c o m m e n d c e r t a in p r o v i s i o n s w h i c h , i f p u t i n t o p t r a c t i c e ;
w ill u n d o u b t e d l y r e d u c e a v o i d a b l e w a s t e .
A n d f i r s t , i n d i v id u a l c r e d i t s h o u l d b o h a n d le d f e a r le s s l y .
T h o con *
s u m e r o f m e r c h a n d i s e , i. e . , t h o i n d i v id u a l b u y e r , s h o u l d n e i t h e r a s k n o r
b o o ffe r e d lo n g c r e d it s .
J u s t a s n e a r a c a s h b a s is a s is p o s s i b le s h o u l d b e
r e a c h e d b y u n a n im o u s a n d c o r d i a l a g r e e m e n t .
F o r t h o h o m o n e c e s s it i e s ,
1. e . , t h o d a i l y n e c e s s it ie s o f t h o h o m e , o v e n w h o r e t h o r is k is b e y o n d q u e s
t i o n , s e t t le m e n t s h o u l d b e w e e k ly a n d t h i s a r r a n g e m e n t i n s is t e d u p o n .
F o r c o m f o r t s , s u c h a s w e a r in g a p p a r e l , Sec., t h a t a r o b o u g h t t o la r g o e x
t e n t o n c r e d i t t e r m s , s e t t le m e n t s s h o u l d b o b i - m o n t h l y , a t t h o v e r y l o n g e s t
a n d w i t h t h e d o p a r t m o n t s t o r e s t h a t c a t e r t o c r e d i t b u y o r s , s e t t le m e n t
s h o u l d b o m a d o o n t h e f ir s t o f t h o m o n t h f o r p u r c h a s e s o f t h o p r e c e d i n g
m o n t h a n d n o l o n g e r t e r m s a l lo w e d .
W e m u s t b e g in th e s a v in g o f w a s te a t th o v e r y fo u n d a t io n o f o u r c o m
m erco.
T h e r o s h o u l d b o n o h a r d s h i p in b r i n g i n g i n d i v i d u a l c r e d i t s c l o s e
t o th e c a s h b a s is .
W a s t e c a n b e p r e v e n t e d b y t h o a d o p t i o n o f s u c h p la n
a n d c o m m e r c i a l f a ilu r e s w il l b e c u t d o w n .
DEPARTM EN T
OF
COMMERCE
F O R E IG N
PLANS
R E G A R D IN G
TRADE.
A lon g w ith an a n n ou n cem en t con cern in g the co n trol o f
ex p ort licenses, the B ureau o f F oreign an d D om e stic C o m
m erce m a d o k n ow n ?on the 7th in st. plans for tho im p orta
tion o f con trolled p rod u cts . W ith regard to ex p ort licenses
it said:
T h e 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 o c o n s id e r s it a d v is a b le
f o r e x p o r t e r s a t t h e p r e s e n t t im e w h e n m a k i n g c o n t r a c t s f o r e x p o r t t o s t a t e
in t h e b o d y o f t h e c o n t r a c t t h a t t h e s a le is m a d o s u b j e c t t o t h o s o l le r ’ s a b i l i t y
t o s e cu re a n e x p o r t p e r m it , i f o n e s h o u ld b o r e q u ir e d .
T h o B u rea 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 Issu e s t h i s w a r n in g in v i o w o f t h e p r o b
a b i l i t y o f C o n g r e s s e n a c t i n g le g is l a t i o n u n d e r w h i c h t h o e x p o r t o f c e r t a in
c o m m o d i t i e s t o c e r t a in c o u n t r ie s m a y b o c o n t r o l l e d b y t h e i s s u a n c e o f l i
cen ses.
I f t h i s is d o n e t h o e x p o r t e r s w ill s a v e h i m s e lf m u c h a n n o y a n c e
a n d p o s s i b le c la im s f o r d a m a g e i f t h i s c la u s e Is in s e r t e d in t h o b i ll o f s a l e .
On the su b ject o f tho|im portation o f con trolled p rod u cts
the Bureau said:
B y r e q u e s t o f th o S ta te D e p a r t m e n t, th e B u re a u o f F o r e ig n a n d D o m e s
t i c C o m m e r c o h a s u n d e r t a k e n t h o h a n d li n g o f v a r i o u s t r a d e m a t t e r s w i t h a
v i e w t o f a c il i t a t i n g t h o i m p o r t a t i o n in t h e U n it e d S t a t e s o f c e r t a in a r t ic l e s
n o w c o n t r o l l e d b y G r e a t B r i t a i n , e it h e r a t t h e p o i n t o f o r ig in , a s in t h o c a s e
o f c o lo n ia l p r o d u c t s , o r b y c o n t r o l o f s h ip p in g .
H it h e r t o th e s o im p o rts
h a v e b e e n h a n d le d u n d e r s p e c i a l a g r e e m e n t s m a d o b e t w e e n t h o A m e r i c a n
i m p o r t e r s a n d t h o B r i t is h G o v e r n m e n t .
N o c h a n g e h a s y e t b e e n m a d e in
t h e m e t h o d s o f h a n d li n g a n y p a r t i c u la r c o m m o d i t y , b u t p la n s a r o u n d e r
w a y b y w h i c h t h e s o a r t ic l e s w ill b o i m p o r t e d u n d e r a g r e e m e n t m a d o b e
t w e e n i m p o r t e r s a n d t h e U n it e d S t a t e s G o v e r n m e n t .
I n q u i r ie s w i t h r e g a r d t o c o n t r o l l e d i m p o r t s s h o u l d b o a d d r e s s e d in t h e
f ir s t in s t a n c e t o t h o v a r i o u s t r a d e a s s o c ia t i o n s , s u c h a s t h o T e x t i l e A l l ia n c e
a n d t h o R u b b e r C l u b , t h a t l ia v o m a d e a g r e e m e n t s w i t h t h e B r i t is h G o v
e r n m e n t , a s t h e B u r e a u c a n n o t a t p r e s e n t u n d e r t a k e t o i n v e s t ig a t e a n d
r e p o r t o n i n d i v id u a l s h i p m e n t s .
I n q u i r ie s w i t h r e g a r d t o t h o p l a n s w h e r e
b y p a r t i c u la r i m p o r t s w ill b o b r o u g h t in u n d e r a g r e e m e n t s b o t w o e n t h o i m
p o r t e r s a n d t h e U n it e d S t a t e s G o v e r n m e n t s h o u l d b o a d d r e s s e d t o t h e
B u re a u o f F o re ig n a n d D o m e s t ic C o m m e r c o .
I ’ r o m p t a n n o u n c e m e n t w ill
b o g i v e n in C o m m e r c o R e p o r t s o f a n y n o w a r r a n g e m e n t s t h a t m a y b o
e f f e c t e d w it h r e g a r d t o
c o n t r o lle d
im p o rts .
E M P L O Y E R S U R G E D TO GO S L O W B E F O R E A D J U S T I N G
S A L A R IE S
OF
E N L IS T E D
M EN .
A recom m en d a tion th a t tho G ov ern m en t en a ct legislation
p rov id in g fo r reason ab le separation allow an ces to bo paid
to tho depen den ts o f tho en listed porson nol o f tho arm y and
n a v y , ba sin g such com p en sa tion on tho n um ber o f de
p en den ts in each fa m ily , is a d v o ca te d in a rep ort m a do to
S ecretary B a k er as C h airm an o f tho C ou n cil o f N a tion a l
D efen se, b y a special co m m itte o o f tho C h a m b or o f C o m
m erce o f tho U n ited S tatos. M r . B a ker recen tly asked tho
N a tion a l C h a m b er to in vestigate and rop ort on tho m a tter
o f v olu n ta ry civilia n assistance in tho caro o f dopon don t
fam ilies o f m en enlisting in the m ilita ry and naval forces.
T h e N a tion a l C h a m b or co m m itteo, o f w h ich F . A . Seiberling o f A k ro n , O h io, P residen t o f tho G o o d y e a r T iro &
R u b b e r C o ., is C h airm an , fu rth er recom m en d s th at tho
G o v ern m en t officia lly designate som o n ational orga nization
J une 9 1917.]
THE CHRONICLE
to raise a general fu n d b y v o lu n ta ry p u b lic su b scrip tion an d
d istrib u te the fu n d so raised fo r th e a llevia tion o f con d ition s
n o t a d e q u a te ly m et b y n ation a l or S tate allow an ces. T h is
o rga n iza tion w ou ld op era te in co n ju n ctio n w ith representa
tiv e lo ca l b o d ie s. T h e com m ittee is o f th e fu rth er o p in io n
th a t p en din g a ction o f tho F ederal G ov ern m en t in th e m a tter
a n d the p u b lica tio n o f details o f th e u ltim a te p la n , em p loyers
th ro u g h o u t the co u n tr y sh ou ld m ake o n ly tem p ora ry c o m
m itm en ts to th e depen den ts o f th eir em p loyees w h o en list,
in a cco rd a n ce w ith th e su ggestion o f th e S ecreta ry o f W a r
re ce n tly m a d e to the N a tio n a l C h a m b er. T h e r e p ort fu rth er
sets o u t:
I n v i e w , h o w e v e r , o f t h e b u s in e s s u n c e r t a i n t y w h i c h t h o t e m p o r a r y n a t u r e
o f th e s e c o m m it m e n t s c r e a te s , a n d in v ie w o f th e la rg e a n d c o n fu s in g n u m
b e r o f i n d i v i d u a l a n d s e p a r a t o c o m m u n i t y e f f o r t s t o r a is e f u n d s f o r t h e
a n t i c i p a t e d n e e d s o f d e p e n d e n t f a m il i e s , a ll I n d i c a t in g t h e n e e d f o r c o
o r d in a t e d e f fo r t , th is c o m m it t e e v e r y r e s p e c t fu lly u rg e s p r o m p t a c t io n b y
t h e G o v e r n m e n t a n d t h e s p e e d y p u b l i c a t i o n o f t h o d e t a i ls o f t h e g e n e r a l
p la n .
L a rg e e m p lo y e r s t h r o u g h o u t th e c o u n t r y a lr e a d y h a v e ta k e n th o in i
t ia t iv e , a s t h e y d id d u r in g t h o p e r io d w h e n t r o o p s w o re r e q u ir e d f o r th e
g u a r d i a n s h ip o f t h e M e x i c a n b o r d e r , a n d h a v e m a d o p r o v i s i o n f o r t h e c a r e
o f t h o d e p e n d e n t s o f t h e i r e n l is t e d e m p l o y e e s .
I t is r e a l iz e d , h o w e v e r ,
t h a t th is c a n n o t c o n t in u o u p o n a n y g e n e ra l s c a le , p a r t ic u la r ly in v io w o f
th o u n c e r ta in p e r io d o f d u r a t io n o f th e w a r , w it h o u t im p o s in g h a r d s h ip
a n d e m b a r r a s s m e n t u p o n t h e s m a l le r e m p l o y e r s w h o a r e i n t h o m a j o r i t y
th rou gh ou t th o co u n try .
O b v i o u s l y , b u s in e s s f ir m s a n d c o r p o r a t i o n s
e v e r y w h e r e w o u ld b e th o la r g e s t c o n t r ib u t o r s t o a n y n a tio n a l p a t r io t ic
f u n d ra is e d f o r th e p u r p o s e n a m e d .
A sta tem en t issued b y the C h a m b er u nder da te o f th e 4 th
in s t., m a k in g k n ow n the a b o v e recom m en d a tion s, says:
S e c r e t a r y G o o d w i n o f t h o N a t i o n a l C h a m b o r s a i d t h e p l a n s in o p e r a t i o n
in G r e a t B r ita in a n d C a n a d a d iffe r in d e ta il th o u g h th e e x p e r ie n c e s o f e a c h
c o u n t r y s e e m t o h a v e b e e n s im ila r.
I n G r o a t B r i t a i n t h e r e is a s e p a r a t i o n
a l lo w a n c e f o r t h e d e p e n d e n t f a m i l y .
T h e w i f o r e c e iv e s f r o m t h o G o v e r n
m e n t a n a l l o w a n c e o f s o m u c h a w e e k , t o w h i c h is a d d e d a n a l l o t m e n t o f
s o m u c h a w e e k o u t o f t h e h u s b a n d ’ s m il i t a r y p a y .
T h o G overn m en t
m a k e s a n a d d i t i o n a l a l lo w a n c e f o r t h o f i r s t c h i l d , s o m u c h f o r t h o s o c o n d ,
a n d s o m u c h f o r e v e r y o t h e r c h i l d i n t h o fa m ily *.
T h e s e a l lo w a n c e s d o n o t
d o a w a y w i t h t h o n e c e s s it y f o r r e l i e f e f f o r t s o n t h o p a r t o f t h e p u b l i c o r
g a n iz a tio n s s u c h a s th e S o ld ie r s ’ a n d S a ilo rs ’ R e lie f S o c ie t y , a n d o t h e r
o r g a n i z a t io n s w h o s e v o l u n t a r y w o r k e r s a n d l o c a l c o m m i t t e e s t a k e c a r e o f
c a s e s s e e m in g t o d e m a n d s p e c i a l a s s i s t a n c e .
I n C a n a d a th e r e a re th re e so u rce s o f re v e n u e fo r d e p e n d e n ts : F ir s t, a
p o r t i o n o f h i s p a y , t h o p e r c e n t a g e d e t e r m in e d b y i n d i v id u a l c o n d i t i o n s , is
d e d u c t e d a n d s e n t h o m e t o t h o s o d e p e n d e n t o n t h o s o l d ie r o r s a i lo r .
S ec
o n d , t h o G o v e r n m e n t m a k e s a s e p a r a t i o n a l lo w a n c e I n t e n d e d t o e n a b le
d e p e n d e n t s t o a p p r o x i m a t e t h o p r e - e n li s t m o n t m a i n t e n a n c e s t a n d a r d .
T h i s a l lo w a n c e r e p r e s e n t s a f l a t s u m , r e g a r d le s s o f t h o s i z e o f t h e f a m i l y .
T h i r d , t h e r e is a N a t i o n a l P a t r i o t i c F u n d , r a is e d b y v o l u n t a r y p u b l i c
s u b s c r ip t i o n a n d d i s t r i b u t e d b y a c o r p o r a t e o r g a n i z a t io n a u t h o r i z e d b y
th o D o m in io n G o v e rn m e n t.
T h i s f u n d t a k e s c a r o o f n e c e s s it o u s c a s e s
w h e r o l o c a l I n v e s t ig a t io n s e e m s t o e s t a b lis h t h e n e e d f o r i t .
I t w a s s a id In t h e c o m m i t t e e r e p o r t t h a t e n lis t e d m e n in t h o a r m io s a b o v e
r e fe r r e d t o n e i t h e r n e e d n o r d e s ir e r e m u n e r a t io n in a d d i t i o n t o t h e s e r v ic e
p a y , w h i c h , i n a c c o r d a n c e w it h r a n k , t h e y r e c e iv e a s a p r o v i s i o n o f s t a t u t e ,
fo r t h o fo llo w in g re a so n s:
T h e y h a v e l i t t l e o r n o o p p o r t u n i t y o f s p e n d i n g m o n e y f o r n e c e s s it i e s
a t th o fro n t.
I t is u n d e m o c r a t i c t o h a v e m e n s e r v i n g in t h e r a n k s a l o n g s i d e o n e a n o t h e r
w i t h d i f f e r e n t r a t e s o f p a y f o r t h e i r p a t r i o t i s m , a s m u s t h a p p e n i f e n l is t e d
m e n r e c o i v o I n d i v i d u a l a l lo w a n c e s f r o m t h e i r r e s p e c t i v e e m p l o y e r s ; a n d
s u c h d iffe r e n t ia t io n h a s b e e n fo u n d t o b e a c o n t r ib u t in g f a c t o r to w a rd s
d e s e r t io n s f r o m t h e r a n k s .
I t h a s b e e n f o u n d t h a t m e n f r a t e r n i z e t o g e t h e r in t h e t r e n c h e s u n d e r
c ir c u m s t a n c e s w h i c h lo a d t o e x c h a n g e s o f c o n f i d e n c e a s t h o r e s u l t o f a f e w
d a y s ’ in t im a t e a c q u a in t a n c e n o t p o s s ib le u n d e r n o r m a l c o n d it io n s .
T hoy
r e c e i v e l e t t e r s f r o m h o m o : k n o w l e d g e o f d i f f e r e n c e s in t h o s t a n d a r d o f f a m i l y
m a i n t e n a n c e , e m p h a s iz e d b y a s s i s t a n c e f r o m s e v e r a l s o u r c e s , b r e e d s d i s
c o n t e n t , a n d d i s c o n t e n t le a d s t o d e s o r t i o n s .
T h o f u n d a m e n t a l a im o f t h o p r o s o n t r e a d j u s t m e n t s o f m e t h o d s o n t h o
p a r t o f t h o f o r o i g n G o v e r n m e n t s r e fe r r e d t o , t h e r e p o r t c o n c lu d e s , s e e m s t o
b e : (a ) T o e s t a b lis h e q u a l i t y in t h o b a s is o f s e r v ic e In t h o r a n k s ; ( b) t o
e q u a li z e t h o b u r d e n u p o n i n d u s t r y a n d p c o p i o ; a n d ( c ) t o a v o i d d u p l i c a t i o n
o f p a t r i o t i c o r g a n i z a t io n s a n d f u n d s , a n d t o c o m b i n e a ll t h o m a c h i n e r y o f
f a m i l y m a i n t e n a n c e w it h a n e y e t o t h o p s y c h o l o g i c a l e f f e c t u p o n t h o s o l d ie r
a t th e fro n t.
STATE ARMORIES IN ZONES BARRED TO ENEMY
ALIENS.
T h o m a s D . M c C a r t h y , U n ite d S tates M a rsh a l fo r th e
Sou th ern D is trict o f N o w Y o r k , an n ou n ced o n M a y 15 th at
n o en em y alien w o u ld b o allow ed to g o w ith in on e-h a lf m ile
o f a n y S tate a rm ory w ith o u t sp ecial perm ission fro m tho
F ederal au th orities. T h e D ep a rtm en t o f J u stice, o n requ est
o f M a rsh a l M cC a rth y , fo r a ru ling as to w h eth er or n o t
arm ories sh ou ld b e con sidered as in clu d ed in P resid en t W il
son ’ s w a r p ro cla m a tion ba rrin g en em y aliens fro m w ith in
o n e-h a lf m ile
o f a n y G ov e rn m e n t a rm y p o s t, fo r t ,
arsenal, & c ., ruled th at the w ord “ arsen al” cov e rs a n ar
m o r y . T h o letter from A ssistant A ttorn ey -G en era l C harles
W a rron to M a rsh a l M cC a rth y , g iv in g this ru ling, follow s:
Washington, Mag 1 5 .
The United States Marshal, Southern District of New York:
Sir— T h i s D e p a r t m e n t is in r e c o ip t o f y o u r l e t t e r o f M a y 1 0 , s u b m i t t i n g
t h e q u e s t i o n a s t o w h e t h e r r e g u l a t io n N o . 4 o f 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
c o v e r s N e w Y o r k S t a t e a r m o r ie s a n d t r a n s m it t i n g t h e o p i n i o n t h e r e o n o f
A s s i s t a n t U n i t e d S t a t e s D i s t r i c t A t t o r n e y K n o x in t h e m a t t e r .
I n r o p i y y o u a r e a d v i s e d t h a t in t h e o p i n i o n o f t h i s D e p a r t m e n t t h e w o r d s
‘ ‘ F e d e ra l o r S t a t e ” q u a lify n o t o n ly th o n o u n " f o r t s , ” b u t a ls o th o n o u n s
" c a m p s , a r s o n a ls , a i r c r a f t s t a t i o n s , ” a n d t h a t i t is f u r t h e r t h o o p i n i o n o f t h e
D e p a r t m e n t t h a t t h e w o r d “ a r s e n a l” c o v e r s " a r m o r i e s ."
I t w o u ld s e e m
f r o m t h i s , t h o r e f o r o , t h a t 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 c o v e r s t h o N o w
Y o r k j s t a t o a r m o r ie s r e fe r r e d u .
R e s p e c t fu lly ,
CHARLES
W ARREN,
Assistant Attorney-General.
3303
I t w as fu rther an n ou n ced th a t p relim ina ry pa pers or a p p li
cation s fo r citizenship in n o w a y ex em p t th e h olders fr o m
com p lian ce w ith th e term s o f th e P resid en t’ s w ar p rocla m a
tion . W h ile officia ls rega rd th e ta k in g o u t o f “ first pa p ers”
as an evid en ce o f g o o d fa ith , th e y m a de it p la in th a t n on e o f
the rights o f citizens c o u ld b e o b ta in ed b y h olders o f these
papers until th e y h a v e receiv ed their fin a l certifica tes.
In this c ity , it is sa id , m ore th an 55,000 en em y aliens h a v e
filed ap p lication s. T h e ov erla p p in g a rm ory zones o f th e
c ity h ave caused the n um erou s a p p lica tion s, m a n y u nn atural
ized residents bein g ap preh en sive as to th e cu rta ilm en t o f
their ordin ary a ctiv ities. M a rsh a l M c C a r t h y is q u o te d as
saying:
A r u l in g h a s b e e n m a d e w h e r e b y e n e m y a lie n s t r a v e l i n g t h r o u g h a b a r r e d
z o n e b y t r o l l e y , e l e v a t e d r a i lw a y o r s u b w a y , a n d n o t a l i g h t i n g , w il l n o t n e e d
p e r m it s .
U l t i m a t e l y , I b e l ie v e t h a t a p e r m i t f o r t h e z o n e in w h ic h t h e G e r
m a n r e s id e s o r is e m p l o y e d w il l b e s u f f i c i e n t t o a l l o w h i m t o t r a v e l a n y w h e r e
in th e c it y .
P e rs o n a l re g is tr a tio n m a y b e r e q u ir e d o f th o s e w h o m a y w a n t
t o tra v el fro m o n e c it y t o a n oth er.
A num ber o f G erm ans e m p lo y e d in this c it y are said to h a v e
lost their p osition s, la rgely becau se em p loyers rath er th an
endorse their ap p lication s h a d disch arged th e m . T h is a ctio n
has b rou gh t a statem en t fro m M a rsh a l M c C a r t h y , w arn in g
em p loyers th a t th ey are n o t b est serving th e n a tio n b y such
acts, an d he stron g ly con d em n ed it as n a rrow , u n fa ir an d
u n -A m erica n .
U n ited States M a rsh a l Jam es M . P o w e r o f B r o o k ly n
a n n oun ced o n M a y 30 th a t he h ad receiv ed w o rd fro m
A tto rn e y G eneral G reg ory in W a sh in g ton th a t th e tim e
w ith in w h ich en em y aliens m u st file a p p lica tion s fo r perm its
to rem ain w ith in th e lim its o f w ar zones has b een ex ten ded
fro m Ju n e 1 to Ju n e 9 . T h e change in da te w as m a d e w hen
it b eca m e e v id e n t th a t m a n y aliens m igh t fin d them selves
in an em barrassing situ ation ow in g to th e in a b ility o f the
G ov ern m en t depa rtm en ts to ch e ck u p an d pass u p on all the
a p p lica tion s w ith in the tim e origin a lly set.
M a y o r M itc h e ll’s em p loym en t co m m ittee, it is sta ted , w ill
fa ce th e prob lem o f securing em p loym en t fo r ov er 1,000
G erm an w a terfron t w orkers w h o w ill n o t b e p erm itted to go
to their places o f w ork on o r after to -d a y (the 9 th in st). T h e
p ligh t o f these m en w as b rou gh t to the a tten tion o f th e em
p loy m en t co m m ittee on th e 3rd inst. b y M a rsh a l M c C a r t h y ,
w ho also said th a t ap plican ts n o t sw orn in w hen th e tim e
lim it expired w ou ld n o t receiv e p erm its to reside, travel
through or w ork in barred zones.
$100 ,0 00 ,0 00
TO BE RAISED BY RED CROSS WAR
COUNCIL.
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W ilson , an d o f w h ich H en ry P . D a v iso n is C h airm an , h eld
a tw o -d a y s ’ con feren ce in W a sh in gton o n M a y 24 a n d 25
to fu rther its plans fo r a cam p aign to raise $1 00 ,0 00 ,0 00 to be
used fo r w ar relief w ork , n o t o n ly o n b eh a lf o f A m erica n s, b u t
fo r the p eoples in th e foreign w ar zones m a d e destitu te b y
tho w ar. M r . D a v iso n m ade a general statem en t ou tlin in g
his plans a t the con feren ce, w hich w as a tten d ed b y representa
tives o f m ore than fo r ty cities. W h ile it is th e p u rpose to
raise $1 00,000,000 a t the start, this w ill represent o n ly the
begin ning o f the en deavors o f th e C o u n cil, w h ich w ill seek
to au gm en t th a t sum con sid era b ly, enlisting in its efforts
the aid o f a com m ittee o f p rom in en t business m en to be
chosen in each c ity . In ou tlin in g th e plans in d etail to th e
m em bers o f th e F in an ce C om m ittee o f th e R e d C ross, in clu d
ing E . T . S totesb u ry o f P h ila d elp h ia, H . L . H iggin son o f
B o s to n an d Julius R osen w a ld o f C h ica g o , M r . D a v iso n o n
M a y 24 said:
T h e m o s t s t u p e n d o u s a n d a p p e a li n g c a l l In t h e h i s t o r y o f t h e w o r l d t o
a i d s u f fe r i n g h u m a n i t y c o n f r o n t s o u r R e d C r o s s .
M illio n s o f m e n w h o h a v e
b e e n f i g h t i n g f o r l i b e r t y lie d e a d o r w o u n d e d ; m il l io n s o f w o m e n a n d c h i ld r e n
a r e h o m e le s s a n d h e lp le s s ; h u n d r e d s o f t o w n s a n d v i ll a g e s h a v e b e e n d e
s t r o y e d ; d is e a s e a n d d is t r e s s a r e r a m p a n t .
U p t o n o w o u r o w n p e o p l e h a v e n o t s u f fe r e d .
W h i le E u r o p e h a s b e e n
p o u r in g o u t h e r life b lo o d , A m e r ic a h a s e x p e rie n ce d a p r o s p e r ity s h e h a d
n e v e r k n o w n b e fo r e .
B u t n o w w e o u r s e l v e s a r e in t h i s g i g a n t i c w a r .
W e n o w see th a t th e
s t r u g g l e a g a i n s t a u t o c r a c y a n d t y r a n n y w h ic h o u r a llie s h a v e b e e n m a k i n g
is a n d h a s f r o m t h e f i r s t b e e n , in r e a l i t y , n o le s s o u r s t r u g g l e t h a n t h e i r s .
W e o u r s e l v e s m u s t n o w s h a r e t h e s u f fe r i n g w h i c h t h e y h a v e e n d u r e d ; w e ,
t o o , m u s t b e a r t h e b u r d e n s a n d w e m u s t d o o u r p a r t in a v e r y r e a l w a y .
O u r R o d C r o s s is a v i t a l f a c t o r i n t h e s t r u g g l e .
T o p r o m o t e e f f i c i e n c y in
a d m i n i s t e r i n g i t s g r e a t r e s p o n s i b il i t ie s , t h o P r e s i d e n t o f t h e U n it e d S t a t e s
h a s c r e a te d a R o d C r o s s W a r C o u n c il. _ W e o f th e C o u n c il k n o w n o w o n ly
w h a t t h o m in im u m r e q u i r e m e n t s a r e .
B u t w e k n o w a lr e a d y t h a t th e n e e d s
w h ic h o u r R e d C r o s s c a n a lo n e s u p p ly a re a t p re s e n t b e y o n d c o m p u t a t io n .
S o m e t h i n g o f w h a t w e m u s t e x p e c t t o d o a n d s o m e t h in g o f t h e s a c r if i c e s
w h i c h w e m u s t e x p e c t t o m a k e w il l b e i n d i c a t e d b y t h e f o l l o w i n g s u m m a r y
o f t h e v e r y p r e s e n t s i t u a t io n :
H u n d r e d s o f A m e r ic a n d o c t o r s a n d n u rses a re a lr e a d y a t t h e f r o n t .
A
f o r c e o f 1 2 ,0 0 0 A m e r i c a n e n g in e e r s w ill s o o n b e r e b u i ld in g t h o r a i lr o a d s o f
F ra n ce.
U p w a r d s o f 2 5 ,0 0 0 A m e r i c a n m e n a r e n o w o n t h e b a t t l e f i e l d s o f
E u r o p e , f ig h t i n g a s v o l u n t e e r s in t h e A l l ie d a r m ie s ; s o o n 2 5 ,0 0 0 A m e r i c a n
r e g u la r s w ill b e a d d e d t o t h e i r n u m b e r .
A l l o u r N a t i o n a l G u a r d is t o b e
3304
m o b i l i z e d , o u r r e g u la r a r m y is t o b e r e c r u it e d t o f u ll s t r e n g t h , a n d 5 0 0 ,0 0 0
o t h e r m e n a re s h o r t ly t o b e c a lle d t o th e c o lo r s .
W ith in a fe w m o n t h s w o
s h o u l d a n d w ill h a v o in s e r v ic e a n a r m y o f 1 , 0 0 0 ,0 0 0 a n d a n a v y o f 1 5 0 ,0 0 0
m en.
T h ese m en m u st h a v e o f ou r b est.
T o p r e p a r e a g a in s t t h e ir n e e d s in
a d v a n c e w il l b o a s t u p e n d o u s t a s k w h i c h t h o R e d C r o s s m u s t u n d e r t a k e .
D o c t o r s , n u rses, a m b u la n c e s , m u s t b e m a d e r e a d y .
V a s t q u a n t it i e s o f
h o s p i t a l s t o r e s , l in e n , b a n d a g e s a n d s u p p l i e s o f e v e r y k i n d m u s t b e p r e p a r e d
and at on co.
I f w e w a it , it m a y b e t o o la te .
W h e n w o ask o u r o w n sons
a n d b r o t h e r s t o f i g h t f o r o u r l i b e r t y 3 , 0 0 0 m ile s f r o m h o m o , in a c o u n t r y
a l r e a d y s o r e a n d a f f l i c t e d , s u r e t y w o c a n n o t d o le s s t h a n p r o p a r o t o t a k e
c a r e o f t h e m i n t h e ir d a y o f s u f fe r i n g .
G a ll a n t C a n a d a , f r o m 8 , 0 0 0 , 0 0 0 p o p u l a t i o n , r a is e d a n a r m y o f 4 5 0 ,0 0 0
m en.
E i g h t y t h o u s a n d a r o d e a d o r i n ju r e d , a n d C a n a d a h a s r a is e d in
v a l u o § 1 6 , 0 0 0 , 0 0 0 f o r t h o R e d C r o s s t o r e li e v e h e r s i c k a n d w o u n d e d .
H er
R e d C r o s s , t h u s v i t a l i z e d b y t h e s a c r if i c e o f t h o s e a t h o m o , h a s b e e n a b l e t o
s a v e t h o u s a n d s f r o m d e a t h o r m is e r y .
I m m e d i a t e l y o u r s o ld ie r s g o i n t o c a m p , t h e i r d e p e n d e n t f a m il i e s w il l b e
c o m e a p r o b le m .
O b v i o u s l y , In a c o u n t r y t h o s iz e o f o u r o w n , t h o p r o p e r
a n d p r a c t i c a l w a y t o d i s t r i b u t e b o t h t h o b u r d e n s a n d t h o b o n o f i t s f a ir l y
a n d u n i f o r m l y w il l b o t h r o u g h t h o G o v e r n m e n t I t s e lf.
T h i s is e s p e c i a ll y
f i t t i n g w h e n v o l u n t a r y c o n t r i b u t i n o s m u s t m e e t s u c h e n o r m o u s r e q u ir e
m e n t s in o t h e r f i e l d s .
T h e r e w il l u n d o u b t e d l y a r is o a la r g e n u m b o r o f
s p e c i a l c a s e s r e q u i r in g a d d i t i o n a l o r u n u s u a l a s s is t a n c e .
S u c h a s s is t a n c e
s h o u l d b e m a d e s y s t e m a t i c la r g e ly t h r o u g h l o c a l c h a p t e r s o f t h o R e d C r o s s .
W h e n o u r m e n g o t o F r a n co , w o m u s t n o t o n ly p re p a re t o ta k e ca ro o f
t h e m w h e n s i c k a n d w o u n d e d : a n o t h e r v e r y s e r io u s p r o b l e m w ill c o n f r o n t
t h e m a n d w il l c o n f r o n t u s in o u r c a r e a n d f o r e t h o u g h t o n t h e i r b e h a lf .
E n g li s h m e n a n d F r e n c h m e n , w h e n f r o m t im e t o t im e t h e y a r o r e li e v e d f r o m
t h e ir g r i m d u t i e s in t h o t r e n c h e s , g o h o m e .
T h e s o ld ie r s f r o m o t h e r c o u n
t r ie s o n t h o f ir i n g l in e c a n n o t g o h o m e ; t h e r e is n o h o m o t o g o t o !
T hey go
t o P a ris .
M a n y o f t h e m d o n o t r e t u r n f r o m P a r is a s e f f i c i e n t s o l d ie r s a s
th e y w ere w h en th o y w e n t th ere.
O u r A m e r i c a n s o l d ie r s m u s t h a v e a h o m e
in F r a n c e , s o m o h w e r o t o r e s t , s o m e w h e r e t o f in d a f r i e n d l y a t m o s p h e r e ,
s o m e w h e r e t o g o f o r r e c r e a t i o n a n d w h o le s o m e a m u s e m e n t .
T h eso m en
w il l b e r e t u r n in g t o t h i s c o u n t r y s o m e d a y .
W e w a n t t o m a k e i t c e r t a in
t h a t a s m a n y a s p o s s i b le r e t u r n in h e a l t h a n d s t r e n g t h , a n d n o t a f f l i c t e d
w i t h d is e a s e f r o m w h ic h o u r f o r e t h o u g h t m ig h t h a v e p r o t e c t e d t h e m .
T h e R e d C r o s s m u s t— a n d it a lo n e c a n — b e c o m e a rea l F o s t e r P a re n t o f
o u r s o l d ie r s w h il e t h e y a r e In E u r o p o . T o p e r f o r m t h a t f u n c t i o n w e ll w ill
r e q u i r e a la r g e s u m o f m o n e y .
T h e n e e d s o f F r a n c o c a n n o t b u t s t ir t h e h e a r t o f e v e r y A m e r i c a n . T u b e r
c u l o s is h a s b e c o m e p r e v a l e n t a s a r e s u lt o f t h is t r e n c h w a r .
A n d th o d is
e a s e is s p r e a d i n g .
H e r e is a c a ll n o t o n l y t o a i d t h o b r a v e a n d l i b e r t y - l o v i n g
F r e n c h p e o p le , b u t a ls o t o h e lp m a k e th is a fflic te d c o u n t r y h e a lth y fo r o u r
o w n s o n s a n d b r o t h e r s , w h o a r o s o o n t o b e t h e r e in s u c h g r o a t n u m b e r s .
S o m e 1 ,5 0 0 t o w n s a n d v i ll a g e s h a v o b e e n d e s t r o y e d in F r a n c e .
In her
d e v a s t a t e d r e g i o n s , m e n , w o m e n a n d c h i ld r e n a r o h o m e l e s s a n d s u f fe r in g
f o r t h e b a r e s t n e c e s s it i e s o f l i f e . W e o u g h t a t t h o e a r lie s t m o m e n t t o p r o
v i d e t h e s o p e o p l e s w i t h t h e s i m p le s t e s s e n t ia ls t o b e g i n l i f e a n e w .
T hey
n e e d c l o t h i n g , a g r i c u lt u r a l im p le m e n t s , d o m e s t i c a n im a l s , e s p e c i a ll y h o r s e s
a n d c o w s , s e e d s , f e r t i l iz e r s , t o o l s , b e d d i n g , s t o v e s a n d t h o e l e m e n t a r y m a
t e r ia l s w i t h w h ic h t o c o v e r t h e m s e lv e s b y d a y a n d b y n i g h t .
S o m o id e a
c a n b e f o r m e d o f t h o a m o u n t i n v o l v e d in s u c h a n u n d e r t a k in g w i t h t h e
k n o w l e d g e t h a t M r . H o o v e r , t h r o u g h h is m a g n i f ic e n t o r g a n i z a t io n , h a s
a d v a n c e d f o r G o v e r n m e n t s a n d f r o m p r i v a t e s u b s c r ip t i o n s $ 3 5 0 ,0 0 0 ,0 0 0 f o r
r e l i e f in B e l g i u m .
I f th e re w e re n o t h o u g h t o f p r o t e c tio n a n d p r o v is io n fo r
o u r o w n p e o p l o in F r a n c e , c a n w e h e s i t a t e t o p r o v i d e g e n e r o u s l y f r o m o u r
p l e n t y t h a t w e m a y s h o w s o m o a p p r e c i a t io n o f o u r e v e r l a s t i n g d e b t t o t h e
p e o p l e o f o u r s is t e r r e p u b l i c ?
W e s h o u l d d o s o m e t h in g a n d d o i t i m m e d i a t e l y t o h e a r t e n a f f l i c t e d R u s
s ia .
O n t h e R u s s i a n lin o o f 1 ,0 0 0 m il e s t h e r e a r e o n l y 6 ,0 0 0 a m b u l a n c e s ,
w h il e o n t h o F r e n c h f r o n t o f 4 0 0 m ile s t h e r e a r e 6 4 . 0 0 0 a m b u l a n c e s f u l l y
e q u ip p e d .
B e h in d t h o lin e s in R u s s i a a r e m illio n s o f r e fu g e e s f r o m P o l a n d ,
L i t h u a n ia a n d W e s t e r n R u s s i a — d r i v e n f r o m t h e ir h o m e s b y t h o G e r m a n a n d
A u s t r i a n a r m ie s , w a n d e r i n g f r o m c i t y t o c i t y , c r o w d e d i n t o u n f i t h a b it a t i o n s ,
h u d d le d in s t a b l e s , c e lla r s a n d o u t h o u s e s , a n d d y i n g f r o m d is e s a o d u o t o
e x p o s u r e a n d i n s u f f i c ie n t f o o d .
R u s s i a n e e d s o u r t r a in e d w o m e n t o in s t r u c t h e r s in t h e a r t o f n u r s in g ; s h e
n e e d s e n o r m o u s q u a n t it i e s o f t h o e l e m e n t a r y a r t ic le s n e c e s s a r y t o r e lie v e
t h e v e r y w o r s t c a s e s o f p a i n a n d s u f fe r i n g .
P r o b a b ly n o th in g th a t ca n b e
d o n e i m m e d i a t e l y w ill d o m o r e t o w in t h is w a r t h a n t o s t r e n g t h e n R u s s ia .
T h e o p p o r t u n i t y a n d t h o d u t y h e r e a l o n e a r o a l m o s t w i t h o u t lim i t in e x t e n t .
O u r R e d C r o s s is t h e o n e a g e n c y w h i c h c a n e x e r t i t s o l f e f f e c t i v e l y in t h is
te r rib le e m e r g e n c y .
T h o fo r e g o in g a ro b u t th o g re a te r a n d m o r e u r g e n t n e e d s o f th o m o m e n t .
O th e r w o r k o f g r e a t m a g n itu d e m u s t b e d o n e .
O u r R e d C r o s s m u s t m a in
t a i n a s u p p l y s e r v ic e w h e r e b y a ll t h o c o n t r i b u t i o n s in k i n d w h ic h o u r p e o p l e
m a k e c a n b e e ffic ie n tly d is t r ib u t e d .
W o m u s t o r g a n iz o c o m p r e h e n s iv e
p l a n s t o k e e p t h o f a m il i e s a n d f r i e n d s o f o u r s o ld ie r s a n d s a ilo r s i n f o r m e d a s
t o t h o w o u n d e d a n d m is s in g .
I n d e e d t h o d u t i e s a n d t h e o p p o r t u n i t i e s w h ic h c o n f r o n t o u r R e d C r o s s
h a v e n o p r e c e d e n t in h i s t o r y a n d a r e n o t w it h i n h u m a n e s t im a t e t o - d a y .
T h e W a r C o u n c i l , h o w e v e r , c a n m a k e d e f in it e p l a n s a n d b u d g e t s o n l y t o
t h e e x t e n t t o w h i c h i t is s u p p o r t e d b y t h o g e n e r o s i t y o f t h o A m e r i c a n p e o p l o .
A t t h o m o m e n t , t h o r e a l q u e s t i o n is n o t s o m u c h h o w m u c h m o n e y w o
n e e d , b u t r a t h e r h o w m u c h c a n b e s p e n t w is e l y a n d m a d o e f f e c t i v e in t h e
im m e d ia te fu t u r e .
T h o W a r C o u n c i l , t h e r e fo r e , a f t e r c a r e f u l l y c o n s i d e r
i n g t h e m a t t e r , is c e r t a in t h a t e v e n t o a p p r o a c h c o m p l i a n c e w i t h t h o m o s t
p r e s s in g n e e d s w ill r e q u i r e a t l e a s t $ 1 0 0 ,0 0 0 ,0 0 0 .
I t is a n e n o r m o u s p r o b l e m ; i t m u s t b e h a n d le d w i t h a b i g h e a r t , w it h a
b r o a d v i s i o n , a n d w it h t h o h ig h e s t b u s iu e s s a b i l i t y .
T h o W a r C o u n c il
r e g a r d s i t s t a s k a s a v e r y s a c r e d t r u s t a n d i t w ill g i v e t o t h i s l a b o r o f h u m a n
i t y t h o b e s t a b i l i t y a t it s c o m m a n d .
I f e a c h i n d i v id u a l A m e r i c a n n o w c o n t r i b u t e s h is " b i t , ” t h e r e c a n b o n o
f a il u r e .
A m e r i c a w i l l , w e fe e l s u r o , in t h is a g a in d e m o n s t r a t e h e r a b i l i t y
t o h a n d le a b i g t a s k in a b i g w a y .
T h a t w o m a y b o a b l e t o p e r f o r m t h is
g r e a t t a s k , w o s h a ll a p p e a l t o t h e g e n e r o s i t y a n d f o r t h o h e a r t y c o - o p e r a t i o n
o f t h e w h o le A m e r ic a n p e o p le .
I f , in m a k i n g a s u r v e y o f t h o o b l i g a t i o n s a n d o p p o r t u n i t i e s o f o u r R e d
C r o s s , a g l o o m y p i c t u r e is d r a w n , w o m u s t n o t b o d i s c o u r a g e d , b u t r a t h e r
r e j o i c e in t h is u n d e r t a k in g a n d in t h o c o n f i d e n c e t h a t w o c a n b y o u r v o l u n
t a r y a c t i o n r e n d e r a s e r v ic e t o o u r a f f l i c t e d a llie s w h ic h w ill f o r a ll t i m o b o a
s o u r c e o f p r i d e a n d s a t i s f a c t i o n in a g o o d d e e d w e ll d o n e .
A s P re s id e n t
W i l s o n h a s s a id : “ B u t a s m a ll p r o p o r t i o n o f o u r p e o p l o c a n h a v o t h o o p p o r
t u n i t y t o s e r v e u p o n t h e a c t u a l f ie l d o f b a t t l e , b u t a ll m e n , w o m e n a n d c h i ld r e d a lik e m a y s e r v o , a n d s e r v o e f f e c t i v e l y . ”
W o m u s t a n d w ill a ll i m m e
d i a t e l y c o n c e n t r a t e o u r e n e r g ie s a n d e f f o r t s a n d b y c o n t r i b u t i n g f r e e l y t o
t h is s u p r e m o c a u s e , h e l p w in t h o w a r .
Ia n M a lc o m , M e m b e r o f P arliam en t an d visitin g B ritish
C om m ission er at th o con feren ce on tho 2 4 th , sp oke on the
needs a b ro a d , la yin g p articu lar stress on con d ition s beh in d
the R ussian ba ttle lines. T h e needs o f B elgiu m w ere ex
[Vol. 104
THE CHRONICLE
plain ed b y J oh n I I . G ade o f the B elgia n R elief C om m ission ,
and F red erick W a lc o t t, a m em b er o f th o R o ck e fe lle r C o m m is
sion , described con d ition s in P o la n d .
O n F rid a y M a y 25 M r . D a v iso n , in fu rth er ou tlin in g the
plans o f the R e d C ross W a r C ou n cil, said in part:
Face
Unprecedented Situation.
T h o v i s io n t h a t t h o W a r C o u n c i l h a s o f t h o R e d C r o s s is a v e r y g r o a t o n e .
T h o R e d C r o s s is a r e c o g n i z e d o f f i c i a l o r g a n i z a t io n t o c a r r y o n a h u m a n i
t a r ia n w o r k .
I t is t h o r e c o g n i z e d i n t e r n a t io n a l o r g a n i z a t io n in a ll t h o c i v i l
i z e d c o u n t r ie s o f t h o w o r l d , a n d I m ig h t a l s o a d d in G e r m a n y .
W o a r o n o w f a c i n g a s i t u a t io n t h o lik e o f w h i c h h a s n e v e r b o f o r o e x i s t e d ,
a n d t h o o b l i g a t i o n s u p o n t h o A m e r i c a n p e o p l o a r o s o g r e a t t h a t It is m o s t i m
p o r t a n t t h a t e v e r y m a n a n d o v e r y w o m a n i n t h is r o o m c a r r y f r o m t h i s c e n
t r e o f W a s h i n g t o n b a c k t o t h e ir r e s p e c t iv e c h a p t e r s s o m o s e n s e o f t h a t
o b l i g a t i o n , s o m o id e a o f w h a t t h o p e o p l o o f t h i s c o u n t r y a r o l o o k o d t o t o
s u p p l y i f w o a r e g o i n g t o b e g i n o u r w o r k ; f o r , la d ie s a n d g e n t l e m o n , $ 1 0 0 ,
0 0 0 ,0 0 0 t h a t w e a r e a s k in g f o r is a l a r g o s u m o f m o n e y , b u t , b e l io v o m o ,
t h o p e o p l o o f t h i s c o u n t r y a r o n o t o n l y g o i n g t o s u p p l y t h a t $ 1 0 0 ,0 0 0 ,0 0 0 ,
b u t a v e ry great deal m ore.
Work of Red Cross.
'
T h o r o h a s b e e n s o m o q u e s t i o n a b o u t t h o o b l ig a t io n s o f t h o R o d C r o s s a n d
i t s p a r t i c u la r f ie l d o f w o r k .
I f t h o R e d C r o s s is t o b e t h o r e c o g n i z e d o r g a n
i z a t i o n t h r o u g h w h ic h t h i s w o r k m u s t b o c a r r lo d o n , i t m u s t w o r k in m a n y
n o w H o ld s , i n m a n y n o w w a y s .
M r . H o o v e r has so e lo q u e n tly t o ld y o u o f
t h o c o n d i t i o n In F r a n c o a n d o f t h o o p p o r t u n i t ie s t h e r e .
O u r g ro a t t r o u b le
t o - d a y is t h a t o u r p e o p l o d o n o t r o a liz o t h o s i t u a t io n in t h o b a t t l e f i e l d s a n d
t h r o u g h o u t t h o c o u n t r ie s n o w a t w a r .
I t is n o t a t a ll s t r a n g e t h a t t h o y d o
n o t r e a liz e t h e m , b u t t h o y m u s t b o m a d o t o r e a liz e t h o r n , a n d t h o o b l i g a
t i o n u p o n u s is t o s e o t h a t t h a t c o n d i t i o n is b r o u g h t a b o u t a s s o o n a s p o s s i
b le .
I a p p r e c i a t e t h e e n e r g y a n d t h o e n d e a v o r a n d t h o p a t r i o t i s m o f o v e r y o ilo
w h o is w o r k in g i n t h o R e d C r o s s .
I t i s a n o b l o w o r k ; b u t , la d ie s a n d g o n t l o m o n , i t is a n o b l i g a t i o n u p o n o v e r y m a n , w o m a n a n d c h i ld in t h is c o u n t r y .
I t is a n o b l i g a t i o n w h ic h I h o p o w ill n o t b o b r o u g h t t o o s t r o n g l y in t h o h o m o s
o f o u r p e o p l o , b u t I d o h o p e t h a t i t w il l b o s u f f i c i e n t l y w e ll r e a liz e d t h a t w o
n o t o n l y w il l o n j o y t h o s a t i s f a c t i o n o f c o n t r i b u t i n g o u r o n d o a v o r s , o u r o n o r g ie s a n d o u r m o n e y , b u t w o a l s o w il l h a v o t h e r o b y r e c e iv e d a v e r y g r o a t
b e n o fit.
C e r t a i n l y t h e r e is n o t h i n g t h a t t h is p e o p l o n c o d m o r o t h a n a
s e n s e o f s a c r if i c e .
T h i s is n o t a t i m o t o lis t e n t o t h o m a n w h o s a y s , " I a m
c o n t r ib u tin g s o m u c h h o ro a n d s o m u c h th o ro , ta x o s aro v e r y h ig h , a n d th e
c o s t o f liv i n g Is h i g h . ”
T r u o , a ll t r u o .
B u t th a t d o e s n o t an sw er th o q u es
t i o n a s t o w h a t a r o y o u g o i n g t o d o f o r m a n k i n d in t h is b e n i g h t e d w o r l d .
Question of Opportunists.
T h o q u e s t i o n o f o p p o r t u n i s t s c o m e s u p , w h e t h e r w e c a n d o it a t t h is t im o
o r a t t h a t t im o .
T h e r e is n o c a l e n d a r o n t h o b a t t l e f i o l d .
T h o r o is n o w a it
in g fo r c o n d it io n s th e re , a n d w o c a n n o t w a it fo r c o n d it io n s h o r o . S o m o
R e d C r o s s c h a p t e r s h a v o b e e n c a r r y in g o n a c a m p a i g n , s o m o h a v o j u s t f i n
i s h e d a f in o c a m p a i g n .
F r o m t h a t p o i n t o f v i o w it is i n o p p o r t u n e f o r t h o r n
t h a t w e s h o u l d s t a r t t h i s c a m p a i g n d u r i n g t h o w e e k w h ic h t h e P r o s i d o n t lia s
d e s ig n a t e d ; b u t w e , a s I s a y , c a n n o t w a i t f o r c o n d i t i o n s ; w e m u s t g o a n d
w o m u s t a ll g o , a n d g o a s o n o b a n d t o a c c o m p li s h t h o s t a r t o f t h o w o r k .
T h o r o a r e v e r y m a n y v e r y f in o a c t iv it i e s t h r o u g h o r g a n i z a t io n s t h r o u g h a ll
p a r t s o f t h is c o u n t r y , b o r n o f t h o v e r y b e s t s p i r it , b a s e d o n p a t r i o t i s m , o n
s o m e t h in g o f a p p r e c i a t io n o f t h e n e e d s .
I n o u r c a m p a ig n w o c a n h a v o b u t
o n o t h i n g in m i n d , a n d t h a t is t h o R e d C r o s s .
I t m u st b o th o R o d C ross
f i r s t , la s t a n d a ll t h o t i m e , b e c a u s o i f w o b e g i n t o r e c o g n i z e t h is a g e n c y o r
t h a t a g e n c y w o w il l le s s e n o u r e f fo c t i v o n o s s , a n d t h o r e s u lt w ill b o t h a t
n o lt h e r w il l s u c c e e d .
Coordination of Effort.
A p p r e c ia t in g t h o im p o rta n co o f t h a t , a n d re co g n iz in g th o fin o w o r k a n d
fin o o r g a n i z a t io n s t h a t a r o e x is t in g in t h o c o u n t r y t o - d a y , w o f i n d o u r s o l v c s
c h a r g e d w it h t h o r e s p o n s i b il i t y o f g i v i n g d u o c o n s i d e r a t io n t o t h o s o v a r i o u s
s i t u a t io n s a n d v a r i o u s o r g a n i z a t io n s .
T o th a t en d a co m m ittc o has boon
a p p o in t e d b y t h o W a r C o u n c il, th o c o m m it t e e b e in g p ro s ld e d o v e r b y
J u d g e R o b e r t S . L o v e t t a s C h a ir m a n .
A s y o u k n o w , J u d g o L o v o t t is
C h a ir m a n o f t h e b o a r d o f t h e U n io n P a c i f i c R a i l r o a d , t h o m a n s e l o c t c d b y
M r . H a r r im a n t o s u c c c o d h i m In h is v e r y g r o a t w o r k .
J u d g o L o v o t t a n d h is a s s o c ia t e s o n t h a t c o m m i t t c o a r o c h a r g e d w it h t h e
r e s p o n s i b il i t y o f c o n s i d e r in g t h o a c t iv it i e s o f t h o s o v a r i o u s o r g a n i z a t io n s .
W h e r e t h o r o is d u p l i c a t i o n , w h e r e t h e r o is w a s t o o f e f f o r t , t h a t c o m m i t t e e
w ill r e c o m m e n d t o t h is a c t i v i t y o r t h a t a c t i v i t y t h a t it c o o r d in a t e a n d b r in g
it s in H u o n c o in t h r o u g h t h e R e d C r o s s .
Noble Work Done.
T h e r o a r o v e r y m a n y o r g a n i z a t io n s w h ic h h a v o d o n o a n o b l o w o r k , v e r y
e x t e n s i v e in c h a r a c t e r , f i n o p e r s o n n e l , f i n o p r i d o , a n d t h a t p r o p e r s p i r it ,
e s p r it d o c o r p s , w h ic h f e e l t h a t t h e y w a n t t o s t a n d a n d l iv o in h i s t o r y .
O u r t h o u g h t is t h a t t h o y s h o u l d b o r e c o g n i z e d .
W o s h o u ld s a y t o s u c h a n
o r g a n i z a t io n , i f t h o f a c t s w a r r a n t : " Y o u a r o d o i n g a f in o w o r k , y o u a r o d o i n g
it b e tte r th a n th o R e d C r o s s .
W o n e o d y o u r o r g a n i z a t io n .
T h o ro fo r o ,
w o a s k y o u t o c o n t in u o , a n d w o w o u l d lik o y o u t o c o n t in u o u n d o r y o u r o w n
n a m o , b u t i n c o - o p e r a t i o n w it h o u r o r g a n i z a t i o n ;" b o c a u s o i f w o a r o t o h a v o
a n y r e la t i o n s w i t h a n y o f t h o s o v a r i o u s o r g a n i z a t io n s , w o c e r t a in l y m u s t
h a v o a n u n d e r s t a n d in g w i t h th o r n t h a t o u r o f f o r t s a r o t o b o c o o r d i n a t e d ,
a n d t h e r e fo r e p r e v o n t t h is g r e a t d u p li c a t io n a n d w a s t o .
T h o e m b a r r a s s m e n t is n o t l a c k o f e n d e a v o r , b u t r a t h e r t o o m u c h n o t w e ll
d ir e cte d .
T h a t is s a id n o t b y w a y o f c r it i c is m , b u t r a t h e r t h a t s o m o c o
o r d i n a t in g o r g a n i z a t io n s h o u l d b o e f f e c t e d t o a v o i d t h a t d u p l i c a t i o n , s o
t h a t t h e g re a t p a t r io tic m o v e m e n ts t h r o u g h o u t th o c o u n t r y s h o u ld b o d riv o n
in a w a y t h a t w o u ld b o t h o m o s t e f f e c t i v e , a n d a s t h e R o d C r o s s is t h o r e c o g
n i z e d o f f i c i a l o r g a n i z a t io n , t h o r o s e e m e d b u t o n o t h i n g t o d o , a n d t h a t w a s
t o c o -o r d in a te th e m th ro u g h o u r R e d C ro ss.
Question of Money.
O n th o q u e s tio n o f m o n e y , w o h a v o f o u n d o u r s o lv cs em b a rra sse d s o m e
w h a t i n b e i n g u n a b lo t o p r e s e n t a s p e c i f i c b u d g e t , b u t , a s I s a id y e s t e r d a y ,
i f t h e r o is a n y o n o in t h is r o o m w h o w a n t s t o s it d o w n a n d d r a f t a b u d g e t t o
s p e n d S I 0 0 , 0 0 0 , 0 0 0 w h e n h o d o e s n o t k n o w o x a c t l y how much h o is g o i n g t o
s p e n d , h o w il l f i n d h i m s e lf c o n f r o n t e d w it h a v e r y g r o a t d i f f i c u l t y , a v e r y
d iffic u lt p r o b le m .
W o a r o g o i n g t o g o t $ 1 0 0 ,0 0 0 ,0 0 0 a n d , a s I s a i d , w o a r o
g o i n g t o g e t m o r e , b u t w o c a n o n l y p l a n n o w a s t o w h a t w o s h a ll d o .
F ir s t,
o u r d u t y is a t h o m o .
W o h o p o n o v o r t o b o f o u n d w a n t in g h o r o .
Wo
h o p o , a n d w o h a v o e v e r y r e a s o n t o h o p o , t h a t , t h r o u g h a n o r g a n i z a t io n t o
b o e f f e c t e d b y M r . H u r le y , t h o r o w il l b o n o c a m p , a f t e r m o b i li z a t io n in t h is
c o u n t r y , w h ic h * w ill n o t b o s u p p l e m e n t e d b y t h e R e d C r o s s .
O f co u r s o , th o
p o s i t io n o f t h o R e d C r o s s r e la t i v o t o o u r o w n a r m y is p u r e l y t h a t o f s u p p l e
m e n t in g o u r M e d i c a l D e p a r t m e n t .
British Activity Impressive.
A s t o t h o a c t iv it i e s in o t h e r c o u n t r ie s , a n a n s w e r c a n o n l y b o g i v e n w h o n
y o u h a v o t o ld us th o a m o u n t o f m o n e y .
I t h in k I h a v o n o v o r b o o n im p r e s s e d
w i t h a n y t h i n g s o m u c h in m y l if o a s I h a v e w i t h t h o d o v e l o p m o n t o f G r e a t
B r i t a i n , a c o u n t r y w it h a p e o p l o le ss t h a n h a l f o u r o w n , w it h a s t a n d in g
a r m y o f t w o h u n d r e d a n d f i f t y t h o u s a n d d o lla r s — p a r d o n m y t a l k in g d o l
l a r s — t w o h u n d r e d a n d f i f t y t h o u s a n d s o ld ie r s o n tiro f ir s t d a y o f A u g u s t ,
J une 9 1917.]
THE CHRONICLE
1 9 1 4 ; t o - d a y , f i v e m il l io u s o ld lo r s e q u i p p e d a n d o n t h o f i e l d ,
n a v o th ey
stop p ed th oro?
N o t a t a l l.
T h e y h a v e a R o d C r o s s a c t i v i t y In e v e r y n a
t i o n i n t h o w o r l d n o w e n g a g e d In b a t t l o o n t h o o t h e r s id e — p e r f e c t l y m a r
v e lo u s .
W o u ld n o t o n e b o a p t t o th in k G re a t B r ita in h a s e n o u g h t o d o t o
t a k e c a r o o f t h e s o a s a n d t o r a is e a n a r m y o f f i v o m il l io n m e n , w i t h o u t t h i n k
i n g o f s e n d i n g h e r a m b u l a n c e s a ll t h r o u g h S o u t h A f r i c a , I n t o E g y p t , i n t o
t h o B a lk a n s , I n t o R u s s i a , a s w e ll a s i n t o F r a n c o ?
B u t t h o y h a v e f a il e d
n o w h e r o — a n d t h is a l o n g s i d e o f t h e i r w o n d e r f u l m il i t a r y u n d e r t a k in g s .
T h e a p p oin tm en t o f R o b e rt S. L o v e tt, C h airm an o f the
B o a rd o f tho U n ion P a cific R R ., as C hairm an o f a com m itte e
w h ich w ill en d ea v or to co-ord in a te all w ar relief m easures as
a m eans o f p reven tin g d u p lica tion an d w aste, w as a n n ou n ced
o n M a y 2 1 . M r . L o v e tt h a d p reviou sly m a d e k n ow n his
in ten tion to o ffe r his services for R e d C ross w o rk , declarin g
h im self as “ to o o ld to g o to th o fr o n t ,” b u t a n xious to “ do his
b it ” in w h a tev or w a y he co u ld be u sefu l. A s in d ica ted in
these colu m n s on M a y 2 6 ,P r e s id o n tW ils o n h a s d esign ated the
w eek en din g June 25 as R e d C ross W eek .
A plan to assist in . the R e d C ross ca m p a ign fo r fu n d s
th rou gh the purchase o f the initial b o n d o f each o f th o series
o f th e L ib e rty L oan issue, an d tho resale o f tho sam e a t tho
h igh est prem iu m possible, th o prem iu m g oin g to th o R e d
C ross fu n d s, w as an n ou n ced b y tho A ero C lu b o f A m erica
o n M a y 2 7 . A letter settin g o u t th e p rop osa l has been
addressed as follow s to S ecretary o f th o T reasu ry M c A d o o
b y A la n R . H a w le y , Presiden t o f th e C lu b :
Hon. William O. McAdoo, Secretary United States Treasury,
Vashington, D . C.
M y Dear M r. McAdoo— A s a n o t h e r s t o p t o w a r d a s s is t in g t h o G o v e r n m e n t
In m a k i n g a s u c c e s s o f b o t h t h o L i b e r t y L o a n a n d t h o R e d C r o s s c a m p a i g n s ,
th o A e r o C lu b o f A m e r ic a h o r e b y o ffe r s t o p u rch a se th e N o . 1 L ib e r t y B o n d
o f e v e r y d e n o m i n a t i o n f r o m $ 1 0 ,0 0 0 d o w n t o $ 1 0 , w h ic h w o u l d in c lu d e
N o . 1 b o n d o f t h o f o ll o w i n g s e r ie s : $ 1 0 ,0 0 0 , $ 5 , 0 0 0 , $ 1 , 0 0 0 , $ 5 0 0 , $ 2 0 0 ,
$ 1 0 0 , $ 5 0 a n d $ 1 0 , m a k i n g a t o t a l o f $ 1 6 ,8 6 0 .
T h o c l u b w ill b o g l a d t o p u r c h a s e t h e s e b o n d s a n d u n d e r t a k e t o r e s o ll
t h e m a t t h o h ig h e s t p r e m iu m o b t a i n a b l e , a n d t u r n o v e r t h o p r e m iu m t o t h e
U n it e d S t a t e s R o d C r o s s , p r e f e r a b ly f o r t h e e s t a b lis h in g o f a f u n d t o m e e t
t h o n o o d s o f t h e a ir s e r v ic e s o f t h o A l l ie s .
A m o m b o r o f t h o c l u b h a s a l r e a d y o f f e r e d t o p a y $ 1 ,0 0 0 f o r t h o N o . 1
b o n d o f t h o $ 1 0 0 s e r ie s , w h ic h is a p r e m iu m o f $ 9 0 0 f o r t h is p a r t i c u la r b o n d .
T h i s s u g g e s t s t h a t i t m a y b o p o s s i b lo t o r a is o a s u b s t a n t i a l f u n d t h is w a y f o r
t h e R e d C r o s s , t h e r e b y a s s is tin g H . P . D a v i s o n , t h o C h a ir m a n o f t h o R e d
C r o s s , w h o is a m o m b o r o f t h o A e r o C l u b o f A m e r i c a , In h is m o s t p a t r i o t i c
a n d im p o rta n t w o rk .
W o f e e l c e r t a in t h a t t h o r o a r e m a n y p e o p l o w h o w ill
t a k o g r o a t p r i d o In b e i n g t h o o w n e r o f t h e N o . 1 b o n d o f t h o f ir s t L i b e r t y
Loan.
I f t h is m o o t s w it h y o u r a p p r o v a l , k i n d l y w lr o a n d t h o c h o c k f o r $ 1 6 ,8 6 0
w ill b o s e n t t o y o u I m m e d ia t e ly .
M a n y o f t h o m e m b e rs o f th o A e r o C lu b o f A m e r ic a , th o c lu b lts o lf a n d
Its t h i r t y c o n s t it u e n t a e r o c l u b s , h a v e a l r e a d y s u b s c r ib e d e x t e n s i v e ly t o t h o
L l b o r t y L o a n , a n d w o w a n t t o a s s is t t o t h o f u llo s t o x t o n t In m a k i n g a s u c
ce s s o f b o t h th o L ib e r t y L o a n a n d th o R o d C r o s s c a m p a ig n s .
A w a i t in g t o h o a r f r o m y o u , I r e m a in f a i t h f u l l y y o u r s ,
ALAN
R.
HAW LEY,
President Aero Club of America.
A T T O R N E Y -G E N E R A L 'S C O M M E N D A T I O N O F E N E M Y
A L IE N S
CONDUCT.
In a statem on t com m en d in g tho G erm a n -A m erica n s o f
tho U n ited States for their ob od ien co to tho law s o f tho
U n ited States since tho in cep tion o f tho w ar w ith G erm a n y,
U . S. A ttorn ey -G en era l G reg ory on M a y G stated th a t up
to th a t da to thero had been b u t 125 arrests becau se o f the
failuro o f on om y alions to a b id e b y tho rules la id d o w n in
P rosidon t W ilso n ’ s p rocla m a tion .
T h e A ttorn ey -G en era l
said:
T h e f o r e i g n - b o r n c it iz e n s o f A m o r l c a a s a c la s s d e s e r v e t h o h i g h e s t c o m
m e n d a t i o n a n d p r a is o f o r t h o m a n n e r in t h o y h a v o c o n d u c t e d t h o m s o lv o s
s in c e t h o d e c l a r a t io n o f w a r a g a in s t G o r m a n y .
A s re g a rd s la w a n d o r d o r ,
t h o y h a v o in a l m o s t a ll in s t a n c e s s t o o d w i t h t h o G o v e r n m e n t , a n d h a v o
v i n d i c a t e d t h o P r e s i d e n t 's o f t - r e p e a t e d a s s e r t io n t h a t h o h a d n o m is g i v
in g s a s t o h o w f o r o i g n - b o r n A m e r ic a n s w o u l d m e a s u r e u p t o t h e ir r e s p o n
s ib ilit ie s a n d d u t i e s In t h o e v e n t o f n a t io n a l c r is is .
T h o n u m b e r o f a r r e s t s w h ic h t h o G o v e r n m e n t h a s b o o n f o r c e d t o m a k e
h a s b o o n g r a t i f y i n g l y s m a l l.
A g e n ts o f th o D e p a r tm e n t o f J u s tic o h a v o
a r r e s t e d o n l y 1 2 5 a lio n e n o m io s u n d e r t h e P r e s i d e n t ’ s p r o c l a m a t i o n .
A bout
o n o - h a l f o f t h o s o a r o b o l n g h o ld b o c a u s o i t w a s d e c i d e d t h a t t h o y w o u l d b o
d a n g e r o u s t o t h o G o v e r n m e n t i f p e r m it t e d t o r e m a in a t l a r g o .
T h o rom a ln d o r o f t h o a lio n e n e m ie s a r r e s t e d s in c o t h o d e c l a r a t io n o f w a r w e r e
ta lco n i n t o c u s t o d y o n c h a r g e s o f e s p io n a g o o r a t t e m p t s t o f o m o n t d i s l o y
a l t y o r d is o r d e r s .
I n is s u in g t h is s t a t e m e n t t h o d e p a r t m e n t r e n e w s i t s a d m o n i t i o n t h a t
o u r f o r o l g n c it i z e n s a n d a lie n r e s id e n t s o x o r c is o s c r u p u l o u s c a r o a n d r e s
t r a in t in t h e ir d a i l y a c t iv it i e s , a s s u r e d t h a t t h e v i g il a n c o o f t h o G o v e r n m e n t
a g o n t s h a s n o t b e e n r e la x e d o n e w h it .
C O N T IN U E D
IN C R E A SE
IN
CAR
SHORTAGE.
M a y 1 w itnessed a not car sh ortago o f 145,449 cars— an
increaso o f 652 cars ov er tho A p ril 1 sh ortago w h ich had
beon tho largost rep orted sinco the presen t freigh t con ges
tion and sh ortago began last Sep tem b er. T h o M a y 1 figures
as co m p ile d b y tho A m erica n R a ilw a y A s socia tion boars
d a to o f M a y 24, b u t the statistics in prin ted fo rm d id n ot
roach us until M o n d a y m orning o f this w eek . In its m on th ly
oircular tho A ssocia tion says:
T h o n e t s h o r t a g o o n M a y 1 1 9 1 7 w a s 1 4 5 ,4 4 9 c a r s .
T h i s w a s a n in c r e a s o
o f 6 5 2 c a r s o v e r t h o s h o r t a g o o n A p r i l 1— t h e la r g e s t r e p o r t e d s i n c o t h o
p r e s e n t s h o r t a g o b e g a n la s t S e p t e m b e r .
F o r t h o w h o lo p e r i o d o f n e a r ly e i g h t y e a r s p r e c e d i n g t h o m id d le o f A u g u s t
o f la s t y e a r t h e r o h a d b e o n a c o n t in u o u s n e t s u r p lu s a g o o f c a r s n o t in u s a
2305
o n A m e r i c a n r a i lr o a d s , e x c e p t f o r a b o u t o n e m o n t h i n 1 9 0 9 , t h r e e m o n t h s
i n 1 9 1 2 , o n e m o n t h In 1 9 1 3 , a n d t h e m o n t h o f M a r c h o f l a s t y e a r .
I n 1 9 0 8 t h e r e w a s a t o n e t i m e a s u r p lu s a g e o f o v e r o v e r 4 1 3 ,0 0 0 c a r s ,
a n d a t n o t i m e d u r i n g t h o y e a r w e r e t h e r e le ss t h a n 1 0 0 ,0 0 0 I d le c a r s .
I n 1 9 0 9 t h o m a x i m u m n e t s u r p l u s a g e w a s 3 3 2 ,5 1 3 .
I n 1 9 1 0 t h e m a x i
m u m w a s n e a r ly 1 4 3 ,0 0 0 f o r J u l y 6 , a n d t h e r e w a s t h r o u g h o u t t h a t y e a r a
n e t s u r p lu s a g e o f a t le a s t 7 , 0 0 0 c a r s n o t r e q u i s it i o n e d b y s h i p p e r s .
F or
1 9 1 1 s u r p lu s c a r s n u m b e r e d o n M a r c h 1 5 , o v e r 2 0 7 ,0 0 0 , a n d t h e r e w a s a t
n o t i m e d u r i n g t h o y e a r le s s t h a n 2 0 , 0 0 0 c a r s s t a n d i n g i d le .
I n J a n u a r y 1 9 1 2 , t h e r e w a s a n e t s u r p lu s a g o o f a p p r o x i m a t e ly 1 3 6 ,0 0 0 .
F r o m N o v e m b e r 1 9 1 3 u n t il M a r c h 1 9 1 6 t h e r e w a s a c o n t in u o u s s u r p lu s a g e
o f cars.
I n O c t o b e r 1 9 1 4 t h e f ig u r e s b e c a m o s o l a r g o t h a t 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 io n s t o p p e d c o m p i l i n g t h e m .
C o m p ila t io n w a s re s u m e d
o n F e b . 1 1 9 1 5 w h e n id le c a r s s t ill n u m b e r e d o v e r 2 7 9 .0 0 0 .
SOUTHERN
R AILR O A D S
SE R V IC E
TO R E D U C E
TO A S S I S T
PASSENGER
GOVERNMENT.
A n n ou n cem en t th at the railroads o f th e S ou th are to
a b a n d on co m p e titiv e a ctiv ities an d o p era te th eir lines du ring
th e w ar as pa rt o f th e on e n ation a l tra n scon tin en ta l sy stem ,
under the d irection o f th o R a ilroa d s’ W a r B o a r d fo r th e
ben efit o f th e G o v ern m en t, w as m a d e on th e 6 th in st.
Steps to m ake this plan effe ctiv e w ere co m p le te d a t a c o n
ference o f the ex ecu tiv e o fficers o f th e d ifferen t sou th ern
lines called to m eet in A tla n ta b y W . J . H a ra h a n , P residen t
o f the Sea boa rd A ir L in o R y . an d C h airm an o f th e sou th
eastern dep a rtm en t o f th e W a r B o a rd . In ord er to m a k e
availab le th o m a xim u m tran sp ortation en ergy fo r m o v in g
fu el, fo o d , m aterials an d troop s n ecessary fo r th e su ccess
fu l co n d u c t o f th e w ar, th e southern lines a d o p te d th e p o licy
o f red u cin g passenger service, either th rou gh elim in ation or
con s olid a tion , an d u tilizin g th e eq u ip m en t, m en an d coa l
thus released fo r the m ore im p orta n t service o f the G o v e rn
m en t. T h is p o lic y , it w as a n n ou n ced , w ill be ob serv ed w ith
e v e ry p ossib lo e ffo rt to safeguard th e con v en ien ce o f the
p u b lic. P lans w ere ou tlin ed to ask the co -o p e ra tio n o f
shippers in loa d in g cars to fu ll c a p a city an d releasing th em as
p ro m p tly as possible in ord er to increase th e car s u p p ly . A
com m ittee o f fiv e w ill be a p p oin ted to v isit tho R a ilro a d
C om m ission s o f the differen t States an d a cq u a in t th e S tate
a u th orities w ith th e fa cts as to w hat the railroad s are try in g
to d o fo r th e success o f th e w ar.
P H IL A D E L P H IA
PLAN
BOURSE
FOR
R. R.
ON
P R A C T IC A B IL IT Y
OF
IN C O R P O R A T IO N .
In a statem en t ju st m a d e p u b lic G eorg e E . B a rto l, Presi
d en t o f th e P h ila d elp h ia B ou rse an d V ice-C h a irm a n o f the
J oin t C om m ittee on R ea son ab le R eg u la tion o f R a ilro a d s,
said:
T h o p o n d in g a m e n d m e n ts t o th e F e d e ra l R e s e r v e B a n k L a w w o u ld g iv e
t o t h o S t a t e b a n k s w h ic h j o i n e d t h e F e d e r a l R e s e r v e s y s t e m c e r t a in s p e c i a l
p r i v il e g e s , s u c h a s t h e r i g h t t o w it h d r a w o n s ix m o n t h s ' n o t i c e a n d t h e
r ig h t t o r e t a in t h e i r f u l l c h a r t e r s a n d s t a t u t o r y f u n c t i o n s a s S t a t e b a n k s
o r t r u s t c o m p a n i e s w i t h a u t h o r i t y t o c o n t i n u e t o e x e r c is e a ll c o r p o r a t e
p o w e r s g r a n t e d t h e m b y t h e S t a t e in w h ic h t h e y w e r e c r e a t e d .
T h i s w o u l d a p p e a r t o in d i c a t e t h e r e a s o n a b l e n e s s a n d e n t i r e p r a c t i c a b i l i t y
o f t h o F e d e r a l i n c o r p o r a t i o n p r o v i s i o n o f t h e p l a n o f t h e B o u r s e f o r r a i lr o a d
r e g u l a t io n r e f o r m , b y w h ic h t h e y w o u l d b o p r i v i l e g e d t o r e t a in s p e c i a l
f e a t u r e s o f t h e ir S t a t e c h a r t e r s u n le s s t h o s a m e w e r e in c o n t r a v e n t i o n w it h
th o F e d e ra l la w .
S u c h is t h e p r i v i l e g e b e i n g o f f e r e d t o a ll S t a t e b a n k s .
T h e P h ila delph ia B ou rse, w h ich a d v o ca te s exclu sive
F ederal regu lation o f railroads through region al com m is
sions an d an ap p ella te b o d y , has received a statem en t fro m
S id n ey F . A n d rew s, th o w ell-k n ow n la w yer o f S t. L o u is,
M o ., in w h ich he argues th a t th e regional com m ission featu re
o f tlio B ou rse’ s plan sh ou ld b e p u t in to e ffe ct a t o n ce . H e
takes the g rou n d th a t it is u nnecessary to a w a it n ation a l
legislation p rov id in g F ederal in corp ora tion , w h ich also is a
feature o f pla n p rop osed b y the B ou rse. M r . A n d rew s, w h o
several years a g o prepared a bill fo r cen tra lized F ederal
regu la tion o f railroads w h ich was presen ted to C on gress b y
Son a tor K e n y o n , says in p a rt:
W h ile I b e lie v e in t h o F e d e ra l in c o r p o r a tio n id e a , y e t a s th e r e a re s o m e
c l o s o c o n s t i t u t i o n a l q u e s t i o n s i n v o l v e d a s w e ll a s p r o b a b l y o b j e c t i o n s b y
a ll th o S ta to b o d ie s , I w o u ld u rg e th e p u t t in g t h r o u g h o f th o p la n o f th e
re g io n a l d is t r ic t id e a , e v e n t h o u g h t h o p la n f o r F e d e ra l in c o r p o r a tio n o f
r a i lr o a d s d o e s n o t c a r r y .
T h o r e g i o n a l id e a u n d o u b t e d l y w o u l d b o a g r e a t
i m p r o v e m e n t o v e r t h o e x i s t i n g m e t h o d ; a n d a s a h a l f l o a f is b e t t e r t h a n
n o n e a n d e v e n t h o u g h y o u g o t o n ly h a lf y o u r p la n th r o u g h , a g r e a t b e n e fit
w o u ld h a v o b e e n a c c o m p lis h e d , a n d la te r o n t h o F e d e ra l in c o r p o r a tio n
id e a w o u ld p r o b a b ly b o a d o p t e d .
Y o u r id e a o f h a v in g a c h a ir m a n o f th o B o a r d o f R e v is io n a n d A p p e a ls
( t h o a p p e ll a t e b o d y u n d e r t h e B o u r s e p l a n ) a n d t h o r e s t o f t h e B o a r d c o m
p o s e d o f t h o c h a i r m e n o f t h e ( s ix ) r e g i o n a l c o m m i s s i o n s is a ll r i g h t .
I have
a l w a y s b e e n o p p o s e d t o a s e p a r a t e t r ib u n a l a s a n a p p e ll a t e b o d y .
I do
n o t t h i n k t h a t s u c h a s e p a r a t e b o d y is n e c e s s a r y a n d t h e e x p e n s e i n c i d e n t
t o it s h o u ld b o a v o id e d .
T h e h e a d q u a r te r s o f t h o B o a r d o f R e v is io n a n d A p p e a ls s h o u ld n o t , in
m y j u d g m e n t , b o l o c a t e d in W a s h i n g t o n , a s y o u p l a n , b u t s h o u l d b o p l a c e d
in C h ic a g o .
G e t i t a s f a r a w a y f r o m p o l i t i c a l h e a d q u a r t e r s a s p o s s i b lo a n d
a l s o l o c a t o It in a m o r o c e n t r a l s i t u a t io n t h a n W a s h i n g t o n .
I t h i n k t h e r e s h o u l d b e a p r o v i s i o n in y o u r p l a n e l im i n a t i n g h e a r i n g s b y
o x a m in o r s .
A ll t e s t im o n y s h o u ld b e ta k e n b e fo r e o n o o r m o r o o f th e
co m m is s io n e r s .
I n a d d i t i o n t o p e r m it t i n g t h o C o m m i s s io n t o a l l o w c a r
r ie r s t o a g r e o o n r a t e s — w h ic h p r a c t i c a l l y t h e y d o a t p r e s e n t — i t m i g h t b e
w e ll t o p r o v i d e t h a t n o n e w r o a d s h o u l d b e c h a r t e r e d w i t h o u t t h e n e c e s s it y
2306
THE CHRONICLE
f o r i t h a v i n g f i r s t b e o n I n v e s t ig a t e d b y t h e C o m m i s s i o n .
T o - d a y th e re
a r e t o o m a n y c o m p e t i n g lin e s b e t w e e n c e r t a i n p o i n t s , w h i c h t e n d s t o t h e
d e m o r a l i z a t i o n o f r a t e s a n d f r e q u e n t l y e n d s in b a n k r u p t c y o f t h e w e a k e r
l in e s .
I h a v e l it t l e p a t i e n c e w i t h t h e p l a n a d v o c a t e d b y t h e C o m m i s s i o n s u g
g e s t in g t h e a d d i t i o n o f t w o n e w m e m b e r s t o i t s b o d y a n d d i v i d i n g t h e
C o m m i s s i o n i n t o d i v i s i o n s , e a c h d i v i s i o n t o h a v e j u r i s d i c t i o n i n a c e r t a in
c la s s o f l i t i g a t i o n .
I d o n o t b o i i o v e t h a t t h i s w o u l d m a t e r ia l l y a i d in m o r e
p r o m p t l y d i s p o s in g o f t h o b u s in e s s b e f o r e i t a n d a m c o n v i n c e d t h a t i t w o u l d
n o t g i v e s a t i s f a c t i o n t o l it i g a n t s t o h a v e t h e i r c a s e s d e c i d e d b y a m i n o r i t y
o f th a t b o d y .
________________________________________
D A N IE L
W ILL A R D
SOLVE
ON
PLAN S
C O N G E ST IO N
OF
R AILR O A D S
TO
PROBLEMS.
I n a len gth y statem en t b efo re the H ou se C om m ittee on
A p p ro p ria tio n s o n M a y 28, D a n iel W illa rd , C h airm an o f
the A d v is o ry C o m m ittee o f th e C ou n cil o f N a tio n a l D ofen se
in C h arge o f T ra n sp o rta tion , m a d e k n ow n tho fa c t th a t his
o rga n iza tion is w ork in g o u t plans to b rin g tho railroads and
steam sh ip com p a n ies in to on e large tran sp ortation system ,
w ork in g in u n ison , to th e end th at there w ill b e little or no
loss o f tim e an d freigh t con g estion in th e u n loa d in g o f cars
an d loa d in g o f sh ips. In his statem en t M r . W illa rd said:
T h e r e h a s b e e n c o n s i d e r a b l e lo s s o f t lm o t o o c e a n t o n n a g e a n d t o r a i lr o a d
c a r s b e c a u s e o c e a n t r a n s p o r t a t io n a n d l a n d t r a n s p o r t a t i o n h a v e n o t b e e n
f u l l y c o - o r d i n a t e d , a n d i t h a s n o t b e e n p o s s i b le t o d o t h i s f o r t w o o r
th ree rea son s.
lat F i r s t o f a l l, t h e r e w e r e 1 7 5 d i f f e r e n t r a i lr o a d c o m p a n i e s , b u t w o h a v o n o w
p u t t h e m a ll i n t o o n e b o d y ; w o h a v o t h o r a i lr o a d s f i x e d .
B u t th ero are
B r i t is h s t e a m s h ip c o m p a n i e s , F r e n c h s t e a m s h ip c o m p a n i e s , N o r w e g i a n
s t e a m s h ip c o m p a n i e s , a n d a ll k i n d s o f d i f f e r e n t s h ip s o n t h o o c e a n .
P la n s
a r e b e i n g d is c u s s e d a t t h o p r e s e n t t i m e in c o n n e c t i o n w i t h t h o m o v e m e n t
o f g r a in f o r i n s t a n c e , s o t h a t w h e n g r a in is b o u g h t t h a t is g o i n g t o t h o
A l l i e s , t h o m a n w h o h a s c h a r g e o f t h o s h i p m e n t o f t h a t g r a in w il l k n o w t h o
c o n d it io n o f t h e e le v a to r s f r o m P o r t la n d , M a in o , t o G a lv e s t o n a n d h e
w il l s e n d t h o g r a in t o t h e e l e v a t o r t h a t c a n t a k e i t .
O f t e n t i m e s in B a lt i m o r e w e h a v e h a d o u r e l e v a t o r s f u l l a n d 1 ,5 0 0 c a r s
o n th o tr a c k s , b e c a u s e th o b o a t s t h a t h a d b e e n se n t th e ro w e ro a fte rw a r d s
s e n t s o m e w h e r e e ls e , a n d w o c o u l d n o t u n l o a d o u r c a r s .
W e exp ected to
u n lo a d th e m w h e n w o sta rte d th o m o v e m e n t, b u t th e b o a t w o n t a w a y .
N o w i t is p r o p o s e d t o h a v o c o n t r o l o v e r t h e b o a t s , t o h a v o a ll o f t h o b o a t s
t h a t w ill c a r r y f o o d t o t h o A l l ie s p u t u n d e r o n e c e n t r a l b o d y , s o t h a t w h e n
a b o a t s t a r t s f o r t h is c o u n t r y f o r g r a in i t w il l b o t o l d t o g o t o B o s t o n , P h il a
d e l p h i a , N e w O r le a n s o r t h e p l a c e w h e r e t h o g r a i n is .
I n t h a t w a y t h o b o a t w ilt a l w a y s f i n d t h o g r a in w a it i n g f o r i t , a n d t h e
c a r s t h a t c a r r y t h a t g r a in w il l a l w a y s f i n d a n e l o v a t o r w it h r o o m t o u n l o a d
th o g r a in .
T h a t h a s n o t b e e n d o n e , b u t i t is b e i n g w o r k e d o u t n o w a n d
It w ill b e d o n e .
W h e n asked b y R ep resen ta tive Sherley if the A m erica n
railroads w o u ld agreo to the E n glish system b y w h ich th ey
are p a id a fla t com p en sa tion fo r the use o f the carriers fo r
the m o v e m e n t o f G overn m en t freig h t, M r . W illa rd is
q u o te d as h a v in g said:
I f a n c y t h e r a i lr o a d s h e r o w o u l d b e v e r y g l a d t o m a k e s u c h a n a r r a n g e
m e n t w i t h t h e G o v e r n m e n t a s t h e E n g li s h r o a d s , b u t w o h a v o n o t a s s u m e d
t h a t s u c h a n a rra n g e m e n t w a s lik e ly t o b o m a d e .
T h e r a i lr o a d s h a v o
u n d e r t a k e n t h e m s e lv e s t o c o - o r d i n a t o w i t h t h o G o v e r n m e n t , j u s t a s t h e
E n g li s h r o a d s a r e d o i n g , a n d i t h a s b e o n a s s u m e d t h a t t h o G o v e r n m e n t
f r e i g h t w o u l d m o v e o n t h e r e g u l a r s c h e d u le s a s n o w p r o v i d e d .
M r . W illa rd also told tho co m m itte e o f the aim s o f the
railroads to solve the coa l car p rob lem s. T a k in g his ow n
lin e, the B a ltim ore & O h io, to illustrate his p o in t, M r . W il
lard said th at road gets ou t 4 0 ,0 0 0 ,0 0 0 tons o f coa l a y oa r.
H e a d d ed :
I n o r d e r t o m a r k e t t h a t c o a l i t m u s t g o a ll t h r o u g h t h e c o u n t r y o n t o
oth er roa d s.
W o m u s t fu r n is h c a r s f o r i t , a n d t h e y m u s t g o a w a y .
T h ey
d o n o t c o m e b a c k a s s o o n a s w o w o u l d l ik e , a n d t h e r e fo r e w o a r o s h o r t o f
coa l cars.
A t t h o p r e s e n t m o m e n t , h o w e v e r , in o r d e r t o m o o t t h a t s i t u a
t i o n , It h a s b e e n a g r e e d a m o n g t h o r a i lr o a d s t h a t b o x c a r s , r e g a r d le s s o f
o w n e r s h ip , s h a ll g o e v e r y w h e r e a n d a n y w h e r e .
B u t t h o y a r o t r e a t in g
c o a l c a r s d i f f e r e n t l y b e c a u s e c o a l is l o c a l i z e d .
C o a l is f o u n d o n l y o n a f o w
r a i lr o a d s , s o t h a t t h e ir i n s t r u c t i o n s a r o t h a t r a i lr o a d s s h a ll r e t u r n c o a l c a r s
t o th e c o m p a n y th a t o w n s th e m as so o n as th o y aro e m p ty , so th a t th o y
c a n t a k e o n a n o th e r lo a d o f c o a l.
In speaking o f the con solid a tion o f the passenger train
service so th a t m a n y passonger engines m igh t b o turned
o v e r to the freigh t d e p a rtm e n t,M r . W illa rd said t h o B .& O .
w as w ork in g o u t plans to tako o ff 40 passenger trains. H e
said in p ra ctica lly ev ery case the lo ca l com m u n ities a ffected
h ad con sen ted to this m ov em en t in the interest o f th e n a
tio n ’ s w elfare. H e u rged legislation w h ich w ou ld g iv e som e
G o v e rn m e n t b o d y p ow er to fix preferen tial freigh t fo r sh ip
m e n t. H e said the railroad s, b y co m m o n a greem en t, w ere
d o in g th is in v io la tio n o f the la w , b u t th ey w ere fo rce d to d o
it to serve the needs o f tho c o u n tr y . H e fu rth er declared
th a t all th e b ig railroad m en w ork in g w ith h im in h elpin g
co n so lid a te th e A m erica n railroads in to on e tran sp ortation
u n it w ere la b orin g w ith ou t salary from the G o v ern m en t,
an d the railroad s them selves w ere bea ring p ra ctica lly all
th eir o ffice expense.
RESU M E
OF
“ BLUE
S K Y
”
LE G IS L A T IO N
BY
II.
D.
R O B B IN S .
T h e “ blue s k y ” legislation en a cted du ring the p a st seven
y ea rs, design ed “ to p reven t the sale o f securities o f d ou b tfu l
m erit representin g in vestm en t in the u n told rich es o f ‘ blue
k y ’ f” w as tho them e o f a d iscou rse b y I I . D . R o b b in s ( o f
[Vol. 104.
I I . D . R o b b in s & C o . o f N e w Y o r k , dealers in in vestm en t
secu rities) a t th o co n v e n tio n in S t. L ou is o n June 5 o f tho
F in an cial A d vertisers’ A s socia tion , a d epa rtm en tal o f the
A ssocia ted A d v ertisin g C lu b s o f th o W o r ld . S tatin g th at
w hile “ fro m the sta n d p oin t o f th o legitim ate in vestm en t
dealer, legislation g overn in g the salo o f securities is m u ch to
b o d es ired ,” M r . R o b b in s a d d ed th a t “ tho law s as th oy n ow
stan d b e s to w such a rb itra ry p ow ers o n tho C om m ission as
to in vestigation s, fees, pen alties, & e ., an d s u b je ct tho dealer
to so m a n y b u rden som e requ irem ents th a t in vestm en t b a n k
ers in general h ave h o p e d fo r changes w h ich w ou ld a b solv e
dealers o f established rep u ta tion from tho rigid requ irem ents
design ed to b a r frau ds an d undesirablo secu rities.”
In
pa rt M r . R o b b in s ’ address follow s:
A f o w y e a r s a g o . In l in o w i t h t h o t e n d e n c y o f t h o t i m e s , v a r i o u s S t a t e s
e n a c t e d le g is l a t i o n o n t h e s u b j e c t o f s e l li n g s e c u r it i e s a n d t h e s o la w s h a v o
b e c o m e p o p u la r ly k n o w n a s " b l u o s k y la w s .”
T h e s o la w s w e re b o r n o f
a g r e a t n e e d , th e ir p u r p o s e w a s h ig h ly c o m m e n d a b le a n d t h a t p u r p o s e w a s
a n d a l w a y s w il l b e s u b s c r ib e d t o b y l e g it i m a t e s e c u r i t y d e a l e r s .
U n
f o r t u n a t e l y , a s o f t e n h a p p e n s , t h e l e g is l a t i o n in m o s t S t a t e s , w h il e p o s s e s s
in g e le m e n ts o f g o o d w a s u n ifo r m ly b a d .
I a t t r i b u t e t ills t o t h o f a il u r o o f
t h o l e g is l a t o r s t o c a l l i n t o c o u n s e l t h o s o w h o c o m p e t e n t l y k n e w t h o s e c u r i t y
b u s in e s s f r o m t h o in s id o .
S o m e o f th e s o la w s h a v o s in c e b o o n a m e n d o d
a n d m o s t o f t h e m in p r a c t l c o a r o n o t a p p li e d w i t h f u ll f o r c o , h o n c o t h o p r a c
t i c a l e f f e c t is b e n e f i c i a l , a n d , i n d e e d , a w o r l d o f g o o d h a s b o o n a c c o m
p l is h e d .
C r e d i t f o r t h o b a s i c p r i n c ip l e o f " b l u e s k y l e g i s l a t i o n ” i s . I b o i i o v e , g i v e n
t o J . N . D o l l o y , B a n k C o m m i s s io n e r o f K a n s a s i n 1 9 1 0 .
E x to n d o d o b se r
v a t i o n h a d c o n v i n c e d h i m t h a t i n v e s t m e n t in t h o s t o c k o f w i l d c a t o i l c o m
p a n ie s , f l y - b y - n i g h t m in in g c o n c o r n s a n d o t h e r p r o j e c t s o f a s i m i l a r n a t u r o ,
s u c c e s s o r s o f t h e o l d - t i m e g o l d b r i c k s c h e m e s , w a s r o b b i n g t h o p o o p l o o f h is
S t a t o o f s o m e $ 3 ,0 0 0 , 0 0 0 a y e a r .
A p p a r e n t ly w it h o u t a t h o u g h t o f c o n
s t it u t i o n a l r e s t r i c t io n s h o p r o p o s e d t o t h o L e g i s l a t u r e a p l a n t h a t s o e m o d t o
h i m b e s t c a l c u l a t e d t o e f f e c t a q u i c k a n d l a s t in g r o m o d y .
T h o A c t passed
i n r e s p o n s e t o h is p r o p o s a l is t h e o r ig in a l B l u o S k y L a w , a n d l i k e m u c h o f
t h o K a n s a s l e g is l a t i o n , is r a d i c a l .
T h i s K a n s a s l a w , in w h i c h a ll t h o o t h e r s h a v o t h o i r o r i g i n , f o r b i d s w it h
c e r t a in e x c e p t i o n s t h o s a lo o f s t o c k s , b o n d s o r o t h o r s e c u r it i e s u n t i l b o t h t h e
s e lle r a n d t h e s e c u r it i e s h a v o b e o n e x a m i n e d a n d a p p r o v e d b y t h o S t a t o
B a n k C o m m i s s io n e r .
T h o f u ll e s t i n f o r m a t i o n a s t o b o t h is t o b o fu r n is h o d
t o h im .
F i l in g f e e s a r o r e q u i r e d a n d h e a v y p e n a lt i e s i m p o s e d .
Tho C om
m is s i o n e r h a s t h o r ig h t a t a n y t i m o t o m a k e a d o t a i l o d e x a m i n a t i o n o f t h o
i n v e s t m e n t c o m p a n y 's a f fa ir s a t t h o c o m p a n y ’ s o x p o n s o .
S a lo s a r o p e r
m i t t e d o n l y i f t h o C o m m i s s io n e r f i n d s t h a t t h o c o m p a n y is s o l v e n t , t h a t it s
a r t ic l e s o f i n c o r p o r a t i o n o r a s s o c i a t i o n , it s c o n s t i t u t i o n a n d b y - l a w s , it s
p r o p o s e d p l a n o f b u s in e s s a n d p r o p o s e d c o n t r a c t w it h t h o i n v e s t o r , p r o v l d o
f o r a f a i r , j u s t a n d e q u i t a b l o p l a n f o r t h o t r a n s a c t io n o f b u s in e s s a n d , in t h o
C o m m i s s io n e r 's j u d g m o n t , a f a i r r o t u r n o n t h o s e c u r it i e s o f f e r e d f o r s a lo .
I n p r a c t i c a l l y a l l t h o b l u o s k y l a w s p r o v i s i o n is m a d e f o r a n e x a m i n a
t i o n a n d a p p r o v a l , b y a S t a t o o f f i c i a l o r c o m m i s s i o n a r m e d w i t h f u ll p o w o r
t o i n v e s t i g a t e , a n d t h o w id e s t l a t l t u d o is g i v o n in d e t e r m in i n g w h o t h o r t h o
s a lo o f s e c u r it i e s e x a m i n e d w ill p r o m o t e t h e g e n e r a l w o lf a r o .
I n Its a c t u a l
o p e r a t i o n t h o le g is l a t i o n is a b o u t a ll t h a t i t s s p o n s o r s p r e d i c t e d b u t i t a ls o
h a s its d e fe c ts .
U n d o u b t e d ly a g r e a t m a n y s w in d le rs h a v o b o o n e f fe c t iv e ly p r e v e n t e d fr o m
w o r k i n g o f f b r a s s - e d g e d s e c u r it i e s o n t h o p u b l i c .
U n d o r a c o n s c ie n tio u s
C o m m i s s io n e r t h e r o is n o r e a s o n w h y t h i s s h o u l d n o t b o d o n o .
D u r in g th o
f i r s t e i g h t e e n m o n t h s a f t e r t h o l a w t o o k o f f e c t i n K a n s a s le s s t h a n 1 0 0 o f
t h o 1 ,5 0 0 c o m p a n i e s a p p l y i n g f o r p e r m is s i o n t o d o b u s in e s s r c c o i v o d c e r
t ific a t e s o f g o o d c h a r a c te r a n d t h o la w w a s r e p o r t e d t o b o s a v in g m o r e
m o n o y t o th o p e o p le o f th o S ta to th a n it t o o k t o ru n t h o e n tiro S ta te G o v
ern m en t.
T h e s o b e n o f i c i o n t e f f e c t s w e r o w i d e l y h o r a l d o d a n d w it h i n t h o
n e x t t w o y e a r s t h o A c t w a s a d o p t e d w i t h f o w c h a n g e s in s o m e t h i r t y o t h o r
S ta te s.
A h e a v y b u r d e n Is la id u p o n t h o C o m m i s s i o n e r .
l i e is e x p e c t e d t o f i n d
o u t w h a t h i g h l y p a i d e x p o r t s d o n o t a l w a y s s u c c e e d in a s c e r t a in in g i n m a n y
m o n t h s o f i n v e s t i g a t i o n , v i z . : w h o t h o r a n o i l p r o p e r t y in M e x i c o , a g o l d
m in e i n A l a s k a o r t im b e r l a n d s in W a s h i n g t o n c o n s t i t u t e a l e g it i m a t e
in v e s tm e n t.
T h o I n v e s t o r m a y d is m is s t h o m a t t e r f r o m h is t h o u g h t s , t h o C o m
m is s io n e r is s u p p o s e d b y d i v i n o i n t u i t i o n o r s o m o o t h o r p r o c e s s u n k n o w n t o
t h o l a y m in d t o d e t e r m in e t h o t r u o m e r it o f t h e s o i n v e s t m e n t s .
IIo d e
te rm in e s f o r y o u w it h o u t y o u r k n o w le d g e w h o th o r a g iv o n in c o m o c o n s t i
tu te s a fa ir r e tu r n o n y o u r m o n o y .
I t w il l b o o b s e r v e d t h a t t h o d e l e g a t i o n o f s u c h w i d e p o w e r s t o a C o m
m is s i o n e r a f f o r d s h i m a p e r f e c t in s t r u m e n t o f g r a f t o r p o t t y t y r a n n y .
T h o f a c t t h a t t h i s o p p o r t u n i t y is n o t l i k e l y o f t e n t o b o a b u s e d r e n d e r s it
n o lo s s o b j e c t l o n a b l o .
T h o C o m m i s s io n e r is In a p o s i t i o n t o d o m a n d a
p r iv a t o fe o fo r t h o a p p r o v a l o f e a c h s e c u r it y .
I f, on th o oth or h a n d , a n y
d e a l e r is s o u n f o r t u n a t e a s t o o f f e n d h i m , h o m a y d e s c o n d o n t h o o f f o n d o r
i n h is w r a t h a n d m a k e a l e n g t h y i n v e s t i g a t i o n o f a ll a f f a ir s , r e c e i v i n g f r o m
t h o s u b j e c t o f h is i n v e s t i g a t i o n , in a d d i t i o n t o o x p o n s o s , a d a l l y c o m p e n
s a t i o n a m o u n t i n g in s o m o S t a t e s t o t h o m o d e s t s u m o f $ 1 5 .
F u rth erm ore,
s u c h i n v e s t ig a t i o n s m a y t a k o h i m a t h is d i s c r e t i o n t o F l o r i d a in w in t e r o r
M a i n o in s u m m e r , d e p e n d in g n o t o n l y o n t h o m o r it s o f t h o c a s o in q u e s t i o n
b u t u p o n h is c l i m a t i c p r e f e r e n c e s .
I h a v o in m in d t h o c a s o o f t h o G i o g e r J o n e s c o n c e r n in O h i o .
T h i s c o n c e r n m a n a g o d t o s t ir u p t h o w r a t h o f a
p o lit ic a l b o s s .
H is n o w s p a p e r a t t a c k e d t h o c o n c e r n .
C h a r g e s w o re file d
w i t h t h o S t a t o C o m m i s s io n e r .
A n in v e s t ig a tio n a n d c o u r t p r o c e e d in g s
l a s t in g t w o y e a r s e n s u e d , p u t t i n g t h o c o n c e r n t o e n o r m o u s e x p e n s e a n d
s e r io u s l y a f f e c t i n g it s b u s in e s s d u r i n g t h o p e r i o d a n d p o s s i b l y f o r a ll t im e .
I n t h e e n d , t h e c o n c e r n w a s g i v o n a c lo a n b i ll o f h o a l t h s a v o f o r a f o w m in o r
c r i t i c i s m s , a ll o f w h ic h w o u l d h a v o u n d o u b t e d l y b o o n c o r r e c t e d in t h e
b e g i n n i n g u p o n t h e s i m p lo r o q u e s t o f t h o C o m m i s s io n e r .
I t w ill b e o b v i o u s t h a t t h o d e t e r m in a t i o n o f t h o m e r it o f s e c u r it i e s is a
d o l ic a t e u n d e r t a k in g .
I t i n v o l v o s t h o r e s p o n s i b il i t y w h ic h a ll r i g h t m in d e d p e r s o n s a r o r e lu c t a n t t o a s s u m e u n lo s s t h o y a r o s p e c i f i c a l l y o n g a g o d
in t h a t b r a n c h o f f in a n c e .
F o r i n s t a n c e , i t is s a i d t h a t t h o F o r d a u t o m o b l l o
In i t s i n c e p t i o n h a d t h r e o c h a n c e s o f f a ilu r o t o o n o o f s u c c o s s a n d i t w o u l d
p r o b a b l y h a v e c o m e w it h in t h o p r o h i b i t i o n o f t h o A c t .
In co n tra st th oro
a r o a n y n u m b e r o f b u s in e s s e s n o w d e f u n c t w h ic h w o u l d p r o b a b l y h a v o
se e m e d to n y e a rs a g o fa r m o r o s o u n d fro m a n In v e stm e n t s ta n d p o in t.
T h o e s t im a t e o f t h e m e r it o f s e c u r it ie s is h a r d l y , t h o r o f o r o , a b u s in e s s w h ic h
m a y s a f e ly b o u n d e r t a k e n b y t h o a v o r a g o p o l it i c a l a p p o in t o o o r h is a s s is t a n t s
w h o s o e x a m i n a t i o n o f s e c u r it ie s m u s t n e c e s s a r ily b o o f s o p o r f u n c t o r y a
c h a r a c t e r a s t o m a k o i t w o r t h le s s .
S o d r a s t i c a r o t h o p r o v i s io n s o f t h is l e g is la t io n t h a t t h o y h a v o n o t b e e n ,
a n d c o u l d n o t b e , w h o ll y o n f o r c e d .
C o n v ic t io n s h a v o b e o n s u rp risin g ly
f o w , a n d In m a n y c a s e s d e a le r s o f e s t a b lis h e d r o p u t a t i o n h a v o n o t o v e n b o o n
r e q u ir e d t o r e g is t e r .
J tjne 9 1917.]
THE CHRONICLE
T h o m o r o s u b t l o s w in d le s , w h ic h a r o o f t e n o x t r o m o ly d i f f i c u l t o f d e t e c
t i o n , m a y v e r y e a s ily c s c a p o t h o n o t i c e o f t h o C o m m i s s io n e r , w it h t h o r e s u lt
t h a t t h o S t a t o , in a s e n s e , b e c o m e s a p a r t y t o t h o f r a u d , w h ic h f o r t h a t v e r y
r e a s o n m u s t b o a ll t h o m o r o d is a s t r o u s in it s r e s u lt s .
F r o m t h o s t a n d p o i n t o f t h o le g it i m a t e i n v e s t m e n t d e a l e r , l e g is la t io n
g o v e r n i n g t h o s a le o f s e c u r it ie s is m u c h t o b o d e s i r e d , a n d y e t t h o la w s a s
t h o y n o w s t a n d b e s t o w s u c h a r b i t r a r y p o w e r s o n t h o C o m m i s s io n e r a s t o
i n v e s t ig a t i o n , fe e s , p e n a lt i e s , & c . , a n d s u b j e c t t h o d e a le r t o s o m a n y
b u r d e n s o m e r e q u ir e m e n t s , t h a t i n v e s t m e n t b a n k e r s in g o n o r a l h a v e h o p e d
f o r c h a n g e s w h ic h w o u l d a b s o l v o d e a le r s o f e s t a b lis h e d r e p u t a t i o n f r o m t h o
r ig id r e q u ir e m e n t s d e s ig n e d t o b a r f r a u d s a n d u n d e s ir a b le s e c u r it i e s .
In
p r a c t i c o t h i s o f t e n h a p p e n s , b u t t h o p r o v i s io n s o f t h o la w r e m a in .
L e g i s l a t io n o f t h o s w e e p in g c h a r a c t e r o f t h o b l u o s k y la w s c o u l d n o t
l o n g g o u n c h a ll e n g e d , a n d i t w a s s o o n a t t a c k e d o n c o n s t i t u t i o n a l g r o u n d s
In s o v e r a l S t a t e s .
I n t h o F e d e r a l c o u r t s in I o w a , M i c h i g a n a n d W e s t
V i r g i n ia t h o la w w a s h e l d t o b o u n c o n s t i t u t io n a l.
T h o S u p rem o C o u rt,
h o w e v e r , t o o k a d i f f e r e n t v i e w o f t h o m a t t e r la s t y e a r .
T h o I n v e s t m e n t B a n k e r s ’ A s s o c i a t io n p r o p o s e d f o r o v e r y S t a t o a u n i
f o r m b l u o s k y l a w , b a s e d o n t h o g e n e r a l b l u o s k y p r i n c lp l o , a l a w c a p a b l e
o f o n f o r c o m o n t a n d in c a p a b l o o f o v a s i o n , d e s ig n e d t o c o m b i n e t h o p r e v e n t i v e
f e a t u r e s o f t h o K a n s a s la w w i t h t h o p u n i t i v e f e a t u r e s o f t h o F e d e r a l P o s t a l
Law.
T h is p la n w o u ld r o lie v o t h o C o m m i s s io n e r o f t h o n e c e s s it y o f In
v e s t ig a t in g l e g it i m a t e s e c u r it ie s a n d l a y u p o n h i m t h o d u t y o f l o o k i n g o u t
f o r a n d d e t e c t in g fr a u d s a n d m is r e p r e s e n t a t io n s — in e f f e c t , w h a t b l u o s k y
la w s w e r e i n t e n d e d t o a c c o m p li s h .
A u n i f o r m l a w , a f fo r d i n g p r o p e r p r o t e c t i o n b u t f r e o f r o m b u r d e n s o m o
r e s t r i c t io n s , is g r e a t l y t o b o d e s i r e d .
A s m a tte rs s ta n d , th o In v e stm e n t
b a n k e r is h e a v i l y b u r d e n e d , n o t s o m u c h f r o m t h o fe e s r e q u i r e d a s f r o m t h o
u n w is o r e s t r i c t io n s , t h o f a c t t h a t s o m e S t a t e s h a v e la w s a n d s o m o d o n o t
a n d t h a t t h e s e la w s v a r y in t h e i r p r o v i s io n s , m a k i n g i t d i f f i c u l t t o s t e e r a
s t r a ig h t c o u r s o , n o m a t t e r h o w s ln c o r o t h o I n t e n t io n .
T h i s a p p li e s w i t h
p a r t i c u la r f o r c e t o t h o l o c a l d e a l e r , w h o s e l d o m h a s o c c a s i o n t o g o i n t o
o t h e r S t a t e s w i t h h is s e c u r it ie s e x c e p t b y m a i l.
W h e n t h o o c c a s io n d o o s
a r is o , p a r t i c u la r l y I f h is b u s in e s s is l o c a t e d In a S t a t o w i t h o u t b l u o s k y
le g is l a t i o n , h o is a p t t o g i v o n o t h o u g h t a t a ll t o t h o s u b j e c t , o r I f h o d o e s
t h i n k o f It, b o o b l ig e d t o s e a r c h o u t t h o f a c t s , p r o b a b l y a t t h o o x p o n s o o f a
l a w y e r 's fe e s .
T h o i n t e r e s t s o f t h o i n v e s t in g p u b l i c a n d t h o I n v e s t m e n t b a n k e r a r o
I d e n t i c a l, v i z . : t o p r e v e n t f r a u d a n d t o c n c o u r a g o p r o p e r I n v e s t m e n t .
T h o b l u o s k y la w is a s t o p in t h o r ig h t d i r e c t i o n , o f p r o t e c t i n g i n v e s t o r s
fr o m th e ir o w n ig n o ra n co .
N o la w w ill in i t s e l f a c c o m p li s h t h o d e s ir e d
re s u lt.
T h o b a n k e r m u s t e d u c a to th o in v e s to r.
T h o In v e sto r m u s t
le a r n t o c h o o s o f o r h i m s e lf w i t h o u t t o o m u c h s u p p o r t c it h e r f r o m t h o b a n k e r
o r th o S ta to.
P r o t e c t i o n is p a t e r n a l i s t i c .
E d u c a t i o n is d e m o c r a t i c .
Tho
A m e r ic a n p c o p lo h a v e a lw a y s s h o w n a p r o fe ro n co fo r t h o la tte r .
A M E R IC A N
C O M M IS S IO N S
A R R IV E
SAFELY
IN
2307
A m erica n C h arge d ’A ffa irs a t T o k io , w ith the arrival o f
the C om m ission , issued a sta tem en t to the effe ct th a t n o
com m ercial or fin a n cia l w o rk w as to b o u ndertaken b y the
C om m ission , w h ose solo p u rp ose w as to render to tho R u s
sian people^ the g rea test p ossib le service in the solu tion o f
tia n sp orta tion p rob lem s. T h o statem en t fu rther said:
C o m m i s s io n is n o t t o d i s c u s s a n y p o l i t i c a l o r d i p l o m a t i c p r o b l e m s ,
p l a c e it s k n o w l e d g e o f r a i lr o a d p r a c t i c e s u n r e s e r v e d l y a t t h o d i s p o s a l
o f t h o R u s s ia n p e o p l e , t o b e u s e d o r r e j e c t e d a s t h e i r j u d g m e n t d i c t a t e s .
In an in terview w ith th o A ssocia ted Press on Ju n e 2 N . V .
N ek ra s off, the R u ssian M in ister o f C om m u n ica tion s ex
pressed tho op in ion th a t th e U n ited States R a ilroa d C o m
m ission cou ld render an en orm ou s service to R u ssia . H e
was pa rticu la rly c o n v in ce d o f th is, ho declared , as he w as
lea vin g tho C om m ission an a b solu tely freo hand to d ecid e
w h a t tho R u ssian railw ays n eed ed . H o a d d ed :
I n p u r s u a n c e o f o u r p o l i c y in l e a v i n g t h o C o m m i s s io n a f r e e h a n d w e
h a v o n o d e t a ile d p r o g r a m f o r i t .
T h e c o m m i s s i o n w il l s p e n d s o m e d a y s
a t V l a d i v o s t o k In o r d e r t o a r r a n g e f o r t h o c o n s t r u c t i o n o f a w o r k s h o p f o r
p u t t in g to g e t h e r A m e r ic a n lo c o m o t iv e s , w h ic h h e r e t o fo r e h a v e b e e n
a s s e m b le d o n ly a t H a r b in .
O n t h e w a y C h a ir m a n S t e v e n s w il l i n s p e c t t h e
S ib e ria n R a ilr o a d a n d d e c id e o n a r e p o r t t o u s a s t o w h a t d e fe c ts th e r e a re
m t h o c o n s t r u c t i o n a n d m a n a g e m e n t a n d h o w t h e s o m a y b e r e m e d ie d .
T l i e r o is a n e n o r m o u s f u t u r e , b o t h d u r i n g a n d a f t e r t h o w a r , f o r A m e r i c a n
p r o d u c e r s in t h o c o n s t r u c t i o n o f r a i lr o a d s a n d t h o s u p p l y o f m a t e r ia l s a l i k e .
A lr e a d y v a s t o r d e r s a r e p e n d in g .
L a st y e a r w o o rd e re d 6 0 0 lo c o m o tiv e s ,
a n d th is y e a r 6 0 0 m o r o .
W o w a n t a lt o g e t h e r 3 ,0 0 0 l o c o m o t iv e s a s s o o n a s
p o s s ib le .
W o h a v o o r d e r e d in A m e r i c a a l r o a d y 2 0 . 0 0 0 f r e i g h t c a r s , a n d
d o s ir o a t l e a s t 5 0 , 0 0 0 .
W e h a v o a l s o o r d e r e d in A m e r i c a 1 5 0 ,0 0 0 t o n s
o f r a i ls , a n d w a n t a l t o g e t h e r 3 5 0 ,0 0 0 t o n s .
I s h a ll d i s c u s s w i t h t h e C o m m i s s io n o u r g r e a t r a i l r o a d c o n s t r u c t i o n p r o
gram
a d o p t e d b e f o r o t h e r e v o l u t i o n , a n d n o w b e i n g r e c o n s id e r e d .
I
r e g a r d t h o a r r iv a l o f t h o C o m m i s s i o n a s a m o s t I m p o r t a n t e v e n t , b o t h f o r
R u s s ia s s u c c e s s fu l c o n d u c t o f th o w a r a n d h e r e c o n o m ic d e v e lo p m e n t
terw a rd .
M y d e p a r t m e n t w il l d o e v e r y t h i n g t o f a c i l i t a t e t h e w o r k o f
M r . S t e v e n s a n d h is a s s o c ia t e s , a n d e x p e c t s f r o m i t s s t il l c lo s e r b o n d s w it h
ln u u s t r ia l A m e r i c a .
T h o R a ilroa d C om m ission is to bo furnished w ith inter
preters an d oth er assistants b y the R u ssian F oreign O ffice .
I t is ox p ected to arrive in P otrog ra d Juno 17.
R U S S IA .
T h o A m orica n C om m ission to R u ssia, h eaded b y form or
S ecretary o f S tato E lihu R o o t , has arrived a t “ a R u ssian
p o r t ,” an d is n ow on its w a y to P otrog ra d . A n n ou n cem en t
to this e ffe ct w as m a de b y the N a v y D ep a rtm e n t, th rou gh
tho C o m m itte e o n P u b lic In fo rm a tio n , o n Juno 3 , in tho
fo llo w in g statem en t:
T h o A m e r i c a n C o m m i s s io n t o R u s s i a , h e a d e d b y t h o l i o n . E l i h u R o o t
a r r iv e d s a f e l y a t a R u s s i a n p o r t t h is m o r n in g .
T h o N a v y D ep a rtm en t’
S e c r e t a r y D a n i e ls s t a t e d , r c c o l v c d a d i s p a t c h t o - d a y a n n o u n c in g t h o s a f o
a r r iv a l o f t h o v e s s e l b e a r i n g t h o m e m b e r s o f t h o c o m m i s s i o n . T h o s e in
th e p a r t y a ro : M r . R o o t , A m b a s sa d o r E x tr a o r d in a r y ; J o h n R . M o t t , C y ru s
II.
M c C o r m i c k , S a m u e l R . B e r t r o n , J a m e s D u n c a n a n d C h a r le s E d w a r d
R u s s e ll, e n v o y s e x tr a o r d in a r y ; M a jo r - G e n . n u g h L . S c o t t , C h ie f o f S t a ff
o f t h o A r m y , M i l i t a r y r e p r e s e n t a t iv e o f t h o P r e s i d e n t ; R e a r A d m i r a l J a m e s
II.
G lo n n o n , N a v a l R o p r e s o n t a t l v o o f t h o P r c s i d o n t ; C o l . R . E . L . M i c h l o
a id t o c h ie f o f s t a ff; C o l. W illia m V . J u d s o n , m ilit a r y a t t a c h o t o t h o d ip lo
m a t i c m is s i o n ; L l o u t . - C o l . T . B o n t l y M o t t , m i l i t a r y a i d t o t h o A m b a s s a d o r
E x tr a o r d in a r y ; S u rg e o n H o lt o n O . C u r l, U . S . N .; L ie u t . A lv a D . B a r n h a r d , U . S . N ., a id t o R o a r A d m ir a l G lc n n o n ; J a m e s M c K e n n a , c h ie f
c l e r k a n d d i s b u r s in g o f f i c e r o f t h o m is s i o n ; C l y d o S . S t llw o ll J a m e s F .
O 'R o u r k o , J a y K e e g a n , D u a n o E . W a s h b u r n . W a l t e r W . K i n g a n d G e o r g o
D.
G r e g o r y , c le r k s ; S e r g e a n t P a u l Z . R a n d o l p h , o r d e r l y , a n d G e o r g o E .
L o n g , m esson gor.
C h a r le s R . C r a n o , E n v o y E x t r a o r d i n a r y ; B a s il M i l e s ,
s e c r e t a r y t o t h o m is s i o n ; M a j o r S t a n l o y W a s h b u r n , u . S. ' a . a s s is t a n t
s e c r e t a r y t o t h o m is s i o n , a n d F . E u g o n o P r i n c o , c i v i l a i d a n d in t e r p r e t e r ,
w o r o a l r e a d y in R u s s i a a n d w il l J o in t h o p a r t y a t it s d e s t i n a t i o n .
'
T h o C om m ission loft W a sh in g ton a b o u t M a y 15, cha rged
w ith carryin g greetings to tho new d em ocra tic G o v ern m en t
o f R u ssia, and au th orized to p lod go u n stin ted aid fro m tho
U n ited States, n o t o n ly in p rosecu tion o f w a r against G e r
m a n y , b u t in tho reh a b ilita tion o f tho d em ora lized c o u n tr y .
A fte r a final con foron co botw eon tho P residen t an d M r . R o o t ,
tho com m issioners travelled ov orla n d to the P a c if ic 'c o a s t '
w horo it b oa rd od a fa st n aval vessel fo r tho v o y a g o to tho
O rien t. U ndor tho v o lu n ta ry con sorsh ip f Q,t tho rocpiost o f
th o G overn m en t, nearly all th o new spapers rofrainod from
pu blish in g a n yth in g a b o u t tho doparturo o f th o C om m ission ,
or tho poin ts th rough w h ich it pa ssed . T h o R o o t C o m
m ission is exp ected to reach P e trog ra d , tho R u ssian ca p ita l,
o n Ju n o 11.
T h o U n ited States R a ilroa d C om m ission to R u ssia, co m
prised o f fou r ra ilroad exports, h eadod b y J oh n F . S teven s,
form or C h ief E n gin oor o f tho P a n a m a C a n a l C om m ission ,
has also arrived sa fely in R u ssia. D isp a tch es from V la d i
v o s to k o n Juno 2 stated th at tho m em bers o f tho C om m ission
w ero cord ia lly re ce iv e d b y a com m ittee o f soldiors an d w ork
in gm en, an d th a t tho speeches delivered u p o n tho arrival
o f tho C om m ission in d ica ted eagornoss o n tho p a rt o f tho
p co p lo o f R u ssia to a c c e p t A m orioan aid in tho spirit in w h ich
it w as o ffo re d . T h o C om m ission , en tou r to R u ssia, reached
T o k io , Ja pan , o n M a y 26, a n d w as en tertained b y tho
B ritish an d R ussian A m b a ssa d ors.
G eorgo P o s t W h eelor,
BARON
R O S E N 'S G L O O M Y
R U S S IA N
V IE W S R E G A R D IN G
C O N D IT IO N S.
A suggestion th a t as a m eans o f exit fo r R u ssia from her
present ch a o tic co n d itio n , a d ip lom a tic con feren ce w ith the
A llies bo hold to determ ine a p ossib le basis for pea ce w ith
tho C ontral P ow ers has been m a de b y B a ron R os en , form e rly
R ussian A m b a ssa d or to the U n ited States in a statem en t
pu blish ed in tho R u ssian “ D y e n ” on tho 2n d in st. T h e
original aim s o f th e w ar— the com p lote ruin o f the en em y— •
h a v o b e com o h opeless, he declares, an d the w ar prom ises to
d o v clo p in to a slow process o f m oro or less general exhaustion
o f b o th sides. H o says:
R u s s i a Is o n t h o e d g e o f a p r e c i p i c e .
S a f e t y d e m a n d s t h a t s h o r in d a n
e x it b e fo r e th o g r o w in g a n a rc h y w re ck s th o c o u n t r y .
She m ust sa y g o o d b y o t o ill u s i o n s a n d l o o k t h o t r u t h in t h o e y e .
T h o w a tch w ord o f “ W a r to
t h o E n d ” m u s t b o c o n s i d e r e d in t h o l i g h t o f c o n d i t i o n s .
T h o s o c o n d i t i o n s a r o b e c o m i n g w o r s e w i t h in c r e a s in g d i s o r g a n i z a t i o n .
T h o o n o m y , a s w e ll a s t h o A l l ie s , a r e I n f o r m e d o f t h a t f a c t .
W e a ro ru n n in g
t h o r is k o f b e i n g a b a n d o n e d b y t h o A l l io s o r l e f t t o t h o n e c e s s it y o f m a k i n g
a s h a m e fu l p e a c e i f w o d e fe r fo llo w in g t h o o n ly c o u r s o c o n fo r m a b le w it h d ig
n ity a n d h o n o r .
W o m u s t a b a n d o n t h o u s o o f w o r d s w h ic h m e a n n o t h i n g
c le a r a n d d e f i n i t e , a n d b e g i n a d i p l o m a t i c c o n f e r e n c e w i t h t h o A l l i e s a n d
t h o U n it e d S t a t e s , w h i c h h a s J o in e d t h o c o a l i t i o n , a n d f i n d o u t w h a t c o n
d i t i o n s o f p e a c e w ill s a t i s f y t h e m a n d a t t h o s a m e t im e b o i n a c c o r d a n c e
w i t h t h o s p i r it o f t h e d e c l a r a t io n o f t h o t e m p o r a r y G o v e r n m e n t a n d t h e
p r i n c ip l e s p r o c l a i m e d b y P r e s i d e n t W i l s o n .
B a ron R osen a ckn ow led ges th a t R u ssia is late w ith such
a d ip lom a tic suggestion w h ich , in his op in ion , sh ou ld h a v e
follow ed P residen t W ils o n ’ s ap peal to th o belligerent co u n
tries. A t th at tim e, h ow ev er, the g overn in g classes o f all
tho cou n tries w ore so in ten t u pon tho idea o f tho com p le te
ruin o f th o en em y , he com m en ts, th at n o on e G overn m e n t
co u ld assort its readiness to solve the problem s o f tho w ar b y
con feren ces. H o ad d s:
T h u s a n u n f o r t u n a t o s i t u a t i o n w a s c r e a t e d , a n e x i t f r o m w h ic h w a s p o s
s i b le o n l y b y t h o I n j e c t i o n o f a n e w a n d p o w e r f u l f a c t o r — t h e R u s s i a n
r e v o lu t io n .
I n t h i s c o n s i s t s Its g r e a t w o r l d I m p o r t a n c e .
T h o R u s s ia n
d e m o c r a c y w a s t h o fir s t t o h a v e th e c o u r a g e t o s a y a lo u d th o d e fin it e w o rd
w h ic h h a s fr e e d e v e r y b o d y f r o m th o b lo o d y h y p n o s is u n d e r w h ic h t h e n a
t io n s l a b o r e d f o r n e a r l y t h r e e y e a r s .
THE
R U S S IA N
DEVELOPMENTS.
F u rth er intornal distu rban ces in R u ssia w ere w itnessed
this w eek in the decision o n th e 1st o f the C ou n cil o f W o r k
m en ’ s an d S oldiers’ D elega tes to assum e co n trol o f K r o n
sta d t, tho groa t fortress w h ich defen ds P etrog ra d . T h e d e
cision w as carried b y a v o t e o f 210 against 4 0 , w ith eig h t o f
tho delegates ab stain in g fro m v o tin g . I t w as an n ou n ced
b y tho W o rk m e n ’ s an d S oldiers’ D elega tes on th a t d a y th a t
lion ceforth tho relations o f K ro n sta d t w ith P etrog ra d a n d
tho rem ainder o f R u ssia w ou ld b e o n ly th rou gh the in ter
m ed ia ry o f tho P e trog ra d b ra n ch o f the delegates. T h e lo ca l
W o rk m e n ’ s an d S oldiers’ C o u n cil a t K ro n s ta d t a n n ou n ced
3308
[Vol. 104.
THE CHRONICLE
that it had taken in its hands the effective powor of Kron
stadt, that it did not recognize the Provisional Government
and had removed all the Government’s representatives.
The secession was not long-lived, however, for on June 7
the Kronstadt republic surrendered unconditionally to the
Provisional Government. The peace agreement was signed
by Anatole Lamanoff, President of the Kronstadt Council
of Soldiers’ and Workmen’s Delegates. It was negotiated
on behalf of the Provisional Government by M . Tserotelli,
Minister of Posts and Telegraphs, and M . Skobeleff, Minis
ter of Labor, who arrived in Kronstadt on the 5th inst. It
is stated that the negotiations at first were carried on with
the Kronstadt executive. The Ministers then addressed
the full Council, and finally made speeches to crowds in the
streets. The peace agreement says:
with M . Skobeleff, Minister of Labor, concerning the eco
nomic and financial measures necessary in the present crisis.
In a statement sent to the Socialist parties and Central
Federations of Trade Unions of the world on Juno 5 the Coun
cil of Workmen’s and Soldiers’ Delegates repeated its appeal
of March 28 to the peoples of the world to unite in resolute
actions in favor of peace, and in which it inscribed on its
banner:
P e a c e w i t h o u t a n n e x a t io n s o r in d e m n i t i e s , o n t h o b a s is o f r ig h t s o f n a
t io n s t o d e c i d e t h e i r o w n d e s t i n y .
The statement asserts that the Russian democracy forced
the first Provisional Government to accept this program,
and, “ as the event of May 3-4 clearly showed, it did not
tolerate any departure on the part.of the first Provisional
Government from that program. Tho second Provisional
I n a c c o r d w i t h t h e d e c i s io n o f a m a j o r i t y o f t h e P e t r o g r a d C o u n c i l o f
Government, under pressure of the Council of Soldiers
D e p u t i e s , w h i c h a c k n o w l e d g e s t h a t t h e p r e s e n t P r o v i s io n a l G o v e r n m e n t
is i n v e s t e d w i t h c o m p l e t e a u t h o r i t y i n t h e S t a t e , w o o n o u r s i d e a ls o r e c o g
and Workmen’s Delegates, put forward tho same program as
n iz e t h a t a u t h o r it y .
the foremost article of its declarations.” Tlio statement
Kronstadt further agrees to submit its choice of civi then refers to the decision of the Council of Soldiers and
administrators for the approval of the Provisional Govern Workmen’s Delegates to take the initiative in summoning
ment, making them responsible to Petrograd. An over an international conference, and continues:
whelming majority of the Kronstadt Council of Doputies
T h e C o u n c il o f S o ld ie r s ’ a n d W o r k m e n ’s D e le g a t e s is o f t h e o p i n i o n t h a t
t h o s p e e d y t e r m i n a t i o n o f t h o w a r a n d t h o r e s t o r a t i o n o f in t e r n a t io n a l
voted for the surrender.
.
p e a c o o n t h e b a s is r e q u i r e d b y t h o g e n e r a l i n t e r e s t s o f l a b o r , a s w e ll a s o f
A statement in which it was said that Kronstadt would be m a n k i n d , c a n o n l y b e a c h i e v e d i f t h o S o c ia lis t L a b o r p a r t i ® a n d t a t
declared “ morally boycotted, outlawed and cut off from the u n io n s in a ll c o u n t r i e s , b e llig e r e n t a n d n e u t r a l , w ill u n i t e t h o i r e f f o r t s in a
t a g a in s t t h is u n iv e r s a l s la u g h t e r .
rest of the Empire unless it immediately withdraws its de s t uTbhbeo rfnir satnidm epnoer rt ga entti cs tfei gph in
t h a t d i r e c t i o n is t h o s u m m o n i n g o f a n i n t e r
fiance to the Provisional Government,” was made at Potro- n a t i o n a l c o n f e r e n c e t h o m a in o b j e c t o f w h ic h s h o u l d b o t o a r r iv e a t a n a g r e e
grad on June 2 to the Associated Press by Minister of Justice m e n t b e t w e e n t h o r e p r e s e n t a t iv e s o f t h o S o c ia lis t p r o l e t a r i a t in r e g a r d t o
t h o t e r m i n a t i o n o f t h e ’ ’ p a r t y t r u c e ” w i t h I m p e r ia lis t ic G o v e r n m e n t s a n d
Perevzeff. The press dispatches quoted him as saying:
c la s s e s , w h ic h m a k e s n u g a t o r y t h e r e a l s t r u g g l o f o r p e a c e , a s w e ll a s t o
K r o n s t a d t ’s d e f ia n c e w a s d is c u s s e d y e s t e r d a y b y t h o C o u n c i l o f M i n i s
te rs.
A l l . in c lu d in g t h o S o c i a l is t M in is t e r s , a g r e o t h a t t h o G o v e r n m e n t
m u s t n o t t o lo r a t o d e c l a r a t io n s o f i n d e p e n d e n c e b y s e p a r a t e d i s t r i c t s .
In
t h is w o a re a b s o lu t e ly s u p p o r t e d b y t h e P e t r o g r a d C o u n c il o f D e p u t ie s ,
p r o o f t o t h is e f f e c t b e i n g s h o w n t o - d a y w h e n t w o D e p u t ie s w o n t t o t h o f o r t
r e s s t o b r i n g t h e r e b e ls t o r e a s o n .
K r o n s t a d t e x a g g e ra te s its s t r e n g t h .
W o h a v e h e ro s u ffic ie n t t r o o p s a n d
s h ip s t o c o e r c e t h e re b e ls .
W e c o u l d a ls o e a s ily b l o c k a d e t h o is la n d a n d
s t a r v e i t o u t , b u t I a n d m y c o ll e a g u e s a r o a g r e e d t h a t s u c h m o a s u r c s a r o
n o t d e s ira b le .
I n s t e a d , t h o C a b i n e t w il l p r o b a b l y t o - m o r r o w , I f K r o n s t a d t
h a s n o t s u r r e n d e r e d , is s u e a d e c l a r a t io n t h a t t h o f o r t r e s s t o w n h a s t u r n e d
t r a i t o r t o t h e r e v o l u t i o n a n d b e c o m o a n e n e m y o f R u s s i a ’s n e w f r o e d o m .
W e a r e c o n v i n c e d t h a t t h o u n iv e r s a l r e p r o b a t i o n o f R u s s i a w ill w i t h o u t
h a r s h e r m e a s u r e s b r i n g t h e e x t r e m is t s t o r e a s o n .
K r o n s t a d t h a s a lw a y s b e e n a d iffic u lt p r o b le m .
M a n y p o lit ic a lly u n
e d u c a t e d v i s io n a r i e s a n d e x t r e m is t s a r o t h e r e , a n d a ls o m a n y o f a v o w e d l y
c r im i n a l t y p e s .
W e d o n o t t a k e t h i s r e v o l t t o o s o r io u s l y .
F o r m e r ly w h e n
w e h a d t r o u b l e in K r o n s t a d t w o t e m p o r i z e d a n d c o m p r o m i s e d , b e c a u s e w e
f e a r e d t h o r e s u lt o f s t e r n m e a s u r e s i f t h e G e r m a n s a t t a c k e d .
L a te ly w e
h a v e t a k e n m e a s u r e s w h ic h m a k e a G e r m a n a t t a c k a b s o l u t e l y im p o s s i b o.
T h e r e fo r e n o h a rm c a n c o m e t o R u s s ia fr o m a n y t h in g K r o n s t a d t c a n d o .
Y o u m a y b o a s s u r e d t h a t K r o n s t a d t ’s b o a s t e d in d e p e n d e n c e Is d o o m e d
t0 Tholeader of the Kronstadt revolution is said to have been
Anatole Lamanoff, a youthful chemistry student of the
Petrograd Technological College, who by his flaming enthusi
asm and his unexampled energy recently made himself Presi
dent of the local Council of Workmen’s and Soldiers’ Deputies
and virtually Kronstadt’s dictator.
<5arry t h i s
en deavor
in to
p r a c t ic a l
e ffe c t.
An
I n t e r n a t io n a l a g r e e m o n
u p o n s u c h a p o l i c y is t h o m a i n p r e l im i n a r y c o n d i t i o n f o r P a c i n g
f o r p e a c o u p o n a b r o a d in t e r n a t io n a l f o o t i n g .
T h i s r o a d Is i n d i c a t e d t o
t h e n r o l o t a r i a t b y a ll i t s in t e r n a t io n a l t r e a t ie s .
A t t h o s a m e t im o t h o s u m m o n i n g o f t h o c o n f o r o n c o is s t r o n g l y d i c t a t e d
b y t h o m o s t v i t a l i n t e r e s t s o f t h o p r o l e t a r i a t a n d a ll p e o p l e s .
A l l p a r t ie s
a n d o r g a n i z a t io n s r e p r e s e n t in g t h o w o r k in g c la s s e s w h ic h s lia r o t h e s e v i e w s
a n d o p in io n s a n d a ro p r e p a r e d t o u n ito th e ir e ffo r t s t o c a r r y t h c m iiit
o p e r a t i o n a r e c o r d i a l l y i n v i t e d b y t h o C o u n c i l o f S o ld ie r s a n d W o r k m e n s
_____
D e le g a t e s t o t a k e p a r t in t h o p r o p o s e d c o n f e r e n c e .
T h o C o u n c i l b e g s t o e x p r e s s i t s c o n v i c t i o n t h a t t h o p a r t i e s a n d ° g*
z a t i o n s w h ic h a c c e p t t h i s i n v i t a t i o n w il l, b y d o i n g s o , a c c e p t t h o o b l ig a t io n s
t o c a r r y o u t u n f a i li n g l y a ll d e c i s io n s a d o p t e d b y t h o c o n f e r e n c e ,
rh o
c o n f e r e n c e w il l b o o p e n e d a t S t o c k h o l m o n a c e r t a in d a y b e t w e e n J u n e 2 8
a n d J u ly 8 .
>
Announcement was made on the 6th inst. that a lottor
expressing surprise that a call had been issued by tho Counci
of Soldiers’ and Workmen’s Delegates for an international
conference to consider means of ending the war beforo the
negotiations between the British, French and Belgian dele
gations and the Council had been concluded, had been ad
dressed to the Council by Arthur Henderson, British Minis
ter without portfolio; Albert Thomas, French Minister of
Munitions, and Emile Vandervelde, Bolgian Minister of
Munitions. The letter rofers to tho fact that the Council
invited the British majority and minority organizations
representing the laboring classes to come to Russia to discuss
conditions under which such a gathering would bo called,
and adds:
The resignation of Gen. Michael V. Alexieff, Commandorin-Chief of the Russian armies, was announced on Juno 5. w hWic oh ct ho uo l pd r envoito ue sx pneecgt o yt ioaut iownosudl di d c no no tv oakl loe wa uc os ntfoe rfoe nr ecsee eu.n d eDr ucroinn gd i tt hi oens se
Gen. Brusiloff, Commandor-in-Chief of the armies of the n e g o t i a t io n s w e s h o w e d o u r a g r e e m e n t w i t h y o u o n t h o p e a c o f o r m u l a o f
Southwestern front, has been appointed to succeed him. t h o S o l d i e r s ’ a n d W o r k m e n 's D e le g a t e s , o n t h o o x p r o s s c o n d i t i o n t h a t t h is
d d r a w n u p In f ^ h ^ m a n n o r
Gen. Goutor replaces Gen. Brusiloff on the Southwestern pa se a tcoo feoxrcml uudlea ns he iotuhledr bleib ec rleaat ri ol yn doeff int eerdr itaonr ie
s In a c c o r d w i t h t h e w is h e s
front. Gen. Alexieff had been appointed Commander-in o f t h e ir i n h a b i t a n t s n o r r e p a r a t i o n f o r d a m a g o c a u s e d t o i n v a d e d c o u n t r ie s .
O
n
t
h
e
o
t
h
e
r
h
a
n
d
,
w
o
f
o
r
m
a
l
l
y
d
e
c
l
a
r
e
d
i
t
w
a
s im p o s s ib le fo r u s t o s u p p o r t
Chief on April 15, soon after the retirement of Grand Duke
o n agreem en t a
Nicholas from that post. Gen. Brusiloff resigned recently sae rpiel es noafr yc o nc odni tfieorne sn cdee fbi ne iftoer oe nhoauvgihn gt od rr ao wm no v ou pa llind ocuo bmt m
, t o d i s c o u r a g e a ll
from his position as Commander-in-Chief of the armies of d i p l o m a t i c m a n o e u v r e s b y o u r e n e m ie s , a n d t o r o p u d i a t o S o d l a l i s t f a c t i o n s
the Southwestern front, but withdrew his resignation after w h ic h w o u ld n o t b e w il li n g t o c o - o p e r a t e In t h o w o r k o f a n t i -i m p e r i a li s m
f o r w h ic h y o u a r o c o n v o k i n g t h o I n t e r n a t i o n a l .
W o a ro m o r e th a n o v er
a conference at Petrograd.
c o n v i n c e d t h a t a p l e n a r y m e e t in g t o w h ic h w o u ld b o a d m i t t e d t h o s e s u p
An official statement issued at Petrograd on Juno 7 by p o r t i n g t h e p r e s e n t p o l i c y o f t h o m a j o r i t y S o c ia lis t s in t h o C e n t r a l L m p l r e s
.
the Russian Government explains why Gen. Alexieff was w o u ld b e h a r m f u l a n d d a n g e r o u s .
The letter adds that it would bo possible to think of
removed from the post of the Commander-in-Chief of the
Russian armies and placed on half pay. The announce common action only when the German Socialists^ had issued
a declaration proclaiming a rupture with tho imperialism
ment said:
of aggression and with the Emperor. It concludes:
T h e r e t ir e m e n t o f G e n . A l e x i e f f f r o m t h o p o s t o f C o m m a n d o r - i n - C h i e f
w a s n o t In t h o le a s t d u e t o a c h a n g e In t h e a t t i t u d e o f t h e P r o v i s io n a l
G o v e r n m e n t r e g a r d i n g h i m , s i n c o It h i g h l y a p p r e c i a t e s h is t a l e n t , lo a r n in g
a n d com p eten ce.
A t th e sa m e t im e , h o w e v e r , G e n . A le x ie ff w a s n o t c o n
s id e r e d t o p o s s e s s t h e e n e r g y , e n th u s ia s m a n d c o m p e t e n c e w h ic h a re so
n e ce ssa ry a t th e p re se n t ju n c tu r e .
T h o P r o v i s io n a l G o v e r n m e n t , a c c o r d i n g l y , t h o u g h n o t w i t h o u t r e g r e t ,
d e c i d e d t o r e p l a c e h i m w h il e r e t a in in g t h o o p t i o n o f a v a i l in g i t s e l f o f h is
h ig h a b i l i t y a n d e x p e r i e n c e .
I t w a s o n th e s e c o n d it io n s t h a t t h o G o n o ra l
w a s p la c e d o n h a lf p a y .
After being succeeded as Commander-in-Chief by Gen.
Brusiloff, Gen. Alexieff was appointed Military Adviser to
the Provisional Government.
F i n a l l y w e d r a w y o u r a t t e n t i o n t o t h o p a s s a g o in y o u r d e c l a r a t io n c o n
c e r n in g p o l i t i c a l l i q u i d a t i o n w i t h im p e r i a l i s t G o v e r n m e n t s a n d c l a s s ® .
W o a r o i n c o m p l e t e a g r e e m e n t w i t h t h o C o u n c il In a f fi r m in g t h o n e c e s s it y
o f a r u p t u r o b e t w e e n S o c ia lis m a n d G o v e r n m e n t o r c l a s s ® w h o s o w a r a im s
a r e t a i n t e d w i t h I m p e r ia lis m , b u t w o h a v e n o t c e a s e d a n d sh a U n o t c e w o
t o c o n s i d e r t h a t n a t i o n a l u n i o n a g a in s t a g g r ® s i v o im p e r i a l i s m is t h e d u t y
t n c u m b e n t u p o n a ll c l a s s ® , a n d o n e f r o m w h ic h t h o S o s la lls t p r o l e t a r i a t
c o u l d n o t h o l d a l o o f w i t h o u t a b d i c a t i n g a n d c o m p r o m i s i n g v i t a l in t e r e s t s
o f d e m o c r a c y a n d S o c i a l is m .
W o s h a ll b o g l a d t o a t t e n d t h o m e e t in g In
o r d e r t o e x p la in o u r s e l v ® m o r e f u l l y .
President Wilson’s communication to tho new Russian
A dispatch to Router’s Telegram Co. from Petrograd Government on the war aims of the Unitod States was de
announced that A. I. Konovaloff, Minister of Commerce and livered at Petrograd by Ambassador Francis on June 4. It
Trade, had resigned, owing to a complete divergence in views is stated that the publication of the communication is de
June 9 1917.J
THE CHRONICLE
ferred pen din g tho receip t o f sim ilar replies to R u ssia from
G rea t B rita in , F ran ce and Ita ly .
F ro m C op en h a gen it w as an n ou n ced on June 5 th at a
p rogram fo r the general dism em berm en t o f R u ssia w as p u t
forw a rd a t a m eetin g at E ssen o f the n ew ly form ed R h ein isch W estph alian b ran ch of the In d ep en d en t C om m ittee fo r a
G erm an P ea ce , the orga n ization o f the P an -G erm an s. T h e
speakers a d v o ca te d far-rea ch in g plans o f G erm an territorial
aggrandizem en t. T h e p rin cip al speaker declared it w as use
less to a tte m p t separate pea co n egotiation s w ith tho Russian
P ro visio n a l G o v e rn m en t, b u t
suggested th at a d va n tage
m igh t b o tak en o f present con d ition s in R ussia to ap p roa ch
the F in n s and L ittle R ussians w ith pea ce p rop osa ls. H e
asserted th a t F in la n d and the U krain e cou ld easily b e d e
ta ch ed fro m R u ssia, and a d v oca ted the seizure b y G erm a n y
o f L ith u an ia and C ou rlan d an d their colon iza tion b y 2 ,0 0 0 ,
000 G erm an -speak ing Russians fro m tho in terior o f the Slavic
d om in ion s, thus w eakening R u ssia an d establishin g a c o m
plete bu lw ark o f depen den t States seat o f G erm a n y and
A u stria -H u n g a ry .
PEACE
T E R M S OF F R A N C E — G E R M A N Y
RETURN
M U ST
A L S A C E -L O R R A IN E .
A resolu tion declarin g th a t pea ce con d ition s m u st in clude
the lib era tion o f territories occu p ie d b y G erm a n y, the re
turn o f A lsace-L orra in e to F ra n ce, an d ju st reparation for
da m ago d on e in tho in va d ed region s w as a d op ted b y the
F ren ch C h a m b er o f D ep u ties in secret session on J u n o 5
b y a v o te o f 453 to 55.
T h o resolu tion , w hich w as a cce p te d b y tho G ovei’n m en t,
also fa v o rs the crea tion o f a leagu e o f n ations fo r the m a in
tenance o f p ea ce. T h e secret session, w h ich w as a d jou rn ed
fro m S a tu rd a y , con tin u ed all M o n d a y a ftern oon and even
ing until m id n igh t. W h en tho doors w ere op en ed to the
p u b lic soon after m idnigh t P residen t P a u l D esch a n ol read
fou r resolutions w h ich had b een su b m itted . O ne w as draw n
u p b y D ep u ties K lo tz , C harlos an d D u m o n t, representing
the op in io n o f tho m a jority g rou p ; tho oth er three w ere pre
sented b y differen t sections o f th e S ocia lists. T h o first
resolu tion , w h ich w as a ccep ted b y the G ov ern m en t, read:
T h o C h a m b e r o f D e p u t ie s , t h e d i r e c t e x p r e s s i o n o f t h o s o v e r e i g n t y o f
t h e F r e n c h p o o p l o , s a lu t e s t h o R u s s i a n a n d o t h e r a llie d d e m o c r a c i e s , a n d i n
d o r s e s t h o u n a n im o u s p r o t e s t w h ic h t h o r e p r e s e n t a t iv e s o f A l s a c e - L o r r a in e ,
t o r n f r o m F r a n c o a g a in s t t h e ir w il l, h a v o m a d e t o t h o N a t i o n a l A s s e m b l y !
I t d e c la r e s t h a t i t e x p e c t s f r o m t h o w a r i m p o s e d u p o n I i u r o p o b y t h o a g
g r e s s io n o f i m p e r ia lis t G e r m a n y t h o r o t u r n o f A l s a c e - L o r r a in e t o t h o m o t h e r
c o u n t r y , t o g e t h e r w it h l ib e r a t i o n o f i n v a d e d t e r r i t o r ie s a n d j u s t r e p a r a t i o n
fo r d a m a go.
F a r r o m o v o d f r o m a ll t h o u g h t s o f c o n q u e s t a n d o n s l a v o m o n t , i t e x p e c t s
t h a t t h o e f f o r t s o f t h o a r m ie s o f t h o r e p u b l i c a n d h e r a llie s w ill s e c u r e , o n c o
P r u s s ia n m il i t a r is m is d e s t r o y e d , d u r a b le g u a r a n t e e s f o r p e a c o a n d i n d e
p e n d e n c e f o r p e o p l e s g r e a t a n d s m a l l, in a l e a g u e o f n a t i o n s s u c h a s h a s a l
r e a d y b e e n fo r e s h a d o w e d .
C o n f i d e n t t h a t t h o G o v e r n m e n t w ill b r i n g t h is a b o u t b y t h o c o - o r d i n a t e d
m il i t a r y a n d d i p l o m a t i c a c t io n o f a ll t h o A l lio s a n d r e je c t i n g a ll a m e n d
m e n ts, th o C h a m b e r passes to th o o rd e r o f th o d a y .
S p oak in g to the resolu tion , P rem ier R ib o t said:
T h o G o v e r n m e n t a s k s y o u t o v o t e f o r t h o D u m o n t - K l o t z r e s o lu t i o n .
T h o l o n g d o b a t e , n o w d r a w in g t o a n e n d , h a s s h o w n w it h w h a t s p i r it o f
s i n c e r i t y a n d p a t r i o t i s m t h o C h a m b e r is a n i m a t e d .
T h is r e s o lu t i o n a f
f ir m s o u r n a t i o n a l s o v e r e i g n t y .
I t d e c la r e s t h a t in a d e m o c r a c y l ik e o u r s
t li o r o c a n b o n o s e c r e t d i p l o m a c y .
N o n e c a n o r w a n t s t o fin e s s e w i t h t h e
n a tio n a l s o v e r e ig n t y .
N o n e h a s e n t e r t a in e d s u c h t h o u g h t s .
F r e n c h p o l i c y is t h o p o l i c y o f fr a n k n e s s a n d c le a r n e s s .
W h en th o h o u r
f o r s u p r e m o d e c i s io n s s t r ik e s i t w ill b e f o r r e p r e s e n t a t iv e s o f t h e c o u n t r y
t o d e t e r m in e t h o c o n d i t io n s o f p e a c e .
W e w is h t o b r in g a b o u t t h o t r iu m p h
o f t h o r ig h t s o f t h o p e o p l e s a n d t h o Id e a s o f J u s tlc o a n d l i b e r t y .
D o not
lo t u s b o d e c e i v e d b y fo r m u l a e w h o s o m a k e r s h i d o t h e m s e lv e s a n d w h o
w is h t o s p r e a d t h e c o n v i c t i o n t h a t w o s e e k c o n q u e s t .
W o ask o n ly th a t
w h a t is o u r s b o r e t u r n e d t o u s .
W o d o m a n d t h a t t h o p r o v i n c e s w h ic h
n ov er cea sed to b o F re n ch b o re sto re d to u s.
T h o r e s o lu t i o n w h ic h t h o G o v e r n m e n t a s k s y o u t o p a s s d e m a n d s a r e p a
r a t i o n , w h ic h n o n e c a n c o n t e s t , f o r a p p a ll i n g d a m a g e s .
T h o u n iv e r s a l
c o n s c io n c o w ill r a t i f y t h e s e p r e t e n s io n s .
A p p e a l in g t o w h a t h a s b e e n s a id b y t h o P r e s i d e n t o f t h o g r e a t R o p u b l i c o f
t h o U n it e d S t a t e s , w o w is h t o e s t a b lis h in s t a b l o f a s h i o n j u s t l c o a n d r ig h t f o r
a ll n a t i o n s , g u a r a n t e e s f o r t o - m o r r o w , f o r o u r c h i ld r e n a g a i n s t t h o r e n a is
s a n c e o f b a rb a ris m .
I f w o fa ll b a c k i n t o o u r o l d d i ff e r e n c e s t h o d a n g e r
m i g h t b o g r o a t , b u t F r a n c o u n it e d c a n n o t b o v a n q u is h e d .
I a s k y o u In t h o n a m e o f t h o G o v e r n m e n t , in t h o n a m e o f F r a n c o , t h a t
y o u r v o t o b o u n a n im o u s .
O n Juno G th o Sonate u nanim ou sly a d o p te d a resolu tion
in trod u ced b y Sen a tor R egism an sot, P resid en t o f the R a d i
cal L e ft, in su p p o rt o f tho G ov ern m en t’ s a ttitu d o as to
F ra n co’ s w ar aim s. On tho sam e d a y P rem ier R ib o t de
fin ed in the Sonato tho w ar aim s o f F ra n co in tho sam o
genoral sense as in addressing tho C h a m b er o n M o n d a y
— restitu tion o f A lsace-L orra in e and rep aration fo r tho
dam ages in tho in va d ed territories o f F ra n co, A fte r ex
am in in g in to tho ju stice o f these aspirations M . R ib o t re
ferred to th o resolu tion a d op ted in tho C h a m b er an d a d d od :
W h a t w o v o t e d in t h a t r e s o lu t io n w o s h a ll a g a in f i n d , I a m s u r o , in t h o
n o t o P r e s i d e n t W i ls o n is s e n d i n g t o P e t r o g r a d .
W o a r e in a c c o r d w it h t h e
o l o v a t o d a n d c le a r c o n c e p t i o n o f P r e s i d e n t W i ls o n .
l i e h a s s a id s o h im
2309
s e l f.
I n t h o e y e s o f t h e U n it e d S t a t e s t h e r e s t it u t i o n o f A l s a c e - L o r r a in e
w ill b e n e it h e r c o n q u e s t n o r a n n e x a t io n ; r e p a r a t io n f o r d a m a g e s w ill n o t b e
in d e m n i t y o r w a r . b u t a s i m p le a c t o f J u s tic e .
T h e P rem ier, discussing tho fu tu re o f the w o rld , said:
I t is n e c e s s a r y t h a t a l e a g u e o f p e a c e b e f o u n d e d In t h e s a m e s p i r it o f
d e m o c r a c y t h a t F r a n c e h a s h a d t h e h o n o r o f i n t r o d u c in g i n t o t h e w o r l d .
T h o n a t io n s n o w in a r m s w ill c o n s t i t u t e t h e s o c i e t y o f n a t i o n s .
T h i s is
t h e f u t u r e o f h u m a n i t y , o r o n e m i g h t w e ll d e s p a ir o f t h e f u t u r e .
P r e s id e n t
W i ls o n u p o n t h is p o i n t is w i t h u s .
A ll n a tio n s n o t p r e d a t o r y m u s t u n ite
t o p r e v e n t o t h e r s f r o m d i s t u r b in g t h e p e a c e .
T h e y m u s t u n i t e in a n a r m o d
le a g u o t o m a k e re s p e cte d th r o u g h o u t t h e w o rld p e a c e , ju s tic e a n d lib e r t y .
D E N IA L
TH AT
A L S A C E -L O R R A IN E
W ISH E S
TO
BE
“ L I B E R A T E D .”
W ith tho op en in g o f the L a n d ta g o f A lsa ce-L orra in e
a t Strassburg, on the 6th in st., D r. v o n D a lh v itz, the Im
perial S tatth alter, in his open in g speecish q u o te d as h avin g
declared “ the u n b en d in g w ill to end th e w ar v icto rio u s ly
w ill fu rther p ro te ct ou r G erm an A ls a ce-L orra in e.” - A t the
first session o f th e S econ d C h am ber D r. G eorg R ick lin , a
C en trist, w as reelected P residen t b y 29 o u t o f th e 46 v o te s.
D r . R ick lin said:
W o A l s a t i a n s a n d L o r r a i n e r s w ill n e v e r f o r g e t t h a t o u r E m p e r o r , b y h is
p e a c o o f f e r , s h o w e d h is r e a d in e s s t o e n d t h e m is e r ie s o f t h e w a r .
W e b le s s
e v e r y a c t i o n t e n d i n g t o s h o r t e n t h e w a r b y a s i n g le d a y , a n d r e j e c t e v e r y
t h i n g w h i c h , a l l e d g e d l y u n d e r t a k e n t o b e t t e r o u r l o t , in f a c t o n l y s e r v e s t o
p r o l o n g t h o w a r a n d o u r s u f fe r i n g s .
A n o v e r w h e lm i n g m a j o r i t y o f A l s a t i a n s a n d L o r r a i n e r s d i d n o t w a n t t h e
w a r a n d o n l y .w a n t e d t o w o r k o u t t o c o m p l e t i o n t h e i r p o s i t i o n a s m e m b e r s
o f a s t a t e in u n i o n w i t h t h e G e r m a n E m p i r o a n d t o f u r t h e r p r o c e e d w i t h
p e a c e fu l la b o r .
I n t h is c o n n e c t i o n t h e w a r h a s m a d e n o c h a n g e a s f a r a s w e
are co n ce rn e d .
W e m a k e t h is c o n f e s s i o n o f f a i t h i n t h e f a c e o f t h e w h o le
w o rld .
M a y it b e h ea rd ev e ry w h e re a n d m a y p e a ce b o re sto re d s o o n .
T h e “ N ord d eu tsch o A llgem ein e Z e itu n g ,” referring
P residen t R ick lin s’ sp eech , is q u oted as follow s:
to
S u c h , th e n , a re th e v ie w s o f t h e p e o p le o f A ls a c e -L o r r a in e .
T h e F rench
c a n n o t b r i n g f o r w a r d t h e c la im t h a t t h e r e is a p o p u l a r d o m a n d f o r r e u n i o n
w i t h F r a n c e . T h o A l s a t i a n s a n d L o r r a i n e r s d o n o t w is h t o b e “ l i b e r a t e d . ”
T h e y k n o w t h a t t h e ir f a t e is i n d i s s o l u b l y b o u n d u p w i t h t h e G e r m a n E m
p ir o , a n d t h e y d e c lin e t o b e s a c r ific e d t o th e e m p t y h o p e s , a m b it io n s a n d
d e s ir e s o f F r e n c h p o l i t i c i a n s . .
A g a in s t P r e m i e r R i b o t a n d t h e m a j o r i t y in t h e F r e n c h C h a m b e r o f
D e p u t i e s , w o p i t o u r f i r m d e t e r m in a t i o n t o h o l d w h a t , b e f o r e G o d a n d t h e
p u b lic la w , b e lo n g s t o t h o G e rm a n E m p ire .
J A P A N ’S W A R N I N G
TO R U S S I A
A G A IN S T
SEPARATE
PEACE.
A w arning is u n d erstood to h ave been sent b y Japan to
tho R ussian Pi’Ovisional G overn m en t th a t if R u ssia accep ts
a separate pea ce w ith the C en tral P ow ers her a ction w ou ld
b o a lm ost equ ivalen t to align in g herself w ith G erm a n y, and
th a t co n tra ry to gain in g a n yth in g she w ou ld th ereby b e co m o an oth er A u stria u nder G erm an d om in a tion . T h e
N e w Y o r k “ T im e s” o f the 6th inst. is a u th o rity fo r this
statem en t w hich is con ta in ed in a special d isp a tch to it from
W a sh in g ton , w h ich w e reprin t b elow :
T h e J a p a n e s e G o v e r n m e n t h a s ta k e n p o s it iv e m e a s u re s t o le t R u s s ia
k n o w t h a t J a p a n is i n t h o w a r t o s t a y a n d w ill n o t b o d e t e r r e d f r o m h e r i n
t e n t i o n t o s t a n d b y h e r a llie s in t h e s t r u g g l e u n t i l G e r m a n y h a s b e o n d e
fe a te d .
I t w a s le a rn e d h e re t o - d a y t h a t J a p a n h a s n o t ifie d th e R u s s ia n
P r o v i s i o n a l G o v e r n m e n t t h a t i f R u s s i a w it h d r a w s f r o m t h e w a r J a p a n ,
in c o n s u l t a t i o n w i t h G r e a t B r i t a i n , w il l c o n s i d e r w h a t m e a s u r e s t o t a k e .
I t w a s in t im a t e d in a d ip lo m a tic q u a rte r t h a t J a p a n a n d G r e a t B r ita in
w o u ld e x c h a n g e v ie w s w it h th e U n it e d S ta te s c o n c e r n in g t h e R u s s ia n s itu a
t io n .
I t is u n d e r s t o o d t h a t t h e R u s s i a n P r o v i s i o n a l G o v e r n m e n t h a s b e e n
w a r n e d t h a t i f s h e a c c e p t e d a s e p a r a t e p e a c e w it h t h e C e n t r a l E m p i r e s h e r
a c t i o n w o u ld b e a l m o s t e q u i v a l e n t t o a l ig n in g h c r s l f w it h G e r m a n y , a n d
t h a t s o f a r f r o m g a in in g a n y t h in g b y It s h e w o u ld b e c o m e a n o t h e r A u s tr ia
u n d e r G o rm a n d o m in a t io n .
E n g la n d a n d J a p a n a r e a c t i n g in c o n j u n c t i o n i n P e t r o g r a d in t r y i n g t o
d i s s u a d e t h o p r o - p e a c e p a r t y a n d i n fl u e n c i n g t h o p r o v i s i o n a l a u t h o r i t ie s .
T h o la t te r , it w a s d e c la r e d , h a v e b e e n d e fin it e ly w o n o v e r , a n d If t h e y c a n
s u c c e e d i n r e t a in in g c o n t r o l o f t h e G o v e r n m e n t t h e r e w il l b e n o d e f e c t i o n b y
R u s sia .
T h o d i f f i c u l t y lie s i n t h e m a s s e s , i g n o r a n t , c la m o r i n g f o r b r e a d ,
w it h m a n y lo o k in g fo r p lu n d e r a n d a n a r c h y .
I t w a s l e a r n e d o n g o o d a u t h o r i t y t o - d a y t h a t in t r e a t in g w it h R u s s i a ,
a n d i n n e g o t i a t i n g w i t h E n g la n d r e la t i v e t o R u s s i a , J a p a n c la im s n o i n
t e r e s t in E u r o p o .
I l e r i n t e r e s t s a r e c o n f i n e d t o t h e s i t u a t io n In t h e O r i e n t .
“ E v e n i f R u s s ia s h a k e s h a n d s w it h G e r m a n y ,” a d ip lo m a t w a s q u o t e d as
s a y i n g t o - d a y , “ t h a t d o e s n o t n e c e s s a r il y m e a n t h a t R u s s i a w il l b e c o m e
a g g re s s iv e o n h e r e a s te rn fr o n tie r , a n d , th e r e fo r e , J a p a n m ig h t n o t h a v e
a n y i m m e d i a t e i n t e r e s t s , p e c u l ia r t o h e r s e l f a l o n e , in R u s s i a 's t u r n i n g h e r
b a c k u p o n th e A llie s .”
J a p a n ’s i n t e r e s t s , h o w e v e r , a c c o r d i n g t o t h is a u t h o r i t y , a r e I n v o l v e d w it h
t h o s e o f t h e A l l io s b y r e a s o n o f h e r a l li a n c e w i t h G r e a t B r i t a i n a n d a l s o b y
r e a s o n o f t h o f a c t t h a t s h e is a t w a r w i t h G e r m a n y a n d d e s ir e s t o a s s is t in
th o c o n s u m m a t io n o f G e r m a n y ’s d e fe a t .
S h e t h e r e f o r e m u s t v i e w w it h
c o n c e r n th e p r e s e n t R u s s ia n s itu a t io n , w it h th e p r o s p e c t it a ffo r d s o f R u s
s i a ’ s d e s e r t io n o f t h o A l l ie s .
L i t t l o d o u b t is e n t e r t a in e d c o n c e r n i n g t h e l o y a l t y o f t h e p r e s e n t r e g i m e in
R u s s ia t o th e E n te n te c a u s e .
T h e a l a r m r e la t e s t o t h e p o s s i b i l i t y o f t h e
a n a r c h i s t ic e l e m e n t s , b a c k e d b y t h e R u s s i a n m a s s e s , o v e r t h r o w i n g t h e P r o
v i s io n a l G o v e r n m e n t .
T h e t h i n k i n g e l e m e n t s o f t h e n a t i o n , e s p e c i a ll y
t h o s e in p u b l i c l i f e , w i t h t h o e x c e p t i o n o f a f e w c r e d i t e d w i t h p o l i t i c a l a m
b i t i o n s , a r e d e c l a r e d b y E n t e n t e d i p l o m a t s t o b o l o y a l t o t h e a l li a n c e .
J a p a n is u s i n g e v e r y d i p l o m a t i c r e s o u r c e t o p r o v e n t a r u p t u r e i n t h e a l li
an ce.
S h e h a s in fo r m e d G r o a t B r ita in th a t m ilit a r y c h a s tis e m e n t o f R u s
s i a , s h o u l d t h e l a t t e r w it h d r a w f r o m t h e w a r , w o u l d o n l y m e a n a n o t h e r
w a r in t h o O r i e n t , a n d t h a t t h e T o k i o G o v e r n m e n t , i f i t p o s s e s s e d f o r c e s
t o s p a r o , w o u ld p r e fe r t o 6 en d th e m t o t h o G e rm a n f r o n t .
B u t t h e v ie w
t h u s e x p r e s s e d w a s q u a li f i e d s o t h a t , i f t h o n e w s i t u a t io n s h o u l d a p p e a r t o
th r o a te n J a p a n , th o la t te r w o u ld b e fr e e t o ta k e m e a s u re s f o r h e r s e lf- p r o
te c tio n .
IT A L IA N
[Vol. 101
THE CHRONICLE
2310
W AR
M IS S IO N
V IS IT S
HOUSE
OF
R E P R E SE N T A T IV E S.
T h e Ita lia n W a r M iss ion to th is c o u n tr y , h ead ed b y
F erd in a n d o di S a vo ia , P rin ce o f U d in e, w as receiv ed in the
H o u se o f R ep resen ta tives a t W a sh in g ton on Ju n o 2, am id
p ro lo n g e d applau se an d cheers. T h e P rin ce o f U d in e
ad dressed th e m em bers o f th e H ou se, as did S ign or M a r co n i,
in v e n to r o f w ireless te legra p h y , w h o is also a m em b er o f the
Ita lia n M iss io n . T h e m em bers o f th e M iss ion reached the
flo o r o f th e H o u se a t 11:55 a . m . T h e y w ere escorted b y a
C o m m itte e a p p o in te d b y Speaker C la rk, con sistin g o f
R ep re se n ta tive s F lo o d , L in th icu m , G o o d w in o f A rkansas,
C o o p e r o f M iss o u ri, P o rte r an d L a G u a rd ia . T h e P rin ce
w as v o cife ro u sly a p p la u d ed w h en ho p red icted th a t the
U n ite d States an d I ta ly w ith their allies cou ld n ot fa il to w in
a v ic t o r y th a t sh ou ld b o en durin g. In brin gin g his address
to a close the P rin ce said: “ T o -m o rro w w h en the news
reaches I ta ly th a t this C on gress, w h ich represents th e w ill
o f th e A m erica n n a tio n , has desired to give ou r M iss ion the
suprem o h o n o r o f w elcom in g it in its m id st y o u r frien d ly
w o rd s w ill reach th e fa rth erm ost p oin ts w here m en are
fig h tin g and su fferin g. A n d in th e tren ch es, a t the fo o t o f
th e m a je stic A lp s, there w here th e struggle is b itterest and
w here dea th is ever p resen t, a thrill o f jo y an d o f h op e w ill
b e felt— tho jo y o f a sincere u n ion , tho h op e o f certain
v ic t o r y .”
H is address in fu ll w as as follow s:
M r . S p e a k e r a n d M e m b e r s o f th o H o u s e , n o o n o c o u ld a p p r e c ia te th e
h o n o r o f y o u r i n v i t a t i o n m o r e t h a n m y s e l f a n d m y c o ll e a g u e s .
T o a d d r e s s t h o R e p r e s e n t a t i v e s o f t h o g r e a t e s t a m o n g n o w d e m o c r a c ie s
a t a t i m e w h e n t h e d e s t i n ie s o f h u m a n i t y a r o a w a i t i n g d e c i s i o n , a t a t im o
w h e n o u r d e s t i n y a n d y o u r s d o p e n d o n t h o is s u e o f t h o w a r , t o b r i n g y o u
t h o g r e e t in g o f d i s t a n t b r o t h e r s w h o a r o f i g h t i n g f o r t h o s a m o id e a l s a t t h o
f o o t o f t h o s n o w y A l p s o r in t h o d e a d l y t r e n c h e s , t o o x p r e s s t o y o u o u r
f e e li n g s a n d o u r s y m p a t h y f o r y o u r f e e li n g s — a ll t h o s o a r o f o r m o s o m a n y
r e a s o n s f o r le g it im a t e p r id o .
D u r in g o u r b r ie f s t a y a m o n g y o u w o h a v e fo u n d o v o r y w h e r o t h e m o s t
J o y o u s w e lc o m o a n d t h o m o s t fr ie n d ly c o r d ia lit y .
E v e ry w h e re it w a s n o t
o n ly fr ie n d ly w o r d s th a t g r e e te d u s b u t a ls o fr io n d ly s o u ls w h o w e lc o m e d u s.
W o h a v o fe lt d e e p ly m o v e d b y th is .
W o k n o w , g e n t le m e n , t h a t s u c h c o r d ia l s e n tim e n ts , s u c h h e a r t y fr ie n d
s h ip , a r o m e a n t n o t s o m u c h f o r o u r p e r s o n s a s f o r o u r b e a u t i f u l a n d d i s t a n t
c o u n t r y ; o u r c o u n t r y , o f w h i c h o v e r y f o o t is s a c r e d t o u s b e c a u s e o f it s
c e n t u r y - o l d g r e a t n e s s a n d s u f fe r i n g s a n d b e c a u s o o f t h o n o b l o s h a r o w h ic h
it h a s a lw a y s h a d in h u m a n t h o u g h t a n d h is t o r y .
B u t y o u r g r e a t R e p u b l i c , w h e n It g r a n t s u s s u c h c o u r t e o u s h o s p i t a l i t y ,
h o n o r s s t il l m o r o t h a t w h i c h a t t h o p r e s e n t m o m e n t is d e a r e s t t o u s — t h e
e f f o r t s o f I t a l y ’ s s o l d ie r s , t h o n o b l o s a c r i f i c e o f s o m a n y y o u n g l iv e s f r e e l y
g i v e n f o r t h e i r c o u n t r y a n d f o r c i v i l i z a t i o n a n d in d e f e n s o o f id e a l s w h ic h
y o u h a v e m a d e y o u r o w n a n d w h i c h w o a ll l o v o .
I n t h o n a m e o f t h o s o l d ie r s o f I t a l y , o n e o f w h o m I a m p r o u d t o b o ; In
t h o n a m e o f a ll t h o s o w h o a r e f i g h t i n g o n t h o m o u n t a i n s , o n t h o p l a i n s , a n d
o n t h o t r e a c h e r o u s s e a s ; In t h o n a m e o f t h o s o t o w h o m y o u r w o r d s o f f r i e n d
s h ip h a v e b r o u g h t a m e s s a g e o f h o p o a n d fa it h a c r o s s th o o c e a n , I t h a n k y o u
fro m th o b o t t o m o f m y h ea rt.
T h o a im s o f t h o w a r f o r t h o A l l i e d n a t i o n s w o r e p o i n t e d o u t b y P r e s i d e n t
W i l s o n in h is m a g n i f i c e n t m e s s a g e , w h i c h w il l n o t o n l y r e m a in in t h o m in d s
o f o u r d e s c e n d a n ts a s a h is t o r ic e v e n t , b u t w h ic h h a s a lr e a d y a r o u s e d ,
b e c a u s o o f i t s m o r a l f o r c e , l n t e n s o a d m i r a t i o n a m o n g a ll c i v i l i z e d p e o p l e s .
W o s h a l l b o s a t i s f i e d , w h a t e v e r s a c r if i c e s w o m a y b o c a l l e d u p o n t o m a k e ,
w h e n t h o r ig h t s o f h u m a n i t y a r o a s s u r e d , w h e n t h o g u a r a n t i e s o f p e a c o a r o
e f fe c t u a l, a n d w h e n fre e n a tio n s a ro a b lo t o w o r k f o r th e ir o w n p r o s p e r ity
a n d o lo v a t lo n .
P r e s i d e n t W i l s o n h a s p r o c l a i m e d t h a t t o t h o A m e r i c a n s r i g h t is m o r o
p r e c io u s th a n p e a c o a n d t h a t t h o p e o p le o f th o U n it e d S ta te s a ro r e a d y t o
s h e d t h e i r b l o o d in d e f e n s o o f t h o s o p r i n c ip l e s i n t h o n a m e o f w h ic h t h o y
b e c a m e a n a tio n .
F o r t h o s a k e o f t h o s a m o p r i n c ip l e s w o a r o r e a d y t o f a c o o v e r y s a c r if i c e
and overy sorrow .
W o a ro f ig h tin g a te r rib le w a r .
O u r e n e m ie s w e r o l o n g s i n c e p r e p a r e d
f o r I t , w h ll o w o w e r o c o n t e n t t o l i v e , t r u s t in g in p e a c o , a n d o n l y s o u g h t t o
c o n t r ib u te t o th o d e v e lo p m e n t o f o u r p e o p le a n d t o th o p ro g re ss o f o u r
c o u n t r y , a l m o s t u n c o n s c i o u s o f t h o c l o u d s w h ic h s o s u d d e n l y g r o w d a r k
o v e r ou r h ead s.
W e c a m o i n t o t h o w a r w h e n w o r e a l iz e d t h a t t h e r e w a s n o r o o m f o r n e u t r a ls
a n d t h a t n e u t r a l i t y w a s n e i t h e r p o s s i b le n o r d e s i r a b l e , w h e n t h o f r e e d o m o f
a ll d e m o c r a t i c n a t i o n s w a s t h r e a t e n e d a n d t h o v e r y o x l s t o n c o o f f r e o p e o p l e s
w as a t sta k e.
E v e r s in c e t h a t d a y w o h a v e n o t h e s ita te d b e fo r e a n y d a n g e r o r a n y
s u ffe r in g .
O u r w i d e f ig h t i n g f r o n t p r e s e n t s c o n d i t i o n s o f e x c e p t i o n a l
d iffic u lt y .
T h o e n e m y i s , o r h a s b e e n u n t i l n o w , in p o s s e s s io n o f t h o b e s t
p o s it io n s .
H o h a s d u g d e e p t r e n c h e s ; h e h a s c o n c e a l e d h is g u n s a m o n g t h o
m o u n ta in s .
W o a r o o v e n c o m p e l l e d t o f i g h t a t a l t it u d e s o f e i g h t a n d t e n
t h o u s a n d f e e t , in s p o t s w h e r o i t s e e m e d i m p o s s i b l e t h a t a n y f i g h t i n g s h o u l d
e v er ta k e p la c o .
W o a ro a lo n o o n o u r w id e a n d tr e a c h e r o u s f r o n t , a n d
e v e r y s t o p fo r w a r d t h a t w o t a k e , e v e r y p ro g re s s t h a t w e a c c o m p lis h , c o s ts
u s g r o a t e f fo r t s a n d m a n y liv e s .
T h o e n t h u s ia s m o f o u r s o l d ie r s h a s o f t e n
h e l p e d t h e m a m o n g t h o g l a c ie r s o f t h o A l p s a n d t h o m a n y s n a r e s o f t h o
C a r s o t o tr iu m p h o v e r d iffic u lt ie s w h ic h sco rn e d t o d e f y e v e r y h u m a n e ffo r t .
B u t t h o d e e p f a i t h w h ic h b u r n s In t h e m k e p t t h e ir s t r e n g t h a l i v e .
W o m u s t , w o w i l l , t r i u m p h o v e r o t h e r d i f f i c u l t i e s a n d o t h e r i n s id io u s
d e v ic e s .
N a t u r e , w h i c h g a v e u s o u r p u r o s k i e s , o u r m il d c l i m a t e , h a s d e n i e d u s
a l m o s t e n t i r e l y t h o t w o g r e a t n e c e s s it ie s o f m o d e r n i n d u s t r y — c o a l a n d i r o n .
T h e r o f o r o , w i t h in d u s t r ie s s t il l i n c o u r s o o f f o r m a t i o n , I t a l y h a s h a d o v e r
a ln c o t h e i r i n c e p t i o n t o o v e r c o m e o b s t a c l e s w h i c h a p p e a r e d in s u p o r a b l o .
I t a l y o c c u p i e s o n o o f t h o f i r s t p l a c e s In E u r o p o a s r e g a r d s t h e n u m b e r a n d
p o w e r o f h e r w a t e r f a l ls ; b u t t h is w e a l t h , w h i c h c o n s t it u t e s t h o g r e a t r e s e r v e
o f t h e fu t u r e , h a s o n ly b e e n p a r t ly e x p lo ite d u n til n o w .
T h o treach erou s
e n e m y , w h o h a s lo n g s ln c o p r e p a r e d th o w e a p o n s o f a g g r e s s io n , n o t h a v in g
o b t a i n e d v i c t o r y o n t h o f i e l d , is n o w t r y i n g b y m e a n s o f s u b m a r i n e w a r fa r e
t o e n d a n g e r o u r o x ls to n c o , t o ca u s e a s c a r c it y o f f o o d , a n d , a b o v o a ll, a
s c a r c i t y o f t h o c o a l w h i c h I t a l y n e e d s f o r h e r a m m u n i t io n f a c t o r i e s , f o r
h e r r a i l w a y s , a n d f o r h e r i n d u s t r ie s .
W e h a v o r e d u c e d o u r c o n s u m p t i o n o f a ll n e c e s s it i e s , a n d w o a r o r e a d y t o
r e d u c e It s t il l f u r t h e r w i t h i n t h e l im i t s o f p o s s i b i l i t y .
W e d o n o t c o m p la in
o f th o p r iv a t io n s t h a t w o h a v o t o e n d u re .
W e a lt h its e lf h a s n o v a lu e If
l if o a n d l i b e r t y a r o e n d a n g e r e d .
A n d w h e n m il l io n s o f s o l d io r s o f f e r t h e i r
y o u n g l iv e s f o r t h e i r c o u n t r y t h e r e is n o t o n o a m o n g t h o c i v i l p o p u l a t i o n
w h o is n o t r e a d y t o m a k e a n y s a c r i f i c e .
B u t t o o v e r c o m e t h o d a n g e r s o f t h o s u b m a r i n e s , w h i c h , in d e f ia n c e o f
o v e r y l a w o f h u m a n i t y , a r o n o t o n l y d e s t r o y i n g w e a lt i i b u t o n d a n g o r in g
t h o l iv e s o f p e a c e f u l t r a v e l e r s , s in k i n g h o s p i t a l s h i p s , a n d m u r d e r in g w o m e n
a n d c h i l d r e n , w o m u s t a ll m a k o a g r e a t e f f o r t .
W o m u s t u n i t e a ll o u r f o r c e s t o o p p o s e t h o s t r o n g e s t r e s is t a n c e t o t h o
i n s id io u s d e v i c e s o f t h o e n e m y .
Y o u p o s s e s s a g r e a t a n d m a g n ific e n t
i n d u s t r ia l o r g a n i z a t i o n .
Y o u , m o r o t h a n a n y o n e , a r o in a p o s i t i o n t o p u t
a n e n d t o t h o e n e m y ’s b a r b a r o u s d r e a m a n d t o c r e a t e w it h y o u r e n e r g y
m u ch m oro th a n h o ca n d e stro y .
T h i s g r e a t a n d t e r r i b l e t r ia l c a n o n l y m a k o u s b e t t e r m e n .
T hey w ho
k n o w h o w t o o f f e r t o t h e f a t h e r l a n d t h e i r w e a lt h a n d t h e i r l iv e s ; t h o y w h o
g i v e t h e m s e lv e s u n t o d e a t h a n d , m o r o t h a n t h e m s e lv e s , t h a t w h i c h is
s w e e t e s t a n d m o s t s a c r e d , t h e i r c h i ld r e n ; t h o y w h o a r o r e a d y t o s u f fo r a n d
t o d i o ; t h e y w il l k n o w w h e n t h o m o r r o w d a w n s h o w t o c o n t r i b u t e t o c i v i l i z a
t io n n o w o lo m e n ts o f m o r a l n o b ilit y a n d o f s tr e n g th .
W o m u s t n o t g r ie v e o v e r o u r so r r o w s .
W h e n w o f i g h t f o r t h o r ig h t s o f
h u m a n i t y w o a r o c o n s c i o u s t h a t w o a r o e l e v a t in g o u r s e l v e s m o r a l l y .
W h e n A m e r i c a p r o c l a i m e d h e r s e l f o n o w it h u s a g r e a t j o y r a n t h r o u g h
e v e r y c i t y a n d e v e r y l it t l e v i ll a g e o f I t a l y .
W o k n o w t h o fu ll v a lu o o f
y o u r c o - o p e r a t i o n , a n d a t t h o s a m o t im o w o a p p r e c i a t e d t h o n o b i l i t y o f
y o u r s o n tim e n ts .
T h o f a m il i e s o f 3 , 0 0 0 , 0 0 0 I t a l i a n s w h o d w e ll in t h o U n i t e d S t a t e s u n d e r
t h o p r o t e c t io n o f y o u r h o s p it a b le a n d ju s t la w s fo lt a d e e p so n so o f j o y .
M r . S p e a k e r a n d M e m b e r s o f t h o H o u s o . t h o w o r d s w h i c h H is M a j e s t y
t h o K in g o f I t a ly , fir s t a m o n g o u r s o ld ie r s , w r o t o t o y o u r P r e s id e n t, e x
p r e s s e d h is f e e li n g s a n d t h o s e o f a ll h is p e o p l e .
T o - m o r r o w w h e n t h o n o w s r e a c h e s I t a l y t h a t t h is C o n g r e s s , w h ic h
r e p r e s e n t s t h e w il l o f t h o A m e r i c a n n a t i o n , h a s d e s i r e d t o g l v o t o o u r M i s s i o n
t h o s u p r e m o h o n o r o f w e l c o m i n g i t In it s m i d s t y o u r f r i e n d l y w o r d s w ill
r e a c h th o fa r th e r m o s t p o in t s w h e ro m e n a ro f ig h tin g a n d s u ffe r in g .
And
In t h o t r e n c h e s , a t t h o f o o t o f t h o m a j e s t i c A l p s , t h e r e w h e r o t h o s t r u g g l o
is b i t t e r e s t a n d w h e r o d e a t h is o v e r p r e s e n t , a t h r il l o f j o y a n d o f h o p o w ill
b o f o l t — t h o j o y o f a s i n c e r e u n i o n , t h o h o p o o f c e r t a in v i c t o r y .
Sign or M a r co n i, w ho w as called u p on u n ex p ected ly b y
Speaker C lark to address th e m em bers o f tho H ou so, pa id
a trib u te to A m erica n in ven tiven ess an d reca lled feelin gly
th at A m erica h ad con trib u te d grea tly to all ho h ad a ch ieved
in the field o f scien ce. H is rem arks follow :
M r . S p e a k e r a n d M e m b e r s o f th o H o u s o , I a p p r e c ia te v e r y h ig h ly th o
h o n o r a n d t h o p r i v i l e g e o f b e i n g a l lo w e d t o s a y a w o r d t o y o u i n t h l s a s s e m b l y .
U p t o t h o t w o m in u t e s a g o I d i d n o t k n o w t h a t I w o u l d h a v o t h o h o n o r o f
b e in g c a lle d u p o n t o s a y a fe w w o r d s h e r o , a n d I s in c e ro ly th a n k th o S p e a k e r
fo r t h o p r iv ile g e .
I h a v o h a d t h o p l e a s u r e o f lis t e n i n g t o t h o w o r d s s p o k e n
b y t h o c h i e f o f o u r M i s s i o n , H i s R o y a l H ig h n e s s t h o P r i n c o o f U d in o , a n d t h o r e
is v e r y l it t l e t h a t I c o u l d a d d t o h is e x p r e s s i o n s o r t o h is f e e li n g s , w h ic h
a r o t h o f e e li n g s o f t h o w h o l e o f I t a l y , w h i c h a r o f e e li n g s o f f r i e n d s h ip f o r
t h i s c o u n t r y a n d o f a p p r e c i a t i o n f o r t h o g r e a t s t e p w h i c h i t h a s t a k e n in
j o i n i n g u s a n d o u r a llie s in E u r o p o in t h i s g r e a t w a r .
T h e r o Is o n o t h i n g
th a t I ca n a d d , h ow ev er.
I t is t h a t i t w a s m y p r i v il e g o t o l l v o f o r m a n y
y e a r s i n A m e r i c a a n d I t h i n k I k n o w A m e r i c a a n d A m e r i c a n s f a i r l y w e ll .
I f la t t e r m y s e lf t h a t I k n o w th e m v e r y w e ll.
N o o n o m o r o th a n m y s e lf
r e j o i c e s in t h o f a c t t h a t w o in I t a l y h a v o A m e r i c a w i t h u s .
I h a v o w ork ed
in A m e r i c a a n d A m e r i c a h a s 'a l w a y s b e e n , in a la r g o w a y . In m y p l a n s , f o r
w it h o u t A m e r ic a m y w o r k c o u ld n o t h a v o s u c c e e d e d .
I h a v o l e a r n e d t ( / " a p p r e c i a t e in A m e r i c a t w o t h i n g s t h a t I c a n o x p r e s s
in t w o w o r d s — j u s t i c e a n d f a i r p l a y .
Y o u a ro r e a d y t o b a c k a n y th in g th a t
y o u th in k m a y b o o f g o o d t o th o w o rld , a n d y o i /a r o r e a d y t o o n c o u r a g o a n y
h o n e s t e n d e a v o r t o a d v a n c e s c ie n c e o r t h o a p p l i c a t i o n s o f s c l o n c o ; a n d
a l t h o u g h y o u a r o t h o g r e a t e s t i n d u s t r ia l n a t i o n i n t h o w o r l d , a l t h o u g h
t h e r o Is h e a l t h y c o m p e t i t i o n — a n d i t is o n l y b y t h a t h e a l t h y c o m p e t i t i o n
th e r o " c a n l b o 's u c h p r o g r e s s — w h a t y o u d o h e r o is a l w a y s f a i r .
I can say
t h a t w it h a b s o lu te c o n v ic t io n f r o m t h o b o t t o m o f m y „h e a r t.
M r . S p o a k o r , a n d g e n tle m e n o f t h o H o u s o . I t h a n k y o u v e r y m u c h fo r
t h o w a y i n w h i c h y o u h a v o r e c e i v e d t h i s M i s s i o n , f o r t h o w a y in w h ic h
y o u h a v o r e c e i v e d t h o u t t e r a n c e s o f n i s R o y a l H ig h n e s s , t h o p r o s l d o n t o f
o u r M is s io n , a n d f o r th o w a y in w h ic h y o u h a v o r e c e iv e d th o v e r y fo w
r e m a rk s I h a v o b e e n a b lo t o im p r o v is e .
A fte r the speeches the m em bers o f tho H ou so w ero presented
to the m em bers o f the M iss ion .
0 0 ,000
A M E R IC A N S
SHORTLY
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BE
A T
FRENCH
FRONT.
I t is estim a ted th at w ith th o A m erica n s serving in tho
British and F ren ch arm ies, and tho a d d ition a l u nits ordered
o F ra n ce, thero w ill soon b o 100,000 A m erica ns in F ra n co ,
’ his estim ate is e m b od ied in a statem en t issued on M a y 28
iy th e B ritish W a r O ffioo w ith th o o b je c t o f sh ow in g
o n erica ’ s com p lete p a rticip a tion in tho w ar, an d its a b ility
0 g iv e im m edia te p ow erfu l a id . T h o statem en t refers to
ho recen tly en acted selected draft] b ill w h ich w ill g iv o an
rm y o f 2 00 0,00 0 m en , an d says thero aro p rosp ects o f tho
reatest success fo r tho lo a n , o f w h ich 8 7 5 0 ,0 00 ,0 00 has
lrea d y b een a d v a n ced to th o E n te n te A llies. I t declares
bat flotilla s o f d estroyers aro co-o p e ra tin g w ith tho A llies
1 th e subm arin e zon e; th a t o n o a rm y d iv ision , a forco o f
la rin es, an d nine regim ents o f engineers h a v o been ordored
o F ra n ce, an d th at 10,000 d o c to r s an d m a n y nurses h a v o
eon ordered to E n g la n d , h u n d red s o f thoso h a v in g alrea dy
rriv ed . T h o an n ou n cem en t says:
T o g o t h e r w it h t h o A m e r i c a n a a l r e a d y s e r v in g in t h o B r i t is h a n d F r e n c h
r m le s , t h e s o a d d it i o n a l u n i t s w i l l s h o r t l y g i v e a t o t a l
1 0 0 ,0 0 0 A m e r i c a n *
or
i l F r a n c o , e q u a ll in g f i v e G e r m a n d i v i s i o n s .
D eta ils are g iven o f th o increase in tho N a tio n a l G u a rd and
ho regular a rm y an d th o d ou b lin g o f th o n a v y person nel,
ho statem en t th en sa ying:
F o r t y t h o u s a n d y o u n g A m e r i c a n s o f t h o b o a t t y p o a r o n o w a s s e m b le d in
Ix teen c a m p s t o r e c e iv e i n t e n s iv e t r a in in g w i t h a v i e w t o b e c o m i n g o f f i c e r s
x th o n o w a r m y .
J une 9 1917.]
THE CHRONICLE
T h e an n oun cem en t says th e con feren ces w ith th e A n g lo F ren ch C om m ission s h a v o been co m p le te d , an d th a t co m p roh en sivo plans h avo been m a de for indu strial m o b iliz a tio n ,
in clu d in g the con stru ction o f thousands o f m iles o f railw a ys.
T h o statem en t adds:
A r r a n g e m e n t s h a v o b e e n m a d e f o r t h o c o n s t r u c t i o n o f 3 , 5 0 0 a lr p la n o s a n d
t h o t r a in in g o f G 0 0 0 a v i a t o r s t h i s y e a r .
T h e a n n ou n cem en t con clu d es w ith a referen ce to in du strial
firm s offe rin g to d o w ar w o rk and the in v e n to r y o f th o
n ation a l resources w h ich h avo b eon p la ced a t th e d isp osa l o f
th o U n ite d States an d her allies.
R AILR O A D
E N G IN E E R S
A R R IV E
A T
THE
FRONT.
T h e arrival in L on d on o f tho first d eta ch m on t o f a rm y
engineers, co m p os ed o f M a jo r W illia m B a rcla y P arson s an d
M a jo r W illia m J . W ilgu s o f N ow Y o r k , m em bers o f the
resorvo co rp s an d W . A . G a rrett, V ice-P rosid on t o f the
C h ica g o & G rea t W estern R y . , also an o ffice r in th o reserve
co rp s , an d C a p ta in A . B . B a rb er o f th o regular a rm y engineer
co rp s , w as m a do kn ow n on M a y 2 3 . T h o officers w ere
o rd ered to F ran co b y th o W a r D ep a rtm en t to d oterm ino tho
needs o f F ren ch railw ays an d to arrange fo r th o e m p lo y m e n t
o f tho nine regim onts th a t aro being recru ited to rop air an d
m a in tain tho lines o f com m u n ica tion betw een th o roar an d
b a ttlo fr o n t s . O n M a y 7 a call w as issued b y th o W a r D o p a r tm o n t fo r tho fo rm a tion o f nino now rogim onts o f engineers
to b o sent to E u rop o fo r w ork o n co m m u n ica tion lines.
T h ose tro o p s , n um bering from 10,000 to 12,000 , w ill b o the
first A m erica n s to g o to F ra n co. T h o m en form in g th o now
regim ents w ill b o p ick ed railw a y m en an d volu n teers raised
in tho railw a y centres o f th o U n ited States. T h o o fficia l
an n ou n cem en t o f tho plan g iv en ou t th rou gh M a jo r D ou g la s
M a c A rth u r , th o a rm y cen sor, on M a y 7 said:
T h o W a r D e p a r t m e n t h a s s e n t o u t o r d e r s f o r t h o r a is in g a s r a p i d l y a s
p a s s i b l e o f n in o a d d it i o n a l r e g i m e n t s o f e n g in e e r s , w h o a r o d e s t i n e d t o p r o
c e e d t o F r a n c o a t t h o e a r lie s t p o s s i b lo m o m e n t f o r r a i lr o a d w o r k o n t h o
lin e s o f c o m m u n ic a t i o n s .
I t is r e q u e s t e d o f t h o p r e s s t h a t n o s p e c u l a t io n s o r r u m o r s r e g a r d i n g t h is
f o r c e b o c a r r ie d b y t h e m , o t h e r t h a n t h o s o g i v e n o u t b y t h o W a r D e p a r t
m en t.
A l l d e t a i ls w it h r e g a r d t o t h o f o r c o w ill b e r e le a s e d b y t h o D e p a r t
m e n t a s f a s t a s c o m p a t i b l e w it h t h e p u b l i c I n t e r e s t .
T h o r e c r u it i n g p o i n t s f o r t h o s o r e g im o n t s w ill b o N o w Y o r k C i t y , S t .
L o u is , C h ic a g o , B o s t o n , P it t s b u r g h , D e t r o it , A t la n t a , S a n F r a n c is c o a n d
P h il a d e l p h i a .
T w o o f f i c e r s f r o m t h o r e g u la r c o r p s o f e n g in e e r s w ill b o a s s ig n e d t o e a c h
r o g i m o n t , b u t t h o n a m e s o f t h e s e o f f i c e r s w ill n o t b e r e le a s e d a t t h o p r e s e n t
t lm o .
A t tho requ est o f th o R a ilroa d s W a r B o a rd tho follow in g
railroad execu tives w ill a c t in th o c a p a city o f ra ilw a y a d visers
to th o office rs o f th o U n ited Statos a rm y in cha rgo o f tho
orga n iza tion o f these regim ents:
W . W . A t t e r b u r y , V i c e - P r e s id e n t P e n n s y lv a n ia R R . , w il l c o - o p o r a t e
w i t h C o l . I f . D . D c a k y n o a t P h il a d e l p h i a ; J . I I . I l u s t i s , l o c o i v o r B o s t o n &
M a l n o , w i t h M a j o r W . P . W o o t a n a t B o s t o n ; B . F . B u s h , r e c e iv e r M is s o u r i
P a c i f i c , w i t h C o l . C . M . T o w n s e n d a t S t . L o u is ; W i ll ia m S p r o u l o , P r e s i d e n t
S o u t h e r n P a c i f i c , w it h C o l . J . P . C a v a n a u g h a t S a n F r a n c i s c o ; PC. W .
M l l l o r , r e s id e n t o x o c u t l v o o f f i c e r S o u t h o r n R a i l w a y , w i t h M a j o r J . S .
S o w e ll a t A t l a n t a , a n d L . F . L o r e o , P r e s i d e n t D e la w a r e & H u d s o n , w it h
C o l. O . I I . M c K in s tr y a t N o w Y o r k .
T o fa cilita te th o recruitin g an d orga n iza tion o f th e nine
rogim onts tho R a ilroads W a r B o a rd sent o u t an u rg on t ap peal
to th o variou s road s o f th o co u n try to assist in th o w o rk .
T h o n o tico sont o u t b y tho R a ilroa d s W a r B o a rd on M a y 21
said:
T h e F r e n c h r a ilw a y s a r o b a d l y r u n d o w n .
T h o y n e e d m o r e o r le s s c o m
p l e t e r e h a b i l it a t i o n .
F ra n co h a s n o m e n w h o c a n b o s p a r e d f o r th is w o r k .
S h o w a n t s a il h e r m e n a t t h o f r o n t .
B e f o r o w o c a n t r a in m o n t o g o i n t o t h e
t r e n c h e s w o c a n s u p p l y F r a n c o 's r a i lr o a d w a n t s , a n d w o c a n d o It p r a c t i c a l l y
im m e d ia te ly .
A n y m o n w o s e n d o v o r m u s t b o s o l d ie r s , s o It w il l b o n e c e s s a r y
f o r t h o r a i lr o a d f o r c e s t o e n t e r t h o a r m y .
W o p r o p o s e t o m a k o u p fiv o c o n s tr u c tio n r o g im o n ts o f s ix c o m p a n ie s e a ch
t o d o t h is r e h a b i l it a t i o n .
E a c h r e g lm o n t w ill h a v o a n o n g in o e r o f f i c e r o f
t h o U n it e d S t a t o s a r m y a s C o l o n o l a n d a n o t h e r o f f i c e r f r o m t h e a r m y a s a n
A d ju t a n t.
T h o o t h e r o f f i c e r s w ill b e m a d o u p o f r a i lr o a d m o n , o x c o p t t h a t
t h o c o m m i s s a r y w il l b o p r o v i d e d b y t h o U n it e d S t a t o s a r m y .
E a c h L lo u t o n a n t - C o l o n e l w il l b o a c h i o f e n g in e e r o f a r a i lr o a d o r s o m o o n o e ls e o r
s im ila r e x p e r i e n c e .
T h e C a p t a in s w il l b o t a k o n f r o m t h o o n g ln o o r s o f
m a in te n a n c e o f w a y , th o L ie u te n a n ts f r o m s u p e rv is o rs o r ro a d m a s to r s a n d
t h o n o n -c o m m is s io n e d o ffic e r s fr o m tr a c k a n d b r id g e fo r e m e n .
The
p r i v a t e s w ill b o t r a c k la b o r e r s .
T h o p r e s s in g n e e d J u st n o w is f o r o f f i c e r s f o r t h e s e r e g i m o n t s .
T h o y w ill
r e q u ir o f i v o c h i e f e n g in e e r s , t h i r t y e n g in e e r s o f m a i n t e n a n c e o f w a y , n i n e t y
s u p e r v is o r s , o r ro a d m a s to rs ; s ix ty tr a c k fo re m e n a n d t h ir t y b r id g e fo r e m o n .
E a c h c o m p a n y w ill h a v e 1 5 0 t r a c k la b o r e r s a n d f o u r t e e n b r l d g o c a r p e n t e r s
a s p r iv a te s .
T h o n e x t i m p o r t a n t r e q u i r e m e n t o n t h e F r e n c h r a i lw a y s Is f o r s h o p f o r c e s .
T h o y a r o s h o r t o f m e n t o r o p a ir t h e ir l o c o m o t i v e s .
I t Is p r o p o s e d t o
o r g a n iz e a s h o p r e g i m e n t , t o b e m a d o u p t h e s a m e w a y a s t h e c o n s t r u c t i o n
r e g i m o n t s , e x c o p t t h a t t h o L i o u t o n a n t - C o l o n o l w ill b o a s u p e r i n t e n d e n t o f
m o t l v o p o w e r , t h e C a p t a in s w ill b o m a s t e r m e c h a n i c s , t h o L i e u t e n a n t s w il l
b o s h o p fo re m e n , a n d t h o n o n -c o m m is s io n e d o ffic e r s g a n g fo r e m e n .
The
r e s t o f t h o c o m p a n y w ill b o m a d o u p o f b o llo r m a k o r s , m a c h i n is t s , b l a c k
s m it h s a n d t h e ir h e lp o r s .
I t w as stated th at three op eratin g regim onts w o u ld b o
raisod , w ith officers from su perin ten dents, trainm asters,
y a rd m a sters an d oth ers h a v in g to d o w ith tho a ctu a l op era
tion o f trains. T h o privates in this caso aro takon fro m the
train crew s.
C IIA R L E S N E ._
2311
D A W E S yO IN J _E N G IN E E R S _
CORPS^
^ [C h a rles G . D a w es h as v o lu nteered f or m ilita ry service in
F ran co an d w ill bo com m ission ed a lieu ten ant-colon el" o f t h e
U n ited States R eserv e E n gineers n o w b ein g recru ited - m
A tla n ta , G a . M r . D a w es, w h o w as fo rm e rly "C o m p tro lle r
o f the C u rren cy , is ex p ected to retain th e p resid en cy o f the
C en tral T ru st C o . o f Illin ois, a t C h ica g o , th e du ties o f the
o ffice being p erform ed in his a b sen ce b y V ice-P re sid e n t
Joseph E . O tis.
Sam uel M . F e lto n , P residen t o f tho C h ica g o G rea t W e s t
ern R R ., w h o is assisting in th e orga n iza tion o f the E n gineer
regim ents, in com m en tin g o n th e p a triotism sh ow n b y M r .
D a w es, is q u oted as sa ying:
I t m e a n s a g r e a t d e a l f o r s u c h a m a n , s t a n d i n g s o p r o m i n e n t l y In a
c o m m u n i t y l ik e t h i s , a n d w it h s u c h v a s t I n t e r e s t s u n d e r h is s u p e r v i s io n ,
t o l a y t h i s a ll a s id e a n d o f f e r h i m s e lf f o r s e r v ic e t o h u m a n i t y .
H e is i n
s p ir in g t o aU o f u s .
• - j vi%
MB
' ~As in dicatin g th a t M rT D a w e s" isTwell qu alified to b e co m e
an arm y engineer in an ex p ed ition o f th e n atu re p la n n ed ,
it is p oin ted o u t th a t in his earlier d a ys he w as a c iv il en
gineer, an d h elped in th o bu ild in g o f b rid g es, la yin g track s
an d oth er railroad w o rk .
_ G E N .P E T A I N M A D E
C O M M A N D E R -IN -C H IE F OF
FRENCH
A R M IE S .%
jt&gi M
W
^ £ * 0
G eneral P eta in , w h o com m a n d ed the F ren ch a rm y de
fen d in g V erd u n du ring th e critica l stages o f th e b a ttle in
F eb ru a ry an d M a r ch 1916, w as a p p oin ted C om m a n d er-in
C h ief o f the F ren ch arm ies op era tin g o n th e F ren ch fr o n t 'a t
a m eetin g o f th e C a b in et on M a y 15. In his n ew p o st
G e n . P eta in su cceeds G e n . N iv o ile , w h o o n M a y 15 w as
p la ced in com m a n d o f a grou p o f arm ies.
G e n . F o ch w h o
p la yed an im p orta n t role in th e ba ttles o f tho M a rn e and
Y se r, su cceeds G e n . P eta in as C h ief o f S ta ff o f th e M in istry
o f W a r. T h e transfers w ere a p p ro v e d b y a C a b in et co u n cil
on tho recom m en d a tion o f th o M in is tr y o f W a r. G e n .
N iv o llo som etim e ago su cceed ed G e n . J o ffro in ch ief co m m a n d
alon g th o w estern fr o n t. R e c e n tly a n ew m ilita ry o ffic e w as
croa ted , th a t o f C h iof o f th e G en eral S ta ff, to w h ich G e n .
P ota in w as assigned o n A p ril 2 9 , w ith a u th ority to a ct as th e
prin cip al ad viser to th e M in iste r o f W a r u p on all m ilita ry
m ov em en ts. T h is con tin u e d G e n . N iv e lle in ch ief co m m a n d
a t th o fr o n t, w ith G e n . P eta in as th e ch ief con su ltin g au th or
it y a t th e M in is try o f W a r in form u la tin g m ov em e n ts , b u t
w ith o u t actu a l com m a n d o f troop s in the field , fo r w h ich his
experience appeared to q u a lify h im . T h e n ew arran gem ent
g ives G e n . P eta in actu al com m a n d a t th e fr o n t . A t the
tim e o f M arsh al J o ffr e ’ s retirem en t fro m a ctiv e field d u ty ,
it w as ex p ected th a t G e n . P eta in w o u ld th en b e g iv e n the
com m a n d o f th e F ren ch a rm y o n th e w est fr o n t. In v ie w ,
h ow ev er, o f tho fa c t th a t th e G o v e rn m e n t w as n o t th en w ill
in g to co n fer on h im th e w ide p ow ers w h ich h e in sisted u p o n ,
ho w as u n d erstood to h a v e declin ed to a cce p t th e p o s t a t th at
tim e, an d on his recom m en d a tion G e n . N iv e lle w as eleva ted
to th e p osition .
N A V A L
STAFF
FOR G R E A T B R I T A I N .
A n n ou n cem en t o f th e form a tion o f a n a v a l sta ff, w ith
Sir Joh n R . Jellicoe, F irst Sea L o r d , as its h ea d , w as m a de
b y Sir E d w a rd C a rson , F irst L o rd o f th e A d m ir a lty , in the
H ou se o f C om m on s on M a y 14. A d m ira l Jellicoe w ill h ave
in a d d ition to his present title, th a t o f C h ief o f th e N a v a l
S ta ff. Sir E d w a rd C a rson in his an n ou n cem en t to the
IIou so said th at the changes h a d a tw o fo ld o b je c t . T h e first
w as to free th o F irst Sea L o r d an d th e heads o f th e n aval
sta ff so far as possible fro m ad m in istra tive w ork in order
th at th oy m igh t con cen tra te th eir a tten tion o n im p orta n t
issues relating to th e n a v a l co n d u c t o f th e w a r. T h e secon d
o b je c t , he sa id, w as to stren gth en th o sh ipp in g, bu ildin g an d
p rod u ction d epa rtm en ts o f th e A d m ira lty b y p ro v id in g an
orga nization com p a ra b le w ith th a t w h ich supplies th e a rm y
w ith m u n ition s. I t w as fu rth er in ten ded to d ev elo p an d
utilize to the best a d va n ta g e the w h ole sh ipb u ildin g resources
o ft h e co u n try an d as faras'p ossible to con cen tra te th o w hole
orga n ization u n der on e a u th ority .
Sir E ric C a m p b ell G ed d es, D e p u ty D ire c to r G eneral o f
M u n ition s S u p p ly , h a d been chosen fo r th is p o s itio n , Sir
E d w a rd sta ted , an d w ou ld bo respon sible fo r fu lfilling the
sh ipbuildin g requ irem ents o f the A d m ir a lty , th e W a r O ffice
an d tho M in istry o f S h ipp ing. F o r th is p u rp ose th e staffs
o f the three depa rtm en ts w ou ld b o p la ced u n der his co n tro l.
A s tho du ties fo r w h ich he w as respon sib le a t th e A d m ira lty
w ou ld in clu d o n o t o n ly sh ip b u ild in g, b u t th e p ro d u ctio n o f
arm s an d a m m u n ition , Sir E d w a rd sa id , it w as n ecessary
th at Sir E r ic ’ s co n n e ctio n w ith th e A d m ira lty sh ou ld b e
close an d in tim a te , and~for this reason he w as a p p oin ted a
m em b er o f th e B o a rd o f th e A d m ira lty . H e w ou ld also be
a ssocia ted w ith th e M in istry o f S h ipp ing C o n tro l C o m m ittee7 an d e v e n tu a lly h a v e th e title o f C o m p troller an d the
tem p o ra ry ran k o f V ice A d m ira l. A d d itio n a l m em bers o f
th e B o a rd o f th e A d m ira lty w ill b e V ice A d m ira l Sir H en ry
O liver, C h ie f o f th e A d m ira lty W a r S ta ff, w ith th e title o f
D e p u t y C h ie f o f th e N a v a l S ta ff an d R ea r A d m ira l A le x
an der L . D u ff, w ith th e title o f A ssista nt C h ief o f th e N a v a l
S ta ff.
V ice A d m ira l F red erick C . T u d o r w ill b e a p p oin ted C o m
m a n d e r-in -C h ie f o f th e C h in a S ta tion an d w ill b e su cceeded
as T h ird S e a L o rd b y R e a r A d m ira l H a lsey , w h o w ill in turn
b e su cceed ed b y R e a r A d m ira l T o th ill as F ou rth Sea L o r d .
D R. R IT T E R , I N
C H A R G E OF G E R M A N Y 'S IN T E R E S T S
T R A N S F E R R E D TO H A G U E .
D r . P a u l R itte r , th e Sw iss M in ister to the U n ited S tates,
w h o since th e b re a k in th e d ip lom a tic relations betw een the
U n ite d S tates an d G erm a n y in F eb ru a ry h a d h a d charge
o f th e d ip lo m a tic affairs o f G erm a n y in this c o u n tr y , has
been transferred to th e H a g u e. T h e transfer o f th e Swiss
M in iste r is sa id to b e a ttrib u ted to an a ct o f disciplin e in
d ip lo m a tic circles. A s w ill b e reca lled D r . R itte r in F e b
ru a ry su b m itte d a su ggestion to th e U n ited States G o v e rn
m en t th a t th e G erm an G overn m en t w as op e n to n egotia te
w ith the U n ite d S tates, p ro v id e d th e com m ercia l b lo ck a d e
against E n g la n d w ou ld n o t b e in terfered w ith . I t w as su b
seq u en tly an n ou n ced fro m a b roa d th a t th e a ction o f D r.
R itte r w as ta k en w ith o u t in stru ction s from th e Swiss F ederal
C o u n cil or fr o m th e F o reign D e p a rtm en t. D r . R itte r is
said to h a v e la ter been id en tified w ith a new p ea ce m o v e
m e n t, rep u d ia te d b y G e rm a n y. I t is stated th a t th e im
p o rta n ce to S w itzerlan d o f h a v in g a represen tative m ore
in sy m p a th y w ith th e ideals o f the U n ited States a n d the
A llies is b e lie ve d to h a v e p ro m p te d D r . R itte r ’ s tran sfer.
I t is u n d erstood th a t D r . R itte r ’ s su ccessor w ill b e H ans
Sulzer o f W in te rth u r, p ro v id e d his a p p oin tm en t is satis
fa c to r y to th e U n ite d States G overn m en t. D isp a tch es
fro m B e rn e , v ia P a ris, o n M a y 16, con cern in g D r . R itte r ’ s
tran sfer said:
T h e t r a n s f e r o f D r . R i t t e r c a m e a s a c o m p l e t e s u r p r is e t o t h e p e o p l e o f
S w it z e r l a n d .
T h e n e w s p a p e r s u n i t e i n h a i l in g e n t h u s i a s t ic a l l y t h e a p .
p o i n t m e n t o f M . S u lz e r , w h o s e a c c e p t a n c e o f t h e p o s t , a l t h o u g h i t i s c o n _
d i t i o n a l u p o n W a s h i n g t o n ’ s a p p r o v a l , is t e r m e d a n a c t o f g e n u i n e p a _
t r i o t l s m , s i n c e h e m u s t le a v e f o r a n i n d e f in i t e p e r i o d h is w o r k a s h e a d o f t h *
l a r g e s t m a c h i n e w o r k s in S w it z e r l a n d .
A p r o m i n e n t d i p l o m a t in B e r n
t o - d a y c h a r a c t e r iz e d t h e a p p o i n t m e n t o f M . S u lz e r a s “ a d i s t in c t c r e d i 6
t o S w it z e r l a n d a n d a n e q u a l l y d i s t i n c t c o m p l i m e n t t o t h e U n i t e d S t a t e s ,
t
T h e n o w s p a p e rs s p e c u la te o n th e tra n s fe r o f D r . R it t e r .
A ll o f th e m re
c a l l h is a t t e m p t s a t m e d i a t io n b e t w e e n G e r m a n y a n d t h e U n i t e d S t a t e s ,
a n d s o m e o f t h e m a f f e c t t o s e e in h is c h a n g e f r o m t h e p e r m a n e n t p o s t a t
W a s h i n g t o n t o a t e m p o r a r y p l a c e i n H o l l a n d t h e h a n d o f d i s c ip l i n e .
The
F r e n c h l a n g u a g e n e w s p a p e r s , w h i c h l o n g h a v e c a r r ie d o n a n a g i t a t i o n
a g a i n s t D r . R i t t e r , d e a l g e n t l y w i t h h is t r a n s f e r .
I t is stated th a t M r . Su lzer’s a p p oin tm en t to the legation
a t W a sh in g to n , like th a t o f D r . R itte r to T h e H a g u e, is
u n d erstood to b e o n ly fo r th e du ra tion o f th o w a r, after
w h ich “ a fin a l reorgan iza tion o f S w itzerlan d’ s d ip lom a tic
re p resen ta tion ” w ill take p la co.
PURCHASE
[Vol. 104.
THE CHRONICLE
2312
B Y
GOVERNM ENT
OF
SEVEN
A U ST R IA N
SH IP S.
T h e pu rch ase fro m A m erica n ow ners o f seven A u strian
freigh ters in terned in A m erica n p o rts , w as an n ou n ced b y
the F ed era l S h ipp ing B o a rd on M a y 9 th . T h e price
pa id fo r th e sh ips, w h ich represent a to ta l ton n age o f 52,621
to n s, is $6 ,7 7 8 ,0 0 6 . T h e S h ipp ing B o a rd , th rough C h a ir
m a n W illia m D e n m a n , pu rch ased th e vessels, a t P residen t
W ils o n ’ s d ire ctio n , fro m A . T . H erd an d G eorge A . C a rd en ,
w h o h ad a cq u ire d th e ships from th e A u stro-A m erica n S . S.
L in e an d a sy n d ica te o f N e w Y o r k ca p ita lists, h ea d ed b y
P e r c y R . P y n e , to w h o m M essrs. H erd and C a rd en h ad
co n tra cte d to resell th e vessels. M essrs. H erd an d C arden
in selling to th e G ove rn m en t are said to h a v e agreed to sacri
fice their p ro fits b y selling a t v irtu a lly th e sam e p rice th ey
g a v e fo r th e vessels. ‘ ‘ T h is eco n o m ic experim en t is in
sh arp co n tra st to the experience m e t b y th e G ov ern m en t in
ship pu rch asin g a t th e ou tb rea k o f the S p an ish -A m erican
w a r ,” said C h airm an D e n m a n , in explainin g th at th e A m eri
ca n co rp o ra tio n to w h o m the ow ners w ere under con tra ct
to sell also h a d agreed to w a iv e its in terest. T h e vessels, it is
sta te d , co u ld n o t h av e been op ora ted b y th e p riv a te A m erican ~ ow n ers"u ntil~ after th e w ar w ith o u t"b e co m in g lia ble to
seizure b y A llie d w arships. T h e lo w price pa id b y the
G ov ern m en t w as $107,000 m ore th an w as paid originally
to th e A u strian ow ners, the A u stro-A m erica n Steam ship
L in e. T h is sum represented fin an cin g costs an d a tto r n e y ’ s
fees in cid en t to the pu rch ase. In his fu rther statem en t
con cern in g the pu rch ase o f th e vessels C h airm an D en m an
o f th e S h ipp ing B o a rd said:
T h e s h ip s w e r e b o u g h t a t P r e s i d e n t W i l s o n ’s d i r e c t i o n , a n d p a y m e n t
w il l b e f r o m t h e $ 1 0 0 ,0 0 0 ,0 0 0 W a r E m e r g e n c y F u n d a t t h e P r e s i d e n t ’ s
d is p o s a l.
O t h e r s im ila r p u r c h a s e s a r e c o n t e m p l a t e d b y t h e S h i p p i n g
B o a r d , a n d i t is s a i d s o m e o f t h e A u s t r i a n s h i p s n o w i n A m e r i c a n p o r t s m a y
b e a c q u ir e d .
M e s s r s . H e r d a n d C a r d e n p u r c h a s e d t h o v e s s e ls w it h t h e a p p r o v a l o f t h e
S ta te D e p a r t m e n t, w h ic h t h e y o b ta in e d A p r il 2 .
T h e v e s s e ls w il l b e r e p a i r e d a n d p l a c e d i n a t r a d e s e r v in g t h e w a r e m e r
g e n c y In t h e v e r y n e a r f u t u r e .
T h e S h i p p i n g B o a r d h a s m a d e a c a r e fu l
s u r v e y o f t h e v e s s e l s , a n d e x p e c t s t h a t i t w il l h a v e t h e m r e a d y f o r s e a w it h
t h e s a m e e x p e d i t i o n s h o w n in t h e r e p a i r o f t h e H a m b u r g - A m e r ic a n f l e o t .
T h e v e s s e ls w e r e b o u g h t w i t h a r e s t r i c t io n t o n e u t r a l t r a d e f o r a c o s t t o
th em o f $12 8 65 p e r to n .
A ft e r m a k in g th is c o n t r a c t o f p u r c h a s e , M e s s rs .
H e r d a n d C a r d e n c o n t r a c t e d t o r e s e ll t h e v e s s e ls t o a s y n d i c a t e o f N e w
Y o r k c a p i t a li s t s a t $ 1 4 8 d e a d w e i g h t t o n .
T h is la te r a g re e m e n t w a s m a d e
se v e ra l d a y s p r io r t o th o p r o t e c tiv e m ea su res ta k e n b y th e T re a s u ry D e
p a r t m e n t , w h ic h p l a c e d g u a r d s o n t h e v e s s e ls t o p r e v e n t f u r t h e r d a m a g e .
S u b s e q u e n t l y , i t b e c a m e a p p a r e n t t h a t t h e U n it e d S t a t e s m ig h t n e e d
t h e v e s s o ls f o r s e r v ic e in a s s is t in g t h e A l l ie s .
M e ssrs. H e rd a n d C a rd en
o f f e r e d t h e ir p r o f i t a s a g i f t t o t h e G o v e r n m e n t .
T h e ships pu rch ased are:
The
Tho
Tho
The
The
The
The
D o r a , 7 ,0 3 7 g r o s s t o n s , a t N e w Y o r k .
I d a , 4 ,7 3 0 t o n s , a t N e w Y o r k .
E r n y , 6 ,5 1 5 t o n s , a t B o s t o n .
A n n a , 1 ,5 7 5 t o n s .
C la r a , 3 ,9 3 2 t o n s .
T e r e s a , 3 , 7 6 9 t o n s , a t N e w O r le a n s .
L u c ia , 6 ,7 4 4 t o n s , a t P e n s a c o la .
In a d d ition to M r . P y n e th e N e w Y o r k ca pitalists in
v o lv e d in th e tran sa ction w ere R o b e rt G oelet, B . F . Y o a k u m ,
J . H . C a rp en ter, A u gustu s H ecksh er an d M r . L a d rop .
S U B M A R IN E S
S IN K
THREE
A M E R IC A N
S A IL IN G
VESSELS.
A n n ou n cem en t w as m a de on Ju n e 1 b y th e B ritish A d
m ira lty o f the sinking o f the A m erica n sailing vessels D irig o ,
th e F ran ces M . an d th e B a rb a ra . A ll tho m em bers o f the
crow s, ex cep t on e w ere la n ded sa fely . A cco rd in g to a state
m en t issued b y the S tate D ep a rtm en t on Ju n e 1 , the D irig o
w as sunk a t 7 a . m . on M a y 3 1 . T h e loca tion o f the sinking
w as n o t g iv e n . T h e vessel, it is sa id, w as a tta ck ed b y gun
fire an d later overh au led b y the G erm an s, w h o b oa rd ed her,
an d after ran sackin g the ship sank th e vessel w ith b o m b s .
T h e crew , w ith th e ex cep tion o f th ird m a te J oh n M . R a y
w h o w as drow n ed w hile the sm all b o a ts were being la u n ch ed ,
w ere la n ded an d w ere cared fo r b y U n ited States C on su l
J . G . Stephens a t P ly m o u th . C . C . M en g ell B roth ers o f
L ou isville w ere th e ow ners o f th e D irig o , w h ich was a fo u rm a sted sailing ship o f 3 ,0 05 ton s an d registered from P en sa
co la , F la . T h e vessel sailed from N e w Y o r k on M a y 3 for
H a v re, F ra n ce, w ith a cargo v a lu ed a t $5 00 ,0 00 , under th e
com m a n d o f C a p ta in J . A . U rq u h a rt, ca rry in g a crew o f
th irty -on e m en o f w h om nine w ere A m erica n s. T h o D irigo
w as insured fo r $2 25 ,0 00 , her fu ll v a lu e.
T h e F ran ces M . w as a tta ck ed an d presu m a bly sunk b y
gun fire on th e m orn in g o f M a y 18; her crew o f nine m en , o f
w h om fou r w ere A m erica n s, w ere safely la n ded a t C a d iz,
S p ain . T h e sch oon er sailed fro m N e w Y o r k fo r Algiers
A p ril 7 , w ith a cargo o f 4 0 ,000 cases o f oil for th o F ren ch
G overn m en t. A . D . C u m m in gs & C o . o f P h ila delph ia were
th e ow ners o f th e F ran ces M . , w h ich registered from B a th ,
M e . T h e ship w as 204 feet lon g a n d o f 1,229 ton s.
T h e B a rb a ra sailed from P o r t A rth u r, T ex a s, on M a r ch 20,
b ou n d fo r S p ezia, Ita ly , w ith a ca rgo o f case o il. T h e vessel
w as a tta ck ed b y gun fire on th o m orn in g o f M a y 24 an d her
crew o f eleven m en w ere la n ded a t G ibraltar. T h e B a rb a ra ,
w h ich w as ow n ed b y th e F oreign & D o m e stic T ra n sp orta tion
C orp ora tion o f N e w Y o r k , w as b u ilt in 1909 an d was 185 feet
lo n g , o f 838 ton s gross.
S IN K IN G
OF
A M E R IC A N
MARGARET, A N D
S H IP S ,
R O C K IN G H A M ,
W OODW ARD ABR AH AM S.
T h e S tate D ep a rtm en t on M a y 3 w as n otified in C on su lar
rep orts o f th e sinking o f th e A m erica n sailing vessel M a r
g a ret, A m erica n sch oon er W o o d w a r d A b ra h a m s an d tho
A m erica n steam er R o ck in g h a m . T h e sinking o f th e R o c k
ingham w as first m a d o k n ow n in cables from L o n d o n on
M a y 2 . T w o o f its crew w ere killed ou trigh t b y th e ex
p losion w hen th e ship w as torp ed oed b y a G orm an su b
m a rine. T h e rem ainder o f th e cre w , consistin g o f th irty three m en , an d th e n aval g u n crow w ore p ick ed q p a t sea.
A cco rd in g to the statem en t o f C a p ta in E d w a rd s, c o m
m ander o f the steam er, the R ock in g h a m w a s] torp ed oed
w ith o u t w arning, a b ou t 150 m iles fro m la n d on T u e sd a y ,
M a y 1 at 2 p . m . C a p ta in E d w a rd s’ statem en t in pa rt said:
W e w e r e h i t a t 2 p. m . o n T u e s d a y , 1 5 0 m ile s f r o m l a n d .
I w as o n th e
b r i d g e a t t h e t im e .
F i v e m in u t e s b e f o r e t h e t o r p e d o i n g I n o t i c e d t h r o u g h
th o h a ze t w o sp e ck s o n th e h o r iz o n , o n e o n th e p o r t b o w a n d th e o th e r o n
th e s ta r b o a r d b o w .
I im m e d i a t e l y c a l le d t h e m t o t h o a t t e n t io n o f t h e
g u n n e r s , w h o w e r e a t t h e ir p o s t s b o t h f o r e a n d a f t , a n d t h e y i m m e d i a t e l y
t r a in e d t h e ir g u n s i n t h e d i r e c t i o n i n d i c a t e d .
T h o v i s ib i l it y w a s s o b a d it
w a s im p o s s i b l e f o r a n y o f u s t o s a y w h e t h e r t h e y w e r e s u b m a r in e s o r s m a ll
p a trol b o a ts .
'
W h i le a ll o y e s w e r e s t r a in in g t h r o u g h t h e ir g la s s e s t o p e n e t r a t e t h o h a z e
b o t h th e s p e c k s d is a p p e a r e d .
T h e n w o k n o w t h e y w e r e s u b m a r in e s w h ic h
h a d b e e n flo a t in g a lo n g p r a c t ic a lly a w a s h .
W o w o r e a l r e a d y s t e e r in g a
z ig z a g c o u rs o a n d t h e g u n n e rs w e re r e a d y a t th e s ig h t o f a n y ta r g e t t o tu rn
a m u r d e r o u s f ir e o n t h e e n e m y .
N o b o d y s ig h t e d a n y t h i n g , h o w e v e r , a n d
s u d d e n ly t h e r e c a m e a t e r r i f ic e x p l o s io n , t h e r e s u lt s o f w h ic h m a d e it i m
p o s s i b le t o h a n d le t h e g u n s .
T h o t o r p o d o h a d h i t u s in t h o e n g i n e r o o m o n t h o s t a r b o a r d s id e o f t h e
s h in
S h e s a n k q u i c k l y b y t h o s t e r n , g o i n g d o w n in le s s t h a n t w e n t y m in
u tes.
O n o o f o u r l if e b o a t s w a s s h a t t e r e d .
T h o o t h e r t h r e e w e r e la u n c h e d
^ N a t u r a l l y o u r g r e a t r e g r e t is t h a t w o d i d n ’ t g e t a n o p p o r t u n i t y t o u s e t h o
guns.
W o h a d a p i c k e d g u n c r o w w h o h a d p r o v e d t h e i r m a r k s m a n s h ip
r e p e a t e d l y in p r a c t ic e o n t h o w a y o v e r , s o t h e r o is n o d o u b t w e c o u l d h a v e
s e n t b o t h t h o U - b o a t s s t r a ig h t t o D a v y J o n e s ’ l o c k e r i f w o h a d b e e n a b l e t o
I d e n t i fy t h o r n t h r o u g h t h o h a z e .
T h o s h i p ’s b o a t s g o t s e p a r a t e d a f t e r l e a v i n g t h o s c e n e o f t h o s i n k i n g .
M y
b o a t h a d b e e n in t h o w a t e r s ix h o u r s w h e n w o w o r e p i c k e d u p .
F ou rteen su rvivin g m em bers o f th e crew o f tho R o c k in g
h a m , w h o w ere p ick ed u p b y a B ritish freigh ter, 150 m iles
fro m tho Irish C oa st, arrived in N ew Y o r k on M a y 18.
T h e R ock in g h a m w as ow n ed b y th o G arlan d Steam ship
C o rp o ra tio n an d w as valu ed a t 81 ,3 0 0 ,0 0 0 ; she carried a
ca rgo valu ed a t a b ou t $ 2 ,0 0 0 ,0 0 0 . T h e steam er left B a lti
m ore o n A p ril 19. T h e steam er w as origin a lly called tho
N eb ra sk an an d was th o cause o f con sid erable con tro v e rs y
betw een tho U n itod States an d G erm a n y in con seq u en ce o f
its h av in g been to rp ed oed b y a G erm an subm arine o f f the
Irish C o a st in M a y 1915, tw o w eeks a fter tho sinking o f the
L u sitan ia. In fin ally a d m ittin g the torp ed oin g o f the
steam er b y a G erm an su bm arin e, th o G erm an G overn m en t
stated th a t “ the a tta ck w as n o t m ea n t fo r th e A m erica n
fla g, n or is it traceable to a n y fa u lt on the pa rt o f th o c o m
m a nd er o f the G erm an su bm arin e, b u t is to b o con sidered
an u n fortu n a te a c c id e n t.”
B esides expressing its regret at
tho o ccu rren ce tho G erm an G o v ern m en t m a d e k n ow n its
readiness to m ake com p en sa tion fo r th e da m ge sustained
b y A m erica n
citizens
th rou gh
the
a tta ck o n tho
N eb ra sk a n .
T h e sinking o f the R o ck in g h a m represented a loss o f n early
$ 4 ,000 ,0 00 o f w h ich the G overn m en t W a r R isk B u reau
paid $ 1 ,3 0 0 ,0 0 0 . #
A s to tho sinking o f th e W o o d w a r d A b ra h a m s tho C o n
sular rep ort states th a t she carried a crew o f six m en , fou r
o f th em A m erica n s, an d w as a tta ck ed b y a subm arin e on
A p ril 2 2 , a t a dista nce o f tw o m iles. A fte r th e first sh ot
w as fired C a p ta in V an N a m eo low ered his sails an d h oisted
the A m erica n fla g. T h e subm arine ca m e a longside the
vessel an d ordered th e crow to co m o o n b o a rd . T h ree o f
tho su bm arin e’ s crew then b o a rd e d the W o o d w a r d A b ra
h am s, takin g o ff qu an tities o f storo, in stru m en ts, papers
an d o th er articles. Oil w as then p ou red o v e r the ship and
tw o b o m b s w ero p la n ted w ith tim e fuses o v er th e sides,
fo r tho sottin g o ff o f th o b o m b s . T h o crow o f the W o o d w a rd
A b ra h a m s after gettin g in to sm all b o a ts w ere p ick ed u p b y
a N orw eg ia n sailing vessel w h ich w as sunk b y gun fire on
A p ril 2 8 . T h e crew o f tho W o o d w a r d A b ra h a m s w as p ick ed
u p o n the fo llow in g d a y an d la n ded w ith o u t losses or in
ju r y .
T h o rep ort o n tho M a rg a ret states th a t tho sch oon er w as
d estroyed b y fire set b y a su bm arin e, n o m en tion bein g m a de
as to w hother a n y loss o f life w as su ffered.
L A W
R E G A R D IN G
BY
T A X
ON
GOVERNOR
IN V E S T M E N T S
S IG N E D
W H IT M A N .
G o v o rn o r W h itm a n on June 1 signed tho bill passed b y
b o th bran ches o f tho 1917 Legislatu re (C h a p ter 70 0, L aw s
o f 1917) p ro vid in g fo r the re-en a ctm on t o f th o law in re
la tion to a ta x on secured deb ts w h ich expired b y lim ita
tion o n J a n . 1 1917. T h e new la w , w h ic h w a s p u b l i s h e d i n
f u l l i n th es e c o l u m n s o n M a y 5 (pages 1761 an d 1762) changes
tho term “ secured d e b ts” to “ in v es tm en ts,” the defin ition s,
h ow e v e r, rem aining su bsta n tially the sa m e. T h e tax is
n o w a t the rate o f 20 cen ts per $100 a n n u a l l y , an d m a y be
pa id f o r o n e o r m o r e y e a r s n o t e x c e e d in g f i v e . U n der tho law
w h ich expired on Ja n. 1 last tho rate w as 75 cen ts per $100,
b u t the p eriod o f tim e co v e re d b y tho ta x, instead o f annual
w as fiv e years.
2313
THE CHRONICLE
J une 9 1917.]
A s a m eans for en forcin g the p a y m en t o f this annual ta x,
the new law also am end s the inheritance tax law so as to
p rovid e a p en a lty o f 5 % on a n y in vestm en t ow n ed b y a
d eceden t on w h ich th e n ew tax has n o t been pa id unless the
representatives o f the deced en t are ab le to p ro v e th a t th e
regular person al p ro p e rty ta x has been p a id on such in ve st
m ent during th e p eriod it was h eld b y th e d eced en t.
GOVERNOR
W H IT M A N
APPROVES W E ST
S ID E
B IL L S .
Senator O ttin g er’ s bill relating to the W e s t Side c o n tracts
betw een N e w Y o r k C ity an d tho N e w Y o r k C en tral R a il
road, and A ssem blym a n G reen ’ s bill {providing for an in vestiga
tion b y a com m ittee o f seven in to th e su rface ra ilroad situa
tion in this c ity , w ere signed b y G o v e rn o r W h itm a n on
June 3 .
T h e O ttinger b ill p rovid es th a t th e p rop osed W e s t Side
im p rov em en t plans w h ich in clude th e elim in ation o f th e
N e w Y o r k C en tral R a ilroa d tracks fro m gra de alon g T e n th
A v e n u e , m u st be a p p ro v e d b y th e P u b lic S ervice C o m
m ission, an d h olds u p th e present plans agreed to b y th e N e w
Y o r k C en tral R a ilroa d an d the N e w Y o r k C ity B o a rd o f
E stim ate b y a u th ority o f a law o f 1911. T h ese pla n s, it w as
con ten d ed b y a d v o ca te s o f tho O ttinger b ill, gra n ted to o
m a n y concession s to th o ra ilroad . T h e O ttinger bill p ro
v id es fu rth er th a t if th e B oa rd o f E stim a te an d th e P u b lic
S ervice C om m ission d o n o t get togeth er on a fin al co n tra ct
b y D e c . 1 th e C om m ission shall ta ke ch a rge o f the w hole
p r o je c t, and m a y im p ose a co n tra ct on th e N e w Y o rk
C en tra l. T h e bill m akes m a n d a tory a v e ry im p orta n t change
in th e plans— th at th e N e w Y o r k C en tral p a y a rental to th e
c ity a n n ua lly fo r crossin g streets, an d th a t an agreem ent
on this p o in t b e m a d e to run fo r 25 years o n ly instead o f the
present p rop osed pla n o f selling th e righ ts to th e railroad
perm a n en tly. C on cern in g Sen ator O ttin g er’s bill the G o v
ernor w rites:
T h i s b i l l m e r it s a p p r o v a l .
C h a p te r 7 7 7 o f th e la w s o f 1911 w r o u g h t a n
u n w a r r a n t e d d e p a r t u r e f r o m t h o e s t a b l is h e d p o l i c y o f t h e S t a t e , a s t o r e a d
j u s t m e n t s o f r a i lr o a d f a c il i t i e s i n v o l v i n g fr a n c h is e g r a n t s .
C h a p ter 777 has
f a i l e d , d e s p i t e s i x y e a r s o f n e g o t i a t io n s t o a f f o r d t h e m e a n s o f s e c u r in g t h e
r e s u lt s i t w a s i n t e n d e d t o a c c o m p l i s h .
A s a r e s u lt o f th is la w , n o tr a c k s
h a v e b e e n r e m o v e d f r o m a n y s t r e e ts , a n d n o b e t t o r fr e ig h t te r m in a ls h a v e
b e e n p r o v i d e d f o r t h e r a i l r o a d , u p o n w h o s e m e t r o p o l i t a n f a c il i t i e s t h e f o o d
s u p p l y , t h e a g r i c u lt u r e a n d p r o d u c t i v e e n t e r p r is e s o f t h e c i t y d e p e n d i n s o
la r g o a d e g r e e .
T h o e f fo r t t o t r e a t th is im p o r t a n t m a t t e r as o n o e n t itle d t o e x e m p t io n
f r o m t h e s c r u t i n y o f t h o e x p e r t b o d y t o w h ic h t h e S t a t e i n t r u s t s i t s p o l i c y in
t r a n s p o r t a t i o n m a t t e r s h a s p r o v e d u n f o r t u n a t e , a n d t h o p r e s e n t m e a s u r e is
d e s i g n e d t o r e s t o r e t h e a u t h o r i t y m is t a k e n ly r e m o v e d f r o m t h e P u b l i c
S e r v i c e C o m m i s s io n f o r t h e F i r s t D i s t r i c t in 1 9 1 1 .
T h e s u g g e s t i o n t h a t t h e b i ll v i o l a t e s s o m e s h a d o w y c o n c e p t o f m u n i c ip a l
h o m e r u le is w i t h o u t b a s i s .
T h e m e a su re w a s t w ic e p a sse d b y b o t h h o u se s
o f th e L e g is la tu r e w it h n o m o r e th a n t w o m e m b e r s o f t h e e n tire N e w Y o r k
C i t y r e p r e s e n t a t io n , n u m b e r i n g e i g h t y , o p p o s e d t o i t .
I t w a s in t r o d u c e d
in t h e L e g i s l a t u r e b y t h e r e p r e s e n t a t iv e s o f t h e S e n a t e a n d A s s e m b l y D i s
t r ic t s m o s t im m e d ia t e ly a ffe c t e d in t h e C i t y o f N o w Y o r k .
I t is s t r o n g l y
s u p p o r t e d b y t h e P r e s i d e n t o f t h e B o r o u g h o f M a n h a t t a n a n d is d r a w n
a l o n g lin e s o v e r a n d o v e r a g a in d e m a n d e d b y t h e p r e s e n t m u n i c ip a l a u
t h o r it i e s o f t h e m e t r o p o l i s .
I t h a s b e e n i n d o r s e d a n d u r g e d u p o n m e b y s u c h o r g a n i z a t io n s a s t h e
C i t y C l u b , t h e C i t i z e n s U n i o n , a n d a v a s t n u m b e r o f o t h e r o r g a n i z a t io n s
in t h e c i t y i n n o w is e o p e n t o t h e c h a r g e o f d i s l o y a l t y t o p r o p e r c o n c e p t o f
m u n i c ip a l a u t o n o m y .
I t t a k e s a w a y f r o m n o c it y o f fic ia l o r b o a r d a n y p o w e r w h ic h t h e p u b lic
p o l i c y o f t h o S t a t e h a s v e s t e d c o m m o n l y in s u c h o f f i c i a l s o r b o a r d s , b u t i t
d o e s a w a y w it h a n e x c e p t io n t o t h a t p o lic y w h ic h e x p e r ie n c e h a s p r o v e d
u n w o r k a b le a n d u n d e s ir a b le .
T h e m e a s u re se e m s t o m e t o c o n t a in fa ir a s s u ra n ce s o f e a r ly p ro g re s s a n d
a c c e p t a b le re s u lts .
I n s u b s t a n t a t lv e a n d p r o c e d u r a l p r o v is io n s , it c o n
f o r m s t o s t a n d a r d s w h i c h s h o u l d b e f u n d a m e n t a l in t h i s S t a t e .
I f i n d in
i t n o b a r r ie r t o t h e e a r l y c o n c l u d i n g o f a p r o p e r a g r e e m e n t o r c o n t r a c t , b u t
I d o f i n d a s s u r a n c e t h a t i f n e g o t i a t io n s a u t h o r i z e d a n d s t a r t e d i n 1 9 1 1 d o
n o t y i e l d r e s u l t s in 1 9 1 7 s o m e t h i n g m o r e t h a n n e g o t i a t i o n s w il l b e s e t in
m o t io n .
R a r e ly h a s a m e a s u re o f la rg e I m p o r ta n c e c o m e
o f s u b s t a n c e in t h e a r g u m e n t s u s e d a g a i n s t i t , a n d
o f p o p u l a r s p i r it a n d n u m e r i c a l s t r e n g t h in t h a t
a p p r o v e t h e b i l l , a n d l o o k f o r w a r d t o r e s u lt s f r o m
b e f o r e m e w i t h s o l it t l e
w i t h s o s l ig h t a s h o w in g
o p p o s it io n .
I h e a r t i ly
its e n a c t m e n t .
U n d er th e G reen b ill th e W est Side im p rov em en t situa
tio n is to b e in vestigated b y a com m ission com p os e d o f fiv e
p erson s a p p oin ted b y th o G o v e rn o r, on e b y the P residen t pro
tern o f th e S en a te, an d on e b y the Speaker o f th e A s se m b ly .
In signing th is m easure th e G ov ern or h ad th e follo w in g to
sa y:
I a m s o d e s ir o u s o f a n e a r ly a n d s a t is fa c t o r y s o lu t io n o f th is lo n g d e
l a y e d “ W e s t S i d e m a t t e r ” t h a t i t s e e m s t o m e w is e r t o s ig n t h a n t o d i s a p
p r o v e th is b ill.
E v e r y m e a n s lik e ly t o c o n t r ib u t e t o a fa v o r a b le o u t c o m e
o f t h is s i t u a t i o n m a y b e s t b e k e p t a t h a n d , a n d t h e a v a i l a b i l i t y o f t h e s p e
c ia l i n q u i r y c o n t e m p l a t e d b y t h e p r e s e n t b i l l m a y p r o v e h e l p f u l t o t h a t e n d .
T h o b ill a u th o r iz e s a b r o a d a n d c o n s t r u c tiv e in q u ir y a n d r e p o r t t o t h e
L e g i s l a t u r e a s t o t h e p r a c t i c a l e f f e c t a n d p r o g r e s s m a d e in c a r r y i n g o u t t h e
p r o v i s i o n s o f C h a p t e r 7 7 7 o f t h o la w s o f 1 9 1 1 .
I f , a s I c o n fid e n tly e x p e c t ,
a t le a s t a p a r t i a l s o l u t i o n o f t h i s t r o u b l e s o m e s i t u a t i o n c a n s o o n b e r e a c h e d
u n d e r t h o a m e n d e d f o r m o f C h a p t e r 7 7 7 t h e L e g i s l a t u r e is e n t i t l e d t o h a v e
a c o n s t r u c t i v e r e p o r t a s t o t h o r e s u lt s a c h i e v e d u n d e r t h e a u t h o r i t y o f it s
e n a c t m e n t , a n d is e n t i t l e d t o r e c e i v e r e c o m m e n d a t i o n s a s t o f u r t h e r le g is la
t io n , i f a n y , w h ic h m a y b e f o u n d a d v is a b le t o c o m p le t e t h e t w o f o ld ta s k o f
e n d i n g g r a d e a n d s t e a m o p e r a t i o n o n m e t r o p o l i t a n s t r e e t s a n d m o d e r n i z in g
t h e t e r m i n a l f a c i l i t i e s o f t h e t r u n k lin e r a i lr o a d s e n t e r in g t h e C i t y o f N e w
Y ork.
2314
THE CHRONICLE
BANKING AND LEGISLATIVE NEWS.
N o sales o f b a n k o r trust co m p a n y stock s h ave been m a d e
th is w eek , either at the S to ck E xch a n ge o r at a u ction .
T h e tw e n ty -fo u rth annual con v e n tio n o f th e N e w Y o rk
S tate B a n k e rs’ A s so cia tio n w ill tako p la ce on Ju n o 21 a n d 22,
a t L a k e P la cid .
T h e S u perior Savings & T ru s t C o . o f C lev ela n d , O h io, is
d istrib u tin g in p a m p h le t fo rm a rep rin t o f an a rticle from the
A p ril issue o f th o W este rn R eserv e U n iv ersity “ B u lletin ” on
“ W o m a n ’ s E c o n o m ic S ervice in T im e o f W a r ,” w ritten b y
C h arles Crisw ell A r b u th n o t, P rofessor o f E co n o m ics at tho
W e s te rn R e se rv e U n iv e rsity , C levela n d .
[Vol. 104.
a g e r. T h e c o m p a n y ’ s resou rces, in clu din g all fou r bran ches,
aro n ow in excess o f $ 1 0 0 ,0 0 0 ,6 0 0 .
A n assignm ent w as m a de y esterd a y b y B ird S . C o lo r, in
d iv id u a lly an d as sole su rviv in g pa rtn or o f th o firm o f W . N .
C olor & C o ., ba n k ers an d b rok ers, o f 43 C ed a r S treet, to
A rth u r D . H a m m on d o f B r o o k ly n . T h o firm w as form erly
com p os ed o f B ird S . C oler and L eon a rd H . H o le , w h o died
recen tly .
T h e follow in g statem en t w as g iv en o u t y esterd a y fr o m the
o ffic e o f W . N . C oler & C o .:
T h e f i r m o f W . N . C o l e r & C o . w a s e s t a b l is h e d In 1 8 7 0 , a n d s i n c e t h a t
t im o h a s b e e n p a r t i c u l a r l y i n t e r e s t e d in m u n i c i p a l , w a t e r , g a s , e l e c t r i c l i g h t
a n d r a ilr o a d b o n d s .
A m o n g it s r e c o n t d o v o l o p m o n t s w a s t n o p u r c h a s e o f
t h o P i e d m o n t R a i l r o a d a n d it s r e o r g a n i z a t io n u n d e r t h o n a m e o f C a r o l i n a
& Y a d k i n R i v e r R R . C o . in N o r t h C a r o l i n a .
W . N . C o l e r & C o . a d v a n c e d la r g e s u m s f o r t h o r e b u i l d i n g o f t h o r o a d ,
e x t e n s i o n o f it s lin e s , b u i l d i n g n e w t e r m i n a l s , a n d t o m e e t i t s i n t e r e s t r e
q u ir e m e n ts d u r in g t h e c o n s t r u c tio n a n d d e v e lo p m e n t p e r io d .
I t p la c e d
a m o n g it s c li e n t s a la r g o a m o u n t o f t h o b o n d s o f t h o C a r o l i n a & Y a d k i n
R i v e r R R . C o . , a n d It n o w h o l d s t h o c o n t r o l o f t h o s t o c k o f t h o r a i lr o a d
a n d a la r g o b l o c k o f i t s b o n d s .
A t a m eetin g o f the directors o f the G u a ra n ty T ru st C o .
o f N e w Y o r k o n Ju n o 6 , the con tem p la ted increase in the
ca p ita l s to ck o f tho co m p a n y from $ 2 0 ,00 0,00 0 to $25,00 0,00 0
w as a p p ro v e d , an d a m eetin g o f stocld iold ers w as callod for
T h o roa d w as com p leted J u ly 1 1914, ju s t b ofore th o w ar
Ju n o 2 5 , to v o te o n the m a tter. I t is p rop osed th a t this b rok e o u t, and tho w ar is b la m ed fo r tho presen t co n d itio n
$ 5 ,0 0 0 ,0 0 0 o f n ew sto ck shall b e o ffered to th e presen t s to ck o f tho roa d .
h olders a t p a r, ra ta b ly in p ro p o rtio n to th eir presen t h o ld
in gs. S u b scription s to th o n ew s to ck m u st b o m a d e n ot
P . E . G od rid g o has been ch osen an A ssista n t T ru s t O fficer
later than J u ly 16. T h o ca p ita l o f th e G u a ra n ty T ru st w as
o f tho B ankers T ru st C o . o f this c it y . M r . G od rid g o w as
increased fro m $1 0 ,0 0 0 ,0 0 0 to $2 0 ,0 0 0 ,0 0 0 in N o v . 1915.
form erly ch ief clerk in tho d iv ision o f tho tru st co m p a n y
T h o co m p a n y w as fo u n d e d in 1864 under the n am e o f the
h an dlin g estates an d person al trusts.
N e w Y o r k G u a ra n ty & In d e m n ity C o . In 1891, the ca p ita l
w as increased fro m $1 00,000 to $ 2 ,0 0 0 ,0 0 0 , w ith a pa id-in
T h o n ow ly orga n ized S can d in a via n T ru s t C o . w ill op en for
surplus o f $ 5 0 0 ,0 00 . In 1893, tho presont title o f G u a ra n ty
business n ext M o n d a y m orn in g a t 56 B r o a d w a y , th is c it y .
T ru s t C o . o f N o w Y o r k w as a d o p te d . T h o ca p ita l w as
T h e now in stitu tion w ill b egin w ith a p a id -in cap ital an d sur
increased to $ 5 ,000 ,0 00 in 1910, and to $1 0 ,0 0 0 ,0 0 0 in 1912.
plus o f $ 2 ,5 0 0 ,0 0 0 . T h o a p p oin tm en ts an d d ecora tion s o f
T h o latest statem en t o f tho c o m p a n y , F o b . 28 1917, sh ow s,
its b a n k in g ro o m on tho street flo o r o f 56 B r o a d w a y , corn er
in a d d itio n to its ca p ita l o f $ 2 0 ,0 0 0 ,0 0 0 , a surplus o f $ 2 0 ,
o f E x ch a n g e P la co , aro a ttra ctiv e an d in g o o d ta sto. T h o
0 0 0 ,0 0 0 , u n d ivid e d p ro fits, $ 5 ,8 1 7 ,7 8 2 , an d to ta l resources
ox ecu tiv o officers are: A lexa n d er V . O strom , P residen t;
o f $ 5 8 8 ,4 7 8 ,2 8 6 . T h o c o m p a n y ’ s resou rces in 1913, w hen
T . B a rth , V ice-P resid en t, an d J . C . T ra p h a g on , S ecreta ry .
C harles H . Sabin b eca m e P resid en t, w ere $ 2 3 4 ,6 8 9 ,8 0 5 .
M r . O strom w as form erly V ice-P resid on t o f tho N orth w estern
T h o tru st co m p a n y s to ck ($100 pa r) w as q u o te d on the 6th
N a tio n a l B a n k o f M in n ea p olis , h a v in g resigned th a t p o s t to
in st. at 465-475 per share.
a cce p t tho P resid en cy o f tho S can d in a via n T ru s t C o . on
T h e c o m p a n y , a t a d irectors’ m eetin g last T u e sd a y ,
J a n . 1. M r . O strom has b een in tho b a n k in g business eigh td eclared a d iv id e n d o f 5 % fo r the qu arter en din g Juno 30,
toon years; a fter gra du a tin g fro m tho U n iv ersity o f M in n e
p a y a b le a t th o close o f business on th a t da te to stock h old ers
sota , ho w en t w ith th o S ca n d in a via n -A m orica n B a n k o f
o f re co rd Ju n e 2 2 .
M in n ea p olis as m essenger b o y an d w as a p p oin ted A ssista nt
C ashier w h en this b a n k con solid a ted w ith tho N orth w estern
T h e G u a ra n ty T ru st C o . this w eek a p p oin ted F ran cis H . N a tion a l in 1908, an d w as elected V ice-P rosid on t in 1913.
Sisson, V ice-P resid en t in C h arge o f P u b lic it y . M r . Sisson M r . B a rth w as con n e cte d w ith th o R o y a l B a n k o f C a n a d a ;
h as b een p rom in en t in railroad circles as A ssista n t C h airm an ho h a d p reviou sly b een in th o b a n k in g business in P aris,
o f th e R a ilw a y E x e cu tiv e s’ A d v is o ry C o m m itte e , o f w hich L o n d o n and B ergen , N o r w a y . M r . T ra p h a g on w as u n til re
F ra n k T ru m b u ll, C h airm an o f tho C h esa peake & O hio R y . ce n tly A ssista n t Secretary o f the F ran k lin T ru st C o . o f this
C o . is th e h e a d . P reviou s to th a t tim e, M r . Sisson was c ity , h a v in g su pervision o f tho pu rch ases an d sales o f tho c o m
V ice-P resid en t an d G eneral M a n a g er o f th e H . E . Lesan p a n y ’ s securities, an d assisted in its reorgan iza tion w o rk .
A d v e rtisin g A g e n c y , o f N e w Y o r k an d C h ica g o , an d has had M r . T ra p h a g en is a trustee o f tho A m erica n Savings B a n k
a w id e experience in the pu blish in g an d ad vertisin g field . and a lectu rer in the fin an ce d ep a rtm en t o f tho N o w Y o r k
H o w as fo rm e rly ed ito r and pu blish er o f d a ily n ew spapers at U n iv ers ity . H is b o n d experience d a tes b a ck to an early
P e oria an d G alesbu rg, 111., an d has b een interested in en ga gem ent w ith tho b o n d h ouse o f G eorg e C . W h ito & C o .
va riou s m a ga zin e an d ad vertisin g a ctivities since com in g
In 1910 M r . T ra p h a g on w as m a de M a n a g e r o f tho S tan dard
to N o w Y o r k , a b o u t tw elve years a g o . M r . Sisson w as born
S tatistics B u rea u , elected a d irector in 1914 and on o y ea r later
in G alesbu rg, 111., an d is a gra d u a te o f K n o x C ollege in th a t
w as ch osen its V ice-P resid on t. T h o n ew est trust co m p a n y
c it y . H o is also a gra d u a to o f H a rv a rd C olleg e, w hore he
in the N e w Y o r k field starts u n der au sp icious circu m stan ces
d id p ost-gra d u a te w o rk .
an d w ith a b oa rd h a v in g stron g business a ffilia tion s. T h e
directors are:
A t a m eetin g o f the d irectors o f th o L ib e rty N a tion a l B a n k
J o b s . A n d e r s e n , J . A n d e r s o n & C o . ; K n u fc B a c h k e , A n d r e s o n s ’ B a n k ,
o f this c it y , on June 7 , it w as u na n im ou sly v o te d to m ake C h r i s t ia n ia ; C h a r le s E . B e d f o r d , V l c e - l ’ r o s ld o n t V a c u u m O il C o . ; J a m e s F .
a p p lica tio n to th e C o m p troller o f th o C u rron cy fo r perm is B o l l , V i c o - P r o s id o n t W a s h b u r n - C r o s b y C o . , M in n e a p o l is ; J o h n E . B o r w i n d ,
V i c e - P r e s id e n t B o r w i n d - W h i t o C o a l M i n i n g C o . ; R . R . B r o w n , F i r s t V l c o sion to recom m en d to the stock h old ers an increase in the P r e s i d o n t A m e r i c a n S u r e t y C o . ; W i ll ia m R . C o o , C h a ir m a n , J o h n s o n &
b a n k ’s ca p ita l fro m $1 ,0 0 0 ,0 0 0 to $ 3 ,0 0 0 ,0 0 0 an d th a t H ig g i n s ; G e r h a r d M . D a h l , V i c e - P r e s id e n t C h a s o N a t i o n a l B a n k ; S . E .
D a h l , C e n t r a l b a n k e n f o r N o r g o , C h r i s t ia n ia ; W . E d w a r d F o s t e r , T r e a s u r e r
$1 ,0 0 0 ,0 0 0 b e transferred fro m th e u n d ivid ed p rofits to the A m e r i c a n S u g a r i R c f i n i n g C o . ; ! S a m u o l L . F u ll e r , K is s e l , K i n n i c u t t & C o . ;
surplus a c c o u n t. I f the incroaso in ca p ita l is a p p ro v e d tho E d w a r d F . G e e r , s h i p o w n e r ; C h a r le s S . H a i g h t , H a i g h t , S a n fo r d & S m i t h ;
presen t shareholders aro to h ave th o privilege o f su bscribin g G . K a m s t r u p H e g g e , D o n N o r s k o C r o d i t b a n k , C h r i s t ia n ia ; E d w i n O .
H o tte r , a t t o r n e y ; F r c d e r lc k jW . I lv o s lo f , B o n n o t t, I lv o s l o f & C o .; N . B r u c e
a t pa r fo r tw o shares o f new s to ck fo r each share o f their M a c K e l v l o , H a y d e n , S t o n o & C o . ; A l e x a n d e r V . O s t r o m , P r e s i d e n t ; B I r g o r
presen t h old in gs.
O s l a n d , G e n e r a l ft W e s t e r n ^ A g e n t
N o r w c g ia n -A m e r ic a
L in o ,
C h ic a g o ;
E.
T h e U n ite d States M o rtg a g e & T ru st C o ., 55 C ed a r S t .,
has issued a sou ven ir, m a rkin g the ten th an n iversa ry o f the
op en in g o f its 125th Street b ra n ch . T h is b ra n ch , sorving
on e o f the busiest section s o f M a n h a tta n , w as established
b y th o co m p a n y in ord er to m eet th o increased dem an ds for
ba n k in g an d trust co m p a n y service in th a t qu a rter. T h e
op e n in g o f the 125th S t. b ran ch follow ed th a t o f tho c o m
p a n y ’ s W e s t E n d b ra n ch , B ro a d w a y a t 73d S t ., w hilo on
M a y 15th la st, the F id e lity B a n k , M a d is o n A v e ., a t 75 th S t .,
w as tak en o v e r , an d is n o w bein g co n d u cte d as th e M a d is o n
A v e n u e b ra n ch . T h e 125th S treet b ra n ch is in chargo o f
G eorge A . J on e s, M a n a g e r, an d C harles D ie h l, A s s t. M a n
A . C a p p e l e n .S m i t h , G u g g e n h e i m B r o t h e r s .
G.
F oster S m ith , V ice-P resid on t o f tho N assau N a tion a l
B a n k o f B r o o k ly n , w as elected to tho P resid en cy on Juno 5
to su cceed D a n iel V . B . H eg om a n , w h o , ow in g to con tin u ed
ill-health fo r the last tw o years, w as ob lig ed to retire from
business. M r . S m ith on his g ra d u a tion from tho U n iv ersity
o f M in n e s o ta , en tered the e m p lo y o f tho A s to r N a tion a l B a n k
as a clerk . H e rem ained thore b u t a sh ort tim o, g oin g to tho
N a ssau N a tio n a l in tho sam e c a p a city a b o u t seven teen years
a g o . In S ep tem b er 1915 ho w as elected V ico-P resid on t o f
the in stitu tion to su cceed C o l. R o b e r t B . W o o d w a r d , de
cea sed , rem ainin g in th e C ash iersh ip, w h ich o ffico ho then
Ju n e 9 1917.]
THE CHRONICLE
h e ld , u n til M a y 1910, w h en H . P . S ch oen b ern er w as m a d e
C a sh ier. M r . S m ith is fo r ty -o n e years o f age a n d his elec
tio n to th e P resid en cy o f th e N a ssau N a tio n a l m akes h im on e
o f the yo u n ge st o f th e c it y ’ s b a n k ex ecu tiv es.
J osep h G . Stearns, a V ice-P resid en t o f th e O ld C o lo n y
T ru st C o . o f B o s to n , d ied o f a heart a tta ck on M a y 3 1 . H e
was stricken on h is w a y h om e an d d ied w hile being hurried
to the C ity H o s p ita l. M r . Stearns w as sixty-eig h t years o f
ago an d th ou gh b orn in N e w Y o r k , liv ed in B o s to n fo r n ea rly
fift y y ea rs. M r . S tea m s was con n ected w ith the O ld C o lo n y
T ru s t C o . fo r tw en ty -sev en years, th e last six o f w h ich he
w as o n e o f its V ice-P resid en ts. P rior to th at he w as engaged
in the sh oe business an d the lu m ber business.
T h e J a m a ica P la in T ru st C o . o f B o s to n has rem ov ed from
tem p ora ry quarters to its n ew on e-story b u ild in g a t 677
C en tre S t ., o p p osite Seaverns A v e . T h e exterior o f the
b u ild in g is o f tapestry b rick . T h e in stitu tion op en ed fo r
business in M a y 1916; it has a ca p ita l o f $200 ,0 00 , surplus
$20,00 0 an d deposits o f $ 6 70 ,0 00 . E d ric E ld rid ge is the
P resid en t, L . E . K n o t t an d R . D . P ra tt are the V ice-P resi
dents an d T h e o d o re C . G ates is T reasurer.
A lfre d W . W rig h t, form erly p a y in g teller o f the C en ten n ial
N a tio n a l B a n k o f P h ila d elp h ia , P a ., has been elected an
A ssista nt C ash ier o f th at in stitu tion . In ou r issue o f M a y 26
w e in correctly rep orted h is n am e as A rth u r W . W rig h t.
T h e prop osa l to increase the ca p ita l o f tho R id g e A v e n u e
B a n k o f P h ila d elp h ia from $300,000 to $500,000 was a p p rov ed
b y th e stock h old ers a t a special m eetin g on June 6. T h e
n ew s to ck , it is rep orted , m a y n o t b e issued fo r som e tim e,
this m a tte r b ein g left to the discretion o f the d irectors.
T h o L o g a n T ru st C o . o f P h ila d elp h ia m o v e d to its n ew
b u ild in g a t 1431-33 C h estnu t S t. on M a y 31 . T h e n ew
stru ctu re is fo u r stories h igh . I t is stated th at th o n ew
b u ild in g co st $160 ,0 00 , exclu sive o f th e v a u lts, w h ich w ere
used in th e old b u ild in g an d w h ich are p a rt o f th e eq u ip m en t
o f the presen t stru ctu re.
J o h n I I . W ig h t, V ice-P resid en t o f th e F id e lity & D e p o s it
C o . o f B a ltim o re an d P resid en t o f th e S h erw ood D istillin g
C o ., an d fo r m a n y years p rom in en tly id en tified w ith B a lti
m o re ’ s fin an cial an d com m ercia l life, d ied o n June 1 a t his
co u n tr y h o m e , W ild w o o d , near G arrison S ta tion , M d . M r .
W ig h t w as 68 years o ld . H e w as also P resid en t o f th e D a v i
son C h em ica l C o . an d on e o f its la rgest stock h old ers u ntil
its reorga n iza tion som e years a g o . In 1911 he w as elected
a V ice -P re sid e n t o f th o F id e lity & D e p o s it C o . H o h ad
p re v io u s ly served as T h ird V ice-P resid en t o f th e F id e lity
T ru s t C o ., an d w as also a t on e tim e co n n ected w ith oth er
fin an cial an d com m ercia l in stitu tion s, b u t in th e la st few
years h a d w ith d raw n from a ctiv e p a rticip a tion in business
life .
M a rtin L in d sa y, form erly M a n a g er o f the b on d d ep a rt
m e n t o f the F irst N a tio n a l B a n k o f M ilw a u k ee, has been
a p p o in te d M a n a g er o f tho b o n d d ep a rtm en t o f tho N o rth e rn
T ru st C o . o f C h ica g o . M r . L in d sa y succeeds H . B . J u d son ,
w h o resigned h is p o s itio n after m a n y years o f fa ith fu l serv ice.
J oseph E . O tis has been elected P resid en t o f the n ew ly or
gan ized M o rris P la n B a n k o f C h ica g o , 111. H e rb ert F . P e r
kins has been ch osen F irst V ice-P rosid on t; J . A llen H ain es,
S econ d V ice-P resid en t; C h a u n cey B . B la ir, T reasu rer, an d
R . B . U m b erger, S ecretary an d h ead o f cre d it b u rea u . T h e
n ew in stitu tion w ill h ave a ca p ita l o f $1 ,0 0 0 ,0 0 0 . Its direc
tora te con sists o f th irty -fiv e m en p rom in en t in th e bu siness,
fin an cial an d industrial life o f C h ic a g o . I t exp ects to op e n
o n o r a b o u t J u ly 1.
E u gen e U . K im b a rk and L aird B ell h a v e b een ch osen direc
tors o f th e C h ica g o Savings B a n k & T r u s t C o . o f C h ica g o ,
to su cceed , re sp e ctiv e ly , Charles P iez, resigned , an d R u d o lp h
M a tz , d ecea sed . M r . K im b a rk is V ice-P resid en t an d G en
eral M a n a g e r o f th e P a p er M ill C o m p a n y an d M r . B oll is a
m em ber o f the law firm o f M a tz , F isher, B o y d o n & B o ll.
F o r d R . C a rter w as re-elected P resid en t o f th e C h ica g o
S to ck lE x c h a n g e a t the annual e lection this w eek . D a v id
J l . L ew is w as elected T reasu rer. T h ejticketJh oadodJ by M r .
3315
C arter m et w ith n o o p p o s itio n . T h e fo llo w in g com m ittees
w ere ch osen : G o v e rn in g C o m m itte e — T o serve three years,
H u gh M c B . J o h n sto n , S igm u n d L ieb en stein , J oseph A .
R u sh ton a n d C h arles D . T o w n s e n d . N o m in a tin g C o m
m ittee— T o serve on e term , A lla n M . C lem en t, C h airm an ;
W in d sor F . A ld rich , S ey m ou r B a lla rd , J o h n E . M a y an d
D a v id A . N o y e s .
T h e n ew M o rr is P la n B a n k o f D e tr o it, M ic h ., expects to
open fo r business on A u g u st 9 th . I t w ill h a v e a c a p ita l o f
$500,000, fu lly p a id in . A t a m eetin g o f th e d irectors o f the
in stitu tion o n Ju n e 1 th e fo llo w in g officers w ere e lected :
E d w in S. G eorg e, P resid en t; E u gen e W . L ew is, V ice -P re si
den t; Jam es A . H o y t , V ice-P resid en t an d G en eral M a n a g er;
an d A lexa n d er I . L ew is, T reasu rer. M r . H o y t , w h o will
h ave a ctiv e cha rge o f th e m a n a gem en t o f th e b a n k , is P resi
d en t o f th e H om estea d B a n k o f C o lu m b ia , S . C ., w h ich is
operated o n T h e M o rris P la n . H e is a lso P resid en t o f the
P eop les N a tio n a l B a n k o f C o lu m b ia , a n d Speaker o f th e
H ou se o f R ep resen ta tives in th e S ou th C a rolin a L egislatu re.
A charter has been a p p lie d fo r fro m th e C o m p tro lle r o f the
C u rren cy fo r a n ew b a n k in g in stitu tion in K a n sa s C it y , M o .,
to b e k n ow n as th e N a tio n a l C ity B a n k , w ith c a p ita l o f
$ 1 ,0 0 0 ,0 0 0 . T h e n ew in stitu tion p la n s to b eg in business
a b o u t J u ly 1 a t 914 W a ln u t S treet. W . D . J oh n so n , P resi
d en t o f th e W estern C a ttle L o a n C o ., an d fo rm e rly a d ire cto r
o f th e S ou th w est N a tio n a l B a n k o f C om m erce o f K an sas
C it y , has b een ch osen as C h airm an o f th e B o a rd o f the n ew
in stitu tion ; J . M . M o o r e , form erly first V ice-P resid en t o f th e
S ou th w est N a tio n a l B a n k o f C om m erce, w ill b e P residen t;
th e V ice-P resid en ts w ill b e E . E . A m es, form erly F irst V ice
P residen t o f th e C en tral N a tio n a l B a n k o f T o p e k a an d C h as.
H . M o o r e , form erly V ice-P resid en t o f th e S ou th w est N a
tion a l B a n k o f C om m erce. J . I . M e a d e , fo rm e rly A ssista nt
C a sh ier o f th e S ou th w est N a tio n a l B a n k o f C om m erce is to
b e C ash ier; an d A lb e rt H . S m ith , form erly D is c o u n t C lerk
o f the S ou th w est N a tio n a l B a n k , w ill serve as A ssista nt
C ash iers. In a d d itio n to the office rs , th e b o a rd o f directors
w ill in clu de J . D . B o w e rso ck , P resid en t o f the B o w e rso ck
M ills , L aw ren ce, K a n s .; J . R . B u rro w , P residen t o f th e
C en tral N a tio n a l B a n k an d F irst N a tio n a l T ru s t C o . o f
T o p e k a , K a n s .; I . H . H ettin g er o f H e ttin g e r B ro s. M fg .
C o .; F . B . Jen kin s o f J . W . J en kin s S on s’ M u s ic C o .; Lee
L y o n o f M . L y o n & C o .; J . D . R e y n o ld s , P resid en t o f the
K an sas C ity L ife In su rance C o .; F . L . W illia m son o f th e
D e w e y P ortla n d C em en t C o .; E . E . M u la n e y , P resid en t o f
the F arm ers & M erch a n ts S tate B a n k o f H ill C it y , K a n s .;
a n d F ran k R . M c D e r m o n d , P resid en t o f the C o lu m b ia n
H o g & C a ttle P ow d er C o . I t is a n n ou n ced th at oth er
d irectors w ill b e nam ed later.
A p p lica tion has been m a d e to th e C o m p tro lle r o f the
C u rren cy fo r a cha rter fo r th o U n ion N a tio n a l B a n k o f
W ich ita , K a n s, ca p ita l $2 00 ,0 00 , w h ich is to su cceed the
U n ion S tate B a n k o f W ich ita .
T h e C om p troller o f th e C u rren cy has a p p ro v e d an increase
o f $150,000 in th e ca p ita l o f th e M erch a n ts N a tio n a l B a n k o f
San D ie g o , C a l., raising it fro m $100,000 to $ 2 50 ,0 00 .
A n increase o f $500,000 in th e ca p ita l o f th e M e rch a n ts
N a tion a l B a n k o f L o s A n geles, C a l., raisin g it fro m $ 1 ,0 0 0 ,
000 to $ 1 ,500 ,0 00 has been a p p ro v e d b y th e C o m p tro lle r o f the
C u rren cy . A s in d ica ted in these colu m n s on A p ril 2 8 , th e
N a tio n a l B a n k o f C a liforn ia a t L os A n geles has been co n so li
d a ted w ith th e M erch a n ts N a tio n a l .
T H E E N G LISH
GOLD A N D
S IL V E R
M AR KETS.
W e reprin t th e follow in g from th e w eek ly circu la r o f
Sam uel M o n ta g u & C o . o f L o n d o n , w ritten u nder d a te o f
M a y 17, 1917:
GOLD.
T h e B a n k o f E n g la n d g o l d r e s e r v e a g a i n s t Its n o t e I s s u e s h o w s a r e d u c t i o n
o f £ 2 5 5 ,8 3 0 a s c o m p a r e d w it h l a s t w e e k ’s r e t u r n .
I t Is a n n o u n c e d t h a t g o l d
t o t h e v a l u e o f $ 3 2 ,0 0 0 ,0 0 0 h a s b e e n r e c e i v e d In N e w Y o r k , a n d t h a t a
t o t a l e x p o r t o f $ 8 , 4 1 5 , 0 0 0 h a s b e e n a s s u r e d t o J a p a n , S p a in , & c .
I t is
a n n o u n c e d b y th e F r e n c h G o v e r n m e n t t h a t n o F r e n c h g o ld c o in h a s b e e n
s tru ck d u r in g th e y e a r 19 1 6 .
T h e T ra n sv a a l g o ld o u tp u t fo r A p ril 1917
a m o u n t e d t o £ 3 , 1 5 5 , 1 2 1 , a s c o m p a r e d w it h £ 3 , 2 0 5 , 6 4 3 i n A p r i l 1 9 1 6 a n d
£ 3 ,3 4 3 ,3 6 3 i n M a r c h 1 9 1 7 .
S IL V E R .
T h e m a r k e t h a s b e e n q u i t e s t e a d y in t o n e .
T h e p r ice a d v a n c e d fro m
3 7 J < d . t o 3 8 d . o n t h e 1 2 t h I n s t , a n d r e m a in e d a t t h a t f i g u r e .
T h ere has
b e e n n o f e a t u r e o f s p e c i a l in t e r e s t e x c e p t t h e c o n t i n u e d p a u c i t y o f s a le s f r o m
A m e r ic a .
A f e w o r d e r s o f a g e n e r a l c h a r a c t e r h a v e b e e n in e v i d e n c e , b u t
t h e b u l k o f b u s in e s s d o n e h a s b e e n f o r c o in a g e a s u s u a l .
T o u c h in g th e q u e s
t i o n o f s u b s i d i a r y G e r m a n c o in a g e , t o w h i c h w e r e fe r r e d la s t w e e k , “ D a i l y
F i n a n c ia l A m e r i c a ” s t a t e s t h a t : “ A r e p r e s e n t a t iv e o f t h e T r e a s u r y h a s
a n n o u n c e d I n t h e R e i c h s t a g t h a t t h e G o v e r n m e n t is c o n t e m p l a t i n g r e t ir i n g
f r o m c u r r e n c y t h e p r e s e n t s i lv e r a n d n i c k e l c o i n s , l e a v i n g t h e h o a r d e r s o n l y
a lm o s t w o rth le s s m e t a l.”
T h is m a y b e tr u e o f n ic k e l, b u t c e r ta in ly n o t
o f s ilv e r .
T h e v a l u e o f t h e s i lv e r c o n t a i n e d in a m a r k Ls n o w 6 % d ., w h il s t
t h e e x c h a n g e v a l u o o f a m a r k is 7% d .
I t is n o t c o r r e c t , t h e r e f o r e , f o r t h e
G e r m a n T r e a s u r y t o d e s c r ib o a c o i n e d m a r k a s “ a l m o s t w o r t h l e s s , ” s e e in g
t h a t i t s i n t r i n s i c v a l u e is 8 4 % o f t h e p r e s e n t e s t im a t i o n i n w h ic h t h e G e r
m a n m a r k is h e l d a b r o a d .
H o w e v e r m u ch th e G e rm a n e x ch a n g e m a y c o n
t i n u e t o f a l l , h o l d e r s o f s i lv e r m a r k s c o u l d s t i l l p u r c h a s e c o m m o d i t i e s f r o m
o t h e r n a t i o n s o n t h e b a s is o f 6 % d ., s o l o n g a s t h e p r e s e n t l e v e l o f s i lv e r
p r i c e s is m a i n t a in e d .
T h i s w o u l d b e p o s s i b le w h e t h e r t h e G e r m a n G o v e r n
m e n t d e c l i n e d t o a l lo w t h e c ir c u l a t i o n o f s i lv e r c o in s w i t h i n t h e E m p i r e o r
n ot.
I n o t h e r w o r d s , h o l d e r s o f s i lv e r m a r k s k n o w t h e l i m i t o f t h e i r lo s s
s h o u l d t h e y w is h t o m a k e p a y m e n t s a b r o a d , w h e r e a s h o l d e r s o f p a p e r
m ark s d o n o t.
T h e s l iv e r h o l d i n g o f t h e I n d i a n T r e a s u r y o n M a y 7 , a s
r e p o r t e d b e l o w , s h o w s a r e d u c t io n o f 7 3 l a c s , a n d is t h e l o w e s t t o t a l r e
c o r d e d s in c e N o v . 18 1 9 1 3 .
April 22. April 3 0 . M ay 7 .
-----------In Lacs of Rupees----------N o t e s In c i r c u l a t i o n _______________________________ 8 3 ,4 0
8 2 ,7 2
8 3 ,8 8
R e s e r v e in s i lv e r c o i n a n d b u l l i o n ______________ 1 6 ,2 9
1 5 ,3 7
1 4 ,6 4
G o l d c o i n a n d b u l l io n i n I n d i a ______ ___________ 1111,5
,566
1 1 ,3 9
1 1 ,1 5
G o l d i n E n g l a n d _____________________________________5
5 ,9 2
6 ,1 7
5 ,1 7
T h e s t o c k in B o m b a y c o n s i s t s o f 2 , 2 0 0 b a r s , a s c o m p a r e d w it h 1 ,7 0 0
b a r s la s t w e e k . T h e s t o c k in S h a n g h a i o n A p r i l 1 2 1 9 1 7 c o n s i s t e d o f a b o u t
2 9 ,0 0 0 , 0 0 0 o u n c e s In s y c e e a n d 8 1 7 ,7 0 0 ,0 0 0 , a s c o m p a r e d w it h a b o u t 2 7 ,
5 0 0 ,0 0 0 o u n c e s in s y c e e a n d $ 1 7 ,6 0 0 ,0 0 0 o n M a y 5 1 9 1 7 .
Q u o ta tio n s fo r
b a r s i lv e r , p e r o u n c e s t a n d a r d :
M a y 1 1 ______ 3 7 % c a s h M a y 1 6 _____ 3 8
c a s h B a n k r a t e ____________ 5 %
M a y 1 2 _________ 3 8
“
M a y 1 7 _____ 3 8
“
B a r g o ld , p e r o z .,
M a y 1 4 _______ , 3 8
“
A v e r a g e ___ 3 7 . 9 7 9
“
s t a n d a r d _____ 7 7 s . 9 d .
M a y 1 5 - .............. 3 8
”
N o q u o t a t io n f ix e d fo r fo rw a r d d e liv e r y .
T h e q u o t a t i o n t o - d a y f o r c a s h d e l i v e r y i s % d. a b o v e t h a t f i x e d a w e e k a g o .
E N G LIS H F I N A N C I A L M A R K E T — PER CABLE.
T h e d a ily closin g q u o ta tion s fo r securities, & c ., a t L o n d o n ,
as rep o rte d b y ca b le , h a v e been as follow s th e p a st w eek:
London.
June 2.
June 4. June 5.
Week ending June 8—
Sat.
Mon. ' Tues.
S ilver, p er o z ......................... - d . 38%
38 3-16 3 8 ^
C on sols, 2% p er c e n t s -. .
H o lid a y 55%
55%
“
B ritish , 5 p er ce n ts ..........
94%
____
B ritish , 4% p er c e n t s . . ____
91%
"
ren ch R e n te s (In P a ris ). - fr .
61
61
F ren ch W a r L o a n 5 % (in
P a r is ).................................. . f r .
8 7 .95
June 6.
Wed.
38%
55%
94%
91%
June 7.
Thurs.
38%
55
94%
91%
June 8.
Fri.
38%
54%
94%
91%
61
6 0.65
6 0.70
8 8 .00
8 8 .0 0
M O N T H L Y C L E A R IN G S .
Clearings, Total All.
1917.
75%
75%
75% . L 75iH
15%
Per
Cent.
1916.
N e w Y o r k _______________________________
C h i c a g o ......................................... .....................
P h ila d e lp h ia .....................................................
B o s t o n .................................................................
K a n sa s C i t y - - ...................................................
S t. L o u is _________________________________
San F r a n c i s c o .- ..................- .........................
P it t s b u r g h ..........................................................
D e t r o it .......... ......................................................
B a lt i m o r e ..........................................................
N e w O rlea n s________ ____________________
$ 2 ,7 3 4 ,2 9 0 ,6 8 3
403 ,0 7 1 ,2 3 1
2 6 8 ,3 0 4 ,8 8 5
181 ,681 ,55 2
1 0 6 ,563 ,69 0
104 ,509 ,07 8
♦ 67,000,000
63 ,3 0 5 ,7 3 2
4 0 ,8 9 2 ,1 4 8
3 0 ,6 0 5 ,0 7 3
3 0 ,0 4 0 ,6 2 9
$ 2 ,4 7 2 ,0 9 0 ,7 3 9
2 9 7 ,8 7 4 ,8 7 9
2 0 1 ,2 9 5 ,6 2 8
1 6 1 ,301 ,32 6
7 2 ,3 6 4 ,7 9 4
9 3 ,4 5 8 ,5 9 1
5 0 ,5 9 0 ,2 7 4
5 0 ,5 1 7 ,2 9 4
3 4 ,7 8 0 ,9 0 8
35.1 7 3 ,2 8 1
2 5 ,1 2 7 ,0 0 7
+
+
+
+
+
+
+
+
+
E lev en c ities, 5 d a y s __________
O th er c ities, 5 d a y s ________________
$4,0 3 6 ,2 6 4 ,7 0 1
570 ,294 ,81 1
$3 ,4 9 4 ,5 7 4 ,7 2 1
5 0 1 ,0 1 7 ,2 6 4
+ 15.5
+ 13.8
T o t a l all c ities, 5 d a y s .................
A ll cities, 1 d a y ............. .......................
$4 ,0 0 6 ,5 5 9 ,5 1 2
1,0 0 2 ,0 4 6 ,4 8 8
$ 3 ,9 9 5 ,5 9 1 ,9 8 5
7 9 8 ,9 0 2 ,6 3 3
+ 15.3
+ 25 .4
3 5 ,6 0 8 ,6 0 6 ,0 0 0
$ 4 ,7 0 4 ,4 9 4 ,0 1 8
+ 17.0
10.6
3 5 .3
33.2
12.6
4 7 .3
11.8
3 2 .4
25 .3
17.6
+ 4.1
+ 15.6
O ur usual m o n th ly d etailed statem en t o f transactions on
th e N e w Y o r k S to ck E xch a n ge is ap p en d ed . T h e results
fo r th e fiv e m on th s o f 1917 an d 1916 are g iven b elow :
Par Value
or Quantity.
Actual
Value.
B A N K C L E A R IN G S A T L E A D IN G C IT IE S .
-------May----------------------- jtan. 1 to May 31
1 91 4.
1910.
1915.
1917. 191 6. 1915. 1914.
1917.
omitted.)
3
$
5
S
S
S
$
3
N e w Y o r k _________ .15,583 12,561 8 ,6 3 5 7 ,239 7 2 ,3 8 6 60 ,1 6 5 3 8,781 4 0 ,2 4 6
6 ,9 0 2
7 ,927
0 ,4 9 7
C h ic a g o ....................... 2,211
1,318 1,333 10,368
1,691
3 ,4 3 6
B o s t o n .................... . 1,007
673
655
4 ,9 2 9
4 ,3 9 0
3 ,2 4 3
900
7 ,0 0 4
3 ,4 5 0
P h ilad elp h ia.............. 1,478 1 ,037
647
652
6 ,0 2 7
3 ,2 2 0
1,661
563
431
327
2 ,7 4 3
2 ,0 1 8
1 ,716
S t. L o u is __________ .
318
1,121
1,342
1,028
P it t s b u r g h ____ . . . .
344
275
210
229
1,656
1,031
1,281
1,041
San F ra n cis co _____ .
279
207
198
1,809
391
834
573
105
105
691
535
166
143
C i n c i n n a t i ________.
729
769
134
151
905
909
B a ltim o re _________ .
187
182
1,119
2 ,7 5 0
1,751
1,523
K a n sa s C it y ______ .
585
369
293
211
531
119
1,361
827
565
299
178
97
C le v e la n d _________ .
415
395
104
70
78
•733
503
N e w O rleans______ .
156
487
82
97
154
102
638
543
529
M in n e a p o lis ............ .
312
53
438
275
L o u is v ille _________ .
77
77
61
400
1,141
584
108
803
D e t r o i t ___________
244
175
113
518
514
352
65
400
348
82
63
M ilw a u k e e _______ .
110
649
511
99
507
423
134
85
L o s A n g eles______ .
107
173
222
200
159
42
32
33
45
P r o v id e n c e ................
368
389
72
67
725
488
153
97
O m a h a ___________ .
244
48
385
304
234
47
84
70
B u f f a l o ___________ .
233
311
244
40
301
63
51
S t. P a u l.................... .
67
34
165
34
278
217
169
47
60
In d ia n a p olis______ .
242
180
39
38
309
187
D e n v e r ___________
62
56
173
194
33
498
340
109
73
39
R ic h m o n d .......... .. .
174
154
25
28
225
168
43
30
M e m p h i s _________.
200
284
245
412
64
50
51
91
S ea ttle____________ .
115
182
167
138
22
36
37
27
H a r t fo r d .................. .
181
126
125
260
24
36
25
54
S a lt L a k e C ity___ .
T o t a l ..................... .2 4 ,4 9 3 1 9,308 13,590 12,112 114,661
1,053
8 ,7 3 9
1,037
O th er cities............... 1,826 1,412
9 2,392
6 ,8 7 9
6 3 ,5 5 0
5 ,3 3 4
6 5 ,7 6 5
5 ,6 0 8
T o t a l a ll.............. 2 6 ,3 1 9 2 0 ,7 2 0 14,627 13,165 123 ,400
O utside N e w Y o r k ..1 0 ,7 3 6 8 ,159 5 ,992 5 ,920 51 ,0 1 4
9 9,271
3 9,106
6 8,884
30 ,1 0 3
7 1 ,3 7 3
13,127
1917.
Aver. Par Value
Price. or Quantity.
Actual
Value.
Aver.
Price.
W a t e r lo o ..
C o lo . Spgs.
P u e b lo ____
H elen a ____
F rem on t. .
A b e r d e e n ..
Billings . . .
H a s t in g s ..
J o p l i n ____
G rd . F orks
L a w ren ce .
Io w a C i t y .
O sh kosh . .
; 1335,985,019
i
H o u sto n . .
G a lv e s t o n .
.
!
T h e v o lu m e o f transactions in share properties on th e N ew
Y o r k S to ck E xch a n ge each m on th since Jan. 1 in 1917 and
1916 is in d ica ted in th e follow in g :
:
C h arleston .
95 .7 $ 6,7 8 7 ,8 0 5 ,4 4 5 $ 6 ,3 4 2 ,0 8 3 ,6 5 0
.
.
SALES O F ST O C K S A T T H E N E W Y O R K ST O C K E X C H A N G E .
.
Values.
Par.
A u stin ____
C olu m b ia .
1914.
Actual.
Number
of
Shares.
:
C o l’ bus,G a .
Values.
Par.
Actual.
•5
S
S
S
J a n . 16,939,440 1,537,971,930 1,465,687,290 15,956,944 1 ,4 2 7 ,403,335 1 ,3 0 1 ,244,816
F e b . 13,588,465 1,219,280,130 1,170,569,988 12,126,205 1 ,025,902,910 9 6 2 ,4 1 7 ,2 0 9
M a r . 18,658,267 1,654,197,470 1,588,437,263 15,197,585 1 ,3 3 1 ,870,900 1 ,2 6 4 ,214,208
El P a s o . . .
M e r id ia n ..
D a lla s ....
ls t q r 4 9 ,186,172 4,4 1 1 ,4 4 9 ,5 3 0 4 ,2 2 4 ,694,541 43,280,734 3,7 8 5 ,1 7 7 ,1 4 5 3 ,5 2 7 .8 7 6 ,4 3 3
A p ril 14,258,162 1,-289,483,950 1,237,415,208 12,523.507 1 ,1 1 8 ,264,050 1,0 6 1 ,4 7 2 ,4 8 7
M a y 19,354,400 1,780,716,450 1,709,948,702 16,427,576 1 ,421,290,750 1,3 2 2 ,4 7 6 ,9 3 1
T h e fo llo w in g com p ila tion covers the clearings b y m on th s
since J a n . 1 1917 an d 1916:
T a m p a ___
Texa rk ana
R a le ig h . . .
1910.
Inc. or
Dec.
$
5
%
584,378,441 368.596,020 + 58.5:
153,622,339 102,457,638 + 49.9
152,677,898 97,091,862 + 57.3
67,071,908 62,900,242 + 6.6
61,998,648 56,361,580 + 10.0
66,378,109 39,558,889 + 07.8
35.800.000 28,142,192 + 27.2
19,026,660 + 62.5
30,918,571
17,534,421 +46.0
25,592,732
19,420,068 + 31.6
25,550,118
13,707,917 + 30.3
17,858,086
7,469,628 + 42.9
10,672,600
7,121,611 +49.9
10,676,655
7,733,690 + 33.7
10,336,319
7,283,685 + 0.9
7,346,752
5,526,954 + 17.5
6,494,307
9,395,253 + 15.1
10,816,094
3,410,910 + 4.8
3,574,693
2,170,884 + 25.0
2,712,402
6,458,324 + 28.5
8,300,789
2,068,870 + 23.4
2,552,320
3,762,272 + 8.1
4,068,074
2,835,724 + 67.6
4,751,482
1,418,263 + 80.8
2,564,784
7,018,981 +23.2
8,643,411
2,306,000 + 120.9
5,095,000
1,018,235 + 43.3
1,459,220
1,273,000 + 23.9
1,577,878
1,736,822 + 13.0
1,962,790
4,233,080 + 40.0
5,953,617
1,900,385 — 10.4
1,703,793
2,875,189
1,983,715 + 45.0
K a n s. C ity
M ln n ea p ’ .
O m a h a ___
S t. P a u l . . .
D e n v e r ___
S t. J osep h .
D es M oin es
D u lu th . . .
Sioux C l t y .
W l c h l t a . ..
L in coln ___
D a v en p ort.
Topeka . . .
C ed ar R a p .
F a rg o ..........
S t. L o u is ..
Five Months.
May.
i
Number
of
Shares.
7 ,7 5 3 ,0 1 1 ,1 2 7 + 3 3 .6
8 ,1 5 9 ,1 1 2 ,2 8 6 + 3 1 .6
(000,000s
Floe Months 1916.
1917.
%
5
7 ,8 1 1 ,8 8 5 ,3 1 4 + 3 4 . 6
7 ,1 8 5 ,9 6 7 ,6 9 2 + 2 3 .0
8 ,1 9 6 ,3 0 9 ,1 7 0 + 2 8 . 9
T h e course o f b a n k clearings a t leadin g cities o f th e co u n
try fo r the m on th o f M a y an d since J a n . 1 in each o f th e last
fo u r years is show n in th e su b join ed statem en t:
9 3 .4
\rth
A
!, in .
1916.
1st q u . 72 ,0 6 6 ,9 4 4 ,0 4 6 5 9 ,1 7 5 ,6 3 6 ,1 8 1 + 2 1 . 8 2 9 ,9 1 6 ,3 6 3 ,0 2 7 2 3 ,1 9 4 ,2 2 2 ,1 7 6 + 2 9 . 0
S t o c k /S h s .
82,798,734
1
7 2 ,231,817
\ V al. $ 7 ,4 8 1 ,6 4 9 ,9 3 0 5 7,172,058 ,451 9 5 .9 5 6 ,3 2 4 ,7 3 1 ,9 4 5 $5 ,9 1 1 ,8 2 5 ,8 5 4 9 3 .5
3 2 4 ,920 ,45 8 9 2 .3
R R . bon d s.
2 78 ,974 ,50 0
2 5 2 ,298 ,15 5 90 .4
3 5 1 ,992 ,50 0
G ov ’t b d s.
369,000
377,951 102.4
549,950
564,508 102.7
S t ’ te& o bds
165 ,270,612 96 .8
170,754,000
1 0 4 ,588 ,83 6 94 .7
110 ,428,500
B ank stk s.
51,200
100,740 198.7
177,994 173.5
102,600
T o t a l ____ $7 ,9 3 1 ,7 9 8 ,6 3 0 $ 7 ,5 9 0,105 ,909
1 91 5.
A p r i l . 2 5 ,0 1 3 ,2 4 7 ,9 7 9 19 ,3 7 5 ,6 2 7 ,7 8 2 + 2 9 . 1 10 ,3 6 1 ,0 2 0 ,0 8 2
M a y . 2 6 ,3 1 9 ,5 0 0 ,8 7 3 2 0 ,7 2 0 .0 3 9 ,6 2 8 + 2 7 . 0 10 .7 3 0 ,0 4 3 ,8 7 0
Clearings
at—
1917.
Five Months 1917.
Clearings Outside New York.
%
O t h e r W e s t e r n a n d S o u t h e r n C le a r in g s b rou g h t fo r -
C le a r in g s b y T e le g r a p h — S a le s o f S t o c k s , B o n d s , & c .
— T h e su b jo in e d ta b le, cov erin g clearings fo r the curren t
w e e k , u su ally appears on the first p a ge o f each issue, b u t
o n a c c o u n t o f th e len gth o f th e oth er tables is crow d ed o u t
o n ce a m o n th . T h e figures are receiv ed b y telegraph from
oth e r lea d in g cities.
Clearings— Return by Telegraph.
Week ending June 9.
1916.
$
$
$
Jan . . 2 5 ,6 4 1 ,5 0 5 ,4 0 5 2 0 ,1 3 8 ,0 8 7 ,5 4 1 + 2 7 .3 10 ,5 1 4 ,1 3 9 ,7 9 0
F e b . . 2 1 ,0 3 0 ,7 7 3 ,3 2 7 18 ,2 9 2 ,7 0 4 ,9 6 9 + 18.2 8 ,8 3 0 ,0 8 6 ,0 8 3
M a r . . 2 4 ,7 9 4 ,0 6 5 ,3 1 4 2 0 ,7 4 4 ,2 4 3 ,6 7 1 + 19.5 1 0 ,5 6 5 ,5 3 8 ,0 5 4
T h e p rice o f silver in N e w Y o r k on th e sam e d a ys has b een :
S liver In N . Y . , per o z - . c t s . 7 5 H
Descrip
tion.
[Vol. 104.
THE CHRONICLE
3316
i
1917.
$
,749,207 558
037,808 122
7 24 ,145 058
3 00 ,470 ,484
3 08 ,988 ,011
3 23 ,394 280
180,005 401
111,798 039
120,458 802
124,088 934
81,442 159
5 2,938 751
52,851 957
6 2,584 9 3 3
3 3,574 ,498
3 2,068 ,378
49,235 ,790
18,857 ,837
13,140 ,184
37,528 ,968
13,897 ,514
16,729 ,230
2 0,010 ,269
11,182 ,645
39,352 ,191
2 2,449 ,000
6 ,270 ,276
8,302 ,339
9,802 ,961
2 9,438 ,660
10,507 ,607
12,968 ,455
912,923,781 + 46.3 6,2 1 2 ,8 8 4 ,4 9 7
563,059,288 431,101,779 + 30.6
155,743,633 103,556,196 + 50.4
77,040,739 70,722,634 +0.4
50,607,575 39,043,756 + 27.7
16,425,171 +25.0
20,535,970
108,989,382 73,429,036 + 48.4
103,690,472 71,428,807 +44.9
43,129,785 29,583,645 +45.8
55,190,332 8 4 ,6 5 7 ,0 1 6 + 59.2
40,115,036 31,820,408 + 20.0
22,310,819 + 17.9
26,305,051
21,050,740 +20.6
25,391,732
11,580,273 + 23.2
14,240,763
10,185,077 + 15.7
18,720,132
12,404,125 + 28.7
10,060,359
10,576,552
9,894,813 + 6.9
9,218,984
7,245,157 + 27.2
13,882,852
10,323,044 + 34.5
10,267,449 + 10.9
11,386,751
5,293,392 + 21.5
0,433,471
28,716,828
10,070,030 + 78.7
14,528,984 — 33.3
9,689,110
4,861,978
3,995,181 + 21.7
9,511,210
7,788,966 +22.1
4,498,752
4,711,151 —4.5
2,543,564 + 0.2
2,548,796
2,692,604
2,107,476 + 24.2
970,524 + 15.4
1,120,737
2,111,639 —0.9
1,960,501
15,917,847 + 75.6
27,949,991
4,663,220 + 37.4
6,405,199
13,064,203 + 39.2
18,182,059
1,924,200 — 6 .6
1,797,575
52,095,102 20,460,664 + 70.8
2,054,136 +29.7
2,665,116
4,533,873 —8.9
4,130,000
4,748,451 + 18.6
5,633,745
1,346,044 +45.0
1,952,283
2,837,251
2,890,484 —2.0
1916.
Inc. or
Dec.
%
,750,006,524 + 5 7 .0
5 41 ,922 ,88 5 + 17.7
488 ,106,491 + 4 8 . 3
— 3 .3
3 1 0 ,720 ,43 5
2 4 1 ,777 ,87 5 + 2 7 .8
199 ,534 ,41 8 + 6 2 .1
1 4 1 ,081 ,31 0 + 2 7 .6
9 0 ,490,785 + 15 .9
90,1 3 0 ,9 8 8 + 4 0 . 3
9 5 ,170,789 + 3 1 .0
0 2 ,683,157 + 2 9 .9
4 1 ,9 3 4 ,0 7 9 + 2 0 .2
35,3 2 5 ,3 1 8 + 4 9 .6
39 ,6 9 1 ,7 0 5 + 3 2 .5
37 ,3 1 0 ,7 6 6 — 10.0
2 8 ,424,942 + 14.9
— 0 .6
4 9 ,510,555
10,630,175 + 1 3.4
10,215,939 + 2 8 .0
2 7 ,221,294 + 3 7 .9
9,850,141 + 4 1 .0
16,938,745
— 1.2
12,083,299 + 5 7 .8
0 ,2 8 5,288 + 7 7 .8
3 3 ,421,958 + 17.4
10,621,500 + 111 .4
4,836,864 + 29 .7
7 ,0 43,058 + 17.9
8 ,2 74,233 + 19.2
19,995,217 + 4 7 .2
7 ,9 71,788 + 3 1 .8
8 ,7 50,460 + 4 8 . 1
4,451,240,991
+ 3 9 .6
,742,504,474 2 ,018,020,105 + 3 5 . 8
7 33 ,320 ,51 7 502 ,888,391 + 4 5 .8
4 37 ,715 ,48 9 399,707,041
+ 9 .5
2 5 3 ,882 ,00 7 211 ,417 ,25 6 + 2 0 . 1
99,373,741
83.284.891 + 19 .3
4 9 8 ,322 ,59 2 339,040,431 + 4 0 .7
500 ,098 .78 0 354 ,359 ,31 5 + 4 2 .8
108,142,382 + 34 .1
2 2 5 ,433 ,80 8
241 ,330 ,00 9
172,750,947 + 3 9 .7
199,115,651
159,715,110 + 2 4 .7
+ 9 .4
100,895,366
116,899,152
9 5 ,906,220 + 2 1 .9
116 ,906 ,81 7
01,117,238 + 19 .7
7 3 ,141,078
77,625,191 + 1 0.0
85 ,8 3 2 ,2 0 8
60.747.891 + 2 3 .3
74,931,512
4 7 ,081,450
5 1 ,025,527
+ 8 .4
35,829,093 + 2 7 .6
45 ,7 0 0 ,0 7 0
52,182,943 + 3 0 .4
08,060,181
5 4 ,000,084
50,612,839
+ 0 .7
2 9 ,072,100
23,416,610 + 2 4 . 2
128 ,084,299
70,043,374 + 8 2 .2
3 2 ,841,323
72,394,946 — 5 4 .6
2 4 ,320,877
19,999,045 + 2 1 .0
88,042,702
— 5 .3
93,559,287
2 4 ,128,223
2 2 ,398,470
+ 7 .7
11,497,578
10,565,879
+ 8 .8
9,349,051
— 4 .7
9,810,703
5,710,791
5,616,004
+ 1.7
11,409,883
13,443,089 — 15.1
05,307,872 + 110 .0
141 ,155,807
32,270,334
2 0 ,039,197 + 2 3 .9
5 5 ,792,080 + 6 0 .5
8 9 ,545,171
— 5 .3
8 ,6 3 9 ,8 1 0
8 ,1 81,875
264,697 144 155.124,674 + 7 0 .6
7 ,7 58,145 + 6 0 .2
12,425,852
2 2 ,063,916
— 0 .8
21,131. 141
22,8 2 7 ,6 5 4 + 13 .6
2 6 ,0 4 1 ,1 9 5
7,223,563 + 3 4 .5
9,7 1 8 ,8 0 7
14,010,494
13,898,091
+ 5.1
Southern 1,559,579,702 1,170.403,640 + 33.37,609,110.7365,725.174,311
•Country clearings department abandoned.
+ 3 2 .0
J une 9 1917.]
THE CHRONICLE
$ 0m m erctal an clJ ilts cellaucous H e w s
Week ending June 2.
Clearings at—
Inc.or
Dec.
1916.
1917.
Kansas City----Minneapolis----Omaha-----------St. Paul.............
Denver_______
St. Joseph-------Des Moines____
Sioux City-------Wichita.............
Duluth________
Lincoln .............
Topeka_______
Davenport____
Cedar Rapids__
Colorado Springs
Fargo.................
Pueblo________
Fremont______
Waterloo______
Helena.............
Aberdeen______
Hastings...........
Billings.............
$
109,371,311
28,050,379
28,099,512
12,337,798
13,127,596
13,610,952
6,791,749
4,865,537
4,176,062
4,200.000
3,212,303
1,928,122
2,099,750
1,749,048
600,000
1,350,045
440.602
450, 000
1,760,696
1,571,496
805,912
610,604
821,705
Tot.oth.West.
242,030 609
St. Louis--------New Orleans----Louisvlllo-------Houston--------Galveston-------Richmond_____
Atlanta_______
Memphis______
Fort Worth____
Nashville.........
Savannah _____
Norfolk_______
Birmingham___
Jacksonville___
Chattanooga___
Knoxvlllo.........
Augusta.............
Llttlo Rock........
Charleston........
Mobile________
Oklahoma_____
Macon________
Austin......... .....
Vicksburg .........
Jackson _______
Tulsa................
Muskogee..........
108,578,662
32,097,235
14,444,312
11,000,000
3,400,000
21,608,130
20,167,396
8,000,000
11,756,433
7,011,076
0,976,788
4,966,477
3,244,033
3,597,409
3,169,697
2,000,000
2,194,972
2,784,284
2,854,411
1,500,000
5,252,478
1,396,883
1,600,000
234,114
298,650
5,258,692
1,115,839
9,678,211
Total Southern
296,186,188
S
72,192,712
20.241,510
20,573,718
12,504,660
13,910,219
8,120,111
5,805,421
3,478,102
3,738,194
3,235,614
2,936,316
1,148,890
1,583,700
1,686,391
593,699
1,254,353
354,606
376,423
1,538,085
1,471,639
733,024
339,577
623,652
1915.'
1914.
%
+ 51.5
+ 38.6
+ 36.6
— 1.3
—5.6
+ 67.6
+ 17.0
+39.9
+ 11.7
+ 29.8
+ 9.4
+ 67.9
+ 32.6
+ 3.7
+ 1.1
+ 8.5
+ 24.3
+ 19.7
+ 13.1
+ 6.8
+ 9.8
+ 79.8
+ 56.7
S
60,850,373
17,798,245
16,483,467
11,478,972
9,814,148
6,852,815
5,619,842
2,988,785
3,083,874
2,965,505
2,025,677
1,244,043
1.4S9.442
1,693,050
585,378
1,050,608
332,505
318,669
1,315,271
1,041,304
658,624
252,208
399,717
S
50,954,045
26,770,517
18,668,969
12,322,338
9,568,904
6,389,181
6,145,179
3,980,874
2,897,528
3,436,877
2,576,337
1,420,791
2,025,116
2,059,412
664,921
980,034
570,110
456,727
1,285,694
1,145,814
520,000
226,085
370,664
178,340,688 + 35.7
150,348,642
155,436,117
+ 19.7
+ 79.9
— 1.9
+ 39.5
+ 26.3
+ 38.4
+ 79.0
+ 79.6
+ 90.4
+ 61.3
+ 102.7
+ 10.0
+ 51.2
+ 43.8
+ 51.8
—4.8
+ 98.9
+ 85.7
+ 44.0
+ 20.0
+ 62.3
—43.7
+ 18.5
+ 29.4
—31.0
+ 52.3
+ 30.4
+ 94.7
74,700,295
14,709,568
12,610,690
5,627,621
3,244,711
7,985,970
9,852,052
4,503,001
5,789,618
4,000,000
3,082,921
3,402,692
2,055,289
2,462,836
1,322,794
1,027,743
1,168,670
1,770,565
1,224,413
1,091,154
1,984,284
1,701,190
1,303,750
236,330
244,184
1,194,307
526,324
82,510,584
16,116,751
12,866,369
5,OSS,685
3,027,500
7,509,000
12,165,448
7,251,960
8,128,274
5,720,941
4,342,291
4,404,557
2,854,474
3,100,977
2,161,002
1,983,456
1,471,000
2,155,861
1,333,199
1,361,795
1,840,900
2,584,332
2,449,058
321,355
297,560
1,551,922
696,918
215,295.302 + 37.6
169,482,978
196,253,729
90,714,655
17,846,067
14,721,368
7,885,642
2,691,900
15,609,470
11,264,119
4,454,214
6,173,085
4,347,162
3,441,353
4,516,019
2,146,750
2,501,620
2,088,344
2,100,000
1,103,491
1,499,538
1,982,167
1,250,000
3,235,909
2,480,887
1,350,000
180,581
432,031
3,452,017
855,430
4,971,483
C a n a d ia n B a n k C le a r in g s . — The clearings of tho Cana
dian banks for the month of May 1917 show an increase over
the same month of 1916 of 30.9%, and for tho five months
tho gain reaches 28.6%.
May
Five Months.
Clearings at-
Inc. or
Dec.
1916.
Montrcal____
Toronto_____
Winnipeg____
Vancouver___
Ottawa______
Victoria_____
Calgary.. . . .
Hamilton____
Edmonton___
Quebec...........
St. John.........
Halifax..........
London .........
Regina...........
Saskatoon ___
Mooso Jaw__
Lethbridge . . .
Brantford___
Brandon........
Fort William..
New Wcstin’tcr
Medicine Hat.
Potcrborough .
Sherbrooko * ..
Kitchener *__
%
1917.
Inc. or
Dec.
1916.
%
895 ,064 333 ,428,627
3 0 4 ,5 5 1 2 3 0 ,467,743
,596,748
187,263
163,458
,080,473
,152,598
,384,431
015,602
,655,310
986,696
,585,568
195,355
,819,597
566.060
,274,539
711.061
,157,382
444,776
,273,187
931,665
,305,347
968,629
,139,424
905,464
,413,335
584,122
,842,665
759,882
,730,978
622,051
,110,429
868,011
,806,081
,071,287
,193,090
,213,925
,747,005
,259,234
,458,012
,653,898
,038,579
,247,055
,807,036
,380,030
,389,709
905,448
,483,058
+ 17.5
+ 23.4
+ 69.4
+ 27.2
+ 10.8
+ 5.4
+ 01.3
+ 32 .0
+ 24.7
+ 14.9
+ 14.1
+ 34.4
+ 9.1
+ 53.4
+ 56.6
+ 2 7 .6
+ 71.6
+ 37.7
+ 5.9
+ 24.1
+ 15.8
+ 59.0
+ 27.6
+ 41.7
+ 17.0
T o t . C a n a d a 1,190,576,015909,167,778
,67 5 ,4 0 0 ,5 3 0
,2 3 0 ,968,268
,023,052,291
145,962 ,47 9
111,064,052
3 1 ,8 83,698
120,854 ,21 0
9 6,438,779
5 3,231,024
8 4 ,8 4 4 ,8 1 5
4 4 ,6 0 1 ,5 5 0
5 9 ,1 0 8 ,0 0 3
4 6 ,4 2 5 ,0 4 4
56,9 0 0 ,6 3 5
34,1 7 4 ,0 3 5
2 2 ,8 9 4 ,8 4 8
15,391,351
10,684,794
10,297,654
11,264,728
6,0 3 4 ,4 0 0
12,483,265
12,454,719
1 4,128,089
12,299,753
%
,367,745,178
973,590 ,69 1
7 1 2 ,629 ,56 6
110,083 ,05 0
93,0 4 3 ,6 0 4
2 9 ,8 50,914
8 0 ,5 2 8 ,4 9 7
7 5 .3 44,730
4 4 ,0 57,743
7 0 ,7 73,230
34,604,651
4 8 ,9 0 4 ,3 7 9
4 0 ,1 3 8 ,2 9 8
3 8 ,0 1 1 ,1 1 8
2 2 ,3 7 0 ,0 1 8
18,205,125
9 ,370,920
13,255,911
10,212,332
9 ,0 4 9 ,1 6 8
4,8 1 3 ,1 1 7
7,133,562
10,159,599
7 ,847,839
4,0 9 8 ,5 3 7
+ 2 2 .5
+ 2 6 .4
+ 4 3 .0
+ 2 5 .7
+ 19.2
+ 6.8
+ 50.1
+ 2 8 .0
+ 2 0 .8
+ 19.9
+ 29.1
+ 2 0 .7
+ 15.7
+ 4 9 .4
+ 5 2 .7
+ 2 5 .8
+ 04.1
+ 2 5 .9
+ 0 .8
+ 19.7
+ 25.4
+ 75.0
+ 2 2 .6
+ 3 0 . 9 4 ,9 2 3 ,0 8 1 ,7 7 2 3 ,8 3 0 .9 0 7 ,4 1 9
+ 2 8 .6
* N o t Included In totals com p a rison In co m p le te .
. Tho .hearings for tho week ending May 31 at Canadian
cities, in comparison with tho samo week of 1916, show an
increase in tho aggregate of 32.5%.
Week ending May 3 1 .
Clearings al1917.
1916.
Inc. or
Dec.
1915.
S
S
%
S
1914.
S
CanndnMontroal______
Toronto_______
Winnipeg__ _
Vancouver___ _
Ottawa__ _____
Quebec....... .......
Halifax________
Calgary_____ ""
Hamilton__ ’
St. John_____ I
Victoria.............
London _______
Edmonton.........
Regina......... .....
Brandon...........
Lethbridge........
Saskatoon-------Brantford.........
Mooso Jaw-----Fort William___
New Wcstm’s’tcr.
Medicine Hat__
Peterborough__
Sherbrooko - __
Kitchener.........
88,359,388
60,780,889
65,511,313
7,001,091
5,358,805
4,395,459
3,081,815
6,744,510
4,909,892
2,252,152
1,790,232
2,054,561
2 ,660,845
3 ,1 2 2,985
420,611
888,863
1,871,375
827,924
1,109,103
663,080
345,323
534,091
671,787
755,983
607,372
7 5,322,940
4 9 ,9 5 1 ,7 1 4
4 0 ,9 1 0 ,2 3 8
6,0 6 3 ,0 4 8
4,9 7 5 ,8 8 9
3,4 2 1 ,1 9 6
2,6 0 8 ,2 1 2
4,2 8 1 ,5 8 8
3 ,4 3 7,242
1,500,000
1,895,735
1,935,448
2 ,057,742
1,918,826
458 ,847
450,793
1,054,114
625,308
755,423
538 ,534
285 ,774
3 7 8 ,647
48 3 .4 9 0
432 ,792
578 ,078
+ 17.3
+ 33.7
+ 60.1
+ 2 5 .4
+ 7.7
+ 28 .5
+ 18.1
+ 57 .5
+ 4 2 .3
+ 50.1
— 5.5
+ 0.1
+ 2 4 .4
+ 62.2
— 8.3
+ 97.2
+ 77.5
+ 32.3
+ 46.9
+ 23.2
+ 21.0
+ 41.1
+ 38.9
+ 74.6
+ 5 .0
3 7 ,0 8 8 ,5 0 5
3 0 ,7 5 0 ,1 0 0
10,4 9 2 ,3 0 0
4,40S,051
3,247,811
2 ,4 5 0 ,9 4 2
1,957,780
1,976,562
3,5 8 8 ,3 8 9
1,209,574
1,188,871
1,627,194
1,635,699
1,136,003
3 21 ,279
251 ,200
559 ,269
390,503
694,550
309 ,370
281,052
181,404
334 ,046
..................
..................
Total Canada.
273.319 ,44 9
206 ,3 4 1 ,0 2 4
+ 32.5
118.813,306
151 ,942 .89 5
2317
4 7 ,5 4 9 ,5 8 7
4 0 ,6 3 3 ,2 0 8
2 4 ,4 1 0 ,0 0 5
7,922,831
3 ,5 9 7 ,7 2 9
2 ,9 5 3 ,0 0 4
1,782,421
4 ,4 8 7 ,1 2 0
3 ,355,831
1,321,473
2 ,3 5 6 ,9 4 8
1,573,124
3 ,3 3 7 ,3 6 0
1,736,890
412 ,652
405 ,300
1 ,030,374
559 ,808
864 ,183
710 ,845
3 9 8 ,239
5 7 7 ,303
nvnrr
D IV ID E N D S .
The following shows all the dividends announced for the
future by large or important corporations:
D i v i d e n d s a n n o u n c e d th is w eek a r e p r i n t e d i n i t a l i c s .
Name of Company.
R a il r o a d s (S t e a m ).
A la b a m a G rea t S ou th ern , ord in a ry
O rd in a ry (e x t r a )_________________
P referred _________________________
Preferred
(e x t ra )_______________
Albany A Susquehanna. . ............... ..
Ashland Coal A Iron Ry. (quar.)___
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
June 26 H old ers o f reo. J u n e 4a
June 26 H old ers o f rec. J u n e 4a
A u g . 28 H old ers o f rec. J u ly 21a
X A u g . 28 H old ers o f re c . J u ly 2 1 a
2 Juno 16
to
J u ly
1
4 H J u ly
1
June 25 H olders o f rec. Jun e 25a
Atchison Topeka A Santa Fe, preferred___ • 2 X A u g . 1 H old ers o f rec. Jun e 29a
A tla n tic C o a st L ine C o . ( q u a r .) _________ $ 1 .50 Juno 9 Jun e 1
to
June 8
A tla n tlo C o a st L ine R R . , c o m m o n ______
3X J u ly 10 H old ers o f reo. J u n e 19a
B o s to n & A lb a n y (q u a r .)________________
2X June 30 H old ers o f reo. M a y 31a
Boston Revere Beach A Lynn (quar.)_______
2 H old ers o f rec. J u n e 15a
1 X July
B u ffa lo & Susquehann a, c o m m o n ( q u a r .)
IX Juno 30 H old ers o f reo. J u n e 15a
P r e f e r r e d .. ______________________________
2
Juno 30 H old ers o f rec. Jun e 15a
C a n a d ia n P a cific , c o m m o n (q u a r .) _______
2X June 30 H old ers o f reo. Jun e l a
C en tral R a ilro a d o f N e w Jersey ( e x t r a ) . .
2
June 30 H old ers o f reo. J u n e 19a
C h esapeake & O h i o _______________
2
June 30 H old ers o f reo. J u n e 8a
Chicago Burlington A Quincy (quar.)
2
June 25 H old ers o f rec. J u n e 19a
C h ica g o & N o rth W estern , c o m . ( q u a r .).
IX Ju ly 2 H old ers o f reo. J u n o l a
P referred
(q u a r .)_______ _______________
2
Ju ly
2 H old ers o f reo. J u n e l a
C ln . N e w O rl. & T e x a s P a ciflo , c o m m o n .
3
June 12 H old ers o f reo. M a y 29a
C o m m o n (extra ) ............................
3X June 12 H old ers o f reci M a y 29a
D ela w a re & H u d son C o . (q u a r .)___
2X June 20 H old ers o f rec. M a y 28a
Detroit A Mackinac, preferred_____
2X J u ly 2 H old ers o f rec. J u n e 15a
Fonda Johnstown A Glotersville, pref. (qu.)
IX June 15 H old ers o f reo. J u n e 9a
Greene Railroad................. .................. ..............
3
June 19 H old ers o f reo. J u n e 15a
Harrisb.. Portsm. Mt. Joy A Lancaster. .
3X Ju ly 10 H old ers o f reo. Jun e 19a
2
June 30 H old ers o f reo. J u n e l £ a
H o ck in g V a lle y , c o m m o n ________________
Ju ly
1 Jun e 12
2
Illinois C en tra l, L eased L in es................. ..
to
J u ly
4
In terb orou g h C o n so l. C o r p ., pref. (q u a r .)
IX Ju ly 2 H old ers o f reo. Jun e 11a
Ju ly
2 H old ers o f rec. J u n e 20a
In terb orou g h R a p id T ra n sit (qu ar.)
5
Ju ly 2 H olders o f rec. Jun e 9a
Lackawanna RR. of New Jersey (quar.)___
1
Little Schuylkill Nav., RR. A Coal________
$1.25 Ju ly 14 H olders o f rec. Jun e 11
2
J u ly
1 Jun e 2
M o b ile & B irm in gh a m , p referred _______
J u ly
1
to
M orris & E ssex _______________________ _ .
1 M a y 30
S I . 75 J u ly
to
Jun e 27
2 H old ers o f reo. J u n e 15a
New York A Harlem, com. and jrref______
S2.5( J u ly
N. Y. Lackawanna A Western (quar.)___
IX [July 2 H old ers o f rec. June 15a
N o rfo lk & W estern , c o m m o n ( q u a r .) ____
IX Juno 19 H old ers o f reo. M a y 31a
Philadelphia A Trenton (quar.)_____
2X Ju ly 10 J u ly 1 t o J u ly 10
Pittsb. Ft. Wayne A Chic., reg. guar, (qu.)
IX J u ly 3 H old ers o f rec. J u n e 11a
Special guaranteed (quar.)_____________
IX J u ly 2 H old ers o f reo. J u n e 11a
R e a d in g C o ., 1st p ref. (q u a r .)___________
50o. iJuno 14 H olders o f reo. M a y 29a
R e a d in g C o ., 1st pref. ( q u a r .)..................
50o. Sept 13 H old ers o f reo. A u g . 28a
R e a d in g C o .. 2 d p ref. ( q u a r .)___________
600. July 12 H old ers o f reo. J u n e 25a
Rensselaer <t* Saratoga...................... .............
4
Ju ly
1 June 16
to
J u n e 30
Sou th ern P a ciflo (q u a r.) ( N o . 4 3 ) _____
IX J u ly 2 H old ers o f reo. M a y 31a
2 H old ers o f re c . J u n e la
2
J u ly
U n ion P a ciflo , co m m o n (q u a r .)_________
E x t r a ___________________________________
X Ju ly 2 H old ers o f re c . J u n e l a
United N. J. RR. A Canal Cos. (quar.)..
to
J u ly
1
2X J u ly 10 Jun e 21
Valley Railroad (N. Y.) _____ ____________
2X Ju ly 2 H olders o f rec. J u n e 22a
S t r e e t a n d E le c t r ic R a ilw a y s .
Juno 15 H olders o f reo. M a y 31a
A m erica n R a ilw a y s, c o m m o n ___________
$1
A rk a n sas V a l. R y ., L . & P . , pref. (q u a r .)
IX June 15 H old ers o f reo. M a y 31
Brasilian Trac., L. A Pow., pref. (quar.)..
IX Ju ly 2 H old ers o f rec. Jun e 15
B r o o k ly n R a p id T ra n sit (q u a r .)_________
IX Ju ly 1 H old ers o f reo. J u n e 9a
C ities S erv ice, c o m . & pref. (m o n t h ly ).
X Ju ly 1 H old ers o f rec. Jun e 15
C o m m o n (p a y a b le In c o m m o n s t o c k ) . .
f x Ju ly 1 H olders o f reo. J u n e 15
Cleveland Railway (quar.)_____ . . . .
IX Ju ly 2 H olders o f reo. J u n e 16a
3
Columbus (Ga.) Electric Co., pref. (No. 22)
Ju ly
2 H old ers o f rec. J u n e 15a
1
Duluth-Superior Traction, pref. (quar.)..
2 H old ers o f rec. Jun e 15
Ju ly
Eastern Power A Light, pref. (quar.)..........
IX Juno 15 H olders o f rec. J u n e 7 a
Eastern Texas Elec. Co., com. (No. 3 ) ____
2X Ju ly 2 H olders o f rec. Jun e 16a
3
Ju ly
2 H old ers o f rec. J u n e 16a
Preferred (No. 1 1 ).......................................
El Paso Elec. Co., com. (quar.) (No. 2 4 ) .
2X June 15 H olders o f rec. Jun e 6a
3
J u ly
9 H olders o f reo. J u n e '2 8 a
Preferred (No. 3 0 ) .......................................
Illinois Traction, preferred (quar.)_______
i x Ju ly 1 H old ers o f reo. June 15a
3
June 30
In d ian ap olis Street R a ilw a y ____________
J u ly
1
to
Manila Elec. RR. A Ltg. Corp. (quar.)____
o f reo. J u n e 18
IX Ju ly 2
M em p h is S treet R a ilw a y , p referred _____
2X June 30
o f reo. Jun e 21
2
P u b lio S ervice C o r p . o f N . J . (q u a r .)____
Juno 30
o f reo. Jun e 15a
Springfield (Mo.) Ry. A Light, pref. (quar.)
o f rec. Jun e 15a
IX Ju ly 2
2
Ju ly
Toronto Railway (quar.)_____________
3
o f reo. J u n e 15
T r t -C it y R y . & L ig h t, preferred ( q u a r . ) . .
IX Ju ly 1
o f reo. Jun e 20
Twln City Rap. Tran., Minneap.,com.(qu.)
IX July 2
o f rec. J u n e 15
Preferred (quar.)__________________
o f reo. J u n e 15
IX Ju ly 2
Union Passenger Ry. (Philadelphia).
2
$ 4 .7 5 Ju ly
o f reo. J u n e 15a
United Light A Rys., com. (quar.) (No. 10)
1
Ju ly
2
o f rec. J u n e 15a
Preferred (quar.) (No. 2 7 ) ______________
o f reo. Jun e 15a
IX Ju ly 2
United Trac. A Elec., Providence (quar. ) _ .
J u n e 17
to
IX July 2
West End Street Ry., Boston, preferred____
S2 J u ly 2
to
J u ly
2
W e s t Pen n T r a c . & W a te r P o w e r, p f .(q u .)
to
J u n e 15
IX June 15
West Philadelphia Passenger Railway_____
2
$5
J u ly
o f reo. Jun e 15a
B ank*.
Yorkvllle (quar.).................................................
June 30 Jun e 2 0
6
to
J u ly
1
T r u s t C o m p a n ie s .
Franklin, Brooklyn (quar.)_________________
June 30
3
s o f rec. J u n e 29a
Guaranty (quar.)___________________________
5
Juno 30
s o f rec. J u n o 22
Hudson_____ _______ _______ _______________
1
to
J u ly
1
3X June 30
New York Life Insurance A Trust________ 20
June 11
s o f rec. Jun e 5a
Union (quar.)_________________ ______ ______
4
Ju ly
2
s o f rec. Jun e 23
Extra...................................................................
1
Ju ly
2
s o f rec. Jun e 23
United Stales....................................................... 25
J u ly
2
s o f rec. Jun e 21
M is c e lla n e o u s .
$4
July 10
Ahmeek Mining (quar.)____________________
s o f re c . J u n e 15
A ja x R u b b e r , I n c . ( q u a r .)_____ __________ $ 1 .50 June 15
s o f reo. M a y 31a
Allls-Chalmers Mfg., pref. (quar.)________
s o f rec. Jun e 30a
IX Ju ly 16
Pref. (on account accum. dividends)____
s o f rec. June 30a
hX July 16
$3
Ju ly
A llou ez M in in g (q u a r .)____________ _______
3
s o f reo. J u n e d l3 a
75o. J u ly
2
A m erica n B a n k N o te , pref. ( q u a r .)_____
s o f reo. Jun e I5 a
A m er. B eet Sugar, p ref. (q u a r.) ( N o . 72)
s o f re c . Jun e 16a
IX Ju ly 2
American Can, preferred (quar.)____ ______
s o f re c . J u n e 15a
IX Ju ly 2
Preferred (on acct. accumulated dies.)___ hIX Ju ly 3
s o f rec. Jun e 15a
1
Ju ly
A m er. C a r <fc F d r y ., c o m . (q u .) ( N o . 59)
2
s o f reo. J u n e 12a
Ju ly
C om m on (extra ) . . ..................................
1
2
s o f reo. Jun e 12a
P referred (q u a r.) (N o . 7 3 ) ___ _______ _
s o f reo. J u n e 12a
IX Ju ly 2
A m erica n C h icle, preferred ( q u a r .) ____ _
3 o f reo. J u n e 22
IX Ju ly 2
American Cigar, preferred (quar.)________
s o f rec. J u n e 15a
IX Ju ly 2
2
A m erican E x press iq u a r .)________________ $ 1 .6 0 Ju ly
s o f r e c . M a y 31a
July
2
:
A m e r.G ra p h o p h o n e , c o m . (q u .) ( N o . 49)
s o f rec. J u n e i5 a
IX
75c. June 30
Amer. International Co. (quar.)................. ..
s o f rec. Jun e 15
A m erica n L inseed, preferred (N o . 7 ) ____
s o f rec. J u n e 15
IX Ju ly 1
A m erica n L o c o m o tiv e , c o m m o n ( q u a r . ) . .
s o f reo. J u n e 22a
IX July 3 1
P referred (q u a r .)_______________________
3 o f reo. J u ly
5a
IX July 21 1
American Public Service, preferred (quar.).
3 o f reo. J u n e 15
IX July 2 1
American Public Utilities, pref. (quar ) ___
3 o f rec. Jun e 20a
IX July 2 1
A m erican R a d ia to r , c o m m o n (q u a r .)____
June 30 .
3
2
to
Jun e 30
A m erican R o llin g M ill, co m m o n (q u a r .).
2
July 15 1
3 o f re c . Jun e 30
July 15 1
C om m on (e x tra )_________________________
3
3 o f reo. Jun e 30
Preferred (q u a r .)________ __ __________ _
3 o f rec. J u n e 30
IX July 15 1
A m erican Sew er P ip e (q u a r .)_____________
(50o June 20
3ee n ote (k)
Amer. Smelters Securities Corp., pf. A(qu.)
5
to
Jun e 24 ]
IX July 2 .
Preferred B (quar.)______________ _______
3
to
Jun e 24
IX July 2 .
A m er. Sm elting & R e fg ., c o m . ( q u a r .) ___
3
to
Jun e 3
IX June 15
American Steel Foundries (quar.)_________
3 o f reo. Jun e 16
IX June 30 1
American Snuff, common (quar.).......... .......
3
July
2 1
3 o f reo. Jun e 15a
Preferred (quar.)........ ................ ....................
3 o f reo. Jun e 15a
IX July 2 1
A m erican Sugar R e fg ., c o m .& p r e f .(q u a r.)
3 o f re c . J u n e l a
IX Ju ly 2 1
C o m m o n and preferred ( q u a r .)________
3 o f rec. S e p t, l a
IX O ct. 2 1
1
A jn er. Sum atra T o b a c c o , c o m . (N o . 1 ) . .
A u g . 15 1
3 o f reo. A u g . l a
P re fe rre d ............. ..............................................
3 o f re c . A u g . 18a
3X Sept. 1 1
A m erican T h re a d , p referred ...........................
5
to
M a y 31
IX July 1
2X
1
3
THE CHRONICLE
3318
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
A ssocia ted D r y G o o d s , 1st p ref. (N o . 1 ) - Associated Oil (quar.)........................ ..............
A tl. G u ll & W . I . SS . L in es, c o m m o n ____
P referred (q u a r .)............. ........... ........... .......
A tla n tic R e fin in g (q u a r .)_________________
A tla s P o w d e r, co m m o n ( q u a r .)___________
C o m m o n (e x t ra ) ................................. . .
B a ld w in L o c o m o t iv e W o r k s , p referred . . .
B a ltim ore T u b e , c o m . A pref. (q u a r .)___
B eth leh em S teel, c o m m o n (q u a r .)________
k. C o m m o n , C lass B (q u a r .)______________
Preferred (quar.)_________________________
B o o t h Fisheries, c o m m o n (q u a r .)________
F irst p referred ( q u a r . ) . . . .................. —
B o r d e n ’s C o n . M ilk , p ref. (q u .) ( N o .6 2 ).
B rier H ill S teel, c o m m o n (q u a r .)________
C o m m o n (e x t r a )_________________________
P referred ( q u a r .)_______________________
B rltlsh -A m erica n T o b a c c o , o rd in a ry ___
B r o o k ly n U n ion G as (q u a r.) (N o . 0 5 ) ___
E x tr a -------------------------------------------------------B u ck e y e P ip e L in e __________________ ______
Burns Bros. Ice Corp., first pref.(quar.)..
Butte A Superior Mining (quar.).......... .......
C a liforn ia P a ck in g C o r p ., c o m . (N o . 1 ) .
California Petroleum Corp., pref. (quar.)..
C a lu m et & A rizon a M in in g (q u a r .) _____
E x tr a ............. ................................ .....................
C a lu m ot A H ecla J M in ln g ( q u a r .)________
C a m b ria S teel (q u a r .)____________________
E x t r a ____ _______ _______________________
Canadian General Elec., com.(qu.) (No. 72)
C a n a d a S team sh ip L in es, p r e f.......................
C a so (J. I .) T h resh . M a c h ., p re f. (q u a r .)
C ellu loid C o . ( q u a r .) ............ ......... ........... .......
C en tra l L ea th er, preferred ( q u a r . ) . ..........
Central Stales Elec. Corp.,pf.(qu.) (No.20)
C h a n d ler M o t o r C a r ( q u a r . ) ____________
E x t r a . ............. . . _________________________
C h oseb rou g h M a n u fa ctu rin g ( q u a r .)___
E x tr a ____________________________
C h ica g o T e lep h on e (q u a r .)_________
C h ild s C o m p a n y , co m m o n (q u a r.).
P referred ..(q u a r .)________________
Chino Copper Co. (quar.)____________
Cluett, Peabody & Co., Inc., pref. (quar.)..
C o lo r a d o P o w e r, co m m o n ( q u a r .).
P referred
(q u a r .)________________
Colt’s Patent Fire-Arms Mfg. (quar.)
C o m p u tin g -T a b iila tln g -R cco rd ln g (q u a r .)
C o n s o l. G a s, E l. L . A P o w ., B a lt, (q u a r .)
C o n solid a ted G a s o f N e w Y o r k ( q u a r . ) . .
C o n s o l. In tcrsta te-C a lla h a n M in . (q u a r.)
Continental Can, common (quar.)___
Preferred (quar.)__________________
C on tin en ta l OH (q u a r .)_____________
C o p p e r R a n g e C o . (q u a r.) ( N o . 39)
E x tra (N o . 4 0 ) .....................................
C ra m p (W m .) A Son s Ship A E n g . B ld g .
C rescen t P ip e L in e __________________
P r e f. (o n a c c t . o f a ccu m u la ted d l v s . ) . .
P r e f. (o n a c o t. o f a oou m u l.) ( N o . 5 0 ) C u b a C a n e Sugar C o r p ., p re f. ( q u a r . ) . .
C u b a n -A m e rlo a n 'S u g a r, co m m o n (q u a r.)
P referred
(q u a r .)_____________________
C u d a h y P a ok ln g , co m m o n ( q u a r .)____
Dayton Power A Light, preferredj,quar.).
D ia m o n d M a t c h (q u a r .)_________________
Dominion Canners, Ltd., pref. (quar.)____
D o m in io n G lass, L t d ., p referred ( q u a r .).
Dominion Power A Transmission, ordinary
D o m in io n Steel C o r p ., L t d ., c o m . (q u a r.)
F irst preferred ( q u a r .)___
S econ d preferred ( q u a r .).
) D eb en tu re s to ck (q u a r .)------------d u P o n t (E .I .) d e N e m . P o w ., c o m . ( q u . ) .
(t* P referred (q u a r .)________________
E a stern S teel, co m m o n (q u a r .)___
F irst an d secon d p referred ( q u a r .)------E a stm a n K o d a k , co m m o n (q u a r.)
P referred
( q u a r . ) . _______________
E lk H o rn C oa l C o r p ., p r e f_____________
E q u ita b le 111. G as L ig h t, P h lla ., p r e f____
F ed era l M in in g A S m eltin g , p re f. (qu ar.
F ed era l Sugar R e fin in g , c o m m o n (q u a r .).
G alen a -S ign a l O il, co m m o n ( q u a r .).
P referred ( q u a r .)__________________
G en eral C h em ica l, p referred (q u a r.)
G en eral E leotrlo (q u a r .)............... .........
G lo b e S o a p , c o m m o n ( q u a r .)...............
F irst, secon d A s p e c . pref. sto ck s (c
Globe-Wernlcke Co., common (quar.).
G o o d rlo h ( B . F . j C o ., pref. ( q u a r .)______
G rea t Lakes T o w in g , preferred ( q u a r .)..
Great Western Sugar, common (quar.)-----fci Common (extra)_________________________
Preferred (quar.)________________________
C o m m o n (e x t ra )_________
F irst preferred ( q u a r .)___
S econ d preferred ( q u a r .).
P referred ( q u a r .)__________
Haskell A Barker Car (quar.).
Helme (George W.) Co., common (quar.)...
4 Preferred (quar.)..........................................
Hercules Powder, common\(quar.) ...............
Common (extra)......................................... ..
Illin ois P lp o L in e ________________________
In d ia n R e fin in g , p r e f e r r e d .. . . . ______
Ingersoll-Rand Co., preferred_____ ________
In tern ation al Salt ( q u a r . ) . . . . .................
In tern a tion a l S ilver, preferred ( q u a r .). ..
Jew ell T e a , I n o ., preferred ( q u a r .)______
K err L a k e M in in g (q u a r .) ( N o . 4 7 ) ____
K ress"(S. I I .) A C o ., preferred (q u a r .)___
K resg o (S. S .) C o ., c o m m o n ........................
P referred (q u a r .).........................................
L a B elle Iron W ork s, co m m o n ( q u a r .). ..
Preferred (q u a r .)________ ________ ______
L a ck a w a n n a Steel, c o m m o n ( q u a r .) _____
C o m m o n (e x t ra )........ ........... .................. ..
P re fe rre d ............... ............. ..
L eh igh V a lley C o a l S ales___
Lehigh A Wilkes-Barre Coal.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
M is c e l la n e o u s ( C o n c l u d e d ) .
M is c e l la n e o u s ( ( C o n t i n u e d ) .
American Tobacco, preferred (quar.)_____
American Woolen, common (quar.)_______
Preferred (quar.).......... ..................................
Name of Company.
[Vol. 104
J u ly
2
Jun e 15
Ju ly 16
June 27
J u ly 10
Jun e 27
D eo. 1
N o v . 15a
J u ly 16
Juno 30
A ug. 1
June 29a
5
Juno 8a
oIX J u ly 2
Juno 15
M a y 19a
5
2
June 10
Jun e 10
3
Jun e 10
Jun e 10
June 9a
3X J u ly 1
J u ly
1
IX J u ly 2
Jun e 15
•ix J u ly 2
June 15
2X J u ly 2
June 15a
IX J u ly 2
1
J u ly
2
June 20a
Jun o 20a
IX J u ly 2
to
Juno 15
IX Juno 15
to
Ju ly
1
IX J u ly 1
1
5
J u ly
1
to
Ju ly
1
Ju ly
to
IX J u ly 1
June 30
Seo n ote (1)
6
s o f reo. June 15a
IX J u ly 2
1
J u ly
2
s o f reo. Juno 15a
$2
Jun o 15
'3 o f reo. M a y 31
•s o f rec. Jun e 11
IX J u ly 2
$ 2 .50 June 30
s o f rec. Juno 15
50o. Juno 15
s o f reo. M a y 31a
1
J u ly
1
s o f rec. Jun o 20a
$2
Juno 18
•s o f re c . Juno l a
Juno 18
•s o f reo. Jun o l a
$1
$25
Jun e 21
■s o f reo. Jun e 1
750. Juno 15
•s o f reo. M a y 31a
750. Jun o 15
•s o f reo. M a y 31a
2
J u ly
2
•s o f rec. Jun o 15
rs o f re o . J u n e 1
h5X J u n e 15
rs o f reo. Jun e 11a
IX J u ly 1
2
Juno 30
:s o f reo. J u n o 15a
2
rs o f reo. J u n o 8a
154 J u ly
•s o f reo. Jun o 9
154 Jun o 30
2
J u ly
1
rs o f reo. Jun o 15a
1
J u ly
1
rs o f reo. Jun o 15a
3
Juno 19
rs o f reo. J u n e 2a
50o. Jun o 19
rs o f reo. Jun o 2a
2
Jun o 30
rs o f reo. Jun o 29a
1
to
Jun o 11
154 Juno 11
1
to
Jun e 11
154 Juno 11
rs o f rec. Jun o 15
$ 2 .50 June 30
2 H old ers o f re c . Juno 20
154 J u ly
X J u ly 16 H old ers o f reo. Jun o 30
154 Juno 15 H old ers o f reo. M a y 31
J u ly
1
$3
1
J u ly 10 H old ers o f reo. J u n o 25a
2
J u ly
2 H old ers o f reo. J u n o 15a
154 Jun o 15 H old ers o f reo. M a y 10
Juno 30 H old ers o f reo. Juno 15a
51
2 H old ers .o f reo. Jun o 2 0 a
154 J u ly
2 H old ers o f reo. Jun o 20a
154 J u ly
3
Jun o 16 M a y 27
Jun o 16
to
51.50 Juno 15 H olders o f reo. M a y 25
Jun o 15 H old ers o f reo. M a y 25
$t
3
A u g . 1 H old ers o f reo. J u ly 21
7 5 c . Jun o 15 M a y 24
to
J u n e 15
154 June 30 H old ers o f reo. June 15a
A2
June 30 H old ers o f rec. J u n o 15a
A2
June 12 H old ers o f reo. Jun o l a
2 H old ers o f reo. Jun o 15a
154 J u ly
2 H old ers o f reo. J u n o 15a
254 J u ly
2 H old ers o f reo. J u n e 15a
154 J u ly
t o Jun e 15
154 June 15 Juno 6
2 H old ers o f reo. Jun e 20a
154 Ju ly
2
Juno 15 H old ers o f reo. M a y 31a
3 June 19
to
J u ly
2
154 Ju ly
2 H old ers o f reo. Jun e 12
154 Ju ly
2
to
Jun o 15
Juno 15 June 1
1
J u ly
2 H old ers o f reo. J u n o 5
3 H old ers o f re c . J u n e 15
154 J u ly
154 June 15 H old ers o f reo. M a y 31
154 June 15 H old ers o f reo. M a y 31
154 Juno 15 H old ers o f reo. M a y 31
454 Juno 15 H old ers o f rec. M a y 31a
154 J u ly 25 H old ers o f reo. J u ly 10a
154 A u g . 1 H old ers o f rec. J u ly 21a
154 A u g . 1 H old ers o f reo. J u ly 21a
2
254 J u ly 16 H old ers o f reo. J u ly
154 Juno 15 H old ers o f reo. Jun e 1
2 H old ers o f reo. Jun e 2a
254 J u ly
2 H old ors o f reo. J u n e 2a
154 Ju ly
1
J u ly
2 H old ers o f rec. J u n o 18
S I . 50 Jun e 11 H old ers o f re c . J u n e la
3
Juno 15 H old ers o f reo. Jun o 8
154 June 15 H old ers o f reo. M a y 22
154 Juno 15 H old ors o f reo. M a y 29a
3
Juno 30 H old ers o f reo. M a y 31a
2
Jun o 30 H old ers o f reo. M a y 31a
2 H old ers o f ree. Jun o 18a
154 Ju ly
Ju ly 14 H old ers o f reo. Jun o 10a
2
1 H olders o f reo. June 20
154 Ju ly
J u n o 15
to
154 Juno 15 Jun e 1
Jun e 15
to
154 Juno 15 Jun e 1
2
Juno 10
A u g . 15 H old ers o f reo. A u g . 3a
1
2 H olders o f reo. Jun e 22a
154 Ju ly
2 H old ers o f reo. J u n o 15
154 Ju ly
2
154 Ju ly
10
J u ly
2
2
154 Ju ly
2
Ju ly
2 H olders o f reo. Juno 15a
Ju ly
2 H old ers o f reo. Juno 15a
1
2 H olders o f reo. Jun o 15a
154 Ju ly
2 H olders o f rec. Jun o 15a
154 Ju ly
154 Ju ly 20 H olders o f reo. J u ly 10a
A u g. 31 H olders o f reo. A u g . 20a
1
154 Juno 30 H old ers o f reo. Jun o 20a
2 H old ers o f rec. Jun o 15a
75o. Ju ly
2 H old ers o f rec. June 14a
$1.1254 J u ly
2 H old ers o f rec. Jun e 16
154 J u ly
2 H olders "of rec. Jun o 16
154 J u ly
to
Jun e 24
2
Juno 25 Juno 16
June 24
to
2
June 25 Juno 16
J u n e 10
12
June 15 M a y 22
to
A554 Juno 25 H old ers o f reo. J u n o 9
J u ly
l H old ers o f reo. Jun o 16a
3
154 Juno 30 H old ers o f rec. J u n e 15a
J u ly
2
to
2 Jun o 16
154 Ju ly
1 H olders o f reo. Jun e 20a
154 Ju ly
2 H old ers o f reo. Jun o 18
154 J u ly
Jun o 10
to
$1.5C June 30 June 9
25o. Juno 15 H old ers o f reo. Jun e la
1 H old ers o f reo. Jun o 20a
154 Juty
J u ly
2
J u ly
2 Juno 19
to
2
J u ly
2
2 Juno 19
to
154 Ju ly
Juno 30 Jun o 17
Jun o 22
to
3
Jun o 22
Juno 30 Juno 17
to
2
154 June 30 H old ers o f reo. J u n e 15a
254 Juno 30 H old ers o f reo. J u n e 15a
154 June 15 H old ors o f reo. J u n o l a
254 Juno 15 H old ers o f reo. Jun o l a
Ju ly 14 H old ers o f reo. Jun e 1
$15
$3.25 June 30 H olders o f reo. Jun e 19a
2 H old ers o f reo. June 15a
154 J u ly
1X
IX
1X
IX
IX
Loose-Wiles Biscuit, first preferred (quar.) _
Lortllard (P.) Co., common (quar.).............
Preferred (quar.)_________________________
M a c k a y C om p a n ies, c o m . (q u .) ( N o . 48)
P referred (q u a r.) (N o . 5 4 ) ____________
M a g m a C o p p e r C o . (q u a r .)............... ...........
Manati Sugar, preferred (quar.)........... ......
Manhattan Electrical Supply, com. (quar.)
First and ssecond preferred (quar)_______
Mathieson Alkali Works, com. (quar.)____
Preferred (quar.)______________ _________
M a x w e ll M o t o r , I n c ., c o m m o n ( q u a r . ) . .
F irst preferred ( q u a r . ) . . ...........................
S econ d preferred ( q u a r .) ...... .............. ......
M erg cn th a ler L ln o ty p o ( q u a r .)_________
M ex ica n -P e tro le u m , L t d ., pref. (q u a r.) ..
M id d le W est U tilitie s, c o m m o n ( q u a r .) ..
M o n ta n a P o w e r, c o m . (q u a r.) (N o . 1 9 ) . .
P referred (q u a r.) (N o . 1 9 )_____ _____
,
Montgomery Ward A Co., preferred (quar.)
M on trea l C o tto n s , c o m m o n (q u a r .)____
P referred
(q u a r .) ................. .......................
M u sk og ee G a s A E lectric, p ref. (q u a r.) ..
N a tio n a l B is cu it, c o m m o n (q u .) ( N o . 76)
N a t . C loa k A S u it. c o m . (q u a r .)( N o . 2 ) . .
N a tio n a l C on d u it & C a b le, I n c . (N o . 1) .
N a tio n a l L e a d , c o m m o n (q u a r .) _________
P referred
( q u a r . ) . . ............. .......................
N a tion a l Sug ar R e fin in g (q u a r.) . . . . . . . .
N a tion a l Surety ( q u a r .)................................
N a tio n a l T ra n sit ( q u a r .)............... .. ..............
Nevada Consolidated Copper (quar.)_______
N o w Jersey Zin c ( e x t r a ) . ................... ...........
N ew Y o r k T ra n sit ( q u a r .).............................
N lle s-B e m e n t-P o n d , c o m m o n ( q u a r .)____
Nipisslng Mines (quar.)__________________
N o r t h A m erica n C o . (q u a r.) (N o . 5 3 ) __
N o rth e rn P lp o L in e ..... .......................... ...........
O h io C ities G as, preferred ( q u a r . ) . . ___
O h io O il ( q u a r .) .......... ................ .. .....................
E x t r a ________________________ _ __________
O k la h om a P rod u cin g A R efin in g ( q u a r .).
Old Dominion Co. (quar.)__________ _____
O w ens B o ttlo M a c h in e , c o m m o n (q u a r .).
C o m m o n ( e x t r a ) _______ ________________
P referred (q u a r .)................................ ...........
P a b s t B rew in g , preferred ( q u a r .) .......... ..
P a ck a rd M o t o r C a r, preferred ( q u a r .). .
Pan-Amer. Petroleum A Transp., pf. (qu.)
P en n sylva n ia W a t e r * P o w . (q u .) (N o.1 4 )
P ettlb o n o -M u lllk e n C o ., 1st & 2d p f.(q u .)
P h ila d elp h ia E leotrlo ( q u a r .) ____________
P ierce-A rrow M o t o r C a r, c o m m o n .. . ..
P referred ( q u a r .) _____________________
Q uaker O a ts, c o m m o n (q u a r .)____________
P referred ( q u a r .)_______ _____ __________
Quincy Mining (quar.)_____________________
R a ilw a y Steel-S pring, c o m m o n (q u a r.) .
Preferred ( q u a r .) ______ ________________
Ray Consolidated Copper (quar.)___________
R e a lty A ssociates (N o . 2 9 ) .......... .. ..........
R c p u b llo Iro n & S teel, c o m . (q u .) (N o . 3)
P referred (q u a r.) ( N o . 6 5 ) ____________
S t. Josep h L ea d C o . ( q u a r .)______________
E x tr a (from reserve fo r a m o r t iz a t io n ) .
St. L. Rocky Mt. A Pac., pref. (quar.)____
8 a v o y O il ............ ..................................... ..............
San J oa q u in L ig h t & P o w e r _____ _________
Soars, R o e b u c k & C o ., preferred ( q u a r .).
Sherwin-Williams Co. of Canada, pf. (qu.)
S ola r R e fin in g _____________________________
S ou th P en n O il ( q u a r . ) . . _____ ___________
S ou th P o r t o R ic o Sugar, co m m o n (q u a r.)
P referred (q u a r .)________ _______________
S ou th W e s t P a . P lp o Lines (q u a r .)_______
Stand ard G a s & E le ctric, p ref. (q u a r .) ___
S tand ard O il (C a lif.) ( q u a r .)_____________
S ta n d a rd O il (K an sa s) ( q u a r .) ........ ...........
E x tr a ............ .....................................................
S ta n d a rd O il (K e n tu ck y ) ( q u a r .). _____
S tan d ard O il (N e b r a s k a ) ................... ...........
S tand ard O il o f N . J . (q u a r .)....................
S tand ard OH o f N . Y . ( q u a r .) ___________
S tan d ard OH (O h io) ( q u a r .) ........................
E x tra ________________________________
Stand ard OI1 C lo th , co m (q u a r.) (N o . 7 ) .
P r e f., Classes A & B (q u a r.) (N o . 1 2 ).
Stromberg Carburetor (quar.)______________
Stutz Motor Car of America______________
S u b w a y R e a lty ( q u a r . ) . . _____ ________ __
S w ift & C o . (q u a r.) (N o . 1 2 3 )......................
T e x a s C o m p a n y (q u a r .)............................. .
Tide Water Oil (quar.).....................................
Extra..... ..........................................................
Tobacco Products Corporation, pref. (quar.)
Todd Shipyards Corporation (quar.)---------
T o n o p a h -B e lm o n t D e v e lo p m e n t ( q u a r .).
T o r o n t o P a p e r . ________ . . . ------------ .
E x tr a _____ ___________________________
Torrington Co., preferred_________________
U n d erw ood T y p e w rite r, c o m . ( q u a r .) ___
P referred (q u a r .) _____________ ________
U n ion B a g & P a p er C o rp o ra tio n ( q u a r .).
U n ion C a rb id e (q u a r .) .......... ...... . . . . . . . .
U n ited C ig a r Stores, pref. (q u .) (N o . 1 9 ).
United Drug, com. (quar.) (No. 2 ) . ............
U n ited D y e w o o d C o r p .,c o m .(q u .) ( N o . 2)
P referred (q u a r.) (N o . 3 ) ------- --------U . S . C a st Iron P . & F d y ., p ref. ( q u a r .).
U . . G y p su m , pref. (q u a r .) _____________
U .S . In d u st. A lc o h o l, p r e f., (q u .) (N o .4 3 )
U nited States Steel C o r p ., c o m . ( q u a r .).
C o m m o n (o x t ra ) ______ ________________
U ta h C on solid a ted M in in g ( q u a r .) ............
8
Utah Copper (quar.).........................................
Utah Gas A Coke, preferred (quar.).......... ..
Utilities Securities Corporation, pref. (qu.)
W a y la n d Oil * G a s. c o m m o n ---------- --------Western Electric, common (quar.).................
Preferred (quar.)---------------- --------------------W estern L ight A P o w e r, p ref. ( q u a r . ) . . .
Western Union Telegraph (quar.) (No. 193)
r W e s t’ h ou so,C h u rch ,K err A C o .,c o m . (q u .)
P referred (q u a r.) — ................................. ..
Weyman-Bruton Co., common (quar.)____
Common (extra)..............................................
Preferred (quar.)............... ..............................
Wheeling Steel A Iron (quar.)........................
Extra___________________ ________________
Willys-Ocerland, preferred (quar.).......... ..
W o o lw o r th (F . W .) , p ref. (q u a r .)---------W o rth in g to n P u m p & M .,C la s s A ,p f.(q u .)
Y a le & T o w n c M a n u fa ctu rin g ( q u a r . ) . . .
Y o u n g s to w n Sheet A T u b e , c o m . (q u a r.)
C o m m o n (e x t r a )-------- ----------------------------Preferred (q u a r .).......... ...................- ...........
Y u k on -A la sk a T ru s t (q u a r .).........................
Y u k o n G o ld C o . ( q u a r .) — ....................—
1J4
3
J u ly
2 H olders o f rec. Juno 19a
J u ly
2 H olders o f rec. J u n o 15
J u ly
2 H olders o f reo. Jun e 15 1
J u ly
2 H olders o f rec. Jun o 9a
1
J u ly
2 H old ers o f rec. Jun o 9a
5 0 c. Juno 30 H old ers o f reo. Jun o 8
\X J u ly 2 H olders o f rec. Jun o 16
1
Ju ly
2 H olders o f reo. Jun o 20
IX J u ly 2 H old ers o f re c . Juno 20
IX J u ly 2 H olders o f rec. Jun o 20a
IX J u ly 2 H olders o f rec. Jun o 20a
2X J u ly 2 H old ers o f reo. J u n e 11a
IX Ju ly 2 H old ers o f re c . J u n e 11a
IX J u ly 2 H old ers o f rec. Jun o 11a
2X Jun e 30 H old ers o f rec. Jun o 2a
2
J u ly
1 H old ers o f rec. Jun o 15a
6 0 c. J u ly
2 H old ers o f rec. Jun e 22
IX J u ly 2 H old ers o f rec. Juno 15a
IX J u ly 2 H olders o f reo. Jun o 15a
IX J u ly 2 H olders o f roc. Jun o 21
1
Juno 15 H olders o f reo. Jun o 5
IX June 15 H olders o f reo. Jun o 5
IX June 15 H olders o f roc. M a y 31
IX J u ly 14 H olders o f re c . J u n e 28a
IX J u ly 14 H old ers o f reo. J u ly 6a
J u ly 16 H old ers o f rec. Jun o 15
$1
1
June 30 H old ers o f rec. Jun o 8a
154 Juno 15 H old ers o f reo. M a y 25a
2 H olders o f rec. Juno 14
1 X J u ly
3
J u ly
2 H old ers o f re c . Jun o 22a
500. Jun e 15 H old ers o f rec M a y 31a
June 30 H olders o f rec. Jun o 15
$1
4
Jun e 11 H olders o f reo. Juno 2a
J u ly 14 H olders o f reo. Jun o 23
4
3
Jun e 20 June 7
to
Jun e 20
2 5 c. Ju ly 20 H olders o f rec. Jun o 30
2 H olders o f reo. June l o a
D 4 Ju ly
Ju ly
2 H old ers o f reo. Juno 11
6
1 H olders o f rec. Jun o 15a
154 J u ly
$1.25 Jun o 20 H olders o f rec. M a y 26
$4.75 Jun o 20 H olders o f reo. M a y 26
1254c. Jun o 30 H old ers o f reo. Juno 29
Juno 28 H olders o f reo. Jun e 16a
$3
75o. J u ly
2 H olders o f reo. Juno 21a
50o. J u ly
2 H olders o f reo. Juno 21a
2 H old ers o f reo. Jun o 21a
154 J u ly
to
Jun o 15
154 Juno 15 Juno 7
154 Juno 15 H old ers o f rec. M a y 31a
1 H olders o f reo. Jun e 15a
154 J u ly
2 H olders o f reo. Jun o 19a
154 J u ly
2 H olders o f reo. Juno 20
154 J u ly
43-750. Juno 15 H olders o f rec. M a y 22a
$1.25 A u g . 1 H olders o f reo. J u ly ! 14
J u ly
2 H olders o f reo. Jun o 15
2
2a
254 J u ly 16 H olders o f re c . J u ly
154 A u g . 31 H old ers o f r e c . A u g . la
Juno 30 H olders o f rec. Jun o 9
$5
154 Juno 30 H olders o f reo. Jun o 15a
154 Jun o 20 H olders o f rec. Jun o 5a
Juno 30 H olders o f rec. Juno 15
31
3
J u ly 14 H olders o f reo. J u ly
5
154 A u g . 1 H olders o f reo. J u ly 16a
2 H old ers o f reo. Jun o 15a
154 J u ly
2 5 c . June 20 June 10
to
J u n e 20
5 0o. Juno 20 Juno 10
to
Juno 20
to
Jun o 29
154 Juno 30 Jun o 21
300. Juno 25 H old ors o f reo. Jun o 11
154 Jun o 15 H old ers o f rec. Jun o 1
1 H old ers o f rec. Jun o 15a
154 J u ly
154 Jun o 30 H olders o f rec. Jun e 15a
Juno 20 Juno 1
to
Jun o 20
5
Juno 30 Juno 15
6
to
J u ly 1
Ju ly
2 Juno 16
5
to
J u ly
1
2
Ju ly
2 Juno 16
to
J u ly
1
3
to
J u ly
1
Ju ly
2 Juno 16
154 Juno 15 H old ers o f rec. M a y 31
254 Juno 15 H old ers o f reo. M a y 15
3
Juno 15 H olders o f rec. M a y 31
Juno 15 H old ers o f reo. M a y 31
2
to
J u ly
2
J u ly
2 Jun o 16
3
Juno 20 H old ers o f reo. M a y 19
10
Juno 15 H old ers o f rec. M a y 18a
5
Juno 15 M a y 20
to
M a y 30
3
Ju ly
2 Juno 1
3
to
Jun o 20
1
Ju ly
2 Juno 1
to
J u n o 20
1
J u ly
2 H o ld e rs o f reo. Jun o 16a
2 H old ers o f r e c . J u n e 15a
154 J u ly
7 5c. J u ly
2 H olders o f re c . Juno 15
2 H olders o f reo. Jun e 27
31 .2 5 J u ly
2 H old ers o f rec. Juno 20a
154 J u ly
J u ly
1 H old ers o f reo. Jun o 9
2
254 Juno 30 H olders o f reo. Jun o 11
Ju ly
2 H olders o f rec. Juno 16
2
J u ly
2 H olders o f reo. June 16
6
2 H old ers o f reo. June 18
154 Ju ly
$1 .7 5 Jun o 20 H old ers o f reo. Jun e 11a
1254c. Ju ly
2 Juno 16
to
Juno 21
3
Ju ly
3 Juno 24
to
Jun o 30
2
to
Juno 30
Ju ly
3 Juno 24
875 4 c. Ju ly
2 H olders o f rec. Jun e 20
2 H olders o f reo. J u n o 15a
154 Ju ly
2 H olders o f reo. J u n o 15a
154 J u ly
154 Juno 15 H old ers o f rec. J u n o 5 a
2
J u ly
2 Juno 21
to
J u ly
1
154 Jun o 15 H o ld e rs o f re c . M a y 31a
2 H olders o f rec. Jun o 15a
154 J u ly
2 H oldors o f rec. Juno 14a
154 J u ly
2 H old ers o f reo. Jun o 14a
154 Ju ly
la
154 Juno 15 H old ers o f reo. Jun o
J u ly
1
154 June 3C J u n o 21 t o
154 J u ly 15 H old ers o f reo. Jun o 30a
to
June 4
154 Juno 2D Juno 2
to
Jun o 4
3
Juno 2D Juno 2
Juno 25 H old ers o f reo. Jun o 9
$1
$3.50 Juno 30 H olders o f roo. Jun o 15
2 H old ers o f reo. Juno 20
154 Ju ly
154 Juno 27 H old ers o f rec. Juno 16
lO o. Juno 11 H old ers o f reo. Jun o la
Juno 30 H old ors o f rec. Juno 2 3 a
$2
154 June 30 H old ers o f roo. Juno 23a
Juno 15 Juno 6
to
J u n o 15
1
154 Ju ly 16 H old ers o f reo. Juno 2 0 a
154 Juno 11 H old ers o f reo. Jun o 1
154 Juno 11 H old ers o f reo. Jun o 1
Ju ly
2 H old ers o f reo. Jun o 18
3
Ju ly
2 H oldors o f reo. Jun o 18
2
2 H old ors o f rec. Jun o 18
154 Ju ly
Juno 30 Juno 17
2
to
J u ly
1
Juno 30 Juno 17
1
to
J u ly
1
1 H old ers o f reo. J u n o 20
154 Ju ly
1 H old ers o f re c . J u n o 9a
154 J u ly
2 H oldors o f reo. Jun o 20a
154 Ju ly
2 H old ers o f reo. J u n o 22
254 Ju ly
2
Juno 3 ( Holders of r o c . J u n o 20a
3
Juno 3( Holders o f r e c . Ju n o 20a
154 Juno 31 nolders o f reo. Jun o 20a
to
Juno 10
Juno 31 Jun o 9
31
to
Jun o 13
7540. Jun o 30 Jun o 9
IX
IX
a T ra n sfer b o o k s n o t closed fo r this d iv id e n d . 0 L ess B ritish In com e ta x . d C or*
r e ctlo n . « P a y a b le in s to c k . / P a y a b le In c o m m o n s to c k ,
g P a y a b le In scrip .
J une 9 1917.1
THE CHRONICLE
ft O n a cc o u n t o f accu m u la ted d iv id e n d s . < D ecla red 51 5 0 , p a y a b lo 5 0 c . each
Jun o 2 0 , S e p t. 20 and D e c . 20; tra n sfer b o o k s closed ten d a y s b efore p a y m en t of
d iv id e n d , k D ecla red 51 50 p a y a b le 5 0 c. each June 2 0 , S ep t. 20 and D e o . 20; trans
fer b o o k closed ten d a y s before p a y m en t o f d iv id e n d . 1 A ll transfers received In
ord e r a t L on d on on o r b eforo Juno 15 w ill b e In tim e for p a y m en t o f d iv id en d to
transferees, n D ecla red threo qu a rterly d iv id en d s on pref. s t o c k , p a y a b lo 1 H% as
a b o v e , IH.% O c t . 1 t o holders o f rec. S ep t. 10 and IH % Jan 1 1018 t o holders o f
record . D o c. 10. p F orm erly the D o m in io n Steel F ou n d ries, r F o rm e rly E lectric
P rop erties C o r p .
B y M essrs. A drian H . M u ller & Sons, N ew Y o r k .
Shares.
Stocks.
Bonds.
Per cent.
55.000 J oh n Stephen son C o . 1st 5s,
1 9 2 6 .. . __________________________ 67
10.000 B in gh am C en t. R y . is t 6s,
1 9 4 8 .. . ................................................ .. 21
$100 C h a m b er o f C o m m . ( N . . Y . )
B ld g , fu n d n o n -cu m . I n c . . . ___ 10
B y M essrs. F ran cis Ilen sh a w & C o ., B o s to n :
Stocks.
$ per sh. Shares. Stocks.
$ per\sh,
10 F ederal T ru st C o .......... ................ .1 3 7
13 M a s s . M ills in G e o r g ia __________ 44
10 M assachusetts C o t t o n M ills ___ 12534 75 A m erica n F elt, p r e f____________
100
5 B o o t t M ills ...................... .. .............80
11 S ta te Street E x c h a n g e __________ 49
B y M essrs. R . L . D a y & C o ., B o s to n :
Shares.
1
13
16
10
10
7
2
40
1
1
Stocks.
S per sh. Shares. Stocks.
$ perish,
C a n ton , M a s s ., T ru st C o ............135
11 C a m b rid g e G as L ig h t _18234-185
]
A b in g ton N a t. B a n k ......................110J4
2 E d ison E le c ., 111., B r o c k t o n .. . 1 5 0 1
B oston B e ltin g .......... ..................... 10434
8 S ta te Street E x ch a n g e _________ 49 flat
B a tes M a n u fa ctu rin g _____ _____325
1 P ly m o u th C o r d a g e ________________190 j
M errim ack M fg ., p r e f....................... 80
13 M e rrim a c C h e m ica l; $50 e a c h . . 90 i
Fisher M a n u fa ctu rin g .......... .... ..1 1 5 3 4
149 *
2 U . S . H o te l C o ..................
E v erett M ills .......................
12534
6 N . E . In v e s t. & S e c u r ., p r e f_____ 65 1
L u d low M fg . A ssocia tes...............140
5 U n ion T w ist D rill, p r e f . . .9 8 3 4 fla t
G rea t F a lls M a n u fa c t u r in g .. .2 0234
1 N a u m k ea g S team C o t t o n ______190
W a re R iv er R R ______________
139 4-4ths Boott Mills....................... 1834
B y M essrs. B arnes &
L o fla n d , P h ila delph ia:
Shares.
Stocks.
$ per sh.
P itts. O h io C o a l, $1 e a c h ___ 5 0 c.
G a . R y . & P o w ., c o m ., v . t . c . 12
G a .R y . & P o w . 2 d p f . , v . t . c . 25
N orth ern States P o w ., c o m .,
o p tion w a rra n t........ ............. 1034
100 O h io T r a c tio n , c o m m o n ____ 10
100 Southern P ow er, c o m m o n
4334
5 Stand ard G a s & E le c ., p r e f . . 3634
11 C om m on w ea lth T . I . A T . . 25234
5 M u tu a l T ru s t, $50 e a c h ____ 30
5 R o b e rt M orris T r u s t .................. 65
57 P h il. L ife In su r., $10 e a c h . . 10J4
25 Pen n A u to m . M a c h ., $1 e a . 1
25 P h oen ix U nderw riters A s s n .fS l lo t
of
s*1 n poph
1,500 G o ld fie ld B ig 4 M g ., SIO e a ! .$ 1 lot
9 K e y s to n e W a tch C a se . . . 68
2 C orn E x ch a n g e N a t. B a n k ..4 0 3
4 F arm ers A M eeh a n . N a t . B k .1 5 2
4 F ou rth Street N a t. B a n k . . . 295
1 G irard N a t. B a n k ___________381
2 U n ion N a t. B a n k . . ____
203
10 C o n t.-E q u it . T r ., S50 e a c h . . 88
1534 H a m ilton T r u s t .............161-165
20
200
200
15
E X T E N S IO N O F C H A R T E R .
T h o F ir s t N a t i o n a l B a n k o f S a lin a s , C a l .
C h a r te r o x to n d e d
u n t i l c lo s e o f b u s in e s s M a y 19 1 9 3 7 .
IN C R E A S E O F C A P IT A L .
T h o N a t io n a l C i t i z e n s ’ B a n k o f M a n k a t o , M i n n .
C a p i t a l in
c r e a s e d f r o m $ 1 0 0 ,0 0 0 t o $ 2 0 0 ,0 0 0 .
I n c r o a s o ______________________ $ 1 0 0 n o n
T h o F ir s t N a t i o n a l B a n k o f N o r t h f o r k , W . V a .
C a p i t a l in '
c r o a s o d f r o m $ 5 0 ,0 0 0 t o $ 1 0 0 ,0 0 0 .
I n c r o a s o ----------------------------------5 0 ,0 0 0
i n c r e a s e __________________________________________________________ $ 1 5 0 ,0 0 0
L IQ U ID A T IO N S .
T h o F ir s t N a t io n a l B a n k o f D u c k t o w n , T e n n .
C a p i t a l _____________ $ 2 5 ,0 0 0
S u c c e e d o d b y t h o M in e r s ' S t a t o B a n k o f D u c k t o w n , w n ic h is
a c t in g a s l iq u id a t i n g a g e n t .
2 5 ,0 0 0
T h o F ir s t N a t i o n a l B a n k o f O m a h a , III.
C a p i t a l ____________________
L i q u i d a t i n g a g e n t : I i . C . L a n d , O m a h a , 111.
S u c c o e d o d b y th o
B a n k o f O m a h a , III.
T l i o F ir s t N a t i o n a l B a n k o f G la d w i n , M i c h .
C a p i t a l _______________
3 0 ,0 0 0
L i q u i d a t i n g a g o n t : C . G . G o o d r u m , G la d w i n , M i c h .
S u c
c e e d e d b y t h e F ir s t S t a t o S a v in g s B a n k o f G la d w i n , M i c h .
•
— -------------T o t a l c a p i t a l ............................................................................................................. $ 8 0 ,0 0 0
Shares.
Stocks.
$ per sh.
153 rights t o su bscrib e P r o v id e n t
L ife A T ru st @ $ 1 0 0 _______ 31534
20 E lm ira & W m sp t. R R . , p r e f.,
$50 e a c h ..............................
7034
2 P h iladelphia A T r e n to n R R .2 3 5
6 I I . K . M u lfo rd C o ., S50 each 6234
55 Ph iladelphia W a re h o u se ____ 120
Bonds.
Per cent.
$ 1 ,000 C learfield & J e ff. R R . 1st
1
6s, 1927 .......... .............. . . . _____ 10S
5 1 .0 0 0 G lra rd v . G as C o . 1st 6s, ’ 43 70 4
$ 1 0 ,0 0 0 P a rk cfs b . G as C o . 1st 5 s,’ 29 66
$100 T a y lo r U n iv e rs ity (U p la n d ,
I n d .) 1st 6s, 191 8.............................. 75
$ 1 ,0 0 0 13th & 15th S treets Pass.
R y . 1st 5s, 1935................................ 103
8 1 .0 0 0 K e y s to n e M g . A M fg . 1st
5s. 1936 .......... ....................... .... .$ 5 6 lo t
$500 T w in S ta te G as A E le c . 1st A
ref. 5s, 1 9 5 3 .................................
8834
$ 1 ,0 0 0 P e o p le ’s G as A E le c . (O s
w eg o) c o n v . 5 s, 1 93 3........ .............. 87
5 1 .0 0 0 B ea v er V a lley T r a c t io n gen .
5s, 195 3.................................. ................ 80
I m p o r t s a n d E x p o r ts f o r t h e W e e k .— U n der in stru c
tions from the T reasu ry D ep a rtm en t the issuance o f w eek ly
totals o f im p orts an d exports o f m erchandise an d specie b y
tho N ow Y o rk C u stom H ou se h ave been suspended in
d efin itely. U n d er th e circu m sta n ce ou r usual com p ila tio n
is om itted until such tim e as the figures m a v again be given
ou t.
A u c t i o n S a le s .— A m o n g oth er securities, tho follow in g ,
were recen tly sold
a t au ction in N ow Y o r k , B o sto n and P hiladelphia:
not xisualhj dealt in at the Stock Exchange,
6fr a ! Rre3er3® B " n k S *
SJiares.
100 W abash R y ., c o m ., o ld sto ck ..S 2 lo t
260 U n ited B o ttle M a c h ., p f . . $ 5 per sh .
678 U n ited B o ttle M a c h ., c o m .S l per sh .
Shares.
A P P L IC A T IO N S F O R C H A R T E R .
F o r o r g a n i z a t io n o f n a t i o n a l b a n k s :
T h o F ir s t N a t io n a l H a n k o f F l a g s t a f f , A r i z .
C a p i t a l _____________ $ 2 5 0 0 0
T l i o F a r m e r s ’ N a t io n a l H a n k o f B n li l , I d a h o .
C a p i t a l __________
2 5 ,0 0 0
T h o A r m y N a t io n a l B a n k o f F o r t R ile y , K a n .
C a p i t a l __________
2 5 i0 0 0
T h o F ir s t N a t io n a l B a n k o f C o m e r t o w n , M o n t .
C a p i t a l ________
25 0 0 0
T it o F ir s t N a t io n a l H a n k o f C e d a r B a y o u , T e x .
C a p i t a l ________
25 0 0 0
T h o F a r m e r s ’ & M e r c h a n t s ’ N a t i o n a l B a n k o f M i n o n k , III.
’
C a p it a l ..................................................... .............- ----------------- -------------------------- 1 0 0 ,0 0 0
T o s u cce e d th o F a rm e rs ’ & M e r c h a n t s ’ B a n k , M in o n k
----------------111.
T o t a l c a p i t a l ..............................................................................................................$ 2 2 5 ,0 0 0
C H A R T E R S IS S U E D .
O r ig in a l o r g a n i z a t io n s :
T h o F ir s t N a t io n a l B a n k o f V i c t o r v i l l o , C a l .
C a p it a l
S25 0 0 0
T h o F i r s t N a t io n a l B a n k o f B i s h o p , C a l .
C a p it a l
.......................
25000
T h o N o r t h w e s t e r n N a t io n a l B a n k o f L i v i n g s t o n , M o n t . C a p i t a l l o b 'o o o
T h e C e n t r a l N a t i o n a l B a n k o f O k m u lg o o , O k la .
C a p it a l
100 000
T h o F a rm e rs ’ N a t io n a l B a n k o f L u b b o c k , T e x !
C a p it a l! 1 1 I I I
50 000
T h o F ir s t N a t io n a l B a n k o f M a t a d o r , T o x .
C a p it a l
30*000
C o n v e r s io n o f S ta to b a n k s :
1
T h o F ir s t N a t i o n a l B a n k o f B i g S a n d y , M o n t .
C a p it a l
25 000
C o n v e r s io n o f th o S e c u r ity S ta to B a n k o f B ig S a n d y .
~
’ v
T o t a l c a p i t a l .....................................
$ 3 5 5 ,0 0 0
rp
Stocks.
2Q4 E . O . P a in ter F ertilizer C o . o f
J a c k s o n v ., F la ., S25 e a . $ 15 H p .s h .
140 C h ic . C . & C o n n . R y s . c o ll. tr.
pref. p a rtic. ctfs ._ $ 2 2 >^ per sh.
88 C h ic. C . & C o n n . R y s . c o ll. tr.
c o m . p a rtic. c t f s ._ _ $ 2 hf per sh.
200 T h e W est H elena C o n s o l. C o .,
H elen a , A r k ., $25 e a c h . . .$ 1 0 0 lo t
500 C alaveras C o p p e r, c o m ., §5
e a ch .................................. S 3 H per sh.
N a t io n a l B a n k s .— T h e follow in g in form ation regarding
national banks is fro m the o ffice o f the C om p troller o f tho
C u rren cy , T rea su ry D ep a rtm en t:
T ota l
2319
F .o lI®w *.n g is ttie w eekly statem en t issued b y the F ederal R eserv e B oa rd on June 2:
o f t lm r G o v e r n m e n t ’ b y o t h e r F e d e r a W I e ^ e r v o ‘ b a n k s ! S ‘ p a y m l V f o r ' Bt h o “ q
r e s p o n s i b le f5 ? t h o c h a n g e s I nit h o c o n d i t i o n o f t h e F e d e r a l R e / J ^ o b ^
T h e s e t r a n s f e r s , . e f f e c t e d t h r o u g h t h e G o l d S e t t l e m e n t F u n d ^ a s ^ v 'e l T
d r a Cl ?
Y o r k b a « k s . o r ig in a lly p la c e d t o th e c r e d it
c c r t l t i c a t c s o f n d e b t e d n e s s p u r c h a s e d t h e w e e k b e f o r e a r e l a r g e ly
I
C£ * L ° f
U H L
a m o u n t s r e c e iv e d f r o m b a n k s a n d i n n ?
J™
T
iV , s . JJu e r r o m d e p o s i t a r y b a n k s — f is c a l a g e n t a c c o u n t — w h ic h r e p r e s e n t e d
R m flr v n S
w it h s u b s c r i b i n g h J S ' S S S R .
*’n *p a y j“ l e n t f o r U n it e d S t a t e s c e r t i f i c a t e s o f in d e b t e d n e s s a n d r e - d e p o s it e d b y t h e F e d e r a l
r “ *■ *• r r
Govcrn-
D is c o u n t s o n h a n d s h o w a n in c r e a s e o f 3 . 3 m U lto n Sr m a i n l y t h o r S o f r ^ d i ^ o u l d iin
n gg ff oo ?r Tl(o c a l m e m b e r s b y t h e B o s t o n b a n k .
A g ric u ltu ra l
a n d l i v e s t o c k p a p e r m a t u r in g a f t e r 9 0 d a y s ( s ix - m o n t h p a p e r )• .--------------------t o t a ls a b o u t 3 3 m ilH o n s cc oo m
mp
pa
a rr ee d w i t h 2 . 8 m il l io n s t h e w e e k b e f o r e .
T o t a l d is
c o u n t s a r o i n c lu s i v e o f 1 5 .2 m il l io n s o f m e m b e r b a n k s ’ c o ll a t e r a l n o t e s . r o m D a r a f w I t h 1 6 T m S f i o
d a i n 7 n r a n r i « 2 3 m illio n s o f n o t e s s c v -iV r e d " w rrm V U .
? 2 ,t e s * c o m p a r e d w it h 1 6 .3 m illio n s o n M a y 2 5 .
T h e t o t a l fo r t h e m o r e r e c e n t
d a t e c o m p r is e s 2 .3 m il l io n s o f n o t e s s e c u r e d b y U n it e d S t a t e s c e r t i ^ t e ^ ^ ^ t o d ^ M d ^ w S
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o i a c c e p t a n c e s m c r « < * s u u * u u u u o . ^ m m i o n s , C h i c a g o a l o n o r e p o r t in g a train 11m nr t h i s h m h n f a » m il in n s
V n m otor,*oi
« r o e iH
,e ould
.« i n g s
o t h o ^ e a r n f n g 8 a t K e t ^ e x c e p t ° t h a t ' t h e ^ b a n k s r e f e e f S ? « * % 0 ? h n 8 t V £ in ,Vnd e r
b e a d o f 0 8 m in io n s .
N o m a t e r ia l c h a n g e s a r e s h o w n f o r
o f t h e F ed era l* R e s e r v e b a n k s b e in g o n l y a
a l o u t 3 . 6 m illio n s o f U n it e d S t a t e s c e r t i f i c a t e s o f I n d e b t e d n e s s , t h e p r e s e n t h o l d i n g s
o f t h o F e d e r a l l i o s t r v o o a m e , u e m g o m y a U tt lo o v e r 4 m il l io n s i n e x c e s s o f t h e 5 0 m il l io n s o f 2 % c e r t i f i c a t e s w h ic h f a ll d u o a t t h e e n d o f t h e
p reson t m on th .
Of fi™
h a n ia 0
n^”S m
♦t
V /v *
m u u iv x p a i tYdiiuiiuo *x.f / q•
Fat'lnnaT b a n k s in N e w E n g la n d “ V , 0 ) vj n c “ ®s t e f’ ( M a s s . ) T r u s t C o . a n d o f t h e I n t e r n a t io n a l B a n k o f S t . L o u i s , a n d t h e l i q u i d a t i o n
r m i l s r e o o r t s u b s t a n t i a l iiin ^ C t0 U n t/ S 5 t h o c h a n 8 es in c a p i t a l a c c o u n t .
G o v e r n m e n t d e p o s i t s i n c r e a s e d b y 2 0 . 3 m il l io n s .
A ll th o
^ e n f T ih r r tv I n a V b o n d s
M c m b A ^ 68 o f G o v e r n m e n t f u n d s o n b a n d , w h ic h i n c lu d e i n s t a ll m e n t a n d t o t a l c a s h p a y m e n t s r e c e i v e d
o f f s e t b y g a ? n s ^ r e p o r t e d b y a ll o t h e r b a n k s . e x c e p t ^ I n ^ F r a n c ^ 8
° W * nC t deCrCaSC o f 9 2 2 m illio n S ’ t h e la r g e r lo s s a t t h c N e ' v Y o r k b a n k
F e d e r a l I t M e r v e l a g e n t s ^ h o l d ^ 'a b o u t 1^
m i l l k S £ 1n f 55 ° i .m l n l o n s ,
o f 4 6 4 .9 m i l l i J n s f a n d a g g r e g a t e n e t l i a b i l l t i ^
,n c r ^ s o d
1 1 .8 m il l io n s d u r in g t h e w e e k .
A g a in s t t h e n o t e s is s u e d , t h e
T h e b a n k s r e p o r t an a c tu a l F e d e ra l R e s e rv u n o t e c ir c u la tio n
I h e figures o f the con solid a ted statem en t for the system as a w hole are given in the follow in g ta b le, and in a d d ition
we present the results tor each o f tho eight p receding w eeks, thus furnishing a useful com p a rison . In the secon d ta ble we
A q ° n n t C d o o n ° t s /th o third ta bleT oh
ft°r ? aoh ? f tf},° tw olve F ederal R eserve banks. T h e statem en t o f Federal R eserve
A gen ts A ocou u ts (tho t“ 1^ 1
fu ^ew u ig) g ives dotails regarding the tran saction s in Federal R eserve n otes betw een the
C om p troller and tho R eserve A gen ts an d betw een the latter an d the F ederal R eserve banks.
C
o m b in e d
R
e so u r c e s
a n d
L
ia b il it ie s
o f
t h e
F
e d e r a l
R
e se r v e
B
a n k s
a t
t h e
C
lo se
o f
B
u s in e s s
J
u n e
1
1917.
June 1 1917. Map 25 1917 Mav 18 1917. May 11 1917. May 4 1917. Apr. 27 1917
Apr. 20 1917 Apr. 13 1917 Apr. 5-6 ’ 17.
RESOURCES.
Gold coin and certificates In vault--------------Gold settlement fund____________________
Gold redemption fund with U. S. Treasurer..
Total gold reserve___________________
Legal tender notes, sliver, A c..___________
Total reserve________________________
6% redemption fund against F.’r ! bank notes
Bills discounted—Members
...... ........
Bills bought In open market........... ! ! .............
United States bonds..........! ! ! ! ! ! ! ! ________
One-year U. 8. Treasury notes
! ! ___
U. 8. certificates of Indebtedness!’ ! ! ! ! ! ____
Municipal warrants___________ ~____ _____
Total earning assets_________________
Federal Rcservo notes—Not..
Duo from other Federal Reserve banks—Net’
Unoollcoted Items_______________
*’
A ll other resources____ ____ ! ! ! ! ! ! ! ! ! ! ! _ ! !
T ota l
rcsouroes____________
$29 9,2 2 5 ,0 0 0 $33 4,2 6 5 ,0 0 0 $ 3 5 0,26 9,0 00 $ 3 3 6,84 1,0 00 S 33 6.1 18.0 00 $ 3 1 1,79 8,0 00
$ 3 3 0,15 2,0 00 $ 3 3 8,36 9,0 00 $ 3 6 2 ,4 7 2 ,0 0 0
187,550 ,00 0 183,590 ,00 0 187,909 ,00 0 2 2 1 ,759 ,00 0 218 ,910 ,00 0
207 ,9 2 0 ,0 0 0 206 ,8 3 0 ,0 0 0 198,271.000 200 .1 2 5 ,0 0 0
3,0 5 3 ,0 0 0
2 ,9 0 5 ,0 0 0
2,7 5 4 ,0 0 0
2 ,6 8 7 ,0 0 0
2 ,6 6 9,000
2,5 1 8 .0 0 0
2 .6 5 1.000
2.4 3 4 .0 0 0
2 .5 0 5 ,0 0 0
$48 9,83 4,0 00 $ 5 2 0 ,7 6 0 ,0 0 0 S 54 0,9 92,0 00 S 5 6 1.287,000 $ 5 5 7,69 7,0 00 $ 5 2 2,23 6,0 00
$ 5 3 9,63 3,0 00 $ 5 3 9,07 4,0 00 $56 5 ,1 0 2 ,0 0 0
3 6 ,6 2 4 ,0 0 0
3 6 ,8 9 2 ,0 0 0
2 7 ,4 4 2 ,0 0 0
3 6 ,1 4 9 ,0 0 0
3 9 ,4 15,000
3 0 ,3 4 0 ,0 0 0
2 4 ,4 0 2 ,0 0 0
2 1 .1 36.000
1 9 .1 10.000
$ 5 2 6,45 8,0 00 $ 5 5 7 ,6 5 2 ,0 0 0 $ 5 6 8,43 4,0 00 $59 7,43 6,0 00 $ 5 9 7,11 2,0 00 $55 2 ,5 7 6 ,0 0 0
$ 5 6 4 ,0 9 5 ,0 0 0 $56 0,21 0,0 00 $ 5 8 4 ,2 1 2 ,0 0 0
400 ,000
40 0 ,0 0 0
4 0 0 ,000
400 ,000
400 ,000
400 ,000
4 0 0 ,000
400,000
4 0 0 .000
$ 5 0 ,854 ,00 0
116,100,000
3 6 .3 8 7 .0 0 0
2 3 .3 3 8 .0 0 0
5 4 .1 5 7 .0 0 0
13.912.000
$ 4 7 ,5 8 7 ,0 0 0
1 0 7 ,377 ,00 0
3 6 .5 1 3 .0 0 0
2 3 .3 3 8 .0 0 0
5 7 .8 0 7 .0 0 0
1 4 .0 7 5 .0 0 0
$44 ,8 4 6 ,0 0 0
100,177 ,00 0
3 6 .3 8 3 .0 0 0
23.3 3 8 .0 0 0
5 4 .6 6 6 .0 0 0
14.639.000
$ 3 9 ,534 ,00 0
97.1 5 5 .0 0 0
3 6 .2 22.000
2 3 .4 50.000
5 8 .0 89.000
14.688.000
$35 ,9 1 6 ,0 0 0
8 3 .8 71.000
3 6 .2 2 2 .0 0 0
2 3 .4 50.000
6 4 .5 97.000
14.755.000
$ 3 5 ,0 4 3 ,0 0 0
7 1 .4 0 0 .0 0 0
3 6 .2 2 3 .0 0 0
2 3 .4 5 0 .0 0 0
5 8 .1 4 5 .0 0 0
14.999.000
$29 ,7 3 7 ,0 0 0
7 2 .9 2 5 .0 0 0
36.2 1 5 .0 0 0
23.3 6 0 .0 0 0
50.0 0 0 ,0 0 0
15.163.000
$22 ,009 ,00 0
80.6 0 4 .0 0 0
36.2 1 8 .0 0 0
23.3 7 0 .0 0 0
5 0 .0 0 0 .0 0 0
15.212.000
$ 1 7 ,9 2 8 ,0 0 0
8 2 .7 3 5 .0 0 0
3 6 .6 2 9 .0 0 0
2 3 .0 4 2 .0 0 0
5 0 ,0 0 0 ,0 0 0
1 5 .2 07.000
$294,74 8,0 00 $ 2 8 7 ,2 9 7 ,0 0 0 $ 2 7 4,05 2,0 00 $26 9,13 8,0 00 $25 8,8 1 1 ,0 0 0
$23 9,2 6 0 ,0 0 0 $22 7,40 0,0 00 $ 2 2 7,41 3,0 00 $22 5,5 4 1 ,0 0 0
29,8 7 8 ,0 0 0
3.6 7 7 .0 0 0
177,092,000
6.0 5 6 .0 0 0
2 8 .4 1 0 .0 0 0
1 0 .6 41.000
3 2 8 ,7 7 9 ,0 0 0
6 ,4 2 4 ,0 0 0
$ 2 6 ,458 ,00 0
3.0 5 7 .0 0 0
192,830 ,00 0
5.9 8 1 .0 0 0
$ 2 4 ,080 ,00 0
1.345.000
310 ,6 8 5 ,0 0 0
6.0 7 8 .0 0 0
$23 ,5 6 1 ,0 0 0
5.2 4 3 .0 0 0
184 ,639 ,00 0
5.4 1 2 .0 0 0
$20 ,6 2 2 ,0 0 0
132.000
204 .8 4 2 ,0 0 0
5,7 5 7 .0 0 0
$ 2 0 ,6 4 0 ,0 0 0
2 .4 7 3.000
166,966,000
4.7 7 0 .0 0 0
$ 2 2 ,0 0 1 ,0 0 0
1.071.000
169,184 ,00 0
4.6 1 0 .0 0 0
$ 1 6 ,2 3 5 ,0 0 0
3 .4 1 2 .0 0 0
1 4 6 ,422 ,00 0
4 .9 0 9 .0 0 0
1038,309,000 1 1219603 000 1155,673,000 1209,16 2,0 00 1075,17 8,0 00 102 3.589,000 $ 9 8 6,74 4,0 00
$ 9 8 4,88 9,0 00 $98 1 ,1 3 1 ,0 0 0
[VOL. 104
THE CHRONICLE
3320
Apr. 13 1917 A p r . 6 -6 1 9 1 7
June 1 1917. May 2 5 1917. May 18 1917. May 11 1917. May 4 1917. Apr. 27 1917 Apr. 20 1917
LIABILITIES.
G o v e rn m e n t d e p o s it s -------------------------------------------D u e t o m om b ers— R e se rv e a c c o u n t . . ...........—
M e m b e r b a n k d e p osits— N e t -----------------------------F e d e ra l R e s e r v e n otes— N e t -------------------------------F e d e ra l R e s e r v e b a n k n o t e lia b ility -----------------A ll o th e r lia b ilities...........................................................
5 5 6 ,1 0 0 ,0 0 0
$ 5 6 ,9 8 5 ,0 0 0
9 6 ,4 2 7 ,0 0 0
7 2 1 ,1 4 6 ,0 0 0
$ 5 6 ,9 9 1 ,0 0 0
t 7 6 , 114,000
8 1 3 ,3 2 6 ,0 0 0
$ 5 6 ,8 6 8 ,0 0 0
1 8 7 .127 .00 0
7 4 8 .4 9 9 .0 0 0
$ 5 6 ,8 5 9 ,0 0 0
2 4 2 .4 2 1 .0 0 0
740 .7 2 6 .0 0 0
$ 5 6 ,8 5 9 ,0 0 0
107 .868 .00 0
743 .1 4 3 .0 0 0
$ 5 6 ,4 0 9 ,0 0 0
9 9 ,6 8 9 ,0 0 0
7 1 9 ,7 8 5 ,0 0 0
$ 5 6 ,4 1 1 ,0 0 0
4 1 ,9 8 8 ,0 0 0
7 4 2 ,5 8 4 ,0 0 0
$ 5 6 ,4 0 8 ,0 0 0
4 2 ,2 4 7 ,0 0 0
7 4 1 ,5 4 2 ,0 0 0
7 5 8 .2 1 9 ,0 0 0
1 3 4 ,142 ,00 0
2 7 ,7 7 0 ,0 0 0
170 ,1 5 1 .0 0 0
2 6 ,2 0 1 ,0 0 0
136 ,7 5 0 ,0 0 0
2 4 ,6 4 8 ,0 0 0
1 3 4 ,447 ,00 0
2 3 ,9 7 5 ,0 0 0
1 2 2 ,761 ,00 0
1 8,974,000
1 2 9 ,032 ,00 0
18,2 2 6 ,0 0 0
1 2 8 ,850 ,00 0
1 6 ,4 5 9 ,0 0 0
1 3 1 ,064 ,00 0
1 3 ,0 1 4 ,0 0 0
1 0 5 ,436 ,00 0
1 4 ,2 9 5 .0 0 0
1,8 3 3 ,0 0 0
7 6 ,8 2 0 ,0 0 0
1 ,7 8 1,000
1 0 ,7 34,000
2 5 ,5 7 3 ,0 0 0
44 8 ,0 0 0
44 6 ,0 0 0
61 4 ,0 0 0
62 0 ,0 0 0
$ 9 8 6 ,7 4 4 ,0 0 0 $98 4 ,8 8 9 ,0 0 0 $ 9 8 1 ,1 3 1 ,0 0 0
103 8,30 9,0 00 1-1219603 000 115 5,67 3,0 00 120 9,16 2,0 00 1075,17 8,0 00 102 3,58 9,0 00
7 3 .0 %
7 1 .2 %
7 1 .0 %
6
8
.0
%
6
7
.4
%
6
6
.9
%
6
6
.2
%
6
3
.3
%
0 1 .3 %
G o ld reserve a g ’ st n et d e p . & n o te lia b ilit ie s ..
7 6 .4 %
7 3 .9 %
7 4 .2 %
7 2 .1 %
7 2 .5 %
7 1 .2 %
6 9 .5 %
6 7 .8 %
6 5 .8 %
C a sh reserve a g ’ st n et d e p . & n o te l ia b ilit ie s ..
C a sh reserve a g a in st n e t d o p o s lt liab ilities after
se ttin g asid e 4 0 % g o ld reserve ag a in st a g
g reg a te n ot liab ilities o n F . R . n o te s In
7 6 .1 %
. 7 4 .5 %
7 4 .9 %
7 3 .3 %
7 2 .9 %
7 2 .1 %
7 0 .4 %
6 8 .7 %
6 6 .8 %
Distribution by Maturities—
1-15 d a y s b ills d is co u n te d a n d b o u g h t . . .
10-30 d a y s b ills d is co u n te d an d b o u g h t —
3 1 -0 0 d a y s b ills d isco u n te d a n d b o u g h t —
61-9 0 d a y s b ills d isco u n te d a n d b o u g h t —
O v e r 90 d a y s b ills d isco u n te d an d b o u g h t .
O v e r 90 d a y s m u n icip a l w a rra n ts --------------
$ 4 7 ,4 6 3 ,0 0 0
11,4 4 3 ,0 0 0
2 3 ,7 7 6 ,0 0 0
8 1 ,000
5 7 ,4 0 7 ,0 0 0
1,069,000
3 4 ,9 7 1 ,0 0 0
2 7 3 ,000
3 .3 3 7 .0 0 0
1 .0 1 6.000
$ 4 3 ,8 4 4 ,0 0 0
8 ,7 0 1 ,0 0 0
2 2 ,3 7 0 .0 0 0
3 ,5 3 3 ,0 0 0
6 0 ,8 0 8 ,0 0 0
3 5 9 ,0 0 0
3 5 .1 4 5 ,0 0 0
1,0 3 6 ,0 0 0
2 .7 9 7 .0 0 0
1.0 4 6 .0 0 0
$ 4 0 ,4 9 6 ,0 0 0
773 ,000
2 4 .0 2 8 .0 0 0
1 1 .4 34.000
4 4 ,2 0 4 ,0 0 0
107,000
3 3 ,8 4 9 ,0 0 0
1,289,000
2 .4 4 6 .0 0 0
1.0 3 6 .0 0 0
$ 3 8 ,8 5 0 ,0 0 0
5 4 ,000
2 2 ,1 5 3 ,0 0 0
9 ,1 5 3 ,0 0 0
3 7 ,4 4 2 ,0 0 0
3,0 5 8 ,0 0 0
3 6 ,3 7 8 ,0 0 0
1,3 3 6 ,0 0 0
1,8 6 6 ,0 0 0
1,0 8 7 ,0 0 0
$ 3 8 ,0 2 1 ,0 0 0
3 9 2 ,000
2 0 ,9 0 0 ,0 0 0
2 ,0 8 8 ,0 0 0
2 9 .6 2 0 .0 0 0
1 0.325.000
1 6 ,7 35,000
3 5 5 ,000
1 .167.000
1.8 3 9 .0 0 0
$41 ,0 3 8 ,0 0 0
119,000
18,3 9 7 ,0 0 0
772 ,000
3 4 .7 4 1 .0 0 0
1 1.441.000
2 4 ,1 0 7 ,0 0 0
1 ,321,000
1 .504.000
1 .102.000
$ 3 6 ,5 5 5 ,0 0 0
5 2 0 .0 0 0
2 4 .4 6 2 .0 0 0
2 .1 5 3 .0 0 0
2 6 .5 2 9 .0 0 0
9 .9 7 3 .0 0 0
1 4 .1 0 2 .0 0 0
5 3 1 .000
1 .014.000
1 .986.000
$ 4 0 ,7 4 5 ,0 0 0
3 4 5 .000
2 1 .5 4 3 .0 0 0
2 9 2 .0 0 0
2 6 .0 3 8 .0 0 0
1 2 .2 32.000
1 3 .3 6 7 .0 0 0
2 ,0 0 0
92 0 .0 0 0
2 ,3 4 1 ,0 0 0
$ 3 4 ,4 3 3 ,0 0 0
5 2 ,000
2 2 .6 3 1 .0 0 0
51 9 .0 0 0
2 9 .7 4 4 .0 0 0
7 .7 2 0 .0 0 0
1 3 .0 7 3 .0 0 0
4 .5 7 4 .0 0 0
7 8 2 .000
2 .3 4 2 .0 0 0
Federal Reserve Notes—
$47 0 ,4 0 1 ,0 0 0 $ 4 5 8,87 4,0 00 $ 4 4 6 ,5 4 4 ,0 0 0 $ 4 4 0 ,5 3 9 ,0 0 0 $43 1,7 8 9 ,0 0 0 $ 4 0 0 ,6 9 8 ,0 0 0
Issu ed t o tho b a n k s-------------------------------------- $ 4 9 9 ,8 4 4 ,0 0 0 $ 4 8 8 ,0 8 8 ,0 0 0 $ 4 7 8 ,9 0 6 ,0 0 0
2 4 ,1 8 8 ,0 0 0
2 9 ;9 7 9 ,0 0 0
2 6 ,1 8 2 ,0 0 0
2 6 ,0 3 5 ,0 0 0
3 0 ,3 7 2 ,0 0 0
3 2 ,1 8 3 ,0 0 0
3 2 ,4 0 5 ,0 0 0
3 3 ,6 8 6 ,0 0 0
3 4 ,9 7 9 ,0 0 0
H e ld b y b a n k s .......................................................
$37
6 ,5 1 0 ,0 0 0
$40
1,8
0
9
,0
0
0
$41
4
,3
5
7
,0
0
0
$42 8 ,5 0 2 ,0 0 0 $42 0,5 0 9 ,0 0 0
I n olro u la tlo n ............... .......................................... $46 4 ,8 6 5 ,0 0 0 $ 4 5 4 ,4 0 2 ,0 0 0 $44 6 ,5 0 1 ,0 0 0 $43 8 ,2 1 8 ,0 0 0
$ 3 7 8 ,4 5 0 ,0 0 0
$
4
1
0
,7
9
6
,0
0
0
$
4
1
8
,5
3
8
,0
0
0
$42
2
,9
0
5
,0
0
0
$
4
3
3,08
9,0
00
$
4
3
8
,3
2
3
,0
0
0
$ 4 6 6,96 9,0 00 $ 4 5 6 ,6 1 1 ,0 0 0 $44 8,3 1 1 ,0 0 0
Federal Reserve Notes (Agents Accounts) —
$ 7 0 8 ,5 2 0 ,0 0 0 $69 6,5 4 0 ,0 0 0 $ 6 6 7 ,0 6 0 ,0 0 0
$81 9 ,5 2 0 ,0 0 0 $ 8 1 0 ,6 8 0 ,0 0 0 $77 8 ,4 4 0 ,0 0 0 $76 1 ,0 6 0 ,0 0 0 $74 7 ,5 8 0 ,0 0 0 $72 4,2 0 0 ,0 0 0
135 ,902 ,00 0 1 3 2 ,292 ,00 0 1 3 0 ,248 ,00 0
146 ,085 ,00 0 1 4 4 ,7 1 1 ,0 0 0 142 ,918 ,00 0 141 ,523 ,00 0 139,325,000 1 3 7 ,725 ,00 0
$
5
7 2 ,6 1 8 ,0 0 0 $56 4 ,2 4 8 ,0 0 0 $ 5 3 6 ,8 1 2 ,0 0 0
$61 9,5 3 7 ,0 0 0 $60 8 ,2 5 5 ,0 0 0 $ 5 8 6,47 5,0 00
A m o u n t ch a rg ea b le t o A g e n t -------------- $67 3 ,4 3 5 ,0 0 0 $ 6 6 5 ,9 6 9 ,0 0 0 $63 5,5 2 2 ,0 0 0
132 ,079 ,00 0 132,459 ,00 0 136 ,114 ,00 0
173 ,591 ,00 0 1 7 7 ,8 8 1 ,0 0 0 156 ,616 ,00 0 149 ,136 ,00 0 149,381 ,00 0 139 ,931 ,00 0
R e tu r n e d t o th e C o m p t r o lle r ............... .........
$ 4 0 0 ,6 9 8 ,0 0 0
$ 4 5 8,87 4,0 00 $ 4 4 6,54 4,0 00 $ 4 4 0 ,5 3 9 ,0 0 0 $43 1,7 8 8 ,0 0 0
Issu ed t o F ed era l R e s o r v e b a n k s ------- $49 9 ,8 4 4 ,0 0 0 $48 8,0 8 8 ,0 0 0 $47 8 ,9 0 6 ,0 0 0 $47 0 ,4 0 1 ,0 0 0
Bow Secured—
$23 4,5 7 3 ,0 0 0
$25 8,8 8 5 ,0 0 0 $25 3,9 4 4 ,0 0 0 $ 2 5 2 ,1 9 4 ,0 0 0 $ 2 4 8 ,3 1 3 ,0 0 0
B y g o ld c o in an d c e r tific a te s ---------------------- $27 1,3 6 5 ,0 0 0 $ 2 6 4,46 8,0 00 $26 4,6 3 5 ,0 0 0 $ 2 6 1 ,0 2 5 ,0 0 0
2 2 , 253’,000
20,098’,
666
2
2
,0
01,000
2 3 .6 3 9 .0 0 0
2 5 .7 8 5 .0 0 0
3 2 .0 7 8 .0 0 0
3 0 .5 9 5 .0 0 0
3 1 .4 7 7 .0 0 0
3 2 .8 7 5 .0 0 0
17,6 9 7 ,0 0 0
B y co m m e rcia l p a p e r...................................—
1 8 ,5 83,000
18,644,000
2 0 .9 31.000
2 0 .6 3 4 .0 0 0
2 1 .0 2 8 .0 0 0
2 3 .2 3 3 .0 0 0
2 0 .5 96.000
2 3 .3 1 4 .0 0 0
C re d it b a la n ces In g o ld r ed em p tion f u n d . .
1 2 6 ,180 ,00 0
143
,900
,00
0
147,700,000
148,030
.00
0
153,570
,00
0
156 ,270 ,00 0
C r e d it b a la n ces w ith F ed era l R e s e rv e B 'd . 1 7 2 ,290 ,00 0 1 6 8 ,910 ,00 0 163,080 ,00 0
$ 4 3 1,79 4,0 00 $ 4 0 0 ,7 0 3 ,0 0 0
$48 8,08 8,0 00 $47 8,90 6,0 00 $47 0 ,4 0 1 ,0 0 0 $45 8 ,8 7 4 ,0 0 0 $44 6,54 4,0 00 $44 0,53 9,0 00
T o t a l .................................................................. $ 4 9 9,84 4,0 00
$ 2 3 ,5 5 4 .0 0
$ 2 7 ,343 ,00 0 $ 2 5 ,9 8 1 ,0 0 0 $23 ,826 ,00 0 $ 2 2 ,594 ,00 0
$
3
2
,7
7
6
,0
0
0
$
3
2
,685
,00
0
$32
,421
,00
0
$
3
4
,4
4
1
,0
0
0
C o m m e rcia l pap er d eliv ered t o F . R . A g e n t ..
,
o jA m o u n t d u e t o o th e r F ed era l R e se rv e b a n k s,
t A m en d ed fig u res.
W E E K L Y S T A T E M E N T o f R E S O U R C E S a n d L I A B I L I T I E S o f E A C H o f t h e 1 2 F E D E R A L R E S E R V E B A N K S a t C L O S E o t B U S I N E S S J U N E 1 *17
Boston.
New York. IPhiladel’a} Cleveland. Richmond. Atlanta.
Chicago. ! St. Louis. Mlnneap. Kan. City.
Dallas.
San Fran.
Total.
$
$
*
$
$
$
$
$
$
$
1
$
1
S
$
RESOURCES.
2 9 9 .2 2 5 .0 0 0
35.239.000 11,791,000 12,286,000 8 ,0 2 9 ,0 0 0 8 .2 7 0 .0 0 0 1 2 .5 0 6 .0 0 0
G o ld ooln & ct fs . In v a u lt 13.563.000 142 ,192 ,00 0 2 2 ,4 7 0 ,0 0 0 1 9 ,7 3 0 ,0 0 0 6 ,8 5 1 ,0 0 0 6 .2 9 8 .0 0 0
187
.556
5
.5
0
0
.0
0
0
5
,7
9
9
,0
0 .00
0 0
2
2
,7
2
8
,0
0
0
3 .5 2 2 .0 0 0 25.116.000 6,8 4 3 ,0 0 0 7 ,9 6 0,000
G o ld settlem en t fu n d ___ 19.753.000 3 7 ,9 7 1 ,0 0 0 !l0 ,6 5 6 .0 0 0 ;2 8 ,306 ,000 13,396,000
3 ,0 5 3 ,0 0 0
122 ,000
4 0 ,000
144,000
353 ,000
715 ,000
2 1 4 ,000
2 4 1 ,000
649 ,000
2 5 0 ,0 0 0
250 ,000 '
2 5 ,000
50,000
G o ld r e d em p tion f u n d . .
1 8,875,000 2 0 ,5 9 9 ,0 0 0 3 0 ,9 0 1 ,0 0 0 1 3 ,8 9 8 ,0 0 0 1 8 ,3 4 5 ,0 0 0 189,834,000
T o t a l g o ld reserv e____ 33,366,000 180 ,413 ,00 0 3 3 .3 7 6 ,0 0 0 4 8,061,000 20,8 9 6 ,0 0 0 10,535,000 6 0,569,000
117,000 3 6 ,6 2 4 ,0 0 0
7,0 0 0 1,256,000]
2 9 2 ,000
198,000 1 ,000,000 1 ,525,000 1,2 5 1 ,0 0 0
182,000
3 80 ,000
3 82 ,000 3 0 ,0 3 4 ,0 0 0
L eg a l-ten .n otes ,sllv . ,& o .
2 0 ,1 2 6 ,0 0 0 2 0 ,8 9 1 ,0 0 0 3 0 ,9 0 8 ,0 0 0 15, 1 5 4 ,000| 18,462,000 5 2 6 ,458 ,00 0
T o t a l reserv e_________ 33,748,000 210 ,4 4 7 ,0 0 0 3 3 ,7 5 6 ,0 0 0 4 8 ,2 4 3 ,0 0 0 2 1 ,0 9 4 ,0 0 0 11,535,000 6 2 ,0 9 4 ,0 0 0
5 % re d e m p . fu n d — F . R .
3 0 0 ,000
T o t a l b ills on h a n d . . . 18,479,000
530 .000
U n ited S ta tes b o n d s —
O n e -y r . T r e a s u r y n o t e s . 2 ,1 9 4 ,0 0 0
U S ce rtfs .o f Indebtedness 3,0 0 0 ,0 0 0
127.000
M u n lolp a t w a rra n ts-----T o t a l earning a s s e t s .. 2 4 ,3 3 0 ,0 0 0
F e d . R e s ’ v e n otes— N e t 2 .7 7 4 .0 0 0
D u e fro m oth er F ederal
R e s e r v e ban ks— N e t . 2 .5 9 6 .0 0 0
U n c o lle c te d Item s---------- 1 6,318,000
16,000
A ll o th e r resou rces--------
100,000
.............
4 00 ,000
9 .2 0 9 .0 0 0
5 .2 3 7 .0 0 0
3 .4 2 4 .0 0 0 2 ,5 0 6 ,0 0 0 4 .4 5 3 .0 0 0
2 .1 3 9 .0 0 0 1 5,890,000 5 .7 7 9 .0 0 0
5.2 2 3 .0 0 0
1 .758.000
3 .9 4 1 .0 0 0
4 .5 4 0 .0 0 0
3 ,3 5 7 ,0 0 0
7 4 2 ,000 5 0 ,8 5 4 ,0 0 0
8 8 0 ,000| 10,321,000 116,100 ,00 0
3 7 ,3 0 2 ,0 0 0 1 8,527,000 13,247,000 14,446,000
5,5 6 3 ,0 0 0 18,396,000 1 0,232,000
6 ,9 8 1,000
8 ,4 8 1 ,0 0 0
4,237,00o[ll,063,000 166 ,954 ,00 0
B ills:
1 ,161,000 7,0 9 9 ,0 0 0 2 ,9 1 6 ,0 0 0
D is c o u n t e d —M em b ers 6 ,8 2 3 ,0 0 0
B o u g h t In o p e n m k t - 1 1,656,000 3 6 ,1 4 1 ,0 0 0 11,428,000 10,331,000
54 9 ,0 0 0 5 ,8 4 4 ,0 0 0
1 .3 0 6.000
2 .7 8 8 .0 0 0 2 .5 4 8 .0 0 0 1 ,865,000
2 0 ,3 6 1 ,0 0 0 3 .5 0 0 .0 0 0 3,5 0 0 ,0 0 0
4 .5 2 3 .0 0 0 1.4 2 4 .0 0 0 2 ,8 9 3 ,0 0 0
672 ,000 7.0 0 7 .0 0 0
1 .152.000
1.969.000 1 .491.000 2 .9 8 5 .0 0 0
2 ,000,000 2 .5 9 3 .0 0 0 5 .2 4 9 .0 0 0
3 1 ,000 2.1 3 1 .0 0 0
15,000
2.2 3 3 .0 0 0
1 .444.000
2 .5 0 0 .0 0 0
993 ,000
1 .857.000 8 .8 4 2 .0 0 0 3.9 6 6 .0 0 0 2 .4 2 9 .0 0 0 3 6 .3 8 7 .0 0 0
1 .340.000 1 .784.000 1 .430.000 1 .500.000 2 3 .3 3 8 .0 0 0
2 ,000,000 2 .5 0 5 .0 0 0 2.9 0 5 .0 0 0 4 .0 4 4 .0 0 0 5 4 .1 5 7 .0 0 0
786 ,000 13.912.000
4 31 ,000
4 0 6 ,000
152,000
12,969,000 19,822,000 294 ,7 4 8 ,0 0 0
6 6 ,2 8 0 ,0 0 0 2 6 ,5 4 8 ,0 0 0 2 7 ,3 4 9 ,0 0 0 19,582,000 10,350,000 3 5 ,7 6 8 ,0 0 0 17,402,000 12,330,000 2 2 ,0 1 8 ,0 0 0
2.6 5 9 .0 0 0 2 9 .8 7 8 .0 0 0
5.9 1 7 .0 0 0
1.592.000
16.936.000
899 ,000 2.1 2 3 .0 0 0 7.4 3 2 .0 0 0
4 ,9 9 7 ,0 0 0 1.177.000
4 4 .4 9 2 .0 0 0 2 5 ,6 6 0 ,0 0 0 13,698,000 10,647,000 6.3 9 5 .0 0 0 2 3 ,8 8 5 ,0 0 0
781 ,000 1.030.000
4 0 ,000
463 ,000
629 ,000
1,664,000
5.5 9 8 .0 0 0
4 7 2 ,000
901 .000 1.5 2 4 .0 0 0
5 ,7 1 3,000 7.1 4 5 .0 0 0
139,000
118.000
1.848.000 a 3 ,077 ,000
6,0 7 0 ,0 0 0 10,871,000 177.092.000
6,0 5 6 ,0 0 0
264 ,000
4 40 ,000
3 1 ,1 8 4 ,0 0 0 1 3 6 1 2 6 0 0 0 4 3 ,5 9 8 ,0 0 0 3 9,953,000 6 2,034,000 3 5 ,3 3 3 ,0 0 0 5 3 ,9 26,000
T o t a l resou rces----------- 7 9 ,7 8 2 ,0 0 0 3 3 9 ,819 ,00 0 9 1 ,5 9 0 ,0 0 0 9 2 ,5 22,000 5 2 ,2 6 2 ,0 0 0
LIABILITIES.
3.9 4 9 .0 0 0
2 .3 8 8 .0 0 0 7,0 5 7 ,0 0 0 3 ,1 6 8 ,0 0 0 ' 2 ,467,000 3.1 6 5 .0 0 0 2 .7 5 4 .0 0 0
3
.4
3
6
.0
0
0
6
.2
4
8.000
5
.2
6
4.000
12,060,000
5,0
2
9
.0
0
0
C a p ita l paid In_________
2 ,5 2 2 ,0 0 0 3,2 2 9 ,0 0 0 2.9 4 9 .0 0 0 2 .0 9 9 .0 0 0 7.3 2 6 .0 0 0
G o v e rn m e n t d e p o s it s ___ 13.123.000 2 4 .9 89.000 9 .9 9 5.000 5 .975.000 3.4 1 1 .0 0 0 5.2 7 9 .0 0 0 14.930.000
D u e t o m em bers— R e
2 7 ,9 6 7 ,0 0 0 2 8 ,0 7 7 ,0 0 0 4 8,450,000 2 3 ,6 20,000 38,3 7 6 ,0 0 0
serve a c c o u n t _________ 48.8 8 0 .0 0 0 248 ,409 ,00 0 4 9 .2 84.000 66.885.000 2 5 .1 32.000 18,280.000 97.7 8 6 .0 0 0 3.516.000, 3,2 4 3 ,0 0 0 6 .313.000 2.9 5 2 .0 0 0 4.1 4 3 .0 0 0
C o lle c tio n Item s.......... .. 12.572.000 3 4.779.000 23.814.000 13.414.000 9 .7 2 5.000 3 .384.000 16.287.000
_______ 6.132.000, 2 ,917,000 1.157.00U 2.1 4 8 .0 0 0
_______ 10.523.000 1.853.000
3 .046.000
F e d . R e s ’ v e n o te s — N e t
1.160.000
---------29 3 ,0 0 0
............
18 ,367 ’,660
D u e t o F .R .b a n k s — N e t
132*.606
.............
_____
20,000
_______
66',666
35,660
............
187,000
178’,660 1,215,000
A ll o th e r lia b ilities..........
1038309000
5 6 .0 8 5 .0 0 0
9 6 .4 2 7 .0 0 0
721 .1 4 6 .0 0 0
134.142 .00 0
2 7 .7 7 6 .0 0 0
1 ,833,000
31,184,000 136126000 4 3 ,5 9 8 ,0 0 0 39,953,000 62,034,000 35,333,000 5 3,926,000 1038309000
T o t a l lia b ilities_______ 79,782,000 339,819,000 91,590,000 92,522,000 52,262,000
Federal Reserve Notes—
499 ,8 4 4 ,0 0 0
18,879,000 55,547,000 17,368,000 23,350,000 25,760,001 19,753,000,22,843,000
16,864,000
28,293,000
2
4
,1
2
1
,0
0
0
2
1
2
,7
6
3
,0
0
0
3
4
,3
0
3
.0
0
0
Issu ed t o b a n k s ---------127,000| 2 ,661,000 3 4 ,9 7 9 ,0 0 0
552,000 ]
893,000
418,000 |5,917,001 1 ,495,000
750,000
864,000 1,592,000
H e ld b y b a n k s ________ 2 ,7 7 4 ,0 0 0 16,936,000|464,805,000
1 8 ,4 6 1 ,000|49,630,000 1 5,873.000 22,457,000 25,208,000] 1 9 ,6 2 6 ,0 0 0 ,2 0 ,1 8 2 ,00C
F . R . n otes In circulation 2 1 ,3 4 7 ,0 0 0 195,827 ,00 0 33,439,000>26,701,000 16,114,000
G o ld a n d law fu l m onoy ---------------------------------------1----------------9 ,7 4 1 ,0 0 0 19,540,000 2 4 ,0 5 1 ,0 0 0 1 7 ,4 7 8 ,0 0 0 2 2 ,8 4 3 ,0 0 0 4 6 6 .969 .00 0
1 6,608,0 0 0 '55,547.000
w ith A g e n t ____________ 2 4 ,1 2 1 ,0 0 0 212 ,7 6 3 ,0 0 0 3 0 ,3 9 3 ,0 0 1 > 28,293,000 5,591,000
a D iffe r e n c e betw een n e t a m ou n ts d u e fro m an d n et am ou n ts d u e t o o th e r F ed era l R esorv e b a n k s.
STATEM EN T
Boston.
OF
FEDERAL
RESERVE
AQENTS* AC CO U N TS
New York. Philadel’a. Cleveland. Richmond. Atlanta.
Chicago.
JU N E
1 1917.
St. Louis. Mlnneap. Kan. City.
Dallas.
San Fran.
Total.
$
$
S
$
$
S
$
$
$
3
$
$
$
F ed era l R e se rv e N o te s —
6 7 ,5 0 0 ,0 0 0 2 5 ,7 4 0 ,0 0 0 3 4 ,6 4 0 ,0 0 0 4 0 ,7 2 0 ,0 0 0 3 6 ,9 2 0 ,0 0 0 2 6 ,0 6 0 ,0 0 0 819 .5 2 0 .0 0 0
R e o ’ d fro m C o m p tro lr 39.6 8 0 .0 0 0 3 8 3 ,4 4 0 ,0 0 0 5 7 ,3 4 0 ,0 0 0 4 1 ,0 00,000 3 0 .1 0 0 .0 0 0 3 6 ,3 8 0 ,0 0 0
156 .085 .00 0
2 ,2 5 3 ,0 0 0 5,1 1 2 ,0 0 0 5,6 0 0 ,0 0 0 6,6 2 0 ,0 0 0 8 ,6 8 1 ,0 0 0 3 ,2 1 7 ,0 0 0
6
,2
9
6
,0
0
0
10.556.000
5
,6
6
7
,0
0
0
8,6
9
7
,0
0
0
73,0
7
7
,0
0
0
10.309.000
R e tu rn e d t o C o m p tro l
673 .4 3 5 .0 0 0
3 0 ,0 8 4 ,000|65,2 4 7 ,000 2 0 ,6 2 8 ,0 0 0 2 9 ,0 4 0 ,0 0 0 3 4 ,1 0 0 ,0 0 0 2 8 ,2 3 9 ,0 0 0 22,8 4 3 ,0 0 0
C h a rg ea b lo t o A g e n t ------ 2 9 ,3 7 1 ,0 0 0 3 1 0 ,363 ,00 0 4 8 ,6 4 3 ,0 0 0 3 5 ,3 3 3 ,0 0 0 1 9,544,000
173.591.000
8,4 8 0 ,0 0 0
8
,3
4
0
,0
0
0
5
,6
9
0,000
3,2
6
0
,0
0
0
I n h an ds o f F .R .A g e n t 5,2 5 0 ,0 0 0 9 7 ,6 0 0 ,0 0 0 14,340,000 7,0 1 0 ,0 0 0 2 ,6 8 0 ,0 0 0
2 5 ,7 6 0 ,0 0 0 19,753,000 2 2 ,8 4 3 ,0 0 0 499 .8 4 4 ,0 0 0
2
3
,3
5
0
,0
0
0
17,368,000
18,879
,OOoj55,547,000
16,864,000
2
8
,2
9
3
,0
0
0
Issued t o F . R . b a n k . 2 4 ,1 2 1 ,0 0 0 212 ,7 0 3 ,0 0 0 3 4 ,3 0 3 ,0 0 0
H e ld b y F . R . A g e n t—
271 .3 6 5 .0 0 0
2 .8 9 6 .0 0 0
...........- 3 .3 6 5 .0 0 0 13,918,000 2.3 7 0 .0 0 0 11,110,000
G o ld co in & c e r tfs ____ 2 0 ,8 1 0 ,0 0 0 202 ,3 3 8 ,0 0 0 3 .7 3 0 .0 0 0 10,828,000
1 ,083.000 2 3 .3 1 4 .0 0 0
C r e d it b alan ces:
1,008,000
1
.621.000
1
,102,000
626 ,000
597 ,000
5 91 ,000 1 .6 3 2 .0001
I n g o ld r ed em p tion f ’d 1 ,311,000 10,425,000 1 .853.000 1 ,465,000
4 .5 2 0 .0 0 0 2 0 ,0 6 0 ,0 0 0 5.3 6 0 .0 0 0 2 1 .7 6 0 ,0 0 0 172.290 .00 0
2 4 ,8 1 0 ,0 0 0 16,000,000 5,0 0 0 ,0 0 0 12,080,000-54,950,000 5.7 5 0 .0 0 0
W ith F . R . B o a r d ____ 2 ,0 0 0 ,0 0 0
3 2 .8 7 5 .0 0 0
N o te s secu red b y c o m
2 .2 7 5 .0 0 0
11,273,000 Z,271,UUU
- .......... 7.6 2 7 .0 0 0 3.8 1 0 .0 0 0 1 ,709,000
____
_______ 3,9 1 0 ,0 0 0
m ercia l p a p e r ...............
499
,8 4 4 ,0 0 0
2
2
,8
4
3
,0
0
0
19,753,000
2
5
,7
0
0
,0
0
0
2
3
,3
5
0
,0
0
0
1 8 ,8 7 9 .0 0 0 5 5 ,5 4 7 ,0 0 0 17,368,000
T o t a l ........................... 2 4 ,1 2 1 ,0 0 0 212 ,7 6 3 ,0 0 0 34,3 0 3 ,0 0 0 2 8 ,2 9 3 ,0 0 0 16,864,000
A m o u n t o f c o m m 'l paper
d eliv ered t o F . R . A g ’ t
_______
3,9 1 8 ,0 0 0
12,086,000
2,2 7 6 ,0 0 0
—
7 ,6 3 5,000
3 ,8 1 0 .0 0 0
1.892,000
2 ,8 2 4 .0 0 0
3 4 ,4 4 1 .0 0 0
THE CHRONICLE
J une 9 1917.]
2331
Statement of New York City Clearing House Banks and Trust Companies.—The following detailed statement
shows the condition of tko Now York City Clearing House members for the week ending June 2 .
The figures for the
separate banks are the averagos of the daily results. In the case of the totals, actual figures at end of the week are also
given. In order to furnish a comparison, wo have inserted the totals of actual condition for each of the three groups and
also the grand aggregates for the threo preceding wooks.
____________________ N E W
CLEARING HOUSE
Net
Capital.
MEMBERS.
Profits.
Week Ending
June 2 1917.
/Nat. B'ks May 1\
IStateB’ks Feb. 28/
(00* omitted.)
YORK
Loans,
Discounts,
Investm'ts,
ifcC.
W EEKLY
Cold.
Average.
Average.
Members of Federal
S
$
Reserve Bank.
5
$
Bank of N. Y., N.B.A. 2,000,0 5,056,0 37,996,0 2,533,0
002,0
Moronants’ Nat. Bank. 2,000,0 2,474,1 19,831,0
Meoh. & Motals Nat-- 6,000,0 10,148,5 128,110,0 21,793,0
National City Bank— 25,000,0 c44,253,5 459,900,0 46,805,0
809,0
Chemical Nat. Bank... 3,000,0 8,442,1 41,571,0
1,000.0
846,5 14,759,0
888,0
300,0
74,5
2,285,0
75,0
Amer. Exch. Nat. Bank 5,000.0 5,115,5 88,583,0 4,732,0
Nat. Bank of Commerce 25,000,0 19,850,5 267,144,0 12,993,0
3,500,0
2,233.9
08,402,0 4,975,0
Chatham & Phenlx Nat.
Hanover National Bank 3,000,0 16,482,4 145,558,0 25,402,0
2,550,0 2,521,0 29,522,0
929,0
1,000,0
2,077,1 11,163,0
Market & Fulton Nat..
751,0
Corn Exchange Bank.. 3,500,0 7,294,2 109,725,0 8,367,0
Importers’ &Traders’.. 1,500,0 7,747,2 33,491,0 1,038,0
Nailonal Park Bank__ 5,000,0 16,192,6 160,467,0 15,839,0
East River Nat. Bank.
250,0
77,8
2,398,0
07,0
Second National Bank. 1,000,0 3,545,0 19,257,0 1,116,0
First National Bank__ 10,000,0 26,285,0 171,076,0 30,977,0
Irving National Bank.. 4,000,0 4,298,4 82,406,0 7,237,0
N.Y.County Nat. Bank
600,0 1,247,5 11,411,0
935,0
Chaso National Bank.. 10,000,0 13,197,8 248,583,0 20,210,0
Lincoln National Bank. 1,000,0 1,983,0 17,401,0 1,905,0
Garfield National Bank 1,000,0 1,325,4 10,379,0
900,0
Fifth National Bank...
250,0
413,7
0,057,0
213,0
Seaboard Nat. Bank__ 1,000,0 3,120,4 40,803,0 2,002,0
Liberty National Bank. 1,000.0 3,856,2 60.604,0 4,025,0
827,5 11,543,0
485,0
Coal & Iron Nat. Bank. 1,000,0
510,0
Union Exohango Nat.. 1,000,0 1.131,0 12,791,0
1,000,0 1,136,5 11,507,0
369,0
Broadway Trust Co__ 1,500,0 1,050,0 23,810,0 1.735,0
Totals, avgo. for week 123,850,0 214,306,6 2,354,553,0 227,433,0
2,348,917,0 238,872,0
Totals, aotual condition Juno 2
2,337,011.0 193,288,0
Totals, actual condition May 20
2,300,204,0 210,104,0
Totals, actual condition May 19
Totals, aotual condition May 12 ........ 2,273,001,0 219,414,0
C L E A R IN G
Legal
Tenders.
Sllcer.
Average.
Average.
S
825,0
180,0
650,0
3,424,0
636,0
141,0
45,0
1,557,0
2,903,0
772,0
1,354,0
182,0
317,0
974,0
1,405,0
599,0
33,0
197,0
541,0
843,0
129,0
6 ,0 1 2 ;o
601,0
221,0
154,0
928,0
342,0
220,0
198,0
100,0
306,0
26,855,0
26,564,0
26,462,0
32,480,0
25,906,0
$
123,0
569,0
3,908,0
2,124,0
743,0
299,0
44,0
693,0
1,283,0
1,757,0
1,395,0
1,246,0
284,0
2,953,0
362,0
1,027,0
138,0
479,0
2,110,0
2,643,0
236,0
3,204,0
169,0
386,0
286,0
941,0
198,0
1983)
538.0
388,0
768,0
31,492,0
30,949,0
31.500,0
31,799,0
33,820,0
H O U SE
RETURN.
Nat .Bank Nat .Bank
Federal
Notes
Notes
[Reserve
Reserve
[Not
Notes
for State Counted
Institu
[Not
as
tions].
Reserve]. ReserveJ.
Average.
$
Average.
$
3,0
30,0
87,0
138,0
45,0
28,0
4,0
160,0
11,0
421,0
29,0
23,0
63,0
615,0
1.0
89,0
1,0
25,0
3,0
7.0
95,0
62,0
195,0
19,0
18,0
18,0
15,0
2,0
17,0
41,0
52 .0
........
____
........
2,307,0
2,458,0
2,214,0
2,448,0
2,383,0
Average.
$
Reserve
with
Legal
Deposi
taries.
A d d it’al
Deposits
with
Legal
Deposi
taries.
Average. Average.
Net
Demand
Deposits.
Average.
National
Net
Bank
Time
Circula
Deposits.
tion.
Average.
Average.
$
$
i
S
$
33,103,0 1,585,0
789,0
3,0 3,026,0
43,0 1,561,0
215,0 1,840,0
15,925,0
128,0 15,331,0
143,122,0 4,805,0 3,774,0
473,499,0 13,644,0 1,782,0
1,045,0 39,482,0
35,227,0
130,C
441,0
43,0 4,417,0
14,364,0
3,0 1,586,0
770,0
150,0
2,199,0
48,0
6,0
260,0
80,806,0 4,877,0 4,864,0
130,0 10,284,0
90,C 35,400,0
263,183,0 6.814.C
155,0
376,0 5,139,0
66,105,0 5,934,0 1,774,0
154,0 15,163,0
164,024,0
130,0
24,0 2,642,0
546,0 1 019,0
181,0
986j0
10,545,0
143,0
1,962,0 8,862,0
116,901,0
5,0 2,282,0
28,419,0
51,0
298,0 16,463,0
163,634j0 1,970,0 3,556,0
13,0
292,0
2,877,0
55,0 1,155,0
16,004,0
759,0
12,727,0
162,508,0 1,225,0 3.498,0
338,0 9,723,0
92,007,0
563,0
640,0
24,C
11,875,C
910,0
199,0
448,0 18,989j)
242,229,0 17,218,6
550jO
123,0 1,509,0
18,160,0
33,0
892,0
110,0
868,0
9,924,0
200,0
397,0
9,C
434,0
5,941,0
305,0
248,0
58,0 7,395,0
45,701,0
70j0
109,0 7,899,C
69,077,0 1,919,0
499,0
946,0
50,0
10,759,0
14,0
413,0
15,0 1,053,0
46,0
12,151,0
398,0
665,0
85,0
10,0
9,891,0
50,0
lioio 1,753,0
24,170,0
241.0
5,987,0 229.202,0 ........ 2.371,523,0 63,139,0 29,179,0
6,721,0 208,286,0
2,361,067.0 61,838,0 29,176,0
6,175,0 315,985,0
2,384,389,0 78,388,0 27,516,0
5,753,0 246,927,0
2,359,044,0 66,714,0 28,626,0
6,630,0 254,767,0 ........ 2,328,845.0 65,014,0 28,680,0
State Banks.
Not Members of
Federal Reserve Bank.
2,050,0 5,180,2 42,580,0 10,520,0
1,500,0 0,598,9 35,714,0 6,478,0
500,0 1,280,4 12,087,0 1,219,0
985,3
500,0
8,983,0
545,0
200,0
408,7
3,029,0
107,0
2,000,0 2,120,2
16,020,0 1,978,0
250,0
803,4
4,358,0
349,0
750,0
824,8
6,547,0
750,0
100,0 2,303,0 18,075,0 2,413,0
Fifth Avenue Bank---200,0
800,0
Gorman Exchange Bank
5,072,0
588,0
400,0
845,8
Germania Bank..........
0,453,0
699,0
Bank of Metropolis___ 1,000,0 2,214,1 15,052,0
947,0
West Sldo Bank..........
200,0
301,0
4,295,0
304,0
N. Y. Produce Ex.Bank 1,000,0 1,062,4 18,814,0 1,639,0
Stato Bank................ 1,500,0
720,0 22,973,0 2,535,0
Totals, avge. for weok. 12,150,0 26,576,0 220,658,0 30,137,0
Totals, aotual condition Juno 2
221,049,0 29,226,0
Totals, aotual condition May 26
220,366,0 34.619,0
Totals, actual condition May 19 ____
214,823,0 32,603,0
Totals, actual condition May 12
218,094,0 28,410,0
Trust Companies.
835,0
1,399,0
235,0
458,0
85,0
354,0
36,0
145,0
148,0
71,0
01,0
359,0
143,0
371J)
779,0
5,479,0
■5,520,0
5,993,0
7.585,0
5,490,0
424,0
571,0
692,0
154,0
137,0
587^0
66,0
22,0
1,372,0
125,0
170,0
503,0
131,0
473j0
389,0
5,816,0
5,798,0
5,857,0
6,685,0
5,788,0
Not Members of
Federal Reserve Bank.
134,0
32,0
223,0
149,0
25,0
92,0
45,0
3.0
28,0
156,0
90,0
143,0
32,0
i3i ;o
194,0
1.477,0
1,408,0
1,296,0
1,234,0
1,331,0
Brooklyn Trust Co---- 1,500,0 3,799,5 37,190,0 2,258,0
389,0
248,0
242,0
Bankers’ Trust Co----- 11i2i)0,0 15,919,5 278,492,0 25,308,0
49,0
363,0
466,0
U. S. Mtgo. &Trust Co. 2,000,0 4,507,1 70,0’23j0 5,123,0
202,0
no;o
219,0
6,000,0
12,404,5
Title Guar. * Trust Co.
189,0
45,955,0 2,025,0
130,0
169,0
20,000,0 31,430,3 380,958,0 51,647,0
255,0
502,0 1,096,0
1,000,0 1,239,3 10,019,0
08,0
702,0
84,0
30,0
Lawyers' Title &Trust. 4,000,0 5,511,6 28,199,0 1,558,0
181,0
83,0
245,0
5,000,0 6,442,9 90,585,0 0,220,0
599,0
253,0
220,0
1,000,0 1,751,4 25,564,0 1’806^0
204,0
338,0
101,0
3,000,0 11,032,4 72,920,0 5,741,0
167,0
141,0
37,0
Franklin Trust Co___ 1,000,0 1,334,4 21,954,0 1,021,0
255,0
807,0
414,0
1,000,0
533,4 14,557,0
131,0
70,0
256,0
Metropolitan Trust Co. 2,000,0 6,249,3 60,419,0 4,73ojo
436,0
68j0
114,0
Totals, avgo. for week. 57,750,0 101,761,6 1.143,435,0 110,439.0 2,794,0 3,486,0 3,723,0
Totals, aotual condition Juno 2
2r088r0 3,339,0 3,578,0
1.124,220,0
Totals, aotual condition May 20
1.160.644'n
3,133,0
2,262,0
Totals, aotual condition May 19 ____ 1.134,521.0 123,841 jo 4,015,0 4,457,0 2,102j0
Totals, actual condition May 12 ........ 1.120.250,0 118,340,0 4,200,0 3,095,0 1,956,0
Grand Aggregate, avge. 193,750,0 342,044,2 3,718,640,0 308,009,0 35,128,0 40,794,0 5,200,0
Comparison prev. week
+ 48,627,0 + 3,306,0 —3,088,0 —373,0 + 1,594,0
Grand Aggregate.aotual condition Juno 2 3,694,780,0 368,870,0 31,772,0 40,080,0 4,986,0
Comparison prev. week ........
........ —13,235,0 + 189060 —810,0 —1,336,0 + 1,428.0
Grand Aggregate actual condition May 26 3,708,021,0 349,970.0 35,588,0 41,422,0 3,558,0
Grand Aggregate actual condition May 19 3,649,548,0 372,548,0 44.080,0 42,941,0 3,336,0
Grand "Aggregate actual condition May 12 3,012,011,0 306,170,0 35,710,0 43,303,0 3,287,0
Grand Aggregate actual condition May 5 3,583,468,0 331,706,0 36,730,0 39,970,0 3.510,0
a U. 8. deposits deduoted, $66,521,000.
b U. 8. deposits deduoted, $96,370,000.
........
........
250,0
215,0
272,0
3,049,0
652,0
424,0
177,0
235,0
291,0
312,0
269,0
877,0
257,0
1.181,0
1,484,0
9,208,0
8,972,0
9,615,0
9,354,0
9,209,0
893,0
154,0
92,0
227,0
1,875,0
597,0
45,0
3,883,0
3,098,0
3,732,0
3,850,0
3,742,0
49,939,0
34,594,0
13,794,0
8,803,0
2,950,0
14,857,0
3,912,0
6,237,0
19,254,0
5jl97j0
li.'GObjo
4,404,0
19,113,0
26,072,0
230,228,0
230,501,0
236,552,0
233,217,0
229,790.0
36,0
12,0
120,0
35,0
458,0
458,0
423,0
412,0
412,0
1,548,0 2,139,0 30,976,0 5,541,0
12,786,0 17,217,0 255,729,0
2,793,0 4^597,0 55,864,0 13,844,0
1,519,0 686,0 30,382,0 1,729,0
18,617,0 9,921,0 372,348,0 34,338,0
426,0 486,0
8,540,0
794,0
i,oi7;o 254,0 20,348,0 1,094,0
3,593,0 3,266,0 71,860,0 19,362,0
1,233,0 1,547,0 24,663,0 1,095'6
2,987jo 370,0 59,377,0 6.095,0
1,022,0 694,0 20j436,0 2,718,0
708,0 639,0 14,163,0
57,281,0 3,809,0
........
........ 2,794,0
........
........ 51,043,0 41,816,0 1,021,967,0 122,283,0 ____
49,785,0 36,142,0 995,461,0 119.258 O
1,797,0 51,941,0 43,871,0 1.039^737,0
l,429j0 51,265,0 46,356.0 1.025,026,6 131,639jo
1,546,0 50,742,0 39,159,0 1,014.600.0 135,419,0 .........
........
2,307,0 5,987,0 289,453,0 45,699,0 a3623718,0 185,880,0 29.179,0
+ 37,0 —2,076,0 —250280 —13120 —21,197,0 —2,751,0 + 388,0
2,458,0 5,721,0 267,043,0 39,240,0 b3587029,0 181,554,0 29,176,0
+244,0 —2,501,0 -1104980 —83630 —73,649,0 —219650 + 1,660,0
2,214,0 .8,222,0 377,541,0 47,603,0 b3660878,0 203,519,0 27,516,0
2,448,0 7,397,0 307,546,0 50,206,0 >3617287,0 98,765,0 28,626.0
2,383,0 8,448,0 314,718,0 12,901,0 >3573235,0 200,845,0 28,680.0ft
2,222,0 7,473.0 293,434,0 24,313,0 5,569,281,01191,749,0 28,706,
c Includes capital set aside lor foreign branches, $6,000,000.
STATEMENTS OF RESERVE POSITION.
Averages.
Cash Reserve Reserve in
in Vault. Depositaries
Total
Reserve.
a Reserve
Required.
Actual Figures.
Surplus
Reserve.
Inc. or Dec.
Cash Reserve Reserve in
from
PrevlousWeck in Vault. Depositaries
Total
Reserve.
b Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
PreviousWeek
Members Federal
a
S
S
$
$
$
5
$
S
S
S
S
Ileservo Bank____ 285.780.000 229,202,000 514.982.000 430,031,090 84.950,910 — 2,874,900 296.385.000 208,286,000 504.671.000 428,083,900 76,587,040 —57,538,540
Stato Banks*............ 42,909,000 9,208,000 52,117,000 41,441,040 10,675,960 — 5,747,360 41,952,000 8,972,000 50,924,000 41,490,180 9,433,820 — 5,366,820
Trust Companies*... 120.442.000 51,043,000 171.485.000 153,295,050 18,189,950 — 11,436,900 110.383.000 49,785,000 160.168.000 149,319,150 10,848,850 — 16,654,600
Total Juno 2----- 449.131.000 289.453.000 738.584.000 024,707,180,113,810,820 — 20,059,160 448.720.000 207,043,000 715.763.000 618,893,290 96,869,710 —79,559,960
Total May 26----- 447.632.000 314.481.000 762.113.000 028,237,020133,875,980 — 12,752,360 430.538.000 377,541,000 808.079.000 631,049,330 176,429,670 +29,675,250
Total Mny 19 . . 465.671.000 297.770.000 763.447.000 010,818,000 140,028,340 + 22,044,550 462.905.000 307,546,000 770.451.000 623,696,580 146,754,420
— 444,580
Total May 12 . . 432.793.000 304.428.000 737.221.000 613,237,210123,983.790 + 44,381,530 448.476.000 314,718.000 763.194.000 615,995,000 147,199,000 + 56,720.930
♦Not members of Federal Reservo Bank.
a This Is the rescrvo required on Not Demand Deposits In the case of State 'Banks and Trust Companies, but In the case of Members of the Federal Reserve Bank
Includes also amount of reserve required on Net Time Deposits, which was as follows: Juno 2, $3,156,950; May 26, $3,291,150; May 19, $3,298,650: May 12, $3,267,100
b This Is the reserve required on Net Demand Deposits In the caso of Stato Banks and Trust Companies, but In the case of Members of the Federal Reserve Bank
includes also amount of rescrvo required on Net Time Deposits, whtoh was ns follows; June 2, $3,091,900: May 26, S3.919.400; May 19, $3,335,700; May 12, $3,250,700.
[Vol. 104.
THE CHRONICLE
2322
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
in N ew York City not in the Clearing House, and these are
shown in the following table:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT
(.figures furnished by State Banking Department.)
Differences from
June 2.
previous tree*.
Loans and Investments_____________________$849,814,800 Inc. $9,917,400
Gold.............................................................. 07,012,800 Doc. 774,100
124,300
10,683,100 Dec.
Currency and bank notes__________________
Total deposl ts. _.......................... ....... ..........1,059,373,600 Inc. 6,909,500
Deposits, eliminating amounts due from reserve
depositories and fromother banks and trust com
panies In Now York City, and exchanges____ 886,600,200 Inc. 9,701,900
Reserve on deposits______________________ 236,251,300 Dec. 4,741,400
Percentage of reserve, 28.9%.
RESERVE.
------ Stale Banks------ — Trust Companies—
Cash Invaults________ _______ $14,496,500 11.40%
$63,199,400 9.31%
Deposits In banks and trust cos__ 16,566,900 13.03%
141,988,500 20.61%
Total.....................................$31,063,400 24.43% $205,187,900 29.92%
The averages of the Now York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outsido of the
Clearing House, comparo as fallows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
W e omit two ciphers In all these figures.
Week
Ended—
Loans
and
Investments
Demand
Deposits.
Specie.
Mar. 10...
Mar. 17...
Mar. 24...
Mar. 31—
Apr. 7...
Apr. 14...
Apr. 21...
Apr. 28...
May 5...
May 12...
May 19...
May 26...
June 2. . .
$
4,309,612,6
4,330,588,8
4,338,308,0
4,373,513,4
4,428,959,8
4,473,449,0
4,479,414,6
4,494,872,1
4,451,612,3
4,410,790,7
4,462,874,0
4,509,946,4
4,508,490,8
S
4,390,027,8
4,438.468,5
4,464,708.0
4.478,501,9
4,567,052.8
4,596,003,4
4,568,116,5
4,5S2,729,2
4,484,409,8
4,435,448,8
4,459,324,2
4,697,379,1
4,510,318,2
S
513,952,9
516,425,5
517,268,4
492,947,2
512.177,1
511,593,4
489,493,1
470,621,0
450,551,7
462,801,5
400,314,9
473,590,9
475,815,8
Other
M oney.
Total
Money
Holdings.
Entire
Reserve on
Deposits.
$
68,656,4
69,368,5
68,877,9
70,214,9
66,029,6
65.546,0
62,529,3
60.017,7
51,821,4
49,577.7
54,030,7
52,629,4
51,011,1
S
582,609.3
585,791,0
586,146,3
563,102,1
578,206,7
577,139.4
552,022,4
530.638,7
502,373,1
512,379,2
544,345,0
526,226,3
526,826,9
$
1.031.061.1
1.042.356.3
1.051.036.4
1.009.966.2
1.048.836.4
1.040.505.5
1.008.192.9
1,008.245,1
936.181,5
972,909,8
1.005.532.9
1,003,105,7
974,835,3
In addition to tho returns of “ State banks and trust com
panies in New York City not in the Clearing House, “ furnished
by tho State Banking Department, tho Department also
presents a statement covering all the institutions of this class
in the whole State. The figures aro compiled so as to distin
guish between tho results for New York City (Greator Now
York) and thoso for the rest of the Stato, as per the following:
For definitions and rules under which tho various items
are made up, see “ Chronicle,” V . 98 , p. 1661.
Tho provisions of tho law governing the reservo require
ments of Stato banking institutions were published in the
“ Chronicle” March 28 1914 (V . 98, p. 968). Tho regula
tions relating to calculating the amount of deposits and what
deductions aro permitted in the computation of tho reserves
were given in the “ Chronicle” April 4 1914 (V . 98, p. 1045).
STATE BANKS AND TRUST COMPANIES.
Week ended June 2.
Capital as of Feb. 28---Surplus as of Feb. 28---Loans and Investments..
Change from last week.
Gold
Change from last week.
Currency and bank notes.
Change from last week.
Trust Cos.
State Banks
Trust Cos.
State Banks
outside of
outside of
in
in
Oreater N . Y . Greater N . Y . Greater N . Y . Greater N . Y .
$
$
J
$
23,950,000 84,550,000 12,238.000 18,451,200
42,309,900 179,277,600 15,228,300 18,123,900
437,222,600 1,879,107,300 176,233,500 297,213,900
+ 18,100
+ 835,100
+ 6,983,300 + 13,216,900
51,431,300 171,923,500
—7,073,500 —13,012,800
20,653,300 13,715,100
—348,300 —1,525,800 ............... ...............
591.032,800 2,294,752,500 188,737,100 307,983,100
+ 499,100
+ 323,100
—5,204,200 + 18,123,600
116,460,000 434,295,600 32,261,500 37,693,600
+ 33,100
+ 308,100
—13,525,500 —19,097,500
15.4%
20.3%
24.4%
1
[26.0%
15.4%
20.2%
250%
28.0%
Change from last week.
Reserve on deposits----Change from last week.
P. C. reserve to deposits.
Percentage last week..
+ Increase over last week.
— Decrease from last week.
Non-Member Banks and Trust Companies.— Following is tho report made to the Clearing House by dealing
non-member institutions which aro not included in tho “ Clearing Houso return on tho preceding page.
R E T U R N 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 H O U SE .
CLEARING
NON-MEMBERS.
Week Ending
June 2 1917.
Members of
Fed'l Reserve Bank
Battery Park Nat-.
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co. N., J.C.
First Nat., Hoboken
Second Nat.. Hobok.
Total_________
State Banks.
Capital.
/Nat. bks.
\State bks.
Loans,
Discounts.
May 1\ Invest
Feb. 28/ ments, Ac.
Average.
S
400.000
300.000
300.000
400.000
250.000
220.000
125,000
1,995,000
N at. Bank Nat .Bank
Notes [Re Notes[Nol federal
Reserve
serve for Counted
Noles[Not
as
State In
stitutions]I Reserve]. Reserve].
Net
Profits.
3
$
415,800 5,281,000
688,700 5,930,000
626,300; 6,304,000
1,298,900 5,303,000
771,500! 5,192,000
615,600! 6,439,000
319,400 5,428,000
4,736,200 39,877,000
Legal
Tenders.
Aterage.
Not Members o f the
Federal Reserve Bank.
HamlltonTrust.Bkln 500.000 1,150,100 9.881.000
Mechanics’, Bayonne 200.000 309,000 6.454.000
Total______
700,000 1,459,100 16,335,000
Grand aggregate___ 6.795.000 11235600 130002000
Comparison,prev.wk.
j + 1135000
Excess reserve. $201,740 decrease
Grand aggr’te May26 6.795.000 11,235.600 128867000
Grand aggr’te May 19 6.995.000 11.350.400 128396000
Grand aggr’teMayl2 6.995.000 11.520.200 130872000
Grand aggr’te May 5 6.996.000 11.520.200 129939000
Grand aggr’te Apr 28 6.995.000 11.520.200 129703000
a U. S. Deposits deducted. $2,835,000.
Average.
W e omit two ciphers
Due
from
Banks.
(00)
Average.
Average.
Average.
Average.
407.000 1,901,000 8.161.000 538,000
168.000 634,000 3.360.000 2,977,000
575,000 2,535,000 11,521,000 3.515,000
(1119,809,000 13,326,000
9,873,000
-579,000 +400,000
—26,000
301.000 9,899,000 14.135.000 (1120,388.0 12,926,000
301.000 9,712,000 15.310.000 ((120029000 13,131,000
321.000 9,684,000 11.973.000 120426000 14,014,000
309.000 9,420,000 15.098.000 119930000 14,030,000
354,000! 9,870,000 16.149.000 119772000 14.090.000
Total.
Reserve
Held.
Excess
Reserve.
$
$
June 2.
S
$
S
S
$
Nat. bank. 394,581,0 85,108,0 169,705,0 338,563,0 508,268,0 79,437,0 19,471,0
Trust COS-- 156,905,0 3,003,0 3,550,0 140,728,0 144,278.0 24,556,0 3,791,0
Total . .. 551,486,0 88,111,0 173,255,0 479,291,0 652,546,0 103,993,0 23,262,0
May 26... 555,419,0 87,621,0 169,636,0 476,608,0 646,144,0 99,188,0 18,593,0
May 19... 559,089.0 90,213,0 171,162,0 482.619.0 653,781,0 100,950.0 19,627,0
May 12. . 566,933,0 83,367,0 169,055.0 489,811,0 658,866,0 99,983,0 17,303,0
May 5... 563,681,0 90,095,0 176,807,0 495,644,0 672,451,0 105,957,0 22,225,0
Apr. 28... 560.279,0 95,118,0 179,751,0 490,555,0 670,306,0 103,003.0 20,090,0
Apr. 21... 551,943,0 100,829,0 187,149.0 495,582,0 682.731,0 114,734.0 31,186,0
Apr. 14... 550,714,0 101,173,0 192,560,0 495.653.0 688,213,0 121,595,0 37,061,0
Apr. 7... 549,749,0 96,682,0 190.440,0 492,404,0 682,844,0 119,898,0 35,850,0
Mar. 31... 549,020,0 89.678.0 185,230,0 476,485,0 661.715.0 112,033,0 29.560,0
Note. —National bank note circulation June 2, $8,238,000: exchanges for Clearing
IIouso (Included In "Bank Deposits"), banks, $23,381,000: trust companies,
$2,838,000; total, $26,219,000. Capital and surplus at latest dates: Banks,
$64,175,600; trust companies, $41,295,200; total, $105,470,800.
National
Bank
Circu
lation.
673,000 56.000 42.000 60,000
98,000 39.000 75.000 52,000
771,000 95,000 117,000 112,000
’.532,000 1,426,000 3,234,000 1,017,000
-252,000 -158,000 -105,000 + 219000
,784,000 1.584.000 3.339.000 798.000
,787,000 1.551.000 3.275.000 766.000
,073,000 1.692.000 3.324.000 880.000
,259,000 1.654.000 3.337.000 857.000
,771,000 1.757.000 3.390.000 930.000
In all these figures.
IndiHd’t.
Average.
Net
Time
Deposits.
$
S
S
$
S
$
4.995.000 196.000 193.000
5.000 19.000 658.000
11,000 21.000 470.000 401.000 4.816.000 191.000 293.000
120.000
7.000 688.000 195.000 5.721.000
6.000
397.000
15.000 48.000 1,438,000 4,109,000 4.916.000
198.000
4.982.000
360.000
598.000
2.000
99.000
218.000
16.000 27.000 463.000 380.000 2.942.000 3.304.000
2,000 10.000 578.000 413.000 2.725.000 2.332.000 99,000
154,000 134,000 4,893,000 5,858,000 31,097,000 6,023,000 1,518,000
154,000
—12,000
166,000
168,000
168,000
222,000
174,000
Boston Clearing House Banks.—W o give below a
summary showing the totals for all tho items in tho Boston
Clearing Houso weekly statement for a sories of wooks:
BOSTON CLEARING HOUSE MEMBERS.
Deposits
Bank.
Average.
Average.
Net
Demand
Deposits.
1,963 000
117.000
580.000 408.000 9,667 000
004.000 281.000 10,073 000
20,000 3.S09 000 311.000
229.000
19,000 8,878,000 313.000
476.000
09.000
4,631 ,000
277.000
56,000 2.070.000 3,736,000 1,633,000
,000
7.414
445.000 240.000
02.000
1,341,000 1.077.000 22,347 000
280.000 453.000 4,673,000 400.000
4,405,000 4,568,000 77,191,000 3.788,000
Philadelphia Banks.— Summary of weekly totals of
Clearing House banks and trust companies of Philadelphia:
Loans,
Disc’ts A
Inrest'ts.
Average.
$
Additional
Deposits
with Legal
Depos
itaries.
13.000 62,000 19.000
197.000 553.000 78.000
21.000 291.000 98.000
8,000 40,000 20.000
47.000 216.000 116,000
131.000 217,000 39.000
1,000
2,000
85.000 245.000 99.000
175.000 755.000 385,000
45.000 100.000 50.000
724,000 2,479,000 905,000
Bank of Wash. H’ts. 100,000 443,300 2.353.000 155.000
Coloulal Bank____ 400.000 949.800 8.827.000 685.000
Columbia Bank___ 300.000 674.100 9.522.000 773.000
International Bank. 500.000 113,500 4.163.000 389.000
Mutual Bank____ 200.000 470.100 8.285.000 876.000
New Netberland___ 200,000 219.000 4.313.000 157.000
WRGrace* Co's Bk. 500.000 551.000 3.599.000 101.000
100.000 593,900 6.821.000 487.000
Yorkvllle Bank___
Mechanics', Bklyn.. 1,600,000 840.800 21,204,000 1,343,000
North Side, Bklyn.. 200,000 184.800 4,703,000 374.000
Total................ 4,100,000 5,040,300 73,790,000 5,340,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Average.
S
5
$
430.000 102,000 96.000
149.000 31.000 104.000
152.000 64.000 127.000
308.000 354,000 76.000
211.000 15.000 82.000
6,000 43,000
141,000
30,000 35.000 110.000
1,421,000 607,000 638,000
Reserve
with
Legal
Depos
itaries.
Change from
M a y 26
M a y 19
2
previous week.
1917.
1917.
1917.
22,000 $5,663,000 $5,656,000
Circulation...................... $5,685,000 Inc.
Loans, disc’ts* Investments. 449,702,000 Dee. 4,568,000 454,270,000 457,051,000
Individual deposits, incl.U.S. 349,561,000 Dec. 858,000 350,419,000 351.006.000
Duo to banks..................... 127,362,000 Dec. 387,000 127,749,000 137,273,000
Time deposits...... ........... 33,699,000Tlcc. 1,742,000 35,441,000 33,750.000
Exchanges for Clear. House. 17,133,000 Inc. 1,850,000 15,283,000 14,744,000
117,000 40,816,000 46,543.000
Duo from other banks........ 40,933,0004no.
Cash reserve......... - ......... 22,912,000 Dec. 1,713,000 24,625,000 24,441,000
552,000 29,703,000 31,117,000
Reserve In Fed. Res’vo Bank 30.255,000 Inc.
970,000 35.968,000 35,130,000
Reserve with other banks— 36,938,000 Inc.
Rcservo excess In bank and
Federal Rcservo Bank---- 4,529,000 Dec. 573.000 5,102,000 5,688,000
Excess with Reserve Agents. 24,779,000 Inc. 1,117,000 23,662,000 22.662,000
June
Imports and Exports for the Week.— See
preceding.
third page
June 9 1917.]
fp a u k c r s*
THE CHRONICLE
(B u z z ttz *
Wall Street, Friday Night, June
8 1917.
The Money Market and Financial Situation.— Busi
ness at tho Stock Exchange this week has beon largely of a
speculative character. Loaders in practically every de
partment of finance aro giving the Liberty Loan a good deal
of attention to the evident exclusion of other matters. As
a result it is difficult just now to get bids for a small block
of ovon such high grado securities as Now York City bonds
and routine business on tho floor of the Exchange has been
almost exclusively in tho hands of professional operators.
Tho movement of prices of late, especially in tho case of
some of tho metals and manufacturing stocks, suggests
that tho wave of speculation by which they have been swept
along may carry thorn beyond tho point of safety.
In tho nows of tho week there is, however, some ground
for a hopeful future outlook. Most important of thoso is
the Government crop report given out to-day. This did
not come up to some of tho trade expectations in all par
ticulars, but estimates a spring wheat crop of 283,000,000
bushels, as against last year’s harvest of 158,142,000 bushols
and of 351,850,000 bushels in 1915. Including both winter
and spring wheat tho estimate is for 650,000,000 bushels,
against a total of 640,000,000 bushels last year.
Tho daily output of iron is reported to bo now approxi
mately 112,000 tons, against loss than 64,000 tons in Au
gust 1914 and the prico of Bessomor pig at Pittsburgh has
this week touched $50 per ton, which compares with $21
a year ago and $15 at tho beginning of tho war.
Foreign Exchange.— Sterling oxchango continued largely
nominal, rates having scarcely fluctuated during tho week.
In tho neutral exchanges pesetas have ruled strong. Other
continental business has been irregular. Rubles displayed
distinct weakness at tho outset but recovered somewhat later.
To-day's (Friday’s) actual rates for sterling oxchango wero 4 72@4 72%
for sixty days, 4 7515(44 75% for chocks and 4 70 7-10 for cables. Com
mercial on hanks, sight 4 75%@4 75%, sixty days 4 71%@4 71%, ninety
days 4 09%©4 09% and documents for payment (sixty days) 4 71%.
Cotton for payment 4 75% ©4 75% and grain for payment 4 75% <44 75%.
To-day’s (Friday’s) actual rates for Paris bankers francs wore 5 79 %@
5 79% for long and 5 74%@5 74% for short. Germany bankers’ marks
wore not quoted for sight, nominal for long and nominal for short. Amster
dam bankers’ guilders wore 40 13-10 @40% for short.
Exchango at Paris on London, 27.18 francs; week’s rango, 27.18 francs
high and also 27.18 francs low. Exchange at Berlin on London not quotablo.
Tho rango for foreign exchango for tho week followsChecks.
Sterling. A ctu a l — Sixty D a y s.
Cables.
4 75.55
High for tho week--- 4 72%
4 70 7-10
Low for tho week--- 4 72
4 7545
4 70 7-10
Paris Bankers' Prancs —
High for tho wook--- 5 79
0 72%
571%
Low for tho week--- 5 79%
5 73%
5 72%
Germ any Bankers' M a r k s —
High for tho week— ----Low for tho week..............
A m sterd a m Bankers' Guilders —
High for tho week— 40%
41%
41%
Low for tho week— 40 5-10
41%
41 3-10
Dom estic Exchange. —Chicago, 10c. per 81,000 discount. Boston par
St. Louis, 15c. per 81,000 discount bid and 5c. discount asked. San Fran
cisco. 10c. per 81,000 premium. Montreal, par. Minneapolis, 10c per
$1,000 premium. Cincinnati, par. New Orleans, sight 50c. por 81,000
discount and brokers 50c. premium.
1
State and Railroad Bonds.—-No sales of Stato bonds
were registered at tho Board this week.
The volume of business in tho market for railway and in
dustrial bonds has beon somewhat smaller than that of a
weok ago, while prices generally declined. Donver & Rio
Grande 1st ref. 5s mOvod up from 58 to 59, while Third
Avo. adj. 5s fell from 4434 R> 4334 >thoy boing tho only ones
from a list of 25 most active issues that either advanced or
declined moro than fractionally. United States Rubber 5s,
Pennsylvania tomp. 434s and Now York Contral dob. 6s
all movod up slightly, while American Tel. & Tel. col. tr.
5s, Chicago Milwaukee & St.Paul conv.434s, Intorborough
Metropolitan 434s and Union Pacific 4s fell away.
Most of tho trading in tho bond market was, as usual in
tho bonds of tho various foreign governments, Anglo-French
5s, American Foreign Securities 5s, the several Groat Britain
& Ireland issues and tho Dominion of Canada securities
boing tho most conspicuous. Various of tho French munici
pal securities, such as thoso issued by the cities of Paris,
Lyons and Bordeaux, were also traded in in considerable
numbers. Sales of United States bonds wero somewhat
larger than thoso of last week, but no sales of Stato bonds
wore reported. Although subscriptions to tho “ Liberty
Loan” do not exceed, as yet, tho $2,000,000,000 offered,
sales especially in and around New York City have boon vory
gratifying.
United States Bonds.— Sales of Govornmont bonds at
tho Board include $10,000 3s reg. at 90 and $14,000 4s rog.
at 104% to 105. For to-day’s prices and for the week’s
range, see third page following.
Railroad and Miscellaneous Stocks.— Tho movement
of values in tho stock market this wook has been irregular.
A gonoral decline was noted on Monday, a usual occurrence
boforo a holiday. On Wodnosday, however, prices ad
vanced sharply. Ono explanation of this advaneo is, un
2323
doubtedly, the satisfactory showing in tho registration of
men for military service without disorder, or any unusual
demonstration.
The industrial shares moved up very sharply, due chiefly
to expected profits from war orders. United States In
dustrial Alcohol, the most spectacular, moved between 138
and 170, the final quotation being 167. The Steel shares
were also in favor. United States Steel, after falling away
from 130% to 127%, advanced to 132%, closing at 131%.
Although little information is to be had in regard to the
Government buying of copper, the price of the metal con
tinues firm and very little fluctuation has been noted in the
shares. Mexican Petroleum fluctuated between 89 and
101% , while the high, low and last prices of Lackawanna
Steel, American Beet Sugar, American Sumatra Tobacco,
Baldwin Locomotive, International Mercantile Marine Com.
and pref., and Studebaker were 100-95%-99, 97-94% -96% ,
38% -35% -36% , 08% -62% -66% , 29% -27% -28% , 84 %78 %-81 % and 82 %-79 %-80.
The railway shares were, as usual, less active. Baltimore
& Ohio covered a range of 1 % points for the week. Canadian
Pacific advanced from 159 to 161%, closing at 161%, while
otlier advances and declines of from 1 to 3 points were
evident.
For daily volume of business see page 2332.
The following sales have occurred this weok of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending June
8
Par
Sales
Range for Week.
Range since Jan.
1.
lo r
Week.
Lowest.
Shares 5 per share.
Highest.
Lowest.
Highest.
$ per share. $ per share. $ per share.
Feb 53% Jan
Amer Bank Note, pref 50 300 49% June 4 50% June 4 49
Am Sm See pf B tr rects
100 92% June 4 92% June 4 91 May 97% Mar
Am Sumatra Tobac.100 16,100 35% June 2 38% June 7 30 May 38% June
Assoc DryGda 1st pf.100 100 51% Juno 4 51% June 4 51% June 60% Apr
Atlanta Birm & Atl.. 100 400 16 June 6 1G% June 8 13% Feb 17% Apr
Barrett sub roots full pd
200 20 Juno 8 122 June 8 105% May 122 June
llatopllas Mining___20 400 1 June 7 1% June 2 I May 2
Jan
Brown Shoe............. 100
11 69 June 4 69 June 4 61
Feb 70 May
Burns Brothers____100 7,900
June 2,104% June 7 89
Jan 125% Apr
Calg Packing___ no par 3,300 37% June 2 39 June 4 36% May 39 June
Calumet A Arizona__10
100 81 June 7 81 Juno
76 Apr 84% May
Caso (J I), pref....... 100
100! 85 June 7! 85 June 83% Mar 88
Jan
Cent & So Am Teleg. 100
67 114 June 4114 June 4 114 June 155
Jan
CAE 111pref tr rects. 100 100. 5 June 6 5 June 6 5 June 12% Jan
Cluett, Peabody, pf.100 loo’lio June 4410 Juno 4 108
Feb 115% Feb
Cons G,EL&P(Balt).100 300112% June 2 113 June 4 109 May 126% Jan
June 8 16 May 21
Cons Interstate Call..10 300! 16% June 6
Jan
June 7 52 Feb r59% Jan
Continental Insur___25 800154 June 7
June 7 96% Feb 100
Deere & Co, pref___100 300' 99 June 7
Jan
Elk Horn Coal........... 50 1,900) 35% June 7 36% June 6 30% May 37 May
Preferred..............50 100 45% June 6 45%
.. June 6 45% June 45% June
Federal Min & Smelt.100 200, 22% June 4 24 June 2 11% Feb 24 May
Preferred_______ 100 1,100 43 June 8 49 June 2 37
Jan 49% May
Fisher Body Corp.no par
100. 35 June 4 35 June 4 35 June 37 Apr
Preferred ............. 100 100 88% Juno 6 88% June 6 88 May 95 Mar
Gaston,WAW,Inc no par 200 32% Juno 7 33 Juno 6 28
Feb 40
Jan
General Chcm, pref. 100 100 112% Juno 7 112% June 7 108
Feb 113 Apr
General Cigar, pref.. 100 100102 June 2 102 June 2 100 Mar 104% Apr
100 62% June 8 02% June 8 61% May 78
Hartman Corp....... 100
Jan
30108 June 4 108 June 4 107 June 131% Jan
Homestake Mining.. 100
Int Ilarv N J, pref.. 100 200 115% June 4 117% June 8 114
Apr 121
Jan
Int Harvester Corp. .100 800! 70 June 4 73 June 4 70 June 88
Jan
100i 99
June4 99 June 4 94 May 102 Mar
Int Paper pref ctfs dep..
June6
June 7 45% May 78
Jewel Tea, Inc_____100 700 50
Jan
June 7; 104 May 112
Preferred_______ 100 100,105 June 7
Jan
Lacledo Gas.............100 100 96 June 2 96 June 2\ 93 May 103% Jan
100 225 June 6|225 June 6, 225 Apr 281
Liggett A Myers___100
Jan
Preferred....... ..... 100 200115 Juno 7415 June 7 115 June 125% Jan
Lorlllard (P), pref__100! 200 115 June 21115 Juno 6 115
Feb 120% Jan
Mo Pac tr ctfs full paid.' 300 58% June 7 59 -------June 8 57 May 59 June
N Y Chic A St Louis. 100 100127% June 8 27% June 8! 26% May 38% Jan
Now York Dock, pref 100 100' 40
June 7
40June734 May 40 June
Norfolk Southern__ 100, 100 24% Juno 8 24% June 8 24) May 28% Jan
94%June
Nova Scotia S A C..100 100! 94% June 6i
906 Feb 125
Jan
Owens Bottle-Mach_.25 100 92
June 8
92June880 Apr 106
Jan
l’an-Am Pet A T, pf. 100 200, 94
June 21
94June290
Apr 98
Jan
Quicksilver Mining.. 100 200j 1 June 0 1 June 6, 1 June 3
Feb
Preferred_______ 100 1,700! 1% June 8 1% June 7| 1) June 4% Feb
3,200 64 June 2 65% June 8 ! 59 May 66% Mar
Uoyal Dutch ctfs dep
Savage Arms Corp.. 100 1,1001 75 June 4 80% June 7 72 June 80% June
Sears, Roebuck, pref.100 100;125 June 2 125 June 2, 125 May 127% Jan
67(119% June 7 119% Juno 7 117% Mar 119% Apr
South Pacific tr ctfs___
Superior Steel.........100 5,700! 44% June 48% June 6;| 34% May 50 May
100,101
June 8 101 Juno 8 99% May 101 June
First preferred___100
United Drug______ 100 lOOj 72 June 7 72 June 7 69% Jan 80
Feb
200, 30% June 6 33 June 4 30% June 33% May
United Paperboard.......
U S Realty A Impt.. 100 500| 14 June 7 15 June 6!; 10
Jan 22% Jan
Vulcan Dctlnnlng__100
100 8% June 8 8% Juno 8j 6 Apr 10% May
Wells, Fargo Express 100 400 96% June 7 97% June 4; 96%,’June 144
Jan
Western Pacific____100 400’ 17 June 2 17% June 7, 12% Apr 18% May
Preferred............. 100 200 46% June 2l 47 June 71 39%'May 47 May
Outside Securities.— Sales of securities at the Broad
Street “ curb” were, as has been tho caso for some weeks
past, irregular. Aetna Explosives fell away slightly, while
Carwen Steel advanced from 1124 to 1234, the final quota
tion being 12. Central Foundry fluctuated between 3034
and 32 and Chevrolet Motors between 98 and 95. Curtiss
Aeroplane advanced from 29 34 to 36, possibly on the expecta
tion of now business derived from tho war. Haskell & Barker
Car Co. gained fractionally for the week and Marlin Arms
Co. movod up from 91 to 96, the final figure being 95. United
Motors covered a range of 2 % points, while West Indies
Syndicate fell away fractionally. The high, low and last
prices of Lake Torpedo Boat, Submarine Boat and WrightMartin Aircraft wero 9-834-834. 33^ -32 24-32 24 and 5245 K -5 M .
Standard Oil subsidiaries were inactive. Buckeye Pipe
Line fell away from 102 to 100 and Standard Oil of New York
fluctuated botween 292 and 298. Ohio Oil advanced from
362 to 370.
Among the bonds traded in at tho “ curb” were $25,000
Erio 5% notes at 9734; $77,000 Bethlehem Steel 2-year 5%
notes at 9834 to 98 24; $48,000 Russian Government now 534s
at 72 to 74 J41 and 8101,000 Russian Government 6Ys at
8034 to 82.
A complete list of the “ curb” market transactions for the
weok will bo found on page 2332.
3334
Pfew York Stock Exchange— Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES.
For record of sale, during the week of «tock» usually inactlre, tee preceding page.
H IO H A N D LO W SA L B PRICES — PER SHA1
SaliiTo ay
June 2.
Tuesday
June 5.
Monaay
June 4.
S ver
'l6l3« 1021s 1011? 1011s
96?8 97 "
112 12 112 112
71*2 723g 7012 71l2
6978 697S ♦ 6912 70
83 63
62-38 62-3g
15919 1601* 159 ' 160-18
6 OI2 6053 60% 60i2
11U 11'4 His i v i
* 3 3 ■ 34
*3314 34 ■
7214 7514 7134 73
109 1111-9 109 10912
1105s 110% llOU 110%
*145 160 *150 170
*7634 78
43U 4334 *4313 4334
41 41
*38 43
25l2 251, *2512 27
*53 56
55 55
47
108 no 106 10734
*200 210 *200 210
9
*7
*7
8
1612 161? 1534 153i
2514 2534 2412 2514
38 38>4 36-14 3753
*28 2812 28*2 2812
1067s 1077s IO6I2 107
" 34 * 345a 3312 3438
1023s 10238 *102 103
10>8 10 1 ? 10 10
5812 6914 58 58
2234 23 *22 23
♦r»4i2 59
*17 " 1914 1738 1733
34 34 *31 40
63 63i2 62 63'8
*30 401o
12512 126 124 125
*1712 20
17i2 17i2
*106 no 1075S 1075s
*117 120
612 6i2 6*s
6 I2
13
* 12
12 12
28% 2858 27s8 28%
91 911? 90*4 90-14
33U 3434 33i2 34
*2114 23
*2112 23
124l2 124l2 124 1213s
*80 91 *80 90
102ls 1033i 102 102-84
5314 533s 53ls 53%
*1812 1934 1812 18«2
*55l2 59
*
59
28 29
27 28
’63 63>4 61 6.8
93i8 9434 91% 9358
*3912 42 *3919 42
*40 44 *40 " 417g
17 17's 17 17%
*28 2912 *28 29%
*48 50 *48 50
*13i2 14
12% 13%
28 23
27% 27%
9278 93% 92% 93
27 2712 265s 271,3
*5614 57
5534 563.1
«151s 16
15% 15%
23 233s 2U% 22%
*87 90
135 136i2 134% 135%
712 712
7% 7%
*16 18 *16 18
*12 12% *11% 12%
48 43
4753 48
251-t 253s 25% 25%
20 20*8 IOI2 197$
*37 39 *84 39
*1334 14
13% 14%
*33 34
32% 325g
5U2 51'i *50 52%
*14 16 *14 16
*28 31 *28% 31%
*6812 7212
5
51s 5
5%
438 45s *4% 434
30i2 3158 29 30%
*84 87
84% 84%
*9112 94 *92 94
*101U 101*2 *100 103
95 9514 94 % 95 %
*94 97 *91 97
5012 519! 4984 50%
*105 10712 107% 107%
7612 773t 75% 76
•117 1183
4238 42-3.1 *40% 43%
*90 97 *90 97
14*2 U84 14% 14%
63-18 63% 63% 635S
*25 27 ♦25 27
25 25% 2434 25%
6234 631. 62 62-%
737S 741; 723.i 74
*103 105 *103 105
*9 10
9
9
*54U 5712 5 3 54 %
*92 93
166 100'
*99% 101%
11034 1123j 108% 111%
113 113 113 113
715S 73>2 71 72%
11712 119ii 115% 118
*11712 118 *117% 120
122i8 122% 121 12134
195 197 *190 195
*10112 103 102% 102%
54% 5534 53% 54%
*97*2 93L 93 98%
47 4714 *46 43
34 34 *29 2934
64 64
64 61
84l3 863f 84 85
10612 10714 105% 1063
*61 63 ♦60% 63
6234 647 62% 65-%
*101't 1021 101% 101%
*116 120 117 117
*140 142 143 144%
134 136' 133% 13852
share
<
Q
O
<1
W
E
M
O
S
>«
<
£
1
0
Q
>5
O
H
O
£
<
w
s
M
0
0
&
Wednesday
June 6.
N O T PE R C E N T .
Thursday
June 7.
Friday
June 8.
S ver share S per share
l6l34 1023s 102 102*, 101*4 102*2
*97 9734
*9634 9734
♦111 ~ 113 ' *113% 114 *113 114
72 72% 71% 72*9 71% 72%
70 70 *69*2 70%
70 70
62 623S 62*? 62% 61% 61%
160% 161% 160*4 162 160% 162%
6034 61% 61 6134 *59 00
11 11 *11 12 *11 12
32-% 33%
34 34% 33% 34
73% 74*2
73 74% 73 74
110 110% 110 .10% 110 110%
111 111% 111*3 1113s 111 111%
§150 150
149% 149% 3334
23*4 333.1 aa«4
771* 775$ 77U 7734
65 667$ 66*9 66i2
4334 4334
43 43% 4 3 % 44
41 41 *38 43
41 41
*70 76 *70 76
*25 26% *24% 26*2 *25% 20
55 65 *54 56
*54 56
*43 48 *10 47
10734 109 109 m% 109 110%
*200 210 5210 210 *200 210
7
♦6
7
7
*6
8
16 16 ♦15% 17
16 16
24% 25S8 25*2 25% 25% 26%
38 38% 38*2 38% 3734 38%
29% 29% 28% 29%
29 29
107% 1073i 107% 108 107*2 108*2
33% 345S 34% 35% 34% 34%
102*8 1025s 102*1 103 103 103
10% 10% 10 10% 10% 10%
59 59
59 59
♦58 59
22% 22% 22% 22% 22*4 23
*54*2 59 *54*2 59
*17% 19% *17% 19% *17% 19%
*31 34 *31 40 *31 40
63% 63*8 63% 64*4 64*4 64%
*124 127 127 127 *125 128
17 17% *16*2 18 *16 17
*105 109 *104 109 107% 107%
*117 120
*117 120
6% 6*2 6% 6%
65s 684
12 12
*11 13 *11 13
283s 2834 27 28*2 27% 28%
♦56 56%
*56 58
91 913i 90*2 91*s 90% 92*4
*34 35% 34*2 35% 34% 36
22% 22% 22 22*4
*21% 22
124 124% 124% 125 124% 125%
*80 91 *80 85 *80 82
103 103% 103 103*2 103% 1041?
53 53% 53% 53% 53 53*s
19 19 *18 20*t 20 20
*56%___ •*57 64% 58 58
50
40 40
*
59
2734 2834 28*2 2S% 27*2 28*4
62% 6212 62% 62%
62 62
93*4 95*4 93 9534
93
9434
*10 42 *40 42 *40 42
*40 42 ♦40% 42 *40*4 42
17 17*2 17% 17%
1634 17
♦28 29% 29 29 *29 29*2
*48 50 *43 50 *43 50
*12% 13
12*8 13 *13 13%
28 28
29 29
*27% 28
92*4 93%
92*3 93-% 93*8 94
27 27% 27*4 28
27*2 28
56% 56% 56*4 57 *56 57%
15% 15% *15 16*2 *15 16*2
23% 23% 22% 22%
22% 23
*88 90 *87 01
135% 136% 136% 137% 135% 138%
78% 79*4 79-14 7934 *79 80%
7% 7% 7% 7*2 6% 71.,
17 17 *16 18
*16 18
12% 125S *12 12*8 12 12%
47% 48l,i 48% 48*2 47% 4834
25 25% 25-% 25*4 25% 25*2
19% 19%
1934 1934
14% 143,
143s 14% 14 15
32% 32% 33 33 *31 33
Sales/or
the
Week
Shares.
5,200
200
300
8,900
500
900
7,100
9,300
400
1,500
13,400
8,200
800
120
600
1,0 0 0
1,000
2,400
300
200
300
7,700
50
300
1,200
20,800
3,600
1,400
6,725
19,800
600
4,100
700
2,700
100
100
4,000
100
500
700
200
2,400
300
7,500
17,300
7,000
600
2,600
7,200
4,150
300
200
6,900
1,000
79,100
STOCKS
NEW YORK STOCK
EXCHANGE
PER S H A R E
Range Since Jan. 1
On basis o f 100-share lots
Lowest
Railroads
Par
Atch Topeka* Santa Fe._100
Do pref...................100
Atlantic Coast Line RR... 100
Baltimore & Ohio......... -100
Do pref___ ______ 100
Brooklyn Rapid Transit.. 100
Canadian Pacific.............100
Chesapeake & Ohio..........100
Chicago Great Western...100
Do pref................... 100
Chicago Mllw A St Paul..100
Do pref.................. 100
Chicago A Northwestern.. 100
Do pref_____ _____100
ChR IA Pac ctfs of dep 2d pd
Clev Cln Chic A St Louis.. 100
Colorado A Southern___ 100
Do 1st pref.............. 100
Do 2d pref.............. 100
Delaware A Hudson........ 100
Delaware Lack A Western..50
Denver A Rio Grande___100
Do pref................... 10O
Erie............................. 100
Do 1st pref............. 100
Do 2d pref.............. 100
Great Northern pref........100
Iron Ore properties...Vo par
Illinois Central___ ____100
Interbor Con Corp, vtc N o par
Do pref...................100
Kansas City Southern___100
Lake Erie A Western___ 100
Do pref...................100
Lehigh Valley................ 50
Louisville A Nashville___100
Mlnncap A St L (new)... 100
Minn St Paul ASS M___100
Missouri Kansas A Toxas.100
Do pref................... 100
Missouri Pacific(new) wbenlss.
New York Central.........100
N Y N H A Hartford.......100
N Y Ontario A Western... 100
Norfolk A Western........100
Do adjustment pref... 100
Northern Pacific.............100
Pennsylvania................. 100
Pere Marquette v t c.......100
Do prior pref v t c___100
Plttsb & W Va Interim ctfs 100
Reading........ ................ 50
Do 2d pref.............. _50
3,300 St Louis A San Fran new . 100
100 St Louis Southwestern___100
Do pref.................. 100
1,100 Seaboard Air Line........... 100
500 Do pref__________ 100
13,700 Southern Pacific Co........ 100
15,100 Southern Railway______ 100
1,100 Do pref........... ....... 100
200 Texas A Pacific........ ......100
1,400 Third Aveuuo (New York) 100
32,600 Union Pacific................. 100
400
800 United Railways Invest... 100
400 Do pref__________ 100
1,-100 Wabash........ .............. 100
6,800 Do pref A........ ....... 100
2,800 Do pref B...... ........ 100
1,400
2,762 Wheeling A Lake E Ry...l00
300 Do preferred............100
300
20C Advance Rumely______ 100
15*2 16% *14 10%
♦14 16
200 Do pref........... ....... 100
29% 29% *28 32 *30 33
*6812 72 *68*2 72
5% 4,200 Alaska Gold Mines........... 10
5
5*8 5
700 Alaska Juneau Gold Mln’g.10
4% 4*8 *4*2 4% 4% 4*9
29 30 11,700 Allls-Chalmers Mfg v t C..100
29*8 30% 29*8 31
86*s 86*2 85% 86% 3,900 Do preferred v t c___100
84-% 86
500 Amer Agricultural Chem.. 100
92*2 93% *92 94
93 93
♦101% 102 *101% 103 *101% 103
95% 96% 95 97 10,900 American Beet Sugar.......100
95% 96
*___ 97 *___ 97
97
Do pref........ ..........100
52 53
51% 52*4 32,885
51 53
10S% 111% 110 110 ___ ___ 1,800 Do pref...................100
76% 77 22,999
76% 77% 76 78
*117 118*4 5118*2 118*2 117% 117%
219
41*4 41% 1,100 American Cotton Oil.......100
41% 41% 42 42
*90 97 *90 97 *90 97
*14 1134 14% 15% 15 16
6,400 American Hide A Leather. 100
63 65*2 64 65*2 2,025 Do pref................... 100
63*4 64
200 American Ice Securities... 100
*25 27
25% 25*2 26% 26%
24% 25% 2434 25% 23,600 American Linseed______ 100
25 26
63% 63% 62 63*8 62 62*2 3,600 Do pref__________ 100
73% 7534 75 76% 71% 75*? 33,900
*101 105 ___ ___ *103 105
Do pref................... 100
9% 9*8 10 11% 10*9 12
3,800
58 59*2 57*2 58*2 1,300
58 58
*92 94 *91 94 *92 91
Amer Smelters See pref B.100
♦99 101 100 100*8 100*2 100*?
400
110% 1113,1 109% 112% 109*2 110% 156,200 Amer Smelting A Refining. 100
*113 111 114% 114% 113% 11334
600
72% 73% 73*8 75 *74% 7-U? 25,800
116% 118% 117% 119% 119% 124% 58,000
*117% 119 *117*2 119 119 119
1,100
121% 121% *121% 122% 121% 121*4 2,400 Do pref................... 100
195 195% 197 197*2 195 195
900
10234 103 *101% 103 102% 102%
800
54 54% 54% 55*4 54 58*4 40,100
08*2 98% 9834 99
500
47 47
47 47
40 46
800
33% 33*4 33 33*2 1,500
33% 34
62% 62% 64 64 *62*2 64
600
84-% 85% 85% 86% 85 86% 109,400
107 107% 108% 113*4 11234 117 28,800 Atl Gulf A W 13S Line ctfs 100
*60% 63 *62 63 z6134 62
200
66
6884
66*2 69*4 65*2 08*4 80,100
101*4 102 102*2 102*? 2*100*2 100% 1,100
♦116 120 118% 119% 118% 123% 2,800 Barrett Co (The)........... 100
145 150 151*2 154 150*2 151
5,900
139% 147*2 147*4 151 147's 149*4 257,400 Do class B common... 100
S per share
98% May 9
96%Mayl7
108 MaylO
67%May 9
68%May 15
54 May 8
148%Feb 7
55 May 9
10 May 9
29 May 9
69%May14
109 Juno 2
108%May 9
149%Juno 6
30 May 9
75%Mayl6
65 Mayl5
525%Feb 8
37 May 9
70 Feb 1
20 Feb 10
50%May 9
42 Marl2
106 May 4
209 Juno 1
5*2May25
12%May25
22%May 9
34%May 14
26%May 14
103%Mayl6
2734Feb 3
100 Feb 3
8%May 15
503i May 5
18*3May 9
52 May 9
15%May 9
30 May 17
57%May 9
39 May26
119 May 4
14*4May 15
102 MaylO
120 May2S
5 May 4
10 May 0
2334 May 9
61 Mar 7
80 May 9
32%May24
21 MaylO
116*2May 9
82 May25
98%May 15
51%May 9
17%May 15
53%May12
2 0 h Apr 16
53*8 Apr 17
83%May 9
39*4 May21
40 May29
16 May 5
25 Feb 3
46 May 3
12 MaylO
25%MaylO
883i May 9
23 May 9
51%May 15
13%May 9
17%Mayl5
84*4 Mayl2
128%May 9
76%May 9
6%Feb 1
10 May22
10*2MaylO
44%May 9
23 May 9
1778May 9
13 May 7
31%Apr 10
45%Feb 14
1234MaylO
28 Apr 11
06 Feb 3
5 May29
4%May25
20%Feb 3
79%Feb 3
83 Feb 3
98%Feb 10
81 Feb 1
91%May 9
30 Feb 3
103 May 7
57 Fob 3
115*2Apr 18
38%May 9
92 MaylO
10 Feb 2
55%May 7
24 Fob 2
15-%Feb 3
48 Feb 3
62%Feb 2
102 May 4
XU\T;iy14
90*1May25
97%MaylO
94%Feb 2
zllO%Mayll
52 Feb 3
104%Feb 3
116%May23
116%Mayll
184 Apr 21
100 Apr 24
37%Feb 3
94 Feb 3
37 Feb 3
28 May 1)
62*2Juno 6
70 Feb 1
89*2Fob 3
54 Feb 8
43 Feb 3
99 May 5
104*4May 15
all9 Mar 1
103 Mar 1
Highest
PER SH AR E
Range for Previous
Year 1916
Lowest
Highest
3 per share $ per share Sper share
107%Jan 8 100%Apr 108*8 Oot
100%Feb 1 2:98*2Deo 102 Feb
119 Jan 4 106*2 Apr 120 Not
85 Jan 18 81%Deo 96 Jan
76%Jan 17 72%Aug 80 Jan
82 Jan 4 81 Deo 88*8 June
167% Mar23 *162%Mar 183*4Jan
65*4Jan 3 68 Apr 71 Oot
14%Jan 10 11*4Apr 1 6 %Deo
41*4Jan 2 33 Apr 47%Oot
92 Jan 4 89 Dec 102%Jan
125%Jan 29 123 Deo 136%Jan
124%Jan 19 123 Deo 1347gJan
172%Feb 16 1165 Apr 170 Deo
37 Apr 13
84*4 Apr 14
71 "Apr 14
49 Apr 3 831 Deo 6389s Deo
51 Jan 16 38 Apr 6258001
80 Jan 29 70 Feb
30 Jan 4 24%Apr 37 Oot
57*2Jan 9 46 Apr 62%Oot
46 Mar17 40 Mar 57%Juno
ISITbJan 19 148*8 Deo 150 "Oot
238 Mar24 210 Mar 242 N ot
8*8Mar 2 3 %Oot
17 Jan 0
41 Jan 2 15 Mar 62%Oot
34*4Jan 3 32 Apr 43%Jan
49%Jan 2 46 Deo 59%Jan
395i Jan 3 40 Deo 54*iJan
118%Jan 4 115 Deo 127%Jan
38's Mar 4 32 Deo 50*4Jan
106%Jan 2 99*4 Apr 109*8 Oot
17%Jan 2 16i2Doo 2 1 %Jan
72%Jan 2 69 Deo 77%Jan
2578Jan 2 23% Apr 32%Jan
0478Jan
25%Jan 3 10 May 30 Deo
53*4Jan 3 32 Apr 55%N ot
79%Jan 2 74*2Jan 87*8 Oot
43*4Apr 14
133*4Jan 4 121%Mar 140 Oot
38 Oot
32%Jan 29 26 Oot
119 Jan 3 116 Deo 130 Oot
137 Jail
127 Apr 13
11 Jan 2
3%Sept 1 3 %Deo
20%Jan 4 10 Apr 24%Deo
34 Jan 2 22%Sept 3Si»Deo
47*4Sept 64*8Deo
103%Jan 4 100*4 Apr 114%Oot
527gJan 2 49*2 Deo 77*8Jan
29%Jan 2 20 May 34*8Dec
138%Jan 24 114 Mar 147%Oot
89%Feb 3 84%Feb 89%May
110%Jan 3 108 Deo 118*8Jan
57%Jan 25 65 Sopt 60 Oot
36*4Jan 2 36*4 Deo 38%Deo
73%Jan 17 72 Deo 73%Deo
29l2May31
104*4Jan 3 75*3Jan 115%Sept
45 Jan 29 41*8Feb 46 Feb
45*2Jan 16 41%Feb 52 May
263gJan 2 15%May 30*2Deo
31%Apr 14 10 May 32*, Deo
53 Jan 4 37%Sept 67 Deo
18 Jan 3 14 Apr 19%Doo
39*2Jan 3 34% Apr 42%Oot
98*2 Mar24 04%Apr 04%Jan
33%Jan 3 18 Apr 30*4 Deo
70%Jan 30 50 Apr 73*2 Deo
21*4 Deo
19*4Jan 4
6*2 Fob
48*4Jan 2 48 Nov 08 %Juno
94 Mar 99 June
149%Jan 2 129*4 Apr 163*8 Oot
85 Jan 24 *80 Sept 84*2 009*
11%Jan 2
7*4 May 21*4 Jan
23*4Jan 2 17 Sopt 39%Jan
15*4Jan 6 13%Sept 17 Jan
58 Jan 2 41% Mar 60*2 Deo
30%Jan 2 25 Apr 327, Deo
41 Mar27
2278Jan 2 21 Deo 27*8 Deo
50%Jan 22 40 Deo 5812 Doo
54*4Jan 2 33 Apr 68%July
18%Jan 9 14 Aug 21% Deo
43 Apr
37%Jan 5 30%Oot
80 Jan 25 63 July 89% Deo
11*2Jan 4 10%Deo 26%Jan
10*4 Jan
8*8 Mar26
6%Oot
32%May31 19 July 38 Not
8678 MarlO 70%July 92 Not
95%May 2 63 Apr 102 N ot
10312Jan 24 96 Mar 103*4 Dea
102%Fob 15 01*4Feb 108%N ov
98 Jan 24 93 Apr 102 June
53 May28 44 Doo 08*2 Sept
111*2Juno 6 107*8Deo 115*8 Sept
78 Juno 7 52 July 78*2 Deo
118*4May28 116%Aug 119%Mar
60%Jan 5 48%Deo 58% Oot
102 Mar
101%Jan 0
17% Mar29
8*4 June 20%Oot
75 Jan 4 45 Mar 84*8 Deo
32*4Jan 2 25 Jan 32% Deo
26%May31 17 Deo 27*8 NOT
63*2Juno 6 38%Mar 62%Not
82%Jan 4 58 July 98% NOT
100*8Jan 20 99*2July 109 N OT
19% Mar30
68 Mar30
99*4Jan 31 84%July 97% Not
102% MarlO 91*4July 102 Not
112*4Juno 2 88*2 Apr 122*8 Not
117%Jan 19 109*4 Apr 118%Oot
75 Juno 7 44 Apr
73 Doo
124%Juno 8 104 Deo 125%Oot
121%Jan 25 115%May 123%Oot
128*2Jan 24 *123%Deo Xl34% Sept
220 Mar 12 188 Feb 229*8 Nov
109*4Jan 18 105%Apr 113 Sopt
58%Juno 8 37 Deo 68*8 Not
99% Mar 14 93 Jan 102 Mar
64% MarlO 11 Jan 76 %Nov
41*8Jan 26 29%July 97*8 Apr
72%Jan 26 59*2July 87 Nov
87 May26 77 Apr 105*8Nov
121%Jan 22 66 July 147% Deo
66 Jan 4 00%Deo 73% Nov
69%Juno 7 62 Deo 118%Jan
102%Jan 15 98*8 Deo 110 May
136 Jan 2 a!27%Deo 107%Deo
515 Jan 4 415 Jan 700 Nov
151 Juno 7
•Bidandaskedprices: nosalesonthisday. t Ex-rights, |Lessthan100shares, aEs-dlv. and rights, * Ex-dlvldend. 6 Before payment of 1st Installment.
New York Stock Record— Concluded— Page 2
For r o o jr d of <ilo< d u r i n g th o weak o f atocka
H IG H A N D LO W S A L E PRICES— PER S H A R E , N O T PER C E N T .
Saturday
June 2.
Monday
June 4.
Tuesday
June 5.
S ver share S ver share $ per share
1
43% 44 % *43% 44%
1
22 22 % 22% 23%
52% 5312 53% 54%
t
94% 95% 92% 93%
1
•111 114 *111 113%
37 37*8
37 37
1
80 S9% 88 89
1
22% 22% 22% 22%
1
58% 59*2 58% 59%
1
54 55
53% 54
1
41% 42% 41% 41%
40 40 *39
1
107*4 107*4 107*4 107*4
1
95% 95% 94 9412
1
*108 " 108% 1081? IOSI2
31 32
31l8 32%
1
1
1041,8 104i8 10358 104
1
79% 8H2 7834 80*8
1
106 106 1061s 106%
44U
4312
1
*91 913i *9012 92
1
185 *185 190
*10112 105
1
1758 18% 16% 17%
1
1158 11% 11*4 11*4
1
164 164 162 163%
103 105 103 105%
1
*88 89% 88 88
1
5 3 % 53% 52% 53%
106% 106*4 *106% 108%
1
*83 85 *83 86
1
44*4 45
45 45
127 127 125 126%
1
1
*107 110
1
1
63% 64% 62*4 63*t
1
20 20 *19 20%
1
52 52
*52 54
1
117 117
28% 29*4 27% 29%
1
83 84% 79*4 83%
1
41 41% 40*4 41%
42*4 44% 42*4 44%
1
77%
77 77 *7012
1
*51 54%
*50%
48% 49% 48% 48%
1
90% 97% 95*4 97%
18*4 19% 18% 19*8
*83 85 *83 85
Q
*04% 66 *64% 66
a
*50 51 *4S% 49%
0
67% 67*4 07 67
32*4 33 *31 33
H
97% 101% 98 101%
K
97 97 *94 93
40% 40% 40% 40%
m
62% 63*4 623s 63%
*98 101 *98 100
115 115 *114 115%
37 37%
37% 38
99 *95 99
59% 60% 59% 59%
109 109 *107 112
25% 25*4 25% 25*8
147 149% 148% 148%
*6312 68_ *63% 08
137% 13S% 137% 138*4
49 49
50 50
5 % 5%
*5% 6
24% 24% 2 5 25
71 71% 71 72*8
34 34%
*33% 35
49% 50% 4912 50%
117 117 *110 118
78 79 *77% 78*2
*101 103 102% 1 0 2 %
*119 120 *119 120
145*4 11534 *143% 146
54% 54% 53% 53%
*99% 100%
30% 30%
30% 31
90% 91% 89% 90%
105% 105% 105% 105%
43 43
42% 43
*174 176*4 ♦170 176
27% 27% 27 27%
5512 57% 54*4 60*8
*01 63
61 61%
*190 205 201*4 205
80% 82% 80 82%
101% 101% *101 104
41% 41%
---- —
16% 17
10*4 11
220 223 218% 220
56>2 571-1 55% 56%
*98 1 0 2 % *98 102*\
40
43% 46%
*44
*95 100 *95 98%
*10*4 13 *10 12
*83 86
4S% 49% 48
100 100% 100 10 0 %
*112 118 * 1 1 2 118
*138 139% 137
23% 24% 23
*54 59 *54 58
139% 142% 138 139%
*103 108 *103 108
60% 61*4
58*4 01
106 106 *105% 107%
62% 63% 61% 62*t
*50 51% *50 51>4
128% 131% 127% 128%
119 119 118% 118%
114% 115% 113 113^2
19% 19% 19 19
44% 443.1 44 44
*105 112 *107 112
66% 66%
*66 70
94
94% 94%
53*4 54% 53*8 53'8
*68 69 — - - ~46% 40% *46% 4/
27% 28% 28% 29%
*94 96 *94 95
72 72
72 72
*126 128 *123 123
*123 125 *123 125
30% 30% 30% 31
*92 95 *91 95
55
55
*54 56
XEx-dlvldond.
7
1
Q
0
►
J
w
0
A
<
w
w
0
CO
IVedne sday
June 6.
Thursday
June 7.
Friday
June 8.
Salesfor
the
Week
Shares.
$ per share 3 per share $ per share
121 121
100
43 43% 43% 44*4 43*2 44*4 3,100
23 23% 2234 23*4 23 23*8 6,600
5312 54*2 3,300
53*4 54
53*2 55
97*4 99 % 110,800
93*8 95% 95% 98
100
*112 113% *112 113*2 111*2 111*2
37 37% 37 37% 37 3 7 % 2,000
88*2 88*2 1,100
*87 92 *87 91
22 22% 22% 22% 22% 22*2 6,500
59*8 59% 59*3 5034 10,800
58% 59
5512 57*8 31,200
54% 57% 56% 58
41% 42% 41*4 42*4 41*2 41*4 7,000
41
*39
41
*39
108 109 109 109 109*4 109*4 1,000
98 98
1,600
95% 96% 96 97
100
*10S% 110 *108*2 110 *109% —
32% 33% 32 34% 121,300
31% 33
104% 104% 104U 101%
80% 82% 81% 84% 81% 83% 124,350
400
106 108 108 108 *107 108
43% 44% 44 45*2 44 45*2 36,500
800
91% 91*4 91*2 91% 91% 91*4
*180 190 *188 190 *180 190
*1011? 105 *102 105 *102 105
17% 18% 18% 21% 21*4 2234 37,000
9% 10
5,600
10*4 11% *10 12
2,900
162% 164*4 163% 16434 *162 164
103% 105% 103% 105*2 103*2 105% 22,200
*87% 88% 88 89 *87*2 89*2
600
52 52
4,400
52% 53% 51*4 53
*106 108% 107 107% *106*4 108*8
400
86 88
85 85
*83 86
900
44% 45*4 45*8 45*4 45*2 45% 1,700
129 129 128*4 129% 125% 127*2 1,500
2335
ly i n a c t iv e , aee t e c o n d page pr ec e di ng .
STO C KS
NEW YORK STOCK
EXCHANGE
PER SH A R E
Range Since Jan.
PER SH A R E
Range for Precious
Lowest
Lowest
Highest
Highest
lndustrla!&IYIisc.(Con.) Par $ per share 3 per share $ per share $ per share.
Bethlehem Steel prel___ 100 1 17*2 Mar 3
188 N ot
Butte &Superior Copper.. .10 38*4 Feb 3 62%Jan 26
105%Mtl
California Petroleum v t c. 100 17*2Apr 24 30%Jan 25 15 June 42%JaD
Do pref_________ 100 48 Mayl2 62%Jan 25 40 June 80%Jan
Central Leather........... 100 70 Feb 1 99%June 8 49
Apr 123 Not
Do pref............. .... 100 109*2Mayl6 115%Jan 25
117%Not
Cerro ae Pasco Cop__ N o par
32%May 9 41 Feb 20
Chandler Motor Car........ 100 85 May 19 104*4 Mar20 88*2 Apr 131 June
Chile Copper.................
20 Feb 3 27% Mar 12
Nov
Chino Copper................ . 5 48%Feb 3 63*4 Mar 7 19%July 39%
74 Not
Colorado Fuel <fc Iron....... 100 38*2Feb 2
83%
Sec*
Columbia Gas AElec....... 100 34%Feb 3 47% Apr 4 30%Sept S37*Dec
Computing-Tab-Record .. 100 38*4May 11
52%
Jan
Consolidated Gas (N Y).. 100 x 104%May10 134%Jan 18
144*4Jan
Continental Can_______ 100 82*2Feb 3 98 June 8 129*4 Dec zlll
Do pref................... 100 108%May31 11212Feb 7 106 Feb 114 9epi
Not
Com Products Refining... 100 18 Feb 2 34*4May29
29*4Dec
100
113%
Dec
85
June
Crucible Steel of America. 100 501z Feb 2 83%June 8
99%Mat
Do pref............... 100 104 May 9 117*4Jan 3 108%Jan 124%
Dec
Cuba Cane Sugar....... N o par
35*4 Feb 3 55*4Jan 4 43 Dec 76*s Oct
Do pref--........ ....... 100 85%Feb 14 94*2Jan 3 91*4 Deo 100%Oct
Cuban-Amerlcan Sugar... 100 159 Feb 14 205 Apr 16
269%Sept
100
110 Jane
Distillers’ Securities Corp. 100 11*4Apr 20 32 Jan 2
54%Apr
Dome Mines, Ltd______ .10
9%June 8 24*4Jan 9
29%Feb
General Electric............. 100 150%May 9 171*4Jan 26
187%
General Motors tem ctfs. 100 98%Apr 20 125 Mar 16 120 Deo 135 Oct
Dec
Do pref tem ctfs____ 100 85 Apr 24 93 Jan 4
93 Dec
Goodrich Co (B F)_____ 100 47*4Apr 20 61%Jan 19
80 Apr
Do pref... ............... 100 106*2June 2 112 Jan 4 110%Deo 116*4 Mat
Granby Cons M S & P__ 100 75*8Feb 3 92%Jan 17 80 July 120 N ot
Greene Cananea Copper.. 100 40 Apr 23 47 Jan 26 34 June 56% Not
Gulf States Steel tr ctfs... 100 99%Feb 3 137 Jan 3 71 May 193 Not
100 102 Feb 3
115 Not
100 117 Feb 10 j 171? Feb 2
190 N ot
63 64% 64% 65% 64% 65*8 74,000 Inspiration Cons Copper. .20 48 Feb 1 65%June 7 42%Apr 74*4 Not
19% 19%
19% 19% 19% 20
700 Internat Agrlcul Corp__ 100 13%Feb 5 21%May22 11 Aug 29%Jan
51 51% §51 51 *50 52%
450 Do pref_________ 100 35*4 Feb 5 54 May21 37 Deo 74 Jan
___ ___ 115 115 ___ ___
200 Intern Harvester of N J. 100 107%May 9 123 Jan 2 108%Jan 126%N ot
27 29
27% 28*4 29,400 Int Mercantile Marine__ 100 19*4Feb 1 36% Mar23 *13%Feb t50% Sept
27% 29
79% 81% 79% 82% 80*4 82% 86,900 Do pref.................. 100 62%Feb 8 95*2 Mar24
*125% Sept
41% 42% 4U2 42*2 41% 41% 20,100 Intern Nickel (The) v t c .25 37%Feb 3 47% Mar21
56% Jan
43*2 44*2 43 44 15,000 International Paper....... 100 33 Mar 2 49%Jan 4
44 45
9%Mar 75%Not
900 Do stamped pref... 100 76*4June 1
76*4 77% 76*4 76*4 7612 76j2
52
52
54
200 Kelly-Sprlngfleld Tire... .25 48 May 5 64*2Jan 4
85 %Sept
5112 51% *51
48*t 49% 49 49% z47% 48 54,000 Kennecott Copper___No par 40 Feb 1 50‘s May26
64%N ot
97% 99% 99 100*4 98% 100 46,000 Lackawanna Steel......... 100 70%Feb 3 100*4Juno 7 64 May 107 Not
18% 18% 18*2 19% 18*4 1814 1,000 Lee Rubber «fe Tire__ N o par
56%June
17%Feb 28 30 Jan 2
l.orlllard ( 0 (P)........
*190 210 *190 210 *190 2 10
100
239%Aug
200 Mackay Companies___ 100 82%MaylO 89*4Feb 17 78 Apr 91 Feb
83 83 *83 85 *80 85
100 Do pref................ 100 64 Mar 14 67%Jan 15
*64% 66 *64% 66 i64% 64%
68*4June
1,S00 Maxwell Motor Inc tr ctfs 100 43%Apr 20 61*4Jan 17
50% 50% 50 50% 49*2 50
99 Sept
900 Do 1st pref stk tr ctfs 100 63%Apr 18 74%Jan 18 65 Deo 93 Jan
67*4 67*4
07% 67% 68 68
200 Do 2d pref stk tr ctfs 100 29%Apr 20 40 Jan 20
*31% 33 *31*2 33 ^ - 83
80%June
98% 100*4 98*4 103*4 100% 103 136,190 Mexican Petroleum___ 100 81% Mar 1 106*2Jan 10 88%June 129%Jan
97% 97%
*94 98 *95% 98
400 Do pref_________ 100 90 May 3 97%June 8 89t2June 105%Jan
40% 41
40% 40% 40*4 41
5,650 Miami Copper.............. ..5 34 Feb 1 43%Apr 30 33 Aug 49*8N ot
63% 6534 65% 67*2 66% 07*2 111,100 Midvale Steel &Ordnance .50 54*8May 9 67*2June 7
99% 99 %
*98 100 *99 100
100 Montana Power______ 100 93*2MaylO 109%Jan 25 68%Mar 114%Dec
*114 115*2
*110 114
100 Do pref..... ............ 100 114 Jan 20 117*2 Mar28 109 Jan 117%Not
110
200
131%Oct
118% 11S%
119 Do pref................. 100
129%May
3 7 % 38*2 38*2 39*4 40
42% 46,600 Nat Enara’g & Stamp’g__ 100 24 Feb 3
19*4 Apr 36%Deo
*95 99 *96 99 *94 98
100
100 Not
59 % 59 % 69% 59*2 15734 58
2,700 National Lead................ 100 52 Feb 3 63% Mar23
74% Sept
♦108 1 1 2 *105 112 *105 112
100 Do pref.................. 100 101 May 8
1171s Oct
lllii
Deo
25% 25% 25% 25% 25*2 25*2 5,600 Nevada Consol Copper.. ..5 20% Feb 3 26% Mar 6
34%
N ot
148 153 154 155.% *150 153
4.975 New York Air Brake...... 100 128 Feb 3 156 Mar21 118 July 186 Not
*6312 68 *64 68 *64 68
100 61 MaylO
75%Dee
139% 140% 139 142*4 139*2 141*4 23,700 Ohio Cities Gas (The)__ 25 87 Feb 3 143%Apr 19 75 Oct 124%Dee
49% 49*2 49*4 49*4 *49% 50
400 Ohio Fuel Supply_____ .25 45%May 15 54 Feb 19
534 6*8 *5*2 6
5% 6
1,900 Ontario Sliver Mining__ 100
5 Feb 3 7%Feb 14
11*8Jan
24% 2434 24% 24*4 25 26*4 7,020 Pacific Mall... ............. ..5
18 Feb 3 26*t June 8 11*4Jan 31 Aug
73% 77
75 77
73 75*2 6,790 People’s G L & C (Chic). 100 68%May29 106%Jan 18 100*8May 118 Oct
34
34
34% 34%
34 34*2 1,100 Philadelphia Co (Plttsb). .50 32*4 May 9 42 Jan 4 38 June 48 Dec
49% 61% 49 % 51% 49% 50*2 22,200 Pittsburgh Coal ctfs dep. 100 35 Feb 1 62%Jan 19
58*4Dec
*114 110 *115 117*2 *115 117*2
200 Do pref ctfs deposit. 100 107%Jan 16
116%Dec
Mar20
78% 78?8 7fc»*2 79% 79*2 80% 6,700 Pressed Steel Car_____ 100 70 May 9 118*8
83%Jan 26
88% Not
103 103 *102 103 *102 103
200 Do pref... ....... ...... 100 101 Mar 7 i 107 Jan 31 97 July 108 Nov
♦119 120 *119 120 *119 120
Public Serv Corp of N J.. 100 118 May22 131 Jan 6 114 Jan 137 Sept
*143% 140 145 145 *143*2 146
350 Pullman Company........ 100 139 MaylO 167%Jan 26 159%May 177 Sept
53% 55*2 56 5734 55*2 57*2
Railway Steel Spring...... 100 43 Feb 2 57*4June 7 32 Apr 61*4N ot
*98 100*2 *98 100*2 *98 100*2 17,100
100
Not
30% 30*4 30*4 31% *30*4 30% 26,500 Ray Consolidated Copper .10 23 Feb 1 32%Apr 3 20 June 103%
37 Not
91 93*4 92% 94% 91*4 93% 79,700 Republic Iron & Steel...... 100 60 Feb 1
93
Not
105% 105% *105 105*2 105 105*4
600 Do pref................ 100 90 Feb 1 105%May25 101 Dto i 17 N ot
4112 42
42 42
42 42
900 Saxon Motor Car Corp.. 100 37%May22 68 Jan 4
84% Sept
1"75 175 175*2 175*2 175 175
300 Scars, Roebuck & Co___ 100 162*2MaylS 238%Jan 22
Ma 133 N ot
26*2 27*3 27% 27% 27% 27% 1,700 Shattuck Arlz Copper__ .10 22%Feb 2 29*4 Mar 9 168%
22 Deo 40%Feb
5 5 % 56*4 55*2 5634 55% 56
32,800 Sinclair Oil A Ref’g._..Vo par 50%May15 59*4 Mar29
61 62% 62*4 63% 61% 62*2 7,500 Sloss-Sheffield Steel &Iron 100 42%Apr 21 74*4 Mar30 37 July 93%N ot
*205 210 205 205 *200 205
350 South Porto Rico Sugar... 100 165 Feb 6 209 May31 146 Jan 240 June
/’.)58 82**4 79 81*4 78*4 80 52,000
Studebakcr Corp (The)... 100 78*4June 8 110*2Jan 17 100*8 Deo 167 Jan
10 2
102 *100 102 *101 105
200 Do pref................. 100 99%May21 108%Jan 20 108%Sept 114 Mar
41 41 ___
*41 43%
500 Stutz Motor of Am Inc..Vo par 41 June 6 53*4Jan 26 48%Deo 79%Sept
r7 17
16*4 17*8 16% 17% 3,900 Tennessee Copper A Chem w 1 13 Feb 2 17% Marl9 15*4Deo 19%Dec
2 2 1 % 222% 221 223*2 220 220*4 13,500 Texas Company (The)__ 100 199 May 9 243 Jan 10 177*4 June 241%N ot
55fy 66% 56*4 58% 58% 60% 58,100 Tobacco Products Corp.. 100 48*2Feb 3 60%June 8
59%Dee
*98 100 *98 100
ino 98 May28 105 Marl2 99 July 109%Mar
47 48*? 47*2 47% 47*4 47*4 6,400 Transue&WilliamsSteelA'opar 40 Feb 3
96% 96*2 *95% 9S% *95 98
100 Underwood Typewriter... 100 92 May 3 109% Mar 12 86 Jan 110 Oct
*10 12
10*4 10*4 *10*2 11*2
100 Union Bag A Paper___ 100 10 Mayl6 15% Mar22
4*4May 18%Oct
*81 85
81*2 81*2 80 80
200 Union Bag A Paper (new) 100 74*4Mayl7 112 Jan 22 87%Oot 129 Not
48% 49% 48% 49% 47% 48
9,100 United Alloy Steel.......N o var
40%May 4
100 100 *99 100% 100 100% 2,100 United Cigar Stores___ 100 91%Feb 3
69 Feb 105*4 Aug
♦112 118 *112 118 113 113
100 Do pref_________ 100 113 June 8 120*4 Mar 14 611*2 Feb 120 Aug
138 139 138 140 139 140*4 3,100 United Fruit................. 100 131%May 9 154%Jan 22 136*8Jan 169%June
23 24% 23% 23% 23 23 ■ 4,000 US Cast I Pipe A Fdy__ 100 17 Feb 2 24*8June 2 15%Jan 28% Not
*54
58 *54 68 *54 58
100
67%Not
141 156*2 155*4 165% 159 170 163,200 U S Industrial Alcohol__ 100 100*2Apr 21 170 June 8 94% Deo 170%
Apr
105 105
Jan
61% 64% 03 64% 62 03% 38,300 United States Rubber__ 100 50*4Feb 9 65 Jan 3 47*4Mar 114
70*4
Dec
*106 107*2 106*2 107 *106 108
400 Do 1st preferred____ 100 104%May21 114*4Jan 3 106*8 Feb 115%Dec
02 62% 62 02% 61% 61%
52%MaylO 67*4Jan 4 67 Deo 81%Not
*50 51% 51% 51% *50*2 51*2 8,550 U S Smelting Ref A M__ .50
53%June
129% 132% 131*4 134*8 131% 132% 1091300 United States Steel_____ .50
100
99
1 136%May31 r79*4 Mar 129*4Not
118 118*4 117% 118% 117% 117*4 5,400 Do pref................... 100 116%Feb
May 9 121*4Jan 19 115 May 123 Not
113*4 115% 114*t 116%
114*1 115*4 33,200 Utah Copper................. .10 97 Feb 1
May25 74*4July 130 Not
1918 19*8 19*2 19*2 19% 19*4 1,200 Utah Securities v t c........ 100 17*4May 9 118*4
24*4Jan 22 16%June 27*s Dec
4312 4412 44% 45
44% 45*4 2,500 Vlrglnla-Carollna Chem.. 100 34%Feb 3 46 May31 36 Apr 51 Jan
*107 1 1 2 *108 112 *108 112
100
114%Dec
*66% 70
69*| 71 *69 71
700 Virginia Iron C AC........ 100 46 Feb 3 77 Mar30 41 July 72*4Not
9312 9312 93*2 93*2 93% 93*4
W
estern
Union
Telegraph
800
100
90*4
May
1
1
87
Mar
99*4
Jan
19
105%Oct
5 3 % 55
5334 55% 53% 5T 41,800 Westlnghouse Elec A Mfg. .50 45*4 May 9 56 May28 61%Deo 71% Mar
69
68*4 68*4 *68
69
100 Do 1st preferred____ .50 67*2May21 70*8Jan 4 70 Apr 79 Mar
§40 46 *46
47 *46 47
150 White Motor................. .50 43*2 May 9 52*2Jan 18 45 Deo 59*8Oct
2S34 29*4 28*2 29%
28 28*2 17,300 Wlllys-Overland (The)__ .25 24%MayI9 38%Jan 18 34 Deo »325 June
95*2
94 Deo 117 June
72 73% 72 74
72*4 73*4 4,400 Wilson A Co, Inc, v t c... 100 58 Feb 1 84*4 Mar30
*125 130 128 128
400 Woolworth (F W)........... 100 120 MaylO 151 Jan 22 118 Jan 141%Oct
125 *123 125
100 123 May 8 126»8Jan 17
126 Not
30*4 35
33*4 34 *33 35
2,690 Worthington P A M v t c 100 23%Feb 9 34 June 7 25 July 36*8 Sept
95 95 *96 98 ♦95 98
100 Do pref A v t c........ 100 91 Apr 16 95 Jan 26 95 July 100 Sept
58% 58 59 *57 58*2 1,500 Do pref B v t c ....... 100 50 May 9 59 June 7 62 July 66% Fept
a Ex-rights. a Ex-dlv. and right*, a Par $100 per share, e Certificates of deposit.
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
BONDS
N. Y. STOCK EXCHANGE
Week ending Juno 8
.
U. S. Government.
Price
Frldav
June 8
Bid
Week's
Range or
Last Sale
Ask Low
High
Range
Since
Jan. 1
N o . Low
High
Q- J 95*4___ 96*4 May’17
96*4 99*4
Q- J 95*4___ 99*4 Jan T7
99*4 99*4
U S 3a registered.............A1918 Q- F 98*4___ 99 May’ 17
99 99*2
99
U S 33 coupon................*1918 Q- F 98*4___ 99
2 99 10178
14 104*4 110
U S 48 registered.............. 1925 O- F 105 106 101*4 105
U S 4s coupon_________ 1925 Q- F 105 106 IO513 May’17
105*4 111*8
98 I4 Oot ’15
U S Pan Canal 10-30-yr 2s_*193G Cl - F
U S Pan Canal 10-30-yr 2s.. 1938 Q-N 95*4___ 97 July’15
U S Panama Canal 3s g___1981 Q-M 88 ___ 90 May’17
90 102*4
100 Feb 115
U 3 Philippine Island 4s. 1014-34 Q- F
Foreijn Government.
F- A
95*3 95*4 21 95*4 98*3
93*8
93%23G4 90*2 95 "
A- O
Argentine—Internal 5s of 1909.. M- S 80 90 80*2 May’17
86*2 93
M- N 95ig 9514
12
J -D t 68 69 69*4 70
2 69*4 72*4
Cuba—External debt 5s of 1904. rsi- s 98U 99i2 98*2 May’17
97 100
Exter dt 5s of T4 ser A__1949 F-A 92*8 9318 92*8 92*8 5 92*2 96*8
External loan 4J$s..........1949 F - A 85>4 90 8 OI2 Jan ’17
86*2 88*2
98
A - O 97*8 98 98
G 90*2 1005*
95*4 96
22 95*8 100
Do
do ~
1926 A - O
9618 27 95 100*4
Do
do
1931 A - O 95*4 Sale 95*4
99 Sale 99
99*8 466 99 101
French llcpub 5Hs secured loan.
Japanese Govt—£ loan 4>$s. 1925 F-A t 86 I4 80*4 85U 86*4 14 81 88*4
J - J t 83is S6'2 84% 81is 4 80*8 88*8
7978
7978 10
J - J t 74 80is 7512 Apr '17
7312 76*2
9514 5 95 97*2
Lyons (City of) 3-yr 6 s.......1919 M- N 9514 Sale 95
95
95
M- N
5 94l2 97
50
Mexico—Exter loan £ 5s of 1899 Q- J t 48*2 50 50
7 40*2 50
35 397*
Gold debt 4s of 1904.......1954 J -D ----- 36 36 May’17
9312
937s 88 92 97
A- O
Tokyo City—5s loan of 1912___ M- S t 79 79l2 787g 79
18 75*8 79
97*4 618 957* 98*3
UKofGt Brit & I 2-yr 5s. .1918 M- S 9712 Sale 97*s
3-year 54$ temp notes__ 1919 M-N 967* salo 9612 97>s 165 95 987S
95>2 334 93*4 98*2
5-year 54$ temp notes___1921 M- N 95*8 Sale 95li
99*8 Salo 9914
99i2 205 98 100*4
Temporary notes 54$s___1918
99>2 915 98*2 101*2
99% Sale 9914
Temporary notes 54$s___1919
tThese are prices on the basis of S5fo£
State amt City Securities.
N Y City—44$sCorp stock. 1960 IY1- S 9934 Sale 99*4 lOOU 37 99*4 104*3
44$s Corporate stock__ 1961 M- 8 9914 99*4 997g 100% 31 997S 105*4
100*2 100
444s Corporate stock___1906 A-O 99 99*4 lOOO May’17
44$s Corporate stock__ 1965 J -IJ 103*4 Sale 103*4 104*8 51 103*4 111
44$s Corporate stock___1963 M- S 103>8 Sale 10318 104% 7 103*8 110*4
M-N 98<4 100 99 t2 May’I7
991$ 102
4% Corporate stock.......1958 M-N ----- 99 99*8 May’17 __ 99 ' 102*8
99*8 9 93*4 102*4
4% Corporate stock.......1957 M-N -----IOOI4 98*4
M-N ----- 98 97*4 Jan ’ 16
104
20 104 1107a
New 44$s.....................1957 M-N ----- 103*4 104
100 100
New 4^3
1917 M- N 10 0 10 0 's 100 May’17
13 103*4 110*2
44$% Corporate stock...1957 M-N 103*4 Salo 103*4 104
34$% Corporate stock__1954 M-N ----- 91*2 9 U2 May’17 ___ 88 91*2
N Y State—4s........... ...1961 M- S ----- 10214 103 May’17 ___ 103 105
J - J 997* 102>2 103 May’17
Canal Improvement 4s__1962 J - J 10 2 102<8 102 Juno’17
10 2 102*2
Canal Improvement 4s... 1960 J - J *997* 102i2 102>2 102% 16 102*2 106*3
Canal Improvement 44$s. 1961 J - J 110 11312 112 May’17 _____ 112 117*8
J - J ----- 107 109*4 Sept’16
M- S 109*4 112 113 Apr ’ 17
10SU Mar’17
M- 3
108*4 110
85 Aug T6
J- J
50 55 50 Juuo’17
50 61*4
Ann Arbor 1st g 4s______ A1995 Q- J 61 62l2 6212 62*2 2 61 731g
89^4 9014 1G!
A-O
A - O ----- 90 92 Apr T7
91*8 93
Adjustment gold 4s.......AI995 Nov 81*3 82*4 81*2 Juno’17 ___ 80*4 88*4
85% N ov’ 16
82
1 81
M-N 82~ 82*2 82
89
2onv gold 4s................. 1955 J -D 101% 102 102U May’17
99 10 6 I2
10212 28 99 107
3onv 4s issue Of 1910___1960 J -D 101*2 102 102
J - I>
100% May’17
M- S 91% Sale 94*2 9412 2 94*2 99
85*2 80
Rocky Mtn Dlv 1st 4s__1965 J - J ----- 86 8512 Apr '17
Trans Con Short L 1st 4s. 1958 J - J 84% 87 89 Apr ’ 17 ___ 89 93*4
Cal-Arlz 1st A ref 44$3"A” 1982 M- S ----- 93 9312 May’17 ___ 91 100
S Fe Pres & Ph 1st g 5s__1942 M- S 100i8 104*4 101*8 Feb T7 ___ 104 104*8
Atl Coast L 1st gold 4s___A1952 M- S 87*4 Salo 87^8 8/^4 3 87*2 96*8
Gen unified 44$s______ 1964 J - I) ----- 88'>s 8712 May’ 17 ___ 87*2 95*2
___ 106 107*2
Ala Mid 1st gu gold 5s... 1928 M-N 101 103 106 Mar’17 ___
May’17
89*4 93*4
Bruns A W 1st gu gold 4s. 1938 J - J 87*2___ 189%
J - J 1231s___ 2973 Aug ’15
LAN coll gold 4s........ 01952 M-N 80 817* 82 June’17 -- .- 81 89
Sav F A W 1st gold Cs___1934 A-O 111 118 118*2 May’17 ___ 118*2 118*2
1st gold 53..................1934 A-O 102 ___ 105 July 15
J - J 98*s___ 99*3 Deo T8
90*2 38 90 9638
J - J 9014 Salo 90
92 05*8
Registered.............. ft1925 Q- J 87U 93 92 Apr T7
86*4 35 85 94*8
1st 50-year gold 4s____ ft1948 A-O 8573 Sale 85
Registered.............. ftl948 Q- J ----- 921* 92*4 Mar’ 17 ___ 91 92*4
89*2 58 88*8 97*s
89U Salo 89
20-yr conv 44$s.............1933
967s 35 96 101*2
Refund A gen 5s Series A. 1995 J -I) 9612 Sale 96'2
J - J 100i3___ 112 Jan ’ 12
M- N 85*8 90*8 92 Mar*l7
88*8 59412
79*4 8 79*4 90
PLEA W Va Sys ref Is. .1941 M- N 7914 Salo 79*4
87*3 5 87 94la
,1 - J ___ 87*4 S7*s
Cent Ohio R 1st c g 44$s..l930 M- S 96*2 98 100 Apr ’ 17
100 10 0 ”
A-O 99*2___ 106*4 Oot T6
F-A 99*4___ 101U Nov’ 16
___
105
___
10713
Feb
T7
J
-D
Ohio River RR 1st g 5s.-.1936
107*2 107*2
A-O 97 10378
107 107
? PittsClevATol 1stg6s.. 1922 A-O 100<4___ 107 Feb T7
J - J 99>2___ 99*8 Sopt’16
M- S 10012 10512 105*2 May’17
1051? till*
M-N . . . 9912 101*4 Mar'17
10 1* 4 10 2 12
A-O 85 88*8 97 Nov’16
j - j 106*2___ 103*8 Feb T6
F-A 10312 . . . 108U Deo ’16
Consol 1st g 6s______ 1922 J - D 104*4 10712 109*4 Jan ’17 ___ 109*4 109*4
3 99 105*8
Canada Sou cons gu A 5s... 1902 A-O 99 99W 99*2 100
Car Clinch A Ohio 1st 30-yr 5s ’38 J -D ----- 8478 85 May’ 17 ___ 85 92
108*8 May’17 ___ 108*8 110
Central of Ga 1st gold„'5s.-j>l915 F-A
07*2 5 96 103
Consol gold 5s.............. 1945 M-N 97 Salo 97
J -D 78 87>2 84*2 May’16
J - J 100 ___ 103 Mar’17
Mid Ga A Atl Dlv 5s..... 1947 j - j 97*8 Sale 97*8 97*8 4 97*s 97*8
97 ___ 104*2 Apr T7
j - j
104*s 104*2
CenRRA B of Ga col g 5s.. 1937 M-N ----- 95 94i2 Apr ’ 17 ___ 94*2 97*8
109
1 109 120*2
Cent of N J gen’l gold 5s___1987 J - J 109 llli2 109
110 118
Q- J 109 U0i2 1107^ May’ 17
J - J 997g 102 102 Apr ’17
102 104*4
j - J 98 101*2 100 Jiine’13
M- S 93 ___ 100*2 Jan ’13
Cent Vermont 1st gu g 4s. .«1920 Q-F ----- 80 78 Feb ’17 ___ 78 79*4
Chesa A O fund A lmpt 5s.. 1929 J - J ___ 95*8 967g Mar’ 17 ___ 94*s 94*8
M-N 10H2 Salo 10012 101*2 3 100*2 108*3
104*2 Jan ’17
M-N
104** 1041*
3 84*4 94 "
General gold 44$s.........1992 M- S 8512 86 85*2 80*2
80*4 Mar’17
M- S
86*4 92
F-A 79 80 79*8 79*2 16 78U Rflt?
88
88*4 1GG
A-O
Big Sandy 1st 4s........... 1944 J -D 76 82 84 Apr T7
84 87
J -D 7612 80 85*3 Nov’10
J - J 95 ___ 96*4 Feb '18
84*t
Jan
T3
J - J 7012 76*8
R A A Dlv 1st con g 4s__1989 J - J ___ 81 81*8 May’17 ___ 8 U2 88*2
2d consol gold 4s____ 1989 J - J 70i3 7512 73 May’17 ___ 73 81*4
BONDS
N. Y. STOCK EXCHANGE
Week ending Juno 8
Chesapeake & Ohio (Con)—
M- N
M- S
Chic & Alton RR ref g 3s... 1919 A-O
Railway 1st lien 34$s___ 1950 J - J
Chic B &Q Denver Dlv 4s.. 1922 F-A
Illinois Dlv 34$s.............1949 J - J
Illinois Dlv 4s___ _____1919 J - J
A-O
Sinking fund 4s.........1919 A-O
Nebraska Extension 4s... 1927 M-N
iVl- N
M- S
General 4s....................1958 M- S
J-J
1st consol gold 6 s........... 1934 A - 6
General consol 1st 5s___ 1937 M- N
US Mtg & Tr Co ctfs of dep
F-A
Chic & Ind C Ry 1st 5s__1936 j - j
Chicago Great West 1st 4s.. 1959 M- S
Chic Ind * Loulsv—Ref 6 s. 1947 J - J
J- J
J" J
Chic Ind &Sou 50-yr 4s__ 1956 J - J
J -D
Chicago Milwaukee & St Paul—
Gen’l gold 4s Series A...el9S9 j - j
Q- J
Permanent 4s.............. 1925 J -D
Gen * ref Ser A 4l$s__ a2014 A-O
GenAref4J$s(temporary form)
Gen ref conv Ser B 5s__ 0 2014 F-A
Gen’l gold 3J$s Ser B___el989 J - J
General 4J$s Series C__el9S9 J - J
25-year debenture 4s.......1931 J - J
Convertible 4>$s........... 1932 J -I)
Chic & L Sup Dlv g 5s...1921 J - J
Chic & Mo Riv Dlv 5s... 1926 J - J
Chic & P W 1st g 5s.......1921 J - J
C M &Puget Sd 1st gu 4s. 1919 J - J
Dubuque Dlv 1st s f 6s... 1920 J - J
J - J
La Crosse & D 1st 5s.......1919 J - J
Wls <fc Minn Dlv g 5s___1921 J - J
J- J
Mllw & No 1st ext 4J$s_. 1934 J -D
J -I)
Chic & Nor West Ex 4s 1886-1926 F-A
Registered..........1886-1926 F - A
General gold 3)$s..........1987 M-N
Q- F
General 4s........ ............1987 M-N
Stamped 4s..... .......... 1987 M-N
General 5s stamped........ 1987 M-N
Sinking fund 6s.. 1879-1929 A-O
A-O
A-O
A-O
A-O
Sinking fund deb 5s____ 1933 M-N
!Y1- N
m- s
From Elk & Mo V fst 6s.'. 1933 A-O
Man GB&N W 1st 3>$s 1941 J - J
J" J
Mil L S * West 1st g 0s.. 1921 M- S
Ext &Imp s f gold 5s.. . 1929 F-A
J- J
Mil Spar A N W 1st gu Is. 1947 M- S
St L Peo &N W 1st g;u5s. 1948 J - J
Chicago Rock Isl & Pac 6s.. 1917 J - J
Registered....... ........ 1917 J - J
Railway general gold 4s... 1988 J - J
Registered............... .1988 J - J
Refunding gold 4s_____ 1931 A-O
20-year debenture 5s.......1932 J - J
M-N
R I Ark & Louis 1st 4J$s._ 1934 M- S
Burl C R & N—1st g 5s.. 1934 A-O
C R I F A N W 1st gu 5s.. 1921 A - O
J - .1
M-N
Kook & Des Moines 1st 5s. 1923 A-O
St Paul A K C Sh L lst4J$3’41 F-A
Chic St P M A O cons 0s... 1930 J -D
Cons_6s reduced to 3>$S--1930 J -D
Debenture 5s________ 1930 M- S
M-N
J- J
St P A S City 1st g 6s___1919 A-O
M- S
Chlc T H A So-East 1st 5s. 11960 J -D
J- J
Cln II A D 2d gold 1>$S___1937 J - J
1st guaranteed Is______ 1959 J - J
Cln D ^ I 1st gu g 5s___1941 M-N
C Find &Ft W lsfgu 4s g.1923 M- N
j - j
J- J
Clov Cln Ch A St L gen 4s 1993 J -D
J- J
General 5s Series B........1993 J -D
Cairo Dlv 1st gold 4s__ 1939 J - J
Cln W AM Dlv 1st g 4s. .1991 J - J
St L Dlv 1st coll tr g 4s . 1990 M-N
Spr A Col Dlv 1stg 4s... 1940 M- S
.1
- J
1st gold 4s............... 4:1936 O- F
Q-F
Cln S A Cl cons 1st g 5s.. 1923 j - j
C C C A I gen cons g 6s.. 1934 j - j
Ind B it W 1st pref 4s
1940 A-O
A-O
Clevo Short L 1st gu 4>$s. - -1961 A-O
Col Midland 1st gold is__ 1947 J - J
F-A
Refund A Ext 4Ms____ 1935 M-N
J- D
Del Lack A Western—
N Y Lack it W 1st Gs
J-D
1921 J - J
F-A
Term A Improve 4s__ 1923 M-N
Warren 1st ref gu g 3>$S--2000 F - A
Price
Friday
June 8
Bid
Week's
Range or
Last Sale
Ask Low
Bonds
Sold
the Exchange method o f quoting bonds was changed, and v oices are noio — “ and in terest"— except fo r in com e and defaulted bonds.
Interest
Period
1909
Bonds
Sold
In J a n .
1Interest
| Period
B 326
Range
Since
Jan. 1
High N o . Low
High
*78
88*> Sopt’16
113*4 Feb ’15
5978 Salo 597g
597g 10 597g 02*4
44*8 49*2 49*2 May’17 ___ 15*4 53*2
9978 101 997g Mny’ 17
99% 100
8l*s Salo 81*8
81*8 2 80*4 89
90*8 917g 90 May’17
90 98
100*4
102 Apr’ 17
102 102*2
98*4 09 98*4
98*2 2 OSli 99%
94*4 6 94*4 90
91*4 96*4 94*4
98 July'16
961*
89*4 Salo 89*4 90*2 48 89 97%
31 32U 31 May’ 17
6 27*2 33*2
30*2 32*4 31
31
10 0 105 106 Mar’ 17 ___ 105*8 107*2
87 ___ 80*4 Jan T7 ___ 80*4 90
75 ___ 87*2 Mar’17 ___ 87 90
90 85 Feb ’17
85 90
50
97*4 Feb ’ 13
28
32 ' Mar’17 __ 32 41
6
677g
6
8
*
g
67*2 69*2
05*2 73*2
___ 115 112*8 Mar’ 17 ___ 112*8 115%
100*2 Apr ’ 17
100*2 100*4
84*2 85*4
70 70 Nov’ 10
80
96*2 Jan '17 ___ 90 96*2
92 94 97*8 Deo ’16
86*4 90 80*2 May’17 ___ 86 % 90
92‘>s Feb ’ 16
90 91**8 91*8
91*8 1 91 98*4
__ _ 90 89*4 May’ 17 ___ 8 OI4 98*2
86*4 Salo 80
80*4 44 85 96%
99 99*4 98*4
99*4 15 98 107**
73 79 73*2 May’ 17 —
73*2 82*8
1 97 105*4
—
9678 97
97
__ - 86 *s 86*4 May’17 —
86
94%
42
91*2 Salo 91
91*8
90 102*4
100*4 ___ 103*4 Jan ’17 — 103*4 103*4
1 0 1 ___ 100*2 Jan ’17 ___ 106*2 100*2
100*4 101*4 IOU4 May’17 ___ 00*4 104*8
__ _ 85*2 90*2 Apr T7 ___ 190*2
05*4
103 100*2 103 May’ 17 . __ 103 105
106
100*8
100*8 May’ 17 ___ 10 0 % 101*4
100*4 104*2 102*8 May’17 — 102 104%
102*4
107 Deo ’ *6
97*2 ___ 97*2 June’17 ___ 97*2 101*2
96*8
102*8 Deo TO
90*8 90 00*2 May’17 ___ 90*2 98*4
90*8 ___ 97*2 Jan T7 —
97% 97*2
78 79 78
1 78
78
80%
8 U4 Oot T6
90's Salo 90*8
7 89% 98*g
01
- - - - 96*8 90*2 May’17 — 90*2 95*2
. . 110*2 117*4 Jan '17 ___ 116 118
105
1 1 1 Jan T7
III HI
104*8 1051.
105 105*2
102*4
100*4 103 100*4 100*4 3 100*4 102%
100*8 102*2 Oot TO
___ 104*2 102 Apr T7 ___ 102 l037g
91*4
101*2 Oot TO
114*2 ___ 111*4 H4U 3 114*4 118*4
81 88 Jail T7
88 88
103*8
104*8 May’17 ___ 103*4 107*4
104*4 ___ 101*4 Apr ’ 17 . . . . 101*2 104*4
1117S Doo '*5
106*8
105*4
111*2 Nov’10
87*s 89 87 May’17 ___ 84 91*4
98 102*4 103*4 May’ 17 — 103*4 108%
100 101 100 May’t7
99% 100%
- __ 100% 100*8 Apr T7 ___ 100 % 10 0 %
80 81 81*4
817g 17 81*4 00
___ 90*8 87 Mar’ 17 ___ 85*2 85*4
72 Salo 71*4
72*4 50 69 78*8
74 79 78 May’17 ___ 70 78
98 98*2 98 May’17
08 9878
65 70 07
2 05 74*2
67
3 99% 1027g
100 103 100
100
97*2 997g 97*2 May’ 17
97*2 97*2
07
99*4 Oct '16
97*8 July’15
1 55 62
55
55 59 55
60 70 63*4 03*4 2, 03*4 75
112*2 114*2 112*2 113*2 8 112% 118*4
88*a ___ 91 Apr ’ 17 . . . . 91 91%
8 97*2 103
93 Salo 97*2 98
111 114*2 111 May’17
111 118*4
111*1
118 Nov’ 10
101*2 105 101*4 May’17 . . . . 101*4 104
97
105*2 Nov’16
80 82 Jan '17 ___ 82 82
2 106 108
loo
106
106
70 77
70*4 72*2 70*4 May’17
90 May’17 —
90 96*4
90 ___ 90 May’17 . . . . 70 90
27
25 July’ 15
88 Mar’ll
65 July'14
96 Jan T7
9G 9G
70 72*2 71 May’17
70*8 81%
84*2 81% 85*2 Apr T7
85*2 87
__ _ 98*4 101 Feb T7 . . . . 100*4 1 0 1
73*2 81*4 837g Mar’17 . . . . 83% 87
___ 70 79 Feb T7 . . . . 79 81
74 81 80*4 Apr T7 . . . . 80*8 83%
73*4
73*2 73*2 1 73*2 73*2
70
inou mrdfl 105 June’ 10
85 85*4 84*2 84*2 3 84 85*4
88*2 May’15
83*4
97 ___ 102*8 Jan T7 ___ 102% 102%
1097s ___ 114*4 Mar’17 . . . . 114*4 116%
79 85 94 July’08
90
57*2 1 57*4 75
57*4 58*2 57*4
18*4 20 20 June’ 17
19 " 30*4
96 99 96 May’17 ___ 95*2 102%
5*2 7*2 7*2 May'17 . . . .
2% 17*1
2 11*4
5*2 7*? 6*2 May’17
88
87 88 87
7 87 96
80 Salo 80
80
5 79*2 87*4
100*2 101 101% 101*2 5 101 105*8
84
93 94 Feb ’16
83*2 83*2 83*2 4 83*2 88*4
1 104% 107U
105
105
105
100 May’ 17
100 102%
09*4
93*4 97 96*2 May’ 17 ___ 00*2 99*2
84 ___ 102*8 Fob ’03
•No priceFriday; latest thisweek, a DueJan. dDueApril. «DueMay. gDueJune. ADuoJuly. * Due Aug. oDue Oot. v DuoNov. qDuo Deo. »Optionsale
June 9 1917.]
BONDS
N. Y. STOCK EXCHANGE
Week ending Juno 8
New York Bond Record—Continued— Page 2
11
Is
Price
Friday
June 8
Bid
Week’s
Range or
Last Sale
Low
High
Range
Since
Jan. 1
Low
High
BONDS
N. Y. STOCK EXCHANGE
Week ending June 8
Is
3 3 27
Price
Friday
June 8
Bid
Ask
Week't
Range or
Last Sale
High
Del A Hud 1st Pa Dlv 7a -.1917 M- S 100
101 Apr’ 17
101 101% Leb VTerm Ry lstgu g 5s. .1941 A - O 104% 112 Low
114 Feb *17
Registered— .......— 1917 M- S
101la Mar’ 17
101% 101%
Registered................... 1911! A -o
Mar’17
1st lien equip g 4>^s------ 1922 J - J 9712 9834 98U 98%
93 101% Leh Val Coal Co lstgu g 5s. 1033 J - J ----- 103% 113
103%Apr *17
93
1st A ref 4s----- ---------- 1943 M-N 93 Sale 93
88 99*2
Registered....................1933jJ - J
105 Oot *13
98 Sale 98
98
95*2 107
20-year conv 5s----------- 1935
1st lnt reduced to 4s___ 1933 J - J 88%
79 82 82
82
Alb A Susq conv 3>$s-----1946
80 8938 Leh ANY 1st guar g 4s___1945 M- S 85% 87 87 Apr *17
Renas A Saratoga 1st 7s. .1921
1067a___ 11278 Dco ’16
Registered........ ..........1945 M- S
Denv A R Gr 1st cons g 4s.. 1936
70% 80
71 7212 71
715a
Long Isld 1st cons gold 5s.. hi931 Q- J 100 105 104% Apr ’ 17
Consol gold 4^s............ 1936
83 91
----- 8412 83 May’17
1st consol gold 4s.......... /»1931 Q
90 ___ 94% June’16
82 90
Improvement gold 5s___1928 J -D 80 84 82 May’17
General gold 4s........ ...1938 J -D ----- 85% 85% Feb *17
1st A refunding 5s_____ 1955 F-A 58*2 Sale 58*2 5978
55 68
Ferry gold 4Ms............. 1922 M- S 90 94 98% Deo *16
D
___ 95
87 Nov’16
Rio Gr June 1st gu g 5s... 1939 J
Gold 4s........................ 1932 J -D
99% Got *06
Rio Gr Sou 1st gold 4s... 1940 J - J ___ 38 61U Apr '11
Unified gold 4s............... 1949 M- S ___ 89 89 May’17
35i2 Juue’16
Guaranteed....... ........ 1940 J - J
Debenture gold 5s_____ 1931 J -D -----98% 9578 Feb *17
68 8434
70%
Rio Gr West 1st gold 4s.. 1939 J - J 7038 Sale 70
Guar refunding gold 4s___1949 M- S ----- 85% 86 May’17
59 74%
60 66 59 May'17
Mtge A coll trust 4s A..1949 A
Registered................ 1919 M- S
95 Jan *11
9812 Mar’17
98*2 98%
Des Moines Un Ry 1st g 5s. 1917 M- N
N Y B A M B 1st con g 5s. 1935 A-O 96 101% 103% Apr *17
Det A Mack—1st lien g Is. . 1995 J -D H I! "821*2 82 Deo '16
N Y A It B 1st gold 5s___1927 M- S 96% 104% 103 Feb *17
Gold 4s........ ................1995 J -D ___ 81 75% July’16
Nor Sh B 1st con g gu 5s.<?1932 Q- J 94 ___ 100 Aug* 16
91 93
Det IUv Tun—Ter Tun 4Hs 1961 M-N ___ 8378 9 LI4 Mar’17
Louisiana A Ark 1st g 5s... 1927 M- S ----- 91
Jan *17
104% 105% Louisville A Nashv gen 6s..1930 J -D 110 112% 1 194%
Dul MIssabe A Nor gen 5s. .1911 J - J 101'4 106 105% Fob *17
2 %May’17
100*2 104
Dul A IronRango 1st 6s___1937 A - O 961.1 104 10034 Apr '17
Gold 5s........................1937 M-N 102% 106 102% May’17
Registered............... — 1937 A - O ___ 100 1061a Mar'08
Unified gold 4s___ ____ 1940 J - J 91% Sale 91*2 92
94 94
Dul Sou Shore A Atl g 5s... 1937 J - J ___ 94 94 Jan '17
Registered................ 1940 J - J 90*2___ 96% Jan *17
104 104
Elgin Joliet A East 1st g 5s. 1941 M-N ___ 10212 104 Jan '17
Collateral trust gold 5s__1931 M- N 1037a 106% 10678 Feb *17
1047a 109*2
Erie 1st consol gold 7s____ 1920 M- S 105ia 10812 105*8 May’ 17
E
II
A Nash 1st g 6s.......1919 J - D 103% 105 107% Dec *16
N Y A Erie 1st ext g 4s. ..1947 M-N 9534 98'2 98*2 Mar'17
98*2 99*2
L Cin A Lex gold 4HS---1931 M- N 9S% Salo 98% 98*2
2d ext gold 5a----------- 1919 M- S 9912 10018 lOlU June*16
NOAM 1st gold 6s.......1930 J - J 107% 115 112*4 Mar’17
3d ext gold 4Hs.......... 1923 M- S 97i2 99i2 973a May’17
9758 100*2
2d gold 6s................. 1930 J - J 101%___ 104% Feb '17
4th ext gold 5a---------- 1920 A - O 9812 10133 101% Apr '17
1013a 102*2
Paducah A Mem Dlv 4s.. 1946 F - A 84% 89 90% Apr *17
5th ext gold is______ 1928 J -D 88 ..
9434 Nov*15
St Louis Dlv 1st gold 6s. .1921 M- S 101%___ 103% May’17
N Y L EA W 1st g fd 7s. . 1920 M- S 10312 1095a 107*2 Deo '16
1980 M- S 56% 60% 60*2 May’ 17
2d gold 3s............
Erie 1st cons g 4s prior__1996 J - J 76 80i2 80
80
70% 87%
Atl Knox A Cin Dlv 4s._.1955 M-N 83% Sale 83% 83%
Registered................. 1996 J - J
84 Dco'10
Atl
Knox
A
Nor
1st
g
5s.
.
1946 J - D 101 ___ 10834 Jan ’17
1 st consol gen lien g 4s. 1996 J - J 6 1 34 Sale 61h
62
60 73*2
Hender Edge 1st s f g 6s.. 1931 M- S 105 ___ 106% June’16
Registered________1996 J - J ----- 73 73 Juno’ 16
Kentucky
Central
gold
4s.
1987 J - J 80*4 84 84 May’17
Penn eoll trust gold 4s.. 1951 F - A 88 I2 891a 88*2 May’17
88% 90
Lex A East 1st 50-yr 5s gu 1965 A-O 9878 Sale 9878 99*2
60-year conv 4s Series A 1953 A - O 54>2 55 55
55
54*2 68%
LAN AM A M 1st g 4Hs 1945 M- S 97% 99 101 Oct ’ 16
do
SeriesB........ 1953 A-O 5412 55 54*2 54*2
54% 687S
L A N-South M Joint 4s. .1952 J - J ___ 81% 81% May’17
Gen conv 4s Scries D__1952 A - O 6778 68*2 68
68*4
00 84
Registered___ ____ A1952 Q- J
95 Feb ’05
Chic A Erie 1st gold 5s__1982 IV1-N 9912 102% 108 Mar'17
107% 109
N
Fla A S 1st gu g 5s.......1937 F - A 100 102% 100
100
10678
Jan
*17
CIcv A Mahon Vail g 5s..1938 J - J
10678 1007a
97%___
N
A
C
Edge
gen
gug
4
Ha.
1945
J
J
97%
May’ 16
Erlo A Jersey 1st s f 6s.._ 1955 J - J 104 105 105*2 105*2 10 104% 109
PensacA Atl lstgu g 6s.. 1921,F - a 105% 108*2 10834 Nov’ 16
104 107%
Gonessce River 1st sf 6a. .1957 J - J 104 105 104 May’17
SAN Ala cons gu g 5s__19 3 6 'F - A 100% 105 105 May’171
Long Dock consol g 6s...1935 A - O 1123a----- 122^4 Oot ’16
t » Genconagu50-year5s. 1963 A-O 100% Sale 100*2 100*2
Coal A RR 1st cur gu 6s. 1922 M-N 100 101 102 Mar’10
f.eff Bdge Co gu g 4s... 1945 M- S 72 ----- 79 Apr *17
1
06*4
Jan
*1
7
106%
106*4
Dock A Impt 1st ext 5s. .1943 J - J 102i2 106
Manila UR—Sou lines 4s...1936 M-N
101 102% Mex Internat 1st cons g 4 s. 1977 M - S
102% Mar’17
N Y A Green L gu g 5s..1946 M-N 96
77 Mar'10
100*2 Jan ’17
100% 100%
N Y Susq A W 1st ref 5s. 1937 J - J ___ 93
stamped guaranteed.
1977 M- S
79 Nov’IO
100*4 Deo ’06
2d gold 4Ha-.............1937 F - A
M dland Term—1 st s t g 5sll925 J - D ___ 91% 101 Oct *09
General gold 5s..........1940 F - A ___ 69 74 Nov'17
Minn A St L 1st gold 7s___1927 J -D 105% --- 113% Deo *16
*___108
106% 108
Terminal 1st gold 5s...1943 M-N
108 Jan ’17
Pacific Ext 1 st gold 6 s... 1921 A-O
103% Oot *10
107 108
Mid of N J 1st ext 5s___1940 A - O ___ 105 108 Jan *17
1 st consol gold 5 s............ 1934 M -N ___ 88
87
88
67 81
Wilk A East 1st gu g 5S..1942 J -D 67 70 67 June’17
1st A refunding gold 4s. _11949 M- S 48?a 50% 49
49
23*2 Jan *17
Ev A Ind 1st cons gu g 6s... 1926 J - J
28*2 28*2
Ref A ext 50-yr 5s Ser A.. 1962 Q - F 40 ___ 45
45
100 102
Evansv A T H 1st cons 6s.. 1921 J - J 100 1007a 100*2 June’17
Dcs M A Ft D 1st gu 4s. _1935 J - J
GO Feb *15
1st general gold 5s..........1942 A - O 7578 ----- 63 May’10
Iowa Central 1st gold 5s. .1938 J -D 87 88% 88 May*17
108 Nov’il
Mt Vernon 1st gold 6s... 1923 A - o
Refunding gold 4s....... 19 5 1 M- S 46*2 Bale 46% 46*2
Bull Co Branch 1st g 5s... 1930 A - O
95 June’12
MStPASSMcong4 sintgu. 1938 J - J 88% Sale 88% 8878
90 96
Florida E Coast 1st 4^a...l959 J -D 90 91*2 90 May’17
1st Chic Term s f 4s........19 4 1 M -N
92 Jan ’ 17
Aug ’10
Fort St UD Co 1st g 4Ms.. 1941 J - J
M S S M A A 1st g 4s lnt gu_’26 J - J 93%___ 95 Apr *17
69*4 Feb *17
69% 69*4 Mississippi Central 1st 5 s... 1949 J - J ___
Ft Worth A Rio Gr 1st g 4s. 1928 J - J
94
95 Dee ' 16
85%
Juno’10
___
87
Galv Hous A Hen 1st 5s___1933 A - O
Mo Kan A Tex 1st gold 4s.. 1990 J -D 67% Salo 67% G7%
05% 97
Great Nor C B A Qcoll 4s. _1921 J - J 96U Salo 9G*a 90*2
2d gold 4s................... J71990 F-A 40 42 40
40%
95% 99
Registered.............A1921 Q- J 95U 97 957s Juno‘17
1st
ext
gold
5s...............
1944 M- N
26% Salo 26% 26%
9434
9434
93 10134
1st A rof 4Ma Scries A...1901 J - J 04% Sale 90
1st
A
refunding
4s_____
2004
55
5534
MS
56
Apr
*17
Juno'16
Registered____ ____ 1961 J - J
Gen sinking fund 4HS--1936 J - J 34% 35% 34 May’17
93 99
8t Paul M A Man 4s____ 1933 J - J 02 90 95 May’17
34
36
St
Louis
Dlv
1st
ref
g
4S..2001
A-O
40
Nov’IO
111
115
115
Apr
*1
7
1 st consol gold 0s_____ 1933 J - J
115 121
Dali A Waco 1st gu g 5s.. 1940 M-N 66%___ 69% Apr *17
Registered..............1933 J - J ___ 114 118 Apr ’ 17
118 118
Kan City A Pac 1 st g4s._ 1990 F - A 697a---- 70% Mar*17
Reduced to gold 4448.1933 J - J 98 100 99*2 May’17
105%
Mo K A E 1st gu g 5s___ 1942 A-O 55 62 55 May*17
Registered........ ..1933 J - J ___ 99
102*2 May’16
M K A Okla 1st guar 5s. . 1942 M-N 76 85 78 May’17
Montext 1st gold 4s. __1937 J -D 91 G5»4 91
91
91 98%
M KATofT 1st gug 5s. 1942 M- S
70 79 Jan *17
Registered.........1937 J -D 92 - 95*2 Mar’16
Slier
Sh A So 1st gu g 5s.. 1942 J - D
60 51 Deo *18
Pacific ext guar 4s £...1940 J - J
85*2 Nov'15
Texas A Olda 1st gug 5s.. 1943 M - S
40 45% Feb *17
E Minn Nor Dlv 1st g 4s. 1948 A - O 885a___ 92*2 Apr ’ 17
92*2 98
Missouri
Pacific
(reorg
Co)
Minn Union 1st g 6s___ 1922 J - J 105%___ 1083$ Jan *17
108% 108%
94% 9578 94*2 94*2
1st A refunding 5s wh iss 1923
Mont C 1st gu g 68.........1937 J - J 114 ..
123*2 Feb *17
123*2 1247a
1st A refunding 5s wh Iss 1926
91*2 94 92 May’17
Registered .......... 1937 J - J
136*4 May’00
1st A refunding 5s wh Iss 1965
95 Feb '17
1st guar gold 5s.......1937 J - J 10U2 ___ 1047a May’17
1047a 115*2
General
4s
when
Issued_____
6078 Sale 60% 61%
Will ASF 1st gold 5s.. 1938 J -D 102*4___ IO934 Aug' 16
Missouri Pac 1st coas g 6 s.. 1920 M -N ___ 102 101% May’17
Green Bay A W deb ctfs *‘A” ___ Feb ----- 79*2 2934 Doe ’ 16
Trust gold 5sstamped. .. a1917 M - S
106 May’17
Debenture ctfs “B”.............. Feb 11 111; 11*4
11*2
11% 15*2
82 Oct '15
Registered.............. a1917 M - S
Gulf AS I 1st ref A tg 5s..61952 J - J ___ 82 82% Apr *17
82% 86*2
1 st collateral gold 5s.......1920 F - A
103 Jan *17
Hocking Val 1st cons g 4Hs-1999 J - J 82 82*4 82 May’17
82 9334
Registered
.................1920
F-A
Registered....................1999 J - J
9734Jan '14
40-year gold loan 4s........ 1945 M- S
60 Apr ’ 17
Col A II V 1st ext g 4s...1948 A - O 85*8 87*2 88 Fob *17
88 88%
1st A ref conv 5s.......... 1959 M - S
60% Apr ’ 17
Col A Tol 1st ext Is.......1955 F - A 75 . . . 88 Nov'16
3d 7s extended at 4%___ 1938 M - N
82 Apr ’17
Houston Belt A Term 1st5s. 1937 J - J 90% 95 90*8 Apr ’17
90 90%
Boonv St L A 8 1st 5s gu.1951 F-A
100 Feb ’13
Illinois Central 1st gold 4s_. 1951 J ~ J 96 9012 98% Feb *17
98% 9934
Cent Br Ry 1st gug4s... 1910 F-A
67 Aug ’16
Registered . . . ____
1951 J - J ___ 03
92 Aug’15
Cent BrUP 1st g 4s__.1948 J -D
77% Deo *13
1st gold 3Ms..................1951 J - J 79i2 80 85*2 Mar’17
85*2 85%
Leroy
A
C
V
A
L
1st
g
5 s. 1926 J - J
110
Mar*05
Registered................ 1951 J - J
83 Nov’15
Pac R of Mo 1st ext g4s_. 1938 F-A ___ 87 92% Deo *16
Extended 1st gold 344s... 1951 A-O 80 ----- 85% Deo ’16
2d extended gold 5s. _ 1938 J - J ___ 101% 10034 Apr *17
Registered.................1951 A-O *8212___
St L Ir M A Sgen con g 5s. 1931 A-O 97*4 Sale 97% 97%
1st gold 3s sterling........ 1951 M - 9
80 July’09
Gen con stamp gug 5s.. 1931 A-O
102 July’14
Registered___ _____ 1951 M - S
Unified A ref gold 4s... 1929, J - J 78 Sale 7734 78%
Collateral trust gold 4s... 1952 A-O ___ 86i2 85% May’ 17
85 92
Registered.............
1929
J
8078Oot '12
J
Registered.................10 52 A-O
95*4 Sep *12
IIIVA G Dlv 1st g 4s.. . 1933 M N 74 74*4 74
74
1st refunding 4s............. 19 55 M- N 86 I2 87% 87
87
85 95
Verdi V I A W 1st g 5s. ..1926 M- S
87 Sep *15
Purchased lines 344s....... 1952 J - J ___ 8418 85% Jan *17
85%
85%
Mob
A
Ohio
now
gold
6
s..
1927
J
D
108
May’17
105%
109*2
L N O A Toxas gold 4s. _.1953 M- N 82i2 84 82% 82i2
82 8978
1st ext gold 6s..............M927 Q- J 100% 104 109 Feb ’ 16
Registered ............. 19 5 3 M-N '___ 84 84 May*14
General gold 4s_______ 1938 M - S 70 71% 70 May'17
Cairo Bridge gold 4s___ 1950 J - D 84 --- 89 Apr *17
89
9434
Montgomery
Dlv 1st g 5s. 1947 F-A ___ 101 101 Oot ’16
Litchfield Dlv 1st gold 3s. 1951 J - J 0 1 ----- 74 Fob ’ 14
St Louis Dlv 5s..............1927 J - D 85 92 89 Deo ’15
Loulsv Dlv A Termg 3448.1953 J - J ___ 785a 70% May’ 17
76%
83
St
L
A
Cairo
guar
g 4s___ 1931 J - J 82 86 84 May’17
Registered_________ 1953 J - J
83 Aug’ 12
Nashv Chatt A St L 1st 5s. .1928 A-O 104%___ 104% 104%
Middle Dlv reg 5a..........1921 F - A 100*8----- 102 Juno’lG
Jasper Branch 1st g Os. _.1923 J - J 103 __ 110% Mar’ 17
Omaha Dlv 1st gold 3s. -.1951 F-A 61 ----- 72% Jan ’ 17
72% 72*2 Nat Rys of Mex pr Hen4^s. 1957 J - J
30 May’17
St Louis Dlv A Term g 3s. 1951 J - \ 62*2 70 71 Mar’ 1 7
71 71
Guaranteed general 4s... 1977 A-O
35 Aug ’16
Gold 34$S................. 1951 J - -J 75 82 84 Apr *17
83 80*2 Nat of Mex prior Hen4H8..1926 J - J
967a
Feb ’13
Registered............. 1951 J - ■*
80 Juno*16
1 st consol Is..... .........
19 5 1 A-O
30 Oct *16
Sprlngf Dlv 1st g 3448---1951 J - f 80 ---- 80% Nov’16
N O Mob A Chic 1st ref 5s.. 1960 J - J
59 Deo ’16
Western lines 1st g 48___ 1951 F - A 80 ---- 84% May’ 17
84% 84% New Orleans Term 1st 4s.. .1953 J - J 65 ___ 08 Apr *17
Registered................ 1951 F - A
92 Nov’ 10
N OTex A Mexico 1st 6s__ 1925 J -D 94% 96 96
96
Bellev A Car 1st 6s........1923 J -D ___ 10734 117*2 May’10
Non-cum Income 5s A___ 1935 A-O 36 40 36 May’ 17
Carb A Shaw 1st gold 4s. .1932 M- 9 86 --- 90 Jan *17
90 “ ’ 9 6 "
N
Y
Cent
RR
conv
deb
0s.. 1935 M-N 106*2 Sale 06
1067a
9973
.
.
.
107% Oot ’10
Chic St L A N Ogold 5s..1951 J -D
Consol 4s Series A.......... 1998 F-A 80 83*2 83
83
114 Feb * 11
Registered ..
1951 J -D
Ref A Imp 4Hs "A” ____2013 A-O 90 91% 89% 90*2
90 Oot *09
Gold 344s..........IIIIIl951 J -D
NY
Central
A
II
Rg3Hs._1997
80
Sale
80
80
J
- J
Registered............. 19 5 1 J -D
Registered................ 1997 J - J
82 Apr *17
98
Joint 1st ref 5s Series A 1963 J - D 98 Salo
97 102%
Debenture gold 4s.......... 1934 M-N 8678 Sale 867S 87
Apr *17
Mcraph Dlv lat g 4s... 1951 J - D ___ 90
88 88
Registered.................1934
92 Deo *16
M-N
Registered............. 19 5 1 J -D
Lake Shore coll g 3Hs___ 1998 F-A 71% Sale 70% 71%
„
8ou ,3t BUg 4sIIl93l M- S 81 90 95*2 Jan *17
95*2
05*2
Registered.....
...........
1998
___
72
7G34 Mar*17
F-A
Ind 111A Iowa 1st g 4s.......19 50 J - J 84%----- 89 Apr *17
89 04%
Mich Cent coll gold 3>$s._ 1998 F-A 70%----- 74 May’17
Int A Great Nor 1st g 6s.. 19 19 M-N 05 97 95 May*17
94*a 100
Registered
.................
1998 F-A '___ 72
75 Mar*17
82%
82*2
James Frank A Cloar 1st 4s" 1959 J -I) 82*2 Sale
82*2 93
Battle Cr A Stur 1st gu 3s. 19S9 J - D 63% . . .
Kansas City Sou 1st gold 3a. 1950 A-O 00% 03 637a May*17
G37a 71%
Beech Creek 1st gu g 4s.. 1936 J - J ----- 96
96% Apr *17
63 Oct ’00
Registered....................1950 A - O
92
Registered........ ....... 1936
9534 Nov’ IO
Ref A Impt 5a..........Apr 1950 J - J 86*a 87*8 86% 86%
85 91
2d
guar
gold
6s..........1936
J
J
96
104
May’16
Kansas City Term 1st 4s...i960 J - J 83% Salo 83% 83%
83% 90%
Registered.............1936 J - J
Lake Erie A Wcat lat g 5s. _1937 J - J ____ 99 99 Apr *17
9834 101
Beech
Cr
Ext
1st
g
3>*8-61951
A-O
70
___
2d gold 58................. 1941 J - J ___ 8212 805a Feb *17
80% 83
Cart A Ad 1st gu g is___1081 J - D ----- 85 89 Nov* 16
North Ohio lat guar g 5s.. 1945 A-O -----100% 897« Mar’17
897a 90
Gouv A Oswe 1st gu g 5s. 1912 J -D 93 ___
Lch Val N Y latgu g 4448.. 1940 J - J ----- 98% 97 May*17
97 102
Moh
A Mai 1st gu g 4s__1991 M- S 82%___ 94 Mar’ 16
Registered................... 19 10 j - j
101% Jan *17
101% 101%
N J Juno R guar 1st 4s__1986 F - A 80 ___ 89% Feb *16
Lehigh Val (Pa) cons g 4a..2003 M-N ---- 87 84
84
84 91%
N
Y
&
Ilarlem g 3Hs__ 2000:M-N 79 ___ 80 May’17
General cons 444a......... 2003 M-n I 06*2 907a 967$ May’17
06 102
N Y A Northern 1st g 58.1923IA - O 101% 103 101% May’17
•NopriceFriday; latestbidandaskedthisweek, aDuoJan. 6Due Feb. 0DuoJune, hDueJuly. 0DuoOct. 1 OptionSale.
Range
Since
Jan. 1
Lott/i High
113% 114
113 113
103% 106*2
87 90
104% 106
"85 ’ 89 "
85*2 89
9578 98%
86 90*8
103 103%
103 103
94% 94*2
112% 113%
102% 107
91 9734
96*a 96%
106% 10634
98 103
112% 114%
104*8 104%
89% 90%
103*2 106
60 73*2
82 91%
10834 10834
81 85%
987a 103*4
80% 81%
100 100
105 109
100 103*3
79 81%
87
47
45
91%
64
617a
67%
40
26%
56
34
69%
70%
55
78
78%
95
63
97
92
9834
78*2
54%
31
69%
45
69%
71
79
85
80
45% 49
93% 99%
91 98%
95 95
69% 68%
101% 100%
106% 106*2
101% 103
55*2 69
60 61
80 82
100 % 101*4
97 103*4
77 86
73*2 84
108 114%
70 78%
84 9134
101% 108
30 30
08 72
94 99%
36 4334
10334 113%
80 88*4
9834
89 --8678
857g
70
76%
74
75
94%
81
80
80*a
80
96*a 97
80
81%
101% 102%
2328
BONDS
N. Y. STOCK EXCHANGE
Week ending June 8
IVol. 104.
New York Bond Record—Continued—Page 3
Price
Friday
June 8
Week's
Range or
Last Sale
"2
Range
Since
Jan. 1
High N o . 1Low High
ltd
Ask Low
N Y Cent & II R RR (Con.)—
N Y &Pu 1st cons gu g 4s 1993 A - O 79 ----- 90 Apr ’ 17 .... 8978 94
Pino Creek reg guar6 a---- 1932 J - D 1 1 0 i2 ___ 113 May’15 __
9978 104*4
R W & O con 1st ext53..hl922 A - O 1005S 102 101*2 June’17
100U
R W&OTR 1stgugos--1913 M-N 99' 8 ----- L00U Feb '17 __ 100U
90 90
Rutland 1st con g 4>$8—.1941 J - J 80 ----- 90 Apr ’ 17 ....
70*8 70J8
Og& LCham lstgu4sgl948 J - J 62 ___ 70*8 Apr ’ 17
llut-Canada Istgug4s.l919 J - J 70 ___ 92 June’09
St Lawr & Adir 1st g 5s— 1996 J - J 90 ___ 101 Nov’16
103 Nov’10
2d gold 6s__________1996 A - O
Utica & Blk ltlv gu g 4s. .1922 J - J ___ 9812 97*a JuIy'lG
79 87*4
Lake Shore gold 3>*s___ 1997 J -D 82 847g 81U May’17 ___
79 87
Registered--------------1997 J -D 70 79 79 Apr ’ 17 ___
91*8 97U
Debenture gold 4s___ 1928 M- S 9214 Sale 92*8 92*2 28
91U 62 90*2 96*4
25-year gold 4s. - ....... .1931 M-N 9113 Sale 91
Registered_______ 1931 M-N ___ OUs 95 Nov’16
Ka A &G It 1st gu c 5s— 1938 J - J
Mahon C’l RR 1st 5s___1934 J - J 10 0 ___ 104U Deo T5
103 May’17 — - 103 103*4
Pitts & L Erie 2d g 5s--.al928 A - O
Pitts McK & Y 1st gu 6s. -1932 J - J 108 ___ 130*8 Jan ’09
2d guaranteed 6 s____ 1934 j J 107 ----- 123*4 Mar’12
McKees A B V l3 t g 6 3 .1 9 18 J
1041s----- 106U Aug ’ 16
Michigan Central 5s.......1931 M
105 July’16
Registered--------------1931 Q
4a............................1940 J - J 8 6 * 8 ----- 98 Apr ’ 12
87 Feb *14
Registered................ 1940 J - J
J L&S 1st gold 3 ^ 3 . .. 1951 M- S 72 ----- 90 June’OS
1st gold 3Hs...............1952 M-N 80 82*3 82*8 May’17 2 8 U2 86
82
82 91*4
20-year debenture 4s__1929 A - O 81 82 82
N Y Chic A St L 1st g 4s..1937 A-O 9012 92 90*2 90*2 25 90U 95*2
88
89
88
Registered____ ...1937 A-O 88 Sale 88
79 82*2
Debenture Is_____ 1931 M-N ___ 75 79 Mar’ 17 ___
85U 10 85 94
West Shore 1st 4s guar...2361 J - J 85 Sale 85
Registered_________ 2361|J - J 80 84*4 84U May’17 ___ 84*2 93*8
NYC Lines eq tr 5 3 . .1916-22 M- N .............. 100*2 Jan T7 — 100 i2 100*2
10034 Jan ’17
100*4 100*4
Equip trust 4H3--1917-1925 J - J
93
90*8 99*4
N Y Connect 1 st gu 4V£s A..1953 F - A 93 Sale 93
N Y N II A Hartford—
7953 Sep ’ 16
Non-conv deben 4s____ 1947 M- S
71 Nov’16
Non-conv deben 3>$s__ 1917 M- S
62 68 Deo’ 17
Non-conv deben 3.4s---- 1954 A-O
Non-conv deben 4s____ 1955 J - J ___ 70 68 Mar’17 . . . . 68 68
67 76U
Non-conv deben 4s____ 1956 M-N ___ 70 69*4 Apr ’ 17
60 May’17
57U 64
Conv debenture 34s___ 1958 J - J 59*2 M
8
91
95
91
110*2
93
94*2
Conv debenture 6s_____ 1918|J - J
79 Jan ’ 17 — 79 79
Cons Ry non-conv 4s___1930, F - A
Non-conv deben 4s---- 1954;J - J ___ 78 91*2 Jan '12
Non-conv deben 4s__ 1955 J - J ----- 78*a 79*2 Apr *16
Non-conv deben 4s___1955 A-O
Non-conv deben 4s___1958 J - J ___ 80
Harlem R-Pt Ches 1st 4s. 1951M-N 82 ----- 86 May’ 17 ___ 86 92
88 U 8 8 U
B & N Y Air Lino 1st 4s.. 1955 F - A 83 ----- 88>8 Apr T7
Cent New Eng 1st gu 4s.. 1961J - J ___ 76 74 Apr ’17 — 72 78*2
Hartford St Ry 1st 4s___1930 M- S
105*2 May’15
Ilousatonlc R cons g 5s__1937 M-N
87 July’ 14
Naugatuck RR 1st 4s__ 1954 M-N
N Y Prov & Boston 4s__1912 A-O do ----- 83 Aug ' 13 7
59
58 75*2
NYW'ches&B 1st scr I 44s'46 J - J 55 6034 58
107 Aug ’09
N H &Derby conscy 5s..1918 M-N
Boston Terminal 1st 4s__1939 A-O
. .. . ..............
New England cons 5s___1945 J - J 10 21 a ----Consol 4s..................1915 J - J 88 ----- "99*2 Mar’12
Providence Secur deb 4s. _1957 M- N ___ 60 57 Apr ’16 . .. . 57 67
9978 Deo T4
Prov A Springfield 1st 53.1922 J - J
Providence Term 1st 4s__1956 M- S 803a----- 83*8 Feb T4
W A Con Ea3 t 1st 44s— 1913 J - J 70 70*8 70
I 70 83
70
NYOAWref 1st g 4s__ 01992 M- S
92*2 June’12
Registered 35,000 only..01992 M- S
80
General 4s___________ 1955 J -D 70*8 80 79 Mar’17 ___1 77
Norfolk Sou 1 st A ref A 5s._1961IF - A 76 78 78U 78*4 . . . . 78 8258
9 934 101
Norf A Sou 1st gold 5s____ 19111M-N 97 99 99*4 Apr '17 —
115 122
Apr ’ 17
Norf A West gen gold 6 s___1931 M- A 114 ___ 115
Improvement A ext g 6s.. 1934jF - A 114 122 122 Nov’ 16
New River 1st gold 6s___1932jA - O 1 1 1 * 2 ----- 120*2 Nov’ 10 25
893S 97U
N A W Ry 1st cons g 4s. .1996 A - O 89*4 90 893$ 00*4
94*2 Deo TO
Registered_________1996 A-O
85*2 13 85 93*8
Dlv’l 1st lien A geng 4s. 1914 J - J 85 Sale 85
12378 May’17
118*4 134
10-25-year conv 4s___ 1932 J -D
124 ----- 117U May’17 ___ 117*4 13634
10-20-year conv 4s___ 1932
12412 126 12U2 May’ 17 ___ 1181a 135
10-25-year conv 44s— 1938
88
04
86 is 88 i2 88 Apr ’ 17 —
Pocah C A C Joint 4s. . . 1941
10 0 ___ 103 HeptTO
C C A T 1st guar gold 5s.. 1922
___
8678
May’17
8
G
78
92
85
87
Sclo VAN E 1 st gu g 4s--1989 M- N
83*8 Sale 88 *s 88*2 35 88*8 90*4
Nor Pacific prior lien g 4s__1997 Q88
93
___ 8973 88*2 May’17
Registered .................1997 Q62U 29 62 69*8
62 Sale 62
General lien gold 3s.......a2017 Q 00
607a 61 May’17
61 67*4
Registered..............a2047 Q91*8 91*2 915s May’17 . . . . 9158 9178
St Paul-Duluth Dlv g 4s.. 1996 J 104*2 1067a 108 May’17
108 110 *2
8 tPANPgen gold 6s--.1923 F109*2 Oot ’ 15
Reglstcred certificates.. 1923 Q107
Oot
*16
1
0
1
*
2
----St Paul A Duluth 1st 5s..1931 F 99*4----- 100 Jan *17 . .. . 10 0 lOOU
2d 5s........................ 1917 AS878 887a
___ 85 8878 Mar'17 —
1 st consol gold 4s____ 1968 J 70*2 80 86*2 Deo T0
Wash Cent 1st gold 4s__ 1948 Q 110
lit 110 May’ 17
109*2 1 1 0
Nor Pac Term Co 1st g 6s. .1933 J 81*2 817a 82*a Juno’17 . . . . 8178 875s
Oregon-Wash 1st A ref 4s__1961 J 93U 99
___ 95 95 Apr ’17
Pacific Coast Co 1st g 5s___1946 J 95 997a 100U Feb ’17
99 101
Paducah A Ills 1st 8 f 44 s..1955 J 99U Apr ’17
99*2 99U
Pennsylvania RR 1st g 4s.. _1923 M1001 * ___ IOD3 Apr ’ 17
1015a 10 2 U
Consol gold 5s..______ 1919 M94 ___ 9878 Mar'17
985s 99*2
Consol gold 4s............... 1943 M17 94 1 0 1
95
95 97 95
Cousol gold 4s............ 1948 M102*4 Sale 102*4 102*4 27 102 107*4
Consol 44a__________1960 F2 9578 104l2
96
90% 96*2 96
General 44s.................. 1965 J 9578 Sale 95*4 96% 147 95U 977a
General 44s (wh lss)Junel '65
97 075a
Alleg Val gen guarg4s.-.1942 M- S 9278 96 97U Feb '17
........ .....
95 ___ 91i2 Sep *l(
D R RRAB’ge 1st gu 4s g. 1936!
100 100
98 98*4 100 Jan ’17
Phila Balt A W 1st g 4s.. . 1943
98 ----- 102 Jan ’03
Sodus Bay A Sou 1st g 5s. 1924
Sunbury A Lewis 1st g 43.1936
997g 99%
93 ___ 9978 Mar’17
U N J RR A Can gen 4s.. 1944
Pennsylvania C o 995a 10 2 U
100U
May’
1
7
99%
1001
Guar 1st gold 44s---------1921
100*8 102U
99 100 100*8 Apr ’ 17
Registered........ ........ 1921
87 87
78 . . . 87 Feb ’17
Guar 34s coll trust reg A. 1937
80 86*4
80*8 83 80 May’ 17
Guar 34s coll trust ser B_ 1941 F81 ___ 80*s July'ie
Guar34s trust ctfsC___1942 J
78*2 853 8734 Deo TC
Guar 343 trust ctfs D---- 1944
90U 97
90*2----- 90*4 May’17
Guar 15-25-year gold 4s. .1931
92*4 93
87 913 92*4 Apr ’ 17
40-year guar 4s ctfs Ser E. 1952
91 91
91
Apr
*
1
7
___
90
CIn Leb A Nor gu 4s g---- 1942
95*2 961 96UMay’ 17
06U 100l2
Cl A Mar lstgu g 44 s...1935
10 2 10 2
98 1021 102 Apr T"
Cl A P gen gu 44s ser A..1942
9978 1021
Series B..................... 1942
8631___ 61U Feb '12
Int reduced to 343--1942
8 6 *4 ----- 90*8 Oct T2
Series C 34s............. 1948
88 U 89U
8 GI2 ___ 88*2 Fob ’1"
Series D 3 4 3 _______ 1950
88
88
. . . . 87* 88 Apr’ T
Erie A Pitts gu g 34s B..1940
___ 87*
90*8 JuIy’IS IIII
Series C..................... 1940
___
99 99
93*2 96 99 Mar*l"
GrR Alex 1st gu g 448-1941 J •
94 ___ 93 May’ll ___
Ohio Connoct 1st gu 4s... 1943 M92*2 — 109 May’lC
Pitts Y A Ash 1st cons 53.1927
94*2 97 98*1 Apr '1' ___ 98s4 9834
Tol WV A Ogu 443 A— 1931 J •
99*a Feb T __
09U 99*2
94*2__
Series B 44s............. 1933 J ■
94 Apr ’ ll ___
Series C 4s.._............1942 M99*4 09*
99*4
1 9934 103%
PC C A St L gu 44s A— 1910 A99*i 100 99*4 993
5 98*2 102U
Series B guar_______ 1942 A 00*4___ 97U July’ li
Series C guar_______ 1942
90*4___ 95*4 Oot ’If ___
Series D 4s guar_____ 1945
96 Mar'r . . . 95U 96
88*4 -- Series K34 s guar gold. 1940
BONDS
P rice
Week's
Range
Since
Range or
Friday
Is
N. Y. STOCK EXCHANGE
Jan. 1
Last Sale
June 8
Week ending June 8
High N o . Low High
P C C A St L (Con.)
Hid
Ask Low
95U 95*2
Series F guar 4s gold...1953 J - D 90 ----- 95*a May’ 17
95*2 07
Series G 4s guar..........1957 M-N 90 94 95U May’17
102*2 103*3
Series I cons gu 44a— 1963 F - A 100 ----- 102i2 Apr '17
103U 103U
C St L A P 1st cons g os..1932 A - O 10358----- 103U May’17
100 Juuo’17 . . . . 100 100
Peoria A Pekin Un 1 st 6s g.. 1921 Q- F
87 Mar’16
2d gold 44s--_...........51921 M-N
8934 Sale 88U 89*4 24 87U 95
Pere Marquette 1st Ser A 5s 1956
71
1 70 7734
71 Sale 71
1st Series B 4s............... 1956
42 42
___ 48 42 Feb '17
Philippine Ry 1st 30-yr a f 4s 1937
1053a___ 109 Jan '17 . . . . 109 109
Pitts Sh A L E 1st g 5s.......1940
113U Nov’ll
1st consol gold 5s...... ..... 1943
91«2 Sale 91U 91*4 69 91 9GU
Reading Co gen gold 4s---- 1997
90U 95
___ 9012 00*2 May’17
Registered..........
1997
91 94 91 Muy’17 . . . 90*2 97
Jersey Central coll g 4s— 1951
8312___
Atlantic City guar 4s g.. . 1951
75 7978 80 Mar'17 — 79 82
St Jos A Gr Isl 1st g 4s.......1947
St Louis A San Fran (reorg Co)
6312 Sale 63U
64 135 62% 71*8
Prior Lien ser A 4s______1950
13 7734 8834
78*4 Sale 7834 79
Prior lion 8er B 5s---------1950
40 66 76
63
67>2 Sale 67*s
Cum adjust ser A 6 s--------1955J
4034 567a
62
49
Sale
49
49*2
Income scries A 6s______ 1960 July
St Louis A San Fran gen 6 3 .1 9 3 1 J -J 103*2 1 1 0 111 Apr’ 17 __ 111 112U
10058 2 100 104
10 0-J 100U 1005s
General gold 5s_______1931 J
78 May’ 16
St L A 8 F RR cons g 4s.. 1996 J
-J
74U 75
74U Mar'17
General 15-20-yr 5s___1927 M-N
~81" 75 Mar’17 . . . . 70 76
Trust Co ctfs of deposit..
76U 76 Deo ’ 16
do
Stamped
90 80
90 May’17
85
Southw Dlv 1st g 5s... 1947 A
-O
8334 Oot ’ 10
Refunding gold 4s_____ 1951 J
-J
80*4 Mar’ ll
Registered________ 1951 J
-J
7834 Feb T7 . . . . 7834 7834
Trust Co ctfs of deposit
77U 74U Sep ’10
do
Stamped
102U 111%
K C Ft 8 A M cons g 6 s. .1928 M-N 105 1081? 104U May’ 17
li 6934 79*8
ICC Ft SAM Ry ref g 4s. 1936 A-O 71 Sale 70*4 71
90 90
90 Fob '17
K C A M R A B 1st gu 5s. 1929 A-O
725s 80
St L S W 1st g 4s bond ctfs.. 1989 M- N 70 72% 725s May’ 17
2 59
65*2
59
2d g 4s Income bond ctfs.pl989 J - J 59 Sale 59
621
2 72
.
.
.
.
62*s
May’17
J
-D
00*2
Consol gold 4s________ 1932
63U
1st term! A unlf 5s______1952 J - J 63*2 60*2 66*2 66*2 3 64 71*8
98*2 Jan ’ 14
Gray’s Pt Ter 1st gu g 5s. 1917 J - D
62*4 05
S A A A Pass 1st gu g 4s---- 1943 J - J 62*4 Sale 02*4 023., 11 100U
100U
SF A N P 1st 3 k fd g 5s.......1919 J - J ___ 101 100U Feb ’17
78 May’ 17 . . . 78 82U
Seaboard Air Line g 4s----- 19 5 0 1A O
78 8258
78U May’ 17
Gold 4s stamped________ 19 5 0 ,A O <7U
01
01U 5 58*2 68
Adjustment 5s.............. o1949iF -A 60
64*2
64*2 0 62*2 70*2
Refunding 4s........ ........ 19 5 9 ,A -O 63
851.1 87
87 Mar’ 17
Atl Blrra 30-yr 1st g 4s_.el933 M- 9 70
88 Jan -17 — 83 83
Car Cent 1st con g 4 s---- 1949 J - J
99*4 Sep '15
Fla Cent A Pen 1st g 5s__1918 J - J
101 Deo '15
1 st land gr ext g 5s----- 1930; J - J
Consol gold 5s........... 1943 J - J ___ 104 10334 Deo TO
Ga A Ala Ry 1st con 5s..ol945 J - J 97 1001) 100 Apr '17 _____ 99*4 102
102*4 102%
Ga Car A No 1st gu g 5s. _1929 J - J 98 1001 102*8 Jan T7
100U 4 100U 100U
J lOOUSale 100U
Seab A Roan 1st 5s.........1926
Southern Pacific Co—
Gold 4s (Cent Pac coll)..*1949 J - D 78«2 Sale 78U 78U 10 78U 88
Registered_______ &1919|J - D ___ 80 90 Feb T4
108 81 88*4
82
20-year conv 4s______ 0 l 9 29 |M- S 81% Salo 8 U2
20-year conv 5s............ 1931 J -D 99USalo 99U 90*2 159 90*4 104U
6 85*3 9378
80
Cent Pac 1 st ref gu g 4s... 1919 F - A 85% 86 86
8712 Sept’16
Registered.................1949 F - A ___ 91
85 91*2
Mort guar gold 3^3..*1929 J - D 85 87 85 May’17
84 8712
Through St L 1st gu 48.1954 A-O 79 813s 84 Feb ’17
10012 102
G II A S A M A P 1st 53..1931 M-N ___ 101 100i2 Feb ’ 17
97
97
95
97
90l2 9812
J
J
2d exten 5s guar---------1931
__ 10014 Jan ’ 16
Gila V G A N 1st gu g 5s..1924 M-N 95
99l2 1021a
Hous E A W T 1st g 5s. . . 1933 M-N 9434 99*2 99*2 Apr *17
9434 ___ 100 Oot ’ 16
1st guar 5s red-----------------1933M-N
100l2
H ATC 1st g5sIntgu... 1937 J - J 103 105 104 May’ 17
96*2
Gen gold 4s Int guar— 1921 A - O 91 955s 95 May’ 17
Waco A N W dlv 1st g 6 s ’3 0 M- N ____109*2 10912 Nov’lG
100»4 10U2Deo T6
A AN W 1st gu g 5s...... 1941 J - J ___
Louisiana West 1st 6s-----1921 J - J 101 1053» 109 Juno’14
July’lG
Morgan's La A T 1st 7s. .1918 A-O ____105*8 101*4
’16
1st gold 6s__________1920 J - J ___ 104U 105 Jan
Oot ’10
No of Cal guar g 5s.........1938 A-O 1051s___ 105
9978 1017a
Ore A Cal 1st guar g 5s— 1927 J - J 9778 99*8 9Q78 May’ 17
So Pac of Cal—Gu g 5s— 1937 M-N 10712 ----- 107*2 Sept’lG 10
90
94
94
94
So Pac Coast 1st gu 4s g.. 1937 J - J 9312
7973 89*4
San Fran Terml 1st 4s... 1950 A-O 80'4 84i2 81 Juno’17
___
96
95
Nov'10
J
J
Tex A N O con gold 5s__1943
855s 95
So Pac RR 1st ref 4s.......1955 J - J 8534 86 I2 8GU 80i8
90*2 102*4
Southern—1st cons g 5s-----1994 J - J 99 Sale 98*4 99>2
100U Aug '16
Registered........... — 1994 J - J
77
Develop A gen 4s Ser A__1956 A-O 68*8 Sale 68 U 68*4 17 06
77i2 78l2
70 77*3 77*2 Apr *17
Mob A Ohio coll tr g 4s.. . 1938 M
10U8
Mem Dlv 1st g 4 >$3-5 s__ 1996 J - J 94 97<2„ 98*8 Apr *17,---- 98
73 84
St Louis dlv 1st g 4s....... 1951 J - J 71 71*2 73 May’ 17
Ala Con 1st g 6s----------- 1918 J - J 99*4 10378 102*8 Sep '10
0812 98la
- 99*8 98*2 Apr *17
Ala Gt Sou 1st cons A 5s.. 1943 J - D
90 00i4
Atl A Char A L 1st A 4>*s 1944 J - J 90 92 90 May’17
98*4 Sale 9S12 99
97 1031s
J
1st 30-yr 5s ser B_____1944
70 84 83i2Jan T7
83*4 84
J
AtlADanv 1 st g 4s_____1948
2d 4s........................ 1948 J - J ___ 80 81*2 Mar’16
75 75
Atl A Yad 1st g guar 4s— 1949 A-O 72 ----- 75 Feb ’17
105 105
E T Va A Ga Div g 5s__ 1930 J - J lOOU 1037s 105 Mar’ 17
99*4 108
100
Con 1st gold 5s...........1956 M-N 100*3 100*4 100
100i2 101U
E Ten reo lien g 5s_____ 1938 M- S ___ 101*4 10114 Mar'17
64 65
Ga Midland 1st 3s_____ 1946 A-O ___ 63 65 May’17
1007s 107
Fob ’17
Ga Pac Ily 1st g 6s.........1922 J - J 10l*a 100 I067g
109*4 Jan *17
109*4 109*4
Knox A Ohio 1st g 6s___1925 J - J 103U----- 106
Sopt’10
Mob A Blr prior lien g 5s. 1945 J - J 99 101
___ 72 72 Apr ’ 17
72 74
1945 J
Mortgage gold 4s.
100 104*4
Rich A Dan deb 5s stmpd. 1927 A-O 100 103 100 May’ 17
73 Sep ’12
Rich A Meek 1st gu 4s— 1948 M- N
98 10Ua
So Car A Ga Istg 5s.......1919 M-N "9812 lOOU 9914 May’17
102ia Juno’ 11
Virginia Mid ser D 4-5s— 1921 M- S
1
0
1
**4
HI
.1926
M
S
1
0
3
*8
Aug
T6
Series E 5s.................1926
10412 Deo *10
Scries F 5s_________ 1931 M- S
9934 108
General 5s__________1936\ M-N 9934 Sale 9934 100U
105 1061a
Va A So’w’n 1st gu 5s. .2003 J - J 103 ___ 105 Mar’ 17
90i2 01i2
1st cons 50-year 5s— 1958 A-O 70 88 91 Fob ’17
937g 9378
W O A W 1st cy gu 4s---- 1924 F-A 9012---- 9378 Mar’ 17
95 90
Spokane Internal 1st g 5s— 1955 J - J ___ 9578 05*4 Mar’17
97 May’ 17
07 101*8
Ter A of St L 1st g 4>$S---- 1939 A-O 92*8 97 102
Apr
*1
7
100*4
102
98
100
F
A
1st con gold 5s-------1894-1944
80 Mar’17
80
88 I2
Gen refund sfg4s.......... 1953 J - J ___ 84 99
Mar*17
99 100
St L M BridgeTer gu g 5s 1930 A-O 9512 101*8
9712 102
Tex A Pac 1st gold 5s------- 2000 J -D ___ 9712 9712 June’17
May’17
04 64
2d gold Inc 5s------------ 02000 Mar GOI2 70 63
89 89*4
La Dlv B L lstg 5s.........1931 J - J 89 93 89 Apr ’ 17
W Min W A N W 1st gu 5sl930 F - A ___ 95 1061a Nov’04
99is
9918 104*2
Tol A OC lstgu 53............1935 J - J 99>8 Sale 90*8
100 100
Western Dlv 1st g 5s____1935 A-O ___ 981; 100 Jan *17
90 Fob '17
82 90
General gold 5s----------- 1935 J -D
8212 84
Kan A M 1st gu g 4s....... 1990 A-O “80 " *84 84 Apr ’ 17
___
95
OU4 97*4
9414
Apr
'17
J
2d 20-year 5s............. 1927 J
53 62
Tol P A W 1st gold Is.........1917 J J 60 ___ 62 Mar’17
80 8312
80
Mar’
1
7
80
81
J
Tol St L A W pr lieu g 3>$s. 1925 J
54 60
50-year gold 4s..............1960 A O 401a 55 55 May’17
Coll tr 4s g Ser A............1917 F A 22 50 18*8 Mar’06
80 8712
80
Apr
’
1
7
87
80
Tor Ham A Buff 1st g 4a__A1946 J - D
99*4 10012
08*s 09*4 Apr ’ 17
Ulster A Del 1st con g 5s— 1928jJ - D
71*2 74 Mar*16
1st refund g 4s...............1952 A - O
9312
01*2 100
Union Pacific 1st g 4s_____1947 J - J 0 2 i2 93 93
96*a Apr ’ 17
05% 08»2
Registered_____ _ — 1947 J - J
88 I4 99i2
20-year conv 4s_______ 1927 J - J 8978 Sale 89*8 90
881a
88 % 951s
1st A ref 4s..................02008 M- S ___ 877a 88la
88
95
Ore RR A Nav con g 4s.. 1946 J -D 88 90 88 May’17
•NopriceFriday; latestbidandasked, aDueJan. bDueFeb. eDueMay. 0DueJune, hDueJuly. * DueAug. eDuoOct. pDuoNov. ?DueDeo. «Optionsale
June 9 1917.]
New York Bond Record—Concluded—Page 4
Week's
Price
BONDS
Range or
Friday
N. Y. STOCK EXCHANGE
Last Sale
June 8
Weok ending Juno 8
High
Bid
Ask Low
Union Pacific (Con.)—
Oro Short Lino 1 st g 6a— 1922 F - A 10418 101% 10378 10378
lat consol g Ga______ 19Id J - J 103 108 104 May’17
88
Guar refund 4s-------- 1929 J - D 86 l2 867s 8678
Utah &Nor gold 5a---- 1920 J - J 985s ___ 102 Mar*10
90 Apr *10
lat extended 4a----- 1933 J - J 92 ..
Vandalla cons g 4aSer A---- 1955 F - A 85 88 I4 88 I2 Apr *17
Consol 4a Series B---------1957 M- N ___ 92 813a 8138
Vera Cruz & P 1st gu 4^s.. 1934 J - J ___ 35 4212 Aug *15
95
Virginian 1st 5a Series A---- 1902 M-N 9434 9558 9478
10034
Wabash 1st gold 5a----------1939 M-N 100U Sale 100
95
2d gold 5s..................... 1939 F - A ___ 94 95
Debenture Series B-------1939 J - J 80 __ 105 Oct *16
1st lien equip s fd g 5s---- 1921 M- S ___ 100% 100% Mar*17
78 May’17
1st Hen 50-yr g term 4a__1954 J - J
Det Ac Ch Ext 1st g 5s---- 1941 J - J 10 0 ___ 10U2 May’17
80 Aug ’ 12
Des Moines DIv 1st g 4s. _1939 J - J
75 Apr *17
Om Div lstg 3>$a.......... 1941 A - O ___ 78
8414 Jan *17
Tol&Ch Div lstg 4s___1941 M- S
Wash TermI lat gu 3Hs___1945 F - A ‘ 7612 "79 86U Jan *17
lat 40-yr guar 4s______ 1945 F - A 8 6 * 2 ---- 9 H2 Aug *15
West Maryland lat g 4s___1952 A - O 6978 70 6978 09%
West N Y & Pa 1st g 5s___1937 J - J 99 104i2 102 May*17
Gen gold 4s................ .1943 A-O ___ 85*8 86 Mar'17
Income 5s___ ______.pi913 Nov 40 ----- 37 Oct *16
Western Pac 1st ser A 5s__1946 M- S 85 Sale 8478 85%
Wheeling Ac L E 1st g 5s___1926 A-O ___ 100 100% Apr ’ 17
Wheel Div 1st gold 5s___1928 J - J 9212 99% 100 Feb *17
Exten <t Impt gold 5s___1930 F - A ___ 99% 993a Mar’17
Refunding 4%s scries A.. 19(50 M- S ___ 7012
RR 1st consol 48______ 1949 M- S ___ 7838 78% May*17
___ 77
Trust co ctfs of deposit---Winston-Salem S B 1st 4a. _1900 J - J 79 88 I4 85 May’17
WIs Cent 50-yr 1st gpn 4s.. . 1949 J - J ----- 80 84*2 Juno’17
Sup*fe Duldlv& term 1st 4s *30 M-N 80 85 80*8 Apr *17
Street Railway
92
Brooklyn Rapid Tran g 5S--1945 A-O 92 Sale 92
lat refund conv gold 4s— 2002 J - J ___ 7278 7378 Apr '17
9834
6 -year secured notes 5s...1918 J - J 985s Sale 9812
Bk City 1st con Is..1916-1941 J - J ___ 99i2 10038 Apr ’ 17
Bk QCo &S con gug 53..1941 M-N ___ 8478 80 May’17
Bklyn QCo Ac S 1st 5a---- 1941 J - J ___ 99% 101 May’13
Bkiyn Un El lat g 4-os__1950 F - A 92 93 92 May’17
Stamped guar 4-5s___ 1950 F - A 92 98i2 93 May’17
Klng3 County E lat g 4s.. 1949 F - A ___ 87 78 May'17
Stamped guar 4s........ 1949 F - A ___ 80 81% Apr ’ 17
Nassau Elec guar gold 4a. 1951 J - J ___ 72 71 Mar’ 17
94
Chicago Itys 1st 5s........... 1927 F - A 03*2 Sale 93»2
Conn lty it L lat Ac ref g 4^31951 J - J 93i2 99i2 100% Feb ’17
Stamped guar 4Hs........1951 J - J
100ig Apr ’ 17
Det United 1st cons g 4H8-.1932 J -J 80 81 81
81
Ft Smith Lt Ac Tr lstg 5s... 1930 M- S
84 Jan ’ll
Hud Ac Manhat 5s Ser A__ 1957 F - A 597a Sale 597g
5978
Adjust income 5a........... 1957 ..
13*4
1314 14
1314
N Y Ac Jersey 1st 5a........ 1932 F - A ___ 100 100 Feb ’17
Interboro-Metrop coll 4H8-1950 A-O 01% Salo 64*4
65*2
91
fnterboro Rap Tran 1st 5s.. 1900 J - J 93USale 93
Manhat Ry (N Y) cons g 4s. 1990 A-O 83 85i8 85*8 May’17
85
Stamped tax-exempt.......1990 A-O 84 85 85
Metropolitan Street Ry—
Bway it 7th Av 1st c g 5s. 1943 J - D ___ 94 91 May’17
Col Ac flth Av 1st gu g 5s. . 1993 M- S ___ 98 95 May’17
Lex Av Ac P F lat gu g 5s. . 1993 M- S ___ 0178 96% Apr *17
30 Mar’14
Met W S El (Chic) 1st g 4s. .1938 F - A
Milw Elec Ry Ac Lt cons g 5s 1920 F - A 1 0 0 1 2 ---- 103 Mar’ 17
93 Nov’16
Refunding Ac exton 4>$s._1931 J - J
Mlnneap St 1st cons g 5s__1919 J - J 98 9912 101 Aug’16
89*2 May’17
Montreal Tram 1st Ac ref 5s. 1941 J - J 87 90
8334 Aug ’16
New Orl Ry Ac Lt gen 4Ha- - 1935 J - J ___ 80
N Y Munlclp Ry 1st af 5aA 1960 J - J 99 ___ 99 May’17
57
57
N Y Rys 1st It E Ac ref 4s.. .1942 J - J ___ 57
25*2
30-year adj lno 5s____ al942 A-O 25i8 Sale 25*8
76 May’17
N Y State Rys 1st cons 4Hs.1962 M-N 77*2 83
88*2 Nov’16
Portland Ry 1st &ref 5s___ 1930 M-N 88 i2 92
78 Apr ’ 17
Portld Ry Lt Ac P 1st ref 53.1942 F - A 72 75
90*2 Feb ’17
Portland Gen FHec 1 st 58-1935 J - J 90U -St Jos Ry L II «t P 1st g 5a.. 1937 M- N ___ 9978 100 Apr ’17
St Paul City Cab cona g 5a.. 1937 J - J ___ 10312 102*2 Mar’ 17
Third Avo 1st ref 4s.......... 1900 J - J 07 Sale 64% 07
Adj Inc 5s...................al90(] A-O 43 45 43*2 44*2
Third Avc Ry 1st g 5s------1937 J - J 100 105 105% Mar’17
90% May’17
Trl-Clty Ry Ac Lt 1st s f 53 . . 1923 A-O 97 93
90 Mar’17
Undergr of London 4Hs-----1933 J - J ___ 85
___ 73
03% May’17
Income 0a........ .............1948
81 Oot '08
Union Elev (Chic) 1st g 5S..1949 A-O
United Rys Inv 5s Pitta lss.1920 M-N ___ 75 70 Mar’ 17
United Rys St L 1st g 4s___1934 J - J ___ 05 61*2 Feb ’17
50
St Louis Transit gu 5s---- 1924 A-O 501a 52 50
321,
United RRa San Fr s r 4s... 1927 A - O 32 Sale 32
83
Salo
8734
88
Va Ry <t Pow 1st Ac ref 5a.-1934 J - J
Gas and Electric Light
Atlanta G L Co 1st g 5a___1947 J -D 100«2----- 103 Sept’ 15
Bklyn Uu Gas 1 st cons g 58.1915 M-N 9978 IOOI2 100*4 100*4
64 June'13
Buffalo City Gas lat g 5s... 1947 A - O 19*4
Clncln Gas it EIco lst&rcf 5a 1950 A-O 99*2 10 0 % 101 Apr ’ 17
Columbia G«t E 1st Ga... 1.1927 J - J 87 87% 90*2 Apr ’ 17
97 Feb ’ 15
Columbus Gas 1st gold GS..1932 J - J
10Si2
Consol Gas conv dob 0s___1920 Q - F 107*2 108 107
ConsGasE LAP of Bait 5-yr5s’2L M- N 100*2 10 2 10 2 May'1 2
101*4 100% Apr '17
Detroit City Gas gold 5s— 1923 J - J
101*2 Oot '16
Detroit Gas Co cons 1st g 5s 1918 F - A 10 1
Detroit Edison 1st coll tr 5s. 1933 J - J 1 0 1 Halo 10034 10 1
1st A rer 5a ser A-------- *1010 M- S 99 100 100*8 May'17
102 100*2 May’ll
Eq G L N Y lat cona g 5s._1932 M- S
10 1
100 Feb T3
Gaa Ac Elec Berg Co c g 5s.. 1919 J -D
Havana Elec consol g 5a---- 1952 F - a 90% 93%, 90*2 May’17
Hudson Co Gas 1st g 5s---- 1919 M-N 98 100 102*4 Apr ’ 17
Kan City (Mo) Gas 1st g 5s. 1922 A - O 85 ___ 90% Deo *10
97 May’17
Kings Co El LA P g 5s....... 1937 A - O 96
Purchase money 0s.........1997 A-O 105 108*2 107*4 May’17
Convertible deb 0a_____1925 M- S 108 12 0 % 128 Oot TO
Ed El 111Ilkn 1st con g 4s. 1939 J - J 89 89% 89*4 Apr ’ 17
Lac Gas L of St L 1st g 53. .61919 Q - F 100 Salo 99*2 100
Ref and ext 1st g 5s____ 1934 A - O 99% 10 0 % 99% 99%
93*2 Apr T7
Milwaukee Gaa L 1st 4s ... 1927 M-N 90 —
103*2 Apr T7
Newark Con Gas g 5s___ 1948 J - D
99
N Y G E L II A Pg 5s.........1948 J - D 99 Salo 9834
79*2
Purchase money g 4s___ 1949 F - A 79 Sale 79
108*4 Deo T6
Ed Eleo HI 1st cons g 5s. 1995 J - J 105*2
99 100 May’17
/*™
K Ist 00,1 G
« 63
1930 F - A —
Pacific J?1
GA
El Co—Cal
Ac E
Corp unifying A ref 5s._.lQ37 M- N 95% 97 9634 9034
Pacific G A E gen A ref 5s 1942 J - J 88*8 Sale 88*8
88%
Pac Pow A Lt 1st A ref 20-yr
5 s International Series. ..1930 F - A
92 95 Jan T7
Pat A Passaic G A El 5s__ 1949 M- 8 96 100 99% Oot T5
Peop Gas A C 1st cons g 0s.. 1 9 13 A-O
110*4 115 Jan T7
May’17
Refunding gold 5a......... 1 9 1 7 M- s 90 97
Sopt’03
Registered................1947 M- s
99*4
Ch G-L A Coke 1st gu g 5s 1937 J - J 97% 100*2
May’17
Apr T7
Con G Co of Ch 1st gu g 581930 J -D ___ 98%
Ind Nat Gas A Oil 30-yr 5sl03(i M- N ___ 93
Mar’17
Mu Fuel Gas 1st gu g 5S-.1947 M- N
99
Philadelphia Co conv 5a___1919 F - A 97 100 09*4 Nov’16
Conv deben gold 5s........ 1922 M- N 88 90 89 Apr T7
Stand Gas A El conv af 03.-1920 J - D 10 1 Hale 1 0 1
10 1
Syracuse Lighting 1st g 5a..1951 J -D 95% 10 2 97% May’ 17
Syracuso Light A Power 5s-_ 1954 J - J 84
85 Apr T7
Troontn G A El lat g 5s__ 1949 M- Si 98
101*2 Apr *17
Range
Since
Jan. 1
Low
High
103% 108*2
104 108%
80% 94%
92
81% 92
94% 100*2
100 100%
95 101
100% 100%
78 80
101*2 105%
73 77
84*4 84*4
85% 80*4
67*2 7534
99 10534
85*4 80
81% 87%
100*2 103
100 100
99% 99%
77 77
78 82
70 82
85 8 8 %
84 88%
91
86
92 101%
7378 77*4
97*2 101%
10038 101%
80 80
92 101*4
92 101%
75 8634
81*2 87
70% 74*2
92*2 9734
88
101% 101%
100
80
10 1%
80*4
58 09%
13*4 25%
10 0 %
01*2 73*2
91% 99%
85% 94
85 94%
94 100
95 100
9034 99*4
100
89*2 90*4
87
99 9934
57 7134
22*8 47%
76 80%
77% 78*2
90*2 90%
100 100
10 2 % 10 2 %
64% 80*4
38 73%
105% 108
96*4 1 0 1
89% 90
G3% 03%
70 70
61%
61
50 53
32 42
8734 03%
99% 107%
10 0 % 1 0 1
87 91
106 129
10 2 108%
10 0 % 1 0 1 %
100 105%
99 102
90*2 94
102*4 103*2
97 105*4
107% 110%
88
89%
99*2 102%
9934 10 2 %
92% 9334
103*2 104%
98% 10534
79 88
10 0
10 1
95*2 101
8738 93%
95 95
115 115
95 102*2
103%
101%
89 92
100% 101%
89 94*4
100 102
97% 101
85 87U
101% 101%
BONDS
N. Y. STOCK EXCHANGE
Week ending Juno 8
2339
Price
Friday
June 8
Week's
Range or
Last Sale
Low
is
Range
Since
Jan. 1
High
Low High
Union Elec Lt Ac P 1st g 5a.. 1932 M- S
101% Deo TO
Refunding Ac extension 58-1933 M-N
1 0 1 % Nov’16
United Fuel Gas 1st s f Os..-1936 J - J 98 100 99U May’ 17
99% 101%
Utah Power Ac Lt 1st 5s---- 1944 F - A 89% 90 90
90%
89% 90%
Utica Eleo L Ac P 1st g 5s__1950 J - J 1 0 1 ___ 101 May'17
101 103
Utica Gas Ac Elcc ref 5s___ 1957 J - J 98
99 Apr T7
99 101
Westchester Ltg gold 5s---- 1950 J -D ___ 101 105 Mar’17
10 2 106
Miscellaneous
Adams Ex coll tr g 4s____ 1948 M- S 7*4 75
74
74 84%
Alaska Gold M deb 6s A___1925 M- S 65 66
67 85
May’17
Conv deb 6s aeries B.......1926 M- S
Sale
66
84%
Armour Ac Co 1st real est 4Hs’3fl J -D 91 91*4 91
91%
90% 94%
Booth Fisheries deb s f 6s. _. 1926 A-O
94 Apr '17
92 94
Braden Cop M coll tr s f 6s. 1931 F - A 96 96% 9G%June’17
95 98
Bush Terminal 1st 4s____ 1952 A-O 86 ___ 88 Apr T7
86 % 89
Consol 5s.....................1955 J - J 85 86 ; 87% Apr T7
87% 03%
Bldgs 5s guar tax ex.......1960 A-O 84% 85 85
85
85 90%
Ccrro do Pasco Copp env 6s 1925 M- N 112 114 113
114
110 118
ChloUnStat’u 1st gu 4Ha A 19G3 J - J ___ 94% 94*2 June’18
94%
101*4
Chile Copper 10-yr conv 7s. 1923 M-N 126% Salo 120*2 126%
122 132
Coll tr &conv Gsser A w l___
100% Sale 100% 100%
100 10 0 %
Computing-Tab-Rec s f GS..1941 J - J 86 86% 80 May’17
85*2 87*2
GranbyCons MSAcP con6sA ’28 M-N 102 102% 10 2 % 102*2
98*2 109*2
Stamped...................... 1928 M-N 102 103 10 2 May’17
100 109%
Great Falls Pow 1st s f 5s__1940 M- N
99 99
99
99 102%
Int Mercan Marine s f 6s__1941 A-O 91% Sale 91% 91*2
88 % 96%
Montana Power 1st 5s A ...1943 J - J 95*2 90*2 95*2 9G%
95 100%
Morris Ac Co 1st af 4Ha___1939 J - J 90% 91% 90*2 Apr ’ 17
91% 93%
Mtge Bond (N Y) 4s ser 2..19GG A-O
83 Apr '14
10-20-yr 5s series 3........1932 J - J
94 June’lG
N Y Dock 50-yr 1st g 4s___1951 F - A 74% 76 75*2 Mar’17
75 75*2
Niagara Falls Power 1 st 5s. .1932 J - J 100 Sale 100
100
100 103
Ref Ac gen 6 s..............._al932 A-O ___ 104 105% Oot T6
NJag Lock & O Pow 1st 5s.. 1954 M- N
94% 94%
93 94% Jan T7
Nor States Power 25-yr 5s A 1941 A-O ‘ 94% 94% 94U 94%
94 99
Ontario Power N F 1st 5s... 1943 F - A ___ 91% 91 May’17
90% 94%
Ontario Transmission 5s___1945 M-N 83 90 86 Sep TO
Pub Serv Corp N J gen 5s..1959 A-O 87% Sale 87*4
87 93
87*2
Tennessee Cop 1st conv 6 s. _1925 M- N 93 Sale 92*4 93
88*2 93
Wash Water Power 1st 5s. .1939 J - J 97*2 98% 103% Jan T4
Wilson A Co 1st 25-yr s f 0s. 1941 A-O 101% 101% 101% 101%
100% 103%
Manufacturing & Industrial
Am Ag Chem 1st c 5s____ 1928 A-O 100% 101% 100*2 10 0 %
99% 104%
Conv deben 5s________ 1924 F - A 10178 Sale 101% 103
9934 105
Am Cot Oil debenture 5s__1931M-N 93 94% 94% May’17
92% 97%
Am Hide Ac L 1st af g 6s___1919 M- S 102 102% 102
102
102 104*8
Amer Ice Sccur deb g Gs___1925: A - O
100 Apr T7
97*2 100%
Ain Thread 1st coll tr 4s__ 1919 J - J 98% Sale 98% 98*8
98 99*2
Am Tobacco 40-year g 6a... 1941 A-O 119 ___ 119
119
119 119%
Gold 4s........................ 1951 F - A ----- 83% 83*2 Apr *17
83*2 85
Am Writ Paper 1 st s f 5s___1919 J - j
87% 89 88 % 89
8634 92
Baldw Loco Works 1st 5s... 1910 M-N ___ 103% 103% May'17
103% 104%
Cent Leather 20-year g 5a.. 1925 A-O 100% Sale 100
99% 103
100*2
Consol Tobacco g 4s.......... 19 5 1 F - A
81 Mar'17
81 81
Corn Prod Ref sfgSa____ 19 3 1 M-N 97 98 98 Apr T7
98 99
1st 25-ycar s f 5s............ 1934 M-N 97% 99% 98*2 98*2
96% 99%
Cuban-Arn Sugar coll tr Gs. .1918 A-O 100% 100% 100
100
100 102
Distil Sec Cor conv 1st g 5s. 1927 A - O 65 Sale 61
05
59 70
E I du Pont Powder 4Hs___193G J -D ___ 103*2 104 May’17
103 104*2
General Baking 1st 25-yr Gs.1930 J -D ___ 90 85% Mar’ 16
Gen Electric deb g 3Hs___1942 F - A 78% Sale 78*2 78*2
81%
Debenture 5s_______—1952 M- S 102 102% 102
10 2 %
106*8
Ingersoll-ltand 1st 5s____ 19 35 J - J
10 0 Oct T3
lnt Agricul Corp 1st 20-yr 5s 1932 M-N 76 Sale 70
70
71*2 79%
Int Paper Co 1st con g 6 s__1918 F-A 99*2 100% 100
100
100 102
Consol conv s f g 5s........ 1935 J - J 100i8 Sale 100% 100%
98% 100%
Liggett & Myers Tobac 7s._1944 A-O 119 120 119*2 119%
118 129
5s..........
1951 F - A 99 99% 99
98% 104%
99*4
Lorlllard Co (P) 7s............ 1944 A-O 118% 119 117*4 May’17
117 128
, 5s................................ 1951 F-A 98*2 100 98% 99*2
97 103
Mexican Petrol Ltd con 6s A 1921 A - O 110 112 1 1 0
110
105% 110
1st lien Ac ref 6s scries C..1921 A-O 110 112% 109*2 May’17
105*2 169%
Nat Enam Ac Stpg 1st 5s... 1929 J -D ___ 99% 99*2
98 102
99*_
Nat Starch 20-yr deb 5s__ 1930 j - J 90% 92 91 May’17
90 91%
National Tube 1st 5s_____ 1952 M-N 100 100*2 10 0
98% 103
10 0 %
N Y Air JJrake 1st conv Gs..l928 M-N 103% Sale 103% 103%
1 0 1 % 106
Railway Steel Spring—
Latrobe Plant lat sf 5a... 1921 J - J 100% 101% 100% May’ 17
100% 101
Interocean P 1st s f 5s___1931 A-O 99% Sale 99
99%
98*2 99%
Standard Milling 1st 6s
.1930 M-N ___ 98% 98 May’17
98 101
The Texas Co conv deb 6s-_1931lJ - J 103% Sale 103
103%
102% 100*8
Union Bag Ac Paper 1st 5a.. 1930 J - J 82% 86 81% May’17
8134 93%
Stamped....................1930 J - J
82%----- 88 % May’17
88*2 90%
U S Realty & I conv deb g 5s 1924 J - J 49 53% 50
50% G 50 64
U S Rubber 10-yr col tr GS..1918 J - D 101% Sale 101% 101% 441101*2 104%
1st Ac rer 5s series A........ 1947 J - J 87% Sale 87% 88 192| 86 9234
US Smelt Iter Ac M conv Gs.l926iF - A 103 106 105
105
16 103 109
V-Car Chem 1st 15-yr 5s... 1923 J - D 97% 98 97*2
98
10, 97*2 10034
Conv deb Gs................ el924 A-O 100% Sale 99*4 100% 13| 99% 103
West Electric 1st 5s Dec___1922 J - J 100*4 Sale 100
100*2 39 100 1023^
Westlngh’sc E Ac M notes 5s. 1917 A-O 100 101 100% May'17
100 101%
Coal Iron & Stool
Beth Steel 1st ext 8 f 5s.......1920 J - J 100 100*2 100 ’ 10 0 %
9934 104
1st Ac ref 6s guar A_____ 1942 M-N 99 99% 99
99
98*o 102
Buff Ac Susq Iron s f 5s.......1932 J - D ___ 96% 9G38 Jan '17
90% 90%
Debenture 5s.............. a1926 M- S ___ 92 91 Apr ’ 17
91 93%
Cnhaba C M Co 1st gu 6 s 1922 J - D
101 Deo T4
Col F Ac I Co gen s f 5s........ 1943 F - A ___ 94% 93 May’17
92% 97*2
Col Indus 1st it coll 5s gu... 1934 F - A 80 80*2 80
80
77*2 81
Cons Ind Coal Me 1st 5s... 1935 J -D 60 ___ 73 Mar’ 14
Cons Coal of Md lst&ref 53.1950 J - D ___ 9434 95
95
91% 95
Continental Coal lstg 5s...1952 F - A 35 ___ 99% Feb *14
Gr RlvCoal&C lstg 0s.__A1919 A-O 88% 95 94*4 Mar*16
III Steel deb 4Hs.............. 1940 A1-0 87% Sale 87% 88%
87% 94
Indiana Steel 1st 5s______ 1952 M-N 102 Sale 102
102
100 103%
Kan& HC4C lstsfg5s.. 1951 J - J
99 July’15
Lackaw Steel 1st g 5s____ 1923 A - O 10 0 % 100*2 100% 101
100 1 0 1 %
1st cona 5a Series A____ l9.r>o;M- S 101% Sale 104*2 105%
93% 105%
Midvale Steel it Oconv s f 5sl936 M- S 93% Sale 93
91 95
94*4
Pocah Con Collier 1st a f 5a. 1957 J - J 92*8 93 93 Junc’17
92*2 9534
Repub I «t S 10-30-yr 5s a f. 1940 A - O 99% Sale 99% 100% 84 99 101%
St L Rock Mt Ac P 5s stmpd.1955 J - J 85 87 186 Apr *171__ 84% 86
Tenn Coal I it RR gen 5s. .19511J - J ___ 102% 101 May’17
101 103%
U S Steel Corp—1coup.._d 1903'M-N 10434 Sale 104% 105 540 104% 107%
S F 10-60-yr 5a(reg___dI963 M-N ___ 105 104% May’17
104% 107
Victor Fuel 1st a f 5a..........1953 J - J ___ 75 80 Deo T6
Va Iron CoalACoko 1st g 5s. 1949 M- 8 87*4 90 90 Apr T7
85
90
Telegraph & Telephone
Am Telep «t Tel coll tr 4a... 1929 J - J| 88 Sale 88
89
27 87% 9234
Convertible 4s.._.......... 1930 M- S|___ 98 95%
95% 2 95 101
20-yr convertible 4Hs___1933 M- S 100 103 100
28 00 106%
100
30-yr temp coll tr 5a...... 1946 J -D 99 Sale 98%
99*4 211 95 101%
Cent DIst Tel 1st 30-yr 58.. 1943 J -D 100% 101% 100
2 00 103
100
Commercial Cablo 1st g 4s__2397 Q- J
73 Nov’16
Registered....................2397 Q- J 69 73 71 May’16
Cumb T «t T 1st «t gen 5s... 1937 J - j| 98 Sale 98
98
95 101%
Keystone Telephone 1st 5a. _1935 J - J ----- 97 98 Apr T6
Metropol Tel &Tel 1st s f 5s 1918 M-N 99% 100*s 100 May’ 17
100 101%
Mich State Tclepli 1st 5s...1924 F - A 97% 98% 99% Apr '17
99 101%
N Y it N J Telephone 5s g.. 1920 M-N
101% Jan T7
101% 101%
NY Telep 1st it gens f4Hs_1939 M-N 94*2 Sale 94*4
91%
93% 100%
Pac Tel «t Tel 1st 5s_____ 1937 J - J 97 Sale 97
97 102
97%
South Bell Tel <t T 1st s f 5a 1941 J - J 97 Sale 9634 98
96*4 101*4
West Union coll tr cur 6a... 1938 J - J 98 98*4 98*2
98%
97*2 103%
Fd and real eat g 4Hs___1950 M-N, 92% Sale 92% 92%
92 9934
Mut Un Tel gu ext 5s___1941 M-N 99% 101% 101% May’17
101% 101%
Northwest Tel gu 4Ha g.. 1934 J - J
-I 94 Nov’lG
•NopriceFriday; Iateatbidandasked. aiDuoJan. dDueApril. eDueMay. tfDueJune. hDueJuly. *DueAug. oDueOct. 9DueNov. DueDec. i Optionsale*
3330
BOSTON STOCK SXOHANQES-Stock Record
S H AR E
Saturday
June 2
PRICES— N O T
Monday
June 4
1
Tuesday
June 5
1
PER
CENTUM
Wednesday
June 6
1
162i2 I62 I21
PRICES
Thursday
June 7
Friday
June 8
Sales
o f the
Week
Shares.
160 160 I6 OI2 160*2
60
60 60*2
60 61
10 *106 109
29 30
29i2 29*2
28*2 30
190 .90 *190 197
*
1
*
4
1
4
15
35 35
1
Last Sale 150 May’17
*150
99 99 * 10 0 ___
*
125
1
61 6 U2
60'* 60*8 60*2 61
1
123 123 *___ 125
*83 85
85 85
1
98 98
98 98
*334
1
4
3*2 3*2 *334 4
1
22
23
22 23
23 23
1
34
34
34i.i
34
35l
2
36
1
Last Sale 103 Anr’17
*87*2 91
i
12 1
* 12 0
120
12 0
*27 30*4 27*2 27*2
1
Last Sale 102 May’ 17
* 10 1
105
463, 48
48*2 49U 48 50
1
63 63
63 63
1
92*2 92*2 92U 92*2 931* 935*
10134 1013., 10134 102
1 0 1 1 2 10 2
1
*13* 1*2
H.l 1*4 *1*4 1*2
10 *___
10
10
1
118 118 118 1193* 119*4 1233,1
1
118 118 1171? 118*2 119 19*2
1
1207* 122 12134 122*4 1217* 12 2
1
*5412 5478 *5412 551* 5534 58
1
983, 9914
98*4 983, 981? 99
1
68*4 68*4 68*4 68*4 68*2 69U
1
*91 95
1
107 108U 10834 1133* 112*4 117
63 63 *6212 63
62 62
15*2 15*2 *15l2 16l2
*8
8 *a
8*2
8*2
8*2
812
1
183 183 180 183 1821* 182l2
*163*2 16412 164 164
*10 0
10 1
10 0
100
1
9134 923, 9234 923d 9234 93
75 75 *74l2 75
74l2 7412
1
*145 147
150 May’17
*17*
l X t May’17
1
115s Dec*16
1
38 Ffth*17
1
*87 89 *87 89
*86
88
87 87
♦on
8 fil« MavM7
1*90
1
*11612 12412 118 118
*11612 118 117 118 118 118
*__ 135 *___135
1
135 135 135 135
1
*90 100 *91 97
*91 100
Last Sale 92*2 May’ 17
1
*115
1433. 1433.
*317* 323., 323* 323* 32i* 321*
*28 33 *3178 33
1
*1438 147S ♦143*___
14 14*2 ♦143* 147*
*154 15578 154*2 1547*
1
1553, 156'* 15534 156*2 154 155*2
67 67
68
68
66*2 6634
67 68
6 OI2 6634
0
*30 32
35 May’ 17
*30 32
*138 139 137*4 138*2
w
137 139 138 140 139*2 1403.,
5514 56
55 5534 55 55l2 5512 5534
55*2 56
27l2 2734 ♦2734 28
27*2 28 *27*2 28
27*2 27*2
129U 131*8 127*4 12878
O
129U 132*2 1317* 134
*11819 119
llST
o.T’nft’ l?
1185s
*118
w
7
7
7's 73* 7*4 7*2 7*4 7U
7
7l2
*3
23, 33* 234 23., *234 3U
312 *3
3*2
*100 1001* 100l8 1001*
100 1 0 1
102 102*2 10 2 102*2
w
5U 5*4 5 ‘X„ 5U
5
51 *
5*4
5*4 5*4 5
0
*.60 .75 *.60' .75
y
*.60 .75
.60 .60 *.60 .70
w
65 65*2 65 66*2 651* 66
65*2 66 *64 65*2
..
34 34
33 333.,
33*2 34
33*4 34
34 34
*64 65 *64 66*2
65 65
63 63
133, 14
141., 143, 14*4 15
1412 145*
14 14*4
.70 .75 .68 .70 .60 .70
*•75 .85 .70 .80
H
0
2
Last Sale 47*2 May’ 17
*43 44
*4334 4414 *4310 44
805* 805*
80 81
81 82
SO 81 *80 " 81
♦531 540 535 535
535 537 530 535 528 530
18'* 181*
19 19
*1812 19 ♦18*2 19
19 19
50 Mjiv’ 17
1
62*3 63
623., 63*2 62 63
62l"2 63U 613, 63
*X34 2
13.i Mav’ 17
1
61* 6
6
6*2
6i2 6
534 6*4
*5*2 6
1
3
3
.,
14
l
1
3
5
*
*13*2 14
13
13*2 13*2 *13*4 13*2
l
75* 75* 734 73.,
7*2 712
7U 733 7*« 71?
1
85*2 86
86 87*2 *85 88
*84 86 *84 86
1
45U Mav’ 17
1
1534 157* 15 151*
16
16
1512 16
1
*2
21?
3
*2
2
*2
3
*2
12
3
3
*212
1
713.1 725*
703d 72
72*2 73i2 72 73
711? 721?
93 *92*2 93 *9212 931*
9212
*92*2 93*2 93 93
l
32 32
32 32
32 32
31 31 *31 32
*4*2 434 *4*2 4% *412 434
*412 4 %
4*2 4%
1
2
2
1
*2
2
1*4 1 13
*1*2 2
1*2 1*2
14 14
131* 14
1
1312 13>2
1312 1478 13*2 14
1
3l2 3*2 3U 3*4
*3*2 334
*35a 334 *3*2 334
♦55* 63* *55* 6
*578 6U *53* 6*4
6
6
l1
13 13
13 131., *131* 1334
123, 1234
13 13
1
*25* 3
*212 3
*25* 2?a 27* 27*
334 Mn.v'17
1
903., 911* 90*4 907*
90 91
89 90
89 90
25*2 25*2 255* 2534 251.1 2514
*24U 26 *25 2534
1
*3
314
312
31* 3>2 3
3*2 3*2 312 3*2
___
15*2 1534
15 15
15 15*8 15 15
1
26 26
27
25>2 25l2
♦
26
27
*2512
*25*2
27
*
*
___
87*3 87 87
87*2 *___ 87*2
1
*7*8 71? 73* 73* *71., 71?
*7*4 7*2 7X» 71*
223* 23
2214 2234
221., 221.,
22U 22i2• 221., 227*
1
♦II4 112
lid Mav’ 17
119
1
2
1
*1*2 17* 1*2 H2 *112 2
17* 2
*1*2
1
3
3
*212 3
3
*2*2
3
*21?
3
*212
64 64*2 64 6412
1
63 64
6234 63*2 63*2 633d
1
90 90
89U 90
89 90
87U 8712 88U 89
l
26 273* 20U 2714 261., 267*
2434 26
253, 263,
92 92*2 92 9212 186*2 87*2
!
*9012 91
90*2 91*2
303* 303* *30'4 31
1
*30U 31
30*2 30*2 *30 3034
82 821?
82l2 8212 8212 83
*80 83 *81 84
1
*11* 13* 1
11* l's
•
*118 138 *1'4 13*
8[d
83s 8U 8*4
8*4 8*4 8 I4 812 247«8*4
8 I4
Mav’li
28
4' 4
4
4
*3*2 4*2
!
*4
412
*4
412
1
*912 97s
5U 51* 51 *
1434 5<a 5
5*4 5*2 5
5>2
Last Sale 5912 Mar’17
413
47* *43, 5
*43* 5
4
5
43, 43,
*1*. 13* 1*4 1I4
*1*4 13* *1»4 13* *1 '4 13*
62 62*2 02 6234 0112 62
6234 635* 6 H2 621?
1
503, 51
51 51
50*2 51
5012 5034 50'* 5034
___
*234 3
234 3
<
234 3
3
13
l
171* 1712 16 lOU
18 18
1734 18
17U 173,
1
*11412 115 1163* H63* *1143., 1151a
*114 11434 •113U 1133,
47* 47*
5
51* 43, 5
Si8 5
S'*
l
4*2
438 438 *4*4 43*
4*2b 4*2 414 4U ♦__
4
4
*3*2 4 .1 *314 4
*3U 4
312 4
1
44 r 44 *44 45
45 -i 45
4434 45
44 44
v
Last
Sale
.90 May’17
*.90 1
*.90 1 *.90 1
1
• Bid and naked prices, a Kx-dlyldend and rights, t Assessment paid.
162t2 16219 *162 16219
63 63 1 60 62*2
*108 12 0 *108 ___
. *28 29*2 29 29
*190 96 *190 197
*
4
*
4
*
15 *__ 15
*150
*150 ___
I0 1 *96 100
* 10 0
* 12 0
[30
60*4 60121 *6034 62
125 *___ 123
t 83 83 *83 85
98 98
98 98
*334
4
*3’4 4
L*2 U2 24
2212 22*2
331t 3419 33*4 34
*8712 91 *87*2 91
12 0
120
12 0 12 0
*27 30*4 *27 30U
* 10 2
105 * 10 2 105
i 4812 48'2 48 48
*05 66
65*2 65*2
94 94 *92 93*2
100?8 101‘4 IOH4 10134
*13* 2
13* 13*
* 10
10 l2 * 10
10 12
*118 118*2 1 1578 117*2
118 11834 118U H8 I4
12212 1227* 120*2 12 2 1 .,
55 55
5334 54*2
9734 983, 98 9834
*6712 69*4 *67*2 68*4
♦onii or.
1 0 6 0 10714 105*4 1067*
63 63 *62*2 63
*15 16*2 *15 16
*8
9
*8
834
185 185 185 185
*16312 1G412 *161*2 16212
100 * 10 0 1 0 1
100
*92 93
1 9134 93
S' 75 75 *75 77
*
147*2 *143 148
*178
*1 78
1
1
1
59
110
STOCKS
BOSTON STOCK
EXCHANGE
[Vol. 104
Range Since Jan.
Lowest
1
Highest
Railroads
63 3oaton & Albany........... 100 160 June 7 175 Jan 11
1,787 ioston Elevated............ 100 59 June 6 79 Jan 19
10 3oston & Lowell_______ 100 105 Jan 22 133 Mar22
189 3oaton & Maine_______ 10 0 28*3June 6 45 Marl6
4 3oston & Providence___ 100 175 May22 213 Jan 30
25 Mar 3 27*2Jan 24
35 Mar23 38 Feb 5
190 Do pref__________
Shlc June Ity & U S Y... 100 150 Jan 5 150 Jan 5
99 Juno 6 108 Jan 27
40 Do prof........... .......
100 125 Mar 2 140 Mar28
60**June 6 78*2 Mar22
222 Fitchburg pref________ 100
25 Georgia Ity & Elec stampdlOO 123 June 6 133 Jan 17
Do pref__________ 100 83 June 2 92*2Jan 9
11
80 Maine Central................ 100 98 Apr 9 1001* Mar 7
3 May 8
5*2 Mar24
10 Mass Electric Cos______ 100
263 Do prof stamped_____ 100 20 Apr 28 27*2Jan 9
826 NYN II & Hartford___ 100 33 May24 52*4Jan 2
Northern New Hampshire. 100 Z100 Marl2 105 Apr 3
22 31.1 Colony__________ 100 116*3 May25 135 Jan 6
25 Rutland, pref................ 100 2434Feb 2 34*2 Feb 13
Vermont &Massachusetts. 100 102 May28 110 Jan 15
816 West End Street_______ 50 463, June 6 56*2 Marl7
17 Do pref__________ 100 63 June 6 74 Jan 6
Miscellaneous
123 Amer Agrlcul Chemical... 10 0 84 Feb 14 9434 May 2
448 Do pref........ .......... 100 98*3Feb 13 1031* Jan 27
1>*Apr 9 23*Jan 9
395 Amer Pneumatic Service.. 50
60 Do pref__________ 50 8*4 Jan 2 14 Mar 8
939 Amer Sugar Refining...... 100 1051s Feb 3 123*4Juno 8
338 Do pref__________ 100 116 Mar 1 121i2Jan 24
1,325 Amer Tclep &Teleg------- 100 116%Mayl2 128C, Jan 25
314 American Woolen of Mass. 100 40 Feb 1 58 June 8
94*s Feb 3 100 Mar 15
547 Do pref__________ 100
55 Amoskeag Manufacturing __ 671* May21 74 Jan 3
12,060 Atl Gulf & W I S S Lines.. 100 89*2 Feb 23 I2 U2 Jan 22
145 Do pref........ ......... 100 55*3 Feb 9 60 Jan 4
13MFeb 3 19 Jan 2
20 Cuban Port Cement....... 10
7i2 Apr 13 10 Jan 22
80 East Boston Land_____ 10
84 Edison Electric Ilium___ 100 180 June 7 226 Jan 4
10 General Electric______ 100 I5 D4 May 9 170*4Jan 16
215 McElwatn (W H) 1st pref 100 100 Feb 3 102 Jan 18
343 Massachusetts Gas Cos.. 100 87 Feb 3 100i2 Mar23
146 Do pref_________ 100 74*3 June 8 81 Mar30
Mergenthaler Linotype.. 10 0 145 Apr 17 169 Jan 31
10
1 Marie 1 May 5
100
100
38 Jan 26 40 Jan 17
39 New Eng Cotton Yarn— 100 30 Jan 9 95 Mar26
.10 0
60 Jan 10 90 Mar27
50 New England Telephone. .10 0 115 May 12 1241s MarlO
15 Nlpe Bay Company___ .10 0 135 Mar 5 147 Jan 19
Nova Scotia Steel & C__ 100 90 Apr 24 112 Jan 11
.10 0
166*4 Jan 25
60
50 Punta Allegro Sugar___ 50 30 Feb 15 46 Jan 3
60 llceco Button-Hole........ 10 14 Jan 25 16 Mar29
900 Swift & Co................... .10 0 133 Feb 3 1627* Apr 10
345 Torrlngton........... ....... 25 55 Feb 3 68 Juno 7
25
35 May2S
1,129 United Fruit________ .10 0 13D* May 9 155*2Jan T2
2,233 United Shoe Mach Corp. 25 50 Apr 20 S8'4 Jan 3
125 Do pref_________ 25 27*3Apr 18 30i* Mar 8
14,283 U S Steel Corporation... .10 0 993* Feb 3 135 May28
100
121 Jan 27
4,295 Ventura Consol Oil Fields 5 6 Apr 10 8 78 Jan 26
Mining
420 Adventure Con............. 25 2*4Apr 25 4<4Jan 2
402 Ahmeek....................... 25 94 Feb 3 108 Jan 2
850 Alaska Gold................. 10 5 May25 lli2Jan 2
It, Jan 2
*3Mayl6
100 Algomah Mining.......... 25
506 Allouez........................ 25 58 Feb 3 70 Mar 0
1,680 Amer Zinc, Lead & Smelt 25 28 I2 May 9 41<4 Jan 26
107 Do pref_________ 25 63 June 7 73 Jan 3
5 103* Feb 3 15<*Jan 4
2,400 Arizona Commercial___
2 i*Jan 26
1,565 Butto-Balaklava Copper. 10 .60 May24
Butte & Sup Cop (Ltd).. 10 39*4 Feb 2 52 Jan 26
933 Calumet &Arizona........ 10 73l2Feb 3 851* Jan 26
62 Calumet & Hecla.......... 25 525 Feb 3 590 Feb 20
35 Centennial__________ 25 18 May11 27*4Jan 16
5
2,951 Copper Range Cons Co.. 25 57 Feb 3 68 Jan 17
20
4,780 Davls-Daly Copper....... 10 4U May 4 7*4 Jan 16
555 East Butte Copper Min.. 10 1138May 9 16 Jan 3
9 Mar 0
795 Franklin............... ...... 25
6*8Mayl5
85 Granby Consolidated___ .100 78 Apr 23 92 Jan 17
40i2Jan 3
100
255 Hancock Consolidated__ 25 13 May 10 20*2Jan 19
l7*Feb 16 4 Mar22
5 Indiana Mining............. 25
1 68 Jan 2 73i2Juno 6
5,752 Island Creek Coal_____
1 89 Feb 5 94 Apr 28
43 Do pref.................
340 Isle Iloyalo Copper........ 25 28 MaylO 36 Jan 18
5 414 Apr 9 5 Feb 15
12C Kerr Lake...................
1*4Juno 8 434Jan 27
1,110 Keweenaw Copper........ 25
1,325 Lake Copper Co.......... 25 11 Feb 2 18 Jan 2
5 Jan 10
160 La Salle Copper............. 25 27*MaylO
130 Mason Valley Mine___ . 5 5 Feb 9 0*4 Mar30
485 Mass Consol_________ 25 11*2Feb 5 15is Jan 17
1*4Apr 20 3ls Jan 6
50 Mayflower__________ . 25
25
5*2 Mar24
993 Mohawk..----- ---------- 25 77 Feb 3 98 Jan 3
210 Nevada Consolidated___ . 5 213, Feb 2 26*2 Mar 7
840 New Arcadian Copper... . 25 3 May 2 6 Jan 2
620 New ldrla Quicksilver__ . 5 14 Jan 27 17*2Apr 3
70 New River Company___ .IOC 22 Jan 25 30 Mar20
100 Do pref................. Kill 76 Jan 24 92*4 Mar20
5 7 ‘X» Juno 4 8*4 Jan 2
215 NIpIssing Mines...........
15 20i* May 11 24*4 Mar28
841 North Butte............. .
25 .90 Feb 18
595 Ojlbway Mining........ . 25
1*2May 4 27*Jan 12
10C Old Colony.............— . 25 2 Apr 23 3 Jan 31
672 Old Dominion Co.......... 25 65 Feb 3 07*4 Mar 12
34S Osceola.............- ......... 25 78*2Feb 3 95 Marl2
24,607 Pond Creek Coal--------- 11! 17*2Feb . 3 277* Mar21
767 Quincy........................ . 25 81 Apr 24 94*s Feb 21
26 Ray Consolidated Copper. 10 23 Feb 1 32i* Apr 3
60 St Mary’s Mineral Land. . 25 741* Feb 3 89*4 Mar 6
12( Santa Fe Gold & Copper. . 10
1 Apr 14 2 Jan 2
425 Shannon.___ _______ . It
7*2Feb 3 10 Jan 5
1(
301* MarlO
110 South Lake.................. . 25 3 May 9 0*4Jan 2
25 8 May 15 16»* Mar 6
4,105 Superior &Boston Copper. 10 43*May 5 8<4Jan 6
Tamarack................... . 25 47 Feb 2 60 Jan 15
3*4MaylO 8 Jan 4
785 Trinity........................ . 25
25 Tuolumne Copper..........
1 1 Mayl2 2}(iJnn 9
2,345 US Smelt Refin & Min.. . 51 62 Feb 3 67*4Jan 4
409 Do pref................. . 51 49*2Apr If 62*2Jan 4
I7* Mar2t
54( Utah-Apex Mining____ . 6
3UJan 2
5 14*2Apr 7 2Us Feb 20
1,115 Utah Consolidated____
1( Utah Copper Co........ . . 11 98 Feb 1 1183*May26
63*Jan 10
1,915 Utah Metal & Tunnel___ . 1 4 Apr 2f
0 Jan 2
450 Victoria................ ...... 25 3*2Apr 2.’:
63*Jan 25
55 Winona...................... . 25 3UApr 24
20( Wolverine___ ______ . 25 40 Apr 24 53*2 Mar 0
21 *Jan 3
Wyandott..... ............. 25 .87 Mayl5
AEx-rlghts. * Ex-dlvldend. to Hall-paid.
Range for Previous
Year 1916
Lowest
172 Dee
65*2Apr
119 Dec
34 Aug
200 Aug
412 Feb
3 ) Dec
4 Mar
42 Feb
150 Oct
102*2 Apr
123 Sept
69*4Sept
122 Jan
z86 Jan
98 Sept
4*2 Dec
26 Dec
50 Dec
97 Jan
134*4Dec
20 May
100*2 Aug
z55 Sept
69 July
64 Apr
95*2 Mar
34 Dec
7 Dec
106 Apr
114*2Mar
123 Dec
42 Aug
92 Jan
66 Jan
98 July
27 Jan
42 Jan
wSh Apr
8*4 Dec
225 Dec
15914 Apr
95 June
79 Sept
78 Sept
155 May
14 Nov
10 Dec
35 Nov
23i2July
50 Jan
120*4 Dec
1021*Jan
102 Dec
158*2Apr
35*2 Deo
15 Fob
125 Feb
35 Jan
136l2Jan
50 Juno
28*2Jan
79*4 Mar
115*4 Feb
638Sept
134 Feb
91 Aug
10 Dec
34 May
56 Dec
29*2July
60 July
7*8July
U2 Aug
42 Dec
66 June
510 Dec
14 July
46 July
5 H2 July
2 July
4*4Dec
111?July
6 Juno
79 July
34*4Juno
10*2Juno
2 July
42 Sept
88 Jan
25 July
3*2Mar
234Fob
9*4July
3C, July
1*2Aug
10 July
2 July
77*2July
15 Jan
44, July
9 July
20 Dec
77 Dec
6 Mar
20 July
.50 June
1*8July
It, July
59 Dec
70 July
11*2Mar
81 July
20*4June
01i2Jan
1*4July
7 July
4 Aug
12*2July
1*2Jan
35 Aug
4Ct July
.16Jan
54*8Jan
49 Feb
2 78 Deo
12*2Jan
75 June
5*4Dec
2*.|Jan
334 Mar
45 Oct
1*8Aug
Highest
198 Feb
88*2 Jan
145 Feb
52 Feb
23512 May
40*2Feb
5*2 Jan
45i* July
154 July
110 July
162 Feb
87 Feb
1 3 1 3 4 Dec
94 Dec
102 Jan
8*4 Aug
44 Aug
77*4 Jan
107 Sept
157 Feb
35*2 Dec
125 Mar
67*2Jan
80 Feb
10 2 Nov
105 Dec
3*4 Apr
16 May
125*4Oct
124 Oct
134*2Sept
5634 Nov
1015* Mar
79 Nov
10It, Feb
1473., Dec
7212 Nov
257*July
1338Jan
250 Mar
180 Oct
1021? Sept
100*4 Nov
89 Feb
181 Nov
214 Jan
19 Apr
44 Feb
42 Dec
66 Dec
140 Mar
105 Nov
15514 Nov
175 Oct
59 Oct
161? May
177 Oct
70 Nov
33 Mar
168*4Aug
63*2May
31 Sept
1293*Nov
1223, Nov
13 Jan
5?8 DCC
125*2 Nov
26*2Jan
2 I2 N0 V
8 3 I2 N0 V
97*8 Apr
861* Nov
18 Nov
5*2Feb
105*4 Mar
101 Nov
640 Nov
27 Nov
87*., Nov
37* Mar
7*4Dec
20 Nov
13*4 Nov
120 Nov
65*4Nov
2 3 I2 N0 V
6*2 Nov
7334Deo
93*2 Dec
43 Nov
5*8May
8 Apr
19*2Fob
0*2Nov
9 Nov
19*2Nov
5 Feb
108 Nov
33*2 Nov
10’ i Jan
24*4Jan
31*8 Nov
93*4 Nov
9*4 Nov
32*2 Nov
2 78 Apr
4 Jan
83 Nov
105®Nov
23*4 Dec
IO9I2 N0 V
36*4Nov
llO^Nov
37*Jan
12*2Feb
40*8 Feb
8*2 Jan
28'a Jan
8*4 Oct
SO*., Jan
123, Jan
212 Deo
813* Nov
533, Apr
5*8Apr
30*2 Nov
127*8 Nov
lll2Mar
8*2 Nov
8C, Nov
071? Feb
23, Feb
JUNE 9 1917.]
THE CHRONICLE
Friday
Sales
Last Week's Range
for
Sale.
Week.
Par. Price. Low.
High. Shares.
Outside Stock Exchanges
B o s to n B on d R ecord.— Transactions in bonds at Bos
ton'Stock Exchango June 2 to June 8, both inclusive:
Honds—
Amor Agrlc Chem5a. 1924
5a_____________ 1928
AmTel &Tel coll 4a. 1929
k 5s temporary receipts.._
Atl O & W I SS L 6S-. 1959
Cliio Jet & U S Y 5s.. 1940
Gt Nor-C B & Q 4s. 1921
Mass Gaa 4Ms. ...... 1931
Miss River Power 5s. 1951
New Eng Tclep 5a__ 1932
New River 5s........... 1931
Pond Creek Coal Os.. 1923
Puntn Alegre Sugar 6a.1931
Swift A Co 1st 5a__ 1944
United Fruit 454a__ 1923
U S Smelt, R A M conv 6s
Western Tel A Tel 5s. 1932
Friday
Last Week's Range
Sale
o f Prices.
High.
Price. Low.
102
102 103
101
10054 101
8854 8854 88 H
99
9854 99
7854 78 79
9954 9954
9054 9654
92 92
70
70 70
99 10054
80H 80H
10754 11054
86 86
100
9954 100
95hi 9554
105 105
96 9654
96
Sales
for
Week.
S8.000
7,000
4,000
16,000
9,500
7,000
10,000
2,000
8,000
6.100
1,000
49,500
2,000
18,500
1,000
3,000
18,000
Range since Jan.
Low.
100 Feb
9854 May
8754 May
9854 May
78 May
9654 May
9554 May
92
69 May
98 May
Jan
79
101 Mar
83 May
9954 May
95 May
10354 Apr
96 June!
1.
High.
104
10454
9254
102
8554
10254
9954
95 XA
78
10254
82
11054
96
102J4
9854
109
10054
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Jan
C h icago Stock E xch an ge.— Complete record of transac
tions at Chicago Stock Exchange from Juno 2 t 9 Juno 8,
both inclusive, compiled from tho official sales lists, is as
follows:
Friday
Sales
Last Week's Range
for
Sale
o f Prices.
Week.
Par. Price. Low.
High. Shares.
Stocks—
American Radiator___100
Amer Shipbuilding__ 100
Preferred___ ____100
Booth Fisheries com__100
Preferred___... 100
Cal A Chlo Canal A D. 100
Chib City* C Ry pt all com
Preferred___ ______
28254 285
7754 7854
9354 9454
115 115
9054 91
56 56
3
354
25 29 54
105 105
Chicago Kiev' lty com---554 554
20 20
70 78
Chlo Pneumatic Tool.. 100
60 66
Chic Rys part ctf "1” -----13
Chic Rys part ctf “2” ___ 17
1754
Chlo Rys part ctf "3” . . .
254 254
254
Chicago Title A Trust. 100 203 203 203
121 123
Commonwealth-Edison 100 123
Cudahy Paek Co com.. 100 12354 2:12054 124
Deere A Co pref___.100
99 99
Diamond Match____ 100 119
119 120
05 65
Ilart Shaft &Marx com 100
78 79
Illinois Brick........ ...100 78
77 78
Undo Air Prod Co com .. 25054 250 25054
Lindsay Light..............
2354 2054 23 54
Middle West Utilities pref. 6954 0954 70
49 5054
Mitchell Motor Co.......... 49
9
Page Woven Wire Fence 20 9
1054
Peoples Gas Lt &Coke. 100 74
7154 7754
Prcst-O-Llto Co Inc------- 13254 126 13454
93
9054 93
96 97
97
290 302
106 10854
i Preferred_______100 106
Sears Roebuck com---- 100 175 17354 176
125 125
57 57
Shaw W W common__100
90 90
Stewart War Speed com 100 75
7454 76
Swift A Co------------- 100 15454 /15454 15654
194 200
Union Carbide Co----- 100 197
United Paper Bd com.. 100 ___3054 32
78 78
Preferred ............100 ___116 116
Ward, Montg & Co, pref.. 116
Wilson &Co common . 100 73
7254 74
Preferred.............. 100
105 106
Bonda—
Booth Fisheries s fd 6s 1926 93
9254 93
Chlo City A Con Rys 5s "27 09
6954 6954
98 98
ChioPncu Tool 1st 53-1921
Chicago Rys 5s........ 1927 9354 9354 9354
05 65)4
t Chic Rys 4s series “B .
JUUH 100 •
Chicago Tclep 5s----- 1923
Commonw-Edison 5s. 1943 -- ---- 1UU iuuy8
98 98
Cudahy Pack 1st M 5s 1946
65 65
Met W S El ext g 4s.. 1938
9054
9054
Pub Serv Co 1st ref g 5s.’56
South Side Elev 4543-1924 _____ 85 85
Swift & Co 1st g 5s... 1944 100 100 100 tjj
x
Ex-dlvldend.
b E x -50 %
7854
9454
9054
354
26 54
554
77
Range since Jan.
Low.
15 628254 May
350 39 Feb
105 *92 Apr
200 60
Jan
61 81
Feb
59 49 Mar
335 3
Jan
1,273 24 Fob
25 105
376 5 Mar
185 20 May
2,840 60 Feb
25 60 June
428 12 May
70 2 Apr
45 203 June
229 12054 May
175 10854 Feb
5 9654 F'eb
150 11354 May
25 60
150 *78 May
103 77 Apr
46 250 May
7,026 1654 Feb
25 6554 May
150 4554 Apr
35 6 May
1,298 6854 Juno
1,305 102 Feb
63 85 May
68 05 May
101 290 May
17 106 June
1,174 Cl63 May
20 124
7 50 Feb
4 8814
471 72 May
2,027 13254 Feb
1,797 169 Feb
315 2754 Feb
10 73
Jan
8 115 Mar
231 58
Jan
50 10254 May
■S6.000
2,000
2,000
2,000
12,000
6.000
15,000
7,000
2,000
1,000
1,000
15,000
stock dividend, c Ex-25%
1.
High.
445 Feb
79
96
130
94
50
454 Jan
35 54 Jan
7
Jan
30
78 Juno
71
Feb
Jan
25
3 Feb
22054 Feb
M254 Jan
12954 Apr
Jan
100
13254 Mar
7854
Jan
90
8854 Jan
300
Jan
2354 Mar
78 Mar
53‘4 Mar
1054 Juno
106
Jan
14654 Jan
114
Jan
10254 Jan
340
115 Feb
239
Jan
127%
73’ Mar
101
16554 May
210 Apr
3454 Jan
81 May
11754 Jan
8454 May
10754 Mar
Stocks—
American Sower Pipe. .100
Amer Wind Glass MachlOO 54
Preferred.............. 100 100
Amer Wind Glass, pf.,100
Cable Consol Mining__ 1 ________
Canoy River Gas____ 25 49
City Fire Insurance__ 50 _______
Crucible Steel, com 100
Gold Bar Mines
l
Independent Brewing 50
Preferred.......
an 10
La Belle Iron Works. 100 10454
Lone Star Gas__
too
Mfrs Light A Heat__ 50
National Fireproofing. .5 0 6554
Preferred................ 50
Ohio Fuel Oil........ ....... 1
19
Ohio Fuel Supply....... 25 50
Oklahoma Natural Gas.100
Osage A Oklahoma Co. 100
Pittsburgh Browing, oomSO 154
l’lttsb-Jeromo Copper— 1 68c
Pitts A Mt Shasta Cop— 1 54c
Ptttsb Oil A Gas........ 100
554
Pittsburgh Plate Glass. 100 11954
Pure oil, common........ 5 2354
River Side W Oil, com..25 —
Preferred................25
17 17
215
51 5554
605
99 101
195
107 107
50
7c 8c
2,100
49
4854
215
60 60
10
81 8354
210
32c 32c
500
150
154 154
26
954 10
775
9854 10154
285
9654 9954
535
6454 66
40
554 554
143
li
1454
256
1854 19
427
4954 50
155
9954 9954
25
131 131
50
154 154
05c 78o 2,200
4.600
54c 56c
554 554 2,360
40
11954 11954
4,985
2354 24
15
1554 1554
15
1554 1554
Stocks Concl.—
Ross Mining A Milling__1
15c 15o 4,000
San Toy Mining____ .1
15c 16c
6,700
Union Natural Gas___100
171 171
43
U S Glass_________ 100 3954 3554 3954
650
U S Steel Corp, com__100 13154 12854 13354
495
Wcst’liouso Air Brake..50 119
245
11854 11954
Wcst’house Elec A Mfg.50
405
5354 55
West Penn Rys, pref.. 100
10
7854 7854
Bonds.
Cent Dlst Telep 5s__1943
10154 10154 SI,000
Indcp Brewing 6s___1955
36 36 •6,000
Plttsb Brewing 6s___1949 4554 4554 4554 3,000
Pittsb Coal deb 5s___1931
9954 9954 1,000
Friday
Sales}
Last Week’s Range
for
Sale
Week.
Par. Price. Low.
High. Shares.
Stocks—
Alabama Co________100
Second preferred___100
Atlantic Petroleum_____
Baltimore Tube, pref.. 100
Chalmers Oil A Gas, pref.5
1.
| High.
1654 Mayi 1954 Jan
Jan
45 May! 62
95 Mayj 12454 Jan
105
Jan
Jan 110
5c Jan> Ho Mar
43J4 F’eb 50 Mar
60 Mayi 60 May
5954 Aprj 8354 Juno
30c
48c
154 June 354 Jan
954 June 1754 Jan
7154 Feb 10154 Juno
90 54
6254 May; 7.354 Apr
5 May, 754 Jan
12
17)4 Mayi 22
Jan
Jan
4.354 Jan1 56
*95
Jan 102 Mar
119
Jan 133 Apr
154 Juno 454 Jail
47c May 1.55
Jan
10c May, 1.20 Jan
454 May 1754 Mar
118 Apr 135 Mar
1954 Feb 2554 Mar
1454 Mar 16 Apr
15 Mar H754 Jan
61
55
Cosden Gas 6s certificates
Elkhorn Coal Corp 6s. 1925
Florida South 1st 4s. 1945
Georgia A Ala cons 5s. 1945
Ga Caro A Nor 1st 53.1929
Georgia Pacific 1st 6s. 1922
JamCAC-Gc5s small. 1930
Kirby Lum Contract 6s ’23
Lexington (Ky) St 58.1949
Maryl’d Elec Ry Ist5sl931
Minn StAStPC jt 5s_ .1928
Monon Valley Trac 5s.1942
Mt V-Wood notes 6s.. 1918
Norf A Atl Terml 5s.. 1929
United El I. A P 454s. 1929
United Ry A Elec Is. .1949
Income 4s.............1949
64
55
654
100
100
4
1
4G 46
2654 2654
113 11454
10954 111
1354 1354
13
1354
1354 1354
13
1354
454 454
3554 37 54
35 3554
45 45
22 23
64 6654
75 75
75 75
1554 18
67 69
85 85
7354 74
7954 80
29 2954
39 39
354 354
9854 9854
60 61
9954 9954
94 94
9354 9354
10054 10054
9654 96 54
10354 10354
90 90
102 102
9354 94
10554 107
9954 9954
99 99
10354 104
100 10054
104 10454
94 94
9854 9954
100 100
103 103
9554 9554
9954 9954
93 93
9654 97
99 99
9854 9854
9154 92
10054 10054
88 88
99 99
90 90
8014 8054
63 6354
84 84
85 85
9854 9854
82 82
6954 6954
10254 10254
6%
Consol Gas, E L A P..100 11354
Consolidation Coal___100 10954
Cosden A Co................ 5
Certificates_________ 1354
Cosden Gas........... ......5 1354
Preferred certificates__
454
Davison Chemical, .no par 35 54
Elkhorn Coal Corp.......50 3554
Houston OHtrust ctfs. .100 22*4
Preferred trust ctfs.. 100 66
Monon Valley Trac . 100 75
Preferred .
inn
Mt V-Wood Mills v t r.100
Preferred v t r __
100
69
Northern Central____ 50
Pennsylv Water A Pow.100 74
Poole Eng A Machln . _100
United Ry A Electric...50
Wash Balt A Annap, pf_50
Wayland Oil A Gas........5 ........
Bonds.
Atlan A Chari 1st 5s__1944
Balt A Annap S L 5s. .1946 61
Balt Elcc stamped 5s. 1947 9954
Balt Spar Pt A C 454s. 1953
Chicago Ry 1st 5s___1927
City A Subur 1st 5s.. 1922
Coal A Coke 1st 5s__1919
Consolidated Gas 5s__1939
Cons G, E L A P 454s. 1935 90
Consol Coal ref 5s___1950 9354
Low.
12c Apr
12o Mayr
16854 May
33 May
102
F’eb
112 May
4554 May
Jan
75
101 May
36 Apr
45 Apr
Jan
99
1.
High.
28c Jan
21c May
Jan
185
3954 Jan
13654 May
15754 Feb
5554 May
7854 June
Jan
103
50 54 Jan
Jan
68
10054 Mar
100
94
9954
9954
93
92
6354
50
15
20
112
25
25
41
526
276
100
760
59
1,823
3,560
460
300
50
814
323
60
I
216
350
11
150
295
125
15
75
SI,000
2,000
2,000
5,000
2,000
4,000
1,000
1,000
5,000
1,200
6,000
23,000
10,000
6,000
25,000
13,000
6,000
1,000
6,000
1,000
1,000
500
4,000
1,000
6,000
5,000
4,000
3,500
6,000
5,000
1,000
1,000
17,000
14,000
1,100
500
1,000
1.000
4,000
1,000
Range since Jan.
Low.
49 May
50 Mar
654 May
100 May
4
Jan
40
26 Feb
10954 May
10054 Feb
12
1254 May
1154 May
13
454 May
3154 June
2254 Feb
45
1754 Mar
60 Mar
60
Feb
72 May
13 Mar
6054 Mar
85 June
7254 May
7954 June
2754 May
39 June
354 May
9854 May
60 June
9954 F’eb
94 June
9154 May
10054 June
9054 Jan
10354 Juno
8854 May
100 May
91 May
10254 May
9654
99
10354 May
99 Feb
10054 F’eb
Feb
86
9854 June
100 May
103 June
9554 June
9854 May
9154 Apr
9654 June
98 May
9854 June
9154 June
9854 Feb
88 June
99
90 June
8054 May
63 June
84 May
83 May
98\l
82 June
6954 June
10254 June
1.
High.
64 June
55 May
954 Mar
109
Jan
4
Jan
47
Jan
2654
127
Jan
114
Jan
1854
1354 June
1654 Jan
1354
4J4 May
4454 Jan
3654 May
49 Mar
2354 Apr
6754 Jan
75 June
79 Mar
19
Jan
72
89
Jan
84
Jan
82 Mar
3554 Jan
41
Apr
5
Jan
101
Jan
01 June
10054 Jan
9854 Jan
Jan
97
10254 Jan
97 Feb
106 Apr
9354 Jan
10754
9554 Mar
110
10954
99
104 June
10154 Jan
10754
94 June
10354 Jan
10354 Jan
10654 Jan
9554 June
100
Jan
93 June
100
Jan
10354
10254 Jan
Jan
96
10054 June
9254 Jan
99
9554 Jan
8454 Jan
6754 Jan
90
90
9954
Jan
88
6954 June
10854 Mar
P h iladelph ia Stock E xch an ge.— The complete record
of transactions at tho Philadelphia Stock Exchange from
Juno 2 to June 8, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars por share, not per cent. For bonds the quotations
aro per cent of par value.______________________________________
Range since Jan.
Low.
Range since Jan.
B altim ore Stock E x ch an ge.— Complete record of the
transactions at tho Baltimore Stock Exchange from June 2
to June 8, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
•
91 Feb 9454 Feb
69 Apr 80
Jan
98 Apr 99 Mar
9254 Apr 9754 Jan
65 May 7054 Jan
9954 May 10254 l*’ob
9954 May 10354 Jan
9754 May 10054 Jan
65 June 05 June
8954 May 96 54 Jan
85
8954 Jan
Jan Wash Balt A Annap 5sl94I
9954 Apr 102
West Maryland 4 s __1952
stock dividend.
Wilm A Weldon 5s... 1935
P ittsb u rg h Stock E xch an ge.— The complete record of
transactions at tho Pittsburgh Stock Exchango from Juno 2
toiJuuo 8, both inclusive, compiled from tho official sales
lists, is given below. Prices for stocks aro all dollars por
share, not per cent. 1* or bonds tho quotations aro por cont
ofipar value.__________________________ ________
Friday
Sales
Last Week’s Range
for
Sale
o f Prices.
Week.
High. Shares.
Par. Price. Low.
2331
Stocks—
Friday
Sales
for
Last Week's Range
o f Prices.
Week.
Sale
Par. Price. Low.
High. Shares.
..10
American Rys, pref.. .100
American Stores__ no par
Baldwin Locomotive. .100
Buff A Susq Corp v t c.100 5454
100
..50
Cambria Steel_____ ..50 160
Electric Storage Batt’y.100 6354
General Asphalt, pref. .100
Insurance Co of N A. ..10 26
J G Brill Co... ......... 100
..50
Lake Superior Corp.. .10 0 2054
Lehigh Navigation... ..50 7654
Lehigh Valley......... ..50 6454
Little Schuylkill----- ..50 ____
Midvale Steel A Ord.. ..50 ____
MlnelllU A SH ____ -.50 ____
Pennsylv Salt Mfg__ ..50 99
Pennsylvania........... ..50 5354
Philadelphia Co (Pitts).50 34 54
Pref (cumulative 6%).50 ___
Philadelphia Electric. ..25 30
l’hlla R T v t r. _ .. ..50 3054
Philadelphia Traction ..50 78
Reading .................. -.50 95
20 20
91 9154
3654 3654
6454 69
5454 55
52 52
41 45
145 160
62 64
61 61
26 26 54
2854 2854
11
11
2054 2154
7554 7654
6254 64 54
51
51
6354 6754
5754 5754
96 100
53 5354
34 3454
38 3S54
30 3054
2954 3054
78 79
9254 9554
4
7
310
155
20
40
16
190
1711
4
208
35
100
5,051
202
119
2
640
43
184
1,902
105
6
730
4,334
116
960
Range since Jan.
Low.
20
91 June
36 May
Feb
49
5454 June
49
4354
100 F’eb
5854 May
61 May
2554 F’eb
24
11
15 F’eb
7554 June
58 May
51 June
55 May
5654 Jan
92 May
5154 May
33 May
3754 Apr
2954 May
2754 Apr
78 May
8454 May!
1.
High.
Apr
22
Jan
98
37 May
69 June
Jan
66
Jan
58
46
160 June
6754 Jan
7054 Jan
2754 F’eb
33
14
24 Mar
Jan
85
7954 Jan
5454 Jan
6754 June
5854 May
100 June
5754 Jan
4154 Jan
Jan
43
3454 Jan
3454 Jan
Jan
84
10354 Jan
Stocks—
Sales
Friday
for
Last Week's Range
Week.
o f Prices.
Par. Price. Low.
High. Shares
Tono-Belmont Dovel___1
Tonopah Mining______ 1
Union Traction______ 50
United Cos of N J___100
United Gas Improv’t__50
U S Steel Corporation. 100
Warwick Iron <feSteel__10
Wm Cramp &Sons___100
Bonds.
Amer Gas & Elec 5s..2007
Baldwin Locom 1st 5s. 1940
Cons Trac N J 1st 5s.. 1932
Elec & Poop tr ctfs 4s. 1945
Lake Superior Corp 5s 1924
Leh C A N cons 45*s. 1954
Lehigh Val cons 45*s.l923
Consol 0s_______ 1923
General consol 4s..2003
General consol 45*8.2003
Lehigh Val Coal 1st 5s 1933
Penn RR gen 45*sser A ’65
PW&B ctfs Is__ 1921
Pa A Md Steel cons 6s. 1925
Phlla Elcc 1st 5s (new) 1966
do
small___ 1906
Trust certlfs 4s_._ 1950
Phlla A Read Term 5s.1941
Reading general 4s__1997
J-C collateral 4s__1951
Spanish-Amcr Iron 6s. 1927
Standard G A El 6s. .1926
United Rys gold tr ctf 4s’49
do
small.......1930
4 1-16 44*
6
65*
64*
435* 42X 44
216 218
7/5* 774* 79
27 28
1315* 1274* 134
1184* 1184*
9
94*
875* 854* 88
924* 924*
92 934*
1024* 1024*
100 100
78 79
79
82 82
47
47 47
9941 994*
100
994* 100
107 107
107
86 864*
97 97
1025* 1024* 1024*
96
90 964*
984* 984*
1054* 1054*
1005* 1004* 101
1004* 101
90 90
1094* 1094*
914* 914*
91
91
101 101
1004* 1004*
100 100
724* 724*
984* 984*
97 97
Range since Jan.
VV
269
1,040
208
30
2,167
2,408
33,324
100
215
540
84,000
800
3,000
2,000
2,000
100
1,000
20,000
3,000
1,000
5,000
2,000
13,000
10 ,000
1,000
1,000
50,500
2,700
5,000
2,000
17,000
1,000
2,000
1,000
500
1,000
1,000
100
1.
High.
Low.
4 May
54* Jan
42
Apr
216 June
764* May
254*
994* Feb
1164* May
9 Feb
66
Feb
924* May
92
10244 May
100 June
78 June
79
47 Juno
994* May
994* Apr
107 June
83 May
96 4* May
1024* June
954* May
98 May
1054* June
1004* May
1004* May
Jan
90
1094* Juno
Apr
91
904* Apr
101 May
1004* Mar
100
70 Apr
974* Feb
97 June
Jan
Mar
Jan
Jan
Mar
May
May
Jan
Apr
974* Jan
974* Mar
1044* Jan
1024* Jan
Jan
84
86
584* Mar
Jan
103
Jan
103
1094* Apr
914* Jan
102
Jan
1064* Jan
984* Apr
994* Jan
Jan
108
Apr
102
1024* May
934* Jan
1134* Jan
964* Jan
Jan
97
1024* Mar
Apr
102
101
Jan
73
994*
994* Jan
44*
74*
47>*
226
914*
30
1344*
1204*
94*
92
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
June 8 1917.
Stocks.
Shares.
Par Value.
Railroad,
A c .,
Bonds.
State, M u n .
A Foreign
Bonds.
U . S.
Bonds.
Saturday................
•8757,000 $559,000
483,700 $45,012,000
Monday_________
619,697 58,932,700
1,164,000
984,000
HOLIDAY
Tuesday___ ______
1,591,000
603,000 82,000
Wednesday_______ 1,029,425 98,070,600
Thursday... ....... .... 1,288,505 118,822,000
1,446,000 2,626,000 14,000
Friday__________
960,420 89,630,500
1,236,500
732,500
Total____ ___ 4,381,747 8410,467,800 $6,194,500 $5,504,500 SI6,000
Week ending June
Boston.
21,449 829,500
23,507
25,500
27,000
25,835
30,419
57,500
18,157
29,000
119,367 $168,500
Shares.
Baltimore.
Rond Sales.
5,623 825,300
8.113
40,500
IIOLI DAY
31,600
11,875
31,300
18,925
25,000
13,724
8153,700
©
C
0S
0l
lO
Total.............
Philadelphia.
Bond Sales.
Shares.
Bond Sales.
2,133
2,516
1,290
55,600
2,973
40,400
1,901
21,000
10,813 8224,500
o©
o©
©©
oooo
'N
<
y>t'-
Saturday...........
Shares.
New Y o rk “ C u rb ” M arket.— Below we give a record of
the transactions in the outside security market from Juno 2
to Juno 8 , both inclusive. It covers the week ending Fri
day afternoon:__________________________________________________
W eek ending June
8.
Friday
Sales
fo r
Last W eek’ s Range
W eek
Sale.
Par. P rice. L ow .
H igh. Shares.
Stocks—•
Aetna Explosives r (no par)
Preferred r
__ 100
Air Reduction Co r(no par)
Amer A Brit Mfg com. 100
Amer Int Corp $50 pd.100
Am Writing Paper com 100
Brit-Amer Tob ord’y__£1
Canadian Natural Gas__1
Carbon Steel, com r__100
Car Ltg A Power, r.......25
Carwen Steel Tool___ 10
Central Foundry com r 100
Preferred .r ._____ 100
Charcoal Iron of Am__10
Preferred................10
Chevrolet Motor........ 100
Curtiss Aerop A M com (t)
Eastern Steel, com__ 100
Elite Plan Stores.r__ 50c
Emerson-Brant’ham r.100
Emerson Phonograph__ 5
Everett Heaney A Co r.2()
Federal Sugar Itefg.r. 100
Hall Switch A Signal r. 100
Preferred r____ ..100
Hask A Bark Car. (no par)
Holly Sugar Corp pref 100
Intercontinental Rubb.100
Internat Trading Corp r_ 1
Preferred r..............1
Keyst Tire & Rub com.. 10
Lake Torpedo Bo’t com. 10
Lukens Steel, 1st pref r 100
Manhattan Transit . .20
Marconi Wlrcl Tel of Am.5
35*
15
95J*
495*
4■*
17
4*
24*
12
325*
52J*
96
34
5*
85*
22 H
93
7?*
184*
115*
7-16
1
174*
84*
103
25*
34* 4
15 1554
35* 35*
824* 954*
10
10
495* 495*
44* 45*
17
17
18
185*
4*
103 108
3
2 'A
115* 125*
305* 32 5*
505* 525*
81* 84*
65* 65*
95 98
30 36
117 119
H 7-16
14
14
75* 85*
22 225*
82 95
6
8
185* 1854
405* 414*
1005 * 101
105* 12
5* 7-16
1
1
165* 175*
84* 9
103 104
11-16 11-16
24* 25*
13,900
300
1,400
13,950
100
100
500
200
500
100
475
7,500
17,970
1,600
4,100
570
200
1,525
7,100
435
2.S00
100
3,581
1,700
110
1,900
100
3,450
37
2,700
5,150
2,700
1,100
1,450
16
500
400
Range sin ce Jan.
L ow .
Apr
2
15 June
15* Apr
65 Mar
5 Feb
475* May
3 May
17 June
18 Feb
4* Apr
85 May
24* Feb
10 Feb
105* Mar
Feb
35
65* Apr
55* Apr
88 Feb
16 Feb
Jan
100
5* May
12 May
6 May
205* Apr
75 May
*5 May
135* Apr
36 May
96
Feb
104* May
5 * May
1 Apr
13 Feb
654 May
96
Feb
5* Feb
25* Feb
H igh .
75* Feb
37
Feb
45* Apr
955* Juno
12 Apr
Jan
57
55* Feb
195* Jan
21
1 Jan
Jan
109
35* Apr
14 Mar
33 May
535* May
9 May
Jan
8
146
Jan
36 Juno
119 June
15-16 Apr
14 Juno
135* Jan
2254 Apr
95 June
8 Juno
195* Mar
45 Mar
Jan
102
Jan
13
5* May
15* May
18 Mar
105* Feb
104 Juno
1 Mar
Jan
3
Stocks (Concl'd)—
Friday
Last Week's Range
Sale
o f Prices.
Par. Price. Low.
High.
Marlin Arms v t c (no par)
Maxim Munitions r___10
24*
National Acme Co r___50 315*
Nat Conduit & Cable r.(t) 365*
N Y Shlpbldg Corp.r.(t)
North Am Pulp A Paper(t)
55*
Peerless Truck & Motor.50
St Joseph Lead.r___ .10
185*
St L It Mt & Pac Co r. .100
Smith (A O) Corp pref rlOO 95
Smith & Terry Trans pt 100 105*
Standard Mot Constr r .10
Steel Alloys Corp______ 5
65*
Submarine Boat..(no par) 325*
Todd Shipyards r.(no par)
Triangle Film Corp v t c.5
2
United Motors r..(no par) 275*
United Sugar Cos r....... 50 365*
U S Aircraft Corp..r___5 ____
US Steamship_______ 10
45*
West Indies Syndicate r..5
World Film Corp’n v t 0.5
5*
Wrlght-Martln Alro r..(t)
55*
Preferred _r — . . ..100 ____
Zinc Concentrating r...l0
3
Former Standnrd OH
Subsidiaries
Anglo-Amer OH_______ £1 185*
Buckeye Pipe Lino . ..50
Illinois Pipe Line.........100
Ohio Oil.......................25 360
Standard OH (Calif)... 100 273
Standard OHof N J ___100 620
Standard OHof N Y. . . 100
Union Tank Line____100
Vacuum OH_________ 100
Other OH Stocks
Allen Oil.r..................... 1 54c
Amer Oil of N E .............. .1
Amer Ventura OH r....... 1 14c
Atlantlo Petroleum r___ 5
65*
Barnett Oil A Gas r____ 1
25*
Consol Mex Oil Corp___ 1 63c
91 96
25* 25*
315* *325*
344* 364*
47 475*
55* 55*
153* 154*
1854 1954
34 34
95 95
105* 104*
13
13
65* 64*
31
333*
86 86
15* 25*
275* 305*
*36 365*
55* 53*
43* 5
425* 4354
5*
5*
55* 53*
50 55
23* 34*
Sales
for
Week.
Range since Jan.
Low.
1,200
17,500
1,300
10,900
300
2,100
225
1,800
100
65
1,500
200
2,000
25,500
100
17,700
18,500
250
1,000
4,200
550
2,300
3,900
500
3,900
Jan
*47
15* May
31 May
315* May
♦365* Feb
4 May
15 Feb
165* Jan
2954 Feb
935* May
85* Mar
55* Jan
65* Join
185* Feb
Fob
77
15* Apr
275* June
Jan
35
5 May
45* Apr
25 May
5* Apr
45* May
30
Fob
25* May
I.
High.
101
Feb
45* Feb
385* Jan
365* Apr
*475* May
95* Jan
17 Feb
195* Jan
36 May
97
Jan
12 May
15 Apr
95* Jan
35 May
87 May
35* Jan
49
Jan
37 Mar
55* May
65* Mar
4554 May
1
Jan
1654 Jan
585* Jan
45* Jan
175* 185* 11,100 16 Feb *195* May
Jan
30 100 Apr 122
100 102
Jan
15 215 Juno 250
215 215
35 333
Apr 435
Jan
360 370
20 249 May 445
Jan
272 273
22 580 May 800
Jan
620 629
60 270
Jan 345
292 298
Jan
50 92 Mar 95 Mar
92 92
12 325
Jan 490
Jan
370 370
45c 55c 11,600 45o Juno 55o May
1,500 40o May 45o Juno
43o 450
1,800 13c Juno 31o Feb
13c 14o
1,400 55* May
65* 7
95* Mar
254 23* 6,200 25* Apr
45* Apr
1,175 55c June
55c 63c
15* Jan
135* 13 135* 2,750 115* May 185* Jan
Cosden Oil &Gas com r .
134* 8,000 115* May 165* Jan
135* 13
Certificates......... .
134* 2,500 13 Juno 135* Juno
135* 13
30o 36c 15,100 280 May 39o May
Crosby Petrol (prosp’t) r 1 35o
Elk Basin Petroleum r.
105* 105* 1054 2,800
75* Jan 145* Mar
Elkland OHA Gas r___ 1
9-16 Apr
5* 7-16 37,600
5*
5* Apr
Esmeralda OHCorp r__ 1
15* 25* 107,800 70c Feb 3 Fob
25*
55* 55* 3,500
55*
45* Feb
65* Mar
300 17 Fob 24
Apr
224* 213* 224*
Intcrnat Petroleum___£1 135* 135* 145* 5,900 11
Jan 155* Mar
Kenoya Oil.................1 9-32
54 5-16 8,400
5* Jan
5* May
85* 84* 15,700 554 Apr
85* Juno
85*
_
600
15* 15*
15* June
15* Juno
9
954 Juno
954
954 5,750 9 Juno
6,800 115* Jan 315* Mar
265* 2654 28
5* May
45* Jan
25* 2 1-16 2 9-10 86,500
Midwest Oil r _________________ 1 79c
790 84o 29,800 55c Jan 87o Mar
3,400 86c Jan 1.10 May
103 105
Preferred r ___________________ 1 103
100 115 May 145 Mar
135 135
35* 35* 1,000 35* May
35*
35* May
7c 100 79,000
Oklahoma Oil com r ________ 1 8>*c
70 May 16c Jan
9,000 60c May
670 71c
Preferred r_________1 69c
1 Jan
10,000 85* May 145* Jan
105* 105* 11
30c 32c 16,900 30o May 75o Jan
Omar Oil & Gas com___1 31c
85* 83* 4,000
75* Jan1 105* Mar
85*
5* 1,500
Pennsylvania Gasoline... 1 9-16 9-16
5* May
154 Jan
I’cnn-Wyomlng OH.
85* 83* 4,325 8 May
85* May
85*
Rice Oil r ...........
54 30,400 7-32 May 11-16 Feb
7-16
5*
1,300
Sapulpa Refining r .
95* 10
May 125* Mar
Sequoyah OH & Ref
15* Apr
15* l 5-16 l 7-16 38,300
25* Jan
700 265* May 405* Apr
Sinclair Gulf Corp r___(t)
3254 31
3,500 22 May 26 May
Texas Co rights.r...
235* 2354 25
35c 00C 16,400 45o Juno 60c Juno
Texas Nat’I Oil r______ 1 35o
June
United Western OH r ______ 1 9-16
3* 19,000
15* Jan
5*
39c 45c 17,000 27o May 63o Jan
Utah Petroleum (prosp’t) 1
800
Vacuum Gas A O, Ltd__1 5-16 5-16 5-10
5* May 11-16 Jan
Victoria Oil new stk r
9
954 2,280 9 May 115* Apr
94*
West States Petrol .r___1
5* 11,300
5* May 1 3-16 Apr
5*
5*
Mining Stocks
Alaska-Brlt Col Metals. .1 9-16
54 11-10 9,300
5* Jan
5* Mar
5* 8,850
Alaska Mines Corp(no par) 13-16
5*
5* May
15* Apr
8,700
30c 39o
37c
3-16 Jan 52o Apr
6
625 55* May
65*
65* June
65*
5* 3-16 16,100
Arizona Copperflelds r ____ 1
5* May
5* Jan
1254c lie 1254c 11,500 95*0 Jan 20o Jan
11,000
3*
5*
%
5* Apr
5* Apr
1
1
1!* 13,900
5* May 1 15-16 Apr
65* Jan
35*
34* 33* 15,500 25* May
BinghamMines______
135* 135* 135* 1,800 95* Apr 135* Juno
Blsbce Cop M A Dev r _ _
54 May
154 Feb
5* 9-16 15,400
5*
00c 06c 12,300 58c Apr 80o Jan
Boston A Montana Dev.
64c
1 15-16 *1 1-16 14,375
5* May 1 11-16 Jan
Bradshaw Copper M r . .
Butte Cop & Zinc v t 0 ..
1254 125* 145* 18,300 7»* Fob 145* Juno
5* 15* 1,300
Juno
Rights__________
5* June
11-16
54
5* 25,800
Jan
5* Apr *2
55c
53c 56c
6,000 •18c Jan 70o Apr
33,200
13*
1%
15* Apr
25* Jan
2 1-16 2 2 1-16 3,200
25* Apr
15* Fob
8c
6c Jan 160 Mar
75* c 8c 10,200
15* 1 7-16 1 9-16 4,350
15* Apr
1%, May
15,250
2 5-16 2 3-16 2 5-16
Consol Arizona Smelt..
15* Jan 2 11-16 Mar
Feb
04*
55* 73* 21,500 3
75* Juno
H
3* 1,700
Consol-Homestead r .
5* May
5* Mar
5,800 55* May
Jan
Cresson Con Gold M &M 1 55*
5M
75*
i
15*
i v% 8,300 66c Mar
15* Juno
15-10 i
925
May
25* Jnn
5
*
52o 54c
54c
4,200 52c June 54c Juno
50 12c
3,500
5c June 12c Juno
15* 1 1-10 1 3-16 33,250
25* Jan
5* May
60c 63o 20,050 50c May 63c Juno
63c
23* 25*
300
25* Apr
35* Jan.
23*
First National Copper..
2,200 18o May 19c May
18c 19c
Glendale Min A Milling. ____
7-10 7-10 2,000 5-10 May
5* Jan
56c
53c 56c 10,950 48o May *77o Jan
4,000
45*oMay 10c Feb
6c
55*c 6c
7o 3,000 45*0 May 11c Mar
7c
0c
1 May
1 3-16
15* 15-16 12,500
25* Jan
12c 14c 24,500 lie May 25o Mar
lie
Hargraves__
7c Fob 85* May
8 7-16 8 7-16 85* 4,500
Hecla Mining.
1,000
54* 65*
55* Juno
Howe Sound.
85* Jan
1 3-16
15* 15* 3,700 1 1-16 May
15* May
1 3-16 1 1-16 1 3-16 1,250 93c Apr
15* Jan
3 Mar
1% 1 13-16 2 64,000 1 9-l( May
1,200 69o Mar 880 May
........ 75c 78c
54 Apr
5* 5-16 *7-16 8,950 5-1(1 May
38c 39o 3,900 36o May 490 Mar
39c
16c 10c
16o
1,000 125*0 May 250 Feb
5* Mar
lA
300
5*
5*
La Rose Consol Mines.
5* May
1 Feb
1,200
15* Mar
i 1 1-16 10,100 80o Fob
1 1-16
U* Jan
45 47
Jan 595* Mar
150 40
21c
21c 20c
3,775 190 Mar 35o Jan
. 15-16 13-1( 1 23,100 75c Apr
1 Juno
Magnate Copper
90 Jan 23c Apr
19c
18o 21o 12,500
1 *15* 4,210 U-U May
........
15* Mar
200
5 Feb
Jan
7
........
55* 5%
30U 40o Apr 57o Feb
54c 51c
i 3* l 3-16 1 5-10 14.70(1 OOo Apr l 5-1f Juno
£
oo
8.
Jan. 1 to June 8.
1917.
1916.
1917.
1916.
Stocks—No. shares__
4,381,747 2,958,839
88,398,442
76,166,943
Par value_____ 1. S410,467,800 $258,517,050 88,007,402,330 $6,676,159,995
841,600
851,200
S145.100
Bonds.
$16,000
810,000
Government bonds__
8589,950
8385,000
State,mun.,&e.,bonds.
5.504.500 4,580,500
177,924,000
117.460.500
RR. and mlsc. bonds..
6.194.500 15,069,000
372.996.500
286,554,500
Total bonds.......... 811,715,000 819,689,500 $464,863,500 8491,046,950
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE STOCK EXCHANGES.
Sales at
New York Stock
Exchange.
Week ending
June 8 1917.
[Vol. 104
THE CHRONICLE
2333
Sales
Friday
for
Last TFect’s Range
Week ending June 8 .
of Prices
Week
Sale
Mining (Concluded)Par. Price. Low. High. Shares.
Range since Jan.
Low.
1.
CO
CURRENT NOTICE.
The Interesting point has boon mado by tho managers o f properties in
which Standard Gas & Electric C o. owns investments that tho m ajority o f
tho olectric properties aro operated b y wator power or uso natural gas fuel
obtained undor long-term contracts. Investm ent literature describing tho
socuritios o f this and othor companies will bo mailed b y H . M . B yllesby &
C o .. 220 South La Sallo S t.. C hicago, and 1220 T rinity Building, N ow Y ork .
— B orton & B orton, investm ent bankers and brokers, C lov o., havo
propared and published a lim ited edition o f a very useful pocket manual o f
Cleveland securities briefly describing corporations, tho securities o f which
aro bought and sold In tho Cleveland market, and giving reference'data
concerning these securities.
— Itedmond & C o ., 33 Pino S t., Now Y ork , in an advertisem ent on
another page ask ovory one to buy Liberty Loan bonds in aid o f tho best
causo In tho w orld. T lioy also call attention to tho fact that these bonds
aro the best socurity in tho w orld.
.
— Fanning, Buck & C o ., 67 Exchango Placo, announce that Thom as JSpring has boon appointed M anager o f thoir offico.
— In an advertisement on anothor page the M arkot & Fulton N ational
Bank o f this city announces that it is handling subscriptions to tho Liberty
L oan, without charge for services.______________
New York City Banks and Trust Companies
Ask
Bunks.
Manhattan •
Mark A Fult
Meeh <Sc Met
Merchants _
Motropolls*.
Metropol'n
Mutual* _.
New Ncth*
New YorkCo
New York.
Pacific •__
Park___” 1
People's*II
Prorl Exeh*.
Public *._ __
Seaboard .1'
Second___
Sherman ...
State *__
23d Ward*.
Union Exch.
Unit States*
Wash H'ts*.
Westch Av*
West Side*.
Yorkvlllo*..
Brooklyn
Coney Isl’rt*
|First..........
Flatbush ...
Greenpolnt .
|Hillside *...
Homestead *
Mechanics*.
Trust Co’s. Bid Ask
New York
Bankers Tr_ 440 450
B’way Trust 158 105
CentralTrust 775 785
Columbia l _ 292 297
Commercial. 100
Empire___ 290 300
EQuItablo Tr 347 355
Farm 1. A Tr 445 400
416 Fidelity___ 208 215
Fulton___ 200 275
475 Guaranty Tr 440
450
220 Hudson__ 138 145
198 l.awTit A Tr 113 118
103
240 Lincoln Tr_.
Metropolitan 380 395
416 Mut’l (West
chester) .. 125
130
110 N Y Life las
A Trust.. 960 975
130
160 N Y Trust . 590 610
TltleGuA'tr 350 360
155
Transatlan’c
Union Trust 400 415
350 USMtgATr 440 450
010 UnltcdStates 1005 1020
130 140
135 Westchester.
270
155
Brooklyn
105 Brooklyn Tr 600 010
120 Franklin ... 245 255
115 Hamilton__ 205 275
130 Kings co
105 Manufact’rs 050
150
210 People’s___ 285
275 Queens Coll 76 295
85
200
140
Bid
330
300
215
275
200
180
175
375
100
215
100
400
385
405
245
270
120
425
395
200
205
188
455
230
220
455
___
395
120
171
100
320
115
95
150
70
600
.-275
ISOO
190
225
300
1015
690
187
140
125
400
255
140
225
156
110
325*
695
125'
240
90
620
200
266
1075
320 NorthSide* 175
People’s. - - 130
* Banks marked with a t») are State banka,
sconce this week. I New stock t Ex-rlghts
555
240
182
165
Ask
340
255
310
300
190
♦Sale at auction or xt Htock Exz
New Yoik City Realty and Surety Companies
High.
2
4,000
Mines Co of America— 10 2
1A
2 A Jan
1 A June
5,400
Mohican Copper.r-------I
A
A
A
A May
1 A Mar
100
Monitor Sll LAZ MAM..1 ____
A
A
A Mar
1 A Jan
7-32
Jan
Monster Chief r........... 1
A
A 32,500
A May
A
28o 30c 22,000 26c May 40o Jan
Mother Lodo r-----------1 28c
Nancy Hanks-Montana r 1 1
1
3,700 80o Feb
A
1 A Apr
National Leasing.r.. . ..1
15o 16c
2 ,10 0
15o May 2 lo May
National Zinc A Lead r..l 66c
65c 70c 12,2 00 45c May 70o May
May
Newray Minos Ltd r---- 1
15,200
Vs
1 A Jan
A
A
Apr
Apr
N Y Zinc r__________ 1
7-16
A
A
A 22,700
A
Apr
2 May
Nlcklas Mining-----------1
1
500
IA
1A
1A
Nipisslng Mines______ 5
8 A Jan
500 7 May
7M 7 A
3,000 44c June 79c Fob
44c 50c
Feb
Ohio Copper new w lr .1 1 7-10 1 5-16 1 7-16 14,600
1 A Jan
A
Apr
33c June
Portland Cons Cop........ r 37c
IA
33c 38o 50,000
% Juno 3 Mar
Ray Portland r............ 1
200
9-16 9-16
Apr
1
9-16
Feb
13,475
Red Warrior r________ 1
A
1
1
a
9,200 50c Apr 72c May
Rochester Mines........... 1 52o
52e 57c
800 38c Jan 47c Jan
Round Mountain r _ 1 42c
42c 420
Sagamore M Cor.......... 1 1 5-16 1 5-16 l 5-16 3,800 81c Apr 1 5-lGMay
1,900 3-10 May
Jan
A
A
Santa Rita Devel r____ I 5-10 5-10
0 ,10 0 Il«o May
20 c May
San Toy Mining______ i IT A c 17c 18c
May 16
200
Jan
0A
9A
Seneca Copper _ .(no par)
1
Apr
2 May
1 A 13,600
1H
m
Scnorlto Copper______ 1
13-16 Jan
A May
Silver King of Arizona__1 3-10 5-32 7-32 11,0 0 0
200
3A Apr
4A
Feb
3A
3A
3A
Silver KlngCons ofUtali r 1
10 c Mar
2,000
26c Jan
Silver Pick Cons r-------- 1 1 2 c 10 A c 1 2 c
2,600
Feb
Jan
A
A
A
A 23-32
Standard Silver-Lead---- 1
1,500
Apr
17-32 Mur
14
14
A
A
Stewart Mining-----------1
7,100 33c Feb 00 c Jan
37c 39c
Success Mining r--------- 1 38c
1
1
2,300
May
1 \4
1H
Superior Cop (prosp’t) (t)
l A Juno
23c 24c
3,600 2 1 c May 600 Jan
Superstition Mining----- 1 —
4
50 4 May
Tono-Belmont Devel r .. 1
4A Jan
2
May
4%
Feb
Tonopah Extension Mln.l 2 3-16 2 1- 10 ‘2 A 4,085
100
5A Feb
Tonopah Mining ------- 1 6 A
6A
7 Mar
6A
5-10 5-16 1,200
%> May
Jan
Tri-Bullion SAD_____ 5
A
4,100 20 c June 62o Mar
25c 30c
Troy-Arlzona Cop Co r..l 30c
1,850 13-16 Apr 15-16 May
13-16
United Copper Mining.. 1 __
A
300 3A May
United Eastern.............1 4 3-16 4A 4 A
5A Jan
600 20 c June 670 Apr
22 o
20 c
United Magma Mines r.. 1
A Apr
l A Jan
United Mines of Arizona. 1 9—16
A 9-10 11,300
12,300 *18c Feb 26c Jan
20 c 24c
U S Tungsten.r...........1 20 c
United Verde Exten r..50c 39A 38A 4 1 A 9,300 3 3 A Feb 41A June
700 * A Feb
5
5A
6 Mar
United Zinc........ (no par) ____
Jan
2 A Jan
3XA 2,200
3A
3A
3A
Unity Gold Mines.......... 6
3A 3 1-16 3A 4,500 05o Apr 3 5-10 May
Utah Nat Mines r____ 1
1,500 62o Apr 81c Apr
West End Consolidated. .6 67e 67c 68c
White Caps Mining... 10c 1 7-16 1 5-16 7-16 3,200 34c Jan
2 A Mar
H
400
H
Jan
White Cross Copper r---- 1 —
A May
A
30c 32c 24,000 2 1 c Feb GOo Mar
Yerrlngton Mt Cop----- 1 31c
Bonds—
92A 02
92J* S82.000 90 May 1 0 0 >* Jan
Amer Smelting 5s r......
97A 03 A 12,0 0 0 05 A May 100
Atl A Charlotte A L 5s r ’44
Mar
98A OHA 52,000 97 A May 98A Feb
Beth Steel 5% notes.. 1919
99A 99A 10,000 Of. May 109
Cosdon A Co 6 s r.......1926
Jan
____
Erie UR 5% notes.r.1919
97^ May 08 A Mar
OTA 0 ! A 28,000
Russian Govt O 'Aa.. .1919 82A 80 82A 99,000 79A May OS A Jan
5Hs___ ____ ___ 1921 73A 72 75A 48,000 72 June 04 A Jan
90 90
1,090 00 June 00 A Feb
Sinclair Gulf Corp 6s r 1927
97^ 97A 25,000 97H May 99
Southern Ry 5% notosl919 —
Fob
* 0(1(1 lots, t NO par value. » luswju na a yrvapeui,. >uiat™ .... „.,u
...vobango this week, where additional transactions will bo found, o Now stock.r Un
listed. u Ex-cash and stock dividends, vo When Issued, z Ex-dlvldcnd. y Exrlghts. z Ex-stock dividend.
Buaks-N.Y Bid
America*.
545
Amer Exch 235
Atluntlc.... 175
Battery Park 150
Bowery* .. 400
Bronx Boro* 100
Bronx Nat . ICO
BryantPark* 145
90
Butch A Dr
Chase........ 350
Chat A Pheu 238
Chelsea Ex* 100
Chemical.. 388
Cltlxens---- 197
445
City____
Coal A Iron 2 10
450
Colonial*.
Columbia* 315
109
Commerce
Corn Exch* 315
Cosmopol’n* 85
60
East Itlver
Fidelity *.
150
Fifth Ave*.. 4300
Fifth ____ 200
First. ___ 090
Garfield---- 182
Germ-Amer* 135
German Ex* 390
Germania • 200
Gotham---- 220
Greenwich*. 310
Hanover . . 680
Harrlman. . 230
imp A Trad 510
Irving ___ 220
Liberty . . . 1025
Lincoln __ 300
2333
THE CHRONICLE
June 9 1917.]
Ex 1-00% stock dividend.
Bid
Ask
Alliance R’ty 70
77
Amer Surety 126 130
Bond A M G 240 250
Casualty Co ___ ___
16
City Invest g 13
58
65
Preferred
Bid
Lawyers Mtg 136
Mtge Bond. 98
Nat Surety. 225
N Y T itle A
X . I t g e _____
88
Atk
142
103
228
93
Bid
Realty Assoc
90
(B r o o k ly n )
US C a s u a l t y 200
U S T itlc G A I
Wes A B r o n x
<vM r - 165
Art
95
___
85
175
Quotations for Sundry Securities
All bond prices are “ and Interest” except where marked " t "
Standard Oil Stocks Pe rShare
RR. Equipments—PerCl, Basis
Par Bid. AS*.
Bid. As*.
Anglo-American OHnew. £1 * l7 h ISI4 Baltimore A Ohio 4 A s ....... 5.00 4.65
Atlantic Refining______100 960 980 Buff Roch A Plttsourgb 4,4s 5.00 4.70
Borne-Scrymser Co___ 100 420 450
Equipment 4s................ 5.00 4.70
Buckeye Pipe Line Co__50 *98 102 Canadian Pacific 44s........ 5.10 4.95
Chesebrough Mfg new__100 390 410 Caro Cllnchfleld A Ohio 5s.. .
5.00
Colonial Oil..... .............100 50 70 Central of Georgia 5s.......... 5.25 5.00
Continental Oil_______ 100 510 525 j Equipment 44s............. 5.2.5 5.00
Crescent Pipe Line Co__50 *37 39 [Chicago A Alton 4s______ 5.50 5.00
Cumberland Pipe Line.. 100 100 170 Chicago A Eastern III 54s.. (
5.50
Eureka Pipe Line Co___100 212 216
Equipment 44s............. 6.00 5.50
Galena-Signal Oil com__100 152 154 Chic Ind A Loulsv 44s....... 5.25 4.90
Preferred__________ 100 137 140 Chic St Louis A N O 5s....... 5.00 4.70
Illinois Pipe Line______100 214 218 Chicago A N W 44s.......... 4.80 4.50
Indiana Pipe Lino Co___50 95 99 Chicago R I A Pac 44s___ 6.00 5.10
International Petroleum. £1 *I334 14U Colorado A Southern 5s___ 5.25 5.00
National Transit Co__12.50 *15 17 Erie 5s________________ 5.30 4.90
Now York Transit Co__100 192 197 I Equipment 44s_______ 5.30 4.50
Northern Pipe Line Co.. 100 103 107 I Equipment 4s................ 5.30 4.80
Ohio Oil Co....................25 360 364 Hocking Valley 4s..........
5.15 4.90
Penn-Mex Fuel Co____ 25 *48 52 | Equipment 5s_________ 5.15 4.90
Plcreo OHCorporation__25 *1212 13 Illinois Central 5s............... 4.90 4.65
Prairlo Oil & Gas.........100 540 550 I Equipment 44s......
4.90 4.65
Prairie Pipe Line______100 296 300 Kanawha A Michigan 44s.. 5.20 4.90
Solar Refining________ 100 345 355 Louisville A Nashville 5s___ 4.85 4.65
Southern Pipe Line Co. .100 195 200 Minn St P A S S M 44s___ 5.00 4.80
South I’cnn Oil..............100 297 302 Missouri Kansas A Texas 5s. 6.00 5.00
Southwest Pa Pipe Lines. 100 112 110 Missouri Pacific 5s_______ 5.80 5.00
Standard OH (California) 100 270 273 Mobile A Ohio 5s............... 5.20 4.90
Standard Oil (Indiana).. 100 770 780 1 Equipment 44s............. 5.20 4.90
Standard Oil (Kansas)...100 450 475 New York Central Lines 5s.. 5.15 4.80
Standard Oil (Kentucky) 100 350 360
Equipment 44s............. 5.15 4.85
Standard Oil (Nebraska) 100 510 530 NY Ontario A West 44 s... 5.10 4.90
Standard Oil of New Jcr.100 018 022 Norfolk A Western 44s___ 4.80 4.50
Standard OHof New Y’k 100 293 297
Equipment 4s_________ 4.80 4.50
Standard Oil (Ohio).......100 435 445 Pennsylvania UR 44s___ 4.75 4.50
Swan* Finch______ 100 100 110
Equipment 4s_________ 4.75 4.50
Union Tank Line Co___100 82 94 St Louis Iron Mt A Sou 5s.. 5.75 5.00
Vacuum Oil— .......
100 367 373 St Louis A Sau Francisco 5s. 6.00 5.00
Washington OH— ........ 10 *30 34 Seaboard Air Line 5s_____ 5.30 5.00
Bonds.
Per Cent.
Equipment 44s..........
5.30 5.00
Pierce Oil Corp conv 6s. 1924 81 83 Southern Pacific Co 44s__ 4.95 4.65
'Ordnance Stocks— Per S hare.
Southern Railway 44s____ 5.10 4.80
Aetna Explosives pref__100 10 20 Toledo A Ohio Central 4s... 5.30 5.00
American A British Mfg. 100 7 12
Preferred...................100 30 40
Tobacco Stocks— Per Sha re.
Atlas Powder common__100 148 152
Par Bid. Ask.
Preferred................. 100 100 102 American Cigar common. 100 108 112
Babcock A Wilcox____ 100 117 120
Preferred...................100 95 100
Bliss (E W) Co common. 50 •500 550 Amer Machine A Fdry._100 80 90
Preferred___________50 •07
5 Brltlsh-Amer Tobac ord..£l *17 19
Buffalo Copper A Brass__ 550 650
Ordinary, bearer........ £1 *18 20
155 Conley Foil..........
Canada Fdys A Forgings. 100
100 250 300
Canadian Explosives com 100 300 400 Johnson Tin Foil A Met. 100 100 130
110
104
Preferred__________ 100
MacAndrews A Forbes..100 205 215
Carbon Steel common__100 100 105
Preferred........ ......... 100 98 103
1 st preferred_______ 100
90 95 Reynolds (R J) Tobacco. 100 500 550
2 d preferred..... ..........100
Preferred__________ 100 110 115
64 70
Colt’s Patent Fire Arms
Young (J S) Co............ 100 160 175
Mfg..... ................... 100 108 111
Preferred__________ 100 105 110
duPont (E I) de Nemours
Short-Term Notes— Per Cent.
A Co common______ 100 245 248
Debenture stock____ 100 101 10-1
Empire Steel A Iron com. 100 50 55 Amer Cot Oil 5s 1917.MAN 100 100U
Preferred______
100 85 90 Amer Locom 5s July ’17.J-J 9978 1004
Hercules Powder com__100 237 241 Amer Tel A Tel 44s 1918... 995s 99 ?s
Preferred.................. 100 118 121 Beth Steel 5s 1919..FAA 15 984 089s
Hopkins A Allen Arms.. 100 5 10 Canadian Pao 6s 1924.MAS 2 10 15 8 1014
Preferred...................100 20 50 Chic A West Ind 5s’17.MAS 994 994
Mtlllken Bros preferred.. 100 30 35 Erie RR 5s 1919_____ A-O 974 974
Nlles-Bement-Pond com. 100 165 170 General Rubber 5s 1918.JAD 984 987s
Preferred............
100 105 110 Hocking Valley 0s 1917.M-N 997« 10 0 4
Penn Seaboard Steel (no par) 50 60 Int Harv 5s Feb 15 ’18.F-A 100 1004
Phelps Dodge A Co___100 297 305 KCRys 54s 1918.......JAJ 994 994
Scovill Manufacturing__100 650 065 K C Term Ry 4 4 s ’ 18-MAN 984100
Thomas Iron.................. 50 24 30
44s 1921................ JAJ 974 99
Winchester Repeat Arms. 100 700 800 Laclede Gas L os 1919. .F&A 9S4 994
Woodward Iron............ 100 00
0 Mich Cent 5s 1918 ........... 994 994
Public Utilities
MorganAWright 5s Dec 1’18 100 1004
Amer Gas A Elec com__50 ♦120 123 N Y Central 4.4s.May 1918 9 9 4 994
Preferred___________50 *49 51 NYN HA II 5s. Apr 15 1918 064 967g
Amer I.t A Trac com___100 330 332 Penn Co 44s 1921.. JAD 15 99 994
Preferred...................100 110 113 Pub Ser Corp N J 5s ’19.MAS 9S4 994
Amer Power A Lt com__100 66 69 Rem Arms U.M.C.5s’19FAA 77 80
Preferred............
100 8712 90 Southern Ry 5s 1919..M-S 2 974 974
Amer Publio Utilities comlOO 30 34 United Fruit 5s 1918...M-N 994 1004
Preferred__________ 100 64 67 Utah Sec Corp 6 s ’22.M-S 15 924 94
Cities Service Co com__100 286 288 Winches RepArms5s’18.MAS 964 964
New York City Notes—
Preferred_________ 100 8612 87
Com’w’lth Pow Ry & L 100 48 52 6s Sept 1 1917................... 1004 1004
Preferred___ _____ 100 74 76
Canadian Govt. Notes—
Elec Bond A Share pref. 100 dOO 100 5s Aug 11917............. FAA 100 1004
El Paso Elco Co com__ 100 105 109
Industrial
Federal Light &Traction 100 1 0 l2 12 1 *
and Miscellaneous
Preferred- ............... 100 43 48
Galv-Hous Eleo Co pref 100 70 75
Great West Pow 5s 1946.JAJ 84 85 American Brass______ 100 327 331
11
American Chicle com___100 40 42
Mississippi Rlv Pow com 100
8
Preferred................ 100 34 39
Preferred..................100 67 73
First Mtge 5s 1951__ JAJ 0S' 2 70 Am Graphophono com__100 96 99
North’n States Pow com 100 94 97
Preferred...................100 105 110
Preferred___ _____ 100 9712 98*4 American Hardware___ 100 136 138
North Texas Elee Co prcl 100 - 79 83 Amer Typefounders com.100 384 40
Preferred__________ 100 87 90
Pacific Gas A Eleo com. 100 59 60
1 st preferred............ 100
8912 90' 2 Borden’s Cond Milk com. 100 1034 105
Preferred__________ 100 102 104
Puget Sd Tr L A P com. 100 22 25
Preferred_________ 100 70 74 Celluloid Company___ 100 ISO 185
1 2
Republic Ry A Light__ 100 3012 32 Havana Tobacco Co___100!
Preferred_________ 100 60 68
Preferred__________ 100: 3
6
South Calif Edison com. 100 87t2 90
1st g 5s June 1 1922..J-D! /50 55
Preferred .. _____ 100 104 108 Intercontlnen Rubb com. 100 114 12U
(195
100 'Internat Banking Co___100 160
Southwest Pow A L pref. 100
Standard Gas A El (Del) 50 • 1 2 13 1International Salt.......... 100 55 ’ 59 ‘
Preferred--------------- 50 *3612 38
1st gold 5s 1951........ A-O 76 7812
61? 7 International Silver pref. 100 100 103
Tennessee Ry LAP com 100
Preferred.......... ....... 100 25j 27
50*278 83
United Gas A Eleo Corp. 100
5
9 Otis Elevator common.. 100 55 59
1 st preferred............. 100
62 67
84 86
100
2 d preferred............. 100
7 10 Remington Typewriter—
13 1312
United Lt A Rys com---- 100 38 40
100
1 st preferred............. 100
100
70 73
69 71
Western Power common. 100 15 10
43 45
100
Preferred.................. 100 5112 54
100 147 152
100
• Per share. 6 Basis, d Purchaser also pays accrued dividend.
Flat Price, a Nominal x Ex-dlvldend. v Ex-rlghts.
t
100
10 2
New atook
[Vol. 104
THE CHRONICLE
2334
\ v w £ $ tm m i u u &
R A I L R O A D
% n U lliQ m u ,
G R O S S
E A R N IN G S .
The following
be obtained.
table shows the gross earnings of various STEAM railroad from which regular weekly or monthly returns
can
The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month.
We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Qro3s E a r n in g s.
BOADS
W eek or
M o n th .
Current
Y ea r.
July 1 to
Previous
Yea r.
Latest D a te.
Previous
Y ear.
Ala N O & Tex Pac$
Ala & Vicksburg- April____ 145,577 143,521 1,628,680 1,426,276
Vicks Shrov & P_ April____ 158,359 136,936 1,701,517 1,397,870
75,955 2,594,162 2.442.452
Ann Arbor_______ 4thwkMay
89,241
Atch Topoka & S Fe April____ 13269 739 11049400 128544802 109S60073
54,497 3,341,359 2,739,155
Atlanta Birm & Atl 3d wk May
71,588
Atlanta & West Pt. April____ 130,725 119,334 1,305,576 1,146,508
Atlantic Coast Line April____ 3,617,530 3,265,144 33,452,579 28,672,592
Charlost Sc W Car April____ 172,076 177,572 1,749,951 1,586,127
Lou Hend & St L April........ 163,293 138,341 I, 586,244 1,336,245
oBaltimore & Ohio. April____ 10293544 9.042,070 99,764,824 91,121,550
B & O Ch Ter ItU April........ 171,185 158,321 1,562,493 1,456,077
Bangor & Aroostook April____ 451,811 380,382 3,623,006 3,132,659
Bessemer & L Erie. April____ 664,787 517,300 8,864,853 8.498,579
810,463
837,151
90,222
Birmingham South. April____
91,546
Boston & Maine__ April_____4,715,383 4,447,446 46.912.549 42,608.107
Buff Koch & Pittsb. 4tn wkMay 474,710 379,180 12,285,888 10,995,869
Buffalo & Susa RR. April........ 117,766 120,762 1,375,670 1,425,805
Canadian Nor Syst. 4thwkMay 1,307,800 970,100 37,196,100 30,047,800
Canadian Pacific.. 4thwkMay 4,806,000 4,222,000 134230612 117304108
Caro Clinchf & Ohio April____ 359,064 279,586 2,927,478 2,521,783
Central of Georgia. April____ 1,179,479 990,531 12,392,183 10,629,506
Cent of Now Jorsoy April____ 2,920,855 2,677,854 29,015,856 28,509,542
Cent New England- April____ 488,541 441,068 4,512,317 3,954,826
Central Vermont.. April____ 375,583 387,174 3,591,328 3,533,848
Ches & Ohio Lines. 4th wkMay 1,762,269 1,504,875 46,659,257 44,017,188
Chicago & Alton__April_____ 1,600,200 1,252,346 15,791,656 13,484,662
Chic Burl & Quincy April____ 9,754,992 8,060,057 96,721,589 85,478,862
6 Chicago & East 111 April____ 1,659,651 1,153,161 15,257,265 13,796,954
c Chic Groat West. 4thwkMay
377,940 289,772 15,025,206 13,805,885
Chic Iud & Louisv. 4thwkMay 224,224 221,547 8,010,370 7,026,675
Chicago June R R .. April____ 275,616
2.344.413 2,028,148
Chic Milw & St P_. April____ 9,330,909 8,748J l l 92,319,829 87,372,273
dOhic & North West April____ 8,456,363 7,514,262 86,341,607 77,704,939
Chic Peoria & St L. April____ 170,498; 136,750 1,618,831 1.456.453
Chic Rock Isl & Pac April____ 6,701,269,5,761.977 68,571,350 60,227,579
Chic R I & Gulf.. April____ 295,896 242,168 3,122,857 2,651,421
d Chic St P M & Om April____ 1,869,465 1,697,600 18,038,259 16.724.020
Chic Torre II & S E April____ 261,2021 143,442 2,631,726 2,144,256
Oin Ham & Dayton April____ 855,743 733,866 8,729,524 8,695,069
96,930; 109,682 1,404,655 1,284,483
Colorado Midland. April____
447,70l| 412,003 16,092,982 14,518,460
e Colorado Sc South. 4thwkMay
168,687
241,894
Cornwall________April____
26,796
26,577
382,275
443,178
Cornwall & Lebanon April___
45,870
41,265
Cuba Railroad___ March___
230.108 799,779 4,562,033 4,752,921
Dolaware & Hudson April___ 2,294,259 2,184,844 22,286,223 21,437,094
Del Lack & West.. April____ 4,326,084 3,720,734 44,083,713 40,458,655
Donv & Rio Grande 4thwkMay 850,300 665,300 25,184,370 22.806.020
Denver & Salt Lake 3d wk May
42,195
29,475 1,759,446 1,668,363
Detroit & Mackinac14th wk May
39,012
32,095 1.179.413 1,061,682
Dotroit Tol & Iront!April____ 210,344 180,370 2,041,603 1,814,017
Dot & Tol Shore L.jApril
152,607 141,012 1,459,632 1,444,961
Dul Sc Iron Range..'April
162,662 348,948 5,024,762 4,528,113
Dul Missabe & Nor April
286,799 526,108 10.512,931 7,739,051
Dul Sou Shoro Sc Atl 4th wkMay 142,629; 110,958 3,672,347 3,168,851
Duluth Winn & Pac April____ 220,789! 172,377 1,690,581 l,42t,130
Elgin Joliet & East. April____ 1,306,399 1,205,032 II, 874,598 10,893,937
1,264,764; 964,898 11,818,734 8,612,905
El Paso & So West. April
Erlo____________April_____ 6,342,462 6,027,893 61,264,822;59,947,508
Florida East Coast. April____ 754,451 922,549 7,365,962 5,930,868
86,574
Fonda Johns & Glov April____
851,382 780,065
82,665
Georgia Railroad.. April____ 308,405 269,314 3,084,600 2.656,555
Grand Trunk Pac._ 2cl wk May 130,731 102,870 4,619,967 5,170,917
Grand Trunk Syst. 4thwkMay 1,939,312 1,482,053 57,353,227 49,618,369
Grand Trunk By 2d wk May 1,089,390 818,277 42,946,454 36,403,787
Grand Trk West. 2d wk May 150.145 135,828 7,737,636 7,601,900
67,911
73,138 2,764,586 2.807.823
Dot Gr H & Milw 2d wk May
7,924,183 6,917,872 78,548,763 74,100,014
Groat North Systom May
166,171 187,490 1,678.164 1,675,304
Gulf Mobile & Nor. April
155,331 173,641 1,638,736 1,637,578
Gulf & Ship Island. April
Hocking Valloy___ April_____ 725,025 479,691 7,364,475 5,874,973
Illinois Central___ M a y _____ 7,122,897 5,985,472 73,162,237 63,171,828
936,508 798,426 9,703,405 7,893,571
Internat & Grt Nor April
Kansas City South. April
1,058,731 892,081 10,235,701 8.731.713
198,325 182,607 1,831,180 1,727,269
Lehigh & Hud Rlv. April
281,529 233,600 2,614,221 2.839.714
Lohigh & Now Eng. April
4,092,018 3,692,001 41,095,561 38,835,215
Lehigh Valley........April
Los Angeles & S L .. April____ 1,088,864 1,019,949 9,847,600 9,136,668
Louisiana & Arkan. M arch__ 123,043 142,809 1,115,303 1.258.824
Louisiana Ry & Nav April____ 171,658 160.986 1,900,662 1,850.536
/ LouisvlUo Sc Nashv 4th wkMay 2,015.875 1,681,659 63,201,619 55,241,078
Maino Central____ April .
1,162,975 973,529 11,171,426 9,852,363
395,595
45,448
Maryland &Penn__ April .
40,712
424,838
211,266 160,413 1,793,006 1,367,989
Midland Valloy___ March
Mineral Rango___ 4th wkMay
982,934
38,861
30,895 1,082,132
Minnoap & St Louis 4th wkMay 225,552 219,745 9,983.877 9,888,755
Minn St P & S S M. 4th wkMay 910,008 854,157 30,418,548 31,704,840
54.058
Mississippi Central. M arch__
73,569
595.968
607,829
g Mo Kan & Texas. 4thwkMay 1,053,340
910,768 36,900,945 29,841,459
h Missouri Pacific. . April____ 6,160.758 5.391.144 62,507,891 53,353,548
j New York Central April
17030831 16203808 167626774 155236093
Boston & Albany April____ 1,872,719 1,818,310 18,069,106 16,213,915
n Lake Erie Sc W. April
629.146 585,091 6,541,773 5,719,745
Michigan Central April____ 4,375,348 3,837,898 40,589,389 34,148,297
Clove C O & St L April____ 4,181,713 3.533.145 40,141,844,35,805,356
Cincinnati North. April
175,945 142,605 1,714,663 1,498,881
Pitts Sc Lake Erie April____ 1,814,926 1,900,769 19,924,274 18,655,336
Tol & Ohio Cent. April____ 543,708 393,762 5,502,948, 4,410,950
Kanawha & Mich April____ 234,082 269,276 2,686,988| 2,985,817
Tot all lines above April
30858418 28684663 302797835 274674391
Latest C ross Earnings
W eek or
M o n th
Current
Year.
July 1 to
Latest O ait
Pre vio us
Previous
Year.
Year
Nashv Chatt & St L April........ 1,229,576
Novada-Cal-Oregon 3d wk May
7,274
New Orl Great Nor April____ 118,703
N Y Chic& St Louis April____ 1,423,427
N Y N II & Hartf.. April........ 7,046,592
N Y Ont & Western April........ 668,680
N Y Susq & Wast._ April____ 305,804
Norfolk Southern.. April____ 443,599
Norfolk & Wostern. April____ 5,077,097
Northern Pacific__ April_____ 7,679,461
Northwost’n Pacific April____ 347,311
Pacific Coast Co__ M arch___ 369,327
p Pennsylvania R R . April____ 20746631
Balt Ches & Atl.. April____
83,726
Cumberland Vail. April____ 415,662
Long Island____ April_____ 1,186,568
Mary’d Del & Va April____
73,404
N Y Phlla & Norf April........ 387,508
Phil Balt Sc Wash April........ 2,546,304 :
W Jersey & Soash April____ 628,512
Pennsylvania C o __ April_____ 6,050,741
Grand Rap & Ind April____ 538,246
/Pitts O C & St L. April____ 6,225,933
Total linos—
East Pitts tv Erie April____ 26416756 !
West Pitts Sc Erie April____ 13004350
All East & West. April____ 39421 lOo I
Pere Marquette__ Ajaril-------- 2,026,687
Reading Co—•
4,805,000 52.275.079 '
Phil v & Itoadlng. ,
'
|2,407,814 37,715,785 •
Coal & iron Co.. .
7,212,814 89,900,864 '
Total both cos__ ,
346,044 3,332,234
Rich Fred & Potora .
620,679
76.010
Rio Grande June__
563,827
14,377
Rio Grande South.. <
378,390 3.398.265
Rutland_________
154,095 1,943,889
St Jos & Grand Isl. .
219,339 4,079,788
St L Brownsv & M.
2,753,904 33,681,106 :
St L Iron Mt & So. .
4,094,287 46.854.079 I
St Louis—San Fran
323,000 14,537,256
St Louis Southwest- ■
i 2,182,720 22,406,419 '
Soaboard Air Lino..
149411207
12351273
Southern Pacific__
2,775,636 95,947,451 !
k Southorn Ry Syst
476,545 5,118,537
Ala Groat South.
940,963 10,214,052
Cine N O & Tex P
308,584 3,586,374
Now Orl & N E_.
351,377 11,605,240
Mobilo Sc Ohio__
63,681 2.682.266
Georgia So & Fla.
381,247 4,801,274
Spok Port & Seattlo
107,753
2,537
Tonn Ala & Goorgia I
141,282 1,450,455
Tonnossoo Contral.
483,254 20,502,258
Texas & Pacific___
86,017 1.036,950
Tolodo Poor & West
139,271 5,621,531
Toledo St L & West :
70.880
888,292
Trln Sc Brazos Vail.
8,479,327 99,665,465 i
Union Pacific Syst.
648,538 8,043,863!
Virginian________
2,984,869 32,279,738
Wabash_________
331,989 11,581,947
Wostern Maryland- ■
686,792 7,383,808
Wostern Pacific___
109,066 1,223,758
Western Ry of Ala.
755,730 7,919,408
Wheel & Lake Erio.
1,144,674 15,302,980
Yazoo & Miss Vail.
Various Fiscal Y ea rs.
Buffalo & Susquehanna RR----- Jan
Delaware Sc Hudson_________ Jan
Erio______________________ Jan
New York Oeutral.j_________ Jan
Boston Sc Albany__________ Jan
Lake Erie Sc Western. n ____ Jan
Michigan Central_________ Jau
Clevo Cine Chic & St Louis.. Jan
Cincinnati Northern_______ Jan
Pittsburgh Sc Lake Erio____ Jan
Tolodo Sc Ohio Contral_____ Jan
Kanawha & Michigan_____ Jan
Total all lines___________ Jan
Now York Chicago Sc St Louis.. Jan
N Y Susquehanna & Western.. Jan
p Pennsylvania R ailroad ______ Jan
Baltimore Ohesap & Atlantic Jan
Jan
Cumberland Valley______
Jan
Long Island___________
Mary’d Dolaware Sc Virginia Jan
N Y Philadelphia Sc Norfolk. Jan
Phlla Baltimore & Washlug’n Jan
Jan
West Jersey & Seashore—
Jan
Pennsylvania C o m p a n y ------Grand Rapids Sc Indiana----- Jan
/ Pittsb Cine Chic Sc St Louis Jan
Total lines—East Pitts Sc Erie Jan
—West Pitts Sc Erie Jan
—All lines E & W. Jan
Dec
Rio Grande Junction______
Jan
Rutland________________
P eriod.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
CO
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Current
Yea r
$567,468
8,485,029
23,124,828
April 30 63,724.586 63,076,789
April 30 6,755,409 6,637,556
April 30 2,605,437 2,246,237
April 30 16,072,582 14,165,688
April 30 15,619,781 14,483,530
April 30 699,927
577,721
April 30 7,358,145 7,497,206
April 30 2,052,733 1,760,662
April 30 982,240 1,172,531
April 30 115870882 111617919
April 30 5,251,287 5,019,033
April 30 1,294,972 1,564,084
April 30 78,151,329 72,467.505
April 30
206,706
261,815
April 30 1,437,811 1,211,530
April 30 4,215,395 3,985,727
April 30 236,416
215,956
April 30 1,499,208 1,512,339
April 30 9,202,014 7.740.435
April 30 2,190,330 2,078,531
April 30 21,740,774 21,785,742
April 30 2,007,065 1,805,383
April 30 22,983,505 20,069,543
April 30 98,473,111|90,658,950
April 30 47,401,118,44,234,945
April 30 145874 229,134893 895
Dec 31
92,604!
76,010
April 301 1,321,4611 1,266,136
A G G R E G A T E S OF G R O S S E A R N IN G S — W eekly an d M on th ly.
W eekly Sum m aries.
Current
Y ea r.
Previous
Year.
Increase or
D ecrease.
3?
%
*
19.66
+ 633 ,824 5.04
3d week Mar (31 roads).
13,198,911 12,565,087
13.11
4th week Mar (33 roads).
21,296,954 19,034,515 + 2.262 439 11.82
11.23
1st week Apr 32 roads) .
14,388.627 12.933,797 + 1,454 830 11.25
7.71
14,416,873 12,648,358 + 1,768 ,515 13.92
2d i week Apr 32 roads).
8.31
3d week Apr 31 roads).
13.938,948 12,382,623 + 1,556 .325 12.57
15.29
4th week Apr (30 roads).
17.657,935 15.692,888 + 1,965 ,047 12.52
0.99
1st week May (32 roads).
13.984.924 12,581,492 + 1,403 ,432 11.15
9.27
2d week May (32 roads).
14.803.193 12.747,776 +2.055 ,417 16.28
12.47
3d week May (31 roads).
14,679,235 12,812,697 + 1,866 ,538 14.60
15.46
4th week May (27 roads).
21.699.684 18.406,376 +3,293 303'17.88
v Includes Cleveland Lorain * Wheeling Ry.
h includes Evansville <
Ss Terre Haute, c Includes Mason City Sc Fort Dodge and the Wisconsin
Minnesota 3c Pacific, d Includes not ouly operating revenue, but also uil other receipts, c Does not include earnings of Colorado Springs & Cripple
Creek District Ry. /Includes Louisville & Atlantic and the Frankfort Sc Cincinnati, g Includes the Texas Central and the Wichita Falls lines.
h Includes the 3t. Loids Iron Mountain A Southern,
j Includes the Lake Shoro A Michigan Southern Ry.. Chicago Indiana Sc Southern RR., and
Dunkirk Allegheny Valley A Pittsburgh RR. k Includas the Alabama Great Southern. Cine. New Orleans Sc Texas Pacific. Now Orleans A Northeastern
and the Nor. Alabama. / Includes Vandalla RR. n lucludes N >r. Ohio RR. p Includes Northern Central. • We no longer Include Mexican roads in
any of our totals.
June 9 1917.]
THE CHRONICLE
2335
L a te st Gross E arn in gs by W e ek s.— In tbo tablo which
follows we sum up separately the earnings for the fourth week
of M a y . The tablo covers 27 roads and shows 1 7 .8 8 % in
crease in the aggregate over the same week last year.
Fourth
week
1917.
of M a y.
Ann Arbor.
Canadian Northern_____
Canadian Pacific..........
Chcsapoako & Ohio_____
Chicago Groat Western __
Chicago Ind & Louisville.
Colorado & Southern___
Denver & Rio Grande___
Detroit & Mackinac........... .....
Duluth South Shoro A Atlantic.
Georgia Southern Sc Florida__
Grand Trunk of Canada_____
Grand Trunk Western____
Detroit Gr Hav & Milw___
Canada Atlantic_________
Louisville & Nashville_______
Mineral Range____________
Minneapolis Sc St Louis-------Iowa Central___________
Minneapolis St Paul Sc S S M.
Missouri Kansas Sc Toxas------Mobilo Sc Ohio-------------------Rio Grande Southern----------St Louis Southwestern---------Southern Railway.................. .
Texas Sc Pacific------------------Western Maryland_________
Not increase (17.88%).
1916.
In crease. D ecrease.
3
s
$
89,241
75,955
13,286
474.710 379,180
95,530
1,307,800
970,100 337,700
4,800.009 4,222,00(1 584,000
1,762,269 1,504,875 257.394
377,940
289,772 88,168
224,224
221,547
2,677
447,701
412,003
35,698
850,300
665,300 185,000
39.012
32,095
6,917
142,629
110,958 31,671
71,382
63,681
7,701
1,939,312 1,482,053 457,259
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323,000 109,0(111
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607,662
483,254 124,408
348,869 331,989
16,880
21,699,684 18,406,376 3,293,308
ngs —
----- Gross Earnin\
Current
Y ea r.
$
Previous
Yea r.
----- N e t
C urrent
Yea r.
$
Apr ''17
1 7 JHH___
3,060,531
„
.’ IB 2,551,503
4 mos '17 12,687,317
'10 10,353,198
Apr ’ 17 497,677
Now Orl Tex & .
18 432,779
Mox Linos.......... 4 mos 17 1,708,228
'16 1,210,071
Mo Kail 4£ Texas
N e t after
Taxes.
$
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E a rn in gs ---P revious
Y ea r.
F ixed
C harges.
o
S!
$
$
Central of Georgia.b__ Apr 1,179,479
990,531 C 3 3 2 . 7 3 6
C 2 6 7 .3 1 3
Jan 1 to Apr 30_____ 4,755,308 4,150,157 c 1,324,207 cl,168,731
Chicago Burl Sc Quincy b Apr 9,754,992 8,000,057
......... .. 3,304,934
_______ 2,618,474
. ___ _
Jan 1 to Apr 30......... 37,630,401 33,219,985 13,654.412 12,835,200
Chicago & East 111. b— Apr 1,659,651 1,153,161
339,231
153,770
Jan 1 to Apr 30_____ 6,481,854 5.431,347 "1,387,242 1.144,625
.......... .
293,552
Chicago Ind Sc Louisv b.Apr _ 788,854 _ 648,660
224,141
July 1 to Apr 30_____ 7,250,435 6,321,095 2,435,440 2,107,622
Chic Milw Sc St Paul.b.-Apr 9,330,909 8,748,558 2,612.477 2,551,810
Jan 1 to Apr 30....... .32,953,880 32,969,530 7,622,273 9,700,511
Chic Rock Isl Sc Pac.b.-Apr 6,701,269 5,761,977 1,822,246 1,722,023
Jan 1 to Apr 30......... 26.342,456 23,292,319 6,208,529 6,725,616
Chic R I & Gulf.b__ Apr 295,896
242,168
87,553
53,050
Jan 1 to Apr 30_____ 1,220,424 1,000,856
378,042
273,218
Cine Ilam & Dayton.b._Apr 855,743
733,866
91,059
119,939
Jan 1 to Apr 30_____ 3,206,401 2,828,058
315,923
520,609
Delaware Sc Hudson_b.-Apr 2,294,259 2,184,844
457,565
680,704
Jan 1 to Apr 30_____ 8,671,857 8,485,029 1,576,372 2,691,697
El Paso Sc Southwest.b.Apr 1,264,764
964,898
641,696
465,778
Jan 1 to Apr 30......... 4.902,579 3,639,126 2,476,474 1.644,721
Erie BR a- - - - - - Apr 0.342,462 6,027,893
0,027,893
901,184 1.485,187
Jan 1 to Apr 30......... 23,067,113 23,124,828 1,460.104 5,063.605
Groat Northern Ry b..Apr 6,736,188 6,465,191 1,763,619 2.108,327
Jan 1 to Apr 30......... 23.347,558 21,824,044 5,654,387 6,602,541
Louisvillei& Nashv.b..Apr 5,943,372 5.173.198 1,639,124 1,762,870
Jan 1 to Apr 30-........23,202,270 20.617,018 7,385,890 7,118,331
Minn St Paul&SSM.n.Apr 1.076,942 1.581,208
404,095
480,027
Jan 1 to Apr 30......... 5,721,628 6,543,148 1,153,487 2,190,097
Chicago Division.a---Apr 1,13.3,582 1,009,222
346,582 , 433,154
Jan 1 to Apr 30-........ 3,970,583 4,092,086 1,089,912 1,559,352
Missouri Pacific Ind St I.ouis
Iron Mt & So.a........ Apr 6,160,758
5,391,144 1,562,653
983,154
Jan 1 to Apr 30......... 24,387,941 20,834,097 6,158,553 3,084,212
N Y Susa & Westcm-n-Apr 305,804
330,530
39.107
68,717
Jan 1 to Apr 30......... 1,294.972 1,564,084
I8 0 U3 7
420.415
6.450,096 3.133,608 2,898,857
Northern Pacific.b.......Apr 7,079,461
Jan 1 to Apr 30--------26,004,455 23,340,845 10,362,054 10,185,520
Rutland RU-b....... .......Apr 359,008
378,390
84,082
135,784
288,131
Jan 1 to Apr 30....... - 1,321,461 1,266,126
359,328
St Louis Iron Mt & So a Apr 3,395,536 2,763,904
950,785
696,339
Jan 1 to Apr 30_____ 13,377,667 10,530,887 4,016,627 2,163,551
Seaboard Air Llno.a___Apr 2,460,796 2,182,720
627,240
061,292
Jan 1 to Apr 30_____ 10.264,842 9,066,985 2,867,691 2,853,080
Southern Railway.a___ Apr 7,168,560 6,256,432 2,084,279 2,022,473
July 1 to Apr 30......... 60,971,451 59,002,419 20.108,499 17l717l249
Chi N O & Tex Pac-n-Apr 1,071,700
940,963
316,766
209,265
July 1 to Apr 30_____ 10.214,052 9,060,941 3,235,978 2,471,929
Alabama Gt Soutli.n.Apr 553,037
476,545
171,818
141,515
July 1 to Apr 30-------- 5,118,537 4,678,044 1.61L987 1,320.184
Now Orleans & N E.a. Apr 361.003
308,584
107,469
88,486
July 1 to Apr 30-------- 3.580.374 3,137,315 1,066,282
845,974
Ga South & Fla.a--.-Apr 212,913
191,669
19,832
28,187
July 1 to Apr 30......... 2,367,353 2,056,233
525,593
421,600
Texas & Pacific, b . . . — Apr 1,724,977 1.500,811
406,668
341,168
Jan 1 to Apr 30......... 6,917,393 6,178,777 1,788,101 1.539,775
Tolodo St Louis* W.a.-Apr 580,222
459,361
179,105
139.478
Jan 1 to Apr 30_____ 2,112,150 1,828,283
482,579
564,151
W e s te rn M a r y la n d .b ...A p r
1 ,0 3 8 ,4 6 2
9 3 1 ,8 3 5
2 3 9 .2 2 9
340,462
Jan 1 to Apr 30......... 4,157,150 3,630,919 1,192,851 1.191,089
Western Pacific b_____Apr
801,251
686,792 343,237
274,674
Jan I to Apr 30........- 2,630,835 2,224,611 915,323
734,938
Wheeling & Lake Erie bApr
740,502
755,730 216,190
283,455
Jan 1 to Apr 30......... 2,696,b75 2,879,955
772,900 1,049,212
a Net earnings hero givon aro after deducting taxes,
b Net camings hero givon are boforo deducting taxes.
c After allowing for uncolloctiblo revenues and taxes, operating income for
April 1917 was $268,028, against $214,729; from Jan. 1 to April 30 was
$1,067,757 in 1917, against $945,353 last year.
Gross
E a rn in gs.
5S
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following shows tho gross and not earnings with charges and
surplus of S T E A M railroads and industrial companies re
ported this week:
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Gross
E a rn in gs.
N et
F ixed C h gs.
A Taxes.
E a rn in gs.
S
S
Apr ’17 2.920,855
837,401
560,751
’16 2.677,854 1,007,920
547,681
4 mos ’ 17 11,362,047 3,435,230 2,290,878
’ 1 6 1 0 ,9 8 5 .5 9 1
3.823,396 2,312,743
Central of N J
Gross
Earnings.
S
Net
Earnings.
S
Ilangor A Aroostook_b—
Apr ’17
451,811 179,718
'16
380,382 183,218
4 mos’17 1,691,406 582,631
'16 1,438,642 593,022
Duluth South Shore & Atlantic—
Apr '17 389,001
69,246
’10 299,967
97,634
10 mos ’17 3,310,381
896,213
’lfl 2,852,004 840.895
linerai Range—
Apr '17
99,622 <Jef9,761
’10
31,169
92,308
133,672
10 mos ’17 981,077
’16 886,954 209,578
Gross
Earnings.
Net after
Taxes.
Other
Income.
S
27,336
19,216
127,460
88,937
5,076
6.214
53,904
47,872
Total
Income.
S
207.054
202,434
710,091
681,959
Charges
Taxes.
%
116,930
125,753
472,871
474,981
Balance.
S u rp lu s.
276,650
460,239
1.144,352
1.510,653
Balance,
Surplus.
S
90,124
76,681
237,220
206,978
74,322
117,105 def42,783
103,848
99,992
3,856
950,117 1,050,041 dcf99,924
888,767 1,007,027 deI118,260
161
604
4,813
4,866
def9,600
61,773
138,485
214,444
Other
Income.
Gross
Income.
12,243 def23,843
15,291
16,482
136,204
2,281
142,169
62,275
Fixed
Charges.
Balance,
Surplu
Denver A Rio Grande.nApr’17 2,351,295 697,295 212,297 909,592
678,170 231,422
741,074
’16 1,918,001
118,496 859,570
588,497 271,073
4 mos ’17 8,580,647 2,460,802 1,155,030 3,615,832 2,713,655
902,177
’16 7,270,800 2,513,436
878,344 3,391,780 2,330,327 1,061,453
Apr’ 17
’16
4 mos ’17
’16
1,423,427 303,390
1,306,062
350,899
5,251,287
798,425
5,019,033 1,225,475
12,720 316,110
12,234 363,133
58,759 857,184
76,513 1,301,988
*
$
525,690 defl.32,117
Gross
Other
Gross
Net after
Earnings.
Intome.
Income.
„ 552,877 dcr.371 400
Taxes.
2,257,640 def838 354
S
3
3
3
2,299,868dofl969,105 N Y Central—
3,457.526
1,479,667
Apr
*1
7
17,030,831
4,937,193
..........
150,268
’16 16,203,808 4,979,955 1,533,022 6,512,977
.........
12.700
11,283,034 5,949,945 17,232,979
.........
618,949
18,557,062 5,900,408 2,445,470
........... def34,399
209,335
166,729
826,372
609,023
Fixed
Charges.
$
106,775
196,404
30,812
692,965
Balance,
Surplus.
$
3,963,994
973,199
3,609,562 2,903,415
14,752,048 2,480,931
13,770,781 10. 86.689
Gross
Earnings.
Other
Income.
Net after
Taxes.
S
S
$
r. Y . C e n t r a l — (Concluded)
B o s to n & A lb a n y —
4 4 5 ,9 5 9
A p r '1 7
1 ,8 7 2 ,7 1 9
6 1 4 ,7 8 4
'1 6 1 ,8 1 8 ,3 1 0
1 ,1 1 2 ,6 0 9
4 m o s ’ 1 7 6 ,7 5 5 , 4 6 7
1 ,9 0 8 ,9 6 5
’ 1 6 6 ,6 3 7 , 5 5 6
Gross
Income.
Fixed
Charges.
S
S
2 9 ,6 1 1
3 8 ,9 9 7
1 2 4 ,6 8 9
1 3 9 ,1 0 6
4 5 7 ,5 7 0
6 5 3 ,7 8 1
1 ,2 3 7 ,2 9 8
2 ,0 4 8 ,0 7 1
4 0 7 ,1 8 7
4 1 2 ,3 7 2
1 ,6 2 5 ,2 7 7
1 ,6 3 5 ,6 9 7
Balance,
Surplus.
68 ,3 2 3
2 41 ,409
le f3 8 7 ,9 7 9
412 ,374
1 4 1 ,4 0 6
1 7 7 ,7 7 5
6 6 5 ,6 9 6
6 7 0 ,5 8 2
9 ,5 0 4
1 0 ,4 8 2
4 1 ,4 2 1
4 1 ,0 9 1
1 5 0 ,9 1 0
1 8 8 ,2 5 7
7 0 7 ,1 1 7
7 1 1 ,6 7 3
1 2 3 ,9 7 5
7 7 ,7 6 4
5 0 2 ,3 6 5
3 1 7 ,7 1 5
26 ,9 3 5
110,493
2 04 ,752
393 ,958
M i c h i g a n C e n t r a l—
A p r '1 7 4 ,3 7 5 , 3 4 8
'1 6 3 ,8 3 7 , 8 9 8
4 m o s '1 7 1 6 ,0 7 2 ,5 8 2
'1 6 1 4 ,1 6 5 ,6 8 8
1 ,0 2 2 ,7 1 9
1 ,1 8 1 ,3 2 8
2 ,7 5 0 ,2 3 1
4 ,0 0 3 ,7 2 7
9 3 ,1 7 2
8 2 ,4 0 4
3 6 4 ,8 8 9
3 4 5 ,2 1 8
1 ,1 1 5 ,8 9 1
1 ,2 6 3 ,7 3 2
3 ,1 1 5 ,1 2 0
4 ,3 4 8 ,9 4 5
1 ,1 1 2 ,8 6 5
6 9 4 ,0 4 5
3 ,8 9 8 ,4 7 6
2 ,7 7 2 ,5 7 7
3 ,0 2 6
5 6 9 ,6 8 7
lef7 8 3 ,3 5 6
1 ,5 7 6 ,3 6 8
1 ,0 4 0 ,9 6 2
9 1 3 ,1 3 5
3 ,1 5 3 ,3 0 1
3 ,9 9 0 ,2 4 3
1 4 2 ,1 1 6
9 4 ,4 0 6
5 2 8 ,5 4 8
4 7 4 ,6 9 4
1 ,1 8 3 ,0 7 8
1 ,0 0 7 ,5 4 1
3 ,6 8 1 ,8 4 9
4 ,4 6 4 ,9 3 7
7 3 2 ,4 3 4
5 7 8 ,4 9 8
2 ,7 4 3 ,2 7 3
2 ,2 9 0 ,5 9 4
450 ,6 4 4
429 ,0 4 3
9 38 ,756
2 ,1 7 4 ,3 4 3
3 3 ,5 8 3
2 9 ,9 2 4
1 0 7 ,4 5 3
1 4 5 ,6 7 4
— 2 ,7 5 8
3 ,4 6 4
4 ,2 1 1
4 ,3 6 1
3 0 ,8 2 5
3 3 ,3 8 8
1 1 1 ,6 6 4
1 5 0 ,0 3 5
1 8 ,0 1 9
1 4 ,6 6 7
7 0 ,5 8 9
5 9 ,9 1 1
12,806
18,721
4 1 ,0 7 5
90,124
L a k e E r ie —
3 7 1 ,9 6 9
1 ,8 1 4 ,9 2 6
9 0 8 ,7 1 4
1 ,9 0 0 ,7 6 9
1 ,7 8 0 ,4 2 1
7 ,3 5 8 ,1 4 5
3 ,6 1 5 ,8 6 2
7 ,4 9 7 ,2 0 6
5 8 ,1 5 1
1 2 4 ,0 9 3
2 2 9 ,9 1 8
4 2 2 ,0 5 9
4 3 0 ,1 2 0
1 ,0 3 2 ,8 0 7
2 ,0 1 0 ,3 3 9
4 ,0 3 7 .9 2 1
1 3 1 ,2 8 5
2 2 2 ,1 4 1
6 2 1 ,7 1 8
9 2 6 ,8 5 6
2 9 8 ,8 3 5
810 ,666
1,388,621
3 ,1 1 1 ,0 6 5
8 4 ,1 9 1
8 8 ,7 8 5
2 9 0 ,4 0 9
3 4 9 ,7 6 8
1 5 0 ,5 7 9
1 1 5 ,6 6 2
4 6 1 ,8 6 9
6 1 8 ,7 4 0
1 2 4 ,2 0 1
1 2 6 ,5 4 2
4 8 2 ,4 1 5
4 8 9 ,6 0 0
2 6 ,3 7 8
d c fl0 ,8 8 0
clef20,546
129,140
9 1 ,0 2 7
4 9 ,0 1 1
3 0 7 ,3 7 1
1 8 1 ,0 9 6
1 1 1 ,0 1 5
1 1 5 ,2 5 3
4 2 5 ,0 0 4
5 3 0 ,9 8 2
2 6 ,7 7 9
2 9 ,8 5 2
1 0 8 ,7 6 8
1 1 8 ,1 6 0
8 4,236
85,401
3 16 ,236
412,822
6 ,6 4 0 ,7 3 9
8 ,5 8 5 ,1 8 0
1 ,9 8 4 ,6 8 0
5 ,7 6 5 ,4 4 3
2 ,0 2 4 ,6 6 4 1 0 ,9 2 3 ,3 9 8
7 ,8 4 1 ,4 0 1 2 8 ,9 8 3 ,2 4 0 2 4 ,8 0 4 ,9 2 9
7 ,8 5 7 ,8 0 1 4 1 ,3 6 8 ,7 7 4 2 2 ,3 8 1 ,8 9 1
1,944,441
5 ,1 5 7 .9 5 5
4 ,1 7 8,311
18,986,883
C C C & S t L o u is —
A p r '1 7 4 ,1 8 1 ,7 1 3
'1 6 3 ,5 3 3 , 1 4 5
4 m o s '1 7 1 5 ,6 1 9 ,7 8 1
'1 6 1 4 ,4 8 3 ,5 3 0
C in cin n a ti N o r t h e r n —
A p r '1 7
1 7 5 ,9 4 5
'1 6
1 4 2 ,6 0 5
4 m o s '1 7
6 9 9 ,9 2 7
'1 6
5 7 7 ,7 2 1
T o l e d o & O h io C e n t r a l—
A p r '1 7
5 4 3 ,7 0 8
'1 6
3 9 3 ,7 6 2
4 m o s '1 7 2 ,0 5 2 ,7 3 3
'1 6
1 ,7 6 0 ,6 6 2
6 6 ,3 8 8
2 6 ,8 7 7
1 7 1 ,4 6 0
2 6 8 ,9 7 2
K a n a w h a & M ich ig a n —
A p r '1 7
2 3 4 ,0 8 2
1 9 ,9 8 8
6 6 ,2 4 2
'1 6
2 6 9 ,2 7 6
1 1 7 ,6 3 3
4 m o s '1 7
9 8 2 ,2 4 0
3 4 9 ,8 8 6
'1 6
1 .1 7 2 ,5 3 1
T o t a l A l l L in e s —
6 ,6 0 0 ,5 0 0
A p r '1 7 3 0 , 8 5 8 , 4 1 8
8 .8 9 8 .7 3 4
'1 6 2 8 .6 8 4 .6 6 3
4 m o s '1 7 1 1 5 8 7 0 8 8 2 2 1 ,1 4 1 ,8 3 9
'1 6 1 1 1 6 1 7 9 1 9 3 3 ,5 1 0 ,9 7 3
P er cen t return o n operatin g Investm ent fo r 12! m on th s t o A p ril 30 1917 has been
N . Y . C en tra l, 6 .5 2 % ; B o s to n & A lb a n y , 8 .1 8 % ; M ic h . C e n t., 6 .3 1 % ; C le v . C in e.
C h ic. & S t. L ., 6 .2 9 % ; C in e. N orth ern , 8 .0 3 % ; T o le d o & O h io C e n t., 4 .2 2 % ; P itts.
& L a k e E rie, 1 4 .0 7 % ; L a k e E rie & W e s t ., 4 .6 4 % ; an d K a n a w h a & M ic h ., 7 .2 6 % .
E X P R E S S C O M P A N IE S .
— Monthof February--------- July 1 to Feb. 2 8 —
1917.
$
T o t a l fr o m t r a n s p o r t a t i o n ... 3 ,7 1 9 ,6 2 7
E x p r e s s p r i v il e g e s — D r ............ 1 , 8 6 9 ,9 5 5
1916.
$
3 ,1 2 2 ,5 1 7
1 ,5 4 0 ,6 5 8
1917.
$
7 ,5 2 7 ,7 2 7
3 ,7 6 3 ,7 3 3
1916.
S
6 ,1 3 1 ,5 5 0
3 ,0 2 2 ,2 1 9
R e v e n u e fro m tra n sp o rt’n .
O p e r’ns o th e r th a n t r a n s p ..
1 ,8 4 9 ,6 7 2
3 0 ,4 0 4
1 ,5 8 1 ,8 5 8
3 9 ,0 9 0
3 , 7 6 3 ,9 9 3
9 1 ,4 6 7
3 ,1 0 9 ,3 3 0
8 2 .6 7 3
T o t a l o p e r a t i n g r e v e n u e s . 1 ,8 8 0 ,0 7 7
O p e r a t in g e x p e n s e s __________ 2 , 0 6 5 , 0 2 6
1 ,6 2 0 .9 4 9
1 ,5 7 3 ,5 0 3
3 ,8 5 5 ,4 6 1
4 ,2 1 5 ,7 0 6
3 ,1 9 2 , 0 0 3
3 , 1 0 8 ,1 8 3
N e t o p e r a tin g r e v o n u e .-d o f.1 8 4 .9 4 9
1 ,2 9 8
U n c o lle c t ib le r e v . f r o m tra n s .
E x p r e s s t a x e s ________________
2 1 ,3 1 8
4 7 .4 4 6 d e f 3 6 0 , 2 4 5
2 ,2 7 6
562
4 2 ,5 6 3
1 9 ,0 2 4
8 3 ,8 2 0
975
3 7 ,9 8 2
O p e r a t in g i n c o m e . . ______ l o s s 2 0 7 .5 6 6
2 7 ,8 5 9 l o s s 4 0 5 ,0 8 5
4 4 ,8 6 2
Adams Express Co.—
—Month of February—
— July 1 to Feb. 2 8 ------
1916.
1917.
$
S
4 , 1 5 0 . 1 5 0 1 0 ,2 7 2 ,8 8 6
2 , 0 3 8 ,8 5 1
5 ,2 0 0 , 6 8 2
1916.
$
8 ,1 4 2 ,0 6 7
4 ,0 0 3 ,2 0 9
R e v e n u e f r o m t r a n s p o r t ’ n . 2 ,5 2 4 , 5 2 6
3 5 2 ,0 4 5
O p e r a t io n s o t h e r t h a n t r a n s p .
2 ,1 1 1 ,2 9 8
2 4 1 ,0 6 0
5 ,0 7 2 ,2 0 4
6 2 9 ,3 3 4
4 .1 3 8 ,8 5 8
5 2 5 ,2 2 6
T o t a l o p e r a tin g r e v e n u e s . 2 ,8 7 6 ,5 7 2
O p e r a t in g e x p e n s e s __________ 2 , 8 2 1 , 3 7 0
2 ,3 5 3 ,3 5 8
2 ,1 9 7 , 1 2 8
5 ,7 0 1 ,5 3 8
5 ,6 2 1 ,8 6 8
4 ,6 6 4 ,0 8 5
4 ,4 1 8 ,7 2 2
5 5 ,2 0 2
1 ,9 8 6
4 2 ,8 0 7
1 5 5 ,2 3 0
788
4 2 ,2 0 0
7 9 ,6 7 0
4 ,1 9 5
8 1 ,6 8 6
2 4 5 ,3 6 2
2 ,0 5 5
8 7 ,1 9 6
1 1 2 ,2 4 1
lo s s 6 ,2 1 0
American Express Co.—
T o t a l fr o m tr a n s p o r t a t io n —
E x p r e s s p r i v il e g e s — D r ______
1917.
$
5 , 1 4 4 ,4 3 0
2 ,6 1 9 , 9 0 3
N e t o p e r a t i n g r e v e n u e ___
U n c o lle c t ib le r e v . fr o m tra n 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 e __________
1 0 ,4 0 8
1 5 6 ,1 1 1
—Month of February— ----- July 1 to Feb. 2 8 -----T o t a l fr o m t r a n s p o r t a t io n ..
E x p r o s s p r i v il e g e s — D r ______
1917.
S
2 4 7 ,0 7 3
1 5 0 ,1 6 1
1916.
S
2 1 1 ,0 5 8
1 3 4 ,7 3 6
1917.
8
4 7 9 ,0 9 4
2 9 1 ,1 2 7
1916.
5?
4 0 9 ,1 3 5
2 5 5 ,9 4 8
R e v e n u e fro m tr a n s p o r t’n .
O p e r a t io n s o t h e r t h a n t r a n s .
9 6 ,9 1 1
3 ,4 3 9
7 6 ,3 2 2
3 ,1 8 5
1 8 7 ,9 6 6
7 ,6 6 6
1 5 3 ,1 8 6
6 ,5 3 1
T o t a l o p e r a tin g re v e n u e s .
O p e r a t in g e x p e n s e s ...................
1 0 0 ,3 5 0
8 8 ,6 4 5
7 9 ,5 0 7
7 8 ,9 6 0
1 9 5 ,6 3 3
1 9 5 ,8 2 8
1 5 9 ,7 6 7
1 6 5 ,3 7 0
N e t o p e r a t i n g r e v e n u e ___
U n c o lle c t ib le r e v . fr o m tra n s.
E x p r e s s t a x e s __________________
1 1 ,7 0 5
11
3 ,7 4 4
547
0
3 ,5 9 3
d e f 195
34
8 ,1 0 9
d e f5 ,6 0 2
27
7 ,4 8 4
7 ,9 4 9
d e f3 ,0 5 2
l o s s 8 ,3 3 9
lo s s l3 ,1 1 5
Great Northern Express C o .- -
O p e r a t in g i n c o m e __________
—Month of February— ----- July 1 to Feb. 2 8 -----1917.
Wells Fargo & Co.—
8
T o t a l f r o m t r a n s p o r t a t i o n . . 4 ,0 6 3 ,1 1 1
E x p r e s s p r lv ile g a s — D r ______ 2 . 1 0 2 .0 9 3
1916.
S
3 ,2 2 2 , 6 8 5
1 ,6 6 2 ,4 0 1
1917.
S
8 ,1 4 1 ,7 5 7
4 ,2 2 0 ,1 9 4
1916.
3
6 , 3 0 3 ,3 2 9
3 ,2 6 3 , 9 2 0
R e v e n u e fro m tra n sp o rt’ n .
O p e r ’n s o t h e r t h a n t r a n s p . .
1 , 9 6 1 ,0 1 8
1 0 8 ,2 5 2
1 ,5 6 0 ,2 8 3
7 9 ,8 2 8
3 , 9 2 1 ,5 6 3
2 1 1 ,5 9 4
3 ,0 3 4 ,4 0 0
1 5 9 ,0 8 7
T o t a l o p e r a t in g r e v e n u e s . 2 .0 6 9 ,2 7 0
O p e r a t in g e x p e n s e s __________ 2 ,0 9 3 , 1 9 3
1 ,6 4 0 ,1 1 1
1 ,5 3 7 ,8 9 8
4 , 1 3 3 ,1 5 7
4 ,1 2 2 ,8 7 1
3 ,1 9 3 ,4 8 7
3 ,0 6 1 ,5 6 0
N e t o p e r a t i n g r e v e n u o ___ d e f 2 3 , 9 2 2
U n c o ll e c t ib l e r e v . f r o m t r a n s .
1 ,0 5 1
E x p r e s s t a x e s __________________
3 5 ,3 8 0
1 0 2 ,2 1 2
712
3 0 ,2 4 3
1 0 ,2 8 6
2 ,1 1 3
7 4 ,0 5 0
1 3 1 ,9 2 6
1 ,3 6 5
6 2 ,6 0 2
7 1 .2 & 6
l o s s 6 5 ,S 7 8
O p e r a t in g i n c o m e __________ I o s s 6 0 ,3 5 4
6 7 .9 5 9
— Month of February— — Jan. 1 to Feb. 2 8 —
2 0 5 ,7 3 0
1 0 2 ,5 4 3
1916.
? n„ „
1 8 2 ,3 8 7
9 1 ,2 0 3
4 6 ,4 5 1
3 .0 4 6
1 0 3 .1 8 6
6 ,2 8 9
9 1 ,1 6 4
6 ,3 5 0
5 2 ,5 2 7
5 8 ,1 8 9
4 9 ,4 9 7
5 0 ,4 2 2
1 0 9 ,4 7 6
1 1 9 ,1 0 0
9 7 ,5 1 4
1 0 0 ,7 5 8
d e f5 ,6 6 2
5
1 .8 2 1
d a f 925
1
1 .3 6 7
d e f 9 ,6 2 4
9
3 ,6 4 3
d e f 3 ,2 4 4
21
2 ,5 2 3
l o s s 7 ,4 8 9
I o s s 2 .2 9 4
I o s s l3 , 2 7 7
lo s s 5 ,7 9 0
T o t a l f r o m t r a n s p o r t a t i o n ___
E x p r e s s p r i v il e g e s — D r ............
1917.
$
1 0 0 ,2 0 1
5 0 ,5 6 1
1916.
§
9 2 ,1 4 8
4 5 ,6 9 7
R ev en u e fro m tra n sp o rt’n .
O p er’ns o th e r th a n tra n sp ’n .
4 9 ,6 3 9
2 ,8 8 7
T o t a l o p e r a tin g r e v e n u e s .
O p e r a t in g e x p e n s e s __________
N o t o p e r a t i n g r e v e n u e _____
U n c o lle c t ib le r e v . fr o m tra n s.
E x p r e s s t a x e s __________________
Western Express Co.—
O p e r a t in g i n c o m e __________
1917.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
S
L a k e E r ie & W e s t e r n —
A p r '1 7
6 2 9 ,1 4 6
'1 6
5 8 5 ,0 9 1
4 m o s '1 7 2 ,6 0 5 , 4 3 7
'1 6 2 ,2 4 6 , 2 3 7
P it t s b u r g h &
A p r '1 7
'1 6
4 m o s '1 7
'1 6
[Vol. 104
THE CHRONICLE
3336
Latest Cross Earnings.
Name of Road
or Company.
Week or
Month.
Currenl
Year.
Previous
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
S
3 9 3 ,4 8 2
4 1 9 .9 1 8
1 3 2 ,4 5 1 1 2 8 ,2 3 5
A d i r o n d E l P o w C o r p M a r c h ___
9 1 ,4 1 8
9 7 ,8 4 0
2 3 ,5 7 6
2 7 ,1 5 8
A t l a n t i c S h o r e R y — A p r i l ............
5 9 4 ,4 7 0
6 3 3 ,2 6 3
c A u r E l g i n & C h i c R y A p r i l ---------- 1 6 3 ,7 4 6 1 5 4 ,8 3 0
1 9 2 .4 8 4
2 1 4 ,6 6 3
6 3 ,7 9 4
7 1 ,2 0 3
B a n g o r R y & E l e c t r ic M a r c h ___
6 6 ,9 2 4
7 6 ,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
1
6
8
.9
2
6
6
2
,1
1
4
5
9
,2
3
8
M
a
r
c
h
_____
B e lt L R y C orp (N Y C )
2 9 0 .8 4 2
3 3 0 ,9 7 9
7 8 ,4 4 5
8 5 ,4 9 7
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 i l ia n T r a c , L & P A p r i l ______ / 7 4 5 3 0 0 0 / ’6SN 2000 /2 9 1 4 0 . 0 0 0 /2 0 0 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 & P l y m S t R y . A p r i l ............
B k l y 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
1 1 8 ,8 6 0
1 3 8 ,8 5 4
2 8 ,2 3 5
3 4 .5 0 9
C a p e B r e t o n E l e c C o A p r i l ............
9 6 ,5 0 7
9 8 ,6 4 1
2 4 ,1 7 9
2 4 ,3 7 8
C e n t M i s s V E l P r o p . A p r i l ______
2 9 7 .6 9 8
3 1 5 ,9 1 7
1 0 0 ,0 9 5
1 0 6 ,6 9 1
C h a t t a n o o g a R y & L t M a r c h ___
2
,6
1
5 ,2 2 1
6
,
8
6
6
,
8
1
0
6
3
8
,4
9
2
1
6
0
9
,0
1
2
A
p
r
i
l
______
C i t i e s S e r v i c e C o ------9 3 ,3 5 6
1 0 7 ,0 5 3
3 2 .5 3 3
3 8 ,2 5 5
C l e v e P a ln e s v & E a s t M a r c h ___
4 0 9 ,6 4 1
4 4 8 ,1 8 6
C l e v e S o u t h w & C o l . A p r i l ---------- 1 1 6 ,8 1 3 1 0 6 ,6 1 2
( /C o lu m b i a G a s & E l . A p r i l ............ 9 1 7 ,7 8 2 7 8 7 ,9 2 4 4 , 0 8 2 , 8 1 3 3 .4 7 7 . 5 4 1
2 6 8 ,1 8 3
3 4 2 .1 6 2
6 4 ,8 7 8
8 3 ,7 1 7
C o l u m b u s ( G a ) E l C o A p r i l ______
8 6 6 ,2 1 1
9 8 6 .2 7 8
3 3 2 ,3 8 9 2 8 8 ,0 9 4
C o l u m ( O ) R y , L & P M a r c h ___
C o m ’ w ’ t h P , R y & L t A p r i l ______ 1 5 0 2 ,9 6 1 1 3 1 3 ,2 0 7 6 , 2 0 9 , 9 5 2 5 ,4 3 7 .4 6 7
7 7 6 ,8 0 9 7 4 4 ,1 7 0 3 , 0 9 0 , 9 1 2 2 , 8 7 8 , 8 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 ) . A p r i l ............ 4 5 0 .7 3 2 3 7 1 ,3 9 8 1 , 8 5 2 , 9 1 9 1 , 5 3 2 . 6 2 5
6 2 0 .9 5 6
6 9 2 ,3 8 1
2 3 6 ,3 8 7 2 0 9 ,3 7 4
C u m b C o ( M e ) P & L M a r c h ___
7 4 1 ,0 6 9
6 4 7 ,9 8 8
1 7 2 ,9 2 7 1 5 1 ,2 6 9
D a l l a s E l e c t r i c C o . . . A p r i l ______
5 3 6 ,6 1 3
5 3 1 ,8 7 3
1 2 5 ,5 7 7
1 4 2 ,0 2 3
D a y t o n P o w & L t . . A p r i l ---------a D e t r o i t E d i s o n _____ A p r i l ............ 9 7 7 ,6 6 8 7 7 5 ,8 5 5 4 , 1 6 6 . 1 0 5 3 , 3 7 1 , 6 5 6
D e 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 , 8 3 4 4 , 9 0 4 , 8 1 5
1 1 7 ,9 8 4
1 0 4 ,6 8 1
4 0 ,0 0 7
3 7 ,4 5 2
D D E B & B a t t ( R e c ) M a r c h _____
4 3 0 ,7 6 6
5 1 0 ,6 0 2
1 3 1 ,2 8 7 1 0 6 ,7 3 0
D u l u t h - S u p e r i o r T r a c A p r il
6 8 8 ,7 2 7
8 4 7 ,8 1 7
2 8 7 .0 5 2 2 3 1 ,8 8 7
E a s t S t L o u is & S u b M a r c h ___
2 5 5 ,6 0 4
3 0 3 ,8 0 8
6 2 ,9 9 6
7 5 ,3 8 7
E a s t e r n T e x a s E l e c . . A p r i l ______
2 8 2 ,9 2 0
3 3 5 ,7 8 1
8 6 ,4 9 1
E l P a s o E l e c t r i c C o . . M a r c h _____ 1 0 8 ,1 8 3
4 6 5 ,7 4 2
4 1 5 ,9 8 4
4 2 d S t M & S t N A v e M a r c h _____ 1 4 6 ,9 3 6 1 5 5 ,1 8 3
7 1 2 .9 2 6
6 5 8 .6 1 4
2 3 9 ,2 3 5 2 1 6 ,9 1 4
q F e d e r a l L t & T r a c . M a r c h ------6 1 9 .5 2 9
6 1 2 ,0 1 3
G a l v - I I o u s E l e c C o . . A p r i l ............ 150,699 1 5 1 ,4 1 7
3 1 6 ,8 6 4
3 2 9 ,7 7 3
1 1 2 .7 3 3 1 0 7 ,6 1 8
G r a n d R a p id s R y C o M a r c h ___
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
G r o a t W e s t P o w S y s t A p r il
1 4 8 ,3 7 0
1 7 6 ,5 0 5
3 9 ,3 0 6
4 4 ,9 7 9
H a g e r s ’n & F r e d R y . A p ril
3 5 5 .6 1 4
3 6 4 ,7 2 0
8 9 ,7 0 1
9 0 ,0 0 3
H a r r i s b u r g R a il w a y s A p r i l
H a v a n a E l R y , L & P M a r c h _____ 5 4 5 .3 9 7 4 7 0 .6 1 6 1 ,5 9 7 . 2 1 0 1 .4 5 2 ,2 3 3
2 2 9 ,5 7 3
2 1 4 ,5 1 1
5 5 ,0 3 9
5 6 ,7 6 0
H o n o l u l u R T & L a n d A p r i l ______
1 1 6 ,0 3 5
1 0 3 ,9 5 9
2 7 ,7 6 6
3 1 ,5 3 6
H o u g h t o n C o T r O o . A p r i l .............
5 2 4 .0 5 3 5 0 3 ,6 8 9 2 , 1 0 7 , 5 1 4 1 ,9 8 1 ,7 1 1
b H u d s o n & M a n h a t . A p ril
1 0 5 1 ,7 5 1 9 4 8 .6 1 6 4 . 3 3 3 , 8 6 3 3 , 9 7 1 , 1 4 5
I l l i n o i s T r a c t i o n ------- A p r i l
3 5 2 1 ,0 2 0 3 2 4 3 ,9 3 0 1 4 ,0 7 4 ,3 8 7 1 2 ,8 6 9 ,7 0 8
I n t e r b o r o R a p T r a n . A p r il
2 3 3 .2 7 8
5 4 ,5 9 3
2 1 2 ,5 0 7
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
7 8 ,0 9 0
1 9 ,9 3 0
1 9 ,4 0 4
A
p
r
i
l
............
K e o k u k E le c t r ic C o .
3 7 ,8 1 7
4 4 ,1 1 9
9 ,7 5 9
1 0 ,8 7 5
K e y W e s t E l e c t r i c . . . A p r i l ______
3 8 0 ,2 9 0
3 3 4 ,5 2 3
1 3 2 ,5 4 2 1 1 4 ,6 4 7
L a k e S h o r e E l e c R y . M a r c h ___
7 5 4 ,0 4 3
8 5 0 ,5 4 5
2 1 7 ,9 8 4 1 9 8 ,6 3 6
L e h ig h V a li e v T r a n s i t A p r il
1 8 3 ,7 2 3
1 5 8 ,6 6 1
5 5 ,2 0 4
6 7 ,2 2 7
L o w i s t A u g & W a t e r v M a r c h ___
4 8 ,3 0 9
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 _____
7 4 8 .5 4 1
7 2 8 ,3 5 7
2 6 1 .4 7 8 2 5 0 ,5 7 1
L o u i s v i l l e R a i l w a y . . M a r c h ___
6 3 9 ,4 0 6 5 6 2 ,6 8 0 2 , 6 1 0 ,8 8 1 2 ,3 3 3 ,7 6 1
M i l w E l R y & L t C o . A p r il
5 1 7 .8 4 4
6 6 6 ,7 5 2
1 6 7 ,2 7 4 1 3 3 ,1 9 4
M ilw L t , H t & T r C o A p ril
3 7 1 .6 2 8
5 6 5 ,4 9 0
1 2 8 ,0 4 4
2 0 2 ,7 7 7
M o n o n g a h e l a V a il T r M a r c h ___
5 7 5 ,9 4 1
6 0 8 ,7 9 0
2 0 1 ,3 2 8 1 9 4 ,0 3 8
N a s h v i ll e R y & L ig h t M a r c h ___
2 5 6 ,0 3 3
2 1 7 ,8 1 9
7 4 .7 8 8
8 9 ,4 5 8
N e w p N & H R y G & E M a r c h ___
1 7 8 ,6 0 8
1 8 0 ,5 1 5
6 0 ,8 1 8
6 2 .4 4 7
N Y C i t y I n t e r b o r o . . M a r c h _____
8 4 ,8 2 3
8 8 ,4 6 9
2 9 ,2 1 6
3 1 ,3 9 0
N Y & L o n g I s l a n d . . M a r c h _____
3 3 ,3 0 4
1 1 ,4 3 1
3 4 ,1 6 6
1 1 ,7 7 9
N Y & N o r t h S h o r e . . M a r c h _____
2 9 5 .5 4 2
3 2 1 ,3 2 8
9 8 ,0 1 6 1 1 1 ,9 0 5
N Y & Q u e e n s C o ___ M a r c h _____
N e w Y o r k R a i l w a y s . M a r c h _____ 1 0 5 1 .4 9 2 1 1 0 7 .6 2 1 2 , 9 6 2 , 6 4 3 3 , 2 6 9 , 7 3 4
1 0 4 ,7 5 8
9 8 ,5 5 5
2 7 .1 3 5
2 7 .4 4 7
N Y & S t a m f o r d R y . A p r i l ______
1 6 2 ,8 5 2
1 7 8 ,6 2 9
4 4 .8 3 3
4 8 ,1 0 0
N Y W o s t c h e s & B o s t A p r i l ______
4 9 ,6 5 4
1 7 ,2 8 2
4 8 ,0 1 6
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 ___
5 3 1 ,8 2 6 4 0 5 ,0 5 8 2 , 0 5 4 , 7 5 2 1 ,5 4 1 ,9 5 4
N o r O h io T r a c & L t . A p r i l ______
7 0 4 ,5 8 2
6 0 5 ,9 3 8
1 7 5 ,3 5 9 1 4 6 ,4 9 4
N o r t h T e x a s E l e c t r i c A p r i l ______
1 7 ,0 4 5
1 6 ,5 9 1
6 ,0 0 3
6 ,4 9 3
O c e a n E l e c t r i c ( L I ) . M a r c h _____
F e b r u a r y . 1 6 2 5 ,8 1 4 1 6 0 0 ,0 3 5 3 , 3 9 9 , 3 7 9 3 . 3 6 2 , 7 4 8
P a c ific G a s & E le c —
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 & P C o r p . 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
a P a d u c a h T r & 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 ............
P h il a R a p i d T r a n s i t . A p r i l ______ 2 4 5 6 ,3 0 0 2 2 7 2 .2 7 2 9 , 6 0 0 , 2 4 9 8 , 7 1 8 , 0 3 0
1 6 2 ,4 6 8
1 4 9 .8 4 3
4 2 ,8 0 3
4 5 .6 4 6
P h ll a & W e s t e r n R y . A p r i l ............
4 7 4 .4 7 8 4 5 0 ,8 0 3 1 ,4 2 4 ,6 1 7 1 ,3 1 5 ,1 2 2
P o r t ( O r e ) R y ,L & P C o . M a r c h ___
g P u g o t S d T r L & P . M a r c h _____ 7 6 8 ,4 1 9 6 5 5 ,3 6 2 2 , 2 7 6 , 4 6 7 1 , 9 2 2 , 1 7 0
g R e p u b l i c R y & L t . _ A p r i l ______ 3 6 8 ,0 2 9 3 2 7 .6 7 2 1 ,4 8 2 ,2 7 9 1 ,2 8 6 ,4 9 3
R h o u o I s la n d C o _____ A p r i l ______ 4 5 9 ,6 1 8 4 4 4 ,8 2 7 1 ,8 2 7 ,9 3 8 1 ,7 3 5 ,2 0 8
8 3 ,1 0 1
2 8 ,6 1 2
9 4 ,0 4 1
3 3 ,3 2 9
R i c h m o n d L t & R R . M a r c h _____
4 5 6 ,7 4 5
5 0 8 ,9 3 2
1 0 4 ,2 1 5
1 1 8 ,6 2 1
S t J o s R y . L , H & P . A p r i l ______
1 3 5 ,5 4 9
1 3 3 ,4 4 4
4 2 ,9 7 4
4 0 ,0 2 1
S a n tia g o E le 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 7 9 ,9 8 8
1 8 7 ,3 5 9
6 1 .3 0 0
6 3 ,1 8 4
S e c o n d A v e n u o ( R e c ) M a r c h _____
4
9
,7
8
3
5 3 ,2 2 2
1
8
,0
1
8
1
7
,6
1
9
S o u t h e r n B o u l o v a r d . M a r c h _____
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
S o u t h e r n C a l E d i s o n . A p r i l ______
6 7 ,4 8 0
6 2 ,9 9 6
2 1 ,9 2 1
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 5 4 ,7 0 3
3 3 8 ,1 3 7
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 ______
1 ,0 0 9 ,0 5 9
T h i r 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
T w i n C i t y R a p T r a n . A p r i l ______ 8 3 9 .0 7 2 8 1 6 ,1 8 2 3 , 4 8 0 , 9 8 4 3 , 3 0 7 , 1 6 7
6 7 7 ,0 1 4
6 5 8 ,5 7 9
U n lo 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 0 6 .0 7 3 4 7 5 .7 0 0 2 , 0 2 5 , 7 8 8 1 , 8 9 6 ,3 8 2
V i r g i n ia R y & P o w e r A p r i l --------1 8 0 .9 6 7
6 5 ,1 0 0
2 1 1 .3 2 7
8 6 .3 1 4
W a s h B a l t & A n n a p . M a r c h _____
1 2 6 .3 1 6
1 1 8 ,6 9 4
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 _____
7 0 ,6 0 6
7 2 .6 9 0
W e s t c h o s t e r S t R R _ . A p r i l ............
2 0 ,0 7 1
2 0 ,2 5 4
1 ,2 8 2 ,4 2 4
9 4 6 ,9 7 7
W e s t P e n n P o w e r ___ A p r i l ............ 3 1 5 ,6 8 0 2 3 8 ,2 2 1
2
,
3
9
8
.
9
0
7
'
1
.9
3 6 .5 0 8
g W e s t P e n n T r a c C o A p r i l ............ 6 0 9 ,4 9 1 6 0 4 ,3 5 2
1 7 8 ,0 2 9 ]
1 7 9 ,3 3 3
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 _____
8
0
.9
3
8
2
6
4
,4
4
7
2
4 1 .0 3 3
8
9
,
1
1
8
M
a
r
c
h
----Y o r k R a i l w a y s ..............
2 6 .3 0 1
10 5 ,9 2 6 1
1 0 0 ,2 6 3
2 7 ,5 2 3
Y o u n g s t o w n & O h lo . A p ril
b R e p r e s e n t s i n c o m e f r o m a il s o u r c e s , c T h e s e f ig u r e s a r o f o r c o n s o l i
d a ted co m p a n y .
/ E a r n in g s n o w g i v e n In m il r e l s .
g I n c lu d e s c o n s t i t u e n t
co m p a n ie s .
Electric Railway and Other Public Utility Net Earn
ings.— T k o follow in g table gives tlie returns o f E L E C T R I C
railw a y an d oth er pu b lic u tility gross an d n et earnings w ith
charges an d surplus rep orted this w eek:
--------Cross Earnings--------- ------- Net Earnings-------
Current
Year.
Companies.
Previous
Y e a r.
Current
Year.
Previous
Year.
S
S
B r a z i l ia n T r a c , L & P o w . A p r c 7 , 4 5 3 , 0 0 0 c 6 , 8 8 2 , 0 0 0 c 4 , 0 5 3 ,0 0 0 c 3 ,8 4 0 ,0 0 0
Ja n 1 t o A p r 3 0 ---.c 2 9 ,1 4 0 .0 0 0 c 2 6 ,6 9 7 .0 0 0 c l6 ,0 9 1 ,0 0 0 c l4 ,9 s 3 ,0 0 0
7 2 4 ,0 0 1
1 5 0 ,1 5 3
1 2 1 ,5 5 8
. Apr
8 1 0 ,8 7 2
2 ,8 2 3 ,3 0 7
5 7 8 ,8 4 9
5 2 6 ,2 9 2
3 ,2 0 9 , 7 3 9
Jan 1
2 6 8 ,8 6 9
5 5 ,4 3 4
6 4 ,4 5 1
3 1 7 ,6 4 1
Apr
1 ,0 6 1 ,1 0 6
2 7 8 ,4 6 1
1 ,2 6 2 .5 5 3
2 5 1 ,5 1 0
Jan 1 to
c M ilr e ls .
'1 7
'1 6
'1 7
'1 6
'1 7 '1 6
'1 7
'1 6
■’ 17
T6
’ 17
'1 6
Gross
Earnings.
%
Net after
Taxes.
Fixed
Charges.
Balance,
Surplus.
3 6 ,9 6 1
2 1 ,7 9 2
3 5 7 ,5 7 3
2 3 1 ,7 7 6
2 8 ,3 8 4
2 4 ,1 4 1
3 6 0 ,3 9 7
3 1 7 ,6 3 1
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
2 5 ,8 4 2
1 4 ,9 2 6
2 4 3 ,0 0 2
1 6 1 ,7 2 2
1 0 ,6 4 4
1 0 ,3 9 1
1 3 6 ,5 2 1
1 3 6 ,9 5 2
1 7 7 ,9 8 1
1 7 2 ,0 4 3
6 7 2 ,4 5 8
0 5 9 ,7 5 6
$
1 2 ,9 2 3
1 0 ,3 4 8
1 4 9 ,2 4 2
1 2 2 ,7 5 0
5 .6 8 0
5 ,0 8 0
6 8 ,1 6 0
6 8 ,1 6 0
9 9 ,5 8 3
1 0 5 ,7 9 1
3 9 8 ,8 5 9
4 2 4 ,5 8 5
S
* 1 2 ,9 3 4
* 4 ,5 9 3
* 9 4 ,0 3 9
* 3 9 ,3 7 5
4 .0 6 4
4 ,7 1 2
6 8 ,3 6 1
6 8 ,7 9 2
* 8 2 .7 5 6
* 7 4 ,4 0 4
* 2 9 5 ,4 9 6
* 2 7 1 ,1 5 6
J une 9 1917.]
G ross
Earnings.
D e t r o i t U n it e d L i n o s . A p r ’ 17
’ 16
4 m o s '1 7
’ 16
H o n o l u l u R a p T & L d . A p r ’ 17
’ 16
4 m o s '1 7
’ 16
S
1 ,4 5 6 ,3 8 4
1 ,3 0 4 ,2 3 3
5 ,6 8 1 ,8 3 4
4 ,9 0 4 ,8 1 5
5 6 ,7 6 0
5 5 ,0 3 9
2 2 9 ,5 7 3
2 1 4 ,5 1 1
A m e r ic a n
C itie s
Net
Fixed digs.
Earnings. & Taxes.
nalance,
Surplus.
1 9 7 ,1 2 3
1 8 9 ,6 9 7
7 8 3 ,8 3 3
7 5 0 ,4 1 8
6 ,9 1 6
7 ,3 8 0
2 7 ,6 6 4
2 7 ,6 5 8
4 3 1 ,3 1 5
4 1 1 ,5 8 1
1 .7 6 5 ,2 0 6
1 ,6 5 1 ,8 1 1
2 2 ,1 2 4
2 5 ,8 4 9
1 1 2 ,2 4 8
9 6 ,4 0 2
2 3 4 ,1 9 2
2 2 1 ,8 8 4
9 8 1 ,3 7 3
9 0 1 ,3 9 3
1 5 ,2 0 8
1 8 ,4 6 9
Z 9 0 .4 4 1
2 7 3 ,1 8 4
Com pany.
Interest
Net after
Gross
Renew. & Re Deduc’s
Earnings. place. Res've. Rentals.
B ir m in g h a m R y , L t &
P o w e r C o (A la )
Apr T7
T6
12 m o s e n d in g A p r T 7
’ 16
H o u s to n L ig h tin g & A p r T 7
P o w C o 1905 (T e x )
T6
12 m o s e n d in g A p r T 7
T6
K n o x v ille R y &
A p r ’ 17
L ig h t C o (T e n n )
T6
1 2 m o s e n d i n g A p r '1 7
’ 16
L it t le R o c k R y &
A p r '1 7
'1 6
E le c t r ic C o (A r k )
1 2 m o s e n d i n g A p r '1 7
'1 6
T h o M e m p h i s S t r e e t A p r '1 7
'1 6
R y C o (T e n n )
12 m o s e n d i n g A p r '1 7
'1 6
N o w O r le a n s R y & A p r '1 7
L i g h t C o (L a )
'1 6
12 m o s e n d i n g A p r '1 7
'1 6
2 9 6 ,0 4 8
2 7 2 ,6 9 8
3 ,5 1 7 ,7 6 0
3 ,1 1 6 ,2 5 8
6 8 ,0 2 4
6 4 ,3 0 0
8 1 0 ,4 2 7
7 5 2 ,0 2 2
8 6 .9 2 2
8 1 ,8 0 5
1 , 0 2 5 ,1 3 0
9 1 7 .2 5 3
8 3 ,9 8 4
7 8 ,2 4 1
9 6 4 ,8 6 3
8 9 5 .6 0 4
1 7 8 ,4 7 0
1 7 1 ,8 0 6
2 ,1 0 9 ,9 0 3
1 , 8 4 0 ,5 5 6
6 3 4 .6 2 4
5 7 4 .6 2 4
7 ,4 6 6 , 2 0 5
7 ,0 1 4 , 9 2 6
9 2 ,3 2 9
8 7 ,4 1 0
1 ,1 0 3 ,4 5 1
9 8 4 ,2 3 6
2 1 ,9 7 4
2 5 ,6 3 1
2 9 5 ,0 4 9
2 5 1 .7 4 7
3 4 ,8 5 2
3 2 ,3 1 5
4 0 0 ,9 9 9
3 2 2 ,1 6 5
3 1 ,3 5 8
3 2 ,6 6 2
3 6 0 .5 6 7
3 5 0 ,2 6 2
6 5 ,2 4 0
6 3 ,5 0 9
7 8 9 ,1 8 9
6 9 0 .5 3 1
2 2 4 ,7 8 6
2 0 0 ,3 9 3
2 ,6 6 4 ,7 3 4
2 .5 5 6 ,2 7 6
A p r '1 7
1 ,3 4 8 ,0 7 2
'1 6
1 ,2 4 3 ,4 7 4
12 m o s e n d i n g A p r '1 7 1 5 ,8 9 4 ,2 8 8
•16 1 4 ,5 3 6 .6 1 9
4 7 0 ,5 3 9
4 4 1 ,9 2 0
5 ,6 1 3 , 9 8 8
5 ,1 5 5 ,2 1 7
T o ta l
Balance.
$
$
6 6 ,3 0 9
6 2 ,7 4 9
7 7 6 .7 5 0
7 7 1 ,0 2 0
7 ,0 5 8
6 ,2 8 7
7 9 ,7 0 0
7 5 ,5 8 5
1 8 ,7 6 8
1 7 .4 2 5
2 1 9 ,5 7 2
2 0 7 .3 5 8
1 7 ,4 6 0
1 8 ,9 8 1
2 1 0 ,0 1 6
2 0 8 ,0 0 6
4 2 ,3 3 7
4 5 ,5 2 5
5 2 6 ,3 2 4
5 4 9 ,6 8 2
1 5 7 ,3 7 7
1 5 2 ,1 7 2
1 ,8 8 7 ,0 3 5
1 ,8 0 6 ,1 2 1
3 0 9 ,3 1 0
3 0 3 ,1 3 9
3 ,6 9 9 ,3 9 7
3 ,6 1 7 ,7 7 2
2 6 ,0 2 0
2 4 ,6 6 1
3 2 6 ,7 0 1
2 1 3 ,2 1 6
1 4 ,9 1 6
1 9 ,3 4 4
2 1 5 ,3 4 9
1 7 6 ,1 6 2
1 6 ,0 8 4
1 4 ,8 9 0
1 8 1 ,4 2 7
1 1 4 ,8 0 7
1 3 ,8 9 8
1 3 ,6 8 1
1 5 0 .5 5 1
1 4 2 ,2 5 6
2 2 ,9 0 3
1 7 ,9 8 4
2 6 2 ,8 6 5
1 4 0 .8 4 9
6 7 ,4 0 9
4 8 ,2 2 1
7 7 7 ,6 9 8
7 5 0 ,1 5 5
1 6 1 ,2 3 0
1 3 8 .7 8 1
1 .9 1 4 ,5 9 1
1 .5 3 7 .4 4 5
ANNUAL REPORTS
Annual Reports.— A n index to annual rep orts o f steam
railroads, street railw ays an d m iscellaneous com p a n ies w h ich
h ave been pu blish ed during th e p reced in g m on th w ill bo
g iven on the last S a tu rd ay o f each m o n th . T h is index w ill
n o t in clude rep orts in tho issuo o f the “ C h ron icle” in w hich
it is pu blish ed. T h e latest indox w ill bo fou n d in tho issue
o f M a y 2G. T h o n oxt w ill ap pear in th a t o f Juno 30.
IN CO M E ACCOUNT FOR CALENDAR YEARS.
„
1916.
1915.
1914.
1913.
F r e i g h t r e v e n u e s .............. $ 2 7 ,6 0 9 ,7 4 1 $ 2 2 ,0 1 1 ,2 8 8 $ 1 9 ,8 2 4 ,4 9 9 $ 2 1 ,1 4 7 ,2 2 2
P a s s o n g o r r o v e n u e s ------7 ,0 2 4 ,2 2 8
6 ,0 5 4 ,8 3 4
6 ,5 6 7 ,2 9 0
7 ,3 5 3 ,2 7 5
M is c e l la n e o u s r e v e n u e . .
3 ,0 8 7 ,1 3 5
2 ,6 2 1 ,1 9 6
2 ,5 9 5 ,0 8 2
2 ,6 9 7 ,8 1 1
T o t a l o p e r . r e v e n u e s . $ 3 7 ,7 2 1 ,1 0 4 $ 3 0 ,6 8 7 ,3 1 8 $ 2 8 ,9 8 6 ,8 7 1 $ 3 1 ,1 9 8 ,3 0 8
M a i n t . o f w a y & s t r u c . . $ 3 ,7 9 6 , 8 0 2
$ 4 ,0 3 7 ,5 9 0
$ 3 ,7 9 0 + 9 6
$ 4 ,1 3 4 ,0 8 1
M a i n t . o f e q u i p m e n t ----5 ,6 6 2 ,9 0 9
5 ,3 3 8 ,3 9 6
5 ,4 7 0 4 6 5
5 ,4 0 5 ,3 3 8
T r a f f i c ............................
1 ,1 0 9 ,9 3 3
1 ,0 2 2 ,1 2 2
1 ,0 0 2 ,0 6 9
1 ,0 5 3 ,2 1 9
T r a n s p o r t a t i o n .................... 1 3 ,3 6 4 ,7 7 6
1 2 ,0 5 0 ,8 6 1
1 2 ,4 2 9 ,2 0 7
1 3 ,1 3 7 ,5 9 7
M is c e lla n e o u s o p e r a t io n s
2 0 8 ,9 1 2
1 7 1 ,3 8 2
9 1 ,8 2 5
G e n e r a l ----------------------------8 2 4 ,3 4 5
7 7 8 ,1 7 9
7 7 9 ,6 0 5
8 3 4 ,2 1 2
C r 9 3 ,2 6 0
C r 2 2 ,1 4 0
O r l7 ,0 4 1
T r a n s p o r t , f o r i n v ----------T o t a l o p e r . e x p e n s e s . $ 2 4 , 8 7 4 , 4 1 7 $ 2 3 ,3 7 6 ,3 9 0 $ 2 3 ,5 4 6 ,6 2 6 $ 2 4 ,5 6 4 ,4 4 7
N o t e a r n i n g s --------------------- $ 1 2 ,8 4 6 ,6 8 7
$ 7 ,3 1 0 ,9 2 8
$ 5 ,4 4 0 ,2 4 5
$ 6 ,6 3 3 , 8 6 1
1 ,1 6 9 ,3 8 0
9 6 6 ,0 8 8
1 ,0 8 3 ,0 1 1
9 2 5 ,6 2 1
T a x e s --------------------------------O p e r a t in g i n c o m e _____$ 1 1 ,6 7 7 ,3 0 7
I n t . & in c . fro m i n v e s t ..
8 2 ,2 3 0
R e n t a l s r e c e i v e d _________
2 8 7 ,8 4 3
1 3 9 ,6 9 9
M i s c e l l a n e o u s ____________
S 6 .3 4 4 .8 4 0
6 0 ,5 5 7
3 1 6 ,2 9 4
7 0 ,6 0 6
$ 4 ,3 5 7 ,2 3 4
6 7 ,3 4 8
3 0 0 ,4 3 2
3 0 3 ,9 9 7
$ 5 ,7 0 8 ,2 4 0
7 5 ,8 4 8
2 6 2 ,8 1 2
5 4 4 ,0 5 2
T o t a l i n c o m e ___________ $ 1 2 ,1 8 7 ,0 7 9
R e n t a l s p a i d _______________ $ 1 , 8 9 6 , 7 4 8
H i r o o f e q u i p m e n t ______
1 , 5 3 4 ,8 7 4
M i s c e l l a n e o u s ____________
2 0 2 ,0 0 3
In t. o n b d s. & o q . o b lig .
3 ,1 0 2 ,5 4 6
I n t . o n r e c e iv e r s ’ c t f s _ .
________
D is c o u n t o n r e c e iv . c t f s .
________
I n t. o n 4 % g o ld n o t e s ..
6 0 ,0 0 0
P r e f . “ A ’ ( d i v i d e n d s ___ ( 1 % ) 4 6 2 , 0 0 0
$ 6 ,7 9 2 ,2 9 8
$ 1 ,8 3 1 ,8 8 4
1 , 0 6 0 ,4 4 2
2 5 3 ,6 1 9
3 ,1 5 6 ,3 0 2
8 0 2 ,9 2 7
9 9 ,9 2 8
1 0 ,0 0 0
$ 5 ,0 2 9 , 0 1 0
$ 1 ,6 7 5 , 1 9 0
1 ,2 3 3 , 3 8 5
2 0 3 ,5 9 3
3 ,1 3 5 ,0 8 9
9 0 1 ,1 8 0
2 0 9 ,0 3 4
$ 6 ,5 9 0 ,9 5 2
$ 1 ,5 1 4 , 2 8 3
1 ,2 1 3 ,9 2 3
1 4 2 ,0 0 7
3 ,2 5 7 ,2 7 1
7 5 8 ,3 3 3
1 0 2 ,0 8 3
GENERAL BALANCE SHEET DEC. 3 1 .
a
^
( S even th 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.)
Railway Company.
en d ed
D ec.
31 1916.)
P residen t E d w a rd F . K ea rn ey says in su bstance:
Results.— T h e o p e r a t i n g r e v e n u e s f o r t h e y e a r w o r o $ 3 7 ,7 2 1 ,1 0 4 , a n i n
c r e a s e o f $ 7 ,0 3 3 ,7 8 7 , o r 2 2 .9 2 % o y e r 1 9 1 5 , a n d a r e t h e la r g e s t d u r in g t h o
h is t o r y o f t h e p r o p e r t y , b e in g a n in cre a s o o f $ 6 ,5 2 2 ,7 9 6 , o r 2 0 .9 1 % , o v e r
t h o n e x t la rg e s t r e v e n u e s , fo r t h o c a le n d a r y o a r 1 9 1 3 .
R e v e n u e fro m
f r e i g h t t r a f f i c w a s $ 2 7 ,6 0 9 ,7 4 1 , a n in t T e a s o o f $ 5 , 5 9 8 , 4 5 3 , o r 2 5 . 4 3 % .
T o n s o f r o v e n u o f r e i g h t c a r r ie d I n c r e a s e d 2 , 9 3 2 , 1 0 9 , o r 2 0 . 5 % .
T on s car
r ie d o n o m ile i n c r e a s e d 1 ,0 0 4 , 8 6 0 , 5 2 4 , o r 2 9 . 2 % .
T h e average haul per
r e v e n u e t o n w a s 2 5 7 . 6 1 m il e s , a n in c r e a s o o f 1 7 .4 4 m il e s .
R ov o n u o fro m
p a s s e n g e r t r a f f i c w a s $ 7 , 0 2 4 , 2 2 9 , a n in c r e a s e o f $ 9 6 9 ,3 9 5 , o r 1 6 . 0 1 % .
T h o f ig u r e s f o r t h o y e a r 1 9 1 5 a r e a c o n s o l i d a t i o n o f t h o o p e r a t i o n s o f t h e
r e c e iv e r s f o r 10 m o n t h s f r o m J a n . 1 t o O c t . 3 1 , a n d o p e r a t i o n s o f t h o
W a b a sh R y . C o . fo r 2 m o n th s , N o v . an d D o c ., 1915.
T h e o p e r a t i n g e x p e n s e s f o r 1 9 1 6 w o r o $ 2 4 ,8 7 4 ,4 1 7 , a n i n c r e a s e o r $1 a o g 027 , o r 6 .4 1 % .
T h e r a t io o f o x p o u s e s t o r e v e n u e s w a s 6 5 .9 4 %
a g a in s t
7 6 .1 8 % fo r 1915.
E x t r a o r d i n a r y r e p a ir s a n d r e n e w a ls a m o u n t i n g t o
$ 1 , 2 1 8 , 7 6 2 w e r o i n c lu d e d in o p e r a t i n g e x p e n s e s f o r t h e y e a r , p r i n c i p a l l y :
R e n e w a l o f r a il, $ 1 2 6 ,3 o 0 : fi l in g a n d r e n e w in g b r i d g e s , $ 1 3 7 ,2 3 2 : f r e i g h t t r a in c a r s r e b u i lt a n d r e p a i r e d , $ 6 4 4 ,6 2 9 , a n d p a s s e n g e r - t r a in c a r s $ 1 0 5 ,6 9 8 .
T r a f f i c e x p e n s o s s h o w a n I n c r e a s e o f $ 8 7 ,8 1 2 . o r 8 . 5 9 % .
T r a n s p o rta tio n
a ll f r e i g h t p e r t r a in m il e w a s 5 5 8 .2 7 , a n I n c r e a s o o f 8 2 . 8 2 t o n s , o r 1 7 - 4 % ,
o v e r t h o h e a v y l o a d i n g o f la s t y e a r .
Taxes.— -T h e a m o u n t o f t a x e s f o r t h e y e a r w a s u n u s u a l ly la r g o , b e i n g
$ 1 ,1 6 9 , 3 8 0 , a n in c r e a s o o v e r t h e p r e c e d i n g y e a r o f $ 2 0 3 ,2 9 2 , o r 2 1 . 0 4 % .
T h i s Is p a r t l y d u o t o i n c r e a s e d t a x r a t e s in t h o v a r i o u s S t a t e s , a la r g e in
c r e a s e In t h o F e d e r a l i n c o m e t a x a n d a s p e c i a l a s s e s s m e n t o f $ 5 3 ,9 2 1 f o r
t h o c o n s t r u c t i o n o f M i l l C r e e k s o w e r in S t . L o u i s .
T a x e s p e r m il e o f r o a d
o w n e d w o r o $ 5 7 3 1 0 , a g a i n s t $ 4 7 3 91 f o r 1 9 1 5 , a n i n c r e a s o o f $ 9 9 1 9 p . m .
Dividend.— O n D e c . 2 9 1 9 1 6 a q u a r t e r l y d i v i d e n d o f 1 % w a s d e c l a r e d u p o n
t h o o u t s t a n d i n g ( $ 4 6 , 2 0 0 , 0 0 0 ) p r o f it - s h a r in g p r e f e r r e d s t o c k A , p a y a b l e
J a n . 2 9 1917 t o h o ld e r s o f r e c o r d J a n . 5 1917.
Funded Debt.— T h e f u n d e d d e b t w a s r e d u c e d b y t h o p a y m e n t o f r e c e iv e r s '
e q u i p m e n t n o t e s d u e J a n . 1 1 9 1 6 , $ 3 0 9 , 000 , a n d d u o J u l y 1 1 9 1 6 , $ 1 ,0 .8 2 ,0 0 0 ,
a n d a ls o g o l d e q u i p m e n t s i n k i n g f u n d b o n d s o f 1 9 0 1 , $ 3 9 0 ,0 0 0 , a n d D e t r o i t
& C h i c a g o E x t e n s i o n b o n d s , $ 5 9 ,0 0 0 , m a k i n g a t o t a l o f $ 1 , 8 1 0 , 0 0 0 .
Road and Equipment.— C a p i t a l e x p e n d it u r e s m a d e o n r o a d d u r i n g t h o
y e a r a g g r e g a t e d $ 7 6 1 ,0 0 1 : o n e q u i p m e n t $ 1 , 6 2 2 , 9 0 9 , i n c lu d in g 1 ,0 0 0
b o x c a r s c o m p l e t e , $ 9 0 6 ,0 8 8 ; 1 ,0 0 0 b o x c a r s n o t c o m p l e t e , S 1 7 8 .4 8 7 , a n d
m is c e l la n e o u s $ 4 3 8 ,3 3 4 .
GENERAL STATISTICS FOR YEARS ENDING DEC. 3 1 .
1916.
Aver, miles o p e r ..
2,519
Passengers carried 5,932,117
Pass, car’d 1 m.(000) 364,775
Aver. rev. per pass.
p e r m il e ................
1 .9 2 6 c t s .
1915.
1916.
1915.
2,519 R ev. tons carried.17,236,884 14,301,775
5,446,255 do car’d 1 in.(000)4.440,801 3,436,001
304,389 Aver. rev. per ton
per milo_______ 0.6217 cts. 0.6406 c t s .
1 .9 8 9 c t s .
R e v . per m . o t rd .
3 1 4 ,9 7 4
1915.
S
4 6 ,2 0 0 ,0 0 0
4 8 ,7 0 1 ,6 7 0
4 3 ,5 5 8 ,3 3 0
6 8 ,4 3 8 ,9 0 9
3 9 3 ,5 5 0
5 0 9 ,5 5 9
3 ,3 9 9 ,1 9 9
3 2 5 ,1 5 9
8 2 0 ,5 5 8
6 5 2 ,4 7 2
7 3 0 ,7 4 7
2 9 7 ,2 2 1
5 3 ,2 2 4
1 ,8 1 1 ,0 8 0
310
8 0 9 ,5 3 3
T o t a l ................... 2 2 0 ,0 3 8 ,5 8 1 2 1 6 7 0 1 ,5 2 2
31 1916.)
T h o rem arks o f P residen t Sam uel R ea an d a com p a ra tiv e
in com e a cco u n t fo r years ending D e c . 31 1916 an d 1915
w ero pu blish ed a t length in “ C h ro n icle ,” o f M a r ch 10.
( B a la n c e S h eet a s o f D e c .
GENERAL BALANCE SHEET DECEMBER 3 1 .
1916.
On a subsequent pago w ill bo fou n d tho rem arks o f P resi
den t J. H . Y o u n g , togeth er w ith a com p a ra tiv e in com e a c
co u n t o f tho electric and steam d ivisions, and tho com b in ed
earnings o f b o th divisions.
T h o com p a ra tiv e balance sheets w ill bo pu blish ed an oth er
w eek .— V . 104, p . 1801, 1388.
Report— Y e a r
1265.
1916.
L ia b ilitie s —
S
P r o f i t s h a r 'g p r e f.
“ A ” s t o c k ______ 4 6 ,2 0 0 ,0 0 0
C o n v e rtib le
p r e f.
’ ’B ” s t o c k ........... 4 8 ,7 2 6 ,1 1 0
C o m m o n s t o c k ...4 3 ,5 5 8 ,3 3 0
F u n d e d d e b t ........... 6 6 ,5 9 8 ,9 0 9
L o a n s A b ills p a y .
_______
T r a f f i c , A c . , b a l s . 1 ,0 9 8 ,6 7 9
A c c o u n t s A w a g e s 3 ,2 3 7 ,3 7 3
I n t ., A c ., m a tu re d
2 7 8 .0 0 9
U n m a tu red
d iv s .
4 6 2 ,0 0 0
d e c la r e d _________
A c c r u e d in t ., A c . .
8 2 8 ,9 0 5
M i s c e ll a n e o u s _____ 1 ,0 0 1 ,0 8 9
T a x l i a b i li t y ______
8 2 7 ,1 3 7
O p e r a tin g reserv es
1 8 2 ,5 6 6
A c c r ’ d d e p r e c ia ’ n .
3 8 0 ,4 3 4
U n a d j . , A c .. i t e m s
9 2 8 ,2 4 4
A p p ro p . s u r p lu s ..
8 0 ,0 6 7
P r o f i t a n d lo s s _____ 5 ,6 5 0 ,7 2 8
Pennsylvania Railroad.
Norfolk Southern Railroad.
W abash
1915.
.............. 2 2 0 ,0 3 8 .5 8 1 2 1 6 7 0 1 ,5 2 2
104, p .
31 1916.)
T h o report fo r the six m on th s en din g D e c . 31 1916, in
clu d in g the rem arks o f P res. E .B .T h o m a s , (recen tly elected
C h a irm a n ),a n d the co m p a ra tiv e in com e a ccou n ts a n d b a la n co
sheets w ill bo fo u n d on su bsequ en t p a ges.— V . 104, p . 2118,
1263.
( F irst A n n u a l
1916.
R o a d & e q u i p . . . 2 0 2 ,9 5 3 , 3 1 7 2 0 0 9 5 0 ,5 2 1
S in k in g f u n d s ____
3 ,7 1 7
1 4 ,5 1 0
D e p o s i t s in lie u o f
m t g e d . p r o p .s o l d
1 3 1 ,6 7 9
7 2 ,6 4 2
M I s o . p h y s . p r o p . 2 ,7 4 9 ,5 1 1
2 ,2 1 3 ,8 8 4
I n v . in a f f i l. c o s . . 1 ,8 2 9 ,4 5 5
1 ,6 5 5 ,4 0 4
O th e r In v estm en ts
3 7 4 ,6 1 8
4 1 9 ,6 1 4
C a s h ............................. 3 ,5 5 3 ,8 6 4
3 ,7 7 7 .6 1 3
S p e c . d e p o s ., A c . .
1 ,6 1 2
5 7 7 ,7 2 0
T r a ffic , A c ., b a ls .
8 9 5 ,6 2 0
5 5 7 ,3 7 3
A g e n t s A c o n d ’ r s . 1 ,7 2 6 .0 0 5
6 7 8 ,4 8 6
M a t e r i a l & s u p p l’ s 2 ,5 2 1 ,1 9 9
2 ,0 5 8 ,1 8 7
M i s c e l l a n e o u s _____ 2 ,0 7 5 ,3 7 4
1 ,4 9 7 ,3 8 0
P re p a id ren ts, A c .
3 1 ,3 3 9
3 8 .2 0 0
O th . u n a d j. d e b its
1 8 5 ,2 7 1
1 ,1 9 8 ,9 8 7
S e c u r e . Issu ed o r a s
s u m e d ( u n p l’ g c d ) 1 ,0 0 6 ,0 0 0
9 9 1 ,0 0 0
T ota l
R e p o r t— S ix M o n t h s e n d e d D e c .
________
T o t a l d e d u c t i o n s ------- $ 7 , 2 5 8 ,1 7 1
$ 7 ,2 1 5 ,1 0 3
$ 7 ,3 5 7 ,4 6 9
$ 6 ,9 8 7 ,9 0 1
B a l a n c e , s u r . o r def..sur.$4,928,908def.$422,806df$2,328,459 d e f .$ 3 9 6 , 9 4 9
T h o n e t r e s u l t s f o r t h e t w o m o n t h s e n d i n g D e c . 31 1915 o f t h e W a b a s h
R y . s h o w e d : G r o s s o a r n i n g s , $5,781,558: n e t a f t e r t a x e s , $1,733,865: o t h e r
i n c o m e , $74,395; i n t . c h a r g e s , & c . , $998,727, a n d b a l a n c e , s u r p l u s , $809,5 3 3 .
— V.
Lehigh Valley Railroad Company.
(63d
2337
THE CHRONICLE
S 1 2 .1 8 2
1915.
Assets—“
S
R o a d a n d e q u i p m e n t _______________ 5 2 4 ,2 8 5 ,9 4 4
Im p r o v e m e n ts sin c e J u n e 3 0 1907
1 9 ,9 7 2 ,4 6 9
S i n k i n g f u n d s ________________________x 2 ,2 1 9 ,8 6 9
M is c e l la n e o u s p h y s i c a l p r o p e r t y . .
2 ,1 3 2 ,3 6 5
S t o c k s o f a f f i l i a t e d c o m p a n i e s _____ 1 7 3 ,8 5 2 ,7 7 3
B o n d s o f a f f i l i a t e d c o m p a n i e s _____
3 6 , 8 6 6 ,1 7 8
N o t e s o f a f f i l i a t e d c o m p a n i e s _____
6 1 ,3 8 9 ,4 5 4
A d v a n c e s t o a ffilia te d c o m p a n ie s .
5 ,8 5 5 ,5 6 0
O t h e r i n v e s t m e n t s — S t o c k s ________
6 5 , 4 0 7 ,1 6 0
B o n d s ......... .................
3 1 8 ,5 4 9
A d v a n c e s ___________________________
3 8 1 ,9 5 7
N o t e s , & c __________________________
2 ,8 9 1
C a s h . . ..........................................
1 4 ,0 7 8 ,3 9 1
T i m e d r a f t s a n d d e p o s i t s _________
4 8 ,3 7 3 ,6 6 0
5 4 4 ,9 4 8
S p e c i a l d o jp o s lt s ______________________
L o a n s a n d b ills r e c e i v a b l e .............. ..
7 , 0 5 1 ,2 8 3
T r a f f ic a n d ca r s e r v ic e b a l a n c e ..
1 6 ,6 4 8 ,2 8 4
A g e n t s a n d c o n d u c t o r s ____________
8 ,5 7 3 ,6 5 5
M is c e l la n e o u s a c c o u n t s r e c e iv a b le
8 , 6 0 2 ,7 3 7
2 5 ,4 0 6 ,9 1 6
M a t e r ia l s a n d s u p p l i e s _____________
In te re s t a n d d iv id e n d s r e c e iv a b le .
1 ,5 3 7 ,1 5 3
R e n t s r e c e i v a b l e _____________________
8 5 ,8 1 3
W o r k i n g f u n d a d v a n c e s ____________
2 5 2 ,5 2 9
I n s u r a n c e , & c . , f u n d s _______________ y 3 1 . 1 2 8 .5 0 9
O t h e r d e f e r r e d a s s e t s _______________
2 7 8 ,3 2 4
O t h e r u n a d ju s t e d a c c o u n t s ________
3 ,5 7 9 ,5 6 8
T o t a l . . . - . ................................................1 ,0 5 8 .8 2 6 ,9 4 1
Liabilities—
C a p it a l s t o c k _________________________ 4 9 9 ,2 0 4 ,7 0 0
P r e m i u m r e a l iz e d o n c a p i t a l s t o c k
7 , 2 5 4 ,2 4 8
F u n d e d d e b t __________________________ 2 2 1 ,8 4 6 ,8 1 9
G u a r a n te e d s t o c k tr u s t c e r tific a t e s
1 3 ,8 9 9 ,0 0 0
E q u i p m e n t t r u s t o b l i g a t i o n s ______
1 2 ,8 8 4 ,7 3 7
M o r t g a g o s Sc g r o u n d r e n t s p a y a b l e
1 ,7 2 6 ,2 8 8
3 6 ,0 0 4 ,8 8 1
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 l a n c e s . .
1 6 ,3 3 5 ,7 0 2
A u d i t e d a c c o u n t s a n d w a g e s ______
1 9 ,2 8 7 ,9 0 5
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 e . .
1 0 ,4 4 4 ,1 7 9
M a t u r e d I n t . a n d d i v s . u n p a i d ___
8 4 3 ,1 1 9
M a t u r e d f u n d e d d e b t u n p a i d ____
7 6 0 .9 8 4
O t h e r d e f e r r e d l i a b i l i t i e s __________
■! 1 0 ,6 4 3
U n m a tu re d in t . a n d re n ts a ccru e d
2 ,7 8 0 ,9 9 9
T a x l i a b i l i t y . . ..................
6 ,9 6 0 ,0 7 3
P r e m i u m o n f u n d e d d e b t ___________
1 7 1 ,0 4 1
O p e r a t in g r e s e r v e s __________________
2 ,8 7 1 ,7 6 0
A c c r u e d d e p r e c i a t i o n ________________ z 2 3 , 8 4 7 , 9 0 4
O t h e r u n a d ju s t e d a c c o u n t s ________
7 ,5 6 8 ,6 1 9
A d d it io n s t o p r o p e r t y s in c e J u n e
3 0 1 9 0 7 t h r o u g h i n c o m e ________
9 9 ,6 8 1 ,5 1 7
F u n d e d d e b t r e t ir e d t h r o u g h i n
c o m e a n d s u r p l u s ________________
1 ,4 9 0 ,7 6 1
S i n k i n g f u n d r e s e r v e s _______________
3 ,5 9 0 ,9 9 0
M is c e l la n e o u s f u n d r e s e r v e s ---------3 5 ,3 9 7 ,8 5 6
A p p r o p . s u r p . n o t s p e c i a l I n v e s t e d _____________
P r o f i t a n d l o s s ......... ..............................
c 3 3 ,5 1 4 ,2 0 8
Inc. ( + ) or
Dec A — ) .
4 9 5 ,8 5 6 ,2 0 2 + 2 8 . 4 2 9 . 7 4 2
1 8 ,2 8 7 ,5 3 4
+ 1 ,6 8 4 ,9 3 5
x 2 , 0 7 7 ,9 2 2
+ 1 4 1 ,9 4 7
2 , 1 3 2 ,0 2 1
+344
1 6 4 ,5 4 7 ,3 2 0
+ 9 ,3 0 5 ,4 5 3
3 1 ,7 1 2 ,8 6 6
+ 5 ,1 5 3 ,3 1 2
7 5 , 5 2 2 , 9 1 8 — 1 4 ,1 3 3 ,4 6 4
6 ,7 5 6 , 5 7 6
— 9 0 1 ,0 1 6
6 5 , 6 4 9 .8 0 2
— 2 4 2 ,6 4 2
5 3 8 ,9 4 7
— 2 2 0 ,3 9 8
4 1 2 ,8 4 4
— 3 0 ,8 8 7
1 ,5 1 2
+ 1 ,3 7 9
1 3 ,7 7 8 ,2 9 3
+ 3 0 0 ,0 9 8
2 8 ,0 0 4 , 2 6 4 + 2 0 , 3 6 9 , 3 9 6
3 3 6 ,9 1 7
+ 2 0 8 ,0 3 1
6 ,4 9 2 ,2 5 6
+ 5 5 9 ,0 2 7
1 6 ,7 3 2 ,1 6 6
— 8 3 ,8 8 2
6 ,4 9 0 ,7 2 8
+ 2 ,0 8 2 ,9 2 7
4 ,9 5 8 ,3 4 6
+ 3 ,6 4 4 ,3 9 1
1 6 ,9 8 9 ,4 1 9
+ 8 ,4 1 7 ,4 9 7
1 ,6 9 5 ,6 4 3
— 1 5 8 ,4 9 0
5 6 .0 8 1
+ 2 9 ,7 3 2
1 9 3 ,2 9 1
+ 5 9 ,2 3 8
3 0 ,2 6 2 ,6 7 3
+ 8 6 5 ,8 3 6
1 ,7 3 1 ,3 3 9
— 1 , 4 5 3 ,0 1 5
4 ,1 2 9 , 0 9 6
— 5 4 9 ,5 2 8
9 9 5 ,3 4 6 ,9 7 7
+ 6 3 ,4 7 9 ,9 6 4
4 9 9 ,2 0 3 ,7 0 0
7 ,2 5 4 ,2 4 8
2 2 2 .0 7 1 .2 3 0
1 4 ,0 4 8 ,0 0 0
1 7 ,5 8 3 ,0 1 7
2 ,1 1 9 , 3 1 6
3 ,0 8 4 , 8 0 0
1 4 ,3 8 0 ,0 3 4
1 8 ,5 6 1 ,8 0 5
7 ,3 2 3 ,4 4 5
8 6 6 ,5 2 1
1 , 7 2 7 ,4 8 4
2 2 4 ,3 7 8
2 ,3 8 3 , 4 3 8
6 ,2 6 6 ,3 7 0
1 9 1 ,4 4 7
1 ,2 9 8 ,3 4 3
2 0 ,0 4 4 ,4 9 7
5 ,4 7 1 ,2 8 9
— 2 2 4 ,4 1 1
— 1 4 9 ,0 0 0
— 4 , 6 9 8 ,2 8 0
— 3 9 3 ,0 2 8
+ 3 2 ,9 2 0 ,0 8 1
+ 1 , 9 5 5 ,6 6 8
+ 7 2 6 ,1 0 0
+ 3 ,1 2 0 ,7 3 4
— 2 3 ,4 0 2
— 9 6 6 ,5 0 0
+ 2 2 2 ,2 6 5
+ 4 0 3 ,5 6 1
+ 6 9 9 ,7 0 3
— 2 0 ,4 0 6
+ 1 ,5 7 3 ,4 1 7
+ 3 ,8 0 3 .4 0 7
+ 2 ,0 9 7 , 3 3 0
8 3 ,6 3 1 ,5 0 1
+ 1 6 ,0 5 0 ,0 1 6
1 , 3 7 2 ,8 3 2
3 ,4 6 7 , 0 5 0
3 4 ,5 9 3 ,7 2 0
1 8 7 ,0 1 4
2 7 .9 9 1 ,5 0 0
+ 1 1 7 ,9 2 9
+ 1 2 3 ,9 4 6
+ 8 0 4 ,1 3 6
— 1 8 7 ,0 1 4
+ 5 ,5 2 2 ,7 0 8
+ 1 ,0 0 0
9 9 5 ,3 4 6 ,9 7 7 + 6 3 , 4 7 9 , 9 6 4
T o t a l ......................................................... 1 , 0 5 8 ,8 2 6 ,9 4 1
x A f t e r d e d u c t i n g $ 1 , 3 7 3 , 1 0 0 P e n n s y lv a n ia R R . o b l i g a t i o n s ,
y A f t e r d e d u c t i n g $ 3 , 8 9 3 , 5 0 0 P e n n s y lv a n ia R R . o b l i g a t i o n s ,
z I n c lu d e s in 1 9 1 6 a c c r u e d d e p r e c i a t io n ( r o a d ) , $ 6 , 5 9 3 , a n d ( e q u i p m e n t ) ,
$ 2 3 ,8 4 1 ,3 1 2 . a g a i n s t $ 7 , 5 9 3 , a n d $ 2 0 ,0 3 6 ,9 0 4 in 1 9 1 5 .
c A ft e r d e d u c t in g $ 1 ,7 3 3 ,8 7 4 n e t c h a r g e s , c h ie fly P e n n s y lv a n ia C a n a l C o .
bon d s.
Note.— S e c u r i t ie s I s s u e d o r a s s u m e d , h e l d in t r e a s u r y , $ 6 1 ,2 5 0 . — V . 1 0 4 ,
p . 2235, 2119.
[Vol. 104
THE CHRONICLE
3338
International Traction Co. (System), Buffalo.
(Report for Fiscal Year ended Dec. 31 1916.)
Edward G. Connette, President of the International Ry.
Co., and Rodman E. Griscom, President of the International
Traction Co., Buffalo, March 15 1917, wrote in substance:
T h e g r o s s e a r n in g s o f t h o s y s t e m f o r t h e y e a r 1 9 1 6 w e r e $ 7 , 8 1 8 , 6 7 8 , a n
I n c r e a s e o f $ 9 7 8 ,7 0 3 .
T h i s I n c r e a s e Is d u o t o e x c e p t i o n a l I n d u s t r ia l a c t i v i t y
p r e v a l e n t t h r o u g h o u t t h o t e r r i t o r y s e r v e d b y t h e c o m p a n y , l a r g e ly s t im u
l a t e d b y t h o e x c e s s iv e d e m a n d f o r w a r m u n i t io n s a n d s u p p l i e s .
A ccord
i n g l y c o n s t a n t e f f o r t is b e i n g e x e r t e d t o e x p a n d t h o f a c il i t i e s o f t h o c o m
p a n y t o k e e p p a c e w it h t h e n e e d o f s e r v ic e .
T h e p r o p e r t y is b o i n g m a i n
t a i n e d a n d is o p e r a t e d a t a s l o w c o s t a s is c o n s i s t e n t w i t h t h e d e m a n d s f o r
e ffic ie n t ly a d e q u a te s e r v ic e .
_
_____
___ ,
T h e o p e r a tin g e x p e n s e s a n d ta x e s fo r 1 9 1 6 w e ro $ 4 ,5 6 5 ,4 3 8 , a n In crea se
o f $ 6 5 9 ,4 1 0 , m a i n l y a c c o u n t e d f o r b y a n in c r e a s e in w a g e s g r a n t e d t h o
e m p l o y e e s o n M a y 1 1 9 1 6 , a s w e ll a s a v e r y la r g o i n c r e a s e in c o s t o f m a t e r ia l
a n a s u p p l i e s , a l s o i n c r e a s e d t a x e s , F e d e r a l, S t a t e a n d m u n i c i p a l ,
'i h o
f ix e d c h a r g e s w e re $ 1 ,8 6 2 ,7 0 9 , a d e c r e a s o o f $ 4 ,2 5 1 .
,
,
T h e b a l a n c e r e m a in in g f o r r e n e w a ls , r e p l a c e m e n t s a n d d i v i d e n d s s h o w s
a n in c r e a s e o f $ 3 2 3 ,5 4 4 o v e r 1 9 1 5 , a n d t h e a m o u n t r e s e r v e d f o r r e n e w a ls
a n d r e p l a c e m e n t s s h o w s a n in c r e a s o o f $ 1 2 6 ,1 2 7 .
O p e r a t io n f o r t h o o p e n i n g m o n t h s o f 1 9 1 7 s h o w s a n i n c r e a s o in g r o s s
e a r n i n g s , a n d a l t h o u g h t h o c o s t o f n e a r l y e v e r y t h i n g u s e d in t h o o p e r a t i o n
o f t h e p r o p e r t y h a s in c r e a s e d e n o r m o u s l y t h e n e t r e s u lt s f o r t h o y e a r 1 9 1 7
w il l s h o w a s u b s t a n t i a l i n c r e a s e .
COMPANIES W H IC H H A V E BEEN MERGED INTO IN T . R Y. CO.
B u ffa lo R y . O o .
B u ffa lo T r a c tio n C o .
B u ffa lo B e lle v u o & L a n ca s te r R y .
B u f f a l o & N i a g a r a F a lls E l e c . R y .
B u ffa lo & L o c k p o r t R y .
E lm w o o d A v e . & T o n a w . E le c . R y .
L o c k p o r t & O lc o t t R y .
B u f f . T o n a w . & N l a g . F a ll s E l . R y .
N i a g . F a ll s & S u s p e n s io n B r i d g e R y .
N i a g a r a F a ll s W h i r l p . & N o r . R y .
N i a g a r a F a ll s S u s p . B r i d g e C o .
C l i f t o n S u s p e n s io n B r i d g e C o .
L e w isto n C o n n e c tin g B r id g o C o .,
Q u e e n s t o n H e ig h t s B r i d g o C o .
N i a g a r a F a ll s P a r k & R i v o r R y .
C ro s s to w n S t. R y . o f B u ffa lo .
E le c t r ic C it y R y .
D u r i n g t h o y e a r $ 2 0 ,0 0 0 A u g u s t a - A i k e n R y . & E l e c t r i c C o r p . 5 % s i n k
in g f u n d b o n d s w e r o a u t h e n t i c a t e d a n d d e p o s i t e d in t h e t r o a s u r y , m a k i n g
a t o t a l o f $ 3 0 7 ,0 0 0 s o h e l d .
O f t h e s o b o n d s , $ 1 0 4 ,0 0 0 w o r e e x c h a n g e d f o r
$ 1 0 4 ,0 0 0 o f c a s h in t r u s t e e s ’ h a n d s , b o i n g t h e p r o c o e d s o f p r o p e r t y r e le a s e d
f r o m t h e t r u s t i n d e n t u r e , w h il o s in k in g f u n d c a s h r e t ir e d $ 4 1 ,0 0 0 ; $ 9 , 0 0 0
A u g u s t a R y . & E l e c . C o . 1 s t M . 5 % b o n d s w e r o a l s o r e t ir e d b y t h o s i n k
in g f u n d p r o v i s io n s .
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC. 3 1 .
1916.
G r o s s e a r n in g s ( a ll s o u r c e s ) ______ $ 8 3 8 ,4 5 6
O p e r a t in g e x p e n s e s a n d t a x e s —
4 3 1 ,7 2 1
1915.
$ 7 3 2 ,9 9 0
3 8 1 ,2 5 5
1914.
$ 7 3 8 ,3 7 4
3 9 3 ,8 8 6
1913.
$ 7 2 5 ,0 7 3
4 0 3 ,0 8 4
N e t e a r n i n g s ______________________ $ 4 0 6 ,7 3 5
I n t . o n A u g . R y . & E l . C o . 1 s t 5 s $ 4 6 ,2 5 1
I n t . o n A u g .-A ik e n R y . & E le c .
C o r p . s in k in g f u n d 5 s ___________ 1 4 9 ,2 4 1
I n t . o n G a . - C a r o . P o w . C o . 1 st
m t g o . s in k , f u n d 5 s _____________ 1 3 7 ,5 0 0
I n t . o n f l o a t i n g d e b t ----------------------1 5 ,6 8 2
P r o f. d iv s . (A u g .-A ik . R y . A E l.
C o r p . ) ____________________________
________
$ 3 5 1 ,7 3 5
$ 4 6 ,6 6 7
$ 3 4 4 ,4 8 7
$ 4 8 ,4 6 7
$ 3 2 1 ,9 8 9
$ 5 0 ,0 0 0
1 5 1 ,0 0 0
1 5 0 ,3 6 7
1 4 7 ,5 5 6
1 3 7 ,5 0 0
1 3 ,4 0 1
6 8 ,7 5 0
8 ,8 3 9
2 ,6 1 5
( 3 ) 4 5 ,0 0 0
( 6 ) 9 0 ,0 0 0
N o t s u r p l u s ......................................... - $ 5 8 ,0 6 1
$ 3 ,1 6 7
$ 2 3 ,0 6 4
$ 3 1 ,8 1 9
CONSOLIDATED BALANCE SHEET DEC. 3 1 .
1910.
1915.
A s se ts—
S
S
P r o p . , p l a n t s ,f r a n c h ls e s , A c ______ 1 1 ,0 3 0 ,1 4 4 1 1 ,9 3 5 ,8 0 3
3 5 .4 9 7
M a te ria ls A s u p p .
5 8 ,2 7 4
A c c t s . A b ills r e c ..
8 5 ,8 2 9
2 9 1 ,7 4 4
le s s r e s e r v e _____
2 8 ,5 9 1
C a s h ........... .. ...........
2 2 ,4 7 9
4 ,5 0 0
4 ,2 7 4
N o te s rec. (d is c .).
U n a m o r tlz e d d e b t
7 3 ,7 0 0
5 9 ,7 0 2
d i s c o u n t , A c ___
3 1 ,9 9 0
3 5 ,8 0 0
M i s c e l l a n e o u s _____
7 1 ,4 2 0
C a s h f o r s i n k , fu n d
059
IN TER NATIONAL SY ST E M IN CO M E ACCOUNT FOR CAL. YEARS.
O th e r e a r n in g s .
1916.
. $ 7 ,5 3 0 ,0 4 1
.
2 8 8 ,6 3 6
1915.
$ 6 ,5 6 4 ,6 3 1
2 7 5 ’,3 4 3
1914.
$ 6 ,4 9 2 ,2 1 2
2 6 8 ,3 6 8
T axes .
. $ 7 , 8 1 8 ,6 7 7
. $ 4 , 0 3 0 ,2 8 2
.
5 3 5 ,1 5 6
$ 6 ,8 3 9 ,9 7 4
$ 3 , 4 8 0 ,5 4 3
4 2 5 .4 8 4
$ 6 ,7 6 0 ,5 8 0
$ 3 , 6 0 1 ,8 0 0
4 2 3 ,6 3 2
R e n t a l s _________________________
S i n k i n g f u n d , & c . * _____________
R e n e w a l s , & c . , r e s e r v e _________
7 % p re fe rre d s t o c k d iv id e n d s .
4 % p re fe rre d s t o c k d iv id e n d s .
C o m m o n s t o c k d i v i d e n d s _____
. $ 3 ,2 5 3 ,2 4 0
. $ 1 ,6 6 7 ,2 7 6
.
4 6 ,2 1 0
.
1 4 9 ,2 2 3
.
5 2 2 ,7 0 8
.
3 1 2 ,4 5 2
.
2 1 ,4 5 6
.
4 2 5 ,0 0 0
$ 2 ,9 3 3 ,9 4 6
$ 1 ,6 8 1 ,4 6 8
4 7 ,9 7 1
1 3 7 ,5 2 1
3 9 6 ,5 8 2
3 8 ,6 5 7
1 7 7 ,9 1 0
N one
$ 2 , 7 3 5 ,1 4 8
$ 1 , 6 4 5 ,4 0 0
4 5 ,3 7 9
1 3 2 ,6 0 1
3 5 9 ,2 4 4
N one
2 0 0 .0 0 0
N one
$ 4 5 3 ,8 3 7
$ 3 5 2 ,5 2 4
B a la n c o
fo r
d i v i d e n d s _______________
$ 1 0 8 ,9 1 4
♦ I n c lu d e s a m o r t iz a t i o n o f d e b t d i s c o u n t a n d e x p e n s o a n d s i n k i n g f u n d .
IN TE R N A TIO N A L SY ST E M BALANCE SHEET A S OF DECEMBER 3 1 .
A ssets—
C o n s t r . , e q u ip ’ t A
s e c u r i t ie s ............x 5 3
R e a c q u i r e d s e c u r .—
C r o s s .S t .R y .b d s .
I n t .T r .C o .c o ll.t r .
R e d .o f 4 % c o ll. tr .
C a s h In b a n k s _____
S u p p li e s , p r e p a id
I t e m s A a c c t .r e c .
C o u p o n I n t e r e s t ..
T ru ste e a ccou n t o f
a d v . s a le o f b d s .
U n red eem ed
4%
c o ll, tru s t b o n d s
U n a m o r t. d e b t d is
c o u n t , A c _______
O th e r su sp en se—
A c c id e n t r e s e r v e ..
R e n e w . , & c . .r e s ’ v e .
S in k , fu n d re s e rv o
1916.
1915.
S
S
1 9 0 ,7 8 2
3 5 0 ,0 0 0
,2 3 9 ,2 5 8
2 9 4 ,0 1 5
7 5 0 ,8 5 8
3 9 5 ,2 6 0
5 5 7 ,9 8 4
.............
,7 6 0 ,8 8 9
3 4 ,5 3 9
1 8 1 ,3 0 1
461*961
Liabilities—
1916.
1915.
S
S
4 ,4 1 7 ,9 0 0
7 % c u m . 1 s t p f . s t k 4 ,4 6 8 ,6 0 0
5 8 2 ,1 0 0
5 3 1 ,4 0 0
5 0 ,8 2 3 ,9 6 1 4 % p r e fe r r e d s t o c k
C o m m o n s t o c k ___ 1 0 ,0 0 0 ,0 0 0 10,0 0 0 ,0 0 0
3 5 0 ,0 0 0 B o n d s , m t g e s ., & c .
(s e e ’ ’ E l .R y . S e o . ’ ’ ) 4 0 ,9 2 5 ,0 0 0 3 8 ,2 0 0 ,0 0 0
1 ,2 1 6 ,7 9 9
8 5 0 ,0 0 0
-----------3 4 ,0 0 0 B i ll s p a y a b l e ---------4 9 1 ,0 1 4 A c c o u n t s p a y a b l e ,
5 6 3 ,9 5 1
6 8 9 ,2 8 2
a ccr. ta xes, A c . .
6 1 3 ,4 2 2
6 3 3 ,7 0 8
5 8 2 ,3 5 8 A c c r u e d I n t e r e s t . .
4 0 2 ,6 0 5 U n a m o r t . p r e m .o n
5 8 ,2 2 5
5 4 ,3 6 5
d e b t _____________
1 ,1 8 5 ,9 7 4 D I v s .d e c l a r e d ( p a y
4 1 ,5 6 7
a b le J a n . 1 9 1 6 ).
2 2 2 ,3 2 7
1 9 7 ,1 0 7
1,120 A c c l d e n t r e s e r v e . .
3 9 3 ,2 2 9
6 8 8 ,4 8 4
R e n e w . , A c . .r e s ’ v e .
1 ,2 0 8 ,4 3 3
1 ,5 4 6 ,0 5 3 S u r p l u s ____________ 1 ,0 2 8 ,9 0 2
5 5 ,2 4 5
1 5 1 ,2 9 9
2 6 ,1 7 3
3 4 3 ,9 5 2
T o t a l ..................... 5 9 , 2 1 6 ,8 4 7 5 7 ,2 1 1 ,1 5 5
T o t a l ......................5 9 ,2 1 6 ,8 4 7 5 7 ,2 1 1 ,1 5 5
x A f t e r d e d u c t i n g $ 4 6 1 ,9 6 1 r e s e r v e f o r s i n k i n g f u n d a n d a m o r t i z a t i o n o f
o th e r in ta n g ib le c a p it a l.
,
O n O c t . 16 1 9 1 5 t h o c o m p a n y f il e d a n a m e n d m e n t t o Its c h a r t e r p e r
m it t i n g t h o c o n s u m m a t io n o f t h o p la n ( V . 1 0 1 , p . 5 2 7 ) f o r r e t ir i n g t h o
$ 5 , 0 0 0 , 0 0 0 4 % c u m . p r e f . s t o c k , w it h a c c u m u l a t e d d i v i d e n d s t h e r e o n ( 4 2 % )
b y a n is s u e o f n o w 7 % c u m . p r o f , s t o c k , s h a r e f o r s h a r o .
$ 4 ,4 6 8 ,6 0 0 o f th o
s t o c k w a s s o e x c h a n g e d a n d in J u n o 1 9 1 6 t h o a c c u m u l a t e d d i v i d e n d s ( 4 2 % )
o n t h e u n e x c h a n g e d s t o c k w e r o p a id i n c a s h ( V . 1 0 2 , p . 2 1 6 6 ) .
I n A p r i l 1 9 1 6 is s u e d $ 1 , 0 5 0 , 0 0 0 S e r ia l 6 % s e c u r e d g o l d n o t e s t o r e t ir e
flo a t in g d e b t a n d p a y th o a c c u m u la te d d iv id e n d s o n t h o o ld 4 % p re f.
s t o c k u n e x c h a n g e d .— V . 1 0 4 , p . 2 1 1 8 .
Augusta-Aiken Ry.
&
Electric Corp. of South Carolina.
(Report for Fiscal Year ending Dec. 31 1916.)
Pres. Franklin Q. Brown, N. Y ., April 1, wrote in subst.:
G r o s s e a r n in g s f r o m a lt s o u r c e s a m o u n t e d t o $ 8 3 8 ,4 5 6 : o p e r a t i n g e x
p e n s e s a n d t a x e s t o $ 4 3 1 ,7 2 1 , a n d n o t e a r n in g s f r o m o p e r a t i o n w o r e $ 4 0 0 ,
7 3 5 : in t e r e s t o n b o n d s r e q u i r e d $ 3 3 2 ,9 9 2 , a n d o t h o r i n t e r e s t $ 1 5 ,6 8 2 .
i ho
s u r p lu s a v a i l a b l e f o r s in k i n g f u n d , r e p l a c e m e n t s a n d r e n e w a ls , d e p r e c i a
t i o n , a m o r t iz a t i o n a n d o t h o r f in a n c ia l r e q u i r e m e n t s a m o u n t e d t o $ 5 8 ,0 6 1 .
E a r n in g s in t h e e l e c t r i c d e p a r t m e n t in c r e a s e d $ 5 2 ,5 5 7 , o r 1 5 . 3 % , a n d e x
p e n s e s $ 1 7 ,6 4 9 , o r 1 6 . 1 % .
R a i l w a y o a r n in g s i n c r e a s e d $ 4 2 ,2 .3 6 , o r 1 2 . 5 % ,
a n d e x p e n s e s $ 4 3 ,2 3 5 , o r 2 3 . 3 % .
E a r n in g s f r o m t h o h o t e l a n d la n d c o m
p a n ie s in c r e a s e d $ 1 0 ,6 7 2 , o r 1 9 . 9 % , w liiio e x p e n s e s w e r e le s s b y $ 1 2 ,1 6 1 .
T h e d a i l y r e c e ip t s f r o m r a i lw a y o p e r a t i o n a v e r a g e d b e t t o r t h a n $ 1 ,0 0 0
p e r d a y , a n d , d e s p i t e t h o s t e a d i l y I n c r e a s in g n u m b e r o f p r i v a t e l y o w n e d
a u t o m o b i le s , a r e a t p r e s e n t b e t t e r t h a n a t a n y t i m o in o u r n i s t o r y .
T h o a d d i t i o n a l e a r n in g s in t h o e l e c t r i c d e p a r t m e n t w e r o d u o e n t i r e l y t o
t h o m o r o e x t e n s i v e u s e o f e l e c t r i c s e r v ic e b y la r g o p o w e r c u s t o m e r s , a s th e
c o n f l a g r a t i o n w h ic h o c c u r r e d in t h o e a s t e r n s e c t io n o f A u g u s t a o n M a r c h
2 2 a n d 2 3 c a u s e d a lo s s o f 4 4 0 c u s t o m e r s , m o s t o f w h ic h w e r o f o r r e s id e n c e
l ig h t i n g , w it h a lo s s in r o v e n u o f r o m t h i s b u s in e s s o f $ 2 , 2 2 1 .
N o tw ith
s t a n d i n g t h o la r g e n u m b e r l o s t f r o m t h o a b o v e c a u s e , t h o a c t u a l c u s t o m e r s
c o n n e c t e d s h o w a n e t g a in o f 2 0 7 f o r t h o y e a r , t h o t o t a l b o in g 5 , 1 3 7 o n D e c .
3 1 1 9 1 6 , a g a in s t 4 . 9 3 0 o n D e c . 3 1 1 9 1 5 .
a
t . . . „ . no
C o n t r a c t s c l o s e d f o r G e o r g i a - C a r o l l n a p o w e r d u r i n g 1 9 1 6 t o t a l e d 2 ,4 9 8
h . p . , o f w h ic h a m o u n t a l l b u t 4 8 0 h . p . h a s b o o n c o n n e c t e d a n d is p r o d u c i n g
revenue.
T h o t o t a l l o a d n o w s u p p l i e d b y h y d r o - e l e c t r i c p o w e r Is a b o u t
2 2 ,0 0 0 h . p . , r e s u lt in g in a m a x i m u m d e m a n d o f a b o u t 1 0 ,7 0 0 h . p .
In
a d d it io n t o th o re q u ir e m e n ts o f t h o A u g u s t a -A ik e n R y . & E le c t r ic C o r p .
f o r r a i lw a y a n d l ig h t i n g s e r v ic e , c o n t r a c t s h a v o b o o n n e g o t i a t e d w it h la r g o
p o w e r c u s t o m e r s f o r 1 0 ,1 0 4 h . p . , f r o m w h ic h a r e v e n u o o f $ 1 1 3 ,6 9 2 w a s
o b t a i n e d in 1 9 1 6 .
T h i s is a n in c r e a s o o f $ 5 9 ,5 0 2 o v e r 1 9 1 5 .
I t is e s t im a t e d
t h a t 5 , 0 0 0 h . p . a d d i t i o n a l d e m a n d c a n b o s u p p l i e d w it h t h o p r e s o n t p l a n t .
O p e r a t in g e x p e n s e s d u r i n g t h o y e a r w o r e in c r e a s e d b y t h o la r g e a m o u n t s
e x p e n d e d o n d e f o r r e d m a i n t e n a n c e o f t r a c k , r o a d w a y a n d r a i lw a y e q u i p
m e n t a n d o v e r h e a d p o w e r lin e s , t h o c o s t o f m a t e r ia l s a n d l a b o r f o r s u c h
w o r k h a v in g g r e a t ly in cre a s e d .
„
,,
.
D u r i n g t h o e a r l y f a l l t h e p r o p e r t ie s b e l o n g i n g t o t h o N o r t h A u g u s t a
n o t o l C o . a n d th o N o r t h A u g u s ta L a n d C o . w e ro s o ld o n s a t is fa c t o r y term s.
W h i l o t h i s s a le w ill m e a n a b o u t $ 5 0 ,0 0 0 g r o s s e a r n in g s loss p e r y e a r , y e t t h o
s a v i n g i n o x p e n s e s , b o n d i n t e r e s t a n d t a x e s w il l m o r e t h a n c o m p o n s a t o fo r
s u c h lo s s a n d o u r c a s h p o s i t i o n w i l l b o b e n e f i t e d .
D u r i n g t h o y e a r $ 7 9 ,4 2 5 w a s c h a r g e d t o c a p i t a l f o r a d d i t i o n s , b e t t e r
m e n t s a n d e x t e n s io n s .
T o t a l ...................... 1 2 ,1 0 9 ,1 9 5
-V . 104, p .
1 2 ,2 0 7 ,3 9 0
L ia b il it ie s —
C om m on stock —
P r e f . 0 % c u m -------A u g .-A ik c n R y . A
E le c , s in k .fd . 5s.
A u g . R y . A E le c.
C o . 1 st M . 5 s . .
G a .-C a r o .
P ow er
C o . 1st s . f. 5 s _ .
B i ll s p a y a b l o ______
N o te s A a cco u n ts
p a y a b l o , A c _____
R e s e r v e s ...................
S u r p l u s ......................
1910.
S
2 ,2 5 0 ,0 0 0
2 ,2 5 0 ,0 0 0
1915.
S
2 ,2 5 0 , 0 0 0
2 ,2 5 0 ,0 0 0
2 ,9 7 9 ,0 0 0
3 ,0 2 0 , 0 0 0
9 2 0 ,0 0 0
1 ,0 0 0 ,0 0 0
2 ,7 5 0 ,0 0 0
2 0 8 ,7 0 0
2 ,7 5 0 , 0 0 0
3 2 1 ,7 3 5
1 3 3 ,3 3 2
3 8 8 ,0 8 2
1 0 9 ,4 8 1
1 1 1 ,2 4 1
3 4 1 ,3 0 8
2 2 3 ,1 1 2
T o t a l ...................... 1 2 ,1 0 9 ,1 9 5
1 2 ,2 0 7 ,3 9 0
1898
East St. Louis & Suburban Co.
(Report for Fiscal Year ended Dec. 31 1916.)
Pres. C. M . Clark, Pliila., April 17, says in substance:
Results.— T h o a c t i v i t y in g e n e r a l b u s in e s s c o n d i t i o n s w h i c h b e g a n in
E a s t S t . L o u is a n d t r i b u t a r y t e r r i t o r y in t h o w in t e r o f 1 9 1 5 a n d 1 9 1 6
I n c r e a s e d g r a d u a ll y t h r o u g h o u t 1 9 1 6 , u n t i l a t t h o e n d o f t h e y e a r i t w a s
g r e a t e r t h a n o v e r k n o w n in t h a t s e c t i o n .
B o t h t h o g r o s s a n d n o t e a r n in g s
w e r o t h o la r g e s t in t h o h i s t o r y o f t h o c o m p a n y .
T h o in c r e a s o in n e t e a r n in g s
w o u ld h a v o b e e n c o n s id e r a b ly g re a te r h a d n o t o p e r a tin g e x p e n s e s b o o n
g r e a t l y I n c r e a s e d b y t h o a d v a n c o in p r i c e s o f m a t o r la l a n d l a b o r .
Tho
s u r p lu s w a s t h o l a r g e s t s i n c o 1 9 1 3 .
.
..
.
_______
, ,,
T h o g r o s s e a r n in g s o f t h o e l e c t r i c r a i lw a y l in o s i n c r e a s e d 1 5 % a n d t h e n e t
e a r n in g s 1 0 % o v e r 1 9 1 5 .
T h o f r e i g h t b u s in e s s s h o w e d a n I n c r e a s o o f 9 6 %
in g r o s s a n d o v e r 1 0 0 % in n o t e a r n i n g s .
T h o lig h t a n d p o w e r g r o s s e a rn
in g s in c r e a s e d 3 4 % . a n d t h o n o t 3 1 % , d u o p r i n c i p a l l y t o p o w e r c o n t r a c t s
m a d o w i t h la r g o m a n u f a c t u r i n g e s t a b l is h m e n t s .
T h o d e m a n d s f o r t h is
k i n d o f p o w e r a r o c o n s t a n t l y i n c r e a s in g , a n d n o w c u s t o m e r s a r e b e i n g t a k e n
o n w h i c h w il l m a k o t h e e a r n in g s f r o m t h i s s o u r c o c o n s i d e r a b l y l a r g e r in 1 9 1 7 .
Table Showing Growth in all Departments of the Business.
1916.
1915.
1916.
1915.
P a s s , c a r r i e d . 4 4 , 2 3 6 , 1 2 5 3 8 , 9 9 4 , 7 0 4 K . W . I I . s o l d 4 1 , 0 6 2 ,0 4 3 2 2 , 2 7 5 , 4 7 6
M a x .p o w .p e a k
1 9 ,0 0 0
1 5 ,0 0 0 G a s c u s t o m e r s
2 ,9 1 1
2 ,0 4 1
L t .& p o w .c u s t
9 ,4 7 7
8 ,0 4 2
Additions.— T h o e x p e n d it u r e s f o r 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 d u r i n g
1 9 1 6 , c o v e r i n g c o m p l e t i o n o f w o r k s t a r t e d in 1 9 1 5 a n d t h o n e c e s s a r y r e q u i r e
m e n t s o f t h o b u s in e s s , a g g r e g a t e d $ 3 4 9 ,0 2 6 , v i z . :
E l o c t r i c r a i l w a y l in e s ,
$ 1 6 4 ,4 0 7 : p o w e r p l a n t s a n d s u b - s t a t io n s , $ 2 5 ,4 3 2 ; t r a n s m is s i o n l in e s , $ 7 3 .
4 7 2 ; t r a n s f o r m e r s , c u s t o m e r s ’ I n s t a l la t i o n s , m o t o r s , $ 4 8 ,4 8 3 ; m is c e l la n e o u s
e l e c t r i c , $ 8 ,2 4 6 ; m is c e l la n e o u s g a s , $ 2 8 ,9 8 6 .
,
,
,
,
,
O n a c c o u n t o f in c r e a s e s in o u r r a i l w a y b u s in e s s , o r d e r s h a v o b e e n p l a c e d
f o r a d d i t i o n a l c a r s f o r b o t h i n t e r u r b a n a n d c i t y s e r v i c e , a n d a la r g o n u m b e r
o f t h o p r e s e n t c a r s w il l b o r e b u i l t t o l a r g e r c a p a c i t y .
Contracts.— I n o r d e r t o t a k e c a r e o f t h o c o n s t a n t l y g r o w i n g d e m a n d f o r
p o w e r f o r a ll p u r p o s e s , a c o n t r a c t h a s b e e n c lo s e d w i t h t h o M is s i s s ip p i
R i v e r P o w e r C o . a n d t h o U n io n E l e c t r i c L i g h t & P o w e r C o . o f S t . L o u is
f o r t h o p u r c h a s e o f p o w e r , w h ic h in s u r e s n o t o n l y d o l i v o r y a t a ll t i m e s o f t h e
p o w e r u n d e r t h o o l d c o n t r a c t w i t h t h o M is s i s s i p p i R i v e r P o w e r C o . , b u t
a ls o p r o v id e fo r o u r n e e d s fo r s o m o y e a r s t o c o m o w it h o u t r e q u ir in g a n y
c a p i t a l e x p e n d it u r e s f o r g e n e r a t i n g m a c h i n e r y in o u r o w n p o w e r s t a t i o n s .
T h e e x p e n d it u r e s f o r r e c o n s t r u c t i o n o f t r a c k t h i s y e a r w i l l b o la r g o a n d
o n o o r t w o s m a ll e x t e n s i o n s m a y b o r e q u i r e d .
O n a ccou n t o f th o grea t an d
I n c r e a s in g g r o w t h o f o u r b u s in e s s , c o n s i d e r a b l e c a p i t a l e x p e n d it u r e s w ill
a ls o b o r e q u ir e d fo r v a r io u s p u r p o s e s .
, , . _
Bonds.— T h o i m p r o v e m e n t s d u r i n g t h o p a s t y e a r h a v o b e e n p r o v i a c u ro r
o u t o f s u r p lu s e a r n i n g s , b y t h o s a lo o f $ 9 4 ,0 0 0 E a s t S t . L o u i s & S u b u r b a n
C o . c o n v e r t i b l e b o n d s , d u o J a n . 1 1 9 1 9 , a n d b y t h o s a lo b y a n u n d e r l y i n g
c o m p a n y o f $ 7 4 ,0 0 0 I m p r o v e m e n t b o n d s , m a t u r i n g o v e r a p e r i o d o f y e a r s .
Outlook.— A t t h o p r e s e n t t i m o t h o in c r e a s e s i n g r o s s o a r n in g s a r o c o n
t in u in g , a n d a m o u n t f o r t h o f i r s t t h r e o m o n t h s o f 1 9 1 7 t o 2 3 % o v e r 1 9 1 6 .
T h o t e n d e n c y o f o p e r a t i n g o x p e n s e s t o ln c r o a s o , h o w e v e r , is o v e n g r e a t e r
th a n d u r in g 1 91 6.
T h o a d v a n c e s In p r l c o o f c o a l a n d a ll o t h e r m a t e r ia l s ,
a n d in l a b o r , w h i c h a r o u n i v e r s a l , i n d l c a t o t h a t t h o i n c r e a s e s in o p e r a t i n g
e x p e n s e s w il l h o a l m o s t a s g r o a t a s t h o in c r e a s e s in g r o s s o a r n in g s .
In
a d d i t i o n , w o h a v o h i g h e r F e d e r a l t a x a t i o n a n d n o w t a x a t i o n in p r o s p e c t .
T h o i n c r e a s o o f $ 1 5 9 ,0 8 9 in g r o s s o a r n in g s In t h o f i r s t t h r e o m o n t h s o f
1 9 1 7 r e s u lt e d I n a n i n c r e a s o o f o n l y $ 1 9 ,3 3 7 In s u r p lu s , a s c o m p a r e d w it h
th o sa m o m on th s o f 1910.
I f p r e s o n t r a t o o f g r o s s e a r n in g s c o n t i n u e s , t h o r o
s h o u l d u n d o u b t e d l y b o a n ln c r o a s o i n s u r p lu s a t t h o o n d o f t h o y e a r , b u t It
is u n f o r t u n a t o t h a t s u c h a v e r y l a r g o p a r t o f t h o in c r e a s e d e a r n in g s m u s t b o
a b s o r b e d in h ig h e r o x p o n s cs a n d ch a r g e s .
Resumption of Dividends Deferred.— U n d o r n o r m a l c o n d i t i o n s o f o p e r a t i n g
e x p e n s e s , it w o u ld h a v o b o o n q u it e p o s s ib lo fo r t h o c o m p a n y t o h a v e re
s u m e d p a v m o n t o f t h o f u ll 5 % d i v i d e n d o n i t s p r e f e r r e d s t o c k s o m o t i m e
d u r in g th is y e a r .
U n d e r e x i s t i n g c o n d i t i o n s , a n d in v ie w o f t h o f l o a t i n g
d e b t , a n d c a p i t a l r e q u i r e m e n t s , t h o d e t e r m i n a t i o n o f t h o p r o p e r t im e
t o r e s u m e t h o f u ll 5 % d i v k l o n d m u s t b o p o s t p o n e d u n t i l t h o s i t u a t i o n is a
l i t t l e c le a r o r .
M e a n w h i l e t h o c o m p a n y is e a r n i n g a s u b s t a n t i a l s u r p lu s
o v e r t h o f u ll 5 % d i v i d e n d
1914.
1913.
1916.
1915. _
$ 2 ,6 2 3 ,8 2 7
$ 2 ,7 0 0 ,9 6 6
G r o s s e a r n i n g s .......................$ 3 , 0 2 7 ,6 9 9
$ 2 ,4 6 6 ,9 6 9
1 , 6 1 6 ,2 1 4
1 ,6 0 4 ,4 0 3
O p e r a t i n g o x p e n s e s ------1 ,7 3 1 ,4 8 1
1 ,3 0 1 .7 8 1 1
8 9 ,3 4 3
8 1 ,8 1 1 /
T a x e s ..........................................
$ 1 ,0 0 7 ,6 1 3
N e t e a r n i n g s .......................$ 1 , 2 0 6 , 9 2 5
$ 9 9 3 ,3 7 7
7 0 1 ,9 4 9
I n t e r e s t , & c ----------------------7 5 5 ,0 3 3
7 5 0 ,3 1 o
--------s c o “ x ”
P r e f e r r e d d i v i d e r n l ____ ( 3 % ) 1 8 0 ,0 0 0 ( 3 ) 4 ) 2 1 0 , 0 0 0
$ 1 ,0 9 6 ,5 6 3
5 8 9 ,1 3 4
b e l o w --------
B a l. a v a il, fo r d o p r .& c
$ 2 7 1 ,8 9 2
$ 2 7 ,0 6 2
$ 3 0 5 ,6 6 4
$ 5 0 7 ,4 2 9
x D iv id e n d s o f 5 % q u a r t e r ly F o b . & c . w e ro p a id o n th o p r o f, s t o c k o n th e
o . f r o m M a__y 1 9 0 6 t o F e b . ,1 1 9 1 4 a n d o n t h o p r e f . s t o c k
f o r' m e r "N e w J“ e r s oyy C
_______________
S in ce M a y 1915
o f th o p reson t co m p a n y fro m M a y 1914 t o h o b . 1 1915
th o d iv id e n d s h a v o b e e n a t t h o ra te o f 3 % p e r a n n u m .
BALANCE SHEET DEC. 3 1 .
1910.
1915.
1915.
Liabilities—
S
$
A s s e ts —
S
S
P r e fe r r e d s t o c k ____ 0 ,0 0 0 ,0 0 0 0 ,0 0 0 ,0 0 0
S e c u r it ie s A p r o p
e r t y o w n e d ____ 2 2 ,5 9 1 ,7 3 0 2 2 ,5 1 2 ,0 8 3 C o m m o n s t o c k ____ 7 ,0 0 0 ,0 0 0 7 ,0 0 0 ,0 0 0
M i s c e l l a n e o u s _____
1 3 ,2 7 1
1 1 ,2 2 0 F u n d e d d e b t _______ 1 0 ,0 9 4 ,0 0 0 1 0 ,0 0 0 ,0 0 0
B ills A a c o ’ t s p a y .
3 2 3 ,0 1 7
2 4 9 ,5 0 0
A d v . to su b . c o s ..
1 ,1 4 0 ,4 0 5
......................
1 1 1 ,1 7 0
1 0 9 ,1 3 4
B ills r e c e iv a b l e . .
8 ,0 0 0 a 9 5 9 ,G 4 2 A c c r u e d a c c o u n t s .
3 1 5 ,5 4 2
1 5 0 ,7 9 5
C a s h . ...........................
8 7 ,2 5 0
2 5 ,8 7 7 P r o f i t a n d l o s s ------1910.
T o t a l | ..................... 2 3 ,8 4 3 ,7 2 8 2 3 ,5 0 9 ,4 2 8
T o t a l ......................2 3 ,8 4 3 ,7 2 8 2 3 , 5 0 9 , 4 2 8
I n c lu d e s b i ll s a n d a c c o u n t s r e c e i v a b l e . — V . 1 0 4 , p . 1 2 6 3 .
The Civic Investment & Industrial Co., M ontreal^
(First Annual Report—For Nine Months ended April 30
1917.)
P ros. Sir H erbert S. H o lt, M o n tre a l, M a y 2 2 , w rote in su b .:
Oraanization.— T h i s c o m p a n y w a s o r g a n i z e d f o r t h e p u r p o s o o r o p e r a t i n g
a n d n la e in e u n d e r o n o c o n t r o l a n d m a n a g e m e n t t h o p r o p e r t ie s o f l h o
M o n t r e a l L i g h t H e a t & P o w e r C o . a n d T h o C e d a r s H a p id s M a n u f a c t u r i n g
& P o w e r Co a n d t h e ir s u b s i d i a r ie s .
[ V i z . (1 ) P r o v i n c i a l L i g h t , H e a t &
Pow er C o
S t a n d a r d L i g h t & P o w e r C o . (2 ) L a c h i n o R a p i d s H y d r a u l i c
& L a n d C o ., R o y a l E le c t r ic C o ., M o n t r e a l G a s C o .] T h e s e o b je c t s w ero
f o r m a l l y a c c o m p li s h e d in c o n f o r m i t y w it h t h o t o r m s o f t h o r e s p e c t i v e
o p e r a tin g a g re e m e n ts e n te re d in t o , e ffe c t iv e A u g . 1 191 6, a n d y o u r d ir e c
t o r s n o w s u b m it t h o f o llo w in g r e p o r t fo r n in e m o n th s e n d e d A p r il 3 0 1 91 7:
Results.— T h o n o t r e v e n u e is v e r y g r a t i f y i n g , h a v i n g r e g a r d t o t h e p h e
n o m e n a l i n c r e a s e in t h o c o s t o f l a b o r a n d s u p p l i e s , a l t h o u g h i t Is t o b o r e
m a rk e d th a t th o c o m p a n y ’s p r in c ip a l s u p p lie s o f c o a l a n d o il w e ro a ffe c t e d
o n l y in a s l ig h t m e a s u r o f o r t h e p e r i o d u n d e r r e v i e w , a s t h e s e s u p p l i e s
w e re o b ta in e d u n d e r fa v o r a b le c o n t r a c ts s in c e te r m in a t e d b y lim it a t io n
o f t im e .
R e g u la r q u a r t e r ly d iv id e n d s h a v e b e e n d e c la r e d a n d p a id o n th o s t o c k
a t th o ra to o f 4 % p e r a n n u m .
Outlook.— C o a l a n d o i l h a v o s i n c e a d v a n c e d t o u n p r e c e d e n t e d p r i c e s a n d
a r o a ls o d iff ic u lt t o o b t a in .
T h i s w ill h a v e t h o i n e v i t a b l e e f f e c t o f i n c r e a s
in g o p e r a tin g c o s t s u n til n o r m a l c o n d it io n s a re r e s t o r e d .
U n li k o t h e o r
d in a r y m a n u fa c tu r e r th oso e m e rg e n cy c o s ts c a n n o t a lw a y s b o p a sse d o n
t o t h o c o n s u m e r , a l t h o u g h m a n y p u b l i c u t i li t ie s in t h i s c o u n t r y a n d a b r o a d
h a v o a l r e a d y in c r e a s e d t h e ir r a t e s t o m e e t t h o p r e v a i l i n g c o n d i t i o n s .
Rates.— Y o u r c o m p a n y a n d it s p r e d e c e s s o r s h a v o a n u n r i v a l le d r e c o r d
in r a t e r e d u c t io n s f o r b o t h g a s a n d o l e c t r i c i t y , in w h i c h t h e c o n s u m e r s
h a v o p a r t i c i p a t e d t o t h o e x t e n t o f h u n d r e d s o f t h o u s a n d s o f d o l la r s u p o n
th o o c c a s io n o f e a ch r e d u c t io n .
T h o lo c a l ra te s fo r th e s e c o m m o d it ie s a ro
n o w a s l o w a n d , in m o s t c a s e s , l o w e r t h a n o ls e w h o r o , a n d w h il e i t w ill b o
t h e o b j e c t o f y o u r d i r e c t o r s t o r e fr a i n f r o m in c r e a s in g r a t o s t h e y c a n o n l y
d o s o a s l o n g a s t h o b u r d e n c a n b o c a r r ie d w i t h o u t i m p a ir i n g t h o c o m p a n y ’s
f in a n c ia l c o n d i t i o n .
I f a n y t e m p o r a r y in c r o a s e in r a t e s s h o u l d b e c o m e
n e c e s s a r y it w ill b o r e a l iz e d b y t h o p u b l i c a n d s h a r e h o l d e r s t h a t i t is a t
t r ib u ta b le t o c o n d it io n s b e y o n d th o c o n t r o l o f y o u r d ir e c t o r s .
Depreciation.— T h e u s u a l a n d n e c e s s a r y p r o v i s i o n h a s b e e n m a d e f o r
d e p r e c ia t io n .
Additions, A c . — T h o g r e a t d e m a n d f o r e l e c t r i c i t y h a s c o m p e l l e d t h o
e x t e n s i o n o f t h e c o m p a n y ’s h y d r o - e l e c t r i c p l a n t a t C e d a r s , n o t w i t h s t a n d
in g t h o h i g h c o s t o f t h e w o r k a t t h i s t i m e .
T h o w o r k Is a l r e a d y in h a n d
a n d in v o lv e s th o c o n s t r u c tio n o f t h o s u b s tr u c tu r e f o r th o u lt im a t e d e v e lo p
m e n t o f 1 8 0 ,0 0 0 h . p . , a l t h o u g h f o r t h e p r e s e n t i t is o n l y i n t e n d e d t o in s t a ll
t w o a d d i t i o n a l u n i t s o f 1 0 ,0 0 0 h . p . e a c h , a n d t h o n e c e s s a r y s u p e r s t r u c t u r e
fo r sam e
W ith th o a d d it io n a l t w o u n it s , w h ic h a ro p r o s p e c t e d fo r c o m
p l e t i o n in t h e f a l l o f 1 9 1 8 , t h o c o m p a n y w ill h a v o 1 2 0 ,0 0 0 h . p . a v a i l a b l e
3 Proiferlies1and Plants.— T h e r e w a s e x p e n d e d d u r i n g t h e y e a r o n m a i n
t e n a n c e a c c o u n t § 3 9 8 ,1 9 2 , w h i c h , w it h t h o a p p r o p r i a t i o n f o r d o p r e c i a t i o n a n d r e n o w a l r e s e r v o r e p r e s e n t s a t o t a l e x p e n d it u r e a n d p r o v i s i o n in
t h i s c o n n e c t i o n o f $ 1 ,0 7 3 , 1 9 2 .
IN CO M E ACCOUNT FOR N IN E MONTHS ENDING APRIL 3 0 1 9 1 7 .
G r o s s r e v e n u e ___________________ $ 8 ,7 8 3 ,8 4 0
O p c r . , m a ln t . e x p . a n d t a x e s . .$ 2 ,8 6 0 ,3 1 6
D e p r e c ia tio n & ren ew a l re s’ v e .
0 7 5 ,0 0 0
N e t e a r n in g s ....................
$ 3 ,2 4 2 ,5 2 4
N e t e a r n in g s
F ix e d c h a r g e s
D iv id e n d s ( 3
O ffi c e r s ’ , & c . ,
A s s e ts —
S t o c k s , b o n d s a n d I n te r e s ts In
o t h e r c o r p o r a t i o n s ................. $ 0 5 ,1 2 2 ,7 6 8
C o n s t r u c t i o n ...................................
S u b . c o s . ’ b o n d s In t r e a s u r y . .
1 ,3 5 4 ,0 0 0
I n v e s t m e n t s e c u r i t ie s ............. 2 9 5 ,o 6 0
W a r l o a n s . .......................................
A c c o u n t s c o l l e c t i b l e ---------------1 ’J „ , J o ,
S t o r e s , g a s s t o v e s , & o .................
2 J 4 .0 J Z
C o a l , c o k e , t n r , & o ......................
» 9 ,0 5 7
C a s h o n h a n d , & c --------------------2 ,J J 7 ,o 0 o
D a l a n c o _______________________
$ 5 7 2 ,6 1 5
L ia b il it ie s —
C a p i t a l s t o c k ---------------- ---------- $ 6 3 ,7 1 7 ,2 0 0
C o n tin g e n t & In su ran ce re s’ v o
6 7 6 ,1 4 9
D c p r e o ’ n & ren ow a l r e s e r v e ..
4 ,3 8 3 ,8 9 2
O f f i c e r s ', & o ., p e n s io n f u n d . .
9 2 ,7 2 2
A c c o u n t s p a y a b le . . . . . . .
8 1 6 ,7 6 9
C u s t o m e r s ’ d e p o s i t s __________
6 8 ,8 1 7
A c c r u e d b o n d ln t o r e s t ..............
3 1 5 ,7 0 9
G e n e r a l s u s p e n s o a c c o u n t ___
8 4 1 ,9 9 7
D iv id e n d p a y a b le M a y 15 '1 7
6 3 7 ,1 7 2
5 7 2 ,6 1 5
S u r p lu s a c c o u n t . . ........... ..........
104, p . 2236.
Pan-American
Petroleum
&
International Mercantile Marine Co.
(Preliminary Report for Year ending Dec. 31 1916.)
The annual report will not be available until about July 1,
and in the meantime the officers of the company decline to
supply or confirm any particulars regarding the results.
The “ Wall Street Journal,” however, obtained the follow
ing information at the annual meeting in Hoboken on
June 4. The official estimate furnished by Pres. P. A. S.
Franklin indicates that the company, after allowing for the
English excess profits tax, earned $26,299,595 in 1916, or
about $51 a share on $51,725,721 pref. stock, contrasting
with $13,581,660, or about $26 a share on the pref. earned
in 1915 and with a deficit of $302,528 in 1914. Mr. Frank
lin also make known the fact that tho company, in view of
tho disturbed shipping situation, has decided not to take up
the question of liquidating the accrued dividends on the pref.
stock, amounting to about 88%.
In his remarks to stockholders, Pres. Franklin said in sub.:
D u r in g t h o y e a r 191 6 a n d th e fir s t f iv e m o n t h s o f t h is y e a r , t r a n s -o c e a n lc
s h i p p i n g , in w h i c h y o u r c o m p a n y is a l m o s t e n t i r e l y i n t e r e s t e d , h a s b e e n
s u r r o u n d e d b y u n u s u a l a n d c o n s t a n t l y c h a n g i n g c i r c u m s t a n c e s , r e s u l t i n g in
m o s t c o m p lic a t e d o p e r a t in g c o n d it io n s .
N e v e r t h e le s s , t h e p r o f i t s a s s h o w n
h a v e b e e n a b n o r m a lly la r g e , b u t t h e y m u s t n o t b e ta k e n a s a n y c r it e r io n
fo r n o r m a l t im e s .
. . .
. ,
.. ..
T h e d ir e c t o r s , a ft e r c a r e fu lly c o n s id e r in g t h e fin a n c ia l c o n d it io n o f th e
c o u n t r y , r e a c h e d t h o c o n c l u s i o n t h a t f o r t h e p r e s e n t , in v i e w o f t h e g r a v e
u n c e r t a i n t ie s s u r r o u n d i n g s h i p p i n g , i t is u n w i s e t o a t t e m p t t o f o r m u l a t e
a n y p la n fo r t h e liq u id a tio n o f th o a c c r u e d d iv id e n d s o n th e p r e f. s t o c k :
a n d It h a s , t h e r e f o r e b e e n d e c i d e d t o l e a v e t h o m a t t e r in a b e y a n c e .
I t w a s , h o w e v e r , d e c id e d t h a t th o fin a n c ia l p o s it io n o f t h o c o m p a n y
w a rra n te d 3 % d iv id e n d s b e in g p a id o n t h e p r e f . s t o c k , w h ic h w a s d o n e as
0l A I th o u g h s o m e o f t h e B r it is h s te a m e rs o w n e d b y t h o s u b s id ia r y c o m p a n ie s
h a d p r e v i o u s l y b e e n r e q u i s i t i o n e d b y t h e B r i t is h G o v e r n m e n t a b o u t A p r i l 1
1 9 1 7 , t h o G o v e r n m e n t r e q u i s it i o n e d a ll s t e a m e r s u n d e r t h e B r i t i s h f l a g ,
w h i c h I n c lu d e d a ll o t h e r s t e a m e r s o w n e d b y y o u r B r i t i s h s u b s i d i a r y c o m
p a n ie s n o t t h e r e t o f o r e t a k e n .
I t w a s a l s o d e c i d e d b y t h o B r i t is h a u t h o r i t i e s t o i n c r e a s e t h e e x c e s s p r o f i t s
d u t y fr o m 6 0 % t o 8 0 % , th o la tte r ra te e ffe c t iv e fr o m J a n . 1 19 1 7 .
T h is
c h a n g e o f p o l i c y w il l s e r io u s l y a f f e c t t h o e a r n i n g s o f t h e f o r e i g n s u b s i d i a r y
c o m p a n i e s , b y w h o m a b o u t 8 9 % o f y o u r t o n n a g e is o w n e d .
T h e A m e r ic a n G o v e rn m e n t h a s n o t y e t c o m m a n d e e r e d a n y o f o u r
v e s s e ls b u t w il l p r o b a b l y d o s o . w h i c h is o n l y t o b o e x p e c t e d .
P A RTLY E ST IM A T E D RESULTS FOR CALENDAR YEAR 1916.
Calendar Years—
1916.
1915.
1914.
1913.
G r o s s e a r n in g s ( a f t e r
B r it is h e x ce s s p r o f it s
. ________________ $ 3 ,2 4 2 ,5 2 4
d u t y ) . .................................. $ 8 7 ,9 6 7 ,5 6 4
o f s u b . c o s ------------------------------- 7 5 0O
,5p
14
e r a tin g exp e n se s, & c . 5 4 .3 0 6 ,8 9 1
% ) ------------------------- 1 ,9 0 3 ,3 9 5
p e n s io n f u n d . . .
1 0 ,0 0 0
N e t , b e fo r e p r o v id in g
BALAN CE SHEET APRIL 3 0 1 9 1 7 ( TOTAL E ACH SIDE $ 7 2 ,1 2 3 ,0 4 3 ) .
— V.
2339
THE CHRONICLE
J une 9 1917.]
Transport
(Report for Fiscal Year ending Dec.
Co.
31 1910.)
On su bsequent pages w ill bo fou n d tho rep ort o f tho P a n A m orica n P etroleu m & T ra n sp ort C o . an d subsidiaries for
tho calendar year 1916, in cluding tho rem arks o f P residen t
E . L . D o h e n y , an d balance sheets o f tho paren t co m p a n y and
its subsidiaries as o f D o c . 31 1916.— V . 103, p . 1795, 1305. •
Lehigh Valley Coal Company.
(Report for Six Months ending Dec.
31 1916.)
F M . C h ase, V ico-P resid on t an d G eneral M a n a g e r, P h ila
d elp h ia , F e b . 20, w rote in substance:
Results.— T h o t o t a l n o t i n c o m o f r o m a ll s o u r c o s , a f t o r d e d u c t i n g c h a r g e s
fo r in t . o n I . M . M .
C o . bon d s and d eprec.
o n s t o a m o r s ........ ............ $ 3 3 ,6 6 0 ,6 7 3
.
„ _
$ 6 1 ,6 6 9 ,1 6 7 $ 4 5 ,6 2 0 ,5 5 6 $ 4 9 ,4 8 0 ,8 5 7
3 3 ,3 9 9 ,3 8 6
$ 2 8 ,2 0 9 ,7 8 1
C h a r g e s a n d t a x e s ................$ 3 , 1 9 1 , 5 8 8 $ 1 0 ,9 2 8 ,7 5 4
D e p r e c ia tio n
(s h ip s )...
4 ,1 6 9 ,4 8 9
3 ,7 5 9 ,3 6 7
3 7 ,8 2 8 ,2 5 2
3 9 ,4 7 4 ,2 9 0
$ 7 ,7 9 2 ,3 0 4 $ 1 0 ,0 0 6 ,5 6 7
$ 4 ,4 8 5 , 2 7 5
3 ,6 0 9 ,5 5 7
N e t p r o f i t s . . . ...............$ 2 6 ,2 9 9 ,5 9 6 $ 1 3 ,5 8 1 ,6 6 0 d ef$ 30 2 ,5 2 8
S 4 , 2 8 9 ,6 0 8
3 ,4 1 7 ,2 7 2
$ 3 ,2 9 9 ,6 8 6
T h o e x a c t e a r n i n g s c a n n o t b e g i v e n n o w b e c a u s e o f t h o d e l a y in g e t t i n g
r o t u r n s f r o m t h e B r i t is h s u b s i d i a r ie s .
T h e e a rn in g s a s s h o w n in c lu d e th e
r e t u r n s f r o m a ll s t e a m e r s o p e r a t e d b y t h o I n t e r n a t i o n a l M e r c a n t i l e M a r i n o
C o.
T h e s e in c lu d e F r e d k . L e y la n d & C o . , L t d .: A m e r ic a n L in o ; R o d S ta r;
A t la n t ic T r a n s p o rt a n d th e D o m in io n L in e .
T h o h o ld in g c o m p a n y o w n s
a ll t h o c a p i t a l s t o c k o f t h o s e c o m p a n i e s e x c e p t in t h e c a s e o f F 'r o d k . L e y l a n d
& C o . , L t d . , o f w h ic h it o w n s 4 2 % o f t h o p r e f. a n d 9 8 % o f th e c o m . s h a r e s .
An initial dividend of 3 % was paid on the $51,726,300
6 % cuin. pref. stock on April 14.— V. 104, p. 1595, 1148.
Gaston, Williams & Wigmore, Inc.
(First Annual Report— Year ending April 30 1917.)
CONSOLIDATED INCOME ACCOUNT FOR YEAR END . APRIL 3 0 1 9 1 7 .
The text will be cited another week.
[ I n c l . G a s t o n , W i ll ia m s & W i g m o r e , I n c . , a n d G a s t o n , W i ll ia m s & W i g m o r o S t e a m s h ip C o r p o r a t i o n . ]
8 6 9 5 ,6 4 7
N e t I n c o m e fr o m o p e r a t i o n s . . $ 2 ,8 8 1 ,7 2 1 D e d u c t Interest p a i d ________
3 6 ,0 6 9
In terest d ls c’ t, & c ., r e c e iv e d ..
7 6 2 ,6 5 5 Amortization o f d isc, on notes
1 8 1 ,0 5 0 D iv id e n d s d e c l a r e d _____ (S4) 1 ,2 0 0 ,0 0 0
D i v s . , A c . , fr o m a s s o c , c o s ___
63 7 ,9 0 3
D l v s . fr o m o t h e r c o m p a n i e s . .
1 4 8 ,5 0 0 R eserv e for con tin g en cies, & c .
T o t a l i n c o m e ................................$ 3 ,9 7 3 ,9 2 6
B a la n e e , s u r p l u s ......................... $ 1 ,4 0 4 ,3 0 7
T h o g r o s s v o l u m e o f b u s in e s s o f t h e c o m p a n i e s f o r 1 9 1 6 -1 7 w a s $ 4 4 ,9 5 0 ,
9 9 5 a n d t h e n e t e a r n in g s $ 2 ,9 5 4 ,3 0 7 .
CONSOL. BALANCE SHEET APRIL 3 0 1 9 1 7 ( Total Each Side. $ 2 4 ,3 5 4 ,5 4 7 )
[ I n c l. G a s to n , W illia m s & W ig m o r e , I n c ., a n d G a s t o n , W illia m s & W lg m o r o S te a m s h ip C o r p o r a t io n .]
D e c l a r e d c a p i t a l (3 0 0 ,0 0 0 s h s .
w it h o u t p a r v a l u e ) -------------- $ 1 2 ,0 0 0 ,0 0 0
6%
s e r ia l g o ld n o t e s , d u e
A p r i l 15 1 9 1 8 t o 1 9 2 1 ............
4 ,0 0 0 , 0 0 0
N o t e s p a y a b le s e c u r e d . . -------y 2 , 8 8 9 ,3 5 8
8 * 1 ,1 0 7
do
u n s e c u r e d _________
A c c e p t e d m e r c h a n d is e d r a f t s .
3 3 7 ,3 2 7
A c c o u n t s p a y a b l e --------------------1 ,2 7 0 ,0 5 3
T a x e s , c o m m is s io n s , & c .,a c c r
3 9 7 ,1 1 3
D i v i d e n d p a y a b le M a y 15 ' 17
3 0 0 ,0 0 0
R e s e r v e f o r t a x e s ___________ .
4 0 6 ,4 9 6
D e fe r r e d c r e d i t s t o p r o f i t a n d
1 9 4 ,1 6 2
lo s s . .........................................
R e s e r v e f o r c o n t i n g e n c i e s ___
3 5 0 ,0 0 0
1 ,4 0 8 ,9 3 1
S u r p l u s . . _______ ________________
f o r r o y a l t ie s , s in k in g f u n d s , d e p r e c i a t io n a n il i n t o r o s t o n f u n d e d d o b t ,
a m o u n t e d t o $ 3 2 2 ,2 1 7 , a d o c r o a s o o f $ 4 3 5 ,7 4 9 , a s c o m p a r e d w it h t h o s a m o
p e r i o d In 1 9 1 5 .
T h i s d o c r o a s o is d u o t o t h e s m a llo r a m o u n t o f c o a l m in e d
jus a r o s u lt o f t h o s c a r c i t y o f l a b o r , t h o s h o r t e r w o r k in g d a y a n d t h o h ig h o r
w a g e s p r o v i d e d f o r in t h o a g r e o in o n t w it h t h o m in o r s w h ic h w a s o n t o r e d i n t o
la s t y e a r , a n d t h o in c r e a s e d p r ic e s o f a ll c la s s e s o f m a t e r ia l r e q u i r e d in
th o o p e r a tio n o f th o p r o p e r ty .
Production.— T h o p r o d u c t i o n o f a n t h r a c i t o c o a l f r o m t h o l a n d s o w n o d a n d
lo a s e d b y y o u r c o m p a n y , in c lu d in g t h a t m in e d b y t e n a n t s , w a s 4 , 0 3 8 , 9 2 4
g r o s s t o n s , a d o c r o a s o o f 2 2 2 ,5 2 6 t o n s .
T h o p e r c e n t a g e o f s iz o s a b o v e p o a
p r o d u c e d b y t h o m in in g o p e r a t i o n s o f t h o c o m p a n y w a s 6 5 . 2 0 % , a d o c r o a s o
S t o c k o f a s s o c ia t e d c o m p a n i e s . $ 1 ,7 5 1 ,5 9 1
S e c u r it ie s o f o t h e r c o m p a n i e s
2 0 5 ,0 0 2
A d v . p a y 't s o n p u r . o f b o a t s .
1 ,2 0 3 ,7 5 0
A d v a n c e s to o th e r c o m p a n ie s
7 1 9 ,0 4 9
F u r n i t u r e , fix tu r e s , & c -----------3 9 ,4 7 0
I n s u r a n c o c l a i m s , & c _________
2 3 1 ,2 8 8
C a s h .....................................................
1 ,1 5 3 ,4 8 0
N o t e s r e c e i v a b l e _______________
8 2 ,8 2 1
A c c ’ t s r e c e iv a b l e , lo s s r e s e r v e * 9 ,3 7 3 ,4 1 5
M e r c h a n d i s e p u r c h a s e d , s o ld
a n d in p r o c e s s o f d e l i v e r y .
8 ,7 8 6 ,0 3 2
I n s . o n S 3 . V ig lln n c ia ( s u n k ) .
3 7 6 ,5 0 0
S e c u r it i e s _______________________
1 6 4 ,8 0 0
U u a m o r t .d l s o ..p r e p a i d l n t . , A c
2 6 7 ,3 4 8
Additions^'Ac.— D u r in g t h o 6 m o n t h s p o r l o d in 1 9 1 6 $ 7 7 ,5 0 3 w a s o x p o n d o d f o r a d d it i o n s a n d b o t t o r m o n t s .
D e v e l o p m e n t w o r k o n t h o B r o a d w o l l t r a c t is p r o g r o s s in g f a v o r a b l y .
G a n g w a y s a r o b o i n g d r i v e n , a n d a s s o o n a s t h is w o r k h a s a d v a n c e d s u f f i
c i e n t l y r o g u la r m in in g w ill b o s t a r t e d ,
l h o c o a l w ill b o t a k e n t o t h o
W illia m A . c o ll i e r y f o r p r e p a r a t i o n , t r a c k c o n n e c t i o n s f o r t h is p u r p o s o
n o w b o in g u n d e r c o n s t r u c t i o n .
, , ,
Financial.— B y a c t i o n o f t h o s in k in g f u n d t h o f u n d e d d o b t w a s r o d u c o d
b y t h o c a n c e l la t i o n o f $ 1 4 8 ,0 0 0 D e la n o L a n d C o . F ir s t M t g o . 5 % b o n d s .
P a y m e n t s a m o u n t i n g t o $ 9 3 ,6 8 9 w o r o m a d e t o t h o v a r i o u s s i n k i n g f u n d s .
O u r r o n t a s s o t s a r o $ 4 , 8 9 5 , 0 8 6 in o x c o s s o f c u r r o u t lia b il i t i e s .
x I n c lu d e s a c c o u n t s r e c e iv a b le ( c u s t o m e r s ) , $ 3 , 5 4 3 , 3 3 8 , a n d o f a s s o c ia t e d
c o m p a n i e s , $ 6 , 1 1 7 , 9 9 5 . lo s s a l lo w a n c e f o r d o u b t f u l a c c o u n t s , $ 2 8 7 ,9 1 8 .
y T h o $ 2 , 8 8 9 , 3 5 8 n o t e s p a y a b l e a r e s e c u r e d in t h e f o l l o w i n g m a n n e r : B y
d r a f t s d r a w n o n c u s t o m e r s f o r g o o d s s h i p p e d , w a r e h o u s e r e c e ip t s a n d
c la im s o n in s u r a n c e c o m p a n i e s f o r S 3 . V i g i la n c la , a m o u n t i n g i n a ll t o
$ 3 ,9 2 0 231 *
C o n t i n g e n t lia b ilit ie s : D r a f t s d i s c o u n t e d d r a w n a g a in s t c u s t o m e r s f o r
m e r c h a n d is e s o l d a n d s h i p p e d . $ 6 , 1 6 3 , 4 2 8 ; s u n d r y g u a r a n t e e s o n b o n d s a n d
c o n t r a c ts , $ 1 ,0 0 6 ,1 3 3 .— V . 1 0 4 , p . 2 0 1 5 , 1 9 0 2 , 1 8 0 4 .
%nOENERALlBALANCEgSHEET,
1 1
,„
D e c . ; 3 / 6 X /u m t f O .16
It!A s s e ts — i n
s
$
P r o p o r t y & p l a n t . 2 5 , 9 5 1 , 3 1 3 2 5 ,9 4 3 ,8 8 0
S e c u r it ie s o w n e d . .
2 0 0 .0 0 0
2 00 000
S in k . f d . w it h t r u s . 2 , 6 1 4 . 3 9 0
2 ,6 0 0 ,3 8 7
A d v a n c e s fo r c o a l
m in in g r i g h t s —
4 ,3 9 9 ,7 6 3
4 ,3 7 8 ,9 6 9
In su ran co fu n d —
1 5 2 ,5 8 4
1 4 4 ,5 3 2
C a s h ......................
4 .2 4 0 , 4 7 5
4 ,4 9 1 ,0 0 4
M a t ’ Is & s u p p l ie s .
5 4 1 ,2 1 8
4 0 7 ,7 5 6
N o t e s r e c e iv a b l e ..
4 .0 0 0
D u o f r o m l n d lv l d ’ s
a n d c o m p a n i e s . 2 ,1 3 8 , 6 3 9
1 ,8 8 9 ,1 0 2
S u sp en ded a n d d e
f e r r e d a s s o t s ...
* 6 9 5 ,8 6 4
4 2 2 ,8 1 2
* T o t a l ..................... 4 0 , 9 3 4 ,2 4 6 4 0 ,4 8 2 ,4 4 3
— V . 103. p. 574.
Sq
tiDec. 31’ 16. June 3 0 '1 6
L ia b ilitie s —
s
$
1 ,9 6 5 ,0 0 0
F u n d e d d e b t ----------1 9 ,5 4 0 ,0 0 0 1 9 ,6 8 8 ,0 0 0
A u d it e d v o u c h e r s .
8 3 4 ,2 7 5
6 3 0 ,0 7 2
W a g e s d u e & u n p a ld
5 3 8 ,5 6 6
5 7 0 ,7 5 6
D u e i n d lv 'ls & c o s .
1 0 2 ,5 8 6
1 0 8 ,1 5 3
R o y a lt ie s o n c o a l
m in e d .d u e le s s o rs
2 9 ,9 9 2
3 0 ,1 0 6
I n t .o n fd .d t . du o.
2 9 5 ,0 0 0
2 9 8 ,7 0 0
D c f . r c a l e s t . p a y 't s
5 0 0 ,0 0 0
5 0 0 ,0 0 0
M i s c e ll a n e o u s _____ 1 ,1 0 7 ,4 0 6
1 ,4 0 4 ( 5 5 4
D o p r .& o t h .r e s ’ v o . 9 ,7 5 0 ,4 1 8
9 ,2 9 2 ,2 1 0
P r o f i t a n d l o s s _____ 6 ,2 0 5 ,0 0 2
5 ,9 9 4 ,8 8 6
Capital s t o c k -------- 1,965,000
T o t a l .................... 4 0 ,9 31,246 4 0 ,4 8 2 ,4 4 3
International Motor Truck Corporation.
(Report for Period Nov. 8 to Dec.
31 1916.)
V ice-P ros. R . E . F u lto n , N . Y ., M a y 8 , w rote in su bsta n ce:
D u r i n g t h o p a s t y e a r t h e ( o l d ) I n t e r n a t io n a l M o t o r C o . o p e r a t e d u n d e r
e x c e e d in g ly t r y in g c o n d it io n s .
N o te s a g g r e g a tin g $ 2 ,8 8 1 ,5 6 0 p r in c ip a l a n d
in t e r e s t c a m o d u e o n N o v . 1 1 9 1 6 . m a k i n g n e c e s s a r y t h e f i n a n c i a l r e o r g a n i
z a tio n o f th o c o m p a n y .
T h e p l a n s u b m i t t e d t o a ll t h e s e c u r i t y h o ld e r s w a s
d e c la r e d e ffe c t iv e N o v . 8 1916 a n d w a s a c c e p t e d b y n e a r ly 9 8 % o f th e
h o ld e r s o f b o t l i c la s s e s o f s t o c k a n d a ll t h e h o l d e r s o f n o t e s , e x c e p t i n g o n e .
^ T h o 'V i o w Corporation w h ic h e x c h a n g e d I t s s t o c k f o r t h e s t o c k o f t h e
I n t e r n a t io n a l M o t o r C o . a n d f o r t h e a s s e n t i n g n o t e s , p u r c h a s e d n o t e s a g g r e
g a t i n g $ 1 3 9 ,0 0 0 p r i n c ip a l a n d I n t e r e s t f r o m t h e h o l d e r w h o w a s n o t In
s y m p a t h y w it h t h e p la n .
T l i o a b n o r m a l d i f f i c u l t i e s o f o b t a i n i n g m a t e r ia ls w e r e g r e a t l y a c c e n t u a t e d
b y t h o u n s a t is fa c t o r y c r e d it o f t h o c o m p a n y , d u e t o t h e e a r ly m a t u r it y o f
t h o a b o v e - m e n t i o n e d n o t e s , r e s u l t i n g in g r e a t I n t e r fe r e n c e w i t h o u r p r o d u c
t i o n a n d s a le s .
U n d e r t h e s e c ir c u m s t a n c e s t h e c o m p l e t i o n o f w a r o r d e r s ,
t h e d e v e l o p m e n t o f t h e n e w m o d e l s a n d t h e e x p a n s io n o f t h e d o m e s t i c
b u s in e s s h a v o b e e n e x c e e d i n g l y h a r d o f a c c o m p l i s h m e n t .
THE CHRONICLE
2340
T h e n e t e a r n in g s o f I n t e r n a t io n a l M o t o r C o . f o r t h e y e a r 1 9 1 6 w e r e
$ 3 8 5 ,5 0 9 . n o d e d u c t i o n b e i n g m a d e f o r in t e r e s t t o N o v . 1 o n n o t e s m a t u r in g
on th a t d a te.
T h e s e n o t e s a n d a c c r u e d in te re s t t o N o v . 1 w e re e x c h a n g e d
f o r s t o c k o f I n t e r n a t io n a l M o t o r T r u c k C o r p o r a t i o n .
A lth o u g h t h e earn
i n g s w e r e m a t e r ia l l y le s s t h a n in 1 9 1 5 ( V . 1 0 2 , p . 2 2 5 1 ) , t h e r e s u l t o f t h e
y e a r ’s o p e r a t io n s s h o u ld b e c o n s id e r e d s a t is fa c t o r y .
T h e n e t p r o f i t s w o u l d h a v e b e e n a b o u t $ 4 0 0 ,0 0 0 la r g e r h a d i t n o t b e e n
n e c e s s a r y , o n a c c o u n t o f o u r fin a n c ia l c o n d it io n , t o d is p o s e o f s e v e r a l h u n
d r e d S a u r e r t r u c k s t o A d o l p h S a u r e r in S w it z e r l a n d i n o r d e r t o t u r n a la r g e
s t o c k o f ch a sses in t o ca sh p r o m p t ly .
O r d e r s f o r s e v e r a l h u n d r e d d u p li c a t e s
o f t h e s e c h a s s e s w o r e r e c e i v e d l a t e r d i r e c t f r o m t h o A l l ie s a t m u c h b e t t e r
p r ice s .
H a d t h o c o m p a n y b e e n a b lo t o h o ld t h e ch a s s e s s o ld t o M r . S a u rer,
t h e y c o u l d h a v e b e e n i n c lu d e d i n t h i s o r d e r , a n d , a s s t a t e d a b o v e , t h o n o t
p r o f i t s w o u l d h a v e b e e n i n c r e a s e d b y a b o u t $ 4 0 0 ,0 0 0 .
T h e g r o w t h o f t h e d o m e s t i c b u s in e s s h a s b e e n r a p i d a n d s o u n d , t h e
n u m b e r o f t r u c k s s o l d , e x c l u s iv e o f w a r s a le s , b e i n g 1 2 5 % In e x c e s s o f t h e
r e v io u s y e a r .
H a d o u r p r o d u c t io n n o t b e e n h a m p e r e d , t h is w o u ld h a v o
e e n l a r g e ly i n c r e a s e d .
T h e d e m a n d f o r o u r p r o d u c t in t h o e a r l y m o n t h s
o f 1 9 1 7 Is v e r y m u c h la r g e r a n d m o r e I n s is t e n t t h a n e v e r b e f o r e a n d is
e s p e c i a ll y p r o m is i n g b e c a u s e o f t h o s a t i s f a c t i o n g i v e n b y t h e n e w m o d e l s
t o r e p r e s e n t a t iv e u s e r s , f r o m w h o m r e p e a t o r d e r s a r o r e c e i v e d in a c o n
s t a n t l y in c r e a s in g d e g r e e .
[V o l . 104
fr o ig h t s te a m e r s, t h o S .S . S h e rm a n a n d t h o S .S . R o p u b lic .
T h o rovonuo
r o c o i v e d f r o m t h o o p e r a t i o n s o f t h e s o v e s s o ls h a s a l r e a d y r e p a i d t h o ir
p u rch a so p r ico .
Q u it o r o c o n t l y , t h o r o w e ro o r g a n i z e d t h o C h il o S t o a m s h ip
C o . , t o w h ic h S . S . R e p u b l i c w a s t r a n s f e r r e d , a n d t h o S h o r m a n S t o a m s h ip
C o . , w h ic h o w n s S . S . S h e r m a n .
T h e s e c o m p a n i e s a r o j o i n t l y a n d e q u a ll y
o w n o d b y C h il o E x p l o r a t i o n C o . a n d B r a d o n C o p p e r C o .
John K . M a cG o w a n , a m e m b e r o f t h o b o a r d o f d i r e c t o r s o f C h il o E x p l o r a t i o n C o . , is
P r e s id e n t o f b o t h .
Operating Results.— T h o f o l l o w i n g t a b l o g i v e s t h o m o r o i m p o r t a n t d a t a
o f C h il e E x p l o r a t i o n C o . f r o m t h o b e g i n n i n g o f o p e r a t i o n s .
C osts are
c a l c u la t e d b o f o r o d e d u c t i n g i n t e r e s t o n b o n d s a n d lo a n s , d e p r e c i a t io n o r
lo s s e s d u o t o -w ritin g o f f p l a n t a c c o u n t s :
Period—
Tons
Copper
Produced.
Dry Tons
Ore
Treated.
5,472
4 ,374
5 ,4 8 7
5 ,344
5 ,448
625,394
354,612
372 ,256
3 92 ,390
623 ,490
%
Copper
in Ore
Treated.
Net
Saving.
1.71
1.66
1.80
1.83
1.70
66.87
74.82
7 5 .87
85 .2 4
73.42
%
Net Cost Tot. Cost of
per lb. Production
Copper Incl. Selling
at Plant. Expenses.
g
7 14
1st
2n d
3rd
4th
CONSOLIDATED RESULTS— FROM NOV. 8 TO DEC. 3 1 1 9 1 6 .
G r o s s e a r n in g s f r o m N o v . 8 ( d a t o o f i n c o r p o r a t i o n ) t o D e c . 31 1 9 1 6 .$ 2 5 1 ,3 3 0
S e l l in g , a d m i n . , A c . , e x p e n s e s , $ 1 5 2 ,6 3 8 ; i n t e r e s t p a i d , $ 3 3 ,2 1 1 ___ 1 8 5 ,8 4 9
12 m os. 1916 . . . 2 0 ,653
1,742,748
1.74
15.460
77.15
11.75c.
1st Q uarter 1917 11,263
588,879
1.88
83.30
9 .0 1 c .
12 .5 3 c.
A p ril ................. ..
4,014
224 ,926
1.79
80.70
8 .0 6 c .
1 1 .3 1 c.
T h o g r o s s “ p r ico d e liv e r e d ” fo r c o p p o r p r o d u c e d d u r in g 1 91 6 w a s 2 5 .5 6
cen ts p o r p o u n d .
A l t h o u g h m in in g a n d t r e a t m e n t c o s t h a s b e o n c o n s t a n t l y
d e c r e a s e d s i n c e o p e r a t i o n s b e g a n in M a y 1 9 1 5 , i t is s t ill h i g h d u o t o c o m
p a r a t i v e l y s m a ll p r o d u c t i o n .
T r a n s p o r t a t io n a n d in s u ra n ce c o s ts aro
e x c e s s iv e l y h i g h , b e in g a p p r o x i m a t e l y 2 c e n t s p o r p o u n d a b o v o n o r m a l
co s ts p r io r t o th o w a r.
T h o p r e l im i n a r y f i g u r e s , f o r t h o f ir s t f o u r m o n t h s o f
1 9 1 7 , w h ic h w ill p r o b a b l y n o t d i f f e r m a t e r ia l l y f r o m t h o f in a l f ig u r e s , a r o
i p c l u d o d a b o v o , in a s m u c h a s th ey; g i v o a m u c h t r u e r i n d i c a t i o n o f t h o p r o s o n t
s t a t u s o f t h o c o m p a n y t h a n t h e f ig u r e s a b o v o .
F r o m th o b e g in n in g o f o p e r a tio n s . M a y 18 1915 t o D o c . 31 1 9 1 6 , th o
r e s u lt s w e r o :
7 ) 4 mos. T 5 .
Year ’ 1 6 .
T o t a l i n c o m o o f b o t h c o m p a n i e s __________________________ $ 3 0 ,4 6 9
$ 4 ,1 7 3 ,0 4 9
D e d u c t — I n t e r e s t (in 1 9 1 6 o n b o n d s & l o a n s ) ___________ 1 7 6 ,6 4 3
1 , 4 6 3 ,6 7 6
I lo s o r v e a c c o u n t f r o m p l a n t d e p r e c i a t i o n ____________
________
7 7 2 ,9 8 1
N o t e a r n in g s f r o m N o v . 8 t o D e c . 3 1 1 9 1 6 ____________________________ $ 6 5 ,4 8 1
T h e g r o s s e a r n in g s f r o m o p e r a t i o n f o r y e a r 1 9 1 5 w e r e $ 1 , 3 9 0 , 0 7 4 , a n d t h o
n e t p r o f i t , a f t e r d e d u c t i n g $ 7 2 8 ,9 5 5 s e l li n g , a d m i n . & g e n . e x p . , w a s
$ 6 6 1 ,1 1 9 .
CONSOL. BALANCE SHEET DEC.
1 9 1 6 {.Total Each Side, $ 8 , 2 7 6 , 0 2 1 ) .
1st p ref. 7 % cu m . s t o c k ...........$ 4,243,771
2d pref. 7 % cu m . s t o c k ............. 2 ,6 5 6 ,4 5 0
C o m m o n s t o c k , a u t h ., 5 3 ,6 3 8
shares, n o par v a l., at sta tu
to r y m in im um o f S5 per s h .
2 6 8 ,1 9 0
B on d s o f sub sid ia ry com p a n ies
33,000
M o rtg a g e on real es ta te .............
6,500
R eserv es__________
136,812
A ccou n ts p a y a b l e . . ....................
619 ,792
N o te s p a y a b le ................................
16,786
C u stom ers’ , A c . , d e p o s it s . . .
16,960
A ccru a ls a n d m is c e lla n e o u s ...
145,729
U n a cq . secu rs. o f I n t . M o t .C o .
6 6 ,550
65,481
S u rp lu s............. ......................
F i r s t p r e f . s t o c k a u t h . , 4 3 , 8 1 6 s h a r e s , u n is s u e d 1 ,3 7 8 .2 8 9 3 s h a r e s ; 2 d
p r e f . s t o c k a u t h . , 2 7 , 2 3 0 s h a r e s , u n is s u e d 6 6 5 .5 0 2 9 s h a r e s .
E lim in a tin g g o o d -w ill s h o w n o n s u b s id ia r y c o m p a n ie s ’ b o o k s in e x ce s s o f
a m o u n t r e q u ir e d t o e q u a l w it h t h o n e t a s s o ts r e q u ir e d , t h e c a p it a liz a t io n o f
t h e n o w c o r p o r a t io n .
C o n t i n g e n t l ia b il i t i e s o n d i s c o u n t e d n o t e s , $ 1 4 3 ,9 5 6 . — V . 1 0 3 , p . 2 0 8 2 .
.
R e a l esta te, plan ts A eq u ip ’ t
(less 336 6 ,8 9 2 r e s e r v e s )____S I ,01 0 ,7 1 8
O rga n iza tion ex p en ses________
100,904
M ls c . deferred ch a rg es_____ . .
74,691
L icen ses, p a ten ts & p a t. rights 2 ,1 5 7 ,9 2 0
C a s h ........ ...........
.
714 ,067
N o te s & a ccts. re ce iv a b le (less
3 3 3 ,5 5 2 re s e r v e )____________
9 7 3 ,136
In v e n t, (less $ 27 4,44 9 res’ v e ) - 3 .2 2 2 ,7 0 4
A ccru ed Interest, A c ...................
9,695
In v estm en ts in ou tsid e c o s ___
12,188
Chile Copper Company
(First Annual Report—For Period ending Dec. 31
1916.)
P res. D a n iel G u ggon h eim , N . Y . , A p r . 3 0 , w ro te in su bst.
m os. 1915 . . .
Q uarter 1916
Q uarter
"
Q uarter “
Q uarter “
16.340.
12.52c.
1 1 .81c.
10.52c.
12 .2 9 c.
1 8 .5 5 c.
15.430.
1 5 .0 4 c.
15 .2 0 c.
1 6 .1 7 c.
N o t ................................................................................. ................d o f . $ 1 4 6 , 1 7 4 s u r $ l , 9 3 6 , 3 9 2
T h o e s t im a t e d t o t a l i n c o m o f o r t h o f ir s t q u a r t e r o f 1 9 1 7 is $ 2 , 9 0 9 , 0 0 0 ,
le ss in t e r e s t o n b o n d s a n d lo a n s $ 4 1 5 ,0 0 0 , a n d d e p r e c i a t io n r e s e r v o $ 1 8 7 ,5 0 0 ,
l e a v i n g a n e s t im a t e d b a l a n c e o f $ 2 , 3 0 6 , 5 0 0 .
T h o e s t im a t e d fig u r e s f o r
1 9 1 7 d o n o t i n c lu d o a n y d e d u c t i o n f o r e x c e s s p r o f i t s t a x .
Latest Estimates.— T h o la t o s t e s t im a t e s o f t h o e n g in e e r s , b a s e d u p o n
n o r m a l c o n d i t i o n s , a r e t h a t u p o n t h o c o m p l e t i o n o f t h o p r o p o s e d a d d it i o n
t o t h o p l a n t , 2 7 ,0 0 0 t o n s o f o r e c a n b o d e l iv e r e d t o i t d a i l y ; t h a t t h o a v o r a g o
o f t h is o r o f r o m t h o o x i d i z e d o r o b o d y w ill b o 1 . 8 9 % ; t h a t a n a v e r a g o n o t
s a v i n g o f 8 8 % c a n b e O D ta in e d , a n d t h a t 3OO.OOO.0OO p o u n d s o f r o fi n o d
c o p p e r c a n b o p r o d u c e d a n n u a l ly a n d d e l iv e r e d in E u r o p o o r t h o U n it e d
S t a t e s a t a n a v o r a g o c o s t o f a p p r o x i m a t e ly 6 c e n t s p o r p o u n d .
No Export Copper Tax.— T h o s t a t o m o n t t h a t r e c e n t l y a p p e a r e d i n t h o
p a p e r s t o t h o o f f o c t t h a t a C o m m i s s io n o f t h o C h ilo a n C o n g r e s s h a d r o p o r t e d
In f a v o r o f a n e x p o r t t a x o n c o p p e r w a s , w o a r o i n f o r m o d , o r r o n o o u s .
S u c h t a x e s h a v o n o t f o u n d f a v o r w it h t h o G o v e r n m e n t .
COMBINED INCOME ACCT. FOR CAL. YEAR 1 9 1 6 ( IN C L. CHILE
New Plant.— A f t o r A p r i l 1 9 1 3 , w h e n o u r f i r s t ( $ 1 5 ,0 0 0 ,0 0 0 ) b o n d s w o r o
COPPER CO. A N D CHILE EXPLOR. CO.)
s o l d , c o n s t r u c t i o n w a s s t a r t e d o n a p l a n t t o t r e a t 1 0 ,0 0 0 t o n s o f o r o p e r d a y
C o p p e r p ro d u ctio n (lb s .) ........... 4 1 ,3 05,477 T o t a l in com e (incl. oth. I n c .). 3 4 ,1 7 3 ,0 4 9
f r o m t h o C h u q u i c a m a t a c o p p e r d e p o s i t , t h o n e s t im a t e d t o c o n t a i n 9 5 , 6 5 7 ,
G ross p rico d eliv ered _________
25 .5 6 cts. In t. on C h ilo C o p C o . b o n d s . 3 1 ,0 5 0 ,0 0 0
0 0 0 to n s o f o r o a v e r a g in g 2 .4 1 % c o p p e r .
T h i s p l a n t w a s s u c c e s s fu l l y
4 1 3 ,676
O p eratin g rev en u e.......... ..........310 ,5 5 8 ,7 2 5 In t. o n loans ( n e t )........ ........... s t a r t e d o n M a y 18 1 9 1 5 , a n d h a s s in c e s h i p p o d t o t h o m a r k e t 8 2 ,8 0 4 ,0 0 0
772,981
D ep recia tion reserves...............
O p eratin g c o s ts ...............
4,8 5 3 ,6 0 3
l b s . o f c o p p e r b e s id e s p r o d u c i n g a n a d d it i o n a l 6 ,8 6 4 ,0 0 0 l b s . o f c o p p o r w h ic h
D eliv ery , selling, A c ., expenses 1,571.328
is c o n s t a n t l y u s e d i n t h e t r e a t m e n t p r o c e s s .
T h is p r o d u c t i o n , w it h i n a b o u t
4 ) 4 y e a r s f r o m t h o t i m o t h a t t h o m a in p r o p e r t ie s w e r o p u r c h a s e d , is a r e c o r d
N e t o p e r a t in g ln o ____________ 3 4 ,1 3 3 ,7 0 3 B a la n co, su rplu s_____________ 3 1 ,9 3 6 ,3 9 2
o u t p u t In s p i t e o f t h o f a c t t h a t t h e c o m p a n y h a d t o d e v i s e a n e n t ir e ly n e w
p r o c e s s f o r t h o t r e a t m e n t o f it s o r e ; t h a t i t is o p e r a t i n g i s o la t o d i n a f o r e ig n
COMBINED BAL. SHEET DEC. 3 1 {INCL. CHILE COPPER CO. A N D
c o u n t r y ; t h a t t h o d o p o s i t is s i t u a t e d i n . w h a t w a s f o r m e r l y a d o s o r t b u t
CHILE EXPLOR. CO).
w h a t is n o w a f l o u r i s h i n g m i n i n g t o w n o f s o m o 7 , 0 0 0 i n h a b i t a n t s ; t h a t w a t e r
1916.
1915.
1916.
1915.
h a d t o b o p i p e d 3 7 m ile s a n d e l o c t r i c a l p o w e r t r a n s m it t e d 8 4 m ile s f o r t h o
Liabilities—
S
3
Assets—
3
3
tr e a tm e n t o f th o o r o ; a n d th a t d u r in g t h o c o u r s o o f c o n s t r u c tio n t h o w ar
P ro p e rty in v e s t- 9 8 ,9 2 8 ,3 6 5 9 7 ,7 4 7 ,2 2 4 C a p ita l s t o c k . . 9 5 ,0 0 0 ,0 0 0 9 5 ,0 0 0 ,0 0 0
s t a r t e d , w h ic h c a u s e d t h o b l o c k a d i n g in G e r m a n y a n d o t h e r b e llig e r e n t
15,000,000
C o n s t. & e q u ip . 1 4,686,643
1 3,360,255 B on d s i s s u e d .. . 15,0 0 0 ,0 0 0
c o u n t r ie s , a s w e ll a s in n e u t r a l p o r t s , o f m a c h i n e r y v i t a l t o o p e r a t i o n s .
B ills p a y a b l e . . .
_______
5 ,0 5 0 ,0 0 0
In t.ln steam ship s
81 1 ,2 8 0
T h o p r o c e s s f o r t r e a t in g t h o o r o h a s b e e n p r o v e d , a s a n t i c i p a t e d , a c o m
A c c ts .
@FedFRASER